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

PT SARATOGA INVESTAMA SEDAYA TBK 1 H 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 A T E I N F O R M A T I O N

Saratoga – A Leading Active Investment Company  Leading active investment company in Indonesia with NAV of approximately US$1.5 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 June 2018 Source: Company information 4

Diversified Investment Portfolio Listed Blue Chip Early Stage Companies Growth Companies Companies Early-stage companies provide large upside potential Growth companies generate sustainable and healthy cash flows Blue-chip Investee Companies are established    % Sum of  Ability to acquire larger stakes allows Saratoga to exert for Saratoga portfolio industry leaders with growth and capital significant influence, develop company strategy and Provide great upside potential when growth companies enter into appreciation opportunities the Parts  products and generate strong return mature phases  Saratoga to remain a long-term shareholder (SOTP) in these businesses Natural Resources Sihayo Copper Gold Gold Merdeka Copper Gold Gold & Copper Adaro Energy Coal & Power 53% Sumatra Copper & Gold Gold Provident Agro Palm Agro Maju Raya Palm Interra Resources Oil & Gas Agra Energi Indonesia Oil & Gas Infrastructure Power Tenaga Listrik Gorontalo Power Paiton Energy Telco Tower Tower Refinery Tri Wahana Universal Bersama 33% Construction Nusa Raya Cipta Infrastructure Auto Mitra Pinasthika Mustika Lifestyle Gilang Agung Persada Consumer Property Bumi Hijau Asri 14% SC Technology Investment II Logistics Mulia Bosco Logistik Provident Growth Fund Healthcare Awal Bros Hospital Herbal Medicine Deltomed Data as of June 2018 5 Source: Company information

Net Asset Value Growth Figures in IDR 9000 NAV 8240 8174 8000 JCI 7794 7462 7202 7157 7000 6557 6108 6000 6356 5799 5000 4885 5297 5227 4593 4000 4317 4274 3560 3822 3704 3000 NAV per Share (1)(2) CAGR = 32.47% 2000 2534 JCI Index CAGR = 16.54% 1000 1355 539 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1H2018 (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 June 2018 Source: Company information 6

Investment Track Record • Gilang • Agra Energi • Mulia Bosco • Finders Agung Work in Indonesia Logistics Deltomed Resource Persada INVEST Progress • Paiton • Awal Bros Laboratories • NRC • Merdeka Energy Hospital Group Copper Gold 2018 2013 2014 2015 2016 2017 • • • LMS Awal Bros Adaro MPI’s Sarulla commenced increased the acquired TWU MPM the operation of number of the coal assets Geothermal commenced the the Cipali toll- in Australia hospitals increased Project • • building of the road Mulia Bosco Merdeka GROW achieved capacity to • Sumatra increased the acquired new lubricant Copper & Gold size of the copper US$1.2B factory 16k bopd achieved its fleet and assets in financial closing first gold pour Indonesia storage • Merdeka Divested Lintas • MPM listed • Divested Pulau Marga Sedaya Seroja Jaya Partial sale of Copper Gold Finders on IDX • Divested • Divested PALM Medco Power MONETIZE • Saratoga TBIG Shares listed on the Resource Plantation • Partial sale of assets listed on IDX ADRO Shares IDX 7 Data as of June 2018 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 1H2018 2015 2016 2017 51 Opportunities 101 102 124 Opportunities Opportunities Opportunities Preliminary Preliminary Preliminary Preliminary 25 54 41 50 Assessments Assessments Assessments Assessments Desktop Desktop Desktop Desktop 18 39 27 31 Diligence Diligence Diligence Diligence 4 Term Sheet 8 2 4 Term Sheet Term Sheet Term Sheet New New New New 0 2 2 1 Investments Investments Investments Investments  PT Agra Energi Indonesia  Mulia Bosco Logistik  Deltomed Laboratories  PT Batu Hitam Perkasa  Awal Bros Hospital (Paiton Energy) Data as of June 2018 Source: Company information 9

Investment Activity Summary 1H2018 Investment and Divestment Dividend Income Breakdown Figures in IDR billion Figures in IDR billion 2,500 2,254 Deltomed 883 1000 Total Investment BHP 2,000 800 Total Divestment 622 611 TWU 1,500 600 MPMX 1,000 649 561 543 268 400 PALM 419 500 116 98 NRCA - 200 - TBIG 0 2015 2016 2017 1H2018 ADRO 2015 2016 2017 1H2018 Summary IDR billion 2015 2016 2017 1H18 ADRO 174 219 295 311  Total Investment is on track to reach the annual target. TBIG - 190 222 251  Healthy pipeline for new investment and divestment for the NRCA 5 3 5 7 remainder of the year.  Dividend income contributed by the investee companies PALM - 132 79 - has been growing, positive sign of strong business growth MPMX 15 59 282 - and operation of the investee companies. TWU 74 19 - - BHP - - - 40 Deltomed - - - 2 Total dividends 268 622 883 611 Data as of June 2018 # of investees 4 6 5 5 Source: Company information 10

Investee Companies Highlights 1H2018 Investee Mitra Pinasthika Mustika Adaro Energy (ADRO) Merdeka Copper Gold (MDKA) (MPMX) Company Activity Acquisition Acquisition Divestment 2.25B USD Ongoing 436M USD Amount August 2018 Ongoing June 2018 Date A strategic divestment of MPM’s Through public tender Merdeka Investme Adaro Energy and EMR Capital lubricant business to Esso is in the process of acquiring nt/Divest completed the acquisition of Rio Petroleum Company, Limited Finders Resources, an Tinto’s 80% interest in the ment and ExxonMobil UK Limited Australian public listed entity (“ExxonMobil”) Summary Kestrel Coal Mine in Australia with copper assets in Indonesia 11

F I N A N C I A L H I G H L I G H T S