Investor Presentaiton

· O Fiscal Policy Works Hard, Responsive, and Flexible During Pandemic Covid-19 measures, accelerating recovery, and supporting reforms 2020 EXTRAORDINARY POLICY Law No.1/2020 → Law No.2/2020 Stimulus for handling Covid-19 and the PEN Program The Fiscal deficit widened by 6.34% of GDP Budget Deficit 2020 (% GDP) . 2021 PANDEMIC HANDLING & RECOVERY Focus on handling the pandemic (vaccination and health protocols) Economic recovery, flexible and accountable PEN Momentum of reform (Tax Reform, Financial Relations between the Central and • • 2022 ACCELERATE RECOVERY & REFORM POLICY Strengthening pandemic handling (accelerating vaccination to achieve communal immunity) Accelerating economic recovery (PEN sustainability) • Reform effectiveness • 2023 HIGH QUALITY FISCAL CONSOLIDATION Returns a maximum deficit of 3% of GDP • Primary balance towards positive • Debt ratio is attempted to decrease Debt controlled risk Budget Deficit 2021 Budget Deficit 2022 Budget Perpres no.54 Perpres no.72 Realization Draft Budget 0 Budget Budget Realization 0 Perpres no.98 Realization (Preliminary) 2 Budget Deficit 2023 Budget -2 -2 -1.8 -2 -4 -4 -2.4 -3 -4 -6 -5.1 -6 -6 -4.6 -4.9 -4.5 -8 -6.3 -6.1 -5.5 -8 -5.7 -8 -8 2.8 PEN 405.1 695.2 575.9 403.9 744.8 655.1 396.7 Program FISCAL DISCIPLINE FOR LONG TERM SUSTAINABILITY (IDR T) Source: Ministry of Finance 83 83

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