Change-Pro Redline - Garuda - Composition Plan v41 (Posted to ...

This draft Composition Plan is still subject to (i) discussion and negotiation with the relevant creditors and (ii) support from themajority shareholders

[AM_ACTIVE 403899489_33][AM_ACTIVE 403899489_37]

DRAFT: June 1416, 2022

1.1

ARTICLE 21.1 Composition Plan

2.3

1.2 The distribution of this Composition Plan may be restricted by law in certain jurisdictions. TheCompany does not represent that this Composition Plan may be lawfully distributed in

compliance with any applicable registration or other requirements in any such jurisdiction, orpursuant to an exemption available thereunder, or assume any responsibility for facilitatingsuch distribution. The distribution of this Composition Plan to or in certain jurisdictions maybe restricted by law or regulation in certain jurisdictions and persons into whose possessionthis Composition Plan comes are requested to inform themselves about, and to observe, anysuch restrictions. Failure to comply with any such restrictions could result in a violation of the

laws of such jurisdictions.

1.3 This Composition Plan is not (i) a prospectus within the meaning of Article 3(1) of Regulation (EU)2017/1129 (the EU Prospectus Regulation), or a prospectus equivalent document for the

purposes of the EU Prospectus Regulation; or (ii) a prospectus within the meaning of Article3(1) of Regulation (EU) 2017/1129 as it forms part of UK domestic law by virtue of the

European Union (Withdrawal) Act 2018 (the UK Prospectus Regulation), or a prospectusequivalent document for the purposes of the UK Prospectus Regulation.

1.4 THIS COMPOSITION PLAN DOES NOT CONSTITUTE AN OFFER TO SELL OR THESOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN THE UNITED STATES ORANY OTHER JURISDICTION TO OR FROM ANY PERSON TO WHOM IT IS UNLAWFUL

TO MAKE ANY SUCH OFFER OR INVITATION OR SOLICITATION IN SUCHJURISDICTION. NONE OF THE SECURITIES REFERRED TO IN THIS COMPOSITION

PLAN SHALL BE SOLD, ISSUED OR TRANSFERRED IN THE UNITED STATES ABSENTREGISTRATION OR AN EXEMPTION FROM REGISTRATION OR IN ANY OTHER

JURISDICTION IN CONTRAVENTION OF APPLICABLE LAW.1

ARTICLE 31.5 PT Garuda Indonesia (Persero) Tbk (“Company”)

ARTICLE 41.6 In the matter of Suspension of Payment Case no.425/Pdt.Sus-PKPU/2021/PN.Niaga.Jkt.Pst

Jakarta, [***]17 June 2022

1 NOTE TO CREDITORS: this language is included only when this composition plan is proposed for voting but will be taken outon the final version which will be signed as an agreement.



TABLE OF CONTENTS2

RECITALS 3ARTICLE 1 DEFINITIONS 4ARTICLE 2 BACKGROUND 9ARTICLE 3 GENERAL PROVISIONS 11ARTICLE 4 CREDITORS 13ARTICLE 5 SPECIFIC PROVISIONS 21ARTICLE 6 IMPLEMENTATION 4142ARTICLE 7 COVENANTS AND UNDERTAKINGS 4950ARTICLE 8 PLAN DEFAULT PROVISIONS 5152ARTICLE 9 MISCELLANEOUS PROVISIONS 5253ARTICLE 10 CLOSING 54APPENDIX 1. FINAL CLAIMS REGISTER 56APPENDIX 2. LIST OF VERIFIED CREDITORS 57APPENDIX 3. LIST OF UNVERIFIED CREDITORS 111125APPENDIX 4. LIST OF AIRCRAFT LESSORS 121135APPENDIX 5. TRADE CREDITOR CLAIMS 165191APPENDIX 6. LIST OF FINANCING CREDITORS CLAIMS 180205APPENDIX 7. LIST OF CREDITORS THAT REQUIRES FURTHER RECONCILIATION

POST HOMOLOGATION DATE 184ANNEX A. NEW PAYMENT TERMS (BANKS) TERM SHEET 185209ANNEX B. NEW PAYMENT TERMS (SOE CREDITORS) TERM SHEET 189213ANNEX C. NEW SUKUK CERTIFICATES 192215ANNEX D. NEW NOTES 193216ANNEX E. OVERRIDE LEASE TERMS 195218SCHEDULE AE ELIGIBLE GO FORWARD AIRCRAFT INCLUDED IN THE GO-FORWARD

FLEET PLAN (109 AIRCRAFT) 202224SCHEDULE BF ALTERNATIVE AIRCRAFT EXCLUDED IN THE GO-FORWARD FLEET

PLAN (1312 AIRCRAFT) 205227SCHEDULE CG TERMINATED AIRCRAFT (7170 AIRCRAFT) 206228SCHEDULE DH PBH RENT GRID 209230SCHEDULE EI FIXED RENT GRID 212231SCHEDULE FJ RENT ADJUSTMENT MECHANISM 213232ANNEX F. ALTERNATIVE LEASE AGREEMENTS TERMS 215234ANNEX G. CLAIM METHODOLOGY 229260A. VOTING CLAIMS 229260ANNEX H. ELECTION NOTICE FORM 234265ANNEX I. SHARE ISSUANCE INDICATIVE TIMELINE 237268ANNEX J. ADDITIONAL DISCLOSURE WITH RESPECT TO CERTAIN AGREEMENTS 238270ANNEX K. FORM OF DEED OF UNDERTAKING WITH RESPECT TO ENGLISH LAW

GOVERNED LEASES 254285ANNEX L. FORM OF DEED OF UNDERTAKING WITH RESPECT TO NEW YORK LAW

GOVERNED LEASES 255316ANNEX M. FORM OF DEED OF UNDERTAKING WITH RESPECT TO CALIFORNIAN LAW

GOVERNED LEASES 256320ANNEX N. FORM OF DEED OF GUARANTEE CONFIRMATION 257328

22 Note: To be updated once near final version


This Composition Plan (“Composition Plan”) sets out the restructuring terms and conditionsprepared and proposed by:

1. PT Garuda Indonesia (Persero) Tbk, a limited liability company, duly established under the lawsof the Republic of Indonesia, having its registered office at Garuda Indonesia Building, JalanKebon Sirih No. 46A, jakarta 10110, Indonesia in this regard represented by [Irfan Setiaputra], inhis capacity as President Director, therefore lawfully acting for and on behalf of Garuda(“Company”)

submitted to the Administrators Team on [***]16 June 2022, and presented to:

2. The Creditors, as listed in the Final Claims Register attached in Appendix 1 (Final ClaimsRegister) of this Composition Plan,

for the purpose of voting by the Verified Creditors in the creditors’ meeting held at the Central JakartaCommercial Court on [***]17 June 2022 (“Court”), and ratified (homologated) by the Panel Judge atthe Court of case No. 425/Pdt.Sus-PKPU/2021/PN.Niaga.Jkt.Pst on [20] June 2022.

The Company and the Verified Creditors are collectively referred to as the “Parties”.

RECITALS

WHEREAS the Parties hereby state as follows:

A. On 22 October 2021, a PKPU petition (“PKPU Petition”) was submitted against the Company byone its creditors under case register number No. 425/Pdt.Sus-PKPU/2012/PN.Niaga.Jkt.Pst.

B. The Panel Judges at the Commercial Court of Central Jakarta District Court have granted anddeclared the Company being in Temporary PKPU, as determined in Court Decision No.425/Pdt.Sus-PKPU/2021/PN.Niaga.Jkt.Pst (“PKPU Decision”) which was read before the Courton 9 December 2022 (“PKPU Decision Date”).

C. The panel judges in case No. 425/Pdt.Sus-PKPU/2021/PN.Niaga.Jkt.Pst (“Panel of Judges”)pronounced the decision on the case by the virtue of which the Panel of Judges: (i) granted thePKPU Petition; (ii) granted the Company in temporary PKPU for duration of 44 (forty-four) Dayssince the date the decision was pronounced (“Temporary PKPU”); (iii) appointed Jandri Siadari,S.H., Dip.Mkt., LL.M., Martin Patrick Nagel, S.H., M.H., Albert Hasoloan Limbong, S.H., Asri,S.H., M.H., Mulyadi, S.H., LL.M., William Eduard Daniel, S.E., S.H., LL.M., MBL., as theadministrators team of the Company (under PKPU) (the “Administrators Team”); and (iv)appointed Mr. Dulhusin, S.H., M.H. as the Supervisory Judge.

D. The Company has gone through the Temporary PKPU and its extensions granted throughpermanent PKPU proceedings with the schedules and agenda as determined by theAdministrators Team and the Supervisory Judge.

E. The content of this Composition Plan has been presented to Creditors via various out of courtmeetings and in the creditors meeting on [***]9 June 2022 and 15 June 2022 in the CommercialCourt of Central Jakarta District Court as attended by the Verified Creditors and theAdministrators Team.

F. In the creditors meeting convened on [***]17 June 2022 at the Commercial Court of CentralJakarta District Court, the Verified Creditors have voted to approve the Composition Planproposed by the Company.

NOW, THEREFORE, the Company and Verified Creditors hereby agree as follows:




ARTICLE 1Definitions3

Each definition hereunder, unless explicitly stated otherwise within the context of each sentenceunder this Composition Plan and has been separately defined in this Composition Plan (including asused in the various Appendices), has the following definition:

“Additional Equity” has the meaning given to such term in Article 5.12a.

“Administrators Team” means the administrators as referred to in the Bankruptcy Law as appointedand authorized by the PKPU Decision as set out in Recital C.

“Airbus Purchase Agreement” has the meaning given to such term in Article 4.6.

“Airbus Restructuring Sheet” has the meaning given to such term in Article 6.7a.

“Aircraft” means the aircraft subject to an Existing Lease Agreement, including the correspondingairframe, engines, APU and all parts installed to such Aircraft.

“Aircraft Manufacturers” has the meaning given to such term in Article 4.6.

“Alternative Lease Agreement” has the meaning given to such term in Article 5.2.

“Aircraft Lessor” means any Creditor of the Company that is an aircraft lessor as set out in Appendix4 (List of Aircraft Lessors).

“Amended Airbus Purchase Agreement” has the meaning given to such term in Article 5.5.

“Bankruptcy Law” means Law No. 37 of 2004 on Bankruptcy and Suspension of Debt PaymentObligation.

“Business Day” means a day (other than a Saturday or Sunday) on which banks are open forgeneral banking business (including dealings in foreign currencies) in Dublin, Jakarta, London, NewYork City and Singapore.

“Business Plan” means the comprehensive and consolidated business plan prepared by theCompany and shared with the Company’s creditors, as may be updated from time to time, whichreflects various operational enhancements contemplated as part of the Company’s restructuring,including (i) optimization of the Company’s route network to only profitable routes and supportingoperations, (ii) right-sizing of the Company’s fleets to align with the optimized network and reductionof air frames to simplify fleet operations, (iii) renegotiation of lease rates to align with market rates,(iv) increase of cargo revenue through better utilization of belly capacity and digitalization ofoperations, (v) increase of revenue from ancillary products through unbundling, expansion of productoffering and dynamic pricing.

“CFM Term Sheet” has the meaning given to such term in Article 6.6.

“Claims” means any and all claims (whether present or future, actual or contingent and whetherconstituted by a primary obligation or those of a guarantor or security provider) of the Creditorsagainst the Company, which shall be discharged or amended (as applicable) in accordance with theComposition Plan, provided that (i) claims for the purposes of voting on this Composition Plan shallrefer to the Final Claims Register and (ii) for the purpose of calculating the Settlement Claimspursuant to Article 4 of this Composition Plan, the amount of the claims shall be (a) specifically forAircraft Lessors, Spare Engine Lessors, and the Finance Lease Creditor, MRO Vendors and AircraftManufacturers, calculated pursuant to the methodology set out in Annex G (Claim Methodology)taken as of the RecordHomologation Date, (b) for banks, shall refer to the Final Claim Register

3 NTD: To move definitions that are relevant solely to Override Lease Terms to schedule once final.


subject to certain contingent claims pursuant to the Existing Agreement arising after theHomologation Date and, (c) for MRO Vendors and Aircraft Manufacturers, as stated in Article 4 of thisComposition Plan and (d) for the other Creditors shall refer to the Final Claims Register;.

“Claim Methodology” means the method for calculating Voting Claims and Settlement Claims forcertain Creditor group as listed in Annex G (Claim Methodology).

“Company Subsidiary Lease” has the meaning given to such term in Article 5.2.

“Creditors” means the creditors of the Company.

“Creditors’ Meeting” has the meaning given to such term in Article 9.2a.

“Day” or “Days” or “Calendar Day” or “Calendar Days” means each day or days in 1 (one) Yearwithout exception including Saturdays, Sundays, and national holidays as determined by theGovernment and Business Day.

“Default Declaration Approval” has the meaning given to such term in Article 9.2b.ii.

“Definitive Documents” means documents implementing this Composition Plan, which include:

(a) Documents required for issuance of the New Sukuk Certificates as described in more detailin Article 6.3;

(b) Documents required for issuance of the New Notes as described in more detail in Article 6.4;and

(c) Documents required for the Shares Issuance (if any).

“Effective Date” means the date when all conditions precedents required under Article 6.9 of thisComposition Plan has been fulfilled.

“Equity Eligible Creditors” has the meaning given to such term in Article 55.10.10c.ii.

“Existing Agreement” means any existing agreement entered into by the Company or its subsidiaryand any Creditor which underlies the Claims to be settled under this Composition Plan, including allagreements ancillary to such agreements (including its supplements, amendments, or restatementsfrom time to time and any guarantees or security documents provided in respect thereof orthereunder).

“Existing Lease Agreements” means any lease agreement entered into by (i) the Company or itsSubsidiary and (ii) any aircraft or engine lessor, with respect to an Aircraft, including all agreementsancillary to such lease agreements (including its supplements, amendments, or restatements fromtime to time and any sub-lease agreements, sub-sub-lease agreements, guarantees or securitydocuments provided in respect thereof or thereunder).

“Existing Loan Agreement” means the existing loan agreement which underlies the Claims of eachof the Financing Creditors.

“Final Claims Register” means the final list of Claims against the Company dated [***]14 June 2022which has been verified and sanctioned by the Administrators Team and is included in Appendix 1(Final Claims Register).

“Final Settlement Claims Date” has the meaning given to such term in Article 3.3c.

“Finance Lease Creditor” means the creditor under a finance lease arrangement as set out in Article 4.4.

“Financing Creditors” means the creditors as set out in Article 4.8.



“Garuda-RR Settlement Agreement” means the Settlement Agreement Ref. Deg 15040 dated 12th

August 2021 between the Company, Rolls-Royce Plc, and Rolls-Royce Total Care Services Limited.

“General Approval” has the meaning given to such term in Article 9.2b.i.

“GIHF” means Garuda Indonesia Holiday France, a Company wholly owned subsidiary establishedunder the laws of France.

“GMS” means general meeting of shareholders.

“Go Forward Fleet Leases” has the meaning set out in Article 5.2b.

“Government” means the Government of Indonesia;

“Homologated Composition Plan” means this Composition Plan which has been homologated orratified by the Panel Judge on the Homologation Date.

“Homologation Date” is the date of this Composition Plan being homologated or ratified by the PanelJudges on the Case No. 425/Pdt.Sus-PKPU/2012/PN.Niaga.Jkt.Pst at the Commercial Court at theCentral Jakarta District Court, notwithstanding any cassation or any other legal actions taken againstthe homologation of this Composition Plan by the Panel of Judges Case No.425/Pdt.Sus-PKPU/2021/PN.Niaga.Jkt.Pst.

“Identified Unverified Creditors” has the meaning given to such term in Article 3.3b.

“IDR” or “Rupiah” means the lawful currency for the time being of Indonesia.

“Lease Term” means the term of lease of the relevant Aircraft.

“Local Debt Claims” has the meaning set out in Article 5.10d.i.

“Long Stop Date” means [January 1, 2023], as may be extended pursuant to a decision made at aduly convened Creditors’ Meeting.

“MCB” means the IDR 1 trillion mandatory convertible bonds issued by the Company to PT SaranaMulti Infrastruktur (Persero) holding such bonds on behalf of the Government as Pelaksana Investasipursuant to pursuant to Deed of Mandatory Convertible Bonds Issuance Agreement (Akta PerjanjianPenerbitan Obligasi Wajib Konversi) No. 28 dated 28 December 2020, drawn up before AshoyaRatam, S.H., M.Kn., Notary in South Jakarta, between the Company as issuer and PT Sarana MultiInfrastruktur (Persero) as bondholder

“MCB Conversion” has the meaning given to such term in Article 5.1.

“Ministry of Finance” means the Ministry of Finance of the Republic of Indonesia.

“Month” means a calendar month based on the Gregorian calendar.

“MRO Vendors” means the creditors set out in Article 4.7.

“MSN” means manufacturer serial number.

“New Equity” has the meaning given to such term in Article 5.10c.i.

“New Money Financing” means IDR7.5 trillion (or approximately USD527 million) new financing orcapital injection in cash to be provided to the Company by the Government or any third party investor.

“New Money Financing Date” means the date on which the Company has received the New MoneyFinancing.



“New Payment Terms (Banks)” means the amended payment terms as set out in Annex A (NewPayment Terms (Banks) Term Sheet) of this Composition Plan as a part of the settlement plan setout in Article 5.7.

“New Payment Terms (SOE Trade Creditors)” means the amended payment terms as set out in Annex B (New Payment Terms (SoE Creditors) Term Sheet) of this Composition Plan as a part of thesettlement plan set out in Article 5.9 a.

“New Notes” has the meaning given to such term in Article 55.10d.10e.i.

“New Notes Trustee” has the meaning given to such term in Article 6.4d.

“New Sukuk Certificates” has the meaning given to such term in Article 5.8.

“Non-Identified Unverified Creditors” has the meaning given to such term in Article 3.3b.

“Noteholders” has the meaning given to such term in Article 6.4a.

“Notes Eligible Creditors” has the meaning given to such term in Article 5.10e.i.

“Notes Holding Period” has the meaning given to such term in Article 6.4e.

“Notes Holding Trustee” has the meaning given to such term in Article 6.4e.

“OJK” means the Indonesian Financial Services Authority (Otoritas Jasa Keuangan).

“Other Aircraft Maximum Average Rent” has the meaning given to such term in Schedule F.

“Other Trade Creditors” means the creditors as set out in Part B (Other Trade Creditors Claims) of Appendix 5 (Trade Creditor Claims).

“Other Trade Creditors Claims” means such debt as set out in Part B (Other Trade CreditorsClaims) of Appendix 5 (Trade Creditor Claims).

“Panel Judge” is the judge who adjudicates and hears this PKPU Petition.

“Payment Default” means the failure of the Company to fulfil its obligations to pay principal, interestor fees under Article 5.7 (Settlement for Financing Creditors), Article 5.9 a (SOEs and theirSubsidiaries), Article 5.9 b. i and ii (Other Trade Creditors) and Article 5.10d (Local Debt Claims).

“PBH” means, with respect to any Aircraft, payment for operation of such Aircraft on apower-by-the-hour basis.

“PBH Amount” has the meaning given to this term in Section 10 of Annex E (Override Lease Terms).

“PBH Period” has the meaning given to this term in Section 10 of Annex E (Override Lease Terms).

“PBH Rate” means the applicable PBH rate as set out in Schedule D (PBH Rent Grid).

“Percentage Increase” has the meaning given to such term in Schedule F (Rent AdjustmentMechanism).

“PKPU” means the suspension of debt payment obligation case with case register No.425/Pdt.Sus-PKPU/2012/PN.Niaga.Jkt.Pst.

“PKPU Decision Date” means 9 December 2021.




“PKPU Process” means the formal process of Case No. 425/Pdt.Sus-PKPU/2012/PN.Niaga.Jkt.Pstat the Commercial Court at the Central Jakarta District Court relating to the PKPU of the Company inaccordance with the Bankruptcy Law.

“Plan Default” has the meaning given to such term in Article 8.1.

“Post Homologation Verification Deadline” has the meaning given to such term in Article 3.3a.i(a).

“Post Homologation Registration Deadline” has the meaning given to such term in Article 3.3b.i(a)

“Preferred Creditors” means Creditors that, under the applicable law, have special rights to have itsClaims settlement prioritized relative to all other Creditors as set out in Article 4.2 namely:

1. Obligations to the Government which include all form of taxes, and other form of obligationswhere the State is the ultimate recipient of such payments. This may include obligations fromparties that act as an agent to collect such payments for the State.

2. Obligations to employees that is payable as part of their basic compensations and benefits. Foravoidance of doubt, the obligations to employee that are considered priority exclude variablecomponents beyond the basic compensations and benefits such as bonuses and out of pocketallowances.

“PSAK” means the Indonesian standardized accounting principles.

“PKPU Petition” means the PKPU petition submitted to the Court by PT Multi Buana Koorporindoagainst the Company with case register No. 425/Pdt.Sus-PKPU/2012/PN.Niaga.Jkt.Pst.

“Record Date” means the Homologation Date.4

“Rent Adjustment Mechanism” means the mechanism for rent adjustment as set out in Schedule F(Rent Adjustment Mechanism).

“Rolls-Royce Revised Commercial Agreement” has the same meaning given to such term inArticle 5.6.

“Rolls-Royce Restructuring Sheet” has the same meaning given to such term in Article 6.7b.

“Series A Dwiwarna Shares Holder” means the Government as the holder of Series A DwiwarnaShares in the Company.

“Settlement Claims” has the same meaning given to such term in Article 4.1b.

“Servicer” means the party appointed by the relevant Aircraft Lessor as its agent to act on its behalfunder the relevant Existing Lease Agreement, as applicable.

“Share Issuance” has the meaning given to such term in Article 6.5 a.

“Spare Engine Lessors” has the meaning given to such term in Article 4.4.

“Sukuk Holder” has the meaning given to such term in Article 4.9.

“Sukuk Holding Period” has the meaning given to such term in Article 6.3e.

“Sukuk Holding Trustee” has the meaning given to such term in Article 6.3e.

4 NTD: to be kept for the time being in case Record Date would be different than HD. If it still HD on the finalization of theComposition Plan. To be deleted and for Record Date to be globally changed to HD.



Event

First creditors meeting 21 December 2021

Date

“Override Lease Terms” means the terms governing Aircraft entering into Go Forward Fleet Leasesas set forth in Annex E (Override Lease Terms).5

“Supervisory Judge” is the Judge as mentioned under Bankruptcy Law, appointed and assigned bythe Panel Judge who adjudicates and hears this PKPU Petition.

“SOE Banks” means State Owned Enterprise Banks as set out in Appendix 6 (List of FinancingCreditors Claims).

“SOE Trade Creditors” means State Owned Enterprise that are not banks as set out in Part A (SOETrade Creditor Claims) of Appendix 5 (Trade Creditor Claims).

“SOE Trade Creditor Claims” means such debt as set out in Part A (SOE Trade Creditor Claims) of Appendix 5 (Trade Creditor Claims).

“Strike Price” has the meaning given to such term in Article 5.10c.i.

“Subsidiaries” means direct and indirect subsidiaries of the Company, where the latter owns acontrolling interest as set out in Part A (SOE Trade Creditor Claims) of Appendix 5 (Trade CreditorClaims).

“Sukuk Holder” has the meaning given to such term in Article 4.9.

“Trade Creditors” means the creditors as set out in Article 4.10.

“Trade Creditors Claims” means the Company’s debt generated by production or operationalactivities which have been verified by the Administrators Team as set out in Part B (Other TradeCreditors Claims) of Appendix 5 (Trade Creditor Claims).

“Unverified Creditor” has the meaning given to this term in Article 3.3b.

“USD” means the lawful currency of the United States of America.

“Verified Creditor” has the meaning given to this term in Article 3.3a.

“Voting Claims” has the same meaning given to such term in Article 4.1a.

“Year” means calendar year on the Gregorian calendar.

ARTICLE 2Background

2.1 This Composition Plan was prepared by the Company to be voted on by the Creditors at thecreditors’ meeting to be held in the Commercial Court based on the provisions of Article 281paragraph (1) of the Bankruptcy Law.

Submission of claims 21 December 2021 – 5

2.2 The PKPU Process has been conducted with the following steps and timeline:6

PKPU Decision Date 9 December 2021

5 NTD: This refers to the Lease Override term sheet, which will be appended to this Agreement.6 NOTE TO CREDITORS: Each creditor (either by itself or by proxy) that has submitted its claims to the administrator and hasbeen verified by the administrator will be given the right to vote on the composition plan on 17 May 2022. The voting rights eachcreditor will have would refer to the Final Claim Register to be issued by the administrator post 25 April 2022. On 9 May 2022, acreditors’ meeting shall be held and in such event, the Company will formally present the content of the Composition Plan. Onthe 17 May 2022, the creditors listed in the Final Claim Register shall vote to approve or reject the Composition Plan.



January 2022

Homologation Date/Record Date

Final verification of claims

20 June 2022

2.3 In order to have voting rights in the PKPU Process, the Creditors must be admitted asVerified Creditors in the Final Claims Register issued by the Administrator Team afterundergoing a series of processes, including claims submissions and verification of claimspursuant to the applicable laws and regulations in accordance with the timeline mentioned inArticle 2.2 above.

2.4 Voting on this Composition Plan is conducted in the following manners:

a. the voting rights each creditor shall refer to the Final Claims Register to be issued bythe Administrators Team;

b. On 9 June 2022, a and 15 June 2022, creditors’ meetings iswere held andat which,in such eventeach case, the Company will formally presented the content of theComposition Plan and discussed it with the Creditors;

c. On 17 June 2022, the creditors listed in the Final Claims Register, either by itself orby proxy, shall vote to approve or reject the proposed Composition Plan.

2.5 On 17 June 2022, the Creditors have voted on the Composition Plan, based on which theComposition Plan has been approved by [*] Creditors (or [*]% of the Creditors attended orwere represented in the voting meeting) which represents Rp[*] debts (or [*]% of total debtowed by the Company to the Creditors attended or were represented in the voting meeting).1

2.6 The Composition Plan is subsequently signed by the Creditors or their proxies on 20 June,2022 and for this purpose the Creditors hereby confirm the authorities of their proxies to signthe Composition Plan on their behalf. Notwithstanding the foregoing, by law the Creditors arebound by the Homologated Composition Plan irrespective of whether the Creditors or theirproxies sign the Composition Plan and any failure to sign by any Creditor shall have noconsequence on the effectiveness of the Homologated Composition Plan.

2.7 The Composition Plan is homologated or ratified by the Panel Judges on the PKPU case atthe Commercial Court at the Central Jakarta District Court on 20 June, 2022.

2.8 Following the Homologation Date, the Company envisages that the implementation of thisComposition Plan will be carried out in the following manner, subject to compliance with thethen prevailing laws and regulations and any appeal/cassation petition raised against thePKPU Decision:

25 April - 7 June 2022

Events Date

Post Homologation Registration Deadline / PostHomologation Verification Deadline

Creditors meeting to discuss the Composition Plan

Homologation Date + 30Calendar Days = (A)

Pre-verification of claims

9 June 2022

Final Settlement Claims Date – date on which theList of final Settlement Claims is published on theCompany’s website

(A) + 10 Business Days

12 January 2022 – [24]April 2022

The Company convening a GMS to approveissuance of new shares in relation to New Equity,MCB Conversion and New Money Financing

Creditors meeting to vote on Composition Plan

Approximately, 29 July 2022

17 June 2022

1 NTD: To be completed after voting is concluded.



Issuance of New Equity, New Notes and New SukukCertificates

Negotiation and execution of the Amended AirbusPurchase Agreement

1.8

Issuance of Government Regulation on privatizationand state capital participation

Approximately, (A) + 90 CalendarDays and at the latest, on theLong Stop Date

Issuance of shares in relation to the New MoneyFinancing

Approximately, September 2022up to October 2022

Effective Date

MCB Conversion

Once all the previous steps arecompleted but no later than theLong Stop Date

2.9 In making their decisions, the Creditors have relied on their own judgment and analysis ofthis Composition Plan, the terms and conditions, and all information provided by theCompany and contained in this Composition Plan, including all the benefits and riskscontained therein.

2.10 This Composition Plan is made with schedules and/or annexes as may be referred to incertain sections of this Composition Plan. The schedules and/or annexes are inseparableparts of this Composition Plan.

ARTICLE 3General Provisions

3.1 The provisions in this Composition Plan are prepared by taking into account (A) the BusinessPlan prepared by the Company as of the Homologation Date and (B) financial projectionsthat consider significant reduction of the Company’s outstanding indebtedness and past-duepayments (which was prepared on the basis of recent historical information and on the basisof reasonable assumptions), and commitment of the Government to support the Company’srestructuring by committing capital injection in the amount of IDR7,500,000,000,000IDR7,5trillion as described herein.

3.2 Transfer of Rights. Each Creditor may at any time after the Homologation Date assign ortransfer any of its Settlement Claims, to another party except to any party that is directly orindirectly engaged in the same business of the Company or has a competing commercialinterest with the Company or any of its major shareholder (pemegang saham utama), whichassignment or transfer will come into force without any requirement to obtain the consent ofthe Company or the courts of Indonesia and will be effective as of the date provided underthe relevant assignment or transfer document, subject to the following provisions:

a. Any assignee or transferee Claims will be bound and subject to all provisions of theHomologated Composition Plan;

b. Any Creditor who assigns or transfers its Settlement Claims to any third party shallgive a 5 Business Days prior written notice in writing to the Company regarding suchtransfer or assignment of Settlement Claims, using the notice details set out inArticles 10.2 and 10.3 in this Composition Plan, in accordance with applicable lawsand regulations in Indonesia;

c. Pending receipt of the notification of assignment or transfer and such assignment ortransfer being fully complete, the Company will continue to make payments to therelevant original Creditor as if no assignment or transfer has occurred (and theCompany’s relevant obligation shall be deemed fully discharged); and

d. Any purported assignment or transfer in breach of this provision shall be void and ofno effect to the Company.

4.6 1.7 At the latest, on the Long StopDate, simultaneously


For the avoidance of doubt, the foregoing restrictions on transfers shall not apply to tranfers by SukukHolders of their respective existing Sukuks certificates to the extent otherwise permittedthereunder.

Any assignee, transferee or trust beneficiary will be the recipient of the consideration attributable tothe assignor under the Composition Plan and furthermore a Creditor is entitled to nominate athird party (including another Creditor) as a recipient of any Settlement Claims, whichnomination shall be effective immediately on receipt thereof by the Company.

3.3 This Composition Plan shall be binding and enforceable on:

a. The creditors of the Company who have Claims against the Company and whoseClaims are recorded in the Company’s record before the PKPU Decision Date,submitted their Claims in the PKPU, and verified by the Administrators Teampursuant to the PKPU Process as listed in the Final Claims Register attached in Appendix 2 (List of Verified Creditors) of this Composition Plan (“VerifiedCreditors”).

i. For Verified Creditors whose Settlement Claims are subject to such VerifiedCreditors exercising certain options in accordance with the terms of thisComposition Plan (those Creditors, as listed in Appendix 7) (List of Creditorsthat requires further reconciliation postneed to be determined pursuant toClaims Methodolgy after the Homologation Date), the following conditionsapply:

(a) The Company and the relevant Creditor shall agree on the amount ofSettlement Claims calculated in accordance with the ClaimsMethodology within 30 Calendar Days after the Homologation Date(“Post Homologation Verification Deadline”);

(b) If within 10 Business Days prior to the Post HomologationVerification Deadline the Company and the relevant Creditor havenot agreed on the amount of the Settlement Claim, the Companyshall select an internationally recognized reputable independentadjudicatorsbeing being either ofone of the following: (1) Douglas B.Kelly of Avitas, Inc. (2) Ernst & Young Global Limited (3) DeloitteTouche Tohmatsu Limited and (4) PricewaterhouseCoopersCoopers, or another person or entity proposed by the Company andapproved by the relevant Creditor. The selected adjudicator shallcalculate the amount of the Settlement Claims and such calculationshall be binding on the Company and the relevant Creditor.

b. The creditors of the Company who are (1) identified and recognized by the Companyto have Claims against the Company but did not participate or register their Claims inthe PKPU Process or the Claims were not verified due to failure to satisfy formalityrequirements of claim submission in PKPU process pursuant to the applicable lawsand regulations (“Identified Unverified Creditors”); and (2) not identified or have notbeen recognized by the Company prior to the Composition Plan being homologatedby the Court (“Non-Identified Unverified Creditors”, together with the IdentifiedUnverified Creditors, shall be collectively referred to as the “Unverified Creditors”).

i. For the Identified Unverified Creditors, the following conditions apply:

(a) Any Identified Unverified Creditor may within 30 Calendar Daysstarting from the Homologation Date, register its Claims with theCompany to be further verified at the Company’s office inaccordance with the procedures set out below (“Post HomologationRegistration Deadline”);



(b) The claims of any Identified Unverified Creditor will only be acceptedand acknowledged by the Company during such period, if they aresupported by appropriate and sufficient documentation and conformwith the PSAK and applicable laws and regulations;

(c) The Claims of Identified Unverified Creditors, if received andacknowledged by the Company pursuant to the above shall besubject to and settled in accordance with the terms of thisComposition Plan based on the types and amounts of each of theirClaims which (i) for Aircraft Lessors, Spare Engine Lessors, and theFinance Lease Creditor and Aircraft Manufacturers shall bedetermined pursuant to the Claim Methodology as calculated by theCompany and (ii) for other creditors, shall be determined inaccordance with the Company’s records; and

(d) Identified Unverified Creditors that do not register their Claims withthe Company or do not provide such supporting documents by thePost Homologation Registration Deadline, and consequently orsubsequently fail to prove the legitimacy of their respective Claimswithin the period specified in this Article, will no longer have anyClaims against the Company and their Claims will be deemedwaived fully and finally discharged and the Company no longer hasany obligation to such Identified Unverified Creditors as of theHomologation Date.

ii. All of the Non-Identified Unverified Creditors’ Claims to Company shall bedeemed waived and fully and finally discharged and the Company no longerhas any obligation to the Non-Identified Unverified Creditors as of theHomologation Date.

c. Within 10 Business Days of the Post Homologation Verification Deadline and thePost Homologation Registration Deadline, the Company shall publish a listcomprising all Settlement Claims that will be settled under this Composition Plan,including the amount of settlement that all the relevant Creditors would receive in theform of the New Notes, New Sukuk Certificates, New Equity and Local Debt Claims(as applicable) on the Company’s website (“Final Settlement Claims Date”).

3.4 The Composition Plan may be amended following the Homologation Date solely at therequest of the Company and subject to the requisite approval of creditors in a Creditors’Meeting pursuant to Article 6 (Implementation ) of this Composition Plan.

3.5 Exchange Rate.

a. Any Claims which are denominated in currency other than Indonesian currency(Rupiah) shall, for the purposes of determining the Voting Claims (as defined below)in relation to such Claims, be converted into Indonesian Rupiah using the middleexchange rate of Bank Indonesia on the PKPU Decision Date.

b. Except those Creditors whose underlying agreement and invoices are issued incurrency other than Rupiah, settlement of Claims of any Indonesian creditors shall bemade in Indonesian currency (Rupiah) in accordance with Law. No 7 of 2011 onCurrency.




Settlement Claims (IDR)

Government

Creditors

Taxes due and payable toKantor Pelayanan PajakWajib Pajak Besar Empat

2,886,998,699,421.00

Type of Claims

ARTICLE 4Creditors

4.1 The Company’s Verified Creditors and Unverified Creditors as at the date of this CompositionPlan consist of the creditors listed below. The amount of the Claims with respect to eachCreditor:

a. for the purposes of voting in the PKPU (“Voting Claims”) shall be set out in the FinalClaims Register, provided that:

i. Voting Claims of the Aircraft Manufacturers and MRO Vendors have beencalculated on the assumption of the Existing Agreements were to beterminated as of the Homologation Date; and

ii. Voting Claims of the Finance Lease Creditor, Aircraft Lessors and SpareEngine Lessors have been calculated on the assumption of the ExistingLease Agreements were to be terminated as of the Homologation Date anddetermined pursuant to “Voting Claims Methodology” set out in the ClaimMethodology for the relevant Creditor group; and

b. Notwithstanding Article 3.3a.i above, for the purpose of determining the settlementamounts pursuant to Article 5 of this Composition Plan (“Settlement Claims”):

i. for Aircraft Lessors, Spare Engine Lessors, and the Finance Lease Creditor,Aircraft Manufacturers and MRO Vendors, determined pursuant to“Settlement Claim Methodology” set out in the Claim Methodology for therelevant Creditor group; and

ii. for banks, shall be as set out in the Final Claims Register subject to certaincontingent claims pursuant to the Existing Agreement arising after theHomologation Date;

iii. for the MRO Vendors and Aircraft Manufacturers, as set out below in this Article 4; and

iv. iii. for all other Creditors, shall be as set out in the Final Claims Register,

provided that any Claim whose underlying agreement and invoices are issued incurrency other than Rupiah ("Original Currency"), but converted into IndonesianRupiah for the purpose of determining the Voting Claims in the Final Claims Register,shall be reverted back to its Original Currency for the purpose of determining theSettlement Claims (and if such Original Currency is not USD, converted into USDpursuant to this Composition Plan).

The Claim Methodology and Voting Claims shall be deemed approved by the Creditors and final aspart of the Composition Plan.

4.2 Preferred Creditors

Below are the Creditors that are by laws and regulations are entitled to receive preferentialtreatments upon the Company’s bankruptcy and their respective Settlement Claims.



MCB: 1,000,000,000,000.00

Employees of theCompany

Unpaid wages benefits andother amounts required bylaw

• Arie Danial Assyari:127,498,510.00

• Bonita Sary: 39,268,472• Budhi Mutasi: 124,316,906.00• Budianto: 167,658,308.00• Dimas Nurdianto: 262,238,795.00• Giovani Reinaldo Sutanto:

30,434,443.00• I Gede Ketut Mega Wijana:

63,148,642.00• Novi Nadia: 57,075,282.00• Sari Puspita: 138,820,771.00• Tuti Untari: 188,467,141.00• R. Yunus Adikusumah:

128,869,473.00

Total: 1,327,796,743.00

Perum Lembaga Non-tax state revenue

Payment owed to otherGovernment institutions:1. BLU UPBU Mutiara

SIS Al-Jufri Palu2. Kemenhub Kantor

UPBU Djalaluddin3. Kemenhub Kantor

UPBU Halu OleoKendari

4. Kemenhub KantorUPBU Kelas I A.P.TPranoto Samarinda

5. Kemenhub KantorUPBU Kelas II Nabire

6. Kemenhub KantorUPBU Mopah Merauke

7. Kemenhub KantorUPBU Tampa PadangMamuju

66,919,425,404.45

Claims under the MCBpursuant to the Deed ofMandatory ConvertibleBonds Issuance Agreement(Akta Perjanjian PenerbitanObligasi Wajib Konversi) No.28 dated 28 December2020, drawn up beforeAshoya Ratam, S.H., M.Kn.,Notary in South Jakartabetween PT GarudaIndonesia (Persero) Tbk andPT Sarana Multi Infrastruktur(Persero) as the investmentmanager (pelaksanainvestasi) representing theMinistry of Finance

• BLU UPBU Mutiara SIS Al-JufriPalu: 744,385,432.00

• Kemenhub Kantor UPBUDjalaluddin: 134,751,699.00

• Kemenhub Kantor UPBU HaluOleo Kendari: 314,892,600.00

• Kemenhub Kantor UPBU Kelas IA.P.T Pranoto Samarinda:33,798,165.00

• Kemenhub Kantor UPBU Kelas IINabire: 6,083,100.00

• Kemenhub Kantor UPBU MopahMerauke:93,205,836.00147,150,636

• Kemenhub Kantor UPBU TampaPadang Mamuju: 3,288,256.00

• Total:1,330,405,088.001,384,349,888



PenyelenggaraPelayananNavigasiPenerbanganIndonesia(AirNavIndonesia)

Settlement Claims (USD)

portion only

Engine LeaseFinanceCorporation(“ELFC”)

1) Lease Agreement dated 11 March2015 concerning spare engine withESN 6608762) Lease Agreement dated 3025November 2015 concerning spareengine with ESN 8627123) Lease Agreement dated 9November 2016 concerning spareengine with ESN 8647324) Lease Agreement dated 30 May2017 concerning spare engine withESN 0383665) Lease Agreement dated 9November 2016 concerning spareengine with ESN 5738156) Lease Agreement dated 14December 2016 concerning spareengine with ESN 573935

To be published on theCompany’s website on theFinal Settlement ClaimsDate

4.3 Aircraft Lessors

Attached in Appendix 4 (List of Aircraft Lessors) of this Composition Plan are Creditors that areaircraft lessors that have Claims against the Company (“Aircraft Lessors”), their respectiveExisting Lease Agreement (either directly or through its Subsidiaries) and Settlement Claims.

The amount of Voting Claims and Settlement Claims for each of the Aircraft Lessors is calculated inaccordance with the Claim Methodology.

4.4 Spare Engine Lessors

Set forth below are Creditors that are spare engine lessors that have Claims against the Company(“Spare Engine Lessors”), their respective agreements with the Company, and SettlementClaims amount.

Total EngineAssetManagement PTE.Ltd. (“TEAM”)

1) Lease Agreement dated 28December 2018 concerning spareengine with ESN 5989772) Lease Agreement dated 15 May2019 concerning spare engine withESN 599218

Creditors


Existing Agreement




ExportDevelopmentCanada

Creditors

(i) Facility Agreement betweenEdmonton Aircraft LeasingLimited, Export DevelopmentCanada, and the Banks andFinancial Institution in respect ofsix bombardier CRJ 1000 Aircraftdated 3 October 2012, as may beamended, restated and/orsupplemented from time to time;

(ii) Guarantee Agreement betweenPT Garuda Indonesia (Persero)Tbk and Export DevelopmentCanada in respect of sixbombardier CRJ 1000 Aircraftdated 30 October 2012, as maybe amended, restated and/orsupplemented from time to time;

(iii) each Lessee Security Agreementbetween Alberta SAS andEdmonton Aircraft Leasing Limitedin respect of such six aircraft, asmay be amended, restated and/orsupplemented from time to time;and

(iv) each related leases, sub-leasesand between Edmonton AircraftLeasing Limited and Alberta SAS,each related, sub-lease betweenAlberta SAS and the Company,and each related securityassignments granted byEdmonton Aircraft Leasing Limitedin favour of Export DevelopmentCanada


Existing Agreement

The amount of Voting Claims and Settlement Claims for the Finance Lease Creditor is calculated inaccordance with the Claim Methodology.

4.5 Finance Lease Creditor

Set forth below is the Creditor under the finance lease arrangement which has Claims against theCompany (“Finance Lease Creditor”), its respective underlying purchase agreements (the“Finance Lease Arrangement”) with the Company and its Settlement Claims.



Subject to Clause 3.3, to bepublished on the Company’swebsite on the FinalSettlement Claims Date andcalculated as if the relevantpurchase agreement wereterminated as of theHomologation Date.

Existing Agreement

4.6 Aircraft Manufacturers

Below are Creditors that are aircraft manufacturers that have Claims against the Company (“AircraftManufacturers”), their respective underlying purchase agreements with the Company andSettlement Claims.

Airbus S.A.S(“Airbus”)


2) Purchase agreement betweenAirbus S.A.S and PT GarudaIndonesia (Persero) Tbk, dated 4November 1989, relating, interalia, to the purchase of nine (9)units of A330- 900 aircraft andfour (4) units of A330-800 aircraftdated 4 November 1989, whichwas last amended by AmendmentNo. 11 on 8 November 2019, asmay be amended, supplementedand/or restated from time to time(the “Airbus PurchaseAgreement”).

Airbus’ claim for USD17,639,434.95, such amountbeing comprised primarily ofamounts due for BFE, SFEand Antenna installation,removal and storageservices, painting servicesand repackaging andshipping expenses, subject tothe terms and conditions setout in the AirbusRestructuring Sheet.

Avions DeTransportRegional G.I.E(“ATR”)

The BoeingCompany(“Boeing”)

3) Letter of Intent between PTCitilink Indonesia and ATRrelating to the purchase oftwenty-five (25) units of New ATR72-600 aircrafts and theamendments thereto, as may beamended, supplemented and/orrestated from time to time.

Creditors

Zero.

1) Purchase agreement betweenThe Boeing Company and PTGaruda Indonesia (Persero) Tbkrelating to the purchase of fifty(50) units of Boeing 737 Max 8dated 12 September 2014, andthe amendments thereto, as maybe amended, supplementedand/or restated from time to time.

The amount of Voting Claims for each of the Aircraft Manufacturers is calculated as if the relevantpurchase agreement were terminated as of the Homologation Date. The amount ofSettlement Claims is as set out in the table above.



Rolls-Royce Plc(“RR Plc”);Rolls-Royce TotalCare ServicesLimited(“RRTCSL”);andRolls-RoyceLeasing Limited(“RR Leasing”)

(RR Plc, RRTCSLand RR Leasingshall collective bereferred to as“Rolls-Royce”)

Creditors

1) TotalCare ServicesAgreement DEG6160dated 29th June 2010, asamended fromtime-to-time;

2) TotalCare ServicesAgreement DEG 6584dated 6th July 2012, asamended fromtime-to-time;

3) TotalCare ServicesAgreement DEG 9510dated 29th June 2016, asamended fromtime-to-time;

4) Product Agreement DEG1888 dated 2nd April 1991,as amended fromtime-to-time;

5) Product Agreement DEG6159 dated 6th July 2012,as amended fromtime-to-time;

6) Product Agreement DEG9509 dated 29th June2016, as amended fromtime-to-time; and

7) Commercial Agreement inRespect of SettlementAgreement (Ref. Deg15040) and AlleviationRequests Related toChanging MarketConditions Due to theCovid-19 Pandemicreferenced OL3393 dated12th August 2021;

USD [●]

Existing Agreement

4.7 MRO Vendors

Below are Creditors who are vendors of the Company whose goods and/or services are related to themaintenance, repair, and/or overhaul of aircrafts and/or engines that have Claims against theCompany (“MRO Vendors”), their respective underlying agreements with the Company andSettlement Claims.

CFMInternational, Inc.(“CFM”)


1) 7B RPFH Agreement dated13 January 20122) 5B/LEAP RPFH Agreementdated 27 January 2012

USD [35,992,584.23]

The amount of Voting Claims for each of the MRO Vendors is calculated as if the relevant agreementwere terminated as of the Homologation Date. The amount of Settlement Claims is as setout in the table above.



[To be published on the Company’s websiteon the Final Settlement Claims Date]

3) Spare Engine Lessors

IDR and/or USD (as relevant)


4) Finance Lease Creditor [To be published on the Company’s websiteon the Final Settlement Claims Date]

Verified Creditors

Creditors

5) Aircraft Manufacturers [To be published on the Company’s websiteon the Final Settlement Claims Date]

1) Preferred Creditors

6) MRO Vendors

Settlement Claims


IDR3,956,576,326,656IDR3,956,630,271,456

4.8 Financing Creditors

Attached in Appendix 6 (List of Financing Creditors) of this Composition Plan are Creditors that arebanking or other financial institutions that have Claims against the Company (“FinancingCreditors”), their respective agreements with the Company, and Settlement Claims amountas of the Homologation Date.

4.9 Sukuk Holders

Sukuk Holders are Creditors that are the holders of unsecured trust certificates (“Trust Certificates”,the holder of such sukuk shall be referred to as “Sukuk Holder”) in the total amount of USD500,000,000 issued by Garuda Indonesia Global Sukuk Limited (in its capacity as issuer andin its capacity as trustee) (the “Sukuk Trustee”) constituted by a declaration of trust dated 3June 2015 entered into between the trustee, the Company and The Hong Kong andShanghai Banking Corporation Limited (the “Existing Sukuk Delegate”), as may beamended from time to time. The Voting Claims and Settlement Claims of the Sukuk Holdersagainst the Company are as listed in the Final Claims Register.

The Hongkong and Shanghai Banking Corporation Limited is acting as delegate for the trustee,principal paying agent, paying agent registrar, and transfer agent for the certificates. Thedelegate is not entitled to receive any distribution under this Composition Plan and alldistributions are due and deliverable to the Sukuk Holders only (subject to applicableprovisions of the existing sukuk documentation).

4.10 Trade Creditors

Attached in Appendix 5 (Trade Creditor Claims) of this Composition Plan are Creditors that arevendors and suppliers of goods or services that have Claims against the Company (“TradeCreditors”), their respective agreements with the Company, and Claims amount as of theRecordHomologation Date. The Creditors under this category consist of (i) state ownedenterprises (“SOEs”) and their Subsidiaries and (ii) Other Trade Creditors.

4.11 Total Settlement Claims

7) Financing Creditors IDR13,488,353,420,809 andUSD128,061,927IDR13,488,353,420,846

and USD128,061,926.78

2) Aircraft Lessors

a. As of the RecordHomologation Date, the aggregate Settlement Claims of the VerifiedCreditors and Unverified Creditors are as follows: 72

7 AHP2 Note to Garuda: to complete the table: The amount is subject to the issuance of Final Claims Register that is signed bythe Supervisory Judge and the Substitute Secretary/Clerk.



None

Unverified Creditors

6) Financing Creditors None

1) Preferred Creditors

7) Sukuk Holders

USD530,245,000

None

IDR138,529,197

a. SOE and Subsidiaries

8) Trade Creditors

2) Aircraft Lessors

a. SOE and Subsidiaries

[***]8IDR8,383,556,426,612 andUSD136,404,120.89

None


b. Others IDR227,004,801,374

3) Finance Lease Creditor

TOTAL [***]10To be published on the Company’swebsite on the Final Settlement Claims Date

None

b. The total Settlement Claims amount to be settled under this Composition Plancomprises of those Settlement Claims that has been determined as of theHomologation Date provided that it remains subject to:

i. the Settlement Claims amount for certain Verified Creditors that will only bedetermined on the Post Homologation Verification Deadline pursuant toArticle 3.3a.i; and

ii. the Settlement Claims of Unverified Creditors that are still subject to furtherregistration process pursuant to the terms of this Composition Plan.

ARTICLE 5Specific Provisions

5.1 Settlement for Preferred Creditors

The Preferred Creditors’ Claims referred to in Article 4.2 shall be settled pursuant to the followingterms:

b. Others

Settlement (Otherthan MCB)

Following the Effective Date, Claims of Preferred Creditors (savefor Claims under the MCB) will be repaid in full from operationalcash flow over time.

9) Trade Creditors

4) Aircraft Manufacturers

Settlement of MCB

[***]9IDR818,725,010,828

On the Effective Date, the Government as holder of the MCBswill receive 100% recovery in new ordinary shares in theCompany through conversion of the MCB (“MCB Conversion”).The equity issued for the MCB Conversion shall be with anominal amount per share as per the Strike Price.


8) Sukuk Holders

5) MRO Vendors

8 Note: The amount is subject to the issuance of Final Claims Register.9 Note: The amount is subject to the issuance of Final Claims Register.10 Note: The amount is subject to the issuance of Final Claims Register.



The Lessors12 under all Existing Lease Agreements will be given theoptions below, which shall be exercised by delivery of the ElectionNotice13 to the Company and the relevant Lessee in accordance withthe terms of this Composition Plan by no later than 126 p.m. Jakartatime 15 June, 2022. For the avoidance of doubt, any such option

5.2 Settlement for Aircraft Lessors

The Aircraft Lessors are given the option:

a. to terminate the leasing of the Aircraft under its Existing Lease Agreement as (to theextent not previously terminated or expired) as of the Homologation Date;

b. for aircraft of the type included in the Business Plan and listed in the table below (seesection “Go Forward Fleet”), to amend the terms of their respective Existing LeaseAgreement pursuant to the terms for go-forward leases set forth herein (the “GoForward Fleet Leases”); and

c. for aircraft other than the Go Forward Fleet, to provide a proposal, for the Company’sconsideration, to enter into an alternative lease arrangement,

to the extent the options in b. and c. have not been exercised by the relevant Aircraft Lessor, theleasing of the Aircraft under its Existing Lease Agreement shall terminate as of theHomologation Date. For the avoidance of doubt, any termination of the leasing under theExisting Lease Agreements under this Article (whether as a result of the Aircraft Lessorexercising option a. or not exercising b. and c. as of the Homologation Date) shall not requirethe consent or countersignature of any other party.

Each option is described in more detail in the table below (see section “Options”) and shall beexercised by each Aircraft Lessor by delivering a notice in writing (in the form set out in Annex H (Election Notice Form) to this Composition Plan (“Election Notice”) to the Companyno later than 15 June 2022. Prior to the Homologation Date, the options chosen by eachAircraft Lessor shall be listed under column titled “Option applicable to the Aircraft Lessor” in Appendix 4 (List of Aircraft Lessors).

Irrespective of the option chosen, each Aircraft Lessor (or its assignee, transferee, trust beneficiary ornominee as contemplated by the final paragraph of Artcle 3.2) shall receive settlementamount in full and final discharge of its Claims under the Existing Lease Agreement againstthe Company and/or any of its subsidiaries (without prejudice to any obligations under the GoForward Fleet Lease or Alternative Lease Agreement, if applicable), such settlement amountcomprised of the relevant Aircraft Lessor’s pro rata portion (calculated on the basis of theSettlement Claims such Aircraft Lessor has) of New Notes and New Equity, in accordancewith Article 5.10e and Article 5.10c below.

On the Homologation Date, for each Aircraft Lessor entering into a Go Forward Fleet Lease orAlternative Lease Agreement, such Aircraft Lessor’s Existing Lease Agreement (including, forthe avoidance of doubt, any head lease or sub lease or sub-sub-lease comprising suchExisting Lease Agreement) shall be deemed amended to reflect the Override Lease Termsas attached in Annex E (Override Lease Terms) or the Alternative Lease Agreement Termsattached as Annex F (Alternative Lease Agreements Terms) of this Composition Plan whichshall be deemed to override the corresponding terms of the Existing Lease Agreement asfurther described below.

[NTD: Chart below is included as a placeholder only, and will be updated to reflect finalOverride terms]

1. Options11

11 NTD: Table to be updated to reflect latest Override Terms once final.12 “Lessor” means any Creditor of the Company that is an aircraft and/or engine lessor as set out in Appendix 3 (List of Aircraftand Engine Lessors) of the Composition Plan, excluding, as applicable, any affiliate of Garuda13 Defined in Composition Plan by reference to the form of election notice appended to the Composition Plan.



elected with respect to a head lease of the Existing Lease Agreementshall also automatically apply to the corresponding sub-lease andsub-sub-lease, as applicable.

i. For Aircraft14 of the type the Company and Citilink wish toretain for their go-forward fleet plan, as set forth in ScheduleA to the Override Lease Terms (the “Go-Forward FleetPlan”), which Aircraft were selected through the process runby the Company prior to the formal publication of theComposition Plan, each Lessor has an option to elect toleave their Aircraft with the Company or Citilink (as the casemay be) on the commercial terms as set forth within the GoForward Fleet Lease Terms set out herein and any agreedbilateral terms, as applicable (the “Go Forward FleetLease”). For certain aircraft types which are included in theGo-Forward Fleet Plan but are contemplated to be reducedin quantity (specifically the ATR and A330-300 aircraft types),the Company will make a final determination based ongo-forward commercial and business needs as furtherdescribed in Schedule A. To the extent the respective Lessorhas not elected to enter into a Go Forward Fleet Lease or therelevant Aircraft has not been selected for this purpose,leasing under the Existing Lease Agreement in respect ofsuch Aircraft shall be terminated as of the HomologationDate or such earlier date as may be agreed with the relevantLessor. For the avoidance of doubt, any failure by theCompany to, within 45 Business Days following theHomologation Date (or such longer period as may be agreedby the respective Lessor), enter into the bilateral definitivedocumentation to the extent agreed in accordance with theterms of clause 6.2 of the Composition Plan shall be deemeda termination event under the respective Lessor's leaseterms, entitling them to terminate the relevant lease uponwritten notice to the Company.

ii. For the Aircraft of the type not included in Schedule A, as setforth in Schedule B to the Override Lease Terms, thatcurrently constitute the Company’s and Citilink’s fleet, eachLessor has an option to provide a proposal for theCompany’s consideration to enter into an alternativeamended lease arrangement. Terms of the alternativeproposals agreed by the Company, Citilink and the relevantLessors (the “Alternative Lease Agreement”) are set out in Annex F to this Composition Plan (each an “AlternativeLease Agreement Term Sheet”).15 Leasing under theExisting Lease Agreements for such Aircraft, in respect ofwhich terms of the Alternative Lease Agreement are notincluded in this Composition Plan, shall be terminated as ofthe Homologation Date.

iii. For all Aircraft, each Lessor shall have the option toterminate its Existing Lease Agreement (to the extent notpreviously terminated or expired). Schedule C to theOverride Lease Terms sets forth the Aircraft that have beenterminated to date.

14 “Aircraft” means the aircraft subject to an Existing Lease Agreement, including the corresponding airframe, engines, APU andall parts installed to such Aircraft at any relevant point in time.15 Alternative Lease Terms to be attached to final version of the Composition Plan.



2. Return ofTerminatedAircraft

Each Aircraft that is not subject to a Go Forward Fleet Lease orAlternative Lease Agreement as described above shall be returned(including its manuals, technical records and other aircraftdocuments) to the relevant Lessor either (a) in an “as-is-where-is”condition in Indonesia; (b) to the extent the relevant Lessor agrees toprovide/fund the required parts and bear the cost of maintenance andrelocation, in an airworthy condition to the location of the Lessor’schoice; or (c) in “as is” condition at any other location as may beagreed between the Company and the relevant Lessor.

Notwithstanding the above, the Parts (as defined in the relevantExisting Lease Agreements), if not installed on the Aircraft, shall bereinstalled or replaced with equivalents in accordance with the termsof the relevant Existing Lease Agreements, at the cost of theCompany, on the Aircraft by the Company on the earlier to occur of:(i) completion of the redelivery in accordance with the Existing LeaseAgreement; and (ii) the date falling six (6) months after theHomologation Date.

The Company shall deregister the relevant Aircraft and seek thecompletion of all prerequisites for their export from Indonesia asrequested by the relevant Lessor.

The contractual obligations under the relevant Existing LeaseAgreement with respect to the maintenance, storage and insuranceof the relevant Aircraft continue to apply until the earlier to occur of:(A) completion of the redelivery in accordance with the ExistingLease Agreement save as amended by the three precedingparagraphs; and (B) the date falling six (6) months after theHomologation Dateof the Aircraft unless otherwise agreed by therelevant Lessor.

The Company will work with the relevant Lessor, if sub-paragraph (b)above applies, to ensure the required maintenance is performed asswiftly as possible and in accordance with the timeline agreed with allelectingrelevant Lessors.

Any such termination and return shall be without prejudice to therelevant Lessors’ claims calculated pursuant to the ClaimsMethodology under this Composition Plan.

The Election Notice for options (i) or (ii) shall be countersigned by theCompany and the relevant Lessee. In particular, the relevant Lessee(i.e. GIHF) shall countersign the Election Notices to confirm that therelevant head lease is amended to reflect the options selected in (i)or (ii).

If the Composition Plan changes in a manner materially adverse to aLessor after it has delivered its respective Election Notice then suchLessor may change its election.

3. Override /Documentation

On the Homologation Date, for each Lessor entering into:

(a) a Go Forward Fleet Lease, each such Existing Lease Agreement(including, for the avoidance of doubt, each relevant sub-leaseand sub-sub-lease, as applicable) shall be deemed amended toreflect the terms set out below; and

(b) an Alternative Lease Agreement, each such Existing LeaseAgreement (including, for the avoidance of doubt, each relevantsub-lease and sub- sub-lease, as applicable) shall be deemedamended to reflect the terms set out in the applicable Alternative



Lease Agreement Term Sheet.

The relevant terms set out below or in the applicable AlternativeLease Agreement Term Sheet (as applicable) shall be deemed tooverride the corresponding terms of the relevant Existing LeaseAgreement. Such amendment shall be governed by (and the partiesshall be deemed to have elected to apply) the law applicable to theExisting Lease Agreement. The remaining terms and conditions ofthe relevant Existing Lease Agreements, to the extent not soamended and overridden, shall remain valid and in full force andeffect.

Prior to the earlier of the Effective Date and the Long Stop Date, theCompany shall not agree to any amendments to the Existing LeaseAgreements resulting in amended lease terms (other than termsspecific to the type, vintage or maintenance status of the aircraft) thatwould, in combination with Go Forward Fleet Lease terms herein,reasonably be considered materially more favourable to the relevantLessor than the other Lessors in respect of the same type of Aircraftsubject to the Go Forward Fleet Lease without offering such terms tosuch other Lessors (which terms the other Lessors may accept orreject in their sole discretion); provided that the Company will notagree on deviations from the provisions concerning rent andmaintenance reserves, which are exclusively dealt with in the GoForward Fleet Lease terms herein for all Lessors and providedfurther that each Lessor may waive the requirement for such terms tobe offered to it either with respect to any specific Aircraft or generally.

Without prejudice to the effectiveness of the amendments describedabove, definitive documents in respect of the Go Forward FleetLeases and Alternative Lease Agreements shall be entered into ifmutually agreed between the Company and Lessor as soon asreasonably practicable after the Homologation Date and in any eventon or prior to the Effective Date (or such later date as may be agreedbetween the relevant Lessor and the Company) but such definitivedocuments are not required and failure to enter into such agreementsshall not constitute a Plan Default.

Without prejudice to any rights and remedies of a Lessor under therelevant Go Forward Fleet Lease or Alternative Lease Agreement (asapplicable), a Lessor shall not take any actions which would bereasonably expected to delay, impede, prevent or otherwise frustratethe implementation of the Company’s debt restructuring, and shallsupport the Company’s debt restructuring by reasonably cooperatingwith the Company to implement the terms hereof as swiftly aspossible following the Homologation Date until no later than theLong-Stop Date.

If the Effective Date16 does not occur by the Long-Stop Date17, theamendments to the Existing Lease Agreements pursuant to theGo-Forward Fleet Leases and Alternative Lease Agreements shallautomatically terminate and cease to apply with retrospective effect(and, for the avoidance of doubt, any amounts owed by the Lessee tothe relevant Lessor for the period between 9 December 2021 and theLong-Stop Date shall be calculated in accordance with the terms ofthe Existing Lease Agreement as applicable immediately prior to the

16 “Effective Date” means the date when all conditions precedent required under Article 6.8 of theComposition Plan have been fulfilled.17 “Long Stop Date” means January 1, 2023.



5.3 Settlement for Spare Engine Lessors

Each Spare Engine Lessor shall amend the terms of its respective Existing LeaseAgreements pursuant to the go-forward spare engine term sheets referred to below (eachsuch go-forward spare engine lease, a “Go-Forward Spare Engine Lease”). A summary ofeach term sheet is provided below:

Homologation Date) and in compliance with the Settlement ClaimsMethodology.

With respect to any Existing Lease Agreement that (i) by its terms,has already expired and not been renewed prior to the HomologationDate and (ii) relates to Aircraft in respect of which the electing AircraftLessor is entering into a Go Forward Fleet Lease pursuant to theterms hereof, with respect to such Aircraft, such Existing LeaseAgreement will be deemed to be reinstated and automaticallyamended by the Override Lease Terms as if such Existing LeaseAgreement were otherwise in effect as of the Homologation Date(and for the purposes of this provision, the Existing Lease Agreementshall be in such form as was in effect immediately prior to itstermination).

4.8 1.9 TEAM Go-Forward Spare Engine Lease Term Sheet dated [●]183

1. Lease Period 4.9 1.10 The Lease Period with respect to the TEAM Spare Enginesshall be the same as under the Existing Lease Agreements (the“Pre-Extension Period”) plus an extension of 2 years (the“Extension Period”).

Go Forward Fleet

From February 1, 2022 to June 30, 2023 (collectively the “TEAMPBH Period”), the Company shall pay, with respect to eachTEAM Spare Engine, instead of the applicable fixed monthly rate,the applicable TEAM Spare Engine PBH Amount.

“TEAM Spare Engine PBH Amount” means, with respect toeach TEAM Spare Engine, the amount equal to the applicablePBH rate for such TEAM Spare Engine indicated below multipliedby the number of flight hours applicable to such TEAM SpareEngine per month, subject in each case to a minimum PBH floorand a maximum PBH cap as set forth below.

The TEAM Spare Engine PBH Amounts will be payable inaccordance with the following terms:

2. Power By the Hour– “PBH” Period

Terms of the Go Forward Fleet Leases are set forth in Annex E(Override Lease Terms).

183 To be updated based on final terms

90,673.81

Monthly PBH Cap(USD per Month)

45,336.91

400 92,870.54

Monthly PBHFloor (USD per

Month)

46,435.27

PBH Rate(USD per

FlightHour)

599218

ESN

400

598977



Upon expiry of the TEAM PBH Period the amount of fixed leaserent payable by the Company to the Lessor monthly in advancein cash in respect of the leasing of each of the specified SpareEngines shall be the amount as set out below.

3. Lease Rent

4. Security Deposit The amount of the security deposit under the Existing LeaseAgreements as stipulated in Schedule A of the TEAMGo-Forward Spare Engine Lease Term Sheet shall be carriedforward and shall constitute Security Deposits deemed to have

This section will apply until the Go Forward Spare Engine Leasesare entered into and become effective.

May 1, 2022 throughand including June 30,2022

75,000

75% of the TEAM Spare EnginePBH Amount will be payable monthlyin arrears, with the remaining 25%payable in full on the New MoneyFinancing Date

599218

From the start of theTEAM PBH Periodthrough and includingApril 30, 2022

90,673.81 75,000

Payment Terms

July 1, 2022 throughthe end of the TEAMPBH Period

ESN

50% of the TEAM Spare EnginePBH Amount will be payable monthlyin arrears (including with paymentsfor any month ended from the startof the Team PBH Period to the dateof this letter payable together withany amounts due in respect of thefirst calendar month to end after thedate of this letter) and with theremaining 50% payable in full on theNew Money Financing Date

IDR[7.5IDR7.5 trillion] (orapproximately USD[527]USD527million) of new financing (the “NewMoney Financing”) to bebackstopped by the Government asdirect funding by the Government inthe form of a capital injection(penanaman modal negara). Theclosing date under the New MoneyFinancing is referred to herein as the“New Money Financing Date”.

Lease Rate duringPre-Extension

Period (USD perMonth)

100% of the TEAM Spare EnginePBH Amount will be payablemonthly in arrears

Lease Rateduring 2-Year

ExtensionPeriod (USD per

Month)

Period

598977

92,870.54



7. Right of First Offer

5. MaintenanceReserves /Supplemental Rent(“MRs”)

TEAM shall have a right of first offer on any further CFMLEAP-1A26 spare engine(s) up to 24 months following theEffective Date.

The amount of MRs under the Existing Lease Agreements asstipulated in Schedule C of the TEAM Go-Forward Spare EngineLease Term Sheet shall be carried forward and shall constituteMRs deemed to have been paid by the Company under the GoForward Spare Engine Leases as detailed at Schedule B of theTEAM Go-Forward Spare Engine Lease Term Sheet. Any set-offof the MR balance against any other claims made by the lessorshall be reversed.

Company will pay to TEAM MRs in relation to each calendarmonth (or part thereof) (including without limitation the lastcalendar month or part thereof of the Lease Period) in cash onthe 15th day of the following calendar month.

Such MRs shall be calculated and invoiced by TEAM everymonth applying the rates in accordance with the Existing LeaseAgreements, with the exception that the Engine Off-WingRestoration Rate (as defined under the Existing LeaseAgreements) will be reduced by 20% from the HomologationDate of the PKPU through to the end of the Lease Period, asshown on Schedule B of the TEAM Go-Forward Spare EngineLease Term Sheet (adjusted for any carried forward MRs).

End of lease Maintenance Adjustment (as defined under theExisting Lease Agreements) shall remain the same as under theExisting Lease Agreements.

4.10 1.11 ELFC Go-Forward Spare Engine Lease Term Sheet dated [●]194

1. Lease Period

been paid by the Company under the Go Forward Spare EngineLeases as detailed at Schedule A of the TEAM Go-ForwardSpare Engine Lease Term Sheet.

To the extent any Security Deposit is not used it shall be returnedat the end of the Lease Period.

The Lease Period with respect to the Spare Engines with ESN660876 and ESN 862712 shall be the same as under theExisting Lease Agreements.

The Lease Period with respect to the Spare Engines with ESN864732, ESN 038366, ESN 573815, ESN 573935 shall be the

6. Contribution ofMRs

MRs will only be reimbursed, as the case may be, by TEAM tothe Company if no event of default has occurred and iscontinuing under the relevant Go Forward Spare Engine Lease(excluding for the avoidance of doubt any events of defaultresulting directly from the ongoing restructuring discussions andproceedings up to the Long Stop Date).

MRs shall be disbursed as per the Existing Lease Agreements.

194 To be updated based on final terms



Lease Period under the Existing Lease Agreement plus anextension of 48 months.

On that basis and for the avoidance of doubt those expiry datesare as follows:

4.11 1.12

2. Power By the Hour– “PBH” Period

11 March 2027

9 November 2027

ESN

038366 31 May 2028

862712

573815

30 November 2027

From February 1, 2022 to June 30, 2023 (collectively the “ELFCPBH Period”), the lessee shall pay, with respect to each SpareEngine, instead of the applicable fixed monthly rate, theapplicable ELFC Spare Engine PBH Amount.

“ELFC Spare Engine PBH Amount” means, with respect toeach Spare Engine, the amount equal to the applicable PBHrate for such Spare Engine indicated below multiplied by thenumber of flight hours applicable to such Spare Engine permonth, subject in each case to a minimum PBH floor and amaximum PBH cap as set forth below.

9 November 2027

660876

573935

Scheduled Expiry Date

15 December 2027

864732

54,000

For the periodup to 31

December2022: 28,250

For the periodfrom 1 January2023 to 30 June

2023: 42,375




2023: 40,500

PBH Rate(USD per

FlightHour)

03836 229

862712

52,500

ESN

For the period

229

660876

51,500

Monthly PBHCap (USD per

Month)




2023: 38,625

229

864732

56,500

229

Monthly PBHFloor (USD per

Month)



The PBH Amounts will be payable in accordance with thefollowing terms:




2023: 38,625

From the start of theELFC PBH Periodthrough and includingApril 30, 2022

6

50% of the ELFC Spare EnginePBH Amount will be payablemonthly in arrears (including withpayments for any month ended fromthe start of the ELFC PBH Period tothe date of this letter payabletogether with any amounts due inrespect of the first calendar monthto end after the date of this letter)and with the remaining 50%payable in full on the New MoneyFinancing Date

IDR[7.5IDR7.5 trillion] (orapproximately USD[527]USD527million) of new financing (the “NewMoney Financing”) to bebackstopped by the Government asdirect funding by the Government inthe form of a capital injection(penanaman modal negara). Theclosing date under the New MoneyFinancing is referred to herein asthe “New Money Financing Date”.


573935

75% of the ELFC Spare EnginePBH Amount will be payablemonthly in arrears, with the

195

573815

51,500 For the periodup to 31



2023: 38,625

195

Period

51,500

Payment Terms

up to 31December

2022: 26,250


2023: 39,375



4. Security Deposit

3. Lease Rent

The Company shall pay (or procure that the lessee shall pay) toELFC on the later of (a) a date falling 1 month; and (b) a datefalling 60 bBusiness dDays following the New Money FinancingDate, a Security Deposit in an amount equal to [1] month ELFCLease Rent for each spare engine under the relevant GoForward Spare Engine Lease, which shall be in the form of eitherstandby letter of credit (in accordance with the requirements ofthe Lease Agreement) or cash, and could be used by ELFCagainst any unpaid ELFC Lease Rent during the ELFC LeasePeriod [(as defined in the applicable Existing Lease Agreement)]of the relevant Go Forward Spare Engine Lease or in satisfactionof any other obligations of the lessee in accordance with theterms of the Existing Lease Agreement.

For ESNs 573935, it is acknowledged that the above conditionhas already been satisfied and no further Security Deposit isrequired. For all other Lease Agreements, the Security Deposithas been applied against amounts payable by the lessee andtherefore has to be replenished by the lessee.

To the extent any Security Deposit is not so used it shall bereturned and/or the relevant [SDLC] cancelled in accordance withthe terms of the applicable Existing Lease Agreement.

5. MaintenanceReserves /Supplemental Rent(“MRs”)

The amount of Hourly Reserves and LLP Reserves (“MRs”)under the Existing Lease Agreements as stipulated in ScheduleB of the ELFC Go-Forward Spare Engine Lease Term Sheetshall be carried forward and shall constitute MRs deemed tohave been paid by the lessee under the ELFC Go Forward Spare

Upon expiry of the ELFC PBH Period the amount of fixed leaserent payable by the lessee to ELFC monthly in advance in cashin respect of the leasing of each of the specified ELFC spareengines shall be the amount as set out below (the “ELFC LeaseRent”).

This section will apply until the Go Forward Spare EngineLeases are entered into and become effective.

573935

862712

51,500

51,500

ESN

864732

54,000

Lease Rate (USD per Month)

038366

660876

52,500

56,500

573815

51,500

July 1, 2022 throughthe end of the ELFCPBH Period

remaining 25% payable in full onthe New Money Financing Date

100% of the ELFC Spare EnginePBH Amount will be payablemonthly in arrears



7. RedeliveryConditions

Redelivery condition to be the same as the redelivery condition inthe Existing Lease Agreements, as adjusted for a 40% reductionto required flight hours and flight cycles upon return, as shown onSchedule C of the ELFC Go-Forward Spare Engine Lease TermSheet.

8. Right of First Offer

6. Contribution ofMRs

ELFC shall have a right of first offer on any further CFMLEAP-1A26 spare engine(s) up to 24 months following theEffective Date.

Each Spare Engine Lessor shall receive settlement amount in full and final discharge of itsClaims under the Existing Lease Agreement against the Company and/or any of itssubsidiaries (without prejudice to any obligations under the Go Forward Spare EngineLeases), such settlement amount comprised of the relevant Spare Engine Lessor’s pro rataportion (calculated on the basis of the Settlement Claims such Spare Engine Lessor has) ofNew Notes, (ii) New Equity, in accordance with Article 5.10e and Article 5.10c below.

5.4 Settlement for Creditors under Finance Lease Arrangements

The Claims of Creditors under the Finance Lease Arrangement referred to in Article 4.44.5 shall besettled pursuant to the following terms:

The amount of Hourly Reserves and LLP Reserves held byELFC may only be subjected to a reimbursement claim by thelessee for any qualifying Engine Heavy Maintenance Shop Visitand subject to the terms of the Existing Lease Agreements.

Settlement Each Creditor (or in each case, its assignee, transferee, trustbeneficiary or nominee as contemplated by the final paragraph ofArticle 3.2) in respect of Finance Lease Arrangement shallreceive on the Effective Date, in full and final satisfaction of itsClaims under the Existing Agreements its pro rata portion(calculated on the basis of the Settlement Claims such Creditorhas) of New Notes and New Equity, in accordance with Article 5.10e and Article 5.10c below.

Engine Leases as detailed at Schedule B of the ELFCGo-Forward Spare Engine Lease Term Sheet.

The Company will pay (or procure that the lessee will pay) toELFC Hourly Reserves and LLP Reserves in relation to eachcalendar month (or part thereof) (including without limitation thelast calendar month or part thereof of the relevant Lease Period)in cash on the 30th day of the following calendar month.

Such Hourly Reserves and LLP Reserves shall be calculated andinvoiced by the Lessor every month applying the rates inaccordance with Schedule A of the ELFC Go-Forward SpareEngine Lease Term Sheet (adjusted for any carried forwardMRs). For the avoidance of the doubt, the Hourly Reserve ratesshown on Schedule A represent a 20% reduction as compared tothe rates in the existing Lease Agreements.

For the avoidance of doubt, the Hourly Reserve rates and LLPReserve rates shall both be escalated in accordance with theterms of the Existing Lease Agreements and are based onoperation of the ELFC spare engines in accordance with theterms of the Existing Lease Agreements.



Settlement Existing aircraft purchase agreements with Boeing will becancelled in full.Existing aircraft purchase agreement with ATR has beencancelled in full and no amounts remain outstanding under suchagreement.

Subject to Clause 3.3, each Aircraft Manufacturer, excludingAirbus, shall receive on the Effective Date, in full and finalsatisfaction of its Claims under the Existing Agreements its prorata portion (calculated on the basis of the Settlement Claimssuch Creditor has) of New Notes and New Equity, in accordancewith Article 5.10e and Article 5.10c below.

With respect to Airbus, Airbus shall receive on the EffectiveDate, in full and final satisfaction of its Claims under the ExistingAgreements its pro rata portion (calculated on the basis of theSettlement Claims that Airbus has) of New Notes and NewEquity, in accordance with Article 5.10e and Article 5.10c below.In addition, the Airbus Purchase Agreement will be amended(the “Amended Airbus Purchase Agreement”) within no morethan 120Calendar Days from the Homologation Date and at thelatest, on the Long Stop Date.

The Airbus Purchase Agreement shall be amended pursuant tothe Airbus Restructuring Sheet. The Airbus Restructuring Sheetprovides, among other things, a revised delivery schedule withrespect to the thirteen (13) A330 aircraft remaining to bedelivered under the Airbus Purchase Agreement (the“Restructured Aircraft”), as well as contemplates certaintermination and conversion rights granted by Airbus andexercisable by the Company with corresponding adjustments tothe payment terms and delivery schedule.

The Restructured Aircraft shall be scheduled for deliverybetween 2026 and 2031 (both years inclusive), subject toAirbus’ commercial and industrial constraints.

The aircraft base price and the SCN base price of eachrestructured Aircraft shall be based on the delivery conditions asset forth in the existing Airbus Purchase Agreement. The priceadjustment factor, which computes the respective portions of theprice adjustment to be borne by the Company and/or Airbus, isset out in the Airbus Restructuring Sheet.

The Company shall make pre-delivery payments (constitutinginstalments of the final price of each Restructured Aircraft) toAirbus in accordance with the payment schedule set out in theAirbus Restructuring Sheet. In addition, the aAmended AirbusPurchase Agreement shall amend and restate the provisions inrelation to the aggregate amount of pre-delivery paymentsreceived by Airbus immediately before the effective date of suchaAmended Airbus Purchase Agreement to reflect the changesset out in the Airbus Restructuring Sheet.

5.5 Settlement for Aircraft Manufacturers

The Claims of Aircraft Manufacturers referred to in Article 4.6 shall be settled pursuant to thefollowing terms:



5.6 Settlement for MRO Vendors

The Claims of MRO Vendors referred to in Article 4.7 shall be settled pursuant to the following terms:

Settlement With respect to Rolls-Royce, its Existing Agreements will beamended by one or more agreements between the Companyand Rolls-Royce (“Rolls-Royce Revised CommercialAgreement”) following the Homologation Date but prior to theEffective Date.

CFM International, Inc (“CFM”)

CFM shall receive on the Effective Date, in full and finalsatisfaction of its Claims under the 7B RPFH Agreementdated 13 January 2012 and the 5B/LEAP RPFH Agreementdated 27 January 2012 its pro rata portion (calculated on thebasis of the Settlement Claims that CFM Creditor has) of NewNotes and New Equity, in accordance with Article 5.10e andArticle 5.10c below.

To enable CFM, as a critical vendor, to provide future servicesfor the Company’s operations, CFM requires thereimbursement of certain deposit payments, in an amountequal to USD 7,580,000 paid by the Company over a numberof years in accordance with the CFM Term Sheet.

The Company shall be granted the following conversion rights byAirbus:

a) to convert any of the A330-900 aircraft, scheduled to bedelivered in 2030 and 2031, into an A350 or an A350Faircraft subject to the conditions set out in the AirbusRestructuring Sheet; and

b) to convert one A330-900 aircraft, scheduled to be deliveredin 2030 and 2031, into a certain number of single-aisleaircraft subject to the conditions set out in the AirbusRestructuring Sheet.

The aAmended Airbus Purchase Agreement shall not increasethe obligations of Airbus and all services granted to theCompany shall be prorated to the number of RestructuredAircraft scheduled to be delivered under the aAmended AirbusPurchase Agreement.

The Company shall be granted by Airbus the right to terminateany or all of the four (4) A330-800 aircraft under the AirbusPurchase Agreement, subject to the terms and conditions setout in the Airbus Restructuring Sheet (the “Termination Right”).The exercise by the Company of such Termination Right shallbe subject to an obligation on the Company to pay a terminationfee for each such terminated A330-800 aircraft.

The Company agrees that any terms and conditions containedin the Airbus Restructuring Sheet but not reflected in thisComposition Plan shall remain valid and enforceable by Airbusas part of the aAmended Airbus Purchase Agreement.



On the Homologation Date, the Financing Creditors shallreceive settlement of its Claims (calculated on the basis ofSettlement Claims) in accordance with the New Payment Terms(Banks) as detailed in Annex A (New Payment Terms (Banks)Term Sheet) of this Composition Plan.

The Existing Loan Agreement, shall be deemed amended toreflect the New Payment Terms (Banks) agreed in thisComposition Plan, including without limitation, all relevantdefinitions, payment terms and undertakings, as of theHomologation Date. Amounts under the New Payment Terms(Banks) shall start accruing from the Homologation Date butshall only be paid by the Company following the Effective Date.

See further description of terms and conditions of the NewPayment Terms (Banks) in Annex A (New Payment Terms(Banks) Term Sheet).

5.8 Settlement for Sukuk Holders

The Claims of Sukuk Holders referred to in Article 4.9 shall be settled pursuant to the following terms:

Settlement On the Homologation Date, obligations under the existing Sukukcertificates shall be deemed discharged contingent upon theoccurrence of the Effective Date. During the period from theHomologation Date to the Effective Date, the Claims of SukukHolders shall consist only of the right to receive their respectivepro rata portion (calculated on the basis of their SettlementClaims) of (i) new Sharia-compliant debt securities (Sukukcertificates) on terms set out in Annex C (New SukukCertificates) (“New Sukuk Certificates”), in accordance withArticle 5.10f below and (ii) New Equity in accordance with Article 5.10c below. Any transferee of the Sukuk Holders’ Claimsfollowing the Homologation Date shall be entitled only to suchright to receive such pro rata portion.

On the Effective Date, the Sukuk Holders will receive, in full andfinal satisfaction of their Settlement Claims under the ExistingAgreements, their respective pro rata portion (calculated on thebasis of their Settlement Claims) of (i) New Sukuk Certificates inaccordance with Article 5.10f below and (ii) New Equity inaccordance with Article 5.10c below.

5.7 Settlement for Financing Creditors

The Claims of Financing Creditors referred to in Article 4.8 shall be settled pursuant to the followingterms:

5.9 Settlement for Trade Creditors

The Claims of Trade Creditors referred to in Article 4.9 shall be settled pursuant to the followingterms:

a. SOEs and their Subsidiaries

Settlement



The Existing Agreements which underlie the Claims of each ofthe SOEs (excluding SOE Banks) and its subsidiaries shall bedeemed amended to reflect the settlement terms set outabove as of the Effective Date.

i. Each of the SOEs and their Subsidiaries with a Claimsequal to or below IDR 255,000,000 (USD ~[17,700]) whoparticipate in the PKPU, will receive in full and finalsatisfaction of its Claims (calculated on the basis ofSettlement Claims), a full repayment from the Company’soperational cash flow over the 3 Month period followingthe Effective Date.

ii. Each of the SOEs and their Subsidiaries with a Claimsequal to or below IDR 255,000,000 (USD ~[17,700]), whodo not participate in the PKPU, will receive in full and finalsatisfaction of its Claims (calculated on the basis ofSettlement Claims), a full repayment from the Company’soperational cash flow over time following the EffectiveDate.

iii. Each of SOEs and their Subsidiaries with a Claim aboveIDR 255,000,000 (USD ~[17,700]), will receive in full andfinal satisfaction of its Claims (calculated on the basis ofSettlement Claims), settlement of their Claims inaccordance with the New Payment Terms (SOE TradeCreditors) as detailed in Annex B (New Payment Terms(SoE Creditors) Term Sheet) of this Composition Plan onthe Homologation Date.

The Existing Agreements of the above Creditors, shall bedeemed amended to reflect the New Payment Terms (SoETrade Creditors) agreed in this Composition Plan,including without limitation, all relevant definitions,payment terms and undertakings, as of the HomologationDate. Amounts under the New Payment Terms (SoETrade Creditors) shall start accruing from theHomologation Date but shall only be paid by the Companyon the Effective Date.

See further description of terms and conditions of the NewPayment Terms (SOE Trade Creditors) in Annex B (NewPayment Terms (SoE Creditors) Term Sheet).

b. Other Trade CreditorsSettlement i. Each of the Other Trade Creditors with a Claim equal to

or below IDR 255,000,000 (USD ~[17,700]) whoparticipate in the PKPU will be repaid in full fromoperational cash flow over the 3 month period followingthe Effective Date.

ii. Each of the Other Trade Creditors with a Claim equal toor below IDR 255,000,000 (USD ~[17,700]), who do notparticipate in the PKPU will be repaid in full fromoperational cash flow over time following the EffectiveDate.

iii. Each of the Other Trade Creditors with a Claim aboveIDR 255,000,000 (USD ~[17,700]) shall receive on theEffective Date, in full and final satisfaction of its Claimsunder the Existing Agreements (i) in the case of onshore

Documentation

Settlement



Other Trade Creditors (“Onshore Trade Creditors”),Local Debt Claims and New Equity, (in accordance withArticle 5.10 below), and (B) in the case of offshore OtherTrade Creditors (“Offshore Trade Creditors”), NewNotes and New Equity (in accordance with Article 5.10below).

5.10 Calculation of settlement amounts for Claims under the Local Debt Claims, New Notes,New Sukuk Certificates and New Equity

Each of the Aircraft Lessors, the Spare Engine Lessors, the Finance Lease Creditor, AircraftManufacturers, MRO Vendors, Sukuk Holders and Other Trade Creditors (with respect toOther Trade Creditors only if their Settlement Claims are above IDR 255,000,000 (USD~[17,700])) (“Equity Eligible Creditors”) shall receive on the Effective Date, in full and finalsatisfaction of its Claims under the Existing Agreements its pro rata portion (calculated on thebasis of their Settlement Claims) of:

a. USD[825]USD825 million of debt, provided that

i. To the extent Boeing does not submit a claim into the PKPU process withinthe allotted 30-day periodprovide documents and other confirmationsrequired pursuant to Article 3.3 by the Post post-Homologation VerificationDeadline in respect of its Claims as Aircraft Manufacturer (estimated atUSD822,812,645), this amount shall be reduced on a pro rata basis so as tohold the amount of debt and New Equity that each Eligible Equity Creditor(other than Boeing) receives the same asamount of debt it would have beenentitled to if Boeing had submitted an assumed claim ofUSD[822,812,645].provided the required documents and other confirmations;

ii. the debt shall be in the form of:

(a) in the case of Onshore Trade Creditors, Local Debt Claims;

(b) in the case of Aircraft Lessors, Spare Engine Lessors, the FinanceLease Creditor, Aircraft Manufacturers, MRO Vendors and OffshoreTrade Creditors, New Notes;

(c) in the case of Sukuk Holders, New Sukuk Certificates,

and

b. Theb. New Equity in the amount representing the greater of (x) the amount equal to19% of the Equity Eligible Creditors’ Settlement Claims (expressed in USD) less theamount of debt allocated to them pursuant to Article 5.10a above, and (y) USD[330]million of New Equity, subject to adjustment pursuant to clause i. below and (y) theamount of New Equity required to provide Equity Eligible Creditors a 19.0% recoveryrate on their verified Settlement Claims when also including the amount of debt inArticle 5.10a

i. , provided that to To the extent Boeing does not submit a claim into the PKPU processwithin the allotted 30-day periodprovide documents and other confirmations requiredpursuant to Article 3.3 by the Post post-Homologation, the amount in clause (x)above Verification Deadline in respect of its Claims as Aircraft Manufacturer(estimated at USD[822,812,645]), this amount shall be reduced on a pro rata basisso as to hold the amount of debt and New Equity that each Eligible Equity Creditor(other than Boeing) receives the same asamount of New Equity it would have been



entitled to if Boeing had submitted an assumed claim of USD[822,812,645].providedthe required documents and other confirmations,

each, in accordance with the following terms:

b. c. New Equity

i. On the Effective Date, the Company will issue new equity through a rightsissue without pre-emptive rights (“New Equity”), with a nominal amount pershare as determined based on valuation by an independent appraiser (the“Strike Price”), in the total amount specified in Article 5.10b, provided that .

(a) the Equity Eligible Creditors (as defined below) shall be entitled toappoint a representative to observe the appraisal process (subjectto confidentiality restrictions). The observer shall be involved in anymaterial meetings held by the appraiser, shall be provided with keydocuments provided to the appraiser and shall be entitled to submit,through the Company, documents to any relevant party.

ii. Each Equity Eligible Creditor or any person (a) in favour of whom an EquityEligible Creditor has assigned, transferred or declared a trust over any of itsrights associated with its Claims or (b) who has been designated by anEquity Eligible Creditor to receive the benefit of any of its rights associatedwith its Claims (“Equity Eligible Beneficiary”) will also receive new sharesissued by the Company in the amount calculated by the following:

(a) to determine the total Settlement Claims of Equity Eligible Creditorsin USD,

i. 1) if the Settlement Claim is in IDR, shall be converted into USDusing the prevailing Bank Indonesia middle rate applicable on[the Homologation Date]20;

ii. 2) if the Settlement Claim is in currencies other than IDR andUSD, such amount shall be converted into IDR using theprevailing Bank Indonesia middle rate applicable on [theHomologation Date] and be further converted into USD using theapplicable IDR-USD Bank Indonesia middle rate on the[Homologation Date];

iii. 3) if the Settlement Claim is in USD, shall use the actualSettlement Claims amount,

each of the amounts above shall be added to determine the amountof total Settlement Claims of all Equity Eligible Creditors in USD;

(b) to determine the portion of New Equity in USD each Equity EligibleCreditor (or, as applicable, each Equity Eligible Beneficiary) wouldreceive, their respectivethe relevant Equity Eligible Creditor’sSettlement Claims in USD shall be divided by the total SettlementClaims of all Equity Eligible Creditors in USD, multiplying and theresult shall be multiplied with the amount specified in Article 5.10b;

(c) to determine their portion of New Equity in IDR, their portion of NewEquity in USD shall be converted into IDR using the prevailing BankIndonesia middle rate applicable on [***]the Homologation Date; and

20 AHP Note: Garuda/MS to confirm which date to be used for the exchange rate.


(d) to determine the number of shares they would receive, their portionof New Equity in IDR shall be divided with the Strike Price.

iii. Each Equity Eligible Creditors or, if applicable, Equity Eligible Beneficiary,shall:

(x) if such Creditor or Equity Eligible Beneficiary already has a brokerageaccount, inform in writing the details of the brokerage account to theCompany; or

(y) if such Creditor or Equity Eligible Beneficiary does not have a brokerageaccount, open its own brokerage account with a securities company orcustodian bank that can hold Indonesian shares and inform in writing thedetails of such brokerage account to the Company and the Creditor or EquityEligible Beneficiary should have rekening dana nasabah at a bank domiciledin Indonesia,

in both cases, by no later than 3 Months after the Homologation Date (“EquityAccount Deadline”).

iv. Equity Eligible Creditors or Equity Eligible Beneficiaries that do not inform theCompany of the details of the brokerage account by the Equity AccountDeadline, will not receive its portion of the New Equity and be deemed tohave waived the portion of its Claims that should have been settled by theNew Equity.

v. [Any Equity Eligible Creditor who reasonably believes that it (or if applicable,its Equity Eligible Beneficiary) is unable to hold New Equity due to any legalor regulatory restrictions or because it is contrary to its internal policies(each, a “Disqualified Equity Eligible Creditor”) must give written notice tothe Company no later than the Equity Account Deadline [notifying that it (or ifapplicable, its Equity Eligible Beneficiary), is unable to hold New Equity forone of the foregoing reasons] (“Notice of Disqualification”). If any EquityEligible Creditor has given a Notice of Disqualification, all New Equity thatwould have been issuable and deliverable to it (or to its Equity EligibleBeneficiary) will be deposited with a trustee nominated by the Company(“New Equity Trustee”) as soon as reasonably practicable (and in any eventno fewer than 30 days prior to the Effective Date), which New Equity Trusteeshall hold the New Equity in trust for the respective Disqualified EquityEligible Creditor (or if applicable, its Equity Eligible Beneficiary). The trustshall be constituted under English law, at the cost of the Company, and shallbe established for the sole purpose of facilitating the sale of the New Equityon behalf of the Disqualified Equity Eligibly Creditor (or if applicable, itsEquity Eligible Beneficiary) on terms specified in the document constitutingthe trust. To facilitate the sale of the New Equity, the New Equity Trusteeshall be entitled to hire one or more financial institutions with the power andcapacity under applicable securities laws to sell the New Equity in the market(“Selling Agent(s)”). The Selling Agent(s) shall be instructed to sell suchNew Equity as soon as reasonably possible, and in any event within 180days, following the Effective Date. Such sale shall be carried out in one ormore block trades or otherwise in a manner so as to maximize the saleproceeds from such sale and such sale proceeds (net of the fees of anyagent, broker, marketing agent, placement agent or underwriter appointed bythat Disqualified Equity Eligible Creditor (or if applicable, the Equity EligibleBeneficiary), in relation to the sale and any taxes and provisions for taxes onsuch sale) (the “Net Cash Proceeds”) actually received by the trust shall bedistributed by the trust to that Disqualified Equity Eligible Creditor (or, ifapplicable, Equity Eligible Beneficiary) pro rata to their allocation of NewEquity as soon as practical thereafter in lieu of the receipt of New Equity,provided always that the Selling Agent(s) shall take into account any




ii. For the avoidance of doubt, for the purpose of determining the originalprincipal amount of the Local Debt Claims that the Onshore Trade Creditorwould be entitled to, the total Settlement Claims of Onshore Trade Creditorsshall be converted into USD using the prevailing Bank Indonesia middle rateapplicable on the [***] 22Homologation Date and such USD amount shall bedivided by the total Claims of all Creditors that are eligible to receive the totalamount of debt specified in Article 5.10a. The amount that each OnshoreTrade Creditor would be entitled to under the Local Debt Claims would becalculated by applying the pro-rata portion of its Settlement Claims againstthe Settlement Claims of Onshore Trade Creditors to the original principalamount of the Local Debt Claims.

iii. The Existing Agreements which underlie the Claims of Creditors who areeligible for the Local Debt Claims shall be deemed amended to reflect thesettlement terms set out herein.

d. e. New Notes

i. On the Effective Date, the Lessors, the Finance Lease Creditor, AircraftManufacturers, MRO Vendors and Offshore Trade Creditors (“Notes EligibleCreditors”) shall receive new notes, with terms and conditions of New Notesset out in Annex D (New Notes) (“New Notes”).

ii. For the avoidance of doubt, for the purpose of determining the originalprincipal amount of the New Notes that the Notes Eligible Creditor would beentitled to, the total Settlement Claims of Notes Eligible Creditors are dividedby the total Claims of all Creditors that are eligible to receive the amount ofdebt specified in Article 5.10a. The amount that each Notes Eligible Creditorswould be entitled to under the New Notes would be calculated by applyingthe pro-rata portion of its Settlement Claims against the Settlement Claims ofall Notes Eligible Creditors to the original principal amount of the New Notes.

applicable restrictions notified to it by that Disqualified Equity Eligible Creditorin relation to sanctions, financial crime and “know your customer”requirements and similar constrains applicable to that Disqualified EquityEligible Creditor (whether pursuant to applicable laws and regulations, or itsinternal policies). Receipt by the Disqualified Equity Eligible Creditor (or, ifapplicable, Equity Eligible Beneficiary) of the Net Cash Proceeds fullydischarges the Company’s obligation to deliver New Equity to the relevantDisqualified Equity Eligible Creditor (or, if applicable, Equity EligibleBeneficiary). Once all of the New Equity has been disposed of and the NetCash Proceeds have been distributed to Disqualified Equity Eligible Creditorsor if applicable any Equity Eligible Beneficiaries in accordance with the termsof the trust deed, the trust shall be automatically dissolved. None of theCompany, the Creditors and the New Equity Trustee shall have any liabilityfor any loss or alleged loss arising from such trust, sale or a failure to procureany purchaser for any such New Equity, unless directly caused by its grossnegligence or wilful misconduct.]21

c. d. Local Debt Claims

i. On the Homologation Date, the Onshore Trade Creditors shall receive newdebt claims, which shall accrue interest from the Homologation Date at 6.5%cash or, during the first two Years at the Company’s option, 7.25% payablein-kind and mature in 9 Years (“Local Debt Claims”). Payment of the LocalDebt Claims shall only start after the Effective Date.

21 NTD: this sub-clause is still under further review22 NTD: to be confirmed.



iii. Notes Eligible Creditors are required to provide to the Company, details of adesignated brokerage account that are able to receive the New Notes within[3 Months] of the Homologation Date. Failure by any respective NotesEligible Creditor to provide such information will be considered as a waiverby such Creditor of its respective portion of Claims amount that are to besettled through the New Notes.

iv. [Any Notes Eligible Creditor who reasonably believes that it is unable to holdNew Notes due to any legal or regulatory restrictions or because it is contraryto its internal policies (each, a “Disqualified Notes Eligible Creditor”) mustgive written notice to the Company no later than the deadline in (iii) above[notifying that it is unable to hold New Notes for one of the foregoingreasons] (“Notice of Notes Disqualification”). If any Notes EligibleCreditor has given a Notice of Notes Disqualification, all New Notes thatwould have been issuable and deliverable to it will be deposited with atrustee nominated an institution of international standing reasonably selectedby the Company to serve as trustee under the New Note (“New NotesTrustee”) as soon as reasonably practicable (and in any event no fewer than30 days prior to the Effective Date), which New Notes Trustee shall hold theNew Notes in trust for the respective Disqualified Notes Eligible Creditor. Thetrust shall be constituted under English law, at the cost of the Company, andshall be established for the sole purpose of facilitating the sale of the NewNotes on behalf of the Disqualified Notes Eligibly Creditor on terms specifiedin the document constituting the trust. To facilitate the sale of the New Notes,the New Notes Trustee shall be entitled to hire one or more financialinstitutions with the power and capacity under applicable securities laws tosell the New Notes in the market (“Notes Selling Agent(s)”). The NotesSelling Agent(s) shall be instructed to sell such New Notes as soon asreasonably possible, and in any event within 180 days, following the EffectiveDate. Such sale shall be carried out in one or more block trades or otherwisein a manner so as to maximize the sale proceeds from such sale and suchsale proceeds (net of the fees of any agent, broker, marketing agent,placement agent or underwriter appointed by that Disqualified Notes EligibleCreditor, in relation to the sale and any taxes and provisions for taxes onsuch sale) (the “Net Cash Proceeds from Notes”) actually received by thetrust shall be distributed by the trust to that Disqualified Notes EligibleCreditor pro rata to their allocation of New Notes as soon as practicalthereafter in lieu of the receipt of New Notes, provided always that the NotesSelling Agent(s) shall take into account any applicable restrictions notified toit by that Disqualified Notes Eligible Creditor in relation to sanctions, financialcrime and “know your customer” requirements and similar constrainsapplicable to that Disqualified Notes Eligible Creditor (whether pursuant toapplicable laws and regulations, or its internal policies). Receipt by theDisqualified Notes Eligible Creditor of the Net Cash Proceeds from Notesfully discharges the Company’s obligation to deliver New Notes to therelevant Disqualified Notes Eligible Creditor. Once all of the New Notes havebeen disposed of and the Net Cash Proceeds from Notes have beendistributed to Disqualified Notes Eligible Creditors in accordance with theterms of the trust deed, the trust shall be automatically dissolved. None ofthe Company, the Creditors and the New Notes Trustee shall have anyliability for any loss or alleged loss arising from such trust, sale or a failure toprocure any purchaser for any such New Notes, unless directly caused by itsgross negligence or wilful misconduct.]23

v. New Notes attributable to any Notes Eligible Creditor shall be issued infavour of that Notes Eligible Creditor or any person (a) in favour of whom thatNotes Eligible Creditor has assigned, transferred or declared a trust over anyof its rights associated with its Claims or (b) who has been designated by

23 NTD: this sub-clause is still under further review



that Notes Eligible Creditor to receive the benefit of any of its rightsassociated with its Claims.

e. f. New Sukuk Certificates

i. On the Effective Date, the Sukuk Holders (“Sukuk Eligible Creditors”) shallreceive the New Sukuk Certificates with terms and conditions of New SukukCertificates set out in Annex C (New Sukuk Certificates).

ii. For the avoidance of doubt, for the purpose of determining the originalprincipal amount of the New Sukuk Certificates that the Sukuk EligibleCreditors would be entitled to, the total Settlement Claims of Sukuk EligibleCreditors are divided by the total Claims of all Creditors that are eligible toreceive the amount of debt specified in Article 5.10a. The amount that eachSukuk Eligible Creditor would be entitled to under the New Sukuk Certificateswould be calculated by applying the pro-rata portion of its Settlement Claimsagainst the Settlement Claims of all Sukuk Eligible Creditors to the originalprincipal amount of the New Sukuk Certificates.

iii. Sukuk Eligible Creditors are required to provide to the Company, details of adesignated brokerage account that are able to receive the New SukukCertificate within [3 Months] of the Homologation Date. Failure by anyrespective Sukuk Eligible Creditor to provide such information will beconsidered as a waiver by such Creditor of its respective portion of Claimsamount that are to be settled through the New Sukuk Certificates.

iv. [With respect to any Sukuk Eligible Creditor who is located within Indonesia(each a “Disqualified Sukuk Eligible Creditor”), all New Sukuk Certificatesthat would have been issuable and deliverable to it will be deposited with oneor more financial institutions identified by the Company to facilitate the sale ofNew Sukuk Certificates (“Sukuk Selling Agent(s)”). Within [●]180 daysfollowing the Effective Date (the “Sukuk Sale Period”), the Sukuk SellingAgent(s) shall sell such New Sukuk Certificates in one or more block tradesor otherwise in a manner intended to maximize the sale proceeds from suchsale and such sale proceeds (net of the costs of sale including the fees ofany agent, broker, marketing agent, placement agent or underwriterappointed in relation to the sale and any taxes and provisions for taxes onsale) shall be distributed for Disqualified Sukuk Eligible Creditors pro rata assoon as practical thereafter in lieu of the receipt of New Sukuk Certificates(the “Net New Sukuk Cash Proceeds”). In the event that a sale of suchNew Sukuk Certificates is unable to be consummated at any price within theSukuk Sale Period and the Net New Sukuk Cash Proceeds are zero, theamount such Disqualified Sukuk Eligible Creditors are entitled to receiveshall also be zero, and such New Sukuk Certificates shall be cancelled for noconsideration. None of the Company, the Creditors and the Sukuk SellingAgent shall have any liability for any loss or alleged loss arising from suchsale or a failure to procure any purchaser for any such New SukukCertificates.]24

5.11 New Money Financing

a. Pursuant to the letter dated 12 May 2022 from the Minister of State-OwnedEnterprises, the Government has allocated IDR7.5 trillion in the state annual statebudget for a state capital injection to the Company (“New Money Financing”). TheNew Money Financing will be conducted through a share issuance withoutpre-emptive rights or with pre-emptive rights, where the Government will inject newcapital in the Company amounting to IDR7.5 trillion.

