DSNG Q4 Presentation

(1)

PT DSN Tbk 2014 Operating Results Update

he DSN Group was originally established as a wood products manufacturer. We identiied an opportunity to expand into the plantation sector in 1997, building upon our established relationships within the local communities. Both of these business segments are showing growth, but the palm oil business is growing, and will continue to grow, at a higher rate.

Palm oil accounted for 64% of total revenue in 2013, up from 59% in 2012, and 73% of 9-month 2014 revenue driven by recently higher CPO average selling prices.

Our history of expansion has accelerated in recent years, with the acquisition of eight new oil palm estates since 2010.

We also took a controlling interest in Tanjung Kreasi Parquet Industry, a manufacturer of globally branded engineered looring in 2012. hese subsidiaries provide long-term

opportunities for expansion in both of our core businesses.

Crude Palm Oil

Palm Kernel

Palm Kernel Oil

Block Board

Engineered Doors

Engineered Floors

Re ve nue 9Mo ' 14 2013 2012 2011 2010

Palm O il 73% 64% 59% 55% 55%

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0 10 20 30 40 50 60

Estate Province

DBL 2013 Pap ua

DIL 2009 N. Kal.

SWA 2001 E. Kal.

DAN 1997 E. Kal.

DIN 1997 E. Kal.

DWT 2007 E. Kal.

KPS 2011 E. Kal.

MAL 2012 W. Kal.

RUT 2012 W. Kal.

KAP 2010 W. Kal.

PSA 2010 W. Kal.

DPS 2010 W. Kal.

PUL 2012 E. Kal.

PWP 2004 C. Kal.

Total Ye ar

Acq uire d

Land Are a (' 000 Ha) Ave rag e Ag e (Yrs) Yie ld

Total Plante d Mature Availab le HGU Panitia B

Ijin Lokasi

Total Are a

Mature Are a*

2014 (t/ha) 16.7

- - 16.7 - - -7.2

2.7 - 4.6 1.1 - -16.9

15.3 15.3 1.6 13.7 13.7 28.7 10.0

9.0 8.9 1.0 7.9 7.9 28.3 9.8

8.7 8.7 1.0 7.9 7.9 29.6 13.6

10.2 7.3 3.5 4.2 5.2 21.7 6.2

5.7 2.1 0.5 2.6 5.4 17.2 15.0

- - 15.0 - - -12.5

- - 12.5 - - -14.9

1.3 - 13.5 1.0 - -10.6

0.5 - 10.1 0.8 - -5.6

0.8 - 4.7 0.1 - -17.0

0.0 - 17.0 - - -15.2

8.5 5.7 6.7 4.3 5.2 20.0 171.1

62.8 48.0 108.3 38% 8% 54% 7.1 8.9 26.2 * As of ye ar-e nd 2014

Land Rig hts Status

We st

Kalimantan

Ce ntral

Kalimantan

North

Kalimantan

East

Kalimantan

Our estates are clustered across East, West and Central

Kalimantan, with planting to date concentrated in the East

Pap ua

Total & Plante d He ctare s b y Cluste r 31 De ce mb e r 2014

Planted /Unplanted = 5,000ha

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Our most developed cluster - with 5 estates, 5 CPO M ills and

56,000 ha - is nearly the size of Singapore

Our mill capacity is designed to accommodate annual peak output from the associated estates. As a result, mills servicing rapidly developing estates (such as Mill 5 in PWP) will appear to be underutilized, and may rely on signiicant external FFB purchases. he proximity of the palm oil mills to the fruit allows us to establish an 8-hour standard for harvest-to-mill, resulting in minimal spoilage of FFB and lower FFA. Our redundant capacity also minimizes disruption due to maintenance.

he cluster approach allows us to achieve eiciencies in lower

transportation costs; centralization of logistics, such as housing, schools, clinics and security; and maximizing use of infrastructure (mills, roads, jetties and ports).

Tab le 2: CPO mill cap acity d e sig ne d for p e ak p rod uction months

In total, our nucleus estates incorporate 62,779 planted hectares, of which 48,038 are already mature. Our three oldest estates, SWA, DAN and DIN are fully comprised of mature trees, with limited additional area available for new planting. 78% of our planted area, in ive estates, is located in a single contiguous area in East Kalimantan. hese 48,930 planted hectares encompass an area nearly the size of Singapore. Four out of our ive existing palm oil mills are located within these estates, and we expect to complete the construction of one additional palm oil mill in 2015.

108,286

ha

available

land bank

62,779 ha

planted

nucleus area

48,038

ha

mature

area

2 million

tons/ year

CPO mill

capacity

RSPO &

ISCC

certi

fi

ed

Tons/ Max.

Ye ar Location Estate Hr Util* RSPO ISPO ISCC Mill 1 2002 E. Kal. SWA 90 55% Ce rt. Ce rt. Ce rt. Mill 2 2009 E. Kal. DAN 60 118% Ce rt. Ce rt. Ce rt. Mill 3 2010 E. Kal. DIN 60 130% Ce rt. Ce rt. Ce rt.

Mill 4 2011 E. Kal. SWA 60 126% Aud . Ce rt.

Mill 5 2011 C. Kal. PWP 60 103%

Mill 6 2015 E. Kal. DWT 60 Mill 7 2016 E. Kal. KPS 60 In Prog re ss Total Cap acity 450

*Monthly, 2014

Mill 6

Mill 7 Mill 3

Mill 1 Mill 4

Mill 2

Existing CPO M ills Planned CPO M ills

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0 2 4 6 8

'17

'16

'15

'14

'13

'12

'11

'10

'09

'08

'07

'06

'05

'04

'03

'02

'01

'00

'99

'98

'97

'96

Our plantations have a young age pro

fi

le and will deliver

productivity growth in coming years

Planted / Planned = 500 ha

We added 4,916 hectares of nucleus in 2014, out of a total of 9,527 hectares planted during the year.

We intend to maintain the current pace of expansion through 2017, with roughly 10,000 hectares planted each year, including nucleus and plasma.

In total, our 62,778 hectares of planted nucleus were an average age of 7.1 years at the end of 2014. By 2016, our average age is expected to increase to 7.6 years.

DSN Nucle us Planting History (‘000 ha)

Mid -Ye ar vs. Ye ar-End Stand ard

In 2011, the Comp any ad op te d a Mid -Ye ar Stand ard (MYS) ap p roach to d e te rmining the ag e of our p lantations for accounting p urp ose s. Using the MYS, tre e s p lante d in H2 of the p re vious ye ar and H1 of the curre nt ye ar will b e consid e re d 1-ye ar old at the close of the ye ar – a re asonab le e stimate of the ave rag e amount of time the se tre e s have b e e n in the g round .

We have p re se nte d our p lanting history with an H1/H2 b re akd own, should you care to ap p ly Ye ar-End Stand ard ap p roach inste ad . All of the d ata p re se nte d within our financial re p orts and this p re se ntation make use of the MYS from 2011 to the p re se nt.

Our strong commitment to our plasma holders is one critical element in the success of DSN’s palm oil activities, generally fostering easier acquisition of land, facilitating title conversion, and minimizing the prospect of local disturbances or social unrest.

Our BoT model, encompassing 75% of our plasma areas, has resulted in higher FFB yields and, therefore, higher revenues for our plasma cooperatives. DSN still beneits from the milling margin and gains assurance that the loans to plasma holders can be repaid.

