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B BANK INDONESIA BANK SENTRAL REPUBLIK INDONESIA BBB+ BBB BBB Investment Grade - INVESTMENT GRADE APPROVED R&I Fitch Ratings JCRA S&P Fitch Moody's BBB / Stable December 2022, Rating Affirmed at BBB/Stable "Indonesia's rating balances a favorable medium-term growth outlook and a still low government debt/GDP ratio against government revenue, sovereign external debt to GDP and structural features such as governance indicators and GDP per capita that are weak compared with that of 'BBB' category peers. وو BB+ BB BB- B+ 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 R&I July 2022, Rating Affirmed at BBB+/Stable BBB+ / Stable "In R&I view, Indonesia's economy that plunged in 2020 will likely return to a pre-coronavirus growth level in one to two years. The government's structural reform efforts are also expected to boost growth potential in the medium to long term. Despite the pressure on the fiscal side caused by policy responses, the government debt ratio remains relatively low. The economic resilience to external shocks is maintained thanks to flexible policy responses by the government and the central bank and ample foreign reserves". S&P Global Ratings BBB / Stable April 2022, Outlook Revised To Stable; BBB Ratings Affirmed "The stable outlook reflects our expectation that Indonesia's economic recovery will continue over the next two years, supporting the government's continued fiscal consolidation efforts. We expect the pace of the recovery to accelerate further this year." MOODY'S Baa2 Stable February 2022, Rating Affirmed at Baa2/Stable "The affirmation of the rating is supported by continued economic resiliency and Moody's expectations that monetary and macroeconomic policy effectiveness will be maintained, containing risks as global interest rates rise. Moody's expects economic activity to revert to its historical average in 2023, with growth sustaining at those rates thereafter." JCR BBB+ / Stable July 2022, Rating Affirmed at BBB+/Stable "The ratings mainly reflect the country's solid domestic demand-led economic growth potential, restrained public debt and resilience to external shocks supported by accumulation of foreign exchange reserves. JCR holds that the debt will gradually decrease as the fiscal balance improves mainly increased revenue from economic growth and higher commodity prices". North Sumatra Investment Book 9

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