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<SEC-DOCUMENT>0001145549-07-000975.txt : 20070531
<SEC-HEADER>0001145549-07-000975.hdr.sgml : 20070531
<ACCEPTANCE-DATETIME>20070531061613
ACCESSION NUMBER:		0001145549-07-000975
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070530
FILED AS OF DATE:		20070531
DATE AS OF CHANGE:		20070531

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PERUSAHAAN PERSEROAN PERSERO PT TELEKOMUNIKASI INDONESIA TBK
		CENTRAL INDEX KEY:			0001001807
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				999999999
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14406
		FILM NUMBER:		07889330
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>u93039e6vk.htm
<DESCRIPTION>PT TELEKOMUNIKASI INDONESIA
<TEXT>
<HTML>
<HEAD>
<TITLE>PT TELEKOMUNIKASI INDONESIA</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>






<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>Form&nbsp;6-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13 a-16 OR 15d-16 UNDER<BR>THE SECURITIES EXCHANGE ACT OF 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>For the month of </B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>May</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> <B>, 20 </B><U><B>07</B></U>
</DIV>


<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Perusahaan Perseroan (Persero)<BR> PT TELEKOMUNIKASI INDONESIA</B>
</DIV>
<DIV align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>


<DIV align="center" style="font-size: 10pt"><B>(Translation of registrant&#146;s name into English)</B></DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Jalan Japati No.&nbsp;1 Bandung-40133 INDONESIA</B>
</DIV>
<DIV align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>


<DIV align="center" style="font-size: 10pt"><B>(Address of principal executive office)</B></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>&#091;Indicate by check mark whether the registrant files or will file annual reports under cover of Form&nbsp;20-F or Form 40-F<BR>Form 20-F </B><FONT face="Wingdings">&#254;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Form&nbsp;40-F </B><FONT face="Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>&#091;Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing
the information to the Commission pursuant to Rule&nbsp;12g3-2(b) under the Securities Exchange Act of 1934</B>&nbsp;&nbsp;<B> Yes </B><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>No </B><FONT face="Wingdings">&#254;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>&#091;If &#147;yes&#148; is marked, indicate below the file number assigned to the registrant in connection with
Rule&nbsp;12g3-2(b):</B>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">INFORMATION TO SHAREHOLDERS IN RELATION TO THE PROPOSED PLAN TO CONDUCT A SECOND BUY BACK OF SHARES OF PT TELEKOMUNIKASI INDONESIA (PERSERO)&nbsp;TBK</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">INTRODUCTION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">BACKGROUND AND PURPOSE OF REPURCHASE OF SHARES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">FUNDS FOR SHARES BUY BACK II</A></TD></TR>
<TR><TD colspan="9"><A HREF="#005">THE COMPANY&#146;S PLAN IN RESPECT OF THE REPURCHASED SHARES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#006">MANAGEMENT DISCUSSION AND ANALYSIS ON IMPACT OF SHARES BUY BACK II TO THE COMPANY&#146;S FUTURE BUSINESS ACTIVITIES AND GROWTH</A></TD></TR>
<TR><TD colspan="9"><A HREF="#007">IMPACT OF THE TRANSACTION ON THE COMPANY&#146;S FINANCIAL STATEMENTS AND EARNINGS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008">PROCEDURE OF TRANSACTION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">LIMITATION ON SHARE PRICE FOR THE REPURCHASE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">PERIOD OF TRANSACTION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#011">RECOMMENDATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#012">CONVENING THE GENERAL MEETING OF SHAREHOLDERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#013">OTHER INFORMATION</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on behalf by the undersigned, thereunto duly authorized.</B>
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left"><B>Perusahaan Perseroan (Persero)<BR>PT TELEKOMUNIKASI INDONESIA<BR><BR></B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="center"><B>(Registrant)</B><BR><BR></TD>
    <TD>&nbsp;</TD>
</TR>
<TR>

