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Farm Fresh Berhad

Roadshow presentation

Confidential
February 2022
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Confidential I 1
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Confidential I 2
Farm Fresh presentation team

Loi Tuan Ee Mohd Khairul Mat Hassan

Co-Founder and Group Chief Financial Officer
Group Managing Director

▪ Founded Farm Fresh Berhad (“Farm Fresh”) in 2010 ▪ Appointed Group CFO of Farm Fresh in 2020

▪ Board member of Farm Fresh since 2010 ▪ Previously CFO of NUR Power Group

▪ Previously served as Director and Deputy Managing ▪ Previous experiences include A.T. Kearney, Inc.
Director in Century Bond (Malaysia) and PricewaterhouseCoopers (Malaysia)

▪ Nominated for EY Malaysia Entrepreneur of the Year
2016
▪ Selected as an Endeavor Entrepreneur in the 65th
Endeavour International Selection Panel in 2016
▪ Holds an MBA from INSEAD
▪ Member of Chartered Accountants Australia since 2005
▪ Member of Malaysian Institute of Accountants since 2016

▪ Appointed as permanent executive committee member

of the National Food Security Council in 2020

▪ Appointed as committee member of the Program Review

Committee of Universiti Putra Malaysia’s faculty of
educational studies in 2021

Confidential I 3
Indicative offering summary

Issuer ◼ Farm Fresh Berhad (“Farm Fresh” or the "Company")

◼ Rainforest Capital Sdn Bhd (“Rainforest Capital”)

Selling shareholders ◼ Farmchoice Foods Sdn Bhd (“Farmchoice Foods”)
◼ Agrifood Resources Holdings Sdn Bhd (“Agrifood Resources”)

◼ Initial public offering (“IPO”) and listing on the Main Market of Bursa Malaysia Securities Berhad (“Bursa
Offering type
Securities”)

Distribution type ◼ Regulation S

◼ Institutional offering of up to 687,443,200 shares (c.37% of enlarged share capital) (1) of which 547,188,694
Indicative offering size shares have been offered to Cornerstone Investors
◼ Retail offering of 55,738,700 shares (c.3% of enlarged share capital)(2)

Offering structure ◼ 40% of post-offering share capital consisting of 28% secondary and 12% primary respectively(3)

Use of primary proceeds ◼ Capital expenditure, working capital and expenses for IPO and listing

Lock-up ◼ 6 months lock-up for Rainforest Capital, Farmchoice Foods and Agrifood Resources

(1) Subject to clawback and reallocation provisions and overallotment option.

(2) Subject to clawback and reallocation provisions. Confidential I 4
(3) Excluding overallotment option.
Illustrative shareholding structure

Pre-IPO shareholding structure

Promoters and substantial shareholders

Rainforest Farmchoice Agrifood

Loi Tuan Ee Loi Tuan Kin
Capital(1) Foods(2) Resources(3)

1 share 47% 23% 1 share 30%

Post-IPO shareholding structure(4)

Promoters and substantial shareholders

Rainforest Farmchoice Cahaya Agrifood

Loi Tuan Ee Loi Tuan Kin Public
Capital(1) Foods(2) Bintang Resources(3)

1 share 31% [14]%(5) [1]%(6) 1 share 13% 40%

(1) Rainforest Capital is a private limited Company incorporated in Malaysia for investment holding purposes. Its ultimate beneficial owners are Loi Tuan Ee, Loi Tuan Kin and Loi Foon Kion who
in aggregate own 99.99% direct interest in Rainforest Capital. The remaining 1 share is held by Cahaya Bintang Ltd, which is the special purpose vehicle of Dymon Asia Capital. Ltd.
(2) Farmchoice Foods is a private limited Company incorporated in Malaysia for investment holding purposes. Its ultimate beneficial owners are Loi Tuan Ee, Loi Tuan Kin, Azmi Bin Zainal, Adam
Graeme Pretty and Mawai Capital, who in aggregate own 87.61% of Farmchoice Foods. The remaining 12.39% is owned by Cahaya Bintang.
(3) Agrifood Resources is a private limited Company incorporated in Malaysia for investment holding purposes and its sole ultimate beneficial owner is Khazanah Nasional Bhd.
(4) Pre-overallotment option. Ownership does not sum up to 100% due to rounding presentation.
(5) Excluding 23,633,900 Shares, representing 1.27% equity interest in Farm Fresh, to be declared as a dividend-in-specie by Farmchoice Foods to Cahaya Bintang.
Confidential I 5
(6) Following from the declaration of a dividend-in-specie by Farmchoice Foods resulting in 1.27% equity interest held by Cahaya Bintang.
 Table of contents

1 Overview of Farm Fresh

2 Key investment highlights

3 Strategies

4 Financial overview

Appendix
This is the file reference containing the file name/path or docs number

Confidential I 6
1 Overview of Farm Fresh

Confidential I 7
Farm Fresh at a glance
Market share(1) Key financials
MYR mn
One of the 41 57 99
largest and #1 #3 490
fastest growing Chilled RTD Milk Ambient RTD Milk(2) Yogurt 178
303

integrated producer of dairy

products in Malaysia
12% 42% 10% 5% 11% 2019
Revenue
2020 2021
EBITDA
in 2015 in 9M2021 in 9M2021 in 2015 in 9M2021

Chilled RTD milk , Malaysia, 86%

46%
UHT / ambient
products 31%
Net revenue Net revenue
split by product split by region
(FYE 31 Mar (FYE 31 Mar
2021) 2021)

Brunei, <1%
Raw milk 5%
Yogurt products 10% Singapore, 4%
Fruit jam & sauces Australia, 11%
6% Plant-based products
2%

Upstream(3) Midstream(3) Downstream(3)

5 2,226(4) 2 137
Vertically dairy milking processing finished
135 SKUs
across multiple
integrated farms cows facilities products (mn ltr) product segments(5)
“grass-to-glass” model 1 1,232(4) 1 84
dairy milking processing processed Large Format Stockist /
farm cows facility milk (mn ltr) Retailers Dealers

Strong competitive
advantage Convenience HORECA
through gene bank ownership Store

Source: Company information.

Note: Above data may not sum up to 100% due to rounding presentation Export markets
(1) For Malaysia market only.
(2) Only entered into this segment in 2018.
(3) As at Last Practicable Date (“LPD”) ie 31 January 2022. Confidential I 8
(4) Calculated using the average number of milking cows over 12 months.
(5) SKU count across overall product portfolio ie chilled RTD milk products, UHT/ambient RTD products, plant-based products, yoghurt products, fruit jam and sauces, and raw milk.
Our geographical footprint
Muadzam Shah 1 Products sold in 4 Kyabram(7) 8
geographies

Malaysia Australia
Dairy herd: 2,999 cows Production capacity(7): 84.0mn ltr
Farm capacity(2): 3,100(3) cows
Area (acres): 1,105(4)
6
Production capacity(4): 59.3mn ltr

1
3 8 7
Desaru 2 Greater Shepparton 7
4 2
5

Dairy herd: 494 cows 3,748 105mn ltr 15 30 Dairy herd: 2,672 cows
Farm capacity(2): 550 cows milking processed ltr / dairy cow / ltr / dairy cow / Farm capacity(2): 2,750 cows
Area (acres): 325 cows(6) milk(6) day (MY) day (AU) Area (acres): 2,587

UPM 3 Mawai 4 Larkin 5 Taiping 6

Dairy herd: 412 cows Dairy herd: 1,304 cows Production capacity(5): 52.3mn ltr Dairy herd: 752 cows
Farm capacity(2): 450 cows Farm capacity(2): 1,400 cows Farm capacity(2): 1,400 cows
Area (acres): 100 Area (acres): 471 Area (acres): 828

Source: Company information.

