Jasa Marga Update1Q2018

as of March 31st 2018

Company Overview

Company overview

Brief Snapshot Company highlights

1Q2018 segmental revenue breakdown

Leading toll road operator in Indonesia with 40 years of experience

33 toll road concessions with total length of 1497 km

70 owned by the Government of Indonesia

Publically listed on the Indonesia Stock Exchange since 2007 with a market cap IDR 3278trillion as of March 31st2018

Key business

ndash Construction operation and maintenance of toll road

Supporting business other business ndash Toll Road Operation Services (Provides operation services for Jasa Marga and other toll

road investors)

ndash Toll Road Maintenance Services (Provides maintenance services for Jasa Marga and other toll road investor)

ndash Property (ages rest areas and other properties on toll road corridors)

Largest toll road operator in Indonesia with 636 market share in terms of commercial toll roads lengths (732 km) and 80 market share of toll road transaction volume

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 amp Mission

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

Mission

1 Lead the development of toll road networks inIndonesia to increase national connectivity

2 Manage the toll road business along the end-to-end value chain in a professional andsustainable manner

3 Maximize the regional development toaccelerate community advancement andincrease company profitability

4 Enhance customer satisfaction through serviceexcellence

3

Toll Revenue ndash Jasa Marga

(13 old concessions in balance sheet)

82

Toll Revenue ndashSubsidiaries

10

Other Business Revenue

8

Company Key Development Milestone

4

Government offered the opportunities for the private sector to participate in toll road business through Build Operate and Transfer (BOT) system with Jasa Marga

Jakarta Toll roads operated by JasaMarga initiated its operations gradually

The authority function was returned to the Government Toll Road Regulatory Agency (BPJT) under the Ministry of

Public Works

Jasa Marga became a public company through an Initial

Public Offering (IPO) and listed its shares on the

Indonesia Stock Exchange

Jasa Marga was established with focus on business management maintenance and procurement of the toll road network

Jagorawi as the first toll road in Indonesia began operations

Implementation ofe-Toll Card

Implementation ofe-Toll Pass

Forming of PT JasaLayanan Operasi (non toll road subsidiary

Won tender of Batang- Semarang Balikpapan-Samarinda Manado-Bitungdan Pandaan- Malang Toll Road

Integrated of Jakarta-Brebes Toll Road

1978 1987 2004 2007

2009 2012 2015 2016 2018

Currently operating 22 toll road concessions (732km in length)

Fully implemented electronic payment system in all toll roads

Company Structure

Shareholding Structure

Jasa Marga operate 13 mature toll road in parent level and currently operate 9 new toll road and construct 11 new toll road concessions insubsidiary level

As of 31st Mar 2018

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 Level

5

PT JasamargaTollroad Operator

999

PT Jalantol Lingkarluar Jakarta

99

PT Marga Sarana Jabar55

PT Transmarga Jateng5891

PT Jasamarga Surabaya Mojokerto

55

PT Jasamarga Bali Tol55

PT Marga Lingkar Jakarta

65

PT Jasamarga Gempol Pasuruan9881

PT Jasamarga Pandaan Tol

922

PT Marga Trans Nusantara60

PT Jasamarga Kunciran Cengkareng

7624

PT Jasamarga Kualanamu Tol55

PT Jasamarga Solo Ngawi60

PT Ngawi Kertosono Jaya

60

PT Cinere Serpong Jaya55

PT Jasamarga Semarang Batang

60

PT Jasamarga Balikpapan Samarinda

55

PT Jasamarga Manado Bitung65

PT Jasamarga Pandaan Malang

80

PT Jasamarga Transjawa Tol65

PT Jasamarga

Japek Selatan

80

PT Jasamarga Probolinggo Banyuwangi

55

PT Jasamarga Tollroad Operator

PT Jasamarga Tollroad Maintenance

997

PT Jasamarga Properti998

Toll Road Subsidiaries Other Business Subsidiaries

PT Jasamarga Probolinggo Banyuwangi

55

PT JasamargaJalanlayangCikampek

80

Government

of Indonesia(ldquoGOIrdquo)

Ministry of State-

Owned Enterprises

(ldquoMSOErdquo)

70

Public30

Individual Domestic

247Institution Domestic

598

Insurance 467

Foundation 019Mutual

Fund 249

Pemodal Asing

1420

Key Strategy

Funding StrategyOperating Strategy

Toll Road Business Developmentndash Adding toll roads to increase the value of the Company and

to maintain current market leadership in the foreseeable future

ndash In the long term aim to continue operating the best quality commercial toll roads and maintain majority of market share in Indonesia

Toll Road Operation ndash Operating efficient safe and high quality toll road to

improve operational performance

ndash Providing excellent service to road users community and government

Other Business Developmentndash Develop other businesses that are strategically strengthening

development strategies and operation of toll roads

ndash Increase revenue by leveraging the resources of the Company

Bank Loans Facility To bridge funding needs before approaching the capital market

Project Bonds in at Project level To replace the bank loan financing with fixed interest rateand the principal payment inline with the cashflow

BondSukuk Issuance at Corporate levelTo finance investment for new toll road project

Equity Fund Raising

To maintain our profitability and also leveraging our financing capacity

Securitization on selected toll road To leverage mature assets for debt financing without incurring any interest burden

6

7

Jasa Margarsquos Achievement 2017

Strong Corporate Governance and Highly Qualified Management Team

8

Desi Arryani ndash President Directorbull Indonesia citizen 54 years oldbull 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 Indonesiabull Completed her Bachelor degree in Civil Engineering from University of Indonesia (1987) and Master degree in Management from Prasetya Mulya (2008)

Donny Arsal ndash Director of Financebull Indonesia citizen 47 years oldbull Has work experience in Financial sector more than 23 years Previously served as Managing Director PT Mandiri Sekuritas that look after for Investment Banking

Divisionbull Completed Bachelor Degree from University of Indonesia (1991)

Mohammad Sofyan ndash Operational Director Ibull Indonesia citizen 46 years oldbull Join 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) Tbkbull 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 amp IT from Melbourne University (2007)

Subakti Syukur ndash Operational Director IIbull Indonesia citizen 54 years oldbull Join 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 Margarsquos Subsidiary)bull 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 ndash Director of Developmentbull Indonesia citizen 54 years oldbull Has work experience and major success in conceptualizing developing and managing commercial and housing estates Previously served as President Director of

PT Permata Graha Nusantarabull Completed Bachelor Degree at Institute of Bandung Teknology (1988)

Kushartanto Koeswiranto ndash Director Of Human Resources And General Affairsbull Indonesia citizen 56 years oldbull Having work experience in Human Resources sector more than 20 years Previously served as President Director KTalents Asia Head of HR Podomoro Group and

HR amp Business Support Director Lotte Shopping Indonesiabull Completed Bachelor Degree at Diponegoro University and MBA at IPMI

Experience management with over 25 years of experience deep understanding on the industrysector and long-term relationship with stakeholders

Industry Overview

Overview of the authorities involved

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 userrsquos 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 governmentrsquos 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

Ease derived from highly regulated industrybull Certainty of tariff increase every two years according to regulationbull The timing of the land acquisition process is faster if any dispute is decided by the courtbull 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

Robust estimated growth in car sales is a positive driver for

the toll road industry

Consistent growth in traffic demonstrates resilience of toll

road industry

Well Positioned In A Resilient Industry With Favorable Growth Trends

11

Fluctuating car sales growth in Indonesia has minimal impact to our traffic volume however

increase in car sales will contribute to higher traffic volumes in the long run

Direct impact of fuel price hike (1)

Direct impact of economic

crisis

Economic Slow Down

Source httpwwwgaikindoorid (2)Source Jasa Marga

Note(1)Fuel price increased significantly in October 2005 but the full impact in car sales was only felt in 2006(2)GAIKINDO Gabungan Industri Kendaraan Bermotor Indonesia (The Association of Indonesian Automotive Industries)

Company Overview

Company overview

Brief Snapshot Company highlights

1Q2018 segmental revenue breakdown

Leading toll road operator in Indonesia with 40 years of experience

33 toll road concessions with total length of 1497 km

70 owned by the Government of Indonesia

Publically listed on the Indonesia Stock Exchange since 2007 with a market cap IDR 3278trillion as of March 31st2018

Key business

ndash Construction operation and maintenance of toll road

Supporting business other business ndash Toll Road Operation Services (Provides operation services for Jasa Marga and other toll

road investors)

ndash Toll Road Maintenance Services (Provides maintenance services for Jasa Marga and other toll road investor)

ndash Property (ages rest areas and other properties on toll road corridors)

Largest toll road operator in Indonesia with 636 market share in terms of commercial toll roads lengths (732 km) and 80 market share of toll road transaction volume

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 amp Mission

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

Mission

1 Lead the development of toll road networks inIndonesia to increase national connectivity

2 Manage the toll road business along the end-to-end value chain in a professional andsustainable manner

3 Maximize the regional development toaccelerate community advancement andincrease company profitability

4 Enhance customer satisfaction through serviceexcellence

3

Toll Revenue ndash Jasa Marga

(13 old concessions in balance sheet)

82

Toll Revenue ndashSubsidiaries

10

Other Business Revenue

8

Company Key Development Milestone

4

Government offered the opportunities for the private sector to participate in toll road business through Build Operate and Transfer (BOT) system with Jasa Marga

Jakarta Toll roads operated by JasaMarga initiated its operations gradually

The authority function was returned to the Government Toll Road Regulatory Agency (BPJT) under the Ministry of

Public Works

Jasa Marga became a public company through an Initial

Public Offering (IPO) and listed its shares on the

Indonesia Stock Exchange

Jasa Marga was established with focus on business management maintenance and procurement of the toll road network

Jagorawi as the first toll road in Indonesia began operations

Implementation ofe-Toll Card

Implementation ofe-Toll Pass

Forming of PT JasaLayanan Operasi (non toll road subsidiary

Won tender of Batang- Semarang Balikpapan-Samarinda Manado-Bitungdan Pandaan- Malang Toll Road

Integrated of Jakarta-Brebes Toll Road

1978 1987 2004 2007

2009 2012 2015 2016 2018

Currently operating 22 toll road concessions (732km in length)

Fully implemented electronic payment system in all toll roads

Company Structure

Shareholding Structure

Jasa Marga operate 13 mature toll road in parent level and currently operate 9 new toll road and construct 11 new toll road concessions insubsidiary level

As of 31st Mar 2018

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 Level

5

PT JasamargaTollroad Operator

999

PT Jalantol Lingkarluar Jakarta

99

PT Marga Sarana Jabar55

PT Transmarga Jateng5891

PT Jasamarga Surabaya Mojokerto

55

PT Jasamarga Bali Tol55

PT Marga Lingkar Jakarta

65

PT Jasamarga Gempol Pasuruan9881

PT Jasamarga Pandaan Tol

922

PT Marga Trans Nusantara60

PT Jasamarga Kunciran Cengkareng

7624

PT Jasamarga Kualanamu Tol55

PT Jasamarga Solo Ngawi60

PT Ngawi Kertosono Jaya

60

PT Cinere Serpong Jaya55

PT Jasamarga Semarang Batang

60

PT Jasamarga Balikpapan Samarinda

55

PT Jasamarga Manado Bitung65

PT Jasamarga Pandaan Malang

80

PT Jasamarga Transjawa Tol65

PT Jasamarga

Japek Selatan

80

PT Jasamarga Probolinggo Banyuwangi

55

PT Jasamarga Tollroad Operator

PT Jasamarga Tollroad Maintenance

997

PT Jasamarga Properti998

Toll Road Subsidiaries Other Business Subsidiaries

PT Jasamarga Probolinggo Banyuwangi

55

PT JasamargaJalanlayangCikampek

80

Government

of Indonesia(ldquoGOIrdquo)

Ministry of State-

Owned Enterprises

(ldquoMSOErdquo)

70

Public30

Individual Domestic

247Institution Domestic

598

Insurance 467

Foundation 019Mutual

Fund 249

Pemodal Asing

1420

Key Strategy

Funding StrategyOperating Strategy

Toll Road Business Developmentndash Adding toll roads to increase the value of the Company and

to maintain current market leadership in the foreseeable future

ndash In the long term aim to continue operating the best quality commercial toll roads and maintain majority of market share in Indonesia

Toll Road Operation ndash Operating efficient safe and high quality toll road to

improve operational performance

ndash Providing excellent service to road users community and government

Other Business Developmentndash Develop other businesses that are strategically strengthening

development strategies and operation of toll roads

ndash Increase revenue by leveraging the resources of the Company

Bank Loans Facility To bridge funding needs before approaching the capital market

Project Bonds in at Project level To replace the bank loan financing with fixed interest rateand the principal payment inline with the cashflow

BondSukuk Issuance at Corporate levelTo finance investment for new toll road project

Equity Fund Raising

To maintain our profitability and also leveraging our financing capacity

Securitization on selected toll road To leverage mature assets for debt financing without incurring any interest burden

6

7

Jasa Margarsquos Achievement 2017

Strong Corporate Governance and Highly Qualified Management Team

8

Desi Arryani ndash President Directorbull Indonesia citizen 54 years oldbull 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 Indonesiabull Completed her Bachelor degree in Civil Engineering from University of Indonesia (1987) and Master degree in Management from Prasetya Mulya (2008)

Donny Arsal ndash Director of Financebull Indonesia citizen 47 years oldbull Has work experience in Financial sector more than 23 years Previously served as Managing Director PT Mandiri Sekuritas that look after for Investment Banking

Divisionbull Completed Bachelor Degree from University of Indonesia (1991)

Mohammad Sofyan ndash Operational Director Ibull Indonesia citizen 46 years oldbull Join 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) Tbkbull 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 amp IT from Melbourne University (2007)

Subakti Syukur ndash Operational Director IIbull Indonesia citizen 54 years oldbull Join 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 Margarsquos Subsidiary)bull 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 ndash Director of Developmentbull Indonesia citizen 54 years oldbull Has work experience and major success in conceptualizing developing and managing commercial and housing estates Previously served as President Director of

PT Permata Graha Nusantarabull Completed Bachelor Degree at Institute of Bandung Teknology (1988)

Kushartanto Koeswiranto ndash Director Of Human Resources And General Affairsbull Indonesia citizen 56 years oldbull Having work experience in Human Resources sector more than 20 years Previously served as President Director KTalents Asia Head of HR Podomoro Group and

HR amp Business Support Director Lotte Shopping Indonesiabull Completed Bachelor Degree at Diponegoro University and MBA at IPMI

Experience management with over 25 years of experience deep understanding on the industrysector and long-term relationship with stakeholders

Industry Overview

Overview of the authorities involved

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 userrsquos 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 governmentrsquos 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

Ease derived from highly regulated industrybull Certainty of tariff increase every two years according to regulationbull The timing of the land acquisition process is faster if any dispute is decided by the courtbull 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

Robust estimated growth in car sales is a positive driver for

the toll road industry

Consistent growth in traffic demonstrates resilience of toll

road industry

Well Positioned In A Resilient Industry With Favorable Growth Trends

11

Fluctuating car sales growth in Indonesia has minimal impact to our traffic volume however

increase in car sales will contribute to higher traffic volumes in the long run

Direct impact of fuel price hike (1)

Direct impact of economic

crisis

Economic Slow Down

Source httpwwwgaikindoorid (2)Source Jasa Marga

Note(1)Fuel price increased significantly in October 2005 but the full impact in car sales was only felt in 2006(2)GAIKINDO Gabungan Industri Kendaraan Bermotor Indonesia (The Association of Indonesian Automotive Industries)

Company overview

Brief Snapshot Company highlights

1Q2018 segmental revenue breakdown

Leading toll road operator in Indonesia with 40 years of experience

33 toll road concessions with total length of 1497 km

70 owned by the Government of Indonesia

Publically listed on the Indonesia Stock Exchange since 2007 with a market cap IDR 3278trillion as of March 31st2018

Key business

ndash Construction operation and maintenance of toll road

Supporting business other business ndash Toll Road Operation Services (Provides operation services for Jasa Marga and other toll

road investors)

ndash Toll Road Maintenance Services (Provides maintenance services for Jasa Marga and other toll road investor)

ndash Property (ages rest areas and other properties on toll road corridors)

Largest toll road operator in Indonesia with 636 market share in terms of commercial toll roads lengths (732 km) and 80 market share of toll road transaction volume

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 amp Mission

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

Mission

1 Lead the development of toll road networks inIndonesia to increase national connectivity

2 Manage the toll road business along the end-to-end value chain in a professional andsustainable manner

3 Maximize the regional development toaccelerate community advancement andincrease company profitability

4 Enhance customer satisfaction through serviceexcellence

3

Toll Revenue ndash Jasa Marga

(13 old concessions in balance sheet)

82

Toll Revenue ndashSubsidiaries

10

Other Business Revenue

8

Company Key Development Milestone

4

Government offered the opportunities for the private sector to participate in toll road business through Build Operate and Transfer (BOT) system with Jasa Marga

Jakarta Toll roads operated by JasaMarga initiated its operations gradually

The authority function was returned to the Government Toll Road Regulatory Agency (BPJT) under the Ministry of

Public Works

Jasa Marga became a public company through an Initial

Public Offering (IPO) and listed its shares on the

Indonesia Stock Exchange

Jasa Marga was established with focus on business management maintenance and procurement of the toll road network

Jagorawi as the first toll road in Indonesia began operations

Implementation ofe-Toll Card

Implementation ofe-Toll Pass

Forming of PT JasaLayanan Operasi (non toll road subsidiary

Won tender of Batang- Semarang Balikpapan-Samarinda Manado-Bitungdan Pandaan- Malang Toll Road

Integrated of Jakarta-Brebes Toll Road

1978 1987 2004 2007

2009 2012 2015 2016 2018

Currently operating 22 toll road concessions (732km in length)

Fully implemented electronic payment system in all toll roads

Company Structure

Shareholding Structure

Jasa Marga operate 13 mature toll road in parent level and currently operate 9 new toll road and construct 11 new toll road concessions insubsidiary level

As of 31st Mar 2018

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 Level

5

PT JasamargaTollroad Operator

999

PT Jalantol Lingkarluar Jakarta

99

PT Marga Sarana Jabar55

PT Transmarga Jateng5891

PT Jasamarga Surabaya Mojokerto

55

PT Jasamarga Bali Tol55

PT Marga Lingkar Jakarta

65

PT Jasamarga Gempol Pasuruan9881

PT Jasamarga Pandaan Tol

922

PT Marga Trans Nusantara60

PT Jasamarga Kunciran Cengkareng

7624

PT Jasamarga Kualanamu Tol55

PT Jasamarga Solo Ngawi60

PT Ngawi Kertosono Jaya

60

PT Cinere Serpong Jaya55

PT Jasamarga Semarang Batang

60

PT Jasamarga Balikpapan Samarinda

55

PT Jasamarga Manado Bitung65

PT Jasamarga Pandaan Malang

80

PT Jasamarga Transjawa Tol65

PT Jasamarga

Japek Selatan

80

PT Jasamarga Probolinggo Banyuwangi

55

PT Jasamarga Tollroad Operator

PT Jasamarga Tollroad Maintenance

997

PT Jasamarga Properti998

Toll Road Subsidiaries Other Business Subsidiaries

PT Jasamarga Probolinggo Banyuwangi

55

PT JasamargaJalanlayangCikampek

80

Government

of Indonesia(ldquoGOIrdquo)

Ministry of State-

Owned Enterprises

(ldquoMSOErdquo)

70

Public30

Individual Domestic

247Institution Domestic

598

Insurance 467

Foundation 019Mutual

Fund 249

Pemodal Asing

1420

Key Strategy

Funding StrategyOperating Strategy

Toll Road Business Developmentndash Adding toll roads to increase the value of the Company and

to maintain current market leadership in the foreseeable future

ndash In the long term aim to continue operating the best quality commercial toll roads and maintain majority of market share in Indonesia

Toll Road Operation ndash Operating efficient safe and high quality toll road to

improve operational performance

ndash Providing excellent service to road users community and government

Other Business Developmentndash Develop other businesses that are strategically strengthening

development strategies and operation of toll roads

ndash Increase revenue by leveraging the resources of the Company

Bank Loans Facility To bridge funding needs before approaching the capital market

Project Bonds in at Project level To replace the bank loan financing with fixed interest rateand the principal payment inline with the cashflow

BondSukuk Issuance at Corporate levelTo finance investment for new toll road project

Equity Fund Raising

To maintain our profitability and also leveraging our financing capacity

Securitization on selected toll road To leverage mature assets for debt financing without incurring any interest burden

6

7

Jasa Margarsquos Achievement 2017

Strong Corporate Governance and Highly Qualified Management Team

8

Desi Arryani ndash President Directorbull Indonesia citizen 54 years oldbull 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 Indonesiabull Completed her Bachelor degree in Civil Engineering from University of Indonesia (1987) and Master degree in Management from Prasetya Mulya (2008)

Donny Arsal ndash Director of Financebull Indonesia citizen 47 years oldbull Has work experience in Financial sector more than 23 years Previously served as Managing Director PT Mandiri Sekuritas that look after for Investment Banking

Divisionbull Completed Bachelor Degree from University of Indonesia (1991)

Mohammad Sofyan ndash Operational Director Ibull Indonesia citizen 46 years oldbull Join 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) Tbkbull 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 amp IT from Melbourne University (2007)

