PT Astra International Tbk 1H 2014 Results Presentation Disclaimer

This report has been prepared by PT Astra International Tbk independently and is circulated for the purpose of general information only. It is not intended for the specific person who may receive this report. The information in this report has been obtained from sources which we deem reliable. No warranty (expressed or implied) is made as to the accuracy or completeness of the information. All opinions and estimations included in this report constitute our judgment as of this date and are subject to change without prior notice.

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 PT Astra International Tbk 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.

Cautionary note on forward-looking statements: This report may contain statements regarding the business of PT Astra International Tbk and its subsidiaries that are of a forward-looking nature and are therefore based on management's assumptions about future developments. Forward-looking statements involve certain risks and uncertainties because they relate to future events. Actual results may vary materially from those targeted, expected or projected due to several factors. Potential risks and uncertainties includes such factors as general economic conditions, foreign exchange fluctuations, interest rate changes, commodity price fluctuations and regulatory developments. The reader and/or listener is cautioned to not unduly rely on these forward-looking statements. We do not undertake any duty to publish any update or revision of any forward-looking statements. Highlights • Indonesia economic growth slowed moderately to 5.2% in 1H 2014 (1H 2013: 5.8%), driven by lower export growth while consumption remained strong. • Improved results from the Group’s agribusiness and contract mining operations were partially offset by a decline in earnings from the Group’s automotive businesses as margins declined in the car sector. • The Group’s financial services businesses recorded earnings up 15%, which included a Rp 440 billion one-time gain on the acquisition of 50% of Astra Aviva Life.

Period ended 30th June

2014 2013 Change Net Revenue (Rp bn) 101,528 94,279 8% Net Income (Rp bn)* 9,815 8,819 11% Net earnings per share (Rp) 242 218 11% As at 30th As at 31st Change June 2014 December 2013 Shareholders’ Funds (Rp bn)** 88,418 83,938 5% Net asset value per share (Rp)** 2,184 2,073 5%

* Net income is profit attributable to owners of the parent. ** Shareholders' funds and Net asset value per share are based on equity attributable to owners of the parent. 2 Business structure Automotive Financial Services Heavy Equipment Agribusiness Infrastructure, Information & Mining Logistics & Technology Others

Automobile Automobile Construction Palm Oil Toll Road Document • Machinery Solution • •Astra Credit •MMS : 72km Companies •Isuzu •United Tractors •MTN : 11km Astra Graphia •Toyota Astra •BMW •Traktor Astra Agro Lestari •MHI : 41km Finance •Peugeot Nusantara •UD Trucks Motorcycle LogisticsLogistics • IT Solution Motorcycle Federal Intl. Mining Contractor •SERA / TRAC • Finance •Mobil 88 (used) PAMA Persada •SELOG Astra Graphia Honda Nusantara •TFLI Information Heavy Equipment Technology Water Utility • Water Utility Component SAN Finance Palyja •Komatsu Astra Coal Mining Finance Palyja Astra Otoparts Fuel Logistic •PMM Banking • TTA Gresik Terminal • ABP Fuel Logistic Sea Port • BEE Others Bank Permata • ABB / ABJ GresikEastkal Terminal • DS / DN Astraworld Insurance • PJU Property Sea Port • Asuransi Astra •Menara Astra Buana •AnandamayaEastkal • Astra Aviva Life Apartment

3 Market position at 31 June 2014

• Astra’s car market share decreased from 53% to 52%, and Astra’s motorcycle market share increased from 60% to 62%. • Komatsu continue to maintain leading market position with 40% market share.

Car Motorcycle Others Kawasaki Suzuki 6% 2% Honda 4% 13% Toyota 35%

Nissan Yamaha 3% 32%

Suzuki Honda 13% 62% Heavy Equipment Others Daihatsu Mitsubishi Isuzu 13% 15% 12% 2% Komatsu Source : Gaikindo 40% Source : AISI Kobelco 14%

Hitachi 19% Caterpillar 14% Source: United Tractors – Internal Market Research 4 Corporate actions

• Astra International and Aviva signed an agreement to Jan ‘14 establish Joint Venture “Astra Aviva Life” with ownership structure 50:50, to provide life insurance product in Indonesia. • Bank Permata completed a Rp 1.5 trillion Right Issue VI at price of Rp 1,242 per share.

• Bank Permata acquired 25% share of PT Astra Sedaya Mar ‘14 Finance amounted to Rp 2.2 trillion.

