1

Citi - Indonesia Investor Conference 2015Corporate Presentation

PT GARUDA INDONESIA (PERSERO) Tbk.9 September 2015

2

1. Company Profile 3 – 12

2. Operational Performance 13 – 17

3. Financial Performance 18 – 24

4. Subsidiaries 25 – 27

Agenda Page

List of Shareholders as of 31 Aug 2015GIAA & JCI

Notes

Av. Liquidity (IDR/day)

YTD Aug 2014

1.9 bio

YTD Aug2015

4.3 bio

Av. close price (IDR) 457 503

Av. volume (shares/day) 4.1 mio 8.1 mio

Market cap (IDR) 11.2 trillion 8.4 trillion

Real free float 15% - excluding Government of Indonesia and Trans Airways ownerships.

Share Performance

GIAA (RHS) JCI (LHS)

3

Number of Shares %

Domestic

Government of Indonesia 15,653,128,000 60.5

Retail 823,152,929 3.2

Employee 80,187,970 0.3

Institutional (Trans Airways) 6,370,697,372 24.6

Other Institutional (less than 5%) 1,736,655,334 6.7

Total Domestic 24,663,793,705 95.3

International

Retail 7,251,980 0.0

Institutional (less than 5%) 1,197,880,948 4.6

Total International 1,205,132,928 4.7

TOTAL 25,868,926,633 100.0

Percentage of Shares based on Real Free Float

Domestic 68.55%

International 31.45%

Expansion phase (2012 – 2015)

4

Commenced operations

Taken over by Government

Commenced transformation

Joined SkyTeam Alliance

Ranked among Top 30 global airlines

Successful IPO

Transformation phase (2008 – 2011)

Achieved 5 rating from Skytrax

Achieved 4 rating from Skytrax

Relaunch of CitilinkRights Issue

49 48 54 7089 87

106

140169

190

0

50

100

150

200

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E

Domestic passenger market (mil) Int'l passenger market (mil) No of aircraft

The Transformation

2007 2008 2009 2010 2011 2012 2013 2014 1H2014 1H2015 ∆ CAGR

a b c d e f g h i j i-j a-h

Pax Carried (mio) 9.6 10.2 10.9 12.5 17.1 20.4 25 29.1 13.3 15.9 19.5% 17.2%

ASK (bio) 18.6 20.3 21.7 25.8 32.5 36 43.1 50.2 24.3 26.1 7.4% 15.2%

RPK (bio) 14.4 15.5 15.9 18.5 24.4 27.3 31.9 36 16.8 19.8 17.9% 14.0%

Total Revenues (mio) 1,532 2,005 1,733 2,168 3,096 3,473 3,760 3,934 1,757 1,840 4.7% 14.4%

The 3rd fastest GDP Growth among G20 countries in 2015F

Population

5

Source: IMF-World Economic Outlook

Source: IMF

(Population, in Million persons)

2012 2013 2014 2015F 2016F

Indonesia 244.5 248.0 251.5 255.1 258.7

Phillippines 95.8 97.5 99.4 101.4 103.5

Vietnam 88.8 89.7 90.6 91.6 92.5

Thailand 68.0 68.3 68.7 68.8 69.0

Myanmar 50.5 51.0 51.4 51.8 52.3

Malaysia 29.5 29.9 30.3 30.8 31.3

Cambodia 14.9 15.1 15.3 15.5 15.8

Singapore 5.3 5.4 5.5 5.5 5.6

Brunei Darussalam 0.4 0.4 0.4 0.4 0.4

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

Ind

ia

Ch

ina

Ind

on

esia

Ko

rea

Turk

ey

Un

ited

Sta

tes

Mex

ico

Sau

di A

rab

ia

Au

stra

lia

Un

ited

Kin

gdo

m

Can

ada

Sou

th A

fric

a

Euro

pea

n U

nio

n

Ger

man

y

Fran

ce

Jap

an

Ital

y

Arg

enti

na

Bra

zil

Ru

ssia

5.0

Air

Rail

Sea

23

150

13

FY 2004

111

278

13

+ 17.2%

+ 6.3%

+ 0.4%

Indonesia: Transportation profile (Passengers in million)

