Confidential PT BW Plantation Tbk Investor Update September 2014

1

Disclaimer

On 24 September 2014, PT BW Plantation Tbk (the “Company”) made a public disclosure on the issuance to the holders of its issued and outstanding ordinary shares (collectively, the “Existing Shares”), rights (“Rights”) to subscribe for newly-issued ordinary shares ("Rights Shares") of the Company (the “Rights Issue”) and for that purpose the Company would be seeking an effective statement from the Otoritas Jasa Keuangan (“OJK”) and the approval of the shareholders of the Company. PT BNI Securities, PT Danareksa Sekuritas, PT Mandiri Sekuritas, PT Rajawali Capital International, and PT Valbury Asia Securities have agreed to act as standby purchasers (the “Standby Purchasers”) for any Rights Shares that are not purchased by holders of Rights.

This Investor Update and the information contained herein (the "Update") are for information purposes only and do not constitute or form part of any offer or invitation for sale or the subscription or solicitation of any offer or invitation to purchase or subscribe for, or any offer to underwrite or otherwise acquire any, nor shall any part of the Update or the fact of its distribution or communication form the basis of, or be relied on in connection with, any contract, commitment or investment decision whatsoever in relation thereto in the United States, Canada, the People’s Republic of China, Japan or any other jurisdiction. This Update has been prepared by the Company for its existing shareholders for information purposes only and may not be disclosed, reproduced, redistributed, copied, duplicated, disseminated or passed on, by any person, directly or indirectly, to any other person or published, in whole or in part, by any means for any purpose. By receiving and viewing this Update, you are deemed to have made the representations and warranties contained herein and acknowledged and agreed to be bound by the foregoing and below restrictions and terms and conditions. Any failure to comply with these restrictions may constitute a violation of applicable securities laws. This Update does not constitute a recommendation regarding the Rights or Rights Shares.

Although care has been taken to ensure that the information in this Update (the “Information”) is accurate, the Information is subject to change without notice, its accuracy is not guaranteed and it has not been independently verified, and the Update may not contain all material information concerning the Company, its subsidiaries, or Green Eagle Holdings Pte. Ltd. and its subsidiaries (the “Green Eagle Group”). None of the Company, the Standby Purchasers nor any of their respective members, directors, officers, employees, affiliates, advisers or representatives nor any other person makes any representation or warranty (express or implied) regarding, and assumes any responsibility or liability for, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of, or any errors or omissions in, any information or opinions contained herein. None of the Company, the Standby Purchasers or any of their respective members, directors, officers, employees, affiliates, advisers or representatives nor any other person accepts any responsibility or liability (in negligence or otherwise) whatsoever for any loss howsoever arising from any use of this Update or its contents or otherwise arising in connection therewith. The information set out herein may be subject to updating, completion, revision, verification and amendment and such information may change materially. Neither the Company nor the Standby Purchasers have undertaken to provide the recipient(s) with access to any additional information or updates. The information contained in this Update should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect material developments which may occur after the date of the Update.

Any purchase or investment decision should be made solely on the basis of the information contained in the final prospectus relating to the Rights Issue to be registered with the OJK (the “Final Prospectus”). Anyone wishing to acquire Rights or Rights Shares in connection with the Rights Issue will need to make an application in the manner set out in the Final Prospectus. When available, the Final Prospectus may be obtained from the Company. No reliance may be placed for any purposes whatsoever on the information set forth in this Update or on its completeness. Specifically, this Update does not constitute a “prospectus” within the meaning of the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act").

