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PT Garuda Indonesia (Persero) Tbk INDONESIA INVESTOR DAY 2012

Jakarta, 02 May 2012

1

Shareholder List & Share Performance – as of 31 March 2012

Number of

Investor % Number of Shares %

Domestic

Government of Indonesia 1 0.01% 15,653,128,000 69.14%

Angkasa Pura I 1 0.01% 248,496,000 1.10%

Angkasa Pura II 1 0.01% 403,634,000 1.78%

Retail 8,304 63.03% 1,413,100,500 6.24%

Employee 4,514 34.26% 100,040,275 0.44%

Cooperative 3 0.02% 86,000 0.00%

Foundation 7 0.05% 8,316,500 0.04%

Pension Fund 68 0.52% 234,393,000 1.04%

Insurance 22 0.17% 244,186,500 1.08%

Perseroan terbatas (PT) 95 0.72% 3,151,862,225 13.92%

Reksadana 17 0.13% 53,291,000 0.24%

Total Domestic 13,033 98.92% 21,510,534,000 95.01%

International

Retail 41 0.31% 3,488,500 0.02%

Instutional 101 0.77% 1,126,973,500 4.98%

Total International 142 1.08% 1,130,462,000 4.99%

TOTAL 13,175 100.00% 22,640,996,000 100.00%

98.3%

97.9%

91.2%

89.2%

88.9%

87.6%

87.5%

87.2%

87.1%

85.1%

82.5%

82.2%

1.7%

2.1%

8.8%

10.8%

11.1%

12.4%

12.5%

12.8%

12.9%

14.9%

17.5%

17.8%

50% 60% 70% 80% 90% 100%

Apr 11

May 11

Jun 11

Jul 11

Aug 11

Sep 11

Oct 11

Nov 11

Des 11

Jan 12

Feb 12

Mar 12 Domestic Investors Foreign Investors

Domestic vs Foreign Investor (based on free-floating shares)

2

Contents

1. Company Overview

2. Airlines Industry Overview

3. Restructuring and Transformation 2006-2015

4. Operational & Financial Indicator

5. Subsidiaries

3

Contents

1. Company Overview




5. Subsidiaries

4

Emirsyah Satar

President & CEO

Board of Director PT Garuda Indonesia (PERSERO) Tbk.

Handrito Hardjono

EVP Finance

Faik Fahmi

EVP Services

Elisa Lumbantoruan

EVP Marketing & Sales

Heriyanto Agung Putra

EVP Human Capital & Corporate Affair

Batara Silaban

EVP maintenance & Fleet Management

Judi Rifajantoro

EVP Strategy, Business Development & Risk Management

Novijanto Herupratomo

EVP Operation

5

Garuda Indonesia Group

Vision: A strong distinguished airline through providing quality services to serve people and goods around the world with Indonesian Hospitality

Mission: The flag carrrier of Indonesia that promotes Indonesia to the world, supporting national economic development by delivering professional air travel services

Value: Corporate value called “FLY-HI” consisting of :

EFficient & Effective,

Loyalty,

Customer CentricitY,

Honesty & Opennes

Integrity

Goal: In line with the corporate vision, our corporate goal is to be a leading airline with a comparable reputation to other world class airlines and aim to create a continously growing and expanding company with sustainable profits.

6

Company’s Vision :

1. A strong distinguished airline; it denotes that Garuda Indonesia must become a gainful company, with a better operating profit margin than the average industry. Becoming a distinguished airline also signifies that Garuda Indonesia must own a good reputation, highly regarded and respected. To gain the reputation, Garuda Indonesia's safety and quality record must be impressive.

2. Quality services; which implies that providing pleasant services is a natural character at Garuda Indonesia. To actualize it Garuda Indonesia must achieve 5 stars in the Skytrax rating.

