RECLASSIFICATION OF ACCOUNTS SUBSEQUENT EVENTS

PT XL AXIATA Tbk AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2007, 2008 AND 2009; AND 31 MARCH 2009 AND 2010 Expressed in millions of Rupiah, unless otherwise stated Page 66

36. FINANCIAL ASSETS AND LIABILITIES continued

Credit risk continued The following table sets out the maximum exposure of credit risk and concentration risk of the Company: Credit Risk Concentration Corporate Others Maximum exposure Trade receivables 575,329 121,153 696,482 Other receivables - 17,101 17,101 Derivative receivables - 50,125 50,125 Other assets 332,604 - 332,604 907,933 188,379 1,096,312 The above table represents a maximum of credit risk exposure to the Company at 31 March 2010. The exposures set out above are based on net carrying amounts as reported in the balance sheet. Liquidity risk Liquidity risk arises in situations where the Company has difficulties in obtaining funding. Prudent liquidity risk management implies maintaining sufficient cash and cash equivalents. The Company manages liquidity risk by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Management is confident in its ability to continue to control and sustain minimal exposure of credit risk given that the Company have provided sufficient allowance for doubtful accounts to cover incurred losses arising from uncollectible receivables based on existing historical loss. Fair value of financial assets and liabilities Fair value is the amount for which an asset could be exchanged, or a liability settled, in an arms- length transaction basis. The table below sets out the carrying amounts and fair value of those financial assets and liabilities not presented on the Company’s balance sheets at their fair values: 31032010 Carrying Value Fair Value Long-term loans 11,608,776 11,668,699 Long-term bonds 1,496,723 1,492,973 PT XL AXIATA Tbk AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2007, 2008 AND 2009; AND 31 MARCH 2009 AND 2010 Expressed in millions of Rupiah, unless otherwise stated Page 67

36. FINANCIAL ASSETS AND LIABILITIES continued

Fair value of financial assets and liabilities continued The fair value of long-term loans are estimated by using discounted cash flows applying the effective interest rate charged by the lenders for the last utilisation in each currency borrowings. The fair value of long-term bonds is estimated by using the last quoted market price.

37. NEW ACCOUNTING STANDARDS

The Indonesian Institute of Accountants issued the following revised accounting standards which are applicable for financial statement covering periods beginning on or after 1 January 2011: - SFAS 1 Revised 2009 - Presentation of Financial Statements - SFAS 2 Revised 2009 - Statement of Cash Flows - SFAS 4 Revised 2009 - Consolidated and Separate Financial Statements - SFAS 5 Revised 2009 - Operating Segments - SFAS12 Revised 2009 - Interests in Joint Ventures - SFAS 15 Revised 2009 - Investmens in Associates - SFAS 25 Revised 2009 - Accounting Polices, Changes in Accounting Estimates and Errors - SFAS 48 Revised 2009 - Impairment of Assets - SFAS 57 Revised 2009 - Provision, Contigent Liabilities and Contigent Assets - SFAS 58 Revised 2009 - Non-current Assets Held for Sale and Discontinued Operations The Company is still evaluating the possible impact of these standards on the consolidated financial statements.