2013 agm, page-4

Hi Shamish and Mont,

Luckily the finishing line is not a ‘piece of string’!!!
Joking apart, the first finishing line will be approached in the next 5 months or so, and crossed by the end of 2014.

There are a number of reasons for my assessment, including the following:
1. EWC has shifted from a company presenting, in the main, plans of its projects to a company now letting the construction progress do the talking.
2. EWC’s focus is now clearly on bringing the construction phase of its four projects (Sengkang LNG facility, LNG Hub (Pagbilao), power station (Pagbilao) and Gilmore mini LNG plant) to completion.
3. Even the most cautious independent non-executive director (Mr. K.S. Virk) expressed his absolute confidence that dividends will be paid within the next 5 years. (We all know that the payment of any dividend hinges on the revenue stream from the Sengkang LNG facility and, perhaps to a lesser extent, from the 2 Philippines projects).
4. The PR company, selected by EWC some 3 months ago, which will handle all aspects of investor relations will be up to speed within the next few months. (We all know that EWC management will have only contemplated such a move, once the ‘building blocks’ are well and truly set in concrete). The story to be presented will be one of ‘concrete’ activities and achievements.
5. Given the tangible construction progress made so far on all 4 projects and the significant construction milestones being reached in 2014 (a pre-requisite for the HKSX listing), the HK listing is planned for 2014.

This picture is the story; there is no more gloss needed!!

Just to clarify any remaining ambiguities: there will be more finishing lines to be crossed in due time (eg. ramping Sengkang lng facility up from 05.5mtpa to 2 mtpa, building phase 2 of the lng hub and adding (at 6 monthly intervals) 2x200MW turbines to reach 600MW for the Pabgilao power station). As shareholders we can look ahead with confidence as the investment community as a whole will become increasingly cognizant of all of this.