INVESTOR PRESENTATION

1Q2015

PT Japfa Comfeed Indonesia Tbk

 Agenda

Company Overview

Key Investment Highlights

Financial Highlights

Appendix

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Company Overview
 Introduction to Japfa Tbk

Established ▪ One of the largest poultry players in Indonesia with FY14 net sales of around US$ 2billion(1) and
vertically
EBITDA of US$ 140million(1)
integrated
agriculture ▪ Strategically involved in aquaculture and beef offering diversification of revenues
business with ▪ Listed on IDX for over 20 years with market cap of around US$ 813million(1)
dominant focus in ▪ Mostly focused in Indonesia, an attractive high growth animal protein market
Indonesia

▪ Japfa has maintained high market share over the past 30 years of operations
▪ Economies of scale providing advantages in terms of raw material purchases and cost efficiencies
Leading market
Deep geographical reach to be closer to customer base and raw material suppliers
share and strong
growth ▪ Strong historical net sales growth of 14% CAGR from 2007-2014
▪ As of May 2014, Japfa had market share of 22% for animal feed and 25% for DOC and top 2 market
position across key business segments

Focused on producing affordable animal protein in Indonesia

Note: (1) Based on 30 December 2014, share price : IDR 950/share and exchange rate : IDR.12,440/US$

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Core Competencies Across The Value Chain

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 Poultry Contributes Bulk of Revenue
and is our Core Business Focus

1Q2015 Sales Contribution Per Segment FY14 Sales Contribution Per Segment

Poultry: Poultry:
86% of 88% of
total total

Total 1Q2015 Revenue : Rp. 5.9 Trillion Total FY14 Revenue : Rp. 24.5 Trillion

Diversified business with a clear focus on the poultry sector

given our expertise and favorable industry dynamics
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Key Investment Highlights
Investment Highlights

1 Established market leader in poultry

2 Synergy and efficiency achieved through vertically integrated large scale businesses

3 Quality operations supported by state-of-the-art bio security measures

4 Experienced and professional leadership team

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 1 Established Market Leader in Poultry

Indonesia animal feed production capacity share (1) Indonesia DOC production capacity share

Source: Company Annual Reports, Frost & Sullivan (May 2014)

Note: (1) Market share calculation in the above table excludes aqua feed

▪ Stable and attractive industry dynamics with top 2 players, Charoen Pokphand (“CP”) and Japfa, controlling more
than 50% of the animal feed and DOC breeding market
▪ Presence of smaller players limited to specific regions compared to Japfa’s national coverage
▪ Limited poultry imports due to halal considerations in Indonesia and consumers’ preference for live chicken

Japfa commands a strong market position in the animal feed and DOC breeding markets
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2 Synergy and efficiency achieved through vertically
integrated large scale business

✓ Ability to control feed formulation to suit ✓ Exclusive rights to superior strain of DOC
type of breed which Japfa produces which is suited to Indonesian climate and
✓ Ability to control timing of delivery and consumer tastes
availability of feed for breeding purposes ✓ Effective control over complete poultry
breeding process, commencing from
operation of great grandparent farms

✓ Right feed, superior breed and commercial ✓ Proximity to end customer market ensures
farming techniques, resulting in robust supply of fresh chicken products
performance ✓ Integrated chain enhances food safety,
hygiene and traceability

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 2 Synergy and efficiency achieved through vertically
integrated large scale business
Corn prices (US$/Bushel) Soybean meal prices (US$/MT)

~70% sourced
US$ linked 100% imported US$ denominated
domestically

IDR/US$ exchange rate

Japfa is able to effectively pass on increases in raw material prices for feed to end consumers
Source: Index Mundi, Bank Indonesia and company filings. 11
3 Quality Operations Supported by
State-Of-The-Art Bio Security Measures

A Minimize exposure from the elements

Full body Spray and Monorail Conveyor system

▪ Remote location
immersion fumigation
▪ Geographical
spread

B Optimizing flock resistance from diseases

▪ Sophisticated animal husbandry practice ▪ Vaksindo

- Animal vaccine research and production company

- The only poultry company in Indonesia with the

ability and facilities to research viruses (including
AI) and produce autogenous vaccines

- Constructed a new BSL 3 Animal Trial Facility

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 4 Experienced and professional leadership team

Board of Commissioners

Syamsir Siregar Hendrick Kolonas Retno Astuti Wibisono Ignatius Herry Wibowo
President Vice President Independent Independent
Commissioner Commissioner Commissioner Commissioner

Year of agri Year of agri Year of agri Year of agri

experience: 10 experience: 19 experience: 14 experience: 16

Board of Directors

Handojo Santosa Bambang Koesbyanto Tan Yong Nang Rachmat Indrajaya

President Budi Hendarto Setyadharma Director Independent
Director Vice President Director Director
Director
Year of agri Year of agri Year of agri Year of agri Year of agri
experience: 28 experience: 36 experience: 26 experience: 7 experience: 7

