Presentation to AGM June 2012

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Disclaimer

1

Overview

Large scale development of sustainable crude palm oil (CPO) production to supply the increasing world demand

Significant land position with planting target of over 100,000 hectares

Early cash flows from regenerated palms

High capital growth from new planting programme

Highly experienced management with proven track record in oil palm development

Liberia is a fast growing investment destination for multi-national corporations:

• Oil Palm – Golden Agri and Sime Darby

• Resources – Arcelor Mittal, BHP and Chevron

Strategic joint venture for capital funding

Highly favourable valuation compared to listed peer group

2

Palm Oil Uses Most consumed vegetable

oil in the world

Extracted from reddish palm fruit which is harvested and pressed into crude palm oil (‘CPO’)

A healthy alternative to hydrogenated oils such as soya and sunflower oil

Used in foods – margarine, instant noodles, chocolate and processed foods

43 of top 100 food brands in UK contain palm oil

Consumer goods including soap, detergents, cosmetics & pharmaceuticals

3

Mars Nestlé Unilever Young’s Unilever

Premier Foods Wrigley Mars Mars Birds Eye

Ginsters United Biscuits Unilever Northern Foods Kellogg’s

Sample of Top Selling UK Products

Cadbury Premier Foods ABF Warburtons McDonalds

Demand /Supply Mismatch

4

Demand

Palm oil demand expected to double by 2015, exceed 100 million tons (GIA Report, Feb 2010)

Demand is driven by increasing population and more importantly a growing middle class

Supply

Largest producers, Malaysia and Indonesia, have little scope to increase acreage under oil palm cultivation

Significant increase in supply is not possible by mere technological improvements

Projections of palm oil demand and

production (million tons)

Source: USDA, Global Industry Analysts Inc. (GIA)

Widening gap

2011 2012 2013 2014 2015 Palm oil production 50.0 53.0 56.0 60.9 63.0 Palm oil demand 55.5 64.3 74.5 86.3 100.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

110.0

More land has to be brought under cultivation

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Africa –

The Future Oil

Palm Hub

Favorable land and climatic conditions for palm oil

production in Africa

Palm oil in Africa can be traced back 5,000 years –

Palm Oil grows naturally in most of Western Africa

60% of the world’s uncultivated arable land lies

in Africa (McKinsey and Company Report)

By 2040, African countries can increase collective value of

their agricultural output from $280 billion to $880 billion

(McKinsey and Company Report)

Cost of land in these regions is very low in comparison to

rest of the world

Growing middle class in Africa - 60% growth in the past

decade; implying increased domestic demand for palm oil (African Development Bank Study)

Why Invest in Palm Oil in Africa

Investment into Liberia

6

Oil palm and resource companies leading the growth - $19b in commitments

Overview of Operations Excellent access to road infrastructure & deepwater ports

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Palm Bay Estate • 50 year concession enacted by parliament • Total area - 34,398 ha • 25 km from deepwater port of Buchanan • Mill commissioned • 1,110 ha of planting completed in 2011 • Annual planting increasing to 3,000+ Ha by 2013

Butaw Estate • 50 year concession enacted by parliament • Total area of 54,550 ha • 42 km from deepwater port of Greenville • Manager in place 20 years experience in SE Asia • 250,000 seedlings already in nursery and expanding • Annual planting increasing to 3,000+ Ha by 2013

River Cess • Working with small holders to develop concession • Expansion potential of 80,000 ha • Excellent position between two existing Estates

Board and Senior Management EPO has the right team in place to manage growth Board of Directors

Michael Frayne Executive Chairman Founder of EPO in 2006 who identified and successfully negotiated Liberian concessions. Over 20 years of experience in the resources sector, establishing several UK and Australian listed companies - founding director of Asia Energy plc

Geoff Brown Plantations Director A pioneer in the oil palm industry with over 40 years of experience in large scale plantation management, with 10+ in Malaysia and 20+ in Indonesia as Managing Director of P.T. London Sumatra Indonesia. Former Chairman of New Britain Palm Oil & Plantations Director of Harrisons & Crosfield plc

Joseph Jaoudi Non Executive Director A qualified engineer who owned and operated the Palm Bay Estate 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 the Finance 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

Sandy Barblett General Manager – Commercial 20 years experience in senior management roles with public companies. He is a partner at boutique corporate finance firm Ironbridge Capital in London

Tim Daniel Chief Financial Officer Qualified chartered accountant and previously worked at KPMG, with clients who mostly in the natural resources and small-cap sectors

