Jasa Marga Update9M2019

Bondholders Meeting1 August 2019

Company Overview

2

Company Overview

Brief Snapshot Company Highlights

9M2019 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% shares owned by the Government of Indonesia.

• Listed on the Indonesia Stock Exchange since 2007, with a market capIDR 41.4 trillion as of 30th September 2019.

• Key business

• Construction, operation and maintenance of toll road

• Supporting business / other business

• Toll Road Operation Services (Provides operation services for JasaMarga Group and other toll road investors)

• Toll Road Maintenance Services (Provides maintenance servicesfor Jasa Marga Group and other toll road investor)

• Related Business (Manages rest areas and other properties on tollroad corridors)

• Largest toll road operator in Indonesia with 60% market share in termof operated commercial toll roads lengths (±1,041 km).

• 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

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

Mission

1. Lead toll road business along the end-to-end valuechain professionally and continuously to improveNational connectivity

2. Optimize regional development for communityprogress

3. Increase value for shareholders..

4. Enhance customer satisfaction through serviceexcellence

5. Encourage the development and enhancement ofemployee performance in a harmoniousenvironment.

3

Toll Revenue Jasa Marga

(13 old concessions) 76%

Toll Revenue Subsidiaries

16%

Other Business Revenue

8%

Company Key Development Milestone

4

✓Government offered the opportunitiesfor the private sector to participate intoll road business through Build,Operate and Transfer (BOT) systemwith Jasa Marga.

✓Jakarta Toll roads operated by JasaMarga initiated its operationsgradually.

The authority function was returnedto the Government, Toll RoadRegulatory Agency (BPJT) under theMinistry of Public Works.

Jasa Marga became a publiccompany through an Initial PublicOffering (IPO) and listed its shareson the Indonesia Stock Exchange.

✓Jasa Marga was established with focuson business management, maintenanceand procurement of the toll roadnetwork.

✓Jagorawi as the first toll road inIndonesia began its operation.

Implementation ofe-Toll Card.

Implementation ofe-Toll Pass.

Forming of PT JasaLayanan Operasi (non toll road subsidiary.

✓Fully implemented electronicpayment system in all toll roads

✓Integrate Jakarta-Tangerang andchange system in Jagorawi TollRoad

✓Issue alternative financingproduct: Securitization, ProjectBond, Komodo Bond.

1978 1987 2004 2007

2009 2012 2015 2017 2018

✓ Currently operating 24 toll roadconcessions (±1,000 km)

✓ Issue alternative financingproduct: Mutual Fund LimitedParticipation (Reksa DanaPenyertaan Terbatas)

Company Structure

5

Jasa Marga has 13 concession of toll roads which operated by Branches (mature toll roads) and 20 concession of toll roads whichoperated through subsidiaries.

Shareholders Structure

As of 30 September 2019

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 LevelGovernment

of Indonesia (“GOI”)

Ministry of State-Owned Enterprises

(“MSOE”)

70%

30%

Toll Road Subsidiaries Other Business Subsidiaries

Public

40%

PT JasamargaRelated Business

99.9%

Individual Domestic, 1.31%

Institution Domestic,

8.43%

Insurance, 4.80%

Foundation, 0.16%

Koperasi , 0.00%

Mutual Fund, 4.56%

Foreign, 10.73%

63%

0.39

0.06 0.09

0.30 0.30 0.32 0.35

0.48 0.53

0.32

0.43

0.61

0.49

0.77

0.89

1.12

1.23 1.21

1.01 1.06 1.08

1.15

Consistent growth in revenues demonstrates resilience of toll roadindustry

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

Resilient Industry With Favorable Growth Trends

6

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

Source: http://www.gaikindo.or.id (1)Source: Jasa Marga

Note:(1) GAIKINDO: Gabungan Industri Kendaraan Bermotor Indonesia (The Association of Indonesian Automotive Industries).

Toll Revenues on Jasa Marga Toll Road (in Rp Trillion) Car Sales in Indonesia (in million vehicles)

Economic Slow Down

0.73 0.67 0.74 0.85 0.92 1.01 1.28 1.53 1.80 2.27

2.62

3.32 3.63

4.28 4.81

5.50 5.70 6.29 6.55

7.10 7.55 7.74

Fuel Price Hike

Economic Crisis

Strong Corporate Governance andHighly Qualified Management Team

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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, 56 years old, appointed through Extraordinary GMS on 29th August 2016.• Has working 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 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, appointed through Annual GMS on 15th March 2017.• Has working experience in Financial sector more than 23 years. Previously served as Managing Director PT Mandiri Sekuritas for Investment Banking Division.• Completed Bachelor Degree in Economics from University of Indonesia (1994).

