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1
 Table of Contents

Jasa Marga in Brief 3

Predictable & Disciplined Assets Growth 17

Enhance Financial Cost Efficiency 25

Jasa Marga: Premiere Toll Road Operator & Investor 29

Jasa Marga’s New Projects 37

Forward Looking 2016 52

Photos 55

2
Jasa Marga in Brief

3
 Company Background

§  Established in 1978 as the sole toll road company in

Indonesia which was authorized to develop and operate
toll roads in Indonesia.
§  Private toll road investment had to be authorized by Jasa
Marga on behalf of the Government.
§  Under the new Road Law (Law No. 38/2004) Jasa Marga
is no longer the sole company granted by the
Government, hence the private toll road investor has to
deal directly with the Government.

4
 Vision and Mission

Based on Decision of the Directors No. 50/KPTS/2013 dated 01

March 2013 on the Vision, Mission and Corporate Values.

2017 Vision
§  To become a leading company in the development and
operation of toll roads in Indonesia.

2022 Vision
§  To become one of the leading companies in Indonesia.

Mission
§  Accelerating Toll Road Development.
§  Providing Efficient and Reliable Toll Roads.
§  Enhancing the Efficiency in the Distribution of Goods and
Services.
5
 Regulatory Framework

Current regulatory structure

§  Jasa Marga has flexibility to invest in prospective toll road.
§  Encourage more private participation in toll roads business – no limit on
foreign ownership.
§  Competitive bidding environment with strict financial closure requirements on
winners.
Government
of Indonesia
(“GOI”)

Ministry of Public
Ministry of State- Works (“MPW”)
Minister of
Owned Enterprises
Public Works
(“MSOE”)

70%
Ownership Directorate General Road Network
Granting & Indonesian Toll Road
Supervising Toll Authority of Planning & Setting
Road concessions (“BPJT”) Highways of Technical
Specifications
Concession
Concession Agreement Agreement
30%
Ownership
Public Private Toll Road Investors
Since 12 Private Toll Road Investors
Nov 2007 Private Toll Road Investors

6
 Improved Regulations

Tariff Land Acquisition

•  Initial toll tariff is calculated based on •  Land acquisition is Government’s
investment feasibility, toll road user’s responsibility, is undertaken by Land
ability to pay and vehicle operating National Agency
cost saving. Investment feasibility is •  Price is determined by independent
calculated based on estimated appraiser based on fair market price.
investment cost and projected
r e v e n u e d u r i n g t e r m o f t h e •  For some projects, Government takes
over the land cost.
concession.
•  Initial toll tariff is stipulated in
concession agreement prior to start of
construction.
•  Tariff adjustment is regulated by law,
is calculated based on CPI and is
adjusted once every two years.
•  Initial toll tariff setup and subsequent
adjustment is decided by Minister of
Public Works decree.
7 7
 The Substantiated Revolving Fund & Land Capping Program

Bogor Outer Ring Road Note: Graph is not developed in the original scale
Estimated

Cost = Rp 57.5 billion (based on Concession Agreement)

Rp 5.7 billion (10% of the estimated initial cost - land capping)

Cost = Rp 126.9 billion

Realization

Revolving + land capping

Part of Government’s responsibility
Investor’s responsibility = Rp 63.2 billion, paid after land
is 100% acquired and handed over to investor

Semarang-Ungaran Note: Graph is not developed in the original scale

Estimated

Cost = Rp 225 billion (based on Concession Agreement)

Rp 22.5 billion (10% of the estimated initial cost - land capping)

Cost = Rp 278.5 billion

Realization

Revolving + land capping

Part of Government’s responsibility
Investor’s responsibility = Rp 247.5 billion, paid after
land is 100% acquired and handed over to investor

8
 Stages of Land Acquisition (Based on UU No. 2/2012)

The new land acquisition law carries the following main points:
•  Fair price is determined through independent appraisal.
•  Land owner may choose to reject through court, yet court has to decide in 30 days (final).
•  After transaction process (normal) or by court verdict, project can commence.
•  Re-settlement is also an option.
•  The Government should carry out socialization far in advance (transparent).
•  BPN (National Land Agency) is the only body responsible for land acquisition for public interests.

