Corporate Presentation PT Garuda Indonesia (Persero) Tbk

Corporate Presentation PT Garuda Indonesia (Persero) Tbk JP Morgan s Logistics Ecosystem Forum Singapore, 20-21 May 2013 Delivering Indonesia s Best to the World 0

Agenda 1. Industry Overview 2. Company Overview 3. Recent Developments 4. 1Q-2013 Performance IMPORTANT DISCLAIMER: Information contained in this document has been prepared from several sources and the Company does not confirm the accuracy and completeness of such data, particularly where the data is sourced from outside the Company. In addition, any forward looking statements are subject to change as a result of market conditions and the final result may be different to that indicated. The Company makes no representation or warranty of any type whatsoever on the accuracy or completion of the information contained herein. 1

2 1. Industry Overview

Agenda Asia Pacific will have the biggest air passenger traffic volume 1.467 billion 2.367 billion 369 millio n 1.055 billion 1.408 billion 151 million 2.668 billion 416 millio n 1.402 billion 4.886 billion 2009 2030 Source: Airport Development, IATA 3

IMF predicts until 2017 Indonesia will enjoy the highest economic growth as compared to its ASEAN peers Value in % Indonesia is the biggest economy in ASEAN In terms of its fundamentals, INDONESIA IS IN A STRONG POSITION from which to navigate through current global macroeconomic uncertainties (IMF country report, Sep 2012) Source: The World Bank 2011 data, accessed in Nov 2012 4

5 Outlook of the Indonesia s economy until 2030 is promising

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Indonesia : Unique opportunity within Asia Most populous country in the South East Asia (4th largest in the world) with people distributed across a number of medium - large cities and high density provinces Largest archipelago in the world lending greater importance to air travel; potential for taking market-share from land / sea travel Indonesia: Transportation profile (in million) 2004 2011 CAGR By Air By Rail By Sea 23.8 150.0 12.6 60.0 199.3 7.6 +14.12% +5.77% -11.81% Monthly traffic statistic 2004-2012 Most populated cities in the region Jakarta & surrounding area 12.0 million Kuala Lumpur 1.6 million Petaling 1.5 million Surabaya 2.6 million Manila 1.7 million Medan 2.0 million Ujung Pandang 1.2 million Singapore 4.6 million Sources: Bloomberg Indonesia: GDP per capita (USD '000) 7,0 6,1 3,0 3,5 3,7 4,1 4,7 5,4 0,8 0,8 0,9 1,1 1,6 1,9 2,2 2,3 1,2 1,3 Source: IMF, World Economic Outlook (WEO), Oct 2012 6

Indonesia is forecast to enjoy a solid air traffic growth for the next three years after a robust economic growth outlook Domestic and International market size to grow at CAGRs of 15% and 10%, respectively, from 2004 2012 GA s Domestic and international market share expected to reach 34.4% and 25.9% in 2015, respectively, up from 21.5% and 15.1% in 2012 Domestic Market Size (million) 34.0 28.8 23.8 39.2 37.4 Premium Budget Traveler GA Pax 71.2 73.7 60.0 51.6 43.8 81.9 90.6 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013F 2014F 2015F International Market Size (million) 10.7 11.0 11.3 13.2 14.8 16.2 Business Leisure GA Pax 18.9 21.7 23.7 25.7 27.9 30.0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013F 2014F 2015F Note: GA Pax, S-100 seater & Alliance Sources : Dephub, PT. AP I & II, IATA, PATA, Garuda Forecast 7

In terms of air traffic, Indonesia has much room to grow Population Air Traffic Numbers are in million 35.2 (663%) 5.3 39.3 (553%) 7.1 77.3 (338%) 22.8 Singapore Hong Kong Australia 174.5 (280%) 62.3 UK 45.2 (153%) 29.5 Malaysia 80 (32%) Indonesia 8

