Q1 2015 Outlook

PT Saratoga Investama Sedaya Tbk. is currently in the process of a corporate action and will only submit its Q1 2015 financial report by the end of May 2015.

Q1 2015 Financial Performance Outlook

Our performance in the three months ended March 31, 2015 has been negatively impacted due to a loss on exchange rate differences and an expected reduction in our net share of profits of certain associates as compared to a gain on exchange rate differences the three months ended March 31, 2014. The weakening of the Rupiah by 5.2% in the three months ended March 31, 2015 led to a loss on exchange rate differences, primarily due to the non-cash impact of adjustments in our U.S. dollar denominated liabilities as compared to a gain on exchange rate differences experienced in the three months ended March 31, 2014 in the amount of Rp.159.3 billion as a result of the strengthening of the Rupiah by 6.4% in that period. The mark-to-market impact of foreign exchange differences is a non-cash item, and does not have an impact on our cash flows prior to the maturity of the underlying U.S. dollar denominated liabilities. The reduction in our net share of profits of certain associates was driven by the decline in global commodity prices and a softening of the Indonesian economy, which itself was partially a result of the general decline in commodity prices. In light of this, our estimates of the performance of our listed associates, which we prepare using publicly available information, reflect a downturn in performance in our resource sector Investee Companies, such as Adaro Energy and Provident Agro, and MPM, whose results were weaker due to a downturn in the Indonesian automotive sector. We expect the above factors to be partially offset by the expected strong performance of our consolidated refinery business (TWU) due to the improvement in crack spread.