9
 Proven Track Record in Indonesian Toll Road
Business
Leading toll road operator in Indonesia with 37 years of experience.
Start
1978 1983 1984 1986 1987 1988 1990 1991 1998 2001 2003 2009 2011 2013 2014 2015
Operation

BORR
Jagorawi Surabaya- Padaleunyi Cipularang JORR W2 North (Section 2 & 3)(2)
Palikanci
Gempol (4) (Section 1-4)(2)
Jakarta-
Semarang Ulujami-Pondok Bogor Outer
Cikampek Ring Road Gempol-Pasuruan(2)
Belmera Aren
BORR Semarang-Solo
Jakarta Outer
(Section 1)(2) (Section 2)(2) Semarang-Solo(2)
Ring Road
Jakarta-Tangerang Gempol-
(JORR)
Surabaya-Mojokerto Pandaan(2)
Prof. Dr. Ir. (Section 1A)(2) BORR Cengkareng-Kunciran(2)
Sedyatmo Jakarta Inner (Section 2A)
Toll Road Ring Road (2)

Concessions (JIRR) (1) Kunciran-Serpong(2)

Semarang-Solo
(Section 1)(2)
Nusa Dua-Ngurah Surabaya-Mojokerto (2)

Rai-Benoa(2)

Medan-Kualanamu-Tebing Tinggi(2)

Solo-Ngawi(2)

Ngawi-Kertosono(2)

Cinere-Serpong(2)
Number of 1 2 4 6 7 8 9 10 11 12 13 14 16 17 18 19 26
Concessions
Total Length (km)
under
Corresponding 59 84 131 223 246 329 394 437 463 469 527 531 544 554 576 590 986.81
Concessions(3)
Note: (1) Jakarta Inner Ring Road (JIRR) is comprised of the Cawang-Tomang-Pluit concession granted to Jasa Marga and Cawang-Tanjung Priok-Pluit concession granted to CMNP.
(2) Jasa Marga’s newly acquired toll road concessions.
(3) The cumulative length of road represents the current total road length that corresponds to key toll road concessions in this table, not to the year where the concession started.
(4) Porong-Gempol Section (5 km) within Surabaya-Gempol Toll Road has officially been closed due to force majeure (mud) since 2006. 10
 The Largest Toll Road Operator in Indonesia

Leading toll road operator in Indonesia with 37 years of experience.

§  Manages and operates 590 km of toll roads in Indonesia – 63% share.
§  Urban concentration in Jakarta metropolitan area – some of Indonesia’s busiest toll roads.
§  Regional concentration in Java and Sumatera – most populated islands in Indonesia.
Strait of :Operated before 2004 : 13 new projects on
Malacca NORTH SUMATERA
the pipeline,
§  Belmera: 42.70 km
operating in stage
§  Medan-Kualanamu-Tebing Tinggi: 61.70 km
since 2009.
GREATER JAKARTA & WEST JAVA MALUKU
SUMATRA
§  Jagorawi: 59.00 km
§  Jakarta-Tangerang: 33.00 km
§  Ulujami-Pondok Aren: 5.55 km SULAWESI

§  Jakarta Inner Ring Road: 23.55 km KALIMANTAN

§  Prof. Dr. Ir. Sedyatmo: 14.30 km PAPUA

§  Jakarta-Cikampek: 83.00 km Java Sea

§  JORR: 43.10 km Banda Sea
EAST JAVA
§  Cikampek-Padalarang: 58.50 km
§  Padalarang-Cileunyi: 64.40 km JAVA §  Surabaya-Gempol: 49.00 km
BALI §  Gempol-Pasuruan: 34.15 km
§  Palikanci: 26.30 km Timor Sea
§  Bogor Outer Ring Road: 11.00 km
§  Surabaya-Mojokerto: 36.27 km
CENTRAL JAVA
Indian Ocean §  Gempol-Pandaan: 13.61 km
§  Cengkareng-Kunciran: 14.19 km §  Semarang: 24.75 km
§  Kunciran-Serpong: 11.19 km §  Semarang-Solo: 72.64 km
§  JORR W2 North: 7.70 km §  Solo-Ngawi: 90.1 km BALI
§  Cinere-Serpong: 10.24 km §  Ngawi-Kertosono: 87.02 km §  Nusa Dua-Ngurah Rai-Benoa: 10.00 km

Greater Jakarta: 275 km (47%) Non-Greater Jakarta: 315 km (53%)

11
 Asian Longest Toll Road Concessions
§  Granted all 13 concessions for operating toll roads for a 40-year period in 2005(1).
§  Executed 45-year concessions for 3 new toll roads in 2006 (Bogor Outer Ring Road, Semarang-
Solo and Gempol-Pasuruan); 35-year concessions for 2 new toll roads in 2008 and 2009
(Cengkareng-Kunciran and Kunciran Serpong); 42-year concessions for 1 acquired toll roads in
2009 (Surabaya-Mojokerto) and 37-year concessions in 2011 (Gempol-Pandaan); 45-year
concessions for 1 new toll road in 2011 (Nusa Dua-Ngurah Rai-Benoa); 40-year concessions for 1
new toll road in 2014 (Medan-Kualanamu-Tebing Tinggi) and 35-year concessions for 3 acquired toll
roads in 2015 (Solo-Ngawi, Ngawi-Kertosono and Cinere-Serpong).