24 NTD: this sub-clause is still under further review


b. The shares issued for the New Money Financing shall have a nominal amount pershare equal to the existing shares that have been issued by the Company or, if theStrike Price is lower than the nominal amount per share of the existing shares thathave been issued, the nominal amount per share shall equal to the Strike Price.

c. The New Money Financing shall be disbursed before the Long Stop Date. Thedisbursement of the New Money Financing will be conducted pursuant to the processset out in Article 6.5 of this Composition Plan.

d. Proceeds of the New Money Financing shall be used for:

i. Maintenance of the Aircraft subject to the Go-forward Fleet Leases andAlternative Lease Agreements;

ii. Costs and expenses related to the Company’s debt restructuring;

iii. Maintaining the Company’s minimum cash requirements; and

iv. Supporting other operational needs of the Company and its subsidiaries,such as aircraft and engine lease costs, fuel, and others.

e. If conducted by way of share issuance with pre-emptive rights, any othershareholders of the Company may participate by exercising their pre-emptive rightsin accordance with the applicable capital markets laws and regulations in Indonesia.For the avoidance of doubt, any such other shareholders shall not be considered asa New Money Financing provider for the purpose of Article 8.1b.ii(a).

5.12 Additional Equity

a. After receiving the New Money Financing, the Company may (in its sole discretion),pursue additional equity fundraising to obtain additional funds to support andmaintain its operations (“Additional Equity”) which shall be conducted inaccordance with the applicable laws and regulations.

b. For the avoidance of doubt, failure of the Company to obtain Additional Equity shallnot constitute as a Plan Default under this Composition Plan.

5.13 New Financing

a. The Company may incur additional new financing to be provided by either: (i) existingCreditors or shareholders, or (ii) third party as required to support and maintain itsoperations (“New Financing”).

b. For the avoidance of doubt, failure of the Company to obtain New Financing shall notconstitute as a Plan Default under this Composition Plan.

ARTICLE 6Implementation

6.1 General

a. This Composition Plan is effective as of the Homologation Date.

b. OnOther than the Claims of the Financing Creditors, Preferred Creditors, SOEs andits subsidiaries as listed in Part A (SOE Trade Creditor Claims) of Appendix 5 (TradeCreditor Claims) with Claims above IDR 255,000,000 (USD ~[17,700]), OnshoreTrade Creditors (limited to its Claims that are settled by the Local Debt Claims)whose Claims shall be restructured in accordance with the terms set out in thisComposition Plan as per the Homologation Date, on the Effective Date, all Claims of



the other Creditors shall be settled pursuant to or in accordance with the terms of thisComposition Plan and allthe transactions contemplated hereunder and suchCreditors’ claims against the Company, GIHF, Citilink and the Sukuk Trustee aredeemed discharged in full in exchange for the Company’s agreement to settlepursuant to the Composition Plan and/or enter into such arrangements, includingDefinitive Documents and the Amended Airbus Purchase Agreement ascontemplated by this Composition Plan.

c. Any conditions, requirements, covenants, and undertakings that are contemplated tobe included in the Definitive Documents and the Amended Airbus PurchaseAgreement shall not contradict any terms and conditions of this Composition Plan.

d. The terms of the Definitive Documents may be amended pursuant to their terms andwithout the need for consent of any of the Creditors other than the Creditors beingparty to such Definitive Documents. For the avoidance of doubt, a Go Forward FleetLease, Go Forward Spare Engine Lease and Alternative Lease Agreements may beamended by execution of an amendment agreement as between the Company, itsrelevant subsidiary and the relevant Aircraft Lessor or Spare Engine Lessor. Theterms of the Airbus Restructuring Sheet and the Amended Airbus PurchaseAgreement may be amended respectively by way of execution of an amendmentagreement as between the Company and Airbus.

e. In implementing this Composition Plan, the Company shall abide by all of theprovisions under the applicable laws and regulations and any corporate decisionsrequired to be made pursuant thereto, including but not limited to, approval of theshareholders of the Company through a general meeting of shareholders.

6.2 Process and Documentation for Existing Lease Agreements, Go Forward Fleet Leasesand Alternative Lease Agreements

a. On the Homologation Date, (i) for each Aircraft Lessor entering into a Go ForwardFleet Lease, such Aircraft Lessor’s Existing Lease Agreement shall be deemedamended to reflect the Override Lease Terms as appended hereto and (ii) for eachAircraft Lessor entering into an Alternative Lease Agreement, such Aircraft Lessor’sExisting Lease Agreement shall be deemed amended to reflect the terms of thecorresponding Alternative Lease Agreement appended hereto (including, in eachcase, without limitation, all relevant definitions, payment terms and undertakings).

b. With respect to any Aircraft Lessor under a Go Forward Fleet Lease with whom theCompany has agreed (prior to the Homologation Date) to amendments to theExisting Lease Agreement that are ancillary and in addition to the terms of theOverride Lease Terms, the Company undertakes and shall be bound to promptly,and in any event within 1545 Business Days of the Homologation Date (or such laterdate as may be agreed between Aircraft Lessor and the Company), enter intobilateral definitive documentation to amend such Aircraft Lessor’s Existing LeaseAgreement to incorporate such amendments and, the extent not already in place,Citilink undertakes and shall be bound to promptly, and in any event within [60]Business Days of the Homologation Date (or such later date as may be agreedbetween the Aircraft Lessor and Citilink), enter into a sub-sub-lease in relation to theAircraft Lessor’s Existing Lease Agreement (as amended); provided that with respectto Go Forward Fleet Leases, the Company shall not agree to any amendments to theExisting Lease Agreements resulting in lease terms (other than terms specific to thetype, vintage or state of the aircraft) that would, in combination with the OverrideLease Terms, reasonably be considered materially more favourable to the relevantAircraft Lessor than the other Aircraft Lessors in respect of the same type of Aircraftsubject to the Go Forward Fleet Lease without offering such terms to such otherAircraft Lessors (which terms the other Aircraft Lessors may accept or reject in theirsole discretion). For the avoidance of doubt, any failure by the Company to enter intothe bilateral definitive documentation in accordance with the terms of this Article 6.2shall be deemed a termination event under the respective Aircraft Lessor’s lease



terms, entitling them to terminate the relevant lease upon written notice to theCompany.

c. The Override Lease Terms and Alternative Lease Agreement terms, respectively,shall be deemed to override the corresponding terms of the respective ExistingLease Agreement. Such amendment shall be governed by (and the parties shall bedeemed to have elected to apply) the law applicable to the Existing LeaseAgreement. The remaining terms and conditions, to the extent not so amended andoverridden, shall remain valid and in full force and effect.

6.3 Process and Documentation for New Sukuk Certificates

a. New Sukuk Certificates will be offered solely to Sukuk Eligible Creditors pursuant to Article 5 (Specific Provisions) of this Composition Plan (“Certificateholders”) onterms to be set out in Annex C (New Sukuk Certificates).

b. The Company and Certificateholders (who shall for this purpose form a committeeconsisting of no more than 5 members) shall negotiate in good faith and executeDefinitive Documents required for the issuance of the New Sukuk Certificates.

c. Definitive Documents: The New Sukuk Certificates will be documented under adeclaration of trust with all necessary supporting documentation, including apurchase of services agreement, a service agency agreement and a purchase andsale undertaking.

d. On and from the Homologation Date, (i) each Sukuk Holder, the Company and theSukuk Trustee irrevocably and unconditionally releases the Existing Sukuk Delegateunder the Trust Certificates and the obligations and liabilities of the Delegate underthe Trust Certificates shall be deemed discharged in full and (ii) eachCertificateholder irrevocably authorizes and appoints the New Sukuk Delegate on itsbehalf as trustee under the New Sukuk Certificates, with authority to execute anddeliver (whether as a deed or otherwise) all documents in relation to issuance of theNew Sukuk Certificates and perform all incidental acts related thereto in its capacityas trustee. “New Sukuk Delegate” means an institution of international standingreasonably selected by the Company to serve as delegate under the New SukukCertificates.

e. Sukuk Eligible Creditors will need to submit their bank details through account holderforms within a certain period after the Homologation Date that will be separatelyannounced, in order to receive the New Sukuk Certificates, or with respect toDisqualified Sukuk Eligible Creditors such pro rata portion of the Net New SukukCash Proceeds, to which they are entitled in proportion to their Claims. Investors willbe required to certify by way of an investor representation letter that they are either(a) non-US persons or (b) accredited investors. The New Sukuk Certificates shall beissued and held in an account established in the name of a holding trustee (the“Sukuk Holding Trustee”), and creditors who have not returned an account holderform ahead of the Homologation Date can do so within [1 year post-HomologationDate] (the “Sukuk Holding Period”). Following the end of the Holding Period, theholding trust and the securities account holding the New Sukuk Certificates shall beliquidated and any remaining New Sukuk Certificates discharged. Creditors whohave not returned an account holder form during the Sukuk Holding Period will bedeemed to have waived their entitlement to receive New Sukuk Certificates and theClaims of such creditors shall not be revived.

f. New Sukuk Certificates shall be issued on or before the date on which the SharesIssuance is completed

g. [The declaration of trust will provide that the Company must [use reasonableendeavours to obtain the listing of the New Sukuk Certificates on the Singapore



Exchange or otherwise on an internationally recognized, regularly operating,regulated or non-regulated, stock exchange (as reasonably determined by theCompany) by no later than [90] days following the date of the Definitive Documents].In order to obtain the listing of the New Sukuk Certificates on the SingaporeExchange, the Company will (i) retain a Singapore listing agent to liaise with theSingapore Exchange and (ii) produce a listing document that contain the latestaudited financial statements of the Company (and any guarantor or credit enhancer)and otherwise complies with the disclosure requirements of the SingaporeExchange.]

6.4 Process and Documentation for New Notes

a. New Notes will be offered solely to Notes Eligible Creditors (“Noteholders”) on termsto be set out in Annex D (New Notes).

b. The Company and Noteholders (who shall for this purpose form a committeeconsisting of no more than 5 members) shall negotiate in good faith and executeDefinitive Documents required for the issuance of the New Notes.

c. Definitive Documents: The New Notes will be documented under a trust deed with allnecessary supporting documentation. Supporting documents to include amongothers agency agreement, global note, legal opinions, investor representation lettersexecuted by each investor in the New Notes and other ancillary documents.

d. On and from the Homologation Date, all Noteholders irrevocably authorize andappoint the New Notes Trustee on its behalf as trustee under the New Notes, withauthority to execute and deliver (whether as a deed or otherwise) all documents inrelation to issuance of the New Notes and perform all incidental acts related theretoin its capacity as trustee. “New Notes Trustee” means an institution of internationalstanding reasonably selected by the Company to serve as trustee under the NewNotes.

e. New Notes will be offered solely to offshore creditors. Offshore creditors will need tosubmit their bank details through account holder forms within a certain period afterthe Homologation Date that will be separately announced, in order to receive theNew Notes to which they are entitled. Investors will be required to certify by way ofan investor representation letter that they are either (a) non US persons or (b)accredited investors. The New Notes shall be issued and held in an accountestablished in the name of a holding trustee (the “Notes Holding Trustee”), andcreditors who have not returned an account holder form ahead of the HomologationDate can do so within [1 year post-Homologation Date] (the “Notes HoldingPeriod”). Following the end of the Holding Period, the holding trust and the securitiesaccount holding the New Notes shall be liquidated and any remaining New Notesdischarged. Creditors who have not returned an account holder form during theNotes Holding Period will be deemed to have waived their entitlement to receive NewNotes and the Claims of such creditors shall not be revived.

f. New Notes shall be issued on or before the date on which the Shares Issuance iscompleted.

g. The trust deed will provide that the Company must [use reasonable endeavours toobtain the listing of the New Notes on the Singapore Exchange or otherwise on aninternationally recognized, regularly operating, regulated or non-regulated, stockexchange (as reasonably determined by the Company) by no later than [90] daysfollowing the date of the Definitive Documents]. In order to obtain the listing of theNew Notes on the Singapore Exchange, the Company will (i) retain a Singaporelisting agent to liaise with the Singapore Exchange and (ii) produce a listingdocument that contain the latest audited financial statements of the Company (and



any guarantor or credit enhancer) and otherwise complies with the disclosurerequirements of the Singapore Exchange.

6.5 Process and Documentation of MCB Conversion, New Equity and New MoneyFinancing

a. The issuance of Company’s new shares for the MCB Conversion, New Equity, andNew Money Financing (“Share Issuance”) must comply with the applicable laws andregulations. The Shares Issuance (i) for the MCB Conversion and New Equity, will beconducted through issuance of new shares without pre-emptive rights and (ii) for theNew Money Financing, will be conducted through issuance of new shares withoutpre-emptive rights or with pre-emptive rights, where, in the case of pre-emptiverights, the other shareholders of the Company will also be given the opportunity tosubscribe for additional shares based on the pre-emptive rights it currently holdsprior to being diluted by the Share Issuance.

b. The Share Issuance requires the approval of the Company’s GMS and compliancewith state capital injection and privatization requirements, including guidance fromprivatization committee and consultation with parliament.

c. If the New Money Financing is conducted with pre-emptive rights, the ShareIssuance will be conducted substantially in accordance with the indicative timelineprocedure set out in Annex I (Share Issuance Indicative Timeline).

d. Post Homologation Date:

i. The Company shall convene a GMS, with the agenda to approve, amongothers:

(b) (a) amendment to the authorized capital (if the current authorizedcapital is not sufficient for the Share Issuance);

(c) (b) the Share Issuance;

(d) (c) issuance of new class of shares (if the result from the sharevaluation by a reputable Indonesia based public independentappraiser firm, the Strike Price is below current value); and

(e) (d) amendment of the Company’s articles of association to reflectany changes caused by the above;

i. Creditors and shareholders eligible to receive new shares as a result of theShare Issuance, Equity Eligible Creditors shall submit details of theirbrokerage account to the Company by the Equity Account Deadline;

ii. If the New Money Financing is conducted with pre-emptive rights:

(a) The Company shall submit its registration statement and supportingdocuments to OJK in relation to the New Money Financing;

(b) The Government shall issue government regulations with respect to(i) the increase of state capital injection for the New Money Financingand (ii) change of Government’s shareholding (privatization) inGaruda as a result of the issuance of New Equity;

(c) The Company shall obtain effective statement from the OJK for theNew Money Financing;



(d) The Company shall distribute pre-emptive rights in relation to theNew Money Financing;

(e) The Company shall submit the listing application for the new equityto IDX to implement the Share Issuance for the New Equity and MCBConversion;

(f) Commencement of trading period in the rights issue process;

(g) Government shall exercise its pre-emptive rights for the purpose ofthe New Money Financing on the first day of the trading and exerciseperiod of the rights issue process;

(h) The Company shall issue new shares for the New Money Financingto the Government and other shareholders exercising theirpre-emptive rights within 2 Business Days after they exercise theirpre-emptive rights;

(i) The Company shall issue new shares for the MCB Conversion andNew Equity to the Government and Creditors entitled to receive theCompany’s shares.

iii. If the New Money Financing is conducted without pre-emptive rights:

(a) The Government shall issue government regulations with respect to(i) the increase of state capital injection for the New Money Financingand (ii) change of Government’s shareholding (privatization) inGaruda as a result of the issuance of New Equity;

(b) The Company shall submit the listing application for the new equityto IDX to implement the Share Issuance for the New MoneyFinancing, New Equity and MCB Conversion;

(c) The Company shall issue new shares for the New Money Financing,MCB Conversion and New Equity to the Government and Creditorsentitled to receive the Company’s shares.

iv. In relation to the amendment to the Company’s articles of association, theCompany shall convene a GMS, with the agenda to approve an amendmentof the Company’s articles of association to reflect the agreement betweenthe ad hoc group of Aircraft Lessors and the Ministry of State OwnedEnterprises of Indonesia (as communicated prior to the Homologation Dateto the advisors to the ad hoc group of Aircraft Lessors).

6.6 Process and Documentation of the CFM Term Sheet

The Company and CFM entered into a term sheet dated [●] that sets out the key terms of afinal settlement arrangement between the Company and CFM, which has been approved bythe Administrators Team (the “CFM Term Sheet”). The CFM Term Sheet shall be bindingand enforceable in accordance with its terms, including on and from the Homologation Date.

The parties agree to execute all necessary agreements and documentation as may bereasonably necessary to carry out the terms, conditions and obligations of the settlementarrangement described in the CFM Term Sheet, including, a deposit paymentsreimbursement agreement to be entered into between the Company and CFM within no morethan 30 days from the Homologation Date.

The Company agrees that any terms and conditions contained in the CFM Term Sheet butnot reflected in this Composition Plan shall remain enforceable by CFM, including as part of



the deposit payments reimbursement agreement and any other necessary agreemententered into in relation to the CFM Term Sheet.

6.7 Process and Documentation of the Airbus Purchase Agreement and the Rolls-RoyceRevised Commercial Agreement

a. The Company and Airbus have executed a term sheet describing the terms andconditions under which the Company and Airbus agree to amend the AirbusPurchase Agreement (the “Airbus Restructuring Sheet”), which has been approvedby the Administrator. The Airbus Restructuring Sheet shall be binding andenforceable in accordance with its terms, including on and from the HomologationDate, and the Company undertakes to promptly, and in any event within 120Calendar Days, following the Homologation Date (or such other period which may beconsented in writing by Airbus), work in good faith with Airbus to enter into theAmended Airbus Purchase Agreement reflecting the terms and conditions of theAirbus Restructuring Sheet. For the avoidance of doubt, failure to enter into theAmended Airbus Purchase Agreement by the Long Stop Date (or such later date asmay been agreed between Airbus and the Company) shall not constitute a PlanDefault (as defined herein). However in this event, Airbus and the Company shallrevert to the terms and conditions of the Airbus Purchase Agreement [and this failureshall constitute a Company’s default under the Airbus Purchase Agreement entitlingAirbus to terminate the Airbus Purchase Agreement in accordance with the termsand conditions set out in the Airbus Restructuring Sheet].

b. With respect to Rolls-Royce, the [term sheet between the Company and Rolls-Royce](the “Rolls-Royce Restructuring Sheet”) shall be binding and enforceable inaccordance with its terms on and from the Homologation Date and the Companyundertakes to promptly, and in any event within [90] Business Days, following theHomologation Date (or such other period which may be consented in writing byRolls-Royce), work in good faith to enter into the Rolls-Royce Revised CommercialAgreement reflecting the Rolls-Royce Restructuring Sheet. For the avoidance ofdoubt, failure to enter into the Rolls-Royce Revised Commercial Agreement by theLong Stop Date (or such later date as may been agreed between Rolls-Royce andthe Company) shall not constitute a Plan Default (as defined herein).

6.8 Release

All Creditors acknowledge and agree to give the following releases to the Company and itsSubsidiaries in accordance with terms and conditions set out below:

a. Full and final settlement of all Claims

Without prejudice to any liability of the Company and its Subsidiaries arising fromtheir obligations under the Go Forward Fleet Leases, Alternative Lease Agreements,any early termination deeds with respect to the Existing Lease Agreements, theAirbus Restructuring Sheet, the Amended Airbus Purchase Agreement, theGaruda-RR Settlement Agreement, the Rolls-Royce Revised CommercialAgreement, the CFM Settlement Agreements and the deed of guarantee confirmationsubstantially in the form of N (Form of Deed of Guarantee Confirmation) and, in eachcase, any ancillary documents thereto [and subject to Article 4 of this CompositionPlan], with effect from the Homologation Date, all Creditors (i) agree that therestructuring terms set out in this Composition Plan shall be a full and final settlementand satisfaction of any and all Claims, including: any actual or potential claim,counterclaim, right of set-off, right of contribution, right to indemnity, cause of action,or right or interest of any kind or nature whatsoever whether in existence now orcoming into existence in the future, whether known or unknown, suspected orunsuspected, however and whenever arising, in whatever capacity or jurisdiction,whether or not within the contemplation of the parties at the time of the agreement,and Claims which as a matter of law did not at the date of the agreement exist and



any Claims or rights of action arising from a subsequent change in the law; and (ii)covenant not to make or bring any such claim against the Company or itsSubsidiaries and irrevocably release and discharge the Company and itsSubsidiaries from liability under such Claims.

b. Withdrawal of proceedings

As of the Homologation Date, all Creditors shall cease in taking any steps in anyjurisdiction to pursue any existing proceedings, including without limitation, litigation,arbitration, asset freezes, asset attachments and other enforcement actions againstthe Company and its subsidiaries, and shall provide the Company with confirmationthat any such existing proceedings have been withdrawn.

c. Waiver of Claims against advisors, directors, officers and employees

Absent fraud or deceit, no advisor and no director, officer or employee of theCompany or its subsidiaries shall be subject to liability to any stakeholder for any actor omission in the course of, or in connection with, the restructuring.

In addition, on and from the Homologation Date, each Sukuk Holder, the Company and theSukuk Trustee irrevocably and unconditionally releases the Existing Sukuk Delegate underthe Trust Certificates and the obligations and liabilities of the Existing Sukuk Delegate underthe Trust Certificates shall be deemed discharged in full.

6.9 Conditions to Effective Date

The occurrence of Effective Date is subject to the satisfaction of the following conditions:

a. The Series A Dwiwarna Shares Holder and the GMS of the Company shall approvethe restructuring transactions provided for in the Composition Plan for (i) amendmentof the Company’s articles of association, (ii) change of the Company’s capitalstructure and (iii) issuance of equity, each for the purpose of implementing thisComposition Plan;

b. Entry into the Amended Airbus Purchase Agreement;

c. Disbursement of the New Money Financing pursuant to the process set out in Article 6.5 of this Composition Plan;

d. (i) Satisfaction of all conditions precedent to the issuance of the New SukukCertificates and New Notes set forth in the Definitive Documents governing the NewSukuk Certificates and New Notes, respectively, including customary conditionsprecedent for financings of this nature, other than effectiveness of the restructuringtransactions, and (ii) issuance and distribution in accordance with this CompositionPlan of the New Sukuk Certificates and New Notes;

e. Satisfaction of all requirements and approvals required for the New Equity anddistribution of the New Equity in accordance with this Composition Plan;

f. The Company, the Board of Directors of the Company and the Board ofCommissioners of the Company shall obtain or grant (as applicable) anyauthorization, consents, regulatory approvals, rulings, or documents that arenecessary to implement and effectuate the restructuring transactions contemplatedthereby;

g. The Company’s articles of association shall have been amended to reflect theminority protections agreed between the ad hoc group of Aircraft Lessors and theMinistry of State Owned Enterprises of Indonesia (as communicated to Houlihan



Lokey and Clifford Chance LLP, as legal and financial advisors (respectively) to thead hoc group of Aircraft Lessors, prior to the Homologation Date);

h. The Company shall appoint a cash flowing monitoring accountant with the scope ofthe required report, duration of the engagement, criteria for the selection and processfor appointment to be agreed between the ad hoc group of Lessors and theCompany provided that the period for such appointment shall not exceed [2 yearsfollowing the Homologation Date][GGH to confirm] and the report of the accountantshall be made available to the Board of Commissioners and Board of Directors of theCompany;

i. Without limitation of payment obligations under the Company’s advisor feereimbursement agreements, (i) all fees, expenses, and other amounts payable to theCompany’s legal, financial and other advisors, and any order of the court in PKPUshall have been paid or reimbursed in full, (ii) all fees, expenses and other amountspayable to any advisors engaged by PT Mandiri Sekuritas to assist in its capacity asadvisor to the Company, shall have been paid or reimbursed in full, and (iii) the fees,expenses and other amounts payable to the legal and financial advisors of the adhoc group of Aircraft Lessors pursuant to the advisor fee reimbursement agreementsbetween such advisors and the Company, shall have been paid or reimbursed in full,and (iv) all costs related to the Company’s PKPU process, including fees of theAdministrator Team, shall have been paid or reimbursed in full.

Failure to satisfy the above listed conditions to the Effective Date on or prior to the Long Stop Dateshall result in the reversion of all Creditor rights and remedies under the Existing Agreement,and give rise to a liquidation proceeding in accordance with applicable Indonesian law.

ARTICLE 7Covenants And Undertakings

7.1 Except for the affirmative and negative covenants and applicable representations andwarranties (i) made by the Company under the Existing Agreements (as amended by theComposition Plan and the Airbus Restructuring Sheet), other than(ii) made by the Companyunder the Existing Lease Agreements which are amended pursuant to the terms for ExistingLease Agreements as set forth in this Composition Plan or unlessand (iii) otherwise providedfor in this Composition Plan, all affirmative and negative covenants and undertakings madeby the Company under the Existing Agreements shall be deleted in their entirety andreplaced with the following covenants:

a. The Company shall comply with all laws and regulations in all material respects,including to maintain the relevant material licenses to conduct its business ofcommercial airline carrier;

b. The Company shall disclose to the public, the audited annual consolidated financialstatements and unaudited quarterly consolidated financial statements in accordancewith the prevailing laws and regulations.

7.2 As of the Homologation Date, unless expressly agreed otherwise in the DefinitiveDocumentation, all financial covenants (if any) in the Existing Agreements shall bediscontinued.

7.3 The Company shall use its best efforts to implement its transformation plan as set out in theBusiness Plan, including:

a. Route profitability management;

b. Right-sizing of the Company’s fleets to align with the optimized network andreduction of air frames to simplify fleet operations;




c. Renegotiation of lease rates to align with market rates;

d. Increase of cargo revenue through better utilization of belly capacity and digitalizationof operations; and

e. Increase of revenue from ancillary products through unbundling, expansion ofproduct offering and dynamic pricing.

7.4 [Through the [●] anniversary of the Homologation Date, the Company shall cause to be deliveredto the Board of Commissioners a monthly reporting package [within [__] days following theend of each calendar month], which reporting package shall include the following information:[NTD: List of KPIs to be discussed with HL]]25

7.4 7.5 GIHF

a. Notwithstanding any other provision contained in any Existing Agreement orDefinitive Document (including any amendment of any Existing Lease Agreementpursuant to this Composition Plan), the Company may at any time following theHomologation Date and prior to the Effective Date replace or cause GIHF to bereplaced and substituted by either an existing or newly formed Subsidiary of theCompany (the “Substituted Obligor”), including in respect of GIHF’s obligations asobligor under any Existing Lease Agreements (as may be amended by thisComposition Plan or from time to time thereafter, a “Lease Agreement”); providedthat:

i. the prior consent of a simple majority of Creditors under the Go ForwardFleet Leases (calculated on the basis of their Settlement Claims) is obtainedby the Company in relation to the Substituted Obligor;

ii. such documents shall be executed by the Substituted Obligor as may benecessary to give full effect to the substitution, whereby the SubstitutedObligor assumes all of GIHF’s obligations under the applicable LeaseAgreements (together, the “GIHF Substitution Documents”);

iii. the Substituted Obligor must be organised in a jurisdiction which has adouble taxation treaty with Indonesia allowing the Company to charge nowithholding tax on any payments under lease or similar agreements;

iv. if the Substituted Obligor is organized in a jurisdiction other than France, theGIHF Substitution Documents will contain covenants to indemnify each suchAircraft Lessor or Spare Engine Lessor against any taxes or duties (a) whicharise by reason of a law or regulation in effect or contemplated on theeffective date of the substitution, which may be incurred or levied againstsuch Aircraft Lessor or Spare Engine Lessor as a result of the substitutionand which would not have been so incurred or levied had the substitution notbeen made and (b) which are imposed on such Aircraft Lessor or SpareEngine Lessor by any political subdivision or taxing authority of any countryin which such Aircraft Lessor or Spare Engine Lessor resides or is subject toany such tax or duty and which would not have been so imposed had thesubstitution not been made; provided, that any Aircraft Lessor or SpareEngine Lessor making a claim with respect to such tax indemnity shallprovide the Company with notice of such claim, along with supportingdocumentation, within [30] days of the announcement of the substitution ofGIHF;

v. all costs and expenses incurred by any Lessor in connection with thesubstitutiuon of GIHF shall be borne by the Company;

25 NTD: To be included as part of governance terms.


vi. v. no event of default will have occurred and be continuing under any suchLease Agreement to which GIHF is party immediately prior to giving effect tosuch substitution; and

vii. vi. the substitution will comply with all applicable requirements under the lawsof the jurisdiction of organization of the Substituted Obligor.

b. Upon the execution of the GIHF Substitution Documents, the Substituted Obligorshall be deemed to be named in the applicable Lease Agreements as obligor in placeof GIHF and the Lease Agreements shall thereupon be deemed to be amended togive effect to the substitution. Except as set forth above, the execution of the GIHFSubstitution Documents shall operate to release GIHF from all its obligations inrespect of the applicable Lease Agreements.

c. GIHF entered into deeds of undertaking to become effective as of the HomologationDate substantially in the form of Annex K (Form of Deed of Undertaking with Respectto English Law Governed Leases), Annex L (Form of Deed of Undertaking withRespect to New York Law Governed Leases) and Annex M (Form of Deed ofUndertaking with Respect to Californian Law Governed Leases) hereto, pursuant towhich GIHF agreed to implement any changes required pursuant to the CompositionPlan to the Existing Lease Agreements to which it is a party. The Company shallotherwise cause GIHF to support the Company’s debt restructuring by reasonablycooperating with the Company to implement the terms of this Composition Plan,including following the Homologation Date.

d. The Company entered into a deed of guarantee confirmation to become effective asof [the Homologation Date] substantially in the form of Annex N(Form of Deed ofGuarantee Confirmation) hereto, pursuant to which the Company acknowledges andreaffirms its undertakings as guarantor with respect to the Existing LeaseAgreements specified therein. The relevant Aircraft Lessors and Spare EngineLessors shall reasonably cooperate with the Company to the extent necessary toimplement the terms of the deed of guarantee.

7.5 7.6 Citilink

a. Citilink entered into deeds of undertaking to become effective as of the HomologationDate substantially in the form of Annex K (Form of Deed of Undertaking with Respectto English Law Governed Leases) and Annex M (Form of Deed of Undertaking withRespect to Californian Law Governed Leases) hereto, pursuant to which Citilinkagreed to implement any changes required pursuant to the Composition Plan to theExisting Lease Agreements to which it is a party, and sub-sub-leases within 60Business Days of the Homologation Date (or such later date as may be agreedbetween the Aircraft Lessor and Citilink) pursuant to the Composition Plan. TheCompany shall otherwise cause Citilink to support the Company’s debt restructuringby reasonably cooperating with the Company to implement the terms of thisComposition Plan, including following the Homologation Date.

ARTICLE 8Plan Default Provisions

8.1 The following shall be considered as default under the Composition Plan (“Plan Default”):

a. Failure to achieve Effective Date by the Long Stop Date;

b. [After the Effective Date, (i) Payment Default which is not cured within 10 BusinessDays or (ii) solely with respect to any indebtedness of the type that could give rise toa Payment Default, a breach of any covenant under Article 7.1 which is not cured



within 60 Business Days, in each case, following delivery of written notice thereof bythe requisite Creditors, as further described below, provided that:

i. No default under any of the Definitive Documents, nor any of the amendedExisting Agreements to the extent amended pursuant to this CompositionPlan, shall constitute a Plan Default under this Composition Plan;

ii. Any declaration of a Plan Default after the Effective Date by any Creditor:

(a) during the first [24] Months following the New Money FinancingDate, can only be made with prior written consent from the NewMoney Financing provider and the Requisite Majority of Creditors ina Creditors Meeting; and

(b) after the first [24] Months following the New Money Financing Date,can only be made with Requisite Majority of Creditors in a Creditor’sMeeting.]

For the avoidance of doubt, the Creditors who can attend and vote in the creditor’smeeting and the approval threshold shall follow the procedure set out in Article 9.2.

8.2 The commencement of court supervised insolvency or restructuring proceedings, in respectof any Subsidiary or affiliate of the Company or any of their assets does not constitute a PlanDefault under this Composition Plan.

8.3 If the Plan Default set out in Article 8.1a above occurs, after the expiry of the Long Stop Date:

a. any discharge and/or amendment to the Claims made by the HomologatedComposition Plan shall no longer be effective and the rights of the Creditors againstthe Company pursuant to the relevant Existing Agreement in effect immediately priorto the Composition Plan being homologated shall be reinstated in full (provided thatthis Article 8.3a does not violate any laws in Indonesia).

8.4 If any of the Plan Defaults set out in Article 8.1b above occurs:

a. the Company and the relevant Creditor(s) shall agree to settlement provisions otherthan those set out by this Composition Plan without affecting the effectiveness of theHomologated Composition Plan with respect to any other Creditors

b. Subject to Article 8.4a above, and provided that the Company and the relevantCreditor failed to reach an agreement on alternative settlement provisions within areasonable period of time following a Plan Default, the relevant Creditor shall beentitled to the recourses available to it under the Bankruptcy Law.

ARTICLE 9Miscellaneous Provisions

9.1 This Composition Plan may from time to time be made into a copy in a language other thanthe Indonesian language, which can be considered as an authentic copy. If a conflict arisesand/or differences exists between an Indonesian language copy and another language copy,the Indonesian language copy shall prevail.

9.2 Creditors’ Meeting

a. Any consent or approval required to be provided by the Creditors under thisComposition Plan shall be made pursuant to a decision of a creditor’s meeting(“Creditors’ Meeting”).



b. A Creditor’s Meeting may be convened after the Homologation Date:

i. at the request of the Company, to approve any amendment, waivers,modifications, extension of the Long Stop Date and any other matters thatrequires Creditors’ Meeting approvals pursuant to this Composition Plan(“General Approval”); or

ii. at the request of a Creditor, to approve any declaration of a Plan Default, tothe extent (and only to the extent) that the conditions required to declaresuch Plan Default have been fulfilled and the applicable remedy periodshave expired (“Default Declaration Approval”).

c. The Creditor’s Meeting shall be convened in the following manner (in order):

i. at the Company or Creditor’s request pursuant to Article 9.2 above, theCompany shall deliver a written notice to the Creditors by registered mail andannouncement in a daily newspaper with national circulation that a CreditorsMeeting will be convened, by specifying the date, agenda and location of theCreditors’ Meeting, not later than [30] days before the date of the Creditors’Meeting, excluding the dates of the notice and the meeting;

ii. the Company shall convene the Creditors’ Meeting at the date, location, andwith agenda as specified in the notice and announcement.

d. Creditors qualified to attend and vote at the Creditors’ Meeting are those listed in theFinal Claims Register issued by the Administrators Team and used as the basis forvoting of this Composition Plan; provided that such creditors still have Claims againstthe Company at such time and/or are party to a Go Forward Lease or AlternativeLease Agreement, and/or, with respect to a Creditors’ Meeting occurring after theEffective Date, hold New Notes, New Equity or New Sukuk.

e. To participate:

i. Creditors holding New Equity, New Notes and New Sukuk shall provide tothe Company evidence that they are still holding those instruments byproviding copies of evidence of such holding provided by the relevantregistrars no later than [14] days before the date of the meeting.

ii. Any other Creditors claims need not provide any evidence, their claims willbe determined based on the Company’s accounts.

f. With respect to a Creditors’ Meeting convened prior to the Effective Date, the vote ofeach Creditor shall be equivalent to its relevant Voting Claim.

g. With respect to a Creditors’ Meeting convened after the Effective Date, the vote ofeach Creditor shall be equivalent to the amount of their outstanding Claims asmodified by this Plan, New Notes, New Equity or New Sukuk (as relevant) as of aday falling [14] days before the date of such Creditors’ Meeting.

h. Any agenda must be approved by the same threshold of creditors as the thresholdfor approval of the Composition Plan in accordance with Indonesian Bankruptcy Law.

i. The Creditors’ Meeting shall be chaired by the Company.

j. Any Creditors Meeting shall be attended by a notary appointed by, in the case ofGeneral Approval, the Company or, in the case of Default Declaration Approval, theCreditor which proposes the Default Declaration Approval and such notary shall(i) compile and calculate the voting results and (ii) create a minute of meeting of suchCreditors Meeting which details the attendees, vote of each Creditor and voting result



for each agenda. Notarial fees shall be borne by the Company, in the case ofGeneral Approval or the Creditor which proposes the Default Declaration Approval, inthe case of Default Declaration Approval.

k. Voting shall be carried out using unsigned folded ballots, which shall be compiledand calculated by the notary. Blank or invalid vote shall be considered non-existentand not included in the calculation of votes cast at the Creditors’ Meeting.

l. Unless otherwise specified in this Article, the Indonesian Bankruptcy Law provisionswith respect to a creditors meeting shall apply.

ARTICLE 10Closing

10.1 The implementation of the Homologated Composition Plan shall be subject to and carried outbased on the provisions referred to in the Bankruptcy Law and the laws and legal provisionsin force within the territory of the Republic of Indonesia.

10.2 Correspondence related to the Composition Plan to the Company can be addressed through1 (one) correspondence address as follows:

Address: PT Garuda Indonesia (Persero) Tbk, Garuda Management Building, Garuda City,Bandara Internasional Soekarno-Hatta, Tangerang, Indonesia

Email: [email protected]

Attn: Tim Restrukturisasi PKPU Garuda Indonesia

Any change in the above correspondence address must be delivered in writing and jointly by theCompany to the Creditors. If not notified in writing and jointly by the Company, the abovecorrespondence address will remain valid and binding. Proof of delivery by registered mail tothe address is sufficient and valid proof.

10.3 Correspondence related to the Composition Plan to any of the Creditors can be addressedand delivered in accordance with the relevant provisions set out in the Existing Agreementsof the relevant Creditors.

10.4 Any change in the correspondence address of any Creditors must be delivered in writing bythe relevant Creditors to the relevant Company. If not notified in writing and jointly by theCompany, the correspondence address as set out in the Existing Agreement will remain validand binding. Proof of delivery by registered mail to the address is sufficient and valid proof.




Albert Hasoloan Limbong, S.H.

Asri, S.H., M.H.

Jandri Siadari, S.H., Dip.Mkt.

Mulyadi, S.H., LL.M. William Eduard Daniel, S.E.,S.H., LL.M., MBL.

Martin Patrick Nagel, S.H., M.H.

ARTICLE 91.17 Supervisory Judge,

ARTICLE 101.18 Dulhusin, S.H., M.H.

Thus, this Composition Plan is made and to be signed by the legal representatives of the partiesbefore the Supervising Judge, Dulhusin SH, MH, and the Administrators Team, Jandri Siadari, S.H.,Dip.Mkt., LL.M., Martin Patrick Nagel, S.H., M.H., Albert Hasoloan Limbong, S.H., Asri, S.H., M.H.,Mulyadi, S.H., LL.M., William Eduard Daniel, S.E., S.H., LL.M., MBL., on the day and date asmentioned above for the first time.

ARTICLE 51.13 PT Garuda Indonesia (Persero), Tbk

ARTICLE 61.14 Irfan Setiaputra

ARTICLE 71.15 President Director

ARTICLE 81.16 Acknowledged and witnessed by,Administrators Team,


APPENDIX 1.Final Claims Register

ARTICLE 111.19 [to be inserted]




5. 3.

Name

ACG Aircraft LeasingIreland Limited

2.

-

Accelya Solutions IndiaLimited

6. 4.

Document

Advokatku, Legal AuditConsultant

Master Service Agreement No. IG/PERJ-3320/2019 dated 30 December 2019,as may be amended, supplemented and/or restated from time to time.

(i) Lawyer Service Agreement Handling Unlawful Acts No.230/PDT.G/2019/PN.JKT.PST at the Central Jakarta District Court No.IG/PERJ/JKTIG-4126/2019/NON-LEG as may be amended, restatedand/or supplemented from time to time

(ii) Litigation Lawyer Service Agreement Handling Unlawful Acts No.455/PDT.G/2019/PN TNG No. IG/PERJ/JKTIG-4144/2019/NON-LEGdated August 9, 2019 as may be amended, restated and/orsupplemented from time to time(iii)

APPENDIX 2.List of Verified Creditors26

7. 5.

Aercap Ireland CapitalDesignated Activity

Company

3.

(i) Aircraft Lease Agreement between Garudah Indonesia Holiday FranceS.A.S and AERCAP Ireland Capital Limited relating to one BoeingB737-800 with Aircraft serial number 41806 dated 29 May 2015,leasing amendments thereto, as may be amended, supplementedand/or restated from time to time; and

(ii) Aircraft Lease Agreement between Garudah Indonesia Holiday FranceS.A.S and AERCAP Ireland Capital Limited relating to one BoeingB737-800 with Aircraft serial number 41812 dated 16 December 2015,leasing amendments thereto, as may be amended, supplementedand/or restated from time to time.

ACG Acquisition 39891LLC

8. 6.

1.

Aercap Ireland Limited

Lease Agreement 39891 No. DS/PERJ/DE-3080/2012 between ACG Acquisition39891 LLC and PT Garuda Indonesia relating to one Boeing B737-800 Aircraftdated 29 February 2012, leasing amendments thereto, as may be amended,

supplemented and/or restated from time to time.

Aircraft Operating Lease Agreement between AERCAP Ireland Limited andGaruda Indonesia Holiday France S.A.S in respect of one Boeing 737-800

Aircraft bearing manufacturer's serial number 41607 dated 15 May 2015, leasingamendments thereto, as may be amended, supplemented and/or restated from

time to time.

9. 7.

Accelya Solution UKLimited

AGP Corporation

4.

Invoice from the periods of February 2021 - June 2021

No.

ACG Acquisition 40547LLC

10. 8.

Audit and Revenue Recovery Services Agreement No. WI/PERJ/WA-3382/2016dated 20 July 2016, as may be amended, supplemented and/or restated from

time to time.

Airbus Atlantic S.A.S

Lease Agreement 40547 No. DS/PERJ/DE-3078/2012 between ACG Acquisition40547 LLC and PT Garuda Indonesia relating to one Boeing B737-800 Aircraftdated 29 February 2012, leasing amendments thereto, as may be amended,


Agreement between Stelia Aerospace SAS and PT Garuda Indonesia (Persero)Tbk relating to the Supply of Opal Seats for Opal Business Class Seat

26 AHP Note: Subject to the issuance of Final Claims Register.



Reference Number IG/PERJ/DF-3510/2018 dated 18 October 2018 andeffective as of 29 January 2018, leasing amendments thereto, as may be

amended, supplemented and/or restated from time to time.

12. 10.

15. Alafco Irish AircraftNine Limited

Airnex Pty. Ltd.

Aircraft Lease Novation and Amendment Deed between Celestial AviationTrading 71 Limited, Garuda Indonesia Holiday France S.A.S and Alafco Irish

Aircraft Leasing Nine Limited in respect of one Airbus A320-200 Aircraft bearingmanufacturer's serial number 5717 and two CFM56-5B4/3 Engines bearingmanufacturer's serial numbers 645599 and 645600 dated 5 August 2016, as

may be amended, supplemented and/or restated from time to time.

Invoice details has been provided in form of Statement of Account issued on 5January 2022

16. ALC B378 41322, LLC (i) Guarantee Agreement IG/PERJ/DF-3082/2017 between PT GarudaIndonesia (Persero) Tbk relation to Aircraft Lease Agreement dated 14October 2011 between Garuda Indonesia Holiday France S.A.S andALC B378 41322, LLC in respect to one Boeing 737-800 MSN 4132dated 6 November 2017, as may be amended, supplemented and/orrestated from time to time; and

(ii) Aircraft Novation and Amendment Agreement IG/PERJ/DF-3081/2017between PT Garuda Indonesia (Persero) Tbk, Garuda IndonesiaHoliday France S.A.S and ALC B378 41312, LLC in respect to oneBoeing 737-800 MSN 41312 dated 6 November 2017, as may beamended, supplemented and/or restated from time to time.

11. 9.

13.

17. 11.

ALC B738 41312, LLC

Alafco Irish AircraftLeasing Eleven Limited

(i) Guarantee Agreement IG/PERJ/DF-3079/2017 between PT GarudaIndonesia (Persero) Tbk relation to Aircraft Lease Agreement dated 14October 2011 between Garuda Indonesia Holiday France S.A.S andALC B378 41312, LLC in respect to one Boeing 737-800 MSN 41312dated 6 November 2017, as may be amended, supplemented and/orrestated from time to time; and

(ii) Aircraft Novation and Amendment Agreement IG/PERJ/DF-3078/2017between PT Garuda Indonesia (Persero) Tbk, Garuda IndonesiaHoliday France S.A.S and ALC B378 41312, LLC in respect to oneBoeing 737-800 MSN 41312 dated 6 November 2017, as may beamended, supplemented and/or restated from time to time.

Airbus S.A.S


Aircraft Leasing Eleven Limited in respect of one Airbus A320-200 Aircraftbearing manufacturer's serial number 5597 and two CFM56-5B4/3 Enginesbearing manufacturer's serial numbers 645626 and 645632 dated 5 August2016, as may be amended, supplemented and/or restated from time to time.

18. 12.

Alfred Siregar Invoice details has been provided in form of Interoffice Correspondence

Purchase Agreement A330 between Airbus Industrie and Garuda Indonesiadated 11 November 1989, as may be amended, supplemented and/or restated

from time to time.

14.

19. 13

All Nippon Airways Co.Ltd.

Alafco Irish AircraftLeasing Ten Limited

IATA Standar Ground Handling Agreement No. IG/PERJ/JKTDO-1020/2017dated 27 April 2017, as may be amended, supplemented and/or restated from


Aircraft Leasing Ten Limited in respect of one Airbus A320-200 Aircraft bearingmanufacturer's serial number 5717 and two CFM56-5B4/3 Engines bearingmanufacturer's serial numbers 645601 and 645602 dated 5 August 2016, as

may be amended, supplemented and/or restated from time to time.



Arie Danial Assyari -

20. 14.

22. 16.

26. 20.

.

Arieska Soenarta

American ExpressTravel Related

Services Company, Inc

Minutes of Cooperation Agreement for Cardiologist No. BA/ID-00344/19 October15, 2019, as may be amended, restated and/or supplemented from time to time.

Alpha Flight ServicesPty Ltd (DNATA

Catering)

Worldwide Agreement for American Express Card Acceptance No.IG/PERJ/DF-3341/2019 dated 1 December 2020, as may be amended,


27. 21.

Arinc, Incorporated (i) Service Agreement No. 6664 dated 15 October 1985, as may beamended, supplemented and/or restated from time to time;

(ii) Maintenance Agreement No. M0714 dated 16 July 1987, as may beamended, supplemented and/or restated from time to time.

-

23. 17.

28. 22.

ArkanantaVennootschap (Dahulu

Sulaiman & HerlingAttorneys at Law)

Anondho

-

Invoice from the periods of February 2021 – March 2021 have been provided

29. 23.

time to time.

Asian Aviation TrainingCentre Ltd.

Agreement Relating To ATR, A320 & A330 FSTD No. IG/PERJ/DI-3158/2019dated 10 May 2019, as may be amended, supplemented and/or restated from

time to time.

21. 15.

24. 18.

30. Athena France S.A.S

Any Ernawati

(i) Aircraft Lease Agreement (MSN 5551) between Athena 3 AviationLeasing Limited and Athena France SAS dated 21 January 2020, asmay be amended, restated and/or supplemented from time to time;

(ii) Aircraft Sub-lease Agreement No. DS/PERJ/DZ-3110/2013 betweenPT Garuda Indonesia (Persero) Tbk and PT Citilink Indonesia on oneA320-200 aircraft bearing MSN 5551 dated 22 March 2013, as may beamended, restated and/or supplemented from time to time; and

(iii) Seucirty Assignment between PT Garuda Indonesia (Persero) Tbk andAthena France SAS relating to one Airbus A320-200 aircraft bearingMSN 5551 dated 21 January 2020, as may be amended, restatedand/or supplemented from time to time.

ALS France S.A.R. L

Daily Freelance Agreement No. GARUDA/JKTID/90634/JKTIDK/PKHL/2020dated 19 October 2020, as may be amended, restated and/or supplemented

from time to time.

31. Atterissage LeasingS.A.S

(i) Aircraft Operating Lease Novation and Amendment Agreementbetween ACG Acquisition 38885 LLC, Atterissage Leasing S.A.S., andPT Garuda Indonesia (Persero) Tbk dated 8 January 2016, as may beamended, restated and/or supplemented from time to time;

(ii) Lease Letter Aircraft Operating Lease Novation and AmendmentAgreement (MSN 38885) between Atterissage Leasing S.A.S. and PTGaruda Indonesia (Persero) Tbk dated 11 January 2016, as may beamended, restated and/or supplemented from time to time; and

(iii) Lease Agreement 38885 between GAL MSN 38885 Limited and

Aircraft Operating Lease Agreement between ALS France S.A.R.L and PT.Garuda Indonesia (Persero) Tbk in respect of one Airbus A320-200 Aircraft

bearing manufacturer's serial number 1635 dated 12 May 2011, leasingamendments thereto, as may be amended, supplemented and/or restated from

time to time.

25. 19.



Australian Goverment -Department of Home

Affairs (PMC /Passanger Movement

Charge)

-

32. 24.

34. 26.

Aviation SecurityBusiness Centre

Australia PacificAirports (Melbourne)

Pty Ltd

Security Screening on Checked Baggage Service Agreement dated 31 March2017

(i) Made in accordance with Account Statement for Customer Account No.10000033 dated 5 January 2022;

(ii) Made in accordance with Account Statement for Customer Account No.10000075 dated 5 January 2022;

(iii) Made in accordance with Account Statement for Customer Account No.10000202 dated 5 January 2022;

(iv) Made in accordance with Account Statement for Customer Account No.10000373 dated 5 January 2022.

35. 27.

Avolon Aeorospace(Ireland) AOE 42

Limited

(i) Aircraft Lease Common Terms Agreement between GE CapitalAviation Services Limited and Garuda Indonesia Holiday France S.A.S.dated 14 June 2014, as may be amended, restated and/orsupplemented from time to time;

(ii) Aircraft Specific Lease Agreement between Garuda Indonesia HolidayFrance S.A.S and Celestial Aviation Traidng 18 Limited onin respect ofone B737-800 aircraft bearing manufacturer's serial number 36830,dated 14 June 2014, as may be amended, restated and/orsupplemented from time to time;

(iii) Aircraft Lease Novation and Amendment Agreement between CelestialAviation Trading 18 Limited, Garuda Indonesia Holiday France S.A.S.and Avolon Aerospace (Ireland) AOE 42 Limited in respect of oneBoeing 737-800 Aaircraft bearing manufacturer's serial number 36830and two CFM56-7B26E engines bearing manufacturer's serial numbers961452 and 961453 dated 30 September 2016, as may be amended,restated and/or supplemented from time to time;

(iv) Aircraft Lease Sub-common Terms Agreement between GarudaIndonesia Holiday France S.A.S and PT Garuda Indonesia (Persero)Tbk dated 14 June 2014, as may be amended, restated and/orsupplemented from time to time;

(v) Sub-aircraft Specific Lease Agreement between PT Garuda Indonesia(Persero) Tbk, and Garuda Indonesia Holiday France S.A.S. andCelestial Aviation Trading 18 Limited of one Boeing 737-800 Aircraftbearing manufacturer's serial nuber 36830 dated 14 June 2014, as maybe amended, restated and/or supplemented from time to time;

(vi) Guarantee by PT Garuda Indonesia (Persero) Tbk relating to the HeadLease Agreement between Garuda Indonesia Holiday France S.A.S.and Avolon Aerospace (Ireland) AOE 42 Limited in respect of oneBoeing 737-800 Aircraft MSN 36830 dated 30 September 2016, as maybe amended, restated and/or supplemented from time to time; and

(vii) Lessor Security Agreement between Garuda Indonesia Holiday FranceS.A.S and Avolon Aerospace (Ireland) AOE 42 Limited in respect ofone Boeing 737-800 Aircraft with manufacturer's serial number 36830dated 30 September 2016, as may be amended, restated and/orsupplemented from time to time.

Atterisage Leasing S.A.S relating to one Boeing Model B737-800Aircraft Airframe Manufacturer's Serial No.: 38885 dated 11 January2016, as may be amended, restated and/or supplemented from time totime.

33. 25.



37. 29.

Avolon AerospaceAOE 137 Limited

(i) Operating Lease Agreement between Avolon Aerospace AOE 137Limited and Garuda Indonesia Holiday France S.A.S. on one AirbusA320-200 Neo Aircraft with MSN 7466 dated 22 December 2016, asmay be amended, restated and/or supplemented from time to time;

(ii) Operating Sub-lease Agreement between Garuda Indonesia HolidayFrance S.A.S and PT Garuda Indonesia (Persero) Tbk in respect ofone Airbus A320-200 Neo Aircraft with MSN 7466 dated 22 December2016, as may be amended, restated and/or supplemented from time totime;

(iii) Guarantee Agreement by PT Garuda Indonesia (Persero) Tbk betweenAvolon Aerospace AOE 137 Limited and Garuda Indonesia HolidayFrance S.A.S. onin respect of one Airbus A320-251 Neo Aircraft withMSN 7466 dated 21 February 2017, as may be amended, restatedand/or supplemented from time to time; and

(iv) Lessor Security Agreement between Avolon Aerospace AOE 1367137Limited and Garuda Indonesia Holiday France S.A.S. onin respect ofone Airbus A320-251 Neo Aircraft with MSN 7466dated7466 dated 21February 2017, as may be amended, restated and/or supplementedfrom time to time.

36. 28.

38. 30.



(i) Operating Lease Agreement between Avolon Aerospace AOE 136Limited and Garuda Indonesia Holiday France S.A.S. onin respect ofone Airbus A320-200 Neo Aircraft with MSN 7505 dated 22 December2016, as may be amended, restated and/or supplemented from time totime;

(ii) Operating Sub-lease Agreement between Garuda Indonesia HolidayFrance S.A.S and PT Garuda Indonesia (Persero) Tbk in respect ofone Airbus A320-200 Neo Aircraft with MSN 7505 dated 22 December2016, as may be amended, restated and/or supplemented from time totime;

(iii) Guarantee Agreement by PT Garuda Indonesia (Persero) Tbk betweenAvolon Aerospace AOE 136 Limited and Garuda Indonesia HolidayFrance S.A.S. onin respect of one Airbus A320-200 Neo Aircraft withMSN 7505 dated 8 March 2017, as may be amended, restated and/orsupplemented from time to time; and

(i) Operating Lease Agreement between Avolon Aerospace AOE 138Limited and Garuda Indonesia Holiday France S.A.S in relation to oneAirbus A320-200 Neo Aircraft with serial number 75787587 dated 22December 2016, as may be amended, restated and/or supplementedfrom time to time;

(ii) Operating Sub-Lease Agreement between PT Garuda Indonesia(Persero) Tbk and Garuda Indonesia Holiday France S.A.S. in relationto one Airbus A320-200 Neo Aircraft with serial number 75787587dated 22 December 2016, as may be amended, restated and/orsupplemented from time to time;

(iii) Guarantee Agreement by PT Garuda Indonesia (Persero) Tbk relatingto the Operating Lease Agreement between Garuda Indonesia HolidayFrance S.A.S. and Avolon Aerospace AOE 138 Limited in respect ofone Airbus A320-251 Neo Aircraft with MSN 75787587 dated 23 May2017, as may be amended, restated and/or supplemented from time totime; and

(iv) Lessor Security Assignment between Garuda Indonesia Holiday FranceS.A.S and Avolon Aerospace AOE 138 Limited onin respect of oneAirbus A320-251 Neo Aircraft with MSN 75787587 dated 23 May 2017,as may be amended, restated and/or supplemented from time to time.




(i) Operating Lease Agreement between Avolon Aerospace AOE 87Limited and Garuda Indonesia Holiday France S.A.S. onin respect ofone Airbus A330-300 Aircraft with MSN 1560 dated 25 July 2014, asmay be amended, restated and/or supplemented from time to time;

(ii) Letter Agreement between Avolon Aerospace AOE 87 Limited and GarudaIndonesia Holiday France S.A.S relating to the Aircraft LeaseAgreement in respect of one Airbus A330-300 MSN 1560 dated 10January 2019, as may be amended, restated and/or supplementedfrom time to time;

(ii) (iii) Operating Sub-lease Agreement between Garuda IndonesiaHoliday France S.A.S and PT Garuda Indonesia (Persero) Tbk inrespect of one Airbus A330-300 MSN 1560 dated 25 July 2014, as maybe amended, restated and/or supplemented from time to time;

(iii) (iv) Guarantee Agreement by PT Garuda Indonesia (Persero) Tbkbetween Avolon Aerospace AOE 87 Limited and Garuda IndonesiaHoliday France S.A.S. onin respect of one Airbus A330-300 Aircraftwith MSN 1560 dated 22 September 2014, as may be amended,restated and/or supplemented from time to time; and

(iv) (v) Lessor Security Agreement between Avolon Aerospace AOE 87Limited and Garuda Indonesia Holiday France S.A.S. onin respect ofone Airbus A330-300 Aircraft with MSN 1560 dated 22 September2014, as may be amended, restated and/or supplemented from time totime.

39. 31.

41. 33.

Avolon AerospaceFrance 7 SAS


(i) Lease Agreement no. DS/PERJ/DZ-3377/2011 between PT GarudaIndonesia (Persero) Tbk and Pembroke Lease France SAS oninrespect of one B737-800 Aircraft bearing MSN 38073 dated 21September 2011, as may be amended, restated and/or supplementedfrom time to time; and

(ii) Aircraft Lease Novation and Amendment Agreement no.DS/PERJ/DE-3083/2014 between PT Garuda Indonesia (Persero) Tbkand Avolon Aerospace France SAS in respect of one Boeing 737-800Aircraft bearing MSN 38073 dated 2327 February 2014, as may beamended, restated and/or supplemented from time to time.

(i) Operating Lease Agreement between Avolon Aerospace AOE 86Limited and Garuda Indonesia Holiday France S.A.S. in respect of oneAirbus A330-300 Aircraft with MSN 1548 dated 25 July 2014, as maybe amended, restated and/or supplemented from time to time;

(ii) Operating Sub-lease Agreement between Garuda Indonesia HolidayFrance S.A.S and PT Garuda Indonesia (Persero) Tbk in respect ofone Airbus A330-300 MSN 1548 dated 25 July 2014, as may beamended, restated and/or supplemented from time to time;

(iii) Guarantee Agreement by PT Garuda Indonesia (Persero) Tbk betweenAvolon Aerospace AOE 87 Limited and Garuda Indonesia HolidayFrance S.A.S. in respect of one Airbus A330-300 Aircraft with MSN1548 dated 18 August 2014, as may be amended, restated and/orsupplemented from time to time; and

(iv) Lessor Security Agreement between Avolon Aerospace AOE 87Limited and Garuda Indonesia Holiday France S.A.S. in respect of oneAirbus.-

42. 3 AWAS (France) Two Amended and Restated Aircraft Lease Agreement (39416) between AWAS

(iv) Lessor Security Agreement between Avolon Aerospace AOE 136Limited and Garuda Indonesia Holiday France S.A.S. onin respect ofone Airbus A320-200 Neo Aircraft with MSN 7505 dated 8 March 2017,as may be amended, restated and/or supplemented from time to time.

40. 32.



(France) Two SARL and PT Garuda Indonesia (Persero) Tbk in relation oneBoeing Model B737-800 Aircraft with MSN 39416 with two CFM International

CFM56-7B26 engines dated 12 September 2011, as may be amended, restatedand/or supplemented from time to time.

44. 36.

47. 39.

Bank of China(Hongkong) Limited

Cabang Jakarta

AWAS 29928 SARL

1) Facility under Deed of Perjanjian Kredit No. 28 dated 13 December 2016,drawn up before Deni Thanur, S.E., S.H., M.Kn. Notary in South Jakarta aslast amended by Perubahan Terhadap Perjanjian Kredit No.046/ICBC/PTDS/XI/2017/P4 dated 16 October 2020 with a facility amount ofUSD 24,000,000.

(i) Aircraft Lease Agreement between CIT Group Location (France) SASand PT Garuda Indonesia (Persero) on one Boeing 737-800 Aircraftmanufacturer's serial number 29928 dated 5 September 2008, as maybe amended, restated and/or supplemented from time to time;

(ii) Lease Novation and Amendment Agreement between CIT GroupLocation (France) SAS, PT Garuda Indonesia and Centenial Aviation(France) 1 SARL relating to one Boeing 737-800 Aircraftmanufacturer's serial number 29928 dated 2 February 2011, as may beamended, restated and/or supplemented from time to time; and

(iii) Aircraft Head Lease Agreement between AWAS 29928 TRUST andAWAS 29928 SARL on one Boeing 737-800 Aircraft manufacturer'sserial number 29928 dated 6 July 2011, as may be amended, restatedand/or supplemented from time to time.

48. 40.

4.

Bank of Utah Lease Agreement between Bank of Utah and PT Garuda Indonesia (Persero)relating to one Boeing model B737-8HX Aircraft Airframe Manufacturer's serial

No. 36436 dated 7 August 2009, as may be amended, restated and/orsupplemented from time to time.

43. 35.

45. 37.

49. 41.

Basuki Suprianto

AWAS 29929 SARL

Invoice dated 5 April 2021 has been provided

AWAS 1214 SARL

-

50. 42.

SARL

Blu UPBU Mutiara SISAl-Jufri Palu

(i) Invoice details has been provided in accordance with Letter No.KU.102/3/11/Plw-2022 dated 4 January 2022,

(ii) Invoice details has been provided in accordance with Letter No.KU.102/259/2/Plw-2021 dated 8 December 2021

(iii) Invoice details has been provided in accordance with Letter No.KU.102/255/9/Plw-2021 dated 3 December 2021

Aircraft Lease Agreement A330 between AWAS (France) Two1214 S.A.R.L andPT Garuda Indonesia (Persero) on one Airbus model A330-200 Aircraft dated 14December 2009, as may be amended, restated and/or supplemented from time

to time.

46. 38.

51. BOC Aviation (France)SARL

B/E Aerospace (UK)Limited

(i) Aircraft Lease Agreement No. DS/PERJ/DE-3133/2012 between PTGaruda Indonesia (Persero) Tbk andBOC Aviation (France) SARL in

(i) Purchase and Product Support Agreement No. IG/PERJ/DF-3281/2018dated 30 January 2018, as may be amended, supplemented and/orrestated from time to time;

(ii) Purchase and Product Support Agreement No. IG/PERJ/DF-3594/2017dated 18 June 2018, as may be amended, supplemented and/orrestated from time to time; and

(iii) Purchase and Product Support Agreement No. IG/PERJ/DE-3410/2016dated 14 November 2016, as may be amended, supplemented and/orrestated from time to time.



-

57. 48.

Budianto Invoice details has been provided in accordance with Letter No.08/K/PKPU/I/2022 dated 5 January 2022

52. 43.

54. 45.

58. 49.

CAE Flight & SimulatorServices Sdn. Bhd.

Bucher Leichtbau AG

-

Bonita Sary

Purchase Agreement No. PA2017-12-21_GIA_A330-900neo dated 15 August2018, as may be amended, supplemented and/or restated from time to time.

59. 50.

CAE Inc., Commercial Agreement on Simplify Spares Support Program No.IG/PERJ/DI-3191/2018, as may be amended, supplemented and/or restated

from time to time.

Invoice details has been provided in accordance with Letter No.04/K/PKPU/I/2022 dated 5 January 2022

55. 46.

60. 51.

CAE Kuala LumpurSdn. Bhd

Budhi Mutasi

-


61.

respect of one Boeing A320-200 with manufacturer's serial number4961 Aircraft dated 4 April 2012, leasing amendments thereto, as maybe amended, supplemented and/or restated from time to time; and

(ii) Aircraft Sub-lease Agreement between PT Garuda Indonesia (Persero)Tbk and PT Citilink Indonesia dated 28 December 2012, as may beamended, supplemented and/or restated from time to time.

Calais LocationS.A.R.L - Part of

AERCAP

(i) Aircraft Headlease Agreement between AERCAP Ireland CapitalLimited and CALAIS Location S.A.R.L in respect of one Boeing737-800 Aircraft bearing manufacturer's serial number 41798 dated 15August 2014, as may be amended, restated and/or supplemented fromtime to time;

(ii) Headlease Assignment between Gunung Leasing Limited, AERCAPIreland Capital Limited and CALAIS Location S.A.R.L dated 28 April2016, as may be amended, restated and/or supplemented from time totime; and

(iii) Lease Assignment & Assumption No. DS/PERJ/DZ-3373/2014between Calais Location S.A.R.L, ILFC France S.A.R.L and PT GarudaIndonesia (Persero) Tbk dated 29 August 2014, as may be amended,restated and/or supplemented from time to time.

53. 44.

56. 47.

62. 52.

CALC 30 - AircraftLimited

Budi Indarwan

(i) Guarantee Agreement by PT Garuda Indonesia (Persero) Tbk betweenGaruda Indonesia Holiday France S.A.S and CALC 30 - Aircraft Limitedin relation to one Airbus A320-200 with MSN 5399 dated 4 October2017, as may be amended, restated and/or supplemented from time totime;

(ii) Sale and Purchase Agreement between SMBC Aviation Capital Limitedand CALC 30 - Aircraft Limited in relation to one Airbus A320-200 withMSN 5399 dated 27 April 2017, as may be amended, restated and/orsupplemented from time to time;

Brahim's SATS FoodServices Sdn Bhd

Invoice details has been provided in form of Interoffice Correspondence (ref:JKTVO/10010/2021)



63. 53.

65. 55.

Cathay Pacific AirwaysLimited

Cargo Flash InfotechPvt. Ltd.

-

-

66. 56.

Celestial AviationTrading 100 Limited

(i) Engine Lease Agreement between Garuda Holiday France S.A.S andCelestial Aviation Trading 100 Limited on one GE90-115BL (M10)engine bearing Engine Serial Number 907416 dated 14 June 2014, asmay be amended, restated and/or supplemented from time to time;

(ii) Engine Sub-lease Agreement between PT Garuda Indonesia (Persero)Tbk and Garuda Indonesia Holiday France S.A.S on one GE90-115BL(M10) engine bearing Engine Serial Number 907416 dated 14 June2014, as may be amended, restated and/or supplemented from time totime;

(iii) Guarantee Agreement serial number 907416, as may be amended,restated and/or supplemented from time to time.

(iv) Termination Agreement between GECAS France S.A.R.L, CelestialAviation Trading 100 Limited and PT Garuda Indonesia (Persero) Tbkrelating to one GE90-115BL (M10) engine bearing Engine SerialNumber 907416 dated 14 June 2014, as may be amended, restatedand/or supplemented from time to time.

(v) Engine Lease Agreement between Garuda Holiday France S.A.S andCelestial Aviation Trading 100 Limited on CFM56-7B26/3 bearingEngine Serial Number 960147 dated 14 June 2014, as may beamended, restated and/or supplemented from time to time;

(vi) Engine Sub-lease Agreement between PT Garuda Indonesia (Persero)Tbk and Garuda Indonesia Holiday France S.A.S on CFM56-7B26/3bearing Engine Serial Number 960147 dated 14 June 2014, as may beamended, restated and/or supplemented from time to time;

(vii) Guarantee Agreement serial number 9604147, as may be amended,restated and/or supplemented from time to time.

(viii) Termination Agreement between GECAS France S.A.R.L, CelestialAviation Trading 100 Limited and PT Garuda Indonesia (Persero) Tbkrelating to one CFM56-7B26/3 bearing Engine Serial Number 960147dated 14 June 2014, as may be amended, restated and/orsupplemented from time to time.

(iii) Deal and Subordiation Agreement between Garuda Indonesia HolidayFrance S.A.S., CALC 30 - Aircraft Limited, PT Garuda Indonesia(Persero) Tbk and PT Citilink Indonesia in relation to one AircraftA320-200 with MSN 5399 dated 4 October 2017, as may be amended,restated and/or supplemented from time to time; and

(iv) Novation and Amendment Agreement between SMBC Aviation CapitalLimited, Garuda Indonesia Holiday France S.A.S and CALC 30 -Aircraft Limited on one Airbus A320-200 with MSN 5399 dated 4October 2017.

64. 54.

67. 57.

Celestial AviationTrading 23 Limited

Cascadale HoldingsPty Ltd ATF The St

Georges Trust

(i) Aircraft Specific Lease Agreement between Garuda Indonesia HolidayFrance S.A.S, PT Garuda Indonesia (Persero) Tbk and CelestialAVIATION Trading 23 Limited on one B737-800BCF bearingmanufacturer's serial number 33544 dated 11 October 2019, as may beamended, restated and/or supplemented from time to time; and

-



Centennial Aviation(France) 2, S.A.R.L.

(i) Aircraft Lease Agreement dated as of 24 February 2012 betweenCentennial Aviation (France) 2, S.A.R.L. and PT Garuda Indonesia(Persero) Tbk in respect of one Airbus A320-200 aircraft withmanufacturer’s serial number 5379, as may be amended, restatedand/or supplemented from time to time.

(ii) Aircraft Lease Agreement dated as of 24 February 2012 betweenCentennial Aviation (France) 2, S.A.R.L. and PT Garuda Indonesia(Persero) Tbk in respect of one Airbus A320-200 aircraft withmanufacturer’s serial number 5394, as may be amended, restatedand/or supplemented from time to time.

(iii) Aircraft Lease Agreement dated as of 24 February 2012 betweenCentennial Aviation (France) 2, S.A.R.L. and PT Garuda Indonesia(Persero) Tbk in respect of one Airbus A320-200 aircraft withmanufacturer’s serial number 5415, as may be amended, restatedand/or supplemented from time to time.

68.

70. 58.

CFM International, Inc.

Celestial Ex Im Trading5 Limited

Rate per Flight Hour Agreement for Engine Shop Maintenance Servicesbetween CFM International Inc. and PT Garuda Indonesia (Persero) Tbk No.

DS/PERJ/DE-3545/2011 dated 27 January 2012, as may be amended, restatedand/or supplemented from time to time.

(i) Aircraft Specific Lease Agreement between Garuda Indonesia HolidayFrance S.A.S and Celestial EX-IM Trading 5 Limited on one B737-800bearing manufacturer's serial number 38033 dated 29 December 2017,as may be amended, restated and/or supplemented from time to time;

(ii) Sub-aircraft Specific Lease Agreement between PT Garuda Indonesia(Persero) Tbk and Celestial EX-IM Trading 5 Limited on one B737-800bearing manufacturer's serial number 38033 dated 29 December 2017,as may be amended, restated and/or supplemented from time to time;

(iii) PT Garuda Indonesia (Persero) Tbk relating to the Head LeaseAgreement between PT Garuda Indonesia (Persero) Tbk and GarudaIndonesia Holiday France S.A.S a on one B737-800 bearingmanufacturer's serial number 38033 dated 29 December 2017, as maybe amended, restated and/or supplemented from time to time;

(iv) Aircraft Specific Lease Agreement between Garuda Indonesia HolidayFrance S.A.S and Celestial EX-IM Trading 5 Limited on one B737-800bearing manufacturer's serial number 39403 dated 29 December 2017,as may be amended, restated and/or supplemented from time to time;

(v) Sub-aircraft Specific Lease Agreement between PT Garuda Indonesia(Persero) Tbk and Celestial EX-IM Trading 5 Limited on one B737-800bearing manufacturer's serial number 38033 dated 29 December 2017,as may be amended, restated and/or supplemented from time to time;and

(vi) PT Garuda Indonesia (Persero) Tbk relating to the Head LeaseAgreement between PT Garuda Indonesia (Persero) Tbk and GarudaIndonesia Holiday France S.A.S a on one B737-800 bearingmanufacturer's serial number 39403 dated 29 December 2017, as maybe amended, restated and/or supplemented from time to time.

71. 59.

Chishima Real EstateCo., Ltd.

(i) Aircraft Lease Agreement between RBS Paris Leasing 1 SARL and PTGaruda (Persero) relating to the leasing of one Boeing B737-800aircraft bearing manufacturer's serial number 39920 dated 22 July2010, as may be amended, restated and/or supplemented from time totime;

(ii) Aircraft Specific Lease Agreement between Garuda Indonesia HolidayFrance S.A.S, PT Garuda Indonesia (Persero) Tbk and CelestialAVIATION Trading 23 Limited on one B737-800BCF bearingmanufacturer's serial number 29938 dated 11 October 2019, as may beamended, restated and/or supplemented from time to time.

69.



Christina Kurniati Invoice No. CB.INV/GI.01/04-2021 dated 14 April 2021

(ii) Aircraft Lease Novation and Amendment Agreement between SMBCAviation Capital Paris Leasing 1 S.A.R.L (formerly known as RBS ParisLeasing 1 S.A.R.L), PT Garuda Indonesia (Persero) Tbk and PembrokLease France S.A.S relating to the leasing of one Boeing B737-800aircraft bearing manufacturer's serial number 39920 dated 12December 2012, as may be amended, restated and/or supplementedfrom time to time;

(iii) Aircraft Lease Agreement between Garuda Indonesia Holiday FranceS.A.S and PT Garuda Indonesia (Persero) Tbk relating to the leasing ofone Boeing B737-800 aircraft bearing manufacturer's serial number39920 dated 10 December 2014, as may be amended, restated and/orsupplemented from time to time; and

(iv) Guarantee Agreement between PT Garuda Indonesia (Persero) Tbkand Chisima Real Estate Co. LTD in respect of Lease of one BoeingB737-800 Aircraft with MSN 39920 dated 28 November 2014, as maybe amended, restated and/or supplemented from time to time;

(v) Aircraft Lease Agreement between SMBC Aviation Capital Limited andGaruda Indonesia Holiday France S.A.S. relating to the leasing of oneBoeing B737-800 aircraft bearing manufacturer's serial number39920839928 dated 24 October 2014, as may be amended, novated,restated and/or supplemented from time to time;

(vi) (i) Aircraft Lease Novation and Amendment AgreementDeed betweenSMBC Aviation Capital Limited, Garuda Indonesia Holiday FranceS.A.S. and Chishima Real Estate Co. LTD relating to the leasing, Ltd.in respect of one Boeing B737-800737-800 aircraft bearingmanufacturer's serial number 39920839928 dated 31 October 2014, asmay be amended, restated and/or supplemented from time to time;

(vii) (ii) Aircraft Sub-leaseSub-Lease Agreement No.DS/PERJ/DE-3525/2014 between Garuda Indonesia Holiday FranceS.A.S. and PT Garuda Indonesia (Persero) Tbk. relating to the leasingof one Boeing B737-800 aircraft bearing manufacturer's serial number39928 dated 24 October 2014, as may be amended, restated and/orsupplemented from time to time; and

(viii) (iii) Guarantee Agreement oNo. DS/PERJ/DE-3554/2014 between PTGaruda Indonesia (Persero) Tbk. and Chishima Real Estate Co. LTD,Ltd. in respect of Lease of one Boeing B737-800 Aaircraft with MSN3998039928 dated 31 October 2014, as may be amended, restatedand/or supplemented from time to time; and

(ix) (iv) Lessor Security Assignment between Garuda Indonesia HolidayFrance S.A.S. and SMBC Aviation Capital LimitedChishima Real EstateCo., Ltd. in respect of one Boeing 737-800 Aaircraft MSNwithmanufacturer's serial number 39928 dated 2431 October 2014, as maybe amended, restated and/or supplemented from time to time.

73. 61.

CIT AerospaceInternational (France)

S.A.R.L.

Aircraft Lease Agreement between CIT Group Location France S.A.S and PTGaruda Indonesia (Persero) in relation of lease ofrespect of one Boeing 737-800Aircraft with MSNmanufacturer’s serial number 37819 dated 6 April 20202010s,as may be amended, restated and/or supplemented from time to time.

Lease Novation and Amendment Agreement dated 17 September 2010 betweenCIT Group Location (France) SAS, PT Garuda Indonesia (Persero) andCentennial Aviation (France) 1, SARL in respect of one Boeing 737-800 aircraftwith manufacturer’s serial number 37819.

72. 60.



Lease Novation and Amendment Agreement dated June 10, 2011 between CITAerospace International (France) S.A.R.L., PT Garuda Indonesia (Persero) andCentennial Aviation (France) 1, SARL in respect of one Boeing 737-800 aircraftwith manufacturer’s serial number 37819.

75. 62.

Consolidated TravelPty Ltd

-

74.

76. 63.

Constitution AircraftLeasing (Ireland) 9

Limited

CMIG Aircraft LeasingSeven Ireland Limited

(i) Aircraft Lease Common Terms Agreement between APTREE AviationTrading 3 Co. Limited and Garuda Indonesia Holiday France S.A.S.dated 10 October 2017, as may be amended, restated and/orsupplemented from time to time;

(ii) Aircraft Specific Lease Agreement between Garuda Indonesia HolidayFrance S.A.S and APTREE Aviation Trading 3 Co. Limited andGaruda Indonesia Holiday France S.A.S. in relation of one Boeing737-800 Aircraft with MSN 36808 dated 10 October 2017, as may beamended, restated and/or supplemented from time to time;

(iii) Novation and Amendment AGreement between Garuda IndonesiaHoliday France S.A.S and APTREE Aviation Trading 3 Co. Limitedand Garuda Indonesia Holiday France S.A.S. in relation of one Boeing737-800 Aircraft with MSN 36808 dated 24 December 2018, as may beamended, restated and/or supplemented from time to time;

(iv) Sub-lease Subordination and Amendment between ConstructionAircraft Leasing (Ireland) 9 Limited and Garuda Indonesia HolidayFrance S.A.S and PT Garuda Indonesia (Persero) Tbk in relation ofone Boeing 737-800 Aircraft bearing manufacturer's serial number36808, as may be amended, restated and/or supplemented from timeto time;

(v) Guarantee Agreement between PT Garuda Indonesia (Persero) Tbkand Construction Aircraft Leasing (Ireland) 9 Limited in respect ofLease of one Boeing B737-800 Aircraft with MSN 36808 dated 13August 2019, as may be amended, restated and/or supplemented fromtime to time;

(vi) Aircraft Lease Common Terms Agreement between APTREE AviationTrading 3 Co. Limited and Garuda Indonesia Holiday France S.A.S.dated 10 October 2017, as may be amended, restated and/orsupplemented from time to time;

(i) Aircraft Lease Agreement (MSN 1474) between Medan Aircraft Leasing(Ireland) Limited and Garuda Indonesia Holiday France S.A.S. dated 15November 2016, as may be amended, restated and/or supplementedfrom time to time;

(ii) Novation and Amendment Agreement between Medan Aircraft Leasing(Ireland) Limited, Garuda Indonesia Holiday France S.A.S. and CMIGAircraft Leasing Seven Ireland Limited in relation to one AirbusA330-200 Aircraft with MSN 1474 dated 15 November 2017, as may beamended, restated and/or supplemented from time to time;

(iii) Aircraft Sub-lease Agreement (MSN 1474) between Garuda IndonesiaHoliday France S.A.S. and PT Garuda Indonesia (Persero) Tbk dated15 November 2016, as may be amended, restated and/orsupplemented from time to time; and

(iv) Guarantee Agreement No. IG/PERJ/DF-3275/2017 between PTGaruda Indonesia (Persero) Tbk and CMIG Aircraft Leasing SevenIreland Limited dated 15 September 2017, as may be amended,restated and/or supplemented from time to time.



CV Nilam VerlagGraphica

CV Indoprima Jaya

Invoice No 036/INV/NVG-XI dated 21 November 2021.

CV Aquama Jaya

-

84. 71.

CV PapandayanSejahtera Bersama

Cooperation Agreement for Lounge Services at Haluoleo Airport, Kendaribetween PT Garuda Indonesia and CV. Papandayan Sejahtera Bersama No.IG/PER/UPGAM-4131/2021/NON-LEG as may be amended, restated and/or

supplemented from time to time.

-

80. 67.

85. 72.

CV Sinar Baru

CV Juanda MandiriPrakarsa

-

Invoices from August 2021 to September 2021.

86. 73.

(vii) Aircraft Specific Lease Agreement between Garuda Indonesia HolidayFrance S.A.S and APTREE Aviation Trading 3 Co. Limited andGaruda Indonesia Holiday France S.A.S. in relation of one Boeing737-800 Aircraft with MSN 37887 dated 10 October 2017, as may beamended, restated and/or supplemented from time to time;

(viii) Novation and Amendment AGreement between Garuda IndonesiaHoliday France S.A.S and APTREE Aviation Trading 3 Co. Limitedand Garuda Indonesia Holiday France S.A.S. in relation of one Boeing737-800 Aircraft with MSN 37887, as may be amended, restated and/orsupplemented from time to time; and

(ix) Guarantee Agreement between PT Garuda Indonesia (Persero) Tbkand Construction Aircraft Leasing (Ireland) 9 Limited in respect ofLease of one Boeing B737-800 Aircraft with MSN 37887 dated 13August 2019, as may be amended, restated and/or supplemented fromtime to time.

CV Sinar Mustika -

78. 65.

81. 68.

87. 74.

Dana Pensiun GarudaIndonesia

CV Mandani JayaBuana

-

CV Indonesia MandiriLestari

-

88. 75.

Dangkang Makkulawi Invoice from the periods of March 2021 have been provided

Cooperation Agreement for Lounge Services at Tjilik Riwut Airport,Palangkaraya between PT Garuda Indonesia and CV. Indonesia Mandiri LestariM-Lounge No. BPNDM/PERJ/UPGAM-2008/20 as may be amended, restated

and/or supplemented from time to time.

82. 69.

89. 76.

Dewi Sukardi, S.H.,MKn.

CV Mirafi

Invoices for Notary services from January 2019 to December 2021.

Debt Recap Letter No. 01/MRF/XII/21 for invoices from July 2021 up toNovember 2021.

90. 7

77. 64.

Dimas Nurdianto Invoice details has been provided in accordance with Letter No.

79. 66.

83. 70.



dr. Sigit SugasriantoSpM

dr. Andriana, Sp. Rad.

Invoice details has been provided in form of recap of outstanding payments forGSM specialist doctors for the period February - July 2020

Invoice details has been provided in form of recap of outstanding payments forGSM specialist doctors for the period February - July 2020.

96. 83.

Eastern Aero MarineInc. (dba EAM

Worldwide)

Invoices from July 2019 - February 2020

91. 78.

93. 80.

97. 84.

7.

Ebony ExecutiveLounge Palu

dr. Erry Korina

-

Dnata Singapore Pte.Ltd.

Invoice details has been provided in form of recap of outstanding payments forGSM specialist doctors for the period February - July 2020.

98. 85.

Eddy Siswanto Invoice dated 17 February 2021 has been provided


94. 81.

99. Einn Volant AircraftLeasing Ireland

dr. Prijo SidipratomoSpRad

(i) Aircraft Specific Lease Agreement between Garuda Indonesia HolidayFrance S.A.S and Celestial Aviation Trading 29 Limited on oneB737-800 bearing manufacturer's serial number 41253 dated 30December 2014, as may be amended, restated and/or supplementedfrom time to time;

(ii) Sub-aircraft Specific Lease Agreement between PT Garuda Indonesia(Persero) Tbk and Garuda Indoneisa Holiday France S.A.S on oneB737-800 bearing manufacturer's serial number 41253 dated 30December 2014, as may be amended, restated and/or supplementedfrom time to time;

(iii) PT Garuda Indonesia (Persero) Tbk relating to the Head LeaseAgreement between Garuda Indonesia Holiday France S.A.S and EinnVolant Aircraft Leasing Ireland 2 Limited Guarantee in respect of oneBoeing 737-800 Aircraft MSN 41253 dated 31 January 2018, as maybe amended, restated and/or supplemented from time to time;

(iv) Aircraft Specific Lease Agreement between Garuda Indonesia HolidayFrance S.A.S and Celestial Aviation Trading 29 Limited on oneB737-800 bearing manufacturer's serial number 41267 dated 30December 2014, as may be amended, restated and/or supplementedfrom time to time;

(v) Sub-aircraft Specific Lease Agreement between PT Garuda Indonesia(Persero) Tbk and Garuda Indoneisa Holiday France S.A.S on oneB737-800 bearing manufacturer's serial number 41267 dated 30December 2014, as may be amended, restated and/or supplementedfrom time to time; and

(vi) PT Garuda Indonesia (Persero) Tbk relating to the Head LeaseAgreement between Garuda Indonesia Holiday France S.A.S and EinnVolant Aircraft Leasing Ireland 2 Limited Guarantee in respect of oneBoeing 737-800 Aircraft MSN 41267 dated 31 January 2018, as maybe amended, restated and/or supplemented from time to time.

Freelance Daily Work Agreement Number GARUDA | JKTID | 91895 | ID | PKHL| 2017 dated 4 September as may be amended, restated and/or supplemented

from time to time.

100.8

05/K/PKPU/I/2022 dated 5 January 2022

Engine Lease Finance (i) Aircraft Engine General Terms Agreement between Engine Lease

92. 79.

95. 82.



Corporation Finance Corporation and Garuda Indonesia Holiday France S.A.Sdated 11 March 2015, as may be amended, restated and/orsupplemented from time to time;

(ii) Lease Agreement between Engine Lease Finance Corporation andGaruda Indonesia Holiday France S.A.S for MSN 660876 dated 11March 2015, as may be amended, restated and/or supplemented fromtime to time;

(iii) Sublease Agreement between Engine Lease Finance Corporation andGaruda Indonesia Holiday France S.A.S for MSN 660876 dated 11March 2015, as may be amended, restated and/or supplemented fromtime to time;

(iv) Lease Agreement between Engine Lease Finance Corporation andGaruda Indonesia Holiday France S.A.S for MSN 862712 dated 25November 2015, as may be amended, restated and/or supplementedfrom time to time;

(v) Sublease Agreement between Engine Lease Finance Corporation andGaruda Indonesia Holiday France S.A.S for MSN 862712 dated 25November 2015, as may be amended, restated and/or supplementedfrom time to time;

(vi) Lease Agreement between Engine Lease Finance Corporation andGaruda Indonesia Holiday France S.A.S for MSN 864732 dated 9November 2016, as may be amended, restated and/or supplementedfrom time to time;

(vii) Sublease Agreement WI/PERJ/DF-3397/2016 between Engine LeaseFinance

(viii) Corporation and Garuda Indonesia Holiday France S.A.S for MSN 864732dated 9 November 2016, as may be amended, restated and/orsupplemented from time to time;

(viii) (ix) Lease Agreement between Engine Lease Finance Corporation andGaruda Indonesia Holiday France S.A.S for MSN 573815 dated 9November 2016, as may be amended, restated and/or supplementedfrom time to time;

(ix) (x) Sublease Agreement WI/PERJ/DF-3398/2016 between EngineLease Finance Corporation and Garuda Indonesia Holiday FranceS.A.S for MSN 573815 dated 9 November 2016, as may be amended,restated and/or supplemented from time to time;

(x) (xi) Lease Agreement between Engine Lease Finance Corporation andGaruda Indonesia Holiday France S.A.S for MSN 573935 dated 14December 2016, as may be amended, restated and/or supplementedfrom time to time;

(xi) (xii) Sublease Agreement WI/PERJ/DF-3442/2016 between EngineLease Finance Corporation and Garuda Indonesia Holiday FranceS.A.S for MSN 573935 dated 14 December 2016, as may be amended,restated and/or supplemented from time to time;

(xii) (xiii) Lease Agreement between Engine Lease Finance Corporationand Garuda Indonesia Holiday France S.A.S for MSN 038366 dated 30May 2017, as may be amended, restated and/or supplemented fromtime to time; and

(xiii) (xiv) Sublease Agreement DS/PERJ/DF-3162/2017 between EngineLease Finance Corporation and Garuda Indonesia Holiday FranceS.A.S for MSN 038366 dated 30 May 2017, as may be amended,restated and/or supplemented from time to time.

6.



101.87.

102. Export DevelopmentCanada

Envirotainer AB

(i) Facility Agreement between Edmonton Aircraft Leasing Limited, ExportDevelopment Canada, and the Banks and Financal Institution in respectof six bombardier CRJ 1000 Aircraft dated 3 October 2012, as may beamended, restated and/or supplemented from time to time;

(ii) Proceeds Deed between Edmonton Aircraft Leasing Limited, PT GarudaIndonesia (Persero) Tbk, Export Development Canada, and the Banksand Financal Institution in respect of six bombardier CRJ 1000 Aircraftdated 3 October 2012, as may be amended, restated and/orsupplemented from time to time;

(iii) Guarantee Agreement between PT Garuda Indonesia (Persero) Tbk andExport Development Canada in respect of six bombardier CRJ 1000Aircraft dated 30 October 2012, as may be amended, restated and/orsupplemented from time to time;

(iv) Aircraft Lease Agreement between Edmonton Aircraft Leasing Limitedand Alberta SAS in respect of one bombardier CRJ 1000 with MSN19025 dated 3 October 2012, as may be amended, restated and/orsupplemented from time to time;

(v) Aircraft Lease Agreement between Alberta SAS. and PT GarudaIndonesia (Persero) Tbk in respect of one bombardier CRJ 1000 withMSN 19025 dated 3 October 2012, as may be amended, restated and/orsupplemented from time to time;

(vi) Lessee Security Assignment between Alberta SAS and EdmontonAircraft Leasing Limited in respect of one bombardier CRJ 1000 AircraftMSN 19025 dated 5 October 2012, as may be amended, restated and/orsupplemented from time to time;

(vii) Borrower Security Assignment between Alberta SAS and EdmontonAircraft Leasing Limited in respect of one bombardier CRJ 1000 AircraftMSN 19025 dated 5 October 2012, as may be amended, restated and/orsupplemented from time to time;

(viii) Aircraft Lease Agreement between Edmonton Aircraft Leasing Limitedand Alberta SAS in respect of one bombardier CRJ 1000 with MSN19026 dated 29 October 2012, as may be amended, restated and/orsupplemented from time to time;

(ix) Aircraft Lease Agreement between Alberta SAS. and PT GarudaIndonesia (Persero) Tbk in respect of one bombardier CRJ 1000 withMSN 19026 dated 29 October 2012, as may be amended, restatedand/or supplemented from time to time;

(x) Lessee Security Assignment between Alberta SAS and EdmontonAircraft Leasing Limited in respect of one bombardier CRJ 1000 AircraftMSN 19026 dated 30 October 2012, as may be amended, restatedand/or supplemented from time to time;

(xi) Borrower Security Assignment between Alberta SAS and EdmontonAircraft Leasing Limited in respect of one bombardier CRJ 1000 AircraftMSN 19026 dated 30 October 2012, as may be amended, restatedand/or supplemented from time to time;

(xii) Aircraft Lease Agreement between Edmonton Aircraft Leasing Limitedand Alberta SAS in respect of one bombardier CRJ 1000 with MSN19027 dated 8 November 2012, as may be amended, restated and/orsupplemented from time to time;

(xiii) Aircraft Lease Agreement between Alberta SAS. and PT GarudaIndonesia (Persero) Tbk in respect of one bombardier CRJ 1000 withMSN 19027 dated 8 November 2012, as may be amended, restated

Master Lease Agreement for Account Number 3573 dated 2 December 2020, asmay be amended, supplemented and/or restated from time to time.



and/or supplemented from time to time;

(xiv) Lessee Security Assignment between Alberta SAS and EdmontonAircraft Leasing Limited in respect of one bombardier CRJ 1000 AircraftMSN 19027 dated 9 November 2012, as may be amended, restatedand/or supplemented from time to time;

(xv) Borrower Security Assignment between Alberta SAS and EdmontonAircraft Leasing Limited in respect of one bombardier CRJ 1000 AircraftMSN 19027 dated 9 November 2012, as may be amended, restatedand/or supplemented from time to time;

(xvi) Aircraft Lease Agreement between Edmonton Aircraft Leasing Limitedand Alberta SAS in respect of one bombardier CRJ 1000 with MSN19035 dated 25 June 2013, as may be amended, restated and/orsupplemented from time to time;

(xvii) Aircraft Lease Agreement No. DS/PERJ/DF-3404/2013 between AlbertaSAS. and PT Garuda Indonesia (Persero) Tbk in respect of onebombardier CRJ 1000 with MSN 19035 dated 21 June 2013, as may beamended, restated and/or supplemented from time to time;

(xviii) Lessee Security Assignment between Alberta SAS and EdmontonAircraft Leasing Limited in respect of one bombardier CRJ 1000 AircraftMSN 19035 dated 25 June 2013, as may be amended, restated and/orsupplemented from time to time;

(xix) Borrower Security Assignment between Alberta SAS and EdmontonAircraft Leasing Limited in respect of one bombardier CRJ 1000 AircraftMSN 19035 dated 25 June 2013, as may be amended, restated and/orsupplemented from time to time;

(xx) Aircraft Lease Agreement between Edmonton Aircraft Leasing Limitedand Alberta SAS in respect of one bombardier CRJ 1000 with MSN19036 dated 29 August 2013, as may be amended, restated and/orsupplemented from time to time;

(xxi) Aircraft Lease Agreement No. DS/PERJ/DF-3404/2013 between AlbertaSAS. and PT Garuda Indonesia (Persero) Tbk in respect of onebombardier CRJ 1000 with MSN 19036 dated 23 August 2013, as maybe amended, restated and/or supplemented from time to time;

(xxii) Lessee Security Assignment between Alberta SAS and EdmontonAircraft Leasing Limited in respect of one bombardier CRJ 1000 AircraftMSN 19036 dated 29 August 2013, as may be amended, restated and/orsupplemented from time to time;

(xxiii) Borrower Security Assignment between Alberta SAS and EdmontonAircraft Leasing Limited in respect of one bombardier CRJ 1000 AircraftMSN 19036 dated 29 August 2013, as may be amended, restated and/orsupplemented from time to time;

(xxiv) Aircraft Lease Agreement between Edmonton Aircraft Leasing Limitedand Alberta SAS in respect of one bombardier CRJ 1000 with MSN19040 dated 16 June 2014, as may be amended, restated and/orsupplemented from time to time;

(xxv) Aircraft Lease Agreement No. DS/PERJ/DF-3404/2013 between AlbertaSAS. and PT Garuda Indonesia (Persero) Tbk in respect of onebombardier CRJ 1000 with MSN 19040 dated 16 June 2014, as may beamended, restated and/or supplemented from time to time;

(xxvi) Lessee Security Assignment between Alberta SAS and EdmontonAircraft Leasing Limited in respect of one bombardier CRJ 1000 AircraftMSN 19040 dated 20 June 2014, as may be amended, restated and/or



supplemented from time to time; and

(xxvii) Borrower Security Assignment between Alberta SAS and EdmontonAircraft Leasing Limited in respect of one bombardier CRJ 1000 AircraftMSN 19040 dated 20 June 2014, as may be amended, restated and/orsupplemented from time to time.

104.89.

107.92.

Fatimah Eliana

Falcon AerospaceFrance 1 SARL

Freelance Daily Work Agreement NumberGARUDA/JKTID/PERJ-91391/PKHL/17 dated 2017 as may be amended,

restated and/or supplemented from time to time.

(i) Aircraft Lease Agreement No. DS/PERJ/DZ-3005/2009 between MSN30151 Leasing (France) SARL and PT Garuda Indonesia (Persero) onBoeing B737-800 Aircraft dated 6 January 2009, as may be amended,restated and/or supplemented from time to time; and

(ii) Aircraft Lease Novation and Amendment Agreement between MSN30151 Leasing (France) SARL, PT Garuda Indonesia (Persero) Tbkand Falcon Aerospace France 1 SARL in respect of one Boeing737-800 MSN 30151 dated 15 May 2017, as may be amended,restated and/or supplemented from time to time.

108.93.

Firma Hukum Ginting& Reksodiputro (in

association with Allen& Overy)

Retainer Legal Services Agreement No. IG/PERJ/IF-3113/2020 as may beamended, restated and/or supplemented from time to time.

103.88.

105.90.

109.94.

Flight Centre TravelGroup Limited


Incentive Agreement (IATA - Subclasses Scheme) No. SYDGA/AGR/I/20007/19dated 1 January 2019, as may be amended, supplemented and/or restated from

time to time.

Express Travel GroupPty. Ltd.

(i) Aircraft Lease Agreement No. DS/PERJ/DZ-3006/2009 between MSN30155 Leasing (France) SARL and PT Garuda Indonesia (Persero) onone Boeing B737-800 Aircraft dated 6 January 2009, as may beamended, restated and/or supplemented from time to time; and

(ii) Aircraft Lease Novation and Amendment Agreement between MSN30155 Leasing (France) SARL, Falcon Aerospace France 2 SARL andPT Garuda Indonesia (Persero) on one Boeing 737-800 Aircraftbearing MSN 30155 dated 15 May 2017, as may be amended, restatedand/or supplemented from time to time.

110. FLY 30145 LeasingS.A.R.L

(i) Aircraft Lease Agreement between Mitsubishi France S.A.S and PTPesahaan Penerbangan Garuda Indonesia (known as PT GarudaIndonesia (Persero)) in relation to one Boeing B737-8UE with serialnumber 30145 dated 30 October 2009, as may be amended, restatedand/or supplemented from time to time.

Deed of Variation #2 of Incentive Agreement No. SYDGA/AGR/I/20014/19 dated1 October 2019, as may be amended, supplemented and/or restated from time

to time.

106.91.

111.9 Fuyo Aviation France


(i) Aircraft Lease Agreement between FGL Aircraft Ireland Limited and Fuyo

(i) Aircraft Lease Agreement No. DS/PERJ/DZ-3007/2009 between MSN301556 Leasing (France) SARL and PT Garuda Indonesia (Persero) onone Boeing B737-800 Aircraft dated 6 January 2009, as may beamended, restated and/or supplemented from time to time; and

(ii) Aircraft Lease Novation and Amendment Agreement between MSN30156 Leasing (France) SARL, Falcon Aerospace France 3 SARL andPT Garuda Indonesia (Persero) on one Boeing 737-800 Aircraftbearing MSN 30156 dated 15 May 2017, as may be amended, restatedand/or supplemented from time to time.



112.96.

114.

5.

Glide Aircraft73B-41815 Limited –

Part of AERCAP

Gerry Herbudi Wijaya

(i) Aircraft Lease Agreement between Garuda Indonesia Holiday FranceS.A.S and Glide Aircraft 73B-41815 Limited on new Boeing 737-800with aircraft manufacturer's serial number 41815 dated 19 December2015, as may be amended, restated and/or supplemented from time totime; and

(ii) Guarantee by PT Garuda Indonesia (Persero) Tbk relating to the HeadLease Agreement between Garuda Indonesia Holiday France S.A.Sand Glide Aircraft 73B-41815 Limited in respect of one Boeing 737-800Aircraft manufacturer's serial number 41815 dated 19 December 2015,as may be amended, restated and/or supplemented from time to time.

-

115. Global AviationEquipment Leasing I

Ireland Limited

(i) Aircraft Lease Agreement between SMBC Aviation Capital Limited andGaruda Indonesia Holiday France S.A.S. relating to the leasing of oneAirbus A320-200 aircraft manufacturer's serial number 5556 dated 24October 2014, as may be amended, novated, supplemented and/orrestated from time to time;

(ii) Aircraft Lease Novation and Amendment Agreement between SMBCAviation Capital Limited, Garuda Indonesia Holiday France S.A.S. andGlobal Aviation Equipment Leasing I Ireland Limited in respect of oneAirbus A320-200 bearing manufacturer's serial number 5556 dated 21January 2020, as may be amended, supplemented and/or restatedfrom time to time;

(iii) Aircraft Sub-Lease Agreement between Garuda Indonesia HolidayFrance S.A.S. and PT Garuda Indonesia (Persero) Tbk. relating to theleasing of one Airbus A320-200 aircraft manufacturer's serial number5556 dated 24 October 2014, as may be amended, supplementedand/or restated from time to time;

(iv) Letter Agreement from PT Garuda Indonesia (Persero) Tbk. to PTCitilink Indonesia in respect of one Airbus A320-200 aircraft bearingmanufacturer's serial number 5556 dated 21 January 2020; and

(v) Lessor Security Assignment between Garuda Indonesia Holiday FranceS.A.S. and Global Aviation Equipment Leasing I Ireland Limited inrespect of one Airbus A320-200 Aircraft with manufacturer's serialnumber 5556 dated 21 January 2020, as may be amended,supplemented and/or restated from time to time.

Aviation France I SARL in respect of one Boeing 737-800 aircraftmanufacturer's serial number 38074 dated 19 September 2014, as maybe amended, restated and/or supplemented from time to time; and

(ii) Aircraft Lease Novation and Amendment Agreement No.DS/PERJ/DE-3454/2014 between Pembroke Lease France S.A.S andPT Garuda Indonesia (Persero) Tbk and Fuyo Aviation France I SARL inrespect of one Boeing B737-800 Aircraft bearing MSN 38074 dated 17September 2014, as may be amended, restated and/or supplementedfrom time to time.

113.97.