Some Major Airport Development Project 2013-2018 Medan Rp 1.6tn, 2013 Balikpapan Rp 1.6tn, 2014 Berau Rp 450bn, 2013 Morotai Rp 150bn, 2014 Jakarta Rp8.4 tn, 2014 Majalengka Rp 8.3tn, 2018 Yogyakarta Rp 3.7tn, 2018 Samarinda Rp1.2tn, 2015 Surabaya Rp 530bn, 2014 Denpasar Rp2.1 tn, 2013 Development project plan for 10 airports reach approximately USD 2,8 billion. Data source : PT. Angkasa Pura I & II, Ministry of Transportation, Investor Daily 9

In Summary : Indonesia has Large Market & Big Opportunity for Air Travel Market Traffic Strong Economic Growth Large population Low air travel penetration Robust demand in domestic traffic Growing international tourist traffic, by locals and foreigners Policy 2015: ASEAN Open Sky Policy Competition Infrastructure High competition in LCC domestic segment High competition in FSC and LCC international segment Government priority to develop and improved Airport and Aviation Infrastructures in Indonesia 10

11 2. Company Overview

Flying High Q Q Q Q Q Q Q Q Q Q 1949 Established in 1949 with first aircraft, Dakota DC-3 1956 First Haji pilgrims flight to Mecca 1973 First subsidiary AWS added to the Group 1976 First deliveries of DC-10, the first wide-body aircraft 1985 New Corporate Identity Avg. Age 11.5 10.9 Number of Passengers (millions) 11.9 10.2 8.1 Fleet Size 49 48 54 70 89 87 106 139 173 219 2005 2006 2007 2008 2009 2010 2011 2012 2013E 2014E 2015E 6.5 5.8 Avg. Age PAX 1990s Garuda Indonesia is ranked among the top 30 carriers in the world 1995 Subsidiary Abacus DSI added to the Group 2002 Subsidiary GMF-AA added to the Group 2005 New managem ent takes over and begins transforma tion 2007 Profitability improves under new manageme nt with a US$17 million net income 2009 Received Best Debt Re Structuring Deal of the Year 2009 in South East Asia (1) EU removed Garuda from its list of banned airlines 2010 Completed debt restructuring Achieved 4 star Skytrack rating Awarded CAPA Airline Turnaround of the Year 2011 IPO completion UPG as 3rd hub Citilink Brand refresh 25+25 A320 contract for Citilink 2012 18+18 CRJ1000NG Global Corporate Spin off Citilink Liverpol FC EY Codeshare 12

Leading Asian Airline with Dominant Market Share Since embarking on a transformation plan in 2005, GIAA has greatly improved its global and regional rankings and won several international accolades in recognition of its quality performance World Airline Awards Global Airline Rankings 2012 Rank 2011 Rank 1 Qatar Airways* 1 2 Asiana Airlines* 3 3 Singapore Airlines* 2 4 Cathay Pacific Airways* 4 5 ANA All Nippon Airways 11 6 Etihad Airways 6 7 Turkish Airlines 9 8 Emirates 10 9 Thai Airways International 5 10 Malaysia Airlines* 12 11 Garuda Indonesia 19 12 Virgin Australia 32 13 EVA Air 16 14 Lufthansa 15 15 Qantas Airways 8 16 Korean Air 24 17 Air New Zealand 7 18 Swiss Int l Air Lines 13 19 Air Canada 21 20 Hainan Airlines* 23 World s Best Regional Airline 2012 Best Regional Airline in Asia 2012 * Airlines with 5-star skytrax rating 13

Operational and Safety Aspect IOSA Renewal Certification Audit Garuda is IOSA Certified since 2006 and on August 25, 2012, the IOSA Registration has been re-registered up to 8 Sept 2014 Garuda Indonesia fully complies to global best-practise standards in flight operations, aircraft maintenance including safety management systems implementation. FAA Technical Review on DGCA Indonesia Garuda Indonesia was chosen as sampling operator by FAA on 13 September 2012. FAA comments Garuda Indonesia is good, very professional, and impressive. 14

Quantum Leap 7 Strategies to Drive Growth Management focuses on implementing the Quantum Leap with 7 main strategies to expand and dominate the Indonesian aviation market. 1 Domestic 2 International Grow and dominate full-service Enormous upside potential 7 Human Capital 3 LCC Right quality and right quantity Citilink to address the LCC Opportunity 6 Cost Discipline Efficient in cost structure compared to peers 5 Brand Stronger brand, better product and services 4 Fleet Expand, simplify and rejuvenate Fleet 15

