Wait and See. 7-Day Reverse Repo Rate Unchanged at 5.75%

WEEKLY REPORT D E B T R E S E A R C H 31 OCT 2018 Indonesia s Sovereign Rating S & P Moody s Fitch BBB- Baa2 BBB Key Market Indicator as of 29-Oct-18 BI 7-Day RR Rate 5.75% JCI 5,755 IDR 15.223 Inflation (y-o-y)-sep-18 3.18% Domestic Bonds Outstanding Gov t Bonds as of 17-Oct-18 IDR 2,291.0 bn Corp Bonds as of 30-Sep-18 IDR 431.4 bn Previous Week Trading Volume Government Bonds IDR 53.10 tn Corporate Bonds IDR 4.30 tn Benchmark Yield as of 29-Oct-18 FR0063 (5 year) 8.385% FR0064 (10 year) 8.609% FR0065 (15 year) 8.798% FR0075 (20 year) 9.020% Source : Bloomberg, Mid YTM Government Bond Indices as of 29-Oct-18 Price Index (Bloomberg : DGBIIDPR) 119.88 Yield Index (Bloomberg : DGBIIDYD) 8.64% TR Index (Bloomberg : DGBIIDTR) 538.82 Wait and See 7-Day Reverse Repo Rate Unchanged at 5.75% At the Bank Indonesia Board of Governors meeting on 23 October 2018, Bank Indonesia decided to maintain its 7-day Reverse Repo Rate (BI7D RRR) at 5.75%. This decision is consistent with efforts to keep the deficit within a safe limit and maintain the attractiveness of the domestic financial market in an effort to bolster Indonesia s external resilience amid high global uncertainty. In addition, there are several reasons of 7-Day Reverse Repo Rate unchanged. First, slower global economic growth in the third quarter of 2018 such as China which grew only by 6.5%, lower than the previous period of 6.7%; while European zone economic growth rose by 1,7% compared to 2.2% in the period before. Second, Indonesia s economic growth in the third quarter of 2018 expected to be lower than previous period mainly due to lower net exports in the third quarter which recorded minus USD2.7 billion. Even though the rupiah still depreciated but volatility remained stable. Bank Indonesia 7-Day Reverse Repo Rate tetap di level 5,75% Pada pertemuan dewan Gubernur Bank Indonesia pada 23 Oktober 2018, Bank Indonesia memutuskan untuk mempertahankan BI 7-day Reverse Repo Rate (BI7D RRR) sebesar 5,75%. Keputusan ini konsisten dengan upaya untuk menurunkan defisit transaksi berjalan ke dalam batas aman serta mempertahankan daya tarik pasar keuangan domestik sehingga dapat semakin memperkuat ketahanan eksternal Indonesia di tengah ketidakpastian global yang masih tinggi. Selain itu, terdapat beberapa hal lain yang menjadi pertimbangan dewan Gubernur Bank Indonesia untuk mempertahankan 7D RRR. Pertama, pertumbuhan ekonomi global yang melambat di kuartal ketiga 2018 seperti China yang tumbuh hanya sebesar 6,5%, lebih rendah dibandingkan dengan periode sebelumnya yaitu sebesar 6,7%; sementara itu perekonomian zona Eropa tumbuh sebesar 1,7% atau lebih rendah dari periode sebelumnya yaitu sebesar 2,2%. Kedua, pertumbuhan ekonomi Indonesia triwulan III 2018 diperkirakan melambat dibandingkan periode sebelumnya, hal ini terutama dipengaruhi oleh ekspor neto yang lebih rendah di kuartal ketiga yaitu sebesar minus USD2,7 miliar. Meskipun nilai tukar Rupiah masih mengalami depresiasi namun volatilitas terjaga. Calendar of Event 09-Nov-18 Interest Rate on Excess Reserves - IOER rate (Survey :NA; Prior : 1.95%) 07-Nov-18 Japan New Composite Index of Business Cycle Indicators Coincident Index (Survey :NA; Prior : 117.5) 08-Nov-18 Germany Trade Balance EUR NSA (Survey :16.2b; Prior : 16.5b) Exhibit 1. 7D RRR 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% Analysts Rifki Rizal (62 21) 29 555 777 ext. 3404 rifkir@danareksa.com 14-Dec-17 28-Dec-17 11-Jan-18 25-Jan-18 08-Feb-18 Source: Bank Indonesia 22-Feb-18 08-Mar-18 22-Mar-18 05-Apr-18 19-Apr-18 03-May-18 17-May-18 31-May-18 14-Jun-18 28-Jun-18 12-Jul-18 26-Jul-18 09-Aug-18 23-Aug-18 06-Sep-18 20-Sep-18 04-Oct-18 18-Oct-18 Laras Nerpatari Suilyas (62 21) 29 555 777 ext. 3403 laras.nerpatari@danareksa.com Please read important disclosure at the back of this report www.danareksa.com Bloomberg Ticker: DFMJ

Indonesian Government bond yields declined, in line with the declines in US Treasury yields Based on the Danareksa Government Bonds Yield Index, the Government bond yield was recorded at 8.66% as of 26 October 2018, or slightly down compared to the closing date on 19 October 2018 of 8.68%. By contrast, the Indon CDS increased by 10bps for the 5-year CDS Indon and by 12bps for the 10-year Indon CDS. Meanwhile, even though the rupiah depreciated by 0.20% relative to the USD, the volatility (as calculated from the weekly average) was lower last week (at 25 points) than in the previous week (32 points). Meanwhile, the 10-year US Treasury yield declined by 12 bps from 3.20% on 19 October 2018 to 3.08% on 26 October 2018. Penurunan yield obligasi Pemerintah Indonesia, sejalan dengan penurunan yield US treasury Berdasarkan Danareksa Government Yield Index, yield obligasi Pemerintah tercatat sebesar 8,66% per 26 Oktober 2018, atau sedikit menurun dibandingkan dengan penutupan tanggal 19 Oktober 2018 sebesar 8,68%. Di sisi lain, terdapat peningkatan Indon CDS yang meningkat sebesar 10bps untuk Indon CDS 5-tahun dan sebesar 12bps untuk Indon CDS 10-tahun. Sementara itu, meskipun Rupiah terhadap USD melemah tipis 0,20%, namun volatilitas yang dihitung dari rata-rata mingguan pada minggu lalu tercatat lebih rendah yaitu sebesar 25poin dibandingkan dengan volatilitas minggu lalu yaitu sebesar 32poin. Sedangkan US treasury 10-tahun mengalami penurunan sebesar 12bps dari 3,20% di 19 Oktober 2018 menjadi 3,08% di 26 Oktober 2018. Exhibit 2. CDS 5-yr 160 140 120 100 80 60 40 Source: Bloomberg, Danareksa estimates Exhibit 3. CDS 10-yr 240 220 200 180 160 140 120 100 01-Jan-18 15-Jan-18 29-Jan-18 12-Feb-18 26-Feb-18 12-Mar-18 26-Mar-18 09-Apr-18 23-Apr-18 07-May-18 21-May-18 04-Jun-18 18-Jun-18 02-Jul-18 16-Jul-18 30-Jul-18 13-Aug-18 27-Aug-18 10-Sep-18 24-Sep-18 08-Oct-18 01-Jan-18 15-Jan-18 29-Jan-18 12-Feb-18 26-Feb-18 12-Mar-18 26-Mar-18 09-Apr-18 23-Apr-18 07-May-18 21-May-18 04-Jun-18 18-Jun-18 02-Jul-18 16-Jul-18 30-Jul-18 13-Aug-18 27-Aug-18 10-Sep-18 24-Sep-18 08-Oct-18 Source: Bloomberg, Danareksa estimates 2

Exhibit 4. UST 10-yr 3.4 3.2 90 80 70 3.0 60 2.8 2.6 2.4 2.2 50 40 30 20 10 2.0 0 Source: Bloomberg, Danareksa estimates Exhibit 5. USD IDR 15400 15200 15000 14800 14600 14400 14200 14000 13800 13600 13400 13200 13000 250 200 150 100 50 0 29-Dec-17 12-Jan-18 26-Jan-18 9-Feb-18 23-Feb-18 9-Mar-18 23-Mar-18 6-Apr-18 20-Apr-18 4-May-18 18-May-18 1-Jun-18 15-Jun-18 29-Jun-18 13-Jul-18 27-Jul-18 10-Aug-18 24-Aug-18 7-Sep-18 21-Sep-18 5-Oct-18 19-Oct-18 29-Dec-17 12-Jan-18 26-Jan-18 09-Feb-18 23-Feb-18 09-Mar-18 23-Mar-18 06-Apr-18 20-Apr-18 04-May-18 18-May-18 01-Jun-18 15-Jun-18 29-Jun-18 13-Jul-18 27-Jul-18 10-Aug-18 24-Aug-18 07-Sep-18 21-Sep-18 UST 10-yr (%) Slope 2-yr and 10-yr (bps) USD IDR Volatility (point) Source: Bloomberg, Danareksa estimates Government bonds auction The Government held the last SUN auction on 23 October 2018 for the SPN03190124, SPN12190704, FR0077, FR0078, FR065, FR075 and FR0076 series. At last week s auction, total incoming bids were recorded at IDR47.55 trillion. This amount was higher than in the previous SUN auction held on 9 October 2018 with incoming bids of IDR41.35 trillion. Meanwhile, the total winning bids reached IDR20 trillion or equivalent to the maximum target of winning bids. The largest amount of incoming bids was for the FR0077 series, which amounted to IDR14.17 trillion followed by FR0078 amounting to IDR11.39 trillion, while the largest winning bid was for the FR0078 series (IDR 6.25 trillion) followed by FR0077 (IDR4.10 trillion). Details of the auction results are contained in Exhibit 5. Lelang obligasi Pemerintah Pemerintah mengadakan lelang SUN terakhir pada tanggal 23 Oktober 2018 untuk seri SPN03190124, SPN12190704, FR0077, FR0078, FR065, FR075 dan FR0076. Pada lelang minggu lalu, total penawaran yang masuk tercatat sebesar Rp47,55 triliun. Jumlah ini meningkat dibanding lelang SUN sebelumnya pada tanggal 9 Oktober 2018 yang memiliki penawaran masuk sebesar Rp41,35 triliun. Sementara itu, total penawaran yang dimenangkan adalah sebesar Rp20 triliun, atau merupakan target maksimal lelang yang dimenangkan. Jumlah penawaran masuk yang terbesar yaitu seri FR0077 yaitu sebesar Rp14,17 triliun diikuti oleh FR0078 sebesar Rp11,39 triliun, sedangkan penawaran yang dimenangkan terbesar adalah untuk seri FR0078 yaitu sebesar Rp6,25 triliun, diikuti oleh FR0077 yaitu sebesar Rp4,10 triliun. Rincian hasil lelang tersebut terdapat dalam Exhibit 5. 3

Exhibit 6. Auction Result 23 October 2018 Source: DJPPR SPN03190124 SPN12190704 FR0077 FR0078 FR0065 FR0075 FR0076 Maturity date 24-Jan-19 04-Jul-19 15-May-24 15-May-29 15-May-33 15-May-38 15-May-38 Incoming bids (IDR tn) 360.00% 10.08 14.17 11.39 2.68 5.36 0.27 Winning bids (IDR tn) 260.00% 3.00 4.10 6.25 0.90 3.00 0.15 Bid to cover ratio 138.00% 3.36 3.46 1.82 2.98 1.79 1.82 4

APPENDICES Appendix 1. Government Bonds Trading 22-26 October 2018 Last Trade Bonds Maturity Coupon Tenor Last Freq Vol Yield Tenor Modified Data Done (IDR bn) Class Duration Price 26-Oct-18 SPN03181101 01-Nov-18-0.00 99.91 1.00 1.00 0.09 < 1yr - 22-Oct-18 SPN12181115 15-Nov-18-0.04 99.66 2.00 165.00 0.34 < 1yr - 22-Oct-18 SPN03181129 29-Nov-18-0.08 99.46 1.00 100.00 0.55 < 1yr - 26-Oct-18 SPN03181213 13-Dec-18-0.12 99.35 1.00 682.60 0.65 < 1yr - 22-Oct-18 SPN12190104 04-Jan-19-0.18 98.80 2.00 100.00 1.21 < 1yr - 25-Oct-18 SPN12190214 14-Feb-19-0.29 98.31 2.00 578.00 1.72 < 1yr - 