BANK INDONESIA REGULATION NUMBER: 5/4/PBI/2003 CONCERNING ISSUANCE, SALE AND PURCHASE, AND ADMINISTRATION OF SOVEREIGN DEBT INSTRUMENTS

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1 BANK INDONESIA REGULATION NUMBER: 5/4/PBI/2003 CONCERNING ISSUANCE, SALE AND PURCHASE, AND ADMINISTRATION OF SOVEREIGN DEBT INSTRUMENTS THE GOVERNOR OF BANK INDONESIA, Considering : a. whereas Bank Indonesia is appointed by the Government as agent for holding auctions of Sovereign Debt Instruments on the primary market by virtue of Decree of the Minister of Finance Number 66/KMK.01/2003 dated February 10, 2003; b. whereas the provisions for holding auctions of Sovereign Debt Instruments on the primary market are stipulated by the Government in Decree of the Minister of Finance Number 83/ KMK.01/2003 dated March 4, 2003, concerning Auction of Sovereign Debt Instruments on the Primary Market; c. now therefore, and for implementation of the function of Bank Indonesia as administrator of Sovereign Debt Instruments and as agent for purchase and dale of Sovereign Debt Instruments on the secondary market, it is deemed necessary to stipulate a transparent auction mechanism for Sovereign Debt Instruments and an efficient, effective, accurate, and trusted system for administration of Sovereign Debt Instruments in a Bank Indonesia Regulation; In view of : 1. Act Number 7 of 1992 concerning Banking (State Gazette of the Republic of Indonesia Number 31 of 1992, Supplement to the State Gazette Number 3472) as amended by Act Number 10 of In view...

2 (State Gazette of the Republic of Indonesia Number 182 of 1998, Supplement to the State Gazette Number 3790); 2. Act Number 8 of 1995 concerning the Capital Market (State Gazette of the Republic of Indonesia Number 64 of 1995, Supplement to the State Gazette Number 3608); 3. Act Number 23 of 1999 concerning Bank Indonesia (State Gazette of the Republic of Indonesia Number 66 of 1999, Supplement to the State Gazette Number 3843); 4. Act Number 24 of 2002 concerning Sovereign Debt Instruments (State Gazette of the Republic of Indonesia Number 110 of 2002, Supplement to the State Gazette Number 4236); HAS DECREED: To enact : THE BANK INDONESIA REGULATION CONCERNING ISSUANCE, SALE AND PURCHASE, AND ADMINISTRATION OF SOVEREIGN DEBT INSTRUMENTS. CHAPTER I GENERAL PROVISIONS Article 1 The terminology used in this Regulation has the following meanings: 1. Bank is a commercial bank as referred to in Act Number 7 of 1992 concerning Banking as amended by Act Number 10 of 1998, conducting conventional banking operations. 2. Sovereign Debt Instruments are securities in the form of debt instruments as referred to in Act Number 24 of 2002 concerning Sovereign Debt Instruments, consisting of Treasury Bills and Sovereign Bonds. 3. Treasury Bills are Sovereign Debt Instruments with maturity of up 2. to Sovereign 12 (twelve)... months, bearing interest paid on a discount basis.

3 -3-4. Sovereign Bonds are Sovereign Debt Instruments with maturities of more than 12 (twelve) months, carrying coupons and/or bearing interest paid on a discount basis. 5. Primary Market is the activity of the bidding and sale of Sovereign Debt Instruments for the first time. 6. Secondary Market is the activity of trading in Sovereign Debt Instruments previously sold on the Primary Market. 7. Bidder is a Bank, Money Market Brokerage Company, and Securities Company appointed by the Minister of Finance of the Republic of Indonesia as eligible to participate in Auction of Sovereign Debt Instruments. 8. Discount is the difference between market price and nominal value. 9. Yield to Maturity or Yield is the gain expected by an investor, expressed as an annual percentage. 10. Competitive Bidding is the placing of bids stating volume and discount rate or yield desired by the bidder. 11. Non-Competitive Bidding is the placing of bids stating the volume without the discount rate or yield desired by the bidder. 12. Auction of Sovereign Debt Instruments is the sale of Sovereign Debt Instruments by means of Competitive Bidding and/or Non-Competitive Bidding placed by Bidders during a previously determined and announced bidding period. 13. Central Registry is Bank Indonesia performing the function of registration of ownership of securities, including Sovereign Debt Instruments, for the account of Banks, Sub-Registries, and other parties approved by Bank Indonesia. 14. Sub-Registry is a Bank and institution conducting operations as custodian, appointed by Bank Indonesia for registration of ownership of securities, including Sovereign Debt Instruments, for the account of customers. 14. Sub-Registry Delivery Versus Payment, hereinafter referred to as DVP, is a mechanism for transaction settlement for Sovereign Debt Instruments conducted simultaneously with fund settlement at Bank Indonesia.

