Re: Carnegie Director Appointment

5th November 2010

Renewable Energy Holdings plc

("REH" or the "Company")

Re: Carnegie Director Appointment

Please find below an announcement released on 5 November 2010 by Carnegie Wave Energy Limited, in which REH holds 232,600,000 fully paid ordinary shares, representing 29.06% of the entire issued share capital:

Director Appointment

Wave energy developer Carnegie Wave Energy Limited (ASX:CWE ) is pleased to welcome Mr Clive Callister onto its Board of Directors as a representative of Carnegie shareholder Renewable Energy Holdings Plc (REH). Clive has over 15 years experience as a chartered engineer and is REH's senior engineer responsible for the management and development of their wind farm assets.

As a result of Clive's appointment Mr Jeff Harding is no longer REH's representative and has been reappointed as a non-executive director of Carnegie.

About the Perth Wave Energy Project

Carnegie's Perth Wave Energy Project is located offshore Fremantle in the ocean between Garden Island and Five Fathom Bank at a depth of approximately 25 metres. Upon completion, it will be Australia's first commercial scale wave energy project.

The primary aim of the project is to demonstrate the CETO technology in commercial operation and deliver Carnegie its first project based revenues from the sale of power. The project site could also be a base for a desalination pilot project utilizing Carnegie's CETO technology.

About CETO

The CETO system distinguishes itself from other wave energy devices by operating out of sight and being anchored to the ocean floor. An array of submerged buoys is tethered to seabed pump units. The buoys move in harmony with the motion of the passing waves, driving the pumps which in turn pressurise water that is delivered ashore via a pipeline.

High-pressure water is used to drive hydroelectric turbines, generating zero-emission electricity. The high-pressure water can also be used to supply a reverse osmosis desalination plant, replacing greenhouse gas emitting electrically driven pumps usually required for such plants.

CETO Technology characteristics include:

§ CETO converts wave energy into zero-emission electricity and desalinated water

§ CETO is environmentally friendly, has no visual impact and attracts marine life

§ CETO is fully submerged in deep water away from popular surf breaks

About Carnegie

Carnegie Wave Energy Limited is an Australian, ASX-listed (CWE) wave energy technology developer. Carnegie is the owner and developer of the CETO Wave Energy Technology intellectual property.

Ends

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