Aiming to complete the 2 nd journey in 2015 2005 Growth 2012 Growth 2015 Number of Aircraft 57 53% 106 123% 194 Average age (yr) 11.2-42% 5.8-7.7% 5 ASK/employee (000) 3,761 31% 5,250 67% 8,210 Passenger Carried 9.3 mio 84% 20.4 mio 165% 45.4 mio Frequency/week 765 314% 2,400 159% 8,198 Skytrax Rating 3 star + 4 star + 5 star 5 star skytrax airlines : 1. Asiana Airlines 2. Cathay Pacific Airways 3. Hainan Airlines 4. Qatar Airways 5. Singapore Airlines 6. Malaysia Airlines "The key factor behind 5-Star status is an airline's ability to deliver a truly consistent and high quality of Product and Service. A great product standard is not by itself the key to a 5-Star Airline ranking, and Skytrax focus deeply on the Quality of front-line service an airline provides. A 5-Star Airline ranking is centred on identifying airlines whose frontline staff (across the airport and onboard experience) deliver a true and consistent 5-Star standard of service delivery." Sources: skytrax website http://www.airlinequality.com/starranking/5star.htm 16

17 3. Recent Development

Garuda Indonesia Group 2012 Ops Revenue Contribution 2012 8% 9% Domestic International Feeder 83% Scheduled Airlines Non-scheduled Airlines Others Key Subsidiaries & Associated Companies Cargo Hajj / Charter Low Cost Carries Hospitality and Tourism MRO Services IT Services Global Distribution Systems Ground Handling Citilink Indonesia Aerowisata GMF AeroAsia Aero Systems Abacus Gapura Angkasa 18

Competition on routes which GA flies Garuda Domestic Passengers in/out Selected Airports Garuda International Passengers in/out Selected Airports 24% Total GA Passengers (in million) Market Share 29% 29% 29% 28% 28% 28% 29% 26% 26% 25% 20% Total GA Passengers (in million) 20% 21% 22% 23% 23% Market 24% 24% 25% Share 24% 24% 22% 1,8 2,1 2,4 2,4 2,5 3,0 3,2 3,3 3,1 3,3 3,5 3,5 18% 0,5 0,6 0,7 0,6 0,7 0,8 0,8 0,8 0,8 0,9 0,9 0,9 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 GA Domestic Market Share: 28.2% Traffic in million passenger 47.64 42.37 12.4% 16.3% 36.42 13,43 11,94 12.5% 8,75 36.5% 10.0% 12.4% 27,67 30,43 34,21 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 GA International Market Share: 24.2.0% Traffic in million passenger 14.33 13.19 8.7% 12.11 8.9% 3,47 3,10 11.9% 2,39 29.8% 3.8% 7.7% 9,72 10,09 10,87 Jan-Dec 2010 Jan-Dec 2011 Jan-Dec 2012 Others GA Dom Source: Airport Authority (traffic in/out CGK, DPS, SUB, UPG airports excl. Citilink) Jan-Dec 2010 Jan-Dec 2011 Jan-Dec 2012 Others GA Int'l 19

Milestones in 2012 MAR /APR Signed a Global contract with Shell International Ltd. and Standard Chartered Bank New Board Members was appointed by the AGM JUN JUL SEP OCT DEC GMF-AA was appointed as Bombardiers first Authorize Service Facility (ASF) in the Asia Pacific region by Bombardier Aerospace Commercial Aircraft Quasi Reorganization was approved by the AGM Citilink was granted its own Airline Operator Certificate and started operation as an independent airline with an LCC business model Signed a partnership program with Liverpool FC, as part of the campaigns to elevate Garuda s brand to global market Welcome the 1 st delivery of Bombardier aircraft Signed a codesharing partnership agreement with Etihad Airways First regional based for CRJ-1000 at Makassar Shifted the intermediate point from Dubai to Abu Dhabi as a follow up of the codesharing agreement with Etihad Airways 20