Subakti Syukur ndash Operational Director IIbull Indonesia citizen 54 years oldbull Join 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 Margarsquos Subsidiary)bull 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 ndash Director of Developmentbull Indonesia citizen 54 years oldbull Has work experience and major success in conceptualizing developing and managing commercial and housing estates Previously served as President Director of

PT Permata Graha Nusantarabull Completed Bachelor Degree at Institute of Bandung Teknology (1988)

Kushartanto Koeswiranto ndash Director Of Human Resources And General Affairsbull Indonesia citizen 56 years oldbull Having work experience in Human Resources sector more than 20 years Previously served as President Director KTalents Asia Head of HR Podomoro Group and

HR amp Business Support Director Lotte Shopping Indonesiabull Completed Bachelor Degree at Diponegoro University and MBA at IPMI

Experience management with over 25 years of experience deep understanding on the industrysector and long-term relationship with stakeholders

Industry Overview

Overview of the authorities involved

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 userrsquos 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 governmentrsquos 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

Ease derived from highly regulated industrybull Certainty of tariff increase every two years according to regulationbull The timing of the land acquisition process is faster if any dispute is decided by the courtbull 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

Robust estimated growth in car sales is a positive driver for

the toll road industry

Consistent growth in traffic demonstrates resilience of toll

road industry

Well Positioned In A Resilient Industry With Favorable Growth Trends

11

Fluctuating car sales growth in Indonesia has minimal impact to our traffic volume however

increase in car sales will contribute to higher traffic volumes in the long run

Direct impact of fuel price hike (1)

Direct impact of economic

crisis

Economic Slow Down

Source httpwwwgaikindoorid (2)Source Jasa Marga

Note(1)Fuel price increased significantly in October 2005 but the full impact in car sales was only felt in 2006(2)GAIKINDO Gabungan Industri Kendaraan Bermotor Indonesia (The Association of Indonesian Automotive Industries)

Company Key Development Milestone

4

Government offered the opportunities for the private sector to participate in toll road business through Build Operate and Transfer (BOT) system with Jasa Marga

Jakarta Toll roads operated by JasaMarga initiated its operations gradually

The authority function was returned to the Government Toll Road Regulatory Agency (BPJT) under the Ministry of

Public Works

Jasa Marga became a public company through an Initial

Public Offering (IPO) and listed its shares on the

Indonesia Stock Exchange

Jasa Marga was established with focus on business management maintenance and procurement of the toll road network

Jagorawi as the first toll road in Indonesia began operations

Implementation ofe-Toll Card

Implementation ofe-Toll Pass

Forming of PT JasaLayanan Operasi (non toll road subsidiary

Won tender of Batang- Semarang Balikpapan-Samarinda Manado-Bitungdan Pandaan- Malang Toll Road

Integrated of Jakarta-Brebes Toll Road

1978 1987 2004 2007

2009 2012 2015 2016 2018

Currently operating 22 toll road concessions (732km in length)

Fully implemented electronic payment system in all toll roads

Company Structure

Shareholding Structure

Jasa Marga operate 13 mature toll road in parent level and currently operate 9 new toll road and construct 11 new toll road concessions insubsidiary level

As of 31st Mar 2018

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 Level

5

PT JasamargaTollroad Operator

999

PT Jalantol Lingkarluar Jakarta

99

PT Marga Sarana Jabar55

PT Transmarga Jateng5891

PT Jasamarga Surabaya Mojokerto

55

PT Jasamarga Bali Tol55

PT Marga Lingkar Jakarta

65

PT Jasamarga Gempol Pasuruan9881

PT Jasamarga Pandaan Tol

922

PT Marga Trans Nusantara60

PT Jasamarga Kunciran Cengkareng

7624

PT Jasamarga Kualanamu Tol55

PT Jasamarga Solo Ngawi60

PT Ngawi Kertosono Jaya

60

PT Cinere Serpong Jaya55

PT Jasamarga Semarang Batang

60

PT Jasamarga Balikpapan Samarinda

55

PT Jasamarga Manado Bitung65

PT Jasamarga Pandaan Malang

80

PT Jasamarga Transjawa Tol65

PT Jasamarga

Japek Selatan

80

PT Jasamarga Probolinggo Banyuwangi

55

PT Jasamarga Tollroad Operator

PT Jasamarga Tollroad Maintenance

997

PT Jasamarga Properti998

Toll Road Subsidiaries Other Business Subsidiaries

PT Jasamarga Probolinggo Banyuwangi

55

PT JasamargaJalanlayangCikampek

80

Government

of Indonesia(ldquoGOIrdquo)

Ministry of State-

Owned Enterprises

(ldquoMSOErdquo)

70

Public30

Individual Domestic

247Institution Domestic

598

Insurance 467

Foundation 019Mutual

Fund 249

Pemodal Asing

1420

Key Strategy

Funding StrategyOperating Strategy

Toll Road Business Developmentndash Adding toll roads to increase the value of the Company and

to maintain current market leadership in the foreseeable future

ndash In the long term aim to continue operating the best quality commercial toll roads and maintain majority of market share in Indonesia

Toll Road Operation ndash Operating efficient safe and high quality toll road to

improve operational performance

ndash Providing excellent service to road users community and government

Other Business Developmentndash Develop other businesses that are strategically strengthening

development strategies and operation of toll roads

ndash Increase revenue by leveraging the resources of the Company

Bank Loans Facility To bridge funding needs before approaching the capital market

Project Bonds in at Project level To replace the bank loan financing with fixed interest rateand the principal payment inline with the cashflow

BondSukuk Issuance at Corporate levelTo finance investment for new toll road project

Equity Fund Raising

To maintain our profitability and also leveraging our financing capacity

Securitization on selected toll road To leverage mature assets for debt financing without incurring any interest burden

6

7

Jasa Margarsquos Achievement 2017

Strong Corporate Governance and Highly Qualified Management Team

8

Desi Arryani ndash President Directorbull Indonesia citizen 54 years oldbull 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 Indonesiabull Completed her Bachelor degree in Civil Engineering from University of Indonesia (1987) and Master degree in Management from Prasetya Mulya (2008)

Donny Arsal ndash Director of Financebull Indonesia citizen 47 years oldbull Has work experience in Financial sector more than 23 years Previously served as Managing Director PT Mandiri Sekuritas that look after for Investment Banking

Divisionbull Completed Bachelor Degree from University of Indonesia (1991)

Mohammad Sofyan ndash Operational Director Ibull Indonesia citizen 46 years oldbull Join 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) Tbkbull 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 amp IT from Melbourne University (2007)

Subakti Syukur ndash Operational Director IIbull Indonesia citizen 54 years oldbull Join 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 Margarsquos Subsidiary)bull 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 ndash Director of Developmentbull Indonesia citizen 54 years oldbull Has work experience and major success in conceptualizing developing and managing commercial and housing estates Previously served as President Director of

PT Permata Graha Nusantarabull Completed Bachelor Degree at Institute of Bandung Teknology (1988)

Kushartanto Koeswiranto ndash Director Of Human Resources And General Affairsbull Indonesia citizen 56 years oldbull Having work experience in Human Resources sector more than 20 years Previously served as President Director KTalents Asia Head of HR Podomoro Group and

HR amp Business Support Director Lotte Shopping Indonesiabull Completed Bachelor Degree at Diponegoro University and MBA at IPMI

Experience management with over 25 years of experience deep understanding on the industrysector and long-term relationship with stakeholders

Industry Overview

Overview of the authorities involved

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 userrsquos 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 governmentrsquos 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

Ease derived from highly regulated industrybull Certainty of tariff increase every two years according to regulationbull The timing of the land acquisition process is faster if any dispute is decided by the courtbull 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

Robust estimated growth in car sales is a positive driver for

the toll road industry

Consistent growth in traffic demonstrates resilience of toll

road industry

Well Positioned In A Resilient Industry With Favorable Growth Trends

11

Fluctuating car sales growth in Indonesia has minimal impact to our traffic volume however

increase in car sales will contribute to higher traffic volumes in the long run

Direct impact of fuel price hike (1)

Direct impact of economic

crisis

Economic Slow Down

Source httpwwwgaikindoorid (2)Source Jasa Marga

Note(1)Fuel price increased significantly in October 2005 but the full impact in car sales was only felt in 2006(2)GAIKINDO Gabungan Industri Kendaraan Bermotor Indonesia (The Association of Indonesian Automotive Industries)

Company Structure

Shareholding Structure

Jasa Marga operate 13 mature toll road in parent level and currently operate 9 new toll road and construct 11 new toll road concessions insubsidiary level

As of 31st Mar 2018

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 Level

5

PT JasamargaTollroad Operator

999

PT Jalantol Lingkarluar Jakarta

99

PT Marga Sarana Jabar55

PT Transmarga Jateng5891

PT Jasamarga Surabaya Mojokerto

55

PT Jasamarga Bali Tol55

PT Marga Lingkar Jakarta

65

PT Jasamarga Gempol Pasuruan9881

PT Jasamarga Pandaan Tol

922

PT Marga Trans Nusantara60

PT Jasamarga Kunciran Cengkareng

7624

PT Jasamarga Kualanamu Tol55

PT Jasamarga Solo Ngawi60

PT Ngawi Kertosono Jaya

60

PT Cinere Serpong Jaya55

PT Jasamarga Semarang Batang

60

PT Jasamarga Balikpapan Samarinda

55

PT Jasamarga Manado Bitung65

PT Jasamarga Pandaan Malang

80

PT Jasamarga Transjawa Tol65

PT Jasamarga

Japek Selatan

80

PT Jasamarga Probolinggo Banyuwangi

55

PT Jasamarga Tollroad Operator

PT Jasamarga Tollroad Maintenance

997

PT Jasamarga Properti998

Toll Road Subsidiaries Other Business Subsidiaries

PT Jasamarga Probolinggo Banyuwangi

55

PT JasamargaJalanlayangCikampek

80

Government

of Indonesia(ldquoGOIrdquo)

Ministry of State-

Owned Enterprises

(ldquoMSOErdquo)

70

Public30

Individual Domestic

247Institution Domestic

598

Insurance 467

Foundation 019Mutual

Fund 249

Pemodal Asing

1420

Key Strategy

Funding StrategyOperating Strategy

Toll Road Business Developmentndash Adding toll roads to increase the value of the Company and

to maintain current market leadership in the foreseeable future

ndash In the long term aim to continue operating the best quality commercial toll roads and maintain majority of market share in Indonesia

Toll Road Operation ndash Operating efficient safe and high quality toll road to

improve operational performance

ndash Providing excellent service to road users community and government

Other Business Developmentndash Develop other businesses that are strategically strengthening

development strategies and operation of toll roads

ndash Increase revenue by leveraging the resources of the Company

Bank Loans Facility To bridge funding needs before approaching the capital market

Project Bonds in at Project level To replace the bank loan financing with fixed interest rateand the principal payment inline with the cashflow

BondSukuk Issuance at Corporate levelTo finance investment for new toll road project

Equity Fund Raising

To maintain our profitability and also leveraging our financing capacity

Securitization on selected toll road To leverage mature assets for debt financing without incurring any interest burden

6

7

Jasa Margarsquos Achievement 2017

Strong Corporate Governance and Highly Qualified Management Team

8

Desi Arryani ndash President Directorbull Indonesia citizen 54 years oldbull 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 Indonesiabull Completed her Bachelor degree in Civil Engineering from University of Indonesia (1987) and Master degree in Management from Prasetya Mulya (2008)

Donny Arsal ndash Director of Financebull Indonesia citizen 47 years oldbull Has work experience in Financial sector more than 23 years Previously served as Managing Director PT Mandiri Sekuritas that look after for Investment Banking

Divisionbull Completed Bachelor Degree from University of Indonesia (1991)

Mohammad Sofyan ndash Operational Director Ibull Indonesia citizen 46 years oldbull Join 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) Tbkbull 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 amp IT from Melbourne University (2007)

Subakti Syukur ndash Operational Director IIbull Indonesia citizen 54 years oldbull Join 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 Margarsquos Subsidiary)bull 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 ndash Director of Developmentbull Indonesia citizen 54 years oldbull Has work experience and major success in conceptualizing developing and managing commercial and housing estates Previously served as President Director of

PT Permata Graha Nusantarabull Completed Bachelor Degree at Institute of Bandung Teknology (1988)

Kushartanto Koeswiranto ndash Director Of Human Resources And General Affairsbull Indonesia citizen 56 years oldbull Having work experience in Human Resources sector more than 20 years Previously served as President Director KTalents Asia Head of HR Podomoro Group and

HR amp Business Support Director Lotte Shopping Indonesiabull Completed Bachelor Degree at Diponegoro University and MBA at IPMI

Experience management with over 25 years of experience deep understanding on the industrysector and long-term relationship with stakeholders

Industry Overview

Overview of the authorities involved

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 userrsquos 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 governmentrsquos 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

Ease derived from highly regulated industrybull Certainty of tariff increase every two years according to regulationbull The timing of the land acquisition process is faster if any dispute is decided by the courtbull 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

Robust estimated growth in car sales is a positive driver for

the toll road industry

Consistent growth in traffic demonstrates resilience of toll

road industry

Well Positioned In A Resilient Industry With Favorable Growth Trends

11

Fluctuating car sales growth in Indonesia has minimal impact to our traffic volume however

increase in car sales will contribute to higher traffic volumes in the long run

Direct impact of fuel price hike (1)

Direct impact of economic

crisis

Economic Slow Down

Source httpwwwgaikindoorid (2)Source Jasa Marga

Note(1)Fuel price increased significantly in October 2005 but the full impact in car sales was only felt in 2006(2)GAIKINDO Gabungan Industri Kendaraan Bermotor Indonesia (The Association of Indonesian Automotive Industries)

Key Strategy

Funding StrategyOperating Strategy

Toll Road Business Developmentndash Adding toll roads to increase the value of the Company and

to maintain current market leadership in the foreseeable future

ndash In the long term aim to continue operating the best quality commercial toll roads and maintain majority of market share in Indonesia

Toll Road Operation ndash Operating efficient safe and high quality toll road to

improve operational performance

ndash Providing excellent service to road users community and government

Other Business Developmentndash Develop other businesses that are strategically strengthening

development strategies and operation of toll roads

ndash Increase revenue by leveraging the resources of the Company

Bank Loans Facility To bridge funding needs before approaching the capital market

Project Bonds in at Project level To replace the bank loan financing with fixed interest rateand the principal payment inline with the cashflow

BondSukuk Issuance at Corporate levelTo finance investment for new toll road project

Equity Fund Raising

To maintain our profitability and also leveraging our financing capacity

Securitization on selected toll road To leverage mature assets for debt financing without incurring any interest burden

6

7

Jasa Margarsquos Achievement 2017

Strong Corporate Governance and Highly Qualified Management Team

8

Desi Arryani ndash President Directorbull Indonesia citizen 54 years oldbull 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 Indonesiabull Completed her Bachelor degree in Civil Engineering from University of Indonesia (1987) and Master degree in Management from Prasetya Mulya (2008)

Donny Arsal ndash Director of Financebull Indonesia citizen 47 years oldbull Has work experience in Financial sector more than 23 years Previously served as Managing Director PT Mandiri Sekuritas that look after for Investment Banking

Divisionbull Completed Bachelor Degree from University of Indonesia (1991)

Mohammad Sofyan ndash Operational Director Ibull Indonesia citizen 46 years oldbull Join 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) Tbkbull 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 amp IT from Melbourne University (2007)

Subakti Syukur ndash Operational Director IIbull Indonesia citizen 54 years oldbull Join 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 Margarsquos Subsidiary)bull 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 ndash Director of Developmentbull Indonesia citizen 54 years oldbull Has work experience and major success in conceptualizing developing and managing commercial and housing estates Previously served as President Director of

PT Permata Graha Nusantarabull Completed Bachelor Degree at Institute of Bandung Teknology (1988)

Kushartanto Koeswiranto ndash Director Of Human Resources And General Affairsbull Indonesia citizen 56 years oldbull Having work experience in Human Resources sector more than 20 years Previously served as President Director KTalents Asia Head of HR Podomoro Group and

HR amp Business Support Director Lotte Shopping Indonesiabull Completed Bachelor Degree at Diponegoro University and MBA at IPMI

Experience management with over 25 years of experience deep understanding on the industrysector and long-term relationship with stakeholders

Industry Overview

Overview of the authorities involved

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 userrsquos 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 governmentrsquos 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

Ease derived from highly regulated industrybull Certainty of tariff increase every two years according to regulationbull The timing of the land acquisition process is faster if any dispute is decided by the courtbull 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

Robust estimated growth in car sales is a positive driver for

the toll road industry

Consistent growth in traffic demonstrates resilience of toll

road industry

Well Positioned In A Resilient Industry With Favorable Growth Trends

11

Fluctuating car sales growth in Indonesia has minimal impact to our traffic volume however

increase in car sales will contribute to higher traffic volumes in the long run

Direct impact of fuel price hike (1)

Direct impact of economic

crisis

Economic Slow Down

Source httpwwwgaikindoorid (2)Source Jasa Marga

Note(1)Fuel price increased significantly in October 2005 but the full impact in car sales was only felt in 2006(2)GAIKINDO Gabungan Industri Kendaraan Bermotor Indonesia (The Association of Indonesian Automotive Industries)

7

Jasa Margarsquos Achievement 2017

Strong Corporate Governance and Highly Qualified Management Team

8

Desi Arryani ndash President Directorbull Indonesia citizen 54 years oldbull 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 Indonesiabull Completed her Bachelor degree in Civil Engineering from University of Indonesia (1987) and Master degree in Management from Prasetya Mulya (2008)

Donny Arsal ndash Director of Financebull Indonesia citizen 47 years oldbull Has work experience in Financial sector more than 23 years Previously served as Managing Director PT Mandiri Sekuritas that look after for Investment Banking

Divisionbull Completed Bachelor Degree from University of Indonesia (1991)

Mohammad Sofyan ndash Operational Director Ibull Indonesia citizen 46 years oldbull Join 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) Tbkbull 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 amp IT from Melbourne University (2007)

Subakti Syukur ndash Operational Director IIbull Indonesia citizen 54 years oldbull Join 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 Margarsquos Subsidiary)bull 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 ndash Director of Developmentbull Indonesia citizen 54 years oldbull Has work experience and major success in conceptualizing developing and managing commercial and housing estates Previously served as President Director of

PT Permata Graha Nusantarabull Completed Bachelor Degree at Institute of Bandung Teknology (1988)

Kushartanto Koeswiranto ndash Director Of Human Resources And General Affairsbull Indonesia citizen 56 years oldbull Having work experience in Human Resources sector more than 20 years Previously served as President Director KTalents Asia Head of HR Podomoro Group and

HR amp Business Support Director Lotte Shopping Indonesiabull Completed Bachelor Degree at Diponegoro University and MBA at IPMI

Experience management with over 25 years of experience deep understanding on the industrysector and long-term relationship with stakeholders

Industry Overview

Overview of the authorities involved

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 userrsquos 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 governmentrsquos 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

Ease derived from highly regulated industrybull Certainty of tariff increase every two years according to regulationbull The timing of the land acquisition process is faster if any dispute is decided by the courtbull 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

Robust estimated growth in car sales is a positive driver for

the toll road industry

Consistent growth in traffic demonstrates resilience of toll

road industry

Well Positioned In A Resilient Industry With Favorable Growth Trends

11

Fluctuating car sales growth in Indonesia has minimal impact to our traffic volume however

increase in car sales will contribute to higher traffic volumes in the long run

Direct impact of fuel price hike (1)

Direct impact of economic

crisis

Economic Slow Down

Source httpwwwgaikindoorid (2)Source Jasa Marga

Note(1)Fuel price increased significantly in October 2005 but the full impact in car sales was only felt in 2006(2)GAIKINDO Gabungan Industri Kendaraan Bermotor Indonesia (The Association of Indonesian Automotive Industries)

Strong Corporate Governance and Highly Qualified Management Team

8

Desi Arryani ndash President Directorbull Indonesia citizen 54 years oldbull 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 Indonesiabull Completed her Bachelor degree in Civil Engineering from University of Indonesia (1987) and Master degree in Management from Prasetya Mulya (2008)

Donny Arsal ndash Director of Financebull Indonesia citizen 47 years oldbull Has work experience in Financial sector more than 23 years Previously served as Managing Director PT Mandiri Sekuritas that look after for Investment Banking

Divisionbull Completed Bachelor Degree from University of Indonesia (1991)

Mohammad Sofyan ndash Operational Director Ibull Indonesia citizen 46 years oldbull Join 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) Tbkbull 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 amp IT from Melbourne University (2007)

Subakti Syukur ndash Operational Director IIbull Indonesia citizen 54 years oldbull Join 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 Margarsquos Subsidiary)bull 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 ndash Director of Developmentbull Indonesia citizen 54 years oldbull Has work experience and major success in conceptualizing developing and managing commercial and housing estates Previously served as President Director of

PT Permata Graha Nusantarabull Completed Bachelor Degree at Institute of Bandung Teknology (1988)

Kushartanto Koeswiranto ndash Director Of Human Resources And General Affairsbull Indonesia citizen 56 years oldbull Having work experience in Human Resources sector more than 20 years Previously served as President Director KTalents Asia Head of HR Podomoro Group and

HR amp Business Support Director Lotte Shopping Indonesiabull Completed Bachelor Degree at Diponegoro University and MBA at IPMI

Experience management with over 25 years of experience deep understanding on the industrysector and long-term relationship with stakeholders

Industry Overview

Overview of the authorities involved

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 userrsquos 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 governmentrsquos 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

Ease derived from highly regulated industrybull Certainty of tariff increase every two years according to regulationbull The timing of the land acquisition process is faster if any dispute is decided by the courtbull 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

Robust estimated growth in car sales is a positive driver for

the toll road industry

Consistent growth in traffic demonstrates resilience of toll

road industry

Well Positioned In A Resilient Industry With Favorable Growth Trends

11

Fluctuating car sales growth in Indonesia has minimal impact to our traffic volume however

increase in car sales will contribute to higher traffic volumes in the long run

Direct impact of fuel price hike (1)

Direct impact of economic

crisis

Economic Slow Down

Source httpwwwgaikindoorid (2)Source Jasa Marga

Note(1)Fuel price increased significantly in October 2005 but the full impact in car sales was only felt in 2006(2)GAIKINDO Gabungan Industri Kendaraan Bermotor Indonesia (The Association of Indonesian Automotive Industries)

Industry Overview

Overview of the authorities involved

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 userrsquos 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 governmentrsquos 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

Ease derived from highly regulated industrybull Certainty of tariff increase every two years according to regulationbull The timing of the land acquisition process is faster if any dispute is decided by the courtbull 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

Robust estimated growth in car sales is a positive driver for

the toll road industry

Consistent growth in traffic demonstrates resilience of toll

road industry

Well Positioned In A Resilient Industry With Favorable Growth Trends

11

Fluctuating car sales growth in Indonesia has minimal impact to our traffic volume however

increase in car sales will contribute to higher traffic volumes in the long run

Direct impact of fuel price hike (1)

Direct impact of economic

crisis

Economic Slow Down

Source httpwwwgaikindoorid (2)Source Jasa Marga

Note(1)Fuel price increased significantly in October 2005 but the full impact in car sales was only felt in 2006(2)GAIKINDO Gabungan Industri Kendaraan Bermotor Indonesia (The Association of Indonesian Automotive Industries)

Overview of the authorities involved

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 userrsquos 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 governmentrsquos 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

Ease derived from highly regulated industrybull Certainty of tariff increase every two years according to regulationbull The timing of the land acquisition process is faster if any dispute is decided by the courtbull 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

Robust estimated growth in car sales is a positive driver for

the toll road industry

Consistent growth in traffic demonstrates resilience of toll

road industry

Well Positioned In A Resilient Industry With Favorable Growth Trends

11

Fluctuating car sales growth in Indonesia has minimal impact to our traffic volume however

increase in car sales will contribute to higher traffic volumes in the long run

Direct impact of fuel price hike (1)

Direct impact of economic

crisis

Economic Slow Down

Source httpwwwgaikindoorid (2)Source Jasa Marga

Note(1)Fuel price increased significantly in October 2005 but the full impact in car sales was only felt in 2006(2)GAIKINDO Gabungan Industri Kendaraan Bermotor Indonesia (The Association of Indonesian Automotive Industries)

Robust estimated growth in car sales is a positive driver for

the toll road industry

Consistent growth in traffic demonstrates resilience of toll

road industry

Well Positioned In A Resilient Industry With Favorable Growth Trends

11

Fluctuating car sales growth in Indonesia has minimal impact to our traffic volume however

increase in car sales will contribute to higher traffic volumes in the long run

Direct impact of fuel price hike (1)

Direct impact of economic

crisis

Economic Slow Down

Source httpwwwgaikindoorid (2)Source Jasa Marga

Note(1)Fuel price increased significantly in October 2005 but the full impact in car sales was only felt in 2006(2)GAIKINDO Gabungan Industri Kendaraan Bermotor Indonesia (The Association of Indonesian Automotive Industries)

12

Target (2015- 2019)

1060 Km

Total Investasi (2015-2019)

IDR 1674 T

bull Accumulated toll road lenght 6115 Km

bull Estimasi Total BiayaInvestasi Rp 723 T

Market Shares

80

Others

Traffic Volume

Leading toll road operator in Indonesia

Tendered Toll Road Ownership in Indonesia (in km)

56

Established toll road network comprising a diversified asset base located across high growth regions in Indonesiabull As a market leader Jasa Marga provides 60 contribution to the target of additional Indonesian toll roadsbull All of Jasa Margas toll road projects are incorporated into the National Strategic Project to become the Governments main

focus

Market Leader in Indonesian Toll Road

636

Others

732 km Toll Road in Operation

Government Targets

As of April 2018

596118

59

33

46

14

28

105 Jasa Marga

WSKT

Astratel

CMNP

Plus Berhad

META

Jaya Group

Others

Projects and

Operational Details

13

Jasa Marga Toll Road Network

Java Sea

Timor Sea

Strait of Malacca

Banda Sea

Indian Ocean

SULAWESI

PAPUA

KALIMANTAN

MALUKUSUMATRA

CENTRAL JAVA

Semarang 2475 km

Semarang-Solo 7264 km

Solo-Ngawi 901 km

Ngawi-Kertosono 8702 km

Semarang-Batang 75 km

EAST JAVA

Surabaya-Gempol 4900 km

Gempol-Pandaan 1361 km

Gempol-Pasuruan 3415 km

Surabaya-Mojokerto 3627 km

Pandaan-Malang 3762 km

NORTH SUMATERA

Belmera 4270 km

Medan-Kualanamu-Tebing Tinggi 6170 km

GREATER JAKARTA amp WEST JAVA

Jagorawi 5900 km

Jakarta-Tangerang 3300 km

Ulujami-Pondok Aren 555 km

Jakarta Inner Ring Road 2355 km

Prof Dr Ir Sedyatmo 1430 km

Jakarta-Cikampek 8300 km

JORR 283 km

Cikampek-Padalarang 5850 km

Padaleunyi 6440 km

Palikanci 2630 km

JORR W2 North 770 km

Bogor Outer Ring Road 1100 km

Cengkareng-Kunciran 1419 km

Kunciran-Serpong 1119 km

Cinere-Serpong 1014 km

Jakarta-Cikampek II Elevated 364 km

JAVA

BALI

BALI

Nusa Dua-Ngurah Rai-Benoa 1000 km

EAST KALIMANTAN

Balikpapan-Samarinda 9935 km

NORTH SULAWESI

Manado-Bitung 399 km

Java Sea

Timor Sea

Strait of Malacca

Banda Sea

Indian Ocean

SULAWESI

PAPUA

KALIMANTAN

MALUKUSUMATRA

CENTRAL JAVA

Semarang 248 km

Semarang-Solo 726 km

Solo-Ngawi 904 km

Ngawi-Kertosono 870 km

Batang-Semarang 750 km

EAST JAVA

Surabaya-Gempol 490 km

Gempol-Pandaan 136 km

Gempol-Pasuruan 342 km

Surabaya-Mojokerto 363 km

Pandaan-Malang 376 km

Probolinggo-Banyuwangi 17291 km

NORTH SUMATERA

Belmera 427 km

Medan-Kualanamu-Tebing Tinggi 617 km

GREATER JAKARTA amp WEST JAVA

Jagorawi 590 km

Jakarta-Tangerang 330 km

Ulujami-Pondok Aren 556 km

Jakarta Inner Ring Road 236 km

Prof Dr Ir Sedyatmo 143 km

Jakarta-Cikampek 830 km

JORR 283 km

Cikampek-Padalarang 585 km

Padaleunyi 644 km

Palikanci 263 km

JORR W2 North 77 km

Bogor Outer Ring Road 110 km

Cengkareng-Kunciran 142 km

Kunciran-Serpong 112 km

Cinere-Serpong 101 km

Jakarta-Cikampek II Elevated 364 km

Jakarta-Cikampek II Selatan 64 km

JAVA

BALI

BALI

Nusa Dua-Ngurah Rai-Benoa 100 km

EAST KALIMANTAN

Balikpapan-Samarinda 994 km

NORTH SULAWESI

Manado-Bitung 399 km

Owned before 2004 and operating (13 projects)

Awarded after 2004 and fully operated (3 new projects)

Awarded after 2004 and half operated (5 new projects)

Awarded after 2004 and in land acquisitionconstruction (12 new projects)

As of 31st Dec 2017 14

738 799 987

1260 1497

2013 2014 2015 2016 2017

Accumulated Toll Road Concessions (km) Accumulated Operated Toll Road (km)

554 576 590 593 680

10391260

1497

2013 2014 2015 2016 2017 Plan2018

Plan2019

Plan2020

Legend

Jasa Margarsquos Project Awarded

15

Note- Data ss of 29 March 2018- ) Section Semarang-Salatiga- ) Section Ngawi-Wilangan

Section Concession PeriodLength

(km)

ProgressJM Ownership

Land Construction

Old Concession

1 13 Old Concession 2044 5121 - - 10000

A Fully Operated

2 Nusa Dua-Ngurah Rai-Benoa(1) 2057 10 - - 5500

3 JORR W2 North (part of JORR) (2) 2044 77 - - 6500

4 Surabaya-Mojokerto (part of Trans Java) (6) 2049 363 - - 5500

B Half Operated

5 Gempol-Pandaan 2049 136 9220

6 Bogor Outer Ring Road 2054 11 - - 5500

7 Semarang-Solo (part of Trans Java) 2055 726 -(1) -(1) 5890

8 Gempol-Pasuruan (part of Trans Java) 2058 342 9533 8440 9880

9 Medan-Kualanamu-Tebing Tinggi 2054 617 9617 9206 5500

10 Ngawi-Kertosono (part of Trans Java) 2066 87 -(2) -(2) 6000

11 Solo-Ngawi (part of Trans Java) 40 years from effective date 904 9556 8669 6000

C In Land Acquisition and Construction

12 JORR2 (Cengkareng-Kunciran) 35 years from effective date 142 3654 1078 7620

13 JORR2 (Kunciran-Serpong) 35 years from effective date 112 9437 5034 6000

14 JORR2 (Serpong-Cinere) 35 years from effective date 101 6062 1811 5500

15 Batang-Semarang (part of Trans Java) 45 years from effective date 75 9817 7401 6000

16 Pandaan-Malang 35 years from effective date 376 8181 4831 6000

17 Balikpapan-Samarinda 40 years from effective date 994 9152 5289 5500

18 Manado-Bitung 40 years from effective date 399 6242 1785 6500

19 Jakarta-Cikampek II Elevated 45 years from effective date 364 - 2790 8000

20 Jakarta-Cikampek II South 35 years from effective date 64 - - 8000

21 Probolinggo-Banyuwangi 35 years from effective date 1729 - - 5500

TOTAL 14974

Financial Highlights

Financial Highlight Balance Sheet

17

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

(FYE 31 Dec)

2013 2014 2015 2016 2017 1Q2017 1Q2018 ∆Rp ∆

Restated Restated (Audited) (Audited) (Audited) (Unaudited) (Unaudited)

(Audited) (Audited)

Cash and Cash

Equivalent35141 32908 33232 41249 68730 43198 65943 27481 527

Other Current Assets 2742 2550 4058 8840 121140 119347 101873 32739 -146

Non Current Assets 242762 283142 329959 405353 602057 430272 677433 196704 574

TOTAL ASSETS 280645 318600 367250 535003 791928 592817 845249 256925 426

Current Liabilities 48708 43010 77438 186270 221565 193689 301101 35295 555

Non Current Liabilities 130044 165382 166125 185345 386768 235021 353998 201423 506

TOTAL LIABILITIES 178752 208392 243563 371615 608333 428710 655099 236719 528

Equity 101893 110207 123687 163388 183594 164107 190150 20206 159

TOTAL LIABILITIES

AND EQUITY280645 318600 367250 535003 791928 592817 845249 256925 426

18

Financial Highlight Income Statement

Consolidated Financial Statement

2013 2014 2015 2016 2017 1Q2017 1Q2018 ∆Rp ∆

Restated Restated (Audited) (Audited) (Audited) (Unaudited) (Unaudited) (YoY) (YoY)

(Audited) (Audited)

Toll Revenue 58027 66464 71210 79267 82813 19130 21983 2853 149

Other Business Revenue 5082 5814 5097 9057 6404 1873 1827 (47) -25

REVENUE 63109 72278 76307 88323 89217 21404 23810 2406 112

Toll and Other Operating Expenses(32313) (35628) (35628) (40229) (37721) (9328) (9033)

295 -32

General and Administrative Expenses(10878) (8848) (8848) (9490) (11525) (2102) (2596)

(494) 235

Financial Income 2291 2655 2178 2027 2840 2353 1066 (1287) -547

Gain on Divestment - - - - 5635 - - - NA

Other Expenses (335) (203) (298) (990) (3630) (355) (566) (211) 595

Tax expense of Financial Income - - 436 (406) (476) (119) (160) (41) 345

Other Income 227 220 987 1950 559 88 80 (08) -89

OPERATING INCOME 22592 30727 34777 41655 46481 12109 13091 982 81

Operating Income Margin 358 425 456 472 521 566 550 NA -16

EBITDA 33985 40068 42850 52285 54810 13789 15785 1997 145

EBITDA Margin 539 554 562 592 614 644 663 NA 19

Finance Cost(9442) (12153) (14050) (15090) (12689) (4376) (4444)

(68) 16

Share in Net Loss of Associates (43) (43) (43) (68) (1288) (11) (564) (554) 51138

INCOME BEFORE TAX 13106 18507 20683 26497 32505 7723 8083 360 47

Income Tax Expense (3819) (6137) (7491) (8466) (11568) (2494) (2487) 07 -03

NET INCOME 10277 14217 14664 18893 22003 5472 5830 357 65

Net Income Margin 163 197 192 214 247 256 245 NA -11

360 330

305 346

432

315 355

2013 2014 2015 2016 2017 1Q2017 1Q2018

ICR

Selected financial Ratios

Prudent financial management enable company to lower its cost of debt over time

19

2 Debt to Equity Ratio (DER)

(x)

1 Interest Coverage Ratio (ICR)

(x)

5002 Total Asset

1 Revenue

EBITDA

125

Note figures of 2014 2015 2016 amp 2017 audited 1Q2017 and 1Q2018 Unaudited

280645 318600 367250535003

791928

592817

845249

2013 2014 2015 2016 2017 1Q2017 1Q2018

(Rp Billion)

58027 66464 71210 79267 82813

19130 21983

5082 5814 5097 9057 6404

1873 1827

2013 2014 2015 2016 2017 1Q2017 1Q2018

Toll Revenue Other Business Revenue

175 189 197 227

331

261

345

2013 2014 2015 2016 2017 1Q2017 1Q2018

DER

52285 54810

13789 15785592 614

644663

00

500

1000

000

200000

400000

600000

2016 2017 1Q2017 1Q2018

EBITDA Margin EBITDA

Appendix

Transaction Volume by Section(Million vehicle transactions)

21

Note The changes in the traffic pattern and the impact from the removal of toll gates cikopo because of integration in cluster 1 (CikampekPadaleunyiCipularangCikopo- Palimanan) There is changes in traffic record as the impact of removal gate Plumbon 3 Plumbon 4 and Ciperna Utama because of integration in Cluster II (Palimanan-Kanci Kanci-Pejagan Pejagan-Brebes Timur) transaction system changes from closed system to open system

No BranchSubsidiary 2013 2014 2015 2016 2017 1Q2017 1Q2018

∆

1Q17 vs

1Q18

CAGR

2013-2017

1 Jagorawi 1996 20132 20416 20765 18947 5141 3630 -2939 -129

2 Jakarta-Cikampek 2022 20613 21500 22175 20548 5386 4633 -1398 040

3 Jakarta-Tangerang 1130 11983 12743 13089 13312 3268 3380 343 418

4 Cawang-Tomang-Cengkareng 2831 28281 28466 29490 30081 7396 7380 -022 153

6 Purbaleunyi 639 6635 6625 6749 6879 1696 1680 -094 186

8 Surabaya-Gempol 817 8287 8956 9766 10097 2416 2420 017 544

9 Semarang 489 4812 5041 5176 5262 1223 1231 065 187

10 Belmera 240 2539 2479 2575 2788 686 713 394 377

11 Palikanci 202 1993 2304 1904 1459 337 340 089 -779

12 JORR Non S 1467 15160 9071 9576 9826 2406 2363 -179 -954

13 Ulujami-Pondok Aren 469 4513 4373 4611 4752 1178 1151 -229 032

Total Parent 12303 12495 12197 12588 12395 3113 2892 -711 019

14 PT Marga Sarana Jabar 125 1368 1534 1649 1579 393 384 -229 596

15PT Jasamarga Surabaya

Mojokerto113 1205 1302 1536 1714 401 530 3217 1108

16 PT Trans Marga Jateng 66 1556 1870 2050 1975 465 - na 3163

17 PT Jasamarga Bali Tol 33 1431 1654 1746 1820 441 420 -476 5342

18 PT Marga Lingkar Jakarta - 1449 2471 2690 3050 720 781 847 na

19 PT Jasamarga Pandaan Tol - - 280 584 720 157 097 -3822 na

20 PT Trans Jatim Pasuruan - - - - 07 - 032 na na

21 PT Jasamarga Kualanamu Tol - - - - 08 - 108 na na

Total Subsidiary 336 7009 9111 10254 11013 2577 2352 -873 3450

TOTAL 12639 13196 13108 13613 13497 3371 3127 -723 165

Toll Revenue by BranchSubsidiary(IDR billion)

22

Notes Jagorawi Toll Road is used for Future Revenue Back Securities Refer to Consolidated Financial Report as of September 30th 2017 page 18 in Semarang-Solo Toll Road has change to joint control

CabangAnak Perusahaan 2013 2014 2015 2016 2017 1Q2017 1Q2018

∆

1Q17 vs

1Q18

CAGR

2013-2017

1 Jagorawi 5482 6075 6202 6970 8740 1730 2165 25 124

2 Jakarta-Cikampek 9766 10234 11378 12325 12657 3198 2979 -68 67

3 Jakarta-Tangerang 4080 4671 5075 5807 7557 1450 2102 450 167

4 Cawang-Tomang-Cengkareng 11100 12123 12470 14127 1475 3609 3799 53 74

5 Purbaleunyi 10174 11759 11975 13506 12990 2932 3256 110 63

6 Surabaya-Gempol 2705 3090 3358 4020 4186 1030 1089 57 115

7 Semarang 1048 1065 1132 1366 1389 324 342 56 73

8 Belmera 816 913 902 1055 1137 273 351 284 87

9 Palikanci 1075 1124 1330 1695 1812 399 439 99 140

10 PT Jalantol Lingkarluar Jakarta 10550 11824 11637 10102 10248 2699 2972 101 -07

TOTAL PARENT LEVEL 56795 62880 65459 70973 75469 17644 19492 105 74

11 PT Marga Sarana Jabar 456 672 869 1002 987 245 237 -34 213

12 PT Jasamarga Surabaya Mojokerto 176 188 201 360 505 102 612 5007 303

13 PT Trans Marga Jateng 365 1073 1295 1528 577 366 - na 122

14 PT Jasamarga Bali Tol 237 1061 1227 1433 1499 356 370 39 587

15 PT Marga Lingkar Jakarta - 590 1880 3373 2765 657 656 -02 na

16 PT Jasamarga Pandaan Tol - - 278 597 681 160 193 207 na

17 PT Trans Jatim Pasuruan - - - - 86 - 90 na na

18 PT Jasamarga Kualanamu Tol - - - - 242 - 333 na na

TOTAL SUBSIDIARY LEVEL 1232 3584 5751 8293 7344 1887 2490 320 562

TOTAL 58027 66464 71210 79266 82813 19530 21983 126 93

23

Asset Securitization

IndicativeStructure

KIK EBA Mandiri JSMR01 ndash SuratBerharga Hak Atas Pendapatan TolJagorawi

Issuer PT Jasa Marga (Persero) Tbk

Tenor 5 (five) Years

Proceed Rp2000000000000

Return 84

Payment Quarterly

PrincipalPayment

Yearly

Rating idAAA PT Pemeringkat Efek Indonesia (PEFINDO)

Listing Date 31st August 2017

Listings Indonesia Stock Exchange

1

22

Collection Manager

3

1

Financial Asset

Future Revenue (Hak Atas

Pendapatan Tol)

Future BacekdAssetSecuritization(KIK EBA) sold toInvestmentManager

Principal and Coupon Payment

InvestmnetManager Sold KIK

EBA to Investor

Proceed form KIK EBA

Jasa Marga as Collection Managerwho collect toll revenue anddistribute to Investmnet Manager

KIK EBA Junior(non-rated)

KIK EBA Senior (AAA rating)

