1. 1 Short introduction of Flumill October 2012

2. 2 Executive summary - Flumill CFD Tank test Tow test Pilot testing at EMEC ѵ ѵ ѵ ѵ Low weight Low cost Easy installation ѵ ѵ ѵ Low LCOE Unprecedented levels of government support The first full-scale devices have been successfully deployed Several multi-megawatt tidal parks in UK waters have entered the detailed planning phase Tidal energy has a huge untapped potential ѵ ѵ ѵ ѵ High profile commitments from industrial partners and major utilities ѵ ѵ Unique technology with low LCOE* Extensive testing performed Full scale pilot Next step Tidal market with rapid development Flumill’s next step is to deploy a full scale pilot at Rystraumen in Northern Norway The deployment will prove the Flumill technology in terms of installation, foundation and electrical subsystems The full scale pilot *LCOE = Levelised cost of energy

3. 3 The Flumill tidal system (2 MW version) The Flumill tidal system in brief Compact design and solid composite material provides Low weight Low cost Easy installation The system is buoyant, allowing the systems to be towed to site No moving parts in the turbine The system is self regulating and operational over a large range of tidal stream velocities Flumill represents a unique and patented technology Length = ~45 m Weight = 160 - 200 tonnes Turbine diameter = ~8m

4. 4 The Flumill system has gone through extensive testing and Flumill’s next step is to deploy a full-scale pilot Computational Fluid Dynamics (“CFD”) simulations performed on the Flumill system using two different systems and companies, with corresponding results CFDTank testTow testPilot testing at EMEC Outputs confirmed by extensive tank testing Flumill has constructed a test tank facility, which facilitates continuous testing Tow testing successfully carried out over two weeks in Tromøysund, Arendal in 2011 Successful deployment at European Marine Energy Center (“EMEC”) at the Orkneys for a 3 months testing between September 2011 and January 2012

5. 5 The full scale pilot in Rystraumen near Tromsø The Rystraumen area, Troms Deployment at Rystraumen The deployment is important in order to prove the Flumill technology in terms of installation, foundation and electrical subsystems Necessary permits for the installation in place Site with available grid capacity, good infrastructure and facilities nearby A representative tidal stream with maximum current velocity of approximately 3.5 m/s Rystraumen Location The project in the Rystraumen area in Troms is supported with 57,3 MNOK from ENOVA

6. 6 Flumill has several advantages compared to existing tidal technologies Low LCOE Less material Low CAPEX Buoyant Low installation cost Low O&M cost Works with the force of nature No moving parts in the turbine Less turbulence Greater power output from smaller areas of seabed Low RPM Environmental friendly Simple assembly with large potential for mass production LCOE = Levelised cost of energy

7. 7 Large global potential for tidal power systemsAreas with largest tidal potential * Pike Research, Hydrokinetic and Ocean Energy Research Report, Feb 2012 Estimated installed capacity in 2017 The tides are predictable. As the tidal range is affected by the moon and the sun only, the characteristic of a tidal area can be determined quickly, monitoring over a few lunar cycles (~28 days) Pike Research* forecasts world wide tidal stream capacity will reach 2.4 GW by 2017. The top-producing countries will be – South Korea (750 MW) – UK (529 MW) – Canada (300 MW), followed by – India, China, New Zealand (200 MW each) – Australia (100 MW) The EU member states have a target to deploy around 2 GW of marine energy by 2020 with UK currently in front with lease contracts of 1.6 GW of wave and tidal power. Runner-up European countries are – IrelandSpain – FrancePortugal The USA and Canada are currently coordinating approaches to develop markets and commercialization Tidal energy represents a large energy potential and is a predictable and environmentally friendly energy source