May‘14 • AI completed acquisition of 50% stake in Astra Aviva Life.

• Astra Graphia sold its 51% interest in AGIT Monitise Jun‘14 Indonesia, and recorded a gain on disposal of Rp 42 billion.

5 Financial Performance Consolidated income statement

“The Group’s businesses produced mixed results in the first half, despite generally strong operating volumes. While the outlook for the remainder of the year is for a satisfactory operating performance, it is expected that there will continue to be heightened competition in the car market and a subdued outlook for coal prices.”

- Prijono Sugiarto, President Director

In Billion Rupiah 1H14 1H13 Change USD / IDR, average 11,729 9,756 20% Revenue 101,528 94,279 8% Gross Profit 19,144 16,568 16% Operating Expenses (9,224) (8,673) 6% Other Income 1,413 1,292 9% Equity Income 3,329 3,067 9% Income Tax Expense (2,841) (2,125) 34% Non-controlling interest (2,006) (1,310) 53% Net Income 9,815 8,819 11%

7 Astra portfolio as at 30 June 2014 Ownership Share of NI % % 1H14 1H13 Auto Non-Auto Auto Non-Auto 4W Automotive SO – Toyota, Daihatsu, Isuzu 100 Toyota Astra Motor 51 23 28 32 Isuzu Astra Motor Indonesia 45 Increased Net Income 2W Automotive contribution from Non-Auto Astra Honda Motor 50 16 17 segment, driven by Agribusiness Honda SO 100 Component and Heavy Equipment and Astra Otoparts 80 3 6 Mining:

Financial Services 2001 2012 2013 1H14 Astra Sedaya Finance 75 Federal International Finance 100 Toyota Astra Financial Services 50 Auto (Incl. auto related Komatsu Astra Finance 50 16 9 19 5 Financial Services) 89% 64% 68% 58% SAN Finance 60 Asuransi Astra Buana 96 Permata Bank 45 Astra Aviva Life 50 Non-Auto 11% 36% 32% 42% Heavy Equipment & Mining United Tractors 60 20 16 Pamapersada Nusantara 60 Agribusiness Astra Agro Lestari 80 11 7 Infrastructure, Logistics, IT SERA 100 Palyja 49 2 2 Marga Mandalasakti 79 77 Astra Graphia 8 Consolidated balance sheet

• Astra’s net asset value of Rp 2,184 per share at 30th June 2014 was 5% higher than at the end of 2013. • Net debt at 30th June 2014, exclusive of the Group’s financial services subsidiaries, was Rp 4.2 trillion, compared to net debt of Rp 3.7 trillion at the end of 2013, a 14% increase.

In Billion Rupiah 30-Jun-14 31-Dec-13 Change Cash and Cash Equivalents 17,160 18,557 (8%) Trade Receivables 22,947 19,843 16% Inventories 18,708 14,433 30% Financing Receivables 57,265 54,677 5% Investment in Jointly Controlled Entities and Associates 25,144 23,870 5% Fixed Assets 39,017 37,862 3% Other Assets 46,888 44,752 5% Total Assets 227,129 213,994 6% Short-term Borrowings 12,022 12,854 (6%) Trade Payables 20,681 17,275 20% Long-term Debt 51,456 51,669 (0%) Other Liabilities 30,177 26,008 16% Total Liabilities 114,336 107,806 6% Equity Attributable to Owners of The Parent 88,418 83,938 5% Non – controlling Interest 24,375 22,250 10% Total Equity 112,793 106,188 6% Net Debt (46,318) (45,966) 1% Net Debt (Excl. Financial Services) (4,219) (3,687) 14%

9 Consolidated cash flow

As at 30 June 2014, Astra ending cash balance was Rp 17 trillion.

In Billion Rupiah 1H14 1H13 Change Cash from operations 9,866 13,110 (3,244) Tax Payments (2,612) (3,336) 724 Interest received 666 404 262 Dividends Received 2,858 2,100 758 Cash flow from Operating Activities + Dividends Received 10,778 12,278 (1,500) Net Capex (5,293) (4,867) (426) Net Investment (1,194) (1,174) (20) Other Investing (279) (152) (127) Cash flow for Investing Activities – Dividends Received (6,766) (6,193) (573) Net proceed of Debt (539) 2,349 (2,888) Interest Payment (485) (562) 77 Dividend Payment (7,132) (7,051) (81) Other Financing 2,194 2,393 (199) Cash flow for Financing Activities (5,962) (2,871) (3,091) (Decrease) / Increase in Cash (1,950) 3,214 (5,164) Opening Cash Balance 18,555 10,815 7,740 Exchange Rate Adjustment 227 185 42 Closing Cash Balance (incl. Bank overdraft) 16,832 14,214 2,618

10 Business Updates Automotive – wholesale car market

Astra’s car sales rose by 4% with the market share decreasing from 53% to 52%.

