Jasa Marga Update FY 2016

1 List of Content

3 Company in Brief

9 Toll Road Industry in Indonesia

12 Jasa Marga’s Strategic Projects

18 Funding Strategy

22 Financial Highlights

2 I COMPANY IN BRIEF Proven Track Record in Indonesian Toll Road Business

Leading toll road operator in Indonesia with 38 years of experience. Start 1978 1983 1984 1986 1987 1988 1990 1991 1998 2001 2003 2009 2011 2013 2014 2015 2016 Operation BORR (Section 2 & 3)(2) Jagorawi Cipularang JORR W2 North Surabaya- Padaleunyi Palikanci (4) (Section 1-4)(2) Gempol- Gempol (2) Jakarta- Surabaya- Pasuruan Ulujami- Bogor Outer Semarang Cikampek Ring Road Mojokerto Pondok Aren (Section 4)(2) Semarang- Belmera BORR Semarang-Solo Solo(2) Jakarta Outer (Section 1)(2) (Section 2)(2) Ring Road Cengkareng- Jakarta-Tangerang (2) (JORR) Gempol- Kunciran (2) Surabaya-Mojokerto Pandaan Kunciran-Serpong(2) Prof. Dr. Ir. (Section 1A)(2) Sedyatmo Jakarta Inner Surabaya-Mojokerto(2) Ring Road (JIRR) Toll Road (1) Semarang-Solo BORR Medan-Kualanamu- Concessions (2) Tebing Tinggi(2) (Section 1)(2) (Section 2A) Solo-Ngawi(2)

Ngawi-Kertosono(2) Nusa Dua-Ngurah Rai-Benoa(2) Cinere-Serpong(2)

Semarang-Batang(2)

Pandaan-Malang(2)

Balikpapan-Samarinda(2)

Manado-Bitung(2)

Jakarta-Cikampek II Elevated(2) Number of 1 2 4 6 7 8 9 10 11 12 13 14 16 17 18 19 19 31 Concessions

Total Length (km) under Corresponding 59 84 131 223 246 329 394 437 463 469 527 531 544 554 576 590 593 1.260 Concessions(3)

Note: (1) Jakarta Inner Ring Road (JIRR) is comprised of the Cawang-Tomang-Pluit concession granted to Jasa Marga and Cawang-Tanjung Priok-Pluit concession granted to CMNP. (2) Jasa Marga’s newly acquired toll road concessions. (3) The cumulative length of road represents the current total road length that corresponds to key toll road concessions in this table, not to the year where the concession started. 4 (4) Porong-Gempol Section (5 km) within Surabaya-Gempol Toll Road has officially been closed due to force majeure (mud) since 2006. Asian Longest Toll Road Concessions

. Granted all 13 concessions for operating toll roads for a 40-year period in 2005(1). . Executed 45-year concessions for 3 new toll roads in 2006 (Bogor Outer Ring Road, Semarang-Solo and Gempol-Pasuruan); 35- year concessions for 2 new toll roads in 2008 and 2009 (Cengkareng-Kunciran and Kunciran Serpong); 42-year concessions for 1 acquired toll roads in 2009 (Surabaya-Mojokerto) and 37-year concessions in 2011 (Gempol-Pandaan); 45-year concessions for 1 new toll road in 2011 (Nusa Dua-Ngurah Rai-Benoa); 40-year concessions for 1 new toll road in 2014 (Medan-Kualanamu- Tebing Tinggi), 35-year concessions for 3 acquired toll roads in 2015 (Solo-Ngawi, Ngawi-Kertosono and Cinere-Serpong), 4 new toll road in 2016 with 45-year concessions (Batang-Semarang and Jakarta-Cikampek II Elevated), 35-year concessions (Pandaan- Malang) and 40-year concession (Balikpapan-Samarinda and Manado-Bitung).

