THORNEY TECHNOLOGIES LTD — AGM Information 2012

Nov 28, 2012

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29 November 2012

AUSTRALIAN RENEWABLE FUELS LIMITED ABN 66 096 782 188 Level 5, 409 St Kilda Road Melbourne VIC 3004 TEL: +61 (3) 9981 0010 FAX: +61 (3) 9981 0020 www.arfuels.com.au

The Manager

ASX Market Announcements

Australian Renewable Fuels Limited (ASX:ARW) 2012 Annual General Meeting Presentation

Dear Sir/Madam

Please find attached a presentation that will be delivered to shareholders at the Company’s Annual General Meeting to be held today.

Yours faithfully,

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Mark Licciardo Company Secretary

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Chairman’s Address

At the AGM this time last year I asked that you continue to support the Company while the new management team and Board were given the opportunity to show what they were capable of. Seeing the number of familiar faces here today I am very pleased that so many of you accepted the invitation to stick with us. Since the last AGM we have achieved many, but not all, of the things we set out to.

We have:

Strengthened the Board with the expertise and financial skills of Deborah Page;

Completed the recruitment of our Senior Management team with the addition of, Chief Financial Officer, Michael Burgess; Business Development Manager, Anthony Guy; and Manufacturing Manager, David McKenzie;

Integrated the BPL acquisition;

Developed a viable export business;

Produced a cash positive financial result in the second half;

Deepened our commercial relationship with Shell Australia; and

Announced a merger with Wentworth Holdings that will (subject to the approval of Wentworth Shareholders) provide $14m cash for ARfuels.

As I said last year, our business model is not particularly complicated. We manufacture and sell biodiesel at a price that is inextricably linked to the prevailing price of mineral diesel. On this side of the equation we are price takers. Our principal input cost is what we pay for feedstock. At the moment this is mainly domestic animal tallows and used cooking oil.

Disappointingly we have not been able to progress with any meaningful shipments of Recycled Mill Oils to date. We continue to explore all options for developing supply channels of Recycled Mill Oils and other waste vegetable oils from throughout the Asia Pacific. We believe we have made good progress on this front and are hopeful of having supply of these materials during the 2013 calendar year.

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ANNUAL GENERAL MEETING 29 November 2012

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Company Update

• Highlights / Challenges

• Operations Overview

• Sales

• Production

• Feedstock

• Financial results

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Highlights

• BPL business fully integrated

• Sales averaging $4 million per month, 2012 = $38+ million

• • Production over . 3 5 million litres month per

• Export sales to the USA of ~ 12 million litres

• Cash ositive result for the second half of FY2012 p

• Second half of FY2012 financial result substantial improvement over any historical result

• Shell Australia opens B20 facilities in Sydney and Melbourne

• Carbon Tax provides advantage for biodiesel used in the mining sector – up to $0 . 06 per litre

• Proposed merger with WWM announced to provide $14m cash injection

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Challenges

• Fire at Largs Bay plant

• Restitution works now complete and commissioning underway

• Insurance fully covered cost of rebuild

• Sales from Picton slow

• Infrastructure required ‐ project for biodiesel storage and blending facility underway – completion targeted April 2013

• Recycled Mill Oils and Palm Sludge Oils

• Supply from GBTI has not progressed at this stage

• We continue to work on developing supply lines of Waste V ege t a bl e Oil s ou t o f th e s a‐ A i P ac ifi c

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Sales Strate gy

’ • ARF s sales program is built on:

• Domestic Sales

• Major fuel suppliers such as the oil majors who use B5; and

• • Mining and transport companies who use B20 .

• Oil Majors contracted for 40 – 50 mL p.a. of the Vic plant

• Discussions in progress with the oil majors; WA and SA

• • Oth er arge na l ti ona re l t a il ers an d ranspor t t compan es i progressing

• Major Independent distributors – see biodiesel as a market differentiator

• Export Sales

• Provided utilisation of ca acit whilst the domestic market p y

• continues to grow

• Represents profitable sales opportunities – at times better than the domestic market

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Sales Strate gy

• Demand continues to grow assisted by Government Policy

• Federal and State

• Cleaner Fuels Grant extension to 2021

• Carbon Tax provides Biodiesel with a financial advantage

• NSW Mandate – 2% biodiesel inclusion from 2010

• VIC Government Grant ‐ $2m to support construction of Biodiesel facilities

• Infrastructure for biodiesel blending and storage

• Sydney and Melbourne now available

• Perth April 2013

• Adelaide later in 2013 (blending available from ARfuels site January 2013)

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ARfuels Sales

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7 *Unaudited figures

ARfuels Production

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Unaudited figures
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ARfuels Financials

Year Ended 30 6 Months To 31 6 Months To 30 3 Months to 30 June 2012 December 2011 June 2012 September 2012

	R 38 297 052 13 912 050 24 385 002 15 032 683 evenue , , , , , , , , EBITDA (3,536,332) (3,487,325) (49,007) 1,311,039
	Net Profit (Loss) After Tax (7,235,793) (4,754,215) (2,481,578) (23,577)

2013 – financial outlook

• Fi rst u f ll year o f arnawart B h a pro d uct on n i i FY 13 , ramp up o f args ay an L B d cton Pi

• Continued margin improvement from imported waste vegetable oils / feedstock

• Capital restructure will enable next phase of growth

* September results unaudited

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ARfuels Progress and Immediate Priorities

• FY2012 – a rans orma t f ti ve year

• Integration of BPL

• Cash positive second half from low capacity utilisation

• Sales volume of 32+ million litres; revenue of 38+ million $

• New Board and Management team

• Export business established

• Business has a clear strategic path

• FY2013 – buildin g the business ; ke y near term ob j ectives

• Sales and plant production increasing – incl. SA plant on line

• Capital restructure to be completed

• Source Waste Vegetable Oils / feedstocks in Asia – margin improvement

• Import program in development

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WWM ro osal p p

• Merger Implementation Agreement executed by ARW and WWM Boards

• ‐

• Pre Bid Acceptance Agreements for 19 . 4% of WWM shares complete

• Provides a cash injection of $14 million to ARfuels

• Thi s prov id es un f di ng or grow f th – wor ki ng cap it a an l d capex requirements, reduces our debt levels and substantially strengthens ARfuels Balance Sheet

• Merger ratio of 5.7 ARW shares for each WWM share – increases our issued capital from ~ 2.4 billion shares to ~ 3.7 billion shares

• Offer Document ‐ Bidder and Target Statements released Mid‐ December – offer to close late January 2013

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Disclaimer

Disclaimer: This document was prepared by Australian Renewable Fuels Limited. This document contain statements that involve risks and uncertainties. These statements are not guarantees of Australian Renewable Fuels Limited future performance and involve a number of risks and uncertainties that may cause actual results to differ materially from the results discussed in these statements. This document only contains information required for a preliminary evaluation of the Company and in particular only discloses information by way of summary within the knowledge of the Company and its Directors. A reader should seek his own independent professional advice in relation to the technical, financial, taxation, legal and commercial matters relating to any potential investment in Australian Renewable Fuels Limited. Other than to the extent required by law (and only to that extent) the Company and its officers, employees and professional advisers make no representation, ug arantee or warranty (expressed or implied) as to, and assume no responsibility or liability for, the contents of this presentation.

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