116.98.

Grenoble LocationS.A.R.L.

Giovani RenaldoSutanto

(i) Aircraft Headlease Agreement between AERCAP Ireland CapitalLimited and Grenoble Location S.A.R.L in respect of one Boeing737-800 Aircraft bearing manufacturer's serial number 41796 dated 24June 2014, as may be amended, restated and/or supplemented fromtime to time;

(ii) Aircraft Lease Agreement No. DS/PERJ/DE-3401/2011 between PT

The basis of the claim made in accordance with Anjuran Disnaker No.08/ANJ/D/I/20 dated 27 January 2020, as may be amended, restated and/or




Helice Leasing S.A.S (i) Lease Agreement 38884 No. DS/PERJ/DE-3077/2012 between ACGAcquisition 38884 LLC and PT Garuda Indonesia (Persero) Tbkrelating to one Boeing Model B737-800 Aircraft Airframe MSN 38884dated 29 February 2012, as may be amended, restated and/orsupplemented from time to time;

(ii) Aircraft Operating Lease Novation and Amendment Agreementbetween ACG Acquisition 38884 LLC, Helice Leasing S.A.S, and PTGaruda Indonesia (Persero) Tbk dated 8 January 2016, as may beamended, restated and/or supplemented from time to time; and

(iii) Lease Agreement 38884 between GAL MSN 38884 Limited and HeliceLeasing S.A.S. relating one Boeing Model B737-800 Aircraft AirframeManufacturer's serial No. 38884 dated 11 January 2016, as may beamended, restated and/or supplemented from time to time.

Garuda Indonesia (Persero) Tbk and ILFC France S.A.R.L. dated 14October 2011, as may be amended, restated and/or supplementedfrom time to time; and

(iii) Lease Assignment & Assumption between Grenoble Location S.A.R.L,ILFC France S.A.R.L and PT Garuda Indonesia (Persero) Tbk dated 24June 2014, as may be amended, restated and/or supplemented fromtime to time.

(iv)

118.

121.100.

Helloworld TravelLimited

Greylag GooseLeasing 1446

Designated ActivityCompany

-

(i) Lease Agreement (MSN 1446) between Wells Fargo Bank Northwest,National Association and Surabaya Aircraft Leasing (Ireland) Limitedrelating to one Airbus Model A330-300 Aircraft MSN 1446 dated 28October 2016, as may be amended, restated and/or supplemented fromtime to time;

(ii) Sub-lease Agreement (MSN 1446) No. WI/PERJ/DZ-3174/2016 betweengaruda Indonesia Holiday France S.A.S. and PT Garuda Indonesia(Persero) Tbk dated 28 October 2016, as may be amended, restatedand/or supplemented from time to time; and

(iii) Novation and Amendment Agreement between Surabaya AircraftLeasing (Ireland) Limited, Garuda Indonesia Holiday France S.A.S., andGreylag Goose Leasing 1446 Designated Activity Compny relating to anAircraft Lease Agreement in respect of one Airbus A330-300 Aircraft withMSN 1446, dated 28 October 2016, as may be amended, restatedand/or supplemented from time to time.

122.101.

Herdi Kustriyadi Freelance Daily Work Agreement NumberGARUDA/JKTID/PERJ-90635/PKHL/2020 dated 19 October 2020 as may be

amended, restated and/or supplemented from time to time.

117.

119.99.

123.102.

Hirano LogisticsCorporation

Hanatour Japan Co.Ltd.

-

Greylag GooseLeasing 1410


Aircrew Transport Agreement No. DS/PERJ/TYODM-/2014 dated 15 June 2014,as may be amended, supplemented and/or restated from time to time.

124.103

HKAC Leasing 1671(Ireland) Limited

(i) Operating Lease Agreement between HKAC Leasing 1671 (Ireland)Limited and Garuda Indonesia Holiday France S.A.S relating to theleasing of one Airbus A330-300 with two Rolls Royce Trent 772B-60/16

-

120.



EP2 engines with MSN 1671 dated 28 July 2015, as may be amended,restated and/or supplemented from time to time;

(ii) Guarantee Agreement by PT Garuda Indonesia (Persero) Tbk No.WI/PERJ/DF-3080/15 relating to the operating lease agreement betweenGaruda Indonesia Holiday France S.A.S. and HKAC Leasing 1671(Ireland) Limited in respect of one Airbus A330-300with MSN 1671 dated28 July14 October 2015 as may be amended, restated and/orsupplemented from time to time;

(iii) Operating Sub-lease Agreement No. DS/PERJ/DF-3439/2015 betweenGaruda Indonesia Holiday France S.A.S. and PT Garuda Indonesia(Persero) Tbk relating to one Airbus A330-300 with two Rolls RoyceTrent 772B-60/16 EP2 engines with MSN 1671 dated 28 July 2015, asmay be amended, restated and/or supplemented from time to time; and

(iv) Lessor Security Assignment between Garuda Indonesia Holiday FranceS.A.S. and HKAC Leasing 1671 (Ireland) Limited in respect of one AirbusA330-300AircraftA330-300 Aircraft with MSN 1671 dated 14 October2015, as may be amended, restated and/or supplemented from time totime.

126.105.

129.108.

Incheon InternationalAirport Corporation

Hotel MercurePontianak (PT Josh &

Tasani Lestari)

-

Invoice no. SLS-000082328 dated 13 December 2021

130.109.

ICIL Paris Aircraft Lease Amendment Agreement No.DS/PERJ/AMAND-I/DZ-3445/2010/17 between ICIL Paris (a Limited LiabilityCompany( and PT Garuda Indonesia (Persero) Tbk relating to one Boeing

B737-800 with MSN 40807 dated 15 September 2017, as may be amended,restated and/or supplemented from time to time.

125.104.

127.106.

131.110.

.

ICTS Europe SystemLimited

I Gede Ketut MegaWijana

Traveldoc User Agreement No. IG/PERJ/CG-2552/2018 dated 26 September2018

Hong Kong Air CargoTerminals Limited


132. ILFC France S.A.R.L. -

Invoice from the periods of October - December 2021

128.107.

133.111

Infinity AircraftHoldings Ireland

Limited

IC AirLease OneLimited

(i) Seller Guarantee by and between Nissen Kaiun Co. Ltd and InfinityAircraft Holdings Ireland Limited in relation to one Airbus A320-214 withMSN 6434 dated 31 October 2018, as may be amended, restated and/or

(i) Leasing of one Boeing B737-800 Aircraft bearing MSN 38069 betweenPT Garuda Indonesia (Persero) Tbk and Pembroke Lease FranceS.A.S dated 21 September 2011, as may be amended, restated and/orsupplemented from time to time; and

(ii) Leasing of one Boeing B737-800 Aircraft bearing MSN 38070 betweenPT Garuda Indonesia (Persero) Tbk and Pembroke Lease FranceS.A.S dated 21 September 2011, as may be amended, restated and/orsupplemented from time to time.

(iii)



134.112.

136.114.

.

Ir. Chuwardi Chandra

Inishbrophy LeasingLimited

Invoices from November 2021 to December 2021

(i) Lease Agreement between Garuda Indonesia Holiday France S.A.S.and Inishbrophy Leasing Limited in relation with one Boeing B737-800Aircraft bearing MSN 30147 dated 26 December 2018, as may beamended, restated and/or supplemented from time to time;

(ii) Sub-Lease Agreement between Garuda Indonesia Holiday FranceS.A.S. and PT Garuda Indonesia (Persero) Tbkin relation with oneBoeing B737-800 Aircraft bearing MSN 30147 dated 26 December2018, as may be amended, restated and/or supplemented from time totime;

(iii) Lease Agreement between Garuda Indonesia Holiday France S.A.S.and Inishbrophy Leasing Limited in relation with one Boeing B737-800Aircraft bearing MSN 30149 dated 26 December 2018, as may beamended, restated and/or supplemented from time to time;

(iv) Sub-Lease Agreement between Garuda Indonesia Holiday FranceS.A.S. and PT Garuda Indonesia (Persero) Tbkin relation with oneBoeing B737-800 Aircraft bearing MSN 30149 dated 26 December2018, as may be amended, restated and/or supplemented from time totime;

(v) Lease Agreement between Garuda Indonesia Holiday France S.A.S.and Inishbrophy Leasing Limited in relation with one Boeing B737-800Aircraft bearing MSN 30150 dated 26 December 2018, as may beamended, restated and/or supplemented from time to time; and

(vi) Sub-Lease Agreement between Garuda Indonesia Holiday FranceS.A.S. and PT Garuda Indonesia (Persero) Tbkin relation with oneBoeing B737-800 Aircraft bearing MSN 301450 dated 26 December2018, as may be amended, restated and/or supplemented from time totime.

137.115.

Jakarta AircraftLeasing (Ireland)

Limited

(i) Aircraft Lease Agreement (MSN 1364) between Jakarta AircraftLeasing (Ireland) Limited and Garuda Indonesia Holiday France S.A.S.dated 14 November 2016, as may be amended, restated and/orsupplemented from time to time; and

(ii) Aircraft Sub-lease between Aircraft MSN 1364 LLC and Jakarta AircraftLeasing (Ireland) Limited in respect of one Airbus A330-300 AircraftMSN 1364 dated 14 November 2016, as may be amended, restatedand/or supplemented from time to time.

supplemented from time to time;

(ii) Aircraft Lease Agreement between Kyouwa Kisen Co. Ltd and GarudaIndonesia Holiday France S.A.S in relation to Airbus A320-214 with MSN6434 dated 26 November 2014, as may be amended, restated and/orsupplemented from time to time;

(iii) Aircraft Lease Agreement between M&T Aviation Finance (Ireland)Limited and Garuda Indonesia Holiday France S.A.S in relation to AirbusA320-214 with MSN 6596 dated 26 November 2014, as may beamended, restated and/or supplemented from time to time;

Deed of Novation between M&T Aviation Finance (Ireland) Limited, GarudaIndonesia Holiday France S.A.S and Infinity Aircraft Holdings Ireland Limited in

relation to Airbus A320-214 with MSN 6596 dated 8 June 2018, as may beamended, restated and/or supplemented from time to time.

135.113.

138.1 JAL Kansai Aircargo

Ir Nanette CahyanieHandari Adi Warsito,

S.H. (Notaris & PPAT)di Jakarta

Invoice from the periods of April - December 2021

-



16.

139.117.

141.119.

Japan Security SupportCo, Ltd.

Japan Airlines Co. Ltd.

-

System Co. Ltd.

-

142.120.

Jin Shan 9 IrelandCompany

(i) Aircraft Lease Agreement between Garuda Indonesia Holiday FranceS.A.S. and Jin Shan 9 Ireland Company Limited dated 20 May 2016,as may be amended, restated and/or supplemented from time to time;and

(ii) Guarantee between PT Garuda Indonesia (Persero) Tbk and Jin Shan9 Ireland Company Limited dated 18 May 2016, as may be amended,restated and/or supplemented from time to time.

140.118.

143.121.

JSA International U.S.Holdings, LLC

Japan Civil AviationBureau

(i) Aircraft Lease Agreement between JSA International U.S. Holdings,LLC (as lessor) and Garuda Indonesia Holiday France S.A.S. (aslessee) in relation to one Airbus A320-200 aircraft bearing MSN 6753dated 2 September 2015 (as amended, novated, modified orsupplemented from time to time)

(ii) Aircraft Lease Agreement between Garuda Indonesia Holiday FranceS.A.S. (as sub-lessor) and the PT Garuda Indonesia (Persero) Tbk (assub-lessee) in relation to one Airbus A320-200 aircraft bearing MSN6753 dated 9 September 2015 (as amended, novated, modified orsupplemented from time to time)

(iii) Aircraft Lease Agreement between JSA International U.S. Holdings,LLC (as lessor) and Garuda Indonesia Holiday France S.A.S. (aslessee) in relation to one Airbus A320-200 aircraft bearing MSN 6980dated 2 September 2015 (as amended, novated, modified orsupplemented from time to time)

(iv) Aircraft Lease Agreement between Garuda Indonesia Holiday FranceS.A.S. (as sub-lessor) and the PT Garuda Indonesia (Persero) Tbk (assub-lessee) in relation to one Airbus A320-200 aircraft bearing MSN6980 dated 9 September 2015 (as amended, novated, modified orsupplemented from time to time)

(v) (i) OperationalAircraft Lease Agreement between Avolon AerospaceAOE 88 LimitedJSA International U.S. Holdings, LLC (as lessor) andGaruda Indonesia Holiday France S.A.S. (as lessee) in relation to oneA330-300 aircraft bearing MSN 1577 dated as 25 July 2014; and (asamended, novated, modified or supplemented from time to time)

(vi) Aircraft Lease Agreement between Garuda Indonesia Holiday FranceS.A.S. (as sub-lessor) and the PT Garuda Indonesia (Persero) Tbk (assub-lessee) in relation to one A330-300 aircraft bearing MSN 1577dated as 25 July 2014 (as amended, novated, modified orsupplemented from time to time)

(vii) (ii) Guarantee Agreement between JSA International U.S. Holdings andPT Garuda Indonesia (Persero) Tbk (as guarantor) and JSAInternational U.S. Holdings, LLC (as beneficiary) in relation to oneA330-300 aircraft bearing MSN 1577 dated 25 March 2015. (asamended, novated, modified or supplemented from time to time)

(viii) Guarantee Agreement between PT Garuda Indonesia (Persero) Tbk(as guarantor) and JSA International U.S. Holdings, LLC (asbeneficiary) in relation to one A320-200 aircraft bearing MSN 6753dated 2 September 2015 (as amended, novated, modified orsupplemented from time to time)

(ix) Guarantee Agreement between PT Garuda Indonesia (Persero) Tbk

Invoices as provided on Daftar Tagihan Biaya Pemakaian Bandara dll withDebtor No. 2741 dated 22 Desember 2021



144.122.

146.124.

150.128.

Kemenhub KantorUPBU Djalaluddin

Kansai Airports

Invoice details has been provided in accordance with Letter No.PL.109/007/UPBU-GTO/2022 dated 17 January 2022

K Aviation LeasingCorporation 1A


-

151.129.

Kemenhub KantorUPBU Halu Oleo

Kendari

Account Receivables Notification made in accordance with letter No.KU.102/01/15/2022 dated 17 January 2022

(i) Aircraft Lease Agreement between Garuda Indonesia Holiday FranceS.A.S. and Inishbrophy Leasing in relation of one Boeing B737-800MSN 30148 dated 26 December 2018, as may be amended, restatedand/or supplemented from time to time; and

(ii) Aircraft Novation Lease Agreement between Garuda Indonesia HolidayFrance S.A.S., Inishbrophy Leasing Limited, and K Aviation LeasingCorporate 1A DAC in relation of one Boeing B737-800 MSN 30148dated 17 December 2019, as may be amended, restated and/orsupplemented from time to time.

147.125.

152.130.

Kemenhub KantorUPBU Kelas I A.P.TPranoto Samarinda

Kantor HukumKemalsjah &Assoicates

Space Lease Cooperation Agreement No. SRIDM/PERJ/UPGAM-20001/2021dated 8 February 2021, as may be amended, restated and/or supplemented

from time to time.

Invoice No. 1662/0156.051 dated 21 October 2021

153.131.

(as guarantor) and JSA International U.S. Holdings, LLC (asbeneficiary) in relation to one A320-200 aircraft bearing MSN 6980dated 2 September 2015 (as amended, novated, modified orsupplemented from time to time)

Kemenhub KantorUPBU Kelas II Nabire

Account Receivables Claim made in accordance with letter No.KU.102/03.01/I/BU.NBR-2022 dated 18 January 2022

145.123.

148.126.

154.132.

Kemenhub KantorUPBU Mopah Merauke

Kantor PelayananPajak Wajib Pajak

Besar Empat

Lease Agreement No. IG/PERJ/UPGAM-4242/2021/NON-LEG dated 1 January2021, as may be amended, restated and/or supplemented from time to time.

Kansai AirportTransportation

Enterprise Co. Ltd.

Account Receivables Claim made in accordance with letter No.S-1703/WPJ.19/KP.09/2021 dated 29 December 2021

155.133.

Kemenhub KantorUPBU Tampa Padang

Mamuju

Account Receivables Notification made in accordance with letter No.KU.102/2/26/BUTP.MMJ-2022 dated 6 January 2021

Invoice No. C210505 dated 2 June 2021 and No. C210505 dated 28 June 2021

149.127.

156.134.

KJPP Anas KarimRivai & Rekan

Karmal FauzaSembiring

KJPP Restructuring Old Age Benefits and Annuity Programs ProcurementAgreement No. IG/PERJ/ID-4229/2021/NON-LEG dated 27 August 2021 as may

be amended, restated and/or supplemented from time to time.

Invoice details has been provided in form of Interoffice Correspondence (ref:JKTVZO/10009/2021)



KJPP Iwan Bachron &Rekan

Invoices from January 2020 to November 2020

161.139.

Klinik Prima Husada -

KJPP Agreement on Valuation of Subsidiaries and Joint Ventures No.IG/PERJ/DE-4218/NON-LEG dated 12 July 2021, as may be amended, restated


159.137.

162.140.

Koperasi KaryawanGaruda Indonesia

Group

Klinik Abdul RadjakPondok Gede

-

JPK Garuda Sentra Medika Health Services - PT Aerowisata Group CooperationAgreement No. JKTIH/PERJ-30025/UPK MH THAMRIN/2017 as may be


163.141.

157.135.

Kornerstone AirleaseNo. 1 Limited

(i) Aircraft Lease Novation and Amendment between Celestial AviationTrading 22 Limited, Garuda Indonesia Holiday France S.A.S. andKornerstone Airlease No.1 Limited in respect of one Boeing 737-800Aircraft bearing MSN 3803038040 and two CFM56-7B26E engines withMSN 963875 and 963878 dated 16 August 2017, as may be amended,restated and/or supplemented from time to time; and

(ii) Aircraft Specific Lease Agreement between Garuda Indonesia HolidayFrance S.A.S and Celestial Aviation Trading 22Kornerstone AirleaseNo.1 Limited onin respect of one B737-800 bearing MSN 3803038040dated 14 June 2014, as may be amended, restated and/or supplementedfrom time to time;

(iii) Guarantee between PT Garuda Indonesia (Persero) Tbk andKornerstone Airlease No.1 Limited Dated 16 August 2017 in respect ofone B737-800 bearing MSN 38040 (as amended, novated, modified orsupplemented from time to time);

(iv) (iii) Aircraft Lease Novation and Amendment Agreement betweenCelestial Aviation Trading 38 Limited, Garuda Indonesia Holiday FranceS.A.S. and Kornerstone Airlease No.1 Limited in respect of one Boeing737-800 Aircraft bearing MSN 41270 dated 16 August 2017, as may beamended, restated and/or supplemented from time to time; and

(v) (iv) Aircraft Specific Lease Agreement between Garuda IndonesiaHoliday France S.A.S. and Celestial Aviation Trading 38KornerstoneAirlease No.1 Limited in respect of one Boeing 737-800 Aircraft bearingMSN 41270 dated 9 October 2014., as may be amended, restated and/orsupplemented from time to time;

(vi) Guarantee between PT Garuda Indonesia (Persero) Tbk andKornerstone Airlease No.1 Limited Dated 16 August 2017 in respect ofone Boeing 737-800 Aircraft bearing MSN 41270 (as amended, novated,modified or supplemented from time to time).

158.136.

160.138.

164. LAF Leasing Ireland 4Limited

Klinik Pelita SehatCiomas

(i) Aircraft Specific Lease Agreement between Garuda Indonesia HolidayFrance S.A.S. and Celestial Aviation Trading 22 Limited on oneB737-800 bearing manufacturer's serial number 38043 dated 14 June2014, as may be amended, restated and/or supplemented from time totime;

Klinik & Apotik Selaras

-



Leli Mardiana Invoice details has been provided in form of Interoffice Correspondence (ref:VZO/20017/2021) and Interoffice Correspondence (ref: VZO/20032/2021)

165.142.

167.144.

Lembaga PembiayaanEkspor Indonesia

(Indonesia Eximbank)

Law Offices ofWiriadinata & Saleh

2) Export Working Capital Loan under Deed of Export Working Capital CreditAgreement (Perjanjian Kredit Modal Kerja Ekspor) No. 19 Dated 6 October2020, drawn up before Nanette Cahyanie Handari Adi Warsito, S.H., Notaryin Jakarta with a facility amount of IDR 1,000,000,000,000.

Invoice No. 01/04/A/2016 dated 1 April 2016

168.145.

Lufthansa SystemsGmBH & Co.KG

(i) Re-Assignment Agreement dated 1 January 2021 in relation to aStatement of Work of Software Maintenance NetLine/Plan,NetLine/Sched dated 31 January 2013, as may be amended,supplemented and/or restated from time to time;

(ii) Aircraft Lease Novation and Amendment Agreement between CelestialAviation Trading 22 Limited, Garuda Indonesia Holidat France S.A.S andLAF Leasing Ireland 4 Limited in respect of one Boeing 737-800 Aircraftbearing manufacturer's serial number 38043 and two CFM56-7B26EEngines bearing manufacturer's serial numbers 658250 and 657258dated 31 March, as may be amended, restated and/or supplementedfrom time to time;

(iii) Guarantee by PT Garuda Indonesia (Persero) Tbk relating to the HeadLease Agreement between Garuda Indonesia Holiday France S.A.S andLAF Leasing Ireland 4 Limited in respect of one Boeing 737-800 AircraftMSN 38043 dated 31 March 2017, as may be amended, restated and/orsupplemented from time to time;

(iv) Sub-aircraft Specific Lease Agreement between PT Garuda Indonesia(Persero) Tbk and Garuda Indonesia Holiday France S.A.S on oneB737-800 bearing manufacturer's serial number 38043 dated 14 June2014,as may be amended, restated and/or supplemented from time totime;

(v) Aircraft Specific Lease Agreement between Garuda Indonesia HolidayFrance S.A.S. and Celestial Aviation Trading 22 Limited on oneB737-800 bearing manufacturer's serial number 38044 dated 14 June2014, as may be amended, restated and/or supplemented from time totime;

(vi) Aircraft Lease Novation and Amendment Agreement between CelestialAviation Trading 22 Limited, Garuda Indonesia Holidat France S.A.S andLAF Leasing Ireland 4 Limited in respect of one Boeing 737-800 Aircraftbearing manufacturer's serial number 38044 and two CFM56-7B26EEngines bearing manufacturer's serial numbers 658250 and 657258dated 31 March, as may be amended, restated and/or supplementedfrom time to time;

(vii) Guarantee by PT Garuda Indonesia (Persero) Tbk relating to the HeadLease Agreement between Garuda Indonesia Holiday France S.A.S andLAF Leasing Ireland 4 Limited in respect of one Boeing 737-800 AircraftMSN 38043 dated 31 March 2017, as may be amended, restated and/orsupplemented from time to time; and

(viii) Sub-aircraft Specific Lease Agreement between PT Garuda Indonesia(Persero) Tbk and Garuda Indonesia Holiday France S.A.S on oneB737-800 bearing manufacturer's serial number 38044 dated 14 June2014, as may be amended, restated and/or supplemented from time totime.

166.143.



Malaysia Airports(Sepang) Sdn Bhd

Mach 1 France 36850Sas

Invoice from the periods of August 2020 - December 2021

(i) Lease Agreement 36850 between Bank of Utah and PT GarudaIndonesia (Persero) relating to one Boeing Model B737-8HX AircraftAirframe Manufacturer's serial number 36850 dated 7 August 2009, asmay be amended, supplemented and/or restated from time to time; and

(ii) Aircraft Lease Novation and Amendment Deed between Bank of Utah,PT Garuda Indonesia (Persero) Tbk and Mach 1 France 36850 S.A.S.in respect of one Boeing Model B737-800 Aircraft beading MSN 36850and two CFM Internalsional, Inc. model CFM56-7B26 engines bearingMSN 804393 dated 2 October, as may be amended, supplementedand/or restated from time to time.

172.149.

Martinus Kayadu Invoice details has been provided in form of Interoffice Correspondence (ref:JKTVZO/10007/2021)

(ii) Statement of Work NetLine Suite Application Service Providing (ASP)for Garuda Indonesia Contract No. O-DSZF dated 29 April 2021, asmay be amended, supplemented and/or restated from time to time;

(iii) Garuda's Letter No. GARUDA/JKTIBP/20191/2021 "Confirmation toOracle License, VPN Connection and OAG Data License for Provisionof Network Planning & Scheduling System" dated 8 June 2021, as maybe amended, supplemented and/or restated from time to time;

(iv) Garuda's Letter No. GARUDA/JKTIBP/20108/2021 "Confirmation Letterfor Temporary Extension of Network Planning & Scheduling InterimService (NLP & NLS)" dated 23 March 2021, as may be amended,supplemented and/or restated from time to time;

(v) Request for Change (RfC) NLSP-19 "Provision of OAG Data License"dated 2 September 2021, as may be amended, supplemented and/orrestated from time to time;

(vi) Request for Change (RfC) NLSP-15 "Oracle License Purchase" dated2 September 2021, as may be amended, supplemented and/orrestated from time to time; and

(vii) Request for Change (RfC) NLSP-11 "Provision of VPN Connectionbetween GA and LSY-GAC" dated 2 September 2021, as may beamended, supplemented and/or restated from time to time.

170.147.

173.150.

MASC (France) SARL

Mach 1A LeasingIreland Limited

Aircraft Head Lease Agreement between Wells Fargo Bank Northwest, NationalAssociation and MASC (France) S.A.R.L. and PT Garuda Indonesia (Persero)Tbk concerning one Boeing B737-800 Aircraft (MSN 39417) and two CFMInternational CFM56-7B26E Engines dated 11 January 201614 December 2009,as may be amended, supplemented and/or restated from time to time.

(i) Sublease Agreement 2598 between Garuda Indonesia Holiday FranceS.A.S and PT Garuda Indonesia (Perseroan) Tbk relating to one AirbusModel A320-200 Aircraft Airframe MSN 2598 dated 8 June 2018, asmay be amended, supplemented and/or restated from time to time; and

(ii) Aircraft Lease Novation and Amendment Deed between Wells FargoTrust Company National Association, Garuda Indonesia Holiday FranceS.A.S and Mach 1A Leasing Ireland Limited in respect of one AirbusModel A320-200 Aircraft beading MSN 2598 and two International Aeroengunes AG Model V2527-A5 engines bearing MSN V12091 andV12093 dated September 2020, as may be amended, supplementedand/or restated from time to time.

174.1 Medical Tribune, Inc (i) Aircraft Lease Agreement between SMBC Aviation Capital Limited and

169.146.

171.148.



51.

MSN 30141 Leasing(France) SARL

Mitsubishi JishoProperty Manegement

Co. Ltd.

Aircraft Lease Agreement No. DS/PERJ/DZ-3002/2009 between MSN 30141Leasing (France) SARL and PT Garuda Indonesia (Persero) in relation to one

Boeing B737-800 Aircraft dated 6 January 2009, as may be amended,supplemented and/or restated from time to time.

-

178.155.




Garuda Indonesia Holiday France S.A.S. relating to the leasing of oneAirbus A320-200 Aaircraft MSNmanufacturer's serial number 5777dated 24 October 2014, as may be amended, novated, supplementedand/or restated from time to time;

(ii) Aircraft Lease Novation and Amendment Deed between SMBCAviation Capital Limited, Garuda Indonesia Holiday France S.A.S.,Sakurajyuji Inc., and Sakurajyuji Inc., Tomo Co., LTDLtd. andSaishunkan Pharmaceutical Co., LTDLtd. in respect of one AirbusA320-200 bearing MSNmanufacturer's serial number 5777 and twoCFM56-5B4/3 Eengines bearing MSNmanufacturer's serial numbers645805 and 645806 dated 17 October 2016, as may be amended,supplemented and/or restated from time to time;

(iii) Aircraft Lease Novation and Amendment Deed between SakurajyujiInc., Tomo Co., Ltd., Saishunkan Pharmaceutical Co., Ltd., GarudaIndonesia Holiday France S.A.S. and Medical Tribune, Inc. in respectof one Airbus A320-200 bearing manufacturer's serial number 5777and two CFM56-5B4/3 engines bearing manufacturer's serial numbers645805 and 645806 dated 22 May 2020, as may be amended,supplemented and/or restated from time to time;

(iv) (iii) Aircraft Sub-leaseSub-Lease Agreement No.DS/PERJ/DE-3489/2014 between Garuda Indonesia Holiday FranceS.A.S. and PT Garuda Indonesia (Persero) Tbk in. relationg to theleasing of one Airbus A320-200 Aaircraft MSNmanufacturer's serialnumber 5777 dated 24 October 2014, as may be amended,supplemented and/or restated from time to time; and

(v) (iv) Lessor Security Assignment between Garuda Indonesia HolidayFrance S.A.S. and Medical Tribune, Inc. in respect of one AirbusA320-200 Aircraft MSNwith manufacturer's serial number 5777 dated22 May 2020, as may be amended, supplemented and/or restated fromtime to time.

176.153.

179.156.



Aircraft Lease Agreement No. DS/PERJ/DZ-3004/2009 between MSN 30142Leasing (France) SARL and PT Garuda Indonesia relating to one Boeing

B737-800 Aircraft dated 6 January 2009, leasing amendments thereto, as maybe amended, supplemented and/or restated from time to time.



180.15



175.152.

177.154.



NAC Aviation 27Limited

(i) Aircraft Lease Agreement between Garuda Indonesia Holiday FranceS.A.S and NAC Aviation 27 Limited on ATR72-600 with MSN 972, asmay be amended, restated and/or supplemented from time to time; and

(ii) Aircraft Lease Agreement between Garuda Indonesia Holiday FranceS.A.S and NAC Aviation 27 Limited on ATR72-600 with MSN 988, asmay be amended, restated and/or supplemented from time to time.

181.158.

183.

7.

NAC Aviation 29Designated Activity

Company

MTU MaintenanceBerlin – Brandenburg

GmbH

(i) Aircraft Lease Agreement between Garuda Indonesia Holiday FranceS.A.S. and NAC Aviation 29 Designated Activity Company onATR72-600 with MSN 966 dated 19 November 2019, as may beamended, restated and/or supplemented from time to time;

(ii) Aircraft Lease Agreement between Garuda Indonesia Holiday FranceS.A.S. and PT Citilink Indonesia on ATR72-600 with MSN 966, as maybe amended, restated and/or supplemented from time to time;

(iii) Aircraft Lease Agreement between Garuda Indonesia Holiday FranceS.A.S. and NAC Aviation 29 Designated Activity Company onATR72-600 with Serial Number 1422, as may be amended, restatedand/or supplemented from time to time;

(iv) Aircraft Sublease Agreement No. IG/PERJ/DF-3442/2018 between PTGaruda Indonesia (Persero) Tbk and Garuda Indonesia Holiday FranceS.A.S. on ATR72-600 with Serial Number 1422, as may be amended,restated and/or supplemented from time to time;

(v) The Aircraft Sub-Sub-Lease Agreement No.Citilink/JKTDSQG/PERJ-6281/1118 between PT Garuda Indonesia(Persero) Tbk and PT Citilink Indonesia, relating on one ATR72-212Awith MSN 1422, as may be amended, restated and/or supplementedfrom time to time;

(vi) Aircraft Lease Agreement between Garuda Indonesia Holiday FranceS.A.S. and NAC Aviation 29 Designated Activity Company onATR72-600 with MSN, as may be amended, restated and/orsupplemented from time to time;

(vii) Aircraft Sublease Agreement No. IG/PERJ/DE-3569/2018 between PTGaruda Indonesia (Persero) Tbk and Garuda Indonesia Holiday FranceS.A.S. relating to one ATR72-600 with MSN 1438, as may beamended, restated and/or supplemented from time to time; and

(viii) This Aircraft Sub-Sub-Lease Agreement between PT GarudaIndonesia (Persero) Tbk and PT Citilink Indonesia relating on oneATR72-212A with MSN 1438, as may be amended, restated and/orsupplemented from time to time.

Agreement No. WI/PERJ/DE-3068/2016 dated 9 June 2016, (ii) PerjanjianLisensi Perangkat Lunak dan Integrasi Konten No. DS/PERJ/CS-3371/2010

dated 21 August 2019, as may be amended, restated and/or supplemented fromtime to time.

184. NAC Aviation 8 Limited (i) Aircraft Sub Lease Agreement No. WI/PERJ/DE-3049/2016 between PTGaruda Indonesia (Persero) Tbk and Garuda Indonesia Holiday FranceS.A.S. relating to one ATR72-600 with MSN 1242, as may be amended,restated and/or supplemented from time to time; and

(ii) Aircraft Lease Agreement between NAC Aviation 8 Limited and Garuda


182.



Nikko Kisen Co. Ltd. -

Indonesia Holiday France S.A.S. on ATR72-600 with Serial Number1242 dated 18 January 2016, as may be amended, restated and/orsupplemented from time to time.

186.159.

189.162.

NimbusfundingLimited-Part of Aercap

Narita InternationalAirport Corporation

Aircraft Operating Lease Agreement between Nimbusfunding Limited andGaruda Indonesia Holidat France S.A.S in respect of one Boeing 737-800

Aircraft bearing manufacturer's serial number 41605 dated 27 january 2015,leasing amendments thereto, as may be amended, supplemented and/or

restated from time to time.

Invoice from the periods of January 2020 - July 2021

190.163.

Nordic AviationLeasing Eighteen Pte.

Ltd

(i) Aircraft Lease Agreement between Nordic Aviation Leasing EighteenPTE. LTD and Garuda Indonesia Holiday France S.A.S on ATR 72-600with serial number 1321, as may be amended, restated and/orsupplemented from time to time; and

(ii) Aircraft Sub Lease Agreement No. WI/PERJ/DE-3176/2016 between PTGaruda Indonesia and Garuda Indonesia Holiday France S.A.S relatingto one ATR 72-600 with MSN 1321, as may be amended, restatedand/or supplemented from time to time.

185.

187.160.

Nordic AviationLeasing Twenty OnePte. Ltd.

NAS Investments 75,Inc (MSN 965338)

-

Nancy LocationS.A.R.L-Part of Aercap

Lease Agreement MARCH17-GA-965338 between NAS Investments 75, Inc.and PT Garuda Indonesia (Persero) Tbk dated 27 March 2017, leasing

amendments thereto, as may be amended, supplemented and/or restated fromtime to time.

191.165.

Nordic AviationLeasing TwentyEleven

Pte. Ltd.

(i) Aircraft Lease Agreement between Garuda Indonesia Holiday FranceSAS and Nordic Aviation Leasing Eleven PTE. LTD on ATR72-600 withserial number 1132 on May 2014, as may be amended, restated and/orsupplemented from time to time;

(ii) Aircraft Lease Agreement between PT Garuda Indonesia (Persero) Tbkand NAC Aviation France 2 SAS on ATR72-600 with serial number1132 on 11 December 2013, as may be amended, restated and/orsupplemented from time to time;

(iii) Aircraft Lease Agreement No. DS/PERJ/DE-3106/2014 between PTGaruda Indonesia (Persero) Tbk and NAC Aviation France 2 SAS onATR72-600 with serial number 1140 on March 2014, as may beamended, restated and/or supplemented from time to time;

(iv) Aircraft Lease Agreement No. DS/PERJ/DE-3181/2014 between PTGaruda Indonesia (Persero) Tbk and NAC Aviation France 2 SAS onATR72-600 with serial number 1149 on May 2014, as may beamended, restated and/or supplemented from time to time;

(v) Aircraft Lease Agreement between Garuda Indonesia Holiday France

(i) Aircraft Headlease Agreement between CELTAGO II Funding Limitedand Nancy Location S.A.R.L in respect of one Boeing 737-800 Aircraftbearing manufacturer's serial number 41800 dated 14 February 2017,leasing amendments thereto, as may be amended, supplemented and/orrestated from time to time.

188.161.



192.166.

Nordic AviationLeasing Twenty Two

Seven Pte. Ltd

(i) Aircraft Operating Lease Agreement dated 23 January 2015 betweenGaruda Indonesia Holiday France SAS, as lessee, and Nordic AviationLeasing Seven Pte. Ltd., as lessor in respect of one BombardierCRJ1000 aircraft with manufacturer's serial number 19028 as may beamended, restated and/or supplemented from time to time;

(ii) Aircraft Lease Agreement dated 23 January 2015 between GarudaIndonesia Holiday France SAS, as lessee, and Nordic Aviation LeasingSeven Pte. Ltd., as lessor in respect of one Bombardier CRJ1000aircraft with manufacturer's serial number 19029 as may be amended,restated and/or supplemented from time to time;

(iii) Aircraft Lease Agreement dated 23 January 2015 between GarudaIndonesia Holiday France SAS, as lessee, and Nordic Aviation LeasingSeven Pte. Ltd., as lessor in respect of one Bombardier CRJ1000aircraft with manufacturer's serial number 19030 as may be amended,restated and/or supplemented from time to time;

(iv) Aircraft Lease Agreement dated 23 January 2015 between GarudaIndonesia Holiday France SAS, as lessee, and Nordic Aviation LeasingSeven Pte. Ltd., as lessor in respect of one Bombardier CRJ1000aircraft with manufacturer's serial number 19031 as may be amended,restated and/or supplemented from time to time;

(v) Aircraft Lease Agreement dated 23 January 2015 between GarudaIndonesia Holiday France SAS, as lessee, and Nordic Aviation Leasing

S.A.S and Nordic Aviation Leasing Eleven PTE. LTD on ATR72-600with serial number 1149 on May 2014, as may be amended, restatedand/or supplemented from time to time;

(vi) Aircraft Lease Agreement between Garuda Indonesia Holiday FranceS.A.S and Nordic Aviation Leasing Eleven PTE. LTD on ATR72-600with serial number 1152 dated 30 May 2014, as may be amended,restated and/or supplemented from time to time;

(vii) Aircraft Sub-Lease Agreement No. DS/PERJ/DE-3226/2014 betweenGaruda Indonesia Holiday France S.A.S and PT Garuda Indonesia(Persero) Tbk on 1 aircraft with MSN 1152 dated 3 May 2014, as maybe amended, restated and/or supplemented from time to time;

(viii) Aircraft Lease Agreement between Garuda Indonesia Holiday FranceS.A.S and Nordic Aviation Leasing Eleven PTE. LTD on ATR72-600with serial number 1181 on October 2014, as may be amended,restated and/or supplemented from time to time;

(ix) Aircraft Lease Agreement No. DS/PERJ/DZ-3477/2014 betweenGaruda Indonesia Holiday France S.A.S and Nordic Aviation LeasingEleven PTE. LTD on one ATR72-600 with serial number 1181, as maybe amended, restated and/or supplemented from time to time;

(x) Aircraft Lease Agreement between Garuda Indonesia Holiday FranceS.A.S and Nordic Aviation Leasing Eleven PTE. LTD on ATR72-600with serial number 1191, as may be amended, restated and/orsupplemented from time to time; and

(xi) (i) Aircraft Sub LeaseSub-Lease Agreement No.WIDS/PERJ/DEZ-3261/2016-3584/2014 between PT Garuda Indonesia(Persero) Tbk and Garuda Indonesia Holiday France S.A.S. relating onone ATR72-600 Aircraft with MSN 1329 dated 27 June 2016with serialnumber 1191, as may be amended, restated and/or supplemented fromtime to time;.

(ii) Aircraft Lease Agreement between Nordic Aviation Leasing Twenty PTE.LTD. And Garuda Indonesia Holiday France S.A.S.on ATR72-600Aircraft with MSN 1329, as may be amended, restated and/orsupplemented from time to time;



193. Nordic AviationLeasing Sixteen Pte.

Ltd.

(i) Aircraft Lease Agreement between Garuda Indonesia Holiday FranceS.A.S. and Nordic Aviation Leasing Sixteen PTE. LTD. on oneATR72-600 with serial number 1243, as may be amended, restatedand/or supplemented from time to time;

(ii) Aircraft Sub Lease Agreement No.DS/PERJ/DE-3040DZ-3132/20172015 between PT Garuda Indonesia(Persero) Tbk and Garuda Indonesia Holiday France S.A.S. relating toone ATR72-600 with MSN 1243, as may be amended, restated and/orsupplemented from time to time;

(iii) Aircraft Lease Agreement between Garuda Indonesia Holiday FranceS.A.S. and Nordic Aviation Leasing Sixteen PTE. LTD. on oneATR72-600 with serial number 1254, as may be amended, restatedand/or supplemented from time to time; and

(iv) Aircraft Sub Lease Agreement No. DS/PERJ/DZ-3436/2015 betweenPT Garuda Indonesia (Persero) Tbk and Garuda Indonesia HolidayFrance S.A.S. relating to one ATR72-600 with MSN 1398 dated 22March 20171254, as may be amended, restated and/or supplementedfrom time to time.

Seven Pte. Ltd., as lessor in respect of one Bombardier CRJ1000aircraft with manufacturer's serial number 19032 as may be amended,restated and/or supplemented from time to time;

(vi) Aircraft Lease Agreement dated 23 January 2015 between GarudaIndonesia Holiday France SAS, as lessee, and Nordic Aviation LeasingSeven Pte. Ltd., as lessor in respect of one Bombardier CRJ1000aircraft with manufacturer's serial number 19033 as may be amended,restated and/or supplemented from time to time;

(vii) Aircraft Lease Agreement dated 23 January 2015 between GarudaIndonesia Holiday France SAS, as lessee, and Nordic Aviation LeasingSeven Pte. Ltd., as lessor in respect of one Bombardier CRJ1000aircraft with manufacturer's serial number 19034 as may be amended,restated and/or supplemented from time to time;

(viii) Aircraft Lease Agreement dated 23 January 2015 between GarudaIndonesia Holiday France SAS, as lessee, and Nordic Aviation LeasingSeven Pte. Ltd., as lessor in respect of one Bombardier CRJ1000aircraft with manufacturer's serial number 19038 as may be amended,restated and/or supplemented from time to time;

(ix) Aircraft Lease Agreement dated 23 January 2015 between GarudaIndonesia Holiday France SAS, as lessee, and Nordic Aviation LeasingSeven Pte. Ltd., as lessor in respect of one Bombardier CRJ1000aircraft with manufacturer's serial number 19039 as may be amended,restated and/or supplemented from time to time;

(x) Aircraft Lease Agreement dated 2 October 2015 between GarudaIndonesia Holiday France SAS, as lessee, and Nordic Aviation LeasingSeven Pte. Ltd., as lessor in respect of one Bombardier CRJ1000aircraft with manufacturer's serial number 19042 as may be amended,restated and/or supplemented from time to time;

(xi) Aircraft Lease Agreement dated 25 November 2015 between GarudaIndonesia Holiday France SAS, as lessee, and Nordic Aviation LeasingSeven Pte. Ltd., as lessor in respect of one Bombardier CRJ1000aircraft with manufacturer's serial number 19043 as may be amended,restated and/or supplemented from time to time; and

(xii) Aircraft Lease Agreement dated 4 December 2015 between GarudaIndonesia Holiday France SAS, as lessee, and Nordic Aviation LeasingSeven Pte. Ltd., as lessor in respect of one Bombardier CRJ1000aircraft with manufacturer's serial number 19044 as may be amended,restated and/or supplemented from time to time.



Nordic AviationLeasing Twenty Pte.

Ltd.

(i) Aircraft Sub Lease Agreement No. WI/PERJ/DE-3261/2016 betweenPT Garuda Indonesia (Persero) Tbk and Garuda Indonesia HolidayFrance S.A.S. relating on one ATR72-600 Aircraft with MSN 1329dated 27 June 2016 as may be amended, restated and/orsupplemented from time to time;

(ii) Aircraft Lease Agreement between Nordic Aviation Leasing TwentyPTE. LTD. And Garuda Indonesia Holiday France S.A.S.on ATR72-600Aircraft with MSN 1329, as may be amended, restated and/orsupplemented from time to time;

194.

196.167.

NorthShoreAviationCapitalLLC.

Nordic AviationLeasing Twenty Two

Pte. Ltd.

Nordic AviationLeasing Twenty One

Pte. Ltd.

Engine LeaseAircraft Operating Agreement No. DS/PERJ/DE-3040/2017between PT Garuda Indonesia (Persero)Tbk and Garuda Indonesia Holiday

France S.A.S and Celestial Aviation Trading 100 Limited.relating on oneCFM56-7B26/3 engine bearing Engine Serial Number 960146ATR72-600 withMSN 1398 dated 14 June 201422 March 2017, as may be amended, restated


-

197. ORIX Aviation SystemsLimited

(i) Aircraft Lease Agreement between ORIX Aviation Systems Limited andGaruda Indonesia Holiday France S.A.S relating to one Airbus A330-300with MSN 1709 dated 23 March 2016, (as amended, novated, modifiedor supplemented from time to time);

(ii) Operating Sub-lease Agreement PT Garuda Indonesia (Persero) Tbkand Garuda Indonesia Holiday France S.A.S. relating on one AirbusA330-300 with MSN 1709 dated 23 March 2016, as may be amended,restated and/or supplemented from time to time;

(iii) Guarantee bybetween PT Garuda Indonesia (Persero) Tbk. and ORIXAviation Systems Limited Dated 20 September 2016 relating to theEngine one Airbus A330-300 with MSN 1709 (as amended, novated,modified or supplemented from time to time);

(iv) Aircraft Lease Agreement between ORIX Aviation Systems Limited andGaruda Indonesia Holiday France S.A.S and Celestial Aviation Trading100 Limited in respect ofdated 25 July 2014 relating to oneCFM56-7B26/3 engineAirbus A330-300 with engine serial number960146 MSN 1585 (as amended, novated, modified or supplementedfrom time to time)

(v) Operating Sub-lease Agreement No. DS/PERJ/DF-3374/2014 PTGaruda Indonesia (Persero) Tbk and Garuda Indonesia Holiday FranceS.A.S. relating on one Airbus A330-300 with MSN 1585 dated 25 July2014, (as amended, novated, modified or supplemented from time totime);

(vi) Guarantee between PT Garuda Indonesia (Persero) Tbk. and ORIXAviation Systems Limited dated 08 January 2016 relating to one AirbusA330-300 with MSN 1585 (as amended, novated, modified orsupplemented from time to time);

(vii) Aircraft Lease Agreement between ORIX Aviation Systems Limited andGaruda Indonesia Holiday France S.A.S relating to one Airbus A330-300with MSN 1698 dated 14 June 201428 January 2016, as may be

195.



amended, restated and/or supplemented from time to time;

(viii) (iii) EngineOperating Sub-lease Agreement between No.WI/PERJ/DF-3028/2015 PT Garuda Indonesia (Persero) Tbk, andGaruda Indonesia Holiday France S.A.S and Celestial Aviation Trading100 Limited. relating on engine CFM56-7B26/3 bearing serial number960146one Airbus A330-300 with MSN 1698 dated 14 June 201428January 2016, as may be amended, restated and/or supplemented fromtime to time;

(ix) Engine Lease NovationGuarantee between PT Garuda Indonesia(Persero) Tbk. and Amendment ORIX Aviation Systems Limited Dated30 August 2017 relating to one Airbus A330-300 with MSN 1698 (asamended, novated, modified or supplemented from time to time);

(x) Aircraft Lease Agreement between CelestialORIX Aviation Trading100Systems Limited, and Garuda Indonesia Holiday France S.A.S andNorthshore Aviation Capital, LLC in respect ofdated 28 July 2015 relatingto one CFM56-7B26/3 bearing serial number 960146 Airbus A330-300with MSN 1654 (as amended, novated, modified or supplemented fromtime to time);

(i) Operating Sub-lease Agreement PT Garuda Indonesia (Persero) Tbkand Garuda Indonesia Holiday France S.A.S. relating on one AirbusA330-300 with MSN 1654 dated 14 February 201928 July 2015, asmay be amended, restated and/or supplemented from time to time;

and(v) Engine Lease Agreement between Garuda Holiday France S.A.S and

Celestial Aviation Trading 100 Limited on one CFM56-7B26E bearingserial number 960962 dated 14 June 2014, as may be amended,restated and/or supplemented from time to time;

(vi) Guarantee by PT Garuda Indonesia (Persero) Tbk relating to theEngine Lease Agreement between Garuda Indonesia Holiday FranceS.A.S and Celestial Aviation Trading 100 Limited in respect of oneCFM56-7B26E bearing serial number 960962 dated 14 June 2014, asmay be amended, restated and/or supplemented from time to time;

(vii) Engine Sub-lease AgreementGuarantee between PT Garuda Indonesia(Persero) Tbk, Garuda Indonesia Holiday France S.A.S andCelestialORIX Aviation Trading 100Systems Limited on engineCFM56-7B26E bearing serial number 960962 dated 14 February 2019,12 April 2017 relating to one Airbus A330-300 with MSN 1654 (as maybe amended, restated and/novated, modified or supplemented fromtime to time; and

(viii) )Engine Lease Novation and Amendment Agreement between CelestialAviation Trading 100 Limited, Garuda Indonesia Holiday France S.A.Sand Northshore Aviation Capital, LLC in respect of one CFM56-7B26Ebearing serial number 960962 dated 14 February 2019, as may beamended, restated and/or supplemented from time to time.

199. Oriental Leasing 31Company Limited

(i) Operating Lease Agreement between Avolon Aerospace AOE 60 Limitedand Garuda Indonesia Holiday France S.A.S. in relation to one AirbusA320-200 NEO Aircraft dated 22 December 2016, as may be amended,restated and/or supplemented from time to time; and

(ii) Operating Sub-lease Agreement between PT Garuda Indonesia(Persero) Tbk and Garuda Indonesia Holiday France S.A.S. in relation toone Airbus A320-200 NEO Aircraft dated 22 December 2016, as may beamended, restated and/or supplemented from time to time.

198.168.

200.169

ORIXNorth ShoreAviation Systems

LimitedCapital LLC.

Novi Nadia

(i) Aircraft Lease Novation and Amendment DeedEngine LeaseAgreement between Avolon Aerospace AOE 61 Limited, GarudaIndonesia Holiday France S.A.S. and Meritix Airlease Limited relating




201.17

.

Pan Asia PacificAviation Services

Invoice from the periods of October - November 2021

to one Airbus A330-300 with MSN 1709 and two Rolls Royce Trent772B Engine with MSN 42686 and 42687Celestial Aviation Trading 100Limited on one CFM56-7B26/3 engine bearing Engine Serial Number960146 dated 14 June 2014, as may be amended, restated and/orsupplemented from time to time;

(ii) Guarantee by PT Garuda Indonesia (Persero) Tbk Oprerlating to theEngine Lease Agreement between Avolon Aerospace AOE 61 Limitedand Garuda Indonesia Holiday France S.A.S. relating on one AirbusA330-300 with MSN 1709 dated 23 March 2016 and Celestial AviationTrading 100 Limited in respect of one CFM56-7B26/3 engine withengine serial number 960146 dated 14 June 2014, as may beamended, restated and/or supplemented from time to time;

(iii) OperatingEngine Sub-lease Agreement No. WI/PERJ/DF-3074/2016between PT Garuda Indonesia (Persero) Tbk and, Garuda IndonesiaHoliday France S.A.S. relating to one Airbus A330-300 with MSN 1709and Celestial Aviation Trading 100 Limited on engine CFM56-7B26/3bearing serial number 960146 dated 14 June 2014, as may beamended, restated and/or supplemented from time to time;

(iv) Operating Sub-lease Agreement PT Garuda Indonesia (Persero) Tbkand Garuda Engine Lease Novation and Amendment Agreementbetween Celestial Aviation Trading 100 Limited, Garuda IndonesiaHoliday France S.A.S. relating on one Airbus A330-300 with MSN 1709dated 23 March 2016 and Northshore Aviation Capital, LLC in respectof one CFM56-7B26/3 bearing serial number 960146 dated 14February 2019, as may be amended, restated and/or supplementedfrom time to time;

(v) OperatingEngine Lease Agreement between Avolon Aerospace AOE89 Limited and Garuda Indonesia Holiday France S.A.S. and CelestialAviation Trelatding 100 Limited on one Airbus A330-300 with MSN1585CFM56-7B26E bearing serial number 960962 dated 23 July14June 2014, as may be amended, restated and/or supplemented fromtime to time;

(vi) Operating Sub-lease Agreement No.DS/PERJ/DF-3374/2014Guarantee by PT Garuda Indonesia (Persero)Tbk andrelating to the Engine Lease Agreement between GarudaIndonesia Holiday France S.A.S. and Celestial Aviation Trelatding onone Airbus A330-300 with MSN 1585 100 Limited in respect of oneCFM56-7B26E bearing serial number 960962 dated 25 July14 June2014, as may be amended, restated and/or supplemented from time totime;

(vii) Operating LeaseEngine Sub-lease Agreement between AvolonAerospace AOE 124 Limited andPT Garuda Indonesia (Persero) Tbk,Garuda Indonesia Holiday France S.A.S. relating on one AirbusA330-300 with MSN 1698 dated 28 January 2016 and CelestialAviation Trading 100 Limited on engine CFM56-7B26E bearing serialnumber 960962 dated 14 February 2019, as may be amended,restated and/or supplemented from time to time; and

(viii) Operating Sub-lease Agreement No. WI/PERJ/DF-3028/2015 PTGaruda Indonesia (Persero) Tbk andEngine Lease Novation andAmendment Agreement between Celestial Aviation Trading 100Limited, Garuda Indonesia Holiday France S.A.S. relating on oneAirbus A330-300 with MSN 1698 dated 28 January 2016 andNorthshore Aviation Capital, LLC in respect of one CFM56-7B26Ebearing serial number 960962 dated 14 February 2019, as may beamended, restated and/or supplemented from time to time;.



Invoices from December 2011 to November 2021

Limited

206.175.

203.172.

Persekutuan PerdataKantor Notaris Aulia

Taufani, S.H. & AryantiArtisari, S.H., M.Kn.

Invoices from February 2020 to May 2021

Pembroke AircraftLeasing 2 Limited

207.176.

(i) Lease Agreement between Garuda Indonesia Holiday France S.A.Sand Pembroke Aircraft Leasing 2 Limited in relation to one BoeingB737-800 Aircraft with MSN 38071 dated 26 December 2018, as maybe amended, restated and/or supplemented from time to time;

(ii) Sub-lease Agreement between Garuda Indonesia Holiday FranceS.A.S and PT Garuda Indonesia (Persero) Tbk in relation to oneBoeing B737-800 Aircraft with MSN 38071 dated 26 December 2018,as may be amended, restated and/or supplemented from time to time;

(iii) Lease Agreement between Garuda Indonesia Holiday France S.A.Sand Pembroke Aircraft Leasing 2 Limited in relation to one BoeingB737-800 Aircraft with MSN 38072 dated 26 December 2018, as maybe amended, restated and/or supplemented from time to time; and

(iv) Sub-lease Agreement between Garuda Indonesia Holiday FranceS.A.S and PT Garuda Indonesia (Persero) Tbk in relation to oneBoeing B737-800 Aircraft with MSN 380712dated 26 December 2018,as may be amended, restated and/or supplemented from time to time.

Perserikatan PerdataWilliam & Hendrik

-

208.177.

204.173.

Perth Airport Pty. Ltd.

202.171.

Invoice from the periods of February - September 2021

Pemerintah RepublikIndonesia cq. MenteriKeuangan Republik

Indonesia cq. PTSarana MultiInfrastruktur

209.178.

Deed No. 28 dated 28 December 2020 regarding Issuance of MandatoryConvertible Bonds, as may be amended, restated and/or supplemented from

time to time.; and (ii) Government Investment Implementation Agreement in theContext of the National Economic Recovery Program to PT Garuda Indonesia

(Persero) Tbk No. PERJ-188/SMI/1220 dated 4 February 2021, as may beamended, restated and/or supplemented from time to time.

Perum LembagaPenyelenggara

Pelayanan NavigasiPenerbangan

Indonesia (AirNavIndonesia)

Panasonic AvionicsCorporation

Invoice from the periods of 2020 – 2021

0.

210.179.

205.174.

Pos Aviation Sdn. Bhd.

(i) Perjanjian Layanan Komunikasi Global Maskapai Penerbangan No.DS/PERJ/CT-3600/2014 dated 2 October 2014,

(ii) Perjanjian Lisensi Perangkat Lunak dan Integrasi Konten No.DS/PERJ/CS-3371/2010 dated 21 August 2019, (iii) PerjanjianLayanan Pemeliharaan No. DS/PERJ/DE-3339/2010 dated 18 May2010 , as may be amended, restated and/or supplemented from time totime.

Invoice from the periods of May - November 2021

PerkumpulanPerhimpunan St.

Carolus Vereeniging(RS St Carolus)



Prita Widjaja

Subscripton and Services Agreement No. IG/PERJ/DN-3108/2018 dated 15March 2018, as may be amended, restated and/or supplemented from time to

time and Subscription Order Form No. IG/PERJ/DN-3111/2018 dated 15 March2018

215.183.

PT Adhya Avia Prima X-Ray Machine Rental Agreement No. WI/PERJ/GO-3388/2016 as may beamended, restated and/or supplemented from time to time.

Invoice details has been provided in form of Interoffice Correspondence (ref:JKTVZO/100040/2020) and Interoffice Correspondence (ref:

JKTVZO/10006/2020)

213.182.

216.184.

PT AdministrasiMedika

PT Affinity HealthIndonesia (RS Premier

Jatinegara & RSPremier Bintaro)

(i) Health Benefit Claim Management Service Cooperation Agreement.006/ADMEDIKA-YANKESGA/II/2012 dated 1 March 2012 as may beamended, restated and/or supplemented from time to time;

(ii) Administration of Health Care Claims Management ServicesCooperation Agreement No. DS/PERJ/IH-3724/12 dated August 1,2012 as may be amended, restated and/or supplemented from time totime;

(iii) Implementation of Hospital Management Information System (SIMRS)HISYS Admedika Application Rental Cooperation Agreement No.IH/PERJ/30038/ADMEDIKA/2016 dated 9 September 2016 as may beamended, restated and/or supplemented from time to time;

(iv) Health Insurance Claim Management Service Cooperation AgreementNo. IH/PERJ-30075/ADMEDIKA/2015 as may be amended, restatedand/or supplemented from time to time.

Invoices from March 2020 to December 2021

217.185.

211.180.

PT Aero GlobeIndonesia

Invoices from May 2019 to December 2021

212.181.

214.

218.186.

PT Aero HotelManagement

PT Abdi TeknologiInformasi

(i) "Asana Sincerity Dorm" at Garuda Indonesia Training CenterAccommodation Management Agreement No. DS/PERJ/DI-3088/2017as may be amended, restated and/or supplemented from time to time;

(ii) Agreement on Provision of Hotel Crew Accommodation DomesticLocation No.80001/Perj/DU-AHM/II/2020 as may be amended, restatedand/or supplemented from time to time

(iii) Cooperation Agreement to Provide Hotel Facilities for PassengersAffected by Irregularities and Misconnects at Soekarno HattaInternational Airport No.8008/Perj/DU-AHM/VI/2020 dated 29 June2020 as may be amended, restated and/or supplemented from time totime

(iv) "Asana Sincerity Dorm" at Garuda Indonesia Training CenterAccommodation Management Completion AgreementNo.8009/Perj/DU-AHM/VII/2020 as may be amended, restated and/orsupplemented from time to time; and

(v) Asana Sincerity Dormitory at Garuda Indonesia Training CenterAccommodation Management AgreementNo.8002/Perj/DU-AHM/IV/2020 as may be amended, restated and/orsupplemented from time to time

Pros, Inc.

Invoice No. 2021/Garuda Fare Filing/I/16 dated 6 January 2021



PT Aero SystemsIndonesia

PT Aero Prima

(i) Cooperation Agreement on Personal Computer and Notebook Rental No.WI/PERJ/DI-3018/2017 dated 5 December 2016, as may be amended,restated and/or supplemented from time to time;

(ii) Refreshment Domain Name System Server and Transfer DomainProcurement Agreement No. WI/PERJ/MX-3475/2016 dated 25November 2019, as may be amended, restated and/or supplementedfrom time to time;

(iii) Email, Office Application, and Collaboration Platform ProcurementAgreement No. IG/PERJ/DC-4108/2020/NON-LEG dated 1 January2020, as may be amended, restated and/or supplemented from time totime;

(iv) Invoice Reader Infrastructure Rental Agreement No.IG/PERJ/CX-3065/2021 dated 18 June 2020, as may be amended,restated and/or supplemented from time to time;

(v) Managed Service Enterprise Services Bus Procurement Agreement No.IG/PERJ/CX-4147/2021/NON-LEG dated 5 April 2021, as may beamended, restated and/or supplemented from time to time;

(vi) Manage Service Message Switching Agreement No.IG/PERJ/CX-4162/2020/NON-LEG dated 1 January 2020, as may beamended, restated and/or supplemented from time to time;

(vii) Middleware for Online Travel Agent and Garuda E-Channel ProcurementAgreement No. IG/PERJ/OX-3284/2021/NON-LEG dated 8 September2019, as may be amended, restated and/or supplemented from time totime;

(viii) Manage Service IT Operation Agreement No.IG/PERJ/CX-4091/2021/NON-LEG dated 1 January 2021, as may beamended, restated and/or supplemented from time to time; and

(ix) Reservation Inventory and Ticketing Service Desk and Departure ControlSystem Agreement No. DS/PERJ/DE-3440/2015 dated 3 March 2015, asmay be amended, restated and/or supplemented from time to time.

Invoices from February 2021 to December 2021

221.189.

PT Aerofood Indonesia (i) Inflight Service Management and Implementation Completion AgreementNo. IG/PERJ/DC-4079/2020/NON-LEG dated 6 May 2020, as may beamended, restated and/or supplemented from time to time;

(ii) Hajj Catering Service Procurement Agreement No.IG/PERJ/DN-3215/2019, as may be amended, restated and/orsupplemented from time to time;

(iii) Procurement Agreement for the Implementation and Management ofInflight Service No. IG/PERJ/DC-4194/2020/NON-LEG dated 1 January2020, as may be amended, restated and/or supplemented from time totime;

(iv) Inflight Service Management and Operation Agreement No.DS/PERJ/DN-3332/09 dated 1 November 2009, as may be amended,restated and/or supplemented from time to time;

(v) Cleaning Service Agreement No. IG/PERJ/SUBAM-2022/2018, as maybe amended, restated and/or supplemented from time to time;

(vi) Drygoods Premium Arrival Lounge Agreement No.IG/PERJ/CG-2005/ISTS/X/2020/NON-LEG dated 1 April 2020, as may

219.187.

220.188.



Garudamiles Domestic Courier Services Procurement Agreement No.IG/PERJ/NL-4155/2020/NON-LEG dated 1 November 2019, as may be


225.193.

PT Akurat Intan Madya Invoices from October 2020 to January 2021

be amended, restated and/or supplemented from time to time;

(vii) Drygoods Premium Arrival Lounge Agreement No.IG/PERJ/CG-4241/2020/NON-LEG dated 1 April 2020, as may beamended, restated and/or supplemented from time to time;

(viii) Inflight Retail Services Cooperation Agreement No.IG/PERJA/DN-4014/2018/NON-LEG dated 1 May 2017, as may beamended, restated and/or supplemented from time to time;

(ix) Cooperation Agreement for the Provision of On Ground Service for CGKNo. IG/PERJ/CG-4215/2019/NON-LEG dated 1 September 2019, as maybe amended, restated and/or supplemented from time to time;

(x) Garuda Indonesia Lounge Management Service Agreement No.IG/PERJ/DC-4098/2020/NON-LEG dated 1 January 2020, as may beamended, restated and/or supplemented from time to time;

(xi) Catering Supply, Table Manners & Training Flight Settlement AgreementNo. IG/PERJ/VZ-4154/2019/NON-LEG, as may be amended, restatedand/or supplemented from time to time;

(xii) Space Lease Agreement at ACS Building No.MES/PERJ/MESAM-20403/2019 dated 16 December 2019, as may beamended, restated and/or supplemented from time to time;

(xiii) Executive Lounge Management Work Settlement Agreement No.IG/PERJ/CG-4166/2020/NON-LEG, as may be amended, restated and/orsupplemented from time to time;

(xiv) International Route Inflight Catering Management and OperationAgreement No. IG/PERJ/DE-3166/2019 dated 1 November 2018, as maybe amended, restated and/or supplemented from time to time; and

Nagoya Station Inflight Catering Work Settlement Agreement No.IG/PERJ/DC-4074/2020/NON-LEG dated 6 May 2020, as may be amended,


223.191.

226.194.

PT Alamraya JayaAksata

PT Aerotrans ServicesIndonesia

Use of Executive Waiting Room at Abdul Rachman Saleh Airport MalangAgreement as may be amended, restated and/or supplemented from time totime.

(xv)

Cooperation Agreement on vehicle management and rental services No.IG/PERJ/DI-4023/2020/NON-LEG dated 1 October 2019, as may be amended,


227.195.

PT Andalan ExpressIndonesia

Details of Invoices are provided in the form of a building rent invoice.

222.190.

224.192.

228.196

PT Angkasa GitaSarana

PT Akasha WiraInternational

Invoices for November 2021 and December 2021.

PT Aerojasa Cargo

Supply Agreement (Packaged Drinking Water) between PT Garuda Indonesia(PERSERO) Tbk and PT Akasha Wira International Tbk. No.

IG/Perj/IB-4224/2020 as may be amended, restated and/or supplemented fromtime to time



Invoice from the periods of December 2021 – January 2022 have been provided,

235.203.

231.199.

PT Angkasa PuraSarana Digital

229.197.

Agreement on the Provision of Information Technology and DataCommunication Services at Terminal 3 Soekarno-Hatta International Airport No.

IG/PERJ/CP-4269/2021/NON-LEG dated 29 September 2021.

PT Angkasa Pura II

236.204.

Debt Setructuring Agreement No.IG/PERJ/DF-4303/2020/NON-LEG dated 31December 2020, as may be amended, restated and/or supplemented from time

to time.

PT Angkasa PuraSolusi

PT Angkasa PuraHotel

Invoice from the periods of June 2021 – December 2021 have been provided

237.205.

232.200.

PT Angkasa PuraSupport

-

Invoice details has been provided in accordance to Letter No.8793/APS/I2022/MKA-B/ dated 13 January 2022

PT Angkasa PuraKargo

.

238.206.

Account Receivables as per 31 December 2021 has been provided in the formof table

PT AnugerahPharmindo Lestari

Details of invoice provided in the form on invoice receipts from August 2020 toNovember 2020

239.207.

233.201.

PT Artha Sabena Putra(RS Azra)

230.198.

Temporary Agreement Letter on Inpatient and Outpatient Health Services asmay be amended, restated and/or supplemented from time to time

PT Angkasa PuraLogistik

240.208.

Space Lease Agreement without Concession at PT Angkasa Pura LogistikKantor Cabang Makassar Sultan Hasanuddin Makassar Airport No.

APL.003/HK.06.02/2020/BMA dated 29 January 2020, as may be amended,restated and/or supplemented from time to time.

PT Aneka Sakti Bakti

PT Angkasa Pura I(Persero)

Invoice details provided in Rental Order for September 2021

241.20

234.202.

PT Asia Berkat Abadi

(i) Agreements and Regulations Regarding Aeronautical DebtRestructuring (PJP4U (Landing, Placement, Extend/Advance andAlternate), Avio Bridge/Garbarata and Check In Counter) for the Period2019 – 2020 and Non-Aeronautical Debt Restructuring (Lease Space,Electricity, Water , and Telephone) for the Period 2012 – 2021, as maybe amended, restated and/or supplemented from time to time; and

(ii) Agreements and Regulations Related to AeronauticalNon-Restructuring Debt (PJP4U (Landing, Placement,Extend/Advance and Alternate), Avio Bridge/Garbarata and Check InCounter) for the Period 2019 – 2021 and Non-AeronauticalsNon-Restructuring Debt (Space Lease) , Electricity, Water, andTelephone) for the Period 2012 – 2021, as may be amended, restatedand/or supplemented from time to time.

Invoice for December 2020

PT Angkasa PuraPropertindo



Details of invoice has been provided in accordance to Minutes of Direct InterlineSettlement GA_UA No GC/BA-031/2021 dated 16 November 2021

PT Astra Graphia Tbk.

245.213.

Lease Agreement No. AG/BO3-61/0417/00420 as may be amended, restatedand/or supplemented from time to time.

PT Awal Bros PutraMedika (RS Awal Bros

Pekanbaru)

9.

Invoices from December 2019 to July 2021

246.214.

243.211.

PT Ayo SehatIndonesia

Invoice for June 2020

PT Avia CitraDirgantara

247.215.

Not Available (Claim form only mentions an agreement with no details)

PT Bank ICBCIndonesia

3) Facility under Deed of Perjanjian Kredit No. 28 dated 13 December 2016,drawn up before Deni Thanur, S.E., S.H., M.Kn. Notary in South Jakarta as lastamended by Perubahan Terhadap Perjanjian Kredit No.046/ICBC/PTDS/XI/2017/P4 dated 16 October 2020 with a facility amount ofUSD 24,000,000.

248.216.

244.212.

PT Bank Mandiri(Persero) Tbk.

242.210.

4) Non-cash loan Facility under Deed of Non-Cash Loan Facility Agreement(Perjanjian Pemberian Fasilitas Non-Cash Loan) No.CRO.KP/016/NCL/2016 No. 27 dated 24 February 2016, drawn up beforeFathian Helmi, S.H., Notary in Jakarta, as last amended by the Addendum XNo. CRO.KP/016/NCL/2016 dated 30 March 2021 in the amount of IDR2,400,000,000,000 (including total facilities of IDR 300,000,000,000available to PT Citilink Indonesia).

(i) 5) Post Financing Working Capital Loan Facility under Deed of PostFinancing Working Capital Facility (Perjanjian Kredit Modal Kerja PostFinancing) No. WCO.KP/0099/KMK/2021 Deed No. 17 dated 30 March2021, drawn up before Fathiah Helmi, S.H., Notary in Jakarta, whichhas been amended by Addendum II No. WCO.KP/0099/KMK/2021Deed No. 31 dated 22 June 2021 in the amount of USD45,417,056.3046,110,056.30.

(ii) 6) Working Capital Loan Facility under Deed of RevolvingNon-CashCash Working Capital Credit Facility (KMK) Agreement(Perjanjian Pemberian Fasilitas Kredit Modal Kerja (KMK) Revolving)No. WCO.KP/083/KMK/2020 Deed No. 31 dated 24 April 2020, drawnup before Fathian Helmi, S.H., Notary in Jakarta along with the GeneralTerms of the Credit Agreement of PT Bank Mandiri (Persero) Tbk April2020, which has been amended from time to time, and lastly byAddendum III No. WCO.KP/083/KMK/2020 Deed No. 54 dated 30March22 June 2021 in the amount of IDR 450,000,000,000.

(iii) 7) Non-CashPost Financing Working Capital Loan Facility under Deedof Non-Cash LoanPost Financing Working Capital Facility Agreement(Perjanjian Pemberian Fasilitas Non-Cash LoanKredit Modal Kerja PostFinancing (USD)) No. WCRO.KP/4440247/NCLKMK/20182021 DeedNo. 1451 dated 14 December 201822 June 2021, drawn up beforeFathian HelmiNanette Chayanie Handari Adi Warsito, S.H., Notary inJakarta, as last amended by the Addendum IV No.CRO.KP/444/NCL/2018 dated 30 March 2021 in the amount of USD129,000,00065,593,183.33.

(iv) Post Financing Working Capital Loan Facility under Deed of PostFinancing Working Capital Facility (Perjanjian Kredit Modal Kerja Post

PT AVS Indonesia



PT Bank PanIndonesia Tbk.

Revolving and Uncommitted Loan under Deed of Perjanjian Kredit No. 31 dated24 February 2016, drawn up before Antonius Wahono Prawirodirdjo, S.H.,

Notary in North Jakarta, as lastly amended by Perubahan Perjanjian Kredit No.001/IBD-MM/LEG/17/Per.VI and No.

WI/PERJ/AMAND-VIII/DF-3038/2016/21/NON-LEG with a facility amount of IDR1,750,000,000,000

249.217.

251.219.

PT Bank Permata

PT Bank NegaraIndonesia (Persero)

Tbk.

Omnibus Revolving Loan Facilities under Deed of Banking Facility Agreement(Perjanjian Pemberian Fasilitas Perbankan (Ketentuan Khusus)) No. 5 dated 1

April 2015, drawn up before Dr. Gunawan Tedjo, S.H., M.H., as last amended bythe Seventh Amendment of the Banking Facility Agreement (Perubahan KetujuhPerjanjian Pemberian Fasilitas Perbankan) No. KK/21/267/AMD/ SOE dated 31

March 2021 between PT Bank Permata Tbk and PT Garuda Indonesia (Persero)Tbk with a combined facility of USD 50,000,000

(i) 8) Indirect Credit Facility under Deed of Indirect Credit FacilityAgreement (Perjanjian Pemberian Fasilitas Kredit Tidak Langsung) No.26 dated 18 March 2016 as lastly amended by Deed of Approval ofAmendment of Indirect Credit Facility Restructuring (PersetujuanPerubahan Perjanjian Pemberian Fasilitas Kredit Tidak LangsungRestrukturisasi) No. (7) 26 dated 22 January 2021 with a facility amountof USD 52,700,000 or equivalent to IDR 737,800,000,000.

(ii) 9) SBLC/Bank Guarantee Issuance under Bank Guarantee IssuanceAgreement (Perjanjian Penerbitan Garansi Bank) No.037/BIN/PPGB/2018 dated 11 October 2018 as amended by theApproval of Amendment of Bank Guarantee Issuance Agreement(Persetujuan Perubahan Perjanjian Penerbitan Garansi Bank) No. (4)037/BIN/PPGB/2018 dated 30 April 2021 with a facility amount of USD77,994,935.18.

(iii) 10) Working Capital Facility under Credit Agreement No.038/KPS3/PK-KMK/2021 (Perjanjian Kredit No.038/KPS3/PK-KMK/2021 Kredit Modal Kerja Maksimum Rp98.582.082.221) dated 30 April 2021 with a facility amount of IDR98,582,082,221.

(iv) 11) Term Loan Facility under Deed of Restructuring Credit Agreement(Perjanjian Kredit Restrukturisasi Kredit Term Loan Maksimum Rp662.200.000.000) No. 10 dated 22 January 2021 with a facility amountof IDR 662,200,000,000.

252.220.

PT Bank RakyatIndonesia (Persero)

Tbk.

(v) 12) Short-Term Loan Facility under Deed of Perjanjian PemberianFasilitas Pinjaman Jangka Pendek USD 50.000.000 No. 70 dated 27September 2016 made before Fathiah Helmi, S.H., Notary in Jakarta aslastly amended by Addendum VI Perjanjian Kredit Fasilitas JangkaPendek Valas (FPJP 1) No.WI/PERJ/AMAND-V/DF-3493/2016/20/NON-LEG No. 115/2020 dated16 December 2020 with a facility amount of USD 25,000,000.

(vi) 13) Import Working Capital Loan Facility under Deed of PerjanjianKredit No. 54 dated 30 December 2014, drawn up before FathiahHelmi, S.H., Notary in Jakarta, as lastly amended by AddendumPerjanjian Kredit Fasilitas Pinjaman Jangka Pendek IDR (FPJ 2), KreditModal Kerja Import/Import Line No.IG/PERJ/AMAND-X/DF-3312/2018/20/NON-LEG No. 116/2020 dated16 December 2020 with a facility amount of IDR 650,000,000.

(vii) 14) Working Capital Credit Facility under Perjanjian Kredit FasilitasPinjaman KMK Co Menurun 1, KMK Co Menurun 2, KMK Co Menurun3 No. IG/PERJ/DF-4292/2020/NON-LEG No. 120/2020 dated 18December 2020 with a facility amount of USD 25,000,000 (KMK CoMenurun 1), IDR 1,350,000,000 and USD 100,000,000 (KMK CoMenurun 2 interchangeable with BG/SBLC of USD180,500,000).

Financing - IGF) No. WCO.KP/0248/KMK/2021 Deed No. 52 dated 22June 2021, drawn up before Nanette Chayanie Handari Adi Warsito,S.H., Notary in Jakarta, in the amount of IDR 2,393,833,453,497.

250.218.



PT Banua AgungAnitama

Invoice details have been provided in the form of List of Outstanding Invoicesfrom March 2021 to December 2021

260.228.

PT Bintang JayaPlasindo

Plastic Cover Pallet and Plastic Wrapping Procurement Agreement No.IG/PERJ/GO-3114/2020 dated 23 September 2020 as may be amended,


-

256.224.

261.229.

PT Blue Bird Tbk.

PT Bhineka EkakaryaUtama

-

-

262.230.

(viii) 15) Perjanjian Kredit Fasilitas Bank Garansi/Letter of Credit No.117/2020 and IG/PERJ/DZ-4295/2020/NON-LEG dated 16 December2020 with a facility amount of USD180,500,000.

PT Bumi Jasa Utama Operational Lease Service Agreement of PT Garuda Indonesia (Persero) Tbk atMakassar Branch Office No. UPG/PERJ/AM-20027/2016 dated 8 February 2017

as may be amended, restated and/or supplemented from time to time.

254.222.

257.225.

263.231.

PT Bumi Liputan Jaya

PT Bina Inti Dinamika

Invoices from March 2021 to November 2021

PT Bela Cipta Sarana(Hotel Sahid Bela)

Invoices details have been provided in the form of Reconciliation of AccountsPayable and Receivable.

264.232.

PT Bumiputera Wisata Lease Agreement of the Graha Bumi Surabaya Office Building GBS 1-05 dated1 June 2016 as may be amended, restated and/or supplemented from time to

time.

Invoice details have been provided in the form of Invoice Verification form no.TTEKK/005/TVF/X/2021

258.226.

265.233.

PT Calmic Indonesia

PT Bina Waluya

Invoices from December 2018 to September 2021

Temporary Agreement Letter on Inpatient and Outpatient Health Services JPKGaruda Sentra Medika No. GA-IHM/SKS-059/X/2016 as may be amended,


266.234.

253.221.

PT Cendana TeknikaUtama

Invoice April 2020

255.223.

259.227.

267.235

PT Citilink Indonesia

PT Binara GunaMediktama (RSPI

Pondok Indah & RSPIPuri Indah)

(i) Cooperation Agreement on Garudamiles Mileage Accrual andRedemption No. WI/PERJ/DG-3065/2017 dated 18 February 2017, asmay be amended, restated and/or supplemented from time to time;

PT BetawimasCemerlang

Invoices from September 2019 to December 2021



268.236.

270.238.

274.242.

.

PT Dutakom WibawaPutra

PT Datindo Entrycom

(i) Subscription Form No. 068/SF/CRM/D4/2019 dated 23 April 2019, asmay be amended, restated and/or supplemented from time to time;

(ii) Subscription Form No. 067/SF/CRM/04/2019 dated 24 April 2019, asmay be amended, restated and/or supplemented from time to time; and

(iii) Subscription Contract No. 063/SF/CRM/08/2021 dated 19 August 2021,as may be amended, restated and/or supplemented from time to time.

PT Citra Cahaya Insani

-

275.243.

PT Dwi Indah -

-

271.239.

276.244.

PT Electronic DataInterchange Indonesia

PT Daya Jaya Mandiri

Online TPS Application Manage Service Agreement No.IG/PERJ/GO-4019/2018/20/NON-LEG dated 22 October 2018, as may be


Invoice details has been provided in the form Account Receiveable StatementAnalysis.

277.245.

(ii) Agreement on the Operation of Aircraft ATR-72-600 by Citilink No.IG/PERJ/DF-4114/2019/NON-LEG dated 28 January 2019, as may beamended, restated and/or supplemented from time to time; and

(iii) Novation Agreement No. DS/PERJ/DE-3672/2013 dated 23 September2013, as may be amended, restated and/or supplemented from time totime.

PT Famed Calibration Purchase Order No. 4810008436 dated 8 June 2020, as may be amended,restated and/or supplemented from time to time.

269.237.

272.240.

278.246.

PT Famon GlobalMedika (Rumah SakitPrimaya Tangerang)

PT Dekatama Centra

-

PT Damaindah

Invoice for January 2021

279.247.

PT Fokus DiagnosticIndonesia

Invoices from September 2020 to February 2021

Claim Submission Form dated 5 January 2022

273.241.

280.2 PT Freight Cargo

PT Ditamas Nugraha

-

Work agreement No. KK/GARUDA/BDJDM/20607/2017 as may be amended,restated and/or supplemented from time to time.



282.250.

PT Gapura Angkasa Standard Ground Handling Agreement No. IG/PERJ/DN-4270/2021/NON-LEGdated 1 January 2021, as may be amended, restated and/or supplemented from

time to time.

283.251.

281.249.

PT Garuda DayaPratama Sejahtera

(i) Centralized Job Chartering Agreement No.IG/PERJ/DI-4003/2020/NON-LEG, as may be amended, restatedand/or supplemented from time to time;

(ii) Building Management & Security Service Agreement No.IG/PERJ/DI-4077/2019/NON-LEG, as may be amended, restatedand/or supplemented from time to time; and

(iii) Building Management & Security Service Agreement No.IG/PERJ/DI-4022/2020/NON-LEG, as may be amended, restatedand/or supplemented from time to time.

PT GalvaTechnologies Tbk.

48.

284.252.

Invoices from November to December 2021

PT Garuda IndonesiaHolidays

(ii) Aircraft Lease Novation and Amendment Agreement between PTGaruda Indonesia (Persero) Tbk and Garuda Indonesia Holiday FranceS.A.S relating to one A330-200 with MSN 1288 dated 29 December2017, as may be amended, restated and/or supplemented from time totime;

(iii) Aircraft Sublease Agreement between PT Garuda Indonesia (Persero)Tbk and Garuda Indonesia Holiday France S.A.S. relating to oneA330-200 and two Rolls-Royce Trent 772 engines dated 29 December2017, as may be amended, restated and/or supplemented from time totime;

(iv) Aircraft Lease Agreement (MSN 1364) between Jakarta AircraftLeasing (Ireland) Limited and Garuda Indonesia Holiday France S.A.S.dated 14 November 2016, as may be amended, restated and/orsupplemented from time to time;

(v) Aircraft Sublease Agreement No. WI/PERJ/DZ-3173/2016 between PTGaruda Indonesia (Persero) Tbk and Garuda Indonesia Holiday FranceS.A.S., as may be amended, restated and/or supplemented from timeto time;

(vi) Aircraft Lease Agreement (MSN 1410) Denpasar Aircraft Leasing(Ireland) Limited and Garuda Indonesia Holiday France S.A.S. dated 28October 2016, as may be amended, restated and/or supplementedfrom time to time;

(vii) Aircraft Sublease Agreement between PT Garuda Indonesia (Persero)Tbk and Garuda Indonesia Holiday France S.A.S. dated 28 October2016, as may be amended, restated and/or supplemented from time totime;

(viii) Operating Lease Agreement between Avolon Aerospace AOE 61Limited and Garuda Indonesia Holiday France S.A.S. relating to oneAirbus A330-300 with MSN 1709 dated 23 March 2016, as may beamended, restated and/or supplemented from time to time;

(ix) Operating Lease Agreement between Avolon Aerospace AOE 86Limited and Garuda Indonesia Holiday France S.A.S. relating to oneAirbus A330-300 with MSN 1548 dated 23 March 2016, as may beamended, restated and/or supplemented from time to time;

Logistics



(i) Garuda Office Area Building Management Service ImplementationAgreement No. IG/PERJ/DI-4194/2021/NON-LEG, as may beamended, restated and/or supplemented from time to time; and

(ii) Cargo Maintenance Agreement Contract at CGK Warehouse No.IG/PERJ/GO-4121/2021/NON-LEG, as may be amended, restatedand/or supplemented from time to time.

288.256.

PT Global PharmaIndonesia

-

(x) Operating Lease Agreement between Avolon Aerospace AOE 88Limited and Garuda Indonesia Holiday France S.A.S. relating to oneAirbus A330-300 with MSN 1577 dated 25 July2014, as may beamended, restated and/or supplemented from time to time;

(xi) Operating Lease Agreement between Avolon Aerospace AOE 88Limited and Garuda Indonesia Holiday France S.A.S. dated 25 July2014, as may be amended, restated and/or supplemented from time totime;

(xii) Operating Lease Agreement between Avolon Aerospace AOE 124Limited and Garuda Indonesia Holiday France S.A.S. related oneAirbus A330-300 with MSN 1698, as may be amended, restated and/orsupplemented from time to time; and

(xiii) Operating Sublease Agreement No. IG/PERJ/DE-3343/2019 betweenGaruda Indonesia France S.A.S and PT Garuda Indonesia (Persero)Tbk relation to one Airbus A330-900 Neo with MSN 1948, as may beamended, restated and/or supplemented from time to time.

286.254.

289.257.

PT Global Sky Aviasi

PT GarudaMaintenance Facility

Aero Asia Tbk.

(i) Standard Ground Handling Agreement 2008 No.IG/PERJ/UPGAM-2001/2021, as may be amended, restated and/orsupplemented from time to time; and

(ii) Standard Ground Handling Agreement 2008 No.IG/PERJ/UPGAM-4043/2021/NON-LEG, as may be amended, restatedand/or supplemented from time to time.

(i) Agreement related Service and Goods Provision within the period of2020 - 2021, as may be amended, restated and/or supplemented fromtime to time; and

(ii) Agreement related to Aircraft Parts Maintenance and Lease within theperiod of 2015 - 2020, as may be amended, restated and/orsupplemented from time to time.

290.258.

PT Global Sky Express Garuda Indonesia Passenger Service Agreement at the Executive Lounge atHaluoleo Airport – Kendari No. KDISS/PERJ/UPGAM-20002/2020, as may be


285.253.

287.255.

291.259.

PT Global TradeLogistics Network

PT Gaya Hidup MasaKini

Invoice details has been provided in form of Warehouse Rental Invoice Listincluding invoices from September 2021 to December 2021

PT Garuda KaryaMandiri

Invoices from May 2020 to March 2021



PT Harapan BundaSejahtera (RS

Harapan Bunda)

Invoices from August to November 2021

300.268.

PT Golden GlobeMedica

PT Its ScienceIndonesia

Invoice No. FKT2107229 dated 19 July 2021

-

296.264.

301.269.

PT Jasa DirgantaraTarakan

PT Indolab ArthaMedika

Invoices from May to October 2021

Invoices from February to March 2021

302.270.

-

PT Jaya TeknikIndonesia

-

294.262.

297.265.

303.271.

PT Jaya TeknologiInternasional

PT Indosat Tbk.

Invoices from September 2020 to June 2021

PT Hotelindo Murni(The Pade Hotel Aceh)

PT Garuda Indonesia (Persero) Tbk's New Public Cloud Data CenterProcurement Agreement with PT Indosat Tbk No. IG/PERJ/CX-3192/2020, as

may be amended, restated and/or supplemented from time to time.

304.272.

PT Job Desindo PrimaMandiri

Design & Build Agreement for Renovation of Workspace for All Vice Presidentsat the Garuda Management Building between PT Garuda Indonesia (Persero)

Tbk and PT Job Desindo Prima Mandiri No. IG/PERJ/IB-4213/2019/NON-LEG,as may be amended, restated and/or supplemented from time to time.

Invoices from April to December 2021

298.266.

305.273.

292.260.

PT Johnson ControlIndonesia

PT InfinityEntertainment

Agreement on the Procurement of Chiller Repair Services at Garuda SentraMedika between PT Garuda Indonesia (Persero) Tbk and PT Johnson ControlsIndonesia No. IG/PERJ/IB-4061/2020/NON-LEG, as may be amended, restated


-

306.274.

293.261.

PT Justika Siar Publika -

295.263.

299.267.

307.27

PT Karya EmpatSaudara (Rumah Sakit

PT Inti Bios PersadaSejahtera

Invoices for January 2021

PT Hyundai ElevatorIndonesia

-



Invoice No. 10063849 dated 2 January 2020

314.282.

310.278.

PT Koran MediaInvestor Indonesia

308.276.

-

PT Kiang MultiCorporation

315.283.

-

PT Langgang BuanaPerkasa

PT Karya SuksesMandiri (RS Mitra

Kemayoran)

-

5.

316.284.

311.279.

PT Lentera StudiInterdisiplin

-

Consultation Services Procurement Agreement on the Study of 5 (five) SuperPriority Tourism Destinations (DPSP) No. IG/PERJ/DF-4132/2020/NON-LEG, as

may be amended, restated and/or supplemented from time to time.

PT Kimia FarmaDiagnostika

317.285.

Invoice from the periods of August 2020 – December 2021

PT Lintas Megantara -

Meilia Cibubur)

318.286.

312.280.

PT Makassar PhinisiSeaside Hotel

309.277.

Invoices from April 2020 to March 2021

PT Kingdom SuksesSejahtera

319.287.

Invoices from April to December 2021

PT Mandai Prima

PT Khidmat PerawatanJasa Medika (RS

Medika Permata Hijau)

(i) Cooperation Agreement for Handling Garuda Indonesia PassengerService on Ground between PT Mandai Prima (Toraja Food) and PTGaruda Indonesia (Persero) Tbk No.OO6/VPBD/MP-SOG/P/MKS/XII/2018, as may be amended, restatedand/or supplemented from time to time;

(ii) Garuda Indonesia Premium Passenger Handling Cooperation Agreementbetween PT Mandai Prima (Toraja Food) and PT Garuda Indonesia(Persero) Tbk No. 006/MP-UPGG/I-2017, as may be amended, restatedand/or supplemented from time to time; and

(iii) Cooperation Agreement for Handling Wash Up Meals Cabin CrewGaruda Indonesia between PT Mandai Prima (Toraja Food) and PTGaruda Indonesia (Persero) Tbk No. 005/VPBD/MP-SOG/MKS/XII/2018,as may be amended, restated and/or supplemented from time to time.

320.288

313.281.

PT Mandiri Sekuritas

Invoice No. 1904/AKT/RSMPH/XI/2021 dated 16 November 2021

-

PT Kompas MediaNusantara



327.295.

323.291.

PT MedikalokaSejahtera (Rumah

Sakit Hermina Bekasi)

321.289.

-

PT Medikaloka Bogor

328.296.

-

PT Medquest JayaGlobal

PT Marketama Indah

Invoices No. 12102290 and 12102291 dated 5 May 2021

329.297.

324.292.

PT Mensa Binasukses

-

Invoices from March to September 2020

PT Medikaloka Ciputat

.

330.298.

Invoices from October 2019 to November 2019

PT Merpati NusantaraAirlines (Persero)

Account Receivables for the Account No. 126GA provided in the form of table

331.299.

325.293.

PT Midtrans

322.290.

(i) Cooperation Agreement for the Provision of Payment Landing PageServices between PT Garuda Indonesia (Persero) Tbk and PT MidtransNo. WI/PERJ/EC-3342/2016, as may be amended, restated and/orsupplemented from time to time; and

(ii) Cooperation Agreement for the Provision of Internet Payment ServicesPT Garuda Indonesia (Persero) Tbk with PT Midtrans No.IG/PERJ/CD-3049/2019, as may be amended, restated and/orsupplemented from time to time.

PT Medikaloka Galaxy(RS Hermina Galaxy)

332.300.

Minutes of the Health Service Cooperation Agreement between PT MedikalokaHermina Tbk and PT Garuda Indonesia (Persero) Tbk Garuda Sentra Medika

No. GARUDA/ID/BA-00034/2020, as may be amended, restated and/orsupplemented from time to time.

PT Mirtasari HotelDevelopment

PT MedikalokaArcamanik (RS

Hermina Arcamanik)

Hotel Prama Sanur Beach Bali Accommodation Service Agreement No.IG/PERJ/DPSAM-4279/2020/NON-LEG, as may be amended, restated and/or


333.301.

326.294.

PT Mitra BuanaKoorporindo

Cooperation Agreement on Healthcare Services No.042/PKS/ADMEDIKA/II/2020, No. 047/PKS-PK/MH/II/2020 dated 25 February2020, as may be amended, restated and/or supplemented from time to time.

-

PT Medikaloka GrandBekasi

334.302.

Invoice from the periods of June 2020 – May 2021

PT Mitra IntegrasiInformatika

(i) New IT Backbone Procurement Agreement between PT GarudaIndonesia (Persero) Tbk and PT Mitra Integrasi Informatika No.IG/PERJ/DG-3598/2018, as may be amended, restated and/orsupplemented from time to time;



PT Myindo CyberMedia

PT Mulio CitraAngkasa

-

-

340.308.

PT Naku FreightIndonesia

Invoice No. 1033488919-0006 dated 4 August 2020

335.303.

337.305.

341.309.

PT Nayag Citra Baliem

PT Mustika Ratu Tbk.

Invoices from October 2019 to April 2021

PT Mitra KualitasUtama

The Standard Ground Handling Agreement (SGHA) 2008 No.IG/PERJ/UPGAM-2005/2020, as may be amended, restated and/or


342.310.

PT NitrasanataDharma

Invoice No. AR-MTG/2020/06/24/0008 dated 24 June 2020

-

338.306.

343.311.

PT Nusa PrimaPangan

PT My Indo Airlines

-

(i) Personal Healthy Kit Agreement between PT Garuda Indonesia(Persero) Tbk and PT Mustika Ratu Tbk No.IG/PERJ/DN-4220/2021/NON-LEG, as may be amended, restatedand/or supplemented from time to time; and

(ii) Personal Healthy Kit Agreement between PT Garuda Indonesia(Persero) Tbk and PT Mustika Ratu Tbk No.IG/PERJ/DZ-4220/2021/NON-LEG, as may be amended, restatedand/or supplemented from time to time.

344.312.

(ii) Completion Agreement on the Provision of File Sharing and ElectronicLibrary No. IG/PERJ/OX-4088/2020/NON-LEG, as may be amended,restated and/or supplemented from time to time;

(iii) Infrastructure Lease Agreement and SAP Backup between PT GarudaIndonesia (Persero) Tbk and PT Mitra Integrasi Informatika No.IG/PERJ/DG-3621/2018, as may be amended, restated and/orsupplemented from time to time;

(iv) Data Center and Disaster Recovery Center Procurement Agreement forPT Garuda Indonesia (Persero) Tbk Applications between PT GarudaIndonesia (Persero) Tbk and PT Mitra Integrasi Informatika No.DS/PERJ/DQ-3322/2014, as may be amended, restated and/orsupplemented from time to time.

PT Nusa Satu IntiArtha

(i) Cooperation Agreement for the Provision of Credit Card PaymentServices PT Garuda Indonesia (Persero) Tbk with PT Nusa Datu IntiArtha No. IG/PERJ/CD-3009/2019, as may be amended, restatedand/or supplemented from time to time;

336.304.

339.307.



345.313.

347.315.

351.319.

PT PerishableLogistics Indonesia

PT Parit PadangGlobal

-

PT Osadha GrahaSejahtera

-

352.320.

PT Pertamina(Persero)

Supporting Letter regarding Debt Restructuring Agreement No.IG/PERJ/DF-4302/2020/NON-LEG dated 30 December 2020, as may be


-

348.316.

353.321.

PT Pertamina BinaMedika IHC (Rumah

Sakit Pertamina Jaya)

PT PengembanganJaya Papua

-

Invoices from June to October 2021

354.322.

(ii) System Provision and Management of the Top Up DepositManagement Program Agreement between PT Garuda Indonesia(Persero) Tbk and PT Nusa Datu Inti Artha No.IG/PERJ/DN-4288/2020/NON-LEG, as may be amended, restatedand/or supplemented from time to time; and

(iii) Cooperation Agreement on System Provision and Management ofPre-Paid & Top Up Programs Garuda Online Sales Account No.DS/PERJ/EC-3317/2012, as may be amended, restated and/orsupplemented from time to time.

PT Pindad EnjiniringIndonesia

Invoice documents dated 24 July 2019

346.314.

349.317.

355.323.

PT PLN (Persero)

PT Penta PowerindoElectro

-

PT Padma RadyaAktuaria

-

356.324.

PT Pos Indonesia(Persero)

Invoice details from February 2021 – December 2021

Service Procurement Agreement on Calculation Review Offering RestructuringInsurance Policy for Group THT and Annuities between PT Garuda Indonesia

(Persero) Tbk and PT Padma Radya Aktuaria No.IG/PERJ/ID-4167/2021/NON-LEG, as may be amended, restated and/or


350.318.

357.32

PT PrathitaTitiannusantara

PT Pentas MenaraKomindo

(i) Completion Agreement on Ground Handling Works at Mutiara SisAljufri Airport - Palu between PT Garuda Indonesia (Persero) Tbk and

Invoices from August 2020 to September 2021



5.

PT Quadratel Persada

PT PrismaTirtakusuma

Invoices No. 007-005-GRD-0621 and No. 008-005-GRD-0621, both dated 21June 2021

PT Prima Global Trans

Agreement on the Procurement of Auto Dimensioning Machine No.IG/PERJ/GO-3352/2019 dated 15 January 2020, as may be amended, restated


365.333.

PT Ragam SehatMultifita (RS MitraKeluarga Depok)

Claim Submission Form dated December 2021

Invoices No. I-0057395 and I-0057394 dated 5 August 2021

361.329.

366.334.

PT Rashal Siar CakraMedika (SiloamHospitals ASRI)

PT ProteindoKaryasehat (RumahSakit Mitra Keluarga

Bekasi Timur)

Payer Outstanding Unit dated August 2020 to October 2021

Claim Submission Form dated 4 February 2022

367.335.

PT Prathita Titiannusantara No.IG/PERJ/UPGAM-4083/2021/NON-LEG, as may be amended, restatedand/or supplemented from time to time;

(ii) IATA Standard Ground Handling Agreement No.DS/PERJ/PLWDM-2027/2010, as may be amended, restated and/orsupplemented from time to time.

PT Rejeki PrimaAnugerah

Purchase Order No. GARUDA/IH PO/00105/2020 dated 26 August 2020, asmay be amended, restated and/or supplemented from time to time.

359.327.

362.330.

368.336.

PT Saba Indomedika

PT Pusaka PrimaTransport

Invoices from September 2020 to November 2020

PT PrimahotelManajemen Indonesia

Board of Directors Service and Operational Vehicle Management ServiceAgreement No. IG/PERJ/IB-4148/2020/NON-LEG dated 14 July 2020, as may


369.337.

PT Sabre TravelNetwork Indonesia

Garuda – Citilink Integrated Booking Procurement Agreement No.IG/PERJ/DN-4224/2020/NON-LEG dated 29 May 2020, as may be amended,


Invoices from November 2019 to January 2020

363.331.

370.338.

PT Saburai PerdanaBarokah

PT Putra InovasiUtama

(i) Purchase Order No. GARUDA/IH PO/00097/2020 dated 7 August 2020

(ii) Invoice No. 192/INV-SPB/VII/2021 dated 7 May 2021

Invoice from the periods of November 2020 and July 2021

371.3

358.326.

PT Samsonite Statement of Account as of 31 December 2021 dated 5 January 2022

360.328.

364.332.



372.340.

374.341.

378.345.

PT Satria AntaranPrima Tbk.

PT Sarana MeditamaInternational (RS EMC

Alam Sutera)

-

PT SamudranayakaGrahaunggul


379.346.

Indonesia

PT Satya Wira Mandiri Invoice No. 180/FP/SWM/XII/2019 dated 18 December 2019

Agreement on the Management of the Cengkareng Operation Center GarudaOffice Building No. DS/PERJ/DI-3237/2011 dated 27 July 2011, as may be


375.342.

380.347.

PT Sciencewerke

PT Sarana MeditamaMetropolitan Tbk (RS

EMC Pulo Mas)

-

Claim Submission Form dated 13 December 2021

381.348.

PT Sembilan VisualKreatif


373.

376.343.

382.349.

PT Setia AnugrahMedika

PT Utama PratamaMedika (RS EMC

Tangerang)

-

PT San Simeel Lestari

Invoices from February 2020 to January 2021

383. PT Shansui KaryaBandara

Invoices from September 2019 to November 2021

Invoices from January 2021 to October 2021

377.344.

384.350.

39.

PT SiloamInternasional Hospitals

PT Sarinah (Persero)

(i) Invoice details has been provided in form of Invoice List includinginvoices numbers from September 2019 to February 2021 (MRCCSiloam Hospital Semanggi);

(ii) Invoices from November 2021 to January 2022 (Siloam Hospital KebonJeruk);

(iii) Invoices from October 2019 to October 2021 (Siloam Hospitals LippoVillage);

(iv) Cooperation Agreement on Healthcare Services No.189/SIH/Pelkes/X/2020/SHHO dated 13 August 2020, as may beamended, restated and/or supplemented from time to time (SiloamHospitals TB Simatupang);

(v) Invoices dated 14 February 2018 and 5 January 2022 (Siloam Hospitals

Aviator Uniform and Equipment Management Procurement Agreement No.IG/PERJ/DO-4045/2020/NON-LEG dated 11 October 2019, as may be




PT Sumber BahagiaSentosa / RS Putera

Bahagia (SiloamHospitals Cirebon)

Temporary Agreement on JPK Garuda Sentra Medika Inpatient and OutpatientHealth Services - PT Aerowisata Group No. GA-IHM/SKS-015/V/2017, No.

628/RSPB/V/2017 dated 15 May 2017, as may be amended, restated and/orsupplemented from time to time.

385.351.

387.353.

391.357.

PT Surgika Alkesindo

PT SITA InformationNetworking Computing

Indonesia


PT Sinar Dewasa

Invoices from January 2020 to January 2022

392.358.

PT Surya IndotamaLogistik

-

Invoices from June 2021 to October 2021

388.354.

393.359.

PT Suryagita Nusaraya

PT Sofie Mode Huis

Cooperation Agreement on the Handling of Line 2 Outgoing CSC Cargo CrossWarehouses at Juanda Airport – Surabaya No.

SUBFF/PERJ/SUBAM-2109/2020 dated 8 June 2020, as may be amended,restated and/or supplemented from time to time.

-

394.360.

Bali);

(vi) Invoices from September 2019 to December 2021 (Siloam HospitalsSurabaya); and

(vii) Invoices from November 2021 to January 2022 (Siloam HospitalsManado).

