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July 2008 Company Introduction

Fishermen’sFishermen’s EnergyEnergyCape May, NJ Cape May, NJ

www.fishermensenergy.comwww.fishermensenergy.com

…Power from the Sea

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What is What is Fishermen’s Fishermen’s EnergyEnergy??

Fishermen's EnergyFishermen's Energy A community-based offshore wind developerA 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 to enable fishing industry to invest and participate in

offshore wind energyoffshore wind energy ……presenting a constructive program for alternative presenting a constructive program for alternative

uses of waters off NJ that these companies have uses of waters off NJ that these companies have fished for decades can develop, by using:fished for decades can develop, by using: Their capital baseTheir capital base Their physical assetsTheir physical assets Their knowledge of the marine, sea-bottom environmentsTheir knowledge of the marine, sea-bottom environments Their dedicated, skilled, and conscientious peopleTheir dedicated, skilled, and conscientious people Their enduring local presence and deep ties to people, Their enduring local presence and deep ties to people,

community and governmentcommunity and government

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Why Offshore Wind?Why Offshore Wind?Key is the region – Coastal Mid-Atlantic / New England:Key is the region – Coastal Mid-Atlantic / New England: Limited onshore wind in harvestable sitesLimited onshore wind in harvestable sites Shallow water, sandy sea bottom suitable for technically Shallow water, sandy sea bottom suitable for technically

mature monopile foundationsmature monopile foundations Strength, consistency, reduced wind shear of offshore vs. Strength, consistency, reduced wind shear of offshore vs.

onshore winds onshore winds Proximity of offshore wind to load centers - onshore wind Proximity of offshore wind to load centers - onshore wind

from Mid-West and hydro from Canada are cheap, but from Mid-West and hydro from Canada are cheap, but transmission is expensive and highly politicizedtransmission is expensive and highly politicized

Ecological considerations:Ecological considerations: Next generation offshore wind turbines will optimize wind potential Next generation offshore wind turbines will optimize wind potential

& consistency& consistency No wetlands harm - No drainage or land erosionNo wetlands harm - No drainage or land erosion No harm to surface or subsurface waterNo harm to surface or subsurface water

Potential for low human, avian, and marine impacts – if Potential for low human, avian, and marine impacts – if deployed properlydeployed properly

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FISHERMEN’S ENERGYFISHERMEN’S ENERGY – The – The PeoplePeople Founders and ManagementFounders and Management

Daniel Cohen, PresidentDaniel Cohen, President Aviv Goldsmith, Chief Operating OfficerAviv Goldsmith, Chief Operating Officer Andrew Gould, VP/FinanceAndrew Gould, VP/Finance Paul Gallagher, VP/General CounselPaul Gallagher, VP/General Counsel Rhonda Jackson, Director - CommunicationsRhonda Jackson, Director - Communications

Initial Fisherman InvestorsInitial 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 SeafoodRick Hoff – Dock Street Seafood Daniel Cohen – Atlantic Capes Fisheries, Inc.Daniel Cohen – Atlantic Capes Fisheries, Inc. Barney & Martin Truex – Truex Enterprises, Inc. / Seawatch InternationalBarney & Martin Truex – Truex Enterprises, Inc. / Seawatch International James Meyers, - Truex Enterprises, Inc.James Meyers, - Truex Enterprises, Inc. John Larson – Viking VillageJohn Larson – Viking Village Kirk Larson – Viking VillageKirk Larson – Viking Village John Kelleher – Foxy InvestmentsJohn Kelleher – Foxy Investments Warren Alexander, Independence FishingWarren Alexander, Independence Fishing

Initial Investors represent key fishing companies – with total sales of Initial Investors represent key fishing companies – with total sales of $400 million+ and facilities in Massachusetts, Rhode Island, New $400 million+ and facilities in Massachusetts, Rhode Island, New Jersey, New York, Maryland, and Virginia Jersey, New York, Maryland, and Virginia

......People who earn their living from harvesting the seaPeople who earn their living from harvesting the sea

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Founding Investors are Founding Investors are principals in:principals in:

www.atlanticcapes.com

www.thelobsterhouse.com

www.seawatch.com

www.vikingvillage.net

www.essf.com

Cold Spring Fish & Supply Co.

Dock Street Seafood

Truex Enterprises

www.lundsfish.com

Foxy Investments

Independence Fishing

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NJ Blue Ribbon Panel NJ Blue Ribbon Panel ReportReport

Governor Codey imposed a moratorium on NJ Offshore Wind Governor Codey imposed a moratorium on NJ Offshore Wind Applications and commissioned AWS Truewind Offshore Applications and commissioned AWS Truewind Offshore Wind Study and NJ Blue Ribbon Panel Offshore Wind Study Wind Study and NJ Blue Ribbon Panel Offshore Wind Study (2004)(2004)

NJ Blue Ribbon Panel final report (April 22, 2006), NJ Blue Ribbon Panel final report (April 22, 2006), concludes:concludes: Wind can help NJ meet its goal of 20% renewables by 2020Wind can help NJ meet its goal of 20% renewables by 2020 No wind turbines have been built in U.S. coastal watersNo wind turbines have been built in U.S. coastal waters Environmental/Ecological Baseline Studies are neededEnvironmental/Ecological Baseline Studies are needed Economic Impact Studies are neededEconomic Impact Studies are needed Recommends Building a pilot offshore wind farm of up to Recommends Building a pilot offshore wind farm of up to

350 MW to determine the actual impacts350 MW to determine the actual impacts Conduct 2-3 years of study to assess impacts of pilotConduct 2-3 years of study to assess impacts of pilot Additional offshore wind projects subject to results of pilotAdditional offshore wind projects subject to results of pilot

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NJ Board of Public Utilities NJ Board of Public Utilities Solicitation for Offshore Solicitation for Offshore

WindWind NJ Board of Public Utilities (NJ BPU) issued NJ Board of Public Utilities (NJ BPU) issued

a solicitation for the development of an a solicitation for the development of an offshore wind pilot project of up to 350 MWoffshore wind pilot project of up to 350 MW

In response to NJ BPU Solicitation, on March In response to NJ BPU Solicitation, on March 3, 2008 Fishermen’s Energy proposed a two 3, 2008 Fishermen’s Energy proposed a two Phase Project – a 20 MW pilot and 330 Utility Phase Project – a 20 MW pilot and 330 Utility scale totaling 350MW of offshore wind scale totaling 350MW of offshore wind energyenergy

NJ Energy Master Plan being finalized in July NJ Energy Master Plan being finalized in July 2008 will likely call for 3000 MW by 2020 2008 will likely call for 3000 MW by 2020 from off-shorefrom off-shore

NJ BPU should award pilot Solicitation soonNJ BPU should award pilot Solicitation soon

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FISHERMEN’S ENERGY – FISHERMEN’S ENERGY – New Jersey Proposal New Jersey Proposal

Includes a true “pilot project” – Phase 1 – exactly what the Blue Ribbon Includes a true “pilot project” – Phase 1 – exactly what the Blue Ribbon Commission recommended – a “pilot project”Commission recommended – a “pilot project”

Realistically scaled to limits in availability of turbines and other hardwareRealistically scaled to limits in availability of turbines and other hardware Realistically scaled to state vs. federal permitting timetableRealistically scaled to state vs. federal permitting timetable Realistically scaled to state of U.S. knowledge of offshore wind farmsRealistically scaled to state of U.S. knowledge of offshore wind farms Usefully employs the $19MM BPU subsidy – where it makes a difference - Usefully employs the $19MM BPU subsidy – where it makes a difference -

$19M in a $100 M project – not a $ 1.3 Billion project$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 Physical design and turbine layout and siting compatible with all uses of the

seabed and water column;seabed and water column; Conventional technology will be utilized except to the extent that alternatives Conventional technology will be utilized except to the extent that alternatives

such as “jacketed” foundations can be provensuch 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, that respond to the NJ BPU’s requirement that proposers find their own offtakers, without a state mandated utility or NJ power-purchase agreementwithout a state mandated utility or NJ power-purchase agreement

……that allow for a financeable Phase 1, in bankable mannerthat allow for a financeable Phase 1, in bankable manner ……in a structure that enables low-cost US Department of Agriculture Rural Utilities in a structure that enables low-cost US Department of Agriculture Rural Utilities

Service long-term financing, improving Phase 1 economicsService long-term financing, improving Phase 1 economics

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FISHEMEN’S ENERGY FISHEMEN’S ENERGY New Jersey Proposal New Jersey Proposal

Phase 1:Phase 1: State waters east of State waters east of

Atlantic CityAtlantic City 20 MW project –20 MW project –

2010 2011 2010 2011 completioncompletion

8 – 2.5 MW marine 8 – 2.5 MW marine turbines on monopile turbines on monopile foundationsfoundations

Shoreside step-up Shoreside step-up substationsubstation

Phase 2:Phase 2: 6 miles from the coast, 6 miles from the coast,

southeast of Atlantic Citysoutheast of Atlantic City 330 MW project, about 330 MW project, about

2014 completion 2014 completion 66 – 5 MW marine turbines 66 – 5 MW marine turbines

on monopile foundationson monopile foundations Offshore step-up Offshore step-up

substation, sharing facilities substation, sharing facilities with Phase 1 ex-landfallwith Phase 1 ex-landfall

A Project in two phases

NJ Phase 1 & 2 Project Site NJ Phase 1 & 2 Project Site LocationsLocations

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…Power from the Sea

Contact us for more information for how you can

help build Fishermen’s Energy for the benefit of the

community……