PT Tbk 1Q 2016 - 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

• Net earnings per share down 22% to Rp 77 • Automotive markets moderately weaker • Higher loan loss provisions at Permata Bank • Komatsu heavy equipment sales fell 35%

Period ended 31st March 2016 2015 Change Net revenue (Rp bn) 41,887 45,187 (7%) Net income (Rp bn)* 3,112 3,992 (22%) Net earnings per share (Rp) 77 99 (22%) As at 31st As at 31st Change March 2016 December 2015 Shareholders’ funds (Rp bn)** 104,775 102,043 3% Net asset value per share (Rp)** 2,588 2,521 3%

*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 2016 and 2015 as well as the financial position as at 31st March 2016 have been prepared in accordance with Indonesian Financial Accounting Standards and are unaudited. The financial position as at 31st December 2015 has been prepared in accordance with Indonesian Financial Accounting Standards and audited in accordance with the auditing standards established by the Indonesian Institute of Certified Public Accountants.

2 Business Structure Automotive Financial Services Heavy Equipment Agribusiness Infrastructure Information & Mining Logistics & Technology Others

Automobile Automobile Construction Palm Oil Toll Road Document Machinery Plantation Solution • • Astra Credit •MMS• MMS: 72km • Companies • MHI • •MTN : 11km • Astra Graphia • • Toyota Astra • MTN • Traktor • Astra Agro Lestari •MHI : 41km • BMW Finance • TMJ • Nusantara • UD Logistics Motorcycle Logistics IT Solution • SERA / TRAC • Federal Mining Contracting •SERA / TRAC Motorcycle Olein Refinery • Mobil 88 (used) • Astra Graphia International •Mobil 88 (used) Finance • SELOG Information •SELOG Technology • • Pamapersada • Tanjung • Toyofuji Logistics •TFLI Heavy Equipment Nusantara Sarana Lestari Indonesia • Water Utility Office Services • SAN Finance Kreasijaya Water Utility Component • Komatsu Astra Adhikarya • Palyja Coal Mining • Astra Graphia Finance Palyja Sea Port Xprins Indonesia • Astra Otoparts • Tuah Turangga Banking Agung • Eastkal Commodity Trading Fuel Logistic Property Other • Bank Permata Construction • Astra-KLK Pte.Ltd •Gresik Menara Terminal Astra Industry • Anandamaya • AstraWorld Insurance ResidencesSea Port • • Asuransi Astra Acset Indonusa Buana Eastkal • Astra Life

3 Market Position at 31 March 2016

• Astra’s market share decreased from 49% to 48%, while Astra’s motorcycle market share increased from 68% to 72%. • Komatsu maintained its leading market position with a 34% market share, down from 38% last year. Car Motorcycle Kawasaki Others 2% 8% 2% Toyota Yamaha 30% Honda 24% 22%

Nissan 2% Heavy Equipment Honda Suzuki Daihatsu Others 11% 72% Mitsubishi Isuzu 16% 15% 1% 10% Komatsu 34% Source : Gaikindo Source : AISI Kobelco 15%

Hitachi Caterpillar 20% 16% Source: United Tractors – Internal Market Research 4 Financial Performance Consolidated Income Statement The Group experienced lower sales within heavy equipment and mining, and agribusiness, together with a reduced net revenue contribution from Astra’s Toyota sales operations following the implementation of the restructuring to a two-tiered distribution model. Profitability declined primarily due to a reduced contribution from heavy equipment and mining, financial services, information technology, and automotive. - Prijono Sugiarto, President Director -

In Billion Rupiah 1Q16 1Q15 Change IDR / USD, average 13,506 12,857 5% Net Revenue 41,887 45,187 (7%) Gross Profit 7,973 8,561 (7%) Selling, General and Administrative (4,594) (4,842) (5%) Expenses Other Income (Expense) 290 852 (66%) Shares of Results of Joint Ventures and 818 1,291 (37%) Associates Income Tax Expenses (848) (1,054) (20%) Non-controlling Interests (527) (816) (35%) Net Income 3,112 3,992 (22%)

