Daiwa Investment Conference Corporate Presentation PT GARUDA INDONESIA (PERSERO) Tbk. Hong Kong, 12 November 2015

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1 Daiwa Investment Conference Corporate Presentation PT GARUDA INDONESIA (PERSERO) Tbk. Hong Kong, 12 November

2 Agenda Hal 1. Company Profile Operational Performance Financial Performance Subsidiaries Picture s source: 2

3 Share Performance GIAA & JCI GIAA (RHS) JCI (LHS) List of Shareholders as of 30 Sept 2015 Number of Shares % Domestic Government of Indonesia 15,653,128, Retail 857,530, Employee 78,724, Institutional (Trans Airways) 6,370,697, Other institutional (less than 5%) 1,686,581, Total domestic 24,646,661, International Notes Av. liquidity (IDR/day) 9M bio 9M bio Retail 3,856, Institutional (less than 5%) 1,218,408, Total international 1,222,265, TOTAL 25,868,926, Av. close price (IDR) Av. volume (shares/day) 3.9 mio 8.6 mio Market cap (IDR) 10.7 trillion 7.9 trillion Percentage of Shares based on Real Free Float Domestic 68.2% International 31.8% Real free float 15% - excluding Government of Indonesia and Trans Airways ownerships. 3

4 The Transformation Taken over by Government Relaunch of Citilink Commenced transformation Achieved 4 rating from Skytrax Rights Issue Joined SkyTeam Alliance Commenced operations Ranked among Top 30 global airlines Successful IPO Achieved 5 rating from Skytrax Transformation phase ( ) Expansion phase ( ) E Domestic passenger market (mil) Int'l passenger market (mil) No of aircraft M2014 9M2015 CAGR a b c d e f g h i j i-j a-h Pax Carried (mio) % 17.2% ASK (bio) % 15.2% RPK (bio) % 14.0% Total Revenues (mio) 1,532 2,005 1,733 2,168 3,096 3,473 3,760 3,934 2,831 2, % 14.4% 4 0

5 India China Indonesia Korea Turkey United States Mexico Saudi Arabia Australia United Kingdom Canada South Africa European Union Germany France Japan Italy Argentina Brazil Russia Strong Economic Fundamental and Demand The 3rd fastest GDP Growth among G20 countries in 2015F Source: IMF-World Economic Outlook Population (Population, in Million persons) F 2016F Indonesia Phillippines Vietnam Thailand Myanmar Malaysia Cambodia Singapore Brunei Darussalam Source: IMF 5.0 Indonesia: Transportation profile (Passengers in million) Air Rail Sea FY China: Transportation profile (Passengers in million) Air Highway Rail FY FY Archipelago Country FY CAGR % + 6.3% + 0.4% CAGR % + 9.2% + 8.2% Sea % Massive Land Country 5

6 Business Airline Has Big Room to Grow 30.6 (566%) 5.5 Singapore 34.2 (476%) 7.3 Hongkong 46.3 (156%) 30.3 Malaysia (83%) 40.7 (61%) (44%) Japan Thailand Indonesia Sources: Data Internal, Bloomberg, IMF, and Full Year 2014 Population Air Traffic Numbers are in million 6

7 Business Strategy Quick Wins 2015 Strategies Goals to achieve strategy Revenue generation Developing new routes to China and Middle East (especially expanding to Umrah market) through scheduled and chartered services. Chartered flights to Japan and China expected to grow in response to higher purchasing power Improve yield by restructuring flights 4th hangar to be completed by June 2015 Improve seat load factor by better managing aircraft deliveries to align ASK and RPK growth Flight network optimization Garuda currently serves only 3 major cities outside of Indonesia (Beijing, Shanghai and Guangzhou). Targeted new destinations include Chengdu, Chong Qin, Ningbo, Kunming, Jinan, Harbin, Xian, Shenyang and Chengzhou Cost efficiency Optimising capital structure Early termination of operating leases Identified non-fuel cost savings of US$200m for 2015 Dedicated Terminal 3 at Jakarta Simplify fleet US$500m bridge facility used to re-profile existing commercial term loans Proposed USD Sukuk to refinance bridge loan to extend maturity profile Improvements through choice of aircrafts for long flights (Boeing 777 & Airbus ), medium flights (Airbus /Boeing 738), and short flights (CRJ 100/ATR 72) Reprofiling debt through cross borders issuance 7

