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Golden Agri-Resources LtdCompany Presentation

June 2009

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Disclaimer

This presentation has been prepared by Golden Agri-Resources Ltd. (“GAR” or “Company”) for informational purposes, and may contain projections and forward looking statements that reflect the Company’s current views with respect to future events and financial performance. These views are based on current assumptions which are subject to various risks and which may change over time. No assurance can be given that future events will occur, that projections will be achieved, or that the Company’s assumptions are correct. Actual results may differ materially from those projected. A prospective investor must make its own independent decision regarding investment in securities.

Opinions expressed herein reflect the judgement of the Company as of the date of this presentation and may be subject to change without notice if the Company becomes aware of any information, whether specific to the Company, its business, or in general, which may have a material impact on any such opinions.

The information is current only as of its date and shall not, under any circumstances, create any implication that the information contained therein is correct as of any time subsequent to the date thereof or that there has been no change in the financial condition or affairs of GAR since such date. This presentation may be updated from time to time and there is no undertaking by GAR to post any such amendments or supplements on this presentation.

The Company will not be responsible for any consequences resulting from the use of this presentation as well as the reliance upon any opinion or statement contained herein or for any omission.

© Golden Agri-Resources Ltd. All rights reserved.

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SECTION 1 Company Overview 3

SECTION 2 Key Competitive Strengths 6

SECTION 3 1Q 2009 Performance 14

SECTION 4 Growth Strategy 20

Presentation of Agenda

Section 1Company Overview

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Planted Area : Approx. 396,000 ha1

Palm Product Output 1Q 2009 : Approx. 447,000 tonFY 2008 : Approx. 2,073,000 ton

Overview of GAR

GAR is listed on SGX since 1999 The largest Indonesian plantation group with integrated operations for the production of palm oil-based and edible fat productsIntegrated operations in China including a deep sea port, soybean crushing plants, and production of other refined edible oil products

ProductsKey Statistics

Cooking Oil

Margarine

Shortening

Butter Oil Substitute (BOS)

Stearin

Cocoa Butter Substitute

Financial Statistics (in US$ million)

Crude palm oil (CPO)

Palm Kernel (PK)

Palm Kernel Oil

Palm Kernel Meal

Soybean Oil

Soybean Meal

Notes:1. As of 31 March 20092. Attributable to the equity holders3. FY 2007 and FY 2008 net profit includes gain from changes in fair value of biological assets

FY 2007 FY 2008 1Q 2009Revenue : 1,873 2,986 412EBITDA : 535 597 45Net Profit2,3 : 1,165 1,383 9Total Equity2 : 3,303 4,614 4,623

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Largest Indonesian Plantation Group with Integrated Operations

Plantations & Harvesting CPO mill

Basic product Processing Processed product

CPO Refining Branded & unbranded cooking oil

Fatty acid

Stearin

Palm kernel (PK)

Kernel crushing capacity

Palm kernel oil

Planted areaTotal 395,774 ha• Nucleus 311,331 ha• Plasma 84,443 ha

Mature area334,357 ha

FFB production6,923,503 tons (FY 2008)

1,476,770 tons (1Q 2009)

No of mills33

Capacity8,670,000 tons FFB/year

Palm kernel meal

Production1,689,982 tons (FY 2008)

363,958 tons (1Q 2009)

No of refineries3Capacity1,140,000 tons/year

Production382,721 tons (FY 2008)

82,623 tons (1Q 2009)

No of crushing mills5

Capacity369,000 tons/year

Note: Data as of March 2009, unless otherwise indicated

Research & Development

Seedling

Co-operate with CIRAD (France)

Partnership with DAMI of New Britain Palm Oil Ltd

Capacity 24,000,000 seeds/year

Bio-diesel

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Section 2Key Competitive Strengths

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GAR is a leader in the high growth palm oil industry in Indonesia

Key Competitive Strengths

Management expertise and unrivalled

technology platform underpin high

production yields

Well establishedrefinery business

in both domestic and export

markets

Largest Indonesian plantation group with

vertically integrated operations

Sustained growth through expansion in

upstream and downstream

Continuous strong

commitment to the environment

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Largest Indonesian Plantation Group with Vertically Integrated Operations

