This document contains certain financial conditions and results 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 and actual results and development could differ materially from those expressed or implied
in these statements. Telkomsel does not guarantee that any action will bring results as expected.

PT TELEKOMUNIKASI SELULAR (TELKOMSEL)

JANUARY – MARCH 2009 RESULTS

Telkomsel reports its unaudited financial and operational results for the period ended March 31, 2009.
The Company’s financial statements are consolidated by PT Telekomunikasi Indonesia, Tbk.

SUMMARY

Telkomsel recorded strong customer base growth in 1Q09 by adding 6.83 million new customers. The
growth was driven by strong growth of the prepaid simPATI product. Chargeable MOU (minutes of
use) grew 60% from 20.7 billion minutes in 1Q08 to 33.1 billion minutes in 1Q09. Chargeable SMS
also showed a positive growth of 70% increasing from 13.5 to 22.9 billion records year on year.
Operating revenue in 1Q09 decreased 4% to Rp 9.25 trillion compared to the same quarter last year
due to impact of lower effective tariffs.

The following are the highlights of Telkomsel financial and operational results for 1Q09:

Operating revenues Rp 9.25 trillion

EBITDA Rp 5.89 trillion
Net income Rp 2.58 trillion
Net Add 6.83 million customers
Total customer 72.13 million customers
EBITDA margin (net revenue) 64%
Debt to equity ratio 0.28

FINANCIAL RESULTS (UNAUDITED)

Earnings & EBITDA

For the first quarter of 2009, Telkomsel’s operating revenues declined 4% YoY to Rp 9.25 trillion.
This decline was attributable to lower effective tariffs when compared to 1Q08. The impact of the
tariff decline was offset by a 41% YoY customer base growth and a 60% increase in minutes of use
(MoU).

On a quarterly basis, operating revenues in 1Q09 were 6% lower when compared to 4Q08. The
quarter on quarter change is mostly attributed to the increase usage and spending during the moslem
festive season and year-end celebrations that supported the previous quarter’s revenue performance
results.

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ƒ Operating revenue from prepaid products which is dominated by simPATI, increased 1% YoY to
Rp 8.03 trillion on the back of 42% prepaid customer base growth offset by lower revenue due to
tariff declines. Prepaid revenues accounted for 87% of operating revenues.
ƒ Postpaid revenue decreased 17% to Rp 0.99 trillion as a result of tariff reductions.
ƒ International roaming revenue increased 6% to Rp 0.16 trillion, mainly contributed by the increase
of tap-out revenue (revenue from inbound roamers).
ƒ Interconnection revenue decreased 26% to Rp 0.59 trillion due to tariff decline in April 2008.
Interconnection expense increased 2% YoY to Rp 0.57 trillion which explained the 89% decrease
in net interconnection revenue YoY from Rp 253 billion in 1Q08 to Rp 27 billion in 1Q09.
ƒ Other (Network lease) increased 740% to Rp 42 billion in 1Q09 from Rp 5 billion in 1Q08. It refers
to usage of Telkomsel’s telecommunication facilities by other operators. Previously, it was
recorded under Interconnection Revenue.

Operating expenses (including depreciation) increased 22% to Rp 5.31 trillion, which was mainly
due to the increase in operation & maintenance costs and depreciation expense.
ƒ Personnel expenses decreased 8% YoY to Rp 0.29 trillion due to lower employees’ incentive in
1Q09.
ƒ Operation & maintenance expenses increased 32% to Rp. 2.19 trillion, mainly due to network
infrastructure growth (the number of BTS increased by 28% and overall network capacity
increased by 39%), which affected frequency fees, transmission and repair & maintenance
costs.
ƒ General & administration expenses increased 5% YoY to Rp. 0.17 trillion, mainly related to
professional fees and insurance.
ƒ Marketing expenses declined 2% YoY to Rp. 0.22 trillion, mainly due to lower sponsorship
expense.
ƒ Other operating expenses consist of the cost of cards, concession fees & USO charges,
accounts receivable collection costs and provision for bad debt, all of which increased in line
with sales/customer base growth. In 1Q09, these expenses increased 8% to Rp. 0.48 trillion,
which was largely the result of higher A/R collection cost and provisioning for bad debt.
Depreciation expenses increased 26% to Rp. 1.96 trillion due to network infrastructure growth
(BTS grew by 28%, while overall network capacity expanded by 39%).