PT Taurus Gemilang Cooperation Agreement on Lounge Services in Sultan Aji Muhammad SulaimanSepinggan Balikpapan Airport No. BPNDM/PERJ/10/19, No. 075/TG/00/SA/X/19

dated 15 October 2019, as may be amended, restated and/or supplementedfrom time to time.

386.352.

389.355.

395.361.

PT Tawada Healthcare

PT Sucofindo(Persero)

(i) Purchase Order No. GARUDA/IH PO/00004/2021 dated 3 February2021, as may be amended, restated and/or supplemented from time totime;

(ii) Purchase Order No. GARUDA/IH PO/00089/2021 dated 20 May 2021, asmay be amended, restated and/or supplemented from time to time.

PT Sinwa PerdanaMandiri

Invoice from the periods of October 2020 – October 2021

396.362.

PT TelekomunikasiIndonesia (Persero)

Tbk.

(i) Garuda Contact Centre Service Provider Agreement No.DS/PERJ/DC-3402/2013 dated 20 June 2013, as may be amended,restated and/or supplemented from time to time;

(ii) Customer Voice Management System Procurement Agreement No.

Detail of Invoices No. 004/SPM/V/2022 dated 4 January 2022

390.356.



397.363.

399.365.

403.369.

PT UtamaTelekomindo

PT Tridinamika JayaInstrument

Invoices from June 2020 to January 2022

PT Thomas MakmurWisata

Detail of Invoices January 2021 to March 2021

404.370.

PT Wahana Dirgantara Detail of Invoices from June 2019 to October 2020

Invoices from April 2020 - December 2020

400.366.

405.371.

PT Wahyu PutraMandiri Perkasa

PT Unibless Indo Multi


Company Documents Management Services Agreement No.IG/PERJ/DS-3116/2018 dated 28 March 2018, as may be amended, restated


406.372.

IG/PERJ/CQ-3085/2021 dated 29 April 2021, as may be amended,restated and/or supplemented from time to time;

(iii) Inflight Connectivity Service Provision Cooperation Agreement No.IG/PERJ/DC-3264/2017 dated 1 August 2017, as may be amended,restated and/or supplemented from time to time;

(iv) Domestic Network Infrastructure Services Provision Agreement NO.DS/PERJ/DE-3384/2015 dated 6 April 2015, as may be amended,restated and/or supplemented from time to time;

(v) Cooperation Agreement on Inflight Entertainment Management onGaruda Indonesia Aircraft No. IG/PERJ/DE-3364//2019 dated 1December 2019, as may be amended, restated and/or supplementedfrom time to time.

PT Wenang PermaiSentosa


398.364.

401.367.

407.373.

PT Winson ExpressTransindo

PT United Media

Invoices from April 2020 to August 2020

PT Tirta Investama

-

408.374.

PT Wira PamungkasPariwara


-

402.368.

409.37

PT Wirapandu SuksesMakmur

PT Unolab MitraPersada

Invoices from April 2019 to November 2021

Claim Submission Form dated 27 December 2021



414.380.

411.377.

Rahbanu Invoice dated 30 March 2021

Pullman Melbourne

415.381.

Invoices #257730, #254731, #254753 and #254835

Ratih HermiKartikawati

Invoice from the periods of June - September 2021

416.

412.378.

Rise Aviation 3(Ireland) Limited

410.376.

(i) Guarantee Agreement by PT Garuda Indonesia (Persero) Tbk betweenGaruda Indonesia Holiday France S.A.S and Rise Aviation 3 (Ireland)Limited in relation to one Boeing 737-800 Aircraft with MSN 36549 dated20 May 2015, as may be amended, restated and/or supplemented fromtime to time; and

(ii) Aircraft Specific Lease Agreement between Garuda Indonesia HolidayFrance S.A.S. and Rise Aviation 3 (Ireland) Limited and Wilmington TrustSP Services (Dublin) Limited on one B737-800 bearing MSN 3549 dated20 May 2015, as may be amended, restated and/or supplemented fromtime to time.

R. Yunus Adikusumah

417.382.

-

Rockwell Collins,Incorporated

PT YudhanusaEkspresindo Caraka

(i) Sales Order No. 3076263;

(ii) Sales Order No. 26132881;

(iii) Purchase Order No DH/BFEA330-900NEO/087/2019 dated 13 August2019; and

(iv) Purchase Order No. DH/BFEA330-900NEO/079/2019 dated 31 July2019.

418.383.

413.379.

Rolls Royce LeasingLimited


-

Rachmat LesmonoSidharta

5.

419.384.

Lease Agreement No. IH/PERJ-30022/RUKO BTO/2018, as may be amended,restated and/or supplemented from time to time

Rolls Royce Plc. (i) Commercial Agreement in respect of Settlement Agreement (Ref. DEG15040) and Allevation Requests Related To Changing MarketConditions Due To The Covid-19 Pandemic No.IG/PERJ/DE-3098/2021 dated 12 August 2021;

(ii) Product Ageement relating to Trent 7000-72 engines DEG 9509 dated29 June 2016;

(iii) Product Agreement relating to Trent 772B and Trent 772C enginesDEG 6159 No. DS/PERJ/DE-3144/2012 dated 6 July 2012;

(iv) Supplementary FInancial Assistance Agreement relating to Trent 772Bengines DEG 6734 No. DS/PERJ/DE-3145/2012 dated 6 July 2012;



(i) Total Care Services Agreement relating to Trent 772B engines DEG6160 No. DS/PERJ/DZ-3383/2010 dated 29 June 2010;

(ii) Total Care Services Agreement relating to Trent 772C engines DEG6511 dated 29 June 2010; and

(iii) Total Care Agreement for the Trent 700 Engine Powered AirbusA330-300 Aircraft No. DS/PERJ/DE-3236/2008 dated 29 October 2008and (iv) Product Ageement relating to Trent 7000-72 engines DEG9509 dated 29 June 2016, as may be amended, restated and/orsupplemented from time to time.

423.388.

Rumah Sakit PGICikini

Invoices from January 2021 to October 2021

(v) TotalCare Agreement for the Trent 700 Engine Powered AirbusA330-300 AIrcraft No. DS?PERJ/DE-3236/2008 dated 29 October2008; and

(vi) Supplementary Financial Assistance Agreement relating to Trent 7000engines DEG 9511 dated 29 June 2016, as may be amended, restatedand/or supplemented from time to time.

421.386.

424.389.

Rumah Sakit YarsiJakarta

Royal Sino-EnergyAviation Service Co.,

Ltd.

Invoices from June 2020 to August 2021

(i) Charter Flight Service Agreement (Perjanjian Jasa PenerbanganCharter) No. IG/PERJ/SHAAM-/2018; and

(ii) Cooperation Agreement on Purchasing Airline Ticket Through HardblockMethode (Perjanjian Kerja Sama Atas Pembelian Tiket Pesawat UdaraDengan Metode Hardblock) No. Garuda: IG/PERJ/DG-3650/2017, asmay be amended, restated and/or supplemented from time to time.

425.390.

S. Agus Pramono -

420.385.

422.387.

426.391.

SAF Leasing II (AOE3) Limited

Rumah Sakit PermataCibubur

(i) Operating Lease Agreement dated 22 December 2016 betweenAvolon Aerosapce AOE 139 Limited and Garuda IndonesiaHoliday France S.A.S. in respect of one Airbus A320-200NEOaircraft with manufacturer’s serial number 7603 as may beamended, restated and/or supplemented from time to time.

(ii) Aircraft Lease Novation and Amendment Agreement dated 20 May2020 between Avolon Aerospce AOE 139 Limited, GarudaIndonesia Holiday France S.A.S. and SAF Leasing II (AOE 3)Limited in respect of one Airbus A320-200NEO aircraft withmanufacturer’s serial number 7603.

(iii) Operating Sub-Lease Agrement dated 22 December 20016between Garuda Indonesia Holiday France S.A.S. in respect ofone Airbus A320-200NEO aircraft with manufacturer’s serialnumber 7603 as may be amended, restated and/or supplementedfrom time to time.

(iv) Guarantee Agreement dated 26 May 2017 between PT GarudaIndonesia (Persero) Tbk and Avolon Aerospace AOE 139 Limitedin respect of one Airbus A320-200NEO aircraft with manufacturer’sserial number 7603 as assigened to SAF Leasing II (AOE 3)

Rolls Royce Total CareServices Limited

Invoices from January 2020 to December 2020



Limited pursuant to an Assignmnet dated 20 May 2020 betweenAvolon Aerospace AOE 139 Limited and SAF Leasing II (AOE 3)Limited.

(v) Sublease Security Assignment between Garuda Indonesia HolidayFrance S.A.S. and SAF Leasing II (AOE 3) Limited in respect ofone Airbus A320-251N Aircraft with serial number 7603 dated 20May 2020, as may be amended, restated and/or supplementedfrom time to time.

-

428.393.

Sailes 4-2, LLC (i) Aircraft Lease Agreement No. DS/PERJ/DF-3685/2013 between Sailes4-2, LLC and PT Garuda Indonesia (Persero) Tbk in relation to oneBoeing 777-300ER Aircraft MSN 29147 dated 4 October 2013, as maybe amended, restated and/or supplemented from time to time;

(ii) Aircraft Lease Novation and Amendment Agreement between Sailes4-2, LLC, PT Garuda Indonesia (Persero) Tbk and Garuda IndonesiaHoliday France S.A.S. in relation to one Boeing 777-300ER AircraftMSN 29147 dated 28 December 2017, as may be amended, restatedand/or supplemented from time to time;

(iii) Aircraft Sublease Agreement between Garuda Indonesia HolidayFrance S.A.S. and PT Garuda Indonesia (Persero) Tbk in relation toone Boeing 777-300ER Aircraft MSN 29147 dated 28 December 2017,as may be amended, restated and/or supplemented from time to time;and

(iv) Guarantee Agreement by PT Garuda Indonesia (Persero) Tbk betweenGaruda Indonesia Holiday France S.A.S. and Sailes 4-2, LLC inrelation to one Boeing 777-300ER Aircraft MSN 29147 dated 28December 2017, as may be amended, restated and/or supplementedfrom time to time.

427.392.

429.394.

Salwa Aircraft Leasing(One) Limited

Sailes 4, LLC

(i) Aircraft Lease Agreement No. DS/PERJ/DF-3259/2013 between SalwaAircraft Leasing (One) Limited and PT Garuda Indonesia (Persero) Tbkin respect of a Boeing B777-300ER with MSN 40074 dated 22 April2013, as may be amended, restated and/or supplemented from time totime; and

(ii) Aircraft Lease Agreement No. DS/PERJ/DF-3261/2013 between SalwaAircraft Leasing (One) Limited and PT Garuda Indonesia (Persero) Tbkin respect of a Boeing B777-300ER with MSN 40075 dated 22 April2013, as may be amended, restated and/or supplemented from time to

(i) Aircraft Lease Agreement No. DS/PERJ/DF-3684/2013 between Sailes4, LLC and PT Garuda Indonesia (Persero) Tbk in relation to oneBoeing 777-300ER Aircraft MSN 29146 dated 4 October 2013, as maybe amended, restated and/or supplemented from time to time;

(ii) Aircraft Lease Novation and Amendment Agreement between Sailes 4,LLC, PT Garuda Indonesia (Persero) Tbk and Garuda IndonesiaHoliday France S.A.S. in relation to one Boeing 777-300ER AircraftMSN 29146 dated 28 December 2017, as may be amended, restatedand/or supplemented from time to time;

(iii) Aircraft Sublease Agreement between Garuda Indonesia HolidayFrance S.A.S. and PT Garuda Indonesia (Persero) Tbk in relation toone Boeing 777-300ER Aircraft MSN 29146 dated 28 December 2017,as may be amended, restated and/or supplemented from time to time;and

(iv) Guarantee Agreement by PT Garuda Indonesia (Persero) Tbk betweenGaruda Indonesia Holiday France S.A.S. and Sailes 4, LLC in relationto one Boeing 777-300ER Aircraft MSN 29146 dated 28 December2017, as may be amended, restated and/or supplemented from time totime.



SASOF III AviationFrance SARL

Lease Assignment between SASOF III Aviation France S.A.R.L., ILFC FranceS.A.R.L and PT Garuda Indonesia (Persero) Tbk dated 24 June 2016, as may


time.

431.396.

434. SASOF IV AviationFrance SARL

Sari Puspita

Aircraft Extension and Amendment Agreement between PT Garuda Indonesia(Persero) Tbk and SASOF IV Aviation France S.A.R.L on Airbus A330-200 MSN

1261 dated 25 October 2019, as may be amended, restated and/orsupplemented from time to time.


435.397.

Sensyo & Co. Ltd. (i) Guarantee Agreement by PT Garuda Indonesia (Persero) Tbk betweenGaruda Indonesia Holiday France S.A.S andin favour of Sensyo & Co.LTD in respect of one Boeing 737-800 Aircraft with MSN 39929 dated 8September 2017, as may be amended, restated and/or supplementedfrom time to time;

(ii) Aircraft Lease Agreement bBetween SMBC Aviation CapitalLimitedSensyo, Co & Ltd and Garuda Indonesia Holiday France S.A.Srelating to the leasing of one Boeing B737-800 Aircraft MSN 39929 dated24 October 2014, as may be amended, restated and/or supplementedfrom time to time; and

(iii) Aircraft Sub-lease Agreement between Garuda Indonesia Holiday S.A.Sand PT Garuda Indonesia (Persero) Tbk relating to the leasing of oneBoeing B737-800 Aircraft MSN 39929 dated 24 October 2014, as may beamended, restated and/or supplemented from time to time.

430.395.

432.

436.398.

SITA Switzerland Sàrl

SASOF III (A) AviationFrance SARL

Invoice From the period of April 2018 – December 2021

Sapphire Leasing I(AOE 1) Limited

-

437.3 Sky Asia Aviation (i) Contract / Service Agreement dated 1 April 2017;

(i) Aircraft Lease Agreement between Sapphire Leasing I (AOE 1) Limitedand Garuda Indonesia Holiday France S.A.S in relationrespect of oneAirbus A330-200 Aairccaft MSNwith manufacturer’s serial number 1184dated 15 November 2018, as may be amended, restated and/orsupplemented from time to time;

(ii) Aircraft Sublease Agreement No. IG/PERJ/DE-3639/2018 betweenGaruda Indonesia Holiday France S.A.S and PT Garuda Indonesia(Persero) Tbk on one Airbus A330-200 MSNaircraft with manufacturer’sserial number 1184 dated 15 November 2018, as may be amended,restated and/or supplemented from time to time; and

(iii) Lessor Security Agreement between Garuda Indonesia Holiday FranceS.A.S and Sapphire Leasing I (AOE 1) Limited in respect of one AirbusA330-200 Aircraft with MSNmanufacturer’s serial number 1184 dated15 November 2018, as may be amended, restated and/orsupplemented from time to time.

(iv) Guarantee dated 26 March 2019 between PT Garuda Indonesia(Persero) Tbk and Sapphire Leasing I (AOE 1) Limited in respect ofone Airbus A330-200 aircraft with manufacturer’s serial number 1184.

433.



Sky High LVI LeasingCompany Limited

Sky High XXXIIILeasing Company

Limited

(i) Aircraft Lease Agreement between Sky High LVI Leasing Company Limitedand Garuda Indonesia Holiday France S.A.S. in relation to one Boeing777-300ER with MSN 40073 dated 18 January 2016, as may be amended,restated and/or supplemented from time to time; and

(ii) Aircraft Sub-lease Agreement between PT Garuda Indonesia (Persero) Tbkand Garuda Indonesia Holiday France S.A.S. in relation to one AirbusA320-214 with MSN 7297 dated 23 September 2016, as may beamended, restated and/or supplemented from time to time.

(Division of EcoHolidays Pvt. Ltd.)

Aircraft Lease Agreement between Sky High XXXIII Leasing Company Limitedand Garuda Indonesia Holiday France S.A.S. relating to the leasing of oneAirbus A320-214 MSN 6270 dated 2 May 2014, as may be amended, restatedand/or supplemented from time to time.Aircraft Lease Agreement Between Sky High XXXIII Leasing Company Limitedand Garuda Indonesia Holiday France S.A.S relating to the leasing of one AirbusA320-214 MSN 6333 dated 02 May 2014 (as amended, novated, modified orsupplemented from time to time)Aircraft Lease Agreement Between Sky High XXXIII Leasing Company Limitedand Garuda Indonesia Holiday France S.A.S relating to the leasing of one AirbusA320-214 MSN 6408 dated 02 May 2014 (as amended, novated, modified orsupplemented from time to time)

441.403.

Sky High LX LeasingCompany Limited

Aircraft Lease Agreement between Sky High LX Leasing Company Limited andGaruda Indonesia Holiday France S.A.S. in relation to one Boeing 777-300ERwithAirbus A320-214 MSN 40073 dated7297dated 23 September 2016, as maybe amended, restated and/or supplemented from time to time.

Aircraft Lease Agreement between Sky High LX Leasing Company Limited andGaruda Indonesia Holiday France S.A.S. in relation to one Airbus A320-214MSN 7453 dated 7 November 2016, as may be amended, restated and/orsupplemented from time to time

(ii) Contract / Service Agreement No. DS/PERJ/OG-3001/2017 dated 1 July2016; and

(iii) Overflying Permit Agreement No. IG/PERJ/OG-4011/2020/NON-LEGdated 3 February 2020, as may be amended, restated and/orsupplemented from time to time.

439.401.

442.404.

Sky High LXI LeasingCompany Limited

Sky High LIX LeasingCompany Limited

Aircraft Lease Agreement between Sky High LXI Leasing Company Limited andGaruda Indonesia Holiday France S.A.S. relating to the leasing of one AirbusA320-214 MSN 7620 dated 8 November 2016.

Aircraft Lease Agreement (MSN 7221) dated 28 June 2016 between Sky HighLIX Leasing Company Limited and Garuda Indonesia Holiday France S.A.S.

443.405.

99.

Sky High LXXXIXLeasing Company

Limited

Aircraft Lease Agreement between Sky High LXXXIX Leasing Company Limitedand Garuda Indonesia Holiday France S.A.S. relating to the leasing of AirbusA320-251N MSN 8156 dated 23 August 2018, as may be amended, restatedand/or supplemented from time to time.

Aircraft Lease Agreement between Sky High LXXXIX Leasing Company Limitedand Garuda Indonesia Holiday France S.A.S. relating to the leasing of AirbusA320-251N MSN 8265 dated 28 June 2018, as may be amended, restatedand/or supplemented from time to time.

Aircraft Lease Agreement between Sky High LXXXIX Leasing Company Limitedand Garuda Indonesia Holiday France S.A.S. relating to the leasing of Airbus

438.400.

440.402.



444.406.

446.408.

Sky High XXX LeasingCompany Limited

Sky High XCII LeasingCompany Limited

Aircraft Lease Agreement between Sky High XXX Leasing Company Limited andGaruda Indonesia Holiday France S.A.S. relating to the leasing of Boeing777-300ER MSN 29144 dated 12 June 2015, as may be amended, restatedand/or supplemented from time to time.Aircraft Lease Agreement between Sky High XXX Leasing Company Limited andGaruda Indonesia Holiday France S.A.S. relating to the leasing of Boeing777-300ER MSN 40072 dated 10 September 2015, as may be amended,restated and/or supplemented from time to time.Aircraft Lease Agreement between Sky High XXX Leasing Company Limited andGaruda Indonesia Holiday France S.A.S. relating to the leasing of Boeing777-300ER MSN 29145 dated 19 October 2015, as may be amended, restatedand/or supplemented from time to time.

Aircraft Lease Agreement between Sky High XCII Leasing Company Limited andGaruda Indonesia Holiday France S.A.S. relating to the leasing of AirbusA320-251N MSN 9275 dated 4 December 2019, as may be amended, restatedand/or supplemented from time to time.Aircraft Lease Agreement between Sky High XCII Leasing Company Limited andGaruda Indonesia Holiday France S.A.S. relating to the leasing of AirbusA320-251N MSN 9280 dated 22 October 2019, as may be amended, restatedand/or supplemented from time to time.

447.409.

Sky High XXXI LeasingCompany Limited

Aircraft Lease Agreement between Sky High XXXI Leasing Company Limitedand Garuda Indonesia Holiday France S.A.S. relating to the leasing of Boeing777-300ERone Airbus A320-214 MSN 291436118 dated 15 September2 May2014, as may be amended, restated and/or supplemented from time to time.Aircraft Lease Agreement between Sky High XXXI Leasing Company Limitedand Garuda Indonesia Holiday France S.A.S. relating to the leasing of oneAirbus A320-214 MSN 6224 dated 2 May 2014, as may be amended, restatedand/or supplemented from time to time.Aircraft Lease Agreement between Sky High XXXI Leasing Company Limitedand Garuda Indonesia Holiday France S.A.S. relating to the leasing of oneAirbus A320-214 MSN 6243 dated 2 May 2014, as may be amended, restatedand/or supplemented from time to time.

A320-251N MSN 8303 dated 23 July 2018, as may be amended, restated and/orsupplemented from time to time.

445.407.

448.410.

SMBC Aviation CapitalLimited

Sky High XXIX LeasingCompany Limited

(i) Aircraft Lease Agreement between SMBC Aviation Capital Limited andGaruda Indonesia Holiday France S.A.S. relating to the leasing of oneAirbus A320-200 which MSNaircraft manufacturer's serial number 5511dated 24 October 2014, as may be amended, novated, restated and/orsupplemented from time to time;

(ii) Aircraft Sub-leaseSub-Lease Agreement No. DS/PERJ/DE-3491/014between Garuda Indonesia Holiday France S.A.S. and PT GarudaIndonesia (Persero) Tbk. relating to the leaing of one Airbus A320-200which MSNaircraft manufacturer's serial number 5511 dated 24 October2014, as may be amended, restated and/or supplemented from time totime;

(iii) Guarantee between PT Garuda Indonesia (Persero) Tbk. and SMBCAviation Capital Limited in respect of one Airbus A320-200 aircraft withMSN 5511 dated 24 October 2014, as may be amended, restated and/orsupplemented from time to time;

(iv) Lessor Security Assignment between Garuda Indonesia Holiday FranceS.A.S. and SMBC Aviation Capital Limited in respect of one Airbus

Aircraft Lease Agreement between Sky High XXXIX Leasing Company Limitedand Garuda Indonesia Holiday France S.A.S. relating to the leasing of AirbusA320-251N MSN 9275Boeing 777MSN 29148 dated 2 May 2014, as may beamended, restated and/or supplemented from time to time.Aircraft Lease Agreement between Sky High XXIX Leasing Company Limitedand Garuda Indonesia Holiday France S.A.S. relating to the leasing of Boeing777 MSN 29143 dated 2 May 2014, as may be amended, restated and/orsupplemented from time to time.



A320-200 aircraft with manufacturer's serial number 5511 dated 24October 2014, as may be amended, restated and/or supplemented fromtime to time;

(v) Aircraft Lease Common Terms Agreement dated 14 June 2014 betweenGE Capital Aviation Services Limited and Garuda Indonesia HolidayFrance S.A.S., as may be amended, novated, restated and/orsupplemented from time to time;

(vi) (iii) Aircraft Specific Lease Agreement between Garuda IndonesiaHoliday France S.A.S and Celestial Aviation Trading 71 Limited relatingto the leasing of one Airbus A320-200 which MSNaircraft bearingmanufacturer's serial number 5560 dated 14 June 2014, as may beamended, novated, restated and/or supplemented from time to time;

(vii) Aircraft Lease Novation and Amendment Deed between CelestialAviation Trading 71 Limited, Garuda Indonesia Holiday France S.A.S.and SMBC Aviation Capital Limited in respect of one Airbus A320-200aircraft bearing manufacturer's serial number 5560 dated 12 December2014, as may be amended, restated and/or supplemented from time totime;

(viii) Aircraft Lease Sub-Common Terms Agreement dated 14 June 2014between PT Garuda Indonesia (Persero) Tbk. and Garuda IndonesiaHoliday France S.A.S., as may be amended, restated and/orsupplemented from time to time;

(ix) (iv) Sub-Aircraft Specific Lease Agreement between PT GarudaIndonesia (Persero) Tbk,. and Garuda Indonesia Holiday France S.A.Sand Celestial Aviation. Treladting 71 Limitedto one Airbus A320-200aircraft bearing manufacturer's serial number 5560 dated 14 June 2014,as may be amended, restated and/or supplemented from time to time;

(x) Guarantee between PT Garuda Indonesia (Persero) Tbk. and SMBCAviation Capital Limited in respect of one Airbus A320-200 aircraft withMSN 5560 dated 12 December 2014, as may be amended, restatedand/or supplemented from time to time;

(xi) Lessor Security Assignment between Garuda Indonesia Holiday FranceS.A.S. and SMBC Aviation Capital Limited in respect of one AirbusA320-200 aircraft with manufacturer's serial number 5560 dated 12December 2014, as may be amended, restated and/or supplementedfrom time to time;

(xii) (v) Aircraft Lease Agreement between SMBC Aviation Capital Limitedand Garuda Indonesia Holiday France S.A.S. relating to the leasing ofone Airbus A320-200 which MSNaircraft manufacturer's serial number5830 dated 24 October 2014, as may be amended, novated, restatedand/or supplemented from time to time;

(xiii) (vi) Aircraft Sub-leaseSub-Lease Agreement No.DS/PERJ/DE-3490/2014 between Garuda Indonesia Holiday FranceS.A.S. and PT Garuda Indonesia (Persero) Tbk. relating to the leaing ofone Airbus A320-200 aircraft manufacturer's serial number 5830 dated24 October 2014, as may be amended, restated and/or supplementedfrom time to time;

(xiv) Guarantee between PT Garuda Indonesia (Persero) Tbk. and SMBCAviation Capital Limited in respect of one Airbus A320-200 aircraft withMSN 5830 dated 24 October 2014, as may be amended, restated and/orsupplemented from time to time;

(xv) Lessor Security Assignment between Garuda Indonesia Holiday FranceS.A.S. and SMBC Aviation Capital Limited in respect of one AirbusA320-200 aircraft with manufacturer's serial number 5830 dated 24October 2014, as may be amended, restated and/or supplemented from



time to time;

(xvi) (vii) Aircraft Lease Agreement between SMBC Aviation Capital Limitedand Garuda Indonesia Holiday France S.A.S. relating to the leasing ofone Boeing B737-800 MSNaircraft manufacturer's serial number 39936dated 24 October 2014, as may be amended, novated, restated and/orsupplemented from time to time;

(xvii) (viii) Aircraft Sub-leaseSub-Lease Agreement No.DS/PERJ/DE-3523/2014 between Garuda Indonesia Holiday FranceS.A.S. and PT Garuda Indonesia (Persero) Tbk. relating to the leasing ofone Boeing B737-800 aircraft manufacturer's serial number 39936 dated24 October 2014, as may be amended, restated and/or supplementedfrom time to time;

(xviii) Guarantee between PT Garuda Indonesia (Persero) Tbk. and SMBCAviation Capital Limited in respect of one Boeing B737-800 aircraft withMSN 39936 dated 24 October 2014, as may be amended, restatedand/or supplemented from time to time;

(xix) Lessor Security Assignment between Garuda Indonesia Holiday FranceS.A.S. and SMBC Aviation Capital Limited in respect of one BoeingB737-800 aircraft with manufacturer's serial number 39936 dated 24October 2014, as may be amended, restated and/or supplemented fromtime to time;

(xx) (ix) Aircraft Lease Agreement between SMBC Aviation Capital Limitedand Garuda Indonesia Holiday France S.A.S. relating to the leasing ofone Boeing B737-800 MSNaircraft manufacturer's serial number 39939dated 24 October 2014, as may be amended, novated, restated and/orsupplemented from time to time;

(xxi) (x) Aircraft Sub-leaseSub-Lease Agreement No. DS/PERJ/DE-3527/2014between Garuda Indonesia Holiday France S.A.S. and PT GarudaIndonesia (Persero) Tbk. relating to the leasing of one Boeing B737-800aircraft manufacturer's serial number 39939 dated 24 October 2014, asmay be amended, restated and/or supplemented from time to time;

(xxii) Guarantee between PT Garuda Indonesia (Persero) Tbk. and SMBCAviation Capital Limited in respect of one Boeing B737-800 aircraft withMSN 39939 dated 24 October 2014, as may be amended, restatedand/or supplemented from time to time;

(xxiii) Lessor Security Assignment between Garuda Indonesia Holiday FranceS.A.S. and SMBC Aviation Capital Limited in respect of one BoeingB737-800 aircraft with manufacturer's serial number 39939 dated 24October 2014, as may be amended, restated and/or supplemented fromtime to time;

(xxiv) (xi) Aircraft Lease Agreement between SMBC Aviation Capital Limitedand Garuda Indonesia Holiday France S.A.S. relating to the leasing ofone Boeing B737-800 MSNaircraft manufacturer's serial number 39954dated 24 October 2014, as may be amended, novated, restated and/orsupplemented from time to time;

(xxv) (xii) Aircraft Sub-leaseSub-Lease Agreement No.DS/PERJ/DE-3529/2014 between Garuda Indonesia Holiday FranceS.A.S. and PT Garuda Indonesia (Persero) Tbk. relating to the leasing ofone Boeing B737-800 aircraft manufacturer's serial number 39954 dated24 October 2014, as may be amended, restated and/or supplementedfrom time to time;

(xxvi) Guarantee between PT Garuda Indonesia (Persero) Tbk. and SMBCAviation Capital Limited in respect of one Boeing B737-800 aircraft withMSN 39954 dated 24 October 2014, as may be amended, restatedand/or supplemented from time to time;



Star Rising AviationFrance 2 S.A.S

-

449.411.

451. Start Ireland Leasing 4Limited- Part of

AERCAP

Société Internationalede

TélécommunicationsAéronautiques

(i) Aircraft Specific Lease Agreement between Garuda Holiday FranceS.A.S and Celestial Aviation Trading 18 Limited on one B737-800 Aircraftbearing manufacturer's serial number 38032 dated 14 June 2014, asmay be amended, restated and/or supplemented from time to time;

(ii) Guarantee by PT Garuda Indonesia (Persero) Tbk relating to the HeadLease Agreement between Garuda Indonesia Holiday France S.A.S andCelestial Aviation Trading 18 Limited in respect of one Boeing 737-800Aircraft bearing manufacturer's serial number 38032 dated 14 June 2014,as may be amended, restated and/or supplemented from time to time;

(iii) Sub-aircraft Specific Lease Agreement between PT Garuda Indonesia(Persero) Tbk, Garuda Indonesia Holiday France S.A.S and CelestialAviation Trading 18 Limited on one B737-800 Aircraft bearingmanufacturer's serial number 38032 dated 14 June 2014, as may beamended, restated and/or supplemented from time to time; and

(iv) Aircraft Lease Novation and Amendment Agreement between CelestialAviation Trading 18 Limited, Garuda Indonesia Holiday France S.A.S andStart Ireland Leasing 4 Limited in respect of one Boeing 737-800 Aircraftbearing manufacturer's serial number 38032 and two CFM56-7B26Eengines bearing serial number 960506 and 960511 dated 26 September2018, as may be amended, restated and/or supplemented from time totime.

-

452. Stellar Aircraft Holding2 Limited

-

(xxvii) Lessor Security Assignment between Garuda Indonesia Holiday FranceS.A.S. and SMBC Aviation Capital Limited in respect of one BoeingB737-800 aircraft with manufacturer's serial number 39954 dated 24October 2014, as may be amended, restated and/or supplemented fromtime to time;

(xxviii) (xiii) Aircraft Lease Agreement between SMBC Aviation Capital Limitedand Garuda Indonesia Holiday France S.A.S. relating to the leasing ofone Boeing B737-800 MSNaircraft manufacturer's serial number 39955dated 24 October 2014, as may be amended, novated, restated and/orsupplemented from time to time; and

(xxix) (xiv) Aircraft Sub-leaseSub-Lease Agreement No.DS/PERJ/DE-3528/2014 between Garuda Indonesia Holiday FranceS.A.S. and PT Garuda Indonesia (Persero) Tbk. relating to the leasing ofone Boeing B737-800 aircraft manufacturer's serial number 39955 dated24 October 2014, as may be amended, restated and/or supplementedfrom time to time.;

(xxx) Guarantee between PT Garuda Indonesia (Persero) Tbk. and SMBCAviation Capital Limited in respect of one Boeing B737-800 aircraft withMSN 39955 dated 24 October 2014, as may be amended, restatedand/or supplemented from time to time; and

(xxxi) Lessor Security Assignment between Garuda Indonesia Holiday FranceS.A.S. and SMBC Aviation Capital Limited in respect of one BoeingB737-800 aircraft with manufacturer's serial number 39955 dated 24October 2014, as may be amended, restated and/or supplemented fromtime to time.

450.



Strasbourg LocationS.A.R.L

Daily Freelance Agreement No. GARUDA/JKTID/90636/JKTIDK/PKHL/2020dated 19 October 2020, as may be amended, restated and/or supplemented

from time to time.

457.416.

Tokyo HumaniaEnterprise Inc.,

Trading as HiltonTokyo Odaiba

Crew Accomodation Agreement (Perjanjian Akomodasi Awak Pesawat) No.IG/PERJ/DN-4018/2021/NON-LEG dated 19 February 2024, as may be


Lease Agreement No. DS/PERJ/DE-3107/2015 between Starsbourg LocationS.A.R.L, ILFC France S.A.R.L and PT Garuda Indonesia (Persero) Tbk dated 29October 2015, as may be amended, restated and/or supplemented from time to

time.

455.414.

458.417.

Tokyo International AirCargo Terminal Ltd.

Thales Avionics, Inc.

Invoice from December 2020 - November 2021

Agreement for the Purchase of In-Flight Entertainment ("IFE") System andAssociated Support Services No. IG/PERJ/DF-3251/2018 and ATA/AC/18C0001

dated 30 October 2018, as may be amended, restated and/or supplementedfrom time to time.

459.418.

453.412.

Tokyo International AirTerminal Corporation

Invoice from December 2020 - November 2021

454.413.

456.415.

460.419.

Total Engine AssetManagement Pte. Ltd.

The Hongkong andShanghai Banking

Corporation Limited(Delegasi dari Trustee)

(i) Engine Lease Agreement between Total Engine Asset ManagementPTE. LTD and Garuda Indonesia Holiday France S.A.S relating to theleasing of one CFM LEAP-1A26 Engine bearing MSN 598977 dated 28December 2018, as may be amended, restated and/or supplementedfrom time to time;

(ii) Sub-lease Agreement - Engine between Garuda Indonesia HolidayFrance S.A.S. and PT Citilink Indonesia in respect of one LEAP-1A26engine with MSN 598977 dated 28 December 2018, as may beamended, restated and/or supplemented from time to time;

(iii) Lease Security Assignment between Garuda Indonesia Holiday FranceS.A.S. and Total Engine Asset Management PTE. LTD in respect of oneLEAP-1A26 engine with MSN 598977 dated 28 December 2018, as maybe amended, restated and/or supplemented from time to time;

(iv) Guarantee Agreement between PT Garuda Indonesia (Persero) Tbk andTotal Engine Asset Management PTE. LTD in respect of oneLEAP-1A26 engine with MSN 598977 dated 5 July 2019, as may beamended, restated and/or supplemented from time to time;

(v) Engine Lease Agreement between Total Engine Asset ManagementPTE. LTD and Garuda Indonesia Holiday France S.A.S relating to theleasing of one CFM LEAP-1A26 Engine bearing MSN 599218 dated 15May 2019, as may be amended, restated and/or supplemented from timeto time;

(vi) Sub-lease Agreement - Engine between Garuda Indonesia HolidayFrance S.A.S. and PT Citilink Indonesia in respect of one LEAP-1A26engine with MSN 599218 dated 15 May 2019, as may be amended,restated and/or supplemented from time to time;

Tati Noorhidayah

-



461.420.

463.422.

Western OutdoorInteractive Private

Limited

Tuti Untari

Sotware Applications License Agreement DS/PERJ/DN-3085/2009 dated 22May 2009, as may be amended, restated and/or supplemented from time to

time.


464.423.

Widji Poernomo Invoice from the periods of February 2021

(vii) Lease Security Assignment between Garuda Indonesia Holiday FranceS.A.S. and Total Engine Asset Management PTE. LTD in respect of oneLEAP-1A26 engine with MSN 599218 dated 20 May 2019, as may beamended, restated and/or supplemented from time to time; and

(viii) Guarantee Agreement between PT Garuda Indonesia (Persero) Tbk andTotal Engine Asset Management PTE. LTD in respect of oneLEAP-1A26 engine with MSN 599218 dated 31 July 2019, as may beamended, restated and/or supplemented from time to time.

462.421.

465.424.

Wilmington Trust SPServices (Dublin)Limited (MSN 41310dan MSN 1288)not inits individualcapacity but solely as

owner trustee) (MSN1946, MSN 1947 and

MSN 1948)

Weathernews Inc.

(1) Aircraft Head Lease Agreement in relation to MSN 1946 dated 12November 2019 between Wilmington Trust SP Services (Dublin) Limited (not inits individual capacity but solely as owner trustee) and Garuda Indonesia HolidayFrance S.A.S., as may be amended, restated and/or supplemented from time totime (the “MSN 1946 Head Lease”).

Guarantee Agreement No. IG/PERJ/DF-3076/2017 by PT Garuda Indonesiarelating to (2) Aircraft Sub Lease Agreement in relation to MSN 1946 dated13 December 2019 between Garuda Indonesia Holiday France S.A.S. and ALCB378 41310, LLC in respect of one Boeing 737-800 Aircraft MSN 41310 dated 6November 2017PT Garuda Indonesia (Persero) Tbk, as may be amended,restated and/or supplemented from time to time.

(3) Guarantee in relation to the MSN 1946 Head Lease by PT GarudaIndonesia (Persero) Tbk as guarantor in favour of Wilmington Trust SP Services(Dublin) Limited (not in its individual capacity but solely as owner trustee) dated12 November 2019, as may be amended, restated and/or supplemented fromtime to time.

(4) Aircraft Head Lease Agreement in relation to MSN 1947 dated 12November 2019 between Wilmington Trust SP Services (Dublin) Limited (not inits individual capacity but solely as owner trustee) and Garuda Indonesia HolidayFrance S.A.S., as may be amended, restated and/or supplemented from time totime (the “MSN 1947 Head Lease”).

(5) Aircraft Sub Lease Agreement in relation to MSN 1947 dated 12November 2019 between Garuda Indonesia Holiday France S.A.S. and PTGaruda Indonesia (Persero) Tbk, as may be amended, restated and/orsupplemented from time to time.

(6) Guarantee in relation to the MSN 1947 Head Lease by PT GarudaIndonesia (Persero) Tbk as guarantor in favour of Wilmington Trust SP Services(Dublin) Limited (not in its individual capacity but solely as owner trustee) dated12 November 2019, as may be amended, restated and/or supplemented fromtime to time.

(7) Aircraft Head Lease Agreement in relation to MSN 1948 dated 12

Sky Risk Communication Service Agreement No. DS/PERJ/DR-3151/2017dated 1 April 2017, as may be amended, restated and/or supplemented from

time to time.



-

471.430.

PT Sinar HarapanKeluarga ( RS

Harapan Magelang)

-

466.425.

468.427.

472.431.

PT Satria KencanaMedika

WWTAI AirOpCo 1Bermuda Ltd.

Claim Submission Form dated 23 March 2022

Wilmington Trust SPServices (Dublin)

Limited (MSN 1946,MSN 1947 dan MSN

1948)

(i) Aircraft Lease Agreement between CIT Group Location France S.A.Sand PT Garuda Indonesia (Persero) in relation of lease of Boeing737-800 Aircraft with MSN 29931 dated 5 September 2008, as may beamended, restated and/or supplemented from time to time; and

(ii) Aircraft Head Lease Agreement between WWTAI AIROPCO 1Bermuda LTD and LA Victoire 3 Holding in relation to one Boeing737-800 Aircraft bearing MSN 29931 dated 15 March 2019, as may beamended, restated and/or supplemented from time to time.

473.432.

E-Outsource Asia(Singapore) Pte Ltd

Invoice No. SG-E2121-0060 dated 22 September 2020

Aircraft Lease Agreement dated 31 March 2011, as may be amended, restatedand/or supplemented from time to time.

469.428.

474.433.

Safran Cabin GalleysUS, Inc.

Yayasan KesehatanGaruda Indonesia

-

(i) Lease agreement No. DS/PERJ/ID-3221-2009 dated 1 August 2009, asmay be amended, restated and/or supplemented from time to time;

(ii) Minutes of Health Service Agreement dated 1 January 2020, as may beamended, restated and/or supplemented from time to time.

475.434.

November 2019 between Wilmington Trust SP Services (Dublin) Limited (not inits individual capacity but solely as owner trustee) and Garuda Indonesia HolidayFrance S.A.S., as may be amended, restated and/or supplemented from time totime (the “MSN 1948 Head Lease”).

(8) Aircraft Sub Lease Agreement dated 31 March 2011in relation to MSN1948 dated 27 November 2019 between Garuda Indonesia Holiday FranceS.A.S. and PT Garuda Indonesia (Persero) Tbk, as may be amended, restatedand/or supplemented from time to time.

(9) Guarantee in relation to the MSN 1948 Head Lease by PT GarudaIndonesia (Persero) Tbk as guarantor in favour of Wilmington Trust SP Services(Dublin) Limited (not in its individual capacity but solely as owner trustee) dated12 November 2019, as may be amended, restated and/or supplemented fromtime to time

PT Binaman Utama Procurement Agreement for SOE Talent Competency Assessment ConsultantsNo. IG/PERJ/ID-3002/2020 as may be amended, restated and/or supplemented

from time to time.

467.426.

470.429.

476.43

PT Wego TravelIndonesia

Zaenal Agus Sarwono

-

Wiseway Logistics Pty.Ltd.

Letter No. GARUDA/JKTVZ/20017/2019 dated 14 January 2019, as may beamended, restated and/or supplemented from time to time.



477.436.

Baker &Mckenzie.Wong &

Leow

Engagement Letter – Procurement of Dispute Resolution between Hadiputranto,Hadinoto & Partners and PT Garuda Indonesia (Persero) Tbk dated 29

September 2020 as amended by Amendment I No.IG/PERJ/AMAND-I/DZ-3159/2020/21/NON-LEG dated 21 October 2020 as lastlyamended by Amendment II No. IG/PERJ/AMAND-II/DZ-3159/2020/21/NON-LEG

dated 21 April 2021.

5.

Notes:

This is based on the Final Claims Register published on 714 June 2022.

1. Claims denominated in foreign currencies have been converted to Rupiah based on BankIndonesia Middle Rates (Kurs Tengah Bank Indonesia) on the date of the Provisional PKPUDecision (Putusan PKPU Sementara), namely 9 December 2021. Bank Indonesia Middle Rateson The PKPU Decision Date (9 December 2021) are as follows:

a. USD 14,348.00b. EUR 16,193.16c. GBP 19,008.24d. SGD 10,514.16e. KRW 12.19f. JPY 126.36g. AUD 10,236.00

2. For creditors who are not listed in the following Final Claims Register (Daftar Piutang Tetap), thenthe creditor's claims are being analysed by the Administrator Team and will be added andannounced in the Final Claims Register.

2. 3. This Final Claims Register requires the signature of the Supervisory Judge and the SubstituteSecretary/Clerk.

4. The parties may submit objections to this Final Claims Register to the Administrators Team inwriting.



No.

2.

2.

Name

Airservices Australia

Settlement Claims

30,906,694,654

Settlement Claims perCompany's Record As Of 9

December 2021 (IDR)

The Boeing Company

3. Jal Coop 13,676,216,457

1.

To be published on the Company’swebsite on the Final SettlementClaims Date

4.

Upbu Bandara Abdurrachman Saleh

Alberta Sas 8,623,214,144

64,018,409

Lessors

5. Jeppesen Sanderson 7,680,156,692

2.

6.

Upbu APT Pranoto

Aviation Capital Group

No.

6,305,471,512

36,618,688

1.

7. Dsv Air & Sea Limited

Name

5,128,635,836

3.

No.

8.

Bandara Hang Nadim Batam

Onair Switzerland Sarl

Settlement Claims

3,816,568,000

19,502,100

Boeing Operations Intl

9. Iata Montreal 3,745,679,410

4.

10.

Bandara Tjilik Riwut

Is No.1 Property

1.

3,582,831,087

18,390,000


11.

Trade Creditors

Korean Air 3,401,745,411

Avolon Leasing Ireland 3 Limited

No.

12.

Name

Hilton Hotel

Name

3,133,347,727



December 2021 (IDR)

13. China National Aviation Fuel 3,070,242,897

Preferred Creditors

1.

14. Skyteam Airline Alliance Management

Skyhawks Aviation Services Worldwide

2,592,443,950

APPENDIX 3.List of Unverified Creditors

Aircraft Manufacturers

22,468,968



16.

Swissport 396,426,369

19.

25.

37. De Lage Landen PTy Ltd

Jardine Matheson & Co. Ltd

391,857,048

Airport Authority Hongkong

1,165,185,915

38.

Kojimachi Tax Office

Belastingdienst 375,227,904

1,382,545,288

26.

39. Tibah Airport Development

Rolls Royce Controls And Data Services

372,316,176

1,121,870,120

40.

2,282,716,921

Office Of State Revenue 362,613,334

20.

27.

41.

No.

Knight Frank Australia PTy Ltd

D.C.A Malaysia

345,548,717

Cosmo Oil Co Ltd

1,094,068,132

42. Boeing Singapore Training & Flight 340,104,992

1,334,992,266

28.

43.

15.

Gate Gourmet Amsterdam Bv

Klm Royal Dutch Airlines

331,022,034

1,037,524,909

44.

17.

Ana Catering Services Co Ltd 324,817,782

21.

29.

45. Uas International Trip Support

Schiphol Luchthaven N.V.

292,246,515

Navblue Sas

809,480,847

46.

Menzies Aviation

Lloyds Tsb (London) 272,787,176

1,310,999,717

30.

47.

Global Eagle Entertainment Inc

Airport Authority Suvarnabhumi Airport

Sydney Airport

269,176,115

643,152,885

48.

2,136,452,533

Mumbai International Airport 248,302,716

22.

31.

49.

Name

Norton Rose Fulbright (Asia) Llp

Aeronautical Radio Of Thailand

243,204,069

Hotel Agora Regency Sakai

603,781,647

50. Mercure Swanston 240,473,089

1,277,266,967

32.

51.

2,389,384,923

Cae Parc Aviation

Assoc Of Asia

220,959,200

595,657,220

52.

18.

China Life Tower 177,360,363

23.

33.

53. Cirium

Thai Airways Intl Public

174,511,137

Westralia Airport Corp

588,614,044

54.

Navblue Inc

Sita Telecommunications 145,822,764

1,246,962,830

34.

55. Ap Translation

Sky Aviation

125,920,200

505,336,560

56.

1,576,217,475

Onepath 111,691,440

24.

35.

57.


December 2021 (IDR)

Mhi Rj Avation Ulc

Australia Tax Office

110,838,300

Changi International Airport

439,711,925

58. Grand Tropic Suites Hotel 105,350,000

1,240,342,332

36.



60.

Jemeer Computer Services 21,860,604

63.

69.

81. Narita Tobu Hotel Airport

Honeywell International Inc

21,169,778

Ground Handling De Air China

39,600,480

82.

Flight Directors Scheduled Services Ltd

Hoshi Tax Consultant 18,914,810

72,420,493

70.

83. Cyber Ocean PTe Ltd

Balmain Realty

17,032,769

39,587,594

84.

91,239,528

Acre 1176 Ltd 16,537,164

64.

71.

85.

No.

Toyota Finance Tokyo

Cae Servicios Instucction De Vuelo S.L

15,926,931

Norton White

38,739,600

86. Jolles & Ko Accountants 11,658,266

50,292,825

72.

87.

59.

Techware Corporation

Jos Scheeren Assurantien

11,485,465

37,871,753

88.

61.

Living Edge Easy Hire Sydney 10,766,344

65.

73.

89. Vodafone

Mascot Square Property

9,390,033

Bird Travel Pvt Ltd

32,757,120

90.

Pwc Italy

Vicroads 8,659,140

48,883,684

74.

91.

Courtyard By Marriot

Coverforce Insurance Broking

Freshdesk Inc

8,552,167

28,409,040

92.

80,836,255

Mitsubishi Soko Tokyo 7,323,937

66.

75.

93.

Name

Access Self Storage Ltd

Einfeld Symonds Vince Sydney

7,280,154

Trivi Adventure Camp.

27,024,624

94. Kennards Self Storage 7,258,773

48,471,500

76.

95.

99,646,715

Jss Inc

Singapore Telecommunications Ltd

7,200,353

26,412,883

96.

62.

Meiji Seimei Tokyo 6,950,026

67.

77.

97. Schiphol Connect

I Jet Global Dmcc

6,857,803

Motorway Car Rentals PTe Ltd

24,391,600

98.

Civil Aviation Singapore

Unisys Australia 6,483,658

45,562,657

78.

99. T Bill Communications Melbourne

Amanie Advisors Ltd

5,639,957

24,117,266

100.

75,524,560

Konica Minolta 5,185,289

68.

79.

101.


December 2021 (IDR)

Now Telecom PTy Ltd

Ctsn

4,959,940

Front Liner

22,827,498

102. Heathrow Airport Ltd 4,724,497

43,342,639

80.



104.

M&C Services 360,001

107.

113.

125. Energy Australia

Lagerbox Frankfurt

255,096

Integrated Health Plans

1,195,055

126.

The Self Storage Co.

Longmarch 237,607

3,785,691

114.

127. Ecohai

Polar Water Distributor

97,300

1,130,681

128.

4,659,700

PT Aon Indonesia 74,156,246,387

108.

115.

129.

No.

PT Dahliatama Cargo

Joho

5,545,370,318

Starhub Ltd

1,084,204

130. PT Pricewaterhousecoopers 3,663,380,532

3,111,950

116.

131.

103.

PT Duta Angkasa Prima Kargo

Mitsubishi Souko K.K.

2,860,528,354

1,050,844

132.

105.

PT Ghita Avia Trans 1,224,920,451

109.

117.

133. PT M Tech Solusindo

Chitose Shokai

899,078,868

Reeves & Co Llp

955,439

134.

Ofc Tokyo

PT Mpg Indonesia ( Havas ) 843,239,745

2,737,186

118.

135.

Plaza Business Centre

PT Ups Cardig International

Officeworks Sydney

815,210,035

921,294

136.

4,482,766

PT Star Reachers Indonesia 803,003,032

110.

119.

137.

Name

Mochtar Karuwin Komar

Justlogin PTe Ltd

704,749,799

Narita Kuko

810,003

138. PT Willis Indonesia 703,052,000

2,096,128

120.

139.

4,663,063

PT Yenisi Prima / Gerai Garuda Tawiri

Federal Express

512,756,597

691,509

140.

106.

PT Angkasa Mandiri 472,001,000

111.

121.

141. PT Anugerah Tangkas

Seiko Solutions

410,991,703

OPTus Comm Sydney

442,148

142.

Plusgrade

PT Dutagaruda Piranti Prima 373,006,760

1,734,080

122.

143. PT Projectindo Teknowindata

Sagawa Express

353,361,491

422,562

144.

4,400,000

PT Dfass Indonesia 308,101,200

112.

123.

145.


December 2021 (IDR)

Ckl Indonesia Raya

Nexwave Telecoms PTe Ltd

296,746,719

Askul

378,821

146. PT Manggala Gelora Perkasa 269,763,990

1,730,051

124.



148.

PT Google Indonesia 49,402,903

151.

157.

169. PT Mitra Jaya Persada

PT Ambon Natsepa

46,365,166

PT Pedoman Pratama

116,307,107

170.

PT Pakar Ipal Indonesia

Mala Mukti, S.H.,Ll.M. Notaris 44,850,000

189,629,309

158.

171. PT Oncoprobe Utama

PT Fns Transbuana

41,074,500

111,860,430

172.

229,365,349

Forum Human Capital Indonesia 40,000,000

152.

159.

173.

No.

PT Delegasi Konsultan Indonesia

PT Yusen Logistics Indonesia

39,200,000

PT Maximasia Consulting Associates

102,722,453

174. Atom Techs Ltd/PT Midtrans 37,359,609

162,680,000

160.

175.

147.

Tritunggal Dirgantara Maju

PT Sinar Digital Terdepan

37,326,575

99,619,461

176.

149.

Mayapada Hospital 31,097,600

153.

161.

177. Sanjaya Adhi Prabowo & Partners

PT Arsen Kusuma Indonesia

31,093,750

PT Nippon Express Indonesia

93,960,000

178.

PT Eksakta Digital Gemilang ( Xion )

Sinergy Karya Kharisma 30,226,133

145,405,705

162.

179.

Hotel Irian Biak

Lembayung Executive Lounge

Pilotos Indonesia

30,001,363

75,000,000

180.

214,550,744

Cv Aira Buana 28,857,796

154.

163.

181.

Name

PT Serasi Logistics

PT. Indo Multy Synergy

28,686,023

The Pade Hotel

72,562,984

182. El John Putera Sriwijaya 28,028,000

139,652,183

164.

183.

266,734,041

PT Royalti Anugrah Indonesia (Rai)

PT Multi Informatika Solusindo

27,009,323

67,036,439

184.

150.

Perkumpulan Kita Muda Bisa 24,500,000

155.

165.

185. PT Channel Duasisi

Hotel Batam

24,500,000

PT Besari Wahana Raya

62,700,000

186.

PT Kantar Indonesia International

Kso Ap Solusi Blue Sky 23,128,000

133,159,950

166.

187. Diastika Biotekindo

Klinik Lestari (Inhouse Yankesga)

22,746,703

54,990,025

188.

189,875,000

Blue Sky Premier Lounge 21,520,800

156.

167.

189.


December 2021 (IDR)

Rs Sari Asih

PT Putera Mataram Indah Wisata

19,730,680

PT Pancaran Logistik Indonesia

52,715,819

190. PT Adi Sarana Armada Tbk 19,156,481

117,727,500

168.



192.

PT Indonesia Comnets Plus 11,560,000

195.

201.

213. Rs Mata Jakarta Eye Center Menteng

PT Madani Jaya Buana

11,519,500

PT Dewi Rizkya Travel

15,758,400

214.

PT Vektordaya Mekatrika

PT Tcs Indonesia Mandiri 10,746,000

17,250,000

202.

215. PT Graha Sarana Duta

Rs Medistra

10,422,000

15,220,939

216.

18,130,000

Manorian Sejahtera 10,197,348

196.

203.

217.

No.

PT Perdana Perkasa Elastindo

Rs Hermina Tangerang

9,453,098

Primerindo Kencana

15,176,397

218. Universitas Udayana 9,300,000

16,916,141

204.

219.

191.

Rs Hermina Daan Mogot

Racv Insurance

9,190,002

14,981,366

220.

193.

Kline Logistics Indonesia 9,152,985

197.

205.

221. PT Telekomunikasi Seluler

Solaria

9,050,800

Rs Usada Insani

14,664,000

222.

D-Net

PT United Dico Citas 8,800,000

16,856,181

206.

223.

PT Anugrah Argon Medica

PT Mandiri Bina Bersama

PT Bringin Karya Sejahtera

8,655,000

14,630,335

224.

17,879,904

PT Justindo Global Ekspres 8,225,250

198.

207.

225.

Name

Web Commerce Comm

Rs Khusus Tht-Bedah Kl Proklamasi

6,480,000

PT Asuransi Allianz Utama Indonesia

13,879,143

226. PT Aplikanusa Lintasarta 6,213,024

16,711,633

208.

227.

18,981,254

PT Sumberdaya KomPTelindotama

PT Karanglo Putra Pratama

6,026,400

13,618,182

228.

194.

Kadek Arini 5,000,000

199.

209.

229. Swiss Bel Hotel

Rs Abdi Waluyo

4,854,954

Hotel Borobudur

12,236,000

230.

Miracle Executive Clinic

PT Kilap Propertindo 4,850,496

16,551,585

210.

231. Fikayala Transutama

Rs Hermina Grand Wisata

4,627,568

11,994,124

232.

17,269,700

PT Smart Milenium Efisiensi 4,571,119

200.

211.

233.


December 2021 (IDR)

Santosa Hospital Bandung Central

Aston Niu Hotel

4,478,978

Rs Mitra Kemayoran

11,768,500

234. PT Sang Naga Berlian 4,346,515

16,471,600

212.



236.

PT Karya Trampil Sejahtera 2,100,000

239.

245.

257. Klinik Pamulang Medical Centre

Rs Jakarta Eye Center Kedoya

2,098,600

Rs Awal Bros Bekasi

3,404,000

258.

PT Itl Global Trans/PTseolindo P.

Rs Sari Asih Sangiang 2,047,400

4,003,773

246.

259. PT Mitra Mulia Aksara

Cv Marihot Jaya

2,037,750

3,205,785

260.

4,159,175

Bangun Insan Nusantara 2,031,250

240.

247.

261.

No.

Flexindo

PT Megah Agung Lestari

1,982,519

PT Venosan Indonesia

3,127,646

262. PT Communication Cable 1,928,847

3,872,000

248.

263.

235.

Rs Biomedika Mataram

PT Flexindo Mandiri

1,887,000

2,987,611

264.

237.

Pamulang Medical Centre 1,830,700

241.

249.

265. Klinik Pratama Mh. Thamrin

Cv Jaya Usaha Perkasa

1,788,250

Rs Mitra Keluarga Kalideres

2,846,187

266.

Rs Ananda Bekasi

Mitra Jayakarta Persada 1,781,724

3,807,920

250.

267.

Redtop Hotel & Convention Center

Rs Kramat 128

Klinik Tomang

1,779,451

2,809,475

268.

4,112,509

Trans Nasional Teknologi 1,728,000

242.

251.

269.

Name

Adam Peter Batten

PT Selaras Multi CiPTa

1,617,232

PT Logwin Air And Ocean Indonesia

2,611,450

270. Universitas Al Azhar Indonesia 1,568,000

3,680,951

252.

271.

4,200,000

Rs Bogor Medical Center

PT Trans Sarana Jaya

1,533,055

2,500,000

272.

238.

Media Papua 1,500,000

243.

253.

273. Club

Rs Hermina Kemayoran

1,423,100

Cv Panca Nadi Abadi

2,235,909

274.

PT Puninar Mse Indonesia

Grand Tjokro 1,350,000

3,676,632

254.

275. PT Masa CiPTa Husada

Bethsaida Hospital

1,300,000

2,218,011

276.

4,008,504

PT Sigma Karsa Magna 1,232,000

244.

255.

277.


December 2021 (IDR)

Eldita Sarana Logistik

PT Guna Indah Raya

1,174,345

PT Putera Konsepindo

2,204,030

278. PT Gap Logistics 1,050,800

3,590,325

256.



280.

Rs Advent Bandung 450,000

283.

289.

301. PT Citra Nusantara

Brawijaya Women And Children Hospital

433,160

Pluit Cold Storage

674,500

302.

Rsu Kasih Ibu

Ud Miami 431,200

866,517

290.

303. Marseno Haji

Klinik Mitrasana Kelapa Gading

404,016

670,000

304.

1,007,100

Rs Mitra Keluarga Waru 381,600

284.

291.

305.

No.

PT Amerta Indah Otsuka

Bidan Retno Antari Mukti

370,853

PT Pratesis

665,000

306. Klinik Gracia 370,000

860,880

292.

307.

279.

Dean Aldhyapraya

PT Graha Informatika Nusantara

350,000

662,299

308.

281.

Rhenus Logistics 347,794

285.

293.

309. Andreas Prasetio

Engkin Zainal Muttaqin

337,486

Rs Sari Asih Ciledug

650,000

310.

Sentra Asia Gemilang

Rs Kasih Ibu Tabanan 298,500

814,300

294.

311.

PT Sinar Utama Karya

PT Smc Pneumatics Ind

Klinik & Apotek Kimia Farma 275

288,420

615,780

312.

935,000

PT Bina San Prima 285,863

286.

295.

313.

Name

Rs Muhammadiyah

Ppa&K

278,900

Izi Clinic

600,000

314. PT Tigaka Distrindo Perkasa 271,962

792,200

296.

315.

1,015,080

PT Pena Solusi Piranti

Rs Sentra Medika Cisalak Depok

269,025

585,426

316.

282.

PT Gemalto Smart Cards 263,189

287.

297.

317. Namira Saharani

PT Samali

250,000

Dhl Worldwide Express

575,534

318.

Mina Jaya Wsia

Alfandy Allorerung 250,000

782,939

298.

319. PT Rodamas Wirasakti

Cv Mitra Mandiri

230,000

540,000

320.

917,838

Yakin Maju Sentosa 227,605

288.

299.

321.


December 2021 (IDR)

Klinik Global Doctor

Klinik SaPTa Mitra

156,500

PT Muara Laut

505,000

322. Klinik Trihati Plus 95,000

687,139

300.



Klinik&Apotek Kimia Farma 42 80,000

No.

323.

325. Hanindo Express Utama

A & W Resto

66,458

Name

88,000

326. PT Gudang Garam Tbk 9,097


December 2021 (IDR)

324.



Existing Agreement

ACG Acquisition40547 LLC

APPENDIX 4.List of Aircraft Lessors275

Lease Agreement 40547 No. DS/PERJ/DE-3078/2012between ACG Acquisition 40547 LLC and PT GarudaIndonesia relating to one Boeing B737-800 Aircraftdated 29 February 2012, leasing amendments thereto,as may be amended, supplemented and/or restatedfrom time to time.

Option chosen bythe Lessor286

3. ACG AircraftLeasing IrelandLimited

1.

(i) Aircraft Lease Agreement (MSN 36805) betweenGECAS France SARL and PT Garuda Indonesia(Persero) Tbk, as may be amended, restatedand/or supplemented from time to time;

(ii) Aircraft Sub-lease Agreement between PTGaruda Indonesia (Persero) Tbk and GarudaIndonesia Holiday France S.A.S. on oneB737-800 aircraft bearing MSN 36805 dated 14June 2014, as may be amended, restated and/orsupplemented from time to time;

(iii) Security Assignment between Garuda IndonesiaHoliday France S.A.S. and ACG Aircraft LeasingIreland Limited relating to one relating to oneB737-800 Aircraft bearing MSN 36805 dated 16December 2015, as may be amended, restatedand/or supplemented from time to time; and

(iv) Guarantee Agreement by PT Garuda Indonesia(Persero) Tbk and between Garuda IndonesiaHoliday France S.A.S. and Celestial AviationTrading 62 Limited in respect of one B737-800aircraft bearing MSN 36805

(v) Novation and Amendment Deed betweenCelestial Aviation Trading 62 Limited, GarudaIndonesia Holiday France S.A.S. and ACGAircraft Leasing Ireland Limited relating to oneB737-800 Aircraft bearing MSN 36805 as maybe amended, supplemented and/or restatedfrom time to time/

ACG Acquisition39891 LLC

No.

4.

Lease Agreement 39891 No. DS/PERJ/DE-3080/2012between ACG Acquisition 39891 LLC and PT GarudaIndonesia relating to one Boeing B737-800 Aircraftdated 29 February 2012, leasing amendments thereto,as may be amended, supplemented and/or restatedfrom time to time.

Aercap IrelandCapitalDesignatedActivity Company

(i) Aircraft Lease Agreement between GarudahIndonesia Holiday France S.A.S and AERCAPIreland Capital Limited relating to one BoeingB737-800 with Aircraft serial number 41806

[Terminated / GoForward /

Alternative Lease]

Lessor

2.

275 The Settlement Claims to be published on the Company’s website on the Final Settlement Claims Date286 NTD: to be updated once data is available.



5.

7. Alafco IrishAircraft LeasingTen Limited

Aercap IrelandLimited

Aircraft Lease Novation and Amendment Deed betweenCelestial Aviation Trading 73 Limited, Garuda IndonesiaHoliday France S.A.S and Alafco Irish Aircraft LeasingTen Limited in respect of one Airbus A320-200 Aircraftbearing manufacturer's serial number 5717 and twoCFM56-5B4/3 Engines bearing manufacturer's serialnumbers 645601 and 645602 dated 5 August 2016, asmay be amended, supplemented and/or restated fromtime to time.

Aircraft Operating Lease Agreement between AERCAPIreland Limited and Garuda Indonesia Holiday FranceS.A.S in respect of one Boeing 737-800 Aircraft bearingmanufacturer's serial number 41607 dated 15 May2015, leasing amendments thereto, as may beamended, supplemented and/or restated from time totime.

8. Alafco IrishAircraft NineLimited

Aircraft Lease Novation and Amendment Deed betweenCelestial Aviation Trading 71 Limited, Garuda IndonesiaHoliday France S.A.S and Alafco Irish Aircraft LeasingNine Limited in respect of one Airbus A320-200 Aircraftbearing manufacturer's serial number 5717 and twoCFM56-5B4/3 Engines bearing manufacturer's serialnumbers 645599 and 645600 dated 5 August 2016, asmay be amended, supplemented and/or restated fromtime to time.

dated 29 May 2015, leasing amendmentsthereto, as may be amended, supplementedand/or restated from time to time; and

(ii) Aircraft Lease Agreement between GarudahIndonesia Holiday France S.A.S and AERCAPIreland Capital Limited relating to one BoeingB737-800 with Aircraft serial number 41812dated 16 December 2015, leasing amendmentsthereto, as may be amended, supplementedand/or restated from time to time.

6.

9. ALC B378 41322,LLC

Alafco IrishAircraft LeasingEleven Limited

(i) Guarantee Agreement IG/PERJ/DF-3082/2017between PT Garuda Indonesia (Persero) Tbkrelation to Aircraft Lease Agreement dated 14October 2011 between Garuda IndonesiaHoliday France S.A.S and ALC B378 41322,LLC in respect to one Boeing 737-800 MSN4132 dated 6 November 2017, as may beamended, supplemented and/or restated fromtime to time; and

(ii) Aircraft Novation and Amendment Agreement

Aircraft Lease Novation and Amendment Deed betweenCelestial Aviation Trading 73 Limited, Garuda IndonesiaHoliday France S.A.S and Alafco Irish Aircraft LeasingEleven Limited in respect of one Airbus A320-200Aircraft bearing manufacturer's serial number 5597 andtwo CFM56-5B4/3 Engines bearing manufacturer'sserial numbers 645626 and 645632 dated 5 August2016, as may be amended, supplemented and/orrestated from time to time.



ALS FranceS.A.R.L

Aircraft Operating Lease Agreement between ALSFrance S.A.R.L and PT. Garuda Indonesia (Persero)Tbk in respect of one Airbus A320-200 Aircraft bearingmanufacturer's serial number 1635 dated 12 May 2011,leasing amendments thereto, as may be amended,supplemented and/or restated from time to time.

10.

12. Athena FranceS.A.S

ALC B738 41312,LLC

(vi) Aircraft Lease Agreement (MSN 5551) betweenAthena 3 Aviation Leasing Limited and AthenaFrance SAS dated 21 January 2020, as may beamended, restated and/or supplemented fromtime to time;

(vii) Aircraft Sub-lease Agreement No.DS/PERJ/DZ-3110/2013 between PT GarudaIndonesia (Persero) Tbk and PT CitilinkIndonesia on one A320-200 aircraft bearingMSN 5551 dated 22 March 2013, as may beamended, restated and/or supplemented fromtime to time; and

(viii) Security Assignment between PT GarudaIndonesia (Persero) Tbk and Athena FranceSAS relating to one Airbus A320-200 aircraftbearing MSN 5551 dated 21 January 2020, asmay be amended, restated and/or supplementedfrom time to time.

(i) Guarantee Agreement IG/PERJ/DF-3079/2017between PT Garuda Indonesia (Persero) Tbkrelation to Aircraft Lease Agreement dated 14October 2011 between Garuda IndonesiaHoliday France S.A.S and ALC B378 41312,LLC in respect to one Boeing 737-800 MSN41312 dated 6 November 2017, as may beamended, supplemented and/or restated fromtime to time; and

(ii) Aircraft Novation and Amendment AgreementIG/PERJ/DF-3078/2017 between PT GarudaIndonesia (Persero) Tbk, Garuda IndonesiaHoliday France S.A.S and ALC B378 41312,LLC in respect to one Boeing 737-800 MSN41312 dated 6 November 2017, as may beamended, supplemented and/or restated fromtime to time.

13. AtterissageLeasing S.A.S

(i) Aircraft Operating Lease Novation andAmendment Agreement between ACGAcquisition 38885 LLC, Atterissage LeasingS.A.S., and PT Garuda Indonesia (Persero) Tbkdated 8 January 2016, as may be amended,restated and/or supplemented from time to time;

(ii) Lease Letter Aircraft Operating Lease Novation

IG/PERJ/DF-3081/2017 between PT GarudaIndonesia (Persero) Tbk, Garuda IndonesiaHoliday France S.A.S and ALC B378 41312,LLC in respect to one Boeing 737-800 MSN41312 dated 6 November 2017, as may beamended, supplemented and/or restated fromtime to time.

11.



14. AvolonAeorospace(Ireland) AOE 42Limited

(i) Aircraft Lease Common Terms Agreementbetween GE Capital Aviation Services Limitedand Garuda Indonesia Holiday France S.A.S.dated 14 June 2014, as may be amended,restated and/or supplemented from time to time;

(ii) Aircraft Specific Lease Agreement betweenGaruda Indonesia Holiday France S.A.S andCelestial Aviation Traidng 18 Limited on oneB737-800 bearing manufacturer's serial number36830, dated 14 June 2014, as may beamended, restated and/or supplemented fromtime to time;

(iii) Aircraft Lease Novation and AmendmentAgreement between Celestial Aviation Trading18 Limited, Garuda Indonesia Holiday FranceS.A.S. and Avolon Aerospace (Ireland) AOE 42Limited in respect of one Boeing 737-800Aircraft bearing manufacturer's serial nuber36830 and two CFM56-7B26E engines bearingmanufacturer's serial numbers 961452 and961453 dated 30 September 2016, as may beamended, restated and/or supplemented fromtime to time;

(iv) Aircraft Lease Sub-common Terms Agreementbetween Garuda Indonesia Holiday FranceS.A.S and PT Garuda Indonesia (Persero) Tbkdated 14 June 2014, as may be amended,restated and/or supplemented from time to time;

(v) Sub-aircraft Specific Lease Agreement betweenPT Garuda Indonesia (Persero) Tbk, andGaruda Indonesia Holiday France S.A.S. andCelestial Aviation Trading 18 Limited of oneBoeing 737-800 Aircraft bearing manufacturer'sserial nuber 36830 dated 14 June 2014, as maybe amended, restated and/or supplementedfrom time to time;

(vi) Guarantee by PT Garuda Indonesia (Persero)Tbk relating to the Head Lease Agreementbetween Garuda Indonesia Holiday FranceS.A.S. and Avolon Aerospace (Ireland) AOE 42Limited in respect of one Boeing 737-800Aircraft MSN 36830 dated 30 September 2016,as may be amended, restated and/orsupplemented from time to time; and

(vii) Lessor Security Agreement between GarudaIndonesia Holiday France S.A.S and Avolon

and Amendment Agreement (MSN 38885)between Atterissage Leasing S.A.S. and PTGaruda Indonesia (Persero) Tbk dated 11January 2016, as may be amended, restatedand/or supplemented from time to time; and

(iii) Lease Agreement 38885 between GAL MSN38885 Limited and Atterisage Leasing S.A.Srelating to one Boeing Model B737-800 AircraftAirframe Manufacturer's Serial No.: 38885 dated11 January 2016, as may be amended, restatedand/or supplemented from time to time.




(i) Operating Lease Agreement between AvolonAerospace AOE 138 Limited and GarudaIndonesia Holiday France S.A.S in relation toone Airbus A320-200 Neo Aircraft with serialnumber 75787587 dated 22 December 2016, asmay be amended, restated and/or supplementedfrom time to time;

(ii) Operating Sub-Lease Agreement between PTGaruda Indonesia (Persero) Tbk and GarudaIndonesia Holiday France S.A.S. in relation toone Airbus A320-200 Neo Aircraft with serialnumber 75787587 dated 22 December 2016, asmay be amended, restated and/or supplementedfrom time to time;

(iii) Guarantee Agreement by PT Garuda Indonesia(Persero) Tbk relating to the Operating LeaseAgreement between Garuda Indonesia HolidayFrance S.A.S. and Avolon Aerospace AOE 138Limited in respect of one Airbus A320-251 NeoAircraft with MSN 75787587 dated 23 May 2017,as may be amended, restated and/orsupplemented from time to time; and

(iv) Lessor Security Assignment between GarudaIndonesia Holiday France S.A.S and AvolonAerospace AOE 138 Limited on one AirbusA320-251 Neo Aircraft with MSN 75787587dated 23 May 2017, as may be amended,restated and/or supplemented from time to time.

Aerospace (Ireland) AOE 42 Limited in respectof one Boeing 737-800 Aircraft withmanufacturer's serial number 36830 dated 30September 2016, as may be amended, restatedand/or supplemented from time to time.

16. Avolon AerospaceAOE 137 Limited

(i) Operating Lease Agreement between AvolonAerospace AOE 137 Limited and GarudaIndonesia Holiday France S.A.S. on one AirbusA320-200 Neo Aircraft with MSN 7466 dated 22December 2016, as may be amended, restatedand/or supplemented from time to time;

(ii) Operating Sub-lease Agreement betweenGaruda Indonesia Holiday France S.A.S and PTGaruda Indonesia (Persero) Tbk in respect ofone Airbus A320-200 Neo Aircraft with MSN7466 dated 22 December 2016, as may beamended, restated and/or supplemented fromtime to time;

(iii) Guarantee Agreement by PT Garuda Indonesia(Persero) Tbk between Avolon Aerospace AOE137 Limited and Garuda Indonesia HolidayFrance S.A.S. on one Airbus A320-251 NeoAircraft with MSN 7466 dated 21 February 2017,as may be amended, restated and/orsupplemented from time to time; and

(iv) Lessor Security Agreement between AvolonAerospace AOE 1367137 Limited and GarudaIndonesia Holiday France S.A.S. on one Airbus

15.




(i) Operating Lease Agreement between AvolonAerospace AOE 136 Limited and GarudaIndonesia Holiday France S.A.S. on one AirbusA320-200 Neo Aircraft with MSN 7505 dated 22December 2016, as may be amended, restatedand/or supplemented from time to time;

(ii) Operating Sub-lease Agreement betweenGaruda Indonesia Holiday France S.A.S and PTGaruda Indonesia (Persero) Tbk in respect ofone Airbus A320-200 Neo Aircraft with MSN7505 dated 22 December 2016, as may beamended, restated and/or supplemented fromtime to time;

(iii) Guarantee Agreement by PT Garuda Indonesia(Persero) Tbk between Avolon Aerospace AOE136 Limited and Garuda Indonesia HolidayFrance S.A.S. on one Airbus A320-200 NeoAircraft with MSN 7505 dated 8 March 2017, asmay be amended, restated and/or supplementedfrom time to time; and

(iv) Lessor Security Agreement between AvolonAerospace AOE 136 Limited and GarudaIndonesia Holiday France S.A.S. on one AirbusA320-200 Neo Aircraft with MSN 7505 dated 8March 2017, as may be amended, restatedand/or supplemented from time to time.

A320-251 Neo Aircraft with MSN7466dated7466 dated 21 February 2017, asmay be amended, restated and/or supplementedfrom time to time.


(i) Operating Lease Agreement between AvolonAerospace AOE 86 Limited and GarudaIndonesia Holiday France S.A.S. on one AirbusA330-300 Aircraft with MSN 1548 dated 25 July2014, as may be amended, restated and/orsupplemented from time to time;

(ii) LetterOperating Sub-lease Agreement betweenAvolon Aerospace AOE 86 Limited and GarudaIndonesia Holiday France S.A.S relating to theAircraft Lease Agreementand PT GarudaIndonesia (Persero) Tbk in respect of one AirbusA330-300 MSN 1548 dated 10 January 201925July 2014, as may be amended, restated and/orsupplemented from time to time;

(iii) Operating Sub-leaseGuarantee Agreement byPT Garuda Indonesia (Persero) Tbk betweenAvolon Aerospace AOE 87 Limited and GarudaIndonesia Holiday France S.A.S and PT GarudaIndonesia (Persero) Tbk in respect of. on oneAirbus A330-300 Aircraft with MSN 1548 dated25 July18 August 2014, as may be amended,restated and/or supplemented from time to time;and

(iv) GuaranteeLessor Security Agreement by PTGaruda Indonesia (Persero) Tbk betweenAvolon Aerospace AOE 87 Limited and Garuda

17.



Indonesia Holiday France S.A.S. onin respect ofone Airbus A330-300 Aircraft with MSN 1548dated 18 August 2014, as may be amended,restated and/or supplemented from time to time;and.

20. Avolon AerospaceFrance 7 SAS

(i) Lease Agreement no. DS/PERJ/DZ-3377/2011between PT Garuda Indonesia (Persero) Tbkand Pembroke Lease France SAS on oneB737-800 Aircraft bearing MSN 38073 dated 21September 2011, as may be amended, restatedand/or supplemented from time to time; and

(ii) Aircraft Lease Novation and AmendmentAgreement no. DS/PERJ/DE-3083/2014between PT Garuda Indonesia (Persero) Tbkand Avolon Aerospace France SAS in respect ofone Boeing 737-800 Aircraft bearing MSN 38073dated 2327 February 2014, as may beamended, restated and/or supplemented fromtime to time.


(i) (v) Operating Lease Agreement between AvolonAerospace AOE 87 Limited and GarudaIndonesia Holiday France S.A.S. on one AirbusA330-300 Aircraft with MSN 1560 dated 25 July2014, as may be amended, restated and/orsupplemented from time to time;

(vi) Letter Agreement between Avolon Aerospace AOE87 Limited and Garuda Indonesia HolidayFrance S.A.S relating to the Aircraft LeaseAgreement in respect of one Airbus A330-300MSN 1560 dated 10 January 2019, as may beamended, restated and/or supplemented fromtime to time;

(ii) (vii) Operating Sub-lease Agreement betweenGaruda Indonesia Holiday France S.A.S and PTGaruda Indonesia (Persero) Tbk in respect ofone Airbus A330-300 MSN 1560 dated 25 July2014, as may be amended, restated and/orsupplemented from time to time;

(iii) (viii) Guarantee Agreement by PT GarudaIndonesia (Persero) Tbk between AvolonAerospace AOE 87 Limited and GarudaIndonesia Holiday France S.A.S. on one AirbusA330-300 Aircraft with MSN 1560 dated 22September 2014, as may be amended, restatedand/or supplemented from time to time; and

(iv) (ix) Lessor Security Agreement between AvolonAerospace AOE 87 Limited and GarudaIndonesia Holiday France S.A.S. on one AirbusA330-300 Aircraft with MSN 1560 dated 22September 2014, as may be amended, restatedand/or supplemented from time to time.

21. AWAS (France)Two SARL

Amended and Restated Aircraft Lease Agreement(39416) between AWAS (France) Two SARL and PTGaruda Indonesia (Persero) Tbk in relation one BoeingModel B737-800 Aircraft with MSN 39416 with two CFMInternational CFM56-7B26 engines dated 12 September2011, as may be amended, restated and/or



22.

24. AWAS 29929SARL

AWAS 1214SARL

(i) Aircraft Lease Agreement between CIT GroupLocation (France) SAS and PT GarudaIndonesia (Persero) on one Boeing 737-800Aircraft manufacturer's serial number 29929dated 5 September 2008, as may be amended,restated and/or supplemented from time totime;

(ii) Lease Novation and Amendment Agreementbetween AWAS 29928 SARL, PT GarudaIndonesia and Centenial Aviation (France) 1SARL relating to one Boeing 737-800 Aircraftmanufacturer's serial number 29929 dated 6 July2011, as may be amended, restated and/orsupplemented from time to time; and

(iii) Aircraft Head Lease Agreement between AWAS29929 TRUST and AWAS 29929 SARL on oneBoeing 737-800 Aircraft manufacturer's serialnumber 29929 dated 6 July 2011, as may beamended, restated and/or supplemented fromtime to time.

Aircraft Lease Agreement A330 between AWAS(France) Two S.A.R.L and PT Garuda Indonesia(Persero) on one Airbus model A330-200 Aircraft dated14 December 2009, as may be amended, restatedand/or supplemented from time to time.

25. Bank of Utah Lease Agreement between Bank of Utah and PTGaruda Indonesia (Persero) relating to one Boeingmodel B737-8HX Aircraft Airframe Manufacturer's serialNo. 36436 dated 7 August 2009, as may be amended,restated and/or supplemented from time to time.


23.

26. BOC Aviation

AWAS 29928SARL

(i) Aircraft Lease Agreement No.

(i) Aircraft Lease Agreement between CIT GroupLocation (France) SAS and PT GarudaIndonesia (Persero) on one Boeing 737-800Aircraft manufacturer's serial number 29928dated 5 September 2008, as may be amended,restated and/or supplemented from time to time;

(ii) Lease Novation and Amendment Agreementbetween CIT Group Location (France) SAS, PTGaruda Indonesia and Centenial Aviation(France) 1 SARL relating to one Boeing 737-800Aircraft manufacturer's serial number 29928dated 6 July 2011, as may be amended,restated and/or supplemented from time to time;and

(iii) Aircraft Head Lease Agreement between AWAS29928 TRUST and AWAS 29928 SARL on oneBoeing 737-800 Aircraft manufacturer's serialnumber 29928 dated 6 July 2011, as may beamended, restated and/or supplemented fromtime to time.



CALAISLOCATIONS.A.R.L - Part ofAERCAP

(i) Aircraft Headlease Agreement betweenAERCAP Ireland Capital Limited and CALAISLocation S.A.R.L in respect of one Boeing737-800 Aircraft bearing manufacturer's serialnumber 41798 dated 15 August 2014, as maybe amended, restated and/or supplementedfrom time to time;

(ii) Headlease Assignment between GunungLeasing Limited, AERCAP Ireland CapitalLimited and CALAIS Location S.A.R.L dated 28April 2016, as may be amended, restated and/orsupplemented from time to time; and

(iii) Lease Assignment & Assumption No.DS/PERJ/DZ-3373/2014 between CalaisLocation S.A.R.L, ILFC France S.A.R.L and PTGaruda Indonesia (Persero) Tbk dated 29August 2014, as may be amended, restatedand/or supplemented from time to time.

(France) SARL DS/PERJ/DE-3133/2012 between PT GarudaIndonesia (Persero) Tbk andBOC Aviation(France) SARL in respect of one BoeingA320-200 with manufacturer's serial number4961 Aircraft dated 4 April 2012, leasingamendments thereto, as may be amended,supplemented and/or restated from time to time;and

(ii) Aircraft Sub-lease Agreement between PTGaruda Indonesia (Persero) Tbk and PT CitilinkIndonesia dated 28 December 2012, as may beamended, supplemented and/or restated fromtime to time.

28. CALC 30 - AircraftLimited

(i) Guarantee Agreement by PT Garuda Indonesia(Persero) Tbk between Garuda IndonesiaHoliday France S.A.S and CALC 30 - AircraftLimited in relation to one Airbus A320-200 withMSN 5399 dated 4 October 2017, as may beamended, restated and/or supplemented fromtime to time;

(ii) Sale and Purchase Agreement between SMBCAviation Capital Limited and CALC 30 - AircraftLimited in relation to one Airbus A320-200 withMSN 5399 dated 27 April 2017, as may beamended, restated and/or supplemented fromtime to time;

(iii) Deal and Subordiation Agreement betweenGaruda Indonesia Holiday France S.A.S., CALC30 - Aircraft Limited, PT Garuda Indonesia(Persero) Tbk and PT Citilink Indonesia inrelation to one Aircraft A320-200 with MSN 5399dated 4 October 2017, as may be amended,restated and/or supplemented from time to time;and

(iv) Novation and Amendment Agreement betweenSMBC Aviation Capital Limited, GarudaIndonesia Holiday France S.A.S and CALC 30 -Aircraft Limited on one Airbus A320-200 withMSN 5399 dated 4 October 2017.

27.



Celestial AviationTrading 100Limited

(i) Engine Lease Agreement between GarudaHoliday France S.A.S and Celestial AviationTrading 100 Limited on one GE90-115BL (M10)engine bearing Engine Serial Number 907416dated 14 June 2014, as may be amended,restated and/or supplemented from time to time;

(ii) Engine Sub-lease Agreement between PTGaruda Indonesia (Persero) Tbk and GarudaIndonesia Holiday France S.A.S on oneGE90-115BL (M10) engine bearing EngineSerial Number 907416 dated 14 June 2014, asmay be amended, restated and/or supplementedfrom time to time;

(iii) Guarantee Agreement serial number 907416, asmay be amended, restated and/or supplementedfrom time to time.

(iv) Termination Agreement between GECASFrance S.A.R.L, Celestial Aviation Trading 100Limited and PT Garuda Indonesia (Persero) Tbkrelating to one GE90-115BL (M10) enginebearing Engine Serial Number 907416 dated 14June 2014, as may be amended, restated and/orsupplemented from time to time.

(v) Engine Lease Agreement between GarudaHoliday France S.A.S and Celestial AviationTrading 100 Limited on CFM56-7B26/3 bearingEngine Serial Number 960147 dated 14 June2014, as may be amended, restated and/orsupplemented from time to time;

(vi) Engine Sub-lease Agreement between PTGaruda Indonesia (Persero) Tbk and GarudaIndonesia Holiday France S.A.S onCFM56-7B26/3 bearing Engine Serial Number960147 dated 14 June 2014, as may beamended, restated and/or supplemented fromtime to time;

(vii) Guarantee Agreement serial number 9604147,as may be amended, restated and/orsupplemented from time to time.

(viii) Termination Agreement between GECASFrance S.A.R.L, Celestial Aviation Trading 100Limited and PT Garuda Indonesia (Persero) Tbkrelating to one CFM56-7B26/3 bearing EngineSerial Number 960147 dated 14 June 2014, asmay be amended, restated and/or supplementedfrom time to time.

30. Celestial AviationTrading 23 Limited

(i) Aircraft Specific Lease Agreement betweenGaruda Indonesia Holiday France S.A.S, PTGaruda Indonesia (Persero) Tbk and CelestialAVIATION Trading 23 Limited on oneB737-800BCF bearing manufacturer's serialnumber 33544 dated 11 October 2019, as maybe amended, restated and/or supplementedfrom time to time; and

29.



Celestial Ex ImTrading 5 Limited

(i) Aircraft Specific Lease Agreement betweenGaruda Indonesia Holiday France S.A.S andCelestial EX-IM Trading 5 Limited on oneB737-800 bearing manufacturer's serial number38033 dated 29 December 2017, as may beamended, restated and/or supplemented fromtime to time;

(ii) Sub-aircraft Specific Lease Agreement betweenPT Garuda Indonesia (Persero) Tbk andCelestial EX-IM Trading 5 Limited on oneB737-800 bearing manufacturer's serial number38033 dated 29 December 2017, as may beamended, restated and/or supplemented fromtime to time;

(iii) PT Garuda Indonesia (Persero) Tbk relating tothe Head Lease Agreement between PT GarudaIndonesia (Persero) Tbk and Garuda IndonesiaHoliday France S.A.S a on one B737-800bearing manufacturer's serial number 38033dated 29 December 2017, as may be amended,restated and/or supplemented from time to time;

(iv) Aircraft Specific Lease Agreement betweenGaruda Indonesia Holiday France S.A.S andCelestial EX-IM Trading 5 Limited on oneB737-800 bearing manufacturer's serial number39403 dated 29 December 2017, as may beamended, restated and/or supplemented fromtime to time;

(v) Sub-aircraft Specific Lease Agreement betweenPT Garuda Indonesia (Persero) Tbk andCelestial EX-IM Trading 5 Limited on oneB737-800 bearing manufacturer's serial number38033 dated 29 December 2017, as may beamended, restated and/or supplemented fromtime to time; and

(vi) PT Garuda Indonesia (Persero) Tbk relating tothe Head Lease Agreement between PT GarudaIndonesia (Persero) Tbk and Garuda IndonesiaHoliday France S.A.S a on one B737-800bearing manufacturer's serial number 39403dated 29 December 2017, as may be amended,restated and/or supplemented from time to time.

(ii) Aircraft Specific Lease Agreement betweenGaruda Indonesia Holiday France S.A.S, PTGaruda Indonesia (Persero) Tbk and CelestialAVIATION Trading 23 Limited on oneB737-800BCF bearing manufacturer's serialnumber 29938 dated 11 October 2019, as maybe amended, restated and/or supplementedfrom time to time.

32. CentennialAviation (France)2, S.A.R.L.

(i) Aircraft Lease Agreement No.DS/PERJ/DF-3067/dated as of 24 February2012 between Centennial Aviation (France), 2,S.A.R.L. and PT Garuda Indonesia (Persero)Tbk in relation torespect of one Airbus A320-200Aaircraft dated 24 February 2012withmanufacturer’s serial number 5379, as may be

31.



33. Chishima RealEstate Co., Ltd.

(i) Aircraft Lease Agreement between RBS ParisLeasing 1 SARL and PT Garuda (Persero)relating to the leasing of one Boeing B737-800aircraft bearing manufacturer's serial number39920 dated 22 July 2010, as may be amended,restated and/or supplemented from time to time;

(ii) Aircraft Lease Novation and AmendmentAgreement between SMBC Aviation CapitalParis Leasing 1 S.A.R.L (formerly known asRBS Paris Leasing 1 S.A.R.L), PT GarudaIndonesia (Persero) Tbk and Pembrok LeaseFrance S.A.S relating to the leasing of oneBoeing B737-800 aircraft bearing manufacturer'sserial number 39920 dated 12 December 2012,as may be amended, restated and/orsupplemented from time to time;

(iii) Aircraft Lease Agreement between GarudaIndonesia Holiday France S.A.S and PT GarudaIndonesia (Persero) Tbk relating to the leasing ofone Boeing B737-800 aircraft bearingmanufacturer's serial number 39920 dated 10December 2014, as may be amended, restatedand/or supplemented from time to time; and

(iv) Guarantee Agreement between PT GarudaIndonesia (Persero) Tbk and Chisima RealEstate Co. LTD in respect of Lease of oneBoeing B737-800 Aircraft with MSN 39920 dated28 November 2014, as may be amended,restated and/or supplemented from time to time.

(v) Aircraft Lease Agreement between SMBCAviation Capital Limited and Garuda IndonesiaHoliday France S.A.S. relating to the leasing ofone Boeing B737-800 aircraft bearingmanufacturer's serial number 39920839928dated 24 October 2014, as may be amended,novated, restated and/or supplemented fromtime to time;

(vi) Aircraft Lease Novation and Amendment

amended, restated and/or supplemented fromtime to time; and

(ii) Aircraft Lease Agreement dated as of 24February 2012 between Centennial Aviation(France) 2, S.A.R.L. and PT Garuda Indonesia(Persero) Tbk in respect of one Airbus A320-200aircraft with manufacturer’s serial number 5394,as may be amended, restated and/orsupplemented from time to time; and

(iii) (ii) Aircraft Lease Agreement No.DS/PERJ/DF-3066/dated as of 24 February2012 between Centennial Aviation (France), 2,S.A.R.L. and PT Garuda Indonesia (Persero)Tbk in relation torespect of one Airbus A320-200Aaircraft dated 24 February 2012withmanufacturer’s serial number 5415, as may beamended, restated and/or supplemented fromtime to time.



34. CIT AerospaceInternational(France) S.A.R.L.

(i) Aircraft Lease Agreement between CIT GroupLocation France S.A.S and PT GarudaIndonesia (Persero) in relation of lease ofBoeing 737-800 Aircraft with MSN 37819 dated6 April 20202010, as may be amended, restatedand/or supplemented from time to time.;

(ii) Lease Novation and Amendment Agreementdated 17 September 2010 between CIT GroupLocation (France) SAS, PT Garuda Indonesia(Persero) and Centennial Aviation (France) 1,SARL in respect of one Boeing 737-800 aircraftwith manufacturer’s serial number 37819; and

(iii) Lease Novation and Amendment Agreementdated June 10, 2011 between CIT AerospaceInternational (France) S.A.R.L., PT GarudaIndonesia (Persero) and Centennial Aviation(France) 1, SARL in respect of one Boeing737-800 aircraft with manufacturer’s serialnumber 37819.

35. CMIG AircraftLeasing SevenIreland Limited

(i) Aircraft Lease Agreement (MSN 1474) betweenMedan Aircraft Leasing (Ireland) Limited andGaruda Indonesia Holiday France S.A.S. dated15 November 2016, as may be amended,restated and/or supplemented from time to time;

AgreementDeed between SMBC AviationCapital Limited, Garuda Indonesia HolidayFrance S.A.S. and Chishima Real Estate Co.LTD relating to the leasing, Ltd. in respect ofone Boeing B737-800737-800 aircraft bearingmanufacturer's serial number 39920839928dated 31 October 2014, as may be amended,restated and/or supplemented from time totime;

(vii) Aircraft Sub-leaseSub-Lease Agreement No.DS/PERJ/DE-3525/2014 between GarudaIndonesia Holiday France S.A.S and PTGaruda Indonesia (Persero) Tbk relating to theleasing of one Boeing B737-800 aircraftbearing manufacturer's serial number 39928dated 24 October 2014, as may be amended,restated and/or supplemented from time totime; and

(viii) Guarantee Agreement oNo.DS/PERJ/DE-3554/2014 between PT GarudaIndonesia (Persero) Tbk and Chishima RealEstate Co. LTD, Ltd. in respect of Lease of oneBoeing B737-800 Aaircraft with MSN3998039928 dated 31 October 2014, as maybe amended, restated and/or supplementedfrom time to time; and

(ix) Lessor Security Assignment between GarudaIndonesia Holiday France S.A.S. and SMBCAviation Capital LimitedChishima Real EstateCo., Ltd. in respect of one Boeing 737-800Aaircraft MSNwith manufacturer's serialnumber 39928 dated 2431 October 2014, asmay be amended, restated and/orsupplemented from time to time.



36. ConstitutionAircraft Leasing(Ireland) 9 Limited

(i) Aircraft Lease Common Terms Agreementbetween APTREE Aviation Trading 3 Co.Limited and Garuda Indonesia Holiday FranceS.A.S. dated 10 October 2017, as may beamended, restated and/or supplemented fromtime to time;

(ii) Aircraft Specific Lease Agreement betweenGaruda Indonesia Holiday France S.A.S andAPTREE Aviation Trading 3 Co. Limited andGaruda Indonesia Holiday France S.A.S. inrelation of one Boeing 737-800 Aircraft withMSN 36808 dated 10 October 2017, as may beamended, restated and/or supplemented fromtime to time;

(iii) Novation and Amendment AGreement betweenGaruda Indonesia Holiday France S.A.S andAPTREE Aviation Trading 3 Co. Limited andGaruda Indonesia Holiday France S.A.S. inrelation of one Boeing 737-800 Aircraft withMSN 36808 dated 24 December 2018, as maybe amended, restated and/or supplementedfrom time to time;

(iv) Sub-lease Subordination and Amendmentbetween Construction Aircraft Leasing (Ireland)9 Limited and Garuda Indonesia Holiday FranceS.A.S and PT Garuda Indonesia (Persero) Tbkin relation of one Boeing 737-800 Aircraftbearing manufacturer's serial number 36808, asmay be amended, restated and/or supplementedfrom time to time;

(v) Guarantee Agreement between PT GarudaIndonesia (Persero) Tbk and ConstructionAircraft Leasing (Ireland) 9 Limited in respect ofLease of one Boeing B737-800 Aircraft withMSN 36808 dated 13 August 2019, as may beamended, restated and/or supplemented fromtime to time;

(ii) Novation and Amendment Agreement betweenMedan Aircraft Leasing (Ireland) Limited,Garuda Indonesia Holiday France S.A.S. andCMIG Aircraft Leasing Seven Ireland Limited inrelation to one Airbus A330-200 Aircraft withMSN 1474 dated 15 November 2017, as may beamended, restated and/or supplemented fromtime to time;

(iii) Aircraft Sub-lease Agreement (MSN 1474)between Garuda Indonesia Holiday FranceS.A.S. and PT Garuda Indonesia (Persero) Tbkdated 15 November 2016, as may be amended,restated and/or supplemented from time to time;and

(iv) Guarantee Agreement No.IG/PERJ/DF-3275/2017 between PT GarudaIndonesia (Persero) Tbk and CMIG AircraftLeasing Seven Ireland Limited dated 15September 2017, as may be amended, restatedand/or supplemented from time to time.



37. Einn VolantAircraft LeasingIreland

(i) Aircraft Specific Lease Agreement betweenGaruda Indonesia Holiday France S.A.S andCelestial Aviation Trading 29 Limited on oneB737-800 bearing manufacturer's serial number41253 dated 30 December 2014, as may beamended, restated and/or supplemented fromtime to time;

(ii) Sub-aircraft Specific Lease Agreement betweenPT Garuda Indonesia (Persero) Tbk and GarudaIndoneisa Holiday France S.A.S on oneB737-800 bearing manufacturer's serial number41253 dated 30 December 2014, as may beamended, restated and/or supplemented fromtime to time;

(iii) PT Garuda Indonesia (Persero) Tbk relating tothe Head Lease Agreement between GarudaIndonesia Holiday France S.A.S and Einn VolantAircraft Leasing Ireland 2 Limited Guarantee inrespect of one Boeing 737-800 Aircraft MSN41253 dated 31 January 2018, as may beamended, restated and/or supplemented fromtime to time;

(iv) Aircraft Specific Lease Agreement betweenGaruda Indonesia Holiday France S.A.S andCelestial Aviation Trading 29 Limited on oneB737-800 bearing manufacturer's serial number41267 dated 30 December 2014, as may beamended, restated and/or supplemented fromtime to time;

(vi) Aircraft Lease Common Terms Agreementbetween APTREE Aviation Trading 3 Co.Limited and Garuda Indonesia Holiday FranceS.A.S. dated 10 October 2017, as may beamended, restated and/or supplemented fromtime to time;

(vii) Aircraft Specific Lease Agreement betweenGaruda Indonesia Holiday France S.A.S andAPTREE Aviation Trading 3 Co. Limited andGaruda Indonesia Holiday France S.A.S. inrelation of one Boeing 737-800 Aircraft withMSN 37887 dated 10 October 2017, as may beamended, restated and/or supplemented fromtime to time;

(viii) Novation and Amendment AGreement betweenGaruda Indonesia Holiday France S.A.S andAPTREE Aviation Trading 3 Co. Limited andGaruda Indonesia Holiday France S.A.S. inrelation of one Boeing 737-800 Aircraft withMSN 37887, as may be amended, restatedand/or supplemented from time to time; and

(ix) Guarantee Agreement between PT GarudaIndonesia (Persero) Tbk and ConstructionAircraft Leasing (Ireland) 9 Limited in respect ofLease of one Boeing B737-800 Aircraft withMSN 37887 dated 13 August 2019, as may beamended, restated and/or supplemented fromtime to time.



(v) Sub-aircraft Specific Lease Agreement betweenPT Garuda Indonesia (Persero) Tbk and GarudaIndoneisa Holiday France S.A.S on oneB737-800 bearing manufacturer's serial number41267 dated 30 December 2014, as may beamended, restated and/or supplemented fromtime to time; and

(vi) PT Garuda Indonesia (Persero) Tbk relating tothe Head Lease Agreement between GarudaIndonesia Holiday France S.A.S and Einn VolantAircraft Leasing Ireland 2 Limited Guarantee inrespect of one Boeing 737-800 Aircraft MSN41267 dated 31 January 2018, as may beamended, restated and/or supplemented fromtime to time.

39. Falcon AerospaceFrance 2 SARL

(i) Aircraft Lease Agreement No.DS/PERJ/DZ-3006/2009 between MSN 30155Leasing (France) SARL and PT GarudaIndonesia (Persero) on one Boeing B737-800Aircraft dated 6 January 2009, as may beamended, restated and/or supplemented fromtime to time; and

(ii) Aircraft Lease Novation and AmendmentAgreement between MSN 30155 Leasing(France) SARL, Falcon Aerospace France 2SARL and PT Garuda Indonesia (Persero) onone Boeing 737-800 Aircraft bearing MSN 30155dated 15 May 2017, as may be amended,restated and/or supplemented from time to time.

38.

40. Falcon AerospaceFrance 3 SARL


(i) Aircraft Lease Agreement No.DS/PERJ/DZ-3007/2009 between MSN 301556Leasing (France) SARL and PT GarudaIndonesia (Persero) on one Boeing B737-800Aircraft dated 6 January 2009, as may beamended, restated and/or supplemented fromtime to time; and

(ii) Aircraft Lease Novation and AmendmentAgreement between MSN 30156 Leasing(France) SARL, Falcon Aerospace France 3SARL and PT Garuda Indonesia (Persero) onone Boeing 737-800 Aircraft bearing MSN 30156

(i) Aircraft Lease Agreement No.DS/PERJ/DZ-3005/2009 between MSN 30151Leasing (France) SARL and PT GarudaIndonesia (Persero) on Boeing B737-800 Aircraftdated 6 January 2009, as may be amended,restated and/or supplemented from time to time;and

(ii) Aircraft Lease Novation and AmendmentAgreement between MSN 30151 Leasing(France) SARL, PT Garuda Indonesia (Persero)Tbk and Falcon Aerospace France 1 SARL inrespect of one Boeing 737-800 MSN 30151dated 15 May 2017, as may be amended,restated and/or supplemented from time to time.



dated 15 May 2017, as may be amended,restated and/or supplemented from time to time.

42. Fuyo AviationFrance

(i) Aircraft Lease Agreement between FGL AircraftIreland Limited and Fuyo Aviation France ISARL in respect of one Boeing 737-800 aircraftmanufacturer's serial number 38074 dated 19September 2014, as may be amended, restatedand/or supplemented from time to time; and

(ii) Aircraft Lease Novation and AmendmentAgreement No. DS/PERJ/DE-3454/2014between Pembroke Lease France S.A.S and PTGaruda Indonesia (Persero) Tbk and FuyoAviation France I SARL in respect of one BoeingB737-800 Aircraft bearing MSN 38074 dated 17September 2014, as may be amended, restatedand/or supplemented from time to time.