2012 Highlights Significant Growth GDP growth 6.3% Indonesia Air Traffic Market Growth: 16.2% Market where GA flies, growth 11.3% Indicators Passenger Carried Cargo Uplifted Passenger Yield Operating Revenue Passenger Revenue Operating Income Income for the Period 2012 Achievements D% YoY 20.42 million 19.6 280,285 ton 22.2 U$c 9.65 0.3 USD 3.47 billion 12.1 USD 2.69 billion 11.8 USD 168.07 million 82.0 USD 110.84 million 72.6 Operating Indicator figures are for Garuda Indonesia and Citilink Financial Indicator figures are for Garuda Indonesia Group 21

Route Expansion in 2012 Banda Aceh Amsterdam Medan Tarakan Manado Pekanbaru Ternate Batam Pontianak PadangJambi Palu Gorontalo Palembang Pgk.Pinang Palangkaraya Balikpapan Banjarmasin Kendari Ambon Tjg.Karang Ujung Pandang Jakarta SemarangSurabaya Solo Bandung Denpasar Mataram Yogyakarta Malang Kupang Biak Jayapura Timika Jeddah Abu Dhabi BeijingSeoul Shanghai Osaka Tokyo Guangzhou Taipe Hong Kong Bangkok Kuala Lumpur Singapore Balikpapan Makassar Jakarta Denpasar Surabaya Perth Melbourne Sydney Domestic Network Destinations: 34 (including Tarakan as a new destinations) Average frequencies around 1,940/week vs 1,750/ week last year Additional Frequencies on key routes: Jakarta to Batam, Pekanbaru, Balikpapan, Palembang, Pontianak, Surabaya, Denpasar, Medan, Padang, and Surabaya to Balikpapan New routes: Surabaya to Bandung, Lombok, Semarang; Makasar to Kendari, Lombok, Palu; Balikpapan to Tarakan International Network Destinations: 19 (including Abu Dhabi, Haneda & Taipei as new destinations) Average Frequency 455/week vs 400/week last year New routes: Denpasar to Haneda, Jakarta to Taipei, and Jakarta-Abu Dhabi-Amsterdam Route termination: Denpasar to Nagoya 22

Operating Indicators - Group Operational Efficiency Passenger & Cargo Financial 2011 2012 % YoY Aircraft Utilization (Hours) 10:40 10:44 0:04 Frequencies 130,043 153,266 17.9 On Time Performance (%) 85.68 84.90 (0.8)* ASK ( 000) 32,473,738 36,013,832 10.9 Average Fuel Price (USD/L) 0.90 0.91 1.1 Fuel Burn / RTK 0.42 0.414 (1.4) Fuel Burn / Blockhours 4,145 3,981 (4.0) Passenger Carried 17,073,963 20,415,285 19.6 RPK ( 000) 24,434,662 27,342,093 11.9 Seat Load Factor (%) 75.2 75.9 0.7* Passenger Yield (US ) 9.62 9.65 0.3 Cargo/Mail Uplifted (Tonnage) 229,378 280,285 22.2 CASK (US ) 7.83 7.85 0.3 CASK-excl Fuel (US ) 4.59 4.58 (0.2) Notes: All figures include GA & Citilink, except aircraft Utilization and OTP are for GA Main Brand only * in percentage points 23

Operating Indicators 2012 By Sector 2011 2012 % YoY DOM INT L Passenger Carried 12,220,262 13,967,815 14.3 ASK ( 000) 13,340,916 14,955,545 12.1 RPK ( 000) 10,614,847 12,058,562 13.6 Seat Load Factor (%) 79.57 80.63 1.1* Passenger Yield (US ) 11.75 11.45 (2.6) CASK (US ) 8.95 8.83 (1.4) CASK-excl Fuel (US ) 5.52 5.36 (3.0) Passenger Carried 3,227,571 3,586,477 11.1 ASK ( 000) 17,354,809 17,937,606 3.4 RPK ( 000) 12,466,191 13,045,177 4.6 Seat Load Factor (%) 71.83 72.73 0.9* Passenger Yield (US ) 8.22 8.64 5.2 CASK (US ) 7.12 7.28 2.2 CASK-excl Fuel (US ) 4.04 4.17 3.2 Notes: * In percentage point 24