1,690

9821,505

342714

265

2,413

848581

383

214

350

550

199135

7181

166

0

500

1,000

1,500

2,000

2,500

3,000

GAR Astra Agro Wilmar Lonsum Indo Agri Sampoerna Sime Darby IOI KLK

('000

Ton

s)

CPO PKNotes: 1. Based on latest publicly available information, including annual and quarterly reports and presentations2. Based on full fiscal year data

Indonesia Malaysia

Largest plantation group in Indonesia and second largest globally in terms of planted area 1

334

195 19591

206

67

477

139 118

62

57 64

54

10 4317 23

56

050

100150200250300350400450500550

GAR Astra Agro Wilmar Lonsum Indo Agri (inclLonsum)

Sampoerna Sime Darby IOI KLK

('000

hec

tare

s)

Mature Immature

84.5%

77.3%

83.9%

75.1%

93.6% 73.3%74.7%

78.8%

Indonesia Malaysia89.7%

Largest plantation group in Indonesia and second largest globally in terms of production 1,2

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Palm is the highest yielding vegetable oil

Management Expertise Delivers High Production Yields

22.42

20.90 20.6820.10

17.80

16

18

20

22

24

GAR Wilmar Astra Agro Indo Agri Lonsum

(Ton

/ha)

GAR is one of the lowest cost producers with industry-leading efficiencies

Note:1. Based on full fiscal year data

5.18

4.674.54

4.39

4.18

3.5

4.0

4.5

5.0

5.5

GAR Astra Agro Indo Agri Wilmar Lonsum

(Ton

/ha)

CPO yield per hectare1 & 2

GAR Age Profile 1

FFB yield per hectare 1

Notes:1. Based on full fiscal year data2. CPO yield/ha is derived from FFB yield/ha multiply by extraction rate

Note:1. Data as of 31 March 2009. Average age is 12 years

5.2

3.5

0.7 0.5 0.4

0.0

1.0

2.0

3.0

4.0

5.0

6.0

Palm Oil (GAR)

Palm Oil(Industry)

Rape Oil Sun Oil Soy Oil

(Ton

/ha)

Source: Oil World and Company

Immature (1-3 yrs)16%

Young (4-6 yrs)12%

Prime 1 (7-12 yrs)19%

Prime 2 (13-18 yrs)40%

Old (>18 yrs)13%

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War Room utilises SAP, GIS and Google Earth applications

Block-by-block Performance Analysis (30 ha per block) is updated daily

Facilitates problem identification (e.g. low yielding areas), enhancing management’s ability to address issues early and prioritise improvements/changes

To monitor and manage its widely spread operations efficiently, GAR utilises a state-of-the-art proprietary information technology system

Unrivalled Technology Platform Enhancing Operational Efficiency

(‘000 Tons)

1,553 1,608 1,690

440 364

315 337 359

1,479

383

8399 4.45.8

21.4 22.1 23.1 22.4

-

500

1,000

1,500

2,000

2005 2006 2007 2008 1Q 2008 1Q 200903691215182124

CPO PK FFB Yield (Ton/ha)

Palm Products Production and FFB Yield/ha(Ton/ha)

Notes:FY 2008 & 1Q 2009 FFB yield declined due to:a. Second year impact of drought in 2006 and tree’s biological slowdown (“tree

stress”) after the bumper crop in 2H 2007b. Longer than usual periods of heavy rainfall in southern part of Sumatra and

South Kalimantanc. Larger newly matured area

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Superior fertiliser cost management through operational control and R&D

GAR utilises GPS-guided aerial manuring to cover expansive plantation hectarage

With this advanced aerial manuring, GAR can tighten its cost of production compared to manual application

Fertiliser program developed with CIRAD1

Accurate fertiliser plan to minimise risk of pollution

Application and dosage based on cost/benefit analysis using leaf sampling (“blood test”), analysing condition of each plantation

Note:1 CIRAD = Centre de cooperation Internationale en Recherche Agronomique pour le Développement

(French Agricultural Research Centre for International Development)

Unrivalled Technology Platform Optimising the Production Yields and Minimising Cost

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Zero burning policy in land clearing

Active involvement in the Roundtable on Sustainable Palm Oil (RSPO) and leading role in developing Indonesia National Interpretation of the Principles and Criteria