This Update and any materials distributed in connection with this Update contains statements that constitute forward-looking statements which involve risks and uncertainties, as they relate to events and depend on circumstances that may or may not occur in the future. These statements include descriptions regarding the intent, belief or current expectations of the Company, the Green Eagle Group or their respective directors, commissioners and officers with respect to, among other things, the consolidated results of operations, financial condition, liquidity, prospects, growth and strategies and future events and plans of the Company and the Green Eagle Group. These statements can be recognized by the use of words such as “expects,” “plans,” “will,” “estimates,” “projects,” or words of similar meaning. Such forward-looking statements are not guarantees of future performance and actual results of operations, financial condition and liquidity may differ materially from those made in or suggested by the forward-looking statements contained in this Update as a result of various factors and assumptions. You are cautioned not to place undue reliance on these forward looking statements, which are based on the current view of the Company or the Green Eagle Group on future events. No assurance can be given that future events will occur, that projections will be achieved, or that assumptions are correct. Neither the Company nor the Green Eagle Group assumes any responsibility to amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events, or otherwise.

The offering, distribution and sale of the Rights and Rights Shares, and the viewing and distribution of this Update and any other document or material relating to the Right Issue, are subject to and may not be permitted by the applicable laws of your jurisdiction of residence or domicile. This Update may not be viewed or distributed, directly or indirectly, in any jurisdiction where it is unlawful to do so. By receiving and viewing this Update, you represent and warrant that your receipt and viewing of this Update is lawful and permitted under all applicable laws.

This Update is not for viewing or distribution, directly or indirectly, in or into the United States, Canada, the Republic of China, Japan or any other jurisdiction where it is unlawful to do so. This Update is not an offer of securities for sale into the United States, Canada, the Republic of China, Japan or any other jurisdiction where it is unlawful to do so. The Rights and Rights Shares have not been and will not be registered under the U.S. Securities Act, and may not be offered, sold or delivered within the United States except pursuant to registration under or an applicable exemption from or in a transaction not subject to the registration requirements of the U.S. Securities Act. Accordingly, the Rights and Rights Shares will only be offered and sold outside the United States in reliance on Regulation S under the Securities Act and within the United States to qualified institutional buyers in reliance on Rule 144A under the Securities Act. No money, securities or other consideration is being solicited, and, if sent in response to this Update or the information contained herein, will not be accepted. There will be no public offering of the Rights or of the Rights Shares in the United States.

By receiving and viewing this Update, you represent and agree that you and any persons you represent are (1) existing shareholders of the Company, (2) either (a) qualified institutional buyers (within the meaning of Regulation 144A under the U.S. Securities Act) or (b) outside of the United States, (3) not residents of or domiciled in the People’s Republic of China or Japan, and (4) making the representations and warranties and agreeing to be bound by the terms and conditions contained herein, including any jurisdiction-specific representations, warranties, terms and conditions. If you and any persons you represent are unable to make each of the representations and warranties contained herein or do not agree to be bound by the terms and conditions contained herein, you are not permitted to receive and view this Update.

2

1. Rights offering

2. Acquisition of Green

3. Green overview

4. Key investor highlights

5. Financial highlights

Table of contents

1. Rights offering

Current beneficial shareholding (August 31, 2014)

Transaction summary

Rajawali has entered into rights purchase agreements to take over the rights of PT BW Investindo (“BWI”), Matacuna Group Ltd. (“Matacuna”) and Pegasus CP One Ltd. (“Pegasus”) and subscribe for new BW shares

PT BW Plantation (“BW”) applies the proceeds to acquire Green Eagle Holdings Pte. Ltd. and its subsidiaries (together, “Green”), which has acquired an additional nine oil palm plantation companies (the “Additional Rajawali Landbank”) from Rajawali

BW, Green and the Additional Rajawali Landbank (together, the “Combined Group”) have total land rights to 419,006 ha as of June 30, 2014

Key dates

Key indicative terms

4

Rights offering

BW

PT BW Investindo

34.86%

Credit Suisse AG SG Branch

S/A Pegasus CP

One

Credit Suisse AG SG Branch

S/A Matacuna

Group

Legend

Rajawali Group entity

Public / Others

Number of shares 27,021,678,000 (85.71% of the total issued shares), each share having nominal value of IDR 100

Record date Existing shareholders recorded in the Shareholder Register on November 20, 2014 at 4pm Jakarta time

Rights ratio Shareholders at record date are entitled to have six rights for every existing share. Each right is exercisable into one new share