KIK EBAKAS PENDAPATAN

TOL

Investor HoldEBA

Investor Investing to KIK EBA

Projects and

Operational Details

13

Jasa Marga Toll Road Network

Java Sea

Timor Sea

Strait of Malacca

Banda Sea

Indian Ocean

SULAWESI

PAPUA

KALIMANTAN

MALUKUSUMATRA

CENTRAL JAVA

Semarang 2475 km

Semarang-Solo 7264 km

Solo-Ngawi 901 km

Ngawi-Kertosono 8702 km

Semarang-Batang 75 km

EAST JAVA

Surabaya-Gempol 4900 km

Gempol-Pandaan 1361 km

Gempol-Pasuruan 3415 km

Surabaya-Mojokerto 3627 km

Pandaan-Malang 3762 km

NORTH SUMATERA

Belmera 4270 km

Medan-Kualanamu-Tebing Tinggi 6170 km

GREATER JAKARTA amp WEST JAVA

Jagorawi 5900 km

Jakarta-Tangerang 3300 km

Ulujami-Pondok Aren 555 km

Jakarta Inner Ring Road 2355 km

Prof Dr Ir Sedyatmo 1430 km

Jakarta-Cikampek 8300 km

JORR 283 km

Cikampek-Padalarang 5850 km

Padaleunyi 6440 km

Palikanci 2630 km

JORR W2 North 770 km

Bogor Outer Ring Road 1100 km

Cengkareng-Kunciran 1419 km

Kunciran-Serpong 1119 km

Cinere-Serpong 1014 km

Jakarta-Cikampek II Elevated 364 km

JAVA

BALI

BALI

Nusa Dua-Ngurah Rai-Benoa 1000 km

EAST KALIMANTAN

Balikpapan-Samarinda 9935 km

NORTH SULAWESI

Manado-Bitung 399 km

Java Sea

Timor Sea

Strait of Malacca

Banda Sea

Indian Ocean

SULAWESI

PAPUA

KALIMANTAN

MALUKUSUMATRA

CENTRAL JAVA

Semarang 248 km

Semarang-Solo 726 km

Solo-Ngawi 904 km

Ngawi-Kertosono 870 km

Batang-Semarang 750 km

EAST JAVA

Surabaya-Gempol 490 km

Gempol-Pandaan 136 km

Gempol-Pasuruan 342 km

Surabaya-Mojokerto 363 km

Pandaan-Malang 376 km

Probolinggo-Banyuwangi 17291 km

NORTH SUMATERA

Belmera 427 km

Medan-Kualanamu-Tebing Tinggi 617 km

GREATER JAKARTA amp WEST JAVA

Jagorawi 590 km

Jakarta-Tangerang 330 km

Ulujami-Pondok Aren 556 km

Jakarta Inner Ring Road 236 km

Prof Dr Ir Sedyatmo 143 km

Jakarta-Cikampek 830 km

JORR 283 km

Cikampek-Padalarang 585 km

Padaleunyi 644 km

Palikanci 263 km

JORR W2 North 77 km

Bogor Outer Ring Road 110 km

Cengkareng-Kunciran 142 km

Kunciran-Serpong 112 km

Cinere-Serpong 101 km

Jakarta-Cikampek II Elevated 364 km

Jakarta-Cikampek II Selatan 64 km

JAVA

BALI

BALI

Nusa Dua-Ngurah Rai-Benoa 100 km

EAST KALIMANTAN

Balikpapan-Samarinda 994 km

NORTH SULAWESI

Manado-Bitung 399 km

Owned before 2004 and operating (13 projects)

Awarded after 2004 and fully operated (3 new projects)

Awarded after 2004 and half operated (5 new projects)

Awarded after 2004 and in land acquisitionconstruction (12 new projects)

As of 31st Dec 2017 14

738 799 987

1260 1497

2013 2014 2015 2016 2017

Accumulated Toll Road Concessions (km) Accumulated Operated Toll Road (km)

554 576 590 593 680

10391260

1497

2013 2014 2015 2016 2017 Plan2018

Plan2019

Plan2020

Legend

Jasa Margarsquos Project Awarded

15

Note- Data ss of 29 March 2018- ) Section Semarang-Salatiga- ) Section Ngawi-Wilangan

Section Concession PeriodLength

(km)

ProgressJM Ownership

Land Construction

Old Concession

1 13 Old Concession 2044 5121 - - 10000

A Fully Operated

2 Nusa Dua-Ngurah Rai-Benoa(1) 2057 10 - - 5500

3 JORR W2 North (part of JORR) (2) 2044 77 - - 6500

4 Surabaya-Mojokerto (part of Trans Java) (6) 2049 363 - - 5500

B Half Operated

5 Gempol-Pandaan 2049 136 9220

6 Bogor Outer Ring Road 2054 11 - - 5500

7 Semarang-Solo (part of Trans Java) 2055 726 -(1) -(1) 5890

8 Gempol-Pasuruan (part of Trans Java) 2058 342 9533 8440 9880

9 Medan-Kualanamu-Tebing Tinggi 2054 617 9617 9206 5500

10 Ngawi-Kertosono (part of Trans Java) 2066 87 -(2) -(2) 6000

11 Solo-Ngawi (part of Trans Java) 40 years from effective date 904 9556 8669 6000

C In Land Acquisition and Construction

12 JORR2 (Cengkareng-Kunciran) 35 years from effective date 142 3654 1078 7620

13 JORR2 (Kunciran-Serpong) 35 years from effective date 112 9437 5034 6000

14 JORR2 (Serpong-Cinere) 35 years from effective date 101 6062 1811 5500

15 Batang-Semarang (part of Trans Java) 45 years from effective date 75 9817 7401 6000

16 Pandaan-Malang 35 years from effective date 376 8181 4831 6000

17 Balikpapan-Samarinda 40 years from effective date 994 9152 5289 5500

18 Manado-Bitung 40 years from effective date 399 6242 1785 6500

19 Jakarta-Cikampek II Elevated 45 years from effective date 364 - 2790 8000

20 Jakarta-Cikampek II South 35 years from effective date 64 - - 8000

21 Probolinggo-Banyuwangi 35 years from effective date 1729 - - 5500

TOTAL 14974

Financial Highlights

Financial Highlight Balance Sheet

17

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

(FYE 31 Dec)

2013 2014 2015 2016 2017 1Q2017 1Q2018 ∆Rp ∆

Restated Restated (Audited) (Audited) (Audited) (Unaudited) (Unaudited)

(Audited) (Audited)

Cash and Cash

Equivalent35141 32908 33232 41249 68730 43198 65943 27481 527

Other Current Assets 2742 2550 4058 8840 121140 119347 101873 32739 -146

Non Current Assets 242762 283142 329959 405353 602057 430272 677433 196704 574

TOTAL ASSETS 280645 318600 367250 535003 791928 592817 845249 256925 426

Current Liabilities 48708 43010 77438 186270 221565 193689 301101 35295 555

Non Current Liabilities 130044 165382 166125 185345 386768 235021 353998 201423 506

TOTAL LIABILITIES 178752 208392 243563 371615 608333 428710 655099 236719 528

Equity 101893 110207 123687 163388 183594 164107 190150 20206 159

TOTAL LIABILITIES

AND EQUITY280645 318600 367250 535003 791928 592817 845249 256925 426

18

Financial Highlight Income Statement

Consolidated Financial Statement

2013 2014 2015 2016 2017 1Q2017 1Q2018 ∆Rp ∆

Restated Restated (Audited) (Audited) (Audited) (Unaudited) (Unaudited) (YoY) (YoY)

(Audited) (Audited)

Toll Revenue 58027 66464 71210 79267 82813 19130 21983 2853 149

Other Business Revenue 5082 5814 5097 9057 6404 1873 1827 (47) -25

REVENUE 63109 72278 76307 88323 89217 21404 23810 2406 112

Toll and Other Operating Expenses(32313) (35628) (35628) (40229) (37721) (9328) (9033)

295 -32

General and Administrative Expenses(10878) (8848) (8848) (9490) (11525) (2102) (2596)

(494) 235

Financial Income 2291 2655 2178 2027 2840 2353 1066 (1287) -547

Gain on Divestment - - - - 5635 - - - NA

Other Expenses (335) (203) (298) (990) (3630) (355) (566) (211) 595

Tax expense of Financial Income - - 436 (406) (476) (119) (160) (41) 345

Other Income 227 220 987 1950 559 88 80 (08) -89

OPERATING INCOME 22592 30727 34777 41655 46481 12109 13091 982 81

Operating Income Margin 358 425 456 472 521 566 550 NA -16

EBITDA 33985 40068 42850 52285 54810 13789 15785 1997 145

EBITDA Margin 539 554 562 592 614 644 663 NA 19

Finance Cost(9442) (12153) (14050) (15090) (12689) (4376) (4444)

(68) 16

Share in Net Loss of Associates (43) (43) (43) (68) (1288) (11) (564) (554) 51138

INCOME BEFORE TAX 13106 18507 20683 26497 32505 7723 8083 360 47

Income Tax Expense (3819) (6137) (7491) (8466) (11568) (2494) (2487) 07 -03

NET INCOME 10277 14217 14664 18893 22003 5472 5830 357 65

Net Income Margin 163 197 192 214 247 256 245 NA -11

360 330

305 346

432

315 355

2013 2014 2015 2016 2017 1Q2017 1Q2018

ICR

Selected financial Ratios

Prudent financial management enable company to lower its cost of debt over time

19

2 Debt to Equity Ratio (DER)

(x)

1 Interest Coverage Ratio (ICR)

(x)

5002 Total Asset

1 Revenue

EBITDA

125

Note figures of 2014 2015 2016 amp 2017 audited 1Q2017 and 1Q2018 Unaudited

280645 318600 367250535003

791928

592817

845249

2013 2014 2015 2016 2017 1Q2017 1Q2018

(Rp Billion)

58027 66464 71210 79267 82813

19130 21983

5082 5814 5097 9057 6404

1873 1827

2013 2014 2015 2016 2017 1Q2017 1Q2018

Toll Revenue Other Business Revenue

175 189 197 227

331

261

345

2013 2014 2015 2016 2017 1Q2017 1Q2018

DER

52285 54810

13789 15785592 614

644663

00

500

1000

000

200000

400000

600000

2016 2017 1Q2017 1Q2018

EBITDA Margin EBITDA

Appendix

Transaction Volume by Section(Million vehicle transactions)

21

Note The changes in the traffic pattern and the impact from the removal of toll gates cikopo because of integration in cluster 1 (CikampekPadaleunyiCipularangCikopo- Palimanan) There is changes in traffic record as the impact of removal gate Plumbon 3 Plumbon 4 and Ciperna Utama because of integration in Cluster II (Palimanan-Kanci Kanci-Pejagan Pejagan-Brebes Timur) transaction system changes from closed system to open system

No BranchSubsidiary 2013 2014 2015 2016 2017 1Q2017 1Q2018

∆

1Q17 vs

1Q18

CAGR

2013-2017

1 Jagorawi 1996 20132 20416 20765 18947 5141 3630 -2939 -129

2 Jakarta-Cikampek 2022 20613 21500 22175 20548 5386 4633 -1398 040

3 Jakarta-Tangerang 1130 11983 12743 13089 13312 3268 3380 343 418

4 Cawang-Tomang-Cengkareng 2831 28281 28466 29490 30081 7396 7380 -022 153

6 Purbaleunyi 639 6635 6625 6749 6879 1696 1680 -094 186

8 Surabaya-Gempol 817 8287 8956 9766 10097 2416 2420 017 544

9 Semarang 489 4812 5041 5176 5262 1223 1231 065 187

10 Belmera 240 2539 2479 2575 2788 686 713 394 377

11 Palikanci 202 1993 2304 1904 1459 337 340 089 -779

12 JORR Non S 1467 15160 9071 9576 9826 2406 2363 -179 -954

13 Ulujami-Pondok Aren 469 4513 4373 4611 4752 1178 1151 -229 032

Total Parent 12303 12495 12197 12588 12395 3113 2892 -711 019

14 PT Marga Sarana Jabar 125 1368 1534 1649 1579 393 384 -229 596

15PT Jasamarga Surabaya

Mojokerto113 1205 1302 1536 1714 401 530 3217 1108

16 PT Trans Marga Jateng 66 1556 1870 2050 1975 465 - na 3163

17 PT Jasamarga Bali Tol 33 1431 1654 1746 1820 441 420 -476 5342

18 PT Marga Lingkar Jakarta - 1449 2471 2690 3050 720 781 847 na

19 PT Jasamarga Pandaan Tol - - 280 584 720 157 097 -3822 na

20 PT Trans Jatim Pasuruan - - - - 07 - 032 na na

21 PT Jasamarga Kualanamu Tol - - - - 08 - 108 na na

Total Subsidiary 336 7009 9111 10254 11013 2577 2352 -873 3450

TOTAL 12639 13196 13108 13613 13497 3371 3127 -723 165

Toll Revenue by BranchSubsidiary(IDR billion)

22

Notes Jagorawi Toll Road is used for Future Revenue Back Securities Refer to Consolidated Financial Report as of September 30th 2017 page 18 in Semarang-Solo Toll Road has change to joint control

CabangAnak Perusahaan 2013 2014 2015 2016 2017 1Q2017 1Q2018

∆

1Q17 vs

1Q18

CAGR

2013-2017

1 Jagorawi 5482 6075 6202 6970 8740 1730 2165 25 124

2 Jakarta-Cikampek 9766 10234 11378 12325 12657 3198 2979 -68 67

3 Jakarta-Tangerang 4080 4671 5075 5807 7557 1450 2102 450 167

4 Cawang-Tomang-Cengkareng 11100 12123 12470 14127 1475 3609 3799 53 74

5 Purbaleunyi 10174 11759 11975 13506 12990 2932 3256 110 63

6 Surabaya-Gempol 2705 3090 3358 4020 4186 1030 1089 57 115

7 Semarang 1048 1065 1132 1366 1389 324 342 56 73

8 Belmera 816 913 902 1055 1137 273 351 284 87

9 Palikanci 1075 1124 1330 1695 1812 399 439 99 140

10 PT Jalantol Lingkarluar Jakarta 10550 11824 11637 10102 10248 2699 2972 101 -07

TOTAL PARENT LEVEL 56795 62880 65459 70973 75469 17644 19492 105 74

11 PT Marga Sarana Jabar 456 672 869 1002 987 245 237 -34 213

12 PT Jasamarga Surabaya Mojokerto 176 188 201 360 505 102 612 5007 303

13 PT Trans Marga Jateng 365 1073 1295 1528 577 366 - na 122

14 PT Jasamarga Bali Tol 237 1061 1227 1433 1499 356 370 39 587

15 PT Marga Lingkar Jakarta - 590 1880 3373 2765 657 656 -02 na

16 PT Jasamarga Pandaan Tol - - 278 597 681 160 193 207 na

17 PT Trans Jatim Pasuruan - - - - 86 - 90 na na

18 PT Jasamarga Kualanamu Tol - - - - 242 - 333 na na

TOTAL SUBSIDIARY LEVEL 1232 3584 5751 8293 7344 1887 2490 320 562

TOTAL 58027 66464 71210 79266 82813 19530 21983 126 93

23

Asset Securitization

IndicativeStructure

KIK EBA Mandiri JSMR01 ndash SuratBerharga Hak Atas Pendapatan TolJagorawi

Issuer PT Jasa Marga (Persero) Tbk

Tenor 5 (five) Years

Proceed Rp2000000000000

Return 84

Payment Quarterly

PrincipalPayment

Yearly

Rating idAAA PT Pemeringkat Efek Indonesia (PEFINDO)

Listing Date 31st August 2017

Listings Indonesia Stock Exchange

1

22

Collection Manager

3

1

Financial Asset

Future Revenue (Hak Atas

Pendapatan Tol)

Future BacekdAssetSecuritization(KIK EBA) sold toInvestmentManager

Principal and Coupon Payment

InvestmnetManager Sold KIK

EBA to Investor

Proceed form KIK EBA

Jasa Marga as Collection Managerwho collect toll revenue anddistribute to Investmnet Manager

KIK EBA Junior(non-rated)

KIK EBA Senior (AAA rating)

KIK EBAKAS PENDAPATAN

TOL

Investor HoldEBA

Investor Investing to KIK EBA

Jasa Marga Toll Road Network

Java Sea

Timor Sea

Strait of Malacca

Banda Sea

Indian Ocean

SULAWESI

PAPUA

KALIMANTAN

MALUKUSUMATRA

CENTRAL JAVA

Semarang 2475 km

Semarang-Solo 7264 km

Solo-Ngawi 901 km

Ngawi-Kertosono 8702 km

Semarang-Batang 75 km

EAST JAVA

Surabaya-Gempol 4900 km

Gempol-Pandaan 1361 km

Gempol-Pasuruan 3415 km

Surabaya-Mojokerto 3627 km

Pandaan-Malang 3762 km

NORTH SUMATERA

Belmera 4270 km

Medan-Kualanamu-Tebing Tinggi 6170 km

GREATER JAKARTA amp WEST JAVA

Jagorawi 5900 km

Jakarta-Tangerang 3300 km

Ulujami-Pondok Aren 555 km

Jakarta Inner Ring Road 2355 km

Prof Dr Ir Sedyatmo 1430 km

Jakarta-Cikampek 8300 km

JORR 283 km

Cikampek-Padalarang 5850 km

Padaleunyi 6440 km

Palikanci 2630 km

JORR W2 North 770 km

Bogor Outer Ring Road 1100 km

Cengkareng-Kunciran 1419 km

Kunciran-Serpong 1119 km

Cinere-Serpong 1014 km

Jakarta-Cikampek II Elevated 364 km

JAVA

BALI

BALI

Nusa Dua-Ngurah Rai-Benoa 1000 km

EAST KALIMANTAN

Balikpapan-Samarinda 9935 km

NORTH SULAWESI

Manado-Bitung 399 km

Java Sea

Timor Sea

Strait of Malacca

Banda Sea

Indian Ocean

SULAWESI

PAPUA

KALIMANTAN

MALUKUSUMATRA

CENTRAL JAVA

Semarang 248 km

Semarang-Solo 726 km

Solo-Ngawi 904 km

Ngawi-Kertosono 870 km

Batang-Semarang 750 km

EAST JAVA

Surabaya-Gempol 490 km

Gempol-Pandaan 136 km

Gempol-Pasuruan 342 km

Surabaya-Mojokerto 363 km

Pandaan-Malang 376 km

Probolinggo-Banyuwangi 17291 km

NORTH SUMATERA

Belmera 427 km

Medan-Kualanamu-Tebing Tinggi 617 km

GREATER JAKARTA amp WEST JAVA

Jagorawi 590 km

Jakarta-Tangerang 330 km

Ulujami-Pondok Aren 556 km

Jakarta Inner Ring Road 236 km

Prof Dr Ir Sedyatmo 143 km

Jakarta-Cikampek 830 km

JORR 283 km

Cikampek-Padalarang 585 km

Padaleunyi 644 km

Palikanci 263 km

JORR W2 North 77 km

Bogor Outer Ring Road 110 km

Cengkareng-Kunciran 142 km

Kunciran-Serpong 112 km

Cinere-Serpong 101 km

Jakarta-Cikampek II Elevated 364 km

Jakarta-Cikampek II Selatan 64 km

JAVA

BALI

BALI

Nusa Dua-Ngurah Rai-Benoa 100 km

EAST KALIMANTAN

Balikpapan-Samarinda 994 km

NORTH SULAWESI

Manado-Bitung 399 km

Owned before 2004 and operating (13 projects)

Awarded after 2004 and fully operated (3 new projects)

Awarded after 2004 and half operated (5 new projects)

Awarded after 2004 and in land acquisitionconstruction (12 new projects)

As of 31st Dec 2017 14

738 799 987

1260 1497

2013 2014 2015 2016 2017

Accumulated Toll Road Concessions (km) Accumulated Operated Toll Road (km)

554 576 590 593 680

10391260

1497

2013 2014 2015 2016 2017 Plan2018

Plan2019

Plan2020

Legend

Jasa Margarsquos Project Awarded

15

Note- Data ss of 29 March 2018- ) Section Semarang-Salatiga- ) Section Ngawi-Wilangan

Section Concession PeriodLength

(km)

ProgressJM Ownership

Land Construction

Old Concession

1 13 Old Concession 2044 5121 - - 10000

A Fully Operated

2 Nusa Dua-Ngurah Rai-Benoa(1) 2057 10 - - 5500

3 JORR W2 North (part of JORR) (2) 2044 77 - - 6500

4 Surabaya-Mojokerto (part of Trans Java) (6) 2049 363 - - 5500

B Half Operated

5 Gempol-Pandaan 2049 136 9220

6 Bogor Outer Ring Road 2054 11 - - 5500

7 Semarang-Solo (part of Trans Java) 2055 726 -(1) -(1) 5890

8 Gempol-Pasuruan (part of Trans Java) 2058 342 9533 8440 9880

9 Medan-Kualanamu-Tebing Tinggi 2054 617 9617 9206 5500

10 Ngawi-Kertosono (part of Trans Java) 2066 87 -(2) -(2) 6000

11 Solo-Ngawi (part of Trans Java) 40 years from effective date 904 9556 8669 6000

C In Land Acquisition and Construction

12 JORR2 (Cengkareng-Kunciran) 35 years from effective date 142 3654 1078 7620

13 JORR2 (Kunciran-Serpong) 35 years from effective date 112 9437 5034 6000

14 JORR2 (Serpong-Cinere) 35 years from effective date 101 6062 1811 5500

15 Batang-Semarang (part of Trans Java) 45 years from effective date 75 9817 7401 6000

16 Pandaan-Malang 35 years from effective date 376 8181 4831 6000

17 Balikpapan-Samarinda 40 years from effective date 994 9152 5289 5500

18 Manado-Bitung 40 years from effective date 399 6242 1785 6500

19 Jakarta-Cikampek II Elevated 45 years from effective date 364 - 2790 8000

20 Jakarta-Cikampek II South 35 years from effective date 64 - - 8000

21 Probolinggo-Banyuwangi 35 years from effective date 1729 - - 5500

TOTAL 14974

Financial Highlights

Financial Highlight Balance Sheet

17

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

(FYE 31 Dec)

2013 2014 2015 2016 2017 1Q2017 1Q2018 ∆Rp ∆

Restated Restated (Audited) (Audited) (Audited) (Unaudited) (Unaudited)

(Audited) (Audited)

Cash and Cash

Equivalent35141 32908 33232 41249 68730 43198 65943 27481 527

Other Current Assets 2742 2550 4058 8840 121140 119347 101873 32739 -146

Non Current Assets 242762 283142 329959 405353 602057 430272 677433 196704 574

TOTAL ASSETS 280645 318600 367250 535003 791928 592817 845249 256925 426

Current Liabilities 48708 43010 77438 186270 221565 193689 301101 35295 555

Non Current Liabilities 130044 165382 166125 185345 386768 235021 353998 201423 506

TOTAL LIABILITIES 178752 208392 243563 371615 608333 428710 655099 236719 528

Equity 101893 110207 123687 163388 183594 164107 190150 20206 159

TOTAL LIABILITIES

AND EQUITY280645 318600 367250 535003 791928 592817 845249 256925 426

18

Financial Highlight Income Statement

Consolidated Financial Statement

2013 2014 2015 2016 2017 1Q2017 1Q2018 ∆Rp ∆

Restated Restated (Audited) (Audited) (Audited) (Unaudited) (Unaudited) (YoY) (YoY)

(Audited) (Audited)

Toll Revenue 58027 66464 71210 79267 82813 19130 21983 2853 149

Other Business Revenue 5082 5814 5097 9057 6404 1873 1827 (47) -25

REVENUE 63109 72278 76307 88323 89217 21404 23810 2406 112

Toll and Other Operating Expenses(32313) (35628) (35628) (40229) (37721) (9328) (9033)

295 -32

General and Administrative Expenses(10878) (8848) (8848) (9490) (11525) (2102) (2596)

(494) 235

Financial Income 2291 2655 2178 2027 2840 2353 1066 (1287) -547

Gain on Divestment - - - - 5635 - - - NA

Other Expenses (335) (203) (298) (990) (3630) (355) (566) (211) 595

Tax expense of Financial Income - - 436 (406) (476) (119) (160) (41) 345

Other Income 227 220 987 1950 559 88 80 (08) -89

OPERATING INCOME 22592 30727 34777 41655 46481 12109 13091 982 81

Operating Income Margin 358 425 456 472 521 566 550 NA -16

EBITDA 33985 40068 42850 52285 54810 13789 15785 1997 145

EBITDA Margin 539 554 562 592 614 644 663 NA 19

Finance Cost(9442) (12153) (14050) (15090) (12689) (4376) (4444)

(68) 16

Share in Net Loss of Associates (43) (43) (43) (68) (1288) (11) (564) (554) 51138

INCOME BEFORE TAX 13106 18507 20683 26497 32505 7723 8083 360 47

Income Tax Expense (3819) (6137) (7491) (8466) (11568) (2494) (2487) 07 -03

NET INCOME 10277 14217 14664 18893 22003 5472 5830 357 65

Net Income Margin 163 197 192 214 247 256 245 NA -11

360 330

305 346

432

315 355

2013 2014 2015 2016 2017 1Q2017 1Q2018

ICR

Selected financial Ratios

Prudent financial management enable company to lower its cost of debt over time

19

2 Debt to Equity Ratio (DER)

(x)

1 Interest Coverage Ratio (ICR)

(x)

5002 Total Asset

1 Revenue

EBITDA

125

Note figures of 2014 2015 2016 amp 2017 audited 1Q2017 and 1Q2018 Unaudited

280645 318600 367250535003

791928

592817

845249

2013 2014 2015 2016 2017 1Q2017 1Q2018

(Rp Billion)

58027 66464 71210 79267 82813

19130 21983

5082 5814 5097 9057 6404

1873 1827

2013 2014 2015 2016 2017 1Q2017 1Q2018

Toll Revenue Other Business Revenue

175 189 197 227

331

261

345

2013 2014 2015 2016 2017 1Q2017 1Q2018

DER

52285 54810

13789 15785592 614

644663

00

500

1000

000

200000

400000

600000

2016 2017 1Q2017 1Q2018

EBITDA Margin EBITDA

Appendix

Transaction Volume by Section(Million vehicle transactions)

21

Note The changes in the traffic pattern and the impact from the removal of toll gates cikopo because of integration in cluster 1 (CikampekPadaleunyiCipularangCikopo- Palimanan) There is changes in traffic record as the impact of removal gate Plumbon 3 Plumbon 4 and Ciperna Utama because of integration in Cluster II (Palimanan-Kanci Kanci-Pejagan Pejagan-Brebes Timur) transaction system changes from closed system to open system

No BranchSubsidiary 2013 2014 2015 2016 2017 1Q2017 1Q2018

∆

1Q17 vs

1Q18

CAGR

2013-2017

1 Jagorawi 1996 20132 20416 20765 18947 5141 3630 -2939 -129

2 Jakarta-Cikampek 2022 20613 21500 22175 20548 5386 4633 -1398 040

3 Jakarta-Tangerang 1130 11983 12743 13089 13312 3268 3380 343 418

4 Cawang-Tomang-Cengkareng 2831 28281 28466 29490 30081 7396 7380 -022 153

6 Purbaleunyi 639 6635 6625 6749 6879 1696 1680 -094 186

8 Surabaya-Gempol 817 8287 8956 9766 10097 2416 2420 017 544

9 Semarang 489 4812 5041 5176 5262 1223 1231 065 187

10 Belmera 240 2539 2479 2575 2788 686 713 394 377

11 Palikanci 202 1993 2304 1904 1459 337 340 089 -779

12 JORR Non S 1467 15160 9071 9576 9826 2406 2363 -179 -954

13 Ulujami-Pondok Aren 469 4513 4373 4611 4752 1178 1151 -229 032

Total Parent 12303 12495 12197 12588 12395 3113 2892 -711 019

14 PT Marga Sarana Jabar 125 1368 1534 1649 1579 393 384 -229 596

15PT Jasamarga Surabaya

Mojokerto113 1205 1302 1536 1714 401 530 3217 1108

16 PT Trans Marga Jateng 66 1556 1870 2050 1975 465 - na 3163

17 PT Jasamarga Bali Tol 33 1431 1654 1746 1820 441 420 -476 5342

18 PT Marga Lingkar Jakarta - 1449 2471 2690 3050 720 781 847 na

19 PT Jasamarga Pandaan Tol - - 280 584 720 157 097 -3822 na

20 PT Trans Jatim Pasuruan - - - - 07 - 032 na na

21 PT Jasamarga Kualanamu Tol - - - - 08 - 108 na na

Total Subsidiary 336 7009 9111 10254 11013 2577 2352 -873 3450

TOTAL 12639 13196 13108 13613 13497 3371 3127 -723 165

Toll Revenue by BranchSubsidiary(IDR billion)

22

Notes Jagorawi Toll Road is used for Future Revenue Back Securities Refer to Consolidated Financial Report as of September 30th 2017 page 18 in Semarang-Solo Toll Road has change to joint control

CabangAnak Perusahaan 2013 2014 2015 2016 2017 1Q2017 1Q2018

∆

1Q17 vs

1Q18

CAGR

2013-2017

1 Jagorawi 5482 6075 6202 6970 8740 1730 2165 25 124

2 Jakarta-Cikampek 9766 10234 11378 12325 12657 3198 2979 -68 67

3 Jakarta-Tangerang 4080 4671 5075 5807 7557 1450 2102 450 167

4 Cawang-Tomang-Cengkareng 11100 12123 12470 14127 1475 3609 3799 53 74

5 Purbaleunyi 10174 11759 11975 13506 12990 2932 3256 110 63

6 Surabaya-Gempol 2705 3090 3358 4020 4186 1030 1089 57 115

7 Semarang 1048 1065 1132 1366 1389 324 342 56 73

8 Belmera 816 913 902 1055 1137 273 351 284 87

9 Palikanci 1075 1124 1330 1695 1812 399 439 99 140

10 PT Jalantol Lingkarluar Jakarta 10550 11824 11637 10102 10248 2699 2972 101 -07

TOTAL PARENT LEVEL 56795 62880 65459 70973 75469 17644 19492 105 74

11 PT Marga Sarana Jabar 456 672 869 1002 987 245 237 -34 213

12 PT Jasamarga Surabaya Mojokerto 176 188 201 360 505 102 612 5007 303

13 PT Trans Marga Jateng 365 1073 1295 1528 577 366 - na 122

14 PT Jasamarga Bali Tol 237 1061 1227 1433 1499 356 370 39 587

15 PT Marga Lingkar Jakarta - 590 1880 3373 2765 657 656 -02 na

16 PT Jasamarga Pandaan Tol - - 278 597 681 160 193 207 na

17 PT Trans Jatim Pasuruan - - - - 86 - 90 na na

18 PT Jasamarga Kualanamu Tol - - - - 242 - 333 na na

TOTAL SUBSIDIARY LEVEL 1232 3584 5751 8293 7344 1887 2490 320 562

TOTAL 58027 66464 71210 79266 82813 19530 21983 126 93

23

Asset Securitization

IndicativeStructure

KIK EBA Mandiri JSMR01 ndash SuratBerharga Hak Atas Pendapatan TolJagorawi

Issuer PT Jasa Marga (Persero) Tbk

Tenor 5 (five) Years

Proceed Rp2000000000000

Return 84

Payment Quarterly

PrincipalPayment

Yearly

Rating idAAA PT Pemeringkat Efek Indonesia (PEFINDO)

Listing Date 31st August 2017

Listings Indonesia Stock Exchange

1

22

Collection Manager

3

1

Financial Asset

Future Revenue (Hak Atas

Pendapatan Tol)

Future BacekdAssetSecuritization(KIK EBA) sold toInvestmentManager

Principal and Coupon Payment

InvestmnetManager Sold KIK

EBA to Investor

Proceed form KIK EBA

Jasa Marga as Collection Managerwho collect toll revenue anddistribute to Investmnet Manager

KIK EBA Junior(non-rated)

KIK EBA Senior (AAA rating)

KIK EBAKAS PENDAPATAN

TOL

Investor HoldEBA

Investor Investing to KIK EBA

Jasa Margarsquos Project Awarded

15

Note- Data ss of 29 March 2018- ) Section Semarang-Salatiga- ) Section Ngawi-Wilangan

Section Concession PeriodLength

(km)

ProgressJM Ownership

Land Construction

Old Concession

1 13 Old Concession 2044 5121 - - 10000

A Fully Operated

2 Nusa Dua-Ngurah Rai-Benoa(1) 2057 10 - - 5500

3 JORR W2 North (part of JORR) (2) 2044 77 - - 6500

4 Surabaya-Mojokerto (part of Trans Java) (6) 2049 363 - - 5500

B Half Operated

5 Gempol-Pandaan 2049 136 9220

6 Bogor Outer Ring Road 2054 11 - - 5500

7 Semarang-Solo (part of Trans Java) 2055 726 -(1) -(1) 5890

8 Gempol-Pasuruan (part of Trans Java) 2058 342 9533 8440 9880

9 Medan-Kualanamu-Tebing Tinggi 2054 617 9617 9206 5500

10 Ngawi-Kertosono (part of Trans Java) 2066 87 -(2) -(2) 6000

11 Solo-Ngawi (part of Trans Java) 40 years from effective date 904 9556 8669 6000

C In Land Acquisition and Construction

12 JORR2 (Cengkareng-Kunciran) 35 years from effective date 142 3654 1078 7620

13 JORR2 (Kunciran-Serpong) 35 years from effective date 112 9437 5034 6000

14 JORR2 (Serpong-Cinere) 35 years from effective date 101 6062 1811 5500

15 Batang-Semarang (part of Trans Java) 45 years from effective date 75 9817 7401 6000

16 Pandaan-Malang 35 years from effective date 376 8181 4831 6000

17 Balikpapan-Samarinda 40 years from effective date 994 9152 5289 5500

18 Manado-Bitung 40 years from effective date 399 6242 1785 6500

19 Jakarta-Cikampek II Elevated 45 years from effective date 364 - 2790 8000

20 Jakarta-Cikampek II South 35 years from effective date 64 - - 8000

21 Probolinggo-Banyuwangi 35 years from effective date 1729 - - 5500

TOTAL 14974

Financial Highlights

Financial Highlight Balance Sheet

17

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

(FYE 31 Dec)

2013 2014 2015 2016 2017 1Q2017 1Q2018 ∆Rp ∆

Restated Restated (Audited) (Audited) (Audited) (Unaudited) (Unaudited)

(Audited) (Audited)

Cash and Cash

Equivalent35141 32908 33232 41249 68730 43198 65943 27481 527

Other Current Assets 2742 2550 4058 8840 121140 119347 101873 32739 -146

Non Current Assets 242762 283142 329959 405353 602057 430272 677433 196704 574

TOTAL ASSETS 280645 318600 367250 535003 791928 592817 845249 256925 426

Current Liabilities 48708 43010 77438 186270 221565 193689 301101 35295 555

Non Current Liabilities 130044 165382 166125 185345 386768 235021 353998 201423 506

TOTAL LIABILITIES 178752 208392 243563 371615 608333 428710 655099 236719 528

Equity 101893 110207 123687 163388 183594 164107 190150 20206 159

TOTAL LIABILITIES

AND EQUITY280645 318600 367250 535003 791928 592817 845249 256925 426

18

Financial Highlight Income Statement

Consolidated Financial Statement

2013 2014 2015 2016 2017 1Q2017 1Q2018 ∆Rp ∆

Restated Restated (Audited) (Audited) (Audited) (Unaudited) (Unaudited) (YoY) (YoY)

(Audited) (Audited)

Toll Revenue 58027 66464 71210 79267 82813 19130 21983 2853 149

Other Business Revenue 5082 5814 5097 9057 6404 1873 1827 (47) -25

REVENUE 63109 72278 76307 88323 89217 21404 23810 2406 112

Toll and Other Operating Expenses(32313) (35628) (35628) (40229) (37721) (9328) (9033)

295 -32

General and Administrative Expenses(10878) (8848) (8848) (9490) (11525) (2102) (2596)

(494) 235

Financial Income 2291 2655 2178 2027 2840 2353 1066 (1287) -547

Gain on Divestment - - - - 5635 - - - NA

Other Expenses (335) (203) (298) (990) (3630) (355) (566) (211) 595

Tax expense of Financial Income - - 436 (406) (476) (119) (160) (41) 345

Other Income 227 220 987 1950 559 88 80 (08) -89

OPERATING INCOME 22592 30727 34777 41655 46481 12109 13091 982 81

Operating Income Margin 358 425 456 472 521 566 550 NA -16

EBITDA 33985 40068 42850 52285 54810 13789 15785 1997 145

EBITDA Margin 539 554 562 592 614 644 663 NA 19

Finance Cost(9442) (12153) (14050) (15090) (12689) (4376) (4444)

(68) 16

Share in Net Loss of Associates (43) (43) (43) (68) (1288) (11) (564) (554) 51138

INCOME BEFORE TAX 13106 18507 20683 26497 32505 7723 8083 360 47

Income Tax Expense (3819) (6137) (7491) (8466) (11568) (2494) (2487) 07 -03

NET INCOME 10277 14217 14664 18893 22003 5472 5830 357 65

Net Income Margin 163 197 192 214 247 256 245 NA -11

360 330

305 346

432

315 355

2013 2014 2015 2016 2017 1Q2017 1Q2018

ICR

Selected financial Ratios

Prudent financial management enable company to lower its cost of debt over time

19

2 Debt to Equity Ratio (DER)

(x)

1 Interest Coverage Ratio (ICR)

(x)

5002 Total Asset

1 Revenue

EBITDA

125

Note figures of 2014 2015 2016 amp 2017 audited 1Q2017 and 1Q2018 Unaudited

280645 318600 367250535003

791928

592817

845249

2013 2014 2015 2016 2017 1Q2017 1Q2018

(Rp Billion)

58027 66464 71210 79267 82813

19130 21983

5082 5814 5097 9057 6404

1873 1827

2013 2014 2015 2016 2017 1Q2017 1Q2018

Toll Revenue Other Business Revenue

175 189 197 227

331

261

345

2013 2014 2015 2016 2017 1Q2017 1Q2018

DER

52285 54810

13789 15785592 614

644663

00

500

1000

000

200000

400000

600000

2016 2017 1Q2017 1Q2018

EBITDA Margin EBITDA

Appendix

Transaction Volume by Section(Million vehicle transactions)

21

Note The changes in the traffic pattern and the impact from the removal of toll gates cikopo because of integration in cluster 1 (CikampekPadaleunyiCipularangCikopo- Palimanan) There is changes in traffic record as the impact of removal gate Plumbon 3 Plumbon 4 and Ciperna Utama because of integration in Cluster II (Palimanan-Kanci Kanci-Pejagan Pejagan-Brebes Timur) transaction system changes from closed system to open system

No BranchSubsidiary 2013 2014 2015 2016 2017 1Q2017 1Q2018

∆

1Q17 vs

1Q18

CAGR

2013-2017

1 Jagorawi 1996 20132 20416 20765 18947 5141 3630 -2939 -129

2 Jakarta-Cikampek 2022 20613 21500 22175 20548 5386 4633 -1398 040

3 Jakarta-Tangerang 1130 11983 12743 13089 13312 3268 3380 343 418

4 Cawang-Tomang-Cengkareng 2831 28281 28466 29490 30081 7396 7380 -022 153

6 Purbaleunyi 639 6635 6625 6749 6879 1696 1680 -094 186

8 Surabaya-Gempol 817 8287 8956 9766 10097 2416 2420 017 544

9 Semarang 489 4812 5041 5176 5262 1223 1231 065 187

10 Belmera 240 2539 2479 2575 2788 686 713 394 377

11 Palikanci 202 1993 2304 1904 1459 337 340 089 -779

12 JORR Non S 1467 15160 9071 9576 9826 2406 2363 -179 -954

13 Ulujami-Pondok Aren 469 4513 4373 4611 4752 1178 1151 -229 032

Total Parent 12303 12495 12197 12588 12395 3113 2892 -711 019

14 PT Marga Sarana Jabar 125 1368 1534 1649 1579 393 384 -229 596

15PT Jasamarga Surabaya

Mojokerto113 1205 1302 1536 1714 401 530 3217 1108

16 PT Trans Marga Jateng 66 1556 1870 2050 1975 465 - na 3163

17 PT Jasamarga Bali Tol 33 1431 1654 1746 1820 441 420 -476 5342

18 PT Marga Lingkar Jakarta - 1449 2471 2690 3050 720 781 847 na

19 PT Jasamarga Pandaan Tol - - 280 584 720 157 097 -3822 na

20 PT Trans Jatim Pasuruan - - - - 07 - 032 na na

21 PT Jasamarga Kualanamu Tol - - - - 08 - 108 na na

Total Subsidiary 336 7009 9111 10254 11013 2577 2352 -873 3450

TOTAL 12639 13196 13108 13613 13497 3371 3127 -723 165

Toll Revenue by BranchSubsidiary(IDR billion)

22

Notes Jagorawi Toll Road is used for Future Revenue Back Securities Refer to Consolidated Financial Report as of September 30th 2017 page 18 in Semarang-Solo Toll Road has change to joint control

CabangAnak Perusahaan 2013 2014 2015 2016 2017 1Q2017 1Q2018

∆

1Q17 vs

1Q18

CAGR

2013-2017

1 Jagorawi 5482 6075 6202 6970 8740 1730 2165 25 124

2 Jakarta-Cikampek 9766 10234 11378 12325 12657 3198 2979 -68 67

3 Jakarta-Tangerang 4080 4671 5075 5807 7557 1450 2102 450 167

4 Cawang-Tomang-Cengkareng 11100 12123 12470 14127 1475 3609 3799 53 74

5 Purbaleunyi 10174 11759 11975 13506 12990 2932 3256 110 63

6 Surabaya-Gempol 2705 3090 3358 4020 4186 1030 1089 57 115

7 Semarang 1048 1065 1132 1366 1389 324 342 56 73

8 Belmera 816 913 902 1055 1137 273 351 284 87

9 Palikanci 1075 1124 1330 1695 1812 399 439 99 140

10 PT Jalantol Lingkarluar Jakarta 10550 11824 11637 10102 10248 2699 2972 101 -07

TOTAL PARENT LEVEL 56795 62880 65459 70973 75469 17644 19492 105 74

11 PT Marga Sarana Jabar 456 672 869 1002 987 245 237 -34 213

12 PT Jasamarga Surabaya Mojokerto 176 188 201 360 505 102 612 5007 303

13 PT Trans Marga Jateng 365 1073 1295 1528 577 366 - na 122

14 PT Jasamarga Bali Tol 237 1061 1227 1433 1499 356 370 39 587

15 PT Marga Lingkar Jakarta - 590 1880 3373 2765 657 656 -02 na

16 PT Jasamarga Pandaan Tol - - 278 597 681 160 193 207 na

17 PT Trans Jatim Pasuruan - - - - 86 - 90 na na

18 PT Jasamarga Kualanamu Tol - - - - 242 - 333 na na

TOTAL SUBSIDIARY LEVEL 1232 3584 5751 8293 7344 1887 2490 320 562

TOTAL 58027 66464 71210 79266 82813 19530 21983 126 93

23

Asset Securitization

IndicativeStructure

KIK EBA Mandiri JSMR01 ndash SuratBerharga Hak Atas Pendapatan TolJagorawi

Issuer PT Jasa Marga (Persero) Tbk

Tenor 5 (five) Years

Proceed Rp2000000000000

Return 84

Payment Quarterly

PrincipalPayment

Yearly

Rating idAAA PT Pemeringkat Efek Indonesia (PEFINDO)