6 Astra Portfolio as at 31 March 2016 Ownership Share of NI % % 1Q16 1Q15 Auto Non-Auto Auto Non-Auto 4W Automotive SO – Toyota, Daihatsu, Isuzu 100 51 27 23 32 Isuzu Astra Motor Indonesia 50 2W Automotive 50 22 16 Honda SO 100 2001 2014 2015 1Q16 Component

80 2 2 Astra Otoparts Auto (Incl. auto Financial Services related Financial 89% 63% 76% 78% Astra Sedaya Finance 86 Services) Federal International Finance 100 Toyota Astra Financial Services 50 27 (7) 23 7

Komatsu Astra Finance 50 Non-Auto 11% 37% 24% 22% SAN Finance 60

Asuransi Astra Buana 96 Permata Bank 45 Astra Life 50 Heavy Equipment & Mining United Tractors 60 Pamapersada Nusantara 60 14 24 Tuah Turangga Agung 60 Acset Indonusa 30 Traktor Nusantara 50 Agribusiness Astra Agro Lestari 80 11 3 Infrastructure, Logistics, IT & Others SERA 100 Palyja 49 4 2 Marga Mandalasakti 79 Astra Graphia 77 7 Consolidated Balance Sheet

• Astra’s net asset value per share of Rp 2,588 at 31 March 2016 was 3% higher than at the end of 2015. • Net cash, excluding the Group’s financial services subsidiaries, was Rp 3.1 trillion, compared to net cash of Rp 1.0 trillion at the end of 2015. The Group’s financial services subsidiaries had net debt of Rp 42.0 trillion, compared to Rp 44.6 trillion at the end of 2015.

In Billion Rupiah 31-Mar-16 31-Dec-15 Change Cash and Cash Equivalents 27,173 27,102 0% Trade Receivables 18,227 17,776 3% Inventories 16,996 18,337 (7%) Financing Receivables 60,184 60,105 0% Investment in Joint Ventures and Associates 29,659 29,640 0% Fixed Assets 41,364 41,702 (1%) Other Assets 51,078 50,773 1% Total Assets 244,681 245,435 0% Short-term Borrowings 12,761 11,975 7% Trade Payables 21,077 20,557 3% Long-term Debt 53,239 58,674 (9%) Other Liabilities 27,914 27,696 1% Total Liabilities 114,991 118,902 (3%) Equity Attributable to the Owners of The Parent 104,775 102,043 3% Non – controlling Interest 24,915 24,490 2% Total Equity 129,690 126,533 2% Net Debt (Cash) 38,827 43,547 (11%) Net Debt (Cash) (Excl. Financial Services) (3,139) (1,034) 204%

8 Consolidated Cash Flow

• As at 31 March 2016, Astra’s booked cash surplus of Rp 608 billion, with ending consolidated cash balance (incl. Bank Overdraft) as at 31 March 2016 of Rp 27 trillion.

In Billion Rupiah 1Q16 1Q15 Change Cash generated from operations 6,944 9,625 (2,681) Tax Payments (1,166) (1,553) 387 Interest received 317 317 0 Net Cash flow provided from Operating Activities 6,095 8,389 (2,294) Net Capex (1,632) (1,640) 8 Net Investment (349) (161) (188) Other Investing (276) (346) 70 Net Cash flow used in Investing Activities (2,257) (2,147) (110) Net Proceeds of Debt (2,777) (4,048) 1,271 Finance Costs Paid (453) (19) (434) Dividend Payments - (10) 10 Net Cash flow used in Financing Activities (3,230) (4,077) 847 Increase/ (Decrease) in Cash 608 2,165 (1,557) Opening Cash Balance (incl. Bank Overdraft) 27,072 20,728 6,344 Exchange Rate Adjustment (553) 812 (1,365) Closing Cash Balance (incl. Bank Overdraft) 27,127 23,705 3,422

