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Leverage Consulting Leverage Consulting | Virtual CFO 9/22/2010
WILLIAM GAN A WK GAHN

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Informed Financing |
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t r ee h i l l
NATURAL RESOURCES GROUP VISION
Indicative Business & Finance Terms
STRICTLY PRIVATE & CONFIDENTIAL
This Paper was prepared exclusively for the benefit and internal use of the recipient.
recipient. This paper does not carry any right of publication or disclosure to any other party.
party. Neither this proposal nor its content may be used for any other purpose
without prior written consent of Leverage Consulting.
Consulting.
The information in this paper reflects prevailing conditions and our views as of this date, all of which are accordingly subject to change.
change. In preparing this paper, we have relied upon and assumed, without independent verification, the accuracy
and completeness of any information available from public sources.
sources.
Except as required by law, Leverage Consulting and its officers, employees, agents and advisers do not accept any responsibility for or liability whatsoever in respect of any loss, liability, claim, damage, cost or expense arising as a
consequence (whether directly or indirectly) of reliance upon any information or any statement or opinion contained in this document, nor do they make any representation or warranty (whether expressed or implied) as to the accuracy or
completeness of this document or its contents.
contents. This paper is not an offer document and cannot give rise to any contract.
contract.
1
BRIEFING AGENDA
1. BUSINESS & FINANCE MODEL ….a recapitulation
Concession Business Structure
Asset-Backed Finance Structure
Preliminary Base Case Asset Metrics
Off-taker Arrangements
2. INDICATIVE KEY TERMS

CPO/PK & Coal Supply : Terms Of Business
Private Equity & Private Debt : Terms Of Finance
3. OPERATING MECHANICS OF DESIGNATED ACCOUNTS
4. INDICATIVE KEY BENEFITS
5. INDICATIVE TIMELINE
6. CREDENTIALS
2
CONCESSION BUSINESS STRUCTURE

Controlling Soft or Hard External
Indonesia / Malaysia Asset Commodity Debt and Private
JV Investors Injection Off-
Off-taker Equity Investors
MIN. Fixed Payt. Contractual
Commodity Sale Income
Legal / Beneficial
Investment Management Trustees’ fee Debt
services Commodity Asset
Portfolio and Equity
Manager Management Owner Act for Trustees
fee Soft/Hard Commodities external
investors
Commodity Asset
Supply Ownership
O&M fee
Commodity Commodity
Asset Asset
Soft or Hard Asset Operator
Operation
3
CONCEPTUAL FINANCE STRUCTURE

Sale Contracts with
Controlling Asset
RAM AA1 / Int’l
BBB1 or BBB+ Owner / Injector
target quality Soft/Hard Commodities
counterparties
≤ 40% RAM AAA
Investment Class 1 Medium
Trustee Term Notes

Contract ≤ 10% RAM AA2
Entry into
Class 2 Medium
Sale MINIMUM Fixed Term Notes
proceeds Payment
Commodity Sale Beneficial ≤ 20% (BG) Class 3
Commodity Owner Medium Term Notes
Financing SPV
Master ≤ 30%
$$$ Redeemable
Assignment
Designated /Novation of Convertible
Accounts Preference Shares
rights to
Contract Sale Legal Commodity
proceeds
Owner
Asset Holding SPV
$$$
4
ASSET-BACKED FINANCE SOURCE & USE

Coal Forest Palm Oil
Medium Term Note Medium Term Note Medium Term Note
Series Investors Series Investors Series Investors
Propose Medium Term Note issuance for $$$ in
multiple Series under Islamic Sukuk principle
30% $$$
Fable Energy &
Private Equity Redeemable
Investor Convertible Resources Sdn Bhd
Preferred Group Treasury
Shares
Propose Sale / Leaseback of beneficial interest in

Concession Assets for $$$ under Islamic Ijarah principle
PMA/PT Fable FMU 8 & 13 PMA/PT Fable

