1Investor News Letter

1Q 2013 1Q 2014 Change

Financial Summary (USD Mio) OPERATING REVENUES 807 807 0.01% OPERATING EXPENSES 827 1,000 20.86% OTHERS (INCOME) 4 25 460.80% INCOME (LOSS) FROM OPERATIONS -20 -193 857% INCOME (LOSS) BEFORE TAX -27 -207 663.32% COMPREHENSIVE INCOME (LOSS) -32 -153 381.83% EBITDAR 126 7 -94.43% Total Current Assets 819 608 -25.73% Total Non Current Assets 2,135 2,299 7.71% TOTAL ASSETS 2,954 2,908 -1.56% Total Current Liabilities 984 1,040 5.75% Total Non Current Liabilities 853 903 5.92% TOTAL LIABILITIES 1,837 1,944 5.83% TOTAL EQUITY 1,117 964 -13.72% TOTAL LIABILITIES AND EQUITY 2,954 2,908 -1.56% NET CHANGE IN CASH -56 -256 357.54% Financial Ratios EBITDAR Margin 15.60% 0.87% -14.37pp Net Gearing 121.86% 175.96% 54.10% Interest Coverage (x) -201.87% -1134.95% -933.08% ROA -1.14% -5.64% -4.49% ROE -3.02% -17.00% -13.98% Operating Indicators Passenger Carried 5,561,249 6,427,978 15.59% ASK (000) 9,960,325 11,824,993 18.72% RPK (000) 7,420,510 8,086,131 8.97% SLF (%) 74.50 68.38 6.12pp Cargo Carried (Tonnage) 81,334 94,608 16.32% CLF (%) 32.40 27.76 -14.32pp Frequencies 44,224 53,627 21.26% Aircraft Utilization (Hours per Day) 11:04 10:10 -0:53 OTP (%) 87.9 85.9 2.1pp No. of Fleets 112 141 29 Financial Indicators Passenger Yield Total (Usc) 9.01 8.25 -8.44% CASK Total (USc) 7.59 7.66 0.92% CASK (excl fuel) Total (USc) 4.31 4.48 3.94% Av. Fuel Price (USD/litre) 0.92 0.91 -1.09%

1Q 2014 Edition

Summary Operating revenues grew by 0.01%, EBITDAR went down •14.73%.Loss from Operations for the period stood at USD 193 Million•Passengers carried increased 15.59%, reaching 6.43 million •passangers Seat Load Factor decreased 6.12 percentage points to 68.38% •

Share Information Ticker : GIAA.IJ / GIAA.JKLast Price: : IDR 493 (28 Mar’14)52 Week High : IDR 67552 Week Low : IDR 456

Daily Share Price Movements

Source : Bloomberg

Shareholders Information No. of Shares PercentageGovernment of Indonesia 15,653,128,000 69.14%Retail 1,031,546,231 4.56%Employee 90,467,044 0.40%Institutional 5,865,854,725 25.91%Total 22,640,996,000 Domestic Investor 21,255,231,735 93.88%Foreign Investor 1,385,764,265 6.12%

2 Investor News Letter

In thefirstquarterof year2014,Garuda Indonesiahasdenoted itsmomentousstagetobecomeaglobalplayerbyofficiallybecomeanew member of SkyTeam Alliance. As part of global alliance, Garuda Indonesia will continue to extend networks worldwide while at the same time improving the services by facilitating a seamless and more convenient travel experience for customers. During 1Q 2014, Garuda Indonesia Group carried 6.43 Million passengers, a 15.59% development compared to that of the same period in the previous year. Enlargements also resulted on Available Seat Kilometres (ASK) and Revenue Passengers Kilometres (RPK) with 18.72% and 8.97% growth respectively. Though, Seat Load Factor (SLF) declined by 6.12%.Intermsoffinancialaspect,nosignificantchangeonoperatingrevenues, while comprehensive income experienced negative USD 153.26 Million and EBITDAR reduced to USD 7 Million.

Operating RevenuesAs an impact of IDR depreciation, operating revenues in 1Q 2014 appeared no expressive movement than that of the same period of year 2013, since operating revenues merely increased from USD 807.22Million toUSD807.32Millionorequal to0.01% correction.Greatest growth supplied from Passengger revenues with USD 681.01 Million, but largest revenues growth occured from cargo with 6.68% escalation, from USD 47.20 Million to USD 50.35 Million. No Hajj revenue was recorded for this period as Hajj Season starts in September.

Cost DisicplineIncome from operations stood negative at USD 192.61 Million in 1Q 2014, as operating expenses multiplied 20.86% from 1Q 2013 to USD 999.93Million. Expansion on new fleets and immature routesare thoughtful contributors of operating expenses’s elevation during thefirstthreemonthsof2014.Asfuelexpensesenhanced15.13%,from USD 327.02 Million to USD 376.49 Million due to ASK growth. Although fuel price slightly reduced from 0.92 USD/L moved to 0.91 USD/L. Fuel consumption remain positive, as fuel burn per blockhours decreased 8.64% from 3,950 Litres to 3,609 Litres in 1Q 2014.