9 Business Updates Automotive – Wholesale Car Market • Astra’s car sales fell by 7% to 127,263 units, with its market share decreasing from 49% to 48%. 5% 1Q16 1Q15 267,227 282,344

Others 7.7% Commercial Commercial 2.0% 59,180 Others 8% 82,709 29.3% 22.2% Commercial Others Nissan 3.6% Commercial Honda 21.8% Others 33.1% 145,135 33.8% 139,964 51.4% Honda 15.8% 52.4% Suzuki 10.8% Suzuki 12.4% Mitsubishi 10.4% Mitsubishi Commercial Isuzu 1.5% Commercial 4x2 & 4x4 20.4% 11.6% 4x2 & 4x4 15.4% Daihatsu 205,043 Isuzu 2.1% 195,578 15.9% 76.7% Daihatsu 69.3% Astra 16.1% 4x2 & 4x4 Astra 4x2 & 4x4 137,209 54.7% 127,263 4x2 & 4x4 4x2 & 4x4 78.4% 48.6% 47.6% 83.3% 51.8% Toyota Toyota 30.1% 30.4% Sedan Sedan 1.3% 1.1% Sedan 54.8% Sedan 1.2% 1.4% Sedan 41.3% M/S AI Product Brand Segment AI Product M/S AI Product Brand Segment AI Product 1Q16 Segment M/S 1Q15 Segment M/S

Source: Gaikindo 11 Automotive – Car Product Launches • During first quarter 2016, Astra launched 2 new models and 5 revamped models.

Toyota All New Fortuner Sport January 2016 January 2016

Daihatsu Terios Custom GSF February 2016 March 2016

12 Automotive – Wholesale Motorcycle Market • Astra Honda Motor’s sales decreased by 0.3% to 1,090,615 units, with its market share increasing from 68% to 72%. 1Q16 6% 1Q15 1,504,468 1,605,043

Others, 2.7% Sport/Others Others, 2.1% Sport/Others Suzuki, 2% 27.3% Sport & Others Suzuki, 1.5% 36.1% Sport & Others 12.9% Yamaha, 11.9% Yamaha, 359,775 436,692 23.9% 27.2% Sport/Others Sport/Others 6.0% 5.1%

Scooter Scooter 1,207,758 Scooter Scooter 1,181782 75.2% Scooter 931,207 Honda, Scooter 940,126 78.6% Honda, 931,207 77.1% 1,090,615 940,126 79.6% 1,093,394 72.5% 86.2% 68.1% 85.2%

Cub Cub Cub Cub Cub Cub 85,348 85,348 142,456 105,769 105,769 190,856 7.8% 59.9% 9.5% 9.7% 55.4% 11.9% Brand Honda Segment Honda Product Segment Brand Honda Segment Honda Product Segment 1Q16 M/S 1Q15 M/S

Source: AISI 13 Automotive – Motorcycle Product Launches • During first quarter 2016, Astra Honda Motor launched 2 new products and 7 revamped products.

Honda BeAT POP Esp Honda CBR150R Honda CBR500R January 2016 February 2016 February 2016

Honda CB500X Honda PCX 150 Honda Vario 150 eSP February 2016 February 2016 February 2016

14 Automotive - Components • Astra Otoparts, the Group’s component business, saw net income fall by 8% to Rp 81 billion, due to a lower contribution from its OEM manufacturing business on higher operating costs.

Revenue (IDR billion) Net Income (IDR billion) 9% 8%

87 3,123 81 2,874 11% 18 25 9%

41% 41%

63 62 48% 50%

1Q16 1Q15 1Q16 1Q15 Export After Market OEM Shares of Results of Joint Ventures & Associates Consolidated Income

15 Financial Services • Net income from the Group’s financial services businesses decreased 46% to Rp 641 billion. Increased earnings at Federal International Finance and Toyota Astra Financial Services were more than offset by a decline in the contributions from its other financial services interests, in particular Permata Bank.

