Date of Proposed EGM

FOR IMMEDIATE RELEASE 12 November 2012

Alternative Energy Limited

("AEL" or the "Company")

Date of Extraordinary General Meeting of the Company ("EGM")

Further to the announcement made by the Company on 4 October 2012 entitled 'Proposed Placement, Preferential Offering and Significant transactions, including Related Party Transactions in relation to the proposed Revised Convertible Loan' the board of directors of the Company announce that the reference made to the EGM date being on or around 14 November 2012 in paragraph 4.1 is now likely to be in the month of December 2012. A notice of EGM and related circular will be despatched to shareholders of the Company as soon as possible.

END

For further information, please contact:

Richard Lascelles, Independent Non-executive Director Tel: 020 7408 1067

Eric Goh, Executive Director Tel: +65 68737782

Roland Cornish and James Biddle, Beaumont Cornish Limited Tel: 020 7628 3396