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Republ ublic ic of Indone nesia ia Maintain ntaining ing Resilie ilienc nce, Adapti aptive ve Policy icy Measu sures Novem embe ber 2017 About Investo tor Relatio tions ns Unit of the Republic ublic of Indones

  1. Natio iona nal Strateg tegic ic Develo elopment nt Plan (Nawa Cita) The 3 Dimension ons on Economic Develop opment Priority Sector Human Development Equitable Development Development Food Security ity Educatio ion Inter- Incom ome Group Energy & Electr tric ical Security ity Health Inter-Regi egion on: Maritime itime & Marin ine (1) Rural Area, Housi sing ng (2) Periph pher ery, Touris ism & Industr try (3) Outsid side Java, Character er Water r Securit rity, Basic (4) Easter ern Area. Infra rastru ructure re & Connectiv ivit ity Necessary Condition Legal Certainty & Governance Politic & Democracy Security & Order Law Enforcement 8

  2. Equitable table Economic ic Polic icy The Equi uitable table Econo nomic c Poli licy cy anno noun unce ced in April l 2017 embodies nationa nal l econo nomic c trans nsformati tion n to successfully ully overco come the middle le income trap p and achi hieve the status of a develo lope ped countr try in the long-te term Three Key Pillars and “Quick Win” Programs  The Ministry of Environment and Forestry (KLHK) will distribute access to social forest management covering an area of Socia ial Forestry 211,522 ha for 48,911 families with total permits of 134  Initial focus will be on 11 villages with a total area of 15.576 ha for 9,411 households  Transmigration land of 220,000 ha and 3,800 ha under the National Agrarian Operation Project (PRONA) is ready to be Agrar arian ian Refo form legalized from a total of 4.5 million ha, while 23,000 ha of displaced land and 707,000 ha of forest disposal are also nd Land and Trans ansmig igrat atio ion n ready to be redistributed from a total of 4.5 million ha  The Land Object of Agrarian Reform (TORA) will be expanded to several provinces, including Banten, West Java, Central Land nd Legal aliz izat atio ion Java, Riau, West Kalimantan, West Sumatra, North Sumatra, and Maluku  Committed to housing development within urban areas that are well connected to the center of activity, economic Affordabl dable Housing ing resources and public transportation for the urban poor for the Urban an Poor  Core housing policies, among others, include provision of land for affordable housing (land availability), implementation of Housing Scheme for MBR (social housing), and the Housing Financing Scheme Targe geted ed por ty nity  Focused on addressing issues related to the tax system, development of manufacturing and IT industries and retail sector Oppo -tuni Development nt  Improve the competitiveness of the retail sector and strengthen synergies between traditional and modern retail of Key Sect ctors Human Capital tal  Vocational and labor policies structured for capacity building of human resources, especially to align with industry needs and to support government priority programs Vocat atio ional nal Training aining  Policy steps will be taken by the government to draft and improve on the road map for vocational education and training, through reclassification and prioritization of business fields and positions and Labo bour ur Marke kets  Job matching program that will focus on strengthening vocational programs for industries  Vocational schemes in place for the automotive, tourism and transportation sectors Source: Coordinating Ministry for Economic Affairs 9

  3. The Economic ic Polic icy Packag ages es “To improve national industry competitiveness, export and investment to generate significant economic growth” Harmo moni nizing ng Regul ulations ons Simpl mplifyin ying Bureaucr ucratic Proc ocess Ensur uring ng Law Enfo forceabi bility Phase VIII (21 De Dec ’15) Phase I (9 Sept ’15) Resolving land acquisition disputes, intensifying domestic Improving national industry competitiveness oil production, stimulating domestic parts and aviation industries Phase II (29 Sept ’15) Easing permit requirement and simplifying export Phase IX (27 Jan ’16) proceeds requirement Accelerating electricity generation, stabilizing meat prices and improving rural – urban logistics sector Phase III (7 Oct t ’15) Boosting investment, spurring exports, and maintaining Phase X (11 Feb ’16) people‘ s purchasing power Revising the Negative investment List and improving protection for SMEs Phase IV (15 Oct t ’15) Phase XI (29 29 Mar ’16) Simplifying wage formula and expanding loans for small Stimulating national economy through facilitation to business SMEs and industries Phase V (22 Oct t ’15) Phase XII II (28 28 Apr ’16) Improving industry and investment climate through tax Improving Indonesia’s rank on Ease of Doing Business (EODB) incentives and deregulation on sharia banking Phase se XIII (24 Aug ’1 6) Phase VI (5 Nov ’15) Low Cost Housing for Low-Income Communities Stimulating economic activities in border areas and facilitating strategic commodities availability Phase XI XI V (10 Nov ’1 6) Roadmap for E-commerce Phase VII (7 De Dec ’15) Stimulating business activities in labor-intensive Phase XV (15 Jun ’1 7) industries nation-wide through incentives in the form of Development of Business and Competitiveness accelerating land certification process for individuals of National Logistics Service Providers Source: Coordinating Ministry for Economic Affairs 10

  4. Boosting ting the Competitiv etitivene eness throug ugh Logis gistic tical Efficiency iency th Econo The 15 th nomic ic Polic icy Pack ckage has been launc nched Polic icy Goals Polic icy Targe gets 0% 0% Import duty for 115 types of ship’s spare 1 parts and components Opportunities for national shipping to serve export and import transportation of around Strengthen the Institution 2 USD 600 millio ion/yea year of the Indonesia National Single Window (INSW) 70-100 units of new worth USD 700 millio lion 3 ships Increase Competitivenes of Logistic Service Providers New employment opportunity of 4 2,000 sailo lors rs Provide Market Opportunities Improve the Regional Government’s role for Shipping Companies, 5 to 30% in development of Regional Logistics 30% Marine Insurance, and National System to control inflation and reduce Ship Maintenance Businesses post-harvest product damage up Source: Coordinating Ministry for Economic Affairs 11

  5. Enhanc ncing ing Busines ness Licens nse Servic ice Stand ndar ard Presiden identia ial Regulatio ion to Accel eler erate Ease of Doing ng Busin ines ess has been launc nched ed Improve efficient, streamlined, Provide business licensing Overcome the barriers & integrated business license process assurance in terms to doing business in service standards of the costs and lead times Indonesia y Goals 2 4 6 1 3 5 Policy Accelerate the Increase coordination & Implement integrated business licensing synergy between central & licensing process process regional government (single submission) nd Phase st Phase 2 nd 1 st Forming a Task Force to Business license identify & overcome the end- regulatory reforms Main Policy to-end licensing barriers Implementing a licensing checklist Implementation of the for Special Economic Zones (KEK), Single Submission Free Trade Zones (FTZ), Industrial system Zones & Tourist Zones Utilizing data sharing Source: Coordinating Ministry for Economic Affairs 12

  6. Thematic ic Polic icy Issues on Deregu gula latio tion Six policy issu sues es under Packages I-XV: expansio ion of of improvement of improvement of widenin ing of of effic icie iency of of improveme ment of export industry logis istics tics secto tor society’s investm tment touris ism secto tor competitiv titiveness purchasin ing power Next Phase of of Policy Packages es based on on Sectoral and Them ematic ic Issues Education and Logistics Agrarian reform Energy Vocational Training Industry, Manufacture, Invention, Innovation and Tourism, Fishery & Service Food Creative Economy sector Source: Coordinating Ministry for Economic Affairs 13

  7. Progr gres ess of the Economic ic Polic icy Packag ages* 233 33 I – XV I – XII Initially, there are 233 regulations which need to be TOTAL INI NITI TIAL REGUL ULATI TION ONS deregulated 11 11 I – XV I – XII Based on the further assessment, 11 regulations has been REVOKE OKED revoked from deregulation process REGULATIONS ONS 222 22 I – XV I – XII Total regulation subject to be deregulated: 222 TOTAL REGULATIONS ONS regulations 97% 97% 217 21 SET As of August 31 st , 2017, deregulation of 217 regulations 96% 96% PRESIDENTIAL LEVE VEL 52 PRESI SIDENTI TIAL are finished (97%), comprising 50 regulations at 50 50 FINISHED 47 47 42 42 TOTAL Presidential level and 167 regulations at SELESAI Ministrial/Institutional level MINISTRIAL/INSTITUTIONAL LEVE VEL 97% 97% 170 170 167 16 FINISHED TOTAL 3% 3% Unfin inish ished reg egulatio ions: Proposed Policy on Development 5 ON GOI OING NG of Business and competitiveness of National Logistics DISC SCUSS USSION ON Service Providers *as of September 22 nd , 2017 Source: Coordinating Ministry for Economic Affairs 14

  8. Other Progr gres ess on Economic ic Polic icy Packag ages es Devel elopm pmen ent of Fair, Simpl plified ified & & Spesial Econo nomic ic Zone ne (SEZ) Projec ectabl ble Wage System em 14 Provinces have set 2016 Minimum Wage • Total value of facilities and incentives for System in accordance to the Government SEZs amounted IDR 33.8 trillion (as of Regulation (GR) No. 78/2015 (Kepulauan September 2016) Riau, Kalimantan Barat, Nusa Tenggara • 18 companies benefitted from the Barat, Sumatera Barat, Jambi, Aceh, simplification of fiscal incentive process Kalimantan Selatan, Banten, Gorontalo, with average processing time of 13.4 Nusa Tenggara Timur, Jawa Barat, Bali, days (previously 2 years) Sumatera Utara, and Bangka Belitung) Expo port-Or Orien iented ed Deregu egulatio ion on Busin ines ess Credit dit (KUR URBE) BE) Logis gistic ics Sector • North Sulawesi has sucessfully exported State-owned train manufacturer PT Industri coconut product through SOEs’ joint Kereta Api (INKA) in Madiun, East Java, has program begun its first passenger train exports by • 30 Bonded Logistic Center has been shipping 15 train wagon to Bangladesh. launched to support various industries 15

  9. Improving ing Inves estme tment Climate te …implement 3 -hour investmen ent lice cens nsin ing servic ice to compl plem emen ent the One Stop Servic ice (OSS) Requirement for utilizi zing 3-ho hour r Investment Lisencin ing Servic ice: 1. Minimum investment of IDR 100 billion (USD 8 million) No requirements ts for investm tment nt in and/or employing 1,000 local workers. infrastructu ture sector 2. Application must be submitted directly by at least one candidate of the proposed company stakeholder BKPM Arriv rive at OSS at BKPM directly from the airport • Wait at the lounge while documents are Obtain in eight documents & letter of Consult with Director of Investment Service • land availability within three hours to processed by BKPM, in-house notary, ministries, Submit it the required documents & data & other government institutions start the business • 9 documen ents obtained ed 2 docu cumen ents needed eded Certa tain inty ty to Certa tain inty ty to start a busin iness Import capita ital goods Investo tor identity tity as the prospectiv tive shareholders • Investment license • APIP/Import identification • ID Card • Certificate of incorporation • NIK/Customs registration • And/or Deed of Establishment (Indonesian company) or • NPWP/Tax Registration Number Article of Association (Foreign company) • TDP/Company Registration Flowchart of busin iness activ ivitie ities workf kflow Certa tain inty ty to work Accurate te land informatio tion • Containing workflow from raw material production to the • Letter of land availability • RPTKA/Employment plan finished products • IMTA/Working permit From Jan – September 2017, 130 projects have ve utilized the “ 3 hours servic ices ” Source: Investment Coordinating Board (BKPM) 16

  10. Improving ing Inves estme tment Climate te …implement 3 -hour investmen ent lice cens nsin ing servic ice for Ener ergy gy and Mine neral Resources es Sector 9 Types of licensi nsing ng issue ued by ESDM3J servi vice Duratio tion for reguler No. Type of Licensin ing servic ice (work days) 1 Temporary Business License for 20 Electricity 2 Temporary Business License for 32 Oil/Fuel/LPG storage 3 Temporary Business License for 32/40 1 2 3 Storage of Processed Products/CNG 4 Temporary Business License for LNG 32 Director arrives at Waiting in priority Applicant receive Storage central OSS, then lounge, while the the requested 5 Temporary Business License for Oil 32 submit required documents licensing products Refinery documents* processed 6 Temporary Business License for 32 Processing Oil Residue Industry N ote *: ESDM3J service is given if the company has fulfilled the checklist of administrative & technical requirements as 7 Temporary Business License for 32 regulated on MEMR Ministrial Decree No.15 of 2016 Natural Gas Processing 8 Temporary Business License for 40 General Trade of Oil/Fuel From Jan – Septem ember ber 2017, 40 40 project ects have 9 Temporary Business License for 40 utiliz ized ed the 3 3 hours servic ices es for EMR Sector General Trade of Processed Product Source: Investment Coordinating Board (BKPM) 17

  11. Improving ing Inves estme tment Climate te … impl plem emen ent Direc ect Constructio ion Permit to attract ct investmen ent in Indu dustria ial Estates es Priority Investment Service No Requir irem ements ents No minimum investments or workers is Direc ect Construct ctio ion (KLI LIK) K) • required. Available for 32 32 selected ed indust stria ial estates es. • Investors can directly start their project construction before Construction permits can be obtained in • obtaining construction permits. This service is supported by both Central and Region onal Gov Governments nts which become th the parallel with construction process. first step to to synergize between central and local licensing Obtain in investment licence at Start rt the construction ion of your Survey a land within selected • • project. No other permits are OSS at national or regional industrial estates. required. level. Acquir ire the land for your • Apply for building construction permit • industry. & environmental permit, in parallel with construction process. Until il September 2017, 112 projects have utilized the “KLIK servic ices ” Source: Investment Coordinating Board (BKPM) 18

  12. Improving ing Inves estme tment Climate te …Direct Constructio ction Permit it is expanded nded to 32 Indus dustria ial Estates es (IE) through ghout Indo done nesia ia 1 North Sumat atera a st Stage (14 IE) 1 KLIK 1 st (1 1 IE; 100 ha) 1 7 2 Medan Industrial Estate/KIM nd Stage (18 (100 ha) KLIK 2 nd IE) 2 6 3 2 3 Bant nten 4 5 4 1 5 6 (3 3 IE IE; ; 3,150 ha) Cent ntral al Java a 4 Riau au Island and (3 3 IE IE; ; 840 840 ha) 1. Modern Cikande Industrial (5 IE; 556 ha) 4 2 Estate/MCIE (1,800 ha) 1. Kendal Industrial Park/KIP 2. Wilmar Integrated (700 ha) 1. Batamindo Industrial Riau au West Java Industrial Park/WIIP (800 Park (61.4 ha) (1 IE IE; ; 198 198.9 9 ha) 2. Bukit Semarang Baru/BSB (6 IE; 1,814 814.1 1 ha) ha) 2. Bintang Industrial (40 ha) IE Dumai (198.9 ha) 1. Artha Industrial Hill 3. Krakatau Industrial Estate Park II (20 ha) 3. Wijayakusuma Industrial (315.1 ha) Cilegon/KIEC (570 ha) 3. Kabil Integrated Estate/KIW (100 ha) 3 2. Greenland International Industrial Estate Industrial Center (142.5 ha) 3 DKI Jakar arta (GIIC)/Deltamas (400 5 4. Bintan Inti Industrial West Java a (2 IE; 129 129 ha) ha) Estate (229.6 ha) East Java a (5 5 IE IE; ; 1.151 ha) 3. Jababeka Tahap III 5. West Point Maritim 1. Kawasan Berikat (1 1 IE; 1,761 ha) (45 ha) 1. Bekasi Fajar Industrial Industrial Park Nusantara/KBN KI Java Integrated Industrial 4. Kota Bukit Indah Ind. Estate/BFIE (300 ha) (102.5 ha) (118.6 ha) and Port Estate/JIIPE City (510 ha) 2. Delta Silicon 8 (158 ha) 2. Jakarta Industrial 5. Indotaisei Kota Bukit (1,761 ha) 3. Karawang Internasional Estate 5 Indah (300 ha) Industrial City/KIIC (293 Pulagadung/JIEP 6. Marunda Center (300 ha) Cent ntral al Java (10.4 ha) 6 ha) 4. Suryacipta City of (1 1 IE IE; ; 285 285.7 7 ha ha) South Sulaw awesi i Industry/SCI (300 ha) 6 7 (1 1 IE IE; ; 3,000 000 ha ha) IE Demak (285.7 ha) 5. GT Tech Park @ East Java Karawang (100 ha) Bantaeng Industrial Park/BIP East Kalim imant ntan an (2 IE; 341 341 ha) (3,000 ha) (1 1 KI KI;133.8 8 ha ha) 1. IE Maspion (151 ha) IE Kariangau (133.8 ha) 2. IE Tuban (190 ha) Source: Investment Coordinating Board (BKPM) 19

  13. Improving ing Inves estme tment Climate te …Bonded Logistic Center to Improve Indonesia’s Competitiveness Bonded Logistic Center To To date, 30 30 Bond nded ed Logi gist stic Cen enter has be been en launched ed to to suppor ort various us indust ustrie ies. (Pusat Logistik Berikat/PLB) is a facility provided by Ministry of Finance as part of the implementation of the Small and 2 nd Economic Policy Package. Food & medium ium beverages es PLB facility aims to improve indust stry indust stry Oil il and Person onal efficiency and reduce the cost of ga gas, s, and care/ transportation and logistics in mining ning home care Indonesia; support the growth of Synthetic ic indust stry indust stry the domestic industry, including textile Auto- (chem emic ical small and medium motive ive substanc nces es) industries; increase indust stry indust stry. . Textil ile investment; and to make (cotton) Indonesia to become a logistics indust stry. . hub in Asia Pacific. 20