Concession years exhausted Concession years remaining 5 Company Structure

Government Shareholding Structure of Indonesia Regulatory Framework (“GOI”) Foreign 15% Ministry of Public Works Individual Ministry of State- Minister of (“MPW”) 4% Owned Enterprises Public Works (“MSOE”) Domestic Government Institution 70% 70% 8% Directorate General Ownership Road Network Granting & of Highways Mutual Supervising Toll Indonesian Toll Road Planning & Setting of Road concessions Authority (“BPJT”) Fund Technical 3% Specifications 30% Ownership Concession Concession Agreement Agreement Since 12 Nov 2007

Public Private Toll Road Investors Private Toll Road Investors Private Toll Road Investors

6 The Largest Toll Road Operator in Indonesia

Strait of NORTH SUMATERA : in Operation Malacca. Belmera: 42.70 km . Medan-Kualanamu-Tebing Tinggi: 61.70 km EAST KALIMANTAN : in land acquisition . Balikpapan-Samarinda: 99.35 km and construction GREATER JAKARTA & WEST JAVA . Jagorawi: 59.00 km SUMATRA MALUKU . Jakarta-Tangerang: 33.00 km . Ulujami-Pondok Aren: 5.55 km NORTH SULAWESI . Jakarta Inner Ring Road: 23.55 km SULAWESI . Manado-Bitung: 39.9 km . Prof. Dr. Ir. Sedyatmo: 14.30 km KALIMANTAN Jakarta-Cikampek: 83.00 km PAPUA . EAST JAVA . JORR: 28.3 km Java Sea . Surabaya-Gempol: 49.00 km . Cikampek-Padalarang: 58.50 km Banda Sea . Gempol-Pandaan: 13.61 km . Padalarang-Cileunyi: 64.40 km . Gempol-Pasuruan: 34.15 km . Palikanci: 26.30 km JAVA . Surabaya-Mojokerto: 36.27 km . JORR W2 North: 7.70 km BALI Timor. SeaPandaan-Malang: 37.62 km . Bogor Outer Ring Road: 11.00 km . Cengkareng-Kunciran: 14.19 km IndianCENTRAL Ocean JAVA BALI . Kunciran-Serpong: 11.19 km . Semarang: 24.75 km . Nusa Dua-Ngurah Rai-Benoa: 10.00 km . Cinere-Serpong: 10.14 km . Semarang-Solo: 72.64 km . Jakarta-Cikampek II Elevated: 36.4 km . Solo-Ngawi: 90.1 km . Ngawi-Kertosono: 87.02 km . Semarang-Batang: 75 km

Concession Rights (km) 1,260 MARKET SHARE 987 799 738 738 61% 80% 593 km Toll Road in Transactions volume 7 2012 2013 2014 2015 2016 Operation Transaction Volume and Toll Revenues 2011-2016

GREATER JAKARTA AND WEST JAVA TOP 5 Contributor 2016

6,891 Revenue 6,282 17.8% 17.0% 5,907 15.5% 5,130 5,268 12.7% 8.8% Toll Revenue Transaction

1,045 1,088 1,121 1,095 1,127

Jagorawi

Purbaleunyi

Cengkareng

PT Jalantol PT Cawang-Tomang-

2012 2013 2014 2015 2016 Jakarta-Cikampek Lingkarluar Jakarta Lingkarluar

NON GREATER JAKARTA AND WEST JAVA 21.7% Traffic 1,036 16.3% 839 15.3% 739 10.4% 9.6% 534 Toll Revenue 452 Transaction 198 216 234

156 176

Jagorawi

Jakarta-

Jakarta-

Cikampek

Cawang-

Tomang-

Tangerang Ring Road Ring

2012 2013 2014 2015 2016 Cengkareng 8 Jakarta Outer Jakarta II TOLL ROAD INDUSTRY IN INDONESIA Toll Road Development Target in Indonesia

Factor of Development

Government’s Priority Program

Indonesia population will be grow rapidly

Car sales increase

No connectivity

10 Regulation

Tariff  Initial toll tariff is calculated based on investment feasibility, toll road user’s ability to pay and vehicle operating cost saving. Investment feasibility is calculated based on estimated investment cost and projected revenue during term of the concession.  Initial toll tariff is stipulated in concession agreement prior to start of construction.  Tariff adjustment is regulated by law, is calculated based on CPI and is adjusted once every two years.  Initial toll tariff setup and subsequent adjustment is decided by Minister of Public Works decree.

