Jakarta, 26 February Analyst Meeting. FY Corporate Performance

Jakarta, 26 February 2018 Analyst Meeting FY 2017 - Corporate Performance

Shares Information 6,500 6,356 GIAA IJ Equity - Last Price (R1) JCI Index - Last Price (L1) 300 6,355.654 650 6,000 600 550 5,500 500 5,000 450 400 4,500 350 4,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2016 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV 2017 PT Garuda Indonesia (Persero) Tbk. (GIAA IJ Equity) Copyright 2017 Bloomberg Finance L.P. 8 January 2018-10:20:06 DEC 300 (currency in IDR, except stated otherwise) INDICATOR FY/2016 1Q/2017 2Q/2017 3Q/2017 4Q/2017 FY/2017 Average Value 14.78B 3.36B 4.97B 1.24B 2.84B 3.02B Average Volume 32.85M 9.59M 13.43M 3.64M 8.50M 8.59M Last Price 338 342 348 334 300 300 Market Capitalization 8.75T 8.85T 9.01T 8.65T 7.77T 7.77T GIAA selected as contributed share in SRI-Kehati and Kompas-100 Index. 2

A Frame-Work Has Been Established with 3 Pillars MEDIUM TERM INITIATIVES 5 Quick Wins Priorities 1 2 Service Quality 3 Routes 4 Channel Optimization with 5 Enhance Revenue Fleet Cost Optimization Level Improvement Optimization Focus in Digital and Becoming IT-Based Airline Management System FINANCIAL PERFORMANCE OPERATIONAL EXCELLENCE CUSTOMER EXPERIENCE Ops. Revenue US$4.2 Billion (+8.1% YoY) Pax Carried 36.2 Million (+3.5% YoY) 5-Star Airline by Skytrax Net Profit (Loss) - excl. Extraordinary Items On-Time Performance 86.4% World s Best Cabin Crew 1Q/2017 2Q/2017* (US$99.1) Million (US$38.9) Million Seat Load Factor Cargo Carried 74.7% 446.8K Ton (+7.4% YoY) by Skytrax World s Best Economy Class 3Q/2017 4Q/2017 US$61.9 Million US$8.5 Million (+176.6% YoY) Aircraft Utilization 9:36 (+0:38 YoY) by Skytrax World s Top 10 Airline FY/2017** (US$67.6) Million (-23.5% YoY) by TripAdvisor ** or (US$213.4) Million (-2,378.6% YoY) including Extraordinary Items * Extraordinary Items US$145.8 Million: Tax Amnesty & Contingencies Rank #4 Rank #10 3

Making Good Progress in Our Quick Wins Priorities Achievement Key Indicator 2017 1 1 Re-negotiate contract to lessor & manufactures Improve fleet utilization 12 contracts 09:36 5 Enhance Revenues Management System 4 Fleet Cost Optimization Quick Wins Priorities 3 2 Service Level Improvement 2 3 Improve On-Time Performance Increase the percentage of Aviobridge services 5-Star rating by Skytrax Reduce the number of routes with negative result* Improve the network connectivity index for flight with flight hours 1-3 hours* 86.4% DOM: 71.98% INT: 84.03% 17 routes 674 Channel Optimization with Focus in Digital and Becoming IT-Based Airline Routes Optimization 4 Boost the revenue contributions 7.18% from owned digital channels** (US$186.5 M) 5 Increase the average fares US$108.5 Source: Company Data, January 2018 * Internal Data, 2017 ** Website and Mobile Apps 4

... As Well As Our Medium Term Initiatives STRATEGY ACTION ACHIEVEMENT Develop Performance Culture & Discipline Board Forum & Monthly Meeting to Switch On Performance Alert Weekly Performance Dashboard Monitoring Reduce Cost Significantly Improve cost efficiency by re-negotiation with supplier or service provider Reinforce cost controller and transaction validation Enhance Value from Subsidiaries Diversification of Revenue Beyond Passenger Loyalty Program Enhancement to Customer and Corporate Partners Increase revenue contribution non-airlines Better offering to customer by product bundling with subsidiaries Collaborate to offer door to door Aggressively generate ancillary business with goals on loyalty/ GarudaMiles program Enhance loyalty program integration between GA and Citilink Improve GarudaMiles member engagement Aligning KPI between Company, Unit, and Individuals. Reduce CASK in 4Q-2017 US 5.9 (-2.4% YoY) Reduce CASK in FY2017 US 5.9 (0.0% YoY) Increase total revenue contribution from subsidiaries from 20.9% in 2016 to 22.8% in 2017. Grow revenue from Cargo in 2017 US$237.1 Million (+8.2% YoY). Grow revenue from Ancillary in 2017 US$83.4 Million (+30.5% YoY). Total GarudaMiles members increase from 1.4 million to 1.7 million. 5

Sustainably Maintain These 5 Areas Increase Revenue Increase Operational Excellence & Customer Experience Reduce Cost 92% On-Time Performance Race to US$3.23 Billion Operating Revenue Saving US$100 Million Efficiency Target 0.41 1,000 flights Max. Incident Rate 5-Star Airline, World s Best Cabin Crew 6

Operating Revenues Increased by 8.1% YoY to US$4.2 Billion (currency in million USD, except stated otherwise) INDICATOR 4Q.16 1Q.17 2Q.17 3Q.17 4Q.17 % YoY FY16 FY17 % YoY REVENUE EBITDAR 395.0 181.7 187.5 422.4 330.9 (16.2) 1,279.5 1,130.6 (11.6) Scheduled Airline Service 832.3 782.1 853.8 885.9 880.1 5.7 3,279.8 3,402.0 3.7 Non-Scheduled Airline Service 47.0 23.8 22.7 210.3 44.7 (4.8) 192.1 301.5 56.9 Others* 119.5 103.6 101.0 128.5 140.9 17.9 392.0 473.8 20.9 Operating Revenues 998.8 909.5 977.5 1,224.7 1,065.7 6.7 3,863.9 4,177.3 8.1 EXPENSES Fuel 246.6 292.3 278.8 297.2 287.1 16.5 924.7 1,155.5 25.0 Aircraft Rental 260.3 257.4 259.8 281.8 264.5 1.6 1,011.8 1,063.5 5.1 Others 397.2 469.1 544.1 540.4 481.0 21.1 1,828.4 2,034.5 11.3 Total Expense 904.1 1,018.8 1,082.7 1,119.4 1,032.7 14.2 3,764.8 4,253.5 13.0 PROFIT (LOSS) EBIT 94.7 (109.4) (105.2) 105.3 33.0 (65.1) 99.1 (76.2) (176.9) EBT 75.1 (128.4) (125.7) 85.2 10.8 (85.7) 17.8 (158.2) (989.1) Net Income** 53.0 (99.1) (184.7) 61.9 8.5 (83.9) 9.4 (213.4) (2,378.6) Net Income (excl. Extraordinary Items) (11.1) (99.1) (38.9) 61.9 8.5 176.6 (54.7) (67.6) (23.5) Comprehensive Income 71.7 (96.5) (195.7) 84.8 52.1 (27.3) 59.2 (155.4) (362.6) *) Subsidiaries (Non-Airlines) & Strategic Business Unit (SBU) **) 4Q.16 Extraordinary Items US$64.1 Million: EBO, 2Q.17 Extraordinary Items: US$138.3 Million Tax Amnesty & US$7.5 Million Contingencies EBITDAR Margin 39.5% 20.0% 19.2% 34.5% 31.0% 33.1% 27.1% EBITDAR Margin Asia Pacific Airline in Average 25%-27% (Source: Bloomberg 9M - 2017) 7

The Aircraft Utilization is Improved by 38 Minutes INDICATOR 4Q.16 1Q.17 2Q.17 3Q.17 4Q.17 % YoY FY16 FY17 % YoY OPERATIONAL Utilization (Hour) 9:04 9:19 9:32 9:49 9:42 0:38 8:58 9:36 0:38 On-Time Performance (%) 87.8 86.8 85.0 89.2 83.8 (3.9) pp 89.5 86.4 (3.1) pp ASK (Billion) 14.8 15.8 15.8 14.6 15.8 6.6 58.7 62.0 5.6 Seat Load Factor (%) 75.0 72.5 74.2 78.5 73.8 (1.3) pp 73.8 74.7 0.8 pp Passenger Carried (Million) 9.0 8.4 8.9 9.6 9.4 5.1 35.0 36.2 3.5 Cargo Uplifted (Thousand Ton) 120.6 108.4 111.0 104.7 122.7 1.7 415.8 446.8 7.4 FINANCIAL Revenue Passenger (in Million USD) 761.5 723.5 786.2 816.9 794.5 4.3 3,016.4 3,121.3 3.5 Passenger Yield (US ) 6.8 6.3 6.7 7.1 6.8 (0.6) 6.9 6.7 (3.2) Average Fares (US$) 84.7 86.0 88.4 84.9 84.1 (0.8) 85.9 85.8 (0.1) CASK (US ) 6.0 5.9 5.9 5.9 5.9 (2.4) 5.9 5.9 0.0 CASK excl. Fuel (US ) 4.4 4.1 4.1 4.2 4.1 (6.6) 4.4 4.1 (5.3) MARKET SHARE 31.1 % 10.1 % DOM 2016 GA GROUP 41.2 % 29.0 % 10.1 % 2017 GA GROUP 39.1 % MARKET SHARE 26.4 % INT 2016 25.7 % 2017 8

