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SUCCESSFUL DEMONSTRATION,A LEAPFROG TO THE COMMERCIAL ROLL-OUTJohn Liljelund, CEO / AW-EnergyAugust 25 2015

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TODAY’S AGENDA

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1. SHORTLY ABOUT WAVEROLLER, AND ITS €500 BILLION MARKET

OPPORTUNITY

2. TECHNOLOGY DEVELOPMENT AND QUALIFICATION

3. WAVEROLLER DEMONSTRATION SUCCESS

4. REAL SCALE TESTING FACILITY

5. FIRST OF A KIND / COMMERCIAL SERIES

6. ONGOING CUSTOMER PROJECTS

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WAVEROLLER

10 – 15meterswater depth

Power take-off converts the back-and-forth movement to electricity

Panel moves back-and-forth following the waves

WaveRoller panel movesback and forth followingthe movement of water

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AW-Energy Oy (AWE) is a Finnish company established in 2003, with its headquarters in Finland and aWaveRoller installation in Peniche, Portugal.

AWE has developed and patented a ground-breaking concept and product design, known as WaveRoller.

The Company operates under the following theses:1. Ocean energy is the last big and untapped resource within the renewables sector;2. Wave Energy is poised for rapid growth and possesses the prerequisites to gain the size and scope

of wind energy in the coming future;3. AWE is ideally positioned to dominate this emerging market due to:

• A unique breakthrough concept;• Strong IPR: 31 worldwide patents, 33 patent applications;• Highly talented and qualified management and employees;• Independent third party performance validation of WaveRoller technology (by DNV GL) and

ongoing technology certification by Lloyd’s Register;• Pipeline of commercial projects with actively ongoing development in 6 countries on 3

continents;

The Company has a highly professional and efficient organization that currently employs 20 managersand engineers. In addition, over 100 engineers and technical staff are working on the WaveRollerduring its development cycle.

OVERVIEW OF THE COMPANY

The inventor of the WaveRollerMr. Rauno Koivusaari runstoday company’s offshoreoperations.

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€500 BILLION MARKET OPPORTUNITY

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THE LARGEST UNTAPPED RENEWABLE RESOURCE –500+ GW POTENTIAL GENERATING CAPACITY

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Same size market as wind &solar• Wave energy market is foreseen

to reach the same size as windand solar markets

• The investment into CAPEXalone beyond €500 billion

Stable power production• Waves fluctuate less than wind

and sunshine throughout theday and year, thus providingmore stable source of power

Highly predictable electricity• Far more predictable than any

other intermittent source ofrenewable energy – highlyreliable forecast are availablefor up to 5 days ahead

WAV E E N E R GY R ES O U R C E S G L O B A L LY

* Highlighted countries have high wave energy market potential

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WAVE ENERGY MARKET POTENTIAL

• Solar PV• 139GW

Wind318GW

Wave$218 billion

Wave$477 billion

Global capacityinstalled (early 2014)*

Required investment toreach the same capacity*

??

??

* Source: REN21. 2014. Renewables 2014 - Global Status Report. Average cost in USD per kW of capacity: 1.575 for solar and 1.5 for wind8

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€500 BILLION WORTH OF MARKET:CURRENTLY 300MW UNDER DISCUSSION & DEVELOPMENT

215 GWfeasible sitesidentified

22 countrieseach with over

300 MWprojects underdiscussion anddevelopment

1GW potential

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TECHNOLOGY DEVELOPMENT AND QUALIFICATION

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TECHNOLOGY READINESS LEVEL

* Technology Readiness Level (TRL) correspond to levels indicated in framework developed by Department ofEnergy(DOE). Other TRL frameworks exist and care should be taken to evaluate in more detail the specifications of eachlevel when comparing different frameworks. 11

TRL 7

TRL 8.

TRL 9.

TRL 4.

TRL 5

TRL 6

Grid connected Demonstration plantà third party validated results

Scaled prototypes

- First of a Kind 350 kW unit- Real scale testing facility

Customer projects:WestWave, Swell, Wattmor

Commercial design finalized

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THE PATH TO COMMERCIALIZATION – KEY MILESTONES

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First prototypes in Portugal

Grid connected demonstration power plant

Commercial roll out – energy company customers

First of a commercial series WaveRoller

100% of projectfunding secured

10+ MW

Construction &installation 2015/16

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WAVEROLLER DEMONSTRATION SUCCESS

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TEAM WORK ACROSS EUROPEDream-team consortium

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Installation in Portugal in NATURA2000 Area

and more…

WaveRoller 300 kW demonstration power plant

• Three units, 100 kW each• Grid connected to the Portuguese national grid• Located in NATURA 2000 area• Performance independently validated by DNV GL

WaveRoller 300 kW demonstration power plant

• Three units, 100 kW each• Grid connected to the Portuguese national grid• Located in NATURA 2000 area• Performance independently validated by DNV GL

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POWER TAKE OFF TEST FACILITY

• Globally unique wave generator (PTT) that can simulatemost of the prevalent sea states in the world.

• R&D platform for power take off (PTO) testing, certificationand development

• Ongoing at the moment:• 350kW PTO-unit full power testing and

certification• Shore station functionality testing. Basic

automation (farm control) and scada• Grid feeding, grid codes

• 2MW transformer capacity• Test runs are done GRID CONNECTED

POWER TAKE OFF TEST FACILITY

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”5 years of technology development anddemonstration in 3-minute-long video”

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FIRST OF A KIND / COMMERCIAL SERIES

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FIRST OF A COMMERCIAL SERIES WAVEROLLER

Qualified Technology

Technology validated

Defined path and milestones to qualification

”DNV-RP-A203 Technology Qualification”

Concept

TECHNOLOGY QUALIFICATION

1. Statement of feasibility 2. Prototype certificate 3. Certificate offitness for purpose

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APPLIED REQUIREMENTS, STANDARDS AND GUIDELINES

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Type Description IDLegislation EC directive on machinery 2006/42/EC

Legislation EC pressure equipment directive 97/23/ECLegislation EC Low voltage directive 2006/95/EC

Legislation EC electromagnetic compatibility 2004/108/EC

Standard Specification for wave energy converters DNV-OSS-312

Standard Qualification of new technology DNV-RP-A203

Standard Procedure for FMEA IEC60812Code Ballast tank protective coatings IMO MSC215(82)

Code Surface preparation and protective coating of subsea structures NORSOK M-501

Standard Foundation design DNV-OS-J101 Sec10

Standard Structural design using the LRFD approach DNV-OS-J101 Sec7Standard Low-voltage switchgear and control gear assemblies EN 61439

Standard Safety of machinery, Electrical equipment of machines EN 60204

Standard Safety of machinery, General principles for design, Riskassessment and risk reduction

ISO 12100

Standard Safety of machinery, Emergency stop, Principles for design ISO 13850

Standard EMC - Emission / Immunity EN 61000-6

Standard EMC - Testing and Measurement Technique (-1,-2,-3,-4,-5,-6,-7,-8,-9,-10,-11,-12,-13) EN 61000-4

Standard EMC - Harmonic current emissions, Voltage fluctuations andflicker

EN 61000-3

Standard Safety of machinery. Safety-related parts of control systems ISO 12849-1

PROJECT TIMELINE / FIRST OF A KIND

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Real scale technology Verification2015 – Q1 2017

Q3 / 2014 Q4 / 2014 Q1 / 2015 Q2 / 2015 Q3 / 2015 Q4 / 2015 Q1 / 2016 Q2 / 2016 Q3 / 2016 Q4 / 2016 Q1 / 2017

2014 2015 2016 2017

First customer projects initiated

Commercialdeliveries

SuccessfullyDemonstrated2012 – 2014

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ONGOING CUSTOMER PROJECTS

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THREE PROJECTS SPEARHEADING COMMERCIAL ROLL-OUT

Project name/ CapacityWestWave

5 MWWattmor

1 MWSWELL

5.6 MW

Sponsor/owner ESBi Fortum FranceEU NER300

(10.6 Meur secured grantfunding)

Project funding Utility customerEU & FiT

Utility customerEU & National

funding

Utility customerEU + special FiT

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Ireland France Portugal

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OVERVIEW OF PROJECT “SWELL” – NER300 WINNER

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Project highlights

Key benefits and outcomes

• 16 WaveRoller devices with 350kW capacity per eachunit -> 5.6MW

• 11.4 GWh/year expected output• 20 years operational lifetime• Installed in Peniche, the same site as previous project

SURGE

€ 24 million budget

€ 13.5 millionprivate investments

€ 9 million EUNER300 grant

€ 1.5 millionCarbon Fund grant

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THANK YOU!