<TD align="left"><B>Date</B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>May
31, 2007</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;</TD>
    <TD valign="top"><B>By&nbsp;&nbsp;</B></TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="center"><B>&nbsp;&nbsp;&nbsp;/s/&nbsp;&nbsp;Harsya Denny Suryo</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center"><B>(Signature)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center"><B>Harsya Denny Suryo</B>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" nowrap align="center"><B>Vice President Investor Relation &#038; Corporate Secretary</B></TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>UNOFFICIAL TRANSLATION</B>
</DIV>

<!-- link1 "INFORMATION TO SHAREHOLDERS IN RELATION TO THE PROPOSED PLAN TO CONDUCT A SECOND BUY BACK OF SHARES OF PT TELEKOMUNIKASI INDONESIA (PERSERO)&nbsp;TBK" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>INFORMATION TO SHAREHOLDERS IN RELATION TO<BR>
THE PROPOSED PLAN TO CONDUCT<BR>
A SECOND BUY BACK OF SHARES<BR>
OF PT TELEKOMUNIKASI INDONESIA (PERSERO)&nbsp;TBK</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="u93039u9303900.gif" alt="(TELKOM LOGO)">
</DIV>


<DIV align="center" style="font-size: 16pt; margin-top: 18pt"><B>PERUSAHAAN PERSEROAN (PERSERO)<BR>
PT TELEKOMUNIKASI INDONESIA Tbk.</B></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><B>(&#147;The Company&#148;)</B></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Domiciled in Bandung, Indonesia</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Line of Business:</B><BR>
Telecommunications
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Registered Office:</B><BR>
Jl. Japati No.&nbsp;1, Bandung 40133, Indonesia
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">The Company hereby informs its shareholders that the Company plans to conduct a second phase of
repurchase of shares that have been issued by the Company and listed on the Jakarta and Surabaya
Stock Exchanges or listed in the form of American Depositary Receipts (&#147;<B>ADRs</B>&#148;) on the New York
Stock Exchange (&#147;<B>Shares Buy Back II</B>&#148;). The repurchases are intended to be made from time to time
over a maximum period of eighteen months following commencement of Shares Buy Back II. Repurchases
in connection with Shares Buy Back II shall be made based on the Company&#146;s management&#146;s discretion
through purchases of shares on the Jakarta and Surabaya Stock Exchanges, purchases of shares in the
form of ADRs on the New York Stock Exchange, off-bourse transactions and agreements, or any other
legal means the Company deems appropriate, subject to the applicable regulations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Shares Buy Back II shall be performed after the expiration of the first shares buy back
(&#147;<B>Shares Buy Back I</B>&#148;) which commenced on 22 December&nbsp;2005 and will end on 21 June&nbsp;2007. Shares Buy
Back II will be implemented subject to the prevailing laws, including, in the case of ordinary
shares listed on the Jakarta and Surabaya Stock Exchanges, Bapepam Rule&nbsp;No.&nbsp;XI.B.2 regarding
Repurchase Of Shares Issued By Issuers Or Public Companies, Attachment to Decision of the Chairman
of Bapepam No.&nbsp;KEP-45/PM/1998 dated 14 August&nbsp;1998 (&#147;<B>Rule&nbsp;XI.B.2</B>&#148;), Law No.&nbsp;1 of 1995 on Limited
Liability Companies (&#147;<B>Company Law</B>&#148;) and, in the case of shares listed on the New York Stock
Exchange in ADR form, Rule&nbsp;10b-18 of the United States Securities Exchange Act of 1934.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the above regulations of law, Shares Buy Back II requires approval from the Company&#146;s
General Meeting of Shareholders. Therefore, the Company will convene a General Meeting of
Shareholders (&#147;<B>GMS</B>&#148;) on 29 June&nbsp;2007, or its adjournment/continuation.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">This Disclosure of Information is issued on 31 May&nbsp;2007
</DIV>

<!-- link1 "INTRODUCTION" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INTRODUCTION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shares Buy Back I has been conducted based on approval of the Company&#146;s EGMS dated 21 December&nbsp;2005
and the period for Shares Buy Back I will end on 21 June&nbsp;2007. Up to 29 May&nbsp;2007, the Company has repurchased a total of 202,790,500 shares or 1.01% of the total subscribed and paid up capital
of the Company.</DIV>

<P align="center" style="font-size: 10pt">1
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>UNOFFICIAL TRANSLATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shares Buy Back I undertaken through The Jakarta Stock Exchange and The New York
Stock Exchange was conducted at an average price of Rp 8,609 per share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shares Buy Back II will be conducted for a maximum of 1.58% of the total issued Series&nbsp;B Shares or
a maximum of 319,488,818 Series&nbsp;B Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based on the regulations stated above, Shares Buy Back II requires approval from a GMS that must be
attended by shareholders representing at least 2/3 (two thirds) of the total shares with lawful
voting rights and must be approved by at least 2/3 (two thirds) of the total votes lawfully cast at
the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the GMS approves Shares Buy Back II, the Company will appoint PT Danareksa Sekuritas, members of
the Jakarta and Surabaya Stock Exchange as the Securities Trading Brokers and Morgan Stanley &#038; Co.
Incorporated as agent to repurchase ADRs on the New York Stock Exchange.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>General Information concerning the Company</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company was established as a limited liability company based on Deed No.&nbsp;128, dated 24
September&nbsp;1991, drawn before Imas Fatimah SH. Notary in Jakarta, which is contained in State
Gazette of the Republic of Indonesia No.&nbsp;5, dated 17 January&nbsp;1992, Supplement No.&nbsp;210. In relation
to the initial public offering of the Company, the Articles of Association of the Company have been
amended which amendment contained in State Gazette of the Republic of Indonesia No.&nbsp;76, dated 22
September&nbsp;1995, Supplement No.&nbsp;7900.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subsequently, the Company&#146;s Articles of Association has been amended several times, lastly
published in State Gazette of the Republic of Indonesia No.&nbsp;51, dated 27 June&nbsp;2006, Supplement No.
666.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s shares are listed on the Jakarta Stock Exchange, the Surabaya Stock Exchange, in the
form of ADRs on the New York Stock Exchange and in the form of Global Depositary Receipts on the
London Stock Exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On 1 October&nbsp;2005, the Company conducted a stock split, which changed the nominal value of Series&nbsp;A
Shares and Series&nbsp;B Shares from Rp&nbsp;500 to Rp&nbsp;250 per share. After the stock split, the total issued
shares of the Company increased from 10,079,999,640 to 20,159,999,280 shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Capital Structure</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based on the Company&#146;s Register of Shareholders issued by the Company&#146;s Securities Administrative
Bureau, PT Datindo Entrycom as of 22 May&nbsp;2007, the Company&#146;s capital structure and shareholders
composition is as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
    <TD nowrap align="center" style="font-size: 8pt"><B>Description</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="font-size: 8pt"><B>Total Number of Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="font-size: 8pt" colspan="2"><B>Total Nominal Value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="font-size: 8pt" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>&nbsp;</B></TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Rp)</B></TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(%)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Authorized Capital</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,000,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,000,000,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issued and Paid-up Capital:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Republic of Indonesia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&#151; Series&nbsp;A Dwiwarna Share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&#151; Series&nbsp;B Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,320,470,711</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,580,117,677,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51.19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">JPMCB US Resident
(Norbax Inc.)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,640,191,528</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">410,047,882,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">The Bank of New York</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,592,602,896</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">398,150,724,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&#151; Ermady Dahlan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,604</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,402,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&#151; Indra Utoyo</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,508</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,177,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Public with less than 5%
ownership</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,411,170,532</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,602,792,633,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31.80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Sub total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,964,458,780</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,991,114,695,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99.03</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Treasury Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">195,540,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,885,125,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.97</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Issued and Paid-up
Capital</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>20,159,999,280</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,039,999,820,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>100.00</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unissued Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,840,000,720</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,960,000,180,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Supervision and Management</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The composition of the Commissioners of the Company is as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Commissioners</B></DIV></TD>