Exercise price IDR 390 to IDR 411

Expected proceeds IDR 10,538,454,420,000 to IDR 11,105,909,658,000

Underwriter Rights Purchase Agreement between PT Rajawali Capital International for the rights of Matacuna, Pegasus and BWIStandby Purchasers for the remaining portion are PT Rajawali Capital International, PT Danareksa Sekuritas, PT Mandiri Sekuritas, PT BNI Securities and PT Valbury Asia Securities

EGM November 10, 2014

Record date November 20, 2014

Listing on IDX November 24, 2014

Barclays Bank PLC-

KS

JP Morgan Chase Bank NA RE Non-

Treaty

LGT BK (Singapore) Ltd/CLT TST

AC Spore

10.91% 9.00% 7.02% 4.96% 1.49% 31.76%

2. Acquisition of Green

Land rights (ha) 419,006

Planted area - Nucleus (ha) 134,748

Planted area - Plasma (ha) 12,515

Location Kalimantan, Sulawesi, Papua, Sumatra

Number of Mills 6

FFB processing capacity (tons) 2,040,000

6

Key statistics of the Combined Group

On September 22, 2014, BW entered into an agreement to acquire a 100% equity interest in Green Eagle Holdings Pte. Ltd.

− This will increase BW’s total land rights, from 94,513 ha to 419,006 ha(1) as of June 30, 2014

− Total planted area also increased from 70,129 ha to 147,263 ha(1) including 12,515 ha of plasma area as of June 30, 2014

In August 2014, Green acquired the Additional Rajawali Landbank

− The Additional Rajawali Landbank is located in Sumatra, West Kalimantan, and Sulawesi

− Total land rights of 128,953 ha, including c. 123,449 ha of unplanted land area as of June 30, 2014

− Total planted area comprises 5,504 ha of nucleus area, of which 1,664 ha is comprised of mature trees as of June 30, 2014

Transaction overview

Acquisition of Green

Operating highlights of the Combined Group

94,513

195,540 128,953

419,006

AdditionalRajawali

Landbank

The CombinedGroup

(in ha)

(1) Includes Additional Rajawali Landbank.

70,129 71,630

5,504

147,263

AdditionalRajawali

Landbank

The CombinedGroup

(in ha)

1,260 780

-

2,040

AdditionalRajawali

Landbank

The CombinedGroup

(in ‘000 tons per annum)

Land rights

Total Planted

Area

FFB processing

capacity

4 2 #

mills: - 6

3. Green overview

18.3%

81.7%

Young(4 to <8 years)

Prime(>8 years)

Total: 4,882 ha

8

(1) As of June 30, 2014. (2) No immature plantation as of June 30, 2014.

Maturity profile(1)

Sales by product segment

Green is an Indonesian oil palm plantation company that develops, cultivates, and harvests Fresh Fruit Bunches (“FFB”) from oil palm trees as well as extracting Crude Palm Oil (“CPO”) and Palm Kernel (“PK”) from FFB

− Since 2012, Green has also derived revenue from the purchase and sale of refined palm oil

Sale of CPO is the major revenue driver for Green, constituting 81.1% and 76.4% of the total sales in 2013 and 1H 2014, respectively

As of June 30, 2014, Green had two CPO mills, one each in South Kalimantan and East Kalimantan

− Green has also commenced development of three additional mills in South Kalimantan, West Kalimantan and Papua

− Set to increase Green’s FFB processing capacity from 780,000 tons per annum as of June 30, 2014 to 1,590,000 tons per annum by 2016

On August 11, 2014, Green acquired the Additional Rajawali Landbank consisting of nine oil palm plantation companies in Sumatra, West Kalimantan, and Sulawesi

− Land rights to a total area of approximately 128,953 ha as of June 30, 2014

− Total planted area of 5,504 hectares as of June 30, 2014

Company overview

Green Company overview

81.1%

4.9% 4.1%

9.8%

CPO FFBPK Refined oil

Total: 1,727 bn

76.4%

9.3%

5.9% 8.3%

CPO FFBPK Refined oil

Total: 1,236 bn

42.6%

18.7%

38.7%

Immature(<4 years)