Recycling of mill wastes (Empty Fruit Bunch (EFB) and Palm Oil Mill Effluent (POME))

Accurate fertiliser plan to minimise risk of pollution

Conservation of High Value Forest – in collaboration with various local and international institutions

Our environmentally friendly practices in production has been selected as a best practice example in the 2009 International UN Global Compact Yearbook

Continuous Strong Commitment to the Environment

GAR is committed to environmentally friendly production of CPO

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Extensive product portfolio with strong brand awareness serving global clients

Key Products

PHILIPPINES

AFRICA

CHINA

VIETNAM

In-house Brands

Cooking Oil Golden Fiesta, Mitra

Margarine, Cooking Oil Menara

Cooking Oil, Shortening, Margarine Red Rose

BOS, Shortening Red Rose

INDONESIA Cooking Oil, Margarine Filma, Kunci Mas, Palmboom

Major Countries

Key downstream products & in-house brands

Leading global client base

Our vertically integrated business model creates flexibility to switch between crude and refined products, facilitates traceability of products and quality control, and capture value across the supply chain

Leading global client baseOur Key Brands

Well Established Downstream Business in both Domestic and Export Markets

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Section 31Q 2009 Performance

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1Q 2009 fruits and palm product production decreased by 17% owing to weather-related problems

FFB Production (tons) 6,923,503 1,476,770 1,782,897 -17%Nucleus 5,049,810 1,103,547 1,331,714 -17%Plasma 1,873,693 373,222 451,183 -17%

FFB Yield (ton/ha) 22.42 4.42 5.77 -23%

Palm Product Production (tons) 2,072,703 446,581 538,492 -17%CPO 1,689,982 363,958 439,977 -17%PK 382,721 82,623 98,515 -16%

Oil Extraction Rate 23.12% 23.29% 23.43% -0.14%Kernel Extraction Rate 5.24% 5.29% 5.25% 0.04%

CPO Yield (ton/ha) 5.18 1.03 1.35 -24%

FY 2008 1Q 2009 1Q 2008 1Q 2009vs 1Q 2008

Production Performance

Decline in 1Q 2009 FFB yield compared to that of 1Q 2008 is led by lower 1Q yield seasonal pattern exacerbatedwith:

Second year impact of drought in 2006 and trees’ biological slowdown after the bumper crop in 2H 2007Longer than usual periods of heavy rainfall in southern part of Sumatra and South KalimantanLarger newly-matured area (trees at low-FFB-yielding-age of 4 years increased from 23,000 ha in 1Q 2008 to 47,000 ha in 1Q 2009)

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Revenue 2,986 412 747 -45%

Gross Profit 876 63 265 -76%

EBITDA 597 45 202 -78%Interest on borrowings -40 -11 -9 16%

Depreciation and amortisation -58 -16 -13 17%

Foreign exchange (loss) gain, net -34 -3 5 n.m

Net Profit attributable to equity holders1,2 1,383 9 136 -94%

US$ million FY 2008 1Q 2009 1Q 2008 1Q 2009vs 1Q 2008

Notes:1. 1Q08 net profit was restated to conform to the current period’s practice and presentation whereas the fair value of biological assets is determined on an annual basis.2. FY 2008 net profit includes gain from changes in fair value of biological assets3. Plantation companies that operate in similar regions experiencing the same weakening in production

Financial Performance

Lower 1Q 2009 results vs 1Q 2008 was attributable to:Decrease in average selling price in line with the decrease in CPO market price (FOB Belawan) by 53% to US$511 per ton in 1Q2009 from US$1,077 per ton in 1Q2008Lower sales volume driven by lower CPO production (especially South and East Kalimantan and the Lampung region) by 17% to 364,000 tons from 440,000 tons in 1Q 20083

Higher fertiliser costs due to forward buying

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Revenue 288 585 -51% 124 163 -24%

Gross Profit 56 256 -78% 7 8 -12%

Gross Profit Margin 19% 44% -25% 6% 5% 1%

EBITDA 40 196 -80% 5 6 -5%

EBITDA Margin 14% 33% -19% 4% 4% -

Net Profit attributable toequity holders1 6 131 -96% 3 5 -40%

Segmental Results

US$ million Indonesia Operations China Operations1Q09 1Q08 %Change 1Q09 1Q08 %Change

Note:1. Indonesia Operations’ 1Q08 net profit was restated to conform to the current period’s practice and presentation whereas the fair value of biological assets is determined on an annual

basis.

