PT GARUDA INDONESIA (PERSERO) Tbk.

PT GARUDA INDONESIA (PERSERO) Tbk. Analyst Meeting & Presentation 9Months 2013 Result Announcement Jakarta, 6 November 2013 Delivering Indonesia s Best to the World 0

Shareholders & Performance List of Shareholders as of 30 September 2013 Number of Shares % Domestic Government of Indonesia 15,653,128,000 69.14 Retail 1,073,809,731 4.74 Employee 91,766,044 0.41 Institutional (Trans Airways) 2,466,965,725 10.90 Other Institutional (less than 2%) 2,595,188,028 11.46 Total Domestic 21,880,857,528 96.64 Share Performance Price (30 Sep 13, IDR) : 500 Market cap (IDR. mio) : 11,320,498 Number of share : 22,640,996,000 Free Float (%) : 30.86 52-week price range : 730 470 International Retail 4,191,000 0.02 Institutional (less than 2%) 755,947,472 3.34 Total International 760,138,472 3.36 TOTAL 22,640,996,000 100 - Garuda Indonesia (GIAA) has been only airline listed in IDX since 11 February 2011. - Member of : Kompas-100 Indeks Saham Syariah IDN ISSI Bisnis-27 SRI-KEHATI GIAA (RHS) - JCI Index (LHS) 1

Agenda Page 1. Review of result 9M-2013 3-25 9M - 2013 Highlights 3-5 Market & Competition 6 8 9M 2013: Operational Results 9 15 9M 2013: Financial Results 16-23 Subsidiaries Highlights 24-25 2. The Remaining 2013 Outlook 26-28 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. 2

9M-2013 Highlights Emirsyah Satar, CEO 3

9M-2013 Highlights Indicator Passenger Carried Cargo Uplifted Seat Load Factor Passenger Yield Operating Revenue Passenger Revenue Operating Income Income for the Period 9M13 Achievement D% YoY 18.1 million 21.8 253,894 tons 26.3 74.6 % (1.2)* US$c 9.1 (4.5) USD 2,687.0 million 12.6 USD 2,199.3 million 10.9 USD 22.1 million - 75.4 -USD 22.0 million (139) DOMESTIC Continued growth in traffic & capacity Impacted by weakening IDR/USD INTERNATIONAL Improved operational performance CITILINK Improved domestic market share At an early stage of Investment FINANCIAL Fully Repaid: - USD 55 million Citi Club Deal-1 - USD 75 million Indonesia Exim Bank Operating Indicator figures are for Garuda Indonesia and Citilink Financial Indicator figures are for Garuda Indonesia Group * in percentage points 4

Milestones 3Q - 2013 JUL Introducing new Service Concepts IDR Bond: Listed on Indonesia Stock Exchange Moving from Polonia Airport to Kuala Namu Airport in Medan Welcoming the 2 nd Delivery of Boeing 777-300ER aircraft AUG New Destinations: Tanjung Pinang & Berau Fully repaid the US$ 75 million loan from Indonesia Exim Bank SEP Garuda Indonesia awarded Best in Region: Asia & Australasia by Airline Passenger Experience Association in New York, USA Welcoming the 7 th Delivery of Airbus 330-300 aircraft 5