8 Garuda Indonesia Continues its Bright Performance in Challenging Conditions Top line increase 0.5% YoY Reduce cost 11.8% YoY Bottom line improves (9M2015 net profit USD 51.4Mio) Sustainable passenger growth: 17.5% YoY Sustainable market share (Dom: 44% & Inter: 28%) Sustainable high SLF 77.3% Manage RPK growth is higher compare to ASK growth The non fuel efficiency, exercised ± 70% of target FY 2015 Picture s source: 8

9 Awards 46 awards 2015: Domestic: 34 awards International: 12 awards Service: 17 awards Commercial: 9 awards Business: 7 awards Corporate Transformation: 5 awards Human Capital: 4 awards People Management: 2 awards GCG: 2 Awards SKYTRAX Awards 2015 The World s Best Cabin Crew SKYTRAX Awards 2015 World s Best Airline 8th Rank FinanceAsia Awards 2015 Asia s Best Companies 2015 Schipol Aviation Awards Passenger Airline of the Year Award 2014-Intercontinental Indonesia Human Capital Award st in Human Resources Technology Indonesia Good Corporate Governance Award 2015 Score A (Excellent) Pacific Asia Travel Association (PATA) Gold Awards 2015 for Inflight Magazine Picture s source: 9

10 Milestones First Quarter 2015 Garuda Indonesia implemented hedging cooperation through Cross Currency Swap (CCS) transactions with banks. The first and the biggest CCS transaction, exercised by SOE in Indonesia. Garuda Indonesia, BII-Maybank, and NBAD/DIB carried signing of bridging loan facility with the principles of Sharia facility of $ 500 million. Second Quarter 2015 Garuda Indonesia launched the "New Mobile Apps Garuda Indonesia and Cardig Air signed a cooperation of air cargo management and business development Garuda Indonesia exercised Reprofiling Debt of Quick Wins strategy by issuing sukuk amounted $500 mio with 4 times booking order. Third Quarter 2015 Garuda Indonesia ends the Hajj Flights 2015 with 92.38% On-Time Performance Rates. The Inaugurations of Garuda Maintenance Facilities AeroAsia (GMF-AA) 4 th Hangar President & CEO of Garuda Indonesia appointed as President of Indonesia Marketing Association (IMA) for the period Picture s source: 10

11 Garuda Indonesia Group Market Share YTD August 2015 Domestic Market Share International Market Share % 15% Others 78% 72% Others 46% 41% Lion Group 37% 44% GA Group 22% 28% GA Main Brand Garuda domestic market share group (including Citilink) These market share were calculated based on all Garuda Indonesia s routes Source: Company Data Garuda main brand international market share These market share were calculated based on all Garuda Indonesia s routes Source: Company Data Picture s source: 11

12 Peers Comparison Operational Performance YTD 9M2015 ASK growth (%) 2014 vs 2015 RPK growth (%) 2014 vs (0.2) (0.9) Passenger carried growth (%) Asia Pasific Passenger carried of AAPA 2015 Passenger Carried Growth 20.0 (0.9) Asia Pacific Asia Pacific South East South Asia North East Oceania Central Asia Pacific Note: YTD September 2015 Sumber: Airline Website and Asia Pacific Data 12

13 Operational Performance 13

14 Number of Fleets 5.8 Average Age (year) Sep E Fleets per Dec In Out * B NG 5 * ATR * B ER 2 * A * A Total 14 * A * B Total 2 Fleets per Sept Dec Sep 15 Ops.lease Fin lease/ owned 15-Dec Narrow body B B NG CRJ ATR Total narrow body Wide Body B B ER A A Total wide body Garuda main brand Citilink B B A Total Citilink Total fleets