Note: As at Last Practicable Date (“LPD”) ie 31 January 2022. Facility Farm In progress
(1) Total dairy herd refers to total number of milking cows and non-milking female cattle ie female heifers, calves and dry cows
(2) Based on current erected facilities at the respective farms. Capacity of the farm reflects capacity for dairy cows and does not include bulls.
(3) Not including the additional 500 acres of land sub-leased from Pahang State Government, as it is still in the process of clearing. Upon completion, the 500 acres of land can house an additional 2,500 number of dairy herd.
(4) Commenced operations in June 2018. Including the additional 500 acres of land from the Pahang State Government which we have agreed to sub-lease for a 30-year period.
(5) Production capacity is calculated based on effective production capacity ie number of days production capacity was available after taking into consideration downtime for cleaning-in-place and replenishment of packaging
materials (required for filling and packaging lines), scheduled maintenance and other reasons, multiplied by the number of da ys during which such production capacity was available. Confidential I 9
(6) Data consists of total from Malaysia and Australia.
(7) Commenced operations in October 2020.
Key milestones
Farm Fresh has rapidly grown to be one of the key players in the Malaysian dairy space

2010 ▪ Establishment of Farm Fresh Berhad

2011 ▪ Malaysian sovereign wealth fund Khazanah Nasional Bhd acquired ~30% stake in Farm Fresh

2012 ▪ Commenced processing operations at Larkin Facility

▪ Commenced dairy farming activities at Muadzam Shah Farm

2014
▪ Appointed "Anchor Company" for Muadzam Shah Cattle Research and Innovation Centre in Pahang

▪ Acquisition of AFS Dairy Company Australia Pty Ltd, granting ownership of one of the largest remaining gene banks of the
2015 AFS dairy breed
▪ Awarded "Best Dairy Farm" by Asia Livestock

2016 ▪ Commenced distribution of products in Singapore

▪ Became the first local player to produce and sell Kurma (palm dates) RTD milk using pure Kurma extract

▪ Desaru Farm became fully operational, providing additional fresh milk supply to Farm Fresh’s processing facilities
2017 ▪ Acquisition of Petabern Dairies’ farm and operations, granting access to top-quality pure-bred Australian Holstein herd
▪ Established the Company's first dairy farm in Australia, Greater Shepparton Farm 1
▪ Became the first local player to produce and sell lactose-free RTD milk
2018
▪ Acquisition of Greater Shepparton Farm 2

▪ Acquisition of Greater Shepparton Farm 3

2019
▪ Acquisition of Kyabram facility in Greater Shepparton, Australia

▪ Received the ASEAN Inclusive Business Award

2020
▪ Expanded portfolio of plant-based products to include oat milk, almond milk and chocolate soy products

▪ Commenced farm operations at Taiping Farm

2021
▪ Received the Certified Humane farming accreditation from Humane Farm Animal Care ("HFAC")

▪ Received Platinum Award in the Beverage - Dairy category from Putra Brand Awards
2022
▪ Received Putra Most Enterprising Brand of the Year from Putra Brand Awards

Source: Company information, Frost & Sullivan. Confidential I 10

2 Key investment highlights

Confidential I 11
Key investment highlights

1 One of the largest and fastest growing players in the Malaysian dairy industry
with strong market position and growth track record

Attractive and diversified portfolio of proprietary brands and products

2 with commitment to deliver fresh milk-based products and innovate to meet changing
consumer tastes and preferences

Vertically integrated “grass-to-glass” model

3 providing operational benefits

4 Strong competitive advantage

through gene bank ownership and notable farm management and animal husbandry practices

5 Extensive market penetration

through multi-channel distribution network

6 Strong and experienced management team

with significant emphasis on ESG initiatives

Confidential I 12
1 One of the largest and fastest growing players in the
attractive Malaysian dairy industry

Leading market shares across various dairy categories in Malaysia

Chilled RTD milk Ambient RTD milk Yoghurt

Chilled Ambient Yoghurt(2)

RTD Milk RTD Milk(1)
#1 #1 #1 #3
54% 48%
Largest integrated
producer of dairy 42% %
11%
products made from
fresh milk in Malaysia
9M2021
market share
(Chilled RTD milk
products
10
8%
9M2021
market share
(Ambient RTD
milk products
9M2021

12% manufactured 2020 manufactured 5%

2015 with fresh milk) with fresh milk) 2015
Committed to producing
fresh and quality dairy
products
Malaysian dairy industry growth (2021-2025)
MYR mn
Nutrient-rich and
affordable dairy products
made with fresh milk and 2,103
free from preservatives
and colourings 1,531

781
533 435 567
Strong market position
and growth track record
across product
2021 2025 2021 2025 2021 2025
categories
Chilled RTD milk Ambient RTD milk Yoghurt (2)

Source: Frost & Sullivan.

(1) Farm Fresh commenced this segment only in 2018. Confidential I 13
(2) For drinking and edible yoghurt. Does not include cultured yoghurt drinks.
 2 Attractive and diversified portfolio of proprietary
brands built on a fresh milk proposition…
Well diversified product portfolio, enabling Farm Fresh to capture a wide addressable market
Product category /
Brands Key products
Revenue contribution(1)(2)

Full Cream Lactose Lactose Free Skimmed

Skinny Milk
Milk Free Milk Skinny Milk
Only integrated
dairy company of
scale in Malaysia
Master
Chilled RTD Full Cream Nubian’s Organic A2 producing chilled
46% Milk
Low Fat Milk Barista Full
Goat Milk Protein Milk
milk Cream Milk RTD milk, ambient
RTD milk, edible
yoghurt, and
Chocolate
Café Latte Kurma Milk Banana Milk drinking yoghurt
Milk
without using
reconstituted /
recombined milk
Australian Lactose
Full Cream Chocolate Kurma Café Café Latte
Full Cream Free Fresh or milk powder
Milk Milk Milk Latte Tongkat Ali
UHT / Fresh Milk Milk sources for Farm-
ambient 31% Fresh branded
products
products Yarra
Master
Barista Full
Australian
Low Fat
A2 Protein Banana
Full Cream Milk Milk
Cream Milk Milk

Mixed Berries,
Yogurt Strawberry, Mango, Skinny
Full
Farm Greek Natural
10% Cream
products Lychee, Fruit Punch,
Original Yogurt Drink
Yogurt
Yogurt
Yogurt Yogurt Yogurt

Processed
without
Plant-based Soy Milk – UHT Soy
Chocolate Almond UHT Oat preservatives,
2% Original & Oat Milk Milk –
Soy Milk Milk Milk
products Unsweetened Original artificial
colourings or
foreign
Fruit jam & substances
6% Variety Flavored Jam
Variety Flavored Gourmet Marinades, Sauces
sauces and Mayonnaise

Source: Company information.

