Company Presentation – 1H 2011 Results12 August 2011

Presentation Outline

Business OverviewBusiness Overview11

Plantation Highlights Plantation Highlights 22

Financial Highlights Financial Highlights 33 g gg g

St t i d E iSt t i d E i44 Strategies and ExpansionStrategies and Expansion44

Integrated Agribusiness with Leading Brands

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S ti 1Section 1 Business Overview

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Diversified and Integrated Agribusiness Group with Leading Brands

Capturing value across the entire supply chain

Upstream Downstream

Capturing value across the entire supply chain

R&D Plantations Mills Edible oils and fats

Finished products

DistributionSeed breeding DistributionSeed breeding

Nucleus planted oil palm of ±205 000 ha*Nucleus planted oil palm of ±205 000 ha*

Leading cooking oil and Leading cooking oil and

Integrated Agribusiness with Leading Brands

Advanced agriculture Advanced agriculture

±205,000 haDiversified across palm oil, rubber, and sugar

±205,000 haDiversified across palm oil, rubber, and sugar

gmargarine brands

gmargarine brands

3 3

gresearch centre

gresearch centre

* As of 30 June 2011

Corporate Structure

83.8%

68.95%Indofood Singapore

Holdings Pte Ltd31.1%

68 9%

Public

72.00%

6.7%

Minority Interest Public

68.9%

1.3% 20.0%72.0%

59.5%40.5%

Public

Integrated Agribusiness with Leading Brands

4 4

Strategically Located OperationsSpanning the Entire Supply Chain

North Sumatra

Riau Kalimantan

South Sumatra

Town/City

Oil Palm

Sugar Cane Refinery

Tea

Cocoa

Rubber

Sugar Mill

Copra Mill

Supply Chain

Integrated Agribusiness with Leading Brands

5 5

S ti 2Section 2Plantation Highlightsg g

6

Oil Palm Plantation Highlights

1H11 1H10 Growth 2Q11 2Q10 Growth

Planted Area(1) (Ha) 205,199 195,522 5% 205,199 195,522 5%(1)Mature Area(1) (Ha) 154,939 151,259 2% 154,939 151,259 2%

FFB (‘000 MT) 1,705 1,428 19% 913 749 22% - Nucleus production 1,264 1,113 14% 675 591 14% - Purchase from Plasma & 3rd Parties 441 315 41% 238 158 52%FFB Yield – Nucleus (MT/Ha) 8.2 7.4 4.4 3.9

CPO Production (‘000 MT) 381 323 18% 205 170 21%CPO Extraction Rate (%) 22.4% 22.6% 22.5% 22.6%CPO Yield – Nucleus (MT/Ha) 1.8 1.7 1.0 0.9

PK Production (‘000 MT) 87 76 14% 47 40 17% Integrated Agribusiness with Leading Brands

( )PK Extraction Rate (%) 5.1% 5.3% 5.1% 5.3%

7 7

(1) Exclude plasma area. As at 30 June 2011, the Group has ≈ 78,757 ha of planted oil palm plasma area.

Oil Palm Plantation Production Trend

YOY GrowthFFB

691723

751 728

'000 MT

FFB Nucleus2Q : 14%1H : 14%

555617

691

522591 589

675

FFB ‐ Plasma &            3rd Parties2Q : 52%1H : 41%

167238203238

188158157229201181

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

FFB nucleus FFB ‐plasma  & 3rd parties

Total CPO224 216 205

'000 MT

Total CPO2Q : 21%1H : 18%

162178

199

154170

201216

176205

Integrated Agribusiness with Leading Brands 1H : 18%

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

8 8

Planted Area

Oil Palm Age Profile

In Ha 30 Jun2011

31 Dec2010

Increase/(Decrease)

Average age = 12 years

Oil Palm Age Profile2011 2010 (Decrease)

Planted Area 242,319 242,107 212

Immature

Young Trees40%

Planted Oil Palm(1) 205,199 205,064 135 Mature 154,939 155,400 (461)

(2)

Immature, 24%

4‐6 years, 

> 20 years, 24%Immature 50,260 49,664 596

Other Crops 37,120 37,043 77 16%7‐20 years, 36%

Mature

Other Crops 37,120 37,043 77 Rubber 21,906 22,028 (122)Sugar cane 11,553 11,302 251

Mature76%

(1) Exclude plasma area As at 30 June 2011 the Group has ≈ 78 757 ha of planted oil palm plasma area

Others(3) 3,661 3,713 (52)

Integrated Agribusiness with Leading Brands (1) Exclude plasma area. As at 30 June 2011, the Group has ≈ 78,757 ha of planted oil palm plasma area.(2) New plantings for oil palm at 2,941 Ha, but this was partly offset by replanting and re-measurement result from the

implementation of a new block management system by Lonsum in 2011 for more effective control. The re-measurement will not impact the crop production

