2014 AGM, page-4

Hi Doc,

Thanks for your posting.

It is sad to hear about Delinvestor having been banned for over 2 years. I found his/her contribution always informative and valuable.

Reading through your information, I would appreciate if you could provide clarification on the following:

Are the $200-$250million sought from a Philippines bank in addition to the $550million from the Philippines Development Bank or instead of this loan. If instead of, how does EWC envisage to fund the shortfall of about $300million?

Are you saying that EWC’s profit from 400MW Philippines power plant is around $40million per year (and around $65million once it is expanded to 650MW)? If this s correct, then the profit from one 133,000m3 lng tank is envisaged to be around $190million per year (ie. $450million for 2 lng tanks minus $65 million for 650MW power plant)? Am I correct with these calculations?

Thanks again for your contributions on this forum.