Jasa Marga Update 1Q 2017

(1)

Jasa Marga Update

1Q 2017

(2)

List of Content

Company in Brief

3 Toll Road Industry in Indonesia

9 Jasa Marga’s Strategic Projects

12 Funding Strategy

18 Financial Highlights

22

2

(3)

(4)

1 2 4 6 7 8 9 10 11 12 13 14 16 17 19 19 19 19 31

Proven Track Record in Indonesian Toll Road Business

Leading toll road operator in Indonesia with 39 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)

(1) 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) (Section: Bagil-Rembang) BORR (Section 2 & 3)(2) 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) 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) 590 Gempol-Pandaan(2) 2016 Surabaya-Mojokerto (Section 4)(2) 600* 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.

(5) Legth of toll road operated as of April 2017

Jakarta-Cikampek II Elevated(2)

4

2017

(5)

Asian Longest Toll Road Concessions



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

(1)

_.



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

(6)

Company Structure

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

6

(7)

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%

600 km Toll Road in

Operation*

80%

Transactions volume

₇

*as of April 2017

(8)

5,268

5,907

6,282

6,891

1,674

1,692

1,021

1,054

1,095

1,127

275

279 2013

2014

2015

2016

1Q2016 1Q2017

534

739

839 1,036

239

261

176

198

216

234

55

58 2013

2014

2015

2016

1Q2016 1Q2017

18.5% 16.4% 15.0% 13.8% 8.9% Caw an g-T o man g-Ce n gkar e n g Jakarta-Ci kamp ek Pur b ale u n yi PT Jalan to l Li n gk ar lu ar Jakart a Jago raw i

Revenue

Transaction Volume and Toll Revenues

GREATER JAKARTA AND WEST JAVA

NON GREATER JAKARTA AND WEST JAVA

TOP 5 Contributor 2017

8 7.4%

7.7%

7.4%

5.1%

_4.7%

Jak a rt a -Ci k a m p e k Jak a rt a In n e r Rin g Ro a d Jago ra w i Jak a rt a Out e r Rin g Ro a d J a k a rt a -T a n g e ra n g

Traffic

(9)

(10)

Toll Road Development Target in Indonesia

Government’s Priority Program

Indonesia population will be grow

rapidly

Car sales increase

No connectivity

Factor of Development

(11)

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

(12)

(13)

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

(14)

Project Length Jasa Marga

Ownership Investment Cost Concession Period

Land Acquisition As of 31 Mar 2017

Construction As of 31 Mar 2017

Bogor Outer Ring Road 11 km 55% Rp 4.00 trillion 2054 Section 2B Kd. Badak-Yasmin: 84% 6.37% Cinere-Serpong 10.14 km 55% Rp 2.57 trillion 35 years from effective

date 35.79%

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

date 75.94%

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

date 26.10%

-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)

14

(15)

Toll Road Network and Jasa Marga’s Project in Java

(16)

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 Mar 2017 Construction As of 31 Mar 2017 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% 47.94% 52.35% 80.61% Section 1&2: 15.47% Section 3: 13.15% Section 4&5: 23.59% Semarang-Solo 72.64 km 73.91% Rp 7.3 trillion 2055 Section Bawen-Salatiga (17.5 km) Section Salatiga-Kartasuro (29.02km) 100%; 97.80% Section 3: Package 3.1: 90.41% Package 3.2: 100% Package 3.3 B: 100% Package 3.3 D 97.74% 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)

91.74% 92.06% 75.49% 51.70% 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 (8.45 km) Section III : Madiun - Saradan (21.06 km)

97.86% 95.05% 98.41% 54.04% 58.00% 67.25% 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% 82.51% 33.85% 39.99% Pandaan-Malang 37.62 km 60% Rp 5.97 trillion 35 years from effective date

Section I : Purwodadi- Pandaan (14.92 km) Section II : Lawang-Purwodadi (8 km) Section III : Pakis I - Lawang (7.5 km) Section IV : Pakis II – Pakis I (4.10 km) Section V : Malang-Pakis II (3.10 km) 41.40% -88.28% 68.12% 84.31% Section I-V: 4.27% 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% 92.09% 34.23% 93.70% 2.28%

-16

(17)

Toll Road Projects in Sumatera, Kalimantan and Sulawesi

Project Length Jasa Marga Investment Cost Concessio n Period Section Land Acquisition As of 31 Mar 2017 Construction As of 31 Mar 2017 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

