Jasa Marga Update 1H2019

Bondholders Meeting 1 August 2019 Company Overview Company Overview

Brief Snapshot Company Highlights • Leading toll road operator in with 40 years of experience. • Largest toll road operator in Indonesia with 67% market share in term of • 33 toll road concessions with total length of 1,527 km. operated commercial toll roads lengths (±1,041 km). • 70% shares owned by the Government of Indonesia. • The longest concession period holder in Asia reflecting stable income. • Listed on the since 2007, with a market cap • Strategically important with strong government ownership. IDR 41.5 trillion as of 28th June 2019. • Resilient industry with strong government focus. • Key business • Construction, operation and maintenance of toll road • Strong financial profile with promising growth going forward. • Supporting business / other business • Toll Road Operation Services (Provides operation services for Jasa Marga Group and other toll road investors) • Toll Road Maintenance Services (Provides maintenance services for Jasa Marga Group and other toll road investor) Vision & Mission • Related Business (Manages rest areas and other properties on toll road corridors) To be the largest, trusted and sustainable national toll Vision road network company. 1H2019 Revenue Breakdown

Other Business 1. Lead toll road business along the end-to-end value Revenue chain professionally and continuously to improve 8% National connectivity Toll Revenue 2. Optimize regional development for community Subsidiaries progress 16% Toll Revenue Jasa Mission 3. Increase value for shareholders.. Marga 4. Enhance customer satisfaction through service (13 old concessions) excellence 76% 5. Encourage the development and enhancement of employee performance in a harmonious environment.

PRIVATE AND CONFIDENTIAL 3 Company Key Development Milestone

✓Government offered the opportunities ✓Jasa Marga was established with focus for the private sector to participate in on business management, maintenance toll road business through Build, and procurement of the toll road Jasa Marga became a public Operate and Transfer (BOT) system 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

✓Fully implemented electronic payment system in all toll roads ✓Integrate Jakarta-Tangerang and ✓ Currently operating 24 toll road change system in Jagorawi Toll concessions (±1,000 km) Road ✓ Issue alternative financing Forming of PT Jasa ✓Issue alternative financing product: Mutual Fund Limited Implementation of Implementation of Layanan Operasi (non product: Securitization, Project Participation (Reksa Dana e-Toll Pass. e-Toll Card. toll road subsidiary. Bond, Komodo Bond. Penyertaan Terbatas)

2009 2012 2015 2017 2018

PRIVATE AND CONFIDENTIAL 4 Company Structure

Jasa Marga has 13 concession of toll roads which operated by Branches (mature toll roads) and 20 concession of toll roads which operated through subsidiaries.

Shareholders Structure Government Parent Level of Indonesia (“GOI”) 1. Cawang-Tomang-Pluit Individual (Jakarta Inner Ring Road) Domestic, 2. Prof. Dr. Ir. Sedyatmo (Airport) 3. Padalarang 1.49% Ministry of State-Owned Enterprises 4. Cileunyi Institution Foreign, 5. Jakarta-Cikampek Domestic, (“MSOE”) 11.25% 6. Palikanci 8.16% 7. Jagorawi 70% 8. Surabaya-Gempol 9. Semarang 10. Insurance, 11. Ulujami-Pondok Aren 30% 12. Jakarta-Tangerang 4.81% Public Mutual Fund, 13. Belmera 4.12% Foundation, As of 30 June 2019 0.16%

PT Jasamarga Related Business 40% 99.9%

Toll road subsidiaries Other business subsidiaries 5 PRIVATE AND CONFIDENTIAL Resilient Industry With Favorable Growth Trends

Economic condition, reflected as fluctuating car sales growth in Indonesia, has minimal impact to our transaction volume, however increase in car sales will contribute to higher transaction volumes in the long run.

