Ann: Annual Report to shareholders, page-8

Please ignore my sentiment - I do not change it when I post - it is now neutral if that helps you... I also talk to management regularly if that helps you also...

I think you are missing the point re Sengkang CCGT - this is not about PPA extensions, the contract is a build own operate transfer - i.e. it gets handed back to the government and EWC no longer have an economic interest.

Re the projects coming online in 2018 - please Oranje - How long have you been involved in EWC? I believe Sengkang LNG scheduled COD was 2011 or something even earlier. Someone has done the analysis previously, each annual report the year gets changed to the next one. It is already many years late, the same as Philippines. Do you not see what is happening in the Philippines re the power station, they are clearly being held to ransom and scrambling for a solution.


Re continuing to hold the shares. This Company has enormous potential to be worth many multiples of the current share price, however the risks are ever increasing and real. The Slipform loan will be secured over real assets should they call it - SWE is not stupid. However my patience is wearing thin. I also cannot understand how it traded up to 40c versus the 20c a year earlier, the company is in its weakest position today.

My two questions to you -

1. Are you supporting management's decision to invest BILLIONS of dollars without offtake arrangements (LNG Indo and PH power)/ export licenses (indo LNG) and connection agreements (all)? Do you believe this is prudent management? This is project finance 101 and no reputable organisation IN THE WORLD would put a dollar in the ground without these critical items secured.

2. Do you believe the points I raise do not make any sense? If so, can you alleviate my concerns.