2022 State Budget: Fiscal Policy and Structural Reform

Republic of Indonesia - Dual Currency USD1,65bn and EUR500mio RI0731 Issuer Issuer Rating Format Pricing Date Settlement Date Currency Series Republic of Indonesia Baa2 Moody's (Stable) BBB S&P (Neg) BBB Fitch (Stable) SEC Registered July 21, 2021 July 28, 2021 USD RI0351 RI0371 (Reopening) Allocation by Investor Type Allocation by Geography US$ 10 Y Banks 21% PF/INS/ SWF/CB 21% PB/Others 1% EMEA US 23% 19% AM/FM APAC 57% 58% Banks 4% Euro PB/Others EMEA US 1% 21% 28% RIEURO729 (Reopening) US$ Tap of '51s PF/INS/ SWF/CB 49% Issue Size US$600 million US$750 million US$300 million €500 million AM/FM 46% APAC 51% Tenor 10-year 30-year 50-year Maturity 8-year July 28, Banks 1% PB/Others 1% EMEA 32% July 28, 2031 March 12, 2051 March 12, 2071 2029 US$ Tap of '71s PF/INS/ US 46% Coupon (p.a.) 2,150% 3,050% 3,350% 1,000% SWF/CB 10% Yield 2,200% 3,100% 3,350% 1,068% Price Banks 6% PB/Others 99,553% 99,031% 99,995% 99,481% PF/INS/ EUR Listing Singapore, Frankfurt Stock Exchange SWF/CB SY 16% Use of Proceeds General Purposes, Including Covid-19 relief efforts 2% AM/FM 76% EMEA 72% AM/FM 88% APAC 22% US 8% APAC 20% Transaction Highlights • • Tightest ever spread achieved by ROI for a US$ 10Y issuance to date (Implied spread of +90.8bps over 10Y UST) Tightest ever spread and yield achieved by ROI for a EUR 8Y transaction • Achieved negative new issue concessions across all 4 tranches despite UST volatility and a crowded primary market on the day of bookbuild For the USD tranches, garnered total orders of >US$4.7 bn at reoffer - representing oversubscription of 2.8x. For EUR, garnered orders of >€1.2bn at reoffer - representing oversubscription of 2.4x • The transaction marks one of the larger global offering by the Republic and as such demonstrates the Republic's ability to respond swiftly to markets and capture favorable issuance windows Source: Ministry of Finance 89

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