12
Note: (1) Excluding JORR Section S Concession years exhausted Concession years remaining
12
 Market Leader with High Quality Assets

Jasa Marga operates most of the busiest toll roads in Indonesia.

Average Daily Traffic Volume Transaction* (December 2015)

‘000 cars per day

(80%) Toll roads operated by Jasa Marga

Toll roads operated by others

Notes(*):
(1)  Average daily traffic volume is calculated by dividing traffic volume by 365 days.
(2)  All data are based on traffic volume until 31 December 2015.
(3)  When not available, data on other companies are based on the closest estimation of available data.

13
 Ownership and Management of the “Jewels” of Indonesian
Toll Road Sections

Greater Jakarta
Toll Road Network

Integrated toll road network

in and around Greater
Jakarta.

14
Toll Road Network in Java Island

15
 Jasa Marga and Subsidiaries

Jasa Marga has 13 Toll Road Business Subsidiaries and 4 Non-toll Road
Business Subsidiries
 

Public  
The  Republic  of  Indonesia  
30%  
70%  

PT  Jalantol  
Lingkarluar   PT  Jasamarga   PT  Marga  Sarana   PT  Marga  Kunciran   PT  Jasamarga   PT  Jasamarga   PT  Solo  Ngawi   PT  Jasa  Layanan   PT  Jasa  Layanan  
Jakarta   Pandaan  Tol   Jabar   Cengkareng   Bali  Tol   Kualanamu  Tol   Jaya   Pemeliharaan   Operasi  
99%   90.71  %   55.00%   76.20%   55%   55%   59.99%   99.49%   99.90%  

PT  Trans  Marga   PT  Trans  Marga   PT  Marga  Trans   PT  Marga  Lingkar   PT  Marga   PT  Ngawi   PT  Cinere   PT  Jasa  Marga  
Jatim  Pasuruan   Jateng   Nusantara   Jakarta   Nujyasumo  Agung   Kertosono  Jaya   Serpong  Jaya   Properti  
98.09  %   73.91%   60%   65%   55%   59.99%   55%   99.48%  

16
Predictable & Disciplined
Assets Growth
17
 Resilient Industry: Insensitive Traffic Volume

Fluctuating car sales growth in Indonesia has minimal impact to our traffic volume,
however increase in car sales will contribute to higher traffic volumes in the long
run.

Car Sales Traffic on Jasa Marga’s Toll Roads

(thousand) (million)

Direct impact of
Direct impact fuel price hike (1)
of economic
crisis

Source: GAIKINDO (2) Source: Jasa Marga

Note:
(1)  Fuel price increased significantly in October 2005 but the full impact in car sales was only felt in 2006.
(2)  Gabungan Industri Kendaraan Bermotor Indonesia (The Association of Indonesian Automotive Industries).

18
 Sustainable Growth in Daily Traffic Volume and Revenue

Increase in average daily traffic volume supported by scheduled tariff adjustments

lead to a constant increase in average daily revenue.

Increasing Average Daily Traffic Increasing Average Daily Revenue

Scheduled
tariff
adjustments

19
Interconnected Toll Roads

Jakarta-Cikampek Traffic Volume

(million vehicles)

Jakarta-Cikampek (83 km)

Milestone Description
Cikunir
2004Junction,
connecting JORR & Jakarta-
Cikampek Toll Roads, starts to operate in Aug 2007

§  The interconnection between existing and younger toll roads

boosts traffic volume on existing sections.
§  After 20 years in operation since 1988, Jakarta-Cikampek Toll
Road experience a significant increase in traffic volume as it is
connected to JORR with the operation of Cikunir Junction.
20
 Managing EBITDA Growth During High Expansive Period

On the expansive period, Company is able to manage the EBITDA Growth.

