Jasa Marga Update3Q2018

As of Sept 30th , 2018

Company Overview

Company overview

Brief Snapshot Company Highlights

3Q2018 Segmental Revenue Breakdown

• Leading toll road operator in Indonesia with 40 years of experience

• 33 toll road concessions with total length of 1,527 km

• 70% owned by the Government of Indonesia

• Publically listed on the Indonesia Stock Exchange since 2007, with a market cap IDR 32.44 trillion as of June 30th, 2018

• Key business

– Construction, operation and maintenance of toll road

• Supporting business / other business

– Toll Road Operation Services (Provides operation services for Jasa Marga Group and other toll road investors)

– Toll Road Maintenance Services (Provides maintenance services for Jasa Marga Group and other toll road investor)

– Property (Manages rest areas and other properties on toll road corridors)

✓ Largest toll road operator in Indonesia with 65% market share in terms of commercial toll roads lengths (787.5 km) and 80% market share of toll road transaction volume

✓ The longest concession period holder in Asia reflecting stable income

✓ Strategically important with strong government ownership

✓ Resilient industry with strong government focus

✓ Strong financial profile with promising growth going forward

Vision & Mission

Vision To be the largest, trusted and sustainable national toll road network company.

Mission

1. Lead the development of toll road networks in Indonesia to increase national connectivity.

2. Manage the toll road business along the end-to-end value chain in a professional and sustainable manner.

3. Maximize the regional development to accelerate community advancement and increase company profitability.

4. Enhance customer satisfaction through service excellence

3

Toll Revenue –Jasa Marga

(13 old concessions in balance sheet)

80%

Toll Revenue –Subsidiaries

13%

Other Business Revenue

7%

Company Key Development Milestone

4

✓Government offered the opportunities for the private sector to participate in toll road business through Build, Operate and Transfer (BOT) system with Jasa Marga.

✓Jakarta Toll roads operated by JasaMarga initiated its operations gradually.

The authority function was returned to the Government, Toll Road Regulatory Agency (BPJT) under the Ministry of

Public Works.

Jasa Marga became a public company through an Initial

Public Offering (IPO) and listed its shares on the

Indonesia Stock Exchange.

✓Jasa Marga was established with focus on business management, maintenance and procurement of the toll road network.

✓Jagorawi as the first toll road in Indonesia began its operation.

Implementation ofe-Toll Card.

Implementation ofe-Toll Pass.

Forming of PT JasaLayanan Operasi (non toll road subsidiary.

✓ Fully implemented electronic payment system in all toll roads

✓ Integrate Jakarta-Tangerang and change system in Jagorawi Toll Road

✓ Won tender of Jakarta-Cikampek II Selatan and Probolinggo-BanyuwangiToll Road

1978 1987 2004 2007

2009 2012 2015 2017 2018

✓Currently operating 23 toll road concessions (787.5km in length)

Company Structure

Shareholding Structure

Jasa Marga operates 13 mature toll roads, 3 fully operated and 7 half operated new toll roads. Similarly, Jasa Marga constructs 10 new tollroad concessions in subsidiary level.

As of 30th Sept 2018

1. Cawang-Tomang-Pluit(Jakarta Inner Ring Road)

2. Prof. Dr. Ir. Sedyatmo (Airport)3. Padalarang4. Cileunyi5. Jakarta-Cikampek6. Palikanci7. Jagorawi8. Surabaya-Gempol9. Semarang10. Jakarta Outer Ring Road11. Ulujami-Pondok Aren12. Jakarta-Tangerang13. Belmera

Parent Level

5

Government

of Indonesia(“GOI”)

Ministry of State-

Owned Enterprises

(“MSOE”)

70%

Public30%

PT Jasamarga

Gempol Pasuruan

98.8%

PT Jasamarga

Pandaan Malang

60%

PT Jasamarga

Probolinggo

Banyuwangi

94.6%

PT Jasamarga

Balikpapan

Samarinda

59%

PT Jasamarga

Kunciran

Cengkareng

76.2%

PT Jasamarga

Tollroad Operator

99.9%

PT Jasamarga

Properti

99.9%

PT Jasamarga

Transjawa Tol

100%

Strong Corporate Governance and Highly Qualified Management Team

6

Experience management with over 25 years of experience, deep understanding on the industry/sector, and long-term relationship with stakeholders

Desi Arryani – President Director• Indonesia citizen, 55 years old, was promoted through Extraordinary Meeting of Shareholders Years 2016 on 29th august 2016• Has work experience in Construction sector more than 20 years. Previously served as Operations Director I of PT Waskita Karya (Persero) Tbk. which is SOE

contractor in Indonesia.• Completed her Bachelor degree in Civil Engineering from University of Indonesia (1987) and Master degree in Management from Prasetiya Mulya (2008).

