ANNUAL REPORT 2014 PT Jasa Marga (Persero) Tbk

Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014 ANNUAL REPORT 2014 PT Jasa Marga (Persero) Tbk

Connectivity for Driving Growth

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PT Jasa Marga (Persero) Tbk. 2014 Annual Report 1 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

2 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014 Connectivity for Driving Growth

Well-established road infrastructure shall be directly proportional to increasing economic growth. Infrastructure development represents the factor that serves as a fundamental and essential requirement that needs to be considered in economic development plan in order to accomplish the target and goals and to enable the accomplishments as well as expected. In the next five (5) years, the new Indonesian Government has launched infrastructure development as its priority that must be realized in order that Indonesia’s economic potential and resources are capable of providing the highest benefits.

As a toll road investor and operator, Jasa Marga is one of the companies that will have significant role in realizing toll road infrastructure development in the next five (5) years. In accordance with its Mission, the Company realizes and comprehends that with its existence with its business activities as toll road operator and developer, it has the task of accelerating toll road development to support the economic growth program launched by the Government.

Indonesia’s infrastructure present condition remains one factor that hinders investment in areas that actually have economic potential for development. Connectivity among those areas must be realized and the existence of toll roads operated by the Company should benefit toll road users requiring efficient and reliable toll roads so that distribution of goods and services is carried out smoothly while achieving evenly distributed economic development.

Jasa Marga’s experience and expertise in realizing toll road development in Indonesia is the capital to capture the said opportunities. Presently, the development of new toll roads has shown results and has given their share of contribution to Jasa Marga’s revenues. Until the end of 2014, out of 10 new toll road sections in the pipeline, two (2) sections are fully operated, i.e. Bali Mandara Toll Road (Nusa Dua-Ngurah Rai-Benoa) and JORR W2 North Toll Road; three (3) new toll road sections are operated in stages, i.e. Bogor Outer Ring Road, Semarang-Solo and Surabaya-Mojokerto; and two (2) sections, i.e. Gempol- Pandaan and Gempol-Pasuruan, are in the final stage of construction; whereas three (3) sections, i.e. Cengkareng-Kunciran, Kunciran-Serpong and Medan-Kualanamu, are in the stage of land acquisition.

Jasa Marga is leading up to the next growth and, simultaneously, Jasa Marga has begun and is in the stage of business transformation to welcome the wide open opportunity before our eyes. Jasa Marga’s transformation boosts more efficient and swifter business process so that both challenges as well as vast opportunities may be achieved and undertook, hence representing Jasa Marga’s contribution to building Connectivity for driving the Growth of the country’s economy and the Growth the Company.

Cross Reference to Bapepam-LK Regulation No. X.K.6

No. Subject and Explanation Page I. General 1. Annual Report is to be presented in Indonesian Language. In the event that the ü Annual Report is also presented it in another language, either within the same document or separated, the Annual Report must contain the same information. In the event that different interpretation occurs due to language translation, the Annual Report in Indonesian Language is then to be used as the reference. 2. Annual Report is made in such a way that it is easy to read. Images, charts, ü tables, and diagrams are presented by stating clear title and/or explanation. 3. Annual Report should be printed in light-colored, good quality, and A4-sized ü paper, bound and possible to be reproduced by photocopying. 4. Annual Report is presented on the company’s website. ü II. Highlights of Financial Data 56-58 1. Highlights of financial data is presented in comparative form over a period 56-58 of three (3) financial years or since the commencement of business if the company has been running its business activities for less than three (3) years, and it contains at least: 1. Revenue. 56-58 2. Gross Profit. 56-58 3. Profit (loss). 56-58 4. Profit (loss) attributable to parent and non-controlling interests. 56-58 5. Comprehensive profit (loss) 56-58 6. Comprehensive profit (loss) attributable to parent and non-controlling 56-58 interests. 7. Net profit (loss) per share. 56-58 8. Total assets. 56-58 9. Total liabilities. 56-58 10. Total equity. 56-58 11. Profit (loss) to total assets ratio. 56-58 12. Profit (loss) to equity ratio. 56-58 13. Profit (loss) to revenue ratio. 56-58 14. Current ratio. 56-58 15. Liabilities to equity ratio. 56-58 16. Liabilities to total assets ratio. 56-58 17. Other information and ratios relevant to the company and its industry. 56-58 2. Annual Report should present information regarding share for each three- 59-60 month period in the last 2 (two) financial years (if any), consisting at least: 1. Outstanding shares. 59-60 2. Market Capitalization. 59-60 3. Highest, lowest, and closing share price. 59-60 4. Traded share volume. 59-60 5. Traded volume. 59-60

No. Subject and Explanation Page 3. In the event of corporate actions such as stock split, reverse stock, stock - dividend, bonus share, and par value decrease, share price information referred to in point (2) should then include explanation concerning among others: 1. Date of corporate actions. - 2. Ratio of stock split, reverse stock, stock dividend, share bonus, and decrease - in par value. 3. Amount of outstanding shares before and after corporate actions. - 4. Share prices before and after corporate actions. - 4. In the event that the company’s share trade is suspended during the year - reported, the Annual Report should then include explanation concerning the reason for such suspension. 5. In the event that such suspension referred to in point (4) still goes on when - the Annual Report is published, the Issuer of Public Company should then also explain the actions carried out by the company in solving the matter.. III. Board of Commissioners’ Report 82-89 Report from the Board of Commissioners contains at least the following: 1. Assessment on the performance of the Directors in managing the company. 86 2. View on the prospects of the company’s business established by the Directors. 88 3. Changes in the composition of the Board of Commissioners and reasons for 85 such changes (if any). IV. Directors’ Report 92-97 Report from the Directors contains at least the following: 1. The company’s performance, consisting of among others strategic policies, 94 comparison between achievement of results and targets, and challenges faced by the company. 2. Description of business prospects. 96 3. Implementation of Good Corporate Governance. 96 4. Changes in the composition of the Board of Directors and reasons for such 97 changes (if any). V. Company Profile 13-50 Company profile contains at least the following: 1. Name, address, telephone number, facsimile number, email, and website of the 13 company and/or its branch or representative offices, which enable people to acquire information on the company. 2. Brief history of the company. 16 3. The company’s business activities in accordance with the latest Articles of 17 Association, and the products and/or services produced. 4. Organizational structure of the company presented in the form of a chart, at 24 least to one level below the Directors, stating name and job title. 5. Company’s Vision and Mission. 30 6. Profile of the Board of Commissioners, consisting of: 90-91

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 3 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

No. Subject and Explanation Page 1. Name. 90 2. Employment record, work experience, and legal basis of being appointed at 90-91, 232 the Issuer of Public Company for the first time, as stipulated in the Official Report of GMS Resolutions. 3. Educational background. 90-91 4. Brief explanation on types of training participated in the fiscal year in order 243 to improve competencies of the Board of Commissioners (if any). 5. Disclosure of affiliated relation with members of the Directors, other 237 members of the Board of Commissioners and the shareholders (if any). 7. Profile of the Directors, consisting of: 98-99 1. Name. 98, 246 2. Employment record, work experience, and legal basis of being appointed at 98-99, 245 the Issuer of Public Company for the first time, as stipulated in the Official Report of GMS Resolutions. 3. Educational background. 98-99 4. Brief explanation on types of training participated in the fiscal year in order 248 to improve competencies of the Directors (if any). 5. Disclosure of affiliated relation with other members of the Directors and the 237 shareholders (if any). 8. In the event of a change in the composition of the Board of Commissioners - and/or Directors taking place after the fiscal year until the deadline of Annual Report submission as referred to in point (1) letter a, management composition stated in the Annual Report is then the composition of the Board of Commissioners and/or Directors both the latest and the previous one. 9. Number of employees and description of competency development, e.g. 32-33, employees training and education. 188-207 10. Description of Shareholders and ownership percentage at the end of fiscal year. 62-65 Information includes among others: 1. Name of shareholders having 5% or more shares. 65 2. Directors and Board of Commissioners who own shares. 65 3. Group of public shareholders each having less than 5% (five percent) share 65 ownership. 11. Information concerning major and controlling shareholder, both direct and 63 indirect, until the individual owner, presented in the form of scheme or diagram. 12. Names of subsidiaries, associated companies, joint ventures in which Issuer of 34-43 Public Company owns control with the entities, along with the percentage of share ownership, line of business, and operating status of such companies (if any). For subsidiaries, information on company address should be added. 13. Chronology of shares listing, changes in the number of shares from the 62 beginning of listing up to the end of the financial year and name of Stock Exchange where company shares are listed (if any). 14. Chronology of other securities listing and rating of the securities (if any). 63 15. Name and address of rating agency (if any). 50 16. Names and addresses of institutions and/or capital market supporting 50 professionals. In the event that capital market supporting professionals provide services periodically to the Company, there should be information on services provided, fees and period of assignment. 17. Award and certification received by the company, both national and 74-79 international scale during the fiscal year (if any).

4 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

No. Subject and Explanation Page VI. Management Discussion and Analysis 100-171 Annual Report must contain discussion and analysis of Financial Report and other significant information by emphasizing material changes taking place during the year under review. It should contain at least: 1. Operational review by business segment in accordance with the industry. 106-132 Description includes among others: 1. Production, which includes process, capacity and its development. 106-132 2. Revenue. 106-132 3. Profitability. 106-132 2. Analysis on comprehensive financial performance including a comparison 133-171 between the financial performance of the current year and that of the previous year, explanation on the causes of such changes and their impact, which among others includes: 1. Current assets, non-current assets, and total assets. 133 2. Short-term liabilities, long-term liabilities, and total liabilities. 143 3. Equity. 151 4. Revenue, expenses and profit (loss), other comprehensive revenue and 153-160 comprehensive income (loss). 5. Cash flows. 161 3. Capability to pay debts by presenting relevant ratio. 163 4. The company’s collectable accounts receivable by presenting relevant ratio. 163 5. Capital structure and Management’s policies on the capital structure. 164 6. Discussion on material ties for the investment of capital goods with explanation 165 concerning the purpose of such ties, sources of funds expected to fulfill the said ties, currency of denomination and steps taken by the company to protect the position of related foreign currency against risks. 7. Material information and facts occurring after the date of accountant’s report. 165 8. The company’s business prospects in relation to the industry, economy in 165 general, and international market, which may be accompanied with supporting quantitative data from reliable data sources. 9. Comparison between target/projection at the beginning of fiscal year and 164 the realization, which includes revenue, profit, capital structure, and other information deemed necessary by the Company. 10. Target/projection of the Company within the next one year at the longest, 165 which includes revenue, profit (loss), capital structure, dividend policy, and other information deemed necessary by the Company. 11. Marketing aspects of the company’s products and services, including among 166 others marketing strategies and market share. 12. Dividend policy along with the date and amount of dividend per share (cash 166 and/or non-cash) and amount of dividend per year announced or paid during the past 2 (two) years. 13. Use of Proceeds from public offering: 167 1. In the event that during the fiscal year reported, the Company is obliged 167 to submit Report on Realization of Use of Proceeds, then Annual Report should disclose accumulated realization of use of proceeds until the end of the fiscal year. 2. In the event that there is a change in the use of proceeds as stipulated in - Regulation No. X.K.4, the Company should then explain such change.

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 5 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

No. Subject and Explanation Page 14. Material information concerning, among others investment, expansion, 169 divestment, merge, acquisition, debt/capital restructuring, affiliated transaction, and transaction with conflict of interests, taking place during the fiscal year (if any). Information includes: 1. Date, value and object of transaction. 169 2. Name of transacting parties. 169 3. Nature of affiliated relation (if any). 169 4. Explanation of fairness of transaction. 169 5. Compliance with related rules and regulations. 169 15. Description of changes in regulation which have a significant effect on the 170 company and its impacts on the financial report (if any). 16. Changes in the accounting policy, rationale and impacts on the financial 170 statement (if any). VII. Corporate Governance 208-349 Corporate governance of the company contains description consisting of at least the following: 1. Board of Commissioners, consisting of among others: 232-244 1. Description of responsibility of the Board of Commissioners. 233 2. Disclosure of procedures, basis of decision, and amount of remuneration for 241 members of Board of Commissioners. 3. Disclosure of company policies and the implementation on frequency 239 of Board of Commissioners meetings, including joint meetings with the Directors, and attendance of members of Board of Commissioners in such meetings. 2. Directors, consisting of among others: 245-252 1. Scope of work and responsibility of each member of the Directors. 246 2. Disclosure of procedures, basis of decision, and amount of remuneration for 250 members of Directors, along with the relation between remuneration and company performance. 3. Disclosure of company policies and the implementation on frequency 249 of Directors meetings, including joint meetings with the Board of Commissioners, and attendance of members of Directors in such meetings. 4. Resolutions of GMS of the previous year and the realization during the 225-231 fiscal year, along with reasons in the event that there is a resolution not yet realized. 5. Disclosure of company policies on performance assessment of members of 244 Directors (of any). 3. Audit Committee, consisting of among others: 257-263 1. Name. 257 2. Employment record, work experience, and legal basis of appointment. 258, 263 3. Educational background. 258, 263 4. Period of service of Audit Committee members. 257, 263 5. Disclosure of independence of Audit Committee. 259

6 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

No. Subject and Explanation Page 6. Disclosure of company policies and the implementation on frequency 260 of Audit Committee meetings and the attendance of Audit Committee members in such meetings. 7. Brief description activities carried out by Audit Committee during the fiscal 261 year based on what is stated in Audit Committee Charter. 4. Other committees the Issuer or Public Company has in order to support 264-269 the function and tasks of Directors and/or Board of Commissioners, such as Nomination and Remuneration Committee, consisting of among others: 1. Name. 264-269 2. Employment record, work experience, and legal basis of appointment. 264-269 3. Educational background. 264-269 4. Period of service of committee members. 264-269 5. Disclosure of company policies on independence of committee members. 264-269 6. Description of the tasks and responsibilities. 264-269 7. Disclosure of company policies and the implementation on frequency of 264-269 committee meetings and the attendance of committee members in such meetings. 8. Brief description activities carried out by committee during the fiscal year. 264-269 5. Description of tasks and function of the Corporate Secretary. 270 1. Name. 272 2. Employment record, work experience, and legal basis of appointment. 272 3. Educational background. 272 4. Period of service of Corporate Secretary. 272 5. Brief description of tasks implementation of Internal Auditing Unit during 271 the fiscal year. 6. Description of company’s Internal Auditing Unit. 273 1. Name. 279 2. Employment record, work experience, and legal basis of appointment. 274, 279 3. Qualification/certification as an Internal Audit (if any). 273 4. Structure and position of Internal Auditing Unit. 274 5. Tasks and responsibilities of Internal Auditing Unit in accordance with that 276 stipulated in Internal Auditing Unit Charter. 6. Brief description of tasks implementation of Internal Auditing Unit during 277 the fiscal year. 7. Description of internal control system implemented in the company, consisting 278-279 of at least: 1. Operational and financial control, along with compliance with other 278-279 prevailing rules and regulations. 2. Review on effectiveness of internal control system. 279 8. Risk management system implemented in the company, consisting of at least: 280-293 1. General description of risk management system of the company. 280-282 2. Types of risks and efforts to manage such risks. 285 3. Review on effectiveness of the company’s risk management system. 288-293 9. Material litigation faced by the Issuer or Public Company, subsidiaries, present 293-299 members of the Board of Commissioners and Directors, including among others:

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 7 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

No. Subject and Explanation Page 1. Material of the case/claim. 293-299 2. Status of settlement of case/claim. 293-299 3. Impacts on the financial condition of the company. 293-299 10. Information on administrative sanctions to Issuer or Public Company, members 299 of the Board of Commissioners and Directors, by capital market authority and other authorities during the fiscal year (if any). 11. Information on code of ethics and corporate culture (if any) consisting of: 300-304 1. Main points of code of ethics. 300 2. Main points of corporate culture. 303 3. Form of socialization of code of ethics and its enforcement efforts. 300-304 4. Disclosure of code of ethics is applied to the Board of Commissioners, 300-304 Directors and employees of the company. 12. Explanation on employees and/or Management share ownership program 305 carried out by Issuer or Public Company, including among others amount, period of time, requirements for eligible employees and/or Management, and exercise price (if any). 13. Explanation on Whistleblowing System at the Issuer or Public Company to 306-310 report misconducts causing potential loss to the company or the stakeholders (if any), consisting of among others: 1. Means of submitting the report on misconducts. 308 2. Protection for whistleblower. 309 3. Party managing whistleblowing. 306 4. Results of whistleblowing handling. 310 VIII. Corporate Social Responsibility 314-349 1. Discussion on corporate social responsibility consisting of policies, types of 314-349 programs, and cost, in relation of the aspects of among others: a. Environment, such the use of environmentally friendly and recyclable 318 material and energy, the company’s waste management system, certification in the field of environment, etc. b. Labor practices, occupational health and safety, such as equality in gender 320 and work opportunity, work facility and safety, employees turnover, level work accident, training, etc. c. Social and community development, such as the use of local work force, 331 empowerment of the company’s surrounding community, improvement of social facilities and infrastructure, other forms of donations, etc. d. Product responsibility, such consumers’ health and safety, product 343 information, facilities for customers complaints, number of complaints and complaints handling, etc. 2. Issuer or Public Company may disclose information referred to in point (1) as part of the Annual Report or in a separate report, such as submitted at the same time as Sustainability Report or Corporate Social Responsibility Report.

8 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

No. Subject and Explanation Page IX. Audited Financial Report 353 The Financial Report contained in the Annual Report should be presented in 353 accordance with Financial Accounting Standard in Indonesia and has been audited by Accountant. The said Financial Report should contain statement regarding responsibility on the Financial Report in compliance with Regulation No. VIII.G.11 or Regulation No. X.E.1. X. Signatures of the Board of Commissioners and Directors 350-351 1. Annual Report should be signed by all members of the present Board of ü Commissioners and Directors. 2. The signatures stated in number (1) are presented a separate page in the - Annual Report and the said separate page should state that members of the Board of Commissioners and Directors are fully responsible for the accuracy of Annual Report. The separate page is in accordance with Form No. X.K.6-1 of the Attachment of this Regulation. 3. In the event that a member of the Board of Commissioners or Directors does - not sign the Annual Report, s/he must present a written explanation in a separate letter stating the reason and it is to be attached to the Annual Report. 4. In the event that member of the Board of Commissioners or Directors not - signing the Annual Report does not provide written explanation, written explanation in a separate letter from the other members should then be presented by members of the Board of Commissioners or Directors signing the Annual Report and it is to be attached to the Annual Report.

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 9 Identity of the CorporateProfile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development 208 Governance Analysis Contents

Management Discussion and Analysis 100 General Review 103 Review on the Company’s Performance Compared with Toll 104 Road Industry The Company’s Business Activities 106 Operational Review by Business 106 Segment Jasa Marga Business Segment 106 Basis of Implementation of Jasa 107 Marga Business Segment Management Business Segment of Toll Road 112 Operation Discussion and Executive Summary of Operation 100 127 Analysis 80 Director, Hasanudin Business Segment of Non-Toll Road 130 Management Business Development Comprehensive Analysis of Financial Report 133 Performance Assets 133 Liabilities 143 Equity 151 Consolidated Statements of 152 Comprehensive Income Operating Revenues 153 Operating Expenses 156 Operating Income 157 Income for the Year 159 Corporate Social Other Comprehensive Revenues 159 314 Responsibility Comprehensive Income for the Year 160 Profitability Ratio 161 Consolidated Statements of Cash 161 Flows Solvability and Collectability of 163 Highlights 2014 56 Receivables Capital Structure 164 Financial Highlights 2010-2014 56 Capital Structure Policy 164 Operational Highlights 2010-2014 58 Investment in Capital Goods 164 Stocks Highlights 59 Comparison of 2014 Target and 2014 Connectivity for Driving Growth 1 164 Bonds Highlights 61 Realization Cross Reference to Bapepam-LK 2 Chronology of Jasa Marga Shares Target/Projection to Achieve Next Regulation No. X.K.6 62 165 Listing and Bonds Issuance Year Table of Contents 10 Composition of JSMR Shares Material Ties for the Investment in 63 Identity of the Ownership 165 13 Capital Goods Company Shares Ownership of Board of Material Information Subsequent to 165 Commissioners, Directors and 65 the Date of Accountant’s Report Profile of the Company 14 Employees Business Prospect and Conditions of 165 Twenty Largest Shareholders and the Industry and Economy Jasa Marga at a Glance 14 65 Bondholders Marketing Strategies and Market Jasa Marga’s Milestones 14 166 Significant Events 2014 68 Share Jasa Marga in Brief 16 Awards and Certifications 74 Cash Dividend Policy and Payment 166 Business Activities 17 Use of Proceeds 167 Development of Toll Road Industry 80 17 Management Report in Indonesia Material Increase/Decrease in Net Revenues in Relation to Sales 169 Development of Jasa Marga’s Board of Commissioners Report 82 18 Composition of the Board of Volume or New Services Business 84 Commissioners Material Information on Investment, Vision & Mission, Values and Logo of 20 Work Program of the Board of Expansion, Divestment and the Company 84 170 Commissioners Acquisition and Debt/Equity Organizational Structure 24 Restructuring Assessment on Performance of the 86 Jasa Marga Key Personnel 26 Directors Information on Material Transaction with Conflict of Interest and/or 170 Human Capital Profile 32 View on Business Prospect 88 Related Parties Transaction Major Shareholder, Subsidiaries and Established by the Directors 34 Changes in Legislation Significantly Associated Companies 170 Assessment on Performance of the Affecting the Company Jasa Marga Group Corporate Committees under the Board of 89 34 Changes in Accounting Policies Structure Commissioners 170 Significantly Affecting the Company Subsidiaries 35 Profile of Board of Commissioners 90 Executive Summary of Finance 171 Associated Companies 42 Directors Report 92 Director, Reynaldi Hermansjah Areas of Operation and New Toll Road Analysis of Performance of the 44 94 New Projects Projects Company Development 172 Address of Branch Offices, Performance Achievement of the 94 Subsidiaries and Associated 48 Company Development of Toll Road Business 176 Companies Development of Non-Toll Road Obstacles Faced by the Company 95 184 Supporting Institutions and Business 50 Future Prospect of the Company’s Professionals 96 Executive Summary of Business Business 185 Development Director, Abdul Hadi Hs. Transformation of Sustainable Implementation of 53 96 Jasa Marga Corporate Governance Corporate Social Responsibility 96 Changes in the Composition of the 97 Directors Profile of Directors 98

10 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Work Guidelines and Orders for the Human Capital 248 Internal Audit Unit 273 188 Directors (Board Charter) Management Qualification of Internal Audit Unit 273 Directors Competency Development Transformation of Human Capital 191 248 Structure and Position of Internal and Training Programs 274 Audit Unit Organizational Improvement 192 Directors Meetings 249 Appointment and Dismissal of Manpower Planning and Recruitment 274 194 Decisions of Directors in 2014 250 Internal Audit Employees Performance and 195 Procedures, Basis of Decision Competency Development of Competency Development and Amount of Remuneration of 250 Internal Audit Human Resources and 274 Employees Performance Management 197 Members of Directors Certification of Audit Profession System Relationship between Board of Work Guidelines for Internal Audit 253 275 Employees Career Development 199 Commissioners and Directors Unit Employees Welfare 201 Assessment of Board of Code of Ethics for Internal Auditors 276 254 Industrial Relations Management 203 Commissioners and Directors Tasks and Responsibilities of Internal 276 Management of Post-Employment Diversity in the Composition of Board Audit Unit 204 256 Program of Commissioners and Directors Implementation of Activities of 277 Management of Outsourced Committees 257 Internal Audit Unit in 2014 205 Employees Audit Committee 257 Audit Results of Internal Audit Unit 277 Employees Productivity 205 Composition of Audit Committee 257 Other Audit Supporting Activities 277 Awards Related to Human Capital Legal Basis on the Forming of Internal Audit Unit Performance 205 257 277 Management Audit Committee Evaluation Management of Human Capital Educational Qualification and Internal Control System of the 206 258 278 Transformation Work Experience Company Cost for Human Resources Tasks and Responsibilities of Socialization of Corporate Internal 206 258 278 Executive Summary of Human Capital Audit Committee Control System (SPIP) Framework Independence of Audit Review on Effectiveness of and General Affairs Director, Muh 207 259 Najib Fauzan Committee Corporate Internal Control System 279 Audit Committee Meetings 260 (SPIP) Corporate Governance 208 Remuneration of Audit Profile of Head of Internal Audit 279 261 Jasa Marga Commitment to GCG Committee Risk Management Report 280 211 Implementation Achievement of Audit Develoment of Jasa Marga Risk 280 Objectives of GCG Implementation at Committee Key Performance 261 Management 212 Indicators (KPI) Jasa Marga Risk Management Policies 281 Legal Basis of GCG Implementation at Report on Implementation of 261 Risk Management Governance 213 Tasks of Audit Committee 282 Jasa Marga Structure Results of GCG Implementation Profile of Audit Committee 263 The Company’s Risks and Managing 216 285 Assessment Business Risk and Investment Them 264 Structure, Policy and Mechanism Committee Implementation of Risk Management 288 of Corporate Governance 221 Composition of Business Risk Work Programs in 2014 Implementation 264 and Investment Committee Profile of VP Risk and Quality 293 General Meeting of Shareholders 225 Legal Basis on the Forming of Management Business Risk and Investment 264 Board of Commissioners 232 Material Litigation 293 Committee Composition of the Board of Information on Administrative 232 Tasks and Responsibilities of 299 Commissioners Sanctions Business Risk and Investment 264 Duties and Responsibilities of the Code of Conduct and Corporate 233 Committee 300 Board of Commissioners Culture Independence of Business Risk Appointment and Dismissal of Board 265 236 and Investment Committee Code of Conduct 300 of Commissioners Business Risk and Investment Corporate Culture 303 Independence of the Board of 265 Committee Meetings Commissioners and Independent 236 Shares Ownership Program for Remuneration of Business Risk Employees and/or Management 305 Commissioners 265 and Investment Committee (MSOP/ESOP) Affiliate Relationship and Board 237 Membership at Other Companies Achievement of Business Risk Equal Treatment to All Shareholders 305 and Investment Committee Key Dual Positions and Conflict of 265 Whistleblowing System 306 238 Performance Indicators (KPI) Interest Procurement of Goods and Services 310 Report on Implementation Work Guidelines and Orders for the of Tasks of Business Risk and 266 Governance of Information Board of Commissioners (Board 238 312 Investment Committee Technology Charter) Profile of Business Risk and External Auditor 312 Board of Commissioners Meetings 239 268 Investment Committee Procedures, Basis of Decision Corporate Social Remuneration and Nomination 314 and Amount of Remuneration of 241 269 Responsibility Committee Members of Board of Commissioners General Strategies and Policies 317 Policies in Directors Successors 269 Board of Commissioners Ecological Responsibility 318 Competency Development and 243 Profile of Remuneration and 269 Labor and Occupational Health & Training Programs Nomination Committee 320 Safety Responsibility Decisions of Board of Corporate Governance Committee 269 243 Report on Social Responsibility 331 Commissioners in 2014 Profile of Corporate Governance 269 Monitoring and Evaluation of the Committee Responsibility to Customers 343 Follow up of Decisions of Board Secretary of the Board of Access to Information and Data of the 244 270 349 of Commissioners-Directors Joint Commissioners Company Meetings in 2014 Corporate Secretary 270 Management Achievement of Board of Organizational Structure of Responsibility for 350 Commissioners Key Performance 244 270 Corporate Secretary Annual Report 2014 Indicators (KPI) 2014 Implementation of Tasks of Committees under Board of 271 352 244 Corporate Secretary Glossary Commissioners Work Experience of Corporate 272 Consolidated Financial Directors 245 Secretary 353 Requirements, Membership and Statements 245 Competency Development and Composition of Directors Training Programs of Corporate 272 Duties and Responsibilities of the 246 Secretary Directors Profile of Corporate Secretary 272 Independence of Directors 247 Directors Dual Positions 248

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 11 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

The Company’s core business activities include performing technical planning, construction, operation and/or maintenance of toll roads; and developing the land in toll roads’ right of way (ROW) areas and the land adjacent to toll roads’ ROW for rest and services areas along with the facilities and other businesses.

12 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014 Identity of the Company

Name of the Company Business Activities PT Jasa Marga (Persero) Tbk. According to the Company’s Articles of Association Incorporated in Jakarta stipulated in the Decision of the Minister of Law and Human Rights of the Republic of Indonesia Head Office Address No. AHU-20228.AH.01.02 of 2011 on Approval Plaza Tol Taman Mini Indonesia Indah of Amendment of the Company’s Articles of Jakarta 13550 Indonesia Association, the aims and purposes of the Tel.: 62-21 841 3526, 841 3630 Company are to engage in performing and Fax.: 62-21 841 3540 supporting the Government’s programs and Email: [email protected], policies in economy and national in development [email protected] in general; and in the development of toll roads Website: www.jasamarga.com along with the supporting facilities in particular, by implementing the principles of Limited Liability Company. To achieve the said aims and purposes, Center for Traffic the Company performs the following business Information and Other activities: Services JMTIC (Jasa Marga Traffic Information Center) Core Business Activities 62-21 8088 0123 1. Performing technical planning, construction, operation and/or maintenance of toll roads. Date of Establishment 2. Developing the land in toll roads’ right of way (ROW) areas and the land adjacent to toll 01 March 1978 roads’ ROW for rest and services areas along with the facilities and other businesses, either Legal Basis of solely or in cooperation with other parties. Establishment Government Regulation No. 04 of 1978 Supporting Business Activities 1. The field of property development in areas Authorized Capital near toll road corridor. 2. The field of services development for Rp 9.52 trillion businesses related to modes/means of transportation, distribution of liquid/solid/ Issued & Fully Paid Capital gas material, information facility network, Rp 3.4 trillion technology and communication, in relation to toll road corridor. Ownership 3. The field of trade and services for Government of the Republic of Indonesia 70% construction, maintenance and toll road Public 30% operation.

Share Listing Information Stock Exchange : IDX, quote JSMR since 12 November 2007 Bloomberg : JSMR IJ Reuters : JSMR.JK

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 13 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Profile of the Company Jasa Marga at a Glance

Jasa Marga’s Milestone

1978 1983 1984 1986

• Jasa Marga was

established Semarang Toll Road with the scope started to operate. • Jakarta-Tangerang • Surabaya-Gempol of business to Toll Road started to Toll Road started to manage, maintain operate. operate. and provide toll • Prof. Dr. Ir. • Belmera (Belawan- road network. Sedyatmo Toll Medan-Tanjung • Jagorawi as the Road started to Morawa) Toll Road first toll road in operate. started to operate. Indonesia started to operate.

2003 2004 2006 2007 2008

Cipularang (Cikampek- The authorization The signing of Toll Road • The change in Jasa Purwakarta- function is returned The signing Concession Agreement Marga Logo signifying Padalarang) Toll to the Government of Kunciran- (Perjanjian Pengusahaan the Company’s Road started to (Department of Serpong Toll Jalan Tol/PPJT) of Modernization and operate. Public Works c.q. Road Concession Bogor Outer Ring Road, Transformation. Indonesian Toll Road Agreement. Semarang-Solo, Gempol- • Jasa Marga became a Authority – Badan Pasuruan, Gempol- public company through Pengatur Jalan Tol/ Pandaan, JORR W2 North, the Initial Public Offering BPJT). Surabaya-Mojokerto and 13 (IPO) by listing its shares toll road sections operated at the Indonesia Stock by the Company. Exchange. • The integration of JORR Toll Road from Ulujami- Cilincing.

14 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

1998 1991 1990 1988 1987

Palikanci Jakarta Outer Ring (Palimanan- • Padaleunyi Road Toll Road Jakarta-Cikampek (Padalarang- Kanci) Toll • Government began to (Section S Pondok Toll Road started Cileunyi) Toll Road Road started to provide the opportunity Pinang-Lenteng to operate. started to operate. operate. for private parties to Agung) started to • JORR Toll Road participate in the provision operate. (Section E Cakung- of toll roads through Build, Cikunir) started to Operate and Transfer operate. (BOT) system with Jasa Marga. • Jasa Marga started the operation of Jakarta Inner Ring Road Toll Road in stages. 2014 2013 2012 2011 2009

• The Start of operation of

e-Toll Pass Nusa Dua- Semarang-Solo Toll Road • Surabaya-Mojokerto started to be Ngurah Rai- (Section 2 Ungaran-Bawen), • Bogor Outer Ring Toll Road (Section implemented. Benoa (Bali Bogor Outer Ring Road Toll Road Toll Road 1A Waru-Sepanjang) Mandara) Toll Road (Section 2A Kedung (Section 1 Sentul and Semarang-Solo Road and JORR Halang-Kedung Badak) and Selatan-Kedung Toll Road (Section 1 W2 North Toll JORR W2 North Toll Road Halang) started to Semarang-Ungaran) Road (Kebon (Section Ciledug-Ulujami). operate. started to operate. Jeruk-Ciledug • Jasa Marga won the tender • e-Toll Card started to • The signing of Nusa Section) started for the concession of Medan- be implemented. Dua-Ngurah Rai-Benoa to operate. Kualanamu-Tebing Tinggi Toll • The signing of Toll Road Concession Road. Cengkareng-Kunciran Agreement. Toll Road Concession Agreement.

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 15 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

The Company was established based on the Deed No. Jasa Marga in Brief 1 dated 01 March 1978, under the name of, “PT Jasa Marga (Indonesia Highway Corporation)”, which was Basis of Establishment then changed based on the Deed No. 187 dated 19 May To support the economic growth, Indonesia needs 1981 and the name of the Company was changed into reliable road network. PT Jasa Marga (Persero) “PT Jasa Marga (Persero)”, both made before Kartini Tbk. was formed based on Government Regulation Muljadi, SH., then Notary in Jakarta. No. 04 of 1978 on the State Capital Participation of the Republic of Indonesia in the establishment of a The Company’s Articles of Association have been State-Owned (Persero) in the fields of management, amended several times and the most recent maintenance and provision of toll road network, amendment has been announced in the Supplement along with its business regulations (State Gazette No. 27404 to the State Gazette of the Republic of No. 04 of 1978 in conjunction with the Decree of Indonesia dated 12 December 2008 No. 100 and the Minister of Finance of the Republic of Indonesia was last amended based on Deed of Resolutions of No. 90/KMK.06/1978 on the Decision of the Capital No. 33 dated 05 April 2011 made before Notary Ny. of Perusahaan Perseroan (Persero) PT Jasa Marga Poerbaningsih Adi Warsito, SH., Notary in Jakarta as dated 27 February 1978). approved by the Minister of Law and Human Rights

16 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

of the Republic of Indonesia through its Decree No. 1. Performing technical planning, construction, AHU-20228.AH.01.02 year 2011 dated 21 April 2011, operation and/or maintenance of toll roads. and was last amended in accordance with the Deed 2. Developing the land in toll roads’ right of way of Resolutions of Extraordinary General Meeting (ROW) areas and the land adjacent to toll roads’ of Shareholders No. 95 dated 21 June 2012, made ROW for rest and services areas along with the before Ny. Poerbaningsih Adi Warsito, SH., Notary in facilities and other businesses. Jakarta and has obtained acknowledgement letter from Directorate General Public Law Administration The above business activities are carried out through of the Ministry of Law and Human Rights No. AHU- the process of planning, building, operating and AH.01.10-25313 dated 10 July 2012. maintaining toll roads along with the facilities so that toll roads are able to function as highway providing In accordance with the resolutions of the more benefits compared to the non-toll roads. Extraordinary General Meeting of Shareholders convened on 12 September 2007 regarding the Based on its Articles of Association, the Company changes in the Company’s Articles of Association also conducts the following supporting business with regards to Initial Public Offering, including activities: the increase in authorized capital, issued and 1. Developing property in areas near toll road fully paid capital; the changes in par value and corridor. the classification of share; the change in the 2. Developing services for businesses related to Company’s status from a private company to modes/means of transportation, distribution become a public company; and the change in the of liquid/solid/gas material, information facility name of the Company to become Perusahaan network, technology and communication, in Perseroan (Persero) PT Jasa Marga (Indonesia relation to toll road corridor. Highway Corporatama) Tbk. or PT Jasa Marga 3. Developing the fields of trade and services (Persero) Tbk., the decision of the changes in the for construction, maintenance and toll road Company’s Articles of Association was stated in operation. the Deed No. 27 dated 12 September 2007 from Notary Ny. Poerbaningsih Adi Warsito SH. The deed Development of Toll Road was approved by the Minister of Law and Human Rights of the Republic of Indonesia through the Industry in Indonesia Decree of No. W7-10487 HT.01.04-TH.2007 dated 21 1978 September 2007. The history of Indonesian toll road industry began when the country’s first toll road Jagorawi officially Changes in the Company’s Name began to operate in 1978. The construction of Apart from the changes of its name due to the Jagorawi Toll Road connecting Jakarta-Bogor-Ciawi change of its status to become a public company, was completed by the Government by using state’s the name of the Company has never been changed. budget and foreign loan handed over to PT Jasa Marga (Persero) Tbk. as equity participation. Business Activities According to Article 3 of the Company’s Articles of 1980 Association, the aims and purposes of the Company At the end of the ‘80s, the Government of Indonesia are to engage in performing and supporting the began to include private sectors to participate in toll Government’s programs and policies in economy road development through the Build, Operate and and national in development in general; and in the Transfer (BOT) mechanism. development of toll roads along with the supporting facilities in particular, by implementing the principles of Limited Liability Company. To achieve the above aims and purposes, the Company performs the following activities:

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 17 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

2004 Since then, toll road operation and development The issuance of Law No. 38 of 2004 on Road is based on investment concept and as an replacing Law No. 13 of 1980, along with the issuance investor, the Company will invest in toll roads that of Government Regulation No. 15 giving more are financially feasible in accordance with the specific regulations on toll roads have brought concession period. To get new toll road concession changes in toll road business mechanism, which also requires the forming of new business entity. among others include the forming of the Indonesian Toll road concession may be acquired in three Toll Road Authority (Badan Pengatur Jalan Tol ways, i.e. by participating in tender held by the – BPJT) as the regulator of toll road industry in Government, by acquiring/increasing ownership Indonesia, as well as the decision of toll tariff by the at potential toll road sections and by unsolicited Minister of Public Works along with the adjustment mechanism in which the Company propose to the every two years based on inflation. Government toll road section that is not included in the Government’s plan. Development of Jasa Marga’s To support the expansion and development of the Business Company, since 2007, the Company has become a At an earlier stage of its establishment, besides public company and has been listed at Indonesia functioning as operator, Jasa Marga also had the Stock Exchange (IDX) – previously Jakarta Stock responsibility as the toll road authority in the Exchange (JSX), when the Government sold its 30% country. Until 1987, Jasa Marga was the only toll shares to public on 12 November 2007. road operator in Indonesia and its development is financed by the Government with fund deriving from Development of Toll Road Business foreign loan and the issuance of Jasa Marga bonds. Through the Toll Road Concession Agreement As the country’s first toll road operated by the (Perjanjian Pengusahaan Jalan Tol – PPJT) signed Company, Jagorawi (Jakarta-Bogor-Ciawi) Toll Road on 07 July 2006, 13 toll road sections operated by that is operated since 1978 serves as the milestone in the Company have a concession period of 40 years the development of toll road industry in Indonesia. effective from 01 January 2005, with an exception of PPJT of JORR Section S, which in 2013, Jasa Marga In the 90s, the Company’s role is more on the was appointed temporary operator based on the authority, facilitating private investors most of whom Decision of the Minister of Public Works No. 80.1/ failed to realize their project. The toll roads that were KPTS/M/2013 on Temporary Operation of Jakarta taken over by the Company include JORR (Jakarta Outer Ring Road Toll Road Section Pondok Pinang- Outer Ring Road) and Cipularang. Jagorawi (JORR S). As the Company continues to grow, the Company constantly makes the efforts The issuance of Government Regulation No. 15 to add its ownership of new toll road concessions. giving more specific regulations on toll roads have In 2006, the Company signed the Concession brought changes in toll road business mechanism, Agreement for six (6) toll roads, i.e. Bogor Outer the authorization function is given back from the Ring Road, Semarang-Solo, Gempol-Pasuruan, Company to the Government. Consequently, the Gempol-Pandaan, JORR W2 North and Surabaya- Company fully functions as a toll road operator Mokojerto whose concessions are held by PT Marga and developer that requires concession license Sarana Jabar, PT Trans Marga Jateng, PT Transmarga from the Government. Jatim Pasuruan, PT Jasamarga Pandaan Tol, PT Marga Lingkar Jakarta, and PT Marga Nujyasumo Agung, respectively.

18 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

In addition to continuously adding more new toll In addition to continuously road concessions, Jasa Marga also increases its ownership at the Subsidiaries, holder of toll road adding more new toll road concession. In 2009, the Company increased its shares ownership and became the major shareholder concessions, Jasa Marga also in PT Marga Kunciran Cengkareng, holder of increases its ownership at the Cengkareng-Kunciran Toll Road concession; PT Marga Trans Nusantara, holder of Kunciran-Serpong Subsidiaries, holder of toll Toll Road concession; PT Marga Nujyasumo Agung, holder of Surabaya-Mojokerto Toll Road concession. road concession In 2011, Jasa Marga increased its shares ownership in PT Jasamarga Pandaan Tol, which is the concession holder of Gempol-Pandaan Toll Road and becomes the major shareholder by acquiring the shares from existing shareholder. Furthermore, together with Development of Non-Toll Road Businesses a consortium of four (4) SOEs, local Government- Apart from toll road business, the Company also owned enterprise, and Local Government, the conducts several non-toll road business activities Company was appointed developer of Nusa Dua- intended to enable the synergy and maximize the Ngurah Rai-Benoa Toll Road project in Bali. development of the Company’s assets. The said activities are strengthened by establishing two In 2014, together with a consortium of three subsidiaries, namely PT Jasa Layanan Pemeliharaan (3) SOEs, the Company won the tender for the (JLP), previously known as PT Sarana Marga Utama concession of Medan-Kualanamu-Tebing Tinggi Toll founded in 1988 and was acquired in 2010 to work Road. Therefore, through the Subsidiaries formed by in the field of construction, trading and car rental the Company in cooperation with several business services; and PT Jasamarga Properti founded partners, with the Company having majority in 2013 to work in the field of property related ownership of more than 51%, until the end of 2014, services, trading and development. At the two said the Company has ten (10) new toll road sections of subsidiaries, the Company is the major shareholder. 273 km. Based on the types of business, the Company’s main Through nine (9) Branches and eleven (11) toll road income derives from the toll payment of vehicles Subsidiaries, the Company is the concession holder passing its toll roads (toll revenues) and non-toll of 23 toll road sections, 18 of which, representing revenues consisting of revenues from land rent, 576 km, are already operated, including four new toll advertisements, rest areas, operation of other party’s roads that are operated in stages, i.e. Bogor Outer toll road and maintenance services. Ring Road Toll Road, Section Sentul Selatan-Kedung Badak (5.8 km); Semarang-Solo Toll Road, Section Semarang-Bawen (23.10 km); Surabaya-Mojokerto Toll Road, Section Waru-Sepanjang (2.30 km); and those fully operated, i.e. Nusa Dua-Ngurah Rai- Benoa Toll Road (10.00 km) and JORR W2 North Toll Road (7.70 km). As of 31 December 2014, the Company has therefore dominated the market share by operating 72% of the total length of toll roads (in km) in Indonesia.

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 19 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Vision & Mission, Values and Logo of the Company The formulation of the Company’s Vision, Mission, and Values was carried out by involving the entire related parties, which include among others: the Board of Commissioners, Directors, and employees, while bearing in mind the interests of the Stakeholders.

The Vision, Mission and Values of the Company have been approved by the Board of Commissioners and Directors following the Decision of the Directors No. 50/KPTS/2013 dated 01 March 2013 on Vision, Mission and Values of the Company.

Stages in Setting the Vision, Mission and Values of the Company 1. Directors evaluate the Company’s achievements of performance and internal strength. 2. Directors evaluate the strategic changes in the Company’s external surroundings and consider future business opportunities. 3. Directors evaluate and identify the needs and expectations of the stakeholders. 4. While considering Internal Strengths and External Opportunities as well as stakeholders expectations, Directors formulize the Vision, Mission and Values of the Company. 5. The Vision, Mission and Values are then submitted to and evaluated by the Board of Commissioners to be decided and agreed together by both the Board of Commissioners and the Directors. 6. Directors decide the Company’s Vision, Mission and Values through Decision Letter of the Directors.

The Board of Commissioners and Directors periodically every year evaluate the accomplishment of the Company’s Vision and Mission.

Stages of Setting the Vision and Mission of the Company

NEEDS AND EXPECTATIONS OF STAKEHOLDERS

DIRECTORS AND BOARD OF COMMISSIONERS

VISION AND MISSION

STRATEGIC CHANGES ACHIEVEMENTS OF IN EXTERNAL SURROUNDING THE COMPANY’S PERFORMANCE AND BUSINESS OPPORTUNITIES AND INTERNAL STRENGTHS

20 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Vision & Mission of the Company To provide clarity of direction and enable unifying focal point, the Company reviewed its Vision by evaluating its strength and business opportunities in the long term for both toll road and non-toll road businesses. The Vision of the Company is as follows:

2017 Vision 2022 Vision To become a leading company To become one of the leading in the development and companies in Indonesia. operation of toll roads in Indonesia.

Leading Company is defined with the following characteristics: • Having relatively high financial soundness in the industry and providing long-term investment value. • Becoming market leader in the industry. • Constantly making innovation in order to provide excellent quality of products and services. • Having social responsibility to the community and environment. • Having qualified Management • Becoming role model in Human Capital management to other companies and being chosen as the place for having a career by talented people.

In formulizing its Mission, the Company reevaluated its Reason for Being, and Fundamental Purpose, while communicating the Value of the Company. The Mission of the Company is as follows:

Mission 1. Accelerating Toll Road Development. 2. Providing Efficient and Reliable Toll Roads. 3. Enhancing the Efficiency in the Distribution of Goods and Services.

The Company’s Mission bears the meaning that the Company consciously understands its existence in performing its business activities as toll roads developer and operator, the Company has duties to realize the Acceleration of Toll Road Development to support economic growth program launched by the Government. In addition, the Company also understands that the existence of toll roads operated by the Company needs to benefit the toll road users requiring efficient and reliable toll roads as well as free-flowing distribution of goods and services.

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 21 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

J S

JUJUR (TRUSTWORTHY) SIGAP (AGILE) Jasa Marga is committed Jasa Marga is AGILE in to always being providing services to TRUSTWORTHY, fair, the customers and other transparent and free stakeholders by being from conflict of interests concerned and proactive in carrying out its while constantly staying business activities. prudent.

Logo of the Company

1978 - 1993 1993 - 2007 2007 - present

Transformation of the Company’s Logo

22 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Values of the Company To run the Mission and accomplish the Vision of the Company, Jasa Marga has set Corporate Values serving as Guiding Principles in Behavior and Decision Making. Based on the review on the Corporate Values, such Values are established on the foundation of four main principles jointly recognized and developed, i.e. Jujur (Trustworthy), Sigap (Agile), Mumpuni (Qualified) and Respek (Respectful). Detailed meaning and explanation of the Corporate Values is as follows:

M R

RESPEK (RESPECTFUL) MUMPUNI (QUALIFIED) Jasa Marga is Jasa Marga is RESPECTFUL to the QUALIFIED in stakeholders in creating performing the synergy to make duties with the basis achievements. of competency, consistency and innovation.

Since 1978, the Company’s logo has been as spirit and commitment. The configuration changed twice, i.e. in 1993 and 2007. of road forming the letter “J” (the first letter of the Company’s name) is the reflection The Company’s logo used since 2007 shows of the Company’s historical journey, giving changes that reflect strong commitment the image of the Company with increasing to grow to become a company having the dynamic, whereas the blue ball indicates that images of leading, modern and professional Jasa Marga is on its way to become a company in the industry. The colors of blue and yellow with global standard. The toll road services are in the logo represent hope and future as well continuously improved to meet such standard.

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 23 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Organizational Structure

In order to achieve the Company’s Vision and Mission as well as its business strategic plans and in accordance with the strategic policies in the field of human capital that are competence-based, the Company requires organization that classifies functions using the approaches of hard and soft competence to support the effectiveness and performance of organization.

Organizational Structure PT Jasa Marga (Persero) Tbk.

President Director

ADITYAWARMAN

Operation Director Business Human Capital and Development General Affairs Director Director HASANUDIN ABDUL HADI Hs. MUH NAJIB FAUZAN

Toll Road Business INTERNAL AUDIT Operation Human Capital Development Management Strategy and Policy Division Division Division AGUS PURNOMO TARULI M. HUTAPEA TRULY UNGGUL CARIAWAN NAWANGSASI

Related Business Human Capital CORPORATE Maintenance Division SECRETARY Development Services Division Division AYU WIDYA SUTIRYA WIRIAS DAVID WIJAYATNO KISWARI DEDI KRISNARIAWAN S. SASTRA

Highway and Traffic General Affairs Engineering Division Division CHRISTANTIO IBK YUDARTHA PRIHAMBODO

Rest Area Business Jasa Marga BRANCH OFFICES TOLL ROAD NON TOLL ROAD Unit Development Center Unit SUBSIDIARIES SUBSIDIARIES LEONA ROEDHIANITASARI L. IRWAN PRASETYO

*The Company’s Organizational Structure based on the Decision of the Directors No. 41/KPTS/2013 dated 01 March 2013

24 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

The Company has four directorates each of which has its own functions and scope of work, as follows:

1. Directorate of Operation through Operation Management Division carries out the management of the Company’s operational activities, such as toll collection and traffic services, whereas Maintenance Division carries out toll road maintenance activities. 2. Directorate of Business Development through Toll Road Business Development Division, Related Business Development Division, and Highway and Traffic Engineering Division carry out the management of new toll road investment activities and development of other businesses as well as the monitoring and control of Subsidiaries’ performance. 3. Directorate of Human Capital and General Affairs carries out the management and development of human resources through Human Capital Strategy and Policy Finance Director Division, Human Capital Services Division;

REYNALDI HERMANSJAH and management of general affairs activities through General Affairs Division. 4. Directorate of Finance, through Corporate Planning Division, Finance

Corporate Risk and Quality and Accounting Division and Community Planning Management Development Program Unit, carries out Division Division the Company’s financial planning, control MOHAMMAD SOFYAN NIXON SITORUS and management.

Finance and Legal Division Beside the units mentioned above, the Accounting Division Company also has several others units under ARIEF NURSETIAWAN HELI WINARSO direct control of the President Director. Those units are Internal Audit and Corporate

Community Information Secretary. Risk and Quality Management Development Technology Division, Legal Division and Information Unit Division ENKKY SASONO A. W. D. HARI PRATAMA Technology Division each responsible for managing risk, technology and corporate legal; along with Branch Offices, Toll Road Subsidiaries, Non-Toll Road Subsidiaries, Rest Area Business Unit and Jasa Marga Development Center Unit are under the control of the Directors of the Company.

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 25 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Jasa Marga Key Personnel Head Office

David Wijayatno AGUS PURNOMO NIXON SITORUS Corporate Secretary Head of Internal Audit VP Risk and Quality Profile is available at Profile of Profile is available at Profile of Management Corporate Secretary. Head of Internal Audit. Profile is available at Profile of VP Risk and Quality Management.

Taruli M. Hutapea Ayu Widya Kiswari CHRISTANTIO TRULY NAWANGSASI VP Operation VP Maintenance PRIHAMBODO VP Toll Road Business Management Having joined Jasa Marga since VP Highway and Traffic Development Having joined Jasa Marga since 1995, she was appointed VP Engineering Having joined Jasa Marga since 1986, she was appointed VP Maintenance on 20 January Having joined Jasa Marga since 1996, she was appointed VP Toll Operation Management on 2014. She completed Bachelor’s 1988, he was appointed VP Road Business Development 01 July 2012. She completed Degree in Transportation Civil Highway and Traffic Engineering on 02 February 2015. She Bachelor’s Degree in Civil Engineering from Sepuluh on 02 February 2015. He completed Bachelor’s Degree Engineering from University November Institute of completed Bachelor’s Degree in in Civil Engineering from of Indonesia in 1999. Previous Technology Surabaya in 1994. Civil Engineering from University University of Indonesia in 1992. key positions at Jasa Marga Previous key positions at Jasa of Indonesia in 2002. Previous Previous key positions at Jasa among others include Head Marga among others include key positions at Jasa Marga Marga among others include VP of Toll Collection Sub Division Head of Maintenance Control among others include GM of Highway Traffic and Engineering of Operation Management Sub Division of Maintenance Surabaya-Gempol (2014) and (2014) and AVP Toll Road Division (2007-2008) and Division (2009-2011) and Head GM of Purbaleunyi Branch Investment Development of Toll Head of Toll Collection System of Maintenance Program, (2012-2014). Road Business Development Control Sub Division of Toll Preparation and Procedure Sub Division (2010-2014). Collection Division Division (2007-2009). (2001-2007).

26 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Dedi Krisnariawan Unggul Cariawan Sutirya Wirias Ida Bagus Kade Sunoto VP Human Capital Sastra Yudartha VP Related Business Strategy and Policy GM Human Capital GM General Affairs Development Having joined Jasa Marga since Services Having joined Jasa Marga since Having joined Jasa Marga since 1988, he was appointed VP Having joined Jasa Marga 1988, he was appointed GM 1989, he was appointed VP Human Capital Strategy and since 1981, he was appointed General Affairs on 01 September Related Business Development Policy on 01 October 2010. He GM Human Capital Services 2014. He completed Bachelor’s on 02 May 2014. He completed completed Bachelor’s Degree in on 01 July 2013. He completed Degree in Accounting from Bachelor’s Degree in Civil Transportation Civil Engineering Bachelor’s Degree in Economy Pancasila University Jakarta in Engineering from Gadjah from Sepuluh November Management from STIA LAN 1988. Previous key positions Mada University in 1988 and Institute of Technology Surabaya Jakarta in 1999. Previous at Jasa Marga among others Master’s Degree in Management in 1986 and Master’s Degree key positions at Jasa Marga include Senior Manager Program from University of in Finance Management from among others include Head Procurement and Logistics of Pelita Harapan in 2007. Previous University of Indonesia in 1999. of Partnership Program and General Affairs Division (2013- key positions at Jasa Marga Previous key positions at Jasa Community Development 2014) and Head of Logistics among others include VP Toll Marga among others include Program Unit (2011-2013) Department of General Affairs Road Business Development Head of Risk Management and Head of HR and General Bureau (2008-2013). (2006-2014) and Head of Toll Committee (2006) and Head Affairs Department of Jakarta- Road Investment Sub Division of Board Administration Cikampek Branch (2007-2011). of Business Development and Investors Information Division (2001-2006). Department (2001).

Mohammad Sofyan ARIEF NURSETIAWAN Heli Winarso D. Hari Pratama VP Corporate Planning VP Finance and VP Legal VP Information Having joined Jasa Marga Having joined Jasa Marga since Accounting Technology since 1989, he was appointed Having joined Jasa Marga since 1997, he was appointed VP Having joined Jasa Marga VP Legal on 02 May 2014. He 1997, he was appointed VP Corporate Planning on 06 March since 1995, he was appointed completed Bachelor’s Degree in Information Technology on 01 May 2012. He completed Bachelor’s VP Finance and Accounting Law from Jenderal Soedirman 2013. He completed Bachelor’s Degree in Civil Engineering on 02 February 2015. He University in 1988. Previous key Degree in Civil Engineering from from 10 November Institute of completed Bachelor’s Degree positions at Jasa Marga among Sepuluh November Institute of Technology Surabaya in 1996, in Accounting from Gajah Mada others include AVP Corporate Technology Surabaya in 1995 Master’s Degree in Project University in 1993. Previous key and Legal Business of Legal and Master’s Degree in Civil Management from University of positions at Jasa Marga among Division (2013-2014) and Head Engineering from Queensland Indonesia in 2003 and Master’s others include Senior Auditor of Agreement and Corporation University of Technology Australia Degree in Business & IT from Internal Audit (2014) and AVP Department of Legal Bureau in 2001. Previous key positions at the University of Melbourne in Accounting of Finance and (2007-2013). Jasa Marga among others include 2007. Previous key positions Accounting Division East Java Toll Road Corridor at Jasa Marga among others (2007-2013). Property Development Business include Head of Corporate Project Manager (2012-2013) Work Program Monitoring and Head of Other Businesses and Evaluation Department Development Division of Corporate Planning Bureau (2010-2012). (2010-2012) and Head of Technology Development Analysis Department of Corporate Information Technology Bureau (2008-2010). PT Jasa Marga (Persero) Tbk. 2014 Annual Report 27 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

BRANCH OFFICES

Irwan Prasetyo Enkky Sasono A. W. Supratowo Roy A. Darwis GM Jasa Marga GM Community GM Jagorawi GM Cawang-Tomang- Development Center Development Program Having joined Jasa Marga since Cengkareng Having joined Jasa Marga since Having joined Jasa Marga 1986, he was appointed GM Having joined Jasa Marga since 1989, he was appointed GM Jasa since 1986, he was appointed Jagorawi on 23 May 2014. He 1993, he was appointed GM Marga Development Center on GM Community Development completed Bachelor’s Degree Cawang-Tomang-Cengkareng 02 February 2015. He completed Center on 02 February 2015. He in Civil Engineering from on 02 February 2015. He Bachelor’s Degree in Planology completed Bachelor’s Degree in Diponegoro University in 1985. completed Bachelor’s Degree from Bandung Institute of Business Administration from STIA Previous key positions at Jasa in Civil Engineering from Technology in 1988, Master’s LAN Jakarta in 1996 and Master’s Marga among others include GM National Institute of Science Degree of Public Management Degree in Management from STIE Jakarta-Tangerang (2012-2014) and Technology in 1991 and from Carnegie Mellon University IPWI Jakarta in 2001. Previous key and Semarang Branch Manager S2 in HR from University of in 1995 and Doctoral Degree in positions at Jasa Marga among (2009-2012). Krisnadwipayana in 2004. Civil Engineering Transportation others include GM Jasa Marga Previous key positions at Jasa from Tokyo Institute of Technology Development Center (2011-2015) Marga among others include GM in 2002. Previous key positions and Head of HR and General Palikanci (2014) and GM Belmera at Jasa Marga among others Affairs Department of Surabaya- (2009-2014). include AVP Toll Road Investment Gempol Branch (2007-2011). Development of Toll Road Business Development Division (2014) and AVP Management of Subsidiaries Area 1 of Toll Road Business Development Division (2012-2014).

Sari Purnawarman Yudhi Krisyunoro Ricky Teddy Rosady Distawardhana GM Palikanci GM Jakarta-Tangerang GM Jakarta-Cikampek Having joined Jasa Marga Having joined Jasa Marga Having joined Jasa Marga since GM Purbaleunyi Having joined Jasa Marga since 1995, he was appointed since 1986, he was appointed 1986, he was appointed GM since 1989, he was appointed GM Palikanci on 02 February GM Jakarta-Tangerang 23 May Jakarta-Cikampek on 01 July 2012. GM Purbaleunyi Branch on 20 2015. He completed Bachelor’s 2014. He completed Bachelor’s He completed Bachelor’s Degree January 2014. He completed Degree in Civil Engineering Degree in Civil Engineering in Structural Civil Engineering Bachelor’s Degree in Civil from Tanjungpura University, from Diponegoro University in from Bandung Institute of Engineering from Bandung Pontianak in 1993. Previous key 2003. Previous key positions Technology in 1985 and Master’s Institute of Technology in 1989. positions at Jasa Marga among at Jasa Marga among others Degree in Transportation Civil Previous key positions at Jasa others include Deputy General include GM Semarang (2012- Engineering from University of Marga among others include Manager Traffic Management 2014) and Head of Traffic Indonesia in 1998. Previous key VP Maintenance (2012-2014) of Jakarta-Cikampek Branch Management Department of positions at Jasa Marga among and Jakarta-Tangerang Branch (2012-2015) and Head of Traffic Jagorawi Branch (2010-2012). others include Project Manager of Manager (2009-2012). Management Department of Additional Lanes on Jagorawi Toll Jakarta-Tangerang Branch Road and Taman Mini Toll Gate (2010-2012). Relocation (2010-2012) and Head of Traffic Services and Security & Order Department of Jagorawi Branch (2009-2010).

28 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Project Offices

RADDY R. LUKMAN Bagus Cahya A.B Setia Budi Hidayatullah GM Surabaya-Gempol GM Semarang GM Belmera Porong-Gempol Toll Having joined Jasa Marga Having joined Jasa Marga since Having joined Jasa Marga Road Development since 1996, he was appointed 1995, he was appointed GM since 1997, he was appointed Project Manager GM Surabaya-Gempol on 02 Semarang on 23 May 2014. He GM Belmera on 02 February Having joined Jasa Marga February 2015. He completed completed Bachelor’s Degree in 2015. He completed Bachelor’s since 1989, he was appointed Bachelor’s Degree in Civil Civil Engineering from University Degree in Civil Engineering Porong-Gempol Toll Road Engineering from University of Brawijaya, Malang in 1993. from Parahyangan Catholic Development on 03 September of Indonesia in 1994. Previous Previous key positions at Jasa University in 1996. Previous key 2014. He completed Bachelor’s key positions at Jasa Marga Marga among others include positions among others include Degree in Civil Engineering from among others include GM AVP Traffic Management of AVP Traffic Management of Muhamadiyah University Jakarta Belmera (2014) and Deputy Operation Management Division Operation Management Division in 2000 and Master’s Degree General Manager Toll Collection (2013-2014) and Head of Traffic (2014) and Head of Operation in Management from Tourism Management of Jakarta- Management Sub Division of Management Division of Development Institute Jakarta. Cikampek Branch (2012-2014). Operation Management Division PT Jalantol Lingkarluar Jakarta Previous key positions among (2011-2013). (2012-2014). others include Senior Expert Staff for Implementation Control of PT Jasamarga Bali Tol (2011- 2014) and Senior Expert Staff for Implementation Control of PT Transmarga Jatim Pasuruan (2010).

Silverster Aryan Bambang Eko Ari Kristopo Leona Widodo Arrangement and Additional Lanes on Roedhianitasari Communication Expansion of Head Office, Jagorawi Toll Road and Legawati & Information Taman Mini Main Toll Gate, Taman Mini Main Toll Head of Rest and Services Technology Jagorawi Branch Office Gate Relocation Project Areas Business Unit Development Business and its Surroundings Manager Having joined Jasa Marga since Project Manager Project Manager Having joined Jasa Marga 1995, she was appointed Head Having joined Jasa Marga Having joined Jasa Marga since 1995, he was appointed of Rest and Services Areas since 1985, he was appointed since 1985, he was appointed Additional Lanes on Jagorawi Business Unit on 01 October Communication & Information Arrangement and Expansion of Toll Road and Taman Mini Main 2012. She completed Bachelor’s Technology Development Head Office, Taman Mini Main Toll Gate Relocation Project Degree in Transportation from Business Project Manager on Toll Gate, Jagorawi Branch Office Manager on 20 January 2014. He Pancasila University Jakarta 02 January 2010. He completed and its Surroundings Project completed Bachelor’s Degree in in 1993. Previous key positions Bachelor’s Degree in Civil Manager on 01 September 2013. Transportation Civil Engineering at Jasa Marga among others Engineering from Bandung He completed Bachelor’s Degree from Islamic University of Indonesia include Rest and Services Areas Institute of Technology in in Civil Engineering from Jaya Baya Yogyakarta in 1994. Previous key Development Business Project 1985. Previous key positions University in 1998. Previous key positions among others include Manager (2011-2012) and Head among others include Head of positions at Jasa Marga among Engineering Director of PT Sarana of Implementation Control II Engineering Division of others include Additional Lanes on Marga Utama (2012-2014) and Department of Rest and Services PT Jalantol Lingkarluar Jakarta Tangerang-Kebon Jeruk Section Head of Operation Management Areas Development Business (2003-2007) and Head of of Jakarta-Tangerang Toll Road Division of PT Jalantol Lingkarluar Project (2009-2011). Engineering Administration Sub Project Manager (2010-2011) and Jakarta (2009-2011). Division of Engineering Plan Head of Implementation Control III Division (1997-2003). Department of Prof. Dr. Ir. Sedyatmo Toll Road South Side Elevated PT Jasa Marga (Persero) Tbk. 2014 Annual Report 29 Widening Project (2008-2010). Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Subsidiaries and Associated Companies

Septerianto Sanaf Muhammad Zahir Djadjat Sudradjat Budi Pramono President Director of Siregar Direktur Utama President Director of PT Jalantol Lingkarluar President Director of President Director of PT Marga Nujyasumo Jakarta PT Marga Sarana Jabar PT Trans Marga Jateng Agung Having joined Jasa Marga Having joined Jasa Marga Having joined Jasa Marga Having joined Jasa Marga since 1986, he was appointed since 1988, he was appointed since 1986, he was appointed since 1986, he was appointed President Director of PT Jalantol President Director of PT Marga President Director of PT Trans President Director of Lingkarluar Jakarta on 01 July Sarana Jabar on 02 December Marga Jateng in November PT Marga Nujyasumo Agung 2012. He completed Bachelor’s 2011. He completed Bachelor’s 2011. He completed Bachelor’s on 10 July 2014. He completed Degree in Civil Engineering from Degree in Civil Engineering Degree in Civil Engineering from Bachelor’s Degree in Civil Parahyangan Catholic University from University of North Bandung Institute of Technology Engineering Transportation from Bandung in 1986. Previous Sumatera in 1986 and Master’s in 1985. Previous key positions Sepuluh November Institute key positions at Jasa Marga Degree in Management from among others include Head of of Technology, Surabaya in among others include Head of STM PPM in 2003. Previous Development Division (2006- 1985. Previous key positions Operation Management Division key positions at Jasa Marga 2009) and President Director at Jasa Marga among others (2006-2012) and Head of Toll among others include Palikanci of PT Marga Nujyasumo Agung include Jakarta-Cikampek Collection Division (2003-2006). Branch Manager (2006-2011) (2009-2011). Branch Manager (2009-2011) and Belmera Branch Manager and Jagorawi Branch Manager (2005-2006). (2005-2006).

A. Tito Karim Subakti Syukur Hengki Herwanto Setiyono President Director of President Director of President Director of President Director of PT Jasamarga Bali Tol PT Marga Lingkar PT Transmarga Jatim PT Jasamarga Pandaan Having joined Jasa Marga Jakarta Pasuruan Tol since 1986, he was appointed Having joined Jasa Marga Having joined Jasa Marga since Having joined Jasa Marga since President Director of PT since 1986, he was appointed 1982, he was appointed President 1985, he was appointed President Jasamarga Bali Tol on 02 President Director of PT Marga Director of PT Transmarga Jatim Director of PT Jasamarga December 2011. He completed Lingkar Jakarta on 20 January Pasuruan on 28 June 2010. He Pandaan Tol on 01 January Bachelor’s Degree in Civil 2014. He completed Bachelor’s completed Bachelor’s Degree in 2012. He completed Bachelor’s Engineering from Sriwijaya Degree in Civil Engineering Transportation Civil Engineering Degree in Transportation Civil University in 1984 and Master’s from Bandung Institute of from Sepuluh November Institute Engineering from Sepuluh Degree in HR Management Technology in 1986 and Master’s of Technology Surabaya in 1981 November Institute of from Ikopin Bandung in 2006. Degree in Management from and Master’s Degree in Business Technology Surabaya in 1985. Previous key positions among Christian University Jakarta in Administration from IPPM in Previous key positions at Jasa others include President 2010. Previous key positions 1993. Previous key positions Marga among others include Director of PT Marga Sarana at Jasa Marga among others among others include Director Head of Traffic Safety Sub Jabar (2010-2011) and include GM Cawang-Tomang- of PT Citra Margatama Surabaya Division of Traffic Management Operation Director of Cengkareng Branch (2008-2014) (2005-2007) and Gempol- Division (2001-2006) and Head PT Jalantol Lingkarluar Jakarta and Surabaya-Gempol Branch Pasuruan Toll Road Preparation of Engineering Department of (2007-2010). Manager (2006-2008). and Development Project Jakarta-Tangerang Branch Manager (2008-2011). (1998-2001).

30 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Agus Achmadi Saut Parlindungan Agus Suharjanto Dadang Sumaryana President Director of Simatupang President Director of President Director PT Marga Trans President Director of PT Jasa Marga of PT Jasa Layanan Nusantara PT Marga Kunciran- Kualanamu Tol Pemeliharaan He was appointed President Cengkareng Having joined Jasa Marga Having joined Jasa Marga Director of PT Marga Trans Having joined Jasa Marga since 1986, he was appointed since 1988, he was appointed Nusantara in 2014. He completed since 1984, he was appointed President Director of PT Jasa President Director of PT Bachelor’s Degree in Civil President Director of PT Marga Marga Kualanamu Tol on 02 Jasa Layanan Pemeliharaan Engineering Transportation from Kunciran Cengkareng in 2008. February 2015. He completed on 02 February 2015. He Diponegoro University in 1983. He completed Bachelor’s Bachelor’s Degree in Civil completed Bachelor’s Degree Previous key positions among Degree in Civil Engineering from Engineering from Gadjah Mada in Civil Engineering from others include Engineering and Bandung Institute of Technology University in 1986. Previous Krisnadwipayana University Operation Director of PT Marga in 1982 and Master’s Degree key positions among others Jakarta in 1999. Previous key Lingkar Jakarta (2012-2014) and in International Management include VP Toll Road Business positions among others include Project Manager of PT Marga from ST PPM in 2001. Previous Development (2014) and Engineering Director of PT Jasa Lingkar Jakarta (2010-2012). key positions at Jasa Marga President Director of PT Marga Layanan Pemeliharaan (2014) among others include Trans Nusantara (2011-2014). and GM Palikanci (2011-2013). Cikampek-Padalarang Toll Road Development Project Manager (2002-2004), Pluit-Grogol Toll Road Development Project Manager (2001-2002).

Mohamad Agus Iwan Moedyarno Setiawan President Director of VP Related Business PT Ismawa Trimitra Development Having joined Jasa Marga Having joined Jasa Marga since since 1986, he was appointed 1996, he was appointed VP President Director of PT Ismawa Related Business Development Trimitra in 2013. At present on 06 March 2014. He he is also Ex-Workshop and completed Bachelor’s Degree in Jagorawi Branch Office Civil Engineering from Bandung Land Property Development Institute of Technology in 1995 Project Manager (since 2010). and Master’s Degree in Road He completed Bachelor’s Network Management Technic Degree in Civil Engineering of Department of Public Works from Bandung Institute of from Parahyangan Catholic Technology in 1985 and University Bandung in 2009. Master’s Degree in Business Previous key positions at Jasa from IIM-Pittsburgh State Marga among others include VP University in 1993. Previous Related Business Development key positions at Jasa Marga (2012-2014) and Head of Other among others include Head of Businesses Investment Planning Other Businesses Development Sub Division of Other Businesses Division (2008-2010). Development Division (2010-2012). PT Jasa Marga (Persero) Tbk. 2014 Annual Report 31 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Human Capital Profile To support the Company’s sustainable growth, in 2014 reaching 4,692 people decreased by 3.75% at present the Company is making the efforts to compared to that of 2013 reaching 4,875 people. optimize the empowerment of existing human This figure keeps decreasing over the past years resources. The number of permanent employees (2010-2014) as shown in the following graph:

Number of Permanent Employees at Parent Company 2010-2014 (people) 5,303 5,154 5,075 4,875 4,692

2010 2011 2012 2013 2014

Composition of Permanent Employees at Parent Company by Level of Education

2013 2014

Level of Education Number of Proportion Number of Proportion Employees (%) Employees (%) S3 1 0.02 1 0.02 S2 70 1.43 86 1.83 S1 500 10.26 464 9.89 Academy 17 0.35 13 0.28 High School 4,210 86.36 4,067 86.68 Junior High School 17 0.35 23 0.49 Elementary School 60 1.23 38 0.81 TOTAL 4,875 100.00 4,692 100.00

Composition of Permanent Employees at Parent Company by Level of Position

2013 2014 Level of Position Number of Proportion Number of Proportion Employees (%) Employees (%) Top Management 70 1.44 64 1.36 Middle Management 143 2.93 143 3.05 Lower Management 232 4.76 214 4.56 Caretaker 4,430 90.87 4,271 91.03 TOTAL 4,875 100.00 4,692 100.00

32 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Composition of Permanent Employees at Parent Company by Age

2013 2014 Age Number of Proportion Number of Proportion Employees (%) Employees (%)

≤25 35 0.72 16 0.34 26-30 83 1.70 91 1.94 31-35 283 5.81 185 3.94 36-40 1,023 20.98 914 19.48 41-45 1,162 23.84 1,078 22.98 46-50 1,375 28.21 1,383 29.48 >51 914 18.75 1,025 21.85 TOTAL 4,875 100.00 4,692 100.00

Composition of Employees at Parent Company by Status

2013 2014 Status Number of Proportion Number of Proportion Employees (%) Employees (%) Permanent Employees 4,875 99.35 4,692 99.28 Non-Permanent Employees 32 0.65 34 0.72 TOTAL 4,907 100.00 4,726 100.00

Policies in Employment Cost for Education and Training Opportunities Throughout 2014, the cost for employees’ The Company’s policies in work opportunities, either education and training of the Company reached in employees’ placement or career development Rp 15.55 billion. are stipulated in Joint Working Agreement (Perjanjian Kerja Bersama – PKB). Jasa Marga (in billion Rp) carries out the filling of job formation and career development selectively and transparently without Cost 2013 2014 discrimination (gender, race, ethnicity, and religion), Education and 18.66 15.55 while prioritizing internal sources from within the Training Company with the regard to the work performance, capabilities and competencies of the employees.

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 33 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Major Shareholder, Subsidiaries & Associated Companies

Jasa Marga Group Corporate Structure (as of 31 December 2014)

Government of the PUBLIC Republic of Indonesia 70% 30%

PT JASA MARGA (PERSERO) Tbk.

ASSOCIATED COMPANIES SUBSIDIARIES (OWNERSHIP (OWNERSHIP >50%) 20%-50%)

PT Jalantol PT Marga PT Trans PT Marga PT Bukaka PT Trans PT Ismawa Lingkarluar Sarana Marga Kunciran Marga Lingkar Trimitra Jakarta Jabar Jateng Cengkareng Utama Kita Jaya 25.00% 99.00% 55.00% 73.90% 76.15% 20.00% 21.24%

PT Citra PT Marga PT Marga PT Transmarga PT Citra PT Jasamarga Ganesha Bhakti Lingkar Nujyasumo Jatim Bali Tol Marga Margatama Jakarta Agung Pasuruan 55.00% Nusantara Persada 65.00% 55.00% 97.20% 30.00% 34.83%

PT Marga PT Jasamarga PT Jasa Layanan PT Jasamarga Trans Pandaan Tol Pemeliharaan Properti Nusantara 79.84% 99.00% 99.00% 60.00%

PT Jasamarga Kualanamu Tol 55.00%

34 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Subsidiaries as of 31 December 2014

No. Nama Entitas Kepemilikan Saham (%) Bidang Usaha Status*

1. PT Jalantol Lingkarluar - Jasa Marga: 99.00 Jakarta Outer Ring Road Operated Jakarta (JLJ) - Inkopkar Jasa Marga: 1.00 Toll Road Operator

2. PT Marga Sarana Jabar - Jasa Marga: 55.00 Bogor Outer Ring Road Operated (MSJ) - PT CMNP Tbk: 30.00 Toll Road Operator - PT Jasa Sarana: 15.00

3. PT Trans Marga Jateng - Jasa Marga: 73.90 Semarang-Solo Toll Road Operated (TMJ) - PT Sarana Pembangunan Jawa Operator Tengah: 26.10

4. PT Marga Nujyasumo - Jasa Marga: 55.00 Surabaya-Mojokerto Toll Operated Agung (MNA) - Moeladi Grup: 25.00 Road Operator - PT Wijaya Karya: 20.00

5. PT Jasamarga Bali Tol - Jasa Marga: 55.00 Nusa Dua-Ngurah Rai- Operated (JBT) - PT Angkasa Pura I: 8.00 Benoa Toll Road Operator - PT Pelindo III: 17.58 - PT Pengembangan Pariwisata Bali: 1.00 - PT Adhi Karya: 1.00 - PT Hutama Karya: 1.00 - PT Wijaya Karya: 0.40 - Pemprov Bali: 8.01 - Pemkab Badung: 8.01

6. PT Marga Lingkar Jakarta - Jasa Marga: 65.00 JORR W2 North Toll Road Operated (MLJ) - PT Jakarta Marga Jaya: 35.00 Operator

7. PT Transmarga Jatim - Jasa Marga: 97.20 Gempol-Pasuruan Toll Not Yet Operated Pasuruan (TJP) - PT Jatim Prasarana Utama: 2.80 Road Operator

8. PT Jasamarga Pandaan Tol - Jasa Marga: 79.84 Gempol-Pandaan Toll Not Yet Operated (JPT) - PT Jalan Tol Kabupaten Road Operator Pasuruan: 11.14 - PT Margabumi Matraraya: 9.02

9. PT Marga Trans Nusantara - Jasa Marga: 60.00 Kunciran-Serpong Toll Not Yet Operated (MTN) - PT Astratel Nusantara: 30.00 Road Operator - PT Transumata Arya Sejahtera: 10.00

10. PT Marga Kunciran - Jasa Marga:76.15 Cengkareng-Kunciran Toll Not Yet Operated Cengkareng (MKC) - CMS WIL: 21.00 Road Operator - PT Wijaya Karya: 2.10 - PT Nindya Karya: 0.33 - PT Istaka Karya: 0.42

11. PT Jasamarga Kualanamu - Jasa Marga: 55.00 Medan-Kualanamu-Tebing Not Yet Operated Tol (JMKT) - PT Waskita Karya: 15.00 Tinggi Toll Road Operator - PT Pembangunan Perumahan: 15.00 - PT Hutama Karya: 15.00

12. PT Jasa Layanan - Jasa Marga: 99.00 Construction, Trading, Car Operated Pemeliharaan (JLP) - Inkopkar Jasa Marga: 1.00 Rental Services

13. PT Jasamarga Properti - Jasa Marga: 99.00 Property Related Services, Operated (JMP) - Inkopkar Jasa Marga: 1.00 Trading and Development

Notes: * Status represents the status of toll road operation for toll road companies and status of business/service operation for non-toll road companies as of 31 December 2014.

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 35 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

About the Subsidiaries

1. PT Jalantol Lingkarluar Jakarta (JLJ) JLJ is Jasa Marga’s Subsidiary established for toll road development, other investment and supporting services in toll road based on prevailing rules and regulations, and other fields Members of the Board of business related to toll road development • President Commissioner: Firmansjah by making use of existing potential. JLJ’s main • Commissioner: Y. B. Priyatmo Hadi source of revenue derives from the operation, • President Director: Septerianto Sanaf maintenance, and security services for Jasa • Director: Albert MP Silaen Marga’s Jakarta Outer Ring Road/JORR Toll Road, PT Translingkar Kita Jaya’s Cinere-Jagorawi Toll Road Section 1 and PT Jasamarga Bali Tol’s Nusa as of 31 December Dua-Ngurah Rai-Benoa Toll Road. Financial Highlights (Rp billion)

Description 2013 2014

Assets 103.28 130.89

Operating Revenues 234.50 424.73

2. PT Marga Sarana Jabar (MSJ) MSJ is Jasa Marga’s Subsidiary established for the concession of Bogor Outer Ring Road Toll Road and is responsible for funding, technical planning, constructing, operating Members of the Board and conducting maintenance of the Toll Road • President Commissioner: Maqdir Ismail along with other businesses in accordance with • Commissioner: Reynaldi Hermansjah prevailing rules and regulations. The operation • Commissioner: Diah Wahju Sari of Bogor Outer Ring Road Toll Road (BORR) • President Director: Muhammad Zahir Siregar Section 1 of 3.85 km was inaugurated by the • Finance Director: Aggi Tjetje Minister of Public Works on 23 November 2009 • Engineering & Operation Director: Ach. and Section 2A of 1.95 km started to operate on Lukman Letnantoro 04 June 2014. MSJ gains revenues from toll road operation.

as of 31 December

Financial Highlights (Rp billion)

Description 2013 2014

Assets 896.35 860.38

Operating Revenues 336.56 132.07

36 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

3. PT Trans Marga Jateng (TMJ) TMJ is Jasa Marga’s Subsidiary established for the concession of Semarang-Solo Toll and is responsible for funding, technical planning, constructing, operating and conducting maintenance of the Toll Road along with other Members of the Board businesses in accordance with prevailing rules and regulations. Semarang-Solo Toll Road • President Commissioner: Sunaryo Section 1 of 10.80 km has been operated since 12 • Commissioner: Raden Mas Bagus November 2011 and Section 2 has been operated Wisnu Handoyo since 04 April 2014. TMJ’s main source of revenue • Commissioner: Hasanudin is derived from toll road operation. • President Director: Djadjat Sudradjat • Finance Director: Darmoko • Engineering Director: Ari Nugroho

as of 31 December

Financial Highlights (Rp billion)

Description 2013 2014

Assets 3,407.47 3,729.26

Operating Revenues 671.92 228.25

4. PT Marga Nujyasumo Agung (MNA) MNA is Jasa Marga’s Subsidiary established to conduct business activities for Jasa Marga c.q. the Minister of Public Works for Surabaya-Mojokerto Toll Road Concession consisting of constructing, operating and conducting maintenance of the Members of the Board

Toll Road in accordance with prevailing rules • President Commissioner: Agung Yunanto and regulations. Surabaya-Mojokerto Toll Road • Commissioner: Muh Najib Fauzan Section 1A of 2.3 km has been operated since 05 • Commissioner: Raymond Ramanan September 2011 and the Subsidiary’s main source • President Director: Budi Pramono of revenue derives from toll road operation. • Finance Director: Syafaruddin AR • Operation Director: Edwin Cahyadi • Administration & General Affairs Director: Kamil Rusnandar

as of 31 December

Financial Highlights (Rp billion)

Description 2013 2014

Assets 1,766.14 2,287.88

Operating Revenues 237.95 520.33

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 37 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

5. PT Jasamarga Bali Tol (JBT) JBT is Jasa Marga’s Subsidiary established for the concession of Nusa Dua-Ngurah Rai-Benoa Toll Road and is responsible for funding, technical planning, constructing, operating and conducting maintenance Members of the Board of Nusa Dua-Ngurah Rai-Benoa Toll Road along with other businesses in accordance • President Commissioner: Abdul Hadi Hs. with prevailing rules and regulations. The • Commissioner: I Gusti Ngurah Askhara operation of the 10 km Toll Road was Danadiputra • Commissioner: Robert Daniel Waloni inaugurated by the then President of the • Commissioner: I Wayan Blayu Suarjaya Republic of Indonesia Susilo Bambang • Commissioner: I Gusti Putu Nuriatha Yudhoyono on 24 September 2013. • Commissioner: I Wayan Suambara • President Director: A. Tito Karim • Finance Director: Ronny Haryanto • Engineering & Operational Director: Rismature Sidabutar

as of 31 December

Financial Highlights (Rp billion)

Description 2013 2014

Assets 2,172.60 2,074.01

Operating Revenues 575.69 123.05

6. PT Marga Lingkar Jakarta (MLJ) MLJ is Jasa Marga’s Subsidiary established for the concession of JORR W2 North Toll Road and is responsible for funding, technical planning, constructing, operating and conducting maintenance of JORR W2 Members of the Board North Toll Road along with other businesses • President Commissioner: Ma’mun Amin in accordance with prevailing rules and • Commissioner: Abdul Hadi Hs. regulations. The operation of JORR W2 North • President Director: Subekti Syukur Toll Road was inaugurated by the Minister of • Finance Director: Yauw Diaz Moreno Public Works Djoko Kirmanto on 27 December 2013, and on 22 July 2014 the whole section of 7.70 km length is fully operated. as of 31 December

Financial Highlights (Rp billion)

Description 2013 2014

Assets 1,846.87 2,026.71

Operating Revenues 564.54 375.54

38 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

7. PT Transmarga Jatim Pasuruan (TJP) TJP is Jasa Marga’s Subsidiary established for the concession of Gempol-Pasuruan and is responsible for funding, technical planning, constructing, operating and conducting maintenance of Gempol-Pasuruan Toll Road Members of the Board along with other businesses in accordance • President Commissioner: David Wijayatno with prevailing rules and regulations. As of • Commissioner: Bambang Kusbandono 31 December 2014, Gempol-Pasuruan Toll • Commissioner: Moh. Noor Marzuki Road has not yet operated as it was still in the • President Director: Hengki Herwanto stage of land acquisition and construction. • Finance Director: Imron The toll road is scheduled to operate in 2015. • Engineering Director: -

as of 31 December

Financial Highlights (Rp billion)

Description 2013 2014

Assets 629.22 932.90

Operating Revenues 499.56 314.91

8. PT Jasamarga Pandaan Tol (JPT) JPT is Jasa Marga’s Subsidiary established for the concession of Gempol-Pandaan Toll Road and is responsible for funding, technical planning, constructing, operating and conducting maintenance of Gempol-Pandaan Toll Road along with other businesses in accordance with prevailing rules and Members of the Board regulations. As of 31 December 2014, Gempol- • President Commissioner: Moh. Khusaini Pandaan Toll Road has not yet operated as it • Commissioner: Moertomo Basoeki was still under construction. The toll road is • Commissioner: Firmansyah scheduled to operate in 2015. • Commissioner: Tolu Ismed Arief • President Director: Setiyono • Finance and HR Director: Tri Riyaningsih • Engineering and Operation Director: Rahardjo • Administration & General Affairs Director: Nursyam

as of 31 December

Financial Highlights (Rp billion)

Description 2013 2014

Assets 801.58 1,153.80

Operating Revenues 443.33 369.04

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 39 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

9. PT Marga Trans Nusantara (MTN) MTN is Jasa Marga’s Subsidiary established for the concession of Kunciran-Serpong Toll Road and is responsible for the funding, technical planning, constructing, operating Members of the Board and conducting maintenance of the toll road along with other businesses in accordance • President Commissioner: Irawan Santoso with prevailing rules and regulations. As of 31 • Vice President Commissioner: Subagyo December 2014, Kunciran-Serpong Toll Road • Commissioner: Wiwiek Dianawati Santoso has not yet operated as it was still in the stage • President Director: Agus Achmadi of land acquisition. • Director: Rachmat Soulisa

as of 31 December

Financial Highlights (Rp billion)

Description 2013 2014

Assets 351.56 788.35

Operating Revenues - -

10.PT Marga Kunciran Cengkareng (MKC) MKC is Jasa Marga’s Subsidiary established for the concession of Kunciran-Cengkareng Toll Road and is responsible for funding, technical planning, constructing, operating Members of the Board and conducting maintenance of Kunciran- Cengkareng Toll Road along with other • President Commissioner: Dedi Krisnariawan businesses in accordance with prevailing rules Sunoto and regulations. As of 31 December 2014, • Commissioner: Mohamad Husin Kunciran-Cengkareng Toll Road has not yet • President Director: Saut Parlindungan operated as it was still in the stage of land Simatupang acquisition. • Engineering Director: Hendro Atmodjo • Finance Director: Zaidi bin Ibrahim

as of 31 December

Financial Highlights (Rp billion)

Description 2013 2014

Assets 270.39 940.95

Operating Revenues - -

40 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

11. PT Jasamarga Kualanamu Tol (JMKT) JMKT is Jasa Marga’s Subsidiary established for the concession of Medan-Kualanamu- Tebing Tinggi Toll Road and is responsible for funding, technical planning, constructing, operating and conducting maintenance of Members of the Board Medan-Kualanamu-Tebing Tinggi Toll Road • President Commissioner: JB Eddy Bambang S. along with other businesses in accordance • Commissioner: Didi Triyono with prevailing rules and regulations. JMKT • President Director: Agus Suharjanto was established on 25 November 2014. • Director: Agus Choliq

as of 31 December

Financial Highlights (Rp billion)

Description 2013 2014

Assets - 80.29

Operating Revenues - -

12. PT Jasa Layanan Pemeliharaan (JLP) PT Jasa Layanan Pemeliharaan (JLP) JLP, previously was PT Sarana Marga Utama, is Jasa Marga’s Subsidiary established to work in the line of business of construction, trade Members of the Board and car rental services. • President Commissioner: Muh Najib Fauzan • Commissioner: Arief Witjaksono • President Director: Dadang Sumaryana • Finance & General Affairs Director: Surta Nababan • Engineering Director: Adi Prasetyanto

as of 31 December

Financial Highlights (Rp billion)

Description 2013 2014

Assets 159.61 157.90

Operating Revenues 205.47 182.95

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 41 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

13. PT Jasamarga Properti (JMP) JMP is Jasa Marga’s Subsidiary working in the field of property services.

Members of the Board

• President Commissioner: Ibnu Purna • Commissioner: Abdul Hadi Hs. • President Director: Mohamad Agus Setiawan • Engineering and Business Development Director: Irwan Hasan • Finance Director: Haris Prayudi

as of 31 December

Financial Highlights (Rp billion)

Description 2013 2014

Assets 63.55 120.39

Operating Revenues - 1.71

Associated Companies

PT Jasa Marga (Persero) Tbk. Associated Entity as of 31 December 2013

Jasa Marga’s No. Company Share Line of Business Status * Ownership (%) 1. PT Trans Lingkar Kita 21.24 Cinere-Jagorawi Toll Road Operated Jaya Operator 2. PT Ismawa Trimitra 25.00 Space Rent and Rest Area Operated Management 3. PT Bukaka Marga 20.00 Toll Road Operator Not Yet Operated Utama 4. PT Citra Bhakti 38.43 Toll Road Operator Termination Margatama Persada of Concession Agreement 5. PT Citra Ganesha 30.00 Toll Road Operator Termination Marga Nusantara of Concession Agreement

About Associated Companies

1. PT Trans Lingkar Kita Jaya (TLKJ) TLKJ was established for the concession of of Articles of Association was stipulated in Cinere-Jagorawi Toll Road based on Deed No. 18 Deed No. 76 dated 29 November 2012 of Notary dated 19 January 2005 of Notary Agus Madjid, Nanette Cahyanie Handari Adi Warsito, SH. and SH. The deed was approved by the Ministry of was approved by the Ministry of Justice and Justice and Human Rights of the Republic of Human Rights of the Republic of Indonesia with Indonesia with the Decision No. C-03269.HT.01.01 the Decision No. AHU-AH.01.10-42662 dated 30 dated 07 February 2006. The latest amendment November 2012. TLKJ is domiciled in Jakarta.

42 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

The Company owns 131,688 shares at par value uncertainty in CBMP’s capability to settle its of Rp 1,000,000 per share or equivalent to Rp liabilities at the maturity date and in realizing the 131,688,000,000 representing 21.24% ownership loan facilities to finance the toll road construction. as of 31 December 2014. Banking restructuring conducted by certain of CBMP’s creditors resulted in the stoppage of the 2. PT Ismawa Trimitra (IT) toll road development. The Company sent Letter IT was established based on Deed No. 69 dated No. AA.02.1009 dated 25 July 2000 regarding 14 June 1995 of Notary Imas Fatimah, SH., for the the termination of the Concession Agreement business of office space rent and management of No. 96 dated 16 December 1995 to CBMP and as rest areas on toll roads. IT is domiciled in Jakarta. a consequence, the Company’s investment in the The Company owns 6.250.000 shares at par associated company has no economic value. The value of Rp 1,000 per share or equivalent to Rp Company has recognized loss on impairment of 6,250,000,000 representing 25% ownership as of the investment shares of CBMP amounting to Rp 31 December 2014. 56,786,999,000 in 2000.

3. PT Bukaka Marga Utama (BMU) 5. PT Citra Ganesha Marga Nusantara (CGMN) BMU was established based on Deed No. 5 dated The investment in CGMN was made in relation to 17 February 1997 of Notary Sri Rahayu Sedyono, the construction and operation of the Cikampek- SH. The investment in BMU was made in relation Padalarang Toll Road project. The Company to the construction and operation of Ciawi- owns 5,310 shares at par value of Rp 1,841,000 Sukabumi toll road project. The Company owns per share or equivalent to Rp 9,775,710,000 4,000 shares at par value of Rp 2,359,000 (full representing 30% ownership. The Company Rupiah amount) per share or equivalent to Rp sent Letter No. AA.HK01.1273 dated 25 July 9,436,000,000, representing 20% ownership. 2001 to CGMN regarding termination of the Since the majority shareholders of BMU could Concession Agreement No. 297 as a follow up not ensure the toll road development as agreed of the Decision of the Minister of Settlement under the Concession Agreement, the Company and Regional Infrastructure of the Republic of recognized the loss on impairment of this Indonesia No. 417 dated 18 July 2001 regarding investment amounted to Rp 9,435,999,000 as an the revocation of the Decision of the Minister of expense in 2005. Public Works of the Republic of Indonesia No. 321/KPTS/1994 dated 24 October 1994 regarding 4. PT Citra Bhakti Margatama Persada (CBMP) the Granting of License for Cooperation of the CBMP is one of the Company’s associated Development of Cikampek-Padalarang Toll Road companies. The investment in CBMP was made in the form of a joint venture with CGMN and in relation to the construction and operation as a result of such termination, the investment of JORR Toll Road Section E2-E3-N (Cikunir- in CGMN has no economic value. The Company Cakung-Cilincing-Tanjung Priok) for a period of recognized loss on impairment of this investment 33 years ending in 2028. The Company owns in shares of CGMN as an expense amounting to 56,787,000 shares at par value of Rp 1,000 Rp 16,914,266,000 in 2001. per share or equivalent to Rp 56,787,000,000, representing 34.83% ownership. CBMP’s toll road construction was financed by loan facilitated by banking syndicate. The economic crisis caused

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 43 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Areas of Operation and New Toll Road Projects

The location of toll road sections operated by the Company along with its toll road projects all across Indonesia is shown in the following map:

Map of Jasa Marga Toll Roads Location as of 31 December 2014

NORTH SUMATERA • Belmera: 42.70 Km • Medan-Kualanamu-Tebing Tinggi: 61.70 Km

maluku

sulawesi sumatera

kalimantan

papua jawa

JABODETABEK AND CENTRAL JAVA BALI EAST JAVA EAST JAVA • Semarang: 24.75 Km • Nusa Dua - Ngurah Rai - Benoa: 10.00 Km • Surabaya - Gempol: 49.00 Km • Jagorawi: 59.00 Km • Semarang - Solo: 72.64 Km • Surabaya - Mojokerto: 36.27 Km • Jakarta - Tangerang: 33.00 Km • Gempol - Pasuruan: 34.15 Km • Ulujami- Pondok Aren: 5.55 Km • Gempol - Pandaan: 13.61 Km • Jakarta Inner Ring Road: 23.55 Km • Prof Dr. Ir. Sedyatmo: 14.30 Km Notes: • Jakarta - Cikampek: 83.00 Km • The Company’s toll road sections that are fully operated. • Jakarta Outer Ring Road: 43.10 Km • Cikampek - Padalarang: 58.50 Km • The Company’s new toll road sections, both not yet operated or already operated in stages, • Padalarang - Cileunyi: 64.40 Km namely: • Palikanci: 26.30 Km 1. BORR Section 1: Sentul-Kedung Halang (3.85 km) operated since 23 November 2009; • Bogor Outer Ring Road: 11.00 Km Section 2A: Kedung Halang-Kedung Badak (1.95 km) operated since 04 June 2014. • Cengkareng-Kunciran: 14.19 Km 2. Surabaya-Mojokerto Section 1A (2.30 km) operated since 05 September 2011. • Kunciran Serpong: 11.19 Km 3. Semarang-Solo Section 1: Semarang-Ungaran (10.80 km) operated since 17 November • JORR W2 North: 7.70 Km 2011; Section 2: Ungaran-Bawen (12.30 km) operated since 04 April 2014. 4. Nusa Dua-Ngurah Rai-Benoa (10.00 km) fully operated since 01 October 2013. 5. JORR W2 North (7.70 km) fully operated since 22 July 2014.

44 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Concessions Owned by the Company The concession period of Jasa Marga’s toll roads ranges from 35 to 45 years. As many as 13 toll road sections operated by the Company have a concession period of 40 years starting from 2005 (excluding JORR Section S). With only a small portion of the period already exhausted as of the end of 2014, the Company still has long remaining years of the concession period.

Until the end of 2014, the status and concession period of the Company’s toll road sections are as follows:

Concessions of Jasa Marga Toll Roads as of 31 December 2014

Year Date Concession Concession Length No. Section Operator Concession Agreement Period Status (km) Starts Signed (year)

1. Jagorawi Jagorawi 59.00 2005 07 July 2006 40 Operated (Jakarta- Branch since 1978 Bogor-Ciawi) 2. Jakarta- Jakarta- 33.00 2005 07 July 2006 40 Operated Tangerang Tangerang since 1984 Branch 3. Prof. Dr. Ir. Cawang- 14.30 2005 07 July 2006 40 Operated Sedyatmo Tomang- since 1984 Cengkareng 4. Jakarta Inner Cawang- 23.55 2005 07 July 2006 40 Operated Ring Road Tomang- since 1987 (JIRR) Cengkareng Branch 5. Jakarta- Jakarta- 83.00 2005 07 July 2006 40 Operated Cikampek Cikampek since 1988 Branch 6. Padaleunyi Purbaleunyi 64.40 2005 07 July 2006 40 Operated (Padalarang- Branch since 1990 Cileunyi) 7. Cipularang Purbaleunyi 58.50 2005 07 July 2006 40 Operated (Cikampek- Branch since 2003 Purwakarta- Padalarang) 8. Palikanci Palikanci 26.30 2005 07 July 2006 40 Operated (Palimanan- Branch since 1998 Kanci) 9. Semarang Semarang 24.75 2005 07 July 2006 40 Operated Branch since 1983 10. Surabaya- Surabaya- 49.00 2005 07 July 2006 40 Operated Gempol Gempol since 1986 Branch 11. Belmera Belmera 42.70 2005 07 July 2006 40 Operated (Belawan- Branch since 1986 Medan- Tanjung Morawa)

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 45 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Year Date Concession Concession Length No. Section Operator Concession Agreement Period Status (km) Starts Signed (year)

12. Jakarta PT Jalantol 43.10 2005 07 July 2006 40 Operated Outer Lingkarluar since 1991 Ring Road Jakarta (JORR)*) 13. Ulujami- PT Jalantol 5.55 2005 07 July 2006 40 Operated Pondok Aren Lingkarluar since 2001 Jakarta 14. Bogor Outer PT Marga 11.00 2009 29 May 2006 45 Operated Ring Road Sarana Jabar since 2009 (BORR) • Section 1 Sentul Selatan- Kedung Halang (3.85 km): operated since 23 November 2009 • Section 2A Kedung Halang- Kedung Badak (1.95 km): operated since 04 June 2014 15. JORR W2 PT Marga 7.70 2005 07 July 2006 40 Fully operated Utara Lingkar since 22 July Jakarta 2014 16. Cengkareng- PT Marga 14.19 - 02 March 2009 35 Land Kunciran Kunciran not yet acquisition Cengkareng constructed 17. Kunciran- PT Marga 11.19 - 22 September 35 Land Serpong Trans not yet 2008 acquisition Nusantara constructed

46 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Year Date Concession Concession Length No. Section Operator Concession Agreement Period Status (km) Starts Signed (year)

18. Semarang- PT Trans 72.64 2010 15 December 2006 45 Operated Solo Marga Jateng since 2011 • Stage I Section 1 Semarang- Ungaran (10.80 km): operated since 12 November 2011 • Stage I Section 2 Ungaran- Bawen (12.30 km): operated since 04 April 2014

19. Surabaya- PT Marga 36,27 2007 06 April 2006 42 Operated Mojokerto Nujyasumo since 2011 Agung • Section 1A Waru- Sepanjang (2.30 km): operated since 05 September 2011

20. Gempol- PT 34,15 2013 29 May 2006 45 Land Pasuruan Transmarga acquisition Jatim and Pasuruan construction

21. Gempol- PT Jasamarga 13,61 2012 19 December 35 Land Pandaan Pandaan Tol 2006 acquisition and construction

22. Nusa Dua- PT Jasamarga 10,00 2012 16 December 2011 45 Fully operated Ngurah Rai- Bali Tol since 01 Benoa October 2013

23. Medan- PT Jasamarga 61,70 - 05 January 2015 45 Land Kualanamu- Kualanamu Tol (not yet acquisition Tebing Tinggi constructed)

Note: *) Excluding JORR Section S

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 47 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Address of Branch Offices, Subsidiaries and Associated Companies Branch Offices and Business Unit

No. Branch Address Phone/Fax/e-mail

1. Jagorawi Branch Jln. Raya Taman Mini Indonesia Indah Tel.: 62 21 841 3632, 840 0732 Jakarta 13560 Fax.: 62 21 840 0055 e-mail: [email protected] 2. Cawang-Tomang- Plaza Tol Cililitan Tel.: 62 21 8088 7227 Cengkareng Branch Jln. Cililitan Besar Fax.: 62 21 8088 7228 Jakarta 13510 e-mail: [email protected] 3. Jakarta-Cikampek Jln. Teuku Umar, Sepanjang Jaya Tel.: 62 21 821 6515, 8243 0045/48 Branch Rawa Lumbu Fax.: 62 21 821 6507 Bekasi 17114 e-mail: [email protected]

4. Jakarta-Tangerang Plaza Tol Tangerang Tel.: 62 21 5575 3904/6237 Branch Jln. Raya Serpong Fax.: 62 21 5575 4029 Tangerang e-mail: [email protected] Banten 15001 Jawa Barat 5. Palikanci Branch Jln. Jend. Sudirman No. 138 Tel.: 62 231 489 800, 484 268 Ciperna Fax.: 62 231 483 457 Cirebon 45171 e-mail: [email protected] 6. Purbaleunyi Branch Plaza Tol Pasteur Tel.: 62 22 200 0867/68 Jln. Dr. Djundjunan No. 257 Fax.: 62 22 201 1433 Bandung 40164 e-mail: [email protected] 7. Semarang Branch Plaza Tol Manyaran Tel.: 62 24 760 6012/14 Jln. Tol Semarang Fax.: 62 24 762 3940 Semarang 50147 e-mail: [email protected] 8. Surabaya-Gempol Plaza Tol Kota Satelit Tel.: 62 31 567 9401/2008 Branch Jln. Mayjen. Sungkono Fax.: 62 31 732 9941 Surabaya 60189 e-mail: [email protected] 9. Belmera Branch Jln. Simpang Tanjung No. 1A Tel.: 62 61 661 1701/2920 Medan 20241 Fax.: 62 61 661 1055 e-mail: [email protected] 10. Rest Area Business Unit Jalan Tol Purbaleunyi KM 88 Jalur B Tel.: 62 264 8280388 Sukatani Purwakarta 41167 Fax.: 62 264 8260288

48 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Subsidiaries

No. Subsidiary Address Phone/Fax/e-mail 1. PT Jalantol Lingkarluar Plaza Tol Jati Asih Tel.: 62 21 822 3232 Jakarta Bekasi 17423 Fax.: 62 21 820 5151 e-mail: [email protected] 2. PT Marga Sarana Jabar Plaza Tol Sentul Barat Tel.: 62 21 29255000 Jalan Tol Lingkar Luar Bogor 16710 Fax.: 62 21 29259942 PO BOX 2012 3. PT Trans Marga Jateng Jln. Murbei No. 1 Tel.: 62 24 747 5735 Sumur Boto Banyumanik Fax.: 62 24 747 5735 Semarang Jawa Tengah 4. PT Marga Nujyasumo Agung Jln. Raya Taman, Plaza Tol Waru I Tel.: 62 31 787 9994/9995 Ramp Sidoarjo 61257 Fax.: 62 31 787 9993 5. PT Jasamarga Bali Tol Gedung Ikat Plaza Lt. 3 Tel.: 62 361 725 326/327 Jln. By Pass I Gusti Ngurah Rai Fax.: 62 361 725 327 No. 505 Pemogan 80221 Denpasar, Bali 6. PT Marga Lingkar Jakarta Plaza Pondok Indah 3 Blok B No. 7 Tel.: 62 21 75900256 Jln. T. B. Simatupang Fax.: 62 21 7660547 Jakarta 7. PT Transmarga Jatim Perumahan Pondok Jati Blok CH Tel.: 62 31 807 0680 Pasuruan No. 9, Sidoarjo Fax.: 62 31 807 0670 Jawa Timur 61251 8. PT Jasamarga Pandaan Tol Plaza Tol Pandaan, Pandaan Tel.: 62 343 565 0727 Jawa Timur 67156 Fax. : 62 343 565 0727 9. PT Marga Kunciran Ruko Business Park Tangerang City Tel.: 62 21 5578 2453 Cengkareng No. A 19 Fax.: 62 21 5578 2456 Jln. Jend. Sudirman No. 1 Cikokol Tangerang 15117 10. PT Marga Trans Nusantara Ruko Bidex Blok H. No. 7 Tel.: 62 21 5315 4680 Jln. Pahlawan Seribu, BSD City Fax.: 62 21 5315 4681 Tangerang 11. PT Jasamarga Kualanamu Tol Gedung Graha TB Simatupang Wing 2B Lantai 11 Jln. TB Simatupang Kav. 38, Jakarta Selatan 12450 12. PT Jasa Layanan Komplek Bina Marg No. 2 Tel.: 62 21 8444640 Pemeliharaan Jln. Bina Marga Cipayung Fax.: 62 21 84598768 Jakarta 13840 13. PT Jasamarga Properti Plaza Tol Taman Mini Indonesia Indah Tel.: 62 21 841 3632, 840 0732 Jln. Jasa Marga RT 008/002 Kel. Dukuh, Kec. Kramat Jati Jakarta Timur

Associated Companies

No. Associated Company Address Phone/Fax/e-mail

1. PT Trans Lingkar Kita Jaya Jln. Gas Alam Kp. Pedurenan RT/ Tel.: 62 21 8775 7676 RW.06/07 Fax.: 62 21 8775 0141 Kel. Harjamukti, Kec. Cimanggis e-mail: [email protected] Depok 16954 2. PT Ismawa Trimitra Graha Iskandarsyah Tel.: 62 21 7207 5858 Jln. Iskandarsyah Raya 66 C, Fax.: 62 21-7209 935 Kebayoran Baru e-mail: [email protected] Jakarta Selatan 12160 3. PT Bukaka Marga Utama Jln. Raya Pasar Minggu Kav. 17-A Tel.: 62 21 7944 386 Jakarta Fax.: 62 21-7944 376

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 49 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Supporting Institutions and Professionals

SECURITIES ADMINISTRATION AGENCY PT Datindo Entrycom

Address Puri Datindo – Wisma Sudirman Jln. Jend.Sudirman Kav. 34-35

Jakarta 10220 Tel.: 62 21 570 9009 Fax.: 62 21 570 9026

Services Maintaining Shareholders Register and recording the changes in shareholders register in secondary market.

RATING AGENCY PT Pemeringkat Efek Indonesia

Address Panin Tower Senayan City 17th Floor Jln. Asia Afrika Lot 19 Jakarta 10720 Tel.: 62 21 7278 2380 Fax.: 62 21 7278 2370

Services Performing the rating of Jasa Marga’s Bonds (Bond I Series JM-10 No Coupon Year 2010, Bond XI Series P Year 2003, Bond XII Seri Q Year 2006, Bond XIII Series R Year 2007, Bond XIV Seri JM-10 Year 2010, Continuous Bond Stage I Series S Year 2013 and Continuous Bond Stage II Series T Year 2014).

50 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

NOTARY Ir. Nanette Cahyanie Handari Adi Warsito, SH.

Address Jln. Panglima Polim V 11 Melawai, Kebayoran Baru Jakarta Selatan 12160 Services Jasa Marga’s Notary at the Annual General Meeting of Shareholders for fiscal year 2014.

LEGAL CONSULTANT Soemarjono, Herman & Rekan

Address Jl. Sultan Agung 62, Pasar Manggis, Setiabudi Jakarta Selatan 12970 Services Jasa Marga’s Legal Consultant at the Annual General Meeting of Shareholders for fiscal year 2014.

PUBLIC ACCOUNTANT Public Accounting Firm Aryanto, Amir Jusuf, Mawar & Saptoto (RSM AAJ Associates)

Address Plaza ABDA, Lantai 10 Jln. Jend.Sudirman Kav. 59 Jakarta 12190 Tel.: 62 21 5140 1340 Fax.: 62 21 5140 1350 Services • General Audit on the Consolidated Financial Statements of PT Jasa Marga (Persero) Tbk. for the year ended 31 December 2014.

• Compliance Audit on prevailing rules and regulations along with the Corporate Internal Control System.

• General Audit on Financial Statements of Partnership and Community Development Programs of PT Jasa Marga (Persero) Tbk. for the year ended 31 December 2014.

• Review on Performance Report of PT Jasa Marga (Persero) Tbk. fiscal year 2014 which includes review on achievement of Key Performance Indicator (KPI) of the Company and review on achievement of KPI of Directors and Board of Commissioners fiscal year 2014.

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 51 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

52 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Transformation of Jasa Marga

Jasa Marga has made fundamental transformation in its business management with the purpose of adding its operating toll roads, increasing revenue capacity, improving customer satisfaction, along with boosting efficiency

To support the Company’s Vision and Mission of Human Capital Transformation 2017 and 2022, as well as to adjust its condition to the changes in business condition of toll road industry, Jasa Marga has made fundamental Implementation of Performance transformation in its business management with Management System and Employees the purpose of adding its operating toll roads, Competency Management To accomplish its Vision and Mission, the Company increasing revenue capacity, improving customer requires human resources that drive towards the satisfaction, along with boosting efficiency. achievements of the agreed targets. To direct, motivate and ensure that the entire employees The transformations carried out by Jasa give their contribution to the maximum level Marga encompass improvements of system in accordance with their respective fields, the and procedure along with business process, Company therefore implements Performance implementation of performance evaluation system, Management System (Sistem Manajemen Kinerja and development of business potential. Following – SMK) and Employees Competency Management are the efforts in Transformation carried out by (Manajemen Kompetensi Karyawan – MKK) to Jasa Marga throughout 2014. support the abovementioned achievements.

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 53 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

SMK is implemented by carrying out a series of In 2014, KPI has been cascaded to individual KPI, it is activities performed by all employees as both therefore expected that this will enhance integration subordinate and superior in order to achieve the and harmony among individual performance, work goal set by the Company. The implementation units and the Company. The implementation of begins with planning, monitoring/review, coaching, individual KPI is also carried out simultaneously and performance evaluation, along with follow up with the implementation of system improvement in the form of extending rewards and punishment. of performance-based remuneration in which each The implementation of SMK will be conducted individual receives different incentive depending on continuously. his/her performance achievement reflected in the KPI achievement. In order to make sure of the success of SMK implementation, the Company supports it by also implementing MKK. MKK is conducted by Operational Transformation all employees in view of employees’ competency Jasa Marga continues to improve the ease and management to boost high performance starting convenience of transaction services at toll gates by from determining job competency, employees implementing electronic card known by the name competency assessment/measurement and of e-Toll Card. In 2014, Jasa Marga has implemented follow up in the form of extending rewards and the use of e-Toll Card on all of its operating toll roads development (career trainings, enrichments) and it is in Indonesia, operated by both Jasa Marga as well conducted continuously. as its Subsidiaries. This suggests the Company’s significant effort which enables the use of e-Toll Implementation of Key Performance Card on toll road sections applying closed system, Indicators (KPI) hence widening the use of cashless transaction for In view of improving the Company’s performance the convenience of the toll road users. to reach the next growth, Jasa Marga also makes transformation in setting Key Performance Jasa Marga has increased its Automated Toll Booth Indicator (KPI), based on Criteria for Excellent (Gardu Tol Otomatis – GTO) and as of the end of Performance Assessment (Kriteria Penilaian Kinerja 2014, the Company’s GTO represent 30% of the Unggul – KPKU), the guidelines issued by the total number of operating toll booths of 933 units all Ministry of State-Owned Enterprises. In principle, across Indonesia. Jasa Marga is targeting to operate KPKU is based on balanced score card. The setting GTO up to 50% of the total toll booths in 2016 and of KPI based on balanced score card has started this is expected to increase the use of e-Toll Card in 2010 by integrating it at the levels of Corporate, presently reaching 12%. Directorate, Work Units of Head Office, Branch Offices and Subsidiaries.

54 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Transformation of Financial Transformation of Investment Management Development In the financial aspect, the Company makes In 2014, Jasa Marga succeeded in acquiring the improvements of management information system concession of a new toll road section, i.e. Medan- required in supporting the success of financial Kualanamu-Tebing Tinggi Toll Road. Having this management that will boost financial management concession represents the Company’s effort to well, effectively and efficiently. keep adding to its length of toll road concessions that the Company owns. Until the end of 2014, In 2014, the Company has completed and Jasa Marga has operated a total length of 576 km implemented Accounting Financial Transaction toll roads and the number will continue to increase and Procedure System and Manual with the as the Company completes and accelerates the following objectives: development of new toll roads. a. The reference in preparing and presenting financial statements in accordance with the In the year 2018, Jasa Marga is expected to operate purpose. 771 km toll roads, maintaining Jasa Marga’s position b. The source of reference in solving issues related as the market leader of toll road industry in to financial reporting. Indonesia. c. The guidelines, meaning and direction for those carrying out the financial recording, controlling In addition, the Company also maximizes its assets and reporting. and resources by managing the opportunity of d. The basis in making and developing application businesses related to toll road by developing system. property and toll road maintenance businesses. e. The reference for Internal Audit Unit in carrying The said businesses will be in synergy with the out its audit on accounting activities. Company’s core business activities.

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 55 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Highlights 2014 Financial Highlights 2010 - 2014 (in billion Rupiah, unless otherwise stated)

CONSOLIDATED STATEMENTS OF 2010 2011 2012 2013* 2014 COMPREHENSIVE INCOME Operating Revenues 4,379 6,486 9,070 10,271 9,175 Operating Expenses (2,390) (4,155) (6,095) (8,012) (6,131) Operating Income 1,988 2,330 2,975 2,259 3,044 Income before Taxes 1,476 1,590 2,055 1,311 1,822 Tax Expenses (292) (411) (519) (382) (607) Income for the Year Attributable to: Owner of the Parent Entity 1,193 1,196 1,602 1,028 1,403 Non-Controlling Interest (9) (17) (66) (99) (188) Total Income (Loss) of the Year 1,184 1,179 1,536 929 1,215 Comprehensive Income for the Year Attributable to: Owner of the Parent Entity 1,195 1,198 1,603 1,026 1,404 Non-Controlling Interest (9) (17) (66) (99) (188) Total Comprehensive Income for the Year 1,186 1,180 1,536 928 1,216 DATA ON SHARES Number of Shares Outstanding (million shares) 6,775 6,775 6,800 6,800 6,800 Earnings per Share (full Rupiah amount) 176 177 236 151 206 Dividend per Share (full Rupiah amount) 106 79 94 79 * * CONSOLIDATED STATEMENTS OF FINANCIAL

POSITION Total Assets 18,952 20,916 24,754 28,059 31,858 Total Liabilities 10,593 12,555 14,966 17,501 20,433 Total Equity 8,359 8,361 9,788 10,558 11,425 Capital Expenditure 1,181 2,304 1,832 4,931*** 4,788*** Investment in Associate Companies 201 201 176 179 171 Working Capital Net 1,612 228 (2,117) (1,083) (672) FINANCIAL RATIOS (%) Return on Assets 6.30 5.72 6.47 3.66 4.41 Return on Equity 14.28 14.31 16.37 9.73 12.28 Net Profit Margin 273.26 18.45 17.66 10.01 15.30 Current Ratio 165.04 98.21 68.16 77.77 84.43 Debt to Equity Ratio 126.71 150.00 152.90 165.76 178.84 Debt to Assets Ratio 55.89 60.03 60.46 62.37 64.14 INDUSTRY RATIOS Toll Revenues to Length of Toll Roads Ratio (Rp 8.11 8.89 10.24 10.36 11.53 billion/km) Toll Revenues to Number of Employees Ratio (Rp 0.81 0.94 1.10 1.19 1.42 billion/people)

*) Restated **) Will be decided at AGMS in 2015 ***) Total Consolidated Capital Expenditure

56 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Financial Achievements 2010-2014

Operating Revenues Operating Expenses OPERATING INCOME (billion Rupiah) (billion Rupiah) (billion Rupiah) 3,044 3,044 8,012 10,271 10,271 6,131 9,175 9,175 2,975 2,975 9,070 6,095 2,330 2,259 2,259 1,988 6,486 4,155 4,379 4,379 2,390 4.379 4.379

2010 2011 2012 2013* 2014 2010 2011 2012 2013* 2014 2010 2011 2012 2013* 2014

Income before Taxes INCOME FOR THE YEAR Earnings per Share (billion Rupiah) ATTRIBUTABLE TO OWNER OF (billion Rupiah) THE PARENT ENTITY (billion Rupiah) 236 1,602 1,822 2,055 2,055 206 1,403 1,403 1,196 1,196 177 1,193 1,193 1,311 176 176 151 1,590 1,590 1,476 1,476 1,028

2010 2011 2012 2013* 2014 2010 2011 2012 2013* 2014 2010 2011 2012 2013* 2014

Assets Liabilities Equity (billion Rupiah) (billion Rupiah) (billion Rupiah) 31,858 20,433 20,433 11,425 10,558 10,558 17,501 17,501 28,059 9,788 8,361 8,361 24,754 24,754 14,966 8,359 8,359 20,916 20,916 18,952 18,952 12,555 10,593 10,593

2010 2011 2012 2013* 2014 2010 2011 2012 2013* 2014 2010 2011 2012 2013* 2014

*) Restated

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 57 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Operational Highlights 2010-2014

Description 2010 2011 2012 2013 2014

Length of Toll Roads (km) 531 545 545 560 576

Traffic Volume Transaction (billion vehicles) 0.96 1.09 1.20 1.26 1.32

SPM (minimum level of service) Fulfillment Fulfilled Fulfilled Fulfilled Fulfilled Fulfilled

Number of Permanent Employees (people) 5,303 5,154 5,075 4,875 4,692

Number of Toll Collectors (people) 3,653 3,805 4,724 4,917 5,094

Average Daily Traffic (vehicles) 2,621,618 2,991,176 3,291,413 3,447,999 3,613,699

Average Daily Toll Revenues (thousand Rupiah) 11,797,550 13,269,123 15,292,473 15,897,897 18,209,295

Transaction Traffic Volume Length of Toll Road Concessions Owned by 2010-2014 Jasa Marga 2010-2014 (km) (billion vehicles transactions) 576 560 545 545 531 531 527 527 527 527 527 1.32 1.26 1.20 1.09 0.96

2010 2011 2012 2013 2014 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

58 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Stocks Highlights

Quarterly JSMR Share Price & Volume at the Indonesia Stock Exchange 2007-2014

Traded Shares Number of Shares Market High Low Close Volume Outstanding Capitalization Year (full Rupiah amount) (shares) (shares) (Rp billion)

2007 4Q 2,200 1,700 1,900 7,779,000 6,800,000,000 12,920 1Q 2,025 1,220 1,400 844,500 6,800,000,000 9,520 2Q 1,450 1,150 1,160 2,034,500 6,800,000,000 7,888 2008 3Q 1,380 830 1,010 667,500 6,800,000,000 6,868 4Q 1,000 610 910 10,152,500 6,800,000,000 6,188 1Q 1,060 830 900 11,740,000 6,800,000,000 6,120 2Q 1,740 900 1,550 1,768,000 6,800,000,000 10,540 2009 3Q 1,920 1,540 1,870 6,375,000 6,800,000,000 12,716 4Q 1,940 1,710 1,810 5,534,500 6,775,476,500* 12,264 1Q 1,900 1,660 1,790 12,074,000 6,775,476,500 12,128 2Q 2,200 1,750 2,025 7,123,000 6,775,476,500 13,720 2010 3Q 3,375 2,000 3,200 8,456,500 6,775,476,500 21,682 4Q 3,900 3,150 3,425 9,506,500 6,775,476,500 23,206 1Q 3,575 2,925 3,400 10,509,500 6,775,476,500 23,037 2Q 3,650 3,250 3,625 16,022,000 6,775,476,500 24,561 2011 3Q 4,275 3,400 3,975 6,335,500 6,775,476,500 26,933 4Q 4,275 3,550 4,200 2,323,500 6,775,476,500 28,457 1Q 5,150 4,125 5,150 17,973,000 6,775,476,500 34,894 2Q 5,700 4,875 5,400 8,058,500 6,800,000,000* 36,720 2012 3Q 6,000 5,300 5,850 10,731,500 6,800,000,000 39,780 4Q 5,950 5,450 5,450 10,019,500 6,800,000,000 37,060 1Q 5,950 5,100 5,950 17,130,000 6,800,000,000 40,460 2Q 6,950 5,700 6,050 16,095,500 6,800,000,000 41,140 2013 3Q 6,000 5,300 5,200 11,699,000 6,800,000,000 35,360 4Q 5,800 4,525 4,725 4,192,000 6,800,000,000 32,130 1Q 6,000 4,450 6,000 8,783,600 6,800,000,000 40,800 2Q 6,175 5,800 5,975 6,053,800 6,800,000,000 40,630 2014 3Q 6,625 5,925 6,450 5,031,500 6,800,000,000 43,860 4Q 7,050 5,950 7,050 5,713,100 6,800,000,000 47,940

Note: *) In 4Q2009, the Company bought back its shares amounting to 24,523,500 shares and sold the buyback shares in 2Q2012

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 59 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Volume and Price of Jasa Marga Shares (JSMR) in 2013 and 2014

JSMR Return vs. Jakarta Composite Index (JCI) 2007-2014

percentage 350 Jasa Marga JCI 300

250

200

150

100

-50

Year 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2007 2008 2009 2010 2011 2012 2013 2014

(Source: Bloomberg)

Since it was first listed at Jakarta Stock Exchange on 12 November 2007 until 31 December 2014, JSMR has given 334.14% return. As of 31 December 2014, JSMR was also included in several indices both local and international.

LQ45 Index KOMPAS100 SRI-KEHATI Investor33 MSCI Global Indeks ASEAN FTSE Global IDX30 Index (Indonesian Index Standard Exchanges Equity Index SMinfra18 Biodiversity) Indices Index Index

60 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Bonds Highlights

Jasa Marga Outstanding Bonds 2013

Par Value Coupon Year of Bond ** Code (Rp Million) (%) Rating Maturity

1. JORR II (A) * - 77,377 15.25 2016 - 2. JORR II (B) * - 77,377 15.25 2018 - 3. JORR II (C) * - 104,400 15.50 2021 -

4. Jasa Marga XII (Q) JMPD12Q 1,000,000 13.50 2016 idAA

5. Jasa Marga XIII (R) JMPD13R 1,500,000 10.25 2017 idAA

6. Jasa Marga XIV (JM-10) JMPD14JM10 1,000,000 9.35 2020 idAA

7. Jasa Marga Continuous Bond JSMR01ACN1S 700,000 8.40 2014 idAA I Phase I Year 2013 Series S-Tranche A

8. Jasa Marga Continuous Bond JSMR01BCN1S 400,000 8.70 2016 idAA I Stage I Year 2013 Series S-Tranche B

9. Jasa Marga Continuous Bond JSMR01CCN1S 1,000,000 8.90 2018 idAA I Stage I Year 2013 Series S-Tranche C

Jasa Marga Outstanding Bonds 2014

Par Value Coupon Year of Bond ** Code (Rp Million (%) Rating Maturity

1. JORR II (A) * - 77,377 15.25 2016 - 2. JORR II (B) * - 77,377 15.25 2018 - 3. JORR II (C) * - 104,400 15.50 2021 -

4. Jasa Marga XII (Q) JMPD12Q 1,000,000 13.50 2016 idAA

5. Jasa Marga XIII (R) JMPD13R 1,500,000 10.25 2017 idAA

6. Jasa Marga XIV (JM-10) JMPD14JM10 1,000,000 9.35 2020 idAA

7. Jasa Marga Continuous Bond JSMR01ACN1S 700,000 8.40 2014 idAA I Phase I Year 2013 Series S-Tranche A

8. Jasa Marga Continuous Bond JSMR01BCN1S 400,000 8.70 2016 idAA I Stage I Year 2013 Series S-Tranche B

9. Jasa Marga Continuous Bond JSMR01CCN1S 1,000,000 8.90 2018 idAA I Stage I Year 2013 Series S-Tranche C

10. Jasa Marga Continuous Bond I JSMR01CN2T 1,000,000 9.85 2019 idAA Stage II Year 2014 Series T

Notes: * Not Listed ** All Jasa Marga Bonds are listed at Indonesia Stock Exchange

Based on the letters No. 884/PEF-Dir/VI/2014, No. 885/PEF-Dir/VI/2014 and No. 886/PEF-Dir/VI/2014 from Pefindo to the Company dated 04 June 2014, Jasa Marga’s bonds are rated idAA (Double A).

Rating Definition

idAA represents obligor’s very strong capacity to fulfill its long-term financial liabilities relative to other Indonesian obligors.

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 61 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Chronology of Jasa Marga Shares Listing and Bonds Issuance

Chronology of Jasa Marga Shares Listing

Composition of Ownership

Government of the Republic of Public Buyback Shares Date Corporate Action Indonesia

Series A Series B Series B Shares % Series B Shares % % Shares Shares Status Before IPO 1 4,759,999,999 100 - - - - 12 November 2007 IPO at Jakarta 1 4,759,999,999 70 2,040,000,000 30 - - Stock Exchange 13 October 2008 - Buyback Shares 1 4,759,999,999 70 2,015,476,500 29.6 24,523,500 0.4 12 January 2009 05 April 2012 - 25 Sell Buyback 1 4,759,999,999 70 2,040,000,000 30 (24,523,500) - June 2012 Shares Status as of 31 December 2014 1 4,759,999,999 70 2,040,000,000 30 - -

Chronology of Jasa Marga Bonds Issuance

Date of Date of Par Value Tenor Issuance Maturity Status as of Bond ** Rating (Rp Million) (Year) (dd-mm- (dd-mm- 31 Dec 2014 yyyy) yyyy) Jasa Marga I (A) 23,718 5 11-03-1983 11-03-1988 Paid Jasa Marga II/1 (B) 40,000 5 31-10-1983 31-10-1988 Paid Jasa Marga II/2 (C) 20,000 5 06-02-1984 06-02-1989 Paid Jasa Marga II/2 (D) 20,000 5 05-03-1984 05-03-1989 Paid Jasa Marga II/2 (E) 20,000 5 31-03-1984 31-03-1989 Paid Jasa Marga III/1 (F/1) 40,000 5 28-12-1984 28-12-1989 Paid Jasa Marga III/2 (F/2) 30,000 5 01-03-1985 01-03-1990 Paid Jasa Marga IV/1 (G/1) 40,000 5 27-12-1985 27-12-1990 Paid Jasa Marga IV/2 (G/2) 60,000 5 24-03-1986 24-03-1991 Paid Jasa Marga V/1 (H) 60,000 5 06-07-1987 06-07-1992 Paid Jasa Marga V/2 (I) 40,000 5 19-11-1987 19-11-1992 Paid Jasa Marga VI/1 (J) 75,000 8 20-6-1988 20-06-1996 Paid Jasa Marga VI/2 (K) 50,000 8 01-02-1989 01-02-1997 Paid Revenue Indexed Bond Phase I 40,000 12 31-07-1989 31-07-2001 Paid Revenue Indexed Bond Phase II 30,000 12 21-09-1989 21-09-2001 Paid Jasa Marga VII (L) 100,000 8 08-06-1990 08-06-1998 Paid Jasa Marga VIII (M) 150,000 8 27-03-2000 27-03-2008 Paid Jasa Marga IX (N) 400,000 5 12-04-2002 12-04-2007 Paid Jasa Marga X (O) 650,000 8 04-12-2002 04-12-2010 Paid

Jasa Marga XI (P) 1,000,000 10 10-10-2003 10-10-2013 idAA Paid

Jasa Marga I (JM-10) 500,000 3 10-12-2010 10-12-2013 idAA Paid JORR I *) 274,260 10 19-11-2003 19-11-2013 - Paid

62 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Date of Date of Par Value Tenor Issuance Maturity Status as of Bond ** Rating (Rp Million) (Year) (dd-mm- (dd-mm- 31 Dec 2014 yyyy) yyyy) JORR II (A) *) 77,377 10 05-01-2006 05-01-2016 - Outstanding JORR II (B) *) 77,377 12 05-01-2006 05-01-2018 - Outstanding JORR II (C) *) 104,400 15 05-01-2006 05-01-2021 - Outstanding

Jasa Marga XII (Q) 1,000,000 10 06-07-2006 06-07-2016 idAA Outstanding

Jasa Marga XIII (R) 1,500,000 10 06-21-2007 06-21-2017 idAA Outstanding

Jasa Marga XIV (JM-10) 1,000,000 10 10-12-2010 10-12-2020 idAA Outstanding

Jasa Marga Continuous Bond I Phase I 700,000 370 27-09-2013 02-10-2014 idAA Paid Year 2013 Series S-Tranche A days

Jasa Marga Continuous Bond I Phase I 400,000 3 27-09-2013 27-09-2016 idAA Outstanding Year 2013 Series S-Tranche B

Jasa Marga Continuous Bond I Phase I 1,000,000 5 27-09-2013 27-09-2018 idAA Outstanding Year 2013 Series S-Tranche C

Jasa Marga Continuous Bond I Phase II 1,000,000 5 22-09-2014 19-09-2019 idAA Outstanding Year 2014 Series T

Notes: * Not Listed ** All Jasa Marga bonds are listed at Indonesia Stock Exchange

Composition of JSMR Shares Ownership

Composition of JSMR Shares Ownership as of 31 December 2014

Foreign Investors 19.09%

Mutual Fund 4.38% Domestic Individual/Retail 5.47% Domestic Individual/Retail 1.06%

Government of the Republic of Indonesia 70.00%

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 63 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Composition of JSMR Shares Ownership as of 31 December 2014

Number of Description Number of Shares Composition (%) Shareholders

Government of Indonesia 1 4,760,000,000 70.00 Public 6,069 2,040,000,000 30.00 Domestic Investors Individual/Retail 5,028 72,087,196 1.06 Institution 64 112,504,575 1.65 Insurance 45 157,549,400 2.32 Foundation 119 102,114,200 1.50 Cooperative 5 138,481 0.00 Mutual Fund 171 297,755,903 4.38 Foreign Investors Individual/Retail 33 1,094,000 0.02 Institution 604 1,296,756,245 19.07 Total 6,070 6,800,000,000 100.00

JSMR Shares Ownership of Minimum 5% as of 31 December 2014

Name Status of Owner Number of Shares Percentage (%)

Government of the Republic of Government of the Republic 4,760,000,000 70.00 Indonesia of Indonesia

JSMR Shares Ownership of Less than 5% as of 31 December 2014

Number of Name Number of Shares Percentage (%) Shareholders Domestic Investors 5,432 742,149,755 10.91 Foreign Investors 637 1,297,850,245 19.09 TOTAL 6,069 2,040,000,000 30.00

64 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Information on Major Shareholder As at 31 December 2014, as the Major Shareholder, the Government of the Republic of Indonesia holds one Series A Dwiwarna share and 4,760,000,000 Series B Ordinary Shares. As shareholder of Series A Dwiwarna, the Government of the Republic of Indonesia has privileges of increasing or decreasing authorized capital and amending the Company’s Articles of Association, appointing and dismissing members of the Directors and Board of Commissioners, merging, fusing, taking over as well as dissolution and liquidation of the Company.

Shares Ownership of Board of Commissioners, Directors and Employees

as of 31 December 2014

Number of Percentage Name Position Shares (%) Agoes Widjanarko Chairman 80,000 0.001 Ibnu Purna Commissioner 10,500 0.000 Akhmad Syakhroza Commissioner Nil 0 Boediarso Teguh Widodo Commissioner Nil 0 Mayjen. (Purn). Samsoedin Independent Commissioner Nil 0 Irjen Polisi (Purn.) Michael Dendron Primanto Independent Commissioner Nil 0 Adityawarman President Director 134,500 0.002 Hasanudin Operation Director 8,500 0.000 Abdul Hadi Hs. Business Development Director 260,500 0.004 Reynaldi Hermansjah Finance Director 200,000 0.003 Muh Najib Fauzan Human Capital and General Affairs Director 107,500 0.002 Total Shares Ownership of Board of Commissioners and Directors 801,500 0.012 Shares Ownership of Employees 12,537,761 0.184 Total Shares Ownership of Board of Commissioners, Directors and Employees 13,339,261 0.196

Twenty Largest Jasa Marga Shareholders as of 31 December 2013

Number of Percentage No. Name Shares (%) 1. GOVERNMENT OF THE REPUBLIC OF INDONESIA 4,760,000,000 70.000 2. BNYM SA/NV AS CUST OF EMPLOYEES PROVIDENT FUND-2039844119 131,807,100 1.938 3. JPMORGAN CHASE BANK NA RE NON-TREATY CLIENTS - 2157804006 93,131,855 1.370 4. PT AIA FINL - UL EQUITY 70,161,400 1.032 5. BPJS KETENAGAKERJAAN-JHT 65,035,200 0.956 6. BBH BOSTON S/A VANGRD EMG MKTS STK INFD 38,363,500 0.564 7. JPMCB-JPMORGAN FUNDS -2157804185 36,292,800 0.534 8. REKSA DANA BNP PARIBAS INFRASTRUKTUR PLUS 32,629,900 0.480 9. JPMCB - NORGES BANK - 2157804128 29,561,300 0.435 10. JPMCB-FIDELITY INVESTMENT TRUST:FIDELITYEMERGING MARKETS 26,075,800 0.383 FUND -2157804068 11. SMARTLINK RUPIAH EQUITY FUND 23,819,700 0.350 12. GIC S/A GOVERNMENT OF SINGAPORE 22,326,812 0.328 13. RD BNP PARIBAS EKUITAS - 897634000 22,201,900 0.326 14. SSB 0BQM S/A ISHARES MSCI EMG MARKETS MIN VOL ETF-2144612119 19,815,600 0.291 15. ASURANSI JIWA MANULIFE INDONESIA, PT-49454000 17,566,300 0.258 16. BPJS KETENAGAKERJAAN - JKK 17,272,700 0.254 17. REKSA DANA SCHRODER DANA PRESTASI DINAMIS 16,860,500 0.248 18. SSB OBIH S/A ISHARES MSCI EMERGING MARKETS ETF-2144609616 15,588,100 0.229 19. SSB 1BA9 ACF MSCI EQUITY INDEX FUND B-INDONESIA - 2144609619 15,483,400 0.228 20. DANA PENSIUN TELKOM 14,716,000 0.216 TOTAL 5,468,709,867 80.422

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 65 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Ten Largest Jasa Marga Bondholders as of 31 December 2013

JORR II Bond (A) Jasa Marga XIV Bond (JM-10)

Percentage Percentage No. Name Number of Securities No. Name Number of Securities (%) (%) 1 PT Bank Panin Tbk 64.26 83.04 1 BPJS Ketenagakerjaan JHT 230.00 23.00 2 PT Bank Bukopin 4.45 5.76 (dh PT Jamsostek) 3 Bank DKI 3.32 4.29 2 BPJS KESEHATAN 100.00 10.00 4 PT Bank Panin Tbk 3.16 4.08 3 BCA- TREASURY DEPT 90.00 9.00 5 Arjuna Finance 0.43 0.56 4 PT. JASA RAHARJA (PERSERO) 80.00 8.00 6 Depkeu RI cq. DJKN cq. Ditjen 0.27 0.34 5 PT AJ BRINGIN JIWA SEJAHTERA 59.00 5.90 Kekayaan Negara Lain2 6 PT ASURANSI ASTRA BUANA 35.00 3.50 7 Depkeu RI cq. DJKN cq. Ditjen 0.20 0.26 7 REKSADANA OPTIMA 30.00 3.00 Kekayaan Negara Lain3 PENDAPATAN ABADI 8 PT Bank Windu Kentjana 0.20 0.26 8 RDPT TRIM Performa Dinamis Terbatas 29.90 2.99 9 PT Bank Mega Tbk 0.19 0.24 9 BNI TREASURY 25.00 2.50 10 PT Bank Mega Tbk 0.19 0.24 10 REKSA DANA MANDIRI INVESTA 25.00 2.50 INVESTA DANA PENDAPATAN OPTIMAL

JORR II Bond (B) Jasa Marga Continuous Bond I Phase I Year 2013 Series S-Tranche B Percentage No. Name Number of Securities (%) Percentage No. Name Number of Securities 1 PT Bank Panin Tbk 64.26 83.04 (%) 2 PT Bank Bukopin 4.45 5.76 1 BATAVIA PROTEKSI ANDALAN 11 72.00 18.00 3 Bank DKI 3.32 4.29 2 PT Bank CIMB Niaga Tbk, 40.00 10.00 4 PT Bank Panin Tbk 3.16 4.08 3 BDI Treasury ALM Family 30.00 7.50 5 Arjuna Finance 0.43 0.56 4 DP. Jasa marga 30.00 7.50 6 Depkeu RI cq. DJKN cq. Ditjen Kekayaan 0.27 0.34 5 PT AIA FINANCIAL 26.00 6.50 Negara Lain2 6 DPLK Bank BNI 25.00 6.25 7 Depkeu RI cq. DJKN cq. Ditjen Kekayaan 0.20 0.26 7 PT. Bank Internasional Indonesia 20.00 5.00 Negara Lain3 8 PT BANK RIAU KEPRI 20.00 5.00 8 PT Bank Windu Kentjana 0.20 0.26 9 PT Bank CIMB Niaga Tbk, 20.00 5.00 10 YAYASAN KESEJAHTERAAN PEGAWAI 9 PT Bank Mega Tbk 0.19 0.24 20.00 5.00 PT BRI 10 PT Bank Mega Tbk 0.19 0.24

JORR II Bond (C) Jasa Marga Continuous Bond I Phase I Year 2013 Series S-Tranche C Percentage No. Name Number of Securities (%) Percentage No. Name Number of Securities 1 PT Bank Panin Tbk 85.68 82.07 (%) 2 PT Bank Bukopin 5.94 5.69 1 MANDIRI SEKURITAS, PT. 170.00 17.00 2 PT Bank CIMB Niaga Tbk. 105.00 10.50 3 Bank DKI 4.43 4.24 3 DPLK Bank BNI 70.00 7.00 4 PT Bank Panin Tbk 4.21 4.03 4 BPJS KETENAGAKERJAAN - JKK 50.20 5.02 5 Bpk. Wiantono 1.23 1.18 5 PT. Bank Internasional Indonesia 50.00 5.00 6 Arjuna Finance 0.58 0.55 6 PT. JASA RAHARJA (PERSERO) 50.00 5.00 7 Depkeu RI cq. DJKN cq. Ditjen Kekayaan 0.35 0.34 7 BPJS KETENAGAKERJAAN - BPJS 36.23 3.62 Negara Lain2 8 Dana Pensiun Perkebunan 35.00 3.50 8 Depkeu RI cq. DJKN cq. Ditjen Kekayaan 0.27 0.26 9 DP BNI 30.00 3.00 Negara Lain2 10 REKSA DANA RHB OSK SMILE FIXED 30.00 3.00 9 PT Bank Windu Kentjana 0.27 0.26 INCOME FUND 10 PT Bank Mega Tbk 0.25 0.24

Jasa Marga Bond XII (Q) Jasa Marga Continuous Bond I Phase II Year 2014 Series T Percentage No. Name Number of Securities (%) Percentage No. Name Number of Securities 1 BPJS Ketenagakerjaan JHT 207.00 20.70 (%) (dh PT Jamsostek) 1 PT Bank Mandiri 155.00 15.50 2 PT Taspen (Persero) – THT 150.00 15.00 2 PT Bank DBS Indonesia - GFM 130.00 13.00 3 BCA- TREASURY DEPT 100.00 10.00 3 BPJS Ketenagakerjaan JHT (dh PT 100.00 10.00 4 DANA PENSIUN PERTAMINA 100.00 10.00 Jamsostek) 5 DP BNI 51.00 5.10 4 Dana Pensiun PLN 75.00 7.50 5 DPLK Bank BNI 70.00 7.00 6 Dana Pensiun PLN 50.00 5.00 6 PT. JASA RAHARJA (PERSERO) 50.00 5.00 7 DP. Telkom 50.00 5.00 7 REKSA DANA TERPROTEKSI BNI-AM 50.00 5.00 8 REKSA DANA DANAREKSA INVESTA 42.00 4.20 PROTEKSI XXXIX FLEKSI VI 8 AVRIST - LIFE 45.00 4.50 9 DANA PENSIUN BRI 30.00 3.00 9 DPLK BANK RAKYAT INDONESIA 25.00 2.50 10 Dana Pensiun Garuda Indonesia 19.00 1.90 10 RD PREMIER OBLIGASI 23.00 2.30

Jasa Marga Bond XIII (R)

Percentage No. Name Number of Securities (%) 1 PT Taspen (Persero) - THT 323.00 21.53 2 BCA- TREASURY DEPT 231.00 15.40 3 PT. BANK RAKYAT INDONESIA 104.00 6.93 (PERSERO)-DIVISI TREASURY 4 BPJS Ketenagakerjaan JHT (dh PT 74.00 4.93 Jamsostek) 5 REKSA DANA BAHANA MAXIMA 66.00 4.40 DINAMIS 2 6 DANA PENSIUN BRI 60.00 4.00 7 BPJS KESEHATAN - DANA JAMINAN 50.00 3.33 SOSIAL 8 DANA PENSIUN PERTAMINA 35.00 2.33 9 BPJS KETENAGAKERJAAN - (TRD-JHT) 30.00 2.00 10 AAA OPTIMAL INCOME FUND 30.00 2.00

66 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Capital Market Condition and Performance of JSMR Shares in 2014 Throughout 2014, the condition of global economy and politic in Indonesia has significantly influenced the condition of capital market in the country. In the opening of 2014, the Jakarta Composite Index was at the level of 4,294 and with the closing position of 5,226 showed an increase by 21.70%.

The policy of the Indonesian Government to focus on infrastructure development has also given significant influence to the performance of JSMR shares given that JSMR is included in the field of infrastructure. At the opening in the beginning of 2014, JSMR was at the level of 4,750 and at the closing at the end of 2014 it increased by 49.21% to a level of 7,050.

JSMR Share Price Movement vs. JCI 2014

Rp 7,050.00 7,000.00

JSMR 7,050.00 JCI 5,226.95

6,500.00

6,000.00

5,500.00

5,226.95

5.000.00

4.,500.00

4,000.00

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Year 2014

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 67 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Significant Events in 2014

11 March 2014 19-26 March 2014 04 April 2014

2013 Annual GMS Jasa Marga Goes to Campus Minister of Public Works Jasa Marga convened Annual To show its awareness of Inaugurated Ungaran-Bawen General Meeting of Shareholders educational aspect, especially Toll Road (GMS) financial year 2013 taking in educating college students, The Minister of Public Works place at The Dharmawangsa the Company conducted Djoko Kirmanto inaugurated the Jakarta. socialization on safety driving operation of 12.30 km Section 2 on toll roads. The activity took Ungaran-Bawen, which is part place at Bandung Institute of of the 72.64 km Semarang-Solo Technology (ITB), Bina Nusantara Toll Road. Semarang-Solo Toll University (Binus), University Road will contribute to area of Indonesia (UI), International development and increase Siswa Bangsa University (USBI) economic growth in the area and Trisakti University, presenting of Central Java Province and the Directors of the Company support the growth of this area. as speakers. The said subject needs to be delivered so that college students have better understanding of the things they need to know when driving their vehicle on toll road, and that they as well as others are safe.

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30 May 2014 22 July 2014 23 July 2014

The Operation of BORR JORR W2 North Kebon Jeruk- The Signing of Joint Working Section 2A (Kedung Halang- Ulujami Fully Operated Agreement 2014-2016 Kedung Badak) The Minister of Public Works Taking place at Jasa Marga The Minister of Public Works Djoko Kirmanto inaugurated Development Center, Jasa Marga Djoko Kirmanto inaugurated the operation of 2 km Section and Jasa Marga Labor Union Bogor Outer Ring Road (BORR) Ciledug-Ulujami of JORR W2 signed Joint Working Agreement Toll Road Section 2A Kedung North Toll Road. The operation (Perjanjian Kerja Bersama – PKB) Halang-Kedung Badak (1.95 of the Section marks the full 2014-2016. The signing ceremony km), in line with the master operation of 7.70 km JORR was attended by President plan of Metropolitan Priority W2 North Toll Road and the Director Adityawarman, Finance Area (MPA) of Greater Jakarta integration of JORR Toll Road. Director Reynaldi Hermansjah, (Jabodetabek) areas. The Toll The operation of this Toll Road is Human Capital and General Road Section is part of the Bogor expected to ease congestion. Affairs Director Muh Najib Fauzan; Outer Ring Road Toll Road and and was witnessed by Director is the continuation of its Section General Industrial Relations 1 operated since 23 November Guidance & Workers Social 2009. Security R. Irianto Simbolon.

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 69 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Significant Events 2014

24 July 2014 20 August 2014 22 September 2014

Mudik Gratis Bareng Jasa The Signing of Suramadu Toll Jasa Marga Issued Rp 1 Trillion Marga Bridge Concession Agreement Bond As the realization of its social Jasa Marga President Director The Company issued bond responsibility, Jasa Marga held Adityawarman, together with worth Rp 1 trillion in September a free “mudik” program called Head of the Indonesian Toll Road 2014. The bond issuance is the “Mudik Gratis Bareng Jasa Marga” Authority (Badan Pengatur continuation of Continuous in 2014/1435 H to assist workers Jalan Tol – BPJT) Ahmad Ghani Public Offering (Penawaran supporting the Company’s Ghazali signed the Concession Umum Berkelanjutan – PUB) with activities to go back to their Agreement (Perjanjian total emission of Rp 5.9 trillion. hometown – known as “mudik” – Pengusahaan Jalan Tol – PPJT) The Rp 1 trillion bond has a five to celebrate the Idul Fitri 1435 H of Surabaya-Madura (Suramadu) (5)-year maturity period with a holiday in their hometown at the Toll Bridge. The agreement coupon of 9.85% per annum. As Company’s expenses. signing took place at the Meeting much as Rp 700 billion from the Room of BPJT office. bond issuance will be used for refinancing PUB stage I whereas the remaining Rp 300 billion will be used for the payment of bank loan maturing in 2014.

70 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

19 September 2014 23 September 2014 01 October 2014

Toll Tariff Adjustment of Prof. Groundbreaking of Medan- Jasa Marga Supports Dr. Sedyatmo Toll Road Kualanamu-Tebing Tinggi Toll the Launching of KPK’s In accordance with the Decision Road Gratification Application of the Minister of Public Works The groundbreaking of Medan- “GRATis” No. 552/KPTS/M/2014 dated 11 Kualanamu-Tebing Tinggi Toll To support the prevention September 2014 on Toll Tariff Road was performed by Minister and repression of corruption Adjustment on Prof. Dr. Ir. of Public Works Djoko Kirmanto, crimes, Jasa Marga President Sedyatmo Toll Road Section, as of accompanied by Governor Director Adityawarman attended 19 September 2014, at 00:00 or of North Sumatera, Director the Launching of Corruption 7 days after the Minister Decision General Bina Marga, Head of Eradication Commission (Komisi was issued, Prof. Dr. Sedyatmo BPJT, Deli Serdang Regent and Pemberantasan Korupsi – KPK)’s (Airport) Toll Road operates with Jasa Marga President Director “GRATis” Application and new tariff with an increase by at Deli Serdang Regency, North Recharging the Gratification 13.76% based on inflation. Sumatera. The winner of tender Restraints Unit in Jakarta. The of the 61.7 km toll road was the benefit of the application for Consortium of PT Jasa Marga state apparatus and Civil Servants (Persero) Tbk., PT Pembangunan (Pegawai Negeri Sipil – PNS) is Perumahan (Persero) Tbk., to prevent gratification, whereas PT Waskita Karya (Persero) Tbk., for the society is to educate and PT Hutama Karya (Persero). people to not make any attempts of gratification or asking for it directly.

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 71 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Significant Events 2014

16 October 2014 16 October 2014 03 November 2014

Toll Tariff Adjustment of Jasa Marga is First Rank in Jasa Marga and Chinese Jakarta-Cikampek Toll Road Annual Report Award 2013 Consortium Studied the Based on the Decision of the Jasa Marga succeeded in Possibility if Cooperating in Minister of Public Works No. 539/ achieving the First Rank in Building Toll Road KPTS/M/2014 dated 08 October Annual Report Award (ARA) 2013 Taking place at the office of 2014 on Toll Tariff Adjustment for the category of Listed Non- Ministry of SOEs, Jasa Marga of Jakarta-Cikampek Toll Road, Financial SOEs. ARA is organized President Director Adityawarman as of 16 October 2014, Jakarta- in cooperation of 7 institutions, signed Memorandum of Cikampek Toll Road operates i.e. Financial Services Authority Understanding (MoU) between with new tariff with an increase (Otoritas Jasa Keuangan – OJK), Jasa Marga and the Consortium by 12.95% based on inflation. Ministry of SOEs, Directorate of China Sonangol International General of Tax, Komite Nasional Ltd. and China Railway Group Kebijakan Governance (The Limited in the cooperation of toll National Committee on road development. Jasa Marga Governance), the Indonesia and the Consortium will study Stock Exchange, Ikatan Akuntan possible cooperation consisting Indonesia (The Indonesian of the planning, funding, Institute of Accountants) and construction, operation and Bank Indonesia (Indonesia maintenance of potential toll road central bank). in Indonesia. The cooperation is conducted in the form of Public Private Partnership (PPP).

72 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

10 November 2014 12 December 2014 17 December 2014

The Signing of Deed Operation of Electronic Good Corporate Governance of Establishment of PT Payment on Toll Roads Award Jasamarga Kualanamu Tol Applying Closed System Jasa Marga was awarded Most Jasa Marga President Director Jasa Marga, Bank Mandiri and PT Trusted Company Based on Adityawarman signed Joint Trans Lingkar Kita Jaya (TLKJ) Corporate Governance Perception Venture Agreement and the Deed operate electronic payment on toll Index (CGPI) at the Indonesia of Establishment of roads with closed system (Jakarta- Good Corporate Governance PT Jasamarga Kualanamu Tol Cikampek, Purbaleunyi, Jagorawi Award 2014. The event was at the Directors’ Meeting Room and Cinere-Jagorawi). held by SWA Magazine and The of Jasa Marga Head Office. The Indonesian Institute for Corporate parties involved in the signing Governance (IICG). were Jasa Marga, PT Waskita Karya, PT Pembangunan Perumahan, and PT Hutama Karya. PT Jasamarga Kualanamu Tol is the concession holder of Medan-Kualanamu-Tebing Tinggi Toll Road.

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 73 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Awards and Certifications

3 April 2014 3 june 2014 5 June 2014 18 June 2014

Contact Center Corporate Image Service Quality Award Indonesia Green Excellence Service Award 2014 2014 Awards 2014 Award (CCSEA) 2014 The Best Building and Predikat Golden Category: Predicate: Managing Corporate Kategori: Toll Road • Developing and using Excellent in Service Image new and renewable Performance Kategori: Toll Road Service Excellence energy (by using Category: Public Infrastructure Magazine Light Emitting Diode Services (LED) for public Tempo Magazine street lighting, Green Building and using Carre Center for low octane fuel) Customer Satisfaction • pioneering pollution and Loyalty (Carre prevention (toll CCSL) road forestation dan Majalah Service Excellence program to absorb CO2 emission from vehicles on toll roads)

La Tofi School of CSR

74 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

18 JunE 2014 24 JUNE 2014 25 June 2014 26 JUNe 2014

BUMN Internal Media Bisnis Indonesia Award The 1st Rank of SWA Social Business Awards 2014 (BIMA) 2014 100 Innovation Award 2014 Kategori: Best Cover Category: Best Public Indonesia Best Public Best Sustainable dan Content Company in the Sector Companies 2014 Business Innovation of Infrastructure, Utility Category: Company in Toll Road BUMN Track Magazine and Transportation Transportation Green Development Category: State-Owned Bisnis Indonesia Daily SWA Magazine Infrastructure Company

Warta Ekonomi Magazine

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 75 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Awards and Certifications

21 August 2014 15 OcTOBER 2014 16 OcTOBER 2014 20 NOVEMBER 2014

BUMN Marketing BUMN Web Award Annual Report Award Business Excellence Award 2014 2014 (ARA) 2013 Award 2014 Silver Winner Category: Best User First Rank in the Category: Toll Road Category: Engagement Category of Listed (Surabaya-Gempol • Tactical Marketing Non-Financial SOE Branch) • Strategic Marketing beritasatu.com OJK, Ministry of Marketing Magazine BUMN Track Magazine SOEs, Directorate General of Tax, Komite Nasional Kebijakan Governance (The National Committee on Governance), Indonesia Stock Exchange, Ikatan Akuntan Indonesia (The Indonesian Institute of Accountants) and Bank Indonesia (Indonesia central bank)

26 NOVEMBER 2014

Persatuan Insinyur Indonesia (PII) Award 2014 Perolehan Emas Kategori: Adhikara Rekayasa

Persatuan Insinyur Indonesia (PII)

76 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

26 NOVEMBER 2014 27 NOVEMBER 2014 01 DESEMBER 2014 9 DEcEMBER 2014

Business Excellence Indonesia Human HR Excellence Award The Best Non Financial Award 2014 Capital Study (IHCS) 2014 Sector Award Category: Toll Road Award 2014 Predikate Good (Surabaya-Gempol Category: The Best Category: The Indonesian Branch) for Human Capital • HR Transformation Institute for Corporate Initiatives • Reward Management Directorship (IICD) Marketing Magazine Dunamis SWAnetwork and LMFE UI

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Awards and Certifications

9 DEcEMBER 2014 10 December 2014 11 December 2014 17 December 2014

Anugerah Business Best of the Best the Sustainable and Corporate Governance Review Award 2014 Top 50 Companies for Responsible Perception Index Category: 2014 Award Investment Index (SRI) (CGPI) Tahun Penilaian • The Best GCG The 4th Best of the KEHATI Appreciation 2013 Implementation of Best 2014 2014 The Most Trusted The Year Peringkat 1 Company • The Best Forbes Magazine Yayasan Corporation For Risk Keanekaragaman Hayati The Indonesian Management of The (KEHATI – Indonesian Institute for Corporate Year Peringkat 2 Biodiversity Foundation) Governance • The Best Corporate Communication of The Year Peringkat 2 • The Best Corporation for Learning Organization of The Year Peringkat 2 • The Best Operation Management of The Year Peringkat 5

Business Review

78 PT Jasa Marga (Persero) Tbk. 2014 Annual Report HumanPengelolaan Capital CorporateTata Kelola CorporateTanggung JawabSocial ManagementTanggung Jawab GlossaryDaftar Istilah ConsolidatedLaporan Keuangan ManagementHuman Capital GovernancePerusahaan SosialResponsibility Perusahaan ResponsibilityManajemen Atas for FinancialKonsolidasian AnnualLaporan Report Tahunan Statements 20142013

Certifications of Toll Road Operational Quality All Jasa Marga Branch Offices have received certifications of toll road operational quality. ISO 9001:2008 is an international standard for quality management system. The benefits of ISO 9001:2008 implementation among others are as follows: • Enhance customers trust • Guarantee process and product quality • Increase company’s productivity and market gain • Increase motivation, moral and employees performance • Serve as analyzing tools of company’s competitor • Improve mutually beneficial relationship with suppliers • Enhance cost efficiency and product safety • Improve internal communication • Improve company’s positive image • Provide a well-documented system • Serve as a media for training and education

Certifications of Operational Quality of Jasa Marga Toll Roads ISO 9001:2008 Certification No. Branch Certified Since Validity Period (dd-mm-yyyy) (dd-mm-yyyy)

1. Jagorawi 10-01-2000 23-08-2014 to 23-08-2017 2. Surabaya-Gempol 19-04-2001 19-04-2013 to 19-04-2016 3. Palikanci 21-07-2004 21-07-2013 to 21-07-2016 4. Belmera 12-10-2004 12-10-2013 to 12-10-2016 5. Jakarta-Tangerang 26-06-2013 26-06-2013 to 26-06-2016 6. Semarang 06-01-2005 06-01-2014 to 06-01-2017 7. Jakarta-Cikampek 04-02-2005 04-02-2014 to 04-02-2017 8. Cawang-Tomang-Cengkareng 15-02-2005 15-02-2014 to 15-02-2017 9. Purbaleunyi 22-12-2004 22-12-2013 to 22-12-2016

PT PTJasa Jasa Marga Marga (Persero) (Persero) Tbk Tbk. Laporan. 2014 Annual Tahunan Report 2014 79 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Management Report

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PT Jasa Marga (Persero) Tbk. 2014 Annual Report 81 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Board of Commissioners Report

The Board of Commissioners makes the efforts so that the values and principles of GCG gradually become part of the corporate culture in providing services to the stakeholders, both the shareholders and the people as toll road users

Dear Shareholders, even better throughout 2014. Apart from presenting routine agenda such as approval/ratification of the As the year 2014 has ended, we express our Company’s Financial Statements; Report on Board gratitude and praise God Almighty for all His of Commissioners Supervisory Task, the Company’s blessings and kindness allowing the Board of Consolidated Financial Statements and Annual Commissioners to be able to carry out their Report of PKBL Program; including the approval tasks and duties well throughout 2014. To show and decision of the use of net profit fiscal year 2013 transparency and responsibility, we would like to for payment of dividend, tantieme, appropriated take this opportunity to report the main issues in reserves and general reserves; along with the the carrying out of tasks and duties of the Board decision of Public Accounting Firm; the GMS also of Commissioners in supervising and giving advice decided the change in a member of the Board of to the Directors concerning the management of Commissioner, Joyo Winoto, with new member the Company. Boediarso Teguh Widodo.