Land Acquisition  Land acquisition is Government’s responsibility, is undertaken by Land National Agency  Price is determined by independent appraiser based on fair market price.  For some projects, Government takes over the land cost.

The new land acquisition law carries the following main points: • Fair price is determined through independent appraisal. • Land owner may choose to reject through court, yet court has to decide in 30 days (final). • After transaction process (normal) or by court verdict, project can commence. • Re-settlement is also an option. • The Government should carry out socialization far in advance (transparent). • BPN (National Land Agency) is the only body responsible for land acquisition for public interests. 11 III JASA MARGA’S PROJECT Jasa Marga’s New Projects as of 31 March 2017

Length Investment Cost JSMR Ownership Section Concession Period (km) (Rp trillion) (%) A. Fully Operated 1 Nusa Dua-Ngurah Rai-Benoa (4) 2057 10 2.01 55.0% 2 JORR W2 North (part of JORR) (5) 2044 7.7 2.01 65.0% B. Half Operated 3 Gempol-Pandaan(6) 2049 13.61 1.31 92.2% 4 Bogor Outer Ring Road (1) 2054 11 4 55.0% 5 Semarang-Solo (part of Trans Java) (2) 2055 72.6 7.3 73.9% 6 Surabaya-Mojokerto (part of Trans Java) (3) 2049 36.3 4.03 55.0% 7 Gempol-Pasuruan (part of Trans Java) (7) 2058 34.15 4.17 98.8% C. In Land Acquisition and Construction 8 JORR2 (Cengkareng-Kunciran) 35 years form effective date 14.19 4.98 76.2% 9 JORR2 (Kunciran-Serpong) 35 years form effective date 11.19 2.86 60.0% 10 Medan-Kualanamu-Tebing Tinggi 40 years form effective date 61.7 4.71 55.0% 11 Solo-Ngawi (part of Trans Java) 35 years form effective date 90.1 9.21 60.0% 12 Ngawi-Kertosono (part of Trans Java) 35 years form effective date 87.02 7.05 60.0% 13 JORR2 (Serpong-Cinere) 35 years form effective date 10.14 2.57 55.0% 14 Batang-Semarang (part of Trans Java) 45 years form effective date 75 11.04 60.0% 15 Pandaan-Malang 35 years form effective date 37.62 5.97 60.0% 16 Balikpapan-Samarinda 40 years form effective date 99.35 9.97 55.0% 17 Manado-Bitung 40 years form effective date 39.9 5.12 65.0% 18 Jakarta-Cikampek II Elevated 45 years form effective date 36.4 16.23 80.0% TOTAL 747.97 104.54 Notes: (1) Section 1: Sentul-Kedung Halang (3.85 km) is operated since 23 November 2009; Section 2A: Kedung Halang-Kedung Badak (1.95 km) is operated since 04 June 2014. (2) Section 1: Semarang-Ungaran (10.80 km) is operated since 17 November 2011; Section 2: Ungaran-Bawen (12.30 km) is operated since 04 April 2014. (3) Section 1A: Waru-SeLength (2.30 km) is operated since 05 September 2011, Section 4: Kriyan-Mojokerto is operated since 19 March 2016 (4) Operated since 01 October 2013. (5) Section Kebon Jeruk-Cileduk (5.70 km) is operated since 04 January 2014; Section Cileduk-Ulujami (2.00 km) is operated since 22 July 2014. (6) Section Gempol-Pandaan (13.61 km) is operated since 12 June 2015. 13 (7) Gempol-Pasuruan: Section Bangil-Rembang (7 km) is operated since 13 April 2017. Toll Road Network and Jasa Marga’s Project in Greater Jakarta

Kunciran-Serpong (10.14 km)

Serpong-Kunciran (11.19 km)

Cinere-Serpong Jakarta Cikampek II (10.14 km) Elevated (36.4 km)

BORR (11 km)

Jasa Marga Land Acquisition Construction Project Length Investment Cost Concession Period Ownership As of 31 Des 2016 As of 31 Des 2016

Bogor Outer Ring Road 11 km 55% Rp 4.00 trillion 2054 Section 2B Kd. Badak-Yasmin: 72% - 35 years from effective Section 1 Serpong-Pamulang: Cinere-Serpong 10.14 km 55% Rp 2.57 trillion - date 30.40% 35 years from effective Kunciran-Serpong 11.19 km 60% Rp 2.86 trillion 71.25% - date 35 years from effective Cengkareng-Kunciran 14.19 km 76.2% Rp 4.98 trillion 23.06% - date 45 years from effective Jakarta-Cikampek II Elevated 36.4 km 80% Rp 16.23 trillion - - date 14 Toll Road Network and Jasa Marga’s Project in Java

15 Toll Road Network and Jasa Marga’s Project in Java

Jasa Marga Investment Land Acquisition Construction Project Length Concession Period Section Ownership Cost As of 31 Des 2016 As of 31 Des 2016

Section 1 Batang –Batang Timur (3.2 km) 100% 8.62% 45 years from Section 2 Batang Timur-Weleri (36.35 km) 94.09% 8.62% Batang- Rp 11.05 75 km 60% effective date Section 3 Weleri-Kendal (11.05 km) 46.11% 7.52% Semarang trillion Section 4 Kendal-Kaliwungu (13.50 km) 33.27% 10.05% Section 5 Kaliwungu-Krapyak (10.9 km) 75.54% 10.05%

Section 3: Section 3: Bawen-Salatiga (17.5 km) 100%; 72.64 Package 3.1: 71.91% Semarang-Solo 73.91% Rp 7.3 trillion 2055 Section 4: Salatiga-Boyolali (24.4 km) 99,97% Package 3.2: 85.35% km Section 5: Boyolali-Solo (7.64 km) 100% Package 3.3 B: 100% Package 3.3 D 72.58% 35 years from Rp 5.14 Section I : Solo-Mantingan (35.15 km) 91.74% 70.16% Solo-Ngawi 90.1 km 59.99% effective date trillion Section II : Mantingan - Ngawi (34.2 km) 91.45% 44.31% Section III : Salatiga - Kartasuro (29.02 km) 95.59% 40.15% 35 years from Section I : Ngawi - Magetan (20 km) 95.59% 40.15% Ngawi- 87.02 Rp 3.83 59.99% effective date Section II : Magetan - Madiun (87.02 km) 85.27% 49.48% Kertosono km trillion Section III : Madiun - Saradan (21.06 km) 93.19% 53.34%

Section 1B: Sepanjang-WRR (4.3 km) 100% 76.88% Surabaya- 36.3 km 55% Rp 3.8 trillion 2049 Section 2: WRR-Driyorejo (5.1 km) 100% 17.19% Mojokerto Section 3: Driyorejo-Kriyan (6.1 km) 100% 22.73%

Section I : Malang-Pakis II (3.10 km) 41.40% Section II : Pakis II – Pakis I (4.10 km) - 35 years from - Pandaan- 37.62 Rp 5.97 Section III : Pakis I - Lawang (7.5 km) - 60% effective date 59.82% Malang km trillion Section IV : Lawang-Purwodadi (8 km) - 67.85% Section V : Purwodadi- Pandaan (14.92 - 83.95% km)

Section1: Gempol-Rembang (13.9 km) 98.59% 92.71% 45 years from Gempol- 34.20 Rp 4.17 Section 2: Rembang-Pasuruan (6.6 km) 88.63% - 98.60% effective date Pasuruan km trillion Section 3: Pasuruan-Grati (13.65 km) 27.64% - 16 Toll Road Projects in Sumatera, Kalimantan and Sulawesi

Strait of NORTH SUMATERA Malacca . Medan-Kualanamu-Tebing Tinggi: 61.70 km EAST KALIMANTAN . Balikpapan-Samarinda: 99.35 km

SUMATRA MALUKU

SULAWESI NORTH SULAWESI . Manado-Bitung: 39.9 km KALIMANTAN

Java Sea

Jasa Marga Investment Concessio Land Acquisition Project Length Section Construction Ownership Cost n Period As of 31 Des 2016

