CETO Technology

REH is a significant shareholder in Carnegie Wave Energy Limited (CWE).

On 12 July 2012, REH disposed of 113,639,808 ordinary shares in Carnegie Wave Energy Limited ("CWE"), then representing approximately 11% of the entire issued share capital of CWE, to a small consortium of Australian investors.

Following the Sale, REH holds 101,330,192 shares in CWE, as at May 2014 this represents approximately 5.9% of the entire issued share capital (following two further share issues by CWE in November 2013 and April 2014). REH also announced that it has agreed to distribute this remaining shareholding in CWE to all REH shareholders via an in specie distribution. This was originally suggested to be completed before the end of 2012 but it's currently on hold. REH's remaining CWE shares will be held in voluntary escrow until the Distribution occurs and further announcements will be made in due course as appropriate.

The Sale and the Distribution are in line with REH's stated strategy, previously announced on 30 April 2012, to dispose of all of the Company's assets and return the net proceeds to shareholders.

For further information on CETO please visit www.carnegiewave.com