26-Oct-18 SR008 10-Mar-19 8.30 0.36 99.50 11.00 97.43 8.34 < 1yr - 22-Oct-18 SPN12190314 14-Mar-19-0.37 97.75 1.00 100.00 2.30 < 1yr - 26-Oct-18 FR0069 15-Apr-19 7.88 0.46 100.57 1.00 1,337.57 6.61 < 1yr 0.45 25-Oct-18 PBS013 15-May-19 6.25 0.54 99.75 4.00 442.16 6.70 < 1yr 0.52 22-Oct-18 SPN12190704 04-Jul-19-0.68 95.78 1.00 50.00 4.40 < 1yr - 26-Oct-18 FR0036 15-Sep-19 11.50 0.88 104.08 2.00 79.97 6.67 < 1yr 0.83 26-Oct-18 ORI013 15-Oct-19 6.60 0.96 99.55 8.00 428.51 6.63 < 1yr - 26-Oct-18 SR009 10-Mar-20 6.90 1.36 98.60 7.00 191.06 7.00 1yr - 5yr - 25-Oct-18 PBS016 15-Mar-20 7.50 1.38 97.60 3.00 315.00 9.37 1yr - 5yr 1.28 26-Oct-18 PBS006 15-Sep-20 8.25 1.88 100.40 2.00 41.18 8.01 1yr - 5yr 1.70 26-Oct-18 ORI014 15-Oct-20 5.85 1.96 97.20 7.00 140.67 6.02 1yr - 5yr - 26-Oct-18 FR0031 15-Nov-20 11.00 2.04 106.70 2.00 415.74 7.42 1yr - 5yr 1.75 26-Oct-18 SR010 10-Mar-21 5.90 2.36 95.00 13.00 100.30 6.21 1yr - 5yr - 26-Oct-18 PBS014 15-May-21 6.50 2.54 96.10 1.00 32.00 8.22 1yr - 5yr 2.23 26-Oct-18 FR0034 15-Jun-21 12.80 2.63 111.25 3.00 151.50 7.97 1yr - 5yr 2.16 26-Oct-18 FR0053 15-Jul-21 8.25 2.71 100.23 5.00 983.44 8.15 1yr - 5yr 2.34 23-Oct-18 PBS002 15-Jan-22 5.45 3.21 91.66 2.00 2.00 8.45 1yr - 5yr 2.83 26-Oct-18 FR0061 15-May-22 7.00 3.54 96.10 18.00 1,984.86 8.29 1yr - 5yr 2.98 22-Oct-18 FR0035 15-Jun-22 12.90 3.63 113.25 1.00 11.50 8.58 1yr - 5yr 2.83 25-Oct-18 FR0043 15-Jul-22 10.25 3.71 106.00 2.00 10.00 8.33 1yr - 5yr 3.00 26-Oct-18 FR0063 15-May-23 5.63 4.54 89.54 9.00 2,211.84 8.44 1yr - 5yr 3.78 25-Oct-18 FR0046 15-Jul-23 9.50 4.71 104.00 1.00 20.00 8.45 1yr - 5yr 3.68 24-Oct-18 PBS011 15-Aug-23 8.75 4.79 100.50 5.00 8.48 8.62 1yr - 5yr 3.80 26-Oct-18 FR0039 15-Aug-23 11.75 4.79 112.31 2.00 52.00 8.56 1yr - 5yr 3.64 25-Oct-18 PBS019 15-Sep-23 8.25 4.88 98.30 4.00 25.00 8.68 1yr - 5yr 3.91 26-Oct-18 FR0070 15-Mar-24 5.19 5.38 99.19 11.00 1,496.07 8.56 5yr - 10yr 4.48 26-Oct-18 FR0077 15-May-24 8.13 5.54 100.00 44.00 7,997.58 8.12 5yr - 10yr 4.25 24-Oct-18 FR0044 15-Sep-24 10.00 5.88 106.05 1.00 20.00 8.66 5yr - 10yr 4.40 26-Oct-18 FR0040 15-Sep-25 11.00 6.88 111.40 1.00 96.93 8.76 5yr - 10yr 4.85 26-Oct-18 FR0056 15-Sep-26 8.38 7.88 98.35 12.00 2,083.14 8.67 5yr - 10yr 5.61 24-Oct-18 FR0037 15-Sep-26 12.00 7.88 118.40 1.00 34.00 8.72 5yr - 10yr 5.25 26-Oct-18 FR0059 15-May-27 7.00 8.54 89.80 91.00 2,543.60 8.71 5yr - 10yr 5.98 24-Oct-18 FR0042 15-Jul-27 10.25 8.71 108.25 7.00 78.26 8.87 5yr - 10yr 5.68 25-Oct-18 FR0047 15-Feb-28 10.00 9.29 108.82 2.00 19.00 8.60 5yr - 10yr 6.04 26-Oct-18 FR0064 15-May-28 6.13 9.54 83.79 32.00 2,480.91 8.65 5yr - 10yr 6.62 26-Oct-18 FR0071 15-Mar-29 9.00 10.38 101.40 6.00 986.80 8.79 > 10yr 6.63 26-Oct-18 FR0078 15-May-29 8.25 10.54 97.45 56.00 10,319.00 8.62 > 10yr 6.65 26-Oct-18 FR0052 15-Aug-30 10.50 11.79 113.25 1.00 48.00 8.68 > 10yr 6.90 26-Oct-18 FR0073 15-May-31 8.75 12.54 99.75 14.00 685.30 8.78 > 10yr 7.24 25-Oct-18 FR0054 15-Jul-31 9.50 12.71 105.00 2.00 46.53 8.83 > 10yr 7.26 26-Oct-18 PBS012 15-Nov-31 8.88 13.04 96.83 8.00 155.33 9.30 > 10yr 7.25 26-Oct-18 FR0058 15-Jun-32 8.25 13.63 94.34 3.00 729.34 8.98 > 10yr 7.67 26-Oct-18 FR0074 15-Aug-32 7.50 13.79 87.90 5.00 467.06 9.05 > 10yr 7.98 Sources: IDX, Danareksa Estimates 5

