POLARIS INFRASTRUCTURE INC. TSX : PIF OCTOBER 2015

IMPORTANT NOTICE

This Presentation includes general background information with respect Polaris Infrastructure Inc. (“Polaris”) and does not purport to be complete. It has been prepared solely for informational purposes and is not to be considered a solicitation or an offer to buy or sell any securities and should not be treated as investment advice.

The information contained in this Presentation is confidential and the property of Polaris. It is made available strictly for the purposes referred to above. This Presentation must not be disclosed, copied, published, reproduced or distributed in whole or in part at any time without the prior written consent of Polaris and, by accepting this Presentation, you agree not to do so. You also agree to return any written copy of this Presentation to Polaris at the request of Polaris.

SNAPSHOT

•  PLANT COMPLETED IN JANUARY 2013 AT A TOTAL COST (INCLUDING DRILLING) OF US $421MM.

•  OPERATING GEOTHERMAL POWER PLANT – PRODUCING APPROX. NET 50 MW TODAY

•  ABOVE GROUND TURBINE CAPACITY OF 72 MW

•  PPA IN US$ FOR UP TO 72MW TO 2029 •  US$115/MWH IN 2015 WITH 3% PER ANNUM PRICE ESCALATOR FOR 8 YEARS;

1.5% PER ANNUM THEREAFTER (TO 2029)

•  CURRENT ANNUAL EBITDA AT PLANT APPROXIMATELY US$41MM

•  DRILLING PROGRAM COMMENCED IN OCTOBER 2015 TO INCREASE CAPACITY OF PLANT

SYMBOL PIF

SHARES OUTSTANDING (FD) 15.6 mm

PRICE (C$) C$9.90

MARKET CAP. (C$) C$154 mm

MARKET CAP. (US$) $117 mm

CASH ON HAND – SEP 30 (US$) $64 mm

DEBT SEP 30 (US$) $195 mm

ENTERPRISE VALUE (US$) $248 mm

RUN RATE EBITDA (US$) ~$39 mm

EV TO RUN RATE EBITDA ~6.3x

CAPITAL MARKETS SNAPSHOT as of October 27, 2015

SHAREHOLDER SUMMARY (AS AT AUG 31, 2015)

Goodwood Inc. 11.5%

Sentry 8.6%

Brilliant Resources 8.1%

Sprott Inc. 7.0%

Barometer Capital Management Inc. 5.1%

Vertex 5.2%

Impex Enterprises Limited 5.1%

Earlston Investments Corp. 4.2%

Pender Funds 4.1%

Polar Capital 4.1%

RECAPITALIZATION TRANSACTION

•  TOTAL SENIOR AND SUBORDINATED SECURED LOANS: US$195 MM (AT SEP 30) •  Restructured on several issues •  Principally increased term to 2024/2028 •  Debt service in 2016 decreases from $37mm to $22 mm •  Dividends allowed once drilling program complete

•  RAISED US$60MM OF COMMON EQUITY AT $8.00 ISSUE PRICE

•  CONVERTED CORPORATE DEBENTURES INTO EQUITY AT C$10.00 ISSUE PRICE •  C$54.13 MM of secured 8% debentures converted into C$43.3 MM of equity

•  EQUITY MARKET CAP AT TIME OF RESTRUCTURING: C$1.8 MM •  FUNDS RELEASED FROM ESCROW MAY 2015

MANAGEMENT/BOARD CHANGES

•  CEO – MARC MURNAGHAN •  20+ years Investment banking/renewable experience

•  CFO – SHANE DOWNEY, CPA, CA •  12+ years Accounting, M&A Advisory and Corporate Banking experience

•  NEW BOARD MEMBERS: •  Jaime Guillen: Faros Partners - 25+ years in development/financing of infrastructure projects

in Latin American; fluent in Spanish

•  Jorge Bernhard: ex-CEO Sherritt Metals Marketing, fluent in Spanish

•  Retained Jim Lawless (Geothermal expertise) and Toyn Mitchell (Chairman)

•  APPROX. 115 EMPLOYEES IN NICARAGUA INCLUDING PLANT MANAGER,

RESERVOIR MANAGER, CFO, ETC.

PLANT OVERVIEW

•  2 X 36 MW FUJI TURBINES “ABOVE GROUND” – BOTH ONLINE SINCE JAN 2013

•  8 PRODUCTION WELLS PRODUCING APPROXIMATELY: •  425-450 TPH OF STEAM AND •  1000-1200 TPH OF HOT BRINE. •  PRODUCTION WELLS 500M-2,500M IN DEPTH

•  CURRENT STEAM RESULTS IN POWER PRODUCTION OF 55-57 MWS “GROSS” OR 50-52 MWS “NET”

•  5 INJECTION WELLS RE-INJECT THE HOT BRINE INTO THE RESERVOIR TO CREATE A “CLOSED LOOP”

•  RENEWABLE ENERGY IN LITERAL SENSE

•  PLANT BEING RE-CERTIFIED FOR CO2 CREDITS - ~250,000 TONS PER YEAR AVAILABLE

PLANT PRODUCTION (MWhrs)

AFTER BACKING OUT PLANNED MAINTENANCE, PRODUCTION HAS BEEN QUITE STABLE SINCE JAN/14 AND IS NOT EXHIBITING LARGE DECLINES

PRODUCTION HAS BEEN QUITE STABLE SINCE JAN/14 AND IS NOT EXHIBITING

0  

5000  

10000  

15000  

20000  

25000  

30000  

35000  

40000  

45000  

AFTER BACKING OUT PLANNED MAINTENANCE , PRODUCTION HAS BEEN QUITE STABLE SINCE JAN/14 AND IS NOT EXHIBITING LARGE DECLINES

