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Strengthened Private External Debt Risk Management Debt Burden Indicator (External Debt/GDP) Remains Comparable to Peers Rating Encouraging Corporates Compliance on Hedging Ratio & Liquidity Ratio External Debt/GDP (%) Hedging Ratio* Uruguay 86.1 93.9 76.2 24.2 Philippines 24.7 22.2 36.3 Indonesia 35.3 361 48.7 Colombia 53 ■2021F 42.7 2020F 53.6 Bulgaria 56.6 2019 56.3 0 20 40 60 80 100 Source: Moody's Credit View Fundamental Data, July 2020 Regulation on Prudential Principle in Managing External Debt Regulation Key Points Phase 1 Jan 1,2015 Phase 2 Jan 1,2016 Dec 31,2015 Dec 31,2016 Phase 3 Jan 1, 2017 & beyond Object of Regulation Hedging Ratio < 3 months >36 months Liquidity Ratio (< 3 months) Credit Rating Hedging transaction to meet hedge ratio Sanction Source: Bank Indonesia Governs all Foreign Currency Debt 20%* 25%** 20%* 25%** 50% 70% Not applicable Minimum rating of BB- not necessarily be done with a bank in Indonesia Must be done with a bank in Indonesia As of Q IV-2015 Applied 230 corporates (9.2%) 157 corporates (6.3%) ≤ 3 months 2,257 corporates (90.8%) > 3 - 6 months 2,330 corporates (93.7%) Liquidity Ratio* 294 corporates (11.8%) 2,193 corporates (88.2%) ■Comply ■Not Comply *Data as of Q2 2020, with total population 2..487 corporates Source: Bank Indonesia 58

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