Golden Agri-Resources LtdCompany Presentation

February 2017

2slide

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 173

Financial Performance 204

4slide

Corporate Overview

5slide

Planted Area (as of 31 Dec 2016)1 : 488,252 haOutput of Palm Products (CPO and PK)

FY 2016 : 2,510,000 MTFY 2015 : 2,967,000 MT

Overview of GAR

Plantation Profile

• 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

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

FY 2016 FY 2015Revenue : 7,209 6,510EBITDA2 : 572 542Net Profit3,4 : 400 10Equity3,4 : 4,054 3,710

3. The comparative results for FY 2015 has been restated to account for retrospective adjustments arising from the adoption of amended IAS 16 and IAS 41.

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 488,252 ha• Nucleus 385,996 ha• Plasma 102,256 ha

Mature area2

466,440 ha

FFB production2

8,880,363 MT (FY 2016)10,050,626 MT (FY 2015)

No of mills45

Capacity1

12,806,500 MT FFB p.a.

Palm Kernel Oil

Production2,015,869 MT (FY 2016)2,380,047 MT (FY 2015)

No of plants6Capacity1

4,680,000 tpa

Production494,575 MT (FY 2016) 586,489 MT (FY 2015)

No of plants9Capacity1

1,425,000 tpa

Notes:1. Data as of 31 Dec 20162. Including plasma

Research & Development

Seedling

Collaborate with CIRAD

Dami Mas Seed Garden

Capacity1

24,000,000 seeds p.a.

Capacity1

240,000 tpa

Oleochemical

Fatty Acids

Glycerine

Biodiesel

Capacity1

300,000 tpa

Biodiesel

Soap Noodle

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Key Competitive Strengths

8slide

488298 273 334

208 138

603

179 205333

0

200

400

600

GAR Astra Agro Wilmar Indo Agri(incl

Lonsum)

FirstResources

Sampoerna Sime Darby IOI KLK Felda

Planted

2,016 1,737 1,740 1,002

687

351

2,535

697 788

3,101

0

1,000

2,000

3,000

GAR Astra Agro Wilmar Indo Agri FirstResources

Sampoerna Sime Darby IOI KLK FeldaCPO

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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4.94.7

4.3 4.44.0

3.0

3.5

4.0

4.5

5.0

5.5

GAR Astra Agro FirstResources

Wilmar Indo Agri

(MT

/ha)

21.8 21.7

19.0

21.4

18.2

16

18

20

22

24

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 2015 full fiscal year data

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

Notes:1. Based on 2015 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 31 Dec 2016, include plasma. Average age is 15 years

6% 4%9%

43%

38%

21,812

41,296

210,269186,377

28,498

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

12slide

Strong Position Across the Downstream Value Chain

Note:1. Data as per 2016

• Processing facilities with new technology

• Broad range of products including Food, Industrial products and Biodiesel

• Sales of palm based refined products increased by 33% as refinery capacity expanded

• Golden Stena Weco is the largest palm oil based charter

• Broad coverage across Middle East and India

• Destination sales contributed 76% to our export volume with focus on enhancing destination sales capabilities

• On shore refining and ex-tank operation in many countries

Origination of Raw Materials

Processing & Product Customisation

Logistic Excellence

Sourcing with increasing traceability:• Owned estates• Third partiesSales volume expansion of palm-based products to almost 9 milliontonnes

Destination Market Expertise

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Strong Commitment to the Environment and Community for Sustainable Palm Oil

Sustainable Practices for Existing Plantations Zero 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 pollution Integrated 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) forests High conservation value (HCV) forest areas Peat lands of any depth

Enhanced Planting Procedures

Continuous yield improvement in nucleus and plasma plantations managed by the Company Zero burning policy in land clearing Ensure free, prior and informed consent for indigenous and local communities Comply with all relevant laws and National Interpretation of RSPO Principles and Criteria

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Towards Responsible Palm Oil Production

Progress on fully traceable palm oil On track to achieve full Traceability to the Plantation (TTP) for GAR-owned mills by year endIn 2016, 15 out of 45 GAR mills achieved full TTP(GAR already knows the source of 90% of its FFB)Support programme for suppliers: 36 mills visited to date to assess what help they need to adopt responsible practices

Fire preventionAlmost zero fires in 2016 (less than 1% of land affected in haze & fire season of 2015) Monthly fire incident reports on Sustainability DashboardAll 17 villages in community-based fire prevention pilot met fire prevention targetsProgramme will be expanded to focus on fire prevention, food security, forest conservation

