FORM 3 Cover Page Document Name: Annual Securities Report In Accordance with: Article 24, Paragraph 1 of the Financial Instruments and Exchange Act Filed with: Director General of Kanto Local Finance Bureau Date of Filing: May 9, 2019 Fiscal Year: From January 1, 2018 to December 31, 2018 Name of Issuer: Republic of Indonesia Name and Title of Luky Alfirman Representative: Director General of Budget Financing and Risk Management of the Ministry of Finance Names of Contact Persons: Takashi Tsukioka, Attorney-at-law Atsushi Yamashita, Attorney-at-law Ryosuke Fukuhara, Attorney-at-law Yuki Machida, Attorney-at-law Address: Nagashima Ohno & Tsunematsu JP Tower, 2-7-2 Marunouchi, Chiyoda-ku, Tokyo Telephone Number: 03-6889-7000 Place(s) for Public Not applicable Inspection: (Note 1) Unless otherwise indicated, all references in this document to the “Issuer”, “Indonesia” or the “Republic” are to the Republic of Indonesia and all references to the “Government” are to the Government of Indonesia. (Note 2) Unless otherwise indicated, all references in this document to “Rupiah”, “IDR” or “Rp” are to the currency of Indonesia, those to “dollar”, “U.S. dollar”, “USD” or “U.S.$” are to the currency of the United States of America, those to “Euro”, “EUR” or “€” are to the currency of the certain member states of the European Union that adopt the single currency pursuant to the Treaty Establishing the European Community, as amended and those to “yen” or “JPY” are to the currency of Japan. The middle exchange rates of the Telegraphic Transfer Spot Buying and Selling Exchange Rates vis-a-vis customers for the Rupiah (reference rate) and the dollar against yen quoted by MUFG Bank, Ltd. on 7 May 2019 were Rp100 = JPY0.78 and U.S.$1 = JPY110.69, respectively. Any conversions made 1 herein from foreign currency amounts into yen were made at these exchange rates for convenience purposes only and shall not be deemed to represent future exchange rates. (Note 3) The financial calendar of the Republic ends on December 31 each year. (Note 4) Where figures in tables in this document have been rounded, the totals may not necessarily be the aggregate of the sum of the relevant figures. 2 I. STATUS OF PRIMARY (SECONDARY) BONDS/NOTES PRIMARY BONDS Issue Year and Aggregate Principal Name of the Bonds Amount Redeemed Month Amount Republic of Indonesia Japanese June 2017 40,000,000,000 yen None Yen Bonds - First Series (2017) Republic of Indonesia Japanese Yen Bonds - Second Series June 2017 50,000,000,000 yen None (2017) Republic of Indonesia Japanese June 2017 10,000,000,000 yen None Yen Bonds - Third Series (2017) Republic of Indonesia Japanese Yen Bonds - Fourth Series May 2018 49,000,000,000 yen None (2018) Republic of Indonesia Japanese May 2018 39,000,000,000 yen None Yen Bonds - Fifth Series (2018) Republic of Indonesia Japanese May 2018 3,500,000,000 yen None Yen Bonds - Sixth Series (2018) Republic of Indonesia Japanese Yen Bonds - Seventh Series May 2018 8,500,000,000 yen None (2018) Outstanding Amount Name of Stock Exchange or Securities Dealers Association on at the End of the Fiscal Year which the Bonds are listed 40,000,000,000 yen None 50,000,000,000 yen None 10,000,000,000 yen None 49,000,000,000 yen None 39,000,000,000 yen None 3,500,000,000 yen None 8,500,000,000 yen None There was no fact that has a material impact on the rights, etc. of the owners of the bonds above during this fiscal year. SECONDARY NOTES 3 Not Applicable. II. TRENDS IN FOREIGN EXCHANGE RATES Not Applicable. III. OUTLINE OF THE ISSUER 1. In case the Issuer is State (Note 1) For ease of presentation, certain financial information relating to the Republic included in this section is presented as translated into U.S. dollars. Unless otherwise specified herein, all translations of Rupiah into U.S. dollars or from U.S. dollars into Rupiah were made at the middle exchange rate, i.e. the mid-point between the buy and sell rates (the “BI middle exchange rate”), between the Rupiah and the U.S. dollar, as announced by Bank Indonesia (“BI”), the Indonesian Central Bank, as of the respective dates to which such information relates. However, these translations should not be construed as a representation that the Rupiah amount actually represents such U.S. dollar amount or could be converted into U.S. dollars at the rate indicated or any other rate. The BI middle exchange rate was Rp14,309 = U.S.