Donny Arsal – Director of Finance• Indonesia citizen, 48 years old, was promoted through Meeting of Shareholders Years 2017 on 15th March 2017• Has work experience in Financial sector more than 23 years. Previously served as Managing Director PT Mandiri Sekuritas that look after for Investment Banking

Division.• Completed Bachelor Degree from University of Indonesia (1994).

Mohammad Sofyan – Operational Director I• Indonesia citizen, 47 years old, was promoted through Meeting of Shareholders Years 2017 on 15th March 2017• Joined Jasa Marga since 1997 and has lead in various sector such us toll road project, IT and strategic corporate planning. Previously served as Corporate

Secretary PT Jasa Marga (Persero) Tbk.• Completed Bachelor Degree in Civil Transportation Engineering at Sepuluh November Institute of Technology Surabaya (1996) and Master Degree in Project

Management from University of Indonesia (2003) and Master Business & IT from Melbourne University (2007).

Subakti Syukur – Operational Director II• Indonesia citizen, 56 years old, was promoted through Extraordinary Meeting of Shareholders Years 2016 on 29th august 2016• Joined Jasa Marga since 1986 and has work experience in toll road operations more than 20 years. Previously served as President Director of PT Marga Lingkar

Jakarta (one of Jasa Marga’s Subsidiary).• Completed Bachelor Degree in Civil Engineering from Bandung Institute of Technology (1986) and Master degree in Management from University of Kristen

Indonesia (2010).

Adrian Priohutomo – Director of Development• Indonesia citizen, 55 years old, was promoted through Meeting of Shareholders Years 2018 on 10th April 2018• Has work experience and major success in conceptualizing, developing and managing commercial and housing estates. Previously served as President Director of

PT Permata Graha Nusantara.• Completed Bachelor Degree at Bandung Institute of Technology (1988).

Alex Denni – Director Of Human Resources And General Affairs• Indonesia citizen, 49 years old, was promoted through Extraordinary Meeting of Shareholders Years 2018 on 5th September 2018• Has work experience in Human Resource Development. Previously served as Chief Human Capital Officer PT Bank Negara Indonesia (Persero) Tbk. and Chief

Learning Office & Head of Corporation University PT Bank Mandiri (Persero) Tbk.• Completed Bachelor Degree in Management of Industrial Agro at Intitut Pertanian Bogor (1990) and Master Degree in Management at Universitas Atma Jaya

(1997) dan Doctoral Degree in Human Capital at Institut Pertanian Bogor (2011).

Industry Overview

Overview of the authorities involved

Ministry of Public Works

Government of Indonesia

Directorate General of highways

Indonesian Toll Road Authority

(BPJT)

Ministry of State Owned Enterprises

Private toll road investors

Concession agreement Concession agreement

Toll Tariff

• Initial toll tariff is calculated based on

• investment feasibility, toll road user’s ability to pay and vehicle operating cost saving

• Initial toll tariff is stipulated in concession agreement prior to start of construction

• Tariff adjustment is regulated by law, is calculated based on regional CPI and is adjusted once every 2 years

• Initial toll tariff setup and subsequent adjustment is decided by Minister of Public Works decree

The ministry may postpone tariff increases if a toll road fails to comply with minimum service standards

Land acquisition

• Land acquisition is government’s responsibility and is undertaken by land procurement committee appointed by the Government

• The land acquisition comprises four stages: planning, preparation, execution and delivery

The law also regulates a deadline for land acquisition of 312 to a maximum of 552 working days

• Price is determined by independent appraiser based on fair market price

• Investors may provide bridge financing for land acquisition costs to speed up the acquisition process, government will repay the investors for the land acquisition costs

Overview of the Indonesian Toll Regulation

Tender Acquisition Unsolicited

Concession Agreement Method

Ease derived from highly regulated industry• Certainty of tariff increase every two years according to regulation• The timing of the land acquisition process is faster, if any dispute is decided by the court• Potential for efficiency from cashless transaction

100% Cashless Transaction

▪ High efficiency on collection expanse and faster transaction period that will reduce traffic flow, minimize the cost of providing change and cash handling and Toll Revenue Security and minimize the potential for any authenticity toll payment instrument

▪ Improving the Quality of Operational Human Resources (improving health quality of toll collectors), increase transaction capacity without having to add transaction point and efficiency of toll collecting costs

10

9

Company Update

Total Concession of Toll Roads

Jasa Marga Update 1H 2018

787.5 kmAccumulated Toll Road in Operation *

Jasa Marga has added new toll road 107.2 km in 2018

✓ Ngawi-Wilangan toll road section for 52 km such as:

▪ Section: Interchange Ngawi-Klitik (Ngawi) at 4 km, that operated by PT Jasamarga Solo Ngawi

▪ Section: Klitik (Ngawi)-Wilangan at 48 km, that operated by PT Jasamarga Ngawi KertosonoKediri

✓ Bogor Ring Road Section 2B at 2.65 km

✓ Gempol-Pasuruan Section Rembang-Pasuruan at 6.6 km

✓ Solo-Ngawi Section Kartasuro-Sragen at 35.22 km

✓ Medan-Kualanamu-Tebing Tinggi Section SS Tanjung Morawa-SS Parbarakan at 10.75 km

Moody’s RatingBaa2

1,527 km

*As of August 2018

65%

Market share of Toll Road in Operation

80%

Market share of transaction volume

Market Share

10

PefindoidAA (Stable)

Excellent Financial Profile with Stable Margins

Note : figures 2017 audited, 1H2017 and 1H2018 Unaudited

✓ Prudent financial management enable company to lower its cost of debt over time✓ Strong financial profile with promising growth going forward✓ Sustainable revenue growth rate with CAGR of 9% for the past 5 years, supported with strong EBITDA

generation✓ Manageable cost of debt with weighted average bank loan cost 9.5%, weighted average bond cost 9.2% and

consolidated weighted average cost of debt 9.4%

Interest Coverage Ratio (ICR)

Total Asset Revenue

Total Debt to Total Equity Interest Bearing Debt to Total Equity

(x)(x)(x)

(IDR Billion)(IDR Billion)

11

4.46

2.88

3Q2017 3Q2018

3.32

3.01

2017 3Q2018

79,313.3

75,504.1

2017 3Q2018

6,782.3 7,130.4

3Q2017 3Q2018

1.93

1.64

2017 3Q2018

859 880

916 957

1,092 1,201 1,264

1,320 1,311

1,361 1,350

2,618 3,319 3,631

4,306 4,843

5,582 5,803

6,646 7,121

7,927 8,281

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

-

200

400

600

800

1,000

1,200

1,400

1,600

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017Transaction Volume Toll Revenue

Integration

434

607

486

765

894

1,116

1,229 1,208

1,013 1,063 1,080

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

✓ Consistent growth in traffic demonstrates resilience of toll road industry

✓ Since 2016, Jasa Marga started to implement integration system in Jakarta – Cikampek, Cikampek – Palimanan, Palimanan – Kanci, Kanci –Pejagan, Pejagan – Brebes. In 2017, integration system also accure in Jagorawi and Jakarta – Tangerang toll road.

✓ Integration system caused different calculation in transaction volume and elimination of several toll gates.

✓ Robust estimated growth in car sales indicate batter economic growth is a positive driver for the toll road industry

Well Positioned In A Resilient Industry With Favorable Growth Trends

12

Economic condition, reflected as fluctuating car sales growth in Indonesia, has minimal impact to our transactionvolume, however increase in car sales will contribute to higher transaction volumes in the long run.

Economic Slow Down

Source: http://www.gaikindo.or.id (2)Source: Jasa MargaNote:(1)Economic slow down in 2015;(2)GAIKINDO: Gabungan Industri Kendaraan Bermotor Indonesia (The Association of Indonesian Automotive Industries).

Transaction Volume on Jasa Marga Toll Road (in million) Car Sales in Indonesia (in thousand vehicles)

Projects and

Operational Details

14

Bank Loan at Subsidiary Level

70%

Equity30%

Jasa Marga’s Toll Road Projects

Currently, Government accelerate infrastructure development to connect Indonesia. All of Jasa Marga’s toll road projects are part of StrategicNational Project that being monitored intensively by Government.