APPROXIMATE WELL BY WELL PRODUCTION

WELL GROSS POWER OUTPUT (MWs)

12-2 14

4-1 10

12-3 8-10

6-2 8

9-1 7

9-3 2-4

5-1 3

6-1 2

TOTAL 55-57

AVERAGE PRODUCTION ~7MW / WELL

2015/16 DRILLING PROJECT

DRILLING LOCATION #1 SJ6-3 •  SPUD DATE WAS OCT 12, 2015; EXPECT DRILLING

COMPLETION LATE NOV 2015 AND TECHNICAL RESULTS IN EARLY JAN 2016

•  USING EXISTING SJ6 PAD, EXPANDED SOUTH; AVAILABLE FOR IMMEDIATE TIE-IN TO THE PLANT

•  OBJECTIVES: •  ACHIEVE PRODUCTION FROM UPPER RESERVOIR AND

MODEST STEP OUT WEST •  EXPAND PROVEN RESOURCE AND TEST WESTERN

EXTENSION •  ACHIEVE HIGH PRODUCTIVITY FROM UPPER

RESERVOIR; LIKE SJ4-1 •  TARGET STRATIGRAPHIC PERMEABLE ZONE (-500 TO

-1000M RL) •  TEMPERATURES ~240 TO 260˚C

•  OPTION OF SJ6-4 WELL TO SW IF SUCCESSFUL

DRILLING LOCATION #2 SJ14-1 •  PLANNED SPUD DATE EARLY DEC 2015; EXPECT

DRILLING COMPLETION LATE JAN 2016 AND TECHNICAL RESULTS IN EARLY MAR 2016

•  NEW PAD USING CC CONCEPT AGREED AT SANTA ROSA (2014)

•  OBJECTIVES:

•  STEP OUT WELL TO TEST SE EXTENSION OF PRODUCTIVE RESOURCE

•  OPPORTUNITY TO TAP SAME HIGHLY PRODUCTIVE SHALLOW RESERVOIR AS SJ4-1

•  BT FAULT TARGET, EXPECTED TEMPERATURES ~250 TO 290˚C

•  OPTION OF SJ14-2 WELL TO SE IF SJ14-1 SUCCESSFUL

DRILLING CAMPAIGN FINANCIAL IMPACT

•  EACH NEW MW WILL PROVIDE ~$1 MM PER YEAR IN ADDITIONAL EBITDA / FREE CASH FLOW

•  CURRENT PIF RUN RATE EBITDA OF $39-40 MM

•  GIVEN DEBT SERVICE IS “FIXED” THE IMPACT ON FREE CASH FLOW TO EQUITY HOLDERS IS SIGNIFICANT

•  10 YEAR TAX HOLIDAY ENABLES TAX FREE “DISTRIBUTIONS” TO CANADA

•  BOARD IS COMMITTED TO DIVIDEND POLICY ONCE DRILLING PROGRAM IS COMPLETE

CASITA PROJECT

•  $11 MILLION INVESTED TO DATE •  GEOPHYSICS •  ACCESS ROAD •  “SLIM” HOLE DRILLED TO 850 M IN 2011

•  CONFIRMED GEOPHYSICS AND POTENTIAL “DRY STEAM” RESOURCE OF 100 MW+

•  IN GOVERNMENT’S PLAN TO COME ONLINE IN 2019

•  WORKING WITH WORLD BANK TO ACCESS “DRILLING” CAPITAL TO DE-RISK

•  SYNERGIES AVAILABLE: •  USE SAME RIG FROM SAN JACINTO DRILLING CAMPAIGN •  IN-PLACE ADMINISTRATIVE AND OPERATIONS PERSONNEL

ACQUISITIONS

•  PRODUCTION WITH GROWTH POTENTIAL

•  LOOK TO FIND VENDORS THAT WOULD WELCOME LIQUIDITY OF A TSX LISTED ENTITY

•  DEFINITELY PART OF THE MEDIUM/LONG TERM PLAN

•  EARLY DAYS

•  LOOK TO ACQUIRE RENEWABLE PROJECTS IN LATIN AMERICA

NICARAGUA OVERVIEW

•  DEMOCRATIC ELECTIONS – DANIEL ORTEGA PRESIDENT – RE-ELECTED IN 2007

•  ELECTION IN 2016 – ORTEGA EXPECTED TO WIN

•  HIGHEST GROWTH RATE AND SAFEST COUNTRY IN CENTRAL AMERICA

•  “LEFT LEANING” POLITICALLY BUT OPEN ECONOMICALLY

•  POLARIS PROJECT IS A SHOWCASE PROJECT FOR THE COUNTRY •  ONE OF THE LARGEST FOREIGN INVESTMENTS IN COUNTRY TO DATE •  RENEWABLE ENERGY •  WORLD BANK AND OTHER GLOBAL DEVELOPMENT BANKS AS LENDERS

SUMMARY

•  CURRENT EBITDA OF US$39 MM

•  COMPLETE DRILLING PROGRAM IN Q2 2016

•  3 New production wells

•  Injection workovers

•  COMMENCE DIVIDENDS Q2 2016 ONCE DRILLING IS COMPLETE AND TIED IN.

•  PURSUE OTHER GROWTH OPTIONS:

•  Binary cycle unit - +6/7 MWs

•  Casita partnership

•  Acquisitions

•  CO2 Credits

SAN JACINTO-TIZATE PLANT PHOTOS

THANK YOU