Presentation Material

Public Expose and Due Diligence Meeting

Initial Public Offering

PT Blue Bird Tbk
Jakarta, 3 October 2014

Agenda
Topic

Introduction to Blue Bird

Growth strategies

Investment highlights

Financial highlights

Indicative structure

1.

Introduction to Blue Bird

Blue Bird - the leading integrated land passenger

transportation company in Indonesia
Executive taxi

Limousine & car

rental

Charter bus

Total

23,932

1,252

4,524

590

30,298

79.5%

6.7%

9.1%

4.7%

100.0%

Regular taxi

Brands

Fleet

size(1)

Revenue
contribution(2)

Key
financials(2)

Net revenue: Rp
3,117bn

Gross margin:
33.3%

Locations

13 Indonesian
locations

Net revenue: Rp

261bn

Gross margin:
26.5%

Operations in
Jakarta and
Surabaya

Net revenue: Rp

Gross margin:
31.6%

12 Indonesian
locations

Gross margin:
61.4%

Operations in
Jakarta,
Surabaya, Bali
and Bandung

Net revenue: Rp
3,921bn

186bn

357bn

Net revenue: Rp

Gross margin:
34.0%

Presence in all
Indonesian key
cities

No.1 taxi operator in Indonesia with a market share of greater than 33%(3) across Indonesia based
on total operational fleet size
(1)
(2)
(3)

As of 30 April 2014.
For the year ended 31 December 2013.
Market share based on fleet as of 31 December 2013, as per Management estimate.

Board of Commissioners and Directors

Board of Commissioners
Kresna Priawan
Djokosoetono
President Commissioner

Noni Sri Ayati

Purnomo
Commissioner

Sri Adriyani
Lestari
Commissioner

Bayu Priawan
Djokosoetono
Commissioner

Since 2012
> 21 years(1)

Since 2013
>17 years(1)

Hikmahanto
Juwana
Independent
Commissioner
Since 2013

Drs. Pratiknyo,
SH
Independent
Commissioner

Rinaldi
Firmansyah, MBA
Independent
Commissioner

Gunawan Surjo
Wibowo
Commissioner

Since 2013

Since 2012
>14 years(1)

Since 2013

Since 2012
>8 years(1)

Since 2013
>32 years(1)

Board of Directors
Purnomo Prawiro
President Director, CEO
Since 2001
>41 years(1)

(1)
(2)

Sigit Priawan Djokosoetono

Director
Since 2012
>19 years(1)

Years of experience in the transportation industry.

Years of experience in investment banking and financial markets.

Adrianto Djokosoetono
Director
Since 2012
>10 years(1)

Robert R.
Rerimassie
Financial Director
Since 2013
>20 years(2)

Shareholder and corporate structure

Purnomo Prawiros and
Chandra Suhartos family

56.23%

PT Pusaka
Citra
Djokosoetono

100%

43.75%

PT Blue Bird
Tbk

99.01%

99.38%

99.42%

99.01%

99.67%

99.58%

PT Blue Bird
Pusaka

PT
Cendrawasih
Pertiwi Jaya

PT Lintas
Buana Taksi

PT Lombok
Taksi Utama

PT Praja Bali
Transportasi

PT Pusaka
Satria Utama

99.72%

PT Central
Naga
Europindo

99.06%

PT Irdawan
Multitrans

99.01%

PT Luhur
Satria
Sejati
Kencana

99.27%

PT Morante
Jaya

Regular Taxi

97.77%

PT Pusaka
Nuri
Utama

99.01%

99.12%

PT Silver
Bird

99.03%

PT Big Bird
Pusaka
99.67%

PT Prima
Sarijati
Agung

PT Pusaka
Prima
Transport

Executive
Taxi

Rental

Charter
Bus

We have a comprehensive Indonesian footprint

Medan

Pekanbaru

Batam

Palembang

Jadetabek

Balikpapan
Manado

Padang
Semarang
Banten

Bandung

Yogyakarta

Solo

Surabaya

Bali

Lombok

Makassar

Key highlights

Distribution channels support pan-Indonesian platform

Presence in all key cities (first mover advantage)

Leveraged to urbanization and consumer growth trends
Facilitates identification of new market opportunities across

61 depots nationally, including 44 in Jakarta(1)

480 exclusive outlets that include hotels, malls, offices,

all divisions

National recognition of consumer brand

(1)

apartments, housing complexes and convenience stores(1)

24-hour call center, a mobile / smartphone

reservation system and online reservations

As of 30 April 2014.

