Jasa Marga Update 1Q2021olders Meeting 1 August 2019 Company Overview

2 Company Highlights

Brief Snapshot Company Highlights • Leading toll road operator in Indonesia with more than 40 years of • Largest toll road operator in Indonesia with 67% market share in experience. term of operated commercial toll roads lengths (± 1,214 km). • 34 toll road concessions with total length of 1,603 km. • The longest concession period holder in Asia reflecting stable • 70% shares owned by the Government of Indonesia. income. • Listed on the since 2007, with a market cap • Strategically important with strong government ownership. Rp29.3 trillion as of 31st March 2021. • Resilient industry with strong government focus. • Key business • Strong financial profile with promising growth going forward. • Construction, operation and maintenance of toll road • Supporting business / other business • Toll Road Operation Services (Provides operation services for Jasa Marga Group and other toll road investors) Vision & Mission • Toll Road Maintenance Services (Provides maintenance services for Jasa Marga Group and other toll road investor) To be the largest, trusted and sustainable national toll Vision road network company. • Prospective Business (Manages rest areas and other properties on toll road corridors) 1Q2021 Revenue Breakdown 1. Lead toll road business along the end-to-end value chain professionally and continuously to improve National connectivity. 2. Optimize regional development for community progress. Mission 3. Increase value for shareholders. 4. Enhance customer satisfaction through service excellence. 5. Encourage the development and enhancement of employee performance in a harmonious environment.

3 Company Key Development Milestone

✓Government offered the opportunities ✓Jasa Marga was established with for the private sector to participate in focus on business management, toll road business through Build, maintenance and procurement of Jasa Marga became a public Operate and Transfer (BOT) system the toll road network. The authority function was returned company through an Initial Public with Jasa Marga. to the Government, Toll Road Offering (IPO) and listed its shares ✓Jagorawi as the first toll road in ✓ Toll roads operated by Jasa Regulatory Agency (BPJT) under the on the Indonesia Stock Exchange. Indonesia began its operation. Marga initiated its operations Ministry of Public Works. gradually.

1978 1987 2004 2007

✓ Successfully doubled our business by operating 28 toll road ✓Fully implemented electronic ✓ Operated 24 toll road concessions (±1,162 km) ✓ Still manage to operate 1,191 km payment system in all toll roads concessions (±1,000 km) ✓ Issue alternative financing ✓ Issue alternative financing ✓Issue alternative financing ✓ Issue alternative financing product: Infrastructure product “Commercial Paper” and product: Securitization, Project product: Mutual Fund Limited Investment Mutual Fund (KIK also Continuing Public Offering Bond, Komodo Bond. Participation (Reksa Dana DINFRA) and Sukuk Ijarah, both at Bond Phase I Penyertaan Terbatas) Gempol Pandaan Toll Road

2017 2018 2019 2020

4 Company Structure

Jasa Marga has 13 concession of toll roads which operated by Branches (mature toll roads) and 21 concession of toll roads which operated through subsidiaries.

Shareholders Structure Government Parent Level of Indonesia (“GOI”) 1. Cawang-Tomang-Pluit (Jakarta Inner Ring Road) 2. Prof. Dr. Ir. Sedyatmo (Airport) 3. Padalarang Ministry of State-Owned Enterprises 4. Cileunyi (“MSOE”) 5. Jakarta-Cikampek 6. Palikanci 7. Jagorawi 70% 8. Surabaya-Gempol 9. Semarang 10. 11. Ulujami-Pondok Aren Public 30% 12. Jakarta-Tangerang 13. Belmera

As of 31st May 2021

PT Jasamarga Related Business 45% 40% 99.9%

43.77% 50.91% 43.00%

PT Jasamarga Japek PT Jasamarga Selatan Jogja Bawen 60% 80% 67.17%63%

Toll Road Subsidiaries Other Business Subsidiaries 5 Strong Corporate Governance and Highly Qualified Management Team

Experience management with over 20 years of experience, deep understanding on the industry/sector, and long-term relationship with stakeholders.

Subakti Syukur – President Director • Indonesia citizen, 58 years old, appointed through Annual GMS on 11th June 2020. • Joined Jasa Marga since 1986 and has working experience in toll road operations more than 20 years. Previously served as Director of Operation PT Jasa Marga (Persero) Tbk • Completed Bachelor Degree in Civil Engineering from Bandung Institute of Technology (1986) and Master degree in Management from University of Kristen Indonesia (2010).