FY 2014 CAGR

Archipelago Country

Air

Rail

Highway

121

1.073

16.289

FY 2004

352

2.357

39.342

+ 12.5%

+ 8.2%

+ 9.2%

China:Transportation profile (Passengers in million)

FY 2014 CAGR

Sea 181 2.75 + 4.3%

Massive Land Country

Strong Economic Fundamental and Demand

Population Air Traffic

34.2 (476%)

Numbers are in million

46.3 (156%)

Sources: Data Internal, Bloomberg, IMF, and www.worldbank.org, Full Year 2014

6

7.3

Hongkong

30.3

Malaysia

127.1

105.9 (83%)

Japan

68.7

Thailand

40.7 (61%)

251.5

Indonesia

111.0 (44%)

30.6 (566%)

Singapore

5.5

Business Airline Has Big Room to Grow

7

Business Strategy – Quick Wins 2015

US$500m bridge facility used to re-profile existing commercial term loans

Proposed USD Sukuk to refinance bridge loan to extend maturity profile

Early termination of operating leases

Identified non-fuel cost savings of US$200m for 2015

Dedicated Terminal 3 at Jakarta

Simplify fleet

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

Revenue generation

Cost efficiency

Optimising capital structure

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

Improvements through choice of aircrafts for long flights (Boeing 777 & Airbus 330-300),

medium flights (Airbus 330-300/Boeing 738), and

short flights (CRJ 100/ATR 72)

Reduce unprofitable flight routes, postpone opening of new routes and

adjust flight schedules to various destination cities across all routes

• Strategies • Goals to achieve strategy

Garuda Indonesia Continues its Green Performance in Challenging Market

• Sustainable passenger growth: 19.5% YoY

• Increasing Garuda Indonesia Group market share (Dom: 44% & Inter: 28%)

• Record high SLF 75.8%

Commercial Platform

• Manage RPK growth is higher compare to ASK growth

• Manage expenses through efficiency program

• The non fuel efficiency, exercised ±44% of target FY 2015

Operational Platform

• Top line increase 5% YoY

• Reduce cost 11.6% YoY

• Bottom line improves (1H2015 – net profit USD 29.3 Mio)

Financial Platform

8

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 2015 “1st in Human Resources Technology”

28 awards 2015:Domestic: 19 awards

International: 9 awards

9

Milestones

• 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.

• 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.

First Quarter 2015

Second Quarter 2015

10

Garuda Indonesia Group Market Share – YTD June 2015

Domestic International

Garuda domestic market share group (including Citilink)

Source: Company Data

37%

46%

17%

44%

40%

15%

Garuda Group Lion Group Others

2015

2014

21%

79%

28%

72%

Garuda Indonesia Others

2015

2014

11

Peers Comparison – Operational Performance YTD June

12

Note: YTD June 2015Source: Airline Website and Asia Pacific Data

Passenger carried growth (%) 2014-2015

ASK growth (%) 2014 vs 2015 RPK growth (%) 2014-2015

Asia Pacific

Passenger carried of AAPA – 2015Passenger Carried Growth

Asia Pasific

Asia Pacific

7.2 6.1 0.9 0.5

(1.1)

6.6

(5.0)

-

5.0

10.0

15.0

20.0

25.0

GA CX TG QF SQAsia

Pacific

17.7

9.7 7.8 3.2

(2.4)

8.4

(5.0)

-

5.0

10.0

15.0

20.0

GA TG CX QF SQAsia

Pacific

19.5 14.7

7.6

0.1

(0.4)

9.3

(5.00)

-

5.00

10.00

15.00

20.00

25.00

GA TG CX QF SQAsia

Pacific

13.1 12.4 9.5

5.7 4.4

(1.7) (5.0)

-

5.0

10.0

15.0

20.0

25.0

South NorthEast

AsiaPacific

SouthEast

Oceania Central

13

Operational Performance

Number of Fleets

5.85.0 4.5 4.8 4.3

2012 2013 2014 Aug-15 2015E

Average Age (year)