Mohammad Sofyan – Director of Business• Indonesia citizen, 47 years old, appointed through Extraordinary GMS on 15th March 2017.• Joined Jasa Marga since 1997. Has working experience in toll road industry more than 20 years. Previously served as Corporate Secretary Jasa Marga.• 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 – Director of Operation• Indonesia citizen, 56 years old, appointed through Extraordinary GMS on 29th August 2016.• Joined Jasa Marga since 1986 and has working experience in toll road operations more than 20 years. Previously served as President Director of PT Marga Lingkar

Jakarta, one of Jasa Marga’s Toll Road 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, appointed through Annual GMS on 10th April 2018.• Has working experience and major success in conceptualizing, developing and managing commercial and housing estates. Previously served as President Director of

PT Permata Graha Nusantara, one of PT Perusahaan Gas Negara (Persero), Tbk.• Completed Bachelor Degree at Bandung Institute of Technology (1988).

Alex Denni – Director of Human Resources and Transformation• Indonesia citizen, 50 years old, appointed through Extraordinary GMS on 5th September 2018.• Has working experience in Human Resource Development. Previously served as Chief Human Capital Officer PT Bank Negara Indonesia (Persero) Tbk appointed as

Director 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

8

Overview of The Authorities

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 vehicleoperating cost saving

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

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

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

− The ministry may postpone tariff increases if a toll road fails tocomply with minimum service standards

Land acquisition

• Land acquisition is government’s responsibility and is undertakenby 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 amaximum of 552 working days

• Price is determined by independent appraiser based on fair marketprice

• Investors may provide bridge financing for land acquisition costs tospeed up the acquisition process, government will repay theinvestors for the land acquisition costs

Overview of the Indonesian Toll Regulation

Tender Acquisition Unsolicited

Concession Agreement Method

Advantages of 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 thatwill reduce traffic flow, minimize the cost of providing change and cashhandling and Toll Revenue Security and minimize the potential for anyauthenticity toll payment instrument

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

9

10

Company Update

Leading Toll Road Industry

11

Market Share

Operated Toll Road

Commercial Concession Toll Road

1,527 km

± 1,041 kmAccumulated Toll Road in Operation

41.46 kmAdditional Operated Toll Road in 2019

• Medan-Kualanamu-Tebing Tinggi Section VII (9.26 km)• Gempol – Pandaan ( 1.6 km)• Pandaan – Malang Section 1-3 (30.6 km)

PT Jasa Marga (Persero) Tbk

60%

PT Astra Tol Nusantara

13% PT Citra Marga Nusaphala Persada

3%

PT Waskita Karya11%

PT Hutama Karya11%

PT Nusantara Infrastruktur

1%Others1%

Jasa Marga’sOperated Toll Road 60%

Financial Highlight

12

4.28 5.00

9M2018 9M2019

7.13 7.96

9M2018 9M2019

Total Liability to Total Equity Interest Bearing Debt to

Total EquityInterest Coverage Ratio

(ICR)

Rp Trillion

EBITDA Margin

EBITDA growth and solid capital structure during the business expansion.

EBITDARevenue

Rp Trillion

60.1%

62.9%

9M2018 9M2019

2.88x

2.96x

9M2018 9M2019

3.08x

3.23x

2018 9M2019

1.67x 1.58x

2018 9M2019

13

Jasa Marga’s Toll Road Network

The Company currently operates 1,041 km toll road which represents 60% market share in terms of the length of operated toll road(km).