  14. Improving ing Inves estme tment Climate te …revising the Negative Investment List Introduc ucti tion n of New Foreign n Owne nership p Regula ulati tion n for Strate tegic c Secto tors Sports s Center, Phar armac aceut utical al Raw Material als s Cold storag age Restau auran ants, s, Bars Film Process ssing ng Lab, b, Crumb b Rubb bber Manufac nufactur turing ng After Before After Before After Before After Before 100% 100% 100% 100% 33% 85% 49% 51% Privat ate Muse seum, Catering ng, appar arel Toll Road ad Operat ator, Dist stribu bution, n, Warehousi sing ng Key Refor orms ms in Nega gative e Fore reign gn Manuf nufac actur uring ng, Exhibi bitions ns & Telecommuni unicat ation n Test sting ng Compan any Inves estmen ment List Convent ntions ns Before After Before After Before After Revision on of "Partn tners ership" cate tegory ory to refer er to part rtners ership with Micro, cro, Small and Medium m Enterp rpris rises es 100% 67% 67% (MSMEs) 95% 33% 51% Gra randfather er Law: If a part rticu cular sect ctor or is tighten ened in future re, existing Profess ssiona nal Trai aini ning ng, Golf Cour urse se Telecommuni unicat ation n Provider foreig reign inves estor or does es not need ed to Manag nagement nt, Air Transp ansport Sup upport Services, s, Cons nsul ultan ancy for Cons nstruc uction 1 with Integrat ated Services com omply with tigh ghter er stake ke Trav avel Bureau au Before After Before After Before After Stren rengt gthen en implemen ementation on of nega gative e inves estmen ment law throu ough gh activ tive e roles es from om ministri ries es, age genci cies es 67% 67% 67% 49% 55% 65% and regi gion onal gover ernme ments 1 For total project value of IDR10bn and above Source: Investment Coordinating Board (BKPM) 21

  15. Continu tinuous us Improvem ement ent of Inves estme tment Climate te … ano nother er leap on Indonesia’s Rank on Ease of Doing ng Busin ines ess (EODB)* EODB 201 2018 EODB 201 2017 Change in EODB 201 2018 EODB 201 2017 Change in Rank Rank Rank Point nts Point nts Point nts Overall 72 72 91 91 19 66.47 61.52 4.95 Startin ting a business 144 151 7 77.93 76.43 1.5 Dealin ing with th Constr tructio tion Permit it 108 108 116 8 66.08 65.73 0.35 Gettin ting Electric icity ity 38 38 49 49 11 83.87 80.92 2.95 Regis iste terin ing Property ty 106 106 118 12 59.01 55.72 3.29 Gettin ting Credit dit 55 55 62 62 7 65.00 60.00 5.00 Prote tectin ing Minority ity Investo tors 43 43 70 70 33 63.33 56.67 6.66 Payin ing Taxes 114 104 104 10 68.04 69.25 1.21 Tradin ing Across Borders 112 108 108 4 66.59 65.87 0.72 Enforcin ing Contr tracts ts 145 166 21 47.23 38.15 9.08 Resolvin ing Insolvency 38 38 76 76 38 67.61 46.46 21.15 * Higher rank is better, EoDB 2018 was published in October 2017 - Government efforts to boost business growth through deregulations and de-bureaucratization have been recognized by the improvement of EODB - Structural reforms will continue including in the budget and real sectors Source: World Bank 22

  16. Improving ing Inves estme tment Realiza izatio tion (Q3-201 2017) 7) Rising ng Direct ct Investm tments nts FDI I Reali lizati tion n by Secto ctors IDR tn 180 176.6 FDI DDI TOTAL 160 Non Metall llic 140 Mineral l Industry 120 US$212 US$ 212 mn mn 100 Transpo porta tati tion, 97.9% 80 Warehous use, and 60 111.7 Teleco communica cati tion 40 Wood Indus ustr try US$45 US$ 455.2 mn mn 20 US$ US$272.1 mn 0 156.3 .3% 1,887.6 87.6% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2016 2017 2013 2014 2015 Trade & Reparati tion Texti tile le Indus ustr try IDR17 176.6tn Inves estmen ent US$ US$425 425 mn mn Rp159.4 T US$59.3 mn US$ IDR15 155.3tn 434 434,463 463 375,982 37 Realiz izatio ion Rp145.4 T 151% 39.2% * 13.7% 7% 9.6% 15.6% Rubbe ber and Metal, l, Machi chine nery & & Plasti tic c Indus ustry try Electr ctroni nic c Indus ustry try Q3-2016 Q3-2017 US$ US$88.1 mn mn Q1-2016Q1-2017 Q1-2016 Q1-2017 US$ US$1166.5 mn mn * person * 36.7% 5.3% IDR64.9tn IDR111.7tn IDR99. 9.7tn IDR55.6tn Mini ning ng US$10 US$ 1034. 4.6 mn mn 35.4% 12.0% 16.8% Q3-2016 Q3-2017 Q3-2016 Q3-2017 Source: Investment Coordinating Board (BKPM), compared to Q3-2016 period 23

  17. Sec ection on 2 Econom nomic ic Factor tor: Stron ong and Stab able le Growth Prospec pects ts Remain main Intact tact

  18. Condu duciv ive Envir ironment nt Underp erpinn inning ing Strong Growth wth Fundam amenta entals ls 4th Most Tax base e to be Budge get ref eform orm as broa oadened ed from m Largest Econo nomy Popul ulous us country a part a rt of larger rger one e reduce ce in South East in the World; ; econ onomi omic c refor orm m dependen ency cy on Asia 64% in initiative com ommod modities es product ductiv ive age Large e and Consi sist stent nt Fuel el subsidies es Stable Budget et Reform sign gnifica cantly Econom omy Manag nageabl able Growing ing Middle reduced ced and Pru rudent debt Infl flat atio ion n Rate Inco come Class spen ending g redirect ected ed manage gemen ment to more ore prod oductive e alloca ocation Reform-Orie iente ted Admin inis istr tratio tion Three ee main sources rces of financin cing g for r From om commo modity-based ed to manufact cturin ring g inves estmen ment need eds: State e and regi gion onal and serv rvice ce sector ors via infrastru ruct cture e budget get, State Owned ed Enter erprises es and PPP devel elop opmen ent New High gh Contin tinuing from om 2015 policy cy, infra rastr tructu ture re Econom omic ic Infrast struc uctur ure e From om consump mption on-led ed to investmen ment-led ed will be higher er than fuel el subsidy grow owth via a stron ronger ger manufact cturin ring g sect ctor or Structure Invest stmen ents and more ore investmen tment t initia tiati tives es Infrastru ruct cture e spen ending g focu cused ed on basic c infrastru ruct cture e proje ojects cts Policies es to maintain purc rchasing g power er to stimu mulate e dom omestic c econ onomy omy in the midst Fisca cal and non-fisca cal incen centives es to attra ract ct of weaken kening g macro croecon economi omic c condition ons infrastru ruct cture e inves estmen ment and promote romote PPP 25

  19. Indonesia’s Strong GDP Strong ng GDP Growth th 1 Favour urable ble GDP Growth th Compared to Peers 2 % % QoQ YoY 7.0 9 5.12 4.94 4.93 5.05 4.82 4.74 4.77 5.17 4.92 5.18 5.01 4.94 5.01 5.01 5.06 7 5.0 4.01 3.83 3.27 3.75 3.30 3.13 5 3.0 4.00 3.18 3 1.0 0.04 1 (0.17) (0.40) (1.77) (0.34) -1.0 (1.70) (2.07) 2012 2013 2014 2015 2016 2017* 2018* -1 -3.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 -3 2014 2015 2016 2017 Indonesia India Morocco Romania Hungary GDP Growth th Based on Expe pend nditur tures (%, YoY YoY) 1 Growth th Prospe pect 2014 2014 2015 2015 2016 2016 2017 2017 2017 7 GDP growth By expenditure Institution ons (% (%YoY oY) Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 Tot. Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 Tot. Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 Tot. Q1 Q1 Q2 Q2 Q3 Q3 HH. 2017 R-Budget Plan 5.2 5.2 5.2 5.1 5.1 5.1 5.0 5.0 5.0 4.9 5.0 5.0 5.1 5.0 5.0 5.0 4.9 4.9 4.9 consumption Non profit HH. Bank Indonesia 5.0-5.4 23.2 22.4 5.8 (0.5) 12.2 (8.1) (8.0) 6.6 8.3 (0.6) 6.4 6.7 6.6 6.7 6.6 8.0 8.5 6.0 consumption Government IMF 6.1 (1.8) 1.2 0.9 1.2 2.9 2.6 7.1 7.1 5.3 3.4 6.2 (2.9) (4.0) (0.1) 2.7 (-1.9) 3.5 5.1 consumption Gross Fixed 5.4 4.0 4.4 4.1 4.4 4.6 4.0 4.9 6.4 5.0 4.7 4.2 4.2 4.8 4.5 4.8 5.3 7.1 World Bank 5.2 Cap. Formation 3.1 1.5 4.9 (4.4) 1.1 (0.7) (0.3) (0.9) (6.4) (2.1) (3.3) (2.2) (5.6) 4.2 (1.7) 8.7 3.6 17.3 Exports ADB 5.1 5.1 0.4 0.2 3.0 2.1 (2.6) (7.4) (6.6) (8.7) (6.4) (5.1) (3.2) (3.7) 2.8 (2.3) 5.1 0.2 15.1 Imports Consensus Forecast (October 2017) 5.1 4.9 4.9 5.0 5.0 4.8 4.7 4.8 5.2 4.9 4.9 5.2 5.0 4.9 5.0 5.0 5.0 5.1 GDP 1. Source: Central Bureau of Statistics of Indonesia (BPS), ** Including non-profit household consumption 2. Source: World Economic Outlook Database – October 2017; * indicates estimated figure 26

  20. Strong ng and Stable ble GDP Performan rmance Spati tial l GDP Growth th Contr tribu buti tion Spati tial l GDP Growth th (YoY) Sumatera Kalim imantan Bali & Nusa GDP Growth GDP Growth Bali i & Nusa sa Sulawesi si Tengga ggara: 3.22% Q3 2017: 2017: 4.43% Q3 2017:4.67% Tenggara GP Growth Maluku & Papua Maluku & Papua: 2.47 2.47% GD GDP Gr Growth Sulawesi: esi: 6,16% Q3 2017: 2017:6.69% GDP Growth Q3 2017: 5.24% Q3 2017: 3.98% Kalimantan: 8. 8.1% Sumater era: 21.54% Java GD GDP Gr Growth Q3 2017: 5.51% Java: 58.51 58.51% GDP GDP Growth th by Secto ctor (%, YoY YoY) 2014 2014 2015 2015 2016 2016 2017 2017 By sectors Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 Tot. Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 Tot. Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 Tot. Q1 Q1 Q2 Q2 Q3 Q3 Agriculture, forestry, and fishery 5.2 4.9 3.6 3.3 4.2 3.8 6.5 2.9 1.6 3.8 1.5 3.4 3.0 5.3 3.3 7.1 3.3 2.9 -1.2 0.7 0.7 1.5 0.4 0.6 (-3.6) (-4.4) (-6.0) (-3.4) 1.2 1.2 0.3 1.6 1.1 (-0.6) 2.3 1.8 Mining and Quarrying 4.5 4.9 5.0 4.2 4.6 4.1 4.2 4.6 4.4 4.3 4.7 4.6 4.5 3.4 4.3 4.2 3.5 4.8 Manufacturing Construction 7.2 6.5 6.5 7.7 7.0 6.0 5.4 6.8 7.1 6.4 6.8 5.1 5.0 4.2 5.2 6.0 7.0 7.1 Wholesale and Retail Trade, 6.1 5.1 5.2 4.4 5.2 3.8 1.6 1.4 3.7 2.6 4.1 4.1 3.6 3.9 3.9 5.0 3.8 5.5 Repair of Car and Motorcycle Transportation and Storage 7.0 7.6 7.7 7.2 7.4 5.8 5.9 7.3 7.7 6.7 7.9 6.9 8.3 7.9 7.7 8.0 8.5 8.3 Information and communication 9.9 10.7 9.8 10.1 10.1 9.7 9.3 10.6 9.2 9.7 7.6 9.3 9.0 9.6 8.9 9.1 10.9 9.3 3.6 5.5 1.9 7.9 4.7 8.6 2.6 10.4 12.8 8.6 9.3 13.6 9.0 4.2 8.9 6.0 5.9 6.4 Financial service Other Services * 5.4 4.7 5.9 6.5 5.7 5.1 6.5 4.8 5.5 5.4 5.9 5.4 4.4 3.7 4.8 4.0 3.4 4.6 GDP 5.1 4.9 4.9 5.0 5.0 4.8 4.7 4.8 5.2 4.9 4.9 5.2 5.0 4.9 5.0 5.0 5.0 5.1 Source: Central Bureau of Statistics of Indonesia (BPS) *Other services consist of 10 sectors (according to Standard National 2008) 27

  21. Sec ection on 3 Exte tern rnal Facto tor: Improved External al Resil ilie ience nce

  22. A Narro rower, er, Struc uctu tural rally ly-Str tronge nger r Current ent Account t Deficit it Strong ng Balance ance of Payment nts Improving ing Current nt Account unt Defic icit it US$bn 2015: US$bn 2012: 2013: 2014: 201 2016* 6*: US$bn CA Deficit Current Account Capital and Financial Account CA Deficit CA Deficit CA Deficit CA Deficit 20 160 Current nt Account unt (US$17.5bn) n) (US$24.4bn) n) (US$29.1bn) n) (US$27.5bn) n) (US$16.8bn) n) Overall Balance Reserve Asset (RHS) 8 15 129.4 .40 6 5.30 120 4 10 2 10.44 0.98 5.36 0 5 -8.41 80 -2 0 -4 -4.34 -4.34 -6 -5 -8 40 (2.20) -10 -10 -12 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1* Q2* Q3* Q4* Q1* Q2*Q3** -15 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1*Q2*Q3*Q4*Q1*Q2*Q3** 2012 2013 2014 2015 2016* 2017** 2012 2013 2014 2015 2016* 2017** Goods Services Income Secondary Income Current Account Source: Bank Indonesia Source: Bank Indonesia Supported d by Subs bstant antial ial FX Reserves to Mitig igate External nal Chal alleng nges Trade de Balance ance Surplus us Continue inues 2013: 2014: 2015: US$bn 201 2016: : 2017: FX Reserves s as of October 2017: US$1 $126.5 5 bn n US$bn Deficit Deficit Surplus Surplus Surplus Month (Equiv. to 8.3 months s of imports s + servicing of government debt) (US$4.10bn) n) (US$2.37bn) n) US$7.59bn US$8.83b 3bn US$11,78bn bn* 3.00 130 15 14 FX Reserves (LHS) Month of Import & Debt Service (RHS) 120 13 2.00 12 110 11 1.00 10 100 9 8 0.00 90 7 6 80 -1.00 5 4 70 -2.00 3 OG Non-OG Total 2 60 1 -3.00 50 - 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 * Preliminary Figure ** Very Preliminary Figure Source: Bank Indonesia Source: BPS 29

  23. Exchang ange Rate In Line with Fundam amenta entals ls Stable ble Movement nt of Rupi piah IDR/US$ In In Octo ctobe ber 2017, the Ru Rupi piah depreci ciate ted by by 13,550 13528 *data as of October 31 st , 2017 an average of an of 1,63 63% to to Rp Rp13 13,528 per USD. 13,500 The depreciation was in line with prevailing 13563 13,450 13528 trends for most other global currencies 13343 13,400 against the US dollar. The US dollar 13333 13346 13,350 13321 appreciated globally as an impact of the 13309 13,300 13333 financial market’s response to the nomination 13307 13298 13,250 13304 of The Federal Reserve Governor as well as 13,200 its monetary policy stance normalisation, 13,150 growing expectations of a further FFR hike and IDR/USD Monthly Average Quarterly Average US plans for tax reform. 13,100 1-Apr 6-Apr 11-Apr 16-Apr 21-Apr 26-Apr 1-May 6-May 11-May 16-May 21-May 26-May 31-May 5-Jun 10-Jun 15-Jun 20-Jun 25-Jun 30-Jun 5-Jul 10-Jul 15-Jul 20-Jul 25-Jul 30-Jul 4-Aug 9-Aug 14-Aug 19-Aug 24-Aug 29-Aug 3-Sep 8-Sep 13-Sep 18-Sep 23-Sep 28-Sep 3-Oct 8-Oct 13-Oct 18-Oct 23-Oct 28-Oct Rupi piah Exch chang nge Rate Fared Relati atively ly Well ll Compared to Peers Okt kt vs Sept 2017 YTD 201 2017* vs 201 2016 0.82 INR -0.92 -7.05 TRY -0.99 JPY -16.06 -1.94 *data as of October 31 st , 2017 2.24 -3.78 PHP KRW 0.01 -5.71 Point to Point Average -1.33 6.01 PHP MYR -0.83 -4.32 -0.67 IDR -0.66 -1.63 IDR -0.36 0.31 THB -0.23 9.57 EUR -3.33 1.26 BRL -1.90 7.63 KRW -4.02 ZAR 1.94 -3.85 4.91 -0.38 Point to Point Average INR SGD 3.00 -0.72 -1.44 7.90 EUR THB -1.30 *data as of October 31 st , 2017 3.33 -6.02 TRY -0.49 -5.55 BRL 9.65 0.27 CNY -0.85 -2.78 % ZAR 10.86 -0.27 MYR % -0.44 -20.00 -15.00 -10.00 -5.00 0.00 5.00 10.00 15.00 -7.0 -6.0 -5.0 -4.0 -3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 Source: Bank Indonesia 30

