Jasa Marga Update FY 2016

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Jasa Marga Update

FY 2016

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List of Content

Company in Brief

3 Toll Road Industry in Indonesia

9 Jasa Marga’s Strategic Projects

12 Funding Strategy

18 Financial Highlights

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Proven Track Record in Indonesian Toll Road Business

Leading toll road operator in Indonesia with 38 years of experience.

JORR W2 North (Section 1-4)(2) Semarang Padaleunyi Prof. Dr. Ir. Sedyatmo Cipularang Jakarta Outer Ring Road (JORR) Belmera Jagorawi Jakarta Inner Ring Road (JIRR)

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Jakarta-Cikampek

Ulujami-Pondok Aren

Semarang-Solo(2) Palikanci Start Operation Toll Road Concessions Number of Concessions Total Length (km) under Corresponding Concessions(3) Jakarta-Tangerang Surabaya-Gempol (4) Gempol-Pasuruan(2) BORR (Section 2 & 3)(2) 31 1.260 Cengkareng-Kunciran(2) Kunciran-Serpong(2) Surabaya-Mojokerto(2) Bogor Outer Ring Road BORR (Section 1)(2) Surabaya-Mojokerto (Section 1A)(2) Semarang-Solo (Section 1)(2) 1978 1983 1984 1986 1987 1988 1990 1991 1998 2001 2003 2009 2011 2013 2014 BORR (Section 2A)(2) 1 2 4 6 7 8 9 10 11 12 13 14 16 17 18 59 84 131 223 246 329 394 437 463 469 527 531 544 554 576 Nusa Dua-Ngurah Rai-Benoa(2) Solo-Ngawi(2) Ngawi-Kertosono(2) Cinere-Serpong(2) Medan-Kualanamu-Tebing Tinggi(2) 2015 Semarang-Solo (Section 2)(2) 19 590 Gempol-Pandaan(2) 2016 Surabaya-Mojokerto (Section 4)(2) 19 593 Semarang-Batang(2) Pandaan-Malang(2) Balikpapan-Samarinda(2) Manado-Bitung(2)

Note: (1) Jakarta Inner Ring Road (JIRR) is comprised of the Cawang-Tomang-Pluit concession granted to Jasa Marga and Cawang-Tanjung Priok-Pluit concession granted to CMNP. (2) Jasa Marga’s newly acquired toll road concessions.

(3) The cumulative length of road represents the current total road length that corresponds to key toll road concessions in this table, not to the year where the concession started. (4) Porong-Gempol Section (5 km) within Surabaya-Gempol Toll Road has officially been closed due to force majeure (mud) since 2006.

Jakarta-Cikampek II Elevated(2)

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Asian Longest Toll Road Concessions



Granted all 13 concessions for operating toll roads for a 40-year period in 2005

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_.



Executed 45-year concessions for 3 new toll roads in 2006 (Bogor Outer Ring Road, Semarang-Solo and Gempol-Pasuruan);

35-year concessions for 2 new toll roads in 2008 and 2009 (Cengkareng-Kunciran and Kunciran Serpong); 42-35-year concessions for 1

acquired toll roads in 2009 (Surabaya-Mojokerto) and 37-year concessions in 2011 (Gempol-Pandaan); 45-year concessions for

1 new toll road in 2011 (Nusa Dua-Ngurah Rai-Benoa); 40-year concessions for 1 new toll road in 2014

(Medan-Kualanamu-Tebing Tinggi), 35-year concessions for 3 acquired toll roads in 2015 (Solo-Ngawi, Ngawi-Kertosono and Cinere-Serpong), 4 new

toll road in 2016 with 45-year concessions (Batang-Semarang and Jakarta-Cikampek II Elevated), 35-year concessions

(Pandaan-Malang) and 40-year concession (Balikpapan-Samarinda and Manado-Bitung).

