OEGen Introduction to Pension Playpen Coffee Morning.pdf

Presentation given to Pension PlayPen Coffee Morning 07/10/26

1. 1
Providing savers access to the energy transition opportunity
Octopus Energy Generation
Q3 2025
Strictly private and confidential. This is a marketing communication prepared exclusively for Professional, Institutional, Accredited and Qualified investors only, as defined by local laws and regulations.
Octopus Energy Generation (“OEGen”) is a trading name of Octopus Renewables Limited (“ORL”), which is authorised and regulated by the U.K. Financial Conduct Authority (“FCA”) and a registered foreign
investment adviser with the U.S. Securities and Exchange Commission (“SEC”), and Octopus Energy AIF Management Ltd. (“OEAIFM”) which is authorised and regulated by the Central Bank of Ireland
(“CBI”).
Investor Presentation

2. 2
2022
Valued at
c.$5bn
2023
Valued at
c.$7.8bn
2
We are part of Octopus Energy – a global clean energy tech business, driving the
affordable, green energy system of the future.
•Active across 5 continents and 33 countries including the UK, Germany, Japan, USA,
Australia and New Zealand.
•Valued at c.$9bn - backed by two significant energy companies and a cohort of
sustainability-focused institutional investors.
2016 2017
2018
2019
1 million
UK retail
customers
2020
Valued at over $2bn
2021
As of January 2025
Octopus
Energy
Services
2024
Valued at
c.$9bn
UK’s largest
electricity
supplier
“Octopus isa true enabler of a sustainable system
led by a mission driven team.”
Al Gore, Co-Chair, Generation Investment Management

3. 3
Data as of 30 June 2025. * Includes developers, floating wind, GSHP, IDNO, EfW, EV, battery storage, carbon removal, pumped hydro storage, ground mount solar, heat recycling, hydrogen and
fund adjustments. **Contains some battery. ***Includes a portfolio that also contains some landfill gas. 1. AUM is comprised of the Gross Asset Value of funds and discretionary mandates and
includes capital (equity and debt) committed to investments which are yet to be completed. OEGen’s regulated AUM is £6.8bn, which excludes committed capital. 2. Assets, team offices and
development platform HQs. 3. Floating wind, fixed bottom offshore wind, ground mount solar and rooftop solar are counted distinctly. 4. This forward-looking statement is based upon certain
assumptions. Actual events may differ materially from those assumed. There can be no assurance that estimatedprojections can be realised, that forward-looking statements will prove to be
accurate, or that actual returns or results will not be materially lower than those presented 5. Only includes completed transactions. Number of construction projects as of 31 March 2025
Octopus Energy Generation (“OEGen”)
We are a specialist renewable energy and energy transition fund manager, committed to best-in-
class responsible investment across the energy transition investment opportunity.
Countries in which OEGen
manages assets
Octopus Australia
c.4.8GW
of potential
generation capacity
once fully constructed
4,5
276
large-scale energy
assets managed by
OEGen
5
249
energy construction projects
executed/in execution & managed
historically
5
21
Countries
2
19
Technologies
3
Origination team or office
Solar
Onshore Wind
Offshore Wind
Other**
Biomass &
LFG***
Reserve Power
AUM
*
£7.0bn
30 June
2025

4. 4
OEGen Fund Management Team & S tructure
A multi-disciplinary team of more than 150 renewable energy and energy transition professionals
•Leadership Team with
an average 14 yrs
experience in the
renewables sector
•Exceptional culture
reflected in key talent
retention and low
employee turnover.
•Diverse team with
multi-cultural
representation and
40% female staff
Octopus Renewables Limited Board
Alex Brierley
Co-Head of
OEGen
Matt Setchell
Co-Head of
OEGen
Laura Halstead
Head of Funds &
Sustainability
Zoisa North-
Bond
CEO of OEGen
As of 30 June 2025. Includes permanent employees only; does not include secondees, contractors or temporary hires. Additionally, there are 5 people employed by Octopus Energy AIF
Management Limited ("OEAIFM") based in Dublin, Ireland; they do not report into the ORL Executive Committee and therefore are not reflected in the above infographic.
OEGen Leadership Team
48 428
Growth
Product
development
Distribution &
marketing
New ventures
& business
development
Fund Management
Investor
relations
Fund Managers
Valuation,
equity & debt
management
Funds finance
Investor
reporting
Fund
operations
38 17
Business
Operations
Data,
technology &
transformation
Finance
Admin, Legal,
Company
secretariat
Governance,
Risk &
Compliance
Governance
Risk
Compliance
2
Investments
Generation -
projects
Generation –
development
Energy
transition
Europe
Asia
USA
Asset Management
Development
& platform
management
ESG & Impact
Energy
markets
Operational
asset
management
Construction
Health &
Safety