Listing Date 31st August 2017

Listings Indonesia Stock Exchange

1

22

Collection Manager

3

1

Financial Asset

Future Revenue (Hak Atas

Pendapatan Tol)

Future BacekdAssetSecuritization(KIK EBA) sold toInvestmentManager

Principal and Coupon Payment

InvestmnetManager Sold KIK

EBA to Investor

Proceed form KIK EBA

Jasa Marga as Collection Managerwho collect toll revenue anddistribute to Investmnet Manager

KIK EBA Junior(non-rated)

KIK EBA Senior (AAA rating)

KIK EBAKAS PENDAPATAN

TOL

Investor HoldEBA

Investor Investing to KIK EBA

Financial Highlights

Financial Highlight Balance Sheet

17

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

(FYE 31 Dec)

2013 2014 2015 2016 2017 1Q2017 1Q2018 ∆Rp ∆

Restated Restated (Audited) (Audited) (Audited) (Unaudited) (Unaudited)

(Audited) (Audited)

Cash and Cash

Equivalent35141 32908 33232 41249 68730 43198 65943 27481 527

Other Current Assets 2742 2550 4058 8840 121140 119347 101873 32739 -146

Non Current Assets 242762 283142 329959 405353 602057 430272 677433 196704 574

TOTAL ASSETS 280645 318600 367250 535003 791928 592817 845249 256925 426

Current Liabilities 48708 43010 77438 186270 221565 193689 301101 35295 555

Non Current Liabilities 130044 165382 166125 185345 386768 235021 353998 201423 506

TOTAL LIABILITIES 178752 208392 243563 371615 608333 428710 655099 236719 528

Equity 101893 110207 123687 163388 183594 164107 190150 20206 159

TOTAL LIABILITIES

AND EQUITY280645 318600 367250 535003 791928 592817 845249 256925 426

18

Financial Highlight Income Statement

Consolidated Financial Statement

2013 2014 2015 2016 2017 1Q2017 1Q2018 ∆Rp ∆

Restated Restated (Audited) (Audited) (Audited) (Unaudited) (Unaudited) (YoY) (YoY)

(Audited) (Audited)

Toll Revenue 58027 66464 71210 79267 82813 19130 21983 2853 149

Other Business Revenue 5082 5814 5097 9057 6404 1873 1827 (47) -25

REVENUE 63109 72278 76307 88323 89217 21404 23810 2406 112

Toll and Other Operating Expenses(32313) (35628) (35628) (40229) (37721) (9328) (9033)

295 -32

General and Administrative Expenses(10878) (8848) (8848) (9490) (11525) (2102) (2596)

(494) 235

Financial Income 2291 2655 2178 2027 2840 2353 1066 (1287) -547

Gain on Divestment - - - - 5635 - - - NA

Other Expenses (335) (203) (298) (990) (3630) (355) (566) (211) 595

Tax expense of Financial Income - - 436 (406) (476) (119) (160) (41) 345

Other Income 227 220 987 1950 559 88 80 (08) -89

OPERATING INCOME 22592 30727 34777 41655 46481 12109 13091 982 81

Operating Income Margin 358 425 456 472 521 566 550 NA -16

EBITDA 33985 40068 42850 52285 54810 13789 15785 1997 145

EBITDA Margin 539 554 562 592 614 644 663 NA 19

Finance Cost(9442) (12153) (14050) (15090) (12689) (4376) (4444)

(68) 16

Share in Net Loss of Associates (43) (43) (43) (68) (1288) (11) (564) (554) 51138

INCOME BEFORE TAX 13106 18507 20683 26497 32505 7723 8083 360 47

Income Tax Expense (3819) (6137) (7491) (8466) (11568) (2494) (2487) 07 -03

NET INCOME 10277 14217 14664 18893 22003 5472 5830 357 65

Net Income Margin 163 197 192 214 247 256 245 NA -11

360 330

305 346

432

315 355

2013 2014 2015 2016 2017 1Q2017 1Q2018

ICR

Selected financial Ratios

Prudent financial management enable company to lower its cost of debt over time

19

2 Debt to Equity Ratio (DER)

(x)

1 Interest Coverage Ratio (ICR)

(x)

5002 Total Asset

1 Revenue

EBITDA

125

Note figures of 2014 2015 2016 amp 2017 audited 1Q2017 and 1Q2018 Unaudited

280645 318600 367250535003

791928

592817

845249

2013 2014 2015 2016 2017 1Q2017 1Q2018

(Rp Billion)

58027 66464 71210 79267 82813

19130 21983

5082 5814 5097 9057 6404

1873 1827

2013 2014 2015 2016 2017 1Q2017 1Q2018

Toll Revenue Other Business Revenue

175 189 197 227

331

261

345

2013 2014 2015 2016 2017 1Q2017 1Q2018

DER

52285 54810

13789 15785592 614

644663

00

500

1000

000

200000

400000

600000

2016 2017 1Q2017 1Q2018

EBITDA Margin EBITDA

Appendix

Transaction Volume by Section(Million vehicle transactions)

21

Note The changes in the traffic pattern and the impact from the removal of toll gates cikopo because of integration in cluster 1 (CikampekPadaleunyiCipularangCikopo- Palimanan) There is changes in traffic record as the impact of removal gate Plumbon 3 Plumbon 4 and Ciperna Utama because of integration in Cluster II (Palimanan-Kanci Kanci-Pejagan Pejagan-Brebes Timur) transaction system changes from closed system to open system

No BranchSubsidiary 2013 2014 2015 2016 2017 1Q2017 1Q2018

∆

1Q17 vs

1Q18

CAGR

2013-2017

1 Jagorawi 1996 20132 20416 20765 18947 5141 3630 -2939 -129

2 Jakarta-Cikampek 2022 20613 21500 22175 20548 5386 4633 -1398 040

3 Jakarta-Tangerang 1130 11983 12743 13089 13312 3268 3380 343 418

4 Cawang-Tomang-Cengkareng 2831 28281 28466 29490 30081 7396 7380 -022 153

6 Purbaleunyi 639 6635 6625 6749 6879 1696 1680 -094 186

8 Surabaya-Gempol 817 8287 8956 9766 10097 2416 2420 017 544

9 Semarang 489 4812 5041 5176 5262 1223 1231 065 187

10 Belmera 240 2539 2479 2575 2788 686 713 394 377

11 Palikanci 202 1993 2304 1904 1459 337 340 089 -779

12 JORR Non S 1467 15160 9071 9576 9826 2406 2363 -179 -954

13 Ulujami-Pondok Aren 469 4513 4373 4611 4752 1178 1151 -229 032

Total Parent 12303 12495 12197 12588 12395 3113 2892 -711 019

14 PT Marga Sarana Jabar 125 1368 1534 1649 1579 393 384 -229 596

15PT Jasamarga Surabaya

Mojokerto113 1205 1302 1536 1714 401 530 3217 1108

16 PT Trans Marga Jateng 66 1556 1870 2050 1975 465 - na 3163

17 PT Jasamarga Bali Tol 33 1431 1654 1746 1820 441 420 -476 5342

18 PT Marga Lingkar Jakarta - 1449 2471 2690 3050 720 781 847 na

19 PT Jasamarga Pandaan Tol - - 280 584 720 157 097 -3822 na

20 PT Trans Jatim Pasuruan - - - - 07 - 032 na na

21 PT Jasamarga Kualanamu Tol - - - - 08 - 108 na na

Total Subsidiary 336 7009 9111 10254 11013 2577 2352 -873 3450

TOTAL 12639 13196 13108 13613 13497 3371 3127 -723 165

Toll Revenue by BranchSubsidiary(IDR billion)

22

Notes Jagorawi Toll Road is used for Future Revenue Back Securities Refer to Consolidated Financial Report as of September 30th 2017 page 18 in Semarang-Solo Toll Road has change to joint control

CabangAnak Perusahaan 2013 2014 2015 2016 2017 1Q2017 1Q2018

∆

1Q17 vs

1Q18

CAGR

2013-2017

1 Jagorawi 5482 6075 6202 6970 8740 1730 2165 25 124

2 Jakarta-Cikampek 9766 10234 11378 12325 12657 3198 2979 -68 67

3 Jakarta-Tangerang 4080 4671 5075 5807 7557 1450 2102 450 167

4 Cawang-Tomang-Cengkareng 11100 12123 12470 14127 1475 3609 3799 53 74

5 Purbaleunyi 10174 11759 11975 13506 12990 2932 3256 110 63

6 Surabaya-Gempol 2705 3090 3358 4020 4186 1030 1089 57 115

7 Semarang 1048 1065 1132 1366 1389 324 342 56 73

8 Belmera 816 913 902 1055 1137 273 351 284 87

9 Palikanci 1075 1124 1330 1695 1812 399 439 99 140

10 PT Jalantol Lingkarluar Jakarta 10550 11824 11637 10102 10248 2699 2972 101 -07

TOTAL PARENT LEVEL 56795 62880 65459 70973 75469 17644 19492 105 74

11 PT Marga Sarana Jabar 456 672 869 1002 987 245 237 -34 213

12 PT Jasamarga Surabaya Mojokerto 176 188 201 360 505 102 612 5007 303

13 PT Trans Marga Jateng 365 1073 1295 1528 577 366 - na 122

14 PT Jasamarga Bali Tol 237 1061 1227 1433 1499 356 370 39 587

15 PT Marga Lingkar Jakarta - 590 1880 3373 2765 657 656 -02 na

16 PT Jasamarga Pandaan Tol - - 278 597 681 160 193 207 na

17 PT Trans Jatim Pasuruan - - - - 86 - 90 na na

18 PT Jasamarga Kualanamu Tol - - - - 242 - 333 na na

TOTAL SUBSIDIARY LEVEL 1232 3584 5751 8293 7344 1887 2490 320 562

TOTAL 58027 66464 71210 79266 82813 19530 21983 126 93

23

Asset Securitization

IndicativeStructure

KIK EBA Mandiri JSMR01 ndash SuratBerharga Hak Atas Pendapatan TolJagorawi

Issuer PT Jasa Marga (Persero) Tbk

Tenor 5 (five) Years

Proceed Rp2000000000000

Return 84

Payment Quarterly

PrincipalPayment

Yearly

Rating idAAA PT Pemeringkat Efek Indonesia (PEFINDO)

Listing Date 31st August 2017

Listings Indonesia Stock Exchange

1

22

Collection Manager

3

1

Financial Asset

Future Revenue (Hak Atas

Pendapatan Tol)

Future BacekdAssetSecuritization(KIK EBA) sold toInvestmentManager

Principal and Coupon Payment

InvestmnetManager Sold KIK

EBA to Investor

Proceed form KIK EBA

Jasa Marga as Collection Managerwho collect toll revenue anddistribute to Investmnet Manager

KIK EBA Junior(non-rated)

KIK EBA Senior (AAA rating)

KIK EBAKAS PENDAPATAN

TOL

Investor HoldEBA

Investor Investing to KIK EBA

Financial Highlight Balance Sheet

17

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

(FYE 31 Dec)

2013 2014 2015 2016 2017 1Q2017 1Q2018 ∆Rp ∆

Restated Restated (Audited) (Audited) (Audited) (Unaudited) (Unaudited)

(Audited) (Audited)

Cash and Cash

Equivalent35141 32908 33232 41249 68730 43198 65943 27481 527

Other Current Assets 2742 2550 4058 8840 121140 119347 101873 32739 -146

Non Current Assets 242762 283142 329959 405353 602057 430272 677433 196704 574

TOTAL ASSETS 280645 318600 367250 535003 791928 592817 845249 256925 426

Current Liabilities 48708 43010 77438 186270 221565 193689 301101 35295 555

Non Current Liabilities 130044 165382 166125 185345 386768 235021 353998 201423 506

TOTAL LIABILITIES 178752 208392 243563 371615 608333 428710 655099 236719 528

Equity 101893 110207 123687 163388 183594 164107 190150 20206 159

TOTAL LIABILITIES

AND EQUITY280645 318600 367250 535003 791928 592817 845249 256925 426

18

Financial Highlight Income Statement

Consolidated Financial Statement

2013 2014 2015 2016 2017 1Q2017 1Q2018 ∆Rp ∆

Restated Restated (Audited) (Audited) (Audited) (Unaudited) (Unaudited) (YoY) (YoY)

(Audited) (Audited)

Toll Revenue 58027 66464 71210 79267 82813 19130 21983 2853 149

Other Business Revenue 5082 5814 5097 9057 6404 1873 1827 (47) -25

REVENUE 63109 72278 76307 88323 89217 21404 23810 2406 112

Toll and Other Operating Expenses(32313) (35628) (35628) (40229) (37721) (9328) (9033)

295 -32

General and Administrative Expenses(10878) (8848) (8848) (9490) (11525) (2102) (2596)

(494) 235

Financial Income 2291 2655 2178 2027 2840 2353 1066 (1287) -547

Gain on Divestment - - - - 5635 - - - NA

Other Expenses (335) (203) (298) (990) (3630) (355) (566) (211) 595

Tax expense of Financial Income - - 436 (406) (476) (119) (160) (41) 345

Other Income 227 220 987 1950 559 88 80 (08) -89

OPERATING INCOME 22592 30727 34777 41655 46481 12109 13091 982 81

Operating Income Margin 358 425 456 472 521 566 550 NA -16

EBITDA 33985 40068 42850 52285 54810 13789 15785 1997 145

EBITDA Margin 539 554 562 592 614 644 663 NA 19

Finance Cost(9442) (12153) (14050) (15090) (12689) (4376) (4444)

(68) 16

Share in Net Loss of Associates (43) (43) (43) (68) (1288) (11) (564) (554) 51138

INCOME BEFORE TAX 13106 18507 20683 26497 32505 7723 8083 360 47

Income Tax Expense (3819) (6137) (7491) (8466) (11568) (2494) (2487) 07 -03

NET INCOME 10277 14217 14664 18893 22003 5472 5830 357 65

Net Income Margin 163 197 192 214 247 256 245 NA -11

360 330

305 346

432

315 355

2013 2014 2015 2016 2017 1Q2017 1Q2018

ICR

Selected financial Ratios

Prudent financial management enable company to lower its cost of debt over time

19

2 Debt to Equity Ratio (DER)

(x)

1 Interest Coverage Ratio (ICR)

(x)

5002 Total Asset

1 Revenue

EBITDA

125

Note figures of 2014 2015 2016 amp 2017 audited 1Q2017 and 1Q2018 Unaudited

280645 318600 367250535003

791928

592817

845249

2013 2014 2015 2016 2017 1Q2017 1Q2018

(Rp Billion)

58027 66464 71210 79267 82813

19130 21983

5082 5814 5097 9057 6404

1873 1827

2013 2014 2015 2016 2017 1Q2017 1Q2018

Toll Revenue Other Business Revenue

175 189 197 227

331

261

345

2013 2014 2015 2016 2017 1Q2017 1Q2018

DER

52285 54810

13789 15785592 614

644663

00

500

1000

000

200000

400000

600000

2016 2017 1Q2017 1Q2018

EBITDA Margin EBITDA

Appendix

Transaction Volume by Section(Million vehicle transactions)

21

Note The changes in the traffic pattern and the impact from the removal of toll gates cikopo because of integration in cluster 1 (CikampekPadaleunyiCipularangCikopo- Palimanan) There is changes in traffic record as the impact of removal gate Plumbon 3 Plumbon 4 and Ciperna Utama because of integration in Cluster II (Palimanan-Kanci Kanci-Pejagan Pejagan-Brebes Timur) transaction system changes from closed system to open system

No BranchSubsidiary 2013 2014 2015 2016 2017 1Q2017 1Q2018

∆

1Q17 vs

1Q18

CAGR

2013-2017

1 Jagorawi 1996 20132 20416 20765 18947 5141 3630 -2939 -129

2 Jakarta-Cikampek 2022 20613 21500 22175 20548 5386 4633 -1398 040

3 Jakarta-Tangerang 1130 11983 12743 13089 13312 3268 3380 343 418

4 Cawang-Tomang-Cengkareng 2831 28281 28466 29490 30081 7396 7380 -022 153

6 Purbaleunyi 639 6635 6625 6749 6879 1696 1680 -094 186

8 Surabaya-Gempol 817 8287 8956 9766 10097 2416 2420 017 544

9 Semarang 489 4812 5041 5176 5262 1223 1231 065 187

10 Belmera 240 2539 2479 2575 2788 686 713 394 377

11 Palikanci 202 1993 2304 1904 1459 337 340 089 -779

12 JORR Non S 1467 15160 9071 9576 9826 2406 2363 -179 -954

13 Ulujami-Pondok Aren 469 4513 4373 4611 4752 1178 1151 -229 032

Total Parent 12303 12495 12197 12588 12395 3113 2892 -711 019

14 PT Marga Sarana Jabar 125 1368 1534 1649 1579 393 384 -229 596

15PT Jasamarga Surabaya

Mojokerto113 1205 1302 1536 1714 401 530 3217 1108

16 PT Trans Marga Jateng 66 1556 1870 2050 1975 465 - na 3163

17 PT Jasamarga Bali Tol 33 1431 1654 1746 1820 441 420 -476 5342

18 PT Marga Lingkar Jakarta - 1449 2471 2690 3050 720 781 847 na

19 PT Jasamarga Pandaan Tol - - 280 584 720 157 097 -3822 na

20 PT Trans Jatim Pasuruan - - - - 07 - 032 na na

21 PT Jasamarga Kualanamu Tol - - - - 08 - 108 na na

Total Subsidiary 336 7009 9111 10254 11013 2577 2352 -873 3450

TOTAL 12639 13196 13108 13613 13497 3371 3127 -723 165

Toll Revenue by BranchSubsidiary(IDR billion)

22

Notes Jagorawi Toll Road is used for Future Revenue Back Securities Refer to Consolidated Financial Report as of September 30th 2017 page 18 in Semarang-Solo Toll Road has change to joint control

CabangAnak Perusahaan 2013 2014 2015 2016 2017 1Q2017 1Q2018

∆

1Q17 vs

1Q18

CAGR

2013-2017

1 Jagorawi 5482 6075 6202 6970 8740 1730 2165 25 124

2 Jakarta-Cikampek 9766 10234 11378 12325 12657 3198 2979 -68 67

3 Jakarta-Tangerang 4080 4671 5075 5807 7557 1450 2102 450 167

4 Cawang-Tomang-Cengkareng 11100 12123 12470 14127 1475 3609 3799 53 74

5 Purbaleunyi 10174 11759 11975 13506 12990 2932 3256 110 63

6 Surabaya-Gempol 2705 3090 3358 4020 4186 1030 1089 57 115

7 Semarang 1048 1065 1132 1366 1389 324 342 56 73

8 Belmera 816 913 902 1055 1137 273 351 284 87

9 Palikanci 1075 1124 1330 1695 1812 399 439 99 140

10 PT Jalantol Lingkarluar Jakarta 10550 11824 11637 10102 10248 2699 2972 101 -07

TOTAL PARENT LEVEL 56795 62880 65459 70973 75469 17644 19492 105 74

11 PT Marga Sarana Jabar 456 672 869 1002 987 245 237 -34 213

12 PT Jasamarga Surabaya Mojokerto 176 188 201 360 505 102 612 5007 303

13 PT Trans Marga Jateng 365 1073 1295 1528 577 366 - na 122

14 PT Jasamarga Bali Tol 237 1061 1227 1433 1499 356 370 39 587

15 PT Marga Lingkar Jakarta - 590 1880 3373 2765 657 656 -02 na

16 PT Jasamarga Pandaan Tol - - 278 597 681 160 193 207 na

17 PT Trans Jatim Pasuruan - - - - 86 - 90 na na

18 PT Jasamarga Kualanamu Tol - - - - 242 - 333 na na

TOTAL SUBSIDIARY LEVEL 1232 3584 5751 8293 7344 1887 2490 320 562

TOTAL 58027 66464 71210 79266 82813 19530 21983 126 93

23

Asset Securitization

IndicativeStructure

KIK EBA Mandiri JSMR01 ndash SuratBerharga Hak Atas Pendapatan TolJagorawi

Issuer PT Jasa Marga (Persero) Tbk

Tenor 5 (five) Years

Proceed Rp2000000000000

Return 84

Payment Quarterly

PrincipalPayment

Yearly

Rating idAAA PT Pemeringkat Efek Indonesia (PEFINDO)

Listing Date 31st August 2017

Listings Indonesia Stock Exchange

1

22

Collection Manager

3

1

Financial Asset

Future Revenue (Hak Atas

Pendapatan Tol)

Future BacekdAssetSecuritization(KIK EBA) sold toInvestmentManager

Principal and Coupon Payment

InvestmnetManager Sold KIK

EBA to Investor

Proceed form KIK EBA

Jasa Marga as Collection Managerwho collect toll revenue anddistribute to Investmnet Manager

KIK EBA Junior(non-rated)

KIK EBA Senior (AAA rating)

KIK EBAKAS PENDAPATAN

TOL

Investor HoldEBA

Investor Investing to KIK EBA

18

Financial Highlight Income Statement

Consolidated Financial Statement

2013 2014 2015 2016 2017 1Q2017 1Q2018 ∆Rp ∆

Restated Restated (Audited) (Audited) (Audited) (Unaudited) (Unaudited) (YoY) (YoY)

(Audited) (Audited)

Toll Revenue 58027 66464 71210 79267 82813 19130 21983 2853 149

Other Business Revenue 5082 5814 5097 9057 6404 1873 1827 (47) -25

REVENUE 63109 72278 76307 88323 89217 21404 23810 2406 112

Toll and Other Operating Expenses(32313) (35628) (35628) (40229) (37721) (9328) (9033)

295 -32

General and Administrative Expenses(10878) (8848) (8848) (9490) (11525) (2102) (2596)

(494) 235

Financial Income 2291 2655 2178 2027 2840 2353 1066 (1287) -547

Gain on Divestment - - - - 5635 - - - NA

Other Expenses (335) (203) (298) (990) (3630) (355) (566) (211) 595

Tax expense of Financial Income - - 436 (406) (476) (119) (160) (41) 345

Other Income 227 220 987 1950 559 88 80 (08) -89

OPERATING INCOME 22592 30727 34777 41655 46481 12109 13091 982 81

Operating Income Margin 358 425 456 472 521 566 550 NA -16

EBITDA 33985 40068 42850 52285 54810 13789 15785 1997 145

EBITDA Margin 539 554 562 592 614 644 663 NA 19

Finance Cost(9442) (12153) (14050) (15090) (12689) (4376) (4444)

(68) 16

Share in Net Loss of Associates (43) (43) (43) (68) (1288) (11) (564) (554) 51138

INCOME BEFORE TAX 13106 18507 20683 26497 32505 7723 8083 360 47

Income Tax Expense (3819) (6137) (7491) (8466) (11568) (2494) (2487) 07 -03

NET INCOME 10277 14217 14664 18893 22003 5472 5830 357 65

Net Income Margin 163 197 192 214 247 256 245 NA -11

360 330

305 346

432

315 355

2013 2014 2015 2016 2017 1Q2017 1Q2018

ICR

Selected financial Ratios

Prudent financial management enable company to lower its cost of debt over time

19

2 Debt to Equity Ratio (DER)

(x)

1 Interest Coverage Ratio (ICR)

(x)

5002 Total Asset

1 Revenue

EBITDA

125

Note figures of 2014 2015 2016 amp 2017 audited 1Q2017 and 1Q2018 Unaudited

280645 318600 367250535003

791928

592817

845249

2013 2014 2015 2016 2017 1Q2017 1Q2018

(Rp Billion)

58027 66464 71210 79267 82813

19130 21983

5082 5814 5097 9057 6404

1873 1827

2013 2014 2015 2016 2017 1Q2017 1Q2018

Toll Revenue Other Business Revenue

175 189 197 227

331

261

345

2013 2014 2015 2016 2017 1Q2017 1Q2018

DER

52285 54810

13789 15785592 614

644663

00

500

1000

000

200000

400000

600000

2016 2017 1Q2017 1Q2018

EBITDA Margin EBITDA

Appendix

Transaction Volume by Section(Million vehicle transactions)

21

Note The changes in the traffic pattern and the impact from the removal of toll gates cikopo because of integration in cluster 1 (CikampekPadaleunyiCipularangCikopo- Palimanan) There is changes in traffic record as the impact of removal gate Plumbon 3 Plumbon 4 and Ciperna Utama because of integration in Cluster II (Palimanan-Kanci Kanci-Pejagan Pejagan-Brebes Timur) transaction system changes from closed system to open system

No BranchSubsidiary 2013 2014 2015 2016 2017 1Q2017 1Q2018

∆

1Q17 vs

1Q18

CAGR

2013-2017

1 Jagorawi 1996 20132 20416 20765 18947 5141 3630 -2939 -129

2 Jakarta-Cikampek 2022 20613 21500 22175 20548 5386 4633 -1398 040

3 Jakarta-Tangerang 1130 11983 12743 13089 13312 3268 3380 343 418

4 Cawang-Tomang-Cengkareng 2831 28281 28466 29490 30081 7396 7380 -022 153

6 Purbaleunyi 639 6635 6625 6749 6879 1696 1680 -094 186

8 Surabaya-Gempol 817 8287 8956 9766 10097 2416 2420 017 544

9 Semarang 489 4812 5041 5176 5262 1223 1231 065 187

10 Belmera 240 2539 2479 2575 2788 686 713 394 377

11 Palikanci 202 1993 2304 1904 1459 337 340 089 -779

12 JORR Non S 1467 15160 9071 9576 9826 2406 2363 -179 -954

13 Ulujami-Pondok Aren 469 4513 4373 4611 4752 1178 1151 -229 032

Total Parent 12303 12495 12197 12588 12395 3113 2892 -711 019

14 PT Marga Sarana Jabar 125 1368 1534 1649 1579 393 384 -229 596

15PT Jasamarga Surabaya

Mojokerto113 1205 1302 1536 1714 401 530 3217 1108

16 PT Trans Marga Jateng 66 1556 1870 2050 1975 465 - na 3163

17 PT Jasamarga Bali Tol 33 1431 1654 1746 1820 441 420 -476 5342

18 PT Marga Lingkar Jakarta - 1449 2471 2690 3050 720 781 847 na

19 PT Jasamarga Pandaan Tol - - 280 584 720 157 097 -3822 na

20 PT Trans Jatim Pasuruan - - - - 07 - 032 na na

21 PT Jasamarga Kualanamu Tol - - - - 08 - 108 na na

Total Subsidiary 336 7009 9111 10254 11013 2577 2352 -873 3450

TOTAL 12639 13196 13108 13613 13497 3371 3127 -723 165

Toll Revenue by BranchSubsidiary(IDR billion)

22

Notes Jagorawi Toll Road is used for Future Revenue Back Securities Refer to Consolidated Financial Report as of September 30th 2017 page 18 in Semarang-Solo Toll Road has change to joint control

CabangAnak Perusahaan 2013 2014 2015 2016 2017 1Q2017 1Q2018

∆

1Q17 vs

1Q18

CAGR

2013-2017

1 Jagorawi 5482 6075 6202 6970 8740 1730 2165 25 124

2 Jakarta-Cikampek 9766 10234 11378 12325 12657 3198 2979 -68 67

3 Jakarta-Tangerang 4080 4671 5075 5807 7557 1450 2102 450 167

4 Cawang-Tomang-Cengkareng 11100 12123 12470 14127 1475 3609 3799 53 74

5 Purbaleunyi 10174 11759 11975 13506 12990 2932 3256 110 63

6 Surabaya-Gempol 2705 3090 3358 4020 4186 1030 1089 57 115

7 Semarang 1048 1065 1132 1366 1389 324 342 56 73

8 Belmera 816 913 902 1055 1137 273 351 284 87

9 Palikanci 1075 1124 1330 1695 1812 399 439 99 140

10 PT Jalantol Lingkarluar Jakarta 10550 11824 11637 10102 10248 2699 2972 101 -07

TOTAL PARENT LEVEL 56795 62880 65459 70973 75469 17644 19492 105 74

11 PT Marga Sarana Jabar 456 672 869 1002 987 245 237 -34 213

12 PT Jasamarga Surabaya Mojokerto 176 188 201 360 505 102 612 5007 303

13 PT Trans Marga Jateng 365 1073 1295 1528 577 366 - na 122

14 PT Jasamarga Bali Tol 237 1061 1227 1433 1499 356 370 39 587

15 PT Marga Lingkar Jakarta - 590 1880 3373 2765 657 656 -02 na

16 PT Jasamarga Pandaan Tol - - 278 597 681 160 193 207 na

17 PT Trans Jatim Pasuruan - - - - 86 - 90 na na

18 PT Jasamarga Kualanamu Tol - - - - 242 - 333 na na

TOTAL SUBSIDIARY LEVEL 1232 3584 5751 8293 7344 1887 2490 320 562

TOTAL 58027 66464 71210 79266 82813 19530 21983 126 93

23

Asset Securitization

IndicativeStructure

KIK EBA Mandiri JSMR01 ndash SuratBerharga Hak Atas Pendapatan TolJagorawi

Issuer PT Jasa Marga (Persero) Tbk

Tenor 5 (five) Years

Proceed Rp2000000000000

Return 84

Payment Quarterly

PrincipalPayment

Yearly

Rating idAAA PT Pemeringkat Efek Indonesia (PEFINDO)

Listing Date 31st August 2017

Listings Indonesia Stock Exchange

1

22

Collection Manager

3

1

Financial Asset

Future Revenue (Hak Atas

Pendapatan Tol)

Future BacekdAssetSecuritization(KIK EBA) sold toInvestmentManager

Principal and Coupon Payment

InvestmnetManager Sold KIK

EBA to Investor

Proceed form KIK EBA

Jasa Marga as Collection Managerwho collect toll revenue anddistribute to Investmnet Manager

KIK EBA Junior(non-rated)

KIK EBA Senior (AAA rating)

KIK EBAKAS PENDAPATAN

TOL

Investor HoldEBA

Investor Investing to KIK EBA

360 330

305 346

432

315 355

2013 2014 2015 2016 2017 1Q2017 1Q2018

ICR

Selected financial Ratios

Prudent financial management enable company to lower its cost of debt over time

19

2 Debt to Equity Ratio (DER)

(x)

1 Interest Coverage Ratio (ICR)

(x)

5002 Total Asset

1 Revenue

EBITDA

125

Note figures of 2014 2015 2016 amp 2017 audited 1Q2017 and 1Q2018 Unaudited

280645 318600 367250535003

791928

592817

845249

2013 2014 2015 2016 2017 1Q2017 1Q2018

(Rp Billion)

58027 66464 71210 79267 82813

19130 21983

5082 5814 5097 9057 6404

1873 1827

2013 2014 2015 2016 2017 1Q2017 1Q2018

Toll Revenue Other Business Revenue

175 189 197 227

331

261

345

2013 2014 2015 2016 2017 1Q2017 1Q2018

DER

52285 54810

13789 15785592 614

644663

00

500

1000

000

200000

400000

600000

2016 2017 1Q2017 1Q2018

EBITDA Margin EBITDA

Appendix

Transaction Volume by Section(Million vehicle transactions)

21

Note The changes in the traffic pattern and the impact from the removal of toll gates cikopo because of integration in cluster 1 (CikampekPadaleunyiCipularangCikopo- Palimanan) There is changes in traffic record as the impact of removal gate Plumbon 3 Plumbon 4 and Ciperna Utama because of integration in Cluster II (Palimanan-Kanci Kanci-Pejagan Pejagan-Brebes Timur) transaction system changes from closed system to open system

No BranchSubsidiary 2013 2014 2015 2016 2017 1Q2017 1Q2018

∆

1Q17 vs

1Q18

CAGR

2013-2017

1 Jagorawi 1996 20132 20416 20765 18947 5141 3630 -2939 -129

2 Jakarta-Cikampek 2022 20613 21500 22175 20548 5386 4633 -1398 040

3 Jakarta-Tangerang 1130 11983 12743 13089 13312 3268 3380 343 418

4 Cawang-Tomang-Cengkareng 2831 28281 28466 29490 30081 7396 7380 -022 153

6 Purbaleunyi 639 6635 6625 6749 6879 1696 1680 -094 186

8 Surabaya-Gempol 817 8287 8956 9766 10097 2416 2420 017 544

9 Semarang 489 4812 5041 5176 5262 1223 1231 065 187

10 Belmera 240 2539 2479 2575 2788 686 713 394 377

11 Palikanci 202 1993 2304 1904 1459 337 340 089 -779

12 JORR Non S 1467 15160 9071 9576 9826 2406 2363 -179 -954

13 Ulujami-Pondok Aren 469 4513 4373 4611 4752 1178 1151 -229 032

Total Parent 12303 12495 12197 12588 12395 3113 2892 -711 019

14 PT Marga Sarana Jabar 125 1368 1534 1649 1579 393 384 -229 596

15PT Jasamarga Surabaya

Mojokerto113 1205 1302 1536 1714 401 530 3217 1108

16 PT Trans Marga Jateng 66 1556 1870 2050 1975 465 - na 3163

17 PT Jasamarga Bali Tol 33 1431 1654 1746 1820 441 420 -476 5342

18 PT Marga Lingkar Jakarta - 1449 2471 2690 3050 720 781 847 na

19 PT Jasamarga Pandaan Tol - - 280 584 720 157 097 -3822 na

20 PT Trans Jatim Pasuruan - - - - 07 - 032 na na

21 PT Jasamarga Kualanamu Tol - - - - 08 - 108 na na

Total Subsidiary 336 7009 9111 10254 11013 2577 2352 -873 3450

TOTAL 12639 13196 13108 13613 13497 3371 3127 -723 165

Toll Revenue by BranchSubsidiary(IDR billion)

22

Notes Jagorawi Toll Road is used for Future Revenue Back Securities Refer to Consolidated Financial Report as of September 30th 2017 page 18 in Semarang-Solo Toll Road has change to joint control

CabangAnak Perusahaan 2013 2014 2015 2016 2017 1Q2017 1Q2018

∆

1Q17 vs

1Q18

CAGR

2013-2017

1 Jagorawi 5482 6075 6202 6970 8740 1730 2165 25 124

2 Jakarta-Cikampek 9766 10234 11378 12325 12657 3198 2979 -68 67

3 Jakarta-Tangerang 4080 4671 5075 5807 7557 1450 2102 450 167

4 Cawang-Tomang-Cengkareng 11100 12123 12470 14127 1475 3609 3799 53 74

5 Purbaleunyi 10174 11759 11975 13506 12990 2932 3256 110 63

6 Surabaya-Gempol 2705 3090 3358 4020 4186 1030 1089 57 115

7 Semarang 1048 1065 1132 1366 1389 324 342 56 73

8 Belmera 816 913 902 1055 1137 273 351 284 87

9 Palikanci 1075 1124 1330 1695 1812 399 439 99 140

10 PT Jalantol Lingkarluar Jakarta 10550 11824 11637 10102 10248 2699 2972 101 -07

TOTAL PARENT LEVEL 56795 62880 65459 70973 75469 17644 19492 105 74

11 PT Marga Sarana Jabar 456 672 869 1002 987 245 237 -34 213

12 PT Jasamarga Surabaya Mojokerto 176 188 201 360 505 102 612 5007 303

13 PT Trans Marga Jateng 365 1073 1295 1528 577 366 - na 122

14 PT Jasamarga Bali Tol 237 1061 1227 1433 1499 356 370 39 587

15 PT Marga Lingkar Jakarta - 590 1880 3373 2765 657 656 -02 na

16 PT Jasamarga Pandaan Tol - - 278 597 681 160 193 207 na

17 PT Trans Jatim Pasuruan - - - - 86 - 90 na na

18 PT Jasamarga Kualanamu Tol - - - - 242 - 333 na na

TOTAL SUBSIDIARY LEVEL 1232 3584 5751 8293 7344 1887 2490 320 562

TOTAL 58027 66464 71210 79266 82813 19530 21983 126 93

23

Asset Securitization

IndicativeStructure

KIK EBA Mandiri JSMR01 ndash SuratBerharga Hak Atas Pendapatan TolJagorawi

Issuer PT Jasa Marga (Persero) Tbk

Tenor 5 (five) Years

Proceed Rp2000000000000

Return 84

Payment Quarterly

PrincipalPayment

Yearly

Rating idAAA PT Pemeringkat Efek Indonesia (PEFINDO)

Listing Date 31st August 2017

Listings Indonesia Stock Exchange

1

22

Collection Manager

3

1

Financial Asset

Future Revenue (Hak Atas

Pendapatan Tol)

Future BacekdAssetSecuritization(KIK EBA) sold toInvestmentManager

Principal and Coupon Payment

InvestmnetManager Sold KIK

EBA to Investor

Proceed form KIK EBA

Jasa Marga as Collection Managerwho collect toll revenue anddistribute to Investmnet Manager

KIK EBA Junior(non-rated)

KIK EBA Senior (AAA rating)

KIK EBAKAS PENDAPATAN

TOL

Investor HoldEBA

Investor Investing to KIK EBA

Appendix

Transaction Volume by Section(Million vehicle transactions)

21

Note The changes in the traffic pattern and the impact from the removal of toll gates cikopo because of integration in cluster 1 (CikampekPadaleunyiCipularangCikopo- Palimanan) There is changes in traffic record as the impact of removal gate Plumbon 3 Plumbon 4 and Ciperna Utama because of integration in Cluster II (Palimanan-Kanci Kanci-Pejagan Pejagan-Brebes Timur) transaction system changes from closed system to open system

No BranchSubsidiary 2013 2014 2015 2016 2017 1Q2017 1Q2018

∆

1Q17 vs

1Q18

CAGR

2013-2017

1 Jagorawi 1996 20132 20416 20765 18947 5141 3630 -2939 -129

2 Jakarta-Cikampek 2022 20613 21500 22175 20548 5386 4633 -1398 040

3 Jakarta-Tangerang 1130 11983 12743 13089 13312 3268 3380 343 418

4 Cawang-Tomang-Cengkareng 2831 28281 28466 29490 30081 7396 7380 -022 153

6 Purbaleunyi 639 6635 6625 6749 6879 1696 1680 -094 186

8 Surabaya-Gempol 817 8287 8956 9766 10097 2416 2420 017 544

9 Semarang 489 4812 5041 5176 5262 1223 1231 065 187

10 Belmera 240 2539 2479 2575 2788 686 713 394 377

11 Palikanci 202 1993 2304 1904 1459 337 340 089 -779

12 JORR Non S 1467 15160 9071 9576 9826 2406 2363 -179 -954

13 Ulujami-Pondok Aren 469 4513 4373 4611 4752 1178 1151 -229 032

Total Parent 12303 12495 12197 12588 12395 3113 2892 -711 019

14 PT Marga Sarana Jabar 125 1368 1534 1649 1579 393 384 -229 596

15PT Jasamarga Surabaya

Mojokerto113 1205 1302 1536 1714 401 530 3217 1108

16 PT Trans Marga Jateng 66 1556 1870 2050 1975 465 - na 3163

17 PT Jasamarga Bali Tol 33 1431 1654 1746 1820 441 420 -476 5342

18 PT Marga Lingkar Jakarta - 1449 2471 2690 3050 720 781 847 na

19 PT Jasamarga Pandaan Tol - - 280 584 720 157 097 -3822 na

20 PT Trans Jatim Pasuruan - - - - 07 - 032 na na

21 PT Jasamarga Kualanamu Tol - - - - 08 - 108 na na

Total Subsidiary 336 7009 9111 10254 11013 2577 2352 -873 3450

TOTAL 12639 13196 13108 13613 13497 3371 3127 -723 165

Toll Revenue by BranchSubsidiary(IDR billion)

22

Notes Jagorawi Toll Road is used for Future Revenue Back Securities Refer to Consolidated Financial Report as of September 30th 2017 page 18 in Semarang-Solo Toll Road has change to joint control

CabangAnak Perusahaan 2013 2014 2015 2016 2017 1Q2017 1Q2018

∆

1Q17 vs

1Q18

CAGR

2013-2017

1 Jagorawi 5482 6075 6202 6970 8740 1730 2165 25 124

2 Jakarta-Cikampek 9766 10234 11378 12325 12657 3198 2979 -68 67

3 Jakarta-Tangerang 4080 4671 5075 5807 7557 1450 2102 450 167

4 Cawang-Tomang-Cengkareng 11100 12123 12470 14127 1475 3609 3799 53 74

5 Purbaleunyi 10174 11759 11975 13506 12990 2932 3256 110 63

6 Surabaya-Gempol 2705 3090 3358 4020 4186 1030 1089 57 115

7 Semarang 1048 1065 1132 1366 1389 324 342 56 73

8 Belmera 816 913 902 1055 1137 273 351 284 87

9 Palikanci 1075 1124 1330 1695 1812 399 439 99 140

10 PT Jalantol Lingkarluar Jakarta 10550 11824 11637 10102 10248 2699 2972 101 -07

TOTAL PARENT LEVEL 56795 62880 65459 70973 75469 17644 19492 105 74

11 PT Marga Sarana Jabar 456 672 869 1002 987 245 237 -34 213

12 PT Jasamarga Surabaya Mojokerto 176 188 201 360 505 102 612 5007 303

13 PT Trans Marga Jateng 365 1073 1295 1528 577 366 - na 122

14 PT Jasamarga Bali Tol 237 1061 1227 1433 1499 356 370 39 587

15 PT Marga Lingkar Jakarta - 590 1880 3373 2765 657 656 -02 na

16 PT Jasamarga Pandaan Tol - - 278 597 681 160 193 207 na

17 PT Trans Jatim Pasuruan - - - - 86 - 90 na na

18 PT Jasamarga Kualanamu Tol - - - - 242 - 333 na na

TOTAL SUBSIDIARY LEVEL 1232 3584 5751 8293 7344 1887 2490 320 562

TOTAL 58027 66464 71210 79266 82813 19530 21983 126 93

23

Asset Securitization

IndicativeStructure

KIK EBA Mandiri JSMR01 ndash SuratBerharga Hak Atas Pendapatan TolJagorawi

Issuer PT Jasa Marga (Persero) Tbk

Tenor 5 (five) Years

Proceed Rp2000000000000

Return 84

Payment Quarterly

PrincipalPayment

Yearly

Rating idAAA PT Pemeringkat Efek Indonesia (PEFINDO)