EBITDAR & Income for the PeriodsSince EBITDAR shrinked from USD 125.6 Million in 3M 2013 to USD 7 Million in 1Q 2014 or as the same as 94.4% lessening, moreover EBITDAR margin dropped from 15.6% to 0.87%. Accordingly, income for the period result on negative USD 163.85 Million.

Balance SheetAttheendofMarch2014,cashandcashequivalentsdecreasedby47.88% compared to that of the same period of previous year, mainly due to aircraft advance payment. Total assets shrinked by 1.56% to 2.91 billion while total liabilities grew 5.83% to Rp 1.94 billion due to new long-term loans. Current liabilities was up 5.75% to USD 1.04 Billion while non current liabilities went up 5.92% to USD 903.23 million.WhileEquitywentdownby13.72%toUSD963.89billion in1Q 2014.

Cash Flow ActivitiesSince Garuda Indonesia paid highly amount for suppliers, interest and financialcharges,in1Q2014cashflowsfromoperatingactivitieswasrecorded negative USD 168.19 Million. Cash used in investing activities reduced by 36.39% than 1Q 2013, due to payment reduction on advance payments for aircraft and payments for aircraft maintenance andaircraft leasedasset.Whilecashflows fromfinancingactivitiesreduced by 72.77% since in the first quarter of 2014, repaymentsfor long-termloanandbank loansandfinancial institution improved83.61% and 285.55% year on year, respectively.

Operating ResultsWith precise expansions to achieve Quantum Leap strategies, new fleets arrived, new routes and additional frequencies, in 1Q 2014Garuda Indonesia carried 6.43 Million passengers, a 15.59% greater than that of same period in 2013, from the total of 11.82 Billion production capacity (ASK). Along with 18.72% increase on ASK, year on year, demand also grew by 8.97%, that reached 8.09 Billion passengers. In spite of production and demand improvements, SLF (Seat Load Factor) slighthly diminished by 6.12%, from 74.50% to 68.38%, year on year.

3Investor News Letter

Garuda Indonesia’s Fleet Status as of March 2014

Mar-13 Dec-13 Mar-14 Ops Lease “Fin Lease / Owned”

Narrow Body

Boeing 737-300 3 3 3 2 1

Boeing 737-500 5 4 4 - 4

Boeing 737-800 NG 55 65 66 66 -

Bombardier CRJ1000 NextGen 7 12 13 8 5

ATR 72-600 - 2 3 3 -

Total Narrow Body 70 86 89 79 10

Wide Body

Boeing 747-400 2 2 2 - 2

Boeing 777-300ER - 4 4 4 -

Airbus A330-200 9 11 11 11 -

Airbus A330-300 6 7 7 1 6

Total Wide Body 17 24 24 16 8

Citilink

Boeing 737-300 6 5 4 - 4

Boeing 737-400 1 1 - - -

Airbus A320-200 18 24 24 24 -

Total Citilink 25 30 28 24 4

TOTAL FLEET 112 140 141 119 22

Domestic Passenger ServicesDuring January until March 2014, Garuda Indonesia carried 3.95 Million passengers or a 14.48% improvement from previous year. Although ASK for Domestic’s service expanded by 17.80%, RPK only grew by 14.01%overlastyear.Consequently,forDomesticperformancein1Q2014, SLF declined by 2.38pp. from 73.83% in 3M 2013 to 71.45% in 3M 2014.

International Passenger SevicesIn terms of International route performance, in the first quarter of2014 Garuda Indonesia carried 0,91 Million international passengers,

a 1.69% lower than that of the same period of 2013. International capacity (ASK) grew by 16.83% while demand (RPK) went down 1.13%. Furthermore, International SLF increased by 11.56% to 75.17%.

Citilink Passenger ServicesCitilink showed impressive presentation in 1Q 2014 with total 1.57 million passengers were carried, as a result from 28.88% growth on ASK to 1.60 Billion and 32.19% increase on RPK to 1.22 Billion. Whereas,SLFimprovedfrom74.10%infirstquarter2013to76.01%in the same period of 2014.

About Garuda IndonesiaGarudaIndonesiaistheflagcarrierofIndonesiathatpromotesIndonesiatotheworld,supportingnationaleconomicdevelopmentbydeliveringprofessional air travel services to serve people around the world with Indonesian Hospitality and to create a continuously growing and expanding companywith sustainableprofit.Establishedsince1949, on11February2011Garuda Indonesiahas successfully completed its InitialPublicOffering (IPO) on Indonesia Stock Exchange (ticker GIAA.IJ/GIAA.JK).

