SHORT-TERM BANK LOANS continued

PERUSAHAAN PERSEROAN PERSERO P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued DECEMBER 31, 2010 AUDITED AND SEPTEMBER 30, 2011 UNAUDITED AND NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2010 AND 2011 UNAUDITED Figures in tables are presented in millions of Rupiah, unless otherwise stated 64

20. TWO-STEP LOANS continued

Interest Interest Payment payment rate Lenders Currency schedule period per annum Overseas bank US Semi-annually Semi-annually 4.00 - 6.67 Rp. Semi-annually Semi-annually 7.57 - 7.73 Yen Semi-annually Semi-annually 3.10 The loans are intended for the development of telecommunications infrastructure and supporting equipment. The loans are payable in semi-annual installments and are due on various dates through 2024. Since 2008, the Company has used all facilities under the two-step loans program and the drawdown period for the two-step loans has expired. The Company is required to maintain financial ratios as follows: a. Projected net revenue to projected debt service ratio should exceed 1.5:1 and 1.2:1 for the two-step loans originating from the World Bank and Asian Development Bank “ADB”, respectively. b. Internal financing earnings before depreciation and interest expense should exceed 50 and 20 compared to annual average capital expenditures for loans originating from World Bank and ADB, respectively. As of September 30, 2011, the Company complied with the above mentioned ratios. Refer to Note 44 for details of related party transactions. 21. BONDS AND NOTES December 31, 2010 September 30, 2011 Outstanding Outstanding Original Original currency Rupiah currency Rupiah Bonds and notes Currency in millions equivalent in millions equivalent Bonds Series A Rp. - 1,005,000 - 1,005,000 Series B Rp. - 1,995,000 - 1,995,000 Medium Term Notes “MTN” Metra Rp. - 47,000 - 39,000 Sigma Rp. - 30,000 - 30,000 Finnet Rp. - 23,750 - 19,700 Promissory Notes PT. ZTE Indonesia “ZTE” US 7.08 63,824 10.41 91,598 Huawei Tech US 23.46 211,524 54.96 483,679 Total 3,376,098 3,663,977 Current maturities Note 19a 126,719 290,008 Long-term portion Note 19b 3,249,379 3,373,969 PERUSAHAAN PERSEROAN PERSERO P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued DECEMBER 31, 2010 AUDITED AND SEPTEMBER 30, 2011 UNAUDITED AND NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2010 AND 2011 UNAUDITED Figures in tables are presented in millions of Rupiah, unless otherwise stated 65

21. BONDS AND NOTES continued a. Bonds

Interest Interest Listed Issuance Maturity payment rate Bonds Principal Issuer on date date method per annum Series A 1,005,000 The Company IDX June 25, 2010 July 6, 2015 Quarterly 9.60 Series B 1,995,000 The Company IDX June 25, 2010 July 6, 2020 Quarterly 10.20 Total 3,000,000 The bonds are secured by all assets owned by the Company. The underwriter of the bonds are PT Bahana Securities, PT Danareksa Sekuritas and PT Mandiri Sekuritas. And the trustee is PT CIMB Niaga Tbk. The Company received the proceeds of the issuance of bonds on July 6, 2010. The funds received from public offering of bonds net of issuance costs, are to be used for increasing capital expenditure which consisted of: wave broadband bandwidth, softswitching, datacom, information technology and others, infrastructure backbone, metro network, regional metro junction, internet protocol, and satellite system, and optimizing legacy and supporting facilities fixed wireline and wireless. As of September 30, 2011, the rating for the bonds issued by PT Pemeringkat Efek Indonesia Pefindo is idAAA stable outlook. Based on indenture trusts agreement, the Company is required to comply with all covenants or restrictions including maintaining financial ratios as follows: 1. Debt to equity ratio should not exceed 2:1. 2. EBITDA to interest expenses ratio should not be less than 5:1. 3. Debt service coverage is 125 As of September 30, 2011, the Company complied with the above mentioned ratios. b. MTN Interest Issuance Maturity payment Notes Principal date date method MTN Metra Phase 1 30,000 June 9, 2009 June 19, 2012 Quarterly Phase 2 20,000 February 1, 2010 February 2, 2013 Quarterly Sigma 30,000 October 16, 2009 November 17,2014 Semi-annually Finnet Phase 1 10,000 October 16, 2009 November 17, 2012 Monthly Phase 2 15,000 March 18, 2010 March 24, 2013 Monthly The Arranger of the Medium Term Notes is PT Bahana Securities, Bank Mega is acting as Trustee, and PT Kustodian Sentral Efek Indonesia “KSEI” acting as Collecting Agent and Custodian.