The Company commenced the year 2014 by Also, the GMS approved the change in the convening Annual General Meeting of Shareholders Company’s Directors nomenclature and the (GMS). The Annual GMS was held on the decided composition of its members of Directors. The new date, i.e. 11 March 2014 and the convening of the said distribution of tasks, authorities and description of GMS was in accordance with prevailing rules and tasks of the Directors has been ratified and decided regulations. The Annual GMS has resulted resolutions with the issuance of the Decision Letter of the that serve as the basis for the Company to perform Directors. With the abovementioned changes, we are

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Agoes Widjanarko Chairman

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optimistic that the Company’s performance will keep One of the Board of Commissioners Work Programs improving and the management of the Company will was the review of Corporate Long-Term Plan be more effective and efficient. (Rencana Jangka Panjang Perusahaan – RJPP) of 2013-2017. The review is aimed at evaluating the Composition of the Board of validity of RJPP as guidelines in accomplishing the targeted mid-term and long-term goals. Results Commissioners of the review and evaluation were forwarded The number of members of Board of Commissioners and discussed with the Directors, as Board of of the Company remains the same: one (1) member Commissioners advice to the Directors in setting the of the Board of Commissioners as Chairman, strategies and required measures to be carried out three (3) members as Commissioners, and two (2) in 2014 and the following years. members as Independent Commissioners. Based on the Resolutions of the Annual GMS, the composition In addition to RJPP, review and evaluation on the of the Company’s Board of Commissioners changed Company’s performance by quarter in 2014 has also with the appointment of new member of the Board become Board of Commissioners routine programs. of Commissioners Boediarso Teguh Widodo who Results of review and evaluation were used as has appropriate experience and competencies reference in giving suggestions to the Directors to continue the field of tasks of the previous to ensure the achievement of business target in member Joyo Winoto. The distribution of tasks the fiscal year of 2014 as well as sharpening the and description of tasks for each Commissioner programs in 2015 Corporate Budget and Work member is regulated in Decision Letter of the Board Plan (RKAP) whose validating process requires of Commissioners No. KEP-0031/II/2012 dated 20 the approval of the Board of Commissioners thirty February 2012 and was revised in relation to the (30) days prior to the end of 2014 budgeting year change of the member with Decision Letter of the in December 2014. With effective supervision Board of Commissioners No. KEP-106 a/V/2014 and coordination, the Company’s 2015 RKAP dated 16 May 2014. proposed by the Directors on 29 October 2014 was approved by the Board of Commissioners in Board Work Programs of the Board of Commissioners-Directors Joint Meeting on 28 of Commissioners November 2014. The stages performed in giving the In carrying out the tasks and duties, the Board said approval are in accordance with the provisions of Commissioners has prepared Board of stipulated in the Company’s Articles of Association. Commissioners’ Annual Work Programs 2014 validated in early January 2014. The said work The Work Programs of Board of Commissioners programs serve as initial reference for the Board also include scheduling the Board of Commissioners of Commissioners in carrying out their task of Internal Meetings and Board of Commissioners- supervising and giving advice to Directors in the Directors Joint Meetings. During the period of 2014, management of the Company. In the realization, 29 Board of Commissioners Internal Meetings and several adjustments were made in the activities Board of Commissioners-Directors Joint Meetings in accordance with the dynamic of the issues and were held and the average level of attendance of changes in business environment along the year members of the Board of Commissioners reached 2014. With this mechanism, series of activities of 95%, much higher than that of last year with only the Board of Commissioners are well organized 75%. In the meeting forum, members of the Board and structured, making sure that the tasks of of Commissioners actively give suggestions and supervision and giving advice are carried out directors to the Directors, and together with the effectively and efficiently. Directors, discuss strategic issues concerning

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changes in business environment estimated to of Minister of SOEs No. PER-01/MBU/2011 dated have significant impact in the Company’s business 01 August 2011, which are then further translated and performance, such as increasing operating into Decision Letter of Secretary of Minister expenses following the tendency of increase in of SOEs No. SK-16/S.MBU/2012 dated 06 June interest rate, HR expenses, electricity and fuel 2012 on Indicators/Parameters of Assessment tariffs, along with toll road congestion, and toll and Evaluation on the Implementation of revenues security. The dynamic external business Good Corporate Governance at SOEs. In 2014, environment has also become the subject of assessment criteria also refer to parameters of discussion between the Directors and Board of “ASEAN Corporate Governance Scorecard”. Commissioners, such as much tighter competition in acquiring the concession rights of new toll roads, KPI of the Board of Commissioners of 2014 consists the state’s financial limitation in providing the of seven (7) perspective and 17 performance support of viability gap funding for new toll roads indicators. Result of self-assessment shows Board of not yet meeting financial feasibility, hence becoming Commissioners 2014 KPI reach the score of 4.68 out another Jasa Marga’s challenge to contribute to the of maximum score of 5.0. This achievement indicates success of Government program to complete Trans an improved score compared to that of the previous Jawa and Trans Sumatera Toll Roads. year with 4.58. Apart from KPI achievement, the performance of the Board of Commissioners was In order to enhance effective supervision, the also seen in the aspect of governance in carrying Board of Commissioners has also routinely out the tasks and duties. In 2014, the score of GCG monitored the follow up of the decisions of Board implementation within the Board of Commissioners of Commissioners-Directors Joint Meeting. The based on assessment conducted by independent report on implementation of the meeting decisions consultant reached 96.26%. is presented at each Board of Commissioners Internal Meeting to immediately identify the issues We all should be grateful for the above and to make decisions to overcome the obstacles achievements, yet the notes on the shortcomings in the field. and improvements will continuously become the focus of the Board of Commissioners in order that In addition, the Board of Commissioners has also next year’s achievement will further improve. The performed routine site visits. In 2014, the Board Board of Commissioners always emphasizes that of Commissioners has conducted 10 visits with the Company’s performance achievements are the outcome that is considered quite effective in not limited to only financial aspect, but should identifying the issues in Branches and Projects, also be accompanied with positive achievements to which suggestions were given to the Branch in corporate governance that is reflected in GCG Managers and Project Managers as well as Directors. implementation. The Board of Commissioners makes the efforts so that the values and principles of GCG With the mechanism of supervision described in gradually become part of the corporate culture in the above work programs, the performance of providing services to the stakeholders, both the the Board of Commissioners in performing their shareholders and the people as toll road users. tasks and duties continue to improve as seen in Therefore, GCG implementation will serve as value the achievement of Key Performance Indicator driver to the creation of the Company’s added value, (KPI) and implementation of Good Corporate and the principles of transparency, accountability Governance (GCG) principles. KPI evaluation is and responsibility accompanied with the values of based on parameters regulated in the Regulation professionalism, fairness, efficiency and effectiveness

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 85 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

along with compliance with prevailing rules and The above steps were proven to be quite effective regulations are translated into each decision making in supporting land acquisition and the completion of of the Management. The Board of Commissioners new toll roads. In 2014, the Company has succeeded believes that when these principles and values have in completing and operating 22 km new toll roads, become Jasa Marga’s culture, the Company will then consisting of Semarang-Solo Toll Road, Section grow sustainably and gain stronger competitive Ungaran-Bawen (12.30 km); Bogor Outer Ring Road advantages in both national as well as regional Toll Road, Section Kedung Halang-Kedung Badak scales. (1.95 km); and JORR W2 North Toll Road (7.70 km). Special note on JORR W2 North Toll Road, that the Assessment on Performance of completion of Ciledug-Ulujami Section has enabled the full circle of Jakarta Outer Ring Road Toll Road the Directors and this is expected to reduce congestion on Respectful Shareholders, from the supervisory tasks Jakarta Inner Ring Road Toll Road, thus enhancing and function in 2014, there are several issues that the flow of goods and services as well as people we all should note, either the accomplishments or in DKI Jakarta and its surrounding areas. This problems on which the Board of Commissioners to represents one of Jasa Marga’s roles in supporting focus for future improvement. the Government’s program. The achievements will continue in 2015 as several new toll road projects In the aspect of business development, land are scheduled to complete and operate: Gempol- acquisition remains the issue hampering the Pandaan Toll Road (13.61 km); Surabaya-Mojokerto completion of new toll roads. The impediment Toll Road, Section Krian-Mojokerto (18.47 km); of land acquisition has resulted in the delays of and Gempol-Pasuruan Toll Road, Section Gempol- operation of new toll roads hence delaying the Rembang (13.9 km). collection of revenues. Despite not having control over land acquisition, the Board of Commissioners In acquiring the concession right of new toll road, continuously gives strong support to the efforts the 2014 achievement was marked positively by made in speeding up land acquisition, one of which acquiring the concession of Medan-Kualanamu- is by enhancing effectiveness of coordination with Tebing Tinggi Toll Road. The Toll Road will be Land Acquisition Team (Tim Pembebasan Tanah strategic to the development regional economy in – TPT) and Land Acquisition Committee (Panitia North Sumatera, especially Medan-Tebing Tinggi and Pembebasan Tanah – P2T), while also actively the surrounding areas, in supporting the movement approaching the people. Particularly in this matter, of goods and people to and from Kualanamu Airport the Board of Commissioners has also requested and Belawan Port. For the Company, the success the Directors to report the progress of completion in acquiring the concession right will support of new toll roads monthly during the Board of Jasa Marga’s business penetration while further Commissioners-Directors Joint Meeting. Strategic strengthening the existing growth of Jasa Marga’s measures are thus able to be taken immediately toll roads in the area, i.e. Belawan-Medan-Tanjung to support operational activities in the field to Morawa (Belmera) Toll Road. accelerate land acquisition.

Besides toll road, the development of other businesses/non-toll road business also improves over the years. This is seen in the achievement of non-toll road revenues of 2014 reaching Rp 583 billion. In view of its strategic role in supporting the Company’s Revenues at the time when the

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newly operated toll roads are not yet contributing Board of Commissioners priority, with the target significant revenues contribution, as well as the quite of achievement one level above standard set by large market potential, the development of other the Government. This is because the Board of businesses will be further encouraged so that going Commissioners considers SPM fulfillment is part forward its revenue contribution to the Company of the realization of Jasa Marga’s roles in serving will continue to increase. The efforts conducted the community, especially the toll road users. among others include renegotiating the contracts Innovations are continued to develop to improve the of agreement of Rest and Services Areas (Tempat services to the society and SPM fulfillment, among Istirahat dan Pelayanan – TIP) to give optimum others by adding more automated toll booth (Gardu benefits to Jasa Marga. Other efforts include Tol Otomatis – GTO), increasing the penetration optimizing revenues from advertisements, along with of non-cash payment both e-Toll Card and e-Toll cooperation in developing other businesses with Pass/On Board Unit (OBU), and improving toll road SOEs to optimize the values of Jasa Marga’s assets, maintenance method and system by involving the such as cooperation of fiber optic development. Subsidiary PT Jasa Layanan Pemeliharaan to be more effective and efficient while prioritizing the Other businesses development is also encouraged aspect of quality. On the improvement of transaction by giving support to non-toll road Subsidiaries, system (GTO and non-cash payment), the benefits i.e. PT Jasamarga Properti and PT Sarana Marga are not only in the making smooth transaction, but Utama that was then changed into PT Jasa Layanan also in improving the security of revenues. Pemeliharaan. In 2014, the project of property development starts to run and contributes revenues. Going forward, the efforts to improve transaction In 2015, property development will be further system by means of adding more GTOs and non- intensified, especially on locations surrounding toll cash payment will be further improved. The Board road corridor, thus not only increasing revenues of Commissioners will therefore continuously but also supporting toll road operation. Particularly encourage the increase in the number of GTOs on PT Jasa Layanan Pemeliharaan, the Board of gradually from 30% of the total operating booths Commissioners and Directors have agreed to or 293 units at the end of 2014, to 40% and 50% advance its role in toll road maintenance to support in 2015 and 2016, respectively. The increase in the the fulfillment of minimum level of service (Standar non-cash payment will be enabled by enhancing Pelayanan Minimum – SPM). In relation to this matter, the intensity and coverage, people’s access to the Board of Commissioners intensively conducts buying and topping up e-Toll Card, more aggressive supervising and giving advice focusing on the marketing, and more accessible GTO placement. enhancement of HR capability and empowering the management so that PT Jasa Layanan Pemeliharaan Another aspect that has become the concern of the is capable of carrying toll road maintenance task Board of Commissioners is the implementation of well in the framework of SPM fulfillment. risk management that is gradually directed towards the integration of risk management in every business In the aspect of toll road operation, the Board of process carried out by Jasa Marga. In view of this, Commissioners continuously reminds and gives the Board of Commissioners periodically conducts recommendations to Directors to continue to monitoring and evaluation on the implementation improve the services, convenience and safety of risk management. In every investment proposal, for the toll road users. The fulfillment of the the Board of Commissioners always emphasizes and minimum level of service has always become the makes sure that risk assessment process has been

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included in the project feasibility process. Therefore, View on Business Prospect investment decision made has carefully considered existing risks. Established by the Directors Future challenges faced by Jasa Marga will dynamically grow. As one of SOEs and public In the aspect of finance, the Board of Commissioners companies dealing with infrastructure, Jasa has noted positive performance to be appreciated. Marga continuously strives to give its shares of Despite the pressure of increasing operating contribution to national development by means expenses due to toll road business expansion of infrastructure development having strategic and the realization of traffic volume below target impacts on the increase in the free flow of goods (lower by 3.65% than the targeted 1,369.64 and services so that it will lead to the development million vehicles), the Company was still capable of regional economy. This role will always be of recording net profit amounting to Rp 1,403.43 Jasa Marga’s reference in performing to develop billion or approximately 16.87% higher than targeted. national economy, including in supporting the The achievement represents the impacts of the achievements of Government prioritized programs Company’s efforts in efficiency as well as those to have sovereignty in the sectors of maritime, food to maintain the achievements of toll and non-toll and energy. In the implementation, Jasa Marga will operating revenues. remain to refer to business development principles and good corporate governance. In the framework of efficiency, following the financial performance evaluation of the First Half of 2014, the Other challenges relate to the advancement of the Board of Commissioners gave suggestions to the Company’s capability in controlling its Branches Directors to sharpen various programs considered and Subsidiaries that are growing in quantity and inefficient, ineffective and even unrealistic. The coverage. This is carried out by improving internal achievement on profit was also balanced with the control system, strengthening Management level, realization of investment budget reaching 89.39% of improving corporate governance, increasing HR the plan. Not only has this achievement resulted in capacity, and expanding the usage of information the increase in the Company’s assets at the end of technology. In view of selection of Directors and 2014 to Rp 31,857.95 billion, it also ensures that the Commissioners of the Subsidiaries as well as the growth of revenues in the years to come will even position of one level below Directors, the Board more solid. The Company’s financial prospect also of Commissioners constantly hold on to the keeps improving as the Company has succeeded in principles of assessment prioritizing the aspects of lowering interest rate through refinancing program professionalism, integrity, capability and experience, by issuing bond worth Rp 2.1 trillion in 2013 and Rp along with the vision to always make sustainable 1.0 trillion in September 2014. innovations and improvements. The Board of Commissioners also requested that the Directors prioritize clear and measurable process of HR guidance in order to endorse Jasa Marga personnel to work effectively and efficiently within the ties of Jasa Marga values. With these steps, the Board of Commissioners is optimistic that Jasa Marga’s future is based on solid foundation.

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Assessment on Performance Closing of the Committees under the Finally, we would like to extend our gratitude for the attention, participation and cooperation of all Jasa Board of Commissioners Marga stakeholders so that the Company is well and The Company has two (2) Committees under the efficiently managed. We would also like to show Board of Commissioners, i.e. Audit Committee and our high appreciation to the Directors, Management Business Risk and Investment Committee. In carrying and all elements of Jasa Marga for their success in out its tasks, Audit Committee always refers to Audit maintaining the Company’s performance in the fiscal Committee Work Program (Program Kerja Komite year of 2014. We certainly hope that the harmonious Audit – PKKA). The 2014 PKKA was approved by the and synergic relationship and cooperation is Board of Commissioners through Internal Meeting of maintained and further improved to lead PT Jasa the Board of Commissioners on 23 January 2014. In Marga (Persero) Tbk. to be a highly competitive general, PKKA 2014 has been carried out according company that ceaselessly gives its contributions to to the set targets. In view of the achievement of the development of the country. key performance indicator (KPI) suggesting the performance of the Committees during the period of 2014, Audit Committee succeeded in reaching the score of 4.75 from the targeted score of 5.00, whereas Business Risk and Investment Committee succeeded in reaching the total score of 90.

Board of Commissioners

Agoes Widjanarko Chairman

Ibnu Purna Akhmad Syakhroza Commissioner Commissioner

Boediarso Teguh Widodo Mayjen. (Purn.) Samsoedin Commissioner Independent Commissioner

Irjen. Pol. (Purn.) Michael Dendron Primanto Independent Commissioner

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Profile of Board of Commissioners

Agoes Widjanarko Ibnu Purna Akhmad Syakhroza Chairman Commissioner Commissioner

• He was appointed Chairman • He was appointed • He was appointed Commissioner based based on Resolution of Commissioner based on Decision Letter of State Minister Extraordinary General on Resolution of for SOEs No. 33/MBU/2006 dated 14 Meeting of Shareholders on Extraordinary General March 2006 and was extended based 30 January 2012. Meeting of Shareholders on Resolution of Extraordinary General • He completed his Bachelor’s on 30 January 2012. Meeting of Shareholders on 17 March 2011 Degree in Construction • He completed his and Resolution of Annual General Meeting Civil Engineering from Bachelor’s Degree in of Shareholders on 14 June 2011. He was Sepuluh Nopember Institute Economics from Airlangga reappointed Commissioner based on of Technology, Surabaya University, Surabaya and Resolution of Extraordinary General Meeting and his Master’s Degree in his Master’s Degree in Arts of Shareholders on 30 January 2012. Infrastructure Planning from from University of Flinders, • He completed his Bachelor’s Degree in University of Stuttgart, West Australia. Accounting from Faculty of Economics Germany. • Previous positions include of University of Indonesia (1987); his • Previous positions include Deputy Cabinet Secretary Master’s Degree in Accounting, Finance and Secretary General of the (2011-2014), Secretary Information System from Cleveland State Ministry of Public Works of the Ministry of the University, Ohio, USA (1991); and his Doctoral (2008-2014), President State Secretariat (2010), Degree in Organizational Behavior and Commissioner of PT Wijaya Deputy Minister of the Management Accounting from the Faculty Karya (Persero) Tbk. (2007- State Secretariat for Policy of Business and Public Management of Edith 2012), Director General of Support (2007-2010) and Cowan University, Perth, Australia (2002). Cipta Karya, Ministry of President Commissioner • Presently he is also professor of Economics Public Works (2005-2008), of PT Kawasan Berikat Faculty of University of Indonesia Expert Staff of the Minister Nusantara (2007-2012). (2004-present) and lecturer at Economics of Settlement and Regional • Age as of 31 December Faculty of University of Indonesia Infrastructure for Social 2014 was 60 years. (1986-present), Expert Staff of Accounting Culture and Community Role Development of Economics Faculty of (2003-2005) and Director University of Indonesia (2009-present). of Housing Fund, Directorate Previous positions include Financial Expert General of Settlement, of SKK MIGAS (2013-2014), Member of the Department of Settlement Supervisory Board of Bank Indonesia (2009- and Regional Infrastructure 2012), Expert Staff of the Minister of Energy (2001-2003). and Mineral Resources (2009-2011) and • Age as of 31 December 2014 Expert Staff of National Auditing Agency for was 60 years. Management and Organization (2005-2007). He once worked at Citibank Jakarta (1989- 1990), Bimantara Group (1988-1989) and Public Accountant Amir Abadi Jusuf (1986-1988). • Age as of 31 December 2014 was 51 years.

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Boediarso Teguh Widodo Mayjen. (Purn). Samsoedin Irjen. Polisi (Purn.) Michael Commissioner Independent Commissioner Dendron Primanto Independent Commissioner

• He was appointed • He was appointed Independent • He was appointed Independent Commissioner based on Commissioner based on Decision Commissioner based on Decision Resolution of Annual General Letter of the State Minister for SOEs Letter of State Minister for SOEs Meeting Shareholders on 11 No. 33/MBU/2006 dated 14 March No. RIS-292/D.VI.MBU/2007 March 2014. 2006 and was extended based on dated 12 September 2007 • He completed his Bachelor’s Resolution of Extraordinary General was reappointed Independent Degree in Economy from Meeting of Shareholders on 17 March Commissioner based on Diponegoro University, 2011 and Resolution of Annual General Resolution of Extraordinary Semarang (1980), his Meeting of Shareholders on 14 June General Meeting of Shareholders Master’s Degree in Public 2011. He was reappointed Independent on 30 January 2012. Finance Economy from Commissioner based on Resolution • He completed his Bachelor’s University of Indonesia of Extraordinary General Meeting of Degree in Law from Lampung (2005) and his Doctoral Shareholders on 30 January 2012. University and his Master’s Degree of Economics • He completed his Bachelor’s Degree Degree in Law from Lampung Science from University of in State Administration (1995) and his University. He also graduated Indonesia (2012). Master’s Degree in Management from from the Police Academy in • Presently he is also Director University of the Philippines-UPI (1996). Semarang in 1973 and from the General of Fiscal Balance • His military career includes the posts College of Police Science (PTIK) (2013-present). Previous of Army Chief of Staff Coordinator in 1981, School of Police Staff positions include Member Advisor (1996), Head of Army & Leadership (Sespimpol) in of Board of Commissioners Research and Development (1995), Lembang, West Java (1985-1986) of Pupuk Petrokimia Commander of Artillery Center and the Joint Forces Command (2012-2014), Expert Staff (1993), Commander of Military (Seskogab) in Bandung, West of the Minister of Finance Resort 162 Kodam Udayana (1988), Java (1995-1996). for State Expenses (2012- Commander of Artillery Training and • He retired from the National 2013), Member of Board Education Center (1985), Commander Police and the last position was of Commissioners of PT of Regiment ARMED 2 KOSTRAD Governor of Police Academy in Bank Bukopin (2005-2009) (1983) and Commander of Military Semarang with the rank of Police and Member of Board of District, Battalion Commander of the Inspector General. Previous Commissioners of PT Biro ARMED. Previous positions include positions also include Chief of Klasifikasi Indonesia Commissioner of PT Telekomindo Lampung Regional Police (2002) (2004-2009). Prima Bhakti (2000), member of and Head of Medan City Police • Age as of 31 December 2014 the House of Representatives of the (1996). was 56 years. Republic of Indonesia (1997-1999) and • Age as of 31 December 2014 was Widyaiswara Utama (Senior Lecturer) 65 years. at National Resilience Institute (1996). • Age as of 31 December 2014 was 72 years.

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Directors Report

In order to improve National connectivity, the Management will keep adding the Company’s length of toll roads and boosting the performance of toll roads operation, along with diversifying its business by conducting non-toll road businesses that support toll road development and operation

Dear Shareholders,

The year 2014 represents the initial stage as the With newly elected Government, Management continuation of the transformation carried out by the certainly expects investment climate, particularly Management in order that the Company continues in the field of toll road, to be more inviting as to perform by showing its growth and development Government targets to build connectivity by to solidify the Company’s domination in toll road means of air, land as well as water/sea. industry in the future. In order to achieve the Company’s Vision as one We would like to take this opportunity to present the of the Leading Companies in the country and to Annual Report 2014 that describes the achievements improve National connectivity, the Management of the Company’s performance in 2014, along with will keep adding the Company’s length of toll series of efforts carried out by the Management in roads and boosting the performance of toll roads performing the transformation in order to increase operation, along with diversifying its business by the competitiveness and reinforce the Company’s conducting non-toll road businesses that support position in the toll road industry in the years to come. toll road development and operation. Moreover, to support the achievement of its Vision, the As of this moment, the Company is still capable of Company has also made transformation in the maintaining its position as the leader in toll road aspects of organization and HR management as industry by dominating 72% of the market share of well as transformation in the field of information operating toll roads and 80% of the market share of technology to enhance efficiency and productivity. traffic volume transaction in Indonesia.

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Adityawarman President Director/CEO

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Analysis of the Performance of In 2014, the Company has also succeeded in winning the tender of Medan-Kualanamu-Tebing the Company Tinggi (MKTT) Toll Road of 61.7 km. MKTT connects the Company’s already operated toll road section The Company’s Strategic Policies Belmera Toll Road in Medan to Kualanamu In achieving its targets, in 2014, the Company has International Airport and the city of Tebing Tinggi. carried out the following strategic measures: The Company is optimistic that MKTT will be the 1. Toll Road Business Development solution to transportation issues for the people of In 2014, the Company continued to make Medan when they are leaving for the Airport and every effort to add to its operating toll roads Tebing Tinggi. by keeping its focus on the nine new toll road sections owned by the Company. At the same In the aspect of toll road operation, improvement time, the Company also sought the opportunity in services to toll road users has been realized by to add to its toll road concessions by means of modernizing the operation by providing additional tender, acquisition and unsolicited method for 69 automated toll booths. The effort led to the potential toll road sections. positive impact on the use of e-Toll Card, and this was reflected in the increase in the e-Toll Card 2. Toll Road Operation transactions out of the total transactions from In 2014, in the aspect of toll road operation, the previously 11.07% in 2013 to 11.72% in 2014. Moreover, Company continued to improve its services by modernization was also carried out in providing fulfilling the needs for traffic services to the real time information on traffic condition to toll increasing traffic volume. road users by adding 13 more traffic information board showing traffic information and continually Improvement in the services focused on improving the services of Jasa Marga Traffic modernizing operation system and increasing Information Center. road capacity. Modernization was conducted by continually adding automated toll booth (Gardu Tol Otomatis – GTO) and increasing access to real time information on traffic services.

3. Other Businesses Development In 2014, the Company continued to increase The Company has succeeded revenues deriving from non-toll road business in operating three new toll consisting of Toll Road Maintenance Services, Toll Road Operation Services, Management road sections, i.e. Ungaran- of Rest and Services Areas, Space Rent for Advertisements and Property. Bawen Section of Semarang- Solo Toll Road, Section 2A of Performance Achievement of Bogor Outer Ring Road Toll the Company The Company’s target to add its operating toll roads Road and JORR W2 North Toll in 2014 was successfully achieved with the operation of three (3) toll road sections, i.e. Ungaran-Bawen Road to maintain its position Section of Semarang-Solo Toll Road, Section 2A of Bogor Outer Ring Road Toll Road and JORR as the Leader of Toll Road W2 North Toll Road to maintain its position as the Industry in Indonesia Leader of Toll Road Industry in Indonesia.

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To respond to the issues of traffic congestion and the high level of trust from rating agency for the increase driving comfort, in 2014, the Company Company’s future financial capacity. conducted widening on Cibinong-Sentul Selatan Section of Jagorawi Toll Road. We also provided In 2014, in the Criteria for Excellent Performance additional transaction booths to reduce congestion Assessment (Kriteria Penilaian Kinerja Unggul at toll gates. – KPKU), the Company achieved the score of 603.25 (emerging industry leader), an increase The achievement of traffic volume transactions on from the previous year with the score of 577. This toll roads operated by the Company with 1.319.60 achievement puts the Company in the big ten of million transactions was lower by 3.65% over KPKU assessment of all SOEs. what was targeted yet still represented growth by 4.41% compared to that of the previous year. The In order to preserve the potential rapid growth of toll realization of traffic volume transaction lower than road and the achievements of the Company’s Vision expected in 2014 was the result of impediment of of 2017, Jasa Marga continues the transformation of the flow of vehicles in the beginning of the year due its organization to bridge and prepare its employees to flooding in Jakarta and Jalur Pantai Utara/Pantura to become future leaders of the Company by (the north coast of West Java) along with the delays conducting trainings that will advance their in the operation of new toll roads due to delays in competencies and leadership. land acquisition. To compensate the traffic volume transaction lower realization, the Company made Obstacles Faced by the efforts of efficiency so that its financial performance, net profit in particular, still shows growth compared Company In 2014, the major obstacle the Company had to to the previous year. face still revolved around land acquisition issue. To ensure that land acquisition process is on schedule, In 2014, non-toll road business development was the Company consistently continues to coordinate supported by Toll Road Maintenance Service, with the Government through the Land Acquisition Toll Road Operation Services, Space Rent for Acceleration Team the Company has formed. The Advertisements and Management of Rest and strategies carried out was proven to be effective as Services Areas. Performance achievement in non- in 2014, the Company succeeded in operating three toll road business development this year was quite of its toll road sections. satisfactory, as non-toll revenues showed growth by 14.74% compared to that of the previous year. In the operational aspect, flood and congestion issues especially in Jakarta gave quite an impact to Traffic volume not reaching target has resulted in the Company’s Toll Revenues target of achievement. the achievement of Operating Expenses (excluding Various efforts have been conducted to overcome Construction Revenues) in 2014 amounting to flooding by providing emergency suction at several Rp 7,229.46 billion below target by 0.19% yet still areas prone to flooding and fixing the water waste showing growth by 14.56% compared to that of the channels. The ever-increasing congestion on arterial previous year. In spite of not reaching its Operating roads also contributed to toll road congestion, Expenses target, the Company continued to make particularly on sections located in Jakarta and this efforts in efficiency hence resulting in 2014 Net has resulted in the decrease in toll road capacity, Profit reaching Rp 1,403.43 billion showing an and traffic volume growth therefore is not as high as increase by 36.57% from that of the previous year. we expected. The efforts conducted to make the Company grow have shown positive results as the Company’s assets rose by 13.54% from Rp 28,058.58 billion to Rp 31,857.95 billion.

In 2014, the Company succeeded in maintaining the bond rating at AAstable despite the Company’s period of significant expansion. This suggests

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 95 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

To overcome congestion, new road network is Sustainable Implementation of required so that vehicles are well distributed. One of the things the Company is capable of is accelerating Corporate Governance The Company is committed to ensuring that the development of JORR W2 North Toll Road, the business management activities are carried out missing link on JORR Toll Road connecting Jakarta- prudently and based on the principles of Good Cikampek and Jakarta-Merak Toll Roads so that Corporate Governance (GCG) and that the Company heavy vehicles from Cikampek do no need to enter keeps perfecting GCG practices that have been the Jakarta Inner Ring Road Toll Road. We have also implemented. To strengthen the implementation kept coordinating with the Government in order to of GCG, the Company has actively conducted speed up the land acquisition of the JORR 2 sections socialization of implementation of Whistleblowing and the start of construction, hence enabling the System, Integrity Pact Commitment and Gratification distribution of vehicles once they are operated. Restraint Program.

Future Prospect of the In 2014, the Company was declared a committed Company’s Business SOE in the Clean SOE/BUMN Bersih program. In the The years 2014 to 2017 are of important period same year, the Company also participated in GCG for the Company. During the period, all of the assessment carried out by the Indonesia Institute for Company’s new toll road sections are scheduled Corporate Directorship (IICD) assessing Corporate to be fully operated. Particularly in 2015, the Governance (CG) practices based on Asean CG Company plans to operate three (3) additional toll Scorecard CG. road sections: Gempol-Pandaan, Section Gempol- Rembang of Gempol-Pasuruan and Section Krian- The efforts to always improve the practices of Mojokerto of Surabaya-Mojokerto. GCG were reflected in the Company’s success in maintaining its achievement in the Score of GCG The Company will also participate in the Assessment in 2014 as the Company succeeded in development of several new projects to improve achieving the predicate of Very Good with the score national connectivity and support the vision of of 96.63. the Government of the Republic of Indonesia in developing 1,000 km toll roads in the country. Corporate Social To support the said vision of the Government, the Company will complete the ten new toll Responsibility The programs of Corporate Social Responsibility are road sections that it owns from which two are emphasized on educational activities oriented to fully operated. Simultaneously, the Company will toll road operational. The activities include among participate on the tenders of potential toll roads, others ecological responsibility such as toll road starting from Pasir Koja-Soreang Toll Road in 2015. forestation program by planting over 30,000 trees and using LED lights for Public Street Lighting The operation of the abovementioned toll road (Penerangan Jalan Umum – PJU) at over 9,000 sections along with the efforts in making efficient of spots, along with socialization on clean environment cost of operation on toll roads already operated, the to the society. This is carried out as part of the Company is optimistic that its performance will grow Company’s contribution to reducing the impact of significantly in the following years. global warming as well as maintaining balance of the environmental ecosystem in the surroundings of the Company’s operating toll roads.

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In the field of social community, to educate people capable of contributing to the National connectivity, on toll road activities, the focus of the programs hence enabling national economic growth, in line was on the aspects of education and social with this year’s Annual Report theme “Connectivity awareness such as safety driving, Jasa Marga Goes for Driving Growth”. to Campus, Free “Mudik” and caring for areas struck by natural disasters. We would like to extend our gratitude to the Board of Commissioners for their Changes in the Composition of recommendations and supervision of the programs carried out by the Company, as well the Directors as to the entire Jasa Marga employees for the In the beginning of 2015, the Company’s Business hard work and dedication they have presented in Development Director Ir. Abdul Hadi Hs., MM. carrying out their tasks resulting in Jasa Marga’s tendered his resignation with his letter No. DA 03 excellent performance throughout 2014. dated 15 January 2015 following his being appointed President Director of PT Jakarta Propertindo. The Directors would also like to extend their thanks Through its letter No. AA.KP05.83 dated 22 January and highest appreciation to the Shareholders for all 2015, the Company has assigned Ir. Hasanudin M. the supports they have given, making possible for Eng. Sc. as Acting Business Development Director the Company to continue the carrying out of various until the Company convenes its Annual GMS. developments in 2014. Our high appreciation is also extended to the Government, people, toll road Closing users, along with our business partners and other With high spirit of hard work along with stakeholders for the well-nurtured cooperation and togetherness, we are optimistic that the support for Jasa Marga. performance of the Company in the future will continue to improve and that the Company will be May God Almighty grant His blessings to all of us.

Board of Directors

Adityawarman President Director/CEO

Hasanudin Abdul Hadi Hs. Operation Director Business Development Director

Reynaldi Hermansjah Muh Najib Fauzan Finance Director Human Capital & General Affairs Director

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Profile of Directors

Adityawarman Hasanudin Abdul Hadi Hs. President Director/CEO Operation Director Business Development Director

• He joined Jasa Marga in • He joined Jasa Marga in 1988 • He joined Jasa Marga in 1987. He was 1983 and was appointed and was appointed Operation appointed Business Development Director President Director/CEO Director based on Resolution based on Decision Letter of the State based on Resolution of of Extraordinary General Minister for SOEs No. 32/MBU/2006 Extraordinary General Meeting of Shareholders on dated 14 March 2006 and was extended Meeting of Shareholders on 30 January 2012. based on Resolution of Extraordinary 30 January 2012. • He completed his Bachelor’s General Meeting of Shareholders on 17 • He completed his Bachelor’s Degree in Transportation March 2011 and on Resolution of Annual Degree in Civil Engineering Engineering from Sepuluh General Meeting of Shareholders on 14 from Diponegoro University Nopember Institute of June 2011. He was reappointed Business and his Master’s Degree in Technology, Surabaya Development Director based on Resolution Management from Trisakti and his Master’s degree in of Extraordinary General Meeting of University. Transportation Engineering Shareholders on 30 January 2012 • Previous positions include from University of New • He completed his Bachelor’s Degree in Civil Operation Director of South Wales, Sydney, Engineering from Trisakti University and Jasa Marga (2008-2012), Australia. his Master’s Degree in Management from Commissioner of PT Citra • Presently he is also University of Indonesia. Waspphutowa (2006-2008), Commissioner of PT Trans • Presently he is also President President Commissioner Marga Jateng. Previous Commissioner of PT Jasamarga Bali of PT Citra Margatama positions include Head of Tol, Commissioner of PT Marga Lingkar Surabaya (2002-2009), Maintenance Division (2006- Jakarta and Commissioner of PT Operation and Business 2012), Commissioner of PT Jasamarga Properti. Previous positions Development Director of Marga Mandala Sakti (2008- include President Director of PT Jalantol PT CMNP (2002-2007), 2010), and Cipularang Toll Lingkarluar Jakarta (2001-2005), Head of Operation Director of Road Development Project Investment Development Division (1994- PT CMNP (2000-2002), Manager (2004-2005). 2001), Commissioner of PT Bukaka Marga Commissioner of PT CMNP • Age as of 31 December 2014 Utama (1995-2001) and Head of Toll Road (1998-2000), Cawang- was 51 years. Investment Team (1994-2001). Previous Tomang-Cengkareng Branch positions also include Head of Regional and Manager (1997-2000), and International Market Division of Indonesian Jagorawi Branch Manager Road Development Association – HPJI (1993-1997). (2007-2011) and he was reappointed Head • Age as of 31 December 2014 of International Market Development and was 59 years. Relation of Indonesian Road Development Association on 20 February 2012. • Age as of 31 December 2014 was 57 years.

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Reynaldi Hermansjah Muh Najib Fauzan Finance Director Human Capital & General Affairs Director • He was appointed Finance Director based on Decision Letter of the • He joined Jasa Marga in 1990 and was State Minister for SOEs No. 32/ appointed Human Capital and General MBU/2006 dated 14 March 2006 and Affairs Director based on Resolution was extended based on Resolution of Extraordinary General Meeting of of Extraordinary General Meeting of Shareholders on 30 January 2012. Shareholders on 17 March 2011 and on • He completed his Bachelor’s Degree in Resolution of Annual General Meeting Civil Engineering from Bandung Institute of Shareholders on 14 June 2011. He of Technology and his Master’s Degree was reappointed Finance Director in Highway Engineering from Bandung based on Resolution of Extraordinary Institute of Technology. General Meeting of Shareholders on • Presently he is also Commissioner of PT 30 January 2012. Marga Nujyasumo Agung (2009-present) • He completed his Bachelor’s Degree and President Commissioner of in Electrical Engineering from Trisakti PT Jasa Layanan Pemeliharaan. Previous University. positions include Head of Corporate • Presently he is also Commissioner Planning Bureau (2006-2012), Head of of PT Marga Sarana Jabar and Jasa Marga IPO Team (2007). President Commissioner of PT Trans • Age as of 31 December 2014 was Lingkar Kita Jaya. He has 15 years 54 years. of experience in financial sector of investment and capital market. He began his career in 1991 at Nomura Securities and afterwards held several key positions at several multinational companies. Prior to being assigned at Jasa Marga, he was the President Director of PT PNM Investment Management from 2003 until 2006. He presently holds an Investment Manager License from Bapepam (No. KEP-38/PM-PI/1993). • Age as of 31 December 2014 was 47 years.

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Management Discussion & Analysis

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INCOME FOR THE YEAR ATTRIBUTABLE TO OWNER OF THE PARENT TOLL REVENUES INCREASED BY INCREASED BY TOTAL TRAFFIC % % VOLUME TRANSACTION 36.57 14.54 INCREASED BY 4.41%

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Management Discussion and Analysis

As of the end of 2014, Jasa Marga operates 576 km of toll roads, or 72% of the total length of toll roads in Indonesia.

The discussions in this Management Discussion 2011 and about 80 cars per 1,000 people in 2014, and Analysis is based on information obtained which is relatively low compared with the United from the Consolidated Financial Report of PT Jasa States, which has ratio of 800 cars per 1,000 people. Marga (Persero) Tbk and Subsidiaries for the years This shows a great growth potential because ended December 31, 2014 and 2013, that have been Indonesia is projected to surpass Germany to audited by Public Accontant Office (KAP) Aryanto, become the seventh largest economy in the world in Amir Jusuf, Mawar & Saptoto and obtained opinion 2030. of fairly, in all material respects, the consolidated financial position of PT Jasa Marga (Persero) Tbk The automotive market in Indonesia is projected and Subsidiaries as of December 31, 2014, as well as to grow by 1.2 million units in 2014 and 2.4 million financial performance and consolidated cash flows units in 2020. Indonesia is expected to become the for the year ended, in accordance with Financial largest automotive market in ASEAN, driven by Accounting Standards (SAK) in Indonesia. sustainable economic growth and supported by a growing middle class population with rising income. General Review The car sales in domestic market grew by 15% from Indonesia is the fourth largest country in the world 2008 to 2014 and the number of vehicles has grown with a population of around 252 million people four-fold in the last decade. This was attributable in 2014. The average annual population growth to the fuel (BBM) subsidies and tax incentives to rate reached 1.49% from 2000 untill 2010, and the purchase a new car. According to Gaikindo, the population is expected to grow to 300 million car sales in Indonesia reached reached 1.21 million people by 2030. Indonesia has one of the highest units in 2014, which also reflects the economic urbanization rate in the ASEAN region. According to (GDP) growth of Indonesia by 5.02% in 2014. The the Central Bureau of Statistics (BPS), the number of car sales in Indonesia in 2014, was largely driven urban residents reached 50% of total population in by sales of low-cost green car (LCGC) that are 2010 and is expected to reach 67% in 2035. This will more affordable. Vehicle growth in Indonesia has affect the consumption patterns and infrastructure exceeded the growth in road construction, indicated needs that are appropriate to support the growing that the density of the vehicle has reached three- urban population. The level of car ownership in fold over the past decade. The growth rate of the Indonesia is still low at 69 cars per 1,000 people in vehicles has a positive correlation with the traffic

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 103 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

volume, therefore the growth in vehicle sales results of the strategic programs of the government in higher traffic volume, which consequently leads included in MP3EI (Masterplan for Acceleration to an increase in demand for additional toll road and Expansion of Indonesia’s Economic development. Development). Up to end 2014, the development of the toll road that has been in operation is In 2014, the Indonesian economy is still recording still very little compared to the total toll road growth. This can be seen from economic construction plan that has been in the National indicators namely the increase of Gross Domestic Medium Term Development Plan (RPJMN 2010- Product (GDP) (based on current prices) by 2014), with a target length of 1,416.4 km. 5.02%. On the other hand, inflation reached 8.36% (BPS data), and the rupiah exchange rate against The Company has operated 576 km of toll roads the US dollar stood at Rp 12,388 per December until end 2014, or 72% of the total length of toll 31, 2014 (Bloomberg data). However, the last roads of 800 kilometers in Indonesia. Up to 2017, indicator does not have significant impact on the the Company plans to add 157 kilometers of new Company’s business given that the Company did toll roads bringing the total ownership of the toll not have business transactions that use of foreign roads that will be operated by the Company in currencies. The economc growth is reflected in 2017 to reach 733 km, an increase of 27.26% of the the increasing need for strengthening the national total length of national toll roads today. With the connectivity. One of the efforts to strengthen aforementioned condition, the Company will still the national connectivity is the development of lead the toll road industry in Indonesia. additional toll road networks, which is also one

Review on the Company’s Performance Compared with Toll Road Industry Following is the overview of the Company’s performance compared with toll road industry in term of length, toll revenues, traffic volume and ROE.

Length of Toll Road Jasa Marga Toll Road Industry In 2014, the length of toll roads of the Company The total length of national toll road grew by 13.31%, grew by 2.86% to reach 576 km from 560 km in from 706 km in 2013 to 800 km in 2014. 2013. The market share of the Company in 2014 reached 72%, compared to 74% in 2013. 800 706 706 576 560 Length of Toll Road (km)

2013 2014 2013 2014

Jasa Marga Industry

104 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Toll Revenues Jasa Marga Toll Road Industry In 2014, toll revenues of the Company grew by Toll revenues of the national toll road industry grew 14.545 to reach Rp 6.65 trillion from Rp 5.80 by 17.72% to Rp 9.23 trillion in 2014 from Rp 7.84 trillion in 2013. trillion in 2013. 9,231.10 7,841.53 7,841.53 Toll Revenues

(billion rupiah) 6,646.39 5,802.73 5,802.73

2013 2014 2013 2014

Jasa Marga Industry

Traffic Volume Jasa Marga Toll Road Industry In 2014, the traffic volume of the Company grew The national traffic volume grew by 7.30% to 1,832.78 by 4.41% to 1,319.60 million vehicles from 1,263.91 million vehicles in 2014 from 1,707.99 million vehciles million vehicles in 2013. in 2013. 1,832.78 1,707.99 1,707.99 Traffic Volume (million vehicles) 1,319.60 1,319.60 1,263.91

2013 2014 2013 2014

Jasa Marga Industry

Return on Equity (ROE)/Return on Assets (ROA) Jasa Marga Toll Road Industry In 2014, ROE of the Company reached 12.88% N/A from 9.73% in 2013 and ROA of the Company reached 4.41% from 3.66% in 2013. 12.88 9.73 4.41 3.66 ROE/ROA (%)

2013 2014 2013 2014 ROE ROA

Jasa Marga

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 105 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

The Company’s Business Activities The business activities of the Company according to the Company’s Articles of Association No. 8 dated August 8, 2008, which was amended by the Articles of Association No. 33 dated April 5, 2011, and approved through the Decree of the Minister of Justice and Human Rights of the Republic of Indonesia No. AHU-20288.AH.01.02 in 2011, Jasa Marga as a provider of toll road infrastructure, has major business activities as follows: 1. Perform technical planning, construction, operation and/or maintenance of toll roads. 2. Developing the land area by the sides of toll roads (Rumijatol) and land that borders with Rumijatol for rest and service areas, and other facilities and businesses.

In addition to the main activities, the Company also engages in supporting business activities, namely: 1. Property development business in the areas adjacent to the toll road corridors. 2. Development services business associated with the mode/means of transportation, distribution of material liquid/solid/gas, information network, technology and communication, related to the toll road corridors. 3. Services and trade business for construction services, maintenance and operation of toll roads. Currently the Company’s main activity is supported by nine (9) branches, 1 (one) Business Unit and 11 (eleven) Toll Road subsidiaries. While supporting business activities strengthened by the establishment of two (2) Subsidiary firms.

Operational Review by Business Segment Jasa Marga Business Segment

Jasa Marga Business Segment

Toll Non-Toll

Main Others Fuel Sales

Jagorawi Branch Surabaya-Gempol Branch Land Rent

Jakarta-Cikampek Semarang Branch Toll Road Operating Branch Service

Cawang-Tomang- Semarang Branch Cengkareng Branch Advertisements Palikanci Branch Purbaleunyi Branch Others Business Unit Head Office (JORR) PT Marga Sarana Jabar

Jakarta-Tangerang PT Marga Nujyasumo Branch Agung

PT Trans Marga Jateng

PT Jasamarga Bali Tol

PT Marga Lingkar Jakarta

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Basis of Implementation of Jasa Marga 4. Purbaleunyi Branch Business Segment 5. Head Office (JORR) In carrying out its operational activities, Jasa Marga 6. Jakarta-Tangerang Branch divides its business segments based on the nature b. Other Segment of the Company’s business, which in accordance 1. Surabaya-Gempol Branch with the Articles of Association of the Company, 2. Semarang Branch Business Segments are divided into: 3. Belmera Branch I. Toll Road Operation Segment 4. Palikanci Branch In accordance with PSAK 5 (Revised 2009) 5. Business Unit regarding Operating Segments, Business 6. PT Marga Sarana Jabar Segment in Operating the Company’s Toll Road 7. PT Marga Nujyasumo Agung is divided into two (2) large groups. The first 8. PT Trans Marga Jateng group is a six (6) segments with the largest 9. PT Jasamarga Bali Tol operating results or segments whose combined 10. PT Marga Lingkar Jakarta operating results contributing 75% of the total operating results. The second group is the II. Non-Toll Business Segment Other Segment, which is not part of the first 1. Fuel (BBM) Sales segment, or which contributing 10% of the total 2. Land Lease operating results. 3. Operating Service of Toll Road owned by Other Parties Here is the distribution of the Company’s 4. Advertizing revenue Business Segment: 5. Other a. Main Segment 1. Jagorawi Branch The detailed information on business segment 2. Jakarta-Cikampek Branch business, is contained in the note 47 of the 3. Cawang-Tomang-Cengkareng Branch Consolidated Financial Statements.

In 2014, the total traffic volume transactions of the Company reached 1319.60 million vehicles, with 86.69% of them are class I vehicles (sedans, pick-ups) and 12.84% are class of large vehicles (trucks and buses). The largest contribution to the achievement of the Company’s traffic volume came from the operation of Cawang-Tomang-Cengkareng section, where the contribution reaches 21.43% or 282.81 million vehicles of overall total transactions. With the attainment of the traffic volume, toll revenues of the Company reached Rp 6.65 trillion. The largest contribution of Toll Revenue comes from the Cawang-Tomang-Cengkareng segment with Toll Revenues contribution amounting to 18.24% or Rp 1.21 trillion.

The increase of toll revenues partly due to the adjustment of toll rates on toll roads owned by the Company. The tariff adjustment provision has been stipulated in the Law No. 38 of 2004 on the Road, Article 48 and Government Regulation No. 15 in 2005 containing in the Article 6 paragraph (1) and (2) which stated that the toll road operator can adjust rates every two years based on inflation rate.

Until now, the toll rate increase was in accordance with the schedule set out in the Law as mentioned above. The government has shown consistency in maintaining the favorable investment climate in toll road. The toll tariff adjustment is aiming at assuring certainty of the return on investment that has been undertaken by the investor. In accordance with the Decree of the Minister of Public Works No. 522/KPTS/ M/2014 on September 11, 2014 and the Decree of the Minister of Public Works No. 539/KPTS/M/2014 dated October 8, 2014, the adjustment of toll rates in 2014 was applied in two (2) toll road sections of the Company, as follows:

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 107 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Toll Roads with Tariff Adjustment in 2014

Decision of Minister of Public No. Segment Section Branch/Subsidiary Works as Basis of Tariff Adjustment 1. Cawang-Tomang- Prof. Dr. Ir. Sedyatmo Cawang-Tomang- No. 522/KPTS/M/2014 Cengkareng Cengkareng 2. Jakarta-Cikampek Jakarta-Cikampek Jakarta-Cikampek No. 539/KPTS/M/2014

Following is the results of Business Segments of the Company in 2013 and 2014:

Traffic Volume Transactions in 2013-2014 (million vehicle transactions)

2013 2014 Branch/ No Segment Section Δ Δ% Subsidiary Proportion Proportion Amount Amount (%) (%)

1. Jagorawi Jagorawi Jagorawi 199.61 15.79 201.32 15.26 1.71 0.86 Jakarta- 1.94 2. Jakarta-Cikampek Jakarta-Cikampek 202.21 16.00 206.13 15.62 3.92 Cikampek Prof. Dr. Ir. Cawang- 74.82 5.92 76.43 5.79 1.62 Sedyatmo Cawang-Tomang- 3. Tomang- (0.10) Jakarta Inner Cengkareng Cengkareng 208.27 16.48 206.38 15.64 (1.90) Ring Road/JIRR Padaleunyi 58.03 4.59 60.04 4.55 2.02 4. Purbaleunyi Purbaleunyi 3.82 Cipularang 5.88 0.47 6.31 0.48 0.42 Jakarta- 5. Jakarta-TangerangJakarta-Tangerang 113.02 8.94 119.83 9.08 6.81 6.02 Tangerang PT Jalantol Jakarta Outer Lingkarluar 146.72 11.61 151.63 11.49 4.91 Ring Road/JORR Head Office Jakarta 6. 1.61 (PT JLJ) PT Jalantol Ulujami-Pondok Lingkarluar 46.91 3.71 45.13 3.42 (1.79) Aren Jakarta Surabaya-Gempol Surabaya-Gempol 81.69 6.46 82.87 6.28 1.18 1.45 Semarang Semarang 48.86 3.87 48.12 3.65 (0.74) (1.51) Belmera Belmera 24.05 1.90 25.39 1.92 1.34 5.56

7. Others Palikanci Palikanci 20.19 1.60 19.93 1.51 (0.26) (1.27) Bogor Outer Ring PT Marga Sarana 12.52 0.99 13.68 1.04 1.16 9.25 Road/BORR Jabar Surabaya- PT Marga 11.26 0.89 12.05 0.91 0.79 7.04 Mojokerto Nujyasumo Agung PT Trans Marga Semarang-Solo 6.58 0.52 15.56 1.18 8.98 136.57 Jateng Nusa Dua-Ngurah PT Jasamarga 3.29 0.26 14.31 1.08 11.02 335.54 Rai-Benoa Bali Tol Kebon Jeruk- PT Marga Lingkar Ciledug (JORR - - 14.49 1.10 14.49 - Jakarta W2 North) TOTAL 1,263.91 100.00 1,319.60 100.00 62.55 4.41

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Traffic Volume Transactions in 2013-2014 (million vehicle transactions) 208.27 206.13 202.21 206.38 201.32 199.64 2013

2014 151.63 146.72 119.83 113.02 82.87 81.68 74.82 76.43 25.39 60.04 24.05 58.03 48.12 19.93 20.19 48.86 15.56 14.49 14.31 46.91 45.13 13.68 12.52 12.05 11.26 5.88 6.31 6.58 3.29 -

Jagorawi oad/JIRR Balmera Palikanci PadaleunyiCipularang oad JORR Semarang oad/BORR Semarang-Solo Jakarta-Cikampek Jakarta-Tangerang Surabaya-Gempol Prof. Dr. Ir. Sedyatmo Ulujami-Pondok Aren Surabaya-Mojokerto

Bogor Out Ring R Nusa Dua-Ngurah Rai-Benoa Jakarta Inner Ring R Jakarta Outer Ring R

Kebon Jeruk-Ciledug (JORR W2 North)

Traffic Volume Transactions by Vehicle Class in 2013-2014 (million vehicle transactions)

1,094.88 Class I 1,143.96

Class II 106.27

107.08

Class III 35.85 36.35

15.41 Class IV 15.74

10.04 Class V 10.26

1.46 Class VI 6.22

2013

2014

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 109 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Toll Revenues in 2014 (in Rp billion)

2013 2014 Branch/ No Segment Section Δ Δ% Subsidiary Proportion Proportion Amount Amount (%) (%)

1. Jagorawi Jagorawi Jagorawi 548.25 9.45 607.46 9.14 59.21 10.80 2. Jakarta- Jakarta-Cikampek Jakarta-Cikampek 976.57 16.83 1.023.43 15.40 46.86 4.80 Cikampek 3. Cawang-Tomang- Prof. Dr. Ir. 423.16 7.29 458.05 6.89 34.88 Cengkareng Cawang-Tomang- Sedyatmo 9.22 Cengkareng Jakarta Inner Road/JIRR 686.80 11.84 754.28 11.35 67.48

4. Purbaleunyi Padaleunyi 276.29 4.76 339.93 5.11 63.64 Purbaleunyi 15.58 Cipularang 741.09 12.77 835.99 12.58 94.90 5. Jakarta- Jakarta-Tangerang Jakarta-Tangerang 408.01 7.03 467.12 7.03 59.11 14.49 Tangerang 6. Head Office (PT PT Jalantol Jakarta Outer Ring 923.17 15.91 1.059.75 15.94 136.58 JLJ) Lingkarluar Jakarta Road/JORR 12.08 PT Jalantol Ulujami-Pondok 131.85 2.27 122.70 1.85 (9.15) Lingkarluar Jakarta Aren 7. Others Surabaya-Gempol Surabaya-Gempol 270.47 4.66 309.02 4.65 38.56 14.26 Semarang Semarang 104.77 1.81 106.50 1.60 1.73 1.65 Belmera Belmera 81.57 1.41 91.35 1.37 9.78 11.99 Palikanci Palikanci 107.49 1.85 112.44 1.69 4.95 4.60 PT Marga Sarana Bogor Outer Ring 45.55 0.79 67.17 1.01 21.62 47.46 Jabar Road/BORR PT Marga Surabaya- 17.55 0.30 18.78 0.28 1.23 7.01 Nujyasumo Agung Mojokerto PT Trans Marga Semarang-Solo 36.49 0.63 107.25 1.61 70.77 193.95 Jateng PT Jasamarga Bali Nusa Dua-Ngurah 23.65 0.41 106.14 1.60 82.49 348.78 To l Rai-Benoa PT Marga Lingkar Kebon Jeruk- Jakarta Ciledug (JORR W2 - 59.04 0.89 59.04 - North) TOTAL 5,802.73 100.00 6,646.39 100.00 843.66 14.54

Toll Revenues in 2014 (in Rp billion) 1,059.75 1.023.43 976.57 923.17 835.99 754.28 741.09 686.80 607.46 548.25 467.12 458,05 423.16 408.01 339.93 309.02 270.47 276.20 131.85 122.70 107.25 106.14 59.04 106.50 91.35 112.44 104.77 81.57 107.49 67.17 45.55 36.49 23.65 - 18.78 17.55

Jagorawi Belmera Palikanci PadaleunyiCipularang Semarang Jakarta-Cikampek Semarang-Solo Jakarta-Tangerang Prof. Dr. Ir. Sedyatmo Surabaya-Gempol Surabaya-Mojokerto Ulujami-Pondok Ranji Jakarta Inner Ring Road/JIRR Bogor Out Ring Road/BORR Nusa Dua-Ngurah Rai-Benoa Jakarta Outer Ring Road/JORR

Kebon Jeruk-Ciledug (JORR W2 North) 2013 2014

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Business Segment Development Strategy both from advertising and land rent revenues, In principle, the main strategies of business maintenance and operation of toll roads service, development are as follows: as well as the management of Rest and Service • Business Development with the goal of area. In addition, in 2014 the Company has also increasing the length of the Toll Road and other secured a new operating service contract to related businesses to increase revenue and operate the Surabaya-Madura toll bridge with a financial strength of the Company. length of 5.44 kilometers in August 2014.

In order to increase the length of toll roads • The Operation of Toll Roads through that are in operation, in 2014 the Company has modernization of the operational activities successfully operated the Section II Ungaran- in order to secure revenues and continue to Bawen of the Semarang-Solo toll road, with a improve the efficiency and quality of service to length of 12.3 kilometers in early April 2014, the customers. Bogor Ring Road Toll Road Section II A linking Kedung Halang and Kedung Badak along 1.95 In order to improve service provided to the toll kilometers at the end of May 2014. The company road customers, in 2014 the Company installed has also operated the Ciledug-Ulujami section 69 additional Automatic Toll Gates, and has of the JORR North W2 along 2 kilometers at officially operated electronic payment sstem by the end of July so that the toll road network utilizing the e-toll cards and e-money for closed of the Jakarta Outer Ring Road has been fully transaction system for the toll road sections of integrated. This is a significant impact of the Jakarta-Cikampek, Cipularang, Padaleunyi, and efforts to expedite and reduce traffic congestion Jagorawi. In addition, to improve the smoothness in the inner city toll road. The Company also of traffic and reduce traffic accidents, the continues to add Toll Road concessions, where Company conducted the so-called sympathetic the Company has secured the Concession Right operations on overloaded vehicles that were to develop the Medan-Kuala Namu-Tebing Tinggi passing through the toll roads. The Company’s toll road with a length of 61.7 kilometers. efforts to continuously improve operational performance through the fulfillment of SPM and On the other business development, the improving services, have enabled the Company Company continues its efforts to increase to receive an appreciation from the government revenues from other business by synergizing through approving the Company’s toll tariff and maximizing the development of the assets adjustment in line with inflation by 13.76% for owned by the Company. Such efforts have Prof. Dr. Ir. Sedyatmo Toll Road section and by successfully lifted Other Business revenues, 12.95% for Jakarta-Cikampek Toll Road Section.

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Business Segment of Toll Road Operation

MAIN SEGMENT

Traffic Volume Toll Revenues 1. Jagorawi Branch (million vehicle transactions) (Rp billion) Section : Jagorawi Length of Toll Road : 59 km Year Concession Expires : 2044 607.46

Year Operation Started : 1978 201.32

Number of Employees : 599 people 199.61 0.86% 10.80% Number of Toll Booths : 145 548.25 V/C Ratio : 0.53-1.44 Transaction System : Closed & Open 2013 2014 2013 2014 Location of Operation : Jakarta, Bogor

Proportion of Transaction Proportion of Toll Traffic Volume Revenues

15.26% 9.14%

84.74% 90.86%

* Net Profit/Loss before Income Tax

Performance in 2014 In 2014, Traffic Volume Transactions of Jagorawi volume transactions by 0.86%. The increase of traffic Branch totaled 201.32 million vehicles, an increase of volume transactions was due to a rise of traffic and 0.86% compared to the Traffic Volume Transactions the growth in the number of vehicles in line with in 2013 amounted to 199.61 million vehicles. In the development of residential areas in Sentul and 2014, the contribution of Jagorawi Branch to the Bogor, supported by economic growth of Bogor city, Total Traffic Volume Transactions reached 15.26%. which increased by 6.26%. In addition, the traffic Meanwhile, Toll Revenues reached Rp 607.46 billion, volume increase was also due to the operation of the an increase of 10.80% compared to 2013 amounting Cinere-Jagorawi Toll Road, which is connected with to Rp 548.25 billion. The toll revenues contribution the Jagorawi Toll Road since 2012. reached 9.14% of the Total Toll Revenues. Business Prospects Profitability The development of the South of Sentul (City) as a In 2014, Profit Before Income Tax of Jagorawi Branch residential, business, and tourism area, will continue reached Rp 291.44 billion, an increase of 21.15% from to grow. In addition, Jagorawi Toll Road will be previous year. integrated with the Ciawi-Sukabumi toll road and BORR toll road, (Kedung Badak-Yasmin-Dramaga) Performance Analysis 2014 which will have a significant impact on the increase Toll revenues of Jagorawi Branch grew by 10.80% in traffic volume transactions. from previous year driven by the rise of traffic

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Traffic Volume Toll Revenues 2. Jakarta-Cikampek Branch (million vehicle transactions) (Rp billion) Section Jakarta-Cikampek Length of Toll Road 83 km Year Concession 2044 Expires 1,023.43 Year Operation Started 1988 976.57 Number of Employees 730 people Number of Toll Booths 170 1.94% 4.80% 206.13

V/C Ratio 0.22-1.47 202.21 Transaction System Closed & Open 2013 2014 2013 2014 Location of Operation Jakarta, Bekasi, Karawang, Cikampek

Proportion of Transaction Proportion of Toll Traffic Volume Revenues

15.62% 15.40%

84.38% 84.60%

* Net Profit/Loss before Income Tax

Performance in 2014 In 2014, Volume Traffic Branch Jakarta-Cikampek traffic volume transactions by 1.94% and the toll transactions totaled 206.13 million vehicles, an tariff adjustment in October 2014. The increase increase of 1.94% compared to the Traffic Volume of traffic volume transactions was caused by the Transactions in 2013 amounted to 202.21 million operation of the Cibatu toll gate in April 2014 and vehicles. In 2014, the contribution of the Jakarta- an increase in traffic due to the growing number of Cikampek branch to the Total Traffic Volume vehicles, which is stimulated by the development of Transaction reached 15.62%. Bekasi, Cikarang and Karawang region.

Meanwhile, Toll Revenues reached Rp 1,023.43 billion, Business Prospects an increase of 4.80% compared to 2013, which The development of Jakarta-Cikampek as a amounting to Rp 976.57 billion. The toll revenues residential and business area will continue to grow, contribution reached 15.40% of Total Toll Revenues. such as the development Lippo Cikarang with total area of ± 3,000 acres as a Central Business District, Profitability Jababeka as an industrial area of Jababeka-Cikarang In 2014, Profit Before Income Taxes of the Jakarta- Bekasi (Cikarang Dry Port) which stretches to the Cikampek Branch reached Rp 327.77 billion, an port of Tanjung Priok and East Jakarta Industrial increase of 12.38% from previous year. Park (EJIP), as well as the potential additional traffic volume transactions of the planned operation of the Performance Analysis 2014 Cikampek-Palimanan toll road. Toll revenues of the Jakarta-Cikampek toll road grew by 4.80% from a year earlier due to the growth in

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 113 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Traffic Volume Toll Revenues 3. Cawang-Tomang-Cengkareng Branch (million vehicle transactions) (Rp billion) Section Prof Dr. Ir. Sedyatmo, Jakarta Inner Ring Road Length of Toll Road 38 km 1,212.32 Year Concession Expires 2044 - 0.10% 283.09 283.09 282.81 1,109.96 1,109.96

Year Operation Started 1984 & 1987 9.22% Number of Employees 765 people Number of Toll Booths 122 V/C Ratio 0.38-1.32

Transaction System Open 2013 2014 2013 2014 Location of Operation Jakarta, Tangerang

Proportion of Transaction Proportion of Toll Traffic Volume Revenues

21.43% 18.24%

78.57% 81.76%

* Net Profit/Loss before Income Tax

Performance in 2014 Performance Analysis 2014 In 2014, the Traffic Volume Transaction of the The Toll Revenues of Cawang-Tomang-Cengkareng Cawang-Tomang-Cengkareng Branch totaled 282.81 Branch grew by 9.22% from a year earlier due to tariff million vehicles, declined by 0.1% compared to the adjustment of Prof. Dr. Ir. Sedyatmo Toll Road (Airport Traffic Volume Transactions in 2013 amounted to Toll) in September 2014. 283.09 million vehicles. Business Prospects In 2014, the contribution of Cawang-Tomang- The development of residential areas around Prof. Cengkareng Branch to the total Traffic Volume Dr. Ir. Sedyatmo Toll Road, which is still continuing Transactions reached 21.43%. Meanwhile, Toll such as CBD area of West Jakarta, Sentral Primer Revenues reached Rp 1,212.32 billion, an increase of Batu Barat area, Puri Indah area and the Tangerang 9.22% compared to 2013, which amounted to Rp area. In addition, the operation of the Ciledug-Ulujami 1,109.96 billion. The Cawang-Tomang-Cengkareng section of the JORR W2 North, making the Jakarta Branch contributed toll revenues of 18.24% to the Outer Ring Road (JORR) to be fully integrated, Total Toll Revenues. a significant impact on the increase in the traffic volume transactions. Profitability 2014, Income Before Income Taxes Branch Cawang- Tomang-Cengkareng reached Rp 855.03 billion or an increase of 10.78% from last year.

114 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Traffic Volume Toll Revenues 4. Purbaleunyi Branch (million vehicle transactions) (Rp billion) Section Padaleunyi, Cipularang Length of Toll Road 123 km Year Concession Expires 2044 66.35 1,175.93 1,175.93

Year Operation Started 1990 & 2003 63.91 Number of Employees 449 people 15.58% 10,69% 1,017.38 1,017.38 Number of Toll Booths 92 V/C Ratio 0.13-1.06 Transaction System Closed Location of Operation Padalarang, 2013 2014 2013 2014 Cileunyi, Cikampek, Purwakarta

Proportion of Transaction Proportion of Toll Traffic Volume Revenues

5.03% 17.69%

94.97% 82.31%

* Net Profit/Loss before Income Tax

Performance in 2014 Performance Analysis 2014 In 2014, the Traffic Volume Transactions of Toll revenue of Purbaleunyi Branch of last year Purbaleunyi Branch totaled 66.35 million vehicles, an grew by 15.58% due to the growth in traffic volume increase of 10.69% compared to the Traffic Volume of transactions of 10.69%. The increased of traffic Transactions in 2013 amounted to 63.91 million volume transactions was due to the increased of vehicles. In 2014, the contribution of Purbaleunyi traffic activities and the increase in the number Branch to the Traffic Volume Transactions reached of vehicles from Jakarta to Bandung as a culinary 5.03%. Meanwhile, Toll Revenues reached Rp 1,175.93 destination and tourism. billion, an increase of 15.58% compared to the year of 2013 amounting to Rp 1017.38 billion. Purbaleunyi Business Prospects Branch Contributed toll revenues of 17.69% to the Network development Purbaleunyi integrated Toll Total Toll Revenues. Road connecting Pasteur-Cicaheum-Ujung Berung, Cicaheum-Soekarno Hatta-Gedebage and Pasirkoja- Profitability Soreang Toll Road, and Cileunyi-Sumedang-Dawuan 2014, Income Before Income Tax of Purbaleunyi toll road will lift traffic volumes increase in the future. Branch reached Rp 884.13 billion, an increase of 25.14% from previous year.

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 115 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

5. Head Office – Jakarta Outer Ring Road Traffic Volume Toll Revenues (JORR) (million vehicle transactions) (Rp billion) Section JORR, Ulujami- Pondok Aren Length of Toll Road 49 km (+Ulujami)

Year Concession Expires 2044 196.76 1,182.45 1,182.45 193.64 193.64 Year Operation Started 1991 & 2001 1.61% 12.08% Number of Employees 3269 people 1,055.02 1,055.02 Number of Toll Booths 152

V/C Ratio 0.38-1.28

Transaction System Open 2013 2014 2013 2014 Location of Operation Jakarta, Bekasi

Proportion of Transaction Proportion of Toll Traffic Volume Revenues

14.91% 17.79%

85.09% 82.21%

* Net Profit/Loss before Income Tax

Performance in 2014 Performance Analysis 2014 In 2014, the Traffic Volume Transaction of the The growth of traffic volume transactions rose Central toll road (Jakarta Outer Ring Road/JORR) 1.61% from a year ago. The increased traffic volume totaled 196.76 million vehicles, an increase of 1.61% transactions was caused by the growth of traffic in compared to the Traffic Volume transactions in the Jakarta-Cikampek toll road, primarily since JORR 2013 amounted to 193.64 million vehicles. In 2014, (W2U, W2s, S, E1, E2, E3) had been fully integrated the contribution of Central toll road (JORR) to in July 2014 which contributed to the increase in total Traffic Volume Transactions reached 14.91%. traffic volume JORR toll road. Meanwhile, Toll Revenues reached Rp 1,182.45 billion, an increase of 12.08% compared to the year Business Prospects 2013 amounting to Rp 1,055.02 billion. The Jakarta By connecting the full Jakarta Outer Ring Road Outer Ring Road (JORR) contributed toll revenues (JORR) provides easy access for users to get to of 17.79% to the Total Toll Revenues. the toll road and from timurbarat Jakarta (“through traffic”), without having to go through Urban Toll Profitability Road Jakarta. Connections JORR highway system 2014, Income Before Income Taxes of the Jakarta as a whole will increase the volume of traffic in the Outer Ring Road (JORR) reached Rp 804.84 billion future. Development of the business district on the or an increase of 45.25% from previous year. left and right of toll roads, will provide additional potential volume of traffic.

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Traffic Volume Toll Revenues 6. Jakarta-Tangerang Branch (million vehicle transactions) (Rp billion) Section Jakarta-Tangerang Length of Toll Road 33 km Year Concession Expires 2044 119.83 119.83 Year Operation Started 1984 467.12 Number of Employees 461 people 6.02% 113.02 113.02 14.49%

Number of Toll Booths 77 408.01

V/C Ratio 0.47-1.67 Transaction System Open

Location of Operation Jakarta, Tangerang 2013 2014 2013 2014

Proportion of Transaction Proportion of Toll Traffic Volume Revenues

9.08% 7.03%

90.92% 92.97%

* Net Profit/Loss before Income Tax

Performance in 2014 growth in line with the property development in the In 2014, the Traffic Volume Transaction of the Jakarta- Tangerang area as well as the integration of the JORR Tangerang Branch totaled 119.83 million vehicles, an toll road sections (W2U, W2s, S, E1, E2, E3) in July increase of 6.02% compared to the Traffic Volume 2014. In addition, the restriction on the operation Transactions in 2013 amounted to 113.02 million hour of large vehicles that pass Jalan Raya Serpong vehicles. In 2014, the contribution of the Jakarta- prompted large vehicles to take the alternative Tangerang Branch to the Total Traffic Volume route, therefore contributing to the increase in traffic Transaction reach 9.08%. Meanwhile, Toll Revenues volume of the Jakarta-Tangerang toll road. reached Rp 467.12 billion, an increase of 14.49% compared to 2013, which amounted to Rp 408.01 Business Prospects billion. The Jakarta-Tangerang Branch contributed toll The toll roads in Greater Jakarta area is now fully revenues of 7.03% to the Total Toll Revenues. connected. The Jakarta-Tangerang is connected with the JORR-2, which is then linked with the Sedyatmo Profitability toll road, Kunciran-Serpong toll road, Jagorawi and In 2014, Profit Before Income Tax of the Jakarta- Jakarta-Cikampek toll roads. The development of Tangerang Branch reached Rp 222.95 billion, an residential areas in Karawaci and Serpong area, as increase of 9.79% from a year earlier. well as Jakarta as the center of business activities will make the flow of goods and services to continue Performance Analysis 2014 in line with the improving business development in The growth of traffic volume transactions rose by Tangerang and the surrounding region. This creates 6.02% from previous year. The increase of traffic potentiality for an increase in traffic volume. volume transactions was driven by the regional

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 117 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

OTHER SEGMENT

Traffic Volume Toll Revenues 1. Cabang Surabaya-Gempol (million vehicle transactions) (Rp billion) Section Surabaya-Gempol Length of Toll Road 49 km

Year Concession Expires 2044 82.87 81.69 81.69 309,02 309,02 Year Operation Started 1986 1.45%

Number of Employees 506 people 14.26% 270,47 Number of Toll Booths 68

V/C Ratio 0.37-0.98 Transaction System Open & Closed 2013 2014 2013 2014 Location of Operation Surabaya, Gempol

Proportion of Transaction Proportion of Toll Traffic Volume Revenues

6.28% 4.65%

93.72% 95.35%

* Net Profit/Loss before Income Tax

Performance in 2014 Performance Analysis 2014 In 2014, The Traffict Volume Transactions of the Toll revenues of the Surabaya-Gempol Branch grew Surabaya-Gempol Branch totaled 82.87 million by 14.26% from previous year due to the growth in vehicles, an increase of 1.45% compared to the traffic volume transactions of 1.45%. The increase Traffic Volume Transactions in 2013 amounted to of traffic volume transactions was attributable to 81.69 million vehicles. In 2014, the Surabaya-Gempol the development of the area around the Surabaya- Branch contributed 6.28% to the Total Traffic Volume Gempol Toll Road and the increased capacity of the Transactions. Meanwhile, Toll Revenues reached Dupak toll gate in September 2014 as well as the Rp 309.02 billion, an increase of 14.26% from 2013, opening of Porong arterial roads which raises the which amounted to Rp 270.47 billion. The Surabaya- volume of traffic to Surabaya and reverse direction. Gempol Branch Toll Revenues contributed 4.65% to the Total Toll Revenues. Business Prospects There is potential growth of traffic volume Profitability transactions with the operation of the Kejapanan- In 2014, the Profit Before Income Taxes of the Gempol toll road, expected to begin operation in Surabaya-Gempol Branch reached Rp 186.81 billion, 2015, as a substitute of the Porong-Gempol toll road, an increase of 85.17% from previous year. which was affected by the mudflow, which will be built in stages. The first phase is the operation of Kejapanan-Gempol toll road, then to be followed by Porong-Kejapanan Toll road in the following period.

118 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Traffic Volume Toll Revenues 2. Semarang Branch (million vehicle transactions) (Rp billion) Section Semarang Length of Toll Road 25 km -1.51%

Year Concession Expires 2044 48.12 106.50 Year Operation Started 1983 48.86 104.77 104.77

Number of Employees 196 people 1.65% Number of Toll Booths 28

V/C Ratio 0.22-0.72 Transaction System Open 2013 2014 2013 2014 Location of Operation Semarang

Proportion of Transaction Proportion of Toll Traffic Volume Revenues

3.65% 1.60%

96.35% 98.40%

* Net Profit/Loss before Income Tax

Performance in 2014 Performance Analysis 2014 In 2014, the Traffict Volume Transactions of the Toll revenues of the Semarang Branch rose 1.65% Semarang Branch totaled 48.12 million vehicles, from a year earlier due to increased traffic activity, down -1.51% compared to the Traffic Volume and the operation of rhw Ungaran-Bawen toll road Transactions in 2013 amounted to 48.86 million section in early April 2014. vehicles. In 2014, the Semarang Branch contributed 3.65% to the Total Traffic Volume Transactions. Business Prospects Meanwhile, Toll Revenues reached Rp 106.50 billion, The connectivity of Semarang-Solo toll road is an increase of 1.65% from 2013, which amounted expected to have an impact on the increase in to Rp 104.77 billion. The Semarang Branch Toll traffic volume transactions. The construction of Revenues contributed 1.60% to the Total Toll the toll road is carried out gradually. Currently, the Revenues. Semarang-Bawen section has been built, and then will be followed by the construction of Bawen-Solo Profitability toll road section. In 2014, Profit Before Income Taxes of the Semarang Branch reached Rp 28.54 billion or an increase of 12.43% from previous year

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 119 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Traffic Volume Toll Revenues 3. Belmera Branch (million vehicle transactions) (Rp billion) Section Belmera Length of Toll Road 43 km Year Concession Expires 2044 91.35 91.35 25.39 25.39 Year Operation Started 1986 24.05 24.05 81.57 81.57 5.56%

Number of Employees 208 people 11.99% Number of Toll Booths 55

V/C Ratio 0.15-0.43 Transaction System Closed Location of Operation Belawan, Medan, 2013 2014 2013 2014 Tanjung Morawa

Proportion of Transaction Proportion of Toll Traffic Volume Revenues

1.92% 1.37%

98.08% 98.63%

* Net Profit/Loss before Income Tax

Performance in 2014 Performance Analysis 2014 In 2014, the Traffict Volume Transactions of the Toll revenues of Belmera Branch grew by 11.99% from Belmera Branch totaled 25.39 million vehicles, an previous year due to the growth in traffic volume increase of 5.56% compared to the Traffic Volume transactions of 5.56%. The increase in traffic volume Transactions in 2013 amounted to 24.05 million transactions is attributable to the development of vehicles. In 2014, the Belmera Branch contributed Medan Industrial Zone (Kawasan Industri Medan/ 1.92% to the Total Traffic Volume Transactions. KIM), the operation of Kualanamu Airport and the Meanwhile, Toll Revenues reached Rp 91.35 billion, rise in traffic volume transaction to outside of Medan an increase of 11.99% from 2013, which amounted to city (to Tebing Tinggi) as a transit city of trans Rp 81.57 billion. The Belmera Branch Toll Revenues Sumatra. contributed 1.37% to the Total Toll Revenues. Business Prospects Profitability There is potential growth of traffic volume of In 2014, Profit before Income Tax of the Belmera Belmera Toll Road following the operation of Medan- Branch reached Rp 7.51 billion, down by 32.28% from Kualanamu-Tebing Tinggi toll road, which connects previous year. with Kualanamu Airport, as well as the development of industrial area of Kuala Tanjung-Sei Mangkei, which offers growth potential in term of traffic volume transactions.

120 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Traffic Volume Toll Revenues 4. Palikanci Branch (million vehicle transactions) (Rp billion) Section Palimanan - Kanci Length of Toll Road 26 km

Year Concession Expires 2044 -1.27% 112.44 20.19 20.19 19.93 19.93 Year Operation Started 1998 107.49 107.49

Number of Employees 161 people 4.60% Number of Toll Booths 24

V/C Ratio 0.28-0.33 Transaction System Open 2013 2014 2013 2014 Location of Operation Cirebon

Proportion of Transaction Proportion of Toll Traffic Volume Revenues

1.51% 1.69%

98.49% 98.31%

* Net Profit/Loss before Income Tax

Performance in 2014 Performance Analysis 2014 In 2014, the Traffic Volume Transactions of the Toll revenues of Palikanci Branch increased by 4.60% Palikanci Branch totaled 19.93 million vehicles, from a year earlier due to tariff increase in 2013, down -1.27% compared to the Traffic Volume which began to have an impact in 2014. Transactions in 2013 amounted to 20.19 million vehicles. In 2014, the Palikanci Branch contributed Business Prospects 1.51% to the Total Traffic Volume Transactions. The potential growth of traffic volume of the Meanwhile, Toll Revenues reached Rp 112.44 billion, Palikanci Toll Road is the connectivity of the Trans an increase of 4.60% from 2013, which amounted to Java toll road network, following the construction of Rp 107.49 billion. The Palikanci Branch Toll Revenues the Cikampek-Palimanan toll road that will connect contributed 1.69% to the Total Toll Revenues. Jakarta-Cikampek and Palimanan-Kanci toll roads.

Profitability 2014 Loss Before Income Tax of the Palikanci Branch reached Rp 6.31 billion or an increase of 124.49% from a year earlier.

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 121 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Traffic Volume Toll Revenues 5. PT Marga Sarana Jabar (million vehicle transactions) (Rp billion) Ruas: Bogor Outer Ring Road Panjang Jalan: 4 km (section I)

Konsesi s.d. Tahun: 2054 13.68 67.17 67.17 12.52 12.52 Tahun Beroperasi: 2009 9.25% Jumlah Pegawai: 44 people 47.46%

Jumlah Gardu: 10 45.55

V/C Rasio: 0.31-0.35 Sistem Transaksi: Open 2013 2014 Lokasi Pengoperasian: Bogor 2013 2014

Proportion of Transaction Proportion of Toll Traffic Volume Revenues

1.04% 1.01%

98.96% 98.99%

* Net Profit/Loss before Income Tax

Performance in 2014 Performance Analysis 2014 In 2014, the Traffic Volume Transaction of BORR Toll revenues of BORR segment grew by 47.46% segment stood at 13.68 million vehicles, an from previous year due to the 9.25% increase in increase of 9.25% compared to the Traffic Volume traffic volume transactions. The rise of traffic volume Transactions in 2013 amounted to 12.52 million transactions is driven by a rapid economic growth in vehicles. In 2014, the BORR toll road contributed Bogor region, especially Sentul as a residential area. 1.04% to the Total Traffic Volume Transactions. Business Prospects Meanwhile, Toll Revenues reached Rp 67.17 billion, an The development of Bogor Outer Ring Road (BORR) increase of 47.46% from 2013, which amounted to Rp toll road network which is connected with Inter 45.55 billion. The BORR Toll Revenues contributed Ring Road will provide a significant impact on the 1.01% to the Total Toll Revenues. increase in traffic volume transactions.

Profitability In 2014, Loss Before Income Taxes of PT Marga Sarana Jabar reached Rp 23.59 billion or an increase of 740.80% from a year earlier.

122 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Traffic Volume Toll Revenues 6. PT Marga Nujyasumo Agung (million vehicle transactions) (Rp billion) Section: Surabaya - Mojokerto Length of Toll Road: 2 km (Section 1A) 18.78 12.05 Year Concession Expires: 2049 11.26 17.55 Year Operation Started: 2011 7.01% 7.04% Number of Employees: 64 people Number of Toll Booths: 9

V/C Ratio: 0.23-0.37

Transaction System: Open 2013 2014 2013 2014 Location of Operation: Waru

Proportion of Transaction Proportion of Toll Traffic Volume Revenues

0.91% 0.28%

99.09% 99.72%

* Net Profit/Loss before Income Tax

Performance in 2014 Performance Analysis 2014 In 2014, the Traffic Volume Transactions of the Toll revenues of the Surabaya-Mojokerto toll road Surabaya-Mojokerto Toll Road totaled 12.04 million Section 1A Waru-Sepanjang grew by 7.01% from vehicles, an increase of 7.04% compared to the a year earlier due to an increase in traffic volume Traffic Volume Transactions in 2013 amounted transactions by 7.04%. The increase in traffic to 11.26 million vehicles. In 2014, the Surabaya- volume transactions is driven by an increased of Mojokerto Branch contributed 0.91% to the Total economic activities in the region and surrounding Traffic Volume Transactions. Meanwhile, Toll the toll road area. Revenues reached Rp 18.78 billion, an increase of 7.01% from 2013, which amounted to Rp 17.55 billion. Business Prospects The Surabaya-Mojokerto Branch Toll Revenues The Surabaya-Mojokerto toll road segment will contributed 0.28% to the Total Toll Revenues. potentially increase traffic volume transactions with the operation of Surabaya-Mojokerto toll road, Profitability Section 4 Krian-Mojokerto along 18.5 km. In addition, In 2014, Profit Before Income Taxes of PT PT Marga the volume of traffic on arterial roads that linking Nujyasumo Agung reached Rp 43.79 billion or an Krian-Surabaya-Mojokerto is already quite dense, so increase of 2.34% from a year earlier. the potential use of toll road as an alternative route will be high.

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 123 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Traffic Volume Toll Revenues 7. PT Trans Marga Jateng (million vehicle transactions) (Rp billion) Section: Semarang - Solo Length of Toll Road: 22.95 km (section I & section II) 15.56 107,25 Year Concession Expires: 2055 Year Operation Started: 2011 193.95% Number of Employees: 164 people 136.57% Number of Toll Booths: 20 6.58 36.49 V/C Ratio: 0.26-0.42 2013 2014 Transaction System: Closed 2013 2014 Location of Operation: Semarang

Proportion of Transaction Proportion of Toll Traffic Volume Revenues

1.18% 1.61%

98.82% 98.45%

* Net Profit/Loss before Income Tax

Performance in 2014 Performance Analysis 2014 In 2014, the Traffic Volume Transactions of the Toll revenues of PT Trans Marga Jateng grew by Semarang-Ungaran Toll Road section totaled 15.56 193.95% from previous year due to the growth in million vehicles, an increase of 136.57% compared to traffic volume transactions of 136.57%. The increased the Traffic Volume Transactions in 2013 amounted to in traffic volume transactions was due to an increase 6.58 million vehicles. In 2014, the Semarang-Ungaran in economic activity in the Semarang-Ungaran toll toll road section contributed 1.18% to the Total Traffic road area and the rise of the movement of goods Volume Transactions. Meanwhile, Toll Revenues and services to the city of Solo. reached Rp 107.25 billion, an increase of 193.95% from 2013, which amounted to Rp 36.49 billion. The Business Prospects Semarang-Solo Section I Toll Revenues contributed The connectivity of Semarang-Solo toll road will 1.61% to the Total Toll Revenues. have an impact on the increase in traffic volume transactions. The construction of the toll road is Profitability carried out gradually, and currently Semarang- In 2014, Profit Before Income Taxes of PT Trans Bawen section has been developed, which will be Marga Jateng reached Rp 212.23 billion or an followed by the construction of Bawen-Solo section. increase of 38.03% from a year earlier. The construction of Semarang-Solo toll road is part of the construction of the Trans Java toll road network which is a business route which will connect two major cities, namely Jakarta and Surabaya.

124 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Traffic Volume Toll Revenues 8. PT Jasamarga Bali Tol (million vehicle transactions) (Rp billion) Section: Nusa Dua-Ngurah Rai-Benoa Length of Toll Road: 10 km 14.31 106.14 Year Concession Expires: 2057 Year Operation Started: 2013 335.54% Number of Employees: 24 people 348.78% 23.65 Number of Toll Booths: 20

V/C Ratio: 0.25-0.38 3.29

Transaction System: Open 2013 2014 2013 2014 Location of Operation: Bali

Proportion of Transaction Proportion of Toll Traffic Volume Revenues

1.08% 1.60%

98.92% 98.40%

* Net Profit/Loss before Income Tax

Performance in 2014 Performance Analysis 2014 In 2014, the Traffic Volume Transactions of the Nusa Toll revenues of PT Jasamarga Bali grew 348.78% Dua-Ngurah Rai-Benoa Toll Road section totaled from previous year because in 2014 the Nusa Dua- 14.31 million vehicles. In 2014, the Nusa Dua-Ngurah Benoa-Ngurah toll road started its full operation Rai-Benoa toll road section contributed 1.08% to following soft operation in October 2013. The the Total Traffic Volume Transactions. Meanwhile, increase was also due to a rise of toll road users Toll Revenues reached Rp 106.14 billion, reflecting who are driving to the Nusa Dua and Benoa revenues contribution of 1.61% to the Total Toll Harbour area. Revenues. Business Prospects Profitability The development of Benoa Bay area which will be In 2014, Profit Before Income Taxes of PT Jasamarga transformed into a “Marina Bay”, an area that is Bali Tol reached Rp 101.04 billion, an increase of being directed for the development of hospitality 403.06% from a year earlier. and international cruise ship port in Bali, will be a trigger for an increase in traffic volume transactions of the Nusa Dua-Benoa-Ngurah Rai Toll Road.

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 125 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Traffic Volume Toll Revenues 9. PT Marga Lingkar Jakarta (million vehicle transactions) (Rp billion) Section: JORR W2 North (Kb Jeruk – Ulujami)

Length of Toll Road: 7.87 km (Section I) 14.49 Year Concession Expires: 2057 59.04 Year Operation Started: 2014 Number of Employees: 25 people Number of Toll Booths: 18

V/C Ratio: 0.26 - 0.40 2013 2014 Transaction System: Open 2013 2014 Location of Operation: JORR

Proportion of Transaction Proportion of Toll Revenues Traffic Volume

1.10% 0.89%

98.90% 99.11%

* Net Profit/Loss before Income Tax

Performance in 2014 Performance Analysis for 2014 In 2014, the Traffic Volume Transactions of PT Marga The Traffic volume transactions reached 14.49 million Lingkar Jakarta totaled 14.31 million vehicles. The vehicles and contributed to the toll revenues of Rp JORR W2 North toll road section contributed 1.10% 59.04 billion. to the Total Traffic Volume Transactions. Meanwhile, Toll Revenues reached Rp 59.04 billion, reflecting Business Prospects revenues contribution of 0.89% to the Total Toll The connectivity of the Jakarta Outer Ring Road and Revenues. the inner city toll road, which are now fully integrated, will have an impact on the increase in traffic volume Profitability transaction of Kebon Jeruk-Ulujami toll road as a In 2014, Loss Before Income Tax of PT Marga Lingkar bridging toll road connecting the above toll roads with Jakarta reached Rp 111.72 attributable to interest and Soekarno-Hatta Airport, Port of Tanjung Priok and depreciation following the operation of the toll road. Tangerang area.

126 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Executive Summary of Operation Director Hasanudin

From the operation of the toll roads by In order to improve services in the form Jasa Marga and its subsidiaries in 2014, the of delivery/provision of toll road condition Company recorded traffic volume transactions information for road users on toll roads of 1,319.60 million vehicles, an increase of 4.41% operated by Jasa Marga, the Company from a year earlier. In order to meet the needs deploys more supporting multiple devices for of consumers on the back of increasing traffic information services for road users such as volumes, the Company improved its services VMS (Variable Message Sign), CCTV (Closed by operating as many as 293 Automated Toll Circuit Television), and RTMS (Remote Traffic Gates (GTO) and 717 regular toll gates that Microwave Sensor). are operated so that the total gates that are in operation in 2014 reached 1,010 toll gates. The Company also improved its services by undertaking various efforts to improve In line with the continuoud increase of the the comfort and safety of toll road volume of vehicle traffic passing through users. In 2014, the Company conducted the toll road, in 2014 the Company also a number of activities including driving expanded its road capacity as well as raising safety campaign, acting firmly on overload the transaction services capacity. The increase vehicles and participating in safety and of transaction services capacity is carried out traffic smoothness program in cooperation by adding as many as 69 GTO substations with the local Police. These efforts have and widening toll gates at a number of successfully reduced the number of branches, namely Jagorawi, Jakarta, Cikampek, accidents by 0.47% from previous year. Semarang, Surabaya-Gempol and PT Jalantol Lingkarluar Jakarta. The commitment to continuously improve services is carried out by meeting the Minimum Looking ahead, in terms of adding tollgates, Service Standards (SPM), which have led to Jasa Marga prioritizes the installation of an approval of tariff adjustments for 2 (two) Automatic Toll Gates (GTO). The policy is toll road sections namely Prof. Dr. Ir. Sedyatmo done as a form of Jasa Marga’s commitment and Jakarta-Cikampek toll roads. In the middle to continuously improve service and of increasingly densed traffic levels, where modernization of payment systems at toll traffic volume is higher than the capacity of gates. In the meantime, the use of e-Toll existing roads, especially in the Greater Jakarta Card transactions reached 122.08 million area, the Company continues to undertake transactions, representing an increase of management and traffic engineering to 20.44% from previous year. maintain the minimum service standard for minimum travel time of average 1.6 times (for inner city toll road) and 1.8 times (toll roads outside the town) from non-toll roads.

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 127 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis Providing Services All the Way

Entering Toll Road On Toll Road

TRAFFIC E-TOLL CARD INFORMATI0N

CCTV

Variable Automated Message Toll Booth Sign

REST AREA

128 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements Providing Services All the Way2014

On Toll Road Exiting Toll Road

Patrol

Officer

Shorter and Towing more convenient Service travel time

Ambulance

REST AREA

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 129 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Business Segment of Non-Toll Road Business Development Business Segment of the Non-Toll Business Development is a segment that is focused on the optimization of the Company’s assets both tangible and intangible. The results of Non Toll Business Development in the Consolidated Financial Statements for Fiscal Year 2014 is presented as Other Operating Income, in which the Other Operating Income reached Rp 583.10 billion. The biggest gain is recorded in the Toll Road Operation Services for Other Parties, which increased by 210.44% compared the achievement recorded in 2013. The largest component in Other Operating Income in 2014 came from Others, amounting to Rp 193.12 billion.

The performance improvement in the Non Toll business development segment of the Company is an effort by the Company to continue to optimize all forms of the Company’s assets both tangible and intangible in order to support the Company’s revenues, namely Toll Revenues. Currently, the Other Operating Income contributed 6.36% to the Total Operating Revenues of the Company. With the establishment of several subsidiaries that engage in non-toll businesses, the Company will continue to maximize the utilization of assets that will ultimately contribute to the Company’s Revenues. Following is a review of the performance of the Non Toll Business Development segment in tables and graphs.

Business Segment of Non-Toll Business Develoment (in billion Rp)

% to Total No. Segment 2013 2014 ∆ (Rp) ∆% Operating Revenues 1. Fuel (BBM) sales 153.07 178.71 25.64 16.75 1.95% 2. Land lease 90.06 104.36 14.30 15.88 1.14% 3. Operating servive of toll 32.41 100.60 68.19 210.44 1.10% roads owned by other parties 4. Advertising Revenues 6.72 6.31 (0.41) (6.12) 0.07% 5. Others 225.94 193.12 (32.82) (14.52) 2.10% TOTAL 508.20 583.10 74.90 14.74 6.36%

Business Segment of Non-Toll Business Develoment 225.94 193.12 178.71 153.07 153.07 100.60 104.36 90.06 90.06 6.72 6.31 32.41 32.41

Fuel sale Land Lease Operating toll Advertising Others roads owned by Revenues other parties

2013 2014

In accordance with the Audited Consolidated Financial Statements of PT Jasa Marga (Persero) Tbk for 2014 Fiscal Year,

130 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Non Toll Business Development segment of the Company is divided into:

1.95% Fuel sales a. Fuel sales Fuel sales are revenues generated from the fuel sales at fuel filling stations (SPBU) located at Purbaleunyi KM 88 Rest and Service Area

and at KM 226 of the Palikanci toll road. Fuel 178.71 Sales contributed 1.95% of the Total Operating 153.07 153.07 Revenues.

98.05% 2013 2014

1.14% b. Land Rental (Rest Area) Land Rental (Rest Area) In 2014, Land Rental Income increased by 15.88% from 2013. Revenues from Land Rental of the year reached Rp 104.36 billion.

The increase in performance in 2014 was due 104.36

to the increase in rental rates at Rest Area 90.06 managed by the Company. In addition, the opening of new land area to be leased to 98.86% 2013 2014 other parties also increased the Company’s performance in 2014.

c. Toll Road Operation Services for Other Parties Toll Road Operation Revenues from Toll Road Operation Services Services for Other 1.10% for Other Parties in 2014 reached Rp 100.60 Parties billion, an increase of 210.44% compared to 2013, which amounted to Rp 32.41 billion. 100.60 32.41 32.41

2013 2014 98.90%

0.07% d. Advertising Revenues Advertising Revenues Advertising revenues for 2014 reached Rp 6.31 billion and contributed 0.07% to the total Operating Revenues.

6.72 6.31

99.93% 2013 2014

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 131 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

e. Others Others 2.10%

• PT Jasa Layanan Pemeliharaan The performance of PT Jasa Layanan Pemeliharaan, as a subsidiary company

engaging in construction, trade and rental 225.94 vehicles was encouraging. In 2014, the 193.12 revenues achievement reached Rp 182.95

billion and contributed 31.38% to the Total 2013 2014 97.90% Non-Toll Revenues.

• PT Jasamarga Properti PT Jasamarga properti, as a company’s subsidiary engaging in property, trade and property-related services posted revenues of Rp 1.71 billion in 2014 and contributed 0.29% to the Total Non-Toll Revenues.

132 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Comprehensive Analysis of Financial Performance Discussion and analysis related to the following financial review is presented based on consolidated financial statements for the year ended December 31, 2014 and 2013. The consolidated financial statements have been audited by Aryanto, Amir Jusuf, Mawar Saptoto (RSM AAJ Associates) through the Audit Report No. R/018.AGA/sat.3/2015 dated January 28, 2015 and has received an unqualified opinion.

The Company’s consolidated financial statements prepared and presented in accordance with Statement of Financial Accounting Standards (“PSAK”) in Indonesia, which is set by the Indonesian Institute of Accountants and in accordance with the Decision of the Chairman of the Capital Market Supervisory Agency and Financial Institution (Bapepam-LK) No. VIII.G.7 Attachment Decree No. KEP- 347 / BL / 2012 dated June 25, 2012 regarding Presentation and Disclosure of Financial Statements for Public Listed Company.

Report of Consolidated Financial Statements Position Consolidated Financial Position of the Company in 2014 showed an improved performance. This year, the assets of the Company amounted to Rp 31.86 trillion or grew by 13.54% compared to 2013. This growth is due to the attainment of new Toll Road Concession Rights, as the Company’s efforts to continue to develop the business. On the other hand, these conditions cause the liabilities of the Company to increase by 16.76% compared to the previous year because the Company received additional loans to support the construction of the new toll road. While, the Company’s equity increased by 8.21% from a year earlier as a reflection that the Company remains committed to maintaining profitability amid the expansion efforts.

Assets Assets in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ % Current Assets 3,788.30 3,641.37 (146.93) (3.88) Non-Current Assets 24,270.28 28,216.58 3,946.30 16.26 TOTAL ASsETs 28,058.58 31,857.95 3,799.37 13.54

Definition Assets are resources that are controlled by a Company as as a result of past events and from which the company can expect to obtain economic gains in the future. 31,857.95 31,857.95 28,216.58

28,058.58 28,058.58 Standard Used • PSAK No. 1 Presentation of Financial Statements 24,270.28 24,270.28

3,788.30 3,788.30 • PSAK No. 7 Disclosure of Parties who Have Special Relations

3,641.37 3,641.37 • PSAK No. 15 Accounting for Investments in Associated Firms • PSAK No. 16 Property and Equipment • PSAK No. 19 Intangible Assets Current Asset Non Current Asset Total Asset • PSAK No. 22 Business Combinations • PSAK No. 48 Depreciation of Assets • PSAK No. 50 Financial Instruments: Presentation 2013 2014

Total assets of the Company reached Rp 31.86 trillion in 2014, an increase of Rp 3.80 trillion or 13.54% compared to 2013. The increase is due to the addition of the toll roads that are still in construction phase, as well as new toll roads that are already in operation.

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PT Jasa Marga (Persero) Tbk. 2014 Annual Report 133 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Current Assets Current Assets in 2014 Compared to 2013 (in billion Rp)

Uraian 2013* 2014 ∆ Rp ∆ % Cash and Cash Equivalent 3,514.06 3,290.78 (223.28) (6.35) Short Term Investment 6.63 7.14 0.52 7.78 Other Receivables – Current 177.20 148.83 (28.37) (16.01) Costs Paid in Advance 25.77 71.98 46.21 179.35 Prepaid Tax 64.65 122.63 57.98 89.69 Total Current Assets 3,788.30 3,641.37 (146.93) (3.88) 122.63 122.63 3,514.06 3,514.06 177.20 3.514,06 148.83 3,290.78 3,290.78 71.98 64.65 25.77 7.14 7.14 6.63

Cash and Cash Short Term Other Receivables – Costs Paid in Prepaid Equivalent Investment Current Advance Tax

2013 2014

Definition Standard Used Current assets are assets that meet the classification, expected • PSAK No. 1 Presentation of Financial Statements to be realized or is held for sale or used within the normal • PSAK No. 7 Disclosure of Parties that Have Special Relationship operating cycle of the company; or, owned for trading or for • PSAK No. 15 Accounting for Investments in Associates used in short-term goals and is expected to be realized within a • PSAK No. 22 Business Combinations period of twelve months after the reporting date; or in the form • PSAK No. 48 Depreciation of Assets of cash or cash equivalent, where its utilization is not restricted. • PSAK No. 50 Financial Instruments: Presentation • Other PSAK and ISAK that are relevant

The overall Current Assets of the Company decreased by 3.88% from Rp 3.79 trillion in 2013 to Rp 3.64 trillion in 2014. The decrease was caused by an increase in the equity contribution to Subsidiaries, payment of bank loan and bonds payable.

Cash and Cash Equivalents Cash and Cash Equivalents in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ % Cash and Cash Equivalents 3,514.06 3,290.78 (223.28) (6.35)

Definition Standard Used Cash and cash equivalents refer to Cash in • PSAK No. 2 Cash Flow Statement rupiah, currency, and checque accounts. • PSAK No. 50: Financial Instruments: Presentation 3,514.06 While Cash equivalents include short-term • PSAK No. 55: Financial Instruments: Recognition and 3,290.78 deposits in which the period is equal to or Measurement less than 3 (three) months from the date • PSAK No. 60: Financial Instruments: Disclosures of placement and no collateral and are not • Other PSAK and ISAK that are relevant restricted. 2013 2014

Cash and Cash Equivalents of the Company fell 6.35% from the previous year of Rp 3.51 trillion to Rp 3.29 trillion in 2014. The decrease is due to the capital injection into Subsidiaries to accelerate the completion of the construction of a new toll road that is being undertaken by the Company and for the payment of bank debts. A more detailed explanation can be seen in the Report Note No. 4 pages 41-42 of the Audited Financial Statements for 2014 financial year.

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134 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Short Term Investment Composition of Short Term Investment in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ % Short Term Investment 6.63 7.14 0.52 7.78

Definition Short-term investments are investments in deposits and marketable securities with a maturity of up to one year. 7.14

Standard Used • PSAK No. 23: Revenues

6.63 • PSAK No. 50: Financial Instruments: Presentation • PSAK No. 60: Financial Instruments: Disclosures • PSAK No. 55: Financial Instruments: Recognition and Measurement • Other PSAK and ISAK that are relevant

2013 2014

In 2014, short-term investments amounted to Rp 7.14 billion, an increase of 7.78% from 2013 to reach Rp 6.63 billion. This increase is due to additional investment in deposits. More detailed explanation, please see in the Report Note No. 5 page 43 of the Audited Financial Statements for 2014 fiscal year.

Other Receivables – Current Composition of Other Receivables – Current, in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ % Other Receivables – Current 177.20 148.83 (28.37) (16.01)

Definition Other receivables – Current, are revenues to be received from land lease, rent of place for rest and service area, rental of advertising space and interest received from time deposits to 177.20 be obtained by the Company in the short term, or less than 1 year. 148.83

Standard Used • PSAK No. 50: Financial Instruments: Presentation • PSAK No. 55: Financial Instruments: Recognition and Measurement • PSAK No. 60: Financial Instruments: Disclosures 2013 2014 • Other PSAK and ISAK that are relevant

In 2014, Other Receivables-Current reached Rp 148.83 billion, down 16.01% from 2013. Other receivables-- Current has decreased due to the decline in employee receivable and other receivables with a nominal under Rp 1 billion. More detailed explanation can be seen in the Report Note No. 6 page 43 of the Audited Financial Statements of the 2014 fiscal year.

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PT Jasa Marga (Persero) Tbk. 2014 Annual Report 135 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Prepaid Costs Composition of Prepaid Costs Payment in 2014 compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ %

Prepaid Costs 25.77 71.98 46.21 179.35

Definition Prepaid expenses are payments that are done upfront for goods to be received, or the benefits will be used, within twelve months after the reporting date. Prepaid expenses are 71.98 charged to the income statement in accordance with the future benefits.

25.77 Standard Used • Framework for the Preparation and Presentation of Financial Statements • Other PSAK and ISAK that are relevant.

2013 2014

Prepaid Costs increased by 179.35% from Rp 25.77 billion in 2013 to Rp 71.98 billion in 2014. The increase in Prepaid Costs is partly due to an increase of advance payments for goods and services within the Company. More detailed explanation, please see Report Note No. 7 page 45 of the Audited Financial Statements for 2014 fiscal year.

Prepaid Tax Composition of Prepaid Tax in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ %

Prepaid Tax 64.65 122.63 57.98 89.69

Definition Prepaid taxes are taxes that will be weighted in calculating the tax liabilities.

122.63 Standard Used • PSAK No. 46: Income Tax • Framework for the Preparation and Presentation of

64.65 Financial Statements • Other PSAK and ISAK that are relevant

2013 2014

Prepaid Taxes rose 89.69% from Rp 64.65 billion in 2013 to Rp 122.63 billion in 2014. The increase of Prepaid Taxes is due to an increase in income tax liabilities of the Company over Income tax (PPh 28.a in 2013. More detailed explanation can be found in the Report Note No. 8 page 45 of the Audited Financial Statements for 2014 fiscal year.

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136 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Non-Current Asset Composition of Non Current Assets in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ % Other Receivables – Non Current 19.75 - (19.75) (100.00) Appropriated Funds 459.32 816.90 357.59 77.85 Investment in Associates 179.24 171.35 (7.89) (4.40) Other Financial Assets 244.61 244.61 - - Fixed Assets 591.31 701.73 110.42 18.67 Toll Road Concession Rights – Net 21,962.12 23,935.41 1,973.29 8.98 Other 641.12 2,183.17 1,542.05 240.52 Goodwill 41.85 41.85 - - Other Assets 130.97 121.56 (9.40) (7.18) Total Non-Current Asset 24,270.28 28,216.58 3,946.30 16.26

Definition Standard Used Non-current assets are assets that do not meet the criteria of • PSAK No.1 on Presentation of Financial Statements current, for example, fixed assets or intangible assets. • PSAK No. 16 on Property and Equipment • PSAK No. 19 on Intangible Assets • PSAK No. 48 on Asset Depreciation • PSAK No. 22 on Business Combinations • PSAK No. 50 on Financial Instruments: Presentation • Other PSAK and ISAK that are relevant 23,935.41 21,962.12 21,962.12

3.514,06 2,183.17 816.90 946.33 130.97 459.32 835.92 641.12 19.75 - 179.24 171.35 41.85 41.,85 121.56

Other Goodwill Other Assets Non Current Fixed Assets Rights – Net Other Receivables – Appropriated Funds Other Financial AssetsToll Road Concession Investment in Associates 2013 2014

In 2014, Non-Current Assets reached Rp 28.22 trillion, or an increase of 16.26% from 2013. This increase is mainly due to the growth of Intangible Assets in the form of Toll Road Concession Rights, which reached Rp 23.94 trillion in 2014.

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PT Jasa Marga (Persero) Tbk. 2014 Annual Report 137 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Other Receivables – Non Current Composition of Other Receivables – Non Current in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ %

Other Receivables- Non Current 19.75 - (19.75) (100)

Definition Other Receivables–Non-current, are revenues to be received from land lease, rent of rest area, rent of advertising space and interest to be obtained from time deposits to be received by

19.75 the Company in the long term or more than 1 year.

Standard Used • PSAK No. 50: Financial Instruments: Presentation • PSAK No. 55: Financial Instruments: Recognition and measurement — • PSAK No. 60: Financial Instruments: Disclosures • Other PSAK and ISAK that are relevant 2013 2014

In 2014, Other Receivables - Non-current, declined by 100% in 2014 from 2013 as receivables have been switched/classified to Other Current Receivables according to the time period of less than one year. More detailed explanation can be found in the Report Note No. 6 page 44 of the Audited Financial Statements of the 2014 fiscal year.

Appropriated Funds Composition of Appropriated Funds in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ %

Appropriated Funds 459.32 816.90 357.59 77.85

Definition Appropriated funds are sinking funds that are set aside as guarantee payment of bonds and bank loans. 816.90 Standard Used • The basic framework of the preparation and presentation of

459.32 financial statements. • Other PSAK and ISAK that other relevant.

2013 2014

In 2014, the amount of Appropriated Funds reached Rp 816.90 billion, up 77.85% from a year earlier. The increase was due to the increase in Land Acquisition and Guarantee for Bank Syndicated Loan. There are also special accounts related to revenues received from the operation of JORR Section S after deducting the operating expenses, including amortization, and maintenance, which are separated and put in a special account in accordance with the Decree of the Minister of Public Works No. 80.1/KPTS/M/2013 dated February 25, 2013. More detailed explanation can be found in the Note Report No. 9 page 48 of the Audited Financial Statements of fiscal year 2014.

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138 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Investment in Associates Composition of Investment in Associates in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ %

Investment in Associates 179.24 171.35 (7.89) (4.40)

Definition Investments in associates are investments in the form of shares in another entity (investee) where the investor has significant influence over the investee. 179.24

171.35 Standard Used • PSAK No. 15: Investments in Associates and Joint Ventures • PSAK No. 67: Disclosure of Interests in Other Entities • Other PSAK and ISAK that are relevant

2013 2014

In 2014, Investments in Associate companies declined to Rp 171.35 billion, down 4.40% compared to 2013. The Company has investments in associates that are considered as equity in those Associates. Investments in Associates has decreased as portion of the Net Profit (Loss) on Subsidiaries, PT Ismawa Trimitra and PT Trans Lingkar Kita Jaya. The carrying value of the investment can be found in more detail in the Report Note No. 10 pages 49-52 of the Audited Financial Statements of the 2014 financial year.

Other Financial Assets Composition of Other Financial Assets in 2014 compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ %

Other Financial Assets 244.61 244.61 - - 244.61 244.61 244.61 244.61 Definition Other Financial Assets in the form of equity investments which are classified as financial assets available for sale that are recorded as acquisition costs.

Standard Used • PSAK No. 50: Financial Instruments-Presentation • PSAK No. 55: Financial Instruments-Recognition and Measurement • PSAK No. 60: Financial Instruments-Disclosures 2013 2014 • Other PSAK and ISAK that are relevant.

In 2014, the Other Financial Assets reached Rp 244.61 billion. The Company holds an equity interests in some of companies which are categorized as financial assets available for sale, which are recorded as acquisition price, then deducted by depreciation of the equity interest in each company. More detailed explanation can be found in the Note Report No. 11, pages 53-59 of the Audited Financial Statements 2014 financial year.

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PT Jasa Marga (Persero) Tbk. 2014 Annual Report 139 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Fixed Assets Composition of Fixed Assets in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ %

Fixed Assets 591.31 701.73 110.41 18.67

Definition Fixed assets are tangible assets held that are used in the provision of services, leased to another party, or administrative purposes, as well as the use of more than one period. 701.73 Standard Used • PSAK No. 16: Fixed Assets • PSAK No. 30: Rent 591.31 591.31 • PSAK No. 48: Depreciation of Assets • ISAK 8: Determining Whether an Arrangement has Lease Element • ISAK 23: Operating Leases - Incentives • ISAK 24: Evaluating the Substance of Agreements Involving the Legal Form of Lease • ISAK 25: Land Rights 2013 2014 • Other PSAK and ISAK and other relevants.

In 2014, fixed assets reached Rp 701.73 billion, up 18.67% from 2013’s assets of Rp591.31. This is due to the addition of the company’s assets such as Office Building and Other Building, Equipment Operations and Office, as well as motor vehicles. More detailed explanation can be found in the Note Report No. 12 pages 59-61 of the Audited Financial Statements 2014 financial year.

Intangible Asset in the Form of Toll Road Concession Rights (HPJT) Composition of Intangible Assets (HPJT) in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ %

Toll Road Concession Rights Intangible Assets 21,962.12 23,935.41 1,973.29 8.98

Definition Toll Road Concession Rights (HPJT) is an intangible asset that is derived from the toll road concession, which is a compensation for the construction of toll roads.

23,935.41 Standard Used • PSAK19: Intangible Assets • PSAK 34: Construction Contracts

21,962.12 • PSAK 48: Depreciation of Assets • ISAK 16: Service Concession Arrangements • ISAK 22: Service Concession Arrangements: Disclosures • Other PSAK and ISAK that are relevant

2013 2014

The Intangible assets of HPJT reached Rp 23.94 trillion, an increase of 8.98% or Rp 1.97 trillion from the previous year. The Toll Road Concession of the Company increased, as reflected in the operations of several toll roads managed by the Company through the Subsidiaries, such as JORR W2 North toll road managed by PT Marga Lingkar Jakarta, Bogor Outer Ring Road Toll Road Section 2A Kedung Halang-Kedung Badak managed PT Marga Sarana Jabar, and the Semarang-Solo toll road Section II Ungaran-Bawen managed by PT Marga Trans Jateng. More detailed explanation can be found in the Report Note No. 13 page 61 of the Audited Financial Statements for 2014 financial year.

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140 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Other Intangible Assets Composition of Other Intangible Assets in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ %

Other Intangible Assets 641.12 2,183.17 1,542.05 240.52

Definition Other intangible assets are non-monetary assets that can be identified and did not have a physical form, other than the Toll Road Concession Rights (HPJT). 2,183.17 2,183.17 Standard Used • PSAK19: Intangible Assets • PSAK 48: Depreciation of Assets • Other PSAK and ISAK that relevant 641.12 641.12

2013 2014

In 2014, Other Intangible Assets reached Rp 2.18 trillion, up 240.52% from the previous year of Rp 641.12 billion. This is due to increased of pre-construction soil of the Subsidiary companies which are still in the process of constructing toll roads as well as the use of software by the Company. More detailed explanation can be found in the Report Note No. 13 page 62 of the Audited Financial Report for 2014 Fiscal Year.

Goodwill Composition of Goodwill in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ %

Goodwill 41.85 41.85 - -

Definition Goodwill is the excess of the amount paid (considerations) and the fair value of net assets that are obtained. 41.85 41.85 Standard Used • PSAK 19: Intangible Assets • PSAK 22: Business Combinations, IAS • PSAK 48: Depreciation of Assets Value • Other PSAK and ISAK that are relevant

2013 2014

In 2014 the Company recorded Goodwill amounting to Rp 41.85 billion, or equal to the period of 2013. In 2009, the Company had recorded Goodwill over the acquisition of PT Marga Nujyasumo Agung (MNA), the concession holder of the Surabaya-Mojokerto toll road worth Rp 36,879,508,000 (full amount) based on the estimates made by the Company and the value recorded in 2010 amounted to Rp 70,693,667,450 (full amount) that had been adjusted with the results of the assessment of the independent appraisal.

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PT Jasa Marga (Persero) Tbk. 2014 Annual Report 141 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

In 2010, the Company acquired PT Marga Kunciran Cengkareng (MKC), the concession holder of Kunciran- Cengkareng Toll Road, with equity interest of 75% ownership. The Company has recorded Goodwill arising from this acquisition.

In 2010, the Company has also acquired PT Sarana Margabhakti Utama (now renamed as PT Jasa Layanan Pemeliharaan), which engages in the construction, trade and rental of vehicles. Jasa Marga acquired 99% shares in the targeted company. Jasa Marga has recorded Goodwill arising from this acquisition.

More detailed explanation can be found in the Note Report No. 14 page 63 of the Audited Financial Statements for 2014 financial year.

Other Assets Composition of Other Assets in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ %

Other Assets 130.97 121.56 (9.40) (7.18)

Definition Other assets consist of assets taken over from the termination of the concession agreement (PKP) and are in the form of down payment to contractors and consultants

130.97 130.97 for toll road construction, overlay works, toll road equipment

121.56 procurement as well as other goods procurement that will be taken into account in the bill for the progress of work of contractors and consultants.

Standard Used • The basic framework of the preparation and presentation of financial statements. 2013 2014 • Other PSAK and ISAK that are relevant

Other assets consist of advanced payments to contractor, guarantees (bank guarantees), assets taken over, and Surabaya toll road section - Gempol Porong section. In 2014, Other Assets reached Rp 121.56 billion, down Rp 9.40 billion from the previous year of Rp 130.97 billion.

The decline of Other Assets was partly due to the decline in bank guarantee, namely bank guarantee placed by the Company as the holder of the Toll Road Concession Right as a guarantee of the development and completion of the toll road construction. In line with the operation of new toll roads managed by the Company through its Subsidiaries, the use of collateral (bank guarantees) also began to decline. More detailed explanation can be found in the Note Report No. 15 pages 64-65 of the Audited Financial Statements for 2014 fiscal year.

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142 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Liabilities Compostion of Liabilities in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ %

Short Term Liabilites 4,871.30 4,312.92 (558.38) (11.46)

Long Term Liabilites 12,629.34 16,120.04 3,490.70 27.64

Total Liabilities 17,500.63 20,432.95 2,932.32 16.76 12,629.34 12,629.34 4,871.30 4,312.92 4,312.92 20,432,95 . 20,432,95 17,500.63 17,500.63 16,120.04 16,120.04

Short Term Long Term Liabilities Total Liabilities Liabilities

2013 2014

Definition Standard Used Liabilities are the obligations of the Company arising from past • PSAK No. 1 Presentation of Financial Statements events, the settlement of which is estimated to result in an • PSAK No. 46 Income Taxes outflow of resources that have economic values. • PSAK No. 57 Provisions, Contingent Liabilities and Contingent Assets • Other PSAK and ISAk that are relevant

Liabilities of the Company at the end of 2014 stood at Rp 20.43 trillion, up 16.76% from Rp 2.93 trillion in 2013. The increase is due to additional loans obtained by the Company to support the construction of the new toll roads. As a result, the Long-Term Liabilities increased from Rp 12.63 trillion in 2013 to Rp 16.12 trillion in 2014, while Current Liabilities decreased by 11.46% from previous year due to the repayment of bond debts and bank debts.

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Short Term Liabilities Composition of Short Term Liabilities in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ % Short Term Bank Loan 655.84 610.50 (45.34 ) (6.91) Accounts Payable 100.03 191.68 91.64 91.62 Contractors Payable 1,153.45 990.49 (162.96) (14.13) Taxes Payable 107.06 261.57 154.51 144.32 Other Payable 56.41 73.66 17.25 30.58 Acrued Expenses 464.68 416.26 (48.41) (10.42) Current Portion of Long-Term Liabilities Bank Loan 295.22 43.16 (252.06) (85.38) Bonds Payable 700.00 - (700.00) (100.00) Loans from Govovernment - - - n/a Land Acquisition Liabilities 1.112.70 1,500.72 388.02 34.87 Capital Lease Payable 19.78 15.48 (4.29) (21.70) Provision for Overlay 206.14 209.40 3.26 1.58 Total Short-Term Liabilities 4,871.30 4,312.92 (558.38) (11.46) 464.68 610.50 41.26 295.22 261.57 206.14 209.40 191.68 1,500.72 700 107.06 100.03 00?? 73.66 1.153.45 1,112.70 56.41 19.78 990.49 15.48 43.16 0 0 0 655.84

Acrued Bonds Bank Loan Payable Loans from Payable Expenses Liabilities Taxes Payable Other Payable Capital Lease Accounts Payable GovovernmentLand Acquisition Contractors Payable Short Term Bank Loan Provision for Overlay 2013 2014

Definition Standard Used Short-term liabilities are liabilities that are expected to • PSAK No. 1: Presentation of Financial Statements be settled within a period of twelve months after the • PSAK 50 : Financial Instruments: Presentation. reporting date or the normal cycle of operation of the • PSAK 55: Financial Instruments: Recognition and Measurement. Company. • PSAK 60: Financial Instruments: Disclosures. • PSAK 46: Income Taxes. • PSAK 57: Provisions, Contingent Liabilities and Contingent Assets. • ISAK 16: Service Concession Agreement • PSAK30: Leases • ISAK 23: Operating Leases - Incentives • ISAK 22: Service Concession Arrangements: Disclosures. • Other PSAK and ISAK that are relevant

At the end of 2014, the Company recorded Short-Term Liabilities of Rp 4.31 trillion, which is lower 11.46% or Rp 558.38 billion from the previous year’s Short-term Liabilities of Rp 4.87 trillion. The decline was primarily due to the repayment of the Series S-A Bonds and the repayment of Bank Loans which matured in 2014.

From the above table and graph, the largest composition of Short-term Liabilities in 2014 was Land Acquisition, which reached Rp 1.5 trillion. This liability was a bridging fund to purchase land for the construction of toll road, by utilizing briding funds owned by Public Service Agency (BLU) of the Toll Road Regulatory Agency.

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144 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Accounts Payable Composition of Accounts Payable in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ %

Accounts Payable 100.03 191.68 91.64 91.62

Definition Account payables are obligations to deliver cash and cash equivalents arising from business activities which are regulated in the Articles of Association of the Company. 191.68

Standard Used • PSAK 50 : Financial Instruments: Presentation 100.03 • PSAK 55: Financial Instruments: Recognition and Measurement • PSAK 60: Financial Instruments: Disclosures • Other PSAk and ISAK that are relevant 2013 2014

Accounts payable of the Company consists of payable to third parties as well as to related parties which are owed to suppliers for procurement of printed materials, stationery, toll tickets, medicines and uniforms as well as accounts payable for services maintenance and cleaning of the toll roads.

Accounts Payable in 2014 reached Rp 191.68 billion, up 91.62% from the previous year which reached Rp 100.03 billion. Accounts payable increased primarily due to a rise o payable to third parties which rose 102.4% to Rp 186.28 billion from Rp 92.04 billion. More detailed explanation can be found in the Note Report No. 16 page 65 of the Audited Financial Statements of the 2014 financial year.

Contractors Payable Composition of Contractors Payable in 2014 Compared to 2013

(in billion Rp)

Description 2013* 2014 ∆ Rp ∆ %

Payable to Contractors 1,153.45 990.49 (162.96) (14.13)

Definition Contractors Payable refers to payable to contractors, consultants and partners associated with the construction of roads, overlay, procurement of toll facilities and other buildings. 1,153.45 Standard Used • The basic framework of the preparation and presentation of financial statements. 990.49 • Other PSAK and ISAK that are relevant

2013 2014

Account Payable to Contractors reached Rp 990.49 billion, down 14.13% from the previous year of Rp 1.15 trillion. This happens because some of the projects the Company has completed and are also in operational in 2014. More detailed explanation can be found in the Note Report No. 17, pages 65-66 of the Audited Financial Statements of the 2014 financial year.

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PT Jasa Marga (Persero) Tbk. 2014 Annual Report 145 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Tax Liabilities Composition of Tax Liabilities in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ %

Tax Liabilities 107.06 261.57 154.51 144.32

Definition Taxes liabilities are taxes that have not been paid to the State Treasury.

261.57 261.57 Standard Used • PSAK 46: Income Taxes • Framework for the Preparation and Presentation of

107.06 Financial Statements • Other PSAK and ISAK that are relevant

2013 2014

In 2014, tax liabilities reached Rp261.57 billion, an increase of 144.32% from 2013, which which reached Rp 107.06 billion. This is because the Value Added Tax and Income Tax Income (PPh) Article 29 recorded an increase. More detailed explanation can be found in the see Note Report No. 8 page 45 of Audited Financial Statements of the 2014 fiscal year.

Other Liabilities Composition of Other Liabilities in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ %

Other Liabilities 56.41 73.66 17.25 30.58

Definition Other Liabilities consist of liabilities to related parties.

73.66 Standard Used • The basic framework of the preparation and presentation of financial statements. • Other PSAK and ISAK that are relevant 56.41 56.41

2013 2014

Other liabilities consist of liabilities to related parties which are owed to PT Jatim Marga Utama (JMU) in the form of capital injection as the Company’s equity at JMU which was received again by the Company in April 2003. In addition, Donation to Scout Area in Cibubur and the Indonesian Miniatur Park (Taman Mini Indonesia Indah) is a contribution of the Company to the national scouts movement and Taman Mini Indonesia Indah based on Presidential Decree No. 14 of 1981 on the use of a portion of toll revenues received from the toll gates to/from the Taman Mini Indonesia Indah and Cibubur Scout area. However, since January 26, 2008, the Government issued Presidential Decree No. 3 Year 2008 regarding the revocation of Presidential Decree No. 14 Year 1981. More detailed explanation can be found in the Report Note No. 18 page 66 of the Audited Financial Statements in the 2014 financial year.

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146 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Accrued Expenses Composition of the Accrued Expenses in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ %

Accrual Expense 464.68 416.26 (48.41) (10.42)

Definition Accrued Expense is a load that already occurred but have yet to be recorded in the accounts.

464.68 Standard Used 416.26 • The basic framework of the preparation and presentation of financial statements. 2013 2014 • Other PSAK and ISAK that are relevant

The Accrued Expenses of the Company consist of Accrued Interest Expense of Bonds, Bank Debt Interest Expense, General and Administrative Expenses, Salaries and Allowances, Joint Operating Expenses and Other Expenses. Accured Expenses in 2014 reached Rp 416.26 billion, down 10.42% over the same period in 2013 which reached Rp 464.68 billion. Accrued expenses decreased, primarily due to the decline in accrued expenses over business ventures from Rp 66.89 billion in 2013 to Rp 792 million in 2014. More detailed explanation can be found in the Report Note 19 page 66 of the Audited Financial Statements in 2014 financial year.

Long Term Liabilities that Mature within One Year Composition of Long Term Liabilities that Mature within One Year in 2014 Compared to 2013

(in billion Rp)

Description 2013* 2014 ∆ Rp ∆ % Bank Loans 295.22 43.16 (252.06) (85.38) Bonds Payable 700.00 - (700.00) (100.00) Loans from Government - - - n/a Land Acquisition Liabilities 1,112.70 1,500.72 (388.02) 34.87 Capital Lease Payable 19.78 15.48 (4.29) (21.70) Provision for Overlay 206.14 209.40 3.26 1.58 Total 2,333.83 1,768.76 (565.07) (24.21) 295.22 43.16 700.00 0 0 0 19.78 15.48 206.14 206.14 1,500.72 209.40 1,112.70 1,112.70

Bank Loans Bonds Loans from Land Capital Provision for Payable Government Acquisition Lease Overlay Liabilities Payable

2013 2014

Definition Standard Used Long-term liabilities that mature within One Year is part of • PSAK No. 1 Presentation of Financial Statements long-term liabilities that will mature within twelve months • Framework for the Preparation and Presentation of Financial after the reporting date and are presented in the Financial Statements Statement by way of explaining in detail the type of long-term • Other PSAK and ISAK that are relevant liabilities that will mature within one year.

Long-term liabilities that will mature within one year totaled Rp 1.77 trillion, down 24.21% from the previous of Rp 2.33 trillion. The decline was due to the repayment of bond debt Series S-A and bank loan.

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PT Jasa Marga (Persero) Tbk. 2014 Annual Report 147 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Long Term Liabilities Composition of Long Term Liabilities in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ % Unearned Revenues 71.03 74.23 3.20 4.51 Deferred Tax Liabilities 548.50 623.50 75.00 13.67 Long-Term Liabilities- Net of Current Portion Bank Loans 5,320.20 6,484.84 1.164.64 21.89 Bonds Payable 5,144.38 6,144.43 1,000.05 19.44 Joint Operation Liabilities 22.21 22.21 - n/a Land Acquisition Liabilities 566.17 1,369.22 803.05 141.84 Capital Lease Payable 47.13 34.48 (12.65) (26.83) Provision for Overlay 124.95 156.71 31.76 25.42 Other Long Term Liabilities 458.67 819.42 360.76 78.65 Employee Benefits Liabilities 326.11 390.99 64.88 19.90 Total Long-Term Liabilities 12,629.34 16,120.04 3,490.70 27.64 1,369,22 390.99 566.17 566.17 22.21 34.48 156.71 819.42 22.21 47.13 124.95 458.67 326.11 326.11 548.50 71.03 71.03 74.23 623.50 6,144.43 6,484.84 5,144.38 5,144.38 5,320.20 5,320.20

Bank Loans Liabilities Liabilities Liabilities Liabilities Joint Operation Bonds Payable Land Acquisition Other Long Term Employee Benefits Unearned Revenues Capital Lease PayableProvision for Overlay Deferred Tax Liabilities

2013 2014

Definition Standard Used Long-term liabilities refers to liabilities to creditors in which • PSAK No. 1 on Presentation of Financial Statements the due dates of the debt settlements are more more than • Framework for the Preparation and Presentation of Financial twelve months after the reporting period. Statements • Other PSAK and ISAK that are relevant

At the end of 2014, Long-Term Liabilities rose 27.64% from Rp 12.63 trillion in 2013 to Rp 16.12 trillion in 2014. This increase was primarily due to an increase in loans to third parties in order to support the constructions of new toll road projects by the Company through its Subsidiaries.

Unearned Income Unearned Income in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ % Unearned Income 71.03 74.23 3.20 4.51

Definition Unearned income is cash receipts and cash equivalents from the other parties as payment for services of more than one 74.23 71.03 71.03 year after the reporting period.

Standard Used • PSAK 30: Leases • Other PSAK and ISAk that are relevant. 2013 2014

Unearned Income recorded an increase of 4.51% from the previous year, due to an increase income from rent advertisements, land, rest areas and other income earned on the toll road areas. More detailed explanation can be found in the Report Note 26 page 77 of the Audited Financial Statements of the 2014 financial year.

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148 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Deferred Tax Liabilities Composition of Deferred Tax Liabilities in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ %

Deferred Tax Liabilities 548.50 623.50 75.00 13.67

Definition The deferred tax liability is the amount of income taxes payable in future periods as a result of temporary taxable value differences. Temporary differences are arising from the 623.50 gap between the amount of an asset or liability in the financial

548.50 statement and basis for tax imposition.

Standard Used • PSAK 46: Income Taxes • Other PSAK and ISAk that are relevant 2013 2014

The Company’s deferred tax liability in 2014 rose 13.67% from Rp 548.50 billion in 2013 to Rp 623.50 billion in 2014. More detailed explanation can be found in the Report Note No.2q and 8c pages 46-48 of the Audited Financial Statements of the 2014 financial year.

Long Term Liabilities – After Deducted with Portion of Debts Maturing in One Year Composition of Long Term Liabilities – After Deducted with Portion of Debts which Matures in One Year in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ % Bank Loan 5,320.20 6,484.84 1,164.64 21.89 Bonds Payable 5,144.38 6,144.43 1,000.05 19.44 Liabilities from Joint Operation 22.21 22.21 - - Land Acquisition Liabilities 566.17 1,369.22 803.05 141.84 Capital Lease Payable 47.13 34.48 (12.65) (26.83) Provision for Overlay 124.95 156.71 31.76 25.42 Total 11,225.03 14,211.89 2,986.86 26.61 1,369.22 1,369.22 156.71 156.71 47.13 34.48 22.21 566.17 22.21 124.95 6,144.43 6,144.43 6,484.84 5,144.38 5,320.20

Bank Loan Bonds Liabilities Land apital Lease Provision for Payable from Joint Acquisition Payable Overlay Operation Liabilities

2013 2014

In 2014, the amount of bank debts reached Rp 6.48 trillion, an increase of 21.89% or Rp 1.16 trillion from the previous year of Rp 5.32 trillion. The increase was due to a rise of Bank Loans in the Subsidiary Companies in line with the construction of new toll road activities. While Bonds Payable were amounting to Rp 6.14 trillion, an increase of Rp 1.00 trillion from Rp 5.14 trillion a year earlier. The increase was due to the issuance of Jasa Marga Bond I Phase II 2014 amounting to Rp 1.00 trillion, which was used to repay the Company’s Matured Bond Debts and an effort by the Company to lower interest expenses. The bond issuance is also an effort to support the development of the Company’s business on an ongoing basis, as working capital in the development of new toll roads.

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PT Jasa Marga (Persero) Tbk. 2014 Annual Report 149 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Other Long Term Liabilities Composition of Other Long Term Liabilities in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ % Other Long Term Liabilities 458.67 819.42 360.76 78.65

Definition Other long-term liabilities are long-term liabilities that can not be classified in one of the posts of existing long-term liabilities and are not considered material to be presented in a separate

819.42 819.42 post.

Standard Used • PSAK No. 1 on Presentation of Financial Statements • Framework for the Preparation and Presentation of Financial Statements • Other PSAK and ISAK that are relevant. 458.67 458.67

2013 2014

Other Long-Term Liabilities are contingent liabilities, which is a state that is still charactered by the uncertainty regarding the possibility of obtaining profits or losses by the Company. This will be resolved by the occurrence or non-occurrence of one or more events in the future. Other Long Term Liabilities increased by 78.65% from Rp 458.67 billion in 2013 to Rp 819.42 billion in 2014. More detailed explanation can be found in the Report Note 45 page 112 of the Audited Financial Report for the 2014 financial year.

Post Employement Benefit Compositon of Post Employement Benefit in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ % Post Employement Benefit 326.11 390.99 64.88 19.90

Definition Post-employment benefit liabilities are liabilities arising from employee benefits (other than termination benefits) that are 326.11 owed after the worker has completed his tenure.

Standard Used • PSAK 24: Employee Benefits

390.99 390.99 • ISAK 15: PSAK 24 – The Limit on Fixed Benefit Asset, Minimum Funding Requirements and Their Interaction • Other PSAK and ISAK that are relevant 2013 2014

Consisting of Retired Health Programs, Retirement Plans, and Retirement Program Pension Plans and Other Post-Employment Benefits.

Employee benefits liabilities rose 19.90% from Rp 326.11 billion in 2013 to Rp 390.99 billion in 2014. More detailed explanation can be found in Report Note No. 27 page 77-82 of the Audited Financial Statements for 2014 fiscal year.

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150 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Equity Composition of Equity in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ % Share Capital 3,400.00 3,400.00 - - Additional Paid in Capital 2,453.89 2,453.89 - - Unrealized Gain (Loss) Securities Available for Sale 2.10 2.61 0.52 24.57 Retained Earnings 3,140.79 4,009.69 868.90 27.67 Total Equity Attributable to Owners of the Parent 8,996.78 9,866.20 869.42 9.66 Non-Controlling Interests 1.561.17 1,558.80 (2.37) (0.15) Total Equity 10,557.95 11,425.00 867.05 8.21 9,866.20 9,866.20 4,009.69 4,009.69 3,140.79 3,140.79 3,400.00 3,400.00 3,400.00 8.996.78 8.996.78 2,453.89 2,453.89 2,453.89 1,558.80 1,561.17 1,561.17 2.61 2.10

Share Additional Unrealized Gain Retained Total Equity Non- Capital Paid in (Loss) Securities Earnings Attributable to Controlling Capital Available for Sale Owners of the Interests Parent

2013 2014

Definition Equity is the residual rights over the Company’s assets after Standard Used deducting all liabilities. Equity comprises of Stockholders • PSAK 38: Business Combination of Entities under Common Equity, Additional Paid-in Capital, Gains (Losses) from Control Unrealized Securities Available for Sale, and the Retained • PSAK 50: Financial Instruments: Presentation, Earnings. • PSAK 53: Share-based Payment • ISAK 11: Distributions of Non-cash Assets to Owner • Other PSAK and ISAK that are relevant • PSAK 65: Consolidated Financial Statements

The Company recorded equity amounted to Rp 11.43 trillion in 2014. The Equity increased by 8.21% or Rp 867.05 billion from 2013 which reached Rp 10.55 trillion. This increase was due to the ability of the Company to post Comprehensive income for the Year amounted to Rp 1.21 trillion. The composition of equity consists of Capital Stock, Additional Paid-in Capital, Gains (Losses) of Unrealized Securities Available for Sale, Retained Earnings and Non-Controlling Interests.

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PT Jasa Marga (Persero) Tbk. 2014 Annual Report 151 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Consolidated Statements of Comprehensive Income In 2014 the Company recorded the Income for the Year Attributable to Owner of the Parent Entity of Rp 1.40 trillion, up by 36.57% or Rp 375.77 billion from 2013. The increase is due to the rise of toll revenues and other operating revenues of the Company, The increase in toll revenues was due to the increase in tariffs in the Jakarta-Cikampek toll road and Prof. Dr. Ir. Sedyatmo toll road and the increase of traffic volume by 4.85% from 2013. In addition, operating expenses (non-construction expenses) in 2014 increased by 2.74% from 2013.

Financial Performance in 2013 and 2014 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ % Operating Revenues 10,271.47 9,175.32 (1,096.15) (10.67) Operating Expenses 8,012.31 6.131.28 (1,881.02) (23.48) Operating Profit 2,259.16 3,044.04 784.88 34.74 Income for the Year Attributable to Owner of the 1,027.66 1,403.43 375.77 36.57 Parent Entity Income for the Year Attributable to Non-Controlling 1,026.47 1,403.94 377.48 36.77 Interest Party EBITDA 3,398.50 3,965.97 567.22 16.70 Earnings Per Share 151 206 55.26 36.57 9,175.32 9,175.32 10,271.47 10,271.47 3,965.97 8,012.31 8,012.31 3,044.04 3,398.50 3,398.50 6,131.28 2,259.16 2,259.16 1,403.43 1,403.94 1,403.94 1,026.47 1,026.47 1,027.66 1,027.66 206 151

Operating Operating Operating Income for the Income for the EBITDA Earnings Per Revenues Expenses Profit Year Attributable Year Attributable Share to Owner of the to Non-Controlling Parent Entity Interest Party

2013 2014

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152 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Operating Revenues Composition of Operating Revenues in 2014 Compared to 2014 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ % Toll Revenues 5,802.73 6,646.39 843.66 14.54 Construction Revenues 3,960.54 1,945.82 (2,014.71) (50.87) Other Revenues 508.20 583.10 74.90 14.74 Total Operating Revenues 10,271.47 9,175.32 (1,096.15) (10.67) 6,646.39 6,646.39 5,802.73 5,802.73 3,960.54 1,945.82 583.10 508.20 10,271.47 10,271.47 9,175.32 9,175.32

Toll Construction Other Total Operating Revenues Revenues Revenues Revenues

2013 2014

Definition Standard Used Operating revenues are revenues from the main business • PSAK 23: Revenues activities of the company as stated in the Articles of • PSAK 30: Leases Association of the Company. • PSAK 34: Construction Contracts • Other PSAK and ISAK that are relevant

Operating Revenues of the Company comprise of Toll Revenues, Construction Revenues and Other Operating Revenues. In 2014, the Company’s Operating Revenues reached Rp 9.18 trillion, down 10.67% from 2013’s Operating revenues of Rp 10.27 trillion. Toll Revenues increased by 14.54% from Rp 5.80 trillion in 2013 to Rp 6.65 trillion in 2014. The decline of Operating Revenues is due to the decline of Construction Revenues by 50.87% from the previous year. If Construction Revenues are excluded, the Company’s Operating Revenues in 2014 increase by 14.56%.

Toll Revenues Toll revenues are revenues from; (1) the operation of the toll roads which are recognized when toll tickets are sold and/or services are rendered, and (2) the operation of the toll road with an investor with the operating rights are recognized when toll tickets are sold after deducting the proceeds with the portion allocated for the investor.

In 2014, the toll revenues reached Rp 6.65 trillion, an increase of 14.54% from 2013’s toll revenues of Rp 5.80 trillion. The increase was driven by an increase of traffic volume transactions and the tariff adjustment in 2014, as well as the commercial operation of the the Bali Mandara Toll Road, Ungaran-Bawen, Kedung Halang-Kedung Kedung Gajah and Ciledug-Ulujami toll road sections. More detailed explanation can be found in the Report Note No. 31 p. 87 of the Audited Financial Statements for the 2014 Fiscal Year.

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Composition of Toll Revenues in 2014 compared to 2013 is as follows:

2013* 2014 Description ∆ % Contribution Contribution Amount Amount (%) (%) Branch Offices Jakarta - Cikampek 976.57 16.83 1,023.43 15.40 46.86 4.80 Cikampek - Padalarang 741.09 12.77 835.99 12.58 94.90 12.81 JORR Non-S Section 710.63 12.25 848.93 12.77 138.30 19.46 Cawang - Tomang - Pluit 686.80 11.84 754.28 11.35 67.48 9.83 Jakarta - Bogor - Ciawi 548.25 9.45 607.46 9.14 59.21 10.80 Prof. Dr. Ir. Sedyatmo 423.16 7.29 458.05 6.89 34.88 8.24 Jakarta - Tangerang 408.01 7.03 467.12 7.03 59.11 14.49 Padalarang - Cileunyi 276.29 4.76 339.93 5.11 63.64 23.03 Surabaya - Gempol 270.47 4.66 309.02 4.65 38.56 14.26 JORR S 212.54 3.66 210.82 3.17 (1.72) (0.81) Pondok Aren - Bintaro Viaduct - Ulujami 131.85 2.27 122.70 1.85 (9.15) (6.94) Palimanan - Kanci 107.49 1.85 112.44 1.69 4.95 4.60 Semarang Sections A, B, C 104.77 1.81 106.50 1.60 1.73 1.65 Belawan - Medan - Tanjung Morawa 81.57 1.41 91.35 1.37 9.78 11.99 Total 5,679.49 97.88 6,288.01 94.61 608.52 10.71 Subsidiaries Bogor Outer Ring Road 45.55 0.79 67.17 1.01 21.62 47.46 Semarang - Solo 36.49 0.63 107.25 1.61 70.77 193.95 Surabaya - Mojokerto 17.55 0.30 18.78 0.28 1.23 7.01 Nusa Dua-Benoa 23.65 0.41 106.14 1.60 82.49 348.78 Ulujami - Kebun Jeruk - - 59.04 0.89 59.04 n/a Total 123.24 2.12 358.38 5.39 235.14 190.79 TOTAL 5,802.73 100.00 6,646.39 100.00 843.66 14.54 1,023.43 1,023.43

976.57 976.57

835.99 835.99

848.93 848.93

741.09 710.63 754.28 754.28 686.80

607.46 548.25

467.12 467.12

423.16

458.05 408.01 122.70 122.70 131.85 107.49 112.44 104.77 106.50 106.14 81.57 91.35 45.55 67.17 36.49 107.25 17.55 18.78 23.65 339.93 309.02 270.47

276.29 212.54 59.04

0 210.82

JORR S

Semarang - Solo Palimanan - Kanci Nusa Dua - Benoa Jakarta - Cikampek Jakarta - Tangerang Surabaya - Gempol Ulujami-Kebon Jeruk JORR Non-S Section Prof. Dr. Ir. SedyatmoPadalarang - Cileunyi Surabaya - Mojokerto Cikampek - Padalarang Jakarta - Bogor - Ciawi Cawang - Tomang - Pluit Bogor Outer Ring Road Semarang Sections A, B, C

Belawan - Medan - Tanjung Morawa

Pondok Aren - Bintaro Viaduct - Ulujami

2013 2014

The above table and graph show that the growth is found across the Company’s toll roads. The largest contribution came from the toll revenues from Jakarta-Cikampek toll road which reached Rp 1,023.43 billion, or 15.40% of total toll revenues, while toll road sections that are located in Jakarta and surrounding areas are still the largest contributor to the revenues of the Company. In 2014, total toll revenues are derived from toll roads in the inner city of Jakarta, amounting to Rp 754.28 billion, contributing 11.35% to the total toll revenues.

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Construction Revenues Composition of Construction Revenues in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ % Construction Revenues 3,960.54 1,945.82 (2,014.71) (50.87) Construction Expenses 3,914.45 1,921.07 (1,993.39) (50.92) Construction Margin 46.09 24.76 (21.33) (46.28)

Definition Construction Revenues derives from revenues of the construction work services of new toll roads and the improved capacity 3,914.45 3,960.54 3,960.54 of toll roads. Construction revenues are recognized in accordance with the stage 1,921.07 1,921.07 1,945.82

46.09 46.09 24.76 of completion of the toll road construction at the end of the reporting period as much as the amount of construction cost plus Construction Construction Construction Revenues Expenses Margin construction margin.

Standard Used 2013 2014 • PSAK 34: Construction Contracts • Other PSAK and ISAK that are relevant

In 2014, Construction Revenues fell 50.87% to Rp 1.95 trillion with Construction Expenses amounting to Rp 1.92 trillion and Rp 24.76 billion Construction Margin, or down 46.28% from the previous year. This decrease was due to the operation of the Company’s new toll roads, such as JORR W2 North, Section 2 Ungaran- Bawen of the Semarang-Solo toll road, Section 2A Kedung Halang-Kedung Badak of the Bogor Outer Ring Road (BORR) toll road. More detailed explanation can be viewed in the Report Note No. 32 p. 89 of the Audited Financial Statements for the 2014 Fiscal Year.

Other Operating Revenues Composition of Other Operating Revenues in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ % Fuel Sales 153.07 178.71 25.64 16.75 Land Rent 90.06 104.36 14.30 15.88 Toll Road Operating Service 32.41 100.60 68.19 210.44 Advertisement 6.72 6.31 (0.41) (6.06) Others 225.94 193.12 (32.82) (14.52) Total Other Operating Revenues 508.20 583.10 74.90 14.74

Definition Other operating revenues are revenues apart from toll revenues and construction revenues. Among Other 225.94 Operating Revenues are advertising space rent, land rent, 193.12 104.36 heavy equipment, fuel filling station (SPBU) revenues, rest 178.71 178.71 90.06

153.07 areas as well as revenues from toll road operating service. 100.60 32.41 6.72 6.31 Standard Used Fuel Sales Land Rent Toll Road Advertisement Others • PSAK 30: Leases Operating • Other PSAK and ISAK that are relevant Service

2013 2014

In 2014, Other Operating Revenues reached Rp 583.10 billion, an increase of 14.74% compared to 2013. This increase was primarily due to rise of revenues from the operating services of the Suramadu toll road. More detailed explanation can be viewed in the Report Note No. 33 p. 89 of the Audited Financial Report for the 2014 Fiscal Year.

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PT Jasa Marga (Persero) Tbk. 2014 Annual Report 155 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Operating Expenses Composition of Operating Expenses in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ % Toll Collection Expenses 872.70 1,082.60 209.90 24.05 Toll Road Service Expenses 481.74 556.72 74.98 15.56 Toll Road Maintenance Expenses 1,568.82 1,364.54 (204.29) (13.02) Joint Operations Expenses 308.00 313.04 5.04 1.64 Construction Expenses 3,914.45 1,921.07 (1,993.39) (50.92) General Administrative Expenses 1,087.82 1,160.59 72.76 6.69 Other Income (254.73) (287.55) (32.82) 12.89 Other Expenses 33.49 20.28 (13.21) (39.44) 1,160.59 1,160.59 1,568.82 1,082.60 1,082.60 1,364.54 1,087.82 1,087.82 3,914.45 872.70 556.72 556.72 481.74 1,921.07 1,921.07 308.00 20.28 20.28 313.04 313.04 33.49 33.49 (254.73) (287.55)

Toll Collection Toll Road Toll Road Joint Construction General Other Income Other Expenses Service Maintenance Operations Expenses Administrative Expenses Expenses Expenses Expenses Expenses

2013 2014

Definition Standard Used Expenses refer to a decrease of economic benefits during • PSAK14: Inventories an accounting period in the form of an outflow or depletion • PSAK 16: Property and Equipment of assets or liabilities, which resulting in in a decrease • PSAK 19: Intangible Assets in equity which is not related with the distribution to • PSAK 24: Employee Benefits shareholders. Operating expenses are expenses arising from • PSAK 34: Construction Contracts the main activities of the Company as stated in the Articles • Other PSAK and ISAK that other relevant of Association of the Company.

In 2014, the Company’s Operating Expenses fell 23.48%, from Rp 8.01 trillion in 2013 to Rp 6.13 trillion in 2014. If expenses are excluding expenses for construction, the Company’s operating expenses increased by Rp 112.36 billion or rose 2.74% from 2013. This increase was due to the increase in cost due to the improvement of human resources remuneration and the increasing use of non-subsidized fuel as a result of the increasing length of road operated by the Company. In addition, the operation of new toll roads such as JORR W2 North, Semarang-Solo-Bawen Ungaran Section II and Section II Kedung BORR Halang-Kedung Badak resulted in the increase of depreciation expense. The land and building tax (PBB) increased as a result of a rise in NJOP in particular in Jabotabek toll roads. More detailed explanation can be viewed in the Report Note No. 35, 36, 37, 38, 39, 40, 41 p. 90 -91 of the 2014 Audited Financial Statements for 2014 Fiscal Year.

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156 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Operating Income Composition of Operating Profit in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ % Operating Revenues 10,271.47 9,175.32 (1,096.15) (10.67) Operating Expenses 8,012.31 6,131.28 (1,881.02) (23.48) Operating Income 2,259.16 3,044.04 784.88 34.74

Definition Operating Income is the difference between Operating Revenues and Operating Expenses of the Company. 3,044.04 3,044.04

2,259.16 2,259.16 Standard Used 10,271.47 10,271.47 9,175.32 9,175.32 • The basic framework of the preparation and 8,012.31 8,012.31

6,131.28 6,131.28 presentation of financial statements. • Other PSAK and ISAK that are relevant Operating Operating Operating Revenues Expenses Income

2013 2014

Operating Income of the Company in 2014 reached Rp 3.04 trillion. The achievement was higher than in 2013 which reached Rp 2.26 trillion. This is consistent with the increase in the Company’s performance as reflected in the increase of Toll Revenues.

Other Income (Expenses) Composition of Other Income (Expenses) in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ % Other Income 254.73 287.55 32.82 12.89 Other Expenses (33.49) (20.28) 13.21 (39.44) Total Other Income (Expenses) 221.23 267.27 46.04 20.81 287.55 287.55 254.73 267.27 267.27 221.23 (33.49) (20.28)

Other Income Total Other Income (Expenses) Other Expenses

2013 2014

Definition Standard Used Other Income (Charges) refer to income (charges) which • Other PSAK and ISAK that other relevant are not directly linked with the Company’s main business activities.

Other Income (Charges) of the Company in 2014 reached Rp 267.27 billion, an increase of 20.81% compared to 2013. This was due to an increase of interest on deposits and current accounts. More detailed explanation can be viewed in the Report Notes of the No. 40, 41 p. 91 of the 2014 Audited Financial Statements for 2014 Fiscal Year.

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PT Jasa Marga (Persero) Tbk. 2014 Annual Report 157 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Profit Before Taxes Composition of Profit Before Tax in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ % Profit Before Tax 1,310.64 1,821.97 511.34 39.01

Definition Profit before tax is the profit of the current year before deducting tax liabilities.

1,821.97 1,821.97 Standard Used • The basic framework of the preparation and presentation 1,310.64 1,310.64 of financial statements. • Other PSAK and ISAK that are relevant 2013 2014

In 2014, Profit Before Tax of the Company reached Rp 1.82 trillion, up from Rp 511.34 billion or 39.01% compared to the previous year which reached Rp 1.31 trillion. This increase is in line with the achievement of the Company as reflected in the increase in operating profit.

Tax Expenses Composition of Tax Expenses in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ % Tax Expenses 300.60 531.64 231.04 76.86 Deferred Tax 81.25 75.00 (6.25) (7.69) Total Income Tax Expenses 381.85 606.64 224.79 58.87 606.64 381.85 531.64 531.64 75.00 75.00 81.25 300.60 300.60

Tax Expenses Deferred Tax Total Income Tax Expenses

2013 2014

Definition Standard Used Tax expense is the aggregate amount of current tax and • PSAK 46: Income Taxes deferred tax) which are taken into account in the calculation • Other PSAK and ISAK that are relevant of profit or loss in the current period.

Tax expense of the Company in 2014 increased by 58.87% from Rp 381.85 billion in 2013 to Rp 606.64 in 2014. The increase of Income Tax Expense is influenced by the increase in profit before tax. More detailed explanation can be viewed in the Report Note No. 8c page 46 of the Audited Financial Report for 2014 Fiscal Year.

Tax disputes Encountered by the Company During 2014, there were no tax disputes being encountered by the Company.

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Income for the Year Income in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ % Owner of Parent Entity 1,027.66 1,403.43 375.77 36.57 Non-Controlling Interest 98.87 188.10 89.22 90.24 Total Comprehensive Income for the Year 928.79 1.215.33 286.54 30.85

Definition Income for the year is obtained in the current financial year after deducting tax expense.

1,403.43 1,403.43 Standard Used 1,215.33 • PSAK No. 1 : Presentation of Financial Statements 1,027.66 1,027.66 928.79 928.79

188.10 • Other PSAK and ISAK that are relevant 98.87

Owner of Parent Non-Controlling Total Comprehensive Entity Interest Income for the Year

2013 2014

Income for the Year of the Company reached Rp 1.22 trillion compared to net income in 2013, represents an increase of 30.85%. Net Income for the Year Attributable to the owner of the Parent Company and to the Non-Controlling Parties. Net Profit Attributable to the Parent Company reached Rp 1.40 trillion, an increase of 36.57% compared to the achievement in 2013. While the Net Profit (Loss) for the Year Attributable to Non-Controlling Parties in 2014 reached Rp 188.10 billion, an increase of 90.24%.

Other Comprehensive Revenues Composition of Other Comprehensive Income in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ %

Unrealized Gain (Loss) on Securities Available for Sale (1.19) 0.52 1.71 143.19

Definition Other Comprehensive Income refers to the balance of income and expenses, including reclassification adjustments, which are

0.52 not recognized in profit or loss statement.

Standard Used • PSAK No.1 : Presentation of Financial Statements • PSAK 10: The Effects of Changes in Foreign Exchange Rates

(1.19) • PSAK 15: Investments in Associates and Venture Businesses • PSAK 24: Employee Benefits • PSAK 55: Financial Instruments: Recognition and Measurement 2013 2014 • Other PSAK and ISAK that are relevant.

In 2014, Other Comprehensive Income increased by Rp 1.71 billion or 143.19% compared to 2013. The increase is due to the Unrealized Gains on Securities Available for Sale. More detailed explanation can be viewed in the Report Note No. 2.d page 21 of the Audited Financial Report for 2014 Fiscal Year.

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PT Jasa Marga (Persero) Tbk. 2014 Annual Report 159 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Comprehensive Income for the Year Composition of Comprehensive Income in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ % Owner of the Parent Entity 1,026.47 1,403.94 377.48 36.77 Non-Controlling Interest 98.87 188.10 89.22 90.24 Total Comprehensive Income for the Year 927.59 1,215.85 288.25 31.08 188.10 98.87 1,215.85 927.59 927.59 1,403.94 1,403.94 1,026.47 1,026.47

Owner of the Parent Total Comprehensive Income for Entity Non-Controlling Interest the Year

2013 2014

Definition Standard Used Comprehensive Income for the year is the current year’s profits • PSAK No. 1 : Presentation of Financial Statements earned in the current financial year after deduction of other • Other PSAK and ISAK that are relevant comprehensive income.

The Comprehensive Income for the Year reached Rp 1.22 trillion, an increase of 31.08% compared to the year of 2013 which reached Rp 927.59 billion. Comprehensive Income for the Year Attributable to the Owner of the Parent Entity reached Rp 1.40 trillion, an increase of 36.77% compared to 2013. While the Comprehensive Income Attributable to Non-Controlling Interests reached Rp 188.10 billion.

Earnings per Share Composition of Earnings per Share in 2014 Compared to 2013 (in billion Rp)

Description 2013* 2014 ∆ Rp ∆ %

Earnings per Share (full Rupiah amount) 151 206 55 36.42

Definition Earnings per Share is the net income of the Company during the year divided by the average outstanding number of shares. 206 The net income is deducted by the preferred stocks that are taken into account for the year.

Standard Used 151 • PSAK No. 1 on Presentation of Financial Statements • Other PSAK and ISAK that are relevant 2013 2014

In 2014, Earnings per Share (full amount) was at Rp 206, represents an increase of 36.42% from 2013’s Earnings per Share of Rp 151. The increase is due to the increase in the Profit for the year Attributable to the Owners of Parent Company. More detailed explanation can be viewed in the Report Note No. 47 p. 121 of the Audited Financial Report for 2014 Fiscal Year.