3. To serve People and Goods around the World ; this is mirrored from the route coverage served by Garuda Indonesia. Whether flying on its own as well as through alliances with other airlines, Garuda Indonesia's route coverage must reach out to the five continents

A strong distinguished airline, providing quality services, to serve people & goods around the world with Indonesian hospitality

7

Garuda Indonesia Group

IT Services

Aero

Systems

Hospitality

and Tourism

Aerowisata

Global

Distribution

Systems

Abacus

Ground

Handling

Gapura

Angkasa

MRO

Services

GMF

AeroAsia

Key Subsidiaries & Associated Companies

Garuda Indonesia (Main brand)

Cargo Citilink (LCC)

Domestic

International

Feeder/Sub-100

Hajj / Charter

83%

8%

9%

Ops Revenue Contribution 2011

Scheduled Airlines Non-scheduled Airlines Others

8

Shanghai

Kuala Lumpur

Beijing

Tokyo

Osaka

Guangzhou

Hong Kong Bangkok

Nagoya

singapore

Jakarta

Seoul

Dubai Jeddah

Melbourne

Denpasar

Amsterdam

Makassar

Perth

Sydney

87 Aircraft

6.5 yrs Fleet Age

17.1 million

Passengers $3 billion

Revenue

18%

Ops Revenue CAGR 2007-11

18%

EBITDAR Margin

229k tonnes

Cargo

Garuda Indonesia at a Glance - 2011

Banda Aceh

Medan

Pekanbaru Batam Pontianak

Balikpapan

Banjarmasin

Padang

Palembang

Jakarta

Denpasar

Semarang

Biak

Manado

Surabaya Solo

Yogyakarta

Palangkaraya

Ujung Pandang Timika

Jayapura

Ambon

Mataram

Jambi

Tjg.Karang

Pgk.Pinang

Kendari

Palu

Ternate

Kupang Malang

Gorontalo

17

International Destinations

31

Domestic Destinations

Note: Map not drawn to scale Figures are as per Dec 2011-unaudit

9

Flying High

Q

Q

Q

Q

Q

Q

Q

Q

Q

Q

2005 2006 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E

1956

First Haji pilgrims flight

to Mecca

1976

First deliveries of DC-10,

the first wide-body aircraft

1973

First subsidiary “AWS”

added to the Group

1949

Established in 1949 with first

aircraft, Dakota DC-3

1990s

Garuda Indonesia is ranked

among the top 30 carriers

in the world 2010

Completed debt

restructuring

Achieved 4 star

Skytrack rating

Awarded CAPA

Airline Turnaround

of the Year

2005

New

management

takes over and

begins

transformation

2007

Profitability

improves under

new management

with a

US$17 million

net income

2009

Received “Best Debt

Restructuring Deal of

the Year 2009 in

South East Asia” (1)

EU removed Garuda

from its list of

banned airlines

Avg. Age

Fleet Size 49 48 54 70 89 128 163 87 194 105

Number of Passengers

(millions)

Avg.

Age

PAX

2011

IPO completion

UPG as 3rd

hub

Citilink Brand

refresh

25+25 A320

contract for

Citilink

1985

New Corporate Identity

1995

Subsidiary “Abacus DSI”

added to the Group

2002

Subsidiary “GMF-AA” added

to the Group

11.5 10.9

11.9 10.2

8.1 6.5

10

Contents

1. Company Overview




5. Subsidiaries

11

• Growth in passenger and freight markets in the past has largely been driven by

broader trends in GDP growth and world trade flows. Passenger traffic has grown

at around 1.5-2 times the rate of GDP growth.

• Freight has generally grown at a similar rate to world trade, although in recent

years a shift in market share to surface transport has meant that air freight

traffic growth has been slower than trade growth.

Source: ICAO, IATA, EIU

GD

P

RP

K

Airline demand is driven by GDP growth

12

In 2009, Asia-Pacific overtook North America to become the largest air travel market

with 647 million passengers and is expected to grow more rapidly than that of the rest

of the world, with an average annual growth rate of 6% between 2009 and 2028.