5% of total FFB revenues are retained by DSN as a

management fee. Of the remainder, 30% is paid to the plasma holder, while 70% services bank loans and funds extended by DSN for upkeep and maintenance of the estate prior to breaking even.

DSN typically funds the development of plasma estates through bank loans with repayment schedules comprising a 4-year grace period and 6-4-year repayment.

We had planted 17,287 hectares of plasma by the end of 2014. In total, 6,371 hectares had reached maturity and produced 118,865 tons of FFB for the full year.

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DSN Group Planting History

Ye ar H1 H2 FY Plante d Mature

1996 - 1.2 1.2 1.2 -1997 0.7 2.3 3.0 4.1 -1998 0.4 0.3 0.7 4.9 -1999 0.1 1.1 1.2 6.1 -2000 0.4 0.1 0.5 6.6 1.9 2001 1.0 1.2 2.2 8.8 4.6 2002 - - - 8.8 4.9 2003 0.5 2.6 3.2 11.9 6.5 2004 0.7 2.6 3.3 15.2 7.6 2005 1.4 3.3 4.7 19.9 8.8 2006 1.2 2.4 3.6 23.5 9.3 2007 3.2 4.3 7.6 31.1 12.6 2008 1.2 3.7 5.0 36.1 16.6 2009 2.3 4.3 6.6 42.6 21.1 2010 1.0 3.3 4.3 46.9 26.7 2011 1.1 1.4 2.5 49.5 32.3 2012 1.4 1.2 2.6 52.1 38.4 2013 2.7 3.1 5.8 57.9 43.6 2014 2.1 2.8 4.9 62.8 48.0 2015^ 2.8 4.2 7.0 69.8 50.8 2016^ 3.1 4.6 7.7 77.5 54.7 2017^ 2.7 4.0 6.7 84.2 60.0

^ Planne d

Nucle us Estate s Annual Planting Pe rformance Ag g re g ate Are a

All Mature -0.4 -1.3 -1.9 -2.7 4.0 2.9 4.4 3.9 5.3 3.6 5.7 3.7 6.4 3.7 6.9 4.0 7.7 3.9 7.5 4.2

7.4 2.0 2.0 5.6% 4.5

7.4 0.7 2.7 6.3% 5.0

7.5 0.9 3.6 7.7% 5.7

7.7 1.0 4.6 9.3% 6.4

8.0 2.2 8.8 16.8% 6.7

8.4 3.4 12.7 21.9% 7.1

8.9 4.6 17.3 27.5% 7.4

9.6 3.7 21.0 30.1% 7.6

10.1 2.3 23.3 30.1% 7.9

10.5 3.3 26.6 31.6% Plasma Are as Ave rag e Ag e Annual

Planting Total Are a

% of Nucle us

Our cost to maturity is roughly $5,000 per hectare, with an

additional $2,000 per hectare for mill construction

7.1 years

average

age

4,916 ha

nucleus

planted in

2014

17,287 ha

total plasma

planted by

end-2014

27.5%

Plasma to

Nucleus by

end-2014

$5 -

$5.5k

per ha

cost to

maturity

As our plantations age, we intend to

implement a planting schedule suicient to maintain a favorable long-term maturity proile. In general, our cost to maturity for new planting is roughly $5,000 to $5,500 per hectare.

Cap ital Exp e nd iture s 2013 2012 2011 2010

Immature Plantations 335 294 353 224

Construction in Prog re ss 182 482 282 128

O the rs 146 131 308 133

Total 663 907 942 485

We also plan to match the increased FFB production over time with appropriate increases in CPO processing capacity. A new mill is required for every 10,000 additional mature hectares. At a cost of roughly $18 - $20 million per mill, this adds another $1,800 to $2,000 to development costs per hectare.

We expect to complete construction of two new palm oil mills, each with a capacity of 60 tons/hour, for a total incremental capacity of 720,000 tons/annum by 2016.

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Immature

Young Mature

Prime Mature

O ld Mature

0 2 4 6 8 10 12 14

0 5 10 15 20 25 30 35

0 2 4 6 8 10 12 14 16 18 20 22 24 26

0.0 0.5 1.0 1.5 2.0

'10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20

FFB Volume (mn t)

Our planting schedule through 2016 implies an average

10% annual growth in FFB to 2 million tons in 2020

Assuming no p lanting afte r 2017

= 500 ha Ag e of Tre e s

FFB Yie ld (t/ha) Ag e Profile (‘000 ha)

Source : Ind one sian Palm O il Re se arch Institute

Class II

Class III

Class I

Class II

Class III

= DSN Annual Nucle us Yie ld A standard yield curve derived from our plantation age

proile, rather than simply our average age, helps to establish realistic medium-term yield expectations. hese standards suggest average yields could continue to increase through 2016, barring external environmental factors. At the same time, our mature plantation area will increase from 48,038 hectares in 2014 to 54,721 hectares in 2016 (25.4%), with subsequent annual growth rates of 10% or better through 2020, with over 82,000 mature hectares at that time.

Summary Maturity Profile (Mid -Ye ar Stand ard ) and Yie ld Proje ction Mature Are a (%)

Ye ar-End Young Prime O ld Total ' 000 ha % Δ Avg Ag e

2010 43.0 38.3 18.7 - 57.0 26.7 7.5

2011 34.6 46.6 18.8 - 65.4 32.3 21 7.7

2012 26.3 49.5 24.2 - 73.7 38.4 19 8.0

2013 24.6 46.8 28.7 - 75.4 43.6 14 8.4

2014 23.5 42.8 33.7 0.0 76.5 48.0 10 8.9

2015 27.1 34.5 35.7 2.7 72.9 50.8 6 9.6

2016 29.4 28.9 35.8 5.9 70.6 54.7 8 10.1

2017 28.7 25.7 39.7 5.9 71.3 60.0 10 10.5

2018 22.1 26.1 44.1 7.7 77.9 65.6 9 10.8

2019 13.4 29.5 48.1 9.0 86.6 72.9 11 11.1

2020 4.8 34.8 50.0 10.4 95.2 80.2 10 11.3

Immature Are a (%)

Mature Are a

Class II Class III % Δ

20.9 18.5

21.5 19.0 3

21.9 19.5 3

22.8 20.3 4

23.7 21.2 4

24.9 22.3 5

25.3 22.7 2

25.1 22.6 -1

25.0 22.5 -1

24.5 22.0 -2

24.2 21.7 -1

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0 2 4 6 8

Q 1 Q 2 Q 3 Q 4

FFB

(

)

0 100 200 300 400

FFB

(

Q uarte rly Total Nucle us FFB Prod uction

Immature

Young Mature

Prime Mature

0

5

10

15

20

25

30

35

0

2

4

6

8

10

12

14 Our target is to achieve lab standard FFB yields on a

commercial scale within each of our estates

Our performance is driven by a disciplined approach to standard agronomic practices, ranging from selecting the best seeds, to formulating multiple unique fertilizer blends, to the use of cover crops to retain soil and natural predators to control mice and caterpillars, thereby allowing us to minimize the use of harmful pesticides.

In 2014, DSN produced 1.26 million tons FFB from nucleus estates, with an additional 119 thousand tons from plasma operations. In aggregate, FFB output increased by 22% during the year, with a nucleus yield of 26.2 tons per hectare versus 26.4 tons in the preceding year.

