T H E

F I R S T

Q U A R T E R

2 0 1 2

R E S U L T S

( U N A U D I T E D )
CONVERSION RATES (US$ 1.00): March 31, 2012 = Rp9,144.00 March 31, 2011 = Rp8,707.50

TICKERS: IDX : TLKM NYSE : TLK LSE : TKIA

ISSUED SHARES: 20,159,999,280 shares

SHAREHOLDER COMPOSITION: Govt. of Indonesia : 53.70% Public : 46.30% Excl. Treasury stock 940,605,460 shares.

Highlights
FINANCIAL PERFORMANCE
Revenue (in Rp. Bn)

Our consolidated revenue in 1Q 2012 grew by 6.5% YoY and our celullar operation recorded an 8.9% YoY revenue growth to Rp12.3 trillion. Our broadband users grew by 35.9% YoY: o Fixed broadband users grew to 1.9 millions. o Mobile broadband/Flash users reached 5.2 millions. o Blackberry users reached 3.3 millions. The expense declined 11.7% QoQ as a result of continuous cost leadership program. We recorded a 2.8% QoQ increase in EBITDA margin to 54.1%.

Financial Highlights
Key Indicators (Rp. Bn) Revenues Expenses Profit before Finance (cost)/income & Tax EBITDA EBITDA Margin (%) Net Income YoY 1Q11 16,706 11,386 5,419 8,642 51.7 2,828 1Q12 Growth (%) 17,796 6.5 11,756 6,220 9,623 54.1 3,322 3.2 14.8 11.4 2.4 17.5 2Q11 17,666 11,935 5,897 9,432 53.4 3,111 3Q11 18,462 13,331 5,251 9,031 48.9 2,445 QoQ 4Q11 18,418 13,317 5,380 9,451 51.3 2,581 1Q12 Growth (%) 17,796 (3.4) 11,756 6,220 9,623 54.1 3,322 (11.7) 15.6 1.8 2.8 28.7

Operational Highlights
OPERATIONAL PERFORMANCE
Subscribers (million)

Subscriber (000) Broadband Fixed Broadband/ Speedy Mobile Broadband/ Flash Blackberry Total Cellular Postpaid Prepaid Total Fixed Line LIS Wireline LIS Wireless Postpaid Prepaid Total

1Q11

YoY 1Q12 Growth (%)

2Q11

3Q11

QoQ 4Q11

1Q12

Growth (%)

1,791 4.336 1,580

1,884 5,241 3,348

5.2 20.9 111.9 35.9 2.2 10.8 10.6 4.2 (19.2) (20.5) (19.1) (12.0)

2,000 5,190 2,195 9,385 2,202

2,184 5,948 3,039 11,171 2,213

1,789 5,532 3,153 10,474 2,188 104,829 107,017 8,602 14,238 468 13,770 22,839

1,884 5,241 3,348 10,473 2,213 107,668 109,881 8,686 15,123 426 14,697 23,809

5.3 (5.3) 6.2 (0.0) 1.1 2.7 2.7 1.0 6.2 (9.0) 6.7 4.2

7,707 10,473 2,165 2,213

97,200 107,668 99,365 109,881 8,333 536 8,686 426

100,089 101,936 102,291 104,149 8,420 18,736 525 18,210 27,156 8,510 18,085 520 17,565 26,595

18,708 15,123 18,172 14,697 27,041 23,809

Investor Relations PT Telekomunikasi Indonesia Tbk Grha Citra Caraka, 5th Floor Jl. Gatot Subroto No. 52, Jakarta Phone : 62 21 5215109 Fax : 62 21 5220500 Email : investor@telkom.co.id Website : www.telkom.co.id

DISCLAIMER This document contains financial conditions and result of operation, and may also contain certain projections, plans, strategies, and objectives of the Company, which would be treated as forward looking statements within the meaning of applicable law. Forward looking statements, by their nature, involve risk and uncertainty that could cause actual results and development to differ materially from those expressed or implied in these statements. Telkom Indonesia does not guarantee that any action, which may have been taken in reliance on this document, will bring specific results as expected.

THE FIRST QUARTER 2012 (UNAUDITED)

PT TELEKOMUNIKASI INDONESIA, Tbk. THE FIRST QUARTER 2012 RESULTS (UNAUDITED)

The following analysis and discussion is based on our Indonesian GAAP financial statements for the three months ended March 31, 2011 and 2012. The reports have been submitted to BAPEPAM-LK, the Indonesia Capital Market and Financial Institutions Supervisory Agency, and to US Securities and Exchange Commission.

