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Unterhaching 3.4 MW Kalina Cycle® Power Plant, GermanyAnnual GeneOctober 17 th 2012ral Meeting

DisclaimerWasabi EnergyImportant Information•This presentation may contain certain forward‐lookingstatementsthathavebeenbasedoncurrentexpectations about future acts, events and circumstances.•These forward looking statements are, however, subject to risks, uncertainties and assumptions thatcould cause those acts, events and circumstances to differ materially from the expectations described insuch forward‐looking statements.•Wasabi Energy Limited accepts no responsibility to update any person regarding any error or omissionor change in the information in this presentation or any other information available to a person or anyobligation to furnish the person with further information.•The distribution of this document in various jurisdictions may be restricted by law. Any recipient of thisdocument must seek advice on and observe any such restrictions.•The information contained in this presentation is for general information purposes only and does notconstitute an offer to issue, or arrange to issue, securities or other financial products.•All amounts including “$” or “A$” are in reference to Australian Dollars unless stated otherwise.October 2012Corporate Presentation Australia | Europe | North America | Africa2

Wasabi EnergyMission Statement and StrategyWasabi biEnergy is an emerging independent d power producer.Wasabi Energy owns proprietary powertechnology, the Kalina Ccle®that Cycle®, convertsheat to power.October 2012Corporate Presentation Australia | Europe | North America | Africa3

Wasabi EnergyCompany Overview• Listed on ASX: WAS, AIM: WAS, OTCQX: WSBLY• Headquartered Melbourne Australia• Core IP – Kalina Cycle® power technology• Approx 30 employees based in 3 main offices in Melbourne, Londonand Houston• Engineering hub in HoustonOctober 2012Corporate Presentation Australia | Europe | North America | Africa4

Waste Heat to Power OpportunityMarket and Drivers• Large available global market U.S alone > 100,000 MW potential waste heat• Mj Majority of waste heat

Kalina Cycle ® Power Competitive AdvantageMost Efficient Power Production• Patented technology turns heat intopower• Proven most efficient powerproduction technology at lowertemperatures• Ammonia‐water mix can bevaried to match heat source• Uses standard “off the shelf”power plant components(turbines, heat exchangers etc)• Ammonia is non ozone depletingand a commonly used chemicalKalina Cycle® Power Plant Efficiency Advantageversus other Power Generation TechnologyOctober 2012Corporate Presentation Australia | Europe | North America | Africa7

Kalina Cycle Power PlantsGlobal Applications for Industrial and Renewable Heat SourcesHusavik2.0 MWFuji OilDG Khan cementSumitomo Metals4.0 MW86MW 8.6 3.5 MWCanoga Park6.5 MWUnterhaching3.4 MWTuzla 7.5 MW ORC14 – 17.5 MWBuild outWorld ldExpo 201050 kW GERDMatsunoyama50 kWArcelorMittalVanderbijlpark10 + 20 MWExistingStar CementDemonstration475MW 4.75 Planned/Under constructionOctober 2012Corporate Presentation Australia | Europe | North America | Africa8

Cost Comparison of Power GenerationKalina Cycle ® High Margin Power Production• Lowest quartile operatingexpense• High operating margins• Project selection:- High power price- Access to waste heat- Direct sale to end user- CER/EUA generationOctober 2012Corporate Presentation Australia | Europe | North America | Africa9

Kalina Cycle ® BOO Growth StrategyAggressive Market Penetration StrategyTimeframeBuild Own OperatePower Plants paAreas of FocusConservative NPVincrease paPer Annum25 MWTurkey, Sub Saharan,Africa, Japan>$100 mMarket Penetration Strategy•Target leading energy intensive industryplayers in high power price locations•Mix of industrial waste heat andrenewable energy sources•Focus on growth of Kalina Cycle ® powerplants through power project development•Strategic long term power purchaseagreements with recurring revenue streams•Continued growth and development of IPin specific applicationsForecast Growth of Build Own OperatePower GenerationOctober 2012Corporate Presentation Australia | Europe | North America | Africa10

Pipeline of Projects- Build, Own, OperateNear Term Visibility of Project PipelineBuild Own Operate ApplicationSub Sahara Africa – AAP Carbon*• BOO application in energy intensive and • 20MW project deliveredrenewable industries(IFM)• On target to achieve 25MW of Wasabi • Feasibility 10MW AMSAEnergy owned power generation by 2015• Prefeasibility BOO projects• Numerous projects currently beingin excess of +20MWevaluatedTurkey – Imparator Enerji*• Feasibility for up to 17.5MWplant• Build out opportunity of80MW• Prefeasibility BOO projectsbeing evaluated (WH2P &geothermal)* Wasabi Energy share. Estimated power production based on forecastsGlobal Application• 2MW Husavik, Iceland (BOO)• Large market, renewable and recoverableheat• Energy efficiency i gaining i traction ti in keymarkets• Opportunities in Europe, North America,Asia PacificOctober 2012Corporate Presentation Australia | Europe | North America | Africa11

Tuzla Geothermal FieldCornerstone Asset for Build, Own and Operate Opportunities In TurkeyTuzla Geothermal Field• Completed purchase of a 50% optionover the Tuzla geothermal field inAugust 2012• The project currently has an operating7.5MWe (ORC) plant• Tuzla geothermal field covers an area of11km2 of very shallow, hll relatively lti l high htemperature geothermal zone in northwest Turkey• Feasibility study has commenced for thebuilt out of the field with first stage 14‐17.5 MW plant• Supports BOO strategy to produce25MWe by 2015 and build outopportunitiesOctober 2012Corporate Presentation Australia | Europe | North America | Africa12

Sub Sahara Africa FocusBringing Together Heat and Chemical Energy Conversion TechnologiesSub Saharan Africa Focused IPP• Wasabi Energy acquired a total of62.5% of AAP carbon (increasedfrom 25% in March) in August 2012• AAP granted a Kalina Cycle® license,unique combination of highlyefficient chemical and heatconversion technologies• Strategic focus on energy intensiveindustry and geothermal• Strong relationships with keyindustry in AfricaOctober 2012Corporate Presentation Australia | Europe | North America | Africa13

Strategic AlliancesRapid Deployment of KCT Through LicensingChina- SSNE• Custom built Kalina Cycle® testinglaboratory built in Shanghai• 80kW solar thermal Kalina Cycle®demonstration plant for World Expo 2010• Kalina Cycle® geothermal demonstrationin Taiwan, closure of nuclear plants willresult in power shortages• Design and technical agreement withSinopec to design a 4.0 40MWe KalinaCycle® plant at the Hainan petrochemicalrefinery, many additional opportunitiesCement & Lime• Exclusive Kalina Cycle® license for the globalcement and lime sector (excl. China)• Technology transfer and in houseengineering and sales team specialised onKalina Cycle® Technology• Two contracts for FLSmidth- 86MWWH2P 8.6MW WH2P DG Khan, Pakistan Pkit- 4.75MW WH2P Star Cement, UAE- +20 Cement Plants in pipeline• Strategic alliance increasing rapiddeployment and industry awareness ofKalina Cycle® TechnologyOctober 2012Corporate Presentation Australia | Europe | North America | Africa14

Strategic Investment - Aqua Guardian GroupGlobal Water ApplicationsUnique water conservation technology• Wasabi Energy owns 79.2% of AGGVent Flotation• Free floating modular system AquaArmour TMpods• Evaporation and algal control• Rd Reduces evaporation by up to 88%• Simple safe deployment• 6 Deployments in Australia• High capacity manufacturing facilities(through manufacturing partner)• Global l applicationAquaArmour water conservation modules. Submerged and exterior views1.2m• Clean TeQ 22.7% investment (ASX: CLQ)• Water, air & mineral purification technology• JV with Nippon GasAquaArmour deployed at Ouyen Reservoir, Victoria AustraliaOctober 2012Corporate Presentation Australia | Europe | North America | Africa15

Global Power ProducerMulti Technology, Diversified Energy Source IPPSSNE Testing LaboratoryChinaTuzla Geothermal PlantTurkeyInternational Ferro Metals PlantSouth AfricaFLSmidth DG Khan CementPakistanOctober 2012Corporate Presentation Australia | Europe | North America | Africa16