EBITDA for 1Q09 reached Rp 5.90 trillion, a 13% decrease compared to Rp 6.80 trillion in 1Q08. The
decrease in EBITDA growth was a result of negative growth in operating revenue (-4%) combined
with relatively higher operating expenses growth (19% excluding depreciation). EBITDA margin
decreased from 71% in 1Q08 to 64% in 1Q09.

Other income/(expenses) increased 563% from a net expense of Rp 53 billion in 1Q08 to a net
expense of Rp 353 billion in 1Q09. The main contributor was an increase in interest expenses in 1Q09
due to higher outstanding loans balance and higher interest rate in 1Q09 as compared to 1Q08.
Following the global economic downturn, the company experienced forex losses in 1Q09 that
amounted to Rp 84 billion when compared to forex gains of Rp 13 billion in the same quarter last year.
The forex loss in 1Q09 was 83% lower than the previous quarter. In addition, there was a tax refund
in 1Q08.

Income tax expenses decreased 36% due to lower income before tax because of the application of
new income tax rate from 3Q08 of 28% (in 2009) and a further reduction to 25% (from 2010 -
onwards) that replaced the previously progressive tax rate that ranged from 10% - 30%.

Net income decreased 29% to Rp 2.58 trillion in 1Q09 from Rp 3.61 trillion in 1Q08.

Non-voice/data revenue (net) in 1Q09 of Rp 2.52 trillion decreased 22% YoY mainly due to the
tariff adjustment in April 2008. Non-voice revenue 1Q09 contributed 27% of net operating revenue.

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 STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2009
(In Billions of Rupiah and Millions of U.S. Dollar)

2008 2009
Growth
Rp . Rp . US$ (*)
OPERATING REVENUES
Post-paid 1,204 994 85 -17%
Prepaid 7,985 8,026 690 1%
International roaming 151 159 15 6%
Interconnection : - Revenues 807 594 51 -26%
- Expense (554) (567) (49) 2%
Other (network lease) 5 42 4 740%
Net Operating Revenues 9,598 9,248 796 -4%

OPERATING EXPENSES
Personnel 316 291 26 -8%
Operation & maintenance 1,655 2,186 188 32%
General & administrative 168 175 15 5%
Marketing 227 222 19 -2%
Other operating expenses 443 479 41 8%
Depreciation 1,548 1,956 168 26%
Total Operating Expenses 4,357 5,309 457 22%

EBIT (EARNINGS BEFORE INTEREST & TAXES) 5,241 3,939 339 -25%
OTHER INCOME/(EXPENSES)
Interest income & financing charges (106) (262) (21) 147%
Foreign exchange gain/(loss) 13 (84) (7) -755%
Others - net 40 (7) (1) -118%
Other income/(expenses) - net (53) (353) (29) 563%

INCOME BEFORE TAX 5,188 3,586 310 -31%

INCOME TAX EXPENSE 1,573 1,008 87 -36%
NET INCOME 3,615 2,578 223 -29%

EBITDA 6,790 5,895 507 -13%

EBITDA Margin - over net oper. revenues 71% 64% 64% -7%

ROA 33% 20% 20% -13%

ROE 51% 35% 35% -16%

- (*) US$ 1 = Rp. 11,637 (average end of months Jan-Mar 2009 mid-rate, quoted from Bank Indonesia)
- Revenues are presented net of discounts and international roaming & mobile data provider charges

