PT XL Axiata reported that Budi Pramantika has tendered his resignation from the board of directors as a director on March 6, 2023 due to personal reasons, after serving as Finance Director since October 2020. Budi Pramantika's major contributions during his tenure as Finance Director of XL Axiata: 1. Optimum Asset management. This step was taken to address the challenges of the telecommunications industry by maximising asset management.

All assets owned by the company, be it fixed assets, investments, sale & lease back or capex, must be optimised. 2. Fundraising to strengthen capitalisation. To finance capex, XL Axiata has raised funds other than bank loans, namely through the issuance of Bonds and Sukuk, as well as Right Issue.

Through this policy, which aims to strengthen the company's financial structure by 2022, XL Axiata has managed to raise a total of around IDR 8 trillion. Respectively IDR 3 trillion through Bond and Sukuk in September 2022 at very competitive prices and around IDR 5 trillion through Right Issue. The funds raised have strengthened the balance sheet and enabled XL Axiata to maintain its current AAA investment grade rating.

In addition, this success has also balanced the company's debt profile so that it is better prepared for potential interest rate hikes in the future. 3. Digital transformation in finance. This digitization needs to be applied to the financial side of the company to further improve financial performance.

All processes in finance need to be converted to digital and automation. The financial processes include business cases, sourcing processes, contracting, payments, and bookkeeping. 4. Effective & efficient cost management, particularly the implementation of operational excellence and opex savings.

This policy is to support the achievement of the company's performance, such as a reduction in tower rental costs, potential reduction in interest expenses related to the issuance of Bonds and Sukuk, and Right Issue. Furthermore, the company will seek for approval of the resignation at the nearest General Meeting of Shareholders.