Mr. Michael O'Connor reports

CORPORATE MATTERS UPDATE

On March 26, 2024, Oceanic Wind Energy Inc. held its annual general meeting of shareholders. A total of 44,198,370 common shares (approximately 50.61 per cent of the outstanding common shares) were represented at the meeting in person or proxy.

1. Number of directors

The number of directors was set at six for the ensuing year with a vote of 43,546,300 (98.52 per cent) for, 652,070 (1.48 per cent) against and zero vote withheld/abstained.

2. Election of directors

Each of the individuals listed in the attached table was elected as a director of the company as approved by a vote by ballot for a term expiring at the conclusion of the next annual meeting of shareholders of the company or until a successor is elected or appointed.

3. Appointment of auditor, remuneration of auditor and confirmation of change of auditor

The appointment of Davidson & Company LLP, chartered professional accountants, as the auditor of the company, to hold office until the next annual meeting of shareholders of the company, and authorization of the directors of the company to fix the auditor's remuneration were approved by a resolution passed by a vote of 43,581,775 (98.60 per cent) total votes cast for, 616,595 (1.40 per cent) against and zero withheld/abstain.

4. Stock option plan

The approval of the stock option plan, through disinterested shareholders, was approved by a resolution passed by a vote of 6,955,939 (91.76 per cent) for, 624,500 (8.24 per cent) against and zero withheld/abstain.

Other

At the first meeting of the newly constituted board of directors, held immediately after the meeting, Philip Hughes was elected to serve as chairman of the board, Michael O'Connor as chief executive officer and president, and Wilbur Lang as chief financial officer, corporate secretary and vice-president, finance. The board also elected Mr. Hughes, Joseph S. Houssian, Peter Pastewka, David Rehn and Arthur Willms to serve as the company's audit committee until the next annual general meeting of the company.