    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">President Commissioner
</DIV></TD>

    <TD align="left" valign="top">:
</TD>

    <TD align="left" valign="top">Tanri Abeng</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Independent Commissioner
</DIV></TD>

    <TD align="left" valign="top">:
</TD>

    <TD align="left" valign="top">Arief Arryman</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Independent Commissioner
</DIV></TD>

    <TD align="left" valign="top">:
</TD>
    <TD align="left" valign="top">P. Sartono</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Commissioner
</DIV></TD>

    <TD align="left" valign="top">:
</TD>
    <TD align="left" valign="top">Anggito Abimanyu</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Commissioner
</DIV></TD>

    <TD align="left" valign="top">:
</TD>

    <TD align="left" valign="top">Gatot Trihargo</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">The composition of the Board of Directors of the Company is as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Board of Directors</B></DIV></TD>

    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">President Director
</DIV></TD>

    <TD align="left" valign="top">:
</TD>

    <TD align="left" valign="top">Rinaldi Firmansyah</TD>
   <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Director of Enterprise &#038; Wholesale
</DIV></TD>

    <TD align="left" valign="top">:
</TD>

    <TD align="left" valign="top">Arief Yahya</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Director of Finance
</DIV></TD>

    <TD align="left" valign="top">:
</TD>

    <TD align="left" valign="top">Sudiro Asno</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Director of Network &#038; Solution
</DIV></TD>

    <TD align="left" valign="top">:
</TD>

    <TD align="left" valign="top">I Nyoman Gede Wiryanata</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Director of Consumer
</DIV></TD>

    <TD align="left" valign="top">:
</TD>

    <TD align="left" valign="top">Ermady Dahlan</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Director of Human Capital &#038; General Affairs
</DIV></TD>

    <TD align="left" valign="top">:
</TD>

    <TD align="left" valign="top">Faisal Syam</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Director of Compliance &#038; Risk Management
</DIV></TD>

    <TD align="left" valign="top">:
</TD>
    <TD align="left" valign="top">Prasetio</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Director of Information Technology (CIO)
</DIV></TD>

    <TD align="left" valign="top">:
</TD>

    <TD align="left" valign="top">Indra Utoyo</TD>
<TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<!-- link1 "BACKGROUND AND PURPOSE OF REPURCHASE OF SHARES" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>BACKGROUND AND PURPOSE OF REPURCHASE OF SHARES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Background</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As seen in financial statements published by the Company, over the time, management of the Company
has successfully increased the Company&#146;s profit while maintaining sufficient liquidity. The
underlying business of the Company continues to demonstrate fast growth and generate significant
cash flows, which management believes exceeds the necessary amount required to maintain that
growth. In addition, the Company has low leverage compared to regional peer companies and,
therefore, has the means to sustain an increase in leverage if deemed necessary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based on the above, the Company seeks to demonstrate its commitment to increasing shareholder value
by returning excess cash to its shareholders through a repurchase of shares. Further, shareholders meeting approval of Shares Buy Back II will:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provide the Company with greater flexibility in managing its capital. To the extent that the
Company has surplus capital and surplus funds in excess of its requirements, taking into
account its growth and expansion plans, the shareholders meeting approval for Shares Buy Back
II will facilitate the return of surplus cash in an expedient and cost efficient manner.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>give the Company flexibility to achieve a more efficient capital structure thereby allowing
the Company to decrease its overall cost of financing and improve Earnings Per Share (&#147;EPS&#148;),
Earnings Per ADR (&#147;EPADR&#148;) and Return on Equity (&#147;RoE&#148;) on an ongoing basis.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>accord the Company the opportunity and flexibility to undertake share repurchases at any
time, subject to market conditions, for a maximum period of 18 (eighteen)&nbsp;months after the GMS
approval.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company believes that Shares Buy Back II will be beneficial for the Company and its
shareholders. The Company will not make any purchase under Shares Buy Back II in circumstances that
the Company believes
</DIV>



