PT XL PT XL AxiataAxiata, , TbkTbk. (XL). (XL)

Corporate PresentationCorporate Presentation

9M 20109M 2010

This document contains confidential and proprietary information belonging to PT XL AxiataTbk.,

which information may be used only in connection with the business of PT XL AxiataTbk.

1

XL has generated steady increase in shareholder values

0

5

10

15

20

8.20%

3Q 09

4.20%

2Q 09

4.40%

3Q 10

16.50%

2Q 10

14.20%

1Q 10

11.20%

4Q 09

5,400

3,500

1,300

1,2500

1,000

2,000

3,000

4,000

5,000

6,000

3Q 102Q 10

4,075

1Q 104Q 09

1,930

3Q 092Q 09

-10

0

10

20

30

40

3Q 10

36.80%

2Q 10

32.90%

1Q 10

27.20%

4Q 09

20.80%

3Q 09

-0.90%

2Q 09

1.80%

34.7029.80

16.40

9.20

8.90

45.90

0

10

20

30

40

50

3Q 102Q 101Q 104Q 093Q 092Q 09

Closing Share Price (Rp)Closing Share Price (Rp) Market Capitalization (Rp. Tn)Market Capitalization (Rp. Tn)

RoICRoIC Normalized ROENormalized ROE

XL ranks 16th

for market capitalization in

IHSG (Indonesia)

2

Revenue

EBITDA

EBIT

PAT

Total Assets

9M10 vs. 9M09

32%

60%

157%

73%

-6%

Net Debt/Equity

Net Debt/EBITDA

3.1 x 0.9 x

3.2 x 1.2 x

9M09 9M10

RoIC

Normalized ROA

Normalized ROE

4.2%

- 0.2%

- 0.9%

16.5%

10.7%

36.8%

Asset

Productivity

Operating

Profitability2

Top-Line

Growth1

3

XL will continue to execute against 3 key value drivers

3

Asset

Productivity

Operating

Profitability2

Top-Line

Growth1

3

� Strong brand preference

� Relevant offers

� “Menu” based offers through *123#

� Capture growth in Data services through Motricity platform

� Intentional user experience

4

Driving affordable voice benefits

Source: Company data; Jun 2010 State of Indonesian Market Survey

Driving Blackberry

and internet

Fun & exciting brand – Fun book, XL Smile portal

Leading in innovation and affordability

Second brand preferred for purchase2nd strongest brand in “Spontaneous

Awareness” inducing strong usage

Strong brand preferrence

3789

26

34

9

XL

495357

7181

XL

5

Pulsa Rp.1000 aktif s/d 12 May10. Pilih Nelpon GILA!

1.Nelpon GILA

2.Jagoan Nelpon Xtra

3.Paket SMS

4.Internet & Blackberry

5.XL Konten

6.Lainnya

Response:

• Relevant info

• E.g. Account Balance

information

• Single access for all

• No need for different access

codes to purchase different

offers

• New & relevant offerings

• New pricing plans for Voice

and SMS

• BB registration

• Add-ons: e.g. for Data and

VAS

Current capabilityCurrent capability

Enhanced *123# for better

user experience

Single interface, *123#

Already ahead of competition

NextNext

6

Strong analytics to support Marketing campaigns

Special Blackberry

offer

Unique UMB menu

Unlimited Facebook for

the day

Special yahoo messenger

promo

RIGHT CHANNEL “Parallel intentional marketing campaign based on subscriber handset capabilities”

Understand Me!

Special Blackberry

offer

Unique UMB menu

Unlimited Facebook for

the day

Special yahoo messenger

promo

RIGHT CHANNEL “Parallel intentional marketing campaign based on subscriber handset capabilities”

Understand Me!

