Indofood Agri Resources Ltd. · SGX:5JS

Indofood Agri Resources — Merger or Acquisition (May 2007)

21 slides from Indofood Agri Resources's merger presentation, May 28, 2007

1. Slide 1: Proposed Acquisition of a Majority Interest in PT PP London Sumatra Indonesia Tbk

   Indo Agri Proposed Acquisition of A Majority Interest in PT PP London Sumatra Indonesia Tbk Date 28 May 2007

2. Slide 2: ! ! " " " # $ ! % & % ! ' !

   ! ! " " " # $ ! % & % ! ' ! " # ( ! " % ! ! " " " ! " " ! " # " & " " % " % " " " ) # " " " ' # ! " " " ! " " " ! " % % " # " * + , * - - . ! " # " " % " ! ! % " " ! % ! " % #

3. Slide 3: Presentation Outline

   Presentation Outline Executive Summary Proposed Transaction Overview of Target Company Rationale Financial Effects Shareholding Structure Comparative Valuations on eaonys F&F YF N PR Conditions / Timetable Slide 3

4. Slide 4: Slide 4

   ! " # $ % $ $ & ' ( $ ) * + , ! - & ) * . ! - & ( / 0 1 # 2 ( / 3 + 1 0 # ) ( # 4 * ( ( 5 6 * $ * ( ( ( * ( * ( 4 # # * 7 8 ( $ $ $ 8 9 % * : ( 8 ( * ( * ! ! " # " $ % $ & ! ! ' ( ) * + & # , , " " - . Slide 4

5. Slide 5: Slide 5

   ! * / + - - % - 0 + % - - - 5 6 #. 7 6 % + - - 5 # 5 $ 2 + . 8 #3 / 1 $ 2 3 . , 4 8 0 #. 7 6 % + - - 9 8 # . $ 2 5 - . #. + 6 #3 7 + # - $ 2 : . 0 #8 / 8 - 0 % + * 8 % - - - $ : #- 7 6 % + - - - # . $ 2 8 * + #8 6 3 #3 7 + # . $ 2 8 # - ! % $ $ ! ; 6 * & / 3 : + % 6 8 5 % * 0 5 5 + #6 7 6 % 0 - - 5

6. Slide 6: Slide 6

   + , * - & 5 ( # $ 7 8 & < 8 5 6 # & = 0 ; 8 = , 1 # * ( $ # * * 6 ( 8 ) * , ! * * 6 ( 8 - = & & * ( ( 8 # $ 1 * ( 1 ( ( 1 * ( ( $ ( * ( * ( ( # * # 1 1 $ $ & % * # $ ( 8 ! # ) # & # * * * 6 ( 8 ( ( ( * ( 1 > $ # * ( 8 # # 8 ( * ( 2 ) * ( * * 3 * ( $ ! ! 1 * + # % ! ! Slide 6

7. Slide 7: Slide 7

   . ! / % ! % 0 * 1 1 $ ( " < ; " ( " 6 5 %* - 5 ! ! 8 6 %+ : 6 ; + %6 . 3 : + %3 6 5 1 " . . %0 5 . " 8 6 5 %3 - - = = > ( , 8 %3 + + %. 5 . ( ; ( , 5 3 - %- 8 + ( ; ? 7 * 5 #5 -( 4 Slide 7

8. Slide 8: Slide 8

   , () * + ' ) 5 0 1 2 ( + ( + 0 1 (4 + $ , -. / $ , - . / 3 (4 + 2 ! % () * + ' ! ! " #$ % & -( 4 * * 5 6 ! ! 1 ( * 3 ) * + # 1 ) * ) ' + $ 1 ! $ $ ! ! 1 Slide 8

9. Slide 9: Slide 9

   ! " % , 3 4 , ! 2 5 ! & 5 6 * $ * ( & ( ( * ( * ( & 4 # # * 7 8 & ( $ $ $ 8 9 % * & : ( 8 ( * ( * Slide 9

10. Slide 10: Slide 10

    ! " , + * - ! ! ! 3 % ( ( , 13 , 3 0 1= 0 0 3 1 3 3 1+ 0 = 3 1, 0 1= 0 + , . 0 10 1+ = , 13 = 3 ) + 1 + 1+ 3 = 1 0 0 + 1 + 0 1. 0 , 3 1. + = = , 3 @ = 1 . = 1 . % # @ + 1 , + 1 , ( ( , . 13 . 0 3 + 1 0 + 10 + , ? * ( 1 . , , 1. 0 , = = = 1 = , + ( = = 1 3 0 0 1 0 3 , 1 3 0 , 0 -( 4 ! ! # 0 / 7 $ ! !