Concession years remaining

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Company Structure

Private Toll Road Investors Private Toll Road Investors

Government of Indonesia (“GOI”) Directorate General of Highways Ministry of State-Owned Enterprises (“MSOE”) Minister of Public Works

Indonesian Toll Road Authority (“BPJT”) Road Network Planning & Setting of Technical Specifications

Private Toll Road Investors

Concession Agreement Concession Agreement Ministry of Public Works (“MPW”) 70% Ownership Public 30% Ownership Since 12 Nov 2007 Granting & Supervising Toll Road concessions Government 70% Foreign 15% Individual 4% Domestic Institution 8% Mutual Fund 3%

Regulatory Framework

Shareholding Structure

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Java Sea Timor Sea Strait of Malacca Banda Sea Indian Ocean SULAWESI PAPUA KALIMANTAN MALUKU SUMATRA CENTRAL JAVA



Semarang: 24.75 km



Semarang-Solo: 72.64 km



Solo-Ngawi: 90.1 km



Ngawi-Kertosono: 87.02 km



Semarang-Batang: 75 km EAST JAVA



Surabaya-Gempol: 49.00 km



Gempol-Pandaan: 13.61 km



Gempol-Pasuruan: 34.15 km



Surabaya-Mojokerto: 36.27 km



Pandaan-Malang: 37.62 km NORTH SUMATERA



Belmera: 42.70 km



Medan-Kualanamu-Tebing Tinggi: 61.70 km

GREATER JAKARTA & WEST JAVA



Jagorawi: 59.00 km



Jakarta-Tangerang: 33.00 km



Ulujami-Pondok Aren: 5.55 km



Jakarta Inner Ring Road: 23.55 km



Prof. Dr. Ir. Sedyatmo: 14.30 km



Jakarta-Cikampek: 83.00 km



JORR: 28.3 km



Cikampek-Padalarang: 58.50 km



Padalarang-Cileunyi: 64.40 km



Palikanci: 26.30 km



JORR W2 North: 7.70 km



Bogor Outer Ring Road: 11.00 km



Cengkareng-Kunciran: 14.19 km



Kunciran-Serpong: 11.19 km



Cinere-Serpong: 10.14 km



Jakarta-Cikampek II Elevated: 36.4 km JAVA BALI BALI



Nusa Dua-Ngurah Rai-Benoa: 10.00 km : in Operation : in land acquisition and construction EAST KALIMANTAN



Balikpapan-Samarinda: 99.35 km NORTH SULAWESI



Manado-Bitung: 39.9 km

The Largest Toll Road Operator in Indonesia

738 738 799

987

1,260

2012 2013 2014 2015 2016

Concession Rights (km)

_{MARKET SHARE}

61%

593 km Toll Road in

Operation

80%

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17.8% _17.0% 15.5% 12.7% 8.8% Caw an g-T o man g-Ce n gkar e n g Pur b ale u n yi Jakarta-Ci kamp ek PT Jalan to l Li n gk ar lu ar Jakart a Jago raw i

Revenue

452 534 739 839 1,036 156 176 198 216 234

2012

2013

2014

2015

2016

Toll Revenue Transaction 5,130 5,268 5,907 6,282 6,891 1,045 1,088 1,121 1,095 1,127

2012

2013

2014

2015

2016

Toll Revenue Transaction

Transaction Volume and Toll Revenues 2011-2016

GREATER JAKARTA AND WEST JAVA

NON GREATER JAKARTA AND WEST JAVA

TOP 5 Contributor 2016

21.7%

16.3%

_15.3%

10.4%

_9.6%

Ca wa ng-To ma ng-Ce ngk a re ng Ja k a rt a -Cik a mpe k Ja gor a wi Ja k a rt a Ou te r Ri ng Roa d Ja k a rt a -Ta nge ra ng

Traffic

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Toll Road Development Target in Indonesia

Government’s Priority Program

Indonesia population will be grow

rapidly

Car sales increase

No connectivity

Factor of Development

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The new land acquisition law carries the following main points:

• Fair price is determined through independent appraisal.

• Land owner may choose to reject through court, yet court has to decide in 30 days (final).

• After transaction process (normal) or by court verdict, project can commence.

• Re-settlement is also an option. • The Government should carry out

socialization far in advance (transparent).

• BPN (National Land Agency) is the only body responsible for land acquisition for public interests.