Balance Sheet
Telkomsel’s Total Assets increased 14% to Rp 52.95 trillion. Total liabilities increased 39% to Rp 23.33
trillion. Meanwhile, Total Equities decreased 1% to Rp 29.61 trillion.
ƒ Current assets decreased 20% to Rp 4.98 trillion, due to lower cash balance.
ƒ Non-current assets increased 19% to Rp 47.97 trillion mainly due to the increase in Fixed Assets
(FA). FA rose 19% to Rp 46.57 trillion as a result of a significant growth in network infrastructures
(28% growth in BTS and 39% expansion in overall network capacity).
ƒ Current liabilities grew 53% to Rp 17.11 trillion, largely because of increase in accrued liabilities
and current maturities of medium-term loans.
ƒ Non-current liabilities increased 12% to Rp 6.23 trillion, which was mainly from medium-term
loans.

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As of March 31, 2009 Telkomsel’s outstanding loans was Rp 8.24 trillion, which Rp 4.56 trillion was
presented as current liabilities and Rp 3.68 trillion as non-current liabilities.

BALANCE SHEETS
AS OF MARCH 31, 2008 AND 2009
(In Billions of Rupiah and Millions of U.S. Dollar)

2008 2009
ASSETS Growth
Rp . Rp . US$ (1)
CURRENT ASSETS
Cash and cash equivalents (2) 4,227 2,047 178 -52%
Acct. /Unbilled receivables 771 551 48 -28%
Prepayments 724 1,502 130 107%
Others 513 880 76 72%
Total Current Assets 6,235 4,980 430 -20%

NON-CURRENT ASSETS
Long-term Investment 20 20 2 0%
Fixed assets - net 38,988 46,567 4,023 19%
Advances for fixed assets 70 1 0 -98%
Equipment no used in operations - net 52 30 3 -43%
Intangible assets - net 366 319 28 -13%
Others 821 1,028 89 25%
Total Non-Current Assets 40,317 47,965 4,145 19%
TOTAL ASSETS 46,552 52,945 4,575 14%

CURRENT LIABILITIES
Short-term loans 167 - - -
Accounts payable & Accr. Liabilities 5,435 9,431 815 74%
Taxes payable 914 540 47 -41%
Unearned revenue 2,037 2,461 213 21%
Curr. maturities of med/long-term loan 2,636 4,560 394 73%
Curr. maturities of oblig. under finance lease - 114 10 -
Total Current Liabilities 11,189 17,106 1,479 53%

NON-CURRENT LIABILITIES
Med/Long term loan - net of current maturities 3,240 3,680 318 14%
Deferred tax liabilities 2,137 2,293 198 7%
Others 180 255 22 42%
Total Non-current Liabilities 5,557 6,228 538 12%

EQUITY
Capital stock - Rp 1,000,000 par value
Authorized - 650,000 shares
Issued and fully paid - 182,570 shares 183 183 16 0%
Additional paid-in capital 1,505 1,505 130 0%
Retained earnings 28,118 27,923 2,412 -1%
Total Equity 29,806 29,611 2,558 -1%

TOTAL LIAB. & STOCKHOLDERS' EQUITY 46,552 52,945 4,575 14%

Notes:
(1) US$ 1 = Rp.11,575 (middle rate of end of reporting period).
(2) Consisting of US$ 81.1 mln, Euro 45.9 mln and Rp 405.3 bn for 2009

5/11/2009 4 of 9
Cash Flows and Capital Expenditures
Net cash generated from operations in 1Q09 was Rp. 5.19 trillion, a 13% increase compared to 1Q08
as a result of an increase in cash receipt from Telkomsel’s customers and a tax refund. Net cash used
in financing activities increased 17% to Rp 1.17 trillion, mainly due to repayment of medium-term
loans in 1Q09.

