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

Corporate PresentationCorporate Presentation

1Q 101Q 10

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

1

9.1% 8.4% 8.4% 8.1% 7.9% 7.4%

2007 Jan-Apr'08 Jul-Oct'08 Jan-Apr'09 Aug'09 Feb '10

1. Latest official figures

Source : Bank Central, BPS, The Jakarta post, Antara, Kompas, DRI, Yahoo Finance

Unemployment Rate (%)Unemployment Rate (%)

Interest rates (%)Interest rates (%)

Inflation (Y-o-Y, %)Inflation (Y-o-Y, %)

ISX and FX RateISX and FX Rate

Domestic macroeconomic dashboard

7.00% 6.75% 6.50% 6.50% 6.50% 6.50% 6.50%

6.50% 6.50% 6.50% 6.50% 6.50%

13.4% 13.2%13.0% 12.9% 12.4% 11.9% 11.9% 11.9% 11.9% 11.9% 10.5% 10.5%

Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

BI Rate Base Lending Rate

• Unemployment rate per February 2010 of 7.4%1 or 8.59 million

unemployment decrease from August 2009 level of 8.96million

• Decrease in unemployment rate reflected economic recovery

• Inflation driven by price increase of basic commodities

• Year to date June 2010 inflation is 2.42%. Government

expects the end of year inflation will still in target range of

4%-6%

• Volatile ISX due to global and regional un-easiness (slower

US recovery, European debt crisis, regional political tensions)

• IDR most recently strengthened as foreign capital returning

• Major banks started to lower lending rate

2

3

4

5

6

May

4.16%

Apr

3.91%

Mar

3.43%

Feb

3.81%

Jan

3.72%

Dec

2.78%

Nov

2.41%

Oct

2.57%

Sep

2.83%

Aug

2.75%

Jul

2.71%

June

5.05%

2,914

9,083

1,000

1,500

2,000

2,500

3,000

8,000

9,000

10,000

11,000

12,000

13,000

1 Jan 20101 Jul 20091 Jan 2009

ISX

FX

30 June

2

Positive outlook for Indonesia Telco market externalities

� Potential restructure of interconnection fee

� Potential decrease in voice interconnection fee

� Possible introduction of SMS interconnection fee

� Change in Licence Fee Charging method expected

� From # of Network elements to bandwidth

� XL will obtain second 3G carriers

� More transparent guidance on infrastructure sharing

Macro Economy

Industry/Competition Regulatory

� Higher GDP of 5.0-5.5% expected in 2010 with YoY inflation at 5%± 1%

� Global recovery, commodity prices, as well

as post-election government policies are

key to sustainable growth

� Further industry consolidation is expected

� Potentially creating benignant competition

� Intense but rational competition

� Emergence of Data service Mobile Data Ecosystem

Source: XL, Central Bank

3

1. UBS penetration x Population.

Source: Analyst reports

More stable Telco market expected

273255

228

190

147

99

2009 20122010 201120082007

Total number of SIMs in the market (Mn) 1

Potentially ~45Mn net adds in the next two yearsPotentially ~45Mn net adds in the next two years

+39%

+9%

There is still room for penetration growth

4

XL’s deliberate strategy has produced impressive results

2008: “Minute Factory” 2009: “Drive value”2010: “Optimize core and lead

in new growth space”

The XL

Strategy

BUILDING SCALE

�Affordable pricing strategy to drive

usage and create addiction

� Invested significantly to expand

network coverage and capacity

� Fast and lean organization to reduce

cost/MoU

STIMULATING USAGE

� Drive value from subscriber through

disciplined, fact-based approach

� Focus on quality subs (SWE)

�Strengthen brand, value beyond price

� Increase productivity

MONETIZING USAGE

� Maximize returns from core business

� Invest and innovate in future growth

engines

�Deliver intentional customer

experience

�Prudent capital expenditures

Subscriber

(mn)