Total Asset Growth Toll Road Investment Growth EBITDA Growth

(Rp trillion) (Rp trillion) (Rp trillion)

21
 Managing Interest Expenses During High Expansive Period

To support investment funding during high expansive period, Company is

still able to manage the interest expenses.

Loan Growth Interest Expenses Growth

(Rp trillion) (Rp trillion)

22
Modernization Efforts –
e-Toll Card Penetration in Greater Jakarta (as of 31 Dec 2015)

GT  
Cengkareng  
Pluit 2 = 30.27%
GT  Kapuk   Jemb. 3 = 31.02%

GT  
Kamal 4 = 33.64%
Kapuk  
Angke 1 = 33.64%
Kamal 1 = 29.10%

GT  Tomang  

Meruya Utara 3 = 32.31%

Semanggi 1=100%
GT  Bekasi  Barat  
Senayan = 30.56%
GT  Cikunir  
GT  Cikarang  Barat  

GT  Pondok  Ranji  

Pondok Ranji Sayap

= 31.74%

Map of Jakarta Inner

GT  Cibubur   Ring Road

23
 Ownership (as of 31 December 2015)

The Republic of Public

Indonesia 30%
70%

Jasa Marga is listed at Indonesia Stock

Exchange since November 12, 2007
(JSMR.IJ)

Public Ownership (30%)

TOTAL SHARES: 6,800,000,000

42%   MARKET CAPITALIZATION AT IDX:

32.81 IDR trillion

24
Enhance Financial
Cost Efficiency
25
 Financial Restructuring Progress

2006 2007 2008 2009 2010 2011 2012 2013* 2014* 2015*

Bank SLA Bond Weighted Average Cost of Debt

Note: *) Consolidated

26
 Strong Access to Domestic Bond Market

•  Rp 9.52 trillion bond issuance since 1983, Rp 3.66 trillion repaid, never defaulted.
•  id AA Company rated by Pefindo (Credit Rating Indonesia) dated 08 June 2015.
1983 1984 1985 1987 1989
t  Bond I Series A t  Bond II/1 Series C t  Bond III/2 Series F/2 t  Bond V/1 Series H t  Bond VI/2 Series K
Rp 23.7 billion Rp 20.0 billion Rp 30.0 billion Rp 60.0 billion Rp 50.0 billion
t  Bond II/1 Series B t  Bond II/2 Series D t  Bond IV/1 Series G/1 t  Bond V/2 Series I t  Bond Revenue Index
Rp 40.0 billion Rp 20.0 billion Rp 40.0 billion Rp 40,000 billion Stage I
Rp 40.0 billion
t  Bond II/2 Series E
Rp 20.0 billion 1986 1988 t  Bond Revenue Index
t  Bond IV/2 Series G/2 Stage II
t  Bond III/1 Series F/1 t  Bond VI/1 Series J Rp 30.0 billion
Rp 40.0 billion Rp 60.0 billion Rp 75.0 billion

1990 2002 2003 2005 2006

t  Bond VII Series L t  Bond IX Series N t  Bond XI/1 Series P t  JORR II * t  Bond XII Series Q
Rp 100.0 billion Rp 400.0 billion Rp 1.0 trillon - Tranche A Rp 1.0 trillion; 13.5%
Rp 77 billion; 15.25%
2000 t  Bond X Series O t  JORR I *
Rp 650.0 billion Rp 274.3 billion
- Tranche B
Rp 77 billion; 15.25% 2007
- Tranche C
t  Bond VIII Series M Rp 104 billion; 15.50% t  Bond XIII Series R
Rp 150.0 billion Rp 1.5 trillion; 10.25%

2010 2013 2014 2014

t  Bond XIV Series JM-10 t  Bond Continuous I t  Bond Continuous I t  Bond Continuous I
Rp 1 trillion; 9.35% Jasa Marga Stage I Jasa Marga Stage II Jasa Marga Stage I
Year 2013 Year 2014 Series T Year 2013 Series S-A
- Series S-A Rp 1.0 trillion; 9.85% Rp 700 billion
2010 Rp 700 billion
- Series S-B
t  Bond I Series JM-10 Rp 400 billion; 8.7%
(zero coupon) - Series S-C
Rp 500 billion Rp 1 trillion; 8.9%
*) Non Listed Bond status: Matured Outstanding
27
 Bond Maturity

