PT SARATOGA INVESTAMA SEDAYA TBK 9 M 2 0 1 8 U P D A T E S - PowerPoint PPT Presentation

PT SARATOGA INVESTAMA SEDAYA TBK 9 M 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 US$1.4 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 September 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 Natural Resources Sihayo Copper Gold Merdeka Copper Gold Adaro Energy Gold Gold & Copper Coal & Power 51% Agro Maju Raya Provident Agro Palm Palm Agra Energi Indonesia Interra Resources Oil & Gas Oil & Gas Infrastructure Power Power Tenaga Listrik Gorontalo Paiton Energy Tower Telco Tower Refinery Tri Wahana Universal Bersama 36% Construction Nusa Raya Cipta Infrastructure Auto Mitra Pinasthika Mustika Lifestyle Gilang Agung Persada Consumer Property Bumi Hijau Asri 13% SC Technology Investment II Logistics Mulia Bosco Logistik Provident Growth Fund Healthcare Awal Bros Hospital Herbal Medicine Deltomed Data as of September 2018 5 Source: Company information

Net Asset Value Growth Figures in IDR NAV per Share (1)(2) CAGR = 33% JCI Index CAGR = 17% 9000 NAV 8240 8174 8000 7905 JCI 7462 7202 7157 7000 6557 6108 6000 6356 5977 5000 4885 5297 5227 4593 4000 4317 4274 3560 3822 3704 3000 2000 2534 1000 1355 539 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 9M18 (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 September 2018 Source: Company information 6

Investment Track Record • Gilang • Mulia Bosco • Finders Agung • Agra Energi Work in Logistics Deltomed Resource Persada Indonesia INVEST Progress • Awal Bros Laboratories • NRC • Merdeka • Paiton Energy Hospital Group Copper Gold 2013 2014 2015 2016 2017 2018 LMS Awal Bros Adaro • • • MPI’s Sarulla commenced the increased the acquired coal MPM TWU increased operation of the number of the assets in Geothermal commenced the Cipali toll-road hospitals Australia building of the capacity to Project GROW • Sumatra Copper • Mulia Bosco • Merdeka new lubricant & Gold achieved increased the acquired achieved US$1.2B 16k bopd factory its first gold size of the fleet copper assets financial closing pour and storage in Indonesia Divested Lintas • • MPM listed on • Divested Pulau Merdeka Copper Marga Sedaya Seroja Jaya Partial sale of Finders IDX Divested Medco • Divested PALM Gold listed on • Power MONETIZE Saratoga • TBIG Shares Plantation Resource • Partial sale of the IDX assets listed on IDX ADRO Shares Data as of September 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 9M2018 2015 2016 2017 84 Opportunities 101 102 124 Opportunities Opportunities Opportunities Preliminary Preliminary Preliminary Preliminary 43 54 41 50 Assessments Assessments Assessments Assessments Desktop Desktop Desktop Desktop 27 39 27 31 Diligence Diligence Diligence Diligence 5 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 September 2018 Source: Company information 9

Investment Activity Summary 9M18 Investment and Divestment Dividend Income Breakdown Figures in IDR billion Figures in IDR billion 2,500 2,254 Deltomed 883 1000 Total Investment BHP 2,000 734 800 Total Divestment 622 TWU 1,500 1,153 600 MPMX 1,000 649 543 268 400 PALM 419 426 500 98 NRCA - 200 - TBIG 0 2015 2016 2017 9M18 ADRO 2015 2016 2017 9M18 Summary IDR billion 2015 2016 2017 9M18 ADRO 174 219 295 317 ❖ 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 has PALM - 132 79 117 been growing, positive sign of strong business growth and MPMX 15 59 282 - operation of the investee companies. TWU 74 19 - - BHP - - - 40 Deltomed - - - 2 Total dividends 268 622 883 734 Data as of September 2018 # of investees 4 6 5 6 Source: Company information 10

Investee Companies Highlights 9M18 Investee Adaro Energy (ADRO) Merdeka Copper Gold (MDKA) Mitra Pinasthika Mustika (MPMX) Company Activity Acquisition Acquisition Divestment 2.25B USD Ongoing 436M USD Amount Date August 2018 Ongoing June 2018 A strategic divestment of MPM’s Through public tender Merdeka is Investmen Adaro Energy and EMR Capital lubricant business to Esso in the process of acquiring t/Divestme completed the acquisition of Rio Petroleum Company, Limited and Finders Resources, an Australian nt Tinto’s 80% interest in the Kestrel ExxonMobil UK Limited public listed entity with copper Summary Coal Mine in Australia (“ExxonMobil”) assets in Indonesia 11

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