Press Release APLN Rating Downgrade

July 22, 2019

Jakarta, July 22, 2019. PT Agung Podomoro Land Tbk. (“APLN” or “the Company”) -(Ticker IDX: APLN)- would like to disclose that the ratings of APLN and USD 300 million Senior Notes due in 2024 issued by APL Realty Holdings Pte. Ltd., a wholly owned subsidiary of the Company (“2024 Senior Notes”), has been downgraded by Moody's Investors Service (“Moody’s”) to ‘B2’ from ‘B1’ with outlook on all ratings was changed to ratings under review for downgrade from negative, and by FitchRatings (“Fitch”) to ‘CCC-‘ from ‘B-‘ and all ratings placed on May 15th, 2019 were removed from Rating Watch Negative (RWN).

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