• Tj. Morowa-Parbarakan-Kualanamu (17.8 km) 92% 28.70% • Parbarakan-Lubuk Pakam (4.85 km) 99.89% 99.30% 40 years Medan • Lubuk Pakam-Adolina 98.39% 69.85% Rp 4.71 from Kualanamu 61.7 km 55% • Adolina-Perbaungan 96.19% 62.15% trillion effective Tebing Tinggi • Perbaungan-Teluk Mengkudu 99.32% 52.07% date • Teluk Mengkudu-Sei Rampah 88.45% 53.05% • Sei Rampah-Tebing Tinggi 35.77%; -

• Balikpapan-Samboja (22 km) 95.16% 40 years • Samboja-Muarajawa (31 km) 95.69% Balikpapan- Rp 9.97 from 99.35 km 55% • Muarajawa-Palaran (17.3 km) 93.49% section 2, 3, 4 : 2.09% Samarinda trillion effective • Palaran-Samarinda (18 km) 46.81% date • Sepinggan-Km 13 Balikpapan (11.1 km) 62.12%

40 years 93% • Ring Road Manado-Sukur (7.9 km) - Rp 5.12 from 36.88% Manado-Bitung 39.9 km 65% • Sukur-Airmadidi (7 km) - trillion effective 0.89% • Airmadidi-Bitung (25 km) - date 17 III FUNDING STRATEGY Other Business Developmet (Rp billion)

510 2015 2016 906 7% 906 10%

510 77.7%

7.121 93% 7.927 90% 2015 2016 Toll Revenue Other Business

Toll Operation Maintenance Property Services Services

To give operation services To give maintenance Manage rest area and for Jasa Marga and other services for Jasa Marga and property on the toll road toll road investor other toll road investor coridor

19 Funding Strategy

• Planed to issue Bond/ Sukuk through • Divestment stock ownership in Kebon Jeruk- Sustainable Bond II (2017 – 2019) Rp 19.8 Penjaringan Toll Road (PT Jakarta Lingkar Barat trillion (In 2017 -Trace I up to Rp7 Trillion) Satu) up to 19,1%

• Planed to issue Project Bond in Operated • Divestment stock ownership in Semarang-Solo Subsidiaries Toll Road (PT Trans Marga Jateng) minimum 55% from 73,91%

Bond/Sukuk Divestment

• Asset Securitization planned at mature • Jasa Marga planed to establish Trans Java section and targeted Rp 1-3 trillion Subholding To simplify operational activity 15 toll road owned by Jasa Marga & Waskita • Current Status : Legal and Accounting Toll Road and planed to go public at 2018 Study • Current Status : Valuation Study

Asset Securitization Trans Jawa Subholding

20 Cost Structure and Revenue Contribution - 2016

Top 5 Cost Structure Toll Revenue Other Business Revenue

Salaries & Allowance (35%) Parent (90%) Revenue From Toll Road Maintenance (32%) Third Party Toll Road Operating Services (23%) D&A (18%) Subsidiaries (10 %) Overlay (10%) Petroleum Revenues (20%) Land Rent (16%) Cost of Sales (9%) Revenues from sales of property (3%) Tax Expense(6%) Advertisement (1%)

Other (5%)

21 Weighted Average Cost of Debt

2013 2014 2015 2016

Bank Bond Weighted Average Cost of Debt

22 IV FINANCIAL HIGHLIGHTS Positive Growth in 2016 (Rp billion) Revenue EBITDA 10,000 8,832 6,000 7,228 7,631 5,228 6,311 4,007 4,285 4,000 3,399 5,000 2,000

- - 2013 2014 2015 2016 2013 2014 2015 2016 Toll Revenue EBITDA Margin 10,000 60% 59% 7,926 8,000 6,646 7,121 58% 5,803 56% 6,000 56% 55% 54% 4,000 54% 2,000 52% - 50% 2013 2014 2015 2016 2013 2014 2015 2016 Other Business Revenue Operating Margin 60% 1,000 906 47% 43% 46% 36% 581 40% 508 510 500 20%

