1. Strategy Day 10 th July 2012

2. Richard Butcher Deputy Group Chief Executive Allan Jenkinson Chief Executive, Stobart Biomass

3. Introduction >Stobart Biomass continues to develop a wide product range to meet an ever increasing and broad customer base >Stobart Biomass supplied over 440,000 tonnes of grades A, B and C recycled wood, SRF, RDF, Black bag wastes, forestry residues, arboricultural arising's and G50 virgin fuels >In 2011 Stobart Biomass moved 560,000 tonnes and arranged over 16,500 lorry movements and 98 shipments >Stobart Biomass sales within the UK increased by over 40% >The Stobart Biomass structure grew in 2011 to include two main offices with 30 staff across 6 operational sites

4. Existing & In Build Woodchip Biomass Facilities

5. Current Contract/Agreements Total Tonnage : 1.0 million

6. Target Contracts 2012 TonnesMaterial Comment Customer 1250,000RCF/ARBDiscussions ongoing. Stobart preferred supplier Customer 2450,000RCF/ARBDiscussions ongoing, Stobart preferred supplier 200k tonnes virgin and 250k tonnes recycled Customer 3700,000RCFLetter of intent and press release drafted for approval Also looking to sell a 50,000 tonne pellet mill to Stobart Customer 4225,000RCFDraft contract in final stages Customer 5 50,000RCF/ARBSigned off, wood supply agreement being drafted Customer 6200,000VirginContract signed but in discussion to increase volume Wood supply agreement being drafted Customer 7100,000RCFDraft contract in final stages Customer 8 60,000RCFHoT’s in place for between 60,000-120,000 tonnes Customer 9120,000RCF/RDFDiscussions ongoing

7. Contract Targets 2012 Total Tonnage: 2.182 million

8. Projected Contracts 2015 Total Tonnage: 3.0 million

9. Waste Wood Flows by Country 2009 (WRAP) Total Tonnage: 4.573 million

10. Total Tonnage: 3.906 million Waste Wood Flows by Regions in England

11. Current UK Virgin Conifer Harvest (Million Tonnes)

12. Stobart / AWJ Waste Wood Production Capability Total Tonnage: 1.0 million + Stobart Future Stobart AWJ

13. Widnes Biomass Plant >£75m project cost >25% equity / 75% debt >130,000 tonnes per annum fuel consumption >20.8MW generated power, export power 18.9MW, generated heat 5MW >28.7% electrical efficiency

14. Summary >Strong brand recognition >Strong financial case >Own logistics fleet >Market presence >Experience in sector >Rapidly developing market

15. Strategy Day 10 th July 2012