TWO-STEP LOANS continued NOTES 2009

PERUSAHAAN PERSEROAN PERSERO P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS UNAUDITED continued JUNE 30, 2009 AND 2010 SIX MONTHS PERIOD ENDED JUNE 30, 2009 AND 2010 Figures in tables are presented in millions of Rupiah, unless otherwise stated 58

22. NOTES continued c. MTN Finnet

On October 16, 2009, Finnet entered into an agreement with Bahana Securities acting as “Arranger” and Bank Mega acting as “Trustee” to issue MTN for a total principal amount of Rp.25,000 million. KSEI acting as Collecting Agent and Custodian. Proceeds from issuance of MTN were used for the investment of hardware and software, project development and bridging loan payments for projects. MTN are scheduled to be issued in a maximum of 2 two phases with limited placement for a maximum amount of Rp.25,000 million with issuance at the latest in 17 seventeen months from the MTN Issuance Date of the first phase. The first phase, which was issued for Rp.10,000 million, will mature on November 17, 2012. Repayment of the principal are 1 each month on the 7 th until 12 th month, 2 each month on the 13 th until 35 th month, and the remaining 48 will be paid on November 17, 2012. On March 18, 2010, Finnet issued the second phase of MTN amounted to Rp.15,000 million which will mature on March 24, 2013. Interest on MTN were payable monthly beginning from the Issuance Date, through the Due Date. The MTN bear interest rates of 16.25 per annum. MTN are not secured by a specific collateral, but secured by all Finnet’s assets which are movable property or fixed property, either existing or in the future will become collateral for MTN holders and at all times ranked pari passu without any preference with other Finnet’s creditor previleges in accordance with prevailing regulations. Finnet may buy back all or part of the MTN at any time before the maturity date of the MTN. Based on the agreements, Finnet is required to comply with all covenants or restrictions including maintaining financial ratio as follows: 1. Debt to Equity maximum 2.5:1 2. EBITDA to Interest Ratio minimum 2.5. As of June 30, 2010, Finnet complied with the above mentioned ratios. d. Supplier Financing ZTE On December 10, 2009, the Company entered into a supplier financing agreement with ZTE. The unsecured facility covered 85 of Hand Over Report “Berita Acara Serah Terima” or BAST I Procurement and Installation MSAN ALU and Secondary Access Batch 2. The facility bear a fixed interest rate six-month London Interbank Offered Rate “LIBOR” plus 2.5 per annum US which is payable in 5 semi-annual installment commencing in December 2009. The principal outstanding as of June 30, 2010 amounted to US1.44 million equivalent to Rp.13,025 million. PERUSAHAAN PERSEROAN PERSERO P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS UNAUDITED continued JUNE 30, 2009 AND 2010