Source: Airbus, Global Market Forecast, 2009

% of 2028 world RPKs: 20%

0 1,000 2,000 3,000 4,000

AsPac

Europe

North America

Middle East

Latin America

CIS

Africa

RPKs(1) (bn)

2008 traffic 2009 - 2028 growth

% of 2028 world RPKs: 26% % of 2028 world RPKs: 4%

% of 2028 world RPKs: 6% % of 2028 world RPKs: 8% % of 2028 world RPKs: 33%

% of 2028 world RPKs: 3%

CIS

2009-2018 2019-2028 20-year growth

6.2% 5.6% 5.9%

Asia Pacific

2009-2018 2019-2028 20-year growth

6.6% 5.5% 6.0%

Africa

2009-2018 2019-2028 20-year growth

5.4% 5.1% 5.2%

Latin America

2009-2018 2019-2028 20-year growth

5.9% 5.6% 5.8%

Middle East

2009-2018 2019-2028 20-year growth

7.6% 6.3% 6.9%

North America

2009-2018 2019-2028 20-year growth

1.9% 2.9% 2.4%

Europe

2009-2018 2019-2028 20-year growth

4.0% 4.7% 4.3%

World

2009-2018 2019-2028 20-year growth

4.6% 4.8% 4.7%

Asia Pacific to lead the traffic growth

13

Indonesia: GDP per capita

Most populous country in the South East Asia (4th largest in the world) with people distributed across a number of medium - large cities and high density provinces

Largest archipelago in the world lending greater importance to air travel; potential for taking market-share from land / sea travel

High growth economy with GDP per capita showing a growth of 12.5% in the period 2000 – 2009

Most populated cities in the region

Source: IMF, World Economic Outlook (WEO), 2010

Medan 2.0 million

Kuala Lumpur 1.6 million

Petaling 1.5 million

Jakarta & surrounding area 12.0 million

Singapore 4.6 million

Manila 1.7 million

Surabaya 2.6 million

Ujung Pandang 1.2 million

Indonesia : Unique opportunity within Asia

Sources: company prospectus

14

Indonesia is made up of 17,000 islands It is the largest archipelago in the world, stretching for

more than 5,000 km, a distance greather than Los Angeles to New York Some are of considerable land mass Around two-third of Garuda pax are carried on journeys

over water

There are 220 airports in Indonesia, of which A minimum of 37 airports are suitable for B737/A320

aircraft

Domestic Landscape

15

Market Size (mio)

23.8m 28.8m

34.0m 39.2m 37.4m 43.8m

51.6m 60.0m

66.2m

73.7m

82.0m

90.6m

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Budget Traveler Premium GA Pax

Indonesia Domestic Market

• Domestic market in 2011 increased by 17%. Garuda projects market growth of 11% CAGR (2011 – 2015), the upturn periods.

• GA domestic market share will increase from 22.8% in 2011 to 34.4% in 2015 Note: GA Pax, S-100 seater & Alliance

Sources : Dephub, PT. AP I & II, Garuda Forecast

15

16

• Traffic growth of International market increased by 14% in 2011. Projected CAGR traffic growth is 9% from 2011 - 2015

• Projected GA international market share in 2011 is 14.3% and estimated to be increased to 25.9% in 2015 Note: GA Pax, S-100 seater & Alliance

Sources : IATA, PT. AP, PATA, Garuda Forecast

16

Indonesia : International Market

Market Size (mio)

13.7% 11.7%

27.8%

35.7%

31.8%

10.7m 11.0m 11.3m 13.2m

14.8m 16.2m

19.0m 21.7m

23.5m 25.8m

27.9m

30.0m

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Business Leisure GA Pax

17

Contents

1. Company Overview




5. Subsidiaries

18

Restructuring and Transformation 1st Journey

2010+ IPO, Quantum Leap

Sustainable Growth

2008

Start of privatization process

Improvement in product and service

2009

Competitiveness and expansion to domestic/regional

Launched “Garuda experience”

