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Investor Presentaiton

BENCHMARKING OF FPV AND PV INVESTMENT COSTS Ocean Sun 1 2 Floating PV projects 1,2 # Plant Sayreville, NJ Da Mi reservoir Country COD Capacity (MW) USA 2019 4.4 CapEx ($m) 7.2 $m per MW 1.64 Benchmark 1.2 vs. Ocean Sun³ 2.0 Ocean Sun Vietnam 2019 47.5 62.0 1.31 3 O'MEGA 1 France 2019 17.0 19.0 1.12 1.5 4 Simhadri, Andra Pradesh India 2019 25.0 14.6 0.58 5 Changhua Coastal Industrial Park4 Taiwan 2020 181.0 318.7 1.76 6 Sirindhorn District Pilot Thailand 2020 45.0 28.0 0.62 7 Alqueva Portugal 2020 4.0 3.9 0.98 USD per Wp 1.0 8 Cixi China 2020 120.0 100.0 0.83 9 Tengeh reservoir4 Singapore 2021 60.0 39.1 0.65 0.5 10 Cirata reservoir Indonesia 2022 145.0 131.7 0.91 11 Vau i Dejës Albania TBD 12.9 16.4 1.27 0.0 Weighted average CapEx/MW 1.12 5 1 2 11 3 7 10 8 9 64 Project # Utility-scale, ground-mount PV projects 1,2 # Plant Country COD 1 Noor Abu Dhabi Abu Dhabi 2019 Capacity (MW) 1,177.0 CapEx ($m) $m per MW Benchmark 1.2 vs. Ocean Sun³ 870.0 0.74 1.5 2 Thuan Nam Vietnam 2020 450.0 517.6 1.15 Ocean Sun 3 Núñez de Balboa Spain 2020 500.0 339.3 0.68 4 Bomen Solar Farm Australia 2020 120.0 126.8 1.06 1.0 5 Upington South Africa 2020 258.0 278.7 1.08 6 Ibri II Oman 2021 500.0 400.0 0.80 7 Francisco Pizarro Spain 2021 590.0 351.0 0.59 8 Riverstart United States 2021 200.0 242.0 1.21 USD per Wp 0.5 9 Al Kharsaah Qatar 2022 800.0 500.0 0.63 10 Creil Air Base France 2022 246.0 152.1 0.62 11 Tunisia Tunisia TBD 360.0 240.0 0.67 0.0 Weighted average CapEx/MW 0.77 8 2 5 4 6 1 3 11 9 10 7 Project # Selection of recent and near-term PV projects for which investment amount and capacity (in MWp) is known Ground-mount PV projects includes some of the world's largest utility-scale plants, deemed to have the lowest unit investment costs On the basis of an investment cost of $ 0.45- 0.53 per Wp, including license fee and installation, Ocean Sun's FPV solution is highly competitive compared to other PV systems Sources: 1)Companies, Journal of Cleaner Production, PV-Tech, PV-Magazine and Press. 3) The Company. Note: 2) USD/EUR of 1.17, VND/USD of 23,186, AUD/USD of 1.42, and ZAR/USD of 17.08. 4) Assumes 75% debt ratio (vs. 68-75% for other FPV projects). COD means Commercial Operation Date. 42
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