5. Energy Transition opportunity

6. 6
Hydrogen
Utility Scale Renewables
Rooftop Solar
Heat pumps
GridStorageDevelopment
Transport
H
2
The £212tn Energy Transition opportunity
‘Renewable Generation’ infrastructure
Generating supply of clean electricity
‘Energy Transition’ infrastructure
Demand side infrastructure for an electrified world

7. 7
7-10% IRR
Risk
Return
Regulated assets Partially regulated assets with demand risk
Energy Transition
>15% IRR
Development
>20% IRR
Capital Growth
Cashflows
Renewable Generation
Energy Transition
Development &
Climate Tech
Image for illustration purposes only. Regulated assets include those benefitting from government-backed certificates with a regulated price, or sales agreements and contracts for difference at prices set by governments, regulators and
similar bodies. IRR displayed as a target return. Target returns are speculative in nature and subject to significant limitations. There is no guarantee that target returns can be achieved.

8. 8
OEGen: A single access point to the full energy transition opportunity
ORIT
(LSE: ORIT)
Core+
Info: Solar & wind
in Europe &
Australia.
Targeting 30%
construction and
5% development
Core+
Info: 75% solar,
wind & bioenergy
in OECD Europe &
Australia. 25%
strategic platforms
and other OECDs
Sky
Development
Fund (OEDP)
Value Add
Info: Utility scale
renewable energy
development
platforms across
Europe
Offshore Wind
Fund (Vector)
Core+
Info: European
offshore wind
projects across
development,
construction and
operational assets
Hydrogen
Utility Scale Renewables
Rooftop Solar
Heat pumps
GridStorageDevelopment
Transport
H
2
Energy Transition Fund
(OETF)
Value Add
Info: Energy transition platforms
and infrastructure across Europe
(70%) and ROW (30%)
Cirrata
Growth Equity
Info: Investment into
Series-B and Series-C companies
focused on decarbonisation
Octopus Sustainable Growth - “Semi-liquid fund”

9. 9
Products open for new investment Type Strategy Capital committed
5
Target
(Sustainable Growth Fund – “Semi-Liquid”)
CG Octopus Energy Generation Sustainable Growth
Fund I
Open-
ended
Core+
Diversified portfolio of renewable
generation, energy transition &
development funds
£174m Net IRR: 10%
(“Sky”)
Octopus Renewables Infrastructure SCSp
Open-
ended
Core+
Renewables assets & growth platforms
in energy infrastructure & development,
OECD
£2,256m
Total Return
1
: 9-11%
Cash yield
2
:7-8%
(“Vector”)
Octopus Energy Offshore Wind SCSp
Open-
ended
Core+
Offshore wind development,
construction ready & operational assets
€291m
Target:€3bn+
Net IRR
4
: c.10%
(“OETF”)
Octopus Energy Transition SCSp
Closed-
ended
Value Add
Energy transition platforms and
infrastructure focussed on Europe
£110m
3
Net IRR
4
: 15%
(“Cirrata”)
Octopus Energy Growth Equity Fund
Open-
ended
Growth
Equity
Climate tech companies investing at
Series B & C funding rounds
First close Q1
2026
026
Net IRR
4
: 20%+
(“ORIT”)
Octopus Renewables Infrastructure Trust Plc
Listed Core+Diversified European renewable energy £574m
Annualised total return (net):
7-8%
1. Gross 10 yr average. 2. We calculate cash yield on a time-weighted basis to reflect the variability in drawdowns over the fund’s life. 3. £20m of the £80m committed to OETF is conditional
upon the fund reaching certain milestones. 4. The net performance for Vector and OETF is calculated by subtracting fund costs, management fees and performance fees from the gross
returns. 5. Capital committed figures as of 30 June 2025 include a degree of double counting due to the NURS Fund investing in certain underlying OEGen funds also shown on this slide.
Target returns are speculative in nature, subject to significant limitations and are not guaranteed.
OEGen funds open for investment
We also manage SMAs and co -investment strategies
Past performance is not a guide to future returns. The value of investments
can go down as well as up. Investors could get back less than the amount
invested. Target returns are speculative in nature. Please refer to full
disclosure wording on how target returns are calculated in the Important
Information section of this presentation.

