company presentation rex international...

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COMPANY PRESENTATION REX INTERNATIONAL HOLDING

Bank of America Merrill Lynch Corporate DaySingapore, 2 September 2013

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DISCLAIMER

The information contained in this presentation has not been independently verified. The Company assumes no responsibility or liability whatsoever (in negligence or otherwise) for, theaccuracy or completeness of, or any errors or omissions in, any information or opinions contained herein nor for any loss howsoever arising, whether directly or indirectly, from any use,reliance or distribution of this presentation or its contents or otherwise arising in connection with this presentation. It is not the intention to provide, and you may not rely on thispresentation as providing a fair, accurate, complete or comprehensive analysis of all material information concerning the Company, or the Company's financial or trading position orprospects. The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to change without notice.

This presentation may not be forwarded or distributed to any other person and may not be reproduced in any manner whatsoever. Any forwarding, distribution or reproduction of thispresentation in whole or in part is unauthorised. Failure to comply with this directive may result in a violation of the Securities Act or the applicable laws of other jurisdictions.

This presentation is for information purposes only and does not constitute or form part of an offer, solicitation or invitation of any offer, to buy or subscribe for any securities, nor should itor any part of it form the basis of, or be relied upon in any connection with, any contract, commitment or investment decision whatsoever. This document may not be used or relied uponby any other party, or for any other purpose, and may not be reproduced, disseminated or quoted without the prior written consent of the Company.

This presentation contains projections and forward-looking statements that reflect the Company's current views with respect to future events and financial performance. These views arebased on estimates and current assumptions which are subject to business, economic and competitive uncertainties and contingencies as well as various risks and these may changeover time and in many cases are outside the control of the Company and its directors. You are cautioned not to place undue reliance on these forward looking statements, which arebased on the current view of the management of the Company on future events. No assurance can be given that future events will occur, that projections will be achieved, or that theCompany's assumptions are correct. The Company does not assume any responsibility to amend, modify or revise any forward-looking statements, on the basis of any subsequentdevelopments, information or events, or otherwise. These statements can be recognized by the use of words such as "expects," "plans," "will," "estimates," "projects," or words of similarmeaning. Such forward-looking statements are not guarantees of future performance and actual results may differ from those forecast and projected or in the forward-looking statementsas a result of various factors and assumptions. A potential investor should read the Offer Document first for details of forecasts and projections and consider the assumptions used andmake their own assessments of the future performance of the Company before deciding to purchase the Shares.

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Game-changing technology• Higher exploration accuracy than peers – success rate of over 50% vs. usual 10% to 15%• Substantial cost saving and improved profitability• Proprietary technology, several years’ head start• Faster analysis than peers - weeks compared to years

Existing portfolio – Proof of Concept• Portfolio of 13 licences (including the 3 licences in Trinidad and Tobago upon the completion of the investment in Rex Caribbean Oil

Company Ltd (“Rex Caribbean”)• High growth in portfolio going forward • Active drilling programme in portfolio• Concessions and licences in areas with known reservoirs of oil and gas• Close to production • Existing production in Trinidad upon the completion of the investment in Rex Caribbean

Effective business model• Lower risk position: Acquiring equity position whilst committing limited funds • Selling oil in the ground once proven to recycle funds into new assets, while keeping some producing assets for medium to long-term• Screening new licences at low cost, high capacity• Minimum target of 50 Million barrels of oil recoverable per new concession• Shorter lead time between investment and proving up reserves

INVESTMENT RATIONALE

REX GRAVITY™

DYNAMIC TOPOGRAPHY MEASUREMENT USING SATELLITES

Based on satellite gravity data

Water depth compensation

High correlation with known hydrocarbon accumulations

Highly cost efficient

The Rex Technologies are developed and fully owned by Rex Technology Management Ltd.

