Investor Presentation March 2014 ASX: PEA

Pacific Energy Limited Power Generation

Power Station Developer & Owner – approx 216MW

2

Kalgoorlie Power Systems (KPS) 210MW

Pacific Energy Limited (ASX: PEA)

Power station developer, owner and electricity supplier

Hydro 6MW

HY14 Record Result – $17.3M Adjusted EBITDA, up 37% and $8.3M Adjusted NPAT, up 27% on prior corresponding period

FY13 Highlights

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Interim 1 cent fully franked dividend declared (expected to recur)

56MW of new power station capacity commissioned since 1 July 2013

HY14 EBITDA Guidance Increased to $32 - 34M (remains on track)

24MW of generation capacity currently being retro-fitted with Waste Heat Recovery Solution – enhance FY2015 earnings

23MW of power station capacity terminated during HY14 (Meekatharra / Sinclair / Cosmos / Tropicana Village)

Perth Workshop and Office Complex construction 50% complete (on budget)

Opportunities to expand capability / capacity growth trajectory advancing

Record Earnings Growth To Continue

4

FY13 contracted capacity delivering FY14 earnings growth ∗ Pacific Energy guidance

21

27

32

43.5

46 - 49

13

18 21.5

27.8

32 - 34

0

10

20

30

40

50

60

2010A 2011A 2012A 2013A 2014F*

$M

Revenue EBITDA

5

Pacific Energy Asset Footprint

Power Company with National Footprint

Quality Client Portfolio

6 Major resource companies and revenue diversity brings opportunity

Tropicana

Carosue Saracen

Contract Client 2016 2017 Mine Life2014 2015

Anglo Gold

Degrussa Sandfire

Other Other

Granites Newmont

Garden/ Moolart Well Regis

Jacinth Iluka

DBS

Gwalia St Barbara

Newmont

Existing KPS Contracts

7

2028

2018

2019

up to 2022

2028

2028

2020

Long Term Contracts / Mine Lives

Diversified & Contracted Revenues

8

Existing client revenue (2014 to 2018) Existing revenue (2014 to 2018)

Portfolio gold commodity exposure focussed

Growth / Competitive Advantage – Technology

9 Enhanced competitive advantage and opportunities to leverage KPS capabilities

Focus on resource sector cost reduction are driving market focus towards reduced fuel consumption and cheaper fuel substitutes

Access to lower cost fuels (natural gas)

Dual Fuel – gas and diesel fuel flexibility providing clients with lowest cost fuel option available

Waste Heat Recovery – proven fuel consumption savings technology

Proven Low Cost Delivery – fit for purpose design and innovation / lowest cost

Automated control - < 45 employees for 216MW of generation capacity

Growth / Heat Recovery – Fuel Saving Solution

10

KPS competitive advantage enhanced – (6-7% fuel savings)

KPS and Mine Client share fuel saving and emission reduction benefits

Earnings growth achieved from existing power station fleet

100MW waste heat recovery solution roll-out over 2 - 3 years (24MW contracted)

100MW 20MW PEA EBITDA enhancement* $7.8M pa $1.6M pa

* Fuel savings only based on current diesel fuel prices @ $0.95/litre

Pacific Energy Benefits

Capacity / Footprint Growth Momentum

11 Group contracted capacity approximately 216MW (includes 6MW hydro in Victoria)

146

192

250 226

240

0

50

100

150

200

250

300

2010 2011 2012 2013 2014

MW

Contracted Capacity Growth

Investment Rationale

12 Strong outlook for continued demand and significant business opportunities for KPS

Industry fundamentals Power Station underpinned by resources production phase exposure.

Competitive, low cost solutions to continue to deliver earnings

Many low-cost quartile client operations

High Growth Mining Regions

Demand for long term cost effective power solutions remains (all infrastructure constrained environments)

New Markets Clear strategy and significant market opportunities remain for new replacement and cost reduction technology (gas displacement of diesel)

Strong Relationships Strong relationships with global and Australian based miners

provides ongoing opportunities Business development /innovation partnership focus

Active Management and Promotion

Focus on competitive advantage/innovation/technology Proven management capability

Self Funding Business KPS Business generates significant surplus cash to fund future growth and dividends to shareholders

Conclusion

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Thank You

Q&A

51%

23%

26% Ken Hall

Pacific Road

Other

Corporate Snapshot

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Key shareholders

Share price performance (last 5 years) Trading summary & capital structure

Directors and management

ASX Code 12 month high 12 month low Current share price Shares outstanding Market capitalisation Cash Debt Enterprise value

Director

Cliff Lawrenson

Adam Boyd

Ken Hall

Louis Rozman

Stuart Foster

Position

Non Executive Chairman

Managing Director & CEO

Executive Director

Non Executive Director

Non Executive Director

PEA 0.54 0.35 0.45

366.1 164

16 45

193

$ $ $

m $m $m $m $m

50%

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150%

200%

250%

Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14

PEA.ASX XAO.ASX