Company Presentation

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2
 Mission Statement

“To be a low-cost producer of sustainable crude palm oil in Africa through the
reactivation and development of its plantations and agricultural land position in
Liberia”

PRESENTATION TEAM

Michael Frayne – Executive Chairman

Equatorial Palm Oil (EPIC: PAL)

3
 Key Data

Share Price 11.5p

Market: Ticker AIM:PAL

Market Capitalisation £13.2 million

Cash £6.5 million (No Debt)

Significant Shareholders

Ordinary Shares 114.75 million 29%

The Siva Group

Directors
NOMAD & Joint Broker Shore Capital JP Morgan

43.2% Henderson
Mirabaud
Blackrock
Other

Joint Broker Mirabaud Securities 12.3%

2.6%
2.9% 6.8%
3.2% 4
 Investment Overview

ƒ Company offers early cash flow with high capital growth

ƒ Land position of c.169,000 hectares suitable for sustainable crude palm oil (‘CPO’)

ƒ 10 year target of over 50,000 hectares of new plantings producing 250,000 tpa CPO
increasing to over 100,000 hectares

ƒ Liberia as a newly politically stable country is a fast growing investment destination for
multi-national corporations (Arcelor Mittal, Sime Darby)

ƒ Highly favourable valuation compared to listed peer group

ƒ Recently secured £5 million investment by Indian conglomerate The Siva Group

ƒ Highly experienced management with proven track record in oil palm developments

“Palm oil is the most widely produced edible oil in the world, with demand increasing”
5
 Board & Senior Management

Michael Frayne 15 years of experience in the resources sector, successfully establishing several UK and Australian
Executive Chairman listed companies - founding director of Asia Energy plc

Peter Bayliss Over 20 years of experience in the oil palm sector, including 8 years in PNG with New Britain Palm Oil
Development Ltd. Significant experience in large scale plantation development, particularly in
Managing Director Indonesia with SA SIPEF NV

Geoff Brown Former Chairman of New Britain Palm Oil & Plantations Director of Harrisons & Crosfield plc. Over 40
years of experience in plantation management, including 10+ in Malaysia and 20+ in Indonesia as
Plantations Director Managing Director of P.T. London Sumatra Indonesia

Joseph Jaoudi A qualified engineer who owned and operated the Palm Bay plantation in Liberia for over 10 years. He
Non Executive Director also managed other significant businesses in Liberia and USA including biomass power generation

Anthony Samaha Chartered accountant ex Ernst & Young, experience in due diligence, capital raising, valuations, and
Non Executive Director mergers and acquisitions. Anthony is a director of AIM listed, Altona Energy plc

Tim Daniel Qualified Chartered Accountant ex KPMG. Tim subsequently worked as an investment analyst with a
Chief Financial Officer London-based hedge fund, focusing on the high yield bond market

Alan Yancy 30 years extensive experience of Liberian business and politics and held senior positions in the
Manager Corporate Affairs Liberian Sugar Corporation for 7 years

Gilbert Netto Over 30 years experience in the oil palm sector. Experienced in all aspects of the oil palm production
Group Manager cycle from the planning and establishment of new estates through to the management of mature
plantings particularly in West Africa

“The right team in place to manage growth”

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 Palm Oil Products
Top Selling Products Containing Palm Oil
Brand Manufacturer
Warburtons Warburtons
Hovis Premier Foods
Cadbury Dairy Milk Cadbury
Kingsmill ABF
Persil Unilever
Flora Spreads Unilever
Galaxy Mars
Young’s Frozen Fish Young’s
Kit Kat Nestle
Mr Kipling Cakes Premier Foods
Wrigley’s Extra Wrigley
Birds Eye Poultry Birds Eye
Maltesers Mars
Mars Mars
Kellogg’s Special K Kellogg’s
Ginsters Ginsters
McVitie’s Digestive United Biscuits
Comfort Unilever
Goodfella’s Pizza Northern Foods

“Essential to the food industry, food and consumer goods” 7

 Project Locations
Plantations have excellent access to infrastructure and ports

“Coastal location close to ports and good infrastructure” 88

 Liberia – Ideally Situated

ƒ Substantial land position of 169,000 hectares highly suitable for sustainable

development of oil palm plantations

ƒ New stable political regime under Ellen Johnson Sirleaf (US backed)