99.03% 100% 98.39% 96.19% 99.32% 91.13% 43.76%; 66.32% 100% 91.02% 79.23% 69.17% 68.41% - 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) 98.93% 98.96% 93.49% 55.32% 67.87% section 2, 3, 4 : 3.61% 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% 45.00% 31.79% -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

17

(18)

(19)

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

(20)

Financial Capacity

20 EBITDA & EBITDA Margin

ICR, DER

4.01 _4.29 5.23 55% 56% 59% 53% 54% 55% 56% 57% 58% 59% 60% 1.00 2.00 3.00 4.00 5.00 6.00 2014 2015 2016

EBITDA

EBITDA Margin

3.30 3.05 3.44 1.89 1.97 2.27 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 2014 2015 2016

ICR

DER

2014 2015 2016 1Q2017

(21)

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

• Securitization planned from future revenue

at mature section and targeted Rp 1-3

trillion

• Current Status : Legal and Accounting

Study

Securitization

• Jasa Marga planed to establish Trans Java

Sub holding 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 Java Sub holding

21 Asset Recycling

Debt Recycling

(22)

(23)

16% 20% 19% 21% 20% 24% 2013 2014 2015 2016 1Q2016 1Q2017 36% 43% 46% 47% 48% 57% 2013 2014 2015 2016 1Q2016 1Q2017 54% 55% 56% 59% 60% 64% 2013 2014 2015 2016 1Q2016 1Q2017 3,399 4,007 4,285 5,229 1,234 1,379 2013 2014 2015 2016 1Q2016 1Q2017 2,259 3,073 3,478 4,166 978 1,211 2013 2014 2015 2016 1Q2016 1Q2017 508 581 510 906 135 187 2013 2014 2015 2016 1Q2016 1Q2017 5,803 6,646 7,121 7,926 1,914 1,953 2013 2014 2015 2016 1Q2016 1Q2017 6,311 7,228 7,631 8,832 2,049 2,140 2013 2014 2015 2016 1Q2016 1Q2017

Positive Growth in 2016

Revenue

Toll Revenue

Other Business Revenue

Operating Income

(Rp billion)

EBITDA Margin

Operating Margin

Net Income Margin

EBITDA

(24)

Summary of Income Statements

(billion Rupiah)

24

(FYE 31 Dec)

Y2013 Y2014 Y2015 Y2016 1Q2016 1Q2017 ∆Rp ∆%

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

REVENUE 6,310.9 7,227.8 7,630.7 8,832.3 2,049.0 2,140.4 91.4 4.5%

Toll and Other Operating

Expenses (3,231.3) (3,562.8) (3,518.0) (4,022.9) (908.7) (932.8) (24.1) 2.6% General and Administrative

Expenses (1,087.8) (884.8) (893.3) (949.0) (209.3) (210.2) (0.9) 0.4%

Other Expenses (33.5) (20.3) (29.8) (99.0) (16.7) (35.5) (18.7) 111.9%

Others Income 254.7 287.9 272.9 357.1

59.1

232.2

173.2 293.2%

OPERATING INCOME 2,259.2 3,072.7 3,477.7 4,165.5

978.5

1,210.9 232.4 23.8%

Operating Income Margin 35.8% 42.5% 45.6%

47.2%

47.8%

56.6%

N/A 8.8%

EBITDA 3,398.5 4,006.8 4,285.0 5,228.5

1,233.8

1,378.9 145.03 11.8%

EBITDA Margin 53.9% 55.4% 56.2% 59.2%

60.2%

64.4% N/A 4.2% Interest Expenses (944.2) (1,215.3) (1,405.0) (1,509.0) (361.2) (437.6) (76.37) 21.1%

INCOME BEFORE TAX 1,310.6 1,850.7 2,068.3 2,649.7

616.2

722.3 106.04 17.2%

Income Tax Expense (381.9) (613.7) (749.1) (846.6) (231.8) (249.4) (17.58) 7.6%

NET INCOME 1,027.7 1,421.7 1,466.4 1,889.3

408.5

507.2 98.68 24.2%

(25)

Summary of Balance Sheets

(billion Rupiah)

25 (FYE 31 Dec)

