PT SARATOGA INVESTAMA SEDAYA TBK F Y 2 0 1 8 U P D A T E S - PowerPoint PPT Presentation

PT SARATOGA INVESTAMA SEDAYA TBK F Y 2 0 1 8 U P D A T E S

Disclaimer “These materials have been prepared by PT Saratoga Investama Sedaya, Tbk (the “Company”) from various internal sources and have not been independently verified. These materials are for information purposes only and do not constitute or form part of an offer, solicitation or invitation of any offer to buy or subscribe for any securities of the Company, in any jurisdiction, nor should it or any part of it form the basis of, or be relied upon in any connection with, any contract, commitment or investment decision whatsoever. Any decision to purchase or subscribe for any securities of the Company should be made after seeking appropriate professional advice. These materials contain embedded statements that constitute forward-looking statements. These statements include descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the consolidated results of operations and financial condition of the Company. These statements can be recognized by the use of words whether or not explicitly stated such as “expects,” “plan,” “will,” “estimates,” “projects,” “intends,” or words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in the forward-looking statements as a result of various factors and assumptions. The Company has no obligation and does not undertake to revise forward-looking statements to reflect future events or circumstances. No representation or warranty, expressed or implied, is made and no reliance should be placed on the accuracy, fairness or completeness of the information presented or contained in these materials. The Company or any of its affiliates, advisers or representatives accepts no liability whatsoever for any loss howsoever with respect to any use or reliance upon any of the information presented or contained in these materials. The information presented or contained in these materials is subject to change without notice and its accuracy is not guaranteed. ” 2

C O R P O R AT E I N F O R M AT I O N

Saratoga – A Leading Active Investment Company ▪ Leading active investment company in Indonesia with NAV of approximately USD 1.1 billion ▪ Listed in 2013 and is among the top 100 largest market capitalization stocks on the IDX ▪ Focused on early-stage, growth-stage, and special situation opportunities ▪ Actively engaged with investee companies’ management teams in unlocking value of investments ▪ Invested in key sectors of the Indonesian economy: Consumer, Infrastructure and Natural Resources Consumer Infrastructure Natural Resources Telecomm- Metals & Mobility Lifestyle Healthcare Power Industrial Agriculture Oil & Gas unications Mining Data as of December 2018 Source: Company information 4

Diversified Investment Portfolio Listed Blue Chip Companies Early Stage Companies Growth Companies ✓ ✓ ✓ Early-stage companies provide large upside Growth companies generate sustainable and Blue-chip Investee Companies are % Sum of potential healthy cash flows for Saratoga portfolio established industry leaders with the Parts ✓ ✓ Ability to acquire larger stakes allows Provide great upside potential when growth growth and capital appreciation (SOTP) Saratoga to exert significant influence, companies enter into mature phases opportunities ✓ develop company strategy and products and Saratoga to remain a long-term generate strong return shareholder in these businesses Sihayo Copper Gold Merdeka Copper Gold Adaro Energy Gold Gold & Copper Coal & Power Natural Resources 53% Agro Maju Raya Provident Agro Palm Palm Agra Energi Indonesia Interra Resources Oil & Gas Oil & Gas Power Refinery Tenaga Listrik Gorontalo Tri Wahana Universal Tower Telco Tower Infrastructure Construction Nusa Raya Cipta Bersama 30% Infrastructure Mitra Pinasthika Mustika Auto SC Technology Investment II Gilang Agung Persada Lifestyle 17% Provident Growth Fund Consumer Property Bumi Hijau Asri Logistics Mulia Bosco Logistik Healthcare Awal Bros Hospital Herbal Medicine Deltomed Air Gas Aneka Gas Industri Data as of December 2018 5 Source: Company information

Net Asset Value Growth Figures in IDR NAV per Share (1)(2) CAGR = 27% JCI Index CAGR = 16% 9,000 NAV 8,240 8,174 8,000 JCI 7,462 7,202 7,157 7,000 6,557 5,814 6,108 6,000 6,356 6,194 5,000 4,885 5,297 5,227 4,593 4,000 4,317 4,274 3,560 3,822 3,704 3,000 2,000 2,534 1,000 1,355 539 - 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 (1) NAV per Share is adjusted for capital raising. The information contained in this document is intended solely for the use of the internal reference. Saratoga makes no representations or warranties, expressed or implied, with respect to the information herein. (2) For NAV per Share between 2008 and 2014, valuation of listed investee companies are calculated based on 2W VWAP as of year end close. Due to the implementation of new accounting standards in 2016, the 2015 and 2016 calculations for listed investee companies are based on their respective closing share price as of 31 December 2016. Data as of December 2018 Source: Company information 6

