Golden Agri-Resources LtdCompany Presentation

November 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 Sep 2017)1 : 486,684 haOutput of Palm Products (CPO and PK)

YTD Sep 2017 : 2,074,000 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.

YTD Sep 2017 FY 2016Revenue : 5,584 7,209EBITDA2 : 508 572Underlying Profit3 : 217 186Equity4 : 4,084 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 486,684 ha• Nucleus 384,106 ha• Plasma 102,578 ha

Mature area2

472,712 ha

FFB production2

7,314,964 MT (YTD Sep 2017)8,880,363 MT (FY 2016)

No of mills45

Capacity1

12,806,500 MT FFB p.a.

Palm Kernel Oil

Production1,662,640 MT (YTD Sep 2017)2,015,869 MT (FY 2016)

No of plants6Capacity1

4,680,000 tpa

Production411,354 MT (YTD Sep 2017) 494,575 MT (FY 2016)

No of plants10Capacity1

1,755,000 tpa

Notes:1. Data as of 30 Sep 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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487297 272 335

209 135

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 Sep 2017, include plasma. Average age is 16 years

10% 3%7%

43%

37%

13,97236,022

209,775179,693

47,222

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 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

Membership in DJSI

• GAR is now a member of the Dow Jones Sustainability Indices (DJSI), longest-established and most recognised global sustainability index

• Only Southeast Asian palm oil company to be included in DJSI Asia-Pacific index; 1 out of only 5 Singapore-listed companies on the index

Progress in Traceability

• On track to achieve full Traceability to the Plantation for GAR mills by end 2017

• In Q3 2017, GAR mills achieved 98% TTP; 29 mills have 100% TTP

Fire Incidents

• Year to date, less than 0.01% of total GAR area has been affected by fires, with majority on community land

• GAR continues to work with communities to strengthen long-term fire prevention under a special programme of Desa Makmur Peduli Api

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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 maximise long-term shareholder returns

Be the best, fully-

integrated, global

agribusiness and

consumer product

company –the Partner of Choice

Strategic Priorities

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

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

World class producer of

diversified value added, quality

and sustainable products

Sustain competitive edge through technology innovation

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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

• Completion of biodiesel processing capacity expansion• Strategic overview of China Oilseed business in final stage• Logistics and processing operations in India performing well• 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.

9M 2017 EBITDA experienced year-on-year growth of 29%, contributed by Plantation and Palm Oil Mills segment

(in US$ million) YTD Sep 2017

YTD Sep 2016 2016 20151

Revenue 5,584 5,071 7,209 6,510

Gross Profit 836 707 1,014 1,005

Gross Profit Margin 15% 14% 14% 15%

Operating Profit 194 98 176 172

Tax (41) 215 263 11

Underlying Profit2 217 120 186 180

Net Profit attributable to owners of the Company 103 353 400 10

EBITDA3 508 393 572 542

EBITDA margin 9% 8% 8% 8%

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Segmental Results

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

US$ million YTD Sep 2017

YTD Sep 2016 2016 2015

RevenuePlantation and palm oil mills 1,252 978 1,557 1,503Palm and lauric 4,913 4,425 6,262 5,614Oilseeds 471 490 753 644Others1 147 143 187 193Inter-segment eliminations (1,199) (964) (1,549) (1,444) Consolidated Revenue 5,584 5,071 7,209 6,510

EBITDAPlantations and palm oil mills 378 239 379 416

30% 24% 24% 28%

Palm and lauric 122 135 181 1092% 3% 3% 2%

Oilseeds 8 16 10 112% 3% 1% 2%

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

Eliminations (1) 0 0 1Consolidated EBITDA 508 393 572 542

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Financial Position

Prudent balance sheet with improving gearing ratios

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

Total Assets 8,324 8,306 0.2%

Cash and short-term investments 349 355 -2%Fixed Assets1 3,694 3,891 -5%

Total Liabilities 4,143 4,210 -2%

Adjusted Net Debt2 1,680 1,745 -4%

Net Debt3 2,775 2,711 2%Liquid Working Capital4 1,095 967 13%

Total Equity Attributable to Owners of the Company 4,084 4,054 0.7%

Adjusted Net Debt2/Equity5 Ratio 0.41x 0.43xAdjusted Net Debt2/Total Assets 0.20x 0.21xAdjusted Net Debt2/EBITDA6 2.48x 3.05xEBITDA/Interest 5.00x 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 September 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: