Jasa Marga Update1H2019

Bondholders Meeting1 August 2019

Company Overview

Company Overview

Brief Snapshot Company Highlights

1H2019 Revenue Breakdown

• Leading toll road operator in Indonesia with 40 years of experience.

• 33 toll road concessions with total length of 1,527 km.

• 70% shares owned by the Government of Indonesia.

• Listed on the Indonesia Stock Exchange since 2007, with a market capIDR 41.5 trillion as of 28th June 2019.

• Key business

• Construction, operation and maintenance of toll road

• 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 Groupand other toll road investor)

• Related Business (Manages rest areas and other properties on toll road corridors)

• Largest toll road operator in Indonesia with 67% market share in term ofoperated commercial toll roads lengths (±1,041 km).

• The longest concession period holder in Asia reflecting stable income.

• Strategically important with strong government ownership.

• Resilient industry with strong government focus.

• Strong financial profile with promising growth going forward.

Vision & Mission

VisionTo be the largest, trusted and sustainable national toll road network company.

Mission

1. Lead toll road business along the end-to-end value chain professionally and continuously to improve National connectivity

2. Optimize regional development for community progress

3. Increase value for shareholders..

4. Enhance customer satisfaction through service excellence

5. Encourage the development and enhancement of employee performance in a harmonious environment.

3

Toll Revenue Jasa Marga

(13 old concessions) 76%

Toll Revenue Subsidiaries

16%

Other Business Revenue

8%

PRIVATE AND CONFIDENTIAL

Company Key Development Milestone

4

✓Government offered the opportunitiesfor the private sector to participate intoll road business through Build,Operate and Transfer (BOT) systemwith Jasa Marga.

✓Jakarta Toll roads operated by JasaMarga initiated its operationsgradually.

The authority function was returnedto the Government, Toll RoadRegulatory Agency (BPJT) under theMinistry of Public Works.

Jasa Marga became a publiccompany through an Initial PublicOffering (IPO) and listed its shareson the Indonesia Stock Exchange.

✓Jasa Marga was established with focuson business management, maintenanceand procurement of the toll roadnetwork.

✓Jagorawi as the first toll road inIndonesia began its operation.

Implementation ofe-Toll Card.

Implementation ofe-Toll Pass.

Forming of PT JasaLayanan Operasi (non toll road subsidiary.

✓Fully implemented electronicpayment system in all toll roads

✓Integrate Jakarta-Tangerang andchange system in Jagorawi TollRoad

✓Issue alternative financingproduct: Securitization, ProjectBond, Komodo Bond.

1978 1987 2004 2007

2009 2012 2015 2017 2018

✓ Currently operating 24 toll roadconcessions (±1,000 km)

✓ Issue alternative financingproduct: Mutual Fund LimitedParticipation (Reksa DanaPenyertaan Terbatas)

PRIVATE AND CONFIDENTIAL

Company Structure

5

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

Shareholders Structure

As of 30 June 2019

1. Cawang-Tomang-Pluit(Jakarta Inner Ring Road)

2. Prof. Dr. Ir. Sedyatmo (Airport)3. Padalarang4. Cileunyi5. Jakarta-Cikampek6. Palikanci7. Jagorawi8. Surabaya-Gempol9. Semarang10. Jakarta Outer Ring Road11. Ulujami-Pondok Aren12. Jakarta-Tangerang13. Belmera

Parent LevelGovernment

of Indonesia (“GOI”)

Ministry of State-Owned Enterprises

(“MSOE”)

70%

30%

Toll road subsidiaries Other business subsidiaries

Public

40%

Individual Domestic,

1.49%Institution Domestic,

8.16%

Insurance, 4.81%

Foundation, 0.16%

Mutual Fund, 4.12%

Foreign, 11.25%

PT JasamargaRelated Business

99.9%

PRIVATE AND CONFIDENTIAL

✓ Consistent growth in revenues demonstrates resilience of toll roadindustry

✓ Since 2016, Jasa Marga started to implement integration system inJakarta – Cikampek, Cikampek – Palimanan, Palimanan – Kanci,Kanci – Pejagan, Pejagan – Brebes. In 2017, integration system alsoaccure 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 transactionvolume and elimination of several toll gates.