Toll Revenues on Jasa Marga Toll Road (in million) Car Sales in Indonesia (in thousand vehicles) Economic Slow Down Economic Slow Down 9,036.4 8,281.2 1,344 7,926.6 1,229 1,208 7,121.0 1,116 6,646.4 1,063 1,080 1,013 5,581.85,802.7 894 4,843.2 765 4,306.1 3,631.5 607 3,319.3 486 2,617.7 434

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

✓ Consistent growth in revenues demonstrates resilience of toll road industry ✓ Since 2016, Jasa Marga started to implement integration system in Jakarta – Cikampek, Cikampek – Palimanan, Palimanan – Kanci, ✓ Robust estimated growth in car sales indicate batter economic Kanci – Pejagan, Pejagan – Brebes. In 2017, integration system also growth is a positive driver for the toll road industry accure in Jagorawi and Jakarta – Tangerang toll road, and in 2018, we did integration in Semarang and JORR Toll Road. ✓ Integration system caused different calculation in transaction volume and elimination of several toll gates. Source: Jasa Marga Source: http://www.gaikindo.or.id (2)

Note: (1)Economic slow down in 2015; PRIVATE AND CONFIDENTIAL 6 (2)GAIKINDO: Gabungan Industri Kendaraan Bermotor Indonesia (The Association of Indonesian Automotive Industries). Strong Corporate Governance and Highly Qualified Management Team

Experience management with over 25 years of experience, deep understanding on the industry/sector, and long-term relationship with stakeholders.

Desi Arryani – President Director • Indonesia citizen, 55 years old, was promoted through Extraordinary Meeting of Shareholders Years 2016 on 29th august 2016 • Has work experience in Construction sector more than 20 years. Previously served as Operations Director I of PT Waskita Karya (Persero) Tbk. which is SOE contractor in Indonesia. • Completed her Bachelor degree in Civil Engineering from University of Indonesia (1987) and Master degree in Management from Prasetiya Mulya (2008).

Donny Arsal – Director of Finance • Indonesia citizen, 48 years old, was promoted through Meeting of Shareholders Years 2017 on 15th March 2017 • Has work experience in Financial sector more than 23 years. Previously served as Managing Director PT Mandiri Sekuritas that look after for Investment Banking Division. • Completed Bachelor Degree from University of Indonesia (1994).

Mohammad Sofyan – Operational Director I • Indonesia citizen, 47 years old, was promoted through Meeting of Shareholders Years 2017 on 15th March 2017 • Joined Jasa Marga since 1997 and has lead in various sector such us toll road project, IT and strategic corporate planning. Previously served as Corporate Secretary PT Jasa Marga (Persero) Tbk. • Completed Bachelor Degree in Civil Transportation Engineering at Sepuluh November Institute of Technology Surabaya (1996) and Master Degree in Project Management from University of Indonesia (2003) and Master Business & IT from Melbourne University (2007).

Subakti Syukur – Operational Director II • Indonesia citizen, 56 years old, was promoted through Extraordinary Meeting of Shareholders Years 2016 on 29th august 2016 • Joined Jasa Marga since 1986 and has work experience in toll road operations more than 20 years. Previously served as President Director of PT Marga Lingkar Jakarta (one of Jasa Marga’s Subsidiary). • Completed Bachelor Degree in Civil Engineering from Bandung Institute of Technology (1986) and Master degree in Management from University of Kristen Indonesia (2010).

Adrian Priohutomo – Director of Development • Indonesia citizen, 55 years old, was promoted through Meeting of Shareholders Years 2018 on 10th April 2018 • Has work experience and major success in conceptualizing, developing and managing commercial and housing estates. Previously served as President Director of PT Permata Graha Nusantara. • Completed Bachelor Degree at Bandung Institute of Technology (1988).

Alex Denni – Director Of Human Resources And General Affairs • Indonesia citizen, 49 years old, was promoted through Extraordinary Meeting of Shareholders Years 2018 on 5th September 2018 • Has work experience in Human Resource Development. Previously served as Chief Human Capital Officer PT Bank Negara Indonesia (Persero) Tbk. and Chief Learning Office & Head of Corporation University PT Bank Mandiri (Persero) Tbk. • Completed Bachelor Degree in Management of Industrial Agro at Intitut Pertanian Bogor (1990) and Master Degree in Management at Universitas Atma Jaya (1997) dan Doctoral Degree in Human Capital at Institut Pertanian Bogor (2011). PRIVATE AND CONFIDENTIAL 7 Industry Overview 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 of construction Ministry of State Ministry of Public Owned Enterprises Works • Tariff adjustment is regulated by law, is calculated based on regional CPI and is adjusted once every 2 years Indonesian Toll Road Authority Directorate General • Initial toll tariff setup and subsequent adjustment is decided by (BPJT) of highways Minister of Public Works decree

Concession agreement Concession agreement − The ministry may postpone tariff increases if a toll road fails to comply with minimum service standards Private toll road investors Land acquisition Concession Agreement Method • Land acquisition is government’s responsibility and is undertaken Tender Acquisition Unsolicited 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

10 PRIVATE AND CONFIDENTIAL Company Update

10 Jasa Marga’s Toll Road Projects

The Company currently operates 1,041 km toll road which represents 67% market share in terms of toll roads lengths (km).

