2022 State Budget: Fiscal Policy and Structural Reform

Republic of Indonesia - Global Sukuk USD3bn Issuer Issue Format Republic of Indonesia 144A/Reg S, Senior, Unsecured, Wakala US$ Trust Certificate ("Sukuk") issued under a USD$25billion Trust Certificate Issuance Program Baa2 Moody's (Stable) / BBB S&P (Neg)/ BBB Fitch (Stable) 5-Year USD 7% 10% Investor Breakdown by Investor Type 10-Year USD 12% Issuer Rating Pricing Date Issue Date 27% 35% 02 June 2021 18% 09 June 2021 (T+5) Tenor Maturity 5-year Sukuk 10-year Sukuk 30-year Green Sukuk 33% 6% Trance Size 9-Jun-26 USD1.25B 9-Jun-31 9-Jun-51 16% 29% USD1.00B USD750M Profit Rate 1.5% fixed, semiannual, 30/360 2.55% fixed, semiannual, 30./360 3.55% fixed, semiannual, 30/360 ■ Asia (ex-Indonesia) ▪ Indonesia ■ ME/Islamic - Europe Investor Breakdown by Geography Re-Offer Price 100.00% 100.00% 100.00% 5-Year USD 2% Re-Offer Spread UST +70.4bps Listing UST +95.7bps SGX-ST and Nasdaq Dubai UST +125.5bps 10-Year USD 2% 23% Joint Bookrunners Co-Managers CIMB, Citigroup, Dubai Islamic Bank, HSBC, SCB (B&D) 41% PT BRI Dana Sekuritas, PT Trimegah Sekuritas Indonesia Tbk 40% 12% 5% Transaction Highlights 30% 4% 10% 12% • Republic of Indonesia marked their annual return to the Sukuk market with the issuance of Global Sukuk which was very well received by investors by generating a total order book in excess of USD 10.3 billion reflecting an oversubscription of more than 3.43x. ■ Fund Managers ⚫ CBS/SWFS ■ Ins/Pension 30-Year USD - US 30-Year USD 1% 19% 34% 6% 8% • The transaction was carried out in line with the 2021 financing strategy, including accommodating the Achievement needs of the state budget in handling the impact of the Covid 19 pandemic. • The USD 3 billion issuance also included a Green Tranche. The Green tranche was issued under the 30 year tenor for the first time, which is also the first in the world, after consistently issuing Green Sukuk with a 5 year tenor every year since its debut in 2018. This aptly demonstrates the Republic's dedication and long term commitment to Green and sustainable finance, as well as pioneering financing methods in the fight against climate change. ■ Lowest ever 5, 10 and 30 year yield, spread over UST and profit rate achieved by the Republic of Indonesia for global Sukuk issuance, First ever 30 year Green Sukuk issuance in the world, ■ Robust investor orderbook allowed pricing below fair value across all tranches. Banks ■ PB & Others Challenges • Global financial market conditions are very volatile and still affected by the Covid 19 pandemic Performed under WFH conditions Source: Ministry of Finance • No roadshow. 63% 88

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