4 Free of Payment, hereinafter referred to as FoP, is a mechanism for transaction settlement for Sovereign Debt Instruments in which securities settlement is conducted in the Central Registry while fund settlement is conducted not simultaneously with securities settlement or securities settlement is conducted without fund settlement. CHAPTER II FUNCTIONS OF BANK INDONESIA IN THE ISSUANCE, SALE AND PURCHASE, AND ADMINISTRATION OF SOVEREIGN DEBT INSTRUMENTS Article 2 To assist the Government in the management of Sovereign Debt Instruments, Bank Indonesia performs the following: a. provide input for the formulation of provisions and requirements for issuance of Sovereign Debt Instruments; b. act as auction agent in the sale of Sovereign Debt Instruments on the Primary Market, including but not limited to the recommendation of criteria and requirements for Bidders, selection of candidate Bidders, announcement of Bidders appointed by the Minister of Finance of the Republic of Indonesia, announcement of planned Auctions of Sovereign Debt Instruments, holding of Auctions of Sovereign Debt Instruments, and announcement of decisions on the outcome of Auctions of Sovereign Debt Instruments; c. may act as agent in the purchase and sale of Sovereign Debt Instruments on the c. may... Secondary Market for the account of and by request of the Government. d. administer Sovereign Debt Instruments, including the registration of issuance and ownership, clearing and settlement, and payment agent for interest (coupon) payments and redemption of Sovereign Debt Instruments.

5 -5- CHAPTER III CHARACTERISTICS OF SOVEREIGN DEBT INSTRUMENTS Article 3 Sovereign Debt Instruments administered by Bank Indonesia have the following characteristics: a. issued in the form of notes or in scripless form; b. issued in the form of negotiable instruments or in the form of instruments not negotiable on the Secondary Market; c. Sovereign Debt Instruments are issued with maturity of up to 12 (twelve) months, with interest payment using the Discount system; d. Sovereign Bonds are issued with a maturity of more than 12 (twelve) months with variable rate, fixed rate, and/or interest payment using the Discount system. Article 4 The Minister of Finance of the Republic of Indonesia shall stipulate the provisions and requirements applicable to Sovereign Debt Instruments. CHAPTER IV AUCTION OF SOVEREIGN DEBT INSTRUMENTS Article 5 (1) The Minister of Finance of the Republic of Indonesia shall stipulate the criteria and requirements for Bidders. (2) Bank Indonesia shall conduct the selection of candidate Bidders based on the criteria and requirements referred to in paragraph (1). (2) Bank... (3) The Minister of Finance of the Republic of Indonesia shall appoint Bidders based on the outcome of selection of candidate Bidders by Bank Indonesia as referred to in paragraph (2).

6 -6- (4) Bank Indonesia shall announce the Bidders appointed by the Minister of Finance of the Republic of Indonesia as referred to in paragraph (3). Article 6 (1) Any natural person, company, business partnership, association, or organized group may purchase Sovereign Debt Instruments on the Primary Market. (2) Purchase of Sovereign Debt Instruments on the Primary Market as referred to in paragraph (1) shall take place by the placement of bids with Bank Indonesia through Bidders consisting of Banks, Money Market Brokerage Companies, and Securities Companies. (3) During the Auction of Sovereign Debt Instruments, Banks and Securities Companies may place bids for their own account and for the account of other parties, while Money Market Brokerage Companies may only place bids for the account of other parties. Article 7 (1) Bids in the Auction of Sovereign Debt Instruments may be placed by means of Competitive Bidding or by a combination of Competitive Bidding and Non- Competitive Bidding. (2) In the event that a Bidder places a bid for Sovereign Debt Instruments for its own account, the bid may only be placed by means of Competitive Bidding. (3) In the event that a Bidder places a bid for Sovereign Debt Instruments for the account of another party, the bid may be placed by means of Competitive Bidding and/or Non-Competitive Bidding. (4) The Minister of Finance of the Republic of Indonesia shall determine the allocation of Non-Competitive Bidding prior to conducting (4) The an Auction Minister... of Sovereign Debt Instruments. Article 8

