Infigen Energy : Annual General Meeting Presentation 2017

22 November 2017‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌

AGM PRESENTATIONS

Attached are the presentations to be delivered at Infigen Energy's (ASX: IFN) 2017 Annual General Meeting to be held today at 3pm (AEDT) at the Radisson Blu Plaza Hotel, 27 O'Connell Street, Sydney.

The Annual General Meeting will be webcast and can be viewed via the Infigen Energy website at www.infigenenergy.com/agm-2017.

ENDS

For further information please contact:

Sylvia Wiggins Marju Tonisson

Executive Director, Finance & Commercial Manager, ESG & Investor Relations Tel [phone]

About Infigen Energy

Infigen is a business actively participating in the Australian energy market. It is a developer, owner and operator of generation assets delivering energy solutions to Australian businesses and large retailers.

Infigen has 557 MW of installed generation capacity across New South Wales, South Australia and Western Australia with a further 113 MW under construction in New South Wales. It sells the electricity and Large- scale Generation Certificates (LGCs) through a combination of medium and long term contracts and through the spot market.

Infigen is looking to diversify and expand its customer base and will grow its generation portfolio in response to strong price and investment signals. In the short term it is targeting expansion in New South Wales and entry into the Victorian and Queensland regions of the National Electricity Market. Infigen will seek to do this through sales of electricity and LGCs and construction of assets within its development pipeline in those regions.

Infigen trades on the Australian Securities Exchange under the code IFN. For further information please visit our website: www.infigenenergy.com

Annual General Meetings of Security Holders Infigen Energy

3pm, 22 November 2017

CHAIRMAN'S ADDRESS

Good afternoon Ladies and Gentlemen. My name is Mike Hutchinson. I am the Chairman of Infigen Energy. As both Chairman and a fellow security holder it is my pleasure to welcome you to our 2017 Annual General Meeting.

I acknowledge the Gadigal people; the traditional custodians of this land. I also pay respect to elders both past and present of the Eora nation, and extend that respect to other Aboriginal people present.

Our Company Secretary advises that a quorum of security holders is present. I now declare the Infigen Energy Annual General Meeting open. All security holders have been sent the Notice of Meeting. We will take that as read. Please let our staff know if you need another copy.

The proxy votes received for today's resolutions have been inspected by our security registry. All validly lodged proxies have been accepted. The numbers of proxy votes will be displayed on the screen prior to voting on each resolution. As Chairman I will cast all undirected proxies that I hold in favour of the relevant resolutions.

INTRODUCTIONS

Before we start the formal business of the Meeting, I would like to introduce your Board, which includes three new directors appointed since our last AGM.

Ross Rolfe is our Chief Executive Officer. Ross has been in that role for a year now, but had been a non-executive director since 2011. Sylvia Wiggins is our Executive Director of Finance & Commercial, having been appointed in May 2017. Sylvia was also previously a non-executive director, appointed in April 2016. Mark Chellew joined the Board as an independent non-executive director in September 2017. Mark has over 30 years of experience in the building materials and related industries. He was the Managing Director and Chief Executive Officer of Adelaide Brighton for over 12 years. Mark is a member of the Audit, Risk & Compliance Committee. Having been appointed by the Board, Mark offers himself for election by the security holders at this meeting. Len Gill joined the Board as an Independent non-executive director in June 2017. Len is a professional non-executive director with over 35 years' experience as a senior leader in the electricity, gas and infrastructure industries. Len is a member of the Audit, Risk & Compliance Committee. Having been appointed by the Board, Len offers himself for election by the security holders at this meeting. Phil Green has been a member of the Board since November 2010 and is the nominee director of The Children's Investment Master Fund, which holds over 32% of our securities. Emma Stein joined the Board as an independent non-executive director in September 2017. Emma has significant corporate and operational experience within energy, and has been an independent non-executive director on the boards of companies in the oil and gas, resources, and energy sectors. Having been appointed by the Board, Emma offers herself for election by the security holders at this meeting.

