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COMPANY PRESENTATION July 2010 Forward-Looking Statements

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COMPANY PRESENTATION July 2010 Forward-Looking Statements COMPANY PRESENTATION July 2010 Forward-Looking Statements In addition to historical information, this presentation contains forward-looking statements that are based on assumptions made by management regarding future circumstances over which the company may have little or no control and involve risks, uncertainties and other factors that may cause actual results to be materially different from any future results expressed or implied by such forward-looking statements. These factors include, among others, the following: future financial performance indicating expected cash flow, the ability to reduce costs and improve operational efficiencies, revenue growth and increased sales volume, or success in key markets, our ability to enter into relationships with partners and other third parties, delivery and deployment of PowerBuoys®, increasing the power output of our PowerBuoys and hiring new key employees and expected costs of our PowerBuoy product, and building strong long-lasting customer relationships. Many of these risks are discussed in our recent filings with the Securities and Exchange Commission. 2 Company Overview Operating locations: Pennington, NJ, USA and Warwick, UK Total number of employees: 55 Commenced active operations: 1994 Incorporation: Delaware, USA Cash and investment balances: $66.8 million (as of 30 April 2010) Nature of business: Sale of turnkey wave power stations and custom wave power applications, plus related maintenance contracts Public Listings: Nasdaq (symbol: OPTT); London Stock Exchange’s AIM (symbol: OPT) 3 OPT Wave Power Station 4 Individual PowerBuoy and Undersea Substation Float Cables from Spar other PowerBuoys Under Sea Sub Heave Plate Station Cable to Sea Floor Shore 5 Wave Energy Near Population Centers Attractive Wave Energy Levels Current OPT Focus 2TW of energy, the equivalent of twice the world’s electricity production, could be harvested from the world’s oceans (World Energy Council) 6 Wave Energy and the Advantages of OPT’s Systems Wave energy is the most concentrated form of renewable energy: Widespread throughout the US, U.K., Europe & other parts of the world Close to population centers Predictable & dependable, and can be fed into the power grid or stored Relatively small “footprint” – an OPT wave power station requires only one-tenth the area of comparable wind Using OPT’s PowerBuoy® technology to convert wave energy to electrical energy has several advantages: Capacity factor of 30-45% versus solar and wind capacity factors of 10%-35% Environmentally benign & non-polluting No exhaust gases, no noise, minimal visibility from shore, safe for sealife Scalable to high capacity power stations (100MW+) 7 Competitive Advantages PowerBuoy is based on ocean-going buoys, primarily below the ocean surface Extensive in-ocean experience, including successfully withstanding hurricanes and winter storms – insured by Lloyds since 1999 Electronic “tuning” capability to optimize power output in changing wave conditions Flexibility of core technology, which is scaleable for different power applications Certified grid connection system Independent environmental assessment resulted in “Finding of No Significant Impact” Strong partners: US Navy, Lockheed Martin, Iberdrola (Spain), PNGC Power (US), Leighton Contractors (Australia), Mitsui (Japan), US DoE, Scottish Government Strong capital base 8 Business Strategy Sell turn-key power stations and O&M contracts * Accelerate revenue streams from autonomous PowerBuoy systems and marine energy infrastructure services “Smart part” built at OPT’s facilities; outsource steel fabrication and balance of plant * Maximize customer funding of technology development * Increase utility PowerBuoy system reliability and output from 150kW to 500kW and grow production volumes to improve economics Concentrate on North America, Europe, Australia, Japan Focus on customer relationships which expand commercial acceptance Collaborate with other organizations to leverage combined expertise * Serves to reduce on-going capital needs 9 Strong Leadership Team Charles F. Dunleavy – Chief Executive Officer • Closely involved in expanding OPT’s operations in Europe, North America, Australia and Japan • Instrumental in raising over $150 million in equity capital in US and Europe Dr. George W. Taylor – Executive Chairman • Internationally recognized wave energy expert • Key to building OPT’s business, technology portfolio and strategy Dr. Philip R. Hart – Chief Technology Officer • Significant experience in marine technology and subsea engineering projects • Has led multi-discipline engineering teams on various offshore programs Michael G. Kelly – VP Operations • 28 years experience in marine industry • Management of international commercial and technical teams Angus Norman – Chief Executive of OPT Ltd • Extensive experience in energy and renewable energy generation • Previously MD of Sustainable Solutions at EDF Energy Brian M. Posner – Chief Financial Officer • 25 years experience in public and private companies • Served on audit staff of PriceWaterhouseCoopers LLP 10 Standard PowerBuoy Manufacturing Process Buoy fabricated near coastal site Power take-off and control system (“smart-part”) built in New Jersey PowerBuoy at Fabrication Site Integration and test of completed PowerBuoys at dockside near coastal site Power Take-Off & Control System 11 PowerBuoy Deployment Process 12 World-Class Supply Network CONNECTOR CABLING & CONNECTORS SPAR & FLOAT Sea Bed UNDERWATER POWER CABLE TO SHORE ANCHORING Aker Marine (Australia and Europe) POD EQUIPMENT and Vryhof (Netherlands). TRANSFORMER SWITCH GEAR 13 Multiple Market Opportunities Large Primary Market for Utility PowerBuoys Grid-Connected Power Stations for Utilities and IPPs - $150 Billion worldwide market Renewable portion is estimated at $50 Billion per annum Applications for Autonomous PowerBuoys $10 Billion estimated worldwide market Autonomous applications – Homeland Security – Off-Shore Platforms – Ocean-Based Communications Other Opportunities Off-Shore Aquaculture Hydrogen Production Water Treatment and Desalination Oceanographic data collection and tsunami warning 14 OPT - Competitive with Other Energy Sources Renewables Fossil Fuel OPT Wave Solar Solar Power (a) PV Thermal Biomass Wind (b) Natural Gas Coal Capital Cost $ million per MW $3.9 $7.2 – 10.4 $4.3 – 5.9 $2.9 – 3.9 $1.5 – 3.1 $0.6 – 1.0 $1.5 – 2.0 Energy Cost ¢ per kWh 15¢ 50 - 134¢ 24 - 34¢ 14 - 20¢ 8 – 16¢ 4 - 7¢ 4 - 7¢ Additional prospective benefits can be derived from: •Tax Credit monetization – e.g. US Production and Investment Tax Credits, Oregon Energy Tax Credit •Green tags, renewable obligation certificates, carbon credits •Grants, subsidies, tariffs – e.g. UK Marine Renewables Deployment Fund, Portugal feed-in tariffs (a) Company projected costs based on production levels of 400 PowerBuoys per year (b) Includes offshore and onshore wind Sources: Ernst & Young 2007 “Impact of banding the Renewables Obligation – Costs of electricity production”, Pöyry 2007 “Compliance costs for meeting the 20% Renewable Energy Target in 2020”, IEA 2005, “Project Costs of Generating Electricity” (note: Wind low-high range reflects on-shore and off-shore generation) (note: exchange rates used, £/$ =1.6 and €/$ = 1.4) 15 Global Contracts, Partners and Future Projects Oregon PNGC and Dept. of Energy Scotland Reedsport, OR Ocean Trials of PB150 England Coos Bay, OR Wave Hub Phase: Manufacture Cornwall, UK Phase: Development Capacity: 0.15-2MW Capacity: 1.5-50MW (Reedsport) PB150 Phase: Development Capacity: 100MW (Coos Bay) Capacity: 5MW PB150 & PB500 PB150 & PB500 Japan Mitsui, Idemitsu, US Navy Japan Wind Dev. Co. Marine Corps Base Spain Oahu, Hawaii Iberdrola and Total Phase: Development Santoña, Spain Capacity: Utility Scale Phase: Demonstration PB150 Capacity: 0.1-1MW Phase: Deployment PB40 & PB150 Capacity: 1.4MW US Navy PB40 & PB150 Littoral Expeditionary Autonomous PowerBuoy Australia And Deep Water Active Leighton Contractors Detection System East and South Coasts Phase: Development Phase: Development Capacity: 1-40kW Capacity: Utility Scale 16 PB150 & PB500 Ongoing Utility Marketing Initiatives Europe North America 30-140 MW Japan 30-150 MW 1-5 MW Australasia 15-20 MW Target sales price in production volumes is $4 million/MW, will be higher initially 17 Appendix Recent PowerBuoy Technology Advancements and Project Updates 18 Building Momentum With Deployments Deployment of PowerBuoy at the Marine Corps Base in Oahu, Hawaii • Performing as intended, producing power in-line with expectations and testing protocols • Continuous operation since deployment in December 2009 • Survived severe storm wave conditions Successful completion of ocean trials of USP Achievements demonstrate: • Survivability and longevity of OPT products • Strength of technical base • Meeting design specifications 19 Hawaii Deployment 20 Undersea Substation Pod Unique features – open platform An enabler for field development of marine energy devices Lowers cost per MW installed 21 Operational Progress – United States Hawaii • Deployed and continue to operate enhanced 40kW-rated PowerBuoy at Marine Corps Base in Oahu • Awarded an additional $380,000 funding for the project US Navy “DWADS” project • Progress continued under $3 million contract to provide OPT’s autonomous PowerBuoy technology for deep ocean data gathering program • Deployment of enhanced buoy scheduled for second half of CY2010 US Navy “LEAP” project • Project to provide wave energy
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