41.

Garuda IndonesiaHoliday France

FLY 30145Leasing S.A.R.L

(i) Aircraft Lease Novation and Amendment Agreementbetween PT Garuda Indonesia (Persero) Tbkand Garuda Indonesia Holiday France S.A.Srelating to one A330-200 with MSN 1288 dated29 December 2017, as may be amended,restated and/or supplemented from time to time;

(ii) Aircraft Sublease Agreement between PT GarudaIndonesia (Persero) Tbk and Garuda IndonesiaHoliday France S.A.S. relating to one A330-200and two Rolls-Royce Trent 772 engines dated29 December 2017, as may be amended,restated and/or supplemented from time to time;

(iii) Aircraft Lease Agreement (MSN 1364) betweenJakarta Aircraft Leasing (Ireland) Limited andGaruda Indonesia Holiday France S.A.S. dated14 November 2016, as may be amended,restated and/or supplemented from time to time;

(iv) Aircraft Sublease Agreement No.WI/PERJ/DZ-3173/2016 between PT GarudaIndonesia (Persero) Tbk and Garuda IndonesiaHoliday France S.A.S., as may be amended,restated and/or supplemented from time to time;

(v) Aircraft Lease Agreement (MSN 1410) DenpasarAircraft Leasing (Ireland) Limited and GarudaIndonesia Holiday France S.A.S. dated 28October 2016, as may be amended, restatedand/or supplemented from time to time;

(vi) Aircraft Sublease Agreement between PT GarudaIndonesia (Persero) Tbk and Garuda IndonesiaHoliday France S.A.S. dated 28 October 2016,as may be amended, restated and/orsupplemented from time to time;

Aircraft Lease Agreement between Mitsubishi FranceS.A.S and PT Pesahaan Penerbangan GarudaIndonesia (known as PT Garuda Indonesia (Persero)) inrelation to one Boeing B737-8UE with serial number30145 dated 30 October 2009, as may be amended,restated and/or supplemented from time to time.



GLIDE AIRCRAFT73B-41815LIMITED – Part ofAERCAP

(i) Aircraft Lease Agreement between GarudaIndonesia Holiday France S.A.S and GlideAircraft 73B-41815 Limited on new Boeing737-800 with aircraft manufacturer's serialnumber 41815 dated 19 December 2015, asmay be amended, restated and/or supplementedfrom time to time; and

(ii) Guarantee by PT Garuda Indonesia (Persero)Tbk relating to the Head Lease Agreementbetween Garuda Indonesia Holiday FranceS.A.S and Glide Aircraft 73B-41815 Limited inrespect of one Boeing 737-800 Aircraftmanufacturer's serial number 41815 dated 19December 2015, as may be amended, restatedand/or supplemented from time to time.

(vii) Operating Lease Agreement between AvolonAerospace AOE 61 Limited and GarudaIndonesia Holiday France S.A.S. relating to oneAirbus A330-300 with MSN 1709 dated 23March 2016, as may be amended, restatedand/or supplemented from time to time;

(viii) Operating Lease Agreement between AvolonAerospace AOE 86 Limited and GarudaIndonesia Holiday France S.A.S. relating to oneAirbus A330-300 with MSN 1548 dated 23March 2016, as may be amended, restatedand/or supplemented from time to time;

(ix) Operating Lease Agreement between AvolonAerospace AOE 88 Limited and GarudaIndonesia Holiday France S.A.S. relating to oneAirbus A330-300 with MSN 1577 dated 25July2014, as may be amended, restated and/orsupplemented from time to time;

(x) Operating Lease Agreement between AvolonAerospace AOE 88 Limited and GarudaIndonesia Holiday France S.A.S. dated 25 July2014, as may be amended, restated and/orsupplemented from time to time;

(xi) Operating Lease Agreement between AvolonAerospace AOE 124 Limited and GarudaIndonesia Holiday France S.A.S. related oneAirbus A330-300 with MSN 1698, as may beamended, restated and/or supplemented fromtime to time;

(xii) Operating Sublease Agreement No.IG/PERJ/DE-3343/2019 between GarudaIndonesia France S.A.S and PT GarudaIndonesia (Persero) Tbk relation to one AirbusA330-900 Neo with MSN 1948, as may beamended, restated and/or supplemented fromtime to time;

44. 49.

Global AviationEquipmentLeasing I IrelandLimited

(i) Aircraft HeadleaseLease Agreement betweenSMBC Aviation Capital Limited and GarudaIndonesia Holiday France S.A.S. inrespectrelating to the leasing of one AirbusA320-200 aircraft Aircraft bearing manufacturer's

43. 48.



Grenoble LocationS.A.R.L.

(i) Aircraft Headlease Agreement betweenAERCAP Ireland Capital Limited and GrenobleLocation S.A.R.L in respect of one Boeing737-800 Aircraft bearing manufacturer's serialnumber 41796 dated 24 June 2014, as may beamended, restated and/or supplemented fromtime to time;

(ii) Aircraft Lease Agreement No.DS/PERJ/DE-3401/2011 between PT GarudaIndonesia (Persero) Tbk and ILFC FranceS.A.R.L. dated 14 October 2011, as may beamended, restated and/or supplemented fromtime to time; and

(iii) Lease Assignment & Assumption betweenGrenoble Location S.A.R.L, ILFC FranceS.A.R.L and PT Garuda Indonesia (Persero) Tbkdated 24 June 2014, as may be amended,restated and/or supplemented from time to time.

serial number 5556 dated 24 October 2014, asmay be amended, restatednovated,supplemented and/or supplementedrestatedfrom time to time;

(ii) Sub-lease Agreement (MSN 5556) between GarudaIndonesia Holiday France S.A.S. and PT GarudaIndonesia (Persero) Tbk dated 24 October 2014,as may be amended, restated and/orsupplemented from time to time; and

(ii) (iii) Aircraft Lease Novation and AmendmentAgreement between SMBC Aviation CapitalLimited, Garuda Indonesia Holiday FranceS.A.S., and Global Aviation Equipment LeasingI Ireland Limited relating to an Aircraft LeaseAgreement in respect of one Airbus A320-300Aircraft with MSNA320-200 bearingmanufacturer's serial number 5556, dated 21January 2020, as may be amended,restatedsupplemented and/orsupplementedrestated from time to time.;

(iii) Aircraft Sub-Lease Agreement between GarudaIndonesia Holiday France S.A.S. and PT GarudaIndonesia (Persero) Tbk. relating to the leasingof one Airbus A320-200 aircraft manufacturer'sserial number 5556 dated 24 October 2014, asmay be amended, supplemented and/or restatedfrom time to time;

(iv) Letter Agreement from PT Garuda Indonesia(Persero) Tbk. to PT Citilink Indonesia in respectof one Airbus A320-200 aircraft bearingmanufacturer's serial number 5556 dated 21January 2020; and

(v) Lessor Security Assignment between GarudaIndonesia Holiday France S.A.S. and GlobalAviation Equipment Leasing I Ireland Limited inrespect of one Airbus A320-200 Aircraft withmanufacturer's serial number 5556 dated 21January 2020, as may be amended,supplemented and/or restated from time to time

46. 5 Greylag Goose (i) Aircraft Lease Shared Terms (MSN 1410)

45. 50.



1.

Greylag GooseLeasing 1446DesignatedActivity Company

(v) Lease Agreement (MSN 1446) between WellsFargo Bank Northwest, National Association andSurabaya Aircraft Leasing (Ireland) Limitedrelating to one Airbus Model A330-300 AircraftMSN 1446 dated 28 October 2016, as may beamended, restated and/or supplemented fromtime to time;

(vi) Sub-lease Agreement (MSN 1446) No.WI/PERJ/DZ-3174/2016 between garudaIndonesia Holiday France S.A.S. and PT GarudaIndonesia (Persero) Tbk dated 28 October 2016,as may be amended, restated and/orsupplemented from time to time; and

(vii) Novation and Amendment Agreement betweenSurabaya Aircraft Leasing (Ireland) Limited,Garuda Indonesia Holiday France S.A.S., andGreylag Goose Leasing 1446 DesignatedActivity Company relating to an Aircraft LeaseAgreement in respect of one Airbus A330-300Aircraft with MSN 1446, dated 28 October 2016,as may be amended, restated and/orsupplemented from time to time.

Leasing 1410DesignatedActivity Company

between Aircastle Advisor (Ireland) Limited andGaruda Indonesia Holiday France S.A.S. relatingto one Airbus Model A330-300 Aircraft MSN1410 dated 28 October 2016, as may beamended, restated and/or supplemented fromtime to time;

(ii) Sub-lease Agreement (MSN 1410) betweenGaruda Indonesia Holiday France S.A.S. and PTGaruda Indonesia (Persero) Tbk dated 28October 2016, as may be amended, restatedand/or supplemented from time to time;

(iii) Guarantee Agreement by PT Garuda Indonesia(Persero) Tbk between Garuda IndonesiaHoliday France S.A.S. and Denpasar AircraftLeasing (Ireland) Limited in respect of oneAirbus A330-300 with MSN 1410 dated 28October 2016 as may be amended, restatedand/or supplemented from time to time;

(iv) Security Assignment between Garuda IndonesiaHoliday France S.A.S. and Denpasar AircraftLeasing (Ireland) Limited in respect of oneAirbus A330-300 with MSN 1410 dated 28October 2016 as may be amended, restatedand/or supplemented from time to time;

48. 53.

Helice LeasingS.A.S

(i) Lease Agreement 38884 No.DS/PERJ/DE-3077/2012 between ACGAcquisition 38884 LLC and PT GarudaIndonesia (Persero) Tbk relating to one BoeingModel B737-800 Aircraft Airframe MSN 38884dated 29 February 2012, as may be amended,restated and/or supplemented from time to time;

(ii) Aircraft Operating Lease Novation andAmendment Agreement between ACGAcquisition 38884 LLC, Helice Leasing S.A.S,

47. 52.



49. 54.

HKAC Leasing1671 (Ireland)Limited

(i) Operating Lease Agreement between HKACLeasing 1671 (Ireland) Limited and GarudaIndonesia Holiday France S.A.S relating to theleasing of one Airbus A330-300 with two RollsRoyce Trent 772B-60/16 EP2 engines with MSN1671 dated 28 July 2015, as may be amended,restated and/or supplemented from time to time;

(ii) Guarantee Agreement by PT Garuda Indonesia(Persero) Tbk No. WI/PERJ/DF-3080/15 relatingto the operating lease agreement betweenGaruda Indonesia Holiday France S.A.S. andHKAC Leasing 1671 (Ireland) Limited in respectof one Airbus A330-300with MSN 1671 dated28 July14 October 2015 as may be amended,restated and/or supplemented from time to time;

(iii) Operating Sub-lease Agreement No.DS/PERJ/DF-3439/2015 between GarudaIndonesia Holiday France S.A.S. and PT GarudaIndonesia (Persero) Tbk relating to one AirbusA330-300 with two Rolls Royce Trent772B-60/16 EP2 engines with MSN 1671 dated28 July 2015, as may be amended, restatedand/or supplemented from time to time; and

(iv) Lessor Security Assignment between GarudaIndonesia Holiday France S.A.S. and HKACLeasing 1671 (Ireland) Limited in respect of oneAirbus A330-300Aircraft MSN 1671 dated 14October 2015, as may be amended, restatedand/or supplemented from time to time.

50. 55.

IC AirLease OneLimited

(i) Leasing of one Boeing B737-800 Aircraft bearingMSN 38069 between PT Garuda Indonesia(Persero) Tbk and Pembroke Lease FranceS.A.S dated 21 September 2011, as may beamended, restated and/or supplemented fromtime to time; and

(ii) Leasing of one Boeing B737-800 Aircraft bearingMSN 38070 between PT Garuda Indonesia(Persero) Tbk and Pembroke Lease FranceS.A.S dated 21 September 2011, as may beamended, restated and/or supplemented fromtime to time.

and PT Garuda Indonesia (Persero) Tbk dated 8January 2016, as may be amended, restatedand/or supplemented from time to time; and

(iii) Lease Agreement 38884 between GAL MSN38884 Limited and Helice Leasing S.A.S.relating one Boeing Model B737-800 AircraftAirframe Manufacturer's serial No. 38884 dated11 January 2016, as may be amended, restatedand/or supplemented from time to time.

51. 56.

ICIL Paris Aircraft Lease Amendment Agreement No.DS/PERJ/AMAND-I/DZ-3445/2010/17 between ICILParis (a Limited Liability Company (and PT GarudaIndonesia (Persero) Tbk relating to one BoeingB737-800 with MSN 40807 dated 15 September 2017,



as may be amended, restated and/or supplementedfrom time to time.

53. 58.

Infinity AircraftHoldings IrelandLimited

(i) Seller Guarantee by and between Nissen KaiunCo. Ltd and Infinity Aircraft Holdings IrelandLimited in relation to one Airbus A320-214 withMSN 6434 dated 31 October 2018, as may beamended, restated and/or supplemented fromtime to time;

(ii) Aircraft Lease Agreement between KyouwaKisen Co. Ltd and Garuda Indonesia HolidayFrance S.A.S in relation to Airbus A320-214 withMSN 6434 dated 26 November 2014, as may beamended, restated and/or supplemented fromtime to time;

(iii) Aircraft Lease Agreement between M&T AviationFinance (Ireland) Limited and Garuda IndonesiaHoliday France S.A.S in relation to AirbusA320-214 with MSN 6596 dated 26 November2014, as may be amended, restated and/orsupplemented from time to time;

(iv) Deed of Novation between M&T AviationFinance (Ireland) Limited, Garuda IndonesiaHoliday France S.A.S and Infinity AircraftHoldings Ireland Limited in relation to AirbusA320-214 with MSN 6596 dated 8 June 2018, asmay be amended, restated and/or supplementedfrom time to time.

52. 57.

54. 59.

InishbrophyLeasing Limited

ILFC FranceS.A.R.L.

(i) Lease Agreement between Garuda IndonesiaHoliday France S.A.S. and Inishbrophy LeasingLimited in relation with one Boeing B737-800Aircraft bearing MSN 30147 dated 26 December2018, as may be amended, restated and/orsupplemented from time to time;

(i) Aircraft Lease Agreement No.DS/PERJ/DE-3133/2012 between PT GarudaIndonesia (Persero) Tbk and ILFC FranceS.A.R.L relating to Boeing 737-800 Aircraftdated 31, March 2012, leasing amendmentsthereto, as may be amended, supplementedand/or restated from time to time; and

(ii) Aircraft Lease Agreement No.DS/PERJ/DE-3399/2011 between PT GarudaIndonesia (Persero) Tbk and ILFC FranceS.A.R.L dated 14 October 2011, leasingamendments thereto, as may be amended,supplemented and/or restated from time to time;and

(iii) Aircraft Lease Agreement No.DS/PERJ/DE-3132/2012 between PT GarudaIndonesia (Persero) Tbk and ILFC FranceS.A.R.L on new Boeing 737-800 bearingmanufacturer's serial number 41800 dated 31March 2012, leasing amendments thereto, asmay be amended, supplemented and/or restatedfrom time to time.



(ii) Sub-Lease Agreement between GarudaIndonesia Holiday France S.A.S. and PT GarudaIndonesia (Persero) Tbkin relation with oneBoeing B737-800 Aircraft bearing MSN 30147dated 26 December 2018, as may be amended,restated and/or supplemented from time to time;

(iii) Lease Agreement between Garuda IndonesiaHoliday France S.A.S. and Inishbrophy LeasingLimited in relation with one Boeing B737-800Aircraft bearing MSN 30149 dated 26 December2018, as may be amended, restated and/orsupplemented from time to time;

(iv) Sub-Lease Agreement between GarudaIndonesia Holiday France S.A.S. and PT GarudaIndonesia (Persero) Tbkin relation with oneBoeing B737-800 Aircraft bearing MSN 30149dated 26 December 2018, as may be amended,restated and/or supplemented from time to time;

(v) Lease Agreement between Garuda IndonesiaHoliday France S.A.S. and Inishbrophy LeasingLimited in relation with one Boeing B737-800Aircraft bearing MSN 30150 dated 26 December2018, as may be amended, restated and/orsupplemented from time to time; and

(vi) Sub-Lease Agreement between GarudaIndonesia Holiday France S.A.S. and PT GarudaIndonesia (Persero) Tbk in relation with oneBoeing B737-800 Aircraft bearing MSN 301450dated 26 December 2018, as may be amended,restated and/or supplemented from time to time.

56. 61.

Jin Shan 9 IrelandCompany

(i) Aircraft Lease Agreement between GarudaIndonesia Holiday France S.A.S. and Jin Shan 9Ireland Company Limited dated 20 May 2016,as may be amended, restated and/orsupplemented from time to time; and

(ii) Guarantee between PT Garuda Indonesia(Persero) Tbk and Jin Shan 9 Ireland CompanyLimited dated 18 May 2016, as may beamended, restated and/or supplemented fromtime to time.

55. 60.

57. 62

JSA InternationalU.S. Holdings,

Jakarta AircraftLeasing (Ireland)Limited

(i) Aircraft Lease Agreement between JSAInternational U.S. Holdings, LLC (as lessor) and

(i) Aircraft Lease Agreement (MSN 1364) betweenJakarta Aircraft Leasing (Ireland) Limited andGaruda Indonesia Holiday France S.A.S. dated14 November 2016, as may be amended,restated and/or supplemented from time to time;and

(ii) Aircraft Sub-lease between Aircraft MSN 1364LLC and Jakarta Aircraft Leasing (Ireland)Limited in respect of one Airbus A330-300Aircraft MSN 1364 dated 14 November 2016, asmay be amended, restated and/or supplementedfrom time to time.



. LLC Garuda Indonesia Holiday France S.A.S. (aslessee) in relation to one Airbus A320-200aircraft bearing MSN 6753 dated 2 September2015 (as amended, novated, modified orsupplemented from time to time);

(ii) Aircraft Lease Agreement between GarudaIndonesia Holiday France S.A.S. (as sub-lessor)and the PT Garuda Indonesia (Persero) Tbk (assub-lessee) in relation to one Airbus A320-200aircraft bearing MSN 6753 dated 9 September2015 (as amended, novated, modified orsupplemented from time to time);

(iii) Aircraft Lease Agreement between JSAInternational U.S. Holdings, LLC (as lessor) andGaruda Indonesia Holiday France S.A.S. (aslessee) in relation to one Airbus A320-200aircraft bearing MSN 6980 dated 2 September2015 (as amended, novated, modified orsupplemented from time to time);

(iv) Aircraft Lease Agreement between GarudaIndonesia Holiday France S.A.S. (as sub-lessor)and the PT Garuda Indonesia (Persero) Tbk (assub-lessee) in relation to one Airbus A320-200aircraft bearing MSN 6980 dated 9 September2015 (as amended, novated, modified orsupplemented from time to time);

(v) (i) OperationalAircraft Lease Agreementbetween Avolon Aerospace AOE 88 LimitedJSAInternational U.S. Holdings, LLC (as lessor) andGaruda Indonesia Holiday France S.A.S. (aslessee) in relation to one A330-300 aircraftbearing MSN 1577 dated as 25 July 2014 (asamended, novated, modified or supplementedfrom time to time); and

(vi) Aircraft Lease Agreement between GarudaIndonesia Holiday France S.A.S. (as sub-lessor)and the PT Garuda Indonesia (Persero) Tbk (assub-lessee) in relation to one A330-300 aircraftbearing MSN 1577 dated as 25 July 2014 (asamended, novated, modified or supplementedfrom time to time);

(vii) (ii) Guarantee Agreement between JSAInternational U.S. Holdings and PT GarudaIndonesia (Persero) Tbk (as guarantor) and JSAInternational U.S. Holdings, LLC (as beneficiary)in relation to one A330-300 aircraft bearingMSN 1577 dated 25 March 2015. (as amended,novated, modified or supplemented from time totime);

(viii) Guarantee Agreement between PT GarudaIndonesia (Persero) Tbk (as guarantor) and JSAInternational U.S. Holdings, LLC (as beneficiary)in relation to one A320-200 aircraft bearingMSN 6753 dated 2 September 2015 (asamended, novated, modified or supplementedfrom time to time);

(ix) Guarantee Agreement between PT GarudaIndonesia (Persero) Tbk (as guarantor) and JSA



K Aviation LeasingCorporation 1ADesignatedActivity Company

(i) Aircraft Lease Agreement between GarudaIndonesia Holiday France S.A.S. andInishbrophy Leasing in relation of one BoeingB737-800 MSN 30148 dated 26 December2018, as may be amended, restated and/orsupplemented from time to time; and

(ii) Aircraft Novation Lease Agreement betweenGaruda Indonesia Holiday France S.A.S.,Inishbrophy Leasing Limited, and K AviationLeasing Corporate 1A DAC in relation of oneBoeing B737-800 MSN 30148 dated 17December 2019, as may be amended, restatedand/or supplemented from time to time.

International U.S. Holdings, LLC (as beneficiary)in relation to one A320-200 aircraft bearing MSN6980 dated 2 September 2015 (as amended,novated, modified or supplemented from time totime).

59. 64.

KornerstoneAirlease No. 1Limited

(i) Aircraft Lease Novation and Amendmentbetween Celestial Aviation Trading 22 Limited,Garuda Indonesia Holiday France S.A.S. andKornerstone Airlease No.1 Limited in respect ofone Boeing 737-800 Aircraft bearing MSN3803038040 and two CFM56-7B26E engineswith MSN 963875 and 963878 dated 16 August2017, as may be amended, restated and/orsupplemented from time to time; and

(ii) Aircraft Specific Lease Agreement betweenGaruda Indonesia Holiday France S.A.S andCelestial Aviation Trading 22KornerstoneAirlease No.1 Limited onin respect of oneB737-800 bearing MSN 3803038040 dated 14June 2014, as may be amended, restated and/orsupplemented from time to time;

(iii) Guarantee between PT Garuda Indonesia(Persero) Tbk and Kornerstone Airlease No.1Limited Dated 16 August 2017 in respect of oneB737-800 bearing MSN 38040 (as amended,novated, modified or supplemented from time totime);

(iv) (iii) Aircraft Lease Novation and AmendmentAgreement between Celestial Aviation Trading38 Limited, Garuda Indonesia Holiday FranceS.A.S. and Kornerstone Airlease No.1 Limited inrespect of one Boeing 737-800 Aircraft bearingMSN 41270 dated 16 August 2017, as may beamended, restated and/or supplemented fromtime to time; and

(v) (iv) Aircraft Specific Lease Agreement betweenGaruda Indonesia Holiday France S.A.S. andCelestial Aviation Trading 38KornerstoneAirlease No.1 Limited in respect of one Boeing737-800 Aircraft bearing MSN 41270 dated 9October 2014., as may be amended, restatedand/or supplemented from time to time;

(vi) Guarantee between PT Garuda Indonesia

58. 63.



60. 65.

LAF LeasingIreland 4 Limited

(i) Aircraft Specific Lease Agreement betweenGaruda Indonesia Holiday France S.A.S. andCelestial Aviation Trading 22 Limited on oneB737-800 bearing manufacturer's serial number38043 dated 14 June 2014, as may beamended, restated and/or supplemented fromtime to time;

(ii) Aircraft Lease Novation and AmendmentAgreement between Celestial Aviation Trading22 Limited, Garuda Indonesia Holidat FranceS.A.S and LAF Leasing Ireland 4 Limited inrespect of one Boeing 737-800 Aircraft bearingmanufacturer's serial number 38043 and twoCFM56-7B26E Engines bearing manufacturer'sserial numbers 658250 and 657258 dated 31March, as may be amended, restated and/orsupplemented from time to time;

(iii) Guarantee by PT Garuda Indonesia (Persero)Tbk relating to the Head Lease Agreementbetween Garuda Indonesia Holiday FranceS.A.S and LAF Leasing Ireland 4 Limited inrespect of one Boeing 737-800 Aircraft MSN38043 dated 31 March 2017, as may beamended, restated and/or supplemented fromtime to time;

(iv) Sub-aircraft Specific Lease Agreement betweenPT Garuda Indonesia (Persero) Tbk and GarudaIndonesia Holiday France S.A.S on oneB737-800 bearing manufacturer's serial number38043 dated 14 June 2014,as may be amended,restated and/or supplemented from time to time;

(v) Aircraft Specific Lease Agreement betweenGaruda Indonesia Holiday France S.A.S. andCelestial Aviation Trading 22 Limited on oneB737-800 bearing manufacturer's serial number38044 dated 14 June 2014, as may beamended, restated and/or supplemented fromtime to time;

(vi) Aircraft Lease Novation and AmendmentAgreement between Celestial Aviation Trading22 Limited, Garuda Indonesia Holidat FranceS.A.S and LAF Leasing Ireland 4 Limited inrespect of one Boeing 737-800 Aircraft bearingmanufacturer's serial number 38044 and twoCFM56-7B26E Engines bearing manufacturer'sserial numbers 658250 and 657258 dated 31March, as may be amended, restated and/orsupplemented from time to time;

(vii) Guarantee by PT Garuda Indonesia (Persero)Tbk relating to the Head Lease Agreementbetween Garuda Indonesia Holiday FranceS.A.S and LAF Leasing Ireland 4 Limited inrespect of one Boeing 737-800 Aircraft MSN

(Persero) Tbk and Kornerstone Airlease No.1Limited Dated 16 August 2017 in respect of oneBoeing 737-800 Aircraft bearing MSN 41270 (asamended, novated, modified or supplementedfrom time to time).



Mach 1A LeasingIreland Limited

(i) Sublease Agreement 2598 between GarudaIndonesia Holiday France S.A.S and PT GarudaIndonesia (Perseroan) Tbk relating to one AirbusModel A320-200 Aircraft Airframe MSN 2598dated 8 June 2018, as may be amended,supplemented and/or restated from time to time;and

(ii) Aircraft Lease Novation and Amendment Deedbetween Wells Fargo Trust Company NationalAssociation, Garuda Indonesia Holiday FranceS.A.S and Mach 1A Leasing Ireland Limited inrespect of one Airbus Model A320-200 Aircraftbeading MSN 2598 and two International Aeroengunes AG Model V2527-A5 engines bearingMSN V12091 and V12093 dated 4 September2020, as may be amended, supplementedand/or restated from time to time.

61. 66.

63. 68.

MASC (France)SARL

Mach 1 France36850 Sas

Aircraft Head Lease Agreement between Wells FargoBank Northwest, National Association and MASC(France) S.A.R.L. and PT Garuda Indonesia (Persero)Tbk concerning one Boeing B737-800 Aircraft (MSN39417) and two CFM International CFM56-7B26EEngines dated 11 January 201614 December 2009, asmay be amended, supplemented and/or restated fromtime to time.

(i) Lease Agreement 36850 between Bank of Utahand PT Garuda Indonesia (Persero) relating toone Boeing Model B737-8HX Aircraft AirframeManufacturer's serial number 36850 dated 7August 2009, as may be amended,supplemented and/or restated from time to time;and

(ii) Aircraft Lease Novation and Amendment Deedbetween Bank of Utah, PT Garuda Indonesia(Persero) Tbk and Mach 1 France 36850 S.A.S.in respect of one Boeing Model B737-800Aircraft beading MSN 36850 and two CFMInternational, Inc. model CFM56-7B26 enginesbearing MSN 804393 dated 2 October, as maybe amended, supplemented and/or restatedfrom time to time.

64. 69.

Medical Tribune,Inc.

(i) Aircraft Lease Agreement between SMBCAviation Capital Limited and Garuda IndonesiaHoliday France S.A.S. relating to the leasing ofone Airbus A320-200 AaircraftMSNmanufacturer's serial number 5777 dated

38043 dated 31 March 2017, as may beamended, restated and/or supplemented fromtime to time; and

(viii) Sub-aircraft Specific Lease Agreement betweenPT Garuda Indonesia (Persero) Tbk and GarudaIndonesia Holiday France S.A.S on oneB737-800 bearing manufacturer's serial number38044 dated 14 June 2014, as may beamended, restated and/or supplemented fromtime to time.

62. 67.



24 October 2014, as may be amended, novated,supplemented and/or restated from time to time;

(ii) Aircraft Lease Novation and Amendment Deedbetween SMBC Aviation Capital Limited, GarudaIndonesia Holiday France S.A.S, SakurajyujiInc., and Sakurajyuji Inc., Tomo Co., LTDLtd.and Saishunkan Pharmaceutical Co., LTDLtd. inrespect of one Airbus A320-200 bearingMSNmanufacturer's serial number 5777 andtwo CFM56-5B4/3 Eengines bearingMSNmanufacturer's serial numbers 645805 and645806 dated 17 October 2016, as may beamended, supplemented and/or restated fromtime to time;

(iii) Aircraft Lease Novation and Amendment Deedbetween Sakurajyuji Inc., Tomo Co., Ltd.,Saishunkan Pharmaceutical Co., Ltd., GarudaIndonesia Holiday France S.A.S. and MedicalTribune, Inc. in respect of one Airbus A320-200bearing manufacturer's serial number 5777 andtwo CFM56-5B4/3 engines bearingmanufacturer's serial numbers 645805 and645806 dated 22 May 2020, as may beamended, supplemented and/or restated fromtime to time;

(iv) (iii) Aircraft Sub-leaseSub-Lease Agreement No.DS/PERJ/DE-3489/2014 between GarudaIndonesia Holiday France S.A.S and PT GarudaIndonesia (Persero) Tbk in relationg to theleasing of one Airbus A320-200 AaircraftMSNmanufacturer's serial number 5777 dated24 October 2014, as may be amended,supplemented and/or restated from time to time;and

(v) (iv) Lessor Security Assignment betweenGaruda Indonesia Holiday France S.A.S andMedical Tribune, Inc. in respect of one AirbusA320-200 Aircraft MSNwith manufacturer's serialnumber 5777 dated 22 May 2020, as may beamended, supplemented and/or restated fromtime to time.

66. 71.

MSN 30141Leasing (France)SARL

Aircraft Lease Agreement No. DS/PERJ/DZ-3002/2009between MSN 30141 Leasing (France) SARL and PTGaruda Indonesia (Persero) in relation to one BoeingB737-800 Aircraft dated 6 January 2009, as may beamended, supplemented and/or restated from time totime.

65. 70.

67. 72.



Aircraft Lease Agreement No. DS/PERJ/DZ-3003/2009between MSN 30142 Leasing (France) SARL and PTGaruda Indonesia (Persero) in relation to one BoeingB737-800 Aircraft dated 6 January 2009, as may be






68. 73.

70. 75.

NAC AVIATION27 LIMITED


(i) Aircraft Lease Agreement between GarudaIndonesia Holiday France S.A.S and NACAviation 27 Limited relating to one ATR72-600with MSN 972 dated 19 November 2019, asmay be amended, restated and/orsupplemented from time to time; and

(ii) Aircraft Sublease Agreement between GarudaIndonesia Holiday France S.A.S. and PT CitilinkIndonesia relating to one ATR72-600 with MSN972 dated 19 November 2019, as may beamended, restated and/or supplemented fromtime to time;

(iii) Aircraft Lease Agreement between GarudaIndonesia Holiday France S.A.S and NACAviation 27 Limited relating to one ATR72-600with MSN 988 dated 19 November 2019, as maybe amended, restated and/or supplementedfrom time to time.; and

(iv) Aircraft Sublease Agreement between GarudaIndonesia Holiday France S.A.S. and PT CitilinkIndonesia relating to one ATR72-600 with MSN988 dated 3 December 2019, as may beamended, restated and/or supplemented fromtime to time.

Aircraft Lease Agreement No. DS/PERJ/DZ-3004/2009between MSN 30142 Leasing (France) SARL and PTGaruda Indonesia relating to one Boeing B737-800Aircraft dated 6 January 2009, leasing amendmentsthereto, as may be amended, supplemented and/orrestated from time to time.

71. 76.

NAC Aviation 29DesignatedActivity Company

(i) Aircraft Lease Agreement between GarudaIndonesia Holiday France S.A.S. and NACAviation 29 Designated Activity Companyrelating to one ATR72-600 with MSN 966 dated19 November 2019, as may be amended,restated and/or supplemented from time to time;

(ii) Aircraft LeaseSublease Agreement betweenGaruda Indonesia Holiday France S.A.S. and PTCitilink Indonesia relating to one ATR72-600 withMSN 966 dated 6 December 2019, as may beamended, restated and/or supplemented fromtime to time;

(iii) Aircraft Lease Agreement between GarudaIndonesia Holiday France S.A.S. and NACAviation 29 Designated Activity Company

amended, supplemented and/or restated from time totime.

69. 74.



Nac Aviation 8Limited

(ii) (i) Aircraft Sub Lease Agreement No.WI/PERJ/DE-3049/2016 between PT GarudaIndonesia (Persero) Tbk and Garuda IndonesiaHoliday France S.A.S. relating to oneATR72-600 with MSN 1242, as may beamended, restated and/or supplemented fromtime to time; and

(iii) (ii) Aircraft Lease Agreement between NACAviation 8 Limited and Garuda IndonesiaHoliday France S.A.S. on ATR72-600 with SerialNumber 1242 dated 18 January 2016, as maybe amended, restated and/or supplementedfrom time to time.

relating to one ATR72-600 with SerialNumberMSN 1422 dated 16 July 2018, as maybe amended, restated and/or supplementedfrom time to time;

(iv) Aircraft Sublease Agreement No.IG/PERJ/DF-3442/2018 between PT GarudaIndonesia (Persero) Tbk and Garuda IndonesiaHoliday France S.A.S. relating to oneATR72-600 with Serial NumberMSN 1422 dated17 July 2018, as may be amended, restatedand/or supplemented from time to time;

(v) The Aircraft Sub-Sub-Lease Agreement No.Citilink/JKTDSQG/PERJ-6281/1118 between PTGaruda Indonesia (Persero) Tbk and PT CitilinkIndonesia, relating onto oneATR72-212AATR72-600 with MSN 1422 dated29 January 2019, as may be amended, restatedand/or supplemented from time to time;

(vi) Aircraft Lease Agreement between GarudaIndonesia Holiday France S.A.S. and NACAviation 29 Designated Activity Companyrelating to one ATR72-600 with MSN 1438 dated9 October 2018, as may be amended, restatedand/or supplemented from time to time;

(vii) Aircraft Sublease Agreement No.IG/PERJ/DE-3569/2018 between PT GarudaIndonesia (Persero) Tbk and Garuda IndonesiaHoliday France S.A.S. relating to oneATR72-600 with MSN 1438 dated 15 October2018, as may be amended, restated and/orsupplemented from time to time; and

(viii) This Aircraft Sub-Sub-Lease Agreementbetween PT Garuda Indonesia (Persero) Tbkand PT Citilink Indonesia relating onto oneATR72-212AATR72-600 with MSN 1438 dated29 January 2019, as may be amended, restatedand/or supplemented from time to time.

73. 78.

Nancy LocationS.A.R.L-Part ofAercap

Aircraft Headlease Agreement between CELTAGO IIFunding Limited and Nancy Location S.A.R.L in respectof one Boeing 737-800 Aircraft bearing manufacturer'sserial number 41800 dated 14 February 2017, leasingamendments thereto, as may be amended,supplemented and/or restated from time to time.

72. 77.



NimbusfundingLimited-Part ofAercap

Aircraft Operating Lease Agreement betweenNimbusfunding Limited and Garuda Indonesia HolidatFrance S.A.S in respect of one Boeing 737-800 Aircraftbearing manufacturer's serial number 41605 dated 27january 2015, leasing amendments thereto, as may beamended, supplemented and/or restated from time totime.

75. 80.

NAS Investments75, Inc (MSN965338)

77. 82.

Nikko Kisen Co.Ltd.

Nordic AviationLeasing EighteenPte. Ltd

(vii) Aircraft Lease Agreement between NordicAviation Leasing Eighteen PTE. LTD andGaruda Indonesia Holiday France S.A.S on ATR72-600 with serial number 1321, as may beamended, restated and/or supplemented fromtime to time; and

(viii) Aircraft Sub Lease Agreement No.WI/PERJ/DE-3176/2016 between PT GarudaIndonesia and Garuda Indonesia Holiday FranceS.A.S relating to one ATR 72-600 with MSN1321, as may be amended, restated and/orsupplemented from time to time.

(iii) Aircraft Lease Agreement between M&T AviationFinance (Ireland) Limited and Garuda IndonesiaHoliday France S.A.S. in respect of one AirbusA320-214 aircraft bearing MSN 6503 dated 26November 2014 as may be amended,supplemented and/or restated from time to time;

(iv) Aircraft Sub Lease Agreement between PTGaruda Indonesia and Garuda IndonesiaHoliday France S.A.S relating to one AirbusA320-214 aircraft bearing MSN 6503 , as maybe amended, restated and/or supplementedfrom time to time

(v) Guarantee Agreement by PT Garuda Indonesia(Persero) Tbk in favour of M&T Aviation Finance(Ireland) Limited in respect of one AirbusA320-214 aircraft bearing MSN 6503 dated 13March 2015 as may be amended, supplementedand/or restated from time to time; and

(vi) Deed of Novation relating to an Aircraft LeaseAgreement in respect of one Airbus A320-214bearing MSN 6503 between M&T AviationFinance (Ireland) Limited, Garuda IndonesiaHoliday France S.A.S. and Nikko Kisen Co., Ltd.as may be amended, supplemented and/orrestated from time to time.

Lease Agreement MARCH17-GA-965338 between NASInvestments 75, Inc. and PT Garuda Indonesia(Persero) Tbk dated 27 March 2017, leasingamendments thereto, as may be amended,supplemented and/or restated from time to time.

78. 83.

Nordic AviationLeasing ElevenPte. Ltd

(i) Aircraft Lease Agreement between GarudaIndonesia Holiday France SAS and NordicAviation Leasing Eleven PTE. LTD onATR72-600 with serial number 1132 on May2014, as may be amended, restated and/orsupplemented from time to time;

76. 81.

74. 79.



(ii) Aircraft Lease Agreement between PT GarudaIndonesia (Persero) Tbk and NAC AviationFrance 2 SAS on ATR72-600 with serial number1132 on 11 December 2013, as may beamended, restated and/or supplemented fromtime to time;

(iii) Aircraft Lease Agreement No.DS/PERJ/DE-3106/2014 between PT GarudaIndonesia (Persero) Tbk and NAC AviationFrance 2 SAS on ATR72-600 with serial number1140 on March 2014, as may be amended,restated and/or supplemented from time to time;

(iv) Aircraft Lease Agreement No.DS/PERJ/DE-3181/2014 between PT GarudaIndonesia (Persero) Tbk and NAC AviationFrance 2 SAS on ATR72-600 with serial number1149 on May 2014, as may be amended,restated and/or supplemented from time to time;

(v) Aircraft Lease Agreement between GarudaIndonesia Holiday France S.A.S and NordicAviation Leasing Eleven PTE. LTD onATR72-600 with serial number 1149 on May2014, as may be amended, restated and/orsupplemented from time to time;

(vi) Aircraft Lease Agreement between GarudaIndonesia Holiday France S.A.S and NordicAviation Leasing Eleven PTE. LTD onATR72-600 with serial number 1152 dated 30May 2014, as may be amended, restated and/orsupplemented from time to time;

(vii) Aircraft Sub-Lease Agreement No.DS/PERJ/DE-3226/2014 between GarudaIndonesia Holiday France S.A.S and PT GarudaIndonesia (Persero) Tbk on 1 aircraft with MSN1152 dated 3 May 2014, as may be amended,restated and/or supplemented from time to time;

(viii) Aircraft Lease Agreement between GarudaIndonesia Holiday France S.A.S and NordicAviation Leasing Eleven PTE. LTD onATR72-600 with serial number 1181 on October2014, as may be amended, restated and/orsupplemented from time to time;

(ix) Aircraft Lease Agreement No.DS/PERJ/DZ-3477/2014 between GarudaIndonesia Holiday France S.A.S and NordicAviation Leasing Eleven PTE. LTD on oneATR72-600 with serial number 1181, as may beamended, restated and/or supplemented fromtime to time;

(x) Aircraft Lease Agreement between GarudaIndonesia Holiday France S.A.S and NordicAviation Leasing Eleven PTE. LTD onATR72-600 with serial number 1191, as may beamended, restated and/or supplemented fromtime to time; and

(xi) Aircraft Sub-Lease Agreement No.DS/PERJ/DZ-3584/2014 between PT GarudaIndonesia (Persero) Tbk and Garuda Indonesia



79. 84.

Nordic AviationLeasing SevenPte. Ltd

(i) Aircraft Lease Agreement dated 23 January2015 between Garuda Indonesia HolidayFrance SAS, as lessee, and Nordic AviationLeasing Seven Pte. Ltd., as lessor in respect ofone Bombardier CRJ1000 aircraft withmanufacturer's serial number 19028 as may beamended, restated and/or supplemented fromtime to time;

(ii) (i) Aircraft Lease Agreement No.DS/PERJ/DE-3285/2012 betweenGuaranteedated 29 April 2015 made by PT GarudaIndonesia (Persero) Tbk and NAC., asguarantor, in favour of Nordic Aviation France 1SASLeasing Seven Pte. Ltd., as lessor inrespect of one Bombardier CRJ1000 aircraft withmanufacturer's serial number P0001-12-2012 onJune 2012,19028 as may be amended, restatedand/or supplemented from time to time;

(iii) (ii) Aircraft LeaseSub-Lease Agreement No.DS/PERJ/DE-3296/2012dated 23 January 2015between Garuda Indonesia Holiday France SAS,as lessor, and PT Garuda Indonesia (Persero)Tbk and NAC Aviation France 1 SAS., as lesseein respect of one Bombardier CRJ1000 aircraftwith manufacturer's serial numberP0001-12-2012 dated 19 June 2012,19028 asmay be amended, restated and/or supplementedfrom time to time;

(iv) Lessor Security Assignment between GarudaIndonesia Holiday France S.A.S. and NordicAviation Leasing Seven Pte. Ltd. in respect ofone Bombardier CRJ1000 aircraft withmanufacturer's serial number 19028, as may beamended, restated and/or supplemented fromtime to time;

(v) (iii) Aircraft Lease Agreement dated 23 January2015 between Garuda Indonesia Holiday FranceSAS, as lessee, and Nordic Aviation LeasingSeven PTE. LTDPte. Ltd., as lessor in respect ofone Bombardier CRJ1000 aircraft withmanufacturer's serial number 19029, as may beamended, restated and/or supplemented fromtime to time;

(vi) Guarantee dated 29 April 2015 made by PTGaruda Indonesia (Persero) Tbk., as guarantor,in favour of Nordic Aviation Leasing Seven Pte.Ltd., as lessor in respect of one BombardierCRJ1000 aircraft with manufacturer's serialnumber 19029 as may be amended, restatedand/or supplemented from time to time;

(vii) (iv) Aircraft LeaseSub-Lease Agreement No.DS/PERJ/DE-3304/2012dated 23 January 2015between Garuda Indonesia Holiday France SAS,as lessor, and PT Garuda Indonesia (Persero)Tbk and NAC Aviation France 1 SAS., as lessee

Holiday France S.A.S. on one ATR72-600 withserial number 1191, as may be amended,restated and/or supplemented from time to time.



in respect of one Bombardier CRJ1000 aircraftwith manufacturer's serial number P001-12-2012dated 19 June 2012,19029 as may be amended,restated and/or supplemented from time to time;

(viii) Lessor Security Assignment between GarudaIndonesia Holiday France S.A.S. and NordicAviation Leasing Seven Pte. Ltd. in respect ofone Bombardier CRJ1000 aircraft withmanufacturer's serial number 19029, as may beamended, restated and/or supplemented fromtime to time;

(ix) Aircraft Lease Agreement dated 23 January2015 between Garuda Indonesia Holiday FranceSAS, as lessee, and Nordic Aviation LeasingSeven Pte. Ltd., as lessor in respect of oneBombardier CRJ1000 aircraft withmanufacturer's serial number 19030 as may beamended, restated and/or supplemented fromtime to time;

(x) Guarantee dated 29 April 2015 made by PTGaruda Indonesia (Persero) Tbk., as guarantor,in favour of Nordic Aviation Leasing Seven Pte.Ltd., as lessor in respect of one BombardierCRJ1000 aircraft with manufacturer's serialnumber 19030 as may be amended, restatedand/or supplemented from time to time;

(xi) Aircraft Sub-Lease Agreement dated 23 January2015 between Garuda Indonesia Holiday FranceSAS, as lessor, and PT Garuda Indonesia(Persero) Tbk., as lessee in respect of oneBombardier CRJ1000 aircraft withmanufacturer's serial number 19030 as may beamended, restated and/or supplemented fromtime to time;

(xii) Lessor Security Assignment between GarudaIndonesia Holiday France S.A.S. and NordicAviation Leasing Seven Pte. Ltd. in respect ofone Bombardier CRJ1000 aircraft withmanufacturer's serial number 19030, as may beamended, restated and/or supplemented fromtime to time;

(xiii) Aircraft Lease Agreement dated 23 January2015 between Garuda Indonesia Holiday FranceSAS, as lessee, and Nordic Aviation LeasingSeven Pte. Ltd., as lessor in respect of oneBombardier CRJ1000 aircraft withmanufacturer's serial number 19031 as may beamended, restated and/or supplemented fromtime to time;

(xiv) Guarantee dated 29 April 2015 made by PTGaruda Indonesia (Persero) Tbk., as guarantor,in favour of Nordic Aviation Leasing Seven Pte.Ltd., as lessor in respect of one BombardierCRJ1000 aircraft with manufacturer's serialnumber 19031 as may be amended, restatedand/or supplemented from time to time;

(xv) Aircraft Sub-Lease Agreement dated 23 January2015 between Garuda Indonesia Holiday France



SAS, as lessor, and PT Garuda Indonesia(Persero) Tbk., as lessee in respect of oneBombardier CRJ1000 aircraft withmanufacturer's serial number 19031 as may beamended, restated and/or supplemented fromtime to time;

(xvi) Lessor Security Assignment between GarudaIndonesia Holiday France S.A.S. and NordicAviation Leasing Seven Pte. Ltd. in respect ofone Bombardier CRJ1000 aircraft withmanufacturer's serial number 19031, as may beamended, restated and/or supplemented fromtime to time;

(xvii) Aircraft Lease Agreement dated 23 January2015 between Garuda Indonesia Holiday FranceSAS, as lessee, and Nordic Aviation LeasingSeven Pte. Ltd., as lessor in respect of oneBombardier CRJ1000 aircraft withmanufacturer's serial number 19032 as may beamended, restated and/or supplemented fromtime to time;

(xviii) Guarantee dated 29 April 2015 made by PTGaruda Indonesia (Persero) Tbk., as guarantor,in favour of Nordic Aviation Leasing Seven Pte.Ltd., as lessor in respect of one BombardierCRJ1000 aircraft with manufacturer's serialnumber 19032 as may be amended, restatedand/or supplemented from time to time;

(xix) Aircraft Sub-Lease Agreement dated 23 January2015 between Garuda Indonesia Holiday FranceSAS, as lessor, and PT Garuda Indonesia(Persero) Tbk., as lessee in respect of oneBombardier CRJ1000 aircraft withmanufacturer's serial number 19032 as may beamended, restated and/or supplemented fromtime to time;

(xx) Lessor Security Assignment between GarudaIndonesia Holiday France S.A.S. and NordicAviation Leasing Seven Pte. Ltd. in respect ofone Bombardier CRJ1000 aircraft withmanufacturer's serial number 19032, as may beamended, restated and/or supplemented fromtime to time;

(xxi) Aircraft Lease Agreement dated 23 January2015 between Garuda Indonesia Holiday FranceSAS, as lessee, and Nordic Aviation LeasingSeven Pte. Ltd., as lessor in respect of oneBombardier CRJ1000 aircraft withmanufacturer's serial number 19033 as may beamended, restated and/or supplemented fromtime to time;

(xxii) Guarantee dated 29 April 2015 made by PTGaruda Indonesia (Persero) Tbk., as guarantor,in favour of Nordic Aviation Leasing Seven Pte.Ltd., as lessor in respect of one BombardierCRJ1000 aircraft with manufacturer's serialnumber 19033 as may be amended, restatedand/or supplemented from time to time;



(xxiii) Aircraft Sub-Lease Agreement dated 23 January2015 between Garuda Indonesia Holiday FranceSAS, as lessor, and PT Garuda Indonesia(Persero) Tbk., as lessee in respect of oneBombardier CRJ1000 aircraft withmanufacturer's serial number 19033 as may beamended, restated and/or supplemented fromtime to time;

(xxiv) Lessor Security Assignment between GarudaIndonesia Holiday France S.A.S. and NordicAviation Leasing Seven Pte. Ltd. in respect ofone Bombardier CRJ1000 aircraft withmanufacturer's serial number 19033, as may beamended, restated and/or supplemented fromtime to time;

(xxv) Aircraft Lease Agreement dated 23 January2015 between Garuda Indonesia Holiday FranceSAS, as lessee, and Nordic Aviation LeasingSeven Pte. Ltd., as lessor in respect of oneBombardier CRJ1000 aircraft withmanufacturer's serial number 19034 as may beamended, restated and/or supplemented fromtime to time;

(xxvi) Guarantee dated 29 April 2015 made by PTGaruda Indonesia (Persero) Tbk., as guarantor,in favour of Nordic Aviation Leasing Seven Pte.Ltd., as lessor in respect of one BombardierCRJ1000 aircraft with manufacturer's serialnumber 19034 as may be amended, restatedand/or supplemented from time to time;

(xxvii) Aircraft Sub-Lease Agreement dated 23 January2015 between Garuda Indonesia Holiday FranceSAS, as lessor, and PT Garuda Indonesia(Persero) Tbk., as lessee in respect of oneBombardier CRJ1000 aircraft withmanufacturer's serial number 19034 as may beamended, restated and/or supplemented fromtime to time;

(xxviii) Lessor Security Assignment between GarudaIndonesia Holiday France S.A.S. and NordicAviation Leasing Seven Pte. Ltd. in respect ofone Bombardier CRJ1000 aircraft withmanufacturer's serial number 19034, as may beamended, restated and/or supplemented fromtime to time;

(xxix) Aircraft Lease Agreement dated 23 January2015 between Garuda Indonesia Holiday FranceSAS, as lessee, and Nordic Aviation LeasingSeven Pte. Ltd., as lessor in respect of oneBombardier CRJ1000 aircraft withmanufacturer's serial number 19038 as may beamended, restated and/or supplemented fromtime to time;

(xxx) Guarantee dated 29 April 2015 made by PTGaruda Indonesia (Persero) Tbk., as guarantor,in favour of Nordic Aviation Leasing Seven Pte.Ltd., as lessor in respect of one BombardierCRJ1000 aircraft with manufacturer's serialnumber 19038 as may be amended, restated



and/or supplemented from time to time;

(xxxi) Aircraft Sub-Lease Agreement dated 23 January2015 between Garuda Indonesia Holiday FranceSAS, as lessor, and PT Garuda Indonesia(Persero) Tbk., as lessee in respect of oneBombardier CRJ1000 aircraft withmanufacturer's serial number 19038 as may beamended, restated and/or supplemented fromtime to time;

(xxxii) Lessor Security Assignment between GarudaIndonesia Holiday France S.A.S. and NordicAviation Leasing Seven Pte. Ltd. in respect ofone Bombardier CRJ1000 aircraft withmanufacturer's serial number 19038, as may beamended, restated and/or supplemented fromtime to time;

(xxxiii) Aircraft Lease Agreement dated 23 January2015 between Garuda Indonesia Holiday FranceSAS, as lessee, and Nordic Aviation LeasingSeven Pte. Ltd., as lessor in respect of oneBombardier CRJ1000 aircraft withmanufacturer's serial number 19039 as may beamended, restated and/or supplemented fromtime to time;

(xxxiv) Guarantee dated 29 April 2015 made by PTGaruda Indonesia (Persero) Tbk., as guarantor,in favour of Nordic Aviation Leasing Seven Pte.Ltd., as lessor in respect of one BombardierCRJ1000 aircraft with manufacturer's serialnumber 19039 as may be amended, restatedand/or supplemented from time to time;

(xxxv) Aircraft Sub-Lease Agreement dated 23 January2015 between Garuda Indonesia Holiday FranceSAS, as lessor, and PT Garuda Indonesia(Persero) Tbk., as lessee in respect of oneBombardier CRJ1000 aircraft withmanufacturer's serial number 19039 as may beamended, restated and/or supplemented fromtime to time;

(xxxvi) Lessor Security Assignment between GarudaIndonesia Holiday France S.A.S. and NordicAviation Leasing Seven Pte. Ltd. in respect ofone Bombardier CRJ1000 aircraft withmanufacturer's serial number 19039, as may beamended, restated and/or supplemented fromtime to time;

(xxxvii)Aircraft Lease Agreement dated 2 October 2015between Garuda Indonesia Holiday France SAS,as lessee, and Nordic Aviation Leasing SevenPte. Ltd., as lessor in respect of one BombardierCRJ1000 aircraft with manufacturer's serialnumber 19042 as may be amended, restatedand/or supplemented from time to time;

(xxxviii)Guarantee dated 2 October 2015 made by PTGaruda Indonesia (Persero) Tbk., as guarantor,in favour of Nordic Aviation Leasing Seven Pte.Ltd., as lessor in respect of one BombardierCRJ1000 aircraft with manufacturer's serial



number 19042 as may be amended, restatedand/or supplemented from time to time;

(xxxix) Aircraft Sub-Lease Agreement dated 2 October2015 between Garuda Indonesia Holiday FranceSAS, as lessor, and PT Garuda Indonesia(Persero) Tbk., as lessee in respect of oneBombardier CRJ1000 aircraft withmanufacturer's serial number 19042 as may beamended, restated and/or supplemented fromtime to time;

(xl) Lessor Security Assignment between GarudaIndonesia Holiday France S.A.S. and NordicAviation Leasing Seven Pte. Ltd. in respect ofone Bombardier CRJ1000 aircraft withmanufacturer's serial number 19042, as may beamended, restated and/or supplemented fromtime to time;

(xli) (v) Aircraft Lease Agreement dated 25November 2015 between Garuda IndonesiaHoliday France SAS, as lessee, and NordicAviation Leasing Seven PTE. LTDPte. Ltd., aslessor in respect of one Bombardier CRJ1000aircraft with manufacturer's serial number19043, as may be amended, restated and/orsupplemented from time to time; and

(xlii) Guarantee dated 25 November 2015 made byPT Garuda Indonesia (Persero) Tbk., asguarantor, in favour of Nordic Aviation LeasingSeven Pte. Ltd., as lessor in respect of oneBombardier CRJ1000 aircraft withmanufacturer's serial number 19043 as may beamended, restated and/or supplemented fromtime to time;

(xliii) Aircraft Sub-Lease Agreement dated 25November 2015 between Garuda IndonesiaHoliday France SAS, as lessor, and PT GarudaIndonesia (Persero) Tbk., as lessee in respect ofone Bombardier CRJ1000 aircraft withmanufacturer's serial number 19043 as may beamended, restated and/or supplemented fromtime to time;

(xliv) Lessor Security Assignment between GarudaIndonesia Holiday France S.A.S. and NordicAviation Leasing Seven Pte. Ltd. in respect ofone Bombardier CRJ1000 aircraft withmanufacturer's serial number 19043, as may beamended, restated and/or supplemented fromtime to time;

(xlv) (vi) Aircraft Lease Agreement dated 4 December2015 between Garuda Indonesia Holiday FranceSAS, as lessee, and Nordic Aviation LeasingSeven PTE. LTDPte. Ltd., as lessor in respect ofone Bombardier CRJ1000 aircraft withmanufacturer's serial number 19044, as may beamended, restated and/or supplemented fromtime to time.;

(xlvi) Guarantee dated 4 December 2015 made by PTGaruda Indonesia (Persero) Tbk., as guarantor,



Nordic AviationLeasing SixteenPte. Ltd.

(i) Aircraft Lease Agreement between GarudaIndonesia Holiday France S.A.S. and NordicAviation Leasing Sixteen PTE. LTD. on oneATR72-600 with serial number 1243, as may beamended, restated and/or supplemented fromtime to time;

(ii) Aircraft Sub Lease Agreement No.DS/PERJ/DZ-3132/2015 between PT GarudaIndonesia (Persero) Tbk and Garuda IndonesiaHoliday France S.A.S. relating to oneATR72-600 with MSN 1243, as may beamended, restated and/or supplemented fromtime to time;

(iii) Aircraft Lease Agreement between GarudaIndonesia Holiday France S.A.S. and NordicAviation Leasing Sixteen PTE. LTD. on oneATR72-600 with serial number 1254, as may beamended, restated and/or supplemented fromtime to time; and

(iv) Aircraft Sub Lease Agreement No.DS/PERJ/DZ-3436/2015 between PT GarudaIndonesia (Persero) Tbk and Garuda IndonesiaHoliday France S.A.S. relating to oneATR72-600 with MSN 1254, as may beamended, restated and/or supplemented fromtime to time.

in favour of Nordic Aviation Leasing Seven Pte.Ltd., as lessor in respect of one BombardierCRJ1000 aircraft with manufacturer's serialnumber 19044 as may be amended, restatedand/or supplemented from time to time;

(xlvii) Aircraft Sub-Lease Agreement dated 4December 2015 between Garuda IndonesiaHoliday France SAS, as lessor, and PT GarudaIndonesia (Persero) Tbk., as lessee in respect ofone Bombardier CRJ1000 aircraft withmanufacturer's serial number 19044 as may beamended, restated and/or supplemented fromtime to time; and

(xlviii) Lessor Security Assignment between GarudaIndonesia Holiday France S.A.S. and NordicAviation Leasing Seven Pte. Ltd. in respect ofone Bombardier CRJ1000 aircraft withmanufacturer's serial number 19044, as may beamended, restated and/or supplemented fromtime to time.

81. 86.

Nordic AviationLeasing TwentyOne Pte. Ltd.

(i) (iii) Aircraft Lease Agreement between NordicAviation Leasing Twenty One PTE. LTD. AndGaruda Indonesia Holiday France S.A.S.onATR72-600 Aircraft with MSN 1340 dated 19August 2016, as may be amended, restatedand/or supplemented from time to time;

(ii) (iv) Aircraft Sub Lease Agreement between PTGaruda Indonesia (Persero) Tbk and GarudaIndonesia Holiday France S.A.S. relating on oneATR72-600 Aircraft with MSN 1340 dated 19August 2016 as may be amended, restatedand/or supplemented from time to time; and

80. 85.



(iii) (v) Guarantee Agreement by PT GarudaIndonesia (Persero) Tbk in favour of NordicAviation Leasing Twenty One PTE. LTD. relatingto that lease agreement in respect ofATR72-600 Aircraft with MSN 1340 dated 31August 2016, as may be amended, restatedand/or supplemented from time to time.

83. 88.

Nordic AviationLeasing TwentyTwo Pte. Ltd.

Aircraft Operating Agreement No.DS/PERJ/DE-3040/2017 between PT Garuda Indonesia(Persero)Tbk and Garuda Indonesia Holiday FranceS.A.S.relating on one ATR72-600 with MSN 1398 dated22 March 2017, as may be amended, restated and/orsupplemented from time to time.

82. 87.

84. [North ShoreAviation CapitalLLC.]

Nordic AviationLeasing TwentyPte. Ltd.

(ix) [Engine Lease Agreement between GarudaHoliday France S.A.S and Celestial AviationTrading 100 Limited on one CFM56-7B26/3engine bearing Engine Serial Number 960146dated 14 June 2014, as may be amended,restated and/or supplemented from time totime;

(x) Guarantee by PT Garuda Indonesia (Persero)Tbk relating to the Engine Lease Agreementbetween Garuda Indonesia Holiday FranceS.A.S and Celestial Aviation Trading 100Limited in respect of one CFM56-7B26/3engine with engine serial number 960146dated 14 June 2014, as may be amended,restated and/or supplemented from time totime;

(xi) Engine Sub-lease Agreement between PTGaruda Indonesia (Persero) Tbk, GarudaIndonesia Holiday France S.A.S and CelestialAviation Trading 100 Limited on engineCFM56-7B26/3 bearing serial number 960146dated 14 June 2014, as may be amended,restated and/or supplemented from time totime;

(xii) Engine Lease Novation and AmendmentAgreement between Celestial Aviation Trading100 Limited, Garuda Indonesia Holiday FranceS.A.S and Northshore Aviation Capital, LLC inrespect of one CFM56-7B26/3 bearing serialnumber 960146 dated 14 February 2019, asmay be amended, restated and/or

(i) (vi) Aircraft Sub Lease Agreement No.WI/PERJ/DE-3261/2016 between PT GarudaIndonesia (Persero) Tbk and Garuda IndonesiaHoliday France S.A.S. relating on oneATR72-600 Aircraft with MSN 1329 dated 27June 2016 as may be amended, restated and/orsupplemented from time to time;

(ii) (vii) Aircraft Lease Agreement between NordicAviation Leasing Twenty PTE. LTD. And GarudaIndonesia Holiday France S.A.S.on ATR72-600Aircraft with MSN 1329, as may be amended,restated and/or supplemented from time to time.



Oriental Leasing31 CompanyLimited

(i) Operating Lease Agreement between AvolonAerospace AOE 60 Limited and GarudaIndonesia Holiday France S.A.S. in relation toone Airbus A320-200 NEO Aircraft dated 22December 2016, as may be amended, restatedand/or supplemented from time to time; and

(ii) Operating Sub-lease Agreement between PTGaruda Indonesia (Persero) Tbk and GarudaIndonesia Holiday France S.A.S. in relation toone Airbus A320-200 NEO Aircraft dated 22December 2016, as may be amended, restatedand/or supplemented from time to time.

supplemented from time to time;

(xiii) Engine Lease Agreement between GarudaHoliday France S.A.S and Celestial AviationTrading 100 Limited on one CFM56-7B26Ebearing serial number 960962 dated 14 June2014, as may be amended, restated and/orsupplemented from time to time;

(xiv) Guarantee by PT Garuda Indonesia (Persero)Tbk relating to the Engine Lease Agreementbetween Garuda Indonesia Holiday FranceS.A.S and Celestial Aviation Trading 100Limited in respect of one CFM56-7B26Ebearing serial number 960962 dated 14 June2014, as may be amended, restated and/orsupplemented from time to time;

(xv) Engine Sub-lease Agreement between PTGaruda Indonesia (Persero) Tbk, GarudaIndonesia Holiday France S.A.S and CelestialAviation Trading 100 Limited on engineCFM56-7B26E bearing serial number 960962dated 14 February 2019, as may be amended,restated and/or supplemented from time totime; and

(xvi) Engine Lease Novation and AmendmentAgreement between Celestial Aviation Trading100 Limited, Garuda Indonesia Holiday FranceS.A.S and Northshore Aviation Capital, LLC inrespect of one CFM56-7B26E bearing serialnumber 960962 dated 14 February 2019, asmay be amended, restated and/orsupplemented from time to time.]

86. ORIX AviationSystems Limited

(i) (ix) Aircraft Lease Novation and AmendmentDeedAgreement between Avolon AerospaceAOE 61ORIX Aviation Systems Limited, andGaruda Indonesia Holiday France S.A.S. andMeritix Airlease Limited relating to one AirbusA330-300 with MSN 1709 and two Rolls RoyceTrent 772B Engine with MSN 42686 and42687dated 23 March 2016, (as may beamended, restated and/novated, modified orsupplemented from time to time);

(ii) (x) Operating LeaseSub-lease Agreementbetween Avolon Aerospace AOE 61 LimitedPTGaruda Indonesia (Persero) Tbk and Garuda

85.



Indonesia Holiday France S.A.S. relating on oneAirbus A330-300 with MSN 1709 dated 23 March2016, as may be amended, restated and/orsupplemented from time to time;

(iii) Guarantee between PT Garuda Indonesia(Persero) Tbk. and ORIX Aviation SystemsLimited Dated 20 September 2016 relating toone Airbus A330-300 with MSN 1709 (asamended, novated, modified or supplementedfrom time to time);

(iv) Aircraft Lease Agreement between ORIXAviation Systems Limited and Garuda IndonesiaHoliday France S.A.S dated 25 July 2014relating to one Airbus A330-300 with MSN 1585(as amended, novated, modified orsupplemented from time to time)

(v) (xi) Operating Sub-lease Agreement No.WIDS/PERJ/DF-3074/2016 between-3374/2014PT Garuda Indonesia (Persero) Tbk and GarudaIndonesia Holiday France S.A.S. relating toonone Airbus A330-300 with MSN 17091585 dated25 July 2014, (as may be amended, restatedand/novated, modified or supplemented fromtime to time);

(vi) (xii) Operating Sub-lease AgreementGuaranteebetween PT Garuda Indonesia (Persero) Tbk.and Garuda Indonesia Holiday FranceS.A.S.ORIX Aviation Systems Limited dated 08January 2016 relating onto one Airbus A330-300with MSN 1709 dated 23 March 2016, as maybe1585 (as amended, restated and/novated,modified or supplemented from time to time);

(vii) (xiii) OperatingAircraft Lease Agreementbetween Avolon Aerospace AOE 89ORIXAviation Systems Limited and Garuda IndonesiaHoliday France S.A.S. relating onto one AirbusA330-300 with MSN 15851698 dated 23 July201428 January 2016, as may be amended,restated and/or supplemented from time to time;

(viii) (xiv) Operating Sub-lease Agreement No.DSWI/PERJ/DF-3374/2014-3028/2015 PTGaruda Indonesia (Persero) Tbk and GarudaIndonesia Holiday France S.A.S. relating on oneAirbus A330-300 with MSN 15851698 dated 25July 201428 January 2016, as may be amended,restated and/or supplemented from time to time;

(ix) Guarantee between PT Garuda Indonesia(Persero) Tbk. and ORIX Aviation SystemsLimited Dated 30 August 2017 relating to oneAirbus A330-300 with MSN 1698 (as amended,novated, modified or supplemented from time totime);

(x) (xv) OperatingAircraft Lease Agreement betweenAvolon Aerospace AOE 124ORIX AviationSystems Limited and Garuda Indonesia HolidayFrance S.A.S. dated 28 July 2015 relating ontoone Airbus A330-300 with MSN 1698 dated 28January 2016, as may be1654 (as amended,



Pembroke AircraftLeasing 2 Limited

(i) Lease Agreement between Garuda IndonesiaHoliday France S.A.S and Pembroke AircraftLeasing 2 Limited in relation to one BoeingB737-800 Aircraft with MSN 38071 dated 26December 2018, as may be amended, restatedand/or supplemented from time to time;

(ii) Sub-lease Agreement between GarudaIndonesia Holiday France S.A.S and PT GarudaIndonesia (Persero) Tbk in relation to oneBoeing B737-800 Aircraft with MSN 38071 dated26 December 2018, as may be amended,restated and/or supplemented from time to time;

(iii) Lease Agreement between Garuda IndonesiaHoliday France S.A.S and Pembroke AircraftLeasing 2 Limited in relation to one BoeingB737-800 Aircraft with MSN 38072 dated 26December 2018, as may be amended, restatedand/or supplemented from time to time; and

(iv) Sub-lease Agreement between GarudaIndonesia Holiday France S.A.S and PT GarudaIndonesia (Persero) Tbk in relation to oneBoeing B737-800 Aircraft with MSN380712dated 26 December 2018, as may beamended, restated and/or supplemented fromtime to time.

restated and/novated, modified or supplementedfrom time to time);

(xi) (xvi) Operating Sub-lease Agreement No.WI/PERJ/DF-3028/2015 PT Garuda Indonesia(Persero) Tbk and Garuda Indonesia HolidayFrance S.A.S. relating on one Airbus A330-300with MSN 16981654 dated 28 January 2016July2015, as may be amended, restated and/orsupplemented from time to time;

(xii) Guarantee between PT Garuda Indonesia(Persero) Tbk. and ORIX Aviation SystemsLimited dated 12 April 2017 relating to oneAirbus A330-300 with MSN 1654 (as amended,novated, modified or supplemented from time totime);

88. Rise Aviation 3(Ireland) Limited

(i) Guarantee Agreement by PT Garuda Indonesia(Persero) Tbk between Garuda IndonesiaHoliday France S.A.S and Rise Aviation 3(Ireland) Limited in relation to one Boeing737-800 Aircraft with MSN 36549 dated 20 May2015, as may be amended, restated and/orsupplemented from time to time; and

(ii) Aircraft Specific Lease Agreement betweenGaruda Indonesia Holiday France S.A.S. andRise Aviation 3 (Ireland) Limited and WilmingtonTrust SP Services (Dublin) Limited on oneB737-800 bearing MSN 3549 dated 20 May2015, as may be amended, restated and/orsupplemented from time to time.

87.



89. SAF Leasing II(AOE 3) Limited

90. Sailes 4, LLC (i) Aircraft Lease Agreement No.DS/PERJ/DF-3684/2013 between Sailes 4, LLCand PT Garuda Indonesia (Persero) Tbk inrelation to one Boeing 777-300ER Aircraft MSN29146 dated 4 October 2013, as may beamended, restated and/or supplemented fromtime to time;

(ii) Aircraft Lease Novation and AmendmentAgreement between Sailes 4, LLC, PT GarudaIndonesia (Persero) Tbk and Garuda IndonesiaHoliday France S.A.S. in relation to one Boeing777-300ER Aircraft MSN 29146 dated 28December 2017, as may be amended, restatedand/or supplemented from time to time;

(i) Operating Lease Agreement between AvolonAerospace AOE 139 Limited and GarudaIndonesia Holiday France S.A.S in relation toone Airbus A320-200 Neo Aircraft with serialnumber 7603 dated 22 December 2016, as maybe amended, restated and/or supplementedfrom time to time;

(ii) Operating Sub-LeaseAircraft Lease Novationand Amendment Agreement dated 20 May 2020between PT Garuda Indonesia (Persero) TbkandAvolon Aerospce AOE 139 Limited, GarudaIndonesia Holiday France S.A.S in relation to.and SAF Leasing II (AOE 3) Limited in respectof one Airbus A320-200 NeoA320-200NEOAaircraft with manufacturer’s serial number7603 dated 22 December 2016, as may beamended, restated and/or supplemented fromtime to time;.

(iii) Aircraft Sub-SubleaseOperating Sub-LeaseAgreement between PT Garuda Indonesia(Persero) Tbk and PT CitilinkGaruda IndonesiaHoliday France S.A.S in relation to one AirbusA320-200 Neo Aircraft with serial number 7603and two CFM LEAP-1A26 engines dated 22December 2016, as may be amended, restatedand/or supplemented from time to time;

(iv) Guarantee Agreement by PT Garuda Indonesia(Persero) Tbk between Garuda IndonesiaHoliday France S.A.S and Avolon AerospaceAOE 139 Limited in respect of one AirbusA320-251 Aircraft with serial number 7603dated 26 May 2017, as may be amended,restated and/or supplemented from time to timeas assigned to SAF Leasing II (AOE 3) Limitedpursuant to an Assignmnet dated 20 May 2020between Avolon Aerospace AOE 139 Limitedand SAF Leasing II (AOE 3) Limited; and

(v) Sublease Security Assignment between GarudaIndonesia Holiday France S.A.S. and SAFLeasing II (AOE 3) Limited in respect of oneAirbus A320-251N Aircraft with serial number7603 dated 20 May 2020, as may be amended,restated and/or supplemented from time to time.



(iii) Aircraft Sublease Agreement between GarudaIndonesia Holiday France S.A.S. and PT GarudaIndonesia (Persero) Tbk in relation to oneBoeing 777-300ER Aircraft MSN 29146 dated 28December 2017, as may be amended, restatedand/or supplemented from time to time; and

(iv) Guarantee Agreement by PT Garuda Indonesia(Persero) Tbk between Garuda IndonesiaHoliday France S.A.S. and Sailes 4, LLC inrelation to one Boeing 777-300ER Aircraft MSN29146 dated 28 December 2017, as may beamended, restated and/or supplemented fromtime to time.

92. Salwa AircraftLeasing (One)Limited

(i) Aircraft Lease Agreement No.DS/PERJ/DF-3259/2013 between Salwa AircraftLeasing (One) Limited and PT Garuda Indonesia(Persero) Tbk in respect of a BoeingB777-300ER with MSN 40074 dated 22 April2013, as may be amended, restated and/orsupplemented from time to time; and

(ii) Aircraft Lease Agreement No.DS/PERJ/DF-3261/2013 between Salwa AircraftLeasing (One) Limited and PT Garuda Indonesia(Persero) Tbk in respect of a BoeingB777-300ER with MSN 40075 dated 22 April2013, as may be amended, restated and/orsupplemented from time to time.

91.

93. Sapphire Leasing

Sailes 4-2, LLC

(i) Aircraft Lease Agreement between Sapphire

(i) Aircraft Lease Agreement No.DS/PERJ/DF-3685/2013 between Sailes 4-2,LLC and PT Garuda Indonesia (Persero) Tbk inrelation to one Boeing 777-300ER Aircraft MSN29147 dated 4 October 2013, as may beamended, restated and/or supplemented fromtime to time;

(ii) Aircraft Lease Novation and AmendmentAgreement between Sailes 4-2, LLC, PT GarudaIndonesia (Persero) Tbk and Garuda IndonesiaHoliday France S.A.S. in relation to one Boeing777-300ER Aircraft MSN 29147 dated 28December 2017, as may be amended, restatedand/or supplemented from time to time;

(iii) Aircraft Sublease Agreement between GarudaIndonesia Holiday France S.A.S. and PT GarudaIndonesia (Persero) Tbk in relation to oneBoeing 777-300ER Aircraft MSN 29147 dated 28December 2017, as may be amended, restatedand/or supplemented from time to time; and

(iv) Guarantee Agreement by PT Garuda Indonesia(Persero) Tbk between Garuda IndonesiaHoliday France S.A.S. and Sailes 4-2, LLC inrelation to one Boeing 777-300ER Aircraft MSN29147 dated 28 December 2017, as may beamended, restated and/or supplemented fromtime to time.



SASOF III (A)Aviation FranceSARL

Lease Assignment between SASOF III (A) AviationFrance S.A.R.L., Whitney France Leasing S.A.R.L andPT Garuda Indonesia (Persero) Tbk dated 23 December2016, as may be amended, restated and/orsupplemented from time to time

I (AOE 1) Limited

95. SASOF IIIAviation FranceSARL

Lease Assignment between SASOF III Aviation FranceS.A.R.L., ILFC France S.A.R.L and PT GarudaIndonesia (Persero) Tbk dated 24 June 2016, as may beamended, restated and/or supplemented from time totime.

Leasing I (AOE 1) Limited and GarudaIndonesia Holiday France S.A.S in relation oneAirbus A330-200 Aircaft MSN 1184 dated 15November 2018, as may be amended, restatedand/or supplemented from time to time;

(ii) Aircraft Sublease Agreement No.IG/PERJ/DE-3639/2018 between GarudaIndonesia Holiday France S.A.S and PT GarudaIndonesia (Persero) Tbk on one AirbusA330-200 MSN 1184 dated 15 November 2018,as may be amended, restated and/orsupplemented from time to time; and

(iii) Lessor Security Agreement between GarudaIndonesia Holiday France S.A.S and SapphireLeasing I (AOE 1) Limited in respect of oneAirbus A330-200 Aircraft with MSN 1184 dated15 November 2018, as may be amended,restated and/or supplemented from time totime.; and

(iv) Guarantee dated 26 March 2019 between PTGaruda Indonesia (Persero) Tbk and SapphireLeasing I (AOE 1) Limited in respect of oneAirbus A330-200 aircraft with manufacturer’sserial number 1184.

96. SASOF IVAviation FranceSARL

Aircraft Extension and Amendment Agreement betweenPT Garuda Indonesia (Persero) Tbk and SASOF IVAviation France S.A.R.L on Airbus A330-200 MSN 1261dated 25 October 2019, as may be amended, restatedand/or supplemented from time to time.

97. Sensyo & Co. Ltd. (i) Guarantee Agreement by PT Garuda Indonesia(Persero) Tbk between Garuda IndonesiaHoliday France S.A.S andin favour of Sensyo &Co. LTD in respect of one Boeing 737-800Aircraft with MSN 39929 dated 8 September2017, as may be amended, restated and/orsupplemented from time to time;

(ii) Aircraft Lease Agreement bBetween SMBCAviation Capital LimitedSensyo, Co & Ltd andGaruda Indonesia Holiday France S.A.S relatingto the leasing of one Boeing B737-800 AircraftMSN 39929 dated 24 October 2014, as may beamended, restated and/or supplemented fromtime to time; and

(iii) Aircraft Sub-lease Agreement between GarudaIndonesia Holiday S.A.S and PT Garuda

94.



98.

100. SKY HIGH LXLEASINGCOMPANYLIMITED

SKY HIGH LIXLEASINGCOMPANYLIMITED

(i) Aircraft Lease Agreement between Sky High LXLeasing Company Limited and Garuda IndonesiaHoliday France S.A.S. in relation to one Boeing777-300ER withAirbus A320-214 MSN400737297 dated 23 September 2016, as maybe amended, restated and/or supplemented fromtime to time.; and

(ii) Aircraft Lease Agreement between Sky High LXLeasing Company Limited and Garuda IndonesiaHoliday France S.A.S. in relation to one AirbusA320-214 MSN 7453 dated 7 November 2016,as may be amended, restated and/orsupplemented from time to time.

Aircraft Lease Agreement (MSN 7221) dated 28 June2016 between Sky High LIX Leasing Company Limitedand Garuda Indonesia Holiday France S.A.S.

101. SKY HIGH LXILEASINGCOMPANYLIMITED

Aircraft Lease Agreement between Sky High LXILeasing Company Limited and Garuda IndonesiaHoliday France S.A.S. relating to the leasing of oneAirbus A320-214 MSN 7620 dated 8 November 2016.

Indonesia (Persero) Tbk relating to the leasing ofone Boeing B737-800 Aircraft MSN 39929 dated24 October 2014, as may be amended, restatedand/or supplemented from time to time.

99.

102. SKY HIGHLXXXIX LeasingCompany Limited

SKY HIGH LVILEASINGCOMPANYLIMITED

(i) Aircraft Lease Agreement between Sky HighLXXXIX Leasing Company Limited and GarudaIndonesia Holiday France S.A.S. relating to theleasing of Airbus A320-251N MSN 8156 dated 23August 2018, as may be amended, restatedand/or supplemented from time to time.;

(ii) Aircraft Lease Agreement between Sky HighLXXXIX Leasing Company Limited and GarudaIndonesia Holiday France S.A.S. relating to theleasing of Airbus A320-251N MSN 8265 dated 28June 2018, as may be amended, restated and/orsupplemented from time to time; and

(iii) Aircraft Lease Agreement between Sky HighLXXXIX Leasing Company Limited and GarudaIndonesia Holiday France S.A.S. relating to theleasing of Airbus A320-251N MSN 8303 dated 23July 2018, as may be amended, restated and/or

(i) Aircraft Lease Agreement between Sky HighLeasingLVI Company Limited and Garuda IndonesiaHoliday France S.A.S. in relation to one Boeing777-300ER with MSN 40073 dated 18 January 2016, asmay be amended, restated and/or supplemented fromtime to time; and.

(ii) Aircraft Sub-lease Agreement between PT GarudaIndonesia (Persero) Tbk and Garuda IndonesiaHoliday France S.A.S. in relation to one AirbusA320-214 with MSN 7297 dated 23 September2016, as may be amended, restated and/orsupplemented from time to time.



SKY HIGH XXIXLEASINGCOMPANYLIMITED

(i) Aircraft Lease Agreement between Sky HighXXIX Leasing Company Limited and GarudaIndonesia Holiday France S.A.S. relating to theleasing of Boeing 777 MSN 29148 dated 2 May2014, as may be amended, restated and/orsupplemented from time to time; and

(ii) Aircraft Lease Agreement between Sky HighXXXIX Leasing Company Limited and GarudaIndonesia Holiday France S.A.S. relating to theleasing of Airbus A320-251NBoeing 777 MSN927529143 dated 2 May 2014, as may beamended, restated and/or supplemented fromtime to time.

103.

105. Sky High XXXLeasing CompanyLimited

SKY HIGH XCIILEASINGCOMPANYLIMITED

(i) Aircraft Lease Agreement between Sky High XXXLeasing Company Limited and Garuda IndonesiaHoliday France S.A.S. relating to the leasing ofBoeing 777-300ER MSN 29144 dated 12 June2015, as may be amended, restated and/orsupplemented from time to time.;

(ii) Aircraft Lease Agreement between Sky High XXXLeasing Company Limited and Garuda IndonesiaHoliday France S.A.S. relating to the leasing ofBoeing 777-300ER MSN 40072 dated 10September 2015, as may be amended, restatedand/or supplemented from time to time; and

(iii) Aircraft Lease Agreement between Sky High XXXLeasing Company Limited and Garuda IndonesiaHoliday France S.A.S. relating to the leasing ofBoeing 777-300ER MSN 29145 dated 19October 2015, as may be amended, restatedand/or supplemented from time to time.

(i) Aircraft Lease Agreement between Sky High XCIILeasing Company Limited and Garuda IndonesiaHoliday France S.A.S. relating to the leasing ofAirbus A320-251N MSN 9275 dated 4 December2019, as may be amended, restated and/orsupplemented from time to time.; and

(ii) Aircraft Lease Agreement between Sky High XCIILeasing Company Limited and Garuda IndonesiaHoliday France S.A.S. relating to the leasing ofAirbus A320-251N MSN 9280 dated 22 October2019, as may be amended, restated and/orsupplemented from time to time.

106. Sky High XXXILeasing CompanyLimited

(i) Aircraft Lease Agreement between Sky HighXXXI Leasing Company Limited and GarudaIndonesia Holiday France S.A.S. relating to theleasing of Boeing 777-300ERone AirbusA320-214 MSN 291436118 dated 15September2 May 2014, as may be amended,restated and/or supplemented from time totime.Aircraft Lease Agreement between Sky HighXXXI Leasing Company Limited and GarudaIndonesia Holiday France S.A.S. relating to theleasing of one Airbus A320-214 MSN 6224 dated2 May 2014, as may be amended, restated


104.



Sky High XXXIIILeasing CompanyLimited

(i) Aircraft Lease Agreement between Sky HighXXXIII Leasing Company Limited and GarudaIndonesia Holiday France S.A.S. relating to theleasing of one Airbus A320-214 MSN 6270 dated2 May 2014, as may be amended, restatedand/or supplemented from time to time.

(ii) Aircraft Lease Agreement Between Sky HighXXXIII Leasing Company Limited and GarudaIndonesia Holiday France S.A.S relating to theleasing of one Airbus A320-214 MSN 6333 dated02 May 2014 (as amended, novated, modified orsupplemented from time to time); and

(iii) Aircraft Lease Agreement Between Sky HighXXXIII Leasing Company Limited and GarudaIndonesia Holiday France S.A.S relating to theleasing of one Airbus A320-214 MSN 6408 dated02 May 2014 (as amended, novated, modified orsupplemented from time to time).

and/or supplemented from time to time; and

(ii) Aircraft Lease Agreement between Sky HighXXXI Leasing Company Limited and GarudaIndonesia Holiday France S.A.S. relating to theleasing of one Airbus A320-214 MSN 6243 dated2 May 2014, as may be amended, restatedand/or supplemented from time to time.

108. SMBC AviationCapital Limited

(i) Aircraft Lease Agreement between SMBCAviation Capital Limited and Garuda IndonesiaHoliday France S.A.S. relating to the leasing ofone Airbus A320-200 which MSNaircraftmanufacturer's serial number 5511 dated 24October 2014, as may be amended, novated,restated and/or supplemented from time to time;

(ii) Aircraft Sub-leaseSub-Lease Agreement No.DS/PERJ/DE-3491/014 between GarudaIndonesia Holiday France S.A.S. and PT GarudaIndonesia (Persero) Tbk. relating to the leaing ofone Airbus A320-200 which MSNaircraftmanufacturer's serial number 5511 dated 24October 2014, as may be amended, restatedand/or supplemented from time to time;

(iii) Guarantee between PT Garuda Indonesia(Persero) Tbk. and SMBC Aviation CapitalLimited in respect of one Airbus A320-200aircraft with MSN 5511 dated 24 October 2014,as may be amended, restated and/orsupplemented from time to time;

(iv) Lessor Security Assignment between GarudaIndonesia Holiday France S.A.S. and SMBCAviation Capital Limited in respect of one AirbusA320-200 aircraft with manufacturer's serialnumber 5511 dated 24 October 2014, as may beamended, restated and/or supplemented fromtime to time;

(v) Aircraft Lease Common Terms Agreement dated14 June 2014 between GE Capital AviationServices Limited and Garuda Indonesia HolidayFrance S.A.S., as may be amended, novated,

107.



restated and/or supplemented from time to time;

(vi) (iii) Aircraft Specific Lease Agreement betweenGaruda Indonesia Holiday France S.A.S andCelestial Aviation Trading 71 Limited relating tothe leasing of one Airbus A320-200 whichMSNaircraft bearing manufacturer's serialnumber 5560 dated 14 June 2014, as may beamended, novated, restated and/orsupplemented from time to time;

(vii) Aircraft Lease Novation and Amendment Deedbetween Celestial Aviation Trading 71 Limited,Garuda Indonesia Holiday France S.A.S. andSMBC Aviation Capital Limited in respect of oneAirbus A320-200 aircraft bearing manufacturer'sserial number 5560 dated 12 December 2014, asmay be amended, restated and/or supplementedfrom time to time;

(i) Aircraft Lease Sub-Common Terms Agreementdated 14 June 2014 between PT GarudaIndonesia (Persero) Tbk. and Garuda IndonesiaHoliday France S.A.S., as may be amended,restated and/or supplemented from time to time;

(ii) (iv) Sub-Aircraft Specific Lease Agreementbetween PT Garuda Indonesia (Persero) Tbk,.and Garuda Indonesia Holiday France S.A.S andCelestial Aviation. Treladting 71 Limitedto oneAirbus A320-200 aircraft bearing manufacturer'sserial number 5560 dated 14 June 2014, as maybe amended, restated and/or supplemented fromtime to time;

(iii) Guarantee between PT Garuda Indonesia(Persero) Tbk. and SMBC Aviation CapitalLimited in respect of one Airbus A320-200aircraft with MSN 5560 dated 12 December2014, as may be amended, restated and/orsupplemented from time to time;

(iv) Lessor Security Assignment between GarudaIndonesia Holiday France S.A.S. and SMBCAviation Capital Limited in respect of one AirbusA320-200 aircraft with manufacturer's serialnumber 5560 dated 12 December 2014, as maybe amended, restated and/or supplemented fromtime to time;

(v) Aircraft Lease Agreement between SMBCAviation Capital Limited and Garuda IndonesiaHoliday France S.A.S. relating to the leasing ofone Airbus A320-200 which MSNaircraftmanufacturer's serial number 5830 dated 24October 2014, as may be amended, novated,restated and/or supplemented from time to time;

(vi) Aircraft Sub-leaseSub-Lease Agreement No.DS/PERJ/DE-3490/2014 between GarudaIndonesia Holiday France S.A.S. and PT GarudaIndonesia (Persero) Tbk. relating to the leaing ofone Airbus A320-200 aircraft manufacturer'sserial number 5830 dated 24 October 2014, asmay be amended, restated and/or supplementedfrom time to time;



(vii) Guarantee between PT Garuda Indonesia(Persero) Tbk. and SMBC Aviation CapitalLimited in respect of one Airbus A320-200aircraft with MSN 5830 dated 24 October 2014,as may be amended, restated and/orsupplemented from time to time;

(viii) Lessor Security Assignment between GarudaIndonesia Holiday France S.A.S. and SMBCAviation Capital Limited in respect of one AirbusA320-200 aircraft with manufacturer's serialnumber 5830 dated 24 October 2014, as may beamended, restated and/or supplemented fromtime to time;

(ix) (vii) Aircraft Lease Agreement between SMBCAviation Capital Limited and Garuda IndonesiaHoliday France S.A.S. relating to the leasing ofone Boeing B737-800 MSNaircraftmanufacturer's serial number 39936 dated 24October 2014, as may be amended, novated,restated and/or supplemented from time to time;

(x) (viii) Aircraft Sub-leaseSub-Lease AgreementNo. DS/PERJ/DE-3523/2014 between GarudaIndonesia Holiday France S.A.S. and PT GarudaIndonesia (Persero) Tbk. relating to the leasingof one Boeing B737-800 aircraft manufacturer'sserial number 39936 dated 24 October 2014, asmay be amended, restated and/or supplementedfrom time to time;

(xi) Guarantee between PT Garuda Indonesia(Persero) Tbk. and SMBC Aviation CapitalLimited in respect of one Boeing B737-800aircraft with MSN 39936 dated 24 October 2014,as may be amended, restated and/orsupplemented from time to time;

(xii) Lessor Security Assignment between GarudaIndonesia Holiday France S.A.S. and SMBCAviation Capital Limited in respect of one BoeingB737-800 aircraft with manufacturer's serialnumber 39936 dated 24 October 2014, as maybe amended, restated and/or supplemented fromtime to time;

(xiii) (ix) Aircraft Lease Agreement between SMBCAviation Capital Limited and Garuda IndonesiaHoliday France S.A.S. relating to the leasing ofone Boeing B737-800 MSNaircraftmanufacturer's serial number 39939 dated 24October 2014, as may be amended, novated,restated and/or supplemented from time to time;

(xiv) (x) Aircraft Sub-leaseSub-Lease Agreement No.DS/PERJ/DE-3527/2014 between GarudaIndonesia Holiday France S.A.S. and PT GarudaIndonesia (Persero) Tbk. relating to the leasingof one Boeing B737-800 aircraft manufacturer'sserial number 39939 dated 24 October 2014, asmay be amended, restated and/or supplementedfrom time to time;

(xv) Guarantee between PT Garuda Indonesia



(Persero) Tbk. and SMBC Aviation CapitalLimited in respect of one Boeing B737-800aircraft with MSN 39939 dated 24 October 2014,as may be amended, restated and/orsupplemented from time to time;

(xvi) Lessor Security Assignment between GarudaIndonesia Holiday France S.A.S. and SMBCAviation Capital Limited in respect of one BoeingB737-800 aircraft with manufacturer's serialnumber 39939 dated 24 October 2014, as maybe amended, restated and/or supplemented fromtime to time;

(xvii) (xi) Aircraft Lease Agreement between SMBCAviation Capital Limited and Garuda IndonesiaHoliday France S.A.S. relating to the leasing ofone Boeing B737-800 MSNaircraftmanufacturer's serial number 39954 dated 24October 2014, as may be amended, novated,restated and/or supplemented from time to time;

(xviii) (xii) Aircraft Sub-leaseSub-Lease Agreement No.DS/PERJ/DE-3529/2014 between GarudaIndonesia Holiday France S.A.S. and PT GarudaIndonesia (Persero) Tbk. relating to the leasingof one Boeing B737-800 aircraft manufacturer'sserial number 39954 dated 24 October 2014, asmay be amended, restated and/or supplementedfrom time to time;

(xix) Guarantee between PT Garuda Indonesia(Persero) Tbk. and SMBC Aviation CapitalLimited in respect of one Boeing B737-800aircraft with MSN 39954 dated 24 October 2014,as may be amended, restated and/orsupplemented from time to time;

(xx) Lessor Security Assignment between GarudaIndonesia Holiday France S.A.S. and SMBCAviation Capital Limited in respect of one BoeingB737-800 aircraft with manufacturer's serialnumber 39954 dated 24 October 2014, as maybe amended, restated and/or supplemented fromtime to time;

(xxi) (xiii) Aircraft Lease Agreement between SMBCAviation Capital Limited and Garuda IndonesiaHoliday France S.A.S. relating to the leasing ofone Boeing B737-800 MSNaircraftmanufacturer's serial number 39955 dated 24October 2014, as may be amended, novated,restated and/or supplemented from time to time;

(xxii) (xiv) Aircraft Sub-leaseSub-Lease AgreementNo. DS/PERJ/DE-3528/2014 between GarudaIndonesia Holiday France S.A.S. and PT GarudaIndonesia (Persero) Tbk. relating to the leasingof one Boeing B737-800 aircraft manufacturer'sserial number 39955 dated 24 October 2014, asmay be amended, restated and/or supplementedfrom time to time.;

(xxiii) Guarantee between PT Garuda Indonesia(Persero) Tbk. and SMBC Aviation CapitalLimited in respect of one Boeing B737-800



Star RisingAviation France 2SAS

(i) Aircraft Specific Lease Agreement dated 23November 2011 between GECAS France SARLas lessor and PT Garuda Indonesia (Persero)Tbk and GECAS France SARL on oneA320-200 Aircraft bearing manufacturer's serialnumber 5541 dated 23 November 2011, as maybe amended, restated and/or supplementedfrom time to time;

(ii) . (the “Company”) as Lessee which incorporated theterms and conditions of an Aircraft Lease CommonTerms Agreement dated 19 October 2000 betweenGeneral Electric Capital Corporation and Lessee (theAircraft Lease Novation and AmendmentAgreementSpecific Lease Agreement and the CommonTerms Agreement together, the “Lease”), as such Leasehas been novated and amended pursuant to thenovation agreement in respect of the Lease dated 19June 2014 between GECAS France SARL, PT GarudaIndonesia (Persero) Tbk and as existing lessor, AvolonAerospace France 10 SAS in respect of one A320-200Aircraft bearing manufacturer's serial number 5541dated 19 June 2014, as may be amended, restatedand/or supplemented from time to time.as new lessorand the Company as Lessee, and as subsequentlyfurther novated and amended pursuant to an aircraftlease novation and amendment agreement dated 7January 2016 between Avolon Aerospace France 10SAS as existing lessor and Star Rising Aviation France2 SAS, as new lessor (the “Lessor”) and the Company,as lessee.

aircraft with MSN 39955 dated 24 October 2014,as may be amended, restated and/orsupplemented from time to time; and

(xxiv) Lessor Security Assignment between GarudaIndonesia Holiday France S.A.S. and SMBCAviation Capital Limited in respect of one BoeingB737-800 aircraft with manufacturer's serialnumber 39955 dated 24 October 2014, as maybe amended, restated and/or supplemented fromtime to time.

110. Start IrelandLeasing 4 Limited-Part of AERCAP

(i) (iii) Aircraft Specific Lease Agreement betweenGaruda Holiday France S.A.S and CelestialAviation Trading 18 Limited on one B737-800Aircraft bearing manufacturer's serial number38032 dated 14 June 2014, as may beamended, restated and/or supplemented fromtime to time;

(ii) (iv) Guarantee by PT Garuda Indonesia(Persero) Tbk relating to the Head LeaseAgreement between Garuda Indonesia HolidayFrance S.A.S and Celestial Aviation Trading 18Limited in respect of one Boeing 737-800Aircraft bearing manufacturer's serial number38032 dated 14 June 2014, as may beamended, restated and/or supplemented fromtime to time;

(iii) (v) Sub-aircraft Specific Lease Agreementbetween PT Garuda Indonesia (Persero) Tbk,Garuda Indonesia Holiday France S.A.S andCelestial Aviation Trading 18 Limited on one

109.



StrasbourgLocation S.A.R.L

Lease Agreement No. DS/PERJ/DE-3107/2015 betweenStarsbourg Location S.A.R.L, ILFC France S.A.R.L andPT Garuda Indonesia (Persero) Tbk dated 29 October2015, as may be amended, restated and/orsupplemented from time to time.

111.

113. Wilmington TrustSP Services

(Dublin) Limited(MSN 41310 dan

MSN 1288)

Stellar AircraftHolding 2 Limited

(i) Guarantee Agreement No.IG/PERJ/DF-3076/2017 by PT GarudaIndonesia relating to Aircraft Lease Agreementbetween Garuda Indonesia Holiday FranceS.A.S. and ALC B378 41310, LLC in respect ofone Boeing 737-800 Aircraft MSN 41310 dated 6November 2017, as may be amended, restatedand/or supplemented from time to time.

(ii) Aircraft Lease Agreement dated 31 March 2011,as may be amended, restated and/orsupplemented from time to time.

(i) Aircraft Specific Lease Agreement betweenGaruda Holiday France S.A.S and SMBCAviation Capital Limited on one Airbus A320-200Aircraft bearing manufacturer's serial number5351 dated 24 October 2014, as may beamended, restated and/or supplemented fromtime to time;

(ii) Guarantee by PT Garuda Indonesia (Persero)Tbk relating to the Head Lease Agreementbetween Garuda Holiday France S.A.S andSMBC Aviation Capital Limited on one AirbusA320-200 Aircraft bearing manufacturer's serialnumber 5351 dated 24 October 2014, as may beamended, restated and/or supplemented fromtime to time;

114. Wilmington TrustSP Services

(Dublin) Limited(not in its

individual capacitybut solely as

owner trustee)(MSN 1946, MSN1947 dand MSN

1948)

(i) Aircraft Head Lease Agreement dated 31 March2011in relation to MSN 1946 dated 12November 2019 between Wilmington Trust SPServices (Dublin) Limited (not in its individualcapacity but solely as owner trustee) andGaruda Indonesia Holiday France S.A.S., asmay be amended, restated and/orsupplemented from time to time (the “MSN 1946Head Lease”).

(ii) Aircraft Sub Lease Agreement in relation to MSN1946 dated 13 December 2019 between GarudaIndonesia Holiday France S.A.S. and PT Garuda

B737-800 Aircraft bearing manufacturer's serialnumber 38032 dated 14 June 2014, as may beamended, restated and/or supplemented fromtime to time; and

(iv) (vi) Aircraft Lease Novation and AmendmentAgreement between Celestial Aviation Trading18 Limited, Garuda Indonesia Holiday FranceS.A.S and Start Ireland Leasing 4 Limited inrespect of one Boeing 737-800 Aircraft bearingmanufacturer's serial number 38032 and twoCFM56-7B26E engines bearing serial number960506 and 960511 dated 26 September 2018,as may be amended, restated and/orsupplemented from time to time.

112.



115. WWTAI AirOpCo1 Bermuda Ltd.

(i) Aircraft Lease Agreement between CIT GroupLocation France S.A.S and PT GarudaIndonesia (Persero) in relation of lease ofBoeing 737-800 Aircraft with MSN 29931 dated5 September 2008, as may be amended,restated and/or supplemented from time to time;and

(ii) Aircraft Head Lease Agreement between

Indonesia (Persero) Tbk, as may be amended,restated and/or supplemented from time to time.

(iii) Guarantee in relation to the MSN 1946 HeadLease by PT Garuda Indonesia (Persero) Tbk asguarantor in favour of Wilmington Trust SPServices (Dublin) Limited (not in its individualcapacity but solely as owner trustee) dated 12November 2019, as may be amended, restatedand/or supplemented from time to time.

(iv) Aircraft Head Lease Agreement in relation toMSN 1947 dated 12 November 2019 betweenWilmington Trust SP Services (Dublin) Limited(not in its individual capacity but solely as ownertrustee) and Garuda Indonesia Holiday FranceS.A.S., as may be amended, restated and/orsupplemented from time to time (the “MSN 1947Head Lease”).

(v) Aircraft Sub Lease Agreement in relation to MSN1947 dated 12 November 2019 between GarudaIndonesia Holiday France S.A.S. and PT GarudaIndonesia (Persero) Tbk, as may be amended,restated and/or supplemented from time to time.

(vi) Guarantee in relation to the MSN 1947 HeadLease by PT Garuda Indonesia (Persero) Tbk asguarantor in favour of Wilmington Trust SPServices (Dublin) Limited (not in its individualcapacity but solely as owner trustee) dated 12November 2019, as may be amended, restatedand/or supplemented from time to time.

(vii) Aircraft Head Lease Agreement in relation toMSN 1948 dated 12 November 2019 betweenWilmington Trust SP Services (Dublin) Limited(not in its individual capacity but solely as ownertrustee) and Garuda Indonesia Holiday FranceS.A.S., as may be amended, restated and/orsupplemented from time to time (the “MSN 1948Head Lease”).

(viii) Aircraft Sub Lease Agreement in relation to MSN1948 dated 27 November 2019 between GarudaIndonesia Holiday France S.A.S. and PT GarudaIndonesia (Persero) Tbk, as may be amended,restated and/or supplemented from time to time.

(ix) Guarantee in relation to the MSN 1948 HeadLease by PT Garuda Indonesia (Persero) Tbk asguarantor in favour of Wilmington Trust SPServices (Dublin) Limited (not in its individualcapacity but solely as owner trustee) dated 12November 2019, as may be amended, restatedand/or supplemented from time to time



WWTAI AIROPCO 1 Bermuda LTD and LAVictoire 3 Holding in relation to one Boeing737-800 Aircraft bearing MSN 29931 dated 15March 2019, as may be amended, restatedand/or supplemented from time to time.



Part A.List of Aircraft Lessors that have elected Go Forward Override Terms

[____]297

297 NTD: To be updated once options have been elected.



IDR612,825,600

No.

PT Angkasa Pura I (Persero)

10.

IDR19,792,251,631

PT ANGKASA PURA SOLUSI

IDR131,729,196,625 IDR131,729,196,625

IDR515,313,700

11. PT Angkasa Pura Support

5.

IDR15,351,118,860

Name

PT Angkasa Pura II

12.

2.

PT Kimia Farma Diagnostika

IDR571,909,622,300

IDR709,200,000

13.

PT ANGKASA GITA SARANA

PT Mandiri Sekuritas

6.

IDR5,351,211,600

Settlement Claims

PT Angkasa Pura Kargo

14.

IDR14,700,000

PT Merpati Nusantara Airlines (Persero)

IDR393,062,700

IDR180,099,464

APPENDIX 5.Trade Creditor Claims308

Part A.SOE Trade Creditor Claims

State Owned Entities

15. PT Pertamina (PERSERO)

7.