LASER STATIONDORIS STATION

GPS SATELLITE

RANGE

ORBIT

SATELLITE ALTITUDE

ELLIPSOID

DYNAMICTOPOGRAPHY

OIL GAS

GEOID SEA SURFACE HEIGHT

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REX GRAVITY™

COMPARISON: TRADITIONAL vs REX

Traditional satellite chart Presence of hydrocarbons more well defined with Rex Gravity

BUBBLE PLUME

REX SEEPAGE™

ADVANCED OFFSHORE SEEPAGE MEASUREMENTS

Based on thermal imaging

Advanced analysis of sea surface temperature. An analysis of the thermal infrared spectrum emitted from the top (<0.1mm) ocean layer

A thin oil layer will absorb and emit solar energy differently than water without oil sheen. Part of the energy will be emitted in the infrared (IR) wavelength region. The emissivity of water and oil is different dependent on time-of-observation (day and night)


OIL SLICKS

GAS AND AEROSOL TO ATMOSPHERE

POCKMARKZONE OF GAS SATURATED SEDIMENTS

CURRENT

OFFSHORE ONSHORE

STREAM ORSTANDING

WATER

SPRING LINE

WATER TABLE

GAS ABOVEWATER TABLE

OIL OIL SEEP

GAS OIL AND GAS SEEP

GAS SEEP

MATURE SOURCE KITCHEN

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REX SEEPAGE™

COMPARISON: TRADITIONAL vs REX

Traditional photo image of oil slicks Chart using Rex Seepage

REX VIRTUAL DRILLING™

OFFSHORE COLLECTION OF SEISMIC DATA USED IN REX VIRTUAL DRILLING

Detects the presence of hydrocarbon accumulations as well as migration paths

Provides information about fluid type (oil/brine)

Provides volumetric reserve information

Works on both offshore and onshore seismic data


SURVEY SHIP

SOURCE OF SHOCKWAVES (AIR GUN)

IMPERMABLE ROCK

SEA BED

SEDIMENTARY ROCK LAYERS

WATER

HYDROPHONES

PATH OF REFLECTED WAVES

GASOIL

POROUS RESERVOIR ROCK

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REX VIRTUAL DRILLING™

OIL FINDINGS USING REX VIRTUAL DRILLING™TRADITIONAL GEOLOGIST FINDINGS

Layer 1

Layer 1

Layer 2

Layer 3

Layer 4

Layer 2

Layer 3 Layer 4

Locations of hydrocarbons found using Rex Virtual Drilling are defined in black.

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WELL EXPLORATION PROFIT

Min size reservoir 50 MMBblOil in the ground price US$ 5 / barrelParticipation interest 20%

Net revenue US$ 50 million

CAPEX US$ 10 million

PROFIT US$ 40 million

CASE STUDY LOW END– one successful well discovered, sell off oil-in-the-ground

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EXAMPLE OF SUCCESS RATES –IMPACT ON REVENUE OVER TIME

EXPLORATION SUCCESS RATE OF FINDING OIL: 50%

TRADITIONAL E&P COMPANY’S SUCCESS RATE: ABOUT10%

Accumulated net revenue USD 175 Million

Accumulated net revenue USD -5 Million

Rex International Holding Traditional Players

Exploration success rate of finding oil 50% 10% - 15%

Cost Under $100,000 May go in millions

Time required 4 – 6 weeks 1 – 3 years

Involvement Participation by equity holding; NOT service provider

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

E&P VALUE CHAIN

RIH POSITION IN THE E&P VALUE CHAIN

LICENSE AWARD

EXPLOR. DISCOV. DEVT. PDO* CONSTRUCTION FIRST OIL PRODUCTION

*Plan for Development and OperationNote: (1) Assuming the investment by Rex International Holding in Rex Caribbean is completed

RIH’s strategy:1. Prove up value2. Sell oil in the ground

RESERVESCONTINGENT RESOURCES

PROSPECTIVE RESOURCES

YEAR

$/BOE, RISKED

UAE/OMAN/NORWAY

USA/TRINIDAD(1)

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MODEL OF CREATING VALUE

1

RIH’S MODEL OF CREATING VALUE

IDENTIFY, MERGE/AQUIRE NEW CONCESSIONS

2 INCREASE VALUE BY INTRODUCING REX TECHNOLOGIES

3 REFINE AND DEVELOP CONCESSION VALUES

4 SPINNING OFF MATURE ASSETS FOR RENEWAL OF CAPITAL AND UNLOCKINGSHAREHOLDER VALUE

5 REPEAT

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OPERATION PROCESS

Partners / Potential partners

Rex International Holding Ltd

Rex Technology Management

1• Partners/Potential partners hand over seismic data

2• Transfer of data for analysis

3• Interpretation process of 4 to 6 weeks before returning data 4• Advise Partners/Potential partners

