IMEXHS LIMITED — AGM Information 2008

May 27, 2008

Australian Biodiesel Group

Annual General Meeting 28 May 2008

Annual General Meeting

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AGM format

Chairman – Mr Wayne Rogers

Chief Executive Officer – Mr Bevan Dooley Financial Statements and Report Ordinary Resolutions

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Chairman’s address

Mr Wayne Rogers

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Chairman’s address

Where we are

• 2007 business strategy became less viable, due to market conditions.

• Fundamental issues in operating environment.

• Previous Board left ABG in a position to transform and move forward.

• ABG has no debt and valuable assets.

• Transformation required - current business is not the future, given capability of other refiners to produce and distribute biodiesel.

• We have three foundation blocks on which to build our company.

• • We have a vision for the future that:

• moves to products not dependent on subsidies

• does not compete with food

• – has clearly defined routes to market

• This vision will require tough business decisions, tight fiscal management and deft action.

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Chairman’s address

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What are we going to do?

Concentrate on fundamentals

• Continue to stabilize company - operating profitability expected in Q3 2008

• Take strategic initiatives

• Build the Scanline business to a comfortable position

• Use Berkley Vale for alternative fuel production

• Fully utilise major asset at Narangba

• much of the plant is generic and can be used for other applications

• linkage of the plant to emerging biofuels opportunities - discussions are already in progress. Shareholders to be informed of progress.

• Opportunistic possibilities

• IP sales

• Biodiesel / diesel blending and sales when viable

• Glycerine production

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Chairman’s address

Capital structure

• Current structure reflects the past

• Our vision will require this to change

• We will be investigating a consolidation of 10 to 1 in the near future

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Chairman’s address

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2008 milestones

Cash	Operating break-even of existing core business by the third quarter of 2008
Technology	Achieve one technology sale agreement
Berkeley Vale	Utilise or dispose of Berkeley Vale site
New business	Establish entry into one new business area
Capital Structure	Share consolidation. Consider a consolidation at a 10:1 ratio.
Brand	Examine a name change to reflect expanded business, if applicable.

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Chief Executive’s Report

Mr Bevan Dooley

Prior business strategy

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- Strategy pre 2008

• Focused entirely on bulk biodiesel supply (independents, majors, fleets)

• Became non viable, due to:

• Failure of oil majors to engage

• Tax changes, restricting effective majority of market to B20

• Oversupply to small number of independents, leading to heavy discounting

• Rising feedstock pricing squeezing margins

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Threats to biodiesel business

• Government policy

• Proposed blend standard appears set to limit biodiesel blends to 5%, with a 20% dispensation given to selected fleets.

• Feedstock price

• Although tallow prices have retreated in recent months, palm oil market is showing high volatility; we may see further price spikes.

• Imported palm bases biodiesel

• Imported palm based biodiesel tends to set the market rate for the product in Australia.

• Continued lack of market access

• At this time, Australian biodiesel producers have had little success penetrating the fuel market dominated by the oil majors.

• Food vs Fuel

• Special interest groups claiming biofuel is responsible for recent food price rises, where clearly demand from the emerging economies of India and China is largely responsible.

• Media repetition for this rhetoric may influence the decisions of government biofuel policy makers.

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Future of biodiesel business

Opportunities

• Likely increased initiatives to decrease greenhouse gas emissions by the Australian Government.

• Recent falls in tallow prices, combined with unprecedented high oil prices, are making potential margins in biodiesel attractive again. Lack of assured volume, however, continues to be a critical challenge.

On balance

• The biodiesel business in Australia represents an unacceptable risk to shareholder which your Board cannot ignore.

• While not ignoring the value of current assets, the Board will attempt to diversify the company into other areas of renewable energy, to bring long term value back to shareholders.

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Market conditions biodiesel

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– Feedstock prices palm oil

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Export Prices Palm Oil
1500.00
1400.00
1300.00
1200.00
1100.00
1000.00
900.00
800.00
700.00
600.00
Date
$US / Mt Palm Oil
8-May-07 8-Jun-07 8-Jul-07 8-Aug-07 8-Sep-07 8-Oct-07 8-Nov-07 8-Dec-07 8-Jan-08 8-Feb-08 8-Mar-08 8-Apr-08 8-May-08
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Market conditions biodiesel

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– Diesel prices Brisbane terminal gate

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Brisbane Diesel TGP
170.0
165.0
160.0
155.0
150.0
145.0
140.0
135.0
130.0
125.0
120.0
Date
Diesel cpl
28-Apr-07 17-Jun-07 6-Aug-07 25-Sep-07 14-Nov-07 3-Jan-08 22-Feb-08 12-Apr-08 1-Jun-08
----- End of picture text -----

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Current status

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Current assets

Trading position

People

• Small but skilled and committed team

• No debt

Scanline

• Profitable UCO business ($885k before tax profit 2007)

• Anticipating a cash break even trading position Q3 2008

Narangba

• World scale facility, currently in standby

Berkeley Vale

• Sufficient cash to trade until break even and beyond

• Asset valuation at January 2008 $10.5+ million

• Commercial facility, in mothball

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Key assets

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Scanline Pty Ltd

• UCO aggregation business

• Small, highly efficient team

• Collects circa 6,000 tones UCO pa

• Expanding fleet and collection area

• Continuous growth in bottom line

• Receiving record prices for aggregated product

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• Previously viewed as non-core

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Key assets

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– Narangba Plant QLD

• 160 ML/annum production capacity

• State-of-the-art facility, ABG technology

• Skilled production team remains

• Glycerol purification capability

• Currently in standby status

- Berkeley Vale Plant NSW

• 40ML/annum production capacity

• Currently in mothball

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Path forward

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Fundamental objectives

Operate profit by 3Q 2008 by:

• Expanding Scanline

• Technology Sales

• Opportunistic biodiesel production and sales

Realise value of Berkeley Vale by:

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• Converting to another use (preferred) or

• Sale of asset

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Path forward

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Strategic initiatives

UCO aggregation

• Grow volume in NSW

• Grow operation in QLD

• Utilise Narangba for UCO preparation and storage

ABG technology sales

• Market technology as cost-effective for low margin applications

• Market proven multi-feedstock processing capability – including tallow

• Utilise Narangba as biodiesel technology showcase

Biodiesel production

• Increase margins on production

• • Examine distribution of biodiesel blends from Narangba

Future fuels

• Utilise Narangba to take advantage of emerging biofuels opportunities

• Build on reputation for quality and service

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Path Forward

Biofuel diversification plan

Keys to success

• Own the oil well

• Secure long-term, low cost feedstock not competing with the food market.

  • Own distribution network

    • Do not rely on other parties to market the ABG product.

    • Build brand based on a reputation for quality and service.

• Own the technology

• Find a party advanced in leading edge biofuels to ensure competitive edge.

• Investigate biomass to liquids technology such as:

• Hydrothermal upgrading

• Biomass - Fischer Tropsch process.

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Path forward

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Corporate actions

• Capital restructure - share consolidation

• Opportunity for amendment or change of company name to fit with expanded scope

• Keep the market and shareholders informed of ABG’s progress

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Australian Biodiesel Group Limited

Questions ?