  24. Ample Lines of Defens nse Agains nst Extern ernal al Shocks ks Ample Reserves Ample level of FX reserves to buffer against external shock  FX Reserve FX Reserves as of October 2017: US$126.5 billion  Swap p Arrang ngement nt US$22.76 billion swap line with Japan currently in place  Japan teral The size of the swap line was increased from US$12 bn in December 2013  Bilate South Korea Renewed a 3 year KRW/IDR swap arrangement with the size of up to 10.7 tn KRW/IDR115 tn in March 2017  Austr tralia ia Established a 3 year A$/IDR swap arrangement with the size of up to A$10 bn or IDR100 tn in Dec. 2015  Chi hiang Mai Entitled to a maximum swap amount of US$ 22.76 bn under the ASEAN+3 (Japan, China, and Korea) FX  ional Initia iativ ive reserves pool created under the agreement Multil ilatera raliz izatio ion Regio Came into effect in 2010 with a pool of US$120 bn  (CMIM) Doubled to US$240 bn effective July 2014 Agreeme ment  IMF Global Global Indonesia is entitled to access IMF facilities for crisis prevention to address potential (actual) BOP problem  Financia ial Safety ty Such facilities include Flexible Credit Line (FCL) and Precautionary and Liquidity Line (PLL)  Net - GSFN Source: Bank Indonesia 31

  25. Measur ures es to Manag age Extern ernal al Volatili tility ty Bond Stabi biliza zation ion Framewor work Pre-emptiv tive Measures Implementing Crisis Management Protocol (CMP) First Line of Defense  Implementing Bond Stabilization Framework (BSF)  Buyback fund at DG of Budget Financing and Risk Management Enhancing coordination between government institutions  State’s Budget and continuous dialogue with market participants Investment fund at Public Service Agency (BLU) (min. level Aware) Specific policies in place to address crises enacted in  2017 budget law State Owned Related SoE (min. level Aware) Swap facility arrangements based on international Enterprises’s Budget  cooperation Social Securit rity Organiz izin ing Agency BPJS (min. level Aware) (BPJS)’s Budget Crisis is Management Protocol Second Line of Defense Indicators to determine crisis level of Government  Securities Market condition (normal, aware, alert, crisis) State General Treasury Account (Rekening KUN) (min. level Alert) Several market indicators that are monitored daily:  State’s Budget Accumulated cash surplus (SAL) (min. - Yield of benchmark series; Level Crisis) - Exchange rate; - Jakarta Composite Index; State Owned - Foreign ownership in government securities Related SoE (min. level Alert) Enterprises’s Budget Policies to address the crisis at every level :  ‐ Repurchase the government securities at secondary Social Securit rity market Organiz izin ing Agency BPJS (min. level Alert) ‐ Postpone or stop the issuance (BPJS)’s Budget Source: Ministry of Finance 32

  26. Streng ength thened ned Private te Extern ernal al Debt Risk Manag agem ement nt Private te Exte terna nal l Debt t Remains ns Manageable ble Debt bt Burde den n Indi dicat cator (External nal Debt/GDP) Remains ins Compar arabl able to Peers Rat ating ing US$bn US$bn External al Debt/GDP DP (%) Total Ext. 300 400 Debt: Public (Govt. & BI) Private Total (RHS) 95.2 US$343,1bn Hungary 92.1 350 250 105.4 Private Sector 300 52.9 Ext. Debt: Romania 200 51.9 US$167,2bn 250 55.4 150 200 42.2 Morocco 44.7 150 42.5 100 34.2 100 Indonesia 34.0 50 36.1 50 22.6 0 0 India 2017F 2016 2015 20.4 23.2 0.0 20.0 40.0 60.0 80.0 100.0 120.0 Source: External Debt Statistics of Indonesia, November 2017 Source: Moody’s Statistical Handbook, November 2017 * Provisional Figures ** Very Provisional Figures Enco cour uraging ng Corpo porate tes Compli lianc nce on Hedging ng Rati tio & Liqui uidity ty Ratio Phase e 1 Phase e 2 Phase e 3 Regu gulation Key Points Jan 1,2015 – Jan 1,2016 – Jan 1, 2017 Hedg dging ing Ratio io* Liqui quidi dity Ratio io* Dec 31,2015 2015 Dec 31,2016 2016 & & beyon ond Object of Regulation ion Governs all Foreign Currency Debt < 3 mont onths > 3 – 6 mont onths hs Hedgin ing Ratio io < 3 months 20%* 25%** 324; 161; 263; (12.65%) 2299; > 3 – 6 months 20%* 25%** 2401; (6.28%) 2238; (10.27%) (89.73 (93.72%) (87.35%) Liquid idit ity Ratio (< 3 months) 50% 70% %) Credit it Rating Not applicable Minimum rating of BB- Must be done Hedgin ing transaction ion to meet not necessarily be done with a with a bank in hedge ratio bank in Indonesia Comply Not Comply Indonesia *Data as of Q2 2017, with total population 2.562 corporates Sanctio ion As of Q IV-2015 Applied Source: Bank Indonesia 33

  27. Manag ageable able External rnal Debt Profile file shor ort term rm non-ban ank corpor rporate deb ebt (non on affil ilia iatio ion) n) repres esent nts only 9% % of total priv ivate extern ernal al deb ebt Publ blic ic Long Term 1 Priv ivat ate Bank Af Affiliation on US$175.9bn US$121.9bn US$18.9bn or or or 51.3% 72.9% 11.3% US$11.5 .5bn of Total Ext. of Private Ext. of Private or or Debt Debt Ext. Debt 6.9% External nal Debt bt of Private Posit itio ion Ext. . Debt US$167.2bn bn US$45.4bn bn US$26.5bn or or or 48.7% US$343.1bn 27. 27.1% 15.8% of total of Private of Private Ext. Debt Ext. Debt Ext. Debt Priv ivat ate Non-Bank ank US$15. 5.bn bn Short-Term 1 or or 9% Priv ivat ate of Private Ext. . Debt External Debt Position as of September 2017 1 Based on remaining maturity Non Af Affiliation on Source rce: External Debt Statistics of Indonesia, November 2017 34

  28. Sec ection on 4 Fiscal al Perf rform ormance and Flex exib ibil ilit ity: More Fiscal al Stim imulus lus with th Prudent dent Fiscal al Policy olicy

  29. Susta taining ining Polic icy Sy Synergy On All Secto tors rs Creatin ing inclusiv ive growt wth to overco come devel elopm pmen ent challen enges es • Productive and realistic budget • Credible budget execution Fisc scal Synergy in reform to boost the more susta tain inable and inclusiv ive Monetary & Real Sector growth • Inflation management Financ ncial • Policy to maintain • Monetary policy to ensure Sector consumption and improve macroeconomic and investment climate financial system stability • Economic policy packages • Macro-prudential policies Source: Ministry of Finance 36

  30. Long Term Strateg tegie ies to Achieve Sustain ainable able Growth wth … stim imuli to mainta ntain in purch chasing ng power er The Virtuou ous s Cycle of Purchasing sing Power er Stimul uli Increase se non-taxable income limit Ease of land  Consumptio tion is still the largest contr trib ibuto tor to Indonesia’s Fuel price and certific icatio ion electric icit ity GDP and licensi sing adjust stment for street vendor ors  Private consumption has been a key factor driving Indonesia’s economic growth in recent years 2 months Rural  The government has designed stimulus program to addit ition ion of transfer for rice subsi sidy productiv ive main inta tain in and enhance purchasin ing power for households Maint ntaining ining program spendin ing Pu Purchasi sing u  The government has increased non-ta taxa xable income level Power er and adjuste ted wage policy to ensure that the lowest income bracket has the greatest support Stabil iliz ized Boostin ing price for housi sing meat develop opment  Funds are targeted at not only to improve basic village products infrastr tructu ture but also to create te jobs through labor intensive projects as well as other job creation programs Elimination ion of luxury Predic ictable goods s tax for consumer labour goods wages 37

  31. Long Term Strateg tegie ies to Achieve Sustain ainable able Growth wth … stim imuli to promote inves estmen ents Licensin ing Incentiv tives Tax Incentiv tives Busin iness and Infrastr tructu ture Incentiv tives Other Incentiv ives Permit & Inco come tax relie ief f Ince cent ntiv ives for Simplif ifica catio ion of Accelerat ating ing Water One map licens nsing ing for labor footwear ar and import licens nsing ing for infras astruct uctur ure management nt polic icy simplfi ficat catio ion intens nsiv ive appar arel indus ustrie ies drugs and raw food development nt and indus ustrie ies regul ulat atio ion Aviat iatio ion Dwelling ing time Oil refine inery Downs nstream am Debt bt To Relax axat atio ion n of Tax incent centiv ives es Expans ansio ion n of sector optim imiz izat ation development nt indus ustrie ies equit ity ratio io entry visa a for REITS coverag age and incent ntiv ives polic icie ies interest subsid idy for MSME Integrat ated CPO Support for Villag age-ci city Accelerat atio ion Tax incent ncentiv ives Relax axat atio ion n of Speci cial al logistic ics zones fund export-orie ient nted logistic ics of power negat ativ ive foreig ign n econo nomic ic on property indus ustrie ies improvement nt infras astruct uctur ure investment nt list zones 38

  32. Build lding ing a Credible ible and Realis istic tic Budget et …providing more certainty to all stakeholders Macroec croecon onomi mic c Assump mption on for or 2018 Budge get 2018 budget will focus on efficiency and quality of • 2016 2016 2017 2017 2018 2018 priority expenditure, optimization and reforms on Indic icator or October Realiz ization ion¹ Budget R-Budget Budget government revenue, and maintaining economic Realiz ization ion momentum as well as public confidence. Economic growth (%, yoy ) 5.1 5.2 5.06 2 5.4 5.02 2018 fiscal deficit is set lower than 2017 R-budget at Inflatio ion (%, yoy ) 4.0 4.3 3.58 3.5 3.02 • 2.19% of GDP. However, government spending is 3-Month Treasury Bill (SPN) (%, eop) 5.3 5.2 4.80 5.2 5.7 targeted towards infrastructure development as well as Exchange Rate (IDR/USD, , eop) 13,307 13,300 13,400 13,572 13,400 poverty and unemployment reduction for an equitable ICP (USD/barrel, , eop) 40 45 48 52.47 48 development and improved connectivity. Oil Production ion (thousand barrel/day, , eop) 815 815 816.29 3 800 829 Gas Production ion (thousa sand barrel oil 1,150 1,150 1,195.25 3 1,200 1,180 equivalent/day, eop) 2017 2017 2018 2018 2016 2016 Descr cription on (IDR Trillion on) Audited Oct % Realizati tion on % differ eren ence ce R-Budget et Budge get Realizatio tion Realization on to Budget get with R-Budget get A. A. Reven enues es and Gra rants 1,555.90 1,736.10 1,238.2 71.3% 1,894.7 9.1% I. Domestic Revenue 1,546.90 1,733.00 1,235.5 1,893.5 9.3% 71.3% 1. Tax Revenue 1,284.90 1,472.70 991.2 1,618.1 9.9% 67.3% 2. Non Tax Revenue 262 260.2 224.3 275.4 5.8% 93.9% II. Grants 9 3.1 2.7 87.2% 1.2 -61.3% B. Expen enditure re 1,864.30 2,133.30 1,537.1 2,220.7 4.1% 72.1% I. Central Government Expenditure 1,154.00 1,367.00 898.5 1,454.5 6.4% 65.7% 1. Ministerial Spending 684.2 798.6 847.4 9.6% 2. Non Ministerial Spending 469.8 568.4 607.1 2.2% II. Transfer to Region and Village Fund 710.3 766.3 638.6 766.2 0.0% 83.3% C. C. Prima mary Balance ce -125.6 -178 -115.8 (87.3) -51.0% 65.1% D. Surp rplus (Def eficit cit) -308.3 -397.2 298.9 (325.9) -18.0% 75.3% % of GDP -2.49 -2.92 -2.2 (2.19) E. Financin cing 334.9 397.2 382.5 96.3% 325. 5.9 9 -18.0% Source: Ministry of Finance 1. Audited 3. Data as of September 2017 2. Q3 GDP Growth 39

  33. A More Realis istic tic 2018 Tax Revenue nue Target et …taxation policies are directed at expanding the tax base and increase compliance Tax Reven enue (in IDR Tril illio ion) Measur ures es to Impro prove ve Taxation ion 2018 Tax Revenue Target Automatic Exchange of Taxpayer compliance Tax incentives Information (AEoI) 1.618,1 8,1 Data and Information Human Resources System Taxation and Regulation 2018: 2017 Outlook: 1.618, 8,1 1.472 72,7 2017: 1.472,7 10 2016: 1.285 85,0 14,6 2015: Tax Custom and nd 1.240,4 Excise 1.424,0 3,6 194,1 2014: 1.146,9 8,2 Oil and Gas Incom ome Non Oil and Gas Tax Tax 38,1 1.385 85,9 6,5 Tax Collection Growth (yoy, %) Source: Ministry of Finance 40

  34. Maintain ainin ing Product ctive ive and Effect ctive ive Spendin ing Polici cies es Contin inue the efficie ficienc ncy of oper eratio iona nal expen ense and increa ease the prio iorit ity expen endit ditures es 2018 Budg dget et Ministerial ial Spendin ing Non Ministerial ial Spendin ing 847.4 T 607.1 T ↑ IDR 38.7 T from 2017 R-Budget ↑ IDR 48.8 T from 2017 R-Budget Interes est Paymen ent % Improved performance-based planning in line 238.6 T with development priorities Operational Expense Efficiency Energy Subsi sidy 94.5 T Monitoring and Evaluation Implementation Non Energy Subsi sidy 61.7 T Earlier Auction Process Source: Ministry of Finance 41

  35. Improvin ing qualit lity of budget spendin ing to incr crea ease se compet etit itiv iven eness ess: Infrast astructure and Human an resou source ces 25% The efforts on improving quality • spending focus on allocating more on productive avenues such as infrastructure and well Infr fras astruct uctur ure 130.9% targeted social program and Δ 2018 : 2014 20% subsidy 18.5% The percentage of budget for • Rp Rp 410.7 T energy subsidy to total state expenditure continues to 15% decline, in line with the government's commitment to increase spending on infrastructure Indonesia is committed to 10% • strengthen the quality of its people through good education and health budget spending. Education and Health Energy Subsid idy 73.0% 5% allocations will be maintained at 4.3% Δ 2018 : 2014 20% and 5% from Budget. Rp Rp 94.5 T 0% 2012 2013 2014 2015 2016 2017 2018 Energy Subsidy Infrastructure Source: Ministry of Finance 42

  36. Better ter Targetin eting of Subsid idy Polic icy in 2018 ...m .more budg dget et alloca cated ed to non ener ergy gy subsid idy and prio iorit ity progr grams to improve basic servic ices es Budget t for Educ ucati tion n Program Budget t for Healt lth Program IDR tn IDR tn 500 125 444.1 111.0 419.8 450 104.9 390.1 400 370.4 92.3 100 353.4 350 300 75 65.9 59.7 250 50 200 150 25 100 50 0 0 2014 Real 2015 Real 2016 Real 2017 Outlook 2018 Budget 2014 Real 2015 Real 2016 Real 2017 Outlook 2018 Budget Targets ts of Educatio tion Program in 2018 (Prelim imin inary) Targets ts of Health th Program in 2018 (Prelim imin inary) Indo done nesia ia Smart Bidi dikm kmis isi School Indo done nesia ia Heal althy Provis isio ion n of Health Immuniz izat atio ion Program am Scholar arship Rehabil abilit itat atio ion Program am Faci cilit itie ies Basic & complete 19.7 million students 401.5 thousand college 92.4 million people immunization for 92.5% of 49 hospitals/health centers 61.2 thousand rooms students 0-11 months old infants School Operat atio ional nal Drug and Food Family Plan n Program am Teach acher Allowance ance Assistance ance (BOS OS) Certif ific icat atio ion (KB) • Non Civil Servants : 435.9 thousand teachers • Civil Servants : 257.2 thousand teachers • Local Civil Servants : 1.2 million teachers 56 million students 1.8 million people 74 thousand certifications 43

