UK Advisory

POSITIVE CHANGE

DRAFT HIGHLY CONFIDENTIAL

30% shipping fuel savings

Application to Shell fleet

Low cost to achieve Savings

POWERFUL, CLEAN Shipping Technology

Rotating Cylinders create Lift - Enough force to Push a ship

Opportunity to make up to [20]% equity investment in Thiiink 1

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$[25]m funding requirement

Exit via targeted [24] month liquidity event – Santander sale process

Full minority investor protections via shareholder agreement

Investor Opportunity

5 Anti-dilution

Investment HIGHLIGHTS

Transformatory to the economics of global shipping 1

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Clean-tech capable of material change to global emissions/oil usage

Institutional backing from Shell – diligence completed, support committed

Shell fleet of 3,000 vessels – 3-5 year target of 20% of fleet

Global addressable fleet of [20,000] vessels

Estimate of $1m profit per ship – 2/4 yr ship owner payback

Secure IP and 4-5 technology leadership

The Flettner Rotor

Harnessing wind using aircraft wing principals – 13x power of a sail 1

Wind passing a rotating cylinder creates lift – ‘Magnus Effect’ 2

A cylinder on a ship can use this ‘lift’ force to propel the vessel 3

Tried and tested on very large ships – fuel savings of c.30+% 4

Science from 1920’s, war and massive shipping inertia killed it... 5

Thiiink has improved, patented, packaged and commercialised it 6

Owns key IP to Flettner Rotor Sails – reduces shipping fuel costs by 30% 1

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Shell backing – Thiiink rotors on vessels under long term charter

Shell nominated ship owner – provider vessels for charter to Shell

Application to 5–10 Shell vessels - conditional only on confirmatory trial

Proven, tested technology – e-ship, Shell investigation, NASA validation

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Commercialised with blue-chip partners – Constellium, VSL, Babcock

High value second phase – large scale deployment to Shell’s charter fleet

Overview

The Shell Partnership

Close working and personal relationship with Thiiink 1

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Detailed diligence undertaken – commercial potential and safety - third party scientific validation and application to Shell fleet - third party safety diligence with reliance

Formal Shell safety vetting approval granted to Thiiink - safe and viable for long distance routs - Shell commitment to ports and docking stations of viability Shell charter agreement - Thiiink rotor vessel from shipping partner - three year charter for one vessel - significant increase in vessel number post 12m confirmatory sailing

Shell commitment on basis of application to charter fleet

Commercially motivated – charterer pays for fuel, >2x the charter cost

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Ship owner partnership

[to follow]

Most commercially viable rotors - Thiiink patented design provides 50% incremental Flettner performance

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The Thiiink Flettner Rotor

Production ready technology – [no] further R&D required - outsourced production – partners have co-funded development

1 Leading developer of Flettner technology - 4-5 yr technology lead - EUR 25-30m catch-up R&D spend required

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Easy, simple, low cost to install - limited change to ship structure, folds on deck – non-complex mechanicals - fitting during re-fuelling/ unloading/ servicing

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No obstacles to deploy except terminal and Oil Major vetting – completed - cost intensive approval process – completed both via Shell - significant barrier to entry

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Confirmatory Thiiink trial – current funding requirement – c.12 months - c.12 month sea trial to optimise equipment/ comply will Shell std process - Thiiink installs rotors, ship owner acquires post trial

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Development & Liquidity Event

Five+ ship batch 2 order – for Shell charter (again) – additional 12 m - post confirmatory trial - brings Thiiink to cash flow positive - [ship owner purchases rotors day 1]

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Confirm first volume orders – target 20% of Shell fleet – additional 6 m - assorted Shell approved/ nominated ship owners

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Santander sale process - post singing volume contracts – 24-30 m post stage 1 - full or minority exits

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Stage

Environmental Contribution

shipping consumes

6.9million barrels of

oil a day – 75% of the

output of Saudi Arabia

The obvious questions...

Q: Why have Flettner rotors not been commercialised before?

