Windlab Limited (ASX:WND)

Roger Price, Chairman and CEO For personal use only use personal For

November 2017: Investor Roadshow

For further information please contact: [email protected] Disclaimer

This document has been prepared solely for the purpose of providing potential investors with information about Windlab Limited (WND, Windlab, or the Company). The information contained in this document does not purport to contain all of the information that a potential investor may need or desire. Potential investors should conduct their own investigation and analysis of WND and of the information contained in this document and should rely solely on their own judgement, review and analysis in deciding whether to invest in WND. This document is not intended to be financial product or investment advice nor is it a recommendation to acquire any securities. This document has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making any investment decision, potential investors are recommended to seek their own legal, taxation and financial advice appropriate to their individual circumstances.

This document does not constitute an offer, invitation or recommendation to any person to acquire securities. Neither the information contained in this document nor any further information made available by WND in connection with a potential investment in WND will form the basis of, or be construed as, an offer to acquire securities. This presentation is for information purposes only and is not a prospectus, product disclosure statement, pathfinder document for the purposes of section 734(9) of the Corporations Act 2001 (Cth) (“Corporations Act”) or other offer document under Australian law or the law of any other jurisdiction. This presentation does not constitute an invitation to apply for or purchase securities and does not contain any application form for securities. The information contained in this document has not been independently verified. This document includes certain forward looking statements, estimates and projections that involve subjective views of the anticipated future performance of WND that may or may not be correct. Such forward looking statements, estimates and projections are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are outside the control of WND. WND and its representatives and associates may amend or replace the document at any time and are not obliged to provide the recipient with any additional information, or to update or correct any inaccuracies which may become apparent in this document. To the maximum extent permitted by law, WND and each of its representatives and associates make no representations or warranties whether express or implied as to the currency, accuracy, reliability or completeness of any information provided to the recipient about WND or any potential investment in WND (including this document and any other written or oral communication about WND or any potential investment in WND) (Information). WND and each of its representatives and associates are not responsible for, and will not be liable for, any claim, loss, damage, cost or expense, whether direct, indirect, consequential or otherwise (including in negligence) out of or in connection with the Information.

The distribution of this document outside of Australia may be restricted by law and any such restrictions should be observed. This document may not be distributed or released to any person in the United States. For personal use only use personal For

WINDLAB LIMITED 2 About Windlab

 Australian based, international development company 9 projects Completed1  WindScapeTM provides distinct, technology based competitive 1093 MW advantage  Operate across the whole development value chain Total 50 projects development  Track record of project success, strong growth and profitability pipeline >7,000 MW

 Growing portfolio of operating interests and asset management Near term revenues development 8 projects pipeline 814 MW (permitted)

Capacity under management 350 MW

Brisbane FY2017(F)

For personal use only use personal For $23.2 m / Revenue / EBITDA $14.7 m

Note 1: Includes projects which have reached financial close and Global Offices are either under construction or operating.

WINDLAB LIMITED 3 What we do Apply science to develop, construct and operate better wind farms internationally

WIND FARM PROJECT LIFECYCLE

~3 – 7 Years ~1 – 2 Years 25+ Years

Costs: ~A$2 – 5Million/project ~A$2M/MW

WIND FARM VALUE CREATION

Development Returns Infrastructure Returns

5 to 10X IRRs 8% to 15% For personal use only use personal For

WINDLAB LIMITED 4 What we do Windlab is an integrated developer, owner and asset manager operating across the full wind farm life cycle

WIND FARM PROJECT LIFECYCLE For personal use only use personal For

WINDLAB LIMITED 5 What we do Apply science to develop, construct and operate better wind farms internationally

FINDING THE COONOOER BRIDGE WIND FARM. A DIAGRAMMATICAL REPRESENTATION OF WINDSCAPETM IN ACTION WIND FARM PROJECT LIFECYCLE

3Kms Resolution 1Km Resolution Looking closer!

