Interim Performance PresentationYTD Mar 2012 : three-month period ended 31st March 2012YTD Mar 2012 : three month period ended 31 March 2012

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11 May 2012

DisclaimerDisclaimerThis presentation has been prepared by Golden Agri-Resources Ltd. (“GAR” or “Company”) for informationalpurposes, and may contain projections and forward looking statements that reflect the Company’s currentviews with respect to future events and financial performance. These views are based on currentassumptions which are subject to various risks and which may change over time. No assurance can begiven that future events will occur, that projections will be achieved, or that the Company’s assumptions arecorrect. Actual results may differ materially from those projected. A prospective investor must make its ownindependent 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.

f fThe information is current only as of its date and shall not, under any circumstances, create any implicationthat the information contained therein is correct as of any time subsequent to the date thereof or that therehas been no change in the financial condition or affairs of GAR since such date. This presentation may beupdated from time to time and there is no undertaking by GAR to post any such amendments orsupplements on this presentation.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.

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© Golden Agri Resources Ltd. All rights reserved.

Table of Contents

Section 1 Executive Summary 3

Table of Contents

Section 2 Financial Highlights 5

Pl t ti Hi hli ht 9Section 3 Plantation Highlights 9

Section 4 Downstream Highlights 15

Section 5 Strategy and Outlook 18

Section 6 Appendix 21

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Section 1

Executive Summary

Executive Summary

• Higher 1Q 2012 vs 4Q 2011 results despite weaker palm products output

Executive SummaryStrong quarter-on-quarter performance driven by higher CPO prices

EBITDA (US$ million)Price (US$/MT)

Output (‘000 MT)weaker palm products output

Revenue $1,519 mn 14%EBITDA $252 mn 40%Net Profit1 $162 mn 113%Palm products output 618,000 MT 12%CPO FOB price $1,064/MT 8%(CPO FOB price 4Q 2011 $983/MT)

• Softer 1Q 2012 vs 1Q 2011 results on lower CPO prices

Revenue 4%EBITDA 18%EBITDA 18%Net Profit1 30%Palm products output 3%CPO FOB price 12%

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(CPO FOB price 1Q 2011 $1,206/MT)Note:1. Net profit attributable to owners of the Company, excluding effect of net gain from changes

in fair value of biological assets, to conform to the first quarter’s presentation for comparison purpose only

Section 2

Financial Highlights

Financial Summary – 1Q 2012US$ million 1Q 2012 4Q 2011 QoQ 1Q 2011 YoY

Change Change

Financial Summary 1Q 2012

Revenue 1,519 1,328 14% 1,463 4%Gross Profit 454 386 17% 525 -14%EBITDA 252 181 40% 306 -18%

% %Interest on borrowings -15 -17 -8% -14 9%Depreciation and amortisation -27 -26 5% -22 26%Foreign exchange gain, net 1 -11 n.m 15 -96%

Net Profit attributable to ownersNet Profit attributable to owners of the Company1 162 76 113% 231 -30%

• EBITDA and Net Profit attributable to owners of the Company improved over 4Q 2011 as a result of higher CPO prices by 8% and lower operating costs.

• EBITDA and Net Profit attributable to owners of the Company were lower compared to 1Q 2011, mostly due to decrease in CPO FOB prices by 12% and higher fertiliser application and labor cost.

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Note:1. 4Q 2011 figure was represented to exclude the gain from changes in fair value of biological assets to conform to the first quarter’s presentation for comparison purpose only

Segmental ResultsgStrong contribution from our Indonesia operations supported by China operations

Revenue 1,258 1,035 22% 262 293 -11%

(in US$ million) Indonesia Operations China Operations1Q 2012 4Q 2011 Change 1Q 2012 4Q 2011 Change

Revenue 1,258 1,035 22% 262 293 11%

Gross Profit 435 373 16% 19 13 45%

Gross Profit Margin 35% 36% -1% 7% 4% 3%

EBITDA 242 179 36% 10 2 371%

EBITDA Margin 19% 17% 2% 4% 1% 3%

N t P fit1 tt ib t bl tNet Profit1 attributable toowners of the Company 158 76 109% 4 0.4 847%

• EBITDA margin of Indonesia Operations was slightly higher on the back of higher CPO prices and lower operating costs.

