SHORT-TERM BANK LOANS continued

PERUSAHAAN PERSEROAN PERSERO PT TELEKOMUNIKASI INDONESIA Tbk AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of June 30, 2015 and for the Six Months Period Then Ended Unaudited Figures in tables are expressed in billions of Rupiah, unless otherwise stated 64

18. TWO-STEP LOANS

Two-step loans are unsecured loans obtained by the Government which are then re-loaned to the Company. The loans obtained up to July 1994 are payable in rupiah based on the exchange rate at the date of drawdown. Loans obtained after July 1994 are payable in their original currencies and any resulting foreign exchange gain or loss is borne by the Company. June 30, 2015 December 31, 2014 Outstanding Outstanding Original Original currency Rupiah currency Rupiah Lenders Currency in millions equivalent in millions equivalent Overseas banks Yen 7,295 797 7,679 796 US 29 381 31 381 Rp - 402 - 438 Total 1,580 1,615 Current maturities Note 17a 217 207 Long-term portion Note 17b 1,363 1,408 Interest Interest Payment payment rate Lenders Currency schedule period per annum Overseas banks US Semi-annually Semi-annually 4.00 Rp Semi-annually Semi-annually 8.57 Yen Semi-annually Semi-annually 3.10 The loans were intended for the development of telecommunications infrastructure and supporting telecommunications equipment. The loans are due on various dates through 2024. The Company had used all facilities under the two-step loans program since 2008. Under the loan covenants, the Company is required to maintain financial ratios as follows: a. Projected net revenue to projected debt service ratio should exceed 1.2:1 for the two-step loans originating from Asian Development Bank PERUSAHAAN PERSEROAN PERSERO PT TELEKOMUNIKASI INDONESIA Tbk AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of June 30, 2015 and for the Six Months Period Then Ended Unaudited Figures in tables are expressed in billions of Rupiah, unless otherwise stated 65

19. BONDS AND NOTES

June 30, 2015 December 31, 2014 Outstanding Outstanding Original Original currency Rupiah currency Rupiah Bonds and notes Currency in millions equivalent in millions equivalent Bonds 2010: Series A Rp - 1,005 - 1,005 Series B Rp - 1,995 - 1,995 2015: Series A Rp - 2,200 - - Series B Rp - 2,100 - - Series C Rp - 1,200 - - Series D Rp - 1,500 - - Medium Term Notes