Investor Presentaiton

GS Primary Market Performance 2019-2020 Through Auction [IDR Trillion] 400 350 300 Incoming Bids Awarded Bids % Bid to Cover Ratio (RHS) 6.50 250 Bid 2019 Incoming Average = 150 2.1 100 200 3.11 2.80 IDR35.48T/ auction = IDR14.14T /auction Average Awarded Bid 2019 5.14 212 2.15 50 2.97 2.97 2.59 2.34 Average Incoming Bid 2020 = IDR54.21T/ auction Average Awarded = Bid 2020 IDR15.85T/ auction 7.00 6.00 1.97 Jan-19 3.35 3.01 3.14 2.44 4.24 3.91 5.00 4.00 3.85 Feb-19 1.98 Mar-19 Apr-19 May-19 Jun-19 Jul-19 2.45 2.16 3.00 2.95 Aug-19 Sep-19 Oct-19 2.00 Source: Ministry of Finance Nov-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 1.00 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-2020 72

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