<SEC-DOCUMENT>0001001807-11-000018.txt : 20110331
<SEC-HEADER>0001001807-11-000018.hdr.sgml : 20110331
<ACCEPTANCE-DATETIME>20110331161010
ACCESSION NUMBER:		0001001807-11-000018
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20101231
FILED AS OF DATE:		20110331
DATE AS OF CHANGE:		20110331

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:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14406
		FILM NUMBER:		11726286
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
<FILENAME>sgi_729482pttelkomform20-ffy.htm
<DESCRIPTION>PT TELEKOMUNIKASI INDONESIA TBK
<TEXT>

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<A href="#page_2"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=blue face="Times New Roman,serif">Table of Contents</FONT></U></A></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">UNITED STATES SECURITIES AND EXCHANGE COMMISSION</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Washington, D.C. 20549</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">________________</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Times New Roman,serif">Form 20-F</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 5pt"><B><FONT style="LINE-HEIGHT: 94%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="96%">

   <P style="MARGIN: 0in 0in 5pt"><B><FONT style="LINE-HEIGHT: 94%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 5pt"><B><FONT style="LINE-HEIGHT: 94%; FONT-SIZE: 10pt" face="Wingdings 2">*</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="96%">

   <P style="MARGIN: 0in 0in 5pt"><B><FONT style="LINE-HEIGHT: 94%; FONT-SIZE: 10pt" face="Times New Roman,serif">REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 5pt"><FONT style="LINE-HEIGHT: 94%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="96%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 5pt" align=center><B><FONT style="LINE-HEIGHT: 94%; FONT-SIZE: 10pt" face="Times New Roman,serif">OR</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 5pt"><FONT style="LINE-HEIGHT: 94%; FONT-SIZE: 10pt" face="Wingdings 2">R</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="96%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 94%; FONT-SIZE: 10pt" face="Times New Roman,serif">ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></B></P>

   <P style="MARGIN: 0in 0in 5pt"><B><FONT style="LINE-HEIGHT: 94%; FONT-SIZE: 10pt" face="Times New Roman,serif">For the fiscal year ended December 31, 2010</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 5pt"><B><FONT style="LINE-HEIGHT: 94%; FONT-SIZE: 10pt" face="Wingdings 2">*</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="96%">

   <P style="MARGIN: 0in 0in 5pt"><B><FONT style="LINE-HEIGHT: 94%; FONT-SIZE: 10pt" face="Times New Roman,serif">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 5pt"><FONT style="LINE-HEIGHT: 94%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="96%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 5pt" align=center><B><FONT style="LINE-HEIGHT: 94%; FONT-SIZE: 10pt" face="Times New Roman,serif">OR</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="4%">

   <P style="MARGIN: 0in 0in 5pt"><B><FONT style="LINE-HEIGHT: 94%; FONT-SIZE: 10pt" face="Wingdings 2">*</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="96%">

   <P style="MARGIN: 0in 0in 5pt"><B><FONT style="LINE-HEIGHT: 94%; FONT-SIZE: 10pt" face="Times New Roman,serif">SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Date of event requiring this shell company report</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman,serif">Commission file number 1-14406</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><FONT style="FONT-SIZE: 10pt" lang=IT face="Times New Roman,serif">________________</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 14pt" lang=IT face="Times New Roman,serif">Perusahaan Perseroan (Persero)</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 14pt" lang=IT face="Times New Roman,serif">PT Telekomunikasi Indonesia Tbk.</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">(Exact name of Registrant as specified in its charter)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Times New Roman,serif">Telecommunications Indonesia</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">(a state-owned public limited liability company)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">(Translation of Registrant&#8217;s name into English)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">________________</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Republic of Indonesia</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">(State or other jurisdiction of incorporation or organization)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Jalan Japati, 1</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Bandung 40133</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Indonesia</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">(62) (22) 452-1510</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">(62) (21) 521-5109*</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">(Address of Registrant&#8217;s principal executive offices)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">________________</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

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<TABLE style="WIDTH: 749pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="100%" colSpan=8>

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">Securities registered or to be registered pursuant to Section 12(b) of the Act.</FONT></P></TD></TR>

<TR height=20>

   <TD vAlign=top width="100%" colSpan=8>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="70%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 8pt" face="Times New Roman,serif">Title of</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 8pt" face="Times New Roman,serif">Each class</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 8pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="28%" colSpan=2>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 8pt" face="Times New Roman,serif">Name of each exchange</FONT></B></P>

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 8pt" face="Times New Roman,serif">on which registered</FONT></B></P></DIV></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="70%" colSpan=5>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">American Depositary Shares representing Series B Shares, par value 250 Rupiah per share</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="28%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">New York Stock Exchange</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="70%" colSpan=5>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">Series B Shares, par value 250 Rupiah per share</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="28%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">New York Stock Exchange**</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="100%" colSpan=8>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="100%" colSpan=8>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Securities registered or to be registered pursuant to Section 12(g) of the Act. None</FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="100%" colSpan=8>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act. None</FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="100%" colSpan=8>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Indicate the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered by the annual report:</FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="85%" colSpan=7>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">Series A Dwiwarna Share, par value 250 Rupiah per share</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">1</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="85%" colSpan=7>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">Series B Shares, par value 250 Rupiah per share</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">19,669,424,779</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="100%" colSpan=8>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="100%" colSpan=8>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes </FONT><FONT style="FONT-SIZE: 10pt" face="Wingdings 2">R&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No </FONT><FONT style="FONT-SIZE: 10pt" face=Wingdings>&#168;&nbsp;</FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="100%" colSpan=8>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes </FONT><FONT style="FONT-SIZE: 10pt" face=Wingdings>&#168;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No </FONT><FONT style="FONT-SIZE: 10pt" face="Wingdings 2">R&nbsp;</FONT></P>

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   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes </FONT><FONT style="FONT-SIZE: 10pt" face="Wingdings 2">R&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No </FONT><FONT style="FONT-SIZE: 10pt" face=Wingdings>&#168;&nbsp;</FONT></P>

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   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes </FONT><FONT style="FONT-SIZE: 10pt" face=Wingdings>&#168;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp; No </FONT><FONT style="FONT-SIZE: 10pt" face=Wingdings>&#168;&nbsp;</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of &#8220;accelerated filer and large accelerated filer&#8221; in Rule 12b-2 of the Exchange Act. (Check one):</FONT></P>

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   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Large accelerated filer </FONT><FONT style="FONT-SIZE: 10pt" face="Wingdings 2">R&nbsp;</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Accelerated filer </FONT><FONT style="FONT-SIZE: 10pt" face=Wingdings>&#168;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="35%" colSpan=4>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Non-accelerated filer </FONT><FONT style="FONT-SIZE: 10pt" face=Wingdings>&#168;&nbsp;</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD></TR>

<TR>

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   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Indicate by check mark which financial statement item the Registrant has elected to follow. Item 17 </FONT><FONT style="FONT-SIZE: 10pt" face=Wingdings>&#168;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 18&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" face="Wingdings 2">R&nbsp;</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD></TR>

<TR>

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   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes </FONT><FONT style="FONT-SIZE: 10pt" face=Wingdings>&#168;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No </FONT><FONT style="FONT-SIZE: 10pt" face="Wingdings 2">R&nbsp;</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">*</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Investor Relations Unit, Grha Citra Caraka, JI. Gatot Subroto, No. 52, 5th Floor, Jakarta 12570.</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="6%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">**</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">The Series B Shares were registered in connection with the registration of the American Depositary Shares. The Series B Shares are not listed for trading on the New York Stock Exchange.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">TABLE OF CONTENTS</FONT></U></B></P>

<DIV align=center>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="13%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="80%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt">
   <A href="#partI"><U><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" color=blue face="Times New Roman,serif">PART I</FONT></U></A></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="80%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="13%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="80%">

   <P style="MARGIN: 0in 0in 0pt">
   <A href="#Item1"><U><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" color=blue face="Times New Roman,serif">ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</FONT></U></A><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">1</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="13%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="80%">

   <P style="MARGIN: 0in 0in 0pt">
   <A href="#Item2"><U><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" color=blue face="Times New Roman,serif">ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE</FONT></U></A></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">1</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="13%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="80%">

   <P style="MARGIN: 0in 0in 0pt">
   <A href="#Item3"><U><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" color=blue face="Times New Roman,serif">ITEM 3. KEY INFORMATION</FONT></U></A></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">1</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="13%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="80%">

   <P style="MARGIN: 0in 0in 0pt">
   <A href="#Item4"><U><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" color=blue face="Times New Roman,serif">ITEM 4. INFORMATION ON THE COMPANY</FONT></U></A></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">1</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="13%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="80%">

   <P style="MARGIN: 0in 0in 0pt">
   <A href="#Item4A"><U><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" color=blue face="Times New Roman,serif">ITEM 4A. UNRESOLVED STAFF COMMENTS</FONT></U></A></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">2</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="13%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="80%">

   <P style="MARGIN: 0in 0in 0pt">
   <A href="#Item5"><U><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" color=blue face="Times New Roman,serif">ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</FONT></U></A></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">2</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="13%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="80%">

   <P style="MARGIN: 0in 0in 0pt">
   <A href="#Item6"><U><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" color=blue face="Times New Roman,serif">ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</FONT></U></A></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">2</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="13%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="80%">

   <P style="MARGIN: 0in 0in 0pt">
   <A href="#Item7"><U><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" color=blue face="Times New Roman,serif">ITEM 7. MAJOR STOCKHOLDERS AND RELATED PARTY TRANSACTIONS</FONT></U></A></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">3</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="13%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="80%">

   <P style="MARGIN: 0in 0in 0pt">
   <A href="#Item8"><U><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" color=blue face="Times New Roman,serif">ITEM 8. FINANCIAL INFORMATION</FONT></U></A></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">4</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="13%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="80%">

   <P style="MARGIN: 0in 0in 0pt">
   <A href="#Item9"><U><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" color=blue face="Times New Roman,serif">ITEM 9. THE OFFER AND LISTING</FONT></U></A></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">4</FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt">
   <A href="#Item10"><U><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" color=blue face="Times New Roman,serif">ITEM 10. ADDITIONAL INFORMATION</FONT></U></A></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">4</FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt">
   <A href="#Item11"><U><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" color=blue face="Times New Roman,serif">ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK</FONT></U></A></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">5</FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt">
   <A href="#Item12"><U><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" color=blue face="Times New Roman,serif">ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</FONT></U></A></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">5</FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt">
   <A href="#PartII"><U><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" color=blue face="Times New Roman,serif">PART II</FONT></U></A></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

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<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt">
   <A href="#Item13"><U><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" color=blue face="Times New Roman,serif">ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</FONT></U></A></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">6</FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt">
   <A href="#Item14"><U><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" color=blue face="Times New Roman,serif">ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</FONT></U></A></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">6</FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt">
   <A href="#Item15"><U><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" color=blue face="Times New Roman,serif">ITEM 15. CONTROLS AND PROCEDURES</FONT></U></A></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">6</FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt">
   <A href="#Item16"><U><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" color=blue face="Times New Roman,serif">ITEM 16. RESERVED</FONT></U></A></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">6</FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt">
   <A href="#Item16A"><U><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" color=blue face="Times New Roman,serif">ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT</FONT></U></A></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">6</FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="80%">

   <P style="MARGIN: 0in 0in 0pt">
   <A href="#Item16B"><U><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" color=blue face="Times New Roman,serif">ITEM 16B. CODE OF ETHICS</FONT></U></A></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">6</FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt">
   <A href="#Item16C"><U><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" color=blue face="Times New Roman,serif">ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</FONT></U></A></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">6</FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt">
   <A href="#Item16D"><U><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" color=blue face="Times New Roman,serif">ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</FONT></U></A></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">6</FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt">
   <A href="#Item16E"><U><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" color=blue face="Times New Roman,serif">ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</FONT></U></A></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">6</FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt">
   <A href="#Item16F"><U><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" color=blue face="Times New Roman,serif">ITEM 16F. CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</FONT></U></A></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">6</FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt">
   <A href="#Item16G"><U><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" color=blue face="Times New Roman,serif">ITEM 16G. CORPORATE GOVERNANCE</FONT></U></A></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">6</FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt">
   <A href="#PartIII"><U><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" color=blue face="Times New Roman,serif">PART III</FONT></U></A></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

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<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt">
   <A href="#Item17"><U><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" color=blue face="Times New Roman,serif">ITEM 17. FINANCIAL STATEMENTS</FONT></U></A></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">7</FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt">
   <A href="#Item18"><U><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" color=blue face="Times New Roman,serif">ITEM 18. FINANCIAL STATEMENTS</FONT></U></A></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">7</FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt">
   <A href="#Item19"><U><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" color=blue face="Times New Roman,serif">ITEM 19. EXHIBITS</FONT></U></A></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">7</FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">Exhibit&nbsp;&nbsp; 1.1 Memorandum and Articles of Association of TELKOM, as amended on June 24, 2010</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">Exhibit&nbsp;&nbsp; 1.2 Acceptance Notice of Memorandum and Articles of Association of TELKOM</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD></TR>

<TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">Exhibit&nbsp;&nbsp; 1.3 Approval Deed Amendments Article of Association</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="93%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">Exhibit 12.1 CEO Certification pursuant to Section 302</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="93%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">Exhibit 12.2 CFO Certification pursuant to Section 302</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="93%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">Exhibit 13.1 CEO Certification pursuant to Section 906</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="93%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">Exhibit 13.2 CFO Certification pursuant to Section 906</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="93%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt">
   <A href="#Signatures"><U><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" color=blue face="Times New Roman,serif">SIGNATURES</FONT></U></A></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.35pt; PADDING-RIGHT: 2.35pt; PADDING-TOP: 0in" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">8</FONT></P></TD></TR></TABLE></DIV></DIV>

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<A href="#page_2"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=blue face="Times New Roman,serif">Table of Contents</FONT></U></A></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">This annual report on Form 20-F incorporates by reference certain information</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"> </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">contained in the Annual Report of PT Telekomunikasi Indonesia Tbk. (the</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"> </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&#8220;Company&#8221; or &#8220;TELKOM&#8221;) for the financial year ended December 31, 2010, dated</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"> </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">March 29, 2011 (&#8220;2010 Annual Report&#8221;) furnished on Form 6-K dated March 3<FONT style="FONT-SIZE: 10pt" face="Times New Roman">1</FONT>, 2011</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"> </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">(&#8220;Report on Form 6-K&#8221;). The information that is incorporated herein by</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"> </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">reference is set forth below. Information from the 2010 Annual Report furnished</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"> </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">in the Report on Form 6-K not referenced below is not incorporated by reference</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"> </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">herein.&nbsp;</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><A name="partI"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">PART I</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><A name="Item1"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Not applicable. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><A name="Item2"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Not applicable.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><A name="Item3"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ITEM 3. KEY INFORMATION</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">A. Selected Financial Data</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The information set forth under the headings &#8220;Financial Data&#8221; on pages 5 &#8211; 7 and &#8220;Additional Information &#8211; Exchange Controls&#8221; on pages 134 &#8211; 135 in the 2010 Annual Report furnished in the Report on Form 6-K is incorporated herein by reference.&nbsp; The reconciliation of data to US Generally Accepted Accounting Principles are set forth at notes 55 and 56 to the consolidated financial statements in the 2010 Annual Report furnished in the Report on Form 6-K.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">B. Capitalization and Indebtedness</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Not applicable. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">C. Reason for the Offer and Use of Proceeds</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Not applicable. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">D. Risk Factors</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The information set forth under the headings &#8220;Additional Information &#8211; Risk Factors&#8221; on pages 117 &#8211; 127 in the 2010 Annual Report contained in the Report on Form 6-K is incorporated herein by reference.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><A name="Item4"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ITEM 4. INFORMATION ON THE COMPANY</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">A. History and Development of the Company</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The information set forth under the headings &#8220;TELKOM Profile &#8211; History of TELKOM&#8221; on page 27; &#8220;TELKOM Profile &#8211; Significant Events in 2010&#8221; on page 28 &#8211; 29 and &#8220;Management&#8217;s Discussion and Analysis Operating and Financial Review and Prospects &#8211; Capital Expenditures&#8221; on pages 109 &#8211; 111 in the 2010 Annual Report contained in the Report on Form 6-K is incorporated herein by reference.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">B. Business Overview</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 13.5pt; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">&nbsp;The information set forth under the headings &#8220;Business Review,&#8221; &#8220;Network Infrastructure,&#8221; &#8220;Network Development,&#8221; &#8220;Customer Service&#8221; and &#8220;Sales, Marketing and Distribution&#8221; on pages 52 &#8211; 65 and &#8220;Tariffs and Interconnection Charges&#8221; on pages 65 &#8211; 70 under the heading &#8220;Telkom Business Overview;&#8221; the information set forth under the heading &#8220;TELKOM Profile &#8211; Map of Regional Operations&#8221; on page 23 and the information set forth under the headings &#8220;Regulations,&#8221; &#8220;Competition&#8221; and &#8220;Licensing&#8221; on pages 72 &#8211; 85 under the heading &#8220;Review of the Telecommunications Industry in Indonesia&#8221; in the 2010 Annual Report contained in the Report on Form 6-K is incorporated herein by reference.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">C. Organizational Structure</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The information set forth under the headings &#8220;Organizational Structure&#8221; and &#8220; Subsidiaries&#8221; on pages 20 &#8211; 22 under the heading &#8220;TELKOM Profile&#8221; in the 2010 Annual Report contained in the Report on Form 6-K is incorporated herein by reference.</FONT></P></DIV>

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<A href="#page_2"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=blue face="Times New Roman,serif">Table of Contents</FONT></U></A></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">D. Property, Plant and Equipment</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The information set forth under the heading &#8220;TELKOM Business Overview &#8211; Property, Plant and Equipment&#8221; on page 71 in the 2010 Annual Report contained in the Report on Form 6-K is incorporated herein by reference.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><A name="Item4A"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ITEM 4A. UNRESOLVED STAFF COMMENTS</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Not applicable. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><A name="Item5"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">A. Operating Results</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The information set forth under the heading &#8220;Management&#8217;s Discussion and Analysis Operating and Financial Review and Prospects &#8211; Operating Results Overview&#8221; (along with the preceding paragraph) on pages 86 &#8211; 104 in the 2010 Annual Report contained in the Report on Form 6-K is incorporated herein by reference.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">B. Liquidity and Capital Resources</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The information set forth under the heading &#8220;Management&#8217;s Discussion and Analysis Operating and Financial Review and Prospects - Liquidity and Capital Resources&#8221; on pages 105 &#8211; 114 in the 2010 Annual Report contained in the Report on Form 6-K is incorporated herein by reference.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">C. Research and Development, Patents and Licenses, etc.</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The information set forth under the heading &#8220;Management&#8217;s Discussion and Analysis Operating and Financial Review and Prospects &#8211; Research and Development and Intellectual Property&#8221; on page 114 in the 2010 Annual Report contained in the Report on Form 6-K is incorporated herein by reference.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">D. Trend Information</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The information set forth under the heading &#8220;Management&#8217;s Discussion and Analysis Operating and Financial Review and Prospects &#8211; Trend Information &#8221; on page 115 in the 2010 Annual Report contained in the Report on Form 6-K is incorporated herein by reference.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">E. Off-Balance Sheet Arrangements</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The information set forth under the heading &#8220;Management&#8217;s Discussion and Analysis Operating and Financial Review and Prospects &#8211; Off Balance Sheet Arrangements&#8221; on page 115 and Note 48 and Note 49 to the Consolidated Financial Statements in the 2010 Annual Report contained in the Report on Form 6-K is incorporated herein by reference.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">F. Tabular Disclosure of Contractual Obligations</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The information set forth under the heading &#8220;Management&#8217;s Discussion and Analysis Operating and Financial Review and Prospects &#8211; Tabular Disclosure of Contractual Obligations&#8221; on pages 115 &#8211; 116 in the 2010 Annual Report contained in the Report on Form 6-K is incorporated herein by reference.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><A name="Item6"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">A. Directors and Senior Management</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 13.5pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The information set forth under the headings &#8220;The Board of Commissioners&#8221; on page 12 and &#8220;The Board of Directors&#8221; on page 17 under the heading &#8220;Report to Shareholders&#8221; and the information set forth under the headings &#8220;Board of Commissioners&#8221; on pages 144 &#8211; 147 and &#8220;Board of Directors&#8221; on pages 147 &#8211; 150 under the heading &#8220;Corporate Governance &#8211; Framework and Corporate Governance Structure&#8221; in the 2010 Annual Report contained in the Report on Form 6-K is incorporated herein by reference.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">B. Compensation</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 13.5pt; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The information set forth under the headings &#8220;Board of Commissioners &#8211; Compensation&#8221; on page 146 and &#8220;Board of Directors &#8211; Board of Directors&#8217; Remuneration and Allowances&#8221; on pages 148 &#8211; 149 under the heading &#8220;Corporate Governance &#8211; Framework and Corporate Governance Structure&#8221; and the information set forth under the headings &#8220;Competitive Remuneration,&#8221; &#8220;Defined Benefit Pension Plan&#8221; and &#8220;Defined Contribution Pension Plan&#8221; on pages 36 &#8211; 37 under the heading &#8220;TELKOM&#8217;s Human Capital - A Bridge to Change &#8211; TELKOM&#8217;s HR Development&#8221; in the 2010 Annual Report contained in the Report on Form 6-K is incorporated herein by reference.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">C. Board Practices</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 13.5pt; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The information set forth under the headings &#8220;The Board of Commissioners&#8221; on page 12 and &#8220;The Board of Directors&#8221; on page 17 under the heading &#8220;Report to Shareholders;&#8221; the information set forth under the headings &#8220;Board of Commissioners&#8221; and &#8220;Board of Directors&#8221; on pages 144 &#8211; 150 under the heading &#8220;Corporate Governance &#8211; Framework and Corporate Governance Structure&#8221; and the information set forth under the headings &#8220;Audit Committee&#8221; on pages 151 &#8211; 153 and &#8220;Nomination and Remuneration Committee&#8221; on page 156 under the heading &#8220;Corporate Governance &#8211; Board of Commissioners&#8217; Committees&#8221; in the 2010 Annual Report contained in the Report on Form 6-K is incorporated herein by reference.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">D. Employees</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 13.5pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The information set forth under the headings &#8220;HR Profile &#8211; TELKOM Employees&#8221; on page 32 and &#8220;TELKOM&#8217;s HR Development &#8211; Employee Relations Management&#8221; on page 36 under the heading &#8220;TELKOM&#8217;s Human Capital - A Bridge to Change&#8221; in the 2010 Annual Report contained in the Report on Form 6-K is incorporated herein by reference.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">E. Share Ownership</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The information set forth under the heading &#8220;Corporate Governance &#8211; Framework and Corporate Governance Structure &#8211; Board of Directors &#8211; &nbsp;Share Ownership&#8221; on page 149 in the 2010 Annual Report contained in the Report on Form 6-K is incorporated herein by reference.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><A name="Item7"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ITEM 7. MAJOR STOCKHOLDERS AND RELATED PARTY TRANSACTIONS</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">A. Major Shareholders</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 13.5pt; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The information set forth under the headings &#8220;Shareholder Composition&#8221; on pages 42 &#8211; 43; &#8220;Relationship with the Government and Governmental Agencies&#8221; on pages 45 &#8211; 47; &#8220;Other &#8211; Proportion of Common Stock held in Indonesia and Abroad&#8221; on page 47 and &#8220;Other &#8211; Change in Control&#8221; on page 47 under the heading &#8220;Stock Overview&#8221; in the 2010 Annual Report contained in the Report on Form 6-K is incorporated herein by reference. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">B. Related Party Transactions</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The information set forth under the heading &#8220;Stock Overview &#8211; Other &#8211; Related Party Transactions&#8221; on page 48 and Note 44 to the Consolidated Financial Statements in the 2010 Annual Report contained in the Report on Form 6-K is incorporated herein by reference.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">C. Interest of Experts and Counsel</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 13.5pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Not applicable. </FONT></P></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_6"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">
<A href="#page_2"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=blue face="Times New Roman,serif">Table of Contents</FONT></U></A></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><A name="Item8"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ITEM 8. FINANCIAL INFORMATION</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">A. Consolidated statements and other financial information</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The information set forth under the heading &#8220;Consolidated Financial Statements&#8221; on pages F-1 and F-3 &#8211; F-170; &#8220;Corporate Governance &#8211; Material Litigation&#8221; on pages 173 &#8211; 174 and &#8220;Stock Overview &#8211; Dividend Policy&#8221; on page 39 &#8211; 40 in the 2010 Annual Report contained in the Report on Form 6-K is incorporated herein by reference.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">B. Significant changes</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The information set forth under Note 53 to the Consolidated Financial Statements in the 2010 Annual Report contained in the Report on Form 6-K is incorporated herein by reference.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><A name="Item9"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ITEM 9. THE OFFER AND LISTING</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">A. Offer and listing details</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The information set forth under the heading &#8220;Stock Overview &#8211; Trade Price and Volume&#8221; on pages 44 &#8211; 45 in the 2010 Annual Report contained in the Report on Form 6-K is incorporated herein by reference.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">B. Plan of distribution</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Not applicable. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">C. Markets</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The information set forth under the heading &#8220;Stock Overview &#8211; Trading of TELKOM Stock and ADS in 2010&#8221; on pages 40 &#8211; 41 in the 2010 Annual Report contained in the Report on Form 6-K is incorporated herein by reference.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">D. Selling Stockholders</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Not applicable. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">E. Dilution</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Not applicable. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">F. Expenses of the issue</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Not applicable. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><A name="Item10"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ITEM 10. ADDITIONAL INFORMATION</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">A. Share capital</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Not applicable. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">B. Memorandum and Articles of Association</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The information set forth under the heading &#8220;Corporate Governance &#8211; Amendment of the Articles of Association&#8221; on pages 175 &#8211;176 in the 2010 Annual Report contained in the Report on Form 6-K is incorporated herein by reference.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">C. Material Contracts</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The information set forth under the heading &#8220;Corporate Governance &#8211; Material Contracts&#8221; on page 172 in the 2010 Annual Report contained in the Report on Form 6-K is incorporated herein by reference.</FONT></P></DIV>

