1H 2019 Results

| |PT Indosat Tbk. – 1H 2019 Results 2

• PT Indosat Tbk ( “Indosat Ooredoo” or “Company” ) cautions investors that certain statements contained in this document state its management's intentions, hopes, beliefs, expectations, or predictions of the future are forward-looking statements

• The Company wishes to caution the reader that forward-looking statements are not historical facts and are only estimates or predictions. Actual results may differ materially from those projected as a result of risks and uncertainties including, but not limited to:

• The Company’s ability to manage domestic and international growth and maintain a high level of customer service

• Future sales growth

• Market acceptance of the Company’s product and service offerings

• The Company’s ability to secure adequate financing or equity capital to fund our operations

• Network expansion

• Performance of the Company’s network and equipment

• The Company’s ability to enter into strategic alliances or transactions

• Cooperation of incumbent local exchange carriers in provisioning lines and interconnecting our equipment

• Regulatory approval processes

• Changes in technology

• Price competition

• Other market conditions and associated risks

• The company undertakes no obligation to update publicly any forward-looking statements, whether as a result of future events, new information, or otherwise

| |PT Indosat Tbk. – 1H 2019 Results 3

Network Experience Execution Excellence Leverage Brand Strength

4200 physical sites roll

out

Improving network

experience

Increased fiberized

sites

Bringing Indosat Glory Back - Kemenangan

Sustainable topline growth Gaining market share Bottom line improvements

Growing retail outlets,

Distribution = Network

Site level performance

Strong regional

Structure

War On Waste – Cost

Initiatives

Strong brand equity

leveraging Indosat's 50-

year tradition

Convert customer loyalty

into base growth

Cross functional programs to embed agile way of working

| |PT Indosat Tbk. – 1H 2019 Results 5

Operating Revenue

EBITDA

EBITDA Margin

Loss Attributable to shareholders

12,292 11.1%

4,433 26.6%

4.4ppt

-332 52.2%

6,046 3.3%

2,157 5.5%

35.7% 0.7ppt

-293 86.5%

in IDR billion

36.1%

11,066

3,503

31.7%

-694

6,245

2,276

36.4%

-39

| |PT Indosat Tbk. – 1H 2019 Results 6

9671,016

1,358 1,026 962178

158

161162 180

in IDR billion

+3.3% QoQ+19.0% YoY

CellularFixed DataFixed Voice

+11.5% | +1.1%

-6.3% | -0.5%

+5.0% | +24.4%

QoQ | YoY

4,101

2Q-18

5,246

3Q-18

5,704

4,530 4,851

4Q-18

6,370

5,103

6,046

1Q-19 2Q-19

6,245

4,858

| |PT Indosat Tbk. – 1H 2019 Results 7

75.364.1

58.0 53.3 56.7

-24.6% YoY +6.4% QoQ

in million in million

-20.9

-11.1-6.1 -4.8

3.4

2Q-18 2Q-183Q-18 3Q-184Q-18 4Q-181Q-19 1Q-192Q-19 2Q-19

| |

8.5 7.9 7.2 6.1 5.5

3540 40 37 34

PT Indosat Tbk. – 1H 2019 Results 8

-34.7% YoY -9.4% QoQ

Voice Traffic

in billion minutes (Voice Traffic)

in minute/subscriber (MOU)

MOU

15.921.6 24.6 26.5 29.3

+10.6% QoQ+84.1% YoY

ARPU

in thousand IDR (ARPU)

2Q-18 2Q-183Q-18 3Q-184Q-18 4Q-181Q-19 1Q-192Q-19 2Q-19

| |PT Indosat Tbk. – 1H 2019 Results 9

449,105490,476

562,615622,876

755,930

in TByte

+21.4% QoQ+68.3% YoY

2Q-18 3Q-18 4Q-18 1Q-19 2Q-19

4G massive expansion resulting in

continued data traffic and 4G users

growth

| |PT Indosat Tbk. – 1H 2019 Results 10

1,433 1,642 1,3552,157 2,276

+5.5% QoQ+58.8% YoY

EBITDA

in IDR billion

EBITDA Margin

-694

-332

+52.2% YoY

1H-191H-18

in IDR billion

2Q-18 3Q-18

in %

4Q-18 1Q-19 2Q-19

27.328.8

21.3

35.7 36.4

| |PT Indosat Tbk. – 1H 2019 Results 11

1.87

1H-191H-18

Net Debt Net Debt/EBITDA

in IDR billion

+16.2% YoY

2.81

• Higher gearing to support network

expansion and improvement.

• Committed to maintain a ratio

below covenant value of 4x net

debt to EBITDA

17,97120,885

| |

1,350

2,183

4,434

2,200

3,17725.7

38.3

69.6

36.4

50.9

PT Indosat Tbk. – 1H 2019 Results 12

in IDR billion

41

-1,591

-290 -281

623

Capex (Spent)

in IDR billion

Capex/Revenue

in %

2Q-18

2Q-18

3Q-18

3Q-18 4Q-18

4Q-18 1Q-19

1Q-19

2Q-19

2Q-19

| |PT Indosat Tbk. – 1H 2019 Results 13

24,427 22,127 22,423 21,044 21,375

31,880 33,239 35,453 38,447 40,116

10,066 11,636 17,050

22,015 24,874

+6.0% QoQ+30.1% YoY

2G3G4G

2Q-18

66,373

3Q-18

67,002• Fast paced 3G/4G network

extension

• Adding 14,808 4G BTS YoY

• 4G Service now operates in

475 cities

4Q-18

74,926

1Q-19

81,50686,365

2Q-19