PT ASTRA INTERNATIONAL TBK First Quarter 2018 - Results Presentation Disclaimer The materials in this presentation have been prepared by PT Astra International Tbk (Astra) and are general background information about Astra Group business performances current as at the date of this presentation and are subject to change without prior notice.

This information is given in summary form and does not purport to be complete. Information in this presentation, including forecast financial information, should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities or other financial products or instruments and does not take into account their particular investment objectives, financial situation or needs. Before acting on any information, readers should consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, readers should seek independent financial advice.

This presentation may contain forward looking statements including statements regarding our intent, belief or current expectations with respect to Astra businesses and operations, market conditions, results of operation and financial condition, capital adequacy, specific provisions and risk management practices. Readers are cautioned not to place undue reliance on these forward looking statements; past performance is not a reliable indication of future performance. Astra does not undertake any obligation to publicly release the result of any revisions to these forward looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events.

We disclaim any responsibility or liability whatsoever arising which may be brought or suffered by any person as a result of acting in reliance upon the whole or any part of the contents of this report and neither Astra and/or its affiliated companies and/or their respective employees and/or agents accepts liability for any errors, omissions, negligent or otherwise, in this report and any inaccuracy herein or omission here from which might otherwise arise. 1 Highlights

Net earnings per share Auto Market Share Higher coal prices Rp123 benefited heavy Agribusiness net income equipment, mining down due to lower contracting and mining prices 2% 49% 73% volumes

For the year ended 31st March Group Results 2018 2017* Change Net revenue (Rp bn) 55,822 48,780 14% Net income (Rp bn)** 4,980 5,078 (2%) Net earnings per share (Rp) 123 125 (2%) As at 31st As at 31st Change March 2018 December 2017* Shareholders’ funds (Rp bn)*** 128,973 123,780 4% Net asset value per share (Rp)*** 3,186 3,058 4%

* Restated due to implementation of PSAK No. 69 : Agriculture ** Net income is profit attributable to owners of the parent, i.e. Astra International shareholders. *** Shareholders' funds and net asset value per share are based on equity attributable to owners of the parent. The financial results for the three months ended 31st March 2018 and 2017 as well as the financial position as at 31st March 2018 have been prepared in accordance with Indonesian Financial Accounting Standards and are unaudited. The financial position as at 31st December 2017 has been prepared in accordance with Indonesian Financial Accounting Standards and audited in accordance 2 with the auditing standards established by the Indonesian Institute of Certified Public Accountants. Business Structure

Automotive Property

Automobile Motorcycle • Menara Astra • •Honda • Brahmayasa Bahtera • • Samadista Karya • Isuzu Component • Astra Land Indonesia • BMW •Astra Otoparts • Astra Modern Land • Peugeot • UD Trucks Others •AstraWorld

Heavy Equipment, Infrastructure Information Financial Services Agribusiness Mining, Construction and Logistics Technology and Energy

Automobile Heavy Equipment Construction Machinery Palm Oil Plantation Toll Road Document Solution •Astra Credit • Surya Artha • United Tractors • Astra Agro Lestari • Marga Mandalasakti •Astra Graphia Companies Nusantara • Traktor Nusantara • Marga Harjaya •Toyota AstraOther Finance Refineries Infrastruktur IT Solution Finance • Komatsu Astra Mining Contracting • Tanjung Sarana Lestari • Marga Trans Nusantara • Astra Graphia Finance • Pamapersada Nusantara • Kreasijaya Adhikarya • Trans Marga Jateng Information Motorcycle • Tanjung Bina Lestari • Trans Bumi Serbaraja Technology • Federal Banking Coal Mining • Lintas Marga Sedaya International • Permata Bank • Tuah Turangga Agung Commodity Trading Office Services Solution Finance • Astra-KLK Pte.Ltd Sea Port • Astragraphia Xprins Insurance Construction Industry • Pelabuhan Penajam Indonesia • Asuransi Astra • Acset Indonusa Cattle in Palm Oil Banua Taka Buana Plantation • Astra Life Energy • Agro Menara Rachmat Logistics • Bhumi Jati Power • Serasi Autoraya

Market Position as at 31 March 2018 • Astra’s car market share decreased from 57% to 49%. • Astra’s motorcycle market share decreased from 77% to 73%. • Komatsu maintained its leading market position with 34% market share.

