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Corporate Presentation PT Garuda Indonesia (Persero) Tbk

CITI - ASEAN Investor Conference 2013 Jakarta, 5 June 2013

Delivering Indonesia’s Best to the World

1

Agenda

1. Industry Overview

2. Company Overview

3. Recent Developments

4. 1Q-2013 Performance

IMPORTANT DISCLAIMER:

Information contained in this document has been prepared from several sources and the Company does not confirm the accuracy and completeness of such data, particularly where the data is sourced from outside the Company. In addition, any forward looking

statements are subject to change as a result of market conditions and the final result may be different to that indicated. The Company makes no representation or warranty of any type whatsoever on the accuracy or completion of the information contained herein.

2

1. Industry Overview

3

Agenda

4.886

billion

1.402

billion

2.668

billion

1.408

billion

416

millio

n

151million

1.055

billion 369

millio

n

2.367

billion

1.467

billion

Asia Pacific will have the biggest air passenger traffic volume

2009 2030

Source: Airport Development, IATA

4

‘In terms of its fundamentals, INDONESIA IS IN A STRONG POSITION from which to navigate through current global macroeconomic uncertainties’ (IMF country report, Sep 2012)

Value in %

IMF predicts until 2017 Indonesia will enjoy the highest economic growth as compared to its ASEAN peers

Indonesia is the biggest economy in ASEAN

Source: The World Bank 2011 data, accessed in Nov 2012

5

Outlook of the Indonesia’s economy until 2030 is promising

6

0,8 0,8 0,9 1,1 1,2 1,3 1,6 1,9 2,2 2,3 3,0

3,5 3,7 4,1

4,7 5,4

6,1

7,0

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

(USD '000)

Source: IMF, World Economic Outlook (WEO), Oct 2012

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

Most populated cities in the region

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: Bloomberg

By Air

By Rail

By Sea

23.8

150.0

12.6

2004 60.0

199.3

7.6

2011 +14.12%

+5.77%

-11.81%

CAGR

Monthly traffic statistic 2004-2012

Indonesia: Transportation profile (in million)

7

Indonesia is forecast to enjoy a solid air traffic growth for the next three years after a robust economic growth outlook

Domestic and International market size to grow at CAGRs of 15% and 10%, respectively, from 2004 – 2012 GA’s Domestic and international market share expected to reach 34.4% and 25.9% in 2015, respectively, up from 21.5% and 15.1% in 2012

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

Premium Budget Traveler GA Pax

28.8

43.8 51.6

60.0

71.2

81.9 90.6

34.0 39.2 37.4

23.8

73.7

Domestic Market Size (million)

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

Business Leisure GA Pax 30.0

11.0 10.7 11.3 13.2

14.8 16.2 18.9

21.7 23.7

25.7 27.9

International Market Size (million)

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

8

Indonesia Malaysia UK

In terms of air traffic, Indonesia has much room to grow

5.3

35.2 (663%)

Population

Air Traffic

Singapore

7.1

39.3 (553%)

Hong Kong

22.8

77.3 (338%)

Australia

Numbers are in million

62.3

174.5 (280%)

29.5

45.2 (153%) 80 (32%)

9

Some Major Airport Development Project 2013 - 2018

Morotai Rp 150bn, 2014

Medan Rp 1.6tn, 2013

Majalengka Rp 8.3tn, 2018

Yogyakarta Rp 3.7tn, 2018

Samarinda Rp1.2tn, 2015

Balikpapan Rp 1.6tn, 2014

Denpasar Rp2.1 tn, 2013

Jakarta Rp8.4 tn, 2014 Surabaya

Rp 530bn, 2014

Data source : PT. Angkasa Pura I & II, Ministry of Transportation, Investor Daily

Development project plan for 10 airports reach approximately USD 2,8 billion.