<P align="center" style="font-size: 10pt">3
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>UNOFFICIAL TRANSLATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">would have or may have a material adverse effect on the liquidity and capital of the Company
and/or affect the status of the Company as a public company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Objective of Shares Buy Back II</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shares Buy Back II constitutes one of the Company&#146;s efforts to improve its capital management,
which, if implemented, shall continuously increase the EPS, EPADR and ROE.
</DIV>

<!-- link1 "FUNDS FOR SHARES BUY BACK II" -->
<DIV align="left"><A NAME="004"></A></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FUNDS FOR SHARES BUY BACK II</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company will set aside funds from the Company&#146;s retained earnings for the purpose of
repurchasing the Shares. If the Shares Buy Back II program is not approved by the GMS or if there
are remaining funds after the implementation of the program such funds will be returned to the
retained earnings account.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The funds reserved for the repurchase of shares for maximum period of eighteen months will not
exceed Rp 3,200,000,000,000.
</DIV>

<!-- link1 "THE COMPANY&#146;S PLAN IN RESPECT OF THE REPURCHASED SHARES" -->
<DIV align="left"><A NAME="005"></A></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE COMPANY&#146;S PLAN IN RESPECT OF THE REPURCHASED SHARES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company intends to retain the shares repurchased in Shares Buy Back I and Shares Buy Back II as
treasury stock. However, the Company may resell the Repurchased Shares if the price has increased
or use of treasury stock for other purposes subject to compliance with Rule&nbsp;XI.B.2 and other
capital market regulations.
</DIV>

<!-- link1 "MANAGEMENT DISCUSSION AND ANALYSIS ON IMPACT OF SHARES BUY BACK II TO THE COMPANY&#146;S FUTURE BUSINESS ACTIVITIES AND GROWTH" -->
<DIV align="left"><A NAME="006"></A></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>MANAGEMENT DISCUSSION AND ANALYSIS ON IMPACT OF SHARES BUY BACK II TO THE<BR>
COMPANY&#146;S FUTURE BUSINESS ACTIVITIES AND GROWTH</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s main business in telecommunications services has been profitable with strong cash
flow during the last several years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company shall allocate funds for Shares Buy Back II from its retained earnings. Should there be
remaining funds, these will be returned to the retained earnings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The implementation of this program will potentially decrease the Company&#146;s assets and equity in the
amount of Rp3,290,133,000,000. However, this reduction in assets and equity may be compensated by
potential profits from the price increase of the Company&#146;s shares in future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company believes that the execution of Shares Buy Back II program should not adversely affect
the financial condition of the Company because it believes it has sufficient working capital and
cash flow to undertake the Share Buy Back II program and to run the Company&#146;s operational
activities.
</DIV>

<!-- link1 "IMPACT OF THE TRANSACTION ON THE COMPANY&#146;S FINANCIAL STATEMENTS AND EARNINGS" -->
<DIV align="left"><A NAME="007"></A></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>IMPACT OF THE TRANSACTION ON THE COMPANY&#146;S<BR>
FINANCIAL STATEMENTS AND EARNINGS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following are the pro forma net profit, EPS and EPADR, computed pursuant to the Consolidated
Financial Statements for the year ended 31 December&nbsp;2006 (audited)&nbsp;by making adjustments to the
Consolidated Financial Statements as if Shares Buy Back II was conducted in 2006 by applying the
unappropriated retaining earnings of Rp 3,200,000,000,000, inclusive of transaction costs, broker
fees and other expenses related to Shares Buy Back II and assuming the Company utilizes the entire
amount of funds reserved for the repurchase of up to 1.58 of the issued Series&nbsp;B Shares.
</DIV>


