PT Tbk 9M 2015 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 • Consolidated net revenue 8% lower at Rp 138.2 trillion • Net earnings per share down 17% to Rp 296 • Unit sales down by 20% and motorcycles down by 14% • Lower contribution from all segments except heavy equipment and mining

Period ended 30th September

2015 2014* Change Net revenue (Rp bn) 138,177 150,582 (8%) Net income (Rp bn)** 11,997 14,499 (17%) Net earnings per share (Rp) 296 358 (17%) As at 30th As at 31st Change September 2015 December 2014* Shareholders’ funds (Rp bn)*** 100,313 95,494 5% Net asset value per share (Rp)*** 2,478 2,359 5%

* Restated due to implementation of PSAK 24 (revised 2013) – Employee Benefits ** 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 nine months ended 30th September 2015 and 2014 as well as the financial position as at 30th September 2015 have been prepared in accordance with Indonesian Financial Accounting Standards and are unaudited.

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• MMS: 72km • Companies • MHI • •MTN : 11km • Astra Graphia • Isuzu • 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 • Mobil 88 (used) • Astra Graphia International •Mobil 88 (used) Finance • SELOG Information • Pamapersada •SELOG • Toyofuji Logistics Technology • Honda Nusantara •TFLI Heavy Equipment Indonesia Water Utility Office Services • SAN Finance Water Utility Component • Komatsu Astra • Palyja Coal Mining • Astra Graphia Finance Palyja Sea Port Xprins Indonesia • Astra Otoparts • Tuah Turangga Banking Agung • Eastkal Fuel Logistic Property • Bank Permata Construction •GresikMenara Terminal Astra Contractor • Anandamaya Insurance ResidencesSea Port • • Asuransi Astra Acset Indonusa Buana Eastkal • Astra Life

3 Market position at 30 September 2015

• Astra’s car market share decreased from 51% to 50%, while Astra’s motorcycle market share increased from 63% to 68%. • Komatsu maintained its leading market position with a 37% market share, down from 40% last year. Car Motorcycle Kawasaki Others 2% 8% 2%

Honda Toyota Yamaha 15% 32% 28%

Nissan 3%

Suzuki Honda 12% Heavy Equipment 68% Daihatsu Others Mitsubishi Isuzu 17% 13% 11% 2% Kobelco Komatsu Source : Gaikindo Source : AISI 10% 37%

Hitachi 19%

Caterpillar 21% Source: United Tractors – Internal Market Research 4 Corporate actions

Jan ‘15 • United Tractors acquired 40% of PT Acset Indonusa Tbk, a construction company for a purchase consideration of Rp 650 billion. • Astra Agro Lestari acquired 50% of PT Kreasijaya Adhikarya, a refinery operator in Dumai, Riau Province, with a daily production capacity of 2,000 tonnes of CPO, for a purchase consideration of Rp 75 billion.

Apr ‘15 • United Tractors through Pama Persada Nusantara acquired 75.5% of PT Sumbawa Jutaraya, a gold mining company, for USD 7.4 million.

May ‘15 • United Tractors acquired a further 10.1% shares of Acset Indonusa, raising its shareholding to 50.1%. • Astra Honda Motor started exporting the All New Honda Beat eSP to the Philippines to expand the market.

Jun‘15 • AOP acquired a further 25.8% interest in SKF Indonesia, a bearing producer for Rp 67 billion, raising AOP’s shareholding to 40%.

5 Corporate actions

Jul ‘15 • During July, Astratel announced the acquisition of a 25% stake in the 73 km Semarang - Solo toll road.

Aug ‘15 • AOP and Bridgestone Indonesia signed a JV agreement to establish a , Bridgestone Astra Indonesia, with ownership structure: Bridgestone 51% and AOP 49%.

Sep ‘15 • AHM commenced its new 5th plant in Karawang with additional production capacity of 500 thousand units per year for sport type, increasing the annual production capacity to 5.8 million units per year.

6 Financial Performance Consolidated income statement “The challenging trading conditions facing the Group are set to continue and we expect our trading performance to remain little changed for the remainder of the year.” - Prijono Sugiarto, President Director -

In Billion Rupiah 9M15 9M14* Change IDR / USD, average 13,357 11,766 14% Net Revenue 138,177 150,582 (8%) Gross Profit 27,263 28,787 (5%) Selling, General and Administrative (14,520) (14,127) 3% Expenses Other Income 2,091 2,222 (6%) Equity Income 3,557 4,642 (23%) Income Tax Expenses (3,780) (4,051) (7%) Non-controlling interests (2,614) (2,974) (12%) Net Income 11,997 14,499 (17%)

* Restated due to implementation of PSAK 24 (revised 2013) – Employee Benefits

8 Astra portfolio as at 30 September 2015

Ownership Share of NI % % 9M15 9M14 Auto Non-Auto Auto Non-Auto 4W Automotive SO – Toyota, Daihatsu, Isuzu 100 Toyota Astra Motor 51 26 23 32 Isuzu Astra Motor Indonesia 45 2W Automotive 17 15 Astra Honda Motor 50 2001 2013 2014 9M15 Honda SO 100 Component Astra Otoparts 80 1 3 Auto (Incl. auto related Financial 89% 68% 63% 65% Financial Services Services) Astra Sedaya Finance 86 Federal International Finance 100 Toyota Astra Financial Services 50 Komatsu Astra Finance 50 21 4 19 7 Non-Auto 11% 32% 37% 35% SAN Finance 60 Asuransi Astra Buana 96 Permata Bank 45 Astra Life 50 Heavy Equipment & Mining United Tractors 60 28 Pamapersada Nusantara 60 20 Tuah Turangga Agung 60 Traktor Nusantara 50 Agribusiness Astra Agro Lestari 80 1 10 Infrastructure, Logistics, IT & Others SERA 100 Palyja 49 2 3 Marga Mandalasakti 79 Astra Graphia 77 9 Consolidated balance sheet • Astra’s net asset value per share of Rp 2,478 at 30th September 2015 was 5% higher than at the end of 2014. • Net debt excluding the Group’s financial services subsidiaries, was Rp 283 billion, compared to net debt of Rp 3.3 trillion at the end of 2014. The Group’s financial services subsidiaries had net debt of Rp 47.5 trillion, compared to Rp 45.9 trillion at 2014 year end. In Billion Rupiah 30-Sep-15 31-Dec-14* Change Cash and Cash Equivalents 24,778 20,902 19% Trade Receivables 21,176 21,332 (1%) Inventories 17,819 16,986 5% Financing Receivables 60,773 60,705 0% Investment in Joint Ventures and Associates 29,539 27,218 9% Fixed Assets 42,273 41,250 2% Other Assets 59,401 47,634 25% Total Assets 255,759 236,027 8% Short-term Borrowings 8,579 10,586 (19%) Trade Payables 22,021 18,839 17% Long-term Debt 63,933 59,486 7% Other Liabilities 34,616 26,929 29% Total Liabilities 129,149 115,840 11% Equity Attributable to the Owners of The Parent 100,313 95,494 5% Non – controlling Interest 26,297 24,693 6% Total Equity 126,610 120,187 5% Net Debt (47,734) (49,170) (3%) Net Debt (Excl. Financial Services) (283) (3,314) (91%) * Restated due to implementation of PSAK 24 (revised 2013) – Employee Benefits

10 Consolidated cash flow As at 30th September 2015, Astra’s ending consolidated cash balance (incl. Bank Overdraft) was Rp 24.6 trillion.

In Billion Rupiah 9M15 9M14 Change Cash generated from operations 23,757 13,553 10,204 Tax Payments (4,327) (3,860) (467) Interest received 951 950 1 Dividend Received 2,682 2,935 (253) Net Cash flow provided from Operating Activities + 23,063 13,578 9,485 Dividend Received Net Capex (5,605) (8,223) 2,618 Net Investment (2,494) (1,365) (1,129) Other Investing (995) (325) (670) Net Cash flow used in Investing Activities – Dividend (9,094) (9,913) 819 Received Net Proceeds of Debt (4,808) 2,549 (7,357) Finance Costs Paid (442) (754) 312 Dividend Payments (7,538) (7,130) (408) Other Financing 20 2,194 (2,174) Net Cash flow used in Financing Activities (12,768) (3,141) (9,627) Increase/ (Decrease) in Cash 1,201 524 677 Opening Cash Balance (incl. Bank Overdraft) 20,728 18,555 2,173 Exchange Rate Adjustment 2,682 702 1,980 Closing Cash Balance (incl. Bank Overdraft) 24,611 19,781 4,830

11 Business Updates Automotive – wholesale car market Astra’s car sales fell by 20% to 382,000 units, with its market share decreasing from 51% to 50%. 18% 9M15 9M14 764,683 932,668

Others 7.9% Nissan 2.9% Commercial 248,664 Honda 13.6% 26.7% Others 8.4% Others Commercial Nissan 2.7% Commercial 456.432 31.7% 209,607 48.9% Suzuki 12.9% Others Honda 15.4% 27.4% Commercial 382,324 33.2% Mitsubishi 50% Suzuki 12.1% 11.7% Isuzu 2.3% Mitsubishi Commercial 11.4% 16.5% Daihatsu Isuzu 1.9% 4x2 & 4x4 Commercial 15.2% 666,681 Daihatsu 4x2 & 4x4 18.2% 71.5% 16.6% 540,178 Astra 4x2 & 4x4 4x2 & 4x4 Astra 70.6% 476.236 81.2% 58.0% 382,359 4x2 & 4x4 4x2 & 4x4 51.1% Toyota 50% 79.7% Toyota 56.4% 33.5% 31.5% Sedan Sedan 2.1% 2% Sedan 52.8% Sedan 2.2% 1.9% Sedan 61.7% M/S AI Product Brand Segment AI Product M/S AI Product Brand Segment AI Product 9M15 Segment M/S 9M14 Segment M/S

Source: Gaikindo 13 Automotive – car product launches

During first nine month 2015, Astra launched 14 new models and 8 revamped models.

Daihatsu Sirion Toyota Rush Toyota All New Alphard February 2015 March 2015 March 2015

Isuzu D-Max BMW 218i Gran New Tourer Luxury Toyota Grand New Avanza & Veloz June 2015 August 2015 August 2015

14 Automotive – wholesale motorcycle market Astra Honda Motor’s sales decreased by 14% to 3.3 million units, with its market share increasing from 63% to 68%. 9M15 20% 9M14 4,821,191 6,052,832

Others, 2.2% Sport/Others Suzuki, 3.8% 30.8% Sport & Others 16.4% Others, 2% Yamaha, Sport/Others 1,894,940 Suzuki, 1.8% 26.8% Sport & Others Yamaha, 12.8% 31.3% 1,371,633 Sport/Others 28.5% 8% Sport/Others Scooter 5.1% 3,994,278 Scooter Scooter 66% 3,639,372 Scooter 2,833,473 Scooter Honda, 75.5% 2,833,473 70.9% Honda, Scooter 2,806,760 3,797,921 74.6% 3,266,227 2,806,760 77.1% 62.7% 67.7% 85.9% Cub Cub Cub Cub Cub 563,206 Cub 1,065,318 293,387 293,987 658,813 658,813 9% 52.2% 11.7% 17.4% 61.8% 17.6% Brand Honda Segment Honda Product Segment Brand Honda Segment Honda Product Segment 9M15 M/S 9M14 M/S Source: AISI 15 Automotive – motorcycle product launches

During first nine month 2015, Astra Honda Motor launched 9 new products and 6 revamped products.

Honda Vario 150 eSP Honda Revo Series Honda NM4 Vultus January 2015 May 2015 June 2015

Honda CB 650 F ABS Honda Sonic 150 R Honda CB 150 R June 2015 August 2015 August 2015 16 Automotive - components Astra Otoparts, the Group’s component business, saw net income fall by 72% to Rp 179 billion, due to lower volumes and reduced manufacturing margins brought about by a weaker rupiah.

Revenue (IDR billion) Net Income (IDR billion)

6% 72% 641 9,178 8,670 10% 11% Export, 341 Export, 38% 6% 7% 42% OEM, -153% OEM, 48% After After Market, 179 Market, 30 45% 47% 52% 247% 300 149

9M15 9M14 9M15 9M14 Export After Market OEM Equity Income Consolidated Income

17 Financial services Net income from the Group’s financial services businesses decreased 21% to Rp 3 trillion. Excluding the one-time gain from the acquisition of a 50% stake in Astra Aviva Life in May 2014, net income from the Group’s financial services businesses declined by 11%. Increased earnings at Federal International Finance and Toyota Astra Financial Services were offset by a decline in the contributions from its other financial services interests.

Unit Financed 9M15 9M14 % Amount Financed (Rp bio) 9M15 9M14 %

ACC (new & used ) 125,570 159,872 (21) ACC (Incl. HE) 17,028 20,747 (18) TAFS 49,637 49,712 0 TAFS 7,501 7,428 1 Auto Total 4W 175,207 209,584 (16) Auto Total 4W 24,529 28,174 (13) FIF 21,166 19,619 8 FIF (Incl.Electronics) 2,351,413 2,281,115 3 Total Auto 45,695 47,793 (4) ACC (HE - Fleet) 728 620 17 SANF 2,551 1,991 28 SANF 1,499 1,386 8 HE HE KAF 679 682 0 KAF 40 110 (64) Total HE 3,230 2,673 21 Total SANF & KAF 1,539 1,496 3

Asuransi Astra Buana Bank Permata • Lower net income by 19% to Rp 703 billion. • 9M15 consolidated net income decreased by • 9M15 Gross Written Premium up by 1% year 24% to Rp 938 billion. on year to Rp 3.2 trillion. • Loan book grew by 2% to Rp 135 trillion. • RBC : 175%, requirement 120%. • LDR 88% & CAR 14%. • Gross-NPL ratio up from 1.4% to 2.5%. 18 Heavy equipment and mining United Tractors, which is 59.5%-owned, reported a 6% decrease in net revenue, although net income rose by 17% to Rp 5.6 trillion with the benefit of a weaker Rupiah on its income and monetary assets denominated in US dollars. Revenue (Rp bio) Mining Contracting 6% 38,295 40,810 853 3,801 Coal OB 3,320 Prod: Removal: 4% 3% 611.0 23,368 25,118 593.1

81.3 85.1 10,754 11,891 9M15 9M14 9M15 z 9M14 Construction Machinery Mining Contracting Coal Production (mn tonnes) Overburden Removal (mn bcm) Mining Construction Contracting Komatsu Unit Sales Coal Mines: Sales 40% 13% 2,982 23%

1,799 28% 15% 4,514 34% 14% 3,946 22% 35% 29% 9M15 9M14 9M15 9M14 Mining Forestry Construction Agro TTA Mine (all in thousand tonnes) 19 Agribusiness Astra Agro Lestari, which is 79.7%-held, reported net income of Rp 145 billion, down 92%. The benefit of a weaker Rupiah on its US dollar denominated and linked income was more than offset by the impact on its US dollar monetary liabilities. Revenue (Rp bio) CPO Yield (tonne/Ha) 11,760 12% 5% 10,347 1,795 3,247 3.66 Export 3.49 Local 9,965 7,100

9M15 9M14 9M15 9M14 CPO Production & Sales (‘K tonnes) Area Maturity (‘K Ha) *

298 5% 285 41 35 CPO CPO Prod: Sales: 1% 18% Immature 1,282 1,293 257 Mature 1,005 250 826 300 144

9M15 9M14 9M15 9M14 Production Sales Olein Sales * Incl. plasma plantation

20 Infrastructure, logistics and others

MMS Vehicle Traffic Volume (‘K unit) 8%

• Marga Mandalasakti, the 72.5 km Tangerang- Merak toll road, reported an 8% increase in traffic volumes to 34 million vehicles. 34,287 31,894

9M15 9M14

TRAC Rental Car (unit) 14%

• Serasi Autoraya’s revenue declined by 5% and net income decreased by 50% to Rp 48 29,644 billion, with a decline in the number of 25,578 vehicles under contract at its TRAC car rental business to 26,000 units.

9M15 9M14

21 Appendices Divisional Net Revenue and Net Income Divisional Net Revenue In Billion Rupiah 9M15 9M14 Change Automotive 70,347 79,684 (12%) Financial Services 12,742 11,546 10% Heavy Equipment & Mining 38,207 40,703 (6%) Agribusiness 10,347 11,760 (12%) Infrastructure, Logistics & Others 5,052 5,629 (10%) Information Technology 1,482 1,260 18% Total 138,177 150,582 (8%) Divisional Net Income In Billion Rupiah 9M15 9M14* Change Automotive 5,329 5,903 (10%) Financial Services 2,996 3,806 (21%) Heavy Equipment & Mining 3,342 2,902 15% Agribusiness 116 1,501 (92%) Infrastructure, Logistics & Others 91 253 (64%) Information Technology 123 134 (8%) Total 11,997 14,499 (17%)

* Restated due to implementation of PSAK 24 (revised 2013) – Employee Benefits 23 Car products launched in 9M15

Models Launched Launching Time Engine Capacity Prices (IDR mn) Car Jan’15 1,200cc 145.3 - 171.1 NX 200T F Sport Feb’15 2,000cc 935 Lexus NX 200T F Luxury Feb’15 2,000cc 979 Isuzu Elf NKR71 HD 4x4 Feb’15 125ps 448 Daihatsu Sirion Feb’15 1,300cc 155.8-176.8 Mar’15 1,500cc 186.9-243.2 Toyota All New Alphard Mar’15 2,400 - 3,500cc 830-1.530 Toyota All New Vellfire Mar’15 3,500cc 980 Toyota Etios TOMS Mar’15 1,200cc 172.6 Toyota Rush Mar’15 1,500cc 228.7- 257.6 BMW 128i Active Tourer Apr’15 1,500cc 619* Apr’15 2,500cc 545-744 BMW X6 xDrive 35i May’15 3,000cc 1,889* Isuzu D-Max Jun’15 2,500cc 291.8-460.2 *off the road

24 Car products launched in 9M15

Models Launched Launching Time Engine Capacity Prices (IDR mn) Car Daihatsiu Great New Xenia Aug'15 1,000cc – 1,300cc 151.7-205.8 Toyota Grand New Avanza Aug'15 1,300cc – 1,500cc 178.1-211 Toyota Grand New Veloz Aug'15 1,300cc – 1,500cc 204.2-226.9 Toyota All New Hi-Lux Aug'15 2,000cc – 2,500cc 194.4-435.1 BMW 218i Gran Tourer Luxury Aug'15 1,500cc 659* Peugeot 3008 Aug'15 1,600cc 516.8* Lexus ES Series Aug'15 2,500cc 940-1,035 BMW 340i M Sport Individual Aug'15 3,000cc 1,199* *off the road

25 Motorcycle products launched in 9M15

Models Launched Launching Time Engine Capacity Prices (IDR mn)

Motorcycle Honda Vario 125 eSP Jan’15 125cc 16.9-17.5 Honda Vario 150 eSP Jan’15 150cc 19.9-20.1 Honda Scoopy FI May’15 110cc 16.3 Honda Revo Series May’15 100-110cc 13.0-14.6 Honda PCX May’15 150cc 39.8 Honda CBR 1000 RR SP Jun’15 1,000cc 575 Honda NM 4 Vultus Jun’15 745cc 435 Honda CBR 650 F Jun’15 650cc 240 Honda CB 650 F ABS Jun’15 650cc 235 Honda CB 500 F ABS Jun’15 500cc 125 Honda CB 500 X Jun’15 500cc 135

26 Motorcycle products launched in 9M15

Models Launched Launching Time Engine Capacity Prices (IDR mn)

Motorcycle Honda Sonic 150R Aug’15 150cc 21 Honda CB 150 R StreetFire Aug’15 150cc 25.4 Honda Verza Aug’15 150cc 17.9-18.8 Vario 110 eSP Sep’15 150cc 15.8-16.7

27 National market data (summary)

9M15 9M14 Major Brands Wholesale Astra Wholesale Astra Toyota - Vios/Limo, Altis, Camry; Honda - City, Civic, Sedan 14,898 52.8% 17,343 61.7% 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 540,178 56.4% 666,681 58% ; Datsun – Go Panca; Mitsubishi – Pajero Sport, Mirage, Outlander Sport Nissan – X-Trail, Livina,

March Car Daihatsu – Gran Max; Suzuki – Carry, APV; Pick Up/ Trucks/ Bus 202,803 32.6% 239,668 31.3% Mitsubishi – Canter, L-300, Strada; Isuzu – Elf, Giga; Panther; Toyota – Dyna ,Hi-Lux, Hi-Ace Toyota - Hilux; Mitsubishi - Strada; Ford - Ranger; Double Cabin 6,804 49.8% 8,976 40.8% Isuzu - D-Max; Nissan - Frontier Total 764,683 50% 932,668 51.1% Honda - Supra X 125, Revo Series, Blade; Yamaha – Cub 563,206 52.2% 1,065,318 61.8% Jupiter MX, Jupiter ZX, Vega Force; Suzuki – Shooter, Shogun 125 Honda - BeAT, Vario, Scoopy; Yamaha - Mio, X Ride, Scooter 3,639,372 77.1% 3,994,278 70.9% GT 125; Suzuki – Adress Yamaha - V-ixion R - 15, Byson; Suzuki - Satria F

Motorcycle Sport & Others 618,613 26.8% 993,236 30.8% 150, Honda - CBR 150R, Verza, CB 150 R Total 4,821,191 6,052,832

Source: Gaikindo & AISI

28 For further information please contact: PT Astra International Tbk: Corporate Investor Relations Division P: (+62 21) 652 2555 F: (+62 21) 6530 4953 E: [email protected]

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