Berau Rp 450bn, 2013

10

• Government priority to develop and improved Airport and Aviation Infrastructures in Indonesia

• High competition in LCC domestic segment • High competition in FSC and LCC international

segment

• 2015: ASEAN Open Sky Policy

• Robust demand in domestic traffic • Growing international tourist traffic, by locals

and foreigners

• Strong Economic Growth • Large population • Low air travel penetration

In Summary : Indonesia has Large Market & Big Opportunity for Air Travel

Market

Traffic

Policy

Infrastructure

Competition

11

2. Company Overview

12

Flying High

Q

Q

Q

Q

Q

Q

Q

Q

Q

Q

2005 2006 2007 2008 2009 2010 2011 2012 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

managem

ent takes

over and

begins

transforma

tion

2007

Profitability

improves

under new

manageme

nt with a

US$17

million

net income

2009

Received “Best

Debt Re

Structuring 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 89 139 173 87 219 106

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 5.8

2012

18+18

CRJ1000NG

Global

Corporate

Spin –off

Citilink

Liverpol FC

EY

Codeshare

13

Leading Asian Airline with Dominant Market Share

Since embarking on a transformation plan in 2005, GIAA has greatly improved its global and regional rankings and won several international accolades in recognition of its quality performance

World Airline Awards – Global Airline Rankings

2012 Rank 2011 Rank

1 Qatar Airways* 1 2 Asiana Airlines* 3 3 Singapore Airlines* 2 4 Cathay Pacific Airways* 4 5 ANA All Nippon Airways 11 6 Etihad Airways 6 7 Turkish Airlines 9 8 Emirates 10 9 Thai Airways International 5

10 Malaysia Airlines* 12 11 Garuda Indonesia 19 12 Virgin Australia 32 13 EVA Air 16 14 Lufthansa 15 15 Qantas Airways 8 16 Korean Air 24 17 Air New Zealand 7 18 Swiss Int’l Air Lines 13 19 Air Canada 21 20 Hainan Airlines* 23

* Airlines with 5-star skytrax rating

World’s Best Regional Airline 2012

Best Regional Airline in Asia 2012

14

IOSA Renewal Certification Audit

• Garuda is IOSA Certified since 2006 and on

August 25, 2012, the IOSA Registration has

been re-Registered up to 8 Sept 2014

• Garuda Indonesia fully complies to global

best-practise standards in flight operations,

aircraft maintenance including safety

management systems implementation .

• Garuda Indonesia was chosen as sampling

operator by FAA on 13 September 2012.

• FAA comments ”Garuda Indonesia is good, very

professional, and impressive”.

FAA Technical Review on DGCA Indonesia

Operational and Safety Aspect

15

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

16

2005 Growth 2012 Growth 2015

Number of Aircraft 57 53% 106 123% 194

Average age (yr) 11.2 -42% 5.8 -7.7% 5

ASK/employee (000) 3,761 31% 5,250 67% 8,210

Passenger Carried 9.3 mio 84% 20.4 mio 165% 45.4 mio

Frequency/week 765 314% 2,400 159% 8,198

Skytrax Rating 3 star + 4 star + 5 star

Aiming to complete the 2nd journey in 2015

5 star skytrax airlines : 1. Asiana Airlines 2. Cathay Pacific Airways 3. Hainan Airlines 4. Qatar Airways 5. Singapore Airlines 6. Malaysia Airlines

"The key factor behind 5-Star status is an airline's ability to deliver a truly consistent and high quality of Product and Service. A great product standard is not by itself the key to a 5-Star Airline ranking, and Skytrax focus deeply on the Quality of front-line service an airline provides. A 5-Star Airline ranking is centred on identifying airlines whose front-line staff (across the airport and onboard experience) deliver a true and consistent 5-Star standard of service delivery." Sources: skytrax website http://www.airlinequality.com/StarRanking/5star.htm

