Full Year Results PresentationYear Ended 31 December 2018

7 MARCH 2019

ASX:WND

WINDLAB LIMITED 2

Summary Information

This Presentation contains a summary of information about Windlab Limited ACN 104 461 958 (Windlab), its subsidiaries, and its activities which are current as at the date of this Presentation.

No representation or warranty, express or implied, is provided in relation to the accuracy, reliability or completeness of any statements, estimates or opinions, conclusions or other information provided in this Presentation. Statements in this Presentation are made only as of the date of this Presentation unless otherwise stated and the information in this Presentation remains subject to change without notice. Subject to its obligations under applicable law, Windlab is not responsible for updating, nor undertakes to update, this Presentation.

Not an Offer

The information contained in this Presentation has been prepared solely for informational purposes. This Presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in Windlab.

Forward looking statements

This Presentation may contain forward looking statements including statements regarding Windlab’s intent, belief or current expectations with respect to its businesses and operations, market conditions, results of operation and financial condition, capital adequacy, specific provisions and risk management practices. Windlab has no obligation to publicly release the result of any revisions to these forward looking statements to reflect events or circumstances or the occurrence of unanticipated events.

Disclaimer

No representation or warranty is or will be made by any person (including Windlab and its related bodies corporate and affiliates and their officers, employees, associates, advisers and agents) in relation to the accuracy or completeness of all or part of this document, or any constituent or associated Presentation, information or material.

Disclaimer

WINDLAB LIMITED 3

Australian based, ASX listed, international renewable energy development company

WindScapeTM provides distinct, technology based competitive advantage

Operate across the whole wind farm development value chain

Track record of project success and strong growth

Growing portfolio of operating interests and asset management revenues

About Windlab

Completed19 projects1093 MW

Total development

pipeline

50 projects>7,500 MW

Near term development

pipeline(permitted)

12 projects~1,500 MW

Capacity under management 350 MW

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

Global Offices

Brisbane

Nairobi

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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%

1. Development Portfolio

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Maturing the Portfolio

The actual capacity in each stage is subject to the development process, project refinement, optimization and market dynamics

1. Capacity under Asset Management Contracts

Capacity in MWs

Australia 2338 1200 332 62 3501

North America 330 80 262

South Africa 100 551 40 642

Sub-Saharan Africa

1090 360 300

1160 3579 1320 1536

➢ 700 MW of new capacity in 2018

➢ Over 1,100MW new capacity in Australia since IPO

➢ Further 540MW received DA/Permit in 2018

➢ Moving towards at least 2 approved projects in all major markets.

2. Windlab East Africa

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Windlab East Africa

Windlab Developments South Africa Pty Ltd (WDSA)100% owned by WND

Windlab Africa Pty

Ltd(RSA)

Windlab Tanzania

Windlab Kenya

Windlab Ethiopia

Windlab Limited

(ASX:WND)

Eurus Energy Holding

Corporation (Japan)

25%75%

Investment;➢ US$10M➢ Proportional Board representation➢ Minority protections➢ Exclusive use of WindScape for territory➢ 1st right of offer for project equity

➢ 6 WDSA Personnel transferred ➢ ~$1.5M Cost base transferred from WND

parent➢ Aggressive development schedule

➢ 16 Projects ~ 1,600MW of Capacity➢ Includes;

➢ Miombo Hewani (TZ)➢ Meru (Kenya)

3. Key Projects

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Developments

▪ Wind Turbines, Solar and infrastructure complete in 2018.

▪ Grid connection completion underway; Testing and commissioning remains, with energisation scheduled for April 2019.

▪ Impact of project delays mitigated by EPC contract.

▪ Frustrating delays in the equity process in late 2018 have driven the project into new connection rules in 2019.

▪ Significant addition grid complexity and cost. (market wide implications)

▪ Opportunity to re-tender major equipment and equity, taking advantage of larger and more efficient new wind turbines.

▪ Financial close 2019.

▪ Sold to Swift Current August 2018.

▪ Disclosed in the P&L as a single line “Loss on loss of control” – effectively ~$300k of revenue offset by $4.1m in inventory costs. No further costs will be recognised against the financial close success fee of US$4m expected in mid 2019.