Donny Arsal – Director of Finance • Indonesia citizen, 50 years old, appointed through Annual GMS on 15th March 2017. • Has working experience in Financial sector more than 23 years. Previously served as Managing Director PT Mandiri Sekuritas for Investment Banking Division. • Completed Bachelor Degree in Economics from University of Indonesia (1994).

Mohamad Agus Setiawan – Director of Business • Indonesia citizen, 49 years old, appointed through Extraordinary GMS on 27th May 2021. • Joined Jasa Marga since 1996. Has working experience in toll road industry more than 20 years. Previously served as Corporate Secretary Jasa Marga (2017-2021)and President Director of PT Jasamarga Pandaan Malang (2016-2017). • Completed Bachelor Degree in Civil Engineering from Bandung Institute of Technology (1995) and Master Degree in Road Network Management Engineering, in collaboration with the Department of Public Works and Parahyangan University, Bandung (2009).

Fitri Wiyanti – Director of Operation • Indonesia citizen, 46 years old, appointed through Annual GMS on 11th June 2020. • Joined Jasa Marga since 1998 and has working experience in toll road operations more than 20 years. Previously served as Operation and Maintenance Management Group Head . • Completed Bachelor Degree in Mechanical Engineering from University of Indonesia (1997).

Arsal Ismail – Director of Development • Indonesia citizen, 56 years old, appointed through Annual GMS on 11th June 2020. • Has working experience and major success in many business fields such as coal & mining, toll roads and airplane charters. Previously served as President Director of PT Nuansa Cipta Coal Investment, PT Putra MubaCoal and PT Bhumi Sriwijaya Perdana Coal which carrying out activities in the coal sector. • Completed Bachelor Degree in Management at Janabadra University (1988) and Master Degree in Business Administration & Policy from University of Indonesia.

Enkky Sasono A.W. – Director of Human Resources and Transformation • Indonesia citizen, 54 years old, appointed through Annual GMS on 11th June 2020. • Has working experience in Human Resource Development more than 20 years. Previously served as President Director of PT Jasamarga Bali Tol, one of toll road subsidiaries of Jasa Marga • Completed Bachelor Degree in Industrial Engineering from Mercu Buana University (2016) and Master Degree in Human Resource Management (2001). 6 Industry Overview

7 Overview of the Indonesian Toll Regulation

Advantages of Highly Regulated Industry • Certainty of tariff increase every two years according to regulation • The timing of the land acquisition process is faster, if any dispute is decided by the court • Potential for efficiency from cashless transaction Overview of The Authorities Toll Tariff Government of Indonesia • Initial toll tariff is calculated based on • investment feasibility, toll road user’s ability to pay and vehicle operating cost saving • Initial toll tariff is stipulated in concession agreement prior to start

Ministry of State- Ministry of of construction Owned Enterprises Public Works • Tariff adjustment is regulated by law, is calculated based on regional CPI and is adjusted once every 2 years Indonesian Toll Road Directorate General • Initial toll tariff setup and subsequent adjustment is decided by Authority (BPJT) of highways Minister of Public Works decree Concession − The ministry may postpone tariff increases if a toll road fails to agreement Concession comply with minimum service standards Private toll agreement road investors Concession Agreement Method Land acquisition Tender Acquisition Unsolicited • Land acquisition is government’s responsibility and is undertaken by land procurement committee appointed by the Government 100% Cashless Transaction • The land acquisition comprises four stages: planning, preparation, execution and delivery ▪ High efficiency on collection expanse and faster transaction period that − The law also regulates a deadline for land acquisition of 312 to a will reduce traffic flow, minimize the cost of providing change and cash maximum of 552 working days handling and Toll Revenue Security and minimize the potential for any • Price is determined by independent appraiser based on fair market authenticity toll payment instrument price ▪ Improving the Quality of Operational Human Resources (improving health • Investors may provide bridge financing for land acquisition costs to quality of toll collectors), increase transaction capacity without having to speed up the acquisition process, government will repay the add transaction point and efficiency of toll collecting costs investors for the land acquisition costs

8 Environment in Toll Road Industry

Commercially Land Acquisition Long-Term Feasible Project Contract Since 2016 as fully implemented the Law of land acquisition, the progress of land To ensure the project has adequate The concession of toll road is around acquisition has increased. return to attract investors, 35 to 50 years based on The Law regulate the change of price basis Government offer several package characteristics of each projects, to market price and the certainty of schemes. For example, VGF (Viability investment cost and location. process and timeline schedule. Gap Funding) – the project with low IRR is supported by state budget Under the same Law, the Government has paying some part of construction. responsibility to proceed and pay the land clearance if the infrastructure project is part of National Strategic Project.

