CF Energy : Provide smart, environmentally friendly energy solutions to commercial and residential customers

TSXV: CFY

CF Energy Corp.

Investor Presentation

Nov. 30, 2022

Provide smart, environmentally friendly energy solutions to

commercial and residential customers

Corporate Disclaimer

This written and accompanying oral presentation contains certain forward‐looking information within the meaning of applicable Canadian securities laws which is provided for the purpose of presenting information about management's current expectations and plans. Readers are cautioned that such information may not be appropriate for other purposes. CF Energy Corp's actual results could differ materially from those expressed in, or implied by, this forward‐looking information, and accordingly, no assurances can be given that any of the results anticipated by the forward‐looking information will transpire or occur. Forward‐looking information is predictive in nature, depends upon or refers to future events or conditions, or includes words such as "expects", "anticipates", "plans", "predicts", "believes", "estimates", "intends", "targets", "projects", "forecasts" or negative versions thereof and other similar expressions or future or conditional verbs such as "may", "will", "should", "would" and "could".

The contents of this presentation, including the forecasts of China's city gas market size, amount of investment in energy comprehensive utilization projects, LNG demand and demand for electric vehicle in China, CF Energy Corp.'s (previously known as: Changfeng Energy Inc.) (hereafter known as "CF", "CF Energy", or the Company) consolidated Revenue, Gross Profit, Adjusted EBITDA, and Adjusted Net Profits, the outlook for the Company's projects and other statements in this presentation that may contain words such as "could", "expects", "may", "should", "will", "anticipates", "believes", "intends", "estimates", "targets/targeted", "plans", "envisions", "seeks" and other similar language and are considered "forward‐looking statements" or "forward‐looking information" under applicable securities laws.

Forward‐looking information is provided for the purpose of providing information about management's expectations and plans about the future and may not be appropriate for other purposes. Forward‐looking information herein is based on various assumptions and expectations that CF Energy believes are reasonable in the circumstances, however, they are subject to the risks and uncertainties set forth below and no assurance can be given that these assumptions and expectations will prove to be correct. These assumptions and expectations are based on information currently available to CF Energy, including information obtained from third party industry analysts and other third‐party sources, as well as on management's current plans and its perception of historical trends, the historic performance of CF Energy's business segments, current conditions and expected future developments. These assumptions and expectations include, without limitation, anticipated financial performance, current business and economic trends, expected economic growth

Forward‐looking information involves significant risks, assumptions, uncertainties and other factors that may cause actual future results or anticipated events to differ materially from those expressed or implied in any forward‐looking statements and accordingly, should not be read as guarantees of future performance or results. Actual results, performance, or achievement could differ materially those expressed in, or implied by, any forward‐looking statements made and, accordingly, viewers should not place undue reliance on any such forward‐looking statements. New factors emerge from time to time, and it is not possible for anyone to predict all of such factors and to assess in advance the impact of each such factor on any of the financial or commodity markets. The risks and uncertainties that may affect forward‐looking statements include, but are not limited to changes in state policies, market conditions, or unexpected delays in project construction progress, as well as the risks and uncertainties set forth in the Company's materials filed on SEDAR from time to time. The foregoing list of important factors that may affect future results is not exhaustive. When reviewing the Company's forward‐looking statements, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Unless otherwise required by applicable securities laws, the Company disclaims any intention or obligations to update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise. Such statements speak only as of the date made.

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Investment Highlights: Diversification and Growth

• Interests Aligned - Insiders own ~53% of the fully diluted outstanding shares.
• Long Track Record - Public since 2008 with track record of steady revenue growth and cash flow.
• Stable Cash Flow - Natural Gas Distribution Utility - Exclusive concession rights granted by regional PRC governments to ensure future business growth and protection against competition. Solid assets: 1,503 km pipelines; 22 operating stations; Organic growth tied to economy and market share gains.
• Long Term Growth Platform #1 - Smart Energy Distribution - Two significant district smart energy supply systems are expected to serve as a model for future projects. May lead to consulting work and additional projects across China. Strong JV partnership with the reputable French Fortune 500, EDF (Electricite de France) Group which has a long history and significant presence in the energy sector in the PRC.
• Long Term Growth Platform #2 - Smart Mobility (EV Battery Swap Business) - Tapping the China EV market with recent entry to the battery swap business serving car hailing network and taxis in southern China.
• Attractive Valuation - CFY trading at ~6.2x EV/EBITDA and a ~ 3.5x P/E for 2021.

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