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RATIO OIL EXPLORATION (1992)

RATIO OIL EXPLORATION (1992). Limited Partnership. Partnership Presentation. August 2013. Disclaimer.

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RATIO OIL EXPLORATION (1992)

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  1. RATIO OILEXPLORATION(1992) Limited Partnership Partnership Presentation August 2013

  2. Disclaimer This presentation was prepared by Ratio Oil Exploration (1992) – Limited Partnership (the “Partnership” or “Ratio”) . It is not an offer to buy or sell securities of the Partnership, nor an invitation to receive such offers, and is designed, as aforesaid, for the provision of information only. The information used to make the presentation (the “Information”) is given for convenience purposes only and is neither a basis for the making of any investment decision, nor a recommendation nor an opinion, and is no substitute for the investor’s discretion.\ Everything stated in this presentation with respect to an analysis of the Partnership’s business is merely a summary. To obtain a full picture of the Partnership’s business and the risks facing the Partnership, review the Partnership’s Periodical Reports and Immediate Reports ,as filed with the Israeli Securities Authority through the Magna website. The Partnership does not warrant that the Information is either complete or accurate, nor will bear any liability for any damage and/or losses which may result from the use of the Information. Various issues addressed in this presentation, which include forecasts, goals, estimates, assessments and other information pertaining to future events and/or matters, whose materialization is neither certain nor within the Partnership’s control, including in connection with data, income forecasts, the value of the Partnership, costs of projects, development plans and concepts and construction thereof etc. are forward-looking information, as defined in the Securities Law. Such Information is based solely on the Partnership’s subjective assessment, based on facts and figures concerning the current state of the Partnership’s business, and macro-economic facts and figures, all as are known to the Partnership on the date of preparation of this presentation. The Partnership does not undertake to update and/or change any such forecast and/or estimate to reflect events and/ or circumstances occurring after the date of preparation of this presentation. The materialization or non-materialization of the forward-looking information will be affected, inter alia, by risk factors characterizing the Partnership’s business, as well as by developments in the general environment and outside factors affecting the Partnership’s business, third-party representations not materializing, delays in the receipt of permits, etc., which cannot be estimated in advance and are beyond the Partnership’s control. The Partnership’s results of operations may differ materially from the results estimated or implied from the aforesaid, inter alia due to a change in any one of the foregoing factors.

  3. THE LEVANTBASIN Ratio is focusedon hydrocarbon exploration and production inthe Eastern MediterraneanSea

  4. THE LEVANTBASIN Potential~ 122 Tcf* Discovered~ 38 Tcf** * Source: US Geological Survey (USGS) Fact sheet 2010-3014 , March 2010 ** Reserves and Contingent Resources (Best Estimate Category)

  5. RATIO ASSETS Ratio Yam Licenses15% interest (Operator: Noble Energy) • Rachel • Amit • Hanna • Eran Gal Licenses70% interest(Operator: Edison SpA) • Neta • Royee

  6. RATIO YAMLICENSES Leviathan Discovery World-class asset in terms of quantity and quality The most significant gas field in the Basin • Contingent Resources, NSAI estimation (as of March 31, 2013) Low (1C) Best (2C) High (3C) Natural Gas(Tcf) 14.89 18.91 24.14 Condensate (MMBBL) 26.9 34.1 43.4 • Eitan Aizenberg, one of Ratio's founders, is the prospect generator of the Leviathan and Dolphin discoveries Ratio held 100% interest in the Ratio Yam exploration areas and in 2007 invited its current partners to farm-in The Leviathan field was discovered in late 2010 • Located in the Rachel & Amit Licenses, approx. 135km west of Haifa, Israel in water depths of approx. 1,630 meter, and covers approx. 325 km2 • Drill stem test confirms high quality reservoir with a single well capable of producing 250 mmcf/d • Completed two appraisal wells which validated the quality, quantity, continuity and extent of the field

  7. LEVIATHANDISCOVERY Scale and location allow for multiple possibilities Potential supply to Jordan and PalestinianAuthority viaonshore pipeline

  8. LEVIATHANDISCOVERY First phase: Sanction expected in 2013capacity 1,600 mmcf/d (*) (**) Anticipated development phases • Domestic Market (750 mmcf/d) • Pre-investment in upstream for export project(850 mmcf/d) Second phase:capacity 1,600 mmcf/d (*) (**) Operator targets initial sales todomestic marketby end 2016 • Export Market • Domestic Market * Source : Noble Energy Analyst Conference – December 2012** Source: Noble Energy UBS Global Oil & Gas Conference – May 2013