Prospecting Prospecting

Prospecting For personal use only use personal For

100metre Resolution Land use overlay Virtual Wind Farm

WINDLAB LIMITED 6 Revenue model

HOW DOES WINDLAB GENERATE REVENUE? DEVELOPMENT MARGIN EXTRACTION:

Development margins from the sale or part sale of 1 Development margin projects at or near financial close  Target: $250,000 / MW, which typically equates to 8% – 12% of

total capex margin  Received through a combination of Success fees from previously sold or partnered projects. Development Success fees are typically received on completion of cash and carried interests 2 certain development milestones and / or when a project reaches financial close Windfarm capex  Wind turbines, including the cost of transport to the site Asset management fees for wind farm management of 3  Civil works both Windlab developed and third party owned projects future of NPV project

 Site preparation cash flows atflowscash financial close  Concrete foundations for wind

turbines Wind Wind farm capex  On-site electrical works Equity or other commercial interests in operating 4

projects retained beyond financial close For personal use only use personal For

WINDLAB LIMITED 7 2017 Achievements

SINCE IPO PRIOR TO IPO (IPO in August, raising A$50 million)

✓ Sold project rights on 3 projects ✓ Financial Close of AGL’s Cooper’s Gap Wind Farm – the largest wind farm in South Africa in Australia (453MW). Windlab has received a $10.3 million final milestone success payment ✓ Financial close for Kennedy Energy Park, Phase I ✓ Commenced construction of  Development fee of A$5.4 million, which has been applied with part of in Victoria, the IPO proceeds to maintain Windlab’s 50% equity interest in the project Australia  Asset management fee of $600k during construction, and $900k p.a. during commercial operations under a 20 year agreement  Construction period of ~12 months (to commence imminently) Entered option agreement for ✓ ✓ Kiata construction complete – connected to grid and commissioning the sale of Greenwich Wind underway. Farm in Ohio, USA ✓ Bolstered Australian development team ✓ Reaffirmed prospectus revenue forecast for CY17

✓ Entered JV with Globeleq for ✓ Added five early stage projects to Australian portfolio For personal use only use personal For development of Mozambique ✓ Identified and in process of securing 21 highly prospective and portfolio commercially competitive sites across South Africa and Sub Saharan Africa

WINDLAB LIMITED 8

MARKET OVERVIEW For personal use only use personal For Market Overview Wind technology Wind turbine technology has advanced to enable larger turbines, taller hub heights, and bigger generators

Source: International Energy Agency, “Technology Roadmap: Wind energy, 2013 edition”.

Larger turbines and Taller hub heights Bigger generators

For personal use only use personal For rotor diameters

Wind turbines make up the largest capex component of an onshore wind project. Continued advances in technology are driving increased capacity factors and lower costs

WINDLAB LIMITED 10 Market Overview Cost of energy generation The cost of generating electricity from newly installed renewable energy generating capacity is now generally less than that produced by newly constructed traditional thermal alternatives such as coal generation

LCOE IN AUSTRALIA

Source: Bloomberg New Energy Finance. For personal use only use personal For LCOE is a measure of the average cost of producing electricity from a specific generating technology, representing the cost per MWh of building and operating a generating plant in order to provide reasonable return over an assumed financial life.

WINDLAB LIMITED 11 Market Overview Australia’s changing energy mix The Australian energy market is projected to continue to transition away from fossil fuel generation towards renewable generation, particularly solar and wind

CURRENT MIX IN THE NEM FUTURE SOLUTION

CAPACITY BY REGION

AGE OF COAL GENERATION CAPACITY

Source: Bloomberg New Energy Finance.

9,000MW of coal generation is expected to close over the course of the

next 15 years For personal use only use personal For

Source: AEMO. Data is current at 19 May 2017. WINDLAB LIMITED 12 Market Overview Africa Africa is the most electricity poor region in the world. Rapid population and economic growth is driving demand for electricity, much of which is expected to be met by renewables

CURRENT SITUATION FORECAST RENEWABLES CAPACITY

SUB SAHARAN AFRICA (EXCLUDING SOUTH AFRICA) SSA (EXCLUDING SOUTH AFRICA)

 Sub Saharan Africa (SSA) is the most electricity poor region in the world

 Windlab operates in or has identified pipeline projects in Tanzania, Mozambique, Zambia, Ethiopia and Kenya

