www.goldenagri.com.sg

Company PresentationMay 2020

DISCLAIMER

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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 are basedon current assumptions which are subject to various risks and which may change over time. No assurancecan be given that future events will occur, that projections will be achieved, or that the Company’sassumptions are correct. Actual results may differ materially from those projected. A prospective investormust 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 date thereofor that there has been no change in the financial condition or affairs of GAR since such date. Thispresentation may be updated from time to time and there is no undertaking by GAR to post any suchamendments or supplements on this presentation.

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

© Golden Agri-Resources Ltd. All rights reserved.

CONTENTS

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Corporate Overview 41

Key Competitive Strengths 72

Growth Strategy 143

Financial Performance 174

CORPORATE OVERVIEW

OVERVIEW OF GAR

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• Listed on SGX since 1999 • A leading Indonesian plantation group with

integrated operations for the production of a wide range of value added palm-based products

• Broad presence in destination markets with refining facilities in China and India, sales representative offices and ex-tank operations in many large consuming countries

Planted Area (as of 31 Mar 2020)1 499,012 ha

Output of Palm Products (CPO and PK)1Q 2020 614,600 MTFY 2019 2,913,000 MT

Plantation ProfileFinancial 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 items. EBITDA in 2019 includes net fair value gain on financial assets in accordance with IFRS 9 of US$214 million.

1Q 2020 FY 2019Revenue 1,657 6,432EBITDA2 84 697Underlying Profit3 (25) 272Equity 4,393 4,505

3. Net profit attributable to owners of the Company, excluding net gain/loss from changes in fair value of biological assets, depreciation of bearer plants, exceptional items, foreign exchange gain/loss, and deferred tax expense

LEADING INDONESIAN PLANTATION GROUP WITH INTEGRATED OPERATIONS

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Notes:1. Data as of 31 March 20202. Including plasma3. Including operations under JV

Collaboration with CIRAD

Research & Development

Seedling

Dami Mas Seed Garden & SMART Biotechnology Center

Plantation & Harvesting

Planted area1,2

Total 499k haNucleus 395k haPlasma 104k ha

Mature area2

464k ha

FFB production2

2.03mn MT(1Q 2020)9.87mn MT (FY 2019)

CPO Milling

No of mills46

Capacity1

13.42mn MT FFB p.a.

Basic Products

Production492k MT(1Q 2020)2.31mn MT (FY 2019)

Production123k MT(1Q 2020)607k MT (FY 2019)

No of plants6Capacity1

4.98mn tpa

Capacity1,3

440k tpa

CPO

Palm Kernel

Refining

Biodiesel

Kernel Crushing

Oleo-chemicals

Processing

Branded & Unbranded Cooking OilMargarineSpecialty Fats

Biodiesel/FAME

PK OilPK Meal

Fatty AcidsFatty AlcoholGlycerineSoap Noodles

No of plants9Capacity1

1.76mn tpa

Capacity1

600k tpa

Processed Products

KEY COMPETITIVE STRENGHTS

499

287 268338

212 188

600

177 213

339

0

200

400

600

GAR Astra Agro Wilmar IndofoodAgri

FirstResources

Bumitama Sime Darby IOI KLK Felda

CORE PALM PLANTATION BUSINESS LEADING IN SCALE

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Largest plantation group in Indonesia and third largest globally in CPO production

Notes: 1. Based on latest full fiscal year data2. Felda is the largest CPO producer with about 70% of its FFB processed sourced from plasma farmers and other parties

Largest plantation group in Indonesia and second largest globally in planted areaIndonesia Malaysia

Indonesia Malaysia

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

‘000 MT

‘000 ha

2.3061.937 1.903

840 812 1.035

2.653

7571.023

2.820

0

1000

2000

3000

GAR Astra Agro Wilmar IndofoodAgri

FirstResources

Bumitama Sime Darby IOI KLK Felda

34.70032.171

211.507144.903

75.731Immature (0‐3 years)

Young (4‐6 years)

Prime 1 (7‐18 years)

Prime 2 (19‐25 years)

Old (>25 years)

MANAGEMENT EXPERTISE DELIVERS HIGH PRODUCTION YIELDS

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21,5 21,4 20,1 15,7 17,0 19,0 20,5 23,0 22,4 16,9