Natural Resources (Malaysia) Sdn Bhd Plantations
Coal Asset Holding Forest Asset Holding Palm Oil Asset Holding
5
PRELIMINARY BASE CASE ASSET METRICS Asset LTV FSV 70% Medium Term Note Issuance Schedule in
Category Debt MYR ‘million
Figures in RM ‘million unless MTN 2011 2012 2013 2014 2015
Forced Sale Value (FSV) stated otherwise Total
estimate in RM ‘million
FOREST 13% 667 85 60 25 - - -
ASSET
using 15% Cap Rate COAL ASSET 8% 587 45 45 - - - -
PALM OIL 25% 579 145 25 25 50 25 20

ASSET
578.9 666.7
TOTAL
ASSETS
15% 1,833 275 130 50 50 25 20
Asset Category Min DSCR Max DSCR Ave DSCR
FOREST ASSET (x) 4.96 13.49 8.77

587.2 COAL ASSET (x) 8.67 41.27 22.17
PALM OIL ASSET (x) 2.45 7.99 2.91
Asset Category 30% Private Equity Issuance Schedule in MYR ‘million

PE
Figures in RM ‘million unless PE 2010 2011 2012 2013 2014 2015
Forest Asset (> 40% IRR) stated otherwise Total
FOREST ASSET 50 15 25 10 - - -
Coal Asset (> 100% IRR)
COAL ASSET 19 - 19 - - - -
Palm Oil Asset (> 20% IRR)
PALM OIL ASSET 64 - 11 11 22 11 9
TOTAL ASSETS 133 15 55 21 22 11 9

6
INDICATIVE MINIMUM OFF-TAKER PAYMENT

250,000,000
COAL MINE CONCESSION
200,000,000
150,000,000
100,000,000
9,374,553
(FIGS IN USD)
50,000,000
-
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Gross Operating Receipts (USD) Raw Fixed Capacity Receipts (USD)
Indicative Fixed Capacity Receipts (USD)
10,000,000 9,500,000
9,000,000 9,000,000
(900k MT p.a.) (1200k MT p.a.)
8,000,000 7,000,000
7,000,000
6,000,000 (700k MT p.a.)
5,000,000
5,000,000
4,000,000 (500k MT p.a.)
3,000,000
2,000,000
1,000,000
-
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Indicative Fixed Capacity Receipts (USD)

7
INDICATIVE MINIMUM OFF-TAKER PAYMENT

1,200,000,000
1,000,000,000
PALM OIL CONCESSION
800,000,000
(FIGS IN IDR ‘000)
600,000,000
400,000,000
200,000,000
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
Gross Operating Receipts (IDR '000) Indicative Fixed Capacity Receipts (IDR '000)
180,000,000 163,000,000
(204300 MT FFB)
160,000,000
140,000,000
122,000,000
120,000,000 (171600 MT FFB)
88,000,000
104,000,000 (100000 MT FFB)
100,000,000 (115200 MT FFB)
80,000,000
60,000,000
34,000,000
40,000,000 (33200 MT FFB)
36,000,000
27,000,000 19,500,000
20,000,000 23,000,000
8,000,000
0
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
Indicative Fixed CPO Receipts (IDR '000) Indicative Fixed PK Receipts (IDR '000)
8
INDONESIAN PALM OIL INDONESIAN COAL

90,000 1,400,000
80,000
1,200,000
70,000
1,000,000
60,000
50,000 800,000
40,000 600,000
30,000
85, 720
400,000
20,000
200,000
10,000
0 -
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
CPO Production (tonnes) CPO Take Qty (tonnes) Coal Production Capacity (tonnes) Coal Take Quantity (tonnes)
18,000
16,000
14,000
12,000
Off-taker commitment shall be to payment of
10,000
8,000 a minimum periodic Fixed Capacity purchase

6,000
4,000 value obligation ("Take or Pay"), under which

2,000
-
quantity equivalents are fixed at the Index-
linked Spot price for instructed delivery.
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
PK Production (tonnes) PK Take Qty (tonnes)
OFF-TAKER "TAKE OR PAY" QUANTITIES

