Tocardo Adds New Members to Its Managing Board

Tocardo Tidal Power has strengthened its managing board with two new appointments.

Henk Kasteleijn has joined Tocardo as chief financial and operating officer. Henk brings over 20 years of
general and financial management experience.

Ruud Nijs has joined Tocardo as project finance director. Ruud is a seasoned international banker and
brings over 25 years of experience.

I am very pleased that we have attracted two managing board members of this caliber to join Tocardo’s diverse
and talented executive team,” said Hans van Breugel, chief executive officer of Tocardo. “The demand for tidal
power is increasing and therefore also the demand for working capital for the projects.”

Tocardo has the exclusive rights for the development of five tidal projects in the United Kingdom (Fall of Warness
and Wales) and in the Netherlands (Delta works).

The Universal Foundation System (UFS) is the new standard product, ready for commercial rollout. In Orkney (Scotland) at the European Marine Energy Center (EMEC) Tocardo has a license to install the first offshore system with our UFS and to operate on a commercial basis for a period of 20 years.

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