POLARIS INFRASTRUCTURE INC TSX PIF WWW POLARISINFRASTRUCTURE COM

POLARIS INFRASTRUCTURE INC. TSX : PIF WWW. POLARISINFRASTRUCTURE. COM APRIL 2017

1 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.

POLARIS INFRASTRUCTURE OVERVIEW

3 SNAPSHOT Own and operate San Jacinto Geothermal power plant in Nicaragua PPA with national grid – contractual price per MWh, with annual escalator, to 2029 Recapitalized in May 2015 “Fixed” balance sheet New Management and Board Cash flow positive; initiated dividend in Q 2 2016

4 CAPITAL MARKETS SNAPSHOT Symbol: PIF Price* (C$): C$14. 15 Debt – Dec 31 (US$): 181. 1 mm Shares Outstanding (FD): 15. 7 mm Enterprise Value (US$): 302 mm Market Cap. (C$): 222 mm Run Rate EBITDA (US$): ~ 50 mm Market Cap (US$): 167 mm EV/EBITDA: ~ 6. 0 x Cash On Hand – Dec 31 (US$): 45. 8 mm Quarterly Dividend (US$): $0. 12 * as of March 31, 2017

5 DRILLING PROGRAM RESULTS

6 IMPROVEMENT IN FINANCIAL METRICS Annualized “Run-rate” Results * 2016 reflects annualized results once 2 new wells brought online 2 new wells drilled

7 2016 OPERATING RESULTS USD million Q 3 Per Share Q 4 Revenue 14. 3 15. 7 EBITDA 12. 0 13. 3 Interest & Bank Fees 3. 4 3. 8 “Sustaining Capex” 1. 3 Discretionary CF 7. 3 Per Share Less: US$0. 46/ C$0. 61 8. 2 US$0. 52/ C$0. 71 Less: Principal Repayment 2. 1 Free Cash Flow* 5. 2 2. 1 US$0. 33/ C$0. 43 *As defined by management, on a long term “average” basis. 6. 1 US$0. 39/ C$0. 53

8 DIVIDEND GROWTH Ability to raise dividend based on both growth in cash flow and/or payout ratio * Calculated using management's estimated sustaining capital expenditure

SAN JACINTO GEOTHERMAL PLANT

10 PLANT OVERVIEW 72 MW capacity turbines – both online since January 2013 PPA in US$ for up to 72 MW net, to 2029 US $118/MWh in 2016 w ith 3% per annum price escalator for 7 years; 1. 5% per annum there after (to 2029) 10 production wells with productive capacity of approximately: 500 tph of steam 1, 500 -1, 700 tph of hot brine Production wells 500 m to 2, 500 m in depth Current steam can result in power capacity of approx. 60 -65 MW (net of ~5 MW internal consumption) 6 Injection wells re-inject the hot brine into the reservoir to create a “closed loop” – renewable energy in literal sense Plant re-certified for CO 2 credits - ~250, 000 tons per year available

11 HISTORICAL KEY PARAMETERS Year Gross Hourly Production (1) Net Hourly Production (1) Average Steam Mass Planned Downtime (%) Turbine Availability (%) 2012 35. 7 33. 2 276 2. 6 99. 3 2013 53. 3 48. 4 416 1. 8 99. 8 2014 54. 1 49. 1 434 5. 9 99. 8 2015 54. 6 49. 5 428 3. 1 99. 8 2016 57. 5 52. 4 456 2. 0 99. 1 (1) Net of Planned / Unplanned Downtime

12 GROWING PLANT-LEVEL EBITDA * Plant-level EBITDA defined as Revenue less Direct Costs

2015/2016 SAN JACINTO DRILLING PROGRAM

15 2015/2016 DRILLING PROGRAM Drilled 3 new wells – target 2 new production wells ($23. 4 MM) SJ 6 -3 SJ 9 -4 SJ 14 -1 Mechanical “workover” of 4 existing injection wells ($8. 2 MM) Selected infrastructure investments ($6. 4 million): Roads Drilling pads New separation station Well connection piping etc

FUTURE GROWTH OPTIONS

17 FUTURE GROWTH OPTIONS San Jacinto geothermal project Drilling further production and injection wells Plant output optimization projects Binary Unit Develop Western Sector Acquisitions / Project Development Casita – San Cristobal Geothermal Field Feasibility and Development Project Carbon Credits

18 FURTHER PRODUCTION WELLS Drilling rig is on-site, available Have 2 -3 well sites identified Will validate location(s) through planned geological studies in Q 1 -Q 2 2017 Likely to drill shallow wells to target “steam cap” Steam cap is a key development in the lifecycle of the San Jacinto resource Estimate cost of approximately $7. 5 million / well Capital cost is funded by internal cash Possible expansion into Western Sector of San Jacinto concession

19 BINARY UNIT Separate generating unit – generates power from hot geothermal fluids (brine) before reinjecting Viewed as a low risk means of generating additional power No exploration risk Low technical risk Competitive nature of OEM market will result in attractive pricing Additional generation will bring us close to 72 MW (net) threshold under PPA Will require amendments to PPA; currently under nego tiati on

20 BINARY UNIT ECONOMICS Project budget (preliminary) is $30 million, including drilling of a new injection well Injection well is required to enable flexibility and reduce “reservoir risk” Capital cost is funded by internal cash Estimate additional 8 – 10 MW Equates to approx. $6 – 8 million additional cash flow Approx. 4 -5 year payback

21 SAN JACINTO TARGET PRODUCTION Annualized “Run-rate” Results Assuming Binary Unit Assuming 1 new production well * reflects annualized results once new production brought online

22 ACQUISITIONS / DEVELOPMENT Grid in Central America is small/fragmented and has a significant number of renewable projects Numerous – 25 -100 MW projects in the region Large power companies and infrastructure funds not active Owners are small companies and / or HNW individuals Implication is that: Good targets for acquisitions without significant competition Much higher IRR projects available to develop (i. e. 15 -20% IRR vs. 10 -12% in North America)

23 NICARAGUA OVERVIEW Daniel Ortega President – elected in 2007 § Ortega won national election in November 2016 – 5 more years of stability 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 co untry to date R enewable energy World bank and other global develo pment banks as lenders

24 RESEARCH ANALYST COVERAGE * as of March 31, 2017

25 SAN JACINTO PHOTOS