0% - 2013 2014 2015 2016 2013 2014 2015 2016 Operating Income Net Income Margin 30% 6,000 21% 4,166 20% 19% 16% 4,000 3,073 3,478 20% 2,259 2,000 10%

- 0% 24 2013 2014 2015 2016 2013 2014 2015 2016 Summary of Income Statements (billionRupiah)

Y2013 Y2014 Y2015 Y2016 ∆Rp ∆% (FYE 31 Dec) Restated Restated

(Audited) (Audited) (Audited) (Audited) (YoY) (YoY) REVENUE 6,310.9* 7,227.8* 7,630.7* 8,832.3* 1,201.7 15.7% Toll and Other Operating Expenses (3,231.3) (3,562.8) (3,518.0) (4,022.9) (504.8) 14.3% General and AdministrativeExpenses (1,087.8) (884.8) (893.3) (949.0) (55.7) 6.2% Other Expenses (33.5) (20.3) (29.8) (99.0) (69.2) 232.2% Others Income 254.7 287.9 272.9 357.1 84.2 30.9% OPERATING INCOME 2,259.2 3,072.7 3,477.7 4,165.5 687.8 19.8% Operating Income Margin 35.8% 42.5% 45.6% 47.2% N/A 1.6% EBITDA 3,398.5 4,006.8 4,285.0 5,228.5 930.8 22.0% EBITDA Margin 53.9% 55.4% 56.2% 59.2% N/A 3.0% Interest Expenses (944.2) (1,215.3) (1,405.0) (1,509.0) (103.9) 7.4% INCOME BEFORE TAX 1,310.6 1,850.7 2,068.3 2,649.7 581.4 28.1% Income Tax Expense (381.9) (613.7) (749.1) (846.6) (97.5) 13.0% NET INCOME 1,027.7 1,421.7 1,466.4 1,889.3 422.9 28.8% Net Income Margin 16.3% 19.7% 19.2% 21.4% N/A 2.2%

25 Summary of Balance Sheets (billionRupiah)

Y2013 Y2014 Y2012 Restated Restated Y2015 Y2016 ∆Rp ∆% (FYE 31 Dec) (Audited) (Audited) (Audited) (Audited) (Audited) (YoY) (YoY) Cash and Cash Equivalent 4,302.4 3,514.1 3,290.8 3,323.2 4,124.9 801.7 24.1% Other CurrentAssets 214.9 274.2 255.0 405.8 8,841.0 8,435.2 2078.6% Non CurrentAssets 19,309.0 24,276.2 28,314.2 32,995.9 40,534.4 7,538.5 22.8% TOTAL ASSETS 23,826.3 28,064.5 31,860.0 36,725.0 53,500.3 16,775.3 45.7% Current Liabilities 4,475.2 4,870.8 4,301.0 7,743.8 18,627.0 10,883.2 140.5% Non Current Liabilities 7,292.9 13,004.4 16,538.2 16,612.5 18,534.5 1,922.0 11.6% TOTAL LIABILITIES 11,768.1 17,875.2 20,839.2 24,356.3 37,161.5 12,805.2 52.6% Equity 9,787.8 10,189.3 11,020.7 12,368.7 16,338.8 3,970.2 32.1% TOTAL LIABILITIES AND EQUITY 43,111.8 28,064.5 31,860.0 36,725.0 53,500.3 16,775.3 45.7%