14

Des 14 Aug 15 Ops.lease Fin lease/

owned

Narrow Body • B737-500 4 1 - 1• B737-800 NG 75 80 80 -• CRJ - 1000 15 15 9 6• ATR 72-600 8 10 10 -Total Narrow Body 102 106 99 7Wide Body • B747-400 2 2 - 2• B777-300 ER 6 7 7 -• A330-200 11 10 10 -• A330-300 11 12 6 6Total Wide Body 30 31 23 8Garuda Main Brand 132 137 122 15Citilink • B737-300 5 5 - 5• B737-500 - 3 - 3

•A320-200 32 35 35 -Total Citilink 37 43 35 8TOTAL FLEET 169 180 157 23

Fleets per Dec 2014 169In

* B737-800NG 5

* ATR 72-600 2

* B777-300 ER 1

* A320-200 3

* A320-300 1

Total 12

Out

* A330-200 1

Total 1Fleets per Aug 2015 180

1H2015 – Operational Performance Garuda Group

Operational

Efficiency

Passenger&

Cargo

Financial

• The passenger yield decreased 12.4% due to IDR depreciation ±10% that impact the IDR revenue and lower international fares amidst unstable economic.

Yield decreased

• The CASK ex fuel increased 0.5% as the rental cost, maintenance and user charge ware increase in line with fleets addition and frequency.

CASK ex fuel increased

• The utilization was going down to 9:12 hours due to route restructuring of Quick Wins program, especially in international market.

Utilization decreased

1H-2014 1H-2015 ∆ %

Aircraft Utilization (Hours) 10:05 09:12 -0:53

Frequencies 107,568 122,446 13.8

On Time Performance (%) 88.4 89.7 1.2

ASK ('000) 24,322,859 26,082,277 7.2

Average Fuel Price (USD/L) 0.88 0.55 (37.5)

Fuel Burn/Blockhours 3,718 3,633 (2.3)

Passenger Carried 13,307,351 15,900,961 19.5

RPK ('000) 16,788,401 19,761,968 17.7

Seat Load Factor (%) 69.0 75.8 6.8

Passenger Yield (USc) 8.6 7.5 (12.4)

Cargo/Mail Uplifted (Ton) 193,508 176,123 (9.0)

CASK (Usc) 7.5 6.4 (14.8)

CASK-excl Fuel (Usc) 4.4 4.5 0.5

15

16

Main Brand Monthly Operational Performance

Jan15 Feb15 Mar15 April15 May15 June15 July15 YTD Jul14 YTD Jul15 ∆%

GA Group

Pax Carried 2,530,719 2,352,514 2,718,162 2,617,933 2,844,598 2,837,035 3,131,599 15,662,482 19,032,560 21.5

ASK (000) 4,579,484 3,969,185 4,379,174 4,382,420 4,525,879 4,246,134 4,490,507 28,493,068 30,572,794 7.3

RPK (000) 3,384,857 2,981,210 3,353,161 3,227,157 3,428,019 3,387,562 3,630,462 19,789,169 23,392,430 18.2

SLF (%) 73.9 75.1 76.6 73.6 75.7 79.8 80.9 69.45 76.5 10.2

Passanger Yield (Usc) 7.8 7.5 7.4 7.5 7.5 7.2 7.6 8.5 7.5 -12.0

CASK (Usc) 6.6 6.5 6.3 6.3 6.4 6.5 6.6 7.6 6.5 -14.7

CASK-excl Fuel (Usc) 4.6 4.7 4.3 4.4 4.4 4.4 4.4 4.5 4.5 0.0

Fuel Price (USD/Liter) 0.57 0.51 0.55 0.55 0.56 0.58 0.59 0.87 0.56 -35.6

USDIDR 12,540 12,697 13,053 12,946 12,946 13,258 13,346 11,795 12,969 10.0

Domestic

Pax Carried 1,478,488 1,395,139 1,606,296 1,557,859 1,691,570 1,702,988 1,834,235 9,561,875 11,266,575 17.83

