UK Liberia Investment Forum

June 2011

DISCLAIMER

This document and its contents are confidential and should not be copied, reproduced, distributed or passed on, directly or indirectly, to any other persons or published in whole or in part for any purpose. The presentation and any further confidential information made available to you is being supplied to you by Equatorial Palm Oil plc (the “Company”) solely for your information and may not be reproduced, forwarded to any other person or published, in whole or in part, for any other purpose. This document and its contents have not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000 and do not conform to the rules and regulations of the U.S. Securities and Exchange Commission and other regulatory bodies in the United States. The securities mentioned herein have not been and will not be, registered under the Securities Act or under any U.S. State securities laws, and may not be offered or sold in the United States unless they are registered under the Securities Act or pursuant to an exemption from or in a transaction not subject to the registration requirements of the Securities Act.

This presentation is being distributed on request in or from the United Kingdom and the United States (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”)) only to and are directed at (1) (a) persons who have professional experience in matters relating to investments being investment professionals as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “FPO”), (b) high net worth companies as defined in Article 49(2) of the FPO, (c) certified sophisticated investors as defined in Article 50(1) of the FPO or (d) persons to whom it may otherwise lawfully be communicated (together “Relevant Persons”) and (2) persons within the United States who are “accredited investors” as defined in Rule 501(a) of Regulation D under the Securities Act who are also “qualified institutional buyers” (“QIBs”) as defined in Rule 144A under the Securities Act. In order to qualify as a certified sophisticated investor you must have a current certificate signed by a person authorised by the Financial Services Authority to the effect that you are sufficiently knowledgeable to understand the risks associated with this particular type of investment and you must have signed within the last 12 months a statement in the terms set out in Article 50(1)(b) of the FPO. The ordinary shares are available only to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire the ordinary shares will be engaged in only with, Relevant Persons or Accredited Investors. Any person who is not a Relevant Person or an Accredited Investor should not rely on this document nor take any action upon it, but should return it immediately to the Company.

We urge you to review the carefully before making any investment decision. This presentation shall not constitute an offer to sell, or the solicitations of an offer to buy, nor shall there be any sale of the securities mentioned herein in any State in which such offer, solicitation, or sale would be unlawful under the securities laws of any such State. Neither the Securities and Exchange Commission, nor any state regulatory authority endorses this offering. This presentation must be read in conjunction with the Admission Document and it contains only a synopsis of more detailed information to be made available in relation to the matters described in this document and accordingly no reliance may be placed for any purpose whatsoever on the sufficiency or completeness of such information and to do so could potentially expose you to a significant risk of losing all of the property invested by you. The proposals in the presentation are preliminary and are subject to updating, completion, revision, amendment and verification, which may result in material changes. No reliance should be placed on any of the information and no representation or warranty, express or implied, is given by the Company as to the accuracy of the information or opinions contained in this document and, save in respect of fraud, no liability is accepted by the Company or any of its directors, members, officers, employees, agents or advisers for any such information or opinions.

This presentation contains certain forward-looking information about the Company which are statements, beliefs, opinions or projections that are not historical facts. By their nature, forward looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward looking statements. Words such as “expect(s)”, “believe(s)”, “may”, “anticipate(s)”, “project(s)”, “forecast” and similar expressions are intended to identify forward-looking statements. Forward looking statements contained in this document regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Accordingly, results could differ from those projected as a result of, among other factors, changes in economic and market conditions, changes in the regulatory environment and other business and operational risks.

By attending the presentation and/or retaining these presentation materials you agree to be bound by the foregoing restrictions. Seedlings in Palm Bay Pre-Nursery

Seedlings in Palm Bay Main Nursery

Equatorial Palm Oil: Key share data

Other 47.1%

Bio Palm Energy

26.7%

Directors

12.3%

J.P. Morgan 6.3%

Schweco Nominees Ltd 3.2%

Blackrock 2.4%

Henderson 2.0%

Share price 18.75 (31 May 2011)

Market: Ticker AIM:PAL

Market Capitalisation £23.4 million

Cash £8.4 million (no debt)

Ordinary Shares 124.8 million

NOMAD & Joint Broker Shore Capital

Joint Broker Mirabaud Securities

Significant ShareholdersMain Nursery at Palm Bay

Investment Overview

• Significant land position suitable for sustainable

crude palm oil („CPO‟)