9
COAL SUPPLY: INDICATIVE KEY TERMS

Principal Contract Parties Offtaker, [ BHP Billiton] and Fable Energy & Resources SB.
Assignment / Novation Rights/obligations may be assigned/novated to ctrlled cos.
Supply volume off-
off-take Minimum "Take or Pay" quantity, and up to 1.2 million MT p.a.
from the first Commercial Operations Year. ("COY"
"COY").
"COY"
First COY First achievement of minimum 500,000 MT production
milestone.
Fixed Capacity Payment Production milestone contingent (minimum) payment, pursuant
to which off-taker takes
take delivery of the quantity equivalent ("Take
or Pay" quantity) at the Coal Index-linked Spot price or pays
pay only.
Variable Volume Payment Excess volume contingent payment, pursuant to which off-taker
pays for quantities delivered in excess of the "Take or Pay"
quantity at the Coal Index-linked Spot price or Coal Index-linked
3-Month Moving Average price, whichever is lower.
Fixed Capacity Payment 12 Mths Production Volume (MT) 12 Mths Fixed Payment
Schedule 500,000 (COY 1) USD 5.0 million
700,000 (COY 2) 7.0 million
900,000 (COY 3) 9.0 million
1,200,000 (COY 4 & after) 9.5 million
10
CPO/PK SUPPLY: INDICATIVE KEY TERMS

Principal Contract Parties Offtaker, [ KS Oils Limited] and Fable Energy & Resources SB.
Assignment / Novation Rights/obligations may be assigned/novated to ctrlled companies.
Supply volume off-

off-take Min. "Take or Pay" quantity, and up to 76,196 MT CPO and 16,892
MT PK p.a. from the first Commercial Operations Year. ("COY"
"COY").
"COY"
First COY First achievement of minimum 6,443 MT CPO and 1,487 MT PK
production milestone.
Fixed Capacity Payment Production milestone contingent (minimum) payment, pursuant to
which off-taker takes
take delivery of the quantity equivalent ("Take or Pay"
quantity) at the CPO/PK Index-linked Spot price or pays
pay only.
Variable Volume Payment Excess volume contingent payment, pursuant to which off-taker pays
for quantities delivered in excess of the "Take or Pay" quantity at the
CPO/PK Index-linked Spot price or CPO/PK Index-linked 3-Month
Moving Average price, whichever is lower.
Fixed Capacity Payment Schedule COY 12 Months CPO 12 Months
Months CPO 12 Months PK 12 Months PK
Production Vol Fixed Payment Production Vol Fixed Payment
1 6,443 MT IDR 34 b 1,487 MT IDR 8 b
2 25,933 MT IDR 104 b 5,763 MT IDR 23 b
3 38,493 MT IDR 122 b 8,554 MT IDR 27 b
4-8 45,828 MT IDR 163 b 10,388 MT IDR 36 b
9 & after 26,484 MT IDR 88 b 5,873 MT IDR 23 b
11
INDICATIVE SOURCE OF CAPITAL INDICATIVE APPLICATION OF CAPITAL
≤ MYR600 m Cash Raising MYR600 m Cash Use (MYR 'm)

12
64
30% 135
209
70%
180
Indonesian Coal Mines Indonesian Palm Oil

Malaysian Palm Oil Malaysian Forest
Private Debt Private Equity
IT Control System
CAPITAL RAISING : SOURCE & APPLICATION

12
PRIVATE EQUITY: INDICATIVE KEY TERMS

Issuer Fable Energy & Resources Sdn. Bhd. ("FEAR"
"FEAR").
"FEAR"
Facility Redeemable &/or Convertible Preference Shares
[ @ 10-15% per annum yield].
Amount ≤ 30% of each cash raising and RM200 Million cumulative.
Purpose Pre-funding of interest (/Islamic profit) payments of virgin
palm oil plantations and financing of working capital/(non IT
& IT) capital expenditure,
Put/Call Option Subject to internal financial due diligence, exercisable at a
date to be determined. Exercise by investor and/or issuer if
FEAR fails to list in 3 years from business commencement.
Conversion Option Convertible by investor 6 months prior to listing into ordinary
shares and at a ratio to be determined.
Security 3rd party debenture to include a 2nd ranked fixed charge
over:
1. Rights/benefits/interest of related asset holding cos in
and to assigned/novated offtaker proceeds.
2. All Designated Accounts, monies therein, Permitted
Investments and FEAR’s shares in related asset holding
cos. 13
PRIVATE DEBT : INDICATIVE KEY TERMS