Strong track record of scaling up the business

to drive profitable growth
28,033

Total fleet
size

(Vehicles)

20,098

18%CAGR

~
2011

2013

(Rp. In billions)

Revenue

3,921
2,564

24%CAGR

~
2011

2013

(Rp. In billions)

EBITDA

1,492
805

36%CAGR

Net income(1)

2011

713

(Rp. In billions)

389

35%CAGR

2011
(1)

2013

2013

Income before Proforma adjustments arising from restructuring transactions of entities under common control.

Positioned for sustained market outperformance

Market growth (regular taxi)

Blue Birds growth (regular taxi)

Blue Birds national market share

(regular taxi)(1)

>33%

24.2%
12.9%
26.2%

Compelling track
record
(11A-13A CAGR)

Consumer value spend

Market growth (regular taxi)

Revenue

2011

2013

Blue Birds growth drivers

Additional licenses secured: additional 7,504 and 68 secured

licenses for regular and executive taxis throughout Indonesia(3)
16.1%

Attractive
outlook
(13A-16E CAGR)

Vehicles on order: ~2,900 regular taxis, ~1,000 has been

delivered(3)
Drivers: proven recruitment capabilities and training
infrastructure
Depot expansion strategy: supports increased capacity

Consumer value spend

(1)
(2)
(3)

Distribution and IT infrastructure: historical investment has

created scalable platform

Market share based on fleet as end of the periods. 2011 market share according to Euromonitor and 2013 market share based on Management estimate.
Blue Bird has historically secured more than 50% of the total regular taxi licenses issued in Indonesia (from 2011 to 1H2013).
As of 30 April 2014.

2.

Growth strategies

Our growth strategies

Increase the size of our taxi fleet

Increase penetration across our existing footprint and expand in new cities

Grow our Limousine & Car Rental and Charter Bus divisions

Continue to enhance service quality and operational efficiencies

10

Increase the size of our taxi fleet

Secured backlog of new licenses(1)

Confidence on further growth of licenses

68

1
32,756

7,504
25,184

Assigned
operating
licenses

Additional
regular taxi
licenses

Additional
executive taxi
licenses

"Secured taxi
fleet"

~2,900 taxis on order, ~975 has been delivered

Historical track record

Access to new licenses has historically never been a

constraint for Blue Bird

Successful track record of securing new licenses

Merit-based tender process in Jakarta with criteria typically

focused on

Financial condition

Fleet size

Number of drivers

Condition of taxi depots

Type of vehicles in fleet

Application-based license process in other locations

3

IPO proceeds partly used to fund fleet expansion

Driver recruitment and training infrastructure in place to
support fleet expansion

(1)

As at 30 April 2014.

11

Increase penetration across our existing footprint

and expand in new locations
Depots

Distribution channels

Depots are strategic assets that facilitate expansion

in existing and new markets

Existing depots (61) to be increased to support

growth in fleet operations(1)

Additional sites identified for further expansion

beyond 2014

New commercial and residential developments

Partnerships with hotels and shopping malls

Track record of 13 additional depots (2012) and 16

depots (2013)

Existing
footprint

Agreement with 24-hour convenience stores chain

franchiser
Stores used as booking kiosks
Already operational in 52 stores with a roll-out plan to
170 stores(1)

IPO proceeds partly used to fund depot expansion

Expanded grid of depots sufficient to support nearterm growth strategy

Selection strategy

New
locations

(1)

We expand into new locations selectively

Criteria relevant to our expansion strategy
include our view on the size of the
opportunity, competitive landscape and
assessment relative to other growth
opportunities
Principally an organic growth strategy but
will strategically consider M&A to acquire
infrastructure (acquired brands would be
replaced with Blue Bird / Pusaka)

Market entry strategy

Trial period with small fleet size and

rental of depots

Operator supervised by our

experienced managers who colocate to help ramp-up

If trial successful, full roll-out with

depot acquisition strategy

Expansion track record

Period

Locations
entered

2000 2005

2006 2010

2011
Present

As at 30 April 2014.