*) Not Listed

28
Jasa Marga: Premier Toll
Road Operator & Investor
29
 Financial Highlights FY 2015

FY2015
FY2014 FY2015
Indicator Compared to
(Rp billion) (Rp billion)
FY2014

1 Traffic Growth (million vehicles) 4,5% 1.319,6 1.379,6

2 Revenue* 5,57% 7.227,8 7.630,7

3 Operating Income 15,31% 2.805,2 3.234,6

4 EBITDA 6,94% 4.006,8 4.285,0

5 Net Income 3,14% 1.421,7 1.466,4

6 EBITDA Margin 0,72% 55,4% 56,2%

7 Operating Margin 3,58% 38,8% 42,4%

Note:
*) Excluding Construction Revenues

30
 Summary of Income Statements
(billion Rupiah)

Y2013 Y2014
Y2012 Y2015 ∆Rp ∆%
(FYE 31 Dec) Restated Restated
(Audited) (Audited) (Audited) (Audited) (YoY) (YoY)

REVENUE 5.725,2 * 6.310,9 * 7.227,8 * 7.630,7 * 402,9 5,6%

Operating Expenses
(2.545,1) (3.252,6) (4.447,6) (4.411,3) (36,3) -0,8%
(excluding D&A and Construction Expenses)

EBITDA 3.502,3 3.398,5 4.006,8 4.285,0 278,2 6,9%

EBITDA Margin 61,2% 53,9% 55,4% 56,2% N/A 0,7%
Depreciation and Amortization 579,4 1.066,5 843,2 738,2 (105,0) -12,5%
OPERATING INCOME 2.975,2 2.259,2 2.805,2 3.234,6 429,4 15,3%
Operating Income Margin 52,0% 35,8% 38,8% 42,4% N/A 3,6%
Interest Expenses (916,1) (944,2) (1.215,3) (1.405,0) 189,7 15,6%
Other Expenses (59,7) (33,5) 20,3 29,8 (9,5) 46,9%
INCOME BEFORE TAX 2.055,3 1.310,6 1.850,7 2.068,3 217,6 11,8%
Income Tax Expense (519,4) (381,9) (613,7) (749,1) 135,5 22,1%
NET INCOME 1.602,1 1.027,7 1.421,7 1.466,4 44,7 3,14%
Net Income Margin 28,0% 16,3% 19,7% 19,2% N/A -0,5%
* excluding Construction Revenues

31
 Summary of Balance Sheets
(billion Rupiah)

Y2013 Y2014
Y2012 2015 ∆Rp ∆%
(FYE 31 Dec) Restated Restated
(Audited) (Audited) (Audited) (Audited) (YoY) (YoY)

Cash and Cash Equivalent 4.302,4 3.514,1 3.290,8 3.323,2 32,4 1,0%
Other Current Assets 214,9 274,2 255,0 405,8 150,8 59,1%

Non Current Assets 19.309,0 23.192,1 26.813,0 29.735,6 2.922,6 10,9%

Other Non-Current Assets 927,2 1.084,1 1.501,1 3.260,3 1.759,2 117,2%
TOTAL ASSETS 24.753,6 28.064,5 31.860,0 36.725,0 4.865,0 15,3%
ST Debts 4.475,2 2.989,7 2.379,3 5.244,3 2.865,0 120,4%
Other Current Liabilities 2.173,0 1.881,1 1.921,7 2.499,5 577,8 30,1%

LT Debts 7.292,9 11.200,6 14.186,23 13.695,5 (490,7) -3,5%

Joint Operations Liabilities 21,4 22,2 22,2 0,8 (21,4) -96,3%
Other Non-Current Liabilities 1.003,3 1.781,5 2.329,8 2.916,2 586,4 25,2%
TOTAL LIABILITIES 14.965,8 17.875,2 20.839,2 24.356,3 3.517,1 16,9%
Equity 9.787,8 10.189,3 11.020,7 12.368,7 1.347,9 12,2%
TOTAL LIABILITIES AND EQUITY 24.753,6 28.064,5 31.860,0 36.725,0 4.865,0 15,3%