ƒ Significant private direct investments over the past 24 months include:

ƒ Arcelor Mittal – US$1.5bn iron ore mine development
ƒ Firestone Rubber – renewal of rubber estate concessions with expansion investment
ƒ China Union – 25 year US$2.6bn mineral development agreement
ƒ Sime Darby – 63 year oil palm/rubber agreement with development plan for 220,000ha
ƒ Golden Agri-Resources Ltd – announces large scale oil palm investment plans

ƒ 2010 GDP forecasted to grow at 11.2%; large agricultural sector

ƒ Political risk remains but international initiatives in place to mitigate

ƒ Developed in tandem with active out growers programme; generating local support

“...China and the United States are investing in Liberia in a big way... We cannot wait until
everything is perfect and then decide to invest. By then it will be too late.”
Ahmad Zubir Murshid, Chief Executive of Sime Darby (November 2009) 9
 Initial 12 Months

Reactivation of 3,000 hectares of existing plantations at Palm Bay ;

Placed initial order of 220,000 oil palm seeds with Unipalm – the seeds have been specifically
cultivated for the West African palm ;
First palm oil mill (5tph) ordered from Malaysia for the Palm Bay Plantation – delivered in July
and currently under construction ;
Expand workforce - current workforce of circa. 200 people to implement strategy ;
£5 million finance from The Siva Group secured to accelerate development programme ;
Establish nurseries at Palm Bay and Butaw ;
Prepare first 1,200 hectares of land for planting – 600 ha each at Palm Bay and Butaw

Commission palm oil mill and sales of CPO

“Creating value through rapid progress”

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 Palm Oil Processing Mill

ƒ First palm oil processing mill from Modipalm Engineering in Malaysia

ƒ Now on site
ƒ Mill being constructed and commissioned under turnkey contract with manufacturer

ƒ CPO production from fruit harvested at Palm Bay

ƒ Throughput of five tonnes of fresh fruit bunches per hour

ƒ Modipalm has more than 30 years experience manufacturing plant and machinery,
equipment and parts for palm oil mills

11
Mill Construction

12
Seed Nursery

13
Social Contribution

14
 Development Milestones

12-24 Month Targets

Field plant first oil palms out of nurseries

Expand nurseries

Commence operations at River Cess, the third plantation site

Further land preparation for field planting

Continual harvesting from reactivation

Further develop associated & downstream infrastructure

Detailed surveys of expansion areas

Commence out grower programme

Strategic targets: 50,000 hectares of oil palm planted within 10 years & CPO production of
250,000 tpa increasing to 100,000 ha planted - (current palm oil price $US900 CIF Rotterdam) 15
 Sustainability

ƒ Estimated that only 3% of the world’s palm oil production is sustainable

ƒ Committed to developing projects in a sustainable manner and is a member of

Roundtable on Sustainable Palm Oil

ƒ Existing plantations are based on previously logged land so will not cause
degradation to primary forested areas in Liberia.

ƒ Several large companies, including Sainsbury’s and Unilever, are now looking to
develop sustainable palm oil and are active with RSPO

“It is increasingly difficult to acquire arable plantation land in Asia and thus it is imperative
that new frontiers be sought to meet increasing demand.”
Chief Executive of Sime Darby, 2009

16
 Peer Comparisons

Name Ticker Mkt Cap EV Plantation Locations Mature EV/ha FFB Prod. FFB yield Other
US$m US$m Hectares US$/ha tonnes tonne/ha assets

Production

New Britain Palm NBPO LN 1,329.8 1,398.1 Papua New Guinea 66,304 21,087 1,525,150 23.0 Refinery
Oil

REA Holdings RE/LN 318.5 393.3 Indonesia 18,736 20,994 490,178 26.2 Coal

Anglo-Eastern AEP LN 348.5 321.4 Indonesia/ Malaysia 28,133 11,426 506,417 18.0 Rubber
Plantations

MP Evans Group MPE LN 306.6 292.8 Indonesia 15,368 19,054 258,740 16.8 Beef,
rubber

Narborough NBP LN 12.4 9.0 Malaysia 555 16,218 12,835 23.1 -

Plantations

Weighted Average 18,705

Development Development
Hectares

Asian Plantations PALM LN 66.6 94.8 Malaysia 15,645 6,060 - - -

Equatorial Palm Oil PAL LN 20.5 11.5 Liberia 168,947 68 - - -

“Potential re-rating considering peer group valuations?”