12

Grow our Limousine & Car Rental and Charter

Bus business segments
A

Existing footprint

New cities

Develop new partnerships with hotels and malls

Intensify marketing effort

Accompany our existing customers throughout their

expansion in Indonesia outside Jakarta

Increase airport coverage

Increase long-term contracts with corporate customers
Provide total fleet management

Strategic expansion as market grows

Track our existing international schools customers

growth in enrollments
Enhance short and long-term contracts with corporate
customers
Enhance tourism transport
Develop new partnerships with hotels / malls
Further expand in premium bus segment
13

Continue to enhance service quality and operational

efficiencies
Improve call center and order management

Continue to invest in our call centers as

demand increases

Continue to market our mobile booking

solutions in Jakarta, Medan, Bali and
Semarang

Plan to roll-out mobile solutions in other

cities

Increase fleet accessibility and customer

proximity

Refine driver training, retention and

compensation programs

Install GPS systems in entire fleet

Customer convenience
GPS system to monitor taxi location
and address customer demand more
efficiently
Increased safety

Continue to enhance customer taxi

experience

Focus on technical and soft skills

Increase payment options

Driver health and wellness

Customer complaint handling

Other driver benefits

Professional driving and soft skills to

improve customer satisfaction

Further reinforce customer perception

of quality, reliability and safety

Bonus and incentive schemes

14

3.

Investment highlights

15

Investment highlights
Leading integrated passenger transportation company in Indonesia
Operating in a high-growth industry
Highly visible consumer brand in Indonesia
Superior customer service offering underpinning the strength of the
brand
Unique business model reinforcing our market leading position
Scale delivering operational & strategic benefits
Experienced and dedicated management team with an organization
poised for further growth

16

1 Market share growth

Taxi fleet size(1)

Taxi market share(3)

22.933

Company A

9,892

10,000

1,177

>2x

No. of operating locations

17

>33%

3.6x(2)

Company A

>15%

Company A

2.4x

108

Clear
market
leadership

Company B

Company C

Company D

Company B

3,200

2,000

Plus
7,504 additional secured regular
licenses
68 additional secured executive
licenses

1,350

# of Regular Taxis

# of Executive Taxis

>5%

Company B

Company C

>3%

Company C

Company D

>2%

Company D

Share of fleet size

Blue Birds national market share (4)

2013 market share

Continue
to extend
our lead

(1)
(2)
(3)
(4)

23.2%

26.2%

2010

2011

30.3%

2012

Fleet size as of 31 Dec 2013, according to Euromonitor.

Based on total EBITDA for the year ended 31 Dec 2013.
Market share based on taxi fleet size as of 31 Dec 2013, as per Management estimate.
Market share based on regular taxi fleet size. According to Euromonitor for 2010 2012 and as per Management estimate for 2013.

>33%

>33% is based on
conservative estimate
of market size in 2013

2013

17

2 Operating in a high-growth industry

Increasing wealth in our target markets
Disposable income growth in key cities
Annual disposable income
(20132016E CAGR)

12.6%

11.6%

11.0%

8.0

6.1

11.3%

11.8%

11.9%

10.9%

12.1%

16.3%

12.5%

29.8

Population
Dec 31, 2013 (m)

Jakarta

Bandung

Surabaya

4.3

2.7

Medan

Makasssar

Lower income households

Blue Birds target households

(<$10k p.a.)

($10k$35k p.a.)

1.6

1.5

Semarang Palembang

1.4

1.2

1.1

Bandar
Lampung

Batam

Malang

(>$35k p.a.)

46.9m
19.2m
42.9m

14.7m

2.9m
1.3m

2013

2016E

2013

2016E

2013

2016E

Source: Euromonitor, Company information.

18

2 Operating in a high-growth industry

Regional comparison supports outlook for increasing taxi
penetration in Greater Jakarta

Level of penetration of taxi services in Greater Jakarta, measured by the number of taxis per 1,000
people, is the lowest amongst Hong Kong, Singapore and Bangkok

Taxi penetration(1)
(Number of taxis per 000 people)

Fleet size

41,623

18,138

28,210

107,204

Population (000)

29,812

7,174

5,312

10,482
10.2

5.3
1.4
Greater Jakarta

2.5

Hong Kong

Singapore

Bangkok

Indonesia taxi market growth

Regular Taxi

Consumer value spend CAGR

(2013-2016E)

16.1%

Consumer value spend

Source: Euromonitor.
(1)
As of 31 Dec 2012.