One of our fellow Board members is not able to be present with us today following recent surgery. Fiona Harris has been an independent non-executive director since June 2011. She sends her apologies and we in turn extend our wishes for a rapid recovery. Fiona is the Chairman of the Audit, Risk & Compliance Committee and a member of the Nomination & Remuneration Committee. During Fiona's recuperation Emma Stein acted as chairman of the Audit Risk & Compliance Committee and we thank her for stepping into this role. I note, however, that Fiona attended our Board and Committee meetings yesterday by phone, and she is listening in to today's proceedings.

Fiona retires by rotation at this AGM and offers herself for re-election.

I joined the Board in mid-2009 and became Chairman in November 2010. My background is in the Annual Report.

We are joined today by Infigen's Company Secretary, David Richardson, and by members of Infigen's senior Management team, who are seated in the front row.

The Company's external auditor, PricewaterhouseCoopers, is present today represented by Marc Upcroft. In addition, Michael Robinson from Guerdon Associates, our independent remuneration advisor, is here. I thank both gentleman for their attendance.

Infigen's 2017 Annual Report details the Company's financial and operating performance during the year. Copies of the report are available at this meeting.

FY17 OVERVIEW

I would like to reflect briefly on FY17 before our CEO provides a further account of our operations and implementation of the revised business strategy that was outlined at our 2016 AGM.

Safety

The safety of our people and the communities in which we operate is our first priority. We continue to strive to improve our safety systems and culture towards zero harm. During last year we had one lost time injury during a tower rescue simulation, and that resulted in both a lost time injury frequency rate and total recordable injury frequency rate of 4.7 for the year.

Maintaining our assets necessarily involves inherently high-risk work by technicians working with high voltages and at height. We commend the diligence with which Infigen staff and our contractor teams have embedded safety in their mindset, attitudes, and practices. Thanks to their continued focus, our Alinta and Lake Bonney 1 wind farms have recently reached 10 years of operations without lost time injuries.

We remain vigilant because accidents can still happen. This financial year opened with a contractor being injured on site in July, when an equipment cover slipped causing hand injuries. We are pleased to report that the technician has recovered and returned to full duties. As part of our commitment to reducing safety related incidents, we have implemented the ICAM incident investigation process to review any future incident. ICAM is the Incident Cause Analysis Method, an acknowledged industrial safety initiative, that seeks to learn from our past and, where possible, engineer out the causes of such incidents.

We are currently especially focussed on managing the risks during the construction of Bodangora wind farm - our first construction project since Woodlawn wind farm in 2011. Your Board will visit that site tomorrow.

Our Performance

FY17 was a strong year both financially and in terms of repositioning Infigen as an active participant in the energy markets. Highlights included:

• Underlying EBITDA of $139.3 million - up 16%.
• 1,487 gigawatt hours of renewable energy produced - up 1%.

• Our Net Debt was substantially reduced not only from the strong cash flows from operations but as a result of the equity raising earlier this year.

• A successful equity raising in April this year where our security holders strongly supported the $151 million raising with over 97% of our institutional security holders and 74% of our retail security holders taking up their rights.

• We also commenced construction of the Bodangora wind farm in New South Wales. Undertaking this project reflects our renewed balance sheet strength and our confidence in the Revised Business Strategy to deliver security holder value through the production and sale of energy over the long term.

As advised to the market, our current year's production is tracking in line with FY17. But the intermittency of the fuel source upon which we rely is acknowledged and does affect our outcomes. Given this, we do not propose to provide guidance on expected financial outcomes but will continue to report monthly production outcomes and quarterly unaudited revenue outcomes. Later today and at our Half and Full Year results, we will provide further detail about expected energy sales and Ross Rolfe will be talking about our portfolio-wide bundled price based on the execution of our business strategy.

This information should allow security holders and the investment community to understand the business and its transition from "fund" to energy market participant under our revised business strategy.

Revised Business Strategy

As outlined at the 2016 AGM and in our subsequent financial results presentations, Infigen is transitioning to be a more active energy markets participant. All of us at Infigen are excited and motivated by this transition, which focuses on renewed growth, a significant widening of