New Britain Palm Oil Limited

July 2009

1

New Britain Palm Oil Limited

New Britain Palm Oil (NBPOL)

New entrants face a 3 - 4 year lead-in time until the production of Oil Palm fruit

• Largeplantationcompany(over46,000hectaresplanted),producingpalmoil,foundedin1967

• Totallandbankofapprox85,000ha

• Historyofprofitabilityanddividendgrowth

• EstablishedEUcustomerbase

• Fullverticalintegrationfocusedonsustainabilityandtraceability

• Oneofthehighestoilyieldingcompaniesintheindustry

• AkeycompanytothePapuaNewGuineaeconomy

2

New plantings and more mature palms

3

New Britain Palm Oil Limited

Financial PerformanceFinancial Performance

2008 2007 2006USD’000 USD’000 USD’000

Revenue 352,219 224,954 133,764EBITDA 124,170 94,493 41,349Profit before tax 106,282 81,882 29,295Profit after tax 76,433 59,182 21,430Profit attributable to shareholders 74,835 58,767 21,617Earnings per share 0.517 0,41 0,18

Years ended 31 December

EXCLUDING IAS 41

Thesefiguresareunaudited

3monthsended31March2009

3monthsended31March2008

Sales (USD (m)) 73.8 82.7PBT (excluding IAS 41) USD (m)) 27.6 36.7CPO Produced (Mt) 87,690 73,648PKO Produced (Mt) 7,755 7,116Average CPO price per Mt achieved (USD) 747 954

1st Quarter Highlights

(Note:USDexchangeratesasat31March2009and31March2008respectively)

4

View across NBPOL plantation showing Kumbango refinery

Kumbango refinery

5

New Britain Palm Oil Limited

Interim Results

Highlights:

• 1stQuartercrop22%aheadof‘08

• Extractionrateupto22.89%(22.65%:‘08)eventhoughwetweather

• Palmpriceaveragein1stquarter$747vs$954

• CostofImportsdramaticallydown

• Newmillcommencedbuilding

• 2MethaneCaptureplantsbeingconstructed

• Cashreserveslessbankborrowingsof$54.6mat31.03.09

6

Collecting Oil Palm Fruit (Fresh Fruit Bunch, FFB)

Delivering FFB to Numundo Mill

7

New Britain Palm Oil Limited

• Palm production over past 10 years expanded byhectaragenotyieldimprovement

• Landbecomingscarcerandmorecontroversial• NBPOLtargetingacombinedoilyieldof30mtFFBand

30%extraction(ietargetof9mtofoil/hectare)• Credit squeeze halted land expansion for most of

industry• Hedging (ie smoothing income) allows NBPOL to

continuetoexpandonschedule• Newinvestmentsandgrowthallfundable

Palm Oil

Source:USDA

Crop composition of land used globally to produce vegetable oils

Composition of global vegetable oil production

Soya

Sunseed

Rape

Palm

62%17%

15%6%

37%

16%11%

36%

0 0.50 1.00 1.50 2.00 2.50 3.00 3.50

GloballyachievedOilyield(tonnes/Ha)

Indicativeoilyields

4.00 4.50

PalmOil(WorldAverage)

Rape

Sun

SoyaSource:USDA/NBPOL

5.00 5.50 6.00

PalmOil(NBPOL)

8

Numundo Mill, FFB processing capacity of approximately 80 tonnes per hour

Mosa Mill, FFB processing capacity of approximately 60 tonnes per hour

9

New Britain Palm Oil Limited

Market Update

• CurrentCPOCIFRotterdamPrice- AMJ09US$575.00 JAS09US$572.50 OND09US$572.50

• MalaysianpalmoilstockasatendJan091.83mlnMT,downfrom2.27mlnMTasatendNov08

• Chinarapeseedcropaffectedduetopoorweather.Chinaimportingmorepalmandsoya

• Argentinesoybeancropreducedduetopoorweatherto42-45mlnMT–2007/846.50mlnMT

• Palmstillcheapestoilvscompetitiveoils

• Productionstillgrowinginpalm–credit/economicsituationreducingrapeseedandsoyproduction

• Highinputcostshavehadanimpactonfertiliserapplication

• Salestodate: 2009156850MTatUS$780.00approx(40%) 201021000MTatUS$621.21average

Source:Reuters

10

Kumbango refinery, built in 2003 (shown in foreground) produces a range of value added products

Palm kernel oil production facilities

11

New Britain Palm Oil Limited

29-06-2007

27-07-2007

24-08-2007

21-09-2007

19-10-2007

16-11-2007

14-12-2007

11-01-2008

08-02-2008

07-03-2008

04-04-2008

02-05-2008

30-05-2008

30-06-2008

25-07-2008

22-08-2008

19-09-2008

17-10-2008

14-11-2008

12-12-2008

09-01-2009

(SourceSBOCBOTClosesReutersEuropeanVegoilCloses)