✓ Robust estimated growth in car sales indicate batter economicgrowth is a positive driver for the toll road industry

Resilient Industry With Favorable Growth Trends

6

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

Source: http://www.gaikindo.or.id (2)Source: Jasa Marga

Note:(1)Economic slow down in 2015;(2)GAIKINDO: Gabungan Industri Kendaraan Bermotor Indonesia (The Association of Indonesian Automotive Industries).

Toll Revenues on Jasa Marga Toll Road (in million) Car Sales in Indonesia (in thousand vehicles)

434

607

486

765

894

1,116 1,229 1,208

1,013 1,063 1,080

1,344

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

Economic Slow Down

2,617.7 3,319.3

3,631.5 4,306.1

4,843.2 5,581.8 5,802.7

6,646.4 7,121.0

7,926.6 8,281.2

9,036.4

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

Economic Slow Down

PRIVATE AND CONFIDENTIAL

Strong Corporate Governance and Highly Qualified Management Team

7

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

Industry Overview

Overview of The Authorities

Ministry of Public Works

Government of Indonesia

Directorate General of highways

Indonesian Toll Road Authority

(BPJT)

Ministry of State Owned Enterprises

Private toll road investors

Concession agreement Concession agreement

Toll Tariff

• 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

• Tariff adjustment is regulated by law, is calculated based on regional CPI and is adjusted once every 2 years

• Initial toll tariff setup and subsequent adjustment is decided by Minister of Public Works decree

− The ministry may postpone tariff increases if a toll road fails to comply with minimum service standards

Land acquisition

• Land acquisition is government’s responsibility and is undertaken by land procurement committee appointed by the Government

• The land acquisition comprises four stages: planning, preparation, execution and delivery

− The law also regulates a deadline for land acquisition of 312 to a maximum of 552 working days

• Price is determined by independent appraiser based on fair market price

• Investors may provide bridge financing for land acquisition costs to speed up the acquisition process, government will repay the investors for the land acquisition costs

Overview of the Indonesian Toll Regulation

Tender Acquisition Unsolicited

Concession Agreement Method

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

100% Cashless Transaction

▪ High efficiency on collection expanse and faster transaction period that will reduce traffic flow, minimize the cost of providing change and cash handling and Toll Revenue Security and minimize the potential for any authenticity toll payment instrument

▪ Improving the Quality of Operational Human Resources (improving health quality of toll collectors), increase transaction capacity without having to add transaction point and efficiency of toll collecting costs