<P align="center" style="font-size: 10pt">4
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>UNOFFICIAL TRANSLATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Financial Analysis of Shares Buy Back II
</DIV>

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="23" style="border-bottom: 1px solid #000000">Last Year ended 31 December 2006</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000">Actual</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000">Proforma of Transaction</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000">Impact</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Rp. MM, unless</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">US$MM, unless</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Rp. MM, unless</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">US$MM, unless</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Rp. MM, unless</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">US$MM, unless</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">otherwise</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">otherwise</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">otherwise</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">otherwise</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">otherwise</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">otherwise</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">indicated</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">indicated</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">indicated</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">indicated</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">indicated</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">indicated</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Number of
outstanding shares
(MM shares)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,041</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,041</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,722</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,722</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(319</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(319</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,135,745</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,845,612</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,983</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,290,133</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(366</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net Profit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,005,577</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,223</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,915,444</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,213</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(90,133</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(10</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stockholders Equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,068,689</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,119</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,778,556</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,753</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,290,133</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(366</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted Average
Number of Shares
(MM)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,115</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,115</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,948</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,948</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(167</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(167</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Basic EPS (Rp. or
US$/Common Share)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">547.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">547.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Basic EPADR (Rp. or
US$/ADR)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.886</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,888</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Return on Assets (%)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14.65</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14.65</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">15.19</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">15.19</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.55</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.55</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Return on Equity (%)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">39.21</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">39.21</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">44.05</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">44.05</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.84</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.84</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Assuming buyback in 2006, Interest Rate on Cash of 6.50% and Tax Rate of 20%</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exchange Rate of Rp. 9,000/US$ as used in 31 December&nbsp;2006 audited financial statements.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The above analysis demonstrates the positive impact of Shares Buy Back II on EPS, EPADR and ROE.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Assuming the Government of Indonesia does not participate in the repurchase program, and so the
Government of Indonesia&#146;s shareholding remains the same, upon completion of Shares Buy Back II
program the composition of share ownership, including treasury stock, in the Company will be as
follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Share Ownership Analysis
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Shareholder</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shareholding</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proforma of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>%</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(Shares MM)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shareholding</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(Shares MM)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>with Treasury</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Government of Indonesia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,320</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">51.19</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,320</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">51.19</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Public</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,840</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">48.81</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,318</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">46.22</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Company (<I>Treasury Stock)</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">522</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.59</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>20,160</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>20,160</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The composition of share ownership, excluding treasury stock, in the Company will be as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Share Ownership Analysis without calculating the Treasury Stock
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Shareholder</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shareholding</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proforma of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>%</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(Shares MM)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shareholding</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(Shares MM)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>without</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Treasury</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Government of Indonesia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,320</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">51.19</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.320</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">52,55</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Public</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,840</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">48.81</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.318</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">47,45</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>20,160</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19.638</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<!-- link1 "PROCEDURE OF TRANSACTION" -->
<DIV align="left"><A NAME="008"></A></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PROCEDURE OF TRANSACTION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All repurchases of shares made on the Jakarta and Surabaya Stock Exchanges must comply with Rule
XI.B.2, including:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Such purchases shall be performed by PT Danareksa Sekuritas</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Such purchases shall not be made earlier than 30 minutes after the opening or later than 30
minutes before the closing of trading on the Jakarta and Surabaya Stock Exchanges.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The company shall purchase at a price less than or equal to the previous trading price.</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">5
</DIV>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>UNOFFICIAL TRANSLATION</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The repurchase of shares in any one day shall not exceed 25% of the daily trade volume. In
the event trading shall result in less than 1 (one)&nbsp;trading lot/unit, then the repurchase
shall be made for 1 (one)&nbsp;trading lot/unit.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s Insiders shall be prohibited from purchasing or selling the Company&#146;s shares in
the stock exchange on the day the Company exercises the repurchase of shares. Under Law No.&nbsp;8
of 1995 on Capital Markets the Company&#146;s Insiders include:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>members of the Boards of Commissioners and the Board of Directors or employees
of the Company;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company&#146;s Principal Shareholders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>individuals whom pursuant to their position or profession or relationship with
the Company, have the opportunity to acquire insider information;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>parties who within the last 6&nbsp;months constituted those parties mentioned in a,
b and c above.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All repurchases of ADRs on the New York Stock Exchange shall comply with the rules and regulations
of the US Securities and Exchange Commission and the New York Stock Exchange and the rules and
regulations of any other relevant jurisdiction that may be applicable.
</DIV>

