Polaris Infrastructure ACQUISITION OF PERU HYDRO PROJECTS

OCTOBER 2018

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.

All dollar amounts are in US Dollars, unless noted otherwise.

Important Notice

Polaris OverviewDIVIDER SLIDE SUBTITLE

Capital Markets Snapshot – Pre Transaction

PRICE* (C$)

SHARES OUTSTANDING (FD)

15.7 mm

MARKET CAPITALIZATION

117 mmENTERPRISE VALUE

$238 mm

RUN-RATE EBITDA

$60 mmANNUAL DIVIDEND

$0.60CASH ON HAND

$39.9 mm

SEP 30

DEBT

$161.6 mm

SEP 30

DIVIDEND YIELD

8.1%

EV / EBITDA

~ 4.0x

C$9.65SYMBOL: PIF

* As of October 26, 2018

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Growthat San Jacinto project

Returnto shareholders

Strengtheningbalance sheet

Growth of $24M (67%)

EBITDAPaid out $20.2M

DIVIDENDSRepaid $40.3M

DEBT

Execution & Delivery

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Acquisition Overview

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Hydro Amazonas( 1 1 9 M W )

Puglush Energia( 2 0 M W )

Canchayllo( 5 M W )

Nueva Esperanza( 5 0 M W )

Generación Andina( 2 8 M W )

Karpa Hidroeléctrica( 2 0 M W )

Hydropower Projects in Peru

Operating▪ Canchayllo (5 MW)

Mid-Construction▪ Generación Andina

▪ 8 de Agosto (20 MW)▪ El Carmen (8 MW)

With PPA▪ Hidroélectrica Karpa (20 MW)

Development Stage▪ Hydro Amazonas (119 MW)

▪ Puglush Energia (20 MW)

▪ Nueva Esperanza (50 MW)

Acquired Portfolio Overview (MW)

8

In Operation

5

0

50

100

150

200

250

MW

In Construction

28

Small Scale with PPA (<20MW)

Small Scale Without PPA (<20MW)

Large Scale Development (>20MW)

242

Potential Installed Capacity

20

70

119

# Projects 1 2 1 4 1 9

UEG Acquisition Overview

▪ 600,000 PIF shares plus 300,000 Warrants at 20% premium, at Closing

▪ 600,000 PIF shares plus ~$400,000 at COD of the GA SAC projects

▪ Should generation exceed expectations for2 years after start-up, “bonus shares” to be issued based on a formula – maximum of970,000 PIF shares

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▪ 1 operating project – Canchayllo (5 MW)

▪ Empresa de Generación Eléctrica CanchaylloS.A.C.

▪ 2 late construction stage projects

▪ 8 de Agosto & El Carmen (28 MW)

▪ Generación Andina S.A.C. (“GA SAC”)

▪ 1 development stage project with a PPA –Karpa (20 MW)

▪ Hidroeléctrica Karpa S.A.C.

▪ 5 development stage projects

▪ Corporate offices and regional management team based in Lima, Peru

Acquisition consists of: Consideration consists of:

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Fact Sheet – Canchayllo

POWER PLANTS CANCHAYLLO

INSTALLED CAPACITY 5 MW

CAPACITY FACTOR 63%

PRODUCTION 29 GWH P.A.

TRANSMISSION LINE 840 M / 69 kV

DEVELOPMENT STAGE OPERATING SINCE 2015

PPA 20-YEARS; APPROVED BY GOVERNMENT; US$/MWH=47.4

FINANCIAL ~ $900,000 EBITDA

Valley of the District Canchayllo from the city of Jauja. The Transmission Line is connected to the already made transmission line of Oroya Nueva- Chumpe

PROJECT LOCATION

Generación Andina Acquisition & Restructuring Overview

▪ Non-recourse project loans were fundedto support original construction efforts

▪ Key Restructuring Terms:

▪ Principal reduced from $55.1 millionto $44 million;