Y2013

Y2014

Y2015

Y2016

1Q2017

∆Rp

∆%

Restated

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

Cash and Cash

Equivalent

3,514.1

3,290.8

3,323.2

4,124.9

4,319.8

194.9 4.7%

Other Current Assets

274.2

255.0

405.8 8,841.0

11,934.7

3,093.7

35.0%

Non Current Assets

24,276.2

28,314.2

32,995.9

40,534.4

43,027.2

2,492.8

6.1%

TOTAL ASSETS

28,064.5

31,860.0

36,725.0

53,500.3

59,281.7

5,781.4

10.8%

Current Liabilities

4,870.8

4,301.0

7,743.8

18,627.0

19,368.9

741.9 4.0%

Non Current Liabilities

13,004.4

16,538.2

16,612.5

18,534.5

23,502.1

4,967.6

26.8%

TOTAL LIABILITIES

17,875.2

20,839.2

24,356.3

37,161.5

42,871.0

5,709.5

15.4%

Equity

10,189.3

11,020.7

12,368.7

16,338.8

16,410.7

71.9 0.4%

TOTAL LIABILITIES

(26)

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)

(27)

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

27

(28)

7,927 906

Chart Title

Toll Revenue

Other Business

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

38.6%

(Rp billion)

28 91%

9%

1Q 2017

93%

7%

1Q 2016

135 187 1Q 2016 1Q 2017

(29)

Traffic Volume by Section

(million vehicle transactions)

29

Section Branch/Subsidiary 2012 2013 2014 2015 2016 1Q2016 1Q2017 ∆% 1Q17 vs. 1Q16 CAGR 2012-2016 1 Jagorawi Jagorawi 189.9 199.6 201.3 204.2 207.7 50.9 51.3 0.9% 2.3% 2 Jakarta-Cikampek Jakarta-Cikampek 194.9 202.2 206.1 215.0 221.7 54.7 53.8 -1.5% 3.3% 3 Jakarta-Tangerang Jakarta-Tangerang 107.9 113.0 119.8 127.4 130.9 31.9 32.7 2.3% 5.0% 4 Prof. Dr. Ir. Sedyatmo

Cawang-Tomang-Cengkareng

72.1 74.8 76.4 76.2 79.6 18.9 20.4 8.1% 2.5% 5 Jakarta Inner Ring Road 205.4 208.3 206.4 208.5 215.3 52.2 53.5 2.6% 1.2% 6 Padaleunyi Purbaleunyi 60.3 58.0 60.0 60.0 61.0 14.8 17.0 14.2% 0.3% 7 Cipularang 5.3 5.9 6.3 6.3 6.5 1.5 -100.0% 5.0% 8 Surabaya-Gempol Surabaya-Gempol 75.5 81.7 82.9 89.6 97.7 23.6 24.2 2.5% 6.6% 9 Semarang Semarang 45.3 48.9 48.1 50.4 51.8 12.1 12.2 1.4% 3.4% 10 Belmera Belmera 21.7 24.0 25.4 24.8 25.8 6.2 6.9 10.2% 4.4% 11 Palikanci Palikanci 19.3 20.2 19.9 23.0 19.0 6.1 3.4 -45.2% -0.4% 12 Jakarta Outer Ring Road

PT Jalantol Lingkarluar Jakarta

76.1 79.6 84.5 90.7 95.8 22.9 24.1 5.2% 5.9% 13 Ulujami-Pondok Aren 44.3 46.9 45.1 43.7 46.1 11.0 11.8 6.9% 1.0% 14 Bogor Outer Ring Road PT Marga Sarana Jabar 11.2 12.5 13.7 15.3 16.5 3.9 3.9 0.6% 10.1% 15 Surabaya-Mojokerto PT Marga Nujyasumo Agung 8.6 11.3 12.1 13.0 15.4 3.5 4.0 15.2% 15.5% 16 Semarang-Solo PT Trans Marga Jateng 5.0 6.6 15.6 18.7 20.5 4.6 4.8 4.9% 42.6% 17 Nusa Dua-Ngurah

Rai-Benoa PT Jasamarga Bali Tol - 3.3 14.3 16.5 17.5 3.9 4.4 12.4% N/A 18 JORR W2 Utara PT Marga Lingkar Jakarta - - 14.5 24.7 26.9 6.4 7.2 11.9% N/A 19 Gempol-Pandaan PT Jasamarga Pandaan Tol - - - 2.8 5.8 1.4 1.6 15.17% N/A

TOTAL 1,142.8 1,196.8 1,252.4 1,310.8 1,361.3 330.5 337.2 2.0% 4.5%

(30)

Toll Revenue by Branch/Subsidiary

(billion Rupiah)

30

Cabang/Anak Perusahaan 2013 2014 2015 2016 1Q2016 1Q2017 ∆% 1Q17 vs. 1Q16 CAGR 2012-2016 1 Jagorawi 548.2 607.5 620.2 697.0 167.1 173.0 3.5% 8.2% 2 Jakarta-Cikampek 976.6 1,023.4 1,137.8 1,232.5 300.4 319.8 6.4% 8.3% 3 Jakarta-Tangerang 408.0 467.1 507.5 580.7 141.8 145.0 2.2% 11.2% 4 Cawang-Tomang-Cengkareng 1,110.0 1,212.3 1,247.0 1,412.7 334.5 360.9 7.9% 7.4% 5 Purbaleunyi 1,017.4 1,175.9 1,197.5 1,350.6 325.9 293.2 -10.0% 9.9% 6 Surabaya-Gempol 270.5 309.0 335.8 402.0 96.9 103.0 6.4% 13.7% 7 Semarang 104.8 106.5 113.2 136.6 31.9 32.4 1.5% 8.9% 8 Belmera 81.6 91.3 90.2 105.5 25.5 27.3 6.9% 9.6% 9 Palikanci 107.5 112.4 133.0 169.5 38.5 39.9 3.8% 13.9% 10 PT Jalantol Lingkarluar Jakarta 1,055.0 1,182.4 1,163.7 1,010.2 298.2 269.9 -9.5% -4.5%

TOTAL PARENT LEVEL 5,679.5 6,288.0 6,545.9 7,097.3 1,760.6 1,764.4 0.2% 6.6%

11 PT Marga Sarana Jabar 45.6 67.2 86.9 100.2 22.6 24.5 8.6% 25.0% 12 PT Marga Nujyasumo Agung 17.6 18.8 20.1 36.0 5.6 10.2 82.0% 28.0% 13 PT Trans Marga Jateng 36.5 107.3 129.5 152.8 33.5 36.6 9.3% 53.6% 14 PT Jasamarga Bali Tol 23.7 106.1 122.7 143.3 32.1 35.6 10.8% N/A 15 PT Marga Lingkar Jakarta - 59.0 188.0 337.3 45.6 65.7 44.1% N/A 16 PT Jasamarga Pandaan Tol - - 27.8 59.7 13.8 16.0 15.8% N/A

TOTAL SUBSIDIARY LEVEL 123.2 358.4 575.1 829.3 153.2 188.7 23.1% 78.4%

(31)

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.

31

No. Toll Road Section 2009 2010 2011 2012 2013 2014 2015 2016 1Q 2017

1 Cawang-Tomang-Pluit 2.46% 5.57% 7.36% 11.69% 13.32% 14.72% 23.54% 36.25% 37.49% (Jakarta Inner Ring Road)

2 Prof. Dr. Ir. Sedyatmo (Airport) 2.32% 6.21% 8.11% 12.26% 14.45% 16.35% 23.95% 36.30% 37.09% 3 Purbaleunyi 0.67% 7.36% 17.97% 19.84% 4 Jakarta-Cikampek 1.13% 0.46% 6.78% 8.53% 9.01% 9.31% 17.10% 21.34% 5 Palikanci 0.78% 0.68% 0.75% 2.80% 4.68% 4.25% 6 Jagorawi 3.22% 9.97% 11.80% 14.90% 12.57% 18.83% 21.32% 7 Surabaya-Gempol 3.54% 3.30% 3.05% 7.51% 12.45% 16.17% 8 Semarang 1.59% 1.32% 2.13% 10.27% 18.87% 25.91% 9 Jakarta Outer Ring Road 11.78% 14.25% 16.04% 22.33% 30.09% 35.37% 10 Jakarta-Tangerang 8.42% 13.51% 14.72% 20.77% 33.97% 39.19% 11 Belmera 2.29% 2.52% 3.35% 4.36% 16.61% 22.60% 12 Bogor Outer Ring Road 5.06% 6.57% 17.25% 22.96% 24.25% 13 Semarang-Bawen 2.44% 12.82% 20.12% 25.29% 14 Nusa Dua-Ngurah Rai-Benoa 2.93% 1.95% 3.91% 9.86% 11.41%

15 JORR W2 North 30.99% 33.33%

(32)