6 Market & Competition

Competition on routes which GA flies per Aug 2013 Garuda Domestic Passengers in/out Selected Airports Garuda International Passengers in/out Selected Airports Total GA Passengers (in million) Market Share 29% 29% 29% 28% 28% 28% 29% 29% 27% 26% 22% 24% 25% 26% 2.4 2.4 2.5 3.0 3.2 3.3 3.1 3.3 3.5 3.5 3.4 3.8 2.1 1.8 18% 0.5 20% 0.6 Total GA Passengers (in million) 20% 21% 22% 23% 23% 24% 24% 0.7 0.6 0.7 0.8 0.8 0.8 0.8 Market Share 25% 24% 26% 25.5% 24% 0.9 0.9 0.9 0.9 0.95 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 GA Domestic Market Share 8M13: 28% decr. 0.2 ppts Traffic in million passenger 31.2 8.8 1.0 11.4% 10.6% 170.7% 4.5% 34.7 9.7 2.6 21.4 22.4 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 GA International Market Share 8M13: 24.6% incr. 0.2 ppts Traffic in million passenger 9.6 6.1% 10.2 2.3 7.0% 2.5 7.3 5.8% 7.7 Jan-Aug 2012 Jan-Aug 2013 Others Citilink GA Dom Source: Airport Authority & GA (traffic in/out CGK, DPS, SUB, UPG airports) Jan-Aug 2012 Jan-Aug 2013 Others GA Int'l 7

GA quality has been perceived better from year to year 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 2013 2012 2011 Airline Rank Rank Rank 1 Emirates 8 10 2 Qatar Airways* 1 1 3 Singapore Airlines* 3 2 4 ANA All Nippon Airways * 5 11 5 Asiana Airlines* 2 3 6 Cathay Pacific Airways* 4 4 7 Etihad Airways 6 6 8 Garuda Indonesia 11 19 9 Turkish Airlines 7 9 10 Qantas Airways 15 8 11 Lufthansa 14 15 12 EVA Air 13 16 13 Virgin Australia 12 32 14 Malaysia Airlines* 10 12 15 Thai Airways International 9 5 16 Swiss Int l Air Lines 18 13 17 Korean Air 16 24 18 Air New Zealand 17 7 19 Hainan Airlines* 20 23 20 Air Canada 19 21 * Airlines with 5-star skytrax rating World s Best Economy Class 2013 Best Economy Class Airline Seat 2013 World Best Economy Class 2013 2012 Airline Rank Rank 1 Garuda Indonesia 4 2 Asiana Airlines* 3 3 Singapore Airlines* 1 4 Qatar Airways* 2 5 ANA All Nippon Airways * 5 6 Cathay Pacific Airways* 9 7 Turkish Airlines 7 8 Emirates n/a 9 Oman Air n/a 10 Qantas Airways n/a 55 Awards in 9M13: -DOM: 36 awards - INT L: 19 awards PASSENGER CHOICE AWARDS 2013 Best in Region : Asia and Australasia 8

9M-2013 Operational Results 9

Fleet Expansion and Rejuvenation in 9M-2013 Sep-12 Dec-12 Fin Lease / Sep-13 Ops Lease Owned Narrow Body B737-300 3 3 3 2 1 B737-400 - - - - - B737-500 5 5 4-4 B737-800 NG 55 55 62 62 - CRJ - 1000-5 12 7 5 Total Narrow Body 63 68 81 71 10 Wide Body B747-400 2 2 2-2 B777-ER - - 2 2 - A330-200 8 9 10 10 - A330-300 6 6 7 1 6 Total Wide Body 16 17 21 13 8 Citilink B737-300 5 6 5 1 4 B737-400 1 1 1 1 - A320-200 7 14 23 23 - Total Citilink 13 21 29 25 4 TOTAL FLEET 92 106 131 108 23 # of Aircraft Fleet at 31 Dec 2012 106 IN: Delivery of: +27 B737-800NG 7 A330-200 2 CRJ-1000 7 B777-300ER 2 A320-200 8 A330-300 1 OUT: - 2 B737-500 1 B737-300 1 Fleet at 30 September 2013 131 6.2 Average Fleet Age (years) 5.5 5.0 Sep'12 Sep'13 2013F 10

Group Quarterly Performance in the right direction All figures included Garuda Indonesia and Citilink (million) 12 60,000 11 10 10.0 10.9 11.0 48,974 50,301 50,000 9 8 7 6 5 4 3 9.2 9.0 9.1 44,224 8.3 8.4 8.4 8.6 36,876 38,558 42,015 8.3 35,817 8.1 32,334 33,613 35,144 7.4 7.4 7.1 7.1 7.0 28,952 6.6 6.2 6.4 6.2 6.3 6.3 5.6 5.6 5.3 5.3 5.0 4.5 4.7 4.6 4.2 3.7 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 Frequency - RHS ASK (000) - LHS RPK (000) - LHS Pax Carried - LHS 40,000 30,000 20,000 10,000-11

Quarterly Performance Garuda (GA) & Citilink (QG) (million) 12.0 55,000 10.0 50,000 8.0 6.0 4.0 45,000 40,000 35,000 30,000 2.0 25,000-1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 Frequency - QG 3,164 3,103 3,214 4,378 5,038 5,042 6,248 7,820 9,187 11,144 8,840 Frequency - GA 25,788 29,231 30,399 30,766 30,779 31,834 32,310 34,195 35,037 37,830 41,461 ASK (000) - GA 6.9 7.9 8.0 7.9 7.9 8.6 8.3 8.1 8.7 9.4 9.7 ASK (000) - QG 0.4 0.4 0.4 0.6 0.6 0.6 0.8 1.0 1.2 1.5 1.3 RPK (000) - GA 5.0 5.9 6.3 6.0 5.8 6.6 6.5 6.2 6.5 7.2 7.1 RPK (000) - QG 0.3 0.3 0.3 0.4 0.5 0.5 0.5 0.8 0.9 1.1 1.0 20,000 D YoY (%) 28.3 41.5 17.0 58.9 8.2 78.3 12

Operating Indicators - Group 9M12 9M13 % YoY Operational Efficiency Passenger & Cargo Aircraft Utilization (Hours) 10:47 10:52 0:04 Frequencies 111,251 143,499 29.0 On Time Performance (%) 84.5 85.5 1.1* ASK ( 000) 26,872,047 31,857,013 18.6 Average Fuel Price (USD/L) 0.91 0.87 (3.6) Fuel Burn / ATK 0.251 0.250 (0.3) Fuel Burn / Blockhours 4,029 3,904 (3.1) Passenger Carried 14,892,743 18,136,073 21.8 RPK ( 000) 20,385,033 23,777,109 16.6 Seat Load Factor (%) 75.9 74.6 (1.2)* Passenger Yield (US ) 9.6 9.1 (4.5) Cargo/Mail Uplifted (Ton) 201,070 253,894 26.3 Financial CASK (US ) 7.8 7.6 (3.2) CASK-excl Fuel (US ) 4.6 4.4 (2.8) Notes: All figures include GA & Citilink, except aircraft Utilization and OTP are for GA Main Brand only * in percentage points 13

Operating Indicators 9M13 Mainbrand By Sector 9M12 9M13 % YoY Domestic s Pax Yield in IDR Passenger Carried 10,305,728 11,430,888 10.9 Frequency 76,347 94,512 23.8 ASK ( 000) 10,982,928 12,608,561 14.8 3Q 1,086 1,246 15% DOM INT L RPK ( 000) 8,895,757 9,668,531 8.7 Seat Load Factor (%) 81.0 76.7 (4.3)* Passenger Yield (US ) 11.4 11.0 (3.4) CASK (US ) 8.8 8.7 (1.9) CASK-excl Fuel (US ) 5.4 5.3 (2.1) Passenger Carried 2,703,065 2,878,169 6.5 Frequency 18,576 19,816 6.7 ASK ( 000) 13,801,419 15,216,803 10.3 RPK ( 000) 10,010,492 11,126,191 11.1 Seat Load Factor (%) 72.5 73.1 0.6* Passenger Yield (US ) 8.5 8.3 (2.4) CASK (US ) 7.2 7.0 (2.5) CASK-excl Fuel (US ) 4.1 4.0 (2.1) 2Q 1Q 1,043 1,023 2013 2012 1,134 1,097 2% 3% Note: *) In percentage point Yield in IDR refers to exchange rate on End of Quarter 14