▪ Interest rate reduced to 0%;

▪ Term of loan extended to 2038;

▪ Principal repaid by minimum annual payments starting a $2 million(with 1% inflation)

▪ A 6.5% interest rate equates to a present value of ~$24 million

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▪ Run-of-River hydro projects; Rated for capacity of 8 MW and 20 MW, respectively

▪ Construction is approximately 80% complete; halted in 2016 due to construction issues and parent company capital constraints

▪ Investment of ~$80MM valued at ~$25MM

▪ Favourable PPAs in US$s are in place for both projects until 2039; Polaris was successful in negotiating with Peru Ministry of Energy to have extensions formalized

El Carmen & 8 de Agosto Overview: Project Loan Restructuring:

Compelling Value Creation Opportunity

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Estimated investmentto complete construction works

$35 MILL ION

+ =12 months to achieve commercial operations

Estimated GeneraciónAndina annual EBITDA

Estimated Equity Value

$65-80 MILLION

Ability to double equity value in approximately 12 months

$7-9 MILL ION

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Fact Sheet – Karpa

POWER PLANTS KARPA

INSTALLED CAPACITY 20 MW

CAPACITY FACTOR 74%

PRODUCTION 130 GWH P.A.

TRANSMISSION LINE 67 KM / 60 kV

DEVELOPMENT STAGE NEARLY FULLY PERMITTED

PPA 20-YEAR; GOVERNMENT-BACKED; U$55.7/MWH

POSTED BOND US$4.75 MILLION

District of Tantamayo,HuamaliesProvince

PROJECT LOCATION

Further Upside with Acquired Assets

▪ Possibility of transmission line revenue

▪ $0.5 million per year

▪ Carbon Credit upside

▪ $0.5 to $1 million based on current Canchayllo CO2 price

▪ $4.75 million performance bond with respect to Karpa project

▪ Reasonable level of confidence we can achieve (partial) liquidity with respect to this bond, or roll it into a new project

▪ Karpa project has a PPA in place, and a decision to move forward could be made in 2019

▪ Multiple other development stage projects provide further growth potential

SECONDARY REVENUE STREAMS POTENTIAL TO UNLOCK VALUECREDIBLE DEVELOPMENT PIPELINE

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Pro Forma view of Polaris

Proforma Financial Profile

Proforma, Run-Rate:

▪ EBITDA: ~$70 mm

▪ CF: $40-$45 mm

▪ CFPS: $2.40 to $2.50

▪ FCPS: $1.90 to $2.00

▪ Once constructed, increase in cash flowof ~ 15% to 20%

▪ Dilution of 7.5%

▪ Net Growth in CFPS of ~8-10%

▪ Projected Cash Flow Multiple of only 3.0 to 3.5x, plus current yield

▪ Proforma Debt to EBITDA of only ~2.5x

▪ Opportunities for refinancing open up

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Projects with Strong Free Cash Flow + Minor Dilution = Higher Projected CFPS

Proforma Diversification (MW)

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70 MW 75 MW 103 MW 123 MW 362 MW

TODAY PROFORMA +12 MONTHS +24 MONTHS 3+ YRS

100%Nicaragua

geothermal

70 | 5 70 | 33 70 | 53 120 | 242

Larger and more diversified renewable

energy business

Nicaragua (geothermal) Peru (hydro)

Pro Forma Capacity Rollout (MW)

18

0

20

40

60

80

100

MW

2016 2017

SJT Project

48

60

8375

Q22018

70

Q32019

Q42019

103

Q42018

+10SJT drilling

+5Canchayllo

+8El Carmen

+208 de Agosto

+12SJT drilling

Strategic Benefits

▪ Partnership with connected “locals”