Lower gross profit and EBITDA margins in Indonesia Operations due to:• Lower CPO market price (FOB Belawan) of US$ 511 per ton in 1Q2009 compared to US$1,077 per ton in 1Q2008 (decrease

by 53%)• Relatively fixed cost of sales despite lower revenue, i.e. fertilisers and overhead costs

Gross profit margin of China Operations improved slightly due to the lifting of the price control at the 2nd half of 2008, while EBITDA remained at US$5.4 million from US$5.7 million in the same period last year.

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Revenue By Product and Geographical Location

Others4%

CPO37%

Unbranded Palm

Products24%

Branded Products

13%

Soybean Meals14%

Soybean Oil7%

PK1%

1Q 2009 revenue of US$412 million mainly from CPO and refined palm oil based products

Revenue – By CountryRevenue - By Product

Indo Local27%China Local

30%

Indo Export43%

Notes: Data per 1Q 2009

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Financial Position

(in US$ million) 31 Mar 09 31 Dec 08 % Change

Total Assets 6,793 6,826 -0.5%

Cash and Short-Term Investments 138 138 0.4%

Receivables and Inventories 702 757 -7.2%

Fixed Assets (including Biological Assets) 5,785 5,766 0.3%

Total Liabilities 2,077 2,119 -2.0%

Interest Bearing Debts 557 554 0.6%

Total Equity Attributable to Equity Holders 4,623 4,614 0.2%

Net Debt1/Equity Ratio 0.09x 0.09x

Net Debt1/Total Assets 0.06x 0.06x

Note:1. Interest bearing debts less cash and short-term investments

Strong balance sheet with low debt to equity ratio

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Section 4Growth Strategy

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Build on core competitive strengths to maximise long-term shareholder returns

Strategic Priorities

• Long-term target additional planted area of 50,000 ha per annum• Split between green field vs acquisition to be assessed based on opportunities

• Increase downstream production capability in cooking oil, margarine, specialty fats and oleochemicals to shift product mix to higher value-added products according to market demands

• Extend distribution reach of value-added palm products in selected key countries, especially China

• Extending our leading position in R&D to support operational efficiencies and growth

• Continuous improvement of our elite seeds to enhance yield productivity

• Sustain cost leadership through relentless focus on efficiency• Leverage operating scale together with best-in-class technology and agronomical

practices

• Extend implementation of environmental, corporate and social responsibility initiatives

• Commit to obtain RSPO certification for several of our plantations by this year

Expand high-margin upstream business

Extend research and development capabilities

Increase profit marginsthrough operational excellence

Selectively expand downstream capabilities and distribution

Deepen commitment to environmental and social responsibility

Our commitment to sound business strategies, operational excellence, and continued environmental and social responsibility will enable us to sustain growth and profitability

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Growth Strategy for 2009

Expanding Oil Palm Plantations• Target additional planted area of 30,000 ha 4,100 ha achieved in 1Q 2009• Completing a mill in Kalimantan with annual processing capacity of 200,000 tons• Building two new mills in Kalimantan and a mill in Sumatra with total annual

processing capacity of 825,000 tons targeted for completion in 2010

Adding Downstream Processing/Refining Capacity• Completing a kernel crushing plant in South Kalimantan with annual capacity of

180,000 tons targeted for completion in 1H 2009• Completing a refinery in Jakarta with annual capacity of 240,000 tons expected to

be completed in 2H 2009

Projected capex for FY 2009 growth strategy: approximately US$ 225 million

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Contact Us

Golden Agri-Resources Ltdc/o 3 Shenton Way#17-03 Shenton HouseSingapore 068805

Telephone : +65 62207720Facsimile : +65 62207020

www.goldenagri.com.sg

Contact Person : Rafael B. Concepcion, Jr. (rafaelc@goldenagri.com.sg)Suwandy Chen (swd@goldenagri.com.sg)Richard Fung (richard@goldenagri.com.sg)

If you need further information, please contact: