Investor Presentaiton

CREDIT RATING AGENCIES MAINTAINED INDONESIA'S CREDIT RATING AMIDST MASSIVE DOWNGRADES DUE TO THE IMPACT OF THE COVID-19 PANDEMIC Affirmation of Indonesia's rating by S&P and R&I confirms that the recovery is on track: Handling COVID-19 & Vaccination, Macro Fiscal Stable, Structural Reform - Job Creation Law S&P Global Ratings Affirms BBB negative 22 April 2021 The country's economy is stabilizing, and gradual fiscal consolidation and improved trade flows are likely over the next three to four years R&I Affirms BBB+ stable 22 April 2021 Indonesia's economy 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. Fitch Ratings Affirms BBB stable Rating Action during the 2020 Pandemic Rating 124 Downgrades 133 124 51 by Fitch 35 by Moody's 38 by S&P NAGARA DARA RANCA Revised Outlook Negative 51 by Fitch 36 by Moody's 46 by S&P Covid-19 Pandemic has brought a significant pressure on sovereign rating → the pandemic had a major impact, especially on countries' fiscal conditions The rating action in 2020 is more than during the 2008 GFC crisis In 2021, the three rating agencies have taken 34 Rating Action Downgrades and 21 Revised Negative Outlook (as of Oct 21, 2021) Indonesia's Rating Position 22 March 2021 Indonesia's rating balances a favorable medium-term growth outlook and a low debt to GDP ratio against dependence on external financing and lagging structural features compared with 'BBB' peers, such as GDP per capita MOODY'S Baa2 stable Annual Credit Analysis, 16 February 2021 The credit profile of Indonesia is supported by its large economy, low fiscal deficits and modest debt burden, that counterbalance reliance on external funding and a degree of economic concentration to commodity cycles. Sovereign Credit Rating Agency Outlook Rating Date of Rating Action Moody's Baa2 Stable 14 Feb 2020 JCR Agency BBB+ Stable 1 Dec 2020 Fitch BBB Stable 22 March 2021 S&P BBB R&I BBB+ Negative Stable 22 April 2021 22 April 2021 16

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