Interim Performance Presentation 3Q 2016: nine-month period ended 30 September 2016

Golden Agri-Resources Ltd

Interim Performance Presentation

Third quarter ended 30th September 2016

14 November 2016

This presentation has been prepared by Golden Agri-Resources Ltd. ("GAR" or "Company") for informational purposes, and may contain projections and forward looking statements that reflect the Company's current views with respect to future events and financial performance. These views are based on current assumptions which are subject to various risks and which may change over time. No assurance can be given that future events will occur, that projections will be achieved, or that the Company's assumptions are correct. Actual results may differ materially from those projected. A prospective 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 and may be subject to change without notice if the Company becomes aware of any information, whether specific to the Company, its business, or in general, which may have a material impact on any such opinions.

The information is current only as of its date and shall not, under any circumstances, create any implication that the information contained therein is correct as of any time subsequent to the date thereof 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 any such amendments or supplements on this presentation.

The Company will not be responsible for any consequences resulting from the use of this presentation as 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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1 Executive Summary 4

2 Financial Highlights 6

3 Segmental Performance 9

4 Strategy and Outlook 15

5 Appendix 19

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• 3Q 2016 vs 3Q 2015

Revenue US$1,836 mn 17%

EBITDA US$165 mn 29%

EBITDA (US$ million)

350

307

300

Net Profit1 US$220 mn n.m Palm product output 624,400 MT 22% CPO FOB price US$677/MT 27%

• Ytd Sep 2016 vs YTD Sep 2015

Revenue US$5,071 mn 2%

EBITDA US$393 mn 2%

Net Profit1 US$353 mn n.m

250

200

150

100

50

0

239

97 90

135

83

61

27

10 18 14

3

Palm product output 1.63 mn MT 24%

Plantation and palm oil mills

Palm and lauric Oilseeds and

Others

CPO FOB price US$650/MT 9%

9M 2015 9M 2016 3Q 2015 3Q 2016

Note:

1. Attributable to owners of the Company

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   Financial Highlights Consolidated Financial Performance

   US$ million Revenue	9M 2016 5,071	9M 2015 4,958	YoY 2%	3Q 2016 1,836	3Q 2015 1,574	YoY -17%
   Gross Profit1	707	736	-4%	280	277	1%
   EBITDA	393	401	-2%	165	128	29%
   Interest on borrowings	-95	-98	-3%	-32	-35	-8%
   Depreciation and amortisation1	-256	-226	13%	-82	-77	6%
   Foreign exchange gain/(loss)	50	-99	n.m	20	-45	n.m
   Net tax impact from tax-based
   asset revaluations	242	-	n.m	111	-	n.m
   Net profit attributable to owners of the Company1	353	-9	n.m	220	-16	n.m

   • Year-on-year performance affected by the drop in harvested fruits and the implementation of export levy starting in July 2015

   • Net profit in 2016 lifted by the deferred tax income arising from tax-based asset revaluations

     Note:

     1. The comparative figures for 9M 2015 and 3Q 2015 have been restated to account for retrospective adjustments arising from the adoption of amended IAS 16 and IAS 41, which resulted in higher depreciation expenses by US$101 million and US$33 million, respectively

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     Financial Position

     Gearing remains prudent after the adoption of amended IAS 16 and IAS 41 starting 2016

     (in US$ million) 30-Sep-16 31-Dec-151 Change

     Total Assets	8,367	8,036	4%
     Cash and short-term investments	388	502	-23%
     Fixed Assets2	3,973	4,071	-2%
     Total Liabilities	4,318	4,286	1%
     Adjusted Net Debt3	1,783	1,908	-7%
     Net Debt4	2,615	2,543	3%
     Liquid Working Capital5	832	635	31%
     Total Equity Attributable to Owners of the Company	4,005	3,710	8%
     Adjusted Net Debt3/Equity6 Ratio Adjusted Net Debt3/Total Assets Adjusted Net Debt3/EBITDA7	0.45x 0.21x 3.40x	0.51x 0.24x 3.52x
     EBITDA/Interest	4.13x	4.21x

     Notes:

   • The comparative figures for 31 Dec 2015 have been restated to account for retrospective adjustments arising from the adoption of amended IAS 16 and IAS 41

   • Includes Bearer Plants, Property, Plant and Equipment, and Investment Properties

   • Interest bearing debt less cash, short-term investments and liquid working capital

   • Interest bearing debt less cash and short-term investments

   • Trade receivables, inventories (excluding consumables), deposits and advances to suppliers less trade payables and advances from customers

   • Equity attributable to owners of the Company

   • 30 Sep 2016 figure is based on annualised EBITDA.

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     Segmental Performance Segmental Results Plantations and Palm Oil Mills EBITDA in 2016 still impacted by low production

     9M 2016	9M 2015	YoY	3Q 2016	3Q 2015	YoY
     Revenue (US$ million)	978	1,132	-14%	379	359	5%
     EBITDA (US$ million)	239	307	-22%	90	97	-6%
     EBITDA margin	24%	27%	-3%	24%	27%	-3%
     FFB Production ('000 tonnes)	5,745	7,283	-21%	2,260	2,705	-16%
     Nucleus	4,531	5,592	-19%	1,785	2,064	-13%
     Plasma	1,214	1,691	-28%	475	641	-26%
     FFB Yield (tonnes/ha)	12.4	15.8	-22%	4.9	5.9	-17%
     Palm Product Output ('000 tonnes)	1,633	2,149	-24%	624	799	-22%
     CPO	1,314	1,730	-24%	501	643	-22%
     PK	319	419	-24%	123	156	-21%
     Oil Extraction Rate	22.3%	22.7%	-0.4%	21.8%	22.8%	-1.0%
     Kernel Extraction Rate	5.4%	5.5%	-0.1%	5.3%	5.5%	-0.2%
     Palm Product Yield (tonnes/ha)	3.4	4.4	-23%	1.3	1.7	-21%

     Plantation output in 3Q 2016 recovered strongly quarter-on-quarter but still lower year-on-year due to severe El Nino in 2015

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     Plantation Area GAR's oil palm plantations continue to be leading in scale and operational excellence

     Mature Area - ha Planted Area - ha

     Age Profile as of 30 Sep 2016

     465,057

     460,336

     482,228485,606

     6%4%

     98,028 97,368 101,241 101,219

     29,765 8%

     17,171

     41,027

     367,029 362,968 380,987 384,387

     39%

     186,550

     207,715

     30‐Sep‐16 31‐Dec‐15 30‐Sep‐16 31‐Dec‐15

     Nucleus Plasma

     43%

   • Increase in mature area by 4,700 hectares

   • Replanted approximately 3,100 hectares of old estates

   Notes:

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

   Prime 1 (7‐18 years) Prime 2 (19‐25 years) Old (> 25 years)

2. Total planted area, including plasma

3. Average age of plantations, including plasma, is 16 years

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Segmental Results Palm and Lauric

Margin improvement from focus on enhanced integration and operational excellence

9M 2016	9M 2015	YoY	3Q 2016	3Q 2015	YoY
Revenue (US$ million)	4,425	4,445	-	1,626	1,407	16%
Sales Volume ('000 tonnes)	6,499	6,464	1%	2,227	2,105	6%
EBITDA (US$ million)	135	83	64%	61	27	121%
EBITDA margin	3.1%	1.9%	1.2%	3.7%	1.9%	1.8%

Improving operations and market environment in 3Q 2016 resulted in higher margin and EBITDA

Note:

1. Palm and lauric segment includes processing and merchandising of palm based products, i.e. bulk and branded products as well as oleochemicals

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