 These countries are home to more than 300 million people

 Increases in energy demand have severely outstripped capacity growth with millions experiencing frequent black outs

 Government support for immediate and substantial investment in electricity generation projects to meet the fourfold increase in demand expected by 2040

SOUTH AFRICA SOUTH AFRICA

 Coal currently supplies 77% of the country’s electricity generation1

 Regular electricity shortages

 National renewable energy target of 17,800 MW capacity by 2030

 Rapid developments in the wind energy industry place South Africa among the leading new wind markets globally due to the government’s Renewable Energy

Independent Power Producer Procurement Program (REIPPPP) For personal use only use personal For  Economic downturn and subsequent reduced demand, coupled with political interference has stalled the current procurement program. Management believes fundamentals for renewables are strong with aging coal plant replacement and demand growth Source: Bloomberg New Energy Finance.

Note 1: Global Wind Energy Council, “Global Wind 2016 Report”. WINDLAB LIMITED 13

PROJECTS For personal use only use personal For Projects Track record – completed and sold Windlab has developed and sold its interests in five projects which are either under construction or fully operational

NAME LOCATION CAPACITY TURBINES SITE OPERATIONAL DETAILS IDENTIFIED Oaklands Victoria, 63 MW 32 2005 2012 Windlab completed the development in partnership Hill Australia initially with Investec, and later AGL. Collgar Western 206 MW 111 2006 2012 Project jointly developed with Investec, sold to UBS Australia, Infrastructure and REST Superannuation at financial Australia close. Amakhala Eastern Cape, 134 MW 56 2009 2016 In 2011, Windlab executed a sale agreement Emoyeni South Africa with Cennergi, a JV between Exxaro and India's Tata (Phase 1) Power Company to acquire Phase 1 of the project on award of a PPA. The project received a 20 year PPA with South Africa's national utility Eskom Bull Creek Alberta, Canada 29 MW 17 2007 2015 Windlab sold 100% of its interests in the project to BluEarth Renewables in December 2011 Cooper’s Queensland, 453 MW 123 2007 Construction Windlab completed the development in partnership Gap Australia initially with Investec, and later AGL. The project reach financial close in 2017

OAKLANDS HILL COLLGAR AMAKHALA EMOYENI (PHASE 1) BULL CREEK COOPER’S GAP For personal use only use personal For

WINDLAB LIMITED 15 Projects Track record – operating and under construction Windlab has equity interests in projects under construction and in operation in Australia, with a royalty agreement over an operating project in South Africa

COONOOER BRIDGE WEST COAST ONE KIATA OPERATING OPERATING COMMISSIONING  Located near Bendigo, Victoria  Located 140 km north of Cape Town in the  Located near Horsham, Victoria  19.8 MW capacity, 6 turbines Western Cape Province of South Africa  30MW capacity, 9 turbines  Consistently highest capacity factor wind  94 MW capacity, 47 turbines farm in Australia  Largest turbines in Australia (126m rotor)  Project sold to Investec, later taken up by  Innovative community engagement scheme. Moyeng Energy (a consortium consisting of  Community ownership and open Open engagement, community ownership, Engie, Investec, and Tiso Resources) engagement rapid approval, and strong community support  Financial close in June 2013  10 year Largescale Generation Certificate  20 year off take with ACT Government  Commenced operations in June 2015 contract with the Victorian Government signed in February 2015  20 year offtake agreement with ESKOM.  Rapid development - 3.5 years. Financial  Financial close in April 2015. Full RSA Government guarantee close in November 2016. Construction operations in April 2016, on-time and under budget  Windlab holds a royalty agreement for 1% commenced March 2017. Full commercial of gross revenue; payable annually ~ operations planned for Dec 2017  Equity: 3.5% Windlab; 3.5% Local $400K pa, escalating at South African CPI Community; Balance Eurus Energy  Equity: 25% Windlab, 2.7% local

 20 year asset management agreement community, balance John Laing Group For personal use only use personal For