Investment Track Record • Gilang • Mulia Bosco • Finders Agung • Agra Energi Aneka Gas Logistics Deltomed Resource Persada Indonesia INVEST Industri • Awal Bros Laboratories • NRC • Merdeka • Paiton Energy Hospital Group Copper Gold 2013 2014 2015 2016 2017 2018 Adaro • LMS Awal Bros • • acquired coal MPI’s Sarulla commenced the increased the MPM assets in TWU increased operation of the number of the Geothermal commenced the Australia Cipali toll-road hospitals building of the Merdeka • capacity to Project GROW • Sumatra Copper • Mulia Bosco acquired new lubricant & Gold achieved increased the achieved US$1.2B 16k bopd copper and factory its first gold size of the fleet financial closing assets in pour and storage Indonesia Divested Lintas • • MPM listed on • Divested Pulau Divested Batu Merdeka Copper Marga Sedaya Seroja Jaya Partial sale of Hitam Perkasa IDX Divested Medco • Divested PALM Gold listed on • Power (Paiton MONETIZE Saratoga • TBIG Shares Plantation • Partial sale of Energy) the IDX assets listed on IDX ADRO Shares Data as of December 2018 7 Source: Company information

I N V E S T M E N T A C T I V I T I E S

Investment Opportunity Selection Process 2018 2015 2016 2017 91 Opportunities 101 102 124 Opportunities Opportunities Opportunities Preliminary Preliminary Preliminary Preliminary 47 54 41 50 Assessments Assessments Assessments Assessments Desktop Desktop Desktop Desktop 32 39 27 31 Diligence Diligence Diligence Diligence 8 Term Sheet 8 2 4 Term Sheet Term Sheet Term Sheet New New New New 1 2 2 1 Investments Investments Investments Investments ❖ PT Agra Energi Indonesia ❖ Mulia Bosco Logistik ❖ Deltomed Laboratories ❖ Aneka Gas Industri ❖ PT Batu Hitam Perkasa ❖ Awal Bros Hospital (Paiton Energy) Data as of December 2018 Source: Company information 9

Investment Activity Summary FY18 Investment and Divestment Dividend Income Breakdown Figures in IDR billion Figures in IDR billion 900 2,500 1000 883 2,254 TWU 800 Total Investment 2,000 622 MPMX Total Divestment 600 1,403 1,500 PALM 400 268 NRCA 1,000 649 558 200 543 TBIG 419 500 0 ADRO 98 - 2015 2016 2017 2018 - 2015 2016 2017 2018 IDR billion 2015 2016 2017 2018 Summary ADRO 174 219 295 483 TBIG - 190 222 251 ❖ Dividend income reached a new record, contributed by 6 NRCA 5 3 5 7 investee companies. Positive sign of strong business growth and operation of the investee companies. PALM - 132 79 117 MPMX 15 59 282 - ❖ Total investment and divestment in line with the planning of TWU 74 19 - - the year. BHP - - - 40 Deltomed - - - 2 Total dividends 268 622 883 900 Data as of December 2018 # of investees 4 6 5 6 Source: Company information 10

Investments and Divestments in FY18 New investments Divestments Date of Investment: Accumulated Date of Divestment: December 2018 Investment throughout 2018 details Sale proceeds: USD 9 million Committed Capital: IDR 144 billion A 3 year strategic investment on the back of the • First and largest industrial gas company growth potential of the power industry in Investment / in the country. Indonesia and the attractive valuation of the divestment • Market leader with extensive distribution opportunity. As the target IRR is reached and thesis network. the new shareholder of PE will be able to contribute something further to the business of PE we decided to exit the investment. The company supply industrial gases, namely air gases (oxygen, nitrogen, and argon), The company was established in February synthetic gases, fuel gases, rare gases, 1994 and started commercial operation of Company sterilization gases, refrigerant gases and two power plants (Units 7 and 8) in May and description electronic gases. It also supplies mixed, July 1999. The capacity of each unit is specialty and medical gases along with 615MW. Unit 3 having capacity of 815MW, is complimentary equipment and installation the first super critical coal fired power plant offerings. in Indonesia and started commercial operation in March 2012. 11