17

3. Recent Developments

18

Garuda Indonesia Group 2012

IT Services

Aero

Systems

Hospitality

and Tourism

Aerowisata

Global

Distribution

Systems

Abacus

Ground

Handling

Gapura

Angkasa

MRO

Services

GMF

AeroAsia

Key Subsidiaries & Associated Companies

Cargo

Domestic Feeder

Hajj / Charter

International

Low Cost

Carries

Citilink

Indonesia

83%

8%

9%

Ops Revenue Contribution 2012

Scheduled Airlines Non-scheduled Airlines Others

19

9,72 10,09 10,87

2,39 3,10

3,47

Jan-Dec 2010 Jan-Dec 2011 Jan-Dec 2012

Others GA Int'l

27,67 30,43 34,21

8,75

11,94 13,43

Jan-Dec 2010 Jan-Dec 2011 Jan-Dec 2012

Others GA Dom

1,8 2,1

2,4 2,4 2,5 3,0 3,2 3,3 3,1 3,3 3,5 3,5 22%

24%

26% 25%

26%

29% 29% 29%

28% 28% 28% 29%

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12

Total GA Passengers (in million) Market Share

0,5

0,6 0,7 0,6 0,7 0,8 0,8 0,8 0,8 0,9 0,9 0,9 18%

20% 20%

21% 22% 23% 23%

24% 24% 25% 24%

24%

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12

Total GA Passengers (in million) Market Share

Competition on routes which GA flies

Source: Airport Authority (traffic in/out CGK, DPS, SUB, UPG airports excl. Citilink)

Garuda Domestic Passengers in/out Selected Airports Garuda International Passengers in/out Selected Airports

GA International Market Share: 24.2.0% GA Domestic Market Share: 28.2%

12.4%

12.5%

12.4% 42.37 47.64

14.33 13.19

7.7%

11.9%

8.7% Traffic in million passenger Traffic in million passenger

10.0%

36.5%

16.3% 36.42

12.11

3.8%

29.8%

8.9%

20

Milestones in 2012

•Signed a Global contract with Shell International Ltd. and Standard Chartered Bank

•New Board Members was appointed by the AGM

MAR /APR

• GMF-AA was appointed as Bombardiers’ first Authorize Service Facility (ASF) in the Asia Pacific region by Bombardier Aerospace Commercial Aircraft

• Quasi Reorganization was approved by the AGM JUN

•Citilink was granted its own Airline Operator Certificate and started operation as an independent airline with an LCC business model JUL

• Signed a partnership program with Liverpool FC, as part of the campaigns to elevate Garuda’s brand to global market SEP

• Welcome the 1st delivery of Bombardier aircraft

• Signed a codesharing partnership agreement with Etihad Airways

• First regional based for CRJ-1000 at Makassar OCT

• Shifted the intermediate point from Dubai to Abu Dhabi as a follow up of the codesharing agreement with Etihad Airways DEC

21

2012 Highlights – Significant Growth

Indicators 2012

Achievements D% YoY

20.42 million 19.6

280,285 ton 22.2

U$c 9.65 0.3

USD 3.47 billion 12.1

USD 2.69 billion 11.8

USD 168.07 million 82.0


• Operating Indicator figures are for Garuda Indonesia and Citilink • Financial Indicator figures are for Garuda Indonesia Group

Passenger Carried

Cargo Uplifted

Passenger Yield

Operating Revenue

Passenger Revenue

Operating Income

Income for the Period

GDP growth 6.3%

Indonesia Air Traffic Market Growth: 16.2%

Market where GA flies, growth 11.3%

22

Ambon

Biak

Medan

Padang

Pekanbaru Batam

Jambi

Palembang Pgk.Pinang

Tjg.Karang

Bandung

Solo

Yogyakarta Malang

Kupang

Pontianak

Palangkaraya

Banjarmasin

Balikpapan

Tarakan

Palu

Manado

Gorontalo

Kendari

Ternate

Jayapura

Timika

Denpasar

Banda Aceh

Jakarta

Ujung Pandang

Semarang Surabaya

Mataram

Beijing

Shanghai

Hong Kong Jeddah

Tokyo Osaka

Seoul

Guangzhou Taipe

Bangkok

Kuala Lumpur

Singapore Balikpapan

Surabaya Denpasar

Makassar

Sydney

Melbourne

Perth

Amsterdam

Abu Dhabi

Jakarta

Route Expansion in 2012

Domestic Network International Network

Destinations: 34 (including Tarakan as a new destinations) Average frequencies around 1,940/week vs 1,750/ week

last year Additional Frequencies on key routes: Jakarta to Batam,

Pekanbaru, Balikpapan, Palembang, Pontianak, Surabaya, Denpasar, Medan , Padang, and Surabaya to