APPENDICES Appendix 2. Government Bonds Trading 22-26 October 2018 (cont d) Last Trade Bonds Maturity Coupon Tenor Last Freq Vol Yield Tenor Modified Data Done (IDR bn) Class Duration Price 26-Oct-18 FR0065 15-May-33 6.63 14.54 83.00 12.00 2,670.40 8.71 > 10yr 8.35 26-Oct-18 FR0068 15-Mar-34 8.38 15.38 95.00 11.00 455.83 8.98 > 10yr 8.29 26-Oct-18 FR0072 15-May-36 8.25 17.54 93.38 99.00 2,270.57 9.01 > 10yr 8.56 25-Oct-18 PBS004 15-Feb-37 6.10 18.29 73.22 3.00 64.00 9.14 > 10yr 9.43 25-Oct-18 FR0045 15-May-37 9.75 18.54 104.77 7.00 180.00 9.21 > 10yr 8.38 26-Oct-18 FR0075 15-May-38 7.50 19.54 85.00 43.00 5,898.22 9.16 > 10yr 9.03 25-Oct-18 FR0050 15-Jul-38 10.50 19.71 111.27 3.00 142.00 9.24 > 10yr 8.58 23-Oct-18 FR0057 15-May-41 9.50 22.54 105.50 1.00 72.90 8.93 > 10yr 9.18 26-Oct-18 FR0062 15-Apr-42 6.38 23.46 73.00 2.00 28.55 9.20 > 10yr 10.18 26-Oct-18 FR0067 15-Feb-44 8.75 25.29 95.50 2.00 40.75 9.21 > 10yr 9.66 26-Oct-18 FR0076 15-May-48 7.38 29.54 84.25 12.00 132.80 8.89 > 10yr 10.27 Sources: IDX, Danareksa Estimates 6

APPENDICES Appendix 3. Corporate Bonds Trading 22-26 October 2018 Last Trade Bonds Maturity Coupon Tenor Rating Last Freq Vol Yield Modified Data Done (IDR bn) Duration Price 24-Oct-18 IMFI02BCN2 06-Nov-18 10.75 0.02 ida 100.08 2.00 10.00 10.74 0.03 25-Oct-18 TAFS01BCN3 06-Nov-18 9.50 0.02 AAA(idn) 100.02 2.00 54.00 9.50 0.03 24-Oct-18 BIIF01ACN1 12-Nov-18 10.35 0.03 AA+(idn) 100.44 2.00 1.70 10.30 0.05 26-Oct-18 SMII01ACN2 25-Nov-18 6.15 0.07 idaaa 100.07 3.00 127.00 6.15 0.08 23-Oct-18 BNII01SBCN1 06-Dec-18 10.00 0.10 idaa+ 100.29 3.00 1.00 9.97 0.12 24-Oct-18 SMRA01CN1 11-Dec-18 10.85 0.11 ida+ 100.60 2.00 1.00 10.79 0.13 22-Oct-18 WOMF02ACN3 16-Dec-18 7.15 0.13 AA-(idn) 99.98 2.00 38.00 7.15 0.15 22-Oct-18 TUFI02ACN1 18-Dec-18 10.20 0.13 idaa+ 100.42 1.00 14.00 10.16 0.15 22-Oct-18 WOMF01BCN4 22-Dec-18 10.80 0.14 AA-(idn) 100.55 1.00 16.00 10.74 0.16 25-Oct-18 BEXI02BCN7 19-Feb-19 9.25 0.30 idaaa 100.43 1.00 40.00 9.21 0.30 26-Oct-18 IMFI03ACN2 25-Feb-19 6.80 0.32 ida 99.97 2.00 7.00 6.80 0.32 22-Oct-18 IMFI02BCN3 16-Mar-19 10.50 0.38 ida 100.00 1.00 0.50 10.50 0.38 26-Oct-18 ADMF04ACN2 01-Apr-19 6.10 0.42 idaaa 99.83 2.00 6.00 6.11 0.42 23-Oct-18 CTRR01B 02-Apr-19 12.40 0.42 A+(idn) 102.29 2.00 20.00 12.12 0.42 26-Oct-18 FIFA02BCN3 05-Apr-19 9.15 0.43 idaaa 101.12 3.00 92.00 9.05 0.43 24-Oct-18 SIAISA01 05-Apr-19 10.25 0.43 idd(sy) 81.28 1.00 29.00 12.61 0.43 26-Oct-18 AISA01 05-Apr-19 10.25 0.43 idd 86.16 1.00 40.00 11.90 0.42 22-Oct-18 BIIF01ACN2 13-Apr-19 9.10 0.45 AA+(idn) 100.34 1.00 75.00 9.07 0.46 26-Oct-18 WOMF02ACN4 16-Apr-19 6.85 0.46 AA-(idn) 100.00 2.00 2.00 6.85 0.46 23-Oct-18 NISP02ACN4 20-Apr-19 6.00 0.47 idaaa 98.87 1.00 5.00 6.07 0.48 26-Oct-18 FIFA03ACN3 21-Apr-19 6.10 0.48 idaaa 98.96 6.00 56.20 6.16 0.48 26-Oct-18 IMFI02CCN1 24-Apr-19 10.25 0.48 ida 101.00 1.00 3.00 10.15 0.48 24-Oct-18 TRAC01ACN1 07-May-19 6.10 0.52 AA-(idn) 99.46 2.00 1.00 6.13 0.52 26-Oct-18 MYOR04 09-May-19 8.50 0.53 idaa 100.87 2.00 2.00 8.43 0.51 25-Oct-18 ASDF03BCN1 11-May-19 8.50 0.53 AAA(idn) 