7 -7- (1) Bank Indonesia shall hold Auctions of Sovereign Debt Instruments according to the needs of the Government and at the request of the Minister of Finance of the Republic of Indonesia. (2) Bank Indonesia shall announce the plan for Auctions of Sovereign Debt Instruments on the basis of notification of Auction of Sovereign Debt Instruments by the Minister of Finance of the Republic of Indonesia. Article 9 (1) The Minister of Finance of the Republic of Indonesia shall determine the outcome and winning bids in the Auction of Sovereign Debt Instruments. (2) Determination of winning bids in the Auction of Sovereign Debt Instruments as referred to in paragraph (1) shall be based on a system for determining the outcome of the Auction of Sovereign Debt Instruments using the multiple price method or the uniform price method. (3) Bank Indonesia shall announce the outcome of the Auction of Sovereign Debt Instruments to winning Bidders in the Auction of Sovereign Debt Instruments on the day on which the Auction of Sovereign Debt Instruments is held. (4) Bank Indonesia shall announce the overall outcome of the Auction of Sovereign Debt Instruments to the public on the day on which the Auction of Sovereign Debt Instruments is held. Article 10 (1) The Minister of Finance of the Republic of Indonesia is entitled to reject any bids for Sovereign Debt Instruments, whether in whole or in part. Article (2) Bank Indonesia shall announce the rejection of any bids for Sovereign Debt Instruments, whether in whole or in part, as referred to in paragraph (1). CHAPTER V

8 -8- PURCHASE AND SALE OF SOVEREIGN DEBT INSTRUMENTS ON THE SECONDARY MARKET Article 11 (1) The Minister of Finance of the Republic of Indonesia may appoint Bank Indonesia as agent for purchase and sale of Sovereign Debt Instruments on the Secondary Market. (2) In the event that Bank Indonesia is appointed as agent as referred to in paragraph (1), Bank Indonesia shall conduct the purchase and sale of Sovereign Debt Instruments on the Secondary Market pursuant to a request by the Minister of Finance of the Republic of Indonesia. CHAPTER VI ADMINISTRATION OF SOVEREIGN DEBT INSTRUMENTS Article 12 (1) Bank Indonesia shall administer Sovereign Debt Instruments in an electronic administration system. (2) Administration of Sovereign Debt Instruments as referred to in paragraph (1) shall encompass a system for registration of ownership, clearing, and settlement of transactions on both the Primary Market and the Secondary Market, payment of interest (coupons), and redemption of Sovereign Debt Instruments at maturity. (3) Bank Indonesia may appoint another party to support administration as referred to in paragraph (2). (3) Bank... (4) Bank Indonesia has power to conduct supervision of any appointed other party as referred to in paragraph (3). CHAPTER VII REGISTRATION OF OWNERSHIP OF SOVEREIGN DEBT INSTRUMENTS

9 -9- Article 13 (1) Registration of ownership of Sovereign Debt Instruments shall be conducted in scripless form, and by means of book entry. (2) Registration of ownership of Sovereign Debt Instruments shall be conducted by a two-tier system by the Central Registry and Sub-Registries appointed by Bank Indonesia. (3) Electronic records of ownership of Sovereign Debt Instruments in the Central Registry and Sub-Registry system shall constitute valid proof of ownership. Article 14 (1) The Central Registry may conduct the registration and change of ownership of Sovereign Debt Instruments for the account of Banks, Sub-Registries, and other parties holding securities accounts at the Central Registry. (2) Registration and change of ownership of Sovereign Debt Instruments conducted by Banks and other parties not having securities accounts at the Central Registry shall be conducted using the offices of Sub-Registries. Article 15 (1) Sub-Registries may only conduct the registration and change of ownership of Sovereign Debt Instruments for the account of customers. (2) Registration of ownership of Sovereign Debt Instruments in the securities accounts of Sub-Registries at the Central Registry shall be global (omnibus (2) Registration... account). (3) Registration of ownership by individual customers shall be administered by Sub- Registries by means of book entry. (4) Registration of ownership of Sovereign Debt Instruments in the securities account of a Sub-Registry at the Central Registry as referred to in paragraph (2) shall not