Balikpapan New routes: Surabaya to Bandung , Lombok , Semarang;

Makasar to Kendari, Lombok, Palu; Balikpapan to Tarakan

Destinations: 19 (including Abu Dhabi, Haneda & Taipei as new destinations) Average Frequency 455/week vs 400/week last year New routes: Denpasar to Haneda, Jakarta to Taipei, and

Jakarta-Abu Dhabi-Amsterdam Route termination: Denpasar to Nagoya

23

2011 2012 ∆ % YoY

Aircraft Utilization (Hours) 10:40 10:44 0:04

Frequencies 130,043 153,266 17.9

On Time Performance (%) 85.68 84.90 (0.8)*

ASK (’000) 32,473,738 36,013,832 10.9

Average Fuel Price (USD/L) 0.90 0.91 1.1

Fuel Burn / RTK 0.42 0.414 (1.4)

Fuel Burn / Blockhours 4,145 3,981 (4.0)

Passenger Carried 17,073,963 20,415,285 19.6

RPK (‘000) 24,434,662 27,342,093 11.9

Seat Load Factor (%) 75.2 75.9 0.7*

Passenger Yield (US¢) 9.62 9.65 0.3

Cargo/Mail Uplifted (Tonnage) 229,378 280,285 22.2

CASK (US¢) 7.83 7.85 0.3

CASK-excl Fuel (US¢) 4.59 4.58 (0.2)

Operating Indicators - Group

Notes: All figures include GA & Citilink, except aircraft Utilization and OTP are for GA Main Brand only * in percentage points

Operational

Passenger & Cargo

Financial

Efficiency

24

2011 2012 ∆ % YoY


ASK (’000) 13,340,916 14,955,545 12.1

RPK (‘000) 10,614,847 12,058,562 13.6

Seat Load Factor (%) 79.57 80.63 1.1*

Passenger Yield (US¢) 11.75 11.45 (2.6)

CASK (US¢) 8.95 8.83 (1.4)

CASK-excl Fuel (US¢) 5.52 5.36 (3.0)


ASK (’000) 17,354,809 17,937,606 3.4

RPK (‘000) 12,466,191 13,045,177 4.6

Seat Load Factor (%) 71.83 72.73 0.9*

Passenger Yield (US¢) 8.22 8.64 5.2

CASK (US¢) 7.12 7.28 2.2

CASK-excl Fuel (US¢) 4.04 4.17 3.2

Operating Indicators 2012 – By Sector

DOM

INT’L

Notes: * In percentage point

25

in USD Mio Jan-Dec 2011 Jan-Dec 2012 ∆ % YoY

EBITDAR 549.5 681.5 24.0

Scheduled Airline 2,580.5 2,887.3 11.9

Non-Scheduled Airline 246.5 269.1 9.2

Others 269.3 316.1 17.4

Total 3,096.3 3,472.5 12.1

Fuel 1,137.7 1,255.1 10.3

Non Fuel 1,866.2 2,049.3 9.8

Total 3,004.0 3,304.4 10.0

Income / Loss from Operations 92.3 168.1 82.0

EBT 96.9 151.5 56.3

Income / Loss Current Period 64.2 110.8 72.6

Comprehensive Income / Loss 72.7 145.4 100.0

Summary of Consolidated Income Statement

Operating Revenue

Operating Expenses

Income

EBITDAR Margin

Nett Margin

19.6 % 17.8 %

3.2 % 2.1 %

26

in USD Mio 31 Dec 2011 31 Dec 2012 ∆ % YoY

Current Assets 757.3 636.6 (15.9)