Issuer FEAR.
Facility Islamic Asset-Backed CP/MTN Series Program.
Amount ≤ 70% cash raising and RM400 Million cumulative.
Purpose Financing purchase of beneficial interest in
contractual income-earning natural resources assets
and IT control systems.
Availability Period Up to 15 years.
Maturity CPs:
CPs: 1 to 12 months, MTNs:
MTNs: 1 to 10 years.
Target Ratings Min short term P1 and min long term AA3.
Max Loan-
Loan-To-
To-Forced Sale Value Ratio Subject to rating agency’s confirmation, 50%.
CP Underwriting Fee & Rate P1 : 0.50% p.a. | Underwriters’ COF + 0.75% p.a.
Security 3rd party debenture to include a 1st fixed charge over:
1. Rights/benefits/interest of related asset holding
cos in and to assigned/novated offtaker proceeds.
2. All Designated Accounts, monies therein,
Permitted Investments and FEAR’s shares in
related asset holding cos. 14
INDICATIVE COMMON KEY TERMS

Priority Of Claims Subject to legal confirmation, the priority of claims at
all times, shall be as follows:
a. Principal and/or coupon (/Islamic profit) due on
outstanding Senior Notes issued by FEAR to the
Debt Capital Market;
b. Principal and/or dividend due on outstanding
RCPS issued by FEAR;
FEAR then
c. Principal and/or coupon due on outstanding
Subordinated Notes issued by FEAR to Fable
Holdings Sdn. Bhd..
Other Conditions a. Beneficiaries of commodity supply agreements
signed and novated by FEAR shall provide
irrevocable and unconditional instructions to
offtakers to credit payments into the Income
Proceeds Accounts under FEAR custody, and
beneficiaries shall receive confirmation that
offtakers would credit the payments into the
same.
b. Only Debt and Equity Trustees shall have effective
control over FEAR decisions in relation to the
securitisation transaction. 15
INCOME PROCEEDS FLOWS

Income
Natural Resource Proceeds MASTER MASTER
Coal Palm Oil
Supply Contract(s) Income Income
Prequalified Off-takers Proceeds Account Proceeds Account

Allocation for

Budgeted
Supply Off-
Off-take Contracts operating costs
Allocation
(ex Infrastructure)
FEAR Operations
Master Contractor (Budget)
RCPS, Account
/"Collection Agent"
CPs &/or
MTNs
Financing $$$ P+I

Agreements
incorporating at P+I Finance
Investors Reserve
least, a charge
under &/or Accounts
debenture, of Lenders
rights to Income
Proceeds A/Cs of Asset Holding Cos
(Novation Beneficiaries of Income Proceeds)
held under custody by FEAR 16
INCOME PROCEEDS FLOW DELIBERATED
MASTER MASTER
Coal Palm Oil
Income Income
Account Account

Coal Coal Palm Oil Palm Oil

CP/MTN

CP/MTN
CP/MTN CP/MTN
Series Investors Series Finance Series Finance Series Investors
Reserve A/C Reserve A/C
FEAR FEAR
RCPS RCPS
Investors Investors
Coal Palm Oil
Operations Operations
Account Account
17
INDICATIVE KEY STRUCTURING BENEFITS
Maximised Financing Liquidity, Marketability and Share

Value from minimised Weighted Average Cost Of Capital
("WACC"
"WACC")
"WACC"
Wider securities
Investor confidence
distribution
Prequalified Off- Share and Bond Maximised

taker and Trustee Islamic driven
Operator governance Leverage
18
INDICATIVE KEY INVESTOR BENEFITS