(1) Revenue contribution based on FYE 31 Mar 2021. Revenue contribution for each category does not sum up to 100% due to exclusi on of Raw Milk and Others segment which is not material.
(2) Raw Milk and Others (beef and kurna dates) represents 5% and 0.7% of revenue respectively in FY2021. Since end September 2021, the Company has ceased the sale of raw milk to 3rd Confidential I 14
parties.
2 … and supported
by culture of Ongoing
▪ Largest and fastest growing dairy company in
Malaysia to focus on producing dairy products
innovation made with fresh milk free of preservatives and
colouring
▪ Large variety of packaging sizes to cater to
different lifestyle needs

2021 ▪ 1st local player to produce and sell A2 organic

milk certified by the NASAA(1) and banana milk

2020 ▪ Launched oat milk, almond milk and chocolate soy

milk products

2018 ▪ 1st local player to produce and sell lactose free milk
▪ Launched fresh milk-based UHT milk

2016 ▪ 1st local player to launch Kurma (palm dates) milk

product using pure Kurma extract and was
recognised achieved critical success by NielsenIQ as
part of BASES Top Breakthrough Innovations

▪ Introduced first flavoured product – chocolate milk

2012
▪ Introduced coloring-free yogurt

Why in [ ]?
Source: Company information. Confidential I 15
(1) National Association for Sustainable Agriculture Australia.
3 Vertically integrated “grass-to-glass” model…

Malaysia’s largest integrated producer of dairy products made

from fresh raw milk

Strong
Multiple Notable ✓ 6 operating dairy farms encompassing 5,400 acres of
competitive
advantage via dairy farms animal land and herd size of approximately 9,960
Upstream in Malaysia husbandry
gene bank ✓ Access to supply of high yielding breed of dairy cows
ownership and Australia practices
reducing importation costs and improving supply chain
cost-efficiency

✓ 2 facilities in Malaysia with combined capacity to

Multiple Strong produce 137 million ltr(1) of finished product per
Fine annum and 1 processing facility in Australia capable of
facilities research and
Midstream quality
for milk development producing 84 million ltr of processed milk annually
control
processing capabilities ✓ Highly automated processing systems to provide high
quality and product consistency

Well ✓ Extensive multi-channel distribution model including

Downstream established Rapidly proprietary home dealer networks
Multi-channel
brand with gaining ✓ Multi-channel distribution model ensures penetration
distribution
consumer market share
breadth and depth to minimise concentration risk on
recognition
any one channel

Source: Company information.

Note: As at Last Practicable Date (“LPD”) ie 31 January 2022. Confidential I 16
(1) Not including UPM processing facility as operations commenced in Apr 2021.
3 …provides key strategic advantages

Ability to ensure traceability,

Access to supply of high yielding product quality and consistency to
breed of dairy cows that reduces better meet consumers’ health and safety
importation costs and improves cost-efficiency of requirements through the expertise and
our supply chain standardisation of farming and processing
operations

Ability to deliver on the

fresh milk proposition through Economies of scale that
presence across the value chain
Key strategic result in operational efficiency and
enabling differentiation and capturing and financial reduce per unit cost of production,
significant share of the fast growing thereby driving competitiveness and
chilled and UHT/ambient fresh RTD milk
advantages profitability
category

Cost-effective and highly scalable Optimise utilisation of

model for continued growth when production capacity through
expanding the business within existing markets or
diversified product mix
into new markets

Access to consumer insights through stockist network

which helps with product formulation and pricing strategy while minimising
advertising and promotion expenses

Source: Company information. Confidential I 17

 4 Strong competitive advantage through gene bank
ownership…
Farm Fresh owns one of the largest remaining gene banks of the original AFS cattle globally(1)

Overview of Farm Fresh’s approach to crossbreeding

Genebank of pure AFS genes Pure bred Holstein herd offers
offers resilience and resistance genetics potential for high milk AFS-Holstein
to high humidity and yielding cows Crossbreed between tropical AFS
temperatures and temperate Holstein combines
the desirable traits of both,
AFS Holstein offering an economically superior
solution to the challenges of
tropical dairy farming

Desirable traits of the AFS breed Key advantages of AFS in tropical environments
▪ Farm Fresh acquired one of the largest gene banks of AFS dairy breed suited for tropical dairy
operations
High heat & humidity tolerance
▪ AFS combines the genotypes of temperate Holsteins and tropical Sahiwals resulting in the most
economically viable tropical cattle breed

Farm Fresh's Jersey-Friesian 5,718 361

Resistance to ticks and blood
parasites
Farm Fresh's AFS 5,479 333

Higher milk yields compared to local Holstein-Friesian (2) 4,492 210

breeds in tropical environments
Holstein-Friesian / Jersey (2) 4,127 211

Good fertility Jersey (2) 3,201 209

Milk yield (average litres per lactation cycle) Lactation cycle (average days)

Source: Company information, Frost & Sullivan.

(1) As at December 2021 Confidential I 18
(2) Breeds in New Zealand.
4 Strong competitive advantage through gene bank
ownership…
Farm Fresh owns one of the largest remaining gene banks of the original AFS cattle globally

Adaptability to
High milk production High fertility Good longevity
tropical environments

In vitro maturation In vitro fertilization In vitro culture Biopsies and

Ovum-pick-up
of oocytes of oocytes of embryos cryopreservation
(OPU)
(IVM) (IVF) (IVC) of embryos

Genomic selection of embryos

Conventional reproductive
IVF method
Propagate better methods
genetics faster One calf with superior genetics per year Up to 20 calves with superior genetics per year
in the herds vs.
conventional
assisted reproductive
methods vs

Source: Company information. Confidential I 19

4 … and notable farm management and animal
husbandry practices
Strategic objectives
▪ Ensuring nutritional
sufficiency at various
Feed
points in the breeding
cycle
▪ Reducing overall feed cost
and ensuring herd health
▪ Maintaining well-being and
comfort of dairy cows
Farm ▪ Increasing raw milk output,
management
yield, longevity and overall
well-being of the herd in a
sustainable manner
▪ Herd biosecurity to prevent
contamination from
external sources
Biosecurity
▪ Maintaining healthy cows
and thus the productivity of
the herd
▪ Maintain high milk yield
during cow’s lactation
period
Milking ▪ Implementing technology
and strategies to ensure
scalability of farm
operations
Source: Company information.
Initiatives
▪ Effective total mixed ration to create
chemically and nutritionally balanced feed
▪ Develop different in-house feeds formula
for different nutritional needs at different
breeding cycles
#1
player in Asia
to receive this
▪ Allow grass grazing in Australia
certification
▪ Purpose-built barns with easy access to
food and water Certified Humane®
▪ Clean and comfortable dry sand bedded Awarded by Humane Farm Animal Care
areas that allow dairy cows to eat, drink ▪ Farm Fresh received the award in 2021
and relax freely
▪ Testament that Farm Fresh meets the
▪ Received the Certified Humane Raised precise, objective standards for the humane
and Handled certification treatment of farm animals
Purpose-built barns with easy access to food
▪ Strict herd biosecurity measures across and water; clean and comfortable dry sand
farms bedded areas for all dairy farms
▪ Qualified team of veterinarians and
animal science and husbandry graduates
who give primary care to the herd
Insulated roofing at Muadzam Shah Farm
▪ Regular vaccinations administered on
herd Built industrial fans, tunnel-ventilated barns
and soakers to better manage heat stress
▪ Consistent milking interval of two milking
Installed compost bedded packs to provide
sessions a day (4-6 hours each)
comfort for lactating cows
▪ Milk dairy cows using highly automated
imported milking systems Do not use any milk boosting hormones;
focus on ensuring well-being and comfort
Confidential I 20
 5 Extensive market penetration through multi-channel
distribution network…
% of revenue by distribution Distribution channel(1) Key customers
channel in Malaysia ▪ Comprise mainly of
4% 3% supermarkets and large
Large format hypermarkets
retailers ▪ 15 large format retailers,
products carried at over 630
locations Large format retailers
15%