Grow International Passenger to 4.8 Million/Year or 8.1% YoY INDICATOR 4Q.16 1Q.17 2Q.17 3Q.17 4Q.17 % YoY FY16 FY17 % YoY DOMESTIC Passenger Carried (Million) 4.9 4.5 4.6 5.0 5.0 1.4 19.5 19.2 (1.6) ASK (Billion) 5.8 5.6 5.7 5.8 5.9 1.5 22.7 23.0 1.5 Seat Load Factor (%) 74.9 68.8 70.6 76.2 75.2 0.4 pp 74.4 72.7 (1.7) pp Revenue Passenger (in Million USD) 362.9 297.9 332.8 375.6 366.5 1.0 1,420.2 1,372.9 (3.3) Passenger Yield (US ) 8.4 7.7 8.2 8.5 8.3 (1.0) 8.4 8.2 (2.6) Average Fares (US$) 73.4 66.3 71.4 74.2 73.1 (0.4) 72.7 71.4 (1.8) Cargo Uplifted (Thousand Ton) 68.7 62.2 62.9 59.9 68.2 (0.8) 245.7 253.2 3.0 CASK (US ) 7.1 7.2 7.0 6.8 7.0 (1.7) 7.0 7.0 0.1 CASK excl. Fuel (US ) 5.4 5.1 5.0 4.9 5.1 (5.8) 5.3 5.0 (5.3) INTERNATIONAL Passenger Carried (Million) 1.2 1.3 1.3 1.1 1.1 (5.0) 4.4 4.8 8.1 ASK (Billion) 6.1 7.5 7.1 5.6 6.6 8.0 24.9 26.7 7.4 Seat Load Factor (%) 74.9 74.5 74.9 77.5 69.5 (5.5) pp 72.0 74.0 1.9 pp Revenue Passenger (in Million USD) 283.0 327.2 326.0 292.7 291.2 2.9 1,147.6 1,237.2 7.8 Passenger Yield (US ) 6.2 5.9 6.1 6.7 6.3 2.6 6.4 6.2 (2.4) Average Fares (US$) 239.9 254.1 258.1 257.0 259.7 8.2 257.9 257.2 (0.3) Cargo Uplifted (Thousand Ton) 29.9 28.3 31.0 26.2 32.3 8.1 95.9 117.8 22.9 CASK (US ) 5.8 5.3 5.4 5.7 5.4 (6.4) 5.5 5.4 (1.3) CASK excl. Fuel (US ) 4.3 3.7 3.9 4.2 3.9 (10.5) 4.2 3.9 (6.9) Note: All numbers and figures represent only for Garuda Indonesia (Main Brand) 9

Our International Operations Growth is Above Average Source: Company Data & AAPA International Statistic, FY 2017 PASSENGER CARRIED GROWTH AVAILABLE SEAT KILOMETERS (ASK) GROWTH Thai Airways China Southern Airlines Qantas Airways All Nippon Airways Garuda Indonesia Asia Pacific China Eastern Airlines Singapore Airlines China Airlines Japan Airlines 3.7 2.9 2.8 2.3 6.2 9.3 9.1 8.3 8.1 13.4 China Southern Airlines China Eastern Airlines All Nippon Airways Garuda Indonesia Air China Asia Pacific Thai Airways Qantas Airways Asiana Airlines Cathay Pacific Airways 2.8 7.7 7.4 6.9 6.6 5.7 5.0 4.8 13.0 10.6 Growth (%) 0 3 6 9 12 15 Growth (%) 0 3 6 9 12 15 REVENUE PASSENGER KILOMETERS (RPK) GROWTH CARGO CARRIED GROWTH China Southern Airlines Thai Airways Garuda Indonesia All Nippon Airways Asia Pacific China Eastern Airlines Air China Qantas Airways Asiana Airlines Japan Airlines 10.3 9.6 8.2 8.2 8.0 6.7 5.0 4.1 14.9 14.6 China Airlines Garuda Indonesia Japan Airlines China Southern Airlines Asia Pacific Thai Airways All Nippon Airways Air China Cathay Pacific Airways China Eastern Airlines 22.9 18.5 18.0 14.2 12.6 12.4 12.1 10.9 9.6 57.0 Growth (%) 0 3 6 9 12 15 Growth (%) 0 10 20 30 40 50 60 10

Network Development Implemented in 2017 DOMESTIC INTERNATIONAL CODESHARE & INTERLINE 68 Destinations 4 New Destinations Raha (RAQ), Southeast Sulawesi Kaimana (KNG), West Papua Palopo (LLO), South Sulawesi Wangi-wangi (WNI), Southeast Sulawesi 116 Routes 10 New Routes 20 Destinations 1 New Destinations Chengdu (CTU), China 37 Routes 8 New Routes 1,074* Destinations 27 Codeshare Agreements 14 Skyteam Members 13 Non-Skyteam Members 70** New Destinations 81 Interline Agreements * Using Skyteam Alliance Services ** By Codeshare Agreement NETWORK IMPROVEMENT Number of Connecting Flight increase to 4,903 flights in 2017 from 4,531 flights in 2016. 25.23% Network Traffic Contribution in 2017 11

Garuda Indonesia Group Flew 36.2 Million Passenger INDICATOR 4Q.16 1Q.17 2Q.17 3Q.17 4Q.17 % YoY FY16 FY17 % YoY GARUDA INDONESIA Passenger Carried (Million) 6.1 5.8 5.9 6.2 6.1 0.1 23.9 24.0 0.2 ASK (Billion) 11.9 13.1 12.8 11.4 12.5 4.8 47.6 49.8 4.6 Seat Load Factor (%) 74.9 72.1 72.9 76.8 72.2 (2.7) pp 73.1 73.4 0.2 pp Revenue Passenger (in Million USD) 645.9 625.2 658.9 668.3 657.7 1.8 2,567.8 2,610.1 1.6 Passenger Yield (US ) 7.2 6.6 7.0 7.6 7.3 0.7 7.4 7.1 (3.3) Average Fares (US$) 105.4 108.1 111.1 107.7 107.1 1.6 107.0 108.5 1.4 Cargo Uplifted (Thousand Ton) 98.6 90.5 93.9 86.1 100.4 1.9 341.6 371.0 8.6 CASK (US ) 6.4 6.1 6.1 6.2 6.2 (4.3) 6.2 6.2 (0.8) CASK excl. Fuel (US ) 4.8 4.3 4.4 4.5 4.4 (8.4) 4.7 4.4 (6.4) CITILINK Passenger Carried (Million) 2.8 2.6 3.0 3.4 3.3 15.6 11.1 12.3 10.8 ASK (Billion) 2.9 2.7 3.0 3.3 3.3 13.8 11.2 12.3 9.8 Seat Load Factor (%) 75.5 74.6 79.4 84.5 79.7 4.2 pp 76.8 79.8 3.0 pp Revenue Passenger (in Million USD) 115.6 98.3 127.4 148.7 136.8 18.3 448.6 511.2 13.9 Passenger Yield (US ) 5.2 4.8 5.4 5.4 5.1 (1.5) 5.2 5.2 (0.2) Average Fares (US$) 40.3 37.3 42.9 43.3 41.3 2.4 40.2 41.4 2.8 Cargo Uplifted (Thousand Ton) 22.0 17.9 17.1 18.6 22.2 1.0 74.2 75.8 2.1 CASK (US ) 4.2 4.9 4.8 4.5 4.7 11.9 4.4 4.7 7.3 CASK excl. Fuel (US ) 2.6 3.1 3.1 2.9 2.9 11.0 2.9 3.0 3.8 12

Operating Expenses Increased by 13.0% YoY in 4Q17, Mostly Driven by Fuel Price Increased by 16.3% YoY (currency in million USD, except stated otherwise) INDICATOR 4Q.16 1Q.17 2Q.17 3Q.17 4Q.17 % YoY PoC FY16 FY17 % YoY PoC Fuel 246.6 292.3 278.8 297.2 287.1 16.5 27.8 924.7 1,155.5 25.0 27.2 Rental 260.3 257.4 259.8 281.8 264.5 1.6 25.6 1,011.8 1,063.5 5.1 25.0 Maintenance 78.1 88.6 101.6 140.8 98.5 26.1 9.5 393.3 429.4 9.2 10.1 User Charge 81.0 92.0 97.9 96.2 96.5 19.2 9.3 334.0 382.7 14.5 9.0 Ticketing & Sales 81.7 76.7 76.3 83.9 86.9 6.3 8.4 310.2 323.7 4.4 7.6 Passenger Services 67.5 76.5 75.8 76.5 70.3 4.0 6.8 286.3 299.0 4.4 7.0 General Administration 49.5 61.4 121.0 66.0 17.3 (65.0) 1.7 226.8 265.8 17.2 6.2 Others 39.4 74.0 71.5 76.9 111.6 183.1 10.8 277.8 334.0 20.3 7.9 Total Expenses 904.1 1,018.9 1,082.7 1,119.4 1,032.7 14.2 100.0 3,764.8 4,253.5 13.0 100.0 PoC: Percentage of Contributions 1. The fuel expenses increased as affected by fuel price hikes. 2. The maintenance expense enlarged is due to additional aircraft, mostly from Citilink. 3. The user charge enlargement was affected by additional production on number of flight. 4. General administration and others adjustment: Tax Amnesty reclassification in 4Q17 amounted US$50.3 Million. 13

