FY2019 CORPORATE UPDATES - Active Investment Company In .

FY2019 CORPORATE UPDATESPT SARATOGA INVESTAMA SEDAYA TBK1

Disclaimer“These materials have been prepared by PT Saratoga Investama Sedaya, Tbk (the “Company”) from various internal sources and have not been independentlyverified. 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 subscribefor 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 seekingappropriate professional advice.These materials contain embedded statements that constitute forward-looking statements. These statements include descriptions regarding the intent, belief orcurrent expectations of the Company or its officers with respect to the consolidated results of operations and financial condition of the Company. These statementscan be recognized by the use of words whether or not explicitly stated such as “expects,” “plan,” “will,” “estimates,” “projects,” “intends,” or words of similarmeaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from thosein the forward-looking statements as a result of various factors and assumptions. The Company has no obligation and does not undertake to revise forward-lookingstatements 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 informationpresented or contained in these materials. The Company or any of its affiliates, advisers or representatives accepts no liability whatsoever for any loss howsoeverwith respect to any use or reliance upon any of the information presented or contained in these materials. The information presented or contained in thesematerials is subject to change without notice and its accuracy is not guaranteed.”2

CORPORATE INFORMATION3

Saratoga – A Leading Active Investment CompanyCompany Profile1Founded in 19972Listed on IDX in 2013, tickerSRTG Shareholder ValueShareholder ValueIDR22.7T/USD1.6B Sum of InvesteeCompany ValueIDR25.7T/USD1.8B-Net DebtIDR2.9T/USD0.2BSRTG350 Employees, of which half areInvestment Professionals4DiscountIDR9.8T/USD0.7B57%Focused on early-stage, growthstage, and special situation14%opportunities5Market CapitalizationOwnership Structure33%Invested in key sectors of theIndonesian economy: Consumer,33% PT UNITRAS PERTAMA32% EDWIN SOERYADJAYA21%Infrastructure and Natural21% SANDIAGA UNOResources14% PUBLIC32%Data as of December 2019Source: Company information4

Investment ApproachStrategyFocus on early-stage,growth-stage, Specialsituation opportunitiesTarget annualcapital deploymentWhy Saratoga? Proven Divestment track record Partner of choice of internationalSectorNatural Resources,Infrastructure andConsumer sectorsrenowned co-investors Extensive Network of Indonesian100M – 200M USD with one totwo new dealsTarget IRRTarget IRR 20% industries Deep knowledge about the localGeographyIndonesia, South East Asiaand opportunistic on othermarketsinvestment requirementInvestment HorizonMedium to long-term5

Investment Opportunity Selection ProcessNumber of Deals (* data from 2015- tDesktopDiligenceTerm SheetNewInvestmentScreening ofQualitative andIn-depth financial andInvestmentindustries/companies.Full version duequantitative databusiness data analysis.diligence. InvestmentcommitteeInitiate and cultivatescreening - sector,On-site visit. IRRstructure. Valuationapproval. Capitalrelationships withpartners, regulatorycalculation. Viability ofdeployment.entrepreneurs/managenegotiation. Fundingenvironment,business plan/growthment team regularly.plan.management team,strategy andSell Side advisors.investment size, exitmanagementBanks.potentials and etc.restructure. Exit plan.6

Investment Portfolio HighlightsGrowth nvestmentEstablishedMerdeka Copper GoldCopper & GoldProvident ArgoPalm PlantationInterra ResourcesOil & GasAneka Gas IndustriAir GasMulia Bosco LogistikCold-Chain LogisticsSeroja InvestmentShippingNusa Raya CiptaConstructionAwal Bros HospitalHealthcareDeltomedHerbal MedicineGilang Agung PersadaLifestyleProvident Growth FundTechnologySC Technology Investment IITechnologyAdaro EnergyCoal & EnergyTower BersamaTelecommunicationTowerMitra Pinasthika MustikaAutomotivePaiton Energy (Power Plant)Lintas Marga Sedaya (Toll Road Project)Medco Power (Power Plant)Data as of December 2019Source: Company information7