<!-- link1 "LIMITATION ON SHARE PRICE FOR THE REPURCHASE" -->
<DIV align="left"><A NAME="009"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>LIMITATION ON SHARE PRICE FOR THE REPURCHASE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company will set the repurchase price for shares repurchased on the Jakarta and Surabaya Stock
Exchanges in accordance with Rule&nbsp;XI.B.2, and the price shall be less than or equal to the previous
trading price on the stock exchange. The Company hereby informs shareholders that the price of the
Company&#146;s Shares during 25 consecutive Trading Days on the Jakarta Stock Exchange up to and
including 29 May&nbsp;2007 was as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="11"><B>Jakarta Stock Exchange Series B Share Price</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Last 25 Trading Days</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Day</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Share Price (Rp)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Day</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Share Price (Rp)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">23 April&nbsp;2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Monday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10,550</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10 May 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thursday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">9,900</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">24 April&nbsp;2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tuesday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10,500</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11 May 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Friday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">9,600</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">25 April&nbsp;2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wednesday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10,500</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">14 May 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Monday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">9,750</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">26 April&nbsp;2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thursday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10,800</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">15 May 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tuesday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">9,600</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">27 April&nbsp;2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Friday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10,750</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">16 May 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wednesday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">9,600</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">30 April&nbsp;2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Monday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10,500</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">21 May 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Monday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">9,500</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">1 May&nbsp;2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tuesday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10,350</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22 May 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tuesday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">9,400</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2 May&nbsp;2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wednesday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10,250</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">23 May 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wednesday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">9,700</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3 May&nbsp;2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thursday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10,350</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">24 May 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thursday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">9,700</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">4 May&nbsp;2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Friday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10,300</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">25 May 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Friday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">9,600</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">7 May&nbsp;2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Monday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10,200</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">28 May 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Monday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">9,650</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8 May&nbsp;2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tuesday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;&nbsp;9,950</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">29 May 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tuesday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">9,500</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">9 May&nbsp;2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wednesday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;&nbsp;9,900</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company will set the repurchase price for shares in ADR form to be repurchased on the New
York Stock Exchange in accordance with relevant United States laws and regulations. The Company
hereby informs shareholders that the price of the Company&#146;s ADRs during 25 consecutive Trading Days
on the New York Stock Exchange up to and including 29 May&nbsp;2007 was as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="11"><B>New York Stock Exchange ADR Price</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Last 25 Trading Days</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Day</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>ADR Price (US$)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Day</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>ADR Price (US$)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">24 April&nbsp;2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tuesday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">46.51</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11 May 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Friday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">44.82</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">25 April&nbsp;2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wednesday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">46.97</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">14 May 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Monday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">44.48</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">26 April&nbsp;2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thursday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">46.70</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">15 May 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tuesday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">43.64</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">27 April&nbsp;2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Friday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">47.02</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">16 May 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wednesday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">44.01</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">30 April&nbsp;2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Monday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">45.93</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">17 May 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thursday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">44.07</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">1 May&nbsp;2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tuesday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">45.98</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">18 May 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Friday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">43.95</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2 May&nbsp;2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wednesday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">45.94</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">21 May 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Monday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">43.54</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3 May&nbsp;2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thursday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">46.25</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22 May 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tuesday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">44.00</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">4 May&nbsp;2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Friday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">45.53</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">23 May 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wednesday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">44.88</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">7 May&nbsp;2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Monday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">45.64</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">24 May 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thursday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">43.09</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8 May&nbsp;2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tuesday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">44.20</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">25 May 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Friday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">44.15</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">9 May&nbsp;2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wednesday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">45.25</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">29 May 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tuesday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">42.92</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">10 May&nbsp;2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thursday</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">44.25</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">6
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "PERIOD OF TRANSACTION" -->
<DIV align="left"><A NAME="010"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PERIOD OF TRANSACTION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The repurchase of the Shares will be undertaken after approval by the GMSis obtained Based on Rule
XI.B.2, the period for shares buy back shall be a maximum of 18 (eighteen)&nbsp;months effective as of
the date of the GMS that approved the proposed plan of Shares Buy Back II.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s management may terminate the Shares Buy Back II program at any time before the period
of 18 (eighteen)&nbsp;months elapses, if the management of the Company deems necessary. If Shares Buy
Back II is terminated, the Company will make a disclosure regarding that termination based on
Bapepam Rule&nbsp;No.&nbsp;X.K.1 regarding Disclosure of Information That Must Be Made Public Immediately,
Attachment to the Chairman of Bapepam Decision No.&nbsp;Kep-86/PM/1996 dated 24 January&nbsp;1996.
</DIV>