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Profitability Ratio This ratio is used to measure the capability of the Company to produce profits.

Description 2013* 2014 Gross Profit Margin 21.99% 33.18% Net Profit Margin 10.01% 15.30% ROE (Return on Equity) 9.73% 12.28% ROA (Return on Assets) 3.66% 4.41% EBITDA Margin 53.85% 54.86% 54,86% 15.30% 53.85% 12.28% 10.01% 33.18% 9.73% 21.99% 4.41% 3.66%

Gross Profit Margin Net Profit ROE ROA EBITDA Margin Margin (Return on Equity) (Return on Assets)

2013 2014

Consolidated Statements of Cash Flows Composition of Consolidated Statement of Cash Flows in 2014 Compared to 2013

(in billion Rp)

Description 2013* 2014 ∆ Rp ∆ % Net Cash Flow from Operating Activities 2,085.83 1,852.17 (233.66) (11.20) Net Cash Flows Used in Investing Activities 4,463.03 3,651.97 (811.06) (18.17) Net Cash Flows from Financing Activities 1,588.87 1,576.52 (12.35) (0.78) Balance of Cash and Cash Equivalent at End of the Year 3,514.06 3,290.78 (223.28) (6.35) 4,463.03 3,514.06 3,290.78 3,290.78 3,651.97 3,651.97 2,085.83 1,588.87 1,852.17 1,852.17 1,576.52 1,576.52

Net Cash Flow from Net Cash Flows Used in Net Cash Flows from Balance of Cash and Operating Activities Investing Activities Financing Activities Cash Equivalent at End of the Year

2013 2014

Definition Standard Used Cash Flow statement is a component of financial statements • PSAK No. 1 on Presentation of Financial Statements that show the incoming and outflow of cash and cash • Other PSAK and ISAK that are relevant equivalents during a certain period, which are grouped into operating, investing, and financing activities.

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PT Jasa Marga (Persero) Tbk. 2014 Annual Report 161 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Net Cash Flow from Operating Activities Net Cash Flows from Operating Activities in 2014 reached Rp 1.85 trillion, down 11.20% compared to 2013. This increase was mainly due to an increase in interest payments on the loans.

Net Cash Flows Used in Investing Activities Net Cash Flows from Investing Activities 2014 reached Rp 3.65 trillion, down by 18.17% from investing activities in 2013. This decrease was partly due to the operation of several toll roads owned by the Company in 2014.

Net Cash Flows from Financing Activities Net Cash Flows from Financing Activities in 2014 reached Rp 1.57 trillion, declined by 0.78% compared with the year of 2013. This decrease was due to the refinancing and repayment of bank loans.

Segment Information As of the end of 2014, the Company has operated eighteen (18) toll roads. Five (5) toll road segments are operated by the Subsidiaries of the Company and thirteen (13) segments are managed by nine Branches.

Toll revenues of Jasa Marga and its subsidiaries for each segment are presented in the following table:

Operating Revenues per Business Segment (in billion Rp)

2013* 2014 No. Description Contribution Contribution Amount Amount (%) (%) 1. Head Office (JORR) 1,848.59 18.00 1,437.76 15.67 2. Jagorawi 561.17 5.46 619.17 6.75 3. Jakarta-Cikampek 993.62 9.67 1,044.65 11.39 4. Purbaleunyi 1,029.47 10.02 1,194.54 13.02 5. Jakarta-Tangerang 416.04 4.05 476.26 5.19 6. Cawang-Tomang-Cengkareng 1,142.66 11.12 1,247.62 13.60 7. Other Segment 4,279.93 41.67 3,155.33 34.39 TOTAL 10,271.47 100.00 9,175.32 100.00

Operating Expenses per Business Segment (in billion Rp)

2013* 2014 No. Description Contribution Contribution Total Total (%) (%) 1. Head Office (JORR) 1,682.67 20.44 1,339.92 20.94 2. Jagorawi 319.00 3.87 327.93 5.13 3. Jakarta-Cikampek 702.59 8.53 718.88 11.23 4. Purbaleunyi 318.07 3.86 306.16 4.78 5. Jakarta-Tangerang 212.90 2.59 255.78 4.00 6. Cawang-Tomang-Cengkareng 372.59 4.53 395.33 6.18 7. Other Segment 4,625.73 56.18 3,054.55 47.74 TOTAL 8,233.54 100.00 6,398.55 100.00

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Operating Profit (Loss) Before Tax per Business Segment (in billion Rp)

2013* 2014 No. Description Contribution Contribution Amount Amount (%) (%) 1. Pusat Office (JORR) (576.72) (44.00) (804.84) (44.17) 2. Jagorawi 240.55 18.35 291.44 16.00 3. Jakarta-Cikampek 291.66 22.25 327.77 17.99 4. Purbaleunyi 706.52 53.91 884.13 48.53 5. Jakarta-Tangerang 203.08 15.49 222.95 12.24 6. Cawang-Tomang-Cengkareng 771.79 58.89 855.03 46.93 7. Other Segment (326.25) (24.89) 45.49 2.5 TOTAL 1,310.64 100.00 1,821.97 100.00

*) Restated

The level of liquidity ratios show that the level of Solvability and Collectability of the Company’s liquidity has improved, Current Receivables Ratio increased from 0.78 in 2013 to 0.84 times in 2014, while the Cash Ratio increased from 0.72 to Capability to Repay Debts 0.76 times. The capability of the Company to repay short-term debts is influenced by the level of liquidity of the Level of Solvability Company. The level of solvability measures the Company’s ability to repay long-term liabilities. As of the end of Liquidity levels 2014, Debt to Equity Ratio of the Company stood The capability to repay short-term debts is reflected at 1.79 times. The ratio improved from 2013, which in the Liquidity Ratio. The level of liquidity is shown reached 1.66 times. Meanwhile, EBITDA compared by the Current Ratio and Cash Ratio. to Interest Expense or Interest Coverage Ratio of the Company in 2014 reached 3.26 times. This ratio declined from 2013, which reached 3.60 times. Liquidity Ratio (in billion Rp) Under these conditions, the Company is still within the corridor of Financial Restrictions required by Description 2013* 2014 creditors and are in a strong financial condition. Cash and Cash Equivalent 3,514.06 3,290.78 Current Assets 3,788.30 3,641.37 Short-Term Liabilities 4,871.30 4,312.92 Solvability Ratio (in billion Rp) Ratio (times) Current Ratio 0.78 0.84 Description 2013* 2014 Cash Ratio 0.72 0.76 Total Assets 28,058.58 31,857.95 Total Liabilities 17,500.63 20,432.95 Equity 10,557.95 11,425.00 EBITDA 3,398.50 3,965.97

0.84 Interest Expenses 944 1.215 Ratio (times) DER 1.66 1.79 0.78 0.76 0.72 Debt Ratio 0.62 0.64 2013 ICR (Interest Coverage 3.60 3.26 2014 Ratio) Current Ratio Cash Ratio

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PT Jasa Marga (Persero) Tbk. 2014 Annual Report 163 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

The Collectibility of Receivables Investment in Capital Goods The Company does not have Receivables Investment Realization of capital goods in 2014 considering that transactions are made in cash. reached Rp 4.79 trillion, of which Rp 3.23 trillion Therefore, it is not possible to measure the level of is used for the development of the Company’s collectibility receivables. While the receivables that Subsidiaries with the following details: are existing are receivables from employees where the collectability of receivables is held every month (in billion Rp) in conjunction with the payment of salaries. Description 2014 Capex of Parent Company 2,341.30 Capital Structure Operational 1,184.66 Capital structure of the Company as of December 31, Toll Road Development 1,026.57 2014 are as follows: Investment in Other Businesses 51.82 Investment in Non-Operational Supporting 78.25 Facilities (in billion Rp) Capex of Subsidiaries 3,226.41 Description 2013* 2014 PT Marga Lingkar Jakarta 316.60 Short Term Liabilities 4,871.30 4,312.92 PT Marga Sarana Jabar 76.32 Long Term Liabilities 12,629.34 16,120.04 PT Marga Trans Nusantara 447.61 Total Liabilities 17,500.63 20,432.95 PT Marga Kunciran Cengkareng 685.34 Total Equity 10,557.95 11,425.00 PT Trans Marga Jateng 429.48 Ratio of Short Term 0.46 0.38 PT Transmarga Jatim Pasuruan 378.53 Liabilities to Equity PT Marga Nujyasumo Agung 502.24 (times) PT Jasamarga Pandaan Tol 370.51 Ratio of Long Term 1.20 1.41 PT Jasa Marga Bali Tol 19.78 Liabilities to Equity Capex of Non-Toll Subsidiaries 29.86 (times) PT Jasa Layanan Pemeliharaan 5.33 Debt to Equity Ratio 1.66 1.79 (times) PT Jasamarga Properti 24.53 Equity Injection to Subsidiaries (810.04) Capital Structure Policy Total Consolidated Capex 4,787.54 The Company sets the amount of capital in line with the proportion to risks. The Company manages Comparison of 2014 Target and 2014 Realization the capital structure and makes adjustments by In 2014, the Company sets target for Operating monitoring changes in economic conditions and Revenues (excluding Construction Revenues) of the risk characteristics of the underlying assets. Rp 7.24 trillion and Traffic Volume amounted to 1.37 Similar with other companies in the industry, the billion vehicles. The realization of the achievement Company monitors capital on the basis of the by the Company was slightly below the set target, in ratio of Liabilities to Equity. This ratio is calculated which Operating Revenues reached Rp 7.23 trillion as follows: Total Liabilities divided by Equity. In and traffic volume totaled 1.32 billion vehicles. 2014, Liabilities to Equity ratio stands at 1.79 times, therefore, the Company was able to maintain a debt- In the midst of pressure of increasing operating to-equity ratio at a maximum of 5:1 as required by expenses due to the expansion of toll roads and the creditors. a reduction in revenues as a result of lower-than- expected traffic volume that caused slowdown in the flow of goods and services as well as the postponement of new toll road operations due to land acquisition, the Company was still able to record Net Profit of Rp 1.40 trillion, which was 16.87% higher from the target of Rp 1.20 trillion.

164 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Comparision between Target 2014 and Realization 2014

Realization Description Target 2014 Remarks 2014 Operating Revenues (billion Rp) 7,243.24 7,229.49 Excluding Construction Revenues Traffic Volume (billion transactions) 1.37 1.32

Target/Projection to Achieve Next Year In 2015, the Company targets Operating Revenues (excluding Construction Revenue) amounted to Rp 7.95 trillion and traffic volume transactions of 1.38 billion vehicles.

Target 2015

Description Target 2015 Remarks Operating revenues (billion rupiah) 7,952.94 Excluding Construction Revenues Traffic Volume (million vehicles) 1,384.50

Material Ties for the Investment in Capital Goods In 2014 the Company did not perform material commitments on capital goods investment.

Material Information Subsequent to the Date of Accountant’s Report In accordance with the Minutes of the EGM which was legalized through the Notarial Deed of Aryanti Artisari, SH, M.Kn., PT Jakarta Propertindo decides, among other things, appoint Mr. Ir. Abdul Hadi Hs., M.M. as its President Director. In relation to this, Mr. Ir. Abdul Hadi Hs., MM has resigned as Director of Business Development of the Company in accordance with the Letter No. DA.03 January 21, 2015. The Company, through its letter No. AA.KP05.83 dated January 22, 2015 has appointed Mr. Ir. Hasanuddin, M.Eng. Sc. as a temporary replacement officer until the Company holds the AGMS (RUPS).

Business Prospect and Conditions of the Industry and Economy Based on data from the Central Statistics Agency (BPS), Indonesia’s economy in 2014 grew by 5.02% from 2013 with an inflation rate of 8.36%. This shows that the Indonesian economy is still relatively stable.

The economic growth is still growing is reflected in the increase in sales of motor vehicles in Indonesia, especially cars. In 2014, car sales reached 1.21 million vehicles (Gaikindo data), decreased by 1.60% compared to car sales in 2013. Despite the decline in vehicle sales, the Company remains optimistic that the future traffic volume will continue to keep growing in line with the increase in length of the new toll road operations as well as economic growth in Indonesia.

In 2015, the Company is optimistic that it will operate three additional toll roads, namely: Gempol- Pandaan, Gempol-Rembang section of Gempol-Pasuruan toll road, Krian-Mojokerto section of Surabaya- Mojokerto toll road.

The reallocation of fuel subsidies to more productive sectors of the economy by the Government has a potentiality to bring about positive impact on Infrastructure Industry in Indonesia. The Company is optimistic about the prospect of the development of toll roads in the future as the government’s State Budget (APBN) has wider room to fund the infrastructure projects.

In 2014, the total length of toll roads operated by the Company reached 576 km, and in 2015 the Company targets the length of its toll roads to increase to 620.5 km and given the toll road concession of Medan- Kuala Namu-Tebing Tinggi that has been secured by the Company, the length of the Toll Roads after becoming fully operational will reach 799.5 km.

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 165 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Marketing Strategies and Market Share Semarang-Solo toll road connected with Semarang Marketing Strategies Section A, B, C Toll Road; Serpong-Kunciran and The Company continues to strive to grow its Kunciran-Cengkareng are connected with Jakarta- business through adding the length of its long road. Tangerang and Sedyatmo (Airport) toll roads; Efforts are made through the acquisition of toll road Gempol-Pasuruan, Surabaya-Mojokerto and Gempol concessions that is done through participating in Pandaan toll roads are connected with Surabaya- tenders held by the Government, the acquisition of Gempol Toll Road; JORR W2 North Toll road is existing concessions owned by other parties as well connected with JORR Toll Road, which has just been as proposing the construction of new toll roads that in operation; and Medan-Kuala Namu-Tebing Tinggi are prospective (unsolicited). toll road network is connected with Belawan-Medan- Tanjung Morawa toll roads, which have already been The development of toll roads conducted by the operated previously. Company is always carried out within the framework of investment which is financially feasible. The Until today, the Company controls market share Company tries to ensure that the new toll road of 72% of all toll roads that are operating in segments to be developed are connected with the Indonesia with a total length of 576 km of toll toll roads that have been in operation, therefore, roads. This number will continue to grow in line the traffic volume on the new toll road projects with the operating of the planned three additional can support the target on the return of investment toll roads in 2015, namely: Gempol-Pandaan, that has been set. In addition, the Company seeks Gempol-Rembang section of Gempol-Pasuruan to become the majority owners in the subsidiary toll road and Krian-Mojokerto section of Surabaya- companies so that the Company is in control in Mojokerto toll road. integrating its business as a whole. Cash Dividend Policy and Payment Market Share The Company’s policy is to give a dividend payout In order to maintain the position as market leader with a minimum of 20%, however, as for the 2010 in the operation of toll roads in Indonesia, the until 2014 financial year, the Company made Company has undertaken efforts to increase dividend payout of 60%, 40%, 40%, and 40% the length of toll roads being operated by respectively in line with the Company’s achievement. developing new toll roads that are considered The Company plans to maintain a dividend payout financially feasible. The new toll roads operated level that can provide regular results or returns to by the Company are prioritized for those that are shareholders, but still allows the Company to utilize directly connected to the toll roads that have been most part of retained earnings to be reinvested operated by the Company in order to provide in the Company’s business activities. The amount assurance for traffic volume on the new toll roads. of dividend payout ratio is decided in the General All new toll roads operated by the Company are Meeting of Shareholders based on the proposal of currently connected to the existing toll roads the Board of the Company. that are already in operation. Bogor Ring Road Toll Road is connected with Jagorawi Toll Road;

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Dividend Payment for the Period of 2010-2014 (in billion Rp)

Description 2010 2011 2012 2013 2014 Net Profit 1,193.49 1,339.46 1,602.09 1,336.62*** 1,403.43 Amount of Dividend 716.09 535.78 640.83 534.53 ** Dividend Ratio 60% 40% 40% 40% ** Payment Period 2011 2012 2013 2014 ** Amount to be Paid 716.09 535.78 640.83 534.53 ** Dividend per Share 105.68 78.88 94.24 78.61 ** Date of Dividend Announcement 16 June 2011 11 May 2012 01 May 2013 13 March 2014 ** Date of Dividend Payment 25 July 2011 21 June 2012 18 June 2013 23 April 2014 ** ** To be determined at 2015 Annual General Shareholders Meeting *** Net Profit is restated 716.09 640,83 60% 535.78 40% 40% 40% 534,53 78.61 105.68 78.88 94.24

2010 2011 2012 2013 2014

Amount of Dividend Dividend per Share Dividend Ratio

Use of Proceeds

Use of IPO Proceeds The net IPO proceeds received by the Company in 2007 reached Rp 3.36 trillion. Until the end of 2014, the Use of IPO Proceeds has reached Rp 2.55 trillion, therefore the remaining Proceeds of the Public Offering stood at Rp 816.11 billion. In line with the availability of land for construction, the amount of IPO proceeds that had been used is 75.76% of the total net IPO proceeds of Rp 3.36 trillion. The IPO proceeds have been used for Expansion, Refinancing and Working Capital.

Until 2014, the expansion of the Company in the form of capital injection in the Subsidiaries reached Rp 2.35 trillion. Capital injection into PT Marga Sarana Jabar for Bogor Outer Ring Road toll road reached Rp 179.02 billion, PT Trans Marga Jateng for Semarang-Solo toll road section is valued at Rp 1.30 trillion, PT Transmarga Jatim for Gempol-Pasuruan toll road amounted to Rp 260.10 billion, PT Marga Kunciran Cengkareng toll road for Cengkareng-Kunciran section amounted to Rp 135 billion, PT Marga Trans Nusantara for Kunciran- Serpong toll road amounted to Rp 80.28 billion, and PT Marga Nujyasumo Agungl for Surabaya-Mojokerto toll road amounted to Rp 394.00. Refinancing scheme is used to settle Jasa Marga Bond Series M, Year 2000 Bond amounted to Rp 150 billion. While the amount of Funds fused for Working Capital reached Rp 52.65 billion.

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 167 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

The Use of IPO Proceeds as of Desember 31, 2013 and 2014 (in billion Rp)

Uraian 2013 2014 Amount of Public Offering Proceeds 3,468.00 3,468.00 Cost of Public Offering 101.45 101.45 Net Proceeds 3,366.55 3,366.55 Expansion 1,790.22 2,347.79 EQUITY ONTRIBUTION TO SUBSIDIARIES: PT Marga Sarana Jabar, Construction of Bogor Ring Road toll road 168.02 179.02 PT Trans Marga Jateng, Construction of Semarang-Solo Toll Road 851.19 1,299.40 PT Trans Marga Jatim, Construction of Gempol-Pasuruan Toll Road 200.10 260.10 PT Marga Kuncirang Cengkareng, Construction of Cengkareng- 114.81 135.00 Kunciran Toll Road PT Marga Trans Nusantara, Construction of Kunciran-Serpong Tollroad 62.10 80.28 PT Marga Nujyasumo Agung, Construction of Surabaya- 394.00 394.00 Mojokerto Toll Road Refinancing 150.00 150.00 Payment for Principal of Seri M Year 2000 Series M Bond 150.00 150.00 Working Capital - 52.65 Total 1,940.22 2,550.44 Remaining Proceeds of Public Offering 1,426.33 816.11

USE OF BONDS PROCEEDS

Realization of the Use of the Proceeds of Jasa Marga XIV Series JV-10 Bond with Fixed Interest Rate and Jasa Marga I Series JM-10 Bond with Zero Coupon Year 2010 Jasa Marga Bond Company issued Series XIV JM-10 Bond with Fixed Interest Rate of Rp 1 trillion and Jasa Marga I Series JM-10 Bonds with Zero Coupon amounting to Rp 500 billion. The proceeds of the bond issuances amounted to Rp 1.37 trillion. Until the end of 2014, 87.52% of the bonds net proceeds of Rp 1.37 trillion have been utilized. The proceeds of the bonds issuance are used for expansion, refinancing and working capital.

In 2014, Rp 112.86 billion of the bonds proceeds were used for the expansion of property sector, namely the development of the corridor areas of Toll Road and the development of Rest & Service Areas (TIP). In the field of Engineering, Rp 15 billion were used for toll road maintenance and other construction. The Refinancing was used for repayment of Series O Bonds issued in 2002 worth Rp 650 billion and the repayment of investment credit to PT BCA Tbk amounting to Rp 400 billion. Whereas the use of working capital for widening the Tomang-Tangerang toll road reached Rp 5 billion and the Improvement work for Construction Stability of the Cipularang Toll Road amounted to Rp 24.41 billion.

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Realization of the Use of the Proceeds of Jasa Marga XIV Series JV-10 Bond with Fixed Interest Rate and Jasa Marga I Series JM-10 Bond with Zero Coupon, Year 2010 (in billion Rp)

Description 2014 Amount of Public Offering Proceeds 1,385.03 Jasa marga XIV Series JM-10 Bond with Fixed Interest Rate 1,000.00 Jasa Marga I Series JM-10 Bond with Zero Coupon 385.03 Cost of Bond Issuance 5.62 Net Proceeds 1,379.41 Expansion 127.86 In property sector, the development of Toll Roads corridor areas 112.86 In Information Technology & Communication - In Engineering, maintenance of toll roads and other construction 15.00 Refinancing 1,050.00 Full Settlement of Jasa Marga X Serioes O Year 2002 Bonds 650.00 Full Prepayment of Investment Loan to PT BCA 400.00 Working Capital 29.41 Total 1,207.27 Remaining Bond Proceeds 172.14

Sustainable Bond I Jasa Marga Phase II Year 2014 Series T The Company issued Jasa Marga Bond I Phase II 2014 Series T valued at Rp 1 trillion. The proceeds of the bond issuance amounted to Rp 997.05 billion. Until the end of 2014, 100% of the net bond proceeds has been utilized. The fund proceeds, raised from the bonds offering, are used for expansion, refinancing and working capital.

In 2014, the refinancing funds were used to make prepayment on the working capital loan to PT Bank Mandiri (Persero) Tbk amounting to Rp 250 billion, an prepayment of working capital loan PT Bank Central Asia Tbk amounting to Rp 47.05 billion and repayment of Jasa Marga Bond I Phase I, 2013 Series SA amounting to Rp 700 billion.

Realization of the Use of Proceeds of Sustainable Bond I Jasa Marga Phase II Year 2014 Series T

Description 2014 Total Proceeds of the Bonds Issued 1,000.00 Cost of the issuance 2.95 Net Proceeds 997.05 Refinancing 997.05 Prepayment of Working Capital Loan to PT Bank Mandiri Tbk 250.00 Prepayment of Working Capital Loan to PT BCA Tbk 47.05 Fully Repaying Sustainable Bond I jasa Marga Phase I year 2013 Series S, Series S-A 700.00 Total 997.05 Balance of the Bonds Issuance Proceeds 0.00

Material Increase/Decrease in Net Revenues in Relation to Sales Volume or New Services The Net Income increase of the Company was attributable to the operation of a number of new toll roads in the Subsidiary Companies which have started contributing revenues and the increase in toll road tariffs in the fourth quarter 2014. In addition, the increase in traffic volume transactions that passed through the Company’s toll roads are also the other contributing factors.

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 169 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Material Information on Investment, Expansion, January 1, 2014, does not cause significant changes Divestment and Acquisition and Debt/Equity on the Group’s accounting policies and does not Restructuring have a material impact on the amounts reported in During the reporting period presented here (as the consolidated financial statements: of December 31, 2014), the expansion undertaken • ISAK 27 (2013 revision) on “Transfer of assets from by the Company was through the establishment customers” of new Subsidiary, PT Jasamarga Kualanamu Tol • ISAK 28 (2013 revision) on “Termination of (JMKT). JMKT was established under Notarial financial liabilities with equity instruments” Deed No. 56 dated November 25, 2014 by Ni Nyoman Rai Sumawati, SH, M.Kn., with a purpose While the new standards, revisions and of developing the Medan-Kualanamu-Tebing Tinggi interpretations that have been issued, but not yet toll road concession. The deed of establishment effective for the fiscal year beginning on or after of the Company was approved by the Minister of January 1, 2014 are as follows: Justice and Human Rights through Decree No. AHU- • PSAK 1 (2013 revision) on “Presentation of 36748.40.10.2014 2014, dated November 27, 2014. Financial Statements” The Company has 44,000 shares with par value of • PSAK 4 (2013 revision) on “Separate Financial Rp 1,000,000 (full amount) per share or equivalent Statements” to Rp 44,000,000,000 (full amount), representing • PSAK 15 (2013 revision) on “Investments in 55% ownership at 31 December 2014. associates and joint ventures” • PSAK 24 (2013 revision) on “Employee Benefits” Information on Material Transaction with Conflict • PSAK 46 (2013 revision) on “Income Taxes” of Interest and/or Related Parties Transaction • PSAK 48 (2013 revision) on “Depreciation” In 2014 the Company has no Material Transaction • PSAK 50 (2013 revision) on “Financial Instruments: Information that contains Conflict of Interest and/or Presentation” Transactions with Affiliated Parties. • PSAK 55 (2013 revision) on “Financial Instruments: Recognition and Measurement” Changes in Legislation Significantly Affecting the • PSAK 60 (2013 revision) on “Financial Instruments: Company Disclosures” In 2014, there were no regulations that have • PSAK 65 on “Consolidated Financial Statements” significant impacts on the Company. • PSAK 66 on “Joint Arrangements” • PSAK 67 on “Disclosure of Interests in Other Changes in Accounting Policies Significantly Entities” Affecting the Company • PSAK 68 on “Fair Value Measurement There is a Change in Accounting Policy, as described • PSAK 26 (2013 revision) on “Reassessment of in Note 44.h consolidated financial statements. Derivative” To adjust with the changes, the Company has • Withdrawal of PSAK 12 (2009 revision) on changed its accounting policy for JORR S Asset “Interest in Joint Ventures” which was written-off in May 2013. In addition, one • Withdrawal of ISAK 12 on “Jointly Controlled of the Company’s subsidiaries has also also made Entity: Non-Monetary Contributions by Venturers” accounting changes on recognition of expenses • Withdrawal of ISAK 7 on “Consolidation of Special and prepaid project cost. In accordance with PSAK Purpose Entities” 25, on “Accounting Policies, Changes in Accounting Estimates and Errors”, the Company has restated its Revision, the new standards and the withdrawal of consolidated financial statements for the year ended the above standards will become effective in the December 31, 2013. financial year starting January 1, 2015 and earlier application is not permitted. Changes to Statement of Financial Accounting Standards (“PSAK”) and Interpretations of Financial On ratification of the consolidated financial Accounting Standards (“ISAK”), the application statements, the Management is still evaluating the of the following changes in interpretation of possible impact of the adoption of the new SAK and accounting standards, which became effective from the revision of the consolidated financial statements.

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Executive Summary of Finance Director Reynaldi Hermansjah

The Company showed a positive financial In an effort to support the growth, the performance in 2014 as indicated by several Company issued bonds amounting to Rp achievements reflected in the following 1 trillion in 2014 by maintaining single digit financial indicators: coupon rate of 9.85% in the midst of relatively high bond interest rate market. The bond The Company’s assets reached Rp 31.86 issuance is an attempt by the Company to trillion, increased 13.54% from the previous lower the Weighted Average Cost of Debt. year. The increase in the Company’s assets Until the end of 2014, with a fairly aggressive is a consequence of a rise in investment investment in toll road development, the activities, especially through the realization of Company’s debt to equity ratio stood at 1.79 the new toll road operations in 2014. times of the covenant, with a maximum of five times, and interest coverage ratio of 3.26 of a The Company generated revenues of Rp covenant, with a minimum requirement of 1.25. 6.65 trillion in 2014 from operating toll roads, These condition still provides ample room for representing an increase of 14.54%, mainly the Company to make additional investment in driven by the increase in traffic volume and the development of Indonesian toll road based toll rate increase for Prof. Dr. Ir. Sedyatmo on the existing equity capital structure. and Cikampek toll roads in the fourth quarter, therefore the Company’s net margin reached In 2014, the investment made by the Company 15.30%. resulted in interest expense of Rp 1.22 trillion, an increase of 28.71% from the year 2013. The EBITDA ratio compared to Interest Expense Company was able to maintain long-term reached 3.26 times. This condition shows financial stability, therefore Financial Rating that the Company is still within the corridor Agencies maintained the Company’s rating at of Financial Limitation which is required by the level of idAA (stable outlook). creditors and still maintains a strong financial condition.

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New Projects Development

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TOTAL LENGTH OF THE COMPANY’S OPERATING TOLL MARKET SHARE BASED ROADS ON LENGTH OF TOLL ROADS OPERATED LENGTH OF TOLL Km ROADS OPERATED 576 % IN 2014 72 22Km

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3 New Toll Road Sections In 2014, Jasa Marga has succeeded in operating three (3) new toll road new toll sections: Semarang-Solo Toll Road, roads Section Ungaran-Bawen; Bogor Outer Ring Road Toll Road, Section 2A; and 3 JORR W2 North Toll Road.

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New Projects Development

The Company’s effort to continue to have additional toll road concession rights was successful as the Company won the concession right for Medan-Kualanamu- Tebing Tinggi Toll Road of 61.70 km.

At present, through its Subsidiary, the Company has additional ten (10) new toll road concessions. The Company is the major shareholder of all Subsidiaries, which are the concession holder of the ten (10) toll road sections. The percentage of the Company’s ownership at those Subsidiaries is shown in the following table:

Percentage of Jasa Marga Ownership at Subsidiaries as of 31 December 2014

Jasa Marga No. Section Length Subsidiary Ownership 1. (%) 11.00 km PT Marga Sarana Jabar 55.00 2. Semarang-Solo 72.64 km PT Trans Marga Jateng 73.90 3. Surabaya-Mojokerto 36.27 km PT Marga Nujyasumo Agung 55.00 4. JORR W2 North 7.70 km PT Marga Lingkar Jakarta 65.00 5. Gempol-Pasuruan 34.15 km PT Transmarga Jatim Pasuruan 97.20 6. Gempol-Pandaan 13.61 km PT Jasamarga Pandaan Tol 79.84 7. Nusa Dua-Ngurah Rai-Benoa 10.00 km PT Jasamarga Bali Tol 55.00 8. Cengkareng-Kunciran 14.19 km PT Marga Kunciran Cengkareng 76.15 9. Kunciran-Serpong 11.19 km PT Marga Trans Nusantara 60.00 10. Medan-Kualanamu-Tebing 61.70 km PT. Jasamarga Kualanamu Tol 55.00 Tinggi TOTAL 272.45 km

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Development of Toll Road Business Despite land acquisition delays, this year the Company has succeeded in adding two sections to its operating toll roads, with the operation of Ungaran-Bawen Section of Semarang-Solo Toll Road, Section 2A of Bogor Outer Ring Road Toll Road and JORR W2 North Toll Road.

The Company’s strategies in ensuring the accomplishments of the target of operating new toll road sections focus on land acquisition progress. The Management has conducted various efforts such as coordinating with land acquisition team, making persuasive approach to the people whose land ownership is revoked, and forming Land Acquisition Acceleration Team for the purpose of achieving the land acquisition target set by the Company. Although it has not reached the expected acceleration, the efforts have resulted in positive impacts for the Company, as in 2014 the Company succeeded in operating additional 22 km of three different sections.

The Company’s effort to continue to have additional toll road concession rights was successful as the Company won the concession right for Medan-Kualanamu-Tebing Tinggi Toll Road of 61.70 km. With the newly acquired concession, the Company presently has the concession right for toll roads in a total of 799.5 km.

Compared to 2013, as of the end of 2014, the progress of each toll road project is as follows:

Bogor Outer Ring Road Toll Road (PT Marga Sarana Jabar)

Land Acquisition Construction Length (%) (%) Bogor Outer Ring Road (km) 2013 2014 2013 2014

Section 1 Sentul-Kedung Halang 3.85 100.0 100.0 100.0 100.0 Section 2A Kedung Halang-Kedung Badak 1.95 100.0 100.0 88.8 100.0 Section 2B Kedung Badak-Yasmin 2.05 - - - - Section 3 Yasmin-Darmaga 3.15 - - - - TOTAL 11.00

Bogor Outer Ring Road Toll Road (BORR), 11 km toll The development of BORR Toll Road is divided into road, is operated by PT Marga Sarana Jabar. four sections. Section 1 Sentul-Kedung Halang, 3.85 km and Section 2A Kedung Halang-Kedung Badak, BORR connects Jagorawi Toll Road to the city of 1.95 km have started to operate since late 2009 and Bogor. The significant economic growth of Bogor mid 2014; whereas Section 2B and Section 3, as of 31 city requires road infrastructure to facilitate the December 2014 were still in land acquisition stage. transportation of goods and services. In view of this potential, the Company is optimistic that BORR will have a promising prospect in the future.

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Semarang-Solo Toll Road (PT Trans Marga Jateng)

Land Acquisition Construction Length (%) (%) Semarang-Solo (km) 2013 2014 2013 2014 Section 1 Semarang-Ungaran 10.80 100.0 100.0 100.0 100.0 Section 2 Ungaran-Bawen 12.30 100.0 100.0 97.0 100.0 Section 3 Bawen-Solo 49.54 2.5 59.5 - - TOTAL 72.64

Semarang-Solo Toll Road of 72.64 km is operated by location in supporting the country’s economy and PT Trans Marga Jateng. brings positive impact on Semarang Toll Road, the Company is making every effort to complete and The toll road connects the city of Semarang, operate the said toll road section. the capital city of Central Java Province to the city of Solo. Semarang-Solo Toll Road is part The schedule of operation of Semarang-Solo of the Trans Java Toll Road network, which is a Toll Road is divided into three sections. Section 1 business route that will connect two major cities Semarang-Ungaran, 10.80 km has been operated Jakarta and Surabaya. Semarang-Solo Toll Road since 2011; and Section 2 Ungaran-Bawen, 12.30 is also connected to Semarang Toll Road that km has been operated since early 2014. Meanwhile, has been operated by the Company since 1983, Section 3 Bawen-Solo, as of 31 December 2014 so the operation of Semarang-Solo Toll Road will was still in land acquisition stage with the progress increase traffic volume on Semarang Toll Road. of 59.5%. As Semarang-Solo is located in a quite strategic

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Surabaya-Mojokerto Toll Road (PT Marga Nujyasumo Agung)

Land Acquisition Construction Length (%) (%) Surabaya-Mojokerto (km) 2013 2014 2013 2014

Section 1A Waru-Sepanjang 2.30 100.0 100.0 100.0 100.0 Section 1B Sepanjang-Western Ring Road 4.30 69.8 84.5 6.9 29.2 Section 2 Western Ring Road-Driyorejo 5.10 37.7 41.8 - 60.5 Section 3 Driyorejo-Krian 6.10 54.8 60.5 - - Section 4 Krian-Mojokerto 18.47 75.6 100.0 53.5 60.64 Total 36.27

The 36.3 km Surabaya-Mojokerto Toll Road is The operation of Surabaya-Mojokerto Toll Road is operated PT Marga Nujyasumo Agung. divided into five sections. Section 1A-1 Waru-Juanda, 2.30 km, has been operated since 2011; whereas Similar to Semarang-Solo Toll Road, Surabaya- Section 4 Kriyan-Mojokerto, 18.47 km, is under Mojokerto Toll Road is also part of Trans Java Toll construction; and Sepanjang-WRR, 4.40 km and Road Network, business route connecting two WRR-Driyorejo, 5.10 km are in land acquisition stage. major cities Jakarta and Surabaya. Surabaya- Mojokerto Toll Road is also connected to Surabaya- In 2015, the Company schedules to operate the 18.47 Gempol Toll Road operated by the Company since km Krian-Mojokerto Section. 1986; hence the operation of Surabaya-Mojokerto Toll Road will increase the traffic volume on Surabaya-Gempol Toll Road. Given that Surabaya- Mojokerto is located in a quite strategic location in supporting the country’s economy and brings positive impact on Surabaya-Gempol Toll Road, the Company is making every effort to complete and operate the said toll road section.

SAMUDRA HINDIA

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JORR W2 North Toll Road (PT Marga Lingkar Jakarta)

Land Acquisition Construction Length (%) (%) JORR W2 North (km) 2013 2014 2013 2014

Section 1 Kebon Jeruk-Ciledug 5.70 100.0 100.0 100.0 100.0 Section 2 Ciledug-Ulujami 2.00 98.0 100.0 47.3 100.0 Total 7.70

JORR W2 North Toll Road, 7.70 km, is operated by Jakarta Inner Ring Road Toll Road, as JORR W2 PT Marga Lingkar Jakarta. North connects Jakarta-Cikampek Toll Road to Jakarta-Tangerang Toll Road so the full operation JORR W2 North Toll Road is the missing link of JORR W2 North Toll Road will reduce the load of on Jakarta Outer Ring Road Toll Road already traffic on Jakarta Inner Ring Road. operated by the Company. The existence of JORR W2 North is significant to ease the congestion on JORR W2 North Toll Road is fully operated since mid 2014.

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Gempol-Pasuruan Toll Road (PT Trans Jatim Pasuruan)

Land Acquisition Construction Length (%) (%) Gempol-Pasuruan (km) 2013 2014 2013 2014 Section 1 Gempol-Rembang 13.90 82.9 95.7 49.9 81.3 Section 2 Rembang-Pasuruan 8.10 - 69.2 - - Section 3 Pasuruan-Grati 12.15 - - - - Total 34.15

Gempol-Pasuruan with the length of 34.20 km is a located in a quite strategic location in supporting toll road operated PT Trans Jatim Pasuruan the country’s economy and brings positive impact on Surabaya-Gempol Toll Road, the Company is Gempol-Pasuruan Toll Road is part of Trans Java making every effort to complete and operate the Toll Road Network connecting Surabaya to the said toll road section. crossing of Java and Bali Islands. The toll road is also connected to Surabaya-Gempol Toll Road The development of Gempol-Pasuruan Toll Road already operated by the Company since 1986, so is divided into three sections. Section 1 Gempol- the operation of Gempol-Pasuruan Toll Road will Rembang, 13.90 km, is scheduled to operate in increase traffic volume on Surabaya-Gempol Toll 2015 whereas Section 2 Rembang-Pasuruan and Road. In view of the fact that Gempol-Pasuruan is Section 3 Pasuruan-Grati are still in the stage of land acquisition.

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Gempol-Pandaan Toll Road (PT Jasamarga Pandaan Tol)

Land Acquisition Construction Length (%) (%) Gempol-Pandaan (km) 2013 2014 2013 2014

Gempol-Pandaan 13.61 99.0 99.0 83.5 98.3

Gempol-Pandaan Toll Road of 13.61 km is operated tourism objects for the residents of Surabaya as by PT Jasamarga Pandaan Tol. Puncak for the residents of Bogor. The operation of Gempol-Pandaan Toll Road will ease the congestion Gempol-Pandaan Toll Road connects the cities on arterial road especially during weekends. The of Surabaya to Malang. The characteristics of Company plans to operate Gempol Pandaan Toll Gempol-Pandaan Toll Road are similar to that of Road in 2015. Jagorawi Toll Road since Malang is a city with

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Nusa Dua-Ngurah Rai-Benoa (Bali Mandara) Toll Road (PT Jasamarga Bali Tol)

Land Acquisition Construction Length (%) (%) Nusa Dua-Ngurah Rai-Benoa (km) 2013 2014 2013 2014

Nusa Dua-Ngurah Rai-Benoa 10.00 100.0 100.0 100.0 100.0 (Bali Mandara)

Nusa Dua-Ngurah Rai-Benoa (Bali Mandara) Toll Having been constructed for approximately 1.5 Road of 10.00 km is operated PT Jasamarga Bali Tol. years, Nusa Dua-Ngurah Rai-Benoa Toll Road has been operated since 2013. This proves that the Bali Mandara is the first toll road in Bali Island. Company is capable of developing toll road ahead With significantly high level of congestion in Bali, of schedule when land acquisition is not an issue the operation of Nusa Dua-Ngurah Rai-Benoa Toll and this was shown in the development of Nusa Road is expected to reduce the traffic congestion. Dua-Ngurah Rai-Benoa Toll Road.

Kunciran-Cengkareng Toll Road (PT Marga Kunciran Cengkareng)

Land Acquisition Construction Length (%) (%) Kunciran-Cengkareng (km) 2013 2014 2013 2014 Kunciran-Cengkareng 14.19 4.2 22.8 - -

The 14.19 km Kunciran-Cengkareng Toll Road is part of Jakarta. Kunciran-Cengkareng Toll Road will operated by PT Marga Kunciran Cengkareng. distribute the highly congested traffic of Jakarta.

Part of Jakarta Outer Ring Road II, Kunciran- As of 31 December 2014, Kunciran-Cengkareng Toll Cengkareng Toll Road is located in the western Road is still in the stage of land acquisition.

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Kunciran-Serpong Toll Road (PT Marga Trans Nusantara)

Land Acquisition Construction Length (%) (%) Kunciran-Serpong (km) 2013 2014 2013 2014

Kunciran-Serpong 11.19 8.1 26.3 - -

Kunciran-Serpong Toll Road of 11.19 km is operated As of 31 December 2014, Kunciran-Serpong Toll by PT Marga Trans Nusantara. Road is still in the stage of land acquisition. Although the progress of land acquisition is not yet optimal, in Part of Jakarta Outer Ring Road II, Kunciran- the last months of 2014, the progress increased quite Serpong Toll Road is located in the western part of significantly. Jakarta. Together with Kunciran-Cengkareng Toll Road, Kunciran-Serpong Toll Road will distribute the highly congested traffic of Jakarta.

Medan-Kualanamu-Tebing Tinggi Toll Road (PT Jasamarga Kualanamu Tol)

Land Acquisition Construction Length (%) (%) Medan-Kualanamu-Tebing Tinggi (km) 2013 2014 2013 2014

Medan-Kualanamu-Perbarakan 17.80 - 83.0 - 18.0 Perbarakan-Lubuk Pakam 4.85 - 83.0 - - Lubuk Pakam-Tebing Tinggi 39.05 - 83.0 - - TOTAL 61.70

In 2014, the Company succeeded in winning the with facilitating the movement of people heading to concession of Medan-Kualanamu-Tebing Tinggi Toll the Airport as well as the city of Road (MKTT). MKTT connects the city of Medan, Tebing Tinggi. Kualanamu Airport and Tebing Tinggi. The Company is optimistic that going forward, MKTT will be able At the moment, MKTT is still in the land acquisition to speed up the distribution of goods, services along stage and the toll road is scheduled to fully operate in 2017.

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Development of Non-Toll Road Business In order to further increase the use of its assets, the Company conducts business diversification to increase the Company’s operating revenues and support its core business.

Performance of Non-Toll Road Business The 2014 non-toll revenues rose by 14.74% compared Development to that of 2013. In 2014, Non-Toll Road Business Development was supported by Toll Road Maintenance Service, The strategies applied by the Company have Toll Road Operating Service, Land Rent for proven quite effective in increasing Other Operating advertisements, and Rest and Services Areas. Revenues, as in the past five years, Other Operating Revenues has grown by 100.4%.

Growth of Other Businesses 2010-2014

CAGR: 100,4% 583.10 508.20 143.47 146.31 72.48

2010 2011 2012 2013 2014

Prospect of Non-Toll Road Businessl Going forward, the Company will still focus most on toll road operation and development strategies. Non-toll road business development focuses on supporting the abovementioned strategies; hence in the future, non- toll road business development will focus on Toll Road Maintenance Services, Toll Road Operating Service, and Property.

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Executive Summary of Business Development Director Abdul Hadi Hs.

As its effort to continue to grow and develop Bogor Outer Ring Road Toll Road, Section while maintaining its position as the market Kedung Halang-Kedung Badak (1.95 km); and leader of toll road industry in the country, JORR W2 North Toll Road (7.70 km), bringing the Company continues to add to its toll the total toll roads operated by the Company road concessions. to reach 576 km as of the end of 2014. The Company is still capable of maintaining its In 2014, the Company succeeded in having position by dominating 72% of the total additional concession right of 61.7 km toll operating toll roads in Indonesia. road by winning the tender for Medan- Kualanamu-Tebing Tinggi Toll Road. The Amidst the uncertainty of land acquisition, additional concession brings the Company’s the Company continues to make the efforts in toll road concessions to a total of 799.5 km. the development of its new toll road sections, i.e. Gempol-Pandaan, Surabaya-Mojokerto, The Company continuously makes the efforts Gempol-Pasuruan, Medan-Kualanamu, to have additional toll road concession Kualanamu-Tebing Tinggi, Semarang-Solo rights by means of acquisition, tender, as and Bogor Outer Ring Road Toll Roads, hence well as unsolicited method. Furthermore, reflected in the increase of the Company’s to participate in boosting the growth assets amounting to Rp 31,857.95 billion in 2014 of regional economy, the Company also representing growth by 13.54% compared to actively seeks the development of new toll that of 2013. roads, particularly those located in Java and Sumatera Islands while also taking part In order to increase operating revenues, the in studying the toll road development in Company also develops other businesses in Kalimantan and Sulawesi. the field of rest area management, toll road operating services, and toll road maintenance In 2014, the Company succeeded in operating services. In 2014, other operating revenues new toll road sections, i.e. Semarang-Solo Toll reached Rp 583.10 billion or rose by 14.74% Road, Section Ungaran-Bawen (12.30 km); from that of 2013.

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Belawan Port

Kualanamu Airport

MEDAN SUMATERA

JASA MARGA’S 18 OPERATING TOLL ROAD SECTIONS AND 5 NEW TOLL ROAD SECTIONS CONNECTING 6 PROVINCES AND MAJOR CITIES IN JAVA, SUMATERA AND BALI ISLANDS WITH INCREASING TRAFFIC VOLUME

1 West Java 2 Central Java

1 2 3 4 5

BORR Purbaleunyi Palikanci Semarang Semarang-Solo

• Bogor Outer • Purwakarta- • Palimanan- • Semarang • Semarang-Solo Ring Road Bandung - Kanci • 24.75 km • 72.64 km • 11.00 km Cileunyi • 26.30 km • 131 thousand • 43 thousand • 37 thousand • 122.90 km • 54 thousand vehicles/day vehicles/day vehicles/day • 181 thousand vehicles/day vehicles/day 15.56 48.12 48.12 48.86 13.68 20.19 20.19 19.93 19.93 12.52 12.52 66.35 63.91 6.58

2013 2014 2013 2014 2013 2014 2013 2014 2013 2014

3 East Java 4 Bali 5 North Sumatera

6 7 8 9 10 11 12

Surabaya- Surabaya- Gempol- Gempol - Nusa Dua-Ngurah Belmera Medan - Rai- Benoa Kualanamu - Gempol Mojokerto Pasuruan Pandaan Tebing Tinggi

• Surabaya - • Surabaya - • Gempol - • Gempol- • Nusa Dua-Ngurah Rai- • Belawan-Medan- • Medan- Gempol Mojokerto Pasuruan Pandaan Benoa Tanjung Morawa Kualanamu- • 49.00 km • 36.27 km • 34.15 km • 13.61 km • 10.00 km • 42.70 km Tebing Tinggi • 227 thousand • 33 thousand • Not yet • Not yet • 39 thousand vehicles/day • 69 thousand • 61.70 km vehicles/day vehicles/day operated operated vehicles/day • Not yet operated 14.31 12.05 82.87 82.87 25.39 25.39 81.69 81.69 11.26 24.05 24.05 3.29

2013 2014 2013 2014 2013 2014 2013 2014

*Traffic Volume in million vehicles

186 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

JASA MARGA’S TOLL ROADS SUPPORT THE INTEGRATION OF MULTI-MODE TRANSPORTATION NETWORK SYSTEM TO SUPPORT THE MOVEMENT OF PEOPLE AND SERVICES

TANJUNG PRIOK Port Soekarno- Hatta Airport TANJUNG MAS JAWA Port Juanda Airport

JAKARTA

Merak Port Tanjung Perak BANDUNG Port SEMARANG BALI SURABAYA

Ngurah Rai Airport Tanjung Benoa Port

6 Jakarta-Bogor-Tangerang-Bekasi

13 14 15 16 17 18 19 20 21 22

Jagorawi Jakarta- JIRR Prof. Dr. Ir. Jakarta- JORR Ulujami- JORR W2 Kunciran - Kunciran - Tangerang Sedyatmo Cikampek Pondok Aren Utara Serpong Cengkareng

• Jakarta- • Jakarta- • Jakarta Inner • Jakarta- • Jakarta- • Jakarta Outer • Ulujami- • Kebon Jeruk- • Kunciran- • Kunciran- Bogor-Ciawi Tangerang Ring Road Airport Cikampek Ring Road Pondok Aren Ulujami Serpong Cengkareng • 59.00 km • 33.00 km • 23.55 km • 14.30 km • 83.00 km • 43.10 km • 5.55 km • 7.70 km • 11.19 km • 14.19 km • 551 thousand • 328 thousand • 565 thousand • 209 • 564 • 415 thousand • 123 thousand • 39 thousand • Not yet • Not yet vehicles/day vehicles/day vehicles/day thousand thousand vehicles/day vehicles/day vehicles/day operated operated vehicles/day vehicles/day

14.49 206.13 151.63 146.72 202.21 119.83 119.83 196.76 196.76

283.09 283.09 282.81 201.32 201.32 193.64 193.64 199.61 113.02 113.02

46.91 45.12

2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 187 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Human Capital Management

188 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

TRANSFORMATION COMPETENCY- BASED HUMAN OF JASA HUMAN CAPITAL RESOURCES MANAGEMENT MARGA FUTURE LEADER

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 189 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

190 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Human Capital Management

In order to realize the Vision and Mission of the Company to become a leading company, the Company has undertaken “HUMAN CAPITAL TRANSFORMATION” integratedly and comprehensively as part of the “COMPANY ORGANIZATIONAL TRANSFORMATION”

The year of 2014 was the initial phase of the Transformation of Human implementation of the Integrated Human Capital System, namely the integration of Performance Capital Through the application of the new paradigm, which Management System, Remuneration System considers Human Resources (HR) as Human Capital, and Career Management System to improve the the Company positions HR as an element that competence and performance of employees as must be managed properly so that it can become the main asset of the Company in its successful a capital to improve business performance of the business endeavor. Company in the long term in a sustainably way.

The management of human capital is based on the Company’s HR System Strategic Planning 2010- 2022, with development phases as shown in the following graphic:

Stages of Development of Jasa Marga Human Capital System

Transition I Transition II Ultimate 2010-2013 2013-2017 2017-2022 Short Term Medium Term Long Term

Strengthening Building Optimizing HR Capability HR Foundation Performance for Business Growth

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 191 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

The Company is developing competency-based human resources management with the 9 (Nine) Strategic Processes of Human Capital System which is set forth in the Board of Directors’ Stipulation No. 39/ KPTS/2014 dated March 3, 2014, which consisted of Organizational Design, Employee Recruitment and Selection, Training and Development, Performance Management, Remuneration System, Career and Talent Management, Industrial Relations and Post Employment Management, which are integrated and supported by Information Technology System, as can be seen in the following chart:

Nine Strategic Processes of Jasa Marga Human Capital System

Business Performance

SATISFACTION AND LOYALTY OF STAKEHOLDERS

Employment Environment

Carrier Remuneration Management

HC Admin &

Services Industrial ST Relation

Performance C O Management O MM I TME N T O MPETE N CE ON GRUE N CE C C C Employee Post- Training and recruitment and Development Employment selection Management

INFORMATION TECHNOLOGY

Vision & Organizational VALUES & Mission Design PARADIGM 9 Strategic Processes of Human Capital System 1. Employment Environment 2. Employee recruitment and STRATEGIC PLANNING selection 3. Training and Development 4. Performance Management 5. Remuneration 6. Carrier Management 7. Industrial Relation CHANGING OF STRATEGIC ENVIRONMENT& GROWTH OF TOLL ROAD INDUSTRY 8. Post-Employment Management 9. HR Administration & Services

In accordance with the Human Capital Systems to improve the Company’s organization in terms of Development Stages of Jasa Marga, in 2014 the Grouping, Stratification and Position Requirements as Company entered the Building Performance set forth in the Board of Directors’ Stipulation No. 41/ stage, where the focus of the Human Resources KPTS/2014 dated March 3, 2014. program was the stratification of organization as the basis of other systems and the integration of the The Classification, Stratification, and Identification Performance Management System, Remuneration, of positions are carried out in accordance with the and Career Management System. mission of the organization in order to ensure that employees who hold certain positions can work to Organizational Improvement reach an optimum performance in carrying out the After the restructuration of organization in 2013 to mission, responsibility and authority of the position. change the organization of Jasa Marga to become The changes in the classification and stratification the Operating Holding Company, then as a series of the positions affect the remuneration package of of Organization Transformation and Transformation employees, whereas the change in the identification of Human Capital, in 2014 PT Jasa Marga took step of positions is linking directly with the improvement of the employee’s career path.

192 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Change of Position Classification Chart

Previous Position Classification Structural Functional

Position Classification Position Classification

Senior Vice President/ Senior Advisor I a Senior General I a Manager/Executive/ Advisor/Senior Auditor II a General Manager Senior Specialist/Auditor III a Corporate Secretary/ Specialist/Junior Auditor/President Director IV a Head/Vice President/ II a Secretary/Senior Treasurer General Manager Assistant Manager/Director Secretary/Treasurer V a Assistant Vice Senior Officer/Assistant Treasurer/VP/GM Secretary/ President/Senior VI a Manager/Deputy III a Officer for Information and Communication Service General Manager/ Toll Collector/Toll Road Service Officer/Rescue VII b, VII c, Coordinator Officer/Paramedic Staff/Information and VII d, VII e Manager IV a Communication officers/Technic staffs Head of Toll Gate V a Officer/Toll Gate Officer/Operator of heavy equipment VII a Head of Shift VI a Messenger/Driver VIII a

NEW POSITION GROUPS

Structural Functional Experts Functional Staffs Operational

Group of structural Group of non-structural Kumpulan jabatan Group of positions who positions, consisting of posts who are in charge of non struktural yang carries out works for Planning and Policy post, conceptual works and in- melaksanakan pekerjaan operational of the company, Support implementation depth analysis yang bersifat konseptual consists of: post and Business dan klerikal • The post for Operational implementing post Leader • Positions in charge of Operations

Position Grade Position Grade Position Grade Position Grade

Corporate Secretary/ E Senior Advisor F Head/ Vice President/ General Manager/ Advisor/ Senior Kepala Unit Bisnis Auditor

"Assistant Vice 1 Senior Specialist/ 1 President/ Auditor/ Pengajar Senior Manager/ Profesional Deputy General Manager"

Manager 2 Specialist/ Junior 2 President Dir. 2 Auditor/ Pengajar Secretary/ Senior Profesional Junior Treasurer

Assistant Manager/ 3 Head of Toll Gate O1 Assistant Auditor/ Director Secretary/ Treasurer

Senior Officer/ 4 Head of Shift O2 Assistant Treasurer/ Secretary

Officer/ Inspector/ Toll 5 Toll Collector/Toll Road O3 Gate Officer/ Security/ Service Officer/Rescue Facility Officer Officer/Ambulance Officers

Driver/Messenger M Driver for Toll Road P Service /Rescue/ Ambulance

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 193 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Manpower Planning and • Transparency The implementation of the transparency principle Recruitment is carried out through the announcement program of recruitment and selection of new Manpower Planning employees to various media outlets that can In the efforts of realizing the vision and mission be easily accessed by the general public. The as well as long-term strategic goals, related to the Company utilizes various communication media use of human resources effectively and efficiently in announcing the recruitment and selection and within the corridor of expected efficiency and program for new employees, including through productivity ratio, then the estimated maximum the Company’s official website, that is www. number of employees and workers for the long term jasamarga.com, cooperate with newspapers that is set in a document called Manpower Planning. are circulating on national scale, BUMN portals, Therefore, a review has been done on Manpower the Company’s official twitter, online media, Planning as reference in the preparation of Staffing posters and career development programs at a Plan and Recruitment Plan. number of top universities in Indonesia. • Objective Illustration of Manpower Planning To maintain objectivity and independence, the Company is cooperating with an independent • Vision & Mission consultant who has the experience and • Organizational Structure Adding Planning Factor • Strategic Planning competence in the field of recruitment and MANPOWER • HR System Development selection of new employees. The selection • Employees Post-Employment PLANNING • Employees Age Demography process of the consultant is done through • Employees Productivity Target Balancing • IT-Based Implementation Factor the procurement of goods and services that has specified in the Company Regulations to uphold the principles of good corporate Manpower Recruitment governance (GCG). Based on the review on Manpower Planning, the • Selective Company carried out new employee recruitment The selection process is done through 6 phases, program in 2014 as a preparation to replace therefore the Company expects to get the best employees who have the retirement age as well as candidates who successfully pass the competitive to support the Company’s business development selection process. The selection of candidates is in toll road and non-toll road. Recruitment of merely based on the results of the selection and the new employees is the first gate of preparing new Company upholds the principle of equality where cadres of competence human resources of the the applicants come from various ethnics, regions, Company therefore the Management undertook a religions, race and gender. diligent and professional process. In 2014, the Company has recruited 100 Management has established a system of new employees. recruitment and selection of new employees in the Company Regulations which uphold the principles of transparency, objectivity, and selective..

Chart of the Process of Preparing New Employees

Manpower Internal External Planning Sources Sources Management New Employees Preparation Program Trainee

Trial of New Orientation Placement Recruitment Initial Selection Advance Employees Selection (3 months) (3 months) (3 months)

3 months 3 months 3 months

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Employees Performance and Competency Development

Competency Model of Human Resource Development As an implementation of the concept of Competency Based Human Resources Management (CBHRM), the human resources development is based on an improvement of employee competence. Therefore, the Company has formulated a competency model which is equipped with a Competency Dictionary which is a combination of hard skills and soft skills that should be possessed by each individual based on the needs of each unit of competency. Competency Dictionary was created through the issuance of Board of Directors Stipulation No. 183/KPTS / 2013 dated December 24, 2013.

Chart of Competency Based Human Resources of Jasa Marga

LEADERSHIP COMPETENCIES

• Team Leadership • Decisiveness

CORE COMPETENCIES • Achievement Orientation Business • Continuous Learning Customer Service Acumen • Building Partnership Orientation • Integrity Soft Competency JOB COMPETENCIES

Soft Competency

• Analytical Thinking • Information Seeking • Concern for Order • Organizational Commitment • Impact & Influence • Organizational Awareness • Initiative • Interpersonal Understanding • Conceptual Thinking • Teamwork

Hard Competency

Technical Competencies (General) 1. IT Skill 2. Communication Skill 3. Organization Knowledge 4. English Profiency TECHNICAL COMPETENCIES 5. Risk of Awareness (Specific) 6. Kesadaran mengenai Sistem Keselamatan Kerja (K3) Hard Competency Hard 7. Quality Management 8. Service Standard 9. Strategic Program Execution

HR Education and Training In order to prepare the Human Capital of Jasa Marga to encounter future business challenges through a formal education program, the Company implements a policy of providing Employee Scholarship to improve the knowledge and the employees ability to conduct analysis, synthesis and innovations.

The Company has selected the candidates for the scholarships who are young and have the potentials with a maximum age of 30 years to take part in the Scholarship 2014-2015 program, which is specifically prepared by the Company as one of programs to prepare Future Leaders of Jasa Marga. Based on the selection process, 5 employees have been shortlisted who are eligible to take the Master’s program in overseas well-known universities.

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 195 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

To realize the strategic plan of the Company, the Company realizes the importance of grooming the cadres as future leaders of the Company. The Company since 2009 has been preparing the “Future Leader of Jasa Marga” through carrying out Leadership Development Program which consists of 5 levels of the program.

Leadership Development Program

Training Program Focus

CORPORATE Leadership CORPORATE Ethic & Company Leader Leadership Communication Subsidiaries SOEs BUSINESS SENIOR Performance Division/Branch/ Project/Business Unit Leadership & Changes Leader FUNCTIONAL LEVEL ADVANCE Functional work Leadership HRD & unit leader Monitoring

TEAM JUNIOR Trust & Team Leader Leadership Team Work

INDIVIDUAL BASIC Personality Individual Leadership Leader

Age Age Age Age Age Age 26 28 32 36 40 45

Targeted Level of Level of AVP/ Level of VP/GM Assistant Manager Participants Manager DGM Directors of Subsidiary

The education and training of employees are conducted by Jasa Marga Development Center Unit as a learning center. In 2014, the training program for employees focused on the following areas: • Development of technical and non-technical competencies of employees in accordance with job requirements. • Stand-alone program which is equal to training, including sharing knowledge activities, study visits, creating a journal, and others. • Cadres Scholarship, which is scholarship program offered to the young and potential employees.

In the year 2014, the Company has set a target of training days per employee, with the realization of a number of 3.7 days of training per employee. The number of days of training and the trainees during the year 2014 are presented in the following table:

Trainings Conducted by the Company in 2013 and 2014

2013 2014 Number of Number of Explanation Number of Number of Number of Number of days per days per participants programs participants programs person person Leader Cadres 940 235 11 278 74 4 Development of Competence 8,468 3,501 325 4,000 1,653 52 Training on Values, Ethics and 5,352 2,541 74 6,132 2,761 292 & Corporate Culture Professional Standards 309 151 29 787 94 20 Stand-alone Program equals - - - 6,042 5,111 264 to Training Scholarships - - - 135 20 4 TOTAL 15,069 6,428 439 17,376 9,715 638

196 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Training Based on Number of Days

2013 2014 0.00%

2.05% 0.00%

34.77% 0.78% 6.24%

Leader Cadres 1.61% Training on Values, Ethics and & Corporate Culture 56.19% 35.52% 4.53% Development of Competence 23.02% Professional Standards Stand-alone Program equals to Training 35.29% Scholarships

Training Based on Number of Participants

2013 2014

0.21% 54.46% 2.35% Leader Cadres 0.78% 52,61% Training on Values, Ethics and & 0.00% Corporate Culture 17.01% 0.00% Development of Competence 3.66 Professional Standards 0,97% Stand-alone Program equals to Training Scholarships 39.53% 28.42%

Training Based on Number of Programs 2013 2014

0.00% 6.61% 0.63% 0.94% 0.00% 41.38% Leader Cadres 2.51% 8.15% Training on Values, Ethics and & Corporate Culture 16.86% Development of Competence

74.03% 3.13% Professional Standards Stand-alone Program equals to Training Scholarships 45.77%

Employees Performance Management System Performance management system aims to ensure that employees carry out their works as well as contribute to the achievement of the Company’s goals optimally in accordance with the goal of the post and the key performance indicator target.

The Company is implementing the performance management system on two sides, namely the evaluating the achievement of Key Performance Indicator (KPI) and the achievement of competencies, so that the assessment is fair in which employees are not only assessed based on key performance targets (KPI) but also appreciate the employee’s efforts in achieving the performance (competence).

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 197 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Employees Performance Management System

Non-Operational Employees Operational Employees

ELECTRONIC OPERATIONAL PERFORMANCE Enterprise Resource Planning (ERP) APPRAISAL (eOPA)

• Cascading by theme • Daily/shift basis • SKK by Cascading + PI decided by • SKK by procedure and IK PERFORMANCE both parties • Automation • Half year basis • Similar and routine tasks • Evaluating not assessing • Active evaluator • Varied tasks • SKK template from SK • Active employees and evaluator • Highly measured performance

ELECTRONIC OPERATIONAL PERFORMANCE Enterprise Resource Planning (ERP) COMPETENCY APPRAISAL (eOPA)

Soft • Based on performance attitude • Based on attitude seen Competency available data • Assessment 360º • Assessment of direct superior • Once a year • Once a year in 2014, daily in 2015

The stages of the performance management career opportunities and employee training system is a systematic cycle which consists of development programs. As for remuneration Employee Work Target (SKK) planning, SKK of employees, the Company established a review and Coaching as well as performance policy salary increase (merit increase) based evaluation. During the planning stage, the on the results of performance evaluation and employee and supervisor set the agreed targets competency measurement. In addition, the to be achieved. The targets are then reviewed results of performance evaluation also affects in mid-period in which the supervisor provides the incentives to be by the employees. With this feedback during the review and coaching. In policy, the employees are encouraged to attain the final stage, which is the period to evaluate the best performance in order to obtain higher the performance achievement, the supervisor remuneration as well. evaluates the attainment of the targets that have been agreed in advance. All stages are managed As for the carrier opportunities, the competency through an integrated performance management requirements are set for each position. One of system online. the sources to fulfill the competence is known from the results of the competence assessment. The results of the performance evaluation and The competency assessment result is also used competency measurement are very important in the planning and development of employee because they are integrated with remuneration, training needs.

198 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Implementation of Employee Performance Management System in 2014

Cascade KPI

Planning Week Coaching Week Evaluating Week (17-21 March 2014) (5-9 May 2014) (7-11 June 2014)

Planning Week Coaching Week Evaluating Week (18-20 Aug 2014) (6-10 Oct 2014) (2-6 Feb 2015)

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb

SKK Coaching Evaluation SKK Coaching Evaluation

Period I Period II

Employees Career Development 1. Assessment to measure soft competencies In line with the development of the Company’s needed to hold a particular position as set business which continues to grow through the out in the Company’s competency dictionary. establishment of Subsidiaries, both those engaging In measuring the soft competencies, the in toll road and non-toll, has been providing Management cooperates with the competent opportunities for employees of Jasa Marga to and independent assessment institution develop their carrier. The increasing number of which is selected based on the procurement officials in a strategic positions who are approaching of goods and services in accordance with the retirement ages, apart from becoming a challenge rules of the Company. for the Management to create a reliable cadre 2. Achievement, assessment on track record of system, the condition also creates opportunities for performance during the working period. potential employees to advance their carrier. 3. Aspiration, a candidate is asked to make a proposal if he or she is projected to occupy a The Company has set up a system in selecting particular position and must present it to the candidates who will occupy a position through the appraiser. This is an effort to assess the ability recruitment and selection process that is selective of the candidate to communicate his ideas both and competitive, which is based on the principle of orally and in writing as well as to argue and fairness. The length of work in the Company is no express his or her opinion. longer a dominant factor. It is the competency that 4. Prospect, an assessment of the impact of the plays an important role. placement to the candidate personally and to his or her family and the Company. The recruitment process is done by selecting the candidates who meet the administrative The progress of an employee’s career path through requirements in accordance with the rules of the promotion and rotation in 2013 and 2014 can be Company. Based on the Directors Stipulation No. seen in the following table: 42/KPTS/2012, the candidates must go through the selection process as follows:

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 199 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Employee Carrier Development in 2013 and 2014

Working Areas Total Carrier Branch Offices & Head Office Subsidiary Development Projects

2013 2014 2013 2014 2013 2014 2013 2014 Promotion 29 54 58 110 8 16 95 180 Rotation 29 85 97 287 7 20 133 392 Total 58 139 155 397 15 36 228 572

The year of 2014 is a transition period for the implementation of Carrier Management System, in which the Company has improved the competency-based career management system and develop it through Position Cluster approach. The new career management system as set forth in Board of Directors Stipulation No. 100/KPTS/2014 dated June 16, 2014 will be implemented from 2015.

Job Clusters as Basis for Carrier management System

22 Job Clusters

1. Executive Leaders 2. Corporate Planning Board of Directors 3. Business Development 4. Land Procurement 5. Road Project Management Executive Leaders 6. Highway & Traffic Engineering 7. Toll Road Operation Management 8. Toll Road Maintenance 9. Marketing 10. Communication Relation 11. Logistic 12. Finance & Accounting 13. Risk, Quality and Compliance 14. Audit 15. Information Technology Legal 16. Legal Logistic Logistic Marketing 17. Human Capital Administration Audit Functional Audit General Services General 18. Asset Management Audit Management Audit Finance Accounting Finance Land Procurement Asset Management Asset Corporate Planning Corporate 19. General Services Business Development Business Toll Road Management Road Toll Information Technology Information Communication Relation Communication Human Capital Execution

Community Development Community 20. Administration Road Project Management Project Road Human Capital Development Risk, Quality and Compliance 21. Corporate Social Responsibility Toll Road Operation Management Operation Road Toll Highway and Traffice Engineering and Traffice Highway 22. Operational

Operational

Toll Gate Operation Road User Services

Group Cluster Group Cluster MARKETING & Group Cluster Group Cluster STRATEGIC PLANNING COMMUNICATION COMPLIANCE OFFICE SUPPORT

Group Cluster TOLL ROAD Group Cluster FINANCE & Group Cluster OPERATION & ENGINEERING Supply Chain Management BUSINESS SUPPORT

Policy on Employment Opportunities The policies on employment opportunities, both on employee placement and carrier development are outlined in the Joint Working Agreement (Perjanjian Kerja Bersama/PKB). Jasa Marga appoints employees to certain positions and develops their carrier selectively and transparently without discrimination (gender, race, ethnicity, religion), by prioritizing the internal sources of the Company by considering the employees performance, ability and competence.

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Employees Welfare

Employee Remuneration In order to assure certainty of attractive and competitive remuneration so as to maintain the loyalty and improve employees’ motivation to attain optimum performance, in 2014 the Company restructured the employee remuneration system. The employee income mechanism is done by setting a market-based salary structure, in addition to the increase of salary and incentives based on the achievement of employee performance.

The change of employees’ income arrangement from previously based on the years of service with table system to a performance-based system with salary structure is based on market rate, and complying with the provisions of applicable employment regulations. The increase in annual salary and incentives is based on the achievement of the employees’ performance. The employee remuneration is determined based on the Board of Directors Stipulation No. 99/KPTS /2014 on the Clustering and Components of Remuneration and No. 122.1/KPTS/2014 on Monthly Compensation for Permanent Employees.

The Company establishes and guarantees the rights of employees as shown in the following chart:

Employees Rights

Remuneration

Compensation Benefits

Competence Workplace Monthly Annual Job Facilities Appreciation Development Protection

Employee Official Uniform, Workplace Carrier Opportunities, Education & Tetap Official Travel Environment, Formation, Training Fixed Variable Variable Facilities, Implementation Promotion, Position TransportationTetap & of K3 and Work Change, talent Communication, management, Opportunities,Tetap Tetap Company-owned Legal Protection, Employee Basic Salary, Traffic Production House Health facilities, appreciation, Job Compen- Incentive, service, Post Employment Recreation, Sport & sation Overtime Bonus, Program Arts, Holidays Tetap Tetap LongTetap Term Incentive

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 201 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Appreciation to Employees The Company gives awards for performance, execution of task, innovation or improvement and appreciation for the loyalty of employees.

To give appreciation to the employees who have worked for a certain period of employment, the Company gives awards for years of service to employees. Throughout 2014, gratuity given to 691 employees who have exceeded the service life of 10, 15, 20, 25 and 30 years.

Jasa Marga Employees Loyalty Award 2014

Number of Years in Service Number of Award Recipients

10 Years 20 15 Years 93 20 Years 119 25 Years 307 30 Years 152

TOTAL 691

As for employees who work in the Company until they reach normal retirement age, in 2014 the Company presented awards in the form of precious metals to 139 employees who have entered retirement age.

Number of Employees The number of permanent employees in the Parent Company in 2014 reached 4,692 people, down 3.75% compared with the number of permanent employees in 2013. The total consolidated employees in the Parent Company and its subsidiaries in 2014 also decreased by 7.32% from 2013.

Employee Composition Based Education (people)

2013 2014 Education Proportion Proportion Parent Subsidiary Total Parent Subsidiary Total (%) (%)

S3 1 0 1 0,01 1 0 1 0.01 S2 70 45 115 1,27 86 10 96 1.14 S1 500 241 741 8,17 464 318 782 9.30 Diploma 17 58 75 0,83 13 111 124 1.47 High School 4,210 3,796 8,006 88,25 4,067 3,224 7,290 86.72 Junior High 17 37 54 0,60 23 43 66 0.78 School Primary 60 20 80 0,88 38 10 48 0.57 School TOTAL 4,875 4,197 9,072 100,00 4,692 3,716 8,408 100.00

202 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Composition of Employees Based on Functions (people)

2013 2014 Function Proportion Proportion Parent Subsidiary Total Parent Subsidiary Total (%) (%)

Operational 1,566 3,885 5,451 60.09 3,222 3,298 6,519 77.55 Non 3,309 312 3,621 39.91 1,470 418 1,888 22.45 Operational TOTAL 4,875 4,197 9,072 100.00 4,692 3,716 8,408 100.00

Composition of Employees Based on Gender (people)

2013 2014 Gender Proportion Proportion Parent Subsidiary Total Parent Subsidiary Total (%) (%)

Male 3,816 3,418 7,234 79.74 3,661 3,039 6,700 79.69 Female 1,059 779 1,838 20.26 1,031 677 1,708 20.31

TOTAL 4,875 4,197 9,072 100.00 4,692 3,716 8,408 100.00

Composition of Employees Based on Ages (people)

2013 2014 Ages Proportion Proportion Parent Subsidiary Total Parent Subsidiary Total (%) (%)

≤25 35 2,290 2,325 25.63 16 1,272 1,288 15.32 26-30 83 735 818 9.02 91 1,156 1,247 14.83 31-35 283 251 534 5.89 185 379 564 6.71 36-40 1,023 291 1,314 14.48 914 166 1,080 12.84 41-45 1,162 344 1,506 16.60 1,078 318 1,396 16.60 46-50 1,375 177 1,552 17.11 1,383 245 1,628 19.36

≥51 914 109 1,023 11.28 1,025 180 1,205 14.33 TOTAL 4,875 4,197 9,072 100.00 4,692 3,716 8,408 100.00

Industrial Relations commitments of Jasa Marga is to give freedom to Management employees to organize themselves through the Jasa The harmonious relationship between management Marga Employee Union (hereinafter called SKJM) and employee union is needed to create a which was established in 1999 whose members are conducive working atmosphere in order to achieve all employees of Jasa Marga. the common goal, namely the progress of the Company and welfare of employees. In an effort On regular basis of every two years, the Company to create and maintain harmony between the together with SKJM jointly prepares and renews company and the employees, the Management is the joint agreement in the form of Joint Working always attentive and committed to comply with Agreement (PKB). In 2014, Company and SKJM labor laws, issued by the government. As one of has succeeded in formulating and negotiating

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a deal to discuss the Joint Working Agreement Management of Post- (PKB) for the period of 2014-2016. The result of the PKB agreement provides working direction Employment Program In order to assure a sense of comfort and for both employees and the management. The safety to employees at workplace, Jasa Marga agreement has been registered at the Manpower provides benefits to employees if they have and Transmigration Ministry’s Directorate General reached retirement age. This is done to provide a of Industrial Relations and Social Security Jakarta sustainable income after the end of the working based on the Stipulation of the Director General of period in Jasa Marga. Industrial Relations and Social Security No. KEP.138 / PHIJK-PKKAD / PKB / VIII / 2014 on Registration of The following programs provided to employees if Joint Working Agreement between PT Jasa Marga they have reached retirement age: (Persero) Tbk. with the Jasa Marga Labor Union dated August 25, 2014. a. Pension Plan Jasa Marga's employees participate in the Fixed Mutual agreement of the Company and subsequent Benefit Pension Plan (Program Pensiun Manfaat SKJM arranged in a hand book PKB and Pasti/PPMP) and Fixed Contribution Pension distributed to all employees. Management and Plan (Program Pensiun Iuran Pasti/PPIP). The SKJM then formed a team and jointly socialized PPMP program is organized by Jasa Marga the aggrement to the branches. Socialization Pension Fund (DPJM) which was established by was conducted in November-December 2014 that the Company. The PPMP program is provided all levels of employees have the knowledge and to all employees who began working in the understanding together. Company prior to July 1, 2014. While the PPIP program managed by the Financial Institutions To establish a harmonious relationship with Pension Fund (DPLK) are participated by all employees, especially related to labor issues employees who began working at the Company and policies of the Company, and maintain since July 01, 2014. communication with the Labour Union was formed Bipartite Cooperation Institute (LKS-bipartite). Stewardship bipartite arrangement consisting b. Post-Employment Program This program is given to employees in which of elements of management and the Company they get benefits when they stop working at the with a term of 1 year. LKS-bipartite established normal retirement age by receiving 24 x PhDA, through joint decision between the Director of while employees who stop at retirement age the Company and Chairman of the Central Board. and prior to entering the retirement age will get In 2014, the material covered EMC focuses on benefits proportionately according to the rules changes in the new human resources management of the Company. system, particularly related to the restructuring of remuneration. c. Pension Program (JHT) BPJS Employment The Company registers all employees into the Pension Program of BPJS Employment. The contribution to JHT is calculated based on the proportion of income paid at amount 2% by the employee and 3.7% by the Company.

204 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

d. Health Insurance both in term of quantity and quality are assessed The benefits of health cover are in the form of comprehensively through the Manpower Planning health facilities that will be received by retirees document and taking into account the work as stated in the Company rules. With these plan and business development of the Company. benefits, the retirees will feel comfort about The Human Capital Management System of the medical expenses that they need any time. Company is summarized in Nine Human Capital Strategic Process Systems continued to be Management of Outsourced improved in order to accelerate the development of competencies of employees who are expected to Employees contribute a significant impact on the achievement The Company complies with the applicable of the Company’s objectives. regulations with regard to employment as set under the Minister of Manpower and The Company’s business development that requires Transmigration Regulation No.19 of 2012 on the an increase in the number of personnel are still terms of requirements in the case of awarding controlled through the increased of competence, parts of works to other companies. The Company prioritizing new employee recruitment for has terminated the Outsourced Worker policy regeneration of leader and improving the role of while at the same time upholding the rights of information technology, especially in the automation outsourced workers that are implemented by of toll transactions. Various measures of human the outsource service providers. The outsourced capital management has resulted in improving workers who were working as toll collectors employees’ productivity as seen in the increase at branch operations have been transferred of ratio of the number of employees per revenue into permanent employees of the Company’s with ratio of: 1 : Rp 695,649,150 in 2013 to 1 : Rp subsidiary, PT Jalantol Lingkar Luar Jakarta. 859,835,180 in 2014.

The Company's success in managing the outsourced manpower has become a benchmark and considered Awards Related to Human as a good comparative study by other state-owned Capital Management companies, such as PT Perusahaan Gas Negara The Company has received awards and recognition (PGN) who conducted a comparative study at the from relevant institutions as well as from other Company on June 3, 2014. companies over Human Capital Transformation conducted by the Company, including: • HR Excellence Award Award for HR Employees Productivity Transformation held by SWA Magazine. Management is fully committed to always provide • HR Excellence Award in the category of Reward reliable employees and contribute maximally Management held SWA Magazine. to support the achievement of the vision and • The Award on Index Human capital Study - mission of the Company. The need of employees Appreciation for Human Capital Management System Improvement, presented by Dunamis.

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Management of Human Capital Cost for Human Resources Transformation In line with the business development of the To ensure that the transformation process and the Company’s Subsidiaries, which some have begun implementation of the new system goes ahead as operating in 2014 have an impact on the number planned, the socialization becomes an important and qualifications of employees needed, although element so that all employees can understand most toll gates have been operating with Auto Toll the importance of the transformation process system. This contributed to the increase of Human and jointly oversee the implementation of the Resources cost in 2014. The increase in human transformation. Thus, the possible resistance by resources costs is also a result of the transformation employees can be mitigated. in the field of Human Capital management, mainly due to restructuring/rearrangement of Various communication media are used intensively remuneration systems, especially in the monthly in communicating the human capital transformation compensation. The cost Human Resources has process. The media outlets that are used, including increased from Rp 1,332,206,243,000 in 2013 to Rp print and online media such as the Company's 1,490,061,327,000 in 2014. internal portal, internal magazines, Info Toll journal, banners informing the concept, process and As part of our commitment to improve the implementation of the new systems. The Company competence of employees in order to create a provides information through these media outlets sustainable and capable leader, the Company's about the number of employees who are taking part actual cost of education and training in 2014 in the transformation process. amounted to Rp 15,552,736,148. The employees’ development programs increase because in 2014 The Management with the support of unit in the Company has set a target to increasing the charge of Human Capital as the major driver of the employees’ competence evenly to all employees transformation process had formed a Task Force with the imposition of the target for minimum which also involves employees from various work number of training days / year per employee. units of the Company. The team becomes an agent However, as for the scholarship program and new of change in enforcing the implementation of the employee management trainee, the payment has not transformation and helps disseminate the program to matured yet until December 31, 2014. various levels of the employment units. All levels of management and the Board of Directors continuously Cost for Human Resources in 2013 and 2014 convey the message of transformation in a variety (in full Rupiah amount) of formal and informal occasions. Even the Workers Union are also involved in the preparation and Jenis 2013 2014 dissemination of the transformation system, therefore HR Costs 1,332,206,243,000 1,490,061,327,000 there is cooperation in ensuring that the course of Costs for transformation is implemented as planned. Education and 18,660,453,279 15,552,736,148 Training

The other important elements which also play a role in the transformation process is the use of information technology. Data and information management system based on ERP (Enterprise Resource Planning) continued to be improved in integrating the new Human Capital Management System.

206 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Executive Summary of Human Capital and General Affairs Director Muh Najib Fauzan

The Management of Human Resources (HR) been done since the previous year. However, in 2014 was implemented in accordance to support the Company's growth in the with the stages of transformation system, long term, the Company has recruited 100 namely carried out variety of changes that people as new employees who have received have been prepared in the previous stages. undergraduate level (S1) as cadres of future The Changes that have been realized in leaders of the Company. the year was the implementation of the 3 main HR system, namely: Performance Various transformation efforts or changing of Management System (since March 2014), human capital system had resulted in several Remuneration Management System (since achievements, including an improvement in July 2014) and the Career Management the level of employee satisfaction. Based on System (transition since October 2014). The the employee engagement survey in 2014, implementation of these systems coupled the Engagement Ratio Index (ERI) reached with an increase use of the application of 2.17, up from 1.97 in 2013. Information and Communication Technology (ICT) in administration and human resources The productivity of employees has also services has encouraged employees to increased as reflected in the improvement of change the way they work to become ratio on the amount of revenue per employee more efficient and productive. In 2014, the in 2014 to Rp 859,835,180/employee, from Rp PKB for period 2014-2016 has also been 695,649,150/employee in previous year. signed that covers agreements between the Management and Employees Union of Jasa This transformation efforts are also Marga (SKJM) on July 23, 2014. recognized by various external parties. In the year, the Company received awards from To ensure the competence by all employees various parties such as Human Capital Index improves, since 2014, every employee is Study Award 2014, The Best for Human given training target in the form of minimum Capital Initiative, HR Excellence Award 2014, number of training days per person per HR Transformation category and Reward year. In the year, the Company in total has Management with Good grade, and Business achieved 17,376 days. Review - 2nd Best Corporation for Learning Organization of the Year. In 2014, the number of permanent employees in the Parent Company reached Furthermore, the Company's long-term 4,692 people, down 3.75% from 2013. The target is to prepare cadres of employees who consolidated total employees in the Parent are ready to lead and develop the Company's Company and its subsidiaries in 2014 also business in the era of globalization. Efforts decreased by 7.32% from the year 2013. that will be undertaken by the Company are This is in line with HR policy to continue to including providing scholarships for S2 and reduce the formation of positions and carry S3 studies as well as leadership trainings with out organizational restructuring that has a focus on global acumen.

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Corporate Governance

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JASA MARGA: JASA MARGA GCG SCORE 96.63 BERSIH (CLEAN) “VERY GOOD” PROGRAM: GRATIFICATION “COMMITTED” RESTRAINT SOE WITH KPK

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210 PT Jasa Marga (Persero) Tbk. 2014 Annual Report *Berdasarkan hasil penilaian BUMN Bersih dan Assessment GCG 2014 Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Corporate Governance

The Company has always been committed to and made innovations in the implementation of Good Corporate Governance, resulting in its success of being named “COMMITTED” SOE in the BUMN BERSIH (Clean SOEs) Program 2014 and reached GCG assessment score of 96.63 or “VERY GOOD”

Jasa Marga Commitment to GCG Implementation 2006 2010 2011 Statement of GCG Statement of Risk Statement of Commencement Implementation Management Policy of Whistleblowing System Implementation

2012 2013 2014 Jasa Marga Clean Commitment Program on the Commitment to Signing of an Integrity Pact in every Between the Management and Control Gratification witnessed start of the year by all Elements of Jasa Jasa Marga Labor Union by Corruption Eradication Marga and in every Procurement of Goods and Services Commission (KPK)

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In 2014, Jasa Marga continues to improve the implementation of Gratification Control in cooperation with the Corruption Eradication Commission (KPK) as an embodiment of Gratification Control Program (PPG). The implementation of this program refers to the schedule for implementing the Jasa Marga Gratification Control Program.

Jadwal Kegiatan dalam Rangka Implementasi Pengendalian Gratifikasi Jasa Marga

Pelaksanaan No. Main Activities Detailed Activities Estimated Time Venue PIC 1. Statement of Commitment to • Preparing Draft of Commitment 11 July 2013 Jasa Marga Head Corporate Implement • Signing of Commitment Office Secretary Gratification Control Program 2. Appointment of Function/Unit in Review of Jasa Marga Directors Decision No. 187/ July-September Jasa Marga Head Corporate charge of Gratification Control KPTS/2011 on Guidelines for Gratification Control, 2014 Office Secretary (Gratification Control Unit) especially to confirm that Corporate Secretary as the Gratification Control Unit which handles the controlling of gratification (receive and submit Gratification report to KPK) 3. Strengthening Terms Conducting Technical Workshop to draft 28-29 October Meeting Room of Corporate Organs Ruling on Gratification Control and Mechanism for 2013 Jagorawi Branch Secretary processing Gratification Report (20 people). Dissemination/Focus Group Discussion (FGD) of Draft Regulation on Gratification Control and Mechanism for Preparing the Gratification Report. Approving the Review Result about rules on September 2014 Jasa Marga Head Corporate Controlling Gratification and Function/Unit which Office Secteraty Manages Gratification Control Declaring Code of Ethics Already existed, last revised in 2013 Position Analysis To be prepared by Gratification Control Program Team Preparing other related rules: i. Ruling on Whistleblowing System (Optional) Already existed Jasa Marga Head Corporate since December Office Secretary 2011 and last revised in January 2013 ii. Ethic Commission to Process breaking of Human Capital Services Division Human Capital Services Division Ethics by Employees and Management HR (Agent of Appointment of Candidates for Training of Trainers Change) (ToT) Participants on Gratification i. Submission of List of ToT Participants October 2014 Jasa Marga Head JMDC and ii. Determining Candidates for ToT Participants Office Corporate ToT on Gratification (20 people) October- Bandung Secretary November 2014 4. Socialization/ Dissemination Online Dissemination December 2014 of Gratification and Terms for Internal and External Socialization December Jasa Marga Corporate Gratification Control. 2014-March 2015 Head Office, Secretary Branch Offices, Subsidiaries and External (GMS) 5. Monitoring and Evaluation. Evaluation on the Implementation of Gratification Q2, 2015 Control Program/PPG (Review of System/Rules/ Observation)

Objectives of GCG GCG principles, namely transparency, accountability, Implementation at Jasa Marga responsibility, independence and fairness”. To create a highly competitive company and continues to grow, Jasa Marga has and continues to develop the Based on the Code of Corporate Governance as set structure and system of Corporate Governance (GCG) out in the Directors Decision No. 174/KPTS/2013 by referring to the principles of GCG in accordance with dated December 17, 2013, the purposes of the the terms and regulations as well as best practices. implementation of GCG in Jasa Marga are as follows:

The implementation of GCG is based on the The purpose of the Implementation of GCG in Regulation of the Minister of State Enterprises Jasa Marga: No. PER-01/MBU/2011 dated August 1, 2011 on the 1. Control and provide direction about the Implementation of Good Corporate Governance in relationship between shareholders, Board of SOEs with the latest change, namely the Regulation Commissioners, Directors, Employees, Toll Road of the Minister of State Enterprise No. PER-09/ Users/Customers, Business Partners, Creditor/ MBU/2012, which states that “SOEs are required to Investor, as well as Community and Environment. implement the company’s operations by adhering to 2. Encourage and support the development, managing risks of the company more prudently, accountable, and responsible in line with the principles of GCG.

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3. Maximizing the value of the Company that the g. Law of the Republic of Indonesia No. 20 of Company has strong competitiveness, both 2001 on the Amendment of the Law of the nationally and internationally. Republic of Indonesia No. 31 of 1999 on 4. Empower the function and independence of Corruption Eradication. each Organ of the Company. h. Law of the Republic of Indonesia No. 8 of 5. Encourage the management of the Company 1995 on the Capital Market Law No. 14 of in a professional, effective and efficient way to 1992 on Traffic. achieve the Company’s vision and mission. 2. Government Regulations, namely: 6. Encourage managers of the Company to a. Government Regulation No. 45 of 2005 make decisions and perform actions based on the Establishment, Monitoring and on high moral values and compliance with Dissolution of State-Owned Enterprises. the applicable laws and regulations as well as b. Government Regulation No. 15 of 2005 on awareness of corporate social responsibility. the Toll Road. 7. Increase accountability to stakeholders. c. Government Regulation No. 12 of 1998 8. Prevent the occurrence of irregularities in the regarding Limited Liability Company management of the Company. (Persero), j.o. Government Regulation No. 9. Improving the Company’s corporate culture. 45 of 2001. 10. Improving the image of the Company, which is getting better. 3. Decree of the State Minister for State Owned 11. Increase the contribution of the Company in Enterprises, among others: the national economy. a. Decree of the Minister of State-Owned Enterprises No. Kep-104/MBU/2002 on Legal Basis of GCG Implementation at Jasa the Assessment of Candidates for the Marga Directors of State-Owned Enterprises. Jasa Marga has a full commitment and consistently b. Decree of the Minister of State-Owned implements GCG by referring to some formal rules Enterprises No. Kep-102/MBU/2002 on which have become the basis for the Company in Preparation RJPP. implementing GCG, namely: c. Decree of the Minister of State-Owned 1. Laws of the Republic of Indonesia, among Enterprises No. Kep-101/MBU/2002 on them are: the preparation of RKAP (Work Plan & a. The Law of the Republic of Indonesia No. Budget). 14 of 2008 on Freedom of Information. d. Decree of the Minister of State-Owned b. Law of the Republic of Indonesia No. 11 Enterprises No. Kep-100/MBU/2002 on of 2008 on Information and Electronic Evaluation of the Healthy Level of State- Transactions. Owned Enterprise. c. Law of the Republic of Indonesia No. 40 e. Decree of the Minister of State-Owned of 2007 on Limited Liability Companies. Enterprises No. Kep-09A/MBU/2002 on d. Law of the Republic of Indonesia No. 38 of the Assessment about the Fit and Proper 2004 on Road. Candidates for the Directors of the State- e. Law of the Republic of Indonesia No. 19 of Owned Enterprises. 2003 on SOEs. f. Law of the Republic of Indonesia No. 15 of 4. Regulation of the State Minister for State 2002 on Money Laundering as amended Owned Enterprises, among others: by the Act of the Republic of Indonesia a. Regulation of the Minister of State No. 25, 2003. Enterprises No. PER-03/MBU/02/2015 dated February 17, 2015 on the requirements, procedures for the appointment and dismissal of members of the Directors of State Owned Enterprises.

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b. Regulation of the State Minister for State- November 25, 2009, Bapepam-LK No. Owned Enterprises No. PER-12/MBU/2012 IX.E.2 on Material Transactions and about the Supporting Organs of BOC/ Change of Main Business Activities. Supervisory Board of the State Owned b. Decision of the Chairman of Bapepam and Enterprises. LK No. Kep-412/BL/2009 dated November c. Regulation of the Minister of State 25, 2009, Bapepam-LK No. IX.E.1 on Enterprises No. PER-03/MBU/02/2015 Affiliate Transactions and Conflicts of dated February 17, 2015 on the Interest on Certain Transactions. requirements, procedures for the c. Decision of the Chairman of Bapepam appointment and dismissal of members of and LK No. Kep-496/BL/2008 dated the Board of Commissioners and the Board 28th November 2008, Bapepam No. IX.I.7 of Trustees of State Owned Enterprises. on Establishment and Guidelines for the d. Regulation of the State Minister for Charter of the Internal Audit Unit. State-Owned Enterprises No. PER-03/ d. Appendix of the Chairman of Bapepam- MBU 2012 on Guidelines for Appointment LK No. Kep-179/BL/2008 dated May 14, of Members of the Directors and Board 2008, Rule No. IX.J.1 on the Principles of of Commissioners in the Subsidiaries of Articles of Association of the Company State Owned Enterprises. who made a Public Offering of Equity e. Regulation of the State Minister for State- Securities and Public Amendment. Owned Enterprises No. PER-01 /MBU/2011 e. A copy of the Decision of the Chairman of on the Implementation of Good Corporate Bapepam-LK No. Kep-134/BL/2006, Rule Governance (GCG) In State-Owned No. XK6 on the obligation Submission of Enterprises with the latest changes Annual Report to Issuer or Public Company. Ruling State Minister for State Owned f. Decision of the Chairman of Bapepam Enterprises No. PER-09/MBU/2012 on the No. Kep-45/PM/2004, Bapepam No. IX.I.6 Amendment to Regulation of the State of Directors and Board of Commissioners Minister for State-Owned Enterprises No. of the Issuer and Public Companies. PER-01/MBU/2011 Concerning Application g. Decision of the Chairman of Bapepam of Good Corporate Governance (GCG) In No. Kep-29/PM/2004, Bapepam State-Owned Enterprises. Regulation No. IX.I.5 on the Establishment f. Regulation of the State Minister for and Guideline on the Implementation of State-Owned Enterprises No. PER- the Audit Committee. 04/MBU/2014 on Guidelines for h. Decision of the Chairman of Bapepam Determination of Income of Directors, No. Kep-40/PM/2003, Bapepam Board of Commissioners, and the Regulation No. VIII.G.11 on Responsibilities Supervisory Board of the State Owned of Directors over Financial Statements. Enterprises. i. Decision of the Chairman of Bapepam No. g. Regulation of the State Minister for Kep-36/PM/2003 dated 30 September State-Owned Enterprises No. PER-05/ 2003, MBU/2008 on Procurement of Goods and Regulation No. X.K.2 on Obligation to Services for State Owned Enterprises, with Submit Periodic Financial Statements. the latest changes, namely No. PER-15/ j. Decision of the Chairman of Bapepam MBU/2012 dated September 25 of 2012. No. Kep-27/PM/2003 dated July 17, 2003, h. Regulation of the State Minister for Regulation No. X.K.4 about reports on the State-Owned Enterprises No. PER-05/ Utilization of Proceeds from Public Offering. MBU/2006 on the Audit Committee for k. Decision of the Chairman of Bapepam No. State-Owned Enterprises. Kep-554/BL/2010 dated December 30, 2010 on the Amendment to the Chairman 5. Regulations of the OJK, as follows: of Bapepam No. Kep-06/PM/2000 dated a. Decision of the Chairman of Bapepam March 13, 2000 on the amendment of and LK No. Kep-413/BL/2009 dated Bapepam No. VIII.G.7 on Guidelines for the Presentation of Financial Statements.

214 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

l. Decision of the Chairman of Bapepam 9. Decision of the Directors of PT Jasa Marga No. Kep-86/PM/1996 dated January 24, (Persero) Tbk. No. 41/KPTS/2013 on the 1996, Bapepam No. X.K.1 on Disclosure of Organizational Structure of PT Jasa Marga Information for has to be announced to (Persero) Tbk. the Public. m. Decision of the Chairman of Bapepam No. 10. Decision of the Directors of PT Jasa Marga Kep-63/PM/1996 dated January 17, 1996, (Persero) Tbk No. 174/KPTS/2013 dated Bapepam Regulation No. IX.I.4 on the December 17, 2013 of the Code of Corporate Establishment of the Corporate Secretary. Governance (the Code of Corporate n. Decision of the Chairman of Bapepam Governance) of PT Jasa Marga (Persero) Tbk. No. Kep-60/PM/1996 dated January 17, 1996, Regulation No. IX.I.1 on the Plan 11. Decision of the Directors of PT Jasa Marga and realization of General Meeting of (Persero) Tbk. No. 175/KPTS/2013 dated Shareholders. December 17, 2013 of the Code of Conduct of o. Decision of the Chairman of Bapepam No. PT Jasa Marga (Persero) Tbk. Kep-38/PM/1996 dated January 17, 1996, Regulation No. VIII.G.2 on Annual Reports. 12. Decision of the Directors of PT Jasa Marga (Persero) Tbk. No. 186/KPTS/2011 dated 6. Articles of Association of PT Jasa Marga December 7, 2011 on Guidelines on Conflict of (Persero) Tbk which was published in the Interest (Conflict of Interest) at PT Jasa Marga Supplement No. 27 404 of the State Gazette (Persero) Tbk. of the Republic of Indonesia on December 12, 2008 No. 100, subsequently it was amended by 13. Decision of the Directors of PT Jasa the Deed of the Extraordinary General Meeting Marga (Persero) Tbk. No. 09/KPTS/2013 of Shareholders No. 33 dated April 5, 2011 were dated January 16, 2013 on Guidelines of made before Adi Poerbaningsih Warsito, SH., Whistleblowing System of PT Jasa Marga Notary in Jakarta, as has been approved by (Persero) Tbk. the Minister of Justice and Human Rights of the Republic of Indonesia with decision No. 14. Decision of the Directors of PT Jasa Marga AHU-20288.AH.01.02 in 2011 dated April 21, (Persero) Tbk. No. 183/KPTS/2014 dated 2011, and last amended by the Deed of General October 22, 2014 on Guidelines for Handling Meeting of Shareholders Extraordinary No. Gratification of PT Jasa Marga (Persero) Tbk. 95 dated June 21, 2012 were made before Adi Poerbaningsih Warsito, SH., Notary in Jakarta 15. Decision of the Directors of PT Jasa Marga and has received a letter of acceptance (Persero) Tbk. No. 60/KPTS/2009 on the notification from the Directorate General of Division of Duties and Authorities of the Law Administration of the Ministry of Justice Directors of PT Jasa Marga (Persero) Tbk with and Human Rights No. AHUAH.0.10-25313 amendments, namely the Decree of Directors dated July 10, 2012. of PT Jasa Marga (Persero) Tbk No. 199/ KPTS/2011. 7. Board Manual of the Board of Commissioners of PT Jasa Marga (Persero) Tbk. 16. Decision of the Directors of PT Jasa Marga (Persero) Tbk. No. 197/KPTS/2011 on Guidelines 8. Board Manual of Directors of PT Jasa Marga for the Implementation Meeting of the (Persero) Tbk. Directors of PT Jasa Marga (Persero) Tbk.

17. Decision of the General Meeting of Shareholders (AGM) that are listed in the Minutes of the AGM.

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Socialization and Internalization of GCG In addition to the improvement of the rules, the Company also continued the socialization and internalization of GCG to all Jasa Marga employees to ensure adherence to good corporate governance practices. The Company believes that GCG implementation is not enough just by complying with the various regulations, but it must also be demonstrated in everyday practice. The Company believes that by implementing GCG, the confidence of the stakeholders can be maintained and the Company was determined towards Good Corporate Citizen.

Road Map GCG Jasa Marga

Preparation Program GCG GGC GCC Good Corporate Governance Good Governed Company Good Corporate Citizen Suggestion

Elaboration: Meeting the terms and regulation Ability to control business Becoming an industry and social 1. Vision & Mission (mandatory and voluntary) for operation, in particular business entity citizen which upholds ethics 2. RJPP corporate governance risks, effectively and be responsible Benchmark

Support: Value Creation Process 1. Decision Letter of the Directors No. 77/2005 2005-2009 2010-2012 2013-2017 2. GCG Ethics 3. Business Ethics and Work Ethics 4. Statement of 1. Signing of integrity pact by 1. Signing of integrity pact by 1. Commitment for Gratification Corporate Intent Management all elements of Jasa Marga. Program Control (PPG) 5. Board Manual 2. Procurement of goods and 2. Review of Corporate 2. Implementation of PPG in 6. Compliance Report services in the Company Governance cooperation with KPK based on applicable 3. Review of GCG Guidelines 3. Clean SOE Program regulations and terms set (COCG, COC, conflict of 4. E-Procurement out. interest, gratification and 5. Implementation of whistleblowing system) Whistleblowing system 4. Commitment for Clean Jasa 6. GCG assessment based on Marga ASEAN Scorecard 7. Other innovations on GCG

2005 GCG GCG Implementation consistently Implementation and sustainably Kick Off

Results of GCG Implementation Assessment In 2014, GCG assessment was conducted by an independent consultant which was selected through the procurement of goods/services, by using two (2) parameters of assessment, namely the parameters set by the Ministry of SOEs based on SK-16/S.MBU/2012 dated June 6, 2012 on Indicators/Parameter on the Implementation and Evaluation of Good Corporate Governance (GCG) In State-Owned Enterprises, as well as the parameters set by the ASEAN Scorecard.

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The Company’s GCG Assessment Results in 2014 94.6 95.01 96.63 95.54 87.22 80.09 80.33 80.33 72.34

2002 2003 2004 2007 2010 2011 2012 2013 2014 (BPKP) (BPKP) (BPKP) (BPKP) (SDP) (Self (SDP) (Self (SDP) Assesment) Assesment)

Note: In 2012, a new parameter on new assessment was launched, namely based on the SK-16/S.MBU/2012 dated June 6, 2012 on the Indicators/Parameters on Assessment and Evaluation over the Implementation of Good Corporate Governance (GCG) in State Owned Enterprises.

ASEAN Scorecard Jasa Marga follows the GCG Assessment conducted by the Indonesian Institute for Corporate Directorship (IICD), which assesses the practice of corporate governance (CG) based on the ASEAN CG Scorecard.

The assessment is based on public information, particularly on the Company’s annual report and website. The results of the assessment showed that the total score of Jasa Marga reached 78.28%. The scores for each Scorecard components are as follows: a. The rights of shareholders: 44%; b. Equal treatment of the shareholders: 58.82%; c. Role of stakeholders: 95.24%; d. Disclosure and Transparency: 84.21%; e. The responsibility of the Board: 71.21%; and Bonus: 6%.

Assessment on Clean SOE (Phase 1) Jasa Marga actively participates in SOE Clean Program organized by the Ministry of SOEs. Based on the stages of the assessment carried out by BPKP Team, Jasa Marga obtained the following results: a. The Value perception/questionnaire score: 7.65 b. The value of internal effort/application documents at 9.37

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Therefore, Jasa Marga is declared as a “COMMITTED” SOE as shown in the following graph:

Grafik Penilaian BUMN Bersih Tahap 1

Jasa Marga’s Above 7.50 Position

5.00 - 7.50

2.5 - 5.00 Document for application application for nternal Efforts Efforts I nternal Up to 2.5

Up to 2.5 2.5 - 5.00 5.00 - 7.50 Above 7.50 Questionaire Perception

Committed Quite Committed Less Committed Not Committed

Corporate Governance Perception Index (CGPI) Jasa Marga actively participates in the Program of Research and Ratings of the Corporate Governance Perception Index (CGPI), which has been carried out routinely by The Indonesian Institute for Corporate Governance (IICG) for 6 (six) times over the past six years with a different theme. In 2014, the CGPI was conducted to assess for 2013, with a theme, “GCG from the Perspective of Learning Organization”.

The assessment on CGPI follows several stages as follows: 1. Self-assessment 2. Document Completion 3. Preparing a paper. 4. Observation.

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Table Improvement of Jasa Marga’s CGPI Score 85.16 84.52 83.65 83.41 82.65 81.62

2008 2009 2010 2011 2012 2013

Based on the assessment of CGPI for 2013 which participating in relevant GCG exhibition (Anti- was conducted in 2014, as mentioned above, Corruption Day) organized by KPK. Jasa Marga managed to obtain rating of MOST TRUSTED COMPANY with a higher score of 85.16. 3. Clean SOE Program. Jasa Marga proactively enrolls in the Clean SOE Strengthening the Implementation of Jasa Program since 2013. The first phase assessment Marga GCG was conducted in 2014 by the Assessment In understanding of good corporate governance, Team of BPKP. Jasa Marga was then declared Jasa Marga has basic principles, namely as a Committed State Owned Company (SOE) encouraging good corporate governance as in the SOE Clean Program. part of the Company’s management through the introduction of a system that reflects 4. Implementation of Gratification Control. the principles of information transparency, As the continuation of the cooperation with accountability, equality and responsibility. the Corruption Eradication Commission (KPK) replicating the Gratification Control Program Jasa Marga has taken various initiatives in the commitment in 2013, Jasa Marga implemented implementation of GCG, both initiatives that were Gratification Control in accordance with the undertaken by the Company and initiatives that schedule that has been submitted to KPK in are assisted by independent parties in achieving 2014, as follows: sustainable corporate governance. In order to a. Training of Trainer for Gratification strengthen the implementation of GCG in 2014, Control for all VPs/GMs of the Head Jasa Marga has made achievements through the Office and Branches. following programs, including: b. Designate Gratification Control Unit in 1. Strengthening Commitment for GCG the Company. Implementation. c. Circular Letter on Prohibition of This was done through the signing of the Gratification in the Company’s internal Integrity Pact by all elements of Jasa Marga as and Advertising to Prohibit Gratification well as by all prospective goods and services in various Print Media as well as the suppliers of the Company. Company’s website. d. Report the Gratifications that have been 2. Socialization and Internalization of GCG. received in relation to Religious Festivities. The activities undertaken were socialization e. Revise the Guidelines in Handling of GCG to the new employees, providing GCG Gratification as a follow up of the materials at the Toll Road Project Management Directors’ Decision No. 183/KPTS/2014, Training and socialization of GCG through dated October 22, 2014. various media of the Company, as well as f. Management of Report on Gratification that has been received by Jasa Marga’s employees (outside Religious Festivities).

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5. Whistleblowing Management System. The management of Whistleblowing Management System is done in collaboration with independent and experienced external parties. The Whistleblowing Management System team evaluates the implementation of Whistleblowing System in the Company.

6. Participate Actively in various GCG Implementation Awards/Events. a. Participation in the Corporate Governance Perception Index (CGPI) Index in 2014 with the achievement as HIGHLY RELIABLE COMPANY. b. Participating in the Business Review Award (ABR) in 2014, in which the Company was presented with the 1st rank for the Best GCG Implementation in the year of 2014.

7. Measurement of GCG Implementation. The activities undertaken were conducting self-assessment on GCG in 2013 and 2014 assisted by an independent consultant which was selected through the procurement of goods/services mechanism. The score obtained in 2014 based on the assessment parameters set by the SOE Minister was at 96.63 or EXCELLENT.

8. Implementation of ISO and SMK3 In order to protect employees, Jasa Marga implementing OHSAS 18000, while to maintain the quality to its customers, the Company implemented ISO 9001: 2008.

9. Performance Measurement To support the Company’s strategy and improve the performance of the Company, since 2008 the Company has applied the Malcolm Baldrige scheme in 2012 before switching to KPKU which is a mandatory scheme issued by the Ministry of State Enterprises. KPKU measures the performance of companies, as stated in the Letter of the Ministry of State Enterprises No. S-153/S.MBU/2012 dated July 19, 2012 on the Performance Report Based on Superior Performance Assessment Criteria (Kriteria Penilaian Kinerja Unggul/KPKU) of SOE.

Superior Performance Assessment Criteria (KPKU) is a comprehensive criterion in measuring the performance of SOEs as well as guidance in order to improve the performance of SOEs, so that the SOE can play a greater role in the prosperity of the nation. The results of KPKU of SOE in 2014, the Company secured a total score of 603.25 or an Emerging Industry Leader level, where the process in some areas still vary, the necessary emphasis on deployment is required, integration, continuity and learning.

KPKU Score 2009-2014 577.00 603.25 537.25 450.00 428.00 486.00

2009 2010 2011 2012 2013 2014

Notes: • Total Score of KPKU is 1000 • In 2009: Internal Self-Assessment of Jasa Marga • In 2011: Assessment by IQAF • In 2012-2013: Assessment by SOE (KPKU)

10. Culture of Innovation To build a culture of innovation, the Company implements continuous quality improvement (Quality Improvement Group/KPM and Practical Improvement/PP) so that the quality culture can be established intensively and in an integrated way. These are assessed every year during Quality Assessment Event of Jasa Marga.

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Structure, Policy and Mechanism of Corporate Governance Implementation

Governance Structure In accordance with Law No. 40 2007 Chapter I on General Provisions, Article 1, on the Organs of a Company consist of General Meeting of Shareholders, Directors and Board of Commissioners. • General Meeting of Shareholders (AGM) is a Company’s Organ that has the authority that is no granted to the Directors or Board of Commissioners within the limits specified in the Law and/or Articles of Associations. • Directors is an Organ of the Company which is authorized and fully responsible for management of the Company for the benefit of the Company, in accordance with the purpose and goals of the Company and represents the Company, both in and out of court in accordance with the provisions of the Articles of Association. • Board of Commissioners is in charge of general supervision and/or special in accordance with the Articles of Association and to provide advice to the Directors.

Jasa Marga already has a comprehensive governance structure, especially in the application of corporate governance principles, as follows:

Governance Structure

GMS

Audit Committee

Board of Directors Commissioners Business Risk & Investment Committee

Risk and Quality Corporate Management Internal Audit Legal Division Secretary Division

GCG Risk Compliance Management

Investor Relations

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The Company’s Organs play a key role in the • Audit Committee successful implementation of GCG. The Company’s The Committees that can be established by Organs perform their functions in accordance with the Board of Commissioners to assist the the Laws, the Articles of Association and other Board of Commissioners, fulfill their duties and provisions based on the basic principles that each responsibilities in reviewing the effectiveness organ is independent in carrying out its duties, of internal control systems, the effectiveness functions and responsibilities for the interests of of the implementation of the duties of external the Company. and internal auditors, as well as in reviewing and approving all information and proposals AGMS, Directors and Board of Commissioners that were prepared and submitted to other respect the duties, responsibilities and authority parties such as the Financial and Non- of each Organ in accordance with the laws and Financial Statements, as well as the Company’s regulations and the Articles of Association. In Annual Report. carrying out the duties in running the company, the Directors is assisted by the Corporate Secretary • Business Risk and Investment Committee and Internal Control Unit, as well as other working The Committee that can be formed by the units which perform the function in operating the Board of Commissioners to assist the board in Company. In carrying out the supervisory duties, the the implementation of the duties and functions Board of Commissioners may establish committees, of the Board of Commissioners to monitor whose members are one or more members of regularly and recommend improvements to the the Board of Commissioners. These committees risk management, which is being implemented are responsible to the Board of Commissioners. and being developed by the Company. Committees that have been established by the Board of Commissioners are as follows: • Nomination and Remuneration Committee In carrying out the functions of the Nomination and Remuneration, the Company has established a system and procedure in determining the remuneration that will be imposed on the Company by referring to the applicable regulations.

• Corporate Governance Committee In carrying out the functions of Corporate Governance, the Board is actively monitoring the implementation of GCG in the Company.

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Hierarchy of the Company’s GCG Policy

Diagram Hierarchy of the Company's GCG Policy

Article of Association

Board Manual

Good Corporate Governance Guidelines

Code of Guidelines for Guidelines for Handling Guidelines for Conduct Conflict of Interest Gratification Whistleblowing System

Standard Operating Other Policies Procedures

Governance Mechanism Governance Mechanism is a mechanism for GCG implementation, which is reflected in a strong system. This is important, because the implementation of GCG is not enough just to rely on the pillars of governance structure, but there is a need to have a clear rule in the form of proper mechanism. Governance mechanism can be defined as rules, procedures and a clear relationship between the parties that make decisions and parties that control (supervise) the decision.

The Company uses the term of governance mechanisms as soft-structure of GCG. Soft-structure is an important aspect in the implementation of GCG, because the soft-structure GCG will be a living document for all ranks and levels of the organization in a company.

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Mekanisme Tata Kelola Perseroan Governance Mechanism of the Company

BOARD MANUAL GUIDELINES FOR DEALING WITH CONFLICT Board Manual is a compilation of management OF INTEREST practices of the Company which were adapted Conflict of Interest Guidelines are guidelines for from regulations (Laws/Regulations), Statutes Individual of Jasa Marga to understand, prevent and mutually agreed best practices in the and mitigate Conflict of Interest in implementation of GCG. Board Manual is used the Company. by the Company’s organs that carry oversight function and management of the Company, namely Board of Commissioners and Directors. GUIDELINES FOR WHISTLEBLOWING SYSTEM Guidelines for Whistleblowing System are set of guidelines for Jasa Marga employees in preventing and detecting the potential CODE OF CORPORATE GOVERNANCE violation of the Company. (COCG)

COCG is a set of values and practices that is used as guidelines for the Company’s Organs INTEGRITY PACT and Management in managing the Company, Integrity Pact is a Statement signed by the which contains the principles of GCG that are Board of Commissioners, Directors and in accordance with the laws and regulations, Employees of the Company, which contains objectives, vision and mission and values of pledges to apply the principles of Good the Company. Corporate Governance in carrying out the duties and responsibilities.

CODE OF CONDUCT (COC)

COC is a system of values or norms that INTERNAL AUDIT CHARTER are adopted by all Jasa Marga employees in performing their duties which contain Internal Audit Charter has a role to improve business ethics and behavior of all Jasa Marga the control function which is integrated in the individuals in achieving the goals, vision and Company’s system and ensure the operation mission of the Company, among others, the of the Company is implemented in accordance ethical relationship between the Company with the applicable rules. and Employees, Toll Road Users, Stakeholders, Suppliers, Lenders/investors, government, business partners, competitors, Mass Media, Society and Environment.

CHARTERS OF COMMITTEES UNDER BOARD OF COMMISSIONERS GRATIFICATION HANDLING MANUAL The charter has a role as a guideline for the Audit Committee and Committee for Guidelines for Handling Gratification are set of Investment and Business Risk in the execution guidelines for every person in Jasa Marga to of duties as in supporting BOC organs. The understand, prevent and control Gratification Committee Charter is flexible and can be in the Company. done as needed.

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General Meeting of Shareholders General Meeting of Shareholders (AGM) as the highest authority in the Company has the authority which is no granted to the Board of Commissioners or Directors within the limits set in the Articles of Association and the applicable laws. The authority encompasses the request for accountability of the Board of Commissioners and Directors relating to the management of the Company, changing the Articles of Association, appointing and dismissing the Directors and the Board of Commissioners, division of roles and responsibilities of Directors and others.

AGMS of the Company are: • Annual General Meeting of Shareholders is held each fiscal year no later than six (6) months after the fiscal year of the Company is closed. • Extraordinary General Meeting of Shareholders is the general meeting of shareholders which is held at any time when needed.

Throughout 2014, Jasa Marga conducted 1 (one) GMS, namely the Annual General Meeting of Shareholders on March 11, 2014 at the Ballroom of The Dharmawangsa Jakarta, Jl. Brawijaya Raya No. 26, Kebayoran Baru, Jakarta 12160.

The Annual GMS has gone through the process of preparation and implementation in accordance with Law No. 40 of 2007 on Limited Liability Companies, Article 81, 82, and 83 as well as the Chairman of Bapepam-LK No. Kep-60/PM/1996 on the planning and realization of the AGM. The process of planning and implementation of the Annual General Meeting of the Company has been stated in the letter submitted to Bapepam-LK, as well as Notification to place an advertising, the Call and Announcement of Annual General Meeting in each of the 2 (two) Indonesian newspapers which national circulation with details as follows:

Preparation Process for AGMS for 2014

Announcement Submission and Invitation to Submission on Plan and and Revision to Announcement of Annual GMS Agenda of Annual GMS Announcement of Annual Resolutions of Annual GMS GMS Submit letter to Head of Advertisement at Bisnis Advertisement at Bisnis Advertisement at Bisnis Executive Head for Capital Indonesia and Investor Indonesia and Investor Indonesia and Investor Market Supervisory of Daily Daily Daily OJK through Letter No. AA.AK06.99 dated 30 January 2014 21 March 2013 07 February 2014 24 February 2014 13 March 2014

Notification of Annual GMS is published through advertisement of the Annual General Meeting at Bisnis Indonesia and Investor Daily on February 7, 2014. The Call (Invitation) for Annual General Meeting of Shareholders was published through advertisement in the same newspaper on February 24, 2014. While the Announcement of the results of the Annual AGM was published via an advertising in the same newspaper on March 13, 2014.

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The Agenda of the Annual GMS were published 6) Materials that will be discussed at the Meeting in Advertised Invitation. In addition to published have been available at the Company’s office Agenda of the Annual General Meeting, Annual GMS since the date of the published Invitation until also disclosed some notes as follows: the date of the Meeting and can be downloaded 1) The Company does not send a separate at the Company’s website www.jasamarga.com. invitation to shareholders, because the 7) a. Shareholders or Powers of Attorney of the advertising is a formal invitation in accordance Shareholders who will attend the Meeting are with the provisions of Article 22, paragraph 2 of requested to submit photocopy of identity the Articles of Association of the Company. card (KTP) or other proof of identity to the 2) Those who are entitled to attend the Meeting registration office of the Company prior to of Shareholders are those whose names are entering the Meeting Room. In the event registered in the Register of Shareholders that Shareholders are represented by Proxy, on Friday, dated February 21, 2014 at 16:15 or the Proxy Shareholders are requested to owner of the securities account balances at PT submit a photocopy of ID card or other proof Kustodian Sentral Efek Indonesia at closing stock of identity of the Shareholder power that trading on Friday, February 21, 2014. granted authority to the Proxy Shareholders 3) Shareholders who are not present at the Meeting, who have been authorized. may be represented by a proxy. Member of b. Shareholders in the form of legal entity the Directors and Board of Commissioners in order to bring a copy of the Articles of and the Employees of the Company may act Association and following changes of final as Authorized Shareholders at the Meeting, management structure. however the votes cast by the members of the c. Shareholders whose shares are registered in Directors, the Board of Commissioners and the the collective custodian at central securities Employees of the Company as the power of depository, PT Kustodian Sentral Efek attorney of the shareholders are not counted Indonesia are required to bring a written during the voting process. confirmation for the attending the Meeting 4) Power of Attorney form can be obtained during (KTUR) which can be obtained from the working hour at: the Company’s Headquarter, securities companies or custodian bank at Plaza Tol Taman Mini Indonesia Indah, Jakarta where the shareholders open a securities 13550 Tel. (021) 8413526, 8413630 ext. 227 account. and 223, as well as the office of the securities 8) To facilitate a smooth Meeting, shareholders or administrative office PT Datindo Entrycom Puri their proxies or Shareholders’ power of attorney, Datindo-Wisma Sudirman, Jln. Gen. Sudirman are required to be at the Meeting Place at least Kav. 34-35 Ph. (021) 5709009 Fax. (021) 30 (thirty) minutes before the meeting begins. 5709026, 5708914. 5) All the Power of Attorney that have been The Annual GMS was attended by members of completed must be returned to the Company no the Board of Commissioners, in which one of its later than on Thursday, March 6, 2014 until 16:00 members, is the Chairman of the Audit Committee via the Company’s office or the Office of the as well as the holders of Dwiwarna shares namely, Registrar PT Datindo Entrycom. Series A and Series B Shareholders and/or the authorized proxy with the attendance quorum of 79.909% of all shares with voting rights and has complied with the Articles of Association. The GMS was also attended by the public accounting firm that has audited Financial Statements of the Company as well as the Financial Report of Partnership and Community Development 2013 financial year.

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Number of shares attending Jasa Marga Annual AGMS 2014

Number of Shares Percentage (%) 5,433,838,600 79.909

Based on the decision of the Board of Commissioners, the Annual General Meeting is led by President Commissioner. The Leader of the Meeting provides the opportunity for shareholders or the shareholders’ power of attorney to submit questions/comments and/or suggestions, which later answered or responded by the leader of the Meeting or someone who is appointed by the Chairman of the Meeting. After all the questions are answered and responded, then voting is held. Only Shareholders or their proxies are legitimate to cast vote. Every holder of one share is entitled to issue one share and entitling the holder to cast one vote. The Company has appointed Notary, Ir. Nanette Cahyanie Handari Warsito Adi, SH., as an independent party that validated the votes and preparing a report on the Minutes of the Meeting.

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The Agenda, Resolutions, Voting Results and Follow-up Decisions of Annual General Meeting of Shareholders are as follows:

FIRST AGENDA

Approval of the Annual Report for the Financial Year 2013, about the Company’s Activities and Approval of the Implementation of the Supervisory Duties of the Board of Commissioners as well as the Ratification of the Company’s Financial Statements which Ended December 31, 2013.

Resolutions of the First Agenda 1. Approve the Annual Report for the fiscal year ended on December 31, 2013, including ratification of the Board of Commissioners’ Supervisory Duties’ Report and the Consolidated Financial Statements for the fiscal year ended on December 31, 2013 which was audited by Public Accounting Firm (KAP) Aryanto, Amir Jusuf, Mawar & Saptoto (RSM AAJ Associates) as contained in its report No. R/042.AGA/sat.2/2014 dated February 12, 2014 with the reasonable opinion in all material respects. 2. With the approval of the Company’s Annual Report including the approval of the Supervisory Duties Report of the Board of Commissioners and the approval of the Consolidated Financial Statements for the financial year ended December 31, 2013, the AGMS granted release and discharge for full responsibility (volledig acquit et de charge) to all members of the Directors and Board of Commissioners for the actions of management and supervision they have carried out during the Fiscal Year ended December 31, 2013, as long as all the actions are not criminal acts and is reflected in the Annual Report and Financial Statements of the Company.

Voting Results Follow Up Present: 5,433,838,600 votes (100.00%) -

Agreed: 5,432,914,200 votes (99.98%) Disagreed: 552,500 votes (0.01%) Abstain: 371,900 votes (0.07%)

Total Agreed: 5,433,286,100 votes (99.99%)

SECOND AGENDA

Approval of the Report on Partnership and Community Development Program for Fiscal Year 2013.

Resolutions of the Second Agenda 1. Approve the Annual Report on Partnership and Community Development Program for the fiscal year ended on December 31, 2013, including Financial Statements of PKBL audited by Public Accounting Firm (KAP) Aryanto, Amir Jusuf, Mawar & Saptoto (RSM AAJ Associates) as contained in the report No. R/056.AGA/sat.2/2014 dated February 12, 2014 with the reasonable opinion in all material respects. 2. With the approval of the Annual Report of Partnership Program and Community Development (PKBL) for the fiscal year ended December 31, 2013, the AGMS granted release and discharge for full responsibilities (volledig acquit et de charge) to all members of the Directors and the Board of Commissioners Liability for the actions of management and supervision on PKBL for the fiscal year ended December 31, 2013, as long as the actions not criminal and are reflected in the Annual Report of Partnership Program and Community Development (CSR) for the fiscal year ended December 31, 2013.

Voting Results Follow Up Present: 5,433,838,600 votes (100.00%) -

Agreed: 5,429,464,200 votes (99.92%) Disagreed: 552,500 votes (0.01%) Abstain: 3,821,900 votes (0.07%)

Total Agreed: 5,433,286,100 votes (99.99%)

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THIRD AGENDA

Approval of the Utilization of 2013 Net Profit.

Resolutions of the Third Agenda 1. To approve and authorize the use of Net Income for the fiscal year 2013 amounting to Rp. 1,336,316,735,000.00 (one trillion three hundred and thirty-six billion three hundred and sixteen million seven hundred thirty-five thousand rupiah) with the following composition: a. As much as 40% (forty percent) of the net profit of the Company or amounting to Rp 534,526,694,000.00 (five hundred thirty four billion, five hundred and twenty-six million, six hundred and ninety four thousand rupiah) will be distributed as cash dividends to the Shareholders. b. As much as 1.87% (one point eight seven percent) of the net profit of the Company or Rp 25,000,000,000.00 (twenty five billion rupiah) will be allocated as mandatory reserves. c. Amounted to 58.13% (fifty-eight point thirteen percent) of the net profit of the Company or Rp 776,790,041,000.00 (seven hundred and seventy-six billion, seven hundred and ninety million, forty-one thousand rupiah) will be allocated as other reserves which will add the retained earnings. 2. Granting the power and authority to the Directors to further set out more about the procedures and the implementation of the cash dividend distribution in accordance with the provisions of applicable Laws, including rounding up for the payment of dividends per share. 3. The Company will establish reserve funds for the program of corporate social responsibility with the amount according to the needs and capabilities of the Company.

Voting Results Follow Up Present: 5,433,838,600 votes (100.00%) Cash Dividend for 2013 Fiscal Year is distributed on April 23, 2014 based on Directors’ Decision No. 49.1/ Agreed: 5,432,866,700 votes (99.98%) KPTS/2014 dated March 12, 2014. Disagreed: 600,000 votes (0.01%) Abstain: 371,900 votes (0.07%)

Total Agreed: 5,433,238,600 votes (99.99%)

FOURTH AGENDA

The appointment of Public Accountant to audit the Consolidated Financial Statements for Fiscal Year 2014 and Financial Report of Partnership and Community Development Fiscal Year 2014.

Resolutions of the Fourth Agenda 1. Reappointing Public Accounting Firm (KAP) Aryanto, Amir Jusuf, Mawar & Saptoto (RSM AAJ Associates) to conduct an audit on the Financial Statements of the Company for the fiscal year that will end on December 31, 2014 and Financial Report of Partnership and Community Development (PKBL) of the Company for the fiscal year that will end on December 31, 2014. 2. Granting the power to the Board of Commissioners to determine the Public Accounting Office replacement, in which the office of Aryanto, Amir Jusuf, Mawar & Saptoto (RSM AAJ Associates) cannot continue or perform their duties to complete the audit of the Company’s Financial Statements and Financial Statements of the Partnership and Community Development (PKBL) of the Company for any reasons based on Provisions and applicable Regulations.

Voting Results Follow Up Present: 5,433,838,600 votes (100.00%) Public Accounting Office (KAP) Aryanto, Amir Jusuf, Mawar & Saptoto (RSM AAJ Associates) as the Agreed: 5,424,532,200 votes (99.83%) Disagreed: 4,382,400 votes (0.08%) Company’s public accountant conducts audit on the Abstain: 4,924,000 votes (0.09%) Financial Statements of the Company for fiscal year of 2014 and Financial Report on Partnership Program Total Agreed: 5,429,456,200 votes (99.92%) and Community Development (PKBL) of the Company since 2014.

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FIFTH AGENDA

Determining the amount of the Tantiem for Fiscal Year 2013, the salaries, honorarium and allowances and Other Facilities for the Directors and the Board of Commissioners for Fiscal Year 2014.

Resolutions of the Fifth Agenda Grant the authority and power to the Board of Commissioners with prior approval of the Shareholder of Series-A Dwiwarna to determine the amount of bonuses for the members of the Directors and Board of Commissioners for the Fiscal Year 2013, and to determine the salaries, honorarium, allowances and facilities and other benefits for members of the Directors and members of the Board of Commissioners for 2014.

Voting Results Follow Up Present: 5,433,838,600 votes (100.00%) Tantiem for fiscal year 2013 was set at Rp 17,994,117,647

Agreed: 5,344,093,737 votes (98.35%) Disagreed: 60,116,063 votes (1.11%) Abstain: 29,628,800 votes (0.55%)

Total Agreed: 5,373,722,537 votes (98.89%)

SIXTH AGENDA

Directors’ Report Regarding the Use of Proceeds from Public Offering (IPO) in 2007 and Jasa Marga Bond in 2010 and 2013.

Resolutions of the Sixth Agenda The Directors has submitted the Report on the Utilization of Proceeds from Public Offering (IPO) of shares in 2007 and Jasa Marga Bonds in 2010 and 2013. The sixth agenda is a report, therefore there was no voting. Follow Up -

SEVENTH AGENDA

Approval on the Enforcement of Regulations of the Minister of State Owned Enterprise, as follows: a. Regulation of the Minister of State Enterprises No. PER-08/MBU/2013 dated September 10, 2013 concerning the Fourth Amendment of the Regulation of the Minister of State Enterprises No. PER-05/ MBU/2013 dated April 27, 2007 on the Partnership Program of the State Owned Enterprises with Small Business and Community Development Program. b. Regulation of the Minister of State Enterprises No. PER-09/MBU/2013 dated April 19, 2013 on General Policy about Hedging Transactions of the State Owned Enterprises.

Resolutions of the Seventh Agenda Enforcement for the implementation of the Regulation of the Minister of State Enterprises, as follows: a. Regulation of the Minister of State Enterprises No. PER-08/MBU/2013 dated September 10, 2013 on the Fourth Amendment to the Regulation of the Minister of State Enterprises No. PER-05/MBU/2007 dated April 27, 2007 on the Partnership Program of the State Owned Companies with Small Business and Community Development Program. b. Regulation of the Minister of State Enterprises No. PER-09/MBU/2013 dated September 25, 2013 on General Policy of Hedging Transactions of the State Owned Enterprises.

Voting Results Follow Up Present: 5,433,838,600 votes (100.00%) Implementation of the regulations in the Company.

Agreed: 5,433,466,700 votes (99.99%) Disagreed: 0 votes (0.00%) Abstain: 371,900 votes (0.01%)

Total Agreed: 5,433,838,600 votes (100.00%)

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EIGHTH AGENDA Approval for the Changes in the Board of Executives of the Company and/or the composition of the Company’s Board.

Resolutions of the Eighth Agenda 1. a. Dismissal with an honor Mr. JOYO WINOTO as a member of the Board of Commissioner. The dismissal became effective since the closing of the Meeting and expressed thankfulness and appreciation for his service during his tenure as a member of the Board of Commissioners. As for granting of release and discharge of responsibility (volledig acquite et de charge) for the period from January 1, 2014 until the date of this Meeting, will be given accountability during the Annual General Meeting in the following year. b. Appoint Mr. BOEDIARSO TEGUH WIDODO as a member of the Board of Commissioner, which became effective since the closing of this AGM until the fifth Annual General Meeting, without undermining the right of the GMS to dismiss the person at any time. c. With the effectiveness of the dismissal and appointment of members of the Board of Commissioners above, then the members of the Board of Commissioners are as follows:

President Commissioner: Mr AGOES WIDJANARKO Commissioner: Mr. IBNU PURNA MUCHTAR Commissioner: Mr. AKHMAD SYAKHROZA Commissioner: Mr. BOEDIARSO TEGUH WIDODO Independent Commissioner: Mr. SAMSOEDIN Independent Commissioner: Mr. MICHAEL DENDRON PRIMANTO

2. a. Change the structure of Directors of the Company as follows: Structure: 1. Mr. ADITYAWARMAN, as President Director, previously President Director 2. Mr. HASANUDIN, as Director, previously Operation Director 3. Mr. ABDUL HADI Hs., as Director, previously Business Development Director 4. Mr. REYNALDI HERMANSJAH, as Director, previously Finance Director 5. Mr. MUH NAJIB FAUZAN as Director, previously as for Human Capital and General Affairs Director

b. Given this changing, the composition of the Directors of the Company as follows: President Director: Mr ADITYAWARMAN Director: Mr. HASANUDIN Director: Mr. ABDUL HADI Hs. Director: Mr. REYNALDI HERMANSJAH Director: Mr. MUH NAJIB FAUZAN

c. Division of Duties and Authorities of Directors are determined based on the decision of Directors after consultation with the Board of Commissioners.

Voting Results Follow Up Present: 5,433,838,600 votes (100.00%) Decision Letter of the Board of Commissioners No. KEP-106a/V/2014 dated May 16, 2014. Agreed: 4,924,044,442 votes (90.62%) Disagreed: 409,041,428 votes (7.53%) Abstain: 100,752,730 votes (1.85%)

Total Agreed: 5,024,797,172 votes (92.47%)

The announcement of the Annual General Meeting 2. Shareholders whose shares are registered of Shareholders also reveals the Dividend Payment in the collective custodian of KSEI, cash Procedures, as follows: dividend payments will be done through 1. The cash dividend will be distributed to KSEI and will be distributed into the accounts shareholders whose names are registered of the Securities Company or Custodian in the Shareholders List (Recording date) Bank on April 23, 2014. Proof of Payment of on April 9, 2014 until at 16:15 and/or cash dividends will be delivered by KSEI to Shareholders of the Company which have shareholders through Securities Company or accounts at KSEI as of April 9, 2014. custodian bank where the shareholders open their accounts. As for shareholders whose

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 231 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

shares are not included in the collective 5. Shareholders who are Foreign Taxpayers, custody of KSEI, the cash dividend payment whose tax deduction will be based on will be transferred to the bank account of the the Agreement on Avoidance of Double Shareholders. Taxation Agreement (P3B) shall meet the 3. Cash dividends will be taxed in accordance requirements of the article 26 of the Income with applicable tax laws and regulations. Tax Law No. 36 of 2008 and to submit DGT- The amount of tax charged will be borne by 1 or DGT-2 form which have been legalized the Shareholders concerned and deducted by the Tax Office for Listed Companies from the amount of cash dividends that have to KSEI or BAE not later than on 15 April become the right of the Shareholders. 2014 (5 trading days prior to the date of 4. Shareholders who are legal entities Tax payment) at 16:00 pm. Without a defined payers who are yet to have Taxpayer format documents, cash dividend paid will be Identification Number (NPWP) are required subject to income tax Article 26 by 20%. to submit NPWP to KSEI or the Securities 6. Shareholders whose shares are placed Administration Bureau, PT Datindo Entrycom in KSEI collective custody, evidence of – Puri Datindo-Wisma Sudirman, Jl. Jend. the withholding tax on dividend can be Sudirman Kav. 34-35 Jakarta 10220, Tel. picked up at the securities company and/ (021) 5709009, Fax (021) 5709026, 5708914 or custodian bank where the shareholders no later than on April 9, 2014 at 16:00 open a securities account and Shareholders pm. Without the inclusion of NPWP, cash scrip taken at the office of Registrar firm, PT dividends paid to taxpayers in the form of Datindo Entrycom from April 30 2014. the legal entity will be subject to income tax by 30%.

Board of Commissioners Board of Commissioners is an organ of the Company who is collectively responsible for the oversight and giving advice to the Directors and ensure that Jasa Marga implements the GCG at all levels of the organization. In order to support the performance of its duties, the Board of Commissioners is assisted by the Audit Committee and Business Risk and Investment Commitee.

Composition of the Board of Commissioners As of December 31, 2014, the composition of Board of Commissioners of Jasa Marga comprises of 6 (six) people, as follows:

Composition of Board of Commissioners of Jasa Marga

Shareholders Name Post Legal Basis of Appointment Representative Agoes Widjanarko President Resolutions of Extraordinary The State of Republic Commissioner GMS on January 30, 2012 of Indonesia Mayjen. (Purn.) Samsoedin Independent Resolutions of Extraordinary Independent Commissioner GMS on January 30, 2012 Irjen. Polisi (Purn.) Michael Independent Resolutions of the Extraordinary Independent Dendron Primanto Commissioner GMS on January 30, 2012 Ibnu Purna Commissioner Resolutions of Extraordinary The State of Republic GMS on January 30, 2012 of Indonesia

Akhmad Syakhroza Commissioner Resolutions of the Extraordinary The State of Republic GMS on January 30, 2012 of Indonesia Boedoarso Teguh Widodo Commissioner Resolutions of Annual GMS on The State of Republic March 11, 2013 of Indonesia

232 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Duties and Responsibilities of the Board of Commissioners Board of Commissioners through collegial works oversees and advises the Directors in operating the Company, in accordance with the Articles of Association and the provisions of the applicable laws and regulations. The position of each Commissioner is equal, however, in carrying out their duties as member of Board of Commissioners, with a principle of ‘primus inter pares’, they are led and coordinated by President Commissioner and in performing their duties, the Board of Commissioners is responsible to the General Meeting of Shareholders (GMS). Members of the Board of Commissioners are appointed and dismissed by the GMS.

Accountability of the Board of Commissioners to the GMS is a form of accountability in monitoring and providing advice on the management to the Directors of the Company, as part of the framework of the application of the principles of good corporate governance (GCG).

In accordance with the division of works of the Commissioners set out in the Stipulation of the Board of Commissioners of PT Jasa Marga (Persero) Tbk. No. Kep-106A/V/2014 dated May 16, 2014, the Board of Commissioners duties are divided into 6 (six) areas, as follows: 1. Policy and Development Strategy of the Company. 2. Investment. 3. Finance. 4. Technical Aspect of the Road. 5. Toll Road Traffic Services. 6. Organization and Human Resources Development.

Description of the Duties of Board of Commissioners is as follows:

Name Agoes Widjanarko

Position President Commissioner

Area of Duties Policy and Business Development of the Company

Description of Duties 1. Memberikan masukan, saran dan nasihat terkait dengan kebijakan dan strategi Provide inputs, suggestions and advice associated with the Company’s policy and strategic development as well as coordinating and integrating inputs about the other five fields duties, as part of efforts for: preparation, writing down the Company’s vision and mission, the development of policies and strategies and the Medium Term Plan or Long Term Plan of the Company, including in the preparation and formulation of the Annual Work Plan and Budget of the Company, as well as oversight role on the implementation of the General Meeting of Shareholders, approval of the writing-off books of fixed assets, equity and establishing subsidiaries/joint ventures, buy or sell securities, joint operations and strategic investments. These are valid for a period of more than 3 years or more from 5-10 years in the form of KSO, BOT, BOO and BRT. 2. Provide guidance and recommendations on the decision, evaluation and revision of the corporate vision and mission, the Medium Term Plan and/or Long Term Plan of the Company, as well as the Work Plan and Budget, including the approval to perform actions which have not been specified in the RKAP, as well as the approval for the nomination of representative of the Company to become a candidate member of the Directors and the Board of Commissioners in the joint ventures or subsidiaries that strategic positions. 3. Leading and ensure the achievement of the effectiveness of decision-making, in the Board of Commissioners, joint meeting of Board of Commissioners and Directors, and the General Meeting of Shareholders as well as the application of the principles of good corporate governance in the Board of Commissioners.

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 233 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Name Ibnu Purna

Position Commissioner

Area of Duties Investment

Description of Duties 1. Provide input, guidance, recommendations in the formulation of policies and investment strategies and risks of the development of new toll road, obtaining a new toll road concession or acquisition of existing toll roads and divestiture or spin off subsidiaries, as well as in the development of non-toll business. 2. Monitoring and assessing and providing inputs, advice and recommendations in the efforts to improve the efficiency and effectiveness of the technical planning of toll road, investment cost for construction to increase road capacity and the construction of new toll roads as well as the associated business risks, giving approval for the proposed investments/disposals of capital in other companies or set up subsidiaries/joint ventures, giving approval to conduct cooperation with longer period of more than 3 years or 5-10 years in the form of KSO, BOT, BOO, BRT, and so on.

Name Boediarso Teguh Widodo

Position Commissioner

Area of Duties Finance

Description of Duties 1. Provide inputs, guidance, recommendations in the formulation of policies and strategies in the management, engineering and strengthening the Company’s financial structure and obtain the cheapest funds needed for investing in the development of new toll road, capacity building, repairing and maintenance of existing toll roads. 2. Provide inputs, feedback, suggestions and recommendations in the drafting of the annual and long-term Work Plan and Budget, a review of the proposed transfer and conversion of fixed assets as guarantees for the Company’s debt worth up to Rp 500 billion in 1 (one) or more transactions within one year, receiving/providing medium-term loans/long-term financial structure that supports un-organic growth and discussion on the annual and quarterly reports. 3. Provide inputs and recommendations in the efforts to develop, improve the efficiency and effectiveness of financial administration, loan control and the utilization of information technology in drafting the financial statements and financial transactions.

234 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Name Mayjen. (Purn.) Samsoedin

Position Independent Commissioner

Area of Duties Other Technical matters

Description of Duties 1. Provide inputs, guidance, recommendations in areas of the management, maintenance and security of the toll roads in order to meet Minimum Service Standards (SPM) set out by the Minister of Public Works and or reach the level of the high reliability of the toll road, in accordance with the expectations and needs of the users of the toll road. 2. Provide feedback and recommendations in order to improve the efficiency and effectiveness of the repairing works and maintenance of toll roads and facilities/ toll road signs, including the development of Performance-Based Maintenance Contract, risk management and modernization of the operations of toll road.

Name Irjen. Polisi (Purn.) Michael Dendron Primanto

Position Toll Road Traffic Service

Area of Duties Other Technical matters

Description of Duties 1. Provide inputs, guidance, recommendation in order to smoothen the transactions service so that it meets the Minimum Service Standards (SPM) as well as controlling and safeguarding the toll revenues, management, and services that meets safety standards, as well as increased travel speed response time in handling the travel disruption. 2. Provide feedback and recommendations in order to improve efficiency and effectiveness of the use of resources for services and transactions of the toll road traffic.

Name Akhmad Syakhroza

Position Commissioner

Area of Duties Organization and Human Resources Development

Description of Duties 1. Provide inputs, guidance, recommendations in the preparation for determination and adjustment of the organizational structure of the Company at the Head Office, Branches, Subsidiaries as well as preparing the system and governance procedures for the Company. 2. Provide guidance and recommendations on policies to meet the provision of professional, competent and productive human resources and for further development. 3. Together with other Commissioner members, providing inputs and recommendations over the proposed candidates for the Company’s Directors and proposed candidates for the Company’s Commissioners as well as Directors in subsidiary companies to the State Owned Enterprises as Shareholder of Dwiwarna shares, as well as in the event that the Commissioner is asked to recommend the proposed officials in the strategic positions, which is one layer of Director. 4. Provide inputs and recommendations in order to improve efficiency and effectiveness and competitive human resource development and business processes that are customer oriented or toll road users.

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 235 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Appointment and Dismissal of Board of of the Directors of PT Bursa Efek Indonesia No. Commissioners Kep-305/BEJ/07-2004 on Regulation No. IA on Members of the Board of Commissioners are the Registration of Shares and Equity In addition appointed by the AGM. The Candidates are to Shares Issued by the Listed Company, where proposed by Shareholders of Series A Dwiwarna every public company must have Independent after going through the nomination process in Commissioners at least 30% of the total members accordance with the provisions of the applicable of the Board of Commissioners. The number laws and regulations and are conducted in of Independent Commissioners of Jasa Marga accordance with the rules of the decision-making complies with the applicable regulations, where mechanism in the GMS. The Commissioners have two of its commissioners are independent met the general and specific requirements set forth commissioners or 33% of the total members of the in the Board of Commissioners Manual and the Board of Commissioners. applicable SOE Regulations. Independent Commissioner Criteria Dismissal of members of the Board of As a public company and has been listed on Commissioners is also conducted through GMS and the Indonesia Stock Exchange, Jasa Marga has through the decision-making mechanism in the GMS. fulfilled the requirements set out by the capital market regulator with regard to the Independent Independence of the Board of Commissioner. Such provisions are as follows: Commissioners and Independent 1) Coming from outside of the public company. Commissioners 2) Does not affiliate with the company, All members of the Board of Commissioners commissioners, directors or shareholders of the of Jasa Marga act independently and free from company. intervention as well as pressure from any parties. The 3) Do not have a business relationship, directly or Independent Commissioners are members of the indirectly with the business of the company. Board of Commissioners from outside the company 4) Does not own shares, either directly or indirectly and do not have the financial, management, share of the company. ownership and/or family relationship/affiliation with 5) Do not work double as a director in other other members of the Board of Commissioners, the companies which is affiliated with the company. Directors, the Shareholders or other relationship 6) Understanding the laws in the field of capital with the Jasa Marga, which may affect the ability to market. act independently. Independent Commissioners are selected in a transparent and independent manner, The number of Independent Commissioners of Jasa has the integrity and required competence, free Marga has been complied with the Decision of the from the influence from other parties for personal Directors of PT Indonesia Stock Exchange No. Kep- interests, and can act objectively and independently 305/BEJ/07-2004, with regard to the Regulation No. based on the principles of GCG. IA on the Registration of Shares and Equity Shares Issued by the Listed Company, where every public Independent Commissioners are expected to create company must have an Independent Commissioner a more objective and independent climate, and also at least 30% of the total members of the Board of to keep the “fairness” and able to provide a balance Commissioners. Jasa Marga has two independent between the interests of majority shareholders commissioners or 33% of the total members of the and the protection of the interests of minority Board of Commissioners. shareholders including public shareholders and other stakeholders. Statement of Independence of the Independent Commissioners One of the duties of members of the Independent Independent Commissioners do not have Commissioners is to represent the interests of shares in the Company, and have no association minority shareholders. The number of Independent with members of the Directors and Board of Commissioners is regulated under the Decision Commissioners.

236 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Affiliate Relationship and Board Membership at Other Companies Family relationship and positions in other companies between a member of the Board of Commissioners with fellow member of the Board of Commissioners and/or members of the Directors and Shareholders for the period of 2014, is as follows:

Affiliate Relationship of Board of Commissioners of Jasa Marga

Affiliated with

Major/ Controling Board of Commissioners Directors Shareholder

Name Agoes Agoes Widjanarko Mayjen. (Purn.) Samsoedin Irjen. Polisi (Purn.) Michael Dendron Primanto Ibnu Purna Akhmad Syakhroza Boediarso Teguh Widodo Adityawarman Hasanudin Abdul Hadi Hs. Reynaldi Hermansjah Muh Najib Fauzan of Ministry SOEs

Agoes Widjanarko û û û û û û û û û û û

Mayjen. (Purn.) Samsoedin û û û û û û û û û û û Irjen. Polisi (Purn.) Michael û û û û û û û û û û û Dendron Primanto Ibnu Purna û û û û û û û û û û û

Akhmad Syakhroza û û û û û û û û û û û

Boediarso Teguh Widodo û û û û û û û û û û û

Adityawarman û û û û û û û û û û û

Hasanudin û û û û û û û û û û û

Abdul Hadi Hs. û û û û û û û û û û û

Reynaldi Hermansjah û û û û û û û û û û û

Muh Najib Fauzan û û û û û û û û û û û

Ministry of SOEs û û û û û û û û û û û

Notes: ü Yes û No

There are no blood relationship to the third degree among members of the Board of Commissioners and between members Board of Commissioners with members of the Directors either vertically or horizontally or relationship by marriage.

Members of Jasa Marga Board of Commissioners Hold Positions in Other Companies

Positions in Other Companies

Name As member As As of Board of Directors Shareholder Commissioners Agoes Widjanarko û û û Mayjen. (Purn.) Samsoedin û û û Irjen. Polisi (Purn.) Michael Dendron Primanto û û û Ibnu Purna û û û Akhmad Syakhroza û û û Boediarso Teguh Widodo û û û

Notes: ü Yes û No

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 237 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Dual Positions and Conflict of Interest Work Guidelines and Orders for the Based on the provisions of the Articles of Board of Commissioners (Board Charter) Association, the Board of Commissioners is Board of Commissioners carried out its duties prohibited to hold dual positions in the following based on the Handbook (Board Manual) for companies: members of Commissioners of PT Jasa Marga 1. Members of the Directors in the state owned (Persero) Tbk. which has been established by enterprise (SOEs), regional government owned the Decree of the BOC No. Kep 0205/XII/2013 companies (BUMD) and private enterprise. dated December 30, 2013 on Revised Guidelines 2. Other positions in accordance with the provisions (Board Manual) for members of the Board of of the applicable laws. Commissioners of PT Jasa Marga (Persero) Tbk. 3. Member of executive board of political parties and or candidates/members of the legislator. The Board Manual contains instructions for work 4. Another positions that may pose a conflict of procedures of Board of Commissioners. The Board interest. Manual also elaborates the phases of activities in a structured, systematic and easy ways to During 2014, no member of the Board of understand and becomes a reference in carrying Commissioners of the Company that holds dual out the duties and obligations of the Board of positions as stated in the Articles of Association of Commissioners to consistently implement the the Company. visions and missions of the Company and in line with the principles of good corporate governance. For the purposes of transparency and prevent The Board Manual is based on the principle/basis conflicts of interest, each member of the Board of corporate laws, the Articles of Association of Commissioners of Jasa Marga (including family and the provisions of the applicable legislation, members) are required and have made a list of as well as the best practices of good corporate shares that are owned in the Company or in other governance (GCG). companies. List of share ownership of the Board of Commissioners are kept by the Corporate The Board Manual is one of the Company’s Secretary and administered by the Secretary of commitments in implementing good corporate the Board of Commissioners. governance (GCG) consistently in day to day operation of the Company in achieving its missions and visions that have been set.

The contents of the Board Manual are as follows: Chapter I Introduction Contains a description about the background, purpose and definitions of the things listed in the Board Manual Chapter II Board of Commissioner Chapter III Directors Chapter IV Activities among Company Organs Contains a description of the activities of the Board of Commissioners and Directors which include joint meetings of the Board of Commissioners and Directors as well as general meeting of shareholders.

The content of the Board Manual that is related with the Board of Commissioners is contained in Chapter II, which regulates the following issues: Duties, Obligations, Authority and Rights Job Ethics The composition of the Board of Commissioners Organization and Governance Oversight Role of the Board of Committees of the Board of Commissioners Commissioners Performance and Reports of the Board Secretary of the Board of Commissioners of Commissioner Performance and Reports of Board of Commissioners

238 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Board of Commissioners Meetings In 2014, the Board of Commissioners regularly held meetings, both internal meeting of the Board of Commissioners and joint meeting of the Board of Commissioners with the Directors.

In organizing the meeting, the Board of Commissioners has and refers to the Rules of the Board of Commissioners, which is set out in the Board of Commissioners Stipulation No. Kep-0205/XII/2013 dated December 30, 2013 on Revised Guidelines Book (Board Manual) for members of the Board of Commissioners of PT Jasa Marga (Persero) Tbk. point (3) about Conduct and Meeting Attendance, which among others stipulate the procedures of decision-making process. Meeting decisions are taken by deliberation. In the event that consensus is not reached, the decision is taken by majority of votes.

The Meetings of the Board of Commissioners consists of internal meetings and meetings which are also attended by the Directors on invitation to discuss various aspects of operational, investment, financial management as well as organization and human resources. The decisions of the Meetings are then submitted to the Directors as inputs and a result of oversight and assessment of the Board of Commissioners, as well as advice for the Directors, which is then submitted to the Directors for further follow-up actions.

During 2014, the Board of Commissioners carried out internal meetings of the Board of Commissioners as many as 15 (fifteen) times.

Summary of Attendance of Board of Commissioners Members at Internal Meetings of Board of Commissioners in 2014

Number of Minimum Number of Meetings Percentage of Name Meetings that Must Attended Attendance (%) Be Attended Agoes Widjanarko 15 14 93.33 Ibnu Purna 15 14 93.33 Akhmad Syakhroza 15 13 86.66 Boediarso Teguh WIdodo 11 9 81.81 Mayjen. (Purn.) Samsoedin 15 15 100 Irjen. Polisi (Purn.) Michael Dendron 15 15 100 Primanto TOTAL 92.52%

Notes: • The absence of members of the Board of Commissioners at the meeting was due to performing their duties outside the city or attending events/important meetings that cannot be represented. • Different Numbers of Minimum Meetings was due to different times of appointment as members of Board of Commissioners.

In addition to internal meetings, the Board of Commissioners also held a Joint meeting with the Directors. The summary of the Joint Meeting of the Board of Commissioners with the Directors are presented in the section of Board of Commissioners’ relationship with Directors.

The decisions taken in the meeting of the Board of Commissioners of Jasa Marga have been recorded and well-documented in the minutes of meetings of the Board of Commissioners. The minutes of meetings were signed by the chairman of the meeting and all the participants as well as distributed to all members of the Board of Commissioners who attended the meeting or not. Dissenting opinion that occurred in the meeting will be included in the minutes of the meeting along with the reasons of the dissent. I n order to support the implementation of the duties, the Board of Commissioners are assisted by other supporting organs include the Secretary of the Board of Commissioners, Audit Committee, Committee for Investment and Business Risks. Discussions Regarding the Secretary of the Board of Commissioners, Audit Committee and Committee for Investment and business risks will be discussed in a separate section.

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 239 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

The Meeting Agenda of the Board of 4. Discussion on safeguarding the toll income Commissioners in 2014 were among others through the re-establishment of the information discussing the following topics: technology and communications related to its application on toll revenues collection process. Business Development 5. Discussion on the improvement of human resources 1. Policies and investment strategies of new in the operational of toll roads and Subsidiaries of toll roads, including the Trans Java and Trans Jasa Marga, such as PT Jalantol Lingkarluar Jakarta, Sumatra and other toll roads outside Java Island. PT Jasamarga Bali Tol, and so on. 2. Evaluation of the progress of the construction of new toll roads. Finance 3. Strategy in the handling the acceleration of land 1. Evaluation of financial performance (RKAP 2014) acquisition, especially for toll road sections that for Semester 1 2014, as one of evaluations on were expected to be operated in 2014 and early whether the performance in the financial sector is in 2015, as well as the provision of land capping accordance with the target and evaluate the work funds needed for 2015 and beyond. programs that are not working effectively or less 4. Efforts to accelerate land acquisition for toll realistic for fixed/revised as necessary. road projects such as JORR II toll road for 2. Assessment and evaluation of the achievements sections Cengkareng-Kunciran, Kunciran- of RKAP 2014 in comparisons to the achievement Serpong which are considered showing slow of goals and targets for 2013-2017 RJPP, and progress, as well as discussion of the study on evaluation of 2013-2017 RJPP. new toll road sections such as Manado-Bitung 3. Discussion and determination of policies, and offshore toll road Semarang-Surabaya. strategies and assumptions that would be used 5. Review on achievement of the development of to prepare the RKAP 2015. other business and the utilization of fiber optic, 4. Discussion of the proposed allocation of property development and maintenance work net profit of the financial year 2013 and the as well as the development of toll roads at Rest payment of dividends to shareholders and the and Service areas (TIP) as well as renegotiate remuneration for the Directors and the Board of the cooperation agreements that are not Commissioners in 2014. favorable for Jasa Marga. 5. Discussion and determination of RKAP 2015. 6. Evaluate the target achievement of the 6. Discussion and evaluation on projected financial acquisition of new toll road concessions. statements until the end of December 2014. 7. Development of mass public transportation modes 7. Discussion and evaluation of the achievements of that will utilize Jasa Marga’s toll road corridor. the Directors in the Management Report. 8. Discussion the Proposed Bonds Issuance of Jasa Operations Marga in 2014. 1. Progress in handling the management of Electronic Entry Identity Card (Kartu tanda Human Resources and General Affairs Masuk Elektronik/KTME). 1. Monitoring and evaluation of the positions 2. Discussion of the quality and service of toll road formation. to the toll road users, such as by accelerating 2. Discussion of the preparation of job descriptions the installation of Automatic Toll Gate (GTO). and duties of Directors in accordance with the 3. Evaluation of the achievement of the length of mandate of the Annual General Meeting of toll roads that have met the Minimum Service Shareholders for fiscal year 2013. Standards (SPM) indicator in all branches and 3. Discussion on the Internal Control of the subsidiaries especially after the Commissioners Subsidiaries. and the Directors agreed that the SPM indicator 4. Discussion and approval of the proposed being used must be higher than the SPM candidates for Directors and Commissioners in standards set by the Government, therefore Subsidiaries. it will be easier to meet the required SPM as 5. Discussion of various legal issues related to land demanged by the government as prerequisite acquisition and employment contract with a for tariff increase in 2014. third party (contractor). 6. Discussion of issues relating to the revision of the system and procedures for the writing-off of the Company’s assets.

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Corporate Governance 1. Discussion and determination of the annual work program of the Board of Commissioners, the Secretary of the Board of Commissioners, Audit Committee and Committee for Investment and Business Risk. 2. Discussion and procurement services of an independent consultant who will conduct assessment of the implementation of the Corporate Good governance in Jasa Marga 2014. 3. Discussion and fill out the checklist questions related to the implementation of good corporate governance by each member of the Commissioner, the Secretary of the Board of Commissioners, Audit Committee and the Committee for Investment and Business Risk. 4. Discussion on the results of assessment of the implementation of good corporate governance in the Board of Commissioners, Committees and the Secretariat of the Board of Commissioners for 2014. 5. Discussion of reports on “self-assessment” performance of the Board of Commissioners in 2014. 6. Discussion and evaluation of the directives of the Board of Commissioners to the Directors regarding the internal control, information technology, procurement, compliance of the Directors to the RKAP 2014, RJPP 2013-2017, compliance with the applicable laws and regulations and the quarterly management reports. 7. Discussion and the procurement of external auditors (public accounting firm) who will conduct a general audit of Jasa Marga in 2015. In addition to internal meetings, the Board also held a joint meeting of the Board of Commissioners with the Directors. Summary of the Joint Meeting of the Board of Commissioners with the Directors are elaborated in detail in Section Relations between the Board of Commissioners with the Directors.