▪ Products sold directly to

44%
FYE 31 March stockists
Stockist /
2021 ▪ On-sell products to home
Dealers
dealers under Farm Fresh’s Home
“home dealer program” Stockists
dealers
35%

▪ Hotels, restaurants and cafes

HORECA in Malaysia
4% 3% Market ▪ 3 hotel chains, 7 café chains
and 22 distributor agents HORECA

16%
▪ Distribution arrangement with
Export
FPE 30 47% distributors in Singapore and
markets
September 2021 Brunei

31% ▪ Partnerships with 4 convenience

store chains(2) and 5 petrol
Convenience
companies(3)
Stores
▪ Products carried at more than Convenience Petrol
Large format retailers Stockist / dealers
7,290 locations store companies
HORECA market Export markets
Convenience stores
Source: Company information.
(1) As at Last Practicable Date (“LPD”) ie 31 January 2022.
(2) 7 –Eleven Malaysia, FamilyMart, myNEWS and KK Mart.
(3) BHP PetroMart, Caltex, Mesra, Petron and Shell Select. Confidential I 21
 5 …with the largest home dealer network that is exclusive to
Farm Fresh amongst vertically integrated dairy companies in
Malaysia
Multi-channel distribution network covers all states and key cities in Malaysia
Socially-inclusive and mutually
Benefits of home dealer network beneficial to all stakeholders
▪ Higher margins as no listing
Direct access
fees incurred which are
to market
Accessibility otherwise payable to other
intelligence
to rural / retailers
specific to
remote areas ▪ Extend reach to customers in
regions &
locations rural / inaccessible areas

Outreach to
Immediate ▪ Micro-entrepreneurial network
mass market
sales ▪ Job opportunities in both
45 Stockist while managing
activation & urban and rural areas
advertising &
efficient
promotion Stockists / home ▪ Additional monthly income
fulfilment
expenses dealers / agents

Demonstrated growth trajectory Nurturing micro-entrepreneurial

906 Home dealer Revenue from stockist / home dealers distribution network
channel
(MYR mn)

19% 30% 35%

1,772 Agent
144.9
▪ The home dealers programme created a
77.8 micro-entrepreneurial network increasing job
opportunities in both urban and rural areas
End consumer 29.8
▪ Nominated by SME Corporation Malaysia
▪ Awarded ASEAN Inclusive Business Award
2019 2020 2021 in 2020
No. of stockists / home dealers /
agents respectively(1) Revenue contribution

Source: Company information. Confidential I 22

(1) As at Last Practicable Date (“LPD”) ie 31 January 2022.
 6 Strong and experienced management team…
Key senior management team have in aggregate over 33 years of experience in the dairy
industry
No. of years with Farm Fresh

Loi Tuan Ee 12 Azmi Zainal 11

Co-Founder and Group Managing Director Group Chief Operating Officer

▪ Board member since 2010 ▪ Appointed COO in 2010 where he is in charge of managing operations sales,
▪ Previously founded Ready Chemical and Multiview Enterprise(1), which were then distribution and marketing
sold to Century Bond where he was appointed Director and Deputy Managing ▪ Previous experience includes multiple roles with Federal Land Development
Director Authority (“FELDA”), founding his own industrial packaging business and sales
▪ EY Malaysia Nominee for Entrepreneur of the Year 2016 and selected as Endeavor representative at Nu Moto
Entrepreneur in 2016

Loi Tuan Kin 12 Adam Graeme Pretty 4

Co-Founder, Plant Operations Director Managing Director of Australian business

▪ Board member since 2010 and Executive Director ▪ Appointed Australia CEO in 2017
▪ Oversees and manages all operational matters at both Mawai Farm and Larkin ▪ Oversees Company’s Australia farming operations and manages the milk
Facility, which includes, amongst others, daily milk transfers from farm to factory, the processing plant operations. Previously established Dairy Livestock Exports Pty Ltd,
processing of raw materials to finished goods, and the logistics coordination and an exporter of cows to various countries
distribution of products within Malaysia and Singapore ▪ 27 years of experience in livestock management in Australia and Asia Pacific,
trading and dairy businesses

Mohd Khairul Mat Hassan 1+ Jacob Mathan 7

Group Chief Financial Officer Senior Farm Manager

▪ Appointed as Group CFO in 2020
▪ Previously CFO with NUR Power Group and prior to that with A.T. Kearney, Inc. as
a management consultant and PricewaterhouseCoopers (MY and Americas)
▪ Holds MBA from INSEAD and is a member of Chartered Accountants Australia and
New Zealand (CA ANZ)
▪ Oversees development and management of all farming operations across Malaysia
▪ Graduated from the Universiti Malaysia Sabah (UMS) in 2014 with BASc Hon. in
Livestock Production
▪ 7 years of experience in farm management and animal husbandry

Well-positioned to capitalise on market opportunities Significant emphasis on Outstanding track record of

and formulate business strategies to create shareholder sustainable, socio-economic organic and inorganic growth
value development and environmental
goals

Source: Company information.

(1) Ready Chemical (M) Sdn Bhd and Multiview Enterprise Sdn Bhd in 1984, companies which are principally involved in the sale of household care products and the sale of Confidential I 23
packaging materials respectively.
 6 …who successfully steered Farm Fresh through
disruptions caused by Covid-19…
The management team has successfully steered the company through the economic impact and
supply chain disruptions caused by Covid-19, demonstrating significant strength and resilience

Resilient Growing market Risk

operations share management
measures

Margins continued to increase from 2020 to Continued to preserve / gain market share ▪ Screening procedures, temperature
2021 despite increase in costs across key product categories from Dec checks, scanning of QR code
2020 to June 2021 despite Covid-19
(Margin) (Market share) ▪ Health and safety measures: social
31% 18%
42% distancing, no-handshake policy,
29% 15% 36%
26% wearing of face mask, frequent
23%
19% 20% 11% 11% washing of hands, etc.
16% Within
12%
14%
RTD milk ▪ Disinfection & cleaning of work
8% 10%
environment and vehicles
▪ Able to continue operations
2019 2020 2021 2020 9M21 2020 9M21
Gross profit margin EBITDA margin Chilled RTD milk
RTD milk Yoghurt Ambient RTD milk
Profit before tax margin

Source: Company information. Confidential I 24

6 …and has significant emphasis on ESG initiatives

Quality dairy Stronger communities Healthier planet

▪ Produce products that are free from ▪ Employment and career ▪ Since 2014, implemented regenerative
preservatives and colouring advancement opportunities to rural agriculture processes(2) that treat solid
and indigenous demographics near and liquid animal waste for reuse in
▪ Ensure herd health and welfare Farm Fresh’s farms operations
through good animal husbandry − Target to implement such processes
practices to improve milk yields ▪ Provide opportunities for rural and sub- across all farms in next 3 years
urban micro-entrepreneurs to become
▪ Ensure that products meet the highest distributors through the home dealer ▪ Target for 25% reduction of greenhouse
food safety and quality control network gas emissions in 5 years to reduce carbon
standards footprint
▪ Stewarded 2 school programmes(1)
aimed at promoting better nutrition and − Malaysian farms have an emission
health amongst youth intensity 27% lower than Asian average(3)

− Australian farms have an emission

intensity of 47% lower than Oceania
average(3)

▪ Increased percentage of recycled

packaging requirements to be sourced
from Tetra Pak

Source: Company information.