  37. Improve oved Budget et Alloc ocatio ion Between een Cent ntral al & & Local al Government vernment …promoting better alloca catio ion of budget et spend nding ng to local gover ernm nmen ent Transf sfer to Regio ions/Vil /Village Funds s & Minis iste teria ial Spendin ing 2018 2018 Transfer to Regio ions and Village Funds (Budget) t) Specia ecial Auton onomy my & Village ge Fund (IDR60.0 tn tn) D.I Yogyakarta ta - DIY (IDR21.1 tn tn) 2013 2013 2017 2017 2018 2014 2014 2015 2015 2016 2016 IDRtn Audited Budge get R-Budget et Budge get Audited Audited Audited Gradually increasing Improving efficiency and Village ge Fund allocation effectiveness of Specia ecial Transfer to Average allocation of Auton onomy my & DIY Fund. 513.3 573.7 602.4 663.6 704.9 706.3 706.2 Region IDR800.5 million per village Village Fund - - 20.8 46.7 60.0 60.0 60.0 Incen centive e Fund (IDR8.5 tn tn) Total 0.98% 7.85% Inter ergov govern rnmen men 513.3 573.7 623.2 710.3 764.9 766.3 766.2 Incen centive e Fund allocation tal Transfer er has been increased (317 regions were awarded an 2.65% Minister erial incentive ranging 582.9 577.2 732.1 684.2 763.6 798.6 847.4 Spen ending between IDR 7.5bn and IDR 65. 3bn) 22.67% 65.85% Specia ecial Transfer er Fund Implementation of policy to allocate te spendin ing to regio ions • (IDR185.9 tn tn) Specia ecial Transfer er Minim imum 25% of general transfer fund has to be used for • Fund allocation is public service infrastructure based on each Gen enera eral Transfer er Fund (IDR490.7 tn tn) regions’ proposal and national Minimum of 25% (IDR122.7 tn) priorities earmarked for public service facility development acceleration. It provides revenue sharing fund to promote equal opportunity for natural resource producers & high tax earners Source: Ministry of Finance 44

  38. Polic icy on n Infrastr truc uctur ture Spend nding ing and Trans nsfe fer to Regio ions …developing the nation through gh target eted ed spendi nding ng 2017 2017 Infr fras astruc uctur ure e Budge get Alloca catio ion (IDR billio ion) and Infrastru tructu cture Budget t Allo loca cati tion 2016 realiz izat atio ion IDR tn 450 410.7 Ja Java Maluku uku & Papua ua 388.3 400 350 2016 : 3,749.1 2016 : 3,229.4 269.1 300 2017 : 3.686.3 2017 : 3,257.8 256.1 250 200 155.9 154.7 2016 : 461,1 2016 : 1,680.2 150 2017 : 1,147.5 2017 : 1,941.7 100 50 Sulaw lawesi Kali limanta ntan 0 2013 Real 2014 Real 2015 Real 2016 Real 2017 Outlook 2018 Budget 2016 : 2,694.4 2016 : 2,889.9 In 2017, minimu mum m 25% of genera ral transfer er fund has to be used for public service infrastructure 2017 : 4,117.1 2017 : 3,641.6 201 2018 Infrastru tructu cture Target t (Preli limina nary) 2016 : 606.2 2016 : 597.9 2017 : 1,042.6 Highw hway Develop opment Infor ormation ion & Telecom om. 2017 : 634.5 Target: 865 km Target Rural Broadband: 100 area Target BTS: 380 area Toll Road Developm opment Bali li & Nusa Tenggara Sumatera Target: 25 km Low Incom ome Housin ing Target Flat development: 13,405 Target stimulants assistance: 180 2016 : 661.3 2016 : 3,895.4 Bridge Constru ruction ion thousands 2017 : 1,207.3 Target: 8,695 m 2017 : 3,545.7 LRT Develop opme ment Airpo rport rt Target: 23 km Railways Target: 8 2016 : 101.1 Target: 620 km 2016 : 1,044.8 2017 : 1,320.4 2017 : 308.2 Source: Ministry of Finance 45

  39. 2016 Budget et Realiza izatio tion Did Not Impede ede Prio iori rity ty Proje jects ts Although gh defic icit it was capped ped at managea eabl ble level el, infr frastructur cture devel elopm pmen ent conti ntinu nued ed to accel eler erate Infrastru tructu cture Reali lizati tion 1 Infrastru tructu cture Develo lopm pment nt Achievement nt in 2016 IDR tn 2015: 88. 2015: 88.2% % of budget 2016: 2016: 84. 84.9% % of budget 400 Road Developm opment (km) 317.2 Target: 3,149.6 290.3 267.0 Realization: 2,528.7 300 256.2 200 Airpo rport rt Target: 15 (up to 2019) 100 Realization: 3 0 Budget Realization Budget Realization Bridge (km) Target: 12.9 Ministerial Spending Non Ministerial Spending Regional Transfer Financing Realization: 10.6 Food Security Reali lizati tion Railway 2 (km) IDR tn Target: 114.9 200 2015: 2015: 87. 87.5% % of budget 2016: 2016: 84. 84.3% % of budget Achievement: 114.9 150 125.9 117.9 110.3 99.3 Dam 100 Target: 37 Achievement: 37 50 0 Irrig rigatio ion (km) Budget Realization Budget Realization Target: 4,889 Achievement: 1,025 Ministerial Spending Non Ministerial Spending Regional Transfer Financing Source: Ministry of Finance 1. Not including LRT South Sumatra and Jabodetabek 2. Land issues are in progress 46

  40. Educatio tion and Health th Spend nding ing Well Deliver ered ed in 2016 Inves estmen ent to improve socia ial welfa fare in the longer er term Educ ucati tion n Expend nditur ture Health lth Expe penditur ture IDR tn IDR tn 2016: 88.6% % of budget get 600 120 104.1 2015: 95.5% % of budget get 2016: 88.9% % of budget get 2015: 88.1% % of budget get 92.3 500 100 416.6 408.5 390.2 74.8 370.5 400 80 67.0 300 60 200 40 100 20 0 0 Budget Realization Budget Realization Budget Realization Budget Realization Ministerial Spending Non Ministerial Spending Regional Transfer Financing Ministerial Spending Non Ministerial Spending Regional Transfer Financing Vacc ccine availability in Immu munization on for r infants Univer ersity schol olars rships for r School ool Opera eration onal Community ty Hea ealth th Centr tre e betw twee een 0 0 – 11 mon onth ths under erprivileged eged studen ents (Bidikmi misi) Assistance ce (BOS OS) (Puskes kesma mas) Realization on: 4 million infants Realization on: 324 thousand college Realization on: 8.0 million Realization on: 81.5% Target 4 million infants students students Target: : 332 thousand college Target 80.0% Target: 8.2 million students students Health Insura rance ce Subsidy Malaria ria Era radica cation on (PBI BI) Realization on: 247 cities Indon ones esia Smart Card rd (KIP) School ool Rehabilitation Realization on: 91.1 million Target 245 cities Realization on: 20.7 million people Realization on: 28,400 rooms students Target 92.4 million people Target: 30,300 rooms Target: 19.5 million students Accre credited ed Region onal Hospital Realization on: 201 hospitals Target 190 hospitals Source: Ministry of Finance 47

  41. Regional nal Reven enue ue and Expenditure enditure Profile ile …effective expen pendit diture e polic icy y as a tool to promote e equalit ity y across Indo done nesia ia KALIMANTAN SULAWESI PAPUA & MALUKU Revenue nue 86.0 Revenue nue 19.7 Revenue nue 18.4 a. Tax 32.0 a. Tax 16.6 a. Tax 10.7 b. Custom & Excise 1.1 b. Custom & Excise 0.6 b. Custom & Excise 1.7 c. Non Tax Revenue 52.9 c. Non Tax Revenue 2.5 c. Non Tax Revenue 6.0 Expendit nditur ure 93.9 Expendit nditur ure 104.5 Expendit nditur ure 89.6 a. Transfer to Region 73.7 a. Transfer to Region 73.3 a. Transfer to Region 71.7 b. Ministerial b. Ministerial Spending 31.2 20.3 b. Ministerial Spending 17.9 Spending Nett (84.8) Nett (71.3) Nett (7.9) SUMATERA JAVA BALI & NUSRA Revenue nue 1.143.2 Revenu enue 15.5 Revenue nue 141.1 a. Tax 884.9 a. Tax 11.7 a. Tax 66.9 b. Custom & Excise 161.6 b. Custom & Excise 1.5 b. Custom & Excise 6.8 c. Non Tax Revenue 96.6 c. Non Tax Revenue 2.3 c. Non Tax Revenue 70.4 Expendit nditur ure 302.8 Expendit enditur ure 56.4 Expendit nditur ure 232.3 a. Transfer to Region 201.8 a. Transfer to Region 39.5 a. Transfer to Region 176.1 b. Ministerial Spending 17.0 b. Ministerial b. Ministerial 56.2 101 Spending Spending Nett (40.9) Nett (88.2) Nett 840.4 Notes: 1. Average data 2014 - 2016 2. Revenue  amount collected from certain region for central government budget 3. Expenditure  amount spent for certain region from central government budget Source: Ministry of Finance 4. Figure in IDR trillion 48

  42. Indonesia’s Tax Amnesty Program – A Success Story ry With more than 965,000 000 taxpa payer yers partic icipa ipatin ing in the progr gram Tax Amnesty ty Result lt (as of the end of March ch 31 st st , 2017) Repatriation Preliminary 3% Evidence Payment SMEs 1% 2% Tax Arrears Companies ​Offshore 147.1 .1 Payment 12% 1.7 Declaration 14% 85.59 21% 18.8 594.9 .99 1,036 36 Individual SMEs 18% 861.8 .81 3,323.3 .36 ​Onshore 3,698 114.2 Declaration Individuals Redemption 76% 68% Money 85% Revenue Asset Declared Composi sition ion of Partic icip ipants s IDR 134.8tn (~1.1% GDP) IDR 4,881tn (~39.4% of GDP) Based on Asset Declared Redempti tion n Mone ney Assets ts Declar lared 39.3 1.10 % of GDP % of GDP 0.62 0.58 8.3 0.20 5.2 0.17 0.17 0.15 3.9 3.9 0.12 3.6 2.1 0.04 0.04 0.3 Germany Belgium Italy Chile Indonesia India South Spain Australia India Spain Chile Indonesia Italy South Australia (2004) (2004) (2009) (2015) (2016) (1997) Africa (2012) (2014) (1997) (2012) (2015) (2016) (2009) Africa (2014) (2003) (2003) Source: Ministry of Finance 49

  43. Compr mprehensi nsive ve Tax Reform to Improve ve and Sustai tain Reve venu nue Colle lecti ction Focused ed on expa pandi nding ng taxpa payer yer databa base, e, improving ng busine ness proce cesses es, revis isin ing regulatio ions ns and stren ength gthen enin ing suppo port system em Expe pecte cted Tax Revenu nue / GDP Incr crease (%) Ongoing ng Comprehens nsive Tax Reform on 4 Pillar lars 15 11.6 11.5 11.4 11.3 11.2 10.8 10.7 10.4 IT Support Regulation 10 Improvement of IT and • General Provision and Tax • 5 communication system Procedures Increased accessibility of • VAT Law • public data for individual Income Tax Law • data management Stamp Duty Law • 0 Enhancement of data • 2011 2012 2013 2014 2015 2016 2017 2018 management Budget Budget Compli lianc nce Rate in Submitt tting ng Annual Tax Report 40 64% Human Business 62.3% 60.4% Resources Process 30 59.2% 59% 20 Stronger law enforcement 56.2% Improvement of the human • • resources and Authorization to gather 3 rd 54% • 10 organizational capacity and party data (banking) capabilities Implementation of • 0 49% Establishment of tax reform Automatic Exchange of • 2013 2014 2015 2016 Information task force team Registered Taxpayers Discipline in terms of Plan- Simplification of tax • • Registered Taxpayers – Tax Report Required Do-Check-Action to monitor registration Submitted Tax Report tax collection Compliance Rate = Submitted Tax Report/Registered Taxpayers-Tax Report Required Source: Ministry of Finance 50

  44. Financ ncing ing Polic icy 201 2017: : General Object ectiv ive & Polic icy To To meet financing manage debt-to- needs at optimum GDP ratio cost and tolerable risk To optimize To support market the use of General domestic external issuance currency optimize mix of development and loans To Policy To enhance public accountability as To part of transparent conduct Government debt active management debt portfolio Source: Ministry of Finance 51

  45. Budget et Financ ncing ing Breakd kdown in 201 2017 Redemptio tion IDR350.9tn tn Breakd kdown of budget financin ing IDR tn tn USD bn bn (eq. USD 26.3bn) Government debt (net) t) 384.7 28.8 Government securitie ities (net) t) 400.0 30.0 Debt (Gross) Domestic tic loans (net) t) 1.5 0.1 IDR735.6tn tn (eq. USD 55.1bn) Foreig ign loans (net) t) -16.8 -1.3 Non-De Debt Budget Financin ing Financin ing IDR330.2tn tn IDR54.5tn tn (eq. USD (eq. USD 24.7bn) 4.1bn) USD/IDR: 13,351 as of August 31, 2017 Note: Subject to change in market conditions and other factors Source: Ministry of Finance 52

  46. Governm ernment ent Securi rities ties: Indic icativ tive Financ ncing ing Plan for 2017* …prudent and sustain inabl ble fiscal managem emen ent Domestic tic Bonds Budge dget R-Budg udget Weekly kly Aucti tion: n: Indi dicat cativ ive Indi dicat cativ ive Indi dicat cativ ive Indi dicat cativ ive Instrum ument nts Target Target Conv nventi ntiona nal l secur uriti ties 24 x Target Target (IDR trn) (USD bn bn) * (IDR trn) (USD bn bn) * Islamic c securiti ties 24 x Non-Auc ucti tion: n: Governm nment nt 399.99 29.96 432.96 32.43 Secur curit itie ies (Net) Retail bonds Composit itio ion Private te Place cement nt Based on request Domestic ic 80% 80% Governme rnment Issuance Targets Interna rnationa ional Bonds Auction 93% Issuance of international • Sukuk Non-Auction 7% bonds as a complement to 29% avoid crowding out the Internat natio ional nal Bond 20% 20% domestic market; • Consists of USD, YEN or * USD/IDR: 13,351 as of August 31, 2017 EURO global bonds; • International bond issuance Debt can be maximized up to Securities Front ont Loadin ing Issuance For or Budget Financin ing 25% from gross target, 71% depends on financing need • Government Securities issuance in semester I: – Target: 57.4% from gross issuance target Average Tenor Maturity (ATM) for Government Securities: – Realization: 57.7% from gross issuance target 7-9 years • Rupiah Government Securities issuance in semester I: ‐ Target: 42.7% from gross issuance target ‐ Realization: 43.1% from gross issuance target *: Based on Budget 2017 Source: Ministry of Finance 53

  47. Sound nd Govern ernmen ent Debt Portf tfolio lio Manag agement ent Portfolio io managem emen ent character cterized ed by stabl ble debt/GDP ratio io and well-di diver versified ified debt bt Stable ble Debt to GDP Ratio Over the Years* Defici cit Produc ucti tivity ty** US US$ bn Government Debt / GDP (%) 6.8 5.3 5.5 300 35 5.1 28.6% 28.3 % 3.4 2.7 2.1 2.1 1.6 27.4% 1.2 55 30 250 23.0% 24.7% 24.9% 54 25 200 55 (0.1) (0.4) (0.6) 54 (1.6) 20 64 (2.2) (2.9) (2.8) 58 (3.3) (3.7) 150 (4.8) (5.3) (5.8) (6.1) 15 (7.1) 232 207 100 10 175 I N D I A B R A Z I L J A P A N U K U S A S A FR I CA M A L A YS I A A U S TR A L I A I TA L Y I N D ON ES I A TU R KEY TH A I L A N D 155 141 136 50 05 0 00 2012 2013 2014 2015 2016 2017 GDP Growh Fiscal Deficit (% GDP) Securities (LHS) Loans (LHS) Govt Debt / GDP (%) (RHS) Source: Ministry of Finance Source: MOF, World Economic Outlook Weighte ted Average Debt t Matur urity ty of ~8.7 .7 Years Well l Diversified Across Different nt Currenc ncies % of Yearly Issuan ance Years 2% 1% 1% 2% 3% 3% 100% 10.0 3% 4% 3% 3% 3% 4% 9.7 9.7 7% 6% 8% 9% 12% 9.8 14% 9.6 80% 9.4 30% 29% 9.5 29% 31% 24% 29% 60% 9.3 9.0 9.0 40% 8.7 8.8 58% 59% 57% 56% 56% 53% 20% 8.5 8.3 0% 8.0 2012 2013 2014 2015 2016* Oct-17 2012 2013 2014 2015 2016 Oct-17 IDR USD JPY EUR Others*** Source: Ministry of Finance Source: Ministry of Finance *2017 year end position of debt/GDP is projected based on GDP assumptions in 2017 budget, **GDP growth and fiscal deficit numbers are average of 2012-2016 (5 years), ***SDR, AUD, and other. 54