(3) Cocoa Coconut and Tea

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(3) Cocoa, Coconut, and Tea

S ti 3Section 3Financial Highlightsg g

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Results SummaryFinancial Highlights

Revenue grew 53% and 46% yoy in 2Q11 and 1H11 i l f hi h l l d lli

3,000

3,500 Rp bnRevenue

mainly from higher sales volume and average selling prices of edible oils and fats products as well as palm products EBITDA 43% d 55% i 2Q11 d 1H11 ith

1,500

2,000

2,500

EBITDA up 43% and 55% yoy in 2Q11 and 1H11 with higher profit contribution from all divisions, particularly from Plantation DivisionAtt ib t bl fit 31% d 51% i 2Q11 d0

500

1,000

Attributable profit grew 31% and 51% yoy in 2Q11 and 1H2011Financial position improved significantly with net gearing

d d t 0 06 d h b l f R 6 1 t illi i

0

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

1,400 Rp bnEBITDA *reduced to 0.06x and a cash balance of Rp6.1 trillion in June 2011

O ti l Hi hli ht800

1,000

1,200

Operational Highlights

CPO production grew 18% to 381,000 tons in 1H11 from normalized weather conditions and new areas coming into

200

400

600

Integrated Agribusiness with Leading Brands maturityFFB nucleus and plasma production in 1H11 up 14% and 41% to 1,264,000 tons and 441,000 tons, respectively

0

200

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

11 11

* EBITDA excluding biological asset gains/(losses) and forex gains/(losses) Edible Oils and fats sales volume up 20% in 1H11

Sales Volume

Increased CPO and PK sales volume in line with the increase in production.Edible Oils & Fats sales volume growth from increased demand, supported by the increase of refining capacity at the new Jakarta refinery.Rubber volume decline was due to lower purchases from third parties

In '000 MT 1H11 1H10 Growth 2Q11 2Q10 Growth

Plantation

CPO 382 325 17% 194 171 14% CPO 382 325 17% 194 171 14%

Palm Kernel 84 75 12% 44 40 9%

Rubber 9 12 (23%) 5 6 (20%)( ) ( )

Edible Oils & FatsIntegrated Agribusiness with Leading Brands Cooking Oil, Margarine and Coconut Oil 382 318 20% 202 154 31%

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CPO, PK and Edible Oils & FatsSales Volume Trend

YOY GrowthCPO and PK - Sales Volume'000 MT

CPO sales volume2Q : 14%1H : 17%171 164

191

155171

182 187 194

233220

PK sales volume2Q : 9%1H : 12%

155

4443 45 5546 52 44

36 43 4535 40 46 52

40

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

Edible Oils & Fats Sales Volume'000MT

CPO sa les  volume PK sa les  volume

Edible Oils & Fats2Q : 31%

Edible Oils & Fats Sales Volume

157 163 176147

164 154179 186 180

202

000 MT

Integrated Agribusiness with Leading Brands Q1H : 20%

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

CPO, PK and RubberAverage Selling Price (ASP) Trend

YOY GrowthCPO and PK - ASPRp / kg

CPO ASP2Q : 13%1H : 19%5,827

7,2126,396 6,597 6,796 6,807

8,2867,697

6,128

7,873

5,9365 107

6,838

PK ASP2Q : 59%1H : 84%2,393

3,152 2,851 2,7073,140

3,725 3,991

5,107

,

Rubber ASPRp / kg

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

CPO ASP PK ASP

Rubber ASP17 449

24,94327,773 26,382

29,172

41,83938,769

Integrated Agribusiness with Leading Brands 2Q : 40%1H : 53%

15,113 14,683 15,108 17,449

14 14

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

Financial Summary A strong set of results driven mainly by higher sales. Attributable profit up 31% in 2Q11 and 51% in 1H11

In Rp Bn 1H11 1H10 Growth 2Q11 2Q10 GrowthIn Rp Bn 1H11 1H10 Growth 2Q11 2Q10 Growth

Sales 6,135 4,207 46% 3,208 2,095 53%

EBITDA* 2,024 1,304 55% 895 624 43%EBITDA % 33% 31% 28% 30%

Operating profit** 1 872 1 152 63% 806 531 52%Operating profit 1,872 1,152 63% 806 531 52%Operating profit % 31% 27% 25% 25%

Gains arising from changes - 20 - 20 in FV of biological assets

Attributable profit 823 545 51% 309 235 31%Attributable profit % 13% 13% 10% 11%Attributable profit % 13% 13% 10% 11%

Attributable profit excluding net effect of FV gains on

823 515 60% 309 205 50%

Integrated Agribusiness with Leading Brands biological assets

EPS (fully diluted) - Rp 569 379 50% 213 164 31%

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* EBITDA excluding biological asset gains/(losses) and forex gains/(losses)** Operating profit excluding biological asset gains/(losses)

Segmental Results

SALES EBITDA EBITDA%SALES EBITDA EBITDA%

In Rp Bn 1H11 1H10 1H11 1H10 1H11 1H10

Plantations 4,212 2,883 1,937 1,230 46% 43%

Edible Oil & Fats 4 654 2 963 107 32 2% 1%Edible Oil & Fats 4,654 2,963 107 32 2% 1%

Elimination & Adjustments (2,731) (1,639) (19) 42 n/m n/m(1) (1)

Sub-total 6,135 4,207 2,024 1,304 33% 31%

N t F G i 76 43Net Forex Gain - - 76 43 - -

Total 6,135 4,207 2,100 1,348 34% 32%Integrated Agribusiness with Leading Brands

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(1) Net effects arising from elimination of unrealised profit of inter-division inventories, SFRS adjustment and regional office costs

External Revenue Breakdown Sales in the domestic market has increased to 80% on stronger edible oil and fats sales.

By GeographicalBy Geographical LocationLocation

1H111H11 1H101H10

Asia, 13%Asia, 7%

Indonesia,Indonesia,

 76% Europe, 4%

America, 5%

, 80% Europe, 4%

America, 7%,

Africa, Middle East & 

O i 2%

Africa, Middle East & 

Integrated Agribusiness with Leading Brands Oceania, 2%Oceania, 2%

17 17

Financial PositionGroup’s financial position was strengthened following the SIMP listing. Net gearing reduce to 0.06x and NAV per share increased 11% from last year end.

In Rp Bn 30-Jun-11 31-Dec-10

TOTAL ASSETS 31 958 28 189TOTAL ASSETS 31,958 28,189

Cash 6,065 3,796

TOTAL LIABILITIES 11 782 12 488TOTAL LIABILITIES 11,782 12,488

Interest Bearing Debt 7,227 8,494

TOTAL EQUITY* 20,176 15,700

Net Debt / EBITDA Ratio (Annualised) 0.3x 1.5x

Net Debt / Total Equity Ratio 0.06x 0.30xIntegrated Agribusiness with Leading Brands Net Assets Value per Share (in Rupiah) 8,450 7,605

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*Total equity includes shareholders funds and minority interests.

S ti 4Section 4Strategies and Expansiong p

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2011/12 Strategies and Expansion

In Progress

• Focus expansion on new plantings of palm oil and sugar plantations• Focus expansion on new plantings of palm oil and sugar plantations

• Constructing two 40mt FFB per hour palm oil mills, in Kalimantan and South Sumatra

• Sugar refinery in South Sumatra is in the final stage of commissioning

• At new Jakarta refinery in Tanjung Priok add bottling and margarine• At new Jakarta refinery in Tanjung Priok, add bottling and margarine plant in 2011

Completed

• Completed Jakarta refinery at Tanjung Priok with 420,000mt annual p y j g ,refining capacity in Dec 2010

• Surabaya fractionation plant increased by 300mt/day capacity in 1Q11Integrated Agribusiness with Leading Brands • SIMP listing raised Rp3.3 trillion net proceeds, of which Rp1.7 trillion

were used for the repayment of loans to acquire a majority equity o nership in Lons m

20 20

ownership in Lonsum

Contact Us

Indofood Agri Resources Ltd.8 Eu Tong Sen Street#16-96/97 The Central

Singapore 059818Tel +65 6557 2389

Fax: +65 6557 2387

www.indofoodagri.com

This presentation was prepared solely and exclusively for the parties presently being invited for the purpose ofdiscussion. Neither this presentation nor any of its content may be reproduced, disclosed or used without the priorwritten consent of Indofood Agri Resources Ltd.

This presentation may contain statements that convey future oriented expectations which represent the Company’spresent views on the probable future events and financial plans. Such views are presented on the basis of currentassumptions are exposed to various risks and are subject to considerable changes at any time PresentedIntegrated Agribusiness with Leading Brands assumptions, are exposed to various risks, and are subject to considerable changes at any time. Presentedassumptions are presumed correct at the, and based on the data available on the, date at which this presentation isassembled. The Company warrants no assurance that such outlook will, in part or as a whole, eventually bematerialized. Actual results may diverge significantly from those projected.© Indofood Agri Resources Ltd All rights reserved

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© Indofood Agri Resources Ltd. All rights reserved.