3,1962,123 2,521

7,382

11,691

2013 2014 2015 2016 2017

Funding Structure

Historical Capex

Section Concession PeriodLength

(km)

Old Concession

13 Old Concession 2044 512.1

A. Fully Operated

1 Nusa Dua-Ngurah Rai-Benoa(1) 2057 10

2 JORR W2 North (part of JORR) (2) 2044 7.7

3 Surabaya-Mojokerto (part of Trans Java) (6) 2049 36.3

B. Half Operated

4 Gempol-Pandaan 2049 13.6

5 Bogor Outer Ring Road 2054 11.95

6 Semarang-Solo (part of Trans Java) 2055 72.6

7 Gempol-Pasuruan (part of Trans Java) 2058 34.2

8 Medan-Kualanamu-Tebing Tinggi 2054 61.7

9 Ngawi-Kertosono-Kediri (part of Trans Java) 2066 114.92

10 Solo-Ngawi (part of Trans Java) 2055 90.43

C. In Land Acquisition and Construction

11 JORR2 (Cengkareng-Kunciran) 35 years from effective date 14.2

12 JORR2 (Kunciran-Serpong) 35 years from effective date 11.2

13 JORR2 (Serpong-Cinere) 35 years from effective date 10.1

14 Batang-Semarang (part of Trans Java) 45 years from effective date 75

15 Pandaan-Malang 35 years from effective date 37.6

16 Balikpapan-Samarinda 40 years from effective date 99.4

17 Manado-Bitung 40 years from effective date 39.9

18 Jakarta-Cikampek II Elevated 45 years from effective date 36.4

19 Jakarta-Cikampek II South 35 years from effective date 64

20 Probolinggo-Banyuwangi 35 years from effective date 172.9

TOTAL 1.527

Bogor Outer Ring Road (BORR) (11 km)(Section 2B Kd, Badak – Yasmin)Progress Land Acquisition: 100%

Progress Construction: 100%

Cengkareng – Kunciran (14.19 km)Progress Land Acquisition: 50.03%

Progress Construction: 21.53%

Kunciran – Serpong (11.19 km)Progress Land Acquisition: 97.29%

Progress Construction: 69.39%

Serpong – Cinere (10.14 km)Progress Land Acquisition: 66.99%

Progress Construction: 45.63%

Jakarta Cikampek II Elevated (36.40 km)Progress Construction: 49.43%

Half Operated

In Land Acquisition and Construction

6 projects

*As of 30 Sept 2018

Jasa Marga’s Upcoming Projects: Greater Jakarta

15

Jakarta-Cikampek II Selatan (64 km)

Semarang-Batang (75 km)Progress Construction: 90.15%Progress Land Acquisition : 88.46%

Semarang – Solo(73 km)Progress Construction (Salatiga-Kartasuro): 83.07%Progress Land Acquisition (Salatiga-Kartasuro): 99.00%

Solo – Ngawi (90.43 km)Progress Construction : 97.21%Progress Land Acquisition: 98.12%

Ngawi – Kertosono - Kediri (114.92 km)Progress Construction (Wilangan-Kertosono): 100%Progress Land Acquisition((Wilangan-Kertosono): 20.81%

Gempol – Pandaan (12 km)

Gempol – Pasuruan (34.2 km)Progress Construction(Pasuruan-Grati): 65.64%Progress Land Acquisition(Pasuruan-Grati): 96.08%

Pandaan – Malang (38.49 km)Progress Construction: 70.02%Progress Land Acquisition : 90.51%

Half Operated

In Land Acquisition and Construction

8 projects

Jasa Marga’s Upcoming Projects: Java

16

*As of 30 Sept 2018

Probolinggo-Banyuwangi (172.91 km)

Medan-Kualanamu-Tebing Tinggi (61.7 km)Progress Land Acquisition: 96.17%Progress Construction: 95.52%

SUMATRA

KALIMANTAN

Balikpapan-Samarinda (99.35 km)Progress Land Acquisition: 96.82%Progress Construction: 74.86%

SULAWESI

MALUKU

Manado-Bitung (39.9 km)Progress Land Acquisition: 66.97%Progress Construction: 25.75%

3 projects

Half Operated

In Land Acquisition and Construction

Jasa Marga’s Upcoming Projects: Sumatera, Kalimantan, and Sulawesi

17

*As of 30 Sept 2018

Appendix

Financial Highlight: Balance Sheet

19

(IDR Billion)

2013 2014 2015 2016 2017 3Q2017 3Q2018 ∆Rp ∆%

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

(Audited) (Audited)

