NICHE JUNGLE Indonesia Outlook

Indonesia Small Cap significantly underperformed the EM markets in the last 20 years • The '97 Asian financial crisis wiped out small listed companies in Indonesia, which are still viewed by local investors with distrust, although the fundamentals are today completely different • This disaffection has been maintained over the years, and this can be seen by marked underperformance of this asset class compared to equity in developed and emerging markets • There is little coverage and no financial products on this asset class but we expect this will soon change, bringing analyst coverage and visibility and...rerating Index performance MSCI Small Cap Indonesia Vs MSCI Emerging Mkts e MSCI ACWI (Dec 20057- Dec 2022; net return USD) - MSCI Indonesia Small Cap MSCI Emerging Markets 300 MSCI ACWI 200 100 300.43 173.99 58.15 0 Sep 08 Dec 09 Mar 11 Jun 12 Sep 13 Dec 14 Mar 16 Jun 17 Sep 18 Dec 19 Mar 21 Jun 22 Sep 23 Source: MSCI NICHE JUNGLE

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