Power Purchase Agreemen - Excel

							       WAVE

CETO - Carnegie Corp.
No. of Shares**           232,600,000
Share Price (AUSD)               0.09
Estimated Value (AUSD)    $20,934,000         **Shares in CWE restricted
A$ = GBP£                     0.57542         from trading <23.12.2010
Estimated Value
(GBP) at ER on
08.08.2010                £12,045,842




                                         Applied value -20% of
Applied Value (GBP)                      market value to reflect
at ER on 08.08.2010      £9,636,673.82   difficulty in recovering
                                         such value from such a
                                         large stake in a 'tech'
                                         company
Yes
Yes
Environmental permit
Yes
No
Planning permission
Yes
No
Grid connection agreement
Ready to sign
No
Power purchase agreemen
WIND OPERATIONAL                          WIND DEVELOPMENT

Kirf Wind Farm, Germany                      Gamar GHL, Poland
Constructed                     2007      Prospective Capacity              30MW
Turbine Manufacturer           RePower    Prospective Ownership             100%
Capacity                        8MW       Prospective Load Factor            28%
Leverage                        77%
Rate of Interest
effective as of 2009            4.03%     Land Acquired / Optioned           YES
Value / Per MW                1,000,000   Environmental Permit               YES
Suggested Value               1,840,000   Planning Permission                YES
                                          Grid Connection                    NO
  Kesfeld I, Germany                      PPA                                NO
Constructed                      2009
                                          GDPC Expected sale
Turbine Manufacturer           Siemens    value in current state           3,500,000
Capacity                       11.8MW
Leverage                         77%      Mynnyd y Gwynt, Wales
Rate of Interest
effective as of 2009            4.03%     Prospective Capacity              69MW
Value / Per MW                1,000,000   Prospective Ownership              25%
Suggested Value               2,714,000   Prospective Load Factor            30%

   Kesfeld II, Germany                    Land Acquired / Optioned           YES
Constructed                      2009     Environmental Permit               NO
Turbine Manufacturer           Siemens    Planning Permission                NO
Capacity                       20.7MW     Grid Connection                    NO
Leverage                         77%      PPA                                NO
Rate of Interest
effective as of 2009            4.03%
                                          GDPC Expected sale
Value / Per MW                 250,000    value in current state            1,750,000
Suggested Value               1,190,250
                                              Wales only recieves a
                                              valuation over £1m owing
    Our conservative estimate of              to the exceptionally
    the value per MW at Kesfeld II            favourable wind
    is ascribed because of the                conditions at the site,
    historical poor performance of            whilst Poland achieves its
    the wind farm and un-                     value on merit and is
    profitable nature. This                   perhaps conservative in
    conservatisim in our valuation            GDPC's view.
    we believe leaves margin for
    lesser valuations to potentially
    be recognised at sale from the
    Kirf and Kesfeld I wind farms.
    LANDFILL GAS
                                   As part of the sale if the new owner,
   Gwynt Cymru Ltd.                "Potters", increase output < 31.01.2012
Sold on 21.01.2010                 REH will be due £750'000 on the same
Due on the 31.01.2012   £250,000   date. Alternatively, with no increase, REH
                                   will be due £250'000 only. It is of GDPC's
                                   opinion that the output increase will be
                                   delayed past this date with REH receiving
                                   £250k as a result.
                                                           Recommended
                                                          Strategy for REH
        Asset             Asset Class    GDPC Value         Management              Note 1: Sell, try to achi
                                                                                    reasonable price but sa
       Kirf                   W/F           1,840,000   Maintain, Reduce Leverage   critical and should be e
     Kesfeld I                W/F           2,714,000   Maintain, Reduce Leverage   company priority. Ask S
     Kesfeld II               W/F           1,190,250   Note 1                      transfer of leverage fro
    Gamar GHL                 W/F           3,500,000   Note 2                      II to Wales / Poland
  Mynnyd y Gwynt              W/F           1,750,000   Note 3                      development. If not, us
                                                                                    the consideration to pa
     CWE Stake                Wave         £9,636,674 Note 4                        Leverage on Kirf and Ke
                                                                                    other part to develop W
 Gwynt Cymru Ltd.         Landfill Gas      £250,000 Note 5                         Poland.

                                                                                    Note 2: Attempt to dev
Suggested REH NAV                         £20,880,924                               priority. Achieve grid co
                                                                                    PPA, project financing.
                                                                                    are too poor, seek out
Note 4: Maintain stake and avoid                                                    to take the wind
                                              Note 5: Leverage this amount          75 (Partners), through
dilution if possible. Reduce
                                              for use immediately to                development. Have op
associated costs by removing REH
                                              develop Poland and Wales              in 2012.
directors (currently 2) from the
CWE board.
                                                                                    Note 3: Get planning pe
                                                                                    Following this and the s
Suggested REH NAV                         £20,880,924                               try and acheive financin
Current Market Cap.                        £5,920,000                               period. Look for a stake
                                                                                    taking the project on so
Suggested Discount                        £14,960,924
          Sell, try to achieve
reasonable price but sale is
critical and should be expidited, a
company priority. Ask SCB for a
transfer of leverage from Kesfeld
II to Wales / Poland
development. If not, use part of
the consideration to pay down
Leverage on Kirf and Kesfeld, the
other part to develop Wales /



         Attempt to develop as a
priority. Achieve grid connection,
PPA, project financing. If terms
are too poor, seek out a partner
to take the wind-farm 25 (REH)
75 (Partners), through
development. Have operational


        Get planning permission asap.
Following this and the status of Poland,
try and acheive financing with a grace
period. Look for a stake 10 - 15% if
taking the project on solo is not feasible.