Extension of Preferential Offering Closing Date

24 January 2013

Alternative Energy Limited

("Alternative Energy", "AEL" or the "Company")

EXTENSION OF THE CLOSING DATE FOR THE PREFERENTIAL OFFERING

Further to the announcement of 14 January 2013 in respect of the despatch of an offering letter dated 14 January 2013 (the "Offering Letter") and the accompanying application form (the "Application Form") containing the terms and conditions of the Preferential Offering to the Entitled Shareholders, the Company wishes to announce that the Closing Date of the Preferential Offering will be extended to the following date(s) and time(s):

(a) in respect of applications by the Entitled Scripholders, 3.00p.m. (Singapore time) on 8 February 2013 (Friday); and

(b) in respect of applications by the Entitled Depositary Interest Holders, 3.00p.m. (UK time) on 8 February 2013 (Friday).

Accordingly, the indicative timetable for the implementation of the Preferential Offering is now revised and set out as follows:

The dates set out in the timetable above are indicative only and are subject to change at the Company's absolute discretion. The Company intends to announce any change (including any determination of the relevant dates) to the timetable above once the Company becomes aware or determines the necessity of such changes.

All capitalised terms used but not defined herein shall have the same meaning ascribed to them in the Offering Letter and which were also set out at the end of the announcement released on the 14 January 2013 in relation to the despatch of the Offering Letter, unless expressly provided or the context requires otherwise.

ENDS

About Alternative Energy

Alternative Energy Limited is headquartered in Singapore. Through its team of Singapore based engineers, Alternative Energy has developed a number of technologies including its patented roof based energy system, the eRoof. The Company is now producing its third generation eRoof for commercial roll out this year. The Company is also developing a number of energy saving technologies designed to reduce power consumption, led by its LED lighting systems, which will combine with its energy generation systems to enable the creation of energy self sufficient buildings.

'NOW THE WORLD HAS AN ALTERNATIVE' TM

For further information please see the Company's website: www.alternativenergy.com.sg or please contact:

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

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

Eric Goh, Executive Director Tel: +65 68737782