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OVERVIEW OF CONCESSIONS

UAERAK OFFSHORERAK ONSHORE

SHARJAHOFFSHORE

OMANOFFSHOREBLOCK 50

NORWAY4 OFFSHORE

LICENCES

USAPARTNER IN 2 LARGE LEASE

AREAS: COLORADO AND NORTH DAKOTA

SINGAPOREHQ

TRINIDAD3 ONSHORE

CONCESSIONS(1)

Note: (1) Assuming the investment by Rex International Holding in Rex Caribbean is completed

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Country Prospect Name OperatorQ3

2013Q4

2013Q1

2014Q2

2014Q3

2014Q4

2014

1 Norway PL503 Valberget Lotos E&P Norge AS

2 Norway PL 498 Skagen Lotos E&P Norge AS

3 Norway PL 616 Skagastøl Edison International Norway Branch

4 Norway PL503/B Valberget Lotos E&P Norge AS

5 Oman Oman Block 50 Well #2 Masirah

6 Oman Oman Block 50 Well #1 Masirah

7 Trinidad & Tobago(1) Inniss-Trinity Rex Caribbean Oil Company

8 Trinidad & Tobago(1) South Erin Block Rex Caribbean Oil Company

9 Trinidad & Tobago(1) Cory Moruga Block ‘E’ Rex Caribbean Oil Company

10 UAE Sharjah Zubarah

11 UAE RAK Onshore Baqal

12 UAE RAK Offshore Dahan

13 USA North Dakota Williston Fram Operations

USA Colorado Whitewater Fram Operations

CONCESSION STATUS – FROM 10 TO 13 AND GROWING

Exploration

Development

Appraisal

Production

DryTentative

Drilling schedule is subject to rig availability and other factorsNotes: (1) Assuming the investment by Rex International Holding in Rex Caribbean is completed

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PORTFOLIO GROWTH

NORWAY (VIA LIME)• Rapid growth of licence applications in 2013• 3-5 well spuddings during 2013-2014

ASIA PACIFIC (VIA HIREX)• Screening mature fields in Asia Pacific

(Malaysia, New Zealand, Australia)• Goal - to secure 5 to 6 licences in the next 18

months

WESTERN EUROPE• Focus on UK and Germany

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BUSINESS STRATEGIES

Increase value through seeking farm-ins

Partial farm-out of ownership in concessions to new partners

Technology advantages

Expansion through acquisitions and strategic partnerships

Increase value through seeking new concessions

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64%

COMPANY STRUCTURE*

REX US LIMEPETROLEUM

BAQALPETROLEUM

ASSET: RAK ONSHORE

ZUBARAPETROLEUM

ASSET: SHARJAH

MASIRAHOIL

ASSET: BLOCK 50 OMAN

DAHANPETROLEUM

ASSET: RAK NORTH OFFSHORE

LOYZ REX DRILLING

SERVICES LLCASSETS: 2 ONSHORE

RIGS

COLORADO / NORTH DAKOTA

2 LARGE LEASE AREAS*

FRAMEXPLORATION

ASAOWNER OF US

LICENCES*

REX INTERNATIONAL HOLDING

HIBISCUS

100% 65%

LIME PETROLEUM NORWAY

CONCESSIONS: PL498 PL 616, PL503/PL503B

100%100% 100%59%49%20% Interest

35% SHAREHOLDER

24% 41%

HiRex

Notes: * Simplified model of group structure, see Offer Document for complete details(1) Assuming the investment by Rex International Holding in Rex Caribbean is completed

REX Caribbean(1)

52%

• Inniss-Trinity – 100%• South Erin Block – 75%• Cory Moruga Block ‘E’ – 51%

• PL503 Valberget – 8.1%• PL503B Valberget – 8.1%• PL616 Skagastol – 3.3%• PL498 Skagen – 3.3%

• RAK Onshore – 65%• Sharjah - 65%• Block 50 Oman – 41.6%• RAK North - 38.4%• 80 wells - 20%

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STRONG STRATEGIC PARTNERS

REX TECHNOLOGYMANAGEMENT

TechnologyProvider

Rex TechnologyManagement is the licence provider of Rex Gravity, Rex Seepage and Rex

Virtual Drilling.