19

3 Highly visible consumer brand in Indonesia

Relative to most taxi markets globally, taxi consumption decisions in Indonesia are more
influenced by brand and customer service experience
Blue Bird means taxi to the Indonesian consumer
100%

Awareness of
Blue Bird brand

99%

Jakarta

Third-party consumer brand accolades

90%

91%

Surabaya

Bandung

SuperBrands Award(2)
2012 | 2013

86%

Semarang

Medan

Indonesia Best
Brand Award

Outstanding consumer survey results(1)

99%

94%

80%
68%

2011 | 2012
85%

80%

59%

Top Brand Award

2010 | 2011 | 2012

Bluebird cabs are pale blue, and have the best reputation

Lonely Planet

Highly recommended for tourists and all travelers is the Blue Bird

Overall

Awareness

Image

Usage

Satisfaction

Loyalty

Level of
recommendation

Taxi

Tripadvisor

Source: Markplus Insight 2013.

(1)
Brand equity of taxi operators in Jakarta, according to MarkPlus Insight, 2013.
(2)
SuperBrands is the world's largest independent arbiter of branding. It identifies and pays tribute to exceptional brands by recognizing, rewarding and reinforcing leading brands from all over the world.
The Superbrands Indonesia nomination is based on Nielsen's consumer research on Indonesia's most favourite brands across a total of 125 categories of consumer goods and services in six cities in
Indonesia. The key criteria set by International Superbrand include: market dominance, longevity, goodwill, customer loyalty and overall market acceptance

20

4 Superior customer service offering underpinning the

strength of the brand

We continually innovate to enhance our service
How we run our business
Comprehensive recruitment, training and retention
program
Driver recruitment process, training process, and
comprehensive benefits to drivers

Consistent customer service

Daily cleaning and checkup

Assured personal comfort

Regular servicing

Consistent ridership experience

No taxis older than 5 years

Enhanced safety

Approximately 480 exclusive taxi pick-up points(1)

Greater accessibility

Available at hotels, malls, convenience stores, offices,

apartments and housing complexes

Enhanced convenience

24-hour call centers

TMR(2), apps and online booking systems

Minimized waiting times

GPS technology installed in all executive taxis and

approximately 80% of regular taxis

Optimized capacity utilization

Credit vouchers for both corporate and personal use

Credit card terminals in most of our Silver Birds

Database for passenger left belongings

Ability to trace back vehicles even when customers

are unable to remember the taxi registration number

Excellent drivers

Well-maintained
vehicles

Extensive
distribution
network

Multiple booking
channels

Non-cash
payment
mechanisms

Lost and found

service

(2)
(1)

Benefits to our customers

As of 30 April 2014.
TMR: Taxi mobile reservation system.

Drivers that reflect our corporate

values

Enhanced convenience

Trust in our service

21

4 Mobile applications: enhancing the customer

experience
Taxi experience
Book

Assign

Receive and
Track

Customer
satisfaction
Total time taken
to book taxi:
~ 3 mins

Customer makes booking

through mobile application

Booking goes through control

room and assigns nearest
available taxi

A proven and successful platform

Customer receives details of the

taxi and vice versa so they can
contact each other

Satisfied customers repeat

using the mobile application
for future bookings

Compatible across major operating systems

Mobile application was launched in August 2011

Available in five cities including Jakarta, Semarang, Surabaya,
Bali and Medan
Number of bookings through applications increased from ~47,000
in 2011 to ~2.5 million in 2014(1)

Recently rolled out booking kiosks for taxis:

Arrangement with large chain of 24 hour convenience stores

52 participant stores as of April 30, 2014
Plan to offer this system at a total of ~170 stores
(1) Annualized bookings based on 840,000 bookings for 4M 2014.

22

5 Unique business model reinforcing our market

leading position
What we do differently
Driver
compensation
and
development

Vehicle
ownership and
maintenance

Variable commission structure for our drivers

Aligned incentives between drivers and Blue Bird to

grow the business

Emphasis on driver training and development

High quality service standards delivered with

consistency

Benefits for drivers (e.g. health benefits, dormitories,

housing and motorcycle loans and scholarships for
drivers children)

Driver satisfaction, commitment and loyalty

We own, maintain and operate our entire fleet

Standardization of maintenance
Incremental revenue from the sale of used cars

Fully
controlled and
integrated
service
offering

Benefits to Blue Bird

Option for drivers to purchase the vehicle for personal

use after
5 years

Further alignment of interests with our drivers

Complete strategic and operational control over

each division

Optionality for multi-product growth strategy in new

geographies

Improved care to vehicles from drivers

Total control over operations and positioning

Integrated service offerings

Revenue synergies (in particular, between Silver Bird

and Golden Bird)
Operational and cost synergies (e.g. use of depots,
maintenance expertise)
23

