PT SARATOGA INVESTAMA SEDAYA TBK Update on FY16 and 1Q17 results - PowerPoint PPT Presentation

PT SARATOGA INVESTAMA SEDAYA TBK Update on FY16 and 1Q17 results April 2017 1

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

CORPORATE INFORMATION 3

Saratoga – A Leading Active Investment Company  Leading active investment company in Indonesia with NAV of c.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 & Automotive Lifestyle Property Power Roads Agriculture Oil & Gas unications Mining 23 Operating Companies (11 Publicly Listed & 12 Non-Listed) >40,000 Employees Data presented are as of 31 Dec 2016 IDR/USD as of 31 Dec 2016 = 13,436 4 Source: Company information

Diversified Investment Portfolio We invest across the three key sectors in early and growth stages with the goal of creating listed blue chip companies Listed Blue Chip Early Stage Companies Growth Companies Companies    Early-stage companies provide large Growth companies generate sustainable Blue-chip Investee Companies and healthy cash flows for SIS’ portfolio upside potential are established industry leaders % Sum of   Ability to acquire larger stakes allows Provides great upside potential when with growth and capital SIS to exert significant influence, growth companies enter into mature appreciation opportunities the Parts  develop company strategy and products phases SIS to remain a long-term (SOTP) and generate strong return shareholder in these businesses Sihayo Copper Gold Gold Merdeka Copper Gold Gold & Copper Adaro Energy Coal & Power Resources Sumatra Copper & Gold Gold Provident Agro Palm Natural Copper Oil & Gas Finders Resources Interra Resources 50% Agro Maju Raya Palm Agra Energi Indonesia Oil & Gas Tenaga Listrik Gorontalo Power Medco Power Indonesia Power Tower Bersama Infrastructure Infrastructure Paiton Energy Power Telco Tower Tri Wahana Universal Refinery Lintas Marga Sedaya Toll Road 39% Nusa Raya Cipta Construction Seroja Investment Shipping Sinar Mentari Prima Shipping Mitra Pinasthika Mustika Auto Consumer Gilang Agung Persada Lifestyle Etika Karya Usaha Property Mulia Bosco Logistik Logistics 11% Awal Bros Hospital Healthcare 2% 31% 67% SOTP Listed investment companies in bold Data presented are as of 31 Dec 2016 5 IDR/USD as of 31 Dec 2016 = 13,436 Source: Company information

Net Asset Value per Share Growth Saratoga has maintained a consistent track record of increasing net asset value and outperforming the Jakarta Composite Index Figures in IDR 9,000 8,174 8,000 7,202 7,462 NAV per Share (1)(2) 7,157 7,000 5,007 CAGR-8 years = 38.27% 6,557 6,108 6,000 5,297 5,227 5,000 Jakarta Composite Index 4,317 3,704 (JCI) 4,274 4,593 4,000 CAGR-8 years = 18.58% 3,560 3,822 3,000 1,355 NAV 2,000 2,534 JCI 1,000 539 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 ADRO TBIG PALM MPMX MDKA Company Listing SRTG (1) NAV per Share is adjusted on capital raising. The information contained in this document is intended solely for the use of our internal reference. We make no representations or warranties, express 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 presented are as of 31 Dec 2016 Source: Company information 6

Invest → Grow → Monetize Investment Approach Recent Milestones Established Acquired 5.64% Acquired Acquired Acquired stakes in Acquired 86.5% PT Agra Acquired Acquired in Mulia Bosco Deltomed 16.67% in PT Interra in Trimitra Karya Energi stakes in 4.17% in Batu Hitam Logistics Laboratories Resources, Jaya, holder of Indonesia, Finders Gilang Perkasa, holder Invest Sihayo Gold, 25.7% interest controlling Resources Agung of 5% interest in Sumatra Copper in Merdeka Acquired 3.06% 30% interest and NRC Persada PT Paiton & Gold Copper Gold in Awal Brothers in the Energy Hospital Group company 2012 2013 2014 2015 2016 2017 Sinar Mentari Lintas Marga Sedaya Prima sold its TWU increased commercially opened the MPM Auto floating storage capacity to 16k 116.75KM toll-road appointed as and offloading bopd Grow National Dealer assets, Provident by PT Nissan Agro and Agro Medco Power ’s Sarulla Sumatra Copper Motor Indonesia Maju Raya Geothermal Project achieved & Gold achieved divested its its first gold pour US$1.17 billion financial closing subsidiary Issued EB of Divested Divested PT Provident Merdeka MPM Saratoga US$100 Pulau Seroja Lintas Marga Agro Copper Gold listed on listed on million, 5 year Jaya for Sedaya for Monetize listed on listed on the the IDX the IDX put 3, YTM IDR98 billion IDR900 billion the IDX IDX 3.75% fixed (US$7 million) (US$67 million) Data presented are as of 31 Dec 2016 IDR/USD as of 31 Dec 2016 = 13,436 7 Source: Company information

INVESTMENT ACTIVITIES 8

Investments and Divestments in 2016 We increased our overall exposure to the consumer sector and plan to continue growing our exposure in this space New investments Divestments Other notable divestments Date of Investment: October 2016 Date of Investment: January 2016 Date of Investment: 2008 Palm plantation Investment Invested capital: IDR75 billion Invested capital: IDR32 billion Sale proceeds: IDR98 billion assets owned details Effective ownership: 7.5% Effective ownership: 3.06% Stake sold: 9.61% by Provident Agro at a market • High growth prospects premium price • High demand on vital logistics • Relatively defensive nature of • Unwinding exposure in the per hectare Investment / infrastructure business shipping industry due to the • Scalable business divestment • Scalability slowdown of the underlying • Reputable brand thesis • Leading quality healthcare sector and global economy • Limited players in the segment provider In 2017, we also divested our holdings in PT • Provides refrigerated trucking Lintas Marga • Hospital group that operates 9 service serving FMCG blue-chip Sedaya, a long hospitals in Jakarta, Bekasi, • Provides services include clients, connecting over 20 cities term roll road Tangerang, Pekanbaru, Batam and operates cold storage freight charters for shipments construction Company and Makasar under the Awal facilities in North Jakarta of dry bulk goods, thermal investment Bros brand description • MBL aims to scale up its coal, sand and other mineral projection for • Largest hospital operator for business to deliver end-to-end resources. IDR900 billion BPJS , Indonesia’s Social cold chain logistics benefits for Security Organising Body its clients 9