Certainty in 100% Cashless No Guarantee on Tariff Adjustment Transaction Traffic Volume

As stated in road law, tariff will be High efficiency on collection expanse In toll road business scheme, there is adjusted every 2 years based on and faster transaction time will no guarantee by any parties regarding accumulated regional inflation. reduce traffic flow and minimize the the traffic volume and the toll cost of providing change, cash revenue. handling and toll revenue security.

PRIVATE AND CONFIDENTIAL 9 Company Update

10 Leading Toll Road Industry

Market Share

Operated Toll Road 1,603 km Accumulated Toll Road Concession ± 1,214 km Accumulated Toll Road in Operation

23.54 km

Additional Operated Toll Road in 2021 • Bogor Ring Road Section 3A (2.85 km) Jasa Marga’s • Cengkareng-Batuceper-Kunciran (14.19 km) Operated Toll Road 51% • Serpong-Cinere Section Serpong-Pamulang (6.50 km)

As of 30th April 2021 11 Jasa Marga’s Toll Road Network

Jasa Marga has 34 toll road concession (1,603 km) and operates 1,214 km of operating toll roads. Jasa Marga is doubling the business by expanding toll road network across Indonesia.

Strait of NORTH SUMATERA SUMATERA Malacca▪ BelmeraBelmera:: 42.7 42.70 km km ▪ Medan--KualanamuKualanamu-Tebing-TebingTinggiTinggi: 61.7: 61.70 km km NORTH SULAWESI GREATER JAKARTA JAKARTA & WEST & WEST JAVA JAVA ▪ Manado-Bitung: 39.9 km ▪ Jagorawi: 59.0 59.00 km km ▪ Jakarta-Tangerang-Tangerang: 33.0: 33.00 km SUMATRASUMATRA km MALUKUMALUKU ▪ Ulujami-Pondok-PondokArenAren: 5.56: 5.55 km km

▪ Jakarta Inner Inner Ring Ring Road: Road: 23.6 23.55 km km SULAWESISULAWESI NORTH SULAWESI ▪ Prof. Dr. Dr. Ir. Ir. Sedyatmo Sedyatmo: 14.3: 14.30 km km KALIMANTANKALIMANTAN ▪ Manado-Bitung: 39.9 km ▪ Jakarta-Cikampek:-Cikampek: 83.0 83.00 km km EAST KALIMANTAN EAST JAVA JAVA PAPUAPAPUA JavaJava SeaSea EAST KALIMANTAN ▪ JORR: 28.3 28.3 km km ▪ Balikpapan-Samarinda: 99.4 km ▪▪ SurabayaNgawi-Kertosono-Gempol:-Kediri: 49.00 114.95 km km ▪ Balikpapan-Samarinda: 99.35 km ▪ Cikampek-Padalarang-Padalarang: 58.5: 58.50 km km Banda Sea ▪▪ GempolSurabaya--PandaanGempol: 49.0: 13.61 km km ▪ Padaleunyi: 64.4: 64.40 km km ▪▪ Gempol--PandaanPasuruan: 13.6: 34.15 km km JAVAJAVA ▪ Palikanci: 2 6.326.30km km ▪▪ SurabayaGempol-Pasuruan-Mojokerto: 34.2: 36.27 km km BALIBALI ▪ JORR W2 W2 North: North: 7.7 7.70 km km Timor▪▪ SeaPandaanSurabaya--MojokertoMalang: 37.62: 36.3 km CENTRAL JAVA ▪ Bogor Ring Outer Road: Ring 11.0 Road: km 11.00 km CENTRALIndianIndian JAVAOceanOcean ▪ Pandaan-Malang: 37.6 km ▪ Cengkareng-Kunciran-Kunciran: 14.2: 14.19 km km ▪ ▪Semarang:Semarang: 24.8 km 24.75 km BALI ▪ Probolinggo-Banyuwangi: 172.9 km ▪ Kunciran-Serpong:-Serpong: 11.2 11.19 km km ▪ ▪SemarangSemarang-Solo: -72.6Solo: km 72.64 km ▪ Nusa Dua-Ngurah Rai-Benoa: 10.00 km ▪ ▪Solo-SoloNgawi-Ngawi: 90.4 km: 90.1 km ▪ Cinere-Serpong-Serpong: 10.: 10.1 km14 km BALI ▪ ▪BatangNgawi-Semarang:-Kertosono 75.0 :km 87.02 km ▪ Jakarta-Cikampek-CikampekII Elevated:II Elevated: 36.4 36.4 km km ▪ Nusa Dua-Ngurah Rai-Benoa: 10.0 km ▪ Jakarta-Cikampek II Selatan: 64 km ▪ ▪YogyaSemarang-Bawen: 75,82-Batang: km 75 km Legend Accumulation of Toll Road Operated (km) Accumulation of Concession Right (km) : Fully Operated (26 projects) 1,162 1,191 1,214 1,603 1,603 1,000 1,527 1,527 : Partially Operated (5 projects) 680 1,497