Commodity Price Movements

1400.00

1000.00

800.00

600.00

400.00

200.00

0.00

-200.00

1600.00

1400.00

1200.00

1000.00

800.00

600.00

400.00

200.00

0.00

CPO CIF RDM & CBOT SBO & ULSD NY US$ PMT SPREAD

US$

PMT

US$

PMT

CBOTSBOUD$PMT

CPOCIFUS$PMT+/-TOCBOTSBO

CPOCIFRDMUS$PMT

-400.00

1200.00

ULSDFuturesNYHarbour

CPOCIFRDMUS$PMT+/-TOULSDFuturesNYHarbour

12

Delivery of FFB

Sterilisation of FFB

13

New Britain Palm Oil LimitedSoft Commodity Market in Flux:

New Demand, Lower Inventories

Endingstocksas%ofannualusage

5%

10%

15%

20%

25%

30%

35%

40%

89/90

World Stock / Usage Ratios Wheat Corn

0% 90/91

91/92

92/93

93/94

94/95

95/96

96/97

97/98

98/99

99/00

00/01

01/02

02/03

03/04

04/05

05/06

06/07

07/084 Main Oils

Source:USDANov2008

08/09(f)

14

Palm oil storage and infrastructure at NBPOL

Palm oil storage at NBPOL

15

New Britain Palm Oil Limited

Source:ReutersEuropeanVegoilcloses

Palm Oil Price

• Palmoil (asallcommodities) ispricedonthemarginofsupply/demand

• Demand is resi l ient asincreasingly urbanised Asiandemandcontinues

• Government tariffs benefittingpalm

• New palm oil supply takes 3-4yearsfromplantingtocommercialharvesting

• Averagepriceachieved toDec2007US$686

• Averagepriceachieved toDec2008US$926

WEIGHTED AVERAGE 2nd & 3rd POSITIONS WEEKLY CLOSES CPO CIF RDM US$ PMT

US$P

MT

1600.00

1400.00

1200.00

1000.00

800.00

600.00

400.00

200.00

0.00

12-01-2007

09-02-2007

09-03-2007

05-04-2007

04-05-2007

01-06-2007

29-06-2007

27-07-2007

24-08-2007

21-09-2007

19-10-2007

16-11-2007

14-12-2007

11-01-2008

08-02-2008

07-03-2008

04-04-2008

02-05-2008

30-05-2008

30-06-2008

25-07-2008

22-08-2008

19-09-2008

17-10-2008

14-11-2008

12-12-2008

09-01-2009

16

Kimbe port, showing NBPOL bulk storage infrastructure

Loading a bulk carrier from the Kimbe port terminal

17

New Britain Palm Oil Limited

• Papua New Guinea (PNG) is aCommonwealthcountry

• Independentanddemocraticsince1975

• Standard & Poor´s rating of PNGlong-termforeigncurrency israted`B+´withastableoutlook

• Standard&Poor´s long-term localcurrencyratingis`BB-´

• The Intelligence Unit of TheEconomist rates overall PNG riska`C´similartoSouthAfrica,ChinaandBrazil

• There isnohistoryofgovernmentinterventionintheexportingofpalmoilorinsettinglocalprices

• PNG’seconomy isstill strongwithGDPhigherthanpopulationgrowth

NBPOL´s Area of Operation

MainareaofNBPOLoperation

RamuAgri-IndustriesLtd

18

Numundo beef cattle ranch, integrated with palm oil plantations. NBPOL currently has c.4,000 head of cattle

Dami Oil Palm Research Station is one of the world´s largest producer of oil palm seeds

19

New Britain Palm Oil Limited

PalmOilSales

SeedSales

CattleProduction

Revenue contribution

Plantations • Landbank85,000ha• Morethan50,000hectaresunderNBPOL

cultivation• Morethan25,000maturehectarescultivated

bysmall-holderssupplyingNBPOL

Milling and Refining• 6OilmillsinGroup• 1RefineryinNewBritain

Infrastructure• c.60,000tonnes/oilstoragecapacity• Truckingtransportfleet• Housing• Pumpingfacilities