32.631.426.0

2008 2009 1Q 2010

Gross

Revenue

(IDR Tn)

4.2

13.912.2

1Q 20102008 2009

EBITDA

margin (%)

514542

1Q 20102008 2009

RoIC (%)

11.29.73.4

1Q 20102008 2009

21%

14%

+3% +6%

+6.3%+1.5%

5

Our cost and CapEx are under control

Source: Internal analysis

EBITDA margin improved…EBITDA margin improved…

EBITDA

margin (%)

… and CapEx generated higher yield… and CapEx generated higher yield

0.35

0.41

2008 2009

0.15

2009

0.26

2008

Incr. Revenues/

Rp CapEx

Incr. Revenues/

Rp CapExIncr. EBITDA/

Rp CapEx

Incr. EBITDA/

Rp CapEx

51

454242

0

10

20

30

40

50

60

1Q 2010200920082007

6

Data is a potential growth driverEarly indicators on usage shift from traditional services to Data

Strong growth in Data subs...Strong growth in Data subs...

63

+349%

Q1 2010

284

Q1 2009

XL data revenue

(IDR Bn)

Source: Internal report

+387%

Q1 2010

12

Q1 2009

3

Subs with GPRS (Mn)

30

+1,057%

Q1 2010

343

Q1 2009

...Usage......Usage... ...And Revenues...And Revenues

Data traffic excluding

Blackberry (TB)

100%

1H 2010

61%

24%

15%

2009

64%

24%

11%

2008

69%

24%

7%

2007

61%

32%

6%

Voice

SMS

VAS and GPRS

Shifting revenue proportionShifting revenue proportion

Usage revenue composition (%)

7

XL aspires to become leading in mobile data service

XL AspirationsXL Aspirations

To have the best business model

that generates values to

shareholders (positive ROIC)…

…With the scale that allows us to

have sustainable scale advantage

over competitors

Malaysia

31%

92%

Thailand

9%

97%

Indonesia

5%

60%

Indonesia is a handset marketIndonesia is a handset market

Note: Penetration estimate for 2009

Source: Euromonitor, GSMA Asia Pacific Mobile Observatory

Handset penetration PC penetration

PC vs. Handset penetration (%)

Investment in Data services is to focus on mobile data (handset-based),

while maintain selective investment on Broadband

8

Emergence of Data introduces a set of new complexities

Strong end-to-end content management required

Active role in managing devices is crucial

Different skill sets and competencies to manage

Mobile Data Ecosystem

Buying process

Content

Device

People and

infrastructure

Complex Data Infrastructure

• Right mix of 2G/3G/ critical

People

Network

infrastructure

More complex buying process

9

Summary

• Positive Telco market outlook

• Solid macro-economic growth

• Expected further consolidation in industry

• Positive and more transparent regulatory changes expected

• Intense, yet rational competition

• XL is continuing on its next stage of Strategy

• Focus on delivering returns from Core business

• Cost and CapEx in control

• XL aspires to lead in Data service (as potential growth driver) as usage

shift towards Data service

10

Balanced growth and strong balance sheet

Asset

Productivity

Operating

Profitability2

Top-Line

Growth1

3

Revenue

EBITDA

EBIT

1Q10 vs. 1Q09

42%

92%

419%

Net Debt/Equity

Net Debt/EBITDA

4.6 x 1.2 x

3.7 x 1.6 x

1Q09 1Q10

RoIC

Normalized ROA

Normalized ROE

11.2%

6.4%

27.2%

5.4%

1.2%

6.6%

11

XL’s 2010 revised guidance

2010 Old Guidance2010 Old Guidance 2010 Revised Guidance2010 Revised Guidance

Cash out CAPEX

At least 15% growth

Mid 40’s

USD 400 – 450 Mn

from internal

cash flow

At least higher teens

At least higher 40’s

Approximately IDR 4.5-5 Tn,

of which about 25% for data

service, internally funded

EBITDA Margin

Revenue growth