Initial toll tariff is calculated based on investment feasibility, toll road user’s ability to pay and vehicle operating cost saving. Investment

feasibility is calculated based on estimated investment cost and projected revenue during term of the concession.



Initial toll tariff is stipulated in concession agreement prior to start of construction.



Tariff adjustment is regulated by law, is calculated based on CPI and is adjusted once every two years.



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

Tariff



Land acquisition is Government’s responsibility, is undertaken by Land National Agency



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



For some projects, Government takes over the land cost.

Regulation

Land Acquisition

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Jasa Marga’s New Projects

as of 31 March 2017

Notes: (1) Section 1: Sentul-Kedung Halang (3.85 km) is operated since 23 November 2009; Section 2A: Kedung Halang-Kedung Badak (1.95 km) is operated since 04 June 2014.

(2) Section 1: Semarang-Ungaran (10.80 km) is operated since 17 November 2011; Section 2: Ungaran-Bawen (12.30 km) is operated since 04 April 2014. (3) Section 1A: Waru-SeLength (2.30 km) is operated since 05 September 2011, Section 4: Kriyan-Mojokerto is operated since 19 March 2016

(4) Operated since 01 October 2013.

(5) Section Kebon Jeruk-Cileduk (5.70 km) is operated since 04 January 2014; Section Cileduk-Ulujami (2.00 km) is operated since 22 July 2014. (6) Section Gempol-Pandaan (13.61 km) is operated since 12 June 2015.

(7) Gempol-Pasuruan: Section Bangil-Rembang (7 km) is operated since 13 April 2017.

Section Concession Period

Length Investment Cost _{JSMR Ownership} (%) (km) (Rp trillion)

A. Fully Operated

1 Nusa Dua-Ngurah Rai-Benoa(4) ₂₀₅₇ ₁₀ _2.01 _55.0%

2 JORR W2 North (part of JORR)(5) ₂₀₄₄ _7.7 _2.01 _65.0%

B. Half Operated

3 Gempol-Pandaan(6) ₂₀₄₉ _13.61 _1.31 _92.2%

4 Bogor Outer Ring Road (1) ₂₀₅₄ ₁₁ ₄ _55.0%

5 Semarang-Solo (part of Trans Java) (2) ₂₀₅₅ _72.6 _7.3 _73.9%

6 Surabaya-Mojokerto (part of Trans Java) (3) ₂₀₄₉ _36.3 _4.03 _55.0%

7 Gempol-Pasuruan(part of Trans Java)(7) ₂₀₅₈ _34.15 _4.17 _98.8%

C. In Land Acquisition and Construction

8 JORR2 (Cengkareng-Kunciran) 35 years form effective date 14.19 4.98 76.2%

9 JORR2 (Kunciran-Serpong) 35 years form effective date 11.19 2.86 60.0%

10 Medan-Kualanamu-Tebing Tinggi 40 years form effective date 61.7 4.71 55.0%

11 Solo-Ngawi (part of Trans Java) 35 years form effective date 90.1 9.21 60.0%

12 Ngawi-Kertosono(part of Trans Java) 35 years form effective date 87.02 7.05 60.0%

13 JORR2 (Serpong-Cinere) 35 years form effective date 10.14 2.57 55.0%

14 Batang-Semarang (part of Trans Java) 45 years form effective date 75 11.04 60.0%

15 Pandaan-Malang 35 years form effective date 37.62 5.97 60.0%

16 Balikpapan-Samarinda 40 years form effective date 99.35 9.97 55.0%

17 Manado-Bitung 40 years form effective date 39.9 5.12 65.0%

18 Jakarta-Cikampek II Elevated 45 years form effective date 36.4 16.23 80.0%

TOTAL 747.97 104.54

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Project Length Jasa Marga

Ownership Investment Cost Concession Period

Land Acquisition As of 31 Des 2016

Construction As of 31 Des 2016

Bogor Outer Ring Road 11 km 55% Rp 4.00 trillion 2054 Section 2B Kd. Badak-Yasmin: 72%

-Cinere-Serpong 10.14 km 55% Rp 2.57 trillion 35 years from effective date

Section 1 Serpong-Pamulang:

30.40%

-Kunciran-Serpong 11.19 km 60% Rp 2.86 trillion 35 years from effective

date 71.25%

-Cengkareng-Kunciran 14.19 km 76.2% Rp 4.98 trillion 35 years from effective

date 23.06%

-Jakarta-Cikampek II Elevated 36.4 km 80% Rp 16.23 trillion 45 years from effective

date -

-Toll Road Network and Jasa Marga’s Project in Greater Jakarta

Cinere-Serpong (10.14 km) Serpong-Kunciran (11.19 km) Kunciran-Serpong (10.14 km) BORR (11 km) Jakarta Cikampek II Elevated (36.4 km)

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Toll Road Network and Jasa Marga’s Project in Java

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Toll Road Network and Jasa Marga’s Project in Java

Project Length Jasa Marga Ownership

Investment

Cost Concession Period Section

Land Acquisition As of 31 Des 2016 Construction As of 31 Des 2016 Batang-Semarang 75 km 60% Rp 11.05 trillion 45 years from effective date

Section 1 Batang –Batang Timur (3.2 km) Section 2 Batang Timur-Weleri (36.35 km) Section 3 Weleri-Kendal (11.05 km) Section 4 Kendal-Kaliwungu (13.50 km) Section 5 Kaliwungu-Krapyak (10.9 km) 100% 94.09% 46.11% 33.27% 75.54% 8.62% 8.62% 7.52% 10.05% 10.05% Semarang-Solo 72.64 km 73.91% Rp 7.3 trillion 2055 Section 3: Bawen-Salatiga (17.5 km) Section 4: Salatiga-Boyolali (24.4 km) Section 5: Boyolali-Solo (7.64 km) 100%; 99,97% 100% Section 3: Package 3.1: 71.91% Package 3.2: 85.35% Package 3.3 B: 100% Package 3.3 D 72.58% Solo-Ngawi 90.1 km 59.99% Rp 5.14 trillion 35 years from

effective date Section I : Solo-Mantingan (35.15 km) Section II : Mantingan - Ngawi (34.2 km) Section III : Salatiga - Kartasuro (29.02 km)

91.74% 91.45% 95.59% 70.16% 44.31% 40.15% Ngawi-Kertosono 87.02 km 59.99% Rp 3.83 trillion 35 years from effective date

Section I : Ngawi - Magetan (20 km) Section II : Magetan - Madiun (87.02 km) Section III : Madiun - Saradan (21.06 km)

95.59% 85.27% 93.19% 40.15% 49.48% 53.34% Surabaya-Mojokerto 36.3 km 55% Rp 3.8 trillion 2049 Section 1B: Sepanjang-WRR (4.3 km) Section 2: WRR-Driyorejo (5.1 km) Section 3: Driyorejo-Kriyan (6.1 km) 100% 100% 100% 76.88% 17.19% 22.73% Pandaan-Malang 37.62 km 60% Rp 5.97 trillion 35 years from effective date Section I : Malang-Pakis II (3.10 km) Section II : Pakis II – Pakis I (4.10 km) Section III : Pakis I - Lawang (7.5 km) Section IV : Lawang-Purwodadi (8 km) Section V : Purwodadi- Pandaan (14.92 km) 41.40% -59.82% 67.85% 83.95% - Gempol-Pasuruan 34.20 km 98.60% Rp 4.17 trillion 45 years from effective date Section1: Gempol-Rembang (13.9 km) Section 2: Rembang-Pasuruan (6.6 km) Section 3: Pasuruan-Grati (13.65 km) 98.59% 88.63% 27.64% 92.71%

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Toll Road Projects in Sumatera, Kalimantan and Sulawesi

Project Length Jasa Marga Investment Cost Concessio n Period Section Land Acquisition As of 31 Des 2016 Construction Ownership Medan Kualanamu Tebing Tinggi 61.7 km 55% Rp 4.71 trillion 40 years from effective date • Tj. Morowa-Parbarakan-Kualanamu (17.8 km) • Parbarakan-Lubuk Pakam (4.85 km) • Lubuk Pakam-Adolina • Adolina-Perbaungan • Perbaungan-Teluk Mengkudu • Teluk Mengkudu-Sei Rampah • Sei Rampah-Tebing Tinggi

92% 99.89% 98.39% 96.19% 99.32% 88.45% 35.77%; 28.70% 99.30% 69.85% 62.15% 52.07% 53.05% - Balikpapan-Samarinda 99.35 km 55% Rp 9.97 trillion 40 years from effective date • Balikpapan-Samboja (22 km) • Samboja-Muarajawa (31 km) • Muarajawa-Palaran (17.3 km) • Palaran-Samarinda (18 km) • Sepinggan-Km 13 Balikpapan (11.1 km) 95.16% 95.69% 93.49% 46.81% 62.12% section 2, 3, 4 : 2.09% Manado-Bitung 39.9 km 65% Rp 5.12 trillion 40 years from effective date

• Ring Road Manado-Sukur (7.9 km) • Sukur-Airmadidi (7 km) • Airmadidi-Bitung (25 km) 93% 36.88% 0.89% -Java Sea Strait of Malacca SULAWESI KALIMANTAN MALUKU SUMATRA NORTH SUMATERA



Medan-Kualanamu-Tebing Tinggi: 61.70 km EAST KALIMANTAN



Balikpapan-Samarinda: 99.35 km NORTH SULAWESI



Manado-Bitung: 39.9 km

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Manage rest area and

property on the toll road

coridor

To give maintenance

services for Jasa Marga and

other toll road investor

To give operation services

for Jasa Marga and other

toll road investor

Other Business Developmet

Toll Operation

Services

Maintenance

Services

Property

7.121 93%

510 7%

Toll Revenue

Other Business

7.927 90%

906 10%

77.7%

(Rp billion)

2015

₂₀₁₆

510 906 2015 2016

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Funding Strategy

• Planed to issue Bond/ Sukuk through

Sustainable Bond II (2017 – 2019) Rp 19.8

trillion (In 2017 -Trace I up to Rp7 Trillion)

• Planed to issue Project Bond in Operated

Subsidiaries

Bond/Sukuk

• Divestment stock ownership in Kebon

Jeruk-Penjaringan Toll Road (PT Jakarta Lingkar Barat

Satu) up to 19,1%

• Divestment stock ownership in Semarang-Solo

Toll Road (PT Trans Marga Jateng) minimum

55% from 73,91%

Divestment

• Asset Securitization planned at mature

section and targeted Rp 1-3 trillion

• Current Status : Legal and Accounting

Study

Asset Securitization

• Jasa Marga planed to establish Trans Java

Subholding To simplify operational activity

15 toll road owned by Jasa Marga & Waskita

Toll Road and planed to go public at 2018

• Current Status : Valuation Study

Trans Jawa

Subholding

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Cost Structure and Revenue Contribution - 2016

Top 5 Cost Structure

Salaries & Allowance (35%)

D&A (18%)

Overlay (10%)

Cost of Sales (9%)

Tax Expense(6%)

Toll Revenue

Parent (90%)

Subsidiaries (10 %)

Other Business Revenue

Revenue From Toll Road Maintenance (32%)

Third Party Toll Road Operating Services (23%)

Petroleum Revenues (20%)

Land Rent (16%)

Revenues from sales of property (3%)

Advertisement (1%)

Other (5%)

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Weighted Average Cost of Debt

2013 2014 2015 2016

Bank Bond Weighted Average Cost of Debt

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Positive Growth in 2016

6,311 7,228 7,631 8,832 5,000 10,000 2013 2014 2015 2016

Revenue

5,803 6,646 7,121 7,926 2,000 4,000 6,000 8,000 10,000 2013 2014 2015 2016

Toll Revenue

508 581 510 906 500 1,000 2013 2014 2015 2016

Other Business Revenue

2,259 3,073 3,478 4,166 2,000 4,000 6,000 2013 2014 2015 2016

Operating Income

(Rp billion)

EBITDA Margin

Operating Margin

Net Income Margin

3,399 4,007 4,285 5,228 2,000 4,000 6,000 2013 2014 2015 2016 54% 55% 56% 59% 50% 52% 54% 56% 58% 60% 2013 2014 2015 2016