6 Scale delivering operational & strategic benefits

Access to
exclusive
distribution
channels

Employer of
choice for drivers

Vehicle
procurement
synergies: both
cost & priority
delivery

SCALE

Pan-Indonesian
presence creates
national brand

Access to broader
sources of capital

24

7 Experienced and dedicated management team

with an organization poised for further growth

Board of Commissioners
Kresna Priawan
Djokosoetono
President Commissioner

Noni Sri Ayati

Purnomo
Commissioner

Sri Adriyani
Lestari
Commissioner

Bayu Priawan
Djokosoetono
Commissioner

Since 2012
> 21 years(1)

Since 2013
>17 years(1)

Hikmahanto
Juwana
Independent
Commissioner
Since 2013

Drs. Pratiknyo,
SH
Independent
Commissioner

Rinaldi
Firmansyah, MBA
Independent
Commissioner

Gunawan Surjo
Wibowo
Commissioner

Since 2012
>14 years(1)

Since 2013

Since 2013

Since 2012
>8 years(1)

Since 2013
>32 years(1)

Board of Directors
Purnomo Prawiro
President Director, CEO
Since 2001
>41 years(1)

Sigit Priawan Djokosoetono

Director
Since 2012
>19 years(1)

Adrianto Djokosoetono
Director
Since 2012
>10 years(1)

Robert R.
Rerimassie
Financial Director
Since 2013
>20 years(2)

Management

Handang Agusni
Director
Since 2001
>35 years(1)
(1)
(2)

Sari Suanti
Vice President
Since 2004
>35 years(1)

Bintarti Agustin
Vice President
Since 2001
>20 years(1)

Years of experience in the transportation industry.

Years of experience in investment banking and financial markets.

Riyanto Supatmo
Vice President
Since 2001
>22 years(1)

Maria Lihawa
Vice President
Since 2013
>15 years(1)

Agus Sulistyono
Vice President
Since 2013
>13 years(1)
25

4.

Financial highlights

26

Track record of profitable growth

Net revenue and gross margin

EBITDA and EBITDA margin

Net income and net income margin(1)

(Rp in billions)

(Rp in billions)

(Rp in billions)

3,921

4,000

3,500

3,099
3,000

23.8%
2,564
34.0%

2,500

37.0%
32.0%

37.6%

41.7%

34.9%
38.0%

2,000

18.4%

18.2%
37.8%
15.2%

31.4%

31.1%

14.2%

1,492

1,477

713

1,500

1,122

964

441

805

1,000

389
468

558

267

271

4m13A

4m14A

500

2011A

2012A

2013A

Net revenue

4m13A

4m14A

Gross margin

2011A

2012A
EBITDA

2013A

4m13A

4m14A

EBITDA margin

2011A

2012A
Net income

2013A

Net income margin

(1) Net income refers to Income Before Proforma Income Adjustments Arising from Restructuring Transactions of Entities Under Common Control (Proforma Income). BB acquired majority shares of its 15
subsidiaries in November 2012, the Proforma Income shows consolidated net income assuming the acquisition of the 15 subsidiaries occurred on or before January 1, 2010.

27

Regular taxi business contributes ~ 75-80% of

revenue and gross profit
Revenue contribution

Gross profit contribution (%)

(Rp in billions)

3,921
11.9%

9.8%

8.5%

8.1%

6.5%

8.6%

8.4%

6.2%

5.2%

3.8%

77.5%

77.8%

79.7%

2012

2013

4m14

3,099
2,564

6.0%
79.5%
78.7%

78.7%

3,117

2,439

2,019

7.3%
1,477
81.0%

1,196
2011
Regular taxi

2012
Executive taxi

Charter bus

2013
Limousine & car rental

4m14
% of revenues

Regular taxi split by region

74.8%

(Rp in billions)

3,117
2,439

2,019

469

380
81.2%

1,639

608

80.5%
80.8%

2,508
1,970

1,196
228
80.9%

967
2011
2011
Jakarta

2012
Outside Jakarta

2013
% of regular taxi revenues

4m14
Regular taxi

Executive taxi

Charter bus

Limousine & car rental

28

Growing regular taxi business driven by increasing

fleet size and per-car revenue
Jakarta

Outside Jakarta
(# cars)

(# cars)