10 -10- constitute proof of ownership of Sovereign Debt Instruments in the name of the Sub-Registry. (5) Ownership of Sovereign Debt Instruments in names of customers shall be recorded separately from the assets of the Sub-Registry. (6) Sub-Registries are prohibited from maintaining accounts of Sovereign Debt Instruments in their own name and for the account of the management board, shareholders, managers, and employees. (7) Sub-Registries may charge administration fees to customers holding Sovereign Debt Instruments. CHAPTER VIII TRANSACTION SETTLEMENT FOR SOVEREIGN DEBT INSTRUMENTS Article 16 (1) Transaction settlement for Sovereign Debt Instruments on the Primary Market shall be conducted as follows: a. Treasury Bills at 1 (one) working day after the day on which the auction of Treasury Bills is held (T+1); b. Sovereign Bonds no later than 5 (five) working says after announcement of the winning bids in the auction of Sovereign Bonds (T+5). (2) Transaction settlement of Sovereign Debt Instruments, whether on the Primary Market or on the Secondary market, shall consist of securities settlement and/or fund settlement. (3) Transaction settlement of Sovereign Debt Instruments, whether on the Primary (3) Transaction... Market or on the Secondary Market, shall be conducted on the basis of DVP or FoP. (4) DVP settlement of Sovereign Debt Instruments shall be conducted on the basis of the system for gross to gross settlement and/or the gross to net settlement.

11 -11- Article 17 (1) When conducting transactions in Sovereign Debt Instruments, any party not holding a securities account at the Central Registry shall be required to appoint a Sub-Registry to conduct securities settlement. (2) When conducting transactions in Sovereign Debt Instruments, any party conducting DVP settlement of Sovereign Debt Instruments and not holding a Rupiah demand deposit account at Bank Indonesia shall be required to appoint a Bank to conduct fund settlement. (3) Any party conducting transactions in Sovereign Debt Instruments on the Secondary Market shall be required to have sufficient balance in the securities account at the Central Registry or at a Sub-Registry to meet liabilities incurred by securities settlement. (4) Any Bank conducting transactions in Sovereign Debt Instruments whether for its own account or for the account of another party shall be required to have sufficient balance in the Rupiah demand deposit account of the Bank at Bank Indonesia to meet liabilities incurred by fund settlement. (5) In the event that a Bank or another party conducting transactions in Sovereign Debt Instruments is unable to meet liabilities incurred by securities settlement and/or fund settlement, the settlement of Sovereign Debt Instruments in respect of that transaction shall be declared void. Article 18 For the purpose of settlement of Sovereign Debt Instruments, Bank Indonesia has power to: Article a. debit the securities account of an account holder at the Central Registry, whether for own account or for the account of another party; b. debit the Rupiah demand deposit account of the Bank at Bank Indonesia, whether for the account of the Bank concerned or for the account of another party.

12 -12- CHAPTER IX INTEREST (COUPON) PAYMENT AND REDEMPTION OF SOVEREIGN DEBT INSTRUMENTS AT MATURITY Article 19 (1) Bank Indonesia shall execute payment of interest (coupon) and redemption of Sovereign Debt Instruments at nominal value at maturity date at the expense of the Government. (2) At the request of the Government, Bank Indonesia shall redeem Sovereign Debt Instruments prior to maturity data at the expense of the Government. (3) Redemption and interest (coupon) payment of Sovereign Debt Instruments shall be conducted by Bank Indonesia on the basis of the ownership of Sovereign Debt Instruments recorded in the Central Registry. (4) Sub-Registries and holders of Sovereign Debt Instruments registered in the Central Registry, but not holding a Rupiah demand deposit account at Bank Indonesia are required to appoint a Bank to receive payment of interest (coupons) and principal at maturity. CHAPTER X ADMINISTRATION FEES Article 20 Bank Indonesia may charge administration fees to Bidders for holding CHAPTER Auctions X of... Sovereign Debt Instruments and charge registration fees for Sovereign Debt Instruments to holders of securities accounts at the Central Registry. CHAPTER XI REPORTING

