2011, page-2

Two of these significant 4 milestones (financing of 120MW power plant expansion (Sengkang) and DOE (Philippines) permit to construct the LNG hub) have been achieved (ASX announcements earlier this morning).

The financing (US$200million) for the 120 MW expansion includes funds to refinance the existing Sengkang debt.

The permit to construct the LNG hub in the Philippines, originally proposed to comprise a storage facility of 80,000 cubic metres (2008 EWC Annual report), which, in EWCs 2010 Annual report, was increased to 130,000 cubic metres, now includes a doubling of this most recently stated capacity, namely from 130,000 cubic metres to 260,000 cubic metres. With construction to commence prior to June 2011 and commercial operation expected to be in about 2 years time (2012/13), this development is just one further step in EWCs vision to become a leader in modular lng development and a significant or natural gas to Asian markets (Brisbane conference, 15 Feb 2010).