  48. Well Balanc nced ed Matur turity ity Profile file With Strong Resilienc lience Agains nst External rnal Shocks ks Decli lini ning ng Exch chang nge Rate Risks ks Decli lini ning ng Interest t Rate Risks ks % % 46.7 50 25 23.2 44.4 44.5 43.4 22.5 42.6 40.6 21.0 20.7 19.3 40 20 17.5 16.2 16.0 14.8 30 13.7 15 12.1 10.7 20 10 12.2 12.1 11.7 11.6 10.7 10.2 10 5 0 0 2012 2013 2014 2015 2016 Oct-17 2012 2013 2014 2015 2016 Oct-17 FX Debt to GDP Ratio* FX Debt to Total Debt Ratio Variable Rate Ratio¹ Refixing Rate² Debt t Matur urity ty Profile le Upco coming ng Matur uriti ties (Next xt 5 Years) IDR tn tn % In < 1 year In < 3 year In < 5 year 50.0 300 IDR-Denominated Other Currencies 139 39.4 250 40.0 36.0 34.7 33.9 33.4 107 32.4 130 138 200 121 30.0 24.9 90 22.7 109 87 21.8 21.5 21.4 150 20.1 18 257 20.0 211 120 22 5 100 12 17 168 9.9 8.6 8.4 151 50 7.7 139 7.2 128 29 6.5 125 126 122 10.0 17 103 100 50 98 28 97 32 86 24 22 21 16 1 30 53 52 54 45 28 41 2 28 29 28 22 26 23 21 0.0 15 0 2 5 7 0 2012 2013 2014 2015 2016 Oct-17 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2046- 2055 1 Variable Rate Ratio is defined as ratio between debt instruments with variable rate divided by total debt instruments (variable + fixed rates) 2 Refixing Rate ratio is defined as ratio between debt instruments with variable rate + debt instruments with fixed rate maturing in 1 year divided by total debt instruments (variable + fixed rates) *Using GDP assumption in 2017 Budget. Source: Ministry of Finance 55

  49. Profile file of Tota tal Centr tral Governme rnment nt Debt Governm nment nt Debt t Compositi tion Foreign Ownershi hip p of Government t Securiti ties at Longer Tenors 100 (%) 73 71.9 71.2 73 72.4 76 76 84 73 77 77 100% 18.9% 20.9% 80 23.8% 25.9% 31.2% 30.0% 80% 60 (%) 60% 39.1 39.3 38.4 38.1 38.2 37.8 38.2 37.5 36.0 40 33.0 32.5 40% 81.1% 79.1% 76.2% 74.1% 70.0% 68.8% 20 19.3 22.6 20% 21.5 23.3 22.8 23.1 18.3 18.6 18.9 19.8 13.1 7.8 5.8 6.1 5.2 4.6 5.2 4.9 4.8 3.2 3.5 3.4 0 0% 2012 2013 2014 2015 2016 Jan-17 Mar-17 Mei-17 Jul-17 Sep-17 Okt-17 2012 2013 2014 2015 2016* Oct-2017 Government Securities Loan 0-1 1-5 >5 Foreign Ownership to Total Holders of Governm nment nt IDR Bond nds – Compositi tion n Octo tobe ber 2017 100 20.4 22.0 22.5 24.0 26.2 26.0 26.3 27.3 28.0 28.0 28.6 28.4 28.6 31.0 29.8 33.7 80 36.5 60 40.1 38.9 37.9 39.9 35.0 34.6 35.5 32.7 31.6 31.3 34.9 34.5 32.4 32.3 (%) 30.8 33.8 30.5 40 20 40.0 38.1 38.2 38.9 39.1 38.2 39.0 39.1 39.5 39.3 39.0 39.0 37.5 37.8 37.5 33.0 32.5 0 2012 2013 2014 2015 Jan-16 Jun-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Foreign Holder Domestic Non Banks Domestic Banks Source: Ministry of Finance 56

  50. Ownersh rship ip of IDR Tradable able Central ral Governm ernment nt Securi rities ties (IDR tn) Descr cript ption Dec-14 14 Dec-15 15 Dec-16 16 Jan-17 17 Oct-17 17 Banks nks* 375.5 .55 31.0 .04% 350.07 23.9 .95% 399.46 22.5 .53% 493.82 27.2 .27% 601.44 28.9 .97% Govt Insti tituti tutions ns (Bank nk 41.6 .63 3.44% 148.91 10.1 .19% 134.25 7.57% 53.3 .31 2.94% 46.2 .20 2.23% Indone nesia**) Bank Indonesia (gross) 157.88 8.90% 163.63 9.03% 184.93 8.91% GS used for Monetary 23.63 1.33% 110.32 6.09% 138.73 6.68% Operation Non-Banks nks 792.7 .78 65.5 .52% 962.86 65.8 .87% 1239.5 .57 69.9 .90% 1264.0 .02 69.7 .79% 1428.3 .33 68.8 .80% Mutual Funds 45.79 3.78% 61.60 4.21% 85.66 4.83% 87.84 4.85% 100.42 4.84% Insurance Company 150.60 12.45% 171.62 11.74% 238.24 13.43% 241.25 13.32% 263.73 12.70% Foreign Holders 461.3 .35 38.1 .13% 558.52 38.2 .21% 665.81 37.5 .55% 685.51 37.8 .85% 796.20 38.3 .35% Foreign Govt's&Central 103.42 8.55% 110.32 7.55% 120.84 6.81% 118.91 6.57% 143.38 6.91% Banks Pension Fund 43.30 3.58% 49.83 3.41% 87.28 4.92% 86.95 4.80% 87.18 4.20% Individual 2.51% 42.53 2.91% 57.75 3.26% 57.69 3.19% 62.76 3.02% 30.41 Others 60.51 5.00% 78.50 5.37% 104.84 5.91% 104.78 5.79% 118.05 5.69% Total 1,209.9 .96 100% 1,461.8 .85 100% 1,773.2 .28 100% 1,811.1 .14 100% 2,075.9 .97 100.00% 1) Non Resident consists of Private Bank, Fund/Asset Manager, Securities Company, Insurance Company and Pension Fund. 2) Others such as Securities Company, Corporation, and Foundation. *) Including the Government Securities used in monetary operation with Bank Indonesia. **) net, excluding Government Securities used in monetary operation with Banks. Source: Ministry of Finance 57

  51. Governm ernment ent Securi rities ties Realiza izatio tion (IDR mn mn) Budget Realiza izatio tion % Realiza izatio tion to Budget 2017 R-Budget 2017* (a.o. Oct. 31, , 2017) Budg dget 2017 Government Securitie ities Net 431,910,888 99.76% 399,992,586 432,959,100 Government Debt Securit itie ies (GDS) 497,043,138 39 395,021,660 IDR Denomin inate ted GDS -Coupon GDS 209,180,000 176,500,000 -Conventional T-Bills 393,000 -Private Placement -Retail Bonds 8,948,660 102,021,478 Internatio tional Bonds -USD GMTN 73,825,500 15,352,390 -Euro GMTN -Samurai Bonds 12,117,580 726,008 -Domestic Foreign Denominated Bonds 180,044,267 Sovereig ign Sharia ia Securitie ities Domestic tic Sovereig ign Sharia ia Securitie ities 140,075,267 - IFR/PBS/T-Bills Sukuk (Islamic Fixed Rated Bond/Project 124,037,957 Based Sukuk) 14,037,310 - Retail Sukuk 2,000,000 - Indonesia Hajj Fund Sukuk Global Sukuk 39,969,000 *Using 2.67 deficit scenario Source: Ministry of Finance 58

  52. Positiv itive Respons nse of Governm ernment ent Securi rities ties Issuanc nce in 2017 Pric icing ing Date Dece cember 1, 2016 March ch 22, 2017 May 31, 2017 July 11, 2017 2017 Global bal Conv nvent ntio ional nal Bonds ds Global bal Conv nvent ntio ional nal Euro-Deno nominat inated d Instrum ument nt Global bal Sukuk kuk Samurai ai Bonds nds (Prefundi funding ng) Bonds ds Bonds ds Tenur nure 5 yr 10 yr 30 yr 5 yr 10yr 3 yr 5 yr 7 yr 10 yr 30 yr 7 yr US$ 0.75 US$ 1.25 JPY10 US$1 Nominal nal US$ 1.5 bn US$1 bn US$2 bn JPY40 bn JP50 bn US$1 bn EUR1 bn bn bn bn bn 4.75% 2.15% Coupon n Rate 3.70% 4.35% 5.25% 3.40% 4.15% 0.65% 0.89% 1.04% 3.85% Yield 3.75% 4.40% 5.30% 3.40% 4.15% 0.65% 0.89% 1.04% 3.90% 4.80% 2.178% Inco coming ing Bid US$12 bn bn US$10.8 bn bn JPY100 bn bn US$7.3 bn bn EUR4 R4.3 bn bn Increasing Incoming Bids in 2016’s Government Securities Issuance IDR bn bn 200 5.00 • The average incoming bids in 2017 is IDR25.9 180 4.50 tn/auction, higher than 2016 (IDR18.81 tn/auction) 160 4.00 140 3.50 • The average awarded bids in 2017 is IDR11.2 tn/ 120 3.00 100 2.50 auction, higher than 2016 (IDR9.44 tn/auction) 80 2.00 60 1.50 40 1.00 20 0.50 0 0.00 Incoming Bid Awarded Bid Bid to Cover Ratio(RHS) Source: Ministry of Finance 59

  53. Sec ection on 5 Monet etary ary and Finan nancial ial Facto tor: r: Credib dible le Moneta tary ry Polic icy Track ack Recor ord and Favour ourab able le Finan nancial ial Secto tor

  54. Bank Indones esia ia Polic icy Mix: November ber 2017 th and 16 th Novem The BI Board of Governo nors s agreed on 15 15 th 16 th embe ber 201 2017 to hold the BI 7-days s Reverse se Repo Rate e at 4.25 25%, , while maint ntaini ining ng the Deposi sit Facility and Lending g Facility rates es at 3.50% and th Novem 5.00% respective ively, effective ive 17 17 th ember ber 2017 Remains vigilant of the risks, including the global Decides to maintain Continues to risks linked to the plans Continues to Predicts the Countercyclical stabilise the rupiah to tighten monetary strengthen policy Holds the BI national Capital Buffer (CCB) in line with the policy in several coordination with the 7-day Repo economic at 0%, to encourage currency’s advanced countries, as Central and Regional Rate at growth in the improvement of fundamental value, well as domestic risks, Government to control 4.25% 2017 at 5.1% banking while maintaining such as the limited inflation within the intermediation market mechanisms. growth in household target corridor function consumption and banking intermediary 61

  55. Bank Indones esia ia Polic icy Mix: : 2015-2017 21 21 Jul 2016 2016 • Held BI Rate at 6.5%, & 14 Jan 2016 14 2016 maintained BI 7-day RR Rate, • Cut BI Rate 25 DF & LF Rate at 5.25%, 4.5% bps to 7.25%, 19 9 May 2016 2016 & 7.00% respectively. 17 Nov – 21-22 Aug 21 g DF & LF Rate 18 18 Mar r 2016 2016 22 Sep 2016 2016 19 19 Oct ct – 16 Nov Held BI Rate • BI continued to conduct 15 Dec c 2016 2017 201 at 5.25% & Cut BI Rate Cut BI 7-day 2017 at 6.75%, and financial market deepening by Held BI 7-day Cut BI 7-day 7.75% 25 bps to RR Rate to Held the BI 7- maintained DF introducing new investment & RR Rate at RR Rate to • BI lower its 6.75%, DF & 5.0%, DF and days RR Rate at & LF Rate at hedging products in the 4.75%, DF 4.50%, DF monetary LF Rate at LF Rate to 4.25%, DF Rate at 4.75% & financial market, strengthened Rate at 4.00% Rate and LF operation rates 4.75% & 4.25% and 3.50% and LF 7.25% monetary management and LF Rate Rate to 3.75% even further, 7.25% 5.75%. Rate 5.00% respectively strategies, & encouraged the at 5.5 % and 5.25 % ranging from real sector to make optimal 25bps to 45bps use of repatriation funds to (O/N to 1Y) support the implementation of the 2016 Tax Amnesty Law 18 18 Feb eb 2016 21 Apri ril 2016 16 Jun 20 2016 16 • Cut BI Rate 25 • Held BI Rate at • Cut BI Rate 25 bps to 6.5%, DF & bps to 7%, DF 6.75%, and LF Rate at 4.5% & 7.0% maintained DF & LF & LF Rate at respectively 5% & 7.5% Rate at 4.75% & 19 Aug 2016 19 19 Jan – 20 20 • Relaxed the loan-to-value ratio 20 Oct ct 2016 • BI lower the 7.25% respectively. • Held BI 7- July 2017 22 Sept 20 2017 (LTV) and financing-to-value ratio Cut BI 7-day RR rupiah • Reformulated policy day RR Rate Held BI 7-day Cut BI 7-day RR (FTV) on housing loans/financing Rate to 4.75%, denominated rate from BI Rate and DF Rate RR Rate at Rate to 4.25%, • Relaxed partially prepaid DF and LF Rate into the 7 day primary at 5.25% 4.75%, DF DF Rate and LF loans/financing to 4.00% and reserve (Reverse) Repo Rate and 4.5% Rate at 4.00% Rate to 3.50% • Raised the floor on the Reserve 5.50% requirement by to improve the • Cut LF Rate and LF Rate and 5.00% Requirement - Loan to Funding 1%, from 7.5% effectiveness of to 6.00%. at 5.5 % Ratio (RR-LFR) from 78% to 80%, to 6.5%, monetary policy with the ceiling maintained at 92%. transmission. The effective from The change was effective on Aug. Mar. 16th change was effective 2016 2016 on Aug. 19th 2016 62

  56. Bank nk Indones onesia ia Policy Mix: : Maint ntai ainin ning Stab abilit ility, Supportin rting Growth Accommoda dativ ive moneta etary and macropr pruden dentia ial polic icies es to suppo port growt wth Monetary Transmission 2016 2016 2017 2017 2015 2015 BI Rate cut of Policy Rate cuts of BI 7-day RR Rate •  • Polic icy Rate RR RR 1. 1. Monetar ary Polic icy 25bps (Feb) 150bps cut of 25bps to ↓ 200 bps ↓ 150 bps Moving from BI Rate 4.50% (Aug)  (Jan ‘16 – Oct’ 17) (Dec ’15 –Oct’ 17) 17) Polic icy Rate (12 month) to BI 7- Further BI 7-day • day Reverse Repo RR Rate cut of 25 Deposit it Rate Rate (Aug) bps to 4.25% Lending nding Rate (Sept) (Jan’16 –Sept’ 17 17) (Jan’16 – Sept’ 17) 17) ↓ 160 bps (6.34%) ↓ 123 bps (11.6%) Implementation of • Reserve Lowering RR by Further lowering RR • • RR Averaging Deposit it Requi quirement nt 50bps to 7.5% by 100bps to 6.5% Lend nding ing (Aug): RR fixed (Nov) (Feb) (Sept ’ 16 16 – Sept ’ 17 (LBU) ( Sept’ 16 16 – Sept ’17 (LBU) 5%; RR Averaging Total ↑ Rp538.3 T (11.7% yoy) Total ↑ Rp331.2 T (7.9% yoy) 1.5% Market-based exchange rate stability consistent with fundamental  Dual intervention in the FX market and purchases of government bonds 2. 2. Exch chang ange Rate  Impacts of LTV Relaxation from secondary market in time of distress (capital reversal) or large Polic icy mis-alignment Growth, % (yoy) Loan Ags'16 Sep-17 Construction 17.24 14.89 Relaxation of LTV Further relaxation of  Real Estate 23.32 8.66 • Initiative to issue  Housing 6.21 9.82 for property and LTV for property macroprudential Total 6.83 7.86 3. 3. Macr croprude udent ntial ial automotive loans loans (Sept) regulation on Polic icy (June) Strengthening  Financing to systemic surveillance Funding Ratio & Crisis Management (FFR) Protocol (April) Obligation to use E-money for social   National Payment  IDR in domestic transfer (Nov) Gateway (June) 4. 4. Payment nt transaction Financial Technology  Modernized cash  System Policy cy (March) (FinTech) Office management Non-cash (Nov)  underway movement New Rupiah issuance  (GNNT) (Dec) 63

  57. Stable ble Moneta etary ry Envir ironm nment ent Despit ite Chall llen enges es Well l Mainta ntaine ned Inflati lation Ensur ured Price ce Stabi bili lity ty Streng ngth thene ned Mone netary Poli licy cy Framework (%) 19 Augu gust 2016 CPI (%, yoy) Core (%, yoy) Volatile Food (%, yoy) Administered (%, yoy) (%) 18 8.00 The New Monetary LF Rate: 7.00 Operation 7.00 13 Framew ework BI Rate: 6.50 6.00 8.68 LF Rate: 5.00 00 8 3.58 5.00 BI 7Day RR Rate: 4.25 25 3 3.07 DF Rate: 3.50 50 4.00 0.19 -2 3.00 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 2012 2013 2014 2015 2016 2017 Rupi piah Exch chang nge Rate Remains ns Comparable ble to Peers Credit t Growth th Suppo ported by Macr cropru prudenti ntial Poli licy YTD 201 2017* vs 201 2016 (YoY) 40 -7.05 TRY Total Growth -16.06 -3.78 35 PHP Working Capital Loans -5.71 Investment Loans 6.01 30 MYR -4.32 Consumption Loans -0.66 IDR 25 -0.36 9.57 EUR 20 1.26 7.63 KRW 15 1.94 4.91 Point to Point Average INR 9.82 3.00 10 8.05 *data as of October 31 st , 2017 7.90 THB 3.33 5 5.39 -0.49 7.86 BRL 9.65 0 -2.78 ZAR % 10.86 -20.00 -15.00 -10.00 -5.00 0.00 5.00 10.00 15.00 2013 2014 2015 2016 2017 Source: Bank Indonesia 64