Strait of NORTH SUMATERA SUMATERA Malacca▪ BelmeraBelmera:: 42.7 42.70 km km ▪ Medan--KualanamuKualanamu-Tebing-TebingTinggiTinggi: 61.7: 61.70 km km GREATER JAKARTA JAKARTA & WEST & WEST JAVA ▪ 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 NORTHORTH SULAWESI SULAWESI ▪ Prof. Dr. Dr. Ir. Ir. Sedyatmo Sedyatmo: 14.3: 14.30 km km KALIMANTANKALIMANTAN ▪ Manado-Bitung-Bitung: 39: 39.9.9kmkm ▪ Jakarta-Cikampek:-Cikampek: 83.0 83.00 km km PAPUAPAPUA EAST KALIMANTAN EAST JAVA JAVA ▪ JORR: 28.3 28.3 km km JavaJava SeaSea EAST KALIMANTAN ▪ Balikpapan-Samarinda: 99.4 km ▪ Surabaya-Gempol:-Gempol: 49.0 49.00 km km ▪ Cikampek-Padalarang-Padalarang: 58.5: 58.50 km km ▪ Balikpapan-Samarinda: 99.35 km Banda Sea ▪ Gempol-Pandaan-Pandaan: 13.6: 13.61 km km ▪ Padaleunyi: 64.4: 64.40 km km ▪ Gempol-Pasuruan: 34.15 km JAVAJAVA ▪ Gempol-Pasuruan: 34.2 km ▪ Palikanci: 2 6.326.30km km ▪ Surabaya-Mojokerto: 36.27 km BALIBALI ▪ Surabaya-Mojokerto: 36.3 km ▪ JORR W2 W2 North: North: 7.7 7.70 km km Timor Sea ▪ Pandaan-Malang:-Malang: 37.6 37.62 km km ▪ Bogor Ring Outer Road: Ring 11.0 Road: km 11.00 km CENTRALCENTRAL JAVA JAVA IndianIndian OceanOcean ▪ Probolinggo-Banyuwangi: 172.9 km ▪ Cengkareng-Kunciran-Kunciran: 14.2: 14.19 km km ▪ ▪Semarang:Semarang: 24.8 km 24.75 km BALI ▪ 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 BALI ▪ Cinere-Serpong-Serpong: 10.: 10.1 km14 km ▪ ▪Solo-SoloNgawi-Ngawi: 90.4 km: 90.1 km ▪ Nusa Dua-Ngurah Rai-Benoa: 10.0 km ▪ Jakarta-Cikampek-CikampekII Elevated:II Elevated: 36.4 36.4 km km ▪ ▪NgawiNgawi-Kertosono-Kertosono-Kediri:: 114.9587.02 kmkm ▪ Jakarta-Cikampek II Selatan: 64 km ▪ ▪BatangSemarang-Semarang:-Batang: 75.0 km 75 km Legend Accumulation of Toll Road Operated (km) Accumulation of Concession Right (km) : Owned before 2004 and operating (13 projects) 1,497 1,527 1,527 1,260 : Awarded after 2004 and fully operated (7 projects) 1,000 1,041 987 680 590 593 : Awarded after 2004 and partially operated (4 projects)

: Awarded after 2004 and in land acquisition/ 2015 2016 2017 2018 2019 1H 2015 2016 2017 2018 2019 1H construction (9 projects) 11 Leading Toll Road Industry

Market Share Operated Toll Road 1,527 km PT Astra Tol Nusantara 15% PT Citra Marga Commercial Concession Toll Road Nusaphala Persada 4%

PT Waskita Karya ± 1,041 km 10% Accumulated Toll Road in Operation PT Nusantara Jasa Marga Infrastruktur 67% 2%

Lain-lain 2% 41.46 km Additional Operated Toll Road in 2019

Jasa Marga’s • Medan-Kualanamu-Tebing Tinggi Section VII (9.26 km) Operated Toll Road 67% • Gempol – Pandaan ( 1.6 km) • Pandaan – Malang Section 1-3 (30.6 km)

PRIVATE AND CONFIDENTIAL 12 Solid Financial Performance During Business Expansion

Jasa Marga maintain stable EBITDA Margin and strong capital structure during the business expansion.