Non-Current Assets 1,370.7 1,881.4 37.3

Total Assets 2,128.0 2,518.0 18.3

Current Liabilities 645.8 754.2 16.8

Non-Current Liabilities 514.4 648.8 26.1

Total Liabilities 1,160.2 1,403.0 20.9

Total Equities 967.8 1,115.0 15.2

Total Liabilities & Equities 2,128.0 2,518.0 18.3

Summary of Consolidated Balance Sheet

Asset

Liabilities

Equities

Lease Adjusted Net Debt/EBITDAR

Debt/Equity

4.4 x 4.2 x

0.6 x 0.5 x

Net Return on Equity 9.9 % 6.6 %

27

in USD Mio 31 Dec 2011 31 Dec 2012 ∆ % YoY

Beginning Cash/Cash Equivalents 131.0 417.3 218.6

•Operating Activities 244.3 364.7 49.3

•Investing Activities (260.7) (524.4) 101.1

•Financing Activities 292.7 75.5 (74.2)

Net Increase (Decrease) in Cash/Cash Equivalents 276.2 (84.3) (130.5)

Effect of Foreign Exchange Rate Changes 10.1 (7.2) (171.5)

Ending Cash/Cash Equivalents 417.3 325.8 (21.9)

Summary of Consolidated Cash Flow

Strong operating Cash Flow in 2012

Cash Out Flow from Investing Activities amounted to USD 524.4 Mio and allocated for:

USD 554.3 was the payment for PDP & Maintenance Reserve Fund

USD 18.2 Mio was the payment for Security Deposit

USD 73.5 Mio was the refund of PDP

28

4. 1Q-2013 Performance

29

Indicator 1Q13 Achievement D% YoY

5.6 million 20.7

81,334 tons 24.2

74.5 % 1.7 *

US$c 9.01 (4.3)



- USD 20.1 million (20.7)

- USD 33.7 million (215.9)

1Q-2013 Highlights

• Operating Indicator figures are for Garuda Indonesia and Citilink • Financial Indicator figures are for Garuda Indonesia Group • * in percentage points

Passenger Carried

Cargo Uplifted

Passenger Yield

Operating Revenue

Passenger Revenue

Operating Income

Income for the Period

Seat Load Factor

DOMESTIC

•Continued Growth in traffic & capacity •Impacted by heavy weather in January •Impacted by weakening IDR/USD •Welcoming 2 CRJ1000NG based in Medan

INTERNATIONAL

•Improved operational & financial performance •Impacted by strengthening USD •Improved SLF-C

CITILINK

•Improved operational performance •Improved domestic market share •At an early stage of Investment

FINANCIAL

• Fitch A(idn) Investment grade credit rating

30

Milestones 1Q - 2013

• Broaden flight network to 6 New destinations in Europe & Middle East (Frankfurt, Brussel, Milan, Dusseldorf, Munich, Bahrain) that served by Etihad Airways

• Extended “Immigration on Board” Agreement

• Launched “Immigration at The Lounge” & “Fast Track” Service for GFF Platinum member

• “Best Long-haul Airline Food”, Asia Pacific Food Airline Awards 2012 from Skyscanner

JAN

• “2012 Domestic Airlines of The Year” from Ray Morgan Research, Australia

• “ASEAN Premium Airline of The Year” from Frost & Sullilvan, USA

• Launched “Wheelchair Transporter” at Soekarno-Hatta International Airport for disable & wheelchair user

• “Earth Hour 2013” Campaign

MAR

•Garuda Indonesia and General Electric (NYSE:GE) launched the CFM56-7B engine shop capability for the Garuda Maintenance Facility (GMF AeroAsia)

• Launched Garuda Indonesia and Liverpool FC Experience

• “The Best Airline” Hajj Season 1433H/2012, from Saudi Arabia General Authorization & Civil Aviation