BGPSeismic Data

Provider

A leading geophysical service

company; have cooperated on

complex marine surveys in Oman, Sharjah and Ras

Al-Khaimah.

SCHRODERSInvestor

A global asset management company with USD359 billion

AUM.

HIBISCUSStrategic Investor

Malaysia's first listed independent oil and gas E&P company,

developing small and medium-sized oil and

gas fields in the Middle East, South Asia, East Asia and

Oceania regions.

FRAM EXPLORATION

ASAPartner in US Leases

A Norwegian oil company with mature assets onshore in the

US and in the Republic of Trinidad

and Tobago.

LOYZ ENERGYPartner in

US Leases and Drilling Co

A Singapore company set on becoming a

reputable independent E&P energy company in

the Asia-Pacific region.

PETROCIPartner in

Oman

The national oil company of the Ivory Coast active in the whole value chain from exploration to

production.

NORTH ENERGYPartner in Norway

A Norwegian oil company listed in Oslo, focusing on

assets located on the Norwegian

Continental Shelf. It is partner in more than 20 offshore

licenses in Norway.

PARETOInvestor

A leading independent energy and energy service investment bank in Europe, managing

USD 3 billion in equity markets in

2012.

STAURInvestor

A Norwegian family-owned conglomerate, doing hands-on and dynamic work with

businesses in the oil-service, energy and

food industries.

E&P COMPANIES

TECHNOLOGY COMPANIES / INVESTORS

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KEY MANAGEMENT

REX INTERNATIONAL HOLDINGBOARD OF DIRECTORSMr. Dan Broström Executive Chairman

Dr. Karl Lidgren Non Executive Director

Mr. Bernt Østhus Non Executive Director

Mr. Sameer Khan Independent Director

Mr. Abderahmane Fodil Independent Director

Mr. Boon-Ann Sin Independent Director

KEY EXECUTIVESMr. Måns Lidgren Chief Executive Officer

Mr. Åke Knutsson Chief Financial Officer

Mr. Kristofer Skantze Chief Operating Officer

Mrs. Lina Berntsen Chief Technology Officer

Ms. Mok Lai Siong Group General Manager

LIME PETROLEUMBOARD OF DIRECTORSDr. Kenneth Pereira Non Executive Chairman

Dr. Karl Lidgren Non Executive Director

Mr. Laurence Keenan Non Executive Director

Mr. Simon Comina Non Executive Director

KEY EXECUTIVESMr. Svein Kjellesvik Chief Executive Officer

Mr. Peter Kitson Chief Financial Officer

Mr. Ivar Aarseth Managing Director Norway

Mr. Chris Dyas COO Middle East

Dr. Rabi Bastia Vice President Exploration

Mr. Elike Mawuli Drilling Manager

Mr. Thomas Liljedahl Chief Geologist

Mr. Guy de Caprona Exploration Manager Norway

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SHARE PRICE OVERVIEW

IPO factsListing date 31 July 2013Stock code 5WHOver subscription of public tranche 153xShare price at IPO SGD 0.50

Share facts (Friday, 30 Aug 2013 (end of trading))Share price SGD 0.745Number of shares 1,004,683,156Market capitalisation SGD 748.49 millionShare price development since IPO +49%

Major shareholders

Rex Commercial Fram shareholdersPre-IPO investorsSchrodersCathay and PPCFNew public

Total

55.43%10.13%8.56%8.61%0.55%

16.72%

100.00%

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SUMMARY OF COMPETITIVE ADVANTAGES

• Access to Rex Technologies to assess areas for exploration

• Rapid exploration decision process and prospect analysis

• Targeted concession investments based on oil show data

• Continuous asset spin off – sell-off of oil in the ground

• Risk spread – concessions in politically stable countries, geographically diversified portfolio and limited equity stake per concession

• Strong partnerships with strategic partners

• Cross functional and experienced team

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INVESTORS AND MEDIAMs. Mok Lai SiongGroup General Manager, IR & CommunicationsMob: +65 8518 8945Email: [email protected]