Profit and traffic grew through the global recession

2006 Consolidation 2007 Rehabilitation

Cost efficiency/revenue improvement

Reduce negative cash flow

Rearranged routes

Capital injection approved by government

Ongoing debt restructuring

Product and service enhancement

Cost efficiency/revenue improvement

Positive cash flow/strengthen capital base

Introduce voluntary retirement scheme

US$2.0 billion Revenue

US$114 million Net Income

2009

Quantum Leap: Increasing revenue and margins driven by rejuvenating main brand fleet and

growth of Citilink

2011 and beyond



2008



2010

19

Restructuring and Transformation

Milestone – Quantum Leap 2011 2015

• ASK/Employe 6.80 mio • Best Cabin Crew

• Cengkareng dedicated terminal • Garuda Sub-100 Seater

• Initial Public Offering (IPO) • Citilink Revitalization

• SkyTrax 5 Star • Denpasar Dedicated Terminal • Fly to All Province Capital • First Flight to USA

• Fleet 194 Aircraft • Dedicated Aircraft for Hajj

2nd Journey

20

Aiming to complete the 2nd journey in 2015

2005 Growth 2011 Growth 2015

Number of Aircraft 57 56% 87 123% 194

Average age (yr) 11.2 -28% 6.5 -59% <6

ASK/employee (000) 3,761 5% 4,909 67% 8,210

Passenger Carried 9.3 mio 34% 17.1 mio 165% 45.4 mio

Frequency/week 765 59% 3,165 159% 8,198

Skytrax Rating 3 star + 4 star + 5 star

Domestic

Grow and dominate

full-service

International

Enormous upside

potential

2

Fleet

Expand, simplify and

rejuvenate Fleet

4

Brand

Stronger brand, better

product and services

5

LCC

Citilink to address the

LCC Opportunity

3 Human Capital

Right quality and

right quantity

7

Cost Discipline

Efficient in cost structure compared to

peers

6

Quantum Leap – 7 Strategies to Drive Growth

Management focuses on implementing the “Quantum Leap” with 7 main strategies to expand and dominate the Indonesian aviation market.

1

Contents

1. Company Overview




5. Subsidiaries

Competition on routes which GA flown Domestic Traffic GA growth by 37.9% YoY

International Traffic GA growth by 29.2 %

Sumber: Perusahaan (data trafik keluar/masuk bandara CGK,DPS,SUB,UPG, tidak termasuk Citilink

21.9% 23.5%

25.8% 24.5%

26.1% 28.8% 29.3% 28.6%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

-

4,000,000

8,000,000

12,000,000

16,000,000

Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-110 Q4-11

Dom Total GA Total Market Share

27.7 30.3

8.7 12.0

Jan-Des 2010 Jan-Des 2011

Other Airlines DOM GA

17.8% 19.7% 20.1%

21.0% 22.2% 22.8% 22.7% 23.5%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

0

1,000,000

2,000,000

3,000,000

4,000,000

Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-110 Q4-11

Intl Total GA Total Market Share

9.7 10.5

2.4 3.1

Jan-Des 2010 Jan-Des 2011

Other Airlines INTL GA

9.4%

16.2%

37.9%

12.4%

29.2%

8.2%

13.6 12.1

42.3

36.4

Higher aircraft utilization Flight frequency increased

Seat Load Factor improved Passenger carried increased

Operational Reliability improved

9:23

10:40

10:04

10:41

2010 2011 1Q-2011 1Q-2012

102,724

130,043

28,952 35,817

2010 2011 1Q-2011 1Q-2012

71.7%

75.2%

71.7% 72.8%

2010 2011 1Q-2011 1Q-2012

12,534

17,073

3,677 4,608

2010 2011 1Q-2011 1Q-2012

+ 01:17 + 00:39 + 26.6% 23.7%

+ 36.2% + 25.3% + 3.5 bp + 1.1 bp

Fleet Expansion Plan 2012-2015

81 78 85 98 123

144 8 9

20 30

40

50

2010 2011 2012 2013 2014 2015

GA CT

Fleet Renewal bring significant

cost saving:

• Lower fuel costs

• Lower maintenance costs

• Lower operating costs

• Higher aircraft utilisation

rates

194

163

128 105

87 89

8.1 6.5

5.8

< 6

Operating Revenue (in USD Mio)