FINANCIAL RESULTS
Revenues
Key Indicators (Rp. Bn) YoY 1Q11 1Q12 Growth (%) 2Q11 3Q11 QoQ 4Q11 1Q12 Growth (%)

Cellular Fixed Line Data, Internet & IT Interconnection Network Other Total

6,755 2,930 5,452 846 305 418 16,706

7,197 2,805 6,115 876 306 497 17,796

6.5 (4.3) 12.2 3.5 0.3 18.9 6.5

6,777 2,936 6,096 832 325 700 17,666

7,411 2,882 6,353 948 325 543 18,462

7,655 2,871 6,023 883 346 640 18,418

7,197 2,805 6,115 876 306 497 17,796

(6.0) (2.3) 1.5 (0.8) (11.6) (22.3) (3.4)

We made total revenue of Rp17.8 trillion in 1Q12, an increase of 6.5% YoY. Cellular revenues is still the largest contributor while Data, internet and IT services recorded the highest growth. Total revenue decreased by 3.4% QoQ with details are as follows:

Cellular revenues decreased by 6.0% QoQ resulting from the decrease of call features, local usage revenue, and monthly subscription revenue. It was a 6.5% YoY increase. Fixed line revenues, consisted of fixed wireline voice and fixed wireless voice revenues, slightly decreased by 2.3% QoQ. o Fixed wireline revenue decreased by 3.7% or amounting to Rp95.2 billion as a result of decrease in local and long distance usage revenue. Fixed wireless revenue increased by 9.9% or amounting to Rp29.5 billion as results of combined impact of increase in local usage and decrease in long distance usage revenue.

Data, Internet & IT Services revenues mainly contributed by Data Communication & Internet and SMS. Data communication & internet revenues increased by 6.7% QoQ or amounting to Rp206.9 billion, while SMS revenues decreased by 7.0% QoQ or amounting to Rp208.3 billion. This made total Data, Internet & IT Service was slightly increasing by 1.5%. Interconnection revenues slightly decreased by 0.8% QoQ or amounting to Rp7 billion as a result of combined impact of increase in international OLO revenues and decrease in both domestic and international celullar interconnection revenues. Network revenues decreased by 11.6% QoQ or amounting to Rp40 billion. The decrease was contributed by the decrease of leased line revenues for both domestic and international. Other revenues decreased by 22.3% QoQ or amounting to Rp143 billion. The decrease mostly contributed by directory assistant and tower business revenues.

THE FIRST QUARTER 2012 (UNAUDITED)

Expenses
Key Indicators (Rp. Bn) 1Q11 YoY 1Q12 Growth (%) 2Q11 3Q11 QoQ 4Q11 1Q12 Growth (%)

Operation & Maintenance Personnel Interconnection Marketing General Administrative Depreciation & Amortization Loss/(gain) on forex, share of profit associated comp. & others expenses Total

4,070 1,909 806 725 553 3,448

3,916 2,047 995 635 580 3,465

(3.8) 7.2 23.4 (12.4) 4.9 0.5

4,153 1,843 791 829 617 3,703

4,343 2,590 933 816 749 3,632

3,806 2,212 1,025 908 1,016 4,080

3,916 2,047 995 635 580 3,465

2.9 (7.5) (2.9) (30.1) (42.9) (15.1)

(125) 11,386

118 11,756

(194.4) 3.2

(1) 11,935

268 13,331

270 13,317

118 11,756

(56.3) (11.7)

Compared to last quarter results, total expenses decreased by 11.7% with the following details:

Operation & Maintenance (O&M) expenses increased by 2.9% QoQ. During 1Q12, we managed to save O&M supporting facilities including power supply expense, CPE of leased line, operational security, building lease, operational vehicle and antenna & tower expenses. At the same time, there were increases in frequency, radio base station O&M, IT services, outsourcing and cooperation expenses. Total personnel expenses decreased by 7.5% QoQ due to the one time payment of allowance in Telkomsel and underpayment of employees annual income tax in 4Q11. Interconnection expenses decreased by 2.9% QoQ that was contributed from decrease in international interconnection and domestic wireline cellular interconnection. Marketing expenses decreased by 30.1% QoQ mostly due to decrease in advertising, sales support fees, and exhibition expense. General & Administrative expenses decreased by 42.9% QoQ. The decrease mostly contributed by decrease in allowance for doubtfull accounts and obsolescence, social contribution expense, professional fees and travelling expenses. Depreciation & Amortization expenses decreased by 15.1% QoQ or amounting to Rp615 billion mostly due to the one time adjustment of CDMA assets impairment in 4Q11.

EBITDA, EBITDA Margin and Net Income

First quarter 2012 EBITDA increased by 11.4% YoY and 1.8% QoQ to Rp9.6 trillion and EBITDA margin was at 54.1%. Those increases happened as a result of decline in cash operating expenses spending during 1Q12. Net Income for 1Q12 increased by 17.5% YoY and 28.7% QoQ to Rp3.3 trillion. The basis to calculate the EBITDA is the expenses without forex exchange gain or loss, share of profit of associated companies, others-net and depreciation & amortization expenses.

THE FIRST QUARTER 2012 (UNAUDITED)

Financial Position
Key Indicators (Rp. Bn) YoY 1Q11 1Q12 Growth (%) 2Q11 3Q11 QoQ 4Q11 1Q12 Growth (%)

Assets Liabilities Non-controlling Interests Equity

100,686 40,455 12,991 47,240

104,624 40,238 14,704 49,682

3.8 (0.5) 13.2 5.2

99,834 44,548 11,064 44,222

99,473 41,234 12,288 45,951

103,054 42,073 13,471 47,510

104,624 40,238 14,704 49,682

1.5 (4.4) 9.1 4.6

Increase in Assets by 1.5% QoQ was as a result of: o Increase in Current assets. This was mainly due to increase in cash and cash equivalent, claim for tax refund, and customer trade receivables. Slightly decrease in Non-current assets. This was driven by the decrease in Fixed Assets and the advances for fixed assets purchasing. The decrease in net fixed assets was attributable to decrease in transmission installation and equipment.

