Carnegie Wave Energy Limited

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1 Carnegie Wave Energy Limited Mr Kieran O Brien Executive Director European Business Development Copyright Carnegie Wave Energy Limited

2 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. Commercial in Confidence Copyright Carnegie Wave Energy Limited

3 Carnegie: A Global Leader in Wave Technology Of the eight leading wave companies four have gone bankrupt, one was folded by its owner, one has scaled back its activities drastically, one has had serious setbacks and one (Carnegie Wave Energy) has made considerable progress with its technology. - Bloomberg New Energy Finance, 2016 Commercial in Confidence Copyright Carnegie Wave Energy Limited

4 Company Highlights Owner and developer of world leading CETO wave energy technology. Dual market focus - 1. Europe/UK: o 2. Islands: o Dedicated wave sites, grants, tariffs, wave resource, EDF license, and supply chain. High diesel tariffs, lack of energy security, wave resource, funding support. Some 75m spent to date on CETO over six prototype cycles. L-R: Kieran O Brien (ex ESB), Mike Fitzpatrick (ex Hastings), John Leggate (ex BP), Jeffrey Harding (Chairman, ex Pacific Hydro), Michael Ottaviano (MD & CEO), Grant Mooney (NED, Joint Company Secretary) Team of 45 focused on wave technology and project development, financing and delivery. Well capitalised: 12.5m cash, 9.5m in undrawn Government grants, 13.5m undrawn debt facility (March 2016) Carnegie Team Commercial in Confidence Copyright Carnegie Wave Energy Limited

5 Global Reach CWE Wave Hub Berth CWE UK 100% owned subsidiary CWE Ireland 100% owned subsidiary CWE Chile 100% owned subsidiary CWE Mauritius Wave & Microgrid Design Project CETO 6 Garden Island Microgrid Project Carnegie HQ & Wave Energy Research Facility Commercial in Confidence Copyright Carnegie Wave Energy Limited

6 Credible Alliances Commercial in Confidence Copyright Carnegie Wave Energy Limited

7 Technology Development & Commercialisation Commercial in Confidence Copyright Carnegie Wave Energy Limited

8 CETO Technology Fully submerged, point absorber Near-shore location or deep-water location Onshore or offshore power production Onshore water production Modular design largely using proven subsea components CETO 5 - Near-shore, onshore power & water CETO 6 - Deepwater, offshore power production Copyright Carnegie Wave Energy Limited

9 Perth Wave Energy Project operation, maintenance and performance The Perth Wave Energy Project CETO 5 Copyright Carnegie Wave Energy Limited

10 Perth Wave Energy Project CETO 5 generation successfully demonstrated Garden Island, Western Australia Demonstrated CETO 5 technology including: Three WECs Power delivery to grid Wave powered, reverse osmosis desalination <1 day CETO WEC installation >14,000 operational hours over 12 months Designed and delivered by Carnegie Measured CETO 5 results confirmed modelled forecasts Measured results confirm CETO 6 forecasts Video Copyright Carnegie Wave Energy Limited

11 Perth Wave Energy Project Operation Copyright Carnegie Wave Energy Limited

12 The Next Generation CETO 6 Copyright Carnegie Wave Energy Limited

13 CETO 6 Commercial Product Platform Development based on: o o o o CETO 5 s in-ocean operational hours and data analysis CETO 6 wave tank testing at European Universities Internal modelling and design development Engagement with European and Australian supply chain. Approx. four times the output of CETO 5 Power generation inside the buoyant actuator allows more advanced control capability Rapid installation and retrieval (no offshore heavy lifts) Electrical export cable delivers power onshore avoids hydraulic transmission losses Tidal range compensation Nearshore and more distant to shore wave sites suitable. Commercial in Confidence Copyright Carnegie Wave Energy Limited

14 CETO 6 Demonstration Projects Garden Island, Western Australia Funded by CWE, 14m CBA debt funding and 7.0m ARENA grant Commissioning 2017 Offtake to Australian Department of Defence Wave Hub, Cornwall, UK Stage 1 Commissioning 2018 Expandable to 15MW Tariff support and Government grants/debt available CWE & Government Funding Copyright Carnegie Wave Energy Limited

15 Commercialisation of CETO UK/EU and Islands Commercialisation via two key initial markets: UK/EU: taking advantage of sites, funding, tariffs and supply chain. Islands: taking advantage of high power tariffs, competitive advantage of wave (consistency and footprint). Commercial in Confidence Copyright Carnegie Wave Energy Limited

16 International Market UK/EU Multiple, dedicated wave energy sites across UK/EU either in operation or in development with a total potential capacity approaching 100MW. Dedicated wave energy tariff support, grants, debt facilities available. Experienced supply chain for manufacturing, assembly, installation and maintenance. Carnegie now very active in the UK: o o o o o CWE UK subsidiary. Locally based CEO and Directors. Wave Hub berth. Extensive R&D activities. Deep supply chain engagement. First deployment of CETO 6 post Garden Island will be in UK and as part of a 10-15MW project. Commercial in Confidence Copyright Carnegie Wave Energy Limited

17 Ongoing R&D focused on Highest Opportunity Areas 7.5m portfolio of externally funded, collaborative R&D University of Plymouth wave tank testing programme completed April 2016 University of Dublin collaboration to optimise hydrodynamics performance through BA shape studies University of Western Australia (UWA) projects focussed on cost and performance optimisation: Foundation design and loads Optimal number, size, arrangement and location of wave energy converters University of Adelaide development of control strategies to increase efficiency of CETO Partner in the SUPEGEN funded E-Drive linear generator project with University of Edinburgh applied to CETO Wave Energy Scotland (WES) funded Artemis hydraulic motor digital displacement technology applied to CETO Atlantis Resources collaboration agreement focused on electrical architecture. Commercial in Confidence Copyright Carnegie Wave Energy Limited

18 CETO Hydraulic Electric Test rig CWE purchase of former Aquamarine PTO test rig at the Institute for Fluid Power Drives and Controls (IFAS) at RWTH Aachen University in Germany. Supports ongoing CETO PTO test program including: Component performance under a realistic duty cycle System durability, functionality & efficiency. Ongoing collaboration with IFAS Continuing to work with Bosch Rexroth on PTO design and delivery Commercial in Confidence Copyright Carnegie Wave Energy Limited

19 Wave-Integrated Microgrids Expanding Our Capability Multiple energy generation sources Sophisticated control systems and storage Takes advantage of temporal variation, reducing energy storage and diesel generation. Desalination allows higher levels of renewables, as a form of energy storage Garden Island Microgrid (GIMG) will be the world s first wave integrated renewable microgrid project. Delivering Mauritian wave and microgrid design project 35% stake in and strategic alliance with leading Australia microgrid EPC, Energy Made Clean. Copyright Carnegie Wave Energy Limited

20 Key Achievements & Upcoming Wave Developments CETO 5 Perth Wave Energy Project 3 units, 14,000 hours, computational models validated Exported power and water to the Australian Department of Defence CETO 6 Project, Western Australia CETO 6 concept design complete Construction to start CETO 6 Project, UK Development started 2015, Construction 2018 Funding progress expected in coming months Microgrids Mauritian project delivery Garden Island project funding progress expected in coming months Copyright Carnegie Wave Energy Limited

21 The Offshore Wind Story Ref EWEA 2015 By 2015: 11GW deployed LCOE > 100/MWh 80/MWh expected by 2025 (32 years) 4GW (18 years) Copyright Carnegie Wave Energy Limited

22 The prize The CWE Supply Chain from 15,000km away Commercial in Confidence Copyright Carnegie Wave Energy Limited

23 END Commercial in Confidence Copyright Carnegie Wave Energy Limited