To Boost the Utilization of Existing Number of Fleets DEC 2016 DEC 2017 Owned/Financial Leased Operating Leased BOEING 777-300ER AIRBUS A330-300 WIDE BODY UTILIZATION BOEING 737 MAX 8 CRJ1000 NextGen NARROW BODY UTILIZATION GARUDA INDONESIA UTILIZATION AIRBUS A320-200 BOEING 737-300 CITILINK UTILIZATION GARUDA INDONESIA GROUP 10-10 10 2 2-2 17 6 11 17 7-7 7 36 8 28 36 10:05 10:54 - - 1 1 75-73 73 18 6 12 18 15-16 16 108 6 102 108 8:37 9:11 144 14 130 144 8:58 9:36 44-45 45 - - 5 5 5 5-5 3 3-3 52 8 50 58 9:23 9:54 196 22 180 202 BOEING 747-400 AIRBUS A330-200 BOEING 737-800NG ATR72-600 AIRBUS A320-200Neo BOEING 737-500 14 In purpose to improve the Company s performance, the management has negotiated contracts with Boeing to reschedule the delivery of the B737 MAX 8 aircraft. Based on the renegotiation, the second B737 MAX 8 aircraft and so on will be scheduled to deliver in 2020-2024 from the previous delivery schedule in 2017-2019. This move is one of the strategic initiatives that Garuda Indonesia exercised to optimize the utilization of existing aircraft.

Improves the Equity through 4Q17 Performance (currency in million USD, except stated otherwise) INDICATOR FY16 1Q.17 % Chg. 2Q.17 % Chg. 3Q.17 % Chg. FY17 % Chg. ASSET Current Assets 1,165.1 1,171.5 0.5 1,052.9 (9.6) 1,074.3 (7.8) 986.7 (15.3) Non Current Assets 2,572.4 2,715.0 5.5 2,719.3 5.7 2,649.6 3.0 2,776.6 7.9 Total Assets 3,737.6 3,886.5 4.0 3,772.2 0.9 3,723.9 (0.4) 3,763.3 0.7 LIABILITY Current Liabilities 1,563.6 1,798.8 15.0 1,891.4 21.0 1,993.1 27.5 1,921.8 22.9 Non Current Liabilities 1,164.1 1,174.3 0.9 1,163.1 (0.1) 927.8 (20.3) 904.0 (22.3) Total Liabilities 2,727.7 2,973.1 9.0 3,054.5 12.0 2,920.9 7.1 2,825.8 3.6 EQUITY Total Equities 1,009.9 913.4 (9.6) 717.7 (28.9) 803.0 (20.5) 937.5 (7.2) Total Liabilities & Equities 3,737.6 3,886.5 4.0 3,772.2 0.9 3,723.9 (0.4) 3,763.3 0.7 Lease Adj. Net Debt / EBITDAR 6.4 7.3 7.8 7.3 7.8 Lease Adj. Net Debt / EBITDAR Formula = (Total Debt - Cash + 7 Rentals) / EBITDAR 15

End of Cash Balance Maintained at >US$300 Million (currency in million USD, except stated otherwise) INDICATOR 4Q.16 1Q.17 2Q.17 3Q.17 4Q.17 % YoY FY16 FY17 % YoY Beginning Cash 462.6 578.7 548.9 380.5 387.5 (16.2) 520.0 578.7 11.3 Cash from Operating Activities 29.6 (62.1) (87.0) 126.5 (39.3) (232.9) 107.5 (61.8) (157.5) Cash from Investing Activities (26.4) (78.2) (91.2) (108.8) (97.8) (270.8) (307.1) (376.1) (22.5) Cash from Financing Activities 136.8 106.7 9.6 (11.2) 56.5 (58.7) 267.5 161.6 (39.6) Net Increase (Decrease) in Cash 140.0 (33.6) (168.6) 6.5 (80.6) n/a 67.9 (276.3) n/a Effect of Foreign Exchange Rate (23.9) 3.8 0.2 0.5 0.0 n/a (9.2) 4.5 n/a Ending Cash 578.7 548.9 380.5 387.5 306.9 (47.0) 578.7 306.9 (47.0) 16

