Pro and Cons, page-4

Hi Waiken,

Given that, at the 2014 AGM, Elliott was also precluded from voting on the $25million EWI convertible note, EWI and any associate of EWI, will also be precluded from any Slipform debt to equity conversion. Hence, as you say, such a scenario just not on.

Furthermore, since late October 2015 the independent non-executive director Mr Philipp O’Neill has doubled the number of shares he holds in EWC (up from 500,000 to 1 million). It is, in my opinion, worth noting that Mr O’Neill has bought some of this additional shares well aware of any conflict between Elliiott and Chandler and that Mr O’Nell, as Chairman of the Audit Committee, Board Committee and Remuneration Committee, is fully appraised of EWC’s business plans and the company’s (short and long term) future prospects. In short, if your scenario re: conversion of Slipform debt into equity was anywhere on the horizon I would doubt that Mr. O’Neill would have bought his latest 200,000 additional shares (incl. 100,000 shares at 32 cents on 27 November, 2015).

Lastly, Mr. B. Allen’s next re-election is not due until the 2017 AGM, ie. almost 2 years from now.