Investor Presentaiton

Improved Outlook and a Well-Maintained of Indonesia's Sovereign Credit Rating Amid Global Economy Uncertainties BBB+ BBB R&I JCRA S&P Fitch Ratings BBB / Stable September 2023, Rating Affirmed at BBB/Stable "Indonesia's rating balances a favourable 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- BB+ BB BB- B+ 2006 Investment Grade Fitch Moody's 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 S&P Global Ratings July 2023, Rating Affirmed at BBB/Stable 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". MOODY'S Baa2 / Stable 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." R&I July 2023, Outlook Revised To Positive; BBB+ Ratings Affirmed BBB+ Positive JCR "In R&l view, Indonesia's economy has been showing strong performance even amid uncertainties of the global economic environment. With the 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". July 2022, Rating Affirmed at BBB+/Stable 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". 9

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