(1) Best Canteen Service Practice campaign and Supplementary Food Programme.
(2) Muadzam Shah Farm and UPM Farm. Confidential I 25
(3) Based on comparison with report issued by Food and Agriculture Organization of the United Nations and Global Dairy Platform Inc. in 2019.
3 Strategies

Confidential I 26
Farm Fresh’s strategies
Further strengthen position as one of the
leading Malaysian dairy players
and expand market share outside Malaysia

3
Continue to
develop and grow
our product
portfolio Expand
our capabilities
across the value
chain in Malaysia
Regional
expansion outside
of Malaysia

Source: Company information. Confidential I 27

1 Continue to develop and grow product portfolio

Well positioned to 1 Attractive Growing-Up milk segment …

innovate and expand
product portfolio ▪ Powdered milk category in Malaysia is a fast growing segment with market size of
MYR2.3bn(1)

▪ Plan to launch growing up milk for kids aged 3 to 12 years old in 1Q2022
Market recognition
of Farm Fresh’s brands
▪ Uses fortified fresh milk formula which competes with both powder-based kids
milk and RTD reconstituted milk-based products

2 … with strategic window of opportunity via schools …

Strength in product
development ▪ Schools in Malaysia represents a large and attractive
market
▪ Improve brand recognition within the student population in
Malaysia through via stockists and home dealer network
Wide distribution ▪ Introduce a 125 ml packaging variant having already
network obtained licence(2) to launch a new packaging design with
American superhero comic characters

… with additional growth opportunities via adjacent product

Research & 3 categories
development capabilities
▪ Continue to explore expansion into other product categories such as non-dairy
packaged food and beverage products
▪ Plan to expand into plant-based yoghurt products in second half of 2022 – continue
to target consumers who are lactose intolerant or with dietary restrictions
Local preferences &
▪ Evaluating potential entry into the ice cream segment
consumer insights

Source: Company information, Frost & Sullivan.

(1) As of 2020 Confidential I 28
(2) With the licensing arm of an American multinational mass media and entertainment conglomerate corporation.
2 Leveraging on gene bank ownership and notable
farm management & animal husbandry practices to
scale farm area
Gene bank ownership, notable farm management and animal husbandry
practices as leverage
Leverage
on upstream Scale farm area, herd size and milk production
businesses to
expand Capitalise on Malaysia’s increasing domestic demand for dairy products
scale
Upstream
To complete construction of a new 828 acre farm in Taiping, Perak with a
capacity to house up to 3,100 milking cows upon full completion
Constantly
evaluating
opportunities Expansion capacity
Constantly evaluating opportunities for farm expansion in both Peninsular
for expansion Malaysia and East Malaysia
Midstream

Malaysian net import of milk and milk products No. of dairy herd

The Malaysian dairy industry does not produce

sufficient quantity of milk to keep up with the
3,300 14,784 +? +?
increasing domestic demand
Downstream
3,234 11,484

369 8,250
7,881

Dairy herd Excess Current Additional Capacity Additional Capacity Future Future
size (1) capacity capacity herd (w/o herd (w additional
2015 2020 (w/o potential Taiping) potential Taiping) herd
Taiping) (Taiping) potential

Source: Company information and Frost & Sullivan. Confidential I 29

(1) As at Last Practicable Date (“LPD”) ie 31 January 2022.
2 Expand production capacity in midstream segment
Short term

Long term
Installation of a filling and
packaging line at Muadzam
Shah Facility in April 2022
Intend to establish a new manufacturing hub in the Central Region
of Peninsular Malaysia within 24 months from Listing

Serve as a base for the

Increase existing production
development of new product
capacity for dairy and plant-
offerings in Malaysia, including
Upstream Setting up of two new based products
ice cream
processing facilities at UPM
Farm and Taiping Farm by
February 2022 and June 2022, Plan to establish a new dairy farm and integrated processing
respectively facility in East Malaysia; expected to be completed by first quarter
of 2024

Midstream Expansion and new

establishment
Production capacity of finished products in Malaysia
'000 litres

47% 2,343 2,343

increase in production
capacity 58,481
5,670

Downstream 137mn ltr 201,141

as at LPD 136,990

201mn ltr Annual production

(1)
Expansion of Establishment of Expected annual
post-expansion of capacity as at LPD existing facility (2) new facility(3) production capacity
processing facilities

RTD pdts(4) (‘000 ltrs) Ice cream (‘000 kg)

Source: Company information.

(1) Muadzam Shah Facility and Larkin Facility contribute 74.2mn ltr and 62.8mn ltr respectively.
(2) Muadzam Shah Facility expected to contribute additional 5.7mn ltr as a result of expansion.
(3) UPM Facility, Taiping Facility, new processing facility and new farm with integrated processing facility expected to contribute 3.3mn ltr, 20.8mn ltr, 13.6mn ltr
and 20.8mn ltr respectively. Confidential I 30
(4) Does not include ice cream.
2 Expand and capitalise on existing distribution
channels ▪ Leverage on proven home dealer programme and operational platform to
continue to scale stockist and home dealer network
Home dealer ▪ Capitalise on the underpenetrated areas in Malaysia
programme
▪ Identified pockets of areas within Malaysia not served by any stockists
▪ Actively hire and build out stockist and home dealer network in these areas

Perlis

Kedah
Upstream Kelantan

Penang
Terengganu
Perak Sabah

Pahang

Selangor N. Sembilan
Midstream

Melaka Sarawak
Johor

Area covered by home

dealer programme

Downstream
▪ Expand and capitalise on existing distribution channels in Malaysia by
Capitalise on growing distribution footprint
existing
▪ Deepening penetration in the convenience store and petrol kiosk format
distribution
footprint ▪ Identified a number of large convenience store chains with nationwide store
footprint to carry Farm Fresh’s products

Confidential I 31
Source: Company information.
 3 Regional expansion outside of Malaysia

Australia Indonesia

Production expansion Production expansion

Expansion of Kyabram facility Why?
Indonesia is an attractive market:
Goal: Increase production

▪ Australia milk production exceeds local consumption creating

capabilities in Australia

marketable surplus for export ▪ Large market size and strong growth
▪ Opportunity to grow export to Asia given consumer perception ▪ Cultural similarities with Malaysia
of Australian dairy products as high quality
▪ High demand for halal products

Phase 2
How?
Install 3 additional filing and packaging lines to produce UHT In the process of securing regulatory
milk at Kyabram facility approvals including FDA approval which has
Commence production capacity for UHT/ambient products for been obtained for 4 products
export to APAC in 2Q23

Export driven growth

Strong RTD milk segment retail market growth (2020-25 CAGR) Start exporting products into Indonesia
Why?