32
Traffic Volume by Section
(million vehicle transactions)

33
 Toll Revenue by Branch/Subsidiary
(billion Rupiah)

Branch/Subsidiary 2012 2013 2014 2015 ∆% CAGR

2015 vs. 2014 2012-2015

1 Jagorawi 508,1 548,2 607,5 620,2 10,8% 6,9%

2 Jakarta-Cikampek 896,2 976,6 1.023,4 1.137,8 4,8% 8,3%
3 Jakarta-Tangerang 379,6 408,0 467,1 507,5 14,5% 10,2%
4 Cawang-Tomang-Cengkareng 1.063,6 1.110,0 1.212,3 1.247,0 9,2% 5,4%
5 Purbaleunyi 924,9 1.017,4 1.175,9 1.197,5 15,6% 9,0%
6 Surabaya-Gempol 240,8 270,5 309,0 335,8 14,3% 11,7%
7 Semarang 97,2 104,8 106,5 113,2 1,6% 5,2%
8 Belmera 73,2 81,6 91,3 90,2 12,0% 7,2%
9 Palikanci 100,5 107,5 112,4 133,0 4,6% 9,8%
10 PT Jalantol Lingkarluar Jakarta 1.215,7 1.055,0 1.182,4 1.163,7 12,1% -1,4%
11 PT Marga Sarana Jabar 41,1 45,6 67,2 86,9 47,5% 28,4%
12 PT Marga Nujyasumo Agung 13,4 17,6 18,8 20,1 7,0% 14,5%
13 PT Trans Marga Jateng 27,5 36,5 107,3 129,5 194,0% 67,7%
14 PT Jasamarga Bali Tol - 23,7 106,1 122,7 348,8% N/A
15 PT Marga Lingkar Jakarta - - 59,0 188,0 N/A N/A
16 PT Jasamarga Pandaan Tol - - - 27,8 N/A N/A
TOTAL 5.581,8 5.802,7 6.646,4 7.121,0 7,1% 8,5%

34 34
 e-Toll Card Implementation Plan

e-Toll Card was launched in 2009.

35
 Modernization Efforts

§  Traffic Information

ü  Installing CCTV and VMS (Variable Message Sign) to get information on traffic
condition.
ü  Providing real time 24/7 traffic information service from JMTIC – Jasa Marga Traffic
Information Center for toll road users at 14080, http://www.jasamargalive.com and at
http://m.jasamargalive.com (celullar phone).
ü  Developing Facebook and Twitter accounts starting from April 2012.
account @ptjasamarga

http://www.jasamargalive.com

Twitter: @ptjasamarga

http://m.jasamargalive.com Facebook: PT Jasa Marga (Persero) Tbk.

36
Jasa Marga’s New Projects

37
 Jasa Marga New Projects
Jasa Marga’s New Toll Roads

Length Investment Cost Jasa Marga

Concession/Section Expiration
(km) (Rp trillion) Ownership

1.  Bogor Outer Ring Road (1) 2054 11.00 0.98 55%

2.  Semarang-Solo (part of Trans Java) (2) 2055 72.64 7.30 73.91%

3.  Gempol-Pasuruan (part of Trans Java) 45 years from effective date 34.15 2.77 97.02%

4.  JORR2 (Cengkareng-Kunciran) 35 years from effective date 14.19 3.51 76.20%

5.  JORR2 (Kunciran-Serpong) 35 years from effective date 11.19 2.62 60%

6.  JORR W2 North (road section of JORR) (5) 2044 7.70 2.15 65%

7.  Surabaya-Mojokerto (3) 2049 36.30 3.80 55%

8.  Gempol-Pandaan 37 years from effective date 13.61 1.47 89.17%

9.  Nusa Dua-Ngurah Rai-Benoa (4) 45 years from effective date 10.00 2.48 55%

10. Medan-Kualanamu-Tebing Tinggi 40 years from effective date 61.70 4.07 55%

11. Solo-Ngawi (part of Trans Java) 35 years from effective date 90.10 5.14 59.99%

12. Ngawi-Kertosono (part of Trans Java) 35 years from effective date 87.02 3.83 59.99%

13. Cinere-Serpong 35 years from effective date 10.24 2.2 55%

TOTAL 459.84 42.4

Notes: (1) Section 1: Sentul-Kedung Halang (3.85 km) is operated since 23 November 2009; Section 2A: Kedung Halang-Kedung Badak (1.95 km) is operated since 04
June 2014.
(2) Section 1: Semarang-Ungaran (10.80 km) is operated since 17 November 2011; Section 2: Ungaran-Bawen (12.30 km) is operated since 04 April 2014.
(3) Section 1A: Waru-Sepanjang (2.30 km) is operated since 05 September 2011.
(4) Operated since 01 October 2013.
(5) Section Kebon Jeruk-Cileduk (5.70 km) is operated since 04 January 2014; Section Cileduk-Ulujami (2.00 km) is operated since 22 July 2014.
(6) Section Gempol-Pandaan (13.61 km) is operated since 12 June 2015. 38
New Projects Timeline
(as of December 2015)

39
 New Projects Timeline (Continued)
(as of December 2015)

Legend: Land Acquisition (scheduled by GOI) Construction Functional & Operational Test by BPJT Operation
40
New Projects Timeline (Continued)
(as of December 2015)

41
 Nusa Dua-Ngurah Rai-Benoa Toll Road
(Fully Operated)

Operated since 01 October 2013.