EBITDA

16% 20% 19% 21% 0% 10% 20% 30% 2013 2014 2015 2016 36% 43% 46% 47% 0% 20% 40% 60% 2013 2014 2015 2016

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Summary of Income Statements

(billion Rupiah)

(FYE 31 Dec)

Y2013

Restated

(Audited)

Y2014

Restated

(Audited)

Y2015

(Audited)

Y2016

(Audited)

∆Rp

(YoY)

∆%

(YoY)

REVENUE

6,310.9*

7,227.8*

7,630.7*

8,832.3*

1,201.7

15.7%

Toll and Other Operating Expenses

(3,231.3)

(3,562.8)

(3,518.0)

(4,022.9)

(504.8)

14.3%

General and Administrative Expenses

(1,087.8)

(884.8)

(893.3)

(949.0)

(55.7)

6.2%

Other Expenses

(33.5)

(20.3)

(29.8)

(99.0)

(69.2)

232.2%

Others Income

254.7

287.9

272.9

357.1

84.2 30.9%

OPERATING INCOME

2,259.2

3,072.7

3,477.7

4,165.5

687.8 19.8%

Operating Income Margin

35.8%

42.5%

45.6%

47.2%

N/A

1.6%

EBITDA

3,398.5

4,006.8

4,285.0

5,228.5

930.8 22.0%

EBITDA Margin

53.9%

55.4%

56.2%

59.2%

N/A

3.0%

Interest Expenses

(944.2)

(1,215.3)

(1,405.0)

(1,509.0)

(103.9)

7.4%

INCOME BEFORE TAX

1,310.6

1,850.7

2,068.3

2,649.7

581.4 28.1%

Income Tax Expense

(381.9)

(613.7)

(749.1)

(846.6)

(97.5)

13.0%

NET INCOME

1,027.7

1,421.7

1,466.4

1,889.3

422.9 28.8%

Net Income Margin

16.3%

19.7%

19.2%

21.4%

N/A

2.2%

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Summary of Balance Sheets

(billion Rupiah)

(FYE 31 Dec)

Y2012

(Audited)

Y2013

Restated

(Audited)

Y2014

Restated

(Audited)

Y2015

(Audited)

Y2016

(Audited)

∆Rp

(YoY)

∆%

(YoY)

Cash and Cash Equivalent

4,302.4

3,514.1

3,290.8

3,323.2

4,124.9

801.7 24.1%

Other Current Assets

214.9

274.2

255.0

405.8 8,841.0

8,435.2

2078.6%

Non Current Assets

19,309.0

24,276.2

28,314.2

32,995.9

40,534.4

7,538.5

22.8%

TOTAL ASSETS

23,826.3

28,064.5

31,860.0

36,725.0

53,500.3

16,775.3

45.7%

Current Liabilities

4,475.2

4,870.8

4,301.0

7,743.8

18,627.0

10,883.2

140.5%

Non Current Liabilities

7,292.9

13,004.4

16,538.2

16,612.5

18,534.5

1,922.0

11.6%

TOTAL LIABILITIES

11,768.1

17,875.2

20,839.2

24,356.3

37,161.5

12,805.2

52.6%

Equity

9,787.8

10,189.3

11,020.7

12,368.7

16,338.8

3,970.2

32.1%

TOTAL LIABILITIES AND EQUITY

43,111.8

28,064.5

31,860.0

36,725.0

53,500.3

16,775.3

45.7%

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Traffic Volume by Section

(million vehicle transactions)

Section Branch/Subsidiary 2012 2013 2014 2015 2016 ∆% FY16 vs.FY15 CAGR 2012-2016 1 Jagorawi Jagorawi 189.9 199.6 201.3 204.2 207.7 1.7% 2.3% 2 Jakarta-Cikampek Jakarta-Cikampek 194.9 202.2 206.1 215.0 221.7 3.1% 3.3% 3 Jakarta-Tangerang Jakarta-Tangerang 107.9 113.0 119.8 127.4 130.9 2.7% 5.0%