NBPOL Today

• Highly respected plant breedingresearchanddevelopment

• Vitalforsuccessofwiderbusiness• Growing customer base around the

world• NBPOL isoneof theworld’s largest

privateseedproducers

• c.4,000headofbeefcattlein2006• Integrated with the palm oil

plantation• Importantfortheproteinconstrained

localcommunity

RAI• 1sugarmill• 1Ethanolplant• 13,500Headofcattle

20

NBPOL invests in housing, schools and hospitals for its employees

Employee housing at Mosa

21

New Britain Palm Oil Limited

Production Growth

1,100,000

1,200,000

800,000

900,000

1,000,000

2004 2006

TonnesFFB

2005

700,000

Total Fresh Fruit Bunch (FFB) Processed1,300,000

2007600,000

2008

140,0002004 20062005 20082007

260,000

280,000

200,000

220,000

240,000

TonnesCPO

180,000

160,000

Crude Palm Oil (CPO) Produced

300,000

320,00030,000

31,000

23,000

24,000

27,000

28,000

29,000

2004 2006

Hectares

2005 2007

26,000

25,000

32,000

33,000

Mature Palm Plantations

2008

35,000

36,000

34,000

37,000

38,000

39,000

22

Latest photo of refinery

23

New Britain Palm Oil Limited

UK Refinery

• A 170,000mt pa capacity refinery costing£18 million funded from the Company’scash reserveswith start-up first quarter ofFY2010

• Planning permission granted and workcommenced

• Will create a dedicated supply chain fromtheCompany’splantationstothecustomer’sdoor–fromseedtofinishedproduct

• WillgivetheCompanyaccesstothevalue-addedendoftheEUpalmoilmarket

• Will provide the potential for marginenhancement through the ability to supplyhighqualityoilwhichissustainable,traceableandRSPOcertified

• Assists with phasing of logistics to largervesselstherebyreducingpertonnerates

Tate & Lyle storage

Pipes from Tate’s to ships Ship berth

Derby Road Site

24

NBPOL plants all of its palms by ´identified progenies´

Nursery beds at Mosa

25

New Britain Palm Oil Limited

Energy Self Sufficiency

• 5mwbiomasspowerplantcommissionedatKumbango-willreducedieselrequirementsatthissitebyapprox1millionlitresp.a.

• CurrentlybuildingMethaneCaptureattwomillsiteswithafurthertwotofollowin2010

-duetocompleteend09forfirsttwomills -willgenerateapprox+2mwperunit -plustotalcarboncreditsofapprox170,000CER(all4units)

26

Coral reefs close to NBPOL plantations

Aerial view of New Britain coastline

27

New Britain Palm Oil Limited

• NBPOLhasbeeninstrumentalinbringingintoexistenceaninternationalorganisationseekingtoimprovethesustainabilitycredentialsofthePalmOilIndustry,theRoundtableonSustainablePalmOil(www.RSPO.org)

• TheRSPOhasover300members representingproducers,consumers, the foodandchemical industriesand19NGOorganisations(includingWWF,theZoologicalSocietyofLondonandOxfam)

• TheCompanyisthefirstRSPOmembertobeaccreditedassustainableacrossitsentireoperationinNewGuineabyanRSPOaccreditedauditor-BSI

• NBPOLhascontroloveritsharvesting,milling,refining,transportationandshipping,henceitcantraceindividualshipmentstotheEUbacktosource,vitaltoprovingthesustainabilityofitsoil

• NBPOLhasbeencertifiedtotheISO14001standardforenvironmentalprotectionandmanagement

• Potentialfuturemarginenhancementthroughsustainabilityandtraceabilitycredentials

Sustainability

28

NBPOL receives tax credits from the PNG government for infrastructure projects

NBPOL has an active road building programme supported by tax credits

29

New Britain Palm Oil Limited

Short Term

• AccelerateplantingprogrammeinNewBritain• AccelerateplantingprogrammeintheSolomon

Islands• Increasecapacityofmills• Increasestoragecapacityatportsideby50%• Constructnewbridgingandroadinfrastructure• Increasecapacityofpalmkernelcrushingmill• Developnewbiomassfiredpowerplant• Developcarboncreditprojects• Seekappropriateacquisitionsoflandandrelated

businesses

Longer Term

• Plantanddevelopadditionalhectarage• Potentiallygrowbyacquisition• Buildthreenewmills,Malilimi,Numundo2,

Silovuti• Seekappropriateacquisitionsoflandandother

businesses

Short and Long Term Aims

2007

40,000

45,000

50,000

20,000

25,000

30,000

35,000

2008 2009 2010 2011

Five Year Projection of NBPOL Planted Area

Hec

tare

s

65,000

55,000

60,000

Production output expected to double within 7/8 years

30

Methane Capture being built at one of the 2 sites currently in development during 2009

31

New Britain Palm Oil Limited

Summary

• Companywith40yearhistoryofcontinuedgrowth

• Consistentlyprofitableanddividendpaying

• Oneoftheworld’slowestcostproducersofpalmoil

• Expandingannuallywithcontinuedopportunityforsignificantexpansion

• AstrongEUbasedcustomerbase

• Commitmenttosustainabilityandproducttraceability

• Strong,secureproductionlocatedinastabledemocraticcountry

New Britain Palm Oil Limited

www.nbpol.com.pg