▪ Increased access to similar transactions in region

▪ Option value in pipeline

▪ Much greater ability to attract “non-dilutive” capital

▪ Leads to possibilities to receive “management fee” income over time

▪ Provides refinancing opportunities

▪ One step closer to attractive regional platform

▪ Larger base to support gradual build-out of regional development team

M&A OPPORTUNITIES FINANCIAL BENEFITS OPERATIONAL DYNAMICS

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Appendix

Visibility to both Growth & Diversification

21

0

50

100

150

200

250

300

350

400

MW

TODAY

70

OPERATIONAL

3+ YEARS

DEVELOPMENT

TOTAL

362Geothermal Hydro

12 MONTHS

28

IN CONSTRUCTION

705

24 MONTHS

70

WITH PPA

20

285

PROFORMA

70

5

189

70

28

20

550

Canchayl lo

GeneraciónAndina

Karpa

Casita

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Fact Sheet – El Carmen

POWER PLANTS EL CARMEN

INSTALLED CAPACITY 9.3 MW

CAPACITY FACTOR 55%

PRODUCTION 45 GWHR P.A.

TRANSMISSION LINE 67 KM / 60KV

DEVELOPMENT STAGE IN CONSTRUCTION

PPA 20 YEARS; APPROVED BY GOVERNMENT; US$/MWH = 53.9

COMMERCIAL OPERATIONS DATE JUNE 2019

Tingo Maria,Huanuco Provinceconnecting to the national grid

PROJECT LOCATION

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Fact Sheet – 8 de Agosto

POWER PLANTS 8 DE AGOSTO

INSTALLED CAPACITY 19 MW

CAPACITY FACTOR 80%

PRODUCTION 132 GWHR P.A.

TRANSMISSION LINE 67 KM / 60 kV

DEVELOPMENT STAGE IN CONSTRUCTION

PPA US $55.7 / MW

COMMERCIAL OPERATIONS DATE OCTOBER 2019

Tingo Maria,Huanuco Provinceconnecting to the national grid

PROJECT LOCATION

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Fact Sheet – Amazonas

POWER PLANTS AMAZONAS

INSTALLED CAPACITY 119 MW

CAPACITY FACTOR 65%

PRODUCTION 677 GWH P.A.

TRANSMISSION LINE 50 KM / 220 kV

DEVELOPMENT STAGE LATE STAGE DEVELOPMENT

PPA PENDING

COMMERCIAL OPERATIONS DATE TBD

District of Milpuc, department of Amazonas, province of MendozanRodriguez, connecting to the Moyobambasubstation

PROJECT LOCATION

Forward-Looking Information

This Presentation contains certain “forward-looking information” which may include, but is not limited to, statements with respect to future events or future performance, management’s expectations regarding the Company’s growth of cash flow per share and leveraging of available cash resources, the Company’s future access to similar deal opportunities throughout Latin America, the expected MWh per year production of the acquired projects, the net capital investment in the Generación Andina projects and the length of the related construction periods. Such forward-looking information reflects management’s current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “predicts”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the actual results of current geothermal and hydro energy production, development and/or exploration activities and the accuracy of probability simulations prepared to predict prospective geothermal resources; changes in project parameters as plans continue to be refined; possible variations of production rates; failure of plant, equipment or processes to operate as anticipated; accidents, labor disputes and other risks of the geothermal and hydro power industries; political instability or insurrection or war; labor force availability and turnover; delays in obtaining governmental approvals or in the completion of development or construction activities, or in the commencement of operations; the ability of the Company to continue as a going concern and general economic conditions, as well as those factors discussed in the section entitled “Risk Factors” in the Company’s Annual Information Form. These factors should be considered carefully and readers of this Presentation should not place undue reliance on forward-looking information.

Although the forward-looking information contained in this Presentation is based upon what management believes to be reasonable assumptions, there can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The information in this Presentation, including such forward-looking information, is made as of the date of this Presentation and, other than as required by applicable securities laws, Polaris Infrastructure assumes no obligation to update or revise such information to reflect new events or circumstances.

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