ASK (000) 1,814,370 1,652,182 1,867,850 1,855,800 1,916,993 1,812,428 1,913,557 11,217,902 12,833,182 14.40

RPK (000) 1,307,505 1,221,731 1,415,898 1,363,281 1,476,052 1,481,925 1,573,470 8,227,738 9,839,863 19.59

SLF (%) 72.1 74.0 75.8 73.5 77.0 81.8 82.2 73.34 76.7 4.55

International

Pax Carried 393,304 321,390 349,884 343,704 357,420 357,277 376,012 2,210,539 2,498,991 13.05

ASK (000) 2,120,078 1,705,563 1,785,559 1,834,306 1,835,190 1,685,657 1,705,301 13,408,120 12,671,655 -5.49

RPK (000) 1,579,310 1,275,576 1,339,302 1,302,737 1,330,834 1,294,929 1,340,011 8,578,931 9,462,701 10.30

SLF (%) 74.5 74.8 75.0 71.0 72.5 76.8 78.6 63.98 74.7 16.72

Citilink

Pax Carried 658,927 635,985 761,982 716,370 795,608 776,770 921,352 3,890,068 5,266,994 35.40

ASK (000) 645,035 611,439 725,764 692,314 773,696 748,049 871,649 3,867,044 5,067,947 31.05

RPK (000) 498,042 483,901 597,961 561,138 621,134 610,709 716,981 2,982,499 4,089,866 37.13

SLF (%) 77.2 79.1 82.4 81.1 80.3 81.6 82.3 77.1 80.7 4.63

17

Main Brand Monthly Financial Performance

in USD mio

Monthly 2015 Year to Date Growth

Jan-15Actual

Feb-15Actual

Mar-15Actual

Apr-15Actual

May-15Actual

Jun-15Actual

Jul-15Actual

YTD Jul-14Actual

YTD Jul-15Actual

∆ %YoY

Scheduled Airline 253.3 213.9 242.5 228.4 239.7 229.4 241.3 1,665.2 1,648.6 (1.0)

Non-Scheduled Airline 9.8 13.2 7.4 4.5 4.8 2.6 7.9 4.7 50.2 974.0

Others 6.8 6.6 8.4 7.5 6.9 8.1 6.4 37.0 50.7 36.9

Total Operating Revenue 269.8 233.8 258.3 240.3 251.4 240.0 255.7 1,706.9 1,749.4 2.5

Fuel Expense 83.5 67.8 74.7 73.0 78.1 74.4 79.6 776.9 531.1 (31.6)

Other Operating Expense 186.2 162.4 169.7 163.3 166.3 155.4 178.2 1,214.6 1,181.5 (2.7)

Total Operating Expense 269.7 230.3 244.4 236.3 244.4 229.8 257.8 1,991.5 1,712.6 (14.0)

Income / Loss from Operation 0.1 3.5 13.9 4.0 7.0 10.3 (2.1) (284.6) 36.8 112.9

Net Income (2.8) 2.0 12.2 1.3 4.3 10.7 2.7 (242.0) 30.5 112.6

EBITDAR 73.3 74.6 92.4 76.5 79.5 86.1 73.7 140.4 556.1 296.0

USDIDR 12,540 12,697 13,053 12,946 12,946 13,258 13,346 11,795 12,969 10.0

18

Financial Performance

1H2015 – Summary of Consolidated Income Statement

in USD Mio 1H14 1H15 ∆ % YoY

EBITDAR 167.6 586.3 249.8

Scheduled airline 1,591.5 1,608.0 1.0

Non-scheduled airline 6.0 58.1 870.2

Others 159.4 174.1 9.2

Total revenues 1,756.9 1,840.1 4.7

Fuel 759.2 533.2 (29.8)

Non fuel 1,233.6 1,229.4 (0.3)

Total expenses 1,992.8 1,762.6 (11.6)

EBIT (235.9) 77.5 132.9

Net income current period (201.3) 29.3 114.5

Garuda Main BrandIncome / Loss from Operations*

Operating Revenue

Operating Expenses

Income

EBITDAR Margin 9.5% 31.9%

Garuda Main BrandIncome / Loss Current Period*

19

17.5 21.3

1Q15 2Q15

11.4

16.3

1Q15 2Q15

1H2015 – Operating Revenue

1,756.9

1,840.10.9%(0.0%)

3.0% 0.8%

1H14 1H15

Passenger Revenue & Baggage

Cargo & MailCharter

Others

Operating Revenue Operating Revenue

• Passenger growth increased 19.5%

• Manage the RPK growth higher compare to ASK growth

• Garuda Group got overflow passenger from domestic airline in first quarter and peak season (school holiday and long weekend) in second quarter.

