PT Telekomunikasi Indonesia, Tbk.

9M14 Results

October, 2014

Disclaimer

This document may contain forward-looking statement within the meaning of safe-harbor. Actual results could differ materially from projections, estimations orexpectations. These may involve risk and uncertainty, and may cause actual resultsand development to differ substantially from those expressed or implied in thestatements. The company does not guarantee that any action, which may have beentaken in reliance of this document will bring specific results as expected.

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Content

1. Telkom in Brief

2. Financial and Operational Results

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Telkom in Brief

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Business and Customer Portfolio

Telecommunication

POTS

FWA

Mobile / Cellular

International Services

Broadband

Network Services

Tower

Information

Premise Integration Services

VA, Managed App & Performance/ITO

E-Payment

ITeS (BPO, KPO)

Media & Edutainment

Media : Pay TV & FTA

Content / Portal

Retail

Wholesale

International

Personal Consumer/Home SME Enterprise

OLO ( Other Licensed Operators )

Serv

ice

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Telkom and Subsidiaries

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Current OwnershipTelkom Indonesia is listed atIndonesia Stock Exchange (TLKM IJ)and New York Stock Exchange (TLKUS)

Public 47.4%

Government 52.6%

Treasury Shares 2.6%

Total Shares

100,799,996,400 shares

Market Capitalization at IDX

*) as of September 30, 2014

Rp293.8Tn*TOP 3

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Financial and Operational Results

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Highlights

Well maintained strong financial resultsConsol Revenue grew 7.1% YoY to Rp65.8tnTsel Revenue grew by 10.0% YoY to Rp48.4tn

Gaining remarkable subscribers growthBroadband users grew 31.8% YoY to more than 29.8mn*)

Cellular subscribers grew 8.9% YoY to 139.3mn*) exclude PAYU

Telkomsel continues the leadership in network quality and coverageTotal BTS 83,346 units, a 26.9% YoY growth3G BTS 37,082 units, a 58.2% YoY growth.New BTS 9M14 13,482 units, a 18.7% YoY growth, average ±1,500 BTS/month

Telkom recorded a strong operational and financial results in 9M14

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Data ServicesRevenues (Rp Tn)

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9M13 9M14

Data services, especially mobile data, is being the growth driver

Users (Million)

Mobile Data

Speedy

▲ 32.9%

▲ 8.0%

10.0

3.4 3.7

7.6

Mobile Data

▲ 14.1%

▲ 14.8%

9M13 9M14

▲ 14.8%

55.3 63.5

2.93.3

Fixed Bband

Revenues YoY (Rp Tn)

Note: “Other” among others consists of CPE, Pay TV, Leased Revenue, Directory Assistance, USO and Modem Sales

▲ 7.1%

TOTAL

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61.5 65.8

9M13 9M14

23,665

7,395

23,333

3,633 911 2,562

25,032

6,770

26,915

3,636 843 2,645

Cellular voice Fixed line voiceData, Internet, & ITInterconnection Network Other

9M13 9M14

▼7.5% ▲ 3.2%

▲ 5.8%

▼8.5%

▲ 15.4%

▲ 0.1%

9M13 9M14

Cellular SMSData Comm OthOthers

9.9

10.0

3.3

9.6

7.3

6.4

Expenses YoY (Rp Tn)

▲ 8.7%

TOTAL

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40.2 43.7

9M13 9M14

14,115

6,967

3,636

2,105 2,398

11,072

(96)

16,606

7,215

3,680

2,314 2,390

12,036

(532)O&M Personnel Interconnection Marketing G&A D&A Other

9M13 9M14▲ 17.6%

▲ 1.2%▲ 9.9% ▼0.3%

▼454.2%

▲ 3.6%

▲ 8.7%

Cellular Industry : TSEL Profile

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1. Occupied by 9 players (4 GSM+5 CDMA), telco industry ismature with estimated 130% SIM penetration (± 75%population-based penetration). Relatively stablecompetition in legacy businesses.

2. Early stage in data business with around 50% data usersand 25% smartphone penetration.

3. Tremendous growth in digital business; data traffic grewby 146% YoY and data revenue grew by 32% in 9M-14.

Industry Overview

TSEL Population Coverage 2G: ± 95% | 3G: ± 60%

Subscriber Market Share (Estimated)

Source: Company’s Data & Market Intelligence

44%56%

TSEL Others

Sumatera

CB portion: 29%

Greater Jakarta & West Java

CB portion: 22%Java & Bali CB portion: 27%

Papua, Maluku, Sulawesi, Kalimantan

CB portion: 22%

9M13 9M14 Diff.

TSEL 40% 44% 4ppt

Others 60% 56% -4ppt

Cellular: 9M14 Digital Business

Broadband:

Telkomsel Flash

BlackBerry

Digital Services:- Digital Lifestyle

- Digital Advertising

- Digital Payment & Mobile Banking

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+32%

9M-14

11.1

1.1

10.0

9M-13

8.4

0.8

7.6

DIGITAL BUSINESS

REVENUEIn Million

YEAR-ON-YEAR ACHIEVEMENT

In Trillion

DATA ENABLED

CUSTOMER

28%Digital

Services

Broadband

33%

9M-13 9M-14

155.9

63.4

DATA TRAFFIC

146%

In PB

9M-14

35.4

9M-13

20.0

3G DEVICE

CAPABLE

76%

In Million

9M-14

10.0

9M-13

8.0

3G BTS

ROLL OUT

25%

In Thousand

9M-14

37.1

9M-13

23.4

3G BTS

ON AIR

58%

In Thousand

55.3

9M-14

63.5

9M-13

15%

Cellular: 9M14 Solid Revenue

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+10%

9M-14

48.4

37.3

11.1

9M-13

44.0

35.6

8.4

REVENUE

8.0

+19%

9M-14

13.5

3.4

10.0

9M-13

11.4

3.3

In Million In Thousand

YEAR-ON-YEAR ACHIEVEMENT

In Trillion

9M-14

20%

9M-13

19%

CAPEX TO

REVENUE

TOTAL ASSET BTS ROLL OUT BTS ON AIRIn Thousand

+27%

9M-14

83.3

46.3

37.1

9M-13

65.7

42.2

23.4

CUSTOMER

In Trillion

3G

2G

3G

2G

1ppt

5%Legacy

Digital

Business

25%

3%

32%

58%

10%

EBITDA NET INCOMEIn TrillionIn Trillion

Margin

55%58%

Margin

29%30%

9M-13 9M-14

26.825.4

9M-14

13.8

9M-13

13.1

5%6%

9M-14

66.674.0

9M-13

11%

9M-13 9M-14

139.3127.9

9%

Debt to Equity Ratio (DER)*:

Sep-14: 7% (Sep-13: 5%)*) excluding obligation under finance lease

Free Cash Flow

Sep-14: Rp14.0tn (Sep-13: Rp14.4tn)

Corporate Actions in 9M14

• PINS Indonesia Acquire 25% of Tiphone Shares

• Telkom Redirecting Flexi’s Customers to Telkomsel

• Telkom and Telstra formed a JV for Network Application Services (NAS)

• Acquisition of Majority Shareholding in Contact Centre Australia (CCA)

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2014 Company OutlooksContinue to Deliver Value to Shareholders

▪ In line with or slightly above the market for both TLKM Consolidated and Telkomsel

Revenue Growth

▪ Slight decline for both TLKM Consolidated and for Telkomsel

EBITDA Margin

▪ Group (Consolidated): 20-25% over Revenue▪ Allocation:

▪ Telkomsel: 70%▪ TLKM & Others: 30%

Capex

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Thank You