10PRIVATE AND CONFIDENTIAL

10

Company Update

11

Jasa Marga’s Toll Road Projects

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

Java Sea

Timor Sea

Strait of Malacca

Banda Sea

Indian Ocean

SULAWESI

PAPUA

KALIMANTAN

MALUKUSUMATRA

CENTRAL JAVA

▪ Semarang: 24.75 km

▪ Semarang-Solo: 72.64 km

▪ Solo-Ngawi: 90.1 km

▪ Ngawi-Kertosono: 87.02 km

▪ Semarang-Batang: 75 km

EAST JAVA

▪ Surabaya-Gempol: 49.00 km

▪ Gempol-Pandaan: 13.61 km

▪ Gempol-Pasuruan: 34.15 km

▪ Surabaya-Mojokerto: 36.27 km

▪ Pandaan-Malang: 37.62 km

NORTH SUMATERA

▪ Belmera: 42.70 km

▪ Medan-Kualanamu-Tebing Tinggi: 61.70 km

GREATER JAKARTA & WEST JAVA

▪ Jagorawi: 59.00 km

▪ Jakarta-Tangerang: 33.00 km

▪ Ulujami-Pondok Aren: 5.55 km

▪ Jakarta Inner Ring Road: 23.55 km

▪ Prof. Dr. Ir. Sedyatmo: 14.30 km

▪ Jakarta-Cikampek: 83.00 km

▪ JORR: 28.3 km

▪ Cikampek-Padalarang: 58.50 km

▪ Padaleunyi: 64.40 km

▪ Palikanci: 26.30 km

▪ JORR W2 North: 7.70 km

▪ Bogor Outer Ring Road: 11.00 km

▪ Cengkareng-Kunciran: 14.19 km

▪ Kunciran-Serpong: 11.19 km

▪ Cinere-Serpong: 10.14 km

▪ Jakarta-Cikampek II Elevated: 36.4 km

JAVA

BALI

BALI

▪ Nusa Dua-Ngurah Rai-Benoa: 10.00 km

EAST KALIMANTAN

▪ Balikpapan-Samarinda: 99.35 km

NORTH SULAWESI

▪ Manado-Bitung: 39.9 km

Java Sea

Timor Sea

Strait of Malacca

Banda Sea

Indian Ocean

SULAWESI

PAPUA

KALIMANTAN

MALUKUSUMATRA

CENTRAL JAVA

▪ Semarang: 24.8 km

▪ Semarang-Solo: 72.6 km

▪ Solo-Ngawi: 90.4 km

▪ Ngawi-Kertosono-Kediri: 114.95 km

▪ Batang-Semarang: 75.0 km

EAST JAVA

▪ Surabaya-Gempol: 49.0 km

▪ Gempol-Pandaan: 13.6 km

▪ Gempol-Pasuruan: 34.2 km

▪ Surabaya-Mojokerto: 36.3 km

▪ Pandaan-Malang: 37.6 km

▪ Probolinggo-Banyuwangi: 172.9 km

NORTH SUMATERA

▪ Belmera: 42.7 km

▪ Medan-Kualanamu-Tebing Tinggi: 61.7 km

GREATER JAKARTA & WEST JAVA

▪ Jagorawi: 59.0 km

▪ Jakarta-Tangerang: 33.0 km

▪ Ulujami-Pondok Aren: 5.56 km

▪ Jakarta Inner Ring Road: 23.6 km

▪ Prof. Dr. Ir. Sedyatmo: 14.3 km

▪ Jakarta-Cikampek: 83.0 km

▪ JORR: 28.3 km

▪ Cikampek-Padalarang: 58.5 km

▪ Padaleunyi: 64.4 km

▪ Palikanci: 26.3 km

▪ JORR W2 North: 7.7 km

▪ Bogor Ring Road: 11.0 km

▪ Cengkareng-Kunciran: 14.2 km

▪ Kunciran-Serpong: 11.2 km

▪ Cinere-Serpong: 10.1 km

▪ Jakarta-Cikampek II Elevated: 36.4 km

▪ Jakarta-Cikampek II Selatan: 64 km

JAVA

BALI

BALI

▪ Nusa Dua-Ngurah Rai-Benoa: 10.0 km

EAST KALIMANTAN

▪ Balikpapan-Samarinda: 99.4 km

NORTH SULAWESI

▪ Manado-Bitung: 39.9 km

Accumulation of Toll Road Operated (km) Accumulation of Concession Right (km): Owned before 2004 and operating (13 projects)

: Awarded after 2004 and fully operated (7 projects)

: Awarded after 2004 and partially operated (4 projects)

: Awarded after 2004 and in land acquisition/construction (9 projects)

Legend

9871,260 1,497 1,527 1,527

2015 2016 2017 2018 2019 1H

590 593 6801,000 1,041

2015 2016 2017 2018 2019 1H

Leading Toll Road Industry

12

Market Share

Operated Toll Road

Commercial Concession Toll Road

1,527 km

± 1,041 kmAccumulated Toll Road in Operation

41.46 kmAdditional Operated Toll Road in 2019

• Medan-Kualanamu-Tebing Tinggi Section VII (9.26 km)• Gempol – Pandaan ( 1.6 km)• Pandaan – Malang Section 1-3 (30.6 km)

Jasa Marga67%

PT Astra Tol Nusantara15% PT Citra Marga

Nusaphala Persada4%

PT Waskita Karya10%

PT Nusantara Infrastruktur

2%

Lain-lain2%

Jasa Marga’sOperated Toll Road 67%

PRIVATE AND CONFIDENTIAL

Solid Financial Performance During Business Expansion

13

Total Liability to Total Equity Interest Bearing Debt to

Total EquityInterest Coverage Ratio

(ICR)

