Wave Hub Update All Energy 21/22 May Stuart Herbert Commercial Director

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1 Wave Hub Update All Energy 21/22 May 2014 Stuart Herbert Commercial Director

2 Deployment Site

3 EMEC, Orkney NaREC/EMEC Refined Prototype Testing Market penetration NaREC, Northumberland Market entry with commercial product Initial Prototype Demonstration Wave Hub, Cornwall Pre-Commercial Device Demonstration

4 Wave Hub World s largest offshore test site for wave arrays 25 km subsea cable and onshore substation Consented and grid connected site One of the best wave climates in Europe Open sea testing and monitoring 20 MW capacity with 50 MW upgrade potential

5 Why Invest in Marine Energy in South West England?

6 Huge growth potential - globally Excellent natural resources Maritime and industrial heritage Innovative businesses in the region

7 The Drivers Test Sites Early array returns negative (any site) Test facilities reduce early cost & risk System cost reduction & performance improvement Early stage public support Infrastructure (grid) availability

9 Planned Deployments 1 st deployment will be Seatricity Limited s Oceanus Buoy imminently Other reserved berths: Fortum Possibly Penquin Carnegie Wave Energy Energy Technologies Institute (Glosten-Alstom)

10 Planned Deployments Fortum/ Wello Penquin

11 Wello has proven technology for offshore wave energy Results from full scale device build confidence Utility engagement with most active company in wave energy Pilot planning progressing

Our Innovation How it works DIRECTLY FROM MOTION TO ELECTRICITY (a) One

asymmetric vessel housing mass that rotates with passing waves converts

Re-purposing existing technology Motion energy is directly captured by

industry components Simple and patented Reliable and durable for the

12 Our Innovation How it works DIRECTLY FROM MOTION TO ELECTRICITY (a) One floating element - everything inside (a) (b) (c) (b) (c) a floating asymmetric vessel housing mass that rotates with passing waves converts the motion to electricity in a generator on the same axis with the mass Re-purposing existing technology Motion energy is directly captured by generator Direct conversion, no hydraulics, no joints, no gears Proven industry components Simple and patented Reliable and durable for the ocean environment Electricity at a lower cost than offshore wind power plants

Where are we now Challenge 1 Construction 2 Installation 3 Operations

2011 with Off-the-shelf components Ship yard manufacturing Efficient

vessel available locally Maintenance access with small boat All parts

with scale model tests Optimization ongoing Two test seasons Survived

13 Where are we now Challenge 1 Construction 2 Installation 3 Operations 4 Performance 5 Reliability Wello s status Prototype was built in 2011 with Off-the-shelf components Ship yard manufacturing Efficient installation in 2012/2013 All operations with cost efficient Multicat vessel available locally Maintenance access with small boat All parts inside hull Service and replacement on site Results available In line with scale model tests Optimization ongoing Two test seasons Survived storm with 12 meter waves All components inside fully working after that

Next steps Challenge 1 Construction 2 Installation 3 Operations 4 Performance 5

with high volumes and short lead times Develop for scalability Optimize as part of

on site Remote management Data collection and analysis Software control adjustment

14 Next steps Challenge 1 Construction 2 Installation 3 Operations 4 Performance 5 Reliability Wello s plan Planning for 5-10MW ( ) Scalable supply chain with high volumes and short lead times Develop for scalability Optimize as part of pilot Repeat good practises Rehearse Support/Maintenance Service and replacement on site Remote management Data collection and analysis Software control adjustment Optimize performance Continuous power production Longer term testing Multiple sea states

15 This is Wave Energy Today

16 Planned Deployments Carnegie Wave Energy

17 CETO Development Update May 2014 Copyright Carnegie Wave Energy Limited

18 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. Copyright Carnegie Wave Energy Limited

Perth Wave Energy Project, Western Australia

240kW CETO 5 units Onshore power plant and

19 Perth Wave Energy Project, Western Australia World first multiple wave unit array 3 x 240kW CETO 5 units Onshore power plant and grid connection Onshore reverse osmosis desalination pilot plant Component manufacturing nearing completion Onshore construction activities underway Commissioning on track for Q2, 2014 Copyright Carnegie Wave Energy Limited

20 Perth Wave Energy Project global supply chain Copyright Carnegie Wave Energy Limited

21 CETO 6 next generation design 1MW (1000kW) capacity unit ~50% increase in diameter over CETO 5 => 4 x increase in rated capacity First commercial production unit Cost competitive in large projects Copyright Carnegie Wave Energy Limited