3rd_{party purchases increased by nearly 90% during the}

Ave rag e Ag e (mature ha only)

FFB Yie ld (t/ha, 2010-2014)

26.2 tons

FFB per

hectare in

2014

8.9 years

average age

of nucleus

mature area

5.7 years

average age

of plasma

mature area

1.258 million tons

FFB

produced in

2014

9.1%

growth in

nucleus FFB

year, as CPO Mill 5 was in operation for the full 12

months. In aggregate, FFB processed grew by 18% to 1.64 million tons.

Prod uction Pe rformance - Estate s

Pe riod Volume %Δ Yie ld (t/ha)

FFB, Nucle us FY 2014 1,258 9 26.2

(' 000 t, t/ha) FY 2013 1,153 - 26.4

2012 977 32 25.5

2011 738 38 22.4

2010 536 - 19.8

FFB, Plasma FY 2014 119 35 18.7

(' 000 t, t/ha) FY 2013 88 - 17.5

2012 43 1,184 10.9 2011 3 - 4.4

2010 0 -

-Exte rnal FFB FY 2014 267 87

(' 000 t) FY 2013 143

-2012 65 64

2011 40 55

2010 26

-Total FFB FY 2014 1,635 18

Proce sse d FY 2013 1,381

-2012 1,052 37

2011 767 41

2010 542

-’14 ‘13 ‘12 ‘11 ‘10

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Prod uction Pe rformance - Mills

Pe riod Volume %Δ Yie ld (%)

CPO FY 2014 391 16 23.9

(' 000t, O ER) FY 2013 336 - 24.3

2012 257 36 24.4

2011 189 41 24.6

2010 134 - 24.7

PK FY 2014 53 23 3.3

(' 000 t, KER) FY 2013 43 - 3.1

2012 36 50 3.4

2011 24 50 3.1

2010 16 - 2.9

PKO FY 2014 18.2 35 41.8

(' 000 t, PKO ER) FY 2013 13.5 - 42.4

*Nucle us O nly

Ye ar FY 2014 FY 2013 FFA (%) 2.93 2.65 2012 2011 2010 2.67 2.55 2.62

O ur 5 mills achieved an aggregate O ER of 23.9% last year,

resulting in a CPO yield of 6.3 tons per mature hectare

In total, CPO production increased by 16% in 2014, despite a slight decline in the Oil Extraction Rate (OER) to 23.9%.

Palm Kernel production rose 22% to 53,324 tons in 2014. Sales declined, however, to 10,127 tons as output was re-directed to our Palm Kernel Oil mill.

In its second year of operation, our PKO mill produced 18,197 tons, and supported sales of 19,704 tons of PKO. Our CPO production quality remained exceptional over the course of 2014, with aggregate Free Fatty Acid (FFA) levels of just 2.93%. he maximum monthly FFA level from mills primarily processing our own production of just 3.85%.

Nearly 50% of our CPO production in 2014 was sold with FFA below 3%. his “Super CPO” can receive a premium of 1-4% to standard CPO.

0 30 60 90 120 C P O ( '0 0 0 t )

Q uarte rly CPO Prod uction

22 23 24 25 26 O E R ( %)

Q uarte rly O il Extraction Rate

2.0 2.5 3.0 3.5 4.0 FF A ( %)

Q uarte rly Fre e Fatty Acid %

’14 ‘13 ‘12 ‘11 ‘10 0 250 500 750 1000

Q 1 Q 2 Q 3 Q 4

R a in fa ll - E . K a l (m m )

Q uarte rly Rainfall

’14 ‘13 ‘12 ‘11 ‘10 0 300 600 900 1200

Q 1 Q 2 Q 3 Q 4

R a in fa ll - C . K a l (m m )

Q uarte rly Rainfall

Rainfall p atte rns we re out of the ord inary in 2014, with East Kalimantan e xp e rie ncing a re lative ly d ry H1, and Ce ntral Kalimantan sub je cte d to an unusually d ry H2. In ag g re g ate , Ce ntral Kalimantan saw the d rie st ye ar since 2006, with rainfall off 33% from 2013.

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Sale s Pe rformance

Pe riod ' 000 tons %Δ Rp Bn %Δ Rp mn/ton %Δ

CPO FY 2014 394 17 3,262 38 8.27 17

FY 2013 336 - 2,369 - 7.05

-ASP

Volume Re ve nue

2012 253 33 1,840 30 7.29 -2

2011 190 40 1,411 57 7.44 12

2010 135 - 901 - 6.66

-PK FY 2014 10 -35 49 16 4.85 79

FY 2013 16 - 42 - 2.70

-2012 35 63 115 24 3.33 -24

2011 21 23 93 63 4.38 33

2010 17 - 57 - 3.29

-PKO FY 2014 20 110 214 219 10.84 52

FY 2013 9 - 67 - 7.11

-5 6 7 8 9 10

Q 1 Q 2 Q 3 Q 4

(

)

CPO Q uarte rly ASP, 2010-2014

Expanding domestic re

fi

ning capacity, coupled with our

high-quality product, ensures robust demand for our CPO

Our customers are primarily Indonesian CPO reineries located in Kalimantan and Java, close to DSN’s operations.

Regular customers include Smart, Wilmar, Kuala Lumpur Kepong, Musim Mas and Dermaga Kencana Indonesia. We expect Astra’s new reinery on Sulawesi Island to become a customer in the near future as well.

Re fine rie s DSN p lantations

DSN custome rs DSN Ports

Ind one sian CPO at a p re mium to Malaysia since 2013

23.9%

OER in

2014

6.3 tons

CPO per

hectare in

2014

2.93%

blended

average FFA

YTD 2014

50%

of CPO

sales are

Super CPO

Rp8.27m

per ton

CPO in

2014

Our contracts are open tender, with SMART and Wilmar typically offering better pricing - due to reinery

location –and terms than other buyers.

For 2014, we sold 394 thousand tons of CPO, 17% higher than in 2013. Our average selling price of Rp8.27 million per ton was also 17% higher than the average for 2013. Pricing for Palm Kernel (PK) and Palm Kernel Oil (PKO) was signiicantly more robust, rising by 79% and 52% respectively from the previous year.

(USD/Ton)

’14 ‘13 ‘12 ‘11 ‘10

500 700 900 1,100 1,300

Jan-10 Jan-11 Jan-12 Jan-13 Jan-14

Malaysia FO B Ind one sia FO B

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Our cash cost of sales for CPO declined 11% in 2013,

partially offsetting the broadly lower ASPs

3.8

_{million rp/ t}

in 2013

Cost of Sale s 2013 2012 2011 2010

CPO Sale s (' 000 t) 336.2 252.5 189.7 135.3

Fe rtilize r 288.7 326.7 193.7 161.1

Lab or 336.0 274.3 166.1 107.2

O the rs 244.7 224.3 227.4 210.8

FFB Purchase d 294.1 179.1 69.0 30.1

Milling 99.5 65.1 33.6 39.4

Total cash cost 1,263.0 1,069.5 689.7 548.6

Cash Cost/Ton 3.76 4.23 3.64 4.05

% of total 2013 2012 2011 2010

Fe rtilize r 22.9% 30.5% 28.1% 29.4%

Lab or 26.6% 25.6% 24.1% 19.5%

O the rs 19.4% 21.0% 33.0% 38.4%

FFB Purchase d 23.3% 16.7% 10.0% 5.5%

Milling 7.9% 6.1% 4.9% 7.2%

Cash Cost of Sale s (IDR b n) Our cash cost in 2013 declined to Rp3.76 million per ton of

CPO sold, a drop of 11.3% from 2012.