Java Sea

Timor Sea

Strait of Malacca

Banda Sea

Indian Ocean

SULAWESI

PAPUA

KALIMANTAN

MALUKUSUMATRA

CENTRAL JAVA

▪ Semarang: 24.75 km

▪ Semarang-Solo: 72.64 km

▪ Solo-Ngawi: 90.1 km

▪ Ngawi-Kertosono: 87.02 km

▪ Semarang-Batang: 75 km

EAST JAVA

▪ Surabaya-Gempol: 49.00 km

▪ Gempol-Pandaan: 13.61 km

▪ Gempol-Pasuruan: 34.15 km

▪ Surabaya-Mojokerto: 36.27 km

▪ Pandaan-Malang: 37.62 km

NORTH SUMATERA

▪ Belmera: 42.70 km

▪ Medan-Kualanamu-Tebing Tinggi: 61.70 km

GREATER JAKARTA & WEST JAVA

▪ Jagorawi: 59.00 km

▪ Jakarta-Tangerang: 33.00 km

▪ Ulujami-Pondok Aren: 5.55 km

▪ Jakarta Inner Ring Road: 23.55 km

▪ Prof. Dr. Ir. Sedyatmo: 14.30 km

▪ Jakarta-Cikampek: 83.00 km

▪ JORR: 28.3 km

▪ Cikampek-Padalarang: 58.50 km

▪ Padaleunyi: 64.40 km

▪ Palikanci: 26.30 km

▪ JORR W2 North: 7.70 km

▪ Bogor Outer Ring Road: 11.00 km

▪ Cengkareng-Kunciran: 14.19 km

▪ Kunciran-Serpong: 11.19 km

▪ Cinere-Serpong: 10.14 km

▪ Jakarta-Cikampek II Elevated: 36.4 km

JAVA

BALI

BALI

▪ Nusa Dua-Ngurah Rai-Benoa: 10.00 km

EAST KALIMANTAN

▪ Balikpapan-Samarinda: 99.35 km

NORTH SULAWESI

▪ Manado-Bitung: 39.9 km

Java Sea

Timor Sea

Strait of Malacca

Banda Sea

Indian Ocean

SULAWESI

PAPUA

KALIMANTAN

MALUKUSUMATRA

CENTRAL JAVA

▪ Semarang: 24.8 km

▪ Semarang-Solo: 72.6 km

▪ Solo-Ngawi: 90.4 km

▪ Batang-Semarang: 75.0 km

EAST JAVA

▪ Ngawi-Kertosono-Kediri: 114.95 km

▪ Surabaya-Mojokerto: 36.3 km

▪ Surabaya-Gempol: 49.0 km

▪ Gempol-Pandaan: 13.6 km

▪ Gempol-Pasuruan: 34.2 km

▪ Pandaan-Malang: 37.6 km

▪ Probolinggo-Banyuwangi: 172.9 km

NORTH SUMATERA

▪ Belmera: 42.7 km

▪ Medan-Kualanamu-Tebing Tinggi: 61.7 km

GREATER JAKARTA & WEST JAVA

▪ Jagorawi: 59.0 km

▪ Jakarta-Tangerang: 33.0 km

▪ Ulujami-Pondok Aren: 5.56 km

▪ Jakarta Inner Ring Road: 23.6 km

▪ Prof. Dr. Ir. Sedyatmo: 14.3 km

▪ Jakarta-Cikampek: 83.0 km

▪ JORR: 28.3 km

▪ Cikampek-Padalarang: 58.5 km

▪ Padaleunyi: 64.4 km

▪ Palikanci: 26.3 km

▪ JORR W2 North: 7.7 km

▪ Bogor Ring Road: 11.0 km

▪ Cengkareng-Kunciran: 14.2 km

▪ Kunciran-Serpong: 11.2 km

▪ Cinere-Serpong: 10.1 km

▪ Jakarta-Cikampek II Elevated: 36.4 km

▪ Jakarta-Cikampek II Selatan: 64 km

JAVA

BALI

BALI

▪ Nusa Dua-Ngurah Rai-Benoa: 10.0 km

EAST KALIMANTAN

▪ Balikpapan-Samarinda: 99.4 km

NORTH SULAWESI

▪ Manado-Bitung: 39.9 km

Accumulation of Toll Road Operated (km) Accumulation of Concession Right (km): Fully Operated (22 projects)

: Partially Operated (3 projects)

: In land acquisition and construction (8 projects)

Legend

9871,260 1,497 1,527 1,527

2015 2016 2017 2018 2019 9M

590 593 6801,000 1,041

2015 2016 2017 2018 2019 9M

14

Bank Loan at Subsidiary

Level70%

Equity30%

Jasa Marga’s Toll Road Projects

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

Funding Structure

Historical Cash Capex

Rp Trillion

SectionConcession Period

(year)Length(km)