Procedures, Basis of Decision and Amount of Remuneration of Members of Board of Commissioners Based on Article 96 verse (1) of the Law on Limited Liability Company No. 40 of 2007 and Regulation of the State Minister for State-Owned Enterprises No. PER-04/MBU/2014, dated March 10, 2014 on Guidelines for Determination of Income for Directors, Board of Commissioners and the Board of Trustees of State Owned Enterprises, the salaries and benefits of Directors determined by the AGM decision. The authorization pursuant to Article 96 paragraph (2) may be delegated to the Board of Commissioners.

As a follow-up of the decision of Annual General Meeting of Shareholders (RUPS) for the year 2013, in the financial year 2014, the Board of Commissioners has received a mandate of authority to propose salaries and benefits as well as facilities for President Director and the amount of bonuses for Directors and Board of Commissioners. Based on the authority, the Board of Commissioners have submitted proposal to the Minister of State Owned. The SOE Minister’s decision has been followed up by the Board of Commissioners to deliver a letter to the Board for further action. Remuneration of the members of the Board of Commissioners for 2014 consists of salary/honorarium, allowances, facilities, bonuses/ performance incentives, and full insurance office.

Procedure in Determining Remuneration for Board of Commissioners’ Members

GENERAL MEETING OF BOARD OF COMMISSIONERS SHAREHOLDERS (GMS)

Conducting a Review on Studying the Proposed Remuneration Remuneration

Giving Approval of the Proposing to the GMS Remuneration

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 241 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Remuneration of the Board of Commissioners at present have followed the rules, in which the Board of Commissioners Remuneration consists of: Salary/Honorarium, Allowance, Facilities, Tantiem/Performance Incentives and Post Job Insurance with the proportion of the amount of salary as follows: • President Commissioner: 40% of the salary of President Director. • Commissioner member: 36% of the salary of the President Director.

Determination of income in the form of fixed salary/honorarium, compensations and facilities are applied by taking into account the revenues, assets, financial conditions and the financial ability of the Company, as well as the rate of inflation and other factors that are relevant and do not conflict with applicable laws and regulations. While allowances and bonuses, which are variable, are applied by taking into account the achievement of targets, the level of health and financial capabilities of the Company as well as other relevant factors. The income of Board of Commissioners of the Company are determined by the GMS which is valid for one year.

Remuneration structure of Board of Commissioners Based on the Regulation of the Minister of State Enterprises Per-04/MBU/2014 on Guidelines for Determination of Income of Directors, Board of Commissioners and Board of Supervisors in SOEs, the structure of the remuneration of the Directors are as follows:

Remuneration structure of Board of Commissioners: 1. Salary 2. Allowances a. Religious holiday allowance (THR) b. Communication allowance (applied only up to March 2014) c. Compensation for Post Job d. Official Clothing Allowances 3. Special Allowance for Board of Commissioner: Transportation Allowances. 4. Facilities. a. Vehicles facility (if the executives were not given transportation allowances). b. Facilities/Health Insurance/Medical Reimbursement facilities. c. Facilities for Professional Association. d. Legal Aid facilities. 5. Tantiem.

Realization of Remuneration of Board of Commissioners in 2014

Remuneration of Members of Board of Commissioners in 2014 (in Rupiah)

Compensation/Year Total Name Salary/Year Income/ Transport Telecommunication THR Tantiem Year Agoes Widjanarko - President 621,900,000 119,550,000 6,600,000 51,750,000 1,117,647,059 1,916,547,059 Commissioner Ibnu Purna - Commissioner 558,900,000 107,595,000 5,940,000 46,575,000 1,005,882,353 1,724,892,353 Akhmad Syakhroza - Commissioner 558,900,000 107,595,000 5,940,000 46,575,000 1,005,882,353 1,724,892,353 Boediarso Teguh Widodo - 450,725,806 89,200,161 1,341,290 46,575,000 - 587,842,257 Commissioner* Mayjen. (Purn.) Samsoedin - 558,900,000 107,595,000 5,940,000 46,575,000 1,005,882,353 1,724,892,353 Independent Commissioner Irjen. Polisi (Purn.) Michael 558,900,000 107,595,000 5,940,000 46,575,000 1,005,882,353 1,724,892,353 Dendron Primanto - Independent Commissioner Joyo Winoto - Commissioner ** 91,974,194 18,394,839 4,598,710 - - 114,967,743

*) Appointed as Member of the Board of Commissioners since the closing of the Annual General Meeting on March 11, 2014. **) Holding the position as a Member of the Board of Commissioners until the closing of the Annual General Meeting on March 11, 2014.

242 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Board of Commissioners Competency Development and Training Programs During 2014, members of the Board of Commissioners have participated in trainings and seminars as follows:

Pengembangan Kompetensi yang diikuti oleh Anggota Dewan Komisaris Tahun 2014

No. Member of Board of Subject Organizing Institution Date & Venue Commissioners

1. Ibnu Purna Workshop on Advancing GCG Self JSM Management Jakarta, 16-17 April 2014 Assessment Consultant 2. Irjen. Polisi (Purn.) Michael National Seminar on Internal Audit Internal Audit Education Lombok, 16-17 April 2014 Dendron Primanto (SNIA) “Developing an Foundation (YPIA) Integrated Assurance for Achieving Triple Bottom Lines: Profit, People and Planet” 3. Irjen. Polisi (Purn.) Michael Workshop for Executive and BUMN Executive Club Jakarta, 14 May 2014 Dendron Primanto Commissioner/Supervisor of SOE “Crisis and Energy Turbulence as well as its Impact on SOEs” 4. • Ibnu Purna Workshop on Setting up Key Media Pekerja BUMN Bandung, 20 June 2014 • Irjen. Polisi (Purn.) Michael Performance Indicator (KPI) in Dendron Primanto Improving SOEs Competitiveness 5. Irjen. Polisi (Purn.) Michael Internal Auditing European Perhimpunan Auditor Hungary-German, 13-21 Dendron Primanto Conference 2014 & On-Site Internal Indonesia (PAII) September 2014 Learning 6. Akhmad Syakhroza Role of Accountant in Realizing Economic Faculty of Lombok, 24-27 Sustainable Development Through Mataram University September 2014 Integrated Reporting 7. Irjen. Polisi (Purn.) Michael The Asian Confederation of The The Institute of Internal Bali, 23-25 November Dendron Primanto Institute of Internal Auditors Auditors Indonesia 2014 (ACIIA) 2014 Conference “Is the Game Changing?” 8. Ibnu Purna Improving Competencies in CRMS Bali, 01-05 December Risk Management, Workshop 2014 ERM Fundamentals ISO31000 & Conference

Decisions of Board of Commissioners in 2014 As part of the implementation of their duties and responsibilities, the Board of Commissioners of Jasa Marga continues to encourage the implementation of monitoring and advisory functions that are more effective. During 2014, the Board of Commissioners had issued various decisions as realizations of the board’s monitoring role, as follows: 1. Formation of Negotiation Committee to Negotiate Public Accountant Services of PT Jasa Marga (Persero) Tbk. for Fiscal Year 2014. 2. Termination and Appointment of Chairman and Member of the Committee for Investment and Business Risk of PT Jasa Marga (Persero) Tbk. 3. Reappointment of Chairman and Members of the Audit Committee of PT Jasa Marga (Persero) Tbk. 4. Holding General Meeting of Shareholders and Appointment of a Member of Board of Commissioners to Lead the GMS (General Meeting of Shareholders) of PT Jasa Marga (Persero) Tbk. 5. The Committee of the Board of Commissioners of PT Jasa Marga (Persero) Tbk. 6. Determination of the Secretariat Office of the Board of Commissioners of PT Jasa Marga (Persero) Tbk. 7. Determination of Income, Allowances and Supported Facilities of the Organs of the Board of Commissioners of PT Jasa Marga (Persero) Tbk. 8. Revision of the Division of Duties of Board of Commissioners 2014. 9. Revision of the Determination of Income, Allowances and Supported Facilities of the Supporting Organs of the Board of Commissioners of PT Jasa Marga (Persero) Tbk. 10. Approval and Ratification of the Review of RJPP 2013-2017 set out by PT Jasa Marga (Persero) Tbk. 11. The establishment of a Committee for the procurement of a Consultant’s service to assess the implementation of the Corporate Governance for fiscal year 2014.

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 243 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Monitoring and Evaluation of the Follow up of ahead and its completion can be accelerated. If Decisions of Board of Commissioners-Directors there are new developments that hinder or prevent Joint Meetings in 2014 the decision to be completed, then it will be In the implementation of monitoring and providing reviewed and discussed again with the Directors. advice to the Directors in the operational of the Company, the Board of Executives together with the Achievement of Board of Commissioners Directors discuss the problems being encountered Key Performance Indicators (KPI) 2014 by the Company and seek the best solutions which In 2014, the performance of the Board of are mutually agreed that need to be followed up Commissioners in perspective of “Internal Process by the Directors. Decisions of meetings encompass of Board of Commissioners” which consists of six aspects of investment in toll roads and non-toll (6) performance indicators, recorded a performance roads, operations as well as finance and human increase, namely from 1.78 to 1.94 points. However, resources. The decisions may contain elements of the performance in performing oversight role on planning, policies and strategies, as well as their the efforts of Directors to achieve the target for implementation. Board of Commissioners paid a concession rights acquisition and the additional great attention that the decisions of the meetings new toll road operation had not fully succeeded that have been discussed and agreed during the yet, because the achievement of targets are highly Joint Meeting of Board of Commissioners-Directors influenced by factors that are beyond the control of are acted upon by the Directors. the Directors, such as land acquisition process which is completed takes a long time to complete and so on. Based on the results of the monitoring and evaluation of the Board of Commissioners for Overall, the actual achievement of key performance 2014, in principle, large parts of the evaluation indicators of the Boards of Commissioners in 2014 and monitoring results had been followed up, was very good, which reached a score of 4.80 and some decisions are still in the process of points and a slight increase from the achievements completion. Therefore, one of the next focuses of recorded in 2013 of 4.78. Details of the realization of the Board of Commissioners is to ensure that the the achievement of key performance indicators of decisions that are still in the process, can still go the Board of Commissioners in 2014 are presented in the following table:

Realization of Board of Commissioners’ KPI 2014

Weight KPI Value No. Key Performance Indicator (%) Target Actual 1. GMS (RUPS) 15 0.75 0.75 2. Finance Supervision 11 0.55 0.55 3. Supervision on Operations 10 0.50 0.50 4. Supervision on Development 10 0.50 0.36 5. Supervision of Human Resources 4 0.20 0.20 6. Supervision on Compliance 10 0.50 0.50 7. Internal Process of Board of Commissioners 40 2.00 1.94 TOTAL 100 5.00 4.80

Committees under Board of Commissioners Committees under the Board of Commissioners are the organs of the Company that have the responsibilities to support the Board of Commissioners and is collectively responsible to assist the Board of Commissioners in performing the functions of monitoring and providing advice to the Directors. The Committees that are supporting the Board of Commissioners of Jasa Marga include the Audit Committee and the Business Risk and Investment Committee.

The Committees of the Board of Commissioners will be discussed separately.

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Directors requirements are specific, tailored to the needs and nature of the Company’s business. Directors are the organ of the Company which has the duties and collectively is responsible The Directors consists of 5 (five) members, namely for managing and implementing the Company’s one (1) President Director and four (4) Directors. All corporate governance at all levels of the Directors reside in Indonesia. Directors are appointed organization. In performing its duties, the Directors by the GMS, with the period of five (5) years for are responsible to the GMS. Accountability of the each member of Directors and may be reappointed Directors to the GMS is the embodiment of the according to the decision of the GMS. The position of management accountability in accordance with the members of the Directors expires if he/she resigns, no principles of GCG. longer meet the requirements, died, dismissed by the Board of Commissioners or by decision of the AGM. Members of the Directors are appointed and The appointment of Directors has passed the fit and dismissed by the General Meeting of Shareholders proper test in accordance with the applicable laws (GMS), where the GMS is attended by Shareholders and regulations of GCG. All members of the Directors of Series A Dwiwarna and the decision was are required to have the integrity, competence and approved by the General Meeting of Shareholders of reputation that are adequate. Series A Dwiwarna.

Composition of the Directors are declared in order Requirements, Membership and to be able to carry out management activities in Composition of Directors accordance with the vision and mission as well as the All members of the Directors of the Company have Company plans both for short term and long term. met the formal and material requirements. The formal The Directors consists of five (5) members with the requirements are general in nature, according the following composition: applicable laws and regulations, while the material

Composition of Jasa Marga Directors

Name Position Basis of Appointment Resolution of Extraordinary GMS on 20 Adityawarman President Director January 2012 Resolution of Extraordinary GMS on 20 Hasanudin Operation Director January 2012 Resolution of Extraordinary GMS on 20 Abdul Hadi Hs. Business Development Director January 2012 Resolution of Extraordinary GMS on 20 Reynaldi Hermansjah Finance Director January 2012 Human Capital and General Affairs Resolution of Extraordinary GMS on 20 Muh Najib Fauzan Director January 2012

Fit and Proper Test All members of the Directors of Jasa Marga have the integrity, competence, reputation and the experience and expertise needed to carry out their respective functions and duties.

The Mechanism to pick up or nominate a candidate for the Directors is stipulated in the Regulation of the Minister of State Enterprises No. PER-01/MBU /2012 dated January 20, 2012, with the last change that Regulation of the Minister of State Enterprises No. PER-09 /MBU/2014 dated July 17, 2014 on the Third Amendment to the Regulation of the State Minister for State-Owned Enterprises No. PER-01/MBU/2012 on Terms and Procedures for Appointment and Dismissal of Directors of the State-Owned Enterprises. Shareholders of Dwiwarna carry out the fit and proper test by using the services of an independent party. Results from an independent party is then submitted to the GMS for further elaboration.

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Under the regulation, the status of the fit and proper test on the Directors in 2014 is as follows:

Fit and Proper Test Status of Jasa Marga Directors

Name Domicile Fit and Proper Test Adityawarman Jakarta Passed Hasanudin Jakarta Passed Abdul Hadi Hs. Jakarta Passed Reynaldi Hermansjah Jakarta Passed Muh Najib Fauzan Jakarta Passed

Duties and Responsibilities of the a. The achievement of the Company’s targets Directors based on its objectives and aims, Vision and In performing its duties and responsibilities, the Mission as well as the Company’s Long-Term Directors always uphold and use the guidance of the Plan (RJPP), and the responsibility in the Articles of Association as well as internal provisions operations of the Company. and prevailing laws and regulations. b. The implementation of the management and control of the functions of the Corporate The main duties of Directors are as follows: Secretary, Internal Control and Risk Management. • To lead and manage the Company in accordance with the Company’s objectives and aims, as well Operation Director as to continuously make every effort to improve The Duties and Authorities of the Director of the efficiency and effectiveness of the Company. Operations are to lead and ensure the achievement • To control, maintain and manage the of the Company’s targets based on the objectives Company’s assets. and aims, Vision and Mission as well as RJPP, and being responsible for the running of the Company The Directors undertake their duties of managing in the field of toll road operation and maintenance, the Company for the interests and meeting the comprising of: objectives of the Company and represent the a. Toll road operation in order to provide excellent Company both inside and outside the court in service to toll road users. accordance with the mandate of the Shareholderd b. Toll fees collection. as stated in the resolution of GMS. The Directors c. Maintenance and improving toll roads along with are accountable for performing their duties to the facilities carried out either by the Company or the shareholders through the GMS. The Directors in cooperation with business partner. continuously follow up the findings of audit and d. Toll road security system. recommendations resulted from the audit of internal e. Risk management related to toll road operation auditors and external auditors. The members of the as well as maintenance and improving toll roads Directors are appointed and dismissed by the GMS. along with the facilities.

In order to further synchronize with the Vision and Business Development Director Mission of the Company, based on the Decision of The Duties and Authorities of the Director of the Directors No. 60/KPTS/2009 dated 30 March Business Development are to lead and ensure the 2009, with the latest change through the Decision achievement of the Company’s targets based on the of Directors, No. 199/ KPTS/2011 dated December Company’s objectives and aims, Vision and Mission, 30, 2011, about the duties and responsibilities of and RJPP, and being responsible for the running of each Directors the duties and responsibilities of the Company in the field of business development, each member of the Directors are as follows: which covers: a. Management of investment activities in President Director developing new toll roads carried out either The Duties and Authorities of the President Director by the Company, Subsidiaries and/or in is to lead and ensure: cooperation with business partner.

246 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

b. Management of activities of developing other g. Risk management related to policies in businesses by maximizing the potential sources of management and development of human capital, the Company, Subsidiaries and/or in cooperation general affairs and legal matters. with business partner. h. Management and supervision of the c. Supervision and control the performance of the implementation of Good Corporate Governance Subsidiaries. principles within the Company. d. Management and development of technology in toll roads and other businesses development. The additional duty and authority of Human Capital e. Risk management related to investments in new and General Affairs Director in relation to the toll road development and in other businesses. management and supervision of the implementation of Good Corporate Governance principles within the Finance Director Company is based on the Decision of the Directors The Duties and Authorities of the Director of No. 199/KPTS/2011 dated 30 December 2011 on Finance are the lead and ensure the achievement the Change in the Decision of the Directors of PT of the Company’s targets based on the Company’s Jasa Marga (Persero) Tbk. No. 60/KPTS/2009 on objectives and aims, Vision and Mission, and RJPP, Distribution of Duties and Authorities of Directors and being responsible for the running of the Company (the addition of Letter h in Article 1 Paragraph (5) in in the field of finance along with the Company’s Decision of the Directors of PT Jasa Marga (Persero) information and technology, comprising of: Tbk. No. 60/KPTS/2009 on Distribution of Duties a. RKAP (corporate work and budget plan) and and Authorities of Directors). RJPP. b. Financial control of the Company. With the said additional duty and authority, Jasa c. Management of the Company’s financial Marga Directors have then appointed one member investment portfolio. of the Directors, i.e. Human Capital and General d. Management of the Company’s information Affairs Director as the Director responsible for technology. the implementation and supervision of GCG at e. Risk management for finance-related policies. the Company. This also shows that the Company f. Management of partnership program and responds to the enactment of the Decision of the community development program (PKBL). Secretary to the State Ministry for SOEs No. SK- 16/S.MBU/2012 dated 06 June 2012 on indicators/ Human Capital & General Affairs Director parameters of assessment and evaluation of Good The Duties and Authorities of the Director of Human Corporate Governance implementation at SOEs. Capital and General Affairs are the lead and ensure the achievement of the Company’s targets based on the Independence of Directors Company’s objectives and aims, Vision and Mission, The Directors are appointed to run all actions and RJPP, and being responsible for the running of the related to the management of the Company or Company in the field of human capital development, relationship with other parties independently activities in general affairs and legal, comprising: without interference of any other parties or of those a. Development of the Company’s organization and that would conflict with the rules and regulations as management. well as with the Company’s Articles of Association, b. Development of system and procedure of the which materially may intrude on the objectivity human capital management. and independence of the Directors in carrying out c. Development of competency of the human their tasks that are intended solely for the interests capital. of the Company. Based on the Company’s Articles d. Development and preservation of corporate of Association, among members of Directors and culture. between each member of the Directors and each e. Management of the activities of logistics and member of the Board of Commissioners is not the Company’s assets security as well as other related by blood within the third degree, both general affairs activities. vertically and horizontally, or by marriage. f. Management of legal service function.

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 247 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Directors Dual Positions Work Guidelines and Orders for the Based on Article 11 Paragraph (13) of the Company’s Directors (Board Charter) Articles of Association, members of the Directors are In carrying out their duties, the Directors refer to the prohibited to hold dual positions as: work guidelines for Board of Commissioners and 1. Member of Directors at SOEs, local government- Directors (Board Manual). Board Manual comprises owned enterprises, and private owned guidelines on work procedures for the Board of enterprises, as well as other positions that may Commissioners and Directors and explanation cause conflict of interest. on stages of activities in manners that are well- 2. Other structural and functional positions at any structured, systematic, easily understood, applicable central and local government institutions. consistently, and serving as reference for Board of 3. Other positions according to prevailing rules and Commissioners and Directors in carrying out each regulations. of their duties to reach the Company’s Vision and Mission, while achieving high work standard in line In 2014, none of the members of Jasa Marga with the principles of GCG. Directors holds dual positions as stated in Article 11 Paragraph (13) of the Company’s Articles of Board Manual is created in view of the principles Association. of legal corporation, provisions of Articles of Association, prevailing rules and regulations, directions from Shareholder as well as best practices of Good Corporate Governance.

Content of the Board Manual is as follows: Chapter I Introduction Contains description on the background, aims and purposes, as well as definition of items stated in Board Manual. Chapter II Board of Commissoner Chapter III Directors Chapter IV Activities of the Inter Organs of the Company Contains a description of the activities carried out within the framework of labor relations board of commissioners and directors include about a joint meeting of the board of commissioners and directors general meeting of shareholders.

The arrangements of the Board Manual relating to Directors are contained in Chapter III of the Directors, which regulate the following points: Duties of Directors Introduction Program and Capability Enhancement Obligations of Directors Professional Ethics of Directors Authorities of Directors Meetings of Directors Rights of Directors Performance Evaluation of Directors Requirements of Directors Corporate Secretary Membership of Directors Internal Control System

Directors Competency Development and Training Programs In 2014, members of the Company’s Board of Directors have participated in trainings and seminars as follows:

Competency Development of Members of Directors in 2014

Member of Directors Subject Organizing Institution Date & Venue Muh Najib Fauzan Seminar on National Internal Yayasan Pendidikan Lombok, 16-17 April 2014 Audit Internal Audit (YPIA) Reynaldi Hermansjah Seminar Common Language Indonesian Institute of Yogyakarta, 11-12 June 2014 Financial Reporting Standards Accountants

248 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Directors Meetings In 2014, the Board of Directors held internal meeting as many as 48 (forty-eight) times.

Recapitulation of Attendance of Directors in Directors Meeting in 2014

Number of Number of Percentage of Name Job Title Meetings in the Meetings Attendance Year Attended (%) Adityawarman President Director 48 47 97.91 Hasanudin Operation Director 48 45 93.75 Abdul Hadi Hs. Business Development Director 48 44 91.66 Reynaldi Hermansjah Finance Director 48 43 89.58 Muh Najib Fauzan Human Capital & General Affairs Director 48 43 89.58 TOTAL 92.49%

Note: Absence of Members of Directors at meetings was due to their being assigned out of town or attending important meeting/event unable to be represented.

Decisions made in Jasa Marga Directors’ Meetings d. Standardization of the Toll Gate design have been well recorded and documented in Directors’ e. The control of Magnetic Official Card Minutes of Meeting, which are signed by meeting (KDM) at inner city toll road chairman and distributed to all members of Directors f. Trial of New E-Toll Pass who are both present and absent at the meetings. g. Operating the Meruya 3 and 4 toll gates Dissenting opinion along with its reasons during the meeting will be stated in the Minutes of Meeting. 3. Finance a. Change of schedule for dividend payment Agenda of Directors’ Meeting among others were as phases follows: b. Issuance of Bonds through regular public 1. Business Development offering (PUB) Phase II on regular basis a. Study on the plan to develop over the sea c. Purchase PT Ismawa shares toll Road d. Capital injection into PT TMJ b. Potential land for property development in e. Final Draft of RKAP 2015 Depok-Antasari toll road corridor f. Approval and Determination RKAP 2015 c. Plan to develop rest and service area at g. Capital injection to PT MSJ Km 88, Cipularang d. Property development at Ex-Workshop 4. Human Resources and General Affairs land a. Distribution of duties of directors for risk e. Establishment of a subsidiary to manage management policy and Quality/K3 TIP b. Distribution of Duties of Directors f. Development for Non Toll Business in Bali c. Replacement of Executives at Subsidiaries g. Business development and optimization d. Recruitment of Th Fresh Graduates 2014 of potential area along Bali-Mandara Toll e. Implementation of Human Capital Road. Management System in subsidiary firms f. Revew of organizational structure of rest 2. Operation area business units a. Policy for operational management g. Study of Organizational Structure of PT and fulfillment of operational officers at JLJ Subsidiary firm b. Program to accelerate the construction of JORR W2 North c. Implementation of E-Toll Card in closed system

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Decisions of Directors in 2014 In 2014, members of the Directors have issued various decisions in the aspects of human resources management, finance, and business operation, as well as strategic aspect.

The Directors have issued a total of 179 decisions in 2014, among others as follows:

✓✓ Wealth report of State officials (LHKPN) employees of the Company ✓✓ Standar Procedure Financial Transactions PT Jasa Marga (Persero) Tbk. ✓✓ Guidelines for Coaching, Mentoring and Counseling ✓✓ Guidelines for Examination and Inspection of the Implementation Toll Road Operation ✓✓ Standar Operating Procedures for Procurement of Goods/Services in the Corporate Environment ✓✓ Program Social Security Workers at PT Jasa Marga (Persero) Tbk ✓✓ Division of Duties and Authorities of the Board of Directors of PT Jasa Marga (Persero) Tbk. ✓✓ Determinig job title for members of Directors apart from President Director in accordance with duties and authorities ✓✓ Guideline for Socialization and Evaluation of Vision, Mission and Corporate Values ✓✓ Guideline for management of employee satisfaction and engagement ✓✓ Policy on information technology governance of PT Jasa Marga (Persero) Tbk. ✓✓ Master Plan for Information Technology of PT Jasa Marga (Persero) Tbk. for period of 2014-2018. ✓✓ Report on wealth of State Officials (LHKPN) for employees of the Company ✓✓ Standard Procedure for finance transactions of PT Jasa Marga (Persero) Tbk.

Procedures, Basis of Decision and Amount of Remuneration of Members of Directors Referring to Article 96 Paragraph (1) of Law of Limited Liability Company No. 40 of 2007, the amount of salary and allowance of Directors is decided based on resolutions of GMS. This authority, based on Article 96 Paragraph (2) may be delegated to the Board of Commissioners.

Meanwhile, Article 113 of Law on Limited Liabilities Company No. 40 of 2007 regulates that the amount of salary and allowances of the Directors are decided by GMS.

Procedure for Determining Remuneration of Directors

GENERAL MEETING OF DIRECTORS SHAREHOLDERS (GMS)

Conducting review before Reviewing remuneration determining remuneration proposal

Giving approval on Proposing to GMS remuneration

The form of allowances, facilities, and other components included in the component of income (other than salary) refers to the Regulation of the State Minister Per-04/MBU/2014 dated March 10, 2014 on Guidance on Deciding the Remuneration of Directors, Board of Commissioners and Supervisory Board of SOEs.

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The Directors of PT Jasa Marga (Persero) Tbk.

Fixed remuneration such as salary/honorarium, allowances and facilities is decided while considering the factors of the Company’s revenues, assets, financial condition and capability, along with inflation rate and other relevant factors not contradicting with prevailing rules and regulations. Meanwhile, allowances and tantieme that are on variable basis are decided while considering the factors of target achievements, financial condition and health along with other relevant factors (merit system).

Remuneraiton of the Company’s Directors at present complies with the abovementioned regulation, in which the Remuneration of Directors consists of: 1. Salary/Honorarium. 2. Allowance. 3. Facilities. 4. Tantiem/Performance incentives.

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 251 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Structure of Directors Remuneration The remuneration for 2014 and Tantieme Based on Regulation of State Minister for SEOs No. PER- Financial Year 2012 for members of 04/MBU/2014 on Guidelines on Deciding Remuneration of Directors was based on the Decision of Directors, Board of Commissioners and Supervisory Board the Board of Commissioners on Decision of SOEs, Board of Commissioners remuneration structure of Remuneration 2014 and Tantieme is as follows: Financial Year 2013 for Members of the 1. Salary (determined by GMS) Directors and Members of the Board 2. Allowance of Commissioners of PT Jasa Marga a. Religious Festivity Allowance (THR) (Persero) Tbk. Based on the said decision, b. Communication Allowance the salary of President Director was Rp c. Compensation for Post Job 115,000,000 (one hundred and fifteen d. Allowance for Clothing million Rupiah) per month, whereas 3. Special Allowance for Directors that of other members of Directors was a. Annual Leave Allowance 90% of President Directors’ salary. The b. Long Leave Annual allowances and facilities for the Directors c. Housing Allowance and Board of Commissioners refer to the d. Utilities Allowance provisions stipulated in the Regulation of 4. Facilities State Minister for SOEs No. No. PER-04/ a. Vehicle (if it is not given, it can be replaced with MBU/2014. special allowance for Board of Commissioner as mentioned in number 3 above, namely Tantieme for the Directors and Board Transportation Allowance) of Commissioners for the performance b. Health Insurance /facilities to replace medical costs in 2011 was decided Rp 17,994,117,647 c. Professional Association. (seventeen billion, nine hundred ninety d. Legal Assistance. four million, one hundred seventeen 5. Special Facilities for Directors thousand, six hundred forty seven a. Company House Rupiah) and is divided in accordance b. Club Membership/ Corporate Member with the Composition of Job Factor as c. Representation and Entertainment well the term of office of each member 6. Tantieme of Directors and Board of Commissioners during the financial year.

Realization of Directors Remuneration in 2014 Types of remuneration received by Directors in 2014 were as follows:

Remuneraiton of Membes of Directors in 2014 (in Rupiah)

Allowances/Year Total Income/ Name Salary/Year Year Housing Utilities THR Tantieme

Adityawarman - 1,319,240,000 310,500,000 18,900,000 115,000,000 2,794,117,648 4,557,757,648 President Director

Hasanudin - 1,204,114,590 310,500,000 18,900,000 103,500,000 2,514,705,882 4,163,220,472 Operation Director

Abdul Hadi Hs. - Business 1,159,970,000 310,500,000 18,900,000 103,500,000 2,514,705,882 4,119,075,882 Development Director

Reynaldi Hermansjah - 1,197,328,852 310,500,000 18,900,000 103,500,000 2,514,705,882 4,156,434,734 Finance Director

Muh Najib Fauzan - 1,150,230,000 310,500,000 18,900,000 103,500,000 2,514,705,882 4,109,335,882 Human Capital & General Affairs Director

252 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Comparison of classification of Directors Remuneration in 2014 and 2013 can be seen in the following table:

Comparison of Directors Remuneration Classification in 2014 and 2013

Remuneration per Person in 1 Year 2014 2013

Above Rp 1 billion 5 5

Between Rp 500 million and Rp 1 billion - -

Below Rp 500 million - -

Relationship between Board of All procedures, work guidelines and relationship between the Board of Commissioners and Directors Commissioners and Directors have been decided in Board Manual, binding each member of the Board of Commissioners The duties and responsibilities of the Board of and Directors and stipulating among others Commissioners and Directors as two corporate responsibilities, duties, authorities, rights, and organs are separated as each has different daily ethics of Board of Commissioners and Directors, as operation. Board of Commissioners main task is well as arrangements of meetings and procedures supervising and giving advice whereas Directors of work relations between Board of Commissioners main task is managing the operation of the and Directors. Company.

In order to unite the views and to decided The Board of Commissioners and Directors respect significant matter concerning the Company’s and understand each other’s duties, responsibilities business sustainability and operation, the Board and authorities according to prevailing rules and of Commissioners and Directors schedule regulations as well as Articles of Association. The periodic discussion in Board of Commissioners Board of Commissioners and Directors are required and Directors’ Joint Meetings. The periodic to coordinate and cooperate to reach business meetings are held to discuss various agenda objective and sustainability in the long run and serve in relation to work plan, operational activities, as role model to those in the lower levels. business opportunities, along with strategic issues requiring Board of Commissioners’ approval. The Informal relationship may be carried out by each said meetings serve as the form of coordination member of the Board of Commissioners and to discuss Directors’ periodic reports and give Directors; however, it does not have legal force feedbacks, notes and advice which are all until being decided through legal mechanism in stipulated in the Minutes of Meeting. accordance with prevailing rules and regulations as well as Articles of Association of the Company. Meeting decisions, made based on either the In certain strategic issues related to asset, loan, principle of deliberation for consensus or voting, equity, organizational structure as well as decision are binding and are to be followed up. In the of directors and commissioners of Subsidiaries, the voting process, any member of the Board of Directors require Board of Commissioners formal Commissioners with conflicting interest is not approval. allowed to vote and information on this matter is stated in the Minutes of Meeting.

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Throughout 2013, the Board of Commissioners and Directors have held 18 (eighteen) times Joint Meetings of Board of Commissioners and Directors.

Attendance of Board of Commissioners and Directors at Joint Meeting between Commissioners Board and Directors in 2014

Number of Number of Percentage of Name Job Title Meetings in Meetings Attendance (%) the Year Attended Agoes Widjanarko President Commissioner 18 18 100 Ibnu Purna Commissioner 18 18 100 Akhmad Syakhroza Commissioner 18 14 77.77 Boediarso Teguh Widodo Commissioner 15 14 93.33 Mayjen. (Purn). Samsoedin Independent Commissioner 18 18 100 Irjen. Polisi (Purn.) Michael Independent Commissioner 18 18 100 Dendron Primanto Adityawarman President Director 18 17 94 Hasanudin Operation Director 18 15 83 Abdul Hadi Hs. Business Development Director 18 14 78 Reynaldi Hermansjah Finance Director 18 14 78 Muh Najib Fauzan Human Capital & General Affairs 18 15 83 Director Note: Absence of Members of Board of Commissioners and Directors at meetings was due to their being assigned out of town or attending important meeting/event unable to be represented.

Assessment of Board of Commissioners and Directors

Assessment Implementation Process The criteria for performance assessment of the The Shareholders, through the mechanism of GMS, Directors consist of: conduct assessment of the performance of the 1. Implementation of duties and responsibilities of Board of Commissioners and Directors. Additionally, each member of the Directors according to the the Board of Commissioners also creates guidelines Articles of Association. on self-assessment of the performance of the Board 2. Implementation of resolutions of Annual GMS of Commissioners by issuing Decision Letter of the of 2011. Board of Commissioners No. KEP-00177/XI/2012 on 3. Achievement and realization of RKAP (work and Decision of Revision to Performance Assessment budget plan). System of the Board of Commissioners of PT Jasa Marga (Persero) Tbk. in 2012. Results of GCG Assessment of Board of Commissioners and Directors Performance Assessment Criteria In 2014, assessment on GCG implementation of The criteria for performance assessment of the Directors and Board of Commissioners was carried Board of Commissioners are as follows: out and the process was in accordance with GCG 1. GMS. assessment reference developed by the State 2. Financial Supervision. Ministry for SOEs based on the Decision of the 3. Operational Supervision. Secretary of State Ministry for SOEs No. SK-16/S. 4. Development Supervision. MBU/2012 dated 06 June 2012. The assessment 5. Human Resources. results showed that Board of Commissioners and 6. Compliance Supervision. Directors each achieved the score of 96.26% and 7. Board of Commissioners’ Internal Process 96.84%, respectively.

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In general, GCG assessment of the Board of 2. Directors carry out operational and financial Commissioners consists of the following aspects: control of the implementation of the Company’s 1. Board of Commissioners participates in policies and plan. continuous training and learning programs. 3. Directors carry out the management of 2. Board of Commissioners distributes duties, Company in accordance with prevailing rules and authorities and responsibilities clearly and regulations as well as the Articles of Association. determines factors required to support the 4. Directors nurture relationship that adds value to carrying out of Board of Commissioners’ duties. the Company and the Stakeholders. 3. Board of Commissioners conducts supervision 5. Directors monitor and manage potential conflict on the implementation of policies of managing of interest of members of Directors and the Subsidiaries/joint ventures. Management under the Directors. 4. Board of Commissioners plays the role in 6. Directors ensure that the company performs candidacy of members of Directors, performance communication and information disclosure assessment of Directors (individual and collegial) according to prevailing rules and regulations and proposes tantieme/performance incentive and submission of information to the Board based on prevailing rules and regulations as well of Commissioners and the Stakeholders is in a as Directors’ performance. timely manner. 5. Board of Commissioners performs required 7. Directors hold Directors’ Meetings and attend actions in relation to potential conflict of interest. Directors’ Meetings according to prevailing rules 6. Board of Commissioners monitors and ensures and regulations. that the practices of Good Corporate Governance 8. Directors are obligated to carry out effective have been effectively and continuously internal supervision of high quality. implemented. 9. Directors carry out the function of effective 7. Board of Commissioners holds effective Board Corporate Secretary of high quality. of Commissioners’ Meetings and attends Board 10. Directors convene Annual GMS as well as other of Commissioners’ Meetings in accordance with GMS in accordance with prevailing rules and prevailing rules and regulations. regulations. 8. Board of Commissioners has Secretary of Board of Commissioners to support secretarial duties of Directors’ Key performance indicator Board of Commissioners. Performance of the Management is measured using 9. Board of Commissioners has Board of Key Performance Indicator based on Criteria for Commissioners committees that are effective. Excellent Performance Assessment (Kriteria Penilaian Kinerja Unggul – KPKU) for State-Owned Enterprises In general, GCG assessment of the Directors consists of (SOEs) referring to Letter of State Ministry for SOEs the following aspects: No. S-08/S.MBU/2013 dated 16 January 2013 on 1. Directors have introductory and training/ Performance Reporting Based on the Approach of learning programs and carry out the programs Criteria for Excellent Performance Assessment (Kriteria continuously. Penilaian Kinerja Unggul – KPKU) for SOEs. The measurements of Directors’ performance are divided into five (5) perspectives with a total of eighteen (18) key performance indicators as follows:

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Directors’ Key performance indicator

Perspective Key Performance Indicator 1. Return On Average Equity (ROE) 2. Net Profit Margin Finance and Market 3. Operating Margin 4. Market Share of Length of Toll Roads 5. Non-Toll Revenues 6. Market Share of Transaction Traffic Volume

Costumers Focus 7. Toll Road Users Satisfaction Index 8. SPM Fulfillment 9. Number Toll Road Concessions Acquired 10. Progress of Toll Road Projects Effectiveness of Product and Process 11. Transaction Time (Average Transaction Speed) 12. Average Travel Time on Toll Road compared to that on Non-Toll Road 13. Human Capital Readiness – Job Formation Fulfillment Employees Focus 14. Human Capital Readiness – Competencies Fulfillment 15. KPKU Score

Leadership, Corporate 16. GCG Score Governance and Community 17. IT Implementation 18. Corporate Social Responsibility Programs

The said measurements of Directors performance are agreed and signed jointly by Directors and serves as part of the Management Contract between the Board of Commissioners and Directors.

The Party that Conducted the Assessment In 2014, assessment activity of the Directors was carried out by the Board of Commissioners whereas assessment of the Board of Commissioners was carried out by means of self-assessment, in which a member of Board of Commissioners was assessed by another member of the Board of Commissioners. Meanwhile, in arranging KPI (Key Performance Indicators) of the Board of Commissioners, the Company was assisted by Lembaga Manajemen of the Economic Faculty of the University of Indonesia (LMFE UI).

As for GCG assessment in 2014, the assessment was undertaken by using parameter that has been set up by the Ministry of SOE and ASEAN Score Card.

Diversity in the Composition of Board of Commissioners and Directors

In order to implement the process and mechanism of the election and replacement of members of the Board of Commissioners and Board of Directors in a transparent, accountable and accountable way, the Company has followed the requirements and procedures stipulated by the Regulation of the Minister of State Enterprises No. PER-02/MBU/02/2015 dated February 17, 2015 on the Requirements and Procedures for Appointment and Dismissal of Members of the Board of Commissioners and the Board of Trustees of State Owned Enterprises, as well as the Regulation of the Minister of State Enterprises No. PER-03/ MBU/02/2015 dated February 17, 2015 on Conditions, Procedures for Appointment and Dismissal of Directors Member State-Owned Enterprises.

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Diversity of the Composition of the Board of Commissioners and Directors

Work Educational Experience Age Gender Board of Commissioners/ Background Directors (year) S1 S2 S3 ≤ 20 ≥ 20 ≤ 50 ≥ 50 Male Female Agoes Widjanarko ü ü ü ü Ibnu Purna ü ü ü ü Akhmad Syakhroza ü ü ü ü Boediarso Teguh Widodo ü ü ü ü Mayjen. (Purn). Samsoedin ü ü ü ü Irjen. Polisi (Purn.) Michael ü ü ü ü Dendron Primanto Adityawarman ü ü ü ü Hasanudin ü ü ü ü Abdul Hadi Hs. ü ü ü ü Reynaldi Hermansjah ü ü ü ü Muh Najib Fauzan ü ü ü ü

Committees

Audit Committee The Audit Committee of the Company was established by the Decision of Board of Commissioners No. KEP-022/I/2014 dated 30 January 2014 regarding the Reappointment of Chairman and Members of the Audit Committee of PT Jasa Marga (Persero) Tbk. for two (2) year term, from February 1, 2014 until January 31, 2016.

Dismissal of members of the Audit Committee can be done if the person concerned ended the tenure membership and based on the decision of the Board of Commissioners, was dismissed because the member does not meet the set performance and/or incompetent in performing his/her duties.

The Composition of the Audit Committee consists of one (1) person serves as Chairman of the Committee as well as a member and 2 (two) members of the Committee.

The composition of the Audit Committee members of the Company is as follows:

Composition of Jasa Marga Audit Committee

Name Job Title

Irjen. Polisi (Purn.) Michael Dendron Primanto Chairman and Member – Independent Commissioner Agita Widjajanto Member – Expert in Technical Aspects Rustam Wahjudi Member – Expert in Administration and Financial Aspects

Legal Basis on the Forming of Audit Committee Audit Committee of the Company was formed based on the following rules/regulations: 1. Law of the Republic of Indonesia No. 19 of 2003 on State-Owned Enterprises. 2. Decision of the Directors of the Jakarta Stock Exchange No. Kep-305/BEJ/07-2004 dated 19 July 2004 on Regulation No. I-A on Listing of Shares (Stock) and Equity-Type Securities Other than Stock Issued by Listed Companies. 3. Decision of Chairman of Bapepam-LK No. Kep-29/ PM/2004 dated 24 September 2004 Attachment: Regulation IX.I.5 on Forming and Guidelines on Audit Committee Implementation.

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4. Law of the Republic of Indonesia No. 40 of Based on Audit Committee Charter legalized by 2007 on Limited Liability Companies. the Board of Commissioners in the Decision of the 5. Regulation of the State Minister for SOEs Board of Commissioners No. KEP-00.06/I/2008 No. PER-05/MBU/2006 dated 20 December dated 22 January 2008 on Audit Committee 2006 on Audit Committee for State-Owned Charter of PT Jasa Marga (Persero) Tbk., the Enterprises. duties and responsibilities of the Audit Committee are as follows: Educational Qualification and Work Experience a. Assisting the Board of Commissioners in making The Company’s Audit Committee has sufficient sure the effectiveness of internal control systems educational qualification and work experience and the effectiveness of the implementation of in supporting the implementation of duties as internal and external auditors’ duties. Audit Committee. The profile of Audit Committee b. Evaluating the implementation of audit works members is provided in Profile of Audit Committee. and audit results undertaken by both internal and external auditors. The recruitment process of Audit Committee c. Recommending improvements for the internal Members is carried out by the Board of control system of the Company along with its Commissioners by considering competencies, implementation. expertise and integrity as well as ability to d. Assuring the existence of excellent review cooperate. The Board of Commissioners conducts procedures of all information disclosed by the interview to deepen the information on the Company, including periodic financial statements, candidates Audit Committee members. The Board financial projection/prognoses along with of Commissioners then conducts interview to decide other financial information submitted to the the selected members of Audit Committee. Next, Shareholders. the decision and appointment of Audit Committee e. Assuring the compliance of procedures of members is carried out through the Decision Letter excellent review on the carrying out of the of the Board of Commissioners. Company’s activities in accordance with prevailing standard operating procedures. All Jasa Marga Audit Committee Members have f. Giving opinions to the Board of Commissioners integrity, as well as good financial competencies and regarding report or other matters submitted to reputation. the Directors or the Board of Commissioners. g. Identifying issues requiring attention of the Tasks and Responsibilities of Audit Committee Board of Commissioners, and undertaking In accordance with Regulations of the State Minister other duties related to the Board of for StateOwned Enterprises No. PER-05/MBU/2006 Commissioners, including: dated 20 December 2006 on Audit Committee for 1. Reviewing financial information that will be State-Owned Enterprises, the main function of Audit published by the Company such as financial Committee is to assist the Board of Commissioners report, Long-Term Plan, Work and Budget in fulfilling the supervision function in order that the Plan, Management Report as well as other management of the Company is able to take place financial information. efficiently and effectively. In carrying out the duties 2. Reviewing the Company’s compliance to and report, Audit Committee is independent and prevailing laws and regulations of the Capital reports directly to the Board of Commissioners. Market as well as other regulations related to the Company. In carrying out its duties, Audit Committee reports to the Board of Commissioners. The accountability of Audit Committee to the Board of Commissioners represents supervision accountability of the management of the Company in the framework of GCG principles implementation.

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3. Reviewing the audit undertaken by internal auditor and reviewing adequacy of internal audit function including the number of auditors, annual work plan and assignment carried out. 4. Reporting to the Board of Commissioners on various risks the Company faces and the implementation of risk management by the Directors. 5. Reviewing and reporting to the Board of Commissioners on complaints related to the Company. 6. Reviewing adequacy of external audit implementation including audit plan and the number of auditors.

Independence of Audit Committee The Audit Committee is chaired by an Independent Commissioner who assisted by two other professional members from outside the Company with Financial and Engineering background, in accordance with the Company’s field of industry. This complies with the regulation stipulated in the Decision of Chairman of Capital Market Supervisory Agency (Bapepam-LK) No. Kep-29/PM/2004 on the Forming and Guidelines on Work Implementation of Audit Committee. In carrying out their duties, the Audit Committee works professionally and independently.

Audit Committee members have complied with requirements in terms of quantity, composition, criteria, competencies, and independence based on the provisions in the Decision of Chairman of BapepamLK No. Kep-29/PM/2004 dated 24 September 2004, Attachment: Regulation IX.I.5 on the Forming and Implementation Guidelines for Audit Committee, and Regulation of State Minister for SOEs No. PER-05/ MBU/2006 dated 20 December 2006 on Audit Committee for State-Owned Enterprises and No. PER-12/ MBU/2012 dated 24 August 2012 on Organs Supporting Board of Commissioners/Supervisory Board of State-Owned Enterprises, which are: • Audit Committee, consisting of one member of Independent Commissioner as Chairman of Audit Committee and two members coming from outside SOE. • Each member of Audit Committee is not related by blood by blood within the third degree, both vertically and horizontally, or by marriage with members of the Board of Commissioners and/or the Directors. • One of the members of Audit Committee has educational background of accounting or finance and comprehends risk management, whereas another member comprehends the industry/business/ technicality of the related SOE.

In carrying out their duties, the Audit Committee works professionally and independently.

Independence of Audit committee

Irjen. Polisi (Purn.) Aspect of Independence Michael Dendron Agita Widjajanto Rustam Wahjudi Primanto Not related financially with Board of ü ü ü Commissioners and directors Not related by management with Jasa Marga, ü ü ü Subsidiaries as well as affiliated companies Not related by blood with Board of Commissioners, Directors, and/or fellow ü ü ü Committee members Not related by blood with Board of Commissioners, Directors, and/or feollow ü ü ü Committee Members Not holding position in the management of ü ü ü political Party, local governments.

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As a commitment and responsibility of the Audit Committee on the implementation of the principles of Good Corporate Governance (GCG), as well as efforts to implement the provisions on the independence as stated in the Charter of the Audit Committee, the Audit Committee made a Statement of Independence of the Committee Audit dated January 5, 2012, signed by the Chairman and all Members of the Audit Committee (Statement of Independence of the Audit Committee referred to above is not renewed because of membership Audit Committee in 2014 remained the same as in 2012). Some important points in the Statement of Independence of the Audit Committee, among others, that the Audit Committee: a. Has no interest/private linkages that may cause negative impacts and conflict interests in PT Jasa Marga (Persero) Tbk. b. Does not own shares of PT Jasa Marga (Persero) Tbk, either directly or indirectly. c. Will maintain the confidentiality of documents, data, and information PT Jasa Marga (Persero) Tbk, both of the parties internal and external parties, and only used for the sake of implementation of tasks of the Audit Committee.

Audit Committee Meetings Audit Committee holds periodic meetings with reference to Audit Committee Charter.

The meeting with external auditor is carried out at least once a month during audit schedule. Audit Committee meeting may invite the Company’s Management through its Internal Auditing Unit to provide information required.

The attendance of each member of Audit Committee in Audit Committee Meeting and the activities carried out by Audit Committee throughout the year 2014 are as follows:

Attendance of Members of Audit Committee in Audit Committee’s Meetings and Activities in 2014

Irjen. Polisi (Purn.) Michael Agita W. Rustam W. Dendron Anggota Anggota Primanto Frequency Meetings/Activities Ketua Komite (times) Attendance Attendance Attendance

times % times % times % Audit Committee Internal Meeting 17 17 100 12 70.6 13 76.5 Meeting with SPI 4 3 75 2 50 4 100 Meeting with Negotiation Team/KAP Selection 6 3 50 2 33 6 100 Monitoring Audit Activities/KAP 3 1 33 1 33 3 100 Meeting with Directors /Management 5 5 100 4 80 4 80 Meeting with Corporate Secretary/Secretary of 8 8 100 6 75 5 62.5 Board of commissioners Internal Meeting of Board of Commissioners 12 12 100 11 91.7 12 100 Meeting with PKBL Unit 2 0 0 0 0 2 100 Visiting branch with Board of Commissioner 7 7 100 6 85.7 7 100 Working Visit to Subsidiaries 2 2 100 2 100 2 100 Site Visit 4 4 100 3 75 4 100 TOTAL 70 62 88.6 49 70 62 88.6

The decisions made in Jasa Marga Audit Committee meetings have been well recorded and documented in minutes of meeting of Audit Committee. Minutes of Meeting is signed by meeting chairman and is distributed to all members of Audit Committee both present and absent in the meeting. Dissenting opinion along with its reasons during the meeting will be stated in the Minutes of Meeting.

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Remuneration of Audit Committee Based on Regulation of State Minister for SOEs No. PER-12/MBU/2012 dated 26 July 2012 on Organs of Board of Commissioners/Supervisory Board on State-Owned nterprises, Members of Audit Committee that are not members of the Board of Commissioners receive remuneration consisting of honorarium amounting to Rp 18,400,000 monthly.

Achievement of Audit Committee Key Performance Indicators (KPI) In performing its duties, the Audit Committee is always guided by the Audit Committee Program (PKKA), where PKKA in 2014 was approved by the Board of Commissioners through the Internal Meeting of the Board of Commissioners on January 23, 2014. In general, PKKA 2014 has been implemented in accordance with the target that has been set.

From the perspective of achievement of Key Performance Indicators (KPI), then performance of the Audit Committee in the year of 2014 was as follows:

Score Weight No. KPI Perspective % Target Realization 1 Supervision on Internal Audit activities 15 0.75 0.70 2 Supervision on External Audit activities 15 0.75 0.75 3 Supervision on Finance/Management information 30 1.50 1.50 4 Internal Process of Audit Committee 20 1.00 1.00 5 Support to the Working Program of Board of Commissioner 20 1.00 0.80 TOTAL 100 5.00 4.75

Report on Implementation of Tasks of Audit Committee Assessing the Implementation of Activities and Audit Results Carried out by External Auditor as well as Independent Auditor General Audit of Financial Statements of PT Jasa Marga (Persero) Tbk. Financial Year 2014 was conducted by the same Independent Auditor having audited Financial Statements of Financial Year 2013, i.e. Public Accounting Firm (KAP) Aryanto, Amir Jusuf, Mawar dan Saptoto (AAJ).

Audit by KAP AAJ the Financial Year 2014 is the third audit in a row, starting from the audit of the Financial Statements for Fiscal Year 2012. The reappointment of KAP AAJ to conduct the audit for fiscal year 2014 was not contrary to Article (4) Law of the Republic of Indonesia No. 5 of 2011 on Public Accountant, particularly related to restrictions of Audit Service of Public Accountant on the historical financial information a client for several years in a row. The reappointment of KAP AAJ has been done through the process of Direct Appointment by Price Negotiation, and has been approved and declared by the Annual General Meeting of Shareholders (AGMS) on March 11, 2014.

The Audit Committee has conducted a review of the adequacy of the audit conducted by the Public Accountant AAJ, including audit planning and the number of auditors. In addition, the Audit Committee has conducted intensive discussions with Saptoto, the Signing Partner of KAP AAJ who was responsible for giving an opinion on the fairness of the presentation of the Consolidated Financial Statements in accordance with the applicable Financial Accounting Standards (GAAP) in Indonesia, as well as their opinion on the effectiveness of internal control over financial reporting, the quality and acceptability of accounting standards applied by the Company. Review and discussion undertaken by the Audit Committee also has covered all things according to the Auditing Standards, Regulations FSA and other regulations regarding communication with the Audit Committee should be discussed with the Audit Committee.

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The Audit Committee has also discussed the independence of KAP against the Company’s Management and to the Company itself. During the financial year 2014 there were no non-audit assignments to AAJ KAP, and the Audit Committee has received a letter from the firm AAJ which explained its independence.

Other Audit Assignments to KAP AAJ • Audit Committee has analyzed Management Report and Report of KAP AAJ on the effectiveness of internal control of the Company’s financial reporting and the company’s Performance Evaluation. With the Management and KAP, Audit Committee has also discussed significant weaknesses found in the evaluation and audit processes, along with Management’s plan to fix the said weaknesses. • The Audit Committee has discussed with the Company’s Internal Audit Unit and KAP AAJ about the entire audit scope and plans. The Audit Committee has also conducted meetings with Internal Auditor and KAP AAJ without the presence of the Management to discuss results of audit and results of evaluation of KAP on internal control and the quality of financial reporting altogether.

The Audit Committee has also analyzed and discussed the Consolidated Financial Statements and Notes to Consolidated Financial Statements with the Management of the Company. The said discussion covered the quality and acceptability of financial accounting standard applied by the Company, appropriateness of accounting judgment and sufficiency of disclosure in consolidated financial statements.

The Management has informed the Audit Committee that Consolidated Financial Statement for 2014 referred to above were: 1. The responsibility of the Management and has been presented objectively with the highest integrity; and 2. Have been presented in accordance with Financial Accounting Standard applicable in Indonesia.

Audit Committee

Irjen. Polisi (Purn.) Drs. Michael Dendron Primanto Chairman

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Profile of Audit Committee

Irjen. Polisi (Purn.) Drs. Michael Rustam Wahjudi Agita Widjajanto Dendron Primanto Member Member Chairman

He was appointed Chairman of • Joined Jasa Marga Audit • Joined Jasa Marga Audit Committee Audit Committee in January 2010. Committee in 2011. in 2011. At present he is also Independent • Completed Bachelor’s Degree • Completed Bachelor’s Degree in Civil Commissioner of Jasa Marga. in Accounting from Financial Engineering from Bandung Institute Profile is available in Profile of Institute of the Department of of Technology in 1995 and Master’s Board of Commissioners. Finance in 1981. Degree in Tunnel Engineering • Career started at BPKP (Financial from International Institute for and Development Supervisory Infrastructures, Hydraulic and Board) in 1975. Several positions Environmental Engineering (IHE) at BPKP among others included Delft, Netherlands in 2001. Director in Supervising Managing • Currently is also Head of Investment State Financial Sector, Region II at Scheme Development, Center for BPKP Head Office (2008-2010), Investment Resource Development, Head of BPKP Riau Province Construction Development Agency, Representative Office (2005- Ministry of Public Works. Previous 2008), Head of Administration position included Head of Sub Division at BPKP East Java Division for Investment Control, Province Representative Office Investment Division, Secretariat (2004-2005), Head of Sub of Indonesian Toll Road Authority Directorate for Supervising Natural (BPJT), Ministry of Public Works Resources and Production at BPKP (2005-2011). Since 2005, he has Head Office (2002-2004), Head of been actively involved in numerous Sub Directorate for Oil Supervisory tender committees, working groups, at BPKP Head Office (2000-2002), projects, task forces, etc. of the Head of BUMN/BUMD Supervisory Ministry of Public Works, among Division at BPKP NAD Province others, BPJT and Directorate Representative Office (1998-2000), General of Highways, as a member, Head of Agrarian Supervisory counterpart, source person, etc. He Section at BPKP East Java received several awards, among Representative Office (1995-1997), others, Satya Lancana Karya Satya and Head of Planning, Analysis and X Tahun from the Government Evaluation Section at BPKP Maluku (2008) and Singapore Cooperation Province Representative Office Programme Training Awards (SCPTA) (1990-1995). at Lee Kuan Yew School of Public • Age as of 31 December 2014 Policy and Civil Service College was 62. International, Singapore (2006). • Age as of 31 December 2014 was 43.

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Business Risk and Investment Committee Tasks and Responsibilities of Business Risk and The Company’s Business Risk and Investment Investment Committee Committee is decided by the Decision of the Board Business Risk and Investment Committee reports to of Commissioners No. KEP-00030/I/2012 dated and assist the Board of Commissioners in carrying 20 February 2012. Members of Audit Committee out the duties in order that the management of are dismissed in the case of termination of term the Company takes place efficiently and effectively of office and termination based on Decision of the through competent and independent control and Board of Commissioners, non-compliance with system. Based on Business Risk and Investment required performance and/or incompetence in Committee Charter, the duties and responsibilities carrying out the duties. of the Business Risk and Investment Committee are as follows: The Company’s Business Risk and Investment 1. Evaluating short-term and long-term investment Committee consists of one (1) Chairman that is plan stated in the Company’s RJPP and RKAP also Committee member and two (2) Committee and submitting the evaluation to the Board of members. Commissioners as inputs in arranging and or reviewing RJPP, as well as in discussing the The composition of Business Risk and Investment annual RKAP proposed by the Directors. Committee of the Company is as follows: 2. Evaluating the implementation of investment, existing investment policies and strategies Komposisi Komite Investasi dan Risiko Usaha Jasa along with risk management and giving Marga recommendation in order to review and Name Job Title decide new investment policies, strategies and business risks. Ibnu Purna Chairman 3. Preparing documents, information, material, analysis and review in relation to investment Eduard T. Pauner Member implementation and risk management, in order to minimize and or avoid the Company from cost Nasikhin Ahsanto Member overrun and improve efficiency and effectiveness in toll road and non-toll road investments. All Jasa Marga Business Risk and Investment 4. Giving feedbacks and review on feasibility and Committee Members have integrity, as well as good risks of toll road and non-toll road investment, competencies and reputation. in relation to traffic volume projection, land acquisition, project financing and appropriate Legal Basis on the Forming of Business Risk and use of technology and innovation as well as value Investment Committee engineering. 5. Preparing annual work program of Business Risk and Investment Committee of the Business Risk and Investment Committee to get Company was formed based on the following approval from the Board of Commissioners and rules/regulations: creating periodic report to be submitted to and 1. Law of the Republic of Indonesia No. 19 of 2003 evaluated by the Board of Commissioners. on State-Owned Enterprises. 6. Carrying out other tasks assigned by the Board 2. Law of the Republic of Indonesia No. 40 of 2007 of Commissioners. on Limited Liability Company. 7. Reporting to the Board of Commissioners in the 3. Decision of the Board of Commissioners of carrying out of the duties of Business Risk and PT Jasa Marga (Persero) Tbk. No. Kep-OO94/ Investment Committee VIII/2010 on Decision of the Forming of Business Risk and Investment Committee of PT Jasa Marga (Persero) Tbk.

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Independence of Business Risk and Investment Committee Business Risk and Investment Committee carries out the duties and responsibilities independently and professionally in accordance with prevailing rules and regulations. Business Risk and Investment Committee is chaired by one of the Commissioners and the members are professionals with the background in accordance with the Company’s field of industry.

The independence of members of Committee for Investment and Business Risk is reflected in the following table with the following aspects:

Independence of Members of Business Risk and Investment Committee

Nasikhin Aspect of Independence Ibnu Purna Eduard T. Pauner Ahsanto Not related financially with Board of Commissioners and ü ü ü directors Not related by management with Jasa Marga, Subsidiaries ü ü ü as well as affiliated companies Not related by blood with Board of Commissioners, ü ü ü Directors, and/or fellow Committee members Not related by blood with Board of Commissioners, ü ü ü Directors, and/or feollow Committee Members Not holding position in the management of political Party, ü ü ü local governments.

Business Risk and Investment Committee Meetings recorded and documented in minutes of meeting of Business Risk and Investment Committee holds Business Risk and Investment Committee. Minutes meetings periodically. Business Risk and Investment of Meeting is signed by meeting chairman and is Committee meeting (KIRU) may invite the Company’s distributed to all members of Business Risk and Management to provide information required. Investment Committee both present and absent in the meeting. Dissenting opinion along with its The decisions of Business Risk and Investment reasons during the meeting will be stated in the Committee meetings are made based on the Minutes of Meeting principle of deliberation for consensus. In the event that deliberation for consensus is not reached, Remuneration of Business Risk and Investment decisions are made through voting. In the event Committee that the votes that agree and disagree are equal, Members of Business Risk and Investment the proposal is then declined. Committee that are not members of the Board of Commissioners receive remuneration consisting of In 2014, Business Risk and Investment Committee honorarium amounting to Rp 18,400,000 monthly. has held meetings such as KIRU internal meeting. The attendance level of each Business Risk and Total Remuneration of members of the Business Risk Investment Committee Meeting is as follows: and Investment Committee who are not members of Board of Commissioners reached Rp 220,800,000 Attendance of Members of Business Risk and in 2014. Investment Committee at KIRU Meeting in 2014

Attendance Achievement of Business Risk and Investment Percentage Name at Meetings (%) Committee Key Performance Indicators (KPI) (times) In 2014, the key performance indicator (KPI) of Ibnu Purna 43 67 the Investment Committee Business Risk (KIRU) Eduard T. Pauner 42 66 Nasikhin Ahsanto 49 77 managed to reach a total score of 90.

The decisions made in Jasa Marga Business Risk The KPI achievement of KIRU is as follows: and Investment Committee meetings have been well

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Achievement of Business Risk and Investment Committee Key Performance Indicators (KPI) in 2014

No. Perspective Weight Target Realization Score

1. Supervision on 40% 4 Monitoring reports 4 Monitoring reports and 40 implementation of policies, and evaluation evaluation strategy and investment project 3 review report 3 review report Policies and strategies Report on investment Report on investment implementation implementation 2. Supervision on Risk 20% 3 Report on Risk 1 Report 12 management Management 2 Reports on main 2 Reports on top Corporate risks and Corporate Model to calculate potential loss 3. Supervision on Meeting SPM 20% Report on review of Maintenance Report 20 requirements Maintenance system Report on review toll Laporan pengumpulan Collection system tol 4. Performing duties based on 15% In line with direction Fulfilled 15 Directions of BOC of BOC 5. Orderly Administration Report 5% Report of KIRU Report of KIRU Quarter 3 Quarter 4 2013 4 2013 KIRU Report 2013 KIRU Report 2013 Report on KIRU Fulfilled Internal Meeting Report on Quarter 1, Report on Quarter 1, 2, 3 2, 3 of 2014 of 2014 TOTAL 90

Report on Implementation of Tasks of Business Risk and Investment Committee In line with its duties and functions, the Investment and Business Risk Committee (KIRU) provides support to the Board of Commissioner in performing oversight role on the Company’s management and giving advice/counsel in the areas of risk management and investment. In accordance with the duties and functions, programs and activities can be grouped into 2 (two) parts, namely: (1) Monitoring and Advisory/ Advice in the Field of Risk Management; and (2) Monitoring and providing Advisory/Advice in the Field of Investment, both investment in the toll road business as well as the non-toll business.

Supervision and Giving Inputs/Advice in the field of Risk Management Monitoring and providing inputs/advice in the field of risk management is done, among others, by conducting a review of the top ten risks that were faced by the Company in 2014; monitoring the development of the risk management of the Company; as well as analysis and assessment of the risk of toll road operation of Subsidiary Firms.

Based on the programs and activities, the inputs of the Committee to the Board of Commissioners in the risk management framework in 2014, were including the risks associated with the medium and high levels of corporate risk; controlling the implementation of the Risk Management Plan (RPR) of the Company in 2014; review of corporate risk assessment to determine the Top Ten Risks; and controlling the achievement of targets and objectives set out in the RKAP 2014, taking into account the implementation of risk management.

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Supervision and Giving Inputs/Advice on Investment Supervision and the formulation of advice on investments were made through the program and activities of monitoring and evaluation of the implementation of the strategies and investment policies of toll and non- toll (other businesses); analysis and review of the implementation of toll and non-toll road investments; as well as review of the Company’s investment plans.

Based on the results of the implementation of programs and activities in the toll investment, the Committee for Investment and Business Risks provided inputs to the Board of Commissioners. These include advice on how to strengthen coordination between the Board of Directors and Board of Commissioners of Subsidiaries of Jasa Marga to address the potential problems that have significant impact fin the achievement of the Company’s targets; review and refine models of toll road investment feasibility analysis; sharpening strategies for business expansion and strategic policy concession.

Meanwhile, the inputs from KIRU to the Board of Commissioners for the development of other businesses (non-toll), include the optimization of TIP (Rest and Service Area), which is based on principles of transparency, mutual benefits, mutual respect, and justice (fairness). by taking into consideration the market demand and changes in the business environment to optimize the realization of the potential of existing business and enhance the contribution of business to increase revenue from TIP; the use of fiber optic business development; Other business development strategies in the field of property; as well as the increasing contribution of advertising revenues in other operating revenues.

Business Risk and Investment Committee

Ibnu Purna Chairman

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Profile of Business Risk and Investment Committee

Ibnu Purna Eduard T. Pauner Nasikhin Ahsanto Chairman Member Member

He was appointed Chairman of • Joined Jasa Marga Business • Joined Jasa Marga Business Risk and Investment Business Risk and Investment Risk and Investment Committee in 2014. Committee in February 2012. At Committee on 01 March 2013. • Completed Bachelor’s Degree • Completed Bachelor’s Degree present he is also member of in Civil Engineering in 1977 (S1) in Accounting from Gadjah Board of Commissioners of Jasa from Bandung Institute of Mada University in 2003. Marga. Profile is available in Profile Technology and Master’s • Since 2001, has actively of Board of Commissioners. Degree in Project Management participated in various studies Engineering in 2002 from and analyses, in many regions University of Indonesia. in Indonesia, held by different • Presently is also Staff of offices, such as BPJT (Badan Lectures of Risk Management Pengatur Jalan Tol – Indonesian for Post Graduate Program Toll Road Authority), Ministry of Parahyangan Catholics of Public Works, Board of University Bandung and Post Intelligence of Security of Graduate Program of ITS the Police Headquarters, (2012now). Holds license of Ministry of Transportation, Certified Risk Management State Ministry for Public Professional from Risk Housing, Bank Indonesia (the Management Professional central bank), several Local Certification Institution. Governments, PT Pelindo, Previous positions included Ministry of ESDM (Energi dan Director of Infrastructure Sumber Daya Mineral – Energy Network System, Directorate and Mineral Resources), etc. General of Bina Marga, Ministry • Age as of 31 December 2014 of Public Works (2003-2005), was 36. Member of Risk Committee of PT Hutama Karya (Persero) (20062010), Member of Audit Committee of PT Brantas Abipraya (Persero) (2008- 2012), Risk Management Monitoring Committee of PT Brantas Abipraya (Persero) (2012).

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Remuneration and Nomination Committee State Minister for SOEs No. PER-04/MBU/2009 Currently the Company has not yet had dated 16 November 2009 that was amended Remuneration and Nomination Committee; with Regulation No. PER-08/MBU/2010 dated 31 however, the Company does have system and December 2011, and PER-01/MBU/2012 dated 20 procedures in deciding remuneration to be January 2012 on Requirements and Procedures implemented at the Company by referring to of Appointment and Dismissal of Members of prevailing rules and regulations, i.e. Regulation Directors of State-Owned Enterprises. of State Minister for State-Owned Enterprises No. PER02/MBU/2009 dated 27 April 2009 on The Company prepares its leaders’ successors Guidance on Remuneration of Directors, Board of though the mechanism of Talent Management Commissioners and Supervisory Board of State- System. By identifying 14 key positions for Owned Enterprises. executive leaders and 33 positions of Directors of Subsidiaries, the Company develops the Review on remuneration of the Board of competencies of future leaders by conducting Commissioners and Directors is conducted by Corporate Leadership program. Human Resources Management Bureau and the result is discussed in the Board of Commissioners Together with the Board of Commissioners, and Directors Joint Meeting to be agreed and Directors select potential candidates for future proposed to the GMS. leaders with excellent personal quality along with sufficient experience and expertise to hold the In order that the Company’s remuneration positions one level below Directors and Directors at system is in line with remuneration system best Subsidiaries. These leaders are expected to be the practice in the industry, the Company also uses next members of the Directors in the future deriving independent consultant. from the Company’s internal top managers.

In nominating prospective Directors, the Board of Three (3) of the current members of the Directors Commissioners proposes to the Shareholder of Series of the Company were members of the Directors A Dwiwarna that managers one level below Directors, in the previous period, whereas two (2) of the based on results of their assessment, performance present members of the Directors came from the and integrity, take fit and proper test held by Company’s internal structural managers, one level Shareholder of Series A Dwiwarna and in accordance below Directors. with the Company’s Articles of Association, Shareholder of Series A Dwiwarna, proposes the Profile of Remuneration and Nomination prospective Directors to GMS to get approval. Committee At present, the Company is yet to have Meanwhile, to appoint the management Remuneration and Nomination Committee. of Subsidiaries, in view of procedures of appointing members of Directors and Board of Corporate Governance Committee Commissioners of Subsidiaries, the Directors refer Currently, the Company has not had a Corporate to Regulation of State Minister for SOEs No. PER- Governance Committee. However, the Board 03/MBU/2012 while upholding the foundation of Commissioner is actively monitoring the of good corporate governance principles of implementation of GCG in the Company. In professionalism, transparency, independence, addition, the Company periodically conducts accountability, responsibility and fairness. assessment by an independent party to ensure that the implementation of corporate governance Policies in Directors Successors has been done according to the rules. In order to realize transparent and accountable process and mechanism of selecting and Profile of Corporate Governance Committee changing the members of Directors, the At present, the Company has yet to have Company has complied with the requirements Committee for Corporate Governance. and procedures stipulated in Regulation of

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Secretary of the Board of The duties of Secretary of the Board of Commissioners are to assist the Board of Commissioners Commissioners in undertaking its supervisory The Board of Commissioners has Secretary of function. The detailed functions of Secretary of the Board of Commissioners to support the carrying Board of Commissioners among others are as follows: out of Board of Commissioners’ secretarial 1. Creating yearly/quarterly program/agenda of duties. Based on Decision Letter of the Board of Board of Commissioners’ activities based on the Commissioners No. KEP-00020/I/2012 dated 10 decisions of Board of Commissioners’ meetings. February 2012 on the Filling out of Personnel in the 2. Creating mechanism for the implementation Organizational Structure of Secretary of the Board of secretarial activities so that Board of of Commissioners of PT Jasa Marga (Persero) Tbk, Commissioners’ activities run smoothly. the following matters have been decided: 3. Carrying out administration activities within the Secretary of the Board of Commissioners is 1. Board of Commissioners. appointed for the period of five (5) years. 4. Holding Board of Commissioners’ Meetings and 2. Staff in charge of handling Board of meetings between Board of Commissioners Commissioners’ Meetings. and the Shareholders, Directors as well as other 3. Staff in charge for general affairs of Secretariat related parties. of the Board of Commissioners, Administration 5. Providing data/information required by the Board and Filing. of Commissioners and Committees under the Board of Commissioners. Corporate Secretary The role of Corporate Secretary is significant in ensuring the aspect of disclosure of the Company. In the Company’s organization structure, Corporate Secretary is accountable directly to the President Director. Corporate Secretary’s main tasks and responsibilities include corporate communication either internal or external, investor relations and secretarial activities of the Management of the Company. The existence of Corporate Secretary is in accordance with Regulation of Financial Service Authority (Otoritas Jasa Keuangan/OJK) No. IX.I.4 on the Eastablishment of Corporate Secretary of Listed Company or Public Company, which is basically intended to improve the services delivered to investors of public companies.

Organizational Structure of Corporate Secretary Based on the Decision of Directors No. 41/KPTS/2013 dated 01 March 2013 on Organization Structure of PT Jasa Marga (Persero) Tbk., the unit of Corporate Secretary consists of several departments as follows: 1. Corporate Compliance. 2. Investor Relations. 3. Corporate Communication. 4. Corporate Relations.

Organizational Structure of Corporate secretary

Corporate Secretary

Corporate Corporate Corporate Investor Relations Compliance Communication Relations

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The main duties of Corporate Secretary include the 4. Carried out activities in relations to stakeholders: following activities: a. Toll Road Customers Gathering. • Managing information related to business b. Stakeholder Perception Survey. environment and maintaining the good c. Communication and coordination with relationship between the Company and capital State Ministry for SOEs, Ministry of Finance, market supporting institutions and Regulators. Bapepam-LK and Local Government. • Ensuring that the Company implements the GCG 5. Carried out activities of Directors’ meetings as principles and complies with prevailing rules well as Board of Commissioners and Directors’ and regulations. Convening General Meetings of Joint Meetings. Shareholders of the Company. 6. Carried out GCG Activities, including: • Carrying out communication activities between a. Signing of Integrity Pact the Board of Directors/Management and the b. Assessment Phase I of SOE Clen by Appraisal stakeholders in order to improve the Company’s Team from BPKP, in which the Company was image. declared as a “Committed” company in the • Undertaking secretarial activities of the SOE Clean Program. Company’s management along with facilitating c. Management of Whistleblowing System the relationship between the Company/ d. Managing Gratification Control Program in Management and the stakeholders. Cooperation with the Corruption Eradication Committee Implementation of Tasks of Corporate Secretary e. Leading Performance Assessment Criteria. The activities conducted by Corporate Secretary f. Implementation of GCG Assessment throughout 2013 among others were as follows: Evaluation based on Asean Scorecard, 1. Convened Annual GMS 1 time. which is carried out in cooperation with 2. Carried out activities in relations to investor the Indonesian Institude for Corporate relations: Directorship (IICD). a. Public Expose 1 time. g. Assessemnt of GCG in 2014 b. Site Visit 5 times. h. Socialization of Vision, Mission and Corporate c. Non Deal Roadshow 1 time. Values as well as Evaluation on the level of d. Investor Conference 8 times. understanding of VIsision, Mission and values 3. Carried out activities in relations to corporate of the Company. communications: 7. Conducted coordination and Dissemination a. Press Conference 16 times. of Directors’ policies and corporate internal b. Press Release 26 times. activities. c. Media Visit 2 times. d. Advertorial 13 times. e. Talk show (television and radio) 9 times. f. Display advertisement 12 times

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Work Experience of Corporate Secretary Brief work experience of Corporate Secretary, David Wijayanto, at the Company for the past 10 years, as follows:

Brief Work Experience of Corporate Secretary

Effective from No. Job Title Work Unit (dd-mm-yyyy)

1. Corporate Secretary Corporate Secretary 03-09-2012 2. Business Project Manager for Property Business Project for Property 03-05-2010 Development of JORR 2, BORR, Semarang- Development of Jakarta Outer Ring Solo and Surabaya-Mojokerto Road, Semarang-Solo and Surabaya- Mojokerto Corridors 3. Senior Staff for Toll Road Development Toll Road Development Division 15-08-2008 4. Senior Staff for Operation Management Operation Management Division 12-05-2008 5. Cawang-Tomang-Cengkareng Branch Cawang-Tomang-Cengkareng Branch 29-09-2006 Manager 6. Semarang Branch Manager Semarang Branch 30-06-2006 7. Head of Services and Maintenance Padaleunyi-Citarum Branch 04-12-2002 Department

Competency Development and Training Programs of Corporate Secretary

No. Subject Organizing Institution Date & Venue 1. Executive Workshop on Human Capital Jasa Marga Development JMDC, 13 March 2014 Transformation & Integration Center (JMDC) 2. Seminar on Synergy of SOEs Corporate BUMN TRACK Hotel Sari Pan Pacific Secretary: “Maintaining Reputation in the Jakarta, 16 April 2014 Political Year” 3. SOEs Forum 2014 Sharing Session, Going Hay Group International The Ritz-Carlton Pacific Global: Redefining the International Business Place Jakarta, 24 April 2014 Landscape 4. Workshop on Economic Outlook Post Election Bursa Efek Indonesia (IDX) The Ritz-Carlton Pacific Place Jakarta, 18 August 2014 5. Training on Managament Interview Ministry of SOEs Hotel Santika Bengkulu, 19 September 2014 6. International Seminar on ERM Bali Jasa Marga Development JMDC, 01-02 October 2014 Center (JMDC) 7. Seminar International Bali ERM Center for Risk Management Grand Nikko, 04-05 Studies (CRMS) December 2014

Profile of Corporate Secretary

• Joined Jasa Marga in 1988 • Previous key positions and was appointed as at Jasa Marga included Corporate Secretary based Project Manager for on Decision of the Directors Property Development No. 102/AA.P-6a/2012 on 03 Business of JORR 2, BORR, September 2012. Semarang-Solo & Surabaya- • Completed Bachelor’s Mojokerto (2010-2012) and Degree in Civil Engineering CawangTomang-Cengkareng Transportation from Gadjah Branch Manager (2006- Mada University Yogyakarta 2008). in 1986. • Age as of 31 December 2014 David Wijayatno was 55.

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Internal Audit Unit The function of Internal Audit at Jasa Marga is carried out by Internal Audit Unit. In carrying out its roles, the Internal Audit Unit is always positioned as management’s strategic partner that is trusted, and works professionally, objectively, and independently. Internal Audit Unit assists the President Director in conducting internal audit of the Company, i.e. in assessing internal control system, risk management, and the process of corporate governance while providing suggestions for improvement.

Internal Control System applied by the Company represents an integral process in actions and activities carried out continuously by Management and the entire employees in order to provide sufficient assurance in the achievement of organization’s objectives by means of effective and efficient activities, reliable financial reporting, the Company’s assets security and compliance with rules and regulations.

Qualification of Internal Audit Unit As of the end of 2014, the number of personnel of Internal Audit Unit stood at 21 (twenty one) people with 7 of them have qualifications as Qualified Internal Auditor (QIA).

Personnel at Internal Audit Unit

No. Internal Audit Unit Number of People 1. Head of Internal Audit 1 2. AVP Program Planning & Controlling 1 3. AVP Internal Management 1 4. Audit Result Manager 1 5. Program Controlling Manager 1 6. Internal Administration Manager 1 7. Senior Officer Administration, Informatic & Reporting 1 8. Internal Administration Officer 1 9. Senior Auditor 4 10. Auditor Internal 1 11. Assisstant Auditor 2 12. Advisor 2 13. Senior Specialist 2 14. Office Administration Section 2

TOTAL 21

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Structure and Position of Internal Audit Unit As regulated in Regulation of Bapepam, Internal Audit is an independent unit to other units and is directly accountable to President Director.

The organization of Internal Audit is decided based on Decision of the Directors No. 41/KPTS/2013 on Organization Structure of PT Jasa Marga (Persero) Tbk.

Review decision on remuneration

PROGRAM PLANING AND AND INTERNAL MANAGEMENT GROUP OF AUDITORS CONTROLLING DEPARTMENT DEPARTMENT

PROGRAM CONTROLLING INTERNAL ADMINISTRATION SECTION SECTION

AUDIT RESULTS SECTION

Appointment and Dismissal of Internal competency development program systematically Audit and gradually. In general, the policy of competency Internal Audit is led by Head of Internal Audit development in 2013 was implemented in two ways appointed and dismissed by President Director with as follows: approval from Board of Commissioners. Head of 1. Competency development at external institutions Internal Audit is assisted by AVP Program Planning 2. Competency development internally. & Controlling. Competency development by external institutions Competency Development of Internal was carried out through formal trainings in form Audit Human Resources and Certification of courses or seminar/workshop in relation to of Audit Profession the issues of audit, both those undertaken by the The Company continuously improves competencies Company or other external education institutions. of Internal Audit personnel by conducting auditors’

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Audit Trainings in 2014

Number of No. Name of Training Organizing Institution Participants

1. Champion Training utilization of Appication of PT Centria Integrity Advisory 4 Audit Management System (AMS) “TeamMate” 2. End User Training Penggunaan Aplikasi Audit PT Centria Integrity Advisory 14 Management System (AMS) “TeamMate” 3. Training Program for Qualified Internal Audit Yayasan Pendidikan Internal Audit (YPIA) 1 Qualification, Primary Level II 4. Training Program for Qualified Internal Audit Yayasan Pendidikan Internal Audit (YPIA) 1 Qualification – Phase II 5. National Seminar on Internal Audit (SNA) Yayasan Pendidikan Internal Audit (YPIA) 8 6. Half Fay Seminar COSO 2013 Ikatan Komite Audit Indonesia (IKAI) 2 7. Training Program for Certification of Qualified Yayasan Pendidikan Internal Audit (YPIA) 2 Internal Audit Advance Level I 8. Training Program for Certification of Qualified Yayasan Pendidikan Internal Audit (YPIA) 1 Internal Audit Managerial Level 9. Workshop Metodology, Investigation Technique Lembaga Pengembangan Fraud Auditing 2 and Uncover Fraud cases 10. Processes and Techniques of Internal Audit Yayasan Pendidikan Internal Audit (YPIA) 4 11. Seminar of Internal Control Communication Forum Komunikasi Satuan Pengawasan 5 Forum (FKSPI) 2014 Intern (FKSPI) 12. Training on Control System of the Company’s Jasa Marga Development Center 2 Internal Control Company Class V 13. Panel Forum “Harmonization of the Role of SPI Forum Komunikasi Satuan Pengawasan 2 and Audit Committee to guard performance of Intern (FKSPI) the company in a sustainable and prudential ways 14. Effectiveness of oversight mechanism of Ikatan Komite Audit Indonesia (IKAI) 2 Board of Commissioner and the role of Audit Committee in detecting Fraud in the financial reports “Purpose and aspect of Accountancies, audit, GCG and law”. 15. One-Day Seminar of FKSPI “Improving Internal Forum Komunikasi Satuan Pengawasan 13 Audit capability by using Risk & Control” Intern (FKSPI)

Work Guidelines for Internal Audit Unit well as basis of existence and implementation In conducting its duties, Internal Audit Unit refers of supervisory duties of Internal Audit. The to Internal Audit Charter and Audit Internal Manual Internal Audit Charter and Internal Audit Manual along with Annual Audit Work Program (Program are therefore disclosed to be recognized by all Kerja Audit Tahunan – PKAT), while using the employees and other related parties so that there is approach of Risk-Based Audit Planning. mutual understanding and cooperation in realizing the Vision, Mission and Objectives of the Company. Internal Audit Charter and Internal Audit Manual The Company has Internal Audit Charter and Internal are decided based on Decision of the Directors No. Audit Manual since 01 March 2003 and on 28 May 59/KPTS/2013 dated 28 March 2013. Apart from 2009 and 28 March 2013, they were revised in serving as work guidelines, Internal Audit Charter accordance with prevailing regulations of Bapepam- and Internal Audit Manual also plays an important LK. Internal Audit Charter is reviewed and improved role in enforcing the role and responsibilities as periodically in line with the changes in prevailing rules and regulations.

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In general, Internal Audit Charter and Internal Audit 9. Unless required by provisions of rules and Manual contains: regulations, articles of association and/or 1. Definition of Internal Audit. regulations of the Company, Internal Auditors 2. Structure and Position of Internal Auditing Unit. are required not to disclose information obtained 3. Duties and Responsibilities of Internal Auditing during the carrying out of their duties. Unit. 10. In carrying out the duties, Internal Auditors are 4. Authorities of Internal Auditing Unit. required to disclose all significant facts they 5. Code of Ethics for Auditors of Internal Auditing know. Unit. 11. Internal auditors are required to continuously 6. Requirements for Auditors of Internal Auditing advance their expertise and effectiveness as well Unit. as quality in the carrying out of their duties. 7. Accountability of Internal Auditing Unit. 8. Prohibition to Hold Dual Positions. Tasks and Responsibilities of Internal Audit Unit The role of Internal Audit is to make sure of and Code of Ethics for Internal Auditors provide independent and objective consulting for In carrying out its functions and tasks, apart from the Management in order to boost the creation complying with the Company’s prevailing Code of of added value and improve Jasa Marga’ business Conduct in general, Internal Audit also has Code of operation. Ethics for Auditors, which is stated in Internal Audit Charter, and consists of among others: Referring to the Audit Charter, the tasks and 1. Internal auditors are required to have integrity, responsibilities of Internal Auditing Unit are as objectivity, and seriousness in carrying out the follows: duties and fulfilling the responsibilities of their 1. Planning and carrying out Annual Audit Work profession. Program. 2. Internal auditors are required to show loyalty to 2. Testing and evaluating the implementation of their organization or the parties they serve. internal control and risk management system in 3. Internal auditors are required not to be accordance with the Company’s policy. consciously involved in actions or activities that 3. Conducting audit and assessment on efficiency may discredit the profession of internal audit or and effectiveness in the area of finance, their organization. accounting, operation, human resources, 4. Internal auditors are required to control information technology and other activities. themselves from activities that may cause 4. Providing corrective advice and objective conflicting interest with their organization; or information to all level of management activities that may cause prejudice that doubts concerning all audited activities. their capability to carry out the duties and 5. Making report on audit results and submitting the fulfilling the responsibilities of their profession said report to President Director and the Board objectively. of Commissioners. 5. Internal auditors are not allowed to take 6. Designing program to evaluate the quality of compensation in any forms from employees, internal audit activities conducted. clients, customers, suppliers and business 7. Conducting special audit whenever necessary. partners of their organization as it may influence 8. Conducting Internal Audit Management at their professional judgments. Subsidiaries as special assignment from 6. Internal auditors only conduct services that President Director, in order to provide guidance, are able to complete using the professional supervision, learning and counseling in preparing competencies they own. and implementing Internal Audit at Subsidiaries. 7. Internal auditors are required to make every effort so that they always fulfill Internal Audit Professional Standard. 8. Internal auditors are required to be prudent and wise in using information obtained in the implementation of their duties.

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Implementation of Activities of Internal Audit Unit in 2014 Routine/ Operational Audit In accordance with the Annual Audit Work Program (PKAT) 2014 set by the President Director, in 2014 Internal Audit has carried out inspection on 13 Audit Object.

The audit carried out at Head Office Unit, Branch Office and Project Development/Improvement of Toll Road. Monitoring the follow-up of Audit Recommendation carried out through regular monitoring mechanisms in each Quarter Special Audit/special-purpose audit Implementation of the Special Audit/Audit with Specific Purpose done by PKAT and the request from management to audit/review of specific issues as deemed necessary by management to be evaluated.

In 2014, Internal Audit has conducted two audits with a Specific Purpose namely Audit on Procurement of Goods/Services. Audit at Subsidiaries Audit in subsidiaries conducted at the request of the Subsidiary which had previously been set out in the Decision of the General Meeting of Shareholders of the Subsidiary. Audit for the Subsidiary done by establishing the Joint Audit Team among shareholders

Audit Results of Internal Audit Unit Internal Audit Unit Performance Audit is carried out to evaluate the effectiveness Evaluation of the Company’s Internal Control System, Risk The performance of Internal Audit is measured and Management, and the process of Corporate assessed from the achievement of Key Performance Governance as well as to assess the efficiency and Indicators (KPI). There are 13 indicators that are effectiveness of the entire activities of the Company measured and assessed yearly and are the form of (in the fields of finance, operation, human resources, management contract between the Head of Internal information technology along with other activities). Audit and the Directors. Major indicators in KPI are as follows: Report on results of audit carried out by Internal • Efficiency of audit cost Audit is submitted to President Director and • Audit request from the Management recommendations from audit results are considered • Timeliness of final report issuance and referred to in implementing the follow ups. • Implementation of followed up recommendations Simultaneously, report of audit results is also • Timeliness of completion of Risk-Base Internal submitted to Audit Committee. Audit Planning • Implementation of audit plan Other Audit Supporting Activities • Achievement of work programs In addition to its routine activities, Internal Audit has improved the audit management by using computer In order to make sure that the recommendations are application (Audit Management System/AMS). All followed up, the Company has regulated a control audit activities starting from PKAT, Scheduling/ mechanism through Instruction of the Directors Assigning Audit Team, Implementation of field work, on Auditees’ Obligation to report the follow up of Audit Reporting and Monitoring of Audit Results recommendations of Internal Audit Unit at the end Follow ups are managed by AMS. of every quarter to the President Director.

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Internal Control System of the Company The implementation of internal control system The three categorized objectives are as follows: carried out by Jasa Marga refers to Article 26 Operational This relates to the of the Regulation of the State Minister of State- Objective effectiveness and efficiency of the Company’s operational Owned Enterprises No. PER-01/MBU/2011 on Good activities, including operational Corporate Governance Implementation at State- and financial performances Owned Enterprises. as well as the security of the Company’s assets. Reporting Objective This relates to the reliability Through Decision of Directors No. 96/KPTS/2011 of the Company’s financial on Code of Corporate Governance, Directors reporting, including internal and external reports, both then decide Internal Control System by adopting financial and non-financial the concept of Internal Control from COSO reports. (Committee of Sponsoring Organization of Compliance This relates to compliance to Treadway Commission). Objective prevailing rules and regulations.

The five components required for effective Internal The framework of integrated internal control Control System are as follows: according to COSO has three (3) categories of 1. Control Environment objectives and five (5) components of Internal 2. Risk Assessment Control. 3. Control Activities 4. Information and Communication 5. Internal Control Monitoring

Socialization of Corporate Internal Control System (SPIP) Framework In line with the framework of Internal Control owned by the Company, i.e. Corporate Internal Control System (Sistem Pengendalian Internal Perusahaan – SPIP), Internal Audit Unit also continues to socialize the principles of COSObased Internal Control To all working units at the Company for all levels of position through the programs of training and workshop carried out in cooperation with Jasa Marga Development Centre (JMDC).

The objectives of socialization of SPIP and the future plans among others are as follows: • Mutual understanding on the objectives and components in Corporate Internal Control System (SPIP). • The Company is capable of further ensuring that SPIP is understood and implemented by all Jasa Marga Individuals.

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Socialization of Corporate Internal Control System (SPIP) in 2014

Number of No. Date (mm-dd-yyyy) Venue Class of Participants Participants 1. 17-03-2014 Head Office VI-VIII 44 2. 19-03-2014 Head Office VI-VIII 43 3. 07-04-2014 Head Office VI-VIII 50 4. 21-04-2014 Head Office VI-VIII 50 5. 13-05-2014 Belmera Branch VI-VIII 30 6. 20-05-2014 Semarang Branch VI-VIII 30 7. 20-05-2014 Surabaya-Gempol Branch VI-VIII 30 8. 25-08-2014 Head Office VI-VIII 49 9. 25-08-2014 Surabaya-Gempol Branch VI-VIII 30 10. 27-08-2014 Head Office VI-VIII 42 11. 27-08-2014 Belmera Branch VI-VIII 30 12. 27-08-2014 Purbaleunyi Branch VI-VIII 30 13. 04-09-2014 Head Office VI-VIII 30 14. 15-09-2014 Purbaleunyi Branch VI-VIII 30 15. 16-09-2014 Surabaya-Gempol Branch VI-VIII 30 16. 16-09-2014 Head Office VI-VIII 42 17. 23-09-2014 Head Office VI-VIII 50 18. 06-10-2014 Head Office V 60 19. 07-10-2014 Head Office IV 40 20. 08-10-2014 Head Office VI-VIII 47 21. 13-10-2014 Head Office III 40

Review on Effectiveness of Corporate Internal Control System (SPIP) Reports on Audit Results that are categorized based on the objectives and components in SPIP (COSO framework), are then analyzed annually in order to make improvement on components requiring it. The Audit Results Analysis is also carried out to measure the effectiveness of the achievement of SPIP targets (the Company’s operation, accuracy/reliability of the Company’s reports, and compliance with prevailing rules and regulations).

Profile of Head of Internal Audit

• Joined Jasa Marga in 1988 and Surabaya in 1987. Previous key was appointed Head of Internal positions at Jasa Marga included Audit on 02 February 2015 based GM Cawang-Tomang-Cengkareng on the Decision of Directors (2014) and Surabaya-Gempol No.008/AA.P-6a/2015 dated 02 Branch Manager (2008-2014). February 2015. • Age as of 31 December 2014 Agus Purnomo • Clompleted Bachelor’s Degree was 51. in Civil Engineering from 10 November Institute of Technology

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Risk Management Report With a vision to become a developer and leading in accordance with the fields of RJPP (Corporate toll road operator in Indonesia, Jasa Marga adopts Long-Term Plan) 2013-2017 modern technology and management systems to continuously improve the competitiveness of Develoment of Jasa Marga Risk the Company. One important element in modern Management management is the management of risks. Since 2007, Jasa Marga started the implementation of Risk Management system with the basis of AS/ In carrying out its business activities, the Company NZS 4360:1999 standard, which was decided by realizes that risks are inseparable from each of its Decision of the Directors No. 139/KPTS/2007 on operational activities and may influence business Risk Management Manual. With the issuance of results and performance of the Company. Given the ISO 31000:2009 on 31 October 2009, Jasa Marga toll road business requires large investment with conducted management review to amend the long-term returns and has high uncertainty during guidelines on implementation of risk management construction and operation, the application of risk with the new standard of Enterprise Risk management is becoming increasingly important for Management (ERM) orientation by the issuance of Jasa Marga in running its business. Jasa Marga Directors Decision No. 129.2/KPTS/2010 on Risk Management Policy and Manual of Risk Risk Management is carried out by means of Management in PT Jasa Marga (Persero) Tbk. systematic, structured and integrated approach to anticipate uncertainty or possible loss in the running Jasa Marga’s journey in implementing Risk of the Company and it consists of three (3) main Management is shown in the following Roadmap of fields, i.e. the development of toll road, the operation Jasa Marga Risk Management System Development. of toll road and the development of other businesses This Roadmap is updated every year to adjust (non-toll road) as well as the supporting 4 fields with the latest development as well as internal and (finance, human resources, and IT) and other fields, external policies of the Company.

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Roadmap of Jasa Marga Risk Management System Development

2017 2015-2016 2013-2014 RJPP Targets RISK CULTURE INTEGRATION IMPLEMENTATION WITH OTHER & MONITORING PROCESSES 1. Review and All strategic development Result 11 decisions Principles 1. Socialization and of risk of Risk consider 1. Socialization and Workshop on Risk management risk analysis Maturity of ISO Workshop on Risk Management system 31000 : result Management 2. Training on Risk 2. Integrated Risk Level 2. Training on Risk Management for Management: 2000 Management for VP/ BOD/BOC The • RJPP GM and EPRP Team 3. RPR RKAP 2015 and Company is • RKAP GAP prevented 3. Integrated Risk Report on online Risk Management in Mitigation 2014 • Other from the strategic Risk of Loss Strategic Planning 4. Draft of Guidelines (RJPP/RKAP) on Risk Management- decisions 4. Risk-Based Audit Based Strategic • Corporate 5. Development of Risk Planning (RJPP/ Performance Maturity Model RKAP) Report 2007-2017 Roadmap 6. Implementation 5. Integration of Risk 3. Forming of Design of Systematic Management Targets risk-awareness and Structured with KPI behavior Risk Management 6. Measurement of Risk 4. Measurement of Database System Maturity Risk Maturity using online 7. Trial of Integrated application Corporate 7. Design of Integrated Report with Risk Corporate Risk Management Profile Perusahaan 8. Risk Appetite and Tolerance 9. Monitoring of Risk Mitigation and Evaluation on Risk Incidents

Process of Transformation Management

Risk Management Policies The Board of Directors set a Risk Management In addition to ISO 31000: 2009, the Company’s Policy as a benchmark in achieving the Company’s risk management also refers to the Regulation of Long-Term Goals and Risk Management Manual the State Minister of State-Owned Enterprises No. as an embodiment of commitment to the PER-01/MBU/2011 on the Implementation of Good implementation of risk management throughout Corporate Governance (GCG) in State Owned the entire organization and integratedly, in order to Enterprises, which has been revised by Minister of support certainty and provide a framework for risk State Owned Enterprises No. PER-09/MBU/2012 management in a systematic and measured way in on the amendment to the Regulation of the State accordance with the international requirements. Minister for State-Owned Enterprises No. PER-01/ MBU/2011 on the Implementation of Good Corporate Risk Management Policy and Risk Management Governance (GCG) in State Owned Enterprises. Manual in the Company adopts the ISO 31000: 2009 as reference which is contained in the The signing of risk management policy by Decision of the Board of Directors of Jasa Marga all Directors shows Directors’ commitment, No. 129.2/KPTS/2010 on Risk Management Policy seriousness and awareness of the importance of risk and Risk Management Manual in PT Jasa Marga management in the Company’s sustainability and (Persero) Tbk. target achievement.

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RISK MANAGEMENT POLICY As toll road company with the vision of becoming a modern company in toll road development and operation, PT Jasa Marga (Persero) Tbk. realizes that in achieving the said vision bears the risks caused by uncertainty in achieving business targets of the Company due to the long return of the investment and changes in both internal as well as external environment, along with other risks in relation to toll road operation and management of the Company.

To control the risk of uncertainty in achieving the Company’s business targets and to minimize potential risks in obtaining business opportunity, the Company then sets a risk management policy.

In view of the above, the Company has decided the Risk Policy as follows: 1. In order to implement risk policy, the Company has implemented the principles of Good Corporate Governance, i.e. Transparency, Accountability, Responsibility, Independency and Fairness. 2. Risks need to be understood as all occurences that may happen in the business process of the Company during its achievement of its business process. 3. All risks of the Company must be managed in the best possible way by making use of the Company’s resources so that they stay within the range of the Company’s Risk Tolerance. 4. The Directors, all Employees and Business Partners of the Company have roles in risk management in accordance with their respective responsibilities. 5. Risk management system is to be perfected continuously based on the most recent condition and all employees are to be encouraged to always develop and nurture the culture of risk awareness in order to preserve the values of the Company and stakeholders’ trust.

The Directors of PT Jasa Marga (Persero) Tbk. are responsible for ensuring that the Risk Policy is socialized and implemented, and its effectiveness is reviewed periodically.

Jakarta, 22 July 2010 DIRECTORS OF PT JASA MARGA (PERSERO) Tbk

Finance Director Operation Director President Director Business Development Director Human Resources Director

Ir. Reynaldi Hermansjah Ir. Adityawarman Ir. Frans S. Sunito Ir. Abdul Hadi HS., MM Ir. Firmansjah, CES

The signing of risk The objectives of implementing Risk Management at Jasa Marga are as follows: management policies 1. Improving awareness of the existence of impact from by all Directors shows business activities and actions as well as influence of Directors’ commitment, external factors containing risks. 2. Reducing the frequency of potential hazardous incidents. seriousness and 3. Minimizing potential loss as an impact caused by such awareness of the incidents.

importance of risk Risk Management Governance Structure management in the The Company realizes that risk management is required to be Company’s sustainability implemented at all levels. The structure of risk management governance is therefore created, to enable everybody’s role and target achievement. in developing, managing and ensuring the implementation of risk management.

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Risk Management Governance at Jasa Marga is as follows: 1. Board of Commissioners. 2. Directors. 3. Business Risk and Investment Committee. 4. Risk Management Committee, chaired by Finance Director. 5. Risk & Quality Management as facilitator. 6. Corporate Risk Management Evaluation (EPRP – Evaluasi Pengelolaan Risiko Perusahaan) Team. 7. Risk Owner (Heads of Bureau/Division/Branch/Unit). 8. Risk Officer (the facilitators in conducting assessment). 9. Risk Assessor (the person conducting assessment at each working unit).

Apabila dilihat dalam suatu Struktur Tata Kelola Manajemen Risiko di Jasa Marga dapat digambarkan sebagai berikut:

Structure of Risk Management Governance at Jasa Marga

Business Risk Board of and Investment Commissioners Committee

INTERNAL AUDIT Risk Directors Management CORPORATE Committee SECRETARY

Risk & Quality EPRP Projects Subsidiaries Divisions Branches Management Division Team

Risk Officer Risk Officer Risk Officer Risk Officer Risk Officer

Risk Assessor Risk Assessor Risk Assessor Risk Assessor Risk Assessor

flow of communication (Risk Management System) flow of command (based on organizational structure)

BUSINESS RISK AND INVESTMENT COMMITTEE: chaired by Commissioner with professional members. *)

RISK MANAGEMENT COMMITTEE: chaired by Finance Director with VP Risk and Quality Management as secretary; the members are VP Corporate Planning, VP Toll Road Business Development, VP Related Businesses Development, VP Operation Management, and VP Finance and Accounting. **)

* Profile of Chairman and members of KIRU is available at Business Risk and Investment Committee ** Profile of Chairman and members of Risk Management Committee (KMR) is available at Profile of Directors and Senior Officials

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The Framework of Risk Management at Jasa Marga is the development of the Risk Management principles providing the basis and organization management and encompassing the entire activities in all levels at the Company. The scheme of Risk Management Framework at Jasa Marga is shown as follows:

Skema Kerangka Kerja Manajemen Risiko Jasa Marga

Mandate & Commitment

Planning of Risk Management Framework: 1. Understanding organization and its context. 2. Risk Management Policies. 3. Integration with the Company’s business processes. 4. Risk Bearer. 5. Resources. 6. Creation of Reporting and Communication Mechanism.

Continuous Risk Management Improvement Preparation

Monitoring and Review

The Risk Management Framework encourages the carrying out of effective Risk Management by implementing Risk Management process at various levels of the organization and in specific contexts of the Company. Risk Management Framework is basically a management system with system structure that forms PDCA (Plan, Do, Check, Action) cycle, in order to ease the integration of Risk Management system with other management systems of the Company.

To support the effectiveness of Risk Management implementation, Jasa Marga has created several procedures among others as follows: a) Procedure for Risk Management (PK/PR/01-BMMR). b) Procedure for Creating RPR (PPR PK/PR/02-BMMR). c) Procedure for Monitoring Risk Mitigation Implementation (PK/PR/03-BMMR). d) Procedure for Creating the Company’s Risk Profile (PK/PR/04-BMMR). e) Procedure for Documenting and Reporting (PK/PR/05-BMMR). f) Procedure for Evaluating Risk Event (PK/PR/06-BMMR). g) Procedure for Risks Listing (PK/PR/07-BMMR)

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The Company’s Risks and Managing Them high, moderate, and low. The Company’s risk In line with the commitment of Jasa Marga management is carried out in accordance with the Directors to implementing effective and efficient results of the review the Company’s Long Term risk management, each level of the organization, Plan (RJPP) 2013-2017, which is divided into a top both corporate and business unit, are then required ten risk. to implement risk management by considering priority and benefit of each work program/ project Top Ten Risks for the Company’s sustainability. In 2014, there has Top Ten Risks are ten highest risks as a result of been changing in the risk management mechanism, consolidation risks with the highest level of risks both on the level of risks and identification of status are filtered based on corporate acceptance risks. The hope is that the changes will make the criteria of each work units, namely Head Office, management of the Company’s risks become more Subsidiary of Toll Road Company, a Subsidiary effective and will bring positive impact on the Other Businesses and Branch Offices. sustainability of the Company’s business. The followings are the Company’s top ten risks that In contrast to previous years, in 2014 the Company have been identified and have been prepared based divides the risks into four (4) levels: extreme, on the weight of each risk:

Description of Risks and Risk Mitigation

No. Deskripsi Risiko Tindak Lindung

1. Delay of Capex absorption by Jasa Coordinating with the Finance & Accounting Division in Marga’s Toll Road Subsidiaries. undertaking refinancing through financial instruments (such as: bonds) with lower interest rates when Subsidiaries has recorded profits. 2. Completon of construction is behind Coordinating and encouraging related agencies to accelerate schedule (land acquisition problems). toll road development.

3. Land price is yet to be agreed with the 1. Coordinating with TPT/P2T and related parties. land owner 2. Increasing intensity in approaching the land owners 4. Damages in expantion Joint Repairing Expantion Joint with Rubber Hump Seal (combined with asphaltic plug on certain locations). 5. Damage in the structure of Ciliwung Bridge Strengthening. bridge, and Cengkareng Drain. 6. Damages in pavement at toll gates. Repairing the pavement at toll gates. 7. Not meeting the SPM requirement 1. Conducting Toll Road periodic maintenance. (Indicator of toll road condition). 2. Repairing works at Simpang Susun. 3. Repairing works at Bearing Pad of the Bridge. 4. Patching and Surface Dressing of Toll Road. 8. Emergency situations disrupt operational Handling landslide at toll road. activities. 9. Performance of Toll Road equipments is 1. Maintaining the Contract for Toll Road and Software of Toll not as expected Road Equipments. 2. Installing CCTV for transaction monitoring at toll gates. 10. Landslide at slopes due to land Building Bore Pile to prevent landslide. movement

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In addition to the top ten most risks that are affecting the Company’s future performance, the Company also identified risks in each Directorate. Hopefully, by the identification of risks per directorate, the relevant Directors can focus more on addressing the risks in the related fields.

Following are the details of the identification of risk by directorate:

A. Risks in Development Aspect Having carried out risk identification based on targets of RKAP 2014 in the field of Development, several risks potentially impeding target achievement were identified. The identified risks requiring attention among others were:

The Company’s Risk Profile in 2014 in Development Aspect

No. Risk Risk Mitigation 1. Completion of land acquisition is behind Coordinating with and encouraging related parties schedule. to speed up toll road development. 2. Completion of construction is behind schedule. 1. Coordinating with TPT/P2T and related agencies 2. Increasing intensity to approach land owners. 3. Coordinating and encouraging related institutions in order to speed up toll road development 3. Delay in getting permit to develop business Coordinating with related agencies to get permit.

B. Risks in Operational Aspect Having carried out risk identification based on targets of RKAP 2014 in the field of Operational, several risks potentially impeding target achievement were identified. The identified risks requiring attention among others were:

The Company’s Risk Profile in 2014 in Operational Aspect

No. Risk Risk Mitigation 1. Performance of equipment for controlling 1. Installing Optical Sensor Beam (OBS) at toll booths. toll revenues is not optimum. 2. Implementing Electronic Entrance Ticket (Kartu Tanda Masuk Elektronik – KTME). 2. Minimum level of service is not fulfilled. 1. Toll road periodic maintenance. 2. Toll road patching and surface dressing. 3. Emergency situations disrupting 1. Strengthening slope using bored pile. operational activities. 2. Using retaining wall for areas with not too high embankment, and using bored pile for fault areas. 3. Conducting observation periodically using supporting equipment of slope instruments (Inclinometer, displacement pegs, etc.). 4. Toll road congestion (V/C Ratio <0.8) Providing additional lanes. 5. Toll tariff increase is delayed. 1. Complying with minimum level of services prior to audit by BPJT. 2. Using independent consultant to assess the sufficiency of SPM fulfillment prior to assessment by BPJT.

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C. Risks in Financial Aspect Having carried out risk identification based on targets of RKAP 2014 in the field of Finance, several risks potentially impeding target achievement were identified. The identified risks requiring attention among others were:

The Company’s Risk Profile in 2014 in Financial Aspect

No. Risk Risk Mitigation 1. Lack of cash for operational 1. Monitoring the process of automatic transfer of Daily Toll activities. Collection (Hasil Pengumpulan Tol Harian – HPT) every day from Branches’ account to Head Office’s account. 2. Monitoring policies on implementing the Operational Fund Usage (Penggunaan Dana Operasi – PDO) of Branches and limiting time for payment of transaction to maximum 14 working days since complete and correct document of payment is received. 3. Controlling payment of Other Work Fund (Dana Kerja Lain – DKL) of Branches by limiting to maximum two (2) before due date. 2. Delay in availability of investment 1. Having Credit Agreement (Standby Loan) with bank in fund. sufficient plafond that can be withdrawn at any time. 2. Coordinating with related unit regarding payment schedule and investment fund requirement plan. 3. Loss of principal of fund placement 1. Analyzing bank’s level of health. of time deposit savings. 2. Placing fund based on continuous analysis of Legal Lending Limit and Portfolio Placement Limit.

D. Risks in HR and Other Aspects Having carried out risk identification based on targets of RKAP 2014 in the field of HR and Others, several risks potentially impeding target achievement were identified. The identified risks requiring attention among others were:

The Company’s Risk Profile in 2014 in HR and Other Aspects

No. Risiko Tindak Lindung 1. Number of employees exceed ratio target. 1. Proposing and creating interesting compensation scheme for early retirement. 2. Evaluating work load and work pattern. 2. Unfulfillment of formation needs and job 1. Assessing employees periodically and competencies, i.e. HR needs especially comprehensively. structural positions are not yet fulfilled. 2. Creating career management system. 3. Insufficient improvement of business 1. Reviewing recruitment system. process, reorganization and employee 2. Creating integrated employee development system. recruitment 3. Setting up and implementing individual carrier path. 4. Mapping employees’ competencies. 4. Employees are not satisified with 1. Setting up remuneration system policy. changing in remuneration, implementation 2. Socializing new remuneration system to all of system is not as expected in terms of employees schedule and quality. 3. Adjusting ERP with new remuneration system. 5. Implementation of IT in the Company is 1. Approving Decision Letter on IT Governance. not well-organized and is not integrated. 2. Socializing IT Governance procedure. 3. Previewing IT masterplan 2014-2018. 4. Socializing IT master plan.

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Implementation of Risk Management Work considered to have a status of high risks Programs in 2014 level in each work units and filtered based In accordance with the risk management framework, on corporate acceptance criteria. in the 2014 the work program applies the concept of risk management of Plan, Do, Check, Action (PDCA). Method of preparation: i. The top Ten Risks that have qualitative 1. Risk Management Integration with the Entire implication risks were selected from Business Process of the Company. each Toll Road Subsidiary, Subsidiaries a. Creating Risk Management-Based RKAP of Other Businesses, Branch Offices, 2015. and Work Units of the Head Office This is a yearly program in line with the through the following steps: procedure for creating Risk Management a) Top Risk with qualitative impact Plan (Rencana Pengelolaan Risiko – are selected based on inherent risk RPR) and Changes in Risk Management status as -- “Extreme” and “High” (Perubahan Pengelolaan Risiko – PPR) and has Inherent Risk Score of ≥ 10 No. PK/PR/02-BMMR. In creating risk (ten). management-based RKAP 2015, the b) Selecting Top Risks based on following stages were carried out: their effect on the achievement i. Conducting socialization and workshop of strategic objectives, corporate on creating Risk Register of RKAP reputation, and compliance. 2015. ii. Creating Risk Management Plan of ii. Consolidate Top Risks that have the RKAP 2015. quantitative and qualitative impacts iii. Providing recommendation on the for Top Risk 2015 of PT Jasa Marga decision of RKAP 2015. (Persero) Tbk. The process of iv. Creating Risk Profile of RKAP 2015. preparation of this risk profile was in accordance with the Procedure for In creating risk management-based Corporate Risk Profile Preparation RKAP 2015, it was compulsory for the Number PK/PR/04-BMMR. Subsidiaries to create and report Risk Management Plan. This was to ensure that d. Risk Management Reports. the risks of business operational activities Management reports are a requirement in 2014 were identified and that the risk and addition of the report of the mitigation plans were created. Company’s Report, as well as material for Internal Risk Base Audit. b. Review of Risk Appetite and Risk Tolerance. The risk management plan that has The Company prepared the Risk Appetite been established in the Risk Profile of and Risk Tolerance as a benchmark in the Company and its Subsidiaries in the achievement of corporate goals. In 2014, hereinafter was in accordance connection with the review of RJPP 2013- with the procedures of monitoring the 2017, it is necessary to review the Risk implementation of Risk Mitigation No. PK/ Appetite and Risk Tolerance of the RJPP PR/ 03-BMMR then each unit of the work/ 2013-2014. business must carry out risk mitigation and monitoring of the implementation c. Preparation of Top Ten Risk 2015. of the risk mitigation actions and the The Top Risk Preparation Program 2015 condition of risk status. These steps are is a program to consolidate risks that are done in hope that the risks identified in the Company’s risk profile can be monitored and minimized.

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i. Risk mitigation implementation. iii. Risk And Quality Management 1) Work/business unit carried out Division evaluated and documented risk mitigation of RPR and PPR the effectiveness of Risk of RJP, RKAP and KPI approved Management implementation. by the Directors. 2) If there were some changes In previous years, the management in RJP/RKAP programs, each of the Company’s risks were carried work/business unit is then out by monitoring the number of required to reassess and create risk mitigation programs which were Changes in Risk Management. planned and implemented. As for ii. Risk Management Monitoring. 2014, the Company looked more in- Monitoring included: depth about the effectiveness of the 1) Continuous monitoring by risk risk mitigation programs by looking owners on a daily basis. at the decline of risk level that has 2) Supervision by head of work/ been planned. business unit on a periodical basis. 3) Supervision through internal and external audit on a periodical basis. 4) Investigation on incident related to Risk Management.

Reduction of Risks from Inherent Risks (Assessment Results) to Real Risks (Monitoring Results)

Period Prob Impact Exposure Risk Level

INHERENT (Assessment in 2013) 4.13 4.56 18.82 High Q1 2014 3.94 4.50 17.73 High Q2 2014 2.81 3.13 8.80 Moderate Q3 2014 2.31 2.69 6.21 Moderate Target for Reduction in Q4 2014 1.94 2.31 4.48 Moderate

Based on the above profile data, it can be seen that the level of Risks of Top Risk in the RKAP 2014 for Q4 showed a decline from High Risk to Moderate Risk level with exposure of 4.48 (probability of 1.94 and impact 2.31). This shows that the threats/risks that were expected to be encountered by the Company have declined.

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2. Socialization, Sharing, Training and Certification of Risk Management Although there were structural changes, mutations, and pensions, the Company was still trying to meet the personnel competencies that exist in the Company, in particular those who were included in the governance structure of risk management. Therefore, the Company conducted information dissemination program to each unit of works, attending seminars, obtaining certification, and sharing of risk management.

a. Training, Socialization and Certification To ensure adequate competencies of risk management in the Company, Jasa Marga has also conducted trainings and seminars as well as Risk Management certification program for management-level employees and staffs, especially those who are directly involved in managing the risks, either through training held by the Company internally or held by external parties in collaboration with professionals in the field of risk management, for instance with the Center for risk Management Studies (CRMS).

Trainings, Seminars and Certifications of Risk Management in 2014

Vendor/ Number of No. Description Participants Trainer Participants 1. Business Continuity Training CRMS 2 Vice President DRQM and Risk Management ISO 31000:2009 Management Manager 2. Enterprise Risk Management Training CRMS 2 Assistant Vice President DRQM Fundamental ISO 31000 : 2009 and Assistant Manager Risk Management 3. Socialization of Risk Register and Internal 316 Risk Owner, Risk officer, Risk Report on Mitigation with application Assessor, and Representatives from Work Unit, Branch and projects 4. Training on Implementation of Risk Internal 22 Representatives from Management for Subsidiaries Subsidiaries

Until 2014, the number of employees who holds certification in Risk Management is as follows:

No. Type of Competency Certification Total Active Retired

1. Certified in Enterprise Risk Governance (CERG) 5 3 2 2. Enterprise Risk Management Certified Professional 5 4 2 (ERMCP) 3. Enterprise Risk Management Associate Professional 6 4 1 (ERMAP) 4. Certified Risk Management Program (CRMP) 2 1 1

b. Risk Management Comparative Study The Company routinely performs comparative studies in order to be always up-to-date about the knowledge of risk management and the latest development of risk management from external side as well as to exchange experiences and exchange ideas between practitioners and professionals in the field of Risk Management in Indonesia. In 2014 the Company attended the ‘Roundtable Risk Management and Continuous Improvement in an Organization’, which was held at PT Jasa Marga (Persero) Tbk in cooperation with the CRMS Indonesia, Enterprise Risk Management Academy (ERMA) Indonesia.

In addition to conduct benchmarking to other companies, the performance of the Company’s risk management was already considered good enough by other companies that serve as a benchmarking.

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In 2014, the Company received several Management. This program is the measurement benchmarking of other companies, among of risk management implementation others: effectiveness, in order to give guidance towards 1. Comparative Study on Implementation improvement in risk management system of Risk Management at PT Jasa Marga carried out at Jasa Marga, with the objectives as (Persero), Tbk by PTPN IX (Persero). follows: 2. Comparative Study on Implementation • Obtaining data on gap and description on of Risk Base Budgeting at the Company how far risk management implementation is by PT Angkasa Pura I (Persero). at Jasa Marga. 3. Comparative Study on Web-Based • Obtaining recommendations (Strength and Application of the Implementation of OFI) as well as guidance and corrective Risk Management by PT Jasindo. advice for the implementation of risk management going forward. 3. Application of Web-Based Risk Management Since 2014, the risk management plans set down Initially, Jasa Marga conducted the program of by the Company’s work units, branches and measuring the effectiveness of risk management Subsidiaries as well as risk mitigation monitoring implementation every two (2) years in the reports per quarter should be done through the hope that in between measurement programs, application of web-based Risk Management. the improvements of risk management This method is intended to support the effectiveness are able to be followed up administrative activities that ensure that the risk continuously. However given many and rapid management process becomes more efficient changes in the development of the system as well as recorded in the database and a more implemented in the Company, it is necessary convenient and faster risk management which to perform measurements each year to see can be accessed anywhere and anytime. the effectiveness of the implementation of the improvement of existing systems 4. Measurement of Risk Management Implementation Effectiveness The model used to measure maturity level of risk To guarantee the implementation of management in 2013 and 2014 has five (5) levels effective Risk Management that supports the describing the competencies of the Company performance of organization, Jasa Marga, in in implementing risk management and six (6) cooperation with independent consultant, has Measurement Attributes. measured the level of Risk Maturity in Risk

Risk Management Maturity Measurement Model

LEVEL Initial Beginner Capable Proficient Leader Level 1 Level 2 Level 3 Level 4 Level 5

ATTRIBUTE LEADERSHIP RISK MANAGEMENT PRINCIPLES PROCESS APPLICATION EXPERIENCE CULTURE

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Based on the level of maturity that has been generated, it can be drawn the following conclusions: • For principle attribute, the Company obtained a level of COMPETENT. This means that there is an understanding of the Company in Risk Management principles and some principles of risk management began to be applied. • For Leadership attribute, the Company obtained a level of COMPETENT. This means that in the Company’s leadership style of its leader has been used as a role model for applying a consistent risk management throughout the organization. • As for Application attribute, the Company obtained a level of COMPETENT. This means that in the Company’s policies and risk management system has begun to be applied but has not been consistent. The report has not been put in detailed. There are KPI measurements that are related with risk management, however these have yet to be consistently implemented. • As for Process attribute, the Company obtained a level of COMPETENT. This means that in the risk management process in the Company has not been entirely consistent, yet the Company is learning from experience, and uses a common approach. • As for Experience attribute, the Company obtained a level of BEGINNERS. This means that the Company only has the basic competency of risk management. • As for Culture attribute, the Company obtained a level of COMPETENT. This means that the Company receives active support from senior management for implementing risk management. The awareness of risk management starts to improve with some actively seek information about risk management. There has been a commitment to implement risk management but have not been consistent, and the coordination is week. However, there is understanding in the elements of the organization to reach the target and the management started to feel the need for assessing risks during the decision making process. • In general, the maturity of the Risk Management of the Company stands at COMPETENT level, with a score of 3.23.

Results of Measurement of Jasa Marga Risk Maturity Level Based on Attribute

Karakter Nilai Tingkat Maturitas Culture 3.44 Competent Level 3 Process 3.09 Competent Level 3 Experience 2.32 Beginner Level 2 Application 3.42 Competent Level 3 Leadership 3.61 Competent Level 3 Principle 3.50 Competent Level 3 Maturity Level 3.23 Competent Level 3

The score of maturity of the Company improves from 2013 at 3.12 to 3.23 in 2014, as shown in the following table:

Year Number of Indicators Score Maturity Level 2013 6 indicators 3.12 Competent, Level 3 2014 6 indicators 3.23 Competent, Level 3

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Profile of VP Risk and Quality Management

Project Management from University of Indonesia in 2005. • Previous key positions at Jasa Marga included Project Manager of Gempol-Pasuruan Toll Road (2011-2013), Head of Maintenance Implementation Department of Jagorawi Branch (2010-2011) and Head of Quality Control and Nixon Sitorus Implementation Control Department of Porong- • Joined Jasa Marga in 1997. Being appointed VP Gempol Toll Road Development Project (2009- Risk and Quality Management since 02 February 2010), Deputy General Manager Toll Collection 2015 based Decision of Directors No. No.006/ Management of Cawang-Tomang-Cengkareng AA.P-6a/2015 dated 02 February 2015. Branch (2008-2014) and Head of Maintenance • Completed Bachelor’s Degree in Civil Supervision, Control and Evaluation Sub Division Engineering from Bandung Institute of of Cawang-Tomang-Cengkareng Branch (2006). Technology in 1995 and Master’s Degree in • Age as of 31 December 2014 was 42.

Material Litigation Material Litigation represents legal matters faced by the Company during the period of the report and they have been filed for legal process through both Court and Arbitration. Amount Sued represents the amount of compensation sued against the Company as the defendant or amount of compensation sued by the Company as the plaintiff, for both material and immaterial losses.

As a pioneer in the field of toll road business, the Company oftentimes deals with various litigations as the Plaintiff, Defendant as well as Co-defendant. In 2014, material litigations faced by Jasa Marga were all civil cases. Based on the type of merits of case, Jasa Marga’s material litigation is classified into Land Litigation, Corporate Litigation, Industrial Relations Litigation, and Other Litigation.

For the below legal cases, Jasa Marga believes that the continuation of court investigation or verdict will not have material impact on the Company and its Subsidiaries. Based on Management’s estimate to settle the cases, Jasa Marga has budgeted fund amounting to Rp 8,020,704,000 in RKAP 2014.

The recapitulation of material litigations faced by the Company over the past three years is as follows:

1. The number of material litigations.

2012 2013 2014 26 cases 14 cases 11 cases

2. Details of cases

Types of Case Number of Cases Land Litigation 6 cases Corporate Litigation 3 cases Industrial Relations Litigation 1 case Others 1 case

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 293 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

3. Legas cases and its completion status.

Number of Cases Legal Issues Industrial Civil Cases Pidana Relations Completed (having permanent legal force) - - 1 case In the process of completion 10 cases - -

The details of material litigations faced by the Company among others were as follows:

Land Litigation

CASE OF ONIH BINTI RIDI Case No.: 75/Pdt/2014/PT.DKI Institution: High Court of DKI Jakarta Parties: Plaintiff: Urip bin Nasar and Onih binti Ridi Defendant: Jasa Marga Merits of Case: Lawsuit in relation to ownership of 9,164-m2 land on JORR Toll Road Ulujami-Pondok Aren Section Status of Case: The Verdict of High Court of DKI Jakarta on 25 March 2014 confirmed the verdict of State Court of South Jakarta No. 205/Pdt.G/2012/PN.Jkt. Sel denying Plaintiff’s suit. Management Efforts: At present, the case in the process cassation at the Supreme Court of the Republic of Indonesia Amount Sued: Rp 13,892,624,000 Impact of Case on the Company: No impact.

CASE OF SRI SUPARTINI

Case No.: 490 PK/Pdt/2007

Institution: Supreme Court

Parties: Plaintiff: Sri Supartini Cs. Defendant I: Land Acquisition Team (P2T) of Tangerang Regency Defendant II: Department of Settlement and Regional Infrastructure Defendant III: Jasa Marga

Merits of Case: Lawsuit in relation to ownership of 5,500-m2 land on JORR Toll Road Ulujami-Pondok Aren Section

Status of Case: At the level of Judicial Review, the case has reached a verdict on 03 July 2008, Jasa Marga’s Judicial Review was denied.

Management Efforts: Jasa Marga has coordinated with the Ministry of Public Works to file counter suit.

Amount Sued: Rp 20,140,000,000

Impact of Case on the Company: No impact.

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CASE OF FIKRI GANI

Case No.: 283/Pdt.G/2014/PN.Bks

Institution: District Court of Bekasi

Parties: Plaintiff : Fikri Gani Defendant I : Land National Agency Defendant II : Jasa Marga

Merits of Case: Lawsuit in relation to ownership of 1,935 -m2 land in Caman, Bekasi on Jakarta-Cikampek Toll Road.

Status of Case: The case is still in the process at District Court level.

Management Efforts: Jasa Marga has appointed legal consultant and at present it is in the process of settlement at Bekasi District Court.

Amount Sued: Rp 13,545,000,000

Impact of Case on the Company: No impact.

CASE OF MUSTAFA RAHMAN

Case No.: 1173 K/PDT/2012

Institution: Supreme Court

Parties: Defendant I : Department of Settlement and Regional Infrastructure (Department of Public Works) Defendant II : Mayor of East Jakarta Defendant III : PT Jasa Marga (Persero) Tbk Defendant : Mustafa Rahman

Merits of Case: Lawsuit in relation to ownership of 6,670-m2 land used for JORR Toll Road E1 Section.

Status of Case: At cassation level, the case has reached a verdict on 21 October 2013, Petition for Cassation of Jasa Marga, Minister of Public Works and Mayor of East Jakarta was denied.

Management Efforts: Jasa Marga has applied for Judicial Review of such verdict on 12 December 2013.

Amount Sued: Rp 17,775,000,000

Impact of Case on the Company: No impact.

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CASE OF BENUA CHANDRA

Case No.: 704 K/Pdt/2007

Institution: Supreme Court

Parties: Plaintiff : Benua Chandra Defendant I : Jasa Marga Defendant II-VI : Directorate General of Bina Marga Cs Defendant VII : Director of PT Perkebunan Nusantara II Defendant VIII-IX : Head of Regional Office of Land National Agency of North Sumatera Province Cs Defendant X : Director of PT Kawasan Industri Medan Defendant XI-XVI : Regent Deli Serdang Cs

Merits of Case: Lawsuit in relation to ownership of 3,603 m2 land used for Mabar Office and Toll Gate on Belmera Toll Road.

Status of Case: At Cassation level, the case has reached a verdict on 26 September 2007, Jasa Marga’s Petition for Cassation was denied.

Management Efforts: Jasa Marga has applied for Judicial Review to Supreme Court through District Court of Lubuk Pakam, and the case is still under investigation of Supreme Court.

Amount Sued: Rp 12,882,400,000

Impact of Case on the Company: No impact.

Corporate Litigation

KASUS TIRTOBUMI II

Case No.: 180/PDT/2013/PT.DKI

Institution: District Court of East Jakarta

Parties: Plaintiff : PT Tirtobumi Defendant : Jasa Marga Co-Defendant : Ministry of Public Works

Merits of Case: Tirtobumi filed a lawsuit over Unlawful Act against Jasa Marga on the ground that Jasa Marga did not carry out BANI’s verdicts.

Status of Case: At the level of Appeals, the case has reached a verdict on 15 July 2013, the appeal of Jasa Marga and Minister of Public Works was granted. Official copy of the said verdict was received by the Plaintiff on 17 December 2013.

Management Efforts: Jasa Marga keeps monitoring the continuation of the case on the next litigation process in court.

Amount Sued: Rp 1,247,576,000,000

Impact of Case on the Company: No impact.

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CASE OF WIDENING OF CIKAMPEK-CIBITUNG TOLL ROAD SECTION (BTS 1)

Case No.: 240 K/Pdt/2012

Institution: Supreme Court

Parties: In rebuttal: Cassation Applicant : Jasa Marga Cassation Respondent : Bangun Tjipta Sarana (BTS)

In counter-suit Cassation Applicant : Bangun Tjipta Sarana (BTS) Cassation Respondent : Jasa Marga

Merits of Case: Lawsuit filed by Jasa Marga against BTS in relation to Revenue Sharing Agreement for Cikampek-Cibitung Section of Jakarta-Cikampek Toll Road No. 109 dated 16 October 2002.

Status of Case: At Cassation level, the case has reached a verdict on 24 July 2012, petition for Cassation of Jasa Marga and BTS was denied.

Management Efforts: Jasa Marga has applied for Judicial Review on 09 October 2013.

Amount Sued: a. Jasa Marga sued for Rp 583,053,000,000 b. BTS sued (in counter-suit) Rp 4,827,233,000,000

Impact of Case on the Company: No impact.

CASE OF PT MITRA JUJUR INDONESIA

Case No.: 252/PDT.G/2014/PN.JKT.TIM

Institution: District Court of East Jakarta

Parties: Plaintiff : PT. Mitra Jujur Indonesia Defendant I : Jasa Marga Defendant II : PT Purnajasa Bimapratama Co-Defendant : PT Bank Sumut Jakarta Special Branch

Merits of Case: Objection to termination of Contract of Works in Renovating Tomang Toll Gate on Cawang-Tomang-Cengkareng Toll Road.

Status of Case: The case is being processed at District Court level.

Management Efforts: Jasa Marga has appointed legal consultant and at present is in the process of settlement at District Court of East Jakarta.

Amount Sued: Rp 13,200,000,000

Impact of Case on the Company: No impact.

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Industrial Relations Litigation

CASE OF INDUSTRIAL RELATIONS COURT BANDUNG

Case No.: 116/G/2013/PHI/PN.Bdg

Institution: Industrial Relations Court Bandung

Parties: Plaintiff 1 : Cecep Cahyadi, A.Md, Cs. Defendant : Jasa Marga

Merits of Case: Lawsuit filed by former employees of Purbaleunyi Branch in Industrial Relations Court Bandung.

Status of Case: The case has reached a verdict on 08 January 2014 with verdict No. 116/G/PHI/PN.Bdg.

Management Efforts: Based on Judge Verdict on 08 January 2014, the work relation between the Plaintiffs and Defendant has been terminated along with all legal consequences effective from the verdict was read out. The verdict has permanent legal standing hence no more legal efforts are required.

Amount Sued: Salary and religious allowance amounting to Rp 503,011,056

Impact of Case on the Company: No impact.

Other Litigation

CASE OF THAMRIN TANJUNG

Case No.: 94/Pdt.G/2014/PN.Jkt.Tim

Institution: District Court of East Jakarta

Parties: Plaintiff 1 : Ir. Thamrin Tanjung Defendant I : Attorney General Defendant II : GOI C.q. Ministry of Public Works Defendant III : Jasa Marga Co-Defendant I : PT Marga Nurindo Bhakti Co-Defendant II : PT Hutama Karya Co-Defendant III : PT Yala Perkasa Co-Defendant IV : Konsorsium Hutama Yala

Merits of Case: Thamrin Tanjung filed a lawsuit over Unlawful Act against HK, Jasa Marga, Minister of Public Works and Attorney General of Central Jakarta in relation to execution of JORR Toll Road Section S based on Verdict No. 720 K/Pid/2001.

Status of Case: Case is still being tried at District Court of East Jakarta.

Management Efforts: Jasa Marga keeps monitoring the continuation of the case on the litigation process in court.

Amount Sued: Rp 20,975,000,000.

Impact of Case on the Company: No impact.

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Litigation at Subsidiaries In 2014, no litigation is faced by either the Subsidiaries or the Board of Commissioners and Directors of Subsidiaries.

Litigation at Subsidiaries as of 31 December 2014

Name of Subsidiary Litigation Amount Sued

PT Jalantol Lingkarluar Jakarta None None Jakarta Outer Ring Road Toll Road) PT Marga Lingkar Jakarta None None (JORR W2 North Toll Road) PT Marga Sarana Jabar None None (Bogor Outer Ring Road Toll Road) PT Marga Kunciran Cengkareng None None (Cengkareng-Kunciran Toll Road) PT Marga Trans Nusantara None None (Kunciran-Serpong Toll Road) PT Marga Trans Jateng None None (Semarang-Solo Toll Road) PT Marga Nujyasumo Agung None None (Surabaya-Mojokerto Toll Road) PT Transmarga Jatim Pasuruan None None (Gempol-Pasuruan Toll Road) PT Jasamarga Bali Tol None None (Nusa Dua-Ngurah Rai-Benoa Toll Road) PT Jasamarga Pandaan Tol None None (Gempol-Pandaan Toll Road) PT Jasa Layanan Pemeliharaan None None (previously PT Sarana Marga Utama) PT Jasamarga Properti None None (Field of property services) PT Jasamarga Kualanamu Tol None None (Medan-Kualanamu-Tebing Tinggi Toll Road)

Litigation Faced by Members of Board of Commissioners and Directors In 2014, no litigation is faced by Members of Board of Commissioners and Directors in office.

Information on Administrative Sanctions In 2014, the Company received administrative sanction from the Financial Service Authority (Otoritas Jasa Keuangan/OJK) as stated in the letter of Financial Service Authority No. S-57/PM.15/2013 dated December 19, 2013 as the Company does not fulfill fairness opinion from independent appraiser on affiliate transactions, related with the purchase of the shares of PT Translingkar Kita Jaya from PT Waskita Karya (Persero) and that the validity period of appraisal summary report to be publicly announced has exceeded 6 (six) months.

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Code of Conduct and Code of Conduct is the guidelines for all individuals of the Company, starting from the Corporate Culture Board of Commissioners, Directors and the entire Ethics and culture are the foundation of GCG employees, in working and interacting with the implementation at Jasa Marga, given that entire stakeholders of the Company. With the organization certainly consists of people in it. In main values of the Company while carrying out managing GCG, implementation of GCG is then the Company’s Code of Conduct consistently, all inseparable from running ethical business and Jasa Marga individuals, wherever they are, they will forming the awareness of the Company and its constantly support the implementation of good employees with sense of social responsibility to the corporate governance, which in the end will lead to community so as to avoid conflicts of interest and of the increase in corporate image for the benefit of prevailing rules and regulations. the entire stakeholders.

Code of Ethics Principles of Code of Conduct In the improvement of GCG implementation, Jasa The Company’s Code of Conduct regulates the Marga has formulated various policies in relation to ethical values that are explicitly stated as standards corporate ethics. Jasa Marga has made efforts to of behavior to which all Jasa Marga Individuals implement best practice ethical standard in carrying must refer. out all of its business activities in line with its Vision, Mission and culture though the implementation of The principles of Good Corporate Governance (GCG) Business Ethics and Work Ethics. implemented in Code of Conduct are as follows: 1. Transparency The Company completely realizes that good The Company ensures disclosure of relationship with the stakeholders and improvement material and relevant information about the in value of Shareholders in the long run are only performance, financial condition and other achievable through business integrity in each of information in a clear, adequate, accurate, business activities of the Company as stated in comparable and timely and easily accessible Business Ethics and Work Ethics. to stakeholders in accordance with their rights. The principle of openness does not undermine Code of Conduct the obligation to protect confidential The Company has had standard of Code of Ethics information about the Company and the called Code of Conduct since 2010. The Code of Customer and Partners in accordance with the Conduct is arranged to for the carrying out of good applicable laws and regulations. and right corporate management, hence it requires guidelines that are intended to form and regulate 2. Accountability the accordance of behavior to achieve consistent The Company ensures clarity of the functions, GCG implementation as the Company’s culture that rights, obligations, authorities, and accountability maximizes the implementation of the principles of of the Company’s Board which enables good corporate governance for the accomplishment effectiveness of the management of the of the Company’s Vision and Mission. Company. Accountability refers to the obligation of a person or organ of the Company and the With the spirit of change, there has been a revision implementation of his/her authority and/or to the book of Code of Conduct of Jasa Marga and responsibilities assigned by the Company to the this serves as part of GCG implementation that is person or particular organ. expected to be the basis for all level of Jasa Marga Management and Individuals in carrying out their duties, with the Decision of Directors No. 175/ KPTS/2013 dated 17 December 2013 on Code of Conduct.

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3. Responsibility The Company ensures compliance in conducting business activities based on the principles of healthy corporate, fulfillment of obligations to the Government in accordance with regulations, work together for mutual benefits and strive to make a significant contribution to society.

4. Independence The Company guarantees the Company is managed in a professional manner without any conflict of interest and influence/pressure from any parties which is not in accordance with prevailing laws and regulations and the principles of healthy corporate.

5. Fairness The Company guarantees fair and equal treatment in fulfilling the rights of stakeholders based on the provisions and prevailing laws and regulations.

The Code of Conduct is prepared to implement good and proper corporate governance. The guideline aims to establish and regulate the suitability of behavior in order to achieve a consistent application of GCG as a corporate culture, which maximizes the application of the principles of Good Corporate Governance, which ultimately achieving the Vision and Mission of the Company.

Contents and Implementation of Code of Conduct The Company’s Code of Conduct determines policies on ethical values which are set out explicitly as a standard of behaviors that must be followed by all elements of Jasa Marga.

Code of Conduct contains the following matters: Chapter I Introduction Chapter II Principles of Good Corporate Governance Chapter III Business Ethics of the Company Chapter IV Ethics/Code of Conduct Required for Jasa Marga Individuals Chapter V Enforcement and Reporting

In accordance with the provisions of the Code of Conduct that has been approved through the Decision of the Directors No. 175/KPTS/2013 dated December 17, 2013 on the Code of Conduct that the Code of Conduct applies to all elements of Jasa Marga, ranging from the Board of Commissioners, Directors, Vice President/General Managers/Unit Heads/Assistant Vice President/Deputy General Manager, Manager, and staffs.

Jasa Marga Individual JASA MARGA INDIVIDUAL

Board of Commissioners

Directors

Employees assigned at Other personnel directly Employees of the Company Subsidiaries and other work for and on behalf institutions of the Company

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Socialization and Efforts to Enforce Code of 2. Exemplary Leadership by giving examples of Conduct attitude and behavior that are not in conflicting Code of Conduct is disclosed and/or distributed with the Company’s policies and regulations to all Jasa Marga Individuals by means of various regarding Good Corporate Governance. media of the Company, including by making use of the information technology so that it is accessible In 2014, enforcement of the Code of Conduct is by all employees at any time. Periodically, through carried out in several ways, among others: Memo and/or Circular Letter from the Directors, 1. The signing of an Integrity Pact by all elements of all Jasa Marga Individuals are informed of the the Company, which is renewed every year. implementation of business ethics. 2. Socialization through the company’s internal media (Toll Road News and Toll road Info) The media to disseminate the Code of Conduct, 3. Submitting State Officials Wealth Report among others, through: (LHKPN) up to the AVP level in 2014 • Website 4. Reporting Gratification to the KPK and • Pocket Books establishes cooperation program • Banners 5. Reporting Gratification to the Commission and • Bulletin cooperating with the KPK on the Gratification • The Statement of Commitment which was signed Control Program. In 2014, both parties jointly was reproduced and put in frame and then cooperated in providing Training of Trainers (ToT) distributed throughout Work Units and Branches on Gratification Control Program • Company Jingle 6. The Establishment of Jasa Marga Gratification • Ads in newspapers Control Unit within Compliance Department, GCG section. To assure that Jasa Marga Individuals’ behavior are 7. Advertising on gratification ban in various mass based on ethical business, a number of strategic media and websites initiatives were undertaken through among others: 8. Changes in the Board’s decision on Guidelines 1. The Commitment of Board of Commissioners, for Handling Gratification No. 183/KPTS/2014 and Directors and Employees to implement dated October 22, 2014 which was then printed in Good Corporate Governance in every step of the pocket books and distributed to all employees of Company, which are set out in the Integrity Pact, Jasa Marga. which is renewed at every beginning of the year.

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The efforts to reinfornce the implementation of Code of Conduct in view of the relationship with the stakeholders of the Company are as follows:

GOOD CORPORATE GOVERNANCE (GCG) PRINCIPLES Transparency, Accountability, Responsibility, Independence and Fairness

CODE OF CONDUCT Based on Decision of the Directors No. 175/KPTS/2013 dated 17 December 2013 on Code of Conduct

Business Ethics Ethics/Conduct of Jasa Marga Individuals Good conducts in doing business activities, covering all aspects relating to System of values or norms shared by all leaders and the individual, the Company, industry and communities. These include how we employees in carrying out their tasks, including ethical conduct business fairly in accordance with prevailing laws, and do not depend relationships between employees and the Company. on the position of the individual or the Company in the community.

1. Compliance with Rules and f. Relationship with Competitors 1. Commitment of Jasa Marga Individuals Regulations g. Relationship with Creditors/ 2. Maintain Good Image of the Company 2. Gratification Handling Investors 3. Maintain Good Relationship among Jasa Marga 3. Care for Occupational Safety h. Relationship with Suppliers/ Individuals and Health Contractor 4. Maintain Confidentiality of the Company 4. Equal Opportunity for i. Relationship with Community and 5. Maintain and Use the Company’s Assets Employees to Have Job, Be Surrounding Environment 6. Maintain Occupational Safety, Health and Promoted and Stop Working j. Relationship with Mass Media Environment 5. Ethical Standard in k. Relationship with Subsidiaries 7. Immoral Conducts, Narcotics, Illegal Drugs, Gambling the Relationship with 6. Ethical Standard of the Management and Smoking Stakeholders: and Employees 8. Conduct Data Recording and Reporting a. Relationship with Jasa a. Superior to Subordinate 9. Avoid Insider’s Trading Marga Individuals b. Subordinate to Superior 10. Gratification Handling b. Relationship with c. Between Colleagues 11. Avoid Conflict of Interest Government 7. Intellectual Property Rights 12. Political Activities c. Relationship with Shareholders d. Relationship with Toll Road Users and Other Customers e. Relationship with Business Partners

Each Jasa Marga Individual has signed Integrity Pact to show the commitment to GCG implementation in the Company’s operational activities. The signing of the said commitment has been fulfilled by 100% of Jasa Marga Individuals.

Corporate Culture The implementation of good corporate governance will succeed when supported by strong corporate culture. The approach of culture internalization is carried out by means of intervention of three aspects, namely leadership, system and employees. By applying the said approach, apart from written in policies and procedures, Jasa Marga’s culture becomes soft skills that are practiced by the Board of Commissioners, Directors and employees in the carrying out of their daily tasks.

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Statement of Corporate Culture of the Company The Company has decided corporate culture better The Corporate Values have been approved by the known as Corporate Values. To make adjustments Board of Commissioners and Directors with the towards the direction of long-term growth and Decision of Directors No. 50/KPTS/2013 dated 01 development of the Company with great potential March 2013 on the Vision, Mission and Corporate in toll road business in the future awaits, as well as Values. To indicate its seriousness and to monitor to achieve the Company’s Vision and Mission, the the effectiveness of the implementation of its Values, Company then changed its Corporate Values in 2013 the Company has formed guidelines for socializing into: Jujur (Trustworthy), Sigap (Agile), Mumpuni and evaluating the Vision, Mission and Values of the (Qualified), and Respek (Respectful). The four values Company with the issuance of Decision of Directors serve as the foundation in the interaction between No. 173/KPTS/2014 dated 15 October 2014. Jasa Marga Individuals and the stakeholders.

Principles of Corporate Culture The corporate culture serving as foundation in the interaction between Jasa Marga Individuals and the stakeholders, that is better known as Corporate Values of the Company are described as follows:

JUJUR (TRUSTWORTHY) Jasa Marga is committed to always being TRUSTWORTHY, fair, transparent and free from conflict J of interests in carrying out its business activities. SIGAP (AGILE) Jasa Marga is AGILE in providing services to the customers and other stakeholders by being S concerned and proactive while constantly staying prudent. MUMPUNI (QUALIFIED) Jasa Marga is QUALIFIED in performing the duties with the basis of competency, consistency M and innovation. RESPEK (RESPECTFUL) R Jasa Marga is RESPECTFUL to the stakeholders in creating synergy to make achievements.

Socialization of Corporate Values The above Corporate Values are continuously socialized to all Jasa Marga Individuals (Board of Commissioners, Directors, Employees of the Company, Employees assigned at Subsidiaries and other parties, and other personnel directly work for and on behalf of the Company). The distribution and socialization of Corporate Values are carried out via internal and external sites of the Company, slide presenting Corporate Values at every training or meeting, placement of banner at strategic spots at the Company.

The programs that were carried out in 2014 among others were as follows: 1. The obligation to include the Values of the Company in the documents of procurement of goods/ services within the Company and during aanwijzing meeting. 2. Evaluation of Vision, Mission and Values of the Company at all work units and branches. Evaluation consists of comprehension of Vision, Mission and Values along with evaluation of effectiveness level of the socialization of Vision, Mission and Values. 3. Description of Vision, Mission and Values until operational level by a consultant. 4. Socialization and survey on comprehension and effectiveness of the socialization of Decision of the Directors No. 173/KPTS/2014 dated 15 October 2014 regarding Guidelines on Socialization and Evaluation of Vision, Mission and Values of the Company in October 2014.

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Shares Ownership Program Period of ESA In accordance with the provisions, the Bonus Shares for Employees and/or were subject to a three-year lock up period, during Management (MSOP/ESOP) which they are not allowed to be sold or transferred.

Jasa Marga MSOP/ESOP Program Requirements for Entitled Employees and/ Jasa Marga does not have MSOP/ESOP program or Management yet has Program Penjatahan Saham Karyawan Based on Decision of the Directors No. 182.1/ (Employee Stock Allocation – ESA). The main KPTS/2007 on Shares Ownership Program for objective of this program is in order that employees Employees and Management of PT Jasa Marga have a sense of belonging that is expected to (Persero) Tbk. during the Privatization Process of accelerate their productivity; hence enhancing the PT Jasa Marga (Persero) Tbk., participants of ESA Company’s overall performance and ultimately program are the Company’s Permanent Employees, increasing the Company’s value for all stakeholders. Directors, Board of Commissioners excluding Independent Commissioners, Secretary of Board ESA program consists of: of Commissioners, and Secretaries to Directors, all 1. Bonus Share listed in the Administration of Information System of Commissioners (other than Independent Human Resources Management of the Company on Commissioner), Directors and all permanent 31 October 2007. employees of Jasa Marga meeting certain criteria received Bonus Shares at the time of the Initial Exercise Price Public Offering in the amount equivalent one As it is ESA Program, there is no exercise price. The month’s salary of the month of June 2007. Jasa share price at the IPO was Rp 1,700 per share. Marga anticipated the grant up to approximately 11,862,000 shares under the bonus share grant Equal Treatment to All scheme, of which approximately 1.7% and 98.3% were allocated to non-independent Shareholders Jasa Marga ensures equal treatment to all of Commissioners/Directors and employees, its shareholders, including minority and foreign respectively. shareholders. Jasa Marga also applies fair and equal 2. Fixed-Allotment Share treatments to shares that belong to same category, In addition to Bonus Shares, participants were prohibits insider trading and self-dealing, and given opportunity to purchase Fixed-Allotment requires the Board of Commissioners to disclose Shares at the time of the Initial Public Offering. all transactions that contain a conflict of interest. In The number of shares for Fixed-Allotment Shares addition, Jasa Marga recognizes stakeholders’ rights, was approximately 192,138,000 shares. The as protected by law, and seeks to promote active allocation was made in proportion to employee’s cooperation with the stakeholders. monthly salary and was subject to certain limits.

Jasa Marga Guarantees that in Annual GMS and Number of ESA Shares Extraordinary GMS, the shareholders are entitled In line with the Extraordinary General Meeting of to equal treatment and balanced position in giving Shareholders of Jasa Marga on 12 September 2007, their opinion as well as contribution in the process the Shareholders approved the plan on Employee of making significant and strategic decisions in Stock Allocation (ESA), referring to BAPEPAM accordance with the number of type of shares they Regulation No. IX A.7 that provides opportunity hold, the Company’s Articles of Association, along for employees, management and/or certain other with prevailing rules and regulations. parties that are stated in the Decision Letter issued by the Company, to own a maximum of 10% of the shares that are offered to the public (or amounting to 204,000,000 shares).

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In GCG assessment in 2014 carried out by Sanctions for misconducts may range from verbal independent party, in the aspect of Shareholders warning, warning letter (I, II, III), to termination of and GMS, the Company achieved the score of employment. The Company does not tolerate any 96.63% with the predicate of very good. violation related to integrity.

Whistleblowing System Management team Whistleblowing System Whistleblowing System (WBS) is mechanism Whistleblowing System is a system that manages for violation reporting conducted confidentially the reporting/disclosures of illegal conducts, by employees or leaders of the Company. The and unethical/improper conducts in confidential, reporting is made by means of standard mechanism anonymous and independent manners to be used in managed professionally by Whistleblowing System optimizing the roles of Jasa Marga Individuals as well Management Team assisted by Whistleblowing as other parties in revealing misconducts that occur System Administration Management, namely PT in the Company. Deloitte Konsultan Indonesia that was selected through the process of procurement of goods/ As part of its commitment to continually services at the Company. improving GCG implementation, the Company urges that violation to GCG implementation Membership of Whistleblowing System Management and Code of Conduct be avoided by the entire Team is as follows: Jasa Marga Individuals. In view of the above, Members of Whistleblowing System Management the Company has implemented Whistleblowing Team System as the media for submitting report on violation of GCG implementation and Code of Member Composition Position in Team Conduct of the Company. Head of Internal Audit Chairman and Member Corporate Secretary Secretary and Member The Company has provided a means of VP Legal Member whistleblowing system called JASA MARGA GM Human Capital Services Member AMANAH (Trustworthy Jasa Marga) available for VP Risk and Quality Member Management all Jasa Marga Individuals as well as external parties since 16 January 2013. The management of the Company’s Whistleblowing System refers to the Basis of Implementing Whistleblowing Decision of the Directors No. 09/KPTS/2013 dated 13 System January 2013 on Whistleblowing System of PT Jasa 1. The Company’s willingness to continue to enforce Marga (Persero) Tbk. and Decision of the Directors Good Corporate Governance principles within No. 10/KPTS/2013 dated 13 January 2013 on the the entire Company, particularly in relation to Forming of Whistleblowing System Management integrity and transparency. Team of PT Jasa Marga (Persero) Tbk. 2. The Company’s commitment to providing means for the enforcement of Good Corporate Each incoming report will be studied, classified and Governance principles, thus creating clean and followed up by means of thorough investigation responsible work situation. based on the facts received. The decision whether or 3. One of the powerful tools in avoiding and not the report is proven will be made based on the detecting potential violations in the Company. considerations of impact of misconduct, degree of intentionality and motives of misconduct.

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Objectives, Purposes and Benefits of Whistleblowing system The objectives, purposes and benefits of implementing Whistleblowing System (WBS) at the Company are as follows: 1. Providing the means of submitting important and critical information for the Company to the parties that that is required to deal with the issues securely. 2. Making available of early warning system mechanism. 3. Providing opportunity to first deal with the issues of misconduct internally prior to becoming public violation. 4. Creating reluctance to commit any violations (supervision by all parties).

Socialization of Whistleblowing system Internal socialization of Whistleblowing System (WBS) in the Company was carried out through various media such as internal bulletin, poster, and ethics socializing as well as direct presentation to related units. Externally, the socialization was carried out by using the Company’s website and circular letter/memo.

Improvement of Whistleblowing System Implementation

2013 2014

1. Decision of Directors on the 1. Application of Whistleblowing Amendment of Whistleblowing System according to the rules and Guidance System Company regulations 2. The signing of the contract with 2. Socialization of Whistleblowing Deloitte as an administrative System through print pocket book manager of Whistleblowing of Whistleblowing System and System internal media of the Company 3. Whistleblowing System goes live 3. Evaluation of the implementation 4. Socialization of Whistleblowing of Whistleblowing System in the System to the entire work unit Company and Branch

Scope of Whistleblowing System The scope of reporting/whistleblowing that will be followed up by Whistleblowing System covers the actions that may cause potential loss to the Company, and they include the following: 1. Violation of prevailing rules and regulations 2. Misuse of position for the interests not of the Company’s 3. Extortion 4. Fraud 5. Conflict of interest 6. Gratification

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Means of Whistleblowing Whistleblower reports in the form of letter accompanied with required supporting documents. The report is submitted via one of the following means:

Means of Whistleblowing

+62 21 23 50 7022

0811 1255 550 For Whistleblowing via phone calls and text +62 21 2350 7023 messages, live reporting time is from 07:00 WIB http://jasamarga.tipoffs.asia (Western Indonesian Time) to 21:00 WIB, [email protected] otherwise will be diverted @ to voice mail. P.O Box 2332, JKP 10023

Mechanism of Receiving Reports in Whistleblowing System The mechanism of receiving whistleblower’s report is shown in the following diagram:

Mechanism of Receiving Reports in Whistleblowing System

Deloitte contact center responds when whistleblower asks the follow up status of the report

Means of Whistleblowing @

Deloitte Report will be forensic published in Deloitte Deloitte Deloitte Investigator e-Room and WBS Contact Center analyst asks analyst will reviews call email notice Management responds to relevant give unique log, make will be sent to Team will follow whistleblower information reference investigation all members up and respond based on to number to report and of Jasa to the case to reference whistleblower whistleblower follow up Marga WBS Deloitte number recommen- Management dations Team

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Flow of Whistleblowing System Process When the documents and evidences submitted are complete, Whistleblowing Team conducts data selection and decides whether or not the case is able to move up to investigation as the next level. With enough evidences, the report will then move to higher stage, i.e. investigation.

Unproven report will be returned to the whistleblower. When proven, Whistleblowing Team will report finding results to the Directors. Reports related to the Management below Directors are addressed to the President Director in the form of letter, whereas reports related to Directors are addressed to the Board of Commissioners.

The flow of the process of Whistleblowing System is shown in the following diagram:

Flow of Whistleblowing System Process

Preliminary Whistle- Whistle- Fulfill Reported to Analysis by WBS blower blower Criteria? Directors Team

Reported to Board of Further Commissioners Investigation? Forwarded to Related Function

Respond/ Feedback

Internal Special Investigation Investigation Notes: 1. Whistleblower will always get feedback and status of the report Report on submitted Results of 2. Flow of Whistleblowing Investigation If Employees and Board of Commissioners are WBS Team being reported, report is addressed to WBS Team Decision of If WBS Team is reported, Punishment in accordance Directors/ with applicable procedures Board of report is addressed to Commissioners Directors

If Directors are reported, report is addressed to Board of Commissioners Case Closed

Protection for Whistleblower The Company provides the means for whistleblowing (phone, letter, email); facilities that are independent, free, and confidential for whistleblower, so that secured whistleblowing process is carried out. Moreover, WBS also maintains confidentiality of whistleblower’s identity for the purpose of giving protection to whistleblower and his/her family from adverse actions by reported parties or organization. Information on the carrying out of report follow up will be submitted confidentially to whistleblower with complete identity.

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Implementation of Whistleblowing System in 2014 Throughout 2014, there were 8 (eight) reports and 5 (five) of which were followed up until the final process.

Number of Whistleblowing Reports in 2014

Means of Reports Total Phone 2 SMS 3 Website 0 Email 2 Faximile 0 PO BOX 1

Procurement of Goods and has also coordinated with the Business Competition Supervisory Commission (KPPU). Services The Company’s policy in implementing the Therefore, the issuance of this Directors’ Stipulation Procurement of Goods and Services contained is expected to be used as a reference in various in the Decision of Directors No. 143/KPTS/ activities Goods/Services Procurement at the Head 2014 dated August 25, 2014 on Guidelines for office and at branch offices in order to realize the Procurement of Goods/Services in the Company. procurement of goods/services that are efficient, This policy is a revision of a previous regulation effective, competitive, fair and transparent and No. 15/KPTS/2013 and its derivative provisions accountable. that regulates the user of goods and services, management of goods and service procurement, The objective of the procurement is to acquire procurement manager for goods and services, goods and services required the Company by taking providers of goods and services, materials into account the quality and delivery time from the managers, procurement team, and authorities right sources with the lowest total cost and carried as well as providers of goods and services in through strategy, planning, procurement processes accordance with the duties, functions, rights and and controls are effective and efficient and in obligations as well as the role of the parties in the accordance with the applicable procedures. process of procurement of goods and services.

To achieve the main objective of the Supply Chain This policy contains provisions governing the Management that guarantees the implementation appointment basis directly by the Company to of business activities as well as the creation of the Subsidiary as well as an increase in the limits added value (value creation) and increasing the of authority in granting of principle approval, in competitiveness of the Company, the Company’s particular to the General Manager of the Branch management policy is as follows: for the provision of contract service, which was a. Management of Gods and Service Procurement originally up to Rp25 billion to up to Rp 75 billion, b. Management of Contract for Goods and Service and an increase in the value of procurement of Procurement goods/services with the Direct Selection of the c. Management of Goods and Services Provider original value of between Rp 100 million to Rp 500 million to between Rp 100 million to Rp 700 million. The procurement of goods and services in the This policy change was made with consideration company refers to the PER-05/MBU/2008 on of the changes to the organizational structure in General Guidelines for Procurement of Goods 2014. There is a need to make adjustments to get and Services for State Owned Enterprises and its back on the concept of the Director’s decision on amendments PER-15/MBU/2012 governing the the procurement of goods and services. In this procurement of goods and services carried out by amendment of Directors’ decision, the Company using funds other than funds of APBN/APBD.