Absolute fertilizer costs fell by nearly 12%, despite an increase in planted and mature hectares, and account for roughly 23% of total cash costs.

We purchase compound fertilizer – comprised of potash, nitrogen, and phosphate – under annual contracts with four-monthly delivery. Our unit costs per ton ranged from $525 to $570 in 2013. New contracts covering our entire 2014 supply have already been concluded at prices between $320 and $425 per ton.

Purchases of external FFB – both plasma and unrelated estates - were up 64%. his was due to the rapid increase in plasma productivity with increasing maturity of the estates, as well as higher external purchases in support of Mill 5 operations. Labor costs were up 22.5% for the year on the back of an expanded workforce as well as modest adjustments in wages. Labor accounts for nearly 27% of the total cash cost of sales.

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DSN is also a leading wood products manufacturer with

reputable brand names & long-standing client relationships

4,000,000

m2/ annum

fl

ooring

capacity

450,000

m3/ annum

panel

capacity

DSN is the fourth largest wood products manufacturer in Indonesia,

producing panels, engineered loors and doors.

We have initiated a move into higher value, higher margin products through the recent acquisition of TKPI, which specializes in engineered looring.

We continue to leverage on our long standing relationships with customers to across the world to leverage this new business initiative.

Our diverse exposure to customers in different segments and geographies has protected us to from adverse economic impacts as we maintain and grow our wood products business.

For wood products, we have suicient capacity to meet our current growth plans. We intend to more than double production volume in engineered looring from 1.1 million m2 in 2012 to 2.6 million m2 by 2015, while our plant currently has capacity to produce up to 4 million m2.

We will be optimizing our wood products eiciency by relocating and consolidating our operations in Surabaya and Gresik to a new panel products processing plant in Lumajang by 2015. his is closer to our satellite plants and will reduce our transportations costs.

7.0%

growth in

fl

ooring

sales volume

17.6%

increase in

fl

ooring

ASP

FY 2014 FY 2013 YoY Δ% Q 4-2014 Q 3-2014 QoQ Δ% Sale s Volume

Pane l (m3) 201,696 244,642 -17.6 51,823 35,984 44.0

Eng ine e re d d oors (Pcs) 51,469 51,989 -1.0 13,692 11,880 15.3

Eng ine e re d flooring (m2) 1,145,956 1,073,412 6.8 267,258 278,883 -4.2 Ave rag e Se lling Price (IDR mn)

Pane l (m3) 4.37 3.97 10.0 4.53 4.38 3.4

Eng ine e re d d oors (p cs) 1.24 1.06 16.6 1.36 1.19 14.3

Eng ine e re d flooring (m2) 0.37 0.31 17.6 0.39 0.37 5.4

Custome r Name Typ e Prod ucts Re lationshi Ge og rap hy

S.A. Shahab & Comp any Pte Ltd Trad e r Pane ls 11 ye ars Mid d le East

Sumitomo Fore stry Comp any Ltd . Trad e r Pane ls 8 ye ars Jap an

Vintag e Hard wood Flooring Distrib utor Eng ine e re d Flooring 9 ye ars Canad a

Jiang su Skyrun Arse r Co., Ltd Trad e r Pane ls 3 ye ars China

Asia Trad ing , Inc Trad e r Pane ls 7 ye ars Jap an

Associate d Lumb e r & Trad ing , Ltd Trad e r Pane ls 5 Ye ars Jap an

PKF Glob al Trad e r Eng ine e re d Doors 15 ye ars UK

Plyq ue t Holzimp ort Distrib utor Eng ine e re d Flooring 17 ye ars Europ e Te ka Kore a Co., Ltd Distrib utor Eng ine e re d Flooring 12 ye ars South Kore a Be ijing Te ka Holy Eag le Corp oration Distrib utor Eng ine e re d Flooring 11 ye ars China Top 10 Ind ustrial and Comme rcial Custome rs

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Q 3 2014 De b t Position IDR Bn

Total De b t 3,253

Ne t De b t 2,392

Eq uity 2,161

EBITDA 1,026

Financial Ratios:

De b t/Eq uity 1.5

Ne t De b t/Eq uity 1.1

Ne t De b t/EBITDA 1.8

Loans O utstand ing IDR Bn US$ MM

Re volving Loan 289 28 Curre nt Portion of LT De b t 305 11 Long Te rm De b t 1,896 22 Finance Le ase s 2 1

Total 2,202 34

Total (IDR b n) 9-Mo ' 14 9-Mo ' 13 2013 2012 2011 2010

Re ve nue 3,726 2,681 3,842 3,411 2,778 1,751 EBITDA 1,026 549 888 666 665 297

EBITDA Marg in 27.5% 20.5% 23.1% 19.5% 24.0% 17.0%

Ne t Profit 522 123 216 252 374 162

Ne t Marg in 14.0% 4.6% 5.6% 7.4% 13.5% 9.3%

Palm O il

Re ve nue 2,711 1,651 2,478 1,997 1,524 971 EBITDA 1,023 505 885 614 652 307

EBITDA Marg in 37.7% 30.6% 35.7% 30.8% 42.8% 31.7%

Profit Be fore Tax 795 259 517 416 547 260

PBT Marg in 29.3% 15.7% 20.9% 20.9% 35.9% 26.8%

Wood Prod ucts

Re ve nue 1,016 1,030 1,364 1,414 1,254 780 EBITDA 69 83 73 123 63 26

EBITDA Marg in 6.8% 8.1% 5.4% 8.7% 5.0% 3.3%

Profit Be fore Tax (5) (16) (80) 33 12 (5)

PBT Marg in -0.5% -1.6% -5.9% 2.3% 0.9% -0.6%

DSN’s 9-month revenue of Rp3,726 billion is 39% than

2013, with EBITDA growing by 87% as margins expand

The d e cline in Ne t Profit in 2013, d e sp ite sig nificant incre ase s in re ve nue and EBITDA, is larg e ly d ue to the imp act of ye ar-e nd d e p re ciation of the rup iah ag ainst the d ollar. The mark-to-marke t of our $70 million FX loans outstand ing re sulte d in an unre alize d FX loss of Rp 172 b illion.

Note : Annual Financial State me nts are aud ite d b y Sid d harta & Wijaja, Re g iste re d Pub lic Accountants, and a Me mb e r Firm of KPMG Inte rnational.

39%

YTD growth

in total

revenue

1.1x

Net debt to

equity

Rp1,026

billion in

EBITDA

37.7%

EBITDA

margin in

palm

business

Rp522

billion in net

pro

fi

t

1.8x

Net debt to

(13)

Our commitment to social and environmental responsibility

is integral to the sustainability of our operations

Corporate Social Responsibility

DSN is committed to a wide range of CSR programs, and we continuously engage and support the communities within which we operate.

We maintain active partnerships with more than 20 cooperatives of smallholders near our plantations to manage a total of 12,666 ha of planted area under our Plasma Program. his program helps increase the productivity of our plasma by leveraging on DSN’s expertise in plantation operations.

We exclusively employ local contractors and cooperatives for all of our transportation, construction, and other non-core services. We have been instrumental in fostering the development of these small businesses and rely on them to the extent that we do not own any trucks for the transport of FFB to our mills.

We continue to promote literacy by making education accessible through the establishment of schools in our plantation areas as well as community learning centers in the surrounding villages with the help of the University of Sanata Dharma.

We have also provided free medical services to all our employees and our local communities since we started operations, with a network of clinics across our estates.