Rp Trillion

EBITDA Margin

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

EBITDANet IncomeRevenue

Rp Trillion

4.79

5.16

2018 1H 2019 1H

1.05 1.06

2018 1H 2019 1H

2.90

3.34

2018 1H 2019 1H

60.5%

64.9%

2018 1H 2019 1H

3.08x

3.20x

2018 2019 1H

1.67x 1.60x

2018 2019 1H

3.03x3.06x

2018 1H 2019 1H

Rp Trillion

PRIVATE AND CONFIDENTIAL

14

Bank Loan at Subsidiary

Level70%

Equity30%

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 StrategicNational Project that being monitored intensively by Government.

Funding Structure

Historical Cash Capex

Section Concession PeriodLength (km)

JMOwnership

Old Concession

13 Old Concession 2044 512.1 100%

A. Fully Operated

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%

4 Solo-Ngawi (part of Trans Java) 2055 90.43 40.00%

5 Semarang-Solo (part of Trans Java) 2055 72.6 58.90%

6 Gempol-Pasuruan (part of Trans Java) 2058 34.2 98.81%

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%

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

13 JORR2 (Cengkareng-Kunciran) 2052 14.2 76.20%

14 JORR2 (Kunciran-Serpong) 2052 11.2 60.00%

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%

18 Jakarta-Cikampek II Elevated 2061 36.4 80.00%

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

4,013 6,016

11,378

15,475

5,819 4,346

2015 2016 2017 2018 1H 2018 1H 2019

PRIVATE AND CONFIDENTIAL

15

Jasa Marga’s Upcoming Project: Greater Jakarta

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

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 Elevated (36.40 km)Progress Land Acquisition: -Progress Construction: 86.31%

Partially Operated

In Land Acquisition and Construction

6 projects

*As of 28th June 2019

Jakarta-Cikampek II Selatan (64 km)Progress Land Acquisition: 13.00%Progress Construction: 0%

PRIVATE AND CONFIDENTIAL

16

Jasa Marga’s Upcoming Project: Java

Pandaan – Malang (37.62 km)Progress Land Acquisition: 93.63%Progress Construction: 92.96%

Partially Operated

In Land Acquisition and Construction

3 projects

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

*As of 28th June 2019

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

PRIVATE AND CONFIDENTIAL

17

Jasa Marga’s Upcoming Project: Outside Java

KALIMANTAN

Balikpapan-Samarinda (99.35 km)Progress Land Acquisition: 98.96%Progress Construction: 91.65%

SULAWESI

MALUKU

Manado-Bitung (39 km)Progress Land Acquisition: 84.82%Progress Construction: 41.43%

2 projects

Half Operated

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

PRIVATE AND CONFIDENTIAL

Appendix

Transaction Volume by Section

19

(Million vehicle transactions)

*The impact of removal some toll gates and transaction system changes from closed system to open system

No Branch/Subsidiary 2015 2016 2017 2018 2018 1H 2019 1H∆%

1H18 vs.

1H19CAGR

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%

Toll Revenue by Branch/Subsidiary

20

Notes : (1) Deconsolidated since 1H2017(2) Deconsolidated since Q3 2018(3) Deconsolidated since 1H 2019

(Rp Billion)

Branch/Subsidiary 2015 2016 2017 2018 2018 1H 2019 1H∆%

1H18 vs. 1H19CAGR

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%

Financial Highlight: Balance Sheet

21

(Rp Billion)

Consolidated Financial Statement

2015 2016 2017 2018 2019 1H ∆Rp ∆%

(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 - -

Financial Highlight: Income Statement

22

Stable Revenue growth with steady EBITDA to maintain stable net income growth during expansion

(Rp Billion)

1,000

Consolidated Financial Statement

2015 2016 2017 2018 2018 1H 2019 1H ∆Rp ∆% CAGR

(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

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23PRIVATE AND CONFIDENTIAL

Thank YouPT Jasa Marga (Persero) Tbk.Plaza Tol Taman Mini Indonesia Indah

Jakarta 13550 - IndonesiaPhone. +62 21-8413526, 8413630

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