4 Investor News Letter

Income Statement 1Q 2013 1Q 2014 % Change OPERATING REVENUES 807,223,012 807,320,397 0.01%Passenger 677,417,039 681,008,757 0.53%Cargo 47,201,170 50,352,847 6.68%Excess baggage 1,974,270 1,245,023 -36.94%Mail and document 2,000,939 2,368,755 18.38%Hajj - - -Charter 6,157,819 2,856,691 -53.61%Subsidiaries 72,471,775 69,488,324 -4.12% OPERATING EXPENSES 827,355,526 999,934,155 20.86%Fuel 327,016,723 376,486,818 15.13%Aircraft rental and charter 102,285,098 161,897,712 58.28%Flight Operations 43,261,899 45,906,864 6.11%Ticketing, sales and promotions 68,057,348 76,483,229 12.38%Passenger services 66,163,507 73,717,201 11.42%User charges and station 59,299,505 64,421,273 8.64%General and administrative 45,375,676 46,713,709 2.95%Maintenance and overhaul 48,373,708 62,903,385 30.04%Depreciation and amortization 34,305,211 37,701,849 9.90%Non aircraft rental 11,707,427 12,058,582 3.00%Subsidiaries Expenses 17,052,937 16,651,654 -2.35% OTHERS (INCOME) 4,456,487 24,991,879 460.80% INCOME (LOSS) FROM OPERATIONS -20,132,514 -192,613,758 856.73% Equity in net income of associates 1,060,803 -270,946 N/AFinance Income 1,951,512 3,045,225 56.04%Finance cost -9,973,204 -16,971,194 70.17% INCOME (LOSS) BEFORE TAX -27,093,403 -206,810,673 663.32% TAX BENEFIT (EXPENSE) -6,613,397 42,959,290 N/A INCOME (LOSS) FOR THE PERIOD -33,706,800 -163,851,383 386.11% OTHER COMPREHENSIVE INCOME (EXPENSES) 1,899,017 10,590,910 457.70% TOTAL COMPREHENSIVE INCOME (LOSS) -31,807,783 -153,260,473 381.83% INCOME ATRIBUTABLE TO: Owner the parent company -33,752,058 -163,895,914 385.59%Non Controlling interest 45,348 44,531 -1.80%INCOME (LOSS) FOR THE PERIOD -33,706,710 -163,851,383 386.11% EBITDAR 125,600,000 7,000,000 -94.43%EBITDAR Margin 15.60% 0.87% -14.73pp

Appendix 1. Income Statement

Note: Numbers displayed are in USD

5Investor News Letter

Appendix 2. Balance Sheet

Note: Numbers displayed are in USD

Balance Sheet March 2013 March 2014 % Change

ASSETS

CURRENT ASSETS

Cash and cash equivalents 475,260,630 247,693,397 -47.88%

Total Current Assets 819,133,923 608,341,047 -25.73%

Property and equipment 22,020,790 22,020,790 0.00%

Total Non Current Assets 2,134,651,029 2,299,265,453 7.71%

TOTAL ASSETS 2,953,784,952 2,907,606,500 -1.56%

LIABILITIES

CURRENT LIABILITIES

Bank loans 45,222,668 54,383,920 20.26%

Current maturites of:

Trade Payable 206,186,276 218,391,649 5.92%

Long-term loans 280,075,641 320,150,772 14.31%

Lease liabilities 53,268,680 42,161,049 -20.85%

Lease liabilities for aircraft return & maintenance cost 15,060,990 13,138,545 -12.76%

Other Current Liabilities 384,076,512 392,258,184 2.13%

Total Current Liabilities 983,890,767 1,040,484,119 5.75%

Long-term loans 324,619,850 345,316,650 6.38%

Lease liabilities 138,482,264 133,698,168 -3.45%

Other Non Current Liabilities 389,643,952 424,219,967 8.87%

Total Non Current Liabilities 852,746,066 903,234,785 5.92%

TOTAL LIABILITIES 1,836,636,833 1,943,718,904 5.83%

EQUITY

Capital stock 1,146,031,889 1,146,031,889 0.00%

Equity Attributable to:

Owners for the Company 1,115,677,979 964,266,587 -13.57%

Non controlling interest 1,470,140 -378,941 N/A

TOTAL EQUITY 1,117,148,119 963,887,646 -13.72%

TOTAL LIABILITIES AND EQUITY 2,953,784,952 2,907,606,550 -1.56%

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Cash Flow 1Q 2013 1Q 2014 % Change

Net Cash Provided from:

Operating Activities 16,713,277 -168,185,394 N/A

Investing Activities -186,932,776 -118,912,472 -36.39%

Financing Activities 114,272,367 31,116,815 -72.77%

NET INCREASE (DECREASE) IN -55,947,132 -255,981,051 357.54%

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS

AT BEGINNING OF THE YEAR 325,784,942 475,260,630 45.88%

Effect of foreign exchange rate changes: -1,281,067 28,413,818 N/A

AT END OF THE YEAR 268,556,743 247,693,397 -7.77%

Financial Ratios 1Q 2013 1Q 2014 % Change

EBITDAR Margin 15.60% 0.87% -14.37pp

Net Gearing (x) 121.86% 175.96% 54.10%

Interest Coverage (x) -201.87% -1134.95% -933.08%

Total Debt/Assets (x) 62% 67% 4.67%

Total Debt/Equity (x) 1.64 2.02 22.66%

Liabilities/Equity (x) 1.64 2.02 22.66%

ROA -1.14% -5.64% -4.49%

ROE -3.02% -17.00% -13.98%

Appendix 3. Cash flown and Financial Ratios