Our successful implementation of these and other CSR programs has resulted in no demonstrations or operational disturbances over the last 3 years by the local population or NGOs.

Environmental Responsibility

We and our subsidiaries involved in the palm oil business are members of the Roundtable on Sustainable Palm Oil (RSPO), and strive to comply with global RSPO and the Indonesian Sustainable Palm Oil (“ISPO”) principles.

We have received RSPO certiication for our SWA, DAN and DIN palm oil plantations along with their respective mills, and have completed the RSPO and ISPO audit process in December 2013 for all our mills and their respective estates. We have also completed the ISCC audit, facilitating sales of our CPO for biofuels.

We are also committed to protecting our environment. We have set aside 6,600 hectares of land, or an area roughly equivalent to 10% of our total planted area, for conservation purposes. We comply with various domestic and international

environmental standards in our wood products manufacturing processes, and seek to ensure that all the logs and sawn timber purchased for our operations are produced from sustainable forest resources.

We were awarded the Certiication of Legal Wood certifying our use of legally sourced logs and have also obtained the Forest Stewardship Council (FSC) Chain-of-Custody and Program for the Endorsement of Forest Certiication (PEFC) certiications. We meet the Conformité Européenne (CE) labeling standards for products exported to Europe and have received certiications from the California Air Resources Board (CARB) and the Japanese Agricultural Standard ( JAS).

(14)

9-M onth 2014 Summary Financials

Note : Annual Financial State me nts are aud ite d b y Sid d harta & Wijaja, Re g iste re d Pub lic Accountants, and a Me mb e r Firm of KPMG Inte rnational.

* Consolid ate d ad juste d p rofit e xclud e s the imp act of unre alize d financing fore x g ains/losse s

Total Consolid ate d (IDR b n) 9M-2014 9M-2013 YoY Δ% Q 3-2014 Q 2-2014

Re ve nue 3,726 2,681 39.0 1,162 1,326

Q oQ Δ% 2013 2012 (12.4) 3,842 3,411

YoY Δ%

12.6

Gross Profit 1,256 739 70.0 410 505

% margin 33.7 27.6 35.3 38.1

O p e rating Profit 829 391 111.9 261 363

% margin 22.3 14.6 22.4 27.4

EBITDA 1,026 549 86.9 327 430

% margin 27.5 20.5 32.4

Ne t Profit 522 123 323.0 154 216

% margin 14.0 4.6 16.3

(18.9) 1,190 961 31.0 28.2

(28.2) 657 494

17.1 14.5

(23.9) 888 666

23.1 19.5

(28.7) 216 252

5.6 7.4

23.8 32.9 33.2 (14.6)

Ad juste d Profit* 520 199 161.0 164 247

% margin 14.0 7.4 14.1 18.6

Cash flow from op e rations 743 69 978.1 256 299 Cash flow from inve stme nts (612) (478) 28.0 (184) (233) Cash flow from financing 394 407 na (113) 522 Total Palm O il (IDR b n) 9M-2014 9M-2013 YoY Δ% Q 3-2014 Q 2-2014

Re ve nue 2,711 1,651 64.1 883 958

(33.7) 354 278

9.2 8.2 (14.2) 595 149 (21.3) (745) (826)

na 96 487

Q oQ Δ% 2013 2012 (7.8) 2,478 1,997

27.2

298.4 (9.8)

YoY Δ%

24.1

Gross Profit 1,144 613 86.6 395 459

% margin 42.2 37.1 44.7 47.9

O p e rating Profit 878 387 126.6 310 358

% margin 32.4 23.5 35.1 37.4

EBITDA 1,023 505 102.8 351 413

% margin 37.7 30.6 39.8 43.1

Profit Be fore Tax 795 259 206.4 276 312

% margin 29.3 15.7 31.2 32.5

(14.0) 1,046 820 42.2 41.1

(13.5) 707 496

28.5 24.8

(14.9) 885 614

35.7 30.8

(11.5) 517 416

20.9 20.9

27.6 42.6 44.0 24.1

Total Wood Prod ucts (IDR b n) 9M-2014 9M-2013 YoY Δ% Q 3-2014 Q 2-2014 Re ve nue 1,016 1,030 (1.4) 279 368 % growth (904) (904) (264) (321) Gross Profit 112 126 (11.0) 15 46

% margin 11.0 12.2 5.3 12.6

O p e rating Profit 28 43 (35.6) (21) 32

% margin 2.7 4.2 (7.6) 8.8

EBITDA 69 83 (17.6) (7) 45

% margin 6.8 8.1 (2.4) 12.2

Profit Be fore Tax (5) (16) (69.4) (37) 4

% margin (0.5) (1.6) (13.4) 1.2

Q oQ Δ% 2013 2012 (24.2) 1,364 1,414 -3.5% 12.7%

(68.1) 144 141

10.5 10.0

(165.2) 20 70

1.5 4.9

(115.0) 73 123

5.4 8.7

(956.5) -80 33

(5.9) 2.3

YoY Δ%

(3.5) 2.0 (71.1) (40.4) (345.9)

Financial Position Q 3-2014 Q 2-2014

Total d e b t 3,253 3,321

Ne t d e b t 2,392 2,409

Total Asse t 6,777 6,665

Total Eq uity 2,161 2,004

Total d e b t / e q uity 1.5x 1.7x

Ne t d e b t / e q uity 1.1x 1.2x

Ne t d e b t / EBITDA 1.8x 2.0x

Q oQ Δ% 2013 2012 (2.1) 2,961 2,733 (0.7) 2,474 2,195

1.7 5,921 5,141

7.9 1,679 1,406

1.8x 1.9x

1.5x 1.6x

2.8x 3.3x

YoY Δ%

8.4 12.7 15.2 19.4

(15)

9-M onth 2014 Operations Summary

DISCLAIMER: This p re se ntation may contain forward -looking state me nts that involve risks and unce rtaintie s. Actual future p e rfo rmance , outcome s and re sults may d iffe r mate rially from those e xp re sse d in forward looking state me nts as a re sult of a numb e r of risks, unce rtaintie s and assump tions. Althoug h the Comp any b e lie ve s that such forward -looking state me nts are b ase d on re asonab le assump tions, it can g ive no assurance that such e xp e ctations will b e me t. You are cautione d not to p lace und ue re liance on the se forward looking state me nts, which are b ase d on the curre nt vie w of the manag e me nt on future e ve nts.

Unle ss othe rwise state d , the Comp any is the source for all d ata containe d in this p re se ntation. Such d ata is p rovid e d as at the d ate of this p re se ntation and is sub je ct to chang e without notice . No re liance may b e p lace d for any p urp ose s whatsoe ve r on the information containe d in this p re se ntation, or any othe r mate rial d iscusse d at the p re se ntation, or on the comp le te ne ss, accuracy or fairne ss the re of.

The information in this p re se ntation has not b e e n ind e p e nd e ntly ve rifie d . No re p re se ntation, warranty, e xp re ss or imp lie d , is mad e as to, and no re liance should b e p lace d on, the fairne ss, accuracy, comp le te ne ss or corre ctne ss of the information and op inions in this p re se ntation. None of the Comp any or any of its ag e nts or ad vise rs, or any of the ir re sp e ctive affiliate s, ad vise rs or re p re se ntative s, und e rtake to up d ate or re vise any forward -looking state me nts, whe the r as a re sult of ne w information, future e ve nts or othe rwise and none of the m shall have any liab ility (in ne g lig e nce or othe rwise ) for any loss howsoe ve r arising from any use of this p re se ntation or its conte nts or othe rwise arising in conne ction with this p re se ntation.