Maintaining Financial Ratio; Net Gearing 1.5 times (currency in million USD, except stated otherwise) INDICATOR FY16 1Q.17 % Chg. 2Q.17 % Chg. 3Q.17 % Chg. FY17 % Chg. Short Term Debt 759.7 895.8 17.9 927.8 22.1 1,072.8 41.2 1,079.7 42.1 Long Term Debt 773.5 758.6 (1.9) 741.9 (4.1) 579.6 (25.1) 555.1 (28.2) Leasing 160.9 181.6 12.9 182.0 13.1 84.1 (47.7) 80.7 (49.8) Financial Debt 1,694.1 1,836.0 8.4 1,851.7 9.3 1,736.5 2.5 1,715.5 1.3 Long-Term Debt 32.4% Leasing 4.7% (in Million USD) 2,000 1,500 1,694.1 1,836.1 1,851.7 1,736.5 1,715.5 Debt Structure Minimum Cash 5% DER Max. 2.5x Min. Capital US$800 Million 62.9% Short-Term Debt FY 2017 7.3% 1.8x US$937.5 Million 2.0 1,000 1.7 1.5 500 1.4 1.1 0 FY.2016 1Q.2017 2Q.2017 3Q.2017 FY.2017 Cash Financial Debt Equity Net Gearing 578.7 1,009.9 548.9 913.4 380.5 717.7 387.5 803.0 306.9 937.5 17

The Subsidiaries Revenues US$953.5 Million, Contributed 22.8% of Total Group INDICATOR FY2017 % Chg. FY2017 % Chg. FY2017 % Chg. Revenue Contribution to Group (%) 14.4 3.9 3.3 Operating Revenue 601,392.3 18.6 439,281.2 13.0 239,009.9 (0.1) Operating Income (47,428.3) (1,598.1) 65,697.2 (20.9) 2,401.9 (69.8) Net Income (53,270.5) (446.6) 50,946.3 (11.8) 4,059.5 (33.3) Asset 397,048.9 20.4 539,150.9 21.8 246,575.1 7.8 Liabilities 385,669.7 20.8 233,362.3 (13.6) 68,595.7 (1.4) Equity 11,379.2 10.1 305,788.6 77.2 177,979.4 11.8 (currency in thousand USD, except stated otherwise) INDICATOR FY2017 % Chg. FY2017 % Chg. FY2017 % Chg. Revenue Contribution to Group (%) 1.1 0.1 0.1 Operating Revenue 121,090.3 7.8 4,138.8 2.0 11,107.3 (23.0) Operating Income 3,350.3 9.6 885.6 (25.8) (2,813.7) (275.7) Net Income 3,048.0 9.9 723.3 (23.5) (3,841.4) (2,271.7) Asset 67,410.0 (48.7) 9,870.1 8.2 26,788.7 (11.3) Liabilities 37,192.0 (63.7) 1,095.7 (22.2) 19,253.6 4.6 Equity 30,218.0 4.5 8,774.4 13.7 7,535.1 (36.0) (currency in thousand USD, except stated otherwise) 18

Airline s Market Will Continue to Increase DOMESTIC Traffic Growth 2012-2018P (in Million) CAGR 2016-2018P: 14.5% INTERNATIONAL Traffic Growth 2012-2018P (in Million) CAGR 2016-2018P: 12.1% 33.13 102.34 CAGR 2012-2017P: 7.6% 89.39 95.64 CAGR 2012-2017P: 7.2% 29.54 31.29 27.24 27.32 75.77 76.50 76.63 25.97 71.42 23.72 2012 2013 2014 2015 2016 2017P 2018P 2012 2013 2014 2015 2016 2017P 2018P The airline s market for both domestic and international predicted will continue to increase in 2018, with traffic growth rate Compound Annual Growth Rate (CAGR) 2016-2018P of 14.5% for domestic market and 12.1% for international market. Source: Transportation Ministry and Statistics Indonesia, 2017 19