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The Company’s Ethics in Procurement of Secara Elektronik-SPSE)/eProcurement, which Goods and Services minimizes physical contact between suppliers/ The Company carries out the procurement of goods partners with committee since the entire Processes and services based on the principles of competitive, of Tender and negotiation Are computer-based; transparent, just, fair, and accountable. Ethical hence ensuring fair and transparent process. conducts expected in the relationship with providers of goods and services among others are as follows: The benefits among others include fast tender • Decision of goods and services provider is process, decision on candidates of tender required to be based on product quality, after- participants electronically in accordance with sales services, warranty, performance and track requirements, selection of winner electronically as record, while prioritizing the interest of the well as other benefits in relation to improved quality Company. of process, fairness of price, justice, transparency • Respect the rights and obligations in accordance and intervention prevention. with agreement and provisions of law. • Nurture open communication during the e-Procurement is the process of goods/services implementation of procurement process in order procurement conducted electronically and web/ to fulfill the rights and obligations of all parties. internet-based, using the facility of communication • Evaluate providers of goods and services and and information technology encompassing take stern action against unethical providers of electronic general tender organized with electronic goods and services. procurement service (Layanan Pengadaan Secara Elektronik – LPSE). Implementation of e-Procurement To prevent KKN practices, apart from the needs In line with Decision of Directors No. 149/KPTS/ for improvement of system and procedure for the DIR/2013 dated 30 August 2013, through General procurement of goods and services to be more Affairs Division, LPSE is created with the assistance transparent and accountable, it is also necessary of Government Goods and Services Procurement to find alternatives meeting the principles of Good Policy Agency (Lembaga Kebijakan Pengadaan Corporate Governance (GCG), particularly the Barang/Jasa Pemerintah-LKPP). The Company principles of transparency and fairness. deems not only does e-Procurement increase transparency, but also improve efficiency as price Within the state-owned enterprises (SOEs), the and cost of transaction is lower, and procurement State Minister for SOEs has issued Regulation of cycle is shorter; hence preventing corruption while State Minister for SOEs No. Per-01/MBU/2011 on boosting work productivity. Implementation of Good Corporate Governance at State Owned Enterprises, that explicitly explains Integrity Pact of Business Partners Information Technology Corporate Governance. The Company makes it compulsory for vendors and With the existence of the said Regulation, SOEs business partners to sign Integrity Pact in relation to are required to implement the principles of Good the procurement of goods and services. Corporate Governance (GCG) in the aspects of business and corporate Management at all levels Integrity Pact of Jasa Marga Individuals with IT support. In every process of goods and services procurement, the Company also requires that Jasa Marga To realize the commitment of GCG implementation Individuals sign Integrity Pact to show that there and Integrity Pact, Jasa Marga has been consistent is no conflicting interest and that transparency is in managing procurement process and partnership implemented in the process of procurement of using e-Tendering system through the application of goods and services. Electronic Procurement System (Sistem Pengadaan

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Governance of Information Technology Jasa Marga is committed to always apply the The assessment is done by using COBIT as a practices of Corporate Governance (GCG) with framework developed by the IT Governance high quality and standards that is the mandate of Institute (ITGI). The existing processes in COBIT the Regulation of the Minister of State Enterprises framework covers Plan and Organization; Acquire No. PER-09/MBU/2012, which states that “SOEs are and Implement; Deliver and Support; and Monitor required to implement the company’s operations and Evaluate. Based on the above approach, by adhering to the principles of good corporate the results of the assessment of information governance, namely Transparency, Accountability, technology governance in the form of assessment Responsibility, Independence and Fairness”. GCG of IT governance maturity level Jasa Marga with is more than that. The Company realizes that the a total score of 3.02 out of a maximum score of obligation to implement the Company’s good 5. Achieving a total score of maturity level of IT corporate governance needs to be supported governance Jasa Marga is compliant in the PER- by the application of Information Technology 02/MBU/2013 that the target maturity level of IT Governance (IT Governance) into the business governance of SOEs in the next 5 years is at least 3. processes of the Company. Furthermore, the Company plans to construct Given that the IT governance is a derivative several stages of refinement Maturity Level of the GCG and one indicator of success GCG Improvement Plan Jasa Marga, which aims to implementation is with the implementation of identify the most potential IT processes to be IT governance, the implementation of good IT developed to support the IT strategy and business governance can be done well if the organization strategy forward with more optimal, and then has implemented GCG well. This is why the initiative regularly reviews the implementation result of the of the Company to carry out the assessment improvement. on the level of maturity (maturity level) of IT by cooperating with an independent agency.

External Auditor The function of independent supervision for the Company’s financial aspect is carried out by implementing External Audit conducted by public accounting firm. Public Accounting Firm HLB Hadori Sugiarto Adi & Rekan has audited the Company’s financial statements for 3 periods of financial years in a row (2009-2011). The year 2012 is the first period for Public Accounting Firm RSM Aryanto, Amir Jusuf, Mawar & Saptoto to perform audit of the Company’s financial statements, and the year of 2014 is the last financial statement audit report on the Company.

The Company's External Auditor 2010-2014

Year Public Accounting Firm Contract (Rp) Implementing Partner

2010 HLB Hadori Sugiarto Adi & Rekan 660,557,500 Drs. Hartono, Ak., CPA 2011 HLB Hadori Sugiarto Adi & Rekan 1,065,000,000 Drs. Hartono, Ak., CPA 2012 RSM Aryanto, Amir Jusuf, Mawar & Saptoto 1,622,500,000 Saptoto Agustomo 2013 RSM Aryanto, Amir Jusuf, Mawar & Saptoto 1,245,750,000 Saptoto Agustomo 2014 RSM Aryanto, Amir Jusuf, Mawar & Saptoto 1,452,000,000 Saptoto Agustomo

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Audit of financial statements of 3. Board of Commissioners informed the Directors financial Year 2014 by letter of the Board of Commissioners No. For the purpose of auditing the Financial Statements DK-0035/II/2014 dated 21 February 2014 on of the Company and its Subsidiaries, the Company Decision of Public Accounting Firm to Perform has appointed a public accounting firm that is General Audit of PT Jasa Marga (Persero) Tbk for registered at Bapepam-LK, i.e. Public Accounting Financial Year 2014. Firm RSM Aryanto, Amir Jusuf, Mawar & Saptoto. 4. Board of Commissioners proposes to GMS to The appointment of the said public accounting firm approve the appointment of Public Accounting has been decided at GMS on 11 March 2014 based on Firm. the recommendation of the Board of Commissioners of the Company. Other Services The party appointed by the Company as External The scope of Audit conducted by Public Accounting Auditor does not provide other services other Firm RSM Aryanto, Amir Jusuf, Mawar & Saptoto than audit services on the Consolidated Financial includes audit of the Company’s Consolidated Statements and Financial Statements on PKBL. The Financial Statements Financial Year 2014 and total cost incurred for the audit of the Consolidated Financial Statements of Partnership and Community Financial Statements 2014 was Rp 1,452,000,000 Development Programs of the Company for (one billion, four hundred and fifty-two million Financial Year 2014. Rupiah) including VAT and excluding Out of Pocket Expenses (OPE). KAP RSM Aryanto, Amir Jusuf, Process of Appointing External Auditor Mawar & Saptoto who was appointed to perform The appointment of External Auditor was carried the audit has completed their work independently out through the following mechanism: according to professional standards of public 1. Audit Committee evaluated Public Accounting accountants and employment agreement as well as Firm. the scope of the audit that has been set. The time 2. Audit Committee reported the Procurement to carry out the audit started since the contract was of the Service of Public Accounting Firm signed by the Parties until 31 January 2014. for Financial Year 2014 to the Board of Commissioners.

Structure of External Auditor Team at Jasa Marga in 2014

Director Saptoto Agustomo

Implementing Partner Quality Independent Partner Leknor Joni Assurance Service Amir Abadi Jusuf Endang Pramuwati Dedy Sukrisnadi

IT Specialist Team Leader Tax Specialist Billy Eduardo Dewi Novita Sari Felix T. Purba

Auditor and Compliance Auditor Rahmat, Resti Anggretasari, Edi Riyanto, Andre Revindo, Muslim Sahputra, Veronica Hutajulu, Liffi Ferineti, Eric Steddy, Dian Fikri, Arief Prima Raharjo, Karina Ulo

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Corporate Social Responsibility

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DEVELOPMENT OF NEW AND RENEWABLE ENERGY EDUCATION WHILE PIONEERING PROGRAMS POLLUTION PREVENTION ORIENTED TO TOLL - INDONESIAN GREEN ROAD MANAGEMENT AWARD (IGA) 2014 CONSUMER ACTIVITIES PROTECTION

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Corporate Social Responsibility

Jasa Marga focuses its educational programs that are oriented toward toll road operational activities as part of its corporate social responsibility

General Strategies and Company refers to the Law No. 40 of 2007 on Policies Limited Liability Company, and the Indonesian Government Regulation No. 47 of 2012 on Social As a company engaged in toll road infrastructure, and Environmental Responsibility of a Limited the Company plays a role in stimulating the Company. In addition, the Company also complies economic development and cultural activities with other laws and regulations. in its operational areas. Therefore, in order to support the sustainability of the Company’s In realizing its commitment, in 2014, the Company business, which is oriented to the economic, social implemented various TJSL activities that and environment aspects, the Company continues encompass environmental conservation program, to carry out sustainable activities as manifestation labor-related programs, health and safety, social of the Company’s social responsibilities which and community development programs which bring about positive implications and reduce the include partnership and empowerement of the negative impact on the above three aspects. community’s economic livelihood, development of facilities infrastructure for the community, disaster In concrete form, the social responsibility activities relief and community aid programs, and programs of the Company are based on the triple bottom that are related to the responsibility to consumers. line, namely people, planet, and profit. In 2014, the Company focused the social responsibility The Company also provides educational programs for activities on educational programs about the toll stakeholders as part of social responsibility, starting road to variety of stakeholders. from safety driving, ‘Jasa Marga Goes to Campus’ program, up until education on clean tollroad The basis of the implementation of the Social environment through its partners as ambassadors of and Environmental Responsibility (Tanggung the Company in their respective communities. Jawab Sosial and Lingkungan/TJSL) of the

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Ecological Responsibility Activities Carried Out The Company’s concern for the environment The Company realizes that business activities begins from the planning stage of the toll road that are conducted by the Company affect the development, in which the Company pays environment, both environment surrounding the attention on the environmental management head office as well as around the operational areas. through the implementation of AMDAL in the new Therefore, the Company proactively nurtures the toll road project. environmental responsibility culture not only to employees but also to the general community. In order to preserve and maintain the quality of This is done in order to mitigate the environmental the environment at all toll roads that have been impact of the Company’s activities in developing, in operation, the Company through branches and constructing and managing toll roads, in addition subsidiaries have implemented the Environmental to supporting national programs that are related Monitoring Plan (RPL) program and Environmental to the environment. Efforts to increase the positive Management Plan (RKL) on toll roads that are impact and reduce the negative impact of these already in operation. business activities continue to be the focus of major improvements undertaken by the Company. The seriousness of the Company on environmental management is recognized by the community Policies with the presentatio of Indonesian Green Awards In carrying out activities related with environment, (IGA) 2014, the category of the development of the Company refers to the applicable laws and renewable energy and pioneering activities on regulations, including: pollution prevention. • Law No. 32 of 2009 on Protection and Environmental Management. The performance and the Company’s efforts are • Government Regulation No. 27 of 2012 on also reflected by the inclusion of the Company Environmental Permit. in SRI indices, issued by the KEHATI Foundation, • Decree of the Minister of Environment No. which refers to the procedures for Sustainable 45 of 2005 on Guidelines for Developing an and Responsible Investment (SRI), called SRI AMDAL. Index KEHATI. This index was formulated by • Board of Directors Circular Letter No. 18/ considering business activities in connection with SE/2010 on Energy Saving and Environmental the awareness on the environment, corporate Preservation, which covers: governance, community involvement, human 1. Energy savings through the use of new resources, human rights, and business conduct technologies that can reduce energy and business ethics that are in tune with the consumption. international standards. 2. The use of products that refer to the eco products (environmentally friendly Other activities carried out in 2014 as products). manifestation of the responsibility to the 3. Preparing the number of trees to be environment are as follows: replanted in every project activity. 1. The use of PJU (road light) lamp using LEDs, 4. Planting trees elsewhere to replace trees for electrical energy savings at as many as that have to be cut down. 7,004 places. 2. Reforestation of tollroad as an effort to • Board of Directors’ Stipulation No. 165/ mitigate the environmental impacts by KPTS/2013 on Guidelines for Environmental planting more than 127,000 trees that have Management System (EMS) which are aimed been distributed to be planted around the at preventing pollution and/or environmental Company’s tollroads in 2014. The types of damage surrounding the Company’s business, trees that were planted are, among others, maintaining cleanliness and preservation of mahogany, tamarind, acacia and other trees. the environment.

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3. Public campaign to the community about the the inspections is to identify environmental aspects cleanliness of the environment in accordance and environment impacts of the Company’s operation with the Circular Letter issued by the Director and evaluate the implementation of the environmental of Operation No.: 18 / SE-DIR/2011 dated management system. This has been carried out at November 30, 2011 in order to maintain the five sampling locations, namely : the Jasa Marga head environment in the area along the toll road office, Jakarta-Tangerang Branch , Purbaleunyi Branch, operations. The familiarization of the program CTC Branch and PT Jasamarga Bali Tol. was undertaken when delivering the assistances to the Company’s partners (Mitra Binaan). While the training activities related to environmental 4. Planting and the conservation of bintaro tree management system has been attended by 30 conducted by the Company’s subsidiary representatives from all branches as well as some PT Jalantol Lingkarluar Jakarta as much as business units of the Company’s head office. The 3,000 trees. training covers awareness of ISO 14000, emergency 5. Launch a campaign to familiarize the Decree No. drills and B3 waste handling. 165/KPTS/2013 on Guidelines for Environmental Management Systems through education and Financial Impact of the Activities training for employees. In order to optimize the implementation of environmental management programs and activities, These activities are manifestation of the contribution the Company has allocated funds for environmental of the Company on nature preservation, which brings management. In 2014, the Company has allocated about positive impact on the environment and helps funds for environmental management amounting Rp resolves global warming and climate change. 31.23 billion.

Implementation of environmental Environmental Certification management system The ISO 14000 environmental certification has been In 2014 the Company has started to carry out applied at the Jakarta-Tangerang Branch. Other branches inspections on environmental management system at have also implemented the environmental management the Company’s branches and subsidiaries. The aim of system, however they are not certified yet.

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Labor and Occupational Health Company’s business performance in the long run in a sustainable way. & Safety Responsibility The concept of employees as human capital for The Law No. 13 on Employment becomes a reference the Company indicates that the employees are for all employment policies of the Company to important part for the development of the Company ensure that it complies to all applicable laws and going forward. The Company gives attention and regulations and minimize the violation of human strong commitment in terms of Employment and rights in the employment relationship. Occupational Health & Safety. It can be seen from monitoring the effectivity of works periodically The optimization of the management of human and making changes on policies, programs as well resources is implemented by the Company by the as providing employee benefits to ensure that following policies: this (employment, occupational health & safety) 1. Assure compliance with employment is implemented properly so that employees can regulations. contribute to the optimum and maintain the 2. Uphold the rights of employees. existence of the company. 3. Respect for gender equality and carrier path. 4. Provide programs to enhance hard and soft Employment competence. 5. Increased the utilization of Information Policy and Communication Technology (ICT) in With the new paradigm, namely considering Human administration and HR services, which has Resources (HR) as Human Capital, the Company encouraged employees to change the way puts HR as subject that must be managed properly they work to be become more efficient and so that they can become capital to improve the productive.

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Compliance to the Employement Laws and 3. Competencies Development Regulations Strengthening human resource competencies is done through conducting training and education A. Managing Relationship between Employees and in order to develop the employees’ soft skills Management and hard skills competence, both skills that are The relationship between employees and the directly or indirectly related with the strategic Management of the Company has been nurtured business and operational of the Company. The well. The Employees Union of Jasa Marga (SKJM) improvement programs and competency training for is an organization which is entitled to represent employees are currently organized through the the the employees in communicating with the establishment of Jasa Marga Development Center Management and have actively involved in the (JMDC). PKB negotiation with the Management. 4. The career management system and talent management system B. Employment Relationship The movement of employees carrier either in the 1. Formation, placement, transfer and employee form of promotion or rotation increases in 2014 development (Equality in HR Recruitment) compared to the year of 2013. The year of 2014 was The HR recruitment of Jasa Marga is a transition time in the implementation of Carrier focused on regeneration of leaders, which is Management System, by which the Company implemented through competency-based carrier improved the carrier management system to a management. competence-based carrier system with a clustering The principles of competency-based carrier position approach. The new carrier management management in the Company is as follows: system was implemented based on the Directors’ a. Openness Stipulation Number: 100/KPTS/2014 dated June 16, The opportunity to move to another carrier 2014, which will be implemented from 2015. path and ensure that vacancies are open to 5. Employees Rewards all employees in accordance with applicable On regular basis, Jasa Marga gives appreciation to regulations. employees who make achievement in supporting b. Selective the operational activities of the Company (through Carrier switching is carried out in accordance a competition for the Best Operational Officer), the ordinances and procedures applied by the employees who have the highest loyalty to the Company in order to get the best candidate. Company (by giving a placard). The award was c. Motivation aimed at motivating employees to contribute more Placement is done by considering the needs in the future. of the Company and motivate employees to advance their carrier. C. Working Days and Working Hours d. Non-discriminatory To avoid excess exploitation of labor, the Company Every employees have the same carrier has determined working hour limits for workers. opportunities without considering the ethnicity, Working hours are adjusted with the location of religion, gender, age and disability. As for those the working area and the nature of the work. The who are experiencing permanent disability, the Company applies normal working hours and working condition of workplace and the type of work that in shifts. suits them still need to be taken into account. Working days for employees who are not affected by rotation system are 5 days with a working time 2. Gender and Employment Equality of 8 hours a day and a maximum of 40 hours per Jasa Marga does not have internal employement week. Whereas employees who are affected by the policy which distinguishes employees based on rotation of work (shifts) are set for 7 hours a day and gender. All regulations are applied consistently a maximum of 40 hours per week. and equally to the whole employees without In the case of employees working exceeds the distinguishing their gender. Similarly, the working hours that are specified, then the employee employment opportunities that are offered will be given compensation in the form of overtime apply to all employees. wages in accordance with legislation.

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D. Employee Holidays and Leaves F. Welfare The Company provides holidays and annual 1. Social Security for Employees leave, including weekly day-off, national public The Company registers all employees holidays, annual leave, sick leave, maternity to become participants of the Workers’ leave, leave because of important reasons, Social Security scheme, in accordance joint-holidays and long break. with the applicable laws and regulations. 2. Group Insurance Program for Employees E. Employees Remuneration Exposed to High Risk Operations The Company understands that the Given the magnitude of the risk of compensation and benefits given by the employees working in operational works Company influences the favorable performance in the street, the Company provides and turnover of employees. Therefore the additional benefits by registering Company provides competitive remuneration employees, whose duties and functions package for employees consisting of a monthly force them to be in the field, in the salary, various allowances and facilities, Accident Insurance Program. among others pension and health cover in 3. Pension Plan accordance with the applicable regulations Jasa Marga employees are covered and are regularly evaluated so that the salaries by the Fixed Benefit Pension Plan condition of employees are in accordance with (Program Pensiun Manfaat Pasti/PPMP) the market price. and Fixed Contribution Pension Plan 1. Payroll (PPIP). The PPMP is managed by the Appropriate monthly work compensation. Pension Fund of Jasa Marga (DPJM), The lowest compensation level for established by the Company. The PPMP employees’ service provided by the Program covers employees who have Company is Rp3,608,000. This amount begun working in the Company prior to is 180% greater than the minimum July 1, 2012. While PPIP is managed by wage level for the respective region. Pension Fund Financial Institution (Dana The provision of compensation and Pensiun Lembaga Keuangan/DPLK). promotion for competent employees are Some employees who have who started given without distinguishing their gender working in the Company since July 1, 2012 and SARA (ethicity. Religion, Race and have been registered at PPIP. societal groups). 4. Retirement Program 2. Religious Allowance This program is given to employees in As a form of appreciation for employees which benefits are given when they stop and evidence of diversity in the Company, working at normal retirement age. They all employees religious festivity allowance are entitled to receive 24 x PhDA, while (Tunjangan Hari Raya) is granted in employees who retire prior to normal accordance with the religion of the retirement age and before entering the employee. retirement age through acceleration 3. Performance Incentives path will receive benefits proportionally The Company provides performance in accordance with the rules of the incentives in exchange for the Company. performance of employees in their 5. Old Age Security program (JHT) BPJS respective posts. Performance Employment incentives consist of Traffic Incentive The Company registers all employees at for employees working in operational the Old-Age Security Program (JHT) of aspect of the Company as a bonus BPJS Employment. The monthly dues of award for the achievement of the JHT are calculated based on proportion Company’s performance, and Long-Term of income, in which the employee pays Performance Incentive. 2% and the employer covers 3.7% of the dues.

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6. Health Insurance 4. Signing of the 2014-2016 PKB which contains Health insurance benefits are in the form agreements between the Management with the of health facilities which will be received Employees Union of Jasa Marga (SKJM) on July during retirement age. With these 23, 2014. retirement benefits, the retirees will feel comfortable about the health expenses 5. Development of Competencies that they may need at anytime. The educational and training programs are conducted by Jasa Marga Development Center G. Employees Mentoring (JMDC). Throughout 2014, JMDC has facilitated The Company ensures that all employees both education and training activities attended by superiors and subordinates determine the a total of 17,376 persons, with training based obligations and responsibilities respectively to on the category of operational and non- avoid breaching of disciplines. operational totaling 9,715 participants.

Activities Carried Out/Applied 6. Gender and Employment 1. Provision of appropriate employment Policies in terms of employment, both staffing compensation. Jasa Marga understands that and placement of employees as well as compensation and benefits that are granted by carrier development in the Joint Employment the Company influence the performance and Agreement (PKB). Jasa Marga fills the turnover of employees. Therefore, the Company Company’s positions and develop employees strives to provide the best compensations that carrier transparently without discrimination exceed the provisions of the applicable laws (gender, race, ethnic, religion), by prioritizing (UMR), by taking into account the Company’s internal sources of the Company by considering ability and without burdening the employees the employees performance, ability and with excess working hours. The lowest competence. compensation provided by the Company is Rp 3,608,000. The minimum salary is 180% greater 7. Conducting trainings to improve the skills than the minimum wage in the relevant area. of employees who are entering the Pre- Retirement Period (MPP). 2. The Company supports the establishment of a number of associations and unions which are 8. The provision of compensation and promotion intended as employees forum for channeling based on the employees’ competence without the aspirations and arts talent and sports such distinguishing their gender and race. as LKS Bipartite, Jasmapala, and Baporseni (Sports and Art event). 9. Employee Satisfaction Survey The Company regularly conduct surveys on 3. Transparency and Equality in HR Recruitment employee satisfaction, so that the Company The Company announces the recruitment can receive direct feedback from employees. and selection of new employees program Through this survey, it is expected that each through the official website of the Company employee of Jasa Marga may give his or her namely www.jasamarga.co.id, cooperation with views on various aspects that determine newspapers that are circulating on national the level of job satisfaction and can deliver scale, state enterprises websites, the official advice and input to the Management Services twitter of the Company, online media, posters related with general issues to improve level of and career development programs of various satisfaction and productivity of Jasa Marga’s leading universities in Indonesia. The Company employees. upholds the principle of equality where the applicants come from a variety of ethnic, region, religion, race and gender.

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In 2014 the results of Engagement Ratio Index (ERI) was 2.17. The ERI score in 2014 was better compared to the year of 2013 (ERI score = 1.97). ERI scores from year to year has increased as shown in the following table:

No Tahun Skor 1. 2013 1.97 2. 2014 2.17

9. Employees Turnover To keep the turnover rate of employees, the Company provides equal opportunites to the entire employees in developing their carrier path and competitive remuneration package in the form of benefits and services received by the employees. So far, the employee turnover rate of Jasa Marga is very small. This can be seen from the number of employees who resigned from the Company. In 2014, there were only three employees who resigned.

Employees Turnover 2010-2014

2010 2011 2012 2013 2014

Number of Employees who have resigned 1 2 1 2 3

Number of Employees 5,303 5,154 5,075 4,883 4,691

Percentage (%) 0.02 0.04 0.02 0.04 0.06

Awards Obtained Occupational Health and Safety With variety of efforts to transform the system, in 2014, the Company received an award from several Policies institutions such as Index Human Capital Study The Company is quite serious about implementing Award 2014-The Best for Human Capital Initiative, the Management of Health and Safety System HR Excellence Award 2014 – in the category of for employees through policies, targets and K3 HR Transformation and Reward Management with governance structure and conducting a review Good grade, and 2nd Business Review as The Best every year. Jasa Marga’s commitment to implement Corporation for Learning Organization of The Year. occupational health and safety in the working environment is embodied in the set of corporate Future targets policies, which has been arranged in the Board of The long-term target of the Company is to Directors’ Stipulation No. 162/KPTS/2010 September prepare cadre employees who are ready to lead 30, 2010 on Manual System of Occupational Health and developing the Company’s business in the and Safety Management (SMK3) as well as the globalization era. Efforts undertaken by the Guidelines for Occupational Health and Safety at Company are, among others, providing scholarships Project Construction Company and Circular Letter for S2 and S3 level and leadership training with a No.20/SE-DIR/2010, dated August 3, 2010 on Safety focus on global acumen. and Occupational Health (K3).

Financial Impact of Employment Activities With the Government Regulation No. 50 in 2012 The Company continuously performs decent on the Application of Occupational Health and employment practices to continue to maintain Safety Management System which requires the employees as a major asset. In an effort to perform Company to implement the Occupational Health this labor practices, the Company has spent Rp 1.031 billion throughout the 2014.

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and Safety Management System (SMK3), then in e. Decision of the Board of Directors No. 129/ 2014 the Company review the policy and manual KPTS/2010 dated July 22, 2010 about the of the existing Occupational Health and Safety Quality and K3 Policy, Quality Management Managemetn System and began implementing it Manual and Guidelines for Sustainable in 2015. improvement within PT Jasa Marga (Persero) Tbk. The Occupational Health and Safety Managemetn f. Decision of the Board of Directors No. 162/ System aims to protect employees, customers, KPTS/2010 on Manual of the Occupational assets, partners and the environment from Health and Safety Management System (SMK3) potential hazards that may occur. Since 2011 the and Guidelines for Occupational Health and K3 management has been focused to achieve zero Safety fo the Project Construction Company accident rate. The program is organized based on within PT Jasa Marga (Persero) Tbk. the Employment and K3 rules of the local Manpower g. Board of Directors’ Circular Letter No. 20/SE- Department Office and are evaluated and assessed DIR/2010 concerning Occupational Health and each year. Safety (K3). h. Regulation of the Minister of State Enterprises Dasar Pelaksanaan Sistem Manajemen Keselamatan No. PER01/MBU/ 2011 on Good Corporate dan Kesehatan Kerja Governance (GCG) in State Owned Enterprises Basis of the Implementation of Occupational Healthy (SOE): and Safety Management System • Article 36, the Board of Directors shall The basis for the implementation of Occupational ensure that the assets and business Health and Safety Management Systems (SMK3) in premises as well as facilities of other the Company refers to the regulations as follows: SOEs, comply with the regulations with a. Law No. 01 of 1970 on Safety at Work. regard to occupational health and safety b. Law No. 13 of 2003 on Employment: as well as preservation of environment. • Article 86, that a worker/labor has the right to obtain protection on occupational Implementation of Occupational Safety and Health health and safety. Management System • Article 87, that every company is required In accordance with the Joint Employment to implement the Occupational Health Agreement (Perjanjian Kerja Bersama/PKB) and Safety Management System, which between the Company and the Employees Union is integrated the company’s management of Jasa Marga for 2012-2014 period, it was agreed system. to implement the Occupational Health and c. The Indonesian Government Regulation No. 50 Safety integratedly with the Company’s existing of 2012 on the Implementation of Occupational management system. The implementation of Health Health and Safety Management System. and Safety activities were conducted through d. Occupational Health and Safety (OHSAS) various programs and activities, which encompass 18001: 2007. efforts for preventive, treatment (curative), health maintenance and health recovery (rehabilitation).

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Governance Structures of Occupational Health and Safety Management System In accordance with Government Regulation No. 50 of 2012 on the Application of Occupational Health and Safety Management System, the Company formed an Organizing Committee Advisory for Occupational Health and Safety (P2K3) which monitors the implementation of K3 in the Company.

Organizational Structure of P2K3 Corporate Organizational Structure of P2K3 Branch

Chairman Chairman President Director General Manager

Secretary Secretary VP Risk & Quaity General K3 Expert Management Division

Members: Members; 1. All Deputy General 1. All VP Manager 2. General Manager 2. All Managers 3. Project Leader 3. Safety Officer 4. Safety Officer 4. Representative 5. SKJM Representative of SKJM

Program Keselamatan dan Kesehatan Kerja of the requirements on health and safety at Occupational Safety and Health Program workplace. Based on the appointment, the Various activities were carried out related to K3 experts monitor, inspect, test, analyze, evaluate program during 2014, including: and provide requirements as well as conducting 1. Enhancement of K3 Personnel Competencies. safety and health coaching. In order to comply To ensure the work environment is safe, it with the provisions, in 2014, the Company needs to be supported by personnels who has carried out training at the Head Office, understand the safety and occupational health. Branches and Subsidiaries officies, as follows: Jasa Marga is committed to have Safety and Health Experts in every working unit. Competencies Total Experts on Health and Safety are technical General K3 Experts 4 People personnels who have special expertise from Re-certificaiton of Junior 10 People outside the Labor Department to monitor K3 Experts compliance on Safety Law. Occupational SMK3 Auditor 25 People Health and Safety experts have the authority K3 Lift Technicians 4 People to enter the workplace in accordance with the scope of work, request information and or information regarding the implementation

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K3 Competencies of Employees at the Head Office, Branch Offices, Project Offices and Subsidiaries in 2014

Retired/Post Competencies Well-Trained Active Employment SMK Auditor 25 0 25 General K3 Expert 54 2 52 Expert on K3 Construction 39 4 35 Safety Officer 56 3 53 Hiperkes 2 0 2 K3 Lift Technician 4 0 4 TOTAL 180 9 171

Distribution of Employees with K3 Competencies in 2014

General Expert on K3 Safety SMK Unit/Branch/Subsidiaries Hiperkes K3 Expert Construction Officer Auditor Head Office ü ü ü ü ü Jagorawi ü ü ü û ü Cawang-Tomang-Cengkareng ü û ü û ü Jakarta-Cikampek ü ü ü û ü Jakarta-Tangerang ü ü ü û ü Purbaleunyi ü ü ü û ü Semarang ü ü ü ü ü Palikanci ü ü ü û ü Surabaya-Gempol ü ü ü û ü Belmera ü ü ü û ü PT Jalantol Lingkarluar Jakarta ü ü ü û ü PT Jasamarga Pandaan Tol ü ü û û û PT Trans Marga Jateng ü ü û û û PT Marga Trans Nusantara ü û û û û PT Tranmarga Jatim Pasuruan ü û û û ü

Note: ü: available û: not yet available

2. Socialization of Regulation on Occupational 3. OHSAS 18001: 2007 Certification and SMK3 Health and Safety Certification In accordance with the regulations related One of the Occupational Health and Safety with occupational health and safety, the Management System (K3) which is widely adopted Company obligates the use of safety belt and internationally is the OHSAS. OHSAS 18001 safety helmet, provision of Personal Protective (Occupational Health and Safety Management Equipment (PPE) in service vehicles, the use of System 18001) was issued by BSI (British Standard PPE by officers working on the tollroad, safety Institution) in 1999 and became effective since regulations at toll gates, installation of K3 signs April 15, 1999. This standard was made and and stickers, safety induction and K3 briefing formulated jointly by 13 standardization and prior to the start of daily working activities at certification bodies from various countries. In 2010 all branches. the Company has successfully met the OHSAS 18001: 2007 certification standards in all branches. All branches routinely conduct socialization Until 2014, all branches are still actively renewing so that the accidents at workplace can be the certification, which demonstrates that the prevented. In the year, in addition to the implementation of K3 in the Company has been routine internal socialization program, the quite satisfactory, especially at the branches with Company also familiarizes the employees with high risk of K3, in particular in the operational BPJS program.

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unit. The implementation of K3 Management 6. Completion of SMK3 database applications. System is in line with PP 50 of 2012, which has The application of K3 database is expected to been implemented by the Company, however facilitate branches and subsidiaries in preparing the SMK3 certification has not been done yet. a report on SMK3 so that the SMK3 data of branches and subsidiaries of the Company is 4. Cross Audit of SMK3 is in line with PP 50 of presented with current (up to date) data. This 2012 application will also facilitate the Company To determine the level of conformity of the in monitoring the SMK3 data and simplify implementation of K3 at the branch offices with the Work Units, Branches and Subsidiaries in the PP 50 of 2012, the Company has conducted obtaining data related with K3 Management Cross Audit by the auditor personnel from System. Reports containing in this database other branches who have received training on application, among others, are: SMK3 Auditor from the Manpower Ministry. a. Audit Report This was done to ensure transparency and b. Inspection Report objectivity of the audit results. c. Report on Mismatch Cross audits was conducted in 2014 at two d. SMK3 Performance Report branches (Jagorawi and Jakarta-Cikampek). e. Accident Reports Based on the audit results with 166 criteria, a f. Investigative Report conformity percentage of 75% (Satisfactory) g. Reports on HIRAC was obtained for Jagorawi branch and 89% h. Emergency report (satisfactory) for Jakarta-Cikampek branch. i. Other reports required to comply with the The Cross Audit is planned to be implemented laws. annually on an ongoing basis, therefore although the branch has not been certified 7. K3L Benchmark with SMK3 from the Manpower Ministry, its To develop and make a sustainable application has reached satisfactory level. improvement on policies and K3 Management System and Environmental of the Company, 5. Monitoring and evaluation of the the Company took the initiative to learn from implementation K3 activities in 2014: best practices with a similar business through a. Evaluation of Work Accident Cases at benchmarking mechanism. Benchmark of Cawang-Tomang-Cengkareng, Jakarta, K3L was performed at Pelindo III (Persero) Cikampek, Purbaleunyi, Jagorawi and – Surabaya, a State Owned Enterprise which Belmera branches. engages in the transportation sector with b. Evaluation of the Implementation of K3 at business activities covering Provision and/or the Company’s branches. Providing services. c. K3 Risk Inspection at Jasamarga Bali Toll. d. Evaluation of workplace accident data of all branches and provide recommendations for improvement. e. Evaluation on HIRAC which is carried out by branches

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8. Facilities and Safety. To ensure the safety and health of employees in the workplace, the Company requires empoyees in the operational unit to wear Personal Protective Equipment (PPE) such as K3 Vest, Ear Plug, Respirators, Eyeglass, K3 Hats, Safety Shoes, Gloves, Helmets, Raincoat, Body Harness, as elaborated in the following table:

Equipments for Occupational Health and Safety of Employees

Fields of Operational OSH Ear Protection OSH Safety Body Respirator Gloves Helmet Raincoat Employees Vest Plug Glasses Cap Shoes Harness Toll Collector ü ü ü Traffic Service Officer ü ü ü ü ü ü ü ü Rescue Officer ü ü ü ü ü ü ü ü Ambulance Officer ü ü ü ü ü ü ü Inspection Officer ü ü ü ü ü ü ü ü ü ü

9. Health Program b. Treatment (curative) a. Prevention • Reimbursement of 80% for outpatient • Basic vaccination to prevent diseases costs can be done by the employee and for children of the employees. their families to cover costs for visiting • Periodic Health Test (UKB) once a doctor, or nurses at hospitals, clinics, or year in order to detect early illness of other places. employees. • Employees and relatives of the • Providing additional Nutrition to employees who are hospitalized in employees who are affected by work hospital can go directly to the hospital rotation in the form of Milk to increase and get class I medical treatment for the durability of their bodies. Grade E to 3 and medical treatment • Spraying and fogging to kill mosquitoes class II for Grade 4 to 5 and Grade P as an effort to prevent the spread of and M. dengue fever. • Prenatal care and childbirth assistance • The Company provides opportunities for every childbirth process is covered to employees and families of the by the Company with a maximum of 9 employees to take part in the Family times. Planning program. • The company provides support in the • The Company conducts papsmear once form of an USG (ultrasound diagnostic) a year to detect the cancer earlier at as many as 2 times unless there is an the uterus to women employees and or abnormality of the pregnancy upon the wife of the employees. recommendation of a specialist. • Medical Care and treatment, dental care costs are reimbursed at a maximum of 80%.

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c. Maintaining Health (promotive) d. Health Recovery (rehabilitative) • The Company conducted public lecture • Creating and installation of dentures periodically (public lecture on health for medical purposes only apply to was done routinely every 3 months at employees who have worked in the the Headquarter and branch offices, in Company for at least 3 years, with a order to nurture healthy way of life. maximum of 3 (three) dentures in one • The Company provides opportunities to year. involve in sport activities (for example: • Eyes Examination and the purchase Physical Fitness and Gymnastics (SKJ) of eyeglass for employees upon every Friday and other sport activities) recommendation from doctor, is given to increase stamina and health of the only to employees who have worked in employees. the Company for at least 3 years, and only once in every 2 years. • Medical aid is granted to employees who have been working for at least 3 years and given once in every 3 years.

Level of Accident at Workplace

At Workplace Employment Relation Year Light Serious Light Serious Death Death Wound Wound Wound Wound

2012 5 2 1 3 5 0 2013 1 2 1 3 3 0 2014 4 0 2 0 2 0

Note: Accident at Workplace: Accident at workplace during working hour Accident related with Employment Relation: Accident when an employee goes to work and when returning from office

K3 Achievement In 2013, the Company received Awards for K3 Zero Accident for Palikanci branch and Surabaya-Gempol toll road from Manpower Office of the Cirebon Regency Government and East Java Province.

In 2014, the Belmera Branch received K3 Award from Major of Medan, called “Companies With Zero Accident on National Level” by the Minister of Manpower and Transmigration.

Zero Accident Award for Surabaya- Zero Accident Award for Surabaya-Gempol Zero Accident Award for Belmera K3 Award of Medan Municipality for the Gempol Branch from the Governor of Branch from the Governor of East Java Branch from the Minister of Manpower performance of 2013/2014 East Java and Transmigration

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Occupational Health and Safety Certification This is in line with one of the Company’s missions to carry out business activities based on the application of the rules of Occupational Health and Safety correctly and consistently. The Company’s concerned on safety is evident in the the international standard certification, OHSAS 18001: 2007 (on Occupational Health & Safety Assessment Series), which is integrated with ISO 9001 for all branches starting from in 2010 and to be renewed every 3 years.

OHSAS 18001:2007 Certification

Audit Validity No Unit/Branches Issued Date Registration Number Agency Period 1. Jagorawi Branch SGS 23-Mar-14 23-Mar-17 ID11/1102954096 2. Cawang-Tomang-Cengkareng SGS 3-Mar-14 3-Mar-17 ID11/1102954092 (CTC) Branch 3. Jakarta-Cikampek Branch SGS 31-Jan-14 31-Jan-17 ID11/1102954070 4. Jakarta-Tangerang Branch SGS 4-Jan-13 4-Jan-16 ID11/1102954016 5. Purbaleunyi Branch SGS 28-Dec-13 28-Dec-16 ID10/1102954054 6. Semarang Branch SGS 25-Oct-14 25-Oct-17 ID11/01882 7. Palikanci Branch 24-Sep-12 24-Sep-15 ID12/02180 8. Surabaya-Gempol Branch SGS 10-May-14 10-May-17 ID11/1102954122 9. Belmera Branch SGS 21-Sep-14 21-Sep-17 ID14/02870

Financial Impact of Health and Safety Activities The Company continuously carries out K3 practices to continue to safeguard employees as the main assets of the Company. In order to implement the K3 practices, the Company invested a total of Rp 63.13 billion throughout 2014.

Report on Social Responsibility

Jasa Marga’s Commitment in Social & In order to create a harmonious relationship Environment Responsibilities with stakeholders, the Company encourages Jasa Marga is committed to continuously each employee of Jasa Marga to take part in the improving the quality of its social and environment sustainability social and environmental responsibility responsibility program (TJSL). The Company programs. believes that the quality improvement of TJSL program will give a positive impact to the business Social and Community development growth in the coming years. As a toll road operator and a State Owned Enterprise, the Company contributes to society The sustainability of the social and environmental as part of stakeholders through involving in the responsibility programs always requires innovation Corporate Social Responsibility (CSR) programs in the quality improvement program. The Company which is managed by the Corporate Secretary does not stop in developing new programs which unit starting from 2014, while the Partnership and can reach a wider community as well as continues to Community Development Programs are managed renew programs that have brought about significant by the Community Development Program Unit impact for stakeholders. since 1992.

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Sources of funds for CSR programs is based on the "Jasa Marga’s role in Work Plan and Budget Allocation (RKAP) which is determined annually, while funds for Partnership and providing education on Community Development Program come from the Company’s Annual Budget which is considered as safety driving on toll roads cost, with a maximum of 2% of net income of the has become a key in creating previous year. comfort, smoothness and Partnership and Community Development (PKBL) Program is managed by the Community safety for toll road users" Development Unit, which is stipulated in: a. Regulation of the Minister of State Enterprises No. PER-05 /MBU/2007 dated April 27, 2007 on SOE Partnership Program with Small Business. The program is implemented through Community Development Unit Program. Type of Programs b. Partnership and Community Development Program (CSR) is set out in the Regulation Corporate Social Responsibility (CSR) Programs of the State Enterprises Ministry No. PER- 05/MBU/2007 dated April 27, 2007 on the 1. Education Partnership Program of SOEs with Small Education is an important part in the Business and Environment Development development of human character. This factor Program. has encouraged Jasa Marga to create education c. Regulation of the Minister of State Enterprises programs as part of the CSR activities. As a No. PER-08 /MBU/2013 dated 10 September leading toll road operator in Indonesia, “Jasa 2013 on the Fourth Amendment to the Marga’s role in providing education on safety Regulation of the Minister State Owned driving on toll roads has become a key in Enterprises No: PER-05/MBU/2007 on the creating comfort, smoothness and safety for toll Partnership Program of the State Owned road users. The active role of PT Jasa Marga in Enterprises with Small Businesses and the field of safety driving education is reflected Community Development Program. in the distribution of the book entitled “Aku d. Decision of the Board of Directors 230/ Tertib berlalu Lintas” (I Follow Traffic Rules), as KPTS/2007 on Partnership Program with many as 1,232 books in 2014 during variety of Small Business and Community Development sponsord activities, exhibitions and corporate Program, to set programs and activities of the events other. Community Development. In addition to the safety of driving in the toll road, PT Jasa Marga is also concerned about the introduction of the toll road industry among students through the program called “Jasa Marga Goes To Campus”.

Jasa Marga Goes to Campus The Company routinely conducts sharing knowledge activities through the Directors’ Teaching Program (2012), which was held by each Director such as at SMA 17-Palembang, SMA Hope 1-Medan, SMA Negeri 1-Kuta Selatan Badung, Bali, SMAN 1 Suruh-Salatiga and SMA Negeri 1-Boyolangu-Tulungagung.

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Jasa Marga Goes to Campus

Jasa Marga also became resources for public c. University of Indonesia on March 21 2014 with discussion on the issue of toll tariff increase at Director of Operations Hasanuddin as the UIN Sharif Hidayatulah (2012) and Customers speaker. Meeting at University of Indonesia (2013). d. Universitas Siswa Bangsa Internasional on March 24, 2014 with Director, Adityawarman, as In 2014, the knowledge sharing activities of Jasa guest speaker. Marga was designed through ‘Jasa Marga Goes e. Trisakti University on March 26, 2014 with To Campus’ program, with the main target of new Director of Business Development, Abdul Hadi toll road users. The main theme being raised is the Hs, as the speaker. issue of “Understanding the Toll Road Industry”. Jasa Marga Goes To Campus was held on March In these events, the Company shares the 19 to 26, 2014 at 5 (five) universities, as follows: knowledge with the students about toll road a. Bandung Institute of Technology on 19 industry in Indonesia. The Company also provides March 2014 with Director for HR & General educational assistance such as laptops, projectors Adminstration, Najib Muh Fauzan as speaker. and camera. Total participants who have taken b. Bina Nusantara University on March 20, 2014 part in those events reached 1,709 people. with Director Finance, Reynaldi Hermansjah, as Through ‘Jasa Marga Goes To Campus’ event, the the speaker. Company expects to improve the interest of the students about toll road industry.

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2. Social Care program on Homecoming for Free • To establish a good relationship with the Together with Jasa Marga 2014 Company’s stakeholders, particularly As a form of social care to the communities community around the Company. who will celebrate Lebaran in their hometown, • To maintain public trust to the Company. the Company held a program called “Free • To enhance the positive image of the Homecoming (Mudik) Together with Jasa Company. Marga 2014” which involved 808 participants, consisting of: The destinations of the Free Homecoming • Workers who support the activities of Program Together with Jasa Marga 2014 the Company (such as drivers, Office were several towns on the Java Island. The Housekeeping Officers, Cleaning Service Free Homecoming Together with Jasa Marga Officers, Road Cleaning Service Officers, program is planned to be also carried out in Freelance Officers, Security Guards, and the coming year considering the benefits and Civilian Security Guards/Hansip) and their positive responses from the participants. families who are working at the Head Office, Branches and projects of Jasa Marga. In addition to the Free Homecoming Together with • Local Communities around the Jasa Marga Jasa Marga Program, the Company also provided toll roads who are in need. aids to the communities who were affected by • This event shows an effort active role of disasters through Jasa Marga Care Program. the Company in reducing the number of accidents when people are travelling to their Jasa Marga Care for Banjarnegara Landslide home town (Mudik) during Lebaran season. Victim In the event, the Company also educates The Company carried out a social care activity the participants about traffic rulings when for the landslide natural disaster victims in passing the toll roads to the bus crews Banjarnegara through Semarang Branch at (Drivers and conductors). Jemblung sub-village, Sampan Village, Karang Kobar Subdistrict, Banjarnegara Regency on The purposes of these activities are: December 18, 2014. At the event, the Company • To reduce the use of motorcycles for handed over 1,000 aid packages containing homecoming trip. mats and blankets.

334 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Jasa Marga Care for the Sinabung People Partnership and Community Development Program The Company through Belmera Branch Office provided assistance to the victims of the 1. Partnership Program Mount Sinabung eruption in the Perbaji Village The Unit of Partnership and Community and Selandi Village, Tiga Ndreket Subdistrict, Development Program (PKBL) of PT Jasa Karo Regency which is about 3.5 km from Marga (Persero) Tbk was established by Mt. Sinabung, on Sunday, December 21, 2014. virtue of Board of Directors’ Stipulation No. Donations were in the form of staple foods such 010/KPTS/1997, dated February 3, 1997. The as rice, cooking oil, cash, snack packages for PKBL Unit was formed as an implementation children, and eat together with local people. of the Stipulation of Minister of Finance of Jasa Marga Care for Sinabung Victims program the Republic Indonesia No. 316/KMK/1994 on is part of the Company’s caring to the affected Guidelines for Small Business and Cooperative residents around the local branch offices, and Development through the Utilization of Portion helping to ease their burden as well as providing of State Enterprises Profit. The stipulation was moral support as an empathy to residents amended by the Regulation State Minister for affected by disasters. State Owned Enterprises No. 05/MBU/2007, April 27, 2007 about Partnership Program of 3. Jasa Marga Automotive Gathering to Meet State-Owned Enterprises with Small Business Customers and Community Development (PKBL), which As an effort to improve service to toll road has also been amended by the Regulation users, the Company carried out an activity of the Minister of State Owned Enterprises called “Jasa Marga Automotive Gathering” in No. PER08/MBU/2013, dated September 10, cooperation with some of vehicle communities. 2013 about the Fourth Amendment of the The number of participants reached 201 Stipulation of the Minister of State-Owned vehicles and 634 individual participants. The Enterprises Number: PER-05/MBU/2007 participants gathered at the site start at Rest about Partnership Program of State-Owned Area 39 toward Cikampek. Enterprises With Small Businesses and Community Development. The objective of Jasa Marga Automotive Gathering is to encourage members of the The targets of the PKBL Unit’s activities are automotive communities as toll road users to small businesses, in this case the individual jointly build a culture of traffic discipline on the or entity businesses and cooperatives toll road. that have maximum annual turnover of Rp 1,000,000,000 or have assets a maximum of Apart from a means to disseminate information Rp 200,000,000, - outside land and buildings. about efforts of the Company to improve services, the event was also utilized by community members to give inputs to The sources of funds to support the PKBL Unit Jasa Marga. Activities are derived from: a. Funds for Partnership & Community Development Program are derived from the Company’s budget which is treated as cost at a maximum of 2% of previous year’s net income (in accordance with the PER-08/ MBU/2013 dated September 10, 2013).

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 335 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Mobile Library of PT Jalantol LingkarluarJakarta

As a form of responsibility to the • Nurturing communication and socialization community around the toll road, PT Jakarta to the education/schools communities Outer Ring Road (PT JLJ) launched a around the corridors of the toll roads, in the program to educate the public through hope that Companys corporate image will the provision of mobile library. The mobile be positive. library is one of the programs that can be done to promote the culture of reading, • As a social responsibility that should be especially to children. In addition, the shouldered by the Company in the area of mobile library is a form of knowledge operation wherever the Company has the transfer efforts to the schools located operations. around the corridor area of the toll road. The mobile library covers 11 play groups and There are several objectives to be achieved elementary schools around the operating area in the implementation of the mobile library of JORR. The mobile library provided 340 namely: books for elementary schools.

• Stimulate the improvement and awareness about reading activity as part of the culture.

336 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Planting of Bintaro Trees at JORR Section; the Green Program was initiated by the Employees with Low Cost

PT Jalantol Lingkarluar Jakarta (JLJ) carried relatively low. After collecting the seeds, out a reforestation by the side of JORR. then the seeds are sorted which seeds have Since its inception in March 2014, at least the potentially to be replanted by giving 44 reforestation actions have been carried the planting medium polybag. Polybag out by planting 2,307 bintaro tree seedlings containing potential seed is then stored and involving 765 participants. This action is in a place that may not be exposed to carried out as a form of the responsibility of direct sunlight. PT JLJ planted the bintaro the Company over the impact of pollution trees regularly at least three times a week. from the operation of toll roads, PT Jalantol Furthermore, the working unit of Security Lingkarluar Jakarta (JLJ) and as a form of officials routinely conducted planting corporate social responsibility for clean air activities every weekend. Such activity was requirements so that the environment around also carried out by JLJ group of activists of the toll road is comfortable. nature known as JALLPALA. They planted as many as 180 bintaro trees along the side of As widely known that the reforestation JORR. Through this tree planting activity, program could reduce the levels of carbon PT JLJ aspires to conduct reforesting along dioxide (CO2) or other pollutants in the the edge of the JORR lanes. air. During the ongoing process of photo synthesis, plants absorb carbon dioxide and release oxygen, at least every 1 hour, 1 hectare of green leaves can absorb 8 kg of CO2. Thus, reforestation can reduce the greenhouse effect and climate disruption.

Employees from various work units in PT JLJ took part in the event as the executor of the community development activities. Bintaro tree is chosen because this plant produces seed for regeneration and adaptable to environmental conditions. As typical plant used for reforestation at coastal areas and in the city, bintaro tree also has strong roots and flexible enough to adapt to weather anomalies.

Planting process begins with the collection of seeds that fall around the bintaro tree. With the breeding sources, it can be stated that bintaro tree reforestation costs is

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 337 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

b. The balance of Partnership Program which was derived from the Company’s retained profit that has been allocated up until the end of 2012. c. The revenues derived from administrative services, deposit and/or current accounts of the Partnership and Community Development program after deducted with operational expenses. d. Partnership Program funds received from other State Owned Enterprises , if any.

Guidance Activities to the participants of Partnership program, include: a. Education, training, research, and apprenticeship to improve entrepreneurship, management and technical skills on production. b. Marketing and promotion of products.

The programs of the Community Development Unit of the Company are implemented through the Company’s offices network consists of the Head Office and 9 (nine) branches. The distribution target area and the number of the participants taking part in the Partnership program as of December 31, 2014 and December 31, 2013 are as follows:

The Company's Foster Partners and Target Area for 2013 and 2014

31 December 31 December No Head Office/Branch Target Partnership Area 2014 2013

1. Head Office Outside operational area of branch offices 9,149 9,149 2. Jagorawi East Jakarta, Bogor, Sukabumi 993 963 3. Jakarta-Cikampek Bekasi, Cikarang, Karawang, Cikampek, 1,361 1,297 Purwakarta 4. Jakarta-Tangerang West Jakarta, Banten 1,082 1,053 5. Cawang-Tomang- South Jakarta, North Jakarta, East Jakarta, 1,117 1,077 Cengkareng Central Jakarta 6. Purbaleunyi Bandung, Sumedang, Ciamis 1,288 1,244 7. Surabaya-Gempol East Java 2,264 2,231 8. Semarang Central Java 2,340 2,295 9. Belmera North Sumatera 1,530 1,490 10. Palikanci Cirebon, Majalengka, Kuningan, Indramayu 1,253 1,205

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The accumulation of funds that have been allocated under the Partnership Program Loan in 2014 based on economic sectors is as follows:

Accumulation of Funds Disbursement for Partnership Program in 2014 (in Rp)

No Description Realization 2014 I Accumulation of Funds for Partnership Program: Partnership Loan Industry Sector 67,660361,724 Trade Sector 83,992,250,000 Agriculture Sector 63,062,480,402 Husbandry Sector 3,236,000,000 Plantation Sector 2,437,000,000 Fishery Sector 2,702,000,000 Service Sector 88,016,816,048

II Accumulation of Funds for Partnership Program Education/Training 14,545,565,967 Promotion, Exhibitions & Other Marketing Activities 25,622,938,980

Foster Partners (Mitra Binaan) The Community Development Program has disbursed Rp 13.485 billion in 2014 through the implementation of Foster Partners (Mitra Binaan/MB) Program in 2014. The funds were absorbed by 373 foster partners that are scattered throughout the operational areas of Jasa Marga branches. The foster partners are engaging in variety of business sectors such as Industry, Services, Trade, Fisheries and Animal Livestock.

In addition to lending, Community Development also has conducted monitoring to the foster partners as well as charging the obligations MB, to be rolled back to the people who are still in need. To support the above distribution partnership program, the Community Development also provides support through training events with various modules of activities such as: accounting, entrepreneurship and motivation. To help promote the foster partners, in addition to distributing the form of revolving fund Community Development also provide promotional support to the foster partners in the form of exhibitions.

Details of the Loan Disbursement for Partnership Program 2014 are as follows:

Industry Service Trade Husbandry Fishery Total No Branch Rp MB Rp MB Rp MB Rp MB Rp MB Rp MB

1. Jagorawi 235,000,000 5 455,000,000 10 810,000,000 15 - - - - 1,500,000,000 30

2. Cawang- 90,000,000 2 150,000,000 4 1,260,000,000 34 - - - - 1,500,000,000 40 Tomang- Cengkareng

3. Jakarta- 85,000,000 3 40,000,000 2 1,440,000,000 59 - - - - 1,565,000,000 64 Cikampek

4. Jakarta- 555,000,000 11 890,000,000 18 - 0 - - - - 1,445,000,000 29 Tangerang

5. Purbaleunyi 490,000,000 15 95,000,000 2 27 - - - - 1,630,000,000 44 1,045,000,000,00

6. Surabaya- 40,000,000 1 35,000,000 1 30 35,000,000,00 1 - - 1,500,000,000 33 Gempol 1,390,000,000,00

7. Semarang 365,000,000 10 95,000,000 3 31 1 - - 1,500,000,000 45 1,000,000,000,00 40,000,000,00

8. Belmera 70,000,000 2 200,000,000 4 1,075,000,000,00 34 - - - - 1,345,000,000 40

9. Palikanci 170,000,000 5 185,000,000 5 1,095,000,000,00 37 - - 50,000,000,00 1 1,500,000,000 48

TOTAL 2,100,000,000 54 2,145,000,000 49 9,115,000,000 267 75,000,000 2 50,000,000 1 13,485,000,000 373

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 339 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

2. Community Development Program This refers to activities to empower and provide assistance including the development of facilities and infrastructure of communities in the operational area of Jasa Marga (Persero) Tbk.

Community Development Programs are carried out to give benefits the community in the operational areas of the Company.

In 2013 in accordance with the Regulation of the Minister of State Owned Enterprises No. PER-08/ MBU/2013 dated September 10, 2013 the scope of assistance programs to provide transportation cost for outsourced wokers of SOEs were removed and based on the Minister of State Enterprises Regulation No. PER-05/MBU/2013 dated May 1, 2013 and PER-08/MBU/2013 dated September 10, 2013, the form of the Community Development Program activities of Jasa Marga are focused on several aspects, among others:

1. Help the victims of natural disasters. 2. Provide education and/or training assistance. 3. Assistance for health improvement. 4. Assistance for the development of infrastructure and/or public facilities. 5. Assistance to improve religious facilities. 6. Assistance related with environment conservation. 7. social assistance in order to alleviate poverty.

In 2014, the Company actively involved in community development activities in natural disasters assistance that occurred in Jakarta, namely:

BUMN Care (For Jakarta Flood) Community Development activities at the beginning of 2014 were carried out by playing active role in tackling the flood disaster that hit 10 locations in the Jakarta area. Jasa Marga through Jasmapala involved by providing assistance in the form of 1,000 (one thousand) emergency aid packages with the details, and distributed to the following areas:

No. Area of Distribution Total

1. Ceger 50 packages 2. Kampung Rambutan 50 packages 3. Cililitan Kecil 100 packages 4. Kecamatan Jatinegara 250 packages 5. Condet 100 packages 6. Jakarta-Cikampek Toll Road KM 41 200 packages 7. Perumahan Bumi Nasio 50 packages 8. Bantaran Kali Ciliwung 100 packages 9. Kampung Dukuh 50 packages 10. Kampung Makassar 50 packages

TOTAL 1000 packages

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Jasa Marga Safety Driving In addition to the presentation on safety driving, In 2014, the community development program on students who were participating in the program education conducted Jasa Marga Safety Driving also got the chance to try to practice driving Event in Sentul Circuit on June 4, 2014. This event directly with national racing athlete, Rizal Sungkar. was a continuation of the Company’s awareness Participants also shared and discussed directly program in the field of education, particularly on with the speakers who are experts safety driving. safety driving. Jasa Marga Safety Driving Program aims to According to the principles of road safety, in encourage participants to have the motivation order to survive in the toll road, someone needs and understanding to behave and act in to have required basic abilities of perception accordance with the ethics of driving on the road and quick reaction without thinking, or in other so they can help reduce the rate of accidents on words “Safety is a Habit”. The habit can not be the road. planned and considered. All of the actions when driving a car are reactions that in accordance Green Program through Developing Biopori with procedures and safety literatures without In an effort to create an open green space on the having had to think. Therefore, the Company toll road, the Community Development Program works closely with DSD Road Safety Consultant of the Company continues to carry out the green which designed a driving safety training program program. One of the ongoing green programs is of activities for a day for students through an developing the biopori holes. Benefits of biopori interactive concept of learning, edutainment, hole is to manage the waste along the tollroad practical and knowledge-based approaches, corridors so that they can be utilized as compost. generalize ability of learning, social intelligent and The biopori hole program is implemented development process on road safety. in collaboration with the Bogor Institute of Agriculture (IPB). The waste treatment process of Jasa Marga Driving Safety program was attended biopori holes are implemented as follows: by a total of 150 students from several universities 1. Drilling biopori holes, then garbages at toll in Jakarta and surrounding areas, namely the corridors will be collected and inserted in the Bina Nusantara University (Binus), Universitas biopori holes that are ready. Siswa Bangsa International (USBI), Tarumanagara University, Pelita Harapan Univesity (UPH), 2. Through the decomposition process, the waste University of Indonesia (UI), Surya University in turned into compost when planting a tree in BSD, STEI Tazkia in Sentul and the Institute of the biopori hole. Social and Political Sciences (IISIP) Jakarta.

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 341 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Financial Impact of Activities of computer, computer table and projector, 1. Partnership Program safety driving training for beginner drivers, Since the PKBL (partnership) program was first renovation of early childhood facilities (PAUD), introduced in 1992 until 2014, Jasa Marga has learning supports such as textbooks. provided an accumulation of working capital 3. Assistance for Health Improvement worth loans amounting Rp 314,796,908,174, with the Rp 538,276,000, -in the form of free medical number of Foster Partners reaching as many as examination and medical treatment. 22,377 partners. Business Development Fund to 4. Assistance for Infrastructure and Public support training and exhibition programs from Facilities development worth Rp 2,597,737,972, 1992 to 2014 has reached Rp 40,364,696,384. The - in the form of Islamic books, constructing amount of funds allocated for business coaching walking path, constructing waste management (training and exhibition) for the year 2014 building, constructing embankment, cleaning amounted to Rp 767,888 437, - which consists of drainage, constructin pipeline post eruption training funds Rp 274 346 437, - and promotion of Mt. Kelud, provision of transport facilities funds amounted to Rp 493,538,000. in the form of 10 units pedicap (becak) to the Institute of Transportation Studies, providing 2. Community Development Program equipments for training hall and meeting In 2014, Community Development Program rooms, proving support for workspace facilities. that has been disbursed amounted to Rp 5. Assistance for House of Prayer Facilities worth 9,904,466,277, - declined by 34% from 2013 with Rp 1,746,718,501, - in the form of construction the following details: of mosques, musholla (house of prayer) 1. Assistance for Natural Disasters’ Victims worth construction and construction materials. Rp 921,367 845, - in the form of providing aid 6. Nature Conservation Assistance worth in the form of prayer (sholat) tools, blankets Rp 772,791,986,2500 –by way of planting and medicine for victims of Mount Sinabung productive trees such as mango, sapodilla, eruption, basic food aids for flood natural soursop, rambutan and guava in two locations: disaster victims at around the Head Office and on riverbank of Cisadane, Panunggangan Branch Offices in Jabotabek (Jakara, Bogor, Village, Tangerang as many as 1,000 trees and Tangerang, Bekasi). in the Village Jumputsari, Sukomanunggal sub- 2. Assistance for Education and/or Training worth district, Sidoarjo District as many as 1,500 trees. Rp 2,695,200,533, - in the form of providing 7. Public Social Assistance Programs as an effort teaching and learning equipment (chairs/ to help Alleviate Poverty amounting to Rp desks, filing cabinets, setting up filings), a set 632,373,440, - in the form of providing basic food assistance and musical instruments.

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Responsibility to Customers the toll road officers found 1,444 vehicles that use the toll roads operated by the Company that broke the toll The Company places customer satisfaction as a roads. fundamental and important aspect of its operation. Safety, comfort and smoothness on the tollroad to to the toll road users are the commitment of the 6.51% 7.13% Company to achieve customer satisfaction. As a Breaching rule on overload concrete step, the Company conducted Vehicle Breaching rule on benefits Control Week for overloaded vehicles simultaneously Breaching rule on parking in all branches and subsidiaries (AP) of the Company. Breaching rule on dimension of vehicle 33.20% 53.12% The basis for the implementation of such activity refers to: a. PP (Government Regulation) No. 15 Year 2005 on the Toll Road. The road is designed to withstand the heaviest load (MST) of the lowest of 8 (eight) tons. Survey of Customer Satisfaction b. The Construction and Building Standards The Company has a strong commitment to fulfill the - Geometry for Toll Roads - Public Works responsibility to users of the toll road as customers. Department - Director General of Bina Marga. One evident is through conducting regular Customer The class of toll road is designated with the Class Satisfaction Survey every year. In 2014, the results of 1, therefore, the MST that is allowed for toll road is the Customer Satisfaction Index on the Company’s Toll 10 (ten) tons. Road was 4.41 out of a scale of 1-6. c. Letter of Appeal from Director for Operation No. CA.LL06.930 dated September 4, 2014 on In disseminating information about the service, Preparation for Integrated Operations Week to the Company provides information to adjust the characteristics of each group of stakeholders. In order Control Overloaded Vehicles to thoroughly understand the needs and views of various aspects of the scope of the toll road industry An Integrated operation was carried out by Jasa in Indonesia, mapping perceptions of stakeholders is Marga in collaboration with the Department needed, on how each group of stakeholders assess the of Transportation and the Police, starting from service program that has been done by the Company. September 8 to 12, 2014. The purpose of the operation The position and the perception of stakeholders on the is to create a culture of orderly traffic, therefore the toll image, brand and company awareness are measured. road is smooth, safe and comfortable for the drivers. Evaluation of the effectiveness of the external media The overloaded heavy vehicles were the operation activities was carried out in December 2014 until target because those vehicles are often damaging the January 2015 in collaboration with the Institute of road pavement as well as slowing down the speed as Management, Faculty of Economics, University of the overloaded vehicles were underspeed. Indonesia. The evaluation involves stakeholders of the Company such as national media reporters Before the operation was held, socialization stage who are covering infrastructure and stock market, was held on September 1 to 7, 2014. There are three public relations and the Ministry of Public Works, media used for the socialization of social media capital market analysts, business partners (rest area Twitter through PT JASAMARGA accounts, 60 manager), toll road users and communities by focusing electronic traffic signs and banners belonging to the on information that can be measured such as traffic Company’s installed in places that are easily visible condition information, the info on toll road service to toll road users, such as overpass and pedestrian facilities, corporate actions and performance of the bridges. Controlling is not only done on the outer lane Company (including shares information) which are of toll road, but also in the rest area (place of rest and presented in the website (www.jasamarga.com), social Services) as well as access to the toll. During the week, media twitter (PTJASAMARGA), print advertorial

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 343 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

and outdoor media. Based on the results of the Toll Road Service Policy evaluation of the effectiveness of the external media, Toll road industry in Indonesia has a Minimum the Company obtained 4.13 score out of the scale Service Standards (MSS), defined by the Regulation of 1-6, which means that the information provided of the Minister of Public Works No. 392 / PRT / M / by the Company through a wide variety of external 2005 dated August 31, 2005 on Minimum Service communications media showed a positive response. Standards that must be reached toll road business entities in order to improve service to toll road users. Jasa Marga is committed to implement a customer To meet the SPM, the Company issued Circular satisfaction program, by campaigning the No. 05 / SE-DIR/2014 dated March 14, 2014 on importance of Service Excellence with the highest Guidelines for Compliance Measurement of Minimum priority on the safety aspects of workers, work areas, Service Standards (MSS) and the Toll Road Directors equipment and the environment. The commitment Policy No. 111/KPTS/2011 dated June 24, 2011 on made by the strategic steps as follows: Guidelines for excellence in Environmental Services 1. Increase the speed of the transaction in order to PT Jasa Marga (Persero) Tbk reduce queues at toll gates. 2. Streamlining traffic through capacity building Activities Undertaken and provision of services traffic information in Various efforts have been undertaken and real time in order to reduce nuisance trips. completed in 2014, aiming at providing comfort and 3. Improve the quality of construction of roads, assurance to consumers through smooth traffic and bridges and buildings operational complement. comfortable toll road. As already mentioned above,

344 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

the Minimum Service Standards (SPM), defined by the Regulation of the Minister of Public Works No. 392/ PRT/M/2005 dated August 31, 2005 on Minimum Service Standards that must be attained by the toll road operators in order to improve service to toll road users.

Among important points in the evaluation SPM by BPJT is the zero pothole (no holes) indicator, street lights in urban areas, as well as the rumija fence. These are the types of information that are required for toll road services. Evaluation and assessment of SPM by BPJT showed that the toll roads operated by the Company have met the standards in provoding information on product service to support security to consumers. Improving the quality of services is constantly developed with a target to achieve higher than standards by the regulator (beyond the standard).

In order to constantly improve the service to users of the toll road as a customer of the Company, as well as to the fulfillment of the SPM, the Company has undertaken following efforts in the year of 2014, as follows:

Strategy of Service Application on Toll Road

Service Strategies Application

Improving the accuracy in collecting 1. Adding the number of GTO Entrance, Toll Gate Exit and GTO toll revenues with an aim to reach E-Toll zero loss through the improvement of security system to guard toll revenues 2. Installing CCTV, RTMS, TCT, ALB, magazine train at the toll gates that will be applied in stages with priority of implementing the system at 3. Improving toll road facilities branches that have high traffic volume and replacing toll equipments that are already more than 5 years old.

Creating a smooth traffic flow, safe 1. Providing technology applications to support operations (CCTV, and comfortable toll road through VMS, RTMS, Optical Fiber) modernization of operational technologies with a priority for 2. Provision of operational supporting facilities (radio technological application at toll road communication, speed gun, retro-electrometer, moving roller, and sections with high traffic volume and fire estinguiser). improve traffic information service center as well as complaints are easily 3. Painting the road marking for GTO special lanes and installation accessible and always reflects real time of automatic toll gates (GTO). condition. 4. Zero Potholes and preventive maintenance.

5. Scrapping-Filling-Overlay (SFO) program with a priority at locations with repeated loads and/or the extention of condition is critical.

6. Increasing the road capacity program with a priority at toll roads with v/c ratio is closed to 0.8 based on PPJT.

7. Modernization of the use of appropriate technology and innovative operations with the application of materials with high economic value to support the efficiency and effectiveness of maintenance and ensure availability of the supporting/ complement tools to maintain security and safety in accordance with the requirements of the SPM.

8. Responsive to the efforts for nature conservation activities through reforestation of toll roads in order to support the efforts to slash carbon emissions as well as the use of green technology and green construction.

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 345 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Consumers Protection In order to improve satisfaction of toll road users, the Company continues to develop and update the information service system, transactions and construction.

As for information services, the Company improved variety of services to make it easier for toll road users to get access to the toll road information, through:

1. Jasa Marga Traffic Information Center (JMTIC) As tool to disseminate information services that support customers’ sense of security, Jasa Marga has set up an information center for consumers, namely Jasa Marga Traffic Information Center (JMTIC) which is a medium of communication for toll road users. JMTIC will record and follow up questions and complaints from toll road users.

Customer (Toll Road Users)

Management Representative

Customer Services Officer

Ask for Complaint Suggestions Give Information Request for Help Information

Suggestions CCTV, LAN TV, RMTS

In 2014, the number of telephones that received reached 609,439 calls, increased by 3.4 percent from 2013, which amounted to 589,588 phone calls.

No. Status Total 2013 Total 2014

1. Giving Information 5,167 2,548 2. Ask for Help 15,864 12,580 3. Ask for Information 567,569 593,158 4. Complaint 808 1,049 5. Suggestions 180 104

TOTAL 589,588 609,439

346 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

In order to increase consumers’ awareness about 3. Website www.jasamarga.com the JMTIC call center, the Company actively As a publicly listed company, PT Jasa Marga is disseminates information to the toll road users challenged to continue to improve its positive through advertisements in online media (www. image. In addition, the Company is challenged detik.com) and Variable Message Sign (VMS). to provide information quicky, correctly and accurately, which is one of characters of a 2. Twitter @PTJASAMARGA listed company. In order to attain that goal, the The Company understands that every toll road Company has had a medium to disseminate users want an easy access to information about information and online information support the traffic conditions on the toll road. In line with Company’s communication strategy, called www. the increasing needs of toll road users to get jasamarga.com. the latest traffic conditions and as an effort to improve services to the toll road users, in addition 4. Website www.jasamargalive.com and to providing Call Center Services, JMTIC also m.jasamargalive.com provides access to the toll road users through To obtain visual information about real time twitter @PTJASAMARGA. Currently, twitter of @ traffic conditions on toll roads, the Company PTJASAMARGA is managed by an operator which provides the CCTV monitoring application that is integrated with the JITC work unit. can be accessed through various platforms (inter- platform). For a desktop computer users, various types of operating systems can be used, including The incoming information is divided into several Microsoft Windows, Apple MacOS or Linux, can categories, namely: access the CCTV on www.jasamargalive.com. a. Asking information about traffic conditions As for toll road users who use gadgets such as b. Requesting for help from officers Google Android, Apple iOS and Blackberry, can c. Providing information about traffic conditions access the CCTV on m.jasamargalive.com address. d. Complaints/grievances/criticism This is done so that users can access the toll road e. Suggestion data provided by the Company that are available f. Question (In addition to the traffic condition through a wide range of computers and the latest information) gadgets. In order to maintain and improve service quality related with the presentation of traffic Currently twitter of Jasa Marga (@ information in real time, in 2014, the Company PTJASAMARGA) provides traffic condition undertook a routine maintenance activity and information every 20 minutes. In 2014, the number optimize streaming capabilities by raising the of Jasa Marga’s twitter followers reached 100,530 capacity of the server. people, an increase of 51,471 or 51% compared the number of followers in 2013.

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 347 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

To improve services on transactions, the Company 2. Toll Road Public Lights undertook various efforts including an increase In 2014, the electronic facilities such as toll road in the number of Automatic Toll Gate (GTO) on lights covers 11,305 points of PJU lamp. toll roads operating by the Company to reach 320 toll gates or 30% of the total toll gates that 3. To lift the capacity of the toll road gates in 2014, are operating in Indonesia. In December 2014, the the Company increased the capacity of gates Company in cooperation with Bank Mandiri had in order to improve service on the toll roads also launched the e-toll card with closed system operated by the Company including widening as applied at Jakarta-Cikampek and Jagorawi lanes in Cibinong-South Sentul Toll Road section toll roads. Going forward, in the year of 2016, the of the Jagorawi toll road and Pasteur-Kopo Company targets to increase the number of GTOs Purbaleunyi Toll Road section. In addition, the by 50% of total operated toll gates. Company added the number of toll gates to increase transactions, which ultimately reducing As an effort to maintain the sense of comfort, congestion at toll gates. safety and smoothness of traffic flow on the toll road, the Company continuously maintains the Financial Impact of Activity quality of toll roads managed by the Company The cost for activities related to responsibility to through the following programs: the consumers in the year of 2014 amounted to Rp 507.07 billion. 1. Scrapping Filling Overlay (SFO) In 2014, the Company has worked on SFOs to maintain the quality of the toll road with a total leght of 1,078,659.51 meters, scattered in toll roads operated by the Company.

348 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Access to Information and LK (Indonesian Capital Market Supervisory Agency) and through electronic reporting to the Indonesia Data of the Company Stock Exchange. Jasa Marga also actively makes In order to provide its stakeholders with easy access, publication for every corporate action conducted the Company has constantly updated the means with the use of bilingual (Indonesian and English of information provision along with the supporting Languages) press release. The said publication is facilities. In addition, the Company also continuously available for download at Jasa Marga website. makes the effort in advancing the platform of information technology to maintain and improve For further information on the Company, people in the reliability in providing integrated information in general as well as investors in particular may reach the right time and for the right target through the Corporate Secretary (David Wijayatno) and AVP Company’s website www.jasamarga.com. Investor Relations (Rudi Kurniadi) at Tel. (62-21) 841 3630, 841 3526; Fax. (62-21) 841 To comply with information disclosure, Jasa Marga 3540; and e-mail: [email protected], investor. also reports information and facts deemed material [email protected] to the capital market authority via mail to Bapepam-

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 349 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Statement of Members of the Board of Commissioners and Directors on the Responsibility for Annual Report 2014 PT JASA MARGA (PERSERO) Tbk.

We, the undersigned, herewith declare that all information contained in the Annual Report 2014 of PT Jasa Marga (Persero) Tbk. is complete and we are fully responsible for the content of the Company’s Annual Report.

This statement is made truthfully.

Jakarta, February 2015

Board of Commissioners

Agoes Widjanarko Chairman

Ibnu Purna Akhmad Syakhroza Commissioner Commissioner

Boediarso Teguh Widodo Mayjen. (Purn.) Samsoedin Commissioner Independent Commissioner

Irjen. Pol. (Purn.) Michael Dendron Primanto Independent Commissioner

350 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Statement of Members of the Board of Commissioners and Directors on the Responsibility for Annual Report 2014 PT JASA MARGA (PERSERO) Tbk.

Directors

Adityawarman President Director/CEO

Hasanudin Abdul Hadi Hs. Operation Director Business Development Director

Reynaldi Hermansjah Muh Najib Fauzan Finance Director Human Capital & General Affairs Director

*) Effective from 21 January 2015, Abdul Hadi Hs. has resigned and has no longer become member of Directors of the Company, following his letter dated 21 January 2015 to the Company.

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 351 Identity of the Profile of the Transformation Highlights 2014 Management Management New Projects Company Company of Jasa Marga Report Discussion and Development Analysis

Glossary

Term/ Description Abbreviation JMTIC Jasa Marga Traffic Information Center. Jasa Marga’s call center that provides information on condition of Jasa Marga’s toll roads to toll road users and receives suggestions/complaints from toll road users. GTO Gardu Tol Otomatis (automated toll booth). Toll booth with toll equipment that enables self-transaction service. e-Toll Card Card used for making electronic toll payment. e-Toll Pass Non-stop transaction at GTO, using e-Toll Card attached on OBU. OBU On Board Unit. Device that supports non-stop transaction. It is placed inside the car and is used to enable communication between transceiver and electronic toll payment card (e-Toll Card). KTME Kartu Tanda Masuk Elektronik (electronic entrance ticket). Ticket used at entrance toll gates on toll roads with closed system, operated by toll equipment that dispenses card with chip that electronically stores vehicles data of vehicle class and entrance toll gate. VMS Variable Message Sign. Electronic traffic sign displaying information on traffic condition on toll roads. SPM Standar Pelayanan Minimal (minimum level of service). Standard that must be achieved in carrying out toll road operation. RTMS Remote Traffic Microwave Sensor. Censoring device installed on toll roads to detect vehicles speed on toll road. SFO Scrapping Filling Overlay. Maintenance activities carried out to maintain toll road asphalt in good condition. V/C ratio Volume/Capacity Ratio. Ratio used to measure density of vehicles on toll roads. PJU Penerangan Jalan Umum (public street lighting). Lightings installed on the side of toll roads.

352 PT Jasa Marga (Persero) Tbk. 2014 Annual Report Human Capital Corporate Corporate Social Management Glossary Consolidated Management Governance Responsibility Responsibility for Financial Annual Report Statements 2014

Consolidated Financial Statements

PT Jasa Marga (Persero) Tbk. 2014 Annual Report 353 PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES

Laporan Keuangan Konsolidasian Consolidated Financial Statements Untuk Tahun-tahun yang Berakhir pada For the Years Ended Tanggal 31 Desember 2014 dan 2013 December 31, 2014 and 2013 serta Laporan Posisi Keuangan Konsolidasian and Consolidated Statement of Financial Position Tanggal 1 Januari 2013/ 31 Desember 2012 as of January 1, 2013/ December 31, 2012

d1/February 6, 2015 Paraf/Sign:

PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES

Daftar Isi Halaman/ Table of Contents Page

Surat Pernyataan Direksi Directors’ Statement Letter

Laporan Auditor Independen Independent Auditor’s Report

Laporan Keuangan Konsolidasian Consolidated Financial Statements Untuk Tahun-tahun yang Berakhir pada For the Years Ended Tanggal 31 Desember 2014 dan 2013 serta December 31, 2014 and 2013 serta Laporan Posisi Keuangan Konsolidasian and Consolidated Statement of Financial Position Tanggal 1 Januari 2013/ 31 Desember 2012 as of January 1, 2013/ December 31, 2012

Laporan Posisi Keuangan Konsolidasian 1 Consolidated Statements of Financial Position

Laporan Laba Rugi Komprehensif Konsolidasian 4 Consolidated Statements of Comprehensive Income

Laporan Perubahan Ekuitas Konsolidasian 5 Consolidated Statements of Changes in Equity

Laporan Arus Kas Konsolidasian 6 Consolidated Statements of Cash Flows

Catatan Atas Laporan Keuangan Konsolidasian 7 Notes to the Consolidated Financial Statements

d1/February 6, 2015 Paraf/Sign: Paraf/Sign:

PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES LAPORAN POSISI KEUANGAN CONSOLIDATED STATEMENTS OF KONSOLIDASIAN FINANCIAL POSITION Per 31 Desember 2014 dan 2013 serta As of 31, 2014 and 2013 1 Januari 2013/ 31 Desember 2012 and January 1, 2013/ December 31, 2012 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

1 Januari/ January 2013 31 Desember/ Catatan/ 2014 2013* December 2012 Notes Rp Rp Rp ASET ASSETS ASET LANCAR CURRENT ASSETS Kas dan Setara Kas 2.d, 2.e, 2.p, 2.s, 4 3,290,783,678 3,514,061,335 4,302,382,487 Cash and Cash Equivalents Investasi Jangka Pendek 2.d, 2.s, 5 7,143,512 6,627,910 7,821,744 Short-Term Investments Piutang Lain-lain - Lancar 2.d, 2.s, 6 148,828,618 177,197,911 50,267,652 Other Receivables - Current Biaya Dibayar Dimuka 2.g, 7 71,982,203 25,767,565 155,529,466 Prepaid Expenses Pajak Dibayar Dimuka 2.q, 8.a 122,633,703 64,649,666 1,291,131 Prepaid Taxes Total Aset Lancar 3,641,371,714 3,788,304,387 4,517,292,480 Total Current Assets

ASET TIDAK LANCAR NON-CURRENT ASSETS Piutang Lain-lain - Tidak Lancar 2.d, 2.s, 6 -- 19,750,666 13,824,674 Other Receivables - Non Current Dana Ditetapkan Penggunaannya 2.d, 2.s, 9 816,903,789 459,315,101 165,044,677 Appropriated Funds Investasi pada Entitas Asosiasi 2.d, 2.j, 10 171,345,274 179,237,078 175,745,092 Investments in Associates Aset Keuangan Lainnya 2.d, 11 244,607,444 244,607,444 241,607,444 Other Financial Assets Aset Tetap - Bersih 2.h, 12 701,727,320 591,313,394 422,506,867 Property and Equipment - Net Aset Takberwujud Intangible Assets Hak Pengusahaan Jalan Tol - Bersih 2.k, 13 23,935,414,790 21,962,121,146 18,547,705,598 Toll Road Concession Rights - Net Lainnya 13 2,183,168,194 641,118,538 362,097,252 Other Goodwill 2.t, 14 41,848,567 41,848,567 41,848,567 Goodwill Aset Lain-lain 15 121,560,897 130,965,456 265,878,790 Other Assets Total Aset Tidak Lancar 28,216,576,275 24,270,277,390 20,236,258,961 Total Non-Current Assets TOTAL ASET 31,857,947,989 28,058,581,777 24,753,551,441 TOTAL ASSETS

*) Disajikan kembali, lihat Catatan 3/ Restated, see Note 3

PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES LAPORAN POSISI KEUANGAN CONSOLIDATED STATEMENTS OF KONSOLIDASIAN (Lanjutan) FINANCIAL POSITION (Continued) Per 31 Desember 2014 dan 2013 serta As of 31, 2014 and 2013 1 Januari 2013/ 31 Desember 2012 and January 1, 2013/ December 31, 2012 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

1 Januari/ January 2013 31 Desember/ Catatan/ 2014 2013* December 2012 Notes Rp Rp Rp LIABILITAS DAN EKUITAS LIABILITES AND EQUITY LIABILITAS JANGKA PENDEK CURRENT LIABILITIES Utang Bank Jangka Pendek 2.d, 2.s, 20.a 610,499,778 655,840,348 1,380,028,297 Short-term Bank Loan Utang Usaha 2.d, 2.s, 16 191,675,486 100,031,436 92,043,627 Accounts Payable Utang Kontraktor 2.d, 2.s, 17 990,488,834 1,153,448,281 1,325,014,167 Contractors Payable Utang Pajak 2.q, 8.b 261,565,448 107,060,403 281,375,171 Taxes Payable Utang Lain-lain 2.d, 2.s, 18 73,661,131 56,409,411 36,384,038 Other Payables Beban Akrual 2.s, 19 416,264,415 464,678,613 437,317,112 Accrued Expenses Liabilitas Jangka Panjang yang Current Portion of Jatuh Tempo dalam Satu Tahun Long - Term Liabilities Utang Bank 2.d, 2.s, 20.b 43,161,208 295,217,163 260,750,000 Bank Loans Utang Obligasi 2.d, 2.m, 21 -- 700,000,000 1,771,616,920 Bonds Payable Utang Bantuan Pemerintah 2.d, 2.s -- -- 5,886,734 Loans from Government Liabilitas Pembebasan Tanah 2.d, 2.s, 23 1,500,719,209 1,112,701,093 809,430,952 Land Acquisition Liabilities Utang Sewa Pembiayaan 2.d, 2.i, 24 15,484,840 19,776,022 18,471,092 Capital Lease Payable Provisi Pelapisan Jalan Tol 2.l, 25 209,396,402 206,136,188 229,025,982 Provision for Overlay Total Liabilitas Jangka Pendek 4,312,916,751 4,871,298,958 6,647,344,092 Total Current Liabilities LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIES Pendapatan Diterima Dimuka 26 74,228,697 71,028,456 57,119,855 Unearned Revenues Liabilitas Pajak Tangguhan 2.q, 8.c 623,500,126 548,501,554 466,565,928 Deferred Tax Liabilities Liabilitas Jangka Panjang - Setelah Dikurangi Bagian yang Jatuh Long Term Liabilities - Net of Tempo Dalam Satu Tahun Current Portion Utang Bank 2.d, 2.s, 20.b 6,484,840,290 5,320,197,953 3,046,235,536 Bank Loans Utang Obligasi 2.d, 2.m, 21 6,144,430,063 5,144,375,988 3,749,446,582 Bonds Payable Liabilitas Kerjasama Operasi 2.d, 22 22,206,213 22,206,213 22,206,213 Joint Operation Liabilities Liabilitas Pembebasan Tanah 2.d, 2.s, 23 1,369,223,143 566,171,896 374,102,952 Land Acquisition Liabilities Utang Sewa Pembiayaan 2.d, 2.i, 24 34,479,992 47,125,235 27,356,411 Capital Lease Payable Provisi Pelapisan Jalan Tol 2.l, 25 156,712,195 124,954,213 95,773,316 Provision for Overlay Liabilitas Jangka Panjang Lainnya 45.i, 46.a 819,424,909 458,665,081 202,454,407 Other Long Term Liabilities Liabilitas Imbalan Kerja 2.r, 27 390,989,981 326,108,985 277,160,581 Employee Benefits Liabilities Total Liabilitas Jangka Panjang 16,120,035,609 12,629,335,574 8,318,421,781 Total Non Current Liabilities Total Liabilitas 20,432,952,360 17,500,634,532 14,965,765,873 Total Liabilities

*) Disajikan kembali, lihat Catatan 3/ Restated, see Note 3

1 Januari/ January 2013 31 Desember/ Catatan/ 2014 2013* December 2012 Notes Rp Rp Rp EKUITAS EQUITY Ekuitas yang Dapat Diatribusikan Equity Attributable to kepada Pemilik Entitas Induk Owners of the Parent Entity Modal Saham Share Capital Modal Dasar 19.040.000.000 Authorized of 19,040,000,000 saham - nilai nominal Rp500 shares - par value of Rp500 (Rupiah penuh) per saham, (full Rupiah) per share, issued Modal ditempatkan dan disetor and fully paid up capital of 6.800.000.000 saham terdiri dari 6,800,000,000 shares 1 Saham Seri A Dwiwarna comprising 1 Series A Dwiwama dan 6.799.999.999 saham share and 6,799,999,999 Seri B 28 3,400,000,000 3,400,000,000 3,400,000,000 shares series B Tambahan Modal Disetor 29 2,453,890,100 2,453,890,100 2,453,890,100 Additional Paid in Capital Keuntungan yang Belum Direalisasi Unrealized Gain on dari Efek Tersedia untuk Dijual 2.d, 4 2,613,862 2,098,260 3,292,095 Securities Available for Sale Saldo Laba Retained Earnings Ditentukan Penggunaannya Appropriated Cadangan Wajib 150,000,000 125,000,000 100,000,000 Mandatory Reserves Cadangan Umum 3,653,246,008 2,876,455,967 1,940,201,829 General Reserves Belum Ditentukan Penggunaannya 206,445,765 139,334,273 713,763,337 Unappropriated Total Ekuitas yang Dapat Diatribusikan Total Equity Attributable to kepada Pemilik Entitas Induk 9,866,195,735 8,996,778,600 8,611,147,361 Owners of the Parent Entity Kepentingan Non Pengendali 2.c, 30 1,558,799,894 1,561,168,645 1,176,638,207 Non-Controlling Interests Total Ekuitas 11,424,995,629 10,557,947,245 9,787,785,568 Total Equity TOTAL LIABILITAS DAN TOTAL LIABILITIES AND EKUITAS 31,857,947,989 28,058,581,777 24,753,551,441 EQUITY

*) Disajikan kembali, lihat Catatan 3/ Restated, see Note 3

PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES LAPORAN LABA RUGI KOMPREHENSIF CONSOLIDATED STATEMENTS OF KONSOLIDASIAN COMPREHENSIVE INCOME Untuk Tahun-tahun yang Berakhir pada For the Years Ended Tanggal 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

Catatan/ 2014 2013* Notes Rp Rp PENDAPATAN USAHA OPERATING REVENUES Pendapatan Tol 2.o, 31 6,646,392,546 5,802,732,269 Toll Revenues Pendapatan Konstruksi 2.o, 32 1,945,824,811 3,960,538,543 Construction Revenues Pendapatan Usaha Lainnya 2.o, 33 583,101,648 508,196,823 Other Operating Revenues Total Pendapatan Usaha 9,175,319,005 10,271,467,635 Total Operating Revenues

Penghasilan Lain-lain 2.o, 34 287,553,459 254,728,826 Other Income Beban Pengumpulan Tol 2.o, 35 (1,082,602,766) (872,702,807) Toll Collection Expenses Beban Pelayanan Pemakai Jalan Tol 2.o, 36 (556,720,050) (481,739,923) Toll Road Service Expenses Beban Pemeliharaan Jalan Tol 2.o, 37 (1,364,537,738) (1,568,824,989) Toll Road Maintenance Expenses Beban Kerjasama Operasi 2.o, 38 (313,039,817) (308,000,582) Joint Operation Expenses Beban Konstruksi 2.o, 32 (1,921,067,434) (3,914,452,489) Construction Expenses Beban Umum dan Administrasi 2.o, 39 (1,160,585,462) (1,087,820,721) General and Administrative Expenses Beban Lain-lain 2.o, 40 (20,283,190) (33,494,919) Other Expenses (6,131,282,998) (8,012,307,604) LABA USAHA 3,044,036,007 2,259,160,031 OPERATING INCOME Biaya Keuangan 41 (1,215,320,255) (944,219,190) Finance Charge Bagian Laba (Rugi) Bersih Entitas Asosiasi (6,741,959) (4,302,810) Net Income (Loss) of Associates (1,222,062,214) (948,522,000)

LABA SEBELUM PAJAK 1,821,973,793 1,310,638,031 INCOME BEFORE TAXES Beban Pajak 2.q, 8.c (606,642,066) (381,850,284) Tax Expenses LABA TAHUN BERJALAN 1,215,331,727 928,787,747 INCOME OF THE YEAR

PENDAPATAN KOMPREHENSIF LAIN OTHER COMPREHENSIVE INCOME Keuntungan (Kerugian) yang Belum Unrealized Gain (Loss) on Direalisasi dari Efek Tersedia untuk Dijual 2.d 515,602 (1,193,835) Securities Available for Sale TOTAL LABA KOMPREHENSIF TOTAL COMPREHENSIVE INCOME TAHUN BERJALAN 1,215,847,329 927,593,912 FOR THE YEAR

Laba Tahun Berjalan yang Dapat Income for the Year Diatribusikan kepada: Attributable to: Pemilik Entitas Induk 1,403,428,453 1,027,661,162 Owner of the Parent Entity Kepentingan Non Pengendali (188,096,726) (98,873,415) Non-Controlling Interest 1,215,331,727 928,787,747

Total Laba Komprehensif Tahun Berjalan Total Comprehensive Income yang Dapat Diatribusikan kepada: For the Year Attributable to: Pemilik Entitas Induk 1,403,944,055 1,026,467,327 Owner of the Parent Entity Kepentingan Non Pengendali (188,096,726) (98,873,415) Non-Controlling Interest 1,215,847,329 927,593,912

Laba Per Saham (Rupiah penuh) 2.v, 47 206 151 Earnings Per Share (full Rupiah)

*) Disajikan kembali, lihat Catatan 3/ Restated, see Note 3

PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY Untuk Tahun-tahun yang Berakhir pada For the Years Ended December 31, 2014 and 2013 Tanggal 31 Desember 2014 dan 2013 serta and January 1, 2013/ December 31, 2012 1 Januari 2013/ 31 Desember 2012 (In Thousand Rupiah, Unless Otherwise Stated) (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain)

Ekuitas yang Dapat Diatribusikan kepada Pemilik Entitas Induk/ Equity Atributable to Owner of The Parent Entity Modal Saham/ Tambahan Modal Saldo Laba/ Retained Earnings Laba (Rugi) Total Kepentingan Total Ekuitas/ Share Capital Disetor/ Ditentukan Penggunaannya/ Belum Belum Direalisasi Non Equity Additional Appropriated Ditentukan Efek Tersedia Pengendali/ Paid in Capital Cadangan Cadangan Penggunaannya/ Untuk Dijual/ Non Wajib/ Umum/ Unappropriated Unrealized Gain Controlling Mandatory General (Loss) on Securities Interests Reserves Reserves Available for Sale Rp Rp Rp Rp Rp Rp Rp Rp Rp Saldo Per 1 Januari 2013/ Balance As of Januari 1, 2013/ 31 Desember 2012 3,400,000,000 2,453,890,100 100,000,000 1,940,201,829 713,763,337 3,292,095 8,611,147,361 1,176,638,207 9,787,785,568 December 31, 2012

Pembagian Laba Tahun 2012 Profit Distribution of 2012 (Catatan 42) (Note 42) Dividen ------(640,836,088) -- (640,836,088) -- (640,836,088) Dividends Cadangan Umum ------936,254,138 (936,254,138) ------General Reserves Cadangan Wajib -- -- 25,000,000 -- (25,000,000) ------Mandatory Reserves Total Laba Komprehensif Total Comprehensive Income Tahun Berjalan (Disajikan Kembali) ------1,027,661,162 (1,193,835) 1,026,467,327 (98,873,415) 927,593,912 for the Year (Restated) Penerbitan Saham kepada Issuance of Shares to Kepentingan Non Pengendali ------483,403,853 483,403,853 Non-Controlling Interest Saldo Per 31 Desember 2013 3,400,000,000 2,453,890,100 125,000,000 2,876,455,967 139,334,273 2,098,260 8,996,778,600 1,561,168,645 10,557,947,245 Balance As of December 31, 2013

Pembagian Laba Tahun 2013 Profit Distribution of 2013 (Catatan 42) (Note 42) Dividen ------(534,526,920) -- (534,526,920) -- (534,526,920) Dividends Cadangan Umum ------776,790,041 (776,790,041) ------General Reserves Cadangan Wajib -- -- 25,000,000 -- (25,000,000) ------Mandatory Reserves Total Laba Komprehensif Total Comprehensive Income Tahun Berjalan ------1,403,428,453 515,602 1,403,944,055 (188,096,726) 1,215,847,329 for the Year Penerbitan Saham kepada Issuance of Shares to Kepentingan Non Pengendali ------185,727,975 185,727,975 Non-Controlling Interest

Saldo Per 31 Desember 2014 3,400,000,000 2,453,890,100 150,000,000 3,653,246,008 206,445,765 2,613,862 9,866,195,735 1,558,799,894 11,424,995,629 Balance As of December 31, 2014

PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES LAPORAN ARUS KAS CONSOLIDATED STATEMENTS KONSOLIDASIAN OF CASH FLOWS Untuk Tahun-tahun yang Berakhir pada For the Years Ended Tanggal 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

Catatan/ 2014 2013* Notes Rp Rp ARUS KAS DARI AKTIVITAS CASH FLOWS FROM OPERATING OPERASI ACTIVITIES Penerimaan Pendapatan Tol 6,646,392,546 5,825,932,269 Receipts from Toll Revenues Penerimaan Pendapatan Lainnya 583,101,648 508,196,823 Receipts from Other Revenues Pembayaran Kepada Pemasok dan Pihak Ketiga (1,956,098,056) (1,440,831,502) Payments to Vendors and Third Parties Pembayaran Kepada Karyawan (1,288,704,552) (1,196,198,582) Payments to Employees Pembayaran Beban Kerjasama Operasi (313,039,817) (308,000,582) Payments of Joint Operation Pembayaran Pajak (702,099,525) (585,900,300) Payments of Taxes Pembayaran Bunga Pinjaman (1,117,383,678) (717,366,596) Payments of Interest Arus Kas Neto Diperoleh dari Net Cash Flows Provided by Aktivitas Operasi 1,852,168,566 2,085,831,530 Operating Activities ARUS KAS DARI AKTIVITAS INVESTASI CASH FLOWS FROM INVESTING ACTIVITIES Penerimaan Bunga 255,622,494 213,210,523 Receipts from Interest Income PeroIehan Aset Tetap (232,164,307) (274,539,837) Acquisition of Property and Equipment Pembayaran Biaya Pelapisan Ulang (348,405,365) (331,075,672) Overlay Charges Expenditure Perolehan Aset Hak Pengusahaan Jalan Tol (3,327,023,000) (4,070,621,864) Addition of Toll Road Concession Rights Arus Kas Neto Digunakan untuk Net Cash Flows Used in Aktivitas Investasi (3,651,970,178) (4,463,026,850) Investing Activities ARUS KAS DARI AKTIVITAS CASH FLOWS FROM FINANCING PENDANAAN ACTIVITIES Penerimaan Utang Bank 1,225,125,080 2,072,459,612 Proceeds from Bank Loans Pelunasan Utang Bank (495,195,199) (786,123,299) Payments of Bank Loans Penerbitan Utang Obligasi 997,124,948 2,100,000,000 Bonds Issued Pelunasan Utang Obligasi (700,000,000) (1,771,616,920) Payments of Bond Payable Pencairan (Penempatan) Dana Ditetapkan Increase (Decrease) of Appropriated Penggunaannya - Bersih (374,312,610) (294,270,425) Fund - Net Pembayaran Utang Bantuan Pemerintah -- (5,886,734) Payments of Loan from Government Pembayaran Dividen (537,102,256) (640,836,088) Payments of Dividend Penerimaan Bantuan Pembebasan Tanah 1,275,635,518 101,104,402 Proceeds from Land Acquisition Loans Setoran Modal Kepentingan Non Pengendali Paid in Capital from Non-Controlling Interest Pada Entitas Anak - Bersih 185,248,474 814,043,620 at Subsidiary Companies - Net Arus Kas Neto Diperoleh dari Net Cash Flow Provided by Aktivitas Pendanaan 1,576,523,955 1,588,874,168 Financing Activities PENURUNAN NETO NET DECREASE IN KAS DAN SETARA KAS (223,277,657) (788,321,152) CASH AND CASH EQUIVALENTS SALDO KAS DAN SETARA KAS PADA CASH AND CASH EQUIVALENTS AT AWAL TAHUN 3,514,061,335 4,302,382,487 BEGINNING OF THE YEAR SALDO KAS DAN SETARA KAS PADA CASH AND CASH EQUIVALENTS AT AKHIR TAHUN 3,290,783,678 3,514,061,335 END OF THE YEAR

Kas dan Setara Kas Terdiri dari : 4 Cash and Cash Equivalents Consist of: Kas 55,365,364 47,626,488 Cash on Hand Bank 296,458,032 363,149,238 Cash in Banks Deposito Berjangka 2,938,960,282 3,103,285,609 Time Deposits Total 3,290,783,678 3,514,061,335 Total

Tambahan informasi aktivitas investasi yang tidak Supplemental cash flows information of mempengaruhi arus kas disajikan pada Catatan 50 non-cash investing activities is presented in Note 50

*) Disajikan dan direklasifikasi kembali, lihat Catatan 3 dan 53/ Restated, see Note 3 and 53

Catatan terlampir merupakan bagian yang tidak terpisahkan dari The accompanying notes form an integral part of these laporan keuangan konsolidasian secara keseluruhan consolidated financial statements d1/February 6, 2015 6 paraf/sign: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN FINANCIAL STATEMENTS Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

1. Umum 1. General

1.a. Pendirian Perusahaan 1.a. The Company’s Establishment Perusahaan, selanjutnya disebut Perusahaan, dibentuk The Company, hereinafter referred to as the Company, berdasarkan Peraturan Pemerintah Republik Indonesia was established under the Government Regulation of No. 4 Tahun 1978 tentang Penyertaan Modal Negara the Republic of Indonesia No. 4 year 1978 regarding Republik Indonesia mengenai pendirian Perusahaan the State Capital Investment for the establishment of a Perseroan (Persero) di bidang pengelolaan, State-Owned Company (Persero) in the area of pemeliharaan dan pengadaan jaringan jalan tol, serta management, maintenance and development of toll ketentuan-ketentuan pengusahaannya (Lembaran roads and the detailed management regulations (State Negara Republik Indonesia No. 4 Tahun 1978 juncto Gazette No. 4 of 1978 in conjunction with the Decree of Surat Keputusan Menteri Keuangan Republik the Ministry of Finance of the Republic of Indonesia Indonesia No. 90/KMK.06/1978 tentang Penetapan No. 90/KMK.06/1978 regarding the Determination of the Modal Perusahaan Perseroan (Persero) PT Jasa Share Capital of the Company dated February 27, Marga, tanggal 27 Pebruari 1978). 1978).

Perusahaan didirikan berdasarkan Akta No. 1, tanggal The Company was established based on the Deed of 1 Maret 1978 dari Notaris Kartini Mulyadi, SH, dan Notary Kartini Mulyadi, SH, No. 1 dated March 1, 1978 telah disahkan oleh Menteri Kehakiman Republik and was approved by the Minister of Justice of the Indonesia No. Y.A.5/130/1, tanggal 22 Pebruari 1982 Republic of Indonesia in the Decree No. Y.A.5/130/1 dan didaftarkan di Kantor Pengadilan Negeri Jakarta dated February 22, 1982, filed in Jakarta High Court No. 766 dan No. 767, tanggal 2 Maret 1982 serta No. 766 and 767 on March 2, 1982 and was published diumumkan dalam Lembaran Berita Negara Republik in the State Gazette No. 73, dated September 10, 1982, Indonesia No. 73, tanggal 10 September 1982, adddition No. 1138. tambahan No. 1138.

Anggaran Dasar Perusahaan telah beberapa kali The Company's Articles of Association had been diubah, dengan perubahan terakhir berdasarkan akta amended several times, which the lastest was based on notaris Rapat Umum Pemegang Saham Luar Biasa notarial deed Extraordinary General Meeting of No. 95 tanggal 21 Juni 2012 dari Poerbaningsih Adi Shareholders No. 95 dated June 21, 2012 of Warsito, S.H., sehubungan dengan perubahan Poerbaningsih Adi Warsito, S.H., in accordance with ketentuan anggaran dasar Perusahaan. Akta the change of terms in the Articles of Association. The perubahan disahkan oleh Menteri Hukum dan Hak deed of amendment was approved by the Minister of Asasi Manusia Republik Indonesia dalam Surat Law and Human Rights of the Republic of Indonesia in Keputusan No. AHU-AH.01.10-25313 tanggal 10 Juli Decision Letter No. AHU-AH.01.10-25313 dated July 2012. 10, 2012.

Berdasarkan Pasal 3 Anggaran Dasar, maksud dan According to Article 3 of the Company's Articles of tujuan Perusahaan adalah turut serta melaksanakan Association, the aim and purpose of the Company's dan menunjang kebijaksanaan dan program activities are to engage in performing and assisting the Pemerintah di bidang ekonomi dan pembangunan Government's programs and policies in economy sector nasional pada umumnya, khususnya pembangunan di and generally in national development, specially in bidang pengusahaan jalan tol dengan sarana development of toll roads and all their supporting penunjangnya dengan menerapkan prinsip-prinsip facilities with comply to the principles of limited liability perusahaan terbatas. company.

Untuk mencapai maksud dan tujuan tersebut, For achieving these purposes, the Company performs Perusahaan melaksanakan kegiatan usaha sebagai the following activities: berikut: (i) Melakukan perencanaan teknis, pelaksanaan (i) To perform technical planning, construction, konstruksi, pengoperasian dan/atau pemeliharaan operate and/or maintenance of toll road; jalan tol; (ii) Mengusahakan lahan di ruang milik jalan tol (ii) To organize the land in toll road area (Rumijatol) (Rumijatol) dan lahan yang berbatasan dengan and the land aside on Rumijatol using for rest Rumijatol untuk tempat istirahat dan pelayanan area and service including facilities and other berikut dengan fasilitas-fasilitasnya dan usaha business operated either separately or in lainnya, baik diusahakan sendiri maupun bekerja cooperation with other parties; and sama dengan pihak lain; dan

d1/February 6, 2015 7 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

(iii) Menjalankan kegiatan dan usaha lain dalam (iii) To perform other activity and business in order to rangka pemanfaatan dan pengembangan sumber utilize and develop the Company's resources, daya yang dimiliki Perusahaan, baik secara either directly or through investment, subject to langsung maupun melalui penyertaan, dengan laws and regulations. memperhatikan peraturan perundang-undangan.

Perusahaan mulai beroperasi secara komersial sejak The Company commenced its commercial operations tahun 1978. since 1978.

Perusahaan menjalankan kegiatan operasionalnya The Company run their operations based on Law berdasarkan UU No. 38 tahun 2004 tentang Jalan dan No. 38 year 2004 about the Road and PP No. 15 year PP No. 15 tahun 2005 tentang Jalan Tol: Wewenang 2005 regarding Toll Road Toll road management penyelenggaraan jalan tol berada pada Pemerintah. authority on the government. Half of government Sebagian wewenang Pemerintah dalam authority in the administration of toll roads implemented penyelenggaraan jalan tol dilaksanakan oleh Badan by the Toll Road Regulatory Agency. Toll road Pengatur Jalan Tol. Pengusahaan jalan tol dilakukan concession implemented by state-owned enterprises oleh badan usaha milik negara dan/atau badan usaha and/ or regional owned enterprises and/ or private milik daerah dan/atau badan usaha milik swasta. companies. Concession granted by the Government to Pengusahaan jalan tol yang diberikan oleh Pemerintah the business entity through a transparent and open kepada badan usaha dilakukan melalui pelelangan auctions. secara transparan dan terbuka.

Selama periode laporan yang disajikan (per During the reporting period presented (as of December 31 Desember 2014), ekspansi yang dilakukan oleh 31, 2014), the expansion performed by the Company is Perusahaan adalah dibentuknya Entitas Anak baru, the establishment of a new subsidiary, PT Jasamarga yaitu PT Jasamarga Kualanamu Tol (JMKT). JMKT Kualanamu Tol (JMKT). PT JMKT was established based didirikan berdasarkan akta notaris No. 56 tanggal on notarial deed No. 56 dated November 25, 2014 of Ni 25 Nopember 2014 dari Ni Nyoman Rai Sumawati, Nyoman Rai Sumawati, S.H., M.Kn., aimed to develop S.H., M.Kn., dalam rangka pengusahaan ruas tol Medan-Kualanamu-Tebing Tinggi toll road. The deed of Medan-Kualanamu-Tebing Tinggi. Akta pendirian establishment was approved by the Minister of Law and disahkan oleh Menteri Hukum dan Hak Asasi Manusia Human Rights of the Republic of Indonesia in Decision Letter dalam Surat Keputusan No. AHU-36748.40.10.2014 No. AHU 36748.40.10.2014 Year 2014 dated November 27, Tahun 2014 tanggal 27 Nopember 2014. Perusahaan 2014. The Company owns 44,000 shares at par value of memiliki 44.000 saham dengan nilai nominal Rp 1,000,000 (full Rupiah) per share or equivalent to Rp 1.000.000 (Rupiah penuh) per saham atau setara Rp 44,000,000,000 (full Rupiah), representing 55% dengan Rp 44.000.000.000 (Rupiah penuh), yang ownership as of December 31, 2014. merupakan 55% kepemilikan pada tanggal 31 Desember 2014.

Perusahaan berdomisili di Jakarta dan pada saat ini The Company is domiciled in Jakarta and is currently mengoperasikan 26 ruas jalan tol yang dikelola oleh operating 26 toll roads managed by its nine branch sembilan kantor cabang dan Entitas Anak dengan offices and the Company’s Subsidiaries with details are rincian sebagai berikut: as follows:

Ruas Jalan Tol/ Toll Road Sections Kantor Cabang/ Branch Offices Jagorawi Jakarta – Bogor- Ciawi Jakarta – Tangerang Jakarta – Tangerang Cawang - Tomang – Cengkareng Cawang – Tomang - Pluit dan/ and Prof. Dr. Ir. Soediyatmo Surabaya – Gempol Surabaya – Gempol Jakarta – Cikampek Jakarta – Cikampek Purbaleunyi Cikampek – Padalarang dan/ and Padalarang – Cileunyi Semarang Semarang Seksi/Section A B C Belmera Belawan – Medan - Tanjung Morawa Palikanci Palimanan – Kanci

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Ruas Jalan Tol/ Toll Road Sections Entitas Anak/ Subsidiaries PT Jalantol Lingkarluar Jakarta (JLJ) Jakarta Outer Ring Road (JORR) Section E1, E2, E3, dan/ and W2 dan/ and Pondok Aren - Bintaro Viaduct – Ulujami PT Marga Sarana Jabar (MSJ) Bogor Outer Ring Road PT Trans Marga Jateng (TMJ) Semarang – Solo PT Marga Kunciran Cengkareng (MKC) Kunciran – Batu Ceper - Cengkareng *) PT Marga Trans Nusantara (MTN) Kunciran – Serpong *) PT Marga Nujyasumo Agung (MNA) Surabaya – Mojokerto PT Transmarga Jatim Pasuruan (TJP) Gempol – Pasuruan *) PT Jasamarga Pandaan Tol (JPT) Gempol – Pandaan *) PT Jasamarga Bali Tol (JBT) Nusa Dua – Ngurah Rai Benoa PT Marga Lingkar Jakarta (MLJ) JORR W2 Utara (Ulujami – Kebon Jeruk) PT Jasamarga Kualanamu Tol (JMKT) Medan – Kualanamu – Tebing Tinggi*)

*) Belum Beroperasi/ Not Yet Operated

Selain itu, Perusahaan juga melakukan usaha lain In addition, the Company also manage other business melalui cabang dan Entitas Anak sebagai berikut: activities through its branch and Subsidiaries, as follows:

Jenis Usaha/ Nature of Business Kantor Cabang/ Branch Offices Pengelolaan rest area di jalan tol dan SPBU / Unit Rest Area and Business Management of the rest area on the highway and gas station Penyelenggara Pelatihan dan Pengembangan SDM / Jasa Marga Development Center Organizers Training and Development Human Resources

Entitas Anak/ Subsidiaries PT Jasa Layanan Pemeliharaan (JLP) Jasa konstruksi, perdagangan dan persewaan kendaraan/ (dahulu / formerly PT Sarana Marga Utama) Construction, trade and rental vehicles Pembangunan, penjualan dan jasa properti/ PT Jasamarga Properti (JMP) Development, sales and services in property

1.b. Entitas Anak 1.b. Subsidiaries

1.b.1. PT Jalantol Lingkarluar Jakarta (JLJ) 1.b.1. PT Jalantol Lingkarluar Jakarta (JLJ)

PT Jalantol Lingkarluar Jakarta didirikan berdasarkan PT Jalantol Lingkarluar Jakarta was established based on akta notaris No. 113 tanggal 22 Desember 2000 dari notarial deed No. 113 dated December 22, 2000 of Agus Agus Madjid, S.H.. Akta pendirian disahkan oleh Madjid, S.H.. The deed of establishment was approved by Menteri Kehakiman Republik Indonesia dalam Surat the Minister of Justice of the Republic of Indonesia in Keputusan No. C1598.HT.01.01-Th 2001 tanggal Decision Letter No. C1598.HT.01.01-Th2001 dated March 6 Maret 2001. 6, 2001.

Anggaran Dasar JLJ telah beberapa kali diubah, JLJ’s Articles of Association had been amended several dengan perubahan terakhir berdasarkan akta notaris times, which the latest was based on notarial deed No. 28 No. 28 tanggal 16 Desember 2013 dari Amriyati A. dated December 16, 2013 of Amriyati A. Supriyadi, S.H., Supriyadi, S.H., M.Kn.. Akta perubahan disahkan oleh M.Kn.. The deed of amendment was approved by the Menteri Hukum dan Hak Asasi Manusia dalam Surat Minister of Law and Human Rights of the Republic of Keputusan No. AHU-00222.AH.01.02 Tahun 2013 Indonesia in Decision Letter No. AHU-00222.AH.01.02 tanggal 3 Januari 2014. Year 2013 dated January 3, 2014.

JLJ berdomisili di Jakarta. JLJ mulai beroperasi JLJ is domiciled in Jakarta. JLJ started its operation since secara komersial sejak tanggal 1 Oktober 2001. October 1, 2001.

Perusahaan memiliki 27.348.750 saham dengan nilai The Company owns 27,348,750 shares with par value of nominal Rp 1.000 (Rupiah penuh) per saham atau Rp 1,000 (full Rupiah) per share amounting to setara dengan Rp 27.348.750.000 (Rupiah penuh), Rp 27,348,750,000 (full Rupiah), representing 99% yang merupakan 99% kepemilikan pada tanggal ownership as of December 31, 2014. 31 Desember 2014.

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1.b.2. PT Marga Sarana Jabar (MSJ) 1.b.2. PT Marga Sarana Jabar (MSJ)

PT Marga Sarana Jabar merupakan perusahaan PT Marga Sarana Jabar is a joint venture company patungan antara Perusahaan dan PT Jasa Sarana between the Company and PT Jasa Sarana for dalam pengusahaan ruas jalan tol Bogor Outer Ring development of Bogor Outer Ring Road. MSJ was Road. MSJ didirikan berdasarkan Akta No. 10 tanggal established based on the Deed No. 10 dated May 11, 11 Mei 2007 dari Notaris Iwan Ridwan, SH, dengan 2007 of Notary lwan Ridwan, SH, with authorized capital modal dasar sebesar Rp 475.000.000.000 (Rupiah amounting to Rp 475,000,000,000 (full Rupiah), issued penuh), modal ditempatkan dan disetor sebesar and paid in capital amounting to Rp 118.750.000.000 (Rupiah penuh) dan telah Rp 118,750,000,000 (full Rupiah) and has been approved memperoleh pengesahan dari Menteri Hukum dan by the Minister of Law and Human Rights of the Republic Hak Asasi Manusia Republik Indonesia melalui of Indonesia through Decree No. W8-01909 Keputusan No. W8-01909 HT.01.01.TH.2007, tanggal HT.01.01.TH.2007 dated July 6, 2007 and announced in 6 Juli 2007 serta diumumkan dalam Lembaran Berita State Gazette No. 82 dated October 12, 2007. Negara Republik Indonesia No. 82, tanggal 12 Oktober 2007.

Anggaran Dasar MSJ telah beberapa kali mengalami MSJ’s article of association has been amended several perubahan, dimana terakhir diubah berdasarkan Akta times, with the most recent change of the article was No. 16 tanggal 27 November 2013 yang dibuat based on the Deed No. 16 dated November 27, 2013 from dihadapan Notaris Nitra Reza, SH, M.Kn., di Jakarta, Notary Nitra Reza, SH, M.Kn., in Jakarta, in accordance sehubungan dengan peningkatan modal disetor. with the increase of paid share capital. The amendment is Perubahan anggaran dasar tersebut masih dalam in the process of authorization from the Ministry of of Law proses pengesahan di Kementerian Hukum dan Hak and Human Rights. Asasi Manusia.

MSJ berdomisili di Bogor. MSJ mulai beroperasi MSJ is domiciled in Bogor. MSJ started its operation since secara komersial sejak 23 Nopember 2009. November 23, 2009.

Perusahaan memiliki 17.832.650 saham dengan nilai The Company owns 17,832,650 shares with par value of nominal Rp 10.000 (Rupiah penuh) per saham atau Rp 10,000 (full Rupiah) per share amounting to setara dengan Rp 178.326.500.000 (Rupiah penuh), Rp 178,326,500,000 (full Rupiah), representing 55% yang merupakan 55% kepemilikan, dan tambahan ownership, and additional paid in capital amounting to modal disetor sebesar Rp 11.000.000.000 (Rupiah Rp 11,000,000,000 (full Rupiah) as of December 31, penuh) pada tanggal 31 Desember 2014. 2014.

1.b.3. PT Trans Marga Jateng (TMJ) 1.b.3. PT Trans Marga Jatenq (TMJ)

PT Trans Marga Jateng merupakan perusahaan PT Trans Marga Jateng is a joint venture company patungan antara Perusahaan dan PT Sarana between the Company and PT Sarana Pembangunan Pembangunan Jawa Tengah dalam rangka Jawa Tengah, aimed to develop Semarang-Solo toll road. pengusahaan ruas tol Semarang-Solo. TMJ didirikan TMJ was established based on notarial deed berdasarkan akta notaris No. 27 tanggal 7 Juli 2007 No. 27 dated July 7, 2007 of Prof. DR. Liliana dari Prof. DR. Liliana Tedjosaputro, S.H., M.H., yang Tedjosaputro, S.H., M.H., which later was amended by kemudian diubah dengan akta notaris No. 84 dari notarial deed No. 84 from the same notary and was notaris yang sama dan disahkan oleh Menteri Hukum approved by the Minister of Law and Human Rights of the dan Hak Asasi Manusia Republik Indonesia dalam Republic of Indonesia in Decision Letter No. C-03976 Surat Keputusan No. C-03976 HT.01.01.TH.2007 HT.01.01.TH.2007 dated November 22, 2007. tanggal 22 Nopember 2007.

TMJ berdomisili di Semarang. TMJ mulai beroperasi TMJ is domiciled in Semarang. TMJ started its operation secara komersial sejak 17 Nopember 2011. since November 17, 2011.

Perusahaan memiliki 125.800.000 saham dengan nilai The Company owns 125,800,000 shares with par value of nominal Rp 10.000 (Rupiah penuh) per saham atau Rp 10,000 (full Rupiah) per share amounting to setara dengan Rp 1.258.000.000.000 (Rupiah penuh), Rp 1,258,000,000,000 (full Rupiah), representing 73.90% yang merupakan 73,90% kepemilikan, dan tambahan ownership, and additional paid in capital amounting to modal disetor sebesar Rp 96.070.000.000 (Rupiah Rp 96,070,000,000 (full Rupiah) as of December 31, 2014. penuh) pada tanggal 31 Desember 2014.

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1.b.4. PT Marga Trans Nusantara (MTN) 1.b.4. PT Marga Trans Nusantara (MTN)

PT Marga Trans Nusantara didirikan berdasarkan akta PT Marga Trans Nusantara was established based on notaris No. 8 tanggal 14 Mei 2008 dari Suzy Anggraini notarial deed No. 8 dated May 14, 2008 of Suzy Anggraini Muharam, S.H., dalam rangka pengusahaan ruas tol Muharam, S.H., aimed to develop Kunciran-Serpong toll Kunciran-Serpong. Investasi pada MTN berdasarkan road. The investment in MTN was based on agreement perjanjian antara calon pendirinya dalam akta notaris between its candidates founders in notarial deed No. 1 No. 1 tanggal 11 Pebruari 2008 dari notaris yang dated February 11, 2008 of the same notary. The deed of sama. Akta pendirian disahkan oleh Menteri Hukum establishment was approved by the Minister of Law and dan Hak Asasi Manusia Republik Indonesia dalam Human Rights of the Republic of Indonesia in Decision Surat Keputusan No. AHU37791.AH.01.01 Tahun Letter No. AHU37791.AH.01.01 Year 2008 dated July 2, 2008 tanggal 2 Juli 2008, dan diumumkan dalam 2008, and was published in the State Gazette No. 10 Berita Negara No.10 tanggal 3 Pebruari 2009. dated February 3, 2009.

Anggaran Dasar MTN telah beberapa kali diubah, MTN’s Articles of Association had been amended several dengan perubahan terakhir berdasarkan akta notaris times, which the latest was based on notarial deed No.25 No. 25 tanggal 19 Agustus 2014 dari Kumala Tjahjani dated August 19, 2014 of Kumala Tjahjani Widodo, S.H., Widodo, S.H., M.H., M.Kn., sehubungan dengan M.H., M.Kn., in accordance with the increase of issued peningkatan modal ditempatkan dan disetor. Akta and paid in capital. The deed of amendment was pendirian tersebut telah mendapat pengesahan dari approved by the Minister of Law and Human Rights of the Menteri Hukum dan Hak Asasi Manusia Republik Republic of Indonesia in Decision Letter No.AHU- Indonesia dalam Surat Keputusan No.AHU- 06988.40.20.2014 dated August 26, 2014. 06988.40.20.2014 tanggal 26 Agustus 2014.

MTN berdomisili di Tangerang. MTN belum beroperasi MTN is domiciled in Tangerang. MTN has not started its secara komersial hingga 31 Desember 2014. operation until December 31, 2014.

Perusahaan memiliki 80.280 saham dengan nilai The Company owns 80,280 shares with par value of nominal Rp 1.000.000 (Rupiah penuh) per saham atau Rp 1,000,000 (full Rupiah) per share amounting to setara dengan Rp 80.280.000.000 (Rupiah penuh), Rp 80,280,000,000 (full Rupiah), representing 60% yang merupakan 60% kepemilikan pada tanggal ownership as of December 31, 2014. 31 Desember 2014.

1.b.5. PT Marga Nujyasumo Agung (MNA) 1.b.5. PT Marga Nujyasumo Agung (MNA)

PT Marga Nujyasumo Agung didirikan berdasarkan PT Marga Nujyasumo Agung was established based on akta notaris No. 121 tanggal 19 Agustus 1994 dari notarial deed No. 121 dated August 19, 1994 of Sutjipto, Sutjipto, S.H., juncto akta notaris No. 177 tanggal 26 S.H., in conjunction with notarial deed No. 177 dated Pebruari 1998 dari Rachmat Santoso, S.H., dalam February 26, 1998 of Rachmat Santoso, S.H., aimed to rangka pengusahaan ruas tol Surabaya - Mojokerto. develop Surabaya - Mojokerto toll road.

Anggaran Dasar MNA telah beberapa kali diubah, MNA’s Articles of Association had been amended several dengan perubahan terakhir berdasarkan akta notaris times, which the latest was based on notarial deed Pernyataan Keputusan di Luar Rapat Umum Decision Statement in the Off-General Meeting of Pemegang Saham No. 6 tanggal 18 November 2013, Shareholders No. 6 dated November 18, 2013, in sehubungan dengan peningkatan modal ditempatkan accordance with the increase of issued and paid in capital. dan disetor. Akta perubahan disahkan oleh Menteri The deed of amendment was approved by the Minister of Hukum dan Hak Asasi Manusia Republik Indonesia Law and Human Rights of the Republic of Indonesia in dalam Surat Keputusan No. AHU-AH.01.10-50153 Decision Letter No. AHU-AH.01.10-50153 Year 2013 Tahun 2013 tanggal 21 November 2013. dated November 21, 2013.

MNA berdomisili di Surabaya. MNA mulai beroperasi MNA is domiciled in Surabaya. MNA started its operation secara komersial sejak 5 September 2011. since September 5, 2011.

Perusahaan memiliki 572.000.000 saham dengan nilai The Company owns 572,000,000 shares with par value of nominal Rp 1.000 (Rupiah penuh) per saham atau Rp 1,000 (full Rupiah) per share amounting to setara dengan Rp 572.000.000.000 (Rupiah penuh), Rp 572,000,000,000 (full Rupiah), representing 55% yang merupakan 55% kepemilikan pada tanggal ownership as of December 31, 2014. 31 Desember 2014.

d1/February 6, 2015 11 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

1.b.6. PT Marga Lingkar Jakarta (MLJ) 1.b.6. PT Marga Lingkar Jakarta (MLJ)

PT Marga Lingkar Jakarta didirikan berdasarkan akta PT Marga Lingkar Jakarta was established based on notaris No. 26 tanggal 24 Agustus 2009 dari Edi notarial deed No. 26 dated August 24, 2009 of Edi Priyono, S.H., dalam rangka pengusahaan ruas tol Priyono, S.H., aimed to develop Jakarta Outer Ring Road Lingkarluar Jakarta Seksi W2 Utara. Akta pendirian Section North W2. The deed of establishment was disahkan oleh Menteri Hukum dan Hak Asasi Republik approved by the Minister of Law and Human Rights of the Indonesia dalam Surat Keputusan No. AHU- Republic of Indonesia in Decision Letter No. AHU- 45700.AH.01.01 tanggal 15 September 2009. 45700.AH.01.01 dated September 15, 2009.

Anggaran Dasar MLJ telah beberapa kali diubah, MLJ’s Articles of Association had been amended several dengan perubahan terakhir berdasarkan akta notaris times, which the latest was based on notarial deed No. 1 No. 1 tanggal 4 Pebruari 2014 dari Tatyana Indrati dated February 4, 2014 of Tatyana Indrati Hasjim, S.H., in Hasjim, S.H., sehubungan dengan peningkatan modal accordance with the increase of issued and paid in capital. ditempatkan dan disetor. Akta perubahan disahkan The deed of amendment was approved by the Minister of oleh Menteri Hukum dan Hak Asasi Manusia Republik of Law and Human Rights of the Republic of Indonesia in Indonesia dalam Surat Keputusan No. AHU-AH.01.10- Decision Letter No. AHU-AH.01.10-4344 Year 2014 dated 4344 Tahun 2014 tanggal 12 Pebruari 2014. February 12, 2014.

MLJ berdomisili di Jakarta. MLJ mulai beroperasi MLJ is domiciled in Jakarta. MLJ started its operation on secara komersial sejak 4 Januari 2014. January 4, 2014.

Perusahaan memiliki 372.922.550 saham dengan nilai The Company owns 372,922,550 shares with par value of nominal Rp 1.000 (Rupiah penuh) per saham atau Rp 1,000 (full Rupiah) per share amounting to setara dengan Rp 372.922.550.000 (Rupiah penuh), Rp 372,922,550,000 (full Rupiah), representing 65% yang merupakan 65% kepemilikan pada tanggal ownership as of December 31, 2014. 31 Desember 2014.

1.b.7. PT Transmarga Jatim Pasuruan (TJP) 1.b.7. PT Transmarga Jatim Pasuruan (TJP)

PT Transmarga Jatim Pasuruan didirikan berdasarkan PT Transmarga Jatim Pasuruan was established based on akta notaris No. 57 tanggal 28 Juni 2010 dari Retno notarial deed No. 57 dated June 28, 2010 of Retno Suharti, S.H., dalam rangka pengusahaan ruas tol Suharti, S.H., aimed to develop Gempol-Pasuruan toll Gempol-Pasuruan. Akta pendirian disahkan oleh road. The deed of establishment was approved by the Menteri Hukum dan Hak Asasi Manusia Republik Minister of Law and Human Rights of the Republic of Indonesia dalam Surat Keputusan Indonesia in Decision Letter No. AHU.35558.AH.01 Year No. AHU.35558.AH.01.01 Tahun 2010 tanggal 15 Juli 2010 dated Juli 15, 2010. 2010.

Anggaran Dasar TJP telah beberapa kali diubah, TJP’s Articles of Association had been amended several dengan perubahan terakhir berdasarkan akta notaris times, which the latest was based on notarial deed No. 10 No. 10 tanggal 15 April 2013 dari Dra. EC. Inggriati dated April 15, 2013 of Dra. EC. Inggriati Djojoseputro, Djojoseputro, S.H., sehubungan dengan peningkatan S.H., in accordance with the increase of issued and paid in modal ditempatkan dan disetor. Akta perubahan capital. The deed of amendment was approved by the disahkan oleh Menteri Hukum dan Hak Asasi Manusia Minister of Law and Human Rights of the Republic of Republik Indonesia dalam Surat Keputusan No. AHU- Indonesia in Decision Letter No. AHU-22281.AH.01.02 22281.AH.01.02 Tahun 2013 tanggal 26 April 2013. Year 2013 dated April 26, 2013.

TJP berdomisili di Sidoarjo. TJP belum beroperasi TJP is domiciled in Sidoarjo. TJP has not started its secara komersial hingga 31 Desember 2014. operation until December 31, 2014.

Perusahaan memiliki 26.010.000 saham dengan nilai The Company owns 26,010,000 shares with par value of nominal Rp 10.000 (Rupiah penuh) per saham atau Rp 10,000 (full Rupiah) per share amounting to setara dengan Rp 260.100.000.000 (Rupiah penuh), Rp 260,100,000,000 (full Rupiah), representing 97.20% yang merupakan 97,20% kepemilikan, dan tambahan ownership, and additional paid in capital amounting to modal disetor sebesar Rp 60.000.000.000 (Rupiah Rp 60,000,000,000 (full Rupiah) as of December 31, 2014. penuh) pada tanggal 31 Desember 2014.

d1/February 6, 2015 12 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

1.b.8. PT Marga Kunciran Cengkareng (MKC) 1.b.8. PT Marga Kunciran Cengkareng (MKC)

PT Marga Kunciran Cengkareng didirikan berdasarkan PT Marga Kunciran Cengkareng was established based akta notaris No. 7 tanggal 14 Mei 2008 dari Suzy on notarial deed No. 7 dated May 14, 2008 of Suzy Anggraini Muharam, S.H., dalam rangka pengusahaan Anggraini Muharam, S.H., aimed to develop Kunciran- ruas tol Kunciran-Cengkareng. Akta pendirian Cengkareng toll road. The deed of establishment was disahkan oleh Menteri Hukum dan Hak Asasi manusia approved by the Minister of Law and Human Rights of the Republik Indonesia dalam Surat Keputusan No. AHU- Republic of Indonesia in Decision Letter No. AHU- 04634.AH.01.01 Tahun 2009 tanggal 12 Pebruari 04634.AH.01.01 Year 2009 dated February 12, 2009. 2009.

Anggaran Dasar MKC telah beberapa kali diubah, MKC’s Articles of Association had been amended several dengan perubahan terakhir berdasarkan akta notaris times, which the latest was based on notarial deed No. 2 No. 2 tanggal 4 April 2013 dari Efemia Surjawati dated April 4, 2013 of Efemia Surjawati Salim, S.H., Salim, S.H., M.Hum.. Akta perubahan disahkan oleh M.Hum.. The deed of amendment was approved by the Menteri Hukum dan Hak Asasi Manusia dalam Surat Minister of Law and Human Rights of the Republic of Keputusan No. AHU-35521.AHA.01.02 Tahun 2013 Indonesia in Decision Letter No.AHU-35521.AHA.01.02 tanggal 2 Juli 2013. Year 2013 dated July 2, 2013.

MKC berdomisili di Tangerang. MKC belum beroperasi MKC is domiciled in Tangerang. MKC has not started its secara komersial hingga 31 Desember 2014. operation until December 31, 2014.

Perusahaan memiliki 12.616.427 saham dengan nilai The Company owns 12,616,427 shares at par value of nominal Rp 9.100 (Rupiah penuh) per saham atau Rp 9,100 (full Rupiah) per share amounting to setara dengan Rp 114.809.485.700 (Rupiah penuh), Rp 114,809,485,700 (full Rupiah), representing 76.15% yang merupakan 76,15% kepemilikan, dan tambahan ownership, and additional paid in capital amounting to modal disetor sebesar Rp 20.180.706.000 (Rupiah Rp 20,180,706,000 (full Rupiah) as of December 31, 2014. penuh) pada tanggal 31 Desember 2014.

1.b.9. PT Jasa Layanan Pemeliharaan (JLP) 1.b.9. PT Jasa Layanan Pemeliharaan (JLP) (dahulu PT Sarana Marga Utama [SMU]) (formerly PT Sarana Marga Utama [SMU])

PT Jasa Layanan Pemeliharaan, dahulu bernama PT Jasa Layanan Pemeliharaan, formerly named PT Sarana Marga Utama, didirikan berdasarkan akta PT Sarana Marga Utama, was established based on notaris No. 41 tanggal 26 Agustus 1988 dari Abdul notarial deed No. 41 dated August 26, 1988 of Abdul Latif, Latif, S.H., dalam rangka pengusahaan jasa konstruksi S.H., aimed to develop services in toll road construction dan pemeliharaan jalan tol, jasa sewa peralatan tol, and maintenance, toll road equipments rental, and vehicles serta jasa sewa kendaraan. Akta pendirian disahkan rental. The deed of establishment was approved by the oleh Menteri Kehakiman Republik Indonesia dalam Minister of Justice of the Republic of Indonesia in Decision Surat Keputusan No. C2.137.HT.01.01-Th.1989 Letter No. C2.137.HT.01.01-Th.1989 dated February 10, tanggal 10 Pebruari 1989. 1989.

Anggaran Dasar JLP telah beberapa kali diubah, JLP’s Articles of Association had been amended several dengan perubahan terakhir berdasarkan akta notaris times, which the latest based on notarial deed No. 9 dated No. 9 tanggal 15 Agustus 2014 dari Windalina, S.H., August 15, 2014 of Windalina, S.H., concerning the sehubungan dengan pengubahan nama "PT Sarana changes of name "PT Sarana Marga Utama" to "PT Jasa Marga Utama" menjadi "PT Jasa Layanan Layanan Pemeliharaan". The deed of amendment was Pemeliharaan". Akta perubahaan disahkan oleh approved by the Minister of Law and Human Rights of the Menteri Hukum dan Hak Asasi Manusia Republik Republic of Indonesia in Decision Letter No. AHU- Indonesia dalam Surat Keputusan No. AHU-AHU- 06978.40.20.2014 dated August 26, 2014. 06978.40.20.2014 tanggal 26 Agustus 2014.

JLP berdomisili di Jakarta. JLP mulai beroperasi JLP is domiciled in Jakarta. JLP started its operation on secara komersial sejak 10 Pebruari 1989. February 10, 1989.

Perusahaan memiliki 62.747 saham dengan nilai The Company owns 62,747 shares at par value of nominal Rp 1.000.000 (Rupiah penuh) per saham atau Rp 1,000,000 (full Rupiah) per share amounting to setara dengan Rp 62.747.000.000 (Rupiah penuh), Rp 62,747,000,000 (full Rupiah), representing 99% yang merupakan 99% kepemilikan pada tanggal ownership as of December 31, 2014. 31 Desember 2014. d1/February 6, 2015 13 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

1.b.10. PT Jasamarga Pandaan Tol (JPT) 1.b.10. PT Jasamarga Pandaan Tol (JPT) (sebelumnya PT Margabumi Adhikaraya [MBAR]) (formerly PT Margabumi Adhikaraya [MBAR])

PT Margabumi Adhikaraya didirikan berdasarkan akta PT Margabumi Adhikaraya (MBAR) was established based notaris No. 142 tanggal 25 September 1996 dari on notarial deed No. 142 dated September 25, 1996 of Poerbaningsih Adi Warsito, S.H., dalam rangka Poerbaningsih Adi Warsito, S.H., aimed to develop Gempol pengusahaan ruas tol Gempol - Pandaan. - Pandaan toll road.

Anggaran Dasar JPT telah beberapa kali diubah, JPT’s Articles of Association had been amended several dengan perubahan terakhir berdasarkan akta No. 4 times, which the latest was based on notarial deed No. 4 tanggal 20 Juni 2013 dari Dra. EC. Inggriati dated June 20, 2013 of Dra. EC. Inggriati Djojoseputro, Djojoseputro, S.H., di Surabaya, sehubungan dengan S.H., in Surabaya, in accordance with the change of board perubahan susunan dewan komisaris dan perubahan of commissioners and the change of name "PT Margabumi nama "PT Margabumi Adhikaraya" menjadi Adhikaraya" to "PT Jasamarga Pandaan Tol". The deed of "PT Jasamarga Pandaan Tol". Akta perubahan amendment was approved by the Minister of of Law and disahkan oleh Menteri Hukum dan Hak Asasi Manusia Human Rights of the Republic of Indonesia in Decision Republik Indonesia dalam Surat Keputusan No. AHU- Letter No. AHU-46221.AH.01.02. Year 2013 dated 46221.AH.01.02. Tahun 2013 tanggal 3 September September 3, 2013. 2013.

JPT berdomisili di Surabaya. JPT belum beroperasi JPT is domiciled in Surabaya. JPT has not started its secara komersial hingga 31 Desember 2014. operation until December 31, 2014.

Perusahaan memiliki 279.450.000 saham dengan nilai The Company owns 279,450,000 shares at par value of nominal Rp 1.000 (Rupiah penuh) per saham atau Rp 1,000 (full Rupiah) per share or equivalent to setara dengan Rp 279.450.000.000 (Rupiah penuh), Rp 279,450,000,000 (full Rupiah), representing 79.84% yang merupakan 79,84% kepemilikan, dan tambahan ownership , and additional paid in capital amounting to modal disetor sebesar Rp 50.000.000.000 (Rupiah Rp 50,000,000,000 (full Rupiah) as of December 31, penuh) pada tanggal 31 Desember 2014. 2014.

1.b.11. PT Jasamarga Bali Tol (JBT) 1.b.11. PT Jasamarga Bali Tol (JBT)

PT Jasamarga Bali Tol didirikan berdasarkan akta PT Jasamarga Bali Tol was established based on notarial notaris No. 2 tanggal 22 Agustus 2011 dari Paulina deed No. 2 dated August 22, 2011 of Paulina S.S. Endah Putri, S.S. Endah Putri, S.H., dalam rangka pengusahaan S.H., aimed to develop Nusa Dua-Tanjung Benoa toll road. ruas tol Nusa Dua-Tanjung Benoa. Akta pendirian The deed of establishment was approved by the Minister of disahkan oleh Menteri Hukum dan Hak Asasi Manusia Law and Human Rights of the Republic of Indonesia in Decision dalam Surat Keputusan No. AHU-57740.AH.01.01 Letter No. AHU-57740.AH.01.01 Year 2011 dated November Tahun 2011 tanggal 25 November 2011. 25, 2011.

Anggaran Dasar JBT telah beberapa kali diubah, JBT’s Articles of Association had been amended several dengan perubahan terakhir berdasarkan akta notaris times, which the latest was based on notarial deed Pernyataan Keputusan Rapat Umum Pemegang Extraordinary General Meeting of Shareholders No. 1 Saham Luar Biasa No. 1 tanggal 17 Oktober 2012 dari dated October 17, 2012 of Paulina S.S. Endah Putri, Paulina S.S. Endah Putri, S.H.. Akta perubahan S.H.. The deed of amendment was approved by the disahkan oleh Menteri Hukum dan Ham Republik Minister of Law and Human Rights of the Republic of Indonesia dalam Surat Keputusan No. AHU- Indonesia in Decision Letter No. AHU-62682.AH.01.02 62682.AH.01.02 Tahun 2012 tanggal 6 Desember Year 2012 dated December 6, 2012. 2012.

JBT berdomisili di Bali. JBT mulai beroperasi secara JBT is domiciled in Bali. JBT started its operation on October komersial tanggal 01 Oktober 2013. 01, 2013.

Perusahaan memiliki 409.993 saham dengan nilai The Company owns 409,993 shares at par value of nominal Rp 1.000.000 (Rupiah penuh) per saham atau Rp 1,000,000 (full Rupiah) per share or equivalent to setara dengan Rp 409.993.000.000 (Rupiah penuh), Rp 409,993,000,000 (full Rupiah), representing 55% yang merupakan 55% kepemilikan, dan tambahan ownership, and additional paid in capital amounting to modal disetor sebesar Rp 2.551.744.970 (Rupiah Rp 2,551,744,970 (full Rupiah) as of December 31, 2014. penuh) pada tanggal 31 Desember 2014. d1/February 6, 2015 14 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

1.b.12. PT Jasamarga Properti (JMP) 1.b.12. PT Jasamarga Properti (JMP)

PT Jasamarga Properti didirikan berdasarkan akta PT Jasamarga Properti was established based on notarial notaris No. 2 tanggal 15 Januari 2013 dari deed No. 2 dated January 15, 2013 of Windalina, S.H., aimed Windalina, S.H., dalam rangka pengembangan bisnis to develop business in property. The deed of establishment properti. Akta pendirian disahkan oleh Menteri Hukum was approved by the Minister of Law and Human Rights of the dan Hak Asasi Manusia dalam Surat Keputusan Republic of Indonesia in Decision Letter No. AHU- No. AHU-02309.AH.01.01. Tahun 2013 tanggal 02309.AH.01.01. Year 2013 dated January 23, 2013. 23 Januari 2013.

Anggaran Dasar JMP telah beberapa kali diubah, JMP’s Articles of Association had been amended several dengan perubahan terakhir berdasarkan akta notaris times, which the last was based on notarial deed No. 15 No. 15 tanggal 23 September 2014 dari Windalina, dated September 23, 2014 of Windalina, S.H. S.H.

JMP berdomisili di Jakarta. JMP mulai beroperasi JMP is domiciled in Jakarta. JMP started its operation on secara komersial tanggal 15 Januari 2013 January 15, 2013.

Perusahaan memiliki 63.360 saham dengan nilai The Company owns 63,360 shares at par value of nominal Rp 1.000.000 (Rupiah penuh) per saham atau Rp 1,000,000 (full Rupiah) per share or equivalent to setara dengan Rp 63.360.000.000 (Rupiah penuh), Rp 63,360,000,000 (full Rupiah), representing 99% yang merupakan 99% kepemilikan, dan tambahan ownership, and additional paid in capital amounting to modal disetor sebesar Rp 49.500.000.000 (Rupiah Rp 49,500,000,000 (full Rupiah) as of December 31, 2014. penuh) pada tanggal 31 Desember 2014.

1.b.13. PT Jasamarga Kualanamu Tol (JMKT) 1.b.13. PT Jasamarga Kualanamu Tol (JMKT)

PT Jasamarga Kualanamu Tol didirikan berdasarkan PT Jasamarga Kualanamu Tol was established based on akta notaris No. 56 tanggal 25 Nopember 2014 dari notarial deed No. 56 dated November 25, 2014 of Ni Nyoman Ni Nyoman Rai Sumawati, S.H., M.Kn., dalam rangka Rai Sumawati, S.H., M.Kn., aimed to develop Medan- pengusahaan ruas tol Medan-Kualanamu-Tebing Kualanamu-Tebing Tinggi toll road. The deed of Tinggi. Akta pendirian disahkan oleh Menteri Hukum establishment was approved by the Minister of Law and dan Hak Asasi Manusia dalam Surat Keputusan Human Rights of the Republic of Indonesia in Decision Letter No. AHU-36748.40.10.2014 Tahun 2014 tanggal No. 36748.40.10.2014 Year 2014 dated November 27, 2014. 27 Nopember 2014.

JMKT berdomisili di Medan. JMKT belum beroperasi JMKT is domiciled in Medan. JMKT has not started its secara komersial hingga 31 Desember 2014. operation until December 31, 2014.

Perusahaan memiliki 44.000 saham dengan nilai The Company owns 44,000 shares at par value of nominal Rp 1.000.000 (Rupiah penuh) per saham atau Rp 1,000,000 (full Rupiah) per share or equivalent to setara dengan Rp 44.000.000.000 (Rupiah penuh), Rp 44,000,000,000 (full Rupiah), representing 55% ownership yang merupakan 55% kepemilikan pada tanggal as of December 31, 2014. 31 Desember 2014.

Jumlah aset dan pendapatan usaha Entitas Anak Total assets and revenues of the Subsidiaries before sebelum jurnal eliminasi adalah sebagai berikut: elimination journal are as follows:

Total Aset/Assets Total Pendapatan/Revenues 2014 2013 2014 2013 Perusahaan/ Company Rp Rp Rp Rp PT Trans Marga Jateng (TMJ) 3,729,259,838 3,407,470,487 228,253,078 671,919,441 PT Marga Nujyasumo Agung (MNA) 2,287,880,479 1,766,141,082 520,334,870 237,954,936 PT Jasamarga Bali Tol (JBT) 2,074,008,392 2,172,599,696 123,050,359 575,693,464 PT Marga Lingkar Jakarta (MLJ) 2,026,712,384 1,846,870,401 375,544,564 564,542,637 PT Jasamarga Pandaan Tol (JPT) 1,153,799,212 801,575,563 369,037,768 443,326,091 PT Marga Kunciran Cengkareng (MKC) 940,950,710 270,393,300 -- -- PT Transmarga Jatim Pasuruan (TJP) 932,902,150 629,222,947 314,905,484 499,556,649 PT Marga Sarana Jabar (MSJ) 860,380,315 896,352,182 132,072,480 336,559,364 d1/February 6, 2015 15 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

Total Aset/Assets Total Pendapatan/Revenues 2014 2013 2014 2013 Perusahaan/ Company Rp Rp Rp Rp

PT Marga Trans Nusantara (MTN) 788,351,072 351,564,379 -- -- PT Jasa Layanan Pemeliharaan (JLP) (dahulu/ formerly PT Sarana Marga Utama [SMU]) 157,901,987 159,613,693 182,947,762 205,466,019 PT Jalantol Lingkarluar Jakarta (JLJ) 130,890,227 103,281,607 424,727,500 234,499,728 PT Jasamarga Properti (JMP) 120,393,745 63,548,090 1,708,182 -- PT Jasamarga Kualanamu Tol (JMKT) 80,290,790 ------

Dalam laporan keuangan konsolidasian ini, In these consolidated financial statements, the Company Perusahaan dan entitas anak secara bersama-sama and its subsidiaries are collectively referred as the disebut sebagai “Grup”. “Group”.

1.c. Dewan Direksi, Komisaris, Komite Audit dan 1.c. Board of Directors, Commissioners, Audit Karyawan Committee and Employees Berdasarkan Risalah Rapat Umum Pemegang Saham Based on the Company’s Extraordinary Minutes of Tahunan (RUPST) Perusahaan No. 67/BIII07/III/2014 Meeting of Shareholders No. 67/BIII07/III/2014 dated tanggal 11 Maret 2014 dilakukan Perubahan March 11, 2014, Changes in the nomenclature of the nomenklatur jabatan Direksi dan pergantian Komisaris Company’s Board of Directors and turnover of Perusahaan, Susunan Direksi dan Komisaris Commissioners, The Company’s Board of Directors and Perusahaan pada tanggal 31 Desember 2014 sebagai Commissioners as of December 31, 2014 are as follows: berikut:

Direktur Sumber Daya Manusia dan Umum Ir. Muh. Najib Fauzan, Msc Human Capital Affairs Development Director Komisaris/ Commissioners Komisaris Utama Ir. Agoes Widjanarko, MIP President Commissioner Komisaris Ibnu Purna Muchtar, S.E, MA Commissioner Komisaris Dr. Boediarso Teguh Widodo,M.E. Commissioner Komisaris Prof. Dr. Akhmad Syakhroza Commissioner Komisaris (Komisaris Independen) Mayjen. (Purn) Samsoedin Commissioner (Independent Commissioner) Irjen Polisi (Purn) Drs. Michael Komisaris (Komisaris Independen) Commissioner (Independent Commissioner) Dendron Primanto, SH, MH

Berdasarkan Risalah Rapat Umum Pemegang Saham Based on the Company’s Extraordinary Minutes of (RUPS) Luar Biasa Perusahaan No. 80 tanggal 30 Juni Meeting of Shareholders No. 80 dated June 30, 2012, 2012, susunan Direksi dan Komisaris , Perusahaan the composition of the Company’s Board of Directors pada tanggal 31 Desember 2013 sebagai berikut: and Commissioners as of December 31, 2013 are as follows:

Direksi/Directors Direktur Utama Ir. Adityawarman President Director Direktur Operasi Ir. Hasanudin, M.Eng.Sc. Operation Director Direktur Keuangan Ir. Reynaldi Hermansjah Finance Director Direktur Pengembangan Usaha Ir. Abdul Hadi, H.S, M.M. Business Development Director Direktur Sumber Daya Manusia dan Umum Ir. Muh Najib Fauzan, M.Sc. Human Capital Affairs Development Director Komisaris/ Commissioners Komisaris Utama Ir. Agoes Widjanarko, M.I.P. President Commissioner Komisaris Ibnu Purna Muchtar, S.E., M.A. Commissioner Komisaris Dr. Joyo Winoto Commissioner Komisaris Prof. Dr. Akhmad Syakhroza Commissioner Komisaris (Komisaris Independen) Mayjen. (Purn) Samsoedin Commissioner (Independent Commissioner) Irjen Polisi (Purn) Drs. Michael Dendron Komisaris (Komisaris Independen) Commissioner (Independent Commissioner) Primanto, S.H., M.H.

d1/February 6, 2015 16 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

Berdasarkan Keputusan Komisaris No.KEP- Based on the Decision of the Commissioners No.KEP- 0010/I/2013, tanggal 15 Pebruari 2013, susunan Komite 0010/I/2013, date February 15, 2013, the composition of Audit Perusahaan pada 31 Desember 2014 dan the Company's Audit Committee as of December 31, 31 Desember 2013 adalah sebagai berikut: 2014 and December 31, 2013 are as follows:

Komite Audit/ Audit Committee Irjen Polisi (Purn) Drs. Michael Ketua Merangkap Anggota Chairman and Member Dendron Primanto, S.H., M.H. Anggota Ir. Agita Widjajanto, M.Sc. Member Anggota Drs. Rustam Wahyudi, Ak. Member

Pembentukan Unit Audit Internal Perusahaan Establishment of the company Internal Audit Unit was berdasarkan Keputusan Direksi Nomor 41/KPTS/2013 based on Directors Decree No. 41/KPTS/2013 about the tentang Struktur Organisasi Perusahaan. Ketua unit Organizational Structure of the Company. Chairman of audit internal per 31 Desember 2014 adalah Djoko the internal audit unit as of December 31, 2014 is Djoko Dwijono. Dwijono.

Penerapan sistem pengendalian internal yang dilakukan Implementation of internal control systems made by the oleh Perusahaan mengacu pada Peraturan Meneg Company refers to the State Enterprises Minister BUMN No. PER-01/MBU/2011 tentang Penerapan Tata Regulation No. PER-01/MBU/2011 on the Kelola Perusahaan yang Baik (Good Corporate Implementation of Good Corporate Governance (GCG) Governance) pada Badan Usaha Milik Negara Pasal 26. at the State-owned Enterprise Article 26. Internal audit Unit audit internal merupakan bagian dari sistem unit is part of the Company's system of internal control pengendalian intern Perusahaan yang didalam in the execution of audit assignments using the COSO pelaksanaan tugas auditnya menggunakan kerangka (Committee of Sponsoring Organizations of the sistem pengendalian intern COSO (Committee of Treadway Commission) framework for internal control Sponsoring Organization of the Treadway Commission). system.

Berdasarkan Surat Keputusan Direksi No. 102/AA.P- Based on Decision of the Director No. 102/AA.P- 6a/2012 tanggal 31 Agustus 2012, Sekretaris 6a/2012 dated August 31 2012, the corporate secretary Perusahaan pada 31 Desember 2014 dan 2013 adalah as of December 31, 2014 and 31, 2013 is Ir. David Ir. David Wijayatno. Wijayatno.

Jumlah karyawan tetap Perusahaan pada 31 Desember As of December 31, 2014 and 31, 2013 the Company 2014 dan 2013 masing-masing sebanyak 4.692 dan had total permanent employees of 4,692 and 4,875 4.875 orang (tidak diaudit). person, respectively (unaudited).

1.d.Penawaran Umum Obligasi Perusahaan 1.d. Public Bond Offering Perusahaan telah menerbitkan obligasi dengan total The Company issued bonds with total amount of nilai sebesar Rp 10.523.978.000.000 (Rupiah penuh). Rp 10,523,978,000,000 (full Rupiah). On December 31, Pada 31 Desember 2014, jumlah utang obligasi yang 2014, the total amount of bonds that have not been paid belum dilunasi atau belum jatuh tempo adalah sebesar or not yet reached their maturity date amounting to Rp 6.159.154.384.000 (Rupiah penuh), sedangkan Rp 6,159,154,384,000 (full Rupiah), whereas the details untuk yang telah dilunasi rinciannya sebagai berikut: of paid balances are as follows:

Total Tanggal Tanggal (Rp Juta)/ Tenor Penerbitan/ Jatuh Par value (Tahun/ Issuance Tempo/ No. Obligasi/ Bonds (Rp Million) Years) Date Maturity Date Status 1. Jasa Marga I(A) 23,718 5 11-Mar-83 11-Mar-88 Lunas/ Paid 2. Jasa Marga II/1 (B) 40,000 5 31-Oct-83 31-Oct-88 Lunas/ Paid 3. Jasa Marga II/2 (C) 20,000 5 02-Jun-84 02-Jun-89 Lunas/ Paid 4. Jasa Marga II/2 (D) 20,000 5 03-May-84 03-May-89 Lunas/ Paid 5. Jasa Marga II/2 (E) 20,000 5 31-Mar-84 31-Mar-89 Lunas/ Paid 6. Jasa Marga III/1 (F/1) 40,000 5 28-Dec-84 28-Dec-89 Lunas/ Paid 7. Jasa Marga III/2 (F/2) 30,000 5 03-Jan-85 03-Jan-90 Lunas/ Paid Lunas/ Paid 8. Jasa Marga IV/1 (G/1) 40,000 5 27-Dec-85 27-Dec-90 d1/February 6, 2015 17 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

Total Tanggal Tanggal (Rp Juta)/ Tenor Penerbitan/ Jatuh Par value (Tahun/ Issuance Tempo/ No. Obligasi/ Bonds (Rp Million) Years) Date Maturity Date Status

9. Jasa Marga IV/2 (G/2) 60,000 5 24-Mar-86 24-Mar-91 Lunas/ Paid 10. Jasa Marga V/1 (H) 60,000 5 07-Jun-87 07-Jun-92 Lunas/ Paid 11. Jasa Marga V/2 (I) 40,000 5 19-Nov-87 19-Nov-92 Lunas/ Paid 12. Jasa Marga VI/1 (J) 75,000 8 20-Jun-88 20-Jun-96 Lunas/ Paid 13. Jasa Marga VI/2 (K) 50,000 8 02-Jan-89 02-Jan-97 Lunas/ Paid 14. Obligasi Indeks Pendapatan Tahap I / Fixed Income Index Bonds Phase I 40,000 12 31-Jul-89 31-Jul-01 Lunas/ Paid 15. Obligasi Indeks Pendapatan Tahap II / Fixed Income Index Bonds Phase II 30,000 12 21-Sep-89 21-Sep-01 Lunas/ Paid 16. Jasa Marga VII (L) 100,000 8 06-Aug-90 06-Aug-98 Lunas/ Paid 17. Jasa Marga VIII (M) 150,000 8 27-Mar-00 27-Mar-08 Lunas/ Paid 18. Jasa Marga IX (N) 400,000 5 04-Dec-02 04-Dec-07 Lunas/ Paid 19. Jasa Marga X (O) 650,000 8 12-Apr-02 12-Apr-10 Lunas/ Paid 20. Jasa Marga XI (P) 1,000,000 10 10-Oct-03 10-Oct-13 Lunas/ Paid 21. Obligasi JORR I 274,260 10 19-Nov-03 19-Nov-13 Lunas/ Paid 22. Obligasi JORR II(A) 78,300 10 01-May-06 01-May-16 Belum Lunas/ Not Yet Paid *) Obligasi JORR II (B) 78,300 12 01-May-06 01-May-18 Belum Lunas/ Not Yet Paid **) Obligasi JORR II (C) 104,400 15 01-May-06 01-May-21 Belum Lunas/ Not Yet Paid 23. Jasa Marga XII (0) 1,000,000 10 07-Jun-06 07-Jun-16 Belum Lunas/ Not Yet Paid 24. Jasa Marga XIII (R) 1,500,000 10 21-Jun-07 21-Jun-17 Belum Lunas/ Not Yet Paid 25. Jasa Marga XIV (JM — 10) 1,000,000 10 10-Dec-10 10-Dec-20 Belum Lunas/ Not Yet Paid 26. Jasa Marga I (JM — 10) 500,000 3 10-Dec-10 10-Dec-13 Lunas/ Paid 27 Jasa Marga Seri / Series S A 700,000 1 27-Dec-13 02-Oct-14 Lunas/ Paid Jasa Marga Seri / Series S B 400,000 3 27-Dec-13 27-Sep-16 Belum Lunas/ Not Yet Paid Jasa Marga Seri / Series S C 1,000,000 5 27-Dec-13 27-Sep-18 Belum Lunas/ Not Yet Paid 28 Jasa Marga Seri / Series T 1,000,000 5 19-Sep-14 19-Sep-19 Belum Lunas/ Not Yet Paid *) Dilunasi sebagian pada tanggal 24 Nopember 2008 sebesar/ Paid on November 24, 2008, amounted to Rp 923 **) Dilunasi sebagian pada tanggal 24 Nopember 2008 sebesar/ Paid on November 24, 2008, amounted to Rp 923

1.e. Penawaran Umum Perusahaan 1.e. The Company Initial Public Offering Pada tanggal 1 Nopember 2007, Perusahaan On November 1, 2007 the Company received the memperoleh pernyataan efektif dari Badan Pengawas effective statement from the Capital Market and Pasar Modal-Lembaga Keuangan (Bapepam-LK), Financial Institutions Supervisory Board (Bapepam-LK), sekarang bernama Otoritas Jasa Keuangan (OJK), now named Indonesia Financial Services Authority melalui Surat No. S-5526/BL/2007, untuk melakukan (OJK), by Letter No. S-5526/BL/2007, to perform the penawaran umum perdana saham sebanyak initial public offering amounting to 2,040,000,000 of 2.040.000.000 saham atas nama Seri B dengan nilai Series B shares with par value of Rp 500 (full Rupiah) nominal Rp 500 (Rupiah penuh) setiap saham yang per share from the Company porteple shares to the berasal dari saham dalam simpanan (portepel) public, at the offering price amounting to Rp 1,700 (full Perusahaan kepada masyarakat, dengan harga Rupiah) per share through capital market and listed in penawaran sebesar Rp 1.700 (Rupiah penuh) per Indonesia Stock Exchange (IDX). saham melalui pasar modal dan dicatatkan pada Bursa Efek Indonesia (BEI).

