MRIA February 2018 Kieran O’Brien European Director Carnegie Clean Energy

CARNEGIE OVERVIEW Carnegie is an ASX-listed developer of utility scale renewable energy projects. It a global leader in the delivery of solar, battery, wave and hybrid energy solutions US$5m cash, $10m debt, $20m in grants Focused on the integration of complex systems – either design and construct (D&C) or build, own & operate (BOO). Business model across the full value chain of design, development, finance, construction, operation and maintenance. 50/50 joint venture with Lendlease Services to D&C solar and battery systems in Australia Commercial in Confidence and Copyright Carnegie Clean Energy Limited 2017

Wave Energy CETO 6 update CETO 6 design Diversified into solar and battery systems through the 100% acquisition of Energy Made Clean, a leading Australian renewable energy company focused on solar, battery and hybrid engineering, construction and maintenance. Global microgrid market is experiencing transformational growth with market estimated at US$40 billion per annum by 2020.* Only ASX-listed company with in-house design, construction, operation, maintenance and power generation and supply of hybrid systems (solar/battery and/or diesel) for off grid and fringe of grid applications. Identified EPC pipeline in Western Australia alone ca. AU$500m through to 2020. EMC has industry leading track record in the design and delivery of complex, hybrid microgrids and utility scale battery storage. * Navigant Research 2013 Report Market Data: Microgrids Commercial in Confidence and Copyright Carnegie Clean Energy Limited 2017

CETO 6 design update Based on IP first lodged in 2013. US Patent granted in 6 November 2017. Multi-tether design to capture heave (vertical) plus surge (horizontal) plus pitch (rotational) Multiple smaller foundations, shared between units. Improved rated capacity from 1MW to 1.5MW at Albany for a ca. 25m buoy 3 x PTO options being taken forward at present. Commercial in Confidence and Copyright Carnegie Clean Energy Limited 2017

Albany Wave Energy Project Primary objective is to deploy the most competitive commercial design CETO unit at the site that optimizes the best performance with the lowest direct cost to CCE whilst managing risk. Recently awarded $16m in WA Government grant funding and $12m in ARENA national funding. Another ca. $20m available in R&D tax credits. Delivery of world-first CETO 6 commercial prototype off Albany, south-west coast of Western Australia Albany wave resource >97% availability of Hs 3m. Adjacent to Synergy wind farm and Western Power network. Concept design complete. Preliminary and detailed design in 2018. Unit manufacture 2019. Installation summer 2019/20. Wave Energy Research Centre funded by $3.5m WA Government grant brings additional value. Commercial in Confidence and Copyright Carnegie Clean Energy Limited 2017

Wave Energy Research Centre WERC will coordinate all research activities associated with the Albany Wave Energy Project Carnegie will provide access to all its sites (Fremantle, Garden Island and Albany) for testing by any wave energy technology company. WERC coordinated by University of Western Australia’s Ocean Institute and located at Perth and Albany campuses WERC members will have access to all data from developers at these sites Australian Energy Minister Josh Frydenberg (left) & Western Australia Premier Mark McGowan (above) Commercial in Confidence and Copyright Carnegie Clean Energy Limited 2017

Garden Island Microgrid Project, Western Australia Carnegie’s first build, own, operate project Offtake to Department of Defence for power and water GIMG integrates: Existing diesel generation and grid infrastructure. Large scale 2MW solar PV farm. 2MW/0.5MWh battery storage and control systems. 150kL/day desalination plant Partnering with Western Power, who provide grid and network expertise and support. Solar/battery funded by AU$2.5m from ARENA, $3.7m debt financing agreement and $1.3m CCE equity Wave site for future CETO deployment or industry peer Construction well advanced. Commissioning in Q1 2018.

Garden Island Microgrid Project, Western Australia 2MW/0.5MWh BESS 2MW solar farm 150kL/day RO desalination