The Ratings of ADHI’s Maturing Bond and Sukuk Affirmed at “idA-” and “idA-(sy)”

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1. Press Release February 26 , 2018 PT Adhi Karya (Persero) Tbk. Analysts: Yogie Perdana / Aryo Perbongso Phone/Fax/E-mail: (62-21) 7278 2380 / 7278 2370 / yogie.perdana@pefindo.co.id / aryo.perbongso@pefindo.co.id CREDIT PROFILE Corporate Rating FINANCIAL HIGHLIGHTS As of/for the year ended id A-/Stable Rated Issues Shelf registered Bond I Phase II/2013 series A idAShelf registered Sukuk Mudharabah I Phase II/2013 idA-(sy) Rating Period February 22, 2018 – March 15, 2018 Rating History APR 2017 APR 2016 APR 2015 SEP 2014 APR 2014 2012- 2013 2010-2011 SEP 2009 JUN 2009 2007-2008 idA-/Stable idA-/Stable idA/Negative idA/Negative idA/Stable idA/Stable idA-/Stable idA-/Negative idA-/Creditwatch Total adjusted assets [IDR bn] Total adjusted debt [IDR bn] Total adjusted equity [IDR bn] Total sales [IDR bn] EBITDA [IDR Bn] Net income after MI [IDR bn] EBITDA margin [%] Adjusted debt/EBITDA [X] Adjusted debt/adjusted equity [X] FFO/adjusted debt [%] EBITDA/IFCCI [X] USD exchange rate [IDR/USD] Sep-2017 Dec-2016 Dec-2015 (Un-Audited) (Audited) (Audited) 24,432.3 7,851.8 5,549.9 8,834.0 824.3 205.1 9.3 *9.5 1.4 *3.8 2.3 13,492 20,095.4 4,272.0 5,442.8 11,133.4 786.3 313.5 7.1 5.4 0.8 7.9 2.5 13,436 16,761.1 3,118.5 5,162.1 9,421.6 643.2 463.7 6.8 4.8 0.6 5.9 2.8 13,725 Dec-2014 (Audited) 10,458.9 2,269.1 1,640.8 8,664.8 678.7 329.1 7.8 3.3 1.4 11.5 3.7 12,440 FFO = EBITDA – IFCCI + Interest Income – Current Tax Expense EBITDA = Operating Profit + Depreciation Expense + Amortization Expense IFCCI = Gross Interest Expense + Other Financial Charges + Capitalized Interest; (FX Loss not included) MI = Minority Interest * = Annualized The above ratios have been computed based on information from the company and published accounts. Where applicable, some mites have been reclassified according to PEFINDO’s definitions. Negative idA-/Stable The ratings of ADHI’s maturing bond and sukuk affirmed at “ idA-” and “idA-(sy)” PEFINDO has affirmed its “idA-” and “idA-(sy)” ratings for PT Adhi Karya (Persero) Tbk (ADHI)’s Shelf registered Bond I Phase II/2013 Series A of IDR125 billion and Shelf registered Sukuk Mudharabah I Phase II/2013 of IDR125 billion, respectively, of which both the bond and sukuk will mature on March 15, 2018. ADHI intends to repay its maturing bond and sukuk using internal cash. As of September 30, 2017, its cash balance was IDR3.8 trillion. An obligor rated idA has a strong capacity to meet its long-term financial commitments relative to that of other Indonesian obligors. However, it is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than higherrated obligors. The minus (-) sign in a particular rating indicates that it is relatively weak within the respective rating category. Suffix (sy) means the rating mandates Islamic principles compliant. ADHI is one of the largest construction companies in Indonesia. Its business is divided into five major categories: construction services, energy, property, industry and investment. As of September 30, 2017, its shareholders consisted of the Indonesian government (51.0%) and the public (49.0%). DISCLAIMER PT Pemeringkat Efek Indonesia (PEFINDO) does not guarantee the accuracy, completeness, timeliness or availability of the contents of this report or publication. PEFINDO cannot be held liable for its use, its partial use, or its lack of use, in combination with other products or used solely, nor can it be held responsible for the result of its use or lack of its use in any investment or other kind of financial decision making on which this report or publication is based. 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