Car Motorcycle Kawasaki 1% 2%

Toyota Yamaha 29% 24%

Others 51% Heavy Equipment

Daihatsu 18% Others Honda Isuzu 20% 2% Komatsu 73% 34% Source : Gaikindo Source : AISI Kobelco 16%

Hitachi Caterpillar 14% 16% 4 Source: United Tractors – Internal Market Research Corporate Actions

Feb ‘18 • The Group invested US$150 million for a minority stake in GO-JEK, Indonesia’s leading multi-platform technology group, which provides access to a wide range of services from transportation and payments to food delivery, logistics and other on-demand services.

5 Financial Performance

6 Consolidated Income Statement

“The Group is expected to continue benefiting from stable coal prices, but in the car market, competitive pressures are likely to intensify.” - Prijono Sugiarto, President Director -

In Billion Rupiah 1Q18 1Q17* Change IDR / USD, average 13,625 13,337 2% Net Revenue 55,822 48,780 14% Gross Profit 11,350 10,012 13% Selling, General and Administrative (5,346) (4,939) 8% Expenses Other Income 404 383 5% Share of Results of Joint Ventures and 1,536 1,893 (19%) Associates Income Tax Expenses (1,610) (1,277) 26% Non-controlling Interests (1,354) (994) 36% Net Income 4,980 5,078 (2%)

* Restated due to implementation of PSAK No. 69 : Agriculture

7 Divisional Net Revenue and Net Income Divisional Net Revenue In Billion Rupiah 1Q18 1Q17 Change Automotive 25,676 23,891 7% Financial Services 4,680 4,505 4% Heavy Equipment, Mining, Construction and Energy 18,972 13,602 39% Agribusiness 4,446 4,491 (1%) Infrastructure and Logistics 1,484 1,787 (17%) Information Technology 559 502 11% Property 5 2 150% Total 55,822 48,780 14% Divisional Net Income In Billion Rupiah 1Q18 1Q17* Change Automotive 2,109 2,288 (8%) Financial Services 1,060 1,124 (6%) Heavy Equipment, Mining, Construction and Energy 1,518 902 68% Agribusiness 283 629 (55%) Infrastructure and Logistics (23) 67 (134%) Information Technology 27 26 4% Property 6 42 (86%) Total 4,980 5,078 (2%) 8 * Restated due to implementation of PSAK No. 69 : Agriculture Consolidated Balance Sheet • The net asset value per share was Rp3,186 at 31st March 2018, 4% higher than at the prior year end. • Net debt, excluding the Group’s financial services subsidiaries, was Rp2.4 trillion compared with net cash of Rp2.7 trillion at 31st December 2017, due mainly to the Group’s toll road and GO-JEK investments and capital expenditure in its mining contracting business. The Group’s financial services subsidiaries had net debt of Rp44.8 trillion, compared with Rp46.1 trillion at the end of 2017.

In Billion Rupiah 31-Mar-18 31-Dec-17* Change

Cash and Cash Equivalents 32,304 31,574 2% Trade Receivables 26,980 25,420 6% Inventories 19,086 19,504 (2%) Financing Receivables 62,822 63,252 (1%) Investment in Joint Ventures and Associates 39,307 39,260 0% Fixed Assets 50,006 48,402 3% Other Assets 75,839 68,418 11% Total Assets 306,344 295,830 4% Short-term Borrowings 16,999 16,321 4% Trade Payables 28,170 29,468 (4%) Long-term Debt 62,433 58,657 6% Other Liabilities 35,539 34,879 2% Total Liabilities 143,141 139,325 3% Equity Attributable to the Owners of The Parent 128,973 123,780 4% Non – controlling Interest 34,230 32,725 5% Total Equity 163,203 156,505 4% Net Debt (Cash) 47,128 43,404 9% Net Debt (Cash) (Excl. Financial Services) 2,352 (2,654) (189%) 9 * Restated due to implementation of PSAK No. 69 : Agriculture Consolidated Cash Flow As at 31 March 2018, Astra’s consolidated closing cash balance (incl. bank overdraft) was Rp32.3 trillion.