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Developments

Windlab East Africa

▪ Miombo Hewani, approved during 2018; 300MW

▪ First 100MW stage shortlisted for a Tanesco PPA in early 2019.

▪ Meru in Kenya is continent’s first Wind/Solar hybrid project

Queensland Portfolio

▪ Lack of direction by the Qld government in relation to the Clean Energy Hub required WND to undertake its own grid analysis for North Qld. This concluded that Big Kennedy is most optimal with either the Clean Energy Hub or Copperstring 2. Timing uncertain.

▪ Re-prioritization of the Queensland portfolio to accelerate a site located directly on the main transmission line. Much lower cost to connection; will be more cost competitive and a quicker path to market.

▪ Big K DA submission ongoing, submission this year. Copperstring 2 received $5m in federal grant to advance its feasibility work in December. Strongly supported by Mt Isa miners and the big picture view that large scale wind is essential to the future Qld energy mix.

4. Recurring Revenue

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Recurring Revenue Grew 65%

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

2014 2015 2016 2017 2018

Asset Management Fees Equity Accounted Share of Profits From Associates Royalties

A$

'00

0

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Operating Portfolio Growth

Operating Projects

Notes: 1. Assumes 20% carried interest retained in Lakeland in 2019. 2. Windlab has a royalty interest in West Coast 1 Wind Farm, approximating the equivalent of 4MW of operating capacity

1

0

10

20

30

40

50

60

70

2015 2016 2017 2018 2019

Windlab Generating Capacity

Owned Operating

West Coast 12

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Asset Management Growth

Notes: 1. Capacity included from start of contract2. Lakeland 100MW assumed in 2019

0

50

100

150

200

250

300

350

400

450

500

2015 2016 2017 2018 2019

Capacity Under Management

MW Under Management

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Growing Recurring Revenue

1. Revenues reflect estimated annualised amounts, which may not coincide with financial periods

2. Asset management fees often commence 12 to 24 months before operating project distributions

3. Operating projects are equity accounted; Share of net profit shows on WND P&L; Distributions shown on Cash Flow Statement. Amounts shown estimates only, not forecasts

4. Assumes successful completion of Kennedy Energy Park and financial close of Lakeland only.

$0

$2

$4

$6

$8

$10

$12

$14

2017 2018 2019 2020

A$

'M

Forward Looking Annualised Recurring Revenue

Existing AM Lakeland AM WC Royalty CBWF Div KIATA Div KEP Div Lakeland Div

5. Financials

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Statutory P&L

2018 2017 Variance

$ $ $

Revenue from contracts with customers 3,488,576 23,136,394 -19,647,818

Other income 513,785 1,079,615 -565,830

Share of profit from associate and joint venture 1,915,807 299,370 +1,616,437

Project expenses (784,254) (906,009) -121,755

Loss on loss of control of subsidiary (3,837,533) - +3,837,533

Employee expenses (5,465,906) (5,208,059) +257,847

Administration expenses (2,505,421) (2,876,359) -370,938

EBITDA (6,674,946) 15,524,952 -22,199,898

Depreciation and amortisation expenses (136,445) (148,645) -12,200

Finance costs (55,013) (959,300) -904,287

(Loss)/profit before tax (6,866,404) 14,417,007 -21,283,411

Tax benefit/(expense) 3,038,426 (4,912,534) +7,950,960

(Loss)/profit after tax (3,827,978) 9,504,473 -13,332,451

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Balance Sheet 31 December 20182018

$CURRENT ASSETSCash and cash equivalents 4,682,414Trade and other receivables 1,475,307Inventory (Development Projects) 5,022,779Prepayments 736,251TOTAL CURRENT ASSETS 11,916,751

NON-CURRENT ASSETSProperty, plant and equipment 592,192Investments accounted for using the equity method 43,297,177Investments at fair value 522,372Inventory (Development Projects) 4,665,931Prepayments 143,049TOTAL NON-CURRENT ASSETS 49,220,721TOTAL ASSETS 61,137,472

CURRENT LIABILITIESTrade and other payables 2,415,632Interest bearing liabilities 607Income tax payable 577,349Contract liabilities -Employee benefit liabilities 822,794TOTAL CURRENT LIABILITIES 3,816,382

NON-CURRENT LIABILITIESInterest bearing liabilities 3,030,689Deferred tax liability 3,735,441Employee benefit liabilities 172,618TOTAL NON-CURRENT LIABILITIES 6,938,748TOTAL LIABILITIES 10,755,130

NET ASSETS 50,382,342

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Cashflow

• 31 December Cash Balance $4.6m

• Sufficient for current needs, assuming Lakeland and/or Greenwich closes as expected.