Average Daily Traffic

(thousand vehicle transactions)

Investment Cost Efficiency

Business Plan: Rp 2.48 trillion
Realization: Rp 1.71 trillion

42
 JORR W2 North Toll Road
(Fully Operated)

Stage 1: Kebun Jeruk-Cileduk (5.7 km)

Investment Cost Efficiency
Operated since 04 January 2014
Business Plan: Rp 2.15 trillion
Stage 2: Cileduk-Ulujami (2.2 km)
Realization: Rp 1.89 trillion
Operated since 22 July 2014

Average Daily Traffic

(thousand vehicle transactions)

43
 Gempol-Pandaan Toll Road
(Fully Operated)

Operated since 12 June 2015.

Investment Cost Efficiency

Business Plan: Rp 1.47 trillion

Realization: Rp 1.17 trillion

Average Daily Traffic

(thousand vehicle transactions)

44
 Semarang-Solo Toll Road

Average Daily Traffic

Stage I:
(thousand vehicle transactions)
Section 1: Semarang-Ungaran
(10.8 km) is operated since 17
November 2011
Section 2: Ungaran-Bawen (12.30
km) is operated since 04 April 2014

Stage II (as of Dec 2015):

Section 1: Bawen-Salatiga (17.5 km)
Land acquisition: 98.21%;
Construction: 16.32%
Section 2: Salatiga-Boyolali (24.4 km)
Land acquisition: 46.93%
Section 3: Boyolali-Solo (7.64 km)
Land acquisition: 40.48%

45
45
 Bogor Outer Ring Road (BORR) Toll Road

Section 1: Sentul-Kedung Halang (3.85 km) is operated since 23 November 2009

Section 2A: Kedung Halang-Kedung Badak (1.95 km) is operated since 04 June
2014 Average Daily Traffic
(thousand vehicle transactions)

46
 Surabaya-Mojokerto Toll Road
As of Dec 2015:
Section 1B: Sepanjang-WRR (4.3 km) Section 1: Waru-Sepanjang (2.3 km) is
Land Acquisition 89.67%; Construction 57.08% operated since 05 September 2011
Section 2: WRR-Driyorejo (5.1 km) Average Daily Traffic
(thousand vehicle transactions)
Land Acquisition 64.29%
Section 3: Driyorejo-Kriyan (6.1 km)
Land Acquisition 69.85%
Section 4: Krian-Mojokerto (18.47 km)
Land Acquisition 100%; Construction 94.65%

47
 Gempol-Pasuruan Toll Road

as of Dec 2015:
Section 1: Gempol-Rembang (13.9 km)
Land Acquisition 97.60%; Construction 85.80%

48
 Medan-Kualanamu-Tebing Tinggi Toll Road

Belawan-Tanjung Morawa
Toll Road

Belawan-Tanjung Morawa
Toll Road

As of Dec 2015:
Land Acquisition 83%;
Section Tj.Morawa-
Kualanamu:
Construction: 35%
Section Perbarakan-
Lubuk Pakam:
Construction: 15.66%

17.8 km 43.9 km

Jasa Marga’s Investment Concession

Length Notes :
Ownership Cost Period Constructed by Government (17.8 km)
Constructed by Investor (43.9 km)
61.7 km 55% Rp 4.07 trillion 40 years

49
 Solo-Ngawi-Kertosono Toll Road

TRANS JAVA TOLL ROAD

SOLO-­‐NGAWI  (90.1  KM)  

NGAWI-­‐KERTOSONO  (87.02  KM)  

Investor

As of Dec Land Acquisition: 92.25% Land Acquisition: 90.34%

2015 Construction: 13.94% Construction: 3.31%

Jasa Marga’s Investment Concession

Section Length
Ownership Cost Period
Notes :
Constructed by Government
Solo-Ngawi 90.1 km 60% Rp 5.14 trillion 35 years Constructed by Investor