9% 7%
▪ Leverage on Australia’s reputation as 4th largest dairy Explore establishment of processing facilities
How? and distribution network to replicate success
exporter and utilize Kyabram for exports
in Malaysia
▪ Serve Malaysia and Singapore while expanding into
Indonesia and the Philippines

Source: Company information, Frost & Sullivan. Confidential I 32

4 Financial overview

Confidential I 33
Key financials FYE 31 March
FYE 31 March FPE 30 September EBITDA EBITDA margins
490.5
22.9%
+61.8% +9.7% 25.0%
18.7%
20.1% 130.0
20.0%
+70.1% 303.1 80.0
15.0%
257.2 98.8
234.4 10.0%
178.2 56.6 30.0
40.8
5.0%

EBITDA 0.0% 2019 2020 2021 -20.0

Revenue and
FPE 30 September
(MYR mn) 2019 2020 2021 2020 2021 margins
21.4%
(MYR mn) 21.3% 55.0
21.3%
53.0
21.3%
21.2% 51.0
54.4
Contributed by higher sales volume in dairy products and 21.2% 21.2% 49.0
50.0
plant-based products, as well as contributed by the 21.1% 47.0
acquisition of Henry Jones Foods’ products’ assets and jam 21.1% 45.0
business in December 2019 2020 2021

FYE 31 March FPE 30 September FYE 31 March FPE 30 September

Gross profit GP Margin Gross profit PAT Adjusted PAT

30.5% GP Margin PAT margins Adjusted PAT margins

26.4% 28.7%29.0% 28.6% 15.4% 17.2% 19.2%
30% 28.0%150.0 16.0%
14.1% 130.0

11.3%
19.5%

27.0% 100.0 13.0%

110.0
120.0

100.0 67.1
16.5%

65.5 15.2%
100.0

20%
90.0

26.0%
10.0% 13.5%

140.9 12.5% 6.7% 70.0

80.0

25.5%50.0 7.0%

9.4%
10.5%

3.7% 49.5
25.0%50.0
60.0

10% 80.1
50.0

7.5%

54.4
4.0%
27.4 34.4 69.0
40.0

24.0% 32.8
30.0

4.5%
8.6 40.3 39.0 20.0

0% 22.2 28.5
23.0%0.0
1.0%
10.0

0.0 1.5%
0.0

Gross profit 2019 2020 2021 2020 2021

-2.0%

2019 2020 2021

-10.0
-1.5%

2020 2021 -20.0

PAT and
and
margins
margins ▪
2019-2020: Low initial utilisation at Muadzam Shah Facility, (MYR mn) PAT margin dropped to 6.7% in 2021 due to
(MYR mn) recognition of Additional Tax Liability (ATL) of MYR
IXL acquisition and higher animal feed cost due to dry
25.7m in FYE2021. For illustration, assuming the ATL
seasonal weather in Australia
is allocated to the respective financial years, the
2020-2021: Lower product manufacturing COGS and
adjusted PAT margin would increase to 14.1% in
higher UHT/ambient products sales and introduction of
2021.
plant-based products
▪ PAT margin rose to 19.2% in FPE 2021 due to
FPE 2020-2021: Overall increase in input costs and
reversal of the tax payable amount of MYR 10.49m
negative gross margins incurred by Australia's fruit jam
previously recorded in FYE 31 March 2021, pursuant
operation
to the Larkin Facility Tax Incentive.

Confidential I 34
Segmental revenue breakdown
Most revenue is generated primarily from the sale of dairy products to consumers through the
distribution network in Malaysia

Total revenue (MYR mn) 2019-2021

Revenue
Total revenue for the CAGR: 65.9%
Dairy products
financial year
Raw milk
Fruit jam and sauces
Plant based products FYE 31 March MYR 490.5mn
FPE 30 September
Others(1)
3.1
11.9
MYR 303.1mn 23.7
28.0 MYR 257.2mn

MYR 178.2mn 0.4 MYR 234.4mn

2.0
22.7 3.7
7.5 1.1 10.9 5.0 13.8
2.7
1.1 15.8
15.3
15.8

161.3 270.5 423.8 204.4 218.9

2019 2020 2021 2020 2021

Dairy products breakdown (MYR mn, % of total revenue)

Chilled RTD Milk UHT/ambient products Yoghurt products

13.2% 10.0% 10.4% 9.0%

17.8%

7.1% FYE 31 Mar 24.4%

FYE 31 Mar FYE 31 Mar 45.7% FPE 30 Sep FPE 30 Sep
51.7%
2019 2020 2021 2020 2021
30.7% 27.8% 48.3%
65.6% 29.6%
47.1%

(1) Represents products including beef and kurma dates. Confidential I 35

Segmental revenue breakdown (cont’d)
We sell over 85% of our products through an extensive distribution network comprising multiple
retailer and distributor formats
Revenue by distribution channel

Malaysia Australia
Large format retailers Stockist / Dealers HORECA market
(1)
Export markets Convenience stores Fruit jam and sauces (1)
Large format retailers HORECA market Export markets
FYE 31 March FPE 30 September
0.5% 3.0% 2.8% 2.8% 2.8% FYE 31 March FPE 30 September
4.2% 3.5% 3.8% 4.3% 4.2%
16.9% 19.2% 14.8% 15.0% 16.0%
19.2% 16.8% 19.5% 13.2%
29.6% 34.5% 33.7% 30.5% 20.8%

17.1% 23.6%
59.2% 25.9% 26.0%
44.7% 44.1% 44.2% 46.5%

2019 2020 2021 2020 2021

(1) Includes revenue from Singapore and Brunei 66.2% 63.2%
53.3% 54.5%

▪ Increase in revenue from sales due to an increase in online

sales through our website, which provides customers with the 2020 2021 2020 2021
Stockist / Dealers
option of purchasing our products online from a home dealer or
agent who then delivers and fulfils the customers’ orders (1) Primarily includes revenue from Malaysia, Singapore and Hong Kong

▪ The sales under our HORECA channel increased from 15% to Raw milk:
HORECA 16% in FPE 30 September 2021 as a result of the relaxation of
100% of the raw milk we produced in our Greater
countermeasures in Malaysia
Shepparton farm in FYE 31 March 2019, FYE 31
March 2020, FYE 31 March 2021 and FPE 30
▪ Revenue from our large format retailers and convenience
Large format retailers September 2021 were sold to industrial dairy
stores increase in FPE 30 September 2021 was due to the
and convenience stores companies. We have stopped selling raw milk we
general return of crowds in shopping malls and retail outlets
produce to third parties since end September 2021

Farm Fresh plans on expanding the distribution network, in particular, stockists and home dealer network to
increase reach and penetration. Farm Fresh also intends to expand into new markets within the Asia-Pacific
region such as Hong Kong, Indonesia and the Philippines.