In Rp. Billion Q1 08 Q1 09 Growth

Cash Flow from Operating Activities *) 4,608 5,196 13%
Cash Flow for Investing Activities (2,150) (3,130) 46%
Cash Flow from Financing Activities (1,007) (1,174) 17%
Net Decrease in Cash & Cash Equivalents 1,451 892 -39%

Addition to Fixed Assets (incl. CIP) 2,283 2,157 -6%

New Contracts Issued during the Period 4,250 1,517 -64%

*) Include effect of exchange rate changes

Cash flow for investing activities increased 46% to Rp 3.13 trillion (approximately USD 268.9 million),
mostly for acquisition of fixed assets. Telkomsel added Rp 2.16 trillion (USD 185.4 million) to fixed-
assets in 1Q09. There were 928 new BTS (including 301 3G-BTS) installed.

OPERATIONAL RESULTS

Customer Base
At the end of 1Q09, Telkomsel customers reached 72.13 million (41% YoY growth), consisting of 1.95
million postpaid and 70.18 million prepaid customers (representing 3% and 97% of total customers,
respectively). Telkomsel added 6.83 million customers in 1Q09, which was 98% higher than the net-
addition in 1Q08. This higher net-add in 1Q09 when compared to 1Q08 was the result of the strong
growth of simPATI with more than 7 million new customers due to it maintaining its strong brand
image and attractive pricing offers.

MOU & Revenue Per Minute (RPM)

For the first 3 months of 2009, chargeable MoU reached 33.1 billion minutes, which was 60% higher
than 1Q08 MoU. Compared to the previous quarter, it grew 6%. Voice RPM for 1Q09 is around
Rp 200, 35% lower than 1Q08 which was Rp 310.

SMS & Revenue Per SMS (RPS)

Chargeable SMS reached 22.9 billion records for 1Q09, an increase of 70% when compared to 1Q08.
Revenue per SMS for 1Q09 is around Rp 100, a decline of 44% from Rp 180 in 1Q08.

ARPU
ARPU is derived from monthly recurring customers’ usage. Following a decline in tariffs due to intense
competition, effective price per minute has declined over the last few quarters which have in turn
affected both postpaid and prepaid ARPU. ARPU of postpaid customers decreased 17% YoY to Rp
200K, ARPU for simPATI decreased 36% YoY to Rp 49K and ARPU of Kartu As decreased 35% YoY to
Rp 26K. As a result, blended ARPU declined 30% to Rp 47K.

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 OPERATIONAL INDICATORS AS OF MARCH 31, 2008 & 2009

Unit 2008 2009 Growth

CUSTOMER BASE
Customer Base
kartuHALO Subscriber (000) 1,880 1,954 4%
simPATI Subscriber (000) 29,176 50,206 72%
Kartu As Subscriber (000) 20,279 19,973 -2%
Total Subscriber (000) 51,335 72,133 41%
Net Add
kartuHALO Subscriber (000) (33) 14 142%
simPATI Subscriber (000) 5,190 7,173 38%
Kartu As Subscriber (000) (1,713) (353) 79%
Total Subscriber (000) 3,444 6,834 98%

MOU (excluding free & incoming mins) Billion minutes 20.7 33.1 60%

ARPU
Total (3 months average)
kartuHALO Rp.'000 per mo. 240 200 -17%
simPATI Rp.'000 per mo. 76 49 -36%
Kartu As Rp.'000 per mo. 40 26 -35%
Blended Rp.'000 per mo. 67 47 -30%
Non-voice/Data (3 months average)
kartuHALO Rp.'000 per mo. 49 40 -18%
simPATI Rp.'000 per mo. 22 13 -41%
Kartu As Rp.'000 per mo. 22 12 -45%
Blended Rp.'000 per mo. 23 13 -43%

NETWORK DATA
Network Capacity
Base stations installed (GSM/DCS/3G) Unit 21,752 27,800 28%
Overall capacity all network elements Subs. mln. 53.6 74.6 39%
Quality of Service
Call success rate % 95.28% 96.26% 0.98%
Call completion rate % 98.58% 98.66% 0.08%

EMPLOYEE DATA
Total employees person 4,020 4,128 3%
Efficiency ratio Subs/employee 12,770 17,474 37%

ACTIVITY HIGHLIGHTS

New Products & Programs

ƒ In January 2009, Telkomsel launched “Free 300 SMS” for Kartu As subscribers. By registering
through *899# from 00.00-17.00 hours, with Rp 2,000 as registration fee, Kartu As
customers enjoy free 300 SMS that can be used every day to all Telkomsel numbers between
00.00-19.00 hours.