Summary of Consolidated Income Statement in USD Mio Jan-Dec 2011 Jan-Dec 2012 % YoY EBITDAR 549.5 681.5 24.0 Operating Revenue Operating Expenses Income Scheduled Airline 2,580.5 2,887.3 11.9 Non-Scheduled Airline 246.5 269.1 9.2 Others 269.3 316.1 17.4 Total 3,096.3 3,472.5 12.1 Fuel 1,137.7 1,255.1 10.3 Non Fuel 1,866.2 2,049.3 9.8 Total 3,004.0 3,304.4 10.0 Income / Loss from Operations 92.3 168.1 82.0 EBT 96.9 151.5 56.3 Income / Loss Current Period 64.2 110.8 72.6 Comprehensive Income / Loss 72.7 145.4 100.0 EBITDAR Margin Nett Margin 17.8 % 2.1 % 19.6 % 3.2 % 25

Summary of Consolidated Balance Sheet Asset Liabilities Equities in USD Mio 31 Dec 2011 31 Dec 2012 % YoY Current Assets 757.3 636.6 (15.9) Non-Current Assets 1,370.7 1,881.4 37.3 Total Assets 2,128.0 2,518.0 18.3 Current Liabilities 645.8 754.2 16.8 Non-Current Liabilities 514.4 648.8 26.1 Total Liabilities 1,160.2 1,403.0 20.9 Total Equities 967.8 1,115.0 15.2 Total Liabilities & Equities 2,128.0 2,518.0 18.3 Lease Adjusted Net Debt/EBITDAR Debt/Equity 4.2 x 0.5 x 4.4 x 0.6 x Net Return on Equity 6.6 % 9.9 % 26

Summary of Consolidated Cash Flow Strong operating Cash Flow in 2012 in USD Mio 31 Dec 2011 31 Dec 2012 % YoY Beginning Cash/Cash Equivalents 131.0 417.3 218.6 Operating Activities 244.3 364.7 49.3 Investing Activities (260.7) (524.4) 101.1 Financing Activities 292.7 75.5 (74.2) Net Increase (Decrease) in Cash/Cash Equivalents 276.2 (84.3) (130.5) Effect of Foreign Exchange Rate Changes 10.1 (7.2) (171.5) Ending Cash/Cash Equivalents 417.3 325.8 (21.9) Cash Out Flow from Investing Activities amounted to USD 524.4 Mio and allocated for: USD 554.3 was the payment for PDP & Maintenance Reserve Fund USD 18.2 Mio was the payment for Security Deposit USD 73.5 Mio was the refund of PDP 27

28 4. 1Q-2013 Performance

1Q-2013 Highlights Indicator Passenger Carried Cargo Uplifted Seat Load Factor Passenger Yield Operating Revenue Passenger Revenue Operating Income Income for the Period 1Q13 Achievement D% YoY 5.6 million 20.7 81,334 tons 24.2 74.5 % 1.7 * US$c 9.01 (4.3) USD 807.2 million 12.5 USD 677.4 million 13.3 - USD 20.1 million (20.7) - USD 33.7 million (215.9) Operating Indicator figures are for Garuda Indonesia and Citilink Financial Indicator figures are for Garuda Indonesia Group * in percentage points DOMESTIC Continued Growth in traffic & capacity Impacted by heavy weather in January Impacted by weakening IDR/USD Welcoming 2 CRJ1000NG based in Medan INTERNATIONAL Improved operational & financial performance Impacted by strengthening USD Improved SLF-C CITILINK Improved operational performance Improved domestic market share At an early stage of Investment FINANCIAL Fitch A(idn) Investment grade credit rating 29