<!-- link1 "RECOMMENDATION" -->
<DIV align="left"><A NAME="011"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RECOMMENDATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based on the foregoing, the Board of Directors and Commissioners recommend that the shareholders of
the Company approve Shares Buy Back II program in the GMS which will be convened on 29 June&nbsp;2007,
or in any adjournment/continuation thereof.
</DIV>

<!-- link1 "CONVENING THE GENERAL MEETING OF SHAREHOLDERS" -->
<DIV align="left"><A NAME="012"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONVENING THE GENERAL MEETING OF SHAREHOLDERS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With respect to the proposed Shares Buy Back II as explained in this Disclosure of Information, the
Company intends to request approval from the Company&#146;s GMS which will be convened on Friday, 29
June&nbsp;2007, or any adjournment/continuation thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Below are significant dates relating to the GMS:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 6pt">
    <TD width="60%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Events</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Notification of GMS in the newspapers
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">24 May&nbsp;2007</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Announcement of abridged information of Share Buy Back II in two newspapers
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">31 May&nbsp;2007</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date of Register of Shareholders entitled to attend the GMS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6 June&nbsp;2007</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Notice of the GMS in the newspaper
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7 June&nbsp;2007</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">GMS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">29 June&nbsp;2007</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Report to Bapepam-LK on the results of the GMS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3 July&nbsp;2007</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Announcement of the result of the GMS in newspapers
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3 July&nbsp;2007</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<!-- link1 "OTHER INFORMATION" -->
<DIV align="left"><A NAME="013"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OTHER INFORMATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For further information in respect of the above, shareholders may contact the Company during
business hours at:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk.<BR>
Investor Relations/Corporate Secretary<BR>
Grha Citra Caraka 5<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor,<BR>
Jl. Gatot Subroto No.&nbsp;52 Jakarta 12570<BR>
Tel: 62-21-5215109 Fax: 62-21-5220500<BR>
e-mail: investor@telkom.co.id<BR>
www.telkom-indonesia.com
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">This information is provided for public knowledge.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Bandung, 31 May&nbsp;2007
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>The Company&#146;s Board of Directors</B>
</DIV>



<P align="center" style="font-size: 10pt">7
</DIV>

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