  58. 6 Measur ures es to Contr trol Inflatio ion in 2017 On Ja On January 25 25 th th , 2017, th the Government and Bank Indo donesia ia agreed on on six ix str trate tegic ic measures to to contr trol in inflatio tion in in 2017 with ithin in th the ta target corrid idor of of 4 ± 1% (as well as as in in 2018 at at 3.5 ± 1%), whil ile also settin tting th the in inflatio tion ta targets ts for 2019-2021 at at 3.5 ± 1%, 3 ± 1% and 3 ± 1% respectiv tively. 1 2 3 Dampenin ing the Introducin ing Maint ntaini ining ng volatil ile food (VF) second-round effec ect of Administ ister ered ed Price inflation ion at 4-5% by: Seque uencin ing Administ istered Price adjust stments Including the planned conversion of several direct subsidies to cash transfers Example: (fertilizer, rice for the poor and 3kg LPG) Controlling transportation fares Strengthening Utilising fiscal Developing a infrastructure for food instruments and commodity flow data logistics in local 3 kg incentives to extend system, specifically areas, particularly the local government’s for food commodity warehousing for role in price stability 4 5 6 storage Estab ablis ishin ing the Stren engt gthen enin ing Stren engt gthen enin ing the Encouraging diverse food Accelerating Strengthening Improving Bank Indonesia esia Nat ational Inflatio ion central al and local consumption in the connectivity interregional planting polic icy mix to Control Team am governmen ent community, especially of infrastructure cooperation patterns maintain ain fresh chillies and alliums, development coordin inatio ion Through Presidential Decree by fostering product to strengthen the National macroec economic ic Inflation Task Force (TPI) Through Eighth National innovation in the stabil ilit ity and Regional Inflation Task TPID Coordination Meeting processed foods industry Forces (TPID) in July 2017 Those measures are needed to to address several onerous domestic tic and exte ternal challenges tha that demand vig igil ilance and early mitig itigatio tions. The external challenges mainly stem from rising international commodity prices, while the domestic challenges stem from ongoing energy reform through adjustments of electricity tariffs for 900VA subscribers as well as fuel prices as the global oil prices continues to rise. The current aforementioned reform is warranted to ensure equitable development and to create more healthy fiscal space. Source: Bank Indonesia 65

  59. Improving ing the Effectiv tivene eness of Moneta etary ry Polic icy Trans nsmis missio ion Bank k Indone onesia has instit ituted a Refor ormulatio ion of Monetary ry Policy Opera rations ions Framewor ork which h consis ists of 3 pillars rs; (1) implementatio ion of BI 7day Revers rse Repo o Rate; (2) implementatio ion of reserv rve requir irement avera raging; and (3) contin inue to implement mon oney marke rket deepenin ing prog ogra ram. Reformulatio tion of Moneta tary Policy Operatio tional Framework Implementa tatio ion of Money Implementa tatio ion of Reserve Implementa tatio ion of BI 7 Marke ket Deepenin ing Requir irement (RR) Day Reverse Repo Rate te Program Averagin ing Enhancement of monetary policy Enhancement of banking liquidity Enhancement of instruments signal management and transactions Source: Bank Indonesia 66

  60. Enhanc ncem ement nt of Moneta etary ry Operatio tions ns Framew ework rk ...p .posit itiv ive results thus far nd week Domesti tic Money Marke ket t Yield ld Curve (2 nd k of November 2017) 6,5% Monetary operatio ion term structure is being ng 6,0% referred ed by mon oney ey market ket rates es 5,5% 5,0% 4,5% Domest stic ic mon oney ey market ket yield curve tend to 4,0% converge 3,5% 3,0% O/N 1W 1W 2W 2W 3W 3W 1M 1M 2M 3M 6M 12M 12M o/n 1m 2m 3m 1b 2b 3b 6b 12b JIBOR IBMM Repo FX Swap MO MO IBMM: Interbank Money Market MO: Monetary Operation PREVIOUS JIBOR Can be traded among contributor banks for 10 • minutes. Up to the amount of Rp10 billion. • Up to 1-month tenor. • CURRENT JIBOR (as per June 1 st , 2016) Can be traded among contributor banks for 20 • minutes. Up to a total of Rp20 billion. • Up to 3-month tenor. • Source: Bank Indonesia 67

  61. Introduc ucing ing Reserv rve Requir irem ement ent (RR) Averaging ging Previo iously, RR ratio tio is set at 6.5% (fixed) of the TPF (Third Party ty Fund) and to be main inta tain in on dail ily basis. From 1 July 2017, the fulfil ilment meth thod of RR has been adjuste ted to daily RR of 5% of TPF and average RR of 1.5% of TPF within in a fixed perio iod The Pu Purpos ose of RR Averaging 2 3 1 $ To functio ion as To provide space To provide flexib ibil ility ity an inte terest rate te buffer for liquid idity ity placement in liquidity idity management in order to reduce in order to boost in order to increase inte terest rate te volatil tility ity financia ial marke ket deepenin ing bank effic icie iency in the money marke ket Source: Bank Indonesia 68

  62. Interm ermedia ediatio ion is Expec ecte ted to Expand and in 2018 The in inter ermed edia iatio ion growt wth is is stil ill at at a moder erat ate lev evel el in in lin ine wit ith consolidatio ions in in the real eal sector. Inter ermed edia iatio ion is is projec ected ed to to improve nex ext yea ear (10 10-12 12%). In In the domest estic cap apit ital al mar arket kets, cap apit ital al raisin aising by by corporatio ions (p (par artic icular arly rig ight issues es and corporate bond issuan ance) remain ins strong. The growth th of fina nanc ncing ng distri tribu bute ted by multifinance nance compani nies was The growth th of bank k lending ng was 7.86% (yoy) as of Sep-17 17 8.63% (yoy) in Sep-17 17 5,000 25% Bank Loans YoY Growth (rhs) 450 Financing YoY Growth (rhs) 35% 4,000 20% 350 25% IDR tn 3,000 15% IDR tn 250 9.57% 15% 2,000 10% 8.20% 7.86% 150 9.13% 8.63% 8.26% 1,000 5% 5% 50 0 0% -50 -5% 2012 2014 2016 Feb-17 Apr-17 Jun-17 Aug-17 Capital tal raising ng throug ugh rights ts issue ues and corpo porate te bond issua uanc nce in Gross premium revenue in the domesti tic insurance industry is also Jan-Oct ct 2017 incr creased by 30.7 .75% from the same period last t year conti ntinu nuous usly ly growing ng 140 400 IPO Equity 126 116 350 Rights Issue 120 292 Corporate Bonds & Sukuk 300 100 250 IDR tn 80 IDR mn 67 64 200 60 150 40 100 12 20 50 6 0 0 2012 2013 2014 2015 2016 Jan-Oct 2017 2012 2013 2014 2015 2016 Jan-Sep 2017 Source: Financial Service Authority (OJK) 69

  63. Financ ncial ial Instit itutio tions ns Remain in Robus ust Domestic financial instit itutions ions exhi xhibit genera rally ro robust cond ondit ition on. Capit ital adequacy is is maintain ined well abov ove the he minim imum re require irements. Pro Profitability and levera rage are re maintained at at a sufficient level. Furthe her, r, gearing (debt-to to-equity) ra ratio of of multifinance compa panies pro provides ampl ple roo oom for future re growth. Risk-bas based d capit ital al (RBC) of the insur urance ance indus ustry also remains ns high, CAR of the banking nking sector remains ins at a high level. As of Sep-17 CAR & well above the minimum threshold (120%) Tier 1 Capital al was 23.27% & 21.53%, respect ctiv ively % 23.27 400% 600% CAR Tier-1 Capital 23.34 25 21.53 21.59 550% 20 350% 493% 500% 15 300% 450% 10 294% 400% 250% 5 RBC - General Insurance 350% RBC - Life Insurance (rhs) 0 200% 300% Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Gear aring ing ratio io of multifi finan nance ce companie anies was at 3.0 times (well below the maximum requir uirement nt of 10 times), providi ding ng ample room for futur ure growth Profi fitabil abilit ity of the banking king sector is relat ativ ively stabl ble % 4.0 Net Interest Margin Return on Assets 6.0 5.35 5.34 3.5 3.00 2.98 5.0 3.0 4.0 2.5 3.0 2.48 2.47 2.0 2.0 1.5 1.0 1.0 0.0 2012 2014 2016 Feb-17 Apr-17 Jun-17 Aug-17 Source: Financial Service Authority (OJK) 70

  64. Adequa uate te Liquidit uidity, y, Managea eable ble Credit it Risks Banks are Ba re equipp pped wit ith adequate liquid assets to to anticipa pate depositors’ withd hdra rawal. Insurance industry ry also demons onstra rates an an enha hanced level level of of investment adequacy ratio io. The non-pe perf rfor ormin ing loan/fin inancin ing (NPL/NPF NPF) ratio io is is main intain ined below ow the thresho hold. Investment nt adequacy quacy ratio io in the insur urance ance indus ustry is maintaine ained d The ratio io of liquid id assets to deposit its in the banking nking sector was well above 100% maintaine ained d at a high level. % % % % 120 25 140 196.60 200 Life Insurance General Insurance (rhs) 21.98 180 110 130 130.38 20 160 100 105.92 120 140 90 15 110 Liquid Assets to Non-Core Deposits (lhs) 120 80 Liquid Assets to Deposit (rhs) 100 100 10 70 * 60 5 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 *The spike in this ratio was due a change in calculation methods. As of Sep-17, the gross & net NPL ratio ios of the banki king ng sector were NPF ratio io of the multifi finance nance indus ustry was 3.18% as of Sep-17, 2.93% & 1.23% respectiv ively, maintaine ained d below the threshold maintaine ained d well below the 5% threshold 4.0% % 3.5 NPL Net NPL Gross 3.31% 3.18% 3.5% 3.05 2.93 3.0 3.0% 2.5 2.5% 2.0 2.0% 1.5% 1.5 1.29 1.23 1.0% 1.0 0.5% 0.5 0.0% 0.0 2012 2014 2016 Feb-17 Apr-17 Jun-17 Aug-17 Source: Financial Service Authority (OJK) 71

  65. Manag ageable able Marke ket Risk Amidst Fluctu tuati tions Marke rket risks ks are re genera rally manageable in in line wi with the he stre rengthe hening tre rend of of the he dom omestic ic financial marke rket. Ne Net ope open pos osition ion of of the he banki king sector re remains low ow, whi hile the he investment value of of domestic instit itutiona ional inv nvestors rs (mutual funds, insure rers rs, and pe pension ion funds) contin inues to to incre rease. Net open n positi tion n in the banki nking ng secto tor was kept t far below the The movement of mutual funds’ net asset value (NAV) is in line maximum limit t (20%) %) with th that t of market t index, x, but with th much lower volati latili lity ty IDR tn NAV of Mutual Funds (lhs) % 6,200 3 IDX Stock Composite Index (rhs) 420.0 6,000 5,800 380.0 1.91 2 5,600 340.0 5,400 5,200 1 300.0 5,000 260.0 4,800 0 2012 2014 2016 Feb-17 Apr-17 Jun-17 Aug-17 Multi tifinance companies’ exposures to foreign debt have generally been The investment nt value ue of insur urers & pension n funds remaine ned in an mitigate ted throug ugh hedging ng measures incr creasing ng trend nd IDR tn IDR tn IDR tn Domestic Debt Foreign Debt 172 Investment of Insurers 180 1,000 300 953.1 Investment of Pension Funds (rhs) 160 950 140 900 120 850 250 84 100 251.5 800 80 750 60 700 200 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Source: Financial Service Authority (OJK) 72

  66. Capital ital Marke ket Demons nstr trate tes Strength ngthen ening ing Trend nd In the In he middle of of unfavor orable globa obal environ onment, the he domestic capit ital marke kets cont ontinues it its stre rengthening tre rend. Th The vol olatilit ity of of the he marke rkets is is relativ ively low. Both th the stock ck & bond nd markets ts conti ntinue nued a streng ngth theni ning ng trend nd, with th The IDX Stock ck Composite te Index has streng ngth thene ned by 14.2 .25% (ytd as of 17/11) a low level l of volati latili lity ty 250 6,200 Comp Bond Index Comp Stock Index (rhs) WORLD 16.1 THAI 10.8 240 KOREA 25.0 INDO 5,700 14.3 230 HKN 32.7 SIN 17.4 220 PHIL 21.5 5,200 CHIN 9.0 210 MAL 4.9 JPN 17.2 200 4,700 EURO 4.2 AS 18.2 190 RUS -4.5 BRAZ 21.9 180 4,200 TURK 36.0 % -10 0 10 20 30 40 In line ne with th the stabi bili lizing ng IDR and improving ng domesti tic c prospe pects, the Despi pite te the recent t moderate te outf tflo lows, the domesti tic market still ll governm nment nt bond nd yield lds conti tinu nued to decli line ne streng ngth thens ns. IDR tn Yield (%) Gov't Debt Securities Equity 10 5-yr Yield 10-yr Yield 20-yr Yield IDR (rhs) 14400 150 9 14000 100 8 13600 7 13200 50 6 12800 0 5 12400 -50 Source: Bloomberg, IBPA, Indonesia Stock Exchange, Ministry of Finance 73

  67. Maintain ntaining ing Financ ncial ial Sy Syste tem Stabili bility ty …maintaining resil ilien ience ce in confr nfronting nting possib ible shock cks and enhanc ncing ng financ ncia ial system em stabi bilit ity Stren engt gthenin ening & structur urin ing Stren engt gthenin ening financ ncial sector financ ncial sector based on supervi vision sion inter erna nation ional stand ndards  Assessment on the soundness of financial institutions  Risk-based supervision for all financial sectors  Liquidity coverage ratio for banks  Regulations on domestic systemically-important banks  Regulations on risk management for financial and capital surcharge institutions  Enhancement of crisis management protocol and  Minimum capital requirement for banks interagency coordination  Enhancement of GCG for financial institutions and publicly-listed companies Financia ial conglomerate tes account for 66.77% % of the total assets of financial sector… Impr proving ving the integ egrated ed regulatio ion & supervision framework… Financial Conglomerates Others  Such improvement has become even more important due to the dominance of financial conglomerates in the 33.23% domestic financial sector.  OJK has issued regulations on GCG, risk management, and minimum capital requirements for financial conglomerates. These will be followed by regulations on 66.77% liquidity management, capital management, and intragroup transaction exposures. Source: Financial Service Authority (OJK), June 2017 74

  68. A A Comprehens nsiv ive Financ ncial ial Deepe pening ning Program am … strategy egy to tackle challenges in deepening Indonesia’s financial markets Financia ial Marke rket Deepe penin ing Progra ram First Priority: Marke rket Develop opment Coor oordination ion Continuous Basis Money Market Encourage well-functioning money market (deep and efficient, risk mitigation, and market integrity), through: Bank Indonesia Regulation (PBI) I) on Negotiable Certificate of Depo posit (NCD) • Corporate • Enriching money market instruments, encourage banks to raise long term funding, and acts as an alternative Bonds investment for investors Government • Monitoring, match Bank Indonesia Regulation (PBI) I) on Commercial Pape per • Bonds making, and Alternative sources of financing for non-bank corporations, as well as an investment outlet for investors Medium term • solution: notes FX Market Repo • Other • Developme pment roadmap p of Indonesia CCP P in OTC Derivatives Hedging • • instruments To support FX market development and reduce market segmentation. Infrastructure Establish h Local Currency Settlement Framework • • (ETP, etc) Reducing dependency on USD payment for international trade. Encourage product developm pment to increase hedging Suppl ply in domestic market • To provide hedging instrument alternative for corporations to manage their risk exposure Suppor portin ing Regulatio ions Strengthening JISD SDOR Money Broker Certification of Dealer and Code of Conduct Increase the governance of money broker Obligation on certification for dealers • • • Strengthening the credibility of JISDOR Revitalize role of money broker in financial Obligation to honor code of conduct • • Extend the usage of JISDOR • Dealers’ training for certification market • Inter-agency Coope opera ratio ion On April 2016, the Minister of Finance, the Governor of Bank Indonesia, and the Chairman of the Board of Commissioners of the Financial Services Authority have launched a Coordination Forum for the Development Financing through Financial Market (FK-PPPK). The three authorities have agreed to formulate “The National Strategy to Develop Indonesian Financial Market Towards 2025” which is expected to be concluded by the end of 2017/early 2018. Source: Bank Indonesia 75