• Cash run rate without any development within the range of discretionary development spending.

• To manage timing risk, management is seeking to expanding working capital facility to $10m.

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Cashflow

Control of discretionary development costs if required.

6. Outlook

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Strong Market Despite Policy Uncertainty

▪ Significant renewable capacity under construction – end of RET boom.

▪ Strong wholesale electricity prices supporting new investment in wind, not solar.

▪ Developing Corporate PPA Market

▪ Significant long term demand and opportunity for new high hub height WTGs

▪ Grid access is key

Australia

State Based Targets Match WND Project Pipeline

▪ PTC wind down creating opportunity for traditional project finance deals post 2020

▪ Colorado state renewable standard underpins our existing US development projects

▪ New prospecting opportunities in specific (low wind penetration) states

North America

Fundamentals remain strong; Country risk varies

▪ New South African Integrated Resource Plan due soon – likely to trigger new auctions.

▪ Windlab has multiple projects approved and ready to respond to a revived REIPPPP

▪ Electricity demand remains strong and largely unmet throughout Sub-Saharan Africa

▪ Access to low cost, risk capital

Africa

Market Outlooks

BNEF NEO 2018

IEA 2018

Global

Contacts:Rob Fisher

Chief Financial and Operating Officer

rob.fisher@Windlab.com

0437799172

2424WINDLAB LIMITED

Roger Price

Executive Chairman

roger.price@Windlab.com

0411222044

Appendix: About Windlab

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What we do

Apply science to develop, construct and operate better wind farms internationally

WIND FARM PROJECT LIFECYCLE

Prospecting

Prospecting

Prospecting

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

3Kms Resolution 1Km Resolution Looking closer!

100metre Resolution Land use overlay Virtual Wind Farm

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Revenue model

HOW DOES WINDLAB GENERATE REVENUE? DEVELOPMENT MARGIN EXTRACTION:

Development margins from the sale or part sale of projects at or near financial close

1

Success fees from previously sold or partnered projects. Success fees are typically received on completion of certain development milestones and / or when a project reaches financial close

2

Asset management fees for wind farm management of both Windlab developed and third party owned projects

3

Equity or other commercial interests in operating projects retained beyond financial close

4

Development margin

Target: $250,000 / MW, which typically

equates to 8% – 12% of total capex

Received through a combination of cash and

carried interests

Windfarm capex

Wind turbines, including the cost of transport

to the site

Civil works

Site preparation

Concrete foundations for wind turbines

On-site electrical works

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Investment Thesis

Strong industry fundamentals

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

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

Extracting value from existing development pipeline

Diversified portfolio and project pipeline across multiple jurisdictions

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

Large rapidly growing global market

28

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Management team

ROGER PRICE

EXECUTIVE CHAIRMAN AND

CHIEF EXECUTIVE OFFICER

30 years’ of executive, technology, sales and extensive investment experience across

multiple industries internationally

Roger has been Chairman of Windlab since 2007, and CEO since 2011

Previously Chief Executive Officer of Reino International

Currently a director of Audinate Group Limited and a Partner and Director of

Innovation Capital

ROB FISHER

CHIEF OPERATING AND

FINANCIAL OFFICER

Rob has been Windlab’s CFO for the past five years, and now leads the finance,

technical, and asset management functions

Chartered Accountant with 15 years experience in senior finance roles with fast

growing companies in Australia and internationally including Project Financial

Controller with an ASX listed property developer

DR NATHAN STEGGEL

CO-FOUNDER AND TECHNICAL

DIRECTOR, BSC. MSC. PHD.

Nathan has over 15 years of wind industry experience

Previously post-doctoral fellow at leasing research institutes in the UK (EnFlo) and

Australia (CSIRO’s Wind Energy Research Unit). Nathan was the lead developer of

WindScape

DR KEITH AYOTTE

CO-FOUNDER AND CHIEF

SCIENTIST, BSC, MSC. PHD.

Over 30 years’ of experience in the fields of meteorology, wind flow in complex

terrain, and computational fluid dynamics

Previously employed at Environment Canada, NCAR and CSIRO, three of the world's

most prestigious institutes for atmospheric research

PETER VENN

MANAGING DIRECTOR,

AFRICA

Peter has 15 years’ of technology sales and commercial management experience

Prior to joining Windlab he was in charge of SAS Institute’s energy sector in the

Middle East, Africa & Asia Pacific

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Board

ROGER PRICE

EXECUTIVE CHAIRMAN AND

CHIEF EXECUTIVE OFFICER

See previous page

JOSEPH O’BRIEN

INDEPENDENT NON-EXECUTIVE DIRECTOR

20 years’ experience within the energy-supply industry, spanning electricity supply

across infrastructure and trading markets

Previously CEO of Hill Michael

Currently serves as the Executive Chairman of VisIR, a specialist private-equity

investor

PIPPA DOWNES

INDEPENDENT NON-EXECUTIVE DIRECTOR

Over 25 years of experience in global financial services organisations

Previously Managing Director and Equity Partner at Goldman Sachs in Australia

Currently serves on the boards of the Infotrack Group, Sydney Olympic Park Authority

and ALE Property Group

CHARLES MACEK

INDEPENDENT NON-EXECUTIVE DIRECTOR

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

Previously on the boards of both Wesfarmers and Telstra

Currently the chair of the boards of Vivid Technology Limited, chair of the

Remuneration and HR Committee of Vicinity Ltd., consultant to the Investment

Committee of Unisuper Ltd., and a Senior Corporate Advisor to the MMC group

JOHN COOPER

INDEPENDENT NON-EXECUTIVE DIRECTOR

Over 10 years’ experience on the boards of companies in both executive and non-

executive roles in the engineering, mining and construction industries

Previously CEO and managing director of CMPS&F and non-executive director of

Murray & Roberts International

Currently a member of the board of Aurizon Holdings and Sydney Motorway

Corporation. Formerly a non-executive director of UGL Group

WINDLAB LIMITED 31

Highlights

Projects

▪ Kiata wind farm completed its first year of commercial operation as the second best performing wind farm in Australia after Coonooer Bridge. It contributed $2m in cash to Windlab during 2018.

▪ Greenwich Wind Park in Ohio, USA, was sold mid year for total consideration of around US$4m. This amount will be recognised on financial close around August 2019, but all costs relating to the project were expensed in 2018, a $4.1m P&L impact.

▪ Miombo Hewani became the first approved wind farm in Tanzania

▪ Kennedy Energy Park construction is largely complete, with commissioning works ongoing and first generation expected in April. Delays have been caused by the project’s contractor and contractual arrangements entitle the project to delay liquidated damages.

▪ Lakeland Wind Farm financial close has been delayed to mid 2019 due to the complexity of new grid access rules.

Financials

▪ Total Revenue from all sources totalled $6.25m(including $338k from Greenwich).

▪ Recurring Revenues up 65% on the prior year

▪ Asset management revenue was $3.0m, and share of profit from Kiata and Kennedy $1.915m

▪ $4.6 million cash in the bank and a modest level of gearing with $3 million of debt.

▪ Operating cash inflows of $3.94m, plus a $2m distribution from Kiata.

▪ Cash expenditure was flat and included significant investment in the pipeline.

Outlook

▪ 2019 priorities are Lakeland and Greenwich financial close, KEP commercial operations.

▪ Complete Eurus US$10m investment into Windlab East Africa and prosecute our strategy in those markets

▪ No immediate need to rise capital, but a prudent strategy of increasing working capital headroom to ~$10m is underway

▪ Ongoing cash burn to reduce significantly as KEP comes online, new AM contracts added, and WEA removes ~$1.5m pa in cash outflows.

▪ Grid connection environment is changing fast, and creating industry wide challenges.