NICHE JUNGLE Indonesia Outlook

Indonesia Small Caps trade at huge discount to big caps. This undeserved discount will close in the future, as it was the case in India. Here below few examples Banks: Danamon (small) Vs. BCA (big) P/BVT PE -87% Consumer Staples: Tempo Scan (small) Vs Unilever Indonesia (big) P/TBV '22 EV/SALES BCA 4,8x 0% Danamon -20% EV/EBITDA PE P/TBV 0,6x P/E'22 -40% -64% Danamon CAR* 29.5% -60% BCA CAR* 24.5% -80% Unilever Indonesia Tempo Scan * CAR: Capital Adequacy Ratio -100% -86% -78% -76% 26,2x 6,4x -98% !!!! Real estate: Lippo Cikarang (small) Vs Metropolitan KJ (big) Cement: Wijaya Karya Beton (small) Vs Indocement (big) EV/SALES EV/EBITDA P/TBV 1!1 0% Ratio P/TBV: -10% Lippo Cikarang: 0.34 x Metropolitan KJ 4,0 x In both cases, high -20% quality real estate assets and debt- free -30% -40% Discount >90% -50% -60% -70% -80% -90% -87% -100% Source: Thomson Reuters, NicheAM as of 30/09/23 -71% -45% -72% P/E'22 Indocement 18,7x Wijaya Karya Beton 10,2x Huge discount ... despite their comparability NICHE JUNGLE

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