: In Land Acquisition and Construction (3 projects)

2017 2018 2019 2020 1Q2021* 2017 2018 2019 2020 1Q2021*

st nd *) Including Cengkareng-Kunciran which was functionally operated since 1 April 2021 and Cinere-Serpong Section Serpong-Pamulang which was commercially operated since 2 June 2021. 12 Financial Highlight

In 1Q2021, Jasa Marga managed to maintain its business performance and started to recover by recording net profit of Rp161.84 billion and maintaining a stable EBITDA Margin amidst the Covid-19 pandemic.

Revenue EBITDA EBITDA Margin

Rp Trillion Rp Trillion

70.00% 2.73 2.76 69.35% 1.90 1.93

1Q2020 1Q2021 1Q2020 1Q2021 1Q2020 1Q2021 Interest Bearing Debt to Interest Coverage Ratio Total Liability to Total Equity Total Equity (ICR)

3.20x 3.25x 2.65x

2.58x 2.45x 1.61x

2020 1Q2021 2020 1Q2021 1Q2020 1Q2021 PRIVATE AND CONFIDENTIAL 13 Jasa Marga’s Toll Road Projects

Jasa Marga has 13 mature toll road concessions which have steady cash flow to support 21 new toll road concessions under subsidiaries by issuing several alternative financing products.

Funding Structure

Equity 30%

Bank Loan at Subsidiary Level 70%

Historical Cash Capex

Rp Trillion 22.09

15.48 15.21 11.38

1.90

2017 2018 2019 2020 1Q2021 14 Jasa Marga’s Upcoming Project: Greater Jakarta

2 projects

Serpong – Cinere (10.14 km) Progress Land Acquisition: 99.17% Progress Construction: 95.51% Jakarta-Cikampek II Selatan (64 km) Progress Land Acquisition: 51.79% Progress Construction: 21.51%

Partially Operated In Land Acquisition and Construction *As of 25th June 2021

15 Jasa Marga’s Upcoming Project: Java and Outside Java

Java: 3 Projects Ngawi – Kertosono – Kediri (114.92 km)

JAKARTA Progress Land Acquisition (Wilangan-Kertosono): 0% Progress Construction (Wilangan-Kertosono): 0%

BANDUNG SURABAYA Probolinggo-Banyuwangi (172.91 km)* Progress Land Acquisition: 24.88% Progress Construction: 0% *Section 1 only (Probolinggo - Besuki) Bawen-Jogja (75.82 km) Progress Land Acquisition: 0% Progress Construction: 0%

Outside Java: 2 Projects

Manado-Bitung (39 km) MALUKUProgress Land Acquisition: 98.68% Progress Construction: 91.26%

SULAWESI Balikpapan-Samarinda (99.35 km) Progress Land Acquisition: 99.81% KALIMANTAN Progress Construction: 99.99% *As of 25th June 2021 Partially Operated In Land Acquisition and Construction 16 Appendix

17 Toll Revenue by Branch/Subsidiary (Rp Billion)

Notes : (1) Deconsolidated since 1H2017 (2) Deconsolidated since Q3 2018 (3) Deconsolidated since 1H 2019 18 Transaction Volume by Section (Million vehicle transactions)

*The impact of removal some toll gates due to changes of transaction system from closed system to open system 19 Financial Highlight: Income Statement (Rp Billion)

20 Financial Highlight: Balance Sheet (Rp Billion)

21 Disclaimer

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In addition, the information contained in this presentation contains projections and forward-looking statements that reflect the company's current views with respect to future events and financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economic and competitive uncertainties and contingencies as well as various risks and these may change over time and in many cases are outside the control of the company and its directors. No assurance can be given that future events will occur, that projections will be achieved, or that the company's assumptions are correct. Actual results may differ materially from those forecast and projected.

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22 Thank You PT Jasa Marga (Persero) Tbk Plaza Tol Taman Mini Indonesia Indah Jakarta 13550 - Indonesia Phone. +62 21-8413526, 8413630 Fax. +62 21-8401533, 8413540 Email. [email protected] www.jasamarga.com