Young(4 to <8 years)

Prime(>8 years)

Total: 66,748 ha

2013 1H 2014

Nucleus Plasma(2)

9

Location of Green’s plantation assets

PT. Multikarya Sawit Prima(MSP)

Oil Palm Plantation

PT. SuksesHijau Mandiri (SHM)

Landbank

PT. Arrtu Plantation (APN) PT. Arrtu Energie Resourses (AER) PT. Arrtu Borneo Perkebunan (ABP)

PT. Arrtu Agro Nusantara (AAN) Oil Palm Plantation

PT. Mandiri Kapital Jaya (MKJ) Oil Palm Plantation

PT. Palm Agro Katulistiwa (PAK)

PT. Seguri Serasau Sejahtera (SSS) Landbank

PT. Suryabumi Tunggal Perkasa (STP) Oil Palm Plantation and Mill

PT. Jaya Mandiri Sukses (JMS) PT. Manunggal Adi Jaya (MAJ)

PT. Saka Kencana Sejahtera (SKS) PT. Singaland Asetama (SGA)

PT. Karyapratama Agrisejahtera (KAPAG) PT. Pesonalintas Surasejati (PLS)

Oil Palm Plantation

PT. Jaya Mandiri Sukses (JMS) Oil Palm Plantation and Mill

PT. Suryabumi Tunggal Perkasa (STP)

PT. Manunggal Adi Jaya (MAJ) Oil Palm Plantation

PT. Intaran Surya Agri (ISA) Landbank

PT. Hamparan Unggul Mandiri (HUM) PT. Indah Permai Sawita (IPS)

PT. Sawita Persada Nusantara (SPN) Landbank

PT. Varia Mitra Andalan(VMA)

Oil Palm Plantation

PT. Tandan Sawita Papua (TSP)

Oil Palm Plantation

Sumbar Jambi

Kalbar

Kalsel

Kaltim

Sulteng

Sulsel

Papua Barat Papua

Green Eagle Group New Additional Landbank

10

48 5 59 59

1,902

2,862

4,823 4,823 4,882 1,950

2,867

4,882 4,882 4,882

2011 2012 2013 1H 2013 1H 2014

6.1 6.9 7.5 7.5 8.5

21,290 25,143 29,424

24,805 28,432

27,762

32,345

34,641 34,641

38,316

49,052

57,488

64,065 59,446

66,748

2011 2012 2013 1H 2013 1H 2014

6.5 7.1 7.8 7.8 8.4

Plantation

Green Key operating highlights

Immature area Mature area Avg. age of mature area (yr)

Nucleus Plasma

Yield (tons of FFB per

mature ha) 9.4 17.1 16.6 8.5 8.3

(in ha) (in ha)

Note: Key operating highlights exclude the Additional Rajawali Landbank.

11

Milling

Green Key operating highlights

262.1

551.7 574.1

292.6 319.0

228.3

512.2

693.8

321.4 358.3

2011 2012 2013 1H 2013 1H 2014

Produced Processed

(in ‘000 tons)

56.3

125.6

165.8

79.1 85.7

2011 2012 2013 1H 2013 1H 2014

Produced Extraction rate

(in ‘000 tons)

24.7% 24.5% 23.9% 24.6% 23.9%

9.3

20.0

23.5

11.3

13.1

2011 2012 2013 1H 2013 1H 2014

Produced Extraction rate

(in ‘000 tons)

4.1% 3.9% 3.4% 3.5% 3.7%

FFB CPO Palm Kernel

(1)

Note: Key operating highlights exclude the Additional Rajawali Landbank. (1) Excluding Plasma areas. In addition, the Additional Rajawali Landbank produced 358 tons of FFB in 2012, 3,014 tons of

FFB in 2013 and 925 tons of FFB in the six months ended June 30, 2014. (2) Includes FFB purchased from Plasma areas and third parties.

