www.goldenagri.com.sg

Company PresentationSeptember 2020

DISCLAIMER

2

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 and Outlook 143

Financial Performance 174

CORPORATE OVERVIEW

OVERVIEW OF GAR

5

• 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 30 Jun 2020)1 499,563 ha

Output of Palm Products (CPO and PK)

1H 2020 1,219,000 MT

FY 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 1H 2020 and FY 2019 include net fair value gain/loss on financial assets in accordance with IFRS 9 of

US$14 million loss and US$214 million gain, respectively.

1H 2020 FY 2019

Revenue 3,391 6,432

EBITDA2 189 697

Underlying Profit3 (11) 272

Equity 4,234 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 income/expense

LEADING INDONESIAN PLANTATION GROUP WITH INTEGRATED OPERATIONS

6

Notes:1. Data as of 30 June 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 500k haNucleus 395k haPlasma 105k ha

Mature area2

462k ha

FFB production2

4.08mn MT(1H 2020)9.87mn MT (FY 2019)

CPO Milling

No of mills46

Capacity1

13.42mn MT FFB p.a.

Basic Products

Production973k MT(1H 2020)2.31mn MT (FY 2019)

Production246k MT(1H 2020)607k MT (FY 2019)

No of plants6Capacity1

4.98mn tpa

Capacity1,3

440k tpa

CPO

Palm Kernel

Refining

Kernel Crushing

Oleo-chemicals

Processing

Branded & Unbranded Cooking Oil

Margarine

Specialty Fats

Biodiesel/FAME

PK Oil

PK Meal

Fatty Acids

Fatty Alcohol

Glycerine

Soap Noodles

No of plants9

Capacity1

1.76mn tpa

Capacity1

600k tpa

Processed Products

Biodiesel

KEY COMPETITIVE STRENGTHS

500

287 266337

213 188

594

177 213

338

0

200

400

600

GAR Astra Agro Wilmar IndofoodAgri

FirstResources

Bumitama Sime Darby IOI KLK Felda

CORE PALM PLANTATION BUSINESS LEADING IN SCALE

8

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 area

Indonesia Malaysia

Indonesia Malaysia

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

‘000 MT

‘000 ha

2.306

1.6541.903

840 8121.035

2.653

7571.023

2.820

0

1000

2000

3000

GAR Astra Agro Wilmar IndofoodAgri

FirstResources

Bumitama Sime Darby IOI KLK Felda

MANAGEMENT EXPERTISE DELIVERS HIGH PRODUCTION YIELDS

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21,5 18,7 20,1 15,7 17,0 19,1 20,5 23,0 22,4 16,9

4,6

3,8 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 Felda

FFB 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 30 June 2020, include plasma. Average age is 17 years

15%8%

6%

42%29%

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

FFB y

ield

-M

T/h

a

MT/ha

Indonesia Malaysia

CPO

yie

ld -

MT/h

a

37.799

32.279

211.467144.274

73.744

Immature (0-3 years)

Young (4-6 years)

Prime 1 (7-18 years)

Prime 2 (19-25 years)

Old (>25 years)

UNRIVALLED TECHNOLOGY PLATFORM ENHANCING COMPETITIVENESS

Precision Agriculture

• Monitor and manage widely spread operations efficiently through War Room, a state-

of-the-art proprietary information technology system with block-by-block Performance

Analysis (@30 ha)

• Accurate fertiliser programme with dosage based on cost/benefit analysis using leaf

sampling

Continually taking initiatives in technological innovation to leapfrog upstream to Smart Plantation across the value chain

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Research and Development

Research in latest plant breeding

and biotechnology results in tissue

culture planting materials - Eka 1

and Eka 2 - that can double our long-term yield

Automation

Hardware mechanisation of tools

and equipment used in farming to

enhance productivity

Digitalisation

Turn manual processes to digital

using the latest mobile technology

as enabler, e.g. eFACT

AI and Machine Learning

Use Artificial Intelligence to make

insightful decision, predict

outcome, drive efficiencies and

improve logistical capability

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 monetiseproduction

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TOWARDS RESPONSIBLE PALM OIL PRODUCTION

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Managing COVID-19

• Employee and community safety are top priority• Complying with all government regulations wherever we

operate• Palm oil sector is strategic sector - all our facilities continue to

operate• Helping to protect employees and community e.g. mask-

making project • Supporting 40 Alternative Livelihood programmes to help

boost and maintain community resilience

On track to achieve 100% TTP for palm supply chain at end 2020

• Full TTP for nearly 84% of palm supply chain • 273 3rd-party mills reported full TTP • COVID-19 may affect timetable for TTP this year • Engaging with suppliers remotely and encouraging self-

assessment

Managing Fire and Haze

• Launched the Rumbun and Jungle Friends storybook to educate children about dangers of forest fires

• Part of long-term efforts to stem forest fires and haze • No reduction in commitment despite COVID-19

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 AND OUTLOOK

GROWTH STRATEGY AND OUTLOOK

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Focusing on higher value derivative

products, increasing presence and expertise in global destination markets

Expanding biodiesel facilities to support

Indonesian policy on biofuel mandate

GAR aims to be at the forefront of the evolving technological trend by intensifying strategic efforts to transform its business and build new competitive edge

Accelerated replanting with latest-generation planting

materials to transform yield curve

Embracing innovative ways of working to

achieve a higher level of efficiency and

productivity

Plantations and Palm Oil Mills

Palm, Laurics

and Others

• GAR remains confident in the robust long-term supply and demand fundamentals for palm oil supported by its high versatility (including biodiesel) and lowest cost of production

• The impact from the COVID-19 pandemic is expected to be short term depending on the severity and length of the outbreak

INDONESIA BIODIESEL

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Indonesia Biodiesel Consumptionin million kltr

Indonesia growing biodiesel mixture mandate is a major catalyst to the industry

• Global feedstock for biodiesel is estimated to decrease by an estimated 3% in 2020 to 42.9 million MT from 45.7 million in 2019

• However, palm oil usage for feedstock continues to expand with a market share of almost 40% in 2020 from 31% in 2016

Source: Oil World, Ministry of Energy and Mineral Resources, and Aprobi

Feedstock Use for Biodiesel in 2020F

Soya oil25%

Palm oil39%

Rapeseed oil14%

Others22%

2,6

4,0

6,4

4,3

8,8

2017A 2018A 2019A 6M20A 2020F

• Indonesian B30 mandate for 2020 was allocated at 9.6mn kltr. However, the realisation is expected to be at around 8.8mn kltr due to lower consumption

• The increase of export levy to sustain biodiesel subsidy shows the Indonesian government’s commitment towards its biodiesel mandate policy

FINANCIAL PERFORMANCE

CONSOLIDATED FINANCIAL PERFORMANCE

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Notes:1. 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 includes net fair value gain/loss on financial assets in accordance with IFRS 9 of US$14 million loss in 1H 2020, US$214 million gain in 2019 and US$132 million in 2018.

2. Net profit/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

3. Net of tax and/or non-controlling interests

• First half 2020 performance affected by reinstatement of CPO export levy with better second quarter results as supply chain disruption has gradually recovered

• Strong upstream business mitigated downstream business challenges

• Higher net loss in 1H 2020 impacted by foreign exchange loss and deferred tax expense, which are mainly non cash

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

Revenue 3,391 3,167 6,432 7,167

Gross Profit 389 345 831 1,007

Gross Profit Margin 11% 11% 13% 14%

EBITDA1 189 198 697 573

EBITDA margin 6% 6% 11% 8%

Underlying Profit/(Loss)2 (11) (15) 272 181

Foreign Exchange Gain/(Loss)3 (45) 3 38 (19)

Deferred Tax Income/(Expense)3 (31) 3 (19) (50)

Net Profit/(Loss) attributable to owners of the Company (157) (46) 194 (2)

661

27%

19%

11.72

1,423

(482)

1,915

1,01

261

25%

19%

1.27

155

(56)

202

140

-

561

34%

18%

3.38

411

(114

491

363

-

401

22%

17%

5.25

607

21

618

406

SEGMENTAL RESULTSPlantations and Palm Oil Mills

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Strong improvement in 1H 2020 performance supported by the rebound in CPO market prices

