project slippage, page-3

Hi Umshebi,

I agree with your comments re: EWC's management focus.

As mentioned previously, Pagbilao power plant financing awaits, in part, purchase agreement for gas (as Stewart mentioned in 11 February, 2015 Reuters article, this will come from spot purchases, as the gas price is currently very low). This gas (in the form of lng) can be regasified for use in the power plant without having to go through all the lng hub's facility. Sengkang lng plant financing (from Indonesian bank) and gas field development from SCB (increase in current loan from $125million to $200million) awaits, in the main lng off-take agreements. Two such agreements (with PLN) are in the process of being finalised.