100.00 1.00 1.17 8.50 0.52 26-Oct-18 ISAT02ACN3 13-May-19 6.05 0.54 idaaa 99.71 2.00 10.00 6.07 0.53 26-Oct-18 BAFI02A 20-May-19 6.20 0.56 idaa 99.42 2.00 17.00 6.24 0.55 24-Oct-18 PJAA01ACN2 23-May-19 6.30 0.56 idaa- 98.61 2.00 1.00 6.39 0.56 25-Oct-18 BBRI01BCN3 25-May-19 8.20 0.57 idaaa 100.75 2.00 1.00 8.14 0.56 25-Oct-18 IMFI03ACN3 28-May-19 6.50 0.58 ida 98.60 2.00 4.00 6.59 0.57 26-Oct-18 TAFS02BCN1 01-Jun-19 8.40 0.59 AAA(idn) 99.97 3.00 27.00 8.40 0.57 22-Oct-18 TUFI02ACN2 01-Jun-19 8.95 0.59 idaa+ 100.20 1.00 0.35 8.93 0.58 24-Oct-18 BBIA01ACN2 03-Jun-19 6.15 0.59 AAA(idn) 99.04 2.00 20.00 6.21 0.59 26-Oct-18 APLN01CN2 06-Jun-19 12.25 0.60 ida- 100.65 7.00 25.00 12.17 0.57 23-Oct-18 SANF02BCN1 09-Jun-19 9.00 0.61 idaa- 100.02 2.00 32.00 9.00 0.60 26-Oct-18 WSKT02CN1 10-Jun-19 9.25 0.61 ida- 100.20 5.00 100.00 9.23 0.59 24-Oct-18 INDF07 13-Jun-19 10.13 0.62 idaa+ 101.23 2.00 82.00 10.00 0.60 26-Oct-18 SMBEXI01ACN1 16-Jun-19 6.15 0.63 idaaa(sy) 99.51 2.00 6.00 6.18 0.62 23-Oct-18 WOMF02ACN5 18-Jun-19 7.35 0.63 AA-(idn) 99.85 2.00 1.00 7.36 0.63 23-Oct-18 BSBR02SB 26-Jun-19 10.15 0.66 ida- 100.93 4.00 13.00 10.06 0.64 26-Oct-18 BVIC02SB 27-Jun-19 11.00 0.66 idbbb+ 101.21 2.00 19.00 10.87 0.63 23-Oct-18 SIISAT05 27-Jun-19 8.63 0.66 idaaa(sy) 100.63 2.00 6.60 8.57 0.65 23-Oct-18 ISAT08A 27-Jun-19 8.63 0.66 idaaa 101.00 2.00 0.40 8.54 0.65 26-Oct-18 DILD02A 29-Jun-19 10.75 0.66 ida- 101.00 5.00 50.00 10.64 0.64 23-Oct-18 BSDE01CCN1 04-Jul-19 9.50 0.68 idaa- 100.70 2.00 16.00 9.43 0.66 26-Oct-18 MFIN03ACN1 10-Jul-19 8.75 0.69 ida 98.00 2.00 20.00 8.93 0.67 25-Oct-18 ADMF04ACN3 26-Aug-19 7.50 0.82 idaaa 99.37 1.00 15.00 7.55 0.79 23-Oct-18 ISAT01BCN4 02-Sep-19 8.00 0.84 idaaa 100.32 2.00 10.00 7.97 0.81 23-Oct-18 BEXI04ACN2 15-Sep-19 7.00 0.88 idaaa 99.60 4.00 11.00 7.03 0.85 Sources: IDX, Danareksa Estimates 7

APPENDICES Appendix 4. Corporate Bonds Trading 22-26 October 2018 (cont d) Last Trade Bonds Maturity Coupon Tenor Rating Last Freq Vol Yield Modified Data Done (IDR bn) Duration Price 24-Oct-18 MAPI01BCN3 19-Sep-19 10.90 0.89 idaa- 101.66 1.00 0.80 10.72 0.84 25-Oct-18 JSMR01CN2T 19-Sep-19 9.85 0.89 idaa 100.17 1.00 78.00 9.83 0.84 25-Oct-18 FIFA02BCN4 27-Sep-19 7.95 0.91 idaaa 99.55 4.00 51.00 7.99 0.88 23-Oct-18 BNGA02ACN4 30-Sep-19 7.50 0.92 idaaa 100.00 2.00 60.00 7.50 0.89 23-Oct-18 FIFA03ACN4 05-Oct-19 7.50 0.93 AAA(idn) 100.00 2.00 318.00 7.50 0.91 25-Oct-18 TUFI03ACN1 07-Oct-19 8.20 0.94 idaa+ 99.70 1.00 0.40 8.22 0.90 26-Oct-18 SMRA01CN2 10-Oct-19 11.50 0.94 ida+ 101.60 2.00 45.00 11.32 0.89 23-Oct-18 SISMRA01CN2 10-Oct-19 11.50 0.94 ida+(sy) 101.93 2.00 2.00 11.28 0.90 25-Oct-18 ASDF03BCN2 18-Oct-19 7.95 0.97 AAA(idn) 99.62 3.00 36.10 7.98 0.93 26-Oct-18 SIEXCL02ACN1 26-Oct-19 8.25 0.99 AAA(idn) 100.00 3.00 45.00 8.25 0.95 26-Oct-18 EXCL01ACN1 26-Oct-19 8.25 0.99 AAA(idn) 100.00 2.00 77.00 8.25 0.95 26-Oct-18 TBIG03CN2 28-Oct-19 8.50 0.99 AA-(idn) 100.00 1.00 57.00 8.50 0.93 26-Oct-18 SMFP04ACN6 29-Oct-19 8.25 1.00 idaaa 101.13 7.00 151.80 8.16 0.94 24-Oct-18 BNII01SBCN2 31-Oct-19 9.25 1.00 idaa+ 100.20 1.00 0.80 9.04 0.94 24-Oct-18 BIIF01ACN3 03-Nov-19 8.30 1.01 AA+(idn) 100.05 