WINDLAB LIMITED 16 Projects Kennedy Energy Park Phase I Kennedy Energy Park is an innovative hybrid renewable energy project with world class solar and wind resources. It reached financial close in October 2017 with construction to begin immediately

PROJECT SUMMARY GENERATION PROFILE

Hughenden, North Queensland, in land from Townsville. Part of Location Windlab’s Kennedy energy precinct

Developed under a JV with the Eurus Energy Holdings Ownership Corporation - each own 50% equity interests in the project

A$5.4 million development fee (received)

Economics for A$600k construction management fee Windlab A$900k p.a. asset management fee during operations Equity distributions Wind (43.2 MW) Source: Windlab; AEMO. Type Solar (15 MW) THE PROJECT ADDRESSES MANY OF FINKEL’S RECOMMENDATIONS Battery storage (2 MW / 4 MWh) 12 Vestas V136 3.6MW turbines (hub height of 132m) Storage for Increasing Combining of Features 56,000 Jinko solar panels on a single axis tracking mount reliability, penetration of complementary frequency support Li Ion storage will be provided by Tesla renewables wind and solar and synthetic inertia $18 million ARENA funding – zero coupon repayable grant Funding $93.5 million debt from The Clean Energy Finance Corporation

(non-recourse to Windlab) For personal use only use personal For Financial close: Achieved in October 2017 Timeline Construction: Imminent Commercial operations: Q4 2018

WINDLAB LIMITED 17 Projects Asset Management Windlab provides wind farm management services for projects through construction and operations

EXISTING ASSET MANAGEMENT AGREEMENTS

PROJECT SIZE CONTRACT TERMS

Coonooer Bridge 20 MW 20 years, CPI indexed. Commenced in 2016

Ararat 240 MW 10 years, CPI indexed. Commenced in 2016

Kiata 30 MW Construction, plus 5 years, CPI indexed, with 5 year option

Kennedy Energy Park - 60 MW Construction, plus 20 years of commercial operations Phase 1

 During construction: stake holder and construction management via oversight of the Engineering and Procurement Contract

 During operations: electricity market operations, contract management, performance management, on-going community engagement and back office services

 Windlab expects to provide asset management services to most Windlab developed projects in Australia and South Africa

 Windlab is actively pursuing asset management opportunities for third party renewable energy projects (like Ararat) in Australia For personal use only use personal For

WINDLAB LIMITED 18 Projects Development pipeline summary Windlab has a geographically diverse development portfolio of 50 projects at various stages of development which represent an estimated potential capacity of more than 7,000 MW

SUMMARY OF DEVELOPMENT PIPELINE

APPROVALS AND OFFTAKE AND COUNTRY ACQUISITION VALIDATION TOTAL PERMITTING FINANCING Australia 5 4 3 1 13 North America - 2 1 2 5 South Africa 3 3 1 5 12 SSA (excluding South 18 1 1 - 20 Africa) Total 26 10 6 8 50

EXPECTED TIMING OF KEY DEVELOPMENTS

Kennedy Phase II

Ishwati Izuduli Verdigre Emoyeni Emoyeni Cooper’s Gap ✓ Msenge Umsinde Greenwich

Kennedy Phase 1 ✓ Lakeland Emoyeni Emoyeni For personal use only use personal For

2017 2018 2019 2020

WINDLAB LIMITED 19 Projects Why we are investing in Queensland Queensland’s generation mix is currently dominated by ageing coal assets, with a large amount of solar generation proposed. Queensland has scarce, but high quality wind resources. Using the WindScapeTM technology we have identified, and are in the process of developing a number of projects

QUEENSLAND’S CURRENT GENERATION MIX AGE OF COAL GENERATION CAPACITY 9% 9000 21%

8000 27%

7000 17% 6000

5000 26% <15 Years 15 to 20 Years 20 to 30 Years 30 to 35 Years 35+ Years 4000

3000 OTHER KEY ISSUES  Longest network in the world; well suited for distributed generation; 2000

Generation Generation capacity (MW)  Majority of electricity generation occurs in Central and South Queensland. Transporting energy 1000 to North Queensland can be costly and inefficient