Conservative shipping industry – inertia to commercial application - significant impact to appearance of vessels - ship owner/ship charterer ‘old-boy’ network - newer Flettner ships (E-ship) for green-marketing, not commercial shipping

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Vetting costs – c.EUR 40m cost to achieve global approvals 5

Development needed to make viable for modern vessels - vessel size/ complexity - docking regulations - safety/ reputations concerns, particularly at oil majors

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Oil price pressure 6

Fist Flettner rotors on ships before WW2, but not war-viable - full scale large ship trials – proven positive results - technology prioritisation during war – rotors make ships highly visible

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Limited funds for technology development post war 2

Q: How close could competitors be to bringing something to market? E-ship?

Basic Flettner know-how is widely available - achieves fuel savings up to 20% - barriers to utilisation (pervious Q) have prevented commercialisation

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2 Thiiink IP protected rotors are 50% more effective - achieve fuel savings up to 40% - undisputed premium product – economics dictate little value in compromising 3 Competitors exist, but only for basic Flettner technology - IP barriers to use Thiiink technology - R&D barriers to create alternatives to Thiiink (EUR 20-30m/ 4-5 years) - start-ups have been seen (Magnus) but little progress 4 Enercon have produced only modern scale Flettner ship (E-ship) - produced as a marketing exercise to promote clean-energy wind turbines - relatively basic Flettner technology - Enercon is a turbine business – rotors = significant strategic shift - E-ship chief engineer now works for Thiiink

Q: Why has everyone signed up without a prototype?

Value of Thiiink solution is: a) IP of optimisation technology – 50% incremental performance; and b) Ship fastening and storage solution – key stress point – non-failure critical

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Modern computer simulation accepted in Offshore Industry - not possible to test complex equipment (e.g. Oil rigs) – reliance on simulation - Design-build-Go process generally accepted - complexity of Thiiink rotor c.3% of typical complex Offshore structures - 50% incremental performance easily verifiable

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Ship fastening/ storage developed with Thiiink suppliers - Constellium, VSL, Babcock - technical rigour/ quality ethos/ positioning provides comfort on failure risk

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Technical competence, trust, partnership history between stakeholders - common understanding of technical requirements across project - able to judge partner ability to deliver (Shell/ Hartmann/ Constellium/ VSL)

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Q: What is the confirmatory trial risk?

Extensive, scale testing (E-ship) – no complications

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Performance risk is considered very low

3 Simulation data all positive – generally accepted accuracy

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Significant key supplier investment – blue chip engineering companies - commitments on non-failure

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Need for trial is mainly procedural – Shell control function requirement 6

Key technical objective of trial is for optimisation data – wind rates etc. 7

Significant 3rd party technical diligence, including commissioned by Shell

Q: What happens if the wind is not blowing the right way?

Savings achievable for existing shipping routs / voyage durations - seasonal average wind direction and force

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2 Additional savings (up to 60% fuel savings) achievable if: - course optimisation for winds - longer voyage durations

Additional performance via computer algorithm optimisation - triangulating wind forecasts, ship destination, tides voyage length - incremental at-sea data required for implementation

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This presentation has been prepared by Santander UK plc (“San UK”) for the exclusive use of the recipient (the “Company”) using information provided by Thiiink and other publicly available information. This presentation has been prepared on a confidential basis. Distribution of this presentation to any person other than the Company is unauthorised. This presentation must not be copied, reproduced, distributed or passed to others at any time, in whole or in part, without the prior written consent of San UK. This presentation has been prepared for information purposes only and does not purport to be all-inclusive or to contain all of the information that the Company may require. This document is not intended to form the basis of any investment decision and should not be considered as a recommendation by San UK or any other person in relation to Thiiink. This document does not constitute an offer to sell or an invitation to purchase or tender for Thiiink. None of the information contained in this presentation has been verified by San UK or any other person. No person shall have any right of action (except in the case of fraud) against San UK or any other person in relation to the accuracy or completeness of the information contained in this presentation. Any opinions expressed in this material are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of Banco Santander, S.A. as a result of using different assumptions and criteria. This presentation should not be regarded by the Company as a substitute for the exercise of its own judgment and the Company is recommended to seek its own investment, legal, accounting and other advisers. San UK undertakes no obligation to update this presentation or additional information or to correct any inaccuracies therein which may become apparent.

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