Golden Agri-Resources LtdCompany Presentation

September 2017

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Disclaimer

This presentation has been prepared by Golden Agri-Resources Ltd. (“GAR” or “Company”) forinformational purposes, and may contain projections and forward looking statements that reflect theCompany’s current views with respect to future events and financial performance. These views arebased on current assumptions which are subject to various risks and which may change over time. Noassurance can be given that future events will occur, that projections will be achieved, or that theCompany’s assumptions are correct. Actual results may differ materially from those projected. Aprospective 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 andmay be subject to change without notice if the Company becomes aware of any information, whetherspecific to the Company, its business, or in general, which may have a material impact on any suchopinions.

The information is current only as of its date and shall not, under any circumstances, create anyimplication that the information contained therein is correct as of any time subsequent to the datethereof 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 anysuch amendments or supplements on this presentation.

The Company will not be responsible for any consequences resulting from the use of this presentationas 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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Contents

Corporate Overview 41

Key Competitive Strengths 72

Growth Strategy 163

Financial Performance 194

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Corporate Overview

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• Listed on SGX since 1999 • A leading Indonesian plantation group with integrated operations for the production of palm oil-based

edible oil and fat products• It has also operations in China and India including a deep sea port, soybean crushing plants, and

production of refined edible oil products as well as other food products such as noodles

Planted Area (as of 30 Jun 2017)1 : 486,299 haOutput of Palm Products (CPO and PK)

YTD Jun 2017 : 1,335,000 MTFY 2016 : 2,510,000 MT

Overview of GAR

Plantation Profile

Key Products• Cooking Oil• Margarine• Shortening• Specialty Fats• Stearin• Oleochemicals

• Crude palm oil (CPO)• Palm Kernel (PK)• Palm Kernel Oil (PKO)• Palm Kernel Meal• Soybean Oil and Meal• Biodiesel

Financial Statistics (in US$ million)

Notes:1. Including plasma2. Earnings before tax, non-controlling interests, interest on borrowings,

depreciation and amortisation, net gain from changes in fair value of biological assets, foreign exchange gain/loss and exceptional item.

1H 2017 FY 2016Revenue : 3,803 7,209EBITDA2 : 328 572Underlying Profit3 : 137 186Equity4 : 4,036 4,054

3. Net profit attributable to owners of the Company, excluding net effect of net gain from changes in fair value of biological assets and depreciation of bearer plants, foreign exchange gain or loss, and other non-operating items (deferred tax income or expenses and exceptional item).

4. Attributable to owners of the Company.

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Leading Indonesian Plantation Group with Integrated Operations

Plantations & Harvesting CPO milling

Basic product Processing Processed

product

CPO Refining Branded & Unbranded Cooking Oil

Margarine

Specialty Fats

Palm kernel (PK)

Kernel crushing

Palm Kernel Meal

Planted area1,2

Total 486,299 ha• Nucleus 383,871 ha• Plasma 102,428 ha

Mature area2

473,698 ha

FFB production2

4,694,851 MT (1H 2017)8,880,363 MT (FY 2016)

No of mills45

Capacity1

12,806,500 MT FFB p.a.

Palm Kernel Oil

Production1,072,361 MT (1H 2017)2,015,869 MT (FY 2016)

No of plants6Capacity1

4,680,000 tpa

Production262,757 MT (1H 2017) 494,575 MT (FY 2016)

No of plants10Capacity1

1,755,000 tpa

Notes:1. Data as of 30 Juni 20172. Including plasma3. Including operations under JV

Research & Development

Seedling

Collaborate with CIRAD

Dami Mas Seed Garden

Capacity1

24,000,000 seeds p.a.

Capacity1,3

440,000 tpa

Oleochemical

Fatty Acids

Glycerine

Biodiesel

Capacity1

600,000 tpa

Biodiesel

Soap Noodle

Fatty Alcohol

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Key Competitive Strengths

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486297 272 334

209 136

603

179 205333

0

200

400

600

GAR Astra Agro Wilmar Indo Agri (inclLonsum)

FirstResources

Sampoerna Sime Darby IOI KLK FeldaPlanted

2,016 1,737 1,740

833 635

351

2,535

697 788

2,664

0

1,000

2,000

3,000

GAR Astra Agro Wilmar Indo Agri FirstResources

Sampoerna Sime Darby IOI KLK Felda

CPO

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

Notes:1. Based on latest full fiscal year data2. Felda is the largest CPO producer with about 68% of its FFB processed sourced from plasma farmers and other parties

Leading in Scale with Vertically Integrated Operations

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

Indonesia Malaysia

Indonesia Malaysia

Note: Based on latest publicly available information (including plasma, except Felda)

‘000 MT

‘000 ha

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4.2

3.9 3.8 3.8

3.2

3.03.23.43.63.84.04.24.4

GAR Astra Agro FirstResources

Wilmar Indo Agri

(MT

/ha)