Jasa MargaOwnership

Old Concession

13 Old Concession 2044 512.10 100%

A. Fully Operated

1 Nusa Dua-Ngurah Rai-Benoa 2057 9.70 55.00%

2 JORR W2 North (part of JORR) 2044 7.67 65.00%

3 Surabaya-Mojokerto (part of Trans Java) 2049 36.27 55.51%

4 Solo-Ngawi (part of Trans Java) 2055 91.09 40.00%

5 Semarang-Solo (part of Trans Java) 2055 72.64 58.90%

6 Gempol-Pasuruan (part of Trans Java) 2058 34.15 99.35%

7 Batang-Semarang (part of Trans Java) 2061 75.00 40.00%

8 Medan-Kualanamu-Tebing Tinggi 2054 61,70 55.00%

9 Gempol-Pandaan 2049 13.61 40.00%

B. Partially Operated

10 Bogor Ring Road 2054 11.95 55.00%

11 Ngawi-Kertosono-Kediri (part of Trans Java) 2066 114.92 40.00%

12 Pandaan-Malang 2051 38.49 60.00%

C. In Land Acquisition and Construction

13 JORR2 (Cengkareng-Kunciran) 2052 14.19 76.20%

14 JORR2 (Kunciran-Serpong) 2052 11.14 60.00%

15 JORR2 (Serpong-Cinere) 2052 10.14 55.00%

16 Balikpapan-Samarinda 2055 98.89 63.00%

17 Manado-Bitung 2056 39.90 65.00%

18 Jakarta-Cikampek II Elevated 2061 36.40 80.00%

19 Jakarta-Cikampek II South 35 years from effective date 64.00 80.00%

20 Probolinggo-Banyuwangi 35 years from effective date 172.91 94.84%

TOTAL 1.527

4.01 6.02

11.38

15.48

6.64 8.99

2015 2016 2017 2018 9M2018 9M2019

15

Jasa Marga’s Upcoming Project: Greater Jakarta

Bogor Ring Road (11 km)(Section 3A Yasmin – Semplak)Progress Land Acquisition: 88.25%Progress Construction: 69.48%

Cengkareng – Kunciran (14.19 km)Progress Land Acquisition: 82.27%

Progress Construction: 63.87%

Kunciran – Serpong (11.19 km)Progress Land Acquisition: 100%

Progress Construction: 100%

Serpong – Cinere (10.14 km)Progress Land Acquisition: 84.63%

Progress Construction: 69.66%

Jakarta Cikampek II Elevated (36.40 km)Progress Land Acquisition: -Progress Construction: 98.68%

Partially Operated

In Land Acquisition and Construction

6 projects

*As of 25th October 2019

Jakarta-Cikampek II Selatan (64 km)Progress Land Acquisition: 31.60%Progress Construction: 3.91%

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

Pandaan – Malang (37.62 km)Progress Land Acquisition: 94.32%Progress Construction: 97.76%

SURABAYA

Partially Operated

In Land Acquisition and Construction

Java: 3 Projects

16

Probolinggo-Banyuwangi (172.91 km)Progress Land Acquisition: 0%Progress Construction: 0%

Jasa Marga’s Upcoming Project: Java

*As of 25th October 2019

JAKARTA

BANDUNG

KALIMANTAN

Outside Java: 2 Projects

Balikpapan-Samarinda (99.35 km)Progress Land Acquisition: 99.54%Progress Construction: 96.91%

SULAWESI

MALUKU

Manado-Bitung (39 km)Progress Land Acquisition: 84.82%Progress Construction: 52.06%

16

Appendix

17

Transaction Volume by Section(Million vehicle transactions)

*The impact of removal some toll gates due to changes of transaction system from closed system to open system 18

Toll Revenue by Branch/Subsidiary

Notes : (1) Deconsolidated since 1H2017(2) Deconsolidated since Q3 2018(3) Deconsolidated since 1H 2019

(Rp Billion)

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Financial Highlight: Balance Sheet (Rp Billion)

Consolidated Financial Statement

2015 2016 2017 2018 9M2019 ∆Rp ∆%

(Audited) (Audited) (Audited) (Audited)

Cash and Cash Equivalent 3.323 4.125 6.873 5.943 3.886 -2.057 -34,6%

Other Current Assets 406 8.840 12.114 5.871 7.737 1.866 31,8%

Non-Current Assets 32.996 40.535 60.206 70.605 82.650 12.046 17,1%

TOTAL ASSETS 36.725 53.500 79.193 82.419 94.273 11.855 14,4%

Current Liabilities 7.543 18.627 24.998 31.081 38.992 7.911 25,5%

Non-Current Liabilities 16.613 18.534 35.956 31.138 33.008 1.870 6,0%

TOTAL LIABILITIES 24.356 37.161 60.954 62.220 72.001 9.781 15,7%

Equity 12.369 16.339 18.359 20.170 22.272 2.102 10,4%

TOTAL LIABILITIES AND EQUITY 36.725 53.500 79.313 82.390 94.273 11.883 14,4%

Total Liability to Total Equity 1,97 2,27 3,32 3,08 3,23

Interest Bearing Debt 15.968,7 26.975,7 35.416 33.612 35.144 1.532 4,6%

Interest Bearing Debt to Equity 1,29 1,65 1,93 1,67 1,58

20

Financial Highlight: Income Statement(Rp Billion)