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<A name="page_7"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">
<A href="#page_2"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=blue face="Times New Roman,serif">Table of Contents</FONT></U></A></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">D. Exchange Controls</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The information set forth under the heading &#8220;Additional Information &#8211; Exchange Controls&#8221; on pages 134 &#8211; 135 in the 2010 Annual Report contained in the Report on Form 6-K is incorporated herein by reference.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">E. Taxation</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The information set forth under the heading &#8220;Additional Information &#8211; Taxation&#8221; on pages 136 &#8211; 139 in the 2010 Annual Report contained in the Report on Form 6-K is incorporated herein by reference.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">F. Dividends and Paying Agents</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Not applicable. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">G. Statement by Experts</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Not applicable. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">H. Documents on Display</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The information set forth under the heading &#8220;Corporate Governance &#8211; Documents on Display&#8221; on page 174 in the 2010 Annual Report contained in the Report on Form 6-K is incorporated herein by reference.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">I. Subsidiary Information</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Not applicable. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><A name="Item11"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The information set forth under the heading &#8220;Additional Information &#8211; Quantitative and Qualitative Disclosure About Market Risk&#8221; on pages 128 &#8211; 131 in the 2010 Annual Report contained in the Report on Form 6-K is incorporated herein by reference.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><A name="Item12"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">A.&nbsp; Debt Securities</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Not applicable. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">B.&nbsp; Warrants and Rights</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Not applicable. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">C.&nbsp; Other Securities</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Not applicable. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">D.&nbsp; American Depositary Shares</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The information set forth under the heading &#8220;Stock Overview&#8211; Trading on the NYSE and LSE and Depositary Fees&#8221; on pages 41- 42 in the 2010 Annual Report contained in the Report on 6-K is incorporated herein by reference.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P></DIV>

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<A name="page_8"></A>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">
<A href="#page_2"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=blue face="Times New Roman,serif">Table of Contents</FONT></U></A></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><A name="PartII"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">PART II</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><A name="Item13"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">There are no defaults, dividends arrearages and delinquencies to which this Item applies.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><A name="Item14"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"> </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">PROCEEDS&nbsp;</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Not applicable. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><A name="Item15"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ITEM 15. CONTROLS AND PROCEDURES</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The information set forth under the heading &#8220;Corporate Governance &#8211;Applying GCG Consistently &#8211; Controls and Procedures&#8221; on pages 180 &#8211; 181 in the 2010 Annual Report contained in the Report on Form 6-K is incorporated herein by reference.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><A name="Item16"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ITEM 16. RESERVED</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><A name="Item16A"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The information set forth under the heading &#8220;Corporate Governance &#8211; Board of Commissioners&#8217; Committees &#8211; Audit Committee &#8211; Audit Committee Financial Expert&#8221; on page 152 in the 2010 Annual Report contained in the Report on Form 6-K is incorporated herein by reference.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><A name="Item16B"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ITEM 16B. CODE OF ETHICS</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The information set forth under the heading &#8220;Corporate Governance &#8211; Code of Ethics&#8221; on page 172 in the 2010 Annual Report contained in the Report on Form 6-K is incorporated herein by reference.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><A name="Item16C"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The information set forth under the heading &#8220;Corporate Governance &#8211; Internal Audit Governance &#8211; Auditor Independence&#8221; on pages 168 &#8211; 169 in the 2010 Annual Report contained in the Report on Form 6-K is incorporated herein by reference.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><A name="Item16D"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The information set forth under the heading &#8220;Corporate Governance &#8211; Board of Commissioners&#8217; Committees &#8211; Audit Committee &#8211; Exemption from U.S. Listing Standards for Audit Committees&#8221; on page 153 in the 2010 Annual Report contained in the Report on Form 6-K is incorporated herein by reference.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><A name="Item16E"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"> </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">PURCHASERS&nbsp;</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The information set forth under the heading &#8220;Stock Overview &#8211; Others &#8211; Purchases of Equity Securities by the Issuer and Affiliated Purchasers&#8221; on page 48 in the 2010 Annual Report contained in the Report on Form 6-K is incorporated herein by reference.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><A name="Item16F"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ITEM 16F. CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Not applicable. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><A name="Item16G"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ITEM 16G. CORPORATE GOVERNANCE</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The information set forth under the heading &#8220;Additional Information &#8211; Summary of Significant Differences Between Indonesian Corporate Governance Practices and the NYSE&#8217;s Corporate Governance Standards&#8221; on pages 132 &#8211; 133 in the 2010 Annual Report contained in the Report on Form 6-K is incorporated herein by reference. </FONT></P></DIV>

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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">
<A href="#page_2"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=blue face="Times New Roman,serif">Table of Contents</FONT></U></A></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><A name="PartIII"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">PART III</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><A name="Item17"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ITEM 17. FINANCIAL STATEMENTS</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Not applicable. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><A name="Item18"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ITEM 18. FINANCIAL STATEMENTS</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The financial information is set forth under the heading &#8220;Consolidated Financial Statements&#8221; on pages F-1 and F-3 &#8211; F-170 in the 2010 Annual Report contained in the Report on Form 6-K is incorporated herein by reference. The audit opinion appearing on page F-2 has been prepared solely for Indonesian financial reporting purposes and is not incorporated herein by reference.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><A name="Item19"></A><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">ITEM 19. EXHIBITS</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">The following exhibits are filed as part of this annual report: </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.2in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">1.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="97%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">Memorandum and Articles of Association of TELKOM, as amended on June 24, 2010.</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">1.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="97%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">Acceptance Notice of Memorandum and Articles of Association of TELKOM</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">1.3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="97%">

   <P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="Times New Roman,serif">Approval Deed Amendments Article of Association of Minister of Law and Human Rights</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="97%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">Not applicable</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">3</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="97%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">Not applicable</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="97%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">Not applicable</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">5</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="97%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">Not applicable</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">6</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="97%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">Earnings per share is computed by dividing net income by the weighted average number of shares outstanding during the year, totaling 20,159,999,280 shares in 2008, 2009, and 2010.&nbsp; TELKOM does not have potentially dilutive ordinary shares.</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">7</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="97%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">Not applicable</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">8</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="97%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">List of subsidiaries as of December 31, 2010 (incorporated herein by reference to the annual report on the Form 6-K, which was filed with the Securities Exchange Commission on March</FONT><B><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"> 30</FONT></B><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">,2011&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="97%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">Not applicable</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="97%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">Not applicable</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">Not applicable.&nbsp; TELKOM intends to comply with its obligation to disclose its code of ethics by posting a copy of the Code of Ethics on its company web site at www.telkom.co.id</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">12.1</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">12.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="97%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange act of 1934</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">13.1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="97%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">Certification of the Chief Executive Officer pursuant to Rule 13a-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">13.2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="97%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">Certification of the Chief Financial Officer pursuant to Rule 13a-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">14</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="97%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">Not applicable</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">15.1</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 93%; FONT-SIZE: 10pt" face="Times New Roman,serif">Consolidated Financial Statements for the years ended December 21, 2008, 2009 and 2010 and as of December 31, 2008, 2009 and 2010 (1)</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 2pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">(1) Incorporated herein by reference to the 2010 annual report contained in the Report on Form 6-K.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">SIGNATURES</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Pursuant to the requirements of Section 12 of the Securities Exchange Act 1934, as amended, the Registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this form 20-F on its behalf.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=FI face="Times New Roman,serif">PERUSAHAAN PERSEROAN (PERSERO) </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=FI face="Times New Roman,serif">PT TELEKOMUNIKASI INDONESIA, TBK</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Jakarta, March 29, 2011</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=FI face="Times New Roman,serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=FI face="Times New Roman,serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=FI face="Times New Roman,serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=FI face="Times New Roman,serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=FI face="Times New Roman,serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">By: /s/ Rinaldi Firmansyah</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">Rinaldi Firmansyah</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif">President Director/ Chief Executive Officer</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></B>&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>exhibit11_articlesofassociat.htm
<DESCRIPTION>MEMORANDUM AND ARTICLES OF ASSOCIATION OF TELKOM, AS AMENDED ON JUNE 24, 2010
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 12pt" align=right><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Exhibit 1.1</FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 12pt" align=right><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Unofficial Translation</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">STATEMENT OF RESOLUTIONS OF ANNUAL GENERAL MEETING OF SHAREHOLDERS</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&#8220;PERUSAHAAN PERSEROAN (PERSERO) PT TELEKOMUNIKASI INDONESIA TBK&#8221;</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Number: 37.-</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">On this day, Thursday, dated (24-6-2010) the twenty fourth day of June two thousand and ten, at twenty-two minutes past nine hours (09:22) Western Indonesia Standard Time.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Appears before me, </FONT><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Doktor AMRUL PARTOMUAN POHAN</FONT></B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">, Sarjana Hukum, Lex Legibus Magister, Notary in Jakarta, in the presence of witnesses known to me, Notary, and who will be mentioned at the end of this deed:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 12pt 0.25in"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&#8722;</FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Mr. PRASETIO</FONT></B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">, born in Surabaya, on the twenty-third day of November one thousand nine hundred and sixty (23-11-1960), Indonesian National, Director of Compliance and Risk Management of &#8220;PERUSAHAAN PERSEROAN (PERSERO) PT TELEKOMUNIKASI INDONESIA TBK&#8221;, residing in Jakarta, at Tebet Dalam IV-E number: 27, Kelurahan Tebet Barat, Kecamatan Tebet, South Jakarta, holder of Resident Identity Card (KTP) number: 09.5301.231160.0287; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 12pt 0.75in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&#8722;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">according to his statement in this matter acting in his aforementioned capacity representing the Board of Directors of and as such acting for and on behalf of and lawfully representing limited liability company &#8220;PERUSAHAAN PERSEROAN (PERSERO) PT TELEKOMUNIKASI INDONESIA TBK&#8221;, domiciled in Bandung Municipality, addressed at Jalan Japati number 1, Bandung 40133, the Articles of Association of which have been adjusted to </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">the Limited Liability Company Law number 40 Year 2007 </FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">(hereinafter shall be referred to as the </FONT><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&#8220;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Limited Liability Company Law</FONT><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&#8221;</FONT></B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">)</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">, the State Ownership Enterprise Law number 19 year 2003 </FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">(hereinafter shall be referred to as the &#8220;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">State Ownership Enterprise Law&#8221;</FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">) </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">and Regulation of Capital Market and Financial Institution Supervisory Agency number: IX.J.1 on Main Subject of Articles of Association of Companies Performing Public Offering of Equity Securities and Public Companies </FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">(hereinafter shall be referred to as the &#8220;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Regulation of Capital Market and Financial Institution Supervisory Agency number: IX.J.1&#8221;</FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">);&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"> as published in:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 12pt 0.75in"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&#8722;</FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">State Gazette of the Republic of Indonesia dated the seventeen day of October two thousand and eight (17-10-2008) number: 84, Supplement Number: 20155/2008;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 12pt 0.75in"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&#8722;</FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">whereas the last change of composition of members of Board of Directors and Board of Commissioners of the limited liability company is contained in deed of mine, Notary, dated the seventh day of September two thousand and seven (7-9-2007) number: 8, and notification of this&nbsp; amendment was received by the Minister of Justice and Human Rights of the Republic of Indonesia as in his letter dated twenty fifth day of September two thousand and seven (25-9-2007), number: W7-HT.01.10-13414; and my deed, Notary, dated ten day of July two thousand and nine (10-7-2009) number 14; and the notification was received by the Minister of Justice and Human Rights of the Republic of Indonesia as in his letter dated twenty two day of July two thousand and nine (22-7-2009), number AHU.AH.01.10-11012;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.5in"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">(hereinafter </FONT><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&#8220;PERUSAHAAN PERSEROAN (PERSERO) PT TELEKOMUNIKASI INDONESIA TBK&#8221; </FONT></B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">shall be sufficiently referred to as the </FONT><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&#8220;Company&#8221;</FONT></B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">);&nbsp;</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 12pt 0.25in"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&#8722;</FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The </FONT><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">appearer&nbsp;</FONT></B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"> is known to me, Notary.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 12pt 0.25in"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&#8722;</FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The appearer acting as aforementioned first states as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 12pt 0.75in"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&#8722;</FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">That on Friday, dated the eleven day of June two thousand and ten (11-6-2010), at Pangeran Kuningan Hall, Graha Citra Caraka Floor 1, Jalan Gatot Subroto Kaveling 52, South Jakarta, an Annual General Meeting of Shareholders (hereinafter shall be referred to as the </FONT><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&#8220;Meeting&#8221;</FONT></B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">); &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 12pt 0.75in"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&#8722;</FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">That in the Meeting, holder of one (1) &#8216;A&#8217; Dwiwarna Share and holder of &#8216;B&#8217; shares jointly representing fifteen billion nine hundred and fifty one million eight hundred and eighteen thousand nine hundred and thirty-nine </FONT><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">(15,951,818,939)&nbsp;</FONT></B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"> shares or constituting eighty-one point one hundred percent </FONT><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">(81.100%)&nbsp;</FONT></B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"> of total shares having voting rights issued by the Company up to the day of Meeting (excluding the treasury stock), namely four hundred and ninety million five hundred and seventy-four thousand five hundred </FONT><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">(490,574,500)&nbsp;</FONT></B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"> shares were present or represented, as such in consideration of Register of Shareholders of the Company as of the twenty six day of May two thousand and ten (26-5-2010) up to sixteen hundred hours Western Indonesia Standard Time (16:00 WIB); therefore, the Meeting shall be entitled to pass valid and binding resolutions on any matters discussed at the Meeting because the meeting quorum requirement are fulfilled and accordance to Article 27 paragraph 2 Articles of Association;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 12pt 0.75in"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&#8722;</FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">That this Meeting has been held with the agenda among others &#8220;Approval for Change of the Company&#8217;s Articles of Association&#8221;;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 12pt 0.75in"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&#8722;</FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">That the announcement of the Meeting have been published on twelve day of May two thousand and ten (12-5-2010)</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"> in &#8220;The Jakarta Post&#8221;; &#8220;Bisnis Indonesia&#8221;; and &#8220;Investor Daily&#8221; and the summons to this Meeting have been published on twenty seven day of May two thousand and ten (27-5-2010) in the same newspapers;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 12pt 0.75in"><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&#8722;</FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">That the foregoing matters are contained in deed of &#8220;Minutes of Annual General Meeting of Shareholders of PERUSAHAAN PERSEROAN (PERSERO) PT TELEKOMUNIKASI INDONESIA Tbk, the minute of which deed was drawn up by me, Notary dated the eleven day of June two thousand and ten (11-6-2010) number: 17 (hereinafter shall be sufficiently referred to as </FONT><B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&#8220;Meeting Minutes&#8221;</FONT></B><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">)&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 12pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&#8722;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Now</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">, the appearer acting as such states that he hereby restates a part of the resolutions passed in the Meeting, namely the following sixth items of the Meeting agenda as contained in Meeting Minutes, are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 27pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&#8220;The Meeting with absolute majority votes, namely seventy-four point three two eight three percent (74.3283%) of the entire votes lawfully cast in the Meeting (provided, however, that the entire shareholders having nine hundred and thirty-one million eight hundred and eighty five thousand five hundred and seventy-two (931,885,572) shares cast blank votes), has resolved to approve:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 12pt 0.75in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&#8722;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">The </FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">amendment&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"> to the Company&#8217;s some Articles of Association, namely: </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 12pt 0.75in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">&#8722;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LETTER-SPACING: -0.15pt; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif">Article&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman,serif"> 3 paragraph 2 on Purpose and Objective of the Company; and</FONT></P></DIV>

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<P style="MARGIN: 0in 0in 12pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman,serif" color=black>&#8722;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman" color=black>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face="Times New Roman,serif" color=black>Article&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman,serif" color=black> 15 paragraph 6 on Blank/ Abstain votes; in order to be adjusted to Regulation of Capital Market and Financial Institution Supervisory Agency number: IX.J.1;</FONT></P>

<P style="MARGIN: 0in 0in 12pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman,serif" color=black>&#8722;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman" color=black>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face="Times New Roman,serif" color=black>Article&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman,serif" color=black> 16 paragraph 8, 13, 14 and 17 on Term of Office of the Board of Directors;</FONT></P>

<P style="MARGIN: 0in 0in 12pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman,serif" color=black>&#8722;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman" color=black>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman,serif" color=black>Article 19 paragraph 8, 12, 16 and 17 on Term of Office of the Board of </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face="Times New Roman,serif" color=black>Commissioners</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman,serif" color=black>; and</FONT></P>

<P style="MARGIN: 0in 0in 12pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman,serif" color=black>&#8722;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman" color=black>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman,serif" color=black>Article 19 paragraph 6 on The appointment of members of the Board of Directors and the Board of Commissioners at the same time; in order to be adjusted to State-Owned Enterprises Law and Regulation of Capital Market and Financial Institution Supervisory Agency number: IX.J.1;</FONT></P>

<P style="MARGIN: 0in 0in 12pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face="Times New Roman,serif" color=black>&#8722;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LETTER-SPACING: -0.15pt" face="Times New Roman" color=black>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman,serif" color=black>Article 17 paragraph 7 on Material Transactions in order to be adjusted to Regulation of Capital Market and Financial Institution Supervisory Agency number: </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face="Times New Roman,serif" color=black>IX</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman,serif" color=black>.E.2 on Material Transaction and the Amendment of Main Business (</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face="Times New Roman,serif" color=black>hereinafter shall be sufficiently referred to as &#8220;Regulation of Capital Market</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman,serif" color=black> and Financial Institution Supervisory Agency</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face="Times New Roman,serif" color=black> &nbsp;number IX.E.2&#8221;);</FONT></P>