Dalam kurun waktu sejak penawaran umum perdana In the period since its initial public offering until the last sampai dengan tahun pelaporan terakhir Perusahaan reporting period the Company has made the following melakukan aksi korporasi sebagai berikut: corporate actions: 1. Pembelian kembali saham Perusahaan pada 1. Buy back of Company shares on October 24, 2008 24 Oktober 2008 sampai dengan 12 Januari 2009 until January 12, 2009 was done considering the dilakukan mengingat kondisi pasar saham saat itu condition of the stock market potentially crisis where berpotensi krisis dimana Indeks Harga Saham the Composite Stock Price Index (CSPI) Indonesia

d1/February 6, 2015 18 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

Gabungan (IHSG) Bursa Efek Indonesia (BEI) Stock Exchange (IDX) significantly decreased thus menurun cukup signifikan sehingga memberikan providing an opportunity to the Company to buy peluang pada Perusahaan untuk membeli kembali back its shares with respect the ability of the sahamnya dengan memperhatikan kemampuan Company and applicable regulations. The company Perusahaan dan ketentuan yang berlaku. in this case aided by PT Bahana Securities as Perusahaan dalam hal ini dibantu oleh PT Bahana Corporate Broker Securities Trading. Funds issued Securities sebagai Perusahaan Wakil Perantara by the Company to buy back 24,523,500 shares Perdagangan Efek. Dana yang dikeluarkan (Treasury Stock) amounting to Rp 21,837,595,326 Perusahaan untuk membeli kembali 24.523.500 (full Rupiah). lembar saham (Treasury Stock) sejumlah Rp 21.837.595.326 (Rupiah penuh). 2. Sesuai dengan Poin 4D Peraturan Bapepam dan 2. Based on Point 4D of Bapepam-LK Regulation LK No. KEP-105/BL/2010, Peraturan XI.B2 perihal No. KEP-105/BL/2010, XI.B2 Regulations regarding Pembelian Kembali Saham yang dikeluarkan oleh Buy Back Shares issued by the Issuer or Public Emiten atau Perusahaan Publik, maka treasury Company, the treasury stock has entered a period stock tersebut telah memasuki periode wajib of obligatory to sell (already held by the Company menjual (sudah dikuasai Perusahaan selama for 3 years) and mandatory for resale. The 3 tahun) dan wajib untuk dijual kembali. Company aided by PT Danareksa Securities in the Perusahaan dalam penjualan kembali saham resale of treasury shares. Sales period was from Treasury dibantu oleh PT Danareksa Sekuritas. April 5, 2012 to June 25, 2012. Masa penjualan berlangsung dari 5 April 2012 sampai dengan 25 Juni 2012.

2. Ikhtisar Kebijakan Akuntansi Signifikan 2. Summary of Significant Accounting Policies

2.a. Pernyataan Kepatuhan 2.a. Statement of Compliance Laporan keuangan konsolidasian ini disusun dan The consolidated financial statements have been disajikan sesuai dengan Pernyataan Standar Akuntansi prepared and presented in conformity with Indonesian Keuangan (“PSAK”) di Indonesia yang ditetapkan oleh Statements of Financial Accounting Standards (PSAK) Ikatan Akuntan Indonesia dan peraturan Badan established by the Indonesian Institute of Accountants, Pengawas Pasar Modal-Lembaga Keuangan (Bapepam- and Regulation of Capital Market Supervisory Board- LK) No. VIII.G.7 Lampiran Surat Keputusan No. KEP- Financial Institution No. VIII.G.7 attachment No.KEP- 347/BL/2012 tanggal 25 Juni 2012 tentang Pedoman 347/BL/2012 dated June 25, 2012 regarding the Penyajian dan Pengungkapan Laporan Keuangan Guidelines of Presentations and Disclosures of The Emiten atau Perusahaan Publik. Financial Statements Issuers or Public Companies.

2.b. Dasar Pengukuran dan Penyusunan Laporan 2.b. Basis of Measurement and Preparation of the Keuangan Konsolidasian Consolidated Financial Statements Dasar pengukuran dalam penyusunan laporan keuangan The basis of measurements in preparation of these konsolidasian ini adalah konsep biaya perolehan consolidated financial statements is historical cost, (historical cost), kecuali beberapa akun tertentu disusun except for certain accounts which have been prepared berdasarkan pengukuran lain sebagaimana diuraikan on the basis of other measurement as described in the dalam kebijakan akuntansi masing-masing akun respective accounting policies for those accounts. The tersebut. Laporan keuangan konsolidasian disusun consolidated financial statements have been prepared berdasarkan asumsi kelangsungan usaha serta atas based on going concern assumption and accrual basis dasar akrual kecuali laporan arus kas konsolidasian. except for the consolidated statement of cash flows.

Laporan arus kas konsolidasian disajikan dengan The consolidated statement cash flows are prepared metode langsung (direct method) dengan using the direct method by classifying cash flows into the mengelompokkan arus kas dalam aktivitas operasi, operating, investing and financing activities. investasi dan pendanaan.

Mata uang fungsional dan penyajian yang digunakan The reporting and functional currency used in the dalam penyusunan laporan keuangan konsolidasian preparation of the consolidated financial statements is adalah Rupiah (Rp). Rupiah (Rp).

d1/February 6, 2015 19 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

Perubahan atas Pernyataan Standar Akuntansi Changes to the statements of financial accounting Keuangan (“PSAK”) dan Interpretasi Standar standards (“PSAK”) and interpretations of Akuntansi Keuangan (“ISAK”) statements of financial accounting standards (“ISAK”) Penerapan dari perubahan interpretasi standar The adoption of the following revised interpretation of the akuntansi berikut, yang berlaku efektif sejak tanggal 1 accounting standards, which are effective from 1 January Januari 2014, tidak menyebabkan perubahan signifikan 2014, did not result in substantial changes to the Group atas kebijakan akuntansi Grup dan tidak memberikan accounting policies and had no material effect on the dampak yang material terhadap jumlah yang dilaporkan amounts reported for the current period consolidated di laporan keuangan konsolidasian: financial statements: - ISAK 27 (revisi 2013) “Pengalihan aset dari - ISAK 27 (revised 2013) “Transfer of assets from pelanggan” customers” - ISAK 28 (revisi 2013) “Pengakhiran liabilitas - ISAK 28 (revised 2013) “Extinguishing financiall keuangan dengan instrumen ekuitas” liabilities with equity Instruments”

2.c. Prinsip-prinsip Konsolidasian 2.c. Principles of Consolidation Laporan keuangan konsolidasian mencakup laporan The consolidated financial statements incorporate keuangan Entitas Induk dan Entitas Anak yang financial statements of the Parent Entity and dikendalikan secara langsung ataupun tidak langsung Subsidiaries, direct and indirectly owned by the Parent oleh Entitas Induk. Entitas anak dikonsolidasikan sejak Entity. Subsidiaries are fully consolidated from the date tanggal di mana pengendalian efektif beralih kepada of effective control are achieved by the Parent Entity and Entitas Induk dan tidak lagi dikonsolidasikan sejak will be no longer consolidated from the date of the tanggal Entitas Induk tidak memiliki pengendalian efektif. Parent Entity has cease effective controls.

Pengendalian dianggap ada apabila Entitas Induk Control is presumed to exist when the Parent Entity memiliki baik secara langsung atau tidak langsung owns, directly or indirectly through Subsidiaries, more melalui Entitas Anak, lebih dari setengah kekuasaan than half of the voting power of an entity unless, except suara pada suatu entitas, kecuali kepemilikan tersebut that, such ownership does not constitute control. Control tidak diikuti dengan pengendalian. Suatu pengendalian also exists when the parent owns half or less of the juga ada apabila Entitas Induk memiliki setengah atau voting power of an entity when there is: kurang kekuasaan suara jika terdapat: 1. Kekuasaan yang melebihi setengah hak suara sesuai 1. Power over more than half of the voting rights by perjanjian dengan investor lainnya; virtue of an agreement with other investors; 2. Kekuasaan untuk mengatur kebijakan keuangan dan 2. Power to govern the financial and operating policies operasional entitas berdasarkan anggaran dasar of the entity under a statute or an agreement; atau perjanjian; 3. Kekuasaan untuk menunjuk atau memberhentikan 3. Power to appoint or remove the majority of the sebagian besar dewan direksi atau organ pengatur members of the board of directors or equivalent setara dan mengendalikan entitas melalui dewan governing body and control of the entity is by that atau organ tersebut; atau board or body; or 4. Kekuasaan untuk memberikan suara mayoritas pada 4. Power to cast the majority of votes at meetings of the rapat dewan direksi dan dewan komisaris atau organ board of directors or equivalent governing body and pengatur setara dan mengendalikan entitas melalui control of the entity is by that board or body. dewan atau organ tersebut.

Laporan keuangan konsolidasian harus disusun dengan The consolidated financial statements are prepared basis yang sama yaitu; kebijakan akuntansi yang sama using uniform basis, i.e.: similar accounting policy for untuk transaksi, peristiwa dan keadaan yang sama. similar transactions, events and circumstances. The Kebijakan tersebut telah diterapkan secara konsisten policy has been applied consistently by Subsidiaries, oleh Entitas Anak, kecuali dinyatakan secara khusus. unless otherwise stated.

Dalam menyusun laporan keuangan konsolidasian, In preparing the consolidated financial statements, the laporan keuangan Entitas Induk dan Entitas Anak financial statements of the Parent Company and digabungkan secara baris per baris yakni dengan Subsidiaries are combined on a line by line basis by menjumlahkan satu persatu unsur-unsur sejenis dari adding together similar elements of assets, liabilities, aset, liabilitas, ekuitas, pendapatan dan beban. Seluruh equity, income and expenses. All balances and material saldo akun dan transaksi yang material antara transactions between the Parent Company and the Perusahaan dengan Entitas Anak telah dieliminasi. Subsidiaries have been eliminated. d1/February 6, 2015 20 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

Akun "Kepentingan Non-Pengendali" pada laporan posisi The account of “Non Controlling Interests” in keuangan konsolidasian merupakan hak pemegang consolidated financial statement is represents interest of saham non pengendali pada Entitas Anak tersebut. the minority shareholders in the Subsidiaries. Non Kepentingan non pengendali atas laba (rugi) bersih controlling interest in net income (loss) of Subsidiaries in Entitas Anak pada laporan laba rugi komprehensif the consolidated statement of comprehensive income is konsolidasian disajikan sebagai “Laba/Rugi Tahun presented as “Current Year Profit/Loss Attributable to Berjalan yang Dapat Diatribusikan kepada Kepentingan Non Controlling Interest”. Non Pengendali”.

Rugi Entitas Anak yang tidak dimiliki secara penuh Losses of non-wholly owned Subsidiary are attributed to diatribusikan pada kepentingan non pengendali bahkan the non controlling interest even if the non controlling jika hal ini mengakibatkan kepentingan non pengendali interest results in deficit balance. mempunyai saldo defisit.

2.d. Instrumen Keuangan 2.d. Financial Instruments PSAK 60 yang berlaku efektif 1 Januari 2013 PSAK 60 which effectively applied on January 1, 2013 memperkenalkan pengungkapan baru untuk introduces new disclosures to improve the information meningkatkan informasi mengenai instrumen keuangan. about financial instruments. It requires extensive PSAK ini mewajibkan pengungkapan secara luas disclosures about the significance of financial mengenai signifikansi pengaruh instrumen keuangan instruments for an entity’s financial position and terhadap posisi keuangan dan kinerja Perusahaan, dan performance, and quantitative and qualitative pengungkapan kuantitatif dan kualitatif atas risiko yang disclosures on the nature and extent of risks arising from timbul dari instrumen keuangan, serta menentukan financial instruments, including specified minimum pengungkapan minimum mengenai risiko kredit, risiko disclosures about credit risk, liquidity risk and market likuiditas dan risiko pasar. PSAK ini juga mewajibkan risk, as well as sensitivity analysis to market risk. It also pengungkapan terkait dengan pengukuran nilai wajar requires disclosures relating to fair value measurements menggunakan tiga tingkat hierarki nilai wajar dimana using a three-level fair value hierarchy that reflects the mencerminkan signifikansi input yang digunakan dalam significance of the inputs used in measuring fair values mengukur nilai wajar dan memberikan arahan dalam and provides more direction in the form of quantitative bentuk pengungkapan kuantitatif mengenai pengukuran disclosures about fair value measurements and requires nilai wajar dan mewajibkan informasi yang diungkapkan information to be disclosed in a tabular format unless dalam format tabel kecuali terdapat lain yang lebih another format is more appropriate. sesuai.

Aset Keuangan Financial Assets Aset keuangan dikelompokkan menjadi 4 kategori, yaitu Financial assets are classified into 4 categories, i.e., (i) (i) aset keuangan yang diukur pada nilai wajar melalui financial assets at fair value through profit or loss, (ii) laba rugi, (ii) pinjaman yang diberikan dan piutang, (iii) loans and receivables, (iii) held-to-maturity financial investasi yang dimiliki hingga jatuh tempo serta (iv) aset assets and (iv) available-for-sale financial assets. The keuangan yang tersedia untuk dijual. Klasifikasi ini classification depends on the purpose for which the tergantung dari tujuan perolehan aset keuangan financial assets were acquired. Management determines tersebut. Manajemen menentukan klasifikasi aset the classification of its financial assets at initial keuangan tersebut pada saat awal pengakuannya. recognition.

(i) Aset keuangan yang diukur pada nilai wajar (i) Financial assets at fair value through profit or melalui laba rugi loss Aset keuangan yang diukur pada nilai wajar melalui Financial assets at fair value through profit or loss are laba rugi adalah aset keuangan yang ditujukan untuk financial assets which are held for trading. Financial diperdagangkan. Aset keuangan diklasifikasikan asset is classified as held for trading if it is acquired sebagai diperdagangkan jika diperoleh terutama principally for the purpose of selling or repurchasing it in untuk tujuan dijual atau dibeli kembali dalam waktu the near term and for which there is evidence of recent dekat dan terdapat bukti mengenai pola ambil untung actual pattern of short term profit taking. Derivatives are dalam jangka pendek yang terkini. Derivatif also categorized as held for trading unless they are diklasifikasikan sebagai aset diperdagangkan kecuali designated and effective as hedging instruments. telah ditetapkan dan efektif sebagai instrumen lindung nilai.

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Pada saat pengakuan awal, aset keuangan yang At initial recognition, financial assets at fair value diukur pada nilai wajar melalui laba rugi diukur pada through profit or loss are measured at fair value. nilai wajarnya. Biaya transaksi sehubungan dengan Transaction costs related to the acquistion are perolehannya diakui pada laporan laba rugi periode recognised in the current period profit or loss. berjalan. Kenaikan atau penurunan nilai wajar Subsequent increase or decrease in fair value is selanjutnya diakui pada laporan laba rugi. recognised in profit or loss.

Grup tidak mempunyai aset keuangan yang The Group has no financial asset classified as diklasifikasikan sebagai aset keuangan yang diukur financial assets at fair value through profit or loss. pada nilai wajar melalui laporan laba rugi.

(ii) Pinjaman yang diberikan dan piutang (ii) Loans and receivables Pinjaman yang diberikan dan piutang adalah aset Loans and receivables are non-derivative financial keuangan non derivatif dengan pembayaran tetap assets with fixed or determinable payments that are atau telah ditentukan dan tidak mempunyai kuotasi di not quoted in an active market. Loan and receivables pasar aktif. Pada saat pengakuan awal, pinjaman are initially recognized at fair value plus transaction yang diberikan dan piutang diakui pada nilai cost and subsequently measured at amortized cost wajarnya ditambah biaya transaksi dan selanjutnya using the effective interest rate method. diukur pada biaya perolehan diamortisasi dengan menggunakan metode suku bunga efektif.

Grup mempunyai kas dan setara kas, piutang lain- The Group has cash and cash equivalents, other lain dan dana ditetapkan penggunaannya yang receivables and appropriated funds, are classified as diklasifikasikan sebagai pinjaman yang diberikan dan loans and receivables. piutang.

(iii) Investasi yang dimiliki hingga jatuh tempo (iii) Held to maturity financial asset Investasi yang dimiliki hingga jatuh tempo adalah Held-to-maturity financial assets are nonderivative investasi non-derivatif dengan pembayaran tetap financial assets with fixed or determinable payments atau telah ditentukan dan jatuh temponya telah and fixed maturities that management has the ditetapkan, dimana manajemen mempunyai intensi positive intention and ability to hold to maturity, other positif dan kemampuan untuk memiliki aset than: keuangan tersebut hingga jatuh tempo, selain: a) Investasi yang pada saat pengakuan awal a) Those that are designated as at fair value through ditetapkan sebagai aset keuangan yang diukur profit or loss upon initial recognition; pada nilai wajar melalui laporan laba rugi; b) Investasi yang ditetapkan dalam kelompok b) Those that are designated as available for sale; tersedia untuk dijual; dan and c) Investasi yang memenuhi definisi pinjaman yang c) Those that meet definition of loans and diberikan dan piutang. receivable.

Pada saat pengakuan awal, investasi yang dimiliki At initial recognition, HTM investments are hingga jatuh tempo diakui pada nilai wajarnya recognized at fair value plus transaction costs and ditambah biaya transaksi dan selanjutnya diukur are subsequently measured at amortized cost using pada biaya perolehan diamortisasi dengan the effective interest rate method. menggunakan metode suku bunga efektif.

Grup tidak mempunyai aset keuangan yang The Group has no financial assets classified as diklasifikasikan sebagai investasi dimiliki hingga jatuh investments held to maturity. tempo.

(iv) Aset keuangan tersedia untuk dijual (iv) Available for sales financial assets Aset keuangan dalam kelompok tersedia untuk dijual Available-for-sale financial assets are non derivative adalah aset keuangan non-derivatif yang ditetapkan financial assets that are intended to be held for untuk dimiliki selama periode tertentu, dimana akan indefinite period of time, which might be sold in dijual dalam rangka pemenuhan likuiditas atau response to needs for liquidity or changes in interest perubahan suku bunga, valuta asing atau yang tidak rates, exchange rates or that are not classified as diklasifikasikan sebagai pinjaman yang diberikan loans and receivables, held-to-maturity investments atau piutang, investasi yang diklasifikasikan dalam or financial assets at fair value through profit or loss. d1/February 6, 2015 22 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

kelompok dimiliki hingga jatuh tempo atau aset keuangan yang diukur pada nilai wajar melalui laba rugi.

Pada saat pengakuan awal, aset keuangan AFS At initial recognition, AFS financial assets are diakui pada nilai wajarnya ditambah biaya transaksi recognized at fair value plus transaction costs and dan selanjutnya diukur pada nilai wajarnya dimana are subsequently measured at fair value where any laba atau rugi diakui sebagai pendapatan gain or loss is recognized at other comprehensive komperhensif lain kecuali untuk kerugian penurunan income, except for impairment loss and foreign nilai dan laba rugi dari selisih kurs hingga aset exchange up to the financial assets are keuangan dihentikan pengakuannya. derecognized.

Grup mempunyai aset keuangan yang The Group has financial assets classified as of diklasifikasikan sebagai aset keuangan tersedia available for sale which are short term investment untuk dijual yaitu investasi jangka pendek dan and investment in shares with ownership interest of investasi pada saham yang tidak tersedia nilai less than 20% that do not have readily determinable wajarnya dengan kepemilikan kurang dari 20% dan its fair values and other financial assets which are aset keuangan lainnya yang dicatat pada biaya stated at cost (the cost method). perolehannya.

Penurunan Nilai Aset Keuangan Impairment of Financial Assets Aset keuangan, selain aset keuangan FVTPL, Financial assets, other than those at FVTPL, are dievaluasi terhadap indikator penurunan nilai pada assessed for indicators of impairment at each setiap tanggal laporan posisi keuangan. Aset financial position’s reporting date. Financial assets keuangan diturunkan nilainya bila terdapat bukti are impaired when there is objective evidence that, objektif, sebagai akibat dari satu atau lebih peristiwa as a result of one or more events that occurred after yang terjadi setelah pengakuan awal aset keuangan, the initial recognition of the financial asset, the dan peristiwa yang merugikan tersebut berdampak estimated future cash flows of the investment have pada estimasi arus kas masa depan atas aset been impacted. For quoted and unquoted equity keuangan yang dapat diestimasi secara handal. investments classified as AFS, a significant or Untuk investasi ekuitas AFS yang tercatat dan tidak prolonged decline in the fair value of the equity tercatat di bursa, penurunan yang signifikan atau investment below its cost is considered to be an jangka panjang pada nilai wajar dari investasi ekuitas objective evidence of impairment. di bawah biaya perolehannya dianggap sebagai bukti obyektif penurunan nilai.

Beberapa bukti objektif penurunan nilai termasuk Some objective evidence for impairment value are as sebagai berikut: follows: • kesulitan keuangan signifikan yang dialami • significant financial difficulty of the issuer or penerbit atau pihak peminjam; atau counterparty; or • pelanggaran kontrak, seperti terjadinya • a breach of contract, such as default or wanprestasi atau tunggakan pembayaran pokok delinquency in interest or principal payments; or atau bunga; atau • terdapat kemungkinan bahwa pihak peminjam • it becoming probable that the borrower will enter akan dinyatakan pailit atau melakukan bankruptcy or financial reorganization. reorganisasi keuangan.

Untuk kelompok aset keuangan tertentu, seperti For certain categories of financial asset, such as piutang, penurunan nilai aset dievaluasi secara receivables, the impairment value of assets are individual. Bukti objektif dari penurunan nilai assessed individually. Objective evidence of portofolio piutang dapat termasuk pengalaman Grup impairment for a portfolio of receivables could include atas tertagihnya piutang di masa lalu, peningkatan the Group’s past experience of collecting payments, keterlambatan penerimaan pembayaran piutang dari an increase in the number of delayed payments in rata-rata periode kredit, dan juga pengamatan atas the portfolio past the average credit period as well as, perubahan kondisi ekonomi nasional atau lokal yang and observable changes in the national or local berkorelasi dengan default atas piutang. economic conditions that correlate with default on receivables.

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Untuk aset keuangan yang diukur pada biaya For financial assets carried at amortised cost, the perolehan yang diamortisasi, jumlah kerugian amount of impairment is the difference between the penurunan nilai merupakan selisih antara nilai assets’s carrying amount and the present value of tercatat aset keuangan dengan nilai kini dari estimasi estimated future cash flows, discounted at the arus kas masa datang yang didiskontokan financial assets’s original effective interest rate. menggunakan tingkat suku bunga efektif awal dari aset keuangan.

Nilai tercatat aset keuangan tersebut dikurangi The carrying amount of the financial asset is directly dengan kerugian penurunan nilai secara langsung reduced by the amount of impairment loss for all atas aset keuangan, kecuali piutang yang nilai financial assets with the exception of receivables, tercatatnya dikurangi melalui penggunaan akun where the carrying amount is reduced through the penyisihan piutang. Jika piutang tidak tertagih, use of an allowance account. When a receivable is piutang tersebut dihapuskan melalui akun considered uncollectible, it is written-off against the penyisihan piutang. Pemulihan kemudian dari jumlah allowance account. Subsequent recoveries of yang sebelumnya telah dihapuskan dikreditkan amounts previously written off are credited against terhadap akun penyisihan. Perubahan nilai tercatat the allowance account. Changes in the carrying akun penyisihan piutang diakui dalam laporan laba amount of the allowance account are recognized in rugi. the statement of income.

Jika aset keuangan AFS dianggap menurun nilainya, When an AFS financial asset is considered to be keuntungan atau kerugian kumulatif yang impaired, cumulative gains or losses previously sebelumnya telah diakui dalam ekuitas direklasifikasi recognized in equity are reclassified to the statement ke laporan laba rugi dalam periode yang of income in the current period. bersangkutan.

Pengecualian dari instrumen ekuitas AFS, jika, pada With the exception of AFS equity instruments, if, in a periode berikutnya, jumlah penurunan nilai berkurang subsequent period, the amount of the impairment dan penurunan dapat dikaitkan secara obyektif loss decreases and the decrease can be related dengan sebuah peristiwa yang terjadi setelah objectively to an event occurring after the impairment penurunan nilai tersebut diakui, kerugian penurunan was recognized, the previously recognized nilai yang sebelumnya diakui dipulihkan melalui impairment loss is reversed through profit or loss to laporan laba rugi hingga nilai tercatat investasi pada the extent that the carrying amount of the investment tanggal pemulihan penurunan nilai tidak melebihi on the date of the impairment is reversed does not biaya perolehan diamortisasi sebelum pengakuan exceed what the amortized cost would have been kerugian penurunan nilai dilakukan. had the impairment not been recognized.

Dalam hal instrumen ekuitas AFS, kerugian In respect of AFS equity instrument, impairment penurunan nilai yang sebelumnya diakui dalam losses previously recognized in the statement of laporan laba rugi tidak boleh dipulihkan melalui income are not reversed through profit or loss. Any laporan laba rugi. Setiap kenaikan nilai wajar setelah increase in fair value subsequent to an impairment penurunan nilai diakui secara langsung ke ekuitas. loss is recognized directly in equity.

Liabilitas Keuangan Financial Liabilities Liabilitas keuangan dikelompokkan kedalam kategori Financial liabilities are classified into (i) financial (i) Liabilitas keuangan yang diukur pada nilai wajar liabilities are measured at fair value through profit or melalui laba rugi dan (ii) liabilitas keuangan yang loss, (ii) financial liabilities are measured at amortized diukur dengan biaya perolehan diamortisasi. cost.

a. Liabilitas keuangan yang diukur pada nilai wajar a. Financial liabilities are measured at fair value melalui laba rugi through profit or loss Nilai wajar liabilitas keuangan yang diukur pada The fair value of financial liabilities measured at fair nilai wajar melalui laba rugi adalah liabilitas value through profit and loss is financial liabilities keuangan yang ditujukan untuk diperdagangkan. that are designated for trading. Financial liabilities Liabilitas keuangan diklasifikasikan sebagai are classified as trading if acquired primarily for the diperdagangkan jika diperoleh terutama untuk purpose of sale or repurchase in the near future tujuan dijual atau dibeli kembali dalam waktu and there is evidence of a recent actual pattern of d1/February 6, 2015 24 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

dekat dan terdapat bukti mengenai pola ambil short term profit taking. Derivatives are classified untung dalam jangka pendek terkini. Derivatif as trading liabilities except and effective as hedging diklasifikasikan sebagai liabilitas diperdagangkan instruments. kecuali ditetapkan dan efektif sebagai instrumen lindung nilai.

Pada saat pengakuan awal, liabilitas keuangan At initial recognition, financial liabilities measured at yang diukur pada FVTPL diakui pada nilai FVTPL are measured at fair value. Transaction wajarnya. Biaya transaksi sehubungan dengan costs related to the issuance are recognised in the penerbitannya diakui pada laporan laba rugi current period profit or loss. Subsequent increase periode berjalan. Kenaikan atau penurunan nilai or decrease in fair value is recognised in profit or wajar selanjutnya diakui pada laporan laba rugi. loss.

Grup tidak memiliki liabilitas keuangan yang The Group has no financial liabilities at fair value diukur pada nilai wajar melalui laba rugi. through profit or loss.

b. Liabilitas keuangan yang diukur dengan biaya b. Financial liabilities are measured at amortized cost. perolehan diamortisasi Liabilitas keuangan yang tidak diklasifikasikan Financial liabilities that not classified as financial sebagai liabilitas keuangan yang diukur pada liabilities measured at fair value through profit or nilai wajar melalui laba rugi dikategorikan dan loss are classified in this category and are diukur dengan biaya perolehan diamortisasi measured at amortized cost using effective dengan menggunakan metode suku bunga interest method. efektif.

Liabilitas keuangan diakui awalnya pada nilai Financial liabilities are recognized initially at fair wajar setelah dikurangi biaya transaksi yang value net of transaction costs that are directly dapat diatribusikan secara langsung dalam hal attributable to financial liabilities other than liabilitas keuangan selain derivatif. derivatives.

Setelah pengakuan awal, utang bank dan utang After initial recognition, bank debt and debt pembiayaan/liabilitas lancar lainnya diukur pada financing/other current liabilities are measured at biaya perolehan diamortisasi dengan amortized cost using the effective interest method. menggunakan metode suku bunga efektif. Gains or losses are recognized in profit or loss Keuntungan atau kerugian diakui pada laba rugi when the liabilities are derecognized, and through komprehensif ketika liabilitas dihentikan the amortization process. pengakuannya dan melalui proses amortisasi.

Grup memiliki utang usaha, utang kontraktor, The Group has account payables, contractor utang lain-lain, beban akrual, utang bank, utang payables, other payables, accrued expenses, bank obligasi, utang bantuan pemerintah, utang loans, bond payables, loans from government, kerjasama operasi, utang pembebasan tanah liabilities under joint operation agreements, land dan utang sewa pembiayaan yang acquisition liabilities and capital lease payable that diklasifikasikan sebagai liabilitas keuangan yang classified as financial liabilities are measured at diukur dengan biaya perolehan diamortisasi. amortized cost.

Instrumen Ekuitas Equity Instrument Instrumen ekuitas merupakan setiap kontrak yang Equity instrument is any contract that evidences a memberikan hak residual atas aset suatu entitas residual interest in the assets of an entity after setelah dikurangi dengan seluruh liabilitas. deducting all liabilities.

Biaya transaksi yang timbul dari transaksi ekuitas Transaction costs arising from equity transactions are dicatat sebagai pengurang ekuitas (setelah dikurangi recorded as a deduction from equity (net of related manfaat pajak penghasilan terkait), sepanjang biaya income tax benefit), provided that such costs are tersebut merupakan biaya tambahan yang dapat additional costs that are directly attributable to the diatribusikan secara langsung dengan ekuitas, equity, but ignored if it is not directly attributable. namun diabaikan jika tidak dapat diatribusikan secara langsung.

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Metode saham diperoleh kembali dicatat Treasury share methods recorded the cost method menggunakan metode biaya (cost method) sebesar amounted at cost, are presented as a deduction from nilai perolehan, disajikan sebagai pengurang akun Capital Stock account. Modal Saham.

Estimasi nilai wajar Fair Value Estimate Nilai wajar aset dan liabillitas keuangan diestimasi The fair value of financial assets and financial untuk keperluan pengakuan dan pengukuran atau liabilities must be estimated for recognition and untuk keperluan pengungkapan. measurement or for disclosure purposes.

PSAK No. 60 “Instrumen Keuangan: Pengungkapan” PSAK No. 60, ”Financial Instruments: Disclosures” mensyaratkan pengungkapkan atas pengukuran nilai requires disclosure of fair value measurements by wajar dengan tingkat hirarki nilai wajar sebagai level of the following fair value measurement berikut: hierarchy:

(i) harga kuotasian (tidak disesuaikan) dalam pasar (i) quoted prices (unadjusted) in active markets for aktif untuk aset atau liabilitas yang identik identical assets or liabilities (Level 1) (Tingkat 1)

(ii) input selain harga kuotasian yang termasuk (ii) inputs other than quoted prices included within dalam Tingkat 1 yang dapat diobservasi untuk Level 1 that are observable for the asset orliability, aset atau liabilitas, baik secara langsung either directly (as prices) or indirectly (derived (misalnya harga) atau secara tidak langsung from prices) (Level 2), and (misalnya derivasi dari harga) (Tingkat 2), dan

(iii) input untuk aset atau liabilitas yang bukan (iii) inputs for the asset or liability that are not based berdasarkan data pasar yang dapat diobservasi on observable market data (unobservable inputs) (input yang tidak dapat diobservasi) (Tingkat 3). (Level 3).

Nilai wajar untuk instrumen keuangan yang The fair value of financial instruments traded in active diperdagangkan di pasar aktif ditentukan markets is based on quoted market prices at the berdasarkan kuotasi nilai pasar pada tanggal reporting date. The quoted market price used for pelaporan. Kuotasi nilai pasar yang digunakan Grup financial assets held by the Group is the current bid untuk aset keuangan adalah harga penawaran (bid price, while financial liabilities use ask price. These price), sedangkan untuk liabilitas keuangan instruments are included in Level 1. menggunakan harga jual (ask price). Instrumen keuangan ini termasuk dalam Tingkat 1.

Nilai wajar instrumen keuangan yang tidak The fair value of financial instruments that are not diperdagangkan di pasar aktif ditentukan dengan traded in an active market is determined using menggunakan teknik penilaian tertentu. Teknik valuation techniques. These valuation techniques tersebut menggunakan data pasar yang dapat maximize the use of observable market data where it is diobservasi sepanjang tersedia, dan seminimal available and rely as minimum as possible on mungkin tidak mengacu pada estimasi. Apabila estimates. If all significant inputs required to fair value seluruh input signifikan atas nilai wajar dapat an instrument are observable, the instrument is diobservasi, instrumen keuangan ini termasuk dalam included in Level 2. Tingkat 2.

Jika satu atau lebih input yang signifikan tidak If one or more of the significant inputs is not based on berdasarkan data pasar yang dapat diobservasi, observable market data, the instrument is included in maka instrumen tersebut masuk ke dalam Tingkat 3. Level 3. This is the case for unlisted equity securities. Ini berlaku untuk surat-surat berharga ekuitas yang tidak diperdagangkan di bursa.

Teknik penilaian tertentu digunakan untuk Specific valuation techniques used to value financial menentukan nilai instrumen keuangan mencakup: instruments include:

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 penggunaan harga yang diperoleh dari bursa atau  the use of quoted market prices or dealer quotes pedagang efek untuk instrumen sejenis; dan for similar instruments; and  teknik lain, seperti analisis arus kas yang  other techniques, such as discounted cash flow didiskonto digunakan untuk menentukan nilai analysis, are used to determine fair value for the instrumen keuangan lainnya. remaining financial instruments.

Saling Hapus Instrumen Keuangan Offsetting of Financial Instruments Aset keuangan dan liabilitas keuangan saling hapus Financial assets and financial liabilities are offset and buku dan nilai netonya disajikan dalam laporan posisi its net amount presented in the consolidated keuangan konsolidasian jika memiliki hak yang statement of financial position only if it has a legally berkekuatan hukum untuk melakukan saling hapus enforceable right to set off the recognized amount; buku atas jumlah yang telah diakui tersebut dan and intends either to settle on a net basis or to realize berniat untuk menyelesaikan secara neto atau untuk the assets and settle liabilities simultaneously. merealisasikan aset dan menyelesaikan liabilitasnya secara simultan.

Penghentian Pengakuan Derecognition Penghentian pengakuan aset keuangan dilakukan Derecognition of a financial asset when the ketika hak kontraktual atas arus kas yang berasal dari contractual rights to the cash flows from the financial aset keuangan tersebut berakhir atau ketika aset asset expire or when the financial asset has been keuangan tersebut telah ditransfer dan secara transferred and substantially all the risks and rewards substansial seluruh risiko dan manfaat atas of ownership have been transferred (if, substantially kepemilikan aset telah ditransfer (jika secara all the risks and rewards are not transferred, then the substansial seluruh risiko dan manfaat tidak ditransfer, Group will conduct an evaluation to ensure ongoing maka Grup akan melakukan evaluasi untuk involvement of the controls which are still not prevent memastikan keterlibatan berkelanjutan atas kontrol derecognition). yang masih dimiliki tidak mencegah penghentian pengakuan).

Liabilitas keuangan dihentikan pengakuannya ketika Financial liabilities are derecognized when the liability liabilitas yang ditetapkan dalam kontrak dihentikan specified in the contract is discharged or canceled or atau dibatalkan atau kadaluwarsa. Jika liabilitas expire. If an existing financial liability is replaced by keuangan yang ada digantikan dengan liabilitas lain another liability from the same lender on substantially dari pemberi pinjaman yang sama dengan different terms, or the terms of an existing liability are persyaratan yang berbeda secara substansial, atau substantially modified, such an exchange or persyaratan dari liabilitas yang ada telah dimodifikasi modification is treated as a derecognition of original secara substansial, pertukaran atau modifikasi liabilities and the recognition of a new liability, and the tersebut diperlakukan sebagai penghentian difference between the carrying amount of each pengakuan liabilitas awal dan pengakuan atas financial liabilities are recognized in the statement of liabilitas baru, dan selisih antara masing-masing nilai comprehensive income. tercatat liabilitas keuangan diakui dalam laporan laba rugi komprehensif.

Metode Suku Bunga Efektif Effective Interest Method Metode suku bunga efektif adalah metode yang The effective interest method is a method of calculating digunakan untuk menghitung biaya perolehan the amortized cost of a financial instrument and of diamortisasi dari instrumen keuangan dan metode allocating interest income over the relevant period. The untuk mengalokasikan pendapatan bunga selama effective interest rate is the rate that exactly discounts periode yang relevan. Suku bunga efektif adalah suku estimated future cash receipts (including all fees and bunga yang secara tepat mendiskontokan estimasi others paid or received that form an integral part of the penerimaan kas di masa datang (mencakup seluruh effective interest rate, transaction costs and other komisi dan bentuk lain yang dibayarkan dan diterima premiums or discounts) through the expected life of the oleh para pihak dalam kontrak yang merupakan financial instrument, or, where appropriate, a shorter bagian yang tak terpisahkan dari suku bunga efektif, period to the net carrying amount on initial recognition. biaya transaksi dan premium dan diskonto lainnya) selama perkiraan umur instrumen keuangan, atau, jika lebih tepat, digunakan periode yang lebih singkat untuk memperoleh nilai tercatat bersih dari aset keuangan pada saat pengakuan awal. d1/February 6, 2015 27 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

2.e. Kas dan Setara Kas 2.e. Cash and Cash Equivalents Setara kas meliputi deposito jangka pendek yang jangka Cash equivalents consist of short-term deposits with waktunya sama dengan atau kurang dari 3 (tiga) bulan maturities equal to 3 (three) months or less since the sejak tanggal penempatannya dan tidak dijaminkan serta date of placement and are not pledged as collateral and tidak dibatasi penggunaannya. not restricted.

2.f. Penurunan Nilai Aset Non Keuangan 2.f. Impairment of Non Financial Assets Pada setiap tanggal laporan posisi keuangan, Grup At each statement of financial position date, the Group mereviu nilai tercatat aset non keuangan untuk reviews the carrying amounts of their nonfinancial menentukan ada tidaknya indikasi penurunan nilai aset. assets to determine whether there is any indication that Dalam menilai apakah terdapat indikasi bahwa aset those assets have suffered an impairment loss. In mungkin mengalami penurunan nilai, entitas harus assesing whether there is any indication that an assets mempertimbangkan informasi dari sumber eksternal may be impaired, an entity shall consider from external maupun informasi dari sumber internal untuk and internal sources of information. If any such menentukan adanya indikasi tersebut. Jika terdapat indication exists, the recoverable amount of the asset is indikasi penurunan nilai aset, jumlah yang terpulihkan estimated in order to determine the extent of the dari aset tersebut diestimasi untuk menentukan impairment loss, if any. Where it is not possible to besarnya jumlah penurunan nilai aset, jika ada. Jika estimate the recoverable amount of an individual asset, estimasi jumlah terpulihkan tidak dapat dilakukan secara the Group estimate the recoverable amount of the cash- individual, Grup melakukan estimasi jumlah terpulihkan generating unit to which the asset belongs. dari unit penghasil kas dimana aset tersebut berada.

Jika suatu jumlah terpulihkan dari suatu aset atau unit If the recoverable amount of the asset or cash- penghasil kas ditaksir lebih kecil dari nilai tercatatnya, generating unit is estimated to be less than its carrying nilai tercatat aset tersebut atau unit penghasil kasnya amount, the carrying amount of the asset or cash- harus diturunkan menjadi sebesar jumlah terpulihkan. generating unit is reduced to its recoverable amount. An Rugi penurunan nilai aset segera diakui sebagai beban impairment loss is recognized immediately in statements pada laporan laba rugi komprehensif, kecuali aset of comprehensive income, unless the relevant asset is tersebut dicatat dengan metode revaluasi, maka rugi carried at revaluation model, in which case the penurunan nilai diperlakukan sebagai penurunan impairment loss is treated as a revaluation decrease and revaluasi dan diakui sebagai rugi pada laporan laba rugi is recognized as loss in the consolidated statements of komprehensif konsolidasian. comprehensive income.

Kerugian penurunan nilai yang telah diakui dalam tahun A previously recognized impairment loss for an asset sebelumnya untuk aset selain goodwill dibalik hanya jika other than goodwill is reversed only if there has been a terdapat perubahan asumsi-asumsi yang digunakan change in the assumptions used to determine the asset’s untuk menentukan jumlah terpulihkan aset tersebut recoverable amount since the last impairment loss was sejak rugi penurunan nilai terakhir diakui. Dalam hal ini, recognized. If that is the case, the carrying amount of the jumlah tercatat aset dinaikkan ke jumlah terpulihkannya. asset is increased to its recoverable amount. The Pembalikan tersebut dibatasi sehingga jumlah tercatat reversal is limited so that the carrying amount of the aset tidak melebihi jumlah terpulihkannya maupun asset does not exceed its recoverable amount, nor jumlah tercatat, setelah penyusutan, seandainya tidak exceeds the carrying amount that would have been ada rugi penurunan nilai yang telah diakui untuk aset determined, net of depreciation, had no impairment loss tersebut pada tahun sebelumnya. been recognized for the asset in prior year.

Pembalikan rugi penurunan nilai diakui dalam laporan Reversal of an impairment loss is recognized in the laba rugi komprehensif konsolidasian. Setelah consolidated statements of comprehensive income. After pembalikan tersebut, penyusutan aset tersebut such a reversal, the depreciation charge on the said disesuaikan di tahun mendatang untuk mengalokasikan asset is adjusted in future years to allocate the asset’s jumlah tercatat aset yang direvisi, dikurangi nilai sisanya, revised carrying amount, less any residual value, on a dengan dasar yang sistematis selama sisa umur systematic basis over its remaining useful life. manfaatnya.

2.g. Biaya Dibayar Dimuka 2.g. Prepaid Expense Biaya dibayar di muka dibebankan dalam laporan laba Prepaid expenses are charged to the statements of rugi sesuai masa manfaatnya. income in accordance with the beneficial periods.

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2.h. Aset Tetap 2.h. Property and Equipment Aset tetap pada awalnya diakui sebesar harga Property and equipment, initially stated at acquisition perolehan. Setelah pengakuan awal, dipertanggung- cost. After initial recognition, measured based on cost jawabkan dengan menggunakan model biaya dan method and stated at cost less accumulated dinyatakan sebesar harga perolehan dikurangi dengan depreciation and provision for impairment. akumulasi penyusutan dan penyisihan penurunan nilai.

Aset tetap disusutkan dengan menggunakan metode Property and equipment are depreciated using the garis lurus (straight line method) sepanjang estimasi straight-line method over the estimated useful lives of masa manfaatnya sebagai berikut: the assets as follows:

Tahun/ Years

Gedung Kantor dan Bangunan Lain 20 Office and Other Buildings Peralatan Operasional dan Kantor 3-5 Operational and Office Equipment Kendaraan Bermotor 3-5 Vehicles

Hak atas tanah dinyatakan sebesar biaya perolehan dan Land rights is stated at cost and not depreciated. tidak disusutkan.

Biaya pemeliharaan dan perbaikan dibebankan ke dalam The cost of maintenance and repairs is charged to the Iaporan laba rugi pada saat terjadinya, sedangkan statements of income as incurred, significant renewals pemugaran dan penambahan dalam jumlah material and betterment are capitalized. dikapitalisasi.

Aset tetap dalam penyelesaian disajikan sebagai bagian Construction in progress are presented as part of dalam aset tetap dan dinyatakan sebesar biaya property and equipment and stated at cost. All costs, perolehan. Semua biaya, termasuk biaya pinjaman, yang including borrowing costs, incurred in connection with terjadi sehubungan dengan pembangunan aset tersebut the construction of assets are capitalized as part of the dikapitalisasi sebagai bagian dari biaya perolehan aset cost of fixed assets in progress. The accumulated cost tetap dalam penyelesaian. Akumulasi biaya perolehan will be reclassified to the appropriate fixed asset yang akan dipindahkan ke masing-masing aset tetap account when the asset is completed or ready for use yang bersangkutan pada saat aset tersebut selesai and depreciated since the operation. dikerjakan atau siap digunakan dan disusutkan sejak beroperasi.

Jumlah tercatat aset tetap dihentikan pengakuannya An item of fixed assets is derecognized upon disposal or pada saat dilepaskan atau saat tidak ada manfaat when no future economic benefits are expected from its ekonomis masa depan yang diharapkan dari use or disposal. Any gain or loss arising on penggunaan atau pelepasannya. Laba atau rugi yang derecognition of the asset (calculated as the difference timbul dari penghentian pengakuan aset (dihitung between the net disposal proceeds and the carrying sebagai perbedaan antara jumlah neto hasil pelepasan amount of the asset) is included in the statements of dan jumlah tercatat dari aset) dimasukkan dalam laporan comprehensive income in the year the asset is laba rugi komprehensif pada tahun aset tersebut derecognized. dihentikan pengakuannya.

Pada setiap akhir tahun, Grup melakukan penelaahan Each year end, the Group periodically reviews the useful berkala atas masa manfaat ekonomis aset, nilai residu, lives of the assets, asset’s residual value, depreciation metode penyusutan dan sisa umur pemakaian method and the remaining usage expectation based on berdasarkan kondisi teknis. Pengaruh dari setiap technical specification. Effect of any changes in perubahan estimasi tersebut berlaku prospektif. estimated accounted for on a prospective basis.

2.i. Sewa 2.i. Lease Apabila dalam suatu kontrak sewa porsi yang signifikan Leases in which a significant portion of the risks and atas risiko dan manfaat kepemilikan aset tetap berada rewards of ownership are retained by the lessor are ditangan lessor, maka sewa tersebut diklasifikasikan classified as operating leases. Payments made under sebagai sewa operasi. Pembayaran sewa operasi operating leases are charged to the consolidated

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dibebankan ke laporan laba rugi komprehensif statements of comprehensive income on a straight-line konsolidasian atas dasar garis lurus yang masa basis with useful life for 5 years. manfaatnya adalah 5 tahun.

Sewa aset tetap dimana Grup memiliki secara substansi Leases of property and equipment where the Group has seluruh risiko dan manfaat kepemilikan aset substantially all the risks and rewards of ownership are diklasifikasikan sebagai sewa pembiayaan. Sewa classified as finance leases. Capital leases are pembiayaan dikapitalisasi pada awal masa sewa capitalized at the leases’ commencement at the lower of sebesar nilai yang lebih rendah antara nilai wajar aset the fair value of the leased property and the present sewaan dan nilai kini pembayaran sewa minimum. value of the minimum lease payments.

Setiap pembayaran sewa dialokasikan antara bagian Each lease payment is allocated between the liabilities yang merupakan pelunasan liabilitas dan bagian yang and finance charges so as to achieve a constant rate of merupakan biaya keuangan sedemikian rupa sehingga interest on the outstanding balance. The interest menghasilkan tingkat suku bunga yang konstan atas elements of the finance charges is charged to the saldo pembiayaan. Unsur bunga dalam biaya keuangan consolidated statement of comprehensive income over dibebankan di laporan laba rugi komprehensif the lease period so as to produce a constant periodic konsolidasian selama masa sewa sehingga rate of interest on the remaining balance of the liability menghasilkan suatu tingkat suku bunga periodik yang for each year. Property and equipment acquired under konstan atas saldo liabilitas setiap tahun. Aset tetap finance leases are depreciated similarly to owned yang diperoleh melalui sewa pembiayaan disusutkan assets. If there is no reasonable certainty that the Group dengan metode yang sama dengan metode penyusutan will hold the ownership by the end of the lease term, the aset tetap yang dimiliki sendiri. Jika tidak terdapat asset is depreciated over the shorter of the useful life of kepastian yang memadai bahwa Grup akan the asset and the lease term. mendapatkan kepemilikan atas aset pada akhir masa sewa, aset tersebut disusutkan selama jangka waktu yang lebih pendek antara umur manfaat aset dan masa sewa.

Grup memiliki peralatan tol yang pembangunannya The Group has toll equipment which its construction didanai oleh pihak ketiga, selanjutnya pihak ketiga was funded by third party, and then third party lease menyewakan peralatan tol tersebut kepada Grup yang such toll equipment to the Group and this can be dapat dikategorikan sebagai sewa pembiayaan. classified as a Capital lease.

2.j. Investasi pada Entitas Asosiasi 2.j. Investments in Associates Entitas asosiasi adalah suatu perusahaan dimana Grup An associate is an entity over which the Group have a mempunyai pengaruh yang signifikan, namun tidak significant influence, but does not have control or joint mempunyai pengendalian atau pengendalian bersama, control, through participation in decision-making over melalui partisipasi dalam pengambilan keputusan atas financial and operating policies of investee. kebijakan finansial dan operasional investi.

Investasi pada entitas asosiasi dicatat dengan metode Investments in associates are accounted for using the ekuitas, yaitu pada awalnya investasi dicatat sebesar equity method, the investment is initially recorded at biaya perolehan dan selanjutnya disesuaikan untuk cost and subsequently adjusted for changes in the perubahan dalam bagian kepemilikan Grup atas aset Group’s ownership on net assets of the entity after the bersih entitas asosiasi yang terjadi setelah perolehan, acquisition of the associate, less any impairment in dikurangi dengan penurunan nilai yang ditentukan untuk value is determined for each investment individually. setiap investasi secara individu.

Bagian Grup atas kerugian entitas asosiasi yang If Groups share of losses of Subsidiaries and associates melebihi nilai tercatat dari investasi (yang mencakup exceed of the carrying amount of the investment (which semua kepentingan jangka panjang, secara substansi, includes all long-term interest, in substance, form part of membentuk investasi neto Grup dalam entitas asosiasi) the Group’s net investment in associates) the Group will maka Grup akan menghentikan pengakuan bagian atas discontinue recognising its shares of further losses. ruginya lebih lanjut.

Grup akan menentukan pada setiap tanggal pelaporan The Group will determine at each reporting date apakah terdapat bukti yang obyektif yang whether there is objective evidence which indicates that mengindikasikan bahwa investasi pada entitas asosiasi investments in associates maybe impaired. In case d1/February 6, 2015 30 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

mengalami penurunan nilai. Dalam hal ada indikasi there is any indication, the impairment amount is tersebut, jumlah penurunan nilai dihitung berdasarkan calculated based on the difference between the selisih antara jumlah terpulihkan dengan nilai tercatat recoverable amount to the carrying value of investments investasi pada entitas asosiasi, dan mengakuinya in associates, and recognized as a loss in the sebagai kerugian dalam laporan laba rugi komprehensif consolidated statements of comprehensive income. konsolidasian.

2.k. Hak Pengusahaan Jalan Tol 2.k. Toll Road Concession Rights Aset hak konsesi merupakan hak Grup untuk Concession assets are the Group’s rights to charge membebankan pengguna jasa publik berdasarkan users of public services based on concession services perjanjian jasa konsesi. Aset hak konsesi dicatat pada arrangements. Concession assets are recorded at fair nilai wajar dari imbalan yang diterima atau akan diterima value of benefit that received or to be received for atas jasa kontrak konstruksi yang diberikan ditambah construction services rendered. These concession dengan margin konstruksi yang telah ditentukan oleh assets are intangible assets which are amortized over manajemen. Aset hak konsesi ini diamortisasi selama the concession period using the straight-line method as masa hak konsesi dengan menggunakan metode garis follows: lurus sebagai berikut:

- Melalui Kepemilikan Langsung/ Direct Ownership:

Ruas Jalan Tol/ Toll Roads Tahun/ Years Jakarta – Bogor – Ciawi 40 Jakarta – Tangerang 40 Surabaya – Gempol 40 Jakarta – Cikampek 40 Padalarang – Cileunyi 40 Prof. Dr. Ir. Sedyatmo 40 Cawang – Tomang – Pluit 40 Belawan – Medan – Tanjung Morawa 40 Semarang Seksi A, B & C 40 Pondok Aren – Bintaro Viaduct – Ulujami 40 Palimanan – Kanci 40 Jakarta Outer Ring Road (JORR) Section E1, E2, E3 & W2 40 Cikampek – Padalarang 40

- Melalui entitas anak/ Through Subsidiaries:

Ruas Jalan Tol/ Toll Roads Tahun/ Years Bogor Outer Ring Road 45 Kunciran – Cengkareng 35 Kunciran – Serpong 35 JORR W2 Utara 40 Surabaya – Mojokerto 42 Gempol – Pasuruan 45 Gempol – Pandaan 35 Semarang – Solo 45 Nusa Dua – Tanjung Benoa 45 Medan – Kualanamu – Tebing Tinggi 40

Biaya Konstruksi Construction Cost Biaya konstruksi merupakan seluruh biaya konstruksi Construction Cost comprehend all the amount of toll pembangunan jalan tol atau peningkatan kapasitas jalan road construction costs or toll road escalation consisting tol yang meliputi pengadaan tanah, studi kelayakan dan of land acquisition cost, feasibility study cost and other biaya-biaya lain yang berhubungan langsung dengan costs that are directly related to toll road construction, pembangunan jalan tol, termasuk biaya pembangunan including construction costs for access roads, alternative d1/February 6, 2015 31 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

jalan akses ke jalan tol, jalan alternatif dan fasilitas jalan roads and required public road facilities, interest and umum yang disyaratkan, ditambah biaya pinjaman lain other borrowing costs, either directly or indirectly used yang secara langsung digunakan untuk mendanai for financing the development of assets. These proses pembangunan aset tersebut. Biaya pinjaman borrowing costs are capitalized until the construction dikapitalisasi sampai dengan saat proses pembangunan accomplished and operated. tersebut selesai dan dioperasikan.

Grup mencatat pendapatan dan biaya konstruksi The Group accounted for construction revenue and bersamaan dengan pengakuan aset takberwujud pada construction cost at the same time recognition of tahap konstruksi. intangible asset during construction phase.

Aset Takberwujud Lainnya Other Intangible Assets Biaya-biaya Pra-Konstruksi yakni biaya-biaya yang Pre-Construction costs which are costs associated with terkait dengan perolehan tanah yang disiapkan untuk the acquisition of land prepared for construction of toll konstruksi jalan tol dicatat sebagai aset takberwujud roads are recorded as part of other intangible asset and lainnya dan nilai buku perangkat lunak. book value of software.

Aset Kerjasama Operasi Joint Operation Assets

Jalan tol yang pembangunannya didanai oleh investor The construction of toll road is funded by investors tanpa kuasa penyelenggaraan dengan pola bagi without operation rights under revenue or profit sharing pendapatan atau bagi hasil tol untuk masa tertentu, dan scheme for certain period of time, and the operation is pengoperasiannya dikendalikan oleh Perusahaan, controlled by the Company, is recorded by the Company dicatat oleh Perusahaan sebagai jalan tol kerjasama as joint operation toll road and the Company recognized operasi dan Perusahaan mengakui liabilitas (jangka joint operation liabilities (long term) when the panjang) kerjasama operasi pada saat jalan tol selesai construction is completed and transferred by the dibangun dan diserahkan oleh investor untuk investor to be operated. dioperasikan.

Jalan tol kerjasama operasi disusutkan selama masa Joint operation toll roads are depreciated over their hak pengusahaan jalan tol pada saat aset selesai respective concession periods using the straight line dibangun dan diserahkan oleh investor untuk method, commencing from the time the asset has been dioperasikan Perusahaan dengan menggunakan metode completely built and transferred from the investor to be garis lurus (straight-line method). operated by the Company.

Sehubungan dengan pelaksanaan Undang-undang In connection with the implementation of the Law No.38 Jalan No.38 Tahun 2004, Perusahaan telah memperoleh of 2004 regarding Roads, the Company received hak pengusahaan jalan tol (hak konsesi) untuk 13 ruas concession rights for 13 toll road sections that were jalan tol yang diusahakannya menurut Perjanjian operated or under construction by the Company based Pengusahaan Jalan Tol (PPJT) pada 7 Juli 2006 selama on separate Toll Road Concession Agreements, each 40 tahun yang berlaku efektif sejak dated July 7, 2006, for a period of 40 years from 1 Januari 2005 sampai dengan 31 Desember 2044. January 1, 2005 to December 31, 2044. The Company's Penerimaan hak pengusahaan jalan tol tersebut receipt of these concession rights resulted in an berdampak pada perubahan taksiran masa manfaat aset extension of estimated useful life of roads and bridges tetap khususnya pada kelompok aset Jalan dan assets and the need for reclassification of the roads and Jembatan dan perubahan klasifikasi aset Jalan dan bridges assets from Direct Ownership Assets and Joint Jembatan yang sebelumnya dikelompokkan sebagai Operation Toll Roads categories into Concession Rights Aset Pemilikan Langsung dan Jalan Tol Kerjasama Assets category. Operasi menjadi kelompok Aset Hak Pengusahaan Jalan Tol.

Sebelum diterimanya hak pengusahaan jalan tol pada Prior to the accepted of these concession rights on tanggal 1 Januari 2005, aset jalan tol yang terdiri dari January 1, 2005, the toll road assets consisting of roads aset Jalan dan Jembatan dan aset Jalan Tol Kerjasama and bridges and joint operation toll roads were Operasi disusutkan selama masa manfaat ekonomi depreciated over their estimated economic useful life. diestimasi sejak perolehan aset. Setelah diterimanya hak Since January 1, 2005, their estimated economic useful pengusahaan jalan tol pada tanggal 1 Januari 2005, life of roads and bridges and joint operation toll roads taksiran masa manfaat aset Jalan dan Jembatan dan have been extended through the end of the concession

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Jalan Tol Kerjasama Operasi diperpanjang menjadi period and the assets are depreciated annually based selama masa hak pengusahaan jalan tol yang diterima on their book value as of January 1, 2005 divided by the dan disusutkan setiap tahunnya sebesar nilai buku aset concession period. Jalan dan Jembatan pada 1 Januari 2005 dibagi dengan masa hak pengusahaan jalan tol.

Aset takberwujud dihentikan pengakuannya jika dilepas An intangible asset shall be derecognised on disposal or atau ketika tidak terdapat lagi manfaat ekonomi masa when no future economic benefits are expected from its depan yang diperkirakan dari penggunaannya atau use or disposal. The gain or loss arising from the pelepasannya. Keuntungan atau kerugian yang muncul derecognition of an intangible asset shall be determined dari penghentian pengakuan aset takberwujud as the difference between the net disposal proceeds, if ditentukan sebagai selisih antara hasil neto pelepasan any, and the carrying amount of the asset. It shall be (jika ada) dan jumlah tercatat aset. Keuntungan atau recognised in profit or loss when the asset is kerugian diakui dalam laba rugi ketika aset tersebut derecognised. Gain shall not be recognized as revenue. dihentikan pengakuannya. Keuntungan tidak diakui sebagai pendapatan.

2.l. Provisi Pelapisan Jalan Tol 2.l. Provision for Overlay Dalam pengoperasian jalan tol, Grup mempunyai In operating toll roads, the Group is obliged to maintain kewajiban untuk menjaga kualitas sesuai dengan SPM the quality in accordance with the SPM (Minimum (Standar Pelayanan Minimum) yang ditetapkan oleh Service Standards) that have been established by the Kementerian Pekerjaan Umum, yaitu dengan melakukan Ministry of Public Works that is by perfoming overlay pelapisan ulang jalan tol secara berkala. Biaya pelapisan regularly. The cost of this overlay will periodically be ini akan dicadangkan secara berkala berdasarkan provision based on estimation with the utilization of toll estimasi seiring dengan penggunaan jalan tol oleh road by customers. This provision is measured using the pelanggan. Provisi diukur dengan nilai kini atas estimasi present value of management‘s estimate of expenditures manajemen terhadap pengeluaran yang diperlukan required to settle present obligation at the reporting date. untuk menyelesaikan liabilitas kini pada tanggal pelaporan.

2.m. Utang Obligasi dan Biaya Emisi Obligasi 2.m. Bonds Payable and Bond Issuance Costs Utang obligasi disajikan sebesar nilai nominal setelah Bonds payable are presented at par value net of memperhitungkan amortisasi premium atau diskonto. amortized premium or discount. Bond issuance costs Biaya emisi obligasi merupakan biaya transaksi yang represent transaction costs which are directly deducted dikurangkan langsung dari hasil emisi dalam from issuance proceeds to reflect the net proceeds of the menentukan hasil emisi bersih obligasi. Selisih antara bonds. The difference between net bond proceeds and hasil emisi bersih dengan nilai nominal merupakan the par value of the bonds represents a discount or diskonto atau premium dan diamortisasi selama jangka premium which will be amortized over the outstanding waktu obligasi yang bersangkutan. period of the bond.

2.n. Biaya Emisi Saham 2.n. Stock Issuance Costs Biaya emisi saham disajikan sebagai pengurang dalam Stock issuance costs are presented as deduction to the akun Tambahan Modal Disetor. Additional Paid in Capital.

2.o. Pengakuan Pendapatan dan Beban 2.o. Revenue and Expense Recognition Pendapatan Konstruksi Construction Revenues Grup mengakui aset takberwujud atas jasa konstruksi The Group recognizes intangible assets of construction dan peningkatan kemampuan dimana Grup menerima services and increased capacity in which the Group hak (lisensi) untuk membebankan pengguna jasa publik. receives the rights (license) to charge users of public Suatu hak untuk membebankan pengguna jasa publik services. A right to charge users of public services is not bukan merupakan hak tanpa syarat untuk menerima kas an unconditional right to receive cash because the karena jumlahnya bergantung pada sejauh mana publik amounts depend on the extent of public using the menggunakan jasa. Pada fase konstruksi, Grup service. In the construction period, the Group recorded mencatat aset takberwujud dan mengakui pendapatan intangible assets and recognize revenues and costs of dan biaya konstruksi sesuai dengan basis kontrak biaya- construction by using cost-plus contract basis. plus.

d1/February 6, 2015 33 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

Pendapatan Tol Toll Revenues Pendapatan tol dari hasil pengoperasian jalan tol dicatat Revenue from toll road operations is recognized when pada saat penjualan karcis tol dan/atau jasa telah toll tickets are sold and/or services are rendered. diberikan. Pendapatan tol dari hasil kerjasama Revenue from profit sharing arrangement between the pengoperasian jalan tol dengan investor dengan kuasa recognized when toll tickets are sold, net of investor's penyelenggaraan diakui pada saat penjualan karcis tol share. Payments to investors without operating rights are setelah dikurangi bagian investor tersebut. Pembayaran recorded as a mandatory installment under joint kepada investor tanpa kuasa penyelenggaraan dicatat operation. The excess of total payment over mandatory sebagai angsuran liabilitas kerjasama operasi. Selisih installment under joint operation is recorded as joint antara jumlah pembayaran ini dengan angsuran liabilitas operation expense or revenue. kerjasama operasi dicatat sebagai beban atau penghasilan kerjasama operasi.

Pendapatan Usaha Lainnya Other Operating Revenues Pendapatan sewa iklan, lahan dan tempat peristirahatan Revenues from advertisement, space and rest area serta pendapatan jasa pengoperasian diakui sesuai rental and income from toll road operating service are periode yang sudah berjalan dalam tahun yang recognized when earned. Advances received not yet bersangkutan. Pendapatan diterima di muka untuk earned are recognized as unearned revenue and are periode yang belum berjalan diakui sebagai pendapatan presented in the statements of financial position as a diterima di muka dan disajikan di laporan posisi liability. keuangan sebagai liabilitas.

Pendapatan Lainnya Other Income Pendapatan dividen dari aset keuangan lainnya diakui Dividend income from other financial asset is recognized pada saat pembagian dividen diumumkan. Pendapatan when the dividend distribution has been declared. Other lainnya diakui atas dasar akrual. income is recognized based on accrual basis.

Beban Expenses Beban diakui pada saat terjadinya (basis akrual). Expenses are recognized when incurred (accrual basis).

Beban Konstruksi Construction Cost Beban konstruksi diakui sejak kegiatan konstruksi Construction cost are recognized during construction dimulai sampai dengan proses pembangunan aset stage up to construction activity was finished and asset selesai dan siap untuk digunakan. ready to use.

2.p. Transaksi dan Saldo Dalam Mata Uang Asing 2.p. Transactions and Balances in Foreign Currencies Grup menyelenggarakan pembukuannya dalam mata The Group maintains its accounting records in Rupiah. uang Rupiah. Transaksi-transaksi dalam mata uang Transactions involving foreign currencies are recorded at asing dicatat dengan kurs yang berlaku pada saat the rate of exchange prevailing at the time of the terjadinya transaksi. Pada tanggal pelaporan, aset dan transactions. At reporting, monetary assets and liabilities liabilitas moneter dalam mata uang asing dijabarkan denominated in foreign currencies are translated to dalam mata uang Rupiah dengan kurs tengah Bank Rupiah using the Bank of Indonesia middle rate of Indonesia yang berlaku pada tanggal tersebut sebagai exchange at such date, as follows: berikut:

2014 2013 Rp Rp Dolar Amerika Serikat 12,440 12,189 United States Dollar

Keuntungan atau kerugian yang timbul sebagai akibat Any resulting gains or losses on the translation of foreign dari penjabaran aset dan liabilitas dalam mata uang currency assets and liabilities are recorded as profit or asing dicatat sebagai laba atau rugi tahun berjalan. loss in the current year

2.q. Pajak Penghasilan 2.q. Income Tax Seluruh perbedaan temporer antara jumlah tercatat aset All temporary differences between the tax base of dan liabilitas dengan dasar pengenaan pajaknya diakui assets and liabilities and their carrying value for financial sebagai pajak tangguhan dengan metode liabilitas reporting purposes are recognized as deferred tax (liability method). Pajak tangguhan diukur dengan tarif using the liability method. Deferred tax is calculated pajak yang berlaku saat ini. using currently enacted tax rates. d1/February 6, 2015 34 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

Saldo rugi fiskal yang dapat dikompensasi diakui Deferred tax assets relating to the carry forward of sebagai aset pajak tangguhan apabila besar unused tax losses are recognized to the extent that if is kemungkinan bahwa jumlah laba fiskal mendatang akan probable that future taxable profit will be available memadai untuk dikompensasi. Koreksi terhadap against which the unused tax losses can be utilized. kewajiban perpajakan diakui saat surat ketetapan pajak Amendments to taxation obligations are recognized diterima atau jika Grup mengajukan keberatan dan when tax assessment letters are received or, if the banding maka pada saat keputusan atas keberatan dan Group submitted an objection and appeal when the banding tersebut telah ditetapkan. results of the objection or appeal are determined.

Aset dan liabilitas pajak tangguhan saling hapus jika dan Deferred tax assets and liability offset if, and only if there hanya jika terdapat hak yang dapat dipaksakan secara is a legally enforceable right to set off, current tax asset hukum untuk melakukan saling hapus aset pajak kini and current tax liability and tax deferred assets and dan liabilitas pajak kini dan aset dan liabilitas pajak liability related to income taxes levied by the same tangguhan yang terkait dengan pajak penghasilan yang taxation authority, both on the same entity's taxable or dikenakan oleh otoritas perpajakan yang sama, baik atas different taxable entity and there is an intention to settle entitas kena pajak yang sama ataupun berbeda dan the outstanding balance on net balance. adanya niat untuk menyelesaikan saldo-saldo tersebut secara neto. Saling hapus pajak

Pajak penghasilan kini dihitung dari laba kena pajak, Current income tax is calculated from taxable income yaitu laba yang telah disesuaikan dengan peraturan which is net income adjusted under the current tax pajak yang berlaku. regulations.

Saling hapus atas aset pajak tangguhan dan liabilitas Deferred tax assets dan deferred tax liabilites are offset if, pajak tangguhan dilakukan jika, dan hanya jika, entitas: and only if, the entity:

1). memiliki hak yang dapat dipaksakan secara hukum 1) has a legally enforceable right to set off current tax untuk melakukan saling hapus aset pajak kini asset against current tax liability; and terhadap liabilitas pajak kini; dan 2). aset pajak tangguhan dan liabilitas pajak tangguhan 2) the deferred tax asset and the deferred tax liability terkait dengan pajak penghasilan yang dikenakan relate to income taxes levied by the same tax oleh otoritas pajak yang sama atas entitas kena authority on the same taxable entity. pajak yang sama.

2.r. Imbalan Kerja 2.r. Employee Benefits Program Pensiun Pension Program Nilai kini liabilitas pasca kerja tergantung pada beberapa The present value of post employment benefit depends faktor yang ditentukan dengan dasar aktuarial on several factors which are determined by actuarial berdasarkan beberapa asumsi. Asumsi yang digunakan basis based on several assumptions. Assumptions used untuk menentukan biaya (penghasilan) pensiun neto to determine pension costs (benefits) covered discount mencakup tingkat diskonto. Perubahan asumsi ini akan rate. The changes of assumption might affect carrying mempengaruhi jumlah tercatat imbalan pasca kerja. value of post employment benefit.

Perusahaan menentukan tingkat diskonto yang sesuai The Company determines the appropriate discount rate pada akhir periode pelaporan, dengan at the end reporting period, by considering the discount mempertimbangkan tingkat suku bunga obligasi rate of government’s bond which denominated in pemerintah yang didenominasi dalam mata uang currency of benefit and of that will be paid and have a imbalan yang akan dibayar dan memiliki jangka waktu similar terms with the terms of the related liabilities. yang serupa dengan jangka waktu liabilitas yang terkait.

Perusahaan menyelenggarakan program pensiun The Company provides a defined benefit pension plan manfaat pasti untuk pegawai tetap yang dikelola oleh covering all permanent employees which is managed by Dana Pensiun Jasa Marga (DPJM). Manfaat pensiun the Jasa Marga Pension Fund (DPJM). Pension benefit yang akan dibayar dihitung berdasarkan penghasilan to be paid are determined based on basic pension dasar pensiun dan masa kerja pegawai. income and the period of the employment.

DPJM telah mendapat persetujuan dari Menteri The DPJM has been approved by the Decree of the Keuangan Republik Indonesia No.KEP- Ministry of Finance of the Republic of Indonesia No.KEP- 370/KM.17/1997, tanggal 15 Juli 1997 dan diperbaharui 370/KM.17/1997, dated July 15, 1997 and amended by d1/February 6, 2015 35 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

dengan Surat Keputusan No.KEP-379/KM.6/2004, the Decree No.KEP-379/KM.6/2004, dated September tanggal 14 September 2004. 14, 2004.

Jumlah iuran karyawan untuk program pensiun sebesar The employees contribute 3% of their basic salaries to 3% dari gaji pokok dan sisa pendanaan sebesar 7,48% the plan and the remaining funding of 7.48% is menjadi beban Perusahaan. contributed by the Company.

Program Purna Karya Post Retirement Benefit Program Berdasarkan Surat Keputusan Direksi Based on the Company’s Directors Decree No. 163/KPTS/2003, tanggal 23 September 2003, No. 163/KPTS/2003, dated September 23, 2003, the Perusahaan akan memberikan tunjangan purna karya Company provides retirement benefit which is equal to berupa pembayaran sekaligus sebanyak 24 kali 24 times the monthly salary (excluding overtime and tax penghasilan terakhir (diluar lembur dan tunjangan pajak) allowance) for employees who cease work due to kepada karyawan yang berhenti bekerja karena pensiun, retirement, death, or disability. Employees who have meninggal, atau cacat. Bagi karyawan yang memasuki reached retirement age are required to have a minimum usia pensiun dipersyaratkan memiliki masa kerja minimal working period of 25 years to obtain this benefit. This 25 tahun. Surat keputusan ini berlaku efektif sejak 1 decree was effective on January 1, 2003. Januari 2003.

Jumlah iuran premi coming service setiap bulan adalah The amount premium contribution coming service each sebesar 6% dari Penghasilan Dasar Asuransi (PhDA) month is 6% from insurance basic income with dengan proporsi Perusahaan dan karyawan masing- representing by the Company and employee proportion masing sebesar 4% dan 2% dari PhDA. 4% and 2% from insurance basic income, respectively.

Perusahaan mengadakan kontrak kerjasama The Company entered into cooperation agreement to pengelolaan program Purna Karya karyawan dengan manage employee Post Retirement with AJB Bumiputera AJB Bumiputera 1912, melalui Perjanjian 1912, through agreement No. 34/Kontrak-DIR/2007 and No. 34/Kontrak-DIR/2007 dan No. 441/AJB/JM/ No. 441/AJB/JM/PKS/12/07, dated December 19, 2007. PKS/12/07, tanggal 19 Desember 2007. Program Purna The post retirement in this contract will give a benefit in Karya dalam kontrak ini akan memberikan manfaat post retirement cash in lump sum to the resign dalam bentuk uang purna karya secara sekaligus permanent employee. (lumpsum) kepada karyawan tetap yang berhenti bekerja.

Program Kesehatan Pensiunan Pension Healthcare Program Berdasarkan Surat Keputusan Direksi Based on the Directors’ Decree No. 165/KPTS/2003, No. 165/KPTS/2003, tanggal 23 September 2003, dated September 23, 2003 regarding The Second tentang Penyempurnaan Kedua Keputusan Direksi Improvement of the Directors’ Decrees No. 61/KPTS/2001 tentang Pengelolaan Pemeliharaan No. 61/KPTS/2001 regarding The Management of Health Kesehatan Pensiunan dan Keluarga, yang bertujuan Maintenance for the Pensioner and Family, which its untuk tetap menjaga agar pensiunan dan keluarga objective is to allow the pensionary and their family to pensiunan dapat melakukan pola hidup sehat dan have a healthy life and high productivity, the pensionary memiliki produktivitas yang tinggi, keluarga pensiunan family that are eligible to receive medical assistance yang mendapat bantuan pengobatan dari Perusahaan from the Company are limited to 3 children that are dibatasi dengan jumlah anak sebanyak-banyaknya registered with the Company. 3 orang dan telah terdaftar di Perusahaan.

Perusahaan menghitung liabilitas imbalan pasca kerja Based on PSAK 24 (Revised 2010), the Company has dengan metode projected unit credit, sesuai dengan calculated the liability for other employee benefits using PSAK 24 (Revisi 20010). Biaya jasa kini diakui sebagai the projected unit credit method. Current service cost is beban pada tahun berjalan. Biaya jasa lalu sebagai recognized as an expense in the current year. Past dampak perubahan asumsi aktuaria bagi karyawan aktif service cost, actuarial adjustments and the effect of diakui dalam laporan laba rugi selama sisa masa kerja changes in actuarial assumptions for active employees rata-rata karyawan tersebut. Imbalan kerja atas are recognized in statements of income over the pemutusan hubungan kerja diakui sebagai liabilitas dan estimated average remaining working period of those beban pada saat terjadi. employees. Employee benefits for terminations are recognized as liabilities and expenses when these occur.

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Entitas Anak Subsidiaries

Program Pensiun Pension Program PT Jalantol Lingkarluar Jakarta (JLJ) menyelenggarakan PT Jalantol Lingkarluar Jakarta (JLJ) provides a defined program pensiun iuran pasti untuk semua karyawan contribution pension program covering all permanent tetapnya. Program pensiun didanai seluruhnya oleh JLJ. employees. The pension program is entirely funded by Kontribusi yang diberikan JLJ dibebankan pada laporan JLJ. The contribution borne by JLJ is charged to the laba rugi tahun berjalan. statement of income in the current period.

Program Imbalan Kerja Lainnya Other Employee Benefit Program JLJ, JLP, TMJ dan MNA (Entitas Anak) membukukan JLJ, JLP, TMJ and MNA (Subsidiaries) recognized other liabilitas program imbalan kerja sesuai dengan Undang- employee benefit liabilities conducted in accordance with undang Ketenagakerjaan No.13 Tahun 2003. Sesuai Labor Law No.13 Year 2003. Based on PSAK 24 dengan PSAK 24 (Revisi 2010), liabilitas atas masa (Revised 2010), employee benefit liabilities are kerja lalu diestimasi dengan menggunakan metode estimated using the projected unit credit method. No projected unit credit. Tidak terdapat pendanaan yang funding is provided by Subsidiaries relation with disisihkan oleh Entitas Anak sehubungan dengan estimation of employee benefits. estimasi liabilitas tersebut.

Biaya jasa kini diakui sebagai beban pada tahun Current service cost is recognized as an expense in the berjalan. Biaya jasa lalu sebagai dampak perubahan current year. Past service cost as effect of changes in asumsi aktuaria bagi karyawan aktif diakui dalam actuarial assumptions for active employees are laporan laba rugi selama sisa masa kerja rata-rata recognized in statements of income over the estimated karyawan tersebut. Imbalan kerja atas pemutusan average remaining working period of those employees. hubungan kerja diakui sebagai liabilitas dan beban pada Employee benefits for terminations are recognized as saat terjadi. liabilities when these expenses occur.

2.s. Transaksi dengan Pihak Berelasi 2.s. Transactions with Related Parties Pihak berelasi adalah orang atau entitas yang terkait A related party is a person or entity that is related to the dengan entitas yang terkait dengan Grup (entitas Group (the reporting entity). pelapor). 1) Orang atau anggota keluarga terdekat mempunyai 1) A person or a close member of that person's family is relasi dengan entitas pelapor jika orang tersebut: related to the reporting entity if that: a. Memiliki pengendalian atau pengendalian a. has control or joint control over the reporting bersama atas entitas pelapor; entity; b. Memiliki pengaruh signifikan atas entitas b. has significant influence over the reporting entity; pelapor; atau or c. Personil manajemen kunci entitas pelapor atau c. is a member of the key management personnel entitas induk entitas pelapor. of the reporting entity or of a parent of the reporting entity.

2) Suatu entitas berelasi dengan entitas pelapor jika 2) An entity is related to a reporting entity if any of the memenuhi salah satu hal berikut: following conditions applies: a. Entitas dan entitas pelapor adalah anggota dari a. The entity and the reporting entity are members kelompok usaha yang sama (artinya entitas of the same group (which means that each induk, entitas anak, dan entitas anak berikutnya parent, subsidiary and fellow subsidiary is related terkait dengan entitas lain); to the others); b. Satu entitas adalah entitas asosiasi atau b. One entity is an associate or joint venture of the ventura bersama dari entitas lain (atau entitas other entity (or an associate or joint venture of a asosiasi atau ventura bersama yang merupakan member of a group of which the other entity is a anggota suatu kelompok usaha, yang mana member); entitas lain tersebut adalah anggotanya); c. Kedua entitas tersebut adalah ventura bersama c. Both entities are joint ventures of the same third dari pihak ketiga yang sama; party; d. Satu entitas adalah ventura bersama dari d. One entity is a joint venture of a third entity and entitas ketiga dan entitas yang lain adalah the other entity is an associate of the third entity; entitas asosiasi dari entitas ketiga;

d1/February 6, 2015 37 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

e. Entitas tersebut adalah suatu program imbalan e. The entity is a post-employment defined benefit pasca kerja untuk imbalan kerja dari salah satu plan for the benefit of employees of either the entitas pelapor atau entitas yang terkait dengan reporting entity or an entity related to the entitas pelapor. Jika entitas pelapor adalah reporting entity. If the reporting entity is itself entitas yang menyelenggarakan program such a plan, the sponsoring employers are also tersebut, maka entitas sponsor juga berelasi related to the reporting entity; dengan entitas pelapor; f. Entitas yang dikendalikan atau dikendalikan f. The entity is controlled or jointly controlled by a bersama oleh orang yang dildentifikasikan person identified in (a); or dalam huruf a; atau g. Orang yang diidentifikasikan dalam huruf (1) (a) g. A person identified in (1)(a) has significant memiliki pengaruh signifikan atas entitas atau influence over the entity or is a member of the personil manajemen kunci entitas (atau entitas key management personnel of the entity (or of a induk dari entitas. parent of the entity).

Entitas Berelasi dengan Pemerintah dapat Related Parties with Government classified as follows: diklasifikasikan sebagai berikut adalah: Entitas yang Entities which significantly controlled by the Finance dikendallikan secara signifikan oleh Kementerian Ministry or Local Government that representing as the Keuangan atau Pemerintah Daerah yang merupakan shareholders of the entity. The Government of Pemegang Saham Entitas. Pemerintah RI yang diwakili Indonesia, represented by the SOE’e Ministry as oleh Kementerian BUMN sebagai kuasa pemegang shareholder’s representative. saham.

2.t. Goodwill 2.t. Goodwill Goodwill timbul dari kombinasi bisnis diakui sebagai aset Goodwill arising in a business combination is recognized pada tanggal dimana pengendalian diperoleh. as an asset on the date that the control is acquired.

Goodwill pada tanggal akuisisi yang diukur sebagai Goodwill is measured as the excess of the sum of the selisih lebih nilai agregat dari imbalan yang dialihkan, consideration transferred, the amount of any jumlah setiap kepentingan nonpengendali pada pihak noncontrolling interests in the acquiree, and the fair value yang diakuisisi, dan nilai wajar kepentingan ekuitas yang of the acquirer’s previously held equity interest in the sebelumnya dimiliki oleh Perusahaan pada pihak yang acquiree over the net of the acquisition date amounts of diakuisisi di atas selisih jumlah dari asset teridentifikasi the identifiable assets acquired and the liabilities taken yang diperoleh dan liabilitas yang diambil alih. over.

Jika biaya perolehan lebih rendah dari nilai wajar asset If the cost of acquisition is less than the fair value of the neto yang diperoleh, perbedaan tersebut diakui dalam mnet assets acquired, the difference is recognized laporan laba rugi konsolidasian. directly in the consolidated statement of income.

Goodwill tidak diamortisasi namun penurunan nilainya Goodwill is not amortized but is reviewed for impairment paling tidak direviu secara tahunan atau lebih, bila at least annually or more frequently when there is an terdapat indikasi penurunan nilai. Untuk keperluan indication that the goodwill may be impaired. For the pengujian penurunan nilai, goodwill dialokasikan pada purpose of impairment testing, goodwill is allocated to setiap unit penghasil kas yang diharapkan dapat each of the cash-generating units expected to benefit memanfaatkan sinergi dari kombinasi bisnis. Jika jumlah from the synergies of the combination. If the recoverable tercatat dari unit penghasil kas tersebut kurang dari nilai amount of the cashgenerating unit is less than its tercatatnya, rugi penurunan nilai dialokasikan terlebih carrying amount, the impairment loss is allocated first to dahulu untuk mengurangi nilai tercatat goodwill pada unit reduce the carrying amount of any goodwill allocated to penghasilkan tersebut dan kemudian pada asset lainnya the unit and then to the other assets of the unit prorated dari unit penghasil kas tersebut atas dasar proporsional. on the basis of the carrying amount of each asset in the Kerugian penurunan nilai goodwill tidak dipulihkan pada unit. An impairment loss recognized for goodwill is not periode berikutnya. reversed in the subsequent period.

2.u. Pelaporan Segmen 2.u. Information Reporting Grup mengungkapkan informasi yang memungkinkan The Group disclose information which enables users of pengguna laporan keuangan untuk mengevaluasi sifat financial statements to evaluate the nature and financial dan dampak keuangan dari aktivitas bisnis. Standar effects of business activity. Standard also refines the d1/February 6, 2015 38 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

juga menyempurnakan definisi segmen operasi dan definition of operating segments and the procedures prosedur yang digunakan untuk mengidentifikasi dan used to identify and report operating segments. Standard melaporkan segmen operasi. Standar mengharuskan requires that "management approach" in the present “pendekatan manajemen” dalam menyajikan informasi segment information using the same base as well as segmen menggunakan dasar yang sama seperti halnya internal reporting. This does not cause additional pelaporan internal. Hal ini tidak menyebabkan presentation of the reported segment. The Company tambahan penyajian segmen yang dilaporkan. operates and conducts business through a single Perusahaan mengoperasikan dan menjalankan bisnis segment with managing the existing network melalui beberapa segmen operasi. Segmen operasi infrastructure. The segment reported operating in a dilaporkan dengan cara yang konsisten dengan manner consistent with internal reporting provided to pelaporan internal yang disampaikan kepada pengambil operational decision-makers. keputusan operasional.

Pembuat keputusan operasional adalah Dewan Direksi Operational decision have made by the Board of dan Vice President. Dewan Direksi dan Vice President Directors and Vice President. Board of Directors and menelaah pelaporan internal Perusahaan untuk menilai Vice President review of the Company’s internal kinerja dan mengalokasikan sumber daya. Manajemen reporting to assess performance and allocate resources. menentukan operasi segmen berdasarkan laporan ini. Management determines the operating segments based on this report.

Pelaporan informasi segmen usaha disajikan untuk Reporting of business segment information is disclosed menunjukkan hasil usaha per wilayah yang berasal dari to show the results of operations per region derived from pendapatan tol. toll revenue.

2.v. Laba Per Saham 2.v. Earnings Per Share Laba per saham dihitung dengan membagi laba bersih Earning per share is computed by dividing net income yang dapat diatribusikan ke pemilik entitas induk attributable to owners of the parent entity with the dengan rata-rata tertimbang saham yang beredar weighted average shares outstanding during the year. selama tahun yang bersangkutan.

Laba bersih per saham dilusian dihitung dengan Diluted earnings per share is calculated by dividing profit membagi total laba tahun berjalan dengan rata-rata for the period with the weighted average number of tertimbang jumlah saham biasa yang beredar pada ordinary shares outstanding during the reporting period, periode pelaporan, yang disesuaikan untuk adjusted to assume conversion of all potential dilutive mengasumsikan konversi efek berpotensi saham biasa ordinary shares. yang sifatnya dilutif.

3. Penyajian Kembali Laporan Keuangan 3. Restatement of Financial Statements

Seperti yang dijelaskan dalam Catatan 44.h laporan As disclosed in Note 44.h of the consolidated financial keuangan konsolidasian, Perusahaan telah mengubah statements, the Company has changed its accounting policy kebijakan akuntansi untuk Aset JORR S yang dihapuskan for Asset JORR S which was written-off on May 2013. In pada bulan Mei tahun 2013. Selain itu, salah satu entitas addition, one of subsidiary also made a change in accounting anak juga melakukan perubahan akuntansi atas pengakuan for project expense and advance recognition. In accordance beban dan uang muka proyek. Sesuai dengan PSAK 25 with PSAK 25, "Accounting Policies, Changes in Accounting “Kebijakan Akuntansi, Perubahan Estimasi Akuntansi, dan Estimates and Errors", the Company restated its consolidated Kesalahan”, Perusahaan telah menyajikan kembali laporan financial statements for the year ended December 31, 2013. keuangan konsolidasian untuk tahun yang berakhir pada tanggal 31 Desember 2013.

Berikut ini adalah rincian akun-akun dalam laporan keuangan The following are the details of the accounts in the konsolidasian untuk tahun yang berakhir 31 Desember 2013 consolidated financial statements for the year ended sebelum dan sesudah penyajian kembali: December 31, 2013 before and after the restatement:

d1/February 6, 2015 39 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

31 Des/ Dec 2013 Sebelum Penyajian Sesudah Penyajian Kembali/ Penyesuaian/ Kembali/ Before Adjustment After Restatement Restatement Rp Rp ASET ASSETS Aset Tidak Lancar Non-Current Assets Biaya Dibayar Dimuka 47,356,940 (21,589,375) 25,767,565 Prepaid Expenses Pajak Dibayar Dimuka 1,100,643 63,549,023 64,649,666 Prepaid Taxes Aset Tetap 593,028,346 (1,714,952) 591,313,394 Property and Equipment Hak Pengusahaan Jalan Tol 22,300,271,393 (338,150,247) 21,962,121,146 Toll Road Concession Rights

LIABILITAS DAN EKUITAS LIABILITES AND EQUITY Liabilitas Jangka Pendek Current Liabiities Utang Usaha 80,668,899 19,362,537 100,031,436 Accounts Payable Liabilitas Jangka Panjang Non-Current Liabilities Liabilitas Pajak Tangguhan 522,668,019 25,833,535 548,501,554 Deferred Tax Liabilities Liabilitas Jangka Panjang Lainnya 435,465,081 23,200,000 458,665,081 Other Long Term Liabilities

EKUITAS EQUITY Saldo laba 3,449,445,813 (308,655,573) 3,140,790,240 Retained Earnings Kepentingan Non Pengendali 1,561,545,859 (377,214) 1,561,168,645 Non-Controlling Interests

LAPORAN LABA RUGI STATEMENTS OF KOMPREHENSIF COMPREHENSIVE INCOME Pendapatan Tol 5,825,932,269 (23,200,000) 5,802,732,269 Toll Revenues Beban Pemeliharaan Jalan Tol 1,143,307,645 425,517,344 1,568,824,989 Toll Road Maintenance Expenses Beban Pajak 476,834,608 (94,984,324) 381,850,284 Tax Expenses

LABA TAHUN BERJALAN 1,237,820,534 (309,032,787) 928,787,747 INCOME FOR THE YEAR

LABA KOMPREHENSIF COMPREHENSIVE INCOME TAHUN BERJALAN 1,236,626,699 (309,032,787) 927,593,912 FOR THE YEAR

d1/February 6, 2015 40 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

4. Kas dan Setara Kas 4. Cash and Cash Equivalents

2014 2013 Rp Rp

Kas/ Cash on Hand Kas/ Cash 54,655,364 46,716,488 Kas Proyek/ Cash for Project 710,000 910,000 Jumlah Kas/ Total Cash on Hand 55,365,364 47,626,488

Bank/ Cash in Banks Rupiah Pihak Berelasi (Catatan 43)/ Related Parties (Note 43) 233,439,581 262,848,231 Pihak Ketiga/ Third Parties: PT Bank Permata Tbk 21,918,384 5,050,851 PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk 19,279,074 77,633,787 PT Bank Syariah Mandiri 9,195,739 16,901 PT Bank Pembangunan Daerah Jawa Tengah 5,465,509 4,697,296 PT Bank Sumut 1,915,295 2,804,065 PT Bank Bukopin Tbk 1,307,483 1,593,015 PT Bank Pembangunan Daerah Jawa Timur Tbk 815,597 124,039 PT Bank Central Asia Tbk 483,641 2,915,177 PT Bank DBS Indonesia 454,189 3,867,514 PT Bank Himpunan Saudara 1906, Tbk 339,735 -- PT Bank Jabar Banten Syariah 296,326 289,194 PT Bank DKI 243,846 17,080 PT Bank Muamalat Indonesia Tbk 186,328 368,300 PT Bank OCBC NISP Tbk 605 976 295,341,331 362,226,426 Dolar Amerika Serikat/ United States Dollar Pihak Berelasi (Catatan 43)/ Related Party (Note 43) 1,116,701 922,812 1,116,701 922,812

Jumlah Bank/ Total Cash in Banks 296,458,032 363,149,238 Jumlah Kas dan Bank/ Total Cash and Banks 351,823,396 410,775,726

d1/February 6, 2015 41 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

2014 2013 Rp Rp Rupiah Pihak Berelasi (Catatan 43)/ Related Parties (Note 43) 1,922,336,000 2,036,802,514 Pihak Ketiga/ Third Parties: PT Bank Bukopin Tbk 348,100,000 315,600,000 PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk 151,740,000 256,090,000 PT Bank Muamalat Indonesia Tbk 139,400,000 91,593,000 PT Bank Permata Tbk 83,000,000 99,989,326 PT Bank Pembangunan Daerah Jawa Tengah 79,500,000 71,700,000 PT Bank CIMB Niaga Tbk 65,000,000 64,000,000 PT Bank DKI 46,182,826 710,224 PT Bank Pembangunan Daerah Bali 35,050,000 35,050,000 PT Bank Tabungan Pensiunan Nasional (Persero) Tbk 20,000,000 27,000,000 PT Bank Sinar Harapan Bali 10,000,000 10,000,000 PT Bank Pembangunan Daerah Jawa Timur Tbk 9,000,000 3,000,000 PT Bank Panin Syariah 7,500,000 15,000,000 PT Bank Himpunan Saudara 1906 Tbk 5,000,000 3,012,268 PT Bank Victoria International Tbk 2,000,000 -- PT Bank DBS Indonesia 1,467,456 1,830,377 PT Bank Syariah Bukopin -- 32,000,000 PT Bank Syariah Mega Indonesia -- 9,000,000 PT Bank Jatim Syariah -- 8,000,000 PT Bank Mutiara Tbk -- 3,500,000 PT Bank Panin Tbk -- 2,000,000 PT Bank UOB Buana Indonesia Tbk -- 2,000,000 PT Bank Internasional Indonesia Syariah -- 2,000,000 2,925,276,282 3,089,877,709 Dolar Amerika Serikat/ United States Dollar Pihak Berelasi (Catatan 43)/ Related Party (Note 43) 13,684,000 13,407,900 13,684,000 13,407,900

Jumlah Deposito Berjangka/ Total Time Deposits 2,938,960,282 3,103,285,609 Jumlah Kas dan Setara Kas/ Total Cash and Cash Equivalents 3,290,783,678 3,514,061,335

Deposito Berjangka/ Time Deposits Jatuh Tempo (Bulan)/ Maturity Period (Months) 1 - 3 1 - 3 Tingkat Suku Bunga (%)/ Interest Rate (%) Rupiah 4.5 - 11.0 4.5 - 11.5 Dolar Amerika Serikat/ United States Dollar 1.5 1.5

Kas proyek merupakan uang tunai dan rekening giro yang Cash for projects represent cash on hand and in banks to tersedia untuk membiayai pemeliharaan dan pembangunan finance expenditures related to maintenance and toll roads jalan tol. construction.

d1/February 6, 2015 42 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

5. Investasi Jangka Pendek 5. Short-Term Investments

2014 2013 Rp Rp Efek Tersedia untuk Dijual Marketable Securities Available for Sale Reksadana Mandiri Investasi Mutual Fund Mandiri Dana Obligasi Seri II 4,529,650 4,529,650 Investment - Bond II Series Kenaikan Nilai Aset Bersih 2,613,862 2,098,260 Increase in Net Assets Value Jumlah 7,143,512 6,627,910 Total

Mutasi kenaikan nilai aset bersih adalah sebagai berikut: A movement of increase in net assets value is as follows:

2014 2013 Rp Rp Saldo Awal 2,098,260 3,292,095 Beginning Balance Laba (Rugi) Belum Direalisasi 515,602 (1,193,835) Unrealized Profit (Loss) Saldo Akhir 2,613,862 2,098,260 Ending Balance

6. Piutang Lain-lain 6. Other Receivables

Piutang lain-lain merupakan pendapatan yang akan Other receivables represent revenues to be received from rent diterima dari sewa lahan, sewa tempat istirahat, sewa of land, rest areas, advertisement spaces and interest on time ruang iklan dan bunga deposito berjangka yang akan deposits. diterima.

2014 2013 Rp Rp Piutang Lain-lain - Lancar/ Other Receivables - Current Pihak Berelasi (Catatan 43)/ Related Parties (Note 43) 12,032,044 10,999,014 Pihak Ketiga/ Third Parties Kementerian Pekerjaan Umum/ Ministry of Public Works 110,861,163 91,438,316 PT Nancy Wijaya 9,500,000 -- PT Graha Sarana Duta 5,653,384 3,629,682 PT Indocement Tunggal Prakarsa 1,381,972 2,625,182 Pegawai/ Employees 108,274 9,421,998 Lain-lain/ Others (Masing-masing di bawah Rp 1 Miliar)/ (Each below Rp 1 Billion) 19,412,420 59,083,719 Sub Jumlah/ Sub Total 158,949,257 177,197,911 Dikurangi/ Less: Cadangan Kerugian Penurunan Piutang/ Allowance for Impairment Losses Pihak Ketiga/ Third Parties (10,120,639) -- Sub Jumlah/ Sub Total (10,120,639) -- Jumlah Bersih/ Total Net 148,828,618 177,197,911

d1/February 6, 2015 43 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

2014 2013 Rp Rp Piutang Lain-lain - Tidak Lancar/ Other Receivables - Non Current Pihak Ketiga/ Third Parties PT Nancy Wijaya -- 9,500,000 Lain-lain / Others (Masing-masing di bawah Rp 1 Miliar)/ (Each below Rp 1 Billion) -- 26,550,509 Sub Jumlah/ Sub Total -- 36,050,509 Dikurangi/ Less: Cadangan Kerugian Penurunan Piutang/ Allowance for Impairment Losses Pihak Berelasi/ Related Parties -- (1,239,952) Pihak Ketiga/ Third Parties -- (15,059,891) Sub Jumlah/ Sub Total -- (16,299,843) Jumlah Bersih/ Net Total -- 19,750,666

Piutang kepada Kementerian Pekerjaan Umum merupakan R eceivable from the Ministry of Public Works represents piutang atas Dana Dukungan Pemerintah berdasarkan receivables of Government Support Fund based on first Amandemen I Perjanjian Pengusahaan Jalan Tol Lingkar amendment Concession Agreement (JORR Section "S") W2 Luar Jakarta (JORR) Seksi W2 Utara sesuai Akta Notaris Northern according to the Deed No. 24 dated November 18, Nomor 24 tanggal 18 November 2011 dibuat dihadapan 2011 of Notary Rina Utami Djauhari, in realization of the soil Notaris Rina Utami Djauhari, dalam hal realisasi exceeds the limit Procurement obligations of the Land Pengadaan tanah melebihi batasan kewajiban Biaya Acquisition Costs, the Company obtained government support Pengadaan Tanah, Perusahaan memperoleh dana of Rp 387,643,000,000. Based on Government Support dukungan Pemerintah sebesar Rp 387.643.000.000. Agreement (PPDP) No. 05/KU.08.01/PPDP/DDPPTJT/III/2012 Sesuai Perjanjian Pemberian Dukungan Pemerintah on March 21, 2012, the Company financed increase the price (PPDP) Nomor 05/KU.08.01/PPDP/DDPPTJT/III/2012 of land to be dependant by the Government and apply for tanggal 21 Maret 2012, Perusahaan membiayai terlebih reimbursement to the Government. dahulu Kenaikan harga tanah yang menjadi tanggungan Pemerintah dan mengajukan permohonan penggantian dana (reimbursement) kepada Pemerintah.

Manajemen berpendapat bahwa cadangan penyisihan Managemet believes that allowances made for impairment penurunan nilai atas piutang lain-lain adalah cukup untuk losses on other receivables are adequate to cover possible menutupi kerugian yang mungkin timbul dari tidak loss on uncollectible receivable. tertagihnya piutang tersebut.

Mutasi penyisihan kerugian penurunan nilai adalah sebagai Movement of allowance for impairment losses as follows: berikut:

2014 2013 Rp Rp Saldo Awal/ Beginning Balance 16,299,843 6,771,697 Penyisihan (Pemulihan) Kerugian selama Tahun Berjalan/ Allowance (Recovery) for Losses of Current Year (6,179,204) 9,528,146 Saldo Akhir/ Ending Balance 10,120,639 16,299,843

d1/February 6, 2015 44 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

7. Biaya Dibayar Dimuka 7. Prepaid Expenses

Merupakan biaya dibayar di muka atas sewa, asuransi, R epresent prepaid rent, insurance, office and toll supplies perlengkapan kantor dan tol serta uang muka perjalanan and advances for business travel. dinas. 2014 2013 Rp Rp Biaya Dibayar di Muka 65,241,828 5,532,072 Prepaid Expenses Uang Muka Internal 6,722,989 1,908,516 Internal Advances Uang Muka Pekerjaan 17,386 18,326,977 Work Advances Jumlah 71,982,203 25,767,565 Total

8. Perpajakan 8. Taxation a. Pajak Dibayar Dimuka a. Prepaid Taxes 2014 2013 Rp Rp Perusahaan The Company PPh Pasal 28.a Tahun 2013 120,817,859 63,549,023 Income Tax Article 28.a Year 2013 Entitas Anak Subsidiaries Pajak Penghasilan: Income Taxes: Pasal 23 243,147 -- Article 23 Pajak Pertambahan Nilai 1,572,697 1,100,643 Value Added Tax 1,815,844 1,100,643 Jumlah 122,633,703 64,649,666 Total

b. Utang Pajak b. Tax Payables

2014 2013 Rp Rp Perusahaan The Company Pajak Penghasilan: Income Tax: Pasal 4 (2) 9,176,038 8,548,260 Article 4 (2) Pasal 21 22,639,595 25,935,317 Article 21 Pasal 23 2,008,861 1,191,347 Article 23 Pasal 25 32,122,970 30,186,327 Article 25 Pasal 29 140,582,339 -- Article 29 Pajak Pertambahan Nilai 42,611,553 21,455,327 Value Added Tax Kewajiban Pajak Lainnya -- 646,066 Other Tax Liabilities 249,141,356 87,962,644 Entitas Anak Subsidiaries Pajak Penghasilan: Income Tax: Pasal 4 (2) 5,177,222 12,665,878 Article 4 (2) Pasal 21 4,259,803 3,726,995 Article 21 Pasal 23 668,655 1,297,505 Article 23 Pasal 26 14,293 13,712 Article 26 Pasal 29 546,490 1,354,816 Article 29 Pajak Pertambahan Nilai 1,757,629 38,853 Value Added Tax 12,424,092 19,097,759 Jumlah 261,565,448 107,060,403 Total

d1/February 6, 2015 45 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

c. Beban Pajak Penghasilan c. Income Tax Expenses 2014 2013 Rp Rp Perusahaan The Company Pajak Kini 526,662,455 299,062,091 Current tax Pajak Tangguhan 36,132,729 64,523,831 Deferred Tax 562,795,184 363,585,922 Entitas Anak Subsidiaries Pajak Kini 4,981,039 1,537,942 Current tax Pajak Tangguhan 38,865,843 16,726,420 Deferred Tax 43,846,882 18,264,362 Konsolidasian Consolidated Pajak kini 531,643,494 300,600,033 Current Tax Pajak Tangguhan 74,998,572 81,250,251 Deffered Tax Jumlah 606,642,066 381,850,284 Total

Pajak Kini Current Tax Rekonsiliasi antara laba sebeIum pajak penghasilan A reconciliation between income before income tax as menurut laporan laba rugi dengan laba kena pajak: reported in the statements of income and taxable income is as follows:

2014 2013 Rp Rp Laba Konsolidasian Sebelum Pajak Penghasilan Badan 1,821,973,793 1,310,638,031 Consolidated Income Before Tax Dikurangi: Laba (Rugi) Entitas Anak (144,249,845) (80,609,531) Less: Portion of Subsidiaries Income (Loss) Laba Sebelum Pajak Penghasilan - Perusahaan 1,966,223,638 1,391,247,562 Income Before Tax - The Company Perhitungan Pajak Penghasilan Perusahaan Calculation of Income Tax - sebagai berikut: the Company as follows: Koreksi Positif (Negatif) atas Positive (Negative) Corrections on Laba Komersial: Commercial Income: Beban Pengumpulan Tol 9,578,146 20,358,453 Toll Road Collection Expenses Pendapatan Konstruksi (243,104,218) (755,561,481) Construction Revenues Beban Pelayanan Pemakai Jalan ToI 5,135,293 2,570,683 Toll Road Services Expenses Beban Pemeliharaan Jalan Tol 1,391,922 1,183,047 Maintenance Cost of Toll Road Beban Konstruksi 238,571,362 749,452,797 Construction Expenses Beban Umum dan Administrasi 59,365,201 56,009,933 General and Administrative Expenses Bagian Rugi Perusahaan Asosiasi 399,621,370 155,852,504 Income (loss) of Associates Penyusutan Aset Tetap, Pelapisan Ulang Depreciation of Fixed Assets, Overlay Charges dan Amortisasi Biaya Emisi Obligasi (211,900,313) (310,936,161) and Amortization of Bond Issuance Cost Tantiem 20,000,000 19,250,000 Bonuses Realisasi Pembayaran Tantiem (19,000,000) (12,000,000) Realization of Payment Bonuses Beban Bunga 134,687,115 93,363,207 Interest Expenses Penghasilan Dikenakan Pajak Final (329,319,257) (423,632,083) Income Subject to Final Tax Biaya Perolehan Penghasilan Dikenakan Acquisition Cost of Income Subject Pajak Final 3,469,524 151,578,634 to Final Tax Liabilitas Imbalan Kerja 67,369,398 52,840,837 Employee Benefits Obligation Beban Piutang Karyawan 861,844 1,327,219 Employee Receivable Expenses Beban Bunga Efektif Interest Rate 3,698,796 3,343,212 Effective Rate Interest Expenses Jumlah 140,426,183 (194,999,199) Total Laba Kena Pajak 2,106,649,821 1,196,248,363 Taxable Income

Beban Pajak Kini pada Tarif Pajak yang Berlaku 526,662,455 299,062,091 Current Tax Expense at Effective Tax Rate d1/February 6, 2015 46 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

2014 2013 Rp Rp Dikurangi: Uang Muka Pajak Less: Prepaid Taxes Pajak Penghasilan Pasal 23 604,479 375,192 Income Tax Article 23 Pajak Penghasilan Pasal 25 385,475,637 362,235,922 Income Tax Article 25 Jumlah 386,080,116 362,611,114 Total Kurang (Lebih) Bayar Pajak Penghasilan Less (excess) Payment Income Tax Perusahaan 140,582,339 (63,549,023) The Company Entitas Anak 546,490 1,354,816 Subsidiaries Jumlah Lebih Bayar (Utang) Pajak - Consolidated - Income Tax Over Payment Konsolidasian 141,128,829 (62,194,207) (Payable)

Berdasarkan peraturan perpajakan Indonesia, Under the taxation laws of Indonesia, the Company Perusahaan menyampaikan surat pemberitahuan submits tax returns on the basis of self-assessment. The sendiri atas jumlah pajak yang terutang. Direktorat Directorate General of Taxes may assess and amend the Jenderal Pajak dapat menetapkan dan mengubah tax payable within 5 years after the date when the tax kewajiban pajak dalam batas waktu 5 tahun sejak becomes payable. tanggal terutangnya pajak.

Perhitungan pajak penghasilan revisi untuk tahun yang The revised income tax calculation for the year ended berakhir pada tanggal 31 Desember 2013 akan December 31, 2013 will be reported in the Annual dilaporkan dalam SPT Tahunan Pajak Penghasilan Corporate Income Tax Return submitted to the Tax Office. yang disampaikan ke Kantor Pajak.

Pajak Tangguhan Deferred Tax Pajak tangguhan dihitung berdasarkan pengaruh dari Deferred tax is calculated using all temporary differences perbedaan temporer antara jumlah tercatat aset dan between tax bases of assets and liabilities and their liabilitas menurut laporan keuangan dengan dasar carrying amounts in the financial statements. The details of pengenaan pajak aset dan liabilitas. Rincian aset dan deferred tax assets and liabilities are as follows: liabilitas pajak tangguhan sebagai berikut:

31 Desember 2012/ Dibebankan ke Penyesuaian/ 31 Desember 2013/ Dibebankan ke 31 Desember 2014/ December 31, 2012 Laba Rugi/ Adjustment December 31, 2013 Laba Rugi/ December 31, 2014 Charged to Charged to Statements Statements Income Income Rp Rp Rp Rp Rp Rp Liabilitas (Aset) Pajak Tangguhan/ Deferred Tax Liabilities (Assets) Perusahaan/ The Company Aset Tetap dan Aset Tak Berwujud/ Fixed Assets and Intangible Assets 508,679,678 79,661,306 4,177,326 592,518,310 58,503,875 651,022,185 Provisi Pelapisan Jalan Tol/ Provision for Overlay 8,772,625 (1,927,266) -- 6,845,359 (5,426,509) 1,418,850 Liabilitas Imbalan Kerja/ Employee Benefits Liabilities (63,308,429) (13,210,209) (3,836,287) (80,354,925) (16,944,637) (97,299,562) Jumlah/ Total 454,143,874 64,523,831 341,039 519,008,744 36,132,729 555,141,473 Entitas Anak/ Subsidiaries Aset Tetap dan Aset Tak Berwujud/ Fixed Assets and Intangible Assets 14,136,341 26,042,917 -- 40,179,258 41,370,441 81,549,699 Provisi Pelapisan Jalan Tol/ Provision for Overlay -- (3,239,186) -- (3,239,186) (3,188,594) (6,427,780) Liabilitas Imbalan Kerja/ Employee Benefits Liabilities (2,129,582) 997,653 -- (1,131,929) 683,996 (447,933) Penyisihan Kerugian Penurunan Piutang/ Allowance for Impairment Losses -- (2,390,137) -- (2,390,137) -- (2,390,137) Rugi Fiskal/ Fiscal Loss 415,295 (4,684,827) 344,336 (3,925,196) -- (3,925,196) Jumlah/ Total 12,422,054 16,726,420 344,336 29,492,810 38,865,843 68,358,653 Liabilitas Pajak Tangguhan Konsolidasian/ Consolidated Deferred Tax Liabilities 466,565,928 81,250,251 685,375 548,501,554 74,998,572 623,500,126

d1/February 6, 2015 47 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

Rekonsiliasi antara beban pajak penghasilan dan hasil The reconciliation between income tax expense and the perkalian laba akuntansi sebelum pajak penghasilan result of the multiplication of accounting income before dengan tarif pajak yang berlaku sebagai berikut: income tax with the current tax rate is as follows:

2014 2013 Rp Rp Laba Sebelum Pajak Penghasilan Perusahaan 1,966,223,638 1,391,247,562 Income BeforeTax of the Company Beban Pajak pada Tarif yang Berlaku 491,555,910 347,811,891 Tax Expense at Effective Tax Rate: Beban Pengumpulan Tol 2,394,537 5,089,613 Toll Road Collection Expenses Pendapatan Konstruksi (60,776,055) (188,890,370) Construction Revenue Beban Pelayanan Pemakai Jalan Tol 1,283,823 642,671 Toll Road Services Expenses Beban Pemeliharaan Jalan Tol 347,981 295,762 Toll Road Maintenance Expenses Beban Konstruksi 59,642,841 187,363,199 Construction Expenses Beban Umum dan Administrasi 14,841,300 14,002,483 General and Administrative Expenses Bagian Rugi Perusahaan Asosiasi 99,905,343 38,963,126 Profit on Associate Companies’ Net Income Penyusutan Aset Tetap, Pelapisan Ulang Depreciation of Fixed Asset, Amortization of dan Amortisasi Biaya Emisi Obligasi (52,975,078) (77,734,040) Overlay Charges and Bond Issuance Cost Tantiem 5,000,000 4,812,500 Bonuses Realisasi Pembayaran Tantiem (4,750,000) (3,000,000) Realization of Payment Bonuses Beban Bunga 33,671,779 23,340,802 Interest Expenses Penghasilan Dikenakan Pajak Final (82,329,814) (105,908,021) Income Subject to Final Tax Biaya Perolehan Penghasilan Dikenakan Acquisition Cost of Income Subject to Pajak Final 867,381 37,894,659 Final Tax Liabilitas Imbalan Kerja 16,842,350 13,210,209 Employee Benefits Obligation Beban Piutang Karyawan 215,461 331,805 Employee Receivable Expense Beban Bunga Efektif Interest Rate 924,696 835,802 Effective Rate Interest Expenses Jumlah 35,106,545 (48,749,800) Total Jumlah Beban Pajak Kini 531,643,494 300,600,033 Total Current Tax Expenses Jumlah Beban Pajak Tangguhan 74,998,572 81,250,251 Total Deferred Tax Expenses Jumlah Beban Pajak – Konsolidasian 606,642,066 381,850,284 Total of Tax Expenses – Consolidation

9. Dana Ditetapkan Penggunaannya 9. Appropriated Funds

2014 2013 Rp Rp Jaminan Pelaksanaan/ Performance Bond Pihak Berelasi (Catatan 43)/ Related Parties (Note 43) 16,350,000 27,656,063 Jaminan Pembebasan Tanah/ Land Acquisition Guarantees Pihak Berelasi (Catatan 43)/ Related Parties (Note 43) 21,630,940 6,496,257 Pihak Ketiga/ Third Parties PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk 32,110,503 44,036,995 PT Bank Bukopin Tbk 6,800,000 11,250,000 PT Bank UOB Indonesia -- 26,850,000 Jaminan Sindikasi Bank/ Syndicated Bank Guarantees Pihak Berelasi (Catatan 43)/ Related Parties (Note 43) 130,667,718 110,015,112 Pihak Ketiga/ Third Parties PT Bank Central Asia, Tbk 4,390,033 -- PT Bank Pembangunan Daerah Jawa Tengah 156,443 -- Rekening Khusus/ Special Account 604,798,152 233,010,674 816,903,789 459,315,101 Jumlah/ Total d1/February 6, 2015 48 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

Rekening Khusus Appropriated Account Rekening khusus merupakan rekening atas pendapatan dari Appropriated account represents account derived from pengoperasian JORR Seksi S setelah dikurangi biaya operational income of JORR Section S after deduction of operasional, termasuk didalamnya beban amortisasi, dan operational, including amortization expense and maintenance pemeliharaan yang dipisahkan dan dimasukkan dalam expenses which were separated and transferred to a specific rekening khusus sesuai dengan Surat Keputusan Menteri account in accordance with Decision Letter of Minister of Pekerjaan Umum No. 80.1/KPTS/M/ 2013 tanggal Public Works No.80.1/KPTS/M/2013 date February 25, 2013 25 Pebruari 2013 (lihat Catatan 44.h). (see Note 44.h).

10. Investasi pada Entitas Asosiasi 10. Investments in Associates

Perusahaan memiliki penyertaan saham pada entitas asosiasi The Company has investments in associates which yang dipertanggungjawabkan dengan metode ekuitas. Nilai accounted for using the equity method. The carrying values of tercatat penyertaan saham tersebut sebagai berikut: such investment in shares are as follows:

31 Desember/ December 2014 Perubahan Selama Periode Berjalan/ Changes in Current Period Nilai Tercatat Penambahan Nilai Tercatat Penyertaan (Pengurangan) Bagian Laba Penyertaan Persentase Awal Tahun/ Penyertaan/ (Rugi) Bersih/ Penerimaan Akhir Tahun/ Kepemilikan/ Carrying Value Additions Portion in Dividen/ Carrying Entitas Asosiasi/ Percentage at Beginning (Deduction) Net Profit Dividend Value at End Associates Company Status Ownership of Year of Investment (Loss) Received of Year

PT Citra Bhakti Margatama Pengakhiran PKP/ Persada (CBMP) Termination of Concession 34.83 56,787,000 ------56,787,000 PT Citra Ganesha Marga Pengakhiran PKP/ Nusantara (CGMN) Termination of Concession 30.00 16,914,266 ------16,914,266 PT lsmawa Trimitra (IT) Operasi/ Operate 25.00 8,976,442 -- 1,030,628 (1,149,845) 8,857,225 PT Bukaka Marga Utama (BMU) Belum Operasi/ Not Yet Operated 20.00 9,436,000 ------9,436,000 PT Trans Lingkar Kita Jaya (TLKJ) Operasi/ Operate 21.24 170,260,633 -- (7,772,587) -- 162,488,046 262,374,341 -- (6,741,959) (1,149,845) 254,482,537

Dikurangi/ Deducted Penurunan Nilai Penyertaan pada CBMP/ (56,786,999) (56,786,999) Impairment of Investment in CBMP Penurunan Nilai Penyertaan pada CGMN/ (16,914,265) (16,914,265) Impairment of Investment in CGMN Penurunan Nilai Penyertaan pada BMU/ (9,435,999) (9,435,999) Impairment of Investment in BMU (83,137,263) (83,137,263) Jumlah/ Total 179,237,078 171,345,274

d1/February 6, 2015 49 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

31 Desember/ December 2013 Perubahan Selama Periode Berjalan/ Changes in Current Period Nilai Tercatat Penambahan Nilai Tercatat Penyertaan (Pengurangan) Bagian Laba Penyertaan Persentase Awal Tahun/ Penyertaan/ (Rugi) Bersih/ Penerimaan Akhir Tahun/ Kepemilikan/ Carrying Value Additions Portion in Dividen/ Carrying Entitas Asosiasi/ Percentage at Beginning (Deduction) Net Profit Dividend Value at End Associates Company Status Ownership of Year of Investment (Loss) Received of Year PT Citra Bhakti Margatama Pengakhiran PKP/ Persada (CBMP) Termination of Concession 34.83 56,787,000 ------56,787,000 PT Citra Ganesha Marga Pengakhiran PKP/ Nusantara (CGMN) Termination of Concession 30.00 16,914,266 ------16,914,266 PT Jatim Marga Utama (JMU) Belum Operasi/ Not Yet Operated -- 12,858,000 (12,858,000) ------PT lsmawa Trimitra (IT) Operasi/ Operate 25.00 8,305,808 -- 670,634 -- 8,976,442 PT Bukaka Marga Utama (BMU) Belum Operasi/ Not Yet Operated 20.00 9,436,000 ------9,436,000 PT Trans Lingkar Kita Jaya (TLKJ) Operasi/ Operate 21.24 154,581,281 21,240,000 (5,560,648) -- 170,260,633 258,882,355 8,382,000 (4,890,014) -- 262,374,341 Dikurangi/ Deducted Penurunan Nilai Penyertaan pada CBMP/ (56,786,999) (56,786,999) Impairment of Investment in CBMP Penurunan Nilai Penyertaan pada CGMN/ (16,914,265) (16,914,265) Impairment of Investment in CGMN Penurunan Nilai Penyertaan pada BMU/ (9,435,999) (9,435,999) Impairment of Investment in BMU (83,137,263) (83,137,263) Jumlah/ Total 175,745,092 179,237,078

a. PT Citra Bhakti Margatama Persada (CBMP) a. PT Citra Bhakti Margatama Persada (CBMP) PT Citra Bhakti Margatama Persada didirikan PT Citra Bhakti Margatama Persada was established berdasarkan Akta No. 50, tanggal 11 Desember 1995 dari based on the Deed No.50, dated December 11, 1995 of Notaris Siti Pertiwi Henny Singgih, SH. Penyertaan pada Notary Siti Pertrwi Henny Singgih, SH. The investment in CBMP dilakukan sehubungan dengan penyelenggaraan CBMP was made in relation to the construction and proyek jalan tol JORR Seksi E2-E3- N (Cikunir-Cakung- operation of JORR toll road Section E2-E3-N (Cikunir- Cilincing-Tanjung Priok) untuk jangka waktu 33 tahun Cakung-Cilincing-Tanjung Priok) for a period of 33 years yang berakhir pada tahun 2028, Perusahaan memiliki ending in 2028. The Company owns 56,787,000 shares at 56.787.000 saham dengan nilai nominal Rp 1.000 par value of Rp 1,000 (full Rupiah) per share or equivalent (Rupiah penuh) per saham atau setara dengan to Rp 56,787,000,000 (full Rupiah), representing 34.83% Rp 56.787.000.000 (Rupiah penuh) yang merupakan ownership. 34,83% kepemilikan.

Pembangunan jalan tol oleh CBMP dibiayai dari fasilitas Toll road construction by CBMP was financed by loan pinjaman sindikasi bank. Krisis ekonomi telah facilities from a banking syndicate. The economic crisis menyebabkan ketidakpastian terhadap kemampuan created uncertainty of the ability of CBMP to settle its CBMP dalam menyelesaikan kewajibannya pada saat liabilities at the maturity date and in using the loan jatuh tempo dan dalam merealisasikan fasilitas pinjaman facilities to finance the toll road construction progress. A untuk pembiayaan jalan tol tahap konstruksi. banking restructuring conducted by certain of CBMP’s Restrukturisasi perbankan yang dilakukan terhadap creditors resulted in the stoppage of toll road construction. sebagian dari kreditur CBMP telah mengakibatkan The Company issued Letter No. AA.02.1009, dated July penghentian pelaksanaan pembangunan jalan tol. Adanya 25, 2000 to CBMP regarding the termination of the surat Perusahaan kepada CBMP No. AA.02.1009 tanggal Concession Agreement No. 96, dated December 16, 25 JuIi 2000 mengenai pengakhiran PKP No.96 tanggal 1995. As a consequence of this termination the 16 Desember 1995 mengakibatkan penyertaan Company’s investment in the associate company has no Perusahaan pada entitas asosiasi ini tidak memiliki nilai economic value. The Company has recognized loss on ekonomis. Perusahaan mengakui kerugian penurunan impairment of the investment shares of CBMP in 2000 nilai penyertaan saham pada CBMP pada tahun 2000 amounting to Rp 56,786,999,000 (full Rupiah). sebesar Rp 56.786.999.000 (Rupiah penuh).

d1/February 6, 2015 50 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

b. PT Citra Ganesha Marga Nusantara (CGMN) b. PT Citra Ganesha Marga Nusantara (CGMN) PT Citra Ganesha Marga Nusantara didirikan PT Citra Ganesha Marga Nusantara was established berdasarkan Akta No. 300, tanggal 22 Desember 1993 based on the Deed No. 300, dated December 22, 1993, of dari Notaris Siti Pertiwi Henny Singgih, SH, juncto Akta Notary Siti Pertiwi Henny Singgih, SH, in conjunction with No. 67, tanggal 7 Juli 1994 dari Notaris Sri Laksmi the Deed No. 67, dated July 7, 1994 of Notary Sri Laksmi Damayanti, SH. Penyertaan pada CGMN dilakukan Damayanti, SH. The investment in CGMN was made in sehubungan dengan penyelenggaraan proyek jalan tol relation to the construction and operation of the Cikampek Cikampek–Padalarang. Perusahaan memiliki 5.310 – Padalarang toll road project. The Company owns 5,310 saham dengan nilai nominal Rp 1.841.000 (Rupiah shares at par value of Rp 1,841,000 (full Rupiah) per penuh) per saham atau setara dengan share or equivalent to Rp 9,775,710,000 (full Rupiah) Rp 9.775.710.000 (Rupiah penuh) yang merupakan 30% representing 30% ownership. kepemilikan.

Berdasarkan surat Menteri Pekerjaan Umum Republik Based on the Decree of the Minister of Public Works of Indonesia No. KU.201-Mn/68 tanggal 4 Maret 1996 dan the Republic of Indonesia No. KU.201-Mn/68 dated March surat Menteri Keuangan Republik Indonesia 4, 1996 and the Letter of the Minister of Finance of the No. 1562/A/52/0496 tanggal 18 April 1996, Perusahaan Republic of Indonesia No. 1562/A/52/0496 dated April 18, memperoleh pengalihan Intelectual Property Rights (IPR) 1996, the Company obtained a transfer of “Intelectual dalam bentuk disain proyek jalan tol Cikampek – Property Rights (IPR)” in the form of project design of Padalarang sebesar UK Poundsterling 4,700,000 atau Cikampek – Padalarang toll road amounting to Great setara dengan Rp 16.914.266.000 (Rupiah penuh) Britain Poundsterling 4,700,000 or equivalent to sebagai Tambahan Modal Disetor Pemerintah pada Rp 16,914,266,000 (full Rupiah) as Additional Paid up Perusahaan. Selanjutnya, Perusahaan mengalihkan IPR Capital from the Government to the Company. The tersebut kepada CGMN sebagai penyertaan saham Company then transferred the IPR to CGMN as an Perusahaan di CGMN. Berdasarkan perjanjian usaha investment by the Company in CGMN. Based on the joint patungan antara Perusahaan dengan CGMN, IPR venture agreement between the Company and CGMN, tersebut dinilai setara dengan USD 8,530,000. the IPR was valued equal to USD 8,530,000. According to Berdasarkan Keputusan Rapat Umum Pemegang Saham the decision of the Extraordinary General Meeting of Luar Biasa CGMN tanggal 10 Juli 1998 mengenai Shareholders held by CGMN on July 10, 1998 regarding Peningkatan Modal Disetor, kepemilikan saham pada the increase in paid up capital, the Company owns 8,530 CGMN sejumlah 8.530 saham dengan nilai nominal shares at par value of USD 8,530,000 or equal to USD 8,530,000 atau setara dengan Rp 16.914.266.000 Rp 16,914,266,000 (full Rupiah). (Rupiah penuh).

Berdasarkan surat Perusahaan kepada CGMN On July 25, 2001, based on the Company’s Letter No. AA.HK01.1273 tanggal 25 Juli 2001 mengenai No. AA.HK01.1273 to CGMN regarding termination of the pengakhiran PKP No. 297 sebagai tindak lanjut dari Surat Concession Agreement No. 297 in order to implement the Keputusan Menteri Pemukiman dan Prasarana Wilayah Decree of the Minister of Settlement and Regional Republik Indonesia (Menkimpraswil) No. 417, tanggal Infrastructure of the Republic of Indonesia 18 Juli 2001 mengenai pencabutan Keputusan No. 417 dated July 18, 2001 regarding cancellation of the Menteri Pekerjaan Umum Republik Indonesia Decree of the Minister of Public Works of the Republic of No. 321/KPTS/1994, tanggal 24 Oktober 1994 mengenai Indonesia No. 321/KPTS/1994 dated October 24,1994 Pemberian Izin Kerjasama Penyelenggaraan Jalan Tol regarding the Granting of license to Concession Cikampek – Padalarang kepada Perusahaan dalam Agreement to the Company to operate the Cikampek – bentuk usaha patungan dengan CGMN mengakibatkan Padalarang toll road in the form of a joint venture with penyertaan Perusahaan pada entitas asosiasi ini tidak CGMN. Due to such termination, the investment in CGMN memiliki nilai ekonomis. Perusahaan mengakui kerugian has no economic value. The Company recognized loss on penurunan nilai penyertaan saham pada CGMN sebagai the permanent impairment of this investment in shares of beban tahun 2001 sebesar Rp 16.914.266.000 (Rupiah CGMN as an expense in 2001 amounting to penuh). Rp 16,914,266,000 (full Rupiah). c. PT Ismawa Trimitra (IT) c. PT Ismawa Trimitra (IT) PT Ismawa Trimitra didirikan berdasarkan akta notaris PT Ismawa Trimitra was established based on notarial No. 69 tanggal 14 Juni 1995 dibuat oleh Imas Fatimah, deed No. 69 dated June 14, 1995 of Imas Fatimah, S.H., S.H., dalam rangka pengusahaan jasa sewa ruang aimed to develop services in office spaces and rest area perkantoran dan tempat istirahat di ruas tol. Anggaran spaces rental. IT’s Articles of Association had been Dasar IT telah beberapa kali diubah, dengan perubahan amended several times, which the latest was based on terakhir berdasarkan akta notaris No. 1 tanggal 4 notarial deed No. 1 dated September 4, 2014 of d1/February 6, 2015 51 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

September 2014 dari Lumassia, S.H. Akta perubahan Lumassia, S.H. The deed of amendment was approved disahkan oleh Menteri Hukum dan Hak Asasi Manusia by the Minister of Law and Human Rights of the Republic Republik Indonesia dengan Surat Keputusan No. AHU- of Indonesia in Decision Letter No. AHU- 27882.40.22.2014 tanggal 4 September 2014. IT 27882.40.22.2014 dated September 4, 2014. IT is berdomisili di Jakarta. domiciled in Jakarta.

Perusahaan memiliki 6.250.000 saham dengan nilai The Company owns 6,250,000 shares at par value of nominal Rp 1.000 (Rupiah penuh) per saham atau setara Rp 1,000 (full Rupiah) per share or equivalent to dengan Rp 6.250.000.000 (Rupiah penuh), yang Rp 6,250,000,000 (full Rupiah), representing 25% ownership merupakan 25% kepemilikan pada tanggal 31 Desember as of December 31, 2014. 2014. d. PT Bukaka Marga Utama (BMU) d. PT Bukaka Marga Utama (BMU) PT Bukaka Marga Utama didirikan berdasarkan Akta PT Bukaka Marga Utama was established based on the No. 5 tanggal 17 Pebruari 1997 dari Notaris Sri Rahayu Deed No. 5 dated February 17, 1997 of Notary Sri Sedyono, SH. Penyertaan pada BMU dilakukan Rahayu Sedyono, SH, The investment in BMU was made sehubungan dengan penyelenggaraan proyek jalan tol in relation to the construction and operation of the Ciawi- Ciawi-Sukabumi. Perusahaan memiliki 4,000 saham Sukabumi toll road project. The Company owns 4,000 dengan nilai nominal Rp 2.359.000 (Rupiah penuh) per shares at par value Rp 2,359,000 (full Rupiah) per share saham atau setara dengan Rp 9.436.000.000 (Rupiah or equivalent to Rp 9,436,000,000 (full Rupiah), penuh) yang merupakan 20% kepemilikan. representing of 20% ownership.

Pemegang saham mayoritas BMU tidak dapat memberi Since the majority shareholders of BMU could not give kepastian atas pembangunan ruas jalan tol yang telah assurance regarding the toll road development as agreed disetujui sesuai dengan PKP. Perusahaan mengakui under the Concession Agreements, the Company kerugian penurunan nilai atas penyertaan saham pada recognized the loss on impairment of this investment as BMU sebagai beban tahun 2005 sebesar an expense in 2005 amounted to Rp 9.435.999.000 (Rupiah penuh). Rp 9,435,999,000 (full Rupiah). e. PT Trans Lingkar Kita Jaya (TLKJ) e. PT Trans Lingkar Kita Jaya (TLKJ) PT Trans Lingkar Kita Jaya didirikan berdasarkan akta PT Trans Lingkar Kita Jaya was established based on notaris No. 18 tanggal 19 Januari 2006 dari Agus Madjid, notarial deed No. 18 dated January 19, 2006 of Notary S.H., dalam rangka pengusahaan ruas tol Cinere- Agus Madjid, S.H., aimed to develop Cinere-Jagorawi toll Jagorawi. Akta pendirian disahkan oleh Menteri Hukum road. The deed of establishment was approved by the dan Hak Asasi Manusia Republik Indonesia dalam Surat Minister of Law and Human Rights of the Republic of Keputusan No. C-03269.HT.01.01 tanggal 7 Pebruari Indonesia in Decision Letter No. C-03269.HT.01.01 dated 2006. February 7, 2006.

Anggaran Dasar TLKJ telah beberapa kali diubah dengan TLKJ’s Articles of Association had been amended several perubahan terakhir berdasarkan akta notaris No. 76 times, which the latest was based on notarial deed No. 76 tanggal 29 November 2012 dari Nanette Cahyanie dated November 29, 2012 of Nanette Cahyanie Handari Handari Adi Warsito, S.H.. Akta perubahan disahkan oleh Adi Warsito, S.H. The deed of amendment was approved Menteri Hukum dan Hak Asasi Manusia Republik by the Minister of Law and Human Rights of the Republic Indonesia dalam Surat Keputusan No. AHU-AH.01.10- of Indonesia in Decision Letter No. AHU-AH.01.10-42622 42622 tanggal 30 November 2012. TLKJ berdomisili di dated November 30, 2012. TLKJ is domiciled in Jakarta. Jakarta.

Perusahaan memiliki 131.688 saham dengan nilai The Company owns 131,688 shares at par value of nominal Rp 1.000.000 (Rupiah penuh) per saham atau Rp 1,000,000 (full Rupiah) per share or equivalent to setara dengan Rp 131.688.000.000 (Rupiah penuh), yang Rp 131,688,000,000 (full Rupiah), representing 21.24% merupakan 21,24% kepemilikan pada tanggal ownership as of December 31, 2014. 31 Desember 2014.

d1/February 6, 2015 52 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

11. Aset Keuangan Lainnya 11. Other Financial Assets

Perusahaan memiliki penyertaan saham yang dikategorikan The Company has investment in shares categorized as sebagai aset keuangan tersedia untuk di jual yang dicatat available-for-sale financial asset that accounted for at cost sebagai harga perolehan sebagai berikut: which detail as follow:

2014 2013 Perusahaan/ Company Status/ Status Rp % Rp % PT Jakarta Lingkar Barat Satu (JLB) Operasi/ Operate 180,632,000 19.10 180,632,000 19.10 PT Marga Mandala Sakti (MMS) Operasi/ Operate 28,000,000 1.94 28,000,000 1.94 PT Citra Margatama Surabaya (CMS) Operasi/ Operate 20,000,000 5.26 20,000,000 5.26 PT Marga Nurindo Bhakti (MNB) Pengakhiran PKP/ Termination of Concession 9,500,000 10.00 9,500,000 10.00 PT Margabumi Matraraya (MBM) Operasi/ Operate 5,500,000 6.47 5,500,000 6.47 PT Citra Mataram Satriamarga Persada (CMSP) Pengakhiran PKP/ Termination of Concession 4,725,000 15.00 4,725,000 15.00 PT Margaraya Jawa Tol (MJT) Belum Operasi/ Not Yet Operated 4,143,438 2.47 4,143,438 2.47 PT Bosowa Marga Nusantara (BMN) Operasi/ Operate 3,332,000 1.47 3,332,000 1.47 PT Jatim Marga Utama (JMU) Belum Operasi/ Not Yet Operated 3,000,000 7.00 3,000,000 7.00 PT Marga Mawatindo Esprit (MME) Pengakhiran PKP/ Termination of Concession 2,780,862 8.33 2,780,862 8.33 PT Marga Net One Limited (MNOL) Pengakhiran PKP/ Termination of Concession 15,291 10.00 15,291 10.00 261,628,591 261,628,591 Jumlah/ Total 261,628,591 261,628,591 Dikurangi/Deducted: Penurunan Nilai Penyertaan pada MNB/ Impairment of Investment in MNB (9,499,999) (9,499,999) Penurunan Nilai Penyertaan pada CMSP/ Impairment of Investment in CMSP (4,724,999) (4,724,999) Penurunan Nilai Penyertaan pada MME/ Impairment of Investment in MME (2,780,860) (2,780,860) Penurunan Nilai Penyertaan pada MNOL/ Impairment of Investment in MNOL (15,289) (15,289) (17,021,147) (17,021,147)

Jumlah/ Total 244,607,444 244,607,444 a. PT Jakarta Lingkar Baratsatu (JLB) a. PT Jakarta Lingkar Baratsatu (JLB) Perusahaan telah melakukan pengakhiran kerjasama The Company had terminated cooperation in completing penyelenggaraan jalan tol JORR Seksi W1 dan Toll Road JORR Section W1 and withdrawn cooperation pencabutan izin kerjasama dalam Surat Keputusan license in the Decree of the Minister of Public Works Menteri Pekerjaan Umum No. 80/KPTS/1997 tanggal No. 80/KPTS/1997 dated April 4, 1997 due to there’s no 4 April 1997 sehubungan dengan tidak adanya kejelasan clear willingness to continue construction project of Toll kelanjutan pembangunan proyek jalan tol JORR W-1. Road JORR W-1. With reference to the Decree of the Menunjuk surat Menteri Pekerjaan Umum No. JL.0103- Minister of Public Works No. JL.0103-Mn/271 dated Mn/271, tanggal 31 Maret 2005, Menteri Pekerjaan Umum March 31, 2005; the Minister of Public Works asked the

d1/February 6, 2015 53 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

meminta Perusahaan dan JLB melakukan penilaian Company and JLB to conduct reevaluation on the kembali tentang kelayakan untuk melanjutkan kerjasama feasibility of continuing cooperation in development of Toll dalam pelaksanaan pembangunan ruas jalan tol JORR Road JORR Section W-1. Seksi W-1.

Pada tanggal 2 Pebruari 2007, PT Jakarta Lingkar On February 2, 2007, PT Jakarta Lingkar Baratsatu (JLB) Baratsatu (JLB) selaku pemegang hak pengusahaan as the owner of concession rights of Toll Road JORR jalan tol JORR Seksi W-1 telah menandatangani Section W1 has entered into Contract of Concession Toll Perjanjian Pengusahaan Jalan Tol (PPJT) JORR Seksi Road JORR Section W-1 No. 02/PPJT/II/Mn/2007 with W-1 No. 02/PPJT/II/Mn/2007 dengan masa konsesi concession period of 35 years and effectively on February selama 35 tahun dan berlaku efektif sejak 2 Pebruari 2, 2007. Based on agreement of the investments in 2007. Berdasarkan perjanjian penyertaan saham pada shares of JLB No.2 dated February 4, 2009 from Notary JLB No.2 tanggal 4 Pebruari 2009 dari Notaris Febrian, Febrian, S.H.. The Company had participated in JLB with S.H.. Perusahaan melakukan penyertaan pada JLB in-kind method for building of Simpang Susun dengan cara in-kind berupa bangunan Simpang Susun Penjaringan with participation value of Rp Penjaringan dengan nilai penyertaan sebesar 180,632,000,000 (full Rupiah) or equivalent to 180,632 Rp 180.632.000.000 (Rupiah penuh) atau setara dengan shares wih par value Rp 1,000,000 per share, or 180.632 saham dengan nilai nominal equivalent to 23% participation from total issued share Rp 1.000.000 per lembar, atau setara dengan 23% capital. penyertaan dari total saham ditempatkan.

Berdasarkan Berita Acara Rapat Umum Luar Biasa “Based on Minutes of the Extraordinary General Meeting Pemegang Saham No. 18 tanggal 28 September 2009 of Shareholders No. 18 dated September 28, 2009 by dari Notaris Kartono, S.H., penyertaan Perusahaan Notary Kartono, S.H., the Company‟s ownership was terdilusi menjadi 19,1%. diluted to 19.1%” b. PT Marga Mandala Sakti (MMS) b . PT Marga Mandala Sakti (MMS) PT Marga Mandala Sakti didirikan berdasarkan Akta PT Marga Mandala Sakti was established based on the No. 14, tanggal 4 Oktober 1989 dari Notaris Kartini Deed No.14, dated October 4, 1989 of Notary Kartini Muljadi, SH. Penyertaan pada MMS dilakukan Muljadi, SH. The investment in MMS relates to the sehubungan dengan penyelenggaraan proyek jalan tol construction and operation of the Tangerang – Merak toll Tangerang – Merak. Perusahaan memiliki 28.000.000 road. The Company originally owned 28,000,000 shares saham dengan nilai nominal Rp 1.000 (Rupiah penuh) per at par value of Rp 1,000 (full Rupiah) per share or saham atau setara dengan Rp 28.000.000.000 (Rupiah equivalent to Rp 28,000,000,000 (full Rupiah), penuh) yang merupakan 8,68% kepemilikan. Berdasarkan representing 8.68% ownership. Based on the Deed No. 4 Akta No. 4, tanggal 4 April 1995 dari Notaris Sutjipto, SH, dated April 4, 1995 of Notary Sutjipto, SH, the investment penyertaan saham Perusahaan pada MMS sebesar in MMS amounting to 14,000,000 shares with the par 14.000.000 saham dengan nilai nominal Rp 1.000 value of Rp 1,000 (full Rupiah) per share has been (Rupiah penuh) per saham telah dijaminkan oleh MMS pledged by the Company connection with syndicated sehubungan dengan fasilitas kredit sindikasi yang credit facilities received by MMS. diperoleh MMS.

Berdasarkan risalah RUPSLB dengan Akta No. 5, tanggal Based on the minutes of the Extraordinary General 9 Desember 2004 dari Notaris Hendra Karyadi, SH, para Meeting of Shareholders as included in the Deed No. 5 pemegang saham menyetujui penerbitan 921.310.773 dated December 9, 2004 of Notary Hendra Karyadi, SH saham baru kepada pemegang obligasi konversi. Para the shareholders agreed with the issuance of 921,310,773 pemegang saham lama menyatakan telah melepaskan new shares to convertible bondholders. The predecessor hak masing-masing untuk membeli saham baru yang shareholders had already waived their rights to subscribe diterbitkan kepada pemegang obligasi konversi tersebut. for new shares issued to the convertible bondholders. Perubahan pemegang saham tersebut sesuai dengan This change of shareholders according to the Deed Akta No. 11, tanggal 1 Agustus 2005 dari Notaris Benny No. 11 dated August 1, 2005 of Notary Benny Kristianto, Kristianto, SH, mengenai perubahan pemegang saham SH, regarding the change of MMS shareholders has been MMS dan telah diterima oleh Departemen Hukum dan received by the Directorate General of General Law Hak Asasi Manusia Direktorat Administrasi Hukum Umum Administration, Department of Law and Human Rights No.C-UM.02.01.14078, tanggal 23 September 2005, under receipt No.C-UM.02.01.14078, dated September sehingga kepemilikan Perusahaan pada MMS menjadi 23, 2005, as a consequence, the Company's ownership 1,94%. in MMS become 1.94%.

d1/February 6, 2015 54 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

c. PT Citra Margatama Surabaya (CMS) c. PT Citra Margatama Surabaya (CMS) PT Citra Margatama Surabaya didirikan berdasarkan PT Citra Margatama Surabaya was established based on Akta No. 99, tanggal 26 Desember 1996 dari Notaris Siti the Deed No. 99, dated December 26, 1996 of Notary Siti Pertiwi Henny Singgih, SH. Penyertaan pada CMS Pertiwi Henny Singgih, SH. The investment in CMS was dilakukan sehubungan dengan penyelenggaraan proyek made in relation to the constructions and operations of the Jalan Tol Waru–Juanda. Perusahaan memiliki 8.550.000 Waru-Juanda toll road project. The Company owns saham dengan nilai nominal Rp 1.000 (Rupiah penuh) 8,550,000 shares at par value of Rp 1,000 (full Rupiah) per saham atau sebesar Rp 8.550.000.000 (Rupiah per share or equivalent to Rp 8,550,000,000 (full Rupiah), penuh) yang merupakan 15% kepemilikan. representing 15% ownership.

Berdasarkan Akta No. 717 tanggal 27 Juni 2007 dari Based on the Deed No. 717, dated June 27, 2007 of Notaris Margaretha Dynawati, SH, para pemegang Notary Margaretha Dynawati, SH, the shareholders saham antara lain menyetujui peningkatan modal agreed to increase the issued and paid up capital to ditempatkan dan disetor penuh menjadi become Rp 380,000,000,000 (full Rupiah). The Company Rp 380.000.000.000 (Rupiah penuh). Perusahaan hanya had paid up capital amounted to Rp 20,000,000,000 (full melakukan setoran modal sebesar Rupiah) from total Rp 48,000,000,000 (full Rupiah). Rp 20.000.000.000 (Rupiah penuh) dari Therefore, the Company’s ownership in CMS was Rp 48.000.000.000 (Rupiah penuh) yang ditetapkan. decreased to become 5.26%, representing 20,000,000 Dengan demikian kepemilikan Perusahaan di CMS shares at par value of Rp 1,000 (full Rupiah) per share or mengalami penurunan menjadi 5,26% yang merupakan equivalent to Rp 20,000,000,000 (full Rupiah). 20.000.000 saham dengan nilai nominal Rp 1.000 (Rupiah penuh) per saham atau setara dengan Rp 20.000.000.000 (Rupiah penuh).

Berdasarkan Akta No. 40, tanggal 21 Mei 2005 dari Based on the Deed No. 40, dated May 21, 2005 of Notary Notaris Poerbaningsih Adi Warsito, SH, Perusahaan dan Poerbaningsih Adi Warsito, SH, the Company and CMS CMS mengadakan Perjanjian Kuasa Penyelenggaraan entered into a Joint Operation Agreement that changed yang mengubah wewenang penyelenggaraan jalan tol the authority of Waru –Tanjung Perak toll road to become Waru–Tanjung Perak menjadi kurang lebih 12 Km. approximately 12 Km. On February 12, 2007, such Joint Perjanjian Kuasa Penyelenggaraan telah dialihkan Operation Agreement has been changed to a Concession menjadi Perjanjian Pengusahaan Jalan Tol (PPJT) Rights Agreement between the Government and CMS antara Pemerintah dengan CMS pada tanggal 12 with the concession right until year 2040. Pebruari 2007 dengan masa hak pengusahaan (konsesi) hingga tahun 2040.

Jalan Tol Waru–Juanda telah beroperasi sejak April Waru-Juanda toll road has been operated since April 2008. 2008. d. PT Marga Nurindo Bhakti (MNB) d. PT Marga Nurindo Bhakti (MNB) PT Marga Nurindo Bhakti didirikan berdasarkan Akta No. PT Marga Nurindo Bhakti was established based on The 9, tanggal 2 Desember 1991 dari Notaris BRAY Deed No. 9, dated December 2, 1991 of Notary BRAY Mahyastoeti Notonogoro, SH, juncto Akta No. 19, Mahyastoeti Notonogoro, SH, conjunction with the Deed tanggal 4 Maret 1998 dari Agus Madjid, SH. Penyertaan No. 19 dated March 4, 1998 of Agus Madjid, SH. The pada MNB dilakukan sehubungan dengan investment in MNB relates to the construction and penyelenggaraan proyek Jalan Tol JORR Seksi S dan operation of the JORR toll road Section S and E1 (Pondok E1 (Pondok Pinang – Jagorawi – Cikunir). Perusahaan Pinang – Jagorawi – Cikunir). The Company owns 1,350 memiliki 1.350 saham dengan nilai nominal shares at par value of Rp 10,000,000 (full Rupiah) per Rp 10.000.000 (Rupiah penuh) per saham atau setara share or equivalent to Rp 13,500,000,000 (full Rupiah), dengan Rp 13.500.000.000 (Rupiah penuh) yang representing 10% ownership. merupakan 10% kepemilikan.

Berdasarkan surat Perusahaan kepada MNB Based on the Company’s Letter No. AA.HK.02.1143, No. AA.HK.02.1143, tanggal 11 Agustus 2000, dated August 11, 2000 to MNB, the Company took over Perusahaan mengambil alih proyek yang dibangun oleh the JORR sections being built by MNB, with the MNB. Pengambilalihan proyek ini mengakibatkan consequence that the Company’s investment had no penyertaan Perusahaan dinilai sudah tidak memiliki nilai economic value, therefore, the Company recognized the ekonomis dan mengakui kerugian atas penurunan nilai loss on the permanent impairment of the investment as an penyertaan yang bersifat permanen sebagai beban expense in year 2000 amounting to Rp 9,499,999,000 (full tahun 2000 sebesar Rp 9.499.999.000 (Rupiah penuh). Rupiah). d1/February 6, 2015 55 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

e. PT Margabumi Matraraya (MBMR) e. PT Margabumi Matraraya (MBMR) PT Margabumi Matraraya didirikan berdasarkan akta PT Margabumi Matraraya was established based on notaris No. 15 tanggal 15 Pebruari 1991 dari notarial deed No. 15 dated February 15, 1991 of Tawangningrum Purwono, S.H., juncto akta notaris Tawangningrum Purwono, S.H., in conjunction with No. 15 tanggal 13 Agustus 1997 dari Agus Hashim notarial deed No. 15 dated August 13, 1997 of Agus Admad, S.H., dalam rangka pengusahaan ruas tol Hashim Admad, S.H., aimed to develop Surabaya-Gresik Surabaya-Gresik. Akta pendirian disahkan oleh Menteri toll road. The deed of establishment was approved by Hukum dan Hak Asasi Manusia dalam Surat Keputusan Minister of Law and Human Rights of the Republic of No. C2-6158.HT.01.01.th.91 tanggal 28 Oktober 1991. Indonesia in Decision Letter No. C2-6158.HT.01.01.th.91 dated October 28, 1991.

Anggaran Dasar MBMR telah beberapa kali diubah, MBMR’s Articles of Association had been amended dengan perubahan terakhir berdasarkan akta notaris several times, which the latest was based on notarial Pernyataan Keputusan di Luar Rapat Umum Pemegang deed Decision Statement in the Off-General Saham No. 7 tanggal 28 Juni 2013 dari Dra. EC. Shareholders’ Meeting No. 7 dated June 28, 2013 of Dra. Inggriani Djojoseputro, S.H., sehubungan dengan EC. Inggriani Djojoseputro, S.H., in accordance with the peningkatan modal ditempatkan dan disetor. Akta increase of issued and pain in capital. The deed of perubahan disahkan oleh Menteri Hukum dan Hak Azasi amendment was approved by the Minister of Law and Manusia dalam Surat Keputusan No. AHU-AH.01.10- Human Rights of the Republic of Indonesia in Decision 32919 tanggal 8 Agustus 2013. Berdasarkan akta Letter No. AHU-AH.01.10-32919 dated Agustus 8, 2013. perubahan terakhir, kepemilikan Perusahaan mengalami Based on the the latest deed of amendment, Company’s dilusi karena tidak ikut serta dalam penambahan modal ownership diluted since it did not contribute in the disetor. additional of paid in capital.

Perusahaan memiliki 550 saham dengan nilai nominal The Company owns 550 shares at par value or Rp 10.000.000 (Rupiah penuh) per saham atau setara Rp 10,000,000 (full Rupiah) per share or equivalent to dengan Rp 5.500.000.000 (Rupiah penuh), yang Rp 5,500,000,000 (full Rupiah), representing 4.92% merupakan 4,92% kepemilikan per 31 Desember 2014. ownership as of December 31, 2014. f. PT Citra Mataram Satriamarga Persada (CMSP) f. PT Citra Mataram Satriamarga Persada (CMSP) PT Citra Mataram Satriamarga Persada didirikan PT Citra Mataram Satriamarga Persada was established berdasarkan Akta No. 36, tanggal 12 April 1996 dari based on the Deed No. 36, dated April 12, 1996 of Notary Notaris Siti Pertiwi Henny Singgih, SH. Penyertaan pada Siti Pertiwi Henny Singgih, SH. The investment in CMSP CMSP dilakukan sehubungan dengan penyelenggaraan relates to operation of the JORR Section W2 (Kebon proyek jalan tol JORR Seksi W2 (Kebon Jeruk – Pondok Jeruk – Pondok Pinang) toll road project. The Company Pinang). Perusahaan memiliki 4.725.000 saham dengan owns 4,725,000 shares at par value of Rp 1,000 (full nilai nominal Rp 1.000 (Rupiah penuh) per saham atau Rupiah) per share or equivalent to Rp 4,725,000,000 (full setara dengan Rp 4.725.000.000 (Rupiah penuh) yang Rupiah) representing 15% ownership. merupakan 15% kepemilikan.

Berdasarkan surat Perusahaan kepada CMSP Based on the Company Letter No. AA.HK.02.820, dated No. AA.HK.02.820, tanggal 21 Juni 2000, dinyatakan June 21, 2000 to CMSP, regarding the takeover of the mengenai pengambilalihan proyek dan pengakhiran project and termination of Concession Agreement, the PKP. Penyertaan Perusahaan pada CMSP ini dipandang Company’s investment in CMSP is deemed to have no sudah tidak memiliki nilai ekonomis, sehingga economic value, therefore, the Company has recognized Perusahaan mengakui kerugian atas penurunan nilai the loss caused by the impairment of this investment as penyertaan sebagai beban tahun 2000 sebesar an expense in 2000 amounting to Rp 4,724,999,000 Rp 4.724.999.000 (Rupiah penuh). (full Rupiah). g. PT Margaraya Jawa Tol (MJT) g. PT Margaraya Jawa Tol (MJT) PT Margaraya Jawa Tol didirikan berdasarkan Akta PT Margaraya Jawa Tol was established based on the No. 18, tanggal 6 Juni 1997 dari Notaris Enimarya Agoes Deed No. 18 dated June 6, 1997 of Notary Enimarya Suwarako, SH. Penyertaan pada MJT dilakukan Agoes Suwarako, SH. The investment in MJT relates to sehubungan dengan penyelenggaraan proyek Jalan Tol the construction and operation of the Waru (Aloha) – Waru (Aloha) – Tanjung Perak. Perusahaan memiliki Tanjung Perak toll road project. The Company originally 4.143.438 saham dengan nilai nominal owned 4,143,438 shares at par value of Rp 1,000 (full

d1/February 6, 2015 56 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

Rp 1.000 (Rupiah penuh) per saham atau setara dengan Rupiah), amounting to Rp 4,143,438,000 (full Rupiah), or Rp 4.143.438.000 (Rupiah penuh) yang merupakan 5% representing 5% ownership. kepemilikan.

Berdasarkan Rapat Umum Pemegang Saham Luar Based on the Extraordinary General Meeting of Biasa mengenai restrukturisasi MJT yang tercantum Shareholders, regarding MJT restructuring, as included in dalam Akta No. 17 tanggal 20 Oktober 2004 dari Notaris the Deed No. 17 dated October 20, 2004 of Notary Adrian Adrian Djuaini, SH, Perusahaan memperoleh 1.250.000 Djuaini, SH, the Company acquired 1,250,000 shares saham dari hasil kapitalisasi atau konversi 20.000.000 from capitalization or conversion of convertible bond to saham baru sehingga kepemilikan saham Perusahaan 20,000,000 new shares hence the Company’s shares menjadi 5.393.438 saham atau setara dengan became 5,393,438 shares or equivalent to Rp 5.393.438.000 (Rupiah penuh). Selain itu, MJT juga Rp 5,393,438,000 (full Rupiah). In addition, MJT issued mengeluarkan saham baru dari saham portepel new shares from its portfolio of 110,458,000 shares. The sebanyak 110.458.000 saham. Perusahaan tidak ambil Company did not increase additional paid in capital so bagian dalam tambahan setoran modal disetor tersebut that the Company’s ownership decrease to become sehingga kepemilikan Perusahaan mengalami 2.47%. The Government and MJT have entered into penurunan menjadi 2,47%. Pemerintah dan MJT telah Concession Rights Agreement on July 19, 2007 with menandatangani PPJT pada tanggal 19 Juli 2007 concession period until year 2047. dengan masa konsesi hingga tahun 2047. h. PT Bosowa Marga Nusantara (BMN) h. PT Bosowa Marga Nusantara (BMN) PT Bosowa Marga Nusantara didirikan berdasarkan Akta PT Bosowa Marga Nusantara was established based on No. 20, tanggal 12 April 1993 dari Notaris Mestariany the Deed No. 20, dated April 12, 1993 of Notary Habie, SH. Penyertaan pada BMN dilakukan Mestariany Habie, SH. The investment in BMN was made sehubungan dengan penyelenggaraan proyek jalan tol in relation to the construction and operation of the Ujung Ujung Pandang yaitu Jalan Satando – Simpang Urip Pandang toll roads that is Jalan Satando – Urip Sumoharjo/Petta Rani (tahap l) – Jalan Sultan Alauddin Sumoharjo Interchange/Petta Rani (phase l) – Jalan (tahap ll). Berdasarkan Akta No. 25, tanggal 5 Sultan Alauddin (phase ll). Based on the Deed No. 25 September 1998, Perusahaan memiliki 3.332 saham dated September 5, 1998, the Company owns 3,332 dengan nilai nominal Rp 1.000.000 (Rupiah penuh) per shares at par value of Rp 1,000,000 (full Rupiah) per saham atau setara dengan Rp 3.332.000.000 (Rupiah share or equivalent to Rp 3,332,000,000 (full Rupiah), penuh) yang merupakan 10% kepemilikan. representing 10% ownership.

Keputusan Menteri Pekerjaan Umum The Decree of the Minister of Public Work No. 276/KPTS/1994, tanggal 26 Agustus 1994 dan Akta No. 276/KPTS/1994, dated August 26, 1994 and the Deed No. 322, tanggal 29 Agustus 1994, dari Notaris No. 322, dated August 29, 1994 of Notary Mestariany Mestariany Habie, SH, menyatakan bahwa BMN Habie, SH, states that BMN would operate phase I of the mengoperasikan jalan tol selama 30 tahun untuk tahap I toll road for 30 years and phase II will be decided later but dan tahap II akan ditentukan kemudian namun tidak lebih not for a period longer than 30 years since the operation dari 30 tahun sejak dioperasikannya jalan tol baik of either part of all of the toll road. Phase I and Phase II of sebagian atau seluruhnya. Ruas jalan tol Ujung Pandang the Ujung Pandang toll road has been operated since tahap I dan II telah dioperasikan sejak tahun 1998. 1998.