Revenue Net Income EBITDA EBITDA Margin Rp Trillion Rp Trillion Rp Trillion 64.9% 5.16 3.34 4.79 1.05 1.06 60.5% 2.90

2018 1H 2019 1H 2018 1H 2019 1H 2018 1H 2019 1H 2018 1H 2019 1H

Interest Bearing Debt to Interest Coverage Ratio Total Liability to Total Equity Total Equity (ICR) 3.20x 3.06x 3.08x 3.03x 1.67x 1.60x

2018 2019 1H 2018 2019 1H 2018 1H 2019 1H

PRIVATE AND CONFIDENTIAL 13 Jasa Marga’s Toll Road Projects

Currently, Government accelerate infrastructure development to connect Indonesia. All of Jasa Marga’s toll road projects are part of Strategic National Project that being monitored intensively by Government.

Length JM Section Concession Period Funding Structure (km) Ownership Old Concession 13 Old Concession 2044 512.1 100% Equity A. Fully Operated 30% 1 Nusa Dua-Ngurah Rai-Benoa 2057 10 55.00% 2 JORR W2 North (part of JORR) 2044 7.7 65.00% 3 Surabaya-Mojokerto (part of Trans Java) 2049 36.3 55.51% Bank Loan at 4 Solo-Ngawi (part of Trans Java) 2055 90.43 40.00% Subsidiary 5 Semarang-Solo (part of Trans Java) 2055 72.6 58.90% Level 6 Gempol-Pasuruan (part of Trans Java) 2058 34.2 98.81% 70% 7 Batang-Semarang (part of Trans Java) 2061 75 40.00% 8 Medan-Kualanamu-Tebing Tinggi 2054 61,7 55.00% 9 Gempol-Pandaan 2049 13.6 40.00% B. Partially Operated 10 Bogor Ring Road 2054 11.95 55.00% Historical Cash Capex 11 Ngawi-Kertosono-Kediri (part of Trans Java) 2066 114.92 40.00% 12 Pandaan-Malang 2051 37.6 60.00% C. In Land Acquisition and Construction 15,475 13 JORR2 (Cengkareng-Kunciran) 2052 14.2 76.20% 14 JORR2 (Kunciran-Serpong) 2052 11.2 60.00% 11,378 15 JORR2 (Serpong-Cinere) 2052 10.1 55.00% 16 Balikpapan-Samarinda 2055 99.4 58,81% 17 Manado-Bitung 2056 39.9 65.00% 6,016 5,819 18 Jakarta-Cikampek II Elevated 2061 36.4 80.00% 4,013 4,346 19 Jakarta-Cikampek II South 35 years from effective date 64 80.00% 20 Probolinggo-Banyuwangi 35 years from effective date 172.9 94.84% TOTAL 1.527 2015 2016 2017 2018 1H 2018 1H 2019

14 PRIVATE AND CONFIDENTIAL Jasa Marga’s Upcoming Project: Greater Jakarta

6 projects Jakarta Cikampek II Elevated (36.40 km) Progress Land Acquisition: - Progress Construction: 86.31% Cengkareng – Kunciran (14.19 km) Progress Land Acquisition: 80.74% Progress Construction: 47.22%

Kunciran – Serpong (11.19 km) Progress Land Acquisition: 99.13% Progress Construction: 94.78%

Serpong – Cinere (10.14 km) Progress Land Acquisition: 82.27% Progress Construction: 57.14% Jakarta-Cikampek II Selatan (64 km) Progress Land Acquisition: 13.00% Progress Construction: 0%

Bogor Ring Road (11 km) (Section 3A Yasmin – Semplak) Progress Land Acquisition: 0% Progress Construction: 29.74%

Partially Operated In Land Acquisition and Construction *As of 28th June 2019

PRIVATE AND CONFIDENTIAL 15 Jasa Marga’s Upcoming Project: Java

3 projects

Ngawi – Kertosono – Kediri (114.92 km) Progress Land Acquisition (Kertosono-Kediri): 0% Progress Construction (Kertosono-Kediri): 0%

Probolinggo-Banyuwangi (172.91 km) Progress Land Acquisition: 0% Progress Construction: 0%

Pandaan – Malang (37.62 km) Progress Land Acquisition: 93.63% Progress Construction: 92.96% Partially Operated In Land Acquisition and Construction

*As of 28th June 2019

PRIVATE AND CONFIDENTIAL 16 Jasa Marga’s Upcoming Project: Outside Java

2 projects

MALUKU

SULAWESI

KALIMANTAN

Balikpapan-Samarinda (99.35 km) Manado-Bitung (39 km) Progress Land Acquisition: 98.96% Progress Land Acquisition: 84.82% Progress Construction: 91.65% Progress Construction: 41.43%

Half Operated *As of 28th June 2019 In Land Acquisition and Construction PRIVATE AND CONFIDENTIAL 17 Appendix Transaction Volume by Section (Million vehicle transactions)

∆% No Branch/Subsidiary 2015 2016 2017 2018 2018 1H 2019 1H 1H18 vs. CAGR 1H19 1 Jagorawi 204.16 207.65 189.47 148.50 72.35 73.73 1.9% -10.1% 2 Jakarta-Cikampek 215.00 221.75 205.48 181.60 92.22 81.48 -11.6% -5.5% 3 Jakarta-Tangerang 127.43 130.89 133.12 138.00 66.97 66.28 -1.0% 2.7% 4 Cawang-Tomang-Cengkareng 284.66 294.90 300.81 296.59 146.15 139.70 -4.4% 1.4% 6 Purbaleunyi 66.25 67.49 68.79 69.67 33.72 35.63 5.6% 1.7% 8 Surabaya-Gempol 89.56 97.66 100.97 100.30 48.51 52.62 8.5% 3.8% 9 Semarang 50.41 51.76 52.62 39.80 23.65 18.42 -22.1% -7.6% 10 Belmera 24.79 25.75 27.88 28.00 14.05 13.28 -5.5% 4.1% 11 Palikanci 23.04 19.04 14.59 14.50 7.10 7.73 8.8% -14.3% 12 JORR Non S 90.71 95.76 98.26 89.18 46.06 38.99 -15.4% -0.6% 13 Ulujami-Pondok Aren 43.73 46.11 47.52 34.90 22.64 1.44 -93.6% -7.2% Total Parent 1,219.74 1,258.77 1,239.53 1,141.04 573.42 529.30 -7.7% -2.2% 14 PT Marga Sarana Jabar 15.34 16.49 15.79 16.41 7.92 8.48 7.1% 2.3% 15 PT Jasamarga Surabaya Mojokerto 13.02 15.36 17.14 24.50 12.33 14.32 16.2% 23.5% 17 PT Jasamarga Bali Tol 16.54 17.46 18.20 18.30 9.03 7.57 -16.1% 3.4% 18 PT Marga Lingkar Jakarta* 24.71 26.90 30.50 29.64 15.45 10.90 -29.4% 6.3% 19 PT Jasamarga Pandaan Tol 2.80 5.84 7.20 11.00 4.81 8.08 68.0% 57.9% 20 PT Jasamarga Gempol Pasuruan - - 0.71 3.90 1.41 3.97 182.2% 76.4% 21 PT Jasamarga Kualanamu Tol - - 0.84 6.89 2.35 2.88 22.3% 101.7% 22 PT Jasamarga Ngawi Kertosono Kediri - - - 2.72 - 3.78 N/A N/A 23 PT Jasamarga Solo Ngawi - - - 3.41 - 6.56 N/A N/A 24 PT Jasamarga Semarang Batang - - - - - 5.00 N/A N/A 25 PT Jasamarga Pandaan Malang - - - - - 0.81 N/A N/A 24 PT Trans Marga Jateng 18.70 20.50 19.75 13.50 6.45 9.75 51.2% -10.3% Total Subsidiary 91.11 102.54 110.13 130.27 59.75 82.10 37.4% 12.7% TOTAL 1,310.8 1,361.3 1,349.66 1,271.31 633.17 611.39 -3.4% -1.0%

*The impact of removal some toll gates and transaction system changes from closed system to open system 19 Toll Revenue by Branch/Subsidiary (Rp Billion)

∆% Branch/Subsidiary 2015 2016 2017 2018 2018 1H 2019 1H CAGR 1H18 vs. 1H19

1 Jagorawi 620.2 697.0 874.0 816.4 388.0 411.5 6.1% 9.6% 2 Jakarta-Cikampek 1,137.8 1,232.5 1,265.7 1,155.2 571.3 562.4 -1.6% 0.5% 3 Jakarta-Tangerang 507.5 580.7 755.7 852.1 379.8 403.8 6.3% 18.9% 4 Cawang-Tomang-Cengkareng 1,247.0 1,412.7 1,475 1,554.1 830.1 726.8 -12.4% 7.6% 5 Purbaleunyi 1,197.5 1,350.6 1,299.0 1,380.0 673.6 669.0 -0.7% 4.8% 6 Surabaya-Gempol 335.8 402.0 418.6 449.2 203.3 270.7 33.2% 10.2% 7 Semarang 113.2 136.6 138.9 160.1 68.2 99.4 45.7% 12.2% 8 Belmera 90.2 105.5 113.7 131.9 73.9 65.0 -12.1% 13.5% 9 Palikanci 133.0 169.5 181.2 199.8 97.5 116.6 19.5% 14.5% 10 JORR 1,163.7 1,010.2 1,024.8 1,038.9 493.4 601.7 21.9% -3.7% TOTAL PARENT LEVEL 6,545.9 7,097.3 7,546.9 7,737.8 3,779.2 3,926.7 3.9% 5.7% 11 PT Marga Sarana Jabar 86.9 100.2 98.7 138.5 51.7 86.7 68% 16.8% 12 PT Trans Marga Jateng(1) 129.5 152.8 57.7 - - - N/A N/A 12 PT Jasamarga Surabaya Mojokerto 20.1 36.0 50.5 312.1 139.2 215.9 55% 149.3% 14 PT Jasamarga Bali Tol 122.7 143.3 149.9 161.4 79.4 66.1 -17% 9.6% 15 PT Marga Lingkar Jakarta 188.0 337.3 276.5 276.7 129.4 148.9 15% 13.7% 16 PT Jasamarga Pandaan Tol(3) 27.8 59.7 68.1 92.2 41.0 40.3 -2% 49.0%

17 PT Jasamarga Gempol Pasuruan - - 8.6 70.7 19.0 102.0 438% 101.7%

18 PT Jasamarga Kualanamu Tol - - 24.2 213.6 71.0 153.5 116% 106.5% 19 PT Jasamarga Solo Ngawi(2) - - - 2.4 1.8 - - N/A

20 PT Jasamarga Ngawi Kertosono Kediri(2) - - - 31.1 29.1 - - N/A

21 PT Jasamarga Semarang Batang(2) ------N/A TOTAL SUBSIDIARY LEVEL 575.1 829.3 734.3 1,298.6 561.4 813.3 45% 31.2% TOTAL 7,121.0 7,926.6 8,281.2 9,036.4 4,340.6 4,740.0 9% 8.3% Notes : (1) Deconsolidated since 1H2017 (2) Deconsolidated since Q3 2018 (3) Deconsolidated since 1H 2019 20 Financial Highlight: Balance Sheet (Rp Billion)

2015 2016 2017 2018 2019 1H ∆Rp ∆% Consolidated Financial Statement (Audited) (Audited) (Audited) (Audited)

Cash and Cash Equivalent 3,323 4,125 6,873 5,943 4,559 -1,384 -23.3% Other Current Assets 406 8,840 12,114 5,871 6,767 896 15.3% Non Current Assets 32,996 40,535 60,206 70,605 78,344 7,740 11.0% TOTAL ASSETS 36,725 53,500 79,193 82,419 89,671 7,252 8.8% Current Liabilities 7,543 18,627 24,998 31,081 36,376 5,295 17.0% Non Current Liabilities 16,613 18,534 35,956 31,138 31,926 788 2.5% TOTAL LIABILITIES 24,356 37,161 60,954 62,220 68,302 6,082 9.8% Equity 12,369 16,339 18,359 20,199 21,369 1,170 5.8% TOTAL LIABILITIES AND EQUITY 36,725 53,500 79,313 82,419 89,671 7,252 8.8%

DER (Debt to Equity Ratio) 1.97 2.27 3.32 3.08 3.20 - - Interest Bearing Debt 15,968.7 26,975.7 35,416 33,612 34,134 522 1.6% Interest Bearing Debt to Equity 1.29 1.65 1.93 1.66 1.60 - -

21 Financial Highlight: Income Statement (Rp Billion)

Stable Revenue growth with steady EBITDA to maintain stable net income growth during expansion 1,000 2015 2016 2017 2018 2018 1H 2019 1H ∆Rp ∆% CAGR Consolidated Financial Statement (Audited) (Audited) (Audited) (Audited) (YoY) (YoY) (2015-2018)

Toll Revenue 7,121 7,927 8,281 9,036 4,341 4,740 399 9.2% 8% Other Business Revenue 510 906 640 748 449 416 (33) -7.3% 14% REVENUE 7,631 8,832 8,922 9,784 4,790 5,156 366 7.6% 8.6%

Toll and Other Operating Expenses (3,563) (4,023) (3,772) (4,053) (1,999) (2,107) (107) 5.4% 4%

General and Administrative Expenses (885) (949) (1,152) (1,325) (623) (658) (34) 5.5% 14%

Financial Income 218 203 284 317 200 208 8 4.2% 13% Gain on Divestment - - 563 877 836 111 (725) -86.7% N/A

Other Expenses (30) (99) (363) (416) (66) (181) (115) 175.9% 141%

Tax expense of Financial Income 44 (41) (48) (46) (25) (31) (6) 22.6% -202% Other Income 99 195 56 91 27 207 179 656.9% -3% OPERATING INCOME 3,478 4,166 4,648 5,415 2,398 2,757 359 15.0% 16% Operating Income Margin 46% 47% 52% 55% 50% 53% N/A 6.8% N/A EBITDA 4,285 5,229 5,481 6,023 2,897 3,344 448 15.4% 12.0% EBITDA Margin 56% 59% 61.43% 61.56% 60.5% 64.9% N/A 7.2% N/A

Finance Cost (1,405) (1,509) (1,269) (1,840) (955) (1,094) (140) 14.6% 9%

Share in Net Loss of Associates (4) (7) (129) (365) (113) (151) (38) 33.7% 339%

INCOME BEFORE TAX 2,068 2,650 3,250 3,210 1,331 1,519 188 14.1% 15.8%

Income Tax Expense (749) (847) (1,157) (1,173) (360) (501) (141) 39.2% 16%

NET INCOME 1,466 1,889.31 2,200 2,203 1,046 1,060 14 1.4% 14.5% Net Income Margin 19.22% 21.39% 24.66% 22.51% 21.83% 20.55% N/A -5.8% 5%

ICR (Interest Coverage Ratio) 3.05 3.46 4.32 3.27 3.03 3.06

22 Disclaimer

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The information and opinions contained in this presentation are intended solely for your personal reference and are strictly confidential. The information and opinions contained in this presentation have not been independently verified, and no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of, the information or opinions contained herein. It is not the intention to provide, and you may not rely on this presentation as providing, a complete or comprehensive analysis of the condition (financial or other), earnings, business affairs, business prospects, properties or results of operations of the company or its subsidiaries. The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to change without notice. Neither the company (including any of its affiliates, advisors and representatives) nor the underwriters (including any of their respective affiliates, advisors or representatives) shall have any responsibility or liability whatsoever (in negligence or otherwise) for the accuracy or completeness of, or any errors or omissions in, any information or opinions contained herein nor for any loss howsoever arising from any use of this presentation.

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.

This presentation is not and does not constitute or form part of any offer, invitation or recommendation to purchase or subscribe for any securities and no part of it shall form the basis of or be relied upon in connection with any contract, commitment or investment decision in relation thereto. This presentation may not be used or relied upon by any other party, or for any other purpose, and may not be reproduced, disseminated or quoted without the prior written consent of the company. Any investment in any securities issued by the company or its affiliates should be made solely on the basis of the final offer document issued in respect of such securities.

Relaying copies of this presentation to other persons in your company or elsewhere is prohibited.

PRIVATE AND CONFIDENTIAL 23 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] Email. [email protected] www.jasamarga.com