<P style="MARGIN: 0in 0in 12pt 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman,serif" color=black>&#8722;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman" color=black>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman,serif" color=black>The amendment of entire Articles of Association </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face="Times New Roman,serif" color=black>aforementioned&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman,serif" color=black> is in accordance with the matrix of the amendment of Articles of Association that have been distributed to Company&#8217;s shareholders and explained in the Meeting.&#8221;</FONT></P>

<P style="MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman,serif" color=black>&#8722;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman" color=black>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman,serif" color=black>Now, the appearer acting </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face="Times New Roman,serif" color=black>in his aforementioned capacity </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman,serif" color=black>that he hereby restates and rearrange the Company&#8217;s entire of Articles of Association that previously amended in order to be adjusted to Limited Liability Companies Law, State-Owned Enterprises Law and Regulation of Capital Market and Financial Institution Supervisory Agency number: IX.J.1, that have been published in </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face="Times New Roman,serif" color=black>State Gazette of the Republic of Indonesia dated seventeen day of October two thousand and eight (17-10-2008) number: 84, Supplement Number: 20155/2008;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman,serif" color=black> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman,serif" color=black>and then amended in order to&nbsp; be adjusted&nbsp; to State-Owned Enterprises Law; Regulation of Capital Market and Financial Institution Supervisory Agency number: IX.J.1; and Regulation of Capital Market and Financial Institution Supervisory Agency number: IX.E.2; as approved in sixth agenda of the Meeting.</FONT></P>

<P style="MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman,serif" color=black>&#8722;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="Times New Roman" color=black>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; LETTER-SPACING: -0.15pt" face="Times New Roman,serif" color=black>Therefore&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman,serif" color=black> the Company&#8217;s Articles of Association, shall hereinafter be written and read as follows:</FONT></P></DIV>

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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">NAME AND DOMICILE</font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Article 1</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">1.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">This limited </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">liability&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> company shall bear the name of &#8220;PERUSAHAAN
PERSEROAN (PERSERO) PT TELEKOMUNIKASI INDONESIA TBK&#8221; or abbreviated to </font><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">&#8220;PT
TELKOM INDONESIA TBK (PERSERO)&#8221;,</font></b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> hereinafter shall be sufficiently referred
to as the &quot;</font><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Company</font></b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">&quot;, domiciled in Bandung Municipality.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">2.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">The Company </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">may&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> open branches or representatives in other
places, in and outside the territory of the Republic of Indonesia as determined
by the Board of Directors.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">DURATION OF THE COMPANY</font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Article 2</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">This Company was established as of the twenty-fourth day
of September one thousand nine hundred and ninety-one (24-09-1991) and obtained
a legal entity status on the nineteenth day of November one thousand nine
hundred and ninety-one (19-11-1991) under Decree of Minister of Justice Number:
C2-6870. HT.01.01.th.91 as well as shall be established for an indefinite
period of time.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">PURPOSE, OBJECTIVE AND BUSINESS ACTIVITY</font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Article 3</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">1.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">The purpose and objective of this Company
shall be to provide networks and </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">telecommunication&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> and informatics services, as well as to optimize
the Company&#8217;s resources, one and another with due observance of the laws and
regulations.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">2.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">To attain the </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">aforementioned&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> purpose and objective, the Company may perform
the following activities:</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.75in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">a.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
main business:</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:58.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-22.5pt;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">1)</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">to plan, build, provide, develop, operate, market/sell/lease and
maintain telecommunication and informatics network in the widest sense with due
observance of the provisions of the laws and regulations;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:58.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-22.5pt;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">2)</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">to plan, develop, provide, market/sell and enhance telecommunication
and informatics services in the widest sense with due observance of the
provisions of the laws and regulations;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.75in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">b.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
supporting business:</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:58.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-22.5pt;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">1)</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">to provide payment transaction and fund transfer services by
telecommunication and informatics network;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:58.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-22.5pt;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">2)</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">to perform any other activities and businesses in the framework of
optimizing the resources owned by the Company, among others utilization of
fixed assets and movable assets, information system facility, education and
training facilities, repair and maintenance facilities. </font></p>




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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">CAPITAL</font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Article
4</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">1.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">The&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> Company&#8217;s authorized capital amounts to
twenty trillion Rupiah (Rp.20,000,000,000,000.-), divided into eighty billion
(80,000,000,000) shares consisting of one (1) &#8216;A&#8217; </font><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Dwiwarna </font></i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">share and
seventy-nine billion nine hundred and ninety-nine million nine hundred and
ninety-nine thousand nine hundred and ninety-nine (79,999,999,999) &#8216;B&#8217; shares,
each share having the par value of two hundred and fifty Rupiah (Rp.250.-).</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">2.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Of
the aforementioned authorized capital, twenty billion one hundred and fifty-nine
million nine hundred and ninety-nine thousand two hundred and eighty
(20,159,999,280) shares comprising one (1) &#8216;A&#8217; </font><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Dwiwarna&nbsp;</font></i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> share and twenty
billion one hundred and fifty-nine million nine hundred and ninety-nine
thousand two hundred and seventy-nine (20,159,999,279) &#8216;B&#8217; shares having the aggregate
par value of five trillion thirty-nine billion nine hundred and ninety-nine
million eight hundred and twenty thousand Rupiah (Rp.5,039,999,820,000.-) that
have been fully paid-up in cash have been subscribed as evident from a deed of
mine, Notary, dated the sixth day of April two thousand and six (6-4-2006)
number 4, which has been approved by the Minister of Law and Human Rights of the
Republic of Indonesia dated the twenty-eighth day of April two thousand and six
(28-4-2006) Number: C-12265 HT.01.04.TH.2006.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">3.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Shares&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> that are still in portfolio will be
issued based on the Company&#8217;s requirement on the terms, amount and price determined
by the Board of Directors based on the approval of a General Meeting of
Shareholders provided, however, that before being approved by a General Meeting
of Shareholders, the Board of Directors shall have&#160; obtained the written recommendation
of the Board of Commissioners and the price of shares is not below par, and with
due observance of the provisions of the Articles of Association and the laws
and regulations in Capital Market in Indonesia.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">4.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">If
shares </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">that&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> are still in portfolio
will be issued by rights issue to the shareholders, all shareholders whose
names have been recorded in the Register of Shareholders on the date specified
by or based on a resolution of a General Meeting of Shareholders with due
observance of the laws and regulations in Capital Market in Indonesia shall
have the pre-emptive right to buy the shares to be issued (hereinafter the
rights shall also be referred to as </font><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&#8220;Rights&#8221;&nbsp;</font></b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> or </font><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&#8220;HMETD&#8221;</font></b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">) and each
shareholder shall receive HMETD in proportion to the number of shares recorded
in his name in the Register of Shareholders referred to above by cash deposit
within the period specified by or based on a resolution of a General Meeting of
Shareholders that approves the issue of new shares.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">5.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">HMETD
may be sold and transferred to any other parties with due observance of the
provisions of the Articles of Association and the laws and regulations in
Capital Market in Indonesia.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">6.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The
issue of shares by rights issue shall be first approved by a General Meeting of
Shareholders at the time and in the manner and at the price and on the terms
specified by the Board of Directors based on a resolution of a General Meeting
of Shareholders, one another with due observance of the provisions of the
Articles of Association and the laws and regulations in Capital Market in
Indonesia, provided that it is not at the price below par.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">7.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Regarding
the decision of the issue of shares by Rights Issue, the Board of Directors
shall </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">announce&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> it in at least two
(2) daily newspapers in the Indonesian language having wide circulation in the
territory of the Republic of Indonesia and another one (1) in the English
language, as specified by the Board of Directors.</font></p>




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<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">8.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">If
within the period designated by or based on a resolution of a General Meeting
of Shareholders the Company&#8217;s shareholders or HMETD holders do not exercise the
right to buy the </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">shares&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> offered to
them by paying-off in cash, the Board of Directors shall be free to issue the
shares to any shareholders or HMETD holders intending to buy the shares in a
number greater than their exercised HMETD portion, provided that if the number
of shares to be subscribed in excess of the number of their HMETD portion
exceeds the number of remaining shares, the number of remaining shares shall be
allocated between the shareholders or HMETD holders intending to buy more
shares, respectively in proportion to the number of exercised HMETD, as such with
due observance of the laws and regulations in Capital Market in Indonesia.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">9.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">If
after the allocation there are shares remaining unsubscribed, the remaining
shares shall be issued by the Board of Directors to any party who has stated his
readiness to buy the </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">remaining&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">
shares at the price not lower than and subject to the terms specified by a
General Meeting of Shareholders approving the issue of shares, one another with
due observance of the provisions of the Articles of Association and the laws
and regulations in Capital Market in Indonesia.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">10.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The
provisions in paragraphs 4 to 9 of this Article shall also apply mutatis
mutandis in case the Company issues convertible bonds and/or warrants and/or any
other securities of similar type, </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">one&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">
another with due observance of the provisions of the Articles of Association
and the laws and regulations in Capital Market in Indonesia.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">11.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">With
respect to the issue of shares that are still in portfolio to the holders of
convertible bonds, warrants </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">and</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">/or any
other securities of similar type, the Company&#8217;s Board of Directors shall have
the authority to issue the shares without giving any pre-emptive right to the then
existing shareholders to buy the intended shares, one another with due observance
of the provisions contained in the Articles of Association and the laws and
regulations in Capital Market in Indonesia.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">12.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The
Board of Directors shall also be authorized to issue shares that are still in
portfolio, convertible bonds, warrants and/or any other convertible securities,
without giving HMETD to the existing shareholders, including by private
placement or public offering provided, </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">however</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">,
that the issue of shares, convertible bonds, warrants and/or any other
convertible securities shall be subject to a prior approval of a General
Meeting of Shareholders with due observance of the laws and regulations in
Capital Market in Indonesia.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">13.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The
provisions contained in paragraphs 4 to 12 of this Article shall mutatis
mutandis also apply if there is an increase of the authorized capital to be
followed by further shares placement.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">14.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Any
resolution of a General Meeting of Shareholders referred to in paragraphs 4 to
12 of this Article shall be attended and approved by the holder of &#8216;A&#8217; </font><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Dwiwarna
</font></i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">share.&nbsp;</font></p>




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<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">SHARES</font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Article
5</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">1.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The
Company&#8217;s entire shares are registered shares and issued in the name of their
owners who are recorded in the Register of Shareholders consisting of &#8216;A&#8217; </font><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Dwiwarna&nbsp;</font></i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">
share, which is exclusively held by the Republic of Indonesia and &#8216;B&#8217; shares,
which may be held by the public.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">2.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&#8216;A&#8217; </font><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Dwiwarna&nbsp;</font></i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">
share has the exclusive right:</font></p>

<ol start=1 type=a style="margin-bottom:0in;margin-top:0in;">
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">To propose any nomination
     that binds and approves the appointment of members of the Board of
     Directors or members of the Board of Commissioners;</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">To approve any amendment to
     Articles of Association, including any increase or reduction of subscribed
     and paid-up capital;</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">To approve any merger,
     consolidation, acquisition and separation;</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">To approve any dissolution
     and liquidation;</font></li>
</ol>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">which implementation shall be conducted
based on the provisions of the Articles of Association.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">3.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The
Company shall only recognize one person or one legal entity as the owner of one
share, namely the person or legal entity whose name is recorded as a
shareholder in the Register of </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Shareholders</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">.&nbsp;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">4.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The
Company shall provide the evidence of shares ownership in the form of a share
certificate or collective certificate in the name of the owner who is recorded
in the Company&#8217;s </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Register&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> of
Shareholders, if the Company&#8217;s shares are not entered in the Collective Custody
in the Depository and Settlement Institution with the form and content
designated by the Board of Directors with due observance of the laws and
regulations in capital market.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">5.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">For any
shares </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">included&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> in the Collective Custody
in the Depository and Settlement Institution or in the Custodian Bank
(particularly in the framework of Collective Investment Contract), the Company
shall issue a certificate or written confirmation to the Depository and
Settlement Institution or in the Custodian Bank (particularly in the framework of
Collective Investment Contract) signed by the Company&#8217;s Board of Directors.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">6.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The
Certificate or written Confirmation issued by the Company for the shares
included in the Collective </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Custody&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">
shall at least contain:</font></p>

<ol start=1 type=a style="margin-bottom:0in;margin-top:0in;">
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">the name and address of the Depository
     and Settlement Institution or the Custodian Bank executing the relevant
     Collective Custody;</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">the date of issue of written
     confirmation;</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">the number of shares covered
     in the written confirmation;</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">the amount of share par
     value covered in the written confirmation;</font></li>


 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">the provisions
     that each share in the Collective Custody with the same classification is
     equal and exchangeable one to another.</font></li>
</ol>

</div><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_8"></a><a name="_bclPageBorder8"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">7.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">If a
share for any </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">reasons&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> becomes the
possession of several persons, those joint owners shall be required to appoint
in writing one of them or any other person as their joint proxy and only the
name of the authorized or appointed person is entered in the Register of
Shareholders and shall be considered the shareholder of the relevant share and
entitled to exercise any rights conferred by the law on such share.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">8.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">In
so far the provision of paragraph 7 above has not yet been complied with, the
shareholder shall not be entitled to cast vote in any General Meeting of
Shareholders, while the dividend payment for the share shall be suspended.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">9.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">All
shares issued by the company may be encumbered with due observance of the
provisions of the </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">laws&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> and
regulations on the encumbrance of shares, the laws and regulations in Capital
Market in Indonesia and UUPT (Law of Limited Liability Companies).</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">10.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Each
shareholder shall, by law, be subject to the Articles of Association and any resolutions
validly passed in any General Meeting of Shareholders and the laws and
regulations.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">11.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Any shares
of the Company listed on the Stock Exchange in Indonesia shall be subject to the
laws and </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">regulations&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> in Capital
Market in Indonesia.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">REPLACEMENT
OF SHARE CERTIFICATE </font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Article
6</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">1.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">If a
share certificate is damaged or no longer useable, at the written request of
the share certificate holder to the Company&#8217;s Board of Directors by presenting a
proof of no longer usable </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">share&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">
certificate, the Board of Directors shall issue a replacement of share
certificate bearing the same number as the original number.&#160; Any cost to
replace the share certificate shall be for the account and at the expense of
the relevant shareholder.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">2.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The
original share certificate as referred to in paragraph 1 shall then be
destroyed by the Board of Directors in the next Board of Directors meeting, and
such event shall be articulated in minutes to be reported in the next General
Meeting of Shareholders.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">3.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">If a
share certificate is lost or totally damaged, the relevant shareholder submitting
the written request to the Board of Directors in order to obtain its
replacement shall be given the replacement and any incurring cost shall be for
the account and at the expense of the relevant shareholder, provided that he
could present a proof of reporting document from the </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Police&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> of the Republic of Indonesia on the loss of share or any
proof acceptable to the Board of Directors evidencing that the share
certificate is truly totally lost and provide the adequate guarantee as deemed
necessary by the Board of Directors for any particular event.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">4.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The
issue of any </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">replacement&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> for a lost
share certificate listed on the Stock Exchange in Indonesia shall be subject to
the laws and regulations in Capital Market in Indonesia and the regulations of
Stock Exchange in Indonesia in the place where the Company&#8217;s shares are listed
and required to be announced in the Stock Exchange where the Company&#8217;s shares
are listed based on the regulations of Stock Exchange in Indonesia where the
Company&#8217;s shares are listed.</font></p>




</div><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_9"></a><a name="_bclPageBorder9"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">5.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The
issue of any replacement for a share certificate based on this article shall
render the original share certificate </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">to&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">
be null and void.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">6.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The
provisions in this Article 6 shall also apply mutatis mutandis to the issue of replacement
for any </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">collective&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> certificate or
written confirmation.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">REGISTER
OF SHAREHOLDERS AND SPECIAL REGISTER</font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Article
7</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">1.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The
Board of Directors </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">or&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> its appointed
proxy shall be required to keep and maintain a Register of Shareholders and
Special Register in the Company&#8217;s domicile.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">2.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The Register
of Shareholders shall contain:</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">the
name and address of shareholders;</font></p>

<ol start=1 type=a style="margin-bottom:0in;margin-top:0in;">
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">the number, serial number
     and date of acquisition of share certificates or collective certificates
     owned by the shareholders;</font></li>
</ol>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">b.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">the
amount paid for each share;</font></p>

<ol start=3 type=a style="margin-bottom:0in;margin-top:0in;">
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">the name and address of any
     person or legal entity having the lien on shares or being the fiduciary
     grantee &#160;and the date of acquisition of lien or the date of registration of
     fiduciary security, and;</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">any other particulars deemed
     necessary by the Board of Directors and/or required by the laws and
     regulations;</font></li>
</ol>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">3.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The
Special Register shall contain any information on the shares ownership of
members of the Board of Directors and Board of Commissioners and their families
in the Company and/or in any </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">other&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">
Companies and the date of acquisition of the shares.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">4.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Any
change of address of the shareholders shall be notified in writing.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">5.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">In
so far the notification has </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">not&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> been
received, any correspondence to the shareholders or any summons and notice to a
General Meeting of Shareholders shall be delivered to the shareholders&#8217;
addresses latest recorded in the Company&#8217;s Register of Shareholders.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">6.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The
Board of Directors shall keep and maintain the Register of Shareholders and
Special Register in the best </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">possible&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">
way.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">7.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">The Board of Directors may appoint and give
authority to the Securities Administration Bureau to execute the recordation
and administration of the Company&#8217;s shares in the Register of Shareholders.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">8.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Any shareholder shall be entitled to see the
Register of Shareholders and Special Register relating to him during the
Company&#8217;s office working hours.</font></p>




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<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">9.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Any recordation and/or alteration to the Register
of Shareholders shall be approved by the Board of Directors and proven by the
signing of the record of such alteration by the President Director and
President Commissioner or their authorized proxy, or by the Securities
Administration Bureau appointed by the Board of Directors, based on the laws
and regulations in Capital Market in Indonesia.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">10.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Any registration or recordation in the Register
of Shareholders, including any recordation of any sale, transfer, encumbrance,
pledge or cession relating to any shares or right to or interest in shares to
be conducted based on the provisions of these Articles of Association and any
shares listed on the Stock Exchange of Indonesia shall be subject to the laws
and regulations in Capital Market in Indonesia.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">11.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">At the request of the relevant shareholders or pledgee,
any pledge of share shall be recorded in the Register of Shareholders in the
manner to be determined by the Board of Directors based on satisfying</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">
proof acceptable to the Board of Directors regarding the relevant pledge of share.&#160;
The recognition of the pledge of share by the Company as required in Article
1153 of the Civil Code shall be proven only from the recordation of the pledge
of share in the Register of Shareholders.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">COLLECTIVE
CUSTODY</font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Article
8</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">1.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Any shares in the Collective Custody in the Depository and
Settlement Institution shall be recorded in the Register of Shareholders in the
name of the Depository and </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Settlement
Institution in the interest of all Securities account holders in the Depository
and Settlement Institution.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">2.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Any shares in the Collective Custody in the
Custodian Bank or the Securities Company shall be recorded in the Securities
account in the Depository and Settlement Institution in the name of the
Custodian Bank or the relevant Securities Company in the interest of all Securities
account holders in the Custodian Bank or Securities Company.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">3.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">If the shares in the Collective Custody in
the Custodian Bank constitute a part of portfolio of Investment Fund Securities
in the form of Collective Investment Contract and not included in the
Collective Custody in the Depository and Settlement Institution, the Company
shall record the shares in the Register of Shareholders in the name of the
Custodian Bank in the interest of all holders of Investment Fund participation
Unit in the form of Collective Investment Contract.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">4.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">The Company shall issue</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> a certificate or
written confirmation to the Depository and Settlement Institution as referred
to in paragraph 1 of this Article or the Custodian Bank as referred to in
paragraph 3 of this Article, as a proof of recordation in the Register of
Shareholders.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">5.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The company shall transfer the shares in the Collective Custody
registered in the name of the Depository and Settlement Institution or
Custodian Bank for Investment Fund in the form </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">of Collective Investment Contract in the Register of Shareholders to
the name of the party appointed by the Depository and Settlement Institution or
the Custodian Bank.&#160; The request for transfer by the Depository and Settlement
Institution or Custodian Bank shall be submitted in writing to the Company or Securities
Administration Bureau appointed by the Company.</font></p>




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<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">6.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">The Depository and Settlement Institution,
Custodian Bank or Securities Company shall, if requested by the relevant shareholder,
issue a recordation note as confirmation to the shareholder becoming the holder
of securities account and as a proof of recordation with respect to the holding
of a number of shares by the relevant shareholder as recorded in his Securities
account in the Collective Custody, provided, however, that the recordation note
as the confirmation shall be signed in the name of the Depository and
Settlement Institution or Custodian Bank or the Securities Company maintaining
the Collective Custody as a proof of recordation in the Securities account.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">7.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">In the Collective Custody, any share issued by the
Company from the same classification shall be equal</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> and
exchangeable one to another.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">8.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The
Company shall refuse the recordation of shares transfer to the Collective Custody,
if the shares are lost or destroyed, unless the shareholder asking for such
transfer could provide an adequate proof of guarantee properly acceptable to
the Company that the relevant shareholder is truly the beneficial owner of the
lost or destroyed shares and the shares are truly lost or destroyed.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">9.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The Company shall refuse to record any transfer of shares to the
Collective Custody, if the shares are </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">pledged,
placed under seizure based on the Court&#8217;s order or seized for examination of any
criminal case.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">10.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Any Securities account holder whose shares
are recorded in the Collective Custody in the Depository and Settlement
Institution or the Securities sub-account holder, whose shares are recorded in
the Securities account owned by the Custodian Bank or the Securities Company
shall be entitled to cast votes in any General Meeting of Shareholders proportionate
to the number of shares he owns in the Securities account.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">11.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Any Securities account holder entitled to
cast vote in a General Meeting of Shareholders shall be a party whose name is
recorded as a Securities account holder in the Depository and Settlement
Institution or whose name is recorded as a Securities sub-account holder in the
Securities account owned by the Custodian Bank or the Securities Company one
(1) workday prior to the date of summons to the General Meeting of
Shareholders.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">12.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">The Custodian Bank or Securities Company shall submit a
list of Securities account holders or Securities sub-account holders and the
number of&#160; shares of the Company held by the respective Securities</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">
account holders or Securities sub-account holders in the Custodian Bank or Securities
Company to be further submitted to the Company no later than one (1) workday
prior to the date of summons to the General Meeting of Shareholders to be recorded
in the Register of Shareholders especially maintained in the framework of the holding
of the relevant General Meeting of Shareholders.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">13.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The
Investment Manager shall have the right to be present and cast vote in a
General Meeting of Shareholders </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">for&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> any
shares included in the Collective Custody in the Custodian Bank constituting a
part of the Investment Fund Securities portfolio in the form of Collective
Investment Contract and not included in the Collective Custody in the Depository
and Settlement Institution, provided, however, that the Custodian Bank gives
the name of the Investment Manager at the latest one (1) workday prior to the
date of summons to the General Meeting of Shareholders.</font></p>