FEB

31

Mar-12 Dec-12 Mar-13 Ops Lease

Fin Lease

Owned

Narrow Body

• B737-300 5 3 3 2 - 1 • B737-400 1 - - - - - • B737-500 5 5 5 - - 5 • B737-800 NG 53 55 55 55 - - • CRJ - 1000 - 5 7 4 3 - Total Narrow Body 64 68 70 61 3 6 Wide Body • B747-400 3 2 2 - - 2 • B777-ER - - - - - - • A330-200 8 9 9 9 - - • A330-300 6 6 6 - 6 - Total Wide Body 17 17 17 9 6 2 Citilink • B737-300 5 6 6 - - 6 • B737-400 1 1 1 1 - - •A320-200 3 14 18 18 - - Total Citilink 9 21 25 19 - 6 TOTAL FLEET 90 106 112 89 9 14

Fleet Expansion and Rejuvenation in 1Q-2013

# of Aircraft

Fleet at 31 Dec 2012 106

IN: Delivery of: +6

A320-200 4

CRJ-1000 2

OUT: - 0

Fleet at 31 March 2013 112

7,2 6,6

5,0

Mar'12 Mar'13 2013F

Average Fleet Age (years)

32

1Q12 1Q13 ∆ % YoY

Aircraft Utilization (Hours) 10:44 11:04 0:19

Frequencies 35,817 44,224 23.5

On Time Performance (%) 86.4 87.9 1.5 *

ASK (’000) 8,568,110 9,960,325 16.2

Average Fuel Price (USD/L) 0.92 0.92 0.0

Fuel Burn / ATK 0.25 0.25 0.0

Fuel Burn / Blockhours 3,986 3,950 (0.9)


RPK (‘000) 6,236,649 7,420,510 19.0

Seat Load Factor (%) 72.8 74.5 1.7 *


Cargo/Mail Uplifted (Ton) 65,488 81,334 24.2

CASK (US¢) 7.95 7.59 (4.5)

CASK-excl Fuel (US¢) 4.67 4.31 (7.7)

Operating Indicators - Group

Notes: All figures include GA & Citilink, except aircraft Utilization and OTP are for GA Main Brand only * in percentage points

Operational

Passenger & Cargo

Financial

Efficiency

33

1Q12 1Q13 ∆ % YoY


Frequency 24,750 28,948 17.0

ASK (’000) 3,551,325 3,959,491 11.5

RPK (‘000) 2,764,601 2,923,133 5.7

Seat Load Factor (%) 77.8 73.8 (4.0)*


CASK (US¢) 8.9 8.6 (3.7)

CASK-excl Fuel (US¢) 5.4 5.1 (6.0)

Passenger Carried 834,492 922,236 10.5

Frequency 6,029 6,089 1.0

ASK (’000) 4,372,810 4,758,098 8.8

RPK (‘000) 3,021,018 3,576,484 18.4

Seat Load Factor (%) 69.1 75.2 6.1*


CASK (US¢) 7.44 7.09 (4.7)

CASK-excl Fuel (US¢) 4.31 3.92 (9.0)

Operating Indicators 1Q13 – Mainbrand By Sector

DOM

INT’L

Note: * In percentage point

79,2

79,0

63,7

77,8

78,0

77,4

MAR

FEB

JAN

2012 2013

Domestic’s SLF (%)

34

in USD Mio 1Q-2012 1Q-2013 ∆ % YoY

EBITDAR 103.4 125.6 21.5

Scheduled Airline 646.4 728.6 12.7

Non-Scheduled Airline 2.8 6.2 123.3

Others 68.2 72.5 6.2

Total 717.4 807.2 12.5

Fuel 280.5 327.0 16.6

Non Fuel 453.6 500.3 10.3

Total 734.1 827.4 12.7

Income / Loss from Operations (16.7) (20.1) (20.7)

EBT (16.0) (27.1) (69.4)

