Energy Mad : 2017 Annual Meeting Notice

17 August 2017

Letter from the Chairman Dear Shareholder

I am pleased to invite you to the 2017 Annual Meeting of Energy Mad Limited to be held at the International Antarctic Centre, 38 Orchard Rd, Christchurch, New Zealand on Thursday 21 September at 10.30am (New Zealand time).

I will comment briefly on Energy Mad's performance during the year to 31 March 2017, and will welcome any questions you may have about the Company or its performance.

In the formal business, shareholders will be asked to vote on my re-election as a Director who is retiring by rotation and on Aidan Johnstone who is seeking election as a Director. You can read about their backgrounds in the Explanatory Notes to the Notice of Meeting of Shareholders enclosed with this letter.

If you cannot attend the Annual Meeting I encourage you to complete and lodge the Proxy Form in accordance with the instructions on the Proxy Form so that it reaches our share registrar, Link Market Services, by 10.30am (New Zealand time) on Tuesday 19 September 2017. Alternatively you can complete the Proxy Form online at https://investorcentre.linkmarketservices.co.nz/voting/MAD.

For those shareholders who are attending the Annual Meeting, please bring the enclosed Proxy/Admission Form with you to assist with your registration.

You are invited to join members of the Board for light refreshments at the conclusion of the Meeting. I look forward to seeing you then.

Sincerely,

Dr Brent Wheeler

Chairman

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS

NOTICE IS HEREBY GIVEN THAT the Annual Meeting of shareholders of Energy Mad Limited ('Energy Mad') will be held at the International Antarctic Centre, 38 Orchard Rd, Christchurch, New Zealand on Thursday 21 September at 10.30am (New Zealand time).

Items of Business

A The Chairman's introduction; B Addresses to shareholders; C Shareholder discussion;

D Resolutions.

To consider, and if thought fit, to pass the following ordinary resolutions:

1. That the Board is authorised to fix the Auditors' remuneration;

2. That Dr Brent Wheeler be re-elected as a Director of Energy Mad;

3. That Aidan Johnstone be elected as a Director of Energy Mad. By order of the Board.

Dr Brent Wheeler

Chairman

17 August 2017

EXPLANATORY NOTES Resolution 1: Fixing the remuneration of the Auditor

The proposed resolution, if passed by shareholders, would allow the Board to fix the remuneration of

Energy Mad's auditor.

Resolutions 2 and 3: Re-election of a Director and election of a Director

Chairman of Directors Dr Brent Wheeler retires by rotation and offers himself for re-election. Andrew Plympton is retiring and not seeking re-election. Aidan Johnstone offers himself for election as a Director. The Board unanimously supports the re-election of Brent and election of Aidan as Directors.

DR BRENT WHEELER

Non-executive Director Independent

Term of Office: Appointed Director 22 July 2015

As a matter of rotation Brent Wheeler stands down and, being eligible, stands again. He is an experienced director and chair having chaired and been a director on a number of companies. He is an economist by profession with a Ph.D, and a Certified Financial Analyst. He is currently Chair of Fertco Limited (agri), and the Boardroom Practice Limited (governance) and a director of Go Rentals (rental car industry).

AIDAN JOHNSTONE

Non-executive Director

Aidan Johnstone was appointed General Manager - Finance and Operations of Energy Mad in July 2016, a role he relinquished in May 2017. He has continued to assist Energy Mad on a contract basis as the company works through the Agency Arrangement and towards the potential sale of the business to Ecobulb Limited.

Aidan is a member of the New Zealand Institute of Directors and Chartered Accountants Australia and New Zealand. He has extensive executive experience in New Zealand and overseas, including two Chief Executive roles for New Zealand manufacturing companies, and numerous Executive Director roles on joint venture companies around the world.

IMPORTANT INFORMATION Proxies

Any shareholder who is entitled to attend and vote at the Annual Meeting may appoint a proxy to attend and vote instead of him or her. If you appoint a proxy you may either direct your proxy how to vote for you or you may give your proxy discretion to vote as he/she sees fit. If you wish to give your proxy discretion then you must mark the appropriate boxes on the form to grant your proxy that discretion. If you do not tick any box for a particular resolution, then your instruction will be to abstain.

If you wish to mail the Proxy Form then please send it to our share registrar, Link Market Services, using the reply-paid envelope provided. Alternatively New Zealand based shareholders may fax the form to

[phone] and overseas shareholders may fax it to [phone].

The completed Proxy Form must be received by our Share Registrar no later than 10.30am (New Zealand time) on Tuesday 19 September 2016. Any Proxy Form received after that time will not be valid for the scheduled meeting.

Shareholders can elect to vote their proxies online. To appoint your proxy and vote online, please visit the Link Market Services Investor Centre at https://investorcentre.linkmarketservices.co.nz/voting/MAD. You will require your CSN/Holder number and Authorisation Code (FIN) to securely access the website. Follow the prompts to complete your proxy appointment and vote.

Ordinary Resolution

The business for the meeting is to pass the ordinary resolutions set out in the preceding pages. An ordinary resolution is a resolution passed by a simple majority of the votes of those shareholders entitled to vote and voting on the resolutions.

Voting

Voting entitlements for the Annual Meeting will be determined as at 5.00pm (New Zealand time) on Tuesday 19 September 2017. Registered shareholders at that time will be the only persons entitled to vote at the Annual Meeting and only the shares registered in those shareholders' names at that time may be voted at the Annual Meeting.

More information

If you have any questions, or for more information, please contact Aidan Johnstone on 027 434 3108.