Ngawi-Kertosono 87.02 km 60% Rp 3.83 trillion 35 years

50
 Cinere-Serpong Toll Road

Length 10.24 km

Jasa Marga’s
Cinere-Serpong 55%
Ownership
(10.24 km)
Investment Cost Rp 2.2 trillion

Concession Period 35 years

51
Forward Looking 2016

52
 Capital Expenditure Plan 2016
(billion Rupiah)

No. Item 2015 2016 Plan

1 Capex of Jasa Marga (Parent) 3.026,46 4.881,38

a. Operational 848,41 1.281,27

b. New Toll Road Development 1.443,42 3.146,34

c. Other Business Investments 605,41 266,15

d. Investments in Non-Operational Supporting Facilities 129,22 187,61

2 Capex of Subsidiaries 2.383,75 11.345,83

3 Capex of Subsidiaries for Other Business 270,80 262,06

4 Equity Contribution to Subsidiaries (1.522,48) (2.593,41)

Total Consolidated Capex 4.158,53 13.895,87

53
 Forward Looking 2016

Thus, due to unpredictable market conditions yet with Jasa Marga stable and
disciplined growth assets, management expects the Company to achieve the
following financial targets in 2016:
Financial & Operational
2015 Audited 2016 Plan ∆(YoY)
Performance

CAPEX (Rp) 4,09 trillion 13,89 trillion 239,94%

Revenue (Rp)
7,63 trillion 8,66 trillion 13,50%
(excluding Construction Revenue )

Traffic (vehicle transactions) 1,38 billion 1,41 billion 2,25%

Financial Strength 2015 Audited 2016 Plan

Total Assets (Rp) 36,72 trillion 48,94 trillion 33,28%

Interest Coverage Ratio 3,03 times 2,61 times -13,86%

Debt to Equity Ratio 2,02 times 2,43 times 20,30%

54
Photos

55
 Toll Roads in Operation

Prof. Dr. Ir. Sedyatmo Jakarta Outer Ring Road

(Airport) Semarang
Cipularang

Jagorawi Belmera
Jakarta-Tangerang Palikanci

Jakarta Inner Ring Road Surabaya-Gempol

Jakarta-Cikampek Padaleunyi

56
 Commitment to High Quality Service
Jasa Marga Traffic Information Center Multi-Purpose Vehicle

On Board Unit (OBU) e-Toll Pass

e-Toll Card Automated Toll Booth

57
 Awards 2014

Contact Center Service Excellence Award (CCSEA) 2015; 2nd Diamond Services Quality Award 2015; Indonesia Human Capital Award
(IHCA) 2015; Indikator BUMN Award (IBA) 2015; Penghargaan atas dukungan dan partisipasi pada Konferensi Asia Afrika ke 60 Di
Bandung; Obsession Awards 2015; Corporate Image Award 2015 Category Toll Road Infrastructure "The Best Building and Managing
Corporate Image”; The 12th Rank of SWA 100 Indonesia Best (Overall) 2014; The 1st Rank Of SWA Indonesia Best Pu Category:
Transportation; US $ 68 mil Brand Value & AA-Indonesia's Top 100 Most Valuable Brands 2015; GCG Award 2015 Indonesia Most Trusted
Companies kategori Most Trusted Company Based on Corporate Governance Perception Index (CGPI); Social Business Innovation Award
2014 untuk kategori Infrastruktur; ASEAN Outstanding Engineering Achievement Award for Year 2015; Implementing ASEAN Corporate
Governance Scorecard: A Road to ASEAN Capital Market Integration category The Best Non Finance; Implementing ASEAN Corporate
Governance Scorecard: A Road to ASEAN Capital Market Integration category The Best Non Finance; Strategic Marketing (Kategori
BRONZE); Good Governance Excellent Performance 2015; Best of Human Capital Initiative on Career Management 2015; TOP
Infrastructure 2015 Award Winner on Toll Road, Port, Air Port 2015
 

  58
Some of the statements in this document contain “forward looking” statements with respect to the financial
conditions, results of operations and business, economic conditions, sectors conditions, traffic conditions,
and related plans and objectives. These Statements do not directly or exclusively relate to historical facts
and reflect the Company’s current intentions, plans, expectations, assumptions and belief about future
events. The statements involve known and unknown risks and uncertainties that could cause actual
results, performance or events to differ materially from those in the statements as originally made. Such
statements are not, and should not be construed as a representation to future performance of the
Company. Readers are urged to view all forward looking statements contained herewith with caution.

59