Passenger revenue increasing

• Sustainable increase of charter revenue to China market and Umrah (Middle East).

Non schedule airline (Charter) increase

• Others revenue increased due to better performance from subsidiaries.

Others increase

In USD mio% Change

*PoT : Percentage of total

Operating Revenue PoT*

Schedule Airline 87.4%

Passenger 81.7%

Cargo 5.2%

Excess Bagage 0.2%

Mail 0.2%

Non Schedule Airline 3.2%

Others 9.5%

20

1H2015 – Operating Expenses

1,762.6

1,992.8

(11.3%)

4.9%

(0.9%)0.0%(0.8%) (0.5%)

(3.4%)

1H14 1H15Operating Expenses Operating Expenses

Fuel Rental

Tiketing&

SalesMaintenance

PassengerService

User Charge

G&A Others

0.5%

In USD mio% change

Operating Expenses PoT*

Fuel 30.3%

Rental 24.0%

Maintenance 9.8%

Ticketing & Sales 8.7%

User Charges & Station 8.3%

Passenger Service 7.4%

G & A 6.0%

Others 5.5%

*PoT : Percentage of total

• Fuel expenses decreased 29.8% to USD 533.2 million compared to same period last year of USD 759.2 million due to fuel price declining 37.5% compare last year.

• Total operating expenses decreased 11.6% to USD 1,762.6 million compared to the same period last year USD 1,992.8 million.

Decreasing expenses

• The rental cost increased 30.0% to USD 423.8 million compared to the same period last year of USD 326.0 million in line with the additional fleets.

• The maintenance cost increased by 8.5% to USD 131.2 million compared to the same period last year USD 120.8 millionin line with the additional fleets.

Increasing expenses

21

1H2015 – Summary of Consolidated Balance Sheet

Asset

Liability

Equity

Lease Adj. Net Debt/EBITDAR 9.87x 8.04 x

22

in USD Mio FY14 1H15 ∆ % YoY

Current Assets 810.5 888.4 9.6

Non-Current Assets 2,302.6 2,313.2 0.5

Total Assets 3,113.1 3,201.6 2.8

Current Liabilities 1,219.4 1,142.8 (6.3)

Non-Current Liabilities 1,014.2 1,176.0 15.9

Total Liabilities 2,233.6 2,318.7 3.8

Total Equities 879.5 882.9 0.4

Total Liabilities & Equities 3,113.1 3,201.6 2.8

1H2015 – Summary of Consolidated Cash Flow

Operating

Cash receipts from customers USD1,843.7 mio

Cash payments to suppliers USD 1,535.9mio

Payments of interest and financial expenses USD 28.5 mio

Investing

Payments PDP & Maintenance Reserve Fund: USD 208.2 mio

Security Deposit payment: USD 6.1 mio Refund of PDP and Maintenance

Reserve Fund: USD 101.8 mio.

Financing

Proceed of long term loan, bank loan, & financial institution and sukuk USD1,235.1 mio

Payment of long term loan, bank loan & financial institution: USD 1,137.2 mio

23

in USD Mio 1H14 1H15 ∆ % YoY

Beginning Cash/Cash Equivalents 480.4 434.3 (9.6)

• Operating Activities (234.0) 60.2 125.7

• Investing Activities (184.0) (119.5) (35.1)

• Financing Activities 285.2 95.4 (66.6)

Net Increase (Decrease) in Cash/Cash Equivalents (132.8) 36.1 n.a.

Effect of Foreign Exchange Rate Changes 25.2 (6.5) n.a.