Milestones 1Q - 2013 JAN Broaden flight network to 6 New destinations in Europe & Middle East (Frankfurt, Brussel, Milan, Dusseldorf, Munich, Bahrain) that served by Etihad Airways Extended Immigration on Board Agreement Launched Immigration at The Lounge & Fast Track Service for GFF Platinum member Best Long-haul Airline Food, Asia Pacific Food Airline Awards 2012 from Skyscanner FEB Garuda Indonesia and General Electric (NYSE:GE) launched the CFM56-7B engine shop capability for the Garuda Maintenance Facility (GMF AeroAsia) Launched Garuda Indonesia and Liverpool FC Experience The Best Airline Hajj Season 1433H/2012, from Saudi Arabia General Authorization & Civil Aviation MAR 2012 Domestic Airlines of The Year from Ray Morgan Research, Australia ASEAN Premium Airline of The Year from Frost & Sullilvan, USA Launched Wheelchair Transporter at Soekarno-Hatta International Airport for disable & wheelchair user Earth Hour 2013 Campaign 30

Fleet Expansion and Rejuvenation in 1Q-2013 Mar-12 Dec-12 Mar-13 Ops Lease Fin Lease Owned Narrow Body B737-300 5 3 3 2-1 B737-400 1 - - - - - B737-500 5 5 5 - - 5 B737-800 NG 53 55 55 55 - - CRJ - 1000-5 7 4 3 - Total Narrow Body 64 68 70 61 3 6 Wide Body B747-400 3 2 2 - - 2 B777-ER - - - - - - A330-200 8 9 9 9 - - A330-300 6 6 6-6 - Total Wide Body 17 17 17 9 6 2 Citilink B737-300 5 6 6 - - 6 B737-400 1 1 1 1 - - A320-200 3 14 18 18 - - Total Citilink 9 21 25 19-6 TOTAL FLEET 90 106 112 89 9 14 # of Aircraft Fleet at 31 Dec 2012 106 IN: Delivery of: +6 A320-200 4 CRJ-1000 2 OUT: - 0 Fleet at 31 March 2013 112 Average Fleet Age (years) 7,2 6,6 5,0 Mar'12 Mar'13 2013F 31

Operating Indicators - Group Operational Efficiency Passenger & Cargo Financial 1Q12 1Q13 % YoY Aircraft Utilization (Hours) 10:44 11:04 0:19 Frequencies 35,817 44,224 23.5 On Time Performance (%) 86.4 87.9 1.5 * ASK ( 000) 8,568,110 9,960,325 16.2 Average Fuel Price (USD/L) 0.92 0.92 0.0 Fuel Burn / ATK 0.25 0.25 0.0 Fuel Burn / Blockhours 3,986 3,950 (0.9) Passenger Carried 4,607,912 5,561,249 20.7 RPK ( 000) 6,236,649 7,420,510 19.0 Seat Load Factor (%) 72.8 74.5 1.7 * Passenger Yield (US ) 9.4 9.01 (4.3) Cargo/Mail Uplifted (Ton) 65,488 81,334 24.2 CASK (US ) 7.95 7.59 (4.5) CASK-excl Fuel (US ) 4.67 4.31 (7.7) Notes: All figures include GA & Citilink, except aircraft Utilization and OTP are for GA Main Brand only * in percentage points 32

Operating Indicators 1Q13 Mainbrand By Sector 1Q12 1Q13 % YoY Domestic s SLF (%) DOM INT L Passenger Carried 3,195,996 3,451,589 8.0 Frequency 24,750 28,948 17.0 ASK ( 000) 3,551,325 3,959,491 11.5 RPK ( 000) 2,764,601 2,923,133 5.7 Seat Load Factor (%) 77.8 73.8 (4.0)* Passenger Yield (US ) 11.1 10.7 (3.6) CASK (US ) 8.9 8.6 (3.7) CASK-excl Fuel (US ) 5.4 5.1 (6.0) Passenger Carried 834,492 922,236 10.5 Frequency 6,029 6,089 1.0 ASK ( 000) 4,372,810 4,758,098 8.8 RPK ( 000) 3,021,018 3,576,484 18.4 Seat Load Factor (%) 69.1 75.2 6.1* Passenger Yield (US ) 8.5 8.4 (0.5) CASK (US ) 7.44 7.09 (4.7) CASK-excl Fuel (US ) 4.31 3.92 (9.0) JAN FEB MAR 63,7 2012 2013 77,4 78,0 79,0 77,8 79,2 Note: * In percentage point 33