Decrease in Liabilities by 4.4% QoQ was a result of: o Decrease in Current Liabilities. This was attributable to the trade payables for decrease of more equipments & materials purchases and the decrease of long-term liabilities that near to maturities. Decrease in Non-current liabilities. This was mostly contributed by the decrease in banks loans.

Increase in non-controlling interest of 9.1% QoQ was due to the growth of non-controlling net assets of subsidiaries, notably of Telkomsels. Increase in Equity of 4.6% QoQ was mainly due to the additional earnings retained in 2012, which was compensated by the additional of Treasury Stock in the Share Buy Back IV Program.

Cash Flows
Key Indicators (Rp. Bn) YoY 1Q11 1Q12 Growth (%)

Cash Flow from Operating Activities Cash Flow from Investing Activities Cash Flow from Financing Activities Net Increase in Cash & Cash Equivalent Effect of Foreign Rate Changes Cash & Cash Equivalents at Beginning of Periods Cash & Cash Equivalents at End of Periods

7,142 (3,131) (2,432) 1,579 (53) 9,120 10,646

8,775 (4,004) (3,257) 1,514 15 9,634 11,163

22.9 27.9 33.9 (4.1) (128.3) 5.6 4.9

Net cash generated from operations increased by 22.9% YoY as a result of the cash receipt revenues from customers. Net cash used for investment activities increased by 27.9% mostly due to the increase in cash spent for fixed assets purchasing. Net cash used for financing activities increased by 33.9% mostly due to the increase in cash spent in Share Buy Back IV Program in 1Q 2012. 4

THE FIRST QUARTER 2012 (UNAUDITED)

Debts
Currencies (Rp. Bn) IDR/Rupiah USD/Dollar Amerika Serikat JPY/Yen Jepang Total YoY 1Q11 1Q12 Growth (%) (23.7) (32.4) (1.7) (23.9) 4Q11 13,579 2,583 1,168 17,330 QoQ 1Q12 11,174 2,288 1,112 14,574 Growth (%) (17.7) (11.4) (4.8) (15.9) Portion (%) 1Q11 76.4 17.7 5.9 100.0 4Q11 78.4 14.9 6.7 100.0 1Q12 76.7 15.7 7.6 100.0

14,643 11,174 3,386 2,288 1,131 1,112 19,160 14,574

Gearing
Key Indicators 1Q11* YoY 1Q12 Growth

Net Debt to Equity (%) Debt Equity (%) Debt to EBITDA (%) Debt Service Ratio (Times) * as restated

17.1 40.6 221.7 1.9

7.7 30.9 159.6 2.2

(9.4) (9.6) (62.1) 0.3

Our debts consisted of Two-Step Loans, Bonds, Notes and Banks Loans. During first quarter 2012, we made repayment of Banks Loans, Two-Step Loans, MTN and Notes of Rp2.1 trillion, Rp788.9 billion, Rp1.2 billion and Rp5.0 billion, respectively. We made new debts for working capital purposes in the form of Banks loan, MTN and Notes amounting to Rp112.1 billion, Rp6.0 billion, and Rp65.6 billion respectively.

Financial Ratio
Ratios (%) YoY 1Q11 1Q12 Growth (%) 2Q11 3Q11 QoQ 4Q11 1Q12 Growth (%)

Profit Margin
Profit for the year attributable to owners Margin

32.4 16.9 51.7 108.6 2.8 6.0 85.6

35.0 18.7 54.1 106.2 3.2 6.7 81.0

2.6 1.8 2.4 (2.4) 0.4 0.7 (4.6)

33.4 17.6 53.4 89.1 3.1 7.0 100.7

28.4 13.2 48.9 95.4 2.5 5.3 89.7

29.2 14.0 51.3 95.8 2.5 5.4 88.6

35.0 18.7 54.1 106.2 3.2 6.7 81.0

5.7 4.7 2.8 10.4 0.7 1.3 (7.6)

EBITDA Margin Current Ratio Return on Assets Return on Equity Total Liabilities to Equity

Telkomsel Financial Result

Income Statement
Statement of Income (Rp. Bn) 1Q11 YoY 1Q12 Growth (%) 4Q11 QoQ 1Q12 Growth (%)

Revenues Expenses (incl. Depreciation) EBITDA EBITDA Margin (%) Net Income

11,297 7,334 6,245 55 2,856

12,298 7,600 7,075 58 3,505

9 4 13 3 23

12,703 8,116 7,000 55 3,315

12,298 7,600 7,075 58 3,505

(3) (6) 1 3 6

THE FIRST QUARTER 2012 (UNAUDITED)

Telkomsel recorded a strong revenue growth in 1Q12. It reached Rp12.30 trillion in 1Q12, an increase by 9% YoY, which resulted from the growth of all voice, SMS and data revenues. Compared to last quarter results, it declined 3% mainly due to decline in voice revenue.

