Obligasi Wajib Konversi OWK – Rupiah Mandatory Convertible Bonds MCB –

PT SMARTFREN TELECOM Tbk DAN ENTITAS ANAK Catatan atas Laporan Keuangan Konsolidasian 31 Maret 2015 Tidak Diaudit dan 31 Desember 2014 dan 2013 Disajikan Kembali dan untuk Periode Triwulan yang Berakhir 31 Maret 2015 dan 2014 Tidak Diaudit Angka-angka Disajikan dalam Rupiah, kecuali Dinyatakan Lain PT SMARTFREN TELECOM Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements March 31, 2015 Unaudited and December 31, 2014 and 2013 as Restated and For the Quarter Periods Ended March 31, 2015 and 2014 Unaudited Figures are Presented in Rupiah, unless Otherwise Stated - 95 - Restrukturisasi OWK I Restructuring of MCB I Pada tanggal 18 Januari 2012, pemegang obligasi menyetujui beberapa hal dalam amandemen OWK dengan kondisi baru sebagai berikut: On January 18, 2012, the bondholders have agreed on the following amendements in the MCB new terms: • OWK tanpa bunga yang berlaku; dan • OWK akan dikonversi menjadi saham Seri C dengan harga konversi Rp 100 per saham dan dapat dilakukan setiap saat oleh pemegang OWK sampai jatuh tempo. • The MCB will become non interest bearing; and • MCB will be converted into Series C share with par value of Rp 100 per share and could be converted any time by bondholders until the maturity date of MCB. Pada 31 Maret 2015 dan 31 Desember 2014, pemegang OWK I adalah PT Dian Swastatika Sentosa, pihak berelasi, Oakwell Worldwide Inc dan Glanville International Limited, pihak ketiga. As of March 31, 2015 and December 31, 2014, the bondholders of MCB I are PT Dian Swastatika Sentosa, a related party, Oakwell Worldwide Inc and Glanville International Limited, third parties. Obligasi Wajib Konversi II OWK II dan Opsi OWK II Mandatory Convertible Bonds II MCB II and MCB Option II Berdasarkan Akta Penerbitan Obligasi Wajib Konversi II Tahun 2014 Beserta Opsi Obligasi Wajib Konversi II No. 01 tanggal 2 Mei 2014, dari Linda Herawati, SH., notaris di Jakarta, Perusahaan menerbitkan OWK II Seri I yang disetujui oleh Rapat Umum Pemegang Saham Luar Biasa Perusahaan tertanggal 6 Juni 2014. Perusahaan menerbitkan lima 5 OWK II Seri I dengan nilai nominal Rp 200.000.000.000 per lembar atau seluruhnya sebesar Rp 1.000.000.000.000. Pada setiap satu 1 lembar OWK II Seri I melekat delapan 8 Opsi OWK II dimana masing-masing Opsi OWK II tersebut dapat membeli satu 1 OWK II Seri Baru dengan nilai nominal Rp 200.000.000.000 per lembar yang akan diterbitkan Perusahaan dari waktu ke waktu dalam periode lima 5 tahun dari tanggal penerbitan Opsi OWK II. OWK II Seri I dan OWK II Seri Baru secara bersama-sama disebut OWK II. Tingkat bunga OWK II adalah sebesar 0 per tahun. Jangka waktu OWK II adalah 5 lima tahun sejak tanggal diterbitkannya masing-masing sertifikat OWK II. Based on Deed of Mandatory Convertible Bond II year 2014 and MCB Option II No. 01 dated May 2, 2014, of Linda Herawati, SH., a notary in Jakarta, the Company issued MCB II Series I that was approved in the Extraordinary Stockholder’s Meeting on June 6, 2014. The Company issued five 5 MCB II Series I with a nominal value of Rp 200,000,000,000 per bond or totaling to Rp 1,000,000,000,000. Attached to each MCB II Series I are eight 8 MCB Option II, whereas each MCB Option II could buy one 1 New Series MCB II with a nominal value of Rp 200,000,000,000 per bond which will be issued by