26 Traffic Volume by Section (million vehicle transactions)

∆% CAGR Section Branch/Subsidiary 2012 2013 2014 2015 2016 FY16 2012-2016 vs.FY15 1 Jagorawi Jagorawi 189.9 199.6 201.3 204.2 207.7 1.7% 2.3% 2 Jakarta-Cikampek Jakarta-Cikampek 194.9 202.2 206.1 215.0 221.7 3.1% 3.3% 3 Jakarta-Tangerang Jakarta-Tangerang 107.9 113.0 119.8 127.4 130.9 2.7% 5.0% 4 Prof. Dr. Ir. Sedyatmo 72.1 74.8 76.4 76.2 79.6 4.6% 2.5% Cawang-Tomang-Cengkareng 5 Jakarta Inner Ring Road 205.4 208.3 206.4 208.5 215.3 3.2% 1.2% 6 Padaleunyi 55.0 58.0 60.0 60.0 61.0 1.7% 2.6% Purbaleunyi 7 Cipularang 5.3 5.9 6.3 6.3 6.5 3.8% 5.0% 8 Surabaya-Gempol Surabaya-Gempol 75.5 81.7 82.9 89.6 97.7 9.0% 6.6% 9 Semarang Semarang 45.3 48.9 48.1 50.4 51.8 2.7% 3.4% 10 Belmera Belmera 21.7 24.0 25.4 24.8 25.8 3.9% 4.4% 11 Palikanci Palikanci 19.3 20.2 19.9 23.0 19.0 -17.4% -0.4% 12 Jakarta Outer Ring Road 76.1 79.6 84.5 90.7 95.8 5.6% 5.9% PT Jalantol Lingkarluar Jakarta 13 Ulujami-Pondok Aren 44.3 46.9 45.1 43.7 46.1 5.4% 1.0% 14 Bogor Outer Ring Road PT Marga Sarana Jabar 11.2 12.5 13.7 15.3 16.5 7.5% 10.1% 15 Surabaya-Mojokerto PT Marga Nujyasumo Agung 8.6 11.3 12.1 13.0 15.4 18.0% 15.5% 16 Semarang-Solo PT Trans Marga Jateng 5.0 6.6 15.6 18.7 20.5 9.6% 42.6% 17 Nusa Dua-Ngurah Rai-Benoa PT Jasamarga Bali Tol - 3.3 14.3 16.5 17.5 5.6% N/A 18 JORR W2 Utara PT Marga Lingkar Jakarta - - 14.5 24.7 26.9 8.9% N/A 19 Gempol-Pandaan PT Jasamarga Pandaan Tol - - - 2.8 5.8 108.73% N/A TOTAL 1,137.5 1,196.8 1,252.4 1,310.8 1,361.3 3.9% 4.6%

27 Toll Revenue by Branch/Subsidiary (billion Rupiah)

Cabang/Anak Perusahaan 2012 2013 2014 2015 2016 ∆% CAGR 2016 vs. 2015 2012-2016

1 Jagorawi 508.1 548.2 607.5 620.2 697.0 12.4% 8.2% 2 Jakarta-Cikampek 896.2 976.6 1,023.4 1,137.8 1,232.5 8.3% 8.3% 3 Jakarta-Tangerang 379.6 408.0 467.1 507.5 580.7 14.4% 11.2% 4 Cawang-Tomang-Cengkareng 1,063.6 1,110.0 1,212.3 1,247.0 1,412.7 13.3% 7.4% 5 Purbaleunyi 924.9 1,017.4 1,175.9 1,197.5 1,350.6 12.8% 9.9% 6 Surabaya-Gempol 240.8 270.5 309.0 335.8 402.0 19.7% 13.7% 7 Semarang 97.2 104.8 106.5 113.2 136.6 20.7% 8.9% 8 Belmera 73.2 81.6 91.3 90.2 105.5 17.0% 9.6% 9 Palikanci 100.5 107.5 112.4 133.0 169.5 27.5% 13.9% 10 PT Jalantol Lingkarluar Jakarta 1,215.7 1,055.0 1,182.4 1,163.7 1,010.2 -13.2% -4.5% TOTAL PARENT LEVEL 5,499.8 5,679.5 6,288.0 6,545.9 7,097.3 8.4% 6.6% 11 PT Marga Sarana Jabar 41.1 45.6 67.2 86.9 100.2 15.3% 25.0% 12 PT Marga Nujyasumo Agung 13.4 17.6 18.8 20.1 36.0 78.7% 28.0% 13 PT Trans Marga Jateng 27.5 36.5 107.3 129.5 152.8 18.0% 53.6% 14 PT Jasamarga Bali Tol - 23.7 106.1 122.7 143.3 16.7% N/A 15 PT Marga Lingkar Jakarta - - 59.0 188.0 337.3 79.4% N/A 16 PT Jasamarga Pandaan Tol - - - 27.8 59.7 114.5% N/A TOTAL SUBSIDIARY LEVEL 81.9 123.2 358.4 575.1 829.3 44.2% 78.4% TOTAL 5,581.8 5,802.7 6,646.4 7,121.0 7,926.6 11.3% 9.2%