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<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">14.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The Company shall submit the dividends, bonus shares, or any other
rights in connection with the ownership of shares in the Collective Custody to
the Depository and Settlement </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Institution,
and further the Depository and Settlement Institution shall submit the
dividends, bonus shares, or any other rights to the Custodian Bank and or the Securities
Company listed as the account holders in the Depository and Settlement
Institution, to be further presented to the Securities account holders in the
Custodian Bank and/or Securities Company.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">15.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">The Company shall submit the dividends, bonus
shares or any other rights in connection with the ownership of shares to the
Custodian Bank for the shares in the Collective Custody of the Custodian Bank constituting
a part of the Investment Fund Securities portfolio in the form of Collective
Investment Contract and not included in the Collective Custody in the Depository
and Settlement Institution.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">16.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">The deadline for deciding the Securities account holders
entitled to receive dividends, bonus shares, or any other rights in connection
with the ownership of shares in the Collective Custody shall be determined by
or based on a resolution of a General Meeting of Shareholders</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">, provided,
however, that the Custodian Bank and Securities Company shall submit a list of the
Securities account holders and the number of shares of the Company owned by the
respective Securities account holders on the date serving as the basis for
deciding the shareholders entitled to receive dividends, bonus shares or any
other rights to the Depository and Settlement Institution, which shall further submit
the consolidated list to the Company&#8217;s Board of Directors at the latest one (1)
workday after the date that serves as the basis for deciding the shareholders
entitled to receive the dividends, bonus shares or other rights.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">TRANSFER
OF SHARES</font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Article
9</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">1.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">In case of any change of ownership of a share, the original owner
who has been recorded in the Register of Shareholders shall remain considered
as the shareholder until the name </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">of the
new shareholder has been recorded in the Company&#8217;s Register of Shareholders with
due observance of the laws and regulations and provisions of Stock Exchange in
Indonesia, where the Company&#8217;s shares are listed.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">2.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Any transfer of shares shall be based on a
deed of transfer signed by the transferor and the transferee or their authorized
representatives or based on other documents adequately proving such transfer in
the opinion of the Board of Directors without prejudice to the provisions
herein and with due observance of the laws and regulations in Capital Market in
Indonesia.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">3.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">The Deed of transfer or any other documents as referred
to in paragraph 2 shall be in the form as specified by</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> and/or
acceptable to the Board of Directors and the copies of which shall be submitted
in writing to the Company, provided that the document of transfer of shares listed
on the Stock Exchange in Indonesia complies with the laws and regulations in
Capital Market in Indonesia, including the regulations prevailing in Stock
Exchange in Indonesia, where the Company&#8217;s shares are listed.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">4.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">transfer of shares
included in the Collective Custody shall be conducted by account transfer from
one Securities account to the other Securities account in the Depository and
Settlement Institution, Custodian Bank and Securities Company.</font></p>




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<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">5.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">The transfer of shares shall be allowed only
if all provisions in the Articles of Association have been complied with.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">6.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">The transfer of shares shall be properly recorded
in the Register of Shareholders, relevant share certificate and collective
certificate.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">7.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">The record shall be signed by the President
Director and President Commissioner or their authorized proxies or by the
Administration Bureau appointed by the Board of Directors.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">8.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">The Board of Directors may, at its own
discretion and by giving the reason therefor, refuse to record any transfer of
shares in the Register of Shareholders, if the provisions in the Articles of
Association are not complied with or if any of the requirements of the transfer
of shares is not fulfilled.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">9.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">If the Board of Directors refuses to record the transfer
of shares, the Board of Directors shall deliver a notice of refusal to the
party intending to transfer his right at the latest thirty (30) days after the
date the request for registration is received by the Board of Directors, provided</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">,
however, that the Company&#8217;s shares listed on the Stock Exchange in Indonesia
shall be subject to the laws and regulations in Capital Market in Indonesia.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">10.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Register of Shareholders
shall be closed one (1) workday prior to the date of advertisement of the
summons to a General Meeting of Shareholders, to decide the names of
shareholders who are entitled to attend the meeting.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">11.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Any person obtaining the right to a share
for the death of a shareholder or for any other reason causing the ownership of
a share to be legally transferred shall, by submitting a written request and
attaching his proof of right as required by the Board of Directors, be
registered as a holder of the share.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">12.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">The registration shall only be conducted if
the Board of Directors can well accept the proof of transfer without prejudice
to the provisions in the Articles of Association and the laws and regulations
in Capital Market in Indonesia.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">13.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">All limitation, prohibition and provisions
in the Articles of Association regulating the right to transfer shares and the registration
of the transfer of shares shall also apply mutatis mutandis to any transfer
based on paragraph 10 of this Article.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">14.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Any transfer of shares listed on the Stock Exchange in
Indonesia shall be subject to the provisions of the laws and regulations in
Capital Market in Indonesia, while the right to &#8216;A&#8217; Dwiwarna s</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">hare
shall be non-transferable to any party whosoever.</font></p>




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<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">GENERAL
MEETING OF SHAREHOLDERS </font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Article
10</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">1.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">General
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Meeting&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> of Shareholders in the
Company shall be:</font></p>

<ol start=1 type=a style="margin-bottom:0in;margin-top:0in;">
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Annual General Meeting of
     Shareholders as referred to in Article 11 hereof.</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Other General Meeting of
     Shareholders, hereinafter referred to as Extraordinary General Meeting of
     Shareholders, i.e. the General Meeting of Shareholders held at any time deemed
     necessary as regulated in Article 12 hereof.</font></li>
</ol>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">2.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The
term General Meeting of Shareholders herein shall mean both, i.e. the Annual
General Meeting </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">of&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> Shareholders and
Extraordinary General Meeting of Shareholders, unless expressly stated
otherwise.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">3.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">A
General Meeting of Shareholders, in miscellaneous items of the agenda, shall
not be entitled to pass any resolutions, unless all Shareholders are present
and/or represented in the General Meeting </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">of&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">
Shareholders and approve the addition to the items of the meeting agenda, and
the decision on the additional agenda items of the General Meeting of
Shareholders shall be unanimously approved.</font></p>




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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">ANNUAL GENERAL MEETING OF SHAREHOLDERS</font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Article
11</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">1.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">An
Annual General Meeting of Shareholders shall be held annually, at the latest at
the end of June each year </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">after&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> the
closing of the Company&#8217;s books and accounts.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">2.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">In an
Annual General </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Meeting&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> of
Shareholders:</font></p>

<ol start=1 type=a style="margin-bottom:0in;margin-top:0in;">
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The Board of Directors shall
     submit an annual report as referred to in Article 23 paragraph 7.</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The Board of Directors shall
     propose the Company&#8217;s profit appropriation.</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">A public accountant firm registered
     in the Capital Market Supervisory Agency as proposed by the Board of
     Commissioners shall be appointed to conduct an audit on the Company&#8217;s
     Financial Statements of the current year, including the internal control audit
     on the financial reporting subject to the prevailing provisions of the
     capital market authority where the Company&#8217;s shares are registered and/or
     listed.</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The Board of Directors may
     propose any other matters in the Company&#8217;s interest based on the provisions
     of the Articles of Association.</font></li>
</ol>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">3.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The
approval of Annual Report, including the ratification of financial statements
by an Annual General Meeting of Shareholders shall mean giving full acquittal
and discharge to members of the Board of Directors and Board of Commissioners
of the management and supervision actions </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">performed&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">
during the past financial year, in so far such action is reflected in the
Annual Report and Financial Statements.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">4.</font></b><b><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">If
the Board of Directors or Board of Commissioners fails to hold an Annual
General Meeting of Shareholders at the designated time, one (1) or more
shareholders holding at least one tenth (1/10) of the total number of shares
with valid voting rights shall be entitled to summon by themselves the Annual
General Meeting of Shareholders at the expense of the Company subject to the
permission of the Chairman of the District Court whose jurisdiction covers the
Company&#8217;s domicile.</font><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> &nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">EXTRAORDINARY
GENERAL MEETING OF SHAREHOLDERS </font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Article
12</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">1.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The
Board of Directors </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">shall&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> be authorized
to hold an Extraordinary General Meeting of Shareholders.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">2.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The Board
of Directors </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">shall&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> summon and hold an
Extraordinary General Meeting of Shareholders at the written request of the
Board of Commissioners or one (1) or more shareholders holding at least one tenth
(1/10) of the total number of shares with valid voting rights.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The written request shall be submitted
in writing by specifying the matters to discuss along with the reasons thereof.</font></p>




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<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">3.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">If
the Board of Directors fails to serve notice to hold an Extraordinary General
Meeting of Shareholders referred to in paragraph 2 after the period of fifteen
(15) days from the receipt of the request letter to be subsequently followed by
the summons based on the laws and regulations, the Board of Commissioners may serve
notice and summons to the General Meeting of Shareholders by itself.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">4.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">If
the Board of Commissioners fails to serve notice to hold an Extraordinary
General Meeting of Shareholders as referred to in paragraph 2 after the period
of fifteen (15) days from the receipt of the request letter to be subsequently
followed by the summons based on the laws and regulations, the relevant
shareholder signing the request letter shall be entitled to notify and convene
the meeting by himself at the expense of the Company </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">subject&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> to the permission of the Chairman of District Court
whose jurisdiction covers the Company&#8217;s domicile.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">5.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The holding
of the meeting as referred to in paragraph 4 shall comply with the order of the
Chairman of </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">District&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> Court giving
such permission.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">VENUE
OF AND SUMMONS TO GENERAL MEETING OF SHAREHOLDERS </font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Article
13</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">1.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">A
General Meeting of Shareholders shall be held in the Company&#8217;s domicile or at
the place of main activity of the Company or in the domicile of Stock Exchange
in Indonesia where the Company&#8217;s shares are listed.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">2.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">At
least fourteen (14) days prior to the serving of summons to a General Meeting
of Shareholders </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">without&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> calculating
the date of notice and date of summons, the party entitled to serve summons
shall notify the shareholders by placing an advertisement in at least two (2)
daily newspapers in the Indonesian language having wide circulation in the
territory of the Republic of Indonesia and in one (1) daily newspaper in the
English language.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">3.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The
summons to a General Meeting of Shareholders shall be served to the
shareholders by advertisement in at least two (2) daily newspapers in the Indonesian
language having wide circulation in the territory of the Republic of Indonesia
and in one (1) daily newspaper in the English language as determined by the
Board of Directors.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The summons to a General Meeting of
Shareholders shall be served at least fourteen (14) days prior to the date of
General Meeting of Shareholders without calculating the date of summons and
date of Meeting.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">4.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The
summons to a General Meeting of Shareholders shall contain the day, date, time,
venue and agenda of the meeting along with the information that the materials
to discuss in the meeting are available in the Company&#8217;s office from the day of
summons until the date of </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">meeting</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">.
The summons to an Annual General Meeting of Shareholders shall also contain
that the annual report referred to in Article 23 has been made available in the
Company&#8217;s office effective from the date of summons to the meeting and that copies
of the balance sheet and profit/loss accounts of the previously passing financial
year can be obtained from the Company at the written request of the
shareholders.</font></p>




</div><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_17"></a><a name="_bclPageBorder17"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">5.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Any
proposal of the </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">shareholders&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> shall
be entered in the agenda of a General Meeting of Shareholders if:</font></p>

<ol start=1 type=a style="margin-bottom:0in;margin-top:0in;">
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">the relevant proposal has
     been submitted in writing to the Board of Directors by one or more
     Shareholders holding at least one tenth (1/10) of the total number of
     shares with valid voting rights;</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The relevant proposal has
     been received by the Board of Directors at least seven (7) days prior to
     the date of summons to the relevant meeting.</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">in the opinion of the Board
     of Directors, the proposal is considered directly relating to the
     Company&#8217;s business.</font></li>
</ol>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">CHAIRMAN
AND MINUTES OF GENERAL MEETING OF SHAREHOLDERS </font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Article
14</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">1.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The
General Meeting of Shareholders shall be presided over by the President
Commissioner.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">2.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">In
case the President Commissioner is absent or prevented for any reasons
whatsoever, of which impediment </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">no&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">
evidence to any third party shall be required, the General Meeting of
Shareholders shall be presided over by a member of the Board of Commissioners.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">3.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">In
case none of members of the Board of Commissioners is present or they are all prevented
for any reasons, of which impediment no evidence to any third party shall be
required, the General </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Meeting&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> of
Shareholders shall be presided over by the President Director.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">4.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">In
case the President Director is absent or prevented for any reasons whatsoever,
of which impediment no evidence to any third party shall be required, the
General Meeting of Shareholders shall be presided over by Vice President
Director.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">5.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">In
case Vice President Director is absent or prevented for any reasons whatsoever,
of which impediment no </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">evidence&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> to
any third party shall be required, or in case no Vice President Director is
appointed, the General Meeting of Shareholders shall be presided over by any
member of the Board of Directors.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">6.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">In case none of members of the Board of Directors is present or
they are all prevented for any reasons whatsoever, of which impediment no
evidence to any third party shall be required, the </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">General Meeting of Shareholders shall be presided over by a person elected
by and from amongst those present in the General Meeting of Shareholders.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">7.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">The meeting participants shall prove their authority
to be present in the meeting, i.e. based on the requirements specified by the
Board of Directors or Board of Commissioners contained in the summons to the
meeting provided, however, that any shares listed on the Stock Exchange in Indonesia
shall be subject to the laws and regulations in Capital Market in Indonesia.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">8.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Meeting Minutes of anything discussed and
resolved in a General Meeting of Shareholders shall be drawn up by the Notary.</font></p>




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<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">9.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">The Meeting Minutes shall serve as valid evidence to all
shareholders and any third party on any resolutions</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> and
any proceedings of the meeting.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">QUORUM,
VOTING RIGHTS AND RESOLUTIONS </font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Article
15</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">1.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">a.&#160;&#160;&#160;&#160; A
General Meeting of Shareholders may be held if it is attended by the
shareholders representing more than a half (1/2) of the total number of shares
with voting rights issued by the Company, unless otherwise herein contained.</font></p>

<ol start=2 type=a style="margin-bottom:0in;margin-top:0in;">
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Failing to reach the quorum referred
     to in paragraph 1.a., the summons to the second meeting may be served
     without being preceded by any announcement/notice about the serving of the
     summons to the Meeting.</font></li>
</ol>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The summons to the second meeting shall contain
that the first meeting has been held but failing to reach the prescribed quorum.</font></p>

<ol start=3 type=a style="margin-bottom:0in;margin-top:0in;">
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The second meeting shall be held
     at the earliest ten (10) days and at the latest twenty-one (21) days
     effective from the First Meeting on the same terms and with the same agenda
     as required for the First Meeting, except for the quorum requirements
     specified in point d and the summons that shall be served at the latest
     seven (7) days prior to the second meeting without calculating the date of
     summons and the date of Meeting.</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The second meeting shall be
     valid and entitled to pass binding resolutions, if it is attended by the
     shareholders or the authorized proxies of the shareholders holding at
     least one third (1/3) of the total number of shares with valid voting
     rights.</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Failing to reach the quorum
     of the second meeting, at the Company&#8217;s request, a third meeting may be held
     with the quorum of attendance, number of votes to pass resolutions,
     summons and time to hold the Meeting to be determined by the authorized
     agency based on the laws and regulations.</font></li>
</ol>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">2.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">A
shareholder may be represented by any other shareholder or any other person by virtue
of power of attorney.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The power of attorney shall be prepared
and signed in the form decided by the Company&#8217;s Board of Directors without
prejudice to the provisions of the laws and regulations on civil proof and
shall be submitted to the Board of Directors at least three (3) workdays prior
to the date of the relevant General Meeting of Shareholders.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The meeting chairman shall be entitled
to ask that the power of attorney to represent the shareholders be shown to him
in the meeting.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">3.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">In
the meeting, each share shall give the right to its owner to cast one (1) vote.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">4.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Members
of the </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Board&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> of Directors, members
of the Board of Commissioners and employees of the Company may act as proxies
in the meeting, however the votes they cast as proxies in the meeting shall not
be counted in voting.</font></p>




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<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">5.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Voting on individuals shall be conducted by unsigned folded ballots,
while on other matters shall be </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">verbally,
unless the meeting chairman decides otherwise without any objection of one (1)
or more shareholders jointly representing at least one-tenth (1/10) of the
total number of shares with valid voting rights.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">6.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Blank votes or abstain shall be deemed issue
the same votes with a majority vote of shareholders who make a vote. </font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">7.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">All resolutions shall</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> be passed in deliberation
for a consensus.&#160; Failing this mode of settlement, the resolutions shall be passed
by voting based on the affirmative votes of more than a half (1/2) of the
number of votes cast lawfully in the meeting, unless it is determined otherwise
in the Articles of Association as regulated in Article 16 paragraph 7, Article
17 paragraph 8, Article 19 paragraph 7, Article 27 paragraph 2, Article 28
paragraph 1 and Article 29 paragraph 1 hereof.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">In case the proposed resolution
submitted does not obtain affirmative votes of over a half (1/2) of the number of
votes cast, the voting shall be repeated on two (2) proposals obtaining the
majority votes, until one of the two proposals has obtained more than a half
(1/2) of the total number of votes cast.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">If the number of affirmative votes is
equal to the number of negative votes, if it concerns individuals, a lot shall
be drawn, but if it concerns other matters the proposal shall be considered
refused.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">8.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">a.&#160;&#160;&#160;&#160; Any
resolution relating to transactions having conflict of interests as referred to
in Article 30 paragraph 1 hereof shall be passed in a General Meeting of
Shareholders specially held for such purpose that is attended by independent
shareholders, i.e. shareholders having no conflict of interests on such
transactions (hereinafter referred to as </font><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">&#8220;Independent Shareholders&#8221;</font></b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">),
who have more than a half (1/2) of the total number of shares with valid voting
rights held by all Independent Shareholders without prejudice to the provision
of paragraph 1 point a of this Article, and the resolution shall be passed
based on the affirmative votes of all Independent Shareholders who have more
than a half (1/2) of the total number of shares with valid voting rights.</font></p>

<ol start=2 type=a style="margin-bottom:0in;margin-top:0in;">
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">In passing any resolutions,
     the main shareholders, members of the Board of Directors and members of
     the Board of Commissioners who have conflict of interests with the
     transactions that are decided shall not be entitled to give any
     recommendations or opinions.</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Any resolution passed by
     Independent Shareholders shall be confirmed by the whole meeting quorum to
     be followed by all shareholders present in the meeting, including
     Shareholders having conflict of interests.</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">If in the first meeting, the
     number of Independent Shareholders who are present or represented
     apparently does not meet the required quorum stipulated in the first
     Meeting, at the Company&#8217;s request, a second meeting may be held after the
     summons to the meeting has been served (however without notification for
     the Meeting summons as referred to in Article 13), provided that the
     meeting is attended or represented by Independent Shareholders who hold
     more than a half (1/2) of the total number of shares with valid voting
     rights and the resolutions shall be passed based on the affirmative votes
     of more than a half (1/2) of the total number of shares held by the
     Independent Shareholders who are present / represented in the meeting.</font></li>


 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">If the
     quorum in the second meeting is also not met, at the Company&#8217;s request,
     the third meeting may be held with the quorum of attendance,&#160; number of
     votes to pass resolutions, summons and time to hold the Meeting to be determined
     by the Chairman of the Capital Market and Financial Institution
     Supervisory Agency and based on the provisions of the laws.</font></li>
</ol>

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<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">9.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Any
matters submitted by the shareholders during the discussion or voting in the
General Meeting of Shareholders shall meet the conditions as follows:</font></p>

<ol start=1 type=a style="margin-bottom:0in;margin-top:0in;">
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">in the opinion of the Meeting
     Chairman, they are directly relating to one of the items of the relevant
     meeting agenda; and</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">the matters are proposed by
     one or more shareholders jointly holding at least one-tenth (1/10) of the
     total number of shares with valid voting rights; and</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">in the Board of Directors&#8217;
     opinion the proposal is considered directly relating to the Company&#8217;s
     business.</font></li>
</ol>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">BOARD
OF DIRECTORS </font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Article
16</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160; a.&#160;&#160;&#160;&#160; The
Company&#8217;s management shall be executed by the Board of Directors under the
supervision of the Board of Commissioners.</font></p>

<ol start=2 type=a style="margin-bottom:0in;margin-top:0in;">
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The Board of Directors shall
     consist of at least three (3) members with the following composition:</font></li>
</ol>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">(i)&#160;&#160;&#160; one
President Director;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">(ii)&#160;&#160; one
Vice President Director (if appointed); and</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">(iii)&#160; one
or more Directors. </font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">2.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Eligible
to be appointed as members of the Board of Directors shall be individual
persons of Indonesian citizenship who are capable of taking legal actions,
unless in the period of five (5) years prior to their appointment, they have
ever:</font></p>

