Ann: Letter to Shareholders and Animation Release, page-2

"Over the last several years, Carnegie has evolved as a business. Our innovations have delivered step change improvements to our CETO technology"

- Such as… can you outline something, anything with specifics and 3^rd party verified?

"The €3.75M EuropeWave contract award is the cornerstone of our ACHIEVE Programme which will deploy and grid connect CETO at the Biscay Marine Energy Platform (BiMEP) in the Basque Country, Spain."

- Let’s hope it isn’t as embarrassing as CETO 5!

"In parallel, we’ve designed, built and deployed our spin-of MoorPower wave energy technology for the aquaculture sector right here in Western Australia with support from the Blue Economy Cooperative Research Centre and Australia’s leading aquaculture companies Huon and Tassal."

- Zzzz… what size units? What power are they producing? What do they cost? Size of the market and scaling up plan?

- How far from being commercialised are they?

"Wave energy offers superior consistency and predictability and complements wind and solar to deliver a lower cost renewable energy grid."

- What?! In theory you might get away with “offers superior consistency and predictability and complements wind and solar” but when you add BESS to wind and solar I doubt you are anywhere near then for utility?

- As for “… deliver a lower cost renewable energy grid…” WT?! On which planet and based on what independently-reviewed analysis can you make this total BS claim? Since Carnegie has never published any economics around their mythical technology this should be called out for blatant lying.

"With wave energy notably following a similar trajectory to wind and solar, the uptake and commercialisation of wave energy solutions continues to strengthen"

- Again - WT?! What miniscule uptake?? Solar, wind and BESS are leaving wave behind so far and fast this is another blatant BS exaggeration!

"Wave energy has a part to play in global decarbonisation and Carnegie is ready"

- OMG.. ready to give your shareholder a single fact about anything?! WHAT product is ready? What will it do, how much will it cost and who is going to buy it?! CCE is ready to TAKE YOUR MONEY (like KFC, except KFC will give you something for your money aside from a capital loss!)

"Funds received through the Ofer will be used tocomplementthe existing funding awarded by the Spanish and Basque Governments for theACHIEVE Programme, support ACHIEVE cashfow particularly in relation to keycomponent procurement and accelerate business development activities drivingfuture revenues and CETO and MoorPower project pipelines " fund our lifestyle company and somehow get some money back into out Director’s pockets (you know, they’ve lost a lot on this dog!).

"The offer price represents an 18% discount to the last sale price (4.9 cents) of the Company’s shares on ASX on Friday 24 May 2024 and an 19% discount to the last 5 trading days VWAP."

- LOLz – 5-day VWAP. Did some shares trade 5 days in a row?!

"Shareholders holding less than a marketable parcel (less than $500 in value of shares), are encouraged to consider topping up their holding by participating in the SPP and increasing their holding to a marketable parcel."

- Nice! We know we’ve turned your $50k into $500 over the last 10 years or so. Why don’t you put in just another $1,000 and make it a ‘marketable parcel’.

Now you have to laugh at that pathetic toy in the photo that they’ve deployed off Freo don’t you?! The solar panel is probably generating the vast majority of any power being created on it!

Honestly - I don't think they are getting $3M but every time I think people are finally realising what a scam this whole thing has been, they manage to lift more money out of enough people's wallets so lets see...