the Company from time to time in five 5 years period from the MCB Option II issuance date. MCB II Series I and New Series MCB II together are called MCB II. The MCB II bears interest at 0 per annum. The period of MCB II is 5 five years from each MCB II certificate issuance date. OWK II dapat dikonversi menjadi saham baru Seri C setiap saat sejak tanggal diterbitkannya sampai dengan tanggal jatuh tempo. Pada tanggal jatuh tempo OWK II yang telah diterbitkan akan dikonversi menjadi saham baru Seri C pada nilai nominal. MCB II could be converted into Company’s Series C shares in any time from the date of issuance until the maturity date. On the maturity date, MCB II which has been issued will be converted into Company’s Series C shares at par value. PT SMARTFREN TELECOM Tbk DAN ENTITAS ANAK Catatan atas Laporan Keuangan Konsolidasian 31 Maret 2015 Tidak Diaudit dan 31 Desember 2014 dan 2013 Disajikan Kembali dan untuk Periode Triwulan yang Berakhir 31 Maret 2015 dan 2014 Tidak Diaudit Angka-angka Disajikan dalam Rupiah, kecuali Dinyatakan Lain PT SMARTFREN TELECOM Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements March 31, 2015 Unaudited and December 31, 2014 and 2013 as Restated and For the Quarter Periods Ended March 31, 2015 and 2014 Unaudited Figures are Presented in Rupiah, unless Otherwise Stated - 96 - Dana yang diperoleh dari hasil penerbitan OWK II akan dipergunakan untuk pembayaran pinjaman danatau modal kerja danatau belanja modal Perusahaan danatau entitas anak. The fund from the issuance MCB II will be used for loan repayment andor working capital andor capital expenditures the Company andor a subsidiary. Agen sekuritas Perusahaan, adalah PT Sinarmas Sekuritas, pihak berelasi, berdasarkan Akta Notaris No. 1 tanggal 2 Mei 2014. The Company’s securities agent, is PT Sinarmas Sekuritas, related party, based on Notarial deed No. 1 dated May 2, 2014. Pada tanggal 31 Maret 2015 dan 31 Desember 2014, jumlah hasil penerbitan OWK II sebesar Rp 2.200.000.000.000. As of March 31, 2015 and December 31, 2014, the total proceeds from issuance of MCB and exercise of MCB II amounted to Rp 2.200,000,000,000. Pada 31 Maret 2015 dan 31 Desember 2014, pemegang OWK II adalah Oakwell Worldwide Inc dan Cascade Gold Limited, pihak ketiga. As of March 31, 2015 and December 31, 2014, the bondholders of MCB II are Oakwell Worldwide Inc and Cascade Gold Limited, third parties. 29. Pendapatan Usaha 29. Operating Revenues 31 Maret 2015 31 Maret 2014 March 31, 2015 March 31, 2014 Jasa telekomunikasi Telecommunication services Data 606.107.987.722 574.064.535.952 Data Percakapan 71.970.518.333 73.506.649.875 Voice Pesan singkat SMS 33.468.989.044 42.479.400.400 Short message service SMS Abonemen 7.183.590.971 5.002.714.935 Monthly service charges Lain-lain 7.081.791.875 5.713.126.473 Others Subjumlah 725.812.877.945 700.766.427.635 Subtotal Jasa interkoneksi Interconnection services Domestik 20.890.664.034 19.240.110.305 Domestic Jelajah Internasional 1.613.349.711 2.874.702.946 International Roaming Subjumlah 22.504.013.745 22.114.813.251 Subtotal Pendapatan Usaha 748.316.891.690 722.881.240.886 Operating Revenues

30. Beban Operasi, Pemeliharaan dan Jasa Telekomunikasi

30. Operations, Maintenance