COMPANY ADDRESSRex International Holding Ltd 6 Raffles Quay #20-07Singapore 048580

APPENDICES

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PEER ANALYSIS

ValuationsTicker Mkt Cap TTM P/E CY13 P/E CY14 P/E EV/EBITDA P/BV P/NTA

Company (S$m) (x) (x) (x) (x) (x) (x)

Rex International Holdings Ltd REXI SP 718 - - - - 3.95 3.95

E&P players listed in SporeKrisEnergy Ltd KRIS SP 1,240 - - - - 2.04 2.08Mirach Energy Ltd MENR SP 461 - - - - 10.71 16.61RH PetroGas Ltd RHP SP 292 1852.4 55.4 43.1 9.1 1.25 5.68Ramba Energy Ltd RMBA SP 206 - - - - 2.88 3.18Interra Resources Ltd ITRR SP 196 20.6 35.3 29.4 16.1 2.12 2.22Loyz Energy Ltd LOYZ SP 108 - - - - 1.94 10.70Median - 249 936.5 45.3 36.2 12.6 2.1 4.4

E&P players with exposure to Norway/UAE/Oman assets (>~$S200m, <~S$3b)

DNO International ASA DNO NO 2,855 9.8 11.4 5.8 4.5 2.74 3.67

Det Norske Oljeselskap ASA DETNOR NO 2,437 - - - - 3.14 50.66

Hibiscus Petroleum Bhd HIBI MK 245 - - - - 2.56 3.13Circle Oil PLC COP LN 198 6.2 4.2 3.8 3.8 0.72 9.94Median - 1,341 8.0 7.8 4.8 4.1 2.65 6.80

Sources: Bloomberg as at 29 Aug 2013; Kris Energy IPO Prospectus

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PL503 VALBERGET

Country: Norway

Concession name: PL503 Valberget

Concession size in sq km: 978

Rex interest in concessions: 8%

Rex Group concession holder: Lime Norway

Operator: Lotos E&P Norge AS

Location: North Sea

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PL 498 SKAGEN

Country: Norway

Concession name: PL 498 Skagen





Location: North Sea

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PL 616 SKAGASTØL

Country: Norway

Concession name: PL 616 Skagastøl




Operator: Edison International Norway Branch

Location: North Sea

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PL503/B VALBERGET

Country: Norway

Concession name: PL503/B Valberget




Concession partners: North Energy


Location: North Sea

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OMAN BLOCK 50 WELL #2

Country: Oman

Concession name: Oman Block 50 Well #2

Rex interest in concessions: 31.2%

Rex Group concession holder: Masirah

Operator: Masirah

Location: Gulf of Oman

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OMAN BLOCK 50 WELL #1

Country: Oman

Concession name: Oman Block 50 Well #1

Concession size in sq km: 16,903


Rex Group concession holder: Masirah

Operator: Masirah


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INNISS-TRINITY

Country: Trinidad & Tobago

Concession name: Inniss-Trinity


Rex Group concession holder: Rex Caribbean Oil Company

Concession partners: Pareto Staur SPV1 AS

Location: South central Trinidad within Moruga district

Note: Pending regulatory due diligence and approval

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SOUTH ERIN BLOCK


Concession name: South Erin Block

Rex interest in concessions: 75% (working interest)



Location: South-west Trinidad


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CORY MORUGA BLOCK ‘E’


Concession name: Cory Moruga Block ‘E’

Rex interest in concessions: 51% (working interest)



Location: Southern basin, onshore Trinidad


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SHARJAH

Country: UAE

Concession name: Sharjah



Rex Group concession holder: Zubara

Operator: Zubara


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RAK ONSHORE

Country: UAE

Concession name: RAK onshore



Rex Group concession holder: Baqal

Operator: Baqal

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RAK OFFSHORE

Country: UAE

Concession name: RAK offshore



Rex Group concession holder: Dahan

Operator: Dahan

Location: Strait of Hormuz

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NORTH DAKOTA WILLISTON

Country: USA

Concession name: North Dakota Williston



Rex Group concession holder: Rex US Ventures LLC

Operator: Fram Operations

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COLORADO WHITEWATER

Country: USA

Concession name: Colorado Whitewater



Rex Group concession holder: Rex US Ventures LLC

Operator: Fram Operations

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