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PT TELEKOMUNIKASI INDONESIA, Tbk.

2009 Annual Report

PT TELEKOMUNIKASI INDONESIA, Tbk.

Taking You to the World of Tomorrow

2009 Annual Report PT TELEKOMUNIKASI INDONESIA, Tbk.Investor Relations/Corporate Secretary Grha Citra Caraka 5th Floor Jl. Jend. Gatot Subroto Kav. 52 Jakarta 12710 Tel. : (62-21) 521 5109 Fax. : (62-21) 522 0500 e-mail : investor@telkom.co.id IDX NYSE LSE : TLKM : TLK : TKIA

Taking You to the World of Tomorrow2009 Annual Report

www.telkom.co.id

Taking You toWe h a v e u n d e r g o n e a complete and f u n d a m e n t a l transformation in an effort to maintain our position as the industrys market leader. Along with the transformation, we have set strategies to make us more flexible and more competitive in anticipating and embracing future changes as well as tough industry competitors.

1

the World of Tomorrow

2

TELKOM in Brief/New Logo

New

Logo

The creation of Telkom Indonesias new corporate identity (logo) was based on our new brand strategy, which is founded on the five Brand Values that make up the Brand Positioning. The Brand Values are the fundamental values that must be lived and put into practice, every day, by every single person in Telkom Indonesia. The Brand Positioning Life Confident grew out of these five Brand Values and is the statement of Telkom Indonesias unique position as a brand.

Annual Report TELKOM 2009

Taking You to the World of Tomorrow

TELKOM in Brief/Brand Values

3

Brand ValuesExpertise reflects TELKOMs long standing breadth and depth of knowledge and experience in the industry. Empowering enables customers to fulfill their aspirations the way they want. Assured provides that needed reliability customers seek in the ever changing telecomunications industry. Progressive indicates movement towards more advance technologies and movement away a government linked culture. Heart represents the caring attitude TELKOM takes when working with their customers.

Brand PositioningLife ConfidentOur expertise and dedication to progress with customer needs at the heart of our business, provides all our customers with the confidence to lives they choose, on their terms and in their time.

Taking You to the World of Tomorrow

Annual Report TELKOM 2009

4

TELKOM in Brief/ Contents

Contents1 32 3 4Regulations Financial Highlights Financial Data Operational Highlights Common Stock Highlights About TELKOM Vision, Mision, Objective, Strategic Initiatives Significant Events in 2009 Awards 2009 Network Development Corporate Strategy Costumer Service Sales, Marketing, and Distribution Billing, Payment and Collection Management of Costumer Receivables Insurance Trademarks, Copyrights, Patents

79 82 85 86

Current Assets Current Liabilities Capital Structure Indebtedness Capital Expenditures

113 113 114 114 114 116

TELKOM IN BRIEFNew Logo Brand Values Contents

OVERVIEw OF TELECOM INDuSTRy IN INDONESIATelecommunications Industry in Indonesia

41 41 46 48 50

87 88 89 89Critical Accounting Policies, Estimates and Judgments Research and Development and Intellectual Property Trend Information Off- Balance Sheet Arrangements

6Competition

8Licenses

118

12 13 22 23Tariffs and Interconection Charges Risk Factors R i s k Re l at i n g to Indonesia

118 119 119

56

5

Contractual Obligations

24 28

Risk Relating to TELKOM and Its Subsidiaries Quantitative and Qualitative Disclosures About Market Risks

58

MANAGEMENT'S DISCuSSION AND ANALySISOperating and Financial Review and Prospect Operating Results Overview

64

91

6

2

91 100 109 110 111 113

ADDITIONAL FINANCIAL INFORMATIONFinancial Information Material Litigation Memorandum and Articles of Association Summary of Significant Differences Between Indonesian Corporate Governance Practices and The NySE's Corporate Governance Standards

REPORTS TO THE SHAREHOLDERSPresident Commisioners Report Report From The President Director 32

436

Results of Operations Segments Results Liquidity and Capital Resources Net Cash Flows working Capital

121 121 123 125

BuSINESS OVERVIEw TELKOM IN 2009Business Review Network Infrastructure

69 74

Annual Report TELKOM 2009

Taking You to the World of Tomorrow

TELKOM in Brief/Contents

5

Report from the President Director Page 32

Business and Organizational Structure Page 144

Material Contracts Exchange Controls Taxation

127 127 128

Toward Better Implementation of Good Corporate Governance Auditor Independence Documents on Display

158

9

CORPORATE DATA163 164 164 165History of TELKOM Business and Organizational Structure Information on Subsidiaries and Assosiated Companies Profile of BOC

10Glossary

APPENDICES198 202 203

178 180

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Controls and Procedures Corporate Social Responsibility

Cross Reference to Form 20F Cross Reference to Bapepam-LK Regulation No. X.K.6

CORPORATE GOVERNANCETELKOM's Good Corporate Governance Structure Good Corporate Governance Organization Committees and Supporting units Internal Control and Procedures Corporate Culture and Business Ethics Information Regarding The Implementation of Good Corporate Governance

181

134

184 186 190 191 194 194 195

135

8

Profile of BOD Senior Management Products and Services Map of Operation

11

138 151 152

OuR PEOPLE: TELKOM's EXCELLENT RESOuRCESwe Empower and Manage our Employees Human Resources Profile

FINANCIAL STATEMENTSManagement's Responsibility for Annual Reporting Director Statement Financial Statements

206

171

Property, Plant and Equipment Addresses and Contact Details

172 174 174

152HR Measurement HR Development

FORwaRd LOOKing STaTEMEnTSThis document contains certain forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amendetd (the Securities Act) and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act) and the Private Securities Litigation Reform Act of 1995, with respect to the financial condition, results of operations and business of Perusahaan Perseroan (Persero) PT

Telekomunikasi Indonesia Tbk. and its subsidiaries (TELKOM, we or the Company) and certain plans and objectives of the Company or the Company and its subsidiaries, wherever applicable, with respect to these items in particular, among other statements, certain statements in Operating and Financial Review and Prospects including, without limitation, those concerning the Companys expectations and plans, strategy, managements objectives, trends in market shares, market standing, overall market trends, risk management, exchange rates

and revenues and general and administration expenses and forward looking statements concerning the Companys operations, performance and financial condition. Such st a te m e n t s c a n b e g e n e ra l l y identified by the use of terms such as believe, expects, may, will, would, could, plans, or anticipates, and the negatives of such terms or comparable terms. By their nature, forward looking s t a t e m e n t s i n vo l ve r i s k a n d uncertainty because they are related to events which depend

on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward looking statements. Important information regarding risks and uncertainty is set forth elsewhere in this annual report, including in Risk Factors, Off-Disclosure of Contractual Obligations and Quantitative and Qualitative Disclosures About Market Risk.

Taking You to the World of Tomorrow

Annual Report TELKOM 2009

6

TELKOM in Brief/Financial Highlights

FinancialConsolidated Balance Sheets(in billion Rupiah)

HighlightsDec 31, 2005 Dec 31, 2006 13,921 61,215 75,136 20,536 18,344 38,880 8,187 28,069 17,239 (6,615) Dec 31, 2007 15,978 66,081 82,059 20,674 18,331 39,005 9,305 33,749 15,780 (4,696) Dec 31, 2008 14,622 76,634 91,256 26,998 20,260 47,258 9,684 34,314 22,244 (12,376) Dec 31, 2009 16,186 81,374 97,560 26,718 20,919 47,637 10,933 38,990 19,161 (10,531) 10,305 51,866 62,171 13,513 19,061 32,574 6,305 23,292 13,553 (3,208)

Total Current Assets Total Non-Current Assets TOTAL ASSETS Total Current Liabilities Total Non-Current Liabilities TOTAL LIABILITIES MINORITy INTEREST EQuITy INVESTMENT NET wORKING CAPITAL

Consolidated income Statements(in billion of Rupiah, except for Net income per share and Net income per ADS)

Dec 31, 2005 Total Operating Revenues Total Operating Expenses Adjusted EBITDA*) OPERATING INCOME Other Income (Expenses)-net INCOME BEFORE TAX NET INCOME Net income per share of Common Stock Net income per ADS (40:1 Common Stock:ADS) 41,807 24,636 25,660 17,171 (929) 16,242 7,994 396.51 15,860.25

Dec 31, 2006 51,294 29,701 31,716 21,593 400 21,994 11,006 547.15 21,886.00

Dec 31, 2007 59,440 32,967 37,067 26,473 (877) 25,596 12,857 644.08 25,763.20

Dec 31, 2008 60,689 38,382 34,621 22,307 (1,995) 20,312 10,619 537.73 21,509.20

Dec 31, 2009 64,597 41,994 36,560 22,603 (254) 22,349 11,332 576.13 23,045.20

Annual Report TELKOM 2009

Taking You to the World of Tomorrow

TELKOM in Brief/Financial Highlights

7

Consolidated Financial and Operational RatioDec 31, 2005 Return on Assets (ROA) (%)(1) 12.9 34.3 76.3 (%)(4) 52.4 41.1 31.2 61.4