  9. DOMESTICMARKET Power generation • New Capacity - 4,000 - 5,000 MW gas fired plants are expected to commence operations by 2017- 2018 • Conversion of IEC’s coal fired plants to utilize gas -1,400 MW by 2017 Strong and growing demand Industrial uses • Conversion of heavy industries’ production facilities burners to utilize gas • Development of new industries which heavily utilize gas Forecastedsupply in 2013is 5.6 BCM (**) Long term natural gas demand for power generation and industrial uses (*) Forecasteddemand in 2015is 10 BCM (***) • Approx. 13 BCM in the year 2020 and 15 BCM inthe year 2025 • Approx. 430 BCM during years 2016-2040 (*) Ministry of Energy & Water forecast, April 2012.(**) Delek Group, 2012 Annual Report (***) Tzemach Governmental Committee, Final Report, September 2012

  10. Growing Demand 2012 demand ~ 46 BCM ; 2020 forecast ~ 60 BCM EXPORTPROJECTS Gas supply diversification In 2012, 75% of Turkey's gas was imported from Russia and Iran Turkey is asignificantpotential marketfor piped gas Potential Transit Hub from East to West Several regional transmission lines are planned (TAP, TANAP) Pipeline length ~ 400-450 kilometer from Israeli EEZ to south-east Turkey Existing import gas pipelines and LNG Terminals

  11. Egypt Natural gas is required to feed-in two existing LNG facilities: • Damietta plant (5 mtpa) is idled due to lack of gas supply • Idku plant (7.2 mtpa) is operated in limited capacity due to reservoir performance EXPORTPROJECTS Egypt, Jordanand thePalestinianAuthority arealso potentialmarkets forpiped gas Jordan Natural gas is required to mainly generate electricity • Gas supply from Egypt for power generation has been decreased from 3.1 BCM in 2009 to 0.8 BCM in 2011 • Jordan has issued RFP for purchase of LNG in mid 2014 at Aqaba Palestinian Authority Palestinians seek electrical independence; • Currently, private company develops a 200 MW gas fired power plant to be located in West Bank

  12. EXPORTPROJECTS Global LNG Forecasted Demand & Supply Remaining market opportunity ~ 58 MMt/y by 2022 WorldwideLNG projectscompete tosecure marketand reach FIDby 2018 Poten & Partners 2013 * Oceania = Ausralia and PNG

  13. WoodsideTransaction Australia based Woodside has been selected as a strategic partner bringing-in LNG expertise Woodside proposed to pay approx. $2.5 billion in return for acquiring 30% of the interests in the Rachel and Amit licenses Ratio will sell 5% of the interest in the Rachel and Amit Licenses Woodside brings Leviathan added values: • Experience in design, construction and operation of onshore LNG plants • Skills in shipment, trading, marketing and financing of LNG plants • Strong relations with Asian markets for the past 28 year • Extensive FPSO and LNG experience with capabilities in project integration Expected Ratio's revenues from the sale ~$420M (Less overridingroyalties) Woodside's Pluto LNG Plant Australia

  14. EXPORTPOLICY • Initial allocation of reserves for domestic use – 540 BCMfrom all reservoirs • Export of up to 50% from each reservoir exceeding 200BCM plus up to an additional 25% is permitted followingswap transactions • Onshore LNG facility / FLNG will be built in territoriescontrolled by the State of Israel, unless agreed in abilateral agreement between countries Regulation sets the foundationsfor export Leviathan has a potentialto export up to 400 BCM (~14 Tcf) Governmental Export Decision(June 2013)

  15. Operator expects drilling rig to arrive late 2013 and forecasts 25% geologic chance of success • Mesozoic rocks produce hydrocarbons throughout theMiddle East and northern Africa • Enormous regional implications, especially onneighboring structures, if hydrocarbons are found Ratio YamLicenses LeviathanDeep MesozoicProspect Prospective Resources, NSAI pre-drill estimation 15% 21% Geologic Success: Middle Cretaceous Lower Cretaceous A play withstep-changepotential Attwood Advantage drilling Rig

  16. In 2010 Ratio obtained the Gal preliminary permit and in2012 completed the acquisition and processing of 3Dseismic survey in the Neta and Royee licenses • In November 2012 Edison International joined Ratio tooperate and further explore the assets. Edison holds20% of the interest in the licenses • In April 2013 the Oil Commissioner granted the licenseswithin the preliminary permit area • According to the Licenses terms: • Drilling prospect with resource estimate to be submittedto the Ministry by June 2014 • First exploration well to be spud by April 2015 GalLicenses Ratio initiatedthe explorationactivities in2010 Locatedsouth-west ofthe LeviathanDiscovery

  17. Fund raisingSince its inception in 1992, Ratio has raised$170M, including approx. $38M in 2013 Potential fund raising through warrants exercise upto $108M • Tradability on the TASEOne of the most ten traded in 2011-2012 • Market Capitalization$720M, Unit Price 33.4 As of June 30, 2013 • Unit Target Price UBS - 49, Barclays - 44 Financial& StockExchangeData Immediateaccess tocapital markets Listed in Tel Aviv75 Index

  18. ContactDetails Ratio OilExploration 85 Yehuda Halevy St.Tel Aviv 6579614IsraelTel: +972-3-5661338Fax: +972-3-5661280office@ratioil.com

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