28 e-Toll Card Implementation Plan

No. Toll Road Section 2009 2010 2011 2012 2013 2014 2015 2016

Cawang-Tomang-Pluit 1 2.46% 5.57% 7.36% 11.69% 13.32% 14.72% 23.54% 36.25% (Jakarta Inner Ring Road)

2 Prof. Dr. Ir. Sedyatmo (Airport) 2.32% 6.21% 8.11% 12.26% 14.45% 16.35% 23.95% 36.30%

3 Purbaleunyi 0.67% 7.36% 17.97%

4 Jakarta-Cikampek 1.13% 0.46% 6.78% 8.53% 9.01% 9.31% 17.10%

5 Palikanci 0.78% 0.68% 0.75% 2.80% 4.68%

6 Jagorawi 3.22% 9.97% 11.80% 14.90% 12.57% 18.83%

7 Surabaya-Gempol 3.54% 3.30% 3.05% 7.51% 12.45%

8 Semarang 1.59% 1.32% 2.13% 10.27% 18.87%

9 Jakarta Outer Ring Road 11.78% 14.25% 16.04% 22.33% 30.09%

10 Jakarta-Tangerang 8.42% 13.51% 14.72% 20.77% 33.97%

11 Belmera 2.29% 2.52% 3.35% 4.36% 16.61%

12 Bogor Outer Ring Road 5.06% 6.57% 17.25% 22.96%

13 Semarang-Bawen 2.44% 12.82% 20.12%

14 Nusa Dua-Ngurah Rai-Benoa 2.93% 1.95% 3.91% 9.86%

15 JORROn 21 W2 March North 2016, e-Toll payment was applicable for all SOE Bank cards in JORR, Jakarta-Tangerang and BORR.30.99% TOTAL 2.42% 5.55% 5.17% 9.25% 10.92% 11.57% 15.61% 24.20%

29 Toll Road Operation Plan 2017

Medan-Kulanamu-Tebing Tinggi Section Perbarakan - Sei Rampah 210 Km

Jalan Tol Semarang-Solo New Operation Section Bawen - Salatiga Toll Road

Solo-Ngawi

25.0 KM Surabaya - Mojekerto Ngawi - Kertosono Section Sepanjang - Krian Section Ngawi - Saradan

Gempol - Pasuruan

30 Capital Expenditure Plan 2017 (billion Rupiah)

2017 No. Item 2016 Plan

1 Capex of Jasa Marga (Parent) 2,975.6 8,261.8 a. Operational 1,139.2 2,161.2 b. New Toll Road Development 1,287.8 4,375.1 c. Other Business Investments 416.5 1,486.6 d. Investments in Non-Operational Supporting Facilities 132.1 238.9

2 Capex of Subsidiaries 7,985.9 14,189.4

3 Capex of Subsidiaries for Other Business 243.8 1,15.2

4 Equity Contribution to Subsidiaries (1,628.4) (3,912.3) Total Consolidated Capex 9,577.0 19,554.2

31 Forward Looking 2017 (billion Rupiah)

Financial & Operational Performance 2016 Audited 2017 Plan ∆(YoY)

CAPEX (Rp) 9,577.0 19,554.2* 104%

Revenue (Rp) 8,832.3 10,286.5 16% (excluding construction revenue)

Traffic 1.36 1.36** (billion vehicle transactions)

Kinerja Keuangan dan Operasional 2016 Audited 2017 Plan ∆(YoY)

Total Asset (Rp) 53,500.3 74,818.7 40% Interest Coverage Ratio 3.44 2.56 -26% Debt to Equity Ratio 2.27 2.79 23%

*There are changes in operating system and the integration system of transactions

32 THANK YOU