4 Prof. Dr. Ir. Sedyatmo

Cawang-Tomang-Cengkareng 72.1 74.8 76.4 76.2 79.6 4.6% 2.5%

5 Jakarta Inner Ring Road 205.4 208.3 206.4 208.5 215.3 3.2% 1.2%

6 Padaleunyi Purbaleunyi 55.0 58.0 60.0 60.0 61.0 1.7% 2.6% 7 Cipularang 5.3 5.9 6.3 6.3 6.5 3.8% 5.0% 8 Surabaya-Gempol Surabaya-Gempol 75.5 81.7 82.9 89.6 97.7 9.0% 6.6% 9 Semarang Semarang 45.3 48.9 48.1 50.4 51.8 2.7% 3.4% 10 Belmera Belmera 21.7 24.0 25.4 24.8 25.8 3.9% 4.4% 11 Palikanci Palikanci 19.3 20.2 19.9 23.0 19.0 -17.4% -0.4%

12 Jakarta Outer Ring Road

PT Jalantol Lingkarluar Jakarta

76.1 79.6 84.5 90.7 95.8 5.6% 5.9%

13 Ulujami-Pondok Aren 44.3 46.9 45.1 43.7 46.1 5.4% 1.0%

14 Bogor Outer Ring Road PT Marga Sarana Jabar 11.2 12.5 13.7 15.3 16.5 7.5% 10.1%

15 Surabaya-Mojokerto PT Marga Nujyasumo Agung 8.6 11.3 12.1 13.0 15.4 18.0% 15.5%

16 Semarang-Solo PT Trans Marga Jateng 5.0 6.6 15.6 18.7 20.5 9.6% 42.6%

17 Nusa Dua-Ngurah Rai-Benoa PT Jasamarga Bali Tol - 3.3 14.3 16.5 17.5 5.6% N/A

18 JORR W2 Utara PT Marga Lingkar Jakarta - - 14.5 24.7 26.9 8.9% N/A

19 Gempol-Pandaan PT Jasamarga Pandaan Tol - - - 2.8 5.8 108.73% N/A

TOTAL 1,137.5 1,196.8 1,252.4 1,310.8 1,361.3 3.9% 4.6%

(28)

Toll Revenue by Branch/Subsidiary

(billion Rupiah)

Cabang/Anak Perusahaan 2012 2013 2014 2015 2016 ∆% 2016 vs. 2015 CAGR 2012-2016 1 Jagorawi 508.1 548.2 607.5 620.2 697.0 12.4% 8.2% 2 Jakarta-Cikampek 896.2 976.6 1,023.4 1,137.8 1,232.5 8.3% 8.3% 3 Jakarta-Tangerang 379.6 408.0 467.1 507.5 580.7 14.4% 11.2% 4 Cawang-Tomang-Cengkareng 1,063.6 1,110.0 1,212.3 1,247.0 1,412.7 13.3% 7.4% 5 Purbaleunyi 924.9 1,017.4 1,175.9 1,197.5 1,350.6 12.8% 9.9% 6 Surabaya-Gempol 240.8 270.5 309.0 335.8 402.0 19.7% 13.7% 7 Semarang 97.2 104.8 106.5 113.2 136.6 20.7% 8.9% 8 Belmera 73.2 81.6 91.3 90.2 105.5 17.0% 9.6% 9 Palikanci 100.5 107.5 112.4 133.0 169.5 27.5% 13.9% 10 PT Jalantol Lingkarluar Jakarta 1,215.7 1,055.0 1,182.4 1,163.7 1,010.2 -13.2% -4.5%

TOTAL PARENT LEVEL 5,499.8 5,679.5 6,288.0 6,545.9 7,097.3 8.4% 6.6%

11 PT Marga Sarana Jabar 41.1 45.6 67.2 86.9 100.2 15.3% 25.0% 12 PT Marga Nujyasumo Agung 13.4 17.6 18.8 20.1 36.0 78.7% 28.0% 13 PT Trans Marga Jateng 27.5 36.5 107.3 129.5 152.8 18.0% 53.6% 14 PT Jasamarga Bali Tol - 23.7 106.1 122.7 143.3 16.7% N/A 15 PT Marga Lingkar Jakarta - - 59.0 188.0 337.3 79.4% N/A 16 PT Jasamarga Pandaan Tol - - - 27.8 59.7 114.5% N/A

TOTAL SUBSIDIARY LEVEL 81.9 123.2 358.4 575.1 829.3 44.2% 78.4% TOTAL 5,581.8 5,802.7 6,646.4 7,121.0 7,926.6 11.3% 9.2%

(29)

e-Toll Card Implementation Plan

On 21 March 2016, e-Toll payment was applicable for all SOE Bank cards in JORR, Jakarta-Tangerang and BORR.