15 Operational Performance Garuda Group Operational Efficiency Passenger & Cargo Financial 9M M-2015 % Aircraft Utilization (Hours) 9:53 9:11-0:42 Frequencies 165, , On Time Performance - OTP (%) (1.4) ASK ('000) 36,902,810 38,748, Average Fuel Price (USD/L) (37.9) Fuel Burn/Blockhours 3,699 3,590 (2.9) Passenger Carried 20,893,654 24,551, RPK ('000) 26,086,291 29,951, Seat Load Factor (%) Passenger Yield (USc) (13.7) Cargo/Mail Uplifted (Ton) 292, ,304 (12.1) CASK (Usc) (15.3) CASK-excl Fuel (Usc) Yield decreased The passenger yield decreased 13.7% due to IDR depreciation ±12.1% and lower international fares amidst unstable economic. Utilization decreased The utilization was going down to be 9:11 hours due to route restructuring of Quick Wins program, especially in international market. Others OTP decrease due to Mount Raung eruption and fire incident in SHIA Terminal 2 Cargo capacity decrease due to the increase of passenger carried as Garuda Cargo is belly cargo on Garuda Group. 15

16 Operational Performance Domestic & International Domestic International 9M M-2015 % Passenger Carried 12,666,172 14,508, Frequency 106, , ASK ('000) 14,779,378 16,448, RPK ('000) 10,915,976 12,675, Seat Load Factor (%) Passenger Yield (Usc) (14.5) CASK (Usc) (17.1) CASK-excl Fuel (Usc) (4.4) Passenger Carried 2,897,051 3,176, Frequency 21,549 20,835 (3.3) ASK ('000) 16,963,144 15,742,812 (7.2) RPK ('000) 11,101,472 11,953, Seat Load Factor (%) Passenger Yield (Usc) (13.6) CASK (Usc) (13.6) CASK-excl Fuel (Usc) Garuda Indonesia main brand has 58 domestic destinations 17 international destinations Picture s source: 16

17 Operational Performance Main Brand & Citilink Main Brand Citilink 9M M-2015 % Passenger Carried 15,563,223 17,685, Frequency 128, , ASK ('000) 31,742,521 32,191, RPK ('000) 22,017,448 24,629, Seat Load Factor (%) Passenger Yield (Usc) (13.7) CASK (Usc) (14.9) CASK-excl Fuel (Usc) (0.2) Passenger Carried 5,330,431 6,865, Frequency 37,512 46, ASK ('000) 5,160,289 6,556, RPK ('000) 4,068,844 5,321, Seat Load Factor (%) Passenger Yield (Usc) (10.7) CASK (Usc) (13.4) CASK-excl Fuel (Usc)

18 Financial Performance 18

19 Summary of Consolidated Income Statement Operating Revenue Operating Expenses Income In USD Mio 9M14 9M15 % YoY EBITDAR Total revenues 2, , Fuel 1, (31.4) Aircraft rental and charter Others 1, ,251.3 (9.0) Total expenses 3, ,717.6 (11.8) EBIT (249.3) EBT (298.3) Net income (220.1) Garuda Group Top Line (USD, Bio) Garuda Group Net Income (USD, Mio) 1.0 Q1 Q2 Q EBITDAR Margin 14.4% 32.3% Q1 Q2 Q3 19

20 Operating Revenue In USD mio % Change 2,831.3 (2.4%) Schedule airline 0.5% 2.4% Others Non Schedule Airline 2,845.7 Scheduled airline decrease Lower yield due to IDR depreciation and unstable economic condition in regional Losing revenue potency due to challenging conditions such mount eruption, SHIA fire incident, and hazardous haze in indonesia surroundings 9M14 Operating Revenue 9M15 Operating Revenue Operating Revenue *PoT Schedule airline 84.60% Non schedule airline 6.20% Others 9.20% Non schedule airline increase Sustainable increase of charter revenue to China market and Umrah (Middle East). Additional revenue from Hajj season Others increase Others revenue increased due to green performance of subsidiaries. *PoT : Percentage of total 20

21 Operating Expenses In USD mio % change (12.0%) Decreasing expenses 3,080.6 Fuel Fligh Ops + Maintenance + User charge 4.7% (1.6%) Tickets + Passenger Service (0.3%) G&A (2.6%) Others 2,717.6 Fuel expenses decreased 31.4% to be USD 806.5mio compared to same period last year of USD 1.2bio due to fuel price declining 37.9% compare last year. Total operating expenses decreased 11.8% to be USD 2.7 bio compared to the same period last year USD 3.1bio. Fuel efficiency YTD 9M15 USD 369.3mio as impact of fuel price declining and fuel efficiency program Non fuel efficiency YTD 9M15 USD ±115.3mio 9M14 Operating Expenses Operating Expenses PoT* Fuel 28.97% Flight ops + Rental + Maintenance + User charge 47.96% Ticketing + Passenger Service 15.62% G & A 5.89% Others 1.55% *PoT : Percentage of total 9M15 Operating Expenses Increasing expenses The rental cost increased 24.5% to be USD 659.9mio compared to the same period last year of USD mio in line with the additional fleets. The maintenance cost increased by 9.5% to be USD 210.2mio compared to the same period last year USD 192.0mio in line with the additional fleets. 21