9M - 2013 Financial Results Handrito Hardjono, CFO 15

Summary of Consolidated Income Statement in USD mio 9M-2012 9M-2013 % YoY Operating Revenue Operating Expenses Income EBITDAR 466.3 519.9 11.5 Scheduled Airline 2,129.7 2,355.3 10.6 Non-Scheduled Airline 60.5 90.0 48.6 Others 196.3 241.7 23.1 Total 2,386.6 2,687.0 12.6 Fuel 885.9 1,019.5 15.1 Non Fuel 1,410.8 1,645.4 16.6 Total 2,296.7 2,664.9 16.0 Income / Loss from Operations 89.8 22.1 (75.4) EBT 85.3 (9.6) (111.2) Income / Loss Current Period 56.5 (22.0) (139.0) EBITDAR Margin Nett Margin 19.5 % 19.4 % 2.4 % (0.8 %) 16

Summary of Income Statement Parent Company only in USD mio 9M-2012 9M-2013 % YoY Operating Revenue Operating Expenses Income Scheduled Airline 2,104.8 2,161.5 2.7 Non-Scheduled Airline 60.5 90.0 48.6 Others 44.3 50.2 13.4 Total 2,209.6 2,301.7 4.2 Fuel 805.3 883.2 9.7 Non Fuel 1,318.6 1,367.7 3.7 Total 2,123.8 2,250.9 6.0 Income / Loss from Operations 85.8 50.8 (40.7) EBT 75.1 22.2 (70.4) Income / Loss Current Period 47.2 12.5 (73.5) 17

Revenue Trend in 9M-2012 vs 9M-2013 Changes in Operating Revenues (USD mio) +$216.9 (+9.1%) +$8.7 (+0.4%) +$29.4 (+1.2%) +$45.3 (+1.9%) 2,687 Passenger Revenue Strong revenue growth, driven by 21.8% growth on passenger carried (additional 3.24 million passengers as compared to 9M-2012 s) Cargo revenue Cargo & Mail Revenue increased by 6.2% to USD 149.5 million 2,387 Non-Scheduled Revenue from Non-Scheduled grew 48.6% to USD 90 million 9M-2012 Operating Revenue Passenger & Excess Baggage Cargo & Mail Non Scheduled Others 9M-2013 Operating Revenue Others Others Revenue increased by 23% to USD 241.7 million 18

9M-2013 Expenses Changes in Operating Expenses (USD mio) $138.4 +6.0% $133.5 +5.8% Fuel $38.3 +1.7% Ticketing & Sales $27.7 +1.2% User Charges & Station $26.1 +1.1% Pax Service $18.1 $10.0 +0.8% +0.4% G & A Maintenance -$23.9-1.0% Others Expense Item PoT* Fuel 38.3% Flight Ops 21.8% Ticketing & Sales 9.1% Maintenance 8.2% Pax Service 8.2% Flight Ops User Charges & Station 7.4% 9M-2012 Operating Expenses 9M-2013 Operating Expenses G & A 6.1% Others 0.9% *) PoT=Percentage of Total 19

Summary of Consolidated Balance Sheet in USD mio 31 Dec 2012 30 Sep 2013 % Asset Liabilities Equities Current Assets 636.6 742.7 16.7 Non-Current Assets 1,881.4 2,166.6 15.2 Total Assets 2,518.0 2,909.4 15.5 Current Liabilities 754.2 968.9 28.5 Non-Current Liabilities 648.8 861.7 32.8 Total Liabilities 1,403.0 1,830.6 30.5 Total Equities 1,115.0 1,078.8 (3.2) Total Liabilities & Equities 2,518.0 2,909.4 15.5 Lease Adjusted Net Debt/EBITDAR Debt/Equity 4.4 x 0.6 x 5.3 x 0.8 x 20