IDR5,620,272,458,191.00 andUSDIDR5,620,272,458,191 and USD

133,893,967.27

PT Angkasa Pura Logistik

16.

3.

PT Pertamina Bina Medika IHC (RumahSakit Pertamina Jaya)

IDR47,654,464

IDR1,859,550,000

17.

PT Angkasa Pura Hotel

PT Pindad Enjiniring Indonesia

8.

IDR12,312,500

1.

PT Angkasa Pura Propertindo

18.

IDR11,283,379,097

PT PLN (Persero)

DR21,908,001

IDR692,981,175IDR629,981,175

19. PT POS INDONESIA (PERSERO)

9.

IDR131,331,624

Dana Pensiun Garuda Indonesia

PT Angkasa Pura Sarana Digital

4.

308 Note: all amounts hereunder are subject to issuance of Final Claims Register.



7. PT Citilink Indonesia

PT Telekomunikasi Indonesia (Persero)Tbk.

IDR 26,767,620,013

1.

8.

PT Aero Hotel Management

PT Garuda Daya Pratama Sejahtera

IDR146,481,134,799

IDR 11,746,054,131

4,805,494,423IDR4,805,494,423

20.

9. PT Garuda Indonesia Holidays IDR 679,472,814

2.

21.

10.

PT Aero Systems Indonesia

PT Garuda Maintenance Facility Aero Asia Tbk.

23.

368,236,661,224IDR336,813,958,839 and USD2,190,040.59

13,108,755,600IDR8,515,773,818 and USD320,113.03

11. PT Mirtasari Hotel Development

Perum Lembaga PenyelenggaraPelayanan Navigasi Penerbangan

Indonesia (AirNav Indonesia)

IDR 99,950,000

3.

PT Sucofindo (Persero)

12.

PT Aerofood Indonesia

PT Sabre Travel Network Indonesia

IDR326,390,831,027

IDR 130,117,716

IDR 384,569,347,099

PT Sarinah (Persero)

13. Koperasi Karyawan Garuda Indonesia Group

Subsidiaries and Associates

IDR 139,967,321

4.

14.

PT Aero Globe Indonesia

PT Aero Prima

IDR652,043,020

IDR 13,150,620

IDR 19,457,909,418

No.

15. PT Bina Inti Dinamika IDR 3,275,000

5.

Name

16.

PT Aerojasa Cargo

PT Gapura Angkasa IDR 705,461,844,845

IDR 20,372,117


17. PT Garuda Karya Mandiri

IDR404,367,969

IDR 5,176,084,056

6.

18.

PT Aerotrans Services Indonesia

Yayasan Kesehatan Garuda Indonesia

22.

IDR 86,979,560

IDR 23,863,571,931

Subsidiaries and Associates



Airbus Atlantic S.A.S


12

69,048,759,988

Any Ernawati

Accelya Solutions India Limited

20,865,00013

6

Arieska Soenarta

14,348,000

17,322,488

Airnex Pty. Ltd.

14

926,089,510

Arinc, Incorporated9,335,254,736

15

7

Arkananta Vennootschap (Dahulu Sulaiman & HerlingAttorneys at Law)

3

147,000,000

Alfred Siregar

1

16

12,000,000

Asian Aviation Training Centre Ltd.

Advokatku, Legal Audit Consultant

739,800,241

No.

17

8

Australia Pacific Airports (Melbourne) Pty Ltd

539,000,000

61,294,511

All Nippon Airways Co. Ltd.

Accelya Solution UK Limited

18

2,534,991,357

Australian Goverment - Department of Home Affairs (PMC /Passanger Movement Charge) 27,318,450,960

19

9

Aviation Security Business Centre

4

237,277,039

Alpha Flight Services Pty Ltd (DNATA Catering)

104,154,778

20

3,723,710,629

B/E Aerospace (UK) Limited

AGP Corporation

33,820,703,856

Name

21

10

Baker & Mckenzie.Wong & Leow

436,866,197

158,206,787

American Express Travel Related Services Company, Inc

22

255,807,559

Basuki Suprianto12,000,000

Part B.Other Trade Creditors Claims319

23

11

Brahim's SATS Food Services Sdn Bhd

5

594,483,159

Anondho

2

9,300,000




25

CV Mandani Jaya Buana16,080,000

27

31

39 CV Mirafi

Cathay Pacific Airways Limited

21,254,240

CAE Inc.,

690,445,224

40

Budi Indarwan

CV Nilam Verlag Graphica6,940,560

1,549,584,000

32

41

Bucher Leichtbau AG

CV Papandayan Sejahtera Bersama

Christina Kurniati

28,797,300

30,072,268

42

12,000,000

CV Sinar Baru9,404,560

28

33

43 CV Sinar Mustika

Consolidated Travel Pty Ltd

109,184,981

CAE Kuala Lumpur Sdn. Bhd

12,035,449,084

44 Dangkang Makkulawi4,600,000

940,844,845

34

45

36,134,660,110

Dewi Sukardi, S.H., MKn.

CV Aquama Jaya

63,684,562

249,353,981

46

26

Dnata Singapore Pte. Ltd.9,269,524,281

29

35

47 dr. Andriana, Sp. Rad.

CV Indonesia Mandiri Lestari

10,750,473

Cargo Flash Infotech Pvt. Ltd.

54,831,000

48

CAE Flight & Simulator Services Sdn. Bhd.

dr. Erry Korina12,187,500

4,326,854,620

36

49 dr. Prijo Sidipratomo SpRad

CV Indoprima Jaya

8,192,853

1,595,000

50

12,054,185,240

dr. Sigit Sugasrianto SpM6,085,450

30

37

51

24

Eastern Aero Marine Inc. (dba EAM Worldwide)

CV Juanda Mandiri Prakarsa

78,713,128

Cascadale Holdings Pty Ltd ATF The St Georges Trust

2,970,000

52 Ebony Executive Lounge Palu125,022,748

785,255,764

38



53

Hotel Mercure Pontianak (PT Josh & Tasani Lestari)

Flight Centre Travel Group Limited

25,901,500

12,795,352,681

67

54

ICTS Europe System Limited1,103,002,500

56

60

68 Incheon International Airport Corporation

Gerry Herbudi Wijaya

35,642,992,465

Express Travel Group Pty. Ltd.

1,350,000

69

Envirotainer AB

Ir Nanette Cahyanie Handari Adi Warsito, S.H. (Notaris &PPAT) di Jakarta 93,500,000

1,838,366,253

61

70

Eddy Siswanto

Ir. Chuwardi Chandra

Hanatour Japan Co. Ltd.

1,080,000

809,565,507

71

13,585,748,687

JAL Kansai Aircargo System Co. Ltd.1,551,131,801

57

62

72 Japan Airlines Co. Ltd.

Helloworld Travel Limited

16,514,788,764

Fatimah Eliana

11,037,430,691

73 Japan Civil Aviation Bureau61,629,029,814

3,270,816

63

74

6,400,000

Japan Security Support Co, Ltd.

Herdi Kustriyadi

584,428,268

1,000,000

75

55

Kansai Airport Transportation Enterprise Co. Ltd.73,887,873

58

64

76 Kansai Airports

Hirano Logistics Corporation

8,574,658,439

Firma Hukum Ginting & Reksodiputro (in association withAllen & Overy)

2,712,004,154

77

E-Outsource Asia (Singapore) Pte Ltd

Kantor Hukum Kemalsjah & Assoicates2,901,814,790

3,335,634,057

65

78 Karmal Fauza Sembiring

Hong Kong Air Cargo Terminals Limited

12,000,000

8,513,619,882

79

170,999,464

KJPP Anas Karim Rivai & Rekan255,000,000

59

66



1,887,670

86

93

80

Pan Asia Pacific Aviation Services Limited

Leli Mardiana

1,422,698,722

6,200,000

94

81

Panasonic Avionics Corporation27,347,294,313

83

87

95 Perkumpulan Perhimpunan St. Carolus Vereeniging (RS StCarolus)

Lufthansa Systems GmBH & Co.KG

17,341,730

Klinik Pelita Sehat Ciomas

8,559,617,234

96

Klinik & Apotik Selaras

Persekutuan Perdata Kantor Notaris Aulia Taufani, S.H. &Aryanti Artisari, S.H., M.Kn. 59,460,000

725,000

88

97

KJPP Iwan Bachron & Rekan

Perserikatan Perdata William & Hendrik

Malaysia Airports (Sepang) Sdn Bhd

250,000,000

1,032,025,055

98

19,509,250

Perth Airport Pty. Ltd.1,246,889,742

84

89

99 Pos Aviation Sdn. Bhd.

Martinus Kayadu

1,209,087,762

Klinik Prima Husada

12,000,000

100

Prita Widjaja8,000,000

3,459,000

90

101

536,256,000

Pros, Inc.

Mitsubishi Jisho Property Manegement Co. Ltd.

22,521,151,676

2,822,740,624

102

82

PT Adhya Avia Prima78,400,000

85

91

103

PT Administrasi Medika

MTU Maintenance Berlin – Brandenburg GmbH

438,855,000

Law Offices of Wiriadinata & Saleh

99,471,426,430

104

Klinik Abdul Radjak Pondok Gede

PT Affinity Health Indonesia (RS Premier Jatinegara & RSPremier Bintaro) 224,277,722

51,873,360

92

105

PT Abdi Teknologi Informasi

Narita International Airport Corporation

1,869,992,723

798,464,417



31,052,800

120

107

PT Bela Cipta Sarana (Hotel Sahid Bela)1,090,000

109

113

121

PT Betawimas Cemerlang

PT Asia Berkat Abadi

295,714,915

PT Andalan Express Indonesia

252,652,500

122

PT Akurat Intan Madya

PT Bhineka Ekakarya Utama13,879,143

2,124,998

114

123

PT Akasha Wira International

PT Bina Waluya

PT Astra Graphia Tbk.

174,521,204

25,897,000

124

924,000

PT Binaman Utama40,425,000

110

115

125

PT Binara Guna Mediktama (RSPI Pondok Indah & RSPIPuri Indah)

PT Avia Citra Dirgantara

637,514,503

PT Aneka Sakti Bakti

10,468,360

126

PT Bintang Jaya Plasindo175,822,500

12,093,155

116

127

28,038,991

PT Blue Bird Tbk.

PT AVS Indonesia

5,523,100

72,562,984

128

108

PT Bumi Jasa Utama219,139,440

111

117

129

PT Bumi Liputan Jaya

PT Awal Bros Putra Medika (RS Awal Bros Pekanbaru)

245,152,818

PT Anugerah Pharmindo Lestari

27,312,410

130

PT Alamraya Jaya Aksata

PT Bumiputera Wisata26,906,653

753,847,700

118

131

PT Calmic Indonesia

PT Ayo Sehat Indonesia

6,913,796

377,770,893

132

1,440,000

PT Cendana Teknika Utama8,910,000

112

119

133

106

PT Citra Cahaya Insani

PT Banua Agung Anitama

34,770,400

PT Artha Sabena Putra (RS Azra)

222,577,320



85,054,750

148

135

PT Global Pharma Indonesia13,052,203

137

141

149

PT Global Sky Aviasi

PT Electronic Data Interchange Indonesia

1,463,862,892

PT Dekatama Centra

209,921,532

150

PT Datindo Entrycom

PT Global Sky Express93,409,200

84,217,500

142

151

PT Damaindah

PT Global Trade Logistics Network

PT Famed Calibration

13,130,915

51,878,025

152

63,700,000

PT Golden Globe Medica25,392,084

138

143

153

PT Harapan Bunda Sejahtera (RS Harapan Bunda)

PT Famon Global Medika (Rumah Sakit Primaya Tangerang)

12,898,554

PT Ditamas Nugraha

41,025,090

154

PT Hotelindo Murni (The Pade Hotel Aceh)168,014,183

23,656,750

144

155

511,496,231

PT Hyundai Elevator Indonesia

PT Fokus Diagnostic Indonesia

245,000,000

2,595,276

156

136

PT Indolab Artha Medika4,216,850

139

145

157

PT Indosat Tbk.

PT Freight Cargo Logistics

3,951,055,000

PT Dutakom Wibawa Putra

29,939,200

158

PT Daya Jaya Mandiri

PT Infinity Entertainment147,876,300

10,715,682

146

159

PT Inti Bios Persada Sejahtera

PT Galva Technologies Tbk.

518,550,000

6,912,000

160

77,093,469

PT Its Science Indonesia68,950,000

140

147

161

134

PT Jasa Dirgantara Tarakan

PT Gaya Hidup Masa Kini

59,957,200

PT Dwi Indah

1,108,917,925



15,453,600

176

163

PT Lintas Megantara654,518,189

165

169

177

PT Makassar Phinisi Seaside Hotel

PT Khidmat Perawatan Jasa Medika (RS Medika PermataHijau)

3,107,998,000

PT Johnson Control Indonesia

852,200

178

PT Jaya Teknologi Internasional

PT Mandai Prima237,953,947

1,249,500,000

170

179

PT Jaya Teknik Indonesia

PT Marketama Indah

PT Kiang Multi Corporation

89,912,902

4,328,940

180

1,394,148,000

PT Medikaloka Arcamanik (RS Hermina Arcamanik)24,158,903

166

171

181

PT Medikaloka Bogor

PT Kingdom Sukses Sejahtera

3,610,752

PT Justika Siar Publika

75,734,400

182

PT Medikaloka Ciputat6,070,259

24,000,000

172

183

1,647,464,985

PT Medikaloka Galaxy (RS Hermina Galaxy)

PT Kompas Media Nusantara

4,000,054

400,872,480

184

164

PT Medikaloka Grand Bekasi11,994,124

167

173

185

PT Medikaloka Sejahtera (Rumah Sakit Hermina Bekasi)

PT Koran Media Investor Indonesia

23,403,996

PT Karya Empat Saudara (Rumah Sakit Meilia Cibubur)

24,500,000

186

PT Job Desindo Prima Mandiri

PT Medquest Jaya Global488,929,375

14,633,995

174

187

PT Mensa Binasukses

PT Langgang Buana Perkasa

233,438,087

423,754,750

188

427,174,344

PT Midtrans1,814,890

168

175

18

162

PT Mitra Buana Koorporindo

PT Lentera Studi Interdisiplin

PT Karya Sukses Mandiri (RS Mitra Kemayoran)

226,345,625



190

PT Parit Padang Global201,650,330

192

196

204

9

PT Pengembangan Jaya Papua

PT Naku Freight Indonesia

62,486,100

PT Mulio Citra Angkasa

83,777,000

205

PT Mitra Integrasi Informatika

PT Penta Powerindo Electro312,272,736

93,430,260

197

206

PT Pentas Menara Komindo

PT Nayag Citra Baliem

2,373,175,127

6,892,030

207

14,165,932,678

PT Perishable Logistics Indonesia399,087,749

193

198

208

PT Prathita Titiannusantara

PT Nitrasanata Dharma

478,446,000

PT Mustika Ratu Tbk.

12,403,500

209

PT Prima Global Trans8,090,500

1,044,225,287

199

210

3,868,802,226

PT Primahotel Manajemen Indonesia

PT Nusa Prima Pangan

34,205,000

61,194,000

211

191

PT Prisma Tirtakusuma862,400,000

194

200

212

PT Proteindo Karyasehat (Rumah Sakit Mitra KeluargaBekasi Timur)

PT Nusa Satu Inti Artha

25,094,475

PT My Indo Airlines

3,418,993,453

213

PT Mitra Kualitas Utama

PT Pusaka Prima Transport720,504,400

7,139,292,902

201

214

PT Putra Inovasi Utama

PT Osadha Graha Sejahtera

63,292,749

21,142,514

215

174,625,000

PT Quadratel Persada5,745,600

195

202

216

PT Ragam Sehat Multifita (RS Mitra Keluarga Depok)

PT Padma Radya Aktuaria

13,602,609

PT Myindo Cyber Media

122,500,000

21 PT Rashal Siar Cakra Medika (Siloam Hospitals ASRI)

2,565,177,039

203



PT Sciencewerke

PT Shansui Karya Bandara

35,303,106

733,054,473

231

218

PT Sembilan Visual Kreatif1,008,199,500

220

224

232

7

PT Setia Anugrah Medika

PT Samudranayaka Grahaunggul

625,094,000

PT Saburai Perdana Barokah

221,604,102

233

PT Rejeki Prima Anugerah

PT Siloam Internasional Hospitals518,265,076

38,415,000

225

234

PT Sinar Dewasa

PT Sarana Meditama International (RS EMC Alam Sutera)

103,695,109

20,572,906

235

18,312,250

PT Sinar Harapan Keluarga ( RS Harapan Magelang)10,832,500

221

226

236

PT Sinwa Perdana Mandiri

PT Sarana Meditama Metropolitan Tbk (RS EMC Pulo Mas)

6,600,000

PT Samsonite Indonesia

11,685,221

237

PT SITA Information Networking Computing Indonesia2,065,797,370

44,678,476,502

227

238

4,952,366

PT Sofie Mode Huis

PT Satria Antaran Prima Tbk.

88,895,767

107,811,563

239

219

PT Sumber Bahagia Sentosa / RS Putera Bahagia (SiloamHospitals Cirebon) 1,790,760

222

228

240

PT Surgika Alkesindo

PT Satria Kencana Medika

2,592,590

PT San Simeel Lestari

250,850,984

241

PT Saba Indomedika

PT Surya Indotama Logistik10,000,000

28,998,507

229

242

PT Suryagita Nusaraya

PT Satya Wira Mandiri

16,108,486

19,680,300

243

46,546,314

PT Taurus Gemilang163,200,773

223

230



245

PT Wira Pamungkas Pariwara220,500,000

247

251

259

PT Wirapandu Sukses Makmur

PT Utama Pratama Medika (RS EMC Tangerang)

82,436,000

PT Tridinamika Jaya Instrument

19,764,868

260

PT Thomas Makmur Wisata

PT Yudhanusa Ekspresindo Caraka398,125

36,520,000

252

261

PT Tawada Healthcare

Pullman Melbourne

PT Utama Telekomindo

240,458,994

166,501,275

262

96,205,920

Rachmat Lesmono Sidharta72,000,000

248

253

263

Rahbanu

PT Wahana Dirgantara

12,000,000

PT Unibless Indo Multi

232,157,825

264

Ratih Hermi Kartikawati8,670,000

686,289,580

254

265

2,727,450,000

Rockwell Collins, Incorporated

PT Wahyu Putra Mandiri Perkasa

7,904,467,298

97,310,000

266

246

Royal Sino-Energy Aviation Service Co., Ltd.19,069,065,920

249

255

267

Rumah Sakit Permata Cibubur

PT Wego Travel Indonesia

11,305,004

PT United Media

601,812

268

PT Tirta Investama

Rumah Sakit PGI Cikini49,509,046

36,055,921

256

269

Rumah Sakit Yarsi Jakarta

PT Wenang Permai Sentosa

15,086,638

101,897,000

270

122,601,861

S. Agus Pramono14,400,000

250

257

271

244

Safran Cabin Galleys US, Inc.

PT Winson Express Transindo

3,885,079,700

PT Unolab Mitra Persada

32,830,848

27 SITA Switzerland Sàrl

129,355,125

258



Tokyo International Air Cargo Terminal Ltd.6,066,210,723

273

275

279

2

Tokyo International Air Terminal Corporation

Tati Noorhidayah

3,014,262,454

Sky Asia Aviation (Division of Eco Holidays Pvt. Ltd.)

20,000,000

280

Weathernews Inc.215,220,000

1,005,864,531

276

281

Western Outdoor Interactive Private Limited

Thales Avionics, Inc.

21,808,960,000

25,101,202,149

282

4,075,757,733

Widji Poernomo6,400,000

274

277

283

Wiseway Logistics Pty. Ltd.

Tokyo Humania Enterprise Inc., Trading as Hilton TokyoOdaiba

2,295,680,000

Société Internationale de Télécommunications Aéronautiques

3,133,246,063

284

Zaenal Agus Sarwono2,400,000

20,629,207,035

Note:Claims denominated in foreign currencies have been converted to Rupiah based on Bank IndonesiaMiddle Rates on the date of the Provisional PKPU Decision, namely 9 December 2021. BankIndonesia Middle Rates The PKPU Decision Date (9 December 2021) are as follows:1. USD 14,348.002. EUR 16,193.163. GBP 19,008.244. SGD 10,514.165. KRW 12.196. JPY 126.367. AUD 10,236.00

278



Settlement Claims (IDR)and (USD) (as applicable)

APPENDIX 6.List of Financing Creditors Claims3210

PT Bank Mandiri(Persero) Tbk(“Mandiri”)

16) Non-cash loan Facility under Deed ofNon-Cash Loan Facility Agreement(Perjanjian Pemberian FasilitasNon-Cash Loan) No.CRO.KP/016/NCL/2016 No. 27 dated24 February 2016, drawn up beforeFathian Helmi, S.H., Notary in Jakarta,as last amended by the Addendum XNo. CRO.KP/016/NCL/2016 dated 30March 2021 in the amount of IDR2,400,000,000,000 (including totalfacilities of IDR 300,000,000,000available to PT Citilink Indonesia).

(i) 17) Post Financing Working Capital LoanFacility under Deed of Post FinancingWorking Capital Facility (Perjanjian KreditModal Kerja Post Financing) No.WCO.KP/0099/KMK/2021 Deed No. 17dated 30 March 2021, drawn up beforeFathiah Helmi, S.H., Notary in Jakarta,which has been amended by Addendum IINo. WCO.KP/0099/KMK/2021 Deed No. 31dated 22 June 2021 in the amount of USD45,417,056.3046,110,056.30.

(ii) 18) Working Capital Loan Facility underDeed of Revolving Non-CashCashWorking Capital Credit Facility (KMK)Agreement (Perjanjian Pemberian FasilitasKredit Modal Kerja (KMK) Revolving) No.WCO.KP/083/KMK/2020 Deed No. 31dated 24 April 2020, drawn up beforeFathian Helmi, S.H., Notary in Jakartaalong with the General Terms of theCredit Agreement of PT Bank Mandiri(Persero) Tbk April 2020, which hasbeen amended from time to time, and lastlyby Addendum III No.WCO.KP/083/KMK/2020 Deed No. 54dated 30 March22 June 2021 in theamount of IDR 450,000,000,000.

(iii) Post Financing Working Capital LoanFacility under Deed of Post FinancingWorking Capital Facility (Perjanjian KreditModal Kerja Post Financing (USD)) No.WCO.KP/0247/KMK/2021 Deed No. 51dated 22 June 2021, drawn up beforeNanette Chayanie Handari Adi Warsito,S.H., Notary in Jakarta, in the amount ofUSD 65,593,183.33.

Creditors

USD46,026,302.21 andIDR3,714,200,303,264IDR3,714,200,303,303

Existing Agreement




PT Bank NegaraIndonesia (Persero)Tbk (“BNI”)

(i) 20) Indirect Credit Facility under Deed ofIndirect Credit Facility Agreement(Perjanjian Pemberian Fasilitas KreditTidak Langsung) No. 26 dated 18 March2016 as lastly amended by Deed ofApproval of Amendment of Indirect CreditFacility Restructuring (PersetujuanPerubahan Perjanjian Pemberian FasilitasKredit Tidak Langsung Restrukturisasi) No.(7) 26 dated 22 January 2021 with a facilityamount of USD 52,700,000 or equivalent toIDR 737,800,000,000.

(ii) 21) SBLC/Bank Guarantee Issuance underBank Guarantee Issuance Agreement(Perjanjian Penerbitan Garansi Bank) No.037/BIN/PPGB/2018 dated 11 October2018 as amended by the Approval ofAmendment of Bank Guarantee IssuanceAgreement (Persetujuan PerubahanPerjanjian Penerbitan Garansi Bank) No.(4) 037/BIN/PPGB/2018 dated 30 April2021 with a facility amount of USD77,994,935.18.

(iii) 22) Working Capital Facility under CreditAgreement No. 038/KPS3/PK-KMK/2021(Perjanjian Kredit No.038/KPS3/PK-KMK/2021 Kredit ModalKerja Maksimum Rp 98.582.082.221) dated30 April 2021 with a facility amount of IDR98,582,082,221.

(iv) 23) Term Loan Facility under Deed ofRestructuring Credit Agreement (PerjanjianKredit Restrukturisasi Kredit Term LoanMaksimum Rp 662.200.000.000) No. 10dated 22 January 2021 with a facilityamount of IDR 662,200,000,000.

IDR2,381,402,165,703

(iv) 19) Non-CashPost Financing WorkingCapital Loan Facility under Deed ofNon-Cash LoanPost Financing WorkingCapital Facility Agreement (PerjanjianPemberian Fasilitas Non-CashLoanKredit Modal Kerja Post Financing -IGF) No.WCRO.KP/4440248/NCLKMK/20182021Deed No. 1452 dated 14 December201822 June 2021, drawn up beforeFathian HelmiNanette Chayanie HandariAdi Warsito, S.H., Notary in Jakarta, aslast amended by the Addendum IV No.CRO.KP/444/NCL/2018 dated 30March 2021 in the amount of USIDR129,000,0002,393,833,453,497.

PT Bank RakyatIndonesia (Persero)Tbk (“BRI”)

(i) 24) Short-Term Loan Facility under Deedof Perjanjian Pemberian Fasilitas PinjamanJangka Pendek USD 50.000.000 No. 70dated 27 September 2016 made beforeFathiah Helmi, S.H., Notary in Jakarta aslastly amended by Addendum VI PerjanjianKredit Fasilitas Jangka Pendek Valas

IDR4,613,060,146,765



IDR994,403,805,077IDR994,403,805,075

(FPJP 1) No.WI/PERJ/AMAND-V/DF-3493/2016/20/NON-LEG No. 115/2020 dated 16 December2020 with a facility amount of USD25,000,000.

(ii) 25) Import Working Capital Loan Facilityunder Deed of Perjanjian Kredit No. 54dated 30 December 2014, drawn up beforeFathiah Helmi, S.H., Notary in Jakarta, aslastly amended by Addendum PerjanjianKredit Fasilitas Pinjaman Jangka PendekIDR (FPJ 2), Kredit Modal KerjaImport/Import Line No.IG/PERJ/AMAND-X/DF-3312/2018/20/NON-LEG No. 116/2020 dated 16 December2020 with a facility amount of IDR650,000,000.

(iii) 26) Working Capital Credit Facility underPerjanjian Kredit Fasilitas Pinjaman KMKCo Menurun 1, KMK Co Menurun 2, KMKCo Menurun 3 No.IG/PERJ/DF-4292/2020/NON-LEG No.120/2020 dated 18 December 2020 with afacility amount of USD 25,000,000 (KMKCo Menurun 1), IDR 1,350,000,000 andUSD 100,000,000 (KMK Co Menurun 2interchangeable with BG/SBLC ofUSD180,500,000).

(iv) 27) Perjanjian Kredit Fasilitas BankGaransi/Letter of Credit No. 117/2020 andIG/PERJ/DZ-4295/2020/NON-LEG dated16 December 2020 with a facility amount ofUSD180,500,000.

PT Bank Permata Tbk(“Permata”)

(i) 29) Omnibus Revolving Loan Facilitiesunder Deed of Banking Facility Agreement(Perjanjian Pemberian FasilitasPerbankan (Ketentuan Khusus)) No. 5dated 1 April 2015, drawn up before Dr.Gunawan Tedjo, S.H., M.H., as lastamended by the Seventh Amendment ofthe Banking Facility Agreement(Perubahan Ketujuh Perjanjian PemberianFasilitas Perbankan) No. KK/21/267/AMD/SOE dated 31 March 2021 between PTBank Permata Tbk and PT GarudaIndonesia (Persero) Tbk with a combinedfacility of USD 50,000,000.

USD50,276,258.60

Bank of China (HongKong) Limited, JakartaBranch (“Bank of

Lembaga PembiayaanEkspor Indonesia(“LPEI”)

(i) 30) Uncommitted Demand Loan Facilityunder Deed of Facilities Agreement No.133 dated 11 December 2015, drawn

USD15,215,296.80

28) Export Working Capital Loan under Deed ofExport Working Capital Credit Agreement(Perjanjian Kredit Modal Kerja Ekspor) No.19 Dated 6 October 2020, drawn up beforeNanette Cahyanie Handari Adi Warsito,S.H., Notary in Jakarta with a facility amountof IDR 1,000,000,000,000.



Industrial andCommercial Bank ofChina Co. Ltd. (“ICBC”)

(i) 31) Facility under Deed of PerjanjianKredit No. 28 dated 13 December 2016,drawn up before Deni Thanur, S.E., S.H.,M.Kn. Notary in South Jakarta as lastamended by Perubahan TerhadapPerjanjian Kredit No.046/ICBC/PTDS/XI/2017/P4 dated 16October 2020 with a facility amount ofUSD 24,000,000.

China”)

USD16,544,069.16USD16,544,069.17

before Tjoa Karina Juwita S.H., as lastlyamended by Amendment to the FacilitiesAgreement No.011//AMD/AGMT/GI/V/2021 dated 11 May2021 with a facility amount of USD15,000,000.

PT Bank Pan IndonesiaTbk

(i) 32) Revolving and Uncommitted Loanunder Deed of Perjanjian Kredit No. 31dated 24 February 2016, drawn up beforeAntonius Wahono Prawirodirdjo, S.H.,Notary in North Jakarta, as lastlyamended by Perubahan Perjanjian KreditNo. 001/IBD-MM/LEG/17/Per.VI and No.WI/PERJ/AMAND-VIII/DF-3038/2016/21/NON-LEG with a facility amount of IDR1,750,000,000,000.

IDR1,785,287,000,000



Appendix 7.List of Creditors that requires further reconciliation post Homologation Date33

1.20 [to be inserted]

33 NTD: to be updated.



Amount to beRestructured /Outstanding Amount

A total of USD[128,061,927] million and IDR[13,488,353,420,809]34USD128,061,926.78 and IDR13,488,353,420,84611,which comprises of all principal amount outstanding, interests, defaultinterest, penalties, cost, expenses, and any other amounts accrued up to 9December 2021 in accordance with the Final Claims Register, subject toany contingent amounts pursuant to the Existing Agreement that arises afterthe Homologation Date.

Garuda (“Company”)

Annex A.New Payment Terms (Banks) Term Sheet

This is the summary of terms and conditions (the “Term Sheet”) of a new payment terms of PTGaruda Indonesia (Persero) Tbk (the “Company” or “Garuda”).

Process/Documentation

The New Payment Terms (Banks) shall be binding on the qualifying creditors on the HomologationDate and shall be implemented as follows:

On the Homologation Date, the terms under the existing loan agreements (“Existing Agreement”)which underlie the claim of each Financing Creditor (as defined in the Composition Plan), shall bedeemed amended to reflect the New Payment Terms (Banks) agreed in the composition plan inaccordance with this Term Sheet, including without limitation, all relevant definitions, payment termsand undertakings.

Without prejudice to the effectiveness of the New Payment Terms (Banks) on the Homologation Datepursuant to this Term Sheet, the Company and each of the Financing Creditors, if necessary, mayenter into an amendment to the Existing Agreement on or prior to the Homologation Date and in anyevent by no later than the Long Stop Date.

For the avoidance of doubt, failure to enter into such amendment to the Existing Agreement shall notconstitute as Plan Default under the Composition Plan.

Terms used but not defined in this Term Sheet shall have the meaning given to them in the ExistingAgreement.

Other Amounts Any default interest, penalties, cost, expenses, and any other amountsaccrued up to the Homologation Date (other than the Amount to beRestructured) and interest accrued from 9 December 2021 until theHomologation Date, shall be waived.

Creditors

Interest 0.1% per annum shall accrue starting from the Homologation Date payablein cash semi-annually. If the first interest payment date falls on a date priorto the Effective Date (as defined in the Composition Plan), payment of suchinterest shall be deferred to the next interest payment date.

No default interest, penalty or any amounts shall accrue on the Amount tobe Restructured as a result of such deferral.

Financing Creditors as listed in Appendix 6 (List of Financing CreditorsClaims).

Debtor/Obligor

34 Note: subject to issuance of Final Claims Register.11 Note: subject to issuance of Final Claims Register.



Effective Date of NewPayment Terms (Banks)

Collateral

The terms of the New Payment Terms (Banks) agreed in the compositionplan in accordance with this Term Sheet shall be effective as of theHomologation Date

The Existing Agreement, shall be deemed amended to reflect the NewPayment Terms (Banks), including without limitation, all relevant definitions,payment terms and undertakings, as of the Homologation Date.

Maturity Date

None; unsecured

Repayment The Amount to be Restructured shall be repaid in full on the Maturity Date

The date falling 22 years after the Homologation Date

Representation andWarranties

Conditions Precedent toeffectiveness the NewPayment Terms

All representations and warranties provided by the Company pursuant to theExisting Agreement shall be deleted in their entirety and replaced with thefollowing:

The Company shall make the following representations and warranties onthe Homologation Date:

1. The Company is duly authorized to propose the Composition Plan inthe PKPU; and

2. The Company has obtained all necessary corporate approvals topropose the Composition Plan in the PKPU and upon homologation,bind itself to the Composition Plan.

None

Covenants Affirmative and negative covenants provided by the Company pursuant tothe Existing Agreement shall be deleted in their entirety and replaced withthe following covenants:

(a) The Company shall comply with all laws and regulations in all materialrespect, including to maintain the relevant material licenses to conductits business of commercial airline carrier;

(b) The Company shall disclose to the public, the audited annualconsolidated financial statements and unaudited quarterly consolidatedfinancial statements in accordance with the prevailing laws andregulations;

(c) The Company will provide the Financing Creditors with notice no laterthan [21] days after the occurrence of:1. Dispute with the government with respect to amounts in excess of a

specified amount and unless contested in good faith or dismissedor discharged within 30 days; and

2. Civil claim against the Company with claim value more thanUSD830 million.

(d) The Company shall not grant any security to any other financingcreditors, except to secure:1. Any new aircraft or engine leases, including new letter of credit

facilities or any other kind of facilities raised to partly finance theobligations under the lease agreements (including but not limited tofor maintenance of the relevant aircraft or engine) and inaccordance with the business plan. For the avoidance of doubt,new aircraft and/or engine leases can be entered into with existingaircraft or spare engine lessors or new aircraft or spare enginelessors;



Permitted FinancialIndebtedness

Subject to the Financing Creditors’ ROFO (as set out below), the Companyshall be permitted to incur any additional financial indebtedness providedthat starting from 2024 up to the Maturity Date, save for the incurrence ofthe following financial indebtedness, the incurrence of such additionalfinancial indebtedness shall not cause the debt to EBITDAR ratio of theCompany to exceed 5x:1. The following Financial Indebtedness existing as of Effective Date:

(a) All existing financing indebtedness, including leases, of theCompany on the Homologation Date,

(b) New Notes;(c) New Sukuk;(d) Local Debt Claims;(e) New Payment Terms (Banks);(f) New Payment Terms (SOE Trade Creditors).

2. The following Financial Indebtedness which may be incurred after theEffective Date:(a) Any new aircraft or engine leases, including new letter of credit

facilities or any other kind of facilities raised to partly finance theobligations under the lease agreements (including but not limited tofor maintenance of the relevant aircraft or engine) and inaccordance with the business plan. For the avoidance of doubt, newaircraft and/or engine leases can be entered into with existingaircraft or spare engine lessors or new aircraft or spare enginelessors;

(b) Derivatives;(c) Working capital financing which the Company may require to

maintain its day-to-day operations in the ordinary course ofbusiness; and

(d) Any other financial indebtedness in the aggregate amount incurrednot exceeding US$[130,000,000] for each financial year;

(e) Any financial indebtedness refinancing or replacing any of theabove

2. Any Permitted Financial Indebtedness as set out below.(e) Report to the Financing Creditors, result of comprehensive review of the

Business Plan, financial condition and financial restructuring every 5years;

(f) Submit to the Financing Creditors the financial projection of theCompany every 5 years;

(g) Submit to the Financing Creditors, realization report of the financialprojection every year and if the realization report shows that thefinancial projection is not met, provide the Financing Creditors withaction plan to improve the Company’s performance for the next 12Months period which shall be reviewed by the Financing Creditors on asemi-annual basis.

Right of first offer(“ROFO”)

If the Company wishes to obtain a new financing and incur additionalfinancial indebtedness other than in relation to a new aircraft lease orengine lease from any creditor, the Company shall first offer the FinancingCreditors to participate in the new financing in proportion to their respectivepercentage of Outstanding Amount, by sending a written notice to theFinancing Creditors setting out the key commercial terms of the newfinancing, which shall include at the minimum (“New Financing Offer”):

1. The principal amount;2. Interest rate;3. Maturity date for the loan;4. Security to be granted by the Company or other third party (if any);

and5. Any other material terms and conditions as determined by the



Existing Agreements

Financial Covenants

Any terms under the Existing Agreement, unless amended by and to theextent not contradictory to this Term Sheet or the Composition Plan shallcontinue to be effective.

None. Financial covenants (if any) to be discontinued.

Waivers & Amendments Amendment and/or waivers related to the New Payment Terms (Bank) shallbe made in accordance with Article 3.5 of the Composition Plan.

Company.

The Financing Creditors shall provide a written response whether to acceptor decline the New Financing Offer within 14 Business Days from the date ofthe New Financing Offer is sent by the Company to the Financing Creditor.If any Financial Creditor fails to provide a written response within thespecified period, it shall be deemed to have declined the New FinancingOffer. If any Financing Creditor has declined to accept the New FinancingOffer, the Company may offer their proportion of the new financing to anyother party at the terms not more favourable to such party than the termsoffered to the Financing Creditors.

Governing Law andJurisdiction

Plan Default

Indonesian Law and the Commercial Court at the Central Jakarta DistrictCourt.

All events of default provisions under the Existing Agreement shall bedeleted in their entirety and replaced with the following:

Each of the following constitutes a plan default:(a) Non-payment, which is not remedied for [10] Business Days; and(b) Breach of covenants, which is not remedied for [60] Business Days.



Late PaymentCompensation

0.1% per annum shall accrue starting from the Homologation Date payablein cash semi-annually. If the first late payment compensation date falls on adate prior to the Effective Date of the Composition Plan, payment of suchlate payment compensation shall be deferred to the next late paymentcompensation date.

No default interest, penalty or any amounts shall accrue on the Amount tobe Restructured as a result of such deferral.

SOEs and its subsidiaries as listed in Part A (SOE Trade Creditor Claims) ofAppendix 5 (Trade Creditor Claims) with Claims above IDR 255,000,000(USD ~[17,700])

Maturity Date The date falling 22 years after the Homologation Date

Debtor/Obligor

Amount to beRestructured /Outstanding Amount

Collateral None; unsecured

A total of IDR [***] and USD[***] million35IDR8,383,556,426,612 andUSD136,404,120.89 12

Garuda (“Company”)

Conditions Precedent toeffectiveness the NewPayment Terms

None

Annex B.New Payment Terms (SoE Creditors) Term Sheet

This is the summary of terms and conditions (the “Term Sheet”) of a new payment terms of PTGaruda Indonesia (Persero) Tbk (the “Company” or “Garuda”)

Process/Documentation

The New Payment Terms (SOE Trade Creditors) shall be binding on the qualifying creditors on theHomologation Date and shall be implemented as follows:

On the Homologation Date, the payment terms under the existing agreement, if any (“ExistingAgreement”), which underlies the claim of each of the Creditors (as defined below), shall be deemedamended to reflect the New Payment Terms (SOE Trade Creditors) set out in the composition plan inaccordance with this Term Sheet, including without limitation, all relevant definitions, payment termsand undertakings.

Without prejudice to the effectiveness of the New Payment Terms (SOE Trade Creditors) on theHomologation Date pursuant to this Term Sheet, the Company and each of its creditors may, ifnecessary, enter into an amendment to the Existing Agreement on or prior to the Homologation Dateand in any event by no later than the Long Stop Date.

For the avoidance of doubt, failure to enter into such amendment to the Existing Agreement shall notconstitute a Plan Default under the Composition Plan.

Other Amounts

Effective Date of NewPayment Terms (SOETrade Creditors)

Homologation Date

Any default interest, penalties, cost, expenses, and any other amountsaccrued up to the Homologation Date shall be waived

Creditor

35 Note: subject to issuance of Final Claims Register.12 Note: subject to issuance of Final Claims Register.



Events of Default

Representation andWarranties

All events of default provisions under the Existing Agreement, if any, shallbe deleted in their entirety and replaced with the following:

Each of the following constitutes an event of default:(a) Non-payment, which is not remedied for [10] Business Days; and

(b) Breach of covenants, which is not remedied for [60] Business Days.

Repayment

Any representations and warranties provided by the Company pursuant tothe Existing Agreement (if any) shall be deleted in its entirety.

Existing Agreement The Existing Agreement, shall be deemed amended to reflect the NewPayment Terms (SOE Trade Creditors), including without limitation, allrelevant definitions, payment terms and undertakings, as of theHomologation Date.

The Amount to be Restructured shall be repaid in full on the Maturity Date

Waivers & Amendments

Covenants

Amendment and/or waivers related to the New Payment Terms (SOE TradeCreditors) shall be made in accordance with Article 3.5 of the CompositionPlan.

Affirmative and negative covenants provided by the Company pursuant tothe Existing Agreement shall be deleted in their entirety and replaced withthe following covenants:

(a) The Company shall comply with all laws and regulations in all materialrespect, including to maintain the relevant material licenses to conductits business of commercial airline carrier;

(b) The Company shall disclose to the public, the Audited annualconsolidated financial statements and unaudited quarterly consolidatedfinancial statements in accordance with the prevailing laws andregulations.


Refers to the jurisdiction and governing law under the Existing Agreement



Collateral None; unsecured

OriginalPrincipalAmount

ConditionsPrecedent toIssuance ofNew SukukCertificates

USD[__] millionTo be determined in accordance with Article 5.10

To include, without limitation, customary conditions precedent for financings of thisnature to be set forth in the definitive documentation, other than effectiveness of therestructuring transactions, including issuance of new equity, New Payment Terms,etc. on the issue date

Obligor

Amortization None; to the extent not already redeemed or exchanged, the outstanding principalamount of the New Sukuk Certificates (along with any accrued periodic distributionamounts) shall be repaid in full on the maturity date

PeriodicDistributionAmount

Company

OptionalRedemption

6.5% cash or, during the first two years at the Trustee’s option, 7.25% payable in-kind(PIK)

Periodic distribution amounts to be paid (or capitalized in the case of PIK) [quarterly]and be computed on the basis of a 360-day year.

Redeemable by the Trustee at any time at par plus accrued period distributionamounts through the date of redemption

Trustee

Change ofControl PutOption

None

Ranking

Covenants

The New Sukuk Certificates will constitute senior unsecured obligations of theTrustee and will rank pari passu amongst themselves

The New Sukuk Certificates shall contain covenants customary for financings of thistype, consisting of negative pledge, limitations on mergers and financial reportingcovenants, in each case, subject to appropriate exceptions qualifications andcarve-outs

Delegate

FinancialCovenants

[Garuda Indonesia Global Sukuk Limited]

None

Maturity

An internationally recognised reputable institution ordinarily engaged in providingSukuk delegate services

Listing

9 years

The Trustee and Obligor will use commercially reasonable efforts to obtain listing ofthe New Sukuk Certificates on a professional segment of an internationally

Annex C.New Sukuk Certificates



USD[__] million37To be determined in accordance with Article 5.10

Interest

Governing LawandJurisdiction

6.5% cash or, during the first two years at the Issuer’s option, 7.25% payable in-kind(PIK)

Interest to be paid (or capitalized in the case of PIK interest) [quarterly] and becomputed on the basis of a 360-day year.

DissolutionEvent

• England and Wales• Dispute resolution subject to arbitration in accordance with the rules of Singapore

International Arbitration Centre (SIAC)

Ranking The New Notes will constitute senior unsecured obligations of the Issuer and will rankpari passu amongst themselves

Annex D.New Notes3613

Maturity 9 years

The New Sukuk Certificates will include dissolution events (and, as appropriate,grace periods) usual and customary for financings of this kind, including failure tomake payments when due, noncompliance with covenants (subject to grace periodsto be agreed), declaration of bankruptcy (liquidation), and unstayed judgments inexcess of specified amounts. No dissolution events under the New Sukuk Certificatesshall constitute a Plan Default under the Composition Plan.

Collateral

Issuer

None; unsecured

the Company

ConditionsPrecedent toIssuance ofNew Notes

To include, without limitation, customary conditions precedent for financings of thisnature to be set forth in the definitive documentation, other than effectiveness of therestructuring transactions, including issuance of new equity, New Payment Terms,etc. on the issue date

recognized exchange following the Effective Date.

Amortization

Trustee/Agents

None; to the extent not already redeemed or exchanged, the outstanding principalamount of the New Notes (along with any accrued interest) shall be repaid in full onthe maturity date

Amendments &Waivers

An internationally recognised reputable institution ordinarily engaged in providingtrustee services

OptionalRedemption

Redeemable by the Issuer at any time at par plus accrued interest through the date ofredemption

With respect to reserved matters (including changes to amount and timing ofscheduled payments), holders of New Sukuk Certificates holding at least 75% of theaggregate principal amount of New Sukuk Certificates voting and constituting aquorum shall be required (the “Requisite Majority”)

OriginalPrincipalAmount

3613 Debt documents to permit up to ~USD[450] million of additional secured debt.37 New Sharia-compliant debt securities shall include materially the same terms as the New Notes.



Listing

Covenants

The Issuer will use commercially reasonable efforts to obtain listing of the New Noteson a professional segment of an internationally recognized exchange following theEffective Date.

Change ofControl PutOption

The New Notes shall contain covenants customary for financings of this type,consisting of negative pledge, limitations on mergers and financial reportingcovenants, in each case, subject to appropriate exceptions qualifications andcarve-outs

Events ofDefault

The New Notes will include events of default (and, as appropriate, grace periods)usual and customary for financings of this kind, including failure to make paymentswhen due, noncompliance with covenants (subject to grace periods to be agreed),declaration of bankruptcy (liquidation), and unstayed judgments in excess of specifiedamounts. No event of default under the New Notes shall constitute a Plan Defaultunder the Composition Plan.

None

Amendments &Waivers

FinancialCovenants

With respect to reserved matters (including changes to amount and timing ofscheduled payments), holders of New Notes holding at least 75% of the aggregateprincipal amount of New Notes voting and constituting a quorum shall be required(the “Requisite Majority”)

None

Governing LawandJurisdiction

• England and Wales• Dispute resolution subject to arbitration in accordance with the rules of Singapore

International Arbitration Centre (SIAC)



The lease period / expiry date shall be the same as under the ExistingLease Agreements, except that the following shall apply (the “LeasePeriod”):

(a) where the current lease period under Existing Lease Agreements hasended on or prior to the Homologation Date or ends within 2 yearsafter the Homologation Date, the lease period will be extended to aperiod of 4 years from the Homologation Date (unless (b) or (c) belowhas been elected in accordance with its terms); or

(b) at the relevant Lessor’s option in the Election Notice, the lease periodcan be extended up to 18 years since the date of manufacture of therelevant Aircraft (the “Age”); or

(c) the relevant Lessor and the Lessee may agree (exercisable inconnection with the Election Notice) to extend the Lease Periodbeyond 18 years to a maximum of 20 years of Age subject to anadjustment to the redelivery conditions as specified in Section 9herein.

Annex E.Override Lease Terms3814

ARTICLE 121.21 Go Forward Fleet Lease Terms

Terms used but not defined herein shall have the meaning given to them in the Existing LeaseAgreements.

2. PBH From December 9, 2021 to (i) December 31, 2022 for the B737-800,A320-200, A320-200NEO and ATR aircraft, and (ii) to June 30, 2023 forthe A330-300 and A330-900 aircraft (collectively the “PBH Period”), thelessee under such Existing Lease Agreement (the “Lessee”) shall pay orcause to be paid, with respect to each aircraft, instead of the applicablefixed monthly rate, the applicable aircraft PBH Amount (as defined below).For the avoidance of doubt but without prejudice to the calculation of theVoting Claims or Settlement Claims of the relevant Lessors, no fixedmonthly rent would be payable during the PBH Period.

With respect to any Aircraft for which one or more of its titled engines isoff-wing from its airframe, then to the extent that any such off-wing engineis operated on another Lessor's aircraft (not owned by the Lessor or itsaffiliates) for more flight hours in a calendar month than such airframe theLessee shall pay to Lessor (in addition to any PBH Amount payable inrespect of such Aircraft) an additional PBH Amount in respect of suchengine at a rate of 25% of the PBH rate applicable to such Aircraftcalculated by reference to the number of flight hours such engine wasoperated for on another aircraft (not owned by the Lessor or its affiliates)in such calendar month. For the avoidance of doubt, any restrictions inthe Existing Lease Agreements involving engine pooling or similarprovisions shall continue to apply.

Notwithstanding the foregoing, Garuda willFor the avoidance of doubt,during the PBH Period Garuda and its subsidiaries shall never berequired to pay more than the following in respect of an airframe and theassociated engines forto a Lessor in any given calendar month: The thanthe sum of (A) PBH applicable to the airframe and the enginesAircraft

1. Lease Period

3814 NTD: To be updated with agreed Override Terms once final, including to update with appropriate cross-references thecorresponding annexes and exhibits referenced in this Annex.



calculated on the basis of hours flown by the airframe (regardless ofwhether or not the associated engines are on the airframe or off wingduring the month), plus (B) if during such month an engine is flown morehours than the airframe itself (regardless whether that engine is or is notmounted on the relevant airframe), the lesser of (x) the excess (if any) ofengine PBH for, the engine PBH in respect of the excess of the number ofhours for which such engine was flown during such month on anotheraircraft (not owned by the Lessor or its affiliates) over engine PBH for thenumber of hours flown by the airframe and (y) engine PBH for the numberof hours during which such engine was operated on an airframe notbelonging to Lessor or one of its affiliates.

For the avoidance of doubt, any restrictions in the Existing LeaseAgreements involving engine pooling or similar provisions shall continueto apply.

With respect to an Existing Lease Agreement in which GIHF is Lessee,payments hereunder shall be made by the Company to GIHF and byGIHF to the Lessors, as applicable. “PBH Amount” means, with respectto each Aircraft, the amount equal to the applicable PBH rate for suchAircraft set out in Schedule D below multiplied by the number of flighthours applicable to such Aircraft per calendar month, subject in each caseto a maximum PBH cap equal to the Lease Rent for the relevant Aircraftas set forth below.

With respect to each Aircraft, to determine the applicable Lease Rent forpurposes of the applicable cap, prior to any selection of a longer leaseperiod pursuant to clause (b) or (c) under “Lease Period” above, theExpiry Date under the Existing Lease Agreement (as may be extendedpursuant to clause (a) under “Lease Period” above) shall apply.

If as of the New Money Financing Date (as defined below), a lower PBHAmount would have been payable during the PBH Period based on theactual Lease Period effective as of the Homologation Date, the deferredPBH Amount payable on the New Money Financing Date shall be reducedto reflect such lower amount owing as a result of the actual Lease Period.And in any event, deferred PBH Amounts owing on the New MoneyFinancing Date shall be reduced by any amounts paid in respect of PBHprior to the Homologation Date other than in accordance with theschedule set forth herein.

The PBH Amounts will be payable in accordance with the following terms:

39 New Money Financing will be defined in the composition plan, so language will be removed from the override appendix.

April 1, 2022 through 50% of the PBH Amount will be payablecalendar monthly in arrears and the

From the start of thePBH Period throughand including March31, 2022

Payment Terms

PBH Amount for this period will be payable infull on the New Money Financing Date.

IDR[7.5IDR7.5 trillion] (or approximatelyUSD[527] million) of new financing (the “NewMoney Financing”) to be backstopped bythe Government as direct funding by theGovernment in the form of a capital injection(penanaman modal negara). The closingdate under the New Money Financing isreferred to herein as the “New MoneyFinancing Date”.39

Period



Notwithstanding the foregoing, all deferred PBH Amounts accruing fromDecember 9, 2021 through the end of the PBH Period will be paid by theearlier of January 1, 2023 and the New Money Financing Date.

4. Lease Rent Upon expiry of the PBH Period the amount of fixed lease rent payable byor on behalf of the Lessee to the Lessor in form and at the time specifiedunder the Existing Lease Agreement (and, at the end of the PBH Period,pro rata for the time period between the end of the PBH Period and nextrent payment date under the Existing Lease Agreement) in respect of theleasing of each of the specified aircraft is set out in Schedule E below andshall be based on the revised Lease Period effective as of theHomologation Date (the “Lease Rent”).

e.g., Assuming the Homologation Date is June 20, if an illustrative 2015DOM B737-800 Aircraft is extended to 2033 (18 years old), the LeasePeriod of the Go Forward Fleet Lease is 11 years, which results in LeaseRent of $222,000 from Schedule E.

Notwithstanding the foregoing, with respect to any sub-lease andsub- sub- leases corresponding to the Existing Lease Agreements, theterms of the Go Forward Fleet Leases set forth herein shall apply;provided that, the Lease Rent under such sub-lease and sub-sub-leases,as applicable, shall be the lease rent under such sub-lease orsub-sub-lease including such applicable margin as provided in suchsub-lease and sub-sub-lease, as applicable.

5. Revisions toCommercial Terms

3. Reporting, invoicingand payments duringthe PBH Period

If the Average Rent (calculated in accordance with Schedule F) that theLessee and its subsidiaries agree with any other lessor, during a perioduntil the later of: (a) December 31, 2022; and (b) the Effective Date, withrespect to an aircraft of the same type leased or to be leased by theLessee and any of its subsidiaries, is higher than the Other Aircraft

Within five (5) bBusiness dDays following the end of each calendar monthduring the PBH Period the Lessee will provide to each relevant Lessor awritten report about the actual flight hours operated by the relevantAircraft and, if off-wing, the relevant engine, during the preceding calendarmonth (the “Utilisation Report”).

If the Lessee fails to provide the relevant Utilisation Reports when due,then the PBH Amount for the relevant calendar month shall be equal tothe Lease Rent which would be payable after the end of the PBH Period.

Each Lessor will invoice the Lessee for the amount of any PBH Amountpayable for a calendar month during the PBH Period on the 10th calendarday of the next following month. In the absence of manifest error, eachLessor’s invoice shall be deemed to be a true and accurate determinationof the PBH Amount. The Lessee will settle any such invoice from a Lessoron the 15th calendar day of the calendar month following the calendarmonth to which the invoice relates.

remaining 50% will be payable in full on theNew Money Financing Date.75% of the PBH Amount will be payablecalendar monthly in arrears, with theremaining 25% payable in full on the NewMoney Financing Date

and including April 30,2022

July 1, 2022 throughand including the lastday of the PBH Period.

100% of the PBH Amount will be payablecalendar monthly in arrears




For each Aircraft under a Go Forward Fleet Lease for which the SecurityDeposit balance is as of the Effective Date less than 1 month applicableLease Rent, the Company/Lessee shall replenish in cash on the earliestof:

(a) the Effective Date;

(b) a date falling 15 bBusiness dDays following the New MoneyFinancing Date; and

(c) January 1, 2023

the Security Deposit (in accordance with payment terms under theExisting Lease Agreement) in the amount of up to 1-month applicableLease Rent.

For each Aircraft under a Go Forward Fleet Lease for which the SecurityDeposit balance, which has not been offset against any overdue paymentby Lessee, is as of the Effective Date more than 1 month of applicableLease Rent, such Security Deposit balance will be held by the Lessor untilthe end of the applicable Go Forward Fleet Lease.

Maximum Average Rent for an aircraft of the same type, vintage andlease term set out in Schedule F, then the Lease Rent set out in ScheduleE for all aircraft of the same type shall be adjusted upwards automatically(and without any separate agreement being required) in accordance withSchedule F to match the Average Rent paid to such other lessor.

7. MaintenanceReserves /MaintenancePayments /Supplemental Rent(“MRs”)

The amount of MRs held by the relevant Lessor as of December 9, 2021and/or paid to that Lessor after December 9, 2021 and prior to theHomologation Date under the Existing Lease Agreements shall be carriedforward and shall constitute MRs deemed to have been paid by theCompany under the Go Forward Fleet Lease (to the extent notcontributed by the relevant Lessor to the regular maintenance or therestoration to serviceability of the Aircraft). To the extent any qualifyingmaintenance or restoration occurred and was funded by the Company orCitilink between December 9, 2021, and the Homologation Date to whichthe Lessor would have been required to contribute funds out of the MRswhich contribution did not occur solely due to an event of default thenoutstanding, the Lessor shall reimburse the Company or Citilink, as thecase may be, as soon as practicable after the Homologation Date for anymaintenance or restoration costs so funded that would have beenotherwise covered by such contribution provided that the Lessor'sobligation to so refund shall be limited to the balance of the applicable MRsub-fund as of the Homologation Date.

As provided in paragraph 5 (PBH) above, no fixed monthly rent (i.e. rentdue under the Existing Lease Agreement) is payable during the PBHPeriod, consequently, Garuda has no rental obligation during this period(which begins on December 9, 2021) against which MRs can be set off(for the avoidance of doubt, the Lessor shall be permitted after theHomologation Date to use MRs to offset any unpaid PBH rent).4015

Additionally, Indonesian law governing PKPU, prohibits the set off of MRspaid by the Company after December 9, 2021, against any obligation ofthe Company (including rent) arising prior to December 9, 2021.Accordingly, any purported set-off of MRs in violation of the above shallbe disregarded and of no force or effect and such MRs shall be carriedforward and shall constitute MRs deemed to be paid by the Company

6. Security Deposit

4015 For the avoidance of doubt, rent during this period calculated under the respective Existing Lease Agreement will beincluded in calculation of claims for voting purposes and, in the case of terminated aircraft, for recovery purposes as well.



under the Go Forward Fleet Lease as provided in the first sentence of thisparagraph.

The Lessee has no obligation to replenish MR balances under theExisting Lease Agreements as a result of any set-off on or prior to theHomologation Date or previously missed payment on or prior toDecember 9, 2021, without prejudice to (i) its obligation to top-up anyshortfall in respect of a reimbursable maintenance event and/or (ii) anyobligation it has to pay end of lease compensation or true up paymentsunder an Existing Lease Agreement. Any amounts spent by a Lessor inexcess of the then-existing reimbursable MR balance to restore theserviceability of an Aircraft (the “Excess Lessor Contributions”) shall bededucted in full from the next due Lessor contributions during the term.

On and from the earlier of (a) the date the Aircraft is first flown during thePBH Period and (b) the Homologation Date, the Company will pay to therelevant Lessors MRs in relation to each calendar month (or part thereof)(including without limitation the last calendar month or part thereof of theLease Period) in cash on the earlier of the 15th of each calendar monthand the lease expiry date. Such MRs shall be calculated and invoiced byLessors every month applying the rates in accordance with ExistingLease Agreements.

All MRs (either carried forward as per above or paid by the Company inaccordance with the relevant Go Forward Fleet Lease) shall be applied inaccordance with the relevant Go Forward Fleet Lease. Upon anyreimbursable maintenance event, if the (notional) outstanding MR balancewhich has not been set-off (after deducting any Excess LessorContributions, as the case may be) is insufficient to fund the paymentsrequired, the Lessee shall top-up any shortfall.

Lessor’s obligation to contribute MRs shall be on terms and subject toconditions set out in the Existing Lease Agreements, provided thatindividual Lessors may agree to different bilateral MR arrangements, solong as the terms of such agreements, including the treatment of any MRamounts owed by the Lessee under the Existing Lease Agreements, areno more favourable to any Lessor than those included herein.

If an engine is required to undergo a shop visit during the Lease Period,and such maintenance would qualify as a reimbursable event, then theCompany shall notify the relevant Lessor in due time ahead of suchmaintenance event and that Lessor (in its sole discretion) shall have theoption to either: (a) approve the proposed maintenance or (b) provide areplacement engine in lieu of the Lessee performing the shop visit, or (c)only if no suitable spare engine is available on commercially reasonableterms on the market: early terminate the leasing of the aircraft under therelevant Go Forward Fleet Lease by delivering written notice to theLessee (without any further obligations on the Lessee to pay rent,including any loss of profit in respect of any period following the earlytermination date) without prejudice to Redelivery Conditions of theAircraft, on such other terms as may be agreed between the relevantparties.

To the extent that, at early termination or normal expiry of a Go ForwardFleet Lease, there is a continuing shortfall in MRs from what was requiredto be paid under the Existing Lease Agreement (before it was amendedby the Composition Plan) or Go Forward Lease Agreement in respect ofcalendar-based or utilisation-based maintenance due to occur after suchearly termination or expiry, Lessee shall pay the amount thereof to Lessorno later than the 30th day of the calendar month next succeeding the



month in which the early termination or expiry date occurs.

9. RedeliveryConditions

Return conditions for an Aircraft extended to 18 years of Age or less shallbe as per the respective Existing Lease Agreement; provided that theLessor and the Lessee agree to hold a redelivery planning meeting(initiated by Lessee) to discuss and adjust such redelivery conditions atleast 24 (twenty four) months in advance of the Aircraft’s scheduledexpiration date. Such discussion shall contemplate projectedmaintenance required at redelivery in order for the Aircraft to comply withthe redelivery conditions, and the parties agree to discuss mutuallybeneficial amendments to the redelivery conditions and reduction of theengine performance restoration build standard, acting reasonably,provided that no party shall be obligated to agree to any amendment tothe redelivery conditions that is against its best interests, as determined inits sole discretion. For avoidance of doubt, if Lessee fails to convenesuch redelivery planning meeting on time solely attributable to its owncause(s), the Redelivery Conditions for an Aircraft will stay the same asthe respective Existing Lease Agreement

Return conditions for an aircraft extended beyond 18 years of Age shallbe adjusted on terms as agreed between the Lessor and the Lessee inconnection with the Company’s consent to extend the Lease Periodbeyond 18 years or otherwise.

10. Plan Default

8. GuarantorConfirmation

A Plan Default will be an additional event of default/lease terminationevent under the Go Forward Fleet Lease.

The Company shall (at its own cost and expense) deliver a deed ofconfirmation with respect to the Company Guarantees, confirming thatnotwithstanding the execution of the Go Forward Fleet Leases, theGuarantees remain in full force and effect and the obligations of theCompany as guarantor under the Guarantees will extend to the Lessee’sobligations under the Go Forward Fleet Leases.



IC Airlease One Limited

MSN

30148K Aviation Leasing Corporation 1A Designated

Activity Company

39936

38040

SMBC Aviation Capital Limited

Kornerstone Airlease No. 1 Limited

30151

41270 Kornerstone Airlease No. 1 Limited

39939

Falcon Aerospace France 1 SARL

39929


Sensyo & Co. Ltd.

37819

41310 Wilmington Trust SP Services (Dublin) Limited

39954

Lessor

41312


ALC B378 41312, LLC

30155

41322

CIT Aerospace International (France) S.A.R.L.

ALC B378 41322, LLC

39955


30145


Fly 30145 Leasing SARL

Schedule ESchedule AEligible Go Forward Aircraft Included in the Go-Forward Fleet Plan (109 aircraft)

B737-800 Aircraft (37 aircraft)

38884 Hélice Leasing S.A.S.

36436

38885

Bank of UTAH

Atterissage Leasing S.A.S.

30156

39920 Chishima Real Estate Co., Ltd.

36850


39928

MACH 1 FRANCE 36850 SAS

Chishima Real Estate Co., Ltd.

36830

38074 Fuyo Aviation France SARL

36805

38821

ACG Aircraft Leasing Ireland Limited

Strasbourg Location SARL

30140

39417

Avolon Aerospace (Ireland) AOE 42 Ltd

MASC France SARL

37885

Per the latest fleet plan, the Company requires 42 B737-800 aircraft as part of its go-forward fleet in2022.

A320-200 Aircraft (39 aircraft)

MSN 30140 Leasing (France) SARL

MSN

ACG Aircraft Leasing Ireland Limited

Lessor

40807

6118 Sky High XXXI Leasing Company Limited

39891

6224

ACG Acquisition 39891 LLC

Sky High XXXI Leasing Company Limited

30143

6243 Sky High XXXI Leasing Company Limited

40547


6270

ACG Acquisition 40547 LLC

Sky High XXXIII Leasing Company Limited

38073

6333 Sky High XXXIII Leasing Company Limited

38070

ICIL Paris

6408

IC Airlease One Limited

Sky High XXXIII Leasing Company Limited

39416

7221

Avolon Aerospace France 7 SAS

Sky High LIX Leasing Company Limited

38069

AWAS (France) Two SARL



6753

2598

JSA International U.S. Holdings, LLC

5415

MACH 1A Leasing Ireland Limited

6980

7620


Centennial Aviation (France) 2, S.A.R.L.

3861

6207

SASOF III (A) Aviation France SARL

ACG Acquisition Ireland IIIAircraft Leasing Limited

3148 SASOF III Aviation France SARL

Sky High LXI Leasing Company Limited

5571

6322

Alafco Irish Aircraft Leasing Nine Limited

5511

ACG AcquisitionAircraft Leasing Ireland III Limited

5574 Alafco Irish Aircraft Leasing Ten Limited


5597

5351

Alafco Irish Aircraft Leasing Eleven Limited

Stellar Aircraft Holding 2 Limited

6434 Infinity Aircraft Holdings Ireland Limited6596

6503

Infinity Aircraft Holdings Ireland Limited

5556

Per the latest fleet plan, the Company requires 39 A320-200 aircraft as part of its go-forward fleet in2022.

A320-200NEO Aircraft (10 aircraft)

Nikko Kisen Co., Ltd

MSN

5379

Lessor

Global Aviation Equipment Leasing I IrelandLimited

8265

5541

Sky High LXXXIX Leasing Company Limited

7453

STAR RISING AVIATION FRANCE 2 SAS

8303 Sky High LXXXIX Leasing Company Limited


8156

5551

Sky High LXXXIX Leasing Company Limited

5560

Athena France S.A.S

9280

7297

Sky High XCII Leasing Company Limited


9275

5399

Sky High XCII Leasing Company Limited

CALC 30 - AIRCRAFT LIMITED

7466 Avolon Aerospace AOE 137 Limited

Sky High LX Leasing Company Limited

7505

7091

Avolon Aerospace AOE 136 Limited

5777

Jin Shan 9 Ireland Company Limited

7587

5394


Medical Tribune Inc

7603

7319

SAF Leasing II (AOE 3) Ltd


7834 Oriental Leasing 31 Company Limited

Per the latest fleet plan, the Company requires 10 A320-200NEO aircraft as part of its go-forwardfleet in 2022.



MSN

7450

Lessor

5830


1548 Avolon Aerospace AOE 86 Limited


1560

7469



1671 HKAC Leasing 1671 (Ireland) Limited

Sky High LX Leasing Company Limited





1947

1709

Wilmington Trust SP Services (Dublin) Limited(not in its individual capacity but solely as owner

trustee)

1585

OrixORIX Aviation Systems Limited

1948


trustee)


1946

1577


trustee)

Per the latest fleet plan, the Company requires 5 A330-900 aircraft as part of its go-forward fleet in2022.

ATR Aircraft (7 aircraft)


MSN Lessor1422

1446

NAC Aviation 29 Designated Activity Company

1654

Greylag Goose Leasing 1446 Designated ActivityCompany

1438

1733


Per the latest fleet plan, the Company requires 10 A330-300 aircraft as part of its go-forward fleet in2022. If more than 10 A330-300s Lessor-elected aircraft are tendered for the Company’sconsideration in its go-forward fleet, the Company reserve the right to make a final determinationgiving a preference to Lessors with the greatest number of go-forward aircraft, as well as othercommercial and business needs. Leasing of the Lessor-elected aircraft that are not contemplated bythe Company to be part of such go-forward fleet is deemed to have been terminated as of theHomologation Date.


1398


Nordic Aviation Leasing Twenty Two Pte. Ltd

MSN

1723

1340

Lessor

Nordic Aviation Leasing Twenty One Pte Ltd972


NAC Aviation 27 Limited

1887

1698

988


NAC Aviation 27 Limited966



1870

Per the latest fleet plan, the Company requires 7 ATR aircraft as part of its go-forward fleet in 2022.



29148 Sky High XXIX Leasing Company Limited

1288

29143

Wilmington Trust SP Services (Dublin) Limited

Sky High XXIX Leasing Company Limited

1184

29144 Sky High XXX Leasing Company Limited

1410

Sapphire Leasing I (AOE I) Limited

29145

Greylag Goose Leasing 1410 Designated ActivityCompany

Sky High XXX Leasing Company Limited

MSN

40072 Sky High XXX Leasing Company Limited

1474

40073

CMIG Aircraft Leasing Seven Ireland Limited

Sky High LVI Leasing Company Limited

1214


B777 Aircraft (86 aircraft)

MSN Lessor

Lessor

MSN

29928

AWAS 1214 SARL

AWAS 29928 SARL

Lessor

Schedule FSchedule BAlternative Aircraft Excluded in the Go-Forward Fleet Plan (1312 aircraft)




Einn Volant Aircraft Leasing Ireland 2 Ltd

41605


30147

Nimbus Funding Limited

Inishbrophy Leasing Limited

MSN

30149 Inishbrophy Leasing Limited

41607

30150

Aercap Ireland Limited

Inishbrophy Leasing Limited

30142

38071 Pembroke Aircraft Leasing 2 Limited

41806


38072

AERCAP IRELAND CAPITAL DESIGNATEDACTIVITY COMPANY

Pembroke Aircraft Leasing 2 Limited

29929

37887 Constitution Aircraft Leasing (Ireland) 9 Ltd

41812

Lessor

36808

AERCAP IRELAND CAPITAL DESIGNATEDACTIVITY COMPANY

Constitution Aircraft Leasing (Ireland) 9 Ltd

41794

30146

AWAS 29929 SARL

AVAP Leasing (Asia) Pte. Ltd

41815

ILFC France S.A.R.L.

36549

Glide Aircraft 73B-41815 Ltd.

Rise Aviation 3 (Ireland) Limited

Schedule GSchedule CTerminated Aircraft (7170 aircraft)


29931 WWTAI AirOpCo 1 Bermuda Ltd.

38033

A320-200 Aircraft (2 aircraft)MSN

Celestial Ex Im Trading 5 Limited

Lessor

41796

4961 BOC Aviation (France)

39403

Grenoble Location S.A.R.L.

2692

Celestial Ex Im Trading 5 Limited

Aircraft Solutions 2017S Leasing S.A R.L

30157

ATR Aircraft (13 aircraft)MSN Lessor

38032

1132

Start Ireland Leasing 4 Limited

Nordic Aviation Leasing Eleven Pte. Ltd

41798

1140



38043

Calais Location SARL

1149

LAF leasing Ireland 4 Limited


29928

1152 Nordic Aviation Leasing Eleven Pte. Ltd

38044

1181

LAF leasing Ireland 4 Limited


41800

1191 Nordic Aviation Leasing Eleven Pte. Ltd

41267

Nancy Location SARL

1243

Einn Volant Aircraft Leasing Ireland 2 Ltd

Nordic Aviation Leasing Sixteen Pte. Ltd.

30141

1249 Nordic Aviation Leasing Sixteen Pte. Ltd.

41253

AWAS 29928 SARL



19044

Nordic Aviation Leasing Twenty Pte. Ltd

Nordic Aviation Leasing Seven Pte. Ltd

19030

1254

19025


Export Development Canada19026


Export Development Canada

19031

1119

19027


Export Development Canada19035



19032

19036



CRJ1000 Aircraft (18 aircraft)

19040 Export Development Canada

19033

B737MAX Aircraft (1 aircraft)

Nordic Aviation Leasing Sixteen Pte. Ltd.

MSN


Lessor

MSN

62093

1321


19034


Lessor

MSN


Lessor1261 SASOF IV Aviation France SARL

19038

Nordic Aviation Leasing Eighteen Pte. Ltd

1364


Jakarta Aircraft Leasing (Ireland) Ltd

19028

B777 Aircraft (2 aircraft)MSN Lessor

19039


29146


Sailes 4, LLC29147 Sailes 4-2, LLC

19042

B737-800 BCF Aircraft (2 aircraft)MSN


Lessor

19029

34965

1329

Celestial Aviation Trading 23 Limited

19043


34279


Celestial Aviation Trading 23 Limited

1242


Schedule HSchedule DPBH Rent Grid



Schedule ISchedule EFixed Rent Grid



Schedule JSchedule FRent Adjustment Mechanism

For purposes of determining whether a lease agreement between (i) the Lessee and its affiliates and(ii) another lessor would trigger the Rent Adjustment Mechanism:

If the relevant lease agreement includes a period of PBH, the Average Rent of such lease shall becalculated as:

[(PBH rate*N*PBH period in months + Fixed Rent*Fixed Rent period in months] / Total termin months

Where N = 80% assumed utilisation or 167 FH / month; and

For example, the Average Rent calculation for a 2010 B737-800 aircraft assuming asix-year term from an assumed Homologation Date of May 20, 2022 (with period of PBHending December 31, 2022) would be:

[(($800.00 * 167) * 7.4 + $200,000 * 64.6]) / 72 = $193,178

If the relevant lease agreement does not include a period of PBH, the Average Rent of such leaseshall be calculated as:

[(Fixed Rent*Fixed Rent period in months]) / Total term in months

For example, the Average Rent calculation for a 2010 B737-800 aircraft assuming asix-year term from an assumed Homologation Date of May 20, 2022 would be:

[($200,000 * 72]) / 72 = $200,000

The maximum Average Rent for an aircraft that Garuda can agree with another lessor withouttriggering the Rent Adjustment Mechanism is set out in the table below and assumes a HomologationDate of May 2022. The maximum Average Rent for an aircraft of a vintage not included in the tablecan be extrapolated as necessary (the “Other Aircraft Maximum Average Rent”).

Any Average Rent agreed with any lessor for an aircraft that, on the basis of said aircraft’s type,vintage and lease term, exceeds the applicable Other Aircraft Maximum Average Rent will result in,for Go Forward Fleet Aircraft of the same type, vintage and lease term, an adjustment to the FixedRent in Schedule B by an amount such that the Average Rent for aircraft of the same type, vintageand lease term (extrapolated for vintage as applicable) equals that of the aircraft which exceeded theapplicable Other Aircraft Maximum Average Rent (with the increase of the relevant Fixed Rent inpercentage terms being the “Percentage Increase”). If the aircraft that triggers the Rent AdjustmentMechanism is of a different vintage or has a different lease term from that of an aircraft leased to theLessee, the Fixed Rent for that leased aircraft in Schedule B shall be increased by the PercentageIncrease.



For example, Garuda agrees with another lessor to lease a 2010 vintage aircraft for 6 years at anAverage Rent of $196,000. The 6-year Fixed Rent for 2010 vintage aircraft will need to be increasedfrom $200,000 to $203,145 (a ~2% Percentage Increase), such that the Average Rent for theseaircraft equals $196,000. Additionally, the Fixed Rent for 2009 and 2011 vintage aircraft with 5-yearterms will be increased by the same Percentage Increase (~2% to $198,066 and $217,365,respectively).

The adjusted Average Rent calculation for a 2010 vintage aircraft for 6 years would be: [(($800 * 167) * 7.4 + $203,145 * 64.6]) / 72 = $196,000

Note that the above table would differ, depending on the length of the PBH period and the new leaseterm, which would influence the calculation of the Average Rent.




PT Garuda Indonesia (Persero) Tbk

5. Alternative Lease Agreement

AWAS 1214 SARL

Annex F.Alternative Lease Agreements Terms

The below term sheets outline the general terms and conditions agreed between the relevant Lessorand the Company in respect of the Alternative Lease Agreements for the Aircraft specified below.

(1) DAE – MSN 1214

4. Existing Lease Agreement

2. Servicers Each of DAE Group Holdings Ltd. and DAE (Ireland) Limited

1. Lessee

6. Override / Documentation On the Homologation Date the Existing Lease Agreement shall bedeemed amended to reflect the terms set out herein.

The terms set out herein shall be deemed to override thecorresponding terms of the Existing Lease Agreement. Suchamendment shall be governed by (and the parties shall be deemedto have elected to apply) the law applicable to the Existing LeaseAgreement. The remaining terms and conditions of the relevantExisting Lease Agreements, to the extent not so amended andoverridden, shall remain valid and in full force and effect.

Without prejudice to the effectiveness of the amendments describedabove, the Lessor and the Lessee shall negotiate in good faith toenter into definitive documents in respect of the Alternative LeaseAgreements as soon as reasonably practicable after theHomologation Date and in any event on or prior to the Effective Date(or such later date as may be agreed between the Lessor and theLessee) but such definitive documents are not required and failureto enter into such agreements shall not constitute a Plan Default.

Without prejudice to any rights and remedies of Lessor under theAlternative Lease Agreement, Lessor shall not take any actionswhich would be reasonably expected to delay, impede, prevent orotherwise frustrate the implementation of Lessee’s debtrestructuring, and shall support Lessee’s debt restructuring byreasonably cooperating with Lessee to implement the terms hereofas swiftly as possible following the Homologation Date.

If the Effective Date does not occur by the Long-Stop Date, theamendments to the Existing Lease Agreements pursuant to theAlternative Lease Agreements shall automatically terminate andcease to apply with retrospective effect (and, for the avoidance ofdoubt, any amounts owed by Lessee to Lessor for the periodbetween the Homologation Date and the Long-Stop Date shall be

3. Lessor

MSN Lessor

1214

Aircraft Type

Existing Lease AgreementAircraft Lease Agreement between AWAS 1214SARL and PT Garuda Indonesia (PERSERO) Tbkdated 14 December 2009, (as amended, novated,modified or supplemented from time to time) (the“Existing Lease Agreement”)

1214

MSN

AWAS 1214 SARL Airbus A330-200



calculated in accordance with the terms of the Existing LeaseAgreement as applicable immediately prior to the HomologationDate).

8. Power By the Hour – “PBH”Period

7. Lease Period

From December 9, 2021 to December 31, 2023 (the “PBH Period”),Lessee shall pay, with respect to the Aircraft, instead of theapplicable fixed monthly rate, the PBH Amount (as defined below).For the avoidance of doubt but without prejudice to the calculation ofthe Voting Claims or Settlement Claims of the relevant Lessors, nofixed monthly rent would be payable during the PBH Period.

“PBH Amount” means, with respect to the Aircraft, the amountequal to the PBH rate indicated below multiplied by the number offlight hours applicable to such Aircraft per calendar month, subject tono PBH floor and a maximum PBH cap equal to the Lease Rent forthe Aircraft as set forth below.

The PBH Amounts will be payable in accordance with the followingterms:

Notwithstanding the foregoing, all deferred PBH accruing fromDecember 9, 2021 through the end of the PBH Period will be paid by

Lease period under the Alternative Lease Agreement shall beextended to 14 April 2029 (i.e. 18 years from the date ofmanufacture).

April 1, 2022 throughApril 30, 2022

50% of the PBH Amount will bepayable calendar monthly in arrearsand the remaining 50% will be payablein full on the New Money FinancingDate.


Period

75% of the PBH Amount will bepayable calendar monthly in arrears,with the remaining 25% payable in fullon the New Money Financing Date

PBH Rate (USD perFlight Hour)

Payment Terms

July 1, 2022 through theend of the PBH Period.

1214

100% of the PBH Amount will bepayable calendar monthly in arrears

MSN

From the start of thePBH Period through andincluding March 31,2022

$1,500

PBH Amount for this period will bepayable in full on the New MoneyFinancing Date.

IDR[7.5IDR7.5 trillion] (orapproximately USD[527]USD527million) of new financing (the “NewMoney Financing”) to be backstoppedby the Government as direct fundingby the Government in the form of acapital injection (penanaman modalnegara). The closing date under theNew Money Financing is referred toherein as the “New Money FinancingDate”.

Monthly PBH Cap (USD permonth)

$310,000



12. Maintenance Reserves /Supplemental Rent (“MRs”)

Within five (5) bBusiness dDays following the end of each calendarmonth during the PBH Period Lessee will provide to each relevantLessor a written report about the actual flight hours operated by therelevant Aircraft during the preceding calendar month (the“Utilisation Report”).

If Lessee fails to provide the relevant Utilisation Reports when due,then the PBH Amount for the relevant calendar month shall be equalto the Lease Rent which would be payable after the end of the PBHPeriod.

Lessor will invoice Lessee for the amount of any PBH Amountpayable for a calendar month during the PBH Period on the 10th

calendar day of the next following month. In the absence of manifesterror, each Lessor’s invoice shall be deemed to be a true andaccurate determination of the PBH Amount. Lessee will settle anysuch invoice from Lessor on the 15th calendar day of the calendarmonth following the calendar month to which the invoice relates.

the earlier of January 1, 2023 and the New Money Financing Date.

10. Lease Rent Upon expiry of the PBH Period the amount of fixed lease rentpayable by Lessee to Lessor in cash on a rent payment date underthe Existing Lease Agreement (and, at the end of the PBH Period,pro rata for the time period between the end of the PBH Period andnext rent payment date under the Existing Lease Agreement) inrespect of the leasing of the Aircraft shall be the amount as set outbelow (the “Lease Rent”).

11. Security Deposit Lessee shall replenish, to the extent necessary, on the earliest of:



(c) January 1, 2023,

a Security Deposit (in accordance with payment terms under theExisting Lease Agreement) in the amount necessary to replenish theSecurity Deposit balance to 1-month Lease Rent for the Aircraft,which shall be in cash.

To the extent the Security Deposit is not used it shall be returned atthe end of the Lease Period, provided that no event of default underthe lease has occurred and is continuing.

9. Reporting, invoicing andpayments during the PBHPeriod

The aggregate amount of available MRs under the Existing LeaseAgreement is as of the date hereof (and, for the avoidance of doubt,before any deductions for amounts which Lessor may spend forrestoring the Aircraft to serviceability in accordance with section 13below) equal to $9,573,074.82, consisting of:

$1,369,620.47

Lease Rate (USD per month)

Engine #1 PRSV $0

MSN

Engine #2 $0

4C/6YR $1,353,513.22

1214

8C/12YR

$310,000



13. Contribution of MRs MRs will only be advanced or reimbursed, as the case may be, bythe relevant Lessor to Lessee if no event of default has occurredand is continuing under the Alternative Lease Agreement andotherwise in accordance with the relevant Alternative LeaseAgreement.

The lessor contributions under the Alternative Lease Agreementshall be calculated as the hours/cycles/months accumulated on thecomponent from the last overhaul or qualifying maintenance event(or since new in case no qualifying maintenance event had occurredyet) under the Alternative Lease Agreement multiplied by theapplicable MR rates up to the amount carried forward as set out insection 12 less amounts spent by Lessor restoring the Aircraft forthe purposes of obtaining the Certificate of Airworthiness. Anyamounts spent by Lessor in excess of the then-existingreimbursable MR balance to restore the serviceability of an Aircraftin accordance with the preceding sentence (the “Excess LessorContributions") shall be deducted in full from the next due Lessor

(the “Available MRs”).

The Available MRs shall be carried forward and shall – subject to themaintenance payment methodology pursuant to section 13 –constitute MRs deemed to have been paid by Lessee under theAlternative Lease Agreement.

On and from the earlier of (a) the date on which the Aircraft is firstflown during the PBH Period; and (b) the Homologation Date,Lessee will pay to Lessor MRs in relation to each calendar month (orpart thereof) (including without limitation the last calendar month orpart thereof of the Lease Period) in cash on the earlier of the 20thday of the following calendar month and the lease expiry date.

Such MRs shall be calculated and invoiced by Lessor every monthapplying the rates in accordance with the following schedule:

a) 4C/6YR Airframe check: USD 18,957 per monthb) 8C/12YR Airframe check: USD 10,660 per monthc) Engine PRSV: USD 488 per engine flight hourd) LLP: Current catalogue price (based on chap 5 limits)e) Landing Gear: USD 14,628 per monthf) APU: USD 90 per APU hour,

and based on annual utilization of 3,000 FH and a sector length of 4,escalating at 3% per annum for the Airframe, Engine PRSV, LandingGear and APU and per the Manufacturers CLP for the LLPs.

All MRs (either carried forward as per above or paid by Lessee inaccordance with the Alternative Lease Agreement) shall be the soleproperty of Lessors, subject only to the obligation to reimburseLessee in accordance with the terms of the Alternative LeaseAgreement following performance of any Relevant MaintenanceEvent.

$1,183,133.63LLP #2

$2,898,911.03

APU

$2,168,437.27

$599,459.20

LLP #1

Total $9,573,074.82

Landing Gear



16. Reconfiguration

14. Relevant Maintenance Events

Lessee shall be entitled to reconfigure the Aircraft (a) from a ‘LongRange’ aircraft into a ‘Regional’ aircraft by reducing the MTOW ofthe Aircraft from 233 tons to 192 tons via Weight Variant 055 (atLessee’s cost and provided the Aircraft is returned at the originalMTOW or Lessor is compensated at Lessor’s option, and, in eachcase, Lessee provides cash security in an amount equal to theexpected cost of returning to the original MTOW and satisfactory toLessor,); and/or (b) on a permanent basis, with a smaller businessclass (at Lessee’s cost and subject to Lessor’s prior writtenapproval).

Per Existing Lease Agreement.

17. Redelivery Conditions Redelivery conditions in the Alternative Lease Agreement to remainunchanged from the Existing Lease Agreement except that allreferences to “10,000 Cycles and 60 months” in para 10(a) of itsExhibit E (Landing Gear) shall be replaced with “4,000 Cycles and24 months”.

Not more than 18 but not later than 12 months prior to the end of therevised lease period, Lessor and Lessee may discuss in good faiththe possibility for Lessee to buy out of its obligation to redeliver theAircraft in the condition required under the Alternative LeaseAgreement. Following such discussion, Lessor may, in its absolutediscretion, agree to waive or relax the redelivery requirement, andany such agreement shall be conditional upon Lessee paying toLessor compensation in an amount acceptable to Lessor.

contributions during the term.

At any reimbursable maintenance event, if the (notional) outstandingMR balance (after deducting any Excess Lessor Contributions, asthe case may be) is insufficient to fund the payments required,Lessee shall top-up any shortfall.

If an engine is required to undergo a shop visit during the LeasePeriod, and such maintenance would qualify as a reimbursableevent, then Lessee shall notify Lessor of such reimbursablemaintenance event in due time before the shop visit and Lessor shallhave the option to either: (a) approve the proposed maintenance; (b)provide a replacement engine in lieu of Lessee performing the shopvisit, or (c) only if no suitable spare engine is available oncommercially reasonable terms on the market: terminate the leasingof the aircraft under the Alternative Lease Agreement by deliveringwritten notice to Lessee (without any further obligations on Lessee topay rent, including any loss of profit in respect of any periodfollowing the early termination date), on such other terms as may beagreed between the parties.

18. Taxation

15. Specifications andconfiguration of aircraft

Terms related to taxation shall be substantially the same under theAlternative Lease Agreements as in the Existing Lease Agreements.Any withholding tax will apply in respect of any payment to be madeby the relevant Sub-Lessor to Lessor, then Sub-Lessor shall grossup that payment to ensure that the relevant Lessor receives the fullamount otherwise due and payable to Lessor under the TransactionDocumentation.

Per Existing Lease Agreement.



21. Confidentiality The contents of this term sheet are confidential and each party ishereby requested not to disclose the contents of this term sheet toany person, except:

(a) to its professional advisors, auditors, affiliates, managers,shareholders, equity and debt financiers, servicers, officers,directors and employees (collectively, “Representatives”) whohave a need to know its terms, and

(b) pursuant to any order of any court of competent jurisdiction orany competent judicial, governmental or regulatory body;

provided that Lessee shall be entitled to disclose this term sheet tothe ad hoc group of lessor creditors solely for the purposes of itsrestructuring negotiations and shall be entitled to disclose the termsof the Alternative Lease Agreements in any materials or statementsprepared and disseminated to its creditors in connection with anycourt proceedings implementing the Restructuring.

22. Cost

20. Dispute Resolution

Each party shall bear their own cost in relation to:

(a) the preparation of the Alternative Lease Agreements; and(b) all other transactions contemplated by this term sheet.

19. Governing Law

Courts of England and Wales (exclusive).

23. Language This term sheet is executed in English and Indonesian versions. Inthe event of inconsistency or a different interpretation between theEnglish and Indonesian texts, the English version shall prevail, andthe relevant Indonesian version shall be amended to conform withand to make the relevant Indonesian text consistent with the relevantEnglish text.

This term sheet and the Alternative Lease Agreement and anytransaction documentation entered into reflecting the terms hereofas applicable, shall be governed by and interpreted in accordancewith the laws of England and Wales.



4. Existing LeaseAgreement

(2) DAE – MSN 299284116

2. Servicers Each of DAE Group Holdings Ltd. and DAE (Ireland) Limited

6. Override /Documentation

On the Homologation Date the Existing Lease Agreement (including, forthe avoidance of doubt, each relevant sub-lease and sub- sub-lease, asapplicable) shall be deemed amended to reflect the terms set out herein.

The terms set out herein shall be deemed to override the correspondingterms of the Existing Lease Agreement. Such amendment shall begoverned by (and the parties shall be deemed to have elected to apply)the law applicable to the Existing Lease Agreement. The remaining termsand conditions of the relevant Existing Lease Agreements, to the extentnot so amended and overridden, shall remain valid and in full force andeffect.

Without prejudice to any rights and remedies of Lessor under theAlternative Lease Agreement, Lessor shall not take any actions whichwould be reasonably expected to delay, impede, prevent or otherwisefrustrate the implementation of the Company’s debt restructuring, andshall support the Company’s debt restructuring by reasonably cooperatingwith the Company to implement the terms hereof as swiftly as possiblefollowing the Homologation Date until no later than the Long-Stop Date.

If the Effective Date does not occur by the Long-Stop Date, theamendments to the Existing Lease Agreements pursuant to theAlternative Lease Agreements shall automatically terminate and cease toapply with retrospective effect (and, for the avoidance of doubt, anyamounts owed by Lessee to Lessor for the period between December 9,2021 and the Long-Stop Date shall be calculated in accordance with theterms of the Existing Lease Agreement as applicable immediately prior tothe Homologation Date) and in compliance with the Claim Methodologyfor Settlement Claims pursuant to the Composition Plan.

7. Lease Period

1. Lessee

The lease period / expiry date shall (in particular, without limitation, for thepurposes of the Claim Methodology pursuant to the Composition Plan) bethe same as under the Existing Lease Agreement.

3. Lessor

8. Early Termination

5. Alternative LeaseAgreement

The Alternative Lease Agreement may be terminated as follows:

(a) the Company may terminate the leasing of the Aircraft pursuant tothe Alternative Lease Agreement, respectively by two (2) weeks'prior written notice to Lessor with effect from the later of:

i. the Homologation Date; and

AWAS 29928 SARL


4116 NTD: DAE – MSN 29928 Alternative Lease Agreement subject to further review and update.

Lessor

29928

Aircraft Type

Existing Lease AgreementAircraft Lease Agreement between AWAS 29928SARL and PT Garuda Indonesia (PERSERO) Tbkdated 5 September 2008, (as amended, novated,modified or supplemented from time to time) (the“Existing Lease Agreement”)

29928

MSN

AWAS 29928 SARL Boeing 737-800MSN



ii. the date on which the remaining Cycles of any of theEngines (as such term is defined in the Existing LeaseAgreement as amended by the deed of enginereplacement dated June 3, 2022) is less than twenty-one(21) Cycles; and

(b) the Lessor may terminate the leasing of the Aircraft pursuant to theAlternative Lease Agreement by two (2) weeks’ prior written noticeto Lessee with effect from any date falling on or after December 31,2022,

(each an “Early Termination” and each such early termination date an“Early Termination Date”).

10. Termination Claim For the purposes of the Claim Methodology pursuant to the CompositionPlan, the Aircraft shall be treated as a “terminated” aircraft.

11. PBH

9. Return of Aircraftupon EarlyTermination

From December 9, 2021 to December 31, 2022 (the “PBH Period”),Lessee shall pay with respect to the Aircraft, instead of the applicablefixed monthly rate, the aircraft PBH Amount (as defined below). For theavoidance of doubt but without prejudice to the calculation of the VotingClaims or Settlement Claims of Lessors no fixed monthly rent would be

On the Early Termination Date, the Aircraft shall be returned (including itsmanuals, technical records and other aircraft documents) to Lessor either(a) in an “as-is-where-is” condition at Jakarta Soekarna-HattaInternational Airport in Indonesia; (b) to the extent Lessor agrees toprovide/fund the required parts and bear the cost of maintenance andrelocation, in an airworthy condition to the location of Lessor’s choice; or(c) in “as is” condition at any other location as may be agreed between theCompany and Lessor.

Notwithstanding the above:

1. the Aircraft shall be complete and in serviceable condition;2. no Engine (as such term is defined in the Existing Lease Agreement

as amended by the deed of engine replacement dated 3 June 2022)shall have less than twenty (20) Cycles remaining; and

3. the Company shall (at its own costs) reinstall all Parts (as defined inthe Existing Lease Agreement) not installed on the Aircraft or shallreplace them with equivalents in accordance with the terms of theExisting Lease Agreement,

in each case, as of the date such Aircraft is returned to Lessor.

The Company shall deregister the Aircraft and seek the completion of allprerequisites for their export from Indonesia as requested by Lessor.

The contractual obligations under the Existing Lease Agreement withrespect to the maintenance, storage and insurance of the relevant Aircraftcontinue to apply until the later of (i) the completion of the redelivery inaccordance with the Existing Lease Agreement save as amended by thethree preceding paragraphs and (ii) the date falling [six (6) months] afterthe Early Termination Date.

The Company will work with Lessor, if sub-paragraph (b) above applies,to ensure the required maintenance is performed as swiftly as possibleand in accordance with the timeline agreed with Lessor.

Any such early termination and return shall be without prejudice toLessors’ claims calculated pursuant to the Claim Methodology pursuant tothe Composition Plan.



12. Reporting, invoicingand payments duringthe PBH Period

Within five (5) business days following the end of each calendar monthduring the PBH Period Lessee will provide to each relevant Lessor awritten report about the actual flight hours operated by the relevantAircraft and, if off-wing, the relevant engine, during the preceding calendarmonth (the “Utilisation Report”).

If Lessee fails to provide the relevant Utilisation Reports when due, thenthe PBH Amount for the relevant calendar month shall be equal to theLease Rent which would be payable after the end of the PBH Period.

Lessor will invoice Lessee for the amount of any PBH Amount payable fora calendar month during the PBH Period on the 10th calendar day of thenext following month. In the absence of manifest error, each Lessor’sinvoice shall be deemed to be a true and accurate determination of thePBH Amount. Lessee will settle any such invoice from a Lessor on the15th calendar day of the calendar month following the calendar month towhich the invoice relates.

payable during the PBH Period.

“PBH Amount” means, with respect to the Aircraft, the amount equal tothe PBH rate indicated below multiplied by the number of flight hoursapplicable to such Aircraft per calendar month, subject in each case to amaximum PBH cap as set forth below.

The PBH Amounts will be payable in accordance with the following terms:

The New Money Financing Date shall be the date on whichapproximately USD527 million of new financing to be backstopped by theIndonesian Government as direct funding by the Indonesian Governmentin the form of a capital injection (penanaman modal negara) closes.

Notwithstanding the foregoing, all deferred PBH Amounts accruing fromDecember 9, 2021 through the end of the PBH Period will be paid by theearlier of January 1, 2023 and the New Money Financing Date.

13. MaintenanceReserves /MaintenancePayments /Supplemental Rent(“MRs”)

The rights and obligations regarding Supplemental Rent and MaintenanceReserves shall be the same as under the Existing Lease Agreement,provided that no Reimbursable Expenses shall be incurred without theprior written consent of the Lessor (such consent to be given or withheldat the Lessor’s sole discretion).

For the avoidance of doubt, it is currently not contemplated that anyMaintenance Reserve Claims will be made under the Alternative Lease

29928

MSN


[$800] [TBC.]

75% of the PBH Amount will be payablecalendar monthly in arrears, with theremaining 25% payable in full on the earlierof (i) the New Money Financing Date and(ii) December 31, 2022.

Monthly PBH Cap (USD permonth)

[$195,000] [TBC.]


100% of the PBH Amount will be payablecalendar monthly in arrears

Period


Payment Terms



16. Confidentiality

14. Plan Default

The contents of this term sheet are confidential and each party is herebyrequested not to disclose the contents of this term sheet to any person,except:

(a) to its professional advisors, auditors, affiliates, managers,shareholders, equity and debt financiers, servicers, officers,directors and employees (collectively, “Representatives”) whohave a need to know its terms, and

(b) pursuant to any order of any court of competent jurisdiction or anycompetent judicial, governmental or regulatory body;

provided that Lessee shall be entitled to disclose this term sheet to thead hoc group of lessor creditors solely for the purposes of itsrestructuring negotiations and shall be entitled to disclose the terms ofthe Alternative Lease Agreements in any materials or statementsprepared and disseminated to its creditors in connection with any courtproceedings implementing the Restructuring.

A Plan Default will be an additional event of default/lease terminationevent under the Alternative Lease Agreement.

17. Cost Each party shall bear their own cost in relation to:

(c) (a) the preparation of the Alternative Lease Agreements; and(d) (b) all other transactions contemplated by this term sheet.

Agreement and any Reimbursable Expenses may be approved by theLessor (acting in its sole discretion) in exceptional circumstances and ona case-by-case basis only. [Subject to review by DAE.]

18. Language

15. Governing Law

This term sheet is executed in English and Indonesian versions. In theevent of inconsistency or a different interpretation between the Englishand Indonesian texts, the English version shall prevail, and the relevantIndonesian version shall be amended to conform with and to make therelevant Indonesian text consistent with the relevant English text.

This term sheet and the Alternative Lease Agreement and anytransaction documentation entered into reflecting the terms hereof asapplicable, shall be governed by and interpreted in accordance with thelaws of England and Wales.



Sky High LVI Leasing Company Limited

Sky High XXIX Leasing Company Limited

Sky High XXX Leasing Company Limited


(3) ICBC – MSN 29148, 29143, 29144, 40072, 29145, 40073

4. Lease Agreements

2. Servicer ICBC Aviation Leasing Company Limited

1. Company

3. Lessors


Aircraft Lease Agreement Between Sky High XXXLeasing Company Ltd and Garuda IndonesiaHoliday France S.A.S. Dated 19 October 2015 (asamended, novated, modified or supplemented fromtime to time)

29148

29143 Sky High XXIX Leasing CompanyLtd B777

40073

Lease Agreement

29144

Aircraft Lease Agreement Between Sky High LVILeasing Company Ltd and Garuda IndonesiaHoliday France S.A.S. Dated 18 January 2016 (asamended, novated, modified or supplemented fromtime to time)

Sky High XXX Leasing CompanyLtd

29144

B777

Aircraft Lease Agreement Between Sky High XXIXLeasing Company Ltd and Garuda IndonesiaHoliday France S.A.S. Dated 02 May 2014 (asamended, novated, modified or supplemented fromtime to time)

Aircraft Lease Agreement Between Sky High XXXLeasing Company Ltd and Garuda IndonesiaHoliday France S.A.S. Dated 12 June 2015 (asamended, novated, modified or supplemented fromtime to time)

40072

MSN

Sky High XXX Leasing CompanyLtd B777

40072

29145 Sky High XXX Leasing CompanyLtd B777

MSN

Aircraft Lease Agreement Between Sky High XXXLeasing Company Ltd and Garuda IndonesiaHoliday France S.A.S. Dated 10 September 2015(as amended, novated, modified or supplementedfrom time to time)

40073

Lessor

Sky High LVI Leasing CompanyLtd

29143

B777

Aircraft Type29148

29145

Sky High XXIX Leasing CompanyLtd

Aircraft Lease Agreement Between Sky High XXIXLeasing Company Ltd and Garuda IndonesiaHoliday France S.A.S. Dated 02 May 2014 (asamended, novated, modified or supplemented fromtime to time)

B777



7. Lease Period

6. Override / Documentation

The Lease Period shall be extended by two years from thematurities specified in the existing Lease Agreements.

On the Homologation Date the Existing Lease Agreement (including,for the avoidance of doubt, each relevant sub-lease andsub- sub-lease, as applicable) shall be deemed amended to reflectthe terms set out herein.


Without prejudice to the effectiveness of the amendments describedabove, the Lessor and the Lessee may negotiate in good faith toenter into definitive documents in respect of the Alternative LeaseAgreements as soon as reasonably practicable after theHomologation Date and in any event on or prior to the Effective Date(or such later date as may be agreed between the Lessor and theLessee) but such definitive documents are not required and failureto enter into such agreements shall not constitute a Plan Default.

Without prejudice to any rights and remedies of Lessor under theAlternative Lease Agreement, Lessor shall not take any actionswhich would be reasonably expected to delay, impede, prevent orotherwise frustrate the implementation of Lessee’s debtrestructuring, and shall support Lessee’s debt restructuring byreasonably cooperating with Lessee to implement the terms hereofas swiftly as possible following the Homologation Date until no laterthan the Long-Stop Date.

If the Effective Date does not occur by the Long-Stop Date, theamendments to the Existing Lease Agreements pursuant to theAlternative Lease Agreements shall automatically terminate andcease to apply with retrospective effect (and, for the avoidance ofdoubt, any amounts owed by Lessee to Lessor for the periodbetween 9 December 2021and the Long-Stop Date shall becalculated in accordance with the terms of the Existing LeaseAgreement as applicable immediately prior to the HomologationDate) and in compliance with the Voting Claims Methodology andSettlement Claims Methodology.


From December 9, 2021 to December 31, 2023 for B777 aircraft (the“PBH Period”), the lessee under such Existing Lease Agreement(the “Lessee”) shall pay or cause to be paid, with respect to eachaircraft, instead of the applicable fixed monthly rate, the applicableAircraft PBH Amount(as defined below). For the avoidance of doubtbut without prejudice to the calculation of the Voting Claims orSettlement Claims of the relevant Lessors, no fixed monthly rentwould be payable during the PBH Period.