Lower plantation output in 1H 2020 due to dry weather conditions last year and the replanting programme

Revenue (US$ million) 625 574 9% 1,324 1,451

EBITDA (US$ million) 132 97 36% 299 391

EBITDA margin 21% 17% 4% 23% 27%

CPO FOB Price (US$/MT) 616 496 24% 523 565

FFB Production (‘000 tonnes) 4,084 4,455 -8% 9,871 10,525Nucleus 3,215 3,444 -7% 7,617 8,112Plasma 869 1,011 -14% 2,254 2,413

FFB Yield (tonnes/ha) 8.8 9.4 -6% 21.5 22.5

Palm Product Output (‘000 tonnes) 1,219 1,293 -6% 2,913 3,049CPO 973 1,026 -5% 2,306 2,436PK 246 267 -8% 607 613

Oil Extraction Rate 21.6% 21.3% 0.3% 21.5% 21.9%Kernel Extraction Rate 5.5% 5.6% -0.1% 5.7% 5.5%

Palm Product Yield (tonnes/ha) 2.4 2.5 -5% 5.8 6.2

1H 2020 1H 2019 YoY FY 2019 FY 2018

Note: EBITDA includes allocated net fair value gain/loss on financial assets (IFRS 9) of US$3 million loss in 1H 2020, US$47 million gain in FY2019 and US$23 million gain in FY2018

OIL PALM PLANTATIONS

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360.172 356.800 394.982 392.836

101.592 101.757104.581 104.751

30-Jun-20 31-Dec-19 30-Jun-20 31-Dec-19

Nucleus Plasma

37.79932.279

211.467144.274

73.744

Immature (0-3 years) Young (4-6 years)

Prime 1 (7-18 years) Prime 2 (19-25 years)

Old (>25 years)

Continued long-term productivity growth through replanting and technological innovation

42%

8%15%

29%

6%

• Immature and younger estates use newer-generation higher-yielding seeds for continued long-term production growth

• Accelerated replanting to around 9,900 ha in 1H 2020 Notes:

1. Total planted area including plasma 2. Average age of plantations, including plasma, is 17 years

Mature Area - ha Planted Area - ha

458,557497,587

461,764499,563

Age Profile as of 30 Jun 2020

SEGMENTAL RESULTSPalm, Laurics and Others

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Revenue (US$ million) 3,382 3,151 7% 6,392 7,102

Sales Volume (‘000 tonnes) 4,971 5,370 -7% 10,843 10,210

EBITDA (US$ million) 58 100 -42% 398 184

EBITDA margin 1.7% 3.2% -1.5% 6.2% 2.6%

1H 2020 1H 2019 YoY FY 2019 FY2018

1H 2020 earnings were impacted by the COVID-19 outbreak with gradual improvement in the second quarter of 2020

• 1H 2020 sales volume affected by logistics issues following COVID-19 lockdown with gradual improvement in the second quarter 2020

• This also resulted in a sudden significant CPO price decline in February, further impacting our earnings

• Indonesia biodiesel is still the major catalyst to the industry with realisation of B30 programme

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 mainly food and beverages2. EBITDA includes allocated net fair value gain/loss on financial assets in accordance with IFRS 9 of US$11 million loss in 1H 2020, US$166 million gain in FY2019 and

US$108 million gain in FY2018

FINANCIAL POSITION

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US$ million 30-Jun-20 31-Dec-19 Change

Total Assets 8,482 8,779 -3%

Cash and short-term investments 832 784 6%

Fixed assets1 3,636 3,720 -2%

Total Liabilities 4,248 4,274 -1%

Net Debt2 1,608 1,573 2%

Interest bearing debt 3,157 3,144 0.4%

Cash, short-term investments and liquid working capital3 1,549 1,571 -1%

Total Equity 4,234 4,505 -6%

Net Debt2/Total Equity 0.38x 0.35x

Net Debt2/Total Assets 0.19x 0.18x

Net Debt2/EBITDA4 2.34x 2.26x

EBITDA/Interest4 4.52x 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

capital

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

4. Calculated based on the last four quarters 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: