GMFI – Q3 2019 Performance & Strategy

Public Expose – January 2020 Disclaimer

• PT Garuda Maintenance Facility Aero Asia Tbk. (“Company”) cautions investors that certain statements contained in this document state its management's intentions, hopes, beliefs, expectations, or predictions of the future are forward-looking statements; • The Company wishes to caution the reader that forward-looking statements are not merely based on historical facts and are also estimates or predictions. Actual results may differ materially from those projected as a result of risks and uncertainties including, but not limited to: • The Company’s future ability to manage domestic and international growth and maintain a high level of customer service • Future sales growth • Market acceptance of the Company’s product and service offerings • The Company’s future ability to secure adequate financing or equity capital to fund Company’s operations • Future performance of the Company’s facilities and equipment • The Company’s future ability to enter into strategic alliances or transactions • Regulatory approval processes • Changes in future technology • Dynamic Business competition • Other market conditions and other associated risks • All statements contained in this document are not legally binding thus The Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of future events, new information, or otherwise. • All statements contained in this document are not concluded by legal justification and cannot be used against the Company’s management as a proof of trial for both inside and outside the court.

www.gmf-aeroasia.co.id 2 Approved GMF at a Glance MRO from United Kingdom Iceland Sweden FAA EASA DGCA CASA

Netherlands

Ireland Moldova Germany Kazakhstan 24

France Greece Authorities Switzerland Armenia China United States of America Afghanistan Turkey Total Solutions Portugal Spain Japan South Bhutan Korea Iran Kuwait Package Pakistan Iraq Qatar Hongkong Saudi UAE Serving for Arabia India Bangladesh Oman Myanmar Yemen Thailand Philippines Gambia Nigeria more than Collaborate with ApprovedVietnam Facility of Djibouti Singapore Senegal Cameroon Uganda Malaysia Ghana Papua New Guinea Congo Rwanda Aircraft Maintenance Material Manpower Aircraft Ecuador Tanzania Solomon Island Selection Planning Provisioning Readiness Documentation & TRAINING CENTER Fiji 60 Zimbabwe Mauritius Airframe Maintenance 9 2 Australia Countries Polytechnics Universities for GMF’s growth sources South Africa Engineering Services Component Services New Zealand GMF AeroAsia considered as the Best and Biggest Aircraft Engine & APU Services Cabin Maintenance Learning Services Line Maintenance Maintenance (MRO) companies in the region, which Lease-Return Aircraft Continuous Airworthiness Program Documentation Part 145 Part 147 Part 21J provides excellence of Integrated Solutions for the customers Consultancy Monitoring & Quality Assurance throughout the world and soon to be the top 10 MRO with a growing number of customer from around the world. GMF Main Facility

Lines of m2 of (*) The Biggest Narrow-Body 4 Hangars* 32 Aircraft Slot 970,000 Facility Area Hangar in The World

Expanding Business to Expanding Manpower Supply (GDPS) and Capability & Worldwide Network Supply Chain & Trading (GELKo) Through Collaboration with Shareholding Structures

Government of PT Trans Airways Republic of Indonesia Public 13.9% 60.5% 25.6%

PT PT Aero Wisata Public (Persero) Tbk 10% 0.90% 89.10%

PT Garuda Maintenance Facility Aero Asia Tbk.

99% 91%

Procurement & trading Provide skilled manpower for aviation business, and subcontracting services and waste management Revenue growth by over 10% driven by Non-GA Group and International Customers Financial figures in MUSD

10,4% 10,4% 10,4% 369.7 369.7 369.7 2019 Worlds Most 334.7 334.7 334.7 Punctual Airline by 23% 8.9% 8.9% 47% 21% 43% 21.9% 23.1% 99.75% 98.42% 30.4% 29.9% 79% 77% 57% 53% 21.3% 21.4%

17.5% 16.8%

99M Mos 2018-18 99M Mos 2019-19 9 9MMos 2018-18 99M Mos 2019-19 9 Mos9M-18-18 9 Mos9M-19-19 9 9MMos 2018-18 99M Mos 2019-19 Non-GA Group International Subsidiary Component GA Group Domestic Other Base Engine Line Revenue by Revenue by Revenue by SLA Affiliation Domestic/ Segment fulfillment International (Proportion Exc. Subsidiaries) www.gmf-aeroasia.co.id 5 Market Dynamics Pressure in 2019

GMFI continues to support its Customers despite challenging market dynamics to ensure long term sustainability

01 • Reduced number of flight Domestic • Airlines liquidity issues departures Airline Airline Liquidity impacts GMFIs collection period • Reduced Maintenance Events • Increase in Supply Chain Capacity Issue due to lower Flight Hours and Expenses Flight Cycles Adjustment 02

04 Market • Changes in Maintenance • Number of Aircraft deliveries Dynamic Growth Planning due to Airline activity below Expectation Maintenance Below adjustments impacts GMFI Scheduling • Boeing 737 MAX Safety Issues capacity planning Expectation 03 Globally recognized as a world class MRO

Top 10 Airframe MRO in The World 2019

GMF AeroAsia was Awarded as Top 9 MRO in the world with 3.2 millions manhours sold Our Quick Wins to Improve Financial Performance

Increase Airframe • Utilize Available Exisiting Hangar Facilities outside GMF to Maintenance Business combat Capacity Shortage (Ex: Pondok Cabe, Denpasar) Proportion • Expand Business in Military Segment (±20% growth in revenue) • Expand Business in Private Jets / Business Jets Segment • Expand Business in General Aviation 01

Increase Revenue from • Increase Share of Wallet from High Value & High Growth Non-Affiliated, International Customer through Total Solution International Customer • Leverage Strategic Partnership to attract High Brand 02 Customers

• Improve Collection Period Cashflow Improvement • Reduce Component Exchange (Utilize internal capability and & Cost Efficiency available components) Initiatives • Vendor Priority Management 03 • Optimize Vendor Discount/Rebate Increase Airframe Maintenance

01 Business Proportion

To combat GMFs capacity constraints, GMF will collaborate with our domestic partner in utilizing existing hangar facilities as well as expanding overseas.

Domestic International

Local Airline East Asia Expansion Private Jet Line Maintenance MDC Local Airline Line Maintenance

Airframe Heavy Checks DJJ SUB Airframe Checks PCB DPS

Airframe Heavy Australia Expansion Checks

Future Partnership (Airframe) Facility in Operation Future Partnership (Airframe & Line) www.gmf-aeroasia.co.id 10 Increase Revenue from Non-Affiliated,

02 International Customer GMFI continues to gain more confirmed orders from various International airlines (new and repeat customer) with significant growth in high value projects such as Redeliveries

Aircraft Redelivery (Non-GA) 2019 2020 14 35 Redeliveries Redeliveries Thank You.

PT GMF AeroAsia Tbk. Soekarno-Hatta International Airport , Indonesia 15125