10. Octopus Sustainable Growth Fund
A new Semi-Liquid Fund - Offering wider access to the opportunity

11. 11
1. Based on indicative portfolio allocations across Sky, Vector and OETF as at 30 Sep 2024. Calculated as NAV of capital already committed to projects plus capital
committed for future investment.
2. “Energy Transition Tech” includes EV charging, heat pumps, battery, data centre heat recycling and hydrogen.
We have c£1.5bn
1
invested into an existing diversified portfolio
Delivering a diversified energy transition portfolio from day 1
48
12
Investments
TechnologiesCountries
18
Operating
renewable assets
Assets under
construction/
development
10
Development
platforms
6
Operational
platforms
12
6
= Headquarters of development platforms & operating companies
Australia
Japan
US
Operating - 65%
Construction - 20%
Development - 15%
Onshore Wind - 36%
Offshore Wind - 23%
Solar - 16%
Local Biomass - 7%
Grid Infrastructure - 3%
Energy Transition Tech - 15%
Technology
2
Status

12. 12
Capital is drawn and
immediately deployed into
large diversified asset
portfolios
Monthly
valuations and
liquidity
Permitted Links
compliant
Platform ready
For DC funds, the structure
solves for Permitted Links
and is eligible for unit-linked
life policies
Fund will be available on
leading platforms
4-day settlement for
subscriptions and
redemptions
No advanced notice period
required
Fund is dealt monthly to
align with payroll and
support liquidity where
required, particularly for
self-select members
(where applicable)
Instant drawdown
-
One capital
call
Quick settlement

13. 13
Octopus Sustainable Growth Fund (“Semi-liquid Fund”)
AllocationsKey Terms
Launch March 2025
Structure
Non-UCITS Retail Scheme Fund of Alternative
Investment Fund (NURS FAIF)
Fund Term Open-ended, evergreen
ESG
Sustainable Focus SDR label
EU taxonomy and TCFD
Currency GBP
Return 10% Net IRR
1
Fees
1% Management Fee
20% over 8% hurdle Performance Fee
Non-Performance Fee paying share classes available
Liquidity
Monthly dealt
Liquidity: max 10% one quarter, 20% one year
Other Investors
Semi-liquid Fund
Listed Equities
20% Allocation
Description: Actively managed portfolio,
delegated to Octopus Investments Ltd.
Technologies:Global portfolio of energy
transition technologies including alternative
energy supply chain and generation, demand-
side management, smart grids and energy
storage
Net returns: 8- 10%
80% Private Markets 20% Liquid Investments
Energy Transition & Development
20% Allocation
Description: Energy transition development
companies and projects. Focused on energy
consumption and demand.
Technologies: Grid, storage, distributed
energy, e-mobility, e-fuels
Net returns: >15%
Existing Partners
Renewable
Generation
60% Allocation
Description: Construction or operational stage
projects with inflation linked, highly
contracted cashflows
Technologies: Solar, onshore wind, offshore
wind & local biomass
Net returns: 10%
Existing Partners
1) Forecasts and targets are not a reliable indicator of future returns
£175m+ Cornerstone

14. 14
Engaging savers: ESG risk and impact reporting
Equivalent
homes powered
Power
Generated
Tonnes CO2 avoided
Total carbon
emission footprint
& intensity
Principle
Adverse
Impact KPIs
SFDR
Disclosures &
metrics
Fund Objectives
& ESG KPIs
Case Studies &
Stewardship
EU
Taxonomy
Alignment
Equivalent trees
planted
UN SDG
contribution
Example Metrics
130k
Equivalent homes powered
510
MWh/year
190k
tCO2 avoided
1m
Equivalent trees planted
Potential impact of £300m investment
1
Transparent reporting enables compliance to own priorities and brings impact to life, demonstrating how our products accelerate the transition to net-
zero
1. Numbers are based on the Sky portfolio, one of the proposed underlying funds, as at 31 December 2023 and consider the potential annual generation of all construction and operational assets under management.
Data quality
(% estimates)
Paris
Agreement
1.5°C
Impact metrics

