Major economic and political events in 2004

Major economic and political events in 2004

March 4: The government launches a US$1 billion international
bond, more than double the initial plan of $400 million, to meet
overwhelming demand from global investors. The sovereign bond is
oversubscribed four times.

March 11: The 22-day official campaign period for the legislative
election begins. Shares on the JSX drop by 2.5 percent to 741 and
the rupiah plunges to its lowest level in eight months at Rp
8,620 against the dollar on security jitters.

April 5: The legislative election, involving 24 contending
parties, go smoothly. The Golkar Party wins the most seats in the
House of Representatives, followed by the Indonesian Democratic
Party of Struggle (PDI-P) and the United Development Party (PPP).

May 17: Indonesian stocks post the biggest drop in 19 months on
concerns over record global oil prices and the possibility that
the U.S. Federal Reserve would, for the first time in four years,
raise its key interest rate by 25 basis points the following
month.

July 5: Voters turn out en masse -- nearly 120 million -- for the
first direct presidential election in the country. President
Megawati Soekarnoputri and running mate Hasyim Muzadi, and Susilo
Bambang Yudhoyono and running mate Jusuf Kalla emerge contenders
for the runoff in September.

Aug. 15: Megawati presents the 2005 draft budget featuring a Rp
21 trillion ($2.31 billion) fuel subsidy with oil prices assumed
at $24 a barrel and a growth forecast of 5.4 percent.

Sept. 9: A bomb goes off in front of the Australian Embassy in
Kuningan, South Jakarta, killing 11 people, including the alleged
suicide bomber, and injuring more than 180 others. The market
reacts by closing 0.8 percent lower.

Sept. 20: Voters cast ballots for the second and final time to
choose their next president. Susilo Bambang Yudhoyono and Jusuf
Kalla win the runoff in a landslide, garnering 60.68 percent of
valid votes against Megawati-Hasyim's 39.32 percent.

Sept. 28: Oil prices break $50 a barrel for the first time in
history amid growing demand and increasing unrest in major
producers Nigeria and Iraq.

Oct. 10: The government reaps Rp 2.77 trillion in gross proceeds
from the sale of its 51 percent stake in Bank Permata to a
consortium of British Standard Chartered Plc. and local
automotive company PT Astra International.

Oct. 20: Susilo Bambang Yudhoyono and Jusuf Kalla step into
office vowing to fight the pervasive and systematic corruption.
The Jakarta stock market tumbles amid investor disappointment
over the new Cabinet, the United Indonesia Cabinet.

Dec. 2: The Jakarta Composite Index tips the 1,000 mark after
months of rallying following the relatively peaceful general
elections and revised investment ratings of several companies.