  69. Continu tinuous us Progr gram on Capital ital Marke ket Deepening ning …continuously strengthened, including through capital market deepening initia iativ ives es The utilization ion of capi pital marke rkets by domestic ic corpo pora rations ions Enhancin ing the supply-sid side (including financia ial instit itutio ions) demon onstrates an increasin ing trend IDR tn IPO Equity 140  Simplification of public-offering requirements & 116.2 Rights Issue 120 procedures Corporate Bonds & Sukuk  Development of financial market products (mutual 100 84.7 funds, private equity funds, REITs, ABS) 80 67.1 53.8  Development of municipal bonds 60  Cross-border offering (harmonizing regulations with 40 ASEAN Disclosure Standards established by ACMF) 12.1 20 4.1 0 2012 2013 2014 2015 2016 Jan-Jun 2017 Enhancin ing the demand nd-sid side  Expansion of the domestic investor base (conducting investor education programs) Stren engt gthenin ening marke ket infr frast struc ucture  Expansion of mutual fund distribution channels, including the marketing methods of securities companies  Expansion of Single Investor Identification (SID) coverage  Development of electronic trading platform (ETP) in the debt market  Development of integrated investment management Stren engt gthenin ening governa nance system  Enhancement of the clearing and settlement process  Development of market players’ capacity  Enhancement of capital market data warehouse  Enhancement of GCG for publicly-listed companies  Development of repo regulations and infrastructure Source: Financial Service Authority (OJK), July 2017 76

  70. Macroprud ruden ential tial Polic icy Mix to Support rt Growth wth 1 Effective from August 24 th , 2016, Bank Indonesia raised the lower limit of the primary reserve requirement’s loan financing ratio (GWM – LFR) from 78% to 80% with the upper limit unchanged at 92%, in order to support credit growth. 2 Effective from August 29 th , 2016, Bank Indonesia relaxed the Loan to Value Ratio (LTV TV) and Financing to Value Ratio (FTV TV) on housing loans at 85-90% for the first mortgage lending facility, 80-85% for the second mortgage lending facility, and 75-80% for the third mortgage lending facility. The relaxation is only applicable to banks with nett NPL for total loan below 5% and gro ross NPL for property loan/financing below 5%. The rationale is to stimulate domestic demand in order to drive domestic economic growth momentum while maintaining compliance to prudential principles. Housin ing Loans and Financin ing Housin ing Financin ing Based on MMQ Q and IMBT BT Contracts Based on Mura rabaha hah h and Istis ishn hna Contra racts Lending nding/Financing inancing Faci cilit ity Lending nding/Financing inancing Faci cilit ity Property Property type (m 2 ) type (m 2 ) First Second Third First Second Third House House >70 m 2 90% 85% 80% >70 m 2 85% 80% 75% 22 - 70 m 2 - 90% 85% 22 - 70 m 2 - 85% 80% <21 m 2 - - - <21 m 2 - - - Apartment Apartment >70 m 2 90% 85% 80% >70 m 2 85% 80% 75% 22 - 70 m 2 90% 85% 80% 22 - 70 m 2 90% 85% 80% <21 m 2 - 85% 80% <21 m 2 - 85% 80% Home Shop/Office - 85% 80% Home Shop/Office - 85% 80% Source: Bank Indonesia 77

  71. Financ ncial ial Sector: r: Foste teri ring Domestic tic Growth wth …boosting domestic econo nomic activ ivit ities es and suppo portin ing the natio iona nal econo nomic ic devel elopm pmen ent Funding ng of infrast structure & Capacity buildin ing of fina nanc ncial prior ority econom omic ic sector ors inst stit itut utio ions ns  Strengthening the capital of financial institutions to  Enhancement of NBFI ownership in government increase their financing capacity bonds  Expansion of the business lines of multifinance  Private equity funds for infrastructure financing companies  Asset-backed securities specifically designed for  Capital requirements for rural banks based on their secondary mortgage financing operational zones  Insurance for farmers and fishermen Developm opment ent of financia ial Developm opment ent of Islamic financia ial produc ucts & servi vices es sector  Expansion of the distribution channels for financial  Strengthening the capital of Islamic financial products & services institutions  Development of sustainable finance regulations  Spin-off of the Islamic business units of commercial  Utilization of KYC information from third parties banks  Facilitating access to capital market as a source of  Development of Islamic financial product regulations funding (e.g. simplification of public offering ( sukuk , mutual funds, asset-backed securities) procedures)  Continuous education & socialization on Islamic  Capital market deepening initiatives financial products & services Source: Financial Service Authority (OJK) 78

  72. BI’s Roles in Supporting Distribution of Non -Cas ash Social al Assistan tance (NCSA) BI supports government nt ’s program of shift fting ing social assist stanc nce to targe geted ed non cash social assi sist stanc nce disbu sbursem sement ent throug ugh the electron onic payment nt system. In the futur ure, electron onic mec echani nism disb sbur urse sement nt will be also applied ed to LPG subsi sidy. . NCSA Program ams Pi Pilot Projec ect Famil ily Hope Program Smart Indonesia ia (Program Keluarga Program (Program Harapan -PKH) Indonesia ia Pinta tar-PIP) Gradual Impl plem ement entation ion 2016-2020 9876543210 XXYYZZ 12345678 Full Impl plem ement entation ion Non Cash Food Assista tance LPG Subsid idy Inter erconnec ected ed & inter eroperab able paymen ent system 79

  73. Progress of NCSA Program ams Famil ily Hope Progr gram Prosp sper erou ous Rice (Prog ogram Keluarga ga Harapa pan - (Beras Sejahtera / Rastra) PKH) The Family Hope Program (PKH) is a program that • Rastra is a poverty alleviation and social • provides cash to very poor households. Rp 2 protection program that is managed by the million /year will be granted for each household central government. It provides subsidized rice to (hh). PKH will be granted every February, May, low-income households. Rp 110 thousand/month August, and November In December 2016, Non-Cash PKH was granted to will be granted for each hh as Non-Cash Rastra. • 23% of total target of household. For 2017, Non-Cash Rastra was targeted for 1.6 • In 2017, PKH is targeted for 6 million hh (50% or • million hh (9% of total target 15.5 million hh) in 45 3 million distributed on non-cash basis and the cities and 6 regencies. Non-cash Rastra can be remaining in cash basis. However, in the 2 nd used in certain stores: Toko Sembako, E-warong, semester of 2017 all PKH will be distributed on and Rumah Pangan Kita. non-cash basis. As of February 2017, Non-Cash Rastra was • granted to 881 thousand hh. PKH Targe get Non- Non- Cash Cash Non-Cash Rastra will be expanded Cash • 50% 100% 50% to 10 million families in 200 regencies in 2018. 2 nd Semester of 2017 January 2017 • As of June 2017, Non-Cash PKH was granted to 2.65 million hh (88,33% of 3 million hh). 80

  74. Strong nger er Fundam amentals ntals Facing the Headwinds winds Foreign n Reserves (USD SD bn) Inflati lation n Rate (%) IDR Movement nt (%) Significa cantly ly higher er than 1998 8 & 2008, 08, ample le to cover er Infla lation controlle lled within the target get range ge IDR sligh ghtly ly deprec eciated ed in October er 2017 17 8. 8.3 months of import and exter ernal l debt repaymen ent 1998 1998 82.4 -197 1998 17.4 2008 -35 35 2008 2008 12.1 50.2 October '17 -0.66 (ytd td) Sep-15 3.58 (yoy) Sep-15 126, 12 6,5 Oct’ 1 7 6.8 October 17 More Liquid Marke ket (%) Non-Pe Performing ng Loan/NPL PL (% (%) Overnigh ght inter erbank k money ey market ket rate e NPL level el is below w the maximum thres eshold ld of 5% is rela lativel ely lower er 62 62 1998 30 30 2008 3.8 10.5 5.7 4. 4.04 04 September ‘1 7 Aug-15 2.9 2.8 .9 1998 2008 Jul-15 Sept’ 17 Exte terna nal l Debt t (Publi blic c & Exte terna nal l Debt/ t/GDP Governm nment nt Debt/ t/GDP Private ate) to FX Reserve Ratio Sligh ghtly ly higher er than 2008, 08, but Consisten ently ly well-maintained ed belo low 30% Significa cantly ly lower er than 1998 8 crisis significa cantly ly lower er than 1998 98 3.1x 8.6x 27.4% 100.0% 116.8% 2.7x 33.2% 28.6% 34.36% 2008 08 1998 98 2008 08 1998 98 1998 98 2008 08 Q3-201 2017 2017 1 2017 Q3-201 201 7 1 2017 year end position of debt/GDP is projected based on GDP assumptions in 2017 budget 81

  75. Outlo look of Domestic stic Economy my Remains ins Robust ust ...d .domes estic ic econo nomic ic growt wth is predic dicted ed to be higher in 2017 2017 Econom omic ic Outlook ok  Economy is predicted to grow at 5.1% (yoy) in 2017, on the back of increased investment and consumption activities, in line with more expansive government spending  Inflation is expected to remain low at 3.0%-3.5%, within the lower end of the 4.0 ± 1% target range, with the current account deficit maintained at below 2% of GDP  Credit growth is estimated to grow at around 8%, in line with Bank Indonesia’s effort to encourage the improvement of banking intermediation function. Econom omic Growth Infla lation on CAD (% (% of of GDP) Credit Growth 2017 Outlook ok 5.1% 3.0 .0-3.5 .5% <2% 2% 8% 2018 5.1 – 5.5 .5 % 3.5 ± 1% <3% 10 10-12 12% % 2017 Econom omic ic Opportun unities es & & Challeng nges es Global Domestic tic Opportu tunit itie ies • Improving global economic growth • Continous economic recovery process, with a more • Acceleration of world trade volume equitable and balanced structure • Projection on commodity prices which set to remain high Challenges • Potentially tighter monetary policy in advanced countries • Limited growth in household consumption and as well as geopolitical factors banking intermediary Source : Bank Indonesia 82

  76. Sec ection on 6 Prog ogressiv ive Infras astru ructu ture Developm lopment: Stron ong Commitm itment on Accele leratio tion of Infras astru ructu ture Prov ovisio ision

  77. The Govern rnment has Enacte ted Various us Reforms rms to Accelerate te Infras astr truc uctur ture Provis isio ion Regulatory Reforms Fiscal Reforms Instit itutio iona nal Reforms Viabil ility ity Gap Fundin ing (VGF) KPPIP Direct Lendin ing Issuance of MoF Reg. No. 223/2012. KPPIP is actively involved in accelerating Issuance of Presidential Reg. No. To increase project financial feasibility by delivery of priority infrastructure projects 82/2015. contributing up to 49% of Allow guarantee for direct lending to SOE PT. Sarana Multi ti Infrastr truktu ktur the construction cost to accelerate financial close process for infrastructure projects Merging between PT. SMI and Gov’t Avail ilabil ility ity Payment Investment Center (PIP) to become an Land Acquis isitio ition infrastructure funding company Issuance of regulatory framework for annuity payment scheme by the Issuance of Presidential Reg. No. Indonesia ia Infrastr tructu ture Guarante tee Fund Government (MoF Reg. No. 190/2015 for 148/2015. (IIGF) Central Gov’r and MoHA Reg. No. 96/2016 To stipulate land acquisition acceleration for Regional Gov’t.) during the concession based on Law No. 2/2012 IIGF has the potential to provide project period after the project operational by guarantee for non-PPP projects private sector in order to make the project Economy Packa kages bankable PPP Unit Conduct deregulation for issues hindering Provide facilities to help GCA on preparing infrastructure delivery and develop a task Land Revolvin ing Fund PPP project (PDF/TA) force under CMEA to ensure the effectiveness of economic packages Issuance of MoF Reg. No. 220/2010. A BLU LMAN implementation revolving-fund sourced from State Budget, The State Asset Management Agency is to accelerate land acquisition mandated to provide land fund for National Risk-sha harin ing Guid idelin ines Strategic Projects to ensure timely land acquisition process IIGF has issues risk allocation and mitigation guidelines for PPP project Source: Committee for Acceleration of Priority Infrastructure Delivery (KPPIP) 84

  78. Reforms Along the Project’s Life Cycle ...t .to enco courage and accel eler erate infrastructur cture projec ect using ng PPP schem eme Gover ernm nmen ent of Indone nesia ia Projec ect Viabil bility Guarant ntee Availabil bility Land Developm opment ent Funding ng Tax Facilities ies Fund Paymen ent Acquisit sition ion Facility (PDF) F) Gap (VGF) Preparation Bidding Process Construction A facility with Guaranteeing A scheme in which contribution to Govt. concessionaires MoF Reg. No. contractual construction A facility to support receive sum of 159/PMK. obligations cost to money periodically land acquisition for 010/2015 re: tax under increase infrastructure Project from central or holiday for pioneer infrastructure development project regional projects particularly sector, such as concession facility contributing financial government after projects that involve base metal, oil agreements and to assist GCA on viability the completion of private sector refinery, basic Mof Regulation PPP project an asset. petrochemical, No 130/PMK. Managing Managing enitiy: preparation MoF Regulation, 08/2016 re: machinery, (PDF&TA) Entitiy: and MoHA Ministry of Finance, Govt guarantee renewable energy, Ministry of Ministry of Agrarian Regulation on for electricity & telco equipment Finance based and Land Managing entity: Availability project industries. Sector KPPIP, PT SMI PT on GCA Payment has been Spatial/BPN and acceleration will be further proposal BLU-LMAN IIF, and Ministry of ratified. expanded Managing entity: Finance IIGF and MoF Gov ’ t. Managing entity: Gov ’ t. commitment: Managing entitiy: commitment: US$ 12 mn (2016) Ministry of Finance Govt’s Ministry of Finance 49% max. Per & Ministry of comitment: project cost US$ 450 mn Home Affairs Source: Committee for Acceleration of Priority Infrastructure Delivery (KPPIP) 85

  79. Effort rts to Accele lerate Infras astr truc uctu ture Provis isio ion Regu gulatio ion improvem emen ent to to acceler erate land procurement process ss The Government of Indonesia issued Law No. 2 of 2012 on Land Acquisition for Public Interest, with a purpose to provide certainty  about the land acquisition duration for the Government Contracting Agencies and the Investors. The Law sets an estimated 583 days maximum time to complete the land acquisition process. For its implementation, the Law No. 2 of 2012 was supported by the Presidential  Law No No. 2/2012 was successfully applie ied in in: Regulation No. 71 of 2012 on Land Acquisition Implementation for Developing Public Facilities, which has been revised into the Presidential Regulation No. 30 1. 1. Pa Palembang – Indra ralaya section ion of of the he Tra Trans of 2015. The Amendment to the Regulation allows a Business Entity to allocate Sumatera ra Toll Road Proj oject funding for a land acquisition which can be reimbursed by the Government 2. 2. Java Nort rth Line Double Track Rail Proj oject following the completion of land acquisition process. With this Regulation, the land acquisition process is expected not to be delayed by the unallocated budget or the delay on the budget disbursement. Land Procurement Process as Stipulated d in Law No. 2 of 2012 Source: Committee for Acceleration of Priority Infrastructure Delivery (KPPIP) 86

  80. Effort rts to Accele lerate Infras astr truc uctu ture Provis isio ion …the establishment of I ndone nesia ia Asset et Managem emen ent Agenc ncy (LMA MAN) 12 th, 2016, Indonesia On De On December 12 ia As Asse set Management Agency (Le Lembaga Manajemen Aset Negara/L /LMAN) has been launched to to optim timiz ize th the use of of sta tate te assets ts. LM LMAN should plan for funding and util tiliza izatio tion of of land banks ks as as well as as pay compensatio tion for land acquis isit itio ion to to support the government’s infrastr tructu ture development program Manda ndate Lega gal Basis is 1. Property Management 2. Land Funding for 1. Government Regulation National Strategic Project No.27/2014 on the Management of State/Region Property 2. Finance Minister Regulation Portfolio io Asset ets No.219/PMK/2015 on the Governance and Organization of 1. Asset of ex-Pertamina: LNG Badak State Asset Management Bontang, LNG Arun, and 3. Finance Minister Regulation Tarogong Land No.1319/KMK.05/2015 on the 2. Asset of ex-Indonesian Bank Appointment of Indonesia Asset Restructuring Agency (BPPN) Management Agency as Government Agency to Implement Other portfolio: Asset of ex-Asset Financial Management of Public Management Company (PPA) and ex- Service Agency Contractor Cooperation Contract (KKKS) Source: Ministry of Finance 87

  81. Under er Presid ident ential ial Reg. . No.3/2 3/201 016 j.o. the Presid ident entia ial Reg. . No.58 58/201 /2017, 245 projec ects and 2 program ams are listed ed as PSN 27 Projects 61 24 13 Projects Projects Sulawesi Projects US$24.3 Bn Kalimantan Sumatra US$41.7 Bn Maluku & Papua US$47.3 Bn US$33.2 Bn 2 1 93 93 Programs Projects 10 10 National 12 12 Projects Proyek Projects US$98.8 Bn Java US$81.1 Bn 15 Projects US$0.8 Bn Exchange rate: US$ 1 = IDR 13,500 PSN includes es 15 sectors at projec ect level el and 2 sectors at progr gram level el ct Project WATER & NATIONAL INDUSTRI-AL IRRIGA- TECH- OIL & FISHERY ROAD SEAPORT AIRPORT HOUSING IRIGASI SMELTER SEA DIKE DAM RAILWAY SANITA- BORDERS ZONE TION NOLOGY GAS 74 74 30 30 54 54 7 7 4 12 12 1 23 23 10 10 8 3 3 TION 6 1 9 Projects Projects Projects Projects Projects Project Projects Projects Projects Project Projects Projects Projects Projects Project s Program Electricity 1 Note : This data is still going to be verified by The Executive Office of President (KSP) and Indonesia’s Airplane 1 Small- National Government Internal Auditor (BPKP) PROGRAM Medium PROGRAM Source: Committee for Acceleration of Priority Infrastructure Delivery (KPPIP) 88