• Long term commitment - 10 year planting target

of 50,000 ha, increasing to 100,000 ha within 20

years

• US$ 60 million funding Joint Venture formed

with the Biopalm Energy Ltd

• Early cash flows expected from regenerated

palms with high capital growth

• Highly experienced management with proven

track record in oil palm development

• Liberia is a fast growing investment destination

for multi-national corporations (Arcelor Mittal,

Sime Darby, BHP, Chevron)

• Highly favourable valuation compared to listed

peer group

“PALM OIL IS THE MOST WIDELY PRODUCED EDIBLE OIL IN THE WORLD, WITH DEMAND

INCREASING”

4Aerial photo of ongoing construction at milling facility

Board and Senior Management

Michael Frayne

Executive Chairman

15 years of experience in the resources

sector, successfully establishing several UK

and Australian listed companies - founding

director of Asia Energy plc

Peter Bayliss

Managing Director

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

Indonesia with SA SIPEF NV

Geoff Brown

Plantations Director

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 Managing Director of

P.T. London Sumatra Indonesia

EPO has the right team in place to manage growth

Joseph Jaoudi

Non Executive Director

A qualified engineer who owned and

operated the Palm Bay plantation in Liberia

for over 10 years. He also managed other

significant businesses in Liberia and USA

including biomass power generation

Anthony Samaha

Non Executive Director

Chartered accountant ex Ernst & Young,

experience in due diligence, capital raising,

valuations, and mergers and acquisitions.

Anthony is a director of AIM listed, Altona

Energy plc

Shankar Varadharajan

Non Executive Director

Representative of SIVA group, with over 13

years experience of global management

including senior positions with Motorola and

The Tata Group. Expertise in executing

business strategy, organising project

financing, capital raisings, mergers and

valuations

Tim Daniel

Chief Financial Officer

Qualified Chartered Accountant and previously

worked at KPMG, with clients mostly in the

natural resources and small-cap sectors. Tim

subsequently worked as an investment analyst

with a London-based hedge fund, focussing

on the high yield bond market.

Alan Yancy

Manager Corporate Affairs

30 years extensive experience of Liberian

business and politics and held senior positions

in the Liberian Sugar Corporation for 7 years

Gilbert Netto

Group Manager

Over 30 years experience in the oil palm

sector. Experienced in all aspects of the oil

palm production cycle from the planning and

establishment of new estates through to the

management of mature plantings particularly

in West Africa

Sustainable Palm Oil

• Sustainable palm oil priced at a premium to standard

palm oil

• Recent trend for major purchases to announce gradual

shift to buying only certified sustainable palm oil –

Unilever, Nestle, Burger King, Sainsbury, Tesco

• Production capacity in 2011 of 3 mt of certified

sustainable CPO, 6.6% of global palm oil production

capacity of 45 mt ¹

• Increasing global demand for sustainable palm oil,

particularly China, India and the West

• EPO has been a member of the Roundtable on

Sustainable Palm Oil (“RSPO) since July 2007

• Expansion areas are located on previously logged land

so no degradation to primary forested areas in Liberia

Source: Reuters News, 12 Nov 2010, “RSPO asks palm oil buyers to plan green

palm demand”

Seedlings being cared for in Palm Bay pre-nursery

Palm Oil Uses

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

Sampling of Top Selling Products

7

NB: Ranked by sales volume (high to low)

Project Locations

Plantations have excellent access to road infrastructure and ports

EPO Social Commitment

• Social commitment vital to establish stable, long

term workforce in regional areas

• Currently over 1,000 permanent employees and

contractors with 27% of workforce female

• Future workforce of up to 20,000 permanent

employees

• Health clinics operating since 2008 treating

1,500 persons per month with more clinics

being developed

• Three primary schools and adult education

programmes established

• Ongoing investment in employee housing and

regional infrastructure

Reactivation of 3,875 hectares of existing palm

plantation at Palm Bay

Initial nursery of 220,000 oil palm seedlings

from Unipalm – specifically cultivated for

conditions in West Africa

First palm oil mill (5tph) ordered from Malaysia

for the Palm Bay Plantation – currently being

commissioned

Expand workforce - current workforce of circa.