15. 15
In Summary: Simple, single point access to the energy transition
The energy transition is a generational investment opportunity
£212tn of investment required by 2050 to achieve Net Zero
1
Diverse day one asset base
Instant access to the entire energy transition thematic – already through the J curve
Managed by a leading UK brand
14-year track record in renewables. Part of Octopus Energy, an award-winning energy business
Operationally simple solution
Monthly dealing, platform ready, Permitted Links compliant, instant drawdowns (one capital call) and 4-day settlement
Highest sustainability standards
SDR ‘Sustainable Focus’ or SFDR Article 9 funds, scored 90%+ across all modules in UN PRI
1.Source: McKinsey – January 2022. Cumulative spend on physical transition assets required to reach net zero by 2050 using a USD to GBP rate of 0.77

16. Appendix: Further information

17. 17
Summary
•Established UK-based business
•£30m annual revenue, >150 employees
•Competitive advantage vs gas: small size and operation when electricity is
cheapest promotes suitability for social housing
Case Study: Kensa Heat Pumps
Kensa’s ground source heat pumps provide cheap green energy for some of the UK’s most vulnerable customers
Combat fuel poverty: cuts bills for poorest in
society
Climate action: 77% less CO2 intensive than
gas alternative
Create green jobs: 7,000 by 2030
The strategy will have exposure to but not ownership of such a company. An investment into a fund will concern the acquisition of units or shares in the fundand not any of the underlying assets mentioned, as these are only
theunderlying assets that couldbe ownedby the underlying funds.

18. 18
✓Tangible asset examples
✓Carbon reduction reporting
✓Positive impact metrics
✓Videos
✓Case studies
✓Site visits
Engaging DC savers through the impact of their investments
Site visits:
Investor visit to Pingewood Solar
Farm
Investor visit to Lincs
offshore wind farm
“The windfarm has completely changed Grimsby.
And for the better.
Knowing my money is going into things like
windfarms makes me feel good that it’s having an
impact on the world.”
Paul, NEST member for 10 years

19. 19
Semi-liquid Fund team
KYC & Onboarding
Valuation
Investor relations & reporting
Portfolio oversightFundraising supportAccounting
FundraisingFund management
ESG & Impact
Operations oversight
Fundraising
With
functional
support
from:
Lorna Stancer
Fund Operations Associate
Anna Walker
Senior Fund Operations
Manager
Freddie Wilson
Head of Valuations
Hilary Inglis
Head of Strategic Relationships
Sarah Cruz
Head of Fund Finance
Sam Goss
Head of Investments
Harry Manisty
Head of Energy Transition
Osama Raja
Head of Risk &
Compliance
Laura Halstead
Head of Funds
David Bird
Investment Director
Alex Brierley
Co-head OEGen
Matt Setchell
Co-head OEGen
Risk & Compliance
Energy Transition
Investments
Renewable Generation
Investments
Chris Abbott
Finance Manager
Margot Smith
Senior Associate,
ESG
Fund management
ESG
Operations support
Fund subscriptions
Listed Investments
Chris Gaydon
Investment Director
Development
Investments
Richard Power
Equities Co-Fund Manager
Chris McVey
Equities Co-Fund Manager
Dominic Weller
Lead Equities Fund Manager
Yara Hanna
Portfolio Manager
Power price exposure
Policy & regulations
James Zhou
Investment Manager -
Power Prices
Investments
Portfolio Oversight
Ryan Hampton
Senior Investment Associate
Investor Relations & reporting

