Investor Presentaiton

Overview of US offshore wind federal permitting process Planning & Analysis 2 years BOEM conducts a process of area identification, environmental reviews, etc. Leasing 1-2 years BOEM conducts auctions and issues leases Federal permitting overview² Site Assessment Up to 5 years BOEM grants developer up to five years (not all time must be taken) to complete requirements Requirements include conducting site characterization surveys and submitting a Site Assessment Plan (SAP) BOEM must approve the SAP BOEM oversees a four-step process: Planning & Analysis, Leasing, Site Assessment, and Construction & Operations. It can take up to roughly a decade in total We highlight key milestones within each step This is a new process for BOEM, who have yet to permit any Projects under this federal process Submit COP for NOI 6 months Developer submits a Construction and Operations Plan (COP) before the five-year site assessment period expires BOEM issues a Notice of Intent (NOI) once it deems the developer's COP submission as Complete and Sufficient BOEM may issue an Initiation of Action Notice (IAN) -2-3 months before issuing its NOI. This can provide an indication on timing Construction & Operations - 2 years Construction and Operations Plan (COP) ~ 2 years BOEM's issuance of the NOI starts the ~2-year clock for BOEM to approve the COP, disapprove it, or approve it with modifications. If the COP is approved, then the developer has its final federal permitting needed to start construction Environmental Impact Statement (EIS) < 2 years BOEM prepares a Draft Environmental Impact Statement (EIS) and a Final EIS. BOEM explores alternatives to the proposed COP A Record of Decision (ROD) is issued at the end of this process. This is not the final approval but is a framework for any further required reviews, site-specific actions, or broad regional mandates Final Permit Approvals < 2 years BOEM coordinates inter-agency approval. Approval timing varies per agency, but the last approval deadline is 90 days after the ROD. This generally coincides with the COP approval Approvals come from: NOAA,3 The US Army Corps of Engineers, the Fish and Wildlife Service, and the Environmental Protection Agency 222 22 1. BOEM stands for the Bureau of Ocean Energy Management 2. State-level permitting processes vary across states and typically run concurrent with the federal process 3. NOAA stands for National Oceanic and Atmospheric Administration Orsted

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