1H14 1H13 642,311 602,214

Others 7.4% Nissan 3.1% Commercial Others 8.0% 171,707 Commercial Honda 12.9% 26.7% Nissan 5.2% Others Commercial 173,210 Honda 8.2% 307,831 31.8% Others 28.8% Commercial 47.9% Suzuki 12.7% 281,032 46.7% Suzuki 12.5% 33.5% Mitsubishi Mitsubishi 11.9% 12.9% Commercial Isuzu 2.3% Commercial Isuzu 2.7% 16.3% Daihatsu 4x2 & 4x4 18.0% Daihatsu 14.8% 457,628 14.7% 4x2 & 4x4 71.2% 412,615 Astra 4x2 & 4x4 Astra 4x2 & 4x4 68.5% 334,480 62.1% 4x2 & 4x4 4x2 & 4x4 321,182 79.7% 52.1% 59.5% 81.3% Toyota 53.3% Toyota 34.9% 35.8%

Sedan 2.4% Sedan 2.0% Sedan 60.7% Sedan 2.2% Sedan 2.7% Sedan 43.8% M/S AI Product Brand Segment AI Product M/S AI Product Brand Segment AI Product 1H14 Segment M/S 1H13 Segment M/S

Source: Gaikindo 12 Automotive – car product launches

During first semester 2014 , Astra launched 11 new models and 7 revamped models.

Toyota All New Corolla Altis Luxio All New Yaris January 2014 February 2014 March 2014

320i Gran Turismo Luxury Avanza Luxury Isuzu FVZ 34K MX May 2014 June 2014 June 2014

13 Automotive – wholesale motorcycle market Astra Honda Motor’s sales increased by 11%, with it’s market share increasing from 60% to 62%. 1H14 7% 1H13 4,202,296 3,923,695 Others, 2.0% Suzuki,4.0% Sport/Others Others, 1.9% 34.3 % Sport & Others 16.3% Suzuki, 5.3% Sport/Others 28.0% Sport & Others Yamaha, 16.3% 1,329,967 31.6 % Yamaha, 1,277,781 Sport/Others 32.6% 8.9% Sport/Others Scooter 7.6% 2,710,555 Scooter Scooter 64.5% 2,498,641 Scooter 1,876,415 63.7% Scooter 1,717,700 Honda, 69.2% Scooter 1,876,415 Honda, 68.7% 2,623,175 71.5% 1,717,700 62.4% 2,364,297 72.7% 60.3%

Cub Cub Cub Cub 807,732 Cub Cub 784,760 512,344 512,344 19.2% 466,995 225,668 20.0% 19.5% 63.4% 19.8% 59.5% Brand Honda Segment Honda Product Segment Brand Honda Segment Honda Product Segment 1H14 M/S 1H13 M/S Source: AISI 14 Automotive – motorcycle product launches

During first semester of 2014, Astra Honda Motor launched 11 revamped models.

Honda Mega Pro PGM-FI Honda Supra-X 125 PGM-FI Honda Vario PGM-FI January 2014 February 2014 March 2014

Honda Beat-FI Honda CBR 250 R Honda Spacy-FI May 2014 May 2014 June 2014 15 Automotive - components

Astra Otoparts, the Group’s 80%-held component business, saw higher sales volumes although net income fell by 11% to Rp 454 billion on lower manufacturing margins.

Revenue (IDR billion) Net Income (IDR billion) 511 26% 11% 454 6,227 9% 4,961 Export, Export, 7% 243 371 37% 8% 6% After 40% OEM, Market, After 48% 29%, Market, OEM, 45% 65%, 54% 211 52% 140

1H14 1H13 1H14 1H13

Export After Market OEM Equity Income Consolidated

16 Financial services Net income from the Group’s financial services businesses increased by 15% to Rp 2.5 trillion, driven by the strong growth from FIF and one-time gain from the acquisition of a 50% stake in Astra Aviva Life.