1.00 3.00 8.25 0.96 25-Oct-18 BFIN03BCN3 09-Nov-19 7.25 1.03 AA-(idn) 98.20 2.00 10.00 9.08 0.97 23-Oct-18 BBRI02BCN1 01-Dec-19 8.00 1.09 idaaa 100.00 2.00 24.00 8.00 1.04 26-Oct-18 IMPC01A 02-Dec-19 10.00 1.09 ida- 99.05 6.00 13.00 10.92 1.01 26-Oct-18 MEDC02ACN3 21-Dec-19 10.80 1.14 ida+ 102.55 5.00 15.00 8.45 1.07 26-Oct-18 PPLN11B 12-Jan-20 12.55 1.20 idaaa 104.80 9.00 100.00 8.34 1.12 26-Oct-18 TAFS02BCN2 14-Feb-20 8.50 1.29 AAA(idn) 99.76 3.00 26.00 8.69 1.20 24-Oct-18 SMFP03BCN7 02-Mar-20 8.40 1.34 idaaa 100.16 2.00 30.00 8.27 1.25 26-Oct-18 IMFI02CCN3 16-Mar-20 10.65 1.38 ida 100.55 7.00 62.00 10.21 1.26 24-Oct-18 BBIA01C 01-Apr-20 9.60 1.42 AAA(idn) 100.40 1.00 12.80 9.30 1.32 22-Oct-18 BBRI02BCN2 11-Apr-20 8.10 1.45 idaaa 99.75 2.00 110.00 8.28 1.37 23-Oct-18 TBIG02CN2 21-Apr-20 8.75 1.48 AA-(idn) 98.30 2.00 11.32 9.99 1.38 25-Oct-18 PPGD02CCN3 07-May-20 9.50 1.52 idaaa 101.05 1.00 5.00 8.76 1.39 25-Oct-18 AMRT02CN1 23-May-20 8.50 1.56 AA-(idn) 99.90 2.00 12.00 8.57 1.44 23-Oct-18 BBTN14 11-Jun-20 10.25 1.61 idaa+ 102.68 2.00 14.00 8.47 1.48 26-Oct-18 BVIC03SB 27-Jun-20 10.50 1.66 idbbb+ 100.12 2.00 15.00 10.42 1.50 26-Oct-18 IMFI03BCN1 07-Jul-20 8.60 1.69 ida 97.86 1.00 11.50 9.98 1.55 23-Oct-18 PPGD02DCN1 09-Jul-20 8.00 1.69 idaaa 98.80 4.00 4.00 8.76 1.58 23-Oct-18 BMTP01A 11-Jul-20 8.50 1.70 AA(idn) 100.02 2.00 38.00 8.49 1.58 24-Oct-18 CSUL01B 11-Jul-20 10.50 1.70 ida 100.03 2.00 40.00 10.48 1.54 23-Oct-18 BBTN03ACN1 13-Jul-20 8.30 1.70 idaa+ 100.62 1.00 0.20 7.91 1.59 26-Oct-18 ADMF03CCN2 25-Aug-20 10.25 1.82 idaaa 102.00 2.00 0.60 9.05 1.63 22-Oct-18 TINS01ACN1 28-Sep-20 8.50 1.91 ida+ 102.81 1.00 0.25 6.93 1.77 24-Oct-18 FIFA03BCN2 10-Oct-20 7.50 1.94 idaaa 99.50 1.00 7.10 7.78 1.80 24-Oct-18 BIIF01ACN4 15-Nov-20 7.65 2.04 AA+(idn) 98.41 1.00 73.00 8.50 1.86 25-Oct-18 SMRA02CN2 28-Nov-20 8.80 2.08 ida+ 99.16 1.00 0.50 9.24 1.86 26-Oct-18 WOMF02BCN3 06-Dec-20 8.45 2.10 AA-(idn) 96.00 1.00 61.05 10.58 1.88 23-Oct-18 ADMF04BCN1 12-Dec-20 7.45 2.12 idaaa 97.52 2.00 20.00 8.73 1.93 26-Oct-18 BNGA02SB 23-Dec-20 10.85 2.15 AA(idn) 102.16 1.00 1.00 9.73 1.89 25-Oct-18 BBRI01CCN2 04-Feb-21 9.60 2.26 idaaa 101.20 7.00 48.00 9.01 1.98 24-Oct-18 BEXI03ACN6 14-Feb-21 6.35 2.29 idaaa 95.57 2.00 50.00 8.48 2.09 24-Oct-18 IMFI03BCN2 15-Feb-21 7.90 2.29 ida 94.45 1.00 12.00 10.64 2.04 26-Oct-18 WSKT03ACN2 23-Feb-21 7.75 2.31 A-(idn) 95.39 5.00 8.60 9.99 2.06 23-Oct-18 FIFA03BCN3 11-Apr-21 7.45 2.45 idaaa 100.02 1.00 7.00 7.44 2.23 23-Oct-18 IMFI03BCN3 18-May-21 8.20 2.55 ida 100.40 2.00 50.00 8.02 2.26 24-Oct-18 ASDF04BCN1 25-May-21 7.50 2.57 AAA(idn) 95.67 2.00 4.00 9.40 2.29 26-Oct-18 TUFI02BCN2 01-Jun-21 9.25 2.59 idaa+ 101.00 3.00 2.80 8.81 2.26 Sources: IDX, Danareksa Estimates 8

