INVESTORPRESENTATION

Malindo Feedmill

I N V E S T O

R RE L A T I O

N

May 7, 2018 1

CompanyBackground

2May 7, 2018

Key FinancialHighlights

3May 7, 2018

Key FinancialHighlights

4May 7, 2018

Q1/2018Highlights

DOC & Broiler Average Selling PriceGovernment initiatives ensuring stable

DOC & chicken prices and supply-demand dynamics

Q1/2018

Consumer demand projected to improve with strong support by macro conditions

GDP growth: 2018 5.3% (2017 c. 5.1%)

Feed margins to benefit from volume growth, particularly expanding to swine

feed and duck feed

Consumer food volume continues increasing by boosting the sales through

TV Commercial and social media

5May 7, 2018

6

1.394,5

1.473,8

Q4/2017 Q1/2018

SALES

1.265,6

1.473,8

Q1/2017 Q1/2018

81

148

Q4/2017 Q1/2018

EBITDA EBITDA %

5,8%

10,1%

115

148

Q1/2017 Q1/2018

EBITDA EBITDA %

9,1%

10,1%

EBITDA

May 7, 2018

7

FEED

BREEDER

May 7, 2018

230 258 274

2016 2017 2018

CAPEX PLANS2017 - 2019

8

42.000 51.000

61.000

2016 2017 2018

Broiler capacity (MT)DOC capacity (Mn birds)

Consumer Foods capacity (MT)Feed capacity (MT)

Projected Capex of IDR 555 bn in 2018 will enable Malindo to capture increased demand as the general economy & market grows

57 79244 228 90205

Capex (IDR bn)

88223 160 540

CAGR9%

CAGR20%

9.000 9.000 9.000

2016 2017 2018

1.500.000 1.500.000 1.500.000

2016 2017 2018

May 7, 2018

PROFIT FORECAST2018 - 2022

9May 7, 2018

Strategic & Diverse Locations

10May 7, 2018

IndustryOutlook

11

Source: FAOStat (2018)

Poultry Consumption

0,00%

5,00%

10,00%

15,00%

20,00%

25,00%

30,00%

35,00%

40,00%

45,00%

-

5.000,00

10.000,00

15.000,00

20.000,00

25.000,00

Thailand Indonesia Philipines China Malaysia Vietnam

Production Consumption GDP

May 7, 2018

IndustryOutlook

12

Notes : Data are 2009 – 2011 averages for selected developing countries.Logarithmic growth curve based on both developing and developed countries.

Sources : USDA, Economic Research Service using USDA Agricultural Projections to 2022 and suporting data

May 7, 2018

IndustryOutlook

13

Consuming Class(Middle and Affluent)

Notes : In line with McKinsey research in defining Indonesian consuming class, BCG reportedMiddle and Affluent Class is growing, which Jawa and Sumatera dominate and will continue so.

Sources : BCG Analysis 2012

0 5 10 15 20 25 30 35 40 45 50

Greater Jakarta

Rest of Jawa

Sumatera

Kalimantan

Sulawesi

Rest of indonesia

MAC Population 2020 MAC Population 2012

May 7, 2018

BusinessLines

14

Emerging Market Leader in Poultry

Indonesia feed production capacity share (2017)

35%

25%

8%

4%

8%

20%CPIN

JPFA

MAIN

WJ

CJ

Others

Indonesia DOC production capacity share (2017)

38%

25%

7%

5%

25%CPIN

JPFA

MAIN

WJ

Others

Malindo is well-positioned to capture market share from the overall growthin the poultry industry, including the growing branded processed poultry segment

Source: Company (2018)

May 7, 2018

FeedUpdates

15

Installation of additional corn dryers & silosin 2018 to increased utilization of local corn

Malindo is able to manage price and FXvolatility of imported raw materials overtime due to its scale and favorable industrydynamics

Additional capacity is expected to improve EBIT margin through economies of scale(target utilization in FY2018 : 60%-65% of optimal capacity)

May 7, 2018

BreederUpdates

16May 7, 2018

BreederUpdates

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BroilerUpdates

18

High quality DOC and best-in-class farmmanagement ensures high-quality broiler

Diverse geographic location limits diseaseoutbreaks

Expanding capacity to 61,000 tons in FY2018 tosupport the growth in processed food & chickenconsumption

Focus on supplying internal processed fooddivision to ensure high quality chickens for itsbranded consumer products

May 7, 2018

Processed FoodUpdates

19

Production plant with installed production capacity of 9,000 tons per annum With market recovery & improved sales from 2017, additional capacity will be

added in 2019

2 main brands, targeting diverse customer base Sunny Gold

premium brand targeting modern trade, estimated to generate 40% of revenues. Available at major supermarket chains e.g. Lottemart, Hero, Giant, Superindo, Hypermart, Carrefour.

CikiWikimass brand targeting traditional market, estimated to generate 60% of sales

TV Commercial In April 2017 launched the TVC which supported the growth of 55% in FY2017 TVC launch again on May 2018 to absorb market demand in the upcoming

Lebaran season.

May 7, 2018