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Jasa Marga Update 3Q 2017 As of November 2017 Company Overview Company Overview

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Jasa Marga Update 3Q 2017 As of November 2017 Company Overview Company Overview Jasa Marga Update 3Q 2017 as of November 2017 Company Overview Company overview Brief snapshot Company highlights • Leading toll road operator in Indonesia with over 38 years of experience ü Largest toll road operator in Indonesia with 62.2% market share in • 31 toll road concessions with total length of 1,260km terms of toll roads lengths (665 km) and 80% market share of toll • 70% owned By the Government of Indonesia road transacQon volume • PuBlically listed on the Indonesia Stock Exchange since 2007, with a ü The longest concession period holder in Asia reflecQng stable market cap of c.IDR 42.5 trillion as at 9 Oct 2017 income • Key Business ü Strategically important with strong government ownership – ConstrucQon, operaon and maintenance of toll road ü Resilient industry with strong government focus – FaciliQes construcQon and supplementary services in adjacent Border area ü • SupporQng Business / other Business Strong financial profile with promising growth going forward – Toll Road Operaon Services (Provides operaon services for Jasa Marga and other toll road investors) – Toll Road Maintenance Services (Provides maintenance services for Jasa Marga and other toll road investor) Vision & Mision – Property (ages rest areas and other properQes on toll road corridors) To be the largest, trusted and sustainable national FY2016 segmental revenue breakdown Vision toll road network company. Toll Revenue – Jasa Marga 1. Lead the development of toll road networks in (13 old concessions in Indonesia to increase naonal connecQvity. balance sheet) 80.36% 2. Manage the toll road Business along the end-to- end value chain in a professional and Mission sustainable manner. 3. Maximize the regional development to Other Operating Revenues accelerate community advancement and 10.25% increase company profitability. Toll Revenue - Subsidiaries 9.39% 4. Enhance customer sasfacQon through service excellence 3 Company Key Development Milestone ü Government offered the opportuniQes ü Jasa Marga was established with for the private sector to parQcipate in focus on Business management, toll road Business through Build, The authority funcQon was returned Jasa Marga Became a puBlic maintenance and procurement of Operate and Transfer (BOT) system to the Government, Toll Road company through an Inial Public the toll road network. with Jasa Marga. Regulatory Agency (BPJT) under the Offering (IPO) and listed its shares ü Jagorawi as the first toll road in ü Jakarta Toll roads operated By Jasa Ministry of PuBlic Works. on the Indonesia Stock Exchange. Indonesia Began operaons. Marga iniQated its operaons gradually. 1978 1987 2004 2007 ü Currently operang 21 toll road concessions ü Won tender of Batang- Semarang, (665 km in length) Forming of PT Jasa Balikpapan-Samarinda, Manado-Bitung ü Fully implemented Implementaon of Implementaon of Layanan Operasi (non dan Pandaan- Malang Toll Road. electronic payment e-Toll Card. e-Toll Pass. toll road suBsidiary. ü Integrated of Jakarta-Brebes Toll Road system in all toll roads 2009 2012 2015 2016 2017 4 Company Structure Currently, PT Jasa Marga (Persero) Tbk (“Company”) is owned 70% by the Government of Indonesia through Ministry of State Owned Enterprise and the remaining 30% is owned by public (both institutional and individuals). Government Shareholding Structure of Indonesia (“GOI”) Parent Level Foreign 1. Cawang-Tomang-Pluit 17% Ministry of State- 2. (Jakarta Inner Ring Road) Individual Owned Enterprises 3. Prof. Dr. Ir. Sedyatmo (Airport) 1% (“MSOE”) 4. PurBaleunyi 5. Jakarta-Cikampek Domestic Government Institution 70% 6. Palikanci 8% 7. Jagorawi 70% Mutual 8. Surabaya-Gempol Fund 9. Semarang 4% 10. Jakarta Outer Ring Road As of 31st Oct 2017 Public 30% 11. Ulujami-Pondok Aren 12. Jakarta-Tangerang 13. Belmera 5 Key Strategy Operang Strategy Funding Strategy • Toll Road Business Development • Bank Loans Facility : – Adding toll roads to increase the value of the Company and To Bridge funding needs Before approaching the capital to maintain current market leadership in the foreseeable market future – In the long term, aim to conQnue operang the Best quality • Project Bonds in at Project level : commercial toll roads, differenQang from 2nd largest To replace the Bank loan financing with fixed interest rate compeQtor, Hutama Karya, and maintain majority of market and the principal payment inline with the cashflow share in Indonesia Bond/Sukuk Issuance at Corporate level: • Toll Road OperaCon • To finance investment for new toll road project – Operang efficient, safe, and high quality toll road to improve operaonal performance – Providing excellent service to road users, community, and • Equity Fund Raising : government To maintain our profitability and also leveraging our financing capacity. • Other Business Development – Develop other Businesses that are strategically strengthening • Securizaon on selected toll road : development strategies and operaon of toll roads To leverage mature assets for deBt financing without – Increase revenue By leveraging the resources of the incurring any interest Burden. Company 6 Industry Overview Overview of tHe Indonesian Toll RegulaNon Toll Tariff Overview of the authories involved • IniQal toll tariff is calculated Based on investment feasibility, toll road user’s ability to pay and vehicle operang cost saving - Government of Indonesia Investment feasiBility is calculated Based on esQmated investment cost and projected revenue during term of the concession • IniQal toll tariff is sQpulated in concession agreement prior to start of construcon • Tariff adjustment is regulated By law, is calculated based on regional CPI and is adjusted once every 2 years • IniQal toll tariff setup and suBsequent adjustment is decided By Minister of Public Works decree Ministry of State Ministry of Public - The ministry may postpone tariff increases if a toll road fails to comply with Owned Works minimum service standards Enterprises Land acquisition Indonesian Toll Directorate Road AutHority • Land acquision is government’s responsibility and is undertaken By land General of procurement commifee appointed By the Government (BPJT) highways • The land acquisiQon comprises four stages: planning, preparaon, execuon and delivery Concession agreement Concession - The law also regulates a deadline for land acquisiQon of 312 to a maximum agreement of 552 working days • Price is determined By independent appraiser Based on fair market price Private toll road investors • Investors may provide Bridge financing for land acquisiQon costs to speed up the acquision process, government will repay the investors for the land acquisiQon costs Improved land acquisition process – a significant step towards achieving the government's toll road expansion plan 104 working days 108 working days 118 working days Appeal to Appeal to Review team supreme supreme court 72 working days court 90 working days 74 working days 74 working days Public consultaon State administrave Verificaon repeated court & revision 30 working days 60 working days 14 working days 44 working days 30 working days 60 working days Revocaon of Inventory & idenQficaon & NegoQaon on form of Handover Inial data collecCon Public consultaon Locaon selement right appraisal & announcement compensaon Appraiser determinaon and appraisal Planning Preparaon Implementaon Handover 104-242 working days 134-250 working days 8 Projects and OperaNonal Details 9 Leading Toll Roads in Indonesia : Owned before 2004 and operating (13 projects) Strait of NORTH SUMATERA : Awarded after 2004 and fully operated (2 new projects) Malacca § BelmeraBelmera:: 42.742.70 km km § Medan-Kualanamu--Tebing Tinggi:: 61.761.70 km km : Awarded after 2004 and half operated (6 new projects) : Awarded after 2004 and in land acquisition/ construction GREATER JAKARTA & WEST JAVA (10 new projects) § Jagorawi: 59.059.00 km km SUMATRA SUMATRA MALUKU MALUKU § Jakarta-Tangerang:: 33.033.00 km km § Ulujami-Pondok Aren:: 5.565.55 kmkm § Jakarta Inner Ring Road: 23.623.55 km km SULAWESI SULAWESI NORTH SULAWESI § Manado-Bitung:: 39.9.9 kmkm § Prof. Dr. Ir. Sedyatmo:: 14.314.30 km km KALIMANTAN KALIMANTAN § § Jakarta-Cikampek: 83.0 km PAPUA PAPUA § Jakarta-Cikampek: 83.00 km EAST KALIMANTAN EAST JAVA Java Sea Java Sea EAST KALIMANTAN § JORR: 28.3 km § Balikpapan-Samarinda: 99.4 km § Surabaya-Gempol: 49.049.00 km km § Balikpapan-Samarinda: 99.35 km § Cikampek-Padalarang:: 58.558.50 km km Banda Sea § Gempol-Pandaan:: 13.613.61 km km § Padaleunyi:: 64.464.40 km km § Gempol-Pasuruan:: 34.234.15 km km JAVA JAVA § Palikanci: 26.36.30 km km § Surabaya-Mojokerto:: 36.336.27 km km BALI BALI § JORR W2 North: 7.77.70 km km Timor Sea § Pandaan-Malang: 37.637.62 km km § Bogor Outer Ring Road: 11.011.00 km km Indian Ocean Indian Ocean CENTRAL JAVA § Cengkareng-Kunciran:: 14.214.19 km km § Semarang: 24.824.75 km km BALI § Kunciran-Serpong: 11.211.19 km km § Semarang-Solo: 72.672.64 km km § Nusa Dua-Ngurah Rai-Benoa:: 10.010.00 km km § Cinere-Serpong:: 10.10.1 4km km § Solo-Ngawi:: 90.190.1 kmkm § Jakarta-Cikampek IIII Elevated:Elevated: 36.436.4 kmkm § Ngawi-Kertosono:: 87.087.02 km km § Semarang-Batang: 75.0 km km Market Shares Accumulated Toll Road Concessions (km) 1,260 987 738 738 799 62.2 % 80% 2012 2013 2014 2015 2016 665 km Toll Road in Transactions volume Operation* *As of 31st Oct 2017 10 Strong OperaNng Track Record WitH Longest Concession Period Providing Income Visibility Jagorawi 28 ü Stable cash flow from Semarang 28 mature assets under Jakarta-Tangerang 28 operations Prof. Dr. Ir.Sedyatmo 28 ü Strong long term Surabaya-Gempol
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