In Billion Rupiah 1Q18 1Q17 Change Cash generated from operations 6,270 4,845 1,425 Tax Payments (1,113) (809) (304) Interest Received 380 380 - Net Cash flow provided from Operating Activities 5,537 4,416 1,121 Dividend Received 2 39 (37) Net Capex (3,458) (2,606) (852) Net Investment (4,850) (5,682) 832 Other Investing (150) (102) (48) Net Cash flow used in Investing Activities (8,456) (8,351) (105) Net Proceeds of Debt 4,079 5,781 (1,702) Finance Costs Paid (520) (539) 19 Dividend Payments (330) - (330) Other Financing 275 (11) 286 Net Cash flow used in Financing Activities 3,504 5,231 (1,727) Increase in Cash 585 1,296 (711) Opening Cash Balance (incl. Bank Overdraft) 31,574 29,356 2,218 Exchange Rate Adjustment 145 (31) 176 Closing Cash Balance (incl. Bank Overdraft) 32,304 30,621 1,683 10 Business Updates

11 Automotive – Wholesale Car Market Astra’sThe wholesale car sales market were 10for% cars higher grew at by 421 3%,000 at 292units,,000 resulting units. Astra’s in an increasecar sales, in however, market sharewere from12% lower50% to at 54 142%. ,000 units, due to the impact of intense competition which resulted in a decline in market share from 57% to 49%. 3% 1Q18 1Q17 292,028 283,760

LCGC 58,615 / 20.1% LCGC 64,411/ 22.7% Commercial Others Other Brands Others 71,831 / 24.6% Other Brands Commercial, 150,076 / 51.4% 150,076 / 51.4% 122,407/ 43.1% 58,021/ 20.5% 122,407/ 43.1%

Isuzu, 4,005 / 1.4% Isuzu, 5,395 / 1.8% Daihatsu

49,730/ 17.6% 4x2 & 4x4 Daihatsu 4x2 & 4x4 159,708 / 54.7% 51,607 / 17.7% 158,678/ 55.9% Astra Astra 161,353/ 56.9% 141,952 / 48.6% Toyota Toyota 84,931 / 29.1% 107,611/ 37.9% Sedan Sedan 1,874 / 0.6% 2,650 / 0.9% M/S Market Segment Brand M/S Market Segment Brand 1Q18 1Q17 12 Source: Gaikindo Automotive – Car Product Launches During first quarter 2018 , Astra launched 7 new models and 2 revamped models.

BMW 520i Luxury (NEW) (NEW) January 2018 February 2018 February 2018

Lexus RX350L (NEW) Peugeot 3008 SUV (NEW) Isuzu Giga FVZ 34 (NEW) March 2018 March 2018 March 2018 13 Automotive – Wholesale Motorcycle Market The wholesale market for motorcycles increased by 4% to 1.5 million units. Astra Honda Motor’s domestic sales were flat at 1.1 million units, mainly due to inventory management ahead of several key model launches, which resulted in its market share decreasing from 77% to 73%. 1Q18 4% 1Q17

Kawasaki 2.2% 1,457,494 1,401,538 Suzuki 1% Sport/Others Sport/Others Kawasaki 1.7% 53.6% 9.9% Suzuki 1.3% Sport/Others Sport/Others Yamaha Yamaha 53.9% 10.1% 341,544 285,668 23.4% 20.4% Sport/Others Sport/Others 7.2% 7.1%

Scooter Scooter 1,214,733 1,157,241 83.3% Scooter Honda Scooter Scooter Honda Scooter 82.6% 926,212 1,069,296 921,913 921,913 1,073,184 926,212 80% 73.4% 86.2% 75.9% 76.6% 86.3%

Cub Cub Cub Cub Cub Cub 69,938 69,938 98,408 70,416 70,416 102,334 6.6% 71.1% 6.8% 6.6% 68.8% 7.3% Brand Honda Segment Honda Product Segment Brand Honda Segment Honda Product Segment 1Q18 M/S 1Q17 M/S 14 Source: AISI Automotive – Motorcycle Product Launches During first quarter 2018, Astra Honda Motor launched 1 new model and 5 revamped models.