<ol start=1 type=a style="margin-bottom:0in;margin-top:0in;">
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">been declared bankrupt;</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">become members of the Board
     of Directors or members of the Board of Commissioners or members of the
     Supervisory Board who are stated guilty of causing a Company or Public &#160;State
     Corporation to be declared bankrupt; or</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">been sentenced for
     committing an offence that harms the state&#8217;s and / or BUMN&#8217;s finance and /
     or relating to financial sector.</font></li>
</ol>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">3.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
fulfillment of the requirements referred to in paragraph 2 of this Article
shall be proven by a statement signed by the prospective members of the Board
of Directors and the statement is kept by the Company.</font></p>




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<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">4.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Besides fulfilling the requirements referred to in paragraph 2 of
this Article, the appointment of members of the Board of Directors shall be
conducted by considering the expertise, experience and other requirements based
on the laws and regulations.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">5.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
appointment of members of the Board of Directors who do not comply with the
requirements as referred to in paragraph 2 of this Article shall be null and
void by law since the time when other members of the Board of Directors or
Board of Commissioners find out the incompliance with such requirements.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">6.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Besides
the requirements in paragraph (2) of this Article, between members of the Board
of Directors and members of the Board of Commissioners, there shall be no </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;text-autospace:ideograph-numeric ideograph-other;">family </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">relationship&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;text-autospace:ideograph-numeric ideograph-other;"> up to the third (3<sup>rd</sup>) degree, both in a direct line and a
collateral line</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">, or any relation arising from marriage or any marital relationship
(in-laws).</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">In case of any occurrence of the condition
referred to above, the General Meeting of Shareholders shall be authorized to
dismiss one of them.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">7.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Members
of the Company&#8217;s Board of Directors shall be appointed from the candidates
nominated by the Holder of &#8216;A&#8217; </font><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Dwiwarna&nbsp;</font></i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;"> Share and have passed the
nomination process based on the provisions of the laws and the nomination shall
bind the General Meeting of Shareholders.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Members of the Board of Directors shall
be appointed and dismissed by the General Meeting of Shareholders, which must
be attended by the Holder of &#8216;A&#8217; </font><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Dwiwarna&nbsp;</font></i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> Share and one or more
Shareholders who hold more than a half (1/2) of the total number of shares with
valid voting rights issued by the Company and the meeting resolution shall be
approved by the Holder of &#8216;A&#8217; </font><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Dwiwarna&nbsp;</font></i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> Share and one or more
Shareholders holding more than a half (1/2) of the total number of votes
lawfully cast in the meeting.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">8.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
term of office of each member of the Board of Directors shall be five (5) years,
which mean effective from the date that determined by General Meeting of
Shareholders of his appointment until the closing of the fifth General Meeting
Shareholders after his appointment.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">After their term of office has expired,
members of the Board of Directors may be reappointed only for one (1) term of
office by the General Meeting of Shareholders.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">9.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The provisions
on the term of office of members of the Board of Directors shall be without
prejudice to the right of the General Meeting of Shareholders to dismiss
members of the Board of Directors at any time prior to the expiration of their
term of office by specifying the reason thereof.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The reasons for dismissal as referred to
above shall be among others, if such members of the Board of Directors:</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">a.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">are
unable to meet their duties agreed in the management contract; or</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">b.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">are
unable to perform their duties properly; or</font></p>

<ol start=3 type=a style="margin-bottom:0in;margin-top:0in;">
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">do not carry out the
     provisions of the laws and regulations and/or the provisions of the
     Articles of Association; or</font></li>
</ol>




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<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">d.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">are involved in actions harming the Company and / or the State;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">e.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">are stated guilty by a Court&#8217;s judgment that has become final and
binding;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">f.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">have submitted a request of resignation.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">10.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Besides
the reason for dismissal of members of the Board of Directors as referred to
above, members of the Board of Directors may be dismissed by the General Meeting
of Shareholders based on other reasons considered appropriate by the General
Meeting of Shareholders in the Company&#8217;s interest and purpose.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">11.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
plan of dismissal of members of the Board of Directors as referred to in
paragraph 9 of this Article shall be notified by the Holder of &#8216;A&#8217; </font><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Dwiwarna&nbsp;</font></i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">
Share to the Board of Directors concerned in writing within no later than
fourteen (14) days prior to the date of the General Meeting of Shareholders.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">12.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
decision of dismissal as referred to in paragraph 9 points a, b, c and d and
paragraph 10 of this Article shall be made after the persons concerned have
been given the opportunity to defend themselves in the General Meeting of
Shareholders.&#160; Such dismissal shall be effective as of the conclusion of the
General Meeting of Shareholders deciding such dismissal.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">13.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">If
for any reasons whatsoever the position of a member of the Board of Directors
is vacant, such vacancy shall be filled at the latest in the next General
Meeting of Shareholders.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">In so far the position is vacant and his
successor is still not available or has not held the position, another Director
appointed based on decision of the Board of Directors Meeting shall perform the
Director&#8217;s job with the same power and authority.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">14.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">If
for any reasons whatsoever the Company does not have the Board of Directors or
the positions of all members of the Board of Directors are vacant, the Board of
Commissioners shall temporarily take the management action.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Within no later than sixty (60) days
upon such vacancy, the Company shall hold a General Meeting of Shareholders to fill
the vacancy.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">15.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Members
of the Board of Directors may be suspended by the Board of Commissioners as
regulated in Article 20 paragraphs 8 to 12, if they act in conflict with these
Articles of Association or indicate to conduct actions harming the Company or
neglect their duties or there is an urgent reason for the Company.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">16.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">A
member of the Board of Directors shall be entitled to resign from his position
by giving a written notification regarding his intention to the Company with
copy to the Holder of &#8216;A&#8217; </font><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Dwiwarna&nbsp;</font></i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;"> Share, Board of Commissioners and
other members of the Company&#8217;s Board of Directors no later than sixty (60) days
prior to the date of his resignation.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&#8722;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">If the request of resignation does not specify the effective date
of resignation and there is no resolution of the General Meeting of
Shareholders regarding such resignation, such member of the Board of Directors
shall effectively resign after the period of sixty (60) days from the date of
receipt of the request letter of resignation has lapsed.</font></p>




</div><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_23"></a><a name="_bclPageBorder23"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&#8722;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">If any member(s) of the Board of Directors resign(s), causing the
number of members of the Board of Directors to become less than three (3)
persons, such resignation shall be valid, if it has been resolved by the General
Meeting of Shareholders and the new member(s) of the Board of Directors
has/have been appointed in order to meet the required minimum number of members
of the Board of Directors.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">17.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">A
member of the Board of Directors who resigns before or after his term of office
has expired may be requested to give accountability of his actions that has not
been accounted to the General Meeting of Shareholders.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">18.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Members
of the Board of Directors shall be given salary and other allowances, including
retirement benefit, which amounts are determined based on a resolution of a
General Meeting of Shareholders and such authority may be delegated by the
General Meeting of Shareholders to the Board of Commissioners.&#160; In case the
authority of the General Meeting of Shareholders is delegated to the Board of
Commissioners, the amounts of salaries and allowances shall be decided based on
resolution of the Board of Commissioners meeting.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">19.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
position of a member of the Board of Directors shall end, if:</font></p>

<ol start=1 type=a style="margin-bottom:0in;margin-top:0in;">
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">he dies;</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">his term of office has
     expired;</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">he is dismissed based on a resolution
     of a General Meeting of Shareholders;</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">he no longer complies with
     the requirements as member of the Board of Directors based on the
     provisions of the Articles of Association and the laws and regulations.</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">he resigns based on the
     provision of paragraph 18.</font></li>
</ol>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">20.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
provision referred to in paragraph 21 point d shall include, but not limited to
prohibited double positions.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">21.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Members
of the Board of Directors shall not serve other position concurrently as
specified hereunder:</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">a.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">member
of the Board of Directors in other State-Owned Enterprise, Regional-Owned
Enterprise or private company or other position conducting the company&#8217;s
management;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">b.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">member
of the Board of Commissioners / Supervisory Board in a State-Owned Enterprise;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">c.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">other structural and functional position in the agency /
institution of central or regional government;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">d.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">other
position based on the provisions of the laws and regulations, member of the
management of political party and / or prospective / member of legislative and
or prospective regional head / regional deputy head; and or</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">e.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">other position that may cause conflict of interests directly or
indirectly with the Company and / or conflicting with the laws and regulations.</font></p>




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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">DUTIES
AND AUTHORITIES OF THE BOARD OF DIRECTORS </font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Article
17</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">1.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
Board of Directors shall be assigned to take all actions relating to the
Company&#8217;s management in the Company&#8217;s interest and according to the Company&#8217;s
purpose and objective.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">2.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Each
member of the Board of Directors shall have the right and authority to act for
and on behalf of the Board of Directors to represent the Company in and outside
the Court on any matters and in any events, to bind the Company with other
party and other party with the Company, and to take all actions either regarding
the management or ownership with the limitation stipulated in paragraph 6 of
this Article, and with due observance of the laws and regulations in Capital
Market in Indonesia.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">3.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Each
member of the Board of Directors shall, in good faith and with full responsibility,
perform his duties in the interest and for the business of the Company with due
observance of the laws and regulations.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">4.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Each
member of the Board of Directors shall be personally responsible for the
Company&#8217;s loss, if he is guilty or fails to perform his duties based on the
provisions of the laws and regulations.&#160; </font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">However, the member of the Board of
Directors may not be requested to give accountability of the Company&#8217;s loss, if
he is able to prove that:</font></p>

<ol start=1 type=a style="margin-bottom:0in;margin-top:0in;">
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">the loss is not due to his
     fault or negligence;</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">he has conducted the
     management in good faith and prudentially in the interest and according to
     the purpose and objective of the Company;</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">he has no conflict of
     interests, directly or indirectly, with the management action causing a
     loss; and</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">has taken an action to
     prevent any occurrence or continuation of such loss.</font></li>
</ol>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">5.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">A
member of the Board of Directors shall have no right to represent the Company,
if:</font></p>

<ol start=1 type=a style="margin-bottom:0in;margin-top:0in;">
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">any case occurs in the Court
     between the Company and such member of the Board of Directors; or</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">such member of the Board of
     Directors has conflict of interests with the Company.</font></li>
</ol>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">6.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Actions
of the Board of Directors that should obtain the written approval of the Board
of Commissioners:</font></p>

<ol start=1 type=a style="margin-bottom:0in;margin-top:0in;">
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">to buy and / or sell other
     company&#8217;s shares through stock exchange exceeding a certain number
     stipulated in decision of the Board of Commissioners;</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">to conduct equity
     participation or dispose of equity participation in other business entity
     not conducted through Stock Exchange and the amount exceeds that
     stipulated in the decision of the Board of Commissioners;</font></li>


 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">to conduct
     establishment, merger, dissolution, acquisition, transfer, separation and
     dissolution of subsidiary;</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">to transfer, exchange, sell
     or buy business segments;</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">to make license agreements
     and / or management contracts; regarding the terms and conditions and the
     types of license agreement and / or management contract that need the
     approval of the Board of Commissioners shall be regulated further in
     decision of the Board of Commissioners.</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">to conduct transfer of fixed
     assets and other assets owned by the Company of the amount exceeding a
     certain amount stipulated in decision of the Board of Commissioners;</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">to write-off any bad debt
     and inventory of any non-productive goods, which value exceeds a certain
     amount stipulated in decision of the Board of Commissioners;</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">to bind the Company as
     guarantor (borg or avalist) causing the finance to exceed a certain amount
     stipulated in decision of the Board of Commissioners;</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">to receive or give medium /
     long-term loans and to receive short-term loans that are not operational
     by nature, exceeding a certain amount stipulated in the Company&#8217;s work
     program and budget ratified in the decision of the Board of Commissioners;</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">to nominate members of the
     Board of Directors and / or Commissioners in the subsidiaries:</font></li>
</ol>

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<p style="margin:0in;margin-bottom:12.0pt;margin-left:63.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-27.0pt;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">(i)</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">which financial statements are consolidated with the Company&#8217;s;
and</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:63.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-27.0pt;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">(ii)</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">which gives contribution of income of minimum thirty percent (30%)
of the Company&#8217;s total consolidated operating income.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The Board of Commissioners&#8217; approval
specially relating to this point j shall be based on the resolution of the
Board of Commissioners meeting approved by all members of the Board of
Commissioners.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The intended written approval shall be
articulated in the form of decision of the Board of Commissioners signed by the
President Commissioner and a member of the Board of Commissioners based on the
resolution of Board of Commissioners meeting.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">7.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
Board of Directors action as referred to in paragraph 6 point a to point i
above shall first obtain the approval of the General Meeting of Shareholders in
case the value of transaction to be conducted by the Company is material and comply
with the provisions and requirements as stipulated in the regulation of capital
markets.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">&#8722;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">In the terms of the transaction to be executed does not reach the
value of material as stipulated in the regulation of capital markets, but will
affect significantly to the company&#8217;s main business, both from the operational
aspect, financial and commercial, Board of Directors and/or Board of Commissioners
can propose to be decided in General Meeting of Shareholders.</font></p>




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<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">8.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">In
taking the legal action to transfer, renounce right or encumber all or a part
of the Company&#8217;s assets of the value exceeding fifty percent (50%) of the total
Company&#8217;s net assets value, either in a single transaction or several independent
or related transactions in one financial year, the Board of Directors shall
obtain the approval of the General Meeting of Shareholders that is attended or
represented by the shareholders having at least three fourths (3/4) of the
total number of shares with voting rights and approved by at least three fourths
(3/4) of the total number of votes cast in the meeting.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Failing to reach the prescribed quorum in
the meeting, at the earliest ten (10) days and at the latest twenty-one (21)
days after the first meeting, a second meeting may be held with the same agenda
as in the first meeting.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The summons to the meeting shall be served
no later than seven (7) days prior to the second meeting excluding the date of
summons and the date of meeting, and for the summons to such meeting, prior
notification / announcement shall not be required and such second meeting shall
be attended or represented by the shareholders who hold at least two thirds
(2/3) of the total number of shares with valid voting rights and approved by at
least three fourths (3/4) of the total number of votes cast in the meeting.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Failing to reach the quorum of the
second meeting, at the Company&#8217;s request a third meeting may be held with the quorum
of attendance, number of votes to pass resolutions, summons and time to hold
the Meeting to be determined by the authorized agency based on the laws and
regulations.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">9.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Without
prejudice to its responsibility, the Board of Directors shall also, for certain
actions, have the authority to appoint one or more persons as its proxy(ies) on
the conditions stipulated by the Board of Directors in a special power of
attorney, such authority shall be exercised pursuant to the Articles of
Association.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">10.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">In
carrying out their duties, members of the Board of Directors shall comply with
the Company&#8217;s Articles of Association and the laws and regulations and shall
perform the principle of professionalism, efficiency, transparency,
independency, accountability, responsibility and fairness.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">11.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
distribution of duties and authorities of each member of the Board of Directors
shall be stipulated based on any Resolution of the General Meeting of
Shareholders and in case the General Meeting of Shareholders fails to pass
resolution pertaining thereto, the distribution of duties and authorities of
members of the Board of Directors shall be decided based on the Board of
Directors&#8217; resolution.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">12.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">In administering
and / or managing the Company, the Board of Directors shall comply with any resolutions
passed in the General Meeting of Shareholders and the Board of Commissioners in
so far they are not conflicting with the laws and regulations and / or these
Articles of Association.</font></p>




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<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">BOARD
OF DIRECTORS MEETING</font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Article
18</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">1.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
Board of Directors meeting may be held any time deemed necessary at the request
of one or more members of the Board of Directors or at the request of the Board
of Commissioners meeting or at the written request of one (1) or more
shareholders jointly representing one tenth (1/10) or more of the total number
of shares with voting rights.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">2.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
summons to the Board of Directors meeting shall be served by members of the
Board of Directors who are entitled to represent the Board of Directors
pursuant to the provisions of Article 17 paragraph (2) hereof.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">3.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
summons to the Board of Directors meeting shall be served by registered mail or
a letter hand-delivered to each member of the Board of Directors against
receipt or by facsimile or other electronic media at least three (3) days prior
to the meeting, without calculating the date of summons and the date of
meeting.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.75in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">In case the matters
to be discussed need to be immediately settled, the period of summons may be
shortened to no less than one (1) day, without calculating the date of summons and
the date of meeting.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">4.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
meeting summons shall specify the agenda, date, time and place of meeting.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">5.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">a.&#160;&#160;&#160;&#160; The
Board of Directors meeting shall be held in the Company&#8217;s domicile or the
Company&#8217;s place of main business activity.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:40.5pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">If all members of the Board of
Directors are present or represented, such prior summons shall not be required
and the Board of Directors meeting may be held anywhere in the territory of the
Republic of Indonesia and the meeting shall be entitled to pass valid and
binding resolutions.</font></p>

<ol start=2 type=a style="margin-bottom:0in;margin-top:0in;">
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The Board of Directors
     meeting as referred to in point a may be held by video conference or any other
     electronic media that enables all meeting participants to see and hear
     each other directly and to participate in the Meeting, and with respect
     thereto, all participants shall be considered present to determine the
     fulfillment of the required quorum and voting or passing of resolution.</font></li>
</ol>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The minutes of the Meeting held by video
conference or any other electronic media shall be prepared in writing and
circulated to all participating members of the Board of Directors to be
approved and signed.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">6.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
Board of Directors meeting shall be chaired by the President Director.&#160; In case
the President Director is prevented or absent for any reason whatsoever, of which
impediment no evidence to any third party shall be required, the Board of
Directors meeting shall be chaired by Vice President Director.&#160; In case the
Vice President Director is prevented or absent for any reason whatsoever, of
which impediment no evidence to any third party shall be required or in case no
Vice President Director is appointed, the Board of Directors meeting shall be
chaired by another member of the Board of Directors appointed by the Board of
Directors meeting.</font></p>




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<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">7.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">A member of the Board of Directors meeting may be represented in
the Board of Directors meeting only by another member of the Board of Directors
by virtue of power of attorney provided exclusively for such purpose.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">8.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">A
member of the Board of Directors may only represent another member of the Board
of Directors.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">9.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">In
other agenda items, the Board of Directors meeting shall not be entitled to pass
resolutions, unless all members of the Board of Directors or their legal
representatives are present and approve the additional items of meeting agenda
and approve the decision on the additional items of meeting agenda.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">10.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
Board of Directors meeting shall be valid and entitled to pass valid and
binding resolutions, if more than a half (1/2) of the number of members of the
Board of Directors are present or represented legally in the meeting.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">11.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The resolutions
of the Board of Directors meeting shall be passed in deliberation for a
consensus.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Failing this mode of settlement, the resolution
shall be passed by voting based on the majority affirmative votes of the number
of votes cast in the meeting.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">12.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">In a
tie vote, the meeting Chairman shall have a casting vote with due observance of
the provision on accountability referred to in Article 17 paragraph 4.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">13.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">a.&#160;&#160;&#160;&#160; Each
member of the Board of Directors who is present shall be entitled to cast one
(1) vote and one (1) extra vote for each other member of the Board of Directors
he so represents.</font></p>

<ol start=2 type=a style="margin-bottom:0in;margin-top:0in;">
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Voting on individuals shall
     be conducted by unsigned folded ballots, while on other matters shall be
     verbally, unless the meeting Chairman decides otherwise without any
     objection of the meeting participants.</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Each member of the Board of
     Directors who is present or represented in the meeting shall give or cast
     vote.</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">In case a member of the
     Board of Directors does not give any vote (being abstain), such member of
     the Board of Directors shall observe and be responsible for any resolution
     of the meeting.</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Invalid votes shall be
     considered invalidly cast and deemed non-existent and shall not be counted
     to determine the number of votes cast.</font></li>
</ol>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">13.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">In
any Board of Directors meeting, meeting minutes containing any matters
discussed, including statement of disapproval / dissenting opinions among
members of the Board of Directors, if any, and any resolved matters shall be
prepared. </font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">14.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
meeting minutes as referred to in paragraph 14 of this Article shall be signed
by the meeting Chairman and all members of the Board of Directors who are
present in the meeting.</font></p>




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<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">15.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
Board of Directors may also pass valid resolutions without holding a Board of
Directors meeting, provided, however, that all members of the Board of
Directors give their approval in writing by signing the submitted proposal.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">16.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The resolutions
passed in such a manner shall have the same legal force and effect as any resolutions
validly passed in the Board of Directors meeting.</font></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">BOARD
OF COMMISSIONERS</font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Article
19</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">1.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">a.&#160;&#160;&#160;&#160; The
Board of Commissioners shall consist of at least two (2) members, one of them
shall be appointed as the President Commissioner.</font></p>

<ol start=2 type=a style="margin-bottom:0in;margin-top:0in;">
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The Board of Commissioners
     is a panel and each member of the Board of Commissioners may not act
     individually, instead based on the Board of Commissioners resolution.</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The Company shall have an
     Independent Commissioner who meets the requirements based on the laws and
     regulations in Capital Market in Indonesia.</font></li>
</ol>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">2.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Eligible
to be appointed as members of the Board of Commissioners shall be individual
persons of Indonesian citizenship who are capable of taking legal actions,
unless in the period of five (5) years prior to their appointment, they have
ever:</font></p>

<ol start=1 type=a style="margin-bottom:0in;margin-top:0in;">
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">been declared bankrupt;</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">become members of the Board
     of Directors or members of the Board of Commissioners or members of the
     Supervisory Board who are stated guilty of causing a Company or Public State
     Corporation to be declared bankrupt; or</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">been sentenced for
     committing an offence that harms the state&#8217;s and / or BUMN&#8217;s finance and /
     or relating to financial sector.</font></li>
</ol>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">3.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Besides
fulfilling the requirements referred to in paragraph 2 of this Article, the
appointment of members of the Board of Commissioners shall be conducted by considering
the integrity, dedication, understanding on the company&#8217;s management issues
relating to one of management functions, that they have the adequate knowledge
in the Company&#8217;s business line and are able to give adequate time for
performing their duties and other requirements based on the laws and
regulations.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">4.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
appointment of members of the Board of Commissioners failing to comply with the
requirements referred to in paragraph 2 of this Article shall be null and void
by law since the time when other members of the Board of Commissioners or Board
of Directors find out the non-fulfillment of such requirements.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">5.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Members
of the Company&#8217;s Board of Commissioners shall be appointed from Indonesian
Citizens who meet the requirements pursuant to the laws and regulations.&#160;
Between members of the Board of Commissioners and between members of the Board
of Commissioners and members of the Board of Directors, there shall be no </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;text-autospace:ideograph-numeric ideograph-other;">family relationship up to the third (3<sup>rd</sup>)
degree, both in a direct line and a collateral line</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">, or any marital
relationship.</font></p>