Postpaid revenue grew slightly to Rp1.09 trillion due to increase in data revenue combined with voice revenue decline. It slightly declined QoQ due to decline in voice revenue combined with growth of data revenue. Prepaid revenue increased 12% YoY to Rp10.24 trillion, which was mainly driven by the growth of data revenues. It was down 2% compared to last quarter, as a result of voice and SMS revenue decline combined with data growth. International roaming revenue decreased 14% YoY to Rp143 billion due to the impact of special inter operator tariff with some roaming partners. It also declined 14% QoQ as there was impact from Hajj season in 4Q11. Interconnection revenue decreased 8% YoY to Rp709 billion and 11% QoQ, which was mainly due to decrease in domestic interconnection. Other revenues, resulted from network lease and USO compensation fee, decreased 11% YoY to Rp114 billion and 29% QoQ. Both the YoY and QoQ decline were from USO compensation fee.

Non-voice revenues (SMS, Data & VAS) increased 15% YoY to Rp4.6 trillion which was contributed by SMS and data revenues growth. It slightly grew 0.5% QoQ due to data revenue growth combined with SMS and VAS/content revenues decline. We put strong efforts to control the growth of expenses in the first quarter 2012. Expenses increased only by 4% YoY to Rp7.60 trillion and it even declined by 6% from previous quarter.

Personnel expenses increased 28% YoY to Rp482 billion, which was due to salary adjustment and impact of allocation of employee allowances. It decreased by 27% QoQ, as there was one time adjustment on personnel expenses recorded in 4Q11. Operation & maintenance expenses increased slightly 1% YoY to Rp2.62 trillion, due to increase in network space rental combined with decline in frequency fees. It grew 6% QoQ, on higher frequency fees. General & administration expenses decreased 2% YoY to Rp197 billion. It declined 38% QoQ, which was due to decline in most of general & administration expense items. Marketing expenses decreased 20% YoY and 36% QoQ to Rp402 billion, which was mainly on reduction of advertising and promotion expenses. Interconnection charges (domestic and international) decreased 4% YoY and 16% QoQ to Rp622 billion due to decline in both domestic and international interconnection charges. Cost of Services grew 25% YoY to Rp899 billion and increased 3% QoQ. The YoY and QoQ growth of Cost of Services was mainly due to increase in data access fees in line with the growth of the data business, particularly for blackberry service. Depreciation expense was relatively stable at Rp2.39 trillion. It decreased 1% from previous quarter. Others-net decreased 88% YoY to a net gain of Rp14 billion due to the forex loss resulted from depreciation of the rupiah in 2011. 6

THE FIRST QUARTER 2012 (UNAUDITED)

Net finance costs (interest income and financing charges) declined 98% YoY and 97% QoQ to Rp 3.4 billion resulted mainly from decrease in financing charges due to debt repayment.

Financial Position
Total Assets decreased by 4% YoY to Rp60.85 trillion. Total liabilities decreased by 11% to Rp18.97 trillion, while total equity increased 13% to Rp41.88 trillion.

Current assets increased 60% to Rp12.35 trillion, mainly due to increase in cash and cash equivalent. Fixed assets decreased 5% to Rp45.77 trillion as a result of network infrastructure growth combined with impact of accelerated depreciation of fixed-assets. Current liabilities increased 10% to Rp13.34 trillion, in relation with the increase of accrued liabilities and tax payable. Non-current liabilities decreased 39% to Rp5.64 trillion, mainly due to repayment of medium-term loans.

As of March 31, 2012 Telkomsel had Rp4.27 trillion loans outstanding after transaction cost, which Rp1.49 trillion was presented as current liabilities and Rp 2.78 trillion as non-current liabilities.

Cash Flow and Capital Expenditures

Net cash generated from operations in 1Q12 was Rp6.79 trillion, increase 26% YoY due to increase in cash received from operations combined with decrease in payments for taxes. Cash flow for investment activities, increased 29% to Rp2.37 trillion (approximately USD 258 million) mostly on acquisition of network infrastructures. Net cash used in financing activities increased 19% to Rp1.50 trillion as there were significant amount of loans due in 1Q12 and loan early repayment initiatives.
STATEMENT OF CASH FLOWS AS OF MARCH 31, 2011 AND 2012 (In Billions of Rupiah)
1Q11 1Q12

Cash Flow from Operating Activities Cash Flow for Investing Activities Cash Flow from Financing Activities Net Increase in Cash & Cash Equivalents Effect of Foreign Exchange Rate Changes Cash and Cash Equivalents at Beginning of Periods Cash and Cash Equivalents at End of Periods Addition to Fixed Assets (incl. CIP)

5,382 (1,845) (1,265) 2,272 (16) 1,222 3,478 1,349

6,792 (2,372) (1,502) 2,918 11 4,223 7,152 2,256

Loan/ Debt
In 1Q12, the remaining available loan facility of Rp3.0 trillion was expired. For the existing loans, Telkomsel has agreed on certain financial covenants related to its loans/debts. As of March 31, 2012 these covenants were as follows:
Covenant t/b maintained Bank Loans EBITDA to Debt Service Debt to Tangible Net Worth Required Actual 5.51 0.10

1.25 2.00

For subsequent events in April 2012, The General Shareholders Meeting set the dividend payout ratio is 80% of Net profit or equivalent to Rp10.25 trillion that will be paid on two terms. The Rp8.20 trillion will be paid on 30 May 2012 and the rest of Rp2.05 trillion will be paid on 29 of August 2012.