HondaHonda CMX BeAT 500 Sporty Rebel Honda BeAT Street Honda CBR 150 R JanuaryMarch 2017 2018 January 2018 January 2018

Honda CB 150 Verza (New) Honda Scoopy Honda Supra X 125 FI February 2018 February 2018 March 2018

15 Automotive – Components Astra Otoparts, the Group’s components business, reported net income 1% lower at Rp146 billion, despite an 11% increase in revenue. The decline in net income was mainly due to reduced contributions from its joint venture and associate companies, which were impacted by forex translation losses. Share of Results of Joint

Revenue (Rp bio) Net Income (Rp bio) Ventures and Associates (Rp bio)

11 % 1% (21%)

3,838 146 148 77 3,472 61

1Q181Q18 1Q171Q17 1Q18 1Q171Q17 1Q18 1Q171Q17

16 Financial Services Net income from the Group’s financial services division decreased by 6% to Rp1.1 trillion, due to lower contribution from Permata Bank.

Unit Financed 1Q18 1Q17 % Amount Financed (Rp bio) 1Q18 1Q17 % ACC 49,594 47,596 4 ACC 7,488 7,288 3

TAF 19,085 30,069 (38) TAF 3,750 5,449 (31) Auto Total ACC & TAF 68,679 77,665 (12) Auto Total ACC & TAF 11,238 12,737 (12)

FIF (Incl.Electronics)’000 879 846 4 FIF (Incl.Electronics) 8,487 7,926 7 Total Auto 19,725 20,663 (5) SANF 190 167 14 SANF 267 252 6 HE KAF 105 130 (19) HE KAF* 579 647 (11) Total HE 295 297 (1) Total HE 846 899 (6)

Permata Bank Asuransi Astra Buana • 1Q18 consolidated net income of Rp164 billion • Higher net income by 15% to Rp247 billion. (1Q17: consolidated net income of Rp453 billion, • 1Q18 Gross Written Premium up by 9% YoY to benefited from a one-off gain on the sale of non- Rp1.2 trillion. performing loans). • RBC: 228%** vs regulatory minimum of 120%. • Loan book increased by 4% YoY to Rp100 trillion. • LDR 89%, Total CAR 18%, and CET-1 ratio 15%. • Gross and Net NPL were relatively stable at 4.6% and * Average exchange rate USD/IDR: 13,625 (1Q18) & 13,337 (1Q17) **Tentative figure, waiting confirmation from OJK 1.7% respectively, with NPL coverage ratio of 194%. 17 Heavy Equipment, Mining, Construction and Energy United Tractors, which is 59.5%-owned, reported net income 69% higher at Rp2.5 trillion. The increase was mainly due to improved performances in its construction machinery and mining contracting businesses, as well as its mining operations, as a result of increased coal prices.

Revenue (Rp bio) Mining Contracting

19,011 39%

734 13,679 3,460 Coal OB 506 Production Removal 2,082 6% 22% 7,954 207.0

6,299 169.7

6,862 26.5 25.1 4,792

1Q18 1Q17 1Q18 1Q17 Construction Machinery Mining Contracting

Coal (mn tonnes) Overburden (mn bcm) Mining Construction Industry Komatsu Unit Sales Coal Sales (incl. Trading) General Contractor New Contracts In 1Q18, Acset still has approximately Rp9.8 trillion

outstanding contract works carried over from previous years.

1,171

38% 36% 124%

13% 847 19% 8% 15% 24% 2,593 8.4 20% 60% 1,900 41% 3.8 1Q18 1Q17 1Q18 1Q17 2017 2016 18 Mining Forestry Construction Agro Total Coal Sales (all in thousand tonnes) New Contracts Secured (Rp tn) Agribusiness Astra Agro Lestari, which is 79.7%-owned, reported net income 55% lower at Rp355 billion, primarily due to lower crude palm oil prices. Achieved average crude palm oil prices were 12% lower at Rp7,855/kg, while sales of crude palm oil and its derivatives were 17% higher at 480,000 tonnes. Revenue (Rp bio) CPO Yield (tonne/Ha)