This p re se ntation also contains ce rtain statistical d ata and analyse s which have b e e n p re p are d b y the Comp any and /or othe r source s. Nume rous assump tions we re use d in p re p aring the Statistical Information, which assump tions may or may not ap p e ar he re in. As such, no assurance can b e g ive n as to the Statistical Informations accuracy, ap p rop riate ne ss or comp le te ne ss in any p articular conte xt, nor as to whe the r the Statistical Information and /or the assump tions up on which the y are b ase d re fle ct p re se nt marke t cond itions or future marke t p e rformance .

Palm O il Summary Palm Estate s

Mature Land (ha)

Nucle us Plasma

Planted Land (ha)

Nucle us Plasma

FFB Production (t)

Nucle us Plasma

FFB Yield (t/ ha)

Nucle us Plasma Mills

Production (tons)

FFB Proce sse d Crud e Palm O il (CPO ) Palm Ke rne l (PK) Palm Ke rne l O il (PKO )

Yields (%)

O il Extraction Rate (O ER) Ke rne l Extraction Rate (KER) Fre e Fatty Acid (FFA) Sale s

Volume (tons)

Crud e Palm O il (CPO ) Palm Ke rne l (PK) Palm Ke rne l O il (PKO )

Average Selling Price (IDR mn/ tton)

Crud e Palm O il (CPO ) Palm Ke rne l (PK) Palm Ke rne l O il (PKO ) Wood Prod ucts Summary Sale s Volume

Pane l (m3)

Eng ine e re d d oors (p cs) Eng ine e re d floors (m2) Ave rag e Se lling Price (IDR mn) Pane l (m3)

Eng ine e re d d oors (p cs) Eng ine e re d floors (m2)

Q 4 2014 Q 3 2014 QoQ Δ% 2014 2013 YoY Δ% 2012

54,409

54,409 0.0 54,409 48,691 11.7 42,333 48,038

48,038 0.0 48,038 43,644 10.1 38,361 6,371

6,371 0.0 6,371 5,047 26.2 3,972 80,065

76,621 4.5 80,065 70,242 14.0 61,052 62,778

61,468 2.1 62,778 57,862 8.5 52,063 17,287

15,153 14.1 17,287 12,381 39.6 8,989 371,629

350,505 6.0 1,376,498 1,240,818 10.9 1,019,923

337,581

319,660 5.6 1,257,634 1,152,610 9.1 976,710

34,048

30,845 10.4 118,865 88,207 34.8 43,212 7.0

6.7 5.6 26.2 26.4 -0.9 25.5 5.3

4.8 10.4 18.7 17.5 6.8 10.9

429,722

409,831 4.9 1,635,342 1,380,528 18.5 1,052,490

102,165

99,333 2.9 390,857 335,730 16.4 256,971 14,739

14,402 2.3 53,324 43,277 23.2 35,716 5,356

4,608 16.2 18,197 13,482 35.0

-23.8 24.2 -1.9 23.9 24.3 -1.7 24.4

3.4 3.5 -2.4 3.3 3.1 4.0 3.4

3.12 3.05 2.5 2.93 2.65 10.4 2.67

100,739

100,784 0.0 394,344 336,240 17.3 252,536 2,537

2,581 -1.7 10,127 15,623 -35.2 34,589 4,001

6,001 -33.3 19,704 9,400 109.6

(IDR mn/ ton)

7.56

8.02 -5.8 8.27 7.05 17.4 7.29 3.98

4.24 -6.1 4.85 2.70 79.4 3.33 10.66

10.63 0.3 10.84 7.11 52.4

-Q 4-2014 Q 3-2014QoQ Δ% 2014 2013 YoY Δ% 2012

51,823

35,984 44.0 201,696 244,642 -17.6 334,512 13,692

11,880 15.3 51,469 51,989 -1.0 91,102 267,258

278,883 -4.2 1,145,956 1,073,412 6.8 1,166,657

4.53

4.38 3.4 4.37 3.97 10.0 3.10 1.36

1.19 14.3 1.24 1.06 16.6 0.68 0.39

(16)

DSNG Daily Share Price (rp /share ) & Trad ing Volume (share s)

DSNG Share Price vs. IDX & Ag ri Ind e x

For ad d itional information,

p le ase re fe r to our we b site at:

www.d sng roup .co.id

If you have ad d itional q ue stions

or re q ue sts, you may contact us

at:

inve stor.re lations@d sng roup .co.id

1,000 2,000 3,000 4,000 5,000

14-Jun-13 14-Se p -13 14-De c-13 14-Mar-14 14-Jun-14 14-Se p -14 14-De c-14

0.0 0.5 1.0 1.5 2.0 2.5

14-Jun-13 14-Se p -13 14-De c-13 14-Mar-14 14-Jun-14 14-Se p -14 14-De c-14 Ag ri DSNG

IDX

DSNG Share hold e rs (%)

O e tomo Family 29.8

Rachmat Family 25.1

Salim Lim Family 8.2

Sub ianto Family 7.2

Commissione rs & Dire ctors 10.3

Pub lic 19.5

(1)

DSN is also a leading wood products manufacturer with

reputable brand names & long-standing client relationships

4,000,000

m2/ annum

fl

ooring

capacity

450,000

m3/ annum

panel

capacity

DSN is the fourth largest wood products manufacturer in Indonesia,

producing panels, engineered loors and doors.

We have initiated a move into higher value, higher margin products

through the recent acquisition of TKPI, which specializes in

engineered looring.

We continue to leverage on our long standing relationships with

customers to across the world to leverage this new business

initiative.

Our diverse exposure to customers in different segments and

geographies has protected us to from adverse economic impacts as

we maintain and grow our wood products business.

For wood products, we have suicient capacity to meet our current

growth plans. We intend to more than double production volume in

engineered looring from 1.1 million m2 in 2012 to 2.6 million m2

by 2015, while our plant currently has capacity to produce up to 4

million m2.

We will be optimizing our wood products eiciency by relocating

and consolidating our operations in Surabaya and Gresik to a new

panel products processing plant in Lumajang by 2015. his is closer

to our satellite plants and will reduce our transportations costs.

7.0%

growth in

fl

ooring

sales volume

17.6%

increase in

fl

ooring

ASP

FY 2014 FY 2013 YoY Δ% Q 4-2014 Q 3-2014 QoQ Δ% Sale s Volume

Pane l (m3) 201,696 244,642 -17.6 51,823 35,984 44.0 Eng ine e re d d oors (Pcs) 51,469 51,989 -1.0 13,692 11,880 15.3 Eng ine e re d flooring (m2) 1,145,956 1,073,412 6.8 267,258 278,883 -4.2 Ave rag e Se lling Price (IDR mn)

Pane l (m3) 4.37 3.97 10.0 4.53 4.38 3.4 Eng ine e re d d oors (p cs) 1.24 1.06 16.6 1.36 1.19 14.3 Eng ine e re d flooring (m2) 0.37 0.31 17.6 0.39 0.37 5.4

