KIWOOM RESEARCH | SPECIAL REPORT - 04 Sept 2026 INDONESIA'S INVESTMENT PARADOX: Attractive Market, Rising Global Governance Expectations Composed by: Liza Camelia Suryanata / Head of Research Indonesia’s equity market presents a striking paradox: attractive long-term returns, valuations & dividend depth coexist with rising global scrutiny over ownership concentration, true free float & investability. Our latest *Special Report reads S&P DJI’s constructive investment evidence alongside its 2026/2027 classification watchlist & Sept. 21 IWF clarification,* with MSCI’s November review as the more immediate test. The conclusion is not that Indonesia is uninvestable; rather, its investment opportunity & market architecture are being judged on separate tracks. Indonesia does not need to manufacture attractiveness—it needs to make ownership data, tradable float, liquidity & investor access credible enough for global capital to participate with confidence. Read the full report attached (permission for publication granted from S&P DJI). KIWOOM SEKURITAS INDONESIA