Hi Shamish,What a surprise: EWC is actually transparent and...

Hi Shamish,

What a surprise: EWC is actually transparent and consistent!!!

As far as the Directors’ remuneration is concerned, the 2012 and 2013 Annual Reports are very explicit about the remuneration policy, strategy and principles. No surprises there. The aggregate salary payments made to the three Executive Directors was US$829,104 in 2012 and US$896,500 in 2013. All transparent and consistent.

As far as Gilmore and Sengkang LNG project costs are concerned, the picture is, once again, continued disclosure and transparency.

The 2012 Annual Report states that Gilmore LNG Project costs US$70million. The 2013 Annual Report refers to the fact that US$13.6million had been paid, leaving a total of US$56.6million outstanding.

The 2012 Annual Report states that the Sengkang LNG Project costs US$352 million. The 2013 Annual Report refers to the fact that US$247.2million had been paid, leaving a total of US$104.8million outstanding.

Both these projects are not yet completed (ie. estimated construction completion date: first half of 2014). I hope that you do not want EWC to pay Slipform and/or other parties prior to their contractual obligations having been fulfilled in full.

In relation to Sengkang lng project construction pictures you do not need to go further than page 1 of the 2013 Annual Report. Further pictures re: Sengkang lng project are on page 29. Remember, an Annual Report is not meant to be a photo book with multiple pictures of all construction events. As far as I am concerned, the photos and, perhaps even more importantly, the text provided on projects under development convey the clear message that substantial progress on all these projects has been made.