Indonesia’s Leading Taxi and Land Passenger Transportation Company

PT Blue Bird Tbk

Disclaimer

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The information contained in this presentation has not been independently verified. No representation, warranty, or undertaking express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of any information or opinion contained herein. It is not the intention to provide, and you may not rely on this document as providing, a complete or comprehensive analysis of the Company’s financial or trading position or prospects. None of the Company or any of its directors, officers, employees, agents, shareholders, affiliates, advisors or representatives shall be in any way responsible for the contents hereof, or shall be reliable (in negligence or otherwise) for any loss howsoever arising from any use of this document or the information contained in this presentation or otherwise arising in connection therewith.

Certain statements in this document may constitute “forward-looking statements”, including statements regarding the Company’s current expectations and projections for future operating performance and business prospects including, without limitation, any statements preceded by, followed by or that include the words “targets”, “believes”, “expects”, “aims”, “intends”, “will”, “may”, “anticipates”, “would”, “plans”, “could”, “should”, “predicts”, “projects”, “estimates”, “foresees” or similar expressions or the negative thereof, as well as predictions, projections and forecasts of the economy or economic trends of the markets, which are not necessarily indicative of the future or likely performance of the Company, and projections and forecasts of their performance, which are not guaranteed. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Such forward-looking statements speak only as of the date on which they are made. Accordingly, the Company expressly disclaims any obligation to update or revise any forward-looking statement contained herein to reflect any change in the Company’s expectations with regard to new information, future events or other circumstances. The Company does not make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved, and such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario.

1. Introduction – BIRD in a Glance

Understanding Indonesia’s leading land passenger transportation company – its strength, competitive advantage, and future opportunities

Historical key events in Blue Bird history

Blue Bird - the leading integrated land passenger transportation company in Indonesia

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(1) As of 31 Dec 2017 (2) Based on FY 2017 Audited Figures

Brands

Fleet size(1)

Revenue contribution(2)

Key financials(2)

Locations

22,411

973 5,103 514

76.2% 6.4% 11.8% 5.6%

Net revenues:

Rp3,201 bio

Net revenues:

Rp270 bio

Net revenues:

Rp495 bio

Net revenues:

Rp237 bio

15 Indonesian locations

Operates in Jakarta & greater Jakarta Area

15 Indonesian locations

8 Indonesian locations

Charter bus Limousine & car

rental Executive taxi Regular taxi

29,001

100.0%

Net revenues:

Rp4,204 bIo

Presence in all Indonesian key cities

Total

Leading passenger land transport operator in Indonesia with the largest market share and a fleet of more than 29,000 units of different variance

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Distribution channels support pan-Indonesian platform Key highlights

Presence in all key cities (“first mover” advantage)

Growing urbanization across Indonesia presents a significant opportunity for growth

Awarded as Indonesia’s living legend company by Warta Ekonomi (2016)

(1) As of 31 Dec 2017 (2) As of 31 Dec 2017

70 depots nationally, including 46 in Jakarta(1)

More than 600 exclusive outlets that include hotels, malls, offices, apartments, residential and convenience stores(2)

24-hour call center and mobile apps booking system

We have a comprehensive Indonesian footprint

Medan Jadetabek Pekanbaru Palembang

Manado

Banten

Bandung

Semarang

Lombok Bali Yogyakarta Solo

Padang

Batam Balikpapan

Makassar Surabaya

Pangkal Pinang

Solid ground to build upon for current & future business model

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#1 in Safety, Availability, Reliability

#1 in top-of-mind brand awareness

Strong brand and reputation

>29,000 multi-modal fleet from taxis to cars

to buses

70 vehicle pools

and maintenance nation wide

~600 dedicated taxi stands in high traffic locations

~40,000 man power to support the business

Proven operating model

45 yrs proven

commitment by founders

0.3x 31 Dec 2017

DER, indicating a prudent balance

sheet

>Rp 6tr of asset in 31

Dec 2017 balance sheet

Rp 470 bio

Nett cash by 31 Dec 2017

Committed shareholders and strong financials

Potential demand from middle affluent class in Indonesia

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Low taxi penetration creates future opportunities

