2014 AGM, page-12

Hi Corporate,

Well, let’s ‘keep it in the family’…..

Joking aside.

Firstly, it augurs well for a succession plan. That is to say whilst Stewart can always decide to sell to another party (mind you the price he would want would have multiple $signs in front of t), there is less of a need, if your son is potentially groomed to eventually take over his position. EWC will, therefore, be in a stronger position to chart is own course and embark on future developments (incl. Abbot Point lng plant) when it sees fit.

Secondly, there is another strong ally on the board which, in respect of future directions for EWC, in particular its relationship with Slipform, may prove invaluable.

Thirdly, as the recent $25million EWI convertible note resolution stated, Slipform made its current financial assistance to EWC contingent, in part, on Graham’s board membership being ratified at the AGM.