Q3 UPDATE

New Frontiers Energy Fund

QUARTER 3 SUMMARY AND FUND PERFORMANCE

During the last three months, New Frontiers has gone from strength to strength on a number of fronts. Firstly, we have experienced our strongest period yet for fundraising and investments in. Golden Visa investors from all over the world are recognising the fund's potential to generate significant profits over the next seven years.

On a deployment perspective, the origination team decided on a second wave of investment into the Santa Marta project. The rationale for this was as follows- Santa Marta is a leading project on the government’s Acordo list, which guarantees a grid connection offer by 2030. It is likely now that Santa Marta will meet the criteria for becoming a Project of National Interest, which would expediate the process of approvals for the site even further.

Under two recent governmental decrees, Santa Marta will likely receive environmental waivers for both solar energy and wind energy. Approval for 19 wind turbines on the site would double capacity from 200MW to 400MW. All of these combined factors have not only enhanced the unrealised value of the existing stake New Frontiers holds in the project, but these consistent good news stories and positive developments, prompted the team to recommend further investment.

The origination team has identified another 3-4 projects on the Acordo list for investment and these will be made in due course. We are on track with unrealised performance of 10% per annum after internal fund fees, which should give both existing and future investors, confidence the fund is performing well and will deliver over the long term.