2022 State Budget: Fiscal Policy and Structural Reform

Republic of Indonesia Sustainable Development Goals (SDG Bond) EUR500mm & Liability Management US$1.25bn Issuer Allocation by Investor Type Allocation by Geography Republic of Indonesia Issuer Rating Format Baa2 Moody's (Stable) BBB S&P (Neg) BBB Fitch (Stable) INS/PF 4% PB 1% SEC-Registered Shelf Take-Down Settlement Date September 23, 2021 SWF/CB/SSA 7% EMEA 28% US 35% >US$2.0bn Tranche US$ Tap of '31s US$ 40 Year EUR Long-12 Year US$ Tap of '31s Banks/Broker 20% Currency USD USD Euro AM/FM 68% APAC 37% 3.3x covered across 58 accounts Issue Size US$650 mm €500 million Original Principal Amount $600mm SWF/CB 1% PB 1% Reopening Size $600mm Banks/Broker 9% EMEA 30% US 23% >US$1.3bn Maturity 28 Jul 2031 23 Sep 2061 23 Mar 2034 US$ 4ΟΥ Coupon (p.a.) 2.150% 3.200% 1.300% PF/INS 18% AM/FM 71% APAC 47% 2.0x covered across 89 accounts Yield 2.180% Price Use of Proceeds 99.734% Repurchase certain of its outstanding global bonds pursuant to its tender offer announced on Sep 13,2021 3.280% 98.225% 1.351% 99.419% Listing Invest in projects that may qualify as Eligible SDGs Expenditures Singapore, Frankfurt Stock Exchange SSA/CB INS/PF 7% 6% EUR Long- 12Y Banks/Broker 16% AM/FM 71% EMEA 84% US 3% APAC 13% >€1.2bn 2.4x covered across 80 accounts Transaction Highlights • One of the first Sovereign SDG conventional bond issuance in the region and the first SDG Bond Framework verified by CICERO and IISD globally. On the back of strong demand from ESG-focused accounts, the Republic was able to price flat to its outstanding curve with zero new issue concession, and inside a potential conventional issuance. • Final pricing implied that we were able to achieve a price compression of 27 bps, well inside the initial price thoughts level of MS+140-145bps. • The successful debut SDG Offering demonstrates the Republic of Indonesia's commitment towards financing environmental and social projects in contribution to the 2030 National Development Agenda and to be aligned with the SDGS. Source: Ministry of Finance 90

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