Cash and Cash Equivalent 3,514.1 3,290.8 3,323.2 4,124.9 6,873.0 6,873.0 3,834.9 2,748.1 -44.2%

Other Current Assets 274.2 255.0 405.8 8,840 12,114.0 12,114.0 11,398.5 3,273.9 -5.9%

Non Current Assets 24,270.3 28,314.2 32,995.9 40,535.3 60,326.2 60,326.2 60,270.7 19,790.9 -0.1%

TOTAL ASSETS 28,058.6 31,860.0 36,725.0 53,500.3 79,313.3 79,313.3 75,504.1 25,812.9 -4.8%

Current Liabilities 4,871.3 4,301.0 7,543.4 18,627.0 24,997.9 24,997.9 27,512.0 6,371.0 10.1%

Non Current Liabilities 12,629.3 16,538.2 16,612.5 18,534.5 35,955.9 35,955.9 29,143.0 17,421.4 -18.9%

TOTAL LIABILITIES 17,500.6 20,839.2 24,356.3 37,161.5 60,953.8 60,953.8 56,655.0 23,792.3 -7.1%

Equity 10,557.9 11,020.7 12,368.7 16,338.8 18,359.4 18,359.4 18,849.1 2,020.6 2.7%

TOTAL LIABILITIES AND

EQUITY28,058.6 31,860.0 36,725.0 53,500.3 79,313.3 79,313.3 75,504.1 25,812.9 -4.8%

20

Financial Highlight: Income Statement(IDR Billion)

Stable Revenue growth with steady EBITDA to maintain stable net income growth during expansion

Consolidated Financial Statement

2013 2014 2015 2016 2017 3Q2017 3Q2018 ∆Rp ∆%

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

(Audited) (Audited)

Toll Revenue 5,802.7 6,646.4 7,121.0 7,926.7 8,281.3 6,064.2 6,636.1 571.8 9.4%

Other Business Revenue 508.2 581.4 509.7 905.7 640.4 718.1 494.4 (223.8) -31.2%

REVENUE 6,310.9 7,227.8 7,630.7 8,832.3 8,921.7 6,782.3 7,130.4 348.1 5.1%

Toll and Other Operating Expenses (3,231.3)(3,562.8) (3,562.8)

(4,022.9) (3,772.1) (3,079.8) (3,033.2) 46.6 -1.5%

General and Administrative Expenses (1,087.8)(884.8) (884.8)

(949.0) (1,152.5) (784.7) (928.7) (144.0) 18.4%

Financial Income 229.1 265.5 217.8 202.7 284.0 196.0 381.9 185.9 94.9%

Gain on Divestment - - - - 563.5 563.5 876.9 313.4 N/A

Other Expenses (33.5)(20.3) (29.8)

(99.0) (363.0) (117.7) (380.2) (262.5) 223.0%

Tax expense of Financial Income - - 43.6 (40.6) (47.6) (35.5) (35.9) (0.4) 1.1%

Other Income 22.7 22.0 98.7 195.0 55.9 22.5 55.9 33.4 148.1%

OPERATING INCOME 2,259.2 3,072.7 3,477.7 4,165.5 4,648.1 3,634.9 4,205.8 570.9 15.7%

Operating Income Margin 35.8% 42.5% 45.6% 47.2% 52.1% 53.6% 59.0% N/A 5.4%

EBITDA 3,398.5 4,006.8 4,285.0 5,228.5 5,481.0 3,888.8 4,467.1 578.4 14.9%

EBITDA Margin 53.9% 55.4% 56.2% 59.2% 61.4% 57.3% 62.6% N/A 5.3%

Finance Cost (944.2)(1,215.3) (1,405.0)

(1,509.0) (1,268.9) (896.0) (1,487.0) (591.0) 66.0%

Share in Net Loss of Associates (4.3)(4.3) (4.3)

(6.8) (128.8) (78.0) (214.8) (136.8) 175.3%

INCOME BEFORE TAX 1,310.6 1,850.7 2,068.3 2,649.7 3,250.5 2,660.9 2,504.0 -156.9 -5.9%

Income Tax Expense (381.9)(613.7) (749.1)

(846.6) (1,156.8) (819.4) (825.7) (6.3) 0.8%

NET INCOME 1,027.7 1,421.7 1,466.4 1,889.3 2,200.3 1,902.1 1,771.3 -130.8 -6.9%

Net Income Margin 16.3% 19.7% 19.2% 21.4% 24.7% 28.0% 24.8% N/A -3.2%

Toll Revenue by Branch/Subsidiary(IDR billion)

