FIRSTWAVE CLOUD TECHNOLOGY LIMITED — Capital/Financing Update 2011

May 5, 2011

5 May 2011

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COMMITMENTS SCHEDULE

The Company intends to apply the funds raised under the Prospectus dated 21 March 2011 ($4,250,000) as follows:

Sources and Use of Funds	Year 1	Year 2	Total
Pre‐Offer cash			$80,900
Total raised under the Offer			$4,250,000
Total funds available			$4,330,900
Exploration and Evaluation	$1,213,295	$1,321,666	$2,534,961
Administration Costs	$397,899	$430,722	$828,621
Costs of the Offer	$497,818	Nil	$497,818
Project Generation and Working Capital	$200,000	$269,500	$469,500
Total	$2,309,021	$2,021,888	$4,330,900

Yours Sincerely

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Anne Adaley Company Secretary