Ann: Annual Report to shareholders, page-6

I can understand yours and colinchi’s frustration with EWC management. (The number of hc forum members who give you and colichi a positive tick seem to indicate that quite a few hc forum members share your frustration).

However, as much as with colinchi’s posting I cannot reconcile the two diametrically opposed sentiments you both express:

On the one hand, you both slam EWC’s management (eg. stupidity, farcical etc) and on the other hand you both still hold EWC shares and have a ‘buy recommendation. If you really believe your comments, then surely a consistent financially responsible course of action would be to have sold all of your EWC portfolio and move to ‘greener pastures’.

One way to ease your and colinch’s obvious dilemma (bad, incompetent management etc. yet hanging on to EWC shares and recommending for others to buy EWC shares) would be to talk to EWC management. In your case, you would realize, in part, that EWC are fully cognizant of the PPA ending in 2022, with discussions starting in 2018 with a view to extending the PPA and with progress re: Sengkang LNG off-take agreement, Philippines power project as well as LNG hub all aiming to be commercially operating in 2018,ie. well before 2022. Quite apart from this, remember, Slipform has provided EWC with a seven year $433 million loan (ending in 2024) being fully appaised of EWC’s ability to repay interest plus capital. Money speaks louder than words…!!!