21

Notes : (1) Deconsolidated since 1H2017

Branch/Subsidiary 2013 2014 2015 2016 2017 3Q2017 3Q2018∆%

3Q17 vs. 3Q18

CAGR

2013-2017

1 Jagorawi 548.2 607.5 620.2 697.0 874.0 496.6 602.2 21.3% 12.4%

2 Jakarta-Cikampek 976.6 1,023.4 1,137.8 1,232.5 1,265.7 959.3 864.9 -9.8% 6.7%

3 Jakarta-Tangerang 408.0 467.1 507.5 580.7 755.7 543.6 627.7 15.5% 16.7%

4 Cawang-Tomang-Cengkareng 1,110.0 1,212.3 1,247.0 1,412.7 1,475 1,112.2 1,146.4 3.1% 7.4%

5 Purbaleunyi 1,017.4 1,175.9 1,197.5 1,350.6 1,299.0 967.2 1,029.2 6.4% 6.3%

6 Surabaya-Gempol 270.5 309.0 335.8 402.0 418.6 312.1 328.0 5.1% 11.5%

7 Semarang 104.8 106.5 113.2 136.6 138.9 105.0 115.5 10.1% 7.3%

8 Belmera 81.6 91.3 90.2 105.5 113.7 84.5 113.4 34.1% 8.7%

9 Palikanci 107.5 112.4 133.0 169.5 181.2 136.2 148.7 9.2% 14.0%

10 PT Jalantol Lingkarluar Jakarta 1,055.0 1,182.4 1,163.7 1,010.2 1,024.8 802.2 746.8 -6.9% -0.7%

TOTAL PARENT LEVEL 5,679.5 6,288.0 6,545.9 7,097.3 7,546.9 5,518.9 5,722.8 3.7% 7.4%

11 PT Marga Sarana Jabar 45.6 67.2 86.9 100.2 98.7 74.4 94.1 26.5% 21.3%

12 PT Trans Marga Jateng(1) 36.5 107.3 129.5 152.8 57.7 57.7 - -100.0% 12.1%

12PT Jasamarga Surabaya

Mojokerto17.6 18.8 20.1 36.0 50.5 34.4 220.5 541.6% 30.3%

14 PT Jasamarga Bali Tol 23.7 106.1 122.7 143.3 149.9 119.9 125.3 4.5% 58.7%

15 PT Marga Lingkar Jakarta - 59.0 188.0 337.3 276.5 205.9 198.7 -3.5% n/a

16 PT Jasamarga Pandaan Tol - - 27.8 59.7 68.1 50.7 65.1 28.3% n/a

17 PT Jasamarga Gempol Pasuruan - - - - 8.6 2.3 43.0 1739.4% n/a

18 PT Jasamarga Kualanamu Tol - - - - 24.2 - 133.3 n/a n/a

19 PT Jasamarga Solo Ngawi - - - - - - 31.1 n/a n/a

20PT Jasamarga Ngawi Kertosono

Kediri- - - - - - 2.4 n/a n/a

TOTAL SUBSIDIARY LEVEL 123.3 358.4 575.1 829.3 734.3 545.3 913.3 67.5% 56.2%

TOTAL 5,802.7 6,646.4 7,121.0 7,926.6 8,281.2 6,064.2 6,636.1 9.4% 9.3%

Transaction Volume by Section(Million vehicle transactions)

22

Note : 1) The changes in the traffic pattern and the impact from the removal of toll gates cikopo because of integration in cluster 1 (Cikampek,Padaleunyi,Cipularang,Cikopo- Palimanan) in 20162) There is changes in traffic record as the impact of removal gate Plumbon 3, Plumbon 4, and Ciperna Utama because of integration in Cluster II (Palimanan-Kanci, Kanci-Pejagan, Pejagan-Brebes Timur) in 20163) Transaction system changes from closed system to open system and the impact of removal of cibubur utama toll gate in 20174) Transaction system changes from closed system to open system and the impact of removal of karang tengah toll gate in 20175) Transaction system changes from closed system to open system and the impact of removal of tembalang, manyaran, gayamsari toll gate in 2018

No Branch/Subsidiary 2013 2014 2015 2016 2017 3Q2017 3Q2018

∆%

3Q17 vs.