13 -13- Article 21 Bank Indonesia shall report its activities in the administration of Sovereign Debt Instruments to the Government on a periodic basis. CHAPTER XII SANCTIONS Article 22 (1) In the event that a Bidder placing a Non-Competitive Purchase Bid for its own account, and therefore fails to comply with the provisions referred to in Article 7 paragraph (2), the Bidder shall be liable to sanctions of prohibition from participation in the Auction of Sovereign Debt Instruments for 3 (three) consecutive times. (2) In the event that a Bidder winning an Auction of Sovereign Debt Instruments does not settle liabilities by the settlement deadline for the reason that the Bank conducting fund settlement has insufficient balance in the demand deposit account of that Bank at Bank Indonesia, the entire outcome of the Auction of Sovereign Debt Instruments for which settlement is conducted through that Bank shall be declared void. (3) In regard to any cancelled transaction as referred to in paragraph (2), the Bidder shall be subject to sanctions of prohibition from participation in the Auction of Sovereign Debt Instruments for 3 (three) consecutive times. (3) In regard... Article 23 (1) Bank Indonesia may impose sanctions on an appointed Sub-Registry in respect of any violation of prevailing regulations. (2) Sanctions as referred to in paragraph (1) may take the form of suspension or revocation of appointment as Sub-Registry.

14 -14- CHAPTER XIII CONCLUDING PROVISIONS Article 24 The regulations for implementation of this Bank Indonesia Regulation shall be stipulated further in a Circular Letter of Bank Indonesia. Article 25 With the issuance of this Bank Indonesia Regulation, Bank Indonesia Regulation Number 2/2/PBI/2000 dated January 21, 2000, concerning Administration and Trading of Government Bonds is declared no longer valid. Article 26 This Bank Indonesia Regulation shall come into force on the date of its enactment. Enacted in Jakarta Dated March 21, 2003 THE GOVERNOR OF BANK INDONESIA (signed) Article SYAHRIL SABIRIN

15 -15- STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 38 OF 2003

16 ELUCIDATION TO BANK INDONESIA REGULATION NUMBER: 5/4/PBI/2003 CONCERNING ISSUANCE, SALE AND PURCHASE, AND ADMINISTRATION OF SOVEREIGN DEBT INSTRUMENTS GENERAL REVIEW In order to finance the deficit in the National Budget, cover short-term cash flow deficits arising from mismatch between cash flow receipts and expenditures in the State Treasury Account during a fiscal year, and to manage the portfolio of state debt, the Government issues Sovereign Debt Instruments within Indonesia. In regard to the issuance of Sovereign Debt Instruments as referred to above, the Government has appointed Bank Indonesia as auction agent in accordance with Act Number 24 of 2002, capable of conducting sales of Sovereign Debt Instruments on the Primary Market (article 13), conducting the purchase and sale of Sovereign Debt Instruments on the Secondary Market in the name of the Government within the framework of management of the state debt portfolio (article 14), conducting the administration of Sovereign Debt Instruments consisting of the registration of issuance and ownership, clearing, and settlement on both the Primary Market and Secondary Market, and operating as payment agent for payment of interest (coupons) and redemption of Sovereign Debt Instruments (article 12). ARTICLE...

17 -2- ARTICLE BY ARTICLE Article 1 Article 2 Letter a The intention of this input is to align fiscal policy, including debt management, with the monetary policy implemented by Bank Indonesia. Letter b Letter c Purchase and sale on the Secondary Market shall be conducted according to the mechanism stipulated by the Minister of Finance of the Republic of Indonesia. Letter d Article 3 Letter a Letter b Letter c Letter d Sovereign Bonds issued without coupons and traded using the Discount system are referred to as zero coupon bonds. Article 4 The scope of provisions and requirements for Sovereign Debt Instruments includes but is not limited to data of issue, smallest unit issued, total nominal value...

18 -3- value of issue, coupon payment dates, and maturity date of Sovereign Debt Instruments. Article 5 Paragraph (3) Paragraph (4) Announcement shall be made to Bidders and to the public. Article 6 Money Market Brokerage Company is defined as a company having obtained an operating license from Bank Indonesia for conducting business in brokerage services for the account of customers on the money market and on the capital market, specifically for Sovereign Debt Instruments. Securities Company is defined as a Securities Company conducting business as a Securities Broker-Dealer. Paragraph (3) Article 7 Paragraph (3)...