Sustainable Low Net Gearing Cash Position & Net Gearing Total Debt Breakdown USD Mio 1200 1000 0.66 0.7 0.6 25% 800 600 400 200 0 959 0.52 568 0.26 508 417 363 326 373 0.05 131 31-Dec-10 31-Dec-11 31-Dec-12 30-Sep-13 Cash Position 0.5 0.4 0.3 0.2 0.1 0.0 53% 22% Long term loan Lease Liabilities Short term loan Advance for A/C Purchase & Maintenance Reserve Fund Net Gearing Total Debt on 30 September 2013: USD 938 mio Our Cash Position increased as per September 2013 due to an increase in Cash provided from Financing Long Term loan include Debt securities in issue ($170.9 million) 21

Summary of Consolidated Cash Flow in USD mio 30 Sep 2012 30 Sep 2013 % YoY Beginning Cash/Cash Equivalents 417.3 325.8 (21.9) Operating Activities 215.4 124.8 (42.1) Investing Activities (403.6) (401.9) (0.4) Financing Activities (15.4) 359.6 2,433.0 Net Increase (Decrease) in Cash/Cash Equivalents (203.6) 82.5 140.5 Effect of Foreign Exchange Rate Changes (4.5) (35.7) 701.5 Ending Cash/Cash Equivalents 209.2 372.6 78.1 Operating Activities Increase on interest & financial charges paid and income taxes paid Investing Activities Payment for PDP & Maintenance Reserve Fund: USD 507.5 million Payment for Security Deposit: USD 38.9 million Refund of PDP and Maintenance Reserve Fund: USD 244.5 million Financing Activities Proceed of LT-Loan, Lease liabilities, & Bank Loan: $ 476.6 million Proceed of Bond: $ 200.3 million Payment of long-term Loan, Lease liabilities, & Bank Loan: $ 312.5 million 22

23 Subsidiaries

Summary of Subsidiaries Performance PT Aerowisata (in USD 000) PT GMF-AA (in USD 000) 9M13 % YoY 9M13 % YoY Operating Revenue 229,904 31.4 Operating Income 5,834 35.6 Net Income 3,774 (12.4) EBITDA 12,323 5.7 Operating Revenue 165,946 5.3 Operating Income 12,472 26.4 Net Income 9,921 21.2 EBITDA 15,145 25.2 PT Abacus DS Indonesia (in USD 000) PT Aero System (in USD 000) PT Citilink Indonesia (in USD 000) 9M13 % YoY 9M13 % YoY 9M13 Operating Revenue 2,459 13.1 Operating Income 283 446.5 Net Income 89 373.2 EBITDA 436 117.4 Operating Revenue 16,192 22.3 Operating Income 1,074 436.7 Net Income 145 2,516.8 EBITDA 2,799 323.6 Operating Revenue 198,298 Operating Income (46,438) Net Income (44,688) EBITDA (35,620) 24

Outlook for the Remaining 2013 Emirsyah Satar, CEO 25

9M-2013 Stay on Track Estimates 2013E Key Drivers 9M-2013 139 # of Fleet* 131 Passenger Carried Growth 15% 20% 21.8% 15% - 20% ASK Growth 18.6% $ 200 250 mio Net PDP $ 111.8 mio $ 300 400 mio CAPEX ** $ 132.5 mio Note: * Revised (Delivery ATR72-600 in 2013: 2 aircrafts iso 5; operated by GA) ** GA only, excluding subsidiaries 26

Garuda Faces Challenges while Growing Big room to grow (2013 2015) GIAA is growing (9M13 vs 9M12) Challenges Solid economic growth +6%/year Strong air traffic growth 15%/year 24 new airports 4 major airport expansions Jakarta Surabaya Bali Makassar Passengers carried 21.8% Cargo uplifted 26.3% ASK 18.6% RPK 16.6% Revenues 12.6% EBITDAR 11.5% Operating income US$ 22.1 million Exchange rates Group new routes Citilink at an early investment stage Source: IMF, 2012 - Ministry of Transport, 2013 27

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 28