17
Source: Mirabaud Securities LLP & London Stock Exchange
 Share Price Chart
26.02.10 26.02.10 04.03.10 23.03.10 13.05.10 27.05.10 Cornerstone Investment 08.07.10 04.08.10
Price at First Day JP Morgan Commencement BlackRock of £5m by Indian Conglomerate, Mirabaud Mil arrives
listing of discloses of Reactivation at discloses The Siva Group for 29% of the Securities on site
17.5p Dealings 15% holding Palm Bay and 3.08% Company 40p
on AIM initial seeds holding target 26.08.10
order 02.06.10 04.06.10 price Proactive
Shipment Final Investors?
01.04.10 of Mill Results
Article from
Investors Chronicle
published

“An undervalued opportunity?” 18

 Investment Case

ƒ Extensive land position (c.169,000 hectares) with proven suitability for sustainable cultivation of oil
palms for the production of palm oil in Liberia

ƒ Low cost production environment with immediate access to sizeable West African palm oil market

ƒ Rapid development programme:

ƒ Commenced reactivation of existing estates - creates early cash flow & demonstrates business scalability
ƒ Expected to immediately enhance land valuations - current valuation range per hectare of developed palm
oil is $15,000 to $22,000 (up to $30,000 in 2008)

ƒ Palm oil majors including Sime Darby now operating in Liberia – reaffirms potential of the region

ƒ Price of CPO expected to remain robust in the short and medium term

ƒ Experienced management team with expertise in developing large scale oil palm plantations

ƒ Dramatically undervalued in comparison to others operating in the oil palm sector

ƒ Register has range of large institutional shareholders and the Siva Group – strong balance sheet

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 Contacts

Michael Frayne
Chairman
Equatorial Palm Oil Plc
94 Jermyn Street
London SW1Y 6JE
Tel: +44 (0)20 7766 7500
Fax: +44 (0)20 7766 7599
Mobile: +44 (0)7788 724 010
mjf@epoil.co.uk

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APPENDIX
Recent Press

22
Recent Press

23
Recent Press

24
Recent Press

25
 Recent Press

“As US deadlines for the banning of restaurant use of cooking oils containing trans-
fats approaches, palm oil producers' confidence is rising that 2010 will deliver higher
prices. Major grower IOI Corp Palm last week announced plantation expansions.
Palm has been steady around US$715 a tonne for the past month or so, a stability
which is attracting strong Pakistan and Middle East buying.”

Source: Agriprods Nov 2009

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 Agreements

Rehabilitation Period (7 Regular Term

years) (43 years)

Land Rates - Developed $2.47 per Ha $4.94 per Ha

($25,205 per annum)

Land Rates – Undeveloped $1.23 per Ha $2.47 per Ha

($14,795 per annum)

Corporate Tax Rate (capped) 30% 30%

Carried forward losses Full recovery Full recovery

GST Exempt Applicable Law

Import Tax Exempt Applicable Law

Withholding Tax 10% 10%

Turnover Tax (% of gross sales) 2% (prepayment) Applicable Law

Oil Palm Development Fund (% of gross sales) 0.5% 1%

Community Development Fund (% of gross sales) 0% 1%

ECOWAS Levy (% of capital imports) 1% 1%

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 Why Agriculture? Why Palm Oil?
Per Capita Arable Land for Agriculture
Ha Arable Land per Person Source: FAO, Potashcorp ƒ Import of CPO into West Africa is currently
0.6
over 800,000 tonnes per annum and
0.5 demand continues to grow
0.4 ƒ Palm oil has recently overtaken soya as the
most produced edible vegetable oil
0.3
worldwide
0.2 ƒ In 2007, for the first time in history the global
0.1 urban population exceeded the rural
population
0
1950 1960 1970 1980 1990 2000 2010F 2020F ƒ If the same amount of food were to be
produced today, with the yields of 1961,
then the world would require an additional
970 million ha, or more than the total land
area of the United States
ƒ In the last 40 years, the area of global
agricultural land has grown by 10%
ƒ “It is increasingly difficult to acquire arable
plantation land in Asia and thus it is
imperative that new frontiers be sought to
meet increasing demand” - Ahmad Zubir
Murshid, Chief Executive of Sime Darby

