2014 AGM, page-10

Hi Tebarry111

Well I am not the Doc, far from it…

As far as catalysts are concerned I would put them in the following three categories:
1. Housekeeping
2. Finance
3. Operations

The good news concerning housekeeping catalysts (ie. appointment of Graham Elliott to the Board, the options arrangements for Executive Directors and senior staff, and the $25million EWI convertible note) are that they have already been achieved. We can tick that box.

The financial catalysts relate, in the main, to the loans for the 650MW Pagbilao power station, the remaining approx. $50-$75million for Sengkang lng plant and the $75 million (accordion loan from SCE) for the Sengkang gas development. All these should happen in the next few months.

Operational catalysts relate to the commercial operations of the lng hub, the 2x200MW turbines (ie. 400MW) for the Pagbilao power plant and the 0.5mtpa lng train in Sengkang (with subsequent 0.5mtpa trains becoming operational at 3 6o 6 months intervals.

Re-rating of the company: well, how long is a piece of string. It all depends on what you consider the fundamental stepping stones for this company to be. In my opinion, I have great confidence in Stewart’s strategic approach and was especially pleased that he places great emphasis on making sure that EWC’s future is well secured and that he is in control. Only on this basis will EWC able to flourish. In this regard, the Board’s decision to award the engineering and construction contract for the 650MW Pagbilao power plant to Slipform was the first necessary ingredient. This was followed by Graham’s elevation to the Board and, at the 2014 AGM, the approval by shareholders for the options plans and the $25 mllion convertible note to EWI. Has the market reacted positively to any of these initiatives. Well , no it has not. Looking at it from a strategic point of view, these were, however the absolutely critical steps.

Any re-rating my follow any new loan arrangements (Pagbilao power plant etc) or may even wait for the commercial operations of any of the current three developments (LNG hub, Pagbilao power plant and Sengkang lng train). In any case, EWC has now a solid and prosperous future and, sooner or later, (at the latest when the money really starts to flow from the commercial operations of the current three developments) its share price cannot be held back any more.