AGM, page-7

1. OK. Here it is. Main points of interest (in my opinion) of 2016 AGM:

Attending shareholders were well informed and asked really pertinent questions which were answered frankly by Brian and Graham. After this official presentation, Brian and Graham and other Directors were available to answer questions raised by shareholders and provided further clarifications.

EWC’s top priority is achieving drawdown of funds for power plant (Philippines).

Power Plant (Philippines): Landbank confirmed that drawdown of funds will be made available on confirmation that affected landowners have formally agreed for EWC having ‘right of way’ to construct 230kva power line (approx. 12kms long). 80% of landowners have signed up so far. The remaining 20% of landowners will also sign up in the next few weeks. This confidence is based on the local mayor as well as regional governor being totally behind EWC’s projects and want it seen through to commercial operations. Expectations are that all landowners will have formally agreed by the end of this year. (As a last resort, the government is also empowered to compulsory acquire any outstanding parcels of land). As in all EWC’s operational areas, EWC is also providing a significant amount of social infrastructure to local communities as well as job and training opportunities Commercial operations of first 200MW turbine is expected by August/September 2017.

Sengkang LNG plant: Off-take agreement with PLN has passed all internal assessments and given the ‘tick of approval’. Off-take agreement is now for consideration by the PLN Board. Agreed price is above market price and (in my opinion) should at least equal EWC’s 2008 assumption of US$6/mmBtu which, according to EWC’s own 2008 comments will provide approx. $40million profit per year. Once PLN Board approves, Bank Mandiri will provide the funds. Expected date for commercial operations : September, 2017.

LNG hub: construction is progressing and, in my opinion, will be completed prior to first 200MW turbine coming ‘on line’. LNG ship (Ocean Quest) has been secured (owned by EWI) and will be able to eg. pick up and deliver cargo from anywhere and deliver to Philippines LNG hub and/or any other lng hub.

Following visits by some of his senior staff, R. Chandler (20% shareholder) is (again) fully supportive of EWC’s projects.

Projects for (near) future focus on the Philippines eg. pipeline from LNG hub to eg. Manilla (approx. 100km at $1million/km), second lng storage tank for LNG hub, expansion of power plant passed 650MW as well as opportunities which may present themselves in other areas, including Australia.

Overall a very informative AGM which also allowed me to discuss relevant matters with other attending shareholders.