0  Queensland Government currently supports regional and rural Queenslanders through a Coal CCGT OCGT Gas other Solar* Wind Water Biomass subsidy ($498.4 million in 2015-16) -1000  High quality wind resource is scarce and valuable Existing less Announced Withdrawal Committed Proposed Withdrawn

 Limited competition For personal use only use personal For Source: AEMO  Needed to balance solar * Excludes rooftop PV installations

WINDLAB LIMITED 20 Projects Why we are investing in Queensland (cont.) The Queensland Government has a 50% renewable energy target by 2030. The state has leading solar resources with a large amount of solar generation already being developed. Wind and solar generation are highly complementary and important to the future stability of Queensland’s energy grid

Government It is estimated that around 10 GW of renewable generation will need to be added to the Queensland generation requirement for fleet to meet the objective of 50% renewable energy by 2030 and more than half of this capacity is expected to be renewables commercial and residential rooftop and utility scale solar

Solar is expected to Solar generation is very uniform; generating mainly from mid-morning to mid-afternoon. Solar generation is accelerate the expected to replace much of the conventional thermal generation in the market during the day and Management redundancy of “base believes this will accelerate the exit from the market of some of the aged conventional generation load” coal

Queensland wind energy profiles are biased towards the late afternoon, evening and night, complementing solar Complementary nature generation. Massive amounts of storage would be required to replace the retired thermal generation at night. of solar and wind Wind energy much more cost effective and will complement large anticipated amounts of solar generation. Wind generation

generation will be vital to ensure a cost competitive and stable Queensland energy grid For personal use only use personal For The outcome of the upcoming Queensland election is unlikely to impact medium term demand for renewables, or Political environment the market competitiveness of Windlab’s identified wind resources

WINDLAB LIMITED 21 What’s Next! Lakeland Lakeland is a ~100MW wind energy development project in Far North Queensland. It was identified using WindScapeTM in early 2014 and is forecast to achieve financial close in mid 2018

PROJECT SUMMARY

Location 65 KMs south-west of Cooktown, Queensland

Ownership Windlab – 100%

 Wind Energy (90 to 100 MW)

Type  Attractive diurnal profile with competitive mid 40’s% Capacity Factor

 Development Margin at financial close

Economics  Anticipate 20% – 30% carried equity interest

 Long term asset management contract

 Project fully validated. Environmental studies complete. Wind monitoring in place

 Code assessable development application submitted July 2017. Approval expected December 2017

 Connection studies complete. Substation within Status 5KMS of project

 Connection application submitted to Ergon. Offer to For personal use only use personal For connect expected December 2017

 Commenced off-take and financing discussions

 Financial close targeted mid 2018

WINDLAB LIMITED 22 Kennedy Energy Park Phase II In June 2017 the Queensland government unveiled plans to build a new transmission line in North Queensland to support the development of Kennedy Phase II and other renewable energy projects

PROJECT SUMMARY POWERING NORTH QUEENSLAND PLAN  In June 2017 the Queensland Government unveiled its “Powering North Queensland Plan” 80 kilometres north of Kennedy Energy Park Location  Includes a proposal to build a new 500 kilometre transmission line in Phase I the north of the state to unlock barriers to more than 2,000 MW of large scale wind, solar and hydro projects, and create 5,000 jobs

 The Queensland government announced the decision on the basis that it is now cheaper to build new wind and solar than new coal plants Ownership Windlab – 100%  Windlab will be a major beneficiary of this government proposal as the Company controls the 1,200 MW wind and solar park, Kennedy Phase II

Land is large enough to support more than 1,200 MW of wind energy generation and Type additional solar generation and on-site storage

 Extensive wind and solar resource monitoring and assessment complete

 A number of environmental studies complete

Status  Indigenous land use agreement has been

finalised with the local Yirrandali people For personal use only use personal For

 Full development application expected to be submitted to the State Government in late 2017 Source: Queensland Government Department of Energy and Water Supply. At 1,200 MW, Kennedy Energy Park Phase II is likely to be Australia’s largest wind farm project