3Q18

CAGR

2013-2017

1 Jagorawi 199.6 201.3 204.2 207.7 189.5 151.9 110.2 -27.5% -1.3%

2 Jakarta-Cikampek 202.2 206.1 215.0 221.7 205.5 156.3 137.7 -11.9% 0.4%

3 Jakarta-Tangerang 113.0 119.8 127.4 130.9 133.1 98.7 102.6 3.9% 4.2%

4 Cawang-Tomang-Cengkareng 283.1 282.8 284.7 294.9 300.8 224.1 221.2 -1.3% 1.5%

6 Purbaleunyi 63.9 66.4 66.3 67.5 68.8 51.7 51.6 -0.2% 1.9%

8 Surabaya-Gempol 81.7 82.9 89.6 97.7 101.0 73.4 73.6 0.3% 5.4%

9 Semarang 48.9 48.1 50.4 51.8 52.6 39.9 31.6 -20.8% 1.9%

10 Belmera 24.0 25.4 24.8 25.8 27.9 21.0 20.8 -0.5% 3.8%

11 Palikanci 20.2 19.9 23.0 19.0 14.6 11.1 11.0 -1.3% -7.8%

12 JORR Non S 146.7 151.6 90.7 95.8 98.3 73.1 68.3 -6.6% -9.5%

13 Ulujami-Pondok Aren 46.9 45.1 43.7 46.1 47.5 35.5 34.2 -3.7% 0.3%

Total Parent 1,230.3 1,249.5 1,219.7 1,258.8 1,239.5 936.7 862.7 -7.89% 0.19%

14 PT Marga Sarana Jabar 12.5 13.7 15.3 16.5 15.8 11.9 12.8 7.6% 6.0%

15 PT Jasamarga Surabaya Mojokerto 11.3 12.1 13.0 15.4 17.1 8.2 18.0 119.7% 11.1%

17 PT Jasamarga Bali Tol 3.3 14.3 16.5 17.5 18.2 14.6 14.2 -3.2% 53.4%

18 PT Marga Lingkar Jakarta - 14.5 24.7 26.9 30.5 22.6 23.8 5.3% n/a

19 PT Jasamarga Pandaan Tol - - 2.8 5.8 7.2 5.1 7.7 53.1% n/a

20 PT Jasamarga Gempol Pasuruan - - - - 0.7 0.2 2.6 1407.3% n/a

21 PT Jasamarga Kualanamu Tol - - - - - - 4.8 n/a n/a

Total Subsidiary 33.6 54.5 72.4 82.0 89.5 62.6 83.9 34.1% 27.7%

TOTAL 1,263.9 1,304.0 1,292.1 1,340.8 1,329.1 999.2 946.7 -5.3% 1.3%

Disclaimer

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The information and opinions contained in this presentation are intended solely for your personal reference and are strictly confidential.The information and opinions contained in this presentation have not been independently verified, and no representation or warranty,expressed or implied, is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of, theinformation or opinions contained herein. It is not the intention to provide, and you may not rely on this presentation as providing, acomplete or comprehensive analysis of the condition (financial or other), earnings, business affairs, business prospects, properties orresults of operations of the company or its subsidiaries. The information and opinions contained in this presentation are provided as atthe date of this presentation and are subject to change without notice. Neither the company (including any of its affiliates, advisors andrepresentatives) nor the underwriters (including any of their respective affiliates, advisors or representatives) shall have anyresponsibility or liability whatsoever (in negligence or otherwise) for the accuracy or completeness of, or any errors or omissions in, anyinformation or opinions contained herein nor for any loss howsoever arising from any use of this presentation.

In addition, the information contained in this presentation contains projections and forward-looking statements that reflect thecompany's current views with respect to future events and financial performance. These views are based on a number of estimates andcurrent assumptions which are subject to business, economic and competitive uncertainties and contingencies as well as various risksand these may change over time and in many cases are outside the control of the company and its directors. No assurance can be giventhat future events will occur, that projections will be achieved, or that the company's assumptions are correct. Actual results may differmaterially from those forecast and projected.

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Thank You

PT Jasa Marga (Persero) Tbk.Plaza Tol Taman Mini Indonesia Indah

Jakarta 13550 - IndonesiaPhone. +62 21-8413526, 8413630

Fax. +62 21-8401533, 8413540Email. Investor.relations@jasamarga.co.id

www.jasamarga.com24