Recent Investment Activities SummaryInvestment and DivestmentDividend Income BreakdownFigures in IDR billionFigures in IDR billion2,5002,2542000Total Investment2,000Total ummary Investment activities in line with planning Strong dividend income in 2019, led by MPMX, ADRO and TBIGIDR 59282-1,118TWU19--61BHP--40-Deltomed--21AGIIData as of December 2019Source: Company informationTotal dividends# of investees16228839001,99365688

Investment TeamEdwin SoeryadjayaFounding partnerChairman of InvestmentCommittee. More than 40 yearsof experiences in investing inIndonesia.Michael SoeryadjayaLany WongAndi EsfandiariDevin WirawanFinance DirectorPortfolio DirectorInvestment DirectorInvestment Committeemember. Specialist in Mergerand Acquisition.Investment Committeemember. More than 20 yearsexperiences in Finance.Investment Committeemember. A cross betweeninvestment professional andcorporate executive.Investment CommitteeSpecialist in Merger andAcquisition.President Director9

FINANCIAL HIGHLIGHTS10

Financial HighlightConsolidated Statement of Profit andLoss (IDR billions)FY19FY18% varianceNet gain (loss) on investment in shares andother equity securities6,226(7,251)186%Dividend, interest and investment income2,0151,14776%Interest expenses(317)(282)12%Operating expenses(157)(138)14%Profit (loss) before tax7,738(6,685)216%Income tax(394)550-172%Profit (loss) for the year attributable toowners of the Company7,371(6,195)219%Key Balance Sheet Items (IDR billions)FY19FY18% variance25,69118,82836%394782-50%Total assets26,65820,11533%Borrowings3,3253,938-16%Total liabilities3,8834,151-6%Equity attributable to owners of theCompany22,72515,65545%Investment in shares and equitiesCash and cash equivalentsData as of December 2019Source: Company informationSummary The increase in investment in shares was mainly due toincreasing share price of TBIG, MDKA & ADRO Borrowings have declined in 2019, in line with the fundingplanning. A record dividend amount of IDR 1.9 trillion, led by MPMX,ADRO and TBIG. Profit after tax to IDR 7 trillion, which brings total assets toIDR 27 trillion and investment in shares and other equitysecurities to IDR 26 trillion.11

Diversified Sources of Cash and LiquidityMultiple sources of cash and liquidityPotential DivestmentInvestment incomeInterest incomeBlue Chip Listed Investeecompanies*ADTV - IDR 114 billionOther listed investee companies**Unlisted investee companiesDividend IncomeContributed by investeecompaniesPotential sources of liquidity as of December 2019* Consist of Adaro Energy and Tower Bersama** Consist of Provident Agro, Mitra Pinasthika Mustika, Seroja Investment Limited, Nusa Raya Cipta, Sihayo Gold, and Interra Resources, Merdeka Copper Gold and etc.Data as of December 2019Source: Company information12

Strong Capital StructureCapital structureDebt Funding sources25,779Figures in IDR billionContinue to diversify funding sources and manage costeffectively. Healthy leverage is a key part of the active investmentLTVoperating model.(Loan to Value)11%2,924Net DebtSum of Investee Company Value Bank LoansLoan maturity profileo Revolving credit facilityFigures in IDR )(900)(1,000)Current Debt Funding Structure2021202220232024o Bilateral Loan Banking partners: ING, Natixis, DBS, MUFG and HSBC,and SCB(456)(487)(582)(889)(905)Total Debts (gross) as of FY 2019 stands at IDR 3.3TData as of December 2019Source: Company information13

Expense Coverage RatiosCost ratio & Coverage ratioOpex/NAVOpex Interest/NAVDividend/ InterestDividend/Interest 9%2.7%3.2x2.1x20190.7%2.1%6.3x4.2xOperating Expense (Opex) Maintain low operating expense to below 1%. Expenses include salary, rental, professional fees, and other operating expenses.Data as of December 2019Source: Company information14

Thank youFor further information, please contact:Investor Relations at Investor.relations@Saratoga-investama.com15

4 Saratoga –A Leading Active Investment Company Founded in 1997 Listed on IDX in 2013, ticker SRTG 50 Employees, of which half are Investment Professionals Focused on early-stage, growth- stage, and special situation opportunities Invested in key sectors of the