New 2020 Vision with Main Target to Achieve Market Capital US$3.5 Billion VISION VALUE-DRIVEN AVIATION GROUP, BRINGING INDONESIAN HOSPITALITY TO THE WORLD (US$3.5 BILLION) Shareholder Maximize Group Value for Better Shareholder Return among Regional Airlines Customer By Delivering Excellent Indonesian Hospitality and World Best Experiences to Customer MISSION Process While Implementing Cost Leadership & Synergy Within Group Employee And by Engaging Passionate & Proud Employee in One of the Most Admired Company to Work for in Indonesia 2017 2018 2019 2020 Fixing the Basic Buiding the Platform Value Creation Accelerate Growth US$ 3.5 Billion On-Time Performance 88% Operating Revenue (Garuda Indonesia Main Brand) US$3.2 Billion Cost Efficiency US$100 Million Operating Revenue (Garuda Indonesia Main Brand) US$3.6 Billion Garuda Indonesia and Citilink Breakeven Garuda Indonesia CASK US 6.0 Aircraft Utilization >10 Hours/Day Strategic Business Unit (SBU) for Loyalty Business ATR and CRJ Business Model Multiple Joint Venture by GMF-AA Establishment of Joint Venture for International Routes in North Asia, Middle East, and Europe Garuda Aviation Services Cargo End to End Solution Garuda Indonesia CASK US 5.5 Citilink CASK US 4.0 Operating Profit Garuda Indonesia US$100 Million Net Profit Garuda Group US$170 Million Group Value US$3.5 Billion New Entity for Loyalty Business Garuda Holding Company Group Value STRATEGIC THEME (1) Consolidate & Optimize Strategic Asset (2) World-class Customer Centricity (3) Agile, Efficient, Digitized (4) Broaden Revenue Beyond Core (5) Partnership and Create Portfolio Value 20

Consolidate & Optimize Strategic Asset 6 2 New International Destinations New Domestic Destinations Xi an, China Route: DPS - XIY (vv.) Zhengzou, China Route: DPS - CGO (vv.) Planned to Increase Frequency for both International Network and Domestic Network Increase Utilization Strategy: CRJ; Hub By-Pass ATR; Bring ATR to Java to Optimize Operating Hours. Ho Chi Minh, Vietnam Route: CGK - SGN (vv.) Xiamen, China Route: DPS - XMN (vv.) Taipei, Taiwan Route: CGK - HKG - TPE (vv.) Manila, Philippines Route: CGK - MNL (vv.) International Domestic Kota Baru, South Kalimantan Route: UPG - KBU (vv.) KBU - BDJ (vv.) Selayar, South Sulawesi Route: UPG - KSR (vv.) 21

World-class Customer Centricity in All Touch Points 50 Awards 24 Domestic & 26 International World s Best Cabin Crew 2017 Top 10 Airlines 2017 by Skytrax Five Star Global Airline by APEX Best Airlines in the World - Top 10 Best Airline from Indonesia by TripAdvisor 22

Build an Agile, Efficient & Digitized Organization Improving Efficiency of Distribution Channel Initiatives in 2018 Passenger Revenue Composition Enhance In-bound & Out-bound Marketing Program GOTF Digital Media Campaign Tactical Sales Program Partnership Conventional 72% Digital 28% Achievement in 2017: US$615.8 Million as Revenue from Digital Channel Outside-In Sales Approach Digital Ancillaries, such as Prepaid Excess Baggage, and Mobile Mileage Redemption Website & Mobile Apps Feature Enhancement Acquisition New GOS & COS Achievement in 2017: US$3.55 Million Digital Ancillary Revenue Generated Increase Traffic Acquisition Increase Refferal Partner Meta Search Mobile Apps Campaign Website Revamp Sales Office 22% Travel Agent 50% Website 8% Mobile Apps 2% Contact Center 2% GOS 5% COS 1% Achievement in 2017: 2 Million Mobile Apps Downloader Increase e-commerce System Reliability Maintain the Pageview & FlexPricer Below Threshold Fraud Preventions ( 1% of Credit Card Monthly Transaction) GOS Technical Recovery Improvement Achievement in 2017: 99.9% e-commerce Up-Time System 23

Grow Revenue Beyond the Core Expanding Cargo Capability & Services 90+ Cargo Service Center in Indonesia INDICATOR 4Q/2017 % YoY FY 2017 % YoY Cargo Revenue (Million USD) 66.3 4.7 Cargo Uplifted (Thousand Ton) 122.7 1.7 237.1 8.2 446.8 7.4 FOCUS IN 2018 Cargo e-commerce Partnership with: Focus on High Yield Shipment Dangerous Goods Perishable Goods Pharmaceutical Goods Valueable Goods 24