22 Summary of Consolidated Balance Sheet FY14 9M15 % YoY Asset Liability Equity Current assets Non current assets 2, ,238.5 (2.8) Total Assets 3, ,082.0 (1.0) Current liabilities 1, ,103.7 (9.5) Non current liabilities 1, , Total liabilities 2, ,210.9 (1.0) Total equities (0.9) Total liabilities & Equities 3, ,082.0 (1.0) Lease Adj. Net Debt/EBITDAR 10.1x 7.5x 22

23 Summary of Consolidated Cash Flow 9M14 9M15 % YoY Beginning cash (9.6) Cash from operating activities (180.9) Cash from investing activities (189.6) (104.1) (45.1) Cash from financing activities (83.5) Net increase (decrease) in cash (99.3) (3.1) n.a. Ending cash Min 5% of Cash Ratio Operating Investing Financing Cash receipts from customers USD 2.8bio Cash payments to suppliers USD 2.4bio Payments of interest and financial expenses USD 45.2mio Payments PDP & Maintenance Reserve Fund: USD 303.4mio Security Deposit payment: USD 11.1mio Refund of PDP and Maintenance Reserve Fund: USD 216.2mio Receipts of security Deposit : USD 9.0mio Proceed of long term loan, bank loan, & financial institution and sukuk USD 1,4bio Payment of long term loan, bank loan & financial institution: USD 1.3bio Picture s source: 23

24 Cash and Net Gearing,400.0,200.0, In USD Mio , , , M15 6M15 9M15 Cash Debt Equity Net Gearing % 60% Max 2.5x of Debt to Equity Ratio 9% Min capital USD 800mio Debt Structure 9M2015 Shor term loan Long term loan Lease Picture s source: 24

25 Subsidiaries 25

26 Subsidiaries Aero Wisata (in IDR bio) Citilink (in USD 000) 9M2014 9M2015 % YoY 9M2014 9M2015 % YoY Operating Revenue 2, ,317.0 (0.6) Operating Revenue 287, , Operating Income Operating Income (11,208.0) 12, Net Income Net Income (12,134.0) 5, EBITDA EBITDA (4,747.1) 22, Dec14 Sept15 % YoY Dec14 Sept15 % YoY Asset 2, , Asset 166, , Liability Liability 209, ,902.0 (4.6) Equity 1, , Equity (43,422.0) 18, Gapura Angkasa (in IDR bio) GMF Aero Asia (in USD 000) 9M2014 9M2015 % YoY 9M2014 9M2015 % YoY Operating Revenue Operating Revenue 189, , Operating Income Operating Income 19, , Net Income Net Income 14, , EBITDA EBITDA 25, , Dec14 Sept15 % YoY Dec14 Sept15 % YoY Asset Asset 251, , Liability Liability 146, , Equity Equity 104, ,

27 Subsidiaries Abacus DSI (in USD 000) Asyst (in USD 000) 9M2014 9M2015 % YoY 9M2014 9M2015 % YoY Operating Revenue 2, , Operating Revenue 13, ,318.8 (33.1) Operating Income Operating Income 29.1 (5.8) (120.0) Net Income Net Income (82.5) 14.5 (117.5) EBITDA EBITDA 2, ,977.1 (1.3) Dec14 Sept15 % YoY Dec14 Sept15 % YoY Asset 6, , Asset 28, ,159.5 (5.6) Liability , Liability 16, ,424.1 (9.2) Equity 5, , Equity 11, ,705.4 (0.7) GIH France S.A.S (in USD 000) 9M2014 9M2015 % YoY Operating Revenue 27, , Operating Income (38.6) ,450.1 Net Income (99.0) EBITDA (98.3) Dec14 Sept15 % YoY Asset 67, , Liability 67, , Equity ,

28 PT Garuda Indonesia (Persero) Tbk. Investor Relations Department 2nd Floor Management Building Garuda City Soekarno-Hatta International Airport Phone:

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