1. www.dearmanengine.com Harnessing liquid air to deliver cleaner and cheaper transport and refrigeration globally JEREMY NORTH – Chairman The Dearman Engine Company Ltd jeremy.north@dearmanengine.com +44 (0) 203 617 9170

2. www.dearmanengine.com Emissions Existing Trailer Refrigeration Unit emits: 6 times more Nox 29 times more PM …than a Euro VI engine. + 50 tonnes of CO 2 Thermal inefficiency 30% of available energy in diesel lost through the radiator Cooling Up to 20% of a reefer’s fuel consumption Thermal challenges for commercial vehicles

3. www.dearmanengine.com Hot sink (ICE cooling system) DE Provide cooling (LN) Motive power 2 Heat from radiator can be used for: Auxiliary drive; Peak shaving; Idle reduction 2 “Cool” can be used for air conditioning and refrigerated payloads 3 3 The heat from payload absorbed by the DE can be used to generate power for engine 1 1 Technology drivers 40ft Reefer, -20 o, DE vs AttributeDieselLN2- evap CapEx, £+270+2,650 Fuel or LN 2 /yr, £ -1,460-3,110 Payback (months) 2.510.8 5yr TCO, £k-7.0-13.0 10yr TCO, £k-14.3-28.4 Dearman’s liquid air engine generates both motive power and cooling…

4. www.dearmanengine.com Sales projections suggest robust growth While we intend to license the technology, rather than manufacture, with Ricardo Strategic Consulting and E4Tech we have looked to define annual sales projections for first applications to better understand the potential value. Sales projections Prepared by Ricardo Strategic Consulting & E4tech Power & Cooling (Refrigeration) Sales rise to 113k units – by 2023 Includes rapid growth in newly developing markets APU & Aircon Sales rise to 36k units Source: E4tech analysis (October 2013)

5. www.dearmanengine.com Harnessing liquid air to deliver cleaner and cheaper transport and refrigeration Commercial demonstration of 1 st application in 2014 In low volume manufacture inside two years. Projected annual sales* of: – 113,000 units by 2023 *Ricardo Strategic Consulting & E4Tech The company is fully funded through until September 2014, by which point the technology will be in testing and demonstration. New funding round in mid-2014 Summary JEREMY NORTH – Chairman The Dearman Engine Company Ltd jeremy.north@dearmanengine.com +44 (0) 203 617 9170