4,64,3

3,9

3,4

3,9

4,3 4,3

4,9 4,9

3,5

3,0

3,5

4,0

4,5

5,0

15,0

18,0

21,0

24,0

GAR Astra Agro Wilmar IndofoodAgri

FirstResources

Bumitama Sime Darby IOI KLK FeldaFFB CPO

4,6

3,3

0,8 0,8 0,5

0,0

1,0

2,0

3,0

4,0

5,0

Palm OilGAR

Palm OilIndustry

RapeseedOil

SunflowerOil

SoybeanOil

Palm is the highest yielding vegetable oil

GAR’s plantation yield is amongst the highest

Notes:• Based on latest full fiscal year data• CPO yield is calculated from FFB yield/ha multiplied by extraction rate

Source: Oil World and Company. Data as per 2019

GAR Age Profile

Note:Data as of 31 March 2020, include plasma. Average age is 17 years

15%7%

6%

43%29%

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

B yi

eld

-M

T/ha

MT/ha

Indonesia Malaysia

CPO

yie

ld -

MT/

ha

UNRIVALLED TECHNOLOGY PLANTFORM ENHANCING COMPETITIVENESS

• Monitor and manage widely spread operations efficiently through War Room, a state‐of‐the‐art proprietary information technology system 

• Block‐by‐block Performance Analysis (@30 ha) is updated daily• Accurate fertiliser programme with dosage based on cost/benefit 

analysis using leaf sampling, analysing condition of each plantation

• Research in plant breeding and biotechnology results in tissue culture planting materials – Eka 1 and Eka 2 – that can double our long‐term yield

• Turn manual processes to digital using the latest mobile technology as enabler, e.g. eFACT

• Hardware mechanisation of tools and equipment used in farming to improve productivity

• Use Artificial Intelligence and machine learning to make insightful decision, predict outcome, drive efficiencies and improve logistical capability

• Investing in development of smart plantation technology

Efficiency and productivity through precision agriculture

Taking the initiative in technological innovations to ensure the continued competitive advantage of GAR’s palm oil production

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STRONG POSITION ACROSS THE DOWNSTREAM VALUE CHAINWITH GLOBAL DESTINATION PRESENCE

• Broad range of products includingFood, Industrial products and Biodiesel

• Focusing on sales of higher value palm based derivative products

• Operating the largest palm oil based charterthrough partnership

• Broad globalcoverage includingMiddle East and India

• Increasing presence in destination markets

• Destination refiningin 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

Our end‐to‐end ability in managing across the downstream value chain will enable us to better respond to supply chain disruption and monetise production

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TOWARDS RESPONSIBLE PALM OIL PRODUCTION

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We continued to make progress on our Traceability to the Plantation (TTP) initiative • Full TTP for 82% of palm supply chain in first quarter 2020• While we continue to aim for full TTP by the end of this year, we

note that the timeline may be impacted by the COVID-19 pandemic

Food security and support for communities in times of a global pandemic• Our Alternative Livelihoods programme is playing an important

role in ensuring local communities around our estates have sufficient and varied food sources

• The programme has helped > 40 communities across Indonesia improve their agricultural practices and grow crops ranging from organic vegetables to coffee

Radar monitoring of deforestation • GAR in industry initiative to support and fund development of

new radar-based forest monitoring system • Radar Alerts for Detecting Deforestation or (RADD) makes it

easier to see deforestation in near-real-time • Developed by Wageningen University and Satelligence, and

facilitated by World Resources Institute

EMPOWERING COMMUNITIES

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Employment and Infrastructure• GAR provides employment for about 171,100 people in Indonesia

• 70,200 permanent employees, 30,600 fixed-term employees and 70,300 smallholders• We promote small and micro enterprises near our operation areas• Builds and maintains public infrastructures and facilities

• Roads, bridges, places of worship and sporting facilities

Education and Healthcare

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

Note: Data as per 2019

GROWTH STRATEGY

STRATEGIC PRIORITIES

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Build on core competitive strengths and leverage scale to maximise 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

World class producer of

diversified value added, quality

and sustainable products

Breakthrough competitive edge with cutting edge technology

GROWTH STRATEGY AND OUTLOOK

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GAR continues to enhance its integrated operation capabilities to optimise profit opportunities and cash flow generation across the value chain