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ƒ A new edition of the simPATI PeDe starter pack was launched in February 2009, priced at
Rp10,000. It provides a variety of benefits such as Rp5,000 credit value, free Rp5,000 credit
for on-network usage, free Rp5,000 credit at the first and second re-charge, free Ring Back
Tone, free 5 MB internet access, unlimited chatting with Chat Box and free games. The
existing Rp0.5/second tariff remains valid with this new starter pack.
ƒ In March 2009, Telkomsel and Apple brought iPhone 3G to Indonesia. It is now available at
selected GraPARIs and official distributors across the greater Jakarta area and selected cities
across Indonesia. The phone was launched with customized price plans for postpaid and
prepaid customers and supported by installment offers with major banks across Indonesia
ƒ In March 2009, “Kartu As Reborn” was launched which offers a “Prefixed Call Promotion” and
included the reintrodcution of the “100 get 100 SMS” promotion. The “Prefixed Call Promo”
provides special voice/video call tariff Rp 1,000 at the first minute and free until the 10th
minutes (cyclic) to all Telkomsel numbers. The “100 get 100 SMS” promotion provides free
100 SMS to Telkomsel numbers after sending 100 chargeable SMS.

Awards
During the first quarter of 2009, Telkomsel received several awards for our innovative branding,
products, reliable network and superior customer service:
ƒ Forsel Awards 2008 for Telkomsel as Favorite GSM Operator 2008 from Forsel magazine.
ƒ Top Brand Award 2009 for kartuHALO (Post Paid Cellular Simcard category) from Frontier
Consulting Group and Marketing magazine.
ƒ Top Brand Award 2009 for simPATI (Pre Paid Cellular Simcard category) from Frontier
Consulting Group and Marketing magazine.
ƒ Call Center Award 2009 for Caroline Telkomsel from Marketing magazine and CCSL (Center
Customer Satisfaction & Loyalty).

LOAN/DEBT

During 1Q09, Telkomsel drew down Rp 300 billion as the remaining amount of a total of Rp 5.3 trillion
loan facilities that were obtained in 2008.

Telkomsel’s outstanding medium-term loans balance at end of March 2009 totalled Rp 8.24 trillion.

Telkomsel has to observe certain agreed financial covenants related to its loans/debts. As of March 31,
2009 these covenants were as follows:

Covenants t/b maintained Required Actual

Bank loans EBITDA to debt service ≥ 1.25 4.52
Debt to tangible net worth ≤ 2.00 0.28

OUTLOOK 2009
Telkomsel remains focus on maintaining revenue market share. Operating revenue for 2009 is
expected to grow at mid single digit levels. We expect to grab 50% of the Big 3 total net add. Margin
may potentially decline around 1-2%. Our capex is expected to be between USD 1.3 - 1.5 billion.

SIGNIFICANT ACCOUNTING POLICIES

Indonesian GAAP
Revenue Recognition
Revenues from new connections are recognized upon delivery of starterpacks/SIMcard to distributors,
dealers or directly to customers. Airtime, value-added services and monthly subscription charges are
recognized when earned. Prepaid vouchers are initially recorded as unearned income and then

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proportionately recognized as usage revenue based on successful calls made or the usage of value
added services by subscribers or whenever the unused stored value of the voucher has expired.

Revenues from interconnection with other operators (usage revenue) are recognized monthly on the
basis of the actual recorded traffic for the month. Operating revenues for interconnection services
under interconnection agreements based on revenue-sharing arrangement are reported on a net
basis, after interconnection expenses/charges.