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1. Taxi fleet size per thousand population 2. Source: Euromonitor, World Bank, Macquarie Research June 2016

Investing in people, creating a sustainable community

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Our investment in people is not limited to development of skills for the

employees, but also their spirituality and family. Our initiatives include:

Kartini Blue Bird empowerment program for drivers’ wives and

surrounding community

Scholarship awarded to 4,000 children of drivers in 2016

Official land transportation partner for “Indonesia Mengajar” program

Umroh program for selected drivers

2. Financial & Operational Highlights

Although the Company is facing hypercompetition in the market, financials remain solid in both profitability and balance sheet position.

P&L FY 2017 – Improvement QoQ Basis

1,040 1,042

1,049

1,073

1Q17 2Q17 3Q17 4Q17

Nett Revenue - QoQ (in Rp bio)

Revenue in 4Q17 grew by 2.3% compared to 3Q17, higher compared to QoQ growth on previous quarters in 2017 4Q17 also marked total comprehensive income (nett income) of Rp 118 bio, back to 1Q17 level

Regardless of consistent QoQ growth, YoY performance still showed negative growth. Revenue was down by 12.3% & nett income down by 15.8% YoY

4,796

501

4,204

422

Nett Revenue Nett Income

FY 2016 FY 2017

118

76

110

118

1Q17 2Q17 3Q17 4Q17

Total Comprehensive Income - QoQ (in Rp

Bio)

P&L FY 2017

(in Rp billion) FY 2017 FY 2016 growth 4Q17 3Q17 growth

Nett Revenue 4,204 4,796 -12.3% 1,073 1,049 2.3%

Direct Cost (3,066) (3,426) -10.5% (787) (769) 2.3%

Gross Profit Margin 1,138 1,370 -16.9% 286 280 2.2%

Operating Expense (570) (563) 1.2% (134) (146) -8.2%

Operating Income 568 807 -29.7% 151 134 12.7%

Earnings Before Tax 562 692 -18.7% 165 140 17.6%

Nett Comprehensive Income 422 501 -15.8% 118 110 7.3%

EBITDA 1,217 1,530 -20.5% 303 291 3.9%

Gross Profit Margin 27.1% 28.6% 26.6% 26.7%

Operating Profit Margin 13.5% 16.8% 14.1% 12.8%

Nett Income Margin 10.0% 10.4% 11.0% 10.5%

EBITDA Margin 28.9% 31.9% 28.2% 27.8%

Balance Sheet – 31 Dec 2017

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Key highlights

Leverage ratios showed opportunity to grow through debt

Bank loan significantly reduced through early repayment and routine installment.

The Company has obtained a new facility from Sumitomo Mitsui Indonesia in October 2017.

The facility amount is Rp 1 trillion and available to be used for fleet purchase on all 4 segments.

(in Rp billion) 31-Dec-17 31-Dec-16 31-Dec-17 31-Dec-16

Current Assets 771 882 Debt to Equity 0.32 0.57

Non Current Assets 5,745 6,418 Debt to Assets 0.24 0.36

Total Assets 6,516 7,301 Net Debt to Equity 0.23 0.44

Net Debt to EBITDA 0.91 1.34

Current Liabilities 436 814

Non Current Liabilities 1,150 1,824

Total Liabilities 1,586 2,638

Share Capital 250 250

Additional Paid In Capital 2,513 2,513

Retained Earnings 2,092 1,826

Non Controling Interest 75 74

Total Equity 4,931 4,663

Total Liabilities & Equity 6,516 7,301

Bank Loan

CPLTD 269 658

Non Current 495 1,186

Total Bank Loan 764 1,844

Strong cashflow position

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Key highlights

The Company closed the year with Rp 474 billion of cash, 19.9% lower compared to cash

position at the end of 2016

Lower cash position mainly attributable to lower cash received from customers due to

competition and early repayment of bank loan amounting more than Rp 600 bio

Early repayment was considered necessary to lower interest expense and leverage ratio in the

midst of slow expansion

(in Rp billion) 2017 2016

Nett Cash Flow from Operation 1,034 1,155

Nett Cash Flow from Investment Activities 82 (537)

