Halfjaarlijkse financiële verslaggeving

Contents

New Sources Energy N.V.

Board commentary

Dear shareholder,

Herewith the board of directors of New Sources Energy N.V. present the semi-annual financial statements of 2024 for the period 1 January 2024 to 30 June 2024.

The board of directors declares that, to the best of its knowledge, the semi-annual financial statements give a true and fair view of the assets, liabilities, financial position and results of the company and the companies included jointly in the consolidation, and that this interim report gives a true and fair view of the significant events that occurred during the first six months of the fiscal year under review and their effect on the semi-annual financial statements, as well as a description of the principal risks and uncertainties for the remaining six months of the fiscal year under review. The semi-annual financial statements of 2024 have not been audited and as a result there is no auditor's report.

In our 2023 annual report, we consider risk assessment and mitigation a continuous process, which is carried out against the background of an evolving risk landscape that includes short-, medium- and longer-term challenges. We consider the major risk factors communicated in the annual report of 2023 still to be valid.

In the first half of the year, New Sources Energy N.V. (NSE or the Company) continued to focus on reorganising its organisation. This is reflected in the 2024 interim financial report. No revenue was realized. Two convertible loans of €50 thousand each were provided to the Company by Messrs. Kamsteeg and Vereecken. Operating expenses amounted to €282 thousand, of which the majority were director and management fees. This resulted in a total comprehensive loss of €282 thousand. Over the financial year of 2023 a total comprehensive loss was reported of €418 thousand.

At the AGM on 26 June 2024 all concerned agenda items, including the board's strategic ambitions, were unanimously approved. Mrs. A.M. Dirkes replaced Mr. J.D. Kleyn as chairman of the board, ushering in the new phase. Consequently, the board continued on its chosen path and instructed the public notary to execute all the suggested amendments to the articles of association. The new foundation Stichting Preferente Aandelen New Sources Energy has now been established.

Meanwhile Em.Prof.Dr. Ad van Wijk has joined the management as Chief Technology Officer. Since the reorganisation had been completed, the management has started actively focusing on potential investments, strategic partnerships and financing. The management is observing interesting developments in the international markets for solar PV, hydrogen, biofuels, energy storage, and carbon capture and storage, and has identified several promising investment opportunities. On this basis exploratory conversations have been initiated with several potential targets and strategic partners.

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New Sources Energy N.V.

Our management will continue to focus on high growth companies, prioritising companies which, besides positive climate impact, foster both cash flow as well as long term value growth potential. In the second half of 2024 we will make our best efforts to engage with these investment opportunities and conclude transactions to acquire valuable energy transition assets in order to position ourselves on a path of growth.

Yours truly,

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New Sources Energy N.V.

Interim financial statements 30 June 2024 (unaudited)

• Consolidated statement of financial position as at 30 June 2024 (unaudited)
• Consolidated statement of profit or loss (unaudited)
• Consolidated statement of changes in equity (unaudited)
• Consolidated statement of cash flows (unaudited)
• Notes to the interim financial statements

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New Sources Energy N.V.

Consolidated statement of cash flows (unaudited)

The notes on pages 9 to 11 are an integral part of these consolidated financial statements.

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New Sources Energy N.V.

Notes to the interim financial statements

• General information

1. Reporting entity and relationship with parent company

New Sources Energy N.V. (the "Company") is a public limited liability company domiciled in the Netherlands. The Company was incorporated in the Netherlands. The Company's registered office is at Apollolaan 151, 1077AR Amsterdam, the Netherlands. The Company was founded on 26 October 1978 and is registered in the Trade Register at the Chamber of Commerce under number 33154205.

The Company is publicly listed at the Euronext Amsterdam stock exchange.

These consolidated financial statements comprise the Company and its subsidiaries (collectively the "Group" and individually "Group companies"). The Company is a holding company. The main activities of the group of which the Company is the parent are related to investments in renewable energy assets. The activities of the Company and the Group are focussing on the market of the European Union.

1. Financial reporting period

These interim financial statements cover the first six months of 2024, which ended at the balance sheet date of 30 June 2024.

1. Going concern

The financial statements have been prepared on the basis of the going concern assumption.

• General accounting principles

The general accounting policies applied in the preparation of these interim financial statements are set out below.

Basis of preparation

The interim financial statements for the first six months of 2024, ending on 30 June 2024, were prepared in accordance with IAS 34 Interim Financial Reporting, and should be read in conjunction with the Group's last annual financial statements as at and for the year ended 31 December 2023 ('last annual financial statements'). They do not include all the information required for a complete set of financial statements prepared in accordance with IFRS Standards. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual financial statements.

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