No. Toll Road Section 2009 2010 2011 2012 2013 2014 2015 2016

1 Cawang-Tomang-Pluit

(Jakarta Inner Ring Road) 2.46% 5.57% 7.36% 11.69% 13.32% 14.72% 23.54% 36.25%

2 Prof. Dr. Ir. Sedyatmo (Airport) 2.32% 6.21% 8.11% 12.26% 14.45% 16.35% 23.95% 36.30%

3 Purbaleunyi 0.67% 7.36% 17.97% 4 Jakarta-Cikampek 1.13% 0.46% 6.78% 8.53% 9.01% 9.31% 17.10% 5 Palikanci 0.78% 0.68% 0.75% 2.80% 4.68% 6 Jagorawi 3.22% 9.97% 11.80% 14.90% 12.57% 18.83% 7 Surabaya-Gempol 3.54% 3.30% 3.05% 7.51% 12.45% 8 Semarang 1.59% 1.32% 2.13% 10.27% 18.87%

9 Jakarta Outer Ring Road 11.78% 14.25% 16.04% 22.33% 30.09%

10 Jakarta-Tangerang 8.42% 13.51% 14.72% 20.77% 33.97%

11 Belmera 2.29% 2.52% 3.35% 4.36% 16.61%

12 Bogor Outer Ring Road 5.06% 6.57% 17.25% 22.96%

13 Semarang-Bawen 2.44% 12.82% 20.12%

14 Nusa Dua-Ngurah Rai-Benoa 2.93% 1.95% 3.91% 9.86%

15 JORR W2 North 30.99%

TOTAL 2.42% 5.55% 5.17% 9.25% 10.92% 11.57% 15.61% 24.20%

(30)

Toll Road Operation Plan 2017

Medan-Kulanamu-Tebing Tinggi

Section Perbarakan - Sei Rampah

Jalan Tol Semarang-Solo

Section Bawen - Salatiga

Solo-Ngawi

Ngawi - Kertosono

Section Ngawi - Saradan

Surabaya - Mojekerto

Section Sepanjang - Krian

Gempol - Pasuruan

210 Km

New Operation

Toll Road

25.0 KM

30

(31)

Capital Expenditure Plan 2017

(billion Rupiah)

No.

Item

2016

2017

Plan

1 Capex of Jasa Marga (Parent)

2,975.6

8,261.8

a. Operational

1,139.2

2,161.2

b. New Toll Road Development

1,287.8

4,375.1

c. Other Business Investments

416.5 1,486.6

d. Investments in Non-Operational Supporting Facilities

132.1

238.9 2 Capex of Subsidiaries

7,985.9

14,189.4

3 Capex of Subsidiaries for Other Business

243.8 1,15.2

4 Equity Contribution to Subsidiaries

(1,628.4)

(3,912.3)

Total Consolidated Capex

9,577.0

19,554.2

(32)

Forward Looking 2017

*There are changes in operating system and the integration system of transactions

Financial & Operational Performance

2016 Audited

2017 Plan

∆(YoY)

CAPEX (Rp)

9,577.0

19,554.2*

104%

Revenue (Rp)

(excluding construction revenue)

8,832.3

10,286.5

16%

Traffic

(billion vehicle transactions)

1.36 1.36**

Kinerja Keuangan dan Operasional

2016 Audited

2017 Plan

∆(YoY)

Total Asset (Rp)

53,500.3

74,818.7

40%

Interest Coverage Ratio

3.44

2.56 -26%

Debt to Equity Ratio

2.27

2.79 23%

(billion Rupiah)

(33)