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<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">In case of any occurrence of the
condition referred to above, the General Meeting of Shareholders shall be
authorized to dismiss one of them.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">6.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
appointment of all members of the Board of Commissioners shall not be at the
same time with the appointment of all members of the Board of Directors.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">7.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Members
of the Board of Commissioners shall be appointed by the General Meeting of
Shareholders of the candidates nominated by the Holder of &#8216;A&#8217; </font><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Dwiwarna&nbsp;</font></i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">
Share.&#160; Such nomination shall bind the General Meeting of Shareholders.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Members of the Board of Commissioners
shall be appointed and dismissed by the General Meeting of Shareholders, which
must be attended by the Holder of &#8216;A&#8217; </font><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Dwiwarna&nbsp;</font></i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> Share and one or more
Shareholders who hold more than a half (1/2) of the total number of shares with
valid voting rights issued by the Company and the meeting resolution shall be
approved by the Holder of &#8216;A&#8217; </font><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Dwiwarna&nbsp;</font></i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> Share and one or more
Shareholders holding more than a half (1/2) of the total number of votes
lawfully cast in the meeting.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">8.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
term of office of each member of the Board of Commissioners shall be five (5)
years which mean effective from the date that determined by General Meeting of
Shareholders of his appointment until the closing of the fifth General Meeting
Shareholders after his appointment.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">After their term of office has expired,
members of the Board of Commissioners may be reappointed only for one (1) term
of office by the General Meeting of Shareholders.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">9.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
conditions on the term of office of members of the Board of Commissioners shall
be without prejudice to the right of the General Meeting of Shareholders to
dismiss members of the Board of Commissioners at any time prior to the
expiration of their term of office.&#160; Such dismissal may be conducted, if such
members of the Board of Commissioners, among others:</font></p>

<ol start=1 type=a style="margin-bottom:0in;margin-top:0in;">
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">are unable to perform their duties
     properly; </font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">do not carry out the
     provisions of the laws and regulations or the provisions of the Articles
     of Association; or</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">are involved in actions
     harming the Company or the state;</font></li>
</ol>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">10.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
plan of dismissal of members of the Board of Commissioners shall be notified by
the Holder of &#8216;A&#8217; </font><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Dwiwarna&nbsp;</font></i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;"> Share to the members of the Board of
Commissioners concerned verbally or in writing within no later than fourteen
(14) days prior to the date of the General Meeting of Shareholders.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">11.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Members
of the Board of Commissioners who will be dismissed shall be given the
opportunity to be present in the General Meeting of Shareholders to defend
themselves. Such dismissal shall be effective as of the conclusion of the
General Meeting of Shareholders deciding such dismissal.</font></p>




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<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">12.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">After
their term of office has expired, members of the Board of Commissioners may be
reappointed only for one (1) term of office by the General Meeting of
Shareholders.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">13.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Members
of the Board of Commissioners shall be given salary / honorarium and / or
allowances, including retirement benefit, which amounts shall be decided by the
General Meeting of Shareholders.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">14.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Members
of the Board of Commissioners shall not be allowed to hold any concurrent
positions as:</font></p>

<ol start=1 type=a style="margin-bottom:0in;margin-top:0in;">
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">members of the Board of
     Directors in State-Owned Enterprises, Regional-Owned Enterprises,
     Private-Owned Enterprises;</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">other positions based on the
     provisions of the laws and regulations, management members of political
     parties and / or prospective / members of legislative and or prospective
     regional heads / regional deputy heads; and / or</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">other positions that may
     cause conflict of interests.</font></li>
</ol>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">15.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">If
for any reasons whatsoever the position of a member of the Board of
Commissioners is vacant, such vacancy shall be filled at the latest in the next
General Meeting of Shareholders, except the number of members of the Board of
Commissioners becomes less than two (2) persons, in such case the General
Meeting of Shareholders shall be held within sixty (60) days since such vacancy
to fill such vacancy.&#160;&#160;&#160;&#160;&#160;&#160; </font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">16.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">A
member of the Board of Commissioners shall be entitled to resign from his
position by giving a written notification regarding his intention to the
Company with copy to the Holder of &#8216;A&#8217; </font><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Dwiwarna&nbsp;</font></i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;"> Share, Board of
Commissioners and other members of the Company&#8217;s Board of Directors no later
than sixty (60) days prior to the date of his resignation.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&#8722;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">If the request of resignation does not specify the effective date
of resignation and there is no resolution of the General Meeting of
Shareholders regarding such resignation, such member of the Board of
Commissioners shall effectively resign after the period of sixty (60) days from
the date of receipt of the request letter of resignation has lapsed.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&#8722;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">If any member(s) of the Board of Commissioners resign(s), causing
the number of members of the Board of Commissioners to become less than two (2)
persons, such resignation shall be valid, if it has been resolved by the
General Meeting of Shareholders and the new member(s) of the Board of
Commissioners has / have been appointed in order to meet the required minimum
number of members of the Board of Commissioners.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">17.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
position of a member of the Board of Commissioners shall end, if:</font></p>

<ol start=1 type=a style="margin-bottom:0in;margin-top:0in;">
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">his term of office has
     expired;</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">he resigns based on the
     provision of paragraph 18.</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">he no longer complies with
     the requirements of the laws and regulations.</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">he dies;</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">he is dismissed based on the
     General Meeting of Shareholders;</font></li>
</ol>




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<P><A name="page_32"></A></P>

<P align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman,serif" color=black>DUTIES AND AUTHORITIES OF THE BOARD OF COMMISSIONERS</FONT></B></P>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%;%">

<P style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: center" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman,serif" color=black>Article 20</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman,serif" color=black>1.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman" color=black>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman,serif" color=black>The Board of Commissioners shall:</FONT></P>

<OL style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in" type=a>

<LI style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman,serif" color=black>conduct supervision of the Company&#8217;s management policy conducted by the Board of Directors and give advice to the Board of Directors, including the Company&#8217;s development plan, work program and annual budget, the implementation of the provisions of the Company&#8217;s Articles of Association and resolutions of the General Meeting of Shareholders and the laws and regulations in consideration of the Company&#8217;s interest.</FONT>

<LI style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman,serif" color=black>perform the duties, authorities and responsibilities pursuant to the provisions of the Company&#8217;s Articles of Association and resolutions of the General Meeting of Shareholders;</FONT>

<LI style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman,serif" color=black>study carefully and sign the annual report prepared by the Board of Directors. </FONT></LI></OL>

<P style="MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman,serif" color=black>2.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman" color=black>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman,serif" color=black>In connection with the duties of the Board of Commissioners as referred to in paragraph 1 of this Article, the Board of Commissioners shall be required to:</FONT></P>

<OL style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in" type=a>

<LI style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman,serif" color=black>give opinion and recommendation to the Annual General Meeting of Shareholders on periodical reports and other reports of the Board of Directors;</FONT>

<LI style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman,serif" color=black>supervise the implementation of the Company&#8217;s work program and budget (including investment budget) for the preceding financial year and present the result of its evaluation and opinion to the Annual General Meeting of Shareholders.</FONT>

<LI style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman,serif" color=black>follow the Company&#8217;s activity development and in case the Company gives an indication of slowing-down, it shall immediately request the Board of Directors to announce it to the shareholders and give recommendation on any correction measures to be taken;</FONT>

<LI style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman,serif" color=black>give opinion and recommendation to the General Meeting of Shareholders on any other issues deemed significant for the Company&#8217;s management;</FONT>

<LI style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman,serif" color=black>propose to the General Meeting of Shareholders, through the Board of Directors, for appointment of the public accountant firm to conduct audit on the Company&#8217;s financial statements, including internal control audit on financial reporting, based on the provisions put in place by the Capital Market authority, where the Company&#8217;s shares are registered and / or listed;</FONT>

<LI style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman,serif" color=black>give reports on the supervision duty conducted during the financial year that has just passed to the General Meeting of Shareholders;</FONT>

<LI style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman,serif" color=black>conduct other supervision duties stipulated by the General Meeting of Shareholders.</FONT> </LI></OL>

<P style="MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman,serif" color=black>3.</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman" color=black>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman,serif" color=black>Members of the Board of Commissioners may not be requested to give accountability for the Company&#8217;s loss, if they are able to prove that they:</FONT></P>

<OL style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0in" type=a>

<LI style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman,serif" color=black>have conducted supervision in good faith and prudentially in the Company&#8217;s interest and according to the Company&#8217;s purpose and objective;</FONT>

<LI style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman,serif" color=black>have no personal interest, directly or indirectly, in the management actions of the Board of Directors causing such loss; and</FONT>

<LI style="MARGIN: 0in 0in 12pt; TEXT-ALIGN: justify"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman,serif" color=black>have given advice to the Board of Directors to prevent such loss from occurring or continuing.</FONT> </LI></OL></DIV>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<a name="page_33"></a><a name="_bclPageBorder33"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">4.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Members
of the Board of Commissioners, jointly as well as severally at any time during
the Company&#8217;s office hours shall be entitled to enter the buildings and
premises or other places used or controlled by the Company and to examine all
account books, documents and other instruments of proof, inventory of goods, to
examine and verify the condition of cash and any other securities, and to know
all actions taken by the Board of Directors.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">5.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">In
performing its duties, the Board of Commissioners may request the assistance of
an expert for a limited term and establish a Committee required according to
the need or the laws and regulations and on the Company&#8217;s expense.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">6.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
Board of Commissioners shall arrange job distribution amongst them, and&#160; in
order to expedite their job, they may be assisted by a secretary whom they
appoint.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">7.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
Board of Directors or each member of the Board of Directors shall give
explanation on any matters inquired by members of the Board of Commissioners or
the expert assisting them.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">8.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
Board of Commissioners shall at any time be entitled to suspend one or more
members of the Board of Directors from their positions, if such member(s)
act(s) in conflict with these Articles of Association and the laws and
regulations or neglect(s) his / their duties or for any urgent reasons of the
Company.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">9.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Such
suspension shall be notified to the person(s) concerned with the reason for
such action.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">10.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Within
no later than forty-five (45) days after such suspension, the Board of
Commissioners shall hold a General Meeting of Shareholders that will decide
whether the relevant member(s) of the Board of Directors will be permanently
dismissed or reinstated to his / their former position, while such dismissed
member(s) of the Board of Directors shall be given an opportunity to be present
to defend himself / themselves.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">11.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
meeting referred to in paragraph 10 of this Article shall be chaired by the
President Commissioner and if he is absent, of which impediment no evidence to
any third party shall be required, the meeting shall be chaired by another
member of the Board of Commissioners appointed for such purpose by the meeting
and if no member of the Board of Commissioners is present, the meeting shall be
chaired by a person selected by and from those present and the summons shall be
served based on the provisions contained in Article 13 hereof.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">12.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">If
the General Meeting of Shareholders referred to in paragraph 10 of this Article
is not held within forty-five (45) days upon the suspension, the suspension
shall be automatically null and void by law and the person(s) concerned shall
be entitled to resume his / their former position.</font></p>




</div><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_34"></a><a name="_bclPageBorder34"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">BOARD
OF COMMISSIONERS MEETING</font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Article
21</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">1.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Any
resolutions of the Board of Commissioners shall be passed in a Board of
Commissioners meeting, to which the Board of Commissioners may invite the Board
of Directors.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">2.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">A
Board of Commissioners meeting may be held at least once in a month or at any
time deemed necessary by one or more members of the Board of Commissioners or
at the written request of the Board of Directors meeting or at the request of
one (1) or more shareholders holding at least one tenth (1/10) of the total
number of shares with valid voting rights.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">3.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
summons to a Board of Commissioners meeting shall be served in writing by the
President Commissioner or by a member of the Board of Commissioners appointed
by the President Commissioner.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">4.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
summons to a Board of Commissioners Meeting shall be served to each member of
the Commissioners by registered mail or hand-delivered against a proper receipt
or by facsimile or any other electronic media, which shall be immediately
confirmed by registered mail at least three (3) days and in any urgent case at
least one (1) day prior to the meeting without calculating the date of summons
and the date of meeting.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">5.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
summons to the Meeting as referred to in paragraph 3 of this Article shall
contain the agenda, date, time and place of the meeting.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">6.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">A
Board of Commissioners meeting shall be considered valid if it is held in the
Company&#8217;s domicile or at the place of its main business activity in the
territory of the Republic of Indonesia.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">7.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">A
Board of Commissioners meeting held in a place other than that specified in
paragraph 5 of this Article shall be considered valid and may pass resolutions,
if it is held within the territory of the Republic of Indonesia and attended by
all members of the Board of Commissioners.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">8.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
summons to the meeting shall not be required if all members of the Board of
Commissioners are present in the meeting.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">9.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">A
Board of Commissioners meeting may be held by video conference or any other
means that enables all meeting participants to hear each other and participate
in the Meeting and pursuant thereto, all participants shall be considered
present to determine the fulfillment of the required quorum and voting or
resolutions.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Minutes for a Board of Commissioners
meeting held by video conference or any other similar types of communication
means shall be prepared in writing and circulated to all participating members
of the Board of Commissioners to be examined and approved.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">10.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">A
Board of Commissioners meeting shall be presided over by the President
Commissioner, in case the President Commissioner is unable to be present or
prevented, of which impediment no evidence to any third party shall be required,
the meeting shall be presided over by another member of the Board of
Commissioners appointed by and from amongst members of the Board of
Commissioners present.</font></p>




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<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">11.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">A
member of the Board of Commissioners may be represented in a Board of
Commissioners meeting only by another member of the Board of Commissioners by
virtue of power of attorney especially made for such a purpose.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">12.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">A
Board of Commissioners meeting shall be authorized and entitled to pass binding
resolutions only if more than a half (1/2) of members of the Board of
Commissioners are present or represented in the meeting.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">13.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Any
resolutions in a Board of Commissioners meeting shall be passed in deliberation
for a consensus.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">14.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Failing
such mode of settlement, the resolutions shall be passed by voting based on the
majority affirmative votes of the total votes cast in the meeting.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">15.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">In a
tie vote, the meeting Chairman shall have a casting vote with due observance of
the provision on accountability referred to in Article 20 paragraph 3 hereof.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">16.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Each
member of the Board of Commissioners shall be entitled to cast one (1) vote plus
one (1) extra vote for another member of the Board of Commissioners he so represents.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">17.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Voting
on individuals shall be conducted by&#160; unsigned folded ballots, while on any
other matters shall be verbally, unless the meeting Chairman decides otherwise
without any objection based on the majority votes of the meeting participants.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">18.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Any
member of the Board of Commissioners who is present or represented in the
meeting shall give or cast vote.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">In case a member of the Board of
Commissioners does not give any vote (being abstain), such member of the Board
of Commissioners shall observe and be responsible for any resolution of the
meeting.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">19.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Invalid
votes shall be considered non-existent and shall not be counted to determine
the number of votes cast in the meeting.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">20.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">In any
Board of Directors meeting, meeting minutes containing any matters discussed,
including statement of disapproval / dissenting opinions among members of the
Board of Directors, if any, and any resolved matters shall be prepared. </font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">21.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
meeting minutes as referred to in paragraph 20 of this Article shall be signed
by the meeting Chairman and a member of the Board of Commissioners present in
the meeting.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">22.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
resolutions may also be passed in lieu of a Board of Commissioners meeting, provided,
however, that all members of the Board of Commissioners have been notified
regarding the proposed resolutions and all members of the Board of
Commissioners have given their approval as evidenced by their signed consent.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The resolutions passed in such a manner
shall have the same legal force and effect as resolutions validly passed in a
Board of Commissioners meeting.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">23.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">A
Board of Commissioners meeting, in miscellaneous items of the agenda, shall not
be entitled to pass any resolutions, unless all members of the Board of Commissioners
or their authorized representatives are present and approve the additional items
of meeting agenda.</font></p>




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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">COMPANY&#8217;S WORK PROGRAM AND BUDGET</font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Article
22</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">1.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
Board of Directors shall prepare the Company&#8217;s Work Program and Budget for each
financial year, at least containing:</font></p>

<ol start=1 type=a style="margin-bottom:0in;margin-top:0in;">
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The Company&#8217;s mission,
     business target, business strategy, policy and work/activity program;</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The Company&#8217;s budget
     specified in details with respect to each work/activity program budget;</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The financial projection of
     the Company and its subsidiaries;</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The work program of the
     Board of Commissioners.</font></li>
</ol>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">2.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
design of the Company&#8217;s Work Program and Budget signed by all members of the
Board of Directors shall be submitted by the Board of Directors to the Board of
Commissioners no later than sixty (60) days before the relevant financial year
of the Company&#8217;s Work Program and Budget in order to obtain the Board of
Commissioners&#8217; approval.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">3.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
design of the Company&#8217;s Work Program and Budget shall be approved by the Board
of Commissioners no later than December prior to the commencement of the
Company&#8217;s new financial year.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">4.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">In
case the design of the Company&#8217;s Work Program and Budget has not yet been
submitted by the Board of Directors and/or the Company&#8217;s Work Program and
Budget has not yet been approved within the period as referred to in paragraph
3 of this Article, the Company&#8217;s Work Program and Budget of the preceding year
shall apply.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">5.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
Board of Directors shall prepare the Company&#8217;s business activity plan for the
next five (5) years articulated in the Company&#8217;s Long-Term Plan (RJPP) and submitted
to the Board of Commissioners for approval.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Any change of the Company&#8217;s Long-Term
Plan (RJPP) shall be made by the Board of Directors according to the business
development and/or a change of assumption, to be subsequently submitted to the
Board of Commissioners for approval.</font></p>




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<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:center;text-indent:-.5in;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">FINANCIAL YEAR AND ANNUAL
REPORT</font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Article
23</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">1.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
Company&#8217;s financial year shall commence from the first (1<sup>st</sup>) day of
January and end on the thirty-first (31<sup>st</sup>) day of December of the
same year.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">At the end of December each year, the
Company&#8217;s books shall be closed.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">2.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
Board of Directors shall submit an annual report to a General Meeting of
Shareholders after review by the Board of Commissioners within no later than
six (6) months after the Company&#8217;s financial year ends, based on the laws and
regulations, it then shall be signed by all incumbent members of the Board of
Directors and incumbent members of Board of Commissioners in the relevant
financial year to be submitted to and to obtain the approval and ratification
in the Annual General Meeting of Shareholders.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">3.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">In
case there are any members of the Board of Directors and Board of Commissioners
who do not sign the annual report, they shall specify the reasons in writing, which
shall be stated by the Board of Directors in a separate letter attached to the
annual report.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">4.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">In
case there are any members of the Board of Directors or Board of Commissioners who
do not sign the annual report as referred to in paragraph 2 of this Article and
not give the reasons in writing, they shall be considered approving the content
of the annual report.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">5.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
annual report audited by a Public Accountant registered in the Capital Market
and Financial Institution Supervisory Agency should have been made available in
the Company&#8217;s Office no later than the date of summons to the Annual General
Meeting of Shareholders to be examined by the shareholders.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">6.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
Company shall announce the balance sheet and profit and loss statement in two
(2) daily newspapers in the Indonesian language having wide circulation in the
territory of the Republic of Indonesia based on the provisions of the laws and
regulations in capital market and the law of limited liability companies.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">7.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
Annual Report as referred to in paragraph 2 shall contain at least:</font></p>

<ol start=1 type=a style="margin-bottom:0in;margin-top:0in;">
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">the financial statements
     consisting of the balance sheet of the end of financial year that has just
     passed in comparison with that of the preceding financial year, profit and
     loss statement of the relevant financial year, cash flow statement, and
     statement of equity change, and note on the financial statements;</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">the report on the Company&#8217;s
     activities;</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">the report of implementation
     of Social and Environment Responsibilities, and Partnership and
     Environment Advancement Program (if any);</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">the detailed problems
     arising during the financial year that affect the Company&#8217;s business
     activity;</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">the report on the
     supervisory duties assumed by the Board of Commissioners during the
     financial year that has just passed;</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">the names of members of the
     Board of Directors and members of the Board of Commissioners;</font></li>


 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">the
     salaries and allowances/facilities for members of the Board of Directors
     and members of the Board of Commissioners of the Company for the year that
     has just passed.</font></li>
</ol>

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<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">REPORTING</font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Article
24</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">1.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
Board of Directors shall prepare and submit to the Board of Commissioners
periodical reports containing the implementation of the Company&#8217;s Work Program
and Budget.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">2.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
periodical reports referred to in paragraph (1) of this Article cover monthly
reports, quarterly reports and annual reports.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">3.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Besides
the periodical reports as referred to in paragraph (2) of this Article, the
Board of Directors may also give special reports to the Board of Commissioners.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">4.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
periodical reports and any other reports referred to in paragraphs (1) and (3)
of this Article shall be submitted with the form, content and procedure of
compilation based on the provisions of the laws and regulations.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">5.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
Board of Directors shall submit quarterly reports to the Board of Commissioners
no later than thirty (30) days upon expiration of the quarterly period.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">6.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
quarterly reports as referred to in paragraph 5 of this Article shall be signed
by all members of the Board of Directors.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">7.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">In
case there are members of the Board of Directors who do not sign the quarterly
reports referred to in paragraph 6 of this Article, they shall specify the
reasons in writing.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">APPROPRIATION
OF PROFIT</font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Article
25</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">1.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
Board of Directors shall submit a proposal to an Annual General Meeting of
Shareholders regarding the appropriation of the Company&#8217;s net profit in one
financial year as specified in the Financial Statements ratified by the Annual
General Meeting of Shareholders.&#160; The proposal may state the amount of net
income that has not been distributed and will be appropriated as reserve funds
referred to in Article 26 hereunder, and the proposal of the amount of dividends
that may be distributed, one another without prejudice to the right of a
General Meeting of Shareholders to decide otherwise.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">2.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">In
case the Annual General Meeting of Shareholders does not decide any other appropriation,
the net profit shall, after deduction by the reserve funds required by the laws
and regulations and Articles of Association, be distributed as dividends.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">3.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
dividends referred to in paragraph 2 of this Article may be distributed only if
the Company has a positive profit balance.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The dividend for one share shall be paid
to the person in whose name the share is registered in the Register of
Shareholders on a workday to be prescribed by or on the authority of a General
Meeting of Shareholders in which a resolution for dividend distribution is passed.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The day of payment shall be announced by
the Board of Directors to all shareholders.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Article 13 paragraph 2 shall apply
mutatis mutandis to such announcement.</font></p>

