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ASX Announcement Monday 23rd September 2013

Perth Wave Energy Project Roadshow Presentation Wave Energy Developer, Carnegie Wave Energy Limited (ASX: CWE), is pleased to advise that its Chief Executive Officer, Dr Michael Ottaviano, will be delivering the attached presentation as part of a nationwide update on Carnegie’s ground breaking Perth Wave Energy Project. For more information: Dr Michael Ottaviano Managing Director Carnegie Wave Energy Limited (08) 9486 4466 [email protected] Website: www.carnegiewave.com

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© Copyright Carnegie Wave Energy Limited 2013 1

Shareholder Update

September 2013

Dr Michael Ottaviano

Chief Executive Officer & Managing Director

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Disclaimer The information contained herein has been prepared solely for informational purposes and is not an offer to buy or sell or a solicitation of any offer to buy or sell any security or to participate in any trading strategy or to enter into any transaction. If any offer of securities is made, it shall be made pursuant to a definitive offering memorandum prepared by or on behalf of any fund or other issuer which would contain material information not contained herein and which would supersede this information in its entirety.

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Carnegie Snapshot • Owner and developer of “CETO” wave energy technology

• 26 engineering, commercial, administration staff

• ASX listed, based in Fremantle, Western Australia

• 100+ Patents or patents pending globally

• $70m spent to date on CETO

• EDF EN is a CETO licensee

• Current financials

o $12m cash (as at 30/6/2013)

o $18m undrawn grants (as at 15/9/2013)

o no debt (as at 15/9/2013)

2 year shareprice snapshot

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Carnegie Board of Directors

(L-R: Kieran O’Brien, Mike Fitzpatrick, John Leggate, Jeffrey Harding, Michael Ottaviano, Grant Mooney)

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Global wave resource > current global power use

• Market is global, large and co-located with demand centres

• Resource is more predictable, consistent and available than wind or solar

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Recent Strategic Transactions Examples

• Tidal Energy - Valuation $250m

− Source: DCNS takeover of Open Hydro tidal, (Q1 2013)

• Tidal Energy – Valuation $200m

− Source: $10 million raised from Morgan Stanley & Asian high net worth

individuals for 5% share, Q1 2011, (subsequent raise Q2 2011)

• Tidal Energy – Valuation (undisclosed)

− Source: Siemens takeover of MCT (Q1 2012)

• Tidal Energy – Valuation (undisclosed)

− Source: Alstom acquisition of TGL tidal from Rolls Royce, (Q2 2009)

• Wave Energy – Valuation (undisclosed)

− Source: Alstom acquisition of 40% equity stake (Q2 2011)

• Wave Energy – Valuation $90m

− Source: $13 million raised from ABB for 14% share, (Q4 2010)

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CETO Technology

• Fully submerged, point absorber

• Near-shore location or deepwater location

• Onshore or offshore power & water production

• Modular design largely using proven subsea components

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CETO 1 prototype

• Proof of Concept • Fremantle

CETO 3 prototype

• 80kW unit • Garden Island

CETO 2 prototype

• 3 x 1kW units pilot • Fremantle

Concept Development

• Scale models and wave tank testing.

<2004 2011- 2014 2004-2006 2006-2008 2010-2013 2009-2011

Technology Development Road Map

CETO 4 (independent test)

• 150kW unit. • EDF on Reunion Island

Independent testing

• Wave tank test • EDF & DCNS unit

CETO 5 (Plant demonstration) • 240kW units, grid connected array project. • Power & water production • Garden Island, WA

2014-2016

CETO 6 • Design & location

tbd

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Track record of ocean testing - CETO 3 Project F

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CETO 5 Unit Design

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• World first multiple wave unit array

• 3 x 240kW CETO 5 units

• 100NB, 3000psi flexible pipeline 3.2km ashore

• Onshore power plant and grid connection

• Onshore reverse osmosis desalination pilot plant

• Design, approvals, off-take, funding complete

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Perth Wave Energy Project - Desalination

• Integrates off-the-shelf reverse osmosis desalination technology with

the CETO infrastructure.

• The Perth Project will be the first wave project to produce clean power

and fresh water anywhere in the world.

• Cooperation agreement with Western Australian Government owned

Water Corporation

“Carnegie’s wave powered seawater desalination technology offers a novel and promising approach to achieving desalinated

freshwater with zero greenhouse gas emissions”

Sue Murphy, CEO, Water Corporation

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Perth Wave Energy Project – Support

• $13.1m Australian Government grant funding for power generation

• $7.3m Western Australian State Government funding

• $1.25m Australian Government grant funding for desalinated water production

• Cooperation agreement with the WA Government water utility, Water Corporation

• Offtake with the Australian Department of Defence (HMAS Stirling)

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• Component manufacturing underway

• First onshore activities in coming days

• First offshore activities is installation of foundations

in Q4, 2014

Perth Wave Energy Project – Status

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• Q1, 2014 activities:

o Pipe installation

o Delivery of CETO unit components – buoys, pumps, tether, pump to

foundation connector & pods for 3 CETO units.

Perth Wave Energy Project – 2014

• Q3, 2014 onwards

o Power generation & revenue

o Water generation & revenue

o Data collection and analysis

o Model and design validation

• Q2, 2014 activities:

o Onshore power plant construction

o Onshore desalination plant construction

o Unit 1 installation and commissioning

o Units 2 & 3 installation and commissioning

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Technology Development – Buoy size vs. Power Output

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Buoyant Actuator "BA" Diameter (m)

CETO 5 (240kW rated capacity)

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CETO 6 – Next Generation Design

• At least 2 x rated capacity versus CETO 5

• Locations: either EU/UK, Australia or Island nation

• Onshore or offshore power generation options,

subject to site characterisation.

• Design, location and funding to be finalised during

2014

• Collaboration partners to be finalised during 2014

• Commissioning in 2016

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Priority Markets - Snapshot

Australia

US & Canada

Japan

UK

Remote Islands

Chile

Ireland

France

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Upcoming Milestones

• 2011/12:

Single unit test (CETO 3) at project site

$22m in Government grants secured

Power offtake with Dept of Defence

• 2013:

Detailed Design of Perth power project

Environmental & planning approvals

Start procurement & construction of Perth project

• 2014:

• Power and water production from Perth project

• Finalise CETO 6 project design and funding

• 2015/16:

• Construct & commission CETO 6 project For

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