Orient Petroleum Refinery

Investor Presentation

2AGENDAAGENDA Company Profile Business Overview Financial Highlights Fact Sheet Risks & Mitigants Pre-IPO Strategy & Listing Timeframe Competitive Advantage of Orient Refinery

3Group MissionGroup Mission

To harness the huge but untapped hydrocarbon deposits, abundant

agricultural and human resources for the well being of the people of Nigeria, while creating value for shareholders.

4Company StructureCompany Structure

Orient Petroleum Resources Plc

Corporate OfficeAdministrationHuman CapitalFinanceAuditHSES

OPR-Refining & Petrochemicals Company Ltd.

RefineryPetrochemicalsFertilizerLube Oil & Asphalt

OPR-I&SHousing EstateUtilities, RoadsAirstripRecreationHospitality

OPR-G&PGas ProcessingGas TransmissionPower Generation and Transmission

OPR-E&POil & GasExploration &Production

Subsidiaries

5 Anyaoku - former Commonwealth Secretary General and President WWF Ekwueme former Vice President of Nigeria Nwawka former Deputy General Manager, Shell Nigeria Okoye former Terminal Assets Manager, Shell Nigeria Akuezumba former Head Asset Engineering, Shell Nigeria

6A N A M B R A

Refinery LocationLagos

Abuja

NIGERIA

7Business ObjectiveBusiness Objective

develop and operate 55,000 bpsd oil refinery feedstock from OPLs 915/916 oil fields and other

nearby oil fields in Nigeria develop associated infrastructure

8 Import Substitution Captive Market Favourable Location Feedstock Available Attractive Margins

Business CaseBusiness Case

Nigerian Market Gap

10% ExistingRefineries

90% Imports

After OPR-R&P start upCurrently

80% Imports

10% ExistingRefineries

10% OrientRefinery

9PMS

DPK

AGO

Others

Consumption by Refined Product

Location advantage Access to 90% of market Refinery to produce PMS, AGO, DPK & LPG.

CONSUMPTION BY ZONE (%)

ABUJA 3

NORTH CENTRAL 20

NORTH WEST6

NORTHEAST

4

SOUTH WEST31

S.E.8

SOUTHSOUTH

29

Refined Products Market

10

OPLs 915 & 916 contain 1 billion bbls Oil/Condensate & 30 TCF Gas Refinery located inside OPL 916

Feedstock Availability

Refinery Site

11

Full conversion refinery yielding value added productsReceives crude oil, refines & markets products in-situCompared with imported products, refinery eliminates cost of

currently associated logistics.

Product pricing mechanism guarantees refining margin Retail outlets to harness distribution margins Favourable tax regime for pioneer status

Refining MarginRefining Margin

12

Financial ForecastFinancial Forecast

1.4

35%

3572%72

31.79(30.03)61.82339.95N bn2011

OPERATING

1.31.31.42.6-Forecast Price/Earnings ratio at Offer Price

40%40%30%23%-Forecast Dividend yield at the Offer Price (%)

40403023-Forecast Dividend per share (Naira) *79%75%69%38%-Forecast Earnings yield at the Offer Price 79756938-Forecast Earnings per share (Naira) *

33.8829.7533.7812.68-Retained earnings to reserve(34.32)(34.32)(25.74)(20.04)Proposed Dividend68.2064.0759.5232.72-Profit After Taxation346.78343.35336.58168.29-TurnoverN bnN bnN bnN bnN bn20132012201020092007-2008

OPERATINGOPERATINGOPERATINGOPERATINGCONSTRUCTION

PERIOD

(*Note: Forecast Earnings per Share are based on 858,000,000 called up Ordinary Shares of 50kobo each) US$1=N120

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Funding PlanFunding PlanTotal Project Cost US$660m

$60mCurrentSpend

$550m EPC Contract

$50mNon - EPC Refined Products Distribution Facilities

$82.5m(15%) byOPR

$467.5m (85%) byChina Eximbank

FundingPlan

Priv. Placement: $32.5m$50m from Private Equity and or Bond

Debt : 3 yrs moratorium& 5 yrs repayment

Private Equityand or Bond

14

Working Capital &Feedstock Inventory $80m

Equity/Bond Target $180mBalance of 15% OPR-R&P Complementary equity $50m

Non-EPC Refined ProductsDistribution Facilities $50m

15

Fact SheetFact Sheet Jun., 2002: OPR awarded License to Establish 55,000 b/d Refinery Sep., 2003: DPR, MPR reviewed & approved OPR Refinery Basic Design Feb., 2004: OPR awarded 1st ever Approval to Construct Oil Refinery in Nigeria Feb., 2005: FEED contract to SS&W, USA & EIA due process completed Feb., 2005: FGN awarded 2 License blocks (OPLs 915/916) to OPR Apr., 2006: Site preparation by JBN & other geotechnical consultants 20th Apr., 2006: President Obasanjo laid foundation stone of refinery Dec., 2006: BPDI, China selected & awarded $550m EPC contract Dec., 2006: China Eximbank issued LOI for 85% funding Jan., 2007: UBA accepted to serve as repayment guarantor Feb., 2007: Team of BPDI visited site & completed layout design Mar., 2007: Min of Energy issued comfort letter to China Eximbank Nov., 2007: Basic Design Review completed in Beijing, China Dec., 2007: Topographic Surveys and water wells completed. Dec., 2007: Geotechnical & Hydrogeological investigations completed Jun., 2008: Ministry of Energy, issued ATC validity assurance letter Jun., 2008: Min. of State (Petroleum) issued feedstock supply assurance letter Jul., 2008: Civil & Foundation works ongoing by RCC Nig. Ltd.

