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<SEC-DOCUMENT>0001145549-08-001789.txt : 20081015
<SEC-HEADER>0001145549-08-001789.hdr.sgml : 20081015
<ACCEPTANCE-DATETIME>20081015060149
ACCESSION NUMBER:		0001145549-08-001789
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20081014
FILED AS OF DATE:		20081015
DATE AS OF CHANGE:		20081015

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:		081123902
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>u93363e6vk.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: 'Helvetica',Arial,sans-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;<B>October</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> <B>, 20 </B><U><B>08</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"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&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"><B>Jalan Japati No.&nbsp;1 Bandung-40133 INDONESIA</B></DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&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: 6pt"><B>&#091;Indicate by check mark whether the registrant files or will file annual reports under cover of
Form&nbsp;20-F or </B><B>Form 40-F</B><B>.&#093;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Form&nbsp;20-F </B><FONT face="Wingdings">&#254;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 6pt"><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&#093;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Yes </B><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>No </B><FONT face="Wingdings">&#254;</FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#091;If &#147;yes&#148; is marked, indicate below the file number assigned to the registrant in connection with
Rule&nbsp;12g3-</B><B>2(b)</B><B>:
<FONT style="white-space: nowrap">82-</FONT></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#093;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Enclosure: 2007 Annual Report of Perusahaan Perseroan (Persero) PT TELEKOMUNIKASI INDONESIA</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"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Helvetica',Arial,sans-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>
</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: 6pt"><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" align="left" style="border-bottom: 1px solid #000000"><B>Perusahaan Perseroan (Persero)<BR>
PT TELEKOMUNIKASI INDONESIA<BR>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="center"><B>(Registrant)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left"><B>Date <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 14, 2008&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B>&nbsp;</TD>
    <TD valign="top"><B>By</B>&nbsp;&nbsp;</TD>
    <TD colspan="2" align="center" style="border-bottom: 1px solid #000000"><B>/s/ Harsya Denny Suryo</B>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="center"><B>(Signature)</B><BR>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD nowrap colspan="2" align="center"><B>Harsya Denny Suryo<BR>
Vice President Investor Relation &#038; Corporate Secretary</B>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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



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<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: Helvetica,Arial,sans-serif">


<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>UNOFFICIAL ENGLISH TRANSLATION<BR>
DISCLOSURE STATEMENT OF SHARE BUYBACK PROGRAM OF<BR>
PT TELEKOMUNIKASI INDONESIA (PERSERO)&nbsp;Tbk<BR>
(&#147;the Company&#148;)</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 12pt"><IMG src="u93363u9336300.gif" alt="(TELKOM LOGO)">

</DIV>

<DIV align="Center" style="font-size: 14pt; margin-top: 12pt"><B>PT Telekomunikasi Indonesia (Persero) Tbk.</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 12pt"><B>Line Of Business:</B>

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt">The Company engages in full information and communications (InfoComm) service and network provider in Indonesia.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 12pt"><B>Domiciled in Bandung, West Java &#151;  Indonesia</B>

</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Registered Office:</B><BR>
Jl. Japati No.1 Bandung, Jawa Barat<BR>
Indonesia<BR>
Phone. &#043;62 021 5215109<BR>
Fax. &#043;62 021 5220500<BR>
Email: <U>investor@telkom.co.id</U><BR>
Internet address: www.telkom-indonesia.com</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DISCLOSURE STATEMENT OF SHARE BUYBACK PROGRAM OF THE COMPANY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Board of Directors of PT Telekomunikasi Indonesia (Persero) Tbk (&#147;the Company&#148;) herewith would
like to inform to the shareholders in relation to the Company&#146;s plan to conduct buyback program of
the Company shares which has been issued and listed on the Indonesia Stock Exchange (&#147;Shares
Buyback&#148;) up to 20% (twenty percent) of its issued and paid up capital as regulated by Bapepam-LK
Regulation&nbsp;No.XI.B.3 Attachment Decision of the Chairman of Bapepam-LK No.Kep 401/BL/2008 dated 9
October&nbsp;2008, which will be conducted gradually within 3 (three)&nbsp;months period commencing from this
disclosure statement. The execution of the Shares Buyback will be conducted based on Company Board
of Director&#146;s consent and will be executed through PT Bursa Efek Indonesia.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt">This Information is published in Jakarta, 12 October&nbsp;2008
</DIV>


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

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<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: Helvetica,Arial,sans-serif">