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<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">4.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">If the profit and loss account in a financial year indicates a
loss unable to cover by the reserve fund, the loss shall remain recorded and
entered in the profit and loss account and in the following financial year the
Company shall be deemed to make no profit in so far the loss recorded and
entered in the profit and loss account has not been completely cover, as such
without prejudice to the provisions of the laws and regulations.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">5.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">a.&#160;&#160;&#160;&#160; The
Company may distribute interim dividends before the Company&#8217;s financial year
ends based on a resolution of the Board of Directors meeting at the approval of
the Board of Commissioners in consideration of the projected profit earnings
and the financial capacity of the Company.</font></p>

<ol start=2 type=a style="margin-bottom:0in;margin-top:0in;">
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">In case after the financial
     year has ended the Company obviously suffers a loss, any distributed
     interim dividends shall be refunded by the shareholders to the Company.</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The Board of Directors and
     Board of Commissioners shall be jointly and severally responsibility for
     the Company&#8217;s loss, in case the shareholders are unable to refund the
     interim dividends.</font></li>
</ol>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">6.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
Company may give percentage of profits to members of the Board of Directors and
Board of Commissioners and bonuses to employees, in case the Company&#8217;s
performance increases as evident from the passing of the prescribed target.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The percentage of profits given to
members of the Board of Directors and Board of Commissioners and the bonuses to
employees may be given if they have been budgeted and calculated as an expense.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">7.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">If
the percentage of profits to members of the Board of Directors and Board of
Commissioners and bonuses to employees are not budgeted and not calculated as an
expense in the current year, the Company may give percentage of profits to
members of the Board of Directors and Board of Commissioners and bonuses to
employees from the net profit.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">8.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
profit distributed as dividends left unclaimed within five (5) years after it
is available for payment shall be entered in the reserve fund especially
allocated for such a purpose.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The dividends in the special reserve
fund may be claimed by the entitled shareholders before the period of 10 years
has lapsed by presenting the proof of their right to the dividends acceptable
to the Company&#8217;s Board of Directors.&#160; Any dividends left unclaimed after such period
has lapsed shall accrue to the Company.</font></p>




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<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">APPROPRIATION
OF RESERVE FUND</font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Article
26</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">1.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
Company having the positive profit balance shall set aside a certain amount of
the net profit in each financial year to create a required reserve and any other
reserves.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">2.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
allowance of net profit for the required reserve referred to in paragraph 1 of
this Article shall be conducted until the reserve has reached at least twenty
(20%) percent of the total subscribed and paid-up capital.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">3.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
required reserve referred to in paragraph 1 of this Article that has not
reached the amount referred to in paragraph 2 of this Article may be used only
to cover the Company&#8217;s loss unable to cover by any other reserves.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">4.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">If
the required reserve fund referred to in paragraph 1 of this Article has
exceeded the twenty percent (20%) amount, a General Meeting of Shareholders may
decide that the excess of the reserve fund be used for the Company&#8217;s
requirement.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">A part of the profit set aside for any other
reserve fund shall be determined by a General Meeting of Shareholders after
having considered the Board of Directors&#8217; proposal (if any) with due observance
of the laws and regulations.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">5.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
Board of Directors shall manage the reserve fund in order to generate a profit
in a manner it deems appropriate at the approval of the Board of Commissioners
with due observance of the laws and regulations.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">6.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Any
interest and other profits earned from the reserve fund shall be entered in the
Company&#8217;s profit and loss account.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">AMENDMENT
TO ARTICLES OF ASSOCIATION</font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Article
27</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">1.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Amendment
to the Articles of Association shall be decided by a General Meeting of
Shareholders.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">2.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
General Meeting of Shareholders with the agenda for amendment to the Articles
of Association may be held, if it is attended by the Holder of &#8216;A&#8217; </font><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Dwiwarna&nbsp;</font></i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">
share and any other shareholders or their authorized proxies jointly
representing at least two thirds (2/3) of the total number of issued shares with
voting rights, and the resolution shall be valid if it is approved by the
Holder of &#8216;A&#8217; </font><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Dwiwarna&nbsp;</font></i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;"> share and any other shareholders or their
authorized proxies jointly representing at least two thirds (2/3) of the total
number of votes cast in the meeting.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">3.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
amendment to the Articles of Association shall be made in a Notarial deed in the
Indonesian language.</font></p>




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<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">4.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The amendment to the provisions of the Articles of Association pertaining
to any change of the Company&#8217;s name and/or domicile, purpose and objective and
business activity, duration, amount of authorized capital, reduction of
subscribed and paid-up capital, and/or alteration to the Company&#8217;s status from private
to public Company or vice versa, shall be subject to the approval of the
Minister having the duty and responsibility in Law and Human Rights affairs.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">5.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
amendment to articles of association not contained in a deed of meeting minutes
drawn up by a notary shall be articulated in a notarial deed no later than
thirty (30) days effective from the date of resolution of the General Meeting
of Shareholders.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">6.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
request for approval of the amendment to articles of association and the
notification on the amendment to articles of association shall be submitted to
the Minister having the duty and responsibility in the Law and Human Rights
affairs no later than thirty (30) days effective from the date of notarial deed
containing the amendment to the articles of association and registered at the
Companies Registry.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">7.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Any
amendment to Articles of Association other than those concerning the matters
specified in paragraph 4 of this Article shall be adequately notified by the
Board of Directors to the Minister having the duty and responsibility in the
Law and Human Rights affairs.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">8.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Failing
to reach the quorum of attendance as referred to in paragraph 2 of this
Article, at the earliest ten (10) days and at the latest twenty-one (21) days
after the first meeting, a second meeting may be held with the same agenda and the
same conditions as those required for the first meeting, except for the quorum
of attendance and period of summons that shall be served no later than seven
(7) days prior to the second meeting without calculating the date of summons
and the date of meeting and with respect to the summons to the meeting, no
prior notice/announcement shall be required.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">9.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
second meeting as referred to in paragraph 8 of this Article shall be
authorized and entitled to pass resolutions, if the General Meeting of
Shareholders is attended or represented by the Holder of &#8216;A&#8217; </font><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Dwiwarna&nbsp;</font></i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">
share and any other shareholders or their authorized proxies jointly
representing at least three fifths (3/5) of the total number of shares with voting
rights, and the resolution shall be valid if it is approved by the Holder of
&#8216;A&#8217; </font><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Dwiwarna&nbsp;</font></i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;"> share and any other shareholders or their authorized
proxies jointly representing at least two thirds (2/3) of the total number of
votes validly cast in the meeting.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Failing to reach the second meeting
quorum, a third meeting may be held at the Company&#8217;s request with the quorum of
attendance, number of votes to pass resolutions, summons and time to hold the
Meeting to be determined by the authorized agency based on the laws and
regulations.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">10.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
resolution regarding capital reduction shall be informed in writing to the
Company&#8217;s entire creditors and announced by the Board of Directors in the State
Gazette of the Republic of Indonesia and in at least two (2) daily newspapers
in the Indonesian language having wide circulation in the territory of the
Republic of Indonesia and in one (1) daily newspaper in the English language no
later than seven (7) days as of the date of resolution on capital reduction.</font></p>




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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=FR style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">MERGER, CONSOLIDATION, ACQUISITION,
SEPARATION</font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=FR style="font-size:10.0pt;">Article 28</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">1.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">With
due observance of the provisions of the laws and regulations in Capital Market
in Indonesia, a merger, consolidation, acquisition and separation may be
conducted only based on a resolution of a General Meeting of Shareholders
attended by the Holder of &#8216;A&#8217; </font><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Dwiwarna&nbsp;</font></i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;"> share and any other shareholders
or their authorized proxies jointly representing at least three fourths (3/4)
of the total number of shares with voting rights and the resolution shall be
approved by the Holder of &#8216;A&#8217; </font><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Dwiwarna&nbsp;</font></i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;"> share and any other shareholders
or their authorized proxies jointly representing at least three fourths (3/4)
of the total number of votes validly cast in the meeting.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">2.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Failing
to reach the prescribed quorum in the meeting referred to in paragraph 1, at
the earliest ten (10) days and at the latest twenty-one (21) days after the
first meeting, a second meeting may be held in the same manner as that of the
first meeting.&#160; The summons to the meeting shall be served no later than seven
(7) days prior to the second meeting excluding the date of summons and the date
of meeting and with respect to the summons to the meeting, no prior
notice/announcement shall have been served and the second meeting shall be
attended by the Holder of &#8216;A&#8217; </font><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Dwiwarna&nbsp;</font></i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;"> share and any other shareholders
or their authorized proxies jointly representing at least two thirds (2/3) of
the total number of shares with voting rights and the resolution shall be approved
by the Holder of &#8216;A&#8217; </font><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Dwiwarna&nbsp;</font></i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;"> share and any other shareholders or their
authorized proxies jointly representing at least three fourths (3/4) of the
total number of votes cast in the meeting.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Failing to reach the second meeting
quorum, a third meeting may be held at the Company&#8217;s request with the quorum of
attendance, number of votes to pass resolutions, summons and time to hold the
Meeting to be determined by the authorized agency based on the laws and
regulations.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">3.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
Board of Directors shall announce in at least one (1) daily newspaper in the Indonesian
language having wide circulation in the territory of the Republic of Indonesia
and in one (1) daily newspaper in the English language the company&#8217;s plan of
merger, consolidation, acquisition and separation at the latest thirty (30)
days prior to the summons to the General Meeting of Shareholders.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">4.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
merger, consolidation, acquisition, separation and alteration to the form of
legal entity shall be made in a Notarial deed in the Indonesian language.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">5.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
provision referred to in Article 15 paragraph 1 point e on the prescription of
quorum for the third General Meeting of Shareholders shall mutatis mutandis
apply to General Meetings of Shareholders covered in this Article.</font></p>




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<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">DISSOLUTION
AND LIQUIDATION</font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Article
29</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">1.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">With
due observance of the provisions of the laws and regulations, the Company&#8217;s
dissolution may be conducted only based on a resolution of a General Meeting of
Shareholders attended by the Holder of &#8216;A&#8217; </font><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Dwiwarna&nbsp;</font></i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;"> share and any other
shareholders or their authorized proxies jointly representing at least three
fourths (3/4) of the total number of shares with voting rights and the
resolution shall be approved by the Holder of &#8216;A&#8217; Dwiwarna share and any other
shareholders or their authorized proxies jointly representing at least three
fourths (3/4) of the total number of votes validly cast in the meeting.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">2.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Failing
to reach the prescribed quorum in the meeting referred to in paragraph 1, at
the earliest ten (10) days and at the latest twenty one (21) days after the
first meeting, a second meeting may be held with the same agenda as the first
meeting&#8217;s. </font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">3.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
summons to the meeting shall be served no later than seven (7) days prior to
the second meeting excluding the date of summons and the date of meeting and with
respect to the summons to the meeting, no prior notice/announcement shall have been
served and the second meeting shall be attended by the Holder of &#8216;A&#8217; </font><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Dwiwarna&nbsp;</font></i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">
share and any other shareholders or their authorized proxies jointly
representing at least two thirds (2/3) of the total number of shares with
voting rights and the resolution shall be approved by the Holder of &#8216;A&#8217; </font><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Dwiwarna&nbsp;</font></i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">
share and any other shareholders or their authorized proxies jointly
representing at least three fourths (3/4) of the total number of votes validly
cast in the meeting.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Failing to reach the second meeting
quorum, a third meeting may be held with the quorum requirement subject to the
provision of Article 15 paragraph 1 point e.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">4.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">If
the Company is dissolved, either due to the expiration of the duration or based
on a resolution of a General Meeting of Shareholders, or stated dissolved based
on a Court&#8217;s order, liquidation shall be conducted by the liquidator.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">5.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
Board of Directors under the supervision of the Board of Commissioners shall
act as the liquidator, if in the resolution of a General Meeting of
Shareholders or the order referred to in paragraph 4 no liquidator is appointed.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">6.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
fee for the liquidators shall be determined by the General Meeting of
Shareholders or based on a Court&#8217;s order.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">7.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
liquidator shall register at the Companies Registry, announce in the State
Gazette and in two (2) daily newspapers in the Indonesian language having wide
circulation in the territory of the Republic of Indonesia and in one (1) daily
newspaper in the English language at the discretion of the Directors and notify
the creditors pertaining thereto and report to the competent authority and the
Capital Market and Financial Institution Supervisory Agency based on the laws
and regulations.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">8.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
Articles of Association as contained in this deed and their subsequent
amendments shall remain valid until the date of ratification of the liquidation
accounts by a General Meeting of Shareholders based on the majority affirmative
votes validly cast and the giving of full acquittal and discharge to the
liquidators.</font></p>




</div><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_44"></a><a name="_bclPageBorder44"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">9.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The remaining liquidation accounts shall be distributed to the
shareholders, who will respectively receive the portions proportionate to the
total par value fully paid for the shares in their respective possessions.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">10.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
party conducting the liquidation shall also be required to announce the planned
distribution of remaining assets after the liquidation in at least two (2)
daily newspapers in the Indonesian language having wide circulation in the
territory of the Republic of Indonesia and in one (1) daily newspaper in the
English language and in the State Gazette of the Republic of Indonesia.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">11.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">In
case the Company is dissolved, the Company may not take legal actions, unless
required for settlement of its assets in the liquidation process.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">12.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The
settlement action referred to in paragraph 11 of this Article shall include:</font></p>

<ol start=1 type=a style="margin-bottom:0in;margin-top:0in;">
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Recordation and gathering of
     the Company&#8217;s assets;</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Designing the procedure of assets
     distribution;</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Payment to the creditors;</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Payment of the remaining
     assets after liquidation to the General Meeting of Shareholders; and</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Other measures required to
     take with respect to the assets settlement.</font></li>
</ol>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">CONFLICT
OF INTERESTS</font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Article
30</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">1.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">To
take any legal actions in the form of transactions containing conflict of
interests between the personal economic interest of members of the Board of
Directors, Board of Commissioners or shareholders and the Company&#8217;s economic
interest, the Board of Directors requires the approval of a General Meeting of
Shareholders as referred to in Article 15 paragraph 8.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">2.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">a.&#160;&#160;&#160;&#160; In
case of any matters in which the Company&#8217;s interest is in conflict with the
personal interest of any member of the Board of Directors, the Company shall,
at the approval of the Board of Commissioners, be represented by another member
of the Board of Directors.</font></p>

<ol start=2 type=a style="margin-bottom:0in;margin-top:0in;">
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">If the conflict of interests
     concerns the entire members of the Board of Directors, the Company shall
     be represented by the Board of Commissioners or by a member of the Board
     of Commissioners appointed by a Board of Commissioners meeting.</font></li>
 <li style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">If the conflict of interests
     concerns the entire members of the Board of Directors or Board of
     Commissioners, the Company shall be represented by another party appointed
     by a General Meeting of Shareholders; one another without prejudice to the
     provision in paragraph 1 of this Article.</font></li>
</ol>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>




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<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:center;text-indent:-.5in;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">SHAREHOLDERS&#8217; RESIDENCES</font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Article
31</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">With
respect to any matters pertaining to Shareholders being the affairs of the
Company, the Shareholders shall be considered residing in addresses recorded in
the Register of Shareholders referred to in Article 7 hereof.</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">CONCLUDING
PROVISIONS </font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Article
32</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Provided
that it is not separately covered in these Articles of Association, the Law of
Limited Liability Companies and any other laws and regulations including
regulations in Capital Market shall prevail. Any</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;"> matters that are not provided or are inadequately covered in these
Articles of Association shall be decided by a General Meeting of Shareholders.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">&#8722;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Finally, the appearer always acting as such
states that he hereby confers power on Mr. MARATUA, born in Padang Sidempuan, on the first day of January
one thousand nine hundred and seventy-two (1-1-1972), Indonesian National,
Employee of Notary&#8217;s Office, residing in Jakarta, at Jalan Tahi Bonar Simatupang,
Rukun Tetangga 011, Rukun Warga 003, Kelurahan Susukan, Kecamatan Ciracas, East
Jakarta, holder of Resident Identity Card (KTP) number: 09.5103.010172.0900,
and</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">both jointly and
severally with the right of substitution are authorized to apply for approval or
gain the notification from Minister of Law and Human Rights of the Republic of
Indonesia related to the amendment some provisions of Company&#8217;s articles of
association and to prepare amendments and/or additions in whatever form which
may be called for and required by the competent authorities in order to obtain
the approval and for such purposes to submit the applications, sign the
applications and other deeds and documents, to choose domicile and further to
perform any acts required, nothing exempted.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&#8722;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">this </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">deed&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> is concluded
at thirty two minutes past nine hours Western Indonesia Standard Time (09:32
WIB);</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></b></p>




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<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">IN WITNESS WHEREOF;</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">This deed is made and executed in Jakarta, on the day
and date mentioned in the preamble of this deed outside the office of mine,
Notary, at Caf&#233; Gran Via, Grand Melia Hotel, Jalan Hajjah Rangkayo Rasuna Said,
Kaveling X-0, South Jakarta, in the presence of:</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">-&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Mr. HIMAWAN SUTANTO</font></b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">, Sarjana Hukum, born
in Ciamis, on the eighteen day of December nineteen one thousand nine hundred
and seventy-two (18-12-1972), Indonesian National, residing in Tangerang, at
Jalan Sector V/17, Kelurahan Sudimara Jaya, Kecamatan Ciledug, Tangerang,
holder of Resident Identity Card (KTP) number: 3671061812720002; temporarily
staying in Jakarta; and </font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">-&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Mr. FADHLI ARPIN</font></b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">, Sarjana Hukum, born in Painan,
on the second day of February one thousand nine hundred and eighty-three (2-2-1983),
Indonesian National, residing in Bogor, at Atsiri Permai, Jalan Kenanga VIII/22,
Kelurahan Ragajaya, Kecamatan Bojong Gede, Bogor Regency, Resident Registration
Number: 3201130202830003, temporarily staying in Jakarta; </font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">both are employees of Notary&#8217;s office, as witnesses.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">The minute of this deed having been duly read out by me,
Notary, to the appearer and witnesses is immediately signed by the appearer,
witnesses and by me, Notary. </font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Done with one alteration, namely one deletion with
substitution. </font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:468.649994pt;">
 <tr>
  <td valign=top width=15% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;letter-spacing:-.15pt;">Signed by</font></p>
  </td>
 <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;letter-spacing:-.15pt;">:</font></p>
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  <p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;letter-spacing:-.15pt;">Mr. FADHLI ARPIN, SH</font></p>
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  <p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;letter-spacing:-.15pt;">Mr. Dr. A PARTOMUAN POHAN, SH., LL.M</font></p>
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  <p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;letter-spacing:-.15pt;">ISSUED AS A TRUE COPY.</font></p>
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  <p align=right style="margin:0in;margin-bottom:12.0pt;margin-left:1.3in;margin-right:0in;margin-top:0in;text-align:right;text-indent:76.5pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;letter-spacing:-.15pt;">Notary in Jakarta</font></p>
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<DOCUMENT>
<TYPE>EX-1.2
<SEQUENCE>3
<FILENAME>exhibit12acceptancenoticeaoa.htm
<DESCRIPTION>ACCEPTANCE NOTICE OF MEMORANDUM AND ARTICLES OF ASSOCIATION OF TELKOM
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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">Exhibit 1.2</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">Unofficial Translation</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">MINISTRY OF LAW AND HUMAN RIGHTS REPUBLIK INDONESIA</FONT></B></P>

   <P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">DIRECTIRATE GENERAL</FONT></B></P>

   <P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">PUBIC LEGAL ADMIN ISTARTION</FONT></B></P>

   <P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">Jl. HR. Rasuna Said Kav.6-7 Kuningan, South Jakarta</FONT></P>

   <P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">Phone. (021) 5202387 &#8211; Hunting</FONT></P>

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   <P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">Number</FONT></P></TD>

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   <P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">AHY-AH.01.10-18476</FONT></P></TD>

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   <P style="MARGIN: 0in 35.85pt 0pt 7.9pt; TEXT-INDENT: -1.4pt; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">Jakarta, July 22, 2010</FONT></P></TD>

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   <P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">Re</FONT></P></TD>

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   <P style="MARGIN: 0in 0pt 0pt 0in; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">Acceptance Notice</FONT></P>

   <P style="MARGIN: 0in 0.7pt 0pt 0in; TEXT-ALIGN: left" align=left><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">PERUSAHAAN PERSEROAN (PERSERO) PT </FONT></B><B><FONT style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: normal" face="Times New Roman,serif">Telekomunikasi Indonesia, Tbk</FONT></B><FONT style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase; LINE-HEIGHT: normal" face="Times New Roman,serif"> </FONT><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">further abbreviated PT TELKOM INDONESIA TBK (PERSERO)</FONT></B></P></TD>

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   <P style="MARGIN: 0in 35.85pt 0pt 7.9pt; TEXT-INDENT: -1.4pt; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">To.</FONT></P>

   <P style="MARGIN: 0in 8.6pt 0pt 7.9pt; TEXT-INDENT: -1.4pt; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">Notary DR.A.Partomuan Pohan, SH.LLM</FONT></P>

