Mr. Nick Blitterswyk reports

UGE ANNOUNCES GRANT OF SECURITIES AND BOARD COMMITTEE APPOINTMENTS

UGE International Ltd. has granted securities and board committee appointments.

Effective Aug. 25, 2023, the company's board of directors granted a total of 120,000 performance share units (PSUs), 180,000 restricted share units (RSUs), 370,000 deferred share units (DSUs) and 100,000 options to various officers, directors and senior management of the company. The DSUs and RSUs vest after one year, the options and PSUs vest no earlier than one year from date of issue. The shares in the company related to the PSUs are awarded based on meeting certain performance metrics associated with fiscal years 2023, 2024 and 2025, and those performance metrics have been established such that the number of shares awarded can range from 0 per cent to 150 per cent.

In addition, on Aug. 23, 2023, the company's board of directors appointed Nick Blitterswyk as chair of the company's board of directors, Stephen Blum as lead independent director, Jian Yang as chair of audit committee, and Chris Asimakis as chair of the governance, nominating and compensation committee, together with approving the composition of each of these committees of the board.

About UGE International Ltd.

UGE develops, owns and operates commercial and community solar and battery storage projects. The company's distributed energy solutions deliver cheaper, cleaner energy to businesses and consumers with no upfront cost. With over 500 megawatts of global experience, the company works daily to power a more sustainable world.

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