APPENDICES Appendix 5. Corporate Bonds Trading 22-26 October 2018 (cont d) Last Trade Bonds Maturity Coupon Tenor Rating Last Freq Vol Yield Modified Data Done (IDR bn) Duration Price 25-Oct-18 BPFI02CN1 25-Jun-21 11.00 2.65 idbbb 99.55 2.00 22.00 11.19 2.26 26-Oct-18 TBIG03CN1 05-Jul-21 8.50 2.68 AA-(idn) 100.50 1.00 1.05 8.29 2.37 22-Oct-18 GNSMII01ACN1 06-Jul-21 7.55 2.68 idaaa 97.67 2.00 11.00 8.52 2.41 24-Oct-18 SIAISA02 19-Jul-21 10.50 2.72 idd(sy) 82.14 1.00 0.50 19.02 2.26 26-Oct-18 ADMF04CCN3 16-Aug-21 8.50 2.79 idaaa 103.00 1.00 121.70 7.31 2.45 25-Oct-18 JLBS01A 20-Sep-21 9.75 2.89 ida+ 100.04 3.00 322.00 9.73 2.48 23-Oct-18 FIFA03BCN4 25-Sep-21 8.75 2.90 AAA(idn) 100.00 4.00 36.00 8.75 2.54 25-Oct-18 WSKT03ACN3 28-Sep-21 9.00 2.91 ida- 100.07 3.00 175.00 8.97 2.53 23-Oct-18 BJBR01ACN2 28-Sep-21 9.00 2.91 idaa- 100.02 2.00 22.00 8.99 2.54 25-Oct-18 EXCL01BCN1 16-Oct-21 9.10 2.96 AAA(idn) 100.00 1.00 3.00 9.10 2.58 22-Oct-18 ANTM01BCN1 14-Dec-21 9.05 3.12 idbbb+ 95.78 2.00 4.00 10.64 2.66 24-Oct-18 SPSBTN01 07-Mar-22 8.60 3.35 idaaa 100.34 34.00 0.03 8.48 2.87 25-Oct-18 BBTN01CN1 05-Jun-22 7.90 3.60 idaa+ 95.15 1.00 3.00 9.50 3.06 23-Oct-18 TLKM01ACN1 23-Jun-22 9.93 3.65 idaaa 100.02 2.00 20.00 9.92 3.02 23-Oct-18 SIBMTR01ACN1 07-Jul-22 11.50 3.69 ida+(sy) 100.47 2.00 2.00 11.34 2.97 26-Oct-18 SIPPLN02ACN1 11-Jul-22 7.70 3.70 idaaa(sy) 92.25 2.00 1.70 10.24 3.15 22-Oct-18 BVIC01CN1 11-Jul-22 10.30 3.70 ida- 98.37 4.00 10.00 10.84 3.04 22-Oct-18 BBTN03BCN1 13-Jul-22 8.50 3.70 idaa+ 100.00 1.00 0.10 8.50 3.16 25-Oct-18 BBRI02BCN3 24-Aug-22 8.00 3.82 idaaa 98.75 1.00 16.00 8.38 3.22 25-Oct-18 TINS01BCN1 28-Sep-22 8.75 3.91 ida+ 97.01 2.00 20.00 9.67 3.25 25-Oct-18 PPGD03CCN1 03-Oct-22 7.70 3.93 idaaa 96.10 1.00 0.10 8.88 3.33 24-Oct-18 PIHC01BCN2 09-Nov-22 7.90 4.03 AAA(idn) 93.48 1.00 0.80 9.87 3.33 25-Oct-18 BACA02SB 15-Jan-23 12.00 4.21 idbbb- 101.78 2.00 18.00 11.46 3.28 26-Oct-18 IMFI03CCN2 15-Feb-23 8.15 4.29 ida 86.00 1.00 8.05 12.39 3.44 22-Oct-18 BBRI02ACN4 21-Feb-23 6.65 4.31 idaaa 92.30 2.00 10.00 8.81 3.65 24-Oct-18 WSKT03BCN2 23-Feb-23 8.25 4.31 A-(idn) 98.25 1.00 40.35 8.74 3.55 22-Oct-18 PNMP02BCN2 13-Apr-23 8.50 4.45 ida 94.60 2.00 6.00 10.01 3.65 25-Oct-18 MYOR01CN3 24-Apr-23 8.15 4.48 idaa 93.80 2.00 58.00 9.87 3.69 22-Oct-18 ISAT02CCN3 03-May-23 7.65 4.51 idaaa 97.00 1.00 0.20 8.45 3.72 22-Oct-18 SWMEDP01B 04-Jul-23 10.25 4.68 ida(sy) 97.77 5.00 80.00 10.86 3.66 25-Oct-18 ADMF04ECN3 16-Aug-23 9.25 4.79 idaaa 101.60 1.00 1.70 8.84 3.79 26-Oct-18 JLBS01B 20-Sep-23 10.65 4.89 ida+ 100.00 1.00 1.00 10.65 3.74 26-Oct-18 BMRI01CN3 21-Sep-23 8.50 4.89 idaaa 99.77 5.00 48.00 8.56 3.94 25-Oct-18 SMLPPI01B 10-Oct-23 11.00 4.94 ida+(sy) 100.02 2.00 74.00 10.99 3.77 26-Oct-18 PNBN02SBCN2 17-Mar-24 10.25 5.38 ida+ 100.00 1.00 0.20 10.25 4.06 26-Oct-18 BMTR01CCN1 07-Jul-24 12.00 5.69 ida+ 101.55 2.00 2.00 11.62 4.08 24-Oct-18 BBIA01SBCN2 17-Oct-24 9.25 5.96 AA(idn) 95.00 19.00 54.40 10.38 4.49 22-Oct-18 BBRI02BCN4 21-Feb-25 6.90 6.31 idaaa 87.33 2.00 0.55 9.59 4.90 22-Oct-18 TPIA01CCN2 01-Mar-25 9.00 6.34 idaa- 92.42 5.00 15.00 10.65 4.65 26-Oct-18 BMRI01CCN1 30-Sep-26 8.65 7.92 idaaa 97.80 1.00 0.98 9.04 5.63 23-Oct-18 APAI01C 22-Nov-26 8.55 8.06 idaaa 90.68 2.00 5.00 10.26 5.56 22-Oct-18 BBRI02DCN2 11-Apr-27 8.80 8.45 idaaa 101.05 4.00 2.00 8.62 5.93 22-Oct-18 SIPPLN02BCN1 11-Jul-27 8.50 8.70 idaaa(sy) 94.00 7.00 35.00 9.52 6.00 24-Oct-18 PPLN02ECN3 22-Feb-38 8.75 19.31 idaaa 100.03 6.00 100.00 8.75 9.15 Sources: IDX, Danareksa Estimates 9

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