1. Eco Innovation Forum
May 2011
Sydney

2. Vision
To become a world leader in the supply and servicing of ocean renewable energy systems – creating green jobs and reducing greenhouse gas emissions 2

3. Brief Overview of BioPower Systems
The Company
Based in Sydney, Australia
Developing technologies to produce electricity from waves and tides
Key shareholders include Lend Lease Ventures and CVC REEF
Established network of partners: Siemens, Bosch Rexroth, Elecnor
Technology Status
Proof of concept completed: tank tests, simulations and engineering
Technologies protected globally by patents (granted and pending)
Technology pipeline: bioWAVETM followed by bioSTREAMTM
bioWAVETM 250kW pilot in development
250kW O-DriveTM power module built and factory-tested
Business Plan
Complete 250kW bioWAVE pilot in Victoria
Develop (pre) commercial projects in Australia, USA and Europe
Provide turn-key ocean energy plants:
Project development
Ocean energy systems
Project management and O&M services
bioWAVETM
bioSTREAMTM 3

4. Wave Energy Resource Global
"The available global Ocean Energy resource is in the same order of magnitude as the present electricity production worldwide." – International Energy Agency-OES

5. Wave Energy Resource Consistent Available Reliable
"The total required renewable energy quota could be achieved if 10% of the available wave energy resource over a 1000 km section of the Southern Australian margin were converted to electricity." - Hemer & Griffiths, CSIRO, Australia
” Wave and tidal stream energy has the potential to generate about 15% - 20% of the UK’s electricity." - The Carbon Trust, UK
"In the Pacific Northwest alone, it's feasible that wave energy could produce 40–70 kilowatts (kW) per meter (3.3 feet) of western coastline. The West Coast of the United States is more than a 1,000 miles long." - U.S. Department of Energy

6. bioWAVETM Wave energy system
Developed in Australia for global application
Designed to supply utility-scale power in ocean energy farms
Uniquely designed, with clear advantages
Strategic partners (Siemens, Bosch Rexroth, Lend Lease) in place to deliver the technology
250kW pilot: 30m
1MW commercial: 40m
Illustration depicts bioWAVE ocean wave energy system with globally patented components including:
- Oscillating multi-blade structure for optimal energy capture
- O-Drive detachable power conversion module
- Unique foundation, allowing bioWAVE docking and pivot for wave alignment

7. bioWAVETM Development
Extensively tested

8. O-DriveTM
A Full-scale 250kW Power Take-Off (PTO) Module 8

9. bioWAVETM Superior wave energy technology - why? Maximum Efficiency
- Patented multi-blade design increases capture width
Vertically-arranged blades oscillate within the zone of maximum energy flux, allowing for higher energy capture
Pivoting ability to continually align with swell direction
Low Risk – Low Cost Installation
- Patented modular deployment and retrieval
Unique Survivability
- Onboard sensors automatically trigger unit to lay flat against seabed to avoid extreme wave conditions
Servicing
A modular detachable Power Take-Off (PTO) module makes O&M easy
Environmental and Social
Zero visual impact, no noise, no land-use
Harmonious to marine environment
Wave power distribution with depth
bioWAVETM captures power at the surface and below
No other competing technologies contain these 5 elements necessary to achieve commercial success

10. bioWAVETM Commercial Development and Wave Farm Roll-Out
Planned progression from pilot to full-scale commercial units 10

11. Commercialization Plan
Pilot Project to Wave Farms

12. Company Overview History of Technology Development August 2005
Initial concept development completed for bioWAVETM, bioSTREAMTM, bioBASETM, and O-DriveTM technologies
May 2006
Initial theoretical and computational predictions completed for bioWAVETM, bioSTREAMTM bioBASETM, and O-DRIVETM
March/April 2007
1/16 scale tank test results from Australian Maritime College support power production capabilities for bioWAVETM and bioSTREAMTM
August 2007
Preliminary pilot project work initiated and Tasmanian sites identified
July 2008
Preliminary design for bioWAVETM and bioSTREAMTM pilots underway; generator and hydraulic systems ordered from Siemens and Bosch Rexroth
December 2008
Design structural review completed noting potential risks associated with fully composite design
January 2009
Multi-party consultation on design and device fabrication
March 2009
Construction of 250kW bioWAVETM and bioSTREAMTM power conversion equipment (O-DriveTM) begins
July 2009
Port Fairy VIC site identified for 250kW bioWAVETM pilot test at sea
July 2010
BioPower Systems opens new grid-connected Test Centre for O-DriveTM factory trials
November 2010
O-DriveTM equipment delivers stable power to grid during initial test phase
January 2010
O-DriveTM testing confirms power conversion efficiency at full-scale in grid-connected testing
February 2010
bioWAVETM preliminary structure design undergoes initial review by fabrication/engineering company
May 2011
Port Fairy pilot project approaching readiness to enter build stage

13. Company Overview History of Financing and Commercial Development
August 2005
Provisional patent applications lodged by Sykel Pty Limited for bioWAVE, bioSTREAM, bioBASE, and O-Drive technologies
March 2006
BioPower Systems Pty Ltd founded and all patents re-assigned from Sykel Pty Ltd
July 2006
A$60k seed capital raised from private investors
November 2006
A$64k COMET grant awarded from AusIndustry
A$157k invested by CVC REEF Ltd
July 2007
A$1.0 million invested by CVC REEF Ltd
November 2007
A$5.0 million REDI grant awarded from AusIndustry
January 2008
A$56k Tier 2 COMET grant awarded from AusIndustry
March 2008
MOU with Hydro Tasmania for collaboration on pilot projects
A$6.0 million invested by Lend Lease Ventures, CVC REEF, and CVC Sustainable Investments
August 2009
Collaborative Agreement with the City of San Francisco for Wave Energy Project
March 2009
MOU with Siemens for collaboration on business opportunities
September 2009
MOU with Elecnor SA for collaboration on 0.75MW pre-commercial pilot in Spain
February 2010
Wave Farm Project Agreement signed with Diamond Energy to acquire all rights to Port Fairy site
May 2011
In market for grants and equity capital to support completion of Commercialisation Plan

14. Risks Technical and Commercial risks are understood Technical Risks
Performance risk - Low
Extensive testing and simulation
Full-scale O-Drive built and tested
Deployment risk – Low/Moderate
Well-developed process
Use of experienced marine consultants and contractors
Survival risk – Low/Moderate
Survivability mode designed and verified by testing
O&M risk – Low Moderate
Pre-launch testing
Modularity
Detachable O-Drive
Oil and gas precedents
Commercial Risks
Cost risk – Moderate/High
Reliance on cost parity with wind/solar
Scale required to demonstrate cost reductions
Market risk – Moderate
Interest registered by large utilities
Market well documented in Europe
Projects in development in USA, Spain
Business risk – Moderate
Strategic partnerships in development
Flexible business model
Commercial focus on supply and services

15. Summary www.biopowersystems.com
BioPower Systems is commercialising advanced ocean energy technologies
The business plan involves supply, management and servicing of turn-key ocean energy projects worldwide
Partners include Lend Lease Corporation, Siemens Ltd, and Elecnor SA
250kW bioWAVE pilot under development in Victoria
Commercial projects are in planning stages in Australia, Europe and USA
Progress will depend on government policy and support 15