19.018.3

16.8

19.0

14.6

14

16

18

20

GAR Astra Agro FirstResources

Wilmar Indo Agri

(MT/

ha)

Palm is the highest yielding vegetable oil

Management Expertise Delivers High Production YieldsGAR is one of the lowest cost producers with industry-leading efficiencies

Note:1. Based on latest full fiscal year data

CPO yield per hectare 1,2FFB yield per hectare 1

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

rate

Source: Oil World and Company; Data as per 2016

GAR Age Profile 1

4.2

3.2

0.8 0.7 0.5

0

1

2

3

4

5

Palm Oil(GAR)

Palm Oil(Industry)

Rape Oil Sun Oil Soy Oil

(MT/

ha)

Note:1. Data as of 30 Jun 2017, include plasma. Average age is 16 years

10% 3%7%

43%

37%

12,60136,018

209,649180,502

47,529

Immature (0‐3 years)

Young (4‐6 years)

Prime 1 (7‐18 years)

Prime 2 (19‐25 years)

Old (> 25 years)

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0

500

1000

1500

2000

2500

3000

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

CPO PK

Unrivalled Technology Platform Enhancing Operational Efficiency

• 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

Output of Palm Products(‘000 MT)

Note:2010, 2013 and 2016 output declined due to unfavourable weather conditions and biological tree stress

1,0391,201

1,3431,433

1,666 1,7941,8901,967

2,073

2,3472,273

2,640

2,9112,768

2,953 2,966

2,510

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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, fertilisersare applied more effectively compared to manual application

• Fertiliser program developed with CIRAD1

• Accurate fertiliser plan to optimize benefit especially with more volatile climate conditions

• 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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Strong Position Across the Downstream Value Chain

• Completion of second biodiesel plant near Jakarta and expansion of kernel crushing capacity in South Kalimantan

• Broad range of products includingFood, Industrial products and Biodiesel

• Increasing sales of palm based refined products

• Golden Stena Weco is the largest palm oil based charter

• Broad globalcoverage includingMiddle East and India

• Increasing presence in destination markets

• On shore refining in China and India, and ex-tank operations in many countries

Origination of Raw Materials

Processing & Product Customisation

Logistic Excellence

Sourcing with increasing traceability:• Owned estates• Third parties

Destination Market Expertise

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Strong Commitment to the Environment and Community for Sustainable Palm Oil

Sustainable Practices for Existing PlantationsZero waste policy by recycling of mill wastes (Empty Fruit Bunch and Palm Oil Mill Effluent)Precise dosage in fertiliser application plan to minimise risk of pollutionIntegrated pest management by deploying biological controls to minimise and mitigate the impact of chemical pesticides

No deforestation footprint in our palm oil operations by not developing on:High carbon stock (HCS) forestsHigh conservation value (HCV) forest areasPeat lands of any depth

Enhanced Planting Procedures

Continuous yield improvement in nucleus and plasma plantations managed by the CompanyZero burning policy in land clearingEnsure free, prior and informed consent for indigenous and local communitiesComply with all relevant laws and National Interpretation of RSPO Principles and Criteria

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Towards Responsible Palm Oil Production

GAR launches new non-GMO super high-yielding planting materials• Eka 1 and Eka 2 can potentially yield more than 10 tonnes of

CPO per ha per year, the highest in the industry• Developed by SMART Research Institute (SMARTRI) and

SMART Biotechnology Centre • GAR will be able to sustain its growth in plantation output without

cultivating new land• Over next five years, GAR will develop clones to start planting in

larger commercial area in 2022

Progress on fully traceable palm oil• On track to achieve full Traceability to the Plantation (TTP) for

GAR-owned mills• Overall, GAR-owned mills have achieved 95% TTP • 23 GAR mills have achieved full TTP

Sustainability Dashboard on GAR website• As part of our effort to enhance transparency, the GAR

Sustainability Dashboard is now freely accessible on the GAR Website

• Monthly fire incident reports, grievance lists and the latest traceability data can be found on dashboard

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Empowering Communities

Employment• GAR provides employment for about 170,700 people in Indonesia

• 46,300 permanent employees, 68,600 smallholders and 55,800 temporary employees• We promote small and micro enterprises near our operation areas

Education• Contributed more than US$1.8 million to fund scholarship programmes in 2016

Facilities and infrastructure• 150 clinics to provide free treatment for more than 700 patients daily • Builds and maintains public infrastructures and facilities

• Roads, bridges, places of worship and sporting facilities

The palm oil industry is effective in creating jobs and alleviating poverty

Note:1. Data as per 2016

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Growth Strategy

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Build on core competitive strengths and leverage scale to maximize long-term shareholder returns

