NICHE JUNGLE Indonesia Outlook

NJ Project: 75% upside on a very conservative scenario Something to look up to: the case of Indian small caps Security MXINSC Index MXIN Index MSCI INDIA SMALL CAP MSCI India Index Currency INR INR Price Change 137.34% 67.16% Total Return 137.34% 67.16% Track Annotate QZoom Difference 70.18% MSCI Small Cap India Vs MSCI India The small caps in India outperformed significantly the big caps when the outlook for the Indian market improved, in the last 3 years. We expect this to happen shortly in Indonesia Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep 2023 2022 2021 2020 Source: Bloomberg, NicheAM 140 120 100 -80 60 40 20 0 Small caps thrive in a positive economic scenario: indian small cap are now trading at a premium to the main index: 23,5x earnings '23 Upside at project closure: 75% that corresponds to 13.8x earnings, today's Indonesia big caps valuation Clearly, we do not consider a potential rerating towards India small cap (23.5x earnings, further immediate upside +70%) And we do not consider the expected mid term EPS growth (EPS growth 12%; further upside in 5 years time +70%) NICHE JUNGLE

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