THE FIRST QUARTER 2012 (UNAUDITED)

OPERATIONAL RESULTS
Broadband Services
Customer Base Fixed Broadband (Speedy) 1.9 million customers, a 5.2% growth YoY and 5.3% increase QoQ.

Mobile Broadband (Flash) 5.2 million customers, a 20.9% growth YoY and 5.3% decrease QoQ.

ARPU & Traffic Production Fixed Broadband o 1Q12 ARPU was Rp188 thousand, a 0.5% increase YoY and 13.2% increase compared to ARPU of 4Q11. o We maintained Speedy customers monthly usage growing 8.4% YoY and 1.2% QoQ which brought 1Q12 Speedy revenue of Rp1.04 trillion, an increase of 8.1% YoY and 0.4% QoQ.

Mobile Broadband With the growth of Telkomsel data users, data traffic/payload has shown an outstanding growth during the last few quarters. In 1Q12, it grew 109% YoY to approximately 10,758 terabytes.

New Products & Programs Mobile Broadband New Telkomsel BlackBerry package for simPATI users was launched in March 2012. The package allows customers to have browsing, social network access (Facebook, Twitter & My Space), BBM chatting and one email account (user@telkomsel.blackberry.com). Network Development Mobile Broadband By the end of March 2012, Telkomsel has 10,163 3G Node-B units on air, a 22.0% increase from the same period last year.

Cellular Services
Customer Base The customer base grew strongly as shown by 11% increase from a year ago and 3% from last quarter. We added 2.9 million new customers in 1Q12. As of March 30, 2012, Telkomsel served 109.9 million customers, consist of 2.2 million postpaid and 107.7 million prepaid customers, which made us as the market leader of cellular customers with 43% share.

Traffic Production & ARPU Total outgoing minutes of use (MoU, chargeable and non-chargeable) decreased 7% YoY to 40.5 billion minutes resulted from decline in traffic matched with the trend of shift away from voice. It was 4% lower if we compare to total MoU production in 4Q11. 8

THE FIRST QUARTER 2012 (UNAUDITED)

Blended ARPU presentation for 1Q12 was Rp 36,000, which declined 3% YoY and 5% QoQ. ARPU has been declining during the last few years due to the impact of competition, penetration to lower market segments and multiple simcards holders phenomenon. Total outgoing SMS production (chargeable and non-chargeable) increased 13% YoY to 62 billion units, which was mainly contributed by Kartu As. It increased 5% QoQ. New Products & Programs During 1Q12, we launched several promo programs:

In January 2012, we launched iPhone 4S with special packages for postpaid and prepaid customers consist of bundled with minutes, SMS and data access package. Facebook starter pack offers more benefits to customers in January 2012 with lifetime access to Facebook website from handset through m.facebook.com, attractive packages for SMS & data and affordable tariff for voice & SMS. In March 2012, a modified Kartu As 30 hours promotion was introduced to customers, which provides access to Facebook, Twitter & chatting, bonus talk to be used up to 30 hours and also thousands of SMSs.

Network Development By the end of March 2012, Telkomsel had 44,797 BTSs (including 10,163 3G Node-B units) on air and that was an increase of 18.4% from the same period last year. The addition during first quarter 2012 were 2,174 units new BTSs (including 654 3G Node-B units).
The following table presents a comparison of our cellular business performance:
YoY Key Indicators CUSTOMER BASE Total Customer Postpaid (kartuHALO) Subs (000) Prepaid (simPATI + Kartu As) Total Net Add Postpaid (kartuHALO) Prepaid (simPATI + Kartu As) Total MoU Chargeable MoU Total SMS Chargeable SMS Total ARPU Postpaid (kartuHALO) Prepaid (simPATI + Kartu As) Blended NETWORK DATA BTS Unit 37,830 44,797 18.4 39,609 41,037 42,623 44,797 5.1
Rp.'000 per mo Rp.'000 per mo Rp.'000 per mo

QoQ Growth (%) 2Q11 3Q11 4Q11 1Q12 Growth (%)

Unit

1Q11

1Q12

2,165 97,200 99,365 39 5,316 5,355 43 44 25 54 196 34 37

2,213 107,668 109,881 25 2,839 2,864 35 41 30 62 183 33 36

2.2 10.8 10.6 (35.9) (46.6) (46.5) (16.9) (7.0) 17.1 13.0 (6.6) (3.0) (3.0)

2,202 100,089 102,291 37 2,889 2,926 40 42 26 59 198 34 38

2,213 101,936 104,149 11 1,847 1,858 38 39 28 53 196 37 40

2,188 104,829 107,017 (26) 2,893 2,867 39 42 30 59 197 35 38

2,213 107,668 109,881 25 2,839 2,864 35 41 30 62 183 33 36

1.1 2.7 2.7 196.2 (1.9) (0.1) (8.0) (4.0) (2.0) 5.0 (7.1) (6.1) (5.0)

