CPO Auction Result

The year 2008 was an “extraordinary” year for the oil palm industry. Extraordinary, since it was in 2008
that CPO recorded its highest price throughout history.Referring to Rotterdam CIF price, CPO price achieved
over USD 1,200/ton.Unfortunately, the global economic crisis brought with it a drastic declinein demand for
CPO in the fourth quarter of 2008. As a result,global CPO price dropped sharply, almost touching its lowest
price belowUSD 500/ton. On the other hand, the increase in global oil price occurringsince 2007 was the
major cause of the significant rise in fertilizer price,resulting in a relatively high escalation of the
Company’s operational costs in 2008.

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