Maintaining Growth Momentum

Passenger Revenue (in USD Mio)

2.3 2.4 2.3 2.7 3.20 0.7 0.8

7.4 7.7 8.6 9.9

13.8

3.0 3.8

2007 2008 2009 2010 2011 1Q-2011 1Q-2012

Domestic International

Number of Passengers (in Mio)

1,574

2,168 2,001

2,173

3,088

583 717

2007 2008 2009 2010 2011 1Q-2011 1Q-2012

9.7 10.1 10.9 12.6

17.0

3.7 4.6

Highlights

Strong revenue growth continues, with higher YoY growth compares to CAGR growth Number of passengers also increase at higher rate in 1Q 12, compares to 2007-11 CAGR Increasing contribution from passenger services as main business

1,072 1,484 1,210

1,595 2,362

469 598

68% 68%

60%

73% 78% 80%

84%

0%

30%

60%

90%

-

1,000

2,000

3,000

4,000

5,000

2007 2008 2009 2010 2011 1Q-2011 1Q-2012

Passenger Revenue % to Total Revenue

While focus on Cost Efficiency

Historical Financial Indicator (in U$c) Highlights

• During 1Q 12, passenger yield increased by 9.55%, while at the same time CASK only increase by 5.03% and CASK excluding fuel only increase by 1.53%.

• In broader time frame, any increase in CASK had been adjusted to passenger yield, shows that any increase in cost would be pass right away to customers.

7.4

9.5

7.5

8.6

9.6

8.6 9.4

6.0

7.8

6.2

7.0

7.8 7.6 7.9

3.8 4.4 4.3 4.5

4.6 4.6 4.7

2007 2008 2009 2010 2011 1Q-2011 1Q-2012

Pax Yield CASK CASK - ex. Fuel

0.57 0.66 0.90 0.51 0.83 0.92 0.86 Jet Fuel

(USD/Liter)

Income Statement Summary Consolidated

In USD Mio 1Q-2011 1Q-2012 ∆ % YoY

Passenger 469.11 597.98 27.47

Cargo 38.38 44.82 16.78

Others 75.81 74.65 -1.53

Total 583.30 717.45 23.00

Fuel 219.06 280.52 28.06

Non Fuel 394.68 443.76 15.30

Total 613.74 724.28 19.85

Operating Profit/Loss

-30.43 -6.83 -22.91

Profit/Loss Current Period

-19.08 -10.67 -78.88

Comprehensive Income/Loss

-19.34 4.90 N/A

Op

era

tin

g R

eve

nu

e

Op

era

tin

g Ex

pe

nse

s

In

com

e

Business Economy Overall

ASK + 14.5% +16.8% +16.5%

Passenger Revenue

+ 33.0% + 29.1% +29.6%

RASK + 16.1% +10.6% +13.7%

•Focus on high-end customer which is give higher revenue contribution •Increase overall passenger yield by 9.6%

Balance Sheet Summary Consolidated

31 Dec 2011 31 Mar 2012 ∆ % YoY

Current Assets 773.25 676.28 -12.54%

Non Curents Assets 1,357.54 1,458.91 7.47%

Total Assets 2,130.79 2,135.19 0.21%

Current Liabilities 644.42 685.27 6.34%

Non Curent Liabilities 562.32 535.64 -4.74%

Total Liabilities 1,206.74 1,220.91 1.18%

Total Equities 924.05 914.28 -1.06%

Total Liabilities & Equities 2,130.79 2,135.19 0.21%

Asset

Liabilities

Equities

EBITDAR (USD Mio)

Financial Indicator

Lease Adjusted Net Debt/EBITDAR

274

381 425

387

539

81

142

2007 2008 2009 2010 2011 1Q-2011 1Q-2012

3.10

2.50

3.30

4.70

4.00 4.30 4.22

2007 2008 2009 2010 2011 1Q-2011 1Q-2012

Contents

1. Company Overview




5. Subsidiaries

Indonesian MRO Business Opportunity

Richard Budihadianto

President & CEO PT. GMF AeroAsia

Indonesia Investor Day

Jakarta, 2 Mei 2012

Global MRO Value

Source : Team SAI Consulting Services 2011

20,203

28,591

0

5000

10000

15000

20000

25000

30000

2010 2020

# o

f A

ircr

aft

Fleet growth forecast 2011-2021

3.5%

CAGR

• Long term fleet growth still looks solid.