and Telecommunication Services 31 Maret 2015 31 M aret 2014 March 3 1, 2015 M arch 31, 2014 B eban penggunaan frekuensi Frequency usage charges Catatan 44 173.009.560.067 139.449.237.686 N ote 44 S ewa ruang untuk stasiun Rental of spaces for base statio n pengendali da n infrastruktur and telecom mun ication telekom unikasi 158.585.326.604 190.987.747.094 infrastructure B eban interkone ksi dan beban Interconection charges and langsung lainnya 76.952.988.200 89.265.334.816 others direct cost Listrik dan generator 60.387.087.009 53.230.938.646 Electricity a nd generator P erbaikan dan p emeliharaan 6.535.195.813 6.519.375.114 Repairs and m aintenance Lai n-lain 3.382.547.376 964.439.457 Othe rs Jum lah 478.852.705.069 480.417.072.813 Total PT SMARTFREN TELECOM Tbk DAN ENTITAS ANAK Catatan atas Laporan Keuangan Konsolidasian 31 Maret 2015 Tidak Diaudit dan 31 Desember 2014 dan 2013 Disajikan Kembali dan untuk Periode Triwulan yang Berakhir 31 Maret 2015 dan 2014 Tidak Diaudit Angka-angka Disajikan dalam Rupiah, kecuali Dinyatakan Lain PT SMARTFREN TELECOM Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements March 31, 2015 Unaudited and December 31, 2014 and 2013 as Restated and For the Quarter Periods Ended March 31, 2015 and 2014 Unaudited Figures are Presented in Rupiah, unless Otherwise Stated - 97 - 31. Beban Penyusutan dan Amortisasi 31. Depreciation and Amortization Expenses 31 Maret 2015 31 Maret 2014 March 31, 2015 March 31, 2014 Penyusutan aset tetap Depreciation of property Catatan 10 240.062.379.589 226.033.249.611 and equipment Note 10 Amortisasi aset tak berwujud Amortization of intangible assets Catatan 11 86.329.079.057 56.017.519.661 Note 11 Jumlah 326.391.458.646 282.050.769.272 Total 32. Beban Karyawan 32. Personnel Expenses 31 Maret 2015 31 Maret 2014 March 31, 2015 March 31, 2014 Gaji dan tunjangan karyawan 68.525.891.768 58.395.398.702 Salaries and allowance Tenaga alih daya 31.551.271.158 32.123.508.323 Outsourcing of employees Imbalan kerja 5.687.019.750 5.186.943.500 Post-employment benefits Lai n-lain masing-masing Others dibawah Rp 1 miliar 1.256.993.421 1.073.699.814 each below Rp 1 billion Jumlah 107.021.176.097 96.779.550.339 Total 33. Beban Penjualan dan Pemasaran 33. Sales and Marketing Expenses 31 Maret 2015 31 Maret 2014 March 31, 2015 March 31, 2014 Iklan dan promosi 48.542.304.920 94.200.123.910 Advertising and promotion Kartu dan biaya voucher 17.648.497.859 26.889.527.365 Card and voucher costs Lai n-lain masing-masing Others di bawah Rp 1 miliar 5.106.063.705 3.867.024.040 each below Rp 1 billion Jumlah 71.296.866.484 124.956.675.315 Total 34. Beban Umum dan Administrasi 34. General and Administrative Expenses 31 Maret 2015 31 Maret 2014 March 31, 2015 March 31, 2014 Sewa 5.268.671.440 4.431.541.231 Rental Perjalanan dinas 4.245.301.684 3.458.029.827 Travel expenses Listrik, air dan telepon 2.033.935.109 1.831.136.304 Electricity, water and telephone Cadangan kerugian penurunan Allowance for receivable impairment nilai piutang Catatan 5 1.897.973.064 - Note 5 Perbaikan dan pemeliharaan 1.564.992.178 1.201.717.352 Repairs and maintenance Jasa profesional 1.264.554.223 9.521.072.529 Professional fees Beban kantor 1.242.238.111 649.267.717 Office expenses Beban perijinan 1.147.859.951 336.156.841 Permit and licenses Asuransi 678.293.919 692.358.328 Insurance Lain-lain masing-masing di bawah Rp 1 miliar 9.091.825.653 5.216.806.720 Others each below Rp 1 billion Jumlah 28.435.645.332 27.338.086.849 Total