Timothy Cornelius CEO, Atlantis Resources Limited. Atlantis Resources: November

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Timothy Cornelius CEO, Atlantis Resources Limited Atlantis Resources: November 2014 0

Atlantis Turbine Systems 1.5MW turbine system AR1500 detailed design contract with Lockheed Martin formally commenced in March 2014 First contract milestone achieved in May 2014, and contract completion expected in Q4 2014 Lockheed Martin is also developing the yaw and pitch systems for the AR1500 as part of its committed investment under the teaming agreement between LM and ARL Detailed design programmes with other component suppliers are also underway and on track for delivery of the first AR1500 systems in H2 2015 Atlantis Resources: November 2014 1

Atlantis Resources AR1500 1.5MW tidal turbine system Atlantis Resources: November 2014 2

Atlantis Resources AR1500 1.5MW tidal turbine Atlantis Resources: November 2014 3

Atlantis Resources AR1500-1.5MW Tidal Turbine 1. Medium speed 1.5MW turbine offers the optimal balance of performance, cost and reliability 2. Permanent magnet generator provides higher efficiency across a broader operating range and is better suited to the variable speed operation of the turbine 3. Turbine designed to an extensive list of load cases in line with DNV-GL guidelines produced from an industry validated software package covering the complete set of operational and extreme conditions. 4. Diver/ROV free connection management system allowing connection of the turbine whilst the installation vessel is still on station 5. Passive seawater cooling takes advantage of the cooling capability of the ocean whilst increasing reliability through reducing active components Atlantis Resources: November 2014 4

Atlantis Resources AR1500-1.5MW Tidal Turbine continued 6. Variable Pitch System ( VPS ) allows for load shedding at extreme conditions and greater controllability of the turbine 7. A 360 continuous Yaw Drive System ( YDS ) provides the greatest flexibility of operation 8. An on-board electrical system designed from the ground up with reliability in mind offers as much as 2N+1 redundancy in order to confidently reach the extended service free periods 9. GRP blades designed for ease of connection and disconnection to the hub which will run through a rigorous testing program before deployment 10.Proven sealing systems backed by an extensive Water Management System ( WMS ) for further risk mitigation 11.Power and electronics are located on-shore Atlantis Resources: November 2014 5

Atlantis Resources AR1500 - Turbine interface components Atlantis Resources: November 2014 6

Increasing availability and decreasing installation time Nacelle intervention tool To reduce construction time on site and to increase the working environmental parameters we must: Minimise all work required on deck of vessel Avoid having to lift the subsea cable once established Ensure turbines connection system that has minimal deployment sequences No divers or ROVs to be used in the nacelle deployment sequence Make use of wet mate connectors The interface components are designed to maximise availability factor for all projects Bespoke construction tool for the installation and recovery of the nacelle (NIT) NIT has steel frame with hydraulic actuation NIT is fitted with Pan & Tilt, low light camera system Mechanical alignment system to enable passive docking between nacelle and foundation Enables the turbine to be recovered/installed in up to 3 knots flows with subsea construction time* of 45 minutes. Atlantis Resources: November 2014 7

Flow Characteristics Across the FORCE Site Understanding our berth Scatter Plots Showing the Variation of Turbulence Intensity at 10m from the sea floor with Flow Speed across FORCE Berths A, B and C. Red crosses illustrate turbulence intensity on a flood tide, blue crosses represent measurements on an ebb tide. Site A Site D Site C Turbulence intensity at site A is approximately double that of berths A and D. Higher turbulence intensity leads to higher loading fluctuations and rotor over-speed increasing extreme loads and reducing fatigue life. The flow velocity at berths A and D are significantly higher than berth C. Correspondingly, the power density at locations A and D is double that at berth C. It is anticipated that the flow and turbulence intensity is similar across the bedrock shelf as at berths A and D since there is little variation between these berths. Atlantis Resources: November 2014

Bathymetry at the FORCE Site Understanding our berth Site C Bathymetry Three dimensional to scale contour plot of the sea floor Site C highlighted with black circle Challenging topography Large boulders and rock formations 3D Contour Plot of Bathymetric Data Supplied By FORCE Site C Surficial Geology Sea bed consists of gravel regions with granules, pebbles, cobbles and boulders Question marks over the stability of the sea bed and the potential for local scour further testing required Pictures of the Sea Bed at FORCE taken from Geology, Bathymetry, Ice and Seismic Conditions (Fader 2009) Atlantis Resources: November 2014

$51m Project Financing of the First Phase Atlantis Resource: Presentation Title 10

Full Moon Full Power Atlantis Resource: Presentation Title 11