January 2007

Presentation onBiofutures International plc

Summary of Business Case

• Strong biodiesel demand driven by legislation and environmental concern

• Development of large scale biodiesel plant– With opportunity to expand should demand dictate

• Strategically advantageous location– Low cost feedstock supply– Sales market flexibility

• Use of proven technology– In both construction and operation

• Strong management team

Equity Structure and Finance

Major shareholders• Zurex Corporation 45%• Phillip Carter 11%• Gartmore Investment Mgmt 7%• Modal Capital Partners 5%• Credit Suisse Securities 5%

• £14 million raised via listing on AIM November 2006• Bank finance to be finalised

Zurex: Proposed large scale biodiesel production facility

• Plant at Palm Oil Industrial Cluster at Lahad Datu in Sabah– Malaysian Government developing key palm oil logistic hub with

deep water port

• Biodiesel production licence granted • Malaysian pioneer tax status

Potential Growth Business

• Global biodiesel demand expected to treble by 2010• 200,000 tonne per annum biodiesel plant start-up in Oct 2008

– Further growth opportunity via expansion to 1 million tonnes

• Structural competitive advantage– Palm oil is a low cost pure biodiesel feedstock– Malaysia is world’s largest palm oil producer and is

geographically well-placed for all biodiesel sales markets

Biodiesel

• Derived from natural vegetable oils• Alternative fuel for diesel engines

– Usable pure or mixed in any ratio with fossil diesel

• Reduces greenhouse gases and emissions• Safe fuel to store and handle• Non-toxic and bio-degradable• End products recognised to international standards

The Biodiesel Market is Growing

Number of 100 ktpa plants required to meet 5% blend

• European market– Majority of biodiesel sales– growing via legislative backing &

fiscal support– EU Directive of 5.75% biofuels

by 2010 should push demand from 6m to nearly 14m tonnes pa

– Proposal for 10% target for 2020

• Asian markets developing• US market

– Intends to raise biofuel use to 4% by 2012

• Uses existing distribution infrastructure– Ease of adoption

Source: Lurgi AG

Palm Oil Feedstock Advantage

• Low cost biodiesel feedstock– US$540/tonne is US$190/tonne less than cost of rape

seed oil– Far higher yield per acre than any other current

vegetable oil

• Palm oil biodiesel proven– Meets legislative standards– Blended with mineral diesel e.g. 5% blend for

European market– Palm biodiesel used successfully

in German trains

Lurgi Technology Well Proven

• First biodiesel plant constructed in 1988– SE Asia plant in 1991

• Over 25 plants in operation– More than 60% of global

production expected to be from Lurgi constructed plants by 2007

• 200 ktpa plants in operation in Germany

• Other oleochemical plants in SE Asia

Project Schedule and Costs

• Early concept design and site survey work complete

• Capital cost estimate £28 million

• Working capital estimate prior to start-up £12 million

• First oil anticipated October 2008

Key Business Variables

• Feedstock prices– Long term growth in supply, forward contracts

• Biodiesel market– Macroeconomics of demand, legislative support via fiscal

measures and volume mandates

• Project delivery– Technology choice, project management team

experience– Plant not yet procured

• Currency risk– Off take market is US$, lending in US$

Management Team

• Nicholas Gee* (aged 43) – Executive Chairman– Petroleum Engineer and MBA– Strong oil and gas exploration and production business

management background• BP, Global Marine, Weatherford International

• Julie Pomeroy* (aged 51) - Finance Director– Chartered Accountant– Experienced public company FD

• Carter & Carter Group plc, Weston Medical Group plc

• Wayne Rudd (aged 40) – Projects Manager– Experienced business manager– Strong capital petroleum project management experience

• Statoil, Halliburton, Weatherford

* Main Board director

Management Team (cont.)

• Iain Young (aged 47) – Commercial Manager– Civil engineer and MBA– Experienced project manager in oil and gas sector, including

project commercial risk management– 3 years in biodiesel fuel and technology sector

• Jack Yong (aged 35) – Operations Manager– Chemical Engineer– 9 years biodiesel plant development and production management

experience in Malaysia

• See Keat Tatt (aged 43) – Project Financial Controller– Chartered Accountant– Senior finance roles in US multinational oil services industry

Non-executive Directors

• Phillip Carter– CEO Carter & Carter Group plc– Major shareholder of Biofutures

• Chris Dennison– Founding partner of Bywater strategy consultancy– Consults in all areas of oil, gas and petrochemical industry

• Arthur Lim– Board member of several companies including, ANC Group Pte Ltd and

I-Invest Pte Ltd– Previously held senior roles in financial services sector

• Christopher Price– Chartered Accountant– FD – Epson UK Limited

• Joe Wong– Board member of several companies including eAssetManagment SB

and Fullerton Investments Ltd– Previously held senior roles in financial services sector

January 2007

Presentation onBiofutures International plc