AppendixCapital StructureCapital Structure(02 Oct 2012)Issued Shares (fully paid ordinary) 3,008,543,113Unlisted Options 64,650,000Shareholders ~2,000Top 20 Ownership ~80%Director & Associate Ownership ~12%Market Capitalisation (@ 11pundiluted) 1.1p ~£30m (A$46.8m)ADR programme•ADR listing on OTC QX (WSBLY)•Up to 6 million ADR’s at 1 ADR to 100 ordinary sharesOctober 2012Corporate Presentation Australia | Europe | North America | Africa17

Kalina Cycle ® Illustrative Economics - BOOPro-forma simplified ROC analysisPower Plant CapacityCapital Cost (power plant only)Market Price – Electricity10 MegawattUS$15 ‐ $20 million11 cents / kW hourKilowatt hours produced dper annum78.88 million kW hours @ 90% availabilityOperating costsRevenue from electricity salesGross ProfitPayback1 cent / kW hour (waste heat source is free)US$8.7 million paUS$7.9 million pa2.5 yearsReturn on Capital (ROC) 39%NPV (@ US$20m capital, 8% discount rate, 2.5% inflation over 20 years)US$65.6mThe above economics are based on certain assumptions and should not be considered forecasts for the Group’s potential profitability.October 2012Corporate Presentation Australia | Europe | North America | Africa18

Appendix - Kalina Cycle ® Power Plants in OperationIn operationDemoYearPowerOutputProject Customer Country Application1991 6.5 MW Canoga Park* Exergy Inc USA Power plant gas turbine1998 4.5 MW Fukuoka* MITI Japan Incinerator1999 35MW 3.5 Kashima Sumitomo Japan Steel mill2000 2.0 MW Husavik** Municipality Iceland GeothermalCommercialissation2006 4.0 MW Fuji Oil Fuji Oil Refinery Japan Oil refinery2009 3.4 MW Unterhaching Municipality Germany Geothermal2009 0.6 MW Bruchsal EnBW Utility Germany Geothermal2009 50.0 kW Tibet* SSNE Tibet Geothermal2010 50.0 kW Shanghai World Expo SSNE China Solar thermal2010 50.0 kW Taiwan* SSNE Taiwan Geothermal* Demonstration plants that operated for fixed periods of up to 5 years** Currently being refurbishedOctober 2012Corporate Presentation Australia | Europe | North America | Africa19

ConstructionUndeKalina Cycle ® Power PlantsPower Plants Under ConstructionYearPowerOutputProject Customer Country Applicationn2011 50 kWOtari GERD Japan Geothermal2011 2 MW Husavik repower * Wasabi Energy Iceland Geothermal2011 8.6 MW Khairpur Cement Plant FLSmidth / DG Khan Pakistan Cement20122 50 kW Ministry i of Environment GERD Japan Geothermal2012 4.75 MW Star Cement FLSmidth / Aditya Birla UAE Cement2013 4.5 MW Taufkirchen * GeothermieTaufkirchen Germany GeothermalFeasibilityPre Feas sibility2013 10 MW ArcelorMittal South Africa* Wasabi Energy South Africa Steel2013 5 MW Mogale Alloys (Ruukki)* AAP Carbon South Africa Ferroalloys2013 28 MW Hernic Ferrochrome (Mitsubishi) AAP Carbon South Africa Ferroalloys2013 7.5 MWTuzla Geothermal Power PlantRefurbishment*Imparator Enerji/Enda EnerjiTurkeyGeothermal14 – 17.5 Tuzla Geothermal Power Plant Imparator Enerji/2013TurkeyGeothermalMW First Stage Build Out* Enda Enerji2014 10.5 MW TATA Steel* AAP Carbon South Africa Ferroalloy2014 20 MW ArcelorMittal South Africa* Wasabi Energy South Africa Steel* Build Own Operate Power PlantOctober 2012Corporate Presentation Australia | Europe | North America | Africa20