• Fleet growth forecast at 3.5% CAGR to 28,591 in 10 years.

•Global growth is expected to maintain a 3.9% CAGR through 2021

•$46.9B industry will grow to $69.0B over 10-year forecast period – 2011 up 10.8% from 2010

•Engine remains largest segment with the highest growth rate

2011 2021

$8.7 $9.9 $12.4

$21.6 $27.1

$32.6 $8.6

$10.1

$12.5

$8.0

$9.3

$11.5

$0.0

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

$80.0

2011 2016 2021

Global MRO Forecast 2011 ($B)

HMV & Mod Engines Component Line

$56,4

$69,0

$46.9

Indonesian MRO Value

I/H

O/S

MRO Domestic Market (US$ Mio)

850 > 2,000

50-60%

30-40%

I/H : In-house maintenance O/S: Outsourcing maintenance Source: GMF, and others

2016 2011

High domestic passenger growth 15-20% Number of commercial aircraft operation and on-order

increase tremendously from 304 (2011) to be 480 (2016) ‘Huge’ MRO domestic market > 2 Bio USD by 2016 Most of the maintenance works are outsourced/farmed

out

# of Commercial Aircraft ( > 100 Seater)

Order

304 326

358 405

450 480

376

0

100

200

300

400

500

600

2011 2012 2013 2014 2015 2016

0

20

40

60

80

100

120

140

160 # of Passenger

projection

GMF’s Profile

Line Maintenance

Engine

Component

Airframe

Engineering

IGTE

DGCA Indonesia

FAA USA

EASA Europe

+ 19 from other

countries

Approval Product Portfolio

Our Customers around the world covering 5 continents, more than 40 countries

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36

53,000 Meal uplift/day

72.9% Occupancy rate

103,325 Pax tour

196,543 Pax ticket

1,254 Vehicle 72% Bus utilization

5.7 ritase/day

IDR 2.01 T Revenue

17% Revenue CAGR

2007-2011

9% EBITDAR Margin

Aerowisata at a Glance - 2011

Existing AWS Office

New AWS Office

38

Division Business Remark

Food Services Industrial Oil, mining, & gas; Hospital

Inflight Domestic & International Airlines (incl. Charter flight)

Hotels & Resorts Services

Owned Hotel Sanur Beach Hotel, Senggigi Beach Hotel, Grand Hotel Preanger (4-5 ) Aerotel Irian Biak, Hotel Widodaren Surabaya (3 )

Managed Hotel Kawanua Aerotel Jakarta, Alam Puri Villa Penatih, Bali, Alam Ubud Villa, Bali, Baji Gau Guest House, Grand Artos Magelang, Aerotel Salesa Batam, Aerotel Smile Makasar, Aerotel Jogya, dan Aerotel Bandung

Travel & Leisure Services

Aerotravel Travel Agent (JKT, BDO, SUB, BPN, DPS, AMI) AeroMICE, Aerohajj

Garuda Indonesia Holidays (GIH)

Wholesaler in Indonesia

Garuda Orient Holidays (GOH)

Wholesaler (Australia & New Zealand, Japan, Korea, China, Hongkong)

Aero Jasa Perkasa General Sales Agent (Foreign Airlines)

Sales Outlet Management Banten, Depok, PIM, Puri, Pluit, SPBU Kuningan

Aero Express Cargo services

Transportation Services

Tourism transportation Individual & Group tourism

Industrial / Corporate transportation

Oil, mining, & gas; Government Institution; Airlines

Aerowisata Business Group

39

39