  82. PSN may receive ive privil vileg eges es as stip ipul ulated ed in the Presid ident ential ial Reg. g. No. 3/201 2016 j.o. the Presid ident entia ial Reg. . No. 58/201 /2017 Acceleration of Non- Determination of National State Budget Strategic Projects Projects Settlement of Permit & Non- 12 Legal Issues 01 01 permit Completion 02 11 Accelerate Goods and Spatial Planning Service Procurement 03 10 10 09 04 Problems and Land clearing Hindrance Completion acceleration 08 05 07 06 Local Content SOE’s Assignment Utilization Projects Monitoring Government Additional Facilities via KPPIP IT System Guarantee Provision Existing Facilities Source: Committee for Acceleration of Priority Infrastructure Delivery (KPPIP) 89

  83. Progr gres ess on 245 Natio ional nal Strategic tegic Projec ects ts The Estim imated ed Investmen ent Cost of Natio iona nal Strategic egic Projec ects 1 5 Sectors with h Highes ghest Inves estmen ent Value State State Budget Total Invest stment nt Budget US$ 40.6 Bn Bn 13% Value 2 Energy SOEs/RSOEs 12 Projects US$ 327.2 US$ 93 Bn US$ 92.9 Bn Bn SOEs/ RSOEs Private Billio lion Private 28% 59% Electr tric icity ity US$ 193.7 Bn Bn 1 Program US$ 76.7 Bn 1 Exclude 12 projects which investment value are still unknown 2 Exchange rate : US$ 1 = IDR 13,500 Progr gres ess of Natio iona nal Strategic egic Projec ects (as of October ber 201 2017) 1 Road 74 Projects US$ 52.2 Bn 4 projects are completed 2% 147 projects are under construction 2 Train in 23 Projects 35% 9 projects are during transaction US$ 46.2 Bn 87 projects are in preparation SEZs and IEs 59% 1 Under Presidential Reg. No.58/2017 (to amend Presidential Reg. No.3/2016), 30 Projects 4% PSN list has been revised US$ 28.7 Bn 2 Including 35GW electricity program under construction category (42% of electricity program has reached construction per October 2017) Note: This data is still going to be verified by The Executive Office of President (KSP) Source: Committee for Acceleration of Priority Infrastructure Delivery (KPPIP) and Indonesia’s National Government Internal Auditor (BPKP) 90

  84. Progr gres ess on 37 Priori rity ty Projec ects ts From om the revise sed Nationa nal Strateg egic Projec ects, s, the Government nt has selected ed a list of 37 Priorit ity Projec ect to be the focus of of infrast struc uctur ure provi visi sion on. 26. Tuban Oil Refinery 1. Balikpapan-Samarinda Toll Road 13. LRT of DKI Jakarta 27. RDMP/Revitalization of the Existing Refineries 2. Manado-Bitung Toll Road 14. Kuala Tanjung International Hub Seaport (Balikpapan, Cilacap, Balongan, Dumai, Plaju) 3. Panimbang-Serang Toll Road 15. Bitung International Hub Seaport 28. Abadi WK Masela Field 4. 15 Segments of Trans – Sumatera Toll 16. Patimban Port 29. Unilization Field Has Jambaran-Tiung Biru Road 17. Inland Waterways Cikarang-Bekasi-Laut (CBL) 30. Indonesian Deepwater Development (IDD) 5. Probolinggo – Banyuwangi Toll Road 18. Palapa Ring Broadband 31. Tangguh LNG Train 3 Development 6. Yogyakarta – Bawean Toll Road 19. Batang, Central Java Power Plant (CJPP) 32. West Semarang Drinking Water Supply System 7. SHIA Express Railway 20. Central – West Java Transmission Line 500 kV 33. Jakarta Sewerage System 8. MRT Jakarta South-North Line 21. Indramayu Coal-fired Power Plant 34. National Capital Integrated Coastal 9. Makassar-Parepare Railway 22. Sumatera 500 kV Transmission (4 Provinces) Development (NCICD) Phase A 10. Light Rail Transit (LRT) of Jakarta- 23. Mulut Tambang Coal-fired Power Plant (6 35. Jatiluhur Drinking Water Supply Depok-Bogor-Bekasi Provinces) 36. Lampung Drinking Water Supply 11. LRT of South Sumatera 24. PLTGU (16 Provinces) 37. Waste to Energy Program in 8 cities 12. East Kalimantan Railway 25. Bontang Oil Refinery Note: New Priority Projects are highlighted in the red color Source: Committee for Acceleration of Priority Infrastructure Delivery (KPPIP) 91

  85. Progr gres ess on 37 Priori rity ty Projec ects ts Prog ogre ress of 37 Prior orit ity Proj ojects (as of Octobe ober 201 2017) Recent Milestone ones Patim imban Port Project loan pledge (1 st stage construction and monitoring) has been done by the Government of Japan in 20 projects are in construction 32% 32% August 2017. 5 projects are in transaction 54% 54% MRT North – South Jakarta 12 projects are in preparation 1 st phase Loan proposal (2 nd phase construction and additional construction) amounted USD 1,869 billion 14% 14% has been included in the Green Book published on July 2017 and approved by Regional Parliament Fundin ing Scheme of 37 Pri rior orit ity Proj ojects Cilacap Refine nery Revitaliza izatio ion Total Investment Value Letter of recommendation regarding spatial and reroute of US$ 181.6 Billion road trace has been published and environmental lisence 10% 10% has been issued by Ministry of Environment and Forestry. US$92.4 billion from Private/ PPP West Semarang Water Supply Sy System em US$71.8 billion from SOE/ 51% 51% Ministry of Finance has issued Letter of assignment to PT. Regional SOE Sarana Multi Infrastruktur (PT. SMI) to provide project US$17.5 billion State/ 29 th 2017. 39% 39% development facility on September Regional Budget (including G-to-G loan) Exchange rate : US$ 1 = IDR 13,500 Note: This data is still going to be verified by The Executive Office of President (KSP) Source: Committee for Acceleration of Priority Infrastructure Delivery (KPPIP) and Indonesia’s National Government Internal Auditor (BPKP) 92

  86. Energy gy Sector: r: the Progr gress of 35.000 MW Progr gram Debo bottlene necki cking ng throug ugh regul ulat atio ion: n: Averag age econo nomic ic growth of 6.7% % 1. Regulation No.1/2015 concerning electricity requi uires 7,000 MW / year or Launch unching ng 35.000 MW supply cooperation & joint utilization of the 35,000 MW / 5 years by the President in Cabine binet Meeting ing electrical network among license holders. Goa Beach Sanden (Kepmen ESDM No. 0074/2015 on Progress of DIY 2. Regulation No.3/2015, concerning RUPTL 2015-2024) 35,000 MW Procedures of Purchasing Electrical Power and benchmark prices for Electrical Power through the Direct Selection & Appointment. Jan ‘15 17 Dec ‘14 Jan ‘15 16 Mar ‘15 4 May ‘15 Cabine binet Meeting ing June‘1 7 The e progr gres ess so far: “There’s electricity crisis in Indonesia, requires construction of large capacity plant " 35,000 MW Prog ogra ram Distrib ibution ion No No Phase MW MW % Sulawesi si Kalimantan PLN: 2,000 MW PLN: 900 MW Papua 1 Operating 948 3 Private: 1,470 MW Private: 1,735 MW PLN : 220 MW Transmission: 5,275 ckt.km Transmission: 5,604 ckt.km Private: 0 MW 2 Construction 15,126 42 Substation: 4,390 MVA Substation: 3,500 MVA Transmission: 364 ckt.km Substation: 460 MVA 3 Signed Power-purchase Agreement 13,673 38 Sumatera PLN: 1,100 MW 4 Procurement 3,763 11 Private: 8,990 MW Transmission: 18,729 ckt.km 5 Planning 2,328 6 Substation: 35,521 MVA Maluku Nusa Tenggara Note : Progress of 35,000 MW Electricity Program per October 2017 PLN: 260 MW Jawa & Bali PLN: 670 MW Private: 12 MW PLN: 5,000 MW Private: 0 MW Transmission: 653 ckt.km Private: 13,697 MW Transmission: 2,347 ckt.km Substation: 620 MVA Transmission: 9,185 ckt.km Substation: 1,410 MVA Note: This data is still going to be verified by The Executive Office of Substation: 66,265 MVA Source: PLN President (KSP) and Indonesia’s National Government Internal Auditor (BPKP) Source: Committee for Acceleration of Priority Infrastructure Delivery (KPPIP) 93

  87. Acceler eratio tion of 35.000 MW Progr gram am The Gov overnme rnment has issued Presid identia ial Regulatio ion No. 4/2016 on Electricit ricity Infra rastru ructure re Accelera ration ion to accelera rate power r proj ojects Governme rnment Suppor port (outsid ide Guara rantee) Local Content Provision of Primary Energy Obligation on the usage of local content • Governm nment ent Provision of Renewable Energy through an open book system, price • guideline, reverse engineering or other Simplicity of Permits and non-Licensing • methods to maximise the local content. Spatial Planning • Land acquisition • Assignment Resolution on Legal Matters • PT PLN Prov ovision ion of Electric icit ity 1 2A 2A 2B 2B SJKU* U* EPC Powerpl rplant PLN Subsid idiary Indepe pendent Minis istry ry of and Transmis mission ion (Joi oint Venture re) Power r Producer r Finance Strength then Equity ity Strength then PLN ‘s Balance Sheet PT PLN ’s divident Loan from Equity Injection by allocation independent lenders the Government Refinancin ing Hedging Bond issuance Asset Direct Company *)SJKU= Surat Jaminan by PT PLN Revaluation Lending Tax Holiday Financia ial Asset Optim imiz izatio ion Kelayakan Usaha / Other types Direct Business Viability of funding Lending Guarantee Letter Source: Committee for Acceleration of Priority Infrastructure Delivery (KPPIP) 94

  88. Signific nifican ant Progr gres ess on Infras astr tructur ture Proje jects ts Roads Impro proving ng Moni nitoring ring System on Infras rastruct cture re Project cts 1 KPPIP developed an integrated IT System for monitoring of national strategic and priority projects, providing database on projects’ latest status which can be effectively utilized for monitoring and decision-making purposes. Database Platf tform data outlook Trans-Sumatra Toll Road Merah Putih Bridge, Ambon Project information that is efficient and Dams Drinki king Water Processing such as map, track, functional using a existing study and user-friendly latest project status. framework. Umbulan Drinking Water Provisi sion Syst stem, East st Java Jatigede Dam (Operational) Trans nspo portati tation An inte tegrate ted IT Record decisions related system with to projects and Jakarta MRT Project 2 Terminal 3 Ultimate Soekarno-Hatta 2 monitoring capacity synchronize ize the for stakeholders, so implementation schedule that they can have that can be utilized by real time data ta. stakeholders. 1 Source: Committee for Acceleration of Priority Infrastructure Delivery (KPPIP) 2 Not funded from National Budget Nop Goliat Dekai, Papua 95 New Tanjung Priok Port Project 2

  89. Inves estme tment nt in Iron Ore, Alumina ina and Bauxite ite Smelter ter Existin ing Iron on Ore Refinery ry Facilit ity Ore e Input t Con oncen entr trate e Input Capaci city Inves estmen ent No. Company Prod oduct Progr ogres ess Completi etion on Date te Capacit city (ton on) (ton on) (USD mn) 1 PT DPS Sponge iron 1.100.000 220.000 40 100% 2012 Sponge iron, 2 PT MJIS 3.300.000 660.000 150 100% 2013 slab, billet 3 PT SBP Cold Bricket Iron 240.000 65.800 120 100% 2017 Upcom omin ing Iron on Ore Refinery ry Facilit ity Ore e Input Con oncen entrate e Input Inves estme ment No. Company Prod oduct Progr ogres ess Completion etion Date Capacit city (ton on) Capacit city (ton on) (USD D mn) 1 PT SILO Sponge iron 8.000.000 6.300.000 170 61% 2021 Sponge iron 0% 2020 2 PT RS 3.200.000 264.000 6,9 Existin ing Alumin ina and Bauxit xite Refinery ry Facil ilit ity Inves estmen ment No. Company Prod oduct Input Capacit city (ton on) Progr ogres ess Completion etion Date (US$ mn) PT Indonesia Chemical 1 Chemical Grade Alumina 851.725 0,49 100% 2013 Alumina 3.000.000 (Phasa 1) Phase 1 : 100% 2016 (Phase 1) 2 PT Well Harvest Winning Smelter Grade Alumina 1,1 6.000.000 (Phase 2) Phase 2 : 0% 2017 (Phase 2) Completed and operating Completed but not operating Source: Ministry of Energy and Mineral Resources, July 2017 96

  90. Inves estme tment nt in Nickel el Smelter ter Source: Ministry of Energy and Mineral Resources, July 2017 97

  91. Financ ncing ing Needs and Schemes es Genera ral criteria ria for r financin ing schemes Infras rastruct ructure Fina nanc ncin ing Need 2015-2019 Government Budget is used for basic infrastructure projects, • *(USD bn bn) ) mainly for projects that are economically feasible but 399.6 164.8 financially are not. SOE scheme is used for projects managed under SOEs • (electricity, toll roads, oil, etc.) to leverage public funding 41,3% channeled through capital injections (PMN) and empower SOEs 234.8 88.8 PPP scheme is mainly targeted for projects that are both • 100% 100% economically and financially feasible. 145.9 22,2% • The government may provide financial support to make certain projects 58,7% financially feasible. 36,5% PPP scheme and facilit itie ies provid ided to PPP Proj ojects Financin cing Gov ’ t t Financin cing SOE SOE Private Needs Budget et Gap Source: Ministry of Finance Financia ial Facil ilitie ies Prov ovided to SOEs Infra rastru ructure re Proj ojects • The government may appoint certain SOEs to assign specific infrastructure projects • To support the infrastructure provision through the SOEs, the government provide a number of financial facilities, such as: Capital Injection (PMN) • Lending • Credit Guarantees • Guarantees for SOE Direct Lending • Business Viability Guarantees • 98 Source: Ministry of Finance 98

  92. Governm ernment ent Guarante antee For Basic Infras astr tructur ture Develo lopme ment nt Refl flec ects strong commitm itmen ent to natio ional devel elopm pmen ent plannin ing nt Guara rantee Program Governm nment Guarante ntee Program Based on Guarante ntee Classificati tion Commi mmitted ed  Power er (Elect ectric ricity) – Full credit guarantee for Expos osure/ re/ Central Gov over ernme ment Guarantee ee Guarantee ee Guarantee ee PLN’s default on its payment obligation (FTP 1 Outstanding g for r Infra rastru ruct cture e Progra rograms ms Docu cumen ments Amou ount 10,000 MW, 35GW)* (USD bn bn) (USD bn bn)  Water er – 70% guarantee of PDAM’s principal payment obligation Coal Power Plant 10,000MW Fast 1 36 6.95 2.96 Credi dit Track Program (FTP 1)  Infrastru ruct cture - Full credit guarantee on SOE’s Guarant antee default (for lending from international financial institution) & guarantee for PT SMI (local 2 Clean Water Supply Program 10 0.02 0.01 infrastructure financing) Direct Lending from International  Toll road – Full credit guarantee on Hutama 3 3 1.43 0.35 Financial Institution to SOEs Karya’s payment obligation (Sumatra Toll Road Development) 4 Sumatra Toll Road Development 5 0.61 0.48 Renewable energy, Coals & Gas 5 12 11.59 1.59 Busine iness  Power er (Electricity) – Guarantee on the viability Power Plant 10,000 MW (FTP 2) Viabil bilit ity of PLN to fulfill Purchase Contract Electricity & Guarant antee guarantee against political risk 6 Public-Private Partnerships (PPP) 5 3.46 1.06 7 Regional infrastructure financing 1 0.20 0.07  Infrastru ruct cture – Guarantee on the obligation of PPP Total 72 72 26.03 6.53 Government related entities in accordance to the Guarant antee Agreement  For the period 2018 – 2021, the Maxim imum Gu Guarantee Limit is set at 6% of GD GDP  In compliance with the guarantee limit, with projected 2021 GDP of eqv.IDR19,600 trillion, Infrastru ruct cture – Guarantee against political risk for Polit itic ical al Risk k the space for guarantee issuance during 2018-2021 is eqv.IDR 1,200 trillion – cumulative National Strategic Projects (Presidential Decree Guarant antee No.3/2016) which are not covered by other type of guarantees *) MOF provides both credit guarantees and BVGs for 35GW program Source: Ministry of Finance 99

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