ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES continued

PERUSAHAAN PERSEROAN PERSERO P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued DECEMBER 31, 2010 AUDITED AND SEPTEMBER 30, 2011 UNAUDITED AND NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2010 AND 2011 UNAUDITED Figures in tables are presented in millions of Rupiah, unless otherwise stated 133

51. FINANCIAL ASSETS AND LIABILITIES continued

1. Financial risk management continued

b. Interest rate risk continued

September 30, 2011 Non One year More than interest or less one year bearing Total Assets Cash and cash equivalents 9,340,186 - 24,735 9,364,921 Temporary investments 267,865 - 92,925 360,790 Other current assets 1,014,280 - - 1,014,280 Other non-current assets - 164,620 55,466 220,086 Total financial assets 10,622,331 164,620 173,126 10,960,077 Liabilities Short-term bank loans 127,143 - - 127,143 Two-step loans 746,326 2,083,892 - 2,830,218 Bonds and notes 644,277 3,019,700 - 3,663,977 Bank loans 10,619,063 299,570 - 10,918,633 Total financial liabilities 12,136,809 5,403,162 - 17,539,971 Total interest repricing gap 1,514,478 5,238,542 6,579,894 c. Credit risks The Company and its subsidiaries are exposed to credit risk primarily from trade receivables and other receivables. Credit risk is managed by continuous monitoring outstanding balance and collection of trade and other receivables. The following table sets out the maximum exposure of credit risk and concentration risk of the Company and its subsidiaries : Credit risk concentration Maximum Corporate Others exposure Trade receivables 3,903,171 3,122,052 7,025,223 Other receivables 147,188 46,466 193,654 4,050,359 3,168,518 7,218,877 Management is confident in its ability to continue to control and sustain minimal exposure of credit risk given that the Company and its subsidiaries have provided sufficient allowance for doubtful accounts to cover incurred loss arising from uncollectible receivables based on existing historical loss. PERUSAHAAN PERSEROAN PERSERO P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued DECEMBER 31, 2010 AUDITED AND SEPTEMBER 30, 2011 UNAUDITED AND NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2010 AND 2011 UNAUDITED Figures in tables are presented in millions of Rupiah, unless otherwise stated 134

51. FINANCIAL ASSETS AND LIABILITIES continued

1. Financial risk management continued d. Liquidity risks Liquidity risk arises in situations where the Company and its subsidiaries have difficulties in fulfilling financial liabilities when they become due. Prudent liquidity risk management implies maintaining sufficient cash and cash equivalents in order to fullfil the Company and its subsidiaries’ financial liabilities. The Company and its subsidiaries continuously perform an analysis to monitor statement of financial position ratios, such as among other things, liquidity ratios, debt equity ratios against debt covenant requirements. 2. Fair value of financial assets and liabilities Fair value is the amount for which an asset could be exchanged, or liability settled, in an arms- length transaction. The table below sets out the carrying amount and fair value of those financial assets and liabilities not presented on the Company’s consolidated statement of financial positions at their fair values: September 30, 2011 Carrying value Fair value Two step loans 2,830,218 2,946,613 Bonds and notes 3,663,977 3,891,290 Bank loans 10,918,633 11,133,557 The Company and its subsidiaries consider the fair value of current financial assets and liabilities approximates their carrying amount, as the impact of discounting is not significant. The fair values of long-term liabilities are estimated by discounting the future cash flows of each liability at rates currently offered to the Company and its subsidiaries for similar debts of comparable maturities by the bankers of the Company and its subsidiaries, except for bonds which are based on market prices.

52. SUBSEQUENT EVENTS

a. On October 11, 2011, through ICBC, Sinosure approved Telkomsel’s request to cancel the Facility 2 of US100 million Note 22h. b. In October 2011, GSD fully repaid the loan facility amounted to Rp.19,000 from Bank CIMB Niaga Note 18b. c. On October 5, 2011, BSM has agreed to extend the loan facility agreement amounted to Rp.15,000 million to Balebat Note 18d.