Security (Capital Preservation)
•Joint trustee control
•Prequalified off-taker
•Prequalified operator
•Contractual captive market
Comfort (Income)
•Assured income returns for both
debt and share investors given
strong asset IRRs
•Leveraged income returns for share
holders from ≤ 70% MTN funding
Wealth (Capital Growth)

•Yield enhancement for share
investors as portfolio assets are
acquired mainly on concession
and/or distressed buyout basis
•Capital growth for share investors
from target listing in 3 years, or
worst case redemption at premium
19
INDICATIVE MEDIATION TIMELINE & PROCESSES

Aug 2010 Sep 2010 Oct 2010 Nov 2010 Dec 2010 Jan 2011
1| INDICATIVE MEDIATION TIMELINE
STAGE I
MEDIATED
FINANCING
Pre-
Pre-Sale
Management
STAGE II
MEDIATED
FINANCING
Financial and
Legal Due Diligence
2| INDICATIVE MEDIATION PROCESSES
Regulatory
Rating Issuance of debt
Decision to approvals
(if applicable) and/or private
proceed (if applicable)
/Structuring equity capital
/Documentation
Award of Corporate Evaluate and mediate Application to authorities if Market sounding.

Advisory mandate. optimal funding structure. applicable. Compliance of conditions
Appointment of advisers Commence process of Finalise Info Memo and precedent to capital
(e.g. investment bank, rating (if applicable).
applicable) documents for investors. issuance.
legal, accounting, syariah, Finalise funding structure. SC compliance for Debt Issuance/placement of
etc..) Cashflow analysis. Capital Market issuances. securities to investors.
20
PRE-SALE MANAGEMENT FOR SUCCESS

Exposure Drafts
Modelling
The Shortlist
Term Sheets
Business & Indicative Request For Mandating
Financial Terms of (Bank) Bank(s) &
Models Business Proposals & Shortlisting
& Finance Draft Info Investors
Memo
21
ENGAGEMENT TEAM
Service Pedigree
Service Record With | Developed Franchises High Growth Franchises
Strategy OCBC AmInvestment

Bank S’pore Bank
Debt Capital and
Structured Finance
ABN AMRO NatWest UOB BSN
Bank Bank London Bank London Finance
Credit and Loan Finance
Arthur Listed Listed Puncak

Corporate and Tax Andersen MPHB Group Niaga Hldgs
Strategies
Mediation/Engagement OCBC KAF

Bank S’pore Group
Fixed Income
- Institutional Investors
Meridian SJ HLG
Equities Asset Mgt Asset Mgt Securities
- Institutional Investors
Mercatus CIMB Private AmPrivate

Equities Group Banking Banking
- Institutional &/or Retail
High Net Worth Investors 22
ENGAGEMENT TEAM
Skill Diversity Platform
Debt
Origination/
Structuring/
Execution,
4 years
Corporate Investment Banking

Strategy, Investment (SELL side)
Equity
22% Banking
Sales,
(SELL side), 10 years
Skill Diversity 37%
over c 40 years
Investment
Corporate
Banking
Banking,
(BUY side),
19%
22%
Asset Mgt Investment Banking
& Private
Wealth (BUY side) Fixed
Mgt, Income
3 years Mgt/
Structuring,
5 years
23
ENGAGEMENT TEAM
Awards, Recognition & Qualifications
Transactional Awards Industry Recognition
2007 - Most Innovative Islamic 2002 - Bloomberg panellist for

Deal Category for MYR300 million MYR Fixed Income.
Income. Role
Al-Aqar Capital Sukuk Ijarah designation was within 6 months of
Commercial Papers/Medium Term soft launch of a fixed income
Notes (""CP/MTN"
CP/MTN") Programme. publication for KAF.
2006 - Mudharabah Deal Of The Bank Negara Malaysia
Year for MYR300 million KNM endorsement of a proprietary
Capital Murabahah (Mudharabah) Credit Scoring system developed
CP/MTN Programme. for KAF Investment Bank Bhd.
Professional Endorsement Academic Discipline
Master Of Bachelor Of Bachelor Of