Subs (000) Subs (000) Subs (000) Subs (000) Subs (000) Bn Minutes Bn Minutes Bn Units Bn Units

THE FIRST QUARTER 2012 (UNAUDITED)

The following table presents a comparison of our cellular business performance: (continued)
YoY Key Indicators EMPLOYEE DATA Total employees Efficiency ratio Person
000 Subs/employee

QoQ Growth (%) 0.4 8.4 2Q11 3Q11 4Q11 1Q12 Growth (%) 0.1 1.1

Unit

1Q11

1Q12

4,403 23

4,422 24.5

4,409 23

4,402 24

4,417 24

4,422 24.5

Fixed Line Services

Customer Base Fixed Wireline 8.7 million customers, 4.0% growth from last year and 1.0% increase from last quarter.

Fixed Wireless 15.1 million customers at the end of 1Q12, consisting of 426 thousand postpaid subscribers and 14.7 million prepaid subscribers. Compare to previous quarter, fixed wireless customers increased by 6.2%.

ARPU Fixed Wireline 1Q12 ARPU was at Rp92 thousand, a 5% decrease QoQ.

Fixed Wireless 1Q12 blended ARPU was at Rp10.2 thousand, a 5% increase QoQ.

New Products & Programs Fixed Wireless In February 2012, we launched Flexi Bisa Banget program that consisted of Flexi Bisa Banget Mobile Broadband, Flexi Bisa Banget Rejeki Nuomplok and Flexi Bisa Banget Bebas Bicara. Flexi Bisa Banget Mobile Broadband is a bundling program of Flexi EVDO Broadband services with various handsets and dongles including 1 month free usages of the broadband internet. Flexi Bisa Banget Rejeki Nuomplok enables customer who refill or pay monthly payment of minimum Rp20,000 to have opportunities for winning prizes consisting of 3600 pulse vouchers with denominated of Rp. 25.000, 21 Honda Vario CW motorbikes 2012 and 3 cars of Toyota Avanza 1.3 G M/T 2012. Flexi Bisa Banget Bebas Bicara enables customers to make unlimited calling to PSTN and Telkomsel after the second minute of their calls. Network Development Up to end of first quarter 2012, we have 5,715 Flexis BTSs covering 370 cities.
The following table presents a comparison of Flexi performance:
YoY Key Indicators CUSTOMER BASE Total Customer Postpaid (Classy) Prepaid (Trendy) Total SSF (000) SSF (000) SSF (000) 536 18,172 18,708 426 14,697 15,123 (20.5) (19.1) (19.2) 525 18,210 18,736 520 17,565 18,085 468 13,770 14,238 426 14,697 15,123 (8.9) 6.7 6.2
Unit

QoQ Growth (%) 2Q11 3Q11 4Q11 1Q12 Growth (%)

1Q11

1Q12

10

THE FIRST QUARTER 2012 (UNAUDITED)

The following table presents a comparison of Flexi performance: (continued)

YoY Key Indicators Net Add Postpaid (Classy) Prepaid (Trendy) Total MoU SMS ARPU Postpaid (Classy) Prepaid (Trendy) Blended NETWORK DATA BTS Coverage Unit Cities 5,707 370 5,715 370 0.1 5,705 370 5,708 370 5,715 370 5,715 370 Rp.'000 Rp.'000 Rp.'000 78 7 10 84 8 10 7.0 15.1 6.0 76 8 9 77 7 9 80 7 10 84 8 10 4.3 8.7 4.9 SSF (000) SSF (000) SSF (000) Mn Minutes Mn Units (11) 558 547 2,366 919 (42) 927 886 1,472 666 (286.6) 66.3 62.0 (37.8) (27.5) (10) 38 28 2,136 895 (5) (646) (651) 1,781 712 (53) (3,795) (3,848) 1,686 672 (42) 927 886 1,472 666 20.9 124.4 123.0 (12.7) (1.0)
Unit

QoQ Growth (%) 2Q11 3Q11 4Q11 1Q12 Growth (%)

1Q11

1Q12

ADDITIONAL INFORMATION
Capital Expenditure
For the first quarter 2012, paid Capex of Telkom, Telkomsel and other subsidiaries were amounting to Rp0.7 trillion, Rp2.4 trillion and Rp0.5 trillion respectively. Telkoms Capex was mainly utilized for enhancing backbone and access infrastructure to support the broadband and for Telkom-3 satellite. Meanwhile, Telkomsel's Capex was utilized for radio access network. Other Subsidiaries Capex was utilized among others for erecting tower and developing infrastructure.

Share Buyback IV Program

As of March 31, 2012, we have bought back 940.6 million shares in the Indonesian Stock Exchange (IDX) and New York Stock Exchange (NYSE) amounting to Rp3.2 trillion or 64.2% from total target Rp5 trillion. The program will expire on November 2012.

