1 July 2008 Company Introduction Fishermen’s Energy Cape May, NJ …Power from the Sea

2 What is Fishermen’s Energy? Fishermen's Energy A community-based offshore wind developer A community-based offshore wind developer Formed by principals of New Jersey (NJ) fishing companies Formed by principals of New Jersey (NJ) fishing companies …to enable fishing industry to invest and participate in offshore wind energy …to enable fishing industry to invest and participate in offshore wind energy … presenting a constructive program for alternative uses of waters off NJ that these companies have fished for decades can develop, by using: … presenting a constructive program for alternative uses of waters off NJ that these companies have fished for decades can develop, by using:  Their capital base  Their physical assets  Their knowledge of the marine, sea-bottom environments  Their dedicated, skilled, and conscientious people  Their enduring local presence and deep ties to people, community and government

3 Why Offshore Wind? Key is the region – Coastal Mid-Atlantic / New England: Limited onshore wind in harvestable sites Limited onshore wind in harvestable sites Shallow water, sandy sea bottom suitable for technically mature monopile foundations Shallow water, sandy sea bottom suitable for technically mature monopile foundations Strength, consistency, reduced wind shear of offshore vs. onshore winds Strength, consistency, reduced wind shear of offshore vs. onshore winds Proximity of offshore wind to load centers - onshore wind from Mid-West and hydro from Canada are cheap, but transmission is expensive and highly politicized Proximity of offshore wind to load centers - onshore wind from Mid-West and hydro from Canada are cheap, but transmission is expensive and highly politicized Ecological considerations: Ecological considerations: Next generation offshore wind turbines will optimize wind potential & consistency Next generation offshore wind turbines will optimize wind potential & consistency No wetlands harm - No drainage or land erosion No wetlands harm - No drainage or land erosion No harm to surface or subsurface water No harm to surface or subsurface water Potential for low human, avian, and marine impacts – if deployed properly Potential for low human, avian, and marine impacts – if deployed properly

4 FISHERMEN’S ENERGY – The People Founders and Management Founders and Management Daniel Cohen, President Daniel Cohen, President Aviv Goldsmith, Chief Operating Officer Aviv Goldsmith, Chief Operating Officer Andrew Gould, VP/Finance Andrew Gould, VP/Finance Paul Gallagher, VP/General Counsel Paul Gallagher, VP/General Counsel Rhonda Jackson, Director - Communications Rhonda Jackson, Director - Communications Initial Fisherman Investors Initial Fisherman Investors Jeff Reichle - Lund’s Fisheries, Inc. Jeff Reichle - Lund’s Fisheries, Inc. Keith Laudeman – Cold Spring Fish & Supply Company Keith Laudeman – Cold Spring Fish & Supply Company Rick Hoff – Dock Street Seafood Rick Hoff – Dock Street Seafood Daniel Cohen – Atlantic Capes Fisheries, Inc. Daniel Cohen – Atlantic Capes Fisheries, Inc. Barney & Martin Truex – Truex Enterprises, Inc. / Seawatch International Barney & Martin Truex – Truex Enterprises, Inc. / Seawatch International James Meyers, - Truex Enterprises, Inc. James Meyers, - Truex Enterprises, Inc. John Larson – Viking Village John Larson – Viking Village Kirk Larson – Viking Village Kirk Larson – Viking Village John Kelleher – Foxy Investments John Kelleher – Foxy Investments Warren Alexander, Independence Fishing Warren Alexander, Independence Fishing Initial Investors represent key fishing companies – with total sales of $400 million+ and facilities in Massachusetts, Rhode Island, New Jersey, New York, Maryland, and Virginia Initial Investors represent key fishing companies – with total sales of $400 million+ and facilities in Massachusetts, Rhode Island, New Jersey, New York, Maryland, and Virginia...People who earn their living from harvesting the sea

5 Founding Investors are principals in: Cold Spring Fish & Supply Co. Dock Street Seafood Truex Enterprises Foxy Investments Independence Fishing

6 NJ Blue Ribbon Panel Report Governor Codey imposed a moratorium on NJ Offshore Wind Applications and commissioned AWS Truewind Offshore Wind Study and NJ Blue Ribbon Panel Offshore Wind Study (2004) Governor Codey imposed a moratorium on NJ Offshore Wind Applications and commissioned AWS Truewind Offshore Wind Study and NJ Blue Ribbon Panel Offshore Wind Study (2004) NJ Blue Ribbon Panel final report (April 22, 2006), concludes: NJ Blue Ribbon Panel final report (April 22, 2006), concludes: Wind can help NJ meet its goal of 20% renewables by 2020 Wind can help NJ meet its goal of 20% renewables by 2020 No wind turbines have been built in U.S. coastal waters No wind turbines have been built in U.S. coastal waters Environmental/Ecological Baseline Studies are needed Environmental/Ecological Baseline Studies are needed Economic Impact Studies are needed Economic Impact Studies are needed Recommends Building a pilot offshore wind farm of up to 350 MW to determine the actual impacts Recommends Building a pilot offshore wind farm of up to 350 MW to determine the actual impacts Conduct 2-3 years of study to assess impacts of pilot Conduct 2-3 years of study to assess impacts of pilot Additional offshore wind projects subject to results of pilot Additional offshore wind projects subject to results of pilot

7 NJ Board of Public Utilities Solicitation for Offshore Wind NJ Board of Public Utilities (NJ BPU) issued a solicitation for the development of an offshore wind pilot project of up to 350 MW NJ Board of Public Utilities (NJ BPU) issued a solicitation for the development of an offshore wind pilot project of up to 350 MW In response to NJ BPU Solicitation, on March 3, 2008 Fishermen ’ s Energy proposed a two Phase Project – a 20 MW pilot and 330 Utility scale totaling 350MW of offshore wind energy In response to NJ BPU Solicitation, on March 3, 2008 Fishermen ’ s Energy proposed a two Phase Project – a 20 MW pilot and 330 Utility scale totaling 350MW of offshore wind energy NJ Energy Master Plan being finalized in July 2008 will likely call for 3000 MW by 2020 from off-shore NJ Energy Master Plan being finalized in July 2008 will likely call for 3000 MW by 2020 from off-shore NJ BPU should award pilot Solicitation soon NJ BPU should award pilot Solicitation soon

8 FISHERMEN’S ENERGY – New Jersey Proposal Includes a true “pilot project” – Phase 1 – exactly what the Blue Ribbon Commission recommended – a “pilot project” Includes a true “pilot project” – Phase 1 – exactly what the Blue Ribbon Commission recommended – a “pilot project” Realistically scaled to limits in availability of turbines and other hardware Realistically scaled to limits in availability of turbines and other hardware Realistically scaled to state vs. federal permitting timetable Realistically scaled to state vs. federal permitting timetable Realistically scaled to state of U.S. knowledge of offshore wind farms Realistically scaled to state of U.S. knowledge of offshore wind farms Usefully employs the $19MM BPU subsidy – where it makes a difference - $19M in a $100 M project – not a $ 1.3 Billion project Usefully employs the $19MM BPU subsidy – where it makes a difference - $19M in a $100 M project – not a $ 1.3 Billion project Physical design and turbine layout and siting compatible with all uses of the seabed and water column; Physical design and turbine layout and siting compatible with all uses of the seabed and water column; Conventional technology will be utilized except to the extent that alternatives such as “jacketed” foundations can be proven Conventional technology will be utilized except to the extent that alternatives such as “jacketed” foundations can be proven Unique end-user customer relationships… Unique end-user customer relationships… ... that respond to the NJ BPU’s requirement that proposers find their own offtakers, without a state mandated utility or NJ power-purchase agreement  …that allow for a financeable Phase 1, in bankable manner  …in a structure that enables low-cost US Department of Agriculture Rural Utilities Service long-term financing, improving Phase 1 economics

9 FISHEMEN’S ENERGY New Jersey Proposal Phase 1: Phase 1: State waters east of Atlantic City State waters east of Atlantic City 20 MW project – completion 20 MW project – completion 8 – 2.5 MW marine turbines on monopile foundations 8 – 2.5 MW marine turbines on monopile foundations Shoreside step-up substation Shoreside step-up substation Phase 2: Phase 2: 6 miles from the coast, southeast of Atlantic City 6 miles from the coast, southeast of Atlantic City 330 MW project, about 2014 completion 330 MW project, about 2014 completion 66 – 5 MW marine turbines on monopile foundations 66 – 5 MW marine turbines on monopile foundations Offshore step-up substation, sharing facilities with Phase 1 ex- landfall Offshore step-up substation, sharing facilities with Phase 1 ex- landfall A Project in two phases

NJ Phase 1 & 2 Project Site Locations

11 …Power from the Sea Contact us for more information for how you can help build Fishermen’s Energy for the benefit of the community……