Custome r Name Typ e Prod ucts Re lationshi Ge og rap hy S.A. Shahab & Comp any Pte Ltd Trad e r Pane ls 11 ye ars Mid d le East Sumitomo Fore stry Comp any Ltd . Trad e r Pane ls 8 ye ars Jap an Vintag e Hard wood Flooring Distrib utor Eng ine e re d Flooring 9 ye ars Canad a Jiang su Skyrun Arse r Co., Ltd Trad e r Pane ls 3 ye ars China Asia Trad ing , Inc Trad e r Pane ls 7 ye ars Jap an Associate d Lumb e r & Trad ing , Ltd Trad e r Pane ls 5 Ye ars Jap an PKF Glob al Trad e r Eng ine e re d Doors 15 ye ars UK Plyq ue t Holzimp ort Distrib utor Eng ine e re d Flooring 17 ye ars Europ e Te ka Kore a Co., Ltd Distrib utor Eng ine e re d Flooring 12 ye ars South Kore a Be ijing Te ka Holy Eag le Corp oration Distrib utor Eng ine e re d Flooring 11 ye ars China Top 10 Ind ustrial and Comme rcial Custome rs

(2)

Q 3 2014 De b t Position IDR Bn Total De b t 3,253 Ne t De b t 2,392 Eq uity 2,161 EBITDA 1,026 Financial Ratios:

De b t/Eq uity 1.5 Ne t De b t/Eq uity 1.1 Ne t De b t/EBITDA 1.8

Loans O utstand ing IDR Bn US$ MM

Re volving Loan 289 28 Curre nt Portion of LT De b t 305 11 Long Te rm De b t 1,896 22 Finance Le ase s 2 1 Total 2,202 34 Total (IDR b n) 9-Mo ' 14 9-Mo ' 13 2013 2012 2011 2010

Re ve nue 3,726 2,681 3,842 3,411 2,778 1,751 EBITDA 1,026 549 888 666 665 297 EBITDA Marg in 27.5% 20.5% 23.1% 19.5% 24.0% 17.0% Ne t Profit 522 123 216 252 374 162 Ne t Marg in 14.0% 4.6% 5.6% 7.4% 13.5% 9.3%

Palm O il

Re ve nue 2,711 1,651 2,478 1,997 1,524 971 EBITDA 1,023 505 885 614 652 307 EBITDA Marg in 37.7% 30.6% 35.7% 30.8% 42.8% 31.7% Profit Be fore Tax 795 259 517 416 547 260 PBT Marg in 29.3% 15.7% 20.9% 20.9% 35.9% 26.8%

Wood Prod ucts

Re ve nue 1,016 1,030 1,364 1,414 1,254 780 EBITDA 69 83 73 123 63 26 EBITDA Marg in 6.8% 8.1% 5.4% 8.7% 5.0% 3.3% Profit Be fore Tax (5) (16) (80) 33 12 (5) PBT Marg in -0.5% -1.6% -5.9% 2.3% 0.9% -0.6%

DSN’s 9-month revenue of Rp3,726 billion is 39% than

2013, with EBITDA growing by 87% as margins expand

The d e cline in Ne t Profit in 2013, d e sp ite sig nificant incre ase s in re ve nue and EBITDA, is larg e ly d ue to the imp act of

ye ar-e nd d e p re ciation of the rup iah ag ainst the d ollar. The mark-to-marke t of our $70 million FX loans outstand ing

re sulte d in an unre alize d FX loss of Rp 172 b illion.

Note : Annual Financial State me nts are aud ite d b y Sid d harta & Wijaja, Re g iste re d Pub lic Accountants, and a Me mb e r Firm of KPMG Inte rnational.

39%

YTD growth

in total

revenue

1.1x

Net debt to

equity

Rp1,026

billion in

EBITDA

37.7%

EBITDA

margin in

palm

business

Rp522

billion in net

pro

fi

t

1.8x

Net debt to

EBITDA

(3)

Our commitment to social and environmental responsibility

is integral to the sustainability of our operations

Corporate Social Responsibility

DSN is committed to a wide range of CSR programs, and we

continuously engage and support the communities within which

we operate.

We maintain active partnerships with more than 20 cooperatives

of smallholders near our plantations to manage a total of 12,666

ha of planted area under our Plasma Program. his program helps

increase the productivity of our plasma by leveraging on DSN’s

expertise in plantation operations.

We exclusively employ local contractors and cooperatives for all of

our transportation, construction, and other non-core services. We

have been instrumental in fostering the development of these

small businesses and rely on them to the extent that we do not

own any trucks for the transport of FFB to our mills.

We continue to promote literacy by making education accessible

through the establishment of schools in our plantation areas as

well as community learning centers in the surrounding villages

with the help of the University of Sanata Dharma.

We have also provided free medical services to all our employees

and our local communities since we started operations, with a

network of clinics across our estates.

Our successful implementation of these and other CSR programs

has resulted in no demonstrations or operational disturbances over

the last 3 years by the local population or NGOs.

Environmental Responsibility

We and our subsidiaries involved in the palm oil business are

members of the Roundtable on Sustainable Palm Oil (RSPO),

and strive to comply with global RSPO and the Indonesian

Sustainable Palm Oil (“ISPO”) principles.

We have received RSPO certiication for our SWA, DAN and

DIN palm oil plantations along with their respective mills, and

have completed the RSPO and ISPO audit process in December

2013 for all our mills and their respective estates. We have also

completed the ISCC audit, facilitating sales of our CPO for

biofuels.

We are also committed to protecting our environment. We have

set aside 6,600 hectares of land, or an area roughly equivalent to

10% of our total planted area, for conservation purposes.

We comply with various domestic and international

environmental standards in our wood products manufacturing

processes, and seek to ensure that all the logs and sawn timber

purchased for our operations are produced from sustainable forest

resources.

We were awarded the Certiication of Legal Wood certifying our

use of legally sourced logs and have also obtained the Forest

Stewardship Council (FSC) Chain-of-Custody and Program for

the Endorsement of Forest Certiication (PEFC) certiications.

We meet the Conformité Européenne (CE) labeling standards for

products exported to Europe and have received certiications from

the California Air Resources Board (CARB) and the Japanese

Agricultural Standard ( JAS).

(4)

9-M onth 2014 Summary Financials

Note : Annual Financial State me nts are aud ite d b y Sid d harta & Wijaja, Re g iste re d Pub lic Accountants, and a Me mb e r Firm of KPMG Inte rnational.

* Consolid ate d ad juste d p rofit e xclud e s the imp act of unre alize d financing fore x g ains/losse s

Total Consolid ate d (IDR b n) 9M-2014 9M-2013 YoY Δ% Q 3-2014 Q 2-2014

Re ve nue 3,726 2,681 39.0 1,162 1,326

Q oQ Δ% 2013 2012

(12.4) 3,842 3,411

YoY Δ%

12.6 Gross Profit 1,256 739 70.0 410 505

% margin 33.7 27.6 35.3 38.1

O p e rating Profit 829 391 111.9 261 363

% margin 22.3 14.6 22.4 27.4

EBITDA 1,026 549 86.9 327 430

% margin 27.5 20.5 32.4

Ne t Profit 522 123 323.0 154 216

% margin 14.0 4.6 16.3

(18.9) 1,190 961 31.0 28.2 (28.2) 657 494

17.1 14.5 (23.9) 888 666

23.1 19.5 (28.7) 216 252

5.6 7.4

23.8

32.9

33.2

(14.6)

Ad juste d Profit* 520 199 161.0 164 247

% margin 14.0 7.4 14.1 18.6

Cash flow from op e rations 743 69 978.1 256 299 Cash flow from inve stme nts (612) (478) 28.0 (184) (233) Cash flow from financing 394 407 na (113) 522