Ending Cash/Cash Equivalents 372.8 464.0 24.4

The first time ever in 2015, Garuda Indonesia has positive cash flow from operating activities in the first half 2015

1H2015 – Cash and Net Gearing

434 464 4641,170 1,313 1,306879 874 883

0.84

0.97

0.95

0.75

0.80

0.85

0.90

0.95

1.00

0

200

400

600

800

1000

1200

1400

31 Dec 14 31 Mar 15 30 June 15Cash Position Debt Equity Net Gearing

31.1%

8.8%

60.1%

Long term loan Lease Liabilities Short term loan

59.8%

8.6%

31.6%

Long term loan Lease Liabilities Short term loan

Reprofiling Debt

Pre Reprofiling Post Reprofiling

24

25

Susidiaries

Subsidiaries

26

PT Aero Wisata (in IDR bio) PT Citilink Indonesia (in USD '000)

1H-2014 1H-2015 ∆ % YoY 1H-2014 1H-2015 ∆ % YoY Operating Revenue 1,482 1,459 -1.6 Operating Revenue 173,363 222,078 28.1 Operating Income 52 44 -14.6 Operating Income (17,610) 4,906 127.9 Net Income 23.2 27.2 17.1 Net Income (15,952) 1,457 109.1 EBITDA 94 96 2.7 EBITDA (13,625) 9,804 172.0

Dec 14 June 15 ∆ % YoY Dec 14 June 15 ∆ % YoY Asset 2,969 2,713 (8.6) Asset 166,785 205,942 23.5Liability 873 884 1.3 Liability 209,441 191,854 (8.4)Equity 1,823 1,829 0.3 Equity (42,657) 14,088 133.0

PT Gapura Angkasa (in IDR bio) PT GMF Aero Asia (in USD 000)1H-2014 1H-2015 ∆ % YoY 1H-2014 1H-2015 ∆ % YoY

Operating Revenue 582 654 12.3 Operating Revenue 122,243 138,446 13.3 Operating Income (13) 67 628.7 Operating Income 13,085 26,193 100.2 Net Income (12) 57 563.4 Net Income 9,447 17,325 83.4 EBITDA 13 103 680.6 EBITDA 15,871 29,316 84.7

Dec 14 June 15 ∆ % YoY Dec 14 June 15 ∆ % YoY Asset 787 852 8.2 Asset 251,352 274,987 9.4Liability 422 457 8.3 Liability 146,760 172,016 17.2Equity 365 395 8.2 Equity 104,592 102,970 (1.6)

Subsidiaries

27

PT Aero System (in USD 000)1H-2014 1H-2015 ∆ % YoY

Operating Revenue 8,803 5,468 (37.9)Operating Income (881) (1,125) (27.7)Net Income (1,051) (779) 25.9 EBITDA 417 218 (47.7)

Dec 14 June 15 ∆ % YoY Asset 28,769 26,734 (7.1)Liability 17,123 15,807 (7.7)Equity 11,646 10,927 (6.2)

GIH France S.A.S (in USD 000) PT Abacus DS Indonesia (in USD 000)1H-2014 1H-2015 ∆ % YoY 1H-2014 1H-2015 ∆ % YoY

Operating Revenue 2,568 141,207 5,398.5 Operating Revenue 1,540 1,734 12.6 Operating Income 13 253 1,862.3 Operating Income 165 331 101.0 Net Income 7 150 2,154.2 Net Income 150 258 72.1 EBITDA 7 171 2,469.4 EBITDA 274 430 57.2

Dec 14 June 15 ∆ % YoY Dec 14 June 15 ∆ % YoY Asset 67,942 128,906 89.7 Asset 6,645 7,072 6.4Liability 67,248 128,063 90.4 Liability 684 841 23.0Equity 694 843 21.6 Equity 5,961 6,231 4.5

28

PT Garuda Indonesia (Persero) Tbk.Investor Relations Department

2nd Floor Management BuildingGaruda CitySoekarnoHattaInternational AirportPhone: +62212560 1201Email: investor@garuda-indonesia.comWeb: https://ir.garuda–indonesia.com