4,446 1% 4,491 8%

1,703 1,475 Export Local 0.96 0.88 2,744 3,015

1Q18 1Q17 1Q18 1Q17

CPO Production (‘K tonnes) CPO & Derivatives Sales (‘K tonnes) Average CPO Price (Rp/Kg)

0% 17% 12%

388 387 8,952 480 7,855 410

1Q18 1Q17 1Q18 1Q17 1Q18 1Q17 19 CPO Production CPO & Derivatives Sales Infrastructure and Logistics The Group’s infrastructure and logistics division reported a net loss of Rp23 billion, compared with a net profit Rp67 billion in the first quarter of 2017, as results were affected by initial losses on the Cikopo-Palimanan toll road acquired in the first half of 2017. MMS Toll Revenue (Rp bio) MHI Toll Revenue (Rp bio) LMS Toll Revenue (Rp bio) TMJ Toll Revenue (Rp bio)

[72.5km] [40.5km] [116.8km] [72.6km]*

14% 1,101% 4% 36 %

253 221 39 50 296 286 37 3 1Q18 1Q17 1Q18 1Q17 1Q18 1Q17 1Q18 1Q17 * 40.1km is in operation

SERA Vehicles under Contract (units) Astra Toll Roads Portfolio (Km)

4% Toll Road Concessions As at 31 March 2018

In Operation 269.0 22,629 23,474 Under Development 84.4

Total 353.4

1Q18 1Q17 20 Information Technology Astra Graphia, which is 76.9%-owned, reported net income higher at Rp35 billion due to higher revenues across all its business segments.

Astra Graphia Revenue (Rp bio) Astra Graphia Net Income (Rp bio)

630 578 8% 9% 5%

38% 41%

38% 113 35

25%54% 1,134 59% 33

37% 1,543 1Q18 1Q17 1Q18 1Q17

AGDS AGIT AXI

21 Property

Net Income (Rp bio) The Group’s property division reported a net income of Rp6 billion compared to net income of Rp42 billion in the prior year. This was primarily 86% due to lower development earnings recognised from its Anandamaya Residences project, reflecting lower percentage completion in the final stages of the project. 42 Arumaya, the Group’s 60%-held residential development project located in South Jakarta, commenced marketing in March 2018 and is 6 scheduled for completion in 2022. 1Q18 1Q17 50%-owned Astra Land Indonesia, which owns 67% of Astra Modern Land, is in the process of developing a 67-hectare site in East Jakarta and has started marketing activities for the first two clusters of landed houses in the first quarter of 2018.

22 Appendices

23 Car Product Launches 2018

Models Launched Launching Period Engine Capacity Prices (Rp mio) BMW 520i Luxury Jan’18 2,000cc 1,009* Daihatsu Sirion Feb’18 1,300cc 182.5-193.5 Toyota Yaris Feb’18 1,500cc 235.4-275.9 RX 350L Mar’18 3,500cc 2,135 Peugeot 3008 Mar’18 1,600cc 697 Isuzu Giga FVR34 Mar’18 7,800cc 543-557 Isuzu Giga FVM34 Mar’18 7,800cc 648-675 Isuzu Giga FVZ34 Mar’18 7,800cc 820-833 Mar’18 2,500-3,500cc 925.2-1,773.4

* Off the Road price

24 Motorcycle Product Launches 2018

Models Launched Launching Period Engine Capacity Prices (Rp mio) Honda BeAT Sporty Jan’18 110cc 15.2-15.4 Honda BeAT Street Jan’18 110cc 15.9 Honda CBR 150 R Jan’18 150cc 19.3-19.9 Honda CB 150 Verza Feb’18 150cc 32.9-33.7 Honda Scoopy Feb’18 110cc 17.8 Honda Supra X 125 FI Mar’18 125cc 17.1-18.1

25 National Automotive Market Data

1Q18 1Q17 Major Brands Wholesale Astra Wholesale Astra Toyota – Avanza, Innova, Fortuner; Honda – HR-V, Non LCGC 233,455 43% 219,536 50% Mobilio, BR-V, Daihatsu – Xenia, Terios, Gran Max Astra Toyota – Calya, Agya; Astra Daihatsu – Sigra,