Awards & Recognition

During 1Q 2012, we have been awarded by several institution for our achievements, among others:

The Best Environmental Responsibility dan The Best Investor Relations Professional by Corporate Governance Magazine Asia in 2nd Asian Excellence Recognition Award 2012 in Hong Kong. Indonesia Most Admired Companies 2011 by Fortune Indonesia Magazine for 2 catagories: The Best in Telecommunication Industrial Sector dan The Best 20 Most Admired Companies in Indonesia. Bali Service Excellence Award (BSEA) 2012 for Speedy and Flexi in a prestigious contention held by MarkPlus.Inc. Top Brand Award 2012 for Speedy, Flexi Pasca Bayar, and Flexi Pra Bayar in a contention held by Frontier Consulting Group. Top Brand Award 2012 for kartuHALO (Postpaid SIM-card category) and simPATI (Prepaid SIMcard category) for thirteen consecutive years from Marketing Magazine and Frontier Consulting Group.

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THE FIRST QUARTER 2012 (UNAUDITED)

Top Brand Award 2012 for TELKOMSELFlash (Mobile Internet Service Provider category) and Telkomsel BlackBerry Internet Service (BlackBerry Service Provider category) from Marketing Magazine and Frontier Consulting Group. Call Center Service Excellence Award (CCSEA) 2012 in the category of telecommunications and internet service provider for its Call Center 147 in a contention held by Care Center for Customer Satisfaction and and Service Excellence Magazine. Call Center Award 2012 for Service Excellence (Telecommunication Sector category) from CarreCCSL (Center for Customer Satisfaction & Loyalty) and Marketing Magazine. Gadget+ Award 2012 for Telkomsel as The Best GSM Provider and The Best Marketer of the Year from Gadget+ Magazine. Indonesia Most Favorable Brand in Social Media 2012 for simPATI (GSM SIM-card category) from SWA Magazine.

Achievements

Telkom being the first in Indonesia rewarded SAP Customer Center of Expertise (CCoE) Certificate on February 2012.

12

THE FIRST QUARTER 2012 (UNAUDITED) Table 1 PERUSAHAAN PERSEROAN (PERSERO) PT. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION DECEMBER 31, 2011 (AUDITED) AND MARCH 31, 2012 (UNAUDITED) (figures are presented in billions of Rupiah)
DEC 31, 2011 MAR 31, 2012

ASSETS CURRENT ASSETS Cash and cash equivalents Available-for-sale financial assets Trade receivables Related parties Third parties Other receivables Inventories Advances and prepaid expenses Claims for tax refund Prepaid taxes Asset held-for-sale Other current assets Total Current Assets NON-CURRENT ASSETS Long-term investments - net Property, plant and equipment Prepaid pension benefit cost Advances and other non-current assets Intangible assets Deferred tax assets - net Total Non-current Assets TOTAL ASSETS

9,634 361 932 3,983 335 758 3,294 371 787 791 12 21,258

11,163 373 1,116 4,147 455 1,004 3,129 966 183 593 6 23,135

235 74,897 991 3,817 1,789 67 81,796 103,054

235 74,619 1,002 3,802 1,760 71 81,489 104,624

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THE FIRST QUARTER 2012 (UNAUDITED)

Table 1 (Continued) PERUSAHAAN PERSEROAN (PERSERO) PT. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION DECEMBER 31, 2011 (AUDITED) AND MARCH 31, 2012 (UNAUDITED)

(figures are presented in billions of Rupiah)

DEC 31, 2011 LIABILITIES AND EQUITIES CURRENT LIABILITIES Trade payables Related parties Third parties Other payables Taxes payables Accrued expenses Unearned income Advances from customers and suppliers Short-term bank loans Current maturities of long-term liabilities Total Current Liabilities NON-CURRENT LIABILITIES Deferred tax liabilities Unearned income Long service awards provisions Post-retirement health care benefit provisions Retirement benefits obligation Long-term liabilities - net of current maturities Obligations under finance leases Two-step loans - related party Bonds and Notes Bank loans Total Non-current Liabilities TOTAL LIABILITIES EQUITY EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT Capital stock - Rp.250 par value per Series A Dwiwarna share and Series B share Authorized - 1 Series A Dwiwarna share and 79,999,999,999 Series B shares Issued and fully paid - 1 Series A Dwiwarna share and 20,159,999,279 Series B shares Additional paid-in capital Treasury stock Difference in value arising from restructuring transactions and other transactions between entities under common control Difference due to change of equity in associated companies Unrealized holding gain from available-for-sale securities Translation adjustment Difference due to acquisition of non-controlling interest in subsidiaries Retained earnings Appropriated Unappropriated Total Equity Attributable To Owners Of The Parent Non-Controlling Interest TOTAL EQUITY TOTAL LIABILITIES AND EQUITY MAR 31, 2012

838 7,479 38 1,039 4,790 2,821 271 100 4,813 22,189

775 6,439 39 2,010 5,344 2,638 325 170 4,034 21,774

3,794 242 287 888 1,715 314 2,012 3,401 7,231 19,884 42,073

3,612 229 284 821 1,852 315 1,941 3,423 5,986 18,463 40,237

5,040 1,073 (6,323) 478 386 47 240 (485) 15,337 31,717 47,510 13,471 60,981 103,054