Campaign A

Campaign B

Campaign C

Campaign D

Right channel, right offer, right target of subs, in the right timeRight channel, right offer, right target of subs, in the right time Mobile Data Service AnalyticsMobile Data Service Analytics

Subscriber network and circle of

friends in running campaigns

Subscriber network and circle of

friends in running campaigns

7

Content operations

Business analysis and go-to-market

Device R&D

IT and Service Operations

Engagement model: Technical and Business

Motricity has a vast, global experiences across Data Services value chain

Partnering with Motricity to tap into data opportunity

� Cost Management

� Operational Excellence

� Distribution Excellence

� Monolithic XL brand

� Network modernization

Asset

Productivity

Operating

Profitability2

Top-Line

Growth1

3

Focus on operational excellence has helped improve EBITDA margin

3Q2010

52%

45%

2008

42%

2007

42%

2006

39%

2Q2010

52%52

50

51%

00

1Q2010

40

42

48

44

46

2009

EBITDA MarginEBITDA Margin Key examples of Operational ExcellenceKey examples of Operational Excellence

Distribution

• Major overhaul in Distribution

has strengthened control and

widen coverage

• At the same time reduced

Sales Commission cost

EBITDA margin (%)

Network

• Continues to explore more

efficient Network (e.g.

through modernization)

Employee

• Launched initiatives to

improve employee

productivity

A&P

• Strong monolithic XL brand

• At the same time, reduced

A&P spending

2006

2007

2009

Direct distribution• Limited reach

(35K retail outlets)• Lack of control• No clear

distribution strategy

Hybrid distribution

• Wider coverage• However, still lack

control of

distribution channels

Best-in-class

Distribution• Significant improvement

in product availability

• More efficient supply management

• Advocacy

• Performance-based selection (e.g. rationalized non-

performing dealers)• Exclusive cluster• Sales Academy

Low

High

HighControl

Re

ac

h

2006

2007

-2008

2009

We have achieved “best-in-class” in distribution

Asset

Productivity

Operating

Profitability2

Top-Line

Growth1

3

�Demand-based capacity

planning

�Balanced traffic

� Infrastructure sharing

�Managed service

12

Enhanced Enhanced Enhanced Enhanced CapExCapExCapExCapEx management for asset productivitymanagement for asset productivitymanagement for asset productivitymanagement for asset productivity

Optimized Network utilizationOptimized Network utilization Demand-based capacity planningDemand-based capacity planning

• Build capacity based on market demand

• Market understanding at segmented

“POC”

• Careful balancing of 2G and 3G

investments

• Minimize waste and inefficiencies

• Higher return on investment

0.0

1.0

2.0

3.0

4.0

5.0

0 2 4 6 8 10 12 14 16 18 20 22

Traffic profile by hour (Mn Minutes)

587600

277

Sept 2010 YTD

20092008

Continue to grow Asset (TowerCo) business

Continue to grow Asset (TowerCo) business

Asset business beyond “passive” infrastructure

Asset business beyond “passive” infrastructure

Passive infrastructure

• Rented ~5,000 towers in 2010

• 9 customers

• >5,000 tenancy

Active infrastructure

• Leased out Network capacity for domestic roaming

Maximize our asset utilization from non core

Revenues (in IDR Bn)

14

We have adopted “managed service” model in certain areasWe have adopted “managed service” model in certain areasWe have adopted “managed service” model in certain areasWe have adopted “managed service” model in certain areas

BenefitBenefit Potential impactPotential impact• Partnership in providing

operations for CRM & Billing

system for period 2010-2017• Expertise and high

quality service

• Save on Capital Expenditure

• Streamline business focus and operations for a more flexible organization

• TCO reduction

• Better customer experience

• High dependability• Partnership in Billing

Infrastructure as an “application

ready” platform for period 2010-

2014, including Disaster

Recovery Center

15

2010 Old Guidance2010 Old Guidance Current guidanceCurrent guidance

Cash out CAPEX

More than 20%

More than 50%

Approximately IDR 4.5-5 Tn, of which about 25 - 30% for data service, internally

funded

EBITDA Margin

Revenue growth

XL’s 2010 revised guidanceXL’s 2010 revised guidanceXL’s 2010 revised guidanceXL’s 2010 revised guidance

Expected more than 20%

Around 50%

Approximately IDR 4.5-5 Tn, of which about 25 - 30% for data service, internally

funded