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Investor Presentaiton

Indonesia's Sovereign Credit Rating remain stable BBB+ / Stable JCR 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. BBB / Stable Fitch Ratings September 2023, Rating Affirmed at BBB/Stable a favorable "Indonesia's rating balances medium-term growth outlook and low government debt/GDP ratio against weak government revenue and lagging structural features, such as governance indicators, compared with 'BBB' category peers." BBB / Stable S&P Global Ratings July 2023, Rating Affirmed at BBB/Stable "The stable rating outlook reflects our expectation that Indonesia will achieve solid economic growth over the next two years. This will support prudent fiscal outcomes and stabilize debt." Baa2 / Stable MOODY'S March 2023, Rating Affirmed at Baa2/Stable "Indonesia's credit profile is supported by its large economy, low fiscal deficits and modest debt burden, balanced against low revenue mobilization, reliance on external funding and some economic concentration that leaves the economy vulnerable to commodity cycles." BBB+ / Positive R&I July 2023, Outlook Revised To Positive; BBB+ Ratings Affirmed "In R&I view, Indonesia's economy has been showing strong performance even amid uncertainties of the global the economic environment. With inflation rate that has fallen within the target range in 2023, the price stability is being restored. The government has achieved its target level of fiscal deficit a year earlier than originally planned and the government debt ratio stays on a downward trajectory. The stability of financial system has been maintained and the economy has resilience to external shocks". Empowering Jakarta's Economy by Attracting More Global Investments to Strengthen Jakarta's Position as Global City 10
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