2014 AGM, page-15

Hi Umshebi,

Your comments probably reflect the ideas (and certainly the recent share price) of most of EWC’s share holders/traders.

Nevertheless, one needs to remember the fundamental differences (in business approach) between EWC and other similar companies. These differences are based on S. Elliott’s vision which, in the case of Sengkang lng plant, means eg. that no off-take agreements have been required prior to a final investment decision being made and, in the case of the Philippines projects (power station and lng hub) means eg. that construction and operational progress are not necessarily dependent on final approved finance, as Slipform (as we all know, a related party) is carrying out all necessary engineering, construction etc. services and will see these projects through to their completion.