Ann: Non-Renounceable Pro-Rata Entitlement Offer to Raise $54.5M, page-4

I wouldhave thought that there are a number of attractive propositions (not in orderto importance), including the following:

1. 25% premium to recent VWAP indicatesconfidence on the part of EWC Board and lead manager.

2. Lead manager’s fees are roughly halfof 2021 EWC entitlement offer and lead manager takes 50% of fees in shares (andoptions). Shows confidence on the part of lead manager.

3. Unsolicited personal statements fromJohn Phipps and Sean Gardiner were very positive.

4. Free Options 1:10 at 12c expiring in 2 years.

5. EWI and Slipform have committed toenter into good faith negotiations with EWC prior to their debts falling due on30 June 2024.

6. Stakeholder pressure (incl.EMP/( EMA), SKKMigas, local contractors, (former) employees, residents/business re: experiencing brownouts etc).

7. Sengkang power plant may be able todispatch electricity to PLN again, either on an ‘interim’ basis or in relationto a new PPA.

8. Sengkang power plant valued ataround US$150million (operational) or US$80million as per present.

9. Record date for entitlement is 30Nov 2022 5pm.

10. EWC share price 30 Nov 2022 4.10pm?