1 OceanEnergy Limited Mayors Conference, 5 th March 2011 John Keating, Commercial Director

In 2008, 80%-90% of total worldwide energy consumption was derived from the combustion of fossil fuels. Global Energy Use 2

Currently, 50% of the worlds population lives within 40 miles of a coast line. The sea represents a limitless source of clean, renewable power. Global Wave Energy Markets 3

Founded in 2001 by Michael Whelan and John McCarthy Focus on commercial Wave Energy Devices. Quarter Scale live Sea state testing completed OceanEnergy, The Company 4

OceanEnergy- Technology Simple Design and Ease of Construction One moving part Low mooring forces –vastly improved survivability Low Maintenance Plug/Unplug away 5

OceanEnergy Buoy- Operation 6

Galway Bay Case Study Galway Bay Galway Bay selected as test site for first quarter-scale model because it represents a full range of Atlantic Ocean conditions 7

Galway Bay, 1:4 Test Device 8

Galway Bay Results: After 21,900 hours of testing, OceanEnergys technology proved its capability under a number of headings: Survivability, effective and efficient functionality confirmed in open sea testing with wave heights scalable to over 100 feet (32 meters) experienced Full-scale energy output, enough to power 1,500 homes for a year Device design, which resulted in low mooring tensions that kept device safely in place The OceanEnergy technology may be adapted to suit different wave climates 9

Development Protocol and TRL Progression 10

Galway Bay Case Study Commercialization Full-Scale Device Live Sea Trials Three Quarter- Scale Device Live Sea Trials Quarter-Scale Device ECN, HMRC** 1:15-Scale Device UCC, HMRC* Half-Scale Device > COMPLETED STAGES 11 * University College Cork, Ireland – Hydraulics & Maritime Research Centre **Ecole Centrale de Nantes, France – Hydraulics & Maritime Research Centre

Moorings Installation

Design, Testing and Fabrication

OE Buoy Performance Significant Wave Height Power 1:50 Tests 1:15 Tests Galway Bay Tests OE Buoy Performance

Wave Energy, Corks Commercial Opportunity 15

Wave Energy and Job Creation Wave energy is expected to create approximately 8 jobs per megawatt installed 16

Government Strategy and Targets Government Target 2012 ; 75mw. Government Target 2020; 500mw Feed-in tariff ;220 MW/h. Funding Package ; 26m. 17

External Barriers to Wave Energy Have Been Reduced OceanEnergy selected to occupy the US wave energy test site. USA now committed to a strong wave energy programme. European wave energy is maturing and is well advanced. National policy mandates support of all renewal energy Capital investments in renewable power infrastructure Climate change high priority on the global agenda Wave energy costs are commercially efficient. Wave Energy, The time is now 18

Industry Partnerships University College Cork Dresser-Rand, Queen University, Belfast, CORES Project under EU FP7 Funding European Union (FP7) Sustainable Energy Ireland Enterprise Ireland Irish Marine Institute Awards Rushlight Award for Technology Excellence (2007) OceanEnergy Pioneer Award (2008) Finalist, Green Energy Awards (2010) Partners and Industry Recognition 19

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