COMPANY PRESENTATION

1. TSX : AXY JUNE 2012 COMPANY PRESENTATION

2. Forward-Looking Information This Presentation contains certain “forward-looking information” within the meaning of Canadian securities laws, which may include, but is not limited to, statements with respect to future events or future performance, management’s expectations regarding Alterra’s production capacity, results of operations, cash flows, revenues and requirements for capital, future demand for and prices of electricity, and Alterra’s business prospects and opportunities. These statements reflect the current views of Alterra with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by Alterra, are inherently subject to significant business, economic, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause Alterra’s actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements contained in this presentation, and Alterra has made assumptions based on or related to many of these factors. Such factors include, without limitation: fluctuations in currency markets (particularly with respect to the Icelandic krona, the U.S. dollar and Canadian dollar); risks related to the technological and operational nature of Alterra’s business; changes in national or regional governments, legislation, regulation, permitting or taxation; political or economic developments in Canada, the United States, Iceland or other countries where Alterra may carry on business; risks and hazards associated with the business of renewable energy generation; risks relating to the creditworthiness and financial condition of suppliers and other parties which Alterra will deal with; inadequate insurance or inability to obtain insurance to cover these risks and hazards; employee relations; relationships with and claims by local communities and First Nations; availability and costs of equipment and labour; litigation; the success and timely completion of planned expansion and development programs; the growth rate in net electricity consumption; support and demand for renewable energy; government initiatives to support the development of renewable energy generation; the reliability of technical data and capital expenditure estimates; and availability of capital to fund development and expansion programs. Forward-looking information and statements are also based upon the assumption that none of the identified risk factors that could cause actual results to differ materially from the forward-looking information and statements will occur. Although Alterra has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. There can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, prospective investors should not place undue reliance on forward-looking information. Other than as required by applicable securities laws, Alterra does not assume any obligation to update or revise such forward-looking information to reflect new events or circumstances.

3. Alterra Power • Alterra’s mission: to be a leading global renewable energy company through… • Continued excellence in production and safety as premier asset operator / manager • Successful origination and development of new utility-scale projects • Opportunistic acquisitions of other renewable power projects and development assets • Our assets today: Alterra totals: Managed: 567 MW Owned: 298 MW Managed Assets: $1.5 Billion Alterra Revenue: $110 MM Alterra EBITDA: $ 55 MM 2015E EBITDA: $105MM (a) (a) Reflects 66.6% of HS Orka and 100% of Soda Lake assets.

4. Alterra: Recent Growth and Performance Decrease reflects partial sell-down ofHS Orka interest • Alterra’s recent growth ...(net interest) • 2H 2011 Performance:(net interest) • $54.9 million revenue • $23.3 million EBITDA • 778 GWh electricity produced • - 102% of forecast • 1Q 2012 Highlights:(net interest) • Production to 99% of forecast • Increase in cash from$32.0 million to $50.9 million CAPACITY (end of year) PRODUCTION REVENUE EBITDA

5. Alterra: Planned Internal Growth • Current plan would almost double EBITDA by 2015 • 20%+ implied annual growth rate • Mariposa, Eldvörp and other projects online post-2015…

6. Assets and Pipeline • Globally diversified across technology types and renewable power markets • Wind and hydro: primarily concentrated in North America • Geothermal: located in overlap of resource and strong markets / power demand (a) (a) (a) Project design currently being optimized; final capacity amount may vary.

7. BC Opportunity • British Columbia’s demand for power is expected to grow significantly in the next 3-5 years • LNG plants in Kitimat • Mining growth • General population growth • Clean renewable power sourced from IPPs is expected to be a critical source of new supply • Alterra is uniquely positioned to benefitfrom this new demand • Built and operate largest wind farm and run-of-river plants in British Columbia • History of delivering on-time and on-budget • Established reputation with First Nations • Large portfolio of expansion and development projects • Currently growing this portfolio • Largest IPP in the province

8. Outstanding Developer Track Record • Successful developer track record across renewable technologies • Proven ability to develop and deliver large assets at greenfield locations • Development teams from all these projects remain substantially intact • Recent project successes • Near term organic growth - all near existing operations

9. Geothermal Development: The Right Approach • Early mover: moving into promising power markets with strong geothermal potential • Strong development skills: resource assessment, community relations and project de-risking • Utilize value-add partners: sharing capital outlays and further de-risking projects ITALY • Early-stage discussions • 48,000+ ha of concessions in established geothermal field • Strong clean power tariffs • Easy year-round site access, close to transmission, established contractor base CHILE • Negotiating definitive agreement with prospective partner • 320 MW resource and 158,000+ ha of concessions • Mid-stage development project • Emerging clean power market with world-class potential PERU • Negotiating agreement with prospective partner • 157,000+ ha of concessions, 1000+ MW potential • Rapid growth in economy and in power demand • Established relationships with government and communities

10. Leading Growth Profile • Alterra has one of Canada’s largest clean energy development pipelines ExistingGeneration Capacity Additions Soda Lake HS Orka Toba MontroseDokie 1 ABW Solar Reykjanes 3 Dokie 2 Reykjanes 4 Upper Toba Mariposa Eldvörp