Confidential I 36
 Revenue drivers – Average selling prices(1)
Malaysia Singapore
FYE 31 March FYE 31 March
Per litre (MYR) ‘mil litres Per litre (SGD) ‘mil litres
7.50 80 4.00 15

60 3.00
6.50 10
40 2.00
5.50 5
20 1.00

4.50 - - -
2019 2020 2021 2019 2020 2021
Sales Volume of Dairy Products Sales Volume of Plant-based Products
ASP of Dairy Products ASP of Plant-based Products Sales Volume of Dairy Products ASP of Dairy Products

FPE 30 September FPE 30 September

Per litre (MYR) ‘mil litres Per litre (SGD) ‘mil litres
8.00 40 2.00 2.0

30 1.50 1.5
7.00
20 1.00 1.0
6.00
10 0.50 0.5
5.00 - - -
2020 2021 2020 2021
Sales Volume of Dairy Products Sales Volume of Plant-based Products
Sales Volume of Dairy Products Sales Volume of Plant-based Products
ASP of Dairy products ASP of Plant-based products ASP of Dairy products ASP of Plant-based products

▪ Revenue growth contributed by increase in sales volume of dairy

▪ Revenue growth from Singapore was contributed primarily by the
products from FY2019 - FY2021, and from FPE 30 September 2020 to
increase in sales volume of dairy products for both FYE 31 March
FPE 30 September 2021, partially off set with slight decrease in ASP,
2020, 2021 and FPE 30 September 2021, respectively; partially offset
due to change in product mix towards lower priced products, including
by a decrease in ASP of dairy products due to higher sales of full
from private label products
cream milk and skinny milk products which carry a lower selling price
▪ ASP of plant-based products increased for FPE 30 September due to
▪ Sales of plant-based products in Singapore only commenced in
higher sales of almond and oat milk products which carry a higher
October 2020
selling price

(1) Historical average selling prices are generated from dividing the revenue of each year by the sales volume in the same year Confidential I 37
Appendix
Awards

Confidential I 38
Awards

Notable animal husbandry best practices in Malaysia resulting in recognition via various awards

#1
player in Asia
to receive this
certification
Certified Humane®
Awarded by Humane Farm Animal Care

▪ Farm Fresh received the award in 2021

▪ Testament that Farm Fresh meets the Good Agricultural
precise, objective standards for the humane Best Dairy Farm Practices
treatment of farm animals Anchor Company
Awarded by Asia Livestock Awarded by Department Of
Purpose-built barns with easy access to food Veterinary Services
and water; clean and comfortable dry sand
bedded areas for all dairy farms

Insulated roofing at Muadzam Shah Farm ▪ Farm Fresh received the
award in 2015
▪ The award was given to
Built industrial fans, tunnel-ventilated barns recognize Farm Fresh’s
and soakers to better manage heat stress Muadzam Shah Cattle
Research & Innovation
Installed compost bedded packs to provide Centre
comfort for lactating cows
▪ Farm Fresh was appointed ▪ Farm Fresh received the
"Anchor Company" in 2014 award in 2017 and 2021
▪ In recognition of Farm ▪ In recognition of Farm
Fresh’s Muadzam Shah Fresh’s Muadzam Shah
Cattle Research and farm and UPM Farm
Innovation Centre in
Pahang

Do not use any milk boosting hormones;

focus on ensuring well-being and comfort

Source: Company information. Confidential I 39

Appendix
ESG efforts

Confidential I 40
ESG efforts

Farm Fresh has picked the following United Nations Sustainable Development Goals which their
sustainability efforts have the greatest chances of impacting

1 2 Stronger 3 A Healthier
Quality Dairy
Communities Planet
Producing healthy products Local economy contribution Regenerative agriculture
& animal health and welfare & youth outreach and water management,
climate action & sustainable
packaging

Source: Company information. Confidential I 41

1 Quality dairy
Producing fresh products that meet the highest food and safety standards, whilst providing key
nutritional needs through the maintenance of a healthy dairy livestock
Producing healthy products

All products
free from
preservatives 18.8%
and colouring
All products offer an optimised percentage of
total solid, including protein and fat content

Continue R&D into new dairy and non-dairy recipes and enhance the nutritional and functional
benefits offered by all our products

Food safety and quality

0
safety related product recalls since 2014

Animal health and welfare

How we promote animal health and welfare
Effective evaporative cooling via tunnel-ventilation barns
and soakers Collaborations with
Compost-bedding packs for lactating cows
Routine hoof care and trimming
1st farm(2) in Asia Fed with grass planted on-site, pesticide free and International
organically fertilized via animal waste pharma

Lower the cost of medicinal care, shift resources to preventive care and improve milk yields
through increased animal wellbeing and productivity

Source: Company information.

(1) Including organic A2 milk, kurma milk, lactose-free varieties and plant-based milk. As at Last Practicable Date (“LPD”) ie 31 January 2022. Confidential I 42
(2) Farms certified are Muadzam Shah Farm, Mawai Farm, Desaru Farm and UPM Farm.
2 Stronger communities

Local economy
contribution
Lasting change to lives and livelihoods 71%
of farm and farm processing
87
student intern participants
facility employees are from local universities since
recruited from rural and 2019(3)
underserved communities(3)

125 80%
partner farmers benefitted of Farm Fresh’s
from additional income(1) and micro-entrepeneurs(2)
transfer knowledge / are female(3)
Youth outreach technical support(3)
Lasting change to lives and livelihoods

64
schools have taken part in
the Best Canteen Service
Practice campaign since
2018(3)
6.2mn
packets of 200ML UHT
chocolate milk distributed to
205,934 students across
2,987 schools since 2018(3)

Source: Company information.

(1) From Farm Fresh’s purchase of raw milk from partner farmers at market prices.
(2) Stockists, home dealers and sub-agents who earn an income for distributing Farm Fresh products within their communities. Confidential I 43
(3) As at Last Practicable Date (“LPD”) ie 31 January 2022.
3 A healthier planet

Regenerative agriculture and Climate action Sustainable packaging

water management

▪ Since 2014, implemented regenerative

agriculture processes(1) at Muadzam Carbon footprint exercise Trusted supplier for fully
Shah Farm and UPM Farm completed in July 2021 recyclable paper
packaging for UHT
Vermiculture Vermicomposting Farms 67% products since 2018
Processing
facilities 33%
Treat liquid animal Recycled rainwater
waste to aid for washing and FY2020
with pasture irrigation flushing of barns GHG(3)
47K MT
FSC certified for:
Paperboard sources
Enhance plant growth Chain of Custody for
Reduce dependency
and soil microbial
on chemical fertilizers
activity Types of GHG
all operations
emissions
Reduce animal waste
Improve physical
discharge sent to
characteristics of soil
landfills Scope Scope Scope
1 2 3
Goals
Implement regenerative agriculture processes 25% reduction of GHG emissions in next 5 Increase % of recyclable packaging
at all farms in next 3 years years requirements to include 200ML and 1L
packaging
Establish 1st bio-gas plant(2) at Muadzam Shah 21% reduction of Scope 1 and 2 GHG
Farm by 2022 emissions by 2026 Launch a recycling education centre at UPM
farm
Commission 2.2 MWp rooftop solar PV project Malaysian farms have an emission intensity
by 1Q22 for Larkin and Muadzam Shah 27% lower than Asian average(4) Develop area-specific sustainability criteria
facilities with focus on ingredients and packaging
Australian farms have an emission intensity of materials in next 2 – 3 years
47% lower than Oceania average(4)

Source: Company information.