Grow Revenue Beyond the Core Expanding Loyalty & Ancillary Revenue through Partnership Achievement in 2017 Ancillary Revenue Initiatives 1,716,768 GarudaMiles Members Platinum 0.99% Gold 4.03% Silver 13.92% Blue 74.71% Strengthen Partnership with Third Party Expanding the partnership partner across industry to have variety of partner to optimize the opportunity, especially to e-commerce business and travel....and many more. Launching New Products & Leverage Loyalty Customer Base Improve level of consumer retention and engagement on GarudaMiles member by giving priority for member to try new product and new try program from Garuda Indonesia. 61% 39% Customer Preference Partnership (Redeem) Maximizing customer insight data to know relevant partner and brand to partner with GarudaMiles and Garuda Indonesia. 25

Partnership and Create Portfolio Value Example: The IPO of Garuda Maintenance Facility AeroAsia Next Step - Strategic Investor Number of Shares 2,823,351,100 shares Garuda & GMF are exploring the possibility of investments from one or more strategic investors. The investment offered could be the issuing new shares and/or sale of the GMF s shares owned by Garuda within a period of 12-months subsequent to the IPO. It Shall Be Conducted Through The Sale Of The GMF s Shares By Garuda, Garuda Shall Conduct Such Sale Of Shares Upon Approval From The Ministry Of State Owned Enterprises Of The Republic Of Indonesia. (Approximately 10% of Enlarged Capital) IPO Price Rp400 Why We Find Strategic Investor Market Capitalization Rp11.3 Trillion (equivalent US$836.5 Million) With the inclusion of Strategic Investors is expected to improve technology capabilities, expand the consumer base, and strengthen the capital of GMF and Garuda as Group. These provide added value for GMF AeroAsia. Proceed IPO US$81.88 Million Strategic Investors are preferred to have a reliable capability in the field of Maintenance, Repair and Overhaul ( MRO ) and/or aircraft industry and/or private equity with experience in aviation investment. Peers Barometer: Valuation Estimation - 2017 Ticker Code Market Cap. (USD) PE PBV 836.5 Million 12.8x 3.5x SIA SP 2.7 Billion 21.5x 2.3x 44 HK 1.1 Billion 41.3x 1.3x GMFI Source: Bloomberg & Internal Data - 2017 26

Continuing the Good Progress in Our Quick Wins Priorities Target Quick Wins Priorities Key Indicator 2018 1 Fleet Cost Optimization Re-negotiate contract to lessor & manufactures 6 contracts Improve fleet utilization 10:24 2 Service Level Improvement Improve On-Time Performance 91.0% Increase percentage of Aviobridge services DOM: 90.0% INT: 100.0% 5-Star rating by Skytrax 3 Routes Optimization Reduce the number of routes with negative result 10 routes Improve the network connectivity index for flight with flight hours 1-3 hours 500 4 Channel Optimization with Focus in Digital Boost the revenue contributions 8.30% and Becoming IT-Based Airline from owned digital channels* (US$242.4 M) 5 Enhance Revenues Management System Increase the average fares US$110.7 * Website and Mobile Apps 27

Target and Assumptions of Budget 2018 Assumptions GDP 5.4% Inflation Rate 3.5% Exchange Rate Rp13,500/USD Crude Oil Price US$55.9/bbl. USD Interest Rate LIBOR 3M + 3% IDR Interest Rate JIBOR 3M + 2.3% Operational Passengers Growth 9.0% - 10.0% ASK Growth 12.0% - 13.0% RPK Growth 12.0% - 13.0% Seat Load Factor 73.0% Frequency Growth 12.0% - 13.0% Aircraft Utilization ~ 10 Hours On-Time Performance (OTP) 91.0% Number of Fleet 202 International Destinations 26 Domestic Destinations 70 Financial Revenues US$4.9 Billion Net Income US$8.7 Million Total Asset US$5.3 Billion CASK US 6.0 Revenue/ASK US 5.3 Revenue Contribution International 49.8% Revenue Contribution Domestic 50.2% Revenue Contribution Subsidiaries 26.9% 28

PT Garuda Indonesia (Persero) Tbk 2017-2018 - All Rights Reserved Registered Office Garuda Indonesia Building Jl. Kebon Sirih No. 46A Jakarta - 10110, Indonesia Investor Relations Ground Floor, Garuda Indonesia Management Building Soekarno-Hatta International Airport Tangerang - 15111, Indonesia PO BOX 1004 TNG BUSH email: investor@garuda-indonesia.com www.garuda-indonesia.com