Result of EGM

FOR IMMEDIATE RELEASE 11 January 2013

Alternative Energy Limited

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

EGM Results

Further to the announcement of 21 December 2012 (the "Announcement"), the directors of AEL ("Directors") are pleased to announce that the Independent Shareholders have approved the resolutions in relation to the Whitewash Resolution, the execution of the Revised Convertible Loan Agreement and the issue and allotment of the Revised Convertible Loan Shares to Christopher Nightingale and the Shareholders have approved the resolution in relation to the Preferential Offering, at the extraordinary general meeting of AEL held on 11 January 2013 at 3.00p.m. (Singapore time). All resolutions put to the meeting were therefore passed.

Therefore AEL intends to send the Offering Letter (together with the Application Form), which will contain the terms and conditions of the Preferential Offering, to the Entitled Shareholders on or about 14 January 2013. Further announcements in this regard will be made by AEL in due course.

All capitalised terms used but not defined herein shall have the same meaning ascribed to them in the Announcement unless defined or the context requires otherwise.

For further information, 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