Fixed Assets
Fixed Assets are stated at cost less accumulated depreciation. Depreciation is computed on the
straight-line method based on the estimated useful lives of the assets (infrastructures 5 and 10 years;
supporting facilities and measurement equipment 3-10 years).

Fixed Assets are insured to cover any possible losses caused by destruction or damage by riots, strike
and malicious acts and any damage which cause business interruption.

Intangible Asset
Upon winning the right to operate the 3G license, the Company is required to pay an upfront fee and
annual rights of usage fee for the next ten years. The upfront fee is recognized as intangible asset and
amortized over the term of the license (10 years). The annual rights of usage is recognized as expense
when incurred.

Significant Differences Between Indonesian GAAP and U.S. GAAP

Foreign Exchange Differences Capitalized for Assets Under Construction Under Indonesian
GAAP, foreign exchange losses from borrowings used to finance assets under construction are
capitalized only during severe devaluation or depreciation of a currency. Under U.S. GAAP, foreign
exchange differences are charged to the results of operations.

Interest Capitalized on Assets under Construction Under Indonesian GAAP, qualifying assets to
which interest cost can be capitalized, are those that take a substantial period of time to be prepared
for intended use or sale, i.e. minimum 12 months. Under U.S. GAAP, there is no limit to the length of
the construction period in which the interest cost may be capitalized. The interest income arising from
any unused borrowings is recognized directly to the results of operations.

Employee Benefits Under U.S. GAAP (FAS No.158, effective December 2006), unrecognized gain or
losses, past service cost and the transition of asset or obligation, net of tax, are recognized as other
comprehensive income. Indonesian GAAP does not include such provision.

Embedded derivative on contracts denominated in foreign currencies Under U.S. GAAP,

unless it is routinely denominated in international commerce in a single currency, it should be
separated from the host contract and accounted for under embedded foreign currency derivative
instruments.

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 RECONCILIATION TO U.S. GAAP
FOR THE PERIODS ENDED MARCH 31, 2009 AND 2008

(in billions of Rupiah) 2009 2008

Net income as reported under Indonesian GAAP 2,578 3,615

U.S. GAAP Adjustments - Incr./(decr.) due to:
a Capitalization of forex differences - 6
b Capitalization of interest expense (5) 5
e Recognition of finance leases - 5
d Depreciation on contracts with foreign currency derivative instr. 1 (3)
Employee benefits (0) 0
Asset retirement obligations - (3)
g Amortization of landrights (6) (6)
Deferred income tax effect on U.S. GAAP adjustments 1 (3)

Net adjustments (9) 1

Net Income in accordance with U.S. GAAP 2,569 3,616

S/H equity as reported under Indonesian GAAP 29,611 29,806

U.S. GAAP Adjustments - Incr./(decr.) due to:
e Foreign exchange gain, on contracts contained foreign currency (440) 46
Capitalization of interest expense 288 285
Asset retirement obligations - (29)
b Capitalization of interest expense 0 (16)
Amortization of landrights (72) (51)
Employee benefits 6 7
e Recognition of finance leases - (12)
Recognition of other comprehensive inc. related to empl. benefits (52) (86)
Deferred income tax effect on U.S. GAAP adjustments 36 (85)

Net adjustments (234) 59

S/H Equities in accordance with U.S. GAAP 29,377 29,865

PT Telekomunikasi Selular (“Telkomsel”/”the Company”) was officially established in 1995. The

Company is 65% owned by PT Telekomunikasi Indonesia, Tbk. (“Telkom”: JSX: TLKM; NYSE: TLK;
LSE: TKIA) and 35% owned by SingTel Mobile, a 100% owned subsidiary of Singapore
Telecommunications Ltd. (“SingTel”: SGX: ST; ASX: SGT). Telkomsel is the largest mobile
telecommunication company in Indonesia with a market share of subscribers of approximately 49%.

You can register to receive these highlights automatically through Telkomsel’s Corporate Info site on
www.telkomsel.com

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