5,040 1,073 (7,477) 478 386 50 242 (485) 15,337 35,039 49,683 14,704 64,387 104,624

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THE FIRST QUARTER 2012 (UNAUDITED)

Table 2 PERUSAHAAN PERSEROAN (PERSERO) PT. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME THREE-MONTHS PERIOD ENDED MARCH 31, 2011 AND 2012 (UNAUDITED) (figures are presented in billions of Rupiah, except per shares and per ADS) 2011 REVENUES Other Income EXPENSES Operations, maintenance and telecommunication services Depreciation and amortization Personnel Interconnection Marketing General and Administrative Gain/(loss) on foreign exchange net Equity in net loss of associated companies Others net Total Expenses PROFIT BEFORE FINANCE (COST) INCOME AND INCOME TAX Finance income Finance costs Total Finance Costs net PROFIT BEFORE INCOME TAX INCOME TAX (EXPENSE) BENEFIT Current Deferred 16,706 100 2012 17,796 180

(4,070) (3,448) (1,909) (806) (553) (725) 152 (1) (26) (11,386) 5,420 120 (405) (285) 5,135

(3,916) (3,465) (2,047) (995) (580) (635) 16 (1) (133) (11,756) 6,220 129 (278) (149) 6,071

(1,329) 18 (1,311) 3,824

(1,698) 186 (1,512) 4,559

PROFIT FOR THE YEAR OTHER COMPREHENSIVE (EXPENSE) INCOME Foreign currency translation - net of tax Change in fair value of available-for-sale financial assets - net of tax Total Other Comprehensive (Expense) Income TOTAL COMPREHENSIVE INCOME FOR THE YEAR Profit for the period attributable to: Owners of the parent Non-controlling interest Total comprehensive income attributable to: Owners of the parent Non-controlling interest BASIC EARNIGS PER SHARE Income per share Income per ADS (40 Series B shares per ADS)

(5) (3) (8) 3,816

2 3 5 4,564

2,828 996 3,824 2,820 996 3,816 143.79 5,751.60

3,322 1,237 4,559 3,327 1,237 4,564 172.20 6,888.00

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THE FIRST QUARTER 2012 (UNAUDITED) Table 3 PT. TELEKOMUNIKASI SELULAR (TELKOMSEL) AND SUBSIDIARIES STATEMENT OF FINANCIAL POSITION DECEMBER 31, 2011 (AUDITED) AND MARCH 31, 2012 (UNAUDITED) (figures are presented in billions of Rupiah, otherwise stated) DEC 31, 2011 ASSETS CURRENT ASSETS Cash & cash equivalents Accounts receivables including unbilled revenues Prepayments Others Total Current Assets NON-CURRENT ASSETS Long-term investment Fixed assets-net Advances for fixed assets Intangible assets-net Prepayments Non current portion Others Total Non-Current Assets TOTAL ASSETS LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable & accrued liabilities Taxes payable Unearned revenue Current maturities of medium-term & long-term loans Total Current Liabilities NON-CURRENT LIABILITIES Medium-term & long-term - net of current maturities Deferred tax liabilities Others Total Non-current Liabilities EQUITY Capital Stock - Rp1,000,000 par value Authorized - 650,000 shares Issued and fully paid - 182,570 shares Additional paid-in capital Retained earnings Total Equity TOTAL LIABILITIES & STOCKHOLDERS' EQUITY MAR 31, 2012

4,223 1,038 2,472 2,122 9,855

7,152 965 2,223 2,010 12,350

20 46,208 530 1,033 947 129 48,868 58,723

20 45,766 526 1,042 965 184 48,503 60,853

8,466 760 2,478 2,271 13,975

8,162 1,353 2,327 1,494 13,336

3,486 2,363 523 6,372

2,781 2,267 588 5,636

183 1,505 36,688 38,376 58,723

183 1,505 40,193 41,881 60,853

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THE FIRST QUARTER 2012 (UNAUDITED) Table 4 PT. TELEKOMUNIKASI SELULAR (TELKOMSEL) AND SUBSIDIARIES STATEMENT OF COMPREHENSIVE INCOME THREE-MONTHS ENDED MARCH 31, 2011 AND 2012 (figures are presented in billions of Rupiah, otherwise stated) 2011 REVENUES Postpaid Prepaid International roaming revenues Interconnection revenues Other (USO compensation & network lease) Total Revenues EXPENSES Personnel Operation & maintenance General & administrative Marketing Interconnection & international charges Cost of services Depreciation Others - net Total Expenses Interest income & financing charges INCOME BEFORE TAX INCOME TAX EXPENSE NET INCOME EBITDA EBITDA Margin (%) ROA (%) ROE (%) 1,086 9,145 167 771 128 11,297 2012 1,091 10,241 143 709 114 12,298

376 2,598 202 505 650 721 2,398 (116) 7,334 (142) 3,821 965 2,856 6,245 55 21 35

482 2,621 197 402 622 899 2,391 (14) 7,600 (3) 4,695 1,190 3,505 7,075 58 23 34

17