Total Palm O il (IDR b n) 9M-2014 9M-2013 YoY Δ% Q 3-2014 Q 2-2014

Re ve nue 2,711 1,651 64.1 883 958

(33.7) 354 278

9.2 8.2

(14.2) 595 149 (21.3) (745) (826)

na 96 487

Q oQ Δ% 2013 2012

(7.8) 2,478 1,997

27.2

298.4 (9.8)

YoY Δ%

24.1 Gross Profit 1,144 613 86.6 395 459

% margin 42.2 37.1 44.7 47.9

O p e rating Profit 878 387 126.6 310 358

% margin 32.4 23.5 35.1 37.4

EBITDA 1,023 505 102.8 351 413

% margin 37.7 30.6 39.8 43.1

Profit Be fore Tax 795 259 206.4 276 312

% margin 29.3 15.7 31.2 32.5

(14.0) 1,046 820 42.2 41.1 (13.5) 707 496

28.5 24.8 (14.9) 885 614

35.7 30.8 (11.5) 517 416

20.9 20.9

27.6

42.6

44.0

24.1

Total Wood Prod ucts (IDR b n) 9M-2014 9M-2013 YoY Δ% Q 3-2014 Q 2-2014

Re ve nue 1,016 1,030 (1.4) 279 368 % growth (904) (904) (264) (321) Gross Profit 112 126 (11.0) 15 46

% margin 11.0 12.2 5.3 12.6

O p e rating Profit 28 43 (35.6) (21) 32

% margin 2.7 4.2 (7.6) 8.8

EBITDA 69 83 (17.6) (7) 45

% margin 6.8 8.1 (2.4) 12.2

Profit Be fore Tax (5) (16) (69.4) (37) 4

% margin (0.5) (1.6) (13.4) 1.2

Q oQ Δ% 2013 2012

(24.2) 1,364 1,414 -3.5% 12.7% (68.1) 144 141

10.5 10.0

(165.2) 20 70

1.5 4.9 (115.0) 73 123

5.4 8.7 (956.5) -80 33 (5.9) 2.3

YoY Δ%

(3.5)

2.0

(71.1)

(40.4)

(345.9)

Financial Position Q 3-2014 Q 2-2014

Total d e b t 3,253 3,321 Ne t d e b t 2,392 2,409 Total Asse t 6,777 6,665 Total Eq uity 2,161 2,004 Total d e b t / e q uity 1.5x 1.7x

Ne t d e b t / e q uity 1.1x 1.2x

Ne t d e b t / EBITDA 1.8x 2.0x

Q oQ Δ% 2013 2012

(2.1) 2,961 2,733 (0.7) 2,474 2,195 1.7 5,921 5,141 7.9 1,679 1,406 1.8x 1.9x 1.5x 1.6x 2.8x 3.3x

YoY Δ%

8.4 12.7 15.2 19.4

(5)

9-M onth 2014 Operations Summary

Palm O il Summary Palm Estate s

Mature Land (ha)

Nucle us Plasma

Planted Land (ha)

Nucle us Plasma

FFB Production (t)

Nucle us Plasma

FFB Yield (t/ ha)

Nucle us Plasma Mills

Production (tons)

FFB Proce sse d Crud e Palm O il (CPO ) Palm Ke rne l (PK) Palm Ke rne l O il (PKO )

Yields (%)

O il Extraction Rate (O ER) Ke rne l Extraction Rate (KER) Fre e Fatty Acid (FFA) Sale s

Volume (tons)

Crud e Palm O il (CPO ) Palm Ke rne l (PK) Palm Ke rne l O il (PKO )

Average Selling Price (IDR mn/ tton)

Crud e Palm O il (CPO ) Palm Ke rne l (PK) Palm Ke rne l O il (PKO )

Wood Prod ucts Summary Sale s Volume

Pane l (m3)

Eng ine e re d d oors (p cs) Eng ine e re d floors (m2) Ave rag e Se lling Price (IDR mn)

Pane l (m3)

Eng ine e re d d oors (p cs) Eng ine e re d floors (m2)

Q 4 2014 Q 3 2014 QoQ Δ% 2014 2013 YoY Δ% 2012

54,409

54,409 0.0 54,409 48,691 11.7 42,333 48,038

48,038 0.0 48,038 43,644 10.1 38,361 6,371

6,371 0.0 6,371 5,047 26.2 3,972 80,065

76,621 4.5 80,065 70,242 14.0 61,052 62,778

61,468 2.1 62,778 57,862 8.5 52,063 17,287

15,153 14.1 17,287 12,381 39.6 8,989 371,629

350,505 6.0 1,376,498 1,240,818 10.9 1,019,923 337,581

319,660 5.6 1,257,634 1,152,610 9.1 976,710 34,048

30,845 10.4 118,865 88,207 34.8 43,212

7.0

6.7 5.6 26.2 26.4 -0.9 25.5 5.3

4.8 10.4 18.7 17.5 6.8 10.9

429,722

409,831 4.9 1,635,342 1,380,528 18.5 1,052,490 102,165

99,333 2.9 390,857 335,730 16.4 256,971 14,739

14,402 2.3 53,324 43,277 23.2 35,716 5,356

4,608 16.2 18,197 13,482 35.0

-23.8 24.2 -1.9 23.9 24.3 -1.7 24.4 3.4 3.5 -2.4 3.3 3.1 4.0 3.4 3.12 3.05 2.5 2.93 2.65 10.4 2.67

100,739

100,784 0.0 394,344 336,240 17.3 252,536 2,537

2,581 -1.7 10,127 15,623 -35.2 34,589 4,001

6,001 -33.3 19,704 9,400 109.6

(IDR mn/ ton)

7.56

8.02 -5.8 8.27 7.05 17.4 7.29 3.98

4.24 -6.1 4.85 2.70 79.4 3.33 10.66

10.63 0.3 10.84 7.11 52.4

-Q 4-2014 Q 3-2014QoQ Δ% 2014 2013 YoY Δ% 2012

51,823

35,984 44.0 201,696 244,642 -17.6 334,512 13,692

11,880 15.3 51,469 51,989 -1.0 91,102 267,258

278,883 -4.2 1,145,956 1,073,412 6.8 1,166,657

4.53

4.38 3.4 4.37 3.97 10.0 3.10 1.36

1.19 14.3 1.24 1.06 16.6 0.68 0.39

(6)

DSNG Daily Share Price (rp /share ) & Trad ing Volume (share s)

DSNG Share Price vs. IDX & Ag ri Ind e x

For ad d itional information,

p le ase re fe r to our we b site at:

www.d sng roup .co.id

If you have ad d itional q ue stions

or re q ue sts, you may contact us

at:

inve stor.re lations@d sng roup .co.id

0 1,000 2,000 3,000 4,000 5,000

14-Jun-13 14-Se p -13 14-De c-13 14-Mar-14 14-Jun-14 14-Se p -14 14-De c-14

0.0 0.5 1.0 1.5 2.0 2.5

14-Jun-13 14-Se p -13 14-De c-13 14-Mar-14 14-Jun-14 14-Se p -14 14-De c-14

Ag ri DSNG

IDX

DSNG Share hold e rs (%)

O e tomo Family 29.8 Rachmat Family 25.1 Salim Lim Family 8.2 Sub ianto Family 7.2 Commissione rs & Dire ctors 10.3

Pub lic 19.5