Unit Financed 1H14 1H13 % Asuransi Astra Buana ACC (new & used cars) 108,030 95,047 14 • 1H14 Gross Written Premium up by 9% TAFS 32,548 32,124 1 Auto year on year to Rp 2 trillion Total 4W 140,578 127,171 11

FIF (Incl.Electronics) 1,434K 1,234K 16 • RBC : 149%, requirement 120% SANF 991 1,479 (33) HE KAF 95 199 (52) Bank Permata Total HE 1,086 1,678 (35) • 1H14 consolidated net income decreased by Amount Financed (Rp bio) 1H14 1H13 % 2% to Rp 800 billion ACC 13,934 13,056 7 TAFS 4,877 4,883 0 • Loan book grew by 19% to Rp 128 trillion Auto Total 4W 18,811 17,939 5 • LDR 92% & CAR 14% FIF 12,092 9,878 22 • Gross-NPL ratio was up from 1.2% to 1.5% Total Auto 30,903 27,817 11 SANF 1,379 1,663 (17) HE KAF 591 904 (35) Total HE 1,970 2,567 (23)

* Incl. Joint Financing 17 Heavy equipment & mining United Tractors, 59.5%-owned, reported a 42% improvement in net income to Rp 3.3 trillion, driven by strong performance from its mining contracting business. Revenue (Rp bio) Mining Contracting 11% 27,533 24,901 Coal OB 2,889 Prod: 1,981 Removal: 20% 3% 415.6 16,203 14,436 401.3

59.9 50.1 8,441 8,484 1H14 1H13 1H14 1H13 Construction Machinery Mining Contracting Mining Coal Production (mn tonnes) Overburden Removal (mn bcm) Komatsu Unit Sales Coal Mines: Reserves and Sales 10% 51% 2,452 3,432 2,207 Est. Combined Coal 515 Reserves (Mio Tons)* 486 TTA 30 1,690 564 2,277 618 PMM 3 196 ABP 9 309 1,459 ABB/ABJ 101 1,177 1,742 794 DS/DN 45 818 BEE 177 1H14 1H13 1H14 1H13 PJU 45 Mining Forestry Construction Agro Total 409 PMM & Asmin TTA & DN (all in thousand tonnes) * As at 2013 year end 18 Agribusiness Astra Agro Lestari, which is 79.7%-held, reported net income of Rp 1.4 trillion, up 91 % mainly due to higher average CPO price by 31%. CPO sales decreased by 10% to 675 thousand tonnes, primarily due to the commencement of operations of Astra Agro Lestari’s refinery in West Sulawesi, which sold 92,000 tonnes of olein during the first half. Revenue (Rp bio) CPO Yield (tonne/Ha) 8,008 46% 8% 1,099 5,496 100

6,909 Export 2.42 2.25 5,396 Local

1H14 1H13 1H14 1H13 CPO Production & Sales (‘K tonnes) Area Maturity (‘K Ha) * 283 4% 275 34 37 CPO CPO Prod: Sales 21% 10% Immature

853 249 Mature 238 675 704 752 92 - 1H14 1H13 1H14 1H13 Production Sales Olein Sales * Incl. plasma plantation 19 Infrastructure, logistics and others

TRAC Rental Car (unit) 5%

• Serasi Autoraya’s revenue improved, despite the number of vehicles under contract at its 29,545 31,223 TRAC car rental business being lower by 5% at 29,545.

1H14 1H13

MMS Vehicle Traffic Volume (‘K unit) 4%

• Marga Mandalasakti, the Tangerang – Merak 72.5km toll road operator, reported a 4% 20,830 19,958 increase in traffic volumes to 21 million vehicles, with 14% higher average tariffs.

1H14 1H13

20 Appendices Divisional revenue and net income Divisional Revenue In Billion Rupiah 1H14 1H13 % Chg Automotive 54,188 53,208 2% Financial Services 7,489 6,707 12% Heavy Equipment 27,458 24,864 10% Agribusiness 8,008 5,495 46% Infrastructure, Logistics & Others 3,556 3,105 15% Information Technology 829 900 (8%) Total 101,528 94,279 8% Divisional Net Income In Billion Rupiah 1H14 1H13 % Chg Automotive 4,003 4,413 (9%) Financial Services 2,478 2,147 15% Heavy Equipment 1,988 1,410 41% Agribusiness 1,091 571 91% Infrastructure, Logistics & Others 171 223 (23%) Information Technology 84 55 53% Total 9,815 8,819 11%

