PT SARATOGA INVESTAMA SEDAYA TBK June 2014 1 Saratoga, Indonesias - PowerPoint PPT Presentation

PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA TBK June 2014 1

Saratoga, Indonesia’s Leading Active Investment Company Edwin Soeryadjaya PT Unitras s Pertama Sandiaga S. Uno Public shareholders 29.2% 31.6% 29.2% 10.0% One of the leading active investment companies in Indonesia with estimated total NAV of IDR 21.3tn (USD 1.8bn)  Founded in 1998 by Edwin Soeryadjaya and Sandiaga Uno  Listed on the Indonesia Stock Exchange in 2013 with current market cap of IDR 12.8tn (USD 1.11bn)  Focus on early-stage, growth-stage, and special situation opportunities  Invested across key sectors of the Indonesian economy: Consumer Products and Services, Infrastructure and Natural  Resources Active management of investments through working closely with investee companies’ management teams and  continuously finding ways to unlock value of investments Natural Resources Infrastructure Consumer Metals & Telecomm- Agriculture Oil & Gas Power Roads Automotive Property Mining unications 2 Data presented are as of 30 May 2014 IDR/USD as of 28 March 2014 = 11,611 Source: Company information

Our Investment Strategy • Leading ding active ive inve vest stment nt compa pany ny in Indo done nesia ia OUR VISION SION • Focus us on GROWTH TH, STREN ENGTH GTH and d REPUTATI TION ON • Part rtner ner of choic ice for r both h local l and fore reig ign n inve vest stors rs Investme stment nt Mandate te Our Value e Proposition sition Our Operatin ating g Model  Good proxy to the Indonesian economy Acquire platforms in strategic sectors Three key target sectors:  – Consumer – Infrastructure Part rtne nerships ships – Natural resources and Organic and/or inorganic growth of agriculture investments Blue-chip listed companies  offering potential for strong growth with mitigation of portfolio downside risk Monetization of Smaller early-stage investments  investments Track Record with large upside potential 3

Experienced Founders and Management Team • Our founders and management team’s long -standing experience and network of contacts in the Indonesian investment landscape and multiple sourcing channels provide us with business opportunities that are not available to others • Proven track record in adding value to and growing our investee companies through stronger access to potential business partners, financing channels and improved corporate governance Our Founders SANDIAGA A S. UNO EDWI WIN SOERYAD ADJAYA President Director President Commissioner Holds or has held positions as an elected member of the Indonesian  Joined PT Astra International in 1978 and worked within the family  Economic Committee and vice president of Micro, Small and Medium business for over 15 years, serving as Vice President and Director Enterprises and Cooperatives of the Indonesian Chamber of Ernst & Young Indonesia Entrepreneur Of the Year in 2010  Commerce and Industry and Chairman of the Indonesian Young Entrepreneurs Association Our Management Team MICH CHAEL AEL SOERYAD ADJAYA AYA JERRY NGO Business Development Director Finance Director  Appointed Director in 2013  Appointed Independent Director in 2013, CFO since 2012 Commissioner of PT Multi Pinasthika Mustika Rent since 2012 and Director of PT Previously Executive Director of Institutional Banking at PT ANZ Bank Indonesia   Bareika Capital since 2010 and held a number of senior positions at Standard Chartered Bank in Singapore, London and Vietnam Portfolio io Executiv ives Budianto Purwahjo Kumari Herman Setya Budi     Yuliantina Wangsawiguna  Ellie Turjandi  Arif Qasimi Al Bone Supported by 52 full-time employees at the parent-level company Our Multiple Sourcing Channels Fund Fund Investe tee Companies Financial advisors We frequently meet with investment banks and Investee Companies offer us opportunities to The Fund’s global network of limited partners other parties that are representing entities partner with them for larger transactions and provides an extensive base of referrals seeking a purchaser or strategic investment often refer other opportunities to us partner 4