(2)

4. Key investor highlights

13

Key investment highlights

Land rights to large unplanted landbank support new planting and future expansion plans

Favorable maturity profile provides upside for strong FFB

production growth

Strong sponsor in Rajawali Group with proven value

creation capabilities

3rd largest palm oil plantation company listed on IDX(1)

Experienced management team with knowledge of industry best practice and proven track record 5

4

1

2

3

(1) The Combined Group will be the 3rd largest palm oil plantation company based on planted nucleus area listed on IDX as of December 31, 2013 reported areas.

23 33 56

33 63

33 13 44 47

11

39 36

75

339

177 187

192 105

63

44

62 69

131

371

240 220

205

149

110

55

The CombinedGroup

Golden Agri-resources

Salim IvomasPratama

Astra AgroLestari

Sime Darby(Indonesia)

FirstResources

BumitamaAgri

Dharma SatyaNusantara

Nucleus Immature ('000 ha) Nucleus Mature ('000 ha) Nucleus OER (%)

3rd largest plantation company by planted nucleus area on IDX

3rd largest palm oil plantation company listed on IDX

14

23.1% 23.9% 23.5% 23.0% 22.8% 22.3% 22.5% 23.2% 23.3% 24.3%

1

Source: LMC Research. Note: Operating data as of December 31, 2013. (1) Includes plantation area from the Additional Rajawali Landbank.

(1)

IDX Private IDX IDX IDX IDX IDX SGX SGX MYX Listing:

15

Strong sponsor with a proven track record of value creation

Strong sponsor in Rajawali Group with proven value creation capabilities

2

Selected transaction examples Key investment sectors

Property

Transportation

Mining

Infrastructure

Media

Agriculture

Collaboration with the Government of Indonesia to significantly increase the shareholder value of PT Semen Indonesian Tbk, Indonesia’s largest cement producer

− Value achieved by streamlining its operations after acquiring an equity interest in July 2006

− Over the period of acquisition of equity interest by Rajawali Group and its first divestment in April 2010, the share price of PT Semen Indonesian Tbk increased by more than 3 times

Development of PT Express Transindo Utama Tbk into one of the largest taxi operator in Indonesia by number of taxis

Business and financial turnaround of PT Bentoel International Investama Tbk into one of the leading cigarette manufacturers in Indonesia

Establishment of PT Excelcomindo Pratama Tbk, the first privately owned cellular network provider

Establishment of Rajawali Citra Televisi Indonesia, the first privately owned free-to-air television broadcaster

Navigation of PT Excelcomindo Pratama Tbk through the Asian financial crisis and positioning it to become one of the top three telecom providers in Indonesia

16

Only IDX listed plantation company managing more than 100,000 ha of plantation land with more than 40% being immature

…drives future FFB production growth The Combined Group’s young plantation profile relative to peers…

Favorable maturity profile provides upside for strong FFB production growth

Source: LMC Research.

BW Plantation 2012

BW Plantation 2013

Green Eagle 2012

Green Eagle 2013

Combined 2013

Combined 2012

First Resources 2013

SIMP 2013

Sime Darby (Minamas) 2013

PT Astra Agro Lestari 2013

Golden Agri 2013

PT Dharma Satya Nusantara 2013

0%

10%

20%

30%

40%

50%

60%

0 50 100 150 200 250 300 350 400 450

% Immature

Mature area ('000 hectares)

3

Young profile provides upside for future FFB production growth as plantations mature

Commitment to existing planting program and building of new CPO mills to increase processing capacity

Young profile provides upside for future FFB production growth as

plantations mature

Commitment to existing planting program and

building of new CPO mills to increase processing

capacity

1

2

17

Large unplanted landbank provides strong competitive advantage to sustain long term expansion of plantations and production growth

4 Land rights to large unplanted landbank support new planting and future expansion plans

Land rights HGU HGB Kadastral Ijin Lokasi Total area (in ha)

BW 47,437 80 40,997 6,000 94,513

Green 45,173 18 44,934 105,415 195,540

Additional Rajawali Landbank 6,527 - - 122,426 128,953

The Combined Group 99,137 98 85,931 233,841 419,006

Planted area Nucleus Plasma Total

planted Total

unplanted (in ha)

BW 62,496 7,633 70,129 24,384

Green 66,748 4,882 71,630 123,910

Additional Rajawali Landbank 5,504 - 5,504 123,449

The Combined Group 134,748 12,515 147,263 271,743

Note: Data as of June 30, 2014.

