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 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 62

20. TWO-STEP LOANS continued

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 March 31, 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 March 31, 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 - 45,000 Sigma Rp. - 30,000 - 30,000 Finnet Rp. - 23,750 - 22,700 Promissory Notes PT. ZTE Indonesia “ZTE” US 7.08 63,824 6.75 58,792 Huawei Tech US 23.46 211,524 33.21 289,227 Total 3,376,098 3,445,719 Current maturities Note 19a 126,719 164,989 Long-term portion Note 19b 3,249,379 3,280,730 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.