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Investor Presentaiton

Republic of Indonesia - USD3.1bn Equiv. Dual-Currency Offering BHINNIKA On January 7, 2020, the Republic of Indonesia priced a transaction comprising EUR1 bn and USD2 bn in senior unsecured notes. Issuer Issuer Rating Exp. Issue Rating Issue Aggregate Size Republic of Indonesia Baa2 Moody's (Stable) BBB S&P (Stable) BBB Fitch (Stable) Baa2 (Moody's) / BBB (S&P) / BBB (Fitch) U.S. SEC-registered shelf takedown Fixed rate senior unsecured notes USD3,100 mm equiv. EUR 7-year February 14, 2027 USD 10-year February 14, 2030 USD1,200 mm 2.850% p.a. (30/360) USD 30-year February 14, 2050 USD800 mm 3.500% p.a. (30/360) Transaction Highlights Leveraged a brief market window of stability to price inside fair value levels by 1 bp for the EUR tranche and at a de minimis concession inside 1 bp for the 10- and 30- year USD tranches Record-low yields, spreads, and coupons by EUR and USD financing by the Gol in each tenor High-quality and price-insensitive demand allowed compression of 27 bp for the EUR tranche and 25 bp and 20 bp for the 10- and 30-year USD tranches, respectively Harnessed a particularly strong bid for duration to price benchmarks which prompted a rally in the long-end of Indonesia's curve once the new bonds were freed to trade USD 30-year EUR 7-year USD 10-year Total Indications EUR3,300 mm Total Allocations EUR1,000 mm USD3,600 mm USD1,200 mm USD2,300 mm USD800 mm Number of Investors Oversubscription 171 142 124 3.3x 3.0x 2.8x Allocation by Geography 12% Old UST 30 (2.311%) 35% 42% 99.077% 3.550% p.a. Maturity Tranche Size Coupon Reoffer Price Reoffer Yield Benchmark (Yield) Spread to Benchmark Denominations Listing/Law Use of Proceeds EUR1,000 mm 0.900% p.a. (ACT/ACT) 99.638% 0.953% p.a. €MS (-0.077%) DBR 02/15/27 (-0.446%) €MS+103 bp DBR +239.9 bp EUR100K/EUR1k 99.737% 2.880% p.a. UST 10 (1.828%) + 105.2 bp USD200k/1k +123.9 bp USD200k/1k Singapore, Frankfurt Open Market listing / New York law For general purposes, including to partially fund general financing requirements Allocation by Type 70% 5% 3% 12% 18% 23% Asia Europe, Middle East and Africa 3% 1% 5% 11% 24% 36% U.S. 8% 1% 40% 31% 60% 59% 16% 64% 21% Source: Coordinating Ministry for Economic Affairs ■Asset Managers Banks Central Banks / Pension Funds / Sovereign Wealth Funds Insurance Private Bank and Other 79
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