Depth-independent solution for Offshore Wind the WindFloat

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2 THE COMPANY Principle Power Inc. 5 Years old 10 Employees + Engineering Locations in US and Europe Mission Depth-independent solution for Offshore Wind the WindFloat Technology Core IP patented and patent pending ACCOMPLISHMENTS 2MW pilot WindFloat installed and operating in Portugal Delivered 3GWh of energy to the grid

3 THE TEAM ALLA WEINSTEIN CHIEF EXECUTIVE OFFICER AquaEnergy Group, CEO from start-up to successful exit in 5 years Honeywell, GM - $100M P&L 34+ years of industry experience; E.E. & M.B.A., DOMINIQUE RODDIER CHIEF TECHNOLOGY OFFICER ExxonMobil Senior Research Engineer, Upstream Research Group PhD in Naval Architecture from UC Berkeley, MS in Ocean Engineering CHRISTIAN CERMELLI CHIEF NAVAL ENGINEER Shell International EP, Senior Research Engineer, Floating Systems Group PhD in Naval Architecture, UC Berkeley; Registered PE, Texas KEVIN BANISTER BUSINESS DEVELOPMENT (US AND ASIA) 12+ years in utility, public policy and project permitting experience JOSHUA WEINSTEIN BUSINESS DEVELOPMENT (EUROPE) 5+ years of market development, engineering liaison with turbine suppliers RALPH SAHRMANN GENERAL COUNSEL 30+ years as Trial lawyer and International Corporate Counsel JD U of BC, Bar 1982 KAREN HO FINANCIAL CONTROLLER 7+ years of financial audit and P/L accounting experience, with 3 years at PWC

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6 Cost MARKET TREND WATER DEPTHS > 40 METERS Semi-Sub TLP Spar Monopile 0-30m, 1-2 MW Jacket/Tripod 25-40m, 2-5 MW Floating Structures >40m, 5-10MW Floating Structures >120m, 5-10MW 30m 40m Water Depth

7 THE MARKET - WATER DEPTHS > 40 METERS IMMEDIATE & NEAR TERM UK Immediate Opportunity for Market Entry Scottish Round 4GW (80% of 5GW) UK Round GW (40% of 32GW ) Portugal Framework Agreement for 150MW Farm w/edp & Repsol Phase 1: Pilot WF1 installed in 2011 Phase 2: Pre-Commercial Top Ranked candidate for the NER300 (EC) Phase 3: Commercial Expansion US Near Term Pre-Commercial Scale Deployment 3TW (75% of 4TW) WindFloat eliminates Jones Act limitations on vessel spread Japan Fast Market Maturity Driven by Decommissioning of Nuclear Facilities Market potential 1.6 TW Terrestrial constraints and urgent demand for floating solutions MEDIUM TERM MARKETS Germany, France, Spain and Korea

8 THE PRODUCT - WINDFLOAT KEY DESIGN FEATURES Turbine Agnostic Stability Static - Water Ballast Dynamic - Heave Plates Efficiency - Hull Trim System Fabrication On Shore Installation No Special Vessels Mooring Conventional Anchor

9 WindFloat Eliminates the Pain

10 WF1 - FROM LAB SCALE TO FULL SCALE IN 30 MONTHS confidential

11 COMPETITIVE ADVANTAGE Trade name WindFloat by Principle Power, US Hywind by Statoil, NO Foundation type Semi-submersible, moored Spar type, moored Turbine Installation Turbine installation Any large turbine, selected by enduser Tow out fully commissioned Onshore 2.3 MW Siemens Dedicated vessel- tow out and upending Offshore Water Depths > 40 m >200 m Pilot Installation 2.0MW operating since 12/ MW operating since 10/2009

12 COMPETITIVE ADVANTAGE COST REDUCTION Quayside Assembly & Commissioning Serial Production Simple anchoring to seabed Flexible Site Location Reduced Environmental Impacts RISK REDUCTION Marine Spread Inter-array Cables Interface Risk Reduced Weather Dependence Type Certification of Turbine

13 WHY PRINCIPLE POWER? MARKET CONTROL First mover advantage Years ahead of the competition READY FOR USE IN EXISTING PROJECTS The WindFloat is the only product commercially ready for m water depth COST AND FLEXIBILITY The WindFloat is Cost-Effective: WindFloat projects can achieve LCOE prices of 100 /MWh ($140/MWh) with 3300 / KW ($4800/KW) CAPEX (GL-Garrad Hassan) Competitive Advantage to Customers Flexible site selection Access to better wind resource MANAGEMENT TEAM EFFICIENCY Hywind by Statoil 2.3MW, 10 years and $70M WindFloat by Principle Power 2.0MW, 4 years and $30M

14 SUMMARY THE WINDFLOAT Is an innovative cost-competitive solution for deep-water offshore wind; The design is based on mature offshore Oil & Gas deep water technology; Pilot project validated technology robustness and its future potential; SUBSTANTIAL INVESTMENTS BY INDUSTRY GIANTS EDP AND REPSOL Planning to use the WindFloat in their offshore wind projects SECURING PIPELINE UK existing market working with UK Round3 & Scottish Round lease holders Portugal - NER300 top ranked project US DOE grant for a 30 MW development EXIT IN 3-5 YEARS

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