Accelerated replanting with higher-yielding

seeds to sustain production growth

Focusing on efforts in yield improvement, cost efficiency and

sustainability initiatives

Extending product and services portfolio, global

market reach and logistic facilities

Expanding biodiesel facilities to support

Indonesian policy on biofuel mandate

Plantations and Palm Oil Mills

Palm, Laurics and

Others

• The COVID-19 global outbreak has created short-term disruptions, resulting to volatility in CPO prices • Our initiatives to preserve liquidity: more intensive cost reductions and further increase operational

efficiency• COVID-19 has caused a sudden change in consumption patterns. However, the staple food demand

ensures the viability of our operations and the supply and demand balance remains healthy• Long-term fundamentals of the industry remain in place as palm oil is the most consumed vegetable oil

with its high versatility and lowest cost of production

FINANCIAL PERFORMANCE

FINANCIAL PERFORMANCE

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Notes:1. Earnings before tax, non-controlling interests, interest on borrowings, depreciation and amortisation, net gain or loss from changes in fair

value of biological assets, foreign exchange gain or loss and exceptional items. EBITDA includes net fair value gain on financial assets in accordance with IFRS 9 of US$214 million in 2019 and US$132 million in 2018.

2. Net profit or loss attributable to owners of the Company, excluding net effect of gain/loss from changes in fair value of biological assets, depreciation of bearer plants, exceptional items, foreign exchange gain/loss, and deferred tax income/expense

• First quarter 2020 performance was impacted by supply chain disruption• Higher costs including the newly imposed CPO export tax and levy resulted in EBITDA decreasing to

US$84 million• Upstream business mitigates the softer performance of downstream business• Net loss was affected mostly by foreign exchange translation loss

(in US$ million) 1Q 2020 1Q 2019 2019 2018

Revenue 1,657     1,617     6,432     7,167 

Gross Profit 198        193        831        1,007 

Gross Profit Margin  12% 12% 13% 14%

EBITDA1 84          121        697        573     

EBITDA margin  5% 7% 11% 8%

Underlying Profit or Loss2 (25)         12          272        181     

Foreign Exchange Gain/(Loss) (35)         18          37          (20)      

Net Profit or Loss attributable to owners of the Company         (95)          18         194          (2)

SEGMENTAL RESULTS

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Notes:1. This segment refers to processing and merchandising of palm and oilseed based products i.e. bulk, branded, oleo-chemicals and other

vegetable oils, as well as production and distribution of other consumer products in China and Indonesia mainly food and beverages2. EBITDA includes net fair value gain on financial assets in accordance with IFRS 9 of US$214 million in 2019 and US$132 million in 2018

• Plantations and palm oil mills: FY 2019 upstream EBITDA impacted by the declines in CPO prices and output

• Palm, laurics and others: FY 2019 EBITDA margin more than doubled mainly attributable to contribution from biodiesel and destination sales

US$ million 2019 2018 2017

RevenuePlantations and palm oil mills 1,324       1,451       1,673       Palm, laurics and others1 6,392       7,102       7,433       Inter‐segment eliminations (1,284)     (1,385)     (1,598)     Consolidated Revenue 6,432      7,167      7,508      

EBITDA2

Plantations and palm oil mills 299          391          499          23% 27% 30%

Palm, laurics and others1 398          184          166          6.2% 2.6% 2.2%

Inter‐segment eliminations (0.1)          (1.8)          (0.2)          Consolidated EBITDA 697 573 665

FINANCIAL POSITION

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US$ million 31-Mar-20 31-Dec-19 Change

Total Assets 8,562 8,779 -2%Cash and short-term investments 756 784 -4%Fixed assets1 3,673 3,720 -1%

Total Liabilities 4,169 4,274 -2%

Net Debt2 1,673 1,573 6%Total debt3 3,204 3,144 2%Cash, short-term investments and liquidworking capital4 1,531 1,571 -3%

Total Equity 4,393 4,505 -2%

Net Debt2/Equity 0.38x 0.35xNet Debt2/Total Assets 0.20x 0.18xNet Debt2/EBITDA5 2.53x 2.26xEBITDA/Interest5 4.15x 4.23x

Notes:1. Includes property, plant and equipment, bearer plants, right-of-use assets

and investment properties2. Interest bearing debt less cash, short-term investments and liquid working

capital3. Interest bearing debt

4. Liquid working capital is trade receivables, inventories (excluding consumables), deposits and advances to suppliers less trade payables and advances from customers

5. Calculated based on the last four quarter figures

Golden-agri-resources-ltd@GAR_Sinarmas@sinarmas_agriSinar Mas Agribusiness and Food

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: