1Q 2018 Results

in IDR billion

Operating Revenue 7,290 5,692 -21.9% 7,360 5,692 -22.7%

EBITDA 3,100 1,942 -37.3% 2,856 1,942 -32.0%

EBITDA Margin 42.5% 34.1% -8.4ppt 38.8% 34.1% -4.7ppt

Profit Attributable to 46 -506 -1211.4%

174 -506 -390.8%
Owners of the Parent

PT Indosat Tbk. – 1Q 2018 Results | | 3

in IDR billion
-21.9% YoY -22.7% QoQ
7,823
7,290 234 7,453 7,360 QoQ | YoY
217 220 5,692
241
1,060 232 +5.3% | -3.7%
998 1,085
1,375
1,043
-24.1% | +4.5%
6,529 6,151
6,051 5,765 4,417
-23.4% | -27.0%

1Q-17 2Q-17 3Q-17 4Q-17 1Q-18

Fixed Voice Fixed Data Cellular

PT Indosat Tbk. – 1Q 2018 Results | | 4

Voice -29.5% -20.8%

SMS -52.7% -30.2% Shifting business model from push marketing

strategy to customer’s demand driven Go-To-
Market Strategy
Data -2.1% -23.2%

VAS 0.0% -30.2%

PT Indosat Tbk. – 1Q 2018 Results | | 5

in million in million
+0.6% YoY -12.7% QoQ

110.2
95.6 96.4 96.1
97.0

13.2
10.0

0.7 0.6

1Q-17 2Q-17 3Q-17 4Q-17 1Q-18

-14.1
1Q-17 2Q-17 3Q-17 4Q-17 1Q-18

PT Indosat Tbk. – 1Q 2018 Results | | 6

in thousand IDR in IDR in billion minutes in minute/subscriber
(ARPU) (ARPM) (Voice Traffic) (MOU)

57 53
149 150
144 47
131
125 37
29

-42.7% YoY -29.3% QoQ -38.8% YoY -19.1% QoQ

21.7 22.5 20.6 15.3 15.6

17.6 12.4 12.4 11.6 9.4

1Q-17 2Q-17 3Q-17 4Q-17 1Q-18 1Q-17 2Q-17 3Q-17 4Q-17 1Q-18

ARPU ARPM Voice Traffic MOU

PT Indosat Tbk. – 1Q 2018 Results | | 7

in TByte In million

+75.7% YoY +10.5% QoQ +25.7% YoY -7.5% QoQ

368,232 73
333,263 67
61
293,225 54 57
246,862
209,591

1Q-17 2Q-17 3Q-17 4Q-17 1Q-18 1Q-17 2Q-17 3Q-17 4Q-17 1Q-18

PT Indosat Tbk. – 1Q 2018 Results | | 8

as percentage of revenue

Cost of Service (CoS) 42.6% 39.6% 41.2% 45.8% 50.2%

Personnel 8.2% 7.2% 7.6% 4.0% 10.3%

Marketing 3.6% 4.2% 4.7% 4.6% 3.1%

General and Administration 3.1% 3.2% 3.2% 6.7% 2.2%

Total Operating Expenses 57.5% 54.3% 56.6% 61.2% 65.9%

Depreciation and Amortization 30.5% 28.2% 29.8% 29.9% 36.5%

Total Expenses 88.0% 82.5% 86.4% 91.1% 102.4%

PT Indosat Tbk. – 1Q 2018 Results | | 9

in IDR billion in IDR billion
43.4%
45.7% 38.8%
42.5%
34.1%

-37.3% YoY -32.0% QoQ -20.0% YoY -390.8% YoY

3,574 3,232
3,100 2,856
1,942
217
174

1Q-17 2Q-17 3Q-17 4Q-17 1Q-18

EBITDA EBITDA Margin
-506
1Q-16 1Q-17 1Q-18

PT Indosat Tbk. – 1Q 2018 Results | | 10

in IDR billion in IDR billion

1.87 1.65
1.63 1.49
1.49 1.34

-2.0% YoY -0.7% YoY

22,153 19,359 19,571
18,966 17,400 17,283

1Q-16 1Q-17 1Q-18 1Q-16 1Q-17 1Q-18

Gross Debt Gross Debt/EBITDA Net Debt Net Debt/EBITDA

PT Indosat Tbk. – 1Q 2018 Results | | 11

in IDR billion in IDR billion 51.0 in %

23.2

3,752
13.8
8.5 10.5
1,464
1,051 1,008 1,078 1,322
519 622 785

1Q-17 2Q-17 3Q-17 4Q-17 1Q-18

-1,335
1Q-17 2Q-17 3Q-17 4Q-17 1Q-18 Capex (Spent) Capex/Revenue

PT Indosat Tbk. – 1Q 2018 Results | | 12

 +10.7% YoY +4.9% QoQ

59,023 60,247 61,357 64,375

58,175
5,446 5,533 6,110 7,179 9,019 More than 80% of total sites have
been modernized since 2013 and
31,062
28,510 29,255 29,912 30,179 READY for 4.5G and beyond
technology deployment
24,219 24,235 24,225 23,999 24,294

1Q-17 2Q-17 3Q-17 4Q-17 1Q-18

4G 3G 2G

• 4G coverage has reached 227 cities in Indonesia, 22 cities addition during 1Q 2018.

PT Indosat Tbk. – 1Q 2018 Results | | 13

Consolidated Revenue Growth Low single digit -22.1%

EBITDA Margin Low to Mid 40’s 34.1%

CAPEX ~ IDR 8 trillion IDR 1.3 trillion

(Spent) (Spent)

PT Indosat Tbk. – 1Q 2018 Results | | 15

On September 16, 2014, the South Jakarta Attorney Office (“Kejaksaan
Negeri Jakarta Selatan”), without preliminary notification, executed the
Supreme Court’s Decision on Mr. Indar Atmanto. The execution was
done based on a quotation of the Supreme Court’s Decision, which
states, among others, that (i) Mr. Indar Atmanto is found guilty and
sentenced to eight years imprisonment and charged with penalty of
Rp300,000,000,- (if the penalty is not paid, Mr. Indar Atmanto would
serve an additional six months imprisonment), and (ii) IM2 pay the
losses sustained by the State amounting to Rp1,358,343,346,674,-.

Subsequently, on January 16, 2015, Mr.Indar Atmanto and/or his lawyer

or IM2 received the document on the Supreme Court’s decision
regarding the litigation case. As of the issuance date of the
consolidated financial statements, Mr. Indar Atmanto and IM2 plan to
conduct further legal act by submitting a reconsideration request
peninjauan kembali (”PK”).

On March 16, 2015, Mr. Indar Atmanto’s submission of Judicial Review

[Peninjauan Kembali (”PK”)] was officially registered at the Corruption
Court under No. 08/AKTA.PID.SUS/PK/TPK/2015/PN.Jkt.Pst.

On November 4, 2015, the Supreme Court’s official website announced

that the Judicial Review filed by Mr. Indar Atmanto was rejected based
on Supreme Court’s decision dated October 20, 2015. However, no
detailed information regarding the exact content of such Supreme
Court’s decision was available. As of the issuance date of the interim
consolidated financial statements, the official copy of such Supreme
Court’s decision hasn’t been received.

PT Indosat Tbk. – 1Q 2018 Results | | 18

On 13 March 2018, PEFINDO has affirmed its “idAAA” ratings for PT Indosat Tbk (ISAT) and
its Shelf Registration Bond II Year 2017-2019, Shelf Registration Bond I Year 2014-2016, and
Bond VIII Year 2012. PEFINDO has also affirmed its “idAAA(sy)” ratings for ISAT’s Shelf
Registration Sukuk Ijarah II Year 2017-2019, Shelf Registration Sukuk Ijarah I Year 2014-
2016, and Sukuk Ijarah V Year 2012. The outlook for the corporate rating is “stable”.

On 25 February 2018, Fitch Ratings has affirmed Indonesian telecom operator

PT Indosat Tbk's (Indosat Ooredoo) Long-Term Foreign-and Local-
Currency Issuer Default Rating (IDR) at ‘BBB+’ simultaneously affirmed the foreign-
currency senior unsecured rating at 'BBB+‘. Fitch Ratings has also affirmed Indosat
Ooredoo’s National LongTerm Rating at 'AAA(idn)'. The Outlook is Stable.

On December 8, 2017, S&P Global Ratings raised its long-term corporate credit rating on
Indonesia-based telecommunications operator PT Indosat Tbk. (Indosat) to 'BBB-' from
'BB+'. The outlook is stable. The upgrade reflects their expectation that Indosat will
maintain its solid cash flow adequacy and reduce debt over the next 12-24 months. The
company's steady cash flows, moderate capital spending, and prudent financial policies
should support the improvement. We anticipate that Indosat's ratio of funds from
operations (FFO) to debt will remain above 40% until 2019.

On 12 May 2017, Moody's Investors Service has has upgraded to Baa3 from Ba1 the
issuer rating of Indosat Tbk. (P.T.) (Indosat Ooredoo). The outlook for the rating is stable.
At the same time, Moody's has withdrawn the company's Ba1 Corporate Family Rating.
The rating upgrade reflects the continued strengthening of Indosat Ooredoo's operational
metrics as well as the ongoing stabilization of its financial profile, including lower leverage
levels.

PT Indosat Tbk. – 1Q 2018 Results | | 19

In IDR trillion
4.15

3.66

3.06 3.06

1.31
1.10 1.03
0.81

0.26
0.14 0.28 0.12

2Q - 4Q 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

IDR
USD in IDR
* Excluding obligation under finance lease

PT Indosat Tbk. – 1Q 2018 Results | | 20

in Mhz Number of BTS

Indosat 2 x 12.5 2 x 20.0 2 x 15.0 15.0*

Valid until 2020 2020 2019, 2026, 2019
2028

Telkomsel 2 x 15 2 x 22.5 2 x 15.0 45.0

XL Axiata 2 x 7.5 2 x 22.5 2 x 15.0 -

Hutchison - 2 x 10.0 2 x 15.0 -

Smartfren 2 x 11.0 - - 30.0

* Indosat/IM2: West Java exclude Bogor, Depok & Bekasi

PT Indosat Tbk. – 1Q 2018 Results | | 21

• PT Indosat Tbk ( “Indosat” 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. – 1Q 2018 Results | | 22