SHORT-TERM BANK LOANS continued

PERUSAHAAN PERSEROAN PERSERO P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS UNAUDITED continued JUNE 30, 2009 AND 2010 SIX MONTHS PERIOD ENDED JUNE 30, 2009 AND 2010 Figures in tables are presented in millions of Rupiah, unless otherwise stated 56

21. TWO-STEP LOANS continued

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 June 30, 2010, the Company complied with the above mentioned ratios. Refer to Note 45 for details of related party transactions.

22. NOTES 2009

2010 Medium-term Notes Metra 30,000 47,000 Sigma - 30,000 Finnet - 25,000 Supplier financing PT. ZTE Indonesia “ZTE” - 13,025 PT Huawei Tech Investment “Huawei Tech” - 84,347 Total 30,000 199,372 Current maturities Note 20a 3,000 50,239 Long-term portion Note 20b 27,000 149,133 a. MTN Metra On June 9, 2009, Metra entered into an agreement with PT Bahana Securities “Bahana Securities” acting as “Arranger” and Bank Mega acting as “Trustee” to issue Medium Term Notes “MTN” for a total principal amount of Rp.50,000 million. PT Kustodian Sentral Efek Indonesia “KSEI” acting as Collecting Agent and Custodian. Proceeds from issuance of MTN were used to expand the business and as working capital. MTN are scheduled to be issued in a maximum of 4 four phases to a maximum of Rp.50,000 million. Each phase will be at longest 3 three years from the issuance date. The first phase which was issued for Rp.30,000 million, will mature on June 19, 2012. On February 1, 2010, Metra issued the second phase of MTN amounted to Rp.20,000 million, which will mature on February 2, 2013. Interest on MTN is payable quarterly beginning from the Issuance Date, through the Due Date. The MTN bear floating interest rates, for the first year of 15,05, for the second and third years of average return yield of 3 three Government Bonds “Surat Utang Negara” or SUN with a remaining period of time equal to the second and third years of MTN plus 4.02 premium. Repayment of the principal for each 10, 20 and 70 on the first, second and third anniversary of the Issuance Date, respectively.