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Risks and MitigantsRisks and Mitigants

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Refinery LicenseRefinery License

18

EIA CertificateEIA Certificate

19

The 5-Point StrategynHuman Capital Development & Economic Empowerment

(Scholarships, Employment, Business & Investment Opportunities, Estate Value Appreciation)

nSelf Ranked Project List per CommunitynSustaining & Enhancing Traditional OccupationsnBoard RepresentationnRegular/Continuous Communication

Community RelationsCommunity Relations

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CNG PLANT - INDUSTRY &AUTOMOBILE

LPG PLANT - COOKING GAS

REFINERY - PETROL, KEROSINEDIESEL & JET FUEL

POWER PLANT - POWER HOLDING

GAS PLANTCRUDE

OIL

PRODUCTIONPLANT

REFINERY - LUBE OILBOTTOMS - ASPHALT

NGLs - NATURAL GAS LIQs

Zero Waste Concept for Environmental Management

Zero Waste Concept for Environmental Management

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Site WorksSite Works

RCC Contract Signing

Site leveling for foundations

Completed Water Well

22

Geotech & Water drillingGeotech & Water drilling

Geotechnical works Water Well drilling

23

CofOLtE AtC EIA

Orient Refinery Pro ject Executio n Schedule 2007 2008 20092003 2004 20052000 2001 2002

17

8

9

10

11

15

14

12

13

16

Commissioning

Feedstock Sourcing

FMEnv Engagement

Approval to ConstructFMEnv Certification

Engineering

International EPIC Tender

Funding Arrangements

Construction

Procurement & Yard Fabrication

7 DPR & MPR Engagement

6 Basic Design

s/no

1

Land Surveys & Acquisition

Licenses (LtE, AtC, EIA, CofO, etc)2

Participatory Communities Relations

Preliminary Activities (Concepts, Oil & Gas data collection & analysis, Investors' Forum, Visits)

Environmental Impact Assessment (EIA)

3

4

5

2006

EPC

Project Schedule

24

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun JulA

12345

B1234

C1234

D1234 Commissioning Process Units

2008 2009

Commissioning Utilities

Orient Refinery EPC Schedule

Plant Mechanical completionCOMMISSIONINGPre-comm UtilitiesPre-comm Process Units

CONSTRUCTIONCivil Works - Roads, Tanks, etc

Utility Units

Other Items ProcurementYard FabricationRefinery Modules Shipment

Utilities Design (Power, Steam, Water, PROCUREMENT & YARD FABRLong Lead Items Procurement

Site Installation - Piping, etc

FEED Optimisation (Basic Eng. Rev.)Layout & Levelling DesignFoundations DesignProcess Units Design (Tanks, Vessels, etc)

s/no 2007

ENGINEERING

Design Review in China

Resume on-site Works

Fab yard work review

1st eqmt shipment

2nd eqmt shipment

Start Refinery Test run

25

Management StructureManagement Structure

GM Refinery

HSE QA/QC

Security HSES

External Relations

Company Secretary/ Legal Services

Board of Directors

Managing Director

Corporate Affairs Manager

Commercial Services

HR & Admin

Internal Audit

(Logistics, Materials, etc)

Finance Manager

Marketing Manager

Operations Manager

Maintenance Manager

Supply Chain Services

26

IPO & NSE Listing PlanIPO & NSE Listing Plan

n Introductory private placement 2007

n Conclude IPO in 2009

n File for listing on NSE by Q12009

27

Competitive Advantage of Orient RefineryCompetitive Advantage of Orient Refinery

Minimum of 4 years required by competitors to develop new refinery Assured Feedstock OPL 915/916 and from other nearby oil fields Vertical Integration crude supply, processing & distribution In-situ Operations compared to crude & products export/import logistics Private Ownership - ensures efficient & focused management Inland Location central to the market & transportation network Captive Market growing demand will quickly consume capacity increase Suppliers Market scarce products payment made in advance Tax holiday and favourable tax regime

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P/E Ratio Comparison

29.5

46.87

17.75

62.6

1.350

10

20

30

40

50

60

70

Sasol Petrobras Jordan PetRefinery

PetroChina OPR-R&P

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Head Office:OPR-Refining & Petrochemicals PlcLion House, Abuja Estate,Enugu Onitsha Expressway,Opposite Government House,P. O. Box 3002,AWKA. ANAMBRA STATE

Telephones/emails:Managing Director Engr. E. N. Nwawka (08037113496) nwawka@oprplc.comExecutive Director Engr. S. E. Okoye (08067315953) sokoye@gmail.comExecutive Director Engr. I. E. Akuezumba (08057185088) engriyke@gmail.com

CONTACTSCONTACTS

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THANK YOUfor your attention

THANK YOUfor your attention