Listing Date 31st August 2017

Listings Indonesia Stock Exchange

1

22

Collection Manager

3

1

Financial Asset

Future Revenue (Hak Atas

Pendapatan Tol)

Future BacekdAssetSecuritization(KIK EBA) sold toInvestmentManager

Principal and Coupon Payment

InvestmnetManager Sold KIK

EBA to Investor

Proceed form KIK EBA

Jasa Marga as Collection Managerwho collect toll revenue anddistribute to Investmnet Manager

KIK EBA Junior(non-rated)

KIK EBA Senior (AAA rating)

KIK EBAKAS PENDAPATAN

TOL

Investor HoldEBA

Investor Investing to KIK EBA

Transaction Volume by Section(Million vehicle transactions)

21

Note The changes in the traffic pattern and the impact from the removal of toll gates cikopo because of integration in cluster 1 (CikampekPadaleunyiCipularangCikopo- Palimanan) There is changes in traffic record as the impact of removal gate Plumbon 3 Plumbon 4 and Ciperna Utama because of integration in Cluster II (Palimanan-Kanci Kanci-Pejagan Pejagan-Brebes Timur) transaction system changes from closed system to open system

No BranchSubsidiary 2013 2014 2015 2016 2017 1Q2017 1Q2018

∆

1Q17 vs

1Q18

CAGR

2013-2017

1 Jagorawi 1996 20132 20416 20765 18947 5141 3630 -2939 -129

2 Jakarta-Cikampek 2022 20613 21500 22175 20548 5386 4633 -1398 040

3 Jakarta-Tangerang 1130 11983 12743 13089 13312 3268 3380 343 418

4 Cawang-Tomang-Cengkareng 2831 28281 28466 29490 30081 7396 7380 -022 153

6 Purbaleunyi 639 6635 6625 6749 6879 1696 1680 -094 186

8 Surabaya-Gempol 817 8287 8956 9766 10097 2416 2420 017 544

9 Semarang 489 4812 5041 5176 5262 1223 1231 065 187

10 Belmera 240 2539 2479 2575 2788 686 713 394 377

11 Palikanci 202 1993 2304 1904 1459 337 340 089 -779

12 JORR Non S 1467 15160 9071 9576 9826 2406 2363 -179 -954

13 Ulujami-Pondok Aren 469 4513 4373 4611 4752 1178 1151 -229 032

Total Parent 12303 12495 12197 12588 12395 3113 2892 -711 019

14 PT Marga Sarana Jabar 125 1368 1534 1649 1579 393 384 -229 596

15PT Jasamarga Surabaya

Mojokerto113 1205 1302 1536 1714 401 530 3217 1108

16 PT Trans Marga Jateng 66 1556 1870 2050 1975 465 - na 3163

17 PT Jasamarga Bali Tol 33 1431 1654 1746 1820 441 420 -476 5342

18 PT Marga Lingkar Jakarta - 1449 2471 2690 3050 720 781 847 na

19 PT Jasamarga Pandaan Tol - - 280 584 720 157 097 -3822 na

20 PT Trans Jatim Pasuruan - - - - 07 - 032 na na

21 PT Jasamarga Kualanamu Tol - - - - 08 - 108 na na

Total Subsidiary 336 7009 9111 10254 11013 2577 2352 -873 3450

TOTAL 12639 13196 13108 13613 13497 3371 3127 -723 165

Toll Revenue by BranchSubsidiary(IDR billion)

22

Notes Jagorawi Toll Road is used for Future Revenue Back Securities Refer to Consolidated Financial Report as of September 30th 2017 page 18 in Semarang-Solo Toll Road has change to joint control

CabangAnak Perusahaan 2013 2014 2015 2016 2017 1Q2017 1Q2018

∆

1Q17 vs

1Q18

CAGR

2013-2017

1 Jagorawi 5482 6075 6202 6970 8740 1730 2165 25 124

2 Jakarta-Cikampek 9766 10234 11378 12325 12657 3198 2979 -68 67

3 Jakarta-Tangerang 4080 4671 5075 5807 7557 1450 2102 450 167

4 Cawang-Tomang-Cengkareng 11100 12123 12470 14127 1475 3609 3799 53 74

5 Purbaleunyi 10174 11759 11975 13506 12990 2932 3256 110 63

6 Surabaya-Gempol 2705 3090 3358 4020 4186 1030 1089 57 115

7 Semarang 1048 1065 1132 1366 1389 324 342 56 73

8 Belmera 816 913 902 1055 1137 273 351 284 87

9 Palikanci 1075 1124 1330 1695 1812 399 439 99 140

10 PT Jalantol Lingkarluar Jakarta 10550 11824 11637 10102 10248 2699 2972 101 -07

TOTAL PARENT LEVEL 56795 62880 65459 70973 75469 17644 19492 105 74

11 PT Marga Sarana Jabar 456 672 869 1002 987 245 237 -34 213

12 PT Jasamarga Surabaya Mojokerto 176 188 201 360 505 102 612 5007 303

13 PT Trans Marga Jateng 365 1073 1295 1528 577 366 - na 122

14 PT Jasamarga Bali Tol 237 1061 1227 1433 1499 356 370 39 587

15 PT Marga Lingkar Jakarta - 590 1880 3373 2765 657 656 -02 na

16 PT Jasamarga Pandaan Tol - - 278 597 681 160 193 207 na

17 PT Trans Jatim Pasuruan - - - - 86 - 90 na na

18 PT Jasamarga Kualanamu Tol - - - - 242 - 333 na na

TOTAL SUBSIDIARY LEVEL 1232 3584 5751 8293 7344 1887 2490 320 562

TOTAL 58027 66464 71210 79266 82813 19530 21983 126 93

23

Asset Securitization

IndicativeStructure

KIK EBA Mandiri JSMR01 ndash SuratBerharga Hak Atas Pendapatan TolJagorawi

Issuer PT Jasa Marga (Persero) Tbk

Tenor 5 (five) Years

Proceed Rp2000000000000

Return 84

Payment Quarterly

PrincipalPayment

Yearly

Rating idAAA PT Pemeringkat Efek Indonesia (PEFINDO)

Listing Date 31st August 2017

Listings Indonesia Stock Exchange

1

22

Collection Manager

3

1

Financial Asset

Future Revenue (Hak Atas

Pendapatan Tol)

Future BacekdAssetSecuritization(KIK EBA) sold toInvestmentManager

Principal and Coupon Payment

InvestmnetManager Sold KIK

EBA to Investor

Proceed form KIK EBA

Jasa Marga as Collection Managerwho collect toll revenue anddistribute to Investmnet Manager

KIK EBA Junior(non-rated)

KIK EBA Senior (AAA rating)

KIK EBAKAS PENDAPATAN

TOL

Investor HoldEBA

Investor Investing to KIK EBA

Toll Revenue by BranchSubsidiary(IDR billion)

22

Notes Jagorawi Toll Road is used for Future Revenue Back Securities Refer to Consolidated Financial Report as of September 30th 2017 page 18 in Semarang-Solo Toll Road has change to joint control

CabangAnak Perusahaan 2013 2014 2015 2016 2017 1Q2017 1Q2018

∆

1Q17 vs

1Q18

CAGR

2013-2017

1 Jagorawi 5482 6075 6202 6970 8740 1730 2165 25 124

2 Jakarta-Cikampek 9766 10234 11378 12325 12657 3198 2979 -68 67

3 Jakarta-Tangerang 4080 4671 5075 5807 7557 1450 2102 450 167

4 Cawang-Tomang-Cengkareng 11100 12123 12470 14127 1475 3609 3799 53 74

5 Purbaleunyi 10174 11759 11975 13506 12990 2932 3256 110 63

6 Surabaya-Gempol 2705 3090 3358 4020 4186 1030 1089 57 115

7 Semarang 1048 1065 1132 1366 1389 324 342 56 73

8 Belmera 816 913 902 1055 1137 273 351 284 87

9 Palikanci 1075 1124 1330 1695 1812 399 439 99 140

10 PT Jalantol Lingkarluar Jakarta 10550 11824 11637 10102 10248 2699 2972 101 -07

TOTAL PARENT LEVEL 56795 62880 65459 70973 75469 17644 19492 105 74

11 PT Marga Sarana Jabar 456 672 869 1002 987 245 237 -34 213

12 PT Jasamarga Surabaya Mojokerto 176 188 201 360 505 102 612 5007 303

13 PT Trans Marga Jateng 365 1073 1295 1528 577 366 - na 122

14 PT Jasamarga Bali Tol 237 1061 1227 1433 1499 356 370 39 587

15 PT Marga Lingkar Jakarta - 590 1880 3373 2765 657 656 -02 na

16 PT Jasamarga Pandaan Tol - - 278 597 681 160 193 207 na

17 PT Trans Jatim Pasuruan - - - - 86 - 90 na na

18 PT Jasamarga Kualanamu Tol - - - - 242 - 333 na na

TOTAL SUBSIDIARY LEVEL 1232 3584 5751 8293 7344 1887 2490 320 562

TOTAL 58027 66464 71210 79266 82813 19530 21983 126 93

23

Asset Securitization

IndicativeStructure

KIK EBA Mandiri JSMR01 ndash SuratBerharga Hak Atas Pendapatan TolJagorawi

Issuer PT Jasa Marga (Persero) Tbk

Tenor 5 (five) Years

Proceed Rp2000000000000

Return 84

Payment Quarterly

PrincipalPayment

Yearly

Rating idAAA PT Pemeringkat Efek Indonesia (PEFINDO)

Listing Date 31st August 2017

Listings Indonesia Stock Exchange

1

22

Collection Manager

3

1

Financial Asset

Future Revenue (Hak Atas

Pendapatan Tol)

Future BacekdAssetSecuritization(KIK EBA) sold toInvestmentManager

Principal and Coupon Payment

InvestmnetManager Sold KIK

EBA to Investor

Proceed form KIK EBA

Jasa Marga as Collection Managerwho collect toll revenue anddistribute to Investmnet Manager

KIK EBA Junior(non-rated)

KIK EBA Senior (AAA rating)

KIK EBAKAS PENDAPATAN

TOL

Investor HoldEBA

Investor Investing to KIK EBA

23

Asset Securitization

IndicativeStructure

KIK EBA Mandiri JSMR01 ndash SuratBerharga Hak Atas Pendapatan TolJagorawi

Issuer PT Jasa Marga (Persero) Tbk

Tenor 5 (five) Years

Proceed Rp2000000000000

Return 84

Payment Quarterly

PrincipalPayment

Yearly

Rating idAAA PT Pemeringkat Efek Indonesia (PEFINDO)

Listing Date 31st August 2017

Listings Indonesia Stock Exchange

1

22

Collection Manager

3

1

Financial Asset

Future Revenue (Hak Atas

Pendapatan Tol)

Future BacekdAssetSecuritization(KIK EBA) sold toInvestmentManager

Principal and Coupon Payment

InvestmnetManager Sold KIK

EBA to Investor

Proceed form KIK EBA

Jasa Marga as Collection Managerwho collect toll revenue anddistribute to Investmnet Manager

KIK EBA Junior(non-rated)

KIK EBA Senior (AAA rating)

KIK EBAKAS PENDAPATAN

TOL

Investor HoldEBA

Investor Investing to KIK EBA

24

Project Bond

Instrument Obligasi I Marga Lingkar Jakarta Tahun 2017

Proceed Rp1500000000000

Time Period

bull Seri A (MLJK01A) 3 years Rp200000000000 (745)bull Seri B (MLJK01B) 5 years Rp217000000000 (775)bull Seri C (MLJK01C) 7 years Rp299000000000 (830)bull Seri D (MLJK01D) 10 years Rp320000000000 (870)bull Seri E (MLJK01E) 12 years Rp464000000000 (885)

RatingidAAA(sf) (Triple A Structured Finance) by PT Pemeringkat EfekIndonesia (Pefindo)

Use of Fundbull 90 Investment Credit Refinancing bull 8 Reserve Capitalbull 2 Working Capital

Coupon Quarterly (30360)

Coupon Payment

Indonesia Stock Exchange

Listing Date 9th November 2017

Listing Indonesia Stock Exchange

Insurance 2900

Pension Fund 2480

Company 1890

Securities Company

1200

Bank 900

Mutual Fund and Others 630

Investor Allocation

25

Komodo Bond

Instrument Komodo Bond

Proceed Rp 4000000000000

Time Period 3 years

RatingBaa3 (positive) by MoodyrsquosBB+ (stable) by SampP

Use of FundTo finance capital expenditure acquisition working

capital and other financing needs

Coupon 75

Coupon Payment

Fixed rate semi annual

Listing Date 13th Dec 2017

ListingLSE (London Stock Exchange) dan SGX (Singapore Exchange Limited)

US 26

Europe 19

Asia 55

asset manage

ment84

bank Public

Institution

Private Bankinghellip

Investor Allocation

Disclaimer

By attending this presentation you are agreeing to be bound by the restrictions set out below Any failure to comply with these restrictionsmay constitute a violation of applicable securities laws

The information and opinions contained in this presentation are intended solely for your personal reference and are strictly confidentialThe information and opinions contained in this presentation have not been independently verified and no representation or warrantyexpressed or implied is made as to and no reliance should be placed on the fairness accuracy completeness or correctness of theinformation or opinions contained herein It is not the intention to provide and you may not rely on this presentation as providing acomplete or comprehensive analysis of the condition (financial or other) earnings business affairs business prospects properties orresults of operations of the company or its subsidiaries The information and opinions contained in this presentation are provided as atthe date of this presentation and are subject to change without notice Neither the company (including any of its affiliates advisors andrepresentatives) nor the underwriters (including any of their respective affiliates advisors or representatives) shall have anyresponsibility or liability whatsoever (in negligence or otherwise) for the accuracy or completeness of or any errors or omissions in anyinformation or opinions contained herein nor for any loss howsoever arising from any use of this presentation

In addition the information contained in this presentation contains projections and forward-looking statements that reflect thecompanys current views with respect to future events and financial performance These views are based on a number of estimates andcurrent assumptions which are subject to business economic and competitive uncertainties and contingencies as well as various risksand these may change over time and in many cases are outside the control of the company and its directors No assurance can be giventhat future events will occur that projections will be achieved or that the companys assumptions are correct Actual results may differmaterially from those forecast and projected

This presentation is not and does not constitute or form part of any offer invitation or recommendation to purchase or subscribe for anysecurities and no part of it shall form the basis of or be relied upon in connection with any contract commitment or investment decisionin relation thereto This presentation may not be used or relied upon by any other party or for any other purpose and may not bereproduced disseminated or quoted without the prior written consent of the companyAny investment in any securities issued by the company or its affiliates should be made solely on the basis of the final offer documentissued in respect of such securities

Relaying copies of this presentation to other persons in your company or elsewhere is prohibited

26

Thank You

PT Jasa Marga (Persero) TbkPlaza Tol Taman Mini Indonesia Indah

Jakarta 13550 - IndonesiaPhone +62 21-8413526 8413630

Fax +62 21-8401533 8413540Email Investorrelationsjasamargacoid

wwwjasamargacom

25

Komodo Bond

Instrument Komodo Bond

Proceed Rp 4000000000000

Time Period 3 years

RatingBaa3 (positive) by MoodyrsquosBB+ (stable) by SampP

Use of FundTo finance capital expenditure acquisition working

capital and other financing needs

Coupon 75

Coupon Payment

Fixed rate semi annual

Listing Date 13th Dec 2017

ListingLSE (London Stock Exchange) dan SGX (Singapore Exchange Limited)

US 26

Europe 19

Asia 55

asset manage

ment84

bank Public

Institution

Private Bankinghellip

Investor Allocation

Disclaimer

By attending this presentation you are agreeing to be bound by the restrictions set out below Any failure to comply with these restrictionsmay constitute a violation of applicable securities laws

The information and opinions contained in this presentation are intended solely for your personal reference and are strictly confidentialThe information and opinions contained in this presentation have not been independently verified and no representation or warrantyexpressed or implied is made as to and no reliance should be placed on the fairness accuracy completeness or correctness of theinformation or opinions contained herein It is not the intention to provide and you may not rely on this presentation as providing acomplete or comprehensive analysis of the condition (financial or other) earnings business affairs business prospects properties orresults of operations of the company or its subsidiaries The information and opinions contained in this presentation are provided as atthe date of this presentation and are subject to change without notice Neither the company (including any of its affiliates advisors andrepresentatives) nor the underwriters (including any of their respective affiliates advisors or representatives) shall have anyresponsibility or liability whatsoever (in negligence or otherwise) for the accuracy or completeness of or any errors or omissions in anyinformation or opinions contained herein nor for any loss howsoever arising from any use of this presentation

In addition the information contained in this presentation contains projections and forward-looking statements that reflect thecompanys current views with respect to future events and financial performance These views are based on a number of estimates andcurrent assumptions which are subject to business economic and competitive uncertainties and contingencies as well as various risksand these may change over time and in many cases are outside the control of the company and its directors No assurance can be giventhat future events will occur that projections will be achieved or that the companys assumptions are correct Actual results may differmaterially from those forecast and projected

This presentation is not and does not constitute or form part of any offer invitation or recommendation to purchase or subscribe for anysecurities and no part of it shall form the basis of or be relied upon in connection with any contract commitment or investment decisionin relation thereto This presentation may not be used or relied upon by any other party or for any other purpose and may not bereproduced disseminated or quoted without the prior written consent of the companyAny investment in any securities issued by the company or its affiliates should be made solely on the basis of the final offer documentissued in respect of such securities

Relaying copies of this presentation to other persons in your company or elsewhere is prohibited

26

Thank You

PT Jasa Marga (Persero) TbkPlaza Tol Taman Mini Indonesia Indah

Jakarta 13550 - IndonesiaPhone +62 21-8413526 8413630

Fax +62 21-8401533 8413540Email Investorrelationsjasamargacoid

wwwjasamargacom

Disclaimer

By attending this presentation you are agreeing to be bound by the restrictions set out below Any failure to comply with these restrictionsmay constitute a violation of applicable securities laws

The information and opinions contained in this presentation are intended solely for your personal reference and are strictly confidentialThe information and opinions contained in this presentation have not been independently verified and no representation or warrantyexpressed or implied is made as to and no reliance should be placed on the fairness accuracy completeness or correctness of theinformation or opinions contained herein It is not the intention to provide and you may not rely on this presentation as providing acomplete or comprehensive analysis of the condition (financial or other) earnings business affairs business prospects properties orresults of operations of the company or its subsidiaries The information and opinions contained in this presentation are provided as atthe date of this presentation and are subject to change without notice Neither the company (including any of its affiliates advisors andrepresentatives) nor the underwriters (including any of their respective affiliates advisors or representatives) shall have anyresponsibility or liability whatsoever (in negligence or otherwise) for the accuracy or completeness of or any errors or omissions in anyinformation or opinions contained herein nor for any loss howsoever arising from any use of this presentation

In addition the information contained in this presentation contains projections and forward-looking statements that reflect thecompanys current views with respect to future events and financial performance These views are based on a number of estimates andcurrent assumptions which are subject to business economic and competitive uncertainties and contingencies as well as various risksand these may change over time and in many cases are outside the control of the company and its directors No assurance can be giventhat future events will occur that projections will be achieved or that the companys assumptions are correct Actual results may differmaterially from those forecast and projected

This presentation is not and does not constitute or form part of any offer invitation or recommendation to purchase or subscribe for anysecurities and no part of it shall form the basis of or be relied upon in connection with any contract commitment or investment decisionin relation thereto This presentation may not be used or relied upon by any other party or for any other purpose and may not bereproduced disseminated or quoted without the prior written consent of the companyAny investment in any securities issued by the company or its affiliates should be made solely on the basis of the final offer documentissued in respect of such securities

Relaying copies of this presentation to other persons in your company or elsewhere is prohibited

26

Thank You

PT Jasa Marga (Persero) TbkPlaza Tol Taman Mini Indonesia Indah

Jakarta 13550 - IndonesiaPhone +62 21-8413526 8413630

Fax +62 21-8401533 8413540Email Investorrelationsjasamargacoid

wwwjasamargacom

Thank You

PT Jasa Marga (Persero) TbkPlaza Tol Taman Mini Indonesia Indah

Jakarta 13550 - IndonesiaPhone +62 21-8413526 8413630

Fax +62 21-8401533 8413540Email Investorrelationsjasamargacoid

wwwjasamargacom