Japfa’s first USD Bond issuance which raised

Establishment of new protein line through $225 million
Established poultry breeding Regional expansion initiative acquisition of a beef feed lotter
Company established as PT operations to complement started with establishment of Acquisition of beef cattle breeding farms :
Java Pelletizing Factory Ltd feed business new feedmill Acquired Vaksindo Satwa Nusantara, an animal Riveren and Inverway Station, Australia
vaccine manufacturer

1971 1975 1982 1989 2003 2007 2008 2009 2012 2013

Poultry feed business started Japfa listed on Jakarta and Japfa’s first Rupiah Bond issuance Merger with PT Multi Merger with PT Multibreeder,
production Surabaya Stock Exchanges which raised Rp500 billion Agro Persada (producer a 73% owned subsidiary to bring together
and distributor of feed) the group’s poultry feed and breeding
operations

Issued IDR1.5 trillion Japfa Bond I

Japfa’s management team has significant industry experience and has successfully led the Company through
various cycles
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Financial Highlights
Performance Overview

(In Mln. Rp.) 1Q2015 1Q2014 % change

PT Japfa Comfeed
Revenue 5,938,612 5,674,518 +4.7% ▲
Gross Profit 679,418 745,062 -8.8% ▼
Gross profit margin 11.4% 13.1% -1.7ppt ▼
Operating profit 110,698 142,204 -22.2% ▼
Operating profit margin 1.9% 2.5% -0.6ppt ▼
PAT -214,879 68,111 -415.5% ▼
PAT margin -3.6% 1.2% -4.8ppt ▼

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Financial Performance

Revenue Gross Profit Operating Profit PAT

(In Mln Rp.) (In Mln Rp.) (In Mln Rp.) (In Mln Rp.)

▪ Revenue increased by 4.7% YoY.

▪ Gross profit fell by 8.8%YoY, with margin shrinkage especially in poultry feed and breeding.
▪ Feed Operating Profit was able to cover the operating losses from Breeding and Commercial Farming.
Hence, Japfa Comfeed was still able to deliver an Operating Profit of Rp110.7billion in 1Q 2015
▪ Foreign exchange losses were Rp177.5billion in 1Q 2015 as compared to foreign exchange gains of
Rp104.7billion in 1Q 2014, due primarily to the unrealized exchange losses on the US Dollar-denominated
Senior Notes (Due 2018) caused by the 5% depreciation of IDR against the USD
▪ PAT is affected by the combination of margin shrinkage in poultry business and foreign exchange losses

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 Operational Performance
Animal Feed – Poultry: Sales Volume (‘000 tons)

DOC – Broiler: Sales Volume (mil birds) Commercial Farm- Live Birds : Sales Volume (‘000 tons)

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 Operational Performance

Beef – Live Cattle: Sales Volume (‘000 tons) Aquaculture – Aqua-feed: Sales Volume (‘000 tons)

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 Proven financial track record

Total Assets Net Debt / Equity

(In IDR billion)

CAPEX
(In IDR billion)

Note: Based on Company’s 1Q2015 Financial Results 19

Proven Financial Track Record
Net Revenues Gross Profit
(In IDR billion) (In IDR billion)

EBITDA Net Profit

(In IDR billion) (In IDR billion)

Note: Based on Company’s 1Q2015 Financial Results 20

Appendix
Pan-national distribution platform

Deep national coverage with strong local knowledge

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Note: Japfa has 65 breeding farms and not all the farms are reflected on the map.
Disclaimer

These materials have been prepared by PT Japfa Comfeed Indonesia Tbk (the “Company”) and have not been independently
verified. No representation or warranty, expressed or implied, is made and no reliance should be placed on the accuracy,
fairness or completeness of the information presented or contained in these materials. Neither the Company nor any of its
affiliates, advisers or representatives shall have any liability whatsoever in negligence or otherwise from any use of these
materials or contained in these materials or otherwise arising in connection with these materials. The information presented
or contained in these materials is subject to change without notice and its accuracy is not guaranteed.

These materials contain statements that constitute forward-looking statements. These statements include descriptions
regarding the intent, belief or current expectations of the Company or its officers with respect to the consolidated results of
operations and financial condition of the Company. These statements can be recognized by the use of words such as
“expects,” “plan,” “will,” “estimates,” “projects,” “intends,” or words of similar meaning. Such forward-looking statements
are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in the
forward-looking statements as a result of various factors and assumptions. The Company has no obligation and does not
undertake to revise forward-looking statements to reflect future events or circumstances. These materials are highly
confidential, are being given solely for your information only and may not be shared, copied, reproduced or redistributed to
any other person in any manner. You agree to keep the contents of this presentation and these materials confidential.

These materials are for information purposes only and do not constitute or form part of an offer, solicitation or invitation to
buy or subscribe for any securities of the Company in any jurisdiction, nor should these materials or any part of them form
the basis of, or be relied upon in any connection with, any contract, commitment or investment decision whatsoever. The
statements in these materials speak only as of the date as of which they are made, and the company expressly disclaims any
obligation or undertaking to supplement, amend or disseminate any updates or revisions to any statements contained herein
to reflect any change in events, conditions or circumstances on which any such statements are based.

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