<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>INTRODUCTION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The recent turmoil in global financial market has triggered an economic condition which is not
supportive toward fair stock price movements. The market fluctuates significantly which was
reflected on the Indonesian Stock Exchange index since May&nbsp;2008 to the first week of October&nbsp;2008.
The Indonesian Stock Exchange Index dropped by 28.77% from 2,037.88 as of September&nbsp;8, 2008 to
1,451.66 as of October&nbsp;8, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Collapsing
Indonesian Stock Exchange index also affects the Company&#146;s stock price, even though the
Company&#146;s fundamental is in solid condition with healthy cash flow exceeding the required amount to
maintain growth. Currently, Company&#146;s leverage is in healthy position and is possible to further
increase its leverage if required.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With these considerations, the Company plans to conduct buyback program of the Company shares which
has been issued and listed on the Indonesia Stock Exchange (&#147;Shares Buyback&#148;) up to 20% (twenty
percent) of the issued and paid up capital as regulated by Bapepam-LK Regulation&nbsp;No.XI.B.3
Attachment Decision of the Chairman of Bapepam-LK No.Kep 401/BL/2008 dated 9 October&nbsp;2008 which
will be conducted gradually within 3 (three)&nbsp;months period commencing from this disclosure
statement. The execution of the Shares Buyback will be conducted based on Company Board of
Director&#146;s consent and will be executed through PT Bursa Efek Indonesia.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In relation with the Shares Buyback program, the Company has appointed PT Bahana Securities as the
brokerage firm to conduct the Shares Buyback program
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Board of Directors is confident that the implementation of the Shares Buyback will not negatively
impacts the Company&#146;s financial condition, since the Company currently holds a sufficient working
capital to maintain the Company&#146;s business activities.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shares buyback will be conducted within maximum of 3 (three)&nbsp;months period commencing from Shares
Buyback Disclosure Statement publication, from 13 October&nbsp;2008 to 12 January&nbsp;2009.
</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="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>No</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>EVENTS</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>DATE</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Report to Bapepam-LK regarding Shares Buyback transactions
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">12 October 2008</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Announcement of Information Statement to Indonesian Stock
Exchange
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">13 October&nbsp;2008</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Shares Buyback Period through Indonesian Stock Exchange
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">13 October&nbsp;2008 to<BR>
12 January&nbsp;2009</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Board of Directors is authorized to terminate the Shares Buyback Program if deemed necessary at any
time before the end of the Shares Buyback Program period. Shall the Shares Buyback program is
terminated, the Company will give a full disclosure statement in relation with the said termination
in accordance with BAPEPAM-LK regulation No.X.K.1 Attachment Decision of the Chairman of Bapepam-LK
No.Kep.86/PM/1996 regarding Disclosure of Information That Must Be Made Public Immediately.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SOURCE OF FUND AND NUMBER OF SHARES<BR>
THAT WILL BE BOUGHT BACK AND FOR SHARES BUYBACK PROGRAM</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the purpose of the Shares Buyback, the Company will provide funds which will be taken from its
retained earnings balance. The use of the retained earnings will not cause the Company&#146;s net asset
become smaller than its issued capital
plus mandatory reserve provisions. Currently, the Company has taken into account provisions in
accordance with
</DIV>



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



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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">UUPT No.40 &#151; 2007. The funds allocated for the purpose above will be taken from unappropriated
retained earnings as of 31 December&nbsp;2007 which amounted to Rp 22.2 trillion. From the said amount,
funds to conduct the Shares Buyback (including all transaction costs) is limited to Rp 3 trillion,
should there will be some unused fund following the completion the Shares Buyback program, the fund
will be returned to the retained earnings account.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with the shares buyback, the Company will not purchase more than 20% of the issued
capital in accordance with BAPEPAM-LK Regulation&nbsp;No.XI.B.3. point 4.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>COMPANY&#146;S PLAN IN RELATION TO THE BOUGHT BACK SHARES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company plans to keep the shares obtained from buyback program as treasury stock (&#147;Shares from
Buyback Program&#148;) for a maximum period of 3 (three)&nbsp;years, in compliance with Regulations and if
there is an increase in the share price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Furthermore, Shares from the Buyback program will be used for:
</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">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Provide future financing flexibility ; or</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">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sold back through Management/Employee Stock Option Plan program (with respect to Regulation
No.&nbsp;IX.E.1 regarding the Conflict of Interest of the Certain Transaction) ;</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">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Capital reduction in compliance with UU No.40/2007 on Limited Liability Companies.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the above case, the Company might be able to book profit from the sale of Shares from Buyback
Program. The sale of Shares from Buyback Program can be done through the stock exchange transaction
or through over the counter transaction, in compliance with BAPEPAM&#151;LK No.IX.B.3 Regulation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In accordance with clause 40 point 1 UU No.40/2007 on Limited Liability Companies , Shares from
Buyback Program will not be eligible for voting rights on General Shareholders Meeting and will not
be counted into quorum and will not be entitled for dividend payment
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Company&#146;s Board of Directors will report the Buyback Program implementation as well as proceeds of
the sale of shares from Buyback Program to General Meeting of Shareholder following the completion
of Buyback program.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As regulated by Bapepam Regulation&nbsp;No.XI.B.3, the Company will conduct the buyback program with the
following mechanism:
</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>Buyback will only be conducted through PT Bahana Securities as the appointed brokerage firm
in relation to the shares buyback</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>Company Insiders are prohibited to buy or sell the Company&#146;s share during the execution of
Shares Buyback by 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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>According to Capital Market Law No 8. 1995, Company Insider includes:</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>Board of Commissioners, Board of Directors or Company employee;</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>Company major 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>Individual due to its position or its profession or because its relation with Company, enable the person in getting Company 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 that no longer become party as the same manner mentioned above (in point a, b and c) within the last 6 (six)&nbsp;month</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="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Shares obtained from Buyback Program, will be held by the Company for a maximum period of 3
(three)&nbsp;years.</TD>
</TR>



</TABLE>
</DIV>
<P align="right" style="font-size: 10pt">3<!-- Folio -->&nbsp;<!-- /Folio -->
</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: Helvetica,Arial,sans-serif">



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>IMPACT
OF BUY BACK OF SHARES ON THE COMPANY&#146;S FINANCIAL<BR>
STATEMENT AND NET PROFIT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Below is proforma statement of Return on Assets (ROA)&nbsp;and Return on Equity (ROE)&nbsp;calculated based
on unaudited (inhouse)&nbsp;consolidated financial statements as of 30 June&nbsp;2008, based on Retained
Earnings of consolidated financial statements in fiscal year ending 31 December&nbsp;2007, including
brokerage fee and other expenses in relation with Buyback Program)
</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="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 style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-top: 1px solid #000000"><B>Financial Analysis of Buyback of Shares</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>In fiscal year ending on 30 June 2008</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Before Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>After Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Descriptions</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Buyback</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Buyback</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Impact</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">Total Asset (in million Rupiah)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">85,836,211</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">82,836,211</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(3,000,000</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Net Profit (in million Rupiah)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6,297,610</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6,297,610</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Total Equity (in million Rupiah)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">30,386,225</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">27,386,225</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(3,000,000</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Return on Asset (%)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7,34</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7,60</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0,27</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Return on Equity (%)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">20,73</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23,00</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2,27</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The analysis in the table above shows positive implication from Shares Buyback to ROA and ROE.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Shares Buyback will decrease the Company&#146;s assets and equity. If Company use all funds
allocated for Shares Buyback Program with a maximum amount of Rp 3 trillion, the asset and equity
shall decrease in a maximum amount of Rp. 3 trillion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company is confident that the implementation of the Shares Buyback will not negatively impacts
to the Company&#146;s business activities and growth materially, since the Company currently holds a
sufficient working capital to conduct Shares Buyback Program and maintaining the Company&#146;s business
activities.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SALE OF SHARES FROM BUYBACK PROGRAM</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">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Shares from Buyback Program can be sold back to Board of Director or employees through
Employee Stock Option Plan or Employee Stock Purchase Plan approved by General Meeting of
Shareholder with respect to Regulation&nbsp;No.&nbsp;IX.E.1 regarding the Conflict of Interest of the
Certain Transaction.</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>Shares from Buyback Program can be sold outside the market mechanism on a fair market value,
but no less than the Shares Buyback price.</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>Shares from Buyback Program can be sold through the Indonesian Stock Exchange with the
following conditions:</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>the sale transaction must be conducted by through one bourse member ;</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 sale transaction can only be done after 30 (thirty)&nbsp;days following the
completion of the Shares Buy Back Program ;</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>the sale transaction cannot be conducted on the trading opening or closing or
within 30 (thirty)&nbsp;minutes after the opening or 30 (thirty)&nbsp;minutes before the closing
of the trading;</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>the sale offer has to be equal or higher than the previous trading price;</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">e.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>maksimum sale for each trading day is 25 % (twenty five percent) of the daily
trading volume, should this resulting in unit trading fraction, it should be rounded
to one trading unit; and
</TD>
</TR>
</TABLE>
</DIV>
<P align="right" style="font-size: 10pt">4<!-- Folio -->&nbsp;<!-- /Folio -->
</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: Helvetica,Arial,sans-serif">

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


</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">f.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Company Insider (as the same manner as defined in Undang-Undang No.&nbsp;8 Tahun
1995 about Capital market) is prohibited to buy or sell Company&#146;s share in Indonesia
Stock Exchange during the execution of Shares Buyback by the Company.</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="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In accordance to BAPEPAM regulations No.XI.B.3, should the Company were to sell its Shares
from Buyback Program at a lower price than the Buyback cost, the loss should be clearly
disclosed in its profit loss statement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SHARE PRICE ON SHARES BUYBACK PROGRAM</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The share Buyback will be executed at a considerably good and fair price under Company management&#146;s
consent.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shareholders who need additional information with regards to the proposed transaction may contact:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">Investor
Relations/Corporate Secretary<BR>
<B>PT Telekomunikasi Indonesia (Persero) Tbk</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 12pt">Grha
Citra Caraka,
5<SUP style="font-size: 85%; vertical-align: text-top">th</sup> Floor<BR>
Jl. Gatot Subroto No. 52.<BR>
Jakarta 12570<BR>
Phone: 62-21-5215109<BR>
Fax: 62-21-5220500<BR>
Email: <u>investor@telkom.co.id</u><BR>
www.telkom-indonesia.com
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">This information is announced for public.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Jakarta, 12 October&nbsp;2008
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>The
Company&#146;s Board of Director</B>
</DIV>



<P align="right" style="font-size: 10pt">5<!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