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p g• Improving EBITDA margins of China Operations despite continued challenges from competitive

environment and government’s efforts to manage inflationNote:1. 4Q 2011 figure was represented to exclude the gain from changes in fair value of biological assets to conform to the first quarter’s presentation for comparison purpose only

Financial PositionFinancial Position

Strong balance sheet position with low gearing

(in US$ million) 31-Mar-12 31-Dec-11 Change

Total Assets 12,093 11,837 2%

Cash and Short Term Investments 306 370 17%Cash and Short-Term Investments 306 370 -17%Trade Receivables and Inventories 1,044 985 6%Fixed Assets1 9,628 9,565 1%

Total Liabilities 3,825 3,725 3%

Interest Bearing Debts 1,109 1,086 2%

Total Equity Attributable to Owners of the Company 8,178 8,025 2%

Net Debt2/Equity3 Ratio 0 10x 0 09xNet Debt2/Equity3 Ratio 0.10x 0.09xNet Debt2/Total Assets 0.07x 0.06xDebt4/EBITDA5 1.10x 1.15xEBITDA/Interest 16.33x 14.70x

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Notes:1. Includes Biological Assets, Property, Plant and Equipment, and Investment Properties2. Interest bearing debts less cash and short-term investments3. Equity attributable to owners of the Company4. Interest bearing debts5. 31 Mar 2012 ratio is based on annualised EBITDA

Section 3

Plantation Highlights

Plantation Area

(in ha) 31 Mar 31 Mar 31 Mar 2011/2012 31 Dec

GAR is the largest Indonesian plantation company with integrated operations

Plantation Area

(in ha) 31 Mar 31 Mar 31 Mar 2011/2012 31 Dec2012 2011 % increase 2011

Planted Area 455,848 443,544 2.8% 455,660Nucleus 360,703 353,450 2.1% 361,060Nucleus 360,703 353,450 2.1% 361,060Plasma 95,145 90,094 5.6% 94,600

Mature Area 420,477 392,815 7.0% 390,759Nucleus 332,565 309,201 7.6% 306,827Plasma 87,912 83,614 5.1% 83,932

During 1Q 2012, total planting was 1,700 hectares while 1,500 hectares of existing estates were cleared for replanting

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Total Planted Area by Age ProfileTotal Planted Area by Age Profile

GAR’s long-term growth is supported by favourable age profile of planted area underpinned by large immature and young plantations

1Q 2012 1Q 2011

8%4% 11%3%

21%20%

20%

11%

20%

20%

47% 46%

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Notes:Data as of 31 March 2012 and 31 March 2011Average age of plantations is 13 years

Production Performance1Q 2012 FFB and palm product production improved year-on-year

1Q 2012 1Q 2011 % increase

Production Performance

FFB Production (tonnes) 1,994,471 1,964,498 1.5%Nucleus 1,524,215 1,493,381 2.1%

1Q 2012 1Q 2011 % increase(decrease)

Plasma 470,256 471,117 -0.2%FFB Yield (tonne/ha) 4.74 5.00 -5.2%

Palm Product Production (tonnes) 618,406 602,605 2.6%CPO 500,423 494,465 1.2%CPO 500,423 494,465 1.2%PK 117,983 108,140 9.1%

Oil Extraction Rate 23.61% 22.98% 0.63%Kernel Extraction Rate 5.57% 5.03% 0.54%Palm Product Yield (tonne/ha) 1 38 1 40 1 2%Palm Product Yield (tonne/ha) 1.38 1.40 -1.2%

• 1Q 2012 FFB and palm product production increased year-on-year in line with larger hectarage of mature estates

• 1Q 2012 FFB and palm product yields were weaker attributable to lagging impact from adverse weather

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1Q 2012 FFB and palm product yields were weaker attributable to lagging impact from adverse weather conditions in some regions in 2011

Holistic Approach to Sustainability

Certification updates

pp y

• ISPO• GAR is supportive of the Indonesian Sustainable Palm Oil (ISPO) system• PT SMART and PT Ivo Mas Tunggal took part in the ISPO field trails in early 2011

to provide feedback and input on the implementation of ISPO standards by 2014to provide feedback and input on the implementation of ISPO standards by 2014

• ISCC• In Feb 2012, GAR received International Sustainability and Carbon Certification

(ISCC) certification for 61,576 hectares of plantations, six mills and one bulking(ISCC) certification for 61,576 hectares of plantations, six mills and one bulking station in Riau

• RSPO• GAR is committed to obtaining RSPO certification for all existing units

(as of 30 June 2010) by end 2015 in collaboration with The Forest Trust • To date, 58,401 ha of plantations and seven mills have received RSPO certification

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Holistic Approach to Sustainabilitypp y

PISAgro(Partnership for Indonesia

Engaging multi-stakeholdersJFSS(Jakarta Food Security Summit)

ICOPE (International Conference on

Sustainable Agriculture)

A new vision for agriculture initiative was launched by the Indonesian government during the World Economic Forum in June 2011, to address Indonesia's food, climate

( y )

JFSS is held by the Indonesian Chamber of Commerce (KADIN) to raise multi-stakeholder awareness and develop national action agenda to

(Palm Oil and Environment)

A unique platform for scientists, supply chain stakeholders, representatives of institutions and NGOs to share best practices in the palm oil industry co-2011, to address Indonesia s food, climate

change and poverty challenges by achieving20% yield increase, CO2 emission reduction, and poverty reduction. This vision was further dscussed during World Economic Forum Annual Meeting in Davos, Switzerland last January 2012

gachieve food security through a close collaboration among the government, private sector and society.