22 UK CETO 6 Wave Hub, Cornwall Award of final wave energy berth at Wave Hub 3MW grid connected demonstration Option to expand to 10MW project Due diligence carried out by DNV GL on the CETO technology Copyright Carnegie Wave Energy Limited

23 Australian CETO 6 - expansion of Perth Project off Garden Island Copyright Carnegie Wave Energy Limited

24 CETO Wave Energy Technology development timeline Copyright Carnegie Wave Energy Limited

25 ETI Demonstration Project Wave Hub September 2013

26 PelaStar Floating Tension Leg Platform Superior Stability for Turbine Heave, Pitch, Roll Low Wave Excitation Long Surge Period Low Steel Weight Shoreside Assembly Efficient Installation Low Cost of Energy

27 ETI Demonstration Project Full Scale PelaStar Prototype 6 MW Alstom turbine UK Cornwall site at Wave Hub 55 m depth, Hs = 10.2 m Avg wind speed 9.6 m/sec Begin Operation 2015 goal 10-year Commercial Operation

28 Energy Technologies Institute

ETI Demonstration Project Team The Glosten Associates, Prime Contractor (Seattle, WA) PelaStar System Engineering and Overall Project Management Alstom Wind, Haliade 150-6MW Wind Turbine (Barcelona,

29 ETI Demonstration Project Team The Glosten Associates, Prime Contractor (Seattle, WA) PelaStar System Engineering and Overall Project Management Alstom Wind, Haliade 150-6MW Wind Turbine (Barcelona, Spain) Harland and Wolff, Platform (Belfast, N. Ireland) Dockwise, Platform Installation (Netherlands) KML/LDD, Anchor Installation (Cornwall, UK) NREL, Instrumentation and Data (Golden, CO) MARIN, Scale Model Testing (Netherlands) DNV, System Certification / Approvals (Norway) Wave Hub, Demonstration Site (Cornwall, UK)

30 Further Information Stuart Herbert, Commercial Director

31 Why Hayle? Possible to connect into the grid: Sufficient grid capacity Not too expensive Energetic wave climate at the right depth A site that could be consented Legacy of Hayle s industrial past

32 Array Development Comparison Typical Deployment at Wave Hub Year Design Marine Licence Financial Close Start Build Initial Installation and Commissioning Deployment at a Virgin Site Year Time to develop virgin site to match Wave Hub offer Feasibility - Stakeholder Engagement Initial Resource Studies Grid Review ADCP Deployment Financial Modelling Application for Lease Site Surveys/ Environmental Data Collection Award of Lease Negotiate Grid FEED Complete EIA Marine License Application Marine License Secured Financial Close Start Build Initial Installation and Commissioning

33 Economic Enhancements Costs Development, Capex, O&M (EIA/Consenting/Capex) Infrastructure support Existing test sites (immediately) Project terms 2-20 years (10 Year term at current site) Transmission Grid connection availability/cost (immediately available reduced cost) Funding Equity/Debt/Capital Grant (grant assistance) Revenue streams ROCs/Strike Price (PPA Guidance) Generation Capacity Factor/Availability (Repair connection agreements)

34 Additional Roles Array Performance Modelling and Layout Design Software tool verification - wave arrays Type Certification Support vessel and ROV trials at the Wave Hub site Sea trial of communications/ electronics Sea trial/ test of coatings corrosion/ biofouling Assessment of operational procedures

35 The Wave Hub Infrastructure and Construction Programme

36 Wave Hub Substation

37 Wave Hub Substation

38 Wave Hub Cable Thermoplastic Outer Sheath 2 Layers 5mm Armour wires Water blocking filler material OD = 175mm Conductor Cores, 6 x 300mm2, 33kV, XLPE insulation, Copper Screened & Sheathed Fibre Optic cable Central Filler Core Mass in Air = 62.5 kg/m Weight in water = 380 N/m

41 The Beach Pull

42 Cable on the Beach

43 Cable Protection

44 The Rolling Stone

45 Hub Loading

46 In the Water

47 The Eagle has Landed!

48 Wave Hub Office

49 Cost and Funding Wave Hub Cost: Design and development 5m Construction 30m Operating cost per annum 1.2m Wave Hub Funders: South West RDA BIS / DECC Grant ERDF Convergence Programme 12.26m 9.51m 19.95m

50 FUNDING

51 Further Information Stuart Herbert, Commercial Director

Challenges of up-scaling to a grid connected array. PECC Energy Transition June Arturo Troncoso, Director CWE Chile

Challenges of up-scaling to a grid connected array PECC Energy Transition 2013-2014 24 June 2014 Arturo Troncoso, Director CWE Chile Copyright Carnegie Wave Energy Limited 2014 1 Disclaimer The information