Berdasarkan perubahan Anggaran Dasar BMN yang Based on amanded the Article of Association of BMN as tercantum dalam Akta Karin Christiana Basoeki, S.H, stated on the Deed No.13 dated May 16, 2008 of notary No.13 tanggal 16 Mei 2008 terdapat peningkatan modal Karin Christiana Basoeki, S.H, there was the increase of dasar, ditempatkan dan disetor perusahaan. Dengan the company’s authorized, issued and fully paid in capital. adanya perubahan tersebut penyertaan saham As result of such amendment, the Company’s investment Perusahaan terdilusi menjadi 1,47%. in shares has been diluted to 1.47%. i. PT Jatim Marga Utama (JMU) i. PT Jatim Marga Utama (JMU) PT Jatim Marga Utama didirikan berdasarkan Akta PT Jatim Marga Utama was established based on the No. 25, tanggal 27 Desember 2002 dari Notaris Rosida, Deed No. 25, dated December 27, 2002 of Notary Rosida, S.H., Perusahaan memiliki 12.858 saham dengan nilai S.H., The Company owns 12,858 shares at a par value of nominal Rp 1.000.000 (Rupiah penuh) per saham atau Rp 1,000,000 (full Rupiah) per share or equivalent to setara dengan Rp 12.858.000.000 (Rupiah penuh) yang Rp 12,858,000,000 (full Rupiah), representing 30% merupakan 30% kepemilikan. ownership.

d1/February 6, 2015 57 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

JMU merupakan perusahaan patungan antara JMU is a joint venture company with Local Government of Perusahaan dan Pemerintah Daerah Jawa Timur. East Java. This company was established in order to Perusahaan patungan ini didirikan dengan maksud continue construction of the Surabaya - Mojokerto toll untuk meneruskan kelanjutan proyek jalan tol Surabaya road project that was suspended after the Minister of - Mojokerto yang telah terhenti setelah Menkimpraswil Settlement and Regional Infrastructure cancelled the mencabut izin konsesi yang diberikan kepada PT Marga concession granted to PT Marga Nujyasumo Agung Nujyasumo Agung (MNA) melalui surat Menkimpraswil (MNA) as stated in his Letter No.418/KPTS/M/2001 dated No.418/KPTS/M/2001 tanggal 18 Juli 2001. Setelah July 18, 2001. After the Supreme Court refused the Mahkamah Agung menolak pengajuan Peninjauan application for Judicial Review of Minister of Settlement Kembali dari Menkimpraswil pada 31 Maret 2005, maka and Regional Infrastructure, dated March 31, 2005, the hak penyelenggaraan jalan tol dikembalikan kepada concession rights have been returned to MNA. As a result MNA. Sebagai akibatnya, JMU tidak lagi terlibat dalam JMU is not involved in such toll road project. On May 8, proyek jalan tol tersebut. Pada 8 Mei 2007, JMU ikut 2007, JMU participated in investment in shares of serta dalam penyertaan saham PT Transmarga Jatim PT Transmarga Jatim Pasuruan (TJP) to develop toll road Pasuruan (TJP) untuk proyek jalan tol Gempol project of Gempol Pasuruan, with ownership of 20%. Pasuruan dengan kepemilikan sebesar 20%.

Berdasarkan Berita Acara RUPS PT JMU tanggal 6 Mei Based on Minutes of General Meeting of Shareholders of 2013, Pemegang Saham memutuskan penurunan Modal PT JMU dated May 6, 2013, JMU decreased its Dasar menjadi Rp 150.000.000.000 (sebelumnya authorized capital to Rp 150,000,000,000 (full Rupiah), Rp 171.400.000.000), dan Modal Disetor menjadi previously Rp 171,400,000,000 (full Rupiah), and paid in Rp 40.502.000.000 yang terdiri dari kepemilikan capital to Rp 40,502,000,000 consisting of East Java Pemerintah Provinsi Jawa Timur sebesar Provincial Government amounting to Rp 37,502,000,000 Rp 37.502.000.000 atau setara dengan 93%, dan or equivalent to 93% ownership, and the Company Perusahaan sebesar Rp 3.000.000.000 atau setara amounting to Rp 3,000,000,000 or equivalent to 7% dengan 7%. Penurunan tersebut akibat dari ownership. The decrease is a result of the write off of the penghapusan piutang modal disetor ke Perusahaan paid in capital receivables to the Company amounting to sebesar Rp 9.858.000.000 (Rupiah penuh). Perusahaan Rp 9,858,000,000 (full Rupiah). Company reclassified mereklasifikasi nilai saldo penyertaan sebesar balance of investment amounting to Rp 3,000,000,000 Rp 3.000.000.000 (Rupiah penuh) ke pos Aset (full Rupiah) to Other Financial Assets per December 31, Keuangan Lainnya pada 31 Desember 2013. 2013. j. PT Marga Mawatindo Esprit (MME) j. PT Marga Mawatindo Esprit (MME) PT Marga Mawatindo Esprit didirikan berdasarkan Akta PT Marga Mawatindo Esprit was established based on the No. 96, tanggal 30 Mei 1997 dari Notaris Siti Pertiwi Deed No. 96, dated May 30, 1997 of Notary Siti Pertiwi Henny Singgih, S.H.. Penyertaan pada MME dilakukan Henny Singgih, S.H.. The investment in MME relates to sehubungan dengan penyelenggaraan proyek jalan tol the construction and operation of the Semarang–Demak Semarang–Demak. Perusahaan memiliki 1.154.364 toll road. The Company owns 1,154,364 shares at par saham dengan nilai nominal Rp 2.409 (Rupiah penuh) value of Rp 2,409 (full Rupiah) per share or equivalent to per saham atau setara dengan Rp 2.780.862.876 Rp 2,780,862,876 (full Rupiah), representing 8.33% (Rupiah penuh) yang merupakan 8,33% kepemilikan. ownership.

Berdasarkan Surat No. 001/SPK-DIR/2003, tanggal Based on Letter No. 001/SPK-DIR/2003, dated January 6, 6 Januari 2003, Perusahaan dan MME sepakat untuk 2003, the Company and MME agreed to terminate the mengakhiri Perjanjian Kuasa Penyelenggaraan No. 58, Concession Rights Agreement No. 58, dated February 25, tanggal 25 Pebruari 1998. Pengakhiran PKP ini 1998. The result of such termination of Concession Rights mengakibatkan penyertaan pada perusahaan ini tidak Agreement caused the Company’s investment to have no memiliki nilai ekonomis, sehingga Perusahaan mengakui economic value, the Company recognized the loss on the adanya kerugian atas penurunan nilai penyertaan yang permanent impairment of the investment as an expense in bersifat permanen sebagai beban tahun 2002 sebesar year 2002 amounting to Rp 2,780,860,876 (full Rupiah). Rp 2.780.860.876 (Rupiah penuh). k. PT Marga Net One Limited (MNOL) k. PT Marga Net One Limited (MNOL) PT Marga Net One Limited didirikan berdasarkan 58 PT Marga Net One Limited was established based on the hukum Negara Bangladesh sebagaimana termuat dalam Law of Bangladesh as stated in The Company Act 1994 Incoporated Under The Company Act 1994 (ACT-XVIII of (ACT-XVIII of 1994) (Private Company Limited by Shares) 1994) (Private Company Limited By Shares) dan and Memorandum of Association of Marga Net One d1/February 6, 2015 58 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

Memorandum of Association of Marga Net One Limited, Limited dated February 29, 2003, in conjunction with tanggal 29 Pebruari 2003 juncto Certificate of Certificate of Incorporation No. C-50732(1027)/ 2003 Incoporation No. C-50732 (1027)/ 2003 tanggal dated October 11, 2003, issued by the Bangladesh 11 Oktober 2003 yang dikeluarkan Registrar of Joint Registrar of Joint Stock Companies. Stock Companies Bangladesh.

Berdasarkan Memorandum of Association of MNOL, Based on the Memorandum of Association of MNOL tanggal 29 Pebruari 2003, Perusahaan memiliki 200 dated February 29, 2003, the Company owns 200 shares saham dengan nominal TK 100 (mata uang Taka penuh) at par value of TK 100 (full Taka amount) per share or per lembar saham atau 10% kepemilikan dan setoran 10% ownership and paid in capital amounting to modal sejumlah USD 1.800 (Dolar penuh) atau setara USD 1,800 (full Rupiah) or equivalent to Rp 15,290,775 dengan Rp 15.290.775 (Rupiah penuh) yang dilakukan (full Rupiah) was subscribed on September 2, 2003. pada 2 September 2003.

Perusahaan sepakat melakukan kerjasama pemberian The Company agreed to render technical services by jasa teknik dalam manajemen pengumpulan tol, providing a management of toll collecting, traffic manajemen lalu lintas dan manajemen pemeliharaan management, and management of maintenance for the atas pengelolaan dan pengoperasian jembatan tol operations of the Jamuna toll bridge in Bangladesh for 5 Jamuna di Bangladesh selama 5 tahun. years.

Perusahaan menganggap penyertaan pada MNOL The Company has identified that the investment in MNOL sudah tidak memiliki nilai ekonomis disebabkan tidak does not have any expected future economic benefit and adanya kepastian pengembalian investasi atas the Company recognized the loss on impairment of the penyertaannya dan mengakui kerugian atas penurunan investment amounted to Rp 15,289,775 (full Rupiah) as nilai penyertaan sebagai beban tahun 2006 sebesar an expense in 2006. Rp 15.289.775 (Rupiah penuh).

12. Aset Tetap 12. Property and Equipment

31 Desember/ December 2014 Saldo Awal/ Penambahan/ Pengurangan/ Reklasifikasi/ Saldo Akhir/ Beginning Balance Addition Disposals Reclassification Ending Balance Harga Perolehan/ Acquisition Cost Aset Tetap Pemilikan Langsung/ Direct Acquisition Assets Hak atas Tanah/ Land Rights 3,329,787 4,364,422 -- -- 7,694,209 Gedung Kantor dan Bangunan Lain/ Office and Other Buildings 200,584,547 23,839,529 -- -- 224,424,076 Peralatan Operasional dan Kantor/ Operational and Office Equipment 671,499,525 133,099,441 122,650 138,565 804,614,881 Kendaraan Bermotor/ Vehicles 50,486,084 14,539,003 6,039,293 -- 58,985,794 Sub Jumlah/ Sub Total 925,899,942 175,842,395 6,161,943 138,565 1,095,718,959

Aset Sewa Pembiayaan/ Finance Lease Assets 163,282,860 ------163,282,860 Sub Jumlah/ Sub Total 163,282,860 ------163,282,860

Aset Tetap dalam Penyelesaian/ Construction in Progress 130,159,479 124,800,532 -- (56,835,206) 198,124,805 Sub Jumlah/ Sub Total 130,159,479 124,800,532 -- (56,835,206) 198,124,805 Jumlah Harga Perolehan/ Total Acquisition Cost 1,219,342,282 300,642,927 6,161,943 (56,696,641) 1,457,126,624

d1/February 6, 2015 59 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

31 Desember/ December 2014 Saldo Awal/ Penambahan/ Pengurangan/ Reklasifikasi/ Saldo Akhir/ Beginning Balance Addition Disposals Reclassification Ending Balance Akumulasi Penyusutan/ Accumulated Depreciation Gedung Kantor dan Bangunan Lain/ Office and Other Buildings 74,644,068 8,817,295 -- -- 83,461,363 Peralatan Operasi dan Kantor/ Operational and Office Equipment 524,138,385 104,643,084 22,486 -- 628,758,983 Kendaraan Bermotor/ Vehicles 29,105,577 7,852,072 3,156,673 -- 33,800,976 Sub Jumlah/ Sub Total 627,888,030 121,312,451 3,179,159 -- 746,021,322 Aset Sewa Pembiayaan/ Finance Lease Assets 140,858 9,237,125 -- -- 9,377,983 Jumlah Akumulasi Penyusutan/ Total Accumulated of Depreciations 628,028,888 130,549,576 3,179,159 -- 755,399,305 Nilai Tercatat/ Carrying Amount 591,313,394 701,727,320

31 Desember/ December 2013 Saldo Awal/ Penambahan/ Pengurangan/ Reklasifikasi/ Saldo Akhir/ Beginning Balance Addition Disposals Reclassification Ending Balance Harga Perolehan/ Acquisition Cost Aset Tetap Pemilikan Langsung/ Direct Acquisition Assets Hak atas Tanah/ Land Rights 3,515,187 -- 185,400 -- 3,329,787 Gedung Kantor dan Bangunan Lain/ Office and Other Buildings 145,866,546 55,107,277 389,276 -- 200,584,547 Peralatan Operasional dan Kantor/ Operational and Office Equipment 580,000,957 214,423,114 1,100,000 (121,824,546) 671,499,525 Kendaraan Bermotor/ Vehicles 37,043,819 16,151,695 2,709,430 -- 50,486,084 Sub Jumlah/ Sub Total 766,426,508 285,682,086 4,384,106 (121,824,546) 925,899,942 Aset Sewa Pembiayaan/ Finance Lease Assets 112,480,222 -- 32,339,887 83,142,525 163,282,860 Sub Jumlah/ Sub Total 112,480,222 -- 32,339,887 83,142,525 163,282,860 Aset Tetap dalam Penyelesaian/ Construction in Progress 76,339,726 95,615,352 25,383,694 (16,411,905) 130,159,479 Sub Jumlah/ Sub Total 76,339,726 95,615,352 25,383,694 (16,411,905) 130,159,479 Jumlah Harga Perolehan/ Total Acquisition Cost 955,246,457 381,297,438 62,107,687 (55,093,926) 1,219,342,282

Akumulasi Penyusutan/ Accumulated Depreciation Gedung Kantor dan Bangunan Lain/ Office and Other Buildings 59,033,036 15,841,309 230,277 -- 74,644,068 Peralatan Operasi dan Kantor/ Operational and Office Equipment 417,086,406 107,495,905 32,568,593 32,124,667 524,138,385 Kendaraan Bermotor/ Vehicles 24,280,261 6,907,097 2,081,781 -- 29,105,577 Sub Jumlah/ Sub Total 500,399,703 130,244,311 34,880,651 32,124,667 627,888,030 Aset Sewa Pembiayaan/ Finance Lease Assets 32,339,887 23,797 -- (32,222,826) 140,858 Jumlah Akumulasi Penyusutan/ Total Accumulated of Depreciations 532,739,590 130,268,108 34,880,651 (98,159) 628,028,888 Nilai Tercatat/ Carrying Amount 422,506,867 591,313,394

d1/February 6, 2015 60 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

Aset tetap gedung dan peralatan telah diasuransikan Building and equipments have been insured against terhadap risiko gempa bumi, kebakaran, pencurian dan risiko earthquake, fire, theft and other risks associated with the lainnya, kepada PT Asuransi Jasa Indonesia (Persero) property and equipment to PT Asuransi Jasa Indonesia sebesar Rp 116.903.838.436 (Rupiah penuh), PT Jasa (Persero) amounting to Rp 116,903,838,436 (Full amount), Raharja Putra (Persero) sebesar Rp 75.432.700.000 (Rupiah PT Jasa Raharja Putra (Persero) amounting to penuh), PT Jasindo Takaful sebesar Rp 44.554.000.000 Rp 75,432,700,000 (Full amount), PT Jasindo Takaful (Rupiah penuh), PT Maskapai Asuransi Raya sebesar amounting to Rp 44,554,000,000 (Full amount), PT Maskapai Rp 148.597.714 (Rupiah penuh), PT Asuransi Staco Mandiri Asuransi Raya amounting to Rp 148,597,714 (Full amount), Medan sebesar Rp 55.656.391.802 (Rupiah penuh), PT Asuransi Staco Mandiri Medan amounting to PT Asuransi Mega Pratama sebesar Rp 21.864.336.201 Rp 55,656,391,802 (Full amount), PT Asuransi Mega (Rupiah penuh) dan PT Asuransi Umum Bumi Putra Muda Pratama amounting to Rp 21,864,336,201 (Full amount) dan sebesar Rp 26.094.768.041 per 31 Desember 2014. PT Asuransi Umum Bumi Putra Muda amounting to Rp 26,094,768,041 as of December 31, 2014.

Manajemen berpendapat bahwa nilai pertanggungan tersebut Management believes that the insured amounts are adequate cukup untuk menutupi kemungkinan kerugian atas aset yang to cover possible losses that might arise from the assets dipertanggungkan. insured.

Rincian tingkat penyelesaian atas penambahan aset tetap The detail additional of property and equipment under dalam konstruksi per 31 Desember 2014 dan 31 Desember construction in progress as of December 31, 2014 and 2013 adalah sebagai berikut: December 31, 2013 are as follows:

2014 2013 Persentase Persentase Penyelesaian/ Penyelesaian/ Percentage of Percentage of Rp Completion Rp Completion Gedung Kantor/ Office Buildings 32,756,687 50% 78,146,082 50% Sarana Pelengkap/ Facility 92,043,845 81% 17,586,661 98%

Jumlah/ Total 124,800,532 95,732,743

13. Aset Takberwujud 13. Intangible Assets a. Hak Pengusahaan Jalan Tol/ Toll Road Concession Rights

31 Desember/ December 2014 Saldo Awal/ Penambahan/ Pengurangan/ Reklasifikasi/ Saldo Akhir/ Beginning Balance Additions Disposals Reclassification Ending Balance Rp Rp Rp Rp Rp Harga Perolehan/ Acquisition Cost 25,541,535,264 2,662,890,294 -- -- 28,204,425,558 Akumulasi Amortisasi/ Accumulated Amortization 3,579,414,118 689,596,650 -- -- 4,269,010,768 Nilai Tercatat/ Carrying Amount 21,962,121,146 23,935,414,790

31 Desember/ December 2013 Saldo Awal/ Penambahan/ Pengurangan/ Reklasifikasi/ Saldo Akhir/ Beginning Balance Additions Disposals Reclassification Ending Balance Rp Rp Rp Rp Rp Harga Perolehan/ Acquisition Cost 21,851,814,513 4,327,116,380 639,208,738 1,813,109 25,541,535,264 Akumulasi Amortisasi/ Accumulated Amortization 3,304,108,915 914,415,782 639,208,738 98,159 3,579,414,118

Nilai Tercatat/ Carrying Amount 18,547,705,598 21,962,121,146

d1/February 6, 2015 61 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

b. Aset Takberwujud Lainnya/ Others Intangible Assets

31 Desember/ December 2014 Saldo Awal/ Penambahan/ Pengurangan/ Reklasifikasi/ Saldo Akhir/ Beginning Balance Additions Disposals Reclassification Ending Balance Rp Rp Rp Rp Rp Harga Perolehan/ Acquisition Cost Tanah Pra-Konstruksi/ Pre-Construction Land 630,024,173 1,525,169,770 -- -- 2,155,193,943 Perangkat Lunak/ Software 32,936,993 27,269,773 -- -- 60,206,766 Jumlah Harga Perolehan/ Total Acquisition Cost 662,961,166 1,552,439,543 -- -- 2,215,400,709 Akumulasi Amortisasi/ Accumulated Amortization Perangkat Lunak/ Software 21,842,628 10,389,887 -- -- 32,232,515

Nilai Tercatat/ Carrying Amount 641,118,538 2,183,168,194

31 Desember/ December 2013 Saldo Awal/ Penambahan/ Pengurangan/ Reklasifikasi/ Saldo Akhir/ Beginning Balance Additions Disposals Reclassification Ending Balance Rp Rp Rp Rp Rp Harga Perolehan/ Acquisition Cost Tanah Pra-Konstruksi/ Pre-Construction Land 338,807,033 439,129,096 147,911,956 -- 630,024,173 Perangkat Lunak/ Software 37,500 32,899,493 -- -- 32,936,993 Jumlah Harga Perolehan/ Total Acquisition Cost 338,844,533 472,028,589 147,911,956 -- 662,961,166 Akumulasi Amortisasi/ Accumulated Amortization Perangkat Lunak/ Software 23,250 21,819,378 -- -- 21,842,628 Nilai Tercatat/ Carrying Amount 338,821,283 641,118,538

Alokasi beban penyusutan aset tetap (Catatan 12) dan Allocation of depreciation expense of fixed assets (Note 12) amortisasi hak pengusahaan jalan tol sebagai berikut: and amortization Toll Road Concession Rights expenses as follows:

2014 2013 Rp Rp

Beban Pemeliharaan Jalan Tol 644,185,877 892,453,544 Toll Road Maintenance Expenses Beban Umum dan Administrasi 35,474,113 32,607,362 General and Administrative Expenses Beban Pelayanan Pemakai Jalan Tol 57,831,741 55,804,423 Toll Road Service Expenses Beban Pengumpulan Tol 93,044,380 85,637,939 Toll Collection Expenses Jumlah 830,536,111 1,066,503,268 Total

d1/February 6, 2015 62 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

14. Goodwill 14. Goodwill

2014 2013 Rp Rp Nilai Tercatat/ Carrying Amount Akuisisi/ Acquisition of PT Marga Nujyasumo Agung 36,879,508 36,879,508 Akuisisi/ Acquisition of PT Marga Kunciran Cengkareng 2,120,709 2,120,709 Akuisisi/ Acquisition of PT Jasa Layanan Pemeliharaan 2,848,350 2,848,350 Jumlah/ Total 41,848,567 41,848,567

Berdasarkan Akta Perubahan Anggaran Dasar No.23, tanggal Based on the Deed of Changes of Articles of Association 10 Januari 2007, dari Notaris Buntario Tigris, SH dan telah No. 23 dated January 10, 2007 of Notary Buntario Tigris, SH mendapat persetujuan dari Menteri Hukum dan Hak Asasi and as approved by the Minister of Law and Human Rights Manusia dengan Surat Keputusan No.W7- through Decree No.W7-00655.HT.01.04.Th.2007 dated 00655.HT.01.04.Th.2007 tanggal 18 Januari 2007, pemegang January 18, 2007, the shareholders of PT Marga Nujyasumo saham PT Marga Nujyasumo Agung (MNA) menyetujui Agung (MNA) agreed to increase its authorized capital and peningkatan modal dasar serta modal ditempatkan dan modal the issued and paid in capital to become Rp 600,000,000,000 disetor masing-masing menjadi Rp 600.000.000.000 (Rupiah (full Rupiah) and Rp 350,000,000,000 (full Rupiah), penuh) dan Rp 350.000.000.000 (Rupiah penuh) melalui respectively, through a rights issue. penerbitan saham baru.

Berdasarkan kesepakatan bersama No. 46 tanggal Based on the Deed No.46 dated February 18, 2009 of Notary 18 Pebruari 2009 dari Notaris Johny Dwikora Aron, SH atas Johny Dwikora Aron, SH regarding the increasing of peningkatan modal dasar tersebut, Perusahaan mengambil authorized capital, the Company participated in capital bagian sebesar Rp 330.000.000.000 (Rupiah penuh) atau amounting to Rp 330,000,000,000 (full Rupiah) or setara dengan 55% penyertaan. Dengan demikian, klasifikasi representing 55% ownership. Therefore, the Company’s investasi Perusahaan pada MNA berubah dari investasi investment in MNA changed from long term investment to jangka panjang menjadi investasi yang disertai kepentingan controlling interest and MNA is consolidated as subsidiaries. pengendali dan MNA dikonsolidasi sebagai entitas anak. The capital increase in MNA was getting done by doing Peningkatan di MNA ini dilakukan dengan akuisisi saham dari acquisition from the shareholders of MNA consisted of beberapa pemegang saham di MNA yaitu PT Moeladi, PT Moeladi, PT Kaliurang Daya Cipta, PT Dressa Cipta, PT Kaliurang Daya Cipta, PT Dressa Cipta, PT Induco Matra PT Induco Matra and purchase of MNA’s treasury shares. dan pembelian saham portepel MNA.

Pada tahun 2009 perusahaan telah mencatat goodwill In 2009, the company has recorded goodwill which was Rp 36.879.508.000 (Rupiah penuh) berdasarkan estimasi estimated by the Company amounting to Rp 36,879,508,000 yang dilakukan Perusahaan dan nilai yang tercatat pada (full Rupiah) and the carrying value in 2010 amounted to tahun 2010 sebesar Rp 70.693.667.450 (Rupiah penuh) telah Rp 70.693.667.450 (full Rupiah) has been adjusted for disesuaikan dengan hasil penilaian dari apraisal independen. appraisal value from the independent appraisal.

Pada tahun 2010 Perusahaan melakukan akuisisi terhadap In 2010, the Company acquired PT Marga Kunciran PT Marga Kunciran Cengkareng (MKC) yang bergerak dalam Cengkareng (MKC), a company engaged in toll road with bidang jalan tol dengan jumlah penyertaan saham sebesar value of investment of shares representing 75% ownership. 75% kepemilikan. Perusahaan telah mencatat goodwill yang The Company has recorded goodwill arose from this timbul dari akuisisi ini. acquisition.

Pada tahun 2010, Perusahaan juga telah melakukan akuisisi In 2010, the Company also acquired PT Sarana Margabhakti pada PT Sarana Margabhakti Utama (SMBU) yang bergerak Utama (SMBU) which is engaged in construction, trading and di bidang jasa konstruksi, perdagangan dan persewaan rental vehicles. Total acquisition value amounted to 99% kendaraan. Jumlah akuisisi adalah sebesar 99% kepemilikan ownership. The Company has recorded goodwill arose from saham. Perusahaan telah mencatat goodwill yang timbul dari this acquisition. akuisisi ini.

Berdasarkan Akta Notaris No. 108 tanggal 10 Pebruari 2011 Based on Notarial Deed No. 108 dated February 10, 2011 dari Notaris H. Feby Rubein Hidayat, SH., Notaris di Jakarta from Notary H. Feby Rubein Hidayat, SH., a Notary in terdapat perubahan nama PT Sarana Margabhakti Utama Jakarta, there was a change of name from PT Sarana d1/February 6, 2015 63 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

(SMBU) menjadi PT Sarana Marga Utama (SMU), sekarang Margabhakti Utama (SMBU) become PT Sarana Marga telah berganti nama menjadi PT Jasa Layanan Pemeliharaan Utama (SMU), now changed to PT Jasa Layanan (JLP). Pemeliharaan (JLP).

15. Aset Lain-lain 15. Other Assets

2014 2013 Rp Rp Uang Muka Kontraktor 71,479,161 51,485,131 Advance for Contractors Jaminan 28,701,943 54,877,581 Guarantees Aset Diambil Alih 34,203,915 34,203,915 Foreclosed Assets Jalan Tol Ruas Surabaya – Gempol Surabaya – Gempol Toll Road Seksi Porong – Gempol 12,027,508 12,027,508 Porong-Gempol Section Lainnya 1,450,423 4,673,374 Others Total Aset Lain-lain 147,862,950 157,267,509 Total Other Assets Penyisihan Penurunan Nilai Aset (26,302,053) (26,302,053) Allowance for Impairment Losses Jumlah – Bersih 121,560,897 130,965,456 Total – Net a. Uang Muka Kontraktor a. Advances for Contractors Merupakan uang muka kontraktor dan konsultan dalam Represents down payments to contractors and rangka pembangunan jalan tol, pelapisan ulang, consultants for toll road construction, overlay, toll road pengadaan peralatan jalan tol dan pengadaan jalan lain equipment procurement and other road procurements and yang akan diperhitungkan dengan tagihan atas kemajuan are calculated from the invoice of working progress from pekerjaan kontraktor dan konsultan. the contractors and consultants. b. Jaminan b. Guarantee Merupakan garansi bank yang ditempatkan Perusahaan Represent bank guarantee which placed by the Company selaku pemegang hak pengusahaan jalan tol sebagai as the winner of concession right of toll road, as a jaminan pelaksanaan dan penyelesaian konstruksi jalan guarantee of execution and completion of the toll road tol. construction. c. Aset Diambil Alih c. Foreclosed Assets

2014 2013 Rp Rp

Ruas Tol Semarang-Demak (MME) 20,129,778 20,129,778 Toll Road Semarang-Demak (MME) Ruas Tol Cileunyi-Nagrek (PT Wijaya Karya) 12,000,000 12,000,000 Toll Road Cileunyi-Nagrek (PT Wijaya Karya) Ruas Tol Pandaan-Pasuruan (PT Giri Adya Sejati) 2,074,137 2,074,137 Toll Road Pandaan-Pasuruan (PT Giri Adya Sejati) Sub Jumlah 34,203,915 34,203,915 Sub Total

Penyisihan Penurunan Nilai Aset: Allowance for Impairment Losses: Ruas Tol Semarang-Demak (MME) 12,227,916 12,227,916 Ruas Tol Semarang-Demak (MME) Ruas Tol Cileunyi-Nagrek (PT Wijaya Karya) 12,000,000 12,000,000 Ruas Tol Cileunyi-Nagrek (PT Wijaya Karya) Ruas Tol Pandaan-Pasuruan (PT Giri Adya Sejati) 2,074,137 2,074,137 Ruas Tol Pandaan-Pasuruan (PT Giri Adya Sejati) Sub Jumlah 26,302,053 26,302,053 Sub Total d. Jalan Tol Ruas Surabaya – Gempol Seksi Porong – d. Surabaya – Gempol Toll Road Porong – Gempol Gempol Section Jalan tol Seksi Porong - Gempol merupakan bagian dari Section Porong – Gempol toll road which is part of jalan tol Surabaya - Gempol yang mengalami dampak Surabaya – Gempol toll road has been affected by mud dari musibah genangan lumpur PT Lapindo Brantas disaster of PT Lapindo Brantas which resulted in sehingga mengakibatkan tidak berfungsinya jalan tol malfunction of the toll road (see note 45.b). tersebut (lihat catatan 45.b).

d1/February 6, 2015 64 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

Sehubungan dengan dilakukannya penutupan sebagian In line with the partial closure of Section Porong-Gempol jalan tol Surabaya - Gempol Seksi Porong - Gempol pada of Surabaya-Gempol toll road on July 11, 2006, which 11 Juli 2006, dan ditindaklanjuti dengan Surat Menteri followed up by letter from the Minister of Public Works Pekerjaan Umum No. 297/KPTS/M/2006 tanggal 11 No. 297/KPTS/M/2006 dated August 11, 2006 regarding Agustus 2006 tentang Pencabutan Sementara Status the Temporary Revocation of Status of Some Part of Sebagai Jalan Tol Sebagian Ruas Jalan Tol Surabaya - Section Porong - Gempol of Surabaya – Gempol Toll Gempol Seksi Porong – Gempol, Perusahaan mencatat Road, the Company recognised the Section Porong – aset jalan tol seksi Porong – Gempol kedalam Aset Lain- Gempol toll road into Other Assets amounting to Lain sebesar Rp 12.027.508.035 (Rupiah penuh). Rp 12,027,508,035 (full Rupiah).

16. Utang Usaha 16. Accounts Payable

Merupakan utang kepada pemasok untuk pengadaan barang Represent payables to suppliers associated with the cetakan, alat tulis kantor, karcis tol, obat-obatan dan pakaian procurement of printing goods, office stationery, toll tickets, dinas serta utang usaha atas jasa pemeliharaan dan medicine, uniform, toll road maintenance and cleaning pembersihan jalan tol. services.

2014 2013 Rp Rp

Pihak Berelasi (Catatan 43) 5,389,001 7,990,621 Related Parties (Note 43) Pihak Ketiga 186,286,485 92,040,815 Third Parties Jumlah 191,675,486 100,031,436 Total

17. Utang Kontraktor 17. Contractors Payable

Merupakan utang kepada kontraktor, konsultan dan rekanan Represents payables to contractors, consultants and sehubungan dengan pembangunan jalan, pelapisan ulang, partners associated with the construction of roads, overlay pengadaan fasilitas tol dan bangunan lain. and procurement of toll facilities and other buildings.

2014 2013 Rp Rp Pihak Berelasi (Catatan 43)/ Related Parties (Note 43) 754,755,358 1,018,819,471 Pihak Ketiga/ Third Parties PT Jaya Konstruksi Manggala Pratama Tbk 63,357,311 10,481,810 PT Module Intracs Yasatama 15,977,545 7,003,216 PT Aremix 3M 15,620,181 17,805,793 PT Manikam Mega Persada 12,319,502 13,855,080 PT Perkasa Adiguna Sembada 11,686,209 7,020,997 PT Kadi International 10,674,204 4,073,554 PT Pancatunggal Karsasejati 10,501,215 1,244,947 PT Delameta Bilano 8,259,490 10,474,087 PT Roadmixindo Raya 7,864,232 2,259,859 PT Marga Maju Mapan 6,344,717 -- PT Aremix Planindo 5,781,001 -- PT Marga Bumikhatulistiwa 5,644,521 1,529,261 PT Sumber Batu 5,009,113 2,463,756 PT Annisa Bintang Blitar 2,945,982 7,376 PT Multi Phi Beta 2,531,096 1,601,781 PT Henny Eka Pratama 2,496,442 -- PT Rajawali Gema Permai Indonesia 2,364,171 --

d1/February 6, 2015 65 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

2014 2013 Rp Rp PT Barito Permai 2,226,817 -- PT Sarana Marga Perkasa 2,122,952 -- PT Bauer Pratama Indonesia 2,035,865 2,554,174 PT Widya Sapta Colas 2,030,319 6,074,078 Lain-lain (masing-masing di bawah Rp 2 Milyar)/ Others (each below Rp 2 Billion) 37,940,591 46,179,041 Sub Jumlah/ Sub Total 235,733,476 134,628,810 Jumlah/ Total 990,488,834 1,153,448,281

18. Utang Lain-lain 18. Other Payables

2014 2013 Rp Rp Pihak Ketiga/ Third Parties PT PPA Finance 10,134,109 12,262,599 Area Pramuka Cibubur & TMII 2,388,715 2,388,715 PT Astra Credit Company -- 2,799,979 Lainnya/ Others 61,138,307 38,958,118 Jumlah/ Total 73,661,131 56,409,411

Utang lain-lain Area Pramuka Cibubur dan Taman Mini Other payables Pramuka Cibubur Area and Taman Mini Indonesia Indah merupakan sumbangan Perusahaan kepada Indonesia lndah (TMII) represents the Company's contribution Kwartir Nasional Gerakan Pramuka dan Taman Mini to Kwartir Nasional Gerakan Pramuka Cibubur and TMII that Indonesia lndah yang didasarkan pada Keputusan Presiden is based on Presidential Decree No.14 year 1981 regarding No.14 Tahun 1981 tentang penggunaan sebagian dari the use of a portion of toll revenue at the gateway to/from pendapatan tol pada pintu gerbang menuju/dari Taman Mini Taman Mini Indonesia Indah and Cibubur Scout Area Toll Indonesia lndah dan Arena Pramuka Cibubur. Namun, sejak gates. However, since the date of January 26, 2008, the tanggal 26 Januari 2008, Pemerintah mengeluarkan Government issued Presidential Regulation No.3 year 2008 Peraturan Presiden No.3 Tahun 2008 mengenai pencabutan for the revocation of the Presidential Decree No.14 year 1981. Keputusan Presiden No.14 Tahun 1981.

19. Beban Akrual 19. Accrued Expenses

2014 2013 Rp Rp Beban Bunga Interest Expenses Obligasi 82,971,826 77,530,340 Bonds Utang Bank Bank Loans PT Bank Central Asia Tbk 8,594,667 7,971,200 PT Bank Central Asia Tbk Pihak Berelasi (Catatan 43) -- 2,979,167 Related Party (Note 43) Utang Bank Sindikasi 15,330,996 15,971,358 Syndicated Bank Loan Beban Umum dan Administrasi 185,373,757 155,431,430 General and Administrative Expenses Beban Gaji dan Tunjangan 95,822,682 118,064,239 Salaries and Allowances Expenses Beban Kerjasama Operasi 792,321 66,890,996 Joint Operation Expenses Lain-lain 27,378,166 19,839,883 Others Jumlah 416,264,415 464,678,613 Total

d1/February 6, 2015 66 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

20. Utang Bank 20. Bank Loans

Utang Bank Jangka Pendek/ Short-term Bank Loan: 2014 2013 Rp Rp Pihak Ketiga/ Third Parties PT Bank Central Asia Tbk 586,690,195 636,007,177 PT Bank DBS Indonesia 23,809,583 19,833,171 Jumlah/ Total 610,499,778 655,840,348

Bagian Jangka Pendek/ Current Portion: 2014 2013 Rp Rp

Pihak Berelasi (Catatan 43)/ Related Parties (Note 43) 41,599,279 292,972,283 Pihak Ketiga/ Third Parties PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk 1,216,831 2,244,880 PT Bank Pembangunan Daerah Bali 345,098 -- Jumlah/ Total 43,161,208 295,217,163

Bagian Jangka Panjang/ Long Term Portion: 2014 2013 Rp Rp

Pihak Berelasi (Catatan 43)/ Related Parties (Note 43) 5,529,802,171 4,632,708,859 Pihak Ketiga/ Third Parties PT Bank DKI 209,234,856 130,226,657 PT Bank Pembangunan Daerah Jawa Timur Tbk 197,095,855 119,398,896 PT Bank Central Asia Tbk 137,348,875 119,704,044 PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk 129,544,531 88,924,692 PT Bank Pembangunan Daerah Sumatera Utara 107,380,191 75,988,929 PT Bank Pembangunan Daerah Bali 68,674,437 59,852,022 PT Bank Bukopin Tbk 67,036,686 51,835,794 PT Bank Pembangunan Daerah Jawa Tengah 38,722,688 41,558,060 Sub Jumlah/ Sub Total 955,038,119 687,489,094 Jumlah/ Total 6,484,840,290 5,320,197,953

Persyaratan rasio keuangan Perusahaan berdasarkan The Company's financial ratio requirement based on each perjanjian kredit masing-masing bank adalah Rasio Utang bank's credit agreement is a Debt to Equity Ratio (DER) terhadap Ekuitas (DER) maksimal 5:1 dan Interest Coverage maximum of 5:1 and Interest Coverage Ratio (ICR) minimum Ratio (ICR) minimal 1,25:1. of 1.25:1.

Pinjaman pada PT Bank Central Asia Tbk Loan from PT Bank Central Asia Tbk Berdasarkan Akta Perjanjian Kredit Investasi No. 37, tanggal Based on the Deed of Credit Agreement No. 37, dated 25 Oktober 2005 dibuat dihadapan Notaris Ir. Nanette October 25, 2005 of Notary Ir. Nanette Cahyanie Handari Adi Cahyanie Handari Adi Warsito, S.H., Perseroan mendapatkan Warsito, S.H., the Company has obtained loan facilities fasilitas kredit investasi dengan tujuan untuk pembiayaan amounting to Rp 350,000,000,000 (full Rupiah) for the proyek jalan tol JORR II (Seksi E1, E3) sebesar purpose of financing JORR II toll road project (E1, E3 Rp 350.000.000.000 (Rupiah penuh). Akta ini diubah dengan Section). The Deed has been changed with the Deed of Akta Addendum Perjanjian Kredit Investasi No. 53, tanggal 28 Credit Agreement No. 53, dated April 28, 2006 for the loan April 2006 untuk fasilitas kredit investasi sebesar facilities amounting to Rp 310,000,000,000 (full Rupiah) and Rp 310.000.000.000 (Rupiah penuh) dan Akta Perjanjian based on the Deed of Credit Agreement No. 54 dated April Kredit No. 54, tanggal 28 April 2006 sebagaimana kemudian 28, 2006 as changed in Deed of Amendment to Working diubah dalam Akta Addendum Perjanjian Kredit Modal Kerja Capital Credit Agreement No. 6, dated August 10, 2006, d1/February 6, 2015 67 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

No. 6, tanggal 10 Agustus 2006 dari Notaris Ir. Nanette Deed of Addendum to Credit Agreement No. 47 dated March Cahyanie Handari Adi Warsito, S.H., Akta Addendum 29, 2007 and Deed of Amendment to Credit Agreement No. Perjanjian Kredit No. 47 tanggal 29 Maret 2007 dan Akta 06 dated June 6, 2007 of Notary Ir. Nanette Cahyanie Addendum Perjanjian Kredit No. 06 tanggal 6 Juni 2007 dari Handari Adi Warsito, S.H., the Company has obtained time Notaris Poerbaningsih Adi Warsito, S.H., Perusahaan loan revolving facility amounting to Rp 40,000,000,000 (full memperoleh fasilitas time loan revolving sebesar Rupiah) for a period of 1 year and an additional credit facility Rp 40.000.000.000 (Rupiah penuh) untuk jangka waktu 1 amounting to Rp 596,000,000,000 (full Rupiah). Total facilities tahun dan mendapat tambahan jumlah pokok fasilitas kredit obtained by the Company were amounting to sebesar Rp 596.000.000.000 (Rupiah penuh) sehingga Rp 636,000,000,000 (full Rupiah), the loan interest rate equal jumlah fasilitas yang diterima Perusahaan menjadi to the rate of rupiah deposits for a period of 3 (three) months Rp 636.000.000.000 (Rupiah penuh), tingkat suku bunga in the BCA applies to the nominal value of deposits greater pinjaman sama dengan suku bunga deposito rupiah untuk than or equal to Rp 25,000,000,000 (full Rupiah), published in jangka waktu 3 (tiga) bulan yang berlaku di BCA untuk nilai general plus 3.9% per annum. Based on the Deed of nominal deposito lebih besar atau sama dengan Amendment No. 11 dated August 12, 2014, the maturity of Rp 25.000.000.000 (Rupiah penuh) yang dipublikasikan the loan has been extended from August 13, 2014 to August secara umum ditambah 3,9% per tahun. Berdasarkan Akta 13, 2015. The Company does not provide a guarantee Addendum No. 11 tanggal 12 Agustus 2014, jangka waktu against the loan. The bank loan is given by Negative Pledge, kredit diperpanjang dari 13 Agustus 2014 menjadi jatuh tempo so that the debtor does not submit guarantee/collateral that pada 13 Agustus 2015. Perusahaan tidak memberikan are preferred and/or separated either to the bank or other jaminan terhadap pinjaman ini. Utang bank diberikan secara creditors. The Total outstanding loan as of December 31, Negative Pledge, sehingga debitur tidak menyerahkan 2014 amounting to Rp 586,690,195,000 (full Rupiah). jaminan/ agunan yang sifatnya preferen dan/atau separatis baik kepada bank maupun kepada kreditur lainnya. Jumlah pinjaman bank pada 31 Desember 2014 sebesar Rp 586.690.195.000 (Rupiah penuh).

Pinjaman pada PT Bank Mandiri (Persero) Tbk Loan from PT Bank Mandiri (Persero) Tbk Berdasarkan Akta Perjanjian Kredit No. 22, tanggal 09 Based on the Deed of Credit Agreement No. 22, dated Agustus 2010, yang telah mengalami perubahan dengan Akta August 09, 2010 which lastly amended by the Deed of Addendum No.75 tanggal 23 Juli 2014 dari Notaris Ir. Nanette Amendment to Credit Agreement No.75, dated July 23, 2014 Cahyani Handari Adi Warsito, S.H., Perusahaan memperoleh of Notary Ir. Nanette Cahyani Handari Adi Warsito, S.H., fasilitas pinjaman sebesar Rp 1.000.000.000.000 (Rupiah the Company has obtained loan facilities amounting to penuh) untuk jangka waktu 1 tahun. Tingkat bunga pinjaman Rp 1,000,000,000,000 (full Rupiah) for a period of 1 year. mengacu pada suku bunga deposito 3 (tiga) bulan Bank The loan interest rate refers to the deposit rate 3 (three) ditambah 4,00% (empat persen). Batas waktu jatuh tempo months Bank plus 4.00% (four percent). The maturity of this fasilitas kredit modal kerja tersebut diperpanjang menjadi 08 working capital credit facility has been extended to August Agustus 2015 Perusahaan wajib membayar provisi kepada 08, 2015. The company obliged to pay the provision fee to PT Bank Mandiri (Persero) Tbk sebesar 0,25% per tahun PT Bank Mandiri (Persero) Tbk at 0.25% per annum dihitung secara proporsional. Perusahaan tidak memberikan calculated proportionally. The Company does not provide a jaminan terhadap pinjaman ini. Utang bank diberikan secara guarantee against the loan. The bank loan is given by Negative Pledge, sehingga debitur tidak menyerahkan Negative Pledge, so that the debtor does not submit jaminan/ agunan yang sifatnya preferen dan/atau separatis guarantee/collateral that are preferred and/or separated baik kepada bank maupun kepada kreditur lainnya. Sampai either to the bank or other creditors. Until the date of the dengan laporan keuangan dibuat, per tanggal 31 Desember financial statements, as of December 31, 2014, the Company 2014, Perusahaan telah melunasi fasilitas kredit sebesar has paid the loan facility amounting to Rp 250,000,000,000 Rp 250.000.000.000 (Rupiah penuh), sehingga perusahaan (full Rupiah), thus the Company has no outstanding loans tidak memiliki saldo fasilitas pinjaman tersebut. payable.

Pinjaman pada PT Bank DBS Indonesia Loan from PT Bank DBS Indonesia PT Jasa Layanan Pemeliharaan (Entitas Anak) mengadakan PT Jasa Layanan Pemeliharaan (the Subsidiary) held the perjanjian gadai No. 29/PG-DBSI/II/2013 antara JLP dengan agreement of Pledge No. 29/PG-DBSI/II/2013 between the PT Bank DBS Indonesia yang dituangkan dalam akta notaris JLP and PT Bank DBS Indonesia noted in the notary deed Sulistyanigsih, S.H., No. 88 tanggal 22 Pebruari 2013, JLP Sulistyanigsih, S.H., no. 88 dated February 22, 2013, JLP memperoleh fasilitas perbankan dari Bank dalam bentuk acquired the banking facilities from banks in the form of Uncommitted Revolving Credit Facility dengan jumlah fasilitas Uncommitted Revolving Credit Facility with a maximum tersedia maksimum sebesar Rp 30.000.000.000 (Rupiah amount of available facilities amounting to penuh), Uncommitted Omnibus Facility dengan jumlah Rp 30,000,000,000 (full Rupiah), Uncommitted Omnibus fasilitas tersedia maksimum sebesar Rp 10.000.000.000 Facility with maximum amount of facilities available at d1/February 6, 2015 68 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

(Rupiah penuh) dan Uncommitted Bank Guarantee Facility Rp 10,000,000,000 (full Rupiah) and Uncommitted Bank dengan jumlah fasilitas tersedia maksimum sebesar Guarantee Facility with maximum amount of facilities Rp 10.000.000.000 (Rupiah penuh) Semua fasilitas kredit available at Rp 10,000,000,000 (full Rupiah). All of credit berakhir pada tanggal 22 Pebruari 2015 atas masa kredit 1 facility expired on the 22nd of February 2015 1 year credit tahun, dengan pembebanan tingkat suku bunga sebesar period is over, with the imposition of interest rate of 10.25- 10,25–10,75% pertahun berbasis mengambang. 10.75% per year based floating.

Pinjaman Sindikasi dengan PT Bank Mandiri (Persero) Syndicates Loan from PT Bank Mandiri (Persero) Tbk, Tbk, PT Bank Negara Indonesia (Persero) Tbk, PT Bank PT Bank Negara Indonesia (Persero) Tbk, PT Bank Rakyat Indonesia (Persero) Tbk, PT Bank Pembangunan Rakyat Indonesia (Persero) Tbk, PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk dan PT Bank Bukopin Daerah Jawa Barat dan Banten Tbk and PT Bank Tbk Bukopin Tbk a. PT Marga Sarana Jabar (MSJ) a. PT Marga Sarana Jabar (MSJ) Pada tanggal 18 Nopember 2009, MSJ mengadakan On November 18, 2009, MSJ obtained syndicate credit perjanjian kredit sindikasi antara MSJ dengan PT Bank agreement between MSJ with PT Bank Mandiri (Persero) Mandiri (Persero) Tbk, PT Bank Negara Indonesia Tbk, PT Bank Negara Indonesia (Persero) Tbk, PT Bank (Persero) Tbk, PT Bank Rakyat Indonesia (Persero) Tbk Rakyat Indonesia (Persero) Tbk and PT Bank dan PT Bank Pembangunan Daerah Jawa Barat dan Pembangunan Daerah Jawa Barat dan Banten Tbk Banten Tbk berdasarkan Akta Perjanjian Kredit Sindikasi based on the Deed of Syndicate Credit Agreement No. 64 No. 64, tanggal 18 Nopember 2009 oleh Notaris Fatimah, dated November 18, 2009 of Notary Fatimah, S.H., Credit S.H., Fasilitas kredit yang diberikan adalah maksimum facility is granted with maximum limit amounting to sebesar Rp 1.053.447.000.000 (Rupiah penuh) dan jatuh Rp 1,053,447,000,000 (full Rupiah) and will mature on tempo pada tanggal 6 Maret 2022. Pinjaman ini March 6, 2022, The loan bears interest at the average dikenakan suku bunga sebesar average time deposit time deposits plus a margin of 6% per annum. As of ditambah margin 6 % per tahun. Saldo Per 31 Desember December 31, 2014, the outstanding loan amounting to 2014 adalah Rp 526.839.554.003 (Rupiah penuh), Rp 526,839,554,003 (full Rupiah), provided with collateral dengan jaminan atas pendapatan jalan tol sesuai akta in form of toll road revenue as stipulated in the Deed perjanjian No. 43 tanggal 16 Desember 2009 oleh Notaris No. 43 dated December 16, 2009 of Notary Fatimah, S.H. Fatimah, S.H. b. PT Marga Nujyasumo Agung (MNA) b. PT Marga Nujyasumo Agung (MNA) Pada tanggal 24 Januari 2007, MNA telah mengadakan On January 24, 2007, MNA entered into syndicated credit perjanjian kredit sindikasi dengan PT Bank Negara agreement with PT Bank Negara Indonesia Tbk, PT Bank Indonesia Tbk, PT Bank Rakyat Indonesia Tbk dan Rakyat Indonesia Tbk dan PT Bank Bukopin Tbk as put PT Bank Bukopin Tbk, dan telah dikuatkan dengan akta forth into Deed of Syndicated Credit Agreement No.33 Perjanjian Kredit Sindikasi No. 33, tanggal 24 Januari dated January 24, 2007 of Fatimah, S.H., Notary in 2007 oleh Fatimah, S.H., Notaris di Jakarta. Fasilitas Jakarta. The credit facility granted by MNA with the kredit yang diterima MNA adalah maksimum sebesar maximum limit of Rp 1,526,000,000,000 (full Rupiah) Rp 1.526.000.000.000 (Rupiah penuh) yang terdiri dari comprises of Investment Credit Facility amounting to Fasilitas Kredit Investasi sebesar Rp 1.374.576.000.000 Rp 1,374,576,000,000 (full Rupiah) and Interest During (Rupiah penuh) dan Fasilitas Bunga Masa Konstruksi Construction Facility amounting to Rp 151,424,000,000 (Interest During Construction) sebesar (full Rupiah), with term of credit for 44 quarter or 11 years Rp 151.424.000.000 (Rupiah penuh), dengan jangka including grace period of 2 years and 6 months since the waktu 44 Triwulan atau 11 tahun termasuk masa signing of loan agreement deed and will mature on tenggang 2 tahun 6 bulan terhitung sejak January 24, 2018. The interest were charged on weighted ditandatanganinya akta dan berakhir pada tanggal average rate on the basis of the rate of each bank which 24 Januari 2018. Atas pinjaman ini perusahaan were provided to the PT Bank Negara Indonesia Tbk as dikenakan suku bunga secara Weighted Average atas the agent of the syndicated banks. For the first time dasar suku bunga yang disampaikan oleh masing-masing interest loan changed was 16% per annum. The loan is kreditur kepada agen fasilitas yaitu PT Bank Negara proved with collaterals consisting of toll road revenue and Indonesia Tbk Untuk pertama kalinya bunga dibebankan other operating revenues which are binded fiducially with sebesar 16% pertahun. Jaminan pinjaman antara lain the amount of guarantee of Rp 3,356,656,000,000 (full Tagihan atas pendapatan tol dan pendapatan usaha lain Rupiah). The outstanding loan as of December 31, 2014 yang akan diikat secara fidusia dengan nilai penjaminan amounting to Rp 1,001,147,808,852 (full Rupiah). sebesar Rp 3.356.656.000.000 (Rupiah penuh). Saldo 31 Desember 2014 sebesar Rp 1.001.147.808.852 (Rupiah penuh).

d1/February 6, 2015 69 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

c. PT Trans Marga Jateng (TMJ) c. PT Trans Marga Jateng (TMJ) Berdasarkan Perjanjian Kredit No. 21 tanggal Based on the Deed No. 21 dated December 11, 2009 11 Desember 2009, TMJ mengadakan perjanjian kredit TMJ had syndicates credit agreement with sindikasi dengan PT Bank Negara Indonesia PT Bank Negara Indonesia (Persero) Tbk, PT Bank (Persero) Tbk, PT Bank Mandiri (Persero) Tbk, PT Bank Mandiri (Persero) Tbk, PT Bank Rakyat Indonesia Rakyat Indonesia (Persero) Tbk, PT Bank Pembangunan (Persero) Tbk, PT Bank Pembangunan Daerah Jawa Daerah Jawa Tengah untuk pembiayaan Proyek Jalan Tol Tengah for financing Semarang - Solo Toll Road Project Semarang - Solo seksi 1 sebesar maksimum kredit Section I amounting to Rp 4,697,960,000,000 (full Rp 4.697.960.000.000 (Rupiah penuh) yang terdiri dari Rupiah) comprises of investment scheme facilities for Fasilitas Kredit Tranche I sebesar Tranche I amounting to Rp 2,745,579,000,000 (full Rp 2.745.579.000.000 (Rupiah penuh) dan Tranche II Rupiah) and Tranche II amounting to sebesar Rp 1.952.381.000.000 (Rupiah penuh). Jangka Rp 1,952,381,000,000 (full Rupiah). Credit Facility period waktu fasilitas kredit, termasuk masa tenggang terhitung included grace period start since signed loan agreement sejak ditandatanganinya akta dan berakhir pada tanggal deed and it will mature on March 6, 2022. The Weighted 6 Maret 2022. Tingkat suku bunga Average Time Deposit Average Time Deposit Rate for 3 months period from untuk jangka waktu 3 bulan dari bank-bank sindikasi yang syndicated banks plus 6% for margin with collateral toll dimuat di media massa ditambah margin 6% dengan revenue and others revenues and will bonded fiducially jaminan berupa tagihan atas pendapatan tol dan amounting to Rp 6,711,371,000,000 (full Rupiah). As of pendapatan usaha lain yang akan diikat secara fidusia December 31, 2014, the outstanding loan was dengan nilai penjaminan sebesar Rp 6.711.371.000.000 Rp 1,819.265.032.341 (full Rupiah). (Rupiah penuh). Saldo 31 Desember 2014 sebesar Rp 1.819.265.032.341 (Rupiah penuh). d. PT Marga Lingkar Jakarta (MLJ) d. PT Marga Lingkar Jakarta (MLJ) Berdasarkan Perjanjian Kredit Sindikasi No.13 tanggal Based on the Deed of Syndicates Credit No.13 dated 13 Oktober 2011, MLJ menandatangani perjanjian kredit October 13, 2011, MLJ signed syndicates credit sindikasi dengan PT Bank Mandiri (Persero) Tbk dan agreement with PT Bank Mandiri (Persero) Tbk and PT Bank DKI untuk pembiayaan proyek pembagunan PT Bank DKI for financing Jakarta Outer Ring Road jalan tol Lingkarluar Jakarta Seksi W2 Utara dengan Section W2 North with maximum limit of maksimum kredit Rp 1.554.000.000.000 (Rupiah penuh) Rp 1,554,000,000,000 (full Rupiah) including Interest termasuk IDC Rp 168.000.000.000 (Rupiah penuh). During Construction (IDC) Rp 168,000,000,000 (full Jangka waktu fasilitas kredit adalah 15 tahun sejak Rupiah). The Maturity Date of Credit is 15 years which be ditandatanganinya akta. Tingkat suku bunga untuk 1 effective since the signing of the Deed. The interest rate tahun pertama adalah 10%, untuk selanjutnya is 10% per annum for the first year and for the remaining menggunakan tingkat suku bunga Average Time Deposit years using 3 months of Average Time Deposit Rate from untuk jangka waktu 3 bulan dari bank-bank sindikasi yang syndicated banks plus 4% of margin with collateral toll dimuat di media massa ditambah margin 4% dengan revenues and other revenues and will bonded fiducially jaminan berupa tagihan atas pendapatan tol dan amounting to Rp 2,149,000,000,000 (full Rupiah). The pendapatan usaha lainnya yang akan diikat secara fidusia outstanding loan as of December 31, 2014 amounting to dengan nilai penjaminan sebesar Rp 2.149.000.000.000 Rp 945,847,824,126 (full Rupiah). (Rupiah penuh). Saldo per 31 Desember 2014 sebesar Rp 945.847.824.126 (Rupiah penuh. e. PT Jasamarga Bali Tol (JBT) e. PT Jasamarga Bali Tol (JBT) Berdasarkan Akta Perjanjian Kredit Sindikasi No. 79 Based on the Deed of Syndicates Credit No. 79 dated tanggal 22 Juni 2012, JBT telah memperoleh fasilitas June 22, 2012, JBT signed syndicates credit agreement Kredit Investasi (KI) Sindikasi Pembiayaan Proyek Jalan with PT Bank Mandiri (Persero) Tbk, Tol Nusa Dua – Ngurah Rai – Benoa dari PT Bank PT Bank Negara Indonesia (Persero) Tbk, PT Bank Mandiri (Persero) Tbk, PT Bank Negara Indonesia Rakyat Indonesia (Persero) Tbk, PT Bank Central Asia (persero) Tbk, PT Bank Rakyat Indonesia (Persero) Tbk, Tbk, PT Bank Tabungan Negara (Persero) Tbk dan PT Bank Central Asia Tbk, PT Bank Tabungan Negara PT Bank Pembangunan Daerah Bali for financing Nusa (Persero) Tbk dan PT Bank Pembangunan Daerah Bali Dua – Ngurah Rai – Benoa Toll Road Project with dengan jumlah maksimum kredit sebesar maximum limit of Rp 1,622,000,000,000 (full Rupiah) Rp 1.622.000.000.000 (Rupiah penuh) termasuk IDC including Interest During Construction with maximum sebesar Rp 117.300.000.000 (Rupiah penuh). Jangka limit of Rp 117,300,000,000 (full Rupiah). The Maturity waktu fasilitas kredit adalah 15 tahun sejak Date of Credit is 15 years which be effective since the ditandatanganinya akta. Tingkat suku bunga untuk 1 signing of the Deed. The Interest Rate is 10% per d1/February 6, 2015 70 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

tahun pertama adalah 10%, untuk selanjutnya annum for the first year and for the remaining years menggunakan tingkat suku bunga Simple Interest Rate using Simple Interest Rate from syndicated banks plus ditambah marjin sebesar 5% dengan jaminan berupa 5% of margin with collateral toll revenues and other tagihan atas pendapatan tol dan pendapatan usaha revenues and will bonded fiducially amounting to lainnya yang akan diikat secara fidusia dengan nilai Rp 2,484,780,000,000 (full Rupiah). The outstanding penjaminan sebesar Rp 2.484.780.000.000 (Rupiah loan as of December 31, 2014 amounting to penuh). Saldo per 31 Desember 2014 sebesar Rp 1,200,456,771,336 (full Rupiah). Rp 1.200.456.771.336 (Rupiah penuh). f. PT Jasamarga Pandaan Tol (JPT) f. PT Jasamarga Pandaan Tol (JPT) Berdasarkan Perjanjian Kredit Sindikasi No. 38 tanggal Based on the Deed of Syndicates Credit No. 38 dated 12 Juni 2012, JPT menandatangani perjanjian kredit June 12, 2012, JPT signed syndicates credit agreement sindikasi dengan PT Bank Mandiri (Persero) Tbk, with PT Bank Mandiri (Persero) Tbk, PT Bank DKI, PT Bank Pembangunan Daerah Jawa Barat PT Bank DKI, PT Bank Pembangunan Daerah Jawa dan Banten Tbk, PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk, PT Bank Pembangunan Daerah Timur Tbk untuk pembiayaan proyek pembagunan jalan Jawa Timur Tbk for financing Gempol – Pandaan Toll tol Gempol - Pandaan dengan maksimum kredit Road with maximum limit of Rp 733,000,000,000 (full Rp 733.000.000.000 (Rupiah penuh) termasuk IDC Rupiah) including Interest During Construction (IDC) Rp 84.000.000.000 (Rupiah penuh). Jangka waktu Rp 84,000,000,000 (full Rupiah). The Maturity Date of fasilitas kredit adalah 15 tahun sejak ditandatanganinya Credit is 15 years which be effective since the signing of akta. Tingkat suku bunga untuk 1 tahun pertama adalah the Deed. The Interest Rate is 10.50% per annum for the 10,50%, untuk selanjutnya menggunakan tingkat suku first year and for the remaining years using Simple bunga Simple Interest Rate ditambah margin 5,25% Interest Rate from syndicated banks plus 5.25% of dengan jaminan berupa tagihan atas pendapatan tol dan margin with collateral toll revenues and other revenues pendapatan usaha lainnya yang akan diikat secara fidusia and will bonded fiduciary amounting to dengan nilai penjaminan sebesar Rp 1.202.242.000.000 Rp 1,202,242,000,000 (full Rupiah). The outstanding (Rupiah penuh). Saldo per 31 Desember 2014 sebesar loan as of December 31, 2014 amounting to Rp 624.460.095.865 (Rupiah penuh). Rp 624,460,095,865 (full Rupiah).

21. Utang Obligasi 21. Bonds Payable

2014 2013 Rp Rp Obligasi Jasa Marga: Jasa Marga Bond: XIII Seri R 1,500,000,000 1,500,000,000 XIII - R Series XII Seri Q 1,000,000,000 1,000,000,000 XII - Q Series XIV Seri JM - 10 1,000,000,000 1,000,000,000 XIV JM - 10 Series JORR II 259,154,384 259,154,384 JORR II Seri S A -- 700,000,000 Seri S A Seri S B 400,000,000 400,000,000 Seri S B Seri S C 1,000,000,000 1,000,000,000 Seri S C Seri S T 1,000,000,000 -- Seri S T Total 6,159,154,384 5,859,154,384 Total

Biaya Penerbitan yang Belum Diamortisasi (14,724,321) (14,778,396) Unamortized Bond Issuance Cost Jumlah Utang Obligasi 6,144,430,063 5,844,375,988 Total Bond Payable Bagian yang Jatuh Tempo Dalam Satu Tahun -- (700,000,000) Current Maturities Utang Obligasi Bagian Jangka Panjang 6,144,430,063 5,144,375,988 Bond Payable of Long - Term Portion

d1/February 6, 2015 71 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

Jumlah pembayaran kembali untuk utang obligasi menurut The amounts of repayments of bonds payable by the year of tahun jatuh tempo adalah sebagai berikut: maturity are as follows:

Tahun Jatuh Tempo/ Total Year of Maturity Rp 2016 2,477,377,192 2017 1,500,000,000 2018 77,377,192 2019 1,000,000,000 2020 1,000,000,000 2021 104,400,000 6,159,154,384 Total

Persyaratan rasio keuangan Perusahaan berdasarkan The Company's financial ratio requirements of all bonds perjanjian obligasi adalah Rasio Utang terhadap Ekuitas payable are Debt to Equity Ratio maximum of 5:1 and Interest maksimal 5:1 dan Interest Coverage Ratio minimal 1,25: 1. Coverage Ratio minimum of 1.25:1. a. Obligasi Jasa Marga XIII Seri R Tahun 2007 a. Jasa Marga Bond XIII Series R Year 2007 Berdasarkan Akta No. 26, tanggal 4 Mei 2007, Akta Based on the Deed No. 26 dated May 4, 2007, the Deed Adendum 1 No.10, tanggal 6 Juni 2007, Perjanjian of Addendum 1 No.10, dated June 6, 2007, and Bond Perwaliamanatan Obligasi Jasa Marga XIII Seri R Tahun Trustee Agreement of Jasa Marga XIII Series R Year 2007 dari Notaris Poerbaningsih Adi Warsito, SH, dengan 2007 of Notary Poerbaningsih Adi Warsito, SH, with a par nilai nominal obligasi Rp 1.500.000.000.000 (Rupiah value of Rp 1,500,000,000,000 (full Rupiah), a fixed penuh), tingkat bunga tetap sebesar 10,25% per tahun. interest rate of 10.25% per annum. The bonds were Obligasi ditawarkan dengan nilai 100% dari jumlah pokok. offered at 100% of the principal amount. Bond interest Bunga obligasi dibayarkan setiap triwulan. Jangka waktu payable quarterly. The timing of 10-years bonds, maturing obligasi yaitu 10 tahun, jatuh tempo 21 Juni 2017. June 21, 2017. Acting as trustee is PT Bank Mega Tbk Bertindak selaku wali amanat adalah PT Bank Mega Tbk The bond ratings are idA+ by PT Pemeringkat Efek Peringkat obligasi adalah idA+ dari PT Pemeringkat Efek Indonesia (Pefindo), Indonesia (Pefindo).

Berdasarkan Akta Addendum I Perjanjian Based on the Deed of Agreement Addendum I of the Perwaliamanatan Obligasi Jasa Marga XIII Seri R, tujuan Trustee Agreement for Jasa Marga Bond XIII Series R, penerbitan obligasi tersebut adalah untuk melunasi the Company issued these bonds to repay partially of sebagian pinjaman (refinancing) Bank BCA, Bank Mandiri, outstanding bank loans due to Bank BCA, Bank Mandiri, Bank Bukopin, Bank Jabar dan utang bantuan pemerintah Bank Bukopin, bank Jabar and loan from government in dengan proporsi masing-masing sekitar 48%, 25%, 10%, the following proportions: 48%, 25%, 10%, 14% and 3%, 14% dan 3%. respectively. b. Obligasi Jasa Marga XII Seri Q Tahun 2006 b. Jasa Marga Bond XII Series Q Year 2006 Berdasarkan Akta No. 66, tanggal 18 Mei 2006, Akta Based on the Deed No. 66 dated may 18, 2006, the Deed Addendum I No.74, tanggal 19 Juni 2006 dan Akta of Addendum I No.74 dated June 19, 2006, and the Deed Addendum II No.89, tanggal 26 Juni 2006, Perjanjian of Addendum II No. 89 dated June 26, 2006, and Bond Perwaliamanatan Obligasi Jasa Marga XII Seri Q Tahun Trustee Agreement of Jasa Marga Bond XII Series Q 2006, dari Notaris Imas Fatimah, SH, dengan nilai Year 2006 of Notary Imas Fatimah, SH, the par value of nominal obligasi sebesar Rp 1.000.000.000.000 (Rupiah the bonds is Rp 1,000,000,000,000 (full Rupiah), with a penuh), tingkat bunga tetap sebesar 13,5% per tahun. fixed interest rate of 13.5% per annum. The bonds were Obligasi ini ditawarkan dengan nilai 100% dari jumlah offered at 100% of principal amount. Bond interest pokok obligasi. Bunga obligasi dibayarkan setiap triwulan. payable quarterly. The timing of 10 years bond, maturing Jangka waktu penyelesaian obligasi yaitu 10 tahun, jatuh June 6, 2016. Acting as trustee of this bond is PT Bank tempo 6 Juni 2016. Bertindak selaku wali amanat adalah Mega Tbk The bond ratings are rated idA+ by Pefindo. PT Bank Mega Tbk Peringkat obligasi tersebut adalah idA+ dari Pefindo.

Berdasarkan Akta Addendum II Perjanjian Based on the Deed of Addendum II of the Trustee Perwaliamanatan Obligasi Jasa Marga XII Seri Q, tujuan Agreement for Jasa Marga Bond XII Series Q, the penerbitan obligasi tersebut adalah untuk melunasi Company's purpose issued the bonds is to repay part of

d1/February 6, 2015 72 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

sebagian pinjaman (refinancing) Bank BCA, Bank Mandiri, the loans (refinancing) due to Bank BCA, Bank Mandiri, Bank BNI dan Bank Jabar dengan proporsi masing- Bank BNI and Bank Jabar in the following proportions masing sekitar 15%, 28%, 53% dan 4%. 15%, 28%, 53% and 4%, respectively. c. Obligasi Jasa Marga XIV Seri JM-10 Tahun 2010 c. Jasa Marga Bonds XIV Series JM-10 Year 2010 Pada Oktober 2010, Perusahan memperoleh pernyataan In October 2010, the Company received an effective efektif dari Badan Pengawas Pasar Modal (BAPEPAM) statement from the Chairman of Capital Market untuk menerbitkan Obligasi Jasa Marga XIV Seri JM-10 Supervisory Agency (BAPEPAM) for offering Jasa Marga tahun 2010. Nilai nominal obligasi adalah Bond XIV Series JM-10 year 2010. The par value of Rp 1.000.000.000.000 (Rupiah penuh) dengan tingkat bonds is Rp 1.000.000.000.000 (full Rupiah) with fixed bunga tetap 9,35% per tahun. Obligasi ini ditawarkan interest rate of 9.35% per annum. The bonds were offered dengan nilai 100% dari jumlah pokok obligasi. Bunga at 100% of the principal amount. The interests paid obligasi dibayarkan setiap triwulan. Jangka waktu quarterly. The timing of 10-years bond, maturing October penyelesaian obligasi yaitu 10 tahun, jatuh tempo 12 12, 2020. Acting as trustee of the bonds is Oktober 2020. Bertindak selaku wali amanat PT Bank PT Bank Mega Tbk Based on letters No.1044/PEF- Mega Tbk Berdasarkan surat No.1044/PEF-DirN11/2010 DirN11/2010 dated July 29, 2010, the bonds rated by tanggal 29 Juli 2010 dari Peringkat Obligasi tersebut PT Pemeringkat Efek Indonesia (Pefindo) is idAA+ PT Pemeringkat Efek Indonesia (Pefindo) adalah idAA+ (double A; Stable Outlook). (double A; Stable Outlook).

Berdasarkan Akta Perjanjian Penjamin Efek Obligasi Based on the Deed of Bond Issuance Agreement dated tanggal 4 Agustus 2010 juncto Addendum 1 Akta August 4, 2010 in conjunction with Addendum 1 of the Perjanjian Penjamin Emisi Efek Obligasi No.45 tanggal 26 Deed of Bond Issuance Agreement No.45 dated August Agustus 2010 tujuan penerbitan obligasi adalah untuk 26, 2010, the purpose of issued the bonds is for pelunasan Obligasi Jasa Marga X Seri O Tahun 2002, settlement the Jasa Marga Bonds X Series O Year 2002, percepatan pelunasan Kredit Investasi Bank BCA, accelerated settlement of the Investment Credit due to pengembangan investasi pada bidang usaha non-tol Bank BCA, non-toll investment development (property, (bidang properti, bidang teknologi informasi dan information technology and communication, and also komunikasi, serta bidang engineering), dan pembiayaan engineering), and financing the Company's working modal kerja Perusahaan dengan proporsi masing-masing capital with the following proportions: 43%, 27%, 25% and 43%, 27%, 25% dan 5%. 5%, respectively. d. Obligasi Jasa Marga JORR II Tahun 2005 d. Jasa Marga Bond JORR II Year 2005 Berdasarkan Akta Perjanjian Penerbitan Obligasi Jasa Based on the Deed of Bond Issuance Agreement Jasa Marga JORR II Tahun 2005 No.2 tanggal 5 Januari 2006, Marga JORR II Year 2005 No.2 dated January 5, 2006, Perusahaan menerbitkan obligasi dengan nilai nominal the Company issued bonds at par value of sebesar Rp 261.000.000.000 (Rupiah penuh) yang Rp 261,000,000,000 (full Rupiah) divided into 3 Tranches terbagi dalam 3 Tranche, sebagai berikut: as follows:  Tranche A sebesar Rp 78.300.000.000 (Rupiah  Tranche A amounting to Rp 78,300,000,000 (full penuh) untuk jangka waktu 10 tahun dan dikenakan Rupiah) for a term of 10 years with an interest rate of bunga sebesar 11,5% per tahun untuk 5 tahun 11.5% per annum for the first 5 years, and 15.25% per pertama, dan sebesar 15,25% per tahun untuk 5 annum for the second 5 years; tahun kedua;  Tranche B sebesar Rp 78.300.000.000 (Rupiah  Tranche B amounting to Rp 78,300,000,000 (full penuh) untuk jangka waktu 12 tahun dan dikenakan Rupiah) for a term of 12 years with an interest rate of bunga sebesar 12,5% per tahun untuk 5 tahun 12.5% per annum for the first 5 years and 15.25% per pertama, dan sebesar 15,25% per tahun untuk tahun annum for the sixth years and after; and ke enam dan selanjutnya; dan  Tranche C sebesar Rp 104.400.000.000 (Rupiah  Tranche C with amounting to Rp 104,400,000,000 (full penuh) untuk jangka waktu 15 tahun dan dikenakan Rupiah) for a term of 15 years with an interest rate of bunga sebesar 13,5% per tahun untuk 5 tahun 13.5% per annum for the first 5 years and 15.5% per pertama, dan sebesar 15,5% per tahun untuk tahun annum for the sixth years and after. ke enam dan selanjutnya.

Pada tanggal 24 Nopember 2008 Perusahaan telah On November 24, 2008, the Company repurchased this membeli kembali obligasi JORR II ini sejumlah obligation JORR 11 amounting to Rp 1,845,625,895 (full Rp 1.845.625.895 (Rupiah penuh) meliputi sertifikat yang Rupiah) covers certificate owned by PT Bank IFI and

d1/February 6, 2015 73 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

dimiliki Bank IFI dan menurut ketetapan surat Direktur according to the decision letter of Finance Director Keuangan No.BA.KU2.1744 tanggal 28 Nopember 2008 No.BA.KU2.1744 dated November 28, 2008 such transfer atas pengalihan tersebut dianggap sebagai pelunasan was assumed as the accelerated settlement. dipercepat.

Rincian jumlah sertifikat yang dimiliki oleh para kreditur The detail amount of certificates owned by creditors as of pada tanggal 31 Desember 2014 sebagai berikut: December 31, 2014 consist of:

Tranche A dan/ and B* Tranche C 'Total (Rupiah penuh/ (Rupiah penuh/ (Rupiah penuh/ fullfull amount)Rupiah) fullfull amount)Rupiah) fullfull amount)Rupiah) PT Bank Pan Indonesia (Panin) Tbk 134,828,777 89,885,851 224,714,628 PT Bank Bukopin Tbk 8,909,584 5,939,723 14,849,307 PT Bank Pembangunan Daerah DKI 6,638,733 4,425,822 11,064,555 PT Interartha Multi Finance 863,097 575,398 1,438,495 PT Bank Harapan Santosa (dalam likuidasi/ in liquidation ) 531,809 354,540 886,349 PT Bank Guna Internasional (dalam likuidasi/ in liquidation) 405,764 270,509 676,273 PT Bank Windu Kentjana International Tbk 402,409 268,273 670,682 PT Bank Mega Tbk 378,401 252,267 630,668 PT Syariah Mega Indonesia 378,401 252,267 630,668 PT Bank Ekonomi Raharja Tbk 286,657 191,105 477,762 PT Bank Swadesi Tbk 258,929 172,619 431,548 PT Bank Permata Tbk 257,340 171,560 428,900 PT Bank Bisnis lnternasional 215,774 143,850 359,624 PT Bank Antardaerah 172,619 115,080 287,699 PT Bank Kesawan Tbk 138,509 92,339 230,848 PT Bank Himpunan Saudara 1906 Tbk 87,580 58,386 145,966 PT Bank IFI -- 1,230,411 1,230,411 Total 154,754,384 104,400,000 259,154,384

* Catatan : persentase jumlah utang obligasi Tranche A * Notes: percentage of bonds payable under Tranche A dan B masing-masing sebesar 50%. and B is 50% each. e. Obligasi Berkelanjutan I Jasa Marga Tahap I Tahun e. Jasa Marga Bond I Phase I Year 2013 Series S 2013 Seri S Pada September 2013, Perusahaan memperoleh In September 2013, the Company received an effective pernyataan efektif dari Otoritas Jasa Keuangan (OJK) statement from Financial Services Authority (OJK) for untuk menerbitkan Obligasi berkelanjutan I Jasa Marga offering Jasa Marga Bonds Phase I Year 2013 Series S Tahap I Tahun 2013 Seri S dengan nilai nominal sebesar with the par value of bonds is Rp 2.100.000.000 (full Rp 2.100.000.000.000,- (Rupiah penuh) yang terdiri dari Rupiah), consisting of, A Series Bonds with fixed interest Obligasi Seri A dengan tingkat bunga tetap sebesar rate of 8.40% per annum, 370 (three hundreds and 8,40% per tahun berjangka waktu 370 (tiga ratus tujuh seventy) days period of time, is amount to puluh) hari sebesar Rp 700.000.000.000,- (Rupiah Rp 700.000.000.000 (full Rupiah), B Series Bonds with penuh), Obligasi Seri B dengan tingkat bunga tetap fixed interest rate of 8.70% per annum , 3 (three) years sebesar 8,70% per tahun berjangka waktu 3 (tiga) tahun period of time, is amount to Rp 400.000.000.000 (full sebesar Rp 400.000.000.000,- (Rupiah penuh), Obligasi Rupiah), C Series Bonds with fixed interest rate of 8.90% Seri C dengan tingkat bunga tetap sebesar 8,90% per per annum, 5 (five) years period of time, amounting to tahun berjangka waktu 5 (lima) tahun sebesar Rp 1.000.000.000.000 (full Rupiah). Based on Rp 1.000.000.000.000,- (Rupiah penuh).

Berdasarkan Prospektus Final Obligasi Berkelanjutan I Prospectus of Jasa Marga bonds Phase I Year 2013 Jasa Marga Tahap I Tahun 2013 Seri S tujuan penerbitan Series S, the purposed of issued the bonds 84.36% is for obligasi adalah sekitar 84,36% digunakan untuk settlement The Jasa Marga Bond XI Series P Year 2003, Pelunasan Obligasi Perseroan XI Seri P Tahun 2003, The Jasa Marga Bond I Series JM-10 (zero coupon), and pelunasan Obligasi Jasa Marga I Seri JM-10 Tanpa The Jasa Marga Bond JORR I, 7.48% bonds is for

d1/February 6, 2015 74 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

Bunga (zero coupon), dan pelunasan Obligasi Jasa expansion of equity investment in subsidiaries (MNA, Marga JORR I, kemudian 7,48% digunakan untuk MLJ, JPT) and 8.16% bonds is for company’s working kegiatan pengembangan usaha Perseroan melalui capital in enhancement toll road capacity. Acting as penyertaan modal di Entitas Anak Perseroan (MNA, MLJ, trustee of the bonds is PT Bank Mega Tbk Based on JPT) dan 8,16% digunakan untuk modal kerja Perseroan, letters No. 1150/PEF-Dir/IV/2013, dated June 26, 2013, yaitu peningkatan kapasitas jalan. Bertindak selaku wali The Bonds rated by PT Pemeringkat Efek Indonesia amanat adalah PT Bank Mega Tbk Berdasarkan hasil (Pefindo) is idAA (Double A). pemeringkat atas surat utang jangka panjang sesuai dengan surat dari PT Pemeringkat Efek Indonesia (Pefindo) No. 1150/PEF-Dir/IV/2013 tanggal 26 Juni 2013, hasil pemeringkat atas Obligasi Berkelanjutan I Tahun 2013 Perseroan adalah idAA (double A).

f. Obligasi Berkelanjutan I Jasa Marga Tahap II Tahun f. Jasa Marga Bond I Phase II Year 2014 Series T 2014 Seri T Obligasi Berkelanjutan I Jasa Marga Tahap II Tahun 2014 Jasa Marga Bond I Phase II 2014 T series was issued on seri T diterbitkan tanggal 19 September 2014. Nilai September 19, 2014. The face value of bond is nominal Obligasi adalah sebesar Rp 1.000.000.000.000 Rp 1,000,000,000,000 (full Rupiah), with a fixed interest (Rupiah penuh) dengan tingkat bunga tetap 9,85% dan rate of 9.85% and a 5 (five) year term. In the Additional jangka waktu 5 (lima) tahun. Berdasarkan Informasi Information (INTAM) Report of Jasa Marga Bond I Phase Tambahan (INTAM) Obligasi Berkelanjutan I Jasa Marga II 2014 T Series, 70% of fund raised from the bond Tahap II Tahun 2014 Seri T tujuan penerbitan obligasi issuance aimed for the repayment of Jasa Marga Bond I adalah sekitar 70% digunakan untuk pelunasan Obligasi Year 2013 Series S-A, while the remaining 30% aimed to Berkelanjutan I Jasa Marga Tahap I Tahun 2013 Seri S-A, fund some of the Company’s working capital. The trustee dan sisanya sekitar 30% digunakan untuk pembayaran is PT Bank Mega Tbk. sebagian pinjaman Kredit Modal Kerja Perseroan. Bertindak selaku wali amanat adalah PT Bank Mega Tbk.

Berdasarkan hasil pemeringkatan atas surat utang jangka Based on the report of long-term notes payable rating in panjang dalam surat No. 884/PEF-Dir/VI/2014 tanggal 4 the letter No. 884/PEF-Dir/VI/2014 dated June 4, 2014 Juni 2014 dari PT Pemeringkat Efek Indonesia (Pefindo), from PT Pemeringkat Efek Indonesia (Pefindo), the rating hasil pemeringkat atas Obligasi Berkelanjutan I Tahun of Jasa Marga Bond I Year 2013 is idAA (double A). 2013 Perseroan adalah idAA (double A).

22. Liabilitas Kerjasama Operasi 22. Joint Operation Liabilities

Merupakan liabilitas kerjasama operasi kepada investor dalam Represents liabilities under joint operation agreements to pembiayaan pembangunan aset tetap jalan tol. investors arising from acquisition of toll road assets.

2014 2013 Rp Rp Bagi Pendapatan Tol/ Toll Revenue Sharing PT Surya Cipta Swadaya 21,385,913 21,385,913 PT Jakarta Baru Cosmopolitan 820,300 820,300 Sub Jumlah/ Sub Total 22,206,213 22,206,213 Jumlah/ Total 22,206,213 22,206,213

23. Liabilitas Pembebasan Tanah 23. Land Acquisition Liabilities

Merupakan liabilitas Grup atas dana talangan pembelian Represent liabilities of the Group for the bail-out loan for land tanah, untuk pembangunan ruas Jalan, dengan acquisition, for construction of roads by using bail out from the menggunakan dana talangan Badan Layanan Umum Badan Public Service Assistance Unit - the Indonesian Toll Road Pengatur Jalan Tol. Penggunaan dana talangan tersebut oleh Authority (ITRA). The use of bail out funds by PT Marga Nujyasumo Agung adalah untuk pembangunan PT Marga Nujyasumo Agung is for construction of Surabaya - ruas jalan tol Surabaya – Mojokerto, untuk PT Trans Marga Mojokerto toll road. PT Trans Marga Jateng is for construction

d1/February 6, 2015 75 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

Jateng adalah untuk ruas Tol Semarang – Solo, untuk of Semarang-Solo toll Road, PT Margabumi Adhikaraya is for PT Margabumi Adhikaraya adalah untuk ruas tol Gempol- construction Gempol- Pandaan Toll Road, PT Transmarga Pandaan, untuk PT Transmarga Jatim Pasuruan adalah untuk Jatim Pasuruan is for construction Gempol- Pasuruan Toll ruas tol Gempol-Pasuruan, untuk PT Marga Trans Nusantara Road, PT Marga Trans Nusantara is for construction adalah ruas Tol Kunciran-Serpong, dan untuk PT Marga Kunciran- Serpong Toll road and PT Marga Lingkar jakarta is Lingkar Jakarta adalah ruas Tol Ulujami-Kebon Jeruk (JORR for construction Ulujami-Kebon Jeruk (JORR North W2) and W2 Utara), serta untuk PT Marga Sarana Jabar adalah ruas for PT Marga Sarana Jabar is for construction Bogor Outer Tol Bogor Outer Ring Road. Selain itu, kewajiban Ring Road Toll Road. In addition, the land acquisition liability pembebasan tanah merupakan kewajiban pembebasan tanah is also for settlement payment for widening of Sedyatmo Toll untuk pelunasan ganti rugi pelebaran Jalan Tol Sedyatmo. Road.

24. Utang Sewa Pembiayaan 24. Capital Lease Payable

Perusahaan mengadakan kerjasama dengan PT Module The Company entered into a joint operation with PT Module Intracs Yasatama, PT New Module Int Efkom AG untuk Intracs Yasatama, PT New Module Int Efkom AG for Work Pekerjaan Pengadaan dan Pemeliharaan Peralatan Tol pada Procurement and Maintenance of Toll Equipments at Jakarta- Jalan Tol Jakarta - Cikampek, Jalan Tol Cipularang dan Jalan Cikampek Toll Road, Cipularang Toll Road and Padaleunyi Tol Padaleunyi dengan Sistem Pendanaan dari Pihak Toll Road under Financing System from the Contractor, then Kontraktor, selanjutnya Pihak Kontraktor menyewakan the Contractor party would rent such toll equipments to the peralatan tol kepada Perusahaan untuk jangka waktu Company for a period of 8 (eight) years from the signing of 8 (delapan) tahun terhitung sejak ditandatanganinya Berita the Minutes of Operation Acara Pengoperasian.

Saldo utang sewa pembiayaan kepada PT Module Intracs Total of the Capital lease payable to PT Module Intracs Yasatama pada tanggal 31 Desember 2014 dan Yasatama as of December 31, 2014 and December 31, 2013 31 Desember 2013 sebagai berikut: as follows:

2014 2013 Rp Rp Utang Sewa Pembiayaan 49,964,832 66,901,257 Capital Lease Payable Bagian yang Jatuh Tempo Dalam Waktu Satu Tahun (15,484,840) (19,776,022) Current Maturities Portion Bagian Jangka Panjang 34,479,992 47,125,235 Long - Term Portion

25. Provisi Pelapisan Jalan Tol 25. Provision for Overlay

2014 2013 Rp Rp Saldo Awal 331,090,401 324,799,298 Beginning Balance Penambahan 383,423,561 340,108,272 Addition Realisasi (348,405,365) (333,817,169) Realization Saldo Akhir 366,108,597 331,090,401 Ending Balance

Bagian Jangka Pendek 209,396,402 206,136,188 Current Portion Bagian Jangka Panjang 156,712,195 124,954,213 Long Term Portion Jumlah 366,108,597 331,090,401 Total

Provisi pelapisan jalan tol merupakan estimasi liabilitas Provision for overlay is a periodic estimated liability for overlay pelapisan ulang jalan tol secara berkala seiring dengan in line with toll roads usage. Provision is measured by present penggunaan jalan tol oleh pelanggan. Provisi ini diukur value of management’s estimates of expenditure required to dengan menggunakan nilai kini atas estimasi manajemen accomplish the overlay liabilities. terhadap pengeluaran yang diperlukan untuk menyelesaikan kewajiban pelapisan ulang. d1/February 6, 2015 76 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

26. Pendapatan Diterima Dimuka 26. Unearned Revenue

Merupakan pendapatan sewa iklan, lahan, tempat Represents revenue received from rental of advertisements, peristirahatan dan pendapatan lain yang diterima dimuka atas space and rest areas, and other unearned revenue for use of pemanfaatan Ruang Milik Jalan Tol (Rumijatol). the Space Owned Toll Road Area (Rumijatol).

27. Liabillitas Imbalan Kerja 27. Employee Benefit Liabilities

2014 2013 Rp Rp Perusahaan The Company Program Kesehatan Pensiunan 269,808,653 241,633,603 Pension Health - Care Program Program Pensiun 44,844,285 49,274,028 Pension Program Program Purna Karya 74,545,311 31,726,612 Post-Retirement Benefits Program Sub Jumlah 389,198,249 322,634,243 Sub Total Entitas Anak Subsidiaries Program Pensiun dan Imbalan Pension Program and Other Post Pasca Kerja Lainnya Benefits Program PT Marga Nujyasumo Agung 2,169,886 2,102,460 PT Marga Nujyasumo Agung PT Jasa Layanan Pemeliharaan 1,216,494 1,021,442 PT Jasa Layanan Pemeliharaan PT Marga Lingkar Jakarta 587,253 -- PT Marga Lingkar Jakarta PT Trans Marga Jateng 461,524 350,840 PT Trans Marga Jateng PT Jasamarga Bali Tol 114,877 -- PT Jasamarga Bali Tol PT Jalantol Lingkarluar Jakarta* (2,758,302) -- PT Jalantol Lingkarluar Jakarta* Sub Jumlah 1,791,732 3,474,742 Sub Total Jumlah 390,989,981 326,108,985 Total

* Nilai aset program imbalan pasti melebihi nilai kewajiban atas imbalan * The value of defined benefit from plan asset is higher than employee kerja pada tanggal pelaporan. benefit obligation at reporting date.

Estimasi liabilitas imbalan kerja yang diakui Perusahaan dan The estimated employee benefits liabilities recognized by the Entitas Anak adalah sebagai berikut: Company and the Subsidiaries are as follows: a. Program Kesehatan Pensiunan a. Pension Healthcare Program Rekonsiliasi saldo awal dan akhir dari nilai kini liabilitas Reconciliation of beginning and ending balance of present adalah sebagai berikut: value of obligation is as follows:

2014 2013 Rp Rp Nilai Kini Liabilitas - Awal Tahun 308,306,747 330,967,879 Present Value Liability - Beginning of Year Biaya Jasa Kini 9,315,267 9,265,717 Present Service Cost Biaya Bunga 24,664,540 20,154,454 Interest Cost Pembayaran Imbalan (10,101,016) (8,505,058) Benefits Payments Penyesuaian -- 292,775 Adjustment Keuntungan (Kerugian) Aktuarial (47,441,775) (43,869,020) Actuarial Gain (Loss) Dampak Perubahan Asumsi 5,367,912 -- Assumtion Changed Effect Nilai Kini Liabilitas - Akhir Tahun 290,111,676 308,306,747 Present Value Liability - End of Year

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Rincian liabilitas yang diakui dalam laporan posisi The details of liabilities recognized in the consolidated keuangan konsolidasian adalah sebagai berikut: statements of financial position are as follows:

2014 2013 Rp Rp Nilai Kini Liabilitas Manfaat Pasti Present value - Defined Benefit Liability Posisi Pendanaan 290,111,676 308,306,747 Funding Biaya Jasa Lalu yang Belum Diakui (Non Vested) (20,392,696) (22,804,124) Unrecognized Past Service (Non Vested) Keuntungan (Kerugian) Aktuarial Belum Diakui 89,673 (43,869,020) Unrecognized Actuarial Gain (Loss) 269,808,653 241,633,603 Liabilitas yang Diakui Recognized Liability

Mutasi liabilitas yang diakui di laporan posisi keuangan Movements in the liabilities in the statements of financial adalah sebagai berikut: position are as follows:

2014 2013 Rp Rp Liabilitas - Awal Tahun 241,633,603 210,797,570 Liability - Beginning of Year Beban yang diakui 38,276,066 38,512,110 Recognized Expenses Pembayaran Imbalan (10,101,016) (8,505,058) Benefits Payments Penyesuaian -- 828,981 Adjustment Liabilitas - Akhir Tahun 269,808,653 241,633,603 Liability - End of Year

Rincian beban yang diakui di tahun berjalan adalah The details of expenses for the current year are as follows: sebagai berikut:

2014 2013 Rp Rp Biaya Jasa Kini 9,315,267 9,265,717 Current Service Cost Biaya Bunga 24,664,540 20,154,454 Interest Cost Biaya Jasa Lalu yang Belum Menjadi Hak 2,903,047 2,850,516 Unrecognized Past Service (Non Vested) Keuntungan (Kerugian) Aktuarial yang Diakui 1,393,212 6,241,423 Recognized Actuarial Gain (Loss) Beban yang Diakui 38,276,066 38,512,110 Recognized Expenses

Jumlah periode saat ini dan periode empat tahun Total current period and four previous annual period funded sebelumnya dari nilai kini kewajiban imbalan pasti, nilai status from present value of benefit obligation, fair value of wajar aset program dan defisit pada program dan plan asset and deficit in the program, and experience penyesuaian yang timbul pada liabilitas program dan adjustment in terms of amount at end of reporting period on aset program dinyatakan sebagai jumlah pada akhir obligation and on fair value of plan asset is as follows: periode pelaporan adalah sebagai berikut:

2014 2013 2012 2011 2010 Rp Rp Rp Rp Rp Nilai Kini Liabilitas Manfaat Pasti/ Present value of Defined Benefit Liability 290,111,676 308,306,747 330,967,879 259,738,117 244,569,023 Nilai Wajar Aset Program/ Fair Value of Program Assets ------290,111,676 308,306,747 330,967,879 259,738,117 244,569,023 Posisi Pendanaan/ Funding

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Asumsi aktuaria yang digunakan dalam menentukan beban Actuarial assumptions used to determine post-employment dan liabilitas imbalan pascakerja adalah sebagai berikut: benefit expenses and liabilities are as follows:

2014 2013 Tingkat Diskonto/ Discount Rate 8% 6% Estimasi Kenaikan Gaji Pegawai Aktif/ Salary Increment 6.5% 6.5% Estimasi Kenaikan Biaya Kesehatan/ Health Care Increment 7.5% 8% Tingkat Mortalita/ Mortality Rate TMI 3 TMI 3 Tingkat Cacat/ Disability Rate 10 % dari TMI 3 10 % dari TMI 3 Metode Aktuaria/ Acturial Method Garis lurus/ Straight line Usia Pensiun Normal/ Pension Normal Age Rata-rata sisa masa kerja/ Average of remaining of working period b. Program Pensiun b . Pension Program Rekonsiliasi saldo awal dan akhir dari nilai kini liabilitas Reconciliation of beginning and ending balance of present yang adalah sebagai berikut: value of obligation is as follows:

2014 2013 Rp Rp Nilai Kini Liabilitas - Awal Tahun 910,659,663 1,045,409,247 Present Value Liability - Beginning of Year Biaya Jasa Kini 34,377,722 25,041,537 Present Service Cost Biaya Bunga 72,852,773 62,724,555 Interest Cost Pembayaran Imbalan (37,833,583) (28,076,485) Benefits Payments Keuntungan (Kerugian) Aktuarial 52,556,191 (194,439,191) Actuarial Gain (Loss) Dampak Perubahan Asumsi 14,444,122 -- Assumtion Changed Effect Nilai Kini Liabilitas - Akhir Tahun 1,047,056,888 910,659,663 Present Value Liability - End of Year

Rincian liabilitas yang diakui dalam laporan posisi Reconciliation of beginning and ending balance of fair keuangan konsolidasian adalah sebagai berikut: value of plan asset is as follows:

2014 2013 Rp Rp Nilai Wajar Aset Program - Awal Tahun 617,844,365 614,800,234 Fair Value of Program Assets - Beginning of Year Iuran Perusahaan 63,073,790 32,637,433 Contribution of Employer Imbal Hasil Ekspektasian Aset Program 64,873,658 54,717,221 Expected Return from Program Assets Imbalan yang Dibayarkan (37,833,583) (28,076,485) Benefit Payment Keuntungan (Kerugian) Aktuarial 30,154,576 (56,234,038) Actuarial Gain (Loss) Nilai Wajar Aset Program - Akhir Tahun 738,112,806 617,844,365 Fair Value of Program Assets - End of Year

2014 2013 Rp Rp Nilai Kini Liabilitas Manfaat Pasti 1,047,056,888 910,659,663 Present value - Defined Benefit Liability Nilai Wajar Aset Program (738,112,806) (617,844,365) Fair Value of Program Assets Posisi Pendanaan 308,944,082 292,815,298 Funding Keuntungan (Kerugian) Aktuarial Belum Diakui (264,099,797) (243,541,270) Unrecognized Actuarial Gain (Loss) Liabilitas yang Diakui 44,844,285 49,274,028 Recognized Liability

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Mutasi liabilitas yang diakui di laporan posisi keuangan Movements in the liabilities in the statements of financial adalah sebagai berikut: position are as follows:

2014 2013 Rp Rp Liabilitas - Awal Tahun 49,274,028 21,362,045 Liability - Beginning of Year Beban yang diakui 58,644,047 60,549,416 Recognized Expenses Pembayaran Imbalan (63,073,790) (32,637,433) Benefits Payments Liabilitas - Akhir Tahun 44,844,285 49,274,028 Liability - End of Year

Rincian beban yang diakui di tahun berjalan adalah The details of expenses for the current year are as follows: sebagai berikut:

2014 2013 Rp Rp Biaya Jasa Kini 34,377,722 25,041,537 Current Service Cost Biaya Bunga 72,852,773 62,724,555 Interest Cost Imbal Hasil Ekspektasian Aset Program (64,873,658) (54,717,221) Expected Return from Program Assets Keuntungan (Kerugian) Aktuarial yang Diakui 16,287,211 27,500,545 Recognized Actuarial Gain (Loss) Beban yang Diakui 58,644,047 60,549,416 Recognized Expenses

Jumlah periode saat ini dan periode empat tahun Total current period and four previous annual period funded sebelumnya dari nilai kini kewajiban imbalan pasti, nilai status from present value of benefit obligation, fair value of wajar aset program dan defisit pada program dan plan asset and deficit in the program, and experience penyesuaian yang timbul pada liabilitas program dan aset adjustment in terms of amount at end of reporting period on program dinyatakan sebagai jumlah pada akhir periode obligation and on fair value of plan asset is as follows: pelaporan adalah sebagai berikut:

2013 2012 2011 2010 2009 Rp Rp Rp Rp Rp Nilai Kini Liabilitas Manfaat Pasti/ Present value of Defined Benefit Liability 1,047,056,888 910,659,663 1,045,409,247 705,743,341 598,270,558 Nilai Wajar Aset Program/ Fair Value of Program Assets (738,112,806) (617,844,365) (614,800,233) (568,750,035) (494,154,344) 308,944,082 292,815,298 430,609,014 136,993,306 104,116,214 Posisi Pendanaan/ Funding

2014 2013 Tingkat Diskonto/ Discount Rate 8% 6% Estimasi Kenaikan Gaji Pegawai Aktif/ Salary Increment 5% 5% Estimasi Kenaikan Biaya Kesehatan/ Health Care Increment 0% 0% Tingkat Mortalita/ Mortality Rate GA 1971 GA 1971 Tingkat Cacat/ Disability Rate 10 % dari GA 1971 10 % dari GA 1971 Metode Aktuaria/ Acturial Method Garis lurus/ Straight line Usia Pensiun Normal/ Pension Normal Age Rata-rata sisa masa kerja/ Average of remaining of working period

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c. Program Purna Karya c . Post-Retirement Benefits Program Rekonsiliasi saldo awal dan akhir dari nilai kini liabilitas Reconciliation of beginning and ending balance of present yang adalah sebagai berikut: value of obligation is as follows:

2014 2013 Rp Rp

Nilai Kini Liabilitas - Awal Tahun 420,680,114 457,261,315 Present Value Liability - Beginning of Year Biaya Jasa Kini 20,482,960 17,875,652 Present Service Cost Biaya Bunga 33,654,409 27,435,679 Interest Cost Pembayaran Imbalan (47,408,772) (30,728,336) Benefits Payments Keuntungan (Kerugian) Aktuarial (1,108,945) (51,164,196) Actuarial Gain (Loss) Penyesuaian Segera 67,736,219 -- Adjustment Dampak Perubahan Asumsi (Kewajiban) 2,928,344 -- Assumtion Changed Effect Nilai Kini Liabilitas - Akhir Tahun 496,964,330 420,680,114 Present Value Liability - End of Year

Rekonsiliasi saldo awal dan akhir dari nilai kini liabilitas Reconciliation of beginning and ending balance of present yang adalah sebagai berikut: value of obligation is as follows:

2014 2013 Rp Rp

Nilai Wajar Aset Program - Awal Tahun 292,818,808 249,834,059 Fair Value of Program Assets-Beginning of Year Iuran Perusahaan 59,098,151 45,208,235 Contribution of Employer Imbal Hasil Ekspektasian Aset Program 26,353,693 22,485,065 Expected Return from Program Assets Imbalan yang Dibayarkan (47,408,772) (30,728,336) Benefit Payment Keuntungan (Kerugian) Aktuarial (35,583,297) 6,019,785 Actuarial Gain (Loss) Nilai Wajar Aset Program - Akhir Tahun 295,278,583 292,818,808 Fair Value of Program Assets - End of Year

Rincian liabilitas yang diakui dalam laporan posisi Reconciliation of beginning and ending balance of fair keuangan konsolidasian adalah sebagai berikut: value of plan asset is as follows:

2014 2013 Rp Rp

Nilai Kini Liabilitas Manfaat Pasti 496,964,330 420,680,114 Present value - Defined Benefit Liability Nilai Wajar Aset Program (295,278,583) (292,818,808) Fair Value of Program Assets Posisi Pendanaan 201,685,747 127,861,306 Funding Biaya Jasa Lalu yang Belum Diakui (Non Vested) (27,839,298) (31,558,994) Unrecognized Past Service (Non Vested) Keuntungan (Kerugian) Aktuarial Belum Diakui (99,301,137) (64,575,700) Unrecognized Actuarial Gain (Loss) Liabilitas yang Diakui 74,545,311 31,726,612 Recognized Liability

Mutasi liabilitas yang diakui di laporan posisi keuangan Movements in the liabilities in the statements of financial adalah sebagai berikut: position are as follows:

2014 2013 Rp Rp Liabilitas - Awal Tahun 31,726,612 42,316,323 Liability - Beginning of Year Beban yang diakui 101,916,850 34,618,524 Recognized Expenses Pembayaran Imbalan (59,098,151) (45,208,235) Benefits Payments Liabilitas - Akhir Tahun 74,545,311 31,726,612 Liability - End of Year

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Rincian beban yang diakui di tahun berjalan adalah The details of expenses for the current year are as follows: sebagai berikut: 2014 2013 Rp Rp

Biaya Jasa Kini 20,482,960 17,875,652 Current Service Cost Biaya Bunga 33,654,409 27,435,679 Interest Cost Imbal Hasil Ekspektasian Aset Program (26,353,693) (22,485,065) Expected Return from Program Assets Biaya Jasa Lalu yang Belum Menjadi Hak 3,719,696 3,719,696 Unrecognized Past Service (Non Vested) Keuntungan (Kerugian) Aktuarial yang Diakui 2,677,259 8,072,562 Recognized Actuarial Gain (Loss) Penyesuaian Segera 67,736,219 -- Adjustment Beban yang Diakui 101,916,850 34,618,524 Recognized Expenses

Jumlah periode saat ini dan periode empat tahun Total current period and four previous annual period sebelumnya dari nilai kini kewajiban imbalan pasti, nilai funded status from present value of benefit obligation, fair wajar aset program dan defisit pada program dan value of plan asset and deficit in the program, and penyesuaian yang timbul pada liabilitas program dan aset experience adjustment in terms of amount at end of program dinyatakan sebagai jumlah pada akhir periode reporting period on obligation and on fair value of plan pelaporan adalah sebagai berikut: asset is as follows:

2014 2013 2012 2011 2010 Rp Rp Rp Rp Rp Nilai Kini Liabilitas Manfaat Pasti/ Present value of Defined Benefit Liability 496,964,330 420,680,114 457,261,315 369,489,979 334,793,006 Nilai Wajar Aset Program/ Fair Value of Program Assets (295,278,583) (292,818,808) (249,834,059) (159,107,655) (113,369,001) Posisi Pendanaan/ Funding 201,685,747 127,861,306 207,427,256 210,382,324 221,424,005

Asumsi aktuaria yang digunakan dalam menentukan Actuarial assumptions used to determine post-employment beban dan liabilitas imbalan pascakerja adalah sebagai benefit expenses and liabilities are as follows: berikut: 2014 2013 Tingkat Diskonto/ Discount Rate 8% 6% Estimasi Kenaikan Gaji Pegawai Aktif/ Salary Increment 6.5% 6.5% Estimasi Kenaikan Biaya Kesehatan/ Health Care Increment 0% 0% Tingkat Mortalita/ Mortality Rate CSO 1980 Tingkat Cacat/ Disability Rate 10 % dari CSO 1980 Metode Aktuaria/ Acturial Method Projected Unit Credit Usia Pensiun Normal/ Pension Normal Age 56 tahun/ year

28. Modal Saham 28. Share Capital

Pemegang Saham Seri A mempunyai hak istimewa tertentu The Shareholders of Series A shares have certain privileges sebagai tambahan atas hak yang diperoleh Pemegang in addition to any rights acquired by Series B Shareholders. Saham Seri B. Hak istimewa tersebut mencakup hak khusus These privileges include the exclusive rights to nominate untuk mencalonkan anggota direksi dan komisaris dan untuk directors and commissioners and to give approval for : (a) an memberikan persetujuan atas : (a) peningkatan modal, (b) increase in capital, (b) changes in the article of association, perubahan anggaran dasar, (c) penggabungan, peleburan, (c) merger, consolidation and acquisition, (d) dissolution and dan pengambilalihan, (d) pembubaran dan likuidasi, (e) liquidation, (e) appointment and dismissal of directors and pengangkatan dan pemberhentian anggota direksi dan commissioners. The Company has bought back the komisaris. Perusahaan telah melakukan pembelian kembali outstanding shares (treasury stocks) to December 31, 2014 atas saham yang beredar (treasury stocks) sampai tanggal 31 amounting to 24,523,500 shares, and this has resulted in the Desember 2014 sebanyak 24.523.500 lembar saham, dan hal number of outstanding shares adjusted. ini mengakibatkan jumlah saham beredar terkoreksi.

d1/February 6, 2015 82 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

31 Desember/ December 2014 Pemegang Saham Total Saham/ Presentase Total Shareholders Shares Kepemilikan/ (Rupiah Penuh)/ Percentage of (Full Rupiah) Ownership Saham Seri A Dwiwarna Series A Dwiwarna - Share Pemerintah Republik Indonesia 1 -- 500 The Government of the Republic of Indonesia Saham Seri B Series B - Share Pemerintah Republik Indonesia 4,759,999,999 70.00 2,379,999,999,500 The Government of the Republic of Indonesia Manajemen; Management Ir. Agoes Widjanarko, MIP Ir. Agoes Widjanarko, MIP (Komisaris Utama) 80,000 0.00 40,000,000 (General Commissioner) Ibnu Purna Muchtar, SE, MA. (Komisaris) 10,500 0.00 5,250,000 Ibnu Purna Muchtar, SE, MA. (Comissioner) Ir. Adityawarman (Direktur Utama) 134,500 0.00 67,250,000 Ir. Adityawarman (President Director) Ir. Hasanudin, M.Eng.Sc. (Direktur Operasi) 8,500 0.00 4,250,000 Ir. Hasanudin, M.Eng.Sc. (Operation Director) Ir. Abdul Hadi HS, MM. Ir. Abdul Hadi HS, MM. (Direktur Pengembangan Usaha) 260,500 0.00 130,250,000 (Business Development Director) Ir. Reynaldi Hermansjah lr. Reynaldi Hermansjah (Direktur Keuangan) 200,000 0.00 100,000,000 (Finance Director) Ir. Muh. Najib Fauzan, MSc. Ir. Muh. Najib Fauzan, MSc. (Direktur SDM dan Umum) 107,500 0.00 53,750,000 (Human Capital and General Affairs Director) Karyawan 12,537,761 0.18 6,268,880,500 Employees Total Manajemen dan Karyawan 13,339,261 0.20 6,669,630,500 Total Management and Employees Masyarakat (masing-masing di bawah 5%) 2,026,660,739 29.80 1,013,330,369,500 Public (each below 5%) Total 6,800,000,000 100 3,400,000,000,000 Total

31 Desember/ December 2013 Pemegang Saham Total Saham/ Presentase Total Shareholders Shares Kepemilikan/ (Rupiah Penuh)/ Percentage of (Full Rupiah) Ownership Saham Seri A Dwiwarna Series A Dwiwarna - Share Pemerintah Republik Indonesia 1 -- 500 The Government of the Republic of Indonesia Saham Seri B Series B - Share Pemerintah Republik Indonesia 4,759,999,999 70.00 2,379,999,999,500 The Government of the Republic of Indonesia Manajemen; Management Ir. Agoes Widjanarko, MIP Ir. Agoes Widjanarko, MIP (Komisaris Utama) 80,000 0.00 40,000,000 (General Commissioner) Ibnu Purna Muchtar, SE, MA. (Komisaris) 10,500 0.00 5,250,000 Ibnu Purna Muchtar, SE, MA. (Comissioner) Ir. Adityawarman (Direktur Utama) 134,500 0.00 67,250,000 Ir. Adityawarman (President Director) Ir. Hasanudin, M.Eng.Sc. (Direktur Operasi) 8,500 0.00 4,250,000 Ir. Hasanudin, M.Eng.Sc. (Operation Director) Ir. Abdul Hadi HS, MM. Ir. Abdul Hadi HS, MM. (Direktur Pengembangan Usaha) 260,500 0.00 130,250,000 (Business Development Director) Ir. Reynaldi Hermansjah lr. Reynaldi Hermansjah (Direktur Keuangan) 360,000 0.01 180,000,000 (Finance Director) Ir. Muh. Najib Fauzan, MSc. Ir. Muh. Najib Fauzan, MSc. (Direktur SDM dan Umum) 107,500 0.00 53,750,000 (Human Capital and General Affairs Director) Karyawan 17,642,261 0.26 8,821,130,500 Employees Total Manajemen dan Karyawan 18,603,761 0.27 9,301,880,500 Total Management and Employees PT Jamsostek (Persero) - JHT 148,751,000 2.19 74,375,500,000 PT Jamsostek (Persero) - JHT Masyarakat (masing-masing dibawah 2%) 1,872,645,239 27.54 936,322,619,500 Public (each below 2%) Total 6,800,000,000 100.00 3,400,000,000,000 Total

Berdasarkan Rapat Umum Pemegang Saham Luar Biasa, The estimated employee benefits liabilities recognized by tanggal 17 Januari 1998, yang dinyatakan dalam Akta No. 52, the Company and the Subsidiaries are as follows: Based on tanggal 16 Maret 1998 dari Notaris Imas Fatimah, S.H., dan the Extraordinary General Meeting of Shareholders on telah memperoleh pengesahan dari Menteri Kehakiman January 17, 1998, as stated in the Deed No. 52 dated March d1/February 6, 2015 83 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

Republik Indonesia melalui Surat Keputusan No.C2-3192. 16, 1998 of Notary Imas Fatimah, S.H., which was approved HT.01.04.Th.98, tanggal 3 April 1998, para pemegang saham by the Minister of Justice of the Republic of Indonesia menyetujui untuk meningkatkan modal dasar dari sebesar through the Decree No.C2-3192.HT.01.04.Th.98 dated April Rp 350.000.000.000 (Rupiah penuh) menjadi sebesar 3, 1998, the shareholders of the Company agreed to Rp 2.000.000.000.000 (Rupiah penuh) yang terbagi atas increase the authorized share capital from 2.000.000 saham dengan nilai nominal Rp 1.000.000 (Rupiah Rp 350,000,000,000 (full Rupiah) to Rp 2,000,000,000,000 penuh) per saham dan meningkatkan modal ditempatkan dan (full Rupiah) which consist of 2,000,000 shares with par disetor menjadi sebesar Rp 1.000.000.000.000 (Rupiah value of Rp 1,000,000 (full Rupiah) per share, and to penuh). increase the issued and paid in capital to become Rp 1,000,000,000,000 (full Rupiah).

Rapat Umum Pemegang Saham Luar Biasa yang telah The Extraordinary General Meeting of Shareholders as set dituangkan dalam Risalah No.RIS-292/D6.MBU/2007, tanggal forth in Proceedings No.RIS-292/D6.MBU/2007, through the 12 September 2007 dengan Akta No.27 tanggal 12 Deed No.27 dated September 12, 2007, of Notary September 2007 dari Notaris Poerbaningsih Adi Warsito, Poerbaningsih Adi Warsito, S.H., decided, among other as S.H., memutuskan antara lain: follows: 1. Perubahan Anggaran Dasar Perusahaan sebagai berikut: 1. Amendment of the Company's Articles of Association by: a. Peningkatan modal dasar Perusahaan dari semula a Increase of the Company's authorized share capital Rp 2.000.000.000.000 (Rupiah penuh) menjadi from Rp 2,000,000,000,000 (full Rupiah) to become sebesar Rp 9.520.000.000.000 (Rupiah penuh) dan Rp 9,520,000,000,000 (full Rupiah) and issued and modal ditempatkan dan disetor penuh dari paid in capital of Rp 1,000,000,000,000 (full Rupiah) to Rp 1.000.000.000.000 (Rupiah penuh) menjadi become Rp 2,380,000,000,000 (full Rupiah) sebesar Rp 2.380.000.000.000 (Rupiah penuh) yang derived from partial capitalization of retained berasal dari kapitalisasi sebagian saldo laba (ditahan) earnings position as of June 30, 2007 amounting to per 30 Juni 2007 sebesar Rp 1.380.000.000,000 Rp 1,380,000,000,000 (full Rupiah), therefore the (Rupiah penuh), sehingga saldo laba (ditahan) posisi retained earnings position as of June 30, 2007 per 30 Juni 2007 tersisa sebesar Rp 24.895.100.523 remained at Rp 24,895,100,523 (full Rupiah); (Rupiah penuh); b. Perubahan nilai nominal saham Perusahaan dari b. Changes of the par value of the Company’s shares semula Rp 1.000.000 (Rupiah penuh) setiap saham from Rp 1,000,000 (full Rupiah) per share to Rp 500 menjadi sebesar Rp 500 (Rupiah penuh) setiap saham; (full Rupiah) per share;

c. Perubahan modal ditempatkan dan disetor penuh c. Changes in the Company's issued and fully paid in Perusahaan menjadi sebesar Rp 2.380.000.000.000 capital became Rp 2,380,000,000,000 (full Rupiah), (Rupiah penuh), terbagi atas 4.760.000.000 lembar divided into 4,760,000,000 shares consisting of 1 (one) saham yang terdiri dari 1 (satu) saham Seri A Series A Dwiwarna Share and 4,759,999,999 Series B Dwiwarna dan sebesar 4.759.999.999 lembar saham shares; and Seri B; dan d. Penyesuaian Anggaran Dasar Perusahaan dengan d. Changes of the Company's Articles of Association to Undang-undang No.8 Tahun 1995 tentang Pasar conform with the Law No.8 Year 1995 regarding Modal. Capital Market.

2. Perubahan status Perusahaan dari Perusahaan Tertutup 2. Changes of the Company’s status from a Limited menjadi Perusahaan Terbuka. Company to become a Public Company.

3. Penjualan saham dalam simpanan Perusahaan kepada 3. Sales of the Company's share in the portfolio to public masyarakat melalui pasar modal sebanyak-banyaknya through capital market as much as 30% of the issued 30% dari jumlah saham yang dikeluarkan setelah shares after the Company made an Initial Public Offering Perusahaan melakukan Penawaran Umum Perdana or a maximum of 2,040,000,000 shares. (Initial Public Offering) atau sebanyak-banyaknya 2.040.000.000 lembar saham.

4. Penetapan program kepemilikan saham Perusahaan 4. Determination of the Company's share ownership untuk karyawan dan manajemen Perusahaan melalui program for employees and management through the Employee and Management Stock Allocation (ESA) Employee and Management Stock Allocation (ESA) as sebanyak-banyaknya 10% dari emisi saham baru much as 10% of the Company’s issuance of new shares Perusahaan yang diterbitkan (sebanyak-banyaknya issued (as much as 204,000,000 shares) in accordance d1/February 6, 2015 84 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

204.000.000 saham) sesuai dengan ketentuan pasar with capital market regulation. The stock allocation modal. Ketentuan alokasi saham tersebut sebagai berikut: provisions are as follows:

a. Saham Bonus a. Shares Bonus - Sebesar 1 (satu) kali gaji bersih bulan Juni 2007 - An amount of 1 (one) times the net salary in June 2007; - Masa lock up 3 tahun atau yang bersangkutan tidak - A 3-years lock up period or the employee resigned bekerja lagi di Perusahaan; dan from the Company; and - Pembebanan saham bonus tersebut akan - Imposition of bonus shares will be treated as dibiayakan pada anggaran biaya tahun 2007, expenses in the 2007 cost budget, with a condition, dengan catatan, target laba setelah pajak tahun a target profit after tax in 2007 which has been set 2007 yang telah ditetapkan pada RUPS yang lalu. at the previous RUPS.

b. Saham Jatah Pasti b. The Fixed Allotment Shares Sebanyak 204.000.000 lembar saham (10% dari emisi A total of 204,000,000 shares (10% of the new shares saham baru) dikurangi jumlah saham bonus; dan tidak issued) minus the number of bonus shares; and no ada masa lock up. lock up period.

c. Yang berhak memperoleh program kepemilikan c. Those entitled for employee and management stock saham karyawan dan manajemen Perusahaan ownership program of the Company are: adalah: - Direksi Perusahaan; - Directors of the Company; - Komisaris, Sekretaris Komisaris dan Staf Sekretaris - Commissioners, Secretary to Commissioners and Perusahaan; dan the Staffs of the Corporate Secretary; and - Karyawan tetap Perusahaan. - Permanent employees of the Company

Komisaris Independen dan Komite Audit yang bukan anggota Independent Commissioners and the Audit Committee who komisaris tidak diperkenankan mengikuti program ESA. are not member of the Commissioner are not allowed to participate in the ESA program.

Jumlah saham yang diterbitkan sehubungan penawaran The number of shares issued related to the initial public umum perdana saham tersebut adalah sebanyak offering were 6,800,000,000 shares with the par value of 6.800.000.000 saham dengan nilai nominal per saham shares Rp 500 (full Rupiah) per share or equivalent to Rp 500 atau setara dengan Rp 3.400.000.000.000 (Rupiah Rp 3,400,000,000,000 (full Rupiah). The difference between penuh). Selisih antara jumlah yang diterima dengan jumlah the proceeds amount and the amount of par value of shares nilai nominal dari saham yang diterbitkan adalah sebesar issued amounting to Rp 2,448,000,000,000 (full Rupiah) are Rp 2.448.000.000.000 (Rupiah penuh) disajikan dalam bagian presented as part of Additional Paid in Capital. Tambahan Modal Disetor.

Jumlah saham yang diterbitkan sehubungan pelaksanaan The number of shares issued related to the implementation of program ESA terdiri dari 11.862.000 saham bonus dan the ESA program consists of 11,862,000 shares and 189.337.500 saham jatah pasti dengan jumlah nilai nominal 189,337,500 bonus shares for the fixed allotment share with sebesar Rp 100.599.750.000 (Rupiah penuh). Selisih antara total par value amounting to Rp 100,599,750,000 (full jumlah yang diterima dan jumlah nilai nominal dari saham Rupiah). The difference between the proceeds amount and yang diterbitkan dari saham bonus dan saham jatah pasti the total par value of the issued shares from bonus shares masing-masing sebesar Rp 14.234.400.000 (Rupiah penuh) and the fixed allotment share amounting to dan Rp 227.205.000.000 (Rupiah penuh) disajikan dalam Rp 14,234,400,000 (full Rupiah) and Rp 227,205,000,000 (full bagian Tambahan Modal Disetor. Jumlah beban kompensasi Rupiah), respectively, are presented as part of Additional Paid yang diakui sehubungan pelaksanaan program ESA sebesar in Capital. Total compensation expenses recognized related Rp 20.165.400.000 (Rupiah penuh), dibebankan pada beban to the program implementation ESA amounting to operasi tahun berjalan dan dikreditkan pada bagian dari Rp 20,165,400,000 (full Rupiah) charged to current year Tambahan Modal Disetor. Sisa dari seluruh pelaksanaan operating expenses and is credited in part of Additional Paid program ESA yang tidak digunakan sejumlah 2.800.500 in Capital. The rest of the entire implementation of the saham jatah pasti menjadi tidak berlaku. program ESA are not used a number of 2,800,500 shares from the fixed allotment share become expired.

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29. Tambahan Modal Disetor 29. Additional Paid in Capital

2014 2013 Rp Rp Tambahan Modal Disetor dari: Additional Paid in Capital from: Penawaran Umum Perdana Inital Public Offering Saham Tahun 2007 2,343,266,337 2,343,266,337 Year 2007 Pembelian Saham Kembali Repurchase of Shares (Saham Treasuti) (7,741,303) (7,741,303) (Treasury Stocks) Hasil Bersih Net Proceeds from Penjualan Saham Treasuti 118,365,066 118,365,066 Sales of Treasury Stocks Jumlah 2,453,890,100 2,453,890,100 Total

30. Kepentingan Non Pengendali 30. Non Controlling Interest

Merupakan hak pemegang saham non pengendali atas aset Represent non controlling interest in net assets and portion of bersih dan bagian rugi bersih entitas anak yang net loss of the consolidated subsidiaries. dikonsolidasikan. 2014 2013 Rp Rp Kepentingan non-pengendali Non-controlling interest at the pada awal tahun 1,561,168,645 1,176,638,207 beginning of year Bagian kepentingan non-pengendali Net Income for the year atributable to atas laba (rugi) bersih tahun berjalan (2,342,959) 384,582,558 Non-controlling interest Pembagian Dividen (25,792) (52,120) Dividend distribution Kepentingan non-pengendali Non-controlling interest pada akhir tahun 1,558,799,894 1,561,168,645 at the end of year

Kepetingan non-pengendali atas aset neto Entitas Anak The movements of the non-controling interest‘ share the net sebagai berikut: assets of the Subsidiaries are as follow:

2014 2013 Rp Rp PT Marga Nujyasumo Agung (MNA) 375,085,549 75,086,406 PT Trans Marga Jateng (TMJ) 341,895,537 956,914,552 PT Jasamarga Bali Tol (JBT) 337,602,154 59,319,335 PT Marga Lingkar Jakarta (MLJ) 167,577,046 44,341,403 PT Marga Sarana Jabar (MSJ) 123,786,377 277,946,551 PT Jasamarga Pandaan Tol (JPT) 70,892,330 17,547,142 PT Marga Trans Nusantara (MTN) 55,540,337 97,528,232 PT Marga Kunciran Cengkareng (MKC) 40,695,283 3,008,904 PT Jasamarga Kualanamu Tol (JMKT) 36,477,755 -- PT Transmarga Jatim Pasuruan (TJP) 7,641,288 1,518,487 PT Jasamarga Properti (JMP) 1,112,411 15,491 PT Jalantol Lingkarluar Jakarta (JLJ) 491,773 671,981 PT Jasa Layanan Pemeliharaan (JLP) 2,054 27,270,161 Jumlah/ Total 1,558,799,894 1,561,168,645

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31. Pendapatan Tol 31. Toll Revenues

2014 2013 Rp Rp Perusahaan/ The Company Jakarta - Cikampek 1,023,430,461 976,573,383 Cawang - Tomang - Pluit 754,275,560 686,795,164 JORR Seksi non S 848,929,473 710,633,832 Cikampek - Padalarang 835,992,083 741,088,701 Jakarta - Bogor - Ciawi 607,461,070 548,248,469 JORR S 210,821,056 212,540,905 Prof. Dr. Ir. Sedyatmo 458,046,022 423,161,468 Jakarta - Tangerang 467,116,715 408,011,261 Padalarang - Cileunyi 339,934,058 276,294,982 Surabaya - Gempol 309,024,660 270,467,516 Pondok Aren - Bintaro Viaduct - Ulujami 122,698,516 131,848,482 Palimanan - Kanci 112,435,751 107,487,136 Semarang Seksi A,B,C 106,496,438 104,770,032 Belawan - Medan - Tanjung Morawa 91,347,977 81,566,269 Sub Jumlah/ Sub Total 6,288,009,840 5,679,487,600

Entitas Anak/ Subsidiaries Bogor Outer Ring Road 67,171,369 45,553,674 Semarang - Solo 107,250,609 36,485,489 Surabaya - Mojokerto 18,784,879 17,554,363 Nusa Dua - Benoa 106,140,831 23,651,143 Ulujami - Kebon jeruk 59,035,018 -- Sub Jumlah/ Sub Total 358,382,706 123,244,669 Jumlah/ Total 6,646,392,546 5,802,732,269

Pendapatan jalan tol diperoleh dari jumlah kendaraan yang Revenue from toll road are derived from total number of lewat dikalikan dengan tarif sesuai dengan golongan passing vehicles multiplied with the tariff based on class of kendaraan. Tarif tol yang ditetapkan didasarkan pada: vehicles. The toll tariff shall be based on:

- Undang-undang (UU) No. 38 tahun 2004 sebagai - The Law No. 38 of Year 2004 as a replacement for the pengganti Undang-undang No.13 tahun 1980. Law No.13 year 1980.

- Peraturan Pemerintah (PP) No.15 tahun 2005 sebagai - The Government Regulation (GR) No.15 year 2005 as a pengganti PP No.8 tahun 1990 dan PP No.40 tahun 2001. replacement for the GR No.8 of Year 1990 and the GR No.40 year 2001.

UU dan PP tersebut merupakan landasan hukum Law and Government Regulations are legal basis for perhitungan/penyesuaian tarif tol yang kemudian ditetapkan calculation/adjustment of the toll tariff which later determined oleh Keputusan Menteri Pekerjaan Umum (Kepmen PU). by the Decree of Minister of Public Works.

Berdasarkan Peraturan Pemerintah No. 15 tahun 2005, pasal Based on the Government Regulation No. 15 of Year 2005, 66 ayat (1) dinyatakan: "Tarif dihitung berdasarkan article 66 section (1) declares that: "Tariff will be calculated kemampuan bayar pengguna jalan tol, besar keuntungan based on payment capability of the toll user, amount of profits biaya operasi kendaraan, dan kelayakan investasi unsur- from the vehicles operating cost, and investment properness unsur kelayakan investasi" dan pasal 66 ayat (2): "Besar elements" and article 66 section (2): "The amount of profits keuntungan biaya operasi kendaraan sebagaimana dimaksud from the vehicles operating cost as of referred to under pada ayat (1) dihitung berdasarkan pada selisih biaya operasi section (1) is to be calculated based on difference of vehicle kendaraan dan nilai waktu pada jalan tol dengan lintas operating cost on the toll road with the available alternative alternatif jalan umum yang ada". public road".

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Berdasarkan Kepmen PU No. 522/KPTS/M/2014 tanggal Based on the Decree of Minister of Public Works 11 September 2014 untuk ruas Prof. Dr. Ir. Sedyatmo dan No. 522/KPTS/M/2014, dated September 11, 2014, and berlaku pada tanggal 19 September 2014, tarif terjauh untuk effective on September 19, 2014, the toll tariff for Prof. Dr. lr. ruas tersebut adalah sebagai berikut: Sedyatmo section toll road is as follows:

Golongan/ Group No Ruas/ Section I II III IV V 1 Prof DR IR Sedyatmo 6,000 7,500 9,500 11,500 14,000

Berdasarkan Kepmen PU No. 490/KPTS/M/2013 tanggal Based on the Decree of Minister of Public Works 28 Nopember 2013 untuk ruas Tol Dalam Kota Jakarta dan No. 490/KPTS/M/2013, dated November 28, 2013, and berlaku pada tanggal 05 Desember 2013, tarif terjauh untuk effective on Desember 05, 2013, the toll tariff for Tol Dalam ruas tersebut adalah sebagai berikut: Kota section toll road is as follows:

Golongan/ Group No Ruas/ Section I II III IV V 1 Jalan Tol Dalam Kota/ City Toll Road 8,000 10,000 13,000 16,000 19,000

Tarif tol berdasarkan KEPMEN PU RI No. 539/KPTS/M/2014 Based on the Decree of Minister of Public Works No. tanggal 08 Oktober 2014 untuk ruas Jakarta-Cikampek dan 311/KPTS/M/2012 dated October 01, 2012 and effective on berlaku pada tanggal 19 Oktober 2014, berikut tarif terjauh October 08, 2012, the toll tariff for Jakarta-Cikampek section untuk ruas tersebut: toll road is:

Golongan/ Group No. Ruas/ Section I II III IV V 1 Sistem Transaksi Terbuka/ Open System Transaction 4,000 6,000 8,000 10,000 12,000 2 Sistem Transaksi Tertutup/ Close System Transaction 9,500 15,500 19,000 24,000 29,000 3 Ramp/ Ramp 1,500 1,500 1,500 2,000 2,500

Berdasarkan Kepmen PU No. 394 /KPTS/M/2013, tanggal 04 Based on the Decree of Minister of Public Works No. 394 Oktober 2013 dan berlaku pada tanggal 11 Oktober 2013 /KPTS/M/2013, dated October 04, 2013, and effective on untuk ruas-ruas Jakarta - Tangerang, Serpong - Pondok Aren, October 11, 2013, the long distance of toll tariff for toll road Ulujami - Pondok Aren, Padaleunyi, Cipularang, Surabaya - sections: Jakarta - Tangerang, Serpong - Pondok Aren, Gempol, Belmera, Palikanci, Semarang, JORR (W,S,E) dan Ulujami - Pondok Aren, Padaleunyi, Cipularang, Surabaya - Jagorawi, tarif terjauh untuk ruas tersebut adalah sebagai Gempol, Belmera, Palikanci, Semarang, JORR (W,S,E) and berikut: Jagorawi is as follows:

Golongan/ Group No. Ruas/ Section I II III IV V 1 Jakarta-Bogor-Ciawi - Ramp Taman Mini / Dukuh 2,000 2,000 2,000 2,500 3,000 - Jakarta IC-Cimanggis (Sistem transaksi terbuka/ Open Sistem Transaction) 3,000 4,000 4,500 5,500 7,000 - Cimanggis Ciawi (Sistem transaksi tertutup/ Close Sistem Transaction) 5,000 6,000 9,500 11,500 13,500 2 Lingkar Luar Jakarta (JORR) 8,500 10,500 12,000 15,000 18,000 3 Pondok Aren Ulujami 2,500 5,000 6,000 7,500 9,000 4 Jakarta - Tangerang - Ramp Meruya/Meruya Utara/Kebon Jeruk 2,000 2,000 2,000 2,500 3,000 - Tomang IC-Tangerang Barat 5,000 6,000 8,000 10,000 11,500 5 Cipularang 34,000 51,000 67,500 84,500 101,500 6 Padaleunyi 8,000 12,500 14,500 18,500 22,000 7 Palikanci 5,000 6,000 9,500 11,500 14,000 8 Semarang (Jatingaleh - Krapyak) 2,000 2,500 3,000 4,000 4,500 Semarang (Jatingaleh - Srondol) 2,000 2,500 3,000 4,000 4,500 Semarang (Jatingaleh - Kaligawe) 2,000 3,000 4,000 5,000 6,000 Semarang (Jatingaleh - Gayamsari) 2,000 3,000 4,000 5,000 6,000 Semarang (Gayamsari - Kaligawe) 2,000 3,000 4,000 5,000 6,000 d1/February 6, 2015 88 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

Golongan/ Group No. Ruas/ Section I II III IV V 9 Surabaya - Gempol Sistem Transaksi Terbuka/ Open System Transaction (Dupak - Waru) 3,000 4,000 5,000 6,000 7,500 Sistem Transaksi Tertutup/ Close System Transaction 4,000 5,000 8,000 10,000 12,000 10 Belmera 6,500 10,500 11,500 14,500 17,500

32. Pendapatan dan Beban Konstruksi 32. Construction Revenues and Expense

Pendapatan konstruksi merupakan jasa kompensasi yang Construction revenue is the compensation of the service diakui oleh Grup dalam pembangunan jalan tol baru dan recognised by the Group for building new toll roads and to peningkatan kapasitas jalan tol. Pendapatan konstruksi dinilai upgrade toll roads capacity. Construction revenue measured dengan menggunakan metode cost-plus, yang mana seluruh using cost-plus method, which specified margin ranging biaya yang dapat diatribusikan langsung sebagai nilai added up to all cost directly attributable to the acquiring cost perolehan aset tambahan dengan marjin tertentu. of the assets.

2014 2013 Rp Rp Pendapatan Konstruksi 1,945,824,811 3,960,538,543 Construction Revenues Beban Konstruksi (1,921,067,434) (3,914,452,489) Construction Expenses Pendapatan Konstruksi - Bersih 24,757,377 46,086,054 Profit from Construction - Net

33. Pendapatan Usaha Lainnya 33. Other Operating Revenues

2014 2013 Rp Rp Penjualan Bahan Bakar Minyak 178,707,288 153,072,190 Fuel Sales Sewa Lahan 104,360,355 90,060,436 Land Rent Jasa Pengoperasian Jalan Tol Pihak Lain 100,599,915 32,405,824 Toll Road Operating Service Pendapatan Iklan 6,313,541 6,721,041 Advertisement Lainnya 193,120,549 225,937,332 Others Jumlah 583,101,648 508,196,823 Total

34. Penghasilan Lain-lain 34. Others Income

2014 2013 Rp Rp Penghasilan Bunga Deposito 258,560,991 223,817,722 Deposit Interest Income Penghasilan Jasa Giro 6,937,089 5,313,797 Current Accounts Income Keuntungan Penjualan Aset Tetap 342,264 2,886,399 Gains on Disposal of Fixed Assets Lainnya 21,713,115 22,710,908 Others Jumlah 287,553,459 254,728,826 Total

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35. Beban Pengumpulan Tol 35. Toll Collection Expenses

Beban pengumpulan tol merupakan beban yang timbul dari Toll collection expenses represent expenses incurred in kegiatan di gerbang tol. relation to activities at the toll gates.

2014 2013 Rp Rp Gaji dan Tunjangan 725,979,752 593,809,291 Salaries and Allowance Penyusutan dan Amortisasi 93,044,380 85,637,939 Depreciation and Amortization Administrasi dan Perlengkapan Tol 71,291,956 63,632,925 Administration and Toll Supplies Perbaikan dan Pemeliharaan 62,869,780 53,931,682 Repair and Maintenance Bahan Bakar, Listrik dan Air 40,404,666 32,386,100 Fuel, Electricity,and Water Sewa Kendaraan dan Peralatan Tol 26,443,701 20,851,538 Car Rental and Toll Equipment Lainnya 62,568,531 22,453,332 Others Jumlah 1,082,602,766 872,702,807 Total

36. Beban Pelayanan Pemakai Jalan Tol 36. Toll Road Service Expenses

2014 2013 Rp Rp Harga Pokok Penjualan Bahan Bakar Minyak 173,856,413 147,935,120 Fuel Cost of Goods Sold Gaji dan Tunjangan 159,249,539 125,785,251 Salaries and Allowance Penyusutan dan Amortisasi 57,831,741 55,804,423 Depreciation and Amortization Bahan Bakar, Listrik dan Air 55,866,728 49,730,195 Fuel, Electricity and Water Pelayanan Pemakai Jalan Tol 37,146,089 32,506,719 Toll Road User Services Perbaikan dan Pemeliharaan Aset Tetap 30,742,991 28,068,331 Repair and Maintenance Sewa Kendaraan 19,962,532 16,232,015 Car Rental Publikasi 5,172,155 5,199,164 Publications Lainnya 16,891,862 20,478,705 Others Jumlah 556,720,050 481,739,923 Total

Beban pelayanan pemakai jalan tol merupakan beban yang Toll road service expenses represent expenses incurred in timbul karena kegiatan terkait dengan pelayanan jalan tol relation to toll road services such as toll patrol, rescue, seperti patroli jalan tol, keperluan rescue, publikasi dan publications and toll road information. penyuluhan jalan tol.

37. Beban Pemeliharaan Jalan Tol 37. Toll Road Maintenance Expenses

2014 2013 Rp Rp Penyusutan dan Amortisasi 644,185,877 892,453,544 Depreciation and Amortization Provisi Pelapisan Ulang 383,423,560 340,108,272 Provision for Overlay Perbaikan dan Pemeliharaan 227,241,296 238,195,632 Repair and Maintenance Gaji dan Tunjangan 58,515,212 55,681,739 Salaries and Allowance Pembersihan Jalan dan Pertamanan 35,476,102 30,391,744 Cleaning and Gardening Sewa Kendaraan 6,997,375 5,521,027 Car Rental Bahan Bakar, Listrik dan Air 4,808,627 4,151,739 Fuel, Electricity and Water Lainnya 3,889,689 2,321,292 Others Jumlah 1,364,537,738 1,568,824,989 Total

d1/February 6, 2015 90 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

38. Beban Kerjasama Operasi 38. Joint Operations Expenses

Beban Kerjasama Operasi merupakan selisih antara jumlah Joint Operations Expenses represent the difference between pendapatan tol yang menjadi bagian investor dengan the amount of toll revenues that are investors’ share over pembayaran liabilitas kerjasama operasi tanpa kuasa payments of liabilities under joint operation agreements penyelenggaraan, termasuk bagian bunga atas liabilitas without concession rights, including a share of interest kerjasama operasi dalam bentuk bagi pendapatan tol dengan charges on joint operation payable in the form of revenue jumlah minimum dan angsuran pasti. Beban kerjasama sharing with minimum payments and fixed installment. Joint operasi dalam bentuk bagi hasil pendapatan tol merupakan operations expenses in the form of toll revenue sharing beban kerjasama operasi dengan PT Bangun Tjipta Sarana, represent joint operations expenses with PT Bangun Tjipta PT Adhika Prakarsatama dan PT Surya Cipta Swadaya. Sarana, PT Adhika Prakarsatama and PT Surya Cipta Swadaya.

39. Beban Umum dan Administrasi 39. General and Administrative Expenses

2014 2013 Rp Rp Gaji dan Tunjangan 546,316,824 556,929,962 Salaries and Allowance Pajak, Iuran dan Retribusi 276,210,111 210,139,464 Taxes, Contribution and Retribution Administrasi Kantor dan Sumbangan 81,131,165 81,795,761 Office Administration and Donation Perbaikan dan Pemeliharaan 49,160,510 47,304,403 Repair and Maintenance Jasa Profesional 35,748,190 35,483,080 Professional Fees Penyusutan dan Amortisasi 35,474,113 32,607,362 Depreciation and Amortization Bahan Bakar, Listrik dan Air 25,261,023 21,274,005 Fuel, Electricity and Water Transportasi dan Perjalanan Dinas 23,013,763 21,337,296 Transportation and Business Travel Sewa 21,785,431 20,328,691 Rental Publikasi 16,934,103 16,561,297 Publications Biaya Pengamanan Aset 6,326,362 6,494,697 Security Assets Expenses Lainnya 43,223,867 37,564,703 Others Jumlah 1,160,585,462 1,087,820,721 Total

40. Beban Lain-lain 40. Other Expenses

2014 2013 Rp Rp Kerugian Penjualan Aset Tetap 360,383 -- Loss on Disposal of Fixed Assets Lainnya 19,922,807 33,494,919 Others Jumlah 20,283,190 33,494,919 Total

Lainnya merupakan beban administrasi bank, provisi Others represent bank administration expenses, loan pinjaman, penghapusan piutang dan lainnya. provision, receivable return off and other.

41. Biaya Keuangan 41. Finance Charges

2014 2013 Rp Rp Utang Obligasi 624,633,784 619,819,599 Bonds Utang Bank 590,686,471 298,442,330 Bank Loans Utang Bantuan Pemerintah -- 25,957,261 Loan from Government Jumlah 1,215,320,255 944,219,190 Total d1/February 6, 2015 91 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

42. Penggunaan Laba 42. Distribution of Income

Undang-undang (UU) No.1 Tahun 1995, tanggal 7 Maret Law No.1 of 1995 dated March 7, 1995 as amended by Law 1995 yang telah diubah dengan UU No.40 Tahun 2007, No.40 Year 2007, dated August 16, 2007 regarding Limited tanggal 16 Agustus 2007 mengenai Perusahaan Terbatas Liability Company ("the Law") requires a company to provide mengharuskan perusahaan untuk membuat penyisihan reserves up to at least 20% of the issued and paid up capital. cadangan sekurang-kurangnya 20% dari jumlah modal yang The Law does not require a time frame for the provision of ditempatkan dan disetor penuh. UU tersebut tidak mengatur such reserves. Based on decision of the General Meeting of jangka waktu untuk penyisihan cadangan tersebut. Shareholders dated April 29, 2008 and decision of Directors Menindaklanjuti hal tersebut maka dengan memperhatikan Meeting No.51 Year 2008 dated December 9, 2008, the Keputusan RUPS tanggal 29 April 2008 dan Keputusan Rapat Company decided to provide Statutory Reserves amounted to Direksi No.51 tahun 2008 tanggal 9 Desember 2008, Rp 25,000,000,000 (full Rupiah). Perusahaan memutuskan membentuk Dana Cadangan Wajib sebesar Rp 25.000.000.000 (Rupiah penuh).

Berdasarkan Keputusan RUPS, penggunaan laba tahun- Based on the General Meeting of Shareholders, the following tahun buku 2013 dan 2012 sebagai berikut: are distribution of profit of the year 2013 and 2012 as follows:

2013 2012 Rp Rp Dividen 534,526,920 640,836,088 Dividend Cadangan Umum 776,790,041 936,254,138 General Reserve Cadangan Wajib 25,000,000 25,000,000 Obligatory Reserve Jumlah 1,336,316,961 1,602,090,226 Total

43. Pihak-pihak Berelasi 43. Related Parties

Grup melakukan transaksi dengan pihak-pihak berelasi. The Goup rentered into transactions with related parties. The Kebijakan Perusahaan mengatur bahwa penetapan harga Company's policy requires that the pricing of these atas transaksi tersebut sama dengan apabila Perusahaan transactions should be the same as if the Company entered melakukan transaksi dengan pihak ketiga. Berikut adalah into transactions with the third parties. Below are the material transaksi dengan pihak-pihak berelasi yang material: transactions with related parties:

Pihak Berelasi/ Hubungan/ Jenis Transaksi/ Related Parties Nature of Relationship Nature of Transactions Pemerintah Republik Indonesia Dikendalikan oleh Pemerintah Pusat Hak Konsesi atas Ruang Tol, Utang Bantuan Pemerintah, Kementerian Keuangan Republik Indonesia/ Dana Talangan Pembebasan Tanah dan Perpajakan/ Kementerian Badan Usaha Milik Negara Controlled by Central Government of the Grantor of Toll Road Concession Rights, Loan from Government Republic of Indonesia Bail Out of Land Acquisition and Taxation PT Bank Mandiri (Persero) Tbk Dikendalikan oleh Pemerintah Pusat Penempatan Giro, Deposito Berjangka, Investasi Jangka Pendek, Republik Indonesia/ Dana yang Dibatasi Penggunaannya, Fasilitas Kredit Modal Kerja, Controlled by Central Government of the Fasilitas Kredit Sindikasi, Biaya Keuangan dan Pendapatan Bunga/ Republic of Indonesia Placement of Current Accounts, Time Deposits, Short Term Investments, Appropriated Funds, Working Capital Credit Facility, Syndicated Loans Facility, Finance Charges and Interest Income PT Bank Rakyat Indonesia (Persero) Tbk Dikendalikan oleh Pemerintah Pusat Penempatan Giro, Deposito Berjangka, Fasilitas Kredit Investasi, Republik Indonesia/ Fasilitas Kredit Sindikasi, Bank untuk Pengumpulan Tol, Biaya Keuangan Controlled by Central Government of the dan Pendapatan Bunga/ Republic of Indonesia Placement of Current Accounts, Time Deposits, Investment Credit Facility, Syndicated Loans Facility, Bank for Toll Collection, Finance Charges and Interest Income PT Bank Negara Indonesia (Persero) Tbk Dikendalikan oleh Pemerintah Pusat Penempatan Giro, Deposito Berjangka, Fasilitas Kredit Investasi, Republik Indonesia/ Fasilitas Kredit Sindikasi, Bank untuk Pengumpulan Tol, Biaya Keuangan Controlled by Central Government of the dan Pendapatan Bunga/ Republic of Indonesia Placement of Current Accounts, Time Deposits, Investment Credit Facility, Syndicated Loans Facility, Bank for Toll Collection, Finance Charges and Interest Income d1/February 6, 2015 92 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

Pihak Berelasi/ Hubungan/ Jenis Transaksi/ Related Parties Nature of Relationship Nature of Transactions Dikendalikan oleh Pemerintah Pusat

Republik Indonesia/ Kredit Sindikasi, Biaya Keuangan dan Pendapatan Bunga/ Controlled by Central Government of the Placement of Current Accounts, Time Deposits, Investment Credit Republic of Indonesia Facility, Syndicated Loans Facility, Finance Charges and Interest Income

PT Wijaya Karya (Persero) Tbk Dikendalikan oleh Pemerintah Pusat Kontraktor dalam Pembangunan dan Pemeliharaan Aset Tetap dan Jalan/ Republik Indonesia/ Tol/ Contractor for Construction and Maintenance of Fixed Assets and Controlled by Central Government of the Toll Roads Republic of Indonesia

PT Istaka Karya (Persero) Dikendalikan oleh Pemerintah Pusat Kontraktor dalam Pembanguna dan Pemeliharaan Aset Tetap dan Jalan Tol/ Republik Indonesia/ Contractor for Construction and Maintenance of Property and Equipment Controlled by Central Government of the and Toll Roads Republic of Indonesia

PT Waskita Karya (Persero) Tbk Dikendalikan oleh Pemerintah Pusat Kontraktor dalam Pembangunan dan Pemeliharaan Aset Tetap dan Jalan/ Republik Indonesia/ Tol/ Contractor for Construction and Maintenance of Fixed Assets and Controlled by Central Government of the Toll Roads Republic of Indonesia

PT Adhi Karya (Persero) Tbk Dikendalikan oleh Pemerintah Pusat Kontraktor dalam Pembangunan dan Pemeliharaan Aset Tetap dan Jalan/ Republik Indonesia/ Tol/ Contractor for Construction and Maintenance of Fixed Assets and Controlled by Central Government of the Toll Roads Republic of Indonesia PT Pembangunan Perumahan (Persero) Tbk Dikendalikan oleh Pemerintah Pusat Kontraktor dalam Pembangunan dan Pemeliharaan Aset Tetap dan Jalan Tol/ Republik Indonesia/ Contractor for Construction and Maintenance of Fixed Assets and Toll Controlled by Central Government of the Roads Republic of Indonesia

Badan Penyelenggara Jaminan Sosial Dikendalikan oleh Pemerintah Pusat Beban Asuransi Jiwa Pensiunan Karyawan/ Republik Indonesia/ Life Insurance Expenses for Pension Employees Controlled by Central Government of the Republic of Indonesia

PT Pertamina (Persero) Dikendalikan oleh Pemerintah Pusat Pendapatan Kerjasama Bagi Hasil SPBU, Beban Bahan Bakar Minyak Republik Indonesia/ Sebagai Pemasok Persediaan Bahan Bakar Tempat Istirahat/ Revenue from Controlled by Central Government of the Profit Sharing of SPBU, Engine Fuel Expenses as Supplier of Rest Area's Republic of Indonesia Fuel Inventory PT Perusahaan Listrik Negara (Persero) Dikendalikan oleh Pemerintah Pusat Beban Listrik Peralatan Tol dan Gedung/ Republik Indonesia/ Electricity for Toll Equipment and Buildings Controlled by Central Government of the Republic of Indonesia

Koperasi Jasa Marga Bhakti Dikendalikan oleh Pemerintah Pusat Pembelian Aset dan Perlengkapan, Beban Outsourcing Pegawai, Sewa Republik Indonesia/ Kendaraan dan Peralatan Tol/ Controlled by Central Government of the Purchase of Property and Equipment, Outsourcing Expenses, Vehicles and Republic of Indonesia Toll Equipment Lease Yayasan Dana Pensiun Jasa Marga Dikendalikan oleh Pemerintah Pusat Penempatan Dana Imbalan Kerja Karyawan/ Republik Indonesia/ Placement of Employee Benefit Funds Controlled by Central Government of the Republic of Indonesia PT Citra Bhakti Margatama Persada Entitas Asosiasi/ Associated Company Investasi pada Perusahaan Asosiasi/ Investments in Associated Company PT Citra Ganesha Marga Nusantara Entitas Asosiasi/ Associated Company Investasi pada Perusahaan Asosiasi/ Investments in Associated Company PT Ismawa Trimitra Entitas Asosiasi/ Associated Company Investasi pada Perusahaan Asosiasi/ Investments in Associated Company PT Bukaka Marga Utama Entitas Asosiasi/ Associated Company Investasi pada Perusahaan Asosiasi/ Investments in Associated Company PT Trans Lingkar Kita Jaya Entitas Asosiasi/ Associated Company Investasi pada Perusahaan Asosiasi/ Investments in Associated Company

a. Pemerintah a. Government Grup memiliki Perjanjian Pengusahaan Jalan Tol (PPJT) The Group has a Toll Road Concession Agreements dengan Badan Layanan Umum-Badan Pengatur Jalan Tol (PPJT) with the General Services Agency-Toll Road (BLU-BPJT) mengenai penggunaan fasilitas pinjaman Regulatory Agency (BLU-BPJT), regarding the use of dana untuk pengadaan tanah dalam rangka funds loan facilities for land acquisition designated for the d1/February 6, 2015 93 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

pembangunan jalan tol baru. Ketika PPJT dialihkan dari development of new toll roads. When PPJT is transferred Entitas Induk ke Entitas Anak, Utang BLU secara otomatis from the Parent Company to its Subsidiaries, these BLU menjadi milik Entitas Anak. Total transaksi per Payables automatically belonged to the Subsidiaries. 31 Desember 2014 adalah masing-masing sebesar Total transactions as of December 31, 2014 amounting to Rp 2.869.942.352 (Rupiah penuh), Rp 1.678.872.989 Rp 2,869,942,352 (full Rupiah), and Rp 1,678,872,989 (Rupiah penuh). (full Rupiah), respectively.

2014 2013 Rp Rp PT Marga Kunciran Cengkareng 764,848,936 125,389,087 PT Marga Trans Nusantara 645,432,549 243,497,728 PT Marga Lingkar Jakarta 443,482,173 498,023,311 PT Marga Nujyasumo Agung 334,871,795 331,774,459 PT Trans Marga Jateng 317,993,278 153,298,369 PT Transmarga Jatim Pasuruan 165,705,060 108,134,817 PT Jasa Marga (Persero) Tbk (Induk/ Parent) 109,008,350 109,008,350 PT Jasamarga Pandaan Tol 88,600,211 88,595,538 PT Marga Sarana Jabar -- 21,151,330

Jumlah/ Total 2,869,942,352 1,678,872,989

Grup melakukan transaksi atas pekerjaan pelapisan ulang The Group entered into toll roads overlay transactions for aset takberwujud jalan tol untuk memenuhi persyaratan its intangible assets in fulfilling the minimum level of Standar Pelayanan Minimum yang ditetapkan oleh Badan services (Standar Pelayanan Minimum – SPM) decided Pengatur Jalan Tol (BPJT). Pekerjaan pelapisan ulang by the Indonesian Toll Road Authority (Badan Pengatur diserahkan kepada kontraktor BUMN maupun kontraktor Jalan Tol – BPJT). The work of overlay submitted to both swasta. Total pekerjaan pelapisan ulang atas transaksi the BUMN and private contractors. Total of the work of dengan pihak berelasi masing-masing per 31 Desember overlay transaction with related parties on December 31, 2014 dan 31 Desember 2013 adalah sebagai berikut: 2014 and December 31, 2013 are as follows:

2014 2013 Rp Rp

PT Adhi Karya (Persero) Tbk 32,412,194 27,543,808

Dalam kegiatan usahanya, Grup melakukan transaksi In the normal course of business, the Group entered into dengan pihak-pihak berelasi yang dilakukan dengan certain transactions with the related parties conducted by syarat-syarat dan kondisi normal, termasuk pembayaran normal terms and conditions. These transactions include oleh Grup atas beban-beban pihak-pihak berelasi atau payments made by the Group to the related parties or sebaliknya. Saldo transaksi dengan pihak berelasi per 31 vice versa. Ending balance of related parties transactions Desember 2014 dan 31 Desember 2013, sebagal berikut: as of December 31, 2014, and December 31, 2013 are as follows:

Persentase dari Total Aset/ Percentage from Total Assets 2014 2013 2014 2013 Rp Rp % % Aset/ Assets Kas dan Setara Kas/ Cash and Cash Equivalents Bank/ Cash in Banks Rupiah PT Bank Mandiri (Persero) Tbk 115,453,821 146,093,198 0.36% 0.52% PT Bank Rakyat Indonesia (Persero) Tbk 96,051,771 103,195,062 0.30% 0.37% PT Bank Negara Indonesia (Persero) Tbk 18,304,829 11,741,073 0.06% 0.04% PT Bank Tabungan Negara (Persero) Tbk 3,629,160 1,818,898 0.01% 0.01% Sub Jumlah/ Sub Total 233,439,581 262,848,231 0.73% 0.94%

d1/February 6, 2015 94 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

Persentase dari Total Aset/ Percentage from Total Assets 2014 2013 2014 2013 Rp Rp % %

Dolar Amerika Serikat/ United States Dollar PT Bank Mandiri (Persero) Tbk 1,116,701 922,812 0.00% 0.00% Sub Jumlah/ Sub Total 1,116,701 922,812 0.00% 0.00% Deposito Berjangka/ Time Deposits Rupiah PT Bank Rakyat Indonesia (Persero) Tbk 913,600,000 1,160,300,000 2.87% 4.14% PT Bank Mandiri (Persero) Tbk 661,886,000 184,250,000 2.08% 0.66% PT Bank Tabungan Negara (Persero) Tbk 246,250,000 552,252,514 0.77% 1.97% PT Bank Negara Indonesia (Persero) Tbk 100,600,000 140,000,000 0.32% 0.50% Sub Jumlah/ Sub Total 1,922,336,000 2,036,802,514 6.03% 7.26% Dolar Amerika Serikat/ United States Dollar PT Bank Rakyat Indonesia (Persero) Tbk 13,684,000 13,407,900 0.04% 0.05% Sub Jumlah/ Sub Total 13,684,000 13,407,900 0.04% 0.05% Jumlah Kas dan Setara Kas/ Total Cash and Cash Equivalents 2,170,576,282 2,313,981,457 6.81% 8.25%

Piutang Lain-lain/ Other Receivables Lancar/ Current PT Wijaya Karya (Persero) Tbk 182,609 5,039,047 0.00% 0.02% PT Istaka Karya (Persero) 133,907 133,907 0.00% 0.00% PT Waskita Karya (Persero) Tbk 72,049 699,284 0.00% 0.00% PT Adhi Karya (Persero) Tbk 64,208 3,236,616 0.00% 0.01% Klinik Mobil 61,088 -- 0.00% 0.00% PT Translingkar Kita Jaya -- 1,105,764 0.00% 0.00% INKOPKAR JAGA -- 638,750 0.00% 0.00% PT Bank Mandiri (Persero) Tbk -- 63,558 0.00% 0.00% Lain-lain/ Others 11,518,183 82,088 0.04% 0.00% Sub Jumlah/ Sub Total 12,032,044 10,999,014 0.04% 0.04% Jumlah Piutang Lain-lain/ Total Other Receivables 12,032,044 10,999,014 0.04% 0.00%

Dana Ditetapkan Penggunaannya/ Appropriated Funds Jaminan Pelaksanaan/ Performance Bond PT Bank Mandiri (Persero) Tbk 16,350,000 42,776 0.05% 0.00% PT Bank Negara Indonesia (Persero) Tbk -- 19,863,287 0.00% 0.07% PT Bank Tabungan Negara (Persero) -- 7,750,000 0.00% 0.03% Sub Jumlah/ Sub Total 16,350,000 27,656,063 0.05% 0.10% Jaminan Pembebasan Tanah/ Land Acquisition Guarantees PT Bank Rakyat Indonesia (Persero), Tbk 14,100,000 -- 0.04% 0.00% PT Bank Mandiri (Persero) Tbk 7,530,940 6,496,257 0.02% 0.02% Sub Jumlah/ Sub Total 21,630,940 6,496,257 0.07% 0.02% Jaminan Sindikasi Bank/ Syndicated Bank Guarantee PT Bank Mandiri (Persero) Tbk 92,699,009 22,189,544 0.29% 0.08% PT Bank Negara Indonesia (Persero) Tbk 19,340,834 87,821,547 0.06% 0.31% PT Bank Rakyat Indonesia (Persero) Tbk 18,627,875 4,021 0.06% 0.00% Sub Jumlah/ Sub Total 130,667,718 110,015,112 0.41% 0.39% Jumlah Dana Ditetapkan Penggunaannya/ Total Appropriated Funds 168,648,658 144,167,432 0.53% 0.51%

d1/February 6, 2015 95 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

Persentase dari Total Liabilitas/ Percentage from Total Liabilities 2014 2013 2014 2013 Rp Rp % % Liabilitas/ Liabilities Utang Bank/ Bank Loans Utang Jangka Pendek/ Short Term Loans PT Bank Rakyat Indonesia (Persero) Tbk 24,737,997 28,493,565 0.12% 0.16% PT Bank Mandiri (Persero) Tbk 11,247,894 262,966,718 0.06% 1.50% PT Bank Negara Indonesia (Persero) Tbk 5,253,451 1,512,000 0.03% 0.01% PT Bank Tabungan Negara (Persero) Tbk 359,937 -- 0.00% 0.00% Sub Jumlah/ Sub Total 41,599,279 292,972,283 0.20% 1.67% Utang Jangka Panjang/ Long Term Loans PT Bank Mandiri (Persero) Tbk 2,547,473,133 2,054,399,848 12.47% 11.74% PT Bank Negara Indonesia (Persero) Tbk 1,626,727,819 1,404,703,029 7.96% 8.03% PT Bank Rakyat Indonesia (Persero) Tbk 1,283,973,781 1,111,180,323 6.28% 6.35% PT Bank Tabungan Negara (Persero) Tbk 71,627,438 62,425,659 0.35% 0.36% Sub Jumlah/ Sub Total 5,529,802,171 4,632,708,859 27.06% 26.47% Jumlah Utang Bank/ Total Bank Loans 5,571,401,450 4,925,681,142 27.27% 20.25%

Utang Usaha/ Accounts Payable Koperasi Jasa Marga Bhakti 1,949,473 3,744,354 0.01% 0.02% PT Bank Rakyat Indonesia (Persero) Tbk 3,153,882 1,199,298 0.02% 0.01% Karyawan/ Employees 258,334 211,168 0.00% 0.00% PT Bank Mandiri (Persero) Tbk 26,466 -- 0.00% 0.00% PT Asuransi Jiwasraya (Persero) 846 -- 0.00% 0.00% PT Pertamina Retail -- 1,531,348 0.00% 0.01% PT Asuransi Umum Bumiputera Muda 1967 -- 666,117 0.00% 0.00% Dana Pensiun Jasa Marga -- 638,336 0.00% 0.00% Jumlah Utang Usaha/ Total Accounts Payable 5,389,001 7,990,621 0.03% 0.04%

Utang Kontraktor/ Contractors Payable PT Waskita Karya (Persero) Tbk 258,552,200 366,580,413 1.27% 2.09% PT Adhi Karya (Persero) Tbk 201,309,998 185,691,627 0.99% 1.06% PT Wijaya Karya (Persero) Tbk 184,627,030 254,241,823 0.90% 1.45% KSO Wika - Adhi - Hutama/ JO 57,336,834 134,564,614 0.28% 0.77% PT Pembangunan Perumahan (Persero) Tbk 32,214,073 51,753,257 0.16% 0.30% PT Istaka Karya (Persero) 12,581,649 12,581,649 0.06% 0.07% PT Hutama Karya (Persero) 4,535,077 8,408,898 0.02% 0.05% PT Yodya Karya (Persero) 2,939,804 3,245,248 0.01% 0.02% Lain - lain (dibawah Rp 2 Milyar)/ Others (below Rp 2 Billion) 658,693 1,751,942 0.00% 0.01% Jumlah Utang Kontraktor/ Total Contractors Payable 754,755,358 1,018,819,471 3.69% 5.82%

Beban Akrual/ Accrued Expenses PT Bank Mandiri (Persero) Tbk -- 2,979,167 0.00% 0.02% Jumlah Beban Akrual/ Total Accrued Expenses -- 2,979,167 0.00% 0.02%

b. Remunerasi Komisaris dan Direksi b. Remuneration of Commissioners and Directors (i). Jumlah remunerasi yang diterima Dewan Komisaris (i) Total remuneration received by the Board of untuk tahun-tahun yang berakhir pada Commissioners for the years ended on December 31, 31 Desember 2014 dan 31 Desember 2013 masing- 2014 and December 31, 2013 amounting to

d1/February 6, 2015 96 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

masing sebesar Rp 9.518.926.471 (Rupiah penuh) Rp 9,518,926,471 (full Rupiah) and dan Rp 9.290.470.585 (Rupiah penuh). Rp 9,290,470,585 (full Rupiah), respectively.

(ii) Jumlah remunerasi yang diterima Dewan Direksi (ii) Total remuneration received by the Board of untuk tahun-tahun yang berakhir pada 31 Desember Directors for the years ended on December 31, 2014 2014 dan 31 Desember 2013 masing-masing and December 31, 2013 amounting to sebesar Rp 21.105.824.618 (Rupiah penuh) dan Rp 21,105,824,618 (full Rupiah) and Rp 16.322.731.648 (Rupiah penuh). Rp 16,322,731,648 (full Rupiah), respectively.

44. Perjanjian dan Perikatan Penting 44. Significant Agreement and Commitment a. Perjanjian Pengusahaan Jalan Tol (PPJT) a. Concession Agreements

(i) Perusahaan telah memperoleh penetapan hak (i) The Company has acquired the right of toll road pengusahaan jalan tol (Hak Konsesi) yang diterbitkan concession (Concession Right) issued by the oleh Pemerintah meliputi 13 (tiga belas) ruas jalan tol Government, which consists of 13 (thirteen) toll berdasarkan Keputusan Menteri Pekerjaan Umum roads, in accordance with Minister of Public Works No. 242/KPTS/M/2006, tanggal 8 Juni 2006 yang Decree No. 242/KPTS/M/2006, dated June 8, kemudian ditindaklanjuti dengan penandatanganan 2006, followed by the signing of the Toll Road Perjanjian Pengusahaan Jalan Tol (PPJT) pada tanggal Concession Agreement (PPJT) for each toll road 7 Juli 2006 untuk masing-masing ruas jalan tol, dengan dated July 7, 2006 with concession period of 40 masa konsesi selama 40 (empat puluh) tahun, yang (forty) years, effective commenced as of January 1, berlaku efektif sejak tanggal 1 Januari 2005 sampai 2005 until December 31, 2045 with details as dengan 31 Desember 2045, dengan rincian sebagai follows: berikut:

1. Ruas Jakarta - Bogor - Ciawi, berdasarkan PPJT 1. Jakarta – Bogor – Ciawi Toll Road, according to PPJT No. 246/PPJT/VII/Mn/2006; No. 246/PPJT/VII/Mn/2006; 2. Ruas Jakarta - Tangerang, berdasarkan PPJT 2. Jakarta – Tangerang Toll Road, according to PPJT No. 247/PPJT/VII/Mn/2006; No. 247/PPJT/VII/Mn/2006; 3. Ruas Surabaya - Gempol, berdasarkan PPJT 3. Surabaya – Gempol Toll Road, according to PPJT No. 248/PPJT/VII/Mn/2006; No. 248/PPJT/VII/Mn/2006; 4. Ruas Jakarta - Cikampek, berdasarkan PPJT 4. Jakarta – Cikampek Toll Road, according to PPJT No. 249/PPJT/VII/Mn/2006; No. 249/PPJT/VII/Mn/2006; 5. Ruas Padalarang - Cileunyi, berdasarkan PPJT No. 5. Padalarang – Cileunyi Toll Road, according to PPJT 250/PPJT/VII/Mn/2006; No. 250/PPJT/VII/Mn/2006; 6. Ruas Prof. Dr. Ir. Sedyatmo, berdasarkan PPJT No. 6. Prof. Dr. Ir. Sedyatmo Toll Road, according to PPJT 251/PPJT/VII/Mn/2006; No. 251/PPJT/VII/Mn/2006; 7. Ruas Cawang - Tomang - Pluit, berdasarkan PPJT 7. Cawang - Tomang – Pluit Toll Road, according to No. 252/PPJT/VII/Mn/2006; PPJT No. 252/PPJT/VII/Mn/2006; 8. Ruas Belawan - Medan - Tanjung Morawa, PPJT 8. Belawan - Medan - Tanjung Morawa Toll Road, No. 253/PPJT/VII/Mn/2006; according to PPJT No. 253/PPJT/VII/Mn/2006; 9. Ruas Semarang Seksi A, B, C, berdasarkan PPJT 9. Semarang Toll Road, Sections A, B, C according to No. 254/PPJT/VII/Mn/2006; PPJT No. 254/PPJT/VII/Mn/2006; 10. Ruas Pondok Aren - Bintaro Viaduct - Ulujami, 10. Pondok Aren - Bintaro Viaduct – Ulujami Toll Road, berdasarkan PPJT No. 255/PPJT/VII/Mn/2006; according to PPJT No. 255/PPJT/VII/Mn/2006; 11. Ruas Palimanan - Kanci, berdasarkan PPJT 11. Palimanan – Kanci Toll Road, according to PPJT No. 256/PPJT/VII/Mn/2006; No. 256/PPJT/VII/Mn/2006; 12. Ruas Lingkar Luar Jakarta (JORR) 12. Jakarta Outer Ring Road Toll Road, Sections Ruas E1, E2, E3, W2, berdasarkan PPJT E1, E2, E3, W2, according to PPJT No.257/PPJT/VII/Mn/2006; dan No. 257/PPJT/VII/Mn/2006; and 13. Ruas Cikampek - Padalarang, berdasarkan PPJT 13. Cikampek – Padalarang Toll Road, according to PPJT No. 258/PPJT/VII/Mn/2006. No. 258/PPJT/VII/Mn/2006.

Sehubungan dengan perolehan Hak Konsesi dimaksud, With regard to the above Concession Rights, the Company Perusahaan diwajibkan membentuk jaminan is required to establish a maintenance guarantee with a pemeliharaan dengan nilai sekurang-kurangnya 10% value in the amount of not less than 10% (ten percent) d1/February 6, 2015 97 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

(sepuluh persen) dari realisasi pendapatan tol dan from the actual toll revenue and revenue obtained from pendapatan usaha lain yang diterima pada atau other businesses on or before the last year of the sebelum tahun terakhir masa konsesi dimana concession period whereby such amount is calculated besarannya didasarkan pada laporan keuangan based on the latest audited annual financial statements. tahunan terakhir yang tersedia dan telah diaudit. The aforementioned maintenance guarantee shall be given Jaminan pemeliharaan tersebut diserahkan kepada to the Government through Indonesian Toll Road Authority Pemerintah melalui Badan Pengelola Jalan Tol (BPJT) (BPJT) within 6 (six) months before the expiration of dalam waktu 6 (enam) bulan sebelum masa konsesi concession period and shall prevail for the successive 12 berakhir dan jaminan pemeliharaan ini tetap berlaku (twelve) months from the expiration of concession period. sampai dengan 12 (dua belas) bulan setelah berakhirnya masa konsesi.

(ii) Perjanjian Investasi Jalan Tol (ii) Toll Road Investment Agreements 1. Ruas Bogor Outer Ring Road 1. Bogor Outer Ring Road Perusahaan dan PT Jasa Sarana telah The Company and PT Jasa Sarana have signed menandatangani Akta Kerjasama Pendanaan dan Deed of Financing and Investment of Toll Road Investasi Pengusahaan Jalan Tol Ruas Lingkar Luar Concession Cooperation of Bogor Outer Ring Road No. 10, tanggal 3 Oktober 2006, dari Notaris Agus No. 10, dated October 3, 2006, from Notary Agus Madjid, SH, dan Perjanjian Usaha Patungan No. 9, Madjid, SH, and Deed of Joint Venture Agreement tanggal 11 Mei 2007, dari Notaris Iwan Ridwan, SH, No. 9, dated May 11, 2007, from Notary Iwan untuk melaksanakan pengusahaan jalan tol yang Ridwan, SH, in order to implement the toll road meliputi pendanaan, perencanaan teknik, concession, which consists of financing, technical pelaksanaan konstruksi, pengoperasian dan plan, construction, operation and maintenance of pemeliharaan jalan tol, serta usaha-usaha lainnya the toll road, as well as other related businesses. yang terkait. Perjanjian Usaha Patungan tersebut Such Joint Venture Agreement is effective as of berlaku sejak tanggal penandatanganan perjanjian the date of signing until the expiration date of sampai dengan akhir masa konsesi sesuai PPJT concession period in accordance with the PPJT (lihat (see Note 1.b). Catatan 1.b).

2. Ruas Gempol – Pasuruan 2. Gempol – Pasuruan Toll Road Perusahaan dan PT Jatim Marga Utama telah The Company and PT Jatim Marga Utama have menandatangani Akta Kerjasama Pendanaan dan signed Deed of Financing and Investment of Toll Investasi Pengusahaan Jalan Tol Gempol - Pasuruan Road Concession Cooperation of Gempol - No.11, tanggal 3 Oktober 2006, dari Notaris Agus Pasuruan No. 11, dated October 3, 2006, from Madjid, SH, dan Akta Perjanjian Usaha Patungan Notary Agus Madjid, SH, and Deed of Joint No. 28, tanggal 8 Mei 2007 dari Notaris Retno Venture Agreement No. 28, dated May 8, 2007, Suharti, SH, untuk melaksanakan pengusahaan jalan from Notary Retno Suharti, SH, in order to tol yang meliputi pendanaan, perencanaan teknik, implement the toll road concession, which consists pelaksanaan konstruksi, pengoperasian dan of financing, technical plan, construction, operation pemeliharaan jalan tol, serta usaha-usaha lainnya and maintenance of the toll road, as well as other yang terkait. Perjanjian Usaha Patungan tersebut related businesses. Such Joint Venture Agreement berlaku sejak tanggal penandatanganan perjanjian is effective as of the date of signing until the sampai dengan akhir masa konsesi sesuai PPJT. expiration date of concession period in accordance with the PPJT.

3. Ruas Semarang - Solo 3. Semarang - Solo Toll Road Perusahaan dan PT Sarana Pembangunan Jawa The Company and PT Sarana Pembangunan Jawa Tengah telah menandatangani Akta Perjanjian Tengah have signed Deed of Joint Venture Usaha Patungan No. 35, tanggal 8 Juni 2007, dari Agreement No. 35, dated June 8, 2007, from Notaris Prof. Dr. Liliana Tedjosaputro, SH, MH, untuk Notary Prof. Dr. Liliana Tedjosaputro, SH, MH, in melaksanakan pengusahaan jalan tol yang meliputi order to implement the toll road concession which pendanaan, perencanaan teknik, pelaksanaan consists of financing, technical plan, construction, konstruksi, pengoperasian dan pemeliharaan jalan operation and maintenance of the toll road, as well tol, serta usaha-usaha lainnya yang terkait. as other related businesses. Such Joint Venture Perjanjian Usaha Patungan tersebut berlaku sejak Agreement is effective as of the date of signing tanggal penandatanganan perjanjian sampai dengan until the expiration date of concession period in akhir masa konsesi sesuai PPJT (lihat Catatan 1.b). accordance with the PPJT (see Note 1.b).

d1/February 6, 2015 98 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

4. Ruas Cengkareng - Kunciran 4. Cengkareng – Kunciran Toll Road Perusahaan telah menandatangani Akta Perjanjian The Company has entered into the Consortium Konsorsium No. 03/CMS/PKK-XII/05 berdasarkan Agreement No. 03/CMS/PKK-XII/05 as set forth in Akta No. 53, tanggal 21 Mei 2007 dari Notaris Ny. Deed No. 53, dated May 21, 2007 from Notary Mrs. Poerbaningsih Adi Warsito, SH. Notaris Konsorsium Poerbaningsih Adi Warsito, SH Notary The tersebut terdiri dari (i) Perusahaan; (ii) CMS Works Consortium consists of (i) the Company; (ii) CMS International Limited, Malaysia; (iii) PT Wijaya Karya Works International Limited, Malaysia; (iii) PT (Persero); (iv) PT Nindya Karya (Persero); dan (v) Wijaya Karya (Persero); (iv) PT Nindya Karya PT Istaka Karya (Persero) untuk membangun ruas (Persero); and (v) PT Istaka Karya (Persero) to tol Cengkareng – Kunciran. Proporsi Perusahaan build Cengkareng – Kunciran Toll Road Segment. dalam penyertaan saham di konsorsium tersebut The Company’s shares proportion in such sebesar 20% (dua puluh persen). Consortium is 20% (twenty percent).

Berdasarkan Adendum Perjanjian Konsorsium According to Amendment of Consortium No. 03/CMS/PKK-XII/05 dengan Akta No. 52, tanggal Agreement No. 03/CMS/PKK-XII/05 as set forth in 21 Mei 2007 dari Notaris Ny. Poerbaningsih Adi Deed No. 52, dated May 21, 2007 from Notary Ny. Warsito, SH., proporsi Perusahaan dalam Poerbaningsih Adi Warsito, SH. The Company’s penyertaan saham di konsorsium tersebut shares proportion in such Consortium is increased mengalami perubahan menjadi 55% (lima puluh lima to 55% (fifty five percent). persen).

Berdasarkan Akta Pendirian No. 7, tanggal 14 Mei According to Deed of Establishment No. 7, dated 2008, dari Notaris Suzy Anggraini Muharam, SH, May 14, 2008, from Notary Suzy Anggraini telah didirikan PT Marga Kunciran Cengkareng, Muharam, SH, Notary in Jakrta, PT Marga Kunciran sehubungan dengan proyek Jalan Tol Kunciran – Cengkareng was established in relation to the Cengkareng. Kunciran – Cengkareng Toll Road project.

Berdasarkan Akta Pendirian No. 7, tanggal 14 Mei According to Deed of Establishment No. 7, dated 2008, dari Notaris Suzy Anggraini Muharam, SH, May 14, 2008, from Notary Suzy Anggraini telah didirikan PT Marga Kunciran Cengkareng, Muharam, SH, Notary in Jakrta, sehubungan dengan proyek Jalan Tol Kunciran PT Marga Kunciran Cengkareng was established in Cengkareng. relation to the Kunciran – Cengkareng Toll Road project.

Berdasarkan Akta No. 22 tanggal 13 Desember According to Deed No. 22 dated December 13, 2010, Akta No. 23 tanggal 13 Desember 2010, Akta 2010, Deed No. 23 dated December 13, 2010, No. 32 tanggal 15 Desember 2010, Akta No. 37 Deed No. 32 dated December 15, 2010, Deed No. tanggal 16 Desember 2010, yang seluruhnya dari 37 dated December 16, 2010, all of which from Notaris Dra. Ayu Tiara Siregar, SH. Notaris di Notary Dra. Ayu Tiara Siregar, SH, Notary in Tangerang, perihal Jual Beli Saham antara Tangerang, concerning Sale and Purchase of Perusahaan dengan PT Istaka Karya (Persero), Shares between PT Istaka Karya (Persero), PT Nindya Karya (Persero), PT Wijaya Karya PT Nindya Karya (Persero), PT Wijaya Karya (Persero) Tbk, dan CMS Works International Limited (Persero) Tbk, and CMS Works International (CMS WIL), dan Akta Pernyataan Keputusan Rapat Limited (CMS WIL), and Deed of Statement of Para Pemegang Saham PT Marga Kunciran Resolution of General Meeting of Shareholders of Cengkareng No. 40 tanggal 17 Desember 2010, PT Marga Kunciran Cengkareng No. 40 dated proporsi Perusahaan dalam penyertaan saham atas December 17, 2010, The Company’s shares PT Marga Kunciran Cengkareng berubah menjadi proportion in PT Marga Kunciran Cengkareng is 75% (tujuh puluh lima persen). increased to 75% (seventy five percent).

5. Ruas Kunciran – Serpong 5. Kunciran – Serpong Toll Road Perusahaan telah menandatangani Akta Perjanjian The Company has signed Deed of Consortium Konsorsium No. 60 tanggal 22 Mei 2007, dari Notaris Agreement No. 60 dated May 22, 2007 from Notary Benny Kristianto, SH, Notaris di Jakarta. Konsorsium Benny Kristianto, SH. The Consortium consists of tersebut terdiri dari (i) Perusahaan; (ii) PT Astratel (i) the Company; (ii) PT Astratel Nusantara; (iii) PT Nusantara; (iii) PT Leighton Contractors Indonesia; Leighton Contractors Indonesia; and (iv) PT dan (iv) PT Transutama Arya Sejahtera untuk Transutama Arya Sejahtera to build Kunciran – d1/February 6, 2015 99 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

membangun ruas tol Kunciran – Serpong. Proporsi Serpong Toll Road. The Company’s shares Perusahaan dalam penyertaan saham di konsorsium proportion in such Consortium is 10% (ten tersebut sebesar 10% (sepuluh persen). percent).

Perjanjian Para Pendiri Konsorsium dengan Akta According to the Deed of Consortium Founder No. 24, tanggal 22 Mei 2007 dari Notaris Benny Agreement No. 24 dated May, 22, 2007 from Kristianto, SH. antara lain menyebutkan bahwa porsi Notary Benny Kristianto, SH. The Company’s kepemilikan Perusahaan dalam konsorsium tersebut shares proportion in the Consortium is increased to berubah menjadi 60% (enam puluh persen). Dimana 60% (sixty percent) whereby the parties agreed to para pihak setuju untuk merealisasikan porsi promptly finalize the realization of such shares kepemilikan final sesegera mungkin dengan proportion in accordance with the prevailing terms ketentuan yang ada. Para pihak mengindikasikan and conditions. The Parties indicated that such bahwa realisasi tersebut akan diusahakan untuk realization shall be made effective upon diberlakukan segera setelah konsorsium dinyatakan Consortium being awarded the bid for the project sebagai pemenang proyek dan sebelum and prior to the establishment of the Toll Road pembentukan Perusahaan. Company.

Pada tanggal 14 Mei 2008 berdiri perusahaan Based on the Deed of Establishment No. 8, dated konsorsium PT Marga Trans Nusantara berdasarkan May 14, 2008, from Notary Suzy Anggraini Akta No. 8 dari Notaris Suzy Anggraini Muharam, Muharam, SH, PT Marga Trans Nusantara was SH, sehubungan dengan proyek Jalan Tol Kunciran- established in relation to the Kunciran - Serpong Serpong. Toll Road project.

6. Ruas JORR Seksi W2 Utara 6. JORR Toll Road, Section W2 North Pada tanggal 2 April 2007, Perusahaan bersama- On April 2, 2007, the Company and PT Jakarta sama dengan PT Jakarta Propertindo telah Propertindo have signed the Preliminary menandatangani Perjanjian Pendahuluan tentang Agreement concerning Cooperation Plan of Toll Rencana Kerjasama Pengusahaan Jalan Tol JORR Road Concession of North Jakarta Outer Ring W2 Utara. Pada tanggal 24 Agustus 2009 berdiri Road Section W2. Furthermore, by Deed No. 26 Perusahaan konsorsium PT Marga Lingkar Jakarta dated August 24, 2009 of notary Edi Priyono, SH, berdasarkan Akta No.26 dari Notaris Edi Priyono, the Consortium Party has incorporated PT Marga SH. dan telah disahkan oleh Menteri Kehakiman Lingkar Jakarta which has been legalized with Republik Indonesia No. C-98-HT.03.02-Th 2002. Minister of Law and Human Rights Decree No. C- Porsi Perusahaan dalam penyertaan saham dalam 98-HT.03.02-Th 2002. The shares proportion of the konsorsium tersebut sebesar 65% (enam puluh lima Company in such Consortium has been defined in persen). the amount of 65% (sixty five percent). b. Perjanjian Fasilitas Kredit Investasi b. Investment Credit Facility Agreements PT Bank Mandiri (Persero) Tbk PT Bank Mandiri (Persero) Tbk Pada tanggal 7 Maret 2007, Perusahaan memperoleh On March 7, 2007, the Company obtained investment fasilitas kredit investasi dari PT Bank Mandiri (Persero) credit facilities from PT Bank Mandiri (Persero) Tbk Tbk dengan jumlah seluruhnya sebesar amounting to Rp 2,881,802,800,000 (full Rupiah) Rp 2.881.802.800.000 (Rupiah penuh) terdiri dari: (I) consisting of: (i) Investment Credit Agreement Perjanjian Kredit Investasi No. KP.COD/PK.KI/006/2007 No, KP.COD/PK.KI/006/2007 amounting to sebesar Rp 1.879.184.000.000 (Rupiah penuh) untuk Rp 1,879,184,000,000 (full Rupiah) for financing The pembiayaan Proyek Pembangunan Jalan Tol ruas Construction of the Semarang-Solo toll road section. The Semarang - Solo. Jangka waktu fasilitas kredit credit facility period is 15 years. Interest is to be paid selama 15 tahun. Pembayaran bunga dilakukan monthly at an interest rate of 14% per annum, floating setiap bulan dengan tingkat bunga pinjaman 14% per rate, (ii) Investment Credit Agreement tahun, floating rate (ii) Perjanjian Kredit No. KP.COD/PK.K1/007/2007 amounting to Investasi No. KP.COD/PK.K1/007/2007 sebesar Rp 450,682,000,000 (full Rupiah) for financing the Rp 450.682.000.000 (Rupiah penuh) untuk pembiayaan construction of the Bogor Outer Ring Road toll road proyek pembangunan jalan tol ruas Bogor Outer Ring section. The credit facility period is 15 years. Interest is to Road. Jangka waktu fasilitas kredit selama 15 tahun. be paid monthly at an interest rate of 14% per annum, Pembayaran bunga dilakukan setiap bulan dengan tingkat floating rate and (iii) Investment Credit Agreement bunga pinjaman 14% per tahun, floating rate dan (iii) No. KP.COD/PK.KI/008/2007 amounting to Perjanjian Kredit Investasi No. KP.COD/PK.KI/008/2007 Rp 551,936,800,000 (full Rupiah) for financing The d1/February 6, 2015 100 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

sebesar Rp 551.936.800.000 (Rupiah penuh) untuk Construction of the Gempol - Pasuruan toll road section pembiayaan Proyek Pembangunan Jalan Tol ruas The credit facility period is 13 years. Interest is to be paid Gempol - Pasuruan. Jangka waktu fasilitas kredit selama monthly with an interest rate of 14% per annum, floating 13 tahun. Pembayaran bunga dilakukan setiap bulan rate. dengan tingkat bunga pinjaman 14% per tahun, floating rate.

PT Bank Negara Indonesia (Persero) Tbk PT Bank Negara Indonesia (Persero) Tbk Pada tanggal 7 Maret 2007, Perusahaan memperoleh On March 7, 2007, the Company obtained investment fasilitas kredit investasi dari PT Bank Negara Indonesia credit facilities from PT Bank Negara Indonesia (Persero) (Persero) Tbk, dengan jumlah seluruhnya sebesar Tbk amounting to Rp 2,521,577,450,000 (full Rupiah) Rp 2.521.577.450.000 (Rupiah penuh) terdiri dari: (i) consisting of: (I) Investment Credit Agreement Perjanjian Kredit Investasi No.13/PK/KPI/2007 sebesar No.13/PK/KPI/2007 amounting to Rp 394,346,750,000 Rp 394.346.750.000 (Rupiah penuh) untuk pembiayaan (full Rupiah) for financing The Construction of the Bogor Proyek Pembangunan Jalan Tol ruas Bogor Outer Ring Outer Ring Road toll road section. The credit facility Road. Jangka waktu fasilitas kredit selama 15 tahun. period is 15 years. Interest is to be paid monthly with an Pembayaran bunga dilakukan setiap bulan dengan tingkat interest rate of 14% per annum, floating rate, (ii) bunga pinjaman 14% per tahun, floating rate, (ii) Investment Credit Agreement No.14/PK/KPI/2007 Perjanjian Kredit Investasi No.14/PK/KPI/2007 sebesar amounting to Rp 482,944,700,000 (full Rupiah) for Rp 482.944.700.000 (Rupiah penuh) untuk pembiayaan financing the construction of the Gempol - Pasuruan toll proyek pembangunan jalan tol ruas Gempol - Pasuruan. road section. The credit facility period is 15 years. Interest Jangka waktu fasilitas kredit selama 15 tahun. is to be paid monthly with an interest rate 14% per annum, Pembayaran bunga dilakukan setiap bulan dengan tingkat floating rate and (iii) Investment Credit Agreement bunga pinjaman 14% per tahun, floating rate dan (iii) No.15/PK/KPI/2007 is amounting to Rp 1,644,286,000,000 Perjanjian Kredit Investasi No.15/PK/KPI/2007 sebesar (full Rupiah) for financing The Construction of the Rp 1.644.286.000.000 (Rupiah penuh) untuk pembiayaan Semarang - Solo toll road section. The credit facility proyek pembangunan jalan tol ruas Semarang - Solo. period is 15 years. Interest is to be paid monthly with an Jangka waktu fasilitas kredit selama 15 tahun, interest rate of 14% per annum, floating rate. pembayaran bunga dilakukan setiap bulan dengan tingkat bunga pinjaman 14% per tahun, floating rate.

PT Bank Rakyat Indonesia (Persero) Tbk PT Bank Rakyat Indonesia (Persero) Tbk Pada tanggal 7 Maret 2007, Perusahaan menandatangani On March 7, 2007, the Company signed an agreement to Perjanjian untuk Memberikan Fasilitas Kredit Investasi obtain investment credit facilities from PT Bank Rakyat dari PT Bank Rakyat Indonesia (Persero) Tbk dengan Indonesia (Persero) Tbk amounting to jumlah seluruhnya sebesar Rp 1.537.089.043.000 Rp 1,537,089,043,000 (full Rupiah) that will be effective (Rupiah penuh) yang akan berlaku efektif setelah after the Investment Credit Agreement has been signed, Perjanjian Kredit Investasi atas fasilitas pinjaman tersebut The facilities include: (I) agreement for the provision of ditandatangani terdiri dari: (i) Perjanjian untuk investment credit facility No.12/2007 amounting to Memberikan Fasilitas Kredit Investasi No.12/2007 Rp 184,750,000,000 (full Rupiah) for financing The sebesar Rp 184.750.000,000 (Rupiah penuh) untuk Construction of the Bogor Outer Ring Road toll road pembiayaan proyek pembangunan jalan tol ruas Bogor section; (ii) agreement for the provision of investment Outer Ring Road, (ii) Perjanjian untuk Memberikan credit facility No.13/2007 amounting to Fasilitas Kredit Investasi No.13/2007 sebesar Rp 326,500,000,000 (full Rupiah) for financing The Rp 326.500.000.000 (Rupiah penuh) untuk pembiayaan Construction of the Gempol - Pasuruan toll road section; proyek pembangunan jalan tol ruas Gempol - Pasuruan and (iii) agreement for the provision of investment credit dan (iii) Perjanjian untuk Memberikan Fasilitas Kredit facility No.14/2007 amounting to Rp 1,025,839,043,000 Investasi No.14/2007 sebesar Rp 1.025.839.043.000 (full Rupiah) for financing The Construction of the (Rupiah penuh) untuk pembiayaan Proyek Pembangunan Semarang - Solo toll road. Jalan Tol ruas Semarang - Solo. c. Perjanjian Penggunaan Dana Bergulir Pembelian c. Agreement of Fund Facility for Reimbursement of Tanah untuk Jalan Tol dengan Badan Layanan Umum Land Aquisition for Toll Road with BLU-BPJT - Badan Pengatur Jalan Tol (BLU – BPJT) Perusahaan telah memiliki perjanjian dengan BLU -BPJT, The Company has entered into an agreement with the mengenai penggunaan dana bergulir untuk penggantian Public Service Assistance Unit ("Badan Layanan Umum pembelian tanah dalam rangka pengusahaan ruas jalan /BLU') regarding fund usage for financing land acquisition d1/February 6, 2015 101 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

tol Semarang - Solo, Gempol - Pasuruan dan Bogor Outer for three toll road projects Semarang - Solo, Gempol - Ring Road masing-masing sebesar Rp 127.000.000.000 Pasuruan and Bogor Outer Ring Road sections (Rupiah penuh), Rp 100.000.000.000 (Rupiah penuh) dan amounting to Rp 127,000,000,000 (full Rupiah), Rp 80.000.000.000 (Rupiah penuh) sesuai dengan Akta Rp 100,000,000,000 (full Rupiah) and Rp 80,000,000,000 No.1, 2 dan 3 tanggal 6 Juni 2007 dari Notaris Suzy (full Rupiah), respectively, based on the Deed No. 1, 2 Anggraini Muharam, SH. and 3 dated June 6, 2007 of notary Suzy Anggraini Muharam, SH.

Tata cara penggunaan dana bergulir pada Badan The procedure using of pre-fund at Public Service Layanan Umum - Badan Pengatur Jalan Tol (BLU-BPJT) Assistance Unit (Badan Layanan Umum/BLU) of the untuk pengadaan tanah jalan tol diatur dalam Peraturan Indonesian Toll Road Authority (ITRA) for toll road land Menteri PU No.04/PRT/M/2007, tanggal 26 Pebruari acquisition based on the Decree of Public Works 2007. BLU-BPJT akan melaksanakan pembayaran No.04/PRT/M/2007, dated February 26, 2007. BLUBPJT terlebih dahulu (dana talangan), pembelian tanah untuk will conduct the payment firstly, acquisition land for toll pembangunan ruas jalan tol yang merupakan kewajiban road construction which represent Company's obligation dari Perusahaan kepada Pemerintah sebagaimana diatur to Government according to concession rights agreement dalam PPJT. Dalam hal 1 (satu) Seksi selesai (PPJT). In case one section has completed, the Company dibebaskan, Perusahaan harus mentransfer seluruh biaya should transfer all indemnity costs including interest to ganti rugi tanah termasuk bunga ke Rekening BLU-BPJT BLU-BPJT account and BLU-BPJT should make minutes dan BLU-BPJT membuat Berita Acara Serah Terima of land hand over to the entity. Tanah kepada Badan Usaha.

Dalam hal Perjanjian Pengusahaan Ruas Jalan Tol untuk After the transfer of the Company's rights under the ruas jalan tol Semarang - Solo, Gempol - Pasuruan dan Concession Agreements for Semarang - Solo, Gempol - Bogor Outer Ring Road dialihkan kepada Entitas Anak Pasuruan and Bogor Outer Ring Road toll road to dari Perusahaan, maka hak dan kewajiban Perusahaan Subsidiaries, the Company's rights and obligations in the dalam Perjanjian Penggunaan Dana BLU ini akan BLU Fund Usage Agreement will be transferred to dialihkan kepada Entitas Anak. Subsidiaries.

Menunjuk Peraturan Menteri Pekerjaan Umum Referring to the Decree of the Minister of Public Works No.14/PRT/M/2008 tentang tata cara penggunaaan dana No.14/PRT/M/2008 regarding the procedure of pre-fund bergulir pada Badan Layanan Umum - Badan Pengatur usage at Public Service Assistance Unit ("Badan Layanan Jalan Tol untuk pengadaan tanah jalan tol, diatur Umum /BLU”) for land acquisition of toll road, manage the penghapusan surety bond (jaminan) dalam perjanjian surety bond erasing on pre-fund usage agreement of Penggunaan Dana Bergulir BLU, maka sebagai pengganti BLU, therefore as a replacement of guarantee on the pre- jaminan atas pengembalian dana bergulir ini akan fund return, then will be occured cross default PPJT if the diberlakukan cross default PPJT apabila Perusahaan Company failed to pay such pre-fund from BLU. gagal membayar dana bergulir BLU. d. Kerjasama Pengoperasian Jalan Tol dengan PT Jalan d. Toll Road Joint Operation with PT Jalantol Lingkarluar tol Lingkarluar Jakarta Jakarta Berdasarkan Surat Kuasa No.111/SK/2003, tanggal Based on the Power of Attorney No.111/SK/2003 dated 21 Nopember 2003, Perusahaan telah memberi kuasa November 21, 2003, the Company has given authority to kepada PT Jalantol Lingkarluar Jakarta (JLJ) (Entitas PT Jalantol Lingkarluar Jakarta (JLJ) (the Subsidiary) to Anak), untuk melakukan pengoperasian, pengamanan operate, safeguard and maintain JORR project assets and dan pemeliharaan aset proyek JORR termasuk to manage other operations. The Power of Attorney penyerahan pelaksanaan pekerjaan penyelenggaraan mentioned was changed with Alteration Letter II dated usaha lain. Surat Kuasa tersebut terakhir diubah dengan December 29, 2006, to extend the due date for 1 (one) Surat Perubahan II tanggal 29 Desember 2006, jangka year effective from December 29, 2006. waktu kuasa selama 1 tahun terhitung sejak tanggal 29 Desember 2006.

Berdasarkan akta perjanjian No: 068/KONTRAKDIR/2010 Based on the agreement No: 068/KONTRAK-DIR/2010 tanggal 30 Desember 2010, Perusahaan telah dated December 30 ,2010, the Company has appointed menyerahkan pelaksanaan pengoperasian, pengamanan the implementation of the operation, safe guarding and dan pemeliharaan jalan tol ruas JORR dan ruas Ulujami- maintenance of the JORR and Ulujami-Pondok Aren toll Pondok Aren selama jangka waktu 3 tahun terhitung sejak road sections for over 3 years start which be effective d1/February 6, 2015 102 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

tanggal 1 Januari 2011 sampai dengan 31 Desember since January 1, 2011 until December 31, 2013. On 2013. Pada tanggal 29 Desember 2011 akta perjanjian December 29, 2011, the agreement amended with tersebut telah diubah dengan Adendum I, Adendum II, Amendment I, Amendment II, Amendment III, Amendment Adendum III, Adendum IV, Adendum V dan Adendum VI IV, Amendment V, Amendment VI of Agreement of the atas Perjanjian Pengoperasian, Pengamanan dan Operation, Safe Guarding and Maintenance of JORR W2, Pemeliharaan Jalan Tol Ruas JORR Seksi W2, S, El dan S, El and E2+E3 Toll Road section and Ulujami - Pondok E2+E3 serta Ruas Ulujami - Pondok Aren. Berdasarkan Aren toll road section. Based on the Amendment I, Adendum I, Adendum II, Adendum III, Adendum IV, Amendment II, Amendment III, Amendment IV, Adendum V kedua belah pihak menyepakati tentang Amendment V, both of the parties agreed the changes of perubahan biaya pengoperasian, pengamanan dan cost of operation, safe guarding and maintenance of these pemeliharaan atas ruas tersebut untuk tahun 2012 dan sections for 2012 and 2013.Thus, based on Amendment 2013. Sedangkan berdasarkan Adendum VI kedua belah VI both parties agreed to extend the agreement period for pihak menyepakati tentang penambahan jangka waktu 3 (three) years and commencing from January1, 2014 up perjanjian selama 3 tahun dan berlaku terhitung sejak to December 31, 2016. tanggal 1 Januari 2014 sampai dengan tanggal 31 Desember 2016. e. Kerjasama Pengoperasian Jalan Tol dengan PT Citra e. Toll Road Joint Operation with PT Citra Marga Marga Nusaphala Persada (CMNP) Nusaphala Persada (CMNP)

Perusahaan mengadakan kerjasama dengan CMNP The Company has entered into a joint operation dalam bentuk pengoperasian jalan tol secara terpadu agreement with CMNP in the form of integrated toll road yang dimuat dalam Akta No.42, tanggal 4 Juni 1993 operation as put forth in the Deed No.42 dated June 4, juncto Akta No.386, tanggal 31 Desember 1994. Dalam 1993 in conjunction with the Deed No.386 dated Keputusan Bersama Menteri Pekerjaan Umum No.272- December 31, 1994. Based on the Joint Decrees of the A/KPTS/2996 dan Menteri Keuangan No.434/ Minister of Public Works of the Republic of Indonesia KMK.016/2996, tanggal 20 Juni 1996 tentang No.272-A/KPTS/2996 and the Minister of Finance Pengoperasian Terpadu Jalan Tol Lingkar Dalam Kota No.434/KMK.016/2996 dated June 20, 1996 regarding the Jakarta (Tomang - Cawang Tanjung Priok - Ancol Timur - integrated operation of the Jakarta Inner Ring Road Jembatan Tiga Pluit - Grogol Tomang) serta Penetapan (Tomang-Cawang-Tanjung Priok-Ancol Timur-Jembatan Angka Perbandingan Pembagian Pendapatan Tol Tiga Pluit-Grogol Tomang) and determination of Toll dinyatakan bahwa jatan tol lingkar dalam kota dijadikan Revenue Sharing Ratio, the inner city ring road will be sebagai satu kesatuan sistem jaringan jalan tol dalam operated as one toll road network system with toll road kota Jakarta yang pengoperasiannya dilakukan secara revenue sharing of 25% for the Company and 75% for terpadu dengan bagi pendapatan tol masing-masing CMNP. sebesar 25% untuk Perusahaan dan sebesar 75% untuk CMNP.

Berdasarkan Surat Keputusan Menteri Pemukiman dan Based on the subsequent Decree of the Minister of Prasarana WIlayah No.JL.01.04-Mn/582, tanggal 7 Housing and Regional Infrastructure No.JL.01.04-Mn/582 Nopember 2002, ditetapkan persentase bagi hasil jalan tol dated November 7, 2002, the Jakarta Inner Ring Road dalam kota Jakarta antara CMNP dan Perusahaan revenue sharing between CMNP and the Company is set sebagai berikut: forth as follows:

Persentase Bagi Hasil/ Percentage of Revenue Sharing CMNP Perusahaan/ Company •Mulai Awal Konsesi s/d 9 Mei 2002 75% 25% •Beginning of Concession Period until May 9, 2002 •Mulai 10 Mei 2002 s/d 31 Desember 2002 65% 35% •From May 10, 2002 to December 31, 2002 •Mulai 1 Januari 2003 s/d Akhir Masa •From January 1, 2003 to the End of Konsensi (Tahun 2025) 55% 45% Concession Period (Year 2025)

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f. Kerjasama Pengoperasian Jalan Tol dengan f. Toll Road Joint Operation with PT Bintaro Serpong PT Bintaro Serpong Damai (BSD) Damai (BSD) Perusahaan telah mengadakan kerjasama kontrak The Company has entered into a joint operation manajemen dengan BSD sebagai operator jalan tol agreement with BSD as toll road operator for Pondok berdasarkan perjanjian kerjasama pengoperasian dan Aren - Serpong section based on toll road operation and pemeliharaan jalan tol Pondok Aren - Serpong maintenance agreement No.004/SPK-DIR/1998 dated No.004/SPK-DIR/1998, tanggal 19 Mei 1998 yaitu dimulai May 19, 1998 which started from the date of operation sejak tanggal pengoperasian sampai dengan berakhirnya until the expiration of the toll concession for Pondok masa penyelenggaraan jalan tol Pondok Aren-Serpong Aren-Serpong or at the time of the termination of the atau pada saat diakhirinya perjanjian ini lebih awal. agreement which ever is earlier. Based on the Decree of Berdasarkan Putusan Badan Arbitrase Nasional the Indonesian Board of Arbitration No.217/1/ARB- Indonesia No.217/1/ARB-BANI/2006, tanggal BANI/2006 dated August 31, 2006, the scope of 31 Agustus 2006, lingkup pengoperasian Perusahaan operations are as follows: sebagai berikut:

1. Pengoperasian gerbang tol Pondok Ranji (Pondok 1. Operation of Pondok Ranji toll gates (East Pondok Aren Timur). Aren).

2. Pelayanan lalu lintas dan keamanan pengguna jalan 2. Providing patrol and safety service for toll road users tol, serta pengamanan Aset, dengan catatan yang and safeguarding toll road assets whereby the dilakukan oleh Perusahaan adalah yang Company is dealing with toll road users in the patrol menyangkut patroli seperti kendaraan rusak, area including damaged vehicles and accidents on toll kecelakaan sesuai lingkup pekerjaan patroli. roads on compliance with Standard of Minimum Mengenai standar jumlah sesuai dengan Standar Service for toll roads issued by the Minister of Public Pelayanan Minimum (SPM) jalan tol yang dikeluarkan Works. Menteri Pekerjaan Umum.

g. Perjanjian Kerjasama Operasi g. Joint Operation Agreements Perusahaan mengadakan perjanjian kerjasama dengan The Company has entered into joint operation agreement sejumlah investor dalam rangka pembangunan, with several investors for the construction, financing and pembiayaan dan penyelengaraan jalan tol. Secara umum operation of toll roads. Generally, the key provisions pokok yang diatur dalam perjanjian kerjasama operasi stipulated in such agreements are as follows : tanpa kuasa penyelenggaraan sebagai berikut:

(i) Investor membangun dan mendanai pembangunan (i) The investor builds and finances toll road projects jalan tol sesuai dengan desain, spesifikasi dan according to the design, specification and persyaratan yang telah ditetapkan. requirements.

(ii) Investor menyerahkan jalan tol tersebut yang telah (ii) The investor hands over the completed toll road selesai dibangun kepada Perusahaan untuk dikelola projects to be managed and operated by the dan dioperasikan. Company.

(iii) Perusahaan menanggung seluruh beban dan risiko (iii) The Company has responsibility to take any expenses yang timbul sehubungan dengan pengelolaan dan and risk arising from the management and operations pengoperasian jalan tol. of the toll road.

(iv) Pembayaran kepada investor selama masa kerja (iv) Payments to the investors during the operations operasi dilakukan dengan cara sebagai berikut: period are arranged under one of the following:

1. Bagi hasil pendapatan tol; atau 1. Toll revenue sharing; or 2. Bagi hasil pendapatan tol dengan jaminan 2. Toll revenue sharing with minimum guaranteed pembayaran minimum; atau payment; or 3. Pembayaran secara angsuran dalam jumlah tetap 3. Fixed installments during the joint operations (angsuran pasti), selama masa kerjasama operasi. period.

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Rincian proyek kerjasama operasi tanpa kuasa Details of joint operations agreement without operating penyelenggaraan pada 31 Desember 2014 sebagai rights as of December 31, 2014 are as follows: berikut:

Proyek Kerjasama Bagian Masa Kerjasama Operasi/ Operasi/ Pendapatan Joint Operation Period Investor Joint Operation Tol/ Toll Investors Project Revenue Sharing Bagi Hasil Pendapatan Tol Toll Revenue Sharing Pelebaran Ruas Jalan Widening of Toll Road PT Bangun Tjipta Sarana Cikampek Cibitung 69% 20 Tahun, sejak 1989/ PT Bangun Tjipta Sarana 20 Years, since 1989 Cawang Cibitung 41% 22 Tahun, sejak 1994/ 22 Years, since 1994 PT Adhika Prakarsatama Jakarta - Tangerang 27% 17 Tahun 9 Bulan, sejak 1984/ PT Adhika Prakarsatarna 17 Years 9 Months, since 1994 Simpang Susun Toll Road Interchanges PT Surya Cipta Swadaya Karawang Timur II 4 - 14% 17 Tahun, sejak 1998/ PT Surya Cipta Swadaya 17 Years, since 1998

Perjanjian kerjasama operasi yang telah mengalami The joint operations agreements that have been recently perubahan dapat diikhtisarkan sebagai berikut: amended are summarized below:

1. Perjanjian Kerjasama Operasi dengan 1. Joint Operation Agreement with PT Bangun Tjipta PT Bangun Tjipta Sarana Sarana PT Bangun Tjipta Sarana dan Perusahaan PT Bangun Tjipta Sarana and the Company signed mengadakan Perjanjian Kerjasama Pelebaran Jalan Agreement For The Widening of Jakarta-Cikampek Tol Jakarta-Cikampek sebagai berikut: Toll Road as follows: a. Kerjasama Ruas Cibitung-Cikampek a. Agreement for Segment Cibitung-Cikampek Kerjasama ini berdasarkan akta notarisa. No. 109 This agreement was stated in Notarial Deed No. 109 tanggal 16 Oktober 1992 beserta perubahannya, dated October 16, 1992 and its amendment, valid berlaku untuk jangka waktu 26 tahun sejak Surat for 26 years started from the date of Construction Perintah Mulai Kerja tanggal 10 Juli 1989. Order on July 10, 1989. b. Kerjasama Ruas Cawang-Cibitung b. Agreement for Segment Cawang-Cibitung Perusahaan dan BTS telah menandatangani The Company and BTS signed Agreement For Perjanjian Kerjasama Bagi Hasil Pelebaran Jalan Revenue Sharing From The Widening Of Jakarta- Tol Jakarta-Cikampek ruas Cawang-Cibitung Cikampek Toll Road Segment Cawang-Cibitung as sesuai Akta No. 171 tanggal 17 Maret 1993, yang stated in notarial deed No. 171 dated March 17, kemudian diubah dengan Akta No. 139 tanggal 1993, which later was amended by notarial deed 15 Pebruari 1997 dan Akta No. 236 tanggal 23 No. 139 dated February, 15 1997 and No. 236 dated September 2004. September 23, 2004. b. 2. Perjanjian Kerjasama Operasi dengan PT Surya 2. Joint Operation Agreement with PT Surya Cipta Cipta Swadaya Tbk Swadaya Tbk PT Surya Cipta Swadaya melakukan pembangunan PT Surya Cipta Swadaya Tbk conducted modification Modifikasi Simpang Susun Karawang Timur Jalan Tol of construction on Karawang Timur Interchange of Jakarta-Cikampek. Bagi Hasil dilakukan apabila Jakarta-Cikampek toll road. Based on Joint Agreement PT Surya Cipta Swadaya telah menyelesaikan proyek No. 50 dated July 13, 1998 of Notary Agus Madjid, SH, tersebut dengan Perjanjian Kerjasama yang dibuat and its Amendment I and II each No.171 dated tertuang dalam Akta Notaris No.50 Tanggal 13 Juli September 20, 1998 and No. I dated March 1, 1998, 1998 oleh Notaris Agus Madjid, SH dengan profit sharing will be made when PT Surya Cipta Addendum I No.171 Tanggal 20 September 1998 dan Swadaya Tbk has completed the project. Addendum ke II No. 1 Tanggal 01 Maret 1998.

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h. Restrukturisasi Utang JORR h. JORR Debt Restructuring Estimasi nilai liabilitas yang diambil alih sesuai dengan The estimated of liability to be taken over, according to Surat Keputusan Komite Kebijakan Sektor Keuangan the Decree of the Committee for Financial Sector Policy (KKSK) No.KEP-02/K.KKSK/02/2001, tanggal 5 Pebruari No.KEP-02/K.KKSK/02/2001, dated February 15, 2001 2001 sebesar Rp 1.070.521.000.000 (Rupiah penuh) was Rp 1,070,521,000,000 (full Rupiah), with details as dengan rincian sebagai berikut: follows:

Ruas Jalan Tol dan Investor/ Estimasi Surat Ketetapan Dasar Estimasi/ JORR Sections and Investors Kewajiban/ Letter of Estimated Liabilities Liability Estimation Basis

Pondok Pinang - Cikunir (Seksi/ Section S dan/ and El) - MNB 721,149,000 No. IJK/5/0257 tanggal 12 Januari 2001/ dated January 12, 2001

Cikunir - Tanjung Priok (Seksi/ Section E2, E3, N) - CBMP 243,415,000 No. SFN/031/2000 tanggal 11 Januari 2000/ dated January 11, 2000

Kebon Jeruk - Pondok Pinang (Seksi/ Section W2) - CMSP 105,957,000 No, 2000.1128/DIRCO - DPI tanggal 1 Nopember 2000/ dated November 1, 2000 Jumlah/ Total 1,070,521,000

Berdasarkan Akta No.42 dan 43 tanggal 19 Nopember Based on the Deed No.42 and 43 dated November 19, 2003, dari Notaris Imas Fatimah, S.H., dicapai 2003 of Notary Imas Fatimah, S.H., the Company has kesepakatan antara Perusahaan, PT Perusahaan reached agreements with PT Perusahaan Pengelola Aset Pengelola Aset (Persero) (PPA d/h BPPN) dan para (Persero) (PPA, formerly the Indonesian Banking kreditur JORR berkenaan dengan penyelesaian utang Restructuring Agency, or IBRA) and other JORR creditors yang terkait dengan proyek JORR sebagai berikut: regarding the final settlement of JORR debt obligation as follows:

1. Utang kepada PPA (d/h BPPN) dan para kreditur 1. JORR debt obligations to PPA (formerly IBRA) and JORR lainnya senilai Rp 1.070.521.000.000 other JORR creditors amounting to (Rupiah penuh) tidak jadi dikonversi menjadi ekuitas di Rp 1,070,521,000,000 (full Rupiah) will be settled by JLJ melainkan akan diselesaikan oleh Perusahaan; the Company instead of being converted into equity in

JLJ; 2. Utang yang berhubungan dengan JORR Seksi non S 2. Part of debt obligations associated with JORR Section sebesar Rp 548.521.000.000 (Rupiah penuh) excluding Section S, amounting to diselesaikan dengan pembayaran tunai sebesar Rp 548,521,000,000 (full Rupiah), will be settled by Rp 274.260.500.000 (Rupiah penuh) dan sisanya cash payment of Rp 274,260,500,000 (full Rupiah) dengan penerbitan obligasi JORR I Tahun 2003 and the remaining balance of Rp 274,260,500,000 sebesar Rp 274.260.500.000 (Rupiah penuh) kepada (full Rupiah) will be settled by the issuance of JORR I PPA (d/h BPPN) dan para kreditur JORR; dan Bond year 2003 series to PPA (formerly IBRA) and the other JORR creditors; and 3. Sisa utang JORR sebesar Rp 522.000.000.000 3. The remaining JORR debt obligations associated with (Rupiah penuh) yang berhubungan dengan Seksi S Section (‘JORR Section S”), amounting to Rp (‘JORR Seksi S”) akan diselesaikan Perusahaan 522,000,000,000 (full Rupiah), will be settled by the setelah terdapat pelaksanaan eksekusi atas Putusan Company after the execution of the Supreme Court Mahkamah Agung. Verdict validating the Company's concession rights for Section S.

Memperhatikan Putusan Mahkamah Agung No. 720 By reference to the Decree of the Supreme Court No.720 K/Pid/2001, tanggal 11 Oktober 2001, Surat Perintah K/Pid/2001 dated October 11, 2001, Instruction Letter of Pelaksanaan Putusan dari Kejaksaan Negeri Jakarta Execution the Decree from District Attorney of Central Pusat No.154/01.10/FU.1/10/2003 tanggal 14 Oktober Jakarta No.154/01.10/FU.1/10/2003 dated October 14, 2003 dan Berita Acara Pelaksanaan Putusan 2003 Minutes of Execution of the Confiscation of Perampasan Barang Bukti, tanggal 7 April 2004, Menteri Evidence dated April 7, 2004, and Minister of Public d1/February 6, 2015 106 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

Pekerjaan Umum dalam Surat Keputusan Works on Decision Letter No.276/KPTS/M/2005, dated No.276/KPTS/M/2005, tanggal 9 Juni 2005 tentang June 9, 2005, regarding to the change of authority of the Perubahan Wewenang Penyelenggaraan Jalan Tol operator of JORR Pondok Pinang - Jagorawi Section Lingkar Luar Jakarta Seksi Pondok Pinang - Jagorawi (JORR Section S) to the Company, it has been decided (JORR Seksi S) kepada Perusahaan, telah memutuskan as follows: antara lain:

1. Mengubah wewenang penyelenggaraan Jalan Tol 1. To change the authority of the operator of JORR Lingkar Luar Jakarta Seksi Pondok Pinang - Jagorawi Pondok Pinang - Jagorawi Section (JORR Section S) (JORR Seksi S) kepada Perusahaan untuk melunasi to the Company in order to settle the credits from the kredit dari Kreditur Sindikasi; dan syndicated loans; and 2. Dana sebesar Rp 50.431.647.999 (Rupiah penuh) 2. The funds of Rp 50,431,647,999 (full Rupiah) in the dalam Escrow Account yang tidak ada kaitan dan escrow account which were not related to and relevansi yang dapat dipertanggungjawabkan dengan relevant to the project accountability were temporarily tegas dan jelas terhadap JORR Seksi S untuk not included for debt repayment until there is a sementara tidak diperhitungkan dalam pembayaran clarification based on further investigation by the utang sampai adanya klarifikasi berdasarkan Development and Finance Supervisory Board. penelitian lebih lanjut oleh Badan Pengawasan Keuangan dan Pembangunan. 3. Setelah seluruh kredit dari Kreditur Sindikasi untuk 3. After the syndicated loans for construction of JORR S pembangunan JORR S dilunasi, Pemerintah akan are fully repaid, the Government will decide the menentukan kemudian pengelolaan JORR Seksi S authority upon JORR Section S in accordance to the sesuai dengan keputusan Mahkamah Agung RI. Decree of the Supreme Court of the Republic of Indonesia.

Berdasarkan Surat Keputusan Menteri Pekerjaan Umum Based on Decree of Minister of Public Works No. 276/KPTS/M/2005 dan Perjanjian Penyelesaian No. 276/KPTS/M/2005 and the Debt Settlement Hutang (PPH) JORR Seksi S tanggal 29 Desember 2005, Agreement for JORR Section S dated December 29, Perusahaan mencatat aset tetap hak pengusahaan jalan 2005, the Company registers its fixed assets of right to tol dan kewajiban karena pemberian hak pengusahaan development of toll roads and obligation from handing jalan tol masing-masing sebesar Rp 522.000.000.000 over right to development of toll roads each in the amount (Rupiah penuh). Perusahaan telah melunasi kewajiban of Rp 522,000,000,000. The Company has settled the JORR Seksi S sebesar Rp 522.000.000.000 (Rupiah JORR Section S debt obligations in the amount of Rp penuh) dengan pembayaran tunai sebesar 522,000,000,000 by paying in cash an amount of Rp 261.000.000.000 (Rupiah penuh) pada tanggal 3 Rp 261,000,000,000 on January 3, 2006 and the Januari 2006 dan sisanya diselesaikan melalui penerbitan remaining balance through the issuance of JORR II Year obligasi JORR II Tahun 2005 pada tanggal 5 Januari 2005 bonds on January 5, 2006. 2006.

Di dalam surat dari BPJT No. 845/BPJT/KE/PW.10.01/ In the letters from Indonesian Toll Road Authority (ITRA) 2009 tanggal 15 Oktober 2009 dan No. 993/BPJT/KU. No. 845/BPJT/KE/PW.10.01/2009 dated October 15, 09.03/2009 tanggal 15 Desember 2009 disebutkan bahwa 2009 and No. 993/BPJT/KU.09.03/2009 dated December wewenang penyelenggaraan jalan tol JORR Section S 15, 2009, it was stated that the authority of developing diberikan kepada Perusahaan sampai dengan JORR Seksi S Toll Road is handed over to Company until tercapainya pelunasan Utang dari Kreditur Sindikasi. debt obligations towards the Syndicated Crediturs have Sehingga, perlu dilakukan penunjukan pihak independen been fully settled. As such, an independent body must be untuk melakukan analisa/kajian terhadap pendapatan tol, selected to perform an analysis/review of the toll beban serta arus kas JORR Seksi S dalam kaitannya revenues, liabilities, as well as the cash flow of JORR dengan proyeksi pelunasan utang tersebut. Section S in relation to the projected settlement of of such debt.

Perusahaan telah mengirimkan surat kepada BPJT pada The Company has sent letters to BPJT in September bulan September 2011, mengenai hasil analisa/kajian 2011, the results of analysis / assessment independent pihak independen tersebut. Perusahaan pada tanggal 23 parties. On January 23, 2013, the Company to get a letter Januari 2013 mendapatkan surat dari Sekretaris Jenderal from the Secretary-General of Public Works (PU) with Pekerjaan Umum (PU) perihal pemisahaan pendapatan respect to separation of toll revenue from income JORR tol JORR Seksi S dari pendapatan JORR, dan Section S, and the Company has separated the revenue. Perusahaan telah melakukannya. d1/February 6, 2015 107 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

Pada tanggal 20 Maret 2013 Perusahaan telah menerima On March 20, 2013 the Company received Decree Letter Surat Keputusan Menteri Pekerjaan Umum from the Minister of Public Works No. 80.1/KPTS/M/2013 No. 80.1/KPTS/M/2013 tanggal 25 Pebruari 2013 tentang dated February 25, 2013, regarding the temporary Pengoperasian Sementara Jalan Tol Lingkarluar Jakarta operation of Jakarta Outer Ring Road Section Pondok Seksi Pondok Pinang – Jagorawi (JORR Seksi S), yang Pinang - Jagorawi (JORR Section S), which stipulated berisi antara lain: that:

1. Menugaskan Perusahaan untuk melaksanakan 1. Assigned the Company to temporarily operate and pengoperasian sementara dan pemeliharaan Jalan maintain JORR Section S until BPJT legally decides Tol JORR Seksi S sampai dengan ditetapkan Badan the legitimate operator. Usaha Jalan Tol sebagai operator tetap. 2. Tugas Operasi dan Pemeliharaan Jalan Tol JORR S 2. Operation and maintenance of JORR Section “S” meliputi sebagai berikut: includes among others are:

a. Pengoperasian dan pemeliharaan rutin Jalan 3. a. Regular operation and maintenance of JORR Tol JORR Seksi S termasuk penanganan Section S including emergency responses. darurat. b. Pemeliharaan berkala dan rehabilitasi/ b. Periodic maintenance and rehabilitation/ rekonstruksi kerusakan akibat bencana alam, reconstruction of damages due to natural setelah mendapat persetujuan Menteri cq. disasters, after obtaining approval from the Head Kepala BPJT. of BPJT. 3. Pendapatan dari Pengoperasian Jalan Tol JORR 3. Operation and toll revenue of JORR Section S, after Seksi S setelah dikurangi biaya sebagaimana deducted by fees referred in the second point, is dimaksud diktum kedua, dipisahkan dan dimasukkan separated and placed in a particular bank account. kedalam rekening khusus. 4. Melaporkan secara periodik setiap bulan 4. Periodic report is compulsory to be submitted pelaksanaan pengoperasian dan pemeliharaan Jalan monthly to the Minister of Public Works cq. Head of Tol JORR Seksi S termasuk status rekening khusus BPJT clarifying the operation and maintenance of kepada Menteri Pekerjaan Umum cq. Kepala Badan JORR Section S, including statement of balance of Pengatur Jalan Tol. particular bank accounts. 5. Konsesi Jalan Tol JORR Seksi S akan ditetapkan 5. JORR Section S concession will be determined by oleh Menteri Pekerjaan Umum secara proporsional the Minister of Public Works proportionally based on berdasarkan hasil audit dari auditor yang ditunjuk the results of the audit by the appointed auditors bersama Perusahaan, PT Hutama Karya (Persero) after agreed by the Company, PT Hutama Karya dan PT Marga Nurindo Bhakti. (Persero) and PT Marga Nurindo Bhakti. 6. Dengan berlakunya Keputusan ini, maka Keputusan 6. As this Decree Letter is issued, the Decree of the Menteri Pekerjaan Umum Nomor: 276/KPTS/M/2005 Minister of Public Works No: 276/KPTS/M/2005 tentang Perubahan Wewenang Penyelenggaraan regarding the change of authority of JORR Section S Jalan Tol Lingkarluar Jakarta Seksi Pondok Pinang – operation is revoked and no longer valid. Jagorawi (JORR Seksi S) dicabut dan dinyatakan tidak berlaku. 7. Keputusan ini mulai berlaku pada tanggal ditetapkan. 7. This decree is valid started from the date of enactment.

Pada tanggal 26 Juni 2013 melalui surat No. JL.01.03- On June 26, 2013 by letter No. Jl.01.03-Mn/417, the Mn/417, Menteri Pekerjaan Umum memerintahkan agar Minister of Public Works has assigned PT Hutama Karya PT Hutama Karya (Persero), PT Marga Nurindo Bhakti, (Persero), PT Marga Nurindo Bhakti and the Company to dan Perusahaan membuat kesepakatan bersama untuk make a mutual agreement regarding appointment of an menunjuk auditor independen dalam rangka mengaudit independent auditor to perform audit of JORR Section S at JORR Seksi S selambat-lambatnya 14 hari setelah the latest 14 days after date of receipt of the letter referred tanggal diterimanya surat dimaksud. Apabila sampai to. If until the specified time PT Hutama Karya, PT Bhakti dengan waktu yang ditetapkan PT Hutama Karya, Marga Nurindo, and The Company does not submit the PT Marga Nurindo Bhakti, dan Perusahaan tidak relevant collective agreement referred to the appointment menyerahkan kesepakatan bersama terkait penunjukan of independent auditors, the government would appoint an auditor independen dimaksud, maka Pemerintah akan auditor to audit the JORR Section S Toll Concession. menunjuk auditor untuk mengaudit Pengusahaan Tol JORR Seksi S.

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Mengingat tidak tercapainya kesepakatan dalam waktu 14 Consider the disagreement within such 14 days, then the hari tersebut, maka Pemerintah menunjuk BPK sebagai Government appointed BPK as auditor to perform audit of auditor untuk melakukan audit terhadap JORR Seksi S. JORR Section S.

Pada tanggal 5 September 2014 Perusahaan menerima On September 5, 2014 the Company received Decision Surat Keputusan Menteri Pekerjaan Umum Letter 2014 of the Minister of Public Works No. No. 515/KPTS/M/2014, dimana antara lain berisi; 515/KPTS/M/2014, with some important points are as follows:

1. Hak Pengusahaan Jalan Tol Lingkar Luar jakarta 1. The Concession Rights of Jakarta Outer Ring Road seksi Pondok Pinang-Jagorawi (JORR “S”) diberikan Section Pondok Pinang- Jagorawi (JORR S) is kepada : (i) PT Marga Nurindo bhakti untuk melunasi delegated to: (i) PT Marga Nurindo Bakti in order to kewajiban sisa hutang kepada sindikasi PT Bank settle up remaining debt to syndicate of PT Bank Negara Indonesia (Persero) Tbk, dan (ii) Perusahaan Negara Indonesia (Persero) Tbk, and (ii) the untuk pengembalian biaya investasi terkait Jalan Tol Company as the repayment of investment costs JORR “S”, dengan masa konsesi sampai 2029. related to JORR S toll road, with period up to 2029.

2. Sisa hutang PT Marga Nurindo Bhakti kepada 2. The remaining debt of PT Marga Nurindo Bakti to sindikasi PT Bank Negara Indonesia (Persero) Tbk syndicate of PT Bank Negara Indonesia (Persero) sebagaimana dimaksud dalam diktum PERTAMA Tbk is defined in accordance with the FIRST dictum sesuai dengan yang ditetapkan oleh Direktorat which determined by the Directorate General of State Jenderal Kekayaan Negara Kementerian Keuangan, of Ministry of Finance, while the repayment of the sedangkan pengembalian biaya investasi investment costs of The Company is defined in Perusahaan sesuai dengan Hasil Audit BPK RI. accordance with the BPK audit results.

3. PT Marga Nurindo Bhakti dan Perusahaan 3. PT Marga Nurindo Bhakti and The Company are berkewajiban untuk : obliged to: a. Melaksanakan Pengoperasian, Pemeliharaan a. Carry out the Operation, routine and periodical Rutin dan Berkala serta Rehabilitasi/Rekonstruksi Maintenance, also Rehabilitation/ kerusakan Jalan Tol JORR “S” akibat Bencana Reconstruction of defective JORR S toll road Alam. which caused by Natural Disasters.

b. Memenuhi aturan Standar Pelayanan Minimal b. Comply to the Minimum Service Standards of Jalan Tol sebagaimana diatur dalam peraturan toll road as specified in the regulation from Menteri Pekerjaan Umum No. 390/PRT/M/2005 Minister of Public Works No. 390/PRT/M/2005 tentang Standar Pelayanan Minimal Jalan Tol, on Minimum Service Standards Of Toll Road, dan ketentuan peraturan perundang-undangan. and comply to all associated legislation.

c. Melaporkan secara periodik setiap triwulan c. Submit quarterly report on the implementation of pelaksanaan pengoperasian dan pemeliharaan operation and maintenance of JORR S toll Jalan Tol JORR “S” termasuk tetapi tidak road, including but not limited to the toll terbatas mengenai pendapatan tol kepada revenue report to the Minister of Public Works Menteri PU cq. Kepala BPJT. cq. Head of BPJT.

4. PT Marga Nurindo Bhakti wajib membayar 4. PT Marga Nurindo Bhakti is obliged to pay its debt to hutangnya kepada negara cq. Kementerian the state, cq. Directorate General of State of Ministry Keuangan RI qq Direktoral Jenderal Kekayaan of Finance as referred to the SECOND dictum, and to Negara sebagaimana dimaksud diktum KEDUA, dan submit report on the status of debt payment melaporkan status pelunasan hutang secara periodik periodically every three months to the Minister of setiap triwulan kepada Menteri PU cq. Kepala BPJT. Public Works cq. Head of BPJT.

5. PT Marga Nurindo Bhakti dan Perusahaan berhak 5. PT Marga Nurindo Bhakti and The Company is mendapatkan jasa pengoperasian dan keuntungan entitled to the economic benefits in accordance with sesuai ketentuan peraturan perundang-undangan the services performed during the operation period, selama masa pengoperasian sebagaimana as stated in the FIRST dictum. dimaksud pada diktum PERTAMA.

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6. Dalam hal pelunasan sisa hutang PT Marga Nurindo 6. In terms of the repayment of the remaining debt of Bhakti dan pengembalian biaya investasi PT Marga Nurindo Bhakti and the repayment of Perusahaan sebagaimana dimaksud dalam diktum investment costs of The Company, as referred to in KEDUA telah terpenuhi sebelum masa konsesi the SECOND dictum has been achieved before the berakhir sebagaimana dimaksud dalam diktum end of concession period as referred to in the FIRST PERTAMA, maka pengusahaan Jalan Tol JORR S dictum, the concession rights of JORR S toll road wajib diserahkan kepada Negara/Pemerintah cq must be handed over to the State/government, cq. PT Hutama Karya (Persero). PT Hutama Karya (Persero).

7. Perjanjian Pengusahaan Jalan Tol JORR “S” akan 7. Concession Agreement of JORR S toll road will be ditandatangani oleh Badan Pengatur Jalan Tol signed by the Toll Road Regulatory Agency, based berdasarkan kesepakatan korporasi PT Marga on agreement between PT Marga Nurindo Bhakti Nurindo Bhakti dan Perusahaan, dengan masa and The Company, with the concession period since konsesi yang berlaku sejak pelunasan hutang the debt settlement of PT Marga Nurindo Bhakti PT Marga Nurindo Bhakti yang ditanggung Badan which is guaranted by Indonesian Bank Restructuring Penyehatan Perbankan Nasional (BPPN) oleh Agency (BPPN) by The Company, meanwhile the Perusahaan, sedangkan hal-hal terkait tindakan related matters to corporate actions with the other korporasi dari pihak lain wajib diselesaikan sesuai party shall be resolved in accordance with the ketentuan peraturan perundang-undangan. legislation.

8. Dengan berlakunya Keputusan Menteri ini, 8. With the enactment of this decree, the decree of The Keputusan Menteri Pekerjaan Umum Nomor Minister of Public Works No. 80.1/KPTS/M/2013 on 80.1/KPTS/M/2013 tentang Pengoperasian Temporary Operation of Jakarta Outer Ring Road Sementara Jalan Tol Lingkar Luar Jakarta Seksi Section Pondok Pinang-Jagorawi (JORR S), is Pondok Pinang – Jagorawi (JORR S) telah dicabut revoked and declared invalid. dan dinyatakan tidak berlaku.

9. Keputusan ini mulai berlaku sejak tanggal 9. This Decision takes effect from the signing date of ditandatangani Perjanjian Pengusahaan Jalan Tol Concession Agreement of JORR S toll road. JORR “S”.

Perusahaan telah menindaklanjuti Surat Keputusan The Company responded to Decision Letter from the Menteri Pekerjaan Umum No. 515/KPTS/M/2014 dengan Minister of Public Works No. 515/KPTS/M/2014 by letter mengirimkan surat No. AA.HK.1092 tanggal 16 Oktober No. AA.HK.1092 dated October 16, 2014, with some 2014, dimana antara lain berisi; important points are as follows:  Perusahaan telah menghitung kembali tambahan  The Company had made recalculation on additional investasi di JORR S dan fee jasa pengoperasian. investment and its associated operating fees. From Atas perhitungan tersebut, Perusahaan menyatakan the recalculation,the Company stated that the cost lunas pada April tahun 2013. that had been disbursed was fully repaid in April 2013.  Dengan penyelesaian Penetapan Pengembalian  At the time the decision of return on additional tambahan investasi dan fee jasa pengoperasian, investment and its associated operation fees was Perusahaan tidak menjadi pihak dalam Perjanjian assigned, the Company was no longer a part of the Pengusahaan Jalan Tol (PPJT) JORR S. Concession Agreement of JORR S.

Pada tanggal 17 Oktober 2014 Menteri Pekerjaan Umum The Company received a response from the Minister of Repubilk Indonesia melalui surat No: JL 03.04-Mn/546 Public Works by letter No. JL 03:04-Mn/546 dated October menyampaikan sebagai berikut: 17, 2014 which stated that: 1. Kementerian PU memahami bahwa seluruh nilai 1. The Ministry of Public Works comprehends that the investasi tambahan dari Perusahaan dan fee jasa total amount of additional investment and its pengoperasian jalan Tol JORR “S” sudah terlunasi associated operating fees the Company which had pada April 2013, dan juga usulan mengenai been disbursed for JORR S had been paid off in Perusahaan tidak menjadi pihak dalam Perjanjian April 2013, and has received proposal of withdrawal Pengusahaan Jalan Tol (PPJT). from the concession agreement (PPJT). 2. Berdasarkan hal tersebut, dan dalam rangka 2. Based on the above statement, and in accordance penetapan PPJT JORR S kiranya Perusahaan with the arrangement of Concession Agreement of segera membahas lebih lanjut dengan Badan JORR S, the Company should immediately discuss Pengatur Jalan Tol untuk: i) penetapan pegembalian with the Toll Road Regulatory Agency in order to d1/February 6, 2015 110 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

investasi, dan ii) fee jasa pengoperasian jalan Tol determine the repayment of: i) addititional JORR S. investment, and ii) its associated operational fees of JORR S.

Atas hal tersebut, mengingat investasi di JORR S telah Given that condition, the investment in JORR S has been lunas sejak April 2013, dan selain itu sejak tanggal 25 paid since April 2013, and in addition to that from the date Februari 2013, Perusahaan tidak lagi mengakui of February 25, 2013, the Company no longer recognized pendapatan tol dari aset tersebut, maka Perusahaan toll revenue from these assets, the Company changed its mengubah kebijakan akuntansi atas aset pengusahaan accounting treatment on toll road concession rights JORR jalan tol JORR S dan menghapusbukukan aset JORR S S and made write-off of JORR S asset of the Company's dari laporan keuangan Perusahaan mulai bulan Mei 2013. financial statements starting in May 2013. i. Perjanjian Pengoperasian Jalan Tol Jembatan i. Agreement Toll Road Operation of Surabaya - Madura Surabaya - Madura (Suramadu) (Suramadu) Bridge Berdasarkan Surat Keputusan Menteri Pekerjaan Umum Based on Decree of Minister of Public Works No.391/KPTS/M/2009, tanggal 4 Juni 2009, tentang No. 391/KPTS/M/2009, dated June 4, 2009, about The Penugasan Kepada Kepala Badan Pengatur Jalan Tol Assignment for Head of To// Road Coordination to sign untuk menandatangani Perjanjian Pengusahaan Jalan the concession toll road, the company signed Instruction Tol, maka Perusahaan telah menandatangani Surat Letter Work Beginning No.446/BPJT/SPMK/KE/2009 with Perintah Mulai Kerja No. 446/BPJT/SPMK/KE/2009 Toll Road Coordination Board in the name of Minister of dengan Badan Pengatur Jalan Tol atas nama Menteri Public Works. Pekerjaan Umum.

Sesuai surat Menteri Pekerjaan Umum No. KU.03.01- Based on Decree of Minister of Public Works Mn/339 tanggal 18 Juni 2012, Perihal Penetapan No. KU.03.01-Mn/339, dated June 18, 2012, about The Pemenang Pelelangan Pengoperasian dan Pemeliharaan Auction Winner Determination of Suramadu Toll Road Jalan Tol Suramadu ditetapkan untuk melaksanakan Operation and Maintenance assigning Company to Pengoperasian dan Pemeliharaan Jalan Tol Jembatan perform Suramadu Toll Road operation and maintenance Suramadu dengan jadwal pelaksanaan selama 6 (enam) with the implementation schedule for six years (2012- tahun (2012-2017). 2017).

Pada tanggal 11 Juli 2014, Perusahaan telah On July 11, 2014, the Company signed the agreement menandatangani Perjanjian Kerjasama dengan Badan with Badan Pelaksana Pengembangan Wilayah Pelaksana Pengembangan Wilayah Suramadu (BP- Suramadu (BP-BPWS) stated in the minutes BPWS) No. 72/KONTRAK-DIR/2014 mengenai No. 72/CONTRACT-DIR/2014 regarding Concession of Pengusahaan Jalan Tol Jembatan Suramadu yang Suramadu Toll Road which is part of the concession of merupakan bagian dari pengusahaan Jalan Tol Jembatan Suramadu Toll Road. Suramadu.

Perjanjian Pengusahaan Jalan Tol (PPJT) Jembatan Concession Agreement of Suramadu Toll Road was Suramadu telah ditandatangani antara Perusahaan signed by the Company and BPJT as stated in notarial dengan BPJT sebagaimana akta notaris No. 15 tanggal deed No. 15 dated August 20, 2014 of Rina Utami 20 Agustus 2014 dari Notaris Rina Utami Djauhari, S.H.. Djauhari, S.H.. j. PT Kresna Kusuma Dyandra Marga (KKDM) j. PT Kresna Kusuma Dyandra Marga (KKDM)

PT Kresna Kusuma Dyandra Marga (KKDM) didirikan PT Kresna Kusuma Dyandra Marga (KKDM) was berdasarkan Akta No. 94, tanggal 20 Desember 1996 dari established based on the Deed No. 94, dated December Notaris Mudofir Hadi, S.H., Penyertaan pada KKDM 20, 1996 of Notary Mudofir Hadi, S.H., The investment in dilakukan sehubungan dengan penyelenggaraan proyek KKDM relates to the operation of the Bekasi Timur- jalan tol Bekasi Timur-Cawang-Kampung Melayu yang Cawang Kampung Melayu toll road project including the meliputi pembangunan, pengoperasian dan pemeliharaan construction, operation, maintenance of the toll road. The jalan tol. Perusahaan memiliki 7.650.000 saham dengan Company owns 7,650,000 shares with a par value of Rp nilai nominal Rp 1.000 (Rupiah penuh) per saham atau 1,000 (full Rupiah) per share or equivalent to setara dengan Rp 7.650.000.000 (Rupiah penuh) yang Rp 7,650,000,000 (full Rupiah), representing 10% merupakan 10% kepemilikan Perusahaan. Berdasarkan ownership of KKDM. Based on notarial deed No. 24 dated akta notaris No. 24 tanggal 17 Oktober 2014 dari Jose October 17, 2014 from Jose Dima Satria, S.H., M.Kn., Dima Satria, S.H., M.Kn., kepemilikan Perusahaan Company’s ownership was diluted from 10% to 1.03%. Up

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terdilusi dari 10% menjadi 1,03%. Sampai dengan tanggal to the date of this report, the subscriptions of shares have laporan ini, Perusahaan belum melakukan penyetoran not been paid by the Company. saham tersebut.

Pada tanggal 29 Desember 2006, melalui Surat On December 29, 2006, through Letter of the Company Perusahaan No.AA.KU05.2002 kepada Menteri BUMN, No.AA.KU05.2002 to the Minister of State-Owned Perusahaan mengajukan permohonan persetujuan Enterprises the Company requested approval for disposal pelepasan penyertaan saham Perusahaan di KKDM dan of the Company's investment in KKDM and the Company Perusahaan telah memperoleh persetujuan pelepasan obtained approval for the share disposal from the Minister saham KKDM dari Menteri BUMN melalui Surat of State Owned Enterprises through Letter No.S-175/MBU/2007, tanggal 29 Maret 2007. Sampai No.S-175/MBU/2007 dated March 29, 2007. Until the date dengan tanggal laporan ini, Perusahaan belum of this report, the Company has not yet disposed the melakukan pelepasan saham tersebut. shares.

45. Kontinjensi 45. Contingencies a. Kewajiban Karena Pengakhiran Perjanjian Kuasa a. Obligation Due Termination of Concession Penyelenggaraan Agreement Perusahaan melakukan kerjasama operasi dengan The Company entered into a joint operation in 1994 with PT Citra Ganesha Marga Nusantara (CGMN) untuk PT Citra Ganesha Marga Nusantara (CGMN) for pembangunan Jalan Tol Cikampek - Padalarang pada construction of the Cikampek - Padalarang Toll Road as tahun 1994, sebagaimana tertuang dalam Perjanjian set forth in the Concession Agreement No.297 dated Kuasa Penyelenggaraan (PKP) No.297 tanggal December 21, 1994. However, on July 18, 2001, the 21 Desember 1994. Namun demikian, pada 18 Juli 2001 Minister of Housing and Regional Infrastructure with the Menteri Pemukiman dan Prasarana Wilayah Letter No.417 revoked the decision granting permission (Menkimpraswil) dengan Surat Keputusan No.417 of Toll Road Joint Operation license between the mencabut keputusan pemberian izin Kerjasama Company and CGMN. For that reason, on July 25, 2001, Penyelenggaraan Jalan Tol antara Perusahaan dengan the Company terminated the Concession Agreement with CGMN. Pada 25 Juli 2001, Perusahaan mengakhiri PKP CGMN. dengan CGMN.

Perjanjian Kuasa Penyelengaraan (PKP) No.297 tanggal The Concession Agreement No.297 dated December 21, 21 Desember 1994 menyebutkan bahwa bila terjadi 1994 states that if there is termination of concession pengakhiran masa penyelenggaraan jalan tol lebih awal agreement before the concession period is due, the sebelum masa konsesi berakhir, maka Perusahaan Company has an obligation to take over the overall berkewajiban untuk mengambil-alih seluruh utang dan liabilities and should fulfill the rights of shareholders harus memenuhi hak Penanam Modal (CGMN). Dalam (CGMN). Article 14.1 of the Concession Agreement pasal 14.1 PKP disebutkan bahwa Perusahaan harus states that the Company should pay some amount over membayar sejumlah uang atas nilai buku jalan tol setelah the book value of the toll road after deducting amount of dikurangi nilai kewajiban yang harus diambil alih liabilities taken over by the Company. Perusahaan.

Perusahaan telah melakukan estimasi kewajiban dan nilai The Company has recorded that the estimation of aset akibat pengakhiran PKP dengan CGMN sebesar Rp liabilities and assets value as a result of termination of 202.454.407.000 yang merupakan nilai buku yang telah PKP with CGMN is in the amount of diaudit atas aset dalam penyelesaian pada tanggal 31 Rp 202,454,407,000, which constitutes the book value Desember 1999. Perusahaan masih terus mengupayakan that has been audited on the settlement assets on penyelesaian penetapan secara definitif atas jumlah December 31, 1999. The Company is still on the process liabilitas. on determining the definitive value of liabilities.

Perusahaan telah membentuk tim untuk mengkaji The Company has formed a team to analyze the dispute penyelesaian permasalahan akibat pengakhiran PKP settlement that has arisen from the termination of the Jalan Tol Cikampek - Padalarang antara Perusahaan dan Cikampek-Padalarang Toll Road PKP between the CGMN. Company and CGMN.

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Pada tanggal 23 Juni 2014 melalui surat On June 23, 2014 through Letter No. AA.HK05.0.645, No. AA.HK05.0.645, Perusahaan telah memberikan the Company has responded to the letter of the Ministry tanggapan atas surat dari kementerian BUMN of State-Owned Enterprises No. S-268/MBU/D2/2014 No. S-268/MBU/D2/2014 tanggal 10 Juni 2014 mengenai dated June 10, 2014 regarding the filing plan by rencana pengajuan gugatan oleh Trafalgar House Trafalgar House Construction (Jersey) Limited (THCJ) Construction (Jersey) Limited (THCJ) yang bertindak which acts as the majority shareholder of PT CGMN sebagai pemegang saham mayoritas PT CGMN melalui through International Arbitration to the government of the Arbitrase Internasional kepada pemerintah Republik Republic of Indonesia. Indonesia. b. Tuntutan Ganti Rugi Kepada PT Lapindo Brantas dan b. Claim of Compensation Against PT Lapindo Brantas Penutupan Sebagian Jalan Tol Surabaya-Gempol and Closing of Part of the Surabaya -Gempol Toll Seksi Porong-Gempol Road Section Porong - Gempol Sebagai dampak dari bencana luapan Lumpur As a consequence of the mud flood disaster of PT Lapindo Brantas yang mengakibatkan kerusakan pada PT Lapindo Brantas that has damaged part of the sebagian jalan tol Surabaya - Gempol, Perusahaan telah Surabaya - Gempol toll road, in 2006 the Company has mengirimkan beberapa surat permintaan ganti rugi dan submitted several claims of compensation to PT Lapindo somasi di tahun 2006 atas kehilangan pendapatan tol dan Brantas covering loss of toll revenues and expenditures. pengeluaran berbagai biaya kepada PT Lapindo Brantas. The claim for damage to the toll roads is expected to Klaim kerusakan jalan tol tersebut akan meningkat increase and later include a claim for cost to relocated the menjadi klaim biaya relokasi ruas jalan tol Porong - Porong - Gempol Section toll road, and will be settled in Gempol, yang akan diselesaikan sesuai dengan connection with the stipulation on the Concession ketentuan dalam Perjanjian Pengusahaan Jalan Tol Agreement of the Surabaya - Gempol toll road and the (PPJT) Surabaya - Gempol dan kebijakan Pemerintah Government policy in settlement of the effects of the mud dalam penyelesaian dampak semburan Lumpur di flood disaster at Sidoarjo in accordance with the Decree Sidoarjo, sesuai dengan Keputusan Menteri Pekerjaan of the Minister of Public Works No.394/KPTS/M/2006 Umum No.394/KPTS/M/2006, tanggal 30 Nopember 2006 dated November 30, 2006 regarding the Closure of Part of tentang penutupan sebagian Jalan Tol Surabaya - the Surabaya -Gempol Toll Road. Gempol.

Berdasarkan Keputusan Presiden No.13 Tahun 2006, Based on the Decree of President No.13 Year 2006 dated tanggal 3 September 2006 mengenai Tim Nasional September 3, 2006 regarding the National Team for Mud Penanggulangan Semburan Lumpur di Sidoarjo, semua Floods Disaster at Sidoarjo, all expenditures incurred due biaya yang timbul sebagai akibat relokasi pembangunan to the relocation of toll road development except for jalan tol dimaksud selain biaya rehabilitasi kerusakan rehabilitation expenses for damaged facilites will become sarana menjadi tanggung jawab PT Lapindo Brantas. the responsibility of PT Lapindo Brantas. In addition, the Selain itu, Surat Keputusan Menteri Pekerjaan Umum Decree of Minister of Public Works No.394/KPTS/M/2006 No.394/KPTS/M/2006, tanggal 30 Nopember 2006, dated November 30, 2006 related to the Closure of Part of mengenai Penutupan sebagian Jalan Tol Surabaya - the Surabaya - Gempol Toll Road Porong - Gempol Gempol seksi Porong Gempol, menyatakan antara lain Section Provides: sebagai berikut:

1. Menutup dan tidak mengoperasikan kembali sebagian 1. To close and stop the operation a part of the jalan tol Surabaya - Gempol Seksi Porong -Gempol; Surabaya - Gempol toll road Porong Gempol Section; dan and 2. Segala hal yang timbul pada pengusahaan jalan tol 2. Those all matter which impact on the operation of the Surabaya - Gempol sebagai akibat dari penutupan Surabaya - Gempol toll road as a result of the closure seksi Porong - Gempol akan diselesaikan sesuai of the Porong Gempol Section will be handled dengan ketentuan dalam PPJT Surabaya - Gempol according to the regulation of Surabaya -Gempol Toll dan kebijakan Pemerintah dalam penyelesaian Road Concession Agreement and the Government dampak semburan lumpur di Sidoarjo. policy for settlement of the effect of the mud flood disaster at Sidoarjo.

Berdasarkan Surat Menteri Pekerjaan Umum No.JL. Based on the Minister of Public Works Letter No.JL.0103- 0103-Mn/131, tanggal 30 Maret 2007, dalam rangka Mn/131, dated March 30, 2007, in order to relocated the relokasi jalan tol seksi Porong - Gempol, kebutuhan tanah Porong - Gempol toll road section, the land requirements untuk relokasi infrastruktur akan disediakan oleh for relocation of the infrastructure will be provided by the Pemerintah dan pelaksana konstruksi. Government and contractors.

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Berdasarkan Surat Menteri Negara Badan Usaha Milik Based on the Minister of State-Owned Enterprises Letter Negara No.S-196/MBU/2007, tanggal 4 April 2007 kepada No.S-196/MBU/2007 dated April 4, 2007 regarding the Menteri Pekerjaan Umum dan Menteri Keuangan, loss of part of Porong - Gempol toll road assets and sehubungan dengan kerugian atas hilangnya sebagian according to the Road Law No.38 of 2004 and the State aset jalan tol seksi Porong - Gempol, maka sejalan Finance Law No.17 of 2003, the claim for losses should dengan Undang-undang Jalan No.38 Tahun 2004 dan be submitted by the Government through the Undang-undang Keuangan Negara No.17 Tahun 2003, Departement of Public Works to PT Lapindo Brantas. klaim atas kerugian dimaksud seyogyanya dilakukan oleh Pemerintah melalui Departemen Pekerjaan Umum kepada PT Lapindo Brantas.

Pada tanggal 17 Juli 2007, melalui Surat Perusahaan On July 17, 2007, through the Company's Letter No. AA.TN.02.1153, Perusahaan mengajukan tuntutan No.AA.TN.02.1153, the Company claim compensation ganti rugi akibat genangan lumpur pada ruas jalan tol caused by mud floods in Porong Gempol Section to seksi Porong - Gempol kepada PT Lapindo Brantas. PT Lapindo Brantas. The claim for loss of toll revenue and Klaim atas kerugian kehilangan pendapatan tol dan biaya addition expenditures arising from mud in Porong - tambahan lainnya akibat genangan lumpur pada ruas Gempol Section until May amounts to Porong - Gempol sampai dengan bulan Mei 2007 adalah Rp 24,724,788,651 (full Rupiah) and the claim for damage sebesar Rp 24.724.788.651 (Rupiah penuh) dan klaim to the toll road amounted to Rp 16,334,396,000 (full atas kerusakan jalan tol sebesar Rp 16.334.396.000 Rupiah). (Rupiah penuh).

Dalam Surat Perusahaan No.AA.KU.02.1268, tanggal Based on the Company's Letter No.AA.KU.02.1268, dated 7 Agustus 2007 kepada Menteri Pekerjaan Umum, August 7, 2007 to the Minister of Public Works, the Perusahaan menyampaikan antara lain mengenai Company delivered such of readiness to finance kesediaan Perusahaan untuk membiayai pembangunan development for relocation Porong - Gempol toll road by relokasi ruas jalan tol Porong - Gempol dengan estimate the reversion of investment from new tariff memperhitungkan pengembalian investasi dari tarif baru (included reversion caused by un-function Porong - (termasuk pengembalian akibat tidak berfungsinya ruas Gempol toll road section). jalan tol Porong-Gempol).

Surat Ketua Dewan Pengarah Badan Penanggulangan Letter of the Chairman of Direction Board of Mud Lumpur Sidoarjo/ Menteri Pekerjaan Umum No.20/DP- Prevention Agency Sidoarjo/ the Minister of Public Works BPLS/2007, tanggal 24 September 2007 kepada Menteri No.20/DP-BPLS/2007, dated September 24, 2007 to Negara BUMN, menyebutkan antara lain mengenai Minister of State-Owned Enterprises, Mentioned such of usulan pelaksanaan konstruksi jalan tol Porong-Gempol proposal construction implementation of Porong - Gempol dapat dilakukan oleh Perusahaan. toll road can be performed by the Company.

Pada tanggal 14 Januari 2008, melalui Surat Perusahaan On January 14, 2008, through the Company's Letter No. AA.TN.02.50 kepada Menteri Negara BUMN, No. AATN.02.50 to the Minister of State-Owned Perusahaan menyampaikan antara lain mengenai jumlah Enterprises, the Company reported loss until May 2007 klaim total kerugian sampai dengan bulan Mei 2007 amounting to Rp 24,724,788,651 (full Rupiah), and sebesar Rp 24.724.788.651 (Rupiah penuh), dan requesting assistance from the Government to facilitate permohonan bantuan agar Pemerintah memfasilitasi through Law Bureau and Public Relation of the Minister of melalui Biro Hukum dan Humas Kementerian BUMN State-Owned Enterprises in solving the problem with PT dalam menyelesaikan permasalahan dengan PT Lapindo Lapindo Brantas by deliberation. Otherwise, the Company Brantas dengan musyawarah mufakat, dan apabila will take the case to the court. musyawarah mufakat tersebut tidak dapat ditempuh dapat mempertimbangkan untuk melakukan upaya hukum di Pengadilan.

Pada tanggal 13 Mei 2009, melalui Surat Perusahaan On May 13, 2009 through Letter No.AA.TN.02.730 to the No.AA.TN.02.730 kepada Direktur Utama PT Lapindo President Director of PT Lapindo Brantas, the Company Brantas, Perusahaan kembali mengajukan tuntutan ganti claimed compensation due to closure of the Porong- rugi akibat penutupan Ruas Jalan Tol Porong - Gempol. Gempol Toll Road Section. The claim for loss of toll Adapun klaim atas kehilangan pendapatan tol dan revenue, loss of interest income and other expenses,

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kehilangan keuntungan atas bunga sampai dengan including demolishing cost of Porong Toll Bridge until periode Maret 2009, beserta biaya-biaya lainnya, March 2009 totaling Rp 71,976,187,741 (full Rupiah). termasuk biaya pembongkaran Jembatan Tol Porong adalah sebesar Rp 71.976.187.741 (Rupiah penuh).

Pada tanggal 17 September 2009, melalui surat On September 17, 2009 through Letter Perusahaan No.AA.TN.02.1286 kepada Direktur Utama No.AA.TN.02.1286 to the President Director of PT Lapindo Brantas, Perusahaan kembali mengajukan PT Lapindo Brantas, the Company claimed additional tambahan kenaikan besaran rugi atas kehilangan compensation for the loss of toll revenue amounting to Rp pendapatan tol sebesar Rp 76.942.149.750 (Rupiah 76,942,149,750 (full Rupiah), and the loss of interest penuh), dan kehilangan keuntungan atas bunga sampai income until June 2009 amounting to Rp 4,965,962,009 dengan bulan Juni 2009 yakni sebesar (full Rupiah). Rp 4.965.962.009 (Rupiah penuh).

Pada tanggal 9 Pebruari 2010, Perusahaan mengirimkan On February 9, 2010, the Company sent Letter surat No.AA.PR.02.94 tentang Relokasi Jalan Tol Ruas No.AA.PR.02.94 to BPJT, which copy forwarded to Porong-Gempol kepada BPJT yang ditembuskan kepada Minister of State-Owned Enterprises. The letter was made Menteri Negara BUMN. Surat tersebut dibuat dengan based on plan by government (Ministry of Public Works) dasar bahwa Pemerintah (Kementerian PU) mempunyai to relocate Porong - Gempol Toll Road affected by the rencana untuk melakukan relokasi terhadap jalan tol Ruas mudflow. Porong - Gempol yang terendam luapan lumpur Sidoarjo.

Sejak Mei 2011 Perusahaan telah melakukan aktivitas Since May 2011, the Company has constructed relocation pembangunan relokasi jalan tol ruas Porong-Gempol, dan of Porong–Gempol toll road, and until December 31 2014 sampai 31 Desember 2014 perusahaan telah the Company has spent Rp 560,081,076,284 (full mengeluarkan dana sebesar Rp 560.081.076.284 (Rupiah Rupiah) for this project. penuh).

c. Gugatan Ganti Rugi dari Pemilik Tanah untuk Jalan c. Claims from Land Owners for Toll Road Tol Perusahaan masih menghadapi perkara litigasi/ gugatan The Company is still facing a litigation from certain dari beberapa orang yang mengklaim sebagai pemilik persons who claimed to be the land owners whose land tanah yang tanahnya digunakan untuk pembangunan were used for JORR S Toll Road Section, JORR E1 Toll Ruas Jalan Tol JORR S, Jalan Tol JORR E1, Jalan Tol Road Section, Sediyatmo Toll Road, JORR W2 Toll Road Sediyatmo, Jalan Tol JORR W2, Jalan Tol Pondok Aren- Section, Pondok Aren-Ulujami Toll Road, Belmera Toll Ulujami, Jalan Tol Belmera (Gerbang Tol Mabar dan Road (Mabar Toll Gate and Belmera Branch Office). Kantor Cabang Belmera). Penanganan perkara litigasi These claims are still processed in the District Courts, the tersebut masih dalam proses peradilan di Pengadilan High Courts and the Supreme Court. Negeri, Pengadilan Tinggi dan kasasi di Mahkamah Agung. d. Gugatan Terkait Perjanjian Kerjasama Bagi hasil d. Lawsuit from PT Bangun Tjipta Sarana (BTS) Jalan Tol Jakarta-Cikampek Ruas Cawang-Cibitung Regarding Toll Revenue Sharing of Jakarta- dari PT Bangun Tjipta Sarana (BTS) Cikampek Toll Road Section Cawang-Cibitung Perusahaan dan BTS telah menandatangani Perjanjian The Company and PT Bangun Tjipta Sarana signed Kerjasama Bagi Hasil Pelebaran Jalan Tol Jakarta- Agreement of Widening of Jakarta-Cikampek Toll Road Cikampek ruas Cawang-Cibitung. Perjanjian ini Segment Cawang-Cibitung. This agreement was stated in dinyatakan di dalam akta notaris No. 171 tanggal 17 notarial deed No. 171 dated March 17, 1993, and was Maret 1993, yang kemudian diubah dengan Akte No. 139 later amended by notarial deed No. 139 dated February tanggal 15 Pebruari 1997 dan Akta No. 236 tanggal 23 15, 1997 and No. 236 dated September 23, 2004 September 2004 (selanjutnya disebut Perjanjian Bagi (hereinafter referred to as Revenue-Sharing Agreement). Hasil).

BTS berkewajiban membangun atau melebarkan 2 lajur BTS was obliged to build or widen additional two lane of Jalan Tol tambahan dari arah Cawang ke arah Cibitung the toll road from and to Cawang-Cibitung, along with its dan sebaliknya beserta sarana penunjangnya dan atas supporting facilities, and that was the underlying reason hal tersebut BTS akan mendapatkan bagi hasil sesuai for BTS got the sharing revenue, in accordance with the dengan perjanjian. related agreement. d1/February 6, 2015 115 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

Sampai ada kesepakatan rekonsiliasi data, Perusahaan Until there was a data reconciliation agreement, the menunda pembayaran atas bagi hasil pendapatan tol Company had deferred payment of sharing revenue to kepada BTS dan telah mencatat utang bagi hasil tersebut BTS, and had recognized payable from revenue sharing dalam laporan keuangan Catatan No. 8 tentang Beban in the financial statement and had disclosed it in the notes Akrual sebesar Rp 66.098.674.437 (Rupiah penuh). to financial statement No. 8 Accrued Expenses amounting Jumlah utang tersebut telah dibayarkan oleh perusahaan to Rp 66,098,674,437 (full Rupiah). The payable was pada tanggal 10 September 2014. finally paid by the Company on September 10, 2014.

Pada tanggal 13 Oktober 2014 sesuai dengan surat On October 13, 2014 in the letter No. 04/BTS/X/2014, No. 04/BTS/X/2014 PT BTS mengajukan kompensasi BTS requested some amount as compensation for the atas keterlambatan pembayaran bagi hasil dimaksud. late payment of sharing revenue.

Di dalam Perjanjian Kerjasama Bagi hasil Pelebaran In the Agreement of The Widening of Jakarta-Cikampek Jalan Tol Jakarta-Cikampek ruas Cawang-Cibitung tidak Toll Road Segment Cawang-Cibitung, there has never ada satu ketentuan pun yang mengatur terkait denda atau been a clause arranging penalty or interest for late bunga akibat keterlambatan pembayaran bagi hasil payment of sharing revenue to BTS. For this, the pendapatan tol kepada BTS. Untuk itu atas tagihan Company requested for opinion and recommendation kompensasi tersebut perusahaan meminta pendapat dan from Finance and Development Supervisory Agency rekomendasi kepada Badan Pengawas Keuangan (BPKP) in the Letter No. AA.KS01.02.1137 dated October dan Pembangunan (BPKP) melalui surat 23, 2014. Up to financial statement December 31, 2014, No. AA.KS01.02.1137 tanggal 23 Oktober 2014. Sampai there has been no response from BPKP. Laporan Keuangan 31 Desember 2014, belum ada hasil kajian dari BPKP tersebut. e. Gugatan Terkait Perjanjian Kerjasama Bagi hasil e. Lawsuit to PT Bangun Tjipta Sarana (BTS) Jalan Tol Jakarta-Cikampek Ruas Cikampek- Regarding Toll Revenue Sharing of Jakarta- Cibitung dari PT Bangun Tjipta Sarana (BTS) Cikampek Toll Road Section Cikampek-Cibitung Saat ini Perusahaan sedang berperkara dengan BTS The Company has litigated with BTS in accordance with terkait Akta No.109 tanggal 16 Oktober 1992 beserta notarial deed No. 109 dated October 16, 1992 along with perubahannya. Perkara tersebut telah diputus ditingkat its amendments. The case has been decided by the Mahkamah Agung pada tanggal 24 Juli 2012 dengan Supreme Court dated July 24, 2012 stated "Rejecting the bunyi “Menolak permohonan kasasi dari para pemohon, appeal of the applicant, 1. The Company, 2. PT Bangun 1. Perusahaan, 2. PT Bangun Tjipta Sarana”. Salinan Tjipta Sarana". A copy of the official notification of the resmi pemberitahuan isi putusan diterima oleh decision received by the Company on April 24, 2013. Perusahaan pada tanggal 24 April 2013.

Atas putusan tersebut, pada tanggal 9 Oktober 2013, Of that decision, on October 9, 2013, the Company filed a Perusahaan mengajukan permohonan Peninjauan request for reconsideration to The Central Jakarta District Kembali (PK) ke Pengadilan Negeri Jakarta Pusat Court by notarial deed No. 20/SRT.PDT.PK/2013/PN.JKT. dengan akta no: 20/SRT.PDT.PK/2013/ PN.JKT.PSTJo. PST Jo No: 200/PDT.G/2009/PN.JKT.PST. Bangun Tjipta Nomor: 200/PDT.G/2009/PN.JKT.PST Permohonan PK Sarana respondes by filing counter against the Perusahaan telah ditanggapi BTS dengan kontra memori reconsideration to Supreme Court through the Central PK yang telah dikirimkan ke Mahkamah Agung melalui Jakarta District Court on December 16, 2013. Pengadilan Negeri Jakarta Pusat tanggal 16 Desember 2013.

Sampai Laporan Keuangan 31 Desember 2014, belum Up to financial statement December 31, 2014, there are no ada hasil atas permohonan PK tersebut. results for the reconsideration. f. Gugatan Perpanjangan Bagi Hasil Pendapatan Tol f. Claim of Toll Revenue Sharing Against untuk Pelebaran Kebon Jeruk-Tangerang dari PT Tirtobumi Prakarsatama for Widening Kebon PT Tirtobumi Prakarsatama Jeruk – Tangerang Highway Berdasarkan amandemen kerjasama bagi hasil Based on the amendment regarding revenue sharing pembangunan pelebaran jalan tol Jakarta - Merak No. 8 agreement of Jakarta - Merak toll road extension No. 8 tanggal 28 Pebruari 2003, Perusahaan dan PT Adhika dated February 28, 2003, the Company and PT Adhika Prakarsatama telah menyepakati pengurangan masa Prakarsatama agreed to reduce the period of agreement kerjasama bagi hasil yang semula 18 tahun menjadi from 18 years to 17 years and 9 months ended on 17 tahun, 9 bulan dan berakhir pada 29 Pebruari 2012. February 29, 2012. d1/February 6, 2015 116 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

Pada tanggal 4 Januari 2011 dan 2 Pebruari 2011 On January 4, 2011 and February 2, 2011 PT Tirtobumi PT Tirtobumi Prakarsatama (dahulu bernama PT Adhika Prakarsatama (formerly named as PT Adhika Prakarsatama) menyampaikan permohonan kepada Prakarsatama) submitted request to the Company to Perusahaan untuk melakukan pengkajian perpanjangan review the extension periods of revenue sharing masa kerjasama bagi hasil dan meminta Perusahaan agreement and urged the Company to forward the meneruskan hal tersebut kepada Menteri Pekerjaan proposal to the Minister of Public Works. The reason of Umum. Alasan permohonan perpanjangan adalah karena this proposal was due to PT Tirtobumi Prakarsatama PT Tirtobumi Prakarsatama berpendapat tidak ada claimed that there has never been toll rates increase kenaikan tarif tol dari tahun 1993 sampai dengan 2005. which during the year 1993 to 2005. The extension Masa perpanjangan kerjasama bagi hasil yang diajukan periods proposed by PT Tirtobumi Prakarsatama was sekitar 24 tahun 2 bulan. Perusahaan telah menjawab approximately 24 years 2 months. The Company permohonan tersebut dengan surat No. EC.HK.02.082 responded the request with the letter No. EC.HK.02.082 pada tanggal 9 Pebruari 2011 yang intinya menyatakan dated February 9, 2011 which mainly stated that the bahwa Perusahaan sedang mengkaji permohonan Company is in the process of review the respective dimaksud. request.

Pada tanggal 7 Juni 2011 PT Tirtobumi Prakarsatama On June 7, 2011 PT Tirtobumi Prakarsatama sued the mengajukan gugatan di BANI (Badan Arbitrase Nasional Company in the National Arbitration Board (BANI) with the Indonesia) dengan tuntutan sebagai berikut: following terms:

1. Mengabulkan permohonan PT Tirtobumi 1. Accept the proposal for PT Tirtobumi Prakarsatama Prakarsatama untuk seluruhnya. entirely. 2. Menyatakan Perusahaan tidak berhak dan/ atau 2. Declare that the Company has no right and/ or berwenang untuk melakukan kajian dan/ atau authorized to conduct the review and/ or take any mengambil pertimbangan apapun terkait considerations related to the proposal of extension permohonan perpanjangan masa kerjasama bagi periods of revenue sharing agreement that proposed hasil yang diajukan oleh PT Tirtobumi by PT Tirtobumi Prakarsatama through the Company Prakarsatama melalui Perusahaan kepada pihak to the Authorities. yang berwenang. 3. Kelalaian Perusahaan untuk meneruskan 3. Omissions of the Company to forward the proposal to permohonan perpanjangan masa kerjasama bagi the Authorities may create damage for hasil kepada pihak yang berwenang dapat PT Tirtobumi Prakarsatama. menimbulkan kerugian bagi PT Tirtobumi Prakarsatama. 4. Memerintahkan Perusahaan untuk dengan segera 4. Instruct the Company to immediately forward the meneruskan permohonan PT Tirtobumi proposal of PT Tirtobumi Prakarsatama to the Prakarsatama tersebut di atas kepada pihak yang Authorities. berwenang. 5. Menghukum Perusahaan untuk mengganti segala 5. Punish the Company to replace any losses that might kerugian yang mungkin timbul sebagai akibat arise as a result of that omissions and pay all any kelalaian tersebut di atas serta membayar seluruh costs that arise from the arbitrase process, including biaya proses arbitrase ini, termasuk mengganti replace that costs that have been and will be issued biaya-biaya yang telah dan akan dikeluarkan oleh by PT Tirtobumi Prakarsatama. PT Tirtobumi Prakarsatama.

BANI menerbitkan keputusan No. 406/VI/ARB- BANI issued the verdict No. 406/VI/ARB-BANI/2011 on BANI/2011 pada tanggal 5 Januari 2012 dengan uraian January 5, 2012 with the following terms: sebagai berikut:

d1/February 6, 2015 117 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

3. Mewajibkan Perusahaan dalam Jangka waktu 40 hari 3. Obliged the Company to forward the request of sejak Putusan diterbitkan, untuk meneruskan PT Tirtobumi Prakarsatama along with the result of permohonan PT Tirtobumi Prakarsatama disertai the review to the Minister of Public Works within 40 hasil Kajian Perusahaan kepada Menteri Pekerjaan days from the date this decision pronounced. Umum. 4. Menolak permohonan PT Tirtobumi Prakarsatama 4. Rejected the rest of PT Tirtobumi Prakarsatama’s untuk selebihnya. claims. 5. Menyatakan Putusan ini merupakan Putusan dalam 5. Declared the Verdict as the first decree and final and tingkat pertama dan terakhir serta mengikat Para bounded all parties. Pihak. 6. Memerintahkan kepada Sekretaris Majelis untuk 6. Asked to the Secretary Council to register the Verdict mendaftarkan salinan Putusan ini ke Pengadilan to Central Jakarta District Court. Negeri Jakarta Pusat.

BANI mendaftarkan keputusan No. 406/VI/ARB- BANI has registered the above Verdict No. 406/VI/ARB- BANI/2011 tanggal 5 Januari 2012 pada tanggal 30 BANI/2011 on January 5, 2012 to Central Jakarta District Januari 2012 Ke Pengadilan Negeri Jakarta Pusat dan Court on January 30, 2012 and delivered to all parties disampaikan kepada Para Pihak oleh BANI melalui surat through letter No. 12.209/II/BANI/ED dated February 7, No. 12.209/II/BANI/ED tanggal 7 Pebruari 2012 dengan 2012 with additional verdict as follows: tambahan amar Putusan menjadi sebagai berikut:

1. Mengabulkan permohonan PT Tirtobumi 1. Consent the claim of PT Tirtobumi Prakarsatama Prakarsatama untuk sebagian. partially. 2. Mewajibkan Perusahaan untuk menyampaikan dan 2. Obliged the Company to submit and discuss the mendiskusikan kajian mengenai perpanjangan review of extension of revenue sharing agreement kerjasama bagi hasil kepada PT Tirtobumi with PT Tirtobumi Prakarsatama within 30 days from Prakarsatama dalam jangka waktu 30 hari sejak the date this decision pronounced. tanggal Putusan diucapkan. 3. Mewajibkan Perusahaan dalam Jangka waktu 40 hari 3. Obliged the Company to forward the request of sejak Putusan diucapkan, untuk meneruskan PT Tirtobumi Prakarsatama along with the result of the permohonan PT Tirtobumi Prakarsatama disertai review to the Minister of Public Works within 40 days hasil Kajian Perusahaan kepada Menteri Pekerjaan from the date this decision pronounced. Umum 4. Menolak Permohonan PT Tirtobumi untuk 4. Rejected the rest of PT Tirtobumi Prakarsatama’s selebihnya. claims. 5. Menyatakan Putusan ini merupakan Putusan dalam 5. Declared the Verdict as the first decree and final and tingkat pertama dan terakhir serta mengikat Para bounded all parties. Pihak. 6. Mewajibkan Perusahaan untuk mengembalikan 6. Oblige the Company to indemnify half of the setengah biaya administrasi sebesar administration fee amounting to Rp 255,000,000 (full Rp 255.000.000 (Rupiah penuh) kepada PT Rupiah) to PT Tirtobumi Prakarsatama. Tirtobumi Prakarsatama. 7. Memerintahkan kepada Sekretaris Majelis untuk 7. Asked to the Secretary Council to register the Verdict mendaftarkan salinan Putusan ini ke Pengadilan to Central Jakarta District Court. Negeri Jakarta Pusat.

Pada tanggal 27 Pebruari 2012 Perusahaan telah On February 27, 2012, the Company has conducted melaksanakan keputusan BANI tersebut dengan BANI's Verdicts by forwarding the review and the proposal mengirimkan hasil kajian dan permohonan perpanjangan of extension periods of revenue sharing agreement to the kerjasama bagi hasil kepada Menteri Pekerjaan Umum. Minister of Public Works.

Pada tanggal 15 Maret 2012, Perusahaan telah On March 15, 2012, the Company has paid half of the membayarkan setengah dari biaya perkara sebesar administration fee amounting to Rp 255,000,000 to Rp 255.000.000 kepada PT Tirtobumi Prakarsatama. PT Tirtobumi Prakarsatama.

d1/February 6, 2015 118 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

Terdapat perbedaan persepsi terhadap Putusan BANI: There was different perception on BANI’s verdicts: PT Tirtobumi Prakarsatama berpendapat bahwa hasil PT Tirtobumi Prakarsatama believed that the verdicts Putusan tersebut seharusnya dipenuhi setelah Putusan should be executed after the verdicts declared, whereas diterbitkan, sedangkan Perusahaan meyakini bahwa the Company believed that based on Law of Arbitration berdasarkan Hukum Arbitrase Pasal 59, seharusnya Article 59, the verdicts should be executed after they Putusan BANI dilaksanakan setelah Putusan didaftarkan were registered at District Court. ke Pengadilan Negeri.

Berdasarkan perbedaan persepsi di atas, PT Tirtobumi Based on the different perception stated above, Prakarsatama menuntut Perusahaan di Pengadilan PT Tirtobumi Prakarsatama sued the Company in District Negeri Jakarta Timur dengan alasan Perusahaan Court of Jakarta Timur with the argument that the tidak melaksanakan putusan BANI. Perkara ini Company did not fulfill the BANI's verdicts. The claims telah diputuskan berdasarkan Putusan had been declared based on the verdict No. 64/PDT.G/2012/PN.JKT.TIM pada tanggal 10 No. 64/PDT.G/2012/PN.JKT.TIM on December 10, 2012, Desember 2012 yang menyatakan bahwa Perusahaan stated that the Company had to indemnify PT Tirtobumi harus mengganti rugi kepada PT Tirtobumi Prakarsatama Prakarsatama Rp 1,247,576,000,000, or equivalent to the sebesar Rp 1.247.576.000.000, atau setara dengan extension period of the toll roads for 24 years and 2 perpanjangan waktu bagi hasil tol selama 24 tahun 2 months. bulan.

Atas putusan ini Perusahaan telah mengajukan upaya According to the Verdict, the Company had registered the banding ke Pengadilan Tinggi DKI Jakarta, putusan appeal statement to the Jakarta High Court, Appeal banding telah dibacakan pada tanggal 15 Juli 2013 Verdict was read on July 15, 2013 which is stated to grant dengan inti putusan mengabulkan permohonan banding the appeal from The Company and the Minister of Public Perusahaan dan Menteri Pekerjaan Umum. dan Works and to cancel the verdict No. membatalkan Putusan No. 64/PDT.G/2012/PN.JKT.TIM 64/PDT.G/2012/PN.JKT.TIM on December 10, 2012. pada tanggal 10 Desember 2012.

Atas Putusan Pengadilan Tinggi DKI Jakarta tanggal 15 Over the Jakarta High Court Decision dated July 15, 2013 Juli 2013 dimaksud, PT Tirtobumi Prakarsatama referred, PT Tirtobumi Prakarsatama filed an appeal to mengajukan upaya hukum kasasi ke Mahkamah Agung the Supreme Court and on February 17, 2014 the dan pada 17 Pebruari 2014 perusahaan telah menerima company has received notice of the appeal statement pemberitahuan pernyataan kasasi tersebut beserta along with the memory of Appeal filed by PT Tirtobumi Memori Kasasi yang diajukan oleh PT Tirtobumi Prakarsatama . On February 24, 2014 the Company has Prakarsatama. Selanjutnya tanggal 24 Pebruari 2014 delivered a Contra Appeal to the Supreme Court by the Perusahaan telah menyampaikan Kontra Memori Kasasi District Court of Jakarta Timur. The Company has not ke Mahkamah Agung melalui Pengadilan Negeri Jakarta received the appeal decision as of December 31, 2014. Timur. Perusahaan belum menerima putusan Kasasi sampai dengan 31 Desember 2014.

46. Segmen Operasi 46. Operating Segments

Perusahaan dikelola dan dikelompokkan dalam segmen The Company is managed and classified into bussines usaha yang terdiri dari beberapa cabang sebagai berikut segments which consist of branches as follow (in million (dalam jutaan Rupiah): Rupiah):

d1/February 6, 2015 119 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

31 Desember/ December 2014 Pusat/ Jakarta Jakarta Lainnya/ Eliminasi/ Konsolidasian/ Jagorawi Purbaleunyi Camareng Head Office Cikampek Tangerang Others Elimination Consolidated (Dalam Jutaan Rupiah/ In Million Rupiah) Pendapatan/ Revenues Total Pendapatan Segmen Dilaporkan/ Segmented Revenues 1,182,449 607,461 1,023,430 1,175,926 467,117 1,212,322 977,687 -- 6,646,392 Pendapatan Konstruksi/ Construction Revenues 243,104 ------1,702,721 -- 1,945,825 Pendapatan Lainnya/ Others Income 12,203 11,709 21,222 18,618 9,138 35,295 885,289 (410,372) 583,102 Pendapatan Entitas/ Total Revenues 1,437,756 619,170 1,044,652 1,194,544 476,255 1,247,617 3,565,697 (410,372) 9,175,319 Laba Rugi/ Profit and Loss Beban Usaha/ Operating Expenses (1,339,924) (327,934) (718,877) (306,161) (255,784) (395,326) (3,468,367) 413,820 (6,398,553) Pendapatan Bunga/ Interest Income 204,188 173 260 79 135 281 60,382 -- 265,498 Biaya Keuangan/ Finance Charges (708,634) ------(506,686) -- (1,215,320) Pendapatan (Beban) Lain/ Others Income (Expenses) (391,479) 30 1,738 (4,333) 2,348 2,455 391,013 -- 1,772 Bagian Laba-Rugi atas Entitas Asosiasi/ Net Equity on Associates (6,742) ------(6,742) Laba (Rugi) Sebelum Pajak Penghasilan/ Profit (loss) Before Income Tax (804,835) 291,439 327,773 884,129 222,954 855,027 42,039 3,448 1,821,974 Beban Pajak Penghasilan/ Income Tax Expense (562,795) ------(43,847) -- (606,642) Laba Tahun Berjalan/ Income for the Year 1,215,332 Aset Segmen Dilaporkan/ Segment Assets 461,122 2,464,892 2,919,549 4,536,267 1,703,185 6,975,584 16,132,798 (3,335,449) 31,857,948 Liabilitas Segmen Dilaporkan/ Segment Liabilities 9,186,625 90,031 170,881 109,331 77,868 201,477 10,655,962 (59,222) 20,432,952

31 Desember/ December 2013 Pusat/ Jakarta Jakarta Lainnya/ Eliminasi/ Konsolidasian/ Jagorawi Purbaleunyi Camareng Head Office Cikampek Tangerang Others Elimination Consolidated (Dalam Jutaan Rupiah/ In Million Rupiah) Pendapatan/ Revenues Total Pendapatan Segmen Dilaporkan/ Segmented Revenues 1,078,223 548,248 976,573 1,017,384 408,011 1,109,957 664,336 -- 5,802,732 Pendapatan Konstruksi/ 755,561 ------3,204,978 -- 3,960,539 Construction Revenues Pendapatan Lainnya/ 14,804 12,918 17,044 12,083 8,026 32,707 632,362 (221,747) 508,197 Others Income Pendapatan Entitas/ Total Revenues 1,848,588 561,166 993,617 1,029,467 416,037 1,142,664 4,501,675 (221,747) 10,271,468 Laba Rugi/ Profit and Loss Beban Usaha/ (1,682,831) (318,995) (702,594) (318,065) (212,903) (372,585) (4,421,798) 221,747 (8,233,542) Operating Expenses Pendapatan Bunga/ 184,808 140 258 97 113 245 42,410 -- 228,071 Interest Income Biaya Keuangan/ (744,033) ------(65) (200,121) -- (944,219) Finance Charges Pendapatan (Beban) Lain/ (156,328) (1,760) 381 (4,975) (171) 1,528 109,790 -- (6,837) Others Income (Expenses) Bagian Laba-Rugi atas Entitas Asosiasi/ Net Equity on Associates (4,303) ------(4,303) Laba (Rugi) Sebelum Pajak Penghasilan/ Profit (loss) Before Income Tax (554,098) 240,550 291,662 706,524 203,076 771,787 31,956 - 1,310,638 Beban Pajak Penghasilan/ Income Tax Expense (455,387) ------73,537 -- (381,850) Laba Tahun Berjalan/ Income for the Year 928,788 Aset Segmen Dilaporkan/ Segment Assets 2,024,060 2,208,130 2,607,762 3,648,177 1,475,152 6,121,268 15,656,602 (5,682,569) 28,058,582 Liabilitas Segmen Dilaporkan/ Segment Liabilities 8,654,120 48,228 186,867 105,370 53,003 202,189 8,307,608 (56,751) 17,500,634

d1/February 6, 2015 120 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

47. Laba Per Saham 47. Earnings Per Share

Pada tanggal 1 Nopember 2007, Perusahaan memperoleh On November 1, 2007, the Company obtained effective pernyataan efektif dari BAPEPAM-LK melalui Surat statement from Bapepam-LK through Letter No. S- No. S-5526/BL/2007 untuk melakukan penawaran umum 5526/BL/2007 for initial public offering as much as perdana saham sebanyak 2.040.000.000 saham atas nama 2,040,000,000 shares of series B shares with a par value of seri B dengan nilai nominal Rp 500 (Rupiah penuh) setiap Rp 500 (full Rupiah) per share (see Note 1.e and 28). The saham (lihat Catatan 1.e dan 28). Perusahaan telah Company has made repurchase of shares outstanding melakukan pembelian kembali atas saham yang beredar (Treasury Stocks) in the year 2008 as many as 8,758,000 (Treasury Stocks) pada tahun 2008 sebanyak 8.758.000 shares period (October 4, 2008 - November 6, 2008) and up in lembar saham periode (4 Oktober 2008 - 6 Nopember 2008) 2009 the Company has pulled back shares as many as dan sampai tahun 2009 perusahaan telah menarik kembali 24,523,500 shares outstanding. This resulted in the weighted saham yang beredar sebanyak 24.523.500 lembar saham. average number of shares turn out to be as much as Hal ini mengakibatkan jumlah rata-rata tertimbang saham 6,775,840,609 outstanding shares. In 2012, the Company has yang beredar berubah menjadi sebanyak 6.775.840.609 sold back all of the treasury shares,thereafter as of December lembar. Pada Tahun 2012 Perusahaan menjual kembali 31, 2014, the weighted average number of shares become as seluruh saham treasuri, sehingga pada tanggal 31 Desember much as 6,800,000,000 shares. 2014, jumlah rata-rata tertimbang saham yang beredar kembali menjadi 6.800.000.000 lembar.

Laba bersih per saham dihitung dari laba tahun berjalan yang Earnings per share is calculated from profit of the current year dapat diatribusikan kepada pemilik entitas induk dibagi attributable to owners of the parent divided by the weighted dengan jumlah rata-rata tertimbang saham, dengan rincian average of outstanding shares, with details as follows: sebagai berikut:

2014 2013

Laba Bersih (Rupiah penuh) 1,403,427,971,222 1,027,661,163,287 Net Income (full Rupiah) Rata-rata Tertimbang Weighted Average of Saham Beredar (lembar) 6,800,000,000 6,800,000,000 Outstanding Shares (Shares) Laba Bersih Per Saham (Rupiah penuh) 206.39 151.13 Earnings per Share (full Rupiah)

48. Kebijakan Manajemen Risiko 48. Risks Management Policy

Bisnis Grup mencakup aktivitas pengambilan risiko dengan Business of the Group include risk - taking activities with sasaran tertentu dengan pengelolaan yang profesional. certain target by professional management. The main Fungsi utama dari manajemen risiko Perusahaan dan Entitas function of the risk management of the Company and its Anak adalah untuk mengidentifikasi seluruh risiko kunci, Subsidiaries is to identify all key risks, to measure these risks mengukur risiko-risiko ini dan mengelola sistem manajemen and manage risk positions. resiko.

Grup mendefinisikan risiko keuangan sebagai kemungkinan The Group define financial risk as the possibility of loss or lost kerugian atau laba yang hilang, yang disebabkan oleh faktor profit, caused by internal factors as well as external factors internal maupun faktor eksternal yang berpotensi negatif that potentially negative impact on achievement of Company terhadap pencapaian tujuan Perusahaan. goals.

Tujuan Grup dalam mengelola risiko keuangan adalah untuk The purpose of the Group in managing financial risks is to mencapai keseimbangan yang sesuai antara risiko dan achieve an appropriate balance between risk and returns and tingkat pengembalian serta meminimalisasi potensi efek minimize potential adverse effects of the financial memburuknya kinerja keuangan Perusahaan. performance of the Company.

Risiko keuangan utama yang dihadapi Grup adalah risiko The main financial risks facing by the Group are credit risk, kredit, risiko suku bunga, risiko likuiditas, risiko nilai tukar mta interest rate risk, liquidity risk, foreign currency exchange uang asing dan risiko perubahan kebijakan pemerintah, rates and the risk of changes in government policy, socio - kondisi ekonomi dan sosial politik. Perhatian atas pengelolaan economic and political conditions. Attention to this risk d1/February 6, 2015 121 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

risiko ini telah meningkat secara signifikan dengan management has increased significantly by considering mempertimbangan perubahan dan volatilitas pasar keuangan changes and financial market volatility in Indonesia and di Indonesia dan internasional. internationally. a. Risiko Kredit a. Credit Risk Risiko kredit adalah risiko dimana salah satu pihak atas Credit risk is the risk that one party of a financial instrumen keuangan akan gagal memenuhi kewajibannya instrument will fail to meet its obligations and cause the dan menyebabkan pihak lain mengalami kerugian other party suffered financial losses. keuangan.

Instrumen keuangan Perusahaan yang mempunyai The Company's financial instruments that have the potensi atas risiko kredit terdiri dari kas dan setara kas di potential for credit risk consist of cash and cash bank, piutang lain dan investasi tertentu. Jumlah eksposur equivalents in bank, other receivables and certain risiko kredit maksimum sama dengan nilai tercatat atas investments. Total maximum credit risk exposure equal to akun-akun tersebut. the carrying value of these accounts. b. Risiko Mata Uang b. Currency Risk Risiko mata uang adalah risiko fluktuasi nilai instrumen Currency risk is the risk of fluctuations in the value of keuangan yang disebabkan perubahan nilai tukar mata financial instruments due to changes in foreign currency uang asing. exchange rates.

Pendapatan, pendanaan dan sebagian besar biaya Revenue, funding and most of the operating costs of the operasi dari Grup, dilakukan dalam mata uang Rupiah, Group, made in the Rupiah currency, and therefore the oleh karena itu Grup tidak memiliki eksposur yang Group do not have significant exposure to fluctuations in signifikan terhadap fluktuasi nilai tukar mata uang asing. foreign currency exchange rates. c. Risiko Likuiditas c. Liquidity Risk Risiko Likuiditas adalah risiko di mana Grup akan Liquidity risk is the risk in which the Group will experience mengalami kesulitan dalam rangka memperoleh dana difficulties in acquiring funds to meet commitments untuk memenuhi komitmennya terkail dengan instrumen associated with financial instruments. keuangan.

Grup mengelola risiko likuiditas dengan mempertahankan The Group manages liquidity risk by maintaining cash and kas dan secara kas yang mencukupi untuk cash equivalents are sufficient to enable the Group to memungkinkan Grup dalam memenuhi komitmen Grup meet its commitment to the normal operation of the untuk operasi normal Grup. Selain itu Grup juga Group. In addition, the Group also controls the cash flow melakukan pengawasan proyeksi dan arus kas aktual projections and actual and continuous monitoring maturity secara terus menerus serta pengawasan tanggal jatuh date of financial assets and liabilities. tempo aset dan kewajiban keuangan. d. Risiko Harga d. Price Risk Risiko harga adalah risiko fluktuasi nilai instrumen Price risk is the risk of fluctuations in the value of financial keuangan sebagai akibat perubahan harga pasar, instruments as a result of changes in market prices, terlepas dari apakah perubahan tersebut disebabkan oleh regardless of whether the change was caused by factors - faktor - faktor spesifik dari instrumen individual atau specific factors of the individual instruments or the issuer penerbitnya atau faktor-faktor yang mempengaruhi or factors affecting all instruments traded in the market. seluruh instrumen yang diperdagangkan di pasar.

Grup memiliki risiko harga terutama karena investasi Grup The Group has a price risk primarily because the Group's atas aset keuangan yang diklasifikasikan dalam kelompok investment of financial assets classified as available for tersedia untuk dijual. Grup mengelola risiko harga dengan sale. The Group manages the price risk by performing melakukan pengawasan internal oleh manajemen secara internal control by management in a sustainable manner. berkelanjutan. e. Risiko Suku Bunga e. Interest Rate Risk Risiko bunga atas arus kas adalah risiko dimana arus kas Interest on the cash flow risk is the risk that future cash masa datang suatu instrumen keuangan akan berfluktuasi flows of a financial instrument will fluctuate due to akibat perubahan suku bunga pasar. changes in market interest rates. d1/February 6, 2015 122 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

Eksposure terhadap suku bunga Grup dinilai rendah Group's exposure to interest rate is considered low when apabila ditinjau dari sisi Laporan Posisi Keuangan, namun viewed from the side of the balance sheet, but continue to Grup terus memonitor hal ini untuk meminimalkan monitor these companies to minimize the negative impact dampak negatif terhadap perusahaan. Pinjaman yang on the company. Borrowings issued at variable interest dikeluarkan pada tingkat suku bunga variabel rates expose the company to cash flows from interest rate mengekspos Grup terhadap arus kas dari risiko tingkat risk. suku bunga. f. Nilai Wajar f. Fair Value Nilai wajar aset dan liabillitas keuangan diestimasi untuk The fair value of financial assets and financial liabilities keperluan pengakuan dan pengukuran atau untuk must be estimated for recognition and measurement or for keperluan pengungkapan. Aset dan liabilitas keuangan disclosure purposes. The Group’s financial assets and Group yang diukur dan diakui pada nilai wajar adalah liabilities that are measured and recognised at fair value piutang dan utang derivatif. are derivative receivables and payables.

Nilai wajar untuk instrumen keuangan yang The fair value of financial instruments traded in active diperdagangkan di pasar aktif ditentukan berdasarkan markets is based on quoted market prices at the reporting kuotasi nilai pasar pada tanggal pelaporan. Kuotasi nilai date. The quoted market price used for financial assets pasar yang digunakan Grup untuk aset keuangan adalah held by the Group is the current bid price, while financial harga penawaran (bid price), sedangkan untuk liabilitas liabilities use ask price. keuangan menggunakan harga jual (ask price).

Nilai wajar instrumen keuangan yang tidak The fair value of financial instruments that are not traded diperdagangkan di pasar aktif ditentukan dengan in an active market is determined using valuation menggunakan teknik penilaian tertentu. Teknik tersebut techniques. These valuation techniques maximise the use menggunakan data pasar yang dapat diobservasi of observable market data where it is available and rely as sepanjang tersedia, dan seminimal mungkin mengacu little as possible on estimates. If all significant inputs pada estimasi. Apabila seluruh input signifikan atas nilai required to fair value an instrument are observable. wajar dapat diobservasi.

Jika satu atau lebih input yang signifikan tidak If one or more of the significant inputs is not based on berdasarkan data pasar yang dapat diobservasi. Teknik observable market data. Specific valuation techniques penilaian tertentu digunakan untuk menentukan nilai used to value financial instrument include: instrumen keuangan mencakup:  Penggunaan harga yang diperoleh dari bursa atau  The use of quoted market prices or dealer quotes for pedagang efek untuk instrumen sejenis dan; similar instruments and;  Teknik lain seperti analisis arus kas yang didiskonto  Other techniques, such as discounted cash flows digunakan untuk menentukan nilai instrumen analysis, are used to determine fair value for the keuangan lainnya. remaining financial instruments

Tabel di bawah ini menggambarkan nilai tercatat dan nilai The fair values of financial assets and liabilities, together wajar dari aset dan liabilitas keuangan: with the carrying amounts, are as follow:

2014 Nilai Tercatat/ Nilai Wajar/ Carrying Value Fair Value Aset Keuangan Financial Assets Kas dan Setara Kas 3,290,783,678 3,290,783,678 Cash and Cash Equivalents Investasi Jangka Pendek 7,143,512 7,143,512 Short-Term Investments Piutang Lain-lain - Lancar 148,828,618 148,828,618 Other Receivables - Current Dana Ditetapkan Penggunaannya 816,903,789 816,903,789 Appropriated Funds Aset Keuangan Lainnya 244,607,444 244,607,444 Investments in Associates Jumlah 4,508,267,041 4,508,267,041 Total

d1/February 6, 2015 123 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

2014 Nilai Tercatat/ Nilai Wajar/ Carrying Value Fair Value Liabilitas Keuangan Financial Liabilities Utang Bank Jangka Pendek 610,499,778 610,499,778 Short-term Bank Loan Utang Usaha 191,675,486 191,675,486 Accounts Payable Utang Kontraktor 990,488,834 990,488,834 Contractors Payable Utang Lain-lain 73,661,131 73,661,131 Other Payables Liabilitas Jangka Panjang yang Jatuh Tempo Current Maturities of Long - Term dalam Satu Tahun Liabilities Utang Bank 43,161,208 43,161,208 Bank Loans Liabilitas Pembebasan Tanah 1,500,719,209 1,500,719,209 Land Acquisition Liabilities Utang Sewa Pembiayaan 15,484,840 15,484,840 Capital Lease Payable Provisi Pelapisan Jalan Tol 209,396,402 209,396,402 Provision for Overlay Liabilitas Jangka Panjang-Setelah Dikurangi Long - Term Liabilities Net of Current Bagian yang Jatuh Tempo dalam Satu Tahun Maturity Utang Bank 6,484,840,290 6,484,840,290 Bank Loans Utang Obligasi 6,144,430,063 6,144,430,063 Bonds Payable Liabilitas Kerjasama Operasi 22,206,213 22,206,213 Joint Operation Liabilities Liabilitas Pembebasan Tanah 1,369,223,143 1,369,223,143 Land Acquisition Liabilities Utang Sewa Pembiayaan 34,479,992 34,479,992 Capital Lease Payable Provisi Pelapisan Jalan Tol 156,712,195 156,712,195 Provision for Overlay Liabilitas Jangka Panjang Lainnya 819,424,909 819,424,909 Other Long Term Liabilities Jumlah 18,666,403,693 18,666,403,693 Total

Manajemen Permodalan Capital Management Tujuan dari Grup dalam mengelola permodalan adalah The Group purpose in managing capital is to protect the untuk melindungi kemampuan entitas dalam ability of the entity in maintaining business continuity, so mempertahankan kelangsungan usaha, sehingga entitas that entities can still deliver results for shareholders and dapat tetap memberikan hasil bagi pemegang saham dan benefits for other stakeholders, and to provide adequate manfaat bagi pemangku kepentingan lainnya, dan untuk returns to shareholders by pricing products and services memberikan imbal hasil yang memadai kepada that are commensurate with the level of risk. pemegang saham dengan menentukan harga produk dan jasa yang sepadan dengan tingkat risiko.

Grup menetapkan sejumlah modal sesuai proporsi The Group set a number of capitals in proportion to the terhadap risiko. Perusahaan mengelola struktur modal risk. The Company manages its capital structure and dan membuat penyesuaian dengan memperhatikan makes adjustments taking into account changes in perubahan kondisi ekonomi dan karakteristik risiko aset economic conditions and risk characteristics of the yang mendasari. Konsisten dengan Perusahaan lain underlying asset. Consistent with other companies in the dalam industri, Perusahaan memonitor modal dengan industry, the Company monitors capital on the basis of dasar rasio utang terhadap modal yang disesuaikan. the ratio of adjusted debt to capital. This ratio is Rasio ini dihitung sebagai berikut: utang neto dibagi calculated as follows: net debt divided by adjusted modal yang disesuaikan. Utang neto merupakan total capital. Net debt is total debt (as the amount in the utang (sebagaimana jumlah dalam laporan posisi statement of financial position) less cash and cash keuangan) dikurangi kas dan setara kas. Modal yang equivalents. Adjusted capital comprises all components disesuaikan terdiri dari seluruh komponen ekuitas of equity (including capital stock, foreign exchange (meliputi modal saham, selisih kurs penjabaran laporan translation adjustment of foreign currency and retained keuangan dalam valuta asing dan saldo laba). Selama earnings). During the year 2014, the Company's strategy tahun 2014, strategi Perusahaan tidak berubah yaitu has not changed, namely, to maintain the debt to equity mempertahankan rasio utang terhadap modal sebesar ratio at maximum 5:1. The ratio of debt to equity as at maksimum 5:1. Rasio utang terhadap modal pada December 31, 2014 are as follows: 31 Desember 2014 adalah sebagai berikut:

d1/February 6, 2015 124 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

2014 Rp Liabilitas Jangka Pendek 4,312,916,751 Short-term Liabilities Liabiltas Jangka Panjang 16,120,035,609 Long-term Liabilities Total Liabilitas 20,432,952,360 Total Liabilities Total Ekuitas 11,424,995,629 Total Equity Rasio Utang terhadap Ekuitas 1.8 : 1 Debt to Equity Ratio

49. Sumber Estimasi Ketidakpastian dan 49. Source of Uncertainty Estimation and Pertimbangan Akuntansi yang Penting Critical Accounting Judgements

Grup membuat estimasi dan asumsi mengenai masa depan. The Group makes estimates and assumptions concerning the Estimasi dan pertimbangan yang digunakan dalam future. Estimates and considerations used in the preparation penyusunan laporan keuangan terus dievaluasi berdasarkan of financial statements continue to be evaluated based on pengalaman historis dan faktor lainnya, termasuk ekspektasi historical experience and other factors, including expectations dari peristiwa masa depan yang diyakini wajar. Walaupun of future events that are believed reasonable. Although these estimasi ini dibuat berdasarkan pengetahuan terbaik estimates are based on management's best knowledge of manajemen atas kejadian dan tindakan saat ini, hasil yang current events and actions, actual results may differ from timbul mungkin berbeda dengan jumlah yang diestimasi those estimates. Assumptions and considerations have a semula. Asumsi dan pertimbangan yang memiliki pengaruh significant effect on the carrying amount of assets and liabilities disclosed in below. signifikan terhadap jumlah tercatat aset dan liabilitas diungkapkan di bawah.

Estimasi dan Asumsi Akuntansi yang Penting Estimation and Significant Accounting Assumption Asumsi utama masa depan dan sumber utama estimasi The main assumptions of the future and the main source of ketidakpastian lain pada tanggal pelaporan yang memiliki estimation uncertainty on another reporting date that have risiko signifikan bagi penyesuaian yang material terhadap significant risk of material adjustment to the carrying value of nilai tercatat aset dan liabilitas untuk tahun berikutnya an asset and a liability for the following year is disclosed diungkapkan di bawah ini. Perusahaan mendasarkan asumsi below. The company based its assumptions and estimation dan estimasi pada parameter yang tersedia pada saat on parameters that are available at the time the financial laporan keuangan disusun. Asumsi dan situasi mengenai statements drawn up. Assumptions and the situation perkembangan masa depan mungkin berubah akibat regarding future developments may change due to changes perubahan pasar atau situasi di luar kendali Perusahaan. in the market or the situation beyond the control of the Perubahan tersebut dicerminkan dalam asumsi terkait pada company. The changes are reflected in the related saat terjadinya. assumptions at the time of the occurrence.

Estimasi Umur Manfaat Aset Tetap dan Aset Takberwujud - Estimated of Useful Lives of Property, Equipment, and Hak Konsesi Pengusahaan Jalan Tol Intangible Asset - Toll Road Concession Rights Perusahaan melakukan penelahaan berkala atas masa The Company periodically reviews the useful lives of the fixed manfaat ekonomis aset tetap dan hak konsesi pengusahaan assets and toll road concession rights expectation based on jalan tol berdasarkan faktor-faktor seperti kondisi teknis, technical specification and technology development in the perkembangan teknologi di masa depan dan masa konsesi. future and the length of concession. Operating results in the Hasil operasi di masa depan akan dipengaruhi secara future will be affected by the estimated changes of those material atas perubahan estimasi ini yang diakibatkan oleh factors.Carrying amount of Property, Equipment, and perubahan faktor yang telah disebutkan di atas. Nilai tercatat Intangible Assets are disclosed in note 12 and 13. asset tetap dan asset tidak berwujud disajikan di catatan 12 dan 13.

Estimasi Marjin Konstruksi Estimated of Construction Margin Interpretasi Standar Akuntansi Keuangan yang berlaku The accepted interpretation of accounting standard required mensyaratkan pendapatan konstruksi diakui sebesar nilai that the construction revenue recognized at their fair value. wajarnya. Perusahaan menentukan profit atau margin The company determined the profit or construction margin in konstruksi dalam menghitung nilai wajar pendapatan calculating the fair value of construction margin based on konstruksi tersebut berdasarkan estimasi terbaik manajemen management estimation calculated in certain model. yang dihitung dengan model tertentu. d1/February 6, 2015 125 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

Imbalan Pasca Kerja Karyawan Post-Employment Employee Benefits Nilai kini liabilitas imbalan pasca kerja tergantung pada The present value of post-employment benefits liability beberapa faktor yang ditentukan dengan dasar aktuarial depends on several factors which are determined by actuarial berdasarkan beberapa asumsi. Asumsi yang digunakan untuk basis based on several assumptions. Assumptions used to menentukan biaya (penghasilan) pensiun neto mencakup determine the cost (income) includes net pension discount tingkat diskonto. Perubahan asumsi ini akan mempengaruhi rate. Changes in these assumptions will affect the carrying jumlah tercatat imbalan pasca kerja. amount of post-employment benefits.

Perusahaan dan entitas anak menentukan tingkat diskonto The Company and subsidiary determining the appropriate yang sesuai pada akhir periode pelaporan, yakni tingkat suku discount rate at the end of the reporting period, namely the bunga yang harus digunakan untuk menentukan nilai kini interest rate should be used to determine the present value of arus kas keluar masa depan estimasian yang diharapkan future cash outflows expected to settle estimasian liability. In untuk menyelesaikan liabilitas. Dalam menentukan tingkat determining the appropriate interest rate, the Company and suku bunga yang sesuai Perusahaan dan entitas anak subsidiary companies considering an interest rate of mempertimbangkan tingkat suku bunga obligasi pemerintah government bonds denominated in the currency exchange yang didenominasikan dalam mata uang imbalan akan will be paid and have a similar time with a corresponding dibayar dan memiliki jangka waktu yang serupa dengan liability period. jangka waktu liabilitas yang terkait.

Asumsi kunci liabilitas imbalan pasca kerja sebagian Other key assumption for post employment benefirs liabilities ditentukan berdasarkan kondisi pasar saat ini. are based in part on current market condition.

Provisi Pelapisan Jalan Tol Provision for Overlay Biaya pelapisan ini akan dicadangkan secara berkala The cost of this overlay will periodically be provision based on berdasarkan estimasi seiring dengan penggunaan jalan tol estimation with the utilization of toll road by customers. This oleh pelanggan. Provisi diukur dengan nilai kini atas estimasi provision is measured using the present value of manajemen terhadap pengeluaran yang diperlukan untuk management‘s estimate of expenditures required to settle menyelesaikan liabilitas kini pada tanggal pelaporan. present obligation at the reporting date.

Pertimbangan Penting dalam Penentuan Kebijakan Significant Judgments in Determination of Accounting Akuntansi Policy Pertimbangan berikut ini dibuat oleh manajemen dalam These following judgments were made by management in rangka penerapan kebijakan akuntansi Perusahaan yang order the adoption of accounting policy of the company which memiliki pengaruh paling signifikan atas jumlah yang diakui has the most significant impact on the recognized amount in dalam laporan keuangan. financial statement.

Klasifikasi Aset dan Liabilitas Keuangan Classification Financial Asset and Liability Perusahaan menetapkan klasifikasi atas aset dan liabilitas The Company determines the classifications of certain assets tertentu sebagai aset keuangan dan liabilitas keuangan and liabilities as financial assets and financial liabilities by dengan mempertimbangkan bila definisi yang ditetapkan oleh judging if they meet the definition set forth in the accountant standar akuntansi dipenuhi. Dengan demikian, aset keuangan standards. Accordingly, the financial assets and financial dan liabilitas keuangan diakui sesuai dengan kebijakan liabilities are accounted for in accordance with the Company’s akuntansi Perusahaan seperti diungkapkan pada Catatan 2.d. accounting policies disclosed in Note 2.d.

Pengakuan dan Pengukuran Aset Takberwujud Hak Konsesi Recognition and Measurement of Intangible Asset – Toll Pengusahaan Jalan Tol Road Concession Rights Perusahaan mengakui aset takberwujud sejauh Perusahaan The company recognized intangible assets to the extent that memiliki hak (lisensi) untuk membebankan pengguna jasa the company owned right (license) to charge the public. A publik. Suatu hak untuk membebankan pengguna jasa publik. right to charge users of the public service. A right to charge Suatu hak untuk membebankan pengguna jasa publik bukan users of the public service is not an unconditional right to merupakan hak tanpa syarat untuk menerima kas karena receive cash because the amount depends on the extent to jumlahnya bergantung pada sejauh mana publik which the public using the service. menggunakan jasa.

Sifat imbalan yang diberikan oleh pemberi konsesi kepada The nature of the rewards given by the concession principal Perusahaan akan ditentukan dengan mengacu pada syarat to the Company will be determined by reference to the terms kontrak dan, jika ada, hukum kontrak yang relevan. of the contract and, if applicable, the relevant contract law. d1/February 6, 2015 126 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

Reklasifikasi pada Saat Transisi Reclassification during Transition Berdasarkan rencana bisnis yang merupakan bagian tidak Based on a business plan that is inseparable part from the toll terpisahkan dari Perjanjian Pengusahaan Jalan Tol yang road concession agreement which binds all assets that are mengikat keseluruhan aset yang diperjanjikan sebagai satu enforced as a single entity, the Office building including kesatuan aset, maka gedung kantor termasuk aset dalam assets in the category which merges with the highways, so its kategori yang menyatu dengan jalan tol, sehingga reclassified as a part of intangible asset of toll road service direklasifikasikan sebagai bagian aset takberwujud konsesi concessions. jasa pengelolaan jalan tol.

Aset Takberwujud Lainnya Other Intangible Asset Hak konsesi jalan tol mulai berlaku efektif sejak diterbitkan The toll road concession rights effective from order start Surat Perintah Mulai Kerja (SPMK) oleh BPJT, sehingga working letter published by BPJT, so that the costs incurred biaya-biaya yang dikeluarkan sebelum kegiatan konstruksi before the construction activities started or pre-construction dimulai atau biaya pra konstruksi jalan tol, termasuk biaya costs of toll roads, including the cost of land or soil acquisition pembebasan lahan atau tanah ditangguhkan dan belum suspended and has not been classified as intangible asset of diklasifikasikan sebagai aset takberwujud - konsesi jasa toll road service concessions. pengusahaan jalan tol.

50. Aktivitas Non Kas 50. Non Cash Activities

Informasi tambahan atas laporan arus kas terkait aktivitas Supplemental cash flows information of non cash investing investasi non kas adalah sebagai berikut: activities is as follows:

2014 2013 Rp Rp Aset Sewa Pembiayaan -- 4,697,319 Capital Lease Assets Aset Takberwujud - Intangible Assets - Hak Pengusahaan Jalan Tol 24,757,377 89,890,149 Toll Road Concession Rights Jumlah 24,757,377 94,587,468 Total

51. Peristiwa Setelah Periode Pelaporan 51. Event After Reporting Period

Sesuai dengan Berita Acara RUPSLB yang disahkan dengan In accordance with the Minutes of the Extraordinary General akta notaris dari Aryanti Artisari, S.H., M.Kn., PT Jakarta Meeting Of Shareholders which authorized by notarial deed Propertindo memutuskan, salah satunya, mengangkat Bapak of Aryanti Artisari, S.H, M.Kn., PT Jakarta Propertindo Ir. Abdul Hadi Hs., M.M. sebagai Direktur Utamanya. Terkait decided, among other things, appointed Mr. Ir. Abdul Hadi hal tersebut, Bapak Ir. Abdul Hadi Hs., M.M telah Hs., M.M. as its CEO. Related to that, Mr. Ir. Abdul Hadi Hs., mengundurkan diri sebagai Direktur Pengembangan Usaha M.M., has resigned as the Director of Business Development Perusahaan sesuai dengan Surat No. DA.03 tanggal 21 of the Company as stated in the Letter No. DA.03 dated Januari 2015. Perusahaan melalui Surat No. AA.KP05.83 January 21, 2015. The Company by Letter No. AA.KP05.83 tanggal 22 Januari 2015 telah menunjuk Bapak Ir. Hasanudin, dated January 22, 2015 has appointed Mr. Ir. Hasanuddin, M.Eng. Sc. as the temporary substitute functionary until the M.Eng. Sc. sebagai pejabat pengganti sementara sampai Company holds the next General Meeting Of Shareholders. dengan diselenggarakannya RUPS Perusahaan.

Susunan Direksi dan Komisaris Perusahaan per tanggal The Company’s Board of Directors and Commissioners as of 22 Januari 2015 sebagai berikut: January 22, 2015 are as follows:

Direksi/Directors Direktur Utama Ir. Adityawarman President Director Direktur Operasi Ir. Hasanudin, M.Eng.Sc Operation Director Direktur Keuangan Ir. Reynaldi Hermansjah Finance Director Direktur Pengembangan Usaha Ir. Hasanudin, M.Eng.Sc (PLT) Business Development Director Direktur Sumber Daya Manusia dan Umum Ir. Muh. Najib Fauzan, Msc Human Capital Affairs Development Director

d1/February 6, 2015 127 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

Komisaris/ Commissioners Komisaris Utama Ir. Agoes Widjanarko, MIP President Commissioner Komisaris Ibnu Purna Muchtar, S.E, MA Commissioner Komisaris Dr. Boediarso Teguh Widodo,M.E. Commissioner Komisaris Prof. Dr. Akhmad Syakhroza Commissioner Komisaris (Komisaris Independen) Mayjen. (Purn) Samsoedin Commissioner (Independent Commissioner) Irjen Polisi (Purn) Drs. Michael Komisaris (Komisaris Independen) Commissioner (Independent Commissioner) Dendron Primanto, SH, MH

52. Standar Akuntansi Baru 52. New Prospective Accounting Standards

Standar baru, revisi dan interpretasi yang telah diterbitkan, New standards, amendments and interpretations issued but namun belum berlaku efektif untuk tahun buku yang dimulai not yet effective for the financial year beginning 1 January pada atau setelah tanggal 1 Januari 2014 adalah sebagai 2014 are, as follows: berikut: - PSAK 1 (revisi 2013) “Penyajian Laporan Keuangan” - PSAK 1 (revised 2013) “Presentation of Financial Statements” - PSAK 4 (revisi 2013) “Laporan Keuangan Tersendiri” - PSAK 4 (revised 2013) “Separate Financial Statements” - PSAK 15 (revisi 2013) “Investasi pada entitas asosiasi - PSAK 15 (revised 2013) “Investment in Associates and dan ventura bersama” Joint Ventures” - PSAK 24 (revisi 2013) “Imbalan Kerja” - PSAK 24 (revised 2013) “Employee Benefits” - PSAK 46 (revisi 2013) “Pajak Penghasilan” - PSAK 46 (revised 2013) “Income Taxes” - PSAK 48 (revisi 2013) "Penurunan Nilai” - PSAK 48 (revised 2013) “Impairment” - PSAK 50 (revisi 2013) “Instrumen Keuangan: - PSAK 50 (revised 2013) “Financial Instrument: Penyajian” Presentation” - PSAK 55 (revisi 2013) “Instrumen Keuangan: - PSAK 55 (revised 2013) “Financial Instrument: Pengakuan dan Pengukuran” Recognition and Measurement" - PSAK 60 (revisi 2013) “Instrumen Keuangan: - PSAK 60 (revised 2013) "Financial Instrument: Pengungkapan” Disclosure” - PSAK 65 “Laporan Keuangan Konsolidasian” - PSAK 65 “Consolidated Financial Statement” - PSAK 66 “Pengaturan Bersama” - PSAK 66 “Joint Arrangements” - PSAK 67 “Pengungkapan Kepentingan dalam Entitas - PSAK 67 “Disclosure of Interests in Other Entities” Lain” - PSAK 68 “Pengukuran Nilai Wajar - PSAK 68 “Fair Value Measurement” - ISAK 26 (revisi 2013) “Penilaian Ulang Derivative” - ISAK 26 (revised 2013) “Revaluation of Embedded Derivative” - Pencabutan PSAK 12 (revisi 2009) “Bagian Partisipasi - Withdrawal of PSAK 12 (revised 2009)“Interest in Joint Ventura Bersama” Venture” - Pencabutan ISAK 12 "Pengendalian bersama Entitas: - Withdrawal of ISAK 12 "Jointly controlled entities: Non Kontribusi Non Moneter oleh Venturer" Monetary Contribution by Venturers" - Pencabutan ISAK 7 "Konsolidasi Entitas Bertujuan - Withdrawal of ISAK 7 "Consolidation - Special Purpose Khusus" Entities"

Revisi, standar baru dan pencabutan atas standar di atas The revised, new standards and withdrawal of standards akan berlaku efektif pada tahun buku yang dimulai 1 Januari above will become effective for the annual period beginning 2015 dan penerapan dini tidak diperkenankan. 1 January 2015 and early adoption is not permitted

Pada tanggal pengesahan laporan keuangan konsolidasian, As at the authorisation date of these consolidated financial manajemen masih mempelajari dampak yang mungkin timbul statements, the management still evaluating the potential dari penerapan SAK baru dan revisi tersebut terhadap impact of these new and revised PSAK to its consolidated laporan keuangan konsolidasian. financial statements.

d1/February 6, 2015 128 Paraf: PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued) Untuk Tahun-tahun yang Berakhir pada For the Years Ended 31 Desember 2014 dan 2013 December 31, 2014 and 2013 (Dalam Ribuan Rupiah, Kecuali Dinyatakan Lain) (In Thousand Rupiah, Unless Otherwise Stated)

53. Reklasifikasi Akun 53. Reclassification of Accounts

Beberapa Akun dalam laporan keuangan konsolidasian pada Certain accounts in the consolidated financial statements as tanggal dan untuk tahun yang berakhir pada tanggal of and for the year ended December 31, 2013 and 2012 have 31 Desember 2013 dan 2012 telah direklasifikasi agar sesuai been reclassified to conform with the presentation of the dengan penyajian laporan keuangan konsolidasian pada consolidated financial statements as of and for the year tanggal dan untuk tahun yang berakhir pada tanggal ended December 31, 2014. 31 Desember 2014.

Rincian reklasifikasi akun tersebut adalah sebagai berikut The detail of the accounts reclassification are as follows:

31 Desember/ December 2013 Sebelum Reklasifikasi/ Setelah Reklasifikasi/ Reclassifications Reklasifikasi/ Before After Reclassifications Reclassifications Rp Rp Rp Laporan Posisi Keuangan Consolidated Statement of Konsolidasian Financial Position Liabilitas Liabilities Utang Bank Jangka Pendek -- 655,840,348 655,840,348 Short-term Bank Loan Liabilitas Jangka Panjang yang Current Portion of Jatuh Tempo dalam Satu Tahun: Long - Term Liabilities: Utang Bank 951,057,511 (655,840,348) 295,217,163 Bank Loan

31 Desember/ December 2012 Sebelum Reklasifikasi/ Setelah Reklasifikasi/ Reclassifications Reklasifikasi/ Before After Reclassifications Reclassifications Rp Rp Rp

Laporan Posisi Keuangan Consolidated Statement of Konsolidasian Financial Position Liabilitas Liabilities Utang Bank Jangka Pendek -- 1,380,028,297 1,380,028,297 Short-term Bank Loan Liabilitas Jangka Panjang yang Current Portion of Jatuh Tempo dalam Satu Tahun: Long - Term Liabilities: Utang Bank 1,640,778,297 (1,380,028,297) 260,750,000 Bank Loan

54. Tanggung Jawab Manajemen atas Laporan 54. The Management’s Responsibility on the Keuangan Konsolidasian Consolidated Financial Statements

Manajemen Perusahaan bertanggung jawab atas The Company’s management is responsible for the penyusunan dan penyajian laporan keuangan konsolidasian preparation and presentation of the consolidated yang diotorisasi untuk terbit tanggal 28 Januari 2015. financial statements that were authorized for issued on January 28, 2015.

d1/February 6, 2015 129 Paraf: 2014 ANNUAL REPORT

PT Jasa Marga (Persero) Tbk. Plaza Tol Taman Mini Indonesia Indah Jakarta, 13550 Indonesia

Telp. : +6221 841 3630, +6221 841 3526 Fax. : +6221 841 3540 Email : [email protected]