Continued strong commitment to be leading in sustainability

To strengthen our position as the world’s leading palm oil plantation company

Accelerate presence and optimise margins in every sector of the value chain

Be the best, fully-

integrated, global

agribusiness and

consumer product

company –the Partner of Choice

Leading global merchandiser for

Indonesia palm oil products while

focusing on higher margin customers

Deliver value added services and solutions to

customers

Cost Efficiency – mechanisation and automation

Yield Improvement –

research and development

Operational Excellence –best-in-class

plantation management

Strategic Priorities

World class producer of

diversified value added, quality

and sustainable products

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• Focus on replanting with higher-yielding seeds to sustain production growth• Continued efforts in yield improvement, cost efficiency and sustainability initiatives• Projected 2017 capex US$75 million

Growth Strategy and Outlook

• Extending product portfolio, global market reach and logistic facilities to enhance our integrated operations

• Expanding biodiesel processing capacity• Evaluating strategic alternatives and business model adjustment for China oilseed

business• Projected 2017 capex US$75 million

• GAR remains confident in the robust demand growth for palm oil in the long term • We expect CPO price to remain supported by global demand growth, including

tight stock position and the implementation of Indonesia biodiesel mandate

Capitalising on the robust fundamentals of the industry, GAR continues to enhance its integrated operation capabilities to optimise profit opportunities across the value chain

Upstream

Outlook

Downstream

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Financial Performance

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Financial Performance

Notes:1. The comparative results for FY 2015 have been restated to account for retrospective adjustments arising from the adoption of amended IAS 16 and IAS 41.2. Net profit attributable to owners of the Company, excluding net effect of net gain or loss from changes in fair value of biological assets and depreciation of bearer plants, foreign

exchange gain or loss, and other non-operating items (deferred tax income or expense and exceptional item).3. Earnings before tax, non-controlling interests, interest on borrowings, depreciation and amortisation, net gain/loss from changes in fair value of biological assets, foreign

exchange gain/loss and exceptional item.

(in US$ million) YTD Jun 2017

YTD Jun 2016 2016 20151

Revenue 3,803 3,235 7,209 6,510

Gross Profit 547 426 1,014 1,005

Gross Profit Margin 14% 13% 14% 15%

Operating Profit 120 19 176 172

Tax (22) 111 263 11

Underlying Profit2 137 43 186 180

Net Profit attributable to owners of the Company 59 134 400 10

EBITDA3 328 228 572 542

EBITDA margin 9% 7% 8% 8%

Strong growth in 1H 2017 results year-on-year supported by robust performance of Plantation and palm oil mills segment

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Segmental Results

Note:1. Include other consumer products in China and Indonesia mainly in food and beverages

US$ million YTD Jun 2017

YTD Jun 2016 2016 2015

RevenuePlantation and palm oil mills 843 599 1,557 1,503Palm and lauric 3,386 2,799 6,262 5,614Oilseeds 354 347 753 644Others1 98 92 187 193Inter-segment eliminations (879) (602) (1,549) (1,444) Consolidated Revenue 3,803 3,235 7,209 6,510

EBITDAPlantations and palm oil mills 244 149 379 416

29% 25% 24% 28%

Palm and lauric 79 75 181 1092% 3% 3% 2%

Oilseeds 4 3 10 111% 1% 1% 2%

Others1 1 1 2 51% 1% 1% 3%

Eliminations 0 0 0 1Consolidated EBITDA 328 228 572 542

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Financial Position

Prudent balance sheet with improving gearing ratios

US$ million 30-Jun-17 31-Dec-16 Change

Total Assets 8,195 8,306 -1%

Cash and short-term investments 412 355 16%Fixed Assets1 3,806 3,891 -2%

Total Liabilities 4,062 4,210 -4%

Adjusted Net Debt2 1,571 1,745 -10%

Net Debt3 2,553 2,711 -6%Liquid Working Capital4 982 967 2%

Total Equity Attributable to Owners of the Company 4,036 4,054 -0.4%

Adjusted Net Debt2/Equity5 Ratio 0.39x 0.43xAdjusted Net Debt2/Total Assets 0.19x 0.21xAdjusted Net Debt2/EBITDA6 2.39x 3.05xEBITDA/Interest 4.65x 4.44x

Notes:1. Includes Bearer Plants, Property, Plant and Equipment, and Investment Properties2. Interest bearing debt less cash, short-term investments and liquid working capital3. Interest bearing debt less cash and short-term investments

4. Trade receivables, inventories (excluding consumables), deposits and advances to suppliers less trade payables and advances from customers

5. Equity attributable to owners of the Company6. 30 June 2017 figure is based on annualised EBITDA

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Contact Us

Golden Agri-Resources Ltdc/o 108 Pasir Panjang Road#06-00 Golden Agri PlazaSingapore 118535

Telephone : +65 65900800Facsimile : +65 65900887

www.goldenagri.com.sg

Contact Person : Richard Fung richard@goldenagri.com.sg

If you need further information, please contact: