PT Tbk 9M 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 • The Group’s net income increased by 8% during the first nine months of the year. Improved results from the Group’s agribusiness, contract mining operations and financial services businesses were partially offset by lower earnings from the automotive businesses as margins declined in the sector. • The Group’s heavy equipment business reported slightly improved results on higher parts and service revenue, despite lower sales volumes due to the effect of weaker coal prices.

Period ended 30th September

2014 2013 Change Net Revenue (Rp bn) 150,582 141,840 6% Net Income (Rp bn)* 14,492 13,464 8% Net earnings per share (Rp) 358 333 8% As at 30th As at 31st Change September 2014 December 2013 Shareholders’ Funds (Rp bn)** 90,506 83,938 8% Net asset value per share (Rp)** 2,236 2,073 8%

* 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 • •MTNMHI : 11km41km Astra Graphia •Toyota Astra •BMW •Traktor Astra Agro Lestari •MHIMTN : 41km11km Finance • Nusantara •UD Motorcycle LogisticsLogistics IT Solution •SERA / TRAC Motorcycle Federal Intl. Mining Contractor •SERA / TRAC Astra Graphia •Mobil 88 (used) Finance •Mobil 88 (used) Information PAMA Persada •SELOG Honda Technology Nusantara •TFLI Heavy Equipment 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 Residences

3 Market position at 30 September 2014

• Astra’s car market share decreased from 53% to 51%, while Astra’s motorcycle market share increased from 60% to 63%. • Komatsu maintained leading market position with 40% market share, decreased from 41% last year Car Motorcycle Kawasaki Others 2% 8% 4% Honda Toyota 14% 33% Yamaha Nissan 31% 3%

Suzuki Honda 13% Heavy Equipment 63% Others Daihatsu Mitsubishi Isuzu 15% 12% 12% 2% Kobelco Source : Gaikindo Komatsu 12% 40% Source : AISI

Hitachi 19% Caterpillar 17% Source: United Tractors – Internal Market Research 4 Corporate actions

• Astra International and Aviva signed an agreement to establish Jan ‘14 “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 Astra Sedaya Finance Mar ‘14 amounted to Rp 2.2 trillion. • AI completed acquisition of 50% stake in Astra Aviva Life. May‘14

• Astra Graphia sold its 51% interest in AGIT Monitise Jun‘14 Indonesia, and recorded a gain on disposal of Rp 42 billion. • Astra Agro Lestari acquired 100% stake of oil palm plantation firm Jul‘14 PT Palma Plantasindo, worth Rp 309 billion. • Pama Persada Nusantara acquired 60% share of its sister company, Sep‘14 Tuah Turangga Agung in exchange of the ownership at ABB, ABJ, PMM, and KCM coal mining concessions.

5 Financial Performance Consolidated income statement

“The Group's earnings were satisfactory despite being affected by heightened competition in the car market and lower coal prices. We expect the Group’s trading performance to remain little changed for the remainder of the year.”

- Prijono Sugiarto, President Director

In Billion Rupiah 9M14 9M13 Change USD / IDR, average 11,766 10,150 16% Revenue 150,582 141,840 6% Gross Profit 28,787 25,373 13% Operating Expenses (14,127) (12,914) 9% Other Income 2,437 1,698 44% Equity Income 4,637 4,604 1% Income Tax Expense (4,266) (3,375) 26% Non-controlling interest (2,976) (1,922) 55% Net Income 14,492 13,464 8%

7 Astra portfolio as at 30 September 2014

Ownership Share of NI % % 9M14 9M13 Increased Net Income Auto Non-Auto Auto Non-Auto contribution from Non-Auto 4W Automotive segment, driven by Agribusiness SO – Toyota, Daihatsu, Isuzu 100 Toyota Astra Motor 51 23 30 and Heavy Equipment and 32 Mining: Isuzu Astra Motor Indonesia 45 2W Automotive 2001 2012 2013 9M14 Astra Honda Motor 50 15 17 Honda SO 100 Auto (Incl. auto related Component Financial Services) 89% 64% 68% 59% Astra Otoparts 80 3 4 Financial Services Astra Sedaya Finance 75 Federal International Finance 100 Non-Auto 11% 36% 32% 41% Toyota Astra Financial Services 50 Komatsu Astra Finance 50 18 8 19 6 SAN Finance 60 Asuransi Astra Buana 96 Permata Bank 45 Astra Aviva Life 50 Heavy Equipment & Mining United Tractors 60 20 16 Pamapersada Nusantara 60 Agribusiness Astra Agro Lestari 80 10 5 Infrastructure, Logistics, IT SERA 100 Palyja 49 3 3 Marga Mandalasakti 79 Astra Graphia 77 8 Consolidated balance sheet

• Astra’s net asset value of Rp 2,236 per share at 30th September 2014 was 8% higher than at the end of 2013. • Net debt at 30th September 2014, exclusive of the Group’s financial services subsidiaries, was Rp 3.8 trillion, a 3% increase, compared to net debt of Rp 3.7 trillion at the end of 2013.

In Billion Rupiah 30-Sep-2014 31-Dec-13 Change Cash and Cash Equivalents 19,821 18,557 7% Trade Receivables 23,123 19,843 17% Inventories 19,078 14,433 32% Financing Receivables 59,441 54,677 9% Investment in Jointly Controlled Entities and Associates 26,584 23,870 11% Fixed Assets 40,774 37,862 8% Other Assets 47,580 44,752 6% Total Assets 236,401 213,994 10% Short-term Borrowings 11,481 12,854 -11% Trade Payables 21,409 17,275 24% Long-term Debt 55,526 51,669 7% Other Liabilities 32,514 26,008 25% Total Liabilities 120,930 107,806 12% Equity Attributable to Owners of The Parent 90,506 83,938 8% Non – controlling Interest 24,965 22,250 12% Total Equity 115,471 106,188 9% Net Debt (47,186) (45,966) 3% Net Debt (Excl. Financial Services) (3,807) (3,687) 3%

9 Consolidated cash flow

As at 30 September 2014, Astra ending cash balance was Rp 19.8 trillion.

In Billion Rupiah 9M14 9M13 Change Cash from operations 13,553 21,216 (7,663) Tax Payments (3,860) (4,918) 1,058 Interest received 950 632 318 Dividends Received 2,935 2,192 743 Cash flow from Operating Activities + Dividends Received 13,578 19,122 (5,544) Net Capex (8,223) (6,496) (1,727) Net Investment (1,365) (1,320) (45) Other Investing (325) (286) (39) Cash flow for Investing Activities – Dividends Received (9,913) (8,102) (1,811) Net proceed of Debt 2,549 (80) 2,629 Finance Costs Payment (754) (848) 94 Dividend Payment (7,130) (7,057) (73) Other Financing 2,194 2,392 (198) Cash flow for Financing Activities (3,141) (5,593) 2,452 (Decrease) / Increase in Cash 524 5,427 (4,903) Opening Cash Balance (incl. Bank Overdraft) 18,555 10,815 7,740 Exchange Rate Adjustment 702 856 (154) Closing Cash Balance (incl. Bank overdraft) 19,781 17,098 2,683

10 Business Updates Automotive – wholesale car market

Astra’s car sales fell by 1%, with its market share decreasing from 53% to 51%. 3% 9M14 9M13 932,943 908,345

Others 7.9% Others 8.2% Nissan 2.9% Commercial Commercial 247,682 Nissan 5.3% Honda 13.6% 26.5% 258,593 Others Commercial Others Honda 7.7% 28.5% Commercial 456,704 31.8% 429,692 31.8% 49% Suzuki 12.9% 47.3% Suzuki 13.3%

Mitsubishi Mitsubishi 11.7% 12.8% Commercial Isuzu 2.3% Commercial Isuzu 2.6% 16.5% Daihatsu 17.2% Daihatsu 4x2 & 4x4 4x2 & 4x4 15.2% 14.7% 667,609 622,530 71.6% 68.5% 4x2 & 4x4 Astra Astra 4x2 & 4x4 61.2% 476,239 4x2 & 4x4 4x2 & 4x4 478,653 79.6% 51% 81.2% 57.9% 52.7% Toyota Toyota 33.5% 35.2% Sedan Sedan 2.2% 1.9% Sedan 60.6% Sedan 3.2% 3.0%% Sedan 56.0% M/S AI Product Brand Segment AI Product M/S AI Product Brand Segment AI Product 9M14 Segment M/S 9M13 Segment M/S

Source: Gaikindo 12 Automotive – car product launches

During first 9M 2014 , Astra launched 18 new models and 9 revamped models.

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

Avanza Luxury Isuzu MU-X BMW X-4 xDrive June 2014 August 2014 September 2014

13 Automotive – wholesale motorcycle market Astra Honda Motor’s sales increased by 9%, with its market share increasing from 60% to 63%. 9M14 5% 9M13 6,052,832 5,791,003

Others, 2.2% Others, 1.9% Suzuki,3.8% Sport/Others 30.8 % Sport & Others Sport/Others Suzuki, 5.4% Sport & Others 16.4% 29.2% Yamaha, 17.3% 1,894,940 Yamaha, 31.3% 1,876,694 32.4% Sport/Others 8.1% Sport/Others Scooter 8.3% Scooter 3,994,278 3,660,733 Scooter 66% Scooter 63.2% Scooter 2,833,473 2,540,432 Honda, Scooter 2,833,473 70.9% Honda, 69.4% 3,797,921 2,540,432 74.6% 3,491,665 62.7% 72.8% 60.3%

Cub Cub Cub Cub 1,065,318 Cub Cub 1,130,148 658,813 659,443 658,813 17.6% 659,443 19.5% 17.3% 61.8% 18.9% 58.4% Brand Honda Segment Honda Product Segment Brand Honda Segment Honda Product Segment 9M14 M/S 9M13 M/S Source: AISI 14 Automotive – motorcycle product launches

During first nine month of 2014, Astra Honda Motor launched 1 new product and 13 revamped models.

Honda Revo Series FI Honda Verza Honda Vario FI January 2014 February 2014 March 2014

Honda BeAT FI Honda PCX 150 Honda CBR 150 R May 2014 July 2014 September 2014

15 Automotive - components

Astra Otoparts recorded 18% higher sales volumes, although net income slightly increased to Rp 643 billion on lower manufacturing margins.

Revenue (IDR billion) Net Income (IDR billion) 1% 638 18% 643

9,178 896 7,761 345 Export, 391 Export, 740 7% 3,488 7% 3,040 OEM, After 45% Market, After OEM, 35%, Market, 58%, 4,794 48% 298 3,981 247

9M14 9M13 9M14 9M13 Export After Market OEM Equity Income Consolidated Income

16 Financial services Net income from the Group’s financial services businesses increased by 14% to Rp 3.8 trillion, driven by the strong growth of FIF, AAB and one-time gain from the acquisition of 50% stake in Astra Aviva Life.

Unit Financed 9M14 9M13 % Asuransi Astra Buana ACC (new & used ) 159,872 143,724 11% • 9M14 Gross Written Premium up by 14% TAFS 49,712 47,246 5% Auto year on year to Rp 3.2 trillion Total 4W 209,584 190,970 10%

FIF (Incl.Electronics) 2,276,066 1,957,317 16% • RBC : 165%, requirement 120% SANF 1,386 2,020 -31% HE KAF 110 264 -58% Bank Permata Total HE 1,496 2,284 -35% • 9M14 consolidated net income decreased Amount Financed (Rp bio) 9M14 9M13 % by 6% to Rp 1.2 trillion ACC 20,747 19,814 5% TAFS 7,428 7,247 2% • Loan book grew by 12% to Rp 132 trillion Auto Total 4W 28,175 27,061 4% • LDR 88% & CAR 13% FIF 19,619 15,927 23% • Gross-NPL ratio was up from 1.1% to 1.4% Total Auto 47,794 42,988 11% SANF 1,991 2,429 -18% HE KAF 682 1,252 -46% Total HE 2,673 3,681 -27%

* Incl. Joint Financing 17 Heavy equipment & mining United Tractors, 59.5%-owned, reported a 41% improvement in net income to Rp 4.8 trillion, driven by strong performance from its mining contracting business. Revenue (Rp bio) Mining Contracting 9% 40,810 37,305 Coal OB 3,801 Prod: 2,504 Removal: 15% 5% 639.5 25,118 22,603 605.6

89.9 78.5 11,891 12,198 9M14 9M13 9M14 9M13 Construction Machinery Mining Contracting Mining Coal Production & Hauling (mn tonnes) Overburden Removal (mn bcm) Komatsu Unit Sales Coal Mines: Reserves and Sales 10% 62% 3,303 4,658 2,982 Est. Combined Coal 826 Reserves (Mio Tons)* 690 2,215 TTA 30 2,884 793 835 PMM 3 264 ABP 9 414 1,878 ABB/ABJ 101 1,420 2,443 1,043 DS/DN 45 1,006 BEE 177 9M14 9M14 9M13 9M13 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, 79.7%-held, reported net income of Rp 1.9 trillion, up 107%. Average CPO prices achieved were 24% higher at Rp 8,474/kg. Crude palm oil sales decreased by 9% to 1 million tonnes. Astra Agro Lestari’s refinery in West Sulawesi sold 144,000 tonnes of olein during the period.

Revenue (Rp bio) CPO Yield (tonne/Ha) 11,760 41% 9% 1,794 8,324 117 Export 3.66 9,966 Local 3.36 8,207

9M14 9M13 9M14 9M13 CPO Production & Sales (‘K tonnes) Area Maturity (‘K Ha) *

285 2% 279 35 36 CPO CPO Prod: Sales 19% 9% Immature 1,293 Mature 1,005 1,084 1,106 250 243 144 - 9M14 9M13 9M14 9M13 Production Sales Olein Sales * Incl. plasma plantation 19 Infrastructure, logistics and others

MMS Vehicle Traffic Volume (‘K unit) 6%

• Marga Mandalasakti, the 72.5 km Tangerang- Merak toll road, reported a 6% increase in 32,000 30,000 traffic volume to 32 million vehicles and a 13% increase in average tariffs.

9M14 9M13

TRAC Rental Car (unit) 3%

• Serasi Autoraya’s revenue improved despite the number of vehicles under contract at its 30,000 31,000 TRAC car rental business being 3% lower at 30,000, driven by higher used car sales.

9M14 9M13

20 Appendices Divisional revenue and net income Divisional Revenue In Billion Rupiah 9M14 9M13 Change Automotive 79,684 79,934 0% Financial Services 11,546 10,192 13% Heavy Equipment 40,703 37,246 9% Agribusiness 11,760 8,324 41% Infrastructure, Logistics & Others 5,629 4,805 17% Information Technology 1,260 1,339 (6%) Total 150,582 141,840 6% Divisional Net Income In Billion Rupiah 9M14 9M13 Change Automotive 5,895 6,892 (14%) Financial Services 3,805 3,327 14% Heavy Equipment 2,905 2,079 40% Agribusiness 1,501 726 107% Infrastructure, Logistics & Others 252 339 (26%) Information Technology 134 101 33% Total 14,492 13,464 8%

22 Car products launched in 9M14

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 Car products launched in 9M14

Models Launched Launching Time Engine Capacity Prices (IDR mn) Car Isuzu GigaGVR 34 H Tractor Head Jul’14 285ps 621 Isuzu MU - X Aug’14 2,500cc 425 VNT 4x4 Aug’14 2,500cc 480 TRD Sportivo Sep’14 1,500cc 288.8 – 301.4 BMW X5 xDrive 35i Luxury Sep’14 3,000cc 1,248* BMW X4 xDrive28i xLine Sep’14 2,000cc 888* BMW X4 xDrive28i M Sport Sep’14 2,000cc 838* BMW X3 xDrive20i xLine Sep’14 2,000cc 1,088* BMW X3 xDrive20d Efficient Dynamics Sep’14 2,000cc 1,108* *Off the road

24 Motorcycle products launched in 9M14

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 Honda PCX 150 Jul’14 150cc 38.8 Honda Supra – X 125 Helm In FI Jul’14 125cc 16.9 Honda CBR 150 R Sep’14 150cc 28.5 – 29.1

25 National market data (summary)

9M14 9M13 Major Brands Wholesale Astra Wholesale Astra Toyota - Vios/Limo, Altis, Camry; Honda - City, Civic, Sedan 17,562 60.6% 27,222 56.0% Accord; Mercedes - E Series, C Series Toyota - Avanza, Innova, Rush, Agya Daihatsu - Xenia, Terios, Ayla; Honda – Mobilio, 4X2 & 4X4 667,609 57.9% 622,530 61.2% CR-V, Jazz, Freed; Suzuki - Ertiga, APV, Splash; Nissan - Grand Livina, March, Evalia; Mitsubishi – Pajero Sport, Mirage, Outlander Sport Car Mitsubishi – Canter, L-300, Strada; Daihatsu – Gran Pick Up/ Trucks/ Bus 238,746 31.5% 247,447 31.6% Max; Suzuki – Carry, APV; Isuzu – Elf, Panther, Giga; Toyota – Dyna ,Hi-Lux, Hi-Ace Toyota – Hilux; Mitsubishi – Strada; Ford – Ranger; Double Cabin 8,936 40.9% 11,146 36.6% Isuzu – D-Max Total 932,943 51.0% 908,345 52.7% Honda - Supra X 125, Revo Series, Blade; Yamaha - Cub 1,065,318 61.8% 1,130,148 58.4% Jupiter MX, Vega RR, Jupiter Z; Suzuki – Smash Titan, Shooter, Shogun Axello 125 Honda - BeAT, Vario, Scoopy; Yamaha - Mio, GT Scooter 3,994,278 70.9% 3,660,733 69.4% 125, X-Ride; Suzuki – Nex, Let’s Yamaha - V-ixion, Byson, Scorpio Z; Honda - CB 150

Motorcycle Sport & Others 993,236 30.8% 1,000, 122 29.2% R, Verza, New Mega Pro, CBR 150R; Suzuki - Satria F 150, Thunder 125 Total 6,052,832 62.7% 5,791,003 60.3%

Source: Gaikindo & AISI

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

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