18

Key management

Experienced management team with knowledge of industry best practice and proven track record

Abdul Halim Ashari (President Director)

President Director since December 2007; has more than 35 years of experience in the palm oil industry, including key positions at Boustead Holdings Bhd

Alexander Fernandes Benyamin (Operations Director)

Operations Director since July 2009; has experience as the Operations Director of Bumi Raya Plantation for five years

Pointo Pratento (Director of Administration and Support)

Director of Administration and Support since April 2011; is serving as director at companies such as PT Adhyaksa Dharmasatya, PT Gaharu, and PT Manna Investindo

Said Alghan (Independent Director)

Independent Director since February 2008; has more than 20 years of experience in the palm oil industry, and acted as Director of PT Nirmala Abdi Damai

5

See Teck Ann (Chief Executive Officer)

Chief Executive Officer since April 2007; has more than 34 years of experience in the palm oil industry in Malaysia, Papua New Guinea and Indonesia

Henderi Djunaedi (Chief Operational Officer)

Chief Operating Officer since 2011; has more than 20 years of experience with various companies in palm oil industry and in public accounting firms

Paul Liew (Chief Financial Officer)

Chief Financial Officer since 2011; has more than 22 years of experience with various companies in the commodity industry

Yeoh Lean Khai (Deputy Chief Financial Officer)

Deputy Chief Financial Officer since 2011; has more than 24 years of experience in palm oil manufacturing, agro commodities, trading companies and audit firms

BW Green

Kelik Irwantono (Finance Director)

Finance Director since June 2013; has experience as the Head of Corporate Accounting at PT Bimantara Citra Tbk and Head of Finance & Acct. at PT Media Nusantara Citra Tbk

5. Financial highlights

Unaudited pro forma income statement for 2013, 1H2013, 1H2014 based on the individual audited historical of the Combined Group

− Prepared as if the Offering and the Green Acquisition, have occurred on January 1, 2013

Unaudited pro forma consolidated balance sheet as of 1H2014 is based on the audited historical of the Combined Group

− Prepared as if the Offering and the Green Acquisition occurred on June 30, 2014

− Prepared as if Green's additional investments in its direct subsidiaries by acquiring 5% direct ownership in Green subsidiaries held by Louis Dreyfus Commodities Asia Pte. Ltd and acquisitions of Additional Rajawali Landbank occurred on January 1, 2013

Basis of preparation

20

The Combined Group Key historical proforma financials

Statement of comprehensive income 2013 1H 2013 1H 2014 (in IDR million)

Revenue 2,874,778 1,322,090 1,986,127

Gross profit 865,243 372,492 689,237

Operating profit 377,306 156,136 426,646

Net income (52,642) 46,540 265,165

Statement of financial position 1H 2014 1H 2014 (in IDR million)

Cash and cash equivalents(1) 654,792 Short term loan 805,219

Inventories 288,025 Current portion of long term loan 12,193

Other current assets 1,067,410 Other current liabilities 1,366,396

Total current assets 2,010,227 Total current liabilities 2,183,807

Plantation 13,490,765 Long term loan 6,064,379

PPE 1,815,819 Other non current liabilities 1,645,085

Other non current assets 6,249,162 Total liabilities 9,893,271

Total assets 23,565,972 Total equity 13,672,701

(1) Includes time deposits of IDR 1,117 million.