22 Car products launched in 1H14

Models Launched Launching Time Engine Capacity Prices (IDR mn) Car Toyota All New Altis Jan’14 1,800cc 375 – 410 BMW 520d Modern Jan’14 2,000cc 838* BMW 520i Modern Jan’14 2,000cc 858* BMW 528i Luxury Jan’14 2,000cc 998* BMW 535i M Sport Jan’14 3,000cc 1,298* Isuzu Giga FVZ Long Wheel Base Feb’14 7,800cc 798 Daihatsu Luxio Feb’14 1,500cc 157.4 – 182.6 Toyota All New Yaris Mar’14 1,500cc 219.2 – 256.1 BMW M235i Mar’14 3,000cc 928* BMW X5 xDrive 35i M Sport Apr’14 3,000cc 1,348* BMW 320i Gran Turismo Luxury May’14 2,000cc 859* BMW 428i Convertible Sport May’14 2,000cc 1,088* BMW 428i Gran Coupe M Sport May’14 2,000cc 968* Toyota Nav - 1 May’14 2,000cc 386.7-412.5 BMW M3 Jun’14 3,000cc 1,699* BMW M4 Coupe Jun’14 3,000cc 1,799* Isuzu Giga FVZ 34K MX Jun’14 7,800cc 820 Luxury Jun’14 1,300cc – 1,500cc 184.6-191.6 *Off the road

23 Motorcycle products launched in 1H14

Models Launched Launching Time Engine Capacity Prices (IDR mn)

Motorcycle Honda Revo Series FI Jan’14 110cc 12.7 – 14.1 Honda Mega Pro FI Jan’14 150cc 20.5 Honda Supra – X 125 FI Feb’14 125cc 15.4 – 16.4 Honda Verza Feb’14 150cc 17.1 – 17.9 Honda Blade 125 FI Mar’14 125cc 15.4 – 16.1 Honda Vario FI Mar’14 110cc 15.2 Honda Vario Techno 125 FI Mar’14 125cc 16.1 – 16.8 Honda BeAT FI May’14 110cc 12.9 – 14.3 Honda CBR 250 R May’14 250cc 53.7 – 55.2 Honda Scoopy FI May’14 110cc 15.2 Honda Spacy FI Jun’14 110cc 13.4

24 National market data (summary)

1H14 1H13 Major Brands Wholesale Astra Wholesale Astra Toyota - Vios/Limo, Altis, Camry; Honda - City, Civic, Sedan 12,976 60.7% 16,389 43.8% Accord; Mercedes - E Series, C Series Toyota - Avanza, Innova, Rush, Agya Daihatsu - Xenia, Terios, Ayla; Nissan - Grand Livina, 4X2 & 4X4 457,628 59.5% 412,615 62.1% March, Evalia; Suzuki - Ertiga, APV, Splash; Honda – Mobilio, CR-V, Jazz, Freed; Mitsubishi – Pajero Sport, Mirage, Outlander Sport Car Mitsubishi – Canter, L-300, Strada; Daihatsu – Gran Pick Up/ Trucks/ Bus 165,846 31.2% 165,581 33.3% Max; Suzuki – Carry, APV; Isuzu – Elf, Panther, Giga; Toyota – Dyna ,Hi-Lux, Hi-Ace Toyota – Hilux; Mitsubishi – Strada; Ford – Ranger; Double Cabin 5,861 47.7% 7,629 37.2% Isuzu – D-Max Total 642,311 52.1% 602,214 53.3% Honda - Supra X 125, Revo Series, Blade; Yamaha - Cub 807,732 63.4% 784,760 59.5% Jupiter MX, Vega RR, Jupiter Z; Suzuki – Smash Titan, Shooter, Shogun Axello 125 Honda - BeAT, Vario, Scoopy; Yamaha - Mio, Xeon, Scooter 2,710,555 69.2% 2,498,641 68.7% X-Ride; Suzuki – Nex, Hayate, Let’s Yamaha - V-ixion, Byson, Scorpio Z; Honda - CB 150

Motorcycle Sport & Others 684,009 34.3% 640,294 28.0% R, Verza, New Mega Pro; Suzuki - Satria F 150, Thunder 125 Total 4,202,296 62.4% 3,923,695 60.3%

Source: Gaikindo & AISI

25 For further information please contact: Investor Relations of PT Astra International Tbk - Attn: Iwan Hadiantoro / Tira Ardianti / Christian P: (+62 21) 652 2555 F: (+62 21) 6530 4953 E: [email protected] / [email protected] / [email protected]

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