TWO-STEP LOANS continued FS Telkom Q1 2011

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

21. BONDS AND NOTES continued

b. MTN continued i. Metra continued Metra secures with a minimum value of 40 of the outstanding MTN principal. The maximum value of 60 of the outstanding MTN principal is unsecured and at all times ranked pari passu with other unsecured debts of Metra. Metra may buy back all or part of the MTN at any time before the maturity date of the MTN. Based on the agreements, Metra is required to comply with all covenants or restrictions including maintaining financial ratios as follows: 1. Debt to Equity maximum 1.5:1 2. EBITDA to Interest Ratio minimum 2.5. As of March 31, 2011, Metra complied with the above mentioned ratios. ii. Sigma Proceeds from the issuance of MTN were used to expand the business. The MTN bear interest rates for the first year of 14.5 and for the second up to the fifth years from the Issuance Date based upon the average interest rate of one-month SBI plus a 800 basis points premium. One-month SBI is calculated based on the average interest rates of one-month SBI in the last 6 months at the time of the determination of the interest of MTN. The MTN are not secured by a specific collateral, but secured by all of Sigma’s assets. These movable or fixed property, either existing or in the future, are collateral for assets of MTN holders and at all times ranked pari passu without any preference with other creditor privileges in accordance with prevailing regulations. Based on the agreements, Sigma is required to comply with all covenants or restrictions including maintaining financial ratios as follows: 1. Debt to Equity maximum 2.5:1 2 Funded debt and maximum of five times EBITDA in 2009, three and a half times in 2010 and two and a half times in 2011. As of March 31, 2011, Sigma complied with the above mentioned ratios. iii. Finnet Proceeds from issuance of MTN were used for the investment of hardware and software, project development and bridging loan payments for projects. Repayment of principal for the first phase MTN are 1 each month on the 7 th until 12 th month, 2 each month on the 13 th until 35 th month, and the remaining 48 will be paid on November 17, 2012. PERUSAHAAN PERSEROAN PERSERO P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued DECEMBER 31, 2010 AUDITED AND MARCH 31, 2011 UNAUDITED AND THREE MONTHS PERIOD ENDED MARCH 31, 2010 AND 2011 UNAUDITED Figures in tables are presented in millions of Rupiah, unless otherwise stated 65

21. BONDS AND NOTES continued