An anonymous director reports

POLARIS RENEWABLE ENERGY ACKNOWLEDGES LETTER FROM CONVERIUM CAPITAL

Polaris Renewable Energy Inc. has acknowledged the letter it received from Converium Capital Inc. and the press release issued by Converium on Oct. 11, 2023.

The Polaris board and management appreciates the views of all shareholders and, as such, will take the time to carefully consider the recommendation put forth by Converium.

About Polaris Renewable Energy Inc.

Polaris Renewable Energy is a Canadian publicly traded company engaged in the development, construction, acquisition and operation of renewable-energy projects in Latin America.

The company's operations are in five Latin American countries and include a geothermal plant (approximately 72 megawatts), four run-of-river hydroelectric plants (approximately 33 megawatts) and three solar (photovoltaic) projects in operation (approximately 35 megawatts).