$1.00 on 7 May 2019. In addition, unless otherwise specified, all translations of Rupiah into currencies other than U.S. dollars, or from such other currencies into Rupiah in this section, were made at the BI middle exchange rate between the Rupiah and such other currencies as announced by BI as of the respective dates to which such information relates. (Note 2) Some of the statements contained in this section constitute forward-looking statements. Statements that are not historical facts are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “target”, “continue” or similar terminology. Among other things, Indonesia's economy, fiscal condition, debt or prospects may constitute forward- looking statements. These statements are based on the Republic's current plans, objectives, assumptions, estimates and projections. Forward-looking statements speak only as of the date that they are made and involve inherent risks and uncertainties. The Republic expressly disclaims any obligation or undertaking to release, publicly or otherwise, any updates or revisions to any forward-looking statements contained herein to reflect any change in the Republic's expectations with regard thereto or any change in events, conditions, assumptions or circumstances on which any such statement was based. The Republic cautions that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Therefore, undue reliance should not be placed on them. (Note 3) Indonesia subscribes to the International Monetary Fund's (“IMF”) Special Data Dissemination Standard, which is designed to improve the timeliness and quality of information of subscribing member countries. This standard requires subscribing member countries to provide schedules, referred to as the “Advance Release Calendar”, indicating, in advance, the date on which data will be released. For Indonesia, precise dates or “no-later-than-dates” for the release of data are disseminated three months in advance through the Advance Release Calendar, which is published on the Internet under the IMF’s 4 Dissemination Standards Bulletin Board. Summary methodologies of all metadata to enhance transparency of statistical compilation are also provided on the Internet under the IMF’s Dissemination Standards Bulletin Board. The internet website for Indonesia’s Advance Release Calendar and metadata is located at https://dsbb.imf.org/sdds/country/IDN/advance-release-calendar-base. Neither the Republic, nor any of the Arrangers or Dealers accept any responsibility for information included on that website, and its contents are not intended to be incorporated by reference into this document. (Note 4) The Ministry of Energy and Mineral Resources publishes an average monthly and annual price for Indonesian crude oil which is commonly referred to as the Indonesian Crude Price (the “ICP”). ICP is calculated as the sum of (i) 50.0% of the average price for Indonesian crude oil published by Platts, a division of The McGraw-Hill Companies, and (ii) 50.0% of a crude oil price for Indonesian crude oil published by RIM Intelligence Co. of Japan for the relevant period. The Government evaluates the methodology of the calculation of the ICP from time to time and, if appropriate, adjusts the formula to ensure that the ICP closely tracks world market prices for Indonesian crude oil. The Government uses the ICP for various accounting and other purposes. For instance, the Ministry of Finance uses the ICP as an assumption underlying the preparation of the Government budget. See “(5) Public Finance – (a) Outline of Fiscal Policy and Taxation System – Government Budget” below. (Note 5) Information contained or otherwise accessible through websites mentioned in this document does not form a part of this document. All references in this document to websites are inactive textual references only. (1) Overview Source: National Coordinating Agency for Surveys and Mapping, with modifications (a) Location, Area, Geography and Population 5 Area Situated between Malaysia, Singapore and the Philippines to the north and Australia to the south, the Republic of Indonesia covers a total land area of approximately 1,913,579 square km, comprising approximately 17,504 islands (of which an estimated 957 are inhabited) and forming part of the world’s largest archipelago. The main islands of Indonesia are Sumatera, Java, Bali, Kalimantan (also known as Borneo, the northern part of which belongs to Malaysia and Brunei), Sulawesi and Papua (the eastern part of which belongs to Papua New Guinea). Indonesia extends 5,120 km across the equator from Nanggroe Aceh Darussalam (“Aceh”), in the west to Papua in the east. Jakarta, Indonesia’s capital and largest city, is located on the northern coast of the western part of Java. In recent years, the Government has implemented various measures to address haze and other adverse effects caused by forest and field fires related to land clearance for agriculture in the islands of Sumatera and Kalimantan. Volcanic and Other Natural Disasters Indonesia is located in one of the most volcanically and seismically active regions in the world. Because it is located in the convergence zone of three major lithospheric plates, it is subject to significant seismic activity that can lead to destructive volcanic eruptions, earthquakes and tsunamis, or tidal waves, including the 2004 earthquake and subsequent Indian Ocean tsunami that devastated the Province of Aceh.