WINDLAB LIMITED 23

FINANCIALS For personal use only use personal For Financials Historical and forecast profit and loss Strong historical and forecast revenue and EBITDA growth with a CAGR of 65% and 119% respectively between 1 January 2014 and 31 December 2017, including a growing stream of annuity cashflows coming from asset ownership and management

25,000 The revenue forecast for FY2017 includes: 23,232  $4.0 million already received in April 2017 in relation to the Moyeng portfolio, and $0.3 million received in 20,000 May in relation Greenwich

17,082  $10.3 million already received in September 2017 in relation to the third 14,654 and final milestone payment for

15,000 Coopers Gap A$'000  $5.0 million to be received as a result of the financial close for Kennedy Energy 9,923 Park Phase I 10,000 9,099  $3.7 million in recurring revenue from asset management contracts and interests in operating wind farms 5,137 5,000

2,029 1,395

For personal use only use personal For - FY2014 FY2015 FY2016 FY2017 (F) Revenue Operating EBITDA

FY = fiscal year end 31 December.

WINDLAB LIMITED 25 Investment Thesis

Strong industry fundamentals

Large rapidly growing global market

WindScapeTM provides a distinct technological competitive advantage in wind farm site prospecting, design and optimisation resulting in less risk, higher certainty and repeatability

Management team with proven track record, extensive technical and commercial experience

History of strong profitability and growth, with earnings increasingly from recurring revenues (asset management and ownership / commercial interests in operating wind farms)

Diversified portfolio and project pipeline across multiple jurisdictions For personal use only use personal For

Extracting value from existing development pipeline

WINDLAB LIMITED 26

APPENDICES For personal use only use personal For Projects Development pipeline – late stage Eight projects with a combined capacity of 814 MW1 hold a development approval or permit. Additionally, the Lakeland project in Queensland has an approval underway and is expected to reach financial close in FY2018

DEVELOPMENT OWNERSHIP ASSET NAME LOCATION CAPACITY2 APPROVAL OR BEYOND MANAGEMENT PERMIT FINANCIAL CLOSE Lakeland Queensland, Australia 100 MW Underway  

Greenwich Ohio, USA 60 MW  x x

Verdigre Nebraska, USA 230 MW3  x x

Msenge Emoyeni Western Cape, South Africa 140 MW   

Ishwati Emoyeni Karoo region, South Africa 140 MW   

Umsinde Emoyeni (Phase I & II) Karoo region, South Africa 280 MW   

Iziduli Emoyeni Karoo region, South Africa 82 MW   

Notes 1. Eight of the projects (including both phases of Umsinde Emoyeni) with a combined approved capacity of 1,030 MW are shown above (also see notes 2 and 3). Another project which Windlab previously developed and sold has approval to increase installed capacity by 32 MW. Windlab will receive an ongoing royalty payment in relation to this extension 2. Likely maximum installed capacity

3. Verdigre has an approved capacity of 80 MW, however is likely to be upgraded to a maximum capacity of 230 MW as shown in the table above For personal use only use personal For

WINDLAB LIMITED 28 Financials Profit and loss and balance sheet

SUMMARY PRO FORMA PROFIT AND LOSS BALANCE SHEET

Pro Forma $’000 Pro Forma Historical Forecast $’000

December year end FY2014 FY2015 FY2016 FY2017 As at 31 December 2016 Audited Pro Forma

Revenue 5,137 9,099 17,082 23,232 Assets Current assets Gross margin 4,604 5,113 13,642 20,031 Cash and cash equivalents 8,593 31,060 Operating EBITDA 1,395 2,029 9,923 14,654 Trade and other receivables 1,040 1,040 Inventory 5,302 5,302 Impairment of projects (241) (490) (4,400) - Other current assets 168 168 EBITDA after significant items 1,154 1,539 5,523 14,654 Total current assets 15,103 37,570 Non current assets EBIT 748 1,185 5,244 14,354 PPE 304 304 PBT 654 1,185 4,861 14,290 Investments 13,883 13,883 Inventory 5,103 5,422 NPAT 688 1,193 3,267 9,301 Deferred tax asset – 761 Total non current assets 19,290 20,370 NPAT (before significant items) 929 1,683 7,667 9,301 Total assets 34,393 57,940 Liabilities Current liabilities Trade and other payables 2,169 2,169 Provisions 904 904 Total current liabilities 3,073 3,073 Non current liabilities Provisions 179 179 Borrowings 15,008 4,565 DTL 2,729 2,729 Total non current liabilities 17,916 7,437 Total liabilities 20,989 10,546 Net assets 13,404 47,394 Shareholders equity