(1) Treatment of solid animal waste and liquid animal waste for reuse in operations.
(2) Using farm-sourced manure to produce biofuel. Confidential I 44
(3) Greenhouse gas emissions measured in Carbon Dioxide equivalent (tCO2eq).
(4) Based on comparison with report issued by Food and Agriculture Organization of the United Nations and Global Dairy Platform Inc. in 2019.
Appendix
Industry overview

Confidential I 45
Overview of Malaysia milk products industry

1 Product categories
2 Retail sales
denotes categories Farm
Fresh is present in Milk
3 Growth drivers
products
RTD milk ▪ Ambient was the largest RTD milk
(MYRmn)
2021-25 2021-25 segment in 2020 representing 74% in value
CAGR 10% CAGR 8%
▪ Preferred choice due to lower price
2,103
1,547 1,531 ▪ Powdered milk retail market estimated at
540 533 781 MYR2.3bn(8) with growing demand for
Non-dairy
Dairy-based(1) specialty milk for infants, children and
based(2)
2020 2021 2025 2020 2021 2025 elderly
Chilled RTD milk Ambient RTD milk

Yoghurt ▪ Drinking yogurt commands higher volume

share due to lower ASP
(MYRmn)
2021-25 2021-25
CAGR 7% CAGR 7% ▪ Higher health awareness among
295
Malaysians, flavor innovation and
Plant- 273 228 225
211 210 perceived as ideal choice for on-the-go
RTD milk Yogurt Others based RTD consumption
milk(7) ▪ Overall yoghurt retail market estimated at
2020 2021 2025 2020 2021 2025
MYR435mn(8) with 2021-25 CAGR of 6.9%
Drinking Edible

Plant-based RTD milk ▪ Growing local vegan population and

(MYRmn) 2021-25 large lactose intolerant population
Powdered CAGR 6%
Chilled
Ambient
Edible Drinking milk, ▪ Caters to consumers with dietary
RTD 393 restriction due to medical reasons
milk(3) yogurt(5) yogurt(6) cheese, 315 317
milk (4)
butter, etc. ▪ Future market growth through introduction
of new high-value varieties
2020 2021 2025

Source: Company information, Frost & Sullivan.

(1) Dairy-based milk products: made from the milk of mammals such as cows or goats, including ready-to-drink (“RTD”) milk, yoghurt, butter, and cheese (coagulation of milk protein), etc.
(2) Non-dairy-based milk products: made from plants such as beans or nuts like soybeans, almonds, cashew and oat, etc.
(3) Chilled milk: milk that needs to be stored under chilled conditions (below 5°C) along the supply chain, from production to consumer.
(4) Ambient milk: milk that does not need to be stored under chilled conditions, such as the ultra-high temperature (“UHT”) milk and sterilised milk.
(5) Edible yoghurt: thick yoghurt that is obtained by fermenting milk with various live bacteria cultures, usually in spoonable form.
(6) Drinking yoghurt: dairy beverages that are produced in a very similar method to traditional yoghurt, usually in bottle form.
(7) Plant-based RTD milk: milk beverages containing or made from plants such as soy milk and almond milk.
Confidential I 46
(8) As at 2020 and 2021 for powdered milk and yoghurt respectively.
Increasing dairy consumption in Malaysia …
Alongside Indonesia and Philippines, Malaysia still has ample milk consumption / capita
headroom for growth vis-à-vis developed markets
(2020 milk consumption / capita (KG))

Developing markets Developed markets

276 297

54 65
17 23

Malaysia Indonesia Philippines Singapore United States Australia

3 key drivers anchoring

milk consumption growth

1 2 3

Dietary habits become Increasing consumer health Growth of disposal

increasingly more awareness fueling demand income allowing
globalised increase for nutrient rich consumers to spend on
milk products quality products

Source: Frost & Sullivan. Confidential I 47

… is met with local production constraints
Present domestic production in Malaysia is insufficient to keep up with demand

Local milk
Malaysia’s
production is
milk source Clear opportunity for
growing
is on net
import basis
but not local production to
fast enough ramp up
2% 4%
2015-20 CAGR of Malaysia net 2015-20 CAGR of Malaysia local
import of milk and milk products fresh raw milk production

Overview of dairy farms in Malaysia(1) Overview of Malaysia agriculture initiatives

Achieve 100% self-sufficiency for fresh raw milk by 2025
11%
Operational New areas
Nothern Dairy Valley
East Coast Dairy
12% Valley
Larut Matang

801 Selama Dairy Valley

Muallim Muadzam Shah
Dairy Valley
farms Ulu Bernam
Dairy Valley
National Dairy Dairy Valley
Industry South Dairy
Development Valley
Borneo Dairy
Strategic Plan 2021- Valley
77%
2025

Small-scale Medium-scale Large-scale

Source: Frost & Sullivan. Confidential I 48

(1) As at FY2020.
Farm Fresh is poised to capitalize on dairy market
drivers
Market drivers

Greater consumer Convenient Innovation on milk Multiple

awareness packaging sizes dairy products distribution formats

▪ Greater importance on fresh ▪ Increase urbanisation rate ▪ Growing demand for ▪ Increasing availability of retail
and natural food products from 74.2% in 2015 to 77.2% in sophisticated flavours formats to penetrate into rural
▪ Quality products prepared in 2020 ▪ Different variations of dairy and previously inaccessible
accordance with good hygienic ▪ Consumers value convenience products to suit the different areas
practices and safe for of purchasing and consuming dietary needs of consumers, ▪ Greater distribution
consumption products on-the-go e.g. low fat, full cream, organic capabilities protecting
▪ 30% - 40% of dairy farmers in ▪ Multiple packaging sizes allow milk freshness and product integrity
Malaysia do not meet the consumers to select the most ▪ Growing popularity of plant- ▪ Growth of e-commerce
acceptable TPC(1) bacteria suitable sizes for their based RTD with vegan and allowing for food purchase from
limit consumption habits lactose intolerant consumers comfort of own homes

How wins
Farm Fresh-branded
Large Format Stockist /
products are made from
Retailers Dealers
fresh milk Specially developed
flavours such as kurma
Farm’s Fresh TPC dates milk developed to
bacterial limit is well within suit the local taste palette
the acceptable range(2)
1st to locally introduce HoReCa Convenience
Satisfies European Farm Fresh has a large variety
lactose-free RTD milk in Store
Union standards(2) which of packaging sizes to cater to
2018 catering to lactose
has among the world’s different lifestyle needs
intolerant consumers
highest industrial
standards for milk Export markets

Source: Frost & Sullivan.

(1) As at 2020. TPC refers to the Total Plate Count (“TPC”) test which is used to indicate the bacteria colonies formed from live and viable bacteria. The acceptable limit for fresh milk of high quality
is 1,000,000 colony-forming units per millilitre (“CFU/ml”) or lower. In 2020, 30% - 40% of Malaysia dairy farmers recorded a TPC of more than 1,000,000 CFU/ml in 2020. Confidential I 49
(2) Farm Fresh’s TPC was below 100,000 CFU/ml in 2020 which is comparable to the limit of 100,000 CFU/ml imposed by the European Union.
Highly fragmented and competitive Malaysian dairy
industry
Market share of key players for RTD milk

38%
Chilled 42%
Others, RTD Milk,
58% Sep 2021

RTD Milk,
Others, September
14% 2021 18%

Malaysia
Others, Ambient
dairy 9%
90% RTD Milk, 10%
10% 11% Sep 2021

Highly fragmented
and competitive

Most players lack Market share of key players for yoghurt

vertical integration
(i.e. purchase milk externally and
process only) 16%
Drinking
Yoghurt,
Others, Sep 2021
39% 13% 84%

Yogurt,
September 2021 11%

6%
Edible
Others, Yoghurt,
94% Sep 2021
Others,37%

Source: Frost & Sullivan. Confidential I 50