Summary of Consolidated Income Statement in USD Mio 1Q-2012 1Q-2013 % YoY Operating Revenue Operating Expenses Income EBITDAR 103.4 125.6 21.5 Scheduled Airline 646.4 728.6 12.7 Non-Scheduled Airline 2.8 6.2 123.3 Others 68.2 72.5 6.2 Total 717.4 807.2 12.5 Fuel 280.5 327.0 16.6 Non Fuel 453.6 500.3 10.3 Total 734.1 827.4 12.7 Income / Loss from Operations (16.7) (20.1) (20.7) EBT (16.0) (27.1) (69.4) Income / Loss Current Period (10.7) (33.7) (215.9) EBITDAR Margin Nett Margin 14.4% 15.6% (1.5%) (4.2%) 34

Summary of Consolidated Balance Sheet in USD Mio 31 Dec 2012 31 Mar 2013 % QoQ Asset Liabilities Equities Current Assets 636.6 603.5 (5.2) Non-Current Assets 1,881.4 2,061.7 9.6 Total Assets 2,518.0 2,665.2 5.8 Current Liabilities 754.2 806.9 7.0 Non-Current Liabilities 648.8 774.7 19.4 Total Liabilities 1,403.0 1,581.7 12.7 Total Equities 1,115.0 1,083.6 (2.8) Total Liabilities & Equities 2,518.0 2,665.2 5.8 Lease Adjusted Net Debt/EBITDAR Debt/Equity Net Return on Equity 4.4 x 0.6 x 9.9% 4.7 x 0.7 x (3.1%) 35

Summary of Consolidated Cash Flow in USD Mio 31 Mar 2012 31 Mar 2013 % YoY Beginning Cash/Cash Equivalents 417.3 325.8 (21.9) Operating Activities 24.1 16.7 (30.6) Investing Activities (110.2) (186.9) 69.6 Financing Activities (18.6) 114.3 714.7 Net Increase (Decrease) in Cash/Cash Equivalents (104.7) (55.9) (46.6) Effect of Foreign Exchange Rate Changes (1.35) (1.28) 4.9 Ending Cash/Cash Equivalents 311.2 268.6 (13.7) Operating Activities Increased on interest & financial charges paid and income taxes paid Investing Activities USD 173.4 was the payment for PDP & Maintenance Reserve Fund USD 5.9 Mio was the payment for Security Deposit USD 10.1 Mio was the refund of PDP and Maintenance Reserve Fund Financing Activities New Loan: $179.1 million 36

1Q-2013 still on Track Estimates 2013E Key Drivers 1Q-2013 139 # of Fleet 112 Passenger 15% 20% 20.7% Carried Growth 15% - 20% ASK Growth 16.2% $ 200 250 mio Net PDP $ 116.9 mio $ 300 400 mio CAPEX * $ 24.9 mio Note: * GA only, excluding subsidiaries 37

Recent Developments Network Operation Funding Garuda s New Routes: Medan Palembang vv Medan Padang vv Padang Pekanbaru vv Citilink s New Routes: Jakarta Bengkulu vv Jakarta - Jambi vv Jakarta - Semarang vv Jakarta Pangkal Pinang vv Jakarta Tanjung Karang vv Makassar Jogjakarta vv Jakarta Jogjakarta vv Jakarta Malang vv 2 nd regional based for CRJ-1000 at Medan 15 April 2013 Signing Agreement ALAFCO & Garuda Indonesia for Financing of 2 aircraft B777-300ER with Sharia principles 15 April 2013 03 April 2013 05 April 2013 08 April 2013 15 April 2013 28 April 2013 22 April 2013 IDR Bond: 1 st Registration to OJK 25 Apr 2013 38

Why Invest on Garuda Indonesia? Indonesia Opportunity Rapid Developing Economy Strong Traffic Growth Sustainable Profitability Solid Operating Result, 20% EBITDAR Cost Discipline Proven Management World s Best regional Airlines 2012 Quantum-Leap 39

PT Garuda Indonesia (Persero) Tbk. Investor Relations Department 2nd Floor Management Building Garuda City Soekarno Hatta International Airport Phone : 62-21-2560 1201 Email : investor@garuda-indonesia.com THANK YOU 40