AppendixBoard of DirectorsMr. John Byrne –Executive ChairmanMr John Byrne was appointed a director and Executive Chairman in 2009. He has over 30 years experience in business as an investor, director and adeveloper of new businesses. Until recently Mr Byrne was executive chairman of Cambrian Mining Plc and Western Coal Corporation. He is currently alsothe Chairman of East Coal.Dr. Malcolm Jacques –Executive DirectorDr Jacques’ (Ph.D. Chemical Engineering) international career has embraced research, development and implementation of numerous energytechnologies in both the public and private sectors. He has worked with BP Ventures (UK), The Energy Laboratory, MIT (Cambridge, USA), StrategicResearch Foundation (Australia) and has played key roles in the establishment and management of public and private energy technology companies inAustralia and North America.Mr. Robert Reynolds ‐ Non Executive DirectorMr Reynolds (Master Eng. (Mining)) is a mining engineer with more than 30 years experience in Australia and overseas in coal marketing as well as coalmining management and engineering. Mr Reynolds is a consultant providing marketing advice and services to a number of national and international coalproducers. Mr Reynolds previously worked with was with Southland Coal, Oceanic Coal and BHP.Mr. Robert Vallender ‐ Non Executive DirectorMr Vallender (B. Comm) has over 30 years of management and new technology product development experience in Australia and North America. MrVallender is a consultant providing independent marketing and capital project sales advice to the Australian and European iron and steel and primarymetals industries . He has dealt with major manufacturers and producers including Alcoa, US Steel and General Motors.October 2012Corporate Presentation Australia | Europe | North America | Africa21

AppendixSenior ManagementWasabi Energy Limited :Ms. Diane Bettess –Chief Operating OfficerMs Bettess has held a number of general and executive managementpositions within the mining and construction industries. Her career spansover 25 years with international organisations in operations, projectmanagement, strategy and technical roles. These included Boart Longyear,Thiess (a subsidiary of Leighton Holdings), Orica and CSIRO(Commonwealth Scientific and Industrial Research Organisation). Diane is ageologist and holds Bachelor of Science with Honours as well as an MBAand Masters of Commerce in Applied Finance. Diane is a member of theAustralian Institute of Company Directors, a Director of Global GeothermalLimited, Aqua Guardian Group and the Australian Drilling IndustryAssociation.Mr. Nico Bleijendaal –President InternationalMr Bleijendaal career spans 30 years in the iron and steel industry. He hasheld a range of senior positions including Managing Director, HoogovensTechnical Services, now Danieli Corus. In this role he was responsible forthe international engineering and contracting activities and the executionof large industrial projects at Arcelor Mittal, Thyssen Krupp, US Steel, BHPand Posco. Most recently Nico was responsible for the primary iron andsteel operations and subsequently the rolling mills, at the TATA SteelIjmuiden works, one of the most efficient steel‐mills in Europe.Global Geothermal Limited :Mr. Robert Dewing –ChairmanRobert (Bob) Dewing is currently Portfolio Manager for Infrastructure Debtat JP J.P. Morgan Asset Management and an Adjunct Professor at ColumbiaUniversity teaching project finance. Previously he spent 26 years withCitigroup developing and financing projects and businesses and has anumber of roles with private companies focusing on enterprisedevelopment. Mr Dewing has an Engineering degree from ImperialCollege, London and an MBA from The University of Chicago.Mr. Bruce Levy ‐ Chief Executive OfficerBruce Levy is a member of the board of directors of GGL and currentlyserves as CEO of both Global and Recurrent Engineering. He specializes inpower project development, finance and operations and has been aninnovative leader in the traditional as well as renewable power industriessince the late 1970s. Mr. Levy was executive vice president of O'BrienEnergy Systems, then served in a similar capacity at New World PowerCorporation. He was the founder of TDX Power in 1999, which is today oneof the leading regulated ltdelectric utility owner/operators in Alaska. He wasone of the original advisors to Amp Capital Partners when Amp enteredthe geothermal power sector through its association with the Kalina Cycle®in 2002. Mr. Levy has been involved in the successful development,finance and implementation of well over 30 regulated and non regulatedpower generation and alternative fuels projects worldwide totalling over$1 billion in investment.October 2012Corporate Presentation Australia | Europe | North America | Africa22

Contact detailsMelbourne officeLondon officeLevel 9,175 Collins Street,Melbourne, VIC 3000AustraliaPhone: + 61 (0) 3 9663 71324th Floor55 St James's StreetLondon SW1A 1LAUnited KingdomPhone: +44 (0) 2074937339www.wasabienergy.comfor virtual tour of the Geothermie Unterhaching Kalina Cycle® Power Plant