Consolidated Financial Statement

2015 2016 2017 2018 9M2018 9M2019 ∆Rp ∆% CAGR

(Audited) (Audited) (Audited) (Audited) (YoY) (YoY) (2015-2018)

Toll Revenue 7.121 7.927 8.281 9.036 6.636 7.360 724 10,9% 8%

Other Business Revenue 510 906 640 748 494 596 102 20,6% 14%

REVENUE 7.631 8.832 8.922 9.784 7.130 7.956 826 11,6% 8,6%

Toll and Other Operating Expenses (3.563) (4.023) (3.772) (4.053) (3.033) (3.254) (221) 7,3% 4%

General and Administrative Expenses (885) (949) (1.152) (1.325) (929) (942) (13) 1,4% 14%

Financial Income 218 203 284 317 382 292 (90) -23,5% 13%

Gain on Divestment - - 563 877 877 111 (765) -87,3% N/A

Other Expenses (30) (99) (363) (416) (380) (242) 138 -36,4% 141%

Tax expense of Financial Income 44 (41) (48) (46) (36) (41) (5) 14,2% -202%

Other Income 99 195 56 91 56 219 163 291,4% -3%

OPERATING INCOME 3.478 4.166 4.648 5.415 4.205,8 4.178 (28) -0,7% 16%

Operating Income Margin 46% 47% 52% 55% 59% 53% N/A -11,0% N/A

EBITDA 4.285 5.229 5.481 6.023 4.281,8 5.004 722 16,9% 12,0%

EBITDA Margin 56% 59% 61,43% 61,56% 60,05% 62,90% N/A 4,7% N/A

Finance Cost (1.405) (1.509) (1.269) (1.840) (1.487) (1.693) (206) 13,9% 9%

Share in Net Loss of Associates (4) (7) (129) (365) (215) (285) (70) 32,8% 339%

INCOME BEFORE TAX 2.068 2.650 3.250 3.210 2.504 2.199 (305) -12,2% 15,8%

Income Tax Expense (749) (847) (1.157) (1.173) (825,7) (784) 41 -5,0% 16%

NET INCOME 1.466 1.889,31 2.200 2.203 1.771,3 1.502 (269) -15,2% 14,5%

Net Income Margin 19,22% 21,39% 24,66% 22,51% 24,8% 18,88% N/A -24,0% 5%

ICR (Interest Coverage Ratio) 3,05 3,46 4,32 3,27 2,88 2,96 N/A N/A N/A

21

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The information and opinions contained in this presentation are intended solely for your personal reference and are strictlyconfidential. The information and opinions contained in this presentation have not been independently verified, and norepresentation or warranty, expressed or implied, is made as to, and no reliance should be placed on the fairness, accuracy,completeness or correctness of, the information or opinions contained herein. It is not the intention to provide, and you maynot rely on this presentation as providing, a complete or comprehensive analysis of the condition (financial or other),earnings, business affairs, business prospects, properties or results of operations of the company or its subsidiaries. Theinformation and opinions contained in this presentation are provided as at the date of this presentation and are subject tochange without notice. Neither the company (including any of its affiliates, advisors and representatives) nor theunderwriters (including any of their respective affiliates, advisors or representatives) shall have any responsibility or liabilitywhatsoever (in negligence or otherwise) for the accuracy or completeness of, or any errors or omissions in, any informationor 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 reflectthe company's current views with respect to future events and financial performance. These views are based on a numberof estimates and current assumptions which are subject to business, economic and competitive uncertainties andcontingencies as well as various risks and these may change over time and in many cases are outside the control of thecompany and its directors. No assurance can be given that future events will occur, that projections will be achieved, or thatthe company's assumptions are correct. Actual results may differ materially from those forecast and projected.

This presentation is not and does not constitute or form part of any offer, invitation or recommendation to purchase orsubscribe for any securities and no part of it shall form the basis of or be relied upon in connection with any contract,commitment or investment decision in relation thereto. This presentation may not be used or relied upon by any other party,or for any other purpose, and may not be reproduced, disseminated or quoted without the prior written consent of thecompany.

Any investment in any securities issued by the company or its affiliates should be made solely on the basis of the final offerdocument issued in respect of such securities.

22

Thank YouPT 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.idEmail. corporatefinance@jasamarga.co.id

www.jasamarga.com