With respect to any aircraft for which one or more engines is off-wingof the airframe to which it belongs, then (i) with respect to suchAircraft’s airframe, a PBH Amount shall be paid at a rate of 50% ofthe PBH rate for such Aircraft’s airframe calculated based on thenumber of flight hours for such airframe and (ii) with respect to suchoff-wing engine(s), a PBH Amount in respect of each such engineshall be paid at a rate of 25% of the PBH rate applicable to the



Aircraft to which such engine belongs calculated based on thenumber of flight hours for such engine.

With respect to an Existing Lease Agreement in which GIHF isLessee, payments hereunder shall be made by the Company toGIHF and by GIHF to the Lessors, as applicable. “PBH Amount”means, with respect to each Aircraft, the amount equal to theapplicable PBH rate for such Aircraft indicated below multiplied bythe number of flight hours applicable to such Aircraft per calendarmonth, subject in each case to no minimum and maximum cap equalto the Lease Rent.


Notwithstanding the foregoing, all deferred PBH Amounts accruingfrom December 9, 2021 through the end of the PBH Period will bepaid by the earlier of January 1, 2023 and the New Money FinancingDate.

$2,000

29144

Per Section 10 Lease Rent

Monthly PBH Cap

$2,000

Period


Payment Terms




IDR[7.5 trillion] (or approximatelyUSD[527] million) of new financing(the “New Money Financing”) to bebackstopped by the Government asdirect funding by the Government inthe form of a capital injection(penanaman modal negara). Theclosing date under the New MoneyFinancing is referred to herein as the“New Money Financing Date”.

40072

April 1, 2022 throughand including April 30,2022

50% of the PBH Amount will bepayable calendar monthly in arrearsand the remaining 50% will be payablein full on the New Money FinancingDate.

$2,000

29143



75% of the PBH Amount will bepayable calendar monthly in arrears,with the remaining 25% payable in fullon the New Money Financing Date



$2,000

100% of the PBH Amount will bepayable calendar monthly in arrears

29145

29148

$2,000



MSN

40073

$2,000



Within five (5) bBusiness dDays following the end of each calendarmonth during the PBH Period the Lessee will provide to eachrelevant Lessor a written report about the actual flight hoursoperated by the relevant Aircraft and, if off-wing, the relevant engine,during the preceding calendar month (the “Utilisation Report”).

If the Lessee fails to provide the relevant Utilisation Reports whendue, then the PBH Amount for the relevant calendar month shall beequal to the Lease Rent which would be payable after the end of thePBH Period.

Each Lessor will invoice the Lessee for the amount of any PBHAmount payable for a calendar month during the PBH Period on the10th calendar day of the next following month. In the absence ofmanifest error, each Lessor’s invoice shall be deemed to be a trueand accurate determination of the PBH Amount. The Lessee willsettle any such invoice from a Lessor on the 15th calendar day of thecalendar month following the calendar month to which the invoicerelates.

Upon expiry of the PBH Period the amount of fixed lease rentpayable by or on behalf of the Lessee to the Lessor in cash on arent payment date under the Existing Lease Agreement (and, at theend of the PBH Period, pro rata for the time period between the endof the PBH Period andnext rent payment date under the ExistingLease Agreement ) in respect of the leasing of each of the specifiedAircraft shall be the amount as set out below (the “Lease Rent”).

Note: Amounts shown as average percentage reduction of nominalMonthly Lease Rent per Existing Lease Agreements for disclosurepurposes. Calculation based on remaining schedule of full andcomplete fixed rental payments due under Existing LeaseAgreements from January 2024 (inclusive) through the maturity ofthe Existing Lease Agreements.

** Existing Lease Agreements include variable monthly lease rentsto the maturity of the lease. Percentages calculated on the basis ofapproximate monthly averages.

Notwithstanding the foregoing, with respect to any sub-lease andsub- sub- leases corresponding to the Existing Lease Agreements,the terms set forth herein shall apply; provided that, the Lease Rentunder such sub-lease and sub-sub-leases, as applicable, shall bethe lease rent under such sub-lease or sub-sub-lease including suchapplicable margin as provided in such sub-lease and sub-sub-lease,as applicable.

11. Security Deposit

10.Lease Rent

All existing Security Deposits under the Lease Agreement will be


29145

Discount to Monthly Lease Rent under the ExistingLease Agreement

49.77%**

29143

40073

49.75%

50.07%**

MSN

29144 49.34%**

29148

40072

49.75%

49.66%**



The amount of MRs under the Lease Agreements shall be carriedforward and shall constitute MRs deemed to have been paid by theCompany under the Alternative Lease Agreements as detailed inSchedule A (to be confirmed by the parties) of this term sheet. (tothe extent not contributed by the relevant Lessor to the regularmaintenance)

Company will pay to the relevant Lessors MRs in relation to eachcalendar month (or part thereof) (including without limitation the lastcalendar month or part thereof of the Lease Period) in cashaccording to existing Lease Agreements.

All MRs (either carried forward as per above or paid by theCompany in accordance with the relevant Alternative LeaseAgreements) shall be the sole property of the Lessors, subject onlyto the obligation to reimburse the Company in accordance with theterms of the Alternative Lease Agreements following performance ofany Relevant Maintenance Event. At the Relevant MaintenanceEvent, if MR balance is insufficient to fund the payment required, theLessee shall top-up any shortfall.

15.Relevant Maintenance Events Per existing Lease Agreements.

used by Lessor to set off against the existing claims. Lessee shallreplenish, to the extent necessary, on the earliest of:



(c) January 1, 2023

a Security Deposit (in accordance with payment terms under theExisting Lease Agreement) in the amount necessary to replenish theSecurity Deposit balance to 1-month Lease Rent for the Aircraft,which shall be in the form of either standby letter of credit or cash.

To the extent the Security Deposit is not used it shall be returned atthe end of the Lease Period, provided that no event of default underthe lease has occurred and is continuing.

16.Specifications andconfiguration of aircraft

13. Guarantor Confirmation

Per existing Lease Agreements.

The Company shall (at its own cost and expense) deliver a deed ofconfirmation with respect to the Company Guarantees, confirmingthat notwithstanding the execution of the Alternative LeaseAgreement, the Guarantees remain in full force and effect and theobligations of the Company as guarantor under the Guarantees willextend to the Lessee’s obligations under the Alternative LeaseAgreement.

17.Reconfiguration The Lessee shall discuss in good faith with Lessor, to (i) reconfiguregenerally or (ii) convert to a freighter configuration any or all of theB777 Aircraft.

18.Redelivery Conditions

14.Contribution of MRs

Return conditions for Aircraft shall be as per the respective ExistingLease Agreement; provided that the Lessor and the Lessee agree to

12.Maintenance Reserves /Supplemental Rent (“MRs”)

Per existing Lease Agreements.



Terms related to taxation shall be substantially the same under theAlternative Lease Agreements as in the Lease Agreements. Anywithholding tax will apply in respect of any payment to be made bythe relevant Sub-Lessor to Lessor, then Sub-Lessor shall gross upthat payment to ensure that the relevant Lessor receives the fullamount otherwise due and payable to Lessor under the TransactionDocumentation.

22.Dispute Resolution Courts of England and Wales (non-exclusive).

hold a redelivery planning meeting (initiated by Lessee) to discussand adjust such redelivery conditions at least 24 (twenty four)months in advance of the Aircraft’s scheduled expiration date. Suchdiscussion shall contemplate projected maintenance required atredelivery in order for the Aircraft to comply with the redeliveryconditions, and the parties agree to discuss mutually beneficialamendments to the redelivery conditions, acting reasonably,provided that no party shall be obligated to agree to any amendmentto the redelivery conditions that is against its best interests, asdetermined in its sole discretion. For avoidance of doubt, if Lesseefails to convene such redelivery planning meeting on time solelyattributable to its own cause(s), the Redelivery Conditions for anAircraft will stay the same as the respective Existing LeaseAgreement

23.Confidentiality

20.Lease TransactionDocumentation

The contents of this term sheet are confidential and each party ishereby requested not to disclose the contents of this term sheet toany person except to its professional advisors, auditors, affiliates,managers, shareholders, equity and debt financiers, officers,directors and employees (collectively, “Representatives”) who havea need to know in order to evaluate the terms and provisions of thisterm sheet and only insofar as each Representative agrees tomaintain the contents of this term sheet confidential, provided thatthe Company shall be entitled to disclose this term sheet to the adhoc group of lessor creditors if needed and agreed with Lessor inadvance solely for the purposes of its restructuring negotiations andshall be entitled to disclose the terms of the Alternative LeaseAgreements in any materials or statements prepared anddisseminated to its creditors in connection with any courtproceedings implementing the Restructuring subject to the priorconsent of Lessor.

Lessors will be responsible for the preparation of the transactiondocumentation with respect to the Alternative lease Agreements,which shall include the lease agreements and any othersupplemental agreements mutually agreed by the parties("Transaction Documentation").

24.Cost Each party shall bear their own cost in relation to:

(e) (c) the preparation of the Alternative Lease Agreements; and(f) (d) all other transactions contemplated by this term sheet.

25.Language

21.Governing Law

This term sheet is executed in English and Indonesian versions. Inthe event of inconsistency or a different interpretation between the

19.Taxation

This term sheet and the Alternative Lease Agreements and the otherLease Transaction Documentation shall be governed by andinterpreted in accordance with the laws of England and Wales.



26. Plan Default A Plan Default will be an additional event of default/lease terminationevent under the Alternative Lease Agreements.

English and Indonesian texts, the English version shall prevail, andthe relevant Indonesian version shall be deemed to be automaticallyamended to conform with and to make the relevant Indonesian textconsistent with the relevant English text.


(34) Avalon – MSN 1184

[TO BE INSERTED]






Wilmington Trust SP Services (Dublin) Limited, acting not in itsindividual capacity but solely in its capacity as Trustee for AircraftMSN 1288 Trust

(5) ALC – MSN 1288

[TO BE INSERTED]

4. Lease Agreements

2. Servicer [Air Lease Corporation and ALC Aircraft Limited]

1. Company

6. Override / Documentation On the Homologation Date the Existing Lease Agreement shall bedeemed amended to reflect the terms set out herein.


Without prejudice to the effectiveness of the amendments describedabove, the Lessor shall have all rights to mutually agree with Lesseeor the Company to enter into definitive documents or specificamendments in respect of the Alternative Lease Agreement andamendments to the Existing Lease Agreement as provided for in thePlan of Composition (including, without limitation, as provided toother lessors in the terms governing Go Forward Fleet Leases) or inany other related documents or agreements. The Lessor andLessee may also mutually agree, but shall not be obligated, to enterinto such definitive documentation.

Without prejudice to any rights and remedies of Lessor under theAlternative Lease Agreement, Lessor shall not take any actionswhich would be reasonably expected to delay, impede, prevent orotherwise frustrate the implementation of Lessee’s debtrestructuring, and shall support Lessee’s debt restructuring by

3. Lessor

MSN Lessor

1288

Aircraft Type

Existing Lease AgreementAircraft Lease Agreement Dated 31 March 2011and novated, amended and restated by an AircraftLease Novation and Amendment Agreement dated29 December 2017, and as further amended andnovated, Between Wilmington Trust SP Services(Dublin) Limited, acting not in its individual capacitybut solely in its capacity as Trustee for AircraftMSN 1288 Trust and Garuda Indonesia HolidayFrance S.A.S (“GIHF”) (as amended, novated,modified or supplemented from time to time)

1288

MSN

Wilmington Trust SP Services(Dublin) Limited, acting not in itsindividual capacity but solely in itscapacity as Trustee for AircraftMSN 1288 Trust

A330-200



7. Lease Period The Lease Period for the A330-200 MSN 1288 (the “Aircraft”) willbe extended by 6 years (i.e. from the original 12 years to 18 years).

reasonably cooperating with Lessee to implement the terms hereofas swiftly as possible following the Homologation Date until no laterthan the Long-Stop Date.

If the Effective Date does not occur by the Long-Stop Date, theamendments to the Existing Lease Agreements pursuant to theAlternative Lease Agreements shall automatically terminate andcease to apply with retrospective effect (and, for the avoidance ofdoubt, any amounts owed by Lessee to Lessor for the periodbetween 9 December 2021 and the Long-Stop Date shall becalculated in accordance with the terms of the Existing LeaseAgreement as applicable immediately prior to the HomologationDate) and in accordance with the Settlement Claims Methodology.


From December 9, 2021 until December 31, 2024 for A330-200aircraft (the “PBH Period”), the Company shall pay, with respect tothe Aircraft, instead of the applicable fixed monthly rate, theapplicable PBH Amount. For the avoidance of doubt but withoutprejudice to the calculation of the Voting Claims or SettlementClaims of the relevant Lessors, no fixed monthly rent would bepayable during the PBH Period.

Payments hereunder will be made by the Company to GIHF and byGIHF to the Lessor.

With respect to any Aircraft for which one or more of its titledengines is off-wing from its airframe, then to the extent that any suchoff-wing engine is operated on another aircraft (not owned by theLessor or its affiliates) for more flight hours in a calendar month thansuch airframe the Lessee shall pay to Lessor (in addition to any PBHAmount payable in respect of such Aircraft) an additional PBHAmount in respect of such engine at a rate of 25% of the PBH rateapplicable to such Aircraft calculated by reference to the number offlight hours such engine was operated for on another aircraft (notowned by the Lessor or its affiliates) in such calendar month.

For the avoidance of doubt, during the PBH Period Garuda and itssubsidiaries shall never be required to pay more to a Lessor in anygiven calendar month than the sum of (A) PBH applicable to theAircraft calculated on the basis of hours flown by the airframe(regardless of whether or not the associated engines are on theairframe or off wing during the month), plus (B) if during such monthan engine is flown more hours than the airframe itself, the enginePBH in respect of the excess of the number of hours for which suchengine was flown during such month on another aircraft (not ownedby the Lessor or its affiliates) over the number of hours flown by theairframe.

For the avoidance of doubt, any restrictions in the Existing LeaseAgreements involving engine pooling or similar provisions shallcontinue to apply.

“PBH Amount” means, with respect to each Aircraft, the amountequal to the applicable PBH rate for such Aircraft indicated belowmultiplied by the number of flight hours applicable to such Aircraftper calendar month, subject in each case to no minimum andmaximum cap equal to the Lease Rent.




Within five (5) business days following the end of each calendarmonth during the PBH Period the Lessee will provide to eachrelevant Lessor a written report about the actual flight hoursoperated by the relevant Aircraft and, if off-wing, the relevant engine,during the preceding calendar month (the “Utilisation Report”).

If the Lessee fails to provide the relevant Utilisation Reports whendue, then the PBH Amount for the relevant calendar month shall beequal to the Lease Rent which would be payable after the end of thePBH Period.

Each Lessor will invoice the Lessee for the amount of any PBHAmount payable for a calendar month during the PBH Period on the10th calendar day of the next following month. In the absence ofmanifest error, each Lessor’s invoice shall be deemed to be a trueand accurate determination of the PBH Amount. The Lessee willsettle any such invoice from a Lessor on the 15th calendar day of thecalendar month following the calendar month to which the invoice


Notwithstanding the foregoing, all deferred PBH Amounts accruingfrom December 9, 2021 through the end of the PBH Period will bepaid by the earlier of January 1, 2023 and the New Money FinancingDate.

75% of the PBH Amount will bepayable monthly in arrears, with theremaining 25% payable in full on theNew Money Financing Date


Payment Terms


1288

100% of the PBH Amount will bepayable monthly in arrears

MSN


$870


[IDR[7.5 trillion] (or approximatelyUSD[527] million) of new financing(the “New Money Financing”) to bebackstopped by the Government asdirect funding by the Government inthe form of a capital injection(penanaman modal negara). Theclosing date under the New MoneyFinancing is referred to herein as the“New Money Financing Date”.]

Monthly PBH Cap (USD perMonth)

$219,000

April 1, 2022 throughand including April 30,2022

50% of the PBH Amount will bepayable monthly in arrears and theremaining 50% will be payable in fullon the New Money Financing Date.


Period



11.Security Deposit All existing Security Deposits under the Lease Agreement havebeen used by Lessor to set off against amounts outstanding underthe Existing Lease Agreement, all prior to December 9, 2021.Lessee shall replenish, to the extent necessary, on the earliest of:


(b) a date falling 15 business days following the New MoneyFinancing Date; and

(c) January 1, 2023

a Security Deposit (in accordance with payment terms under theExisting Lease Agreement) in the amount necessary to replenish theSecurity Deposit balance to 1-month Lease Rent for the Aircraft,which shall be in the form of cash.

To the extent the Security Deposit is not used it shall be returned atthe end of the Lease Period, provided that no event of default underthe transaction has occurred and is continuing.

10.Lease Rent

12.Maintenance Reserves /Supplemental Rent (“MRs”)

The amount of MRs held by the relevant Lessor as of December 9,2021 and/or paid to the Lessor after December 9, 2021 and prior tothe Homologation Date under the Existing Lease Agreements shallbe carried forward and shall constitute MRs deemed to have beenpaid by the Company under the Alternative Lease Agreement (to theextent not then contributed by the relevant Lessor to themaintenance of the Aircraft). No fixed monthly rent (i.e. rent dueunder the Existing Lease Agreement) is payable during the PBHPeriod, consequently, Garuda has no rental obligation during thisperiod (which begins on December 9, 2021) against which MRs canbe set off. Additionally, Indonesian law governing PKPU, prohibitsthe setoff of MRs paid by the Company after December 9, 2021,against any obligation of the Company (including rent) arising priorto December 9, 2021. Accordingly, any purported set-off of MRs inviolation of the above shall be disregarded and of no force or effectand such MRs shall be carried forward and shall constitute MRsdeemed to be paid by the Company under the Alternative LeaseAgreement as provided in the first sentence of this paragraph. TheLessee has no obligation to replenish MR balances under theExisting Lease Agreements as a result of any set-off on or prior tothe Homologation Date or previously missed payment on or prior toDecember 9, 2021, without prejudice to its obligation to top-up anyshortfall in respect of a relevant maintenance event which isreimbursable under the Existing Lease Agreement. Any amountsspent by a Lessor in excess of the then-existing reimbursable MR

relates.

Upon expiry of the PBH Period the amount of fixed lease rentpayable by or on behalf of the Lessee to the Lessor in cash on a rentpayment date under the Existing Lease Agreement (and, at the endof the PBH Period, pro rata for the time period between the end ofthe PBH Period and commencement of fixed lease rent) in respectof the leasing of the specified Aircraft shall be the amount as set outbelow (the “Lease Rent”).

MSN

1288 $219,000

Lease Rate (USD per Month)



13.Contribution of MRs MRs will only be reimbursed, as the case may be, by the Lessor tothe Company if no event of default has occurred and is continuingunder the Alternative Lease (excluding for the avoidance of doubtany events of default resulting directly from the ongoing restructuringdiscussions and proceedings). MRs will be reimbursed per theterms of the original lease (i.e. Existing Lease Agreement).

balance to restore the serviceability of an Aircraft (the “ExcessLessor Contributions”) shall be deducted in full from the next dueLessor contributions during the term.

On and from the earlier of (a) the date the Aircraft is first flownduring the PBH Period and (b) the Homologation Date, the Companywill pay to Lessor MRs in relation to each calendar month (or partthereof) (including without limitation the last calendar month or partthereof of the Lease Period) in cash on the 15th day of the followingcalendar month or, with respect to the last calendar month of theLease Period, on the lease expiry date. Such MRs shall becalculated and invoiced by Lessor every month applying the rates inaccordance with Existing Lease Agreements.

All MRs (either carried forward as per above or paid by Company inaccordance with the Alternative Lease Agreements) shall be appliedin accordance with Existing Lease Agreements. At any reimbursablemaintenance event, if the outstanding MR balance which has notbeen set-off (after deducting any Excess Lessor Contributions, asthe case may be) is insufficient to fund the payments required, theLessee shall top-up any shortfall.

Lessor’s obligation to contribute MRs shall be on terms and subjectto conditions set out in the Existing Lease Agreements, provided thatindividual Lessors may agree to different bilateral MR arrangements,so long as the terms of such agreements are no more favourable toLessors than those included herein.

If an engine is required to undergo a shop visit during the LeasePeriod, and such maintenance would qualify as a reimbursableevent, then the Company shall notify Lessor in due time ahead ofsuch maintenance event and Lessor shall have the option to either:(a) approve the proposed maintenance or (b) provide a replacementengine in lieu of Lessee performing the shop visit, or (c) only if nosuitable spare engine is available on commercially reasonable termson the market: early terminate the leasing of the aircraft under theAlternative Lease by delivering written notice to the Lessee (withoutany further obligations on the Lessee to pay rent, including any lossof profit in respect of any period following the early termination date)without prejudice to Redelivery Conditions of the Aircraft, on suchother terms as may be agreed between the relevant parties.

To the extent that, at early termination or normal expiry of theAlternative Lease, there is a shortfall in MRs, Lessee shall top-upany such shortfall arising due to both calendar based and utilisationbased maintenance in respect of maintenance remaining to becompleted after such lease termination. In addition, if suchtermination is a result of an event of default (howsoever described),the Lessee shall also top-up any such shortfall relating to hour orcycle based maintenance (Engine Restoration Performance, EngineLLP and APU) in respect of maintenance remaining to be completedafter such lease termination.



Company shall carry out each reimbursable maintenance event atleast once during the term of the Alternative Lease for anymaintenance item in respect of which MRs is payable, except for thecalendar driven items which may not fall due during the term of theAlternative Lease.

19.Guarantor Confirmation

16.Redelivery Conditions

The Company shall (at its own cost and expense) deliver a deed ofconfirmation with respect to the Company Guarantees, confirmingthat notwithstanding the execution of the Alternative LeaseAgreements, the Guarantees remain in full force and effect and theobligations of the Company as guarantor under the Guarantees willextend to the Lessee’s obligations under the Alternative LeaseAgreements, if applicable, or, at Lessor’s written request, provide areplacement new guarantee by the Company in accordance with theterms of the deed of confirmation.

Return conditions to be “as is where is” conditions.

20.Plan Default A Plan Default will be an additional event of default/lease terminationevent under the Alternative Lease Agreement.

21.Governing Law

17. Early Termination Option

This term sheet and the Alternative Lease Agreements shall begoverned by and interpreted in accordance with the laws ofCalifornia.

15.Specifications andconfiguration of aircraft

Lessor shall have the option to terminate early the term of theAlternative Lease Agreement, provided that a minimum of six (6)months’ prior written notice is provided in advance to the Lessee.Within one week following the Lessee’s receipt of such notice, theLessee shall have the option to match terms the Lessor may achieveelsewhere.

22.Dispute Resolution

14.Relevant Maintenance Events

Courts of California (non-exclusive).

Configured as is in current condition

23.Confidentiality

18.Taxation

The contents of this term sheet are confidential and each party ishereby requested not to disclose the contents of this term sheet toany person except to its professional advisors, auditors, affiliates,managers, shareholders, equity and debt financiers, officers,directors and employees (collectively, “Representatives”) who havea need to know in order to evaluate the terms and provisions of thisterm sheet and only insofar as each Representative agrees tomaintain the contents of this term sheet confidential, provided thatthe Company shall be entitled to disclose this term sheet to the adhoc group of lessor creditors solely for the purposes of itsrestructuring negotiations and shall be entitled to disclose the termsof the Alternative Lease Agreements in any materials or statements

Terms related to taxation shall be substantially the same under theAlternative Lease Agreements as in the Existing Lease Agreements.If any withholding tax will apply in respect of any payment to bemade by the relevant Sub-Lessor to Lessor, then Sub-Lessor shallgross up that payment to ensure that the relevant Lessor receivesthe full amount otherwise due and payable to Lessor underAlternative Lease Agreements.



24.Cost Each party shall bear their own cost in relation to:

(g) the preparation of the Alternative Lease Agreements; and(h) all other transactions contemplated by this term sheet.

prepared and disseminated to its creditors in connection with anycourt proceedings implementing the Restructuring.

25.Language This term sheet is executed in English and Indonesian versions. Inthe event of inconsistency or a different interpretation between theEnglish and Indonesian texts, the English version shall prevail, andthe relevant Indonesian version shall be deemed to be automaticallyamended to conform with and to make the relevant Indonesian textconsistent with the relevant English text.



Annex G.Claim Methodology

I. Aircraft Lessor

a. Voting Claims

Lessor claims4217 will be calculated separately for voting purposes andsettlement/distribution purposes. For voting purposes, all leases will be treated equally bycalculating claims on the assumption that all leases are terminated). Forsettlement/distribution purposes, leases will be treated based on aircraft status (terminatedor go-forward / alternative). Lessor claims for voting purposes will be the sum of clauses (i)through (vii).

i. rent arrears, maintenance reserve arrears, unpaid end of lease compensation4318, allother amounts due and unpaid pursuant to the relevant lease (including, for theavoidance of doubt, actual legal fees incurred and provided for under the ExistingLease Agreement and excluding, for the avoidance of doubt, the replenishment ofany security deposit), and accrued and unpaid interest thereon as of December 9,20214419 to the extent expressly provided for in the Existing Lease Agreement (for theavoidance of doubt, calculated net of any security deposit setoffs made prior to theHomologation Date); plus

ii. rent4520 accruing from the earlier of (a) the actual termination date of the ExistingLease Agreement (the “Actual Termination Date”), if applicable, and (b) December 9,2021 to the scheduled termination date of the Existing Lease Agreement (or if thescheduled termination date has already occurred but the lease has not yet terminateddue to non-return of the aircraft in the redelivery condition, the Homologation Date),discounted back to the earlier of (x) the Actual Termination Date and (y) December 9,2021 in accordance with the Company’s PSAK accounting guidelines4621; plus

iii. maintenance reserves in respect of calendar-controlled maintenance events accruingand unpaid from December 9, 2021 to the end of the applicable remarketing periodspecified in section (vii) below; discounted back to the earlier of (x) the ActualTermination Date and (y) December 9, 2021 in accordance with the Company’sPSAK accounting guidelines; plus

iv. costs of returning aircraft to redelivery conditions as specified by the Existing LeaseAgreement4722 and, without duplication, any existing contractual end of leasepayments4823 (without double counting any maintenance reserve arrears,maintenance costs, or end of lease compensation included in (i) or (v)), net of thatportion of the outstanding maintenance reserve balance of each aircraft which relates

4217 Excludes finance leases.4318 Amount to be calculated as redelivery conditions per Existing Lease Agreement, unless end of lease compensation isexpressly provided for by the Existing Lease Agreement and is directed to be used by the Lessor. Unpaid end of leasecompensation to be calculated through the earlier of the Actual Termination Date and the Homologation Date, net of any LCdrawdown, as applicable.

4419 For purposes of voting, the Company will accept Lessor submissions of total past due claims in (i) that are within[USD 2 million] of the Company’s internal estimates. Submissions exceeding [USD 2 million] in variance from theCompany’s internal estimates will be reconciled with the relevant counterparty prior to final submission of Lessorclaims to the PKPU Administrator team.4520 Interest has been excluded for the purpose of expediency in finalizing claim amounts.4621 Company to provide discount rate curve (based on remaining lease term).4722 Calculated as of the earlier of the Actual Termination Date and the [Homologation Date].4823 Amount to be calculated as redelivery conditions per Existing Lease Agreement, unless end of lease compensation isexpressly provided for by the Existing Lease Agreement and is directed to be used by the Lessor. Unpaid end of leasecompensation to be calculated through the earlier of the Actual Termination Date and the Homologation Date, net of any LCdrawdown, as applicable.



viii. rent arrears, maintenance reserve arrears, unpaid end of lease compensation5227, allother amounts due and unpaid pursuant to the relevant lease (including, for theavoidance of doubt, actual legal fees incurred and provided for under the ExistingLease Agreement and excluding, for the avoidance of doubt, the replenishment ofany security deposit), and accrued and unpaid interest thereon as of December 9,2021 to the extent expressly provided for in the Existing Lease Agreement (for theavoidance of doubt, (a) for Terminated Aircraft, net of any existing security depositnot already setoff, and (b) for Go-Forward Aircraft and Alternative Lease Aircraft, netfollowing any security deposit setoffs made prior to the Homologation Date); provided

to any maintenance events required as part of returning the aircraft to redeliveryconditions4924, plus

v. repossession, reconfiguration, parking/storage, maintenance, insurance, legal,component repatriation, records build and remarketing costs (collectively, “RRR”costs) (without double-counting for any such costs to the extent addressed in (i) or(iv) and to the extent not already performed or paid by the Company); provided thatthe amount of RRR costs shall be assumed to be [USD 15 million] per B777 aircraft,[USD 7.5 million] per wide-body aircraft (other than B777 aircraft), [USD 2.25 million]per narrow-body and [USD 1 million] per regional (i.e., ATR and CRJ) aircraft; less

vi. any cash security deposit not already used and any letter of credit security depositnot already drawn and used, in each case as a set-off against amounts owing inrespect of any of the preceding clauses; less

vii. mitigating rental proceeds, calculated as follows:

a. the applicable rent listed in the Fixed Rent Grid (Schedule E of the LeaseOverride Agreement) based on the aircraft’s type, vintage, and remaining leaseterm for the period from the Homologation Date to the scheduled terminationdate of the Existing Lease Agreement), or

b. to the extent an applicable rent is not listed in the Fixed Rent Grid, the currentmarket rent based on the aircraft’s type, vintage and remaining lease term, asdetermined by an independent expert appointed by the Company5025, or

c. if the aircraft has been re-leased to a third-party prior to the Homologation Date,the rent payable under any re-leasing arrangement entered into in respect ofsuch aircraft5126;

in each case, applied over a period from the earlier of (a) the Homologation Date and(b) the Actual Termination Date to the scheduled termination date of the ExistingLease Agreement, assuming an initial 12-month remarketing period for narrow-bodyaircraft and an 18-month remarketing period for wide-body aircraft during whichperiod mitigating rental proceeds shall be zero, and discounted back to the earlier of(i) the Actual Termination Date and (ii) December 9, 2021 in accordance with theCompany’s PSAK accounting guidelines.

b. Settlement Claims

For settlement/distribution purposes, leases will be treated based on aircraft status(terminated or go-forward / alternative). Lessor claims for settlement/distribution purposeswill be the sum of clauses (i) through (vii).

4924 Calculated as of the earlier of the Actual Termination Date and the [Homologation Date].5025 Independent expert to be IBA. Company to publish the IBA grid for aircraft not in the Fixed Rent Grid.5126 As represented by the relevant Lessor.5227 Amount to be calculated as redelivery conditions per Existing Lease Agreement, unless end of lease compensation isexpressly provided for by the Existing Lease Agreement and is directed to be used by the Lessor. Unpaid end of leasecompensation to be calculated through the earlier of the Actual Termination Date and the Homologation Date, net of any LCdrawdown, as applicable.



that maintenance reserve arrears and unpaid end of lease compensation forGo-Forward Aircraft and Alternative Lease Aircraft (and any interest thereon) shall bedeemed to be zero; plus

ix. rent5328 accruing and unpaid from the earlier of (a) the actual termination date of theExisting Lease Agreement (the “Actual Termination Date”), if applicable, and (b)December 9, 2021 to the scheduled termination date of the Existing LeaseAgreement (or if the scheduled termination date has already occurred but the leasehas not yet terminated due to non-return of the aircraft in the redelivery condition, theHomologation Date), discounted back to the earlier of (x) the Actual Termination Dateand (y) December 9, 2021 in accordance with the Company’s PSAK accountingguidelines5429; plus

x. maintenance reserves in respect of calendar-controlled maintenance events accruingand unpaid from December 9, 2021 to (a) the Homologation Date or (b) in the case ofaircraft not constituting the Company’s fleet following the Homologation Date, the endof the applicable remarketing period specified in section (vii) below; discounted backto the earlier of (x) the Actual Termination Date and (y) December 9, 2021 inaccordance with the Company’s PSAK accounting guidelines; plus

xi. costs of returning aircraft to redelivery conditions as specified by the Existing LeaseAgreement5530 and, without duplication, any existing contractual end of leasepayments5631 (without double-counting any maintenance reserve arrears, maintenancecosts, or end of lease compensation included in (i) or (v)), net of that portion of theoutstanding maintenance reserve balance5732 of each aircraft which relates to anymaintenance events required as part of returning the aircraft to redelivery conditions;provided that such amounts shall be deemed to be zero for Go-Forward Aircraft andAlternative Lease Aircraft; plus

xii. repossession, reconfiguration, parking/storage, maintenance, insurance, legal,component repatriation, records build and remarketing costs (collectively, “RRR”costs) (without double-counting for any such costs to the extent addressed in (i) or(iv) and to the extent not already performed or paid by the Company); provided thatthe amount of RRR costs shall be capped at [USD 15 million] per B777 aircraft, [USD7.5 million] per wide-body aircraft (other than B777 aircraft) and [USD 2.25 million]per narrow-body and [USD 1 million] per regional (i.e., ATR and CRJ) aircraft;provided further that such RRR costs (other than lessors' actual incurred costs as ofthe Homologation Date) shall be deemed to be zero for Go-Forward Aircraft andAlternative Lease Aircraft; less

xiii. any power-by-the-hour payments accrued pursuant to the Lease Override Agreement(whether paid in cash or deferred for future payment) from December 9, 2021 through(x) for Go-Forward Aircraft and Alternative Aircraft, the end of the PBH Period and (y)for Terminated Aircraft, the Actual Termination Date, discounted back to the earlier of(i) the Actual Termination Date and (ii) December 9, 2021 in accordance with theCompany’s PSAK accounting guidelines; less

xiv. mitigating rental proceeds, calculated as follows:

a. for aircraft constituting the Company’s fleet following the Homologation Date, theactual rent amount to be paid by the Company to the Lessor as set forth in theComposition Plan from the end of the PBH Period to the scheduled termination

5328 Interest has been excluded for the purpose of expediency in finalizing claim amounts.5429 Company to provide discount rate curve (based on remaining lease term).5530 Calculated as of the earlier of the Actual Termination Date and the [Homologation Date].5631 Amount to be calculated as redelivery conditions per Existing Lease Agreement, unless end of lease compensation isexpressly provided for by the Existing Lease Agreement and is directed to be used by the Lessor. Unpaid end of leasecompensation to be calculated through the earlier of the Actual Termination Date and the Homologation Date, net of any LCdrawdown, as applicable.5732 Calculated as of the earlier of the Actual Termination Date and the [Homologation Date].



[To come] 6035

III. Finance Lease Creditor

a. Voting Claims:

Voting Claims shall represent (a) amounts due and payable by the Company to Export DevelopmentCanada (“EDC”) under the Existing Agreement, including the amount of principal, accruedinterest (including default interest) and break costs or make-whole amount; minus (b) theestimated amount of proceeds of the sale of the Aircraft net of any costs (including fees ofprofessional advisers) actually incurred or estimated to be actually incurred by EDC (directlyor indirectly) in connection with (i) the exercise, preservation and/or enforcement of any of therights, powers and remedies under the Existing Agreements, (ii) the [PKPU Proceedings] andimplementation of the Composition Plan pursuant thereto and (iii) the negotiation, entry intoand implementation of the deed of early termination with respect to the Existing Agreement,including the recovery, redelivery and remarketing of the Aircraft.

date of the Existing Lease Agreement, or

b. for all other aircraft, the amount equal to (x) the current market rent based on theaircraft’s type, vintage and remaining term for the period from the HomologationDate to the scheduled termination date of the Existing Lease Agreement asdetermined by an independent expert appointed by the Company5833 or (y) if theaircraft has been re-leased to a third-party prior to the Homologation Date, therent payable under any re-leasing arrangement entered into in respect of suchaircraft prior to the Homologation Date5934; provided that such amount will beapplied over a period from the Homologation Date to the scheduled terminationdate of the Existing Lease Agreement assuming a 12-month remarketing periodfor narrow-body aircraft and an 18-month remarketing period for wide-bodyaircraft during which period mitigating rental proceeds shall be zero,

in each case discounted back to the earlier of (i) the Actual Termination Date and (ii)December 9, 2021 in accordance with the Company’s PSAK accounting guidelines.

In the event an aircraft changes its status post-Homologation and prior to the Effective Datefrom a terminated aircraft to an aircraft subject to a lease agreement, the Settlement Claim forsuch aircraft shall be recalculated as if it were a Go-Forward or Alternative Lease Aircraft, asapplicable.

II. Spare Engine Lessors

The amount of Claims (excluding any obligations to pay any PBH Amount [or any maintenancereserves] due and payable by the Company in respect of the Spare Engines operated by theCompany or its Subsidiary from [[December 9, 2021] to the Homologation Date]) has been calculatedfor the purposes of Voting Claims, as if the relevant Existing Lease Agreement were terminated onthe Homologation Date or, if earlier, the actual termination date of the Existing Lease Agreement.Settlement Claims shall be calculated as set out below as of the [RecordHomologation Date].

a. Voting Claims:

[To come]

b. Settlement Claims:

5833 Independent expert to be IBA. Company to publish IBA grid for Alternative Aircraft Excluded in the Go-Forward Fleet Planand Terminated Aircraft.5934 As represented by the relevant Lessor.6035 NTD: To be populated/updated once terms of voting and settlement claims methodology are finalized.


b. Settlement Claims:

Settlement Claims shall represent (a) amounts due and payable by the Company to ExportDevelopment Canada (“EDC”) under the Existing Agreement, including the amount ofprincipal, accrued interest (including default interest) and break costs or make-whole amount;minus (b) the actual amount received by EDC of proceeds of the sale of each Aircraft soldprior to the Effective Date (but while the amendment of the amount of settlement claims underthe Composition Plan is still possible) net of any costs (including fees of professionaladvisers) actually incurred or estimated to be actually incurred by EDC (directly or indirectly)in connection with (i) the exercise, preservation and/or enforcement of any of the rights,powers and remedies under the Existing Agreements, (ii) the [PKPU Proceedings] andimplementation of the Composition Plan pursuant thereto and (iii) the negotiation, entry intoand implementation of the deed of early termination with respect to the Existing Agreement,including the recovery, redelivery and remarketing of the Aircraft. For the avoidance of doubt,no reduction shall be made under part (b) above in respect of any Aircraft which has not beensold prior to the amendment of the amount of settlement claims under the Composition Planceasing to be possible.




Annex H.Election Notice Form

[______], 2022

PT GARUDA INDONESIA (PERSERO) Tbk (“Lessee” or “Company”)

Jalan Kebon Sirih No. 46A,

Jakarta Pusat, Indonesia

Attention:

3. 1. Rahmat Hanafi, Director of Maintenance ([email protected])

4. 2. Muktharis, VP Acquisition and Aircraft Management ([email protected])

5. 3. Acquisition and Aircraft Management Division ([email protected])

Dears Sirs:

Reference is made to certain lease agreements between the Aircraft Lessor, as lessor (the “AircraftLessor”) and [_______], as lessee, in respect of the aircraft with manufacturer’s serial numbers:[___] (each, an “Aircraft”) (as may have been amended and restated prior to the date hereof,collectively, the “Existing Lease Agreements”).

In connection with the Company’s restructuring through the in-court Indonesian debt suspensionpayment obligation (penundaan kewajiban pembayaran utang) (“PKPU”) and the composition planpublished on [__] June, 2022 (the “Composition Plan”), the Aircraft Lessor hereby informs you of thefollowing options with respect to the corresponding Aircraft indicated below, in each case, subject toand on the terms and conditions set forth in the Composition Plan:

(1) Go Forward Fleet Leases:

Aircraft [__]: Lease Period: [____]

Aircraft [__]: Lease Period: [____]6136

If applicable, adjustment to redelivery condition to be set forth in an appended schedule tothis Election Notice. In the event the Aircraft Lessor elects to extend the lease Period beyond18 years (to a maximum of 20 years of Age), the Aircraft Lessor and Lessee shall agree to anadjustment to the redelivery conditions to be set forth in such schedule to this ElectionNotice. Failure to agree to such adjustment of redelivery conditions within 45 Business Daysfollowing the Homologation Date, as documented by delivery of an amended Election Notice

6136 With respect to each Aircraft, Aircraft Lessor to indicate Aircraft MSN and applicable Lease Period:

[The lease period / expiry date shall be the same as under the Existing Lease Agreements, except that the following shall apply(the “Lease Period”):(a) where current lease period under Existing Lease Agreements has ended on or prior to the Homologation Date or ends

within 2 years after the Homologation Date, the lease period will be extended to a period of 4 years from theHomologation Date; or

(b) at the relevant Aircraft Lessor’s option in the Election Notice, the lease period can be extended up to 18 years since thedate of manufacture of the relevant Aircraft as set by the relevant manufacturer (the “Age”); or

(c) the relevant Aircraft Lessor and the Lessee may agree (exercisable in connection with the Election Notice) to extend theLease Period beyond 18 years to a maximum of 20 years of Age subject to an adjustment to the redelivery conditions asspecified in Section 10 herein.]



[With respect to any Aircraft to enter into an Alternative Lease Agreement pursuant to the optionsindicated above, in each case, in accordance with the Composition Plan, the Aircraft Lessor herebyagrees to vote its corresponding Voting Claims (as defined in the Composition Plan) in favor of theComposition Plan in PKPU. With respect to such Aircraft, the relevant Existing Lease Agreement willbe deemed to be reinstated and automatically amended by the Alternative Lease Agreement as ifsuch Existing Lease Agreement were otherwise in effect as of the Homologation Date.]6439

[With respect to any Aircraft to be subject to termination pursuant to the options indicated above, ineach case, in accordance with the Composition Plan, the Aircraft Lessor hereby agrees to vote itscorresponding Voting Claims (as defined in the Composition Plan) in favor of the Composition Plan inPKPU. With respect to such Aircraft, the relevant Existing Lease Agreement will be deemed to beterminated (to the extent not previously terminated or expired) as of the Homologation Date.]6540

By this notice of election, and subject to the terms and conditions set forth herein and in theComposition Plan, the undersigned Aircraft Lessor hereby notifies the Company of its bindingelections set forth herein, which shall be irrevocable except to the extent the Composition Plan orOverride Lease Terms are changed in a manner materially adverse to such Aircraft Lessor followingthe date hereof or otherwise agreed in writing by the Company and such Aircraft Lessor prior to theHomologation Date. This notice of election is governed by and interpreted in accordance with the lawgoverning the undersigned Aircraft Lessor’s Existing Lease Agreement.

Sincerely yours,

[AIRCRAFT LESSOR]

By:

appending such schedule and executed by the Aircraft Lessor and the Company, willautomatically result in a Lease Period of 18 years of Age with respect to such Aircraft.

This Election Notice may only be amended to reflect the redelivery schedule conditionsagreed pursuant to the above.

(2) Alternative Lease Agreement: Aircraft [___];6237 and

(3) Termination: Aircraft [____].

The undersigned Aircraft Lessor hereby agrees that, provided that the Composition Plan is notchanged in a manner materially adverse to such Aircraft Lessor following the date hereof, it shall nottake any actions which would be reasonably expected to delay, impede, prevent or otherwisefrustrate the implementation of the Company’s restructuring, and shall support the Company’s debtrestructuring by reasonably cooperating with the Company to implement the terms provided for underthe elections set forth herein as swiftly as possible following the Homologation Date.

[With respect to any Aircraft to enter into Go Forward Fleet Leases pursuant to the options indicatedabove, in each case, in accordance with the Composition Plan, the Aircraft Lessor hereby agrees tovote its corresponding Voting Claims (as defined in the Composition Plan) in favor of the CompositionPlan in PKPU. With respect to such Aircraft, the relevant Existing Lease Agreement will be deemed tobe reinstated and automatically amended by the Override Lease Terms as if such Existing LeaseAgreement were otherwise in effect as of the Homologation Date.]6338

6237 Terms of Alternative Lease Agreement to be agreed by Company and relevant Aircraft Lessors, respectively, prior to theHomologation Date and appended to the Composition Plan.6338 NTD: aircraft lessors to choose as appropriate.6439 NTD: aircraft lessors to choose as appropriate.6540 NTD: aircraft lessors to choose as appropriate.


Name:

Acknowledged and Agreed:

PT GARUDA INDONESIA (PERSERO) Tbk

By:

Name:

Acknowledged and Agreed:

Garuda Indonesia Holiday France

By:

Name:



Annex I.Share Issuance Indicative Timeline

New Money Financing with pre-emptive rights



New Money Financing without pre-emptive rights



Annex J.Additional Disclosure with Respect to Certain Agreements

1.1 Aircraft Lessors

In addition to the Override Lease Terms which shall apply with respect to each Go Forward FleetLease, the Company has agreed to certain ancillary bilateral terms to further amend certainAircraft Lessors’ Existing Lease Agreements. Such bilateral terms are in addition to theOverride lease Terms with respect to the respective Aircraft Lessors as summarized below.Terms used but not defined below shall have the meaning given to them in the relevantExisting Lease Agreements.

a. DAE

i. The Company and the relevant Aircraft Lessors agree to the followingamendments to the redelivery conditions with respect to each Go ForwardAircraft:

(a) Airframe shall be fresh from the next sequential C check (includingall lower checks);

(b) Engines shall have at least 3,000 FH and 2,000 FC remaining tooverhaul;

(c) LLPs shall have at least 2,000 FC remaining;

(d) APU shall be serviceable;

(e) landing gear shall be serviceable; and

(f) otherwise the Aircraft shall meet the return conditions set out in theExisting Lease Agreements.

b. SMBC Aviation Capital Limited

In respect of the Boeing 737-800 aircraft with manufacturer’s serial numbers 39936,39939, 39954, 39955 and the Airbus A320-200 aircraft with manufacturer’s serialnumbers 5511, 5830 and 5560 only:

i. Lease Period

The Lessor, the Lessee and the Company hereby agree that the LeasePeriod for each Aircraft shall be extended by a period of 4 years from therespective original maturity date.

ii. Deposit

If Lessee chooses to provide the New Deposit by way of an LC it shall meetthe requirements outlined in Schedule A (the “LC Requirements”). The NewDeposit shall be treated under the Go Forward Fleet Leases as per the termsof the Head Lease Agreements.

For the avoidance of doubt, Lessor shall be under no obligation to return anyprevious deposit provided by Lessee to Lessor under the LeaseDocumentation which has been applied by Lessor and has not yet beenreplenished by Lessee pursuant to the terms of the Lease Documentation.



iii. Supplemental Rent

For the avoidance of doubt, Lessor, Lessee and the Company agree that the amountof MRs and lLessor MR contributions available to Lessee for disbursement inrespect of Maintenance Event Payments in accordance with the LeaseDocuments shall be outlined in the definitive documentation. The Lesseeshall be entitled to draw from the balance of MRs for disbursement in respectof Maintenance Event Payments before being entitled to draw from thebalance of lLessor MR contributions. The Lessee’s right to draw upon eitherthe MRs or the lLessor MR contributions shall be subject to the terms of theExisting Lease Agreements.

iv. Redelivery Maintenance Adjustments

Lessee shall pay Lessor Redelivery Maintenance Adjustments at theRedelivery of the Aircraft for each maintenance component.

Such Redelivery Maintenance Adjustments will be in accordance withSchedule B.

Lessor and Lessee agree if an engine is replaced in accordance withLessor’s rights as stipulated above, such Redelivery MaintenanceAdjustments shall be payable on the engine being replaced at the time ofsuch replacement.

v. Supplemental Rent Reduction for Aircraft return to service

The Lessee and the Company hereby agree and acknowledge that theLessor has deducted amounts from the APU Performance Restoration fundand the Engine Performance Restoration Fund (associated with ESN660858) for MSN 39955 which were used, for the benefit of the Lessee, toreturn MSN 39954 and MSN 39955 to revenue generating service.

The Lessee and the Company hereby agree and acknowledge that the APUPerformance Restoration fund for MSN 39955 shall be reduced accordinglyby $80,898.84 and the Airframe 8 Year Check fund shall be reducedaccordingly by $419,817.05.

vi. Redelivery Conditions

vii. As per Head Lease Agreements, and otherwise shall be amended toinclude the following language mutatis mutandis:

1.1 If, within twenty-four (24) months prior to the Expiry Date, anymaintenance events are required to be performed that would qualifyfor Lessor Contributions or Maintenance Redelivery Adjustmentspursuant to [Schedule which deals with Maintenance EventPayments / Lessor Contributions] (a “Qualifying End of LeaseMaintenance Event”), the Lessee shall:

(a) in the case of a scheduled Qualifying End of Lease MaintenanceEvent, notify Lessor in writing at least two (2) months prior to theproposed commencement date of the Qualifying End of LeaseMaintenance Event; and

(b) in the case of an unscheduled Qualifying End of Lease MaintenanceEvent, notify Lessor in writing as soon as Lessee becomes aware ofthe requirement for such a Qualifying End of Lease MaintenanceEvent to be performed.



1.2 Following receipt by Lessor of written notice from Lessee pursuant toclause [clause reference]1.1(b) above, Lessor may, in its solediscretion, notify Lessee in writing that Lessee shall not perform sucha Qualifying End of Lease Maintenance Event (a “RelevantNotification”).

1.3 Within ten (10) Business Days after receipt by Lessee of a RelevantNotification relating to the Airframe, Lessee shall confirm to Lessor inwriting that:

(a) the Relevant Notification can be complied with having regard to theLessee’s maintenance programme (and for this purpose, Lesseeundertakes to use all reasonable endeavours to obtain any permittedextensions under the Lessee’s maintenance programme from theAviation Authority) and Lessee will comply with the RelevantNotification (a “Lessee Confirmation”); or

(b) the Relevant Notification cannot be complied with (having regard tothe considerations set out in [clause reference] above and includingdetails satisfactory to Lessor, acting reasonably, outlining why theRelevant Notification cannot be complied with).

1.4 Within ten (10) Business Days after receipt by Lessee of aRelevant Notification relating to an Engine, Landing Gear or APU,Lessor shall promptly provide Lessee with a substitute Engine,Landing Gear or APU (as applicable) which has sufficientanticipated life remaining to ensure its ability to continue in serviceuntil the Expiry Date.

1.5 If Lessor provides a Relevant Notification to Lessee (and in thecase of the Airframe only, a Lessee Confirmation is provided toLessor), then Lessor and Lessee shall, in good faith, discuss andagree any amendments to this Agreement required as a result ofthe Relevant Notification (including, but not limited to, anyamendment to the Return Conditions and/or to the RedeliveryMaintenance Payment Adjustments).

c. Medical Tribune Inc.

In respect of the Airbus A320-200 aircraft with manufacturer’s serial number 5777only:

i. Lease Period


ii. Deposit


For the avoidance of doubt, Lessor shall be under no obligation to return anyprevious deposit provided by Lessee to Lessor under the Lease



Documentation which has been applied by Lessor and has not yet beenreplenished by Lessee pursuant to the terms of the Lease Documentation.


For the avoidance of doubt, Lessor, Lessee and the Company agree that theamount of MRs and lessor MR contributions available to Lessee fordisbursement in respect of Maintenance Event Payments in accordance withthe Lease Documents shall be outlined in the definitive documentation. TheLessee shall be entitled to draw from the balance of MRs for disbursement inrespect of Maintenance Event Payments before being entitled to draw fromthe balance of lessor MR contributions. The Lessee’s right to draw uponeither the MRs or the lessor MR contributions shall be subject to the terms ofthe Existing Lease Agreements.





v. Guarantee

The Company shall enter into a deed of guarantee confirmation in favour ofthe Lessor pursuant to which the Company acknowledges and reaffirms itsundertakings as guarantor with regards to the Lessee’s obligations under theexisting Lease Agreements (as amended by the Go Forward Fleet Leases)simultaneously with the execution of the Go Forward Fleet Leases.


As per Head Lease Agreements, and otherwise shall be amended to includethe following language mutatis mutandis:

1.1 If, within twenty-four (24) months prior to the Expiry Date, anymaintenance events are required to be performed that would qualify forLessor Contributions or Maintenance Redelivery Adjustments pursuant to[Schedule which deals with Maintenance Event Payments / LessorContributions] (a “Qualifying End of Lease Maintenance Event”), theLessee shall:





1.2 Following receipt by Lessor of written notice from Lessee pursuantto clause [clause reference] above, Lessor may, in its sole discretion, notifyLessee in writing that Lessee shall not perform such a Qualifying End ofLease Maintenance Event (a “Relevant Notification”).

1.3 Within ten (10) Business Days after receipt by Lessee of a RelevantNotification relating to the Airframe, Lessee shall confirm to Lessor in writingthat:

(c) the Relevant Notification can be complied with having regard to theLessee’s maintenance programme (and for this purpose, Lesseeundertakes to use all reasonable endeavours to obtain any permittedextensions under the Lessee’s maintenance programme from theAviation Authority) and Lessee will comply with the RelevantNotification (a “Lessee Confirmation”); or

(d) the Relevant Notification cannot be complied with (having regard tothe considerations set out in [clause reference] above and includingdetails satisfactory to Lessor, acting reasonably, outlining why theRelevant Notification cannot be complied with).

1.4 Within ten (10) Business Days after receipt by Lessee of aRelevant Notification relating to an Engine, Landing Gear or APU, Lessorshall promptly provide Lessee with a substitute Engine, Landing Gear orAPU (as applicable) which has sufficient anticipated life remaining to ensureits ability to continue in service until the Expiry Date.

1.5 If Lessor provides a Relevant Notification to Lessee (and in thecase of the Airframe only, a Lessee Confirmation is provided to Lessor), thenLessor and Lessee shall, in good faith, discuss and agree any amendmentsto this Agreement required as a result of the Relevant Notification (including,but not limited to, any amendment to the Return Conditions and/or to theRedelivery Maintenance Payment Adjustments).

d. Chishima Real Estate Co., Ltd.

In respect of the Boeing 737-800 aircraft with manufacturer’s serial number 39928only:

i. Lease Period


ii. Deposit






For the avoidance of doubt, Lessor, Lessee and the Company agree that theamount of MRs and lessor MR contributions available to Lessee fordisbursement in respect of Maintenance Event Payments in accordance withthe Lease Documents shall be outlined in the definitive documentation. TheLessee shall be entitled to draw from the balance of MRs for disbursement inrespect of Maintenance Event Payments before being entitled to draw fromthe balance of lessor MR contributions. The Lessee’s right to draw uponeither the MRs or the lessor MR contributions shall be subject to the terms ofthe Existing Lease Agreements.





v. Supplemental Rent Reduction for Aircraft return to service

The Lessee and the Company hereby agree and acknowledge that theLessor has deducted amounts from the Airframe 8 Year Check fund for MSN39928 which were used, for the benefit of the Lessee, to return MSN 39928to revenue generating service.

The Lessee and the Company hereby agree and acknowledge that theAirframe 8 Year Check fund for MSN 39928 shall be reduced accordingly by$ 292,627.95.






1.2 Following receipt by Lessor of written notice from Lessee pursuantto clause [clause reference] above, Lessor may, in its sole discretion, notify



Lessee in writing that Lessee shall not perform such a Qualifying End ofLease Maintenance Event (a “Relevant Notification”).


(c) the Relevant Notification can be complied with having regard to theLessee’s maintenance programme (and for this purpose, Lesseeundertakes to use all reasonable endeavours to obtain any permittedextensions under the Lessee’s maintenance programme from theAviation Authority) and Lessee will comply with the RelevantNotification (a “Lessee Confirmation”); or

(d) the Relevant Notification cannot be complied with (having regard tothe considerations set out in [clause reference] above and includingdetails satisfactory to Lessor, acting reasonably, outlining why theRelevant Notification cannot be complied with).



e. Global Aviation Equipment Leasing I Ireland Limited

In respect of the Airbus A320-200 aircraft with manufacturer’s serial number 5556only:

i. Lease Period


ii. Deposit




(a) [Notwithstanding the foregoing, to the extent that (a) any amount of suchMRs cannot otherwise be applied against any outstanding obligation



that accrued prior to December 9, 2021, in accordance with theterms of the relevant Existing Lease Agreement and/or (b) theaggregate amount of rent that would have been due and payablepursuant to the terms of the relevant Existing Lease Agreement forthe period from December 9, 2021, to May 31, 2022, (both inclusive)(the "Relevant Period") exceeds the actual PBH Amount receivedfor the Relevant Period, an amount of such MR equal to suchoutstanding obligation or such excess, as the case may be (the"Reclassified Amount"), shall be applied against such outstandingobligation or such excess, as the case may be. Notwithstanding theforegoing, an amount equal to such Reclassified Amount shallconstitute lessor MR contributions for the purposes of the relevantGo Forward Fleet Lease. For the avoidance of doubt, all MRs not soreclassified shall be carried forward as set forth in the precedingparagraph above. The Reclassified Amount shall be $[x].]

(a) (b) For the avoidance of doubt, Lessor, Lessee and the Companyagree that the amount of MRs and lessor MR contributions availableto Lessee for disbursement in respect of Maintenance EventPayments in accordance with the Lease Documents shall be outlinedin the definitive documentation. The Lessee shall be entitled to drawfrom the balance of MRs for disbursement in respect of MaintenanceEvent Payments before being entitled to draw from the balance oflessor MR contributions. The Lessee’s right to draw upon either theMRs or the lessor MR contributions shall be subject to the terms ofthe Existing Lease Agreements.





v. Guarantee

The Company shall enter into a deed of guarantee confirmation in favour ofthe Lessor pursuant to which the Company acknowledges and reaffirms itsundertakings as guarantor with regards to the Lessee’s obligations under theexisting Lease Agreements (as amended by the Go Forward Fleet Leases)simultaneously with the execution of the Go Forward Fleet Leases.








1.2 Following receipt by Lessor of written notice from Lessee pursuantto clause [clause reference] above, Lessor may, in its sole discretion, notifyLessee in writing that Lessee shall not perform such a Qualifying End ofLease Maintenance Event (a “Relevant Notification”).


(a) the Relevant Notification can be complied with having regard to theLessee’s maintenance programme (and for this purpose, Lesseeundertakes to use all reasonable endeavours to obtain any permittedextensions under the Lessee’s maintenance programme from theAviation Authority) and Lessee will comply with the RelevantNotification (a “Lessee Confirmation”); or

(b) the Relevant Notification cannot be complied with (having regard tothe considerations set out in [clause reference] above and includingdetails satisfactory to Lessor, acting reasonably, outlining why theRelevant Notification cannot be complied with).



f. ITOCHU Corporation

i. The Company and ITOCHU Corporation entered into a letter of intent dated14 April 2022 in respect of Aircraft with MSNs 38069 and 38070 (the“Relevant Aircraft”).

ii. Pursuant to the Composition Plan the Relevant Aircraft shall be subject tothe Go Forward Fleet Lease (as if the Existing Lease Agreement wereterminated (unless it expired or has been otherwise terminated) and a newlease agreement on substantially the same terms as the Existing LeaseAgreement (as amended pursuant to the Composition Plan and as set outbelow) between Garuda Indonesia Holiday France S.A.S. or another specialpurpose vehicle established in a jurisdiction with a favourable double taxationtreaty with Indonesia (the “Lessor”) and the Company were entered into,each as of the Homologation Date). The aircraft owner IC AirLease One



Limited (the “Head Lessor”) shall replace the existing head lessor for thepurposes of the Go Forward Fleet Lease.

iii. The Company agreed to guarantee the obligations of Garuda IndonesiaHoliday France S.A.S. as head lessee under the Go Forward Fleet Lease inrespect of the Relevant Aircraft in favour of the Head Lessor pursuant to theDeed of Confirmation.

iv. Garuda Indonesia Holiday France S.A.S.The Lessor will assign its rightsunder the Go Forward Fleet Lease in favour of the Head Lessor as securityfor its obligations under the head lease agreement.

v. [The lease term shall be for a period of 6 years from the Homologation Date.][This could be indicated in the election notice instead.]

vi. The Head Lessor will have the option, at its sole discretion, to waive anyrequirement(s) of the redelivery conditions under the Go Forward FleetLease by providing a written notice to the Company not later than by the datefalling twelve (12) months prior to the scheduled expiry date (a “WaiverNotice”). Upon receipt of a Waiver Notice, the Company shall be obliged notto perform any such specific maintenance as is indicated in the WaiverNotice (and the specific maintenance indicated in the Waiver Notice shallcease to be a requirement for compliance with the redelivery conditions ofthe Aircraft under the Go Forward Fleet Lease).

If the item of maintenance waived by the Head Lessor in the Waiver Notice is notsubject to the reimbursement of maintenance reserves and unless agreedotherwise by the Head Lessor in its full discretion in the relevant WaiverNotice, then the Company shall pay to Garuda Indonesia Holiday FranceS.A.S.the Lessor (and it, in turn, shall pay to the Head Lessor) the cost thatwould have been incurred by the Company in case the Company had donesuch maintenance for the purposes of redelivery. Such cost shall bedetermined by the average of two (2) quotes obtained from an independentmaintenance facility which is not an affiliate of the Company or the HeadLessor, one chosen by the Company and one chosen by the Head Lessor.

vii. The Company shall carry out each relevant maintenance event (in respect ofwhich maintenance reserves are payable) at least once during the term ofthe Go Forward Fleet Lease, except for the calendar driven items which maynot fall due during the term of the Go Forward Fleet Lease in respect of theRelevant Aircraft.

viii. The Security Deposit may be provided by the Company in the form of eitherstandby letter of credit (in form and substance satisfactory to the Lessor) orcash.

ix. The aggregate amount of maintenance reserves accumulated under theExisting Lease Agreement as at 9 December 2021 and which shall becarried forward and be available for reimbursement under the Go ForwardFleet Lease shall be USD 5,461,329.06 for MSN 38069 and USD5,580,911.24 for MSN 38070 (in each case the “Carried Forward SR”).　

x. Maintenance reserves (including Carried Forward SR) held by the HeadLessor under the terms of the Go Forward Fleet Lease may be appliedagainst the amount of any unpaid rent (or any other outstanding liability ofthe Company) due and payable under the Go Forward Fleet Lease after theHomologation Date.



xi. Any other terms of the letter of intent dated 14 April 2022 between theCompany and ITOCHU Corporation with respect to the leasing of the Aircraftthat are ancillary and in addition to the terms of the Override Lease Termsand which would not reasonably be considered materially more favorable tothe Head Lessor than the other Aircraft Lessors in respect of the same typeof aircraft as the Relevant Aircraft subject to the Go Forward Fleet Lease willbe included in the Go Forward Fleet Lease in respect of the RelevantAircraft.

xii. The parties will enter into bilateral definitive documents setting out thesearrangements within 45 Business Days following the Homologation Date(unless a longer period is agreed by the Head Lessor).

1.2 Aircraft Lessor Maintenance Agreements

The Company is entering into certain maintenance agreements with regard to maintenance ofspecific Aircraft and Engines with certain Aircraft Lessors and Spare Engine Lessors onterms to be agreed.

1.3 Subsidiary Liabilities

With the exception of the Existing Lease Agreements to which GIHF and PT Citilink Indonesia are aparty, the Composition Plan does not directly provide for a restructuring of the debt of theCompany’s subsidiaries. However, the Company have proactively engaged with materialcreditors of PT Citilink Indonesia and GMF AeroAsia, to seek a consensual restructuring onterms to be agreed. Such discussions are ongoing and any consensual restructuring shall beeffected post Homologation Date. The Company shall otherwise cause GIHF and Citilink tosupport the Company’s debt restructuring by reasonably cooperating with the Company toimplement the terms of this Composition Plan, including following the Homologation Date.

1.4 KIK EBA

Given its structure, obligations under the Garuda KIK EBA will be restructured outside of the PKPUon terms no worse than the terms of the attached Term Sheet which has been approved bythe meeting of KIK EBA holders on 13 June 2022.




PT Mandiri Manajemen Investasi and PT Bank Maybank IndonesiaTbk, each acting as investment manager and as custodian bankrespectively on behalf of the KIK EBA holders

Garuda ("Company”)

SCHEDULE TO DISCLOSURE

PT GARUDA INDONESIA (PERSERO) TBK

Existing Agreements 1. Deed of Securities Issuance Agreement of Rights over PTGaruda Indonesia (Persero) Tbk’s Jeddah and MadinahRoute Ticket Sales Revenue (Akta Perjanjian PenerbitanSurat Berharga Hak Atas Pendapatan Penjualan Tiket RutePenerbangan Jeddah dan Madinah PT Garuda Indonesia(Persero) Tbk) No. 62 dated 28 June 2018 (as may beamended from time to time) ("Issuance Agreement”);

2. Deed of Asset Backed Securities Collective InvestmentContract Mandiri GIAA01 - Cash from Ticket Sales Revenue(Akta Kontrak Investasi Kolektif Efek Beragun Aset MandiriGIAA01 – Surat Berharga Hak Atas Pendapatan PenjualanTiket) No. 04 dated 3 May 2018; and (as may be amendedfrom time to time) ("KIK EBA Agreement”); and

3. Deed of Appointment and Collection Agreement of PTGaruda Indonesia (Persero) Tbk’s Jeddah and MadinahRoute Ticket Sales Revenue (Akta Perjanjian Penunjukandan Pengumpulan Pendapatan Penjualan Tiket RutePenerbangan Jeddah dan Madinah PT Garuda Indonesia(Persero) Tbk) No. 63 dated 28 June 2018 (as may beamended from time to time) ("Collection Agreement”).

TRANSFER TERMS (KIK EBA)] TERM SHEET6641

This summary of terms and conditions (the “Term Sheet”) of a new transfer terms of SecuritiesCertificate of Rights over PT Garuda Indonesia (Persero)_Tbk’s Jeddah and Madinah Route TicketSales Revenue No. 0001 dated 28 July 2019 issued by PT Garuda Indonesia (Persero) Tbk (the“Company” or “Garuda”) pursuant to the Issuance Agreement to the Subscribers, acting on behalfof the KIK EBA holders pursuant to the KIK EBA Agreement is preliminary terms and conditions and isintended for discussion purposes only. All terms remain subject to negotiation with allstakeholders and no terms should be considered final pending ongoing negotiation. Notethe footnote as well.

This term sheet is addressed to the EBA holders and the investment manager and the custodianbank (“KIK EBA Party”) for discussion purposes, to enable the KIK EBA Party to amend the KIK EBAAgreement and any other relevant agreement in accordance with the terms set out herein.

Collection Agent

Financial Assets Securities of Rights over PT Garuda Indonesia (Persero)_Tbk’sJeddah and Madinah Route Ticket Sales Revenue (Surat BerhargaHak Atas Pendapatan Penjualan Tiket PT Garuda Indonesia(Persero) Tbk Atas Rute Penerbangan Jeddah dan Madinah) in theamount of IDR2,615 trillion

The Company

Amount to be Restructured A total of IDR [1,235,433,261,090] which comprises remaining

Issuer

Subscribers

6641 Note: The KIK EBA term sheet used, voted upon and agreed in the KIK EBA holders meeting was in Indonesian languageonly. The english version of the KIK EBA term sheet appended herein is prepared only as a reference.



future ticket sales revenue from the Jeddah and Madinah route thatneeds to be transferred pursuant to the Existing Agreements,restructuring costs, custodian bank fees, OJK fees and tax.

Ticket Sales RevenueAccount

Account Number: 1144-01-000929-30-0

Account Holder: PT Mandiri Manajemen Investasi qq PTGaruda Indonesia

Bank Name: PT Bank Rakyat Indonesia(Persero) Tbk

Branch: BRI Cabang Bandara SoekarnoHatta

For the avoidance of doubt, any funds that have been transferred tothe Ticket Sales Revenue Account shall not form part of theCompany’s assets or bankruptcy estate.

Transfer Terms

Other Amounts

Starting from the Effective Date, the Company shall ensure anyticket sales revenues from the Jeddah and Madinah route (“TicketSales”) up to, in aggregate, the Amount to be Restructuredactually collected by the Company are transferred by it to theTicket Sales Revenue Account (and the Collection Agent shallcollect and distribute such amounts as per below) on a semesterbasis in accordance with Schedule 1. For the avoidance of doubt,the Company’s obligation is limited to, on a semester basis, setaside the Ticket Sales up to the semester basis amount stipulatedin Schedule 1 and in aggregate not exceeding the Amount to beRestructured and the Collection Agent’s obligation is limited tocollecting such amounts and transferring such amounts to theTicket Sales Revenue Account.

Any excess amounts from the semester basis Ticket Sales shallbe the rights of the Company and the Company shall be free touse such excess amounts without any restriction from theSubscriber.

If amount collected from the Ticket Sales in any semester is lessthan the semester basis amount required to be transferred aslisted in Schedule 1:

1. the Company shall not be responsible for such shortfall;

2. such shortfall shall rolled over into the subsequent semester;

3. if there remains any shortfall by the Maturity Date, there is noobligation of the Company or the Collection Agent to coversuch shortfall;

4. However, if from the period starting from the Effective Dateup to the Maturity Date the Company has generated TicketSales revenue up to the outstanding Amount to BeRestructured as at the Maturity Date, the Company shall befully responsible to transfer any shortfall.

Any default interest, penalties, cost, expenses, and any otheramounts accrued up to the Effective Date shall be waived.



Effective Date The date when all Conditions Precedent set out above have beenfulfilled.

If there is any shortfall due to bad faith from the Collection Agentand/or the Company which shall be evidenced by a final andbinding court decision, the Collection Agent and/or the Companyshall be liable to cover such shortfall.

If there is sufficient ticket sales revenue in any semester and theCollection Agent fails to forward such ticket sales revenue to theTicket Sales Revenue Account by the time stipulated in Schedule1, the Collection Agent shall be liable to pay a penalty of 9.75% perannum over the unpaid amount.

Supersedes any previousarrangements

Maturity Date

The terms set out in the Definitive Documents shall be binding andsupersede any and all agreements entered into between theCompany, the Collection Agent and the Subscriber.

The date falling 10 years after the Effective Date

Release On the Effective Date, the Subscriber releases Garuda from anyliability arising from any default which occurred prior to the EffectiveDate and the Subscribers release its rights to pursue any legalaction and any form of remedy in relation to such default.

Waivers & Amendments

Conditions Precedent toeffectiveness the NewTransfer Terms

The terms under this Definitive Documents in relation to this TermSheet may be amended following the Effective Date with theapproval of the Company and KIK EBA (as applicable)

Sinking Fund

1. The EBA holder, through the general meeting of EBA holder,has agreed to amend KIK EBA Agreement, IssuanceAgreement and the Collection Agreement (any other relevantagreements) in accordance with the terms set out herein;

2. The execution of the following documents (“DefinitiveDocuments”):

a. the amended KIK EBA Agreement;

b. the amended Issuance Agreement; and

c. the amended Collection agreement.

Disclosure to the othercreditors

The Subscriber acknowledges that the Company is currentlyundergoing a suspension of debt payment obligation (proses

Starting from the date of each Ticket Sales transfer date until thenext Ticket Sales transfer date, the Company will, over time,attempt to deposit into the Ticket Sales Revenue Account (asdefined above) a sum of money up to the amount to betransferred on the Company's next Ticket Sales transfer date. (asrelevant). On the date of the following transfer of the Company'sTicket Sales, the amount deposited in the Ticket Sales RevenueAccount will be used to fulfill the obligation to transfer the TicketSales on the date of transfer of the Ticket Sales.

For the avoidance of doubt, in the event that the amount depositeddoes not reach the amount to be transferred on the next transferdate of the Company's Ticket Sales, this is not a default from theCompany.



-

67.948.829.360 135.897.658.720

penundaan kewajiban pembayaran utang /PKPU) proceeding inthe Commercial Court of Central Jakarta with all of its creditors.

The Company and the Subscriber agree and acknowledge that theCompany may disclose to its creditors that the Company is in theprocess of negotiating and agreeing with the Subscriber amendedterms of the Existing Agreements in accordance with this TermSheet. This Term Sheet and the terms contained herein may bedisclosed in any document, proceeding, or meeting in relation tothe PKPU proceeding.

2027

2023

74.125.995.665

Year

74.125.995.665

-

148.251.991.331

-

2028

FirstSemi-Annual Payment (Jan-Jul)

74.125.995.665

-

74.125.995.665 148.251.991.331

SecondSemi-Annual Payment

(Jul-Dec)

2029

2024

74.125.995.665 74.125.995.665

24.708.665.222

148.251.991.331

Total Payment

24.708.665.222

2030


74.125.995.665

49.417.330.444

74.125.995.665 148.251.991.331

2031

2025

74.125.995.665

2022

74.125.995.665

30.885.831.527

148.251.991.331

Refers to the jurisdiction and governing law under the ExistingAgreements.

30.885.831.527

2032

-

247.086.652.218

61.771.663.055

- 247.086.652.218

-

Total

2026

1.235.433.261.090

Schedule 1

In Full Rupiah

67.948.829.360


Annex K.Form of Deed of Undertaking with Respect to English Law Governed Leases

(A) GIHF Form of Deed of Undertaking with Respect to English Law Governed Leases

To: PT Garuda Indonesia (Persero) Tbk. (the “Company”)

Each of the lessors under the Existing Lease Agreements (as defined below)

From: Garuda Indonesia Holiday France S.A.S (the “Undertaking Party”)

[To be added once finalizedDate: [•], 2022

Deed of Undertaking

1. We refer to the ongoing discussions between the Company and its creditors, includinglessors of certain Aircraft, with respect to the terms of the comprehensive restructuring of theCompany’s indebtedness (the “Restructuring”). The Restructuring is being implementedthrough the ongoing debt suspension payment obligation (penundaan kewajiban pembayaranutang), an in-court Indonesian proceeding (the “PKPU”).

2. As part of the Restructuring, the Company will be entering into, among other documentation,(i) amendments to the terms of the Existing Lease Agreements (as defined below) pursuantto the terms of certain go-forward leases (the “Go-Forward Fleet Leases”) set forth in theplan setting out the restructuring terms and conditions prepared and proposed by theCompany to its creditors for the purpose of voting in the PKPU creditors’ meeting to be heldat the Commercial Court at Central Jakarta District Court on [16 June] 2022 (the“Composition Plan”); or (ii) with respect to Aircraft that do not form part of the go-forwardfleet as contemplated in the Composition Plan, alternative lease agreements (“AlternativeLease Agreements”).

3. The Undertaking Party is the Lessee under each lease agreement as set out in Schedule A(Existing Lease Agreements) including all agreements ancillary to such lease agreement(including its supplements, amendments, or restatements from time to time) (each an“Existing Lease Agreement” and collectively, the “Existing Lease Agreements”).

4. For good and valuable consideration, the receipt and sufficiency of which by the UndertakingParty is hereby confirmed, the Undertaking Party hereby irrevocably undertakes in favour ofthe Company and each of the lessors under the Existing Lease Agreements, to be bound bythe Composition Plan in such a form as may be sanctioned by the Court, and, following theHomologation Date (as defined below), to do all such acts or things as may be necessary ordesirable to be executed or done to support the Restructuring as a whole, includingimplementing the terms of and giving effect to the Composition Plan.

5. For good and valuable consideration, the receipt and sufficiency of which by the UndertakingParty is hereby confirmed, the Undertaking Party hereby irrevocably undertakes in favour ofthe Company and each of the lessors under the Existing Lease Agreements, to duly executethe Go-Forward Fleet Leases and Alternative Lease Agreements to which it is a party, asapplicable.

6. For good and valuable consideration, the receipt and sufficiency of which by the UndertakingParty is hereby confirmed, the Undertaking Party further irrevocably undertakes in favour ofthe Company and each of the lessors under the Existing Lease Agreements, with respect toeach Existing Lease Agreement, as of the date on which the Composition Plan ishomologated or ratified by the panel of judges on the Case No.425/Pdt.Sus-PKPU/2021/PN.Niaga.Jkt.Pst at the Commercial Court at the Central Jakarta



District Court and becomes final and binding (the "Homologation Date"), that it shall take allnecessary steps to implement any changes required to any Existing Lease Agreement underthe terms of the Composition Plan, and shall be bound by the terms of the Go-Forward FleetLeases and Alternative Lease Agreements to which it is a party, as applicable. If requestedby any lessor under the Existing Lease Agreement, the Company shall enter into amendmentagreements with such lessor, documenting the terms of the Go-Forward Fleet Leases orAlternative Lease Agreements within [●] days from the Homologation Date.

7. The Undertaking Party represents and warrants to the Company and each of the lessorsunder the Existing Lease Agreements that the following statements are now and on theHomologation Date will be, true and accurate:

a. the Undertaking Party is a private company limited by shares incorporated under thelaws of its jurisdiction of incorporation and has the power to enter into and implementthe transactions contemplated by this Deed;

b. the execution, delivery and performance of this Deed have been duly authorized byall necessary corporate action on the part of the Undertaking Party;

c. this Deed constitute legal, valid and binding obligations of the Undertaking Partyexcept as may be limited by applicable bankruptcy, examinership, insolvency,reorganisation, moratorium or other similar laws affecting creditors’ rights generallyor by principles of equity;

d. each consent required by the Undertaking Party to authorise, or required by it inconnection with the execution, delivery, performance, legality, validity orenforceability of this Deed has been obtained and is in full force and effect;

e. the execution, delivery and performance by the Undertaking Party of this Deed willnot (i) conflict with any agreement or instrument binding upon it or (ii) contravene orconflict with the provisions of its constitutive documents;

f. to the best of its knowledge, no liquidator, examiner, receiver or similar officer hasbeen appointed in respect of all or any part of the assets of the Undertaking Party norhas any application been made to a court which is still pending for an order for, orany act, matter or thing been done which with the giving of notice, lapse of time orsatisfaction of some other condition (or any combination thereof) will lead to, theappointment of any such officer or equivalent in any jurisdiction; and

g. to the best of its knowledge, no litigation, arbitration or claim before any court,arbitrator, governmental or administrative agency or authority which if adverselydetermined would reasonably likely have a material adverse effect on the ability ofthe Undertaking Party to observe or perform its obligations under this Agreement orany other Transaction Document is in progress.

8. This Deed shall be a "Lease Document", "Operative Document", "Transaction Document" orsuch other equivalent term as is used in the relevant Existing Lease Agreement, Go ForwardFleet Lease or Alternative Lease Agreement (as applicable), for the purposes of suchExisting Lease Agreement, Go Forward Fleet Lease or Alternative Lease Agreement (asapplicable).

9. This Deed can be disclosed to any person in connection with the PKPU.

10. This Deed and any non-contractual obligations arising out of or in connection with it aregoverned by and shall be construed in accordance with English law.

This Deed has been entered into and delivered as a deed on the date stated at the beginningof this Deed. Notwithstanding this, this Deed is effective as of the Homologation Date.



Executed and delivered as a deed poll for and on behalf of

GARUDA INDONESIA HOLIDAY FRANCE S.A.S

by:

__________________________

Name: __________________________

Title: __________________________

in the presence of:

__________________________

Name: __________________________

Address: __________________________

__________________________

Occupation: __________________________




39954

Aircraft Lease Agreement Between Avolon Aerospace(Ireland) AOE 42 Ltd and Garuda Indonesia HolidayFrance S.A.S On 14 June 2014 (as amended, novated,modified or supplemented from time to time)


Lessor

Aircraft Lease Agreement Between SMBC AviationCapital Limited and Garuda Indonesia Holiday FranceS.A.S. Dated 24 October 2014 (as amended, novated,modified or supplemented from time to time);

SCHEDULE A to the GIHF Form of Deed of Undertaking with Respect to English Law GovernedLeases

Existing Lease Agreements

B737-800 Aircraft

39955

39936


Lease Agreement



36805



Aircraft Specific Lease Agreement, dated 14 June2014, between Celestial Aviation Trading 62 Limitedand Garuda Indonesia Holiday France S.A.S.(incorporating the Common Terms Agreement, dated14 June 2014, between GE Capital Aviation ServicesLimited and Garuda Indonesia Holiday France S.A.S.)(as amended, novated, modified or supplemented fromtime to time)

37885

39939


36830

Aircraft Specific Lease Agreement, dated 14 June2014, between Celestial Aviation Trading 57 Limitedand Garuda Indonesia Holiday France S.A.S.(incorporating the Common Terms Agreement, dated14 June 2014, between GE Capital Aviation ServicesLimited and Garuda Indonesia Holiday France S.A.S.(as amended, novated, modified or supplemented fromtime to time)


MSN

30148


K Aviation LeasingCorporation 1ADesignated ActivityCompany

Avolon Aerospace(Ireland) AOE 42 Ltd

Aircraft Lease Agreement Between InishbrophyLeasing Limited and Garuda Indonesia Holiday FranceS.A.S. Dated 26 December 2018 (as amended,novated, modified or supplemented from time to timeincluding pursuant to the aircraft lease novationagreement dated 17 December 2019 betweenInishbrophy Leasing Limited, Garuda IndonesiaHoliday France S.A.S. and K Aviation LeasingCorporation 1A DAC)





Aircraft Lease Agreement Between SMBC AviationCapital Limited and Garuda Indonesia Holiday FranceS.A.S. Dated 24 October 2014 (as amended, novated,modified or supplemented from time to time, includingthe Aircraft Lease Novation and Amendment Deeddated 31 October 2014 between SMBC AviationCapital Limited as existing lessor, Garuda IndonesiaHoliday France S.A.S as lessee and Chishima RealEstate Co., Ltd. as new lessor)

A320-200 Aircraft

Aircraft Lease Agreement Between KornerstoneAirlease No. 1 Limited and Garuda Indonesia HolidayFrance S.A.S On 09 October 2014 (as amended,novated, modified or supplemented from time to time)

MSN Lessor Lease Agreement

38040

39929

6118Sky High XXXI LeasingCompany Limited

Sensyo & Co. Ltd.

Aircraft Lease Agreement Between Sky High XXXILeasing Company Limited and Garuda IndonesiaHoliday France S.A.S Dated 02 May 2014 (asamended, novated, modified or supplemented fromtime to time)


Aircraft Lease Agreement Between Sensyo, Co & Ltdand Garuda Indonesia Holiday France S.A.S On 24October 2014 (as amended, novated, modified orsupplemented from time to time)



Aircraft Lease Agreement Between KornerstoneAirlease No. 1 Limited and Garuda Indonesia HolidayFrance S.A.S On 14 June 2014 (as amended, novated,modified or supplemented from time to time)

39920




Aircraft Lease Agreement Between Chishima RealEstate Co., Ltd. and Garuda Indonesia Holiday FranceS.A.S. Dated 22 July 2010 (as amended, novated,modified or supplemented from time to time, includingthe Aircraft Lease Novation and AmendmentAgreement dated 28 November 2014 between FuyoAviation France II SARL as existing lessor, PT GarudaIndonesia (Persero) Tbk as existing lessee, GarudaIndonesia Holiday France S.A.S as new lessee andChishima Real Estate Co., Ltd as new lessor)

6270Sky High XXXIII LeasingCompany Limited

Aircraft Lease Agreement Between Sky High XXXIIILeasing Company Limited and Garuda IndonesiaHoliday France S.A.S Dated 02 May 2014 (asamended, novated, modified or supplemented fromtime to time)

41270

39928




Aircraft Lease Agreement Between Sky High LXLeasing Company Limited and Garuda IndonesiaHoliday France S.A.S Dated 07 November 2016 (asamended, novated, modified or supplemented fromtime to time)


7221

7620Sky High LXI LeasingCompany Limited


Aircraft Lease Agreement Between Sky High LXILeasing Company Limited and Garuda IndonesiaHoliday France S.A.S Dated 08 November 2016 (asamended, novated, modified or supplemented fromtime to time)

Aircraft Lease Agreement Between Sky High LIXLeasing Company Limited and Garuda IndonesiaHoliday France S.A.S Dated 28 June 2016 (asamended, novated, modified or supplemented fromtime to time)

5511

6333



6408

7297

5556

Global AviationEquipment Leasing IIreland Limited


Aircraft Lease Agreement Between SMBC AviationCapital Limited and Garuda Indonesia Holiday FranceS.A.S. Dated 24 October 2014 (as amended, novated,modified or supplemented from time to time, includingthe Aircraft Lease Novation and AmendmentAgreement dated 21 January 2020 between SMBCAviation Capital Limited as existing lessor, GarudaIndonesia Holiday France S.A.S. as lessee andGlobal Aviation Equipment Leasing I Ireland Limitedas new lessor)

Sky High XXXIII LeasingCompany Limited

Aircraft Lease Agreement Between Sky High LXLeasing Company Limited and Garuda IndonesiaHoliday France S.A.S Dated 23 September 2016 (asamended, novated, modified or supplemented fromtime to time)

5560



Aircraft Specific Lease Agreement dated 14 June2014 (incorporating the terms of the Aircraft LeaseCommon Terms Agreement dated 14 June 2014 (the"CTA") between GE Capital Aviation Services Limitedand Garuda Indonesia Holiday France S.A.S.)between Celestial Aviation Trading 71 Limited andGaruda Indonesia Holiday France S.A.S. (asamended and novated pursuant to the Aircraft LeaseNovation and Amendment Deed dated 12 December2014 between Celestial Aviation Trading 71 Limitedas existing lessor, Garuda Indonesia Holiday FranceS.A.S. as lessee and SMBC Aviation Capital Limitedas new lessor, and as further amended,supplemented, novated, assigned and/or restated


7453



from time to time)

5830

6322ACG Acquisition IrelandIII Limited


Aircraft Lease Agreement between ACG AircraftLeasing Ireland Limited (formerly known as ACGAcquisition Ireland III Limited) and Garuda IndonesiaHoliday France S.A.S. Dated 16 July 2014 (asamended, novated, modified or supplemented fromtime to time)

Aircraft Lease Agreement Between SMBC AviationCapital Limited and Garuda Indonesia Holiday FranceS.A.S. Dated 24 October 2014 (as amended, novated,modified or supplemented from time to time)

5351Stellar Aircraft Holding 2Limited

Aircraft Lease Agreement dated 24 October 2014between Stellar Aircraft Holding 2 Limited and GarudaIndonesia Holiday France S.A.S. (as amended,novated, modified or supplemented from time to time,including pursuant to the Aircraft Lease Novation andAmendment Agreement dated 9 February 2017between among others, Stellar Aircraft Holding 2Limited and Garuda Indonesia Holiday France S.A.S.)

5777

2598

6503 Nikko Kisen Co., Ltd

MACH 1A LeasingIreland Limited

Aircraft Lease Agreement Between Nikko Kisen Co.,Ltd and Garuda Indonesia Holiday France S.A.S.dated 26 November 2014 (as amended, novated,modified or supplemented from time to time)

Medical Tribune, Inc.

Aircraft Lease Agreement Between MACH 1A LeasingIreland Limited and Garuda Indonesia Holiday FranceS.A.S. Dated 13 September 2011 (as amended,novated, modified or supplemented from time to time)

5399CALC 30 - AIRCRAFTLIMITED


Aircraft Lease Agreement Between SMBC AviationCapital Limited and Garuda Indonesia Holiday FranceS.A.S. Dated 24 October 2014 (as amended, novated,modified or supplemented from time to time, includingthe Aircraft Lease Novation and Amendment Deeddated 17 October 2016 between SMBC AviationCapital Limited as existing lessor, Garuda IndonesiaHoliday France S.A.S. as lessee, Sakurajyuji Inc. asnew representative lessor and Sakurajyuji Inc., TomoCo., Ltd. and Saishunkan Pharmaceutical Co., Ltd. asnew lessors (the "Previous Lessors") and as furthernovated and amended by the Aircraft Lease Novationand Amendment Deed dated 22 May 2020 betweenthe Previous Lessors as existing lessors, GarudaIndonesia Holiday France S.A.S. as lessee andMedical Tribune, Inc. as new lessor)

6207

7091 Jin Shan 9 IrelandCompany Limited

ACG Acquisition IrelandIII Limited

Aircraft Lease Agreement Between Jin Shan 9 IrelandCompany Limited and Garuda Indonesia Holiday

Aircraft Lease Agreement Between between ACGAircraft Leasing Ireland Limited (formerly known asACG Acquisition Ireland III Limited) and GarudaIndonesia Holiday France S.A.S. Dated 16 July 2014(as amended, novated, modified or supplementedfrom time to time)




Jin Shan 9 IrelandCompany Limited

Aircraft Lease Agreement between JSA InternationalU.S. Holdings, LLC (as lessor) and Garuda IndonesiaHoliday France S.A.S. (as lessee) dated 2 September2015 (as amended, novated, modified orsupplemented from time to time) concerning one (1)A320-200 aircraft bearing MSN 6980

Aircraft Lease Agreement Between Jin Shan 9 IrelandCompany Limited and Garuda Indonesia HolidayFrance S.A.S. Dated 18 May 2016 (as amended,novated, modified or supplemented from time to time)

5571Alafco Irish AircraftLeasing Nine Limited

Aircraft Lease Agreement Between Alafco IrishAircraft Leasing Nine Limited and Garuda IndonesiaHoliday France S.A.S. Dated 14 June 2014 (asamended, novated, modified or supplemented fromtime to time)

7319

7469

5574Alafco Irish AircraftLeasing Ten Limited


Aircraft Lease Agreement Between Alafco IrishAircraft Leasing Ten Limited and Garuda IndonesiaHoliday France S.A.S. Dated 14 June 2014 (asamended, novated, modified or supplemented fromtime to time)



5597Alafco Irish AircraftLeasing Eleven Limited

Aircraft Lease Agreement Between Alafco IrishAircraft Leasing Evelen Limited and Garuda IndonesiaHoliday France S.A.S. Dated 14 June 2014 (asamended, novated, modified or supplemented fromtime to time)


6753

6434Infinity Aircraft HoldingsIreland Limited


Aircraft Lease Agreement Between Infinity AircraftHoldings Ireland Limited and Garuda IndonesiaHoliday France S.A.S. Dated 26 November 2014 (asamended, novated, modified or supplemented fromtime to time)

Aircraft Lease Agreement between JSA InternationalU.S. Holdings, LLC (as lessor) and Garuda IndonesiaHoliday France S.A.S. (as lessee) dated 2 September2015 (as amended, novated, modified orsupplemented from time to time) concerning one (1)A320-200 aircraft bearing MSN 6753

6596

France S.A.S. Dated 18 May 2016 (as amended,novated, modified or supplemented from time to time)

Infinity Aircraft HoldingsIreland Limited


7450

6980



Aircraft Lease Agreement Between Sky High XCIILeasing Company Limited and Garuda IndonesiaHoliday France S.A.S Dated 04 December 2019 (asamended, novated, modified or supplemented fromtime to time)

7466

8303

Avolon Aerospace AOE137 Limited

MSN

Aircraft Lease Agreement Between Avolon AerospaceAOE 137 Limited and Garuda Indonesia HolidayFrance S.A.S Dated 22 December 2016 (as amended,novated, modified or supplemented from time to time)

Sky High LXXXIXLeasing CompanyLimited

7505

Aircraft Lease Agreement Between Sky High LXXXIXLeasing Company Limited and Garuda IndonesiaHoliday France S.A.S Dated 23 July 2018 (asamended, novated, modified or supplemented fromtime to time)


Lessor


7587

8156


Lease Agreement



7603

Aircraft Lease Agreement Between Sky High LXXXIXLeasing Company Limited and Garuda IndonesiaHoliday France S.A.S Dated 23 August 2018 (asamended, novated, modified or supplemented fromtime to time)

SAF Leasing II (AOE 3)Ltd

Aircraft Lease Agreement Between SAF Leasing II(AOE 3) Ltd and Garuda Indonesia Holiday FranceS.A.S Dated 22 December 2016 (as amended,novated, modified or supplemented from time to time)

7834

9280

Oriental Leasing 31Company Limited

8265

Aircraft Lease Agreement Between Oriental Leasing31 Company Limited and Garuda Indonesia HolidayFrance S.A.S. Dated 00 January 1900 (as amended,novated, modified or supplemented from time to time)


A330-300 AircraftMSN

Aircraft Lease Agreement Between Sky High XCIILeasing Company Limited and Garuda IndonesiaHoliday France S.A.S Dated 22 October 2019 (asamended, novated, modified or supplemented fromtime to time)

Lessor


Lease Agreement

A320-200NEO Aircraft

1548

9275


Aircraft Lease Agreement Between Sky High LXXXIXLeasing Company Limited and Garuda IndonesiaHoliday France S.A.S Dated 28 June 2018 (asamended, novated, modified or supplemented fromtime to time)

Aircraft Lease Agreement Between Avolon AerospaceAOE 86 Limited and Garuda Indonesia Holiday




1560

1723

1698ORIX Aviation SystemsLimited


Aircraft Lease Agreement Between ORIX AviationSystems Limited and Garuda Indonesia HolidayFrance S.A.S On 28 January 2016 (as amended,novated, modified or supplemented from time to time)




Aircraft Lease Agreement Between ORIX AviationSystems Limited and Garuda Indonesia HolidayFrance S.A.S On 23 March 2016 (as amended,novated, modified or supplemented from time to time)

Aircraft Lease Agreement Between Avolon AerospaceAOE 87 Limited and Garuda Indonesia HolidayFrance S.A.S Dated 25 July 2014 (as amended,novated, modified or supplemented from time to time)

1733

1577JSA International U.S.Holdings, LLC


Aircraft Lease Agreement between JSA InternationalU.S. Holdings, LLC (as lessor) and Garuda IndonesiaHoliday France S.A.S. (as lessee) dated 25 July 2014(as amended, novated, modified or supplementedfrom time to time) concerning one (1) A330-300aircraft bearing MSN 1577

A330-900 Aircraft


MSN

France S.A.S Dated 25 July 2014 (as amended,novated, modified or supplemented from time to time)

Lessor Lease Agreement

1671

1585

1887Avolon Leasing Ireland 3Limited

ORIX Aviation SystemsLimited

Aircraft Lease Agreement Between Avolon LeasingIreland 3 Limited and Garuda Indonesia HolidayFrance S.A.S Dated 19 November 2019 (asamended, novated, modified or supplemented fromtime to time)


Aircraft Lease Agreement Between ORIX AviationSystems Limited and Garuda Indonesia HolidayFrance S.A.S On 25 July 2014 (as amended, novated,modified or supplemented from time to time)



Aircraft Lease Agreement Between HKAC Leasing1671 (Ireland) Limited and Garuda Indonesia HolidayFrance S.A.S Dated 28 July 2015 (as amended,novated, modified or supplemented from time to time)

1654

1947 Wilmington Trust SPServices (Dublin) Limited(not in its individual


Aircraft Lease Agreement Between WilmingtonTrust SP Services (Dublin) Limited (not in itsindividual capacity but solely as owner trustee) and




1398Nordic Aviation LeasingTwenty Two Pte. Ltd

ATR Aircraft

Aircraft Lease Agreement Between Nordic AviationLeasing Twenty Two Pte. Ltd. and PT GarudaIndonesia Persero TBk On 26 November 2014 (asamended, novated, modified or supplemented fromtime to time)

1948

1340

MSN

Nordic Aviation LeasingTwenty One Pte Ltd

Aircraft Lease Agreement Between Nordic AviationLeasing Twenty One Pte Ltd and Garuda IndonesiaHoliday France S.A.S On 23 April 2019 (as amended,novated, modified or supplemented from time to time)

Lessor

Wilmington Trust SPServices (Dublin) Limited(not in its individualcapacity but solely asowner trustee

972

Lease Agreement


capacity but solely asowner trustee)

Aircraft Lease Agreement Between NAC Aviation 27Limited and Garuda Indonesia Holiday France S.A.SOn 19 November 2019 (as amended, novated,modified or supplemented from time to time)

Aircraft Lease Agreement Between WilmingtonTrust SP Services (Dublin) Limited and GarudaIndonesia Holiday France S.A.S (not in itsindividual capacity but solely as owner trustee) On12 November 2019 (as amended, novated,modified or supplemented from time to time)

988

1422



NAC Aviation 29Designated ActivityCompany

966

Aircraft Lease Agreement Between NAC Aviation 29DAC and Garuda Indonesia Holiday France S.A.S On16 July 2018 (as amended, novated, modified orsupplemented from time to time)


Garuda Indonesia Holiday France S.A.S On 12November 2019 (as amended, novated, modified orsupplemented from time to time)

Aircraft Lease Agreement Between NAC Aviation 29DAC and Garuda Indonesia Holiday France S.A.S On19 November 2019 (as amended, novated, modifiedor supplemented from time to time)

A330-200 Aircraft

1946

MSN

1438




1184

Aircraft Lease Agreement Between NAC Aviation 29DAC and Garuda Indonesia Holiday France S.A.S On9 October 2018 (as amended, novated, modified orsupplemented from time to time)

Sapphire Leasing I (AOEI) Limited

Aircraft Lease Agreement Between SapphireLeasing I (AOE 1) Limited and PT Garuda Indonesia

Aircraft Lease Agreement Between WilmingtonTrust SP Services (Dublin) Limited (not in itsindividual capacity but solely as owner trustee) andGaruda Indonesia Holiday France S.A.S On 12November 2019 (as amended, novated, modified orsupplemented from time to time)



29145

Aircraft Lease Agreement Between Sky High XXIXLeasing Company Ltd and Garuda Indonesia HolidayFrance S.A.S. Dated 02 May 2014 (as amended,novated, modified or supplemented from time to time)


Aircraft Lease Agreement Between Sky High XXXLeasing Company Ltd and Garuda Indonesia HolidayFrance S.A.S. Dated 19 October 2015 (as amended,novated, modified or supplemented from time to time)

40073

29143

Sky High LVI LeasingCompany Ltd

MSN

Aircraft Lease Agreement Between Sky High LVILeasing Company Ltd and Garuda Indonesia HolidayFrance S.A.S. Dated 18 January 2016 (as amended,novated, modified or supplemented from time to time)


Spare Engine LessorsESN


Lessor

Lessor

Lease Agreement

660876

29144

Engine Lease FinanceCorporation

Lease Agreement

Engine Lease Agreement between Engine LeaseFinance Corporation and Garuda Indonesia HolidayFrance S.A.S. Dated 11 March 2015 (as amended,novated, modified or supplemented from time to time)concerning Spare Engine with ESN 660876


862712

Aircraft Lease Agreement Between Sky High XXXLeasing Company Ltd and Garuda Indonesia HolidayFrance S.A.S. Dated 12 June 2015 (as amended,novated, modified or supplemented from time to time)


Engine Lease Agreement between Engine LeaseFinance Corporation and Garuda Indonesia HolidayFrance S.A.S. Dated 25 November 2015 (asamended, novated, modified or supplemented fromtime to time) concerning Spare Engine with ESN862712

Holiday France S.A.S. Dated 15 November 2018 (asamended, novated, modified or supplemented fromtime to time)

864732

40072


29148



038366

Aircraft Lease Agreement Between Sky High XXXLeasing Company Ltd and Garuda Indonesia HolidayFrance S.A.S. Dated 10 September 2015 (asamended, novated, modified or supplemented fromtime to time)

Engine Lease Finance


Engine Lease Agreement between Engine Lease

B777 Aircraft



Total Engine AssetManagement PTE. Ltd.


Engine Lease Agreement between Total EngineAsset Management PTE. Ltd and Garuda IndonesiaHoliday France S.A.S. Dated 28 December 2018 (asamended, novated, modified or supplemented fromtime to time) concerning Spare Engine with ESN598977

Corporation


599218


Engine Lease Agreement between Total EngineAsset Management PTE. Ltd and Garuda IndonesiaHoliday France S.A.S. Dated 15 May 2019 (asamended, novated, modified or supplemented fromtime to time) concerning Spare Engine with ESN599218

Finance Corporation and Garuda Indonesia HolidayFrance S.A.S. Dated 30 May 2017 (as amended,novated, modified or supplemented from time to time)concerning Spare Engine with ESN 038366

573935

41975 Rolls-Royce LeasingLimited


Engine Lease Agreement between Rolls-RoyceLeasing Limited and Garuda Indonesia HolidayFrance S.A.S. Dated 27 October 2015 (as amended,novated, modified or supplemented from time to time)concerning Spare Engine with ESN 41975

Engine Lease Agreement between Engine LeaseFinance Corporation and Garuda Indonesia HolidayFrance S.A.S. Dated 14 December 2016 (asamended, novated, modified or supplemented fromtime to time) concerning Spare Engine engine withESN 573935

[960146] [Celestial AviationTrading 100 Limited]

[Engine Lease Agreement between Celestial AviationTrading 100 Limited and Garuda Indonesia HolidayFrance S.A.S. Dated [●] (as amended, novated,modified or supplemented from time to time)concerning Spare Engine with ESN 960146]

573815

598977


(B) Citilink Form of Deed of Undertaking with Respect to English Law Governed Leases



From: PT Citilink Indonesia (the “Undertaking Party”)

Date: [•], 2022

Deed of Undertaking

1. We refer to the ongoing discussions between the Company and its creditors, includinglessors of certain Aircraft, with respect to the terms of the comprehensive restructuring of theCompany’s indebtedness (the “Restructuring”). The Restructuring is being implementedthrough the ongoing debt suspension payment obligation (penundaan kewajibanpembayaran utang), an in-court Indonesian proceeding (the “PKPU”).


3. The Undertaking Party is the Lessee under certain lease agreement as set out in Schedule A(Existing Lease Agreements) including all agreements ancillary to such lease agreement(including its supplements, amendments, or restatements from time to time) (each an“Existing Lease Agreement” and collectively, the “Existing Lease Agreements”).



6. For good and valuable consideration, the receipt and sufficiency of which by the UndertakingParty is hereby confirmed, the Undertaking Party further irrevocably undertakes in favour ofthe Company and each of the lessors under the Existing Lease Agreements, with respect toeach Existing Lease Agreement, as of the date on which the Composition Plan ishomologated or ratified by the panel of judges on the Case No.425/Pdt.Sus-PKPU/2021/PN.Niaga.Jkt.Pst at the Commercial Court at the Central JakartaDistrict Court and becomes final and binding (the "Homologation Date"), that it shall take allnecessary steps to implement any changes required to any Existing Lease Agreement underthe terms of the Composition Plan, and shall be bound by the terms of the Go-Forward FleetLeases and Alternative Lease Agreements to which it is a party, as applicable. If requestedby any lessor under the Existing Lease Agreement, the Company shall enter into amendment



agreements with such lessor, documenting the terms of the Go-Forward Fleet Leases orAlternative Lease Agreements within [●] days from the Homologation Date.











10. This Deed and any non-contractual obligations arising out of or in connection with it aregoverned by and shall be construed in accordance with English law.