Mr Franky O. Widjaja is the Chairman of the Steering Committee of JFSS and

practices in the palm oil industry, co-organised by SMART, WWF-Indonesia and CIRAD.

2012 is the 3rd edition of ICOPE, which confirmed both the importance and the long term perspective of the ICOPESwitzerland last January 2012.

Mr Franky O. Widjaja is leading the initiative as a Co-chairman of PISAgro.

e S ee g Co ee o J SS a dVice Chairman of KADIN in agribusiness, food and livestock sectors.

long-term perspective of the ICOPE initiative in the scientific development and promotion of good practices aimed at ensuring sustainable oil palm cultivation.

Source: World Economic Forum, Photo by Sikarin Thanachaiary.

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Section 4

Downstream Highlights

Downstream – Indonesia OperationspConsistent expansion of downstream capacity to focus our sales efforts toward higher value-added products

Capacity Sales volume p y(‘000 tpa) (‘000 MT)

50

60

70

1200

1400

1600

Kernel crushing capacity

Our Brands

20

30

40

50

600

800

1000

1200Refinery capacity

Branded sales volume

0

10

20

200

400

600

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

• Our prominent cooking oil brands, Filma and Kunci Mas, are among the leaders in Indonesia• Nation-wide coverage with hundreds of distributors and thousands of retailers• The new Jakarta refinery has supported our branded products sales, particularly on Java island

Domestic Branded

Sales

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• Growing foothold in international markets, such as Asia, Africa, and South America regions• Moving towards higher value premium oils and fats, directly targeting the industrial users

Export Branded

Sales

Downstream – China Operationsp

China is one of the largest and fastest growing edible oils consumers

GAR will strategically expand its presence in China through organic growth and acquisition:

Completed new vegetable oil refinery and soybean crushing facilitiesDeveloping distribution channels to enter new areas in China

NewlyFacilities Current

Newly Completed Total

Refinery 380,000 MT 396,000 MT 776,000 MT

Crushing 1.0 million MT 1.3 million MT 2.3 million MT

Noodle Manufacturing 5 billion packets - 5 billion packets

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Note: Annual capacity, data as of 31 March 2012

Section 5

Strategy and Outlook

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Strategic Prioritiesg

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

Leverage operating scale and relentless focus on operational excellence

Upstream Downstream

owth

and

ili

tyai

ned

Gro

Prof

itabi

• Increase downstream capability to shift product mix to higher value-added products of cooking oils margarine & fats and

• Sustain growth through expansion of planted area by way of green field and acquisition

• Sustain cost leadership through operational

Sust

of cooking oils, margarine & fats, and oleochemicals

• Develop destination business by extending distribution reach to key countries

• Sustain cost leadership through operational efficiencies

• Continuous improvement of our elite seeds to enhance long-term yields

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Continued strong commitment to environmental and social responsibility

Growth Strategy and OutlookGrowth Strategy and Outlook

Growth Strategy in 2012• Expanding palm oil plantations by 20,000 - 30,000 hectares• Building milling capacity in line with the growth in fruits production• Constructing additional downstream processing capacity in strategic locations • Extending distribution coverage and global market reach as well as logistic facilities to enhance

i t t d tiour integrated operations

Projected capex for FY 2012 growth strategy: approximately US$500 million

Industry OutlookRemains resilient with robust demand growth of palm oil:• As edible oil from both emerging markets and developed countries• As substitute and alternative uses such as oleochemicals and biodiesel• Supported by limited supply growth of other vegetable oils, especially soybean

GAR continues to benefit from the firm industry outlook best in class

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GAR continues to benefit from the firm industry outlook, best-in-class plantation management, continued expansion and solid financial position

Section 6

Appendix

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Revenue By Product and Geographical LocationBy Product and Geographical Location1Q 2012 revenue of US$1.5 billion mainly from CPO and refined palm oil based products

Others PK

Revenue - By CountryRevenue - By Product

Soybean Meal4%

Soybean Oil3%

Others6%

PK1%

CPO47%

Unbranded P l

Branded Products

8%

Palm Products

31%

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Note: Data per March 2012

Contact UsContact Us

If you need further information, please contact:

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)

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