11. Slide 11: Peer Comparison - Total Planted Area

    ! " % + ! , Peer Comparison - Total Planted Area 250,000 200,000 150,000 Hectare 100,000 50,000 - PT Bakrie PT Sinar Mas Agro PT Tunas Baru PT Ast ra Agr o IndoAgri (Post Golden Agr i- Sumat era IndoAgr i London Sumat r a Resources and Lampung Tbk Lest ar i Tbk Acquisit ion) Resources Lt d Plant at

12. Slide 12: Peer Comparison - Mature Oil Palm Area

    ! " % + ! , Peer Comparison - Mature Oil Palm Area 250,000 200,000 150,000 Hectare 100,000 50,000 - PT Bakr ie PT Sinar Mas Agr o PT Tunas Bar u IndoAgr i ( Post PT Ast r a Agro Golden Agr i- Sumat er a London Sumat r a IndoAgri Resour ces and Lampung Tbk Acquisit ion) Lest ari Tbk Resour ces Lt d P

13. Slide 13:   5 8 A - 6 
    Slide 13

    ! " ! ! 5 8 A - 6 ! 7 = = > ( ( ; ( ( " @ " ( Slide 13

14. Slide 14: Slide 14

    # $ ! " # $ % & ' % & ( ! " ) * % + , # - . & / 0 ! 1 ) 2 1 3 ! 0 ( & , ! % ! , ! 4 5 ) % . 6 3 - 5 ) ! + ! 1 , + % + ! 7 ! Slide 14

15. Slide 15: Slide 15

    # $ , 3 , 8 - " & 8 ' * " (- " + . 1 0 1 1 * 1 3 7 8 ! 1 1 * 1 . " 9 8 8 8 ! . " 9 8 8 . () * + 0 6 () * + 0 . () * + ( + $ () * + . * ! () * + 0 6 * ! () * + 0 . * ! () * + ( + $ 2 ( + * ! () * + ; ( + : : : 0 ( + 0 1 ! : : Slide 15

16. Slide 16: Shareholding Structure - Before Transaction

    6. Shareholding Structure Ind®Agri Structure Before Transaction ISHPL Public 74.0% 26.0% 100.0% IOFPL | 90.0% SIMP Slide 16

17. Slide 17: Shareholding Structure

    % & & 3 % 3 6 7 * ; " A ( : 4 : 4 : 4 : 4 % B : 4 : 4 ; : 4 / * ( 9 * * Slide 17

18. Slide 18: Shareholding Structure

    % & & 3 % 3 6 7 ; " A ( : 4 : 4 : 4 : 4 % B : 4 : 4 ; : 4 / : ) * ( 9 * * Slide 18

19. Slide 19: Comparative Valuations

    ' ( , ! " # $ % & ! # # $ ' ( ) & * ' + # # , ( ' + $ # $ ! ! " # $ ! $ % &' $ ( &' % ) * $ + ' % + -2 ' 3 ; $ ! ! 1 3 ; * 8 * * $ ) * + , 1 ! & - < . . & $ ! - < . $ ! ! 1 % 2 0 ( = / 5 > ! ! # * & 6 / ) Slide 19

20. Slide 20: Conditions / Timetable

    ) * + ! " " # $ % # & & ' ( ) ! & * ( $ ( # 2 ! & 8 # # ( 4 * * 7 ( ! B $ 1 ; 19 * 8 &2 ! & $ ( > $ $ 2 ! & * ( $ $ 4 $ # * 0 * ( = , 2 ! & ( ( 8 ( 8 * * 7 ( * ! 9 * ( : = , Slide 20

21. Slide 21: Thank you

    Indo Agri Thank you

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