11. Recent News • Recent positive events: • $37.5 MM infusion into HS Orka business perexercise of partner option, increasing partnerstake to 33.4% • Cash earmarked for Reykjanes expansion • Toba Montrose back online after planned1Q 2012 penstock warranty repairs • Generation at 132% of plan for stub period in April • $2.1 MM US treasury grant received at Soda Lake • Dokie 1 bump in PPA’s “firm energy”; 1.2% increase to annual revenue anticipated • All projects for ABW solar farm received their permits

12. Alterra: Headwinds / Tailwinds • Tailwinds • BC growth: “move the gas cleanly” • High supply of capital for energy projects • Attractiveness of Canada • Technology prices driven down • Tough times create opportunities • Growth investors will return • Headwinds • Growth of natural gas reserves • Disappearance / uncertainty around programs that benefit renewable power • Gas acceptance by some as a “cleaner” thermal source of energy • Current investment cycle attributes no value to development pipeline

13. 2012: Next Milestones • Looking ahead in 2012: • Finalize partnership agreements • Upper Toba hydro • Chile geothermal • Peru geothermal • Finalize PPAs • Dokie 2 • Reykjanes 3+4 • Opportunistic acquisitions: wind, geothermal and hydro • Continue work in British Columbia and elsewhere for positive regulatory/political environment • Move projects into construction: Upper Toba, Dokie 2, Reykjanes 3+4

14. Analyst Coverage and Capital Structure

15. Appendices TSX : AXY JUNE 2012 www.alterrapower.ca

16. Senior Management • Outstanding development, financial and operations expertise Ross Beaty: Executive Chairman Mr. Beaty is a geologist and resource company entrepreneur with over 40 years of experience in the international minerals industry. He is the founder of Magma Energy Corp., Pan American Silver Corp., and several other resource companies, many of which have been successfully divested. Mr. Beaty is a Director of The Nature Trust of BC and patron of the Beaty Biodiversity Center at the University of BC. Donald McInnes: Executive Vice-Chairman Mr. McInnes, founder of Plutonic Power, currently serves as Chairman of the Clean Energy Association of BC, the Duke of Edinburgh’s Award-British Columbia and Yukon Division and is a Governor of the British Columbia Business Council. Mr. McInnes is a frequent public speaker and contributor to the debate on public policy and the integration and value of clean power. John Carson: Chief Executive Officer Mr. Carson is a highly experienced renewable energy business leader with a core expertise in structuring and leading financial transactions. His financing experience includes senior positions held with GE Energy Financial Services, Terra-Gen Power and Noble Environmental Power. He has closed over US$2 billion of transactions, primarily in the renewable energy sector, including geothermal, wind and hydro transactions. Bruce Ripley: Chief Operating Officer Mr. Ripley has 30 years of engineering experience in the hydroelectric and heavy civil industries, including 16 years with BC Hydro where he was Vice President of Engineering. He oversees all technical and commercial work at Alterra’s assets including operations and exploration. He has worked on development, design, construction, operations and maintenance projects in Canada, USA, China, Philippines and Australia. Peter Wong: Chief Financial Officer Mr. Wong joined the Company in 2005; over the last 18 years he has held a number of progressive senior financial management positions with publicly listed mining and technology companies at the venture, development and operational stages. Mr. Wong articled with the accounting firm of Deloitte and Touche and obtained his CA designation in 1992. He is a current member of the Institute of Chartered Accountants of BC and holds a B.Comm. from the University of B.C.

17. Board of Directors

18. Overview - Toba Montrose Hydro • Alterra owns a 40% economic interest in two run-of-river hydroelectric generation facilities in southwestern British Columbia

19. Overview - Dokie 1 Wind Farm • Alterra owns a 51% economic interest in the Dokie 1 wind farm, located in northern British Columbia

20. Overview - Svartsengi and Reykjanes Geothermal • Alterra’s 67% - owned subsidiary HS Orka owns two geothermal power plants in southwestern Iceland

21. Overview - Soda Lake Geothermal • Alterra owns a 23 MW geothermal power plant near Fallon in northern Nevada

22. Overview - ABW Solar • Alterra has an option to acquire a 10% interest in a portfolio of solar facilities from First Solar, to be built in southern Ontario

23. Overview - Upper Toba Valley Hydro • A power purchase agreement and permitting are in place for additional run of river hydro plants near the Toba Montrose facilities in southwestern B.C.

24. Overview - Reykjanes 3 & 4 Geothermal Expansion The Reykjanes geothermal power plant in southwestern Iceland has substantial existing well capacity and is permitted for an expansion of production

25. Overview - Dokie 2 Wind Farm Expansion • The Dokie Wind Farm in northern B.C. is permitted for a 156 MW expansion

26. Overview - Mariposa Geothermal (Chile) The Mariposa geothermal field in Chile has an inferred capacity of 320 MW

27. Overview - Geothermal Assets in Peru Alterra’s new concessions in Peru are at an early stage of exploration and development

28. Overview - Mensano and Roccastrada Geothermal (Italy) Alterra’s exploration concessions in Italy are in the historic and promising Larderello region of Tuscany

29. TSX : AXY JUNE 2012 www.alterrapower.ca