Natural Fuel Limited

Extraordinary General Meeting 5 June 2008

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Overview: Natural Fuel Ltd

Natural Fuel Limited (NFL) is an Australian renewable energy company which listed on the Australian Stock Exchange in 2006.

Aims to be a leading global player in the supply of biodiesel and kosher grade glycerine

Owns the world’s largest biodiesel and glycerine production facility in Singapore

50% owner of Australia’s largest biodiesel and glycerine production facility in Darwin

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NFL Directors and Management

• Richard Selwood Non Executive Chairman

• Michael Pixley Deputy CEO

• Mathew Whyte Company Secretary & Chief Financial Officer

• Martin Kirwan Non Executive Director

• Michael Coote Non Executive Director

• Robert Rooke Non Executive Director

• Noel Winzer Non Executive Director

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Singapore Operations

• Owned and operated by Natural Fuel Singapore Pte Ltd

• Located on Jurong Island

• Capacity of 600,000mta biodiesel and 60,000mta glycerine

• Independent glycerine refining capabilities

• Capable of using multiple feedstock blendsFor

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Singapore Facility

Hub for global fuel market

Tax free for 10+ years

Capacity for plant expansion

Good access to feedstock

Good access to Asia and US Markets

Train 1 Train 2 Train 3

Glycerine 1 Biodiesel 1 Glycerine 2 Biodiesel 2 Glycerine 3 Biodiesel 3

20,000mta 200,000mta 20,000mta 200,000mta 20,000mta 200,000mta

Current Production Capacity at Singapore

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Darwin Operations

• Owned and operated by Natural Fuels Australia Ltd (NFAL) - a 50/50 Joint Venture between Babcock & Brown Environmental Investments and NFL

• Capacity of 122,500 mta biodiesel and 12,000 mta refined glycerine

• Independent glycerine refining capabilities

• Capable of using multiple feedstock blends

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Asset Utilisation Strategy

Production of Refined Glycerine

Maximum utilisation of glycerine refining capabilities to generate revenues by processing external crude glycerine into refined, kosher-grade glycerine (Glycerine Mode)

Source Alternative Feedstocks

Continue to focus on long-term feedstock contracts and fast track access to lower cost alternative feedstocks such as jatropha

Cost Reductions

Reduce fixed costs at Darwin and Singapore to align with Glycerine Mode operations and reduce overhead costs at corporate levels

To meet the current market challenges, NFL is implementing specific plans to maximiseutilisation of its assets, mitigate market risks and provide the foundation for future growth:

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‘Glycerine Mode’ Operations

A significant competitive advantage is NFL’s ability to optimise plant operations from full biodiesel production to full refined glycerine production depending on feedstock prices

‘Glycerine Mode’Imported Crude

Glycerine

Biodiesel Production Glycerine Refining

‘Biodiesel Mode’Feedstocks

Biodiesel RefinedGlycerineF

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Partnership with GEM Biofuels

• GEM Biofuels is

AIM-listed biodiesel feedstock company

Focused on Jatropha plantations in Madagascar

• Initial 10 year supply agreement signed with NFL

5 yrs fixed price of US$500 per metric tonne Jatropha

2009 = 2.5% of Singapore feedstock requirements

2013 = 25% of Singapore requirements (up to 50%)

• NFL holds a 3.9% interest in GEM

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Jatropha as a Key Feedstock

• Inexpensive - high yields, grows on arid land

• Produces high quality biodiesel with superior cold flow properties

• No impact on ‘food’ market - not a food stuff

• Local species = reduced risk of crop failure

• Long economic life - 35-40 year productive life

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Singapore

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Singapore

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Proposals

1. The Power Knight Proposal

2. Two additional matters:

The issue of the Tropical Oils Options to Tropical Oils

The conversion of the outstanding balance of the Working Capital Loan from Ganesha into Shares

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The Power Knight Proposal

The Power Knight Proposal comprises:

• Part 1 - The issue of Shares to Power Knight to raise US$20M

Placement of 168,764,978 Shares for a total issue price of US$20M, equivalent to A$0.13 per Share (as at 25 March 2008)

• Part 2 - A Project Finance Loan of US$20M advanced in two portions:

Tranche 1 = US$6 million drawndown 24 April 2008

Tranche 2 = US$14 million drawndown 29 May 2008

• A right for Power Knight to convert the outstanding principal amount of the Project Finance Loan into Shares

Placement of up to a further 168,764,978 SharesFor

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About Power Knight

• Power Knight is an associated company of PT Risjadson Holding & Investment Co - a privately owned company based in Jakarta, Indonesia

• Risjadson, controlled by the Risjad family, is focused on energy, mining and plantation sectors in Indonesia

• The Risjad family is committed to green energy development through renewable fuel crop production such as Jatropha

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The Risjadson Group

• The Risjad family’s pilot program includes an established jatropha plantation of more than 200ha, which is currently generating fuel for equipment and haulage trucks for the family’s coal mining operations in Indonesia.

• The Risjad family anticipates that the alliance with NFL will offer it theopportunity for significant expansion of its jatropha production and refining capacity.F

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Risjadson Group Overview

Risjadson Group

Energy & Mining Resources Agro-Industries & Plantation Resources

Mining

Services Non-Core Portfolio

PlantationsThermal Coal Direct/IndirectNickel IndirectChromium IndirectGold IndirectBauxite Indirect

Contracting IndirectEPC IndirectIPP IndirectTrading DirectMaritime & Logistics Indirect

Petrochemical IndirectChemical Direct/IndirectManufacturing & Consumer Direct/Portfolio

CPO Direct/PortfolioRubber Indirect/PortfolioChromium Indirect/PortfolioGold Indirect/PortfolioBauxite Direct

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Key Outcomes if the Proposal is Passed

• Increased cash resources which will allow continuation of NFL’s ‘Asset Utilisation Strategy’

• A new strategic partner in Power Knight – feedstock supply and biodiesel offtake

• Power Knight could own up to 49.98% of NFL

• Dilution of Shares – up to 675,342,083 Shares on issue

• Power Knight will elect three members to NFL board

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Additional Matters

• Tropical Oils OptionsSubject to passing of Power Knight Proposal

Power Knight Proposal was facilitated by Tropical Oils

In recognition NFL agrees to issue Tropical Oils with 12M options exercisable at A$0.13 per Share within 3 years from this EGM

• Conversion of Working Capital Loan from GaneshaNFL may exercise an option to convert all or part of the balance of the loan into Shares at an issue price of A$0.13

The Company’s current intention is to convert 60% of the balance into 20,769,231 Shares

Subject to shareholder approval

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