Progress on practical conservation10 villages in West Kalimantan agreed to conserve over 7,000 ha of forests in community conservation partnershipsMore consultations and partnerships planned for 2017

15slide

Empowering Communities

Employment• GAR provides employment for about 174,000 people in Indonesia

• 49,000 direct employees, 67,000 smallholders and 58,000 casual workers• We promote small and micro enterprises near our operation areas

Education• Contributed more than US$2.5 million to fund scholarship programmes in 2015

Facilities and infrastructure

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

Note:1. Data as per 2015

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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

18slide

Growth Strategy and Outlook

Upstream

• 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

Downstream• Extending product portfolio, distribution coverage and global market reach as well

as 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

Outlook• 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 the

implementation of Indonesia biodiesel mandate as well as lower stock positions

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

19slide

Financial Performance

20slide

Financial Performance

Notes:1. The comparative results for FY 2015 and FY 2014 have been restated to account for retrospective adjustments arising from the adoption of amended IAS 16 and IAS 41.2. Based on weighted average numbers of shares.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. The comparative EBITDA for FY 2014 has been recalculated to include share of results of associated companies and joint ventures, net of tax to conform with current period’s presentation.

• Stronger 2016 results with higher palm product output and prices as well as enhanced downstream margin• Net profit in 2016 includes deferred tax income arising from tax-based asset revaluations

(in US$ million) 2016 20151 20141

Revenue 7,209 6,510 7,619

Gross Profit 1,014 1,005 1,178

Gross Profit Margin 14% 15% 15%

Operating Profit 176 172 222

Tax 263 11 (48)

Net Profit attributable to owners of the Company 400 10 93

Net Profit per Share (in US$ cents)2 3.14 0.08 0.73

EBITDA3 572 542 566

EBITDA margin 8% 8% 7%

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Segmental Results

Notes:1. Products from upstream2. Processing and merchandising of palm based products, i.e. bulk and branded products as well as oleochemicals3. Processing and merchandising of oilseed based products, i.e. bulk and branded products 4. Other consumer products in China and Indonesia such as food and beverages5. Earnings before tax, non-controlling interests, interest on borrowings, depreciation and amortization, net gain/loss from changes in fair value of biological assets, foreign

exchange gain/loss, and exceptional item. The comparative EBITDA for FY 2014 has been recalculated to include share of results of associated companies and joint ventures, net of tax to conform with current period’s presentation.

US$ million 2016 2015 2014

RevenuePlantation and palm oil mills1 1,557 1,503 1,927Palm and lauric2 6,262 5,614 6,464Oilseeds3 753 644 845Others4 187 193 201Inter-segment eliminations -1,549 -1,444 -1,818Consolidated Revenue 7,209 6,510 7,619

EBITDA5

Plantations and palm oil mills1 379 416 56124% 28% 29%

Palm and lauric2 181 109 573% 2% 1%

Oilseeds3 10 11 -601% 2% -7%

Others4 2 5 81% 3% 4%

Eliminations 0 1 0Consolidated EBITDA5 572 542 566

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Financial Position

Prudent balance sheet with improved gearing ratios

(in US$ million) 31-Dec-16 31-Dec-151 Change

Total Assets 8,306 8,036 3%

Cash and short-term investments 355 502 -29%Fixed Assets2 3,891 4,071 -4%

Total Liabilities 4,210 4,286 -2%

Adjusted Net Debt3 1,745 1,908 -9%

Net Debt4 2,711 2,543 7%Liquid Working Capital5 967 635 52%

Total Equity Attributable to Owners of the Company 4,054 3,710 9%

Adjusted Net Debt3/Equity6 Ratio 0.43x 0.51xAdjusted Net Debt3/Total Assets 0.21x 0.24xAdjusted Net Debt3/EBITDA 3.05x 3.52xEBITDA/Interest 4.44x 4.21x

Notes:1. The comparative figures for 31 Dec 2015 have been restated to account for

retrospective adjustments arising from the adoption of amended IAS 16 and IAS 412. Includes Bearer Plants, Property, Plant and Equipment, and Investment Properties3. Interest bearing debt less cash, short-term investments and liquid working capital4. Interest bearing debt less cash and short-term investments

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

6. Equity attributable to owners of the Company

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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: