1 SkySails Turn Wind into Profit! Executive board advisory board 4 3 history and milestones 5

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1 TURN B u s i n e s s p r e s e n tat i o n WIND INTO PROFIT

2 1 SkySails Turn Wind into Profit! 1 2 SkySails GmbH & Co. KG Executive board advisory board 4 3 history and milestones 5 4 Financing 8 Business presentation Skysails GmbH & Co. KG

3 T U R N W I N D I N T O P R O F I T 1 SkySails Turn Wind into Profit! SkySails has the objective of reducing the fuel consumption of modern shipping by using environmentally sound, free of charge wind energy. SkySails is developing, producing and selling an internationally patented wind propulsion system based on large towing kites. By using the SkySails technology, ship operation will become more profitable, safer, more environmentally sound and more independent of declining oil reserves. Depending on the prevailing wind conditions, a ship s average annual fuel costs can be reduced by 10 to 35% by using the SkySails-System. Under optimal wind conditions, fuel consumption can temporarily be cut by up to 50%. The SkySails-System consists of a towing kite propulsion and a wind-optimized routing system. It is used offshore and for relief of the main engine, if wind conditions allow. control pod towing rope winch towing kite control system launch and recovery system force transmission point The SkySails technology differs from conventional sailing systems, which fit the sail to a mast and thereby connect it to the ship, in that the towing kite of the SkySails-System is connected to the ship via a towing rope. Sail area and ship are thus separate from each other. The resulting characteristics of the SkySails technology offer ships an auxiliary wind propulsion with an entirely new performance spectrum: high performance, high practicability and high safety. SYSTEM COMPONENTS Currently, SkySails is offering towing kites for cargo vessels with an effective load* of between 8 and 32 tons. The scheduled product program comprises towing kite propulsion systems with an effective load* of up to 250 tons. Virtually all existing cargo vessels and new builds can be retro- or outfitted with the SkySails auxiliary wind propulsion system. An effective tractive force of 8 tons by a SkySail corresponds to approx. 600 to 1,000 kw installed main engine power - depending on the ship s properties (propeller efficiency degree, resistance, etc.) Business presentation Skysails GmbH & Co. KG page 1 of 9

4 2. SkySails GmbH & Co. KG SkySails was established in Hamburg in 2001 as a company with limited liability. Its enrolment in the Commercial Register took place at the local court in Hamburg (number HRB 82712) on 15th February The legal form of the company changed during the financing round in 2004: the legal successor of SkySails GmbH and the presently operating entity is the newly established SkySails GmbH & Co. KG. Its enrolment in the Commercial Register took place at the local court in Hamburg (number HRA ) on 23rd September Complementary to that is the former SkySails GmbH, which has been renamed SkySails Gründungs GmbH for legal reasons. Head office of the company is at the Hanseatic City of Hamburg. Additionally, SkySails has a test centre at the Hanseatic City of Wismar. The business of the SkySails GmbH & Co. KG is lead by Dipl.-Ing. Stephan Wrage, Dipl.-Ing. Martin Lohss and Dipl.-Ing. Stephan Brabeck. The executive board of the SkySails GmbH & Co. KG is actively supported by an advisory board of four renowned experts. Currently SkySails employs 48 members of staff, of which most are engineers. Additionally external employees support the development work. SkySails has been financed by investors to about 90% and by public finding to about 10% so far. Main investor is a renowed ship financer the Leerbased Jan Luiken Oltmann Gruppe GmbH & Co. KG. 2.1 executive board The business and operations of SkySails GmbH & Co. KG are led by the managing directors and graduate engineers Stephan Wrage as chairman of the executive board; Martin Lohss, the administrative executive director; and Stephan Brabeck, who as technical director is in charge of SkySails development work. Stephan Wrage is the chairman of the executive board and is in charge of sales, public relations, investment relations and business development. He was born in Hamburg in 1972 and studied industrial engineering at the Technical University of Kaiserslautern and the Technical University of Dresden, focusing on mechanical engineering, logistics, innovation management and controlling. He completed his studies with a Diploma in Industrial Engineering and a honours certificate. During his studies he was a member of the managing board of the Verein Deutscher Wirtschaftsingenieure (VWI, Association of German Industrial Engineers). Business presentation Skysails GmbH & Co. KG page 2 of 9

T U R N W I N D I N T O P R O F I T 1993-2000 Self-employed as a consultant for IT and chip card solutions 1997-1998 Factory new-build SAD company, Dresden Planning of logistics and material flow,

Project management, conceptual design, carrying out management seminars and worshops Since 2000 Stephan Wrage has worked full time on developing and patenting the towing kite propulsion system.

5 T U R N W I N D I N T O P R O F I T Self-employed as a consultant for IT and chip card solutions Factory new-build SAD company, Dresden Planning of logistics and material flow, design of the factory layout TOP business AG (former Philips Academy), Nürnberg. Project management, conceptual design, carrying out management seminars and worshops Since 2000 Stephan Wrage has worked full time on developing and patenting the towing kite propulsion system. He is an enthusiastic sailor and kite flyer. Martin Lohss, in his capacity as administrative executive director, is responsible for the areas finance and controlling, human resources, organizational development, information technology, materials management and administration. He was born in Hamburg in 1966 and earned a degree (Dipl.-Ing) in biological engineering at the Hamburg University of Applied Sciences Since 1997 Study abroad at the University of Cambridge, England Studied and earned a degree in biological engineering at the Hamburg University of Applied Sciences Enrolled in the mechanical engineering program at the Technical University of Vienna, Austria Founding partner of the Engineering Office for Social & Environmental Assets (SUmBi), which provides consulting and research in the fields of energy, environmental and material-flow management. As a seed investor of SkySails, Martin Lohss has provided advisory support to corporate management in developing the team since He has been a member of the executive board since Stephan Brabeck, as technical director, has had leadership oversight of research and development, manufacturing and service since January He was born in Cologne in 1962 and earned an engineering degree from Aachen University where he majored in aerospace engineering Aachen University, awarded a degree (Dipl.-Ing) in aerospace engineering Developmental engineer, Schottel GmbH & Co. KG, Spay Director of Research & Development, Schottel GmbH & Co. KG, Spay Acting managing director, Schottel Propulsion Technology, Wismar Technical director and proxy, Schottel GmbH & Co. KG, Spay Stephan Brabeck has been a managing director and worked as technical director for SkySails since 1 January An avid sailor, he contributes indepth expertise, years of experience and exceptional market knowledge to the company. Business presentation Skysails GmbH & Co. KG page 3 of 9

2.2 Advisory board SkySails is a fledgling technology company that depends on the support of experienced experts.

With their extensive experience, they make a decisive contribution to driving the developments in a highly focused and timely manner.

Sinar, the leading manufacturer of industrial lasers. Today he advises and assists technology companies both inside and outside Germany as a member of advisory and supervisory boards.

As an advisory-board member, he shares his invaluable market expertise, superb contacts and industry-spanning know-how with the company. Prof. Dr.-Ing.

6 2.2 Advisory board SkySails is a fledgling technology company that depends on the support of experienced experts. The company has succeeded in getting individuals of exceptional professional ability and competence from the fields of corporate development and shipping to join its advisory board. With their extensive experience, they make a decisive contribution to driving the developments in a highly focused and timely manner. Samuel Simonsson (chairman of the advisory board) has extensive expertise and practical experience in establishing technology companies as co-founder and longstanding chairman of the board of Rofin Sinar, the leading manufacturer of industrial lasers. Today he advises and assists technology companies both inside and outside Germany as a member of advisory and supervisory boards. André Tonn is the managing director of the Oltmann Group, SkySails lead investor, and has over 15 years of professional experience in ship financing. As an advisory-board member, he shares his invaluable market expertise, superb contacts and industry-spanning know-how with the company. Prof. Dr.-Ing. Gerhard Jensen (deputy chairman of the advisory board) taught shipbuilding at the Technical University of Hamburg-Harburg and was the head of the Hamburg Ship Model Basin (HSVA) for many years. He is currently the managing director of the ship propulsion manufacturing company Schottel GmbH & Co. KG. He brings with him many years of experience in ship design and a solid understanding of the market. Hermann Neemann is recognized throughout Germany as one of the most successful tax consultants for shipping companies. Through the professional support he has provided to more than 200 ships, he now enjoys close international contacts with shipping companies and detailed knowledge about the maritime industry. Business presentation Skysails GmbH & Co. KG page 4 of 9

T U R N W I N D I N T O P R O F I T 3 History and milestones In 2001 SkySails started with the development of the world s first practicable towing kite propulsion system for commercial shipping and

7 T U R N W I N D I N T O P R O F I T 3 History and milestones In 2001 SkySails started with the development of the world s first practicable towing kite propulsion system for commercial shipping and luxury yachts. Then after five years of intense developmental work, the basic research and engineering was completed near the end of All essential system components successfully underwent trials off the coast of Wismar on the Baltic Sea aboard the 15-meter testing platform Jan Luiken. In early 2006 the final development phase prior to the market launch of the SkySails-System began on board the approximately 55-meter buoy-laying vessel MS Beaufort. The first SkySails-Systems are being installed on pilot customer cargo ships in The first ship to be outfitted with SkySails propulsion is the 133-meter MS Beluga SkySails belonging to the Bremenbased Beluga Group. The following pictures document the development process of the SkySails-System: 2003/04: Testing platform II Galileo As Testing Platform II SkySails used the Galileo an 8-meter, 2-ton scale model of an existing container ship from the Hamburg Ship Model Basin (HSVA). The first step was to conduct scientific tests in the towing tank at the Hamburg Ship Model Basin to examine a kite s tractive behavior on conventional cargo ships. Practical tests on the Baltic Sea that used this very same model propelled by a small towing kite proved that the SkySails technology is suitable for cargo shipping. The data collected in the test allowed the first back calculation to be made on the system in original scale. Already at that time the ship and towing kite were remotely controlled. February Testing platform II Galileo : Test at the HSVA Business presentation Skysails GmbH & Co. KG page 5 of 9

Data Galileo Data original ship Length: 8.0m Length: 200m Width: 1.12m Width: 30m Draught: 0.38m Draught: 10m Weight: 2t Weight: 40.000t Scale: 26.

of up to 40 square meters onto the 15-meter, 18-ton MY Jan Luiken as Sky- Sails Testing Platform III began in November 2004.

8 Data Galileo Data original ship Length: 8.0m Length: 200m Width: 1.12m Width: 30m Draught: 0.38m Draught: 10m Weight: 2t Weight: t Scale: 26.6:1 Speed: 20kn Galileo during practical testing on the Baltic Sea in spring /05: Testing platform III Jan Luiken The outfitting of systems components for towing kites having a surface area of up to 40 square meters onto the 15-meter, 18-ton MY Jan Luiken as Sky- Sails Testing Platform III began in November All key system components, such as the launch and recovery system, were successfully tested in practice first-hand over the course of The system operated in a semiautomatic mode and the alpha version of the autopilot was already implemented at that time. Jan Luiken during practical testing in summer : Further development SkySails-System for cargo ships The SkySails-System is currently installed on the almost 55-meter and 800-ton experimental ship MS Beaufort (formerly the MS Buk ). Work to equip the Beaufort began in January By the end of 2006 SkySails had scaled the towing kite s area on this ship all the way up to 160 square meters. This marked the first time that the SkySails- System aboard the Beaufort had reached full-scale size. Small cargo ships, fish trawlers and super yachts can already be equipped with systems of this size. Business presentation Skysails GmbH & Co. KG page 6 of 9

T U R N W I N D I N T O P R O F I T MS Beaufort during practical testing on the Baltic Sea in summer 2006 2007: Pilot series CArgo ship, market launch Super yacht The first SkySails-Systems are being

Pilot customers will employ the SkySails-Systems during regular shipping operations and gain thorough and detailed practical experience using them.

9 T U R N W I N D I N T O P R O F I T MS Beaufort during practical testing on the Baltic Sea in summer : Pilot series CArgo ship, market launch Super yacht The first SkySails-Systems are being installed on pilot customer cargo ships in The first ship to be outfitted with SkySails propulsion is the 133-meter MS Beluga SkySails belonging to the Bremenbased Beluga Group. Pilot customers will employ the SkySails-Systems during regular shipping operations and gain thorough and detailed practical experience using them. Due to longer project durations, the marketing of SkySails-Systems for super yachts was moved ahead and began in 2nd quarter A first sales contract has already been signed with the French super yacht builder 30m+ Yachts. 2007: First pilot system on the MS Beluga SkySails 2008: Series production cargo ship The startup of series production of SkySails-Systems for cargo ships is scheduled for Business presentation Skysails GmbH & Co. KG page 7 of 9

10 4 Financing Of SkySails funding to date, some 90% has been provided by investors and about 10% through public grants and subsidies. The lead investor is the respected ship financing company Jan Luiken Oltmann Gruppe GmbH & Co. KG based in Leer. Besides private investors, the group of SkySails investors also includes numerous notable shipping companies such as Triton Seatrade, Reederei Wessels, Reederei Jüngerhans, Briese Schiffahrt, and Reederei Opielok. million euros of equity capital from selected strategic and private investors. These funds will be used to finance the completion of product development of the SkySails-System for cargo ships. Alongside this, the sales and service networks will be established and a manufacturing capacity and logistics created. The third, and for private investors last, round of SkySails financing was completed as scheduled on 31 December Private investors can no longer acquire an equity interest in SkySails. Following the establishment phase of , during which SkySails was funded primarily by corporate founder Stephan Wrage and Business Angels, the first investors acquired an equity interest in conjunction with first round of financing at the end of The investors, mostly renowned experts from the shipping industry, hold an interest in SkySails through the SkySails-Beteiligungs-GbR. SkySails conducted its second round of financing in 2004 with the help of the Oltmann Group. The private investors from this second round hold an interest in SkySails GmbH & Co. KG through the companies SkySails Erste Beteiligungs GmbH & Co. KG and SkySails Zweite Kapitalgesellschafter GmbH & Co. KG. The general partner of these two companies is SkySails Verwaltungs GmbH. The managing directors are André Tonn, who is also the managing director of the Jan Luiken Oltmann Gruppe GmbH & Co. KG, and Monika Oltmann. The capital raised in this second round of financing was partially cofinanced with funds from the German Credit Institute for Reconstruction (KfW). SkySails held its third and final round of financing in cooperation with the Leer-based Oltmann Group in All together SkySails was provided with 13 Business presentation Skysails GmbH & Co. KG page 8 of 9

11 T U R N W I N D I N T O P R O F I T *Effective Load The effective load of the SkySails propulsion indicates the maximum tractive force of the system in the direction of the ship s course under optimal conditions. The effective load is substantial when dimensioning the SkySails-System as it can be directly compared to the thrust required by the ship to reach its cruising speed. Since ships differ in construction and operate on very diverse routes, it is difficult to make a general statement regarding the propulsion power of the SkySails-System. However, and in order to give an indication of the system s propulsion power, SkySails states its effective load under standard conditions. The system s power is determined for a clearly defined system status at a specified point in time. This system status is defined as follows: SkySails standard conditions System variable Wind speed Value True wind direction 130 Ship speed Sea state 2 Propeller efficiency degree 0.6 Towing kite flight mode 12.8 m/s (25 knots) 5.1 m/s (10 knots) dynamic The SkySails effective load under standard conditions is specified for an exemplary vessel which cruises at a speed of 10 knots at a true wind course of 130. The wind speed is 25 knots, waves are up to 60 cm high, and the towing kite is maneuvered dynamically. The determination of the system s propulsion power under standard conditions is based on field testing results and theoretical calculations. Business presentation Skysails GmbH & Co. KG page 9 of 9

12 SkySails GmbH & Co. KG Veritaskai Hamburg Germany Phone: +49 (0) Fax: +49 (0) contact@skysails.com

t e c h n o l o g y i n f o r m at i o n T U R N W I N D I N T O P R O F I T

t e c h n o l o g y i n f o r m at i o n T U R N W I N D I N T O P R O F I T T U R N W I N D I N T O P R O F I T U s i n g W i n d p o w e r profitably It is a simple fact: wind is cheaper than oil and