Average
fleet

18,335
15,450
10,850

2011

12,749

2012

3,028

2013

4M '13

4M '14

11,907

11,295

13,353
2,629

8,701

9,909

2011

2012

2013

4M '13

4M '14

80%

78%

77%

76%

73%

Revenue
(Rp bn)
(1)

2012

3,558

2013

4M '13

3,396

3,237

2013

4M '13

4M '14

91%

82%

4M '14

2011
87%

2,994

2012
89%

88%

3,717

(Rp per car, per day)

(Rp per car, per day)

Average
revenue
per car in
operation(1)

2011

3,367

3,841

(# cars)

(# cars)

Average
fleet in
operation

Utilization

4,559

14,815

603,689
577,139
544,597

512,593

490,757

528,276

516,008

396,339

435,690

429,614

2011

2012

2013

4M '13

4M '14

2011

2012

2013

4M '13

4M '14

1,639

1,970

2,508

716

967

380

469

608

169

228

Average revenue per car in operation per day is calculated by dividing the total segment net revenues for the period by the number of days in the period by the average number of vehicles in
operation during that period.

29

Management has significantly improved the cost

structure since 2011
EBITDA margin evolution breakdown
(In RP bn, unless otherwise stated)
Direct costs

Salaries, allowances and drivers cost

Fuel
Drivers commission structure

Other direct costs

SG&A(1)

41.7%
Increase in drivers commission
and wages to mechanics

7.4%

(0.4%)

38.0%

0.6%
(3.7%)

37.8%

(0.4%)

31.4%
2.3%
(2.5%)

(0.5%)

Fuel price
2,217
increase

1,564
964

Fuel price
increase
805

Lower salaries
and
operational
efficiency

1,492

468

Decrease in
rented
premises

558

Improvement in repairs, maintenance

and spare parts cost

2011A
(1)

2013A

4M 2013A

4M 2014A

Excludes depreciation

30

Effective cost controls behind our growing business

Direct costs
(In RP bn, unless otherwise stated)

62.4%

65.1%

66.0%

63.0%

Direct costs as a % of sales

68.0%

2,588
111
153

Others
2,019

490

106
202

Repairs, maintenance and

spareparts

1,599
85

349
746

148

Depreciation

245
1,004

545

43
59

474

1,088
816

706
25
49
147

300

(1)

2012A

2013A

4m13A

Fuel

300

186

647

2011A

201

401

Salaries, allowances and

drivers cost

4m14A

Others primarily comprised KIR and license for fleet operations, workshop expenses, toll and parking expenses, driver rewards, driver accommodation expenses and other direct operational costs.

31

Capital expenditure is well planned to fuel our

expansion
Capital expenditure
(In RP bn, unless otherwise stated)

34.0%

36.0%

47.0%

46.6%

1,841
92
286

871
11

1,115
27
51
688
62
34

1,463
1,038
860

592

2011A

2012A
Vehicles and equipment

2013A
Land

4m14A
Others

(1)

Capital expenditure as a % of revenues

(1)

Others include buildings, mess and depot, vehicles (non-operational), equipment and fixtures, and construction in progress .

32

5.

Indicative structure

33

Offering structure

Issuer

Offering size
Lock-up

Type of offering

Listing venue

MESOP / ESA

PT Blue Bird Tbk

Up to 531,400,000 primary shares or 20% of enlarged capital

12 months mandatory lock-up for issuer

Indonesian Initial Public Offering

International offering under regulation S /144A

Indonesian Stock Exchange

MESOP: up to 26,570,000 shares or 1.00% of enlarged capital

ESA: up to 3,300,000 shares or 0.621% of shares offered in offering

34

Price range

IDR [ ] IDR [ ]

Per Share

35

Indicative timetable
Event
Bookbuilding period

Indicative date
3, 6 10 Oct

October 2014
M
6

Effective statement from OJK

22 Oct

T
7

10 11 12

13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31

Offering period

24, 27, 28 Oct

November 2014
M

Allotment

30 Oct

T
4

W
5

T
6

F
7

10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

Shares distribution

31 Oct
Public holidays

Refund

3 Nov

- Indonesia

- Hong Kong

- Singapore

- London

- US

Listing and trading

3 Nov

36

Parties involved

PT Credit Suisse Securities Indonesia

PT Danareksa Sekuritas

PT UBS Securities Indonesia

Issuer Counsel: Melli Darsa & Co

Underwriter Counsel: Hiswara Bunjamin & Tandjung

Independent
Auditor

KAP Kosasih, Nurdiyaman, Tjahjo & Rekan (a member of Crowe Horwath International)

Asset Appraiser

KJPP Suwendho Rinaldy & Rekan (SRR)

Share Registrar

PT Datindo Entrycom

Notary

Jose Dima Satria, SH., MKn.