19 -4- Paragraph (3) Paragraph (4) Article 8 Needs of the Government as referred to in this paragraph shall be set out in a calendar of issuance issued by the Minister of Finance of the Republic of Indonesia. Calendar of issuance is defined as a plan for issuance of Sovereign Debt Instruments by the Government during a specified period. Announcement of planned Auction of Sovereign Debt Instruments shall be made through the Money Market Information Center (PIPU) and/or other facility. Announcement of planned Auction of Sovereign Debt Instruments shall state at least the time at which the Auction of Sovereign Debt Instruments is held, the indicative number offered, term, date of issue, date of settlement, date of maturity, currency, system for determining the winning bids in the Auction of Sovereign Debt Instruments, time of announcement of the outcome of the Auction of Sovereign Debt Instruments, and allocation of Competitive Bidding and Non-Competitive Bidding. Article 9 Multiple price is defined as the prices paid by the respective winning bids in the Auction of Sovereign Debt Instruments in accordance with the prices of bids submitted by winners. Uniform...

20 -5- Uniform price is defined as the price paid by all winning bids in the Auction of Sovereign Debt Instruments at a uniform price. Determination of winning bids in the Auction of Sovereign Debt Instruments may be conducted using the Stop-out Rate system and the Cut-off Rate system. Stop-out rate system is defined as the sale of Sovereign Debt Instruments based on a target of total Sovereign Debt Instruments to be sold by the Government. Cut-off rate is defined as the sale of Sovereign Debt Instruments based on an interest rate target (Discount rate or Yield). Paragraph (3) Announcement of the outcome of Auction of Sovereign Debt Instruments to the winning Bidders in the Auction of Sovereign Debt Instruments shall be made through the auction facility and shall state at least the name of the winners, nominal value of winning bids, and Discount rate or Yield obtained. Paragraph (4) Announcement of the outcome of Auction of Sovereign Debt Instruments to the public shall be made through the Money Market Information Center (PIPU) and/or other facility, stating at least the overall total of the Auction of Sovereign Debt Instruments, weighted average Discount rate or Yield obtained in the Auction of Sovereign Debt Instruments, and lowest and highest Discount rate or Yield obtained in the Auction of Sovereign Debt Instruments. Article 10 Article 11...

21 -6- Article 11 Article 12 Transaction settlement for Sovereign Debt Instruments is defined as settlement consisting of fund settlement and/or securities settlement. Paragraph (3) Paragraph (4) Article 13 Book entry is defined as the scripless registration of ownership and transfer of ownership in an electronic journal. Paragraph (3) Article 14...

22 -7- Article 15 Paragraph (3) Paragraph (4) Paragraph (5) Paragraph (6) Paragraph (7) The amount of the fees charged to customers shall be left to provisions established by each Sub-Registry. Article 16 Paragraph (3) Paragraph (4) Gross to gross settlement is defined as settlement of Sovereign Debt Instruments in which securities settlement and fund settlement are conducted on a trade by trade basis. Gross...

23 -8- Gross to net settlement is defined as settlement of Sovereign Debt Instruments in which securities settlement is conducted on a trade by trade basis while funds settlement is conducted by means of a netting system. Article 17 Paragraph (3) Paragraph (4) Paragraph (5) Article 18 Letter a Letter b Article 19 Bank Indonesia shall only execute payment of interest (coupons) and principal of Sovereign Debt Instruments insofar as sufficient funds are available in the Rupiah demand deposit account of the Government at Bank Indonesia. Paragraph (3)...

24 -9- Paragraph (3) Paragraph (4) Article 20 Article 21 The scope of this reporting includes but is not limited to the position of issued Sovereign Debt Instruments, position of ownership of Sovereign Debt Instruments, Discount paid out, and data on trading transactions of Sovereign Debt Instruments. Article 22 Paragraph (3) Article 23 Article 24 The key provisions stipulated in the Circular Letter of Bank Indonesia shall state among others: a. procedure...

25 -10- a. procedure for Auction of Sovereign Debt Instruments on the Primary Market; b. criteria and requirements for Bidders; c. requirements and procedure for appointment of Sub-Registries; d. procedures for administration of Sovereign Debt Instruments; e. amounts of administration fees for holding Auctions of Sovereign Debt Instruments and administration fees for administration of Sovereign Debt Instruments. Article 25 Article 26 SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 4278