PT CITILINK INDONESIA




Sub-Sub-LeaseAgreement BetweenPT Garuda Indonesia(Persero) Tbk. and PTCitilink IndonesiaDated [•] (asamended, novated,modified orsupplemented fromtime to time)

Lease Agreement

6224

Sub-LeaseAgreements /Sub-Sub-LeaseAgreements (asapplicable)


Aircraft LeaseAgreement BetweenSky High XXXILeasing CompanyLimited and GarudaIndonesia HolidayFrance S.A.S Dated02 May 2014 (asamended, novated,modified orsupplemented fromtime to time)

Sub-Sub-LeaseAgreement BetweenPT Garuda Indonesia(Persero) Tbk. and PTCitilink IndonesiaDated [•] August 2014(as amended,novated, modified orsupplemented fromtime to time)

MSN

6118

6243 Sky High XXXI LeasingCompany Limited


Aircraft LeaseAgreement BetweenSky High XXXILeasing CompanyLimited and Garuda

Lessor

Sub-Sub-LeaseAgreement BetweenPT Garuda Indonesia(Persero) Tbk. and PTCitilink Indonesia

Aircraft LeaseAgreement BetweenSky High XXXILeasing CompanyLimited and GarudaIndonesia HolidayFrance S.A.S Dated02 May 2014 (asamended, novated,modified orsupplemented fromtime to time)

by: __________________________

Name: __________________________

Title: __________________________

in the presence of: __________________________

Name: __________________________

Address: __________________________

__________________________

Occupation: __________________________

SCHEDULE A to the Citilink Form of Deed of Undertaking with Respect to English LawGoverned Leases


A320-200 Aircraft



6270

6408



Aircraft LeaseAgreement BetweenSky High XXXIIILeasing CompanyLimited and GarudaIndonesia HolidayFrance S.A.S Dated02 May 2014 (asamended, novated,modified orsupplemented fromtime to time)



Indonesia HolidayFrance S.A.S Dated02 May 2014 (asamended, novated,modified orsupplemented fromtime to time)

Sub-Sub-LeaseAgreement BetweenPT Garuda Indonesia(Persero) Tbk. and PTCitilink IndonesiaDated [•] September2014 (as amended,novated, modified orsupplemented fromtime to time)

7221Sky High LIX LeasingCompany Limited

Aircraft LeaseAgreement BetweenSky High LIX LeasingCompany Limited andGaruda IndonesiaHoliday France S.A.SDated 28 June 2016(as amended,novated, modified orsupplemented fromtime to time)

Dated [•] August 2014(as amended,novated, modified orsupplemented fromtime to time)

Sub-Sub-LeaseAgreement BetweenPT Garuda Indonesia(Persero) Tbk. and PTCitilink IndonesiaDated 28 June 2016(as amended,novated, modified orsupplemented fromtime to time)

6333

7297



Aircraft LeaseAgreement BetweenSky High LX LeasingCompany Limited andGaruda IndonesiaHoliday France S.A.S


Sub-Sub-LeaseAgreement BetweenPT Garuda Indonesia(Persero) Tbk. and PTCitilink IndonesiaDated [•] 2016 (as

Sub-Sub-LeaseAgreement BetweenPT Garuda Indonesia(Persero) Tbk. and PTCitilink IndonesiaDated [•] October2014 (as amended,novated, modified orsupplemented fromtime to time)



7453

5379


Centennial Aviation(France), 2 S.A.R.L

Aircraft LeaseAgreement BetweenCentennial Aviation(France), 2 S.A.R.Land PT GarudaIndonesia (Persero)Tbk Dated 24February 2012 (asamended, novated,modified orsupplemented fromtime to time)

Aircraft LeaseAgreement BetweenSky High LX LeasingCompany Limited andGaruda IndonesiaHoliday France S.A.SDated 07 November2016 (as amended,novated, modified orsupplemented fromtime to time)

Sub-Lease AgreementBetween PT GarudaIndonesia (Persero)Tbk. and PT CitilinkIndonesia Dated 20November 2012 (asamended, novated,modified orsupplemented fromtime to time)

Dated 23 September2016 (as amended,novated, modified orsupplemented fromtime to time)

Sub-Sub-LeaseAgreement BetweenPT Garuda Indonesia(Persero) Tbk. and PTCitilink IndonesiaDated [•] 2016 (asamended, novated,modified orsupplemented fromtime to time)

5394Centennial Aviation(France), 2 S.A.R.L

Aircraft LeaseAgreement BetweenCentennial Aviation(France), 2 S.A.R.Land PT GarudaIndonesia (Persero)Tbk Dated 24February 2012 (asamended, novated,modified orsupplemented fromtime to time)

amended, novated,modified orsupplemented fromtime to time)

Sub-Lease AgreementBetween PT GarudaIndonesia (Persero)Tbk. and PT CitilinkIndonesia Dated 18December 2012 (asamended, novated,modified orsupplemented fromtime to time)

7620

5415


Centennial Aviation(France), 2 S.A.R.L

Aircraft LeaseAgreement BetweenCentennial Aviation(France), 2 S.A.R.Land PT GarudaIndonesia (Persero)Tbk Dated 24February 2012 (asamended, novated,

Aircraft LeaseAgreement BetweenSky High LXI LeasingCompany Limited andGaruda IndonesiaHoliday France S.A.SDated 08 November2016 (as amended,novated, modified orsupplemented fromtime to time)

Sub-Lease AgreementBetween PT GarudaIndonesia (Persero)Tbk. and PT CitilinkIndonesia Dated 18December 2012 (asamended, novated,modified orsupplemented from

Sub-Sub-LeaseAgreement BetweenPT Garuda Indonesia(Persero) Tbk. and PTCitilink IndonesiaDated [•] 2016 (asamended, novated,modified orsupplemented fromtime to time)



time to time)

5556


Aircraft LeaseAgreement BetweenSMBC AviationCapital Limited andGaruda IndonesiaHoliday France S.A.S.Dated 24 October2014 (as amended,novated, modified orsupplemented fromtime to time, includingthe Aircraft LeaseNovation andAmendmentAgreement dated 21January 2020between SMBCAviation CapitalLimited as existinglessor, GarudaIndonesia HolidayFrance S.A.S. aslessee and GlobalAviation EquipmentLeasing I IrelandLimited as new lessor)

Aircraft Sub-LeaseAgreement BetweenPT Garuda Indonesia(Persero) Tbk. and PTCitilink IndonesiaDated 19 March 2013(as amended,novated, modified orsupplemented fromtime to time, includingthe Letter Agreementfrom PT GarudaIndonesia (Persero)Tbk. to PT CitilinkIndonesia dated 21January 2020)

5511

5560



Aircraft Specific LeaseAgreement dated 14June 2014(incorporating theterms of the AircraftLease CommonTerms Agreementdated 14 June 2014(the "CTA") betweenGE Capital AviationServices Limited andGaruda IndonesiaHoliday FranceS.A.S.) betweenCelestial AviationTrading 71 Limitedand Garuda IndonesiaHoliday France S.A.S.(as amended and

Aircraft LeaseAgreement BetweenSMBC AviationCapital Limited andGaruda IndonesiaHoliday France S.A.S.Dated 24 October2014 (as amended,novated, modified orsupplemented fromtime to time);

Aircraft Sub-LeaseAgreement BetweenPT Garuda Indonesia(Persero) Tbk. and PTCitilink IndonesiaDated 12 April 2013(as amended,novated, modified orsupplemented fromtime to time)

modified orsupplemented fromtime to time)

Aircraft Sub-LeaseAgreement BetweenPT Garuda Indonesia(Persero) Tbk. and PTCitilink IndonesiaDated 25 February2013 (as amended,novated, modified orsupplemented fromtime to time)



5777 Medical Tribune, Inc. Aircraft LeaseAgreement BetweenSMBC AviationCapital Limited andGaruda IndonesiaHoliday France S.A.S.Dated 24 October2014 (as amended,novated, modified orsupplemented fromtime to time, includingthe Aircraft LeaseNovation andAmendment Deeddated 17 October2016 between SMBCAviation CapitalLimited as existinglessor, GarudaIndonesia HolidayFrance S.A.S. aslessee, SakurajyujiInc. as newrepresentative lessorand Sakurajyuji Inc.,Tomo Co., Ltd. andSaishunkanPharmaceutical Co.,Ltd. as new lessors(the "PreviousLessors") and asfurther novated andamended by theAircraft LeaseNovation andAmendment Deeddated 22 May 2020between the PreviousLessors as existing

Aircraft Sub-LeaseAgreement BetweenPT Garuda Indonesia(Persero) Tbk. and PTCitilink IndonesiaDated 06 September2013 (as amended,novated, modified orsupplemented fromtime to time)

novated pursuant tothe Aircraft LeaseNovation andAmendment Deeddated 12 December2014 betweenCelestial AviationTrading 71 Limited asexisting lessor,Garuda IndonesiaHoliday France S.A.S.as lessee and SMBCAviation CapitalLimited as new lessor,and as furtheramended,supplemented,novated, assignedand/or restated fromtime to time);



Sub-Lease AgreementBetween PT GarudaIndonesia (Persero)Tbk. and PT CitilinkIndonesia Dated 22May 2013 (asamended, novated,modified orsupplemented fromtime to time)

5830

6207ACG Acquisition IrelandIII Limited


Aircraft LeaseAgreement Betweenbetween ACG AircraftLeasing IrelandLimited (formerlyknown as ACGAcquisition Ireland IIILimited) and GarudaIndonesia HolidayFrance S.A.S. Dated16 July 2014 (asamended, novated,modified orsupplemented fromtime to time)

Sub-Lease AgreementBetween PT GarudaIndonesia (Persero)Tbk. and PT CitilinkIndonesia Dated [•](as amended,novated, modified orsupplemented fromtime to time)

Aircraft LeaseAgreement BetweenSMBC AviationCapital Limited andGaruda IndonesiaHoliday France S.A.S.Dated 24 October2014 (as amended,novated, modified orsupplemented fromtime to time)

6322

Aircraft Sub-LeaseAgreement BetweenPT Garuda Indonesia(Persero) Tbk. and PTCitilink IndonesiaDated 21 October2013 (as amended,novated, modified orsupplemented fromtime to time)

ACG Acquisition IrelandIII Limited

Aircraft LeaseAgreement betweenACG Aircraft LeasingIreland Limited(formerly known asACG AcquisitionIreland III Limited) andGaruda IndonesiaHoliday France S.A.S.Dated 16 July 2014(as amended,novated, modified orsupplemented fromtime to time)

Sub-Lease AgreementBetween PT GarudaIndonesia (Persero)Tbk. and PT CitilinkIndonesia Dated [•](as amended,novated, modified orsupplemented fromtime to time)

lessors, GarudaIndonesia HolidayFrance S.A.S. aslessee and MedicalTribune, Inc. as newlessor)

2598

5351 Stellar Aircraft Holding 2Limited

MACH 1A LeasingIreland Limited

Aircraft LeaseAgreement dated 24

Sub-Lease AgreementBetween PT Garuda

Aircraft LeaseAgreement BetweenMACH 1A LeasingIreland Limited andGaruda IndonesiaHoliday France S.A.S.Dated 13 September2011 (as amended,novated, modified orsupplemented fromtime to time)




Aircraft LeaseAgreement BetweenNikko Kisen Co., Ltdand PT GarudaIndonesia PerseroTBk On 26 November2014 (as amended,novated, modified orsupplemented fromtime to time)

October 2014between StellarAircraft Holding 2Limited and GarudaIndonesia HolidayFrance S.A.S. (asamended, novated,modified orsupplemented fromtime to time, includingpursuant to theAircraft LeaseNovation andAmendmentAgreement dated 9February 2017between amongothers, Stellar AircraftHolding 2 Limited andGaruda IndonesiaHoliday FranceS.A.S.)

Sub-Sub-LeaseAgreement BetweenPT Garuda Indonesia(Persero) Tbk. and PTCitilink IndonesiaDated 22 January2015 (as amended,novated, modified orsupplemented fromtime to time)

Indonesia (Persero)Tbk. and PT CitilinkIndonesia Dated 9November 2012 (asamended, novated,modified orsupplemented fromtime to time)

5541 Star Rising AviationFrance 2 SAS

Aircraft Specific LeaseAgreement dated 23November 2011between GECASFrance SARL aslessor and PT GarudaIndonesia (Persero)Tbk. (the “Company”)as Lessee whichincorporated the termsand conditions of anAircraft LeaseCommon TermsAgreement dated 19October 2000between GeneralElectric CapitalCorporation andLessee (the AircraftSpecific LeaseAgreement and theCommon TermsAgreement together,the “Lease”), as suchLease has beennovated andamended pursuant to

Aircraft Sub-leaseagreement dated 8March 2013 betweenPT Garuda Indonesia(Persero) Tbk assub-lessor and PTCitilink Indonesia assub-lessee（asamended, novated,modified orsupplemented fromtime to time）

6503



Sub-Lease AgreementBetween PT GarudaIndonesia (Persero)Tbk. and PT CitilinkIndonesia Dated 22March 2013 (asamended, novated,modified orsupplemented fromtime to time)

the novationagreement in respectof the Lease dated 19June 2014 betweenGECAS France SARLas existing lessor,Avolon AerospaceFrance 10 SAS asnew lessor and theCompany as Lessee,and as subsequentlyfurther novated andamended pursuant toan aircraft leasenovation andamendmentagreement dated 7January 2016between AvolonAerospace France 10SAS as existing lessorand Star RisingAviation France 2SAS, as new lessor(the “Lessor”) and theCompany, as lessee


Aircraft LeaseAgreement BetweenSMBC AviationCapital Limited andGaruda IndonesiaHoliday France S.A.S.Dated 24 October2014 (as amended,novated, modified orsupplemented fromtime to time)

Sub-Sub-LeaseAgreement BetweenPT Garuda Indonesia(Persero) Tbk. and PTCitilink IndonesiaDated 10th December2012 (as amended byCitilink LeaseAmendmentAgreement Dated 4thOctober 2017)

5551

7091Jin Shan 9 IrelandCompany Limited

GECAS France SARL

Aircraft LeaseAgreement BetweenJin Shan 9 IrelandCompany Limited andGaruda IndonesiaHoliday France S.A.S.Dated 18 May 2016(as amended,novated, modified orsupplemented fromtime to time)


Aircraft LeaseAgreement BetweenGECAS France SARLand PT GarudaIndonesia (Persero)Tbk Dated 23November 2011 (asamended, novated,modified orsupplemented fromtime to time)






7450


6753



Aircraft LeaseAgreement betweenJSA International U.S.Holdings, LLC (aslessor) and GarudaIndonesia HolidayFrance S.A.S. (aslessee) dated 2September 2015 (asamended, novated,modified orsupplemented fromtime to time)


Sub-Sub-LeaseAgreement BetweenPT Garuda Indonesia(Persero) Tbk. and PTCitilink IndonesiaDated 09 September2015 (as amended,novated, modified orsupplemented fromtime to time)



6980 JSA International U.S.Holdings, LLC

Aircraft LeaseAgreement betweenJSA International U.S.Holdings, LLC (aslessor) and GarudaIndonesia HolidayFrance S.A.S. (aslessee) dated 2September 2015 (asamended, novated,

Sub-Sub-LeaseAgreement BetweenPT Garuda Indonesia(Persero) Tbk. and PTCitilink IndonesiaDated 19 May 2016(as amended,novated, modified orsupplemented fromtime to time)

Sub-Sub-LeaseAgreement BetweenPT Garuda Indonesia(Persero) Tbk. and PTCitilink IndonesiaDated 09 September2015 (as amended,novated, modified orsupplemented fromtime to time)

7469

7319



Sub-Sub-LeaseAgreement BetweenPT Garuda Indonesia(Persero) Tbk. and PTCitilink IndonesiaDated 12 April 2013(as amended,novated, modified orsupplemented fromtime to time)

5571

5597Alafco Irish AircraftLeasing Eleven Limited

Alafco Irish AircraftLeasing Nine Limited

Aircraft LeaseAgreement BetweenAlafco Irish AircraftLeasing EvelenLimited and GarudaIndonesia HolidayFrance S.A.S. Dated14 June 2014 (asamended, novated,modified orsupplemented fromtime to time)

Sub-Sub-LeaseAgreement BetweenPT Garuda Indonesia(Persero) Tbk. and PTCitilink IndonesiaDated 12 April 2013(as amended,novated, modified orsupplemented fromtime to time)

Aircraft LeaseAgreement BetweenAlafco Irish AircraftLeasing Nine Limitedand Garuda IndonesiaHoliday France S.A.S.Dated 14 June 2014(as amended,novated, modified orsupplemented fromtime to time)

6434



Aircraft LeaseAgreement BetweenInfinity AircraftHoldings IrelandLimited and GarudaIndonesia HolidayFrance S.A.S. Dated26 November 2014(as amended,novated, modified orsupplemented fromtime to time)

Sub-Sub-LeaseAgreement BetweenPT Garuda Indonesia(Persero) Tbk. and PTCitilink IndonesiaDated 22 January2015 (as amended,novated, modified orsupplemented fromtime to time)

modified orsupplemented fromtime to time)

5574

6596 Infinity Aircraft HoldingsIreland Limited


Aircraft LeaseAgreement BetweenInfinity AircraftHoldings IrelandLimited and GarudaIndonesia Holiday

Sub-Sub-LeaseAgreement BetweenPT Garuda Indonesia(Persero) Tbk. and PTCitilink IndonesiaDated 22 January

Aircraft LeaseAgreement BetweenAlafco Irish AircraftLeasing Ten Limitedand Garuda IndonesiaHoliday France S.A.S.Dated 14 June 2014(as amended,novated, modified orsupplemented fromtime to time)



Sub-Sub-LeaseAgreement BetweenPT Garuda Indonesia(Persero) Tbk. and PTCitilink IndonesiaDated 28 June 2018(as amended,novated, modified orsupplemented fromtime to time)

MSN

8303


Lessor

Aircraft LeaseAgreement BetweenSky High LXXXIXLeasing CompanyLimited and GarudaIndonesia HolidayFrance S.A.S Dated23 July 2018 (asamended, novated,modified orsupplemented fromtime to time)

Sub-Sub-LeaseAgreement BetweenPT Garuda Indonesia(Persero) Tbk. and PTCitilink IndonesiaDated 23 July 2018(as amended,novated, modified orsupplemented fromtime to time)

Lease Agreement

France S.A.S. Dated26 November 2014(as amended,novated, modified orsupplemented fromtime to time)

8156

Sub-Sub-LeaseAgreements


Aircraft LeaseAgreement BetweenSky High LXXXIXLeasing CompanyLimited and GarudaIndonesia HolidayFrance S.A.S Dated23 August 2018 (asamended, novated,modified orsupplemented fromtime to time)

Sub-Sub-LeaseAgreement BetweenPT Garuda Indonesia(Persero) Tbk. and PTCitilink IndonesiaDated 23 August 2018(as amended,novated, modified orsupplemented fromtime to time)

2015 (as amended,novated, modified orsupplemented fromtime to time)

8265

9280 Sky High XCII LeasingCompany Limited


Aircraft LeaseAgreement BetweenSky High XCII LeasingCompany Limited andGaruda IndonesiaHoliday France S.A.SDated 22 October2019 (as amended,


Sub-Sub-LeaseAgreement BetweenPT Garuda Indonesia(Persero) Tbk. and PTCitilink IndonesiaDated 18 October2019 (as amended,novated, modified or

Aircraft LeaseAgreement BetweenSky High LXXXIXLeasing CompanyLimited and GarudaIndonesia HolidayFrance S.A.S Dated28 June 2018 (asamended, novated,modified orsupplemented fromtime to time)




Aircraft LeaseAgreement BetweenAvolon AerospaceAOE 136 Limited andGaruda IndonesiaHoliday France S.A.SDated 22 December2016 (as amended,novated, modified orsupplemented fromtime to time)

Aircraft LeaseAgreement BetweenSky High XCII LeasingCompany Limited andGaruda IndonesiaHoliday France S.A.SDated 04 December2019 (as amended,novated, modified orsupplemented fromtime to time)

Sub-Sub-LeaseAgreement BetweenPT Garuda Indonesia(Persero) Tbk. and PTCitilink IndonesiaDated 22 December2016 (as amended,novated, modified orsupplemented fromtime to time)

novated, modified orsupplemented fromtime to time)


7587Avolon Aerospace AOE138 Limited


supplemented fromtime to time)


7466

7603



Aircraft LeaseAgreement BetweenSAF Leasing II (AOE3) Ltd and GarudaIndonesia HolidayFrance S.A.S Dated22 December 2016(as amended,novated, modified orsupplemented fromtime to time)




7834

9275

Oriental Leasing 31 Aircraft Lease Sub-Sub-Lease

7505




Sub-LeaseAgreement GarudaIndonesia HolidayFrance S.A.S and PTCitilink IndonesiaDated 19 November2019 (as amended,novated, modified orsupplemented fromtime to time)

MSN

1870

Company Limited

Avolon Leasing Ireland 3Limited

Lessor

Aircraft LeaseAgreementBetween AvolonLeasing Ireland 3Limited andGaruda IndonesiaHoliday FranceS.A.S Dated 19November 2019(as amended,novated, modifiedor supplementedfrom time to time)

Sub-LeaseAgreement BetweenGaruda IndonesiaHoliday France S.A.Sand PT CitilinkIndonesia Dated 19November 2019 (asamended, novated,modified orsupplemented fromtime to time)

Lease Agreement

ATR Aircraft

Agreement BetweenOriental Leasing 31Company Limited andGaruda IndonesiaHoliday France S.A.S.Dated 00 January1900 (as amended,novated, modified orsupplemented fromtime to time)

MSN

Sub-LeaseAgreements

Lessor Lease Agreement Sub-LeaseAgreements /Sub-Sub-LeaseAgreements (asapplicable)

Agreement BetweenPT Garuda Indonesia(Persero) Tbk. and PTCitilink IndonesiaDated 22 December2016 (as amended,novated, modified orsupplemented fromtime to time)

1887

1422 NAC Aviation 29Designated ActivityCompany


Aircraft LeaseAgreement BetweenNAC Aviation 29 DACand Garuda IndonesiaHoliday France S.A.SOn 16 July 2018 (asamended, novated,modified orsupplemented from

A330-900 Aircraft

Sub-Sub-LeaseAgreement BetweenPT Garuda Indonesia(Persero) Tbk. and PTCitilink IndonesiaDated 29 January2019 (as amended,novated, modified orsupplemented from

Aircraft LeaseAgreementBetween AvolonLeasing Ireland 3Limited andGaruda IndonesiaHoliday FranceS.A.S Dated 19November 2019(as amended,novated, modifiedor supplementedfrom time to time)



1438

972



Aircraft LeaseAgreement BetweenNAC Aviation 27Limited and GarudaIndonesia HolidayFrance S.A.S On 19November 2019 (asamended, novated,modified orsupplemented fromtime to time)

Aircraft LeaseAgreement BetweenNAC Aviation 29 DACand Garuda IndonesiaHoliday France S.A.SOn 9 October 2018(as amended,novated, modified orsupplemented fromtime to time)

Sub-Lease AgreementBetween GarudaIndonesia HolidayFrance S.A.S and PTCitilink IndonesiaDated 19 November2019 (as amended,novated, modified orsupplemented fromtime to time)

time to time)Sub-Sub-LeaseAgreement BetweenPT Garuda Indonesia(Persero) Tbk. and PTCitilink IndonesiaDated 29 January2019 (as amended,novated, modified orsupplemented fromtime to time)

988 NAC Aviation 27 Limited

Aircraft LeaseAgreement BetweenNAC Aviation 27Limited and GarudaIndonesia HolidayFrance S.A.S On 19November 2019 (asamended, novated,modified orsupplemented fromtime to time)

time to time)

Sub-Lease AgreementBetween GarudaIndonesia HolidayFrance S.A.S and PTCitilink IndonesiaDated 3 December2019 (as amended,novated, modified orsupplemented fromtime to time)

1340

966



Aircraft LeaseAgreement BetweenNAC Aviation 29 DACand Garuda IndonesiaHoliday France S.A.SOn 19 November2019 (as amended,novated, modified orsupplemented fromtime to time)

Aircraft LeaseAgreement BetweenNordic AviationLeasing Twenty OnePte Ltd and GarudaIndonesia HolidayFrance S.A.S On 23April 2019 (asamended, novated,modified orsupplemented fromtime to time)

Sub-Lease AgreementBetween GarudaIndonesia HolidayFrance S.A.S and PTCitilink IndonesiaDated 6 December2019 (as amended,novated, modified orsupplemented fromtime to time)

Sub-Lease AgreementBetween GarudaIndonesia HolidayFrance S.A.S and PTCitilink IndonesiaDated [•] 2019 (asamended, novated,modified orsupplemented fromtime to time)


Annex L.Form of Deed of Undertaking with Respect to New York Law Governed Leases





Deed of Undertaking






6. For good and valuable consideration, the receipt and sufficiency of which by the UndertakingParty is hereby confirmed, the Undertaking Party further irrevocably undertakes in favour ofthe Company and each of the lessors under the Existing Lease Agreements, with respect toeach Existing Lease Agreement, as of the date on which the Composition Plan ishomologated or ratified by the panel of judges on the Case No.425/Pdt.Sus-PKPU/2021/PN.Niaga.Jkt.Pst at the Commercial Court at the Central JakartaDistrict Court and becomes final and binding (the "Homologation Date"), that it shall take all



necessary steps to implement any changes required to any Existing Lease Agreement underthe terms of the Composition Plan, and shall be bound by the terms of the Go-Forward FleetLeases and Alternative Lease Agreements to which it is a party, as applicable. If requestedby any lessor under the Existing Lease Agreement, the Company shall enter into amendmentagreements with such lessor, documenting the terms of the Go-Forward Fleet Leases orAlternative Lease Agreements within [●] days from the Homologation Date.











10. This Deed and any non-contractual obligations arising out of or in connection with any otherOperative Document unless otherwise expressly provided therein, will in all respects,including all matters of construction, validity and performance be governed by and shall beconstrued in accordance with the laws of the State of New York.






by:

__________________________

Name: __________________________

Title: __________________________


Name: __________________________

Address: __________________________

__________________________

Occupation: __________________________




1474

Lease Agreement


Aircraft Lease Agreement Between CMIG AircraftLeasing Seven Ireland Ltd and PT GarudaHoliday France S.A.S. Dated 30 November 2016(as amended, novated, modified or supplementedfrom time to time)


1410

Lessor

MSN

Lease Agreement

Greylag Goose Leasing1410 DesignatedActivity Company

1446

Aircraft Lease Agreement Between GreylagGoose Leasing 1410 Designated ActivityCompany and PT Garuda Holiday France S.A.S.Dated 28 October 2016 (as amended, novated,modified or supplemented from time to time)

Greylag Goose Leasing1446 Designated ActivityCompany

Lessor

Aircraft Lease Agreement (MSN 1446), whichincorporates the terms and conditions of theAircraft Lease Shared Terms, dated 28 October2016, between Greylag Goose Leasing 1446Designated Activity Company and GarudaIndonesia Holiday France S.A.S. Dated 28October 2016 (as amended, novated, modifiedor supplemented from time to time)

SCHEDULE A to Form of Deed of Undertaking with Respect to New York Law GovernedLeases


A330-200 Aircraft


Annex M.Form of Deed of Undertaking with Respect to Californian Law Governed Leases

(A) GIHF Form of Deed of Undertaking with Respect to Californian Law Governed Leases





Agreement of Undertaking (this “Agreement”)




4. For good and valuable consideration, the receipt and sufficiency of which by the UndertakingParty is hereby confirmed, the Undertaking Party hereby irrevocably undertakes and agreesin favour of the Company and each of the lessors under the Existing Lease Agreements, tobe bound by the Composition Plan in such a form as may be sanctioned by the Court, and,following the Homologation Date (as defined below), to do all such acts or things as may benecessary or desirable to be executed or done to support the Restructuring as a whole,including implementing the terms of and giving effect to the Composition Plan.

5. For good and valuable consideration, the receipt and sufficiency of which by the UndertakingParty is hereby confirmed, the Undertaking Party hereby irrevocably undertakes and agreesin favour of the Company and each of the lessors under the Existing Lease Agreements, toduly execute the Go-Forward Fleet Leases and Alternative Lease Agreements to which it is aparty, as applicable.

6. For good and valuable consideration, the receipt and sufficiency of which by the UndertakingParty is hereby confirmed, the Undertaking Party further irrevocably undertakes and agreesin favour of the Company and each of the lessors under the Existing Lease Agreements, withrespect to each Existing Lease Agreement, as of the date on which the Composition Plan ishomologated or ratified by the panel of judges on the Case No.425/Pdt.Sus-PKPU/2021/PN.Niaga.Jkt.Pst at the Commercial Court at the Central JakartaDistrict Court and becomes final and binding (the "Homologation Date"), that it shall take all



necessary steps to implement any changes required to any Existing Lease Agreement underthe terms of the Composition Plan, and shall be bound by the terms of the Go-Forward FleetLeases and Alternative Lease Agreements to which it is a party, as applicable. If requestedby any lessor under the Existing Lease Agreement, the Company shall enter into amendmentagreements with such lessor, documenting the terms of the Go-Forward Fleet Leases orAlternative Lease Agreements within [●] days from the Homologation Date.


a. the Undertaking Party is a private company limited by shares incorporated under thelaws of its jurisdiction of incorporation and has the power to enter into and implementthe transactions contemplated by this Agreement;

b. the execution, delivery and performance of this Agreement have been dulyauthorized by all necessary corporate action on the part of the Undertaking Party;

c. this Agreement constitute legal, valid and binding obligations of the UndertakingParty except as may be limited by applicable bankruptcy, examinership, insolvency,reorganisation, moratorium or other similar laws affecting creditors’ rights generallyor by principles of equity;

d. each consent required by the Undertaking Party to authorise, or required by it inconnection with the execution, delivery, performance, legality, validity orenforceability of this Agreement has been obtained and is in full force and effect;

e. the execution, delivery and performance by the Undertaking Party of this Agreementwill not (i) conflict with any agreement or instrument binding upon it or (ii) contraveneor conflict with the provisions of its constitutive documents;


g. to the best of its knowledge, no litigation, arbitration or claim before any court,arbitrator, governmental or administrative agency or authority which if adverselydetermined would reasonably likely have a material adverse effect on the ability ofthe Undertaking Party to observe or perform its obligations under this Agreement orany other Operative Document (as defined in the relevant Existing Lease, GoForward Fleet Lease or Alternative Lease Agreement) is in progress.

8. This Agreement shall be a "Lease Document", "Operative Document", "TransactionDocument" or such other equivalent term as is used in the relevant Existing LeaseAgreement, Go Forward Fleet Lease or Alternative Lease Agreement (as applicable), for thepurposes of such Existing Lease Agreement, Go Forward Fleet Lease or Alternative LeaseAgreement (as applicable).

9. This Agreement can be disclosed to any person in connection with the PKPU.

10. This Agreement and all contractual and non-contractual matters associated with, arising outof or connected with this Agreement, regardless of where executed, shall be subject to,governed by and construed with the laws of the State of California (without regard to theconflicts of law rules which might result in the application of the laws of any other jurisdiction).



This Agreement has been entered into and delivered on the date stated at the beginning of thisAgreement. Notwithstanding this, this Agreement is effective as of the Homologation Date.

IN WITNESS WHEREOF, the Undertaking Party has caused this Agreement to be executed anddelivered by its duly authorized officer or representative on the day and year first written above.

Signed, executed and delivered for and on behalf of


by: __________________________

Name: __________________________

Title: __________________________


Name: __________________________

Address: __________________________

__________________________

Occupation: __________________________




Aircraft Lease Agreement Between ALC B378 41312,LLC and Garuda Indonesia Holiday France S.A.Sdated 14 October 2011 (as amended, novated,restated, modified or supplemented from time to time,including as novated, amended and restated by anAircraft Lease Novation and Amendment Agreementdated 6 November 2017)

41322

41310

ALC B378 41322, LLC

MSN

Aircraft Lease Agreement Between ALC B378 41322,LLC and Garuda Indonesia Holiday France S.A.Sdated 14 October 2011 (as amended, novated,restated, modified or supplemented from time to time, ,including as novated, amended and restated by anAircraft Lease Novation and Amendment Agreementdated 6 November 2017)

Wilmington Trust SPServices (Dublin)Limited, acting not in itsindividual capacity butsolely as Trustee forAircraft MSN 41310Trust


Aircraft Lease Agreement Between Wilmington TrustSP Services (Dublin) Limited, acting not in its individualcapacity but solely as Trustee for Aircraft MSN 41310Trust and Garuda Indonesia Holiday France S.A.Sdated 14 October 2011 (as amended, novated,restated, modified or supplemented from time to time,including as novated, amended and restated by anAircraft Lease Novation and Amendment Agreementdated 6 November 2017)

Lessor

Lessor

Lease Agreement

SCHEDULE A to GIHF Form of Deed of Undertaking with Respect to Californian Law GovernedLeases


B737-800 Aircraft

1288

41312

Wilmington Trust SPServices (Dublin)Limited, acting not in itsindividual capacity butsolely in its capacity asTrustee for Aircraft MSN1288 Trust

Lease Agreement

Aircraft Lease Agreement Between Wilmington TrustSP Services (Dublin) Limited, acting not in itsindividual capacity but solely in its capacity asTrustee for Aircraft MSN 1288 Trust, and PT GarudaHoliday France S.A.S. Dated 31 March 2011 (asamended, novated, restated, modified orsupplemented from time to time, including asnovated, amended and restated by an Aircraft LeaseNovation and Amendment Agreement dated 29December 2017)

ALC B378 41312, LLC


(B) Citilink Form of Deed of Undertaking with Respect to Californian Law Governed Leases



From: PT Citilink Indonesia (the “Undertaking Party”)

Date: [•], 2022

Agreement of Undertaking (this “Agreement”)




4. For good and valuable consideration, the receipt and sufficiency of which by the UndertakingParty is hereby confirmed, the Undertaking Party hereby irrevocably undertakes and agreesin favour of the Company and each of the lessors under the Existing Lease Agreements, tobe bound by the Composition Plan in such a form as may be sanctioned by the Court, and,following the Homologation Date (as defined below), to do all such acts or things as may benecessary or desirable to be executed or done to support the Restructuring as a whole,including implementing the terms of and giving effect to the Composition Plan.

5. For good and valuable consideration, the receipt and sufficiency of which by the UndertakingParty is hereby confirmed, the Undertaking Party hereby irrevocably undertakes and agreesin favour of the Company and each of the lessors under the Existing Lease Agreements, toduly execute the Go-Forward Fleet Leases and Alternative Lease Agreements to which it is aparty, as applicable.

6. For good and valuable consideration, the receipt and sufficiency of which by the UndertakingParty is hereby confirmed, the Undertaking Party further irrevocably undertakes and agreesin favour of the Company and each of the lessors under the Existing Lease Agreements, withrespect to each Existing Lease Agreement, as of the date on which the Composition Plan ishomologated or ratified by the panel of judges on the Case No.425/Pdt.Sus-PKPU/2021/PN.Niaga.Jkt.Pst at the Commercial Court at the Central JakartaDistrict Court and becomes final and binding (the "Homologation Date"), that it shall take allnecessary steps to implement any changes required to any Existing Lease Agreement underthe terms of the Composition Plan, and shall be bound by the terms of the Go-Forward FleetLeases and Alternative Lease Agreements to which it is a party, as applicable. If requested



by any lessor under the Existing Lease Agreement, the Company shall enter into amendmentagreements with such lessor, documenting the terms of the Go-Forward Fleet Leases orAlternative Lease Agreements within [●] days from the Homologation Date.


a. the Undertaking Party is a private company limited by shares incorporated under thelaws of its jurisdiction of incorporation and has the power to enter into and implementthe transactions contemplated by this Agreement;

b. the execution, delivery and performance of this Agreement have been dulyauthorized by all necessary corporate action on the part of the Undertaking Party;

c. this Agreement constitute legal, valid and binding obligations of the UndertakingParty except as may be limited by applicable bankruptcy, examinership, insolvency,reorganisation, moratorium or other similar laws affecting creditors’ rights generallyor by principles of equity;

d. each consent required by the Undertaking Party to authorise, or required by it inconnection with the execution, delivery, performance, legality, validity orenforceability of this Agreement has been obtained and is in full force and effect;

e. the execution, delivery and performance by the Undertaking Party of this Agreementwill not (i) conflict with any agreement or instrument binding upon it or (ii) contraveneor conflict with the provisions of its constitutive documents;


g. to the best of its knowledge, no litigation, arbitration or claim before any court,arbitrator, governmental or administrative agency or authority which if adverselydetermined would reasonably likely have a material adverse effect on the ability ofthe Undertaking Party to observe or perform its obligations under this Agreement orany other Operative Document (as defined in the relevant Existing Lease, GoForward Fleet Lease or Alternative Lease Agreement) is in progress.

8. This Agreement shall be a "Lease Document", "Operative Document", "TransactionDocument" or such other equivalent term as is used in the relevant Existing LeaseAgreement, Go Forward Fleet Lease or Alternative Lease Agreement (as applicable), for thepurposes of such Existing Lease Agreement, Go Forward Fleet Lease or Alternative LeaseAgreement (as applicable).

9. This Agreement can be disclosed to any person in connection with the PKPU.

10. This Agreement and all contractual and non-contractual matters associated with, arising outof or connected with this Agreement, regardless of where executed, shall be subject to,governed by and construed with the laws of the State of California (without regard to theconflicts of law rules which might result in the application of the laws of any other jurisdiction).

This Agreement has been entered into and delivered on the date stated at the beginning of thisAgreement. Notwithstanding this, this Agreement is effective as of the Homologation Date.



IN WITNESS WHEREOF, the Undertaking Party has caused this Agreement to be executed anddelivered by its duly authorized officer or representative on the day and year first written above.

Signed, executed and delivered for and on behalf of

PT CITILINK INDONESIA

by: __________________________

Name: __________________________

Title: __________________________


Name: __________________________

Address: __________________________

__________________________

Occupation: __________________________




SASOF (III) A AviationFrance S.A.R.L.

Lessor

Aircraft LeaseAgreement BetweenSASOF (III) A AviationFrance S.A.R.L. andPT Garuda Indonesia(Persero) Tbk Dated20 March 2012 (asamended, novated,modified orsupplemented fromtime to time)

SCHEDULE A to Citilink Form of Deed of Undertaking with Respect to Californian LawGoverned Leases


Sub-Lease AgreementBetween PT GarudaIndonesia (Persero)Tbk. and PT CitilinkIndonesia Dated 03April 2013 (asamended, novated,modified orsupplemented fromtime to time)

Lease Agreement

3148

Sub-LeaseAgreements

ILFC France S.A.R.L.

Aircraft LeaseAgreement BetweenILFC France S.A.R.L.and PT GarudaIndonesia (Persero)Tbk Dated 21 March2012 (as amended,novated, modified orsupplemented fromtime to time)

Sub-Lease AgreementBetween PT GarudaIndonesia (Persero)Tbk. and PT CitilinkIndonesia Dated 02April 2013 (asamended, novated,modified orsupplemented fromtime to time)

MSN

3861


Annex N.Form of Deed of Guarantee Confirmation

THIS DEED OF GUARANTEE CONFIRMATION (this “Deed”) is dated the _______ day of [●] 20[●]

MADE AS A DEED POLL BY:

(1) PT GARUDA INDONESIA (PERSERO) TBK., a limited liability company, duly established underthe laws of the Republic of Indonesia, having its registered office at Garuda Indonesia Building, JalanKebon Sirih No. 46A, Jakarta 10110, Indonesia (the "Guarantor")

in favour of:

(2) EACH OF THE LESSORS, as listed in Schedule A (List of Lessors and Lease Agreements)to this Deed (collectively, the "Lessors" and each a "Lessor").

BACKGROUND

(A) The Lessee (as defined below) is a subsidiary of the Guarantor.

(B) The Lessee has entered into certain Existing Lease Agreements (as defined below) withcertain Lessors for the lease of certain Aircraft and/or Spare Engines (as defined below).

(C) As a condition to the agreement by certain Lessors to lease certain Aircraft or Spare Enginesto the Lessee, the Guarantor entered into certain Existing Guarantee Agreements (as definedbelow) to guarantee the punctual performance by the Lessee of all its obligations undercertain of the Existing Lease Agreements.

(D) There are ongoing discussions between the Guarantor and its creditors, including Lessors ofcertain Aircraft, with respect to the terms of the comprehensive restructuring of theCompany’s indebtedness. The restructuring is being implemented through the ongoing debtsuspension payment obligation (penundaan kewajiban pembayaran utang) (“PKPU”)proceedings.

(E) As part of the restructuring, the Lessors and Lessee will be entering into, among otherdocumentation, (i) amendments to the terms of their respective Existing Lease Agreementspursuant to the terms of the go-forward leases set forth in the Composition Plan (as definedbelow) (the “Go-Forward Fleet Leases”) or (ii) with respect to Aircraft that do not form part ofthe go forward fleet as contemplated in the Composition Plan, alternative lease agreements(“Alternative Lease Agreements”).

(F) The Guarantor has agreed to reconfirm the obligations set forth in the Existing GuaranteeAgreements, as set out below, as of and from the Homologation Date and for the duration ofthe Go Forward Fleet Leases and/or Alternative Lease Agreements, as the case may be.

(G) The Guarantor additionally wishes to enter into certain New Guarantees (as defined below).

IT IS AGREED as follows:

1. INTERPRETATION

1.1 Definitions

“Aircraft” means the various aircraft with manufacturer serial numbers as set out inSchedule A (List of Lessors and Lease Agreements).



“Alternative Lease Agreement” has the meaning given to that term in theComposition Plan.

“Business Day” means a day (other than a Saturday or Sunday) on which banks areopen for general banking business (including dealings in foreign currencies) inLondon, New York City and Jakarta, Singapore.

“Composition Plan” means the plan setting out the restructuring terms andconditions prepared and proposed by the Guarantor to its creditors for the purpose ofvoting in the PKPU creditors’ meeting to be held at the Commercial Court at CentralJakarta District Court on [16 June] 2022.

“Dwiwarna Series A Shareholder” means the Government of Indonesia as theholder of Series A Dwiwarna Shares in the Guarantor.

“Existing Guarantee Agreement” means each guarantee or subordinationundertaking provided by the Guarantor with respect to each Existing LeaseAgreement as set out in Schedule B (Existing Guarantee Agreements), including allagreements ancillary to such guarantee (including its supplements, amendments, orrestatements from time to time and any security documents provided in respectthereof or thereunder) and collectively the “Existing Guarantee Agreements”.

“Existing Lease Agreement” means each lease agreement as set out in ScheduleA (List of Aircraft, Lessors and Lease Agreements), including all agreements ancillaryto such lease agreement (including its supplements, amendments, or restatementsfrom time to time and any sub-lease agreements and sub-sub-lease agreements)and collectively the “Existing Lease Agreements”.

“Go-Forward Fleet Lease” has the meaning given to that term in the CompositionPlan.

“Homologation Date” means the date on which the Composition Plan ishomologated by the Commercial Court at Central Jakarta District Court.

“Lessee” means Garuda Indonesia Holiday France S.A.S., a societe par actionssimplifee incorporated under the laws of France and having its registered office at255 Rue Saint-Honore, 75001 Paris, France, registered with the Trade andCompanies Register of Paris under the number 799 887 765.

“New Guarantees” means the new guarantee provided by the Guarantor underClause 3.1 of this Deed with respect to each New Guaranteed Lease.

“New Guaranteed Lease” means each lease agreement as set out in Schedule C(New Guaranteed Leases), including all agreements ancillary to such leaseagreement (including its supplements, amendments, or restatements from time totime and any sub-lease agreements and sub-sub-lease agreements) and collectivelythe “New Guaranteed Leases”.

“New Guaranteed Lease Documents” means any documents entered into inconnection with a New Guaranteed Lease to which the Lessee is a party.

“Spare Engines” means the various spare engines with engine serial numbers asset out in Schedule A (List of Lessors and Lease Agreements).

2. EXISTING GUARANTEE AGREEMENTS

2.1 Confirmation



(a) The Guarantor confirms, with effect from the Homologation Date, for the benefit ofeach Lessor and any other beneficiary under an Existing Guarantee Agreement thatthe relevant Existing Guarantee Agreement and the obligations of the Guarantortherein shall:

(i) remain in full force and effect notwithstanding anything to the contrary in theComposition Plan, nor any additions, amendments, novation, substitution, orsupplements of or to any relevant Existing Lease Agreement and theimposition of any amended, new or more onerous obligations under anyrelevant Go Forward Fleet Lease or Alternative Lease Agreement, as thecase may be, in relation to the Lessee (including, but not limited to, theamendments referred to in Recital (E) above); and

(ii) extend to the obligations of the Lessee under any relevant Go-Forward FleetLease and Alternative Lease Agreement, as the case may be, and will not bereleased or impaired in any way in connection with the Composition Plan orany amendments, supplements, novations or other variations from time totime; and

(iii) extend to any new obligations assumed by the Lessee under any relevantGo-Forward Fleet Lease and Alternative Lease Agreement, as the case maybe, and otherwise as further amended or supplemented.

(b) To the extent that the Company's guarantee, undertaking or indemnity under therelevant Existing Guarantee Agreement is not, for any reason, enforceable on or afterthe Homologation Date in relation to the Lessee's obligations under the relevantExisting Lease Agreement, Go-Forward Fleet Lease or Alternative Lease Agreement(and any documents entered into in connection with such Existing Lease Agreement,Go Forward Fleet Lease or Alternative Lease Agreement that the Lessee is party to),the Guarantor hereby guarantees to, undertakes with and indemnifies each relevantLessor and and any other beneficiary under an Existing Guarantee Agreement on theterms of those clauses in relation to those obligations on and after the HomologationDate.

(c) This Deed shall be without prejudice to the ability of the Lessee and any Lessor tomake further amendments to any relevant Existing Lease Agreement, Go-ForwardFleet Lease or Alternative Lease Agreement (and the applicable transactiondocuments entered into in connection with such Existing Lease Agreement,Go-Forward Fleet Lease or Alternative Lease Agreement that the Lessee is party to),as the case may be, in the future without similar confirmations.

3. NEW GUARANTEES

3.1 Guarantee and Indemnity

Subject to Clause 3.2 and with effect from the Homologation Date, the Guarantor irrevocably andunconditionally:

(a) guarantees, as primary obligor and not merely as surety, to each relevant Lessor thedue and punctual performance by the Lessee of its obligations owed to such Lessor



under its relevant New Guaranteed Lease and relevant New Guaranteed LeaseDocuments;

(b) undertakes with each relevant Lessor that whenever the Lessee does not pay anyamount when due under or in connection with its obligations owed to such Lessorunder its relevant New Guaranteed Lease or relevant New Guaranteed LeaseDocuments, the Guarantor shall immediately on demand pay that amount as if it wasthe principal obligor in accordance with the terms of such New Guaranteed Lease,New Guaranteed Lease Document and this Guarantee; and

(c) agrees with each relevant Lessor that if any obligation guaranteed by it is orbecomes unenforceable, invalid or illegal, it will, as an independent and primaryobligation, indemnify each relevant Lessor immediately on demand against any cost,loss or liability it incurs as a result of the Lessee not paying any amount which would,but for such unenforceability, invalidity or illegality, have been payable by it under orin connection with the obligations owed to such Lessor under its relevant NewGuaranteed Lease and relevant New Guaranteed Lease Documents on the datewhen it would have been due. The amount payable by the Guarantor under thisindemnity will not exceed the amount it would have had to pay under this Guaranteeif the amount claimed had been recoverable on the basis of a guarantee.

3.2 Necessary authorisations

The Guarantor undertakes (i) to obtain all necessary authorisations pursuant to any requirementsapplicable to the Guarantor having been obtained that enables the Guarantor to provide suchNew Guarantees, including but not limited to approval from the Board of Commissioners andDwiwarna Series A Shareholder of the Guarantor pursuant to the Articles of Association ofthe Guarantor and (ii) to procure each New Guarantee under this Deed shall becomeeffective no later than the Effective Date (as defined in the Composition Plan).

3.3 Continuing Guarantee

The New Guarantees under this Deed are continuing guarantees and will extend to the ultimatebalance of sums payable by the Lessee in relation to its obligations under the relevant NewGuaranteed Lease and relevant New Guaranteed Lease Documents, regardless of anyintermediate payment or discharge in whole or in part.

3.4 Reinstatement

If any discharge, release, settlement or arrangement (whether in respect of the obligations of theLessee or any security for those obligations or otherwise) is made by a Lessor in whole or inpart on the basis of any right, payment, security or other disposition which is avoided or mustbe restored in insolvency, liquidation, administration or otherwise, without limitation, then theliability of the Guarantor under this Clause 3 will continue or be reinstated as if the discharge,release, settlement or arrangement had not occurred.

3.5 Waiver of Defences

The obligations of the Guarantor under this Clause 3 will not be affected by any act, omission, matteror thing which, but for this clause, would reduce, release or prejudice any of its obligationsunder this Clause 3 (without limitation and whether or not known to it or any relevant Lessor)including:



(a) any time, waiver or consent granted to, or composition with, the Lessee or otherperson;

(b) the taking, variation, compromise, exchange, renewal or release of, or refusal orneglect to perfect, take up or enforce, any rights against, or security over assets of,the Lessee or other person;

(c) any incapacity or lack of power, authority or legal personality of or dissolution orchange in the members or status of the Lessee or any other person;

(d) any amendment, novation, supplement, extension (whether of maturity or otherwise),restatement (in each case, however fundamental and whatsoever in nature andwhether or not more onerous) or replacement of any New Guaranteed Lease, anyNew Guaranteed Lease Documents or any other document or security;

(e) any unenforceability, illegality or invalidity of any obligation of any person under anyNew Guaranteed Lease, any New Guaranteed Lease Documents or any otherdocument or security; or

(f) any insolvency or similar proceedings.

3.6 Immediate Recourse

The Guarantor waives any right it may have of first requiring any relevant Lessor (or any trustee oragent on its behalf) to proceed against or enforce any other rights or security or claimpayment from any person before claiming from the Guarantor under this Deed or any otherNew Guaranteed Lease. This waiver applies irrespective of any law or any provision of aNew Guaranteed Lease to the contrary. Further, the Guarantor unconditionally waives, to theextent permitted by applicable law or otherwise, all of its rights and privileges under any lawapplicable to the Guarantor as necessary to give full effect to this Deed.

3.7 Appropriations

Until all amounts which may be or become payable by the Lessee under or in connection with therelevant obligations have been irrevocably paid in full, each relevant Lessor (or any trustee oragent on its behalf) may:

(a) refrain from applying or enforcing any other monies, security or rights held orreceived by that Lessor (or any trustee or agent on its behalf) in respect of thoseamounts, or apply and enforce the same in such manner and order as it sees fit(whether against those amounts or otherwise) and the Guarantor shall not be entitledto the benefit of the same; and

(b) hold in an interest-bearing suspense account any monies received from theGuarantor or on account of the Guarantor’s liability under this Clause 3, provided thatthe operation of this Clause 3.7 shall not be deemed to create any Security.

4. GOVERNING LAW

4.1 English Law



This Deed and any dispute or claim including non-contractual disputes, claims or obligations arisingout of or in connection with it or its subject matter or formation shall be governed by andconstrued in accordance with the law of England and Wales.

4.2 Existing Guarantees – Submission to Jurisdiction

Save for Clause 4.3 and to the extent this Deed otherwise relates to the New Guarantees, anydispute, controversy or claim arising in any way out of or in connection with this Deed(including, without limitation, any contractual, pre-contractual or non-contractual rights,obligations or liabilities, and any issue as to the existence, validity or termination thereof)shall be referred to and determined by the court, tribunal or arbitral body specified in therelevant Existing Guarantee Agreement.

4.3 Enforcement of New Guarantees

(a) Any dispute, controversy or claim arising in any way out of or in connection with theNew Guarantees (including, without limitation, any contractual, pre-contractual ornon-contractual rights, obligations or liabilities, and any issue as to the existence,validity or termination thereof) shall, unless otherwise expressly provided therein, bereferred to and finally resolved by arbitration administered by the SingaporeInternational Arbitration Centre (“SIAC”) in accordance with the Arbitration Rules ofSIAC (the “Rules”) for the time being in force, which Rules are deemed to beincorporated by reference in this clause.

(b) The arbitration tribunal (“Tribunal”) shall consist of three arbitrators. The claimant(s)shall jointly nominate one arbitrator. The respondent(s) shall jointly nominate onearbitrator. The two arbitrators thus appointed shall nominate the third arbitrator whoshall be the presiding arbitrator. If within fourteen days of a request from the otherparty to do so, a party fails to nominate an arbitrator, or if the two arbitrators fail tonominate the third arbitrator within fourteen days after the appointment of the secondarbitrator, the appointment shall be made, upon request of a party, by the Presidentof the Court of Arbitration of SIAC in accordance with the Rules.

(c) The seat of arbitration shall be Singapore. The arbitration agreement shall begoverned by Singapore law. The language of the arbitration proceedings shall beEnglish. Any award of the Tribunal shall be made in writing and shall be final andbinding on the parties from the day it is made.

(d) The Guarantor waives any right to apply to any court of law and/or other judicialauthority to determine any preliminary point of law and/or review any question of lawand/or the merits, insofar as such waiver may validly be made. The Guarantor shallnot be deemed, however, to have waived any right to challenge any award on theground that the Tribunal lacked substantive jurisdiction and/or on the ground ofserious irregularity affecting the Tribunal, the proceedings or the award to the extentallowed by the law of the seat of arbitration. Nothing in this clause shall be construedas preventing the Guarantor from seeking conservatory or interim relief from anycourt of competent jurisdiction.

5. MISCELLANEOUS



5.1 CounterpartsThis Deed may be executed in any number of counterparts and this shall have the sameeffect as if the signatures on the counterparts were on a single copy of this Deed.

5.2 Amendments

No amendment of this Deed shall be effective unless it is in writing and signed by, or on behalf of, theGuarantor.

5.3 Waivers

A waiver of any right or remedy under this Deed or by law, or any consent given under this Deed, isonly effective if given in writing and signed by the waiving or consenting party and shall notbe deemed a waiver of any other breach or default. It only applies in the circumstances forwhich it is given and shall not prevent the party giving it from subsequently relying on therelevant provision.

5.4 Third Party Rights

Except in the case of each Lessor and as expressly provided elsewhere in this Deed, a person who isnot a party to this Deed shall not have any rights under the Contracts (Rights of Third Parties)Act 1999 to enforce, or enjoy the benefit of, any term of this Deed. This does not affect anyright or remedy of a third party which exists, or is available, apart from that Act.

5.5 Severance

If any provision (or part of a provision) of this Deed is or becomes invalid, illegal or unenforceable, itshall be deemed modified to the minimum extent necessary to make it valid, legal andenforceable. If such modification is not possible, the relevant provision (or part of a provision)shall be deemed deleted. Any modification to or deletion of a provision (or part of a provision)under this Clause 5.5 shall not affect the legality, validity and enforceability of the rest of thisDeed.

5.6 Incorporation of terms

The Guarantor and each Lessor agree that the provisions for representations and warranties,payment mechanics, and enforcement of each relevant Existing Guarantee Agreement shallapply mutatis mutandis as if set out in full in this Deed with respect to each ExistingGuarantee and as if references in those clauses to "this Agreement", "this Guarantee", and"this Deed" are references to this Deed.

5.7 Transaction Document

This Deed shall be a "Lease Document", "Operative Document", "Transaction Document" or suchother equivalent term as is used in the relevant Existing Lease Agreement, Go Forward FleetLease or Alternative Lease Agreement (as applicable), for the purposes of such ExistingLease Agreement, Go Forward Fleet Lease or Alternative Lease Agreement (as applicable).

5.8 Report

The Guarantor shall at its expense no later than the fifteenth (15th) day of the calendar monthfollowing the month during which this Deed is executed, provide to the Lessors evidence, inform and substance satisfactory to the Lessors that the Guarantor has duly filed an onlinereport in respect of its entry into of this Deed to Bank Indonesia in relation to the foreignexchange flow activities in accordance with Bank Indonesia Regulation No. 21/2/PBI/2019 inconjunction with Regulation of the Members of the Board of Governors of Bank Indonesia No.21/7/PADG/2019, and any other applicable laws and regulations that may amend,supersede, replace or supplement any of the foregoing regulations.



6. NOTICES

6.1 Giving of Notice

Any notice or other communication given to the Guarantor under or in connection with this Deed shallbe:

(a) in writing;

(b) delivered by hand, by pre-paid first-class post or other next working day deliveryservice or sent by fax; and

(c) sent to:

(i) the Guarantor at:

Address: Ground Floor, Management Building, Garuda City, Soekarno-HattaInternational Airport, Cengkareng, 19120, IndonesiaFax Number: +62 21 25601230Attention: VP Acquisition and Aircraft Management

Address: Ground Floor, Management Building, Garuda City, Soekarno-HattaInternational Airport, Cengkareng, 19120, IndonesiaFax Number: +62 21 2560 1028Attention: VP Corporate Legal & Compliance

6.2 Deemed Receipt to Guarantor

Any notice or other communication that any Lessor gives to the Guarantor shall be deemed to havebeen received:

(a) if delivered by hand, at the time it is left at the relevant address;

(b) if posted by pre-paid first-class post or other next working day delivery service, on thesecond Business Day after posting; and

(c) if sent by fax, when received in legible form.

A notice or other communication given as described in Clause 6.2 or on a day that is not a BusinessDay, or after normal business hours, in the place it is received, shall be deemed to have beenreceived on the next Business Day.

6.3 Service of Documents

This Clause 6.3 does not apply to the service of any proceedings or other documents in any legalaction or, where applicable, any arbitration or other method of dispute resolution.

7. LANGUAGE

This Deed is executed simultaneously in English language and Indonesian language. TheParties agree that the English language version of this Deed shall be controlling for allpurposes and that the Indonesian language version has been prepared solely for referenceonly in compliance with Law No. 24 of 2009 on National Flag, Language, Emblem, and StateAnthem and President Regulation No. 63 of 2019 on the Use of Indonesian Language; and inthe event of any conflict or inconsistencies between the English language version and theIndonesian language version of this Deed or with any other language (in case this Deed istranslated into any other language), the English language version shall prevail, and the



relevant Indonesian text (or such any other language text) will be deemed to be amended toconform with the relevant English text and to make the relevant Indonesian text (or such anyother language text) consistent with the relevant English text.

This Deed has been entered into and delivered on the date stated at the beginning ofthis Deed.

EXECUTED as a deed for and on behalf of PT GARUDA INDONESIA (PERSERO) TBK. by itsauthorised signatory

…………………………




39954

Aircraft Lease Agreement Between Avolon Aerospace(Ireland) AOE 42 Ltd and Garuda Indonesia HolidayFrance S.A.S On 14 June 2014 (as amended, novated,modified or supplemented from time to time)


Lessor


Schedule A to the Form of Deed of Guarantee ConfirmationList of Lessors and Lease Agreements

B737-800 Aircraft

39955

39936


Lease Agreement



36805



Aircraft Specific Lease Agreement, dated 14 June2014, between Celestial Aviation Trading 62 Limitedand Garuda Indonesia Holiday France S.A.S.(incorporating the Common Terms Agreement, dated14 June 2014, between GE Capital Aviation ServicesLimited and Garuda Indonesia Holiday France S.A.S.)(as amended, novated, modified or supplemented fromtime to time)

37885

39939


36830

Aircraft Specific Lease Agreement, dated 14 June2014, between Celestial Aviation Trading 57 Limitedand Garuda Indonesia Holiday France S.A.S.(incorporating the Common Terms Agreement, dated14 June 2014, between GE Capital Aviation ServicesLimited and Garuda Indonesia Holiday France S.A.S.(as amended, novated, modified or supplemented fromtime to time)


MSN

30148




Aircraft Lease Agreement Between InishbrophyLeasing Limited and Garuda Indonesia Holiday FranceS.A.S. Dated 26 December 2018 (as amended,novated, modified or supplemented from time to timeincluding pursuant to the aircraft lease novationagreement dated 17 December 2019 betweenInishbrophy Leasing Limited, Garuda IndonesiaHoliday France S.A.S. and K Aviation LeasingCorporation 1A DAC)




Aircraft Lease Agreement Between KornerstoneAirlease No. 1 Limited and Garuda Indonesia HolidayFrance S.A.S On 09 October 2014 (as amended,novated, modified or supplemented from time to time)

41312 ALC B378 41312, LLC


Aircraft Lease Agreement Between KornerstoneAirlease No. 1 Limited and Garuda Indonesia HolidayFrance S.A.S On 14 June 2014 (as amended, novated,modified or supplemented from time to time)

39929

41322 ALC B378 41322, LLC

Sensyo & Co. Ltd.


Aircraft Lease Agreement Between Sensyo, Co & Ltdand Garuda Indonesia Holiday France S.A.S On 24October 2014 (as amended, novated, modified orsupplemented from time to time)

39920

38040


Aircraft Lease Agreement Between Chishima RealEstate Co., Ltd. and Garuda Indonesia Holiday FranceS.A.S. Dated 22 July 2010 (as amended, novated,modified or supplemented from time to time, includingthe Aircraft Lease Novation and AmendmentAgreement dated 28 November 2014 between FuyoAviation France II SARL as existing lessor, PT GarudaIndonesia (Persero) Tbk as existing lessee, GarudaIndonesia Holiday France S.A.S as new lessee andChishima Real Estate Co., Ltd as new lessor)

41270

41310

39928Chishima Real EstateCo., Ltd.

Wilmington Trust SPServices (Dublin)Limited, acting not in itsindividual capacity butsolely as Trustee forAircraft MSN 41310Trust

Aircraft Lease Agreement Between SMBC AviationCapital Limited and Garuda Indonesia Holiday FranceS.A.S. Dated 24 October 2014 (as amended, novated,modified or supplemented from time to time, includingthe Aircraft Lease Novation and Amendment Deeddated 31 October 2014 between SMBC AviationCapital Limited as existing lessor, Garuda IndonesiaHoliday France S.A.S as lessee and Chishima RealEstate Co., Ltd. as new lessor)


A320-200 Aircraft

Aircraft Lease Agreement Between Wilmington TrustSP Services (Dublin) Limited, acting not in its individualcapacity but solely as Trustee for Aircraft MSN 41310Trust and Garuda Indonesia Holiday France S.A.Sdated 14 October 2011 (as amended, novated,restated, modified or supplemented from time to time,including as novated, amended and restated by anAircraft Lease Novation and Amendment Agreementdated 6 November 2017)



MSN



6118

6243

7221Sky High LIX LeasingCompany Limited


Aircraft Lease Agreement Between Sky High LIXLeasing Company Limited and Garuda IndonesiaHoliday France S.A.S Dated 28 June 2016 (asamended, novated, modified or supplemented fromtime to time)



7297

Lessor


Aircraft Lease Agreement Between Sky High LXLeasing Company Limited and Garuda IndonesiaHoliday France S.A.S Dated 23 September 2016 (asamended, novated, modified or supplemented fromtime to time)


6270

7453Sky High LX LeasingCompany Limited


Aircraft Lease Agreement Between Sky High LXLeasing Company Limited and Garuda IndonesiaHoliday France S.A.S Dated 07 November 2016 (asamended, novated, modified or supplemented fromtime to time)


7620

Lease Agreement


Aircraft Lease Agreement Between Sky High LXILeasing Company Limited and Garuda IndonesiaHoliday France S.A.S Dated 08 November 2016 (asamended, novated, modified or supplemented fromtime to time)

6224

6333

5511SMBC Aviation CapitalLimited





5556 Global AviationEquipment Leasing IIreland Limited

Aircraft Lease Agreement Between SMBC AviationCapital Limited and Garuda Indonesia Holiday FranceS.A.S. Dated 24 October 2014 (as amended, novated,


6408






Aircraft Specific Lease Agreement dated 14 June2014 (incorporating the terms of the Aircraft LeaseCommon Terms Agreement dated 14 June 2014 (the"CTA") between GE Capital Aviation Services Limitedand Garuda Indonesia Holiday France S.A.S.)between Celestial Aviation Trading 71 Limited andGaruda Indonesia Holiday France S.A.S. (asamended and novated pursuant to the Aircraft LeaseNovation and Amendment Deed dated 12 December2014 between Celestial Aviation Trading 71 Limitedas existing lessor, Garuda Indonesia Holiday FranceS.A.S. as lessee and SMBC Aviation Capital Limitedas new lessor, and as further amended,supplemented, novated, assigned and/or restatedfrom time to time);

2598MACH 1A LeasingIreland Limited

Aircraft Lease Agreement Between MACH 1A LeasingIreland Limited and Garuda Indonesia Holiday FranceS.A.S. Dated 13 September 2011 (as amended,novated, modified or supplemented from time to time)

modified or supplemented from time to time, includingthe Aircraft Lease Novation and AmendmentAgreement dated 21 January 2020 between SMBCAviation Capital Limited as existing lessor, GarudaIndonesia Holiday France S.A.S. as lessee andGlobal Aviation Equipment Leasing I Ireland Limitedas new lessor)

5777

6207

ACG Aircraft LeasingIreland Limited (formerlynamed ACG AcquisitionIreland III Limited)

Medical Tribune, Inc.

Aircraft Lease Agreement between ACG AircraftLeasing Ireland Limited (formerly known as ACGAcquisition Ireland III Limited) and Garuda IndonesiaHoliday France S.A.S. Dated 16 July 2014 (asamended, novated, modified or supplemented fromtime to time)

Aircraft Lease Agreement Between Medical Tribune,Aircraft Lease Agreement Between SMBC AviationCapital Limited and Garuda Indonesia Holiday FranceS.A.S. Dated 24 October 2014 (as amended, novated,modified or supplemented from time to time, includingthe Aircraft Lease Novation and Amendment Deeddated 17 October 2016 between SMBC AviationCapital Limited as existing lessor, Garuda IndonesiaHoliday France S.A.S. as lessee, Sakurajyuji Inc. asnew representative lessor and Sakurajyuji Inc., TomoCo., Ltd. and Saishunkan Pharmaceutical Co., Ltd. asnew lessors (the "Previous Lessors") and as furthernovated and amended by the Aircraft Lease Novationand Amendment Deed dated 22 May 2020 betweenthe Previous Lessors as existing lessors, GarudaIndonesia Holiday France S.A.S. as lessee andMedical Tribune, Inc. as new lessor)

6322 ACG Aircraft LeasingIreland Limited (formerlynamed ACG AcquisitionIreland III Limited)

Aircraft Lease Agreement between ACG AircraftLeasing Ireland Limited (formerly known as ACGAcquisition Ireland III Limited) and Garuda IndonesiaHoliday France S.A.S. Dated 16 July 2014 (as

5560

5830



amended, novated, modified or supplemented fromtime to time)

6503




Aircraft Lease Agreement Between Nikko Kisen Co.,Ltd and Garuda Indonesia Holiday France S.A.S.dated 26 November 2014 (as amended, novated,modified or supplemented from time to time)



5351

5399


CALC 30 - AIRCRAFTLIMITED


Stellar Aircraft Holding 2Limited



1) Aircraft Lease Agreement between JSAInternational U.S. Holdings, LLC (as lessor) andGaruda Indonesia Holiday France S.A.S. (as lessee)dated 2 September 2015 (as amended, novated,modified or supplemented from time to time)concerning one (1) A320-200 aircraft bearing MSN67532) Aircraft Lease Agreement between GarudaIndonesia Holiday France S.A.S. (as sub-lessor) andthe PT Garuda Indonesia (Persero) Tbk (assub-lessee) dated 9 September 2015 (as amended,novated, modified or supplemented from time to time)3) Aircraft Lease Agreement between PTGaruda Indonesia (Persero) Tbk (as sub-sub-lessor)and PT Citilink Indonesia (as sub-sub-lessee) dated 9September 2015 (as amended, novated, modified orsupplemented from time to time)

Aircraft Lease Agreement dated 24 October 2014between Stellar Aircraft Holding 2 Limited and GarudaIndonesia Holiday France S.A.S. (as amended,novated, modified or supplemented from time to time,including pursuant to the Aircraft Lease Novation andAmendment Agreement dated 9 February 2017between among others, Stellar Aircraft Holding 2Limited and Garuda Indonesia Holiday France S.A.S.)

7091

6980 JSA International U.S.


1) Aircraft Lease Agreement between JSA




Holdings, LLC

Aircraft Lease Agreement Between Alafco IrishAircraft Leasing Nine Limited and Garuda IndonesiaHoliday France S.A.S. Dated 14 June 2014 (asamended, novated, modified or supplemented fromtime to time)



International U.S. Holdings, LLC (as lessor) andGaruda Indonesia Holiday France S.A.S. (as lessee)dated 2 September 2015 (as amended, novated,modified or supplemented from time to time)concerning one (1) A320-200 aircraft bearing MSN69802) Aircraft Lease Agreement between GarudaIndonesia Holiday France S.A.S. (as sub-lessor) andthe PT Garuda Indonesia (Persero) Tbk (assub-lessee) dated 9 September 2015 (as amended,novated, modified or supplemented from time to time)3) Aircraft Lease Agreement between PTGaruda Indonesia (Persero) Tbk (as sub-sub-lessor)and PT Citilink Indonesia (as sub-sub-lessee) dated 9September 2015 (as amended, novated, modified orsupplemented from time to time)

5574





Aircraft Lease Agreement Between Alafco IrishAircraft Leasing Ten Limited and Garuda IndonesiaHoliday France S.A.S. Dated 14 June 2014 (asamended, novated, modified or supplemented fromtime to time)


5571

5597

8265



Aircraft Lease Agreement Between Sky High LXXXIXLeasing Company Limited and Garuda IndonesiaHoliday France S.A.S Dated 28 June 2018 (asamended, novated, modified or supplemented fromtime to time)


Aircraft Lease Agreement Between Alafco IrishAircraft Leasing Evelen Limited and Garuda IndonesiaHoliday France S.A.S. Dated 14 June 2014 (asamended, novated, modified or supplemented fromtime to time)



8156

9275

7603SAF Leasing II (AOE 3)Ltd


Aircraft Lease Agreement Between SAF Leasing II(AOE 3) Ltd and Garuda Indonesia Holiday FranceS.A.S Dated 22 December 2016 (as amended,novated, modified or supplemented from time to time)


Aircraft Lease Agreement Between Sky High XCIILeasing Company Limited and Garuda IndonesiaHoliday France S.A.S Dated 04 December 2019 (asamended, novated, modified or supplemented fromtime to time)

7834



Aircraft Lease Agreement Between Oriental Leasing31 Company Limited and Garuda Indonesia HolidayFrance S.A.S. Dated 00 January 1900 (as amended,novated, modified or supplemented from time to time)

Aircraft Lease Agreement Between Sky High LXXXIXLeasing Company Limited and Garuda IndonesiaHoliday France S.A.S Dated 23 August 2018 (asamended, novated, modified or supplemented fromtime to time)

A330-300 Aircraft

7466

MSN Lessor


Lease Agreement


1548

Aircraft Lease Agreement Between Sky High LXXXIXLeasing Company Limited and Garuda IndonesiaHoliday France S.A.S Dated 23 July 2018 (asamended, novated, modified or supplemented fromtime to time)



9280

7505

1560Avolon Aerospace AOE87 Limited





1671HKAC Leasing 1671(Ireland) Limited

Aircraft Lease Agreement Between HKAC Leasing1671 (Ireland) Limited and Garuda Indonesia HolidayFrance S.A.S Dated 28 July 2015 (as amended,novated, modified or supplemented from time to time)

Aircraft Lease Agreement Between Sky High XCIILeasing Company Limited and Garuda IndonesiaHoliday France S.A.S Dated 22 October 2019 (asamended, novated, modified or supplemented fromtime to time)

7587

1723

8303



Aircraft Lease Agreement Between Jin Shan 9 IrelandCompany Limited and Garuda Indonesia HolidayFrance S.A.S. Dated 18 May 2016 (as amended,






1) Aircraft Lease Agreement between JSAInternational U.S. Holdings, LLC (as lessor) andGaruda Indonesia Holiday France S.A.S. (as lessee)dated 25 July 2014 (as amended, novated, modifiedor supplemented from time to time) concerning one(1) A330-300 aircraft bearing MSN 15772) Aircraft Lease Agreement between GarudaIndonesia Holiday France S.A.S. (as sub-lessor) andthe PT Garuda Indonesia (Persero) Tbk (assub-lessee) dated 25 July 2014 (as amended,novated, modified or supplemented from time to time)

1733

1654

1446



Aircraft Lease Agreement (MSN 1446), whichincorporates the terms and conditions of the AircraftLease Shared Terms, dated 28 October 2016,between Greylag Goose Leasing 1446 DesignatedActivity Company and Garuda Indonesia HolidayFrance S.A.S. Dated 28 October 2016 (as amended,novated, modified or supplemented from time to time)


A330-900 Aircraft




1698




Aircraft Lease Agreement Between ORIX AviationSystems Limited and Garuda Indonesia HolidayFrance S.A.S On 28 January 2016 (as amended,novated, modified or supplemented from time to time)

1870

novated, modified or supplemented from time to time)



1585

1709

1947 Wilmington Trust SPServices (Dublin) Limited(not in its individual


Aircraft Lease Agreement Between WilmingtonTrust SP Services (Dublin) Limited (not in itsindividual capacity but solely as owner trustee) and


Aircraft Lease Agreement Between ORIX AviationSystems Limited and Garuda Indonesia HolidayFrance S.A.S On 23 March 2016 (as amended,novated, modified or supplemented from time to time)



1398Nordic Aviation LeasingTwenty Two Pte. Ltd

ATR Aircraft

Aircraft Lease Agreement Between Nordic AviationLeasing Twenty Two Pte. Ltd. and PT GarudaIndonesia Persero TBk On 26 November 2014 (asamended, novated, modified or supplemented fromtime to time)

1948

1340

MSN


Aircraft Lease Agreement Between Nordic AviationLeasing Twenty One Pte Ltd and Garuda IndonesiaHoliday France S.A.S On 23 April 2019 (as amended,novated, modified or supplemented from time to time)

Lessor


972

Lease Agreement


capacity but solely asowner trustee)


Aircraft Lease Agreement Between WilmingtonTrust SP Services (Dublin) Limited and GarudaIndonesia Holiday France S.A.S (not in itsindividual capacity but solely as owner trustee) On12 November 2019 (as amended, novated,modified or supplemented from time to time)

988

1422




966

Aircraft Lease Agreement Between NAC Aviation 29DAC and Garuda Indonesia Holiday France S.A.S On16 July 2018 (as amended, novated, modified orsupplemented from time to time)


Garuda Indonesia Holiday France S.A.S On 12November 2019 (as amended, novated, modified orsupplemented from time to time)

Aircraft Lease Agreement Between NAC Aviation 29DAC and Garuda Indonesia Holiday France S.A.S On19 November 2019 (as amended, novated, modifiedor supplemented from time to time)

A330-200 Aircraft

1946

MSN

1438




1184

Aircraft Lease Agreement Between NAC Aviation 29DAC and Garuda Indonesia Holiday France S.A.S On9 October 2018 (as amended, novated, modified orsupplemented from time to time)


Aircraft Lease Agreement Between SapphireLeasing I (AOE 1) Limited and PT Garuda Indonesia

Aircraft Lease Agreement Between WilmingtonTrust SP Services (Dublin) Limited (not in itsindividual capacity but solely as owner trustee) andGaruda Indonesia Holiday France S.A.S On 12November 2019 (as amended, novated, modified orsupplemented from time to time)



29148Sky High XXIX LeasingCompany Limited



Aircraft Lease Agreement (MSN 1410), whichincorporates the terms and conditions of the AircraftLease Shared Terms dated 28 October 2016,between Greylag Goose Leasing 1410 DesignatedActivity Company and PT Garuda Holiday FranceS.A.S. Dated 28 October 2016 (as amended,novated, modified or supplemented from time totime)

29143Sky High XXIX LeasingCompany Limited


1288

1474

29144Sky High XXX LeasingCompany Limited


Aircraft Lease Agreement Between Sky High XXXLeasing Company Ltd and Garuda Indonesia HolidayFrance S.A.S. Dated 12 June 2015 (as amended,novated, modified or supplemented from time to time)


Aircraft Lease Agreement Between CMIG AircraftLeasing Seven Ireland Ltd and PT Garuda HolidayFrance S.A.S. Dated 30 November 2016 (asamended, novated, modified or supplemented fromtime to time)

40072Sky High XXX LeasingCompany Limited

B777 Aircraft

Aircraft Lease Agreement Between Sky High XXXLeasing Company Ltd and Garuda Indonesia HolidayFrance S.A.S. Dated 10 September 2015 (asamended, novated, modified or supplemented fromtime to time)

Aircraft Lease Agreement Between Wilmington TrustSP Services (Dublin) Limited, acting not in itsindividual capacity but solely in its capacity asTrustee for Aircraft MSN 1288 Trust, and PT GarudaHoliday France S.A.S. Dated 31 March 2011 (asamended, novated, restated, modified orsupplemented from time to time, including asnovated, amended and restated by an Aircraft LeaseNovation and Amendment Agreement dated 29December 2017)

29145

MSN


Aircraft Lease Agreement Between Sky High XXXLeasing Company Ltd and Garuda Indonesia HolidayFrance S.A.S. Dated 19 October 2015 (as amended,novated, modified or supplemented from time to time)

Lessor

40073

Lease Agreement


Holiday France S.A.S. Dated 15 November 2018 (asamended, novated, modified or supplemented fromtime to time)

Aircraft Lease Agreement Between Sky High LVILeasing Company Ltd and Garuda Indonesia HolidayFrance S.A.S. Dated 18 January 2016 (as amended,novated, modified or supplemented from time to time)

Spare Engine Lessors

1410



Lease Agreement

862712

573815





573935

ESN


Engine Lease Agreement between Engine LeaseFinance Corporation and Garuda Indonesia HolidayFrance S.A.S. Dated 14 December 2016 (asamended, novated, modified or supplemented fromtime to time) concerning Spare Engine engine withESN 573935

660876

864732

598977



Engine Lease Agreement between Total EngineAsset Management PTE. Ltd and Garuda IndonesiaHoliday France S.A.S. Dated 28 December 2018 (asamended, novated, modified or supplemented fromtime to time) concerning Spare Engine with ESN598977



599218

Lessor


Engine Lease Agreement between Total EngineAsset Management PTE. Ltd and Garuda IndonesiaHoliday France S.A.S. Dated 15 May 2019 (asamended, novated, modified or supplemented fromtime to time) concerning Spare Engine with ESN599218

Engine Lease Agreement between Engine LeaseFinance Corporation and Garuda Indonesia HolidayFrance S.A.S. Dated 11 March 2015 (as amended,novated, modified or supplemented from time to time)concerning Spare Engine with ESN 660876

038366



Engine Lease Agreement between Rolls-RoyceLeasing Limited and Garuda Indonesia Holiday

Engine Lease Agreement between Engine LeaseFinance Corporation and Garuda Indonesia HolidayFrance S.A.S. Dated 30 May 2017 (as amended,novated, modified or supplemented from time to time)concerning Spare Engine with ESN 038366



Guarantee between PT Garuda Indonesia(Persero) Tbk. and SMBC Aviation CapitalLimited Dated 24 October 2014.

[960146]

39955

36830




[Celestial AviationTrading 100 Limited]

36805

Guarantee between PT Garuda Indonesia(Persero) Tbk and Avolon Aerospace (Ireland)AOE 42 Ltd Dated 30 September 2016 (asamended, novated, modified or supplementedfrom time to time)


Guarantee between PT Garuda Indonesia(Persero) Tbk and Celestial Aviation Trading 62Limited Dated 16 December 2015 (as amended,novated, modified or supplemented from time totime)

[Engine Lease Agreement between Celestial AviationTrading 100 Limited and Garuda Indonesia HolidayFrance S.A.S. Dated [●] (as amended, novated,modified or supplemented from time to time)concerning Spare Engine with ESN 960146]

37885

39936


Guarantee between PT Garuda Indonesia(Persero) Tbk and Celestial Aviation Trading 57Limited Dated 16 December 2015 (as amended,novated, modified or supplemented from time totime)


Schedule B to the Form of Deed of Guarantee ConfirmationExisting Guarantee Agreements

B737-800 Aircraft

38040



Guarantee between PT Garuda Indonesia(Persero) Tbk and Kornerstone Airlease No.1Limited Dated 16 August 2017 (as amended,novated, modified or supplemented from time totime)

France S.A.S. Dated 27 October 2015 (as amended,novated, modified or supplemented from time to time)concerning Spare Engine with ESN 41975

41270

39939


MSN

Guarantee between PT Garuda Indonesia(Persero) Tbk and Kornerstone Airlease No.1Limited Dated 16 August 2017 (as amended,novated, modified or supplemented from time totime)


39929


Sensyo & Co. Ltd.

Lessor

Guarantee between PT Garuda Indonesia(Persero) Tbk and Sensyo & Co., Limited Dated08 September 2017 (as amended, novated,modified or supplemented from time to time)

41310

39954

Wilmington Trust SPServices (Dublin)

Guarantee

Guarantee between PT Garuda Indonesia(Persero) Tbk and ALC B378 41310, LLC Dated





Guarantee between PT Garuda Indonesia(Persero) Tbk and Sky High XXXI LeasingCompany Limited Dated 15 May 2014 (asamended, novated, modified or supplementedfrom time to time)

41312

39920




ALC B378 41312, LLC

Guarantee between PT Garuda Indonesia(Persero) Tbk and Chishima Real Estate Co., LtdDated 28 November 2014 (as amended,novated, modified or supplemented from time totime)

6243

Limited, acting not in itsindividual capacity butsolely as Trustee forAircraft MSN 41310Trust



Guarantee between PT Garuda Indonesia(Persero) Tbk and ALC B378 41312, LLC Dated06 November 2017 (as amended, novated,modified or supplemented from time to time)

39928

6270Sky High XXXIII LeasingCompany Limited


Guarantee between PT Garuda Indonesia(Persero) Tbk and Sky High XXXIII LeasingCompany Limited Dated 15 May 2014 (asamended, novated, modified or supplementedfrom time to time)

Guarantee between PT Garuda Indonesia(Persero) Tbk and Chishima Real Estate Co.,Ltd. Dated 31 October 2014 (as amended,novated, modified or supplemented from time totime)

6333

06 November 2017 (as amended, novated,assigned, modified or supplemented from time totime)


A320-200 Aircraft


41322

6408

MSN



Lessor

ALC B378 41322, LLC

7221

Guarantee


Guarantee between PT Garuda Indonesia(Persero) Tbk and Sky High LIX LeasingCompany Limited Dated 28 June 2016 (as

Guarantee between PT Garuda Indonesia(Persero) Tbk and ALC B378 41322, LLC Dated06 November 2017 (as amended, novated,modified or supplemented from time to time)




Guarantee between SMBC Aviation CapitalLimited and PT Garuda Indonesia (Persero)Tbk. dated 24 October 2014.

7297

7620

2598MACH 1A LeasingIreland Limited


Guarantee between PT Garuda Indonesia(Persero) Tbk and Wells Fargo Trust Company,National Association Dated 08 June 2018 (asamended, novated, modified or supplementedfrom time to time)


Guarantee between PT Garuda Indonesia(Persero) Tbk and Sky High LXI LeasingCompany Limited Dated 08 November 2016 (asamended, novated, modified or supplementedfrom time to time)

6207


Guarantee between PT Garuda Indonesia(Persero) Tbk and ACG Acquisition Ireland IIILimited Dated 21 July 2014 (as amended,novated, modified or supplemented from time totime)

Guarantee between PT Garuda Indonesia(Persero) Tbk and Sky High LX LeasingCompany Limtied Dated 23 September 2016(as amended, novated, modified orsupplemented from time to time)

5511

6322



Guarantee between PT Garuda Indonesia(Persero) Tbk and ACG Acquisition Ireland IIILimited Dated 22 July 2014 (as amended,novated, modified or supplemented from time totime)


5351

amended, novated, modified or supplementedfrom time to time)

Stellar Aircraft Holding 2Limited

Guarantee between PT Garuda Indonesia(Persero) Tbk and Stellar Aircraft Holding 2Limited dated 9 February 2017 (as amended,novated, modified or supplemented from time totime)

7453

5560

6503 Nikko Kisen Co., Ltd


Guarantee between PT Garuda Indonesia(Persero) Tbk and Nikko Kisen Co., Ltd. Dated13 October 2017 (as amended, novated,modified or supplemented from time to time)


Guarantee between PT Garuda Indonesia(Persero) Tbk and SMBC Aviation CapitalLimited Dated 12 December 2014 (asamended, novated, modified or supplementedfrom time to time)


Guarantee between PT Garuda Indonesia(Persero) Tbk and CALC 30 – Aircraft LimitedDated 4th October 2017 (as amended, novated,modified or supplemented from time to time)

Guarantee between PT Garuda Indonesia(Persero) Tbk and Sky High LX LeasingCompany Limited Dated 07 November 2016 (asamended, novated, modified or supplementedfrom time to time)

5830





Guarantee dated 2 September 2015 betweenPT Garuda Indonesia (Persero) Tbk (asguarantor) and JSA International U.S. Holdings,LLC (as beneficiary) (as amended, novated,modified or supplemented from time to time)concerning one (1) A320-200 aircraft bearingMSN 6980

Guarantee between PT Garuda Indonesia(Persero) Tbk and Jin Shan 9 Ireland CompanyLimited Dated 18 May 2016 (as amended,novated, modified or supplemented from time totime)

5571

7091


Guarantee between PT Garuda Indonesia(Persero) Tbk and Alafco Irish Aircraft LeasingNine Limited Dated 05 August 2016 (asamended, novated, modified or supplementedfrom time to time)

7319

7469

5574Alafco Irish AircraftLeasing Ten Limited


Guarantee between PT Garuda Indonesia(Persero) Tbk and Alafco Irish Aircraft LeasingTen Limited Dated 05 August 2016 (asamended, novated, modified or supplementedfrom time to time)



5597



Guarantee between PT Garuda Indonesia(Persero) Tbk and Alafco Irish Aircraft LeasingEleven Limited Dated 05 August 2016 (asamended, novated, modified or supplementedfrom time to time)


6753



Guarantee between PT Garuda Indonesia(Persero) Tbk and Infinity Aircraft HoldingsIreland Limited Dated 11 June 2018 (asamended, novated, modified or supplementedfrom time to time)

Guarantee dated 2 September 2015 betweenPT Garuda Indonesia (Persero) Tbk (asguarantor) and JSA International U.S. Holdings,LLC (as beneficiary) (as amended, novated,modified or supplemented from time to time)concerning one (1) A320-200 aircraft bearingMSN 6753

6596



Indemnity between PT Garuda Indonesia(Persero) Tbk and Infinity Aircraft HoldingsIreland Limited Dated 31 October 2018 (asamended, novated, modified or supplementedfrom time to time)

7450

6980



Guarantee between PT Garuda Indonesia(Persero) Tbk. and Sky High XCII LeasingCompany Limited Dated 04 December 2019 (asamended, novated, modified or supplementedfrom time to time)


7466

Guarantee between PT Garuda Indonesia(Persero) Tbk. and Sky High LXXXIX LeasingCompany Limited Dated 23 July 2018 (asamended, novated, modified or supplementedfrom time to time)


Guarantee between PT Garuda Indonesia(Persero) Tbk. and Avolon Aerospace AOE 137Limited Dated 21 February 2017 (as amended,novated, modified or supplemented from time totime)

7505

8156


8265

Guarantee between PT Garuda Indonesia(Persero) Tbk. and Avolon Aerospace AOE 136Limited Dated 08 March 2017 (as amended,novated, modified or supplemented from time totime)


MSN

7587

Guarantee between PT Garuda Indonesia(Persero) Tbk. and Sky High LXXXIX LeasingCompany Limited Dated 23 August 2018 (asamended, novated, modified or supplementedfrom time to time)



Guarantee between PT Garuda Indonesia(Persero) Tbk. and Avolon Aerospace AOE 138Limited Dated 23 May 2017 (as amended,novated, modified or supplemented from time totime)

7603

9280


Guarantee between PT Garuda Indonesia(Persero) Tbk. and Sky High LXXXIX LeasingCompany Limited Dated 28 June 2018 (asamended, novated, modified or supplementedfrom time to time)

Guarantee between PT Garuda Indonesia(Persero) Tbk. and Avolon Aerospace AOE 139Limited Dated 26 May 2017 as assigned byAvolon Aerospace AOE 139 Limited in favour ofSAF Leasing II (AOE 3) Limited on 20 May 2020(and as further amended, novated, modified orsupplemented from time to time)


Lessor

7834

Guarantee between PT Garuda Indonesia(Persero) Tbk. and Sky High XCII LeasingCompany Limited Dated 22 October 2019 (asamended, novated, modified or supplementedfrom time to time)


Guarantee between PT Garuda Indonesia(Persero) Tbk. and Avolon Aerospace AOE 60Limited Dated [•](as amended, novated,modified or supplemented from time to time)

A330-300 Aircraft


MSN

9275

Lessor

8303

Guarantee




Guarantee between PT Garuda Indonesia(Persero) Tbk. and HKAC Leasing 1671(Ireland) Limited Dated 14 October 2015 (asamended, novated, modified or supplementedfrom time to time)

1654

1548


Guarantee between PT Garuda Indonesia(Persero) Tbk. and ORIX Aviation SystemsLimited Dated 12 April 2017 (as amended,novated, modified or supplemented from time totime)

1560

1723



Guarantee between PT Garuda Indonesia(Persero) Tbk. and ORIX Aviation SystemsLimited Dated 30 August 2017 (as amended,novated, modified or supplemented from time totime)


Guarantee between PT Garuda Indonesia(Persero) Tbk. and Jin Shan 9 IrelandCompany Limited Dated 20 May 2016 (asamended, novated, modified or supplementedfrom time to time)

1709



Guarantee between PT Garuda Indonesia(Persero) Tbk. and ORIX Aviation SystemsLimited Dated 20 September 2016 (asamended, novated, modified or supplementedfrom time to time)

Guarantee between PT Garuda Indonesia(Persero) Tbk. and Avolon Aerospace AOE 87Limited Dated 22 September 2014 (asamended, novated, modified or supplementedfrom time to time)

1733



Guarantee dated 25 March 2015 between PTGaruda Indonesia (Persero) Tbk (as guarantor)and JSA International U.S. Holdings, LLC (asbeneficiary) (as amended, novated, modified orsupplemented from time to time) concerningone (1) A330-300 aircraft bearing MSN 1577

Guarantee between PT Garuda Indonesia(Persero) Tbk. and Jin Shan 9 IrelandCompany Limited Dated 20 May 2016 (asamended, novated, modified or supplementedfrom time to time)

1446

Guarantee between PT Garuda Indonesia(Persero) Tbk. and Avolon Aerospace AOE 86Limited Dated 18 August 2014 (as amended,novated, modified or supplemented from time totime)


Sublease Subordination Agreement (MSN1446) between PT Garuda Indonesia (Persero)Tbk., Garuda Indonesia Holiday France S.A.S.and Greylag Goose Leasing 1446 DesignatedActivity Company

1671

A330-900 Aircraft

1585

MSN Lessor


Guarantee


Guarantee between PT Garuda Indonesia(Persero) Tbk. and ORIX Aviation SystemsLimited Dated 08 January 2016 (as amended,novated, modified or supplemented from time totime)



1438


Wilmington Trust SPServices (Dublin) Limited(not in its individualcapacity but solely asowner trustee)

Guarantee between PT Garuda Indonesia(Persero) Tbk. and NAC Aviation 29 DesignatedActivity Company Dated 27 May 2019 (asamended, novated, modified or supplementedfrom time to time)

Guarantee between PT Garuda Indonesia(Persero) Tbk. and Wilmington Trust SPServices (Dublin) Limited (not in its individualcapacity but solely as owner trustee) Dated12 November 2019 (as amended, novated,modified or supplemented from time to time)

1398

1947

Nordic Aviation LeasingTwenty Two Pte. Ltd

ATR Aircraft

Guarantee between PT Garuda Indonesia(Persero) Tbk. and Nordic Aviation LeasingTwenty Two Pte. Ltd Dated 23 March 2017 (asamended, novated, modified or supplementedfrom time to time)

1948

1340

MSN


Guarantee between PT Garuda Indonesia(Persero) Tbk. and Nordic Aviation LeasingTwenty One Pte. Ltd Dated 31 August 2016 (asamended, novated, modified or supplementedfrom time to time)

Lessor

A330-200 Aircraft


MSN Lessor


Guarantee


1184

1422


Guarantee between PT Garuda Indonesia(Persero) Tbk. and Sapphire Leasing 1 (AOE1) Limited Dated 26 March 2019 (as amended,novated, modified or supplemented from timeto time)


1288

Guarantee between PT Garuda Indonesia(Persero) Tbk. and NAC Aviation 29 DesignatedActivity Company Dated 17 July 2018 (asamended, novated, modified or supplementedfrom time to time)



Guarantee between PT Garuda Indonesia(Persero) Tbk. and ALC A332 1288, LLCDated 29 December 2017 (as amended,novated, assigned, modified or supplementedfrom time to time)

1946



40072

29148


Guarantee between PT Garuda Indonesia(Persero) Tbk. and Sky High XXX LeasingCompany Limited Dated 14 September 2015(as amended, novated, modified orsupplemented from time to time)


B777 Aircraft

29145

Guarantee between PT Garuda Indonesia(Persero) Tbk. and Sky High XXIX LeasingCompany Limited Dated 15 May 2014 (asamended, novated, modified or supplementedfrom time to time)


Guarantee between PT Garuda Indonesia(Persero) Tbk. and Sky High XXX LeasingCompany Limited Dated 28 October 2015 (asamended, novated, modified or supplementedfrom time to time)

1410

40073

29143


MSN

Guarantee between PT Garuda Indonesia(Persero) Tbk. and Sky High LVI LeasingCompany Limited Dated 28 January 2016(asamended, novated, modified or supplementedfrom time to time)


12.20

Spare Engine Lessors

ESN

Guarantee between PT Garuda Indonesia(Persero) Tbk. and Sky High XXIX LeasingCompany Limited Dated 15 May 2014 (asamended, novated, modified or supplementedfrom time to time)

Lessor

Lessor

Guarantee


[660876]

29144


Guarantee

Guarantee between PT Garuda Indonesia(Persero) Tbk. and Engine Lease FinanceCorporation Dated [●] (as amended, novated,modified or supplemented from time to time)concerning Spare Engine with ESN 66087


[862712]

Guarantee between PT Garuda Indonesia(Persero) Tbk. and Sky High XXX LeasingCompany Limited Dated 17 June 2015 (asamended, novated, modified or supplementedfrom time to time)


Guarantee between PT Garuda Indonesia(Persero) Tbk. and Engine Lease FinanceCorporation Dated [●] (as amended, novated,modified or supplemented from time to time)concerning Spare Engine with ESN 862712

Sublease Subordination Agreement (MSN1410) between PT Garuda Indonesia(Persero) Tbk., Garuda Indonesia HolidayFrance S.A.S. and Greylag Goose Leasing1410 Designated Activity Company




Guarantee Agreement between PT GarudaIndonesia (Persero) Tbk and Total EngineAsset Management PTE. Ltd in respect of oneLEAP-1A26 engine with MSN 598977 dated 5July 2019, as may be amended, restatedand/or supplemented from time to time;

Guarantee between PT Garuda Indonesia(Persero) Tbk. and Engine Lease FinanceCorporation Dated 9 November 2016 (asamended, novated, modified or supplementedfrom time to time) concerning Spare Enginewith ESN 864732

573815

599218



Guarantee Agreement between PT GarudaIndonesia (Persero) Tbk and Total EngineAsset Management PTE. Ltd in respect of oneLEAP-1A26 engine with MSN 599218 dated[●], as may be amended, restated and/orsupplemented from time to time;

12.21

Schedule C to the Form of Deed of Guarantee ConfirmationNew Guaranteed Leases

Aircraft

Guarantee between PT Garuda Indonesia(Persero) Tbk. and Engine Lease FinanceCorporation Dated 9 November 2016 (asamended, novated, modified or supplementedfrom time to time) concerning Spare Enginewith ESN 573815

MSN

864732


038366

573935

1474CMIG Aircraft LeasingSeven Ireland Limited


Aircraft Lease Agreement Between CMIGAircraft Leasing Seven Ireland Ltd and PTGaruda Holiday France S.A.S. Dated 30November 2016 (as amended, novated,modified or supplemented from time totime)


Guarantee between PT Garuda Indonesia(Persero) Tbk. and Engine Lease FinanceCorporation Dated 14 December 2016 (asamended, novated, modified or supplementedfrom time to time) concerning Spare Engineengine with ESN 573935

972


NAC Aviation 27 Limited Aircraft Lease Agreement Between NACAviation 27 Limited and Garuda Indonesia

Guarantee between PT Garuda Indonesia(Persero) Tbk. and Engine Lease FinanceCorporation Dated 30 May 2017 (as amended,novated, modified or supplemented from timeto time) concerning Spare Engine with ESN038366

598977





Aircraft Lease Agreement Between AvolonLeasing Ireland 3 Limited and GarudaIndonesia Holiday France S.A.S Dated 19November 2019 (as amended, novated,modified or supplemented from time totime)

Aircraft Lease Agreement Between NACAviation 27 Limited and Garuda IndonesiaHoliday France S.A.S On 19 November2019 (as amended, novated, modified orsupplemented from time to time)


Aircraft Lease Agreement Between AvolonLeasing Ireland 3 Limited and GarudaIndonesia Holiday France S.A.S Dated 19November 2019 (as amended, novated,modified or supplemented from time totime)

Holiday France S.A.S On 19 November2019 (as amended, novated, modified orsupplemented from time to time)

966

5556



Aircraft Lease Agreement Between SMBCAviation Capital Limited and GarudaIndonesia Holiday France S.A.S. Dated 24October 2014 (as amended, novated,modified or supplemented from time totime, including the Aircraft Lease Novationand Amendment Agreement dated 21January 2020 between SMBC AviationCapital Limited as existing lessor, GarudaIndonesia Holiday France S.A.S. as lesseeand Global Aviation Equipment Leasing IIreland Limited as new lessor)

Aircraft Lease Agreement Between NACAviation 29 DAC and Garuda IndonesiaHoliday France S.A.S On 19 November2019 (as amended, novated, modified orsupplemented from time to time)

5777 Medical Tribune, Inc.

Aircraft Lease Agreement Between SMBCAviation Capital Limited and GarudaIndonesia Holiday France S.A.S. Dated 24October 2014 (as amended, novated,modified or supplemented from time totime, including the Aircraft Lease Novationand Amendment Deed dated 17 October2016 between SMBC Aviation CapitalLimited as existing lessor, GarudaIndonesia Holiday France S.A.S. aslessee, Sakurajyuji Inc. as newrepresentative lessor and Sakurajyuji Inc.,Tomo Co., Ltd. and SaishunkanPharmaceutical Co., Ltd. as new lessors(the "Previous Lessors") and as furthernovated and amended by the AircraftLease Novation and Amendment Deeddated 22 May 2020 between the PreviousLessors as existing lessors, GarudaIndonesia Holiday France S.A.S. as lesseeand Medical Tribune, Inc. as new lessor)

988

1887



41310

1288

38069 IC AirLease One Limited

Wilmington Trust SPServices (Dublin) Limited,acting not in its individualcapacity but solely in itscapacity as Trustee forAircraft MSN 1288 Trust

Any head lease entered or to be enteredinto between the Lessee and IC AirLeaseOne Limited in connection with the AircraftLease Agreement Between PembrokeLease France SAS and PT GarudaIndonesia (Persero) Tbk Dated 21September 2011 (as amended, novated,modified or supplemented from time totime)

Wilmington Trust SPServices (Dublin) Limited,acting not in its individualcapacity but solely asTrustee for Aircraft MSN41310 Trust

Aircraft Lease Agreement BetweenWilmington Trust SP Services (Dublin)Limited, acting not in its individual capacitybut solely in its capacity as Trustee forAircraft MSN 1288 Trust, and PT GarudaHoliday France S.A.S. Dated 31 March2011 (as amended, novated, restated,modified or supplemented from time totime, including as novated, amended andrestated by an Aircraft Lease Novation andAmendment Agreement dated 29December 2017)

38070 IC AirLease One Limited

Any head lease entered or to be enteredinto between the Lessee and IC AirLeaseOne Limited in connection with AircraftLease Agreement Between PembrokeLease France SAS and PT GarudaIndonesia (Persero) Tbk Dated 21September 2011 (as amended, novated,modified or supplemented from time totime)

Aircraft Lease Agreement BetweenWilmington Trust SP Services (Dublin)Limited, acting not in its individual capacitybut solely as Trustee for Aircraft MSN41310 Trust, and Garuda IndonesiaHoliday France S.A.S dated 14 October2011 (as amended, novated, restated,modified or supplemented from time totime, including as novated, amended andrestated by an Aircraft Lease Novation andAmendment Agreement dated 6 November2017)

Spare Engines

30148



Engine Lease Agreement betweenRolls-Royce Leasing Limited and GarudaIndonesia Holiday France S.A.S. Dated 27

Aircraft Lease Agreement BetweenInishbrophy Leasing Limited and GarudaIndonesia Holiday France S.A.S. Dated 26December 2018 (as amended, novated,modified or supplemented from time totime including pursuant to the aircraft leasenovation agreement dated 17 December2019 between Inishbrophy LeasingLimited, Garuda Indonesia Holiday FranceS.A.S. and K Aviation Leasing Corporation1A DAC)



[960146] [Celestial Aviation Trading100 Limited]

[Engine Lease Agreement betweenCelestial Aviation Trading 100 Limited andGaruda Indonesia Holiday France S.A.S.Dated [●] (as amended, novated, modifiedor supplemented from time to time)concerning Spare Engine with ESN960146]

October 2015 (as amended, novated,modified or supplemented from time totime) concerning Spare Engine with ESN41975