Nett Cash Used in Financing Activities (1,233) (297)

Nett Increase (Decrease) in Cash & Cash Equivalents (118) 320

Cash & Cash Equivalents - Beginning of the Year 592 271

Cash & Cash Equivalents - End of the Year 474 592

History of growth in regular taxi – impacted by recent hypercompetition

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16,115 19,291

23,905 26,085 25,900

24,064

2012 2013 2014 2015 2016 2017

Average fleet

(# cars)

Average fleet in operation

12,903 15,303

17,848 19,349 18,149

15,927

2012 2013 2014 2015 2016 2017

(# cars)

Utilization

Average revenue per car in operation

517,917

557,969

593,550

631,995

567,495 550,552

2012 2013 2014 2015 2016 2017

(IDR per car, per day)

80.1% 79.3% 74.8% 74.3% 70.3% 67.0% 67.3%

New MPV Fleet to Fulfill Market Demand

Fleet replacement or expansion will focus on MPV cars due to the following factors: 1. Demand in the market is shifting to MPV cars 2. Lower acquisition cost 3. Better efficiency in fuel & maintenance 4. Better resale value

New online driver recruitment

Blue Bird has soft launched its online driver recruitment with the hope to accelerate new driver intake In the first 3 weeks, almost 1000 applicants have submitted their application and will be followed up by respective taxi pools We promote this through:

3. Digitalization, Collaboration, & New Businesses

Technology plays a vital role in shaping the business to meet current and future business opportunities. To expand its customer base, Blue Bird also engaged in collaborations with different platforms and explore new business opportunities

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Taxi hailing app through smartphones using GPS to ensure a

seamless booking experiece.

Advance &

Multiple Booking Driver Rating

Tracking System

& Call Driver

Fare Estimation &

E-Receipt

Share My Journey

feature Easy Ride

Multiple payment

channels Nearby taxi

monitoring

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New Feature

E-payment provides easiness, comfort, and safety

in transaction

Blue Bird introduced a new payment feature in its

My Blue Bird app dedicated for our loyal

customers, called Blue Bird eVoucher

Blue Bird eVoucher allows our loyal customers to

enjoy cashless payment anytime they book a ride

through My Blue Bird app.

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eVoucher access only

opened to the persons

registered by the company

Users

Detail report for each trip: Taxi ID

number, driver identity, pick up and

drop off point, travel distance, pick

up and drop off date & time

Trips

Budget per person is

determined and monitored by

Admin appointed by the

client/company

Budget

Detail report on cost for every trip

using eVoucher: fare (based on

meter) and additional tip

Transaction

Blue Bird eVoucher will help our

corporate clients to control several

important areas of accountability

Development of My Blue

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The latest development of My Blue Bird App, Easy Ride offers the easiness of taking a Blue Bird taxi practically anywhere anytime with the flexibility of cashless payment.

Going beyond than combining street hailing & cashless payment, Easy Ride also allows the Company to identify its loyal street hailing customers and integrate them into part our big data analysis

Engaging new collaboration to create value

Acquiring new customer base is one of the key transformation initiatives. This collaboration with GO-JEK will allow BIRD to tap into GO-CAR customer base. This collaboration is aimed to increase utilization rate & number of rides per day for BIRD armada in Jakarta area.

Expanding collaboration across different industries

Collaboration with Traveloka where customers can book Golden Bird or reserve a seat in Big Bird Airport Shuttle

Collaboration with McDonald’s Indonesia that gives away promotion for both customers & drivers

Discount Promotions

Expansion of Airport Shuttle Routes

Airport shuttle bus (JA Connexion) started out with Central Jakarta routes in mid 2017 and has expanded to South & East Jakarta as well as suburb Bekasi area

We want to hear from you

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http://bit.ly/BlueBirdIR

Thank You

For further information please contact: Head of Investor Relations Michael Tene E: michael.tene@bluebirdgroup.com M: +62 821 1333 1608 P: (+62 21) 798 9000/9111 F: (+62 21) 794 3333