For personal use only use personal For Issued capital 19,016 54,440 Accumulated losses (7,485) (9,183) Reserves 706 970 NCI 1,167 1,167 Total shareholder’s equity 13,404 47,394

WINDLAB LIMITED 29 Management team

 30 years’ of executive, technology, sales and extensive investment experience across multiple industries internationally ROGER PRICE  Roger has been Chairman of Windlab since 2007, and CEO since 2011 EXECUTIVE CHAIRMAN AND  Previously Chief Executive Officer of Reino International CHIEF EXECUTIVE OFFICER  Currently a director of Audinate Group Limited and a Partner and Director of Innovation Capital  Rob has been Windlab’s CFO for the past five years, and now leads the finance, technical, and ROB FISHER asset management functions

CHIEF OPERATING AND  Chartered Accountant with 15 years experience in senior finance roles with fast growing FINANCIAL OFFICER companies in Australia and internationally including Project Financial Controller with an ASX listed property developer

DR NATHAN STEGGEL  Nathan has over 15 years of wind industry experience

CO-FOUNDER AND TECHNICAL  Previously post-doctoral fellow at leasing research institutes in the UK (EnFlo) and Australia DIRECTOR, BSC. MSC. PHD. (CSIRO’s Wind Energy Research Unit). Nathan was the lead developer of WindScape

 Over 30 years’ of experience in the fields of meteorology, wind flow in complex terrain, and DR KEITH AYOTTE computational fluid dynamics O OUNDER AND HIEF C -F C  Previously employed at Environment Canada, NCAR and CSIRO, three of the world's most SCIENTIST, BSC, MSC. PHD.

prestigious institutes for atmospheric research For personal use only use personal For PETER VENN  Peter has 15 years’ of technology sales and commercial management experience

MANAGING DIRECTOR,  Prior to joining Windlab he was in charge of SAS Institute’s energy sector in the Middle East, AFRICA Africa & Asia Pacific

WINDLAB LIMITED 30 Board

ROGER PRICE  See previous page EXECUTIVE CHAIRMAN AND CHIEF EXECUTIVE OFFICER

 20 years’ experience within the energy-supply industry, spanning electricity supply across JOSEPH O’BRIEN infrastructure and trading markets

INDEPENDENT NON-  Previously CEO of Hill Michael EXECUTIVE DIRECTOR  Currently serves as the Executive Chairman of VisIR, a specialist private-equity investor

 Over 25 years of experience in global financial services organisations PIPPA DOWNES  Previously Managing Director and Equity Partner at Goldman Sachs in Australia INDEPENDENT NON-  Currently serves on the boards of the Infotrack Group, Sydney Olympic Park Authority and EXECUTIVE DIRECTOR ALE Property Group

 Over 15 years’ experience on the boards of companies in diverse industries

CHARLES MACEK  Previously on the boards of both Wesfarmers and Telstra

INDEPENDENT NON-  Currently the chair of the boards of Vivid Technology Limited, chair of the Remuneration and EXECUTIVE DIRECTOR HR Committee of Vicinity Ltd., consultant to the Investment Committee of Unisuper Ltd., and a Senior Corporate Advisor to the MMC group  Over 10 years’ experience on the boards of companies in both executive and non-executive roles in the engineering, mining and construction industries For personal use only use personal For JOHN COOPER  Previously CEO and managing director of CMPS&F and non-executive director of Murray & INDEPENDENT NON- Roberts International EXECUTIVE DIRECTOR  Currently a member of the board of Aurizon Holdings and Sydney Motorway Corporation. Formerly a non-executive director of UGL Group

WINDLAB LIMITED 31