This document provides an overview of Eagle High Plantations (EHP) for 2016. It discusses that EHP has a new name, logo, management, vision, and values. It notes that EHP's landbank is large and young, with the average age being 6.4 years old. It also states that EHP has the capacity to grow its production to 2.3 million tons per year by 2017. However, it acknowledges EHP experienced net losses in 2015 and 1Q2016. Nonetheless, it provides five reasons to be positive about EHP's future: 1) its large, young landbank means production will increase, 2) focusing on cash flow by slowing new planting, 3) balance sheet consolidation through debt

1. EHPT 2016 Public Expose
Sampoerna Strategic Square – Jakarta, 16 June 2016
1

2. This is EHP
2

3. New Name & Logo
3

4. 4
New Management

5. 5
New Vision & Mission
New Purpose

6. 6
New core values
New Purpose

7. 7
New beginning In New office

8. We are big, young & ready to grow
8

9. Big, >150k Ha
0 Ha
4k Ha
Prime
8k Ha
Young
Immature
49k Ha
61k Ha
29k Ha
0 Ha
1k Ha
1k Ha
Prime
Young
Immature
Immature
Young
Prime
9
As at end December 2015

10. Young, average age 6.4 years
Prime
Young &
immature
32%
68%
10
>8yrs
<8yrs
As at end December 2015

11. Ready to grow, 2.3 million ton/year
EHP total mill capacity, tons per hour
2011 2013 2015 2017f
475
385
265
175
2.3
million ton
/ year
=
11
As at end December 2015

12. EHP total mill capacity, tons per hour
2011 2013 2015 2017f
475
385
265
175
2.8
Million ton
/ year
=
12
Ready to grow, 2.8 million ton/year

13. The less good news
13

14. 2015, 1Q 2016 net loss
Income Statement
In Rp m 2015 1Q 2016
Revenue 2,674,271 620,332
Gross profit 573,771 106,310
Operating profit 233,977 18,772
EBIT 238,175 88,199
EBT (203,622) (78,236)
Net profit (181,400) (67,560)
EBITDA 752,317 146,772
Gross margin % 21% 17%
Operating profit
margin %
9% 3%
EBIT margin % 9% 14%
EBT margin % (8%) (13%)
Net profit margin % (7%) (11%)
EBITDA margin 28% 24%
14
I

15. BWPT shares follow EBITDA
15

16. 0
60
120
180
240
0
125
250
375
500
2015 2Q 3Q 4Q 1Q2016
BWPT Share Price
EBITDA
16
BWPT shares follow EBITDA

17. Update website
17

18. www.eaglehighplantations.com
18

19. It's not surprising ...
19

20. Entering Prime age
8 Prime
age
Average age
Years
20
As at end December 2015

21. High investment, high interest
PT Eagle High Plantations Tbk Des 31, 2015 Mar 31, 2016
Assets
Total Current Assets 2,796,883 1,604,370
Total Noncurrent Assets 14,861,954 14,831,676
Total assets 17,658,837 16,436,046
Liabilities
Total Current Liabilities 3,955,212 2,337,097
Total Noncurrent Liabilities 7,050,710 7,514,197
Total Liabilities 11,005,922 9,851,294
Total Equity 6,652,915 6,584,752
TOTAL LIABILITIES AND EQUITY 17,658,837 16,436,046
Total Debt 7,782,513 8,105,648
21
I

22. 5 Reasons to be positive
5 Reasons to be positive
22

23. big, young and ready to grow = Production ⬆
1
23
5 Reasons to be positive

24. Fruit Production, 15% growth trend ⬆
20,000
55,000
90,000
125,000
160,000
2011 1Q2016
Monthly Production
Total fruit production & growth trend
CAGR=15%
1
24

25. 💦 mm & fruit tons (right axis)
20,000
55,000
90,000
125,000
160,000
0
100
200
300
400
2011 1Q2016
Monthly Rainfall
Monthly Production
1
25
Fruit Production, El Nino

26. 💦 mm & fruit tons (right axis)
20,000
55,000
90,000
125,000
160,000
0
100
200
300
400
2011 1Q2016
Monthly Rainfall
Monthly Production
1
26
Fruit Production, La Nina

27. 💦 mm & fruit tons (right axis)
20,000
55,000
90,000
125,000
160,000
0
100
200
300
400
2011 1Q2016
Monthly Rainfall
Monthly Production
1
27
Fruit Production, La Nina
CAGR=15%

28. Focus on Cash Flow
2
28
5 Reasons to be positive

29. Slowing down planting, ⬆ Cash flow & ♻
EHP New Planting Hectares
0
5,000
10,000
15,000
20,000
2011 2012 2013 2014 2015
2
29

30. Slowing down planting, ⬆ Cash flow & ♻2
30
❤♻
Sustainability

31. Balance sheet consolidation
3
31
5 Reasons to be positive

32. PT Eagle High Plantations Tbk Des 31, 2015 Mar 31, 2016
Assets
Total Current Assets
Total Noncurrent Assets
Total assets 17,658,837
Liabilities
Total Current Liabilities 3,955,212
Total Noncurrent Liabilities
Total Liabilities 11,005,922
Total Equity
TOTAL LIABILITIES AND EQUITY
Total Debt
Balance sheet consolidation
32

33. Balance sheet consolidation
33
PT Eagle High Plantations Tbk Des 31, 2015 Mar 31, 2016
Assets
Total Current Assets
Total Noncurrent Assets
Total assets 17,658,837 16,436,046
Liabilities
Total Current Liabilities 3,955,212 2,337,097
Total Noncurrent Liabilities
Total Liabilities 11,005,922 9,851,294
Total Equity
TOTAL LIABILITIES AND EQUITY
Total Debt

34. Balance sheet consolidation
Total Liabilities & Noncurrent Liabilities Rp tn
Des 2014 Mar 2015 Jun 2015 Sep 2015 Des 2015 Mar 2016
9.9
11.0
10.0
9.79.69.4
2.3
4.0
3.53.23.33.1
Total Noncurrent Liabilities
Total Liabilities
3
34

35. CPO & Kernel price is positive
4 5 Reasons to be positive
35

36. Price Recovery4
36
EHP quarterly selling price, in Rp million
0.0
2.3
4.5
6.8
9.0
2015 2Q 3Q 4Q 1Q2016
cpo Kernel

37. 0.0
2.3
4.5
6.8
9.0
2015 2Q 3Q 4Q 1Q2016
CPO Kernel
EHP quarterly selling price, in Rp million
Current market
price
4
37
Price Recovery

38. BWPT price is positive too
5
38
5 Reasons to be positive

39. 5
% change from end
December 2015
39
BWPT number 1
-40%
-20%
0%
20%
40%
60%
80% 77%
50%
21%20%19%18%
9%7%7%
4%2%0%
-7%
-11%-13%
-24%
-35%
Share price change YTD
Other plantation stocks
BWPT

40. 0
60
120
180
240
0
125
250
375
500
2015 2Q 3Q 4Q 2016 2Q 3Q 4Q
BWPT Share Price
EBITDA
BWPT shares follow EBITDA
Production ⬆
Price ⬆
Balance Sheet ⬆
5
40

41. Thank you
41
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