Ann: Preliminary Final Report, page-2

Financial result ($23million profit) as expected.

The great positive surprise relates to the advanced progress re: Philippines loan for the power plant. It now appears that the Banks’ revised finance terms and conditions submitted to EWC for consideration will, once accepted by EWC, only need internal bank approval for disbursement of funds.(see page 7 Prel AR). In EWC’s Highlights report, it appears that EWC may have already approved these terms and conditions as EWC states (page 4) that the banks “… will shortly seek their respective internal approvals”.

In addition, Sengkang PSC , having been extended to 2042 (yet to be officially confirmed by EWC) and PEL96 joint venture (with STX) looking more and more a de-risked operation, there is ample evidence for a much stronger financial performance of EWC in future years.