Joint Lead
Underwriters

Counsel

37

Disclaimer
The information contained in this document is strictly confidential and has been prepared by PT Blue Bird Tbk (the Company), PT Danareksa Sekuritas, PT Credit Suisse Securities
Indonesia, and PT UBS Securities Indonesia (collectively, the Banks) and is furnished to you solely for use as a presentation to potential investors. This document may not be taken away,
reproduced, copy, duplicated or redistributed in any form, further distributed to the press or any other person or published, redistributed or passed on, directly or indirectly for any purpose
whatsoever, in whole or in part, without the prior written consent of the Company.
No representation or warranty, expressed or implied, is made by the Company, the Selling Shareholders, the Banks, or any of their respective members, directors, officers, employees,
agents, affiliates, advisors, representatives or any other person as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information, or
opinions contained herein. None of the Company, the Banks, or their respective members, directors, officers, employees, agents, affiliates, advisors or representatives shall have any
responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this
presentation. The contents of these materials have not been verified by the Banks. The information and opinions presented or contained in these materials are provided as at the date of this
presentation and are subject to verification, completion and change without notice and the accuracy of the information is not guaranteed.
The third party information and statistical data in this presentation have been obtained from the Company and sources the Company, believes to be reliable but there can be no assurance
as to the accuracy or completeness of the included information. Numerous assumptions were used in preparing the statistical data, which assumptions may or may not appear herein. As
such, no assurance can be given as to the statistical datas accuracy, appropriateness or completeness in any particular context, nor as to whether the statistical data and/or the
assumptions upon which they are based reflect present market conditions or future market performance. This presentation may not contain all material information concerning the Company
and the information set forth in these materials is subject to change without notice. None of the Company or the Banks is under any obligation to update or keep current the information
contained herein.

This document is a summary only and does not purport to contain all of the information that may be required to evaluate any potential transaction. You should conduct your own independent
analysis of the Company, including consulting your own independent legal, business, tax and financial advisers and other advisers in order to make an independent determination of the
suitability, merits and consequences of any potential transaction involving the Company. The closing of any potential transaction is subject to various conditions. The information in this
document is subject to change without notice.
This document is for information and convenient reference and does not constitute or form part of, and should not be construed as, any advertisement of, offer for sale or subscription of or
solicitation or invitation of any offer to buy or subscribe for any securities of the Company. The securities of the Company have not been and will not be registered under the U.S. Securities
Act of 1933, as amended (the Securities Act) or the securities law of any state in the United States, and may not be offered, sold or delivered within the United States or to any U.S.
persons (as defined in Regulation S under the Securities Act) absent from registration under or an applicable exemption from the registration requirements of the United States securities
laws. This presentation and the information contained herein are being furnished to you solely for your information and may not be reproduced or redistributed to any other person, in whole
or in part. In particular, neither the information contained in this presentation nor any copy hereof may be, directly or indirectly, taken or transmitted into or distributed in any other jurisdiction
which prohibits the same except in compliance with applicable securities laws. Any failure to comply with this restriction may constitute a violation of the applicable securities laws. No
money, securities or other consideration is being solicited, and, if sent in response to this presentation or the information contained herein, will not be accepted.
The Companys audited financial statements are presented in Indonesian Rupiah.
Certain statements in this document may constitute forward-looking statements, including statements regarding the Companys 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 Companys 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, and each of the
Banks expressly disclaim any obligation to update or revise any forward-looking statement contained herein to reflect any change in the Companys 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.
Neither this presentation nor any copy of such presentation may be taken, transmitted or distributed, directly or indirectly, in or into any jurisdiction which prohibits the same, including Japan,
the Peoples Republic of China (excluding the Hong Kong Special Administrative Region) and the United States, or to any U.S. persons, except to qualified institutional buyers as defined in
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distribution of this presentation in certain jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about, and observe,
any such restrictions. By attending the meeting where the presentation is made, or by reading the presentation slides, you represent and warrant that you are either (1) a qualified
institutional buyer or (2) a non-U.S. person located outside the United States.
By reviewing these presentation materials, you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you
will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company.

38