Income / Loss Current Period (10.7) (33.7) (215.9)

Summary of Consolidated Income Statement

Operating Revenue

Operating Expenses

Income

EBITDAR Margin

Nett Margin

14.4% 15.6%

(1.5%) (4.2%)

35

in USD Mio 31 Dec 2012 31 Mar 2013 ∆ % QoQ

Current Assets 636.6 603.5 (5.2)

Non-Current Assets 1,881.4 2,061.7 9.6

Total Assets 2,518.0 2,665.2 5.8

Current Liabilities 754.2 806.9 7.0

Non-Current Liabilities 648.8 774.7 19.4

Total Liabilities 1,403.0 1,581.7 12.7

Total Equities 1,115.0 1,083.6 (2.8)

Total Liabilities & Equities 2,518.0 2,665.2 5.8

Summary of Consolidated Balance Sheet

Asset

Liabilities

Equities

Lease Adjusted Net Debt/EBITDAR

Debt/Equity

Net Return on Equity

4.7 x

0.7 x

(3.1%)

4.4 x

0.6 x

9.9%

36

in USD Mio 31 Mar 2012 31 Mar 2013 ∆ % YoY

Beginning Cash/Cash Equivalents 417.3 325.8 (21.9)

•Operating Activities 24.1 16.7 (30.6)

•Investing Activities (110.2) (186.9) 69.6

•Financing Activities (18.6) 114.3 714.7

Net Increase (Decrease) in Cash/Cash Equivalents (104.7) (55.9) (46.6)

Effect of Foreign Exchange Rate Changes (1.35) (1.28) 4.9

Ending Cash/Cash Equivalents 311.2 268.6 (13.7)

Summary of Consolidated Cash Flow

Operating Activities

Increased on interest & financial charges paid and income taxes paid

Investing Activities

USD 173.4 was the payment for PDP & Maintenance Reserve Fund

USD 5.9 Mio was the payment for Security Deposit

USD 10.1 Mio was the refund of PDP and Maintenance Reserve Fund

Financing Activities

New Loan: $179.1 million

37

1Q-2013 still on Track

Estimates 2013E Key Drivers 1Q-2013

139 112

15% – 20% 20.7%

15% - 20% 16.2%

$ 200 – 250 mio $ 116.9 mio

$ 300 – 400 mio $ 24.9 mio

# of Fleet

Passenger Carried Growth

ASK Growth

CAPEX *

Net PDP

Note: * GA only, excluding subsidiaries

38

2nd regional based for CRJ-1000 at Medan 15 April 2013

Recent Developments

Operation

Funding

Signing Agreement ALAFCO & Garuda Indonesia for Financing of 2 aircraft B777-300ER with Sharia principles

22 April 2013

IDR Bond: 1st Registration to OJK 25 Apr 2013

Garuda’s New Routes: • Medan – Palembang vv • Medan – Padang vv • Padang – Pekanbaru vv

15 April 2013

Citilink’s New Routes: • Jakarta – Bengkulu vv • Jakarta - Jambi vv • Jakarta - Semarang vv • Jakarta – Pangkal Pinang vv • Jakarta – Tanjung Karang vv • Makassar – Jogjakarta vv • Jakarta – Jogjakarta vv • Jakarta – Malang vv

03 April 2013

05 April 2013 08 April 2013 15 April 2013 28 April 2013

Network

39

Why Invest on Garuda Indonesia?

• Rapid Developing Economy

• Strong Traffic Growth

Indonesia Opportunity

• Solid Operating Result, 20% EBITDAR

• Cost Discipline

Sustainable Profitability

• World’s Best regional Airlines 2012

• Quantum-Leap

Proven Management

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Notes

41

Notes

42

Notes

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PT Garuda Indonesia (Persero) Tbk. Investor Relations Department 2nd Floor Management Building Garuda City Soekarno Hatta International Airport Phone : 62-21-2560 1201 Email : [email protected]

THANK YOU

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