Allen 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

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Declan Griffin Head of Country - Liberia Declan has 30 years experience working in West Africa , Middle East and Central Europe in similar type businesses with focus on finance and administration including Xerox International. He is responsible for all functions in Liberia

Senior Management

Liberia

Sashi Nambiar Head of Operations Involved in the management of large scale palm oil estates for more than thirty years, primarily in Malaysia and Indonesia

London

Palm Oil Processing Mill

The only palm oil processing mill operational in Liberia (5t of FFB* per hour)

Mill processing rehabilitated oil palms to be used for training & development of staff

Extraction rates over 18%

Good quality palm oil produced with low free fatty acid content

Future sized mills will be capable of processing up to 60t of FFB per hour

CPO sales to domestic market, Portugal & Cameroon

* FFB = Fresh Fruit Bunches

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Palm Bay Estate

Outside of mill

Palm oil mill

Fresh fruit bunches on way to the mill

Large Scale Planting Programme Planting programme at Palm Bay & Butaw

Successful planting of 1,100 ha in 2011

Oil palm seeds are specific for West African conditions and sourced from Ghana, Cote D’Ivoire, DRC and Thailand

1.58 million seedlings and young palms in nursery

Existing stock in nursery will supply over 8,000 ha new planting in 2012 and 2013

2014 target planting rate of 8,000 hectares

Significant improvement in employee skills due to on the job training

Land preparation current focus

10

Nursery at Palm Bay

Sustainable Crude Palm Oil

Sustainable CPO is adhering to social and environmental principles developed by groups like the Roundtable on Sustainable Palm Oil (RSPO)

EPO a member of RSPO since July 2007

Major companies announced gradual shift to buying only certified sustainable CPO – Unilever, Nestlé, Burger King, Sainsbury, Tesco

In 2011 certified sustainable CPO made up 3 mt, which is 6.6% of the global palm oil production capacity of 45 mt

Increasing global demand for sustainable CPO

Expansion areas are located on previously logged land so no degradation to primary forested areas in Liberia

11

Seedlings being cared for in Palm Bay Estate pre-nursery Source: Reuters News, 12 v 2010, “RSPO asks palm oil buyers to plan green palm demand”

US $60 million Joint Venture

US$60m joint venture with BioPalm Energy (subsidiary of the SIVA Group) finalised

EPO the JV manager and Liberian assets held on 50:50 basis

Long-term funding enables accelerated development of project

Development finance in process ($30m-$60m) to fund major expansion

Bank guarantee from SIVA to sit behind debt funding

12

May 2011 at Palm Bay Estate: Madam Ellen Johnson Sirleaf President of Liberia and Nobel Peace Prize co-winner

Equatorial Palm Oil

13

Key share data

12.00 Share price

£15.4m Market

Capitalisation

128.3m Ordinary Shares

Market Ticker: AIM:PAL NOMAD: Strand Hanson Broker: Mirabaud Securities

Significant Shareholders Share Price

Other 47.1%

Directors 12.3%

JP Morgan 6.3%

Schweco Nominees Ltd 3.2%

Blackrock 2.4% Henderson 2.0%

Other Investors: Smith & Williamson; CQS; Brewin Dolphin; Killick

Listed Peer Comparables

14

Potential upside in re-rating, given current valuation relative to peer group Company Name Listing Ticker

Market Cap ($m) EV ($m)

Planted Hectares

EV/Planted Hectare ($/ha) Plantation Locations

Anglo Eastern Plantations London AEP 426 356 54,506 6,533 Indonesia, Malaysia

Asian Plantations London PALM 200 237 10,500 22,617 Malaysia

MP Evans London MPE 346 191 26,167 7,314 Indonesia, Malaysia

Narborough Plantations London NBP 16 13 555 23,497 Malaysia

New Britain Palm Oil London NBPO 1,779 1,783 77,000 23,158 PNG

R.E.A. Holdings London RE. 313 445 32,083 13,860 Indonesia

Golden Agri-Resources Singapore E5H 6,086 5,517 354,831 15,548 Indonesia, Liberia

Sime Darby Malaysia SIME 17,000 9,606 522,203 18,395 Malaysia, Indonesia, Liberia

Weighted Average

17,596

Equatorial Palm Oil London PAL 35 25 8,700 2,874 Liberia

Figures as at 27th October 2011

Investment Case Summary

Extensive land position

Enormous market opportunity Planting programme established

Huge interest in West African palm oil

sector - including significant investment from Sime Darby and Golden Agri

Experienced management team

Funding strategy in place

Strong share register

15

January 2011: Aerial Photo of Palm Bay Estate

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Michael Frayne Executive 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