Car LCGC 58,573 71% 64,224 81% Ayla; Honda - Brio Satya; Datsun - GO Panca; Suzuki - Karimun Wagon R Total 292,028 49% 283,760 57% Honda - Revo Series, Supra Series, Blade; Yamaha –

Cub 98,408 71% 102,334 69% Jupiter MX King, Jupiter ZX, Vega Force; Suzuki –

Smash Honda - BeAT, Vario, Scoopy; Yamaha - N-Max, Mio, Scooter 1,214,733 76% 1,157,241 80% Aerox; Suzuki – Address, Nex Honda - CB 150 R Street Fire, Verza, CBR 150R; Sport 144,353 54% 141,953 54% Yamaha - V-ixion R - 15, Xabre, Byson; Suzuki - Motorcycle Satria F 150; Kawasaki – Ninja Total 1,457,494 73% 1,401,538 77%

26 Equity Research Contact Details

No Brokerage House Analyst Name Contact Number Email Address 1 Bahana Sekuritas Andri Ngaserin +62 21 250 5735 [email protected] 2 BCA Sekuritas Aditya Eka Prakasa +62 21 23587222 [email protected] 3 BoA Merrill Lynch Swati Chopra +65 6678 0405 [email protected] 4 Ciptadana Sekuritas Asia Arief Budiman +62 21 2557 4800 [email protected] 5 Citigroup Investment Research Ferry Wong +62 21 2924 9213 [email protected] 6 CLSA Indonesia Sarina Lesmina +62 21 2554 8820 [email protected] 7 Credit Suisse Sekuritas Indonesia Jahanzeb Naseer +62 21 2553 7977 [email protected] 8 Danareksa Sekuritas Stefanus Darmagiri +62 21 2955 5831 [email protected] 9 DBS Vickers Maynard Priajaya Arif +62 21 3003 4900 [email protected] 10 Deutsche Verdhana Securities Joko Sogie +62 21 2964 4543 [email protected] 11 Goldman Sachs Pramod Kumar +91 22 6616 9043 [email protected] 12 HSBC Global Research Tarun Bhatnagar +65 6658 0614 [email protected] 13 Indo Premier Sekuritas Raditya Immanzah +62 21 5793 1168 [email protected] 14 J.P. Morgan Securities Indonesia Aditya Srinath +65 6882 7138 [email protected] 15 Kresna Securities Franky Rivan +62 21 2939 1900 [email protected] 16 Macquarie Sekuritas Indonesia Robert Pranata +62 21 2598 8366 [email protected] 17 Mandiri Sekuritas Ariyanto Kurniawan +62 21 5296 9682 [email protected] 18 Maybank Kim Eng Securities Isnaputra Iskandar +62 21 2557 1129 [email protected] 19 NH Korindo Sekuritas Arnold Sampeliling +62 21 797 6202 [email protected] 20 Nomura Indonesia Elvira Tjandrawinata +62 21 2991 3341 [email protected] 21 Onix Capital Bagus Hananto +62 21 3190 1777 [email protected] 22 RHB Sekuritas Indonesia Andrey Wijaya +62 21 2598 6888 [email protected] 23 Samuel Sekuritas Akhmad Nurcahyadi +62 21 2854 8144 [email protected] 24 Sinarmas Sekuritas Evan Lie Hadiwidjaja +62 21 392 5550 [email protected] 25 Sucor Sekuritas Raditya Immanzah +62 21 8067 3164 [email protected] 26 Trimegah Securities Willinoy Sitorus +62 21 2924 9088 [email protected] 27 UBS Securities Indonesia Ronald Liem +62 21 2554 7032 [email protected] 28 UOB Kay Hian Securities Stevanus Juanda +62 21 2993 3845 [email protected] 29 Valbury Asia Securities Budi Rustanto +62 21 2553 3600 [email protected] 30 Yuanta Securities Indonesia Yusuf Ade Winoto +62 21 515 5890 [email protected]

27 For further information please contact: PT Astra International Tbk Corporate Investor Relations P: (+62 21) 652 2555 F: (+62 21) 6530 4953 E: [email protected]

28