Robust track record of strong asset value growth SIS’ investment portfolio has grown significantly and steadily since 2008 in terms of book value as well as market value, with growth coming from an increasing number of investee companies (IDR bn bn) Other MPM TBIG Adaro 18,579 17,382 1,871 1,470 15,292 2,458 12,518 3,891 12,283 8,074 2,964 9,844 4,035 8,337 8,002 1,764 7,773 1,871 790 2,265 2,188 2,452 4,781 11,401 421 842 3,382 8,248 8,002 1,568 7,838 2,293 319 5,913 1,037 5,494 585 190 4,838 1,239 4,245 2,293 2,309 2,155 639 90 510 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 book market book market book market book market book market book market value value value value value value value value value value value value Notes: All financial numbers are based on their nominal values as of 31 December 2008, 2009, 2010, 2011, 2012 and 2013 no adjustments have been made for time value or inflation. The book value of our investments includes the carrying value of our investments and advances for investments. The book value of our investment in Adaro Energy includes the book value of our investment in PT Adaro Strategic Capital and PT Adaro Strategic Lestari. 5 The book value of our investment in Tower Bersama includes the book value of our investment in PT Saratoga Infrastruktur The market value of our effective shareholding calculated using two week volume weighted average price as of 31 December 2008, 2009, 2010, 2011, 2012 and 2013. Source: Company financials, Bloomberg

INVESTMENT THEMES 6

Investment Themes Focus on 3 Key Sectors in Indonesia Economy 1 Diversify Portfolio through 2 Various Stages of Growth Saratoga Partner with Established Global Investment 3 Corporations Themes Ensure Post-Investment Performance in the 4 Investee Companies 5 Grow and Unlock Value of Investee Companies 7

Indonesia’s economic drivers of growth Three key sectors of consumer, infrastructure and natural resources believed to propel Indonesian growth Consumer Infrastructure Natural resources Indonesia personal consumption expenditure Capital expenditure per capita in Infrastructure (US$) Indonesia Coal Production (IDR ‘000) 3,000 (m tons) 1,600 Indonesia Indonesia personal consumption expenditure (IDR '000) 1,442 598 1,370 569 2,500 1,400 1,308 Cambodia 535 1,249 1,191 491 Malaysia 1,131 1,200 1,077 452 2,000 1,044 1,004 427 Philippines 410 957 921 1,000 887 376 857 Thailand 336 1,500 800 Vietnam 600 1,000 400 500 200 0 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2010 2011 2012 2013F 2014F 2015F 2016F 2017F 2018F Source: IMF Source: Business Monitor International Source: Business Monitor International  Growth in personal consumption expected to  Capital expenditure per capita in Indonesia  World’s largest exporter of thermal coal fuel the Indonesian consumer sector has increased in the past few years, but  Production in Indonesia underpinned by  Rising GDP to also drive the consumer finance remains insufficient compared to developed strong growth in Asian coal consumption sector peers  Chinese power plants built to take on  Construction activity to be driven by: Indonesian coal due to low sulphur content – Favourable macroeconomic fundamentals  World’s largest palm oil exporter in the world – Conducive monetary conditions (>19 mio ton/year) – Increased government expenditure  Indonesia to offer infrastructure projects worth US$150bn in the next five years, in which 70% will require funding from private sector  Consist mainly of railway, power and water 8 supply projects

Diversified Investment Portfolio Diversified exposure to investments at various stages of growth – early-stage investments provide large upside potential and strategic interests in leading blue-chip companies provide income stability Early Stage Companies Growth th Companies Listed Blue Chip Companies Early-stage companies provide large Growth companies generate sustainable Blue-chip Investee Companies are    upside potential and healthy cash flows for SIS’ portfolio established industry leaders with growth  Ability to acquire larger stakes allows SIS  Provides great upside potential when and capital appreciation opportunities to exert significant influence, develop growth companies enter into mature SIS to remain a long-term shareholder in  company strategy and products and phases these businesses generate strong returns Natural Resources ture tructu Infrastr Consumer 9

Growing through Partnerships Strong track record of sourcing proprietary deals and create wealth for joint venture partners Partners Opportunities 10