Ann: EWC to Raise up to $75 Million Convertible Notes, page-7

Hi EWO,

EWC business strategy (ie. building before off-take re: lng plant and sell power on spot market (Philippines) ) has been a long standing strategy, well signalled to the market over a number of years. As far as the last project financing for Sengkang lng is concerned, I believe that offical announcement re: lng-off take agreement (incl price) is the last hurdle before project finance is made available (both for the lng plant and the gas field development necessary for the supply of enough gas for the lng plant to be increased to 2mtpa). As far as the finance for the power station is concerned, I believe that, with this latest convertable note issue, EWC has cleared any hurdles still remaining and that the funds will be made available within the next few months.