21

BW Key historical financials

2011 2012 2013 1H 2013 1H 2014 (in IDR million)

Statement of financial position

Cash and cash equivalent 240,475 75,553 68,244 46,014 51,760

Inventories 168,578 215,910 159,461 170,158 149,222

Other current assets 32,141 43,657 91,330 163,501 119,746

Total current assets 441,193 335,120 319,035 379,673 320,727

Plantation 2,099,306 3,183,708 4,328,064 3,776,927 4,630,718

PPE 468,595 690,559 499,057 724,461 833,229

Other non current assets 579,937 703,596 754,272 712,105 767,513

Total assets 3,589,032 4,912,983 6,200,427 5,593,166 6,552,188

Short term loan 112,516 113,118 215,637 213,377 215,417

Current portion of long term loan 100,473 64,266 146,171 92,568 191,569

Other current liabilities 304,069 337,174 353,211 347,971 542,822

Total current liabilities 517,058 514,559 715,020 653,917 949,808

Long term loan 1,626,539 2,683,723 3,245,001 3,168,988 3,206,106

Other non current liabilities 19,532 48,520 55,639 54,364 53,688

Total liabilities 2,163,129 3,246,802 4,015,659 3,877,268 4,209,590

Total equity 1,425,903 1,666,181 2,184,768 1,715,898 2,342,586

22

BW Key historical financials (cont’d)

2011 2012 2013 1H 2013 1H 2014 (in IDR million)

Revenue 888,298 944,275 1,144,247 546,351 744,927

Growth n.a. 6.3% 21.2% n.a. 36.3%

Gross profit 614,005 571,161 541,203 238,567 339,441

Growth n.a. (7.0%) (5.2%) n.a. 42.3%

Operating profit 482,960 417,291 325,605 148,422 224,806

Net income 320,389 262,184 181,782 84,417 141,220

Growth n.a. (18.2%) (30.7%) n.a. 67.3%

Cash flow statement

Cash flow from operating 358,196 312,837 353,990 129,705 351,542

Cash flow from investing (1,345,274) (1,284,943) (1,362,998) (736,311) (401,275)

Cash flow from financing 546,353 964,321 1,025,789 602,105 33,260

23

Green Key historical financials

2011 2012 2013 1H 2014 (in IDR million)

Statement of financial position

Cash and cash equivalent 27,079 41,997 173,755 471,938

Inventories 115,229 178,605 125,410 128,028

Other current assets 377,419 402,984 603,957 787,838

Total current assets 519,727 623,586 903,122 1,387,804

Plantation 2,863,532 3,134,656 3,166,621 3,232,343

PPE 1,345,155 1,559,238 1,789,578 1,943,737

Other non current assets 147,629 254,971 403,373 393,743

Total assets 4,876,043 5,572,451 6,262,694 6,957,627

Short term loan 309,668 374,213 175,229 410,425

Other current liabilities 396,349 671,672 720,219 794,458

Total current liabilities 706,017 1,045,885 895,448 1,204,883

Long term loan 886,752 1,241,313 2,135,412 2,308,675

Other non current liabilities 670,619 903,987 1,012,964 1,008,569

Total liabilities 2,263,388 3,191,185 4,043,824 4,522,127

Total equity 2,612,655 2,381,266 2,218,870 2,435,500

24

Green Key historical financials (cont’d)

2011 2012 2013 1H 2013 1H 2014 (in IDR million)

Revenue 536,440 1,419,843 1,726,959 774,750 1,236,309

Growth n.a. 164.7% 21.6% n.a. 59.6%

Gross profit 109,616 241,320 437,068 190,655 405,854

Growth n.a. 120.2% 81.1% n.a. 112.9%

Operating profit / (loss) (10,145) 61,840 166,301 64,999 259,500

Net income / (loss) (50,243) (17,075) (18,470) 20,075 163,583

Growth n.a. n.m. n.m. n.a. 714.9%

Cash flow statement

Cash flow from operating (92,801) 322,776 119,306 208,528 133,648

Cash flow from investing (1,548,059) (685,692) (543,517) (281,781) (285,679)

Cash flow from financing 1,685,634 414,897 693,207 279,176 408,184