20. 20
Fund Terms: CG Octopus Energy Generation Sustainable Growth Fund
Investment Manager
Octopus Energy Generation (a trading name of Octopus
Renewables Limited)
Keyinvestmentpolicy
•Provide investors with long term capital growth, and;
•Support the transition to a decarbonised economy through
environmentally sustainable investments with a focus on
energy and energy transition
Private Market Strategy
Target 80% private market investments (70 – 90% firm limits).
•Technology: > 50% renewable generation (wind, solar and local
biomass)
•Geography: > 75% OECD (firm limit); and up to 25% other
countries
ImpactandESG
•Sustainable Focus label under SDR
•Underlying funds Article 9, SFDR
•EU Taxonomy and TCFD
•ESG embedded throughout investment process
•OEGen is a signatory of the UN Principles of Responsible
Investing (UNPRI)
Launch date March 2025
Proposed Structure
Non-UCITS Retail Scheme Fund of Alternative Investment Funds
(NURS FAIF)
Open ended, evergreen and unitised
Currency GBP (Other currency sleeves available on request)
Expectedannualisedreturn(net)
1
10%(10-yearaverage)
Fees
1% Management Fee
20% over 8% hurdle Performance Fee
Non-Performance Fee paying share classes available
1) Forecasts and targets are not a reliable indicator of future performance.
Pricing & Dealing
•Monthly priced and dealt (daily indicative price available via platforms)
•4-day settlement period
Capital Calls •One capital call - immediately deployed
Liquidity and redemption
•Monthly redemption dates
•Max Net Redemptions of 10% in any quarter and 20% in any year per
investor
•Available Redemption Cash from (in priority): Investor inflows (unit
swap), reinvested dividends, liquid assets, RCF, disposals
Leverage
•The Strategy will not exceed direct borrowing of 10% on any one day.
•The Strategy does not have individual asset level leverage limits, to the
extent the Strategy holds direct investments into assets; instead,
leverage is placed on assets which are best suited to having debt. For
example, a project with long term fixed revenues is better suited to
having long-term debt than a project with a substantial amount of
variable revenues. In practice, this means that some assets within the
portfolio may have a leverage ratio of between 40% - 60%, whilst other
assets will be fully unlevered. The levels of leverage are conservative
when considered in the context of wider market practices. Typical
subsidised assets can generally be leveraged up to 80%.

21. 21
Sky – Lux SCSp
Core+
10% IRR
Utility scale renewables & wider
energy transition, OECD
Open-ended evergreen, monthly
NAV
£2,256m committed capital
Vector – Lux SCSp
Core+
10% Net IRR
Offshore wind, OECD with a
focus on Europe
Open-ended evergreen, monthly
NAV
€221m committed capital
Equities
Value Add
8-10% Net IRR
Clean energy technologies,
OECD with US tilt
Listed Equities
n/a
Energy Transition Fund –
Lux SCSp
Value Add
>15% Net IRR
Energy transition platform &
infrastructure financing
Closed-ended, monthly NAV
£110m committed capital
Sustainable Growth Fund
Direct Investments
Value Add
15% Net IRR
Platforms and infrastructure,
OECD
Directly held assets, monthly
NAV
c£1bn committed capital
Sustainable Growth Fund: Model Portfolio
60% Renewable Generation
Construction or operational stage projects (solar, wind,
biomass) with inflation linked, highly contracted cashflows
20% Listed Equities
Actively managed portfolio of global
energy transition equities
20% Energy Transition & Development
Energy transition development companies and projects. Focused
on energy consumption and demand (grid, storage, e-mobility, e-
fuels)
Underlying Products Underlying ProductsUnderlying Products
We expect the fund to deliver a 10% net return with a ‘medium’ risk profile over a 5+ year hold period
1
1) Forecasts and targets are not a reliable indicator of future returns

22. 22
UK - 33%
Mainland Europe - 57%
Asia Pacific - 5%
North America - 6%
Semi-liquid: Portfolio geographic exposure
Private Markets – Forecast 2025
UK - 3%
Mainland Europe - 41%
Asia Pacific - 4%
North America - 52%
Listed Equities Total
UK - 25%
Mainland Europe - 53%
Asia Pacific - 4%
North America - 17%
The above allocations are provided for indicative purposes only. Actual future allocations may vary from the above indicative allocations.
Co-invest and direct investments offer the flexibility to balance and manage portfolio weighting

23. 23
Important information (1)
Disclaimer:
This document is issued by Octopus Energy AIF
Management Limited (“OEAIFM” or the “Manager”)
toinvestmentprofessionals who have professional
experience of participatinginunregulatedschemes
and the units to which this communication relates are
available only to such persons. Any persons without
professional experience includingretailclients
shouldnot rely on it. Octopus Energy AIF
Management Ltdisauthorisedand regulated by the
Central Bank of Ireland (Register No. C519204).
Registered in Ireland (Company Register No.
745706).
Octopus Energy Generation (“OEGen”) is the
delegated investment manager to Octopus
Renewables Infrastructure SCSp (the “Fund”).
Octopus Energy Generation is a trading name of
Octopus RenewablesLtd,whichisauthorisedand
regulated by the UK Financial Conduct Authority
(FCAreference. Financial Services Register No.
473797) and registered with Securities and Exchange
Commission in the USA. Registered office at UK
House, 5th Floor, 164-182 OxfordStreet,
LondonW1D 1NN. Registered in England and Wales
No. 05857926.
Restrictions:
This document contains proprietary information and
is confidential to its recipient and,subject to
applicable law requiring its disclosure by the
recipient, may not without theprior written consent
of OEGen be reproduced, sold or redistributed, or its
contentsotherwise disclosed, in whole or part by any
recipient to any person other than therecipient’s
professional advisors.This document may not be
distributed in anyjurisdiction where it is unlawful to
do so and remains the property of Octopus © 2024.
No offer:
This document is provided for information purposes
only and does not constitute anoffer to sell (or
solicitation of an offer to purchase) the investments
mentioned or toparticipate in anyparticular
tradingstrategy. Any offering of securities shall only
bemade through the relevant offering or placement
memorandum and/or other offeringdocumentation
which sets forth the terms and conditions of such
offering and containsthe information needed to
evaluate the potential investment and provides
importantdisclosures regarding risks, fees and
expenses.
The document does not provide or purport to
provide investment or tax advice and hasbeen
prepared without regard to theparticular
financialcircumstances and investmentobjectives of
each recipient. Mention of any individual companies
is for illustrativepurposes only.
Issued: January 2025

24. 24
Risks:
The value of an investment, and any income from it may
fall as well as rise. Investors may not get back the full
amount they invest. The fund/strategy will see investment
risk concentrated in specific projects or pipelines,
geographies and technologies or to specific counterparties
This means that the overall performance of the strategy
will be more sensitive to the returns in respect of those
projects or pipelines, geographies, types of projects and/or
counterparties. Renewable energy assets are illiquid and
may prove difficult to sell. The price achieved on any
realisation may be at a discount to the prevailing valuation
of the relevant renewable energy assets. This may have an
adverse effect on the profitability and/or the net asset
value. The fund/strategy will make investments which are
based in countries whose local currency may not be
Sterling, and will make and/or receive payments that are
denominated in currencies other than Sterling. Changes in
exchange rates will, therefore, affect the net income and
net asset value of the fund/strategy. Returns achieved are
reliant primarily upon the performance of the fund’s
portfolio of renewable energy assets. Fluctuations in its
operating results may be due to a number of factors,
including changes in the supply and demand for, and
residual value of renewable energy assets that the fund
would seek to invest in, changes in operating expenses,
defaults by counterparties, environmental factors and
more. The fund/strategy will invest in renewable energy
projects under development or in development teams and,
therefore will be exposed to certain risks, such as
regulation of the permitting, grid connection, taxes and
general renewable energy policies, failure rate of projects
during the development, cost overruns, development
delays, appeals and others which may be outside our
control. Neither past performance nor any forecast should
be considered a reliable indicator of future results or
performance.
In considering the information contained herein,
prospective investors should bear in mind that the
investment programme and methods and past
performance of Octopus and any of its affiliates, is not
necessarily indicative of the investment programme,
methods or future results of the proposed fund. The
proposed fund is not required by law to follow any
standard methodology when calculating and representing
performance data.
Before making any investment decision, you should seek
independent investment, legal, tax, accounting or other
professional advice as appropriate. In making an
investment decision, recipients must rely on their own
examination of an investment and the terms of any
offering and must make an independent determination of
whether the interests meet their investment objectives and
risk tolerance level. Any statement as to risks herein is not
an exhaustive list. More detailed information on the
specific risks of the fund/strategy will be available in the
offer document/prospectus/on request
Accuracy:
No regulatory body has reviewed or approved or passed
opinion upon this document or the merits of any
investment discussed herein. The information in this
document has not been audited or verified by any third
party and is subject to change at any time, without notice.
It is not intended to amount to advice on which you should
rely. Neither Octopus, its affiliates nor any of their
respective directors, officers, employees, partners,
shareholders or agents (each, a “Octopus Party”) accept
any responsibility for, nor make any representation or
warranty, express or implied, as to the truth, accuracy or
completeness of the information contained in this
document. Certain information contained herein is based
on or obtained or derived from data published or prepared
by third parties (“Third Party Information”). While such
sources are believed to be reliable, no Octopus Party
assumes any responsibility for the accuracy of any Third-
Party Information. No Octopus Party shall have any
liability or responsibility arising from any use of or reliance
placed on the content of this document to any recipient of
this presentation or any other person. Unless otherwise
specified herein, this document speaks as of the date set
forth on the cover. The delivery of this document shall not,
under any circumstances, create any implication that the
information contained herein is correct as of any time after
that date.
Unless otherwise indicated, all data is sourced internally at
Octopus, and is at 30 June 2024.
Important information (2)

25. 25
Forward looking statements:
This document contains statements that are not purely
historical in nature, but are “forward-looking statements”.
These forward-looking statements are based upon certain
assumptions. Actual events may differ materially from
those assumed. All forward-looking statements included
are based on information available on the date hereof and
Octopus, does not assume any duty to update any
forward-looking statement. Accordingly, there can be no
assurance that estimated returns or projections can be
realised, that forward-looking statements will prove to be
accurate or that actual returns or results will not be
materially lower than those presented. Therefore, undue
reliance should not be placed on such forward-looking
statements. Unless otherwise specified, the return figures
presented on a gross basis do not take account of fund
level expenses, priority profit share, carried interest and
taxes borne by investors, which in aggregate may be
substantial. Any reference to past performance is not an
indication of future performance and cannot be relied on
as a guide to future performance.
Gross and net IRR information:
This Presentation includes disclosures regarding the
calculation of target Gross IRRs and Net IRRs for Octopus’
strategies. “Gross IRR” refers to an internal rate of return
that is calculated gross of all fees, expenses, and
performance-based compensation borne by the fund. “Net
IRR” refers to an internal rate of return that is calculated
net of all fees, expenses and performance-based
compensation borne by the fund.
Target returns:
The target return information included herein is
speculative in nature. Target returns have been derived
applying the following assumptions:(i) that Octopus will be
able to identify, consummate, and exit (where relevant)
investments of the type being targeted by Octopus based
on its investment criteria; (ii) assumptions regarding,
among other things, the period for which an investment is
held, capital structure, growth in EBITDA, and (where
relevant) exit multiples; and (iii) assumptions regarding
market conditions that are likely to be present during
Octopus’ strategy including, but not limited to interest
rates, rates of inflation, wholesale energy prices, and GDP
growth in the sectors in which the strategy will target. No
representation or warranty is being made herein as to the
reasonableness of the assumptions made by Octopus or
that all assumptions in calculating target returns have been
fully considered or that there were not additional
assumptions that should have been included or considered
in determining target returns.
Target gross and net IRR information disclosed herein is
being presented for the purpose of providing insight into
the investment objectives of Octopus’ strategy, detailing
the strategy’s anticipated risk and reward characteristics in
order to facilitate comparisons with other investments and
for establishing a benchmark for future evaluation of the
strategy’s performance. These target returns are also
being presented because financially sophisticated
investors may find this information useful in determining
where Octopus’ strategy may fit within their investment
portfolios. Target returns included in this Presentation are
not intended, and must not be regarded, as a
representation, warranty or prediction that the strategy
will achieve any particular gross or net IRR with respect to
any particular investment opportunity or the strategy
overall over any particular time period or that Octopus’
strategy and its investors will not incur losses. The actual
realised return on investments will depend on, among
other factors: future operating results, interest rates,
economic and market conditions, wholesale energy market
conditions, and the value of underlying assets at the time
of disposition, as well as any related transaction costs, and
the timing and manner of disposition, all of which may
differ from the assumptions on which projections are
based.
In evaluating the target returns included in this
Presentation, prospective investors should be aware that
the assumptions underlying the calculation of target
returns may prove not to be accurate or not materialize.
Although Octopus believes that the target returns
presented herein are based on reasonable assumptions,
target returns are subject to certain significant limitations
including, without limitation, the fact that they cannot take
into account the impact that future economic and political
events may have on future investment and disposition
decisions. There can be no assurance that Octopus’
strategy will achieve comparable returns to such target
returns, and actual results may be materially lower than
such return objectives. Investors should not in any way rely
on such target returns in making a decision to invest in
Octopus’ strategy.
Important information (3)

26. 26
Octopus Energy Generation
UK House
164-182 Oxford Street
London W1D 1NN
info@octopusrenewa bles. com
[email protected]
www. octopusenerg y g enera tion. com
www.octopusenergygeneration.com
GRC: 308