900 people to implement strategy

£5 million financing

Established nurseries for 1,200 hectares of

planting – expanding to 4,000 hectares in 2011

Secured long term equity funding through

US$60 million Joint Venture with Biopalm

Energy

First sale of CPO April 2011

Prepare first 1,200 hectares of land for plantingIn

Progress

Transplanting Seedlings into Main Nursery Palm Bay

Strong Progress since listing ....

Value creation through rapid development

US$60 million Joint Venture

• US$60 million Joint Venture with BioPalm Energy

(subsidiary of the Siva group) finalised

• Long-term equity funding guarantees accelerated

development of project

• EPO will be the JV manager

• JV finalised on 28 of January 2011

11School children at Palm Bay Plantation

Listed Peer Comparables

Potential upside in re-rating, given current valuation relative to peer group

Source: Mirabaud Securities LLP & London Stock Exchange

Name Ticker Share

Price (p)

Mkt Cap

US$m

EV

US$m

Plantation

Locations

Mature

Hectares

EV/ha

US$/ha

FFB Prod.

tonnes

FFB

yield

tonne/ha

Other

assets

Production

New Britain Palm

Oil

NBPO

LN

884.8 2,078.0 2,235.9 Papua

New

Guinea

66,304 33,722 1,525,150 23.0 Refinery

REA Holdings RE.LN 702.0 401.2 611.1 Indonesia 18,736 32,618 490,178 26.2 Coal

Anglo-Eastern

Plantations

AEP LN 750.0 494.9 563.6 Indonesia/

Malaysia

28,133 20,033 506,417 18.0 Rubber

MP Evans Group MPE LN 430.0 381.4 465.1 Indonesia 15,368 30,264 258,740 16.8 Beef, rubber

Narborough

Plantations

NBP LN 70.0 15.5 13.4 Malaysia 555 24,080 12,835 23.1 -

Weighted Average 31,118

Name Ticker Share

Price (p)

Mkt Cap

US$m

EV

US$m

Plantation

Locations

Mature

Hectares

EV/ha

US$/ha

FFB Prod.

tonnes

FFB yield

tonne/ha

Other assets

Development Development

Hectares

Asian Plantations PALM LN 252.5 171.3 186.8 Malaysia 15,645 11,941 - - -

Equatorial Palm

Oil

PAL LN 18.75 38.9 25.0 Liberia 168,947 369 - - -

Share Price Chart

a. 26.02.10 Price at listing 17.5p

b. 04.03.10 JP Morgan discloses 15% holding

c. 23.03.10 Commencement of Reactivation at

Palm Bay and initial seeds order

d. 13.05.10 BlackRock discloses 3.08% holding

e. 27.05.10 Investment of £5m by the Siva Group

for 29% of the Company

f. 02.06.10 Shipment of Mill

g. 04.06.10 Final Results

h. 08.07.10 Mirabaud Securities publishes report

with 40p target price

i. 04.08.10 Mill arrives on site

j. 06.09.10 US$60 million JV announced

k. 24.09.10 Interim Results

l. 16.12.10 Installation of Commercial Mill

m. 29.12.10 Shareholders grant JV approval

n. 28.01.11 JV finalised

o. 21.04.11 Inauguration of mill and first sale of

CPO

Investment Case

• Extensive land position with proven suitability for

sustainable cultivation of oil palms

• Low cost production environment

• Rapid development programme:

­ Reactivation of existing estates - creates early cash

flow & demonstrates business scalability

­ Expected to enhance land valuations - current

valuation range per hectare of developed palm oil is

$15,000 to $22,000 (up to $30,000 in 2008)

• Regional potential reaffirmed by increased interest in

Liberia by established players – including from Sime

Darby and Golden Veroleum

• Experienced management team with expertise in

developing large scale oil palm plantations

• Long-term equity funding requirements in place

• Strong share register of large institutional shareholders

Aerial Photo of Palm Bay Plantation

Contact

Michael Frayne

Chairman

94 Jermyn Street

London SW1Y 6JE

Tel: +44 (0)20 7766 7555

Fax: +44 (0)20 7766 7599

Mobile: +44 (0)7788 724 010

mjf@epoil.co.uk