CMFAS Licence Certified Chartered Science,
Exam S’pore,
S’pore, Business Economics,
Practising Accountant, Microbiology
1st-time pass in Administration Accounting &
Accountant, Malaysia
80-100% score (Merit), Finance major/
Australia
range Finance major Law minor
24
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williamgan@wkgahn.com | +6012 390 1395
LEVERAGE CONSULTING
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Leverage Consulting Leverage Consulting | Virtual CFO 9/22/2010

WILLIAM GAN A WK GAHN

STRICTLY PRIVATE & CONFIDENTIAL

Asset-Backed Finance Structure

Preliminary Base Case Asset Metrics

2. INDICATIVE KEY TERMS

CONCESSION BUSINESS STRUCTURE

CONCEPTUAL FINANCE STRUCTURE

ASSET-BACKED FINANCE SOURCE & USE

Propose Sale / Leaseback of beneficial interest in

PMA/PT Fable FMU 8 & 13 PMA/PT Fable

using 15% Cap Rate COAL ASSET 8% 587 45 45 - - - -

PALM OIL 25% 579 145 25 25 50 25 20

Asset Category Min DSCR Max DSCR Ave DSCR

FOREST ASSET (x) 4.96 13.49 8.77

Asset Category 30% Private Equity Issuance Schedule in MYR ‘million

TOTAL ASSETS 133 15 55 21 22 11 9

INDICATIVE MINIMUM OFF-TAKER PAYMENT

Gross Operating Receipts (USD) Raw Fixed Capacity Receipts (USD)

Indicative Fixed Capacity Receipts (USD)

Indicative Fixed Capacity Receipts (USD)

INDICATIVE MINIMUM OFF-TAKER PAYMENT

INDONESIAN PALM OIL  INDONESIAN COAL

8,000 a minimum periodic Fixed Capacity purchase

4,000 value obligation ("Take or Pay"), under which

PK Production (tonnes) PK Take Qty (tonnes)

OFF-TAKER "TAKE OR PAY" QUANTITIES

COAL SUPPLY: INDICATIVE KEY TERMS

CPO/PK SUPPLY: INDICATIVE KEY TERMS

Assignment / Novation Rights/obligations may be assigned/novated to ctrlled companies.

Supply volume off-

INDICATIVE SOURCE OF CAPITAL INDICATIVE APPLICATION OF CAPITAL

≤ MYR600 m Cash Raising MYR600 m Cash Use (MYR 'm)

Indonesian Coal Mines Indonesian Palm Oil

CAPITAL RAISING : SOURCE & APPLICATION

PRIVATE EQUITY: INDICATIVE KEY TERMS

PRIVATE DEBT : INDICATIVE KEY TERMS

INDICATIVE COMMON KEY TERMS

INCOME PROCEEDS FLOWS

Financing $$$  P+I

INCOME PROCEEDS FLOW DELIBERATED

Coal Coal Palm Oil Palm Oil

INDICATIVE KEY STRUCTURING BENEFITS

Maximised Financing Liquidity, Marketability and Share

Prequalified Off- Share and Bond Maximised

INDICATIVE KEY INVESTOR BENEFITS

Wealth (Capital Growth)

INDICATIVE MEDIATION TIMELINE & PROCESSES

2| INDICATIVE MEDIATION PROCESSES

Award of Corporate Evaluate and mediate Application to authorities if Market sounding.

PRE-SALE MANAGEMENT FOR SUCCESS

Strategy OCBC AmInvestment

Arthur Listed Listed Puncak

Mediation/Engagement OCBC KAF

Mercatus CIMB Private AmPrivate

Corporate Investment Banking

Transactional Awards Industry Recognition

2007 - Most Innovative Islamic 2002 - Bloomberg panellist for

Professional Endorsement Academic Discipline

Master Of Bachelor Of Bachelor Of

williamgan@wkgahn.com | +6012 390 1395

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INDONESIAN PALM OIL INDONESIAN COAL

Financing $$$ P+I