Unit Financed 1Q16 1Q15 % Amount Financed (Rp bio) 1Q16 1Q15 %

ACC (new & used ) 44,874 47,139 (5) ACC (Incl. HE) 6,522 6,320 3 TAFS 14,642 18,622 (21) TAFS 2,424 2,768 (12) Auto Total 4W 59,516 65,761 (9) Auto Total 4W 8,945 9,088 (2)

FIF (Incl.Electronics)’000 765 722 6 FIF 7,030 6,207 13

ACC (HE - Fleet) 154 332 (54) Total Auto 15,975 15,295 4 SANF 105 408 (74) SANF 653 789 (17) HE KAF 75 9 733 HE KAF 366 89 311 Total SANF & KAF 180 417 (57) Total HE 1,018 878 16

Asuransi Astra Buana Bank Permata • Lower net income by 31% to Rp 207 billion. • 1Q16 consolidated net loss Rp 376 billion • 1Q16 Gross Written Premium down by 7% (1Q15: net income Rp 567 billion) year on year to Rp 1.0 trillion. • Loan book decreased by 6% to Rp 124 trillion. • RBC : 230%, requirement 120%. • LDR 90% & CAR 15%. • Gross-NPL ratio up from 2.7% at the end of 2015 to 3.5%. 16 Heavy Equipment and Mining • United Tractors, which is 59.5%-owned, reported net income of Rp 731 billion, a 55% decrease due to lower net revenue on lower business volumes. Revenue (Rp bio) Mining Contracting 12,648 10,696 15%

313 Coal OB 458 1,437 Prod: Removal: 1,284 4% 7% 174.9 7,005 163.4 5,583 24.5 25.5 3,371 3,893 1Q16 1Q15 1Q16 z 1Q15 Construction Machinery Mining Contracting Coal Production (mn tonnes) Overburden Removal (mn bcm) Mining Construction Contracting

Komatsu Unit Sales Coal Mines: Sales

35 % 2% 763 12% 499 30% 15% 25% 48% 1,751 1,713 16% 33% 21% 1Q16 1Q15 1Q16 1Q15 Mining Forestry Construction Agro TTA Mine (all in thousand tonnes) 17 Agribusiness

• Astra Agro Lestari, which is 79.7%-owned, reported net income of Rp 418 billion, up 168%. Although crude palm oil sales were 5% higher at 271,352 tonnes, and olein sales increased by 78% to 106,498 tonnes, average crude palm oil prices achieved were 16% lower at Rp 6,593/kg.

Revenue (Rp bio) CPO Yield (tonne/Ha) 3,233 3,018 7% 14%

1Q16 1Q15 1Q16 1Q15 CPO Production & Sales (‘K tonnes) Area Maturity (‘K Ha) * 298 298

CPO CPO Prod: Sales: 12% 5% 386 339 271 258

106 60 1Q16 1Q15 1Q16 1Q15 Production Sales Olein Sales * Incl. plasma plantation

18 Infrastructure, Logistics & IT

MMS Vehicle Traffic Volume (‘K unit) • The 72.5 km Tangerang-Merak toll road, operated 6% by 79.3%-owned Marga Mandalasakti, reported a 6% increase in traffic volumes to 11 million vehicles. • Serasi Autoraya’s revenue increased by 1% and net income increased by 29% to Rp 22 billion, with an 11% decline in the number of vehicles under 11,485 10,819 contract at its car leasing and rental business to 23,926 units. • Astragraphia booked higher revenue by 35% on 1Q16 1Q15 higher performance in IT Solutions.

SERA Unit in Contract (unit) Astragraphia Revenue (Rp bio)

11% 620 103% 459 49% AGIT 26,931 32% 23,926 2%

51% AGDS 68%

1Q16 1Q15 1Q16 1Q15

19 Appendices Divisional Net Revenue and Net Income Divisional Net Revenue In Billion Rupiah 1Q16 1Q15 Change Automotive 21,800 23,136 (6%) Financial Services 4,172 4,160 0% Heavy Equipment & Mining 10,629 12,621 (16%) Agribusiness 3,018 3,233 (7%) Infrastructure, Logistics & Others 1,744 1,616 8% Information Technology 524 421 24% Total 41,887 45,187 (7%) Divisional Net Income In Billion Rupiah 1Q16 1Q15 Change Automotive 1,580 1,621 (3%) Financial Services 641 1,191 (46%) Heavy Equipment & Mining 442 983 (55%) Agribusiness 333 124 168% Infrastructure, Logistics & Others 82 36 128% Information Technology 34 37 (8%) Total 3,112 3,992 (22%)

21 Car Products Launched in 2016 Launching Models Launched Engine Capacity Prices (Rp mio) Period Car Toyota All New Fortuner Jan’16 2,400cc – 2,700cc 442-631.5 Daihatsu Sirion Sport Jan’16 1,300cc 168.3-179.3 Toyota Rush Feb’16 1,500cc 237.8-262.5 Feb’16 1,500cc 228.1-242.2 Lexus GSF Mar’16 2,000cc 1,245 Lexus GS Mar’16 2,000cc 1,185 Lexus LX Mar’16 5,700cc 3,015

22 Motorcycle Products Launched in 2016

Models Launched Launching Period Engine Capacity Prices (Rp mio)

Motorcycle POP eSP Jan’16 110cc 14.3-15 Honda CBR 150 R Feb’16 150cc 32.5-33.3 Honda CBR 500 R Feb’16 500cc 144 Honda PCX 150 Feb’16 150cc 39.8 Honda Vario 150 eSP Feb’16 150cc 20.7 Honda Vario 125 eSP Feb’16 125cc 17.7-18.3 Honda CB 500 F Feb’16 500cc 133-139 Honda CB 500 X Feb’16 500cc 147 Honda CB 650 F Feb’16 650cc 235

23 National Market Data

1Q16 1Q15 Major Brands Wholesale Astra Wholesale Astra Toyota - Vios/Limo, Camry, Altis; Honda - City, Civic, Sedan 3,004 54.8% 4,057 41.3% Accord; BMW - 3 Series, 5 Series Toyota - Avanza, Agya, Innova, Rush Daihatsu - Xenia, Ayla, Terios; Honda – Mobilio, HR-V, Jazz; Suzuki - Ertiga, Karimun Wagon - R, APV; 4X2 & 4X4 205,043 51.8% 195,578 54.7% Datsun – Go Panca; Mitsubishi – Pajero Sport,

Mirage, Outlander Sport; Nissan – Livina, X-Trail,

March Car Daihatsu – Gran Max; Suzuki – Carry, APV; Pick Up / / Bus 57,444 33.1% 80,467 33.8% Mitsubishi – Canter, L-300, Strada; Isuzu – Elf, Giga; Panther; Toyota – Hi-Lux, Dyna, Hi-Ace Toyota - Hilux; Mitsubishi - Strada; Ford - Ranger; Double Cabin 1,736 35% 2,242 39.7% Isuzu - D-Max; Nissan - Frontier Total 267,227 47.6% 282,344 48.6% Honda - Supra X 125, Revo Series, Blade; Yamaha – Cub 142,456 59.9% 190,856 55.4% Jupiter MX King, Jupiter ZX, Vega Force; Suzuki – Shooter, Shogun Axelo Honda - BeAT, Vario, Scoopy; Yamaha - Mio, X Ride, Scooter 1,181,782 79.6% 1,207,758 77.1% GT 125; Suzuki – Adress Yamaha - V-ixion R - 15, Byson; Honda – CB 150 R

Motorcycle Sport & Others 180,230 36.1% 206,429 27.3% Street Fire, CBR 150R, Verza, Sonic 150R; Suzuki - Satria F 150 Source: Total Gaikindo & AISI 1,504,468 72.5% 1,605,043 68.1%

24 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]

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