Golden Agri-Resources' net profit up by 150.7% to US$228.8M in 2010

CPO production increase by 34% y-y to 1.96M tons from 1.4M tons in 1Q10. Increase was due to
higher CPO prices. Average CPO price for 1Q11 was MYR 3675 or USD 1,206. Yields on FFB
production have also improved by 21.6% from 1.15 (ton/ha) in 1Q10 to 1.4 due to improve weather
conditions. Operational cost had also increased this is consistent with the increase in revenue. Cost
of goods sold and selling expenses doubled compared to 1Q10. Cost increase was due to higher
purchase cost for FFB and CPO and higher Indonesian export taxes.

Our Net Profits calculation excludes any net gain from changes in fair value of biological assets.
This is to reflect core profits earn by the business. In light of the improved revenue figures by Golden
Agri, we have readjusted our projected net profit for FY11 from US$ 375M to US$879M.

Production Volume Going Forward
1Q performance is a very important gauge of how well Golden Agri will do for the rest of this year.
Reflecting on the last 4 years, we see a general trend that revenue and production volume for 1Q is
normally the lowest for the year and business picks up in Q3 and Q4 (Fig 2 & 3). Golden Agri is
looking to expand their palm oil plantations by 20,000 to 30,000 hectares this year. We are basing our
assumption on 20,000 hectares and yields to remain on their average of 6%, we could possibly expect
to see production results of at least 2.8 million tons of palm product productions which is about 24%
more than previous years’ production volume.