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 Palm Oil

ƒ Extracted from the reddish palm fruit which is harvested and pressed into crude palm
oil (‘CPO’)

ƒ A healthy alternative to hydrogenated oils such as soya and sunflower oil

ƒ Used in foods – margarine, instant noodles, chocolate and processed foods

ƒ 43 of top 100 food brands in UK contain palm oil

ƒ Soap, detergents, cosmetics & pharmaceuticals

15 Year Old Plantation Fresh Fruit Bunch Individual Palm

(FFB) Fruit
29
 World Palm Oil Demand

80,000 18%
75,000 17%
70,000 16%
65,000 15%
60,000 14%
55,000 13%
Consumption, mT(000's)

Annual Growth Rate, %
50,000 12%
45,000 11%
40,000 10%
35,000 9%
30,000 8%
25,000 7%
20,000 6%
15,000 5%
10,000 4%
5,000 3%
0 2%

Developed Economy Food Demand, mT (000s) Industrial & Residual Demand, mT (000s)
Developing Economy Food Demand, mT (000s) Annual Growth Rates Source: USDA, First Capitol Risk Management

Source: First Capitol Risk Management, LLC October 28, 2009 30

 Palm Oil Demand in Africa 1996-08

Palm Oil Demand in Africa 1996‐2008
5,000

4,500

4,000

3,500

3,000
mT (1000's)

2,500

2,000

1,500

1,000

500

0
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Food Use Consumption Industrial Consumption
Source: USDA FAS

Source: First Capitol Risk Management, LLC October 28, 2009 31

 Stocks to Use & Price Forecast

13% $975

12% $900

11% $825

10% $750

9% $675
Stocks to Use, %

8% $600

Price, USD/mT
7% $525

6% $450

5% $375

4% $300

3% $225

2% $150

1% $75

0% $0

Stocks to Use Ratio, % Low Price, USD/mT Base Price, USD/mT High Price, USD/mT

Source: USDA, First Capitol Risk Management

Source: First Capitol Risk Management, LLC October 28, 2009 32

 A Low Cost Producer

EPO expects to be among the lowest cost producers of edible oils in the world
in terms of USD per tonnes

US A S o y O il 460

M a la ys ia n
240
P alm Oil

B razil S o y O il 230

E P O Int e rna l
Est.

Indo ne sia
165
P alm Oil

Source: ASI Global, Oil World

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 Out-grower Programme

• Increases rates of land under production

Company • Additional feedstock to complement company owned estates
• Low relative capex & opex to company owned estates

Dev Banks/ • Access to alternate sources of funding via development banks

Agencies • Technical support & lobbying also available

• Provides additional benefits to local communities

Liberia • Increases project momentum & support (Gov & local community)
• Broadens tax base & participation

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 Liberia Risk Mitigation

A NUMBER OF RISK MITIGATION OPTIONS AVAILABLE FOR INVESTOR

ƒ Liberia has worked hard to create favourable economic conditions that is attracting
increasing levels of foreign investment
ƒ However given history, risk mitigation is prudent protect such an investment
ƒ The Multi-lateral Investment Guarantee Agency (MIGA), www.miga.org, a division of
the World Bank provides comprehensive political risk insurance for foreign investment
into Liberia
ƒ Overseas Private Investment Corporation (OPIC), www.opic.gov, an independent US
government agency will provide similar cover as well as providing significant debt
finance to investments
ƒ OPIC has a specific directive to actively pursue investment opportunities in Liberia
however typically require the investment vehicle is majority owned by US entities
ƒ Managers from both MIGA and OPIC are available to discuss their stated interest in
being involved in Equatorial Palm Oil’s project in Liberia

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