   <P style="MARGIN: 0in 8.6pt 0pt 7.9pt; TEXT-INDENT: -1.4pt; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">Jl. Wolter Monginsidi No.7</FONT></P>

   <P style="MARGIN: 0in 8.6pt 0pt 7.9pt; TEXT-INDENT: -1.4pt; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">Jakarta</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">In accordance with the Data Model II Notarial Deed stored in the Legal Entity Administration System database and the Supplementary Deed Number 37, dated June 24, 2010 made by Notary DR. A. Partomuan Pohan, SH., LL.M domiciled in Jakarta, along with its supporting documents that were received on July 21, 2010 on the amendment of Article 15, Article 16, Article 17, Article 19, amendment of the Articles of Association of </FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">PERUSAHAAN PERSEROAN (PERSERO) PT. </FONT></B><B><FONT style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" face="Times New Roman,serif">Telekomunikasi Indonesia, Tbk</FONT></B><FONT style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" face="Times New Roman,serif"> </FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">further abbreviated PT TELKOM INDONESIA TBK (PERSERO), domiciled in Bandung- Kota Bandung, have been accepted and recorded in the Legal Entity Administration System Database Ministry of Law and Human Right of the Republic of Indonesia.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">ON BEHALF OF THE MINISTER OF LAW AND HUMAN RIGHTS REPUBLIK INDONESIA.</FONT></P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">LEGAL ADMINISTRATOR</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">By:&nbsp; <U>/s/ DR. AIDIR AMIN DAUD, SH., MH., DFM.</U></FONT></P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">DR. AIDIR AMIN DAUD, SH., MH., DFM.</FONT></B></P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=center><FONT size=2><STRONG>&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;&nbsp;&nbsp;&nbsp; <FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">NIP : 19581120 198810 1 001</FONT></STRONG></FONT></P></TD></TR>

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<DOCUMENT>
<TYPE>EX-1.3
<SEQUENCE>4
<FILENAME>exhibit13approvalaoa.htm
<DESCRIPTION>APPROVAL DEED AMENDMENTS ARTICLE OF ASSOCIATION
<TEXT>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">Exhibit 1.3</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif"></FONT></B>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">Unofficial Translation</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif"></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif"></FONT></B>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">MINISTER OF LAW AND HUMAN RIGHTS DECREE</FONT></B></P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">REPUBLIK INDONESIA</FONT></B></P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">Number: AHU-35876.AH.01.02.Tahun 2010</FONT></B></P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">REGARDING</FONT></B></P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">APPROVAL DEED AMENDMENTS ARTICLE OF ASSOCIATION</FONT></B></P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">MINISTER OF LAW AND HUMAN RIGHTS </FONT></B></P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif"></FONT></B>&nbsp;</P></TD></TR>

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   <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="18%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">Considering</FONT></P></TD>

   <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">:</FONT></B></P></TD>

   <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="79%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">whereas after careful and considerable consideration based on the Data Model II Notarial Deed including its supporting documents and Copy of Deed Number 37, dated June 24, 2010 that is made and submitted by Notary DR. A. Partomuan Pohan, SH., LL.M and accepted on July 8, 2010, have fulfilled the requirements and is in accordance with the applicable regulations</FONT></P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif"></FONT></B>&nbsp;</P></TD></TR>

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   <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="18%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">In view of</FONT></P></TD>

   <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">:</FONT></B></P></TD>

   <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="79%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt 21.4pt; TEXT-INDENT: -20.7pt; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Law Number 40 year 2007, on Limited Liability (State Gazette Year 2007 Number 106, Supplementary State Gazette Number 4756); </FONT></P>

   <P style="MARGIN: 0in 0in 0pt 21.4pt; TEXT-INDENT: -20.7pt; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Government Regulation Number 26 Year 1998 on Usage Name for Limited Liability(State Gazette Year 1998 Number 39, Supplementary State Gazette Number 3740);</FONT></P>

   <P style="MARGIN: 0in 0in 0pt 21.4pt; TEXT-INDENT: -20.7pt; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">3.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Republic of Indonesia Presidential Decree Number 94 Year 2006 on Third Revision on the President Regulation Number 09 Year 2005 on&nbsp; </FONT></P>

   <P style="MARGIN: 0in 0in 0pt 21.4pt; TEXT-INDENT: -20.7pt; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">4.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Ministerial Decree of Law and Human Rights of the Republic of Indonesia Number M.09.PR.07.10 Year 2007 on Organization and Work Structure Department of Law and Human Rights of the Republic of Indonesia; </FONT></P>

   <P style="MARGIN: 0in 0in 0pt 21.4pt; TEXT-INDENT: -20.7pt; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">5.</FONT><FONT style="FONT-SIZE: 7pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Minister Regulation of Law and Human Rights of the Republic of Indonesia Number M.HH-02.AH.01.01 Year 2009 on Procedure for Submitting Corporate Entity Endorsement, Approval for the Amendment of Article of Association, Announcement Amendment of Article of Association and Corporate Data Amendment.</FONT></P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif"></FONT></B>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">HAS DECIDED:</FONT></B></P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT></B>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">To Stipulate</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="79%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt 21.4pt; TEXT-INDENT: -20.7pt; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">FIRST</FONT></P></TD>

   <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">:</FONT></B></P></TD>

   <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="79%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt 0.7pt; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Approved the amendment of the Articles of Association of </FONT><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">PERUSAHAAN PERSEROAN (PERSERO) PT. </FONT></B><B><FONT style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" face="Times New Roman,serif">Telekomunikasi Indonesia, Tbk</FONT></B><FONT style="FONT-SIZE: 10pt; TEXT-TRANSFORM: uppercase" face="Times New Roman,serif"> </FONT><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">further abbreviated PT TELKOM INDONESIA TBK (PERSERO), Tax Number 01.000.013.1-423.005, domiciled in Bandung &#8211; Kota Bandung in accordance with the Data Model II Notarial Deed stored in the Legal Entity Administration System database and the Supplementary Deed Number 37, dated June 24, 2010 made by Notary DR. A. Partomuan Pohan, SH., LL.M domiciled in Jakarta.</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">SECOND</FONT></P></TD>

   <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">:</FONT></B></P></TD>

   <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="79%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt 107.1pt; TEXT-INDENT: -106.4pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">This Decree is legally effective commencing the date of its stipulation.</FONT></P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Should in the future there be any misconstrue in this Decree, it shall be revised as required.</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 107.1pt; TEXT-INDENT: -106.4pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="35%">

   <P style="MARGIN: 0in 0in 0pt 0.7pt; TEXT-INDENT: -0.7pt; TEXT-ALIGN: justify"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Stipulated in &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; : Jakarta</FONT></P>

   <P style="MARGIN: 0in 0in 0pt 0.7pt; TEXT-INDENT: -0.7pt; TEXT-ALIGN: justify"><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; :&nbsp; July 19, 2010</FONT></U></P>

   <P style="MARGIN: 0in 0in 0pt 104.65pt; TEXT-INDENT: -0.9pt; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" face="Times New Roman,serif"></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="35%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif">ON BEHALF OF THE MINISTER OF LAW AND HUMAN RIGHTS REPUBLIK INDONESIA.</FONT></P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">LEGAL ADMINISTRATOR</FONT></P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD></TR>

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   <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="63%" colSpan=3>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=left><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="2%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align=right><B><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" vAlign=top width="35%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">By:&nbsp; <U>/s/ DR. AIDIR AMIN DAUD, SH., MH., DFM.</U></FONT></P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">DR. AIDIR AMIN DAUD, SH., MH., DFM.</FONT></B></P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align=center><FONT size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">NIP : 19581120 198810 1 001</FONT></STRONG></FONT></P>

   <P style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="Times New Roman,serif"></FONT>&nbsp;</P></TD></TR>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>5
<FILENAME>exhibit121ceocertification30.htm
<DESCRIPTION>CEO CERTIFICATION PURSUANT TO SECTION 302
<TEXT>

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  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">Exhibit 12.1</font></p>
  </td>
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  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
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  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">CERTIFICATION</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">PURSUANT TO SECTION 302</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">THE SARBANES-OXLEY ACT OF 2005</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></b></p>
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
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  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">I, Rinaldi Firmansyah, President
  Director (Chief Executive Officer) of Perusahaan Perseroan (Persero) PT
  Telekomunikasi Indonesia, Tbk (the &#8220;Registrant&#8221;), certify that:</font></p>
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
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  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">1.</font></p>
  </td>
 <td colspan=3 valign=top width=95% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">I have reviewed this Annual Report on
  Form 20-F of the Registrant;</font></p>
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  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=95% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">2.</font></p>
  </td>
 <td colspan=3 valign=top width=95% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">Based on my knowledge, this Annual Report
  does not contain any untrue statement of a material fact or omit to state a
  material fact necessary to make the statements made, in light of the
  circumstances under which such statements were made, not misleading with
  respect to the period covered by this Annual Report;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=95% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">3.</font></p>
  </td>
 <td colspan=3 valign=top width=95% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">Based on my knowledge, the financial
  statements, and other financial information included in this Annual Report,
  fairly present in all material respects the financial condition, results of
  operations and cash flows of the Registrant as of, and for, the periods
  presented in this Annual Report;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=95% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">4.</font></p>
  </td>
 <td colspan=3 valign=top width=95% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">I am responsible for establishing and
  maintaining disclosure controls and procedures (as defined in Exchange Act
  Rules 13a-14 and 15d-14) for the Registrant and have:</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=95% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=5% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">a.</font></p>
  </td>
 <td colspan=2 valign=top width=90% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">designed such disclosure controls and
  procedures to ensure that material information relating to the Registrant, including
  its consolidated subsidiaries, is made known to me by others within those
  entities, particularly during the period in which this Annual Report is being
  prepared;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=5% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">b.</font></p>
  </td>
 <td colspan=2 valign=top width=90% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">evaluated the effectiveness of the
  Registrant's disclosure controls and procedures as of a date within 90 days
  prior to the filing date of this Annual Report (the &quot;Evaluation
  Date&quot;); and</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=5% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">c.</font></p>
  </td>
 <td colspan=2 valign=top width=90% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">presented in
  this Annual Report my conclusions about the effectiveness of the disclosure
  controls and procedures based on my evaluation as of the Evaluation Date;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=5% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=90% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">5.</font></p>
  </td>
 <td colspan=3 valign=top width=95% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">I have
  disclosed, based on my most recent evaluation, to the Registrant&#8217;s auditors
  and the audit committee of Registrant's board of directors (or persons
  performing the equivalent functions):</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=95% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=5% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">a.</font></p>
  </td>
 <td colspan=2 valign=top width=90% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">all
  significant deficiencies in the design or operation of internal controls
  which could adversely affect the Registrant's ability to record, process,
  summarize and report financial data and have identified for the Registrant's
  auditors any material weaknesses in internal controls; and</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=5% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">b.</font></p>
  </td>
 <td colspan=2 valign=top width=90% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">any fraud,
  whether or not material, that involves management or other employees who have
  a significant role in the Registrant's internal controls; and</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=5% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=90% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">6.</font></p>
  </td>
 <td colspan=3 valign=top width=95% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">I have indicated in this Annual Report
  whether there were significant changes in internal controls or in other
  factors that could significantly affect internal controls subsequent to the
  date of my most recent evaluation, including any corrective actions with
  regard to significant deficiencies and material weaknesses.</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=95% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=95% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=4 valign=top width=100% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">Jakarta, March 29, 2011</font></p>
  </td>
 </tr>
<tr>
  <td colspan=4 valign=top width=100% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=4 valign=top width=100% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=4 valign=top width=100% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td colspan=3 valign=bottom width=59% style="height:15.75pt;padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:8.95pt;margin-top:0in;text-align:right;text-indent:-.5in;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">By:</font></p>
  </td>
 <td valign=bottom width=41% style="border-bottom:solid windowtext 1.0pt;height:15.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">/s/ Rinaldi
  Firmansyah</font></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=59% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=41% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">Rinaldi
  Firmansyah</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">President
  Director/ Chief Executive Officer</font></b></p>
  </td>
 </tr>
<tr height=0>
  <td width=5%>&nbsp;</td>
 <td width=5%>&nbsp;</td>
 <td width=49%>&nbsp;</td>
 <td width=41%>&nbsp;</td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>



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<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>6
<FILENAME>exhibit122cfocertification30.htm
<DESCRIPTION>CFO CERTIFICATION PURSUANT TO SECTION 302
<TEXT>

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   <TITLE>exhibit122cfocertification30.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<BODY bgcolor="#ffffff">
<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:747.000000pt;">
 <tr>
  <td colspan=4 valign=top width=100% style="padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">Exhibit 12.2</font></p>
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=4 valign=top width=100% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">CERTIFICATION</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">PURSUANT TO SECTION 302</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">THE SARBANES-OXLEY ACT OF 2005</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></b></p>
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=4 valign=top width=100% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">I, Sudiro Asno, Director of Finance
  (Chief Financial Officer) of Perusahaan Perseroan (Persero) PT Telekomunikasi
  Indonesia, Tbk (the &#8220;Registrant&#8221;), certify that:</font></p>
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">1.</font></p>
  </td>
 <td colspan=3 valign=top width=95% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">I have reviewed this Annual Report on
  Form 20-F of the Registrant;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=95% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">2.</font></p>
  </td>
 <td colspan=3 valign=top width=95% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">Based on my knowledge, this Annual
  Report does not contain any untrue statement of a material fact or omit to
  state a material fact necessary to make the statements made, in light of the
  circumstances under which such statements were made, not misleading with
  respect to the period covered by this Annual Report;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=95% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">3.</font></p>
  </td>
 <td colspan=3 valign=top width=95% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">Based on my knowledge, the financial
  statements, and other financial information included in this Annual Report,
  fairly present in all material respects the financial condition, results of
  operations and cash flows of the Registrant as of, and for, the periods
  presented in this Annual Report;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=95% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">4.</font></p>
  </td>
 <td colspan=3 valign=top width=95% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">I am responsible for establishing and
  maintaining disclosure controls and procedures (as defined in Exchange Act
  Rules 13a-14 and 15d-14) for the Registrant and have:</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=95% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=5% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">a.</font></p>
  </td>
 <td colspan=2 valign=top width=90% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">designed such disclosure controls and
  procedures to ensure that material information relating to the Registrant,
  including its consolidated subsidiaries, is made known to me by others within
  those entities, particularly during the period in which this Annual Report is
  being prepared;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=5% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">b.</font></p>
  </td>
 <td colspan=2 valign=top width=90% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">evaluated the effectiveness of the
  Registrant's disclosure controls and procedures as of a date within 90 days
  prior to the filing date of this Annual Report (the &quot;Evaluation
  Date&quot;); and</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=5% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">c.</font></p>
  </td>
 <td colspan=2 valign=top width=90% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">presented in this Annual Report my
  conclusions about the effectiveness of the disclosure controls and procedures
  based on my evaluation as of the Evaluation Date;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=5% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=90% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">5.</font></p>
  </td>
 <td colspan=3 valign=top width=95% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">I have disclosed,
  based on my most recent evaluation, to the Registrant&#8217;s auditors and the
  audit committee of Registrant's board of directors (or persons performing the
  equivalent functions):</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=95% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=5% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">a.</font></p>
  </td>
 <td colspan=2 valign=top width=90% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">all significant deficiencies in the
  design or operation of internal controls which could adversely affect the
  Registrant's ability to record, process, summarize and report financial data
  and have identified for the Registrant's auditors any material weaknesses in
  internal controls; and</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=5% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">b.</font></p>
  </td>
 <td colspan=2 valign=top width=90% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">any fraud, whether or not material,
  that involves management or other employees who have a significant role in
  the Registrant's internal controls; and</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=5% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=90% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">6.</font></p>
  </td>
 <td colspan=3 valign=top width=95% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">I have indicated in this Annual Report
  whether there were significant changes in internal controls or in other
  factors that could significantly affect internal controls subsequent to the
  date of my most recent evaluation, including any corrective actions with
  regard to significant deficiencies and material weaknesses.</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=95% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=95% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=4 valign=top width=100% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">Jakarta, March 29, 2011</font></p>
  </td>
 </tr>
<tr>
  <td colspan=4 valign=top width=100% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=4 valign=top width=100% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=4 valign=top width=100% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td colspan=3 valign=bottom width=59% style="height:15.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:8.95pt;margin-top:0in;text-align:right;text-indent:-.5in;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">By:</font></p>
  </td>
 <td valign=bottom width=41% style="border-bottom:solid windowtext 1.0pt;height:15.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">/s/ Sudiro
  Asno</font></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=59% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=41% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">Sudiro
  Asno</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">Director
  of Finance/ Chief Financial Officer</font></b></p>
  </td>
 </tr>
<tr height=0>
  <td width=5%>&nbsp;</td>
 <td width=5%>&nbsp;</td>
 <td width=49%>&nbsp;</td>
 <td width=41%>&nbsp;</td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>7
<FILENAME>exhibit131ceocertification90.htm
<DESCRIPTION>CEO CERTIFICATION PURSUANT TO SECTION 906
<TEXT>

<HTML>
<HEAD>
   <TITLE>exhibit131ceocertification90.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<BODY bgcolor="#ffffff">
<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:747.000000pt;">
 <tr>
  <td colspan=4 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">Exhibit 13.1</font></p>
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=4 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">CERTIFICATION PURSUANT TO</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">18 U.S.C. SECTION 1350,</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">AS ADOPTED PURSUANT TO</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">SECTION 906 OF THE SARBANES-OXLEY ACT OF 2005</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr>
  <td colspan=4 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">In connection with the Annual Report of Perusahaan Perseroan
  (Persero) PT Telekomunikasi Indonesia, Tbk (the &#8220;Company&#8221;) on Form 20-F for
  the year ending December 31, 2010 as filed with the Securities and Exchange
  Commission on the date here of (the &#8220;Report&#8221;), I, Rinaldi Firmansyah,
  President Director (Chief Executive Officer) of the Company, certify, pursuant
  to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
  Sarbanes-Oxley Act of 2005, that, to my knowledge:</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=5% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">(1)</font></p>
  </td>
 <td colspan=2 valign=top width=90% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">The Report fully complies with the requirements of section 13(a)
  or 15(d) of the Securities Exchange Act of 1934; and</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=5% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=90% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=5% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">(2)</font></p>
  </td>
 <td colspan=2 valign=top width=90% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">The information contained in the Report fairly presents, in all
  material respects, the financial condition and result of operations of the
  Company.</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=5% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=90% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=4 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">This certification accompanies this Report pursuant to 906 of the
  Sarbanes-Oxley Act of 2005 and shall not be deemed filed with the Securities
  and Exchange Commission by the Company as part of the Report or as a separate
  disclosure document.</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=95% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=95% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=4 valign=top width=100% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:4.5pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">Jakarta, March  <FONT face=times style="font-size:12px;color:teal;display:none"> </FONT>29<FONT face=times style="font-size:12px;color:teal;display:none"> </FONT>, 2011</font></p>
  </td>
 </tr>
<tr>
  <td colspan=4 valign=top width=100% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=4 valign=top width=100% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=4 valign=top width=100% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td colspan=3 valign=bottom width=59% style="height:15.75pt;padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:8.95pt;margin-top:0in;text-align:right;text-indent:-.5in;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">By:</font></p>
  </td>
 <td valign=bottom width=41% style="border-bottom:solid windowtext 1.0pt;height:15.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">/s/ Rinaldi
  Firmansyah</font></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=59% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=41% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">Rinaldi
  Firmansyah</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">President
  Director/ Chief Executive Officer</font></b></p>
  </td>
 </tr>
<tr height=0>
  <td width=5%>&nbsp;</td>
 <td width=5%>&nbsp;</td>
 <td width=49%>&nbsp;</td>
 <td width=41%>&nbsp;</td>
 </tr>
</table></div>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></b></p>



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<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>8
<FILENAME>exhibit132cfocertification90.htm
<DESCRIPTION>CFO CERTIFICATION PURSUANT TO SECTION 906
<TEXT>

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 <tr>
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  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">Exhibit 13.2</font></p>
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr>
  <td colspan=4 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">CERTIFICATION PURSUANT TO</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">18 U.S.C. SECTION 1350,</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">AS ADOPTED PURSUANT TO</font></b></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">SECTION 906 OF THE SARBANES-OXLEY ACT OF 2005</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr>
  <td colspan=4 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">In connection with the Annual Report of
  Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia, Tbk (the
  &#8220;Company&#8221;) on Form 20-F for the year ending December 31, 2010 as filed with
  the Securities and Exchange Commission on the date here of (the &#8220;Report&#8221;), I,
  Sudiro Asno, Director of Finance (Chief Financial Officer) of the Company,
  certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section
  906 of the Sarbanes-Oxley Act of 2005, that, to my knowledge:</font></p>
  </td>
 </tr>
<tr>
  <td colspan=4 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=5% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">(1)</font></p>
  </td>
 <td colspan=2 valign=top width=90% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">The Report fully complies with the requirements of section 13(a)
  or 15(d) of the Securities Exchange Act of 1934; and</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=5% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=90% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=5% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">(2)</font></p>
  </td>
 <td colspan=2 valign=top width=90% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">The information contained in the Report
  fairly presents, in all material respects, the financial condition and result
  of operations of the Company.</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=5% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=5% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=90% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=4 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">This certification accompanies this Report pursuant to 906 of the
  Sarbanes-Oxley Act of 2005 and shall not be deemed filed with the Securities
  and Exchange Commission by the Company as part of the Report or as a separate
  disclosure document.</font></p>
  </td>
 </tr>
<tr>
  <td colspan=4 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=4 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=4 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">Jakarta, March <FONT face=times style="font-size:12px;color:teal;display:none"> </FONT> 29<FONT face=times style="font-size:12px;color:teal;display:none"> </FONT>, 2011</font></p>
  </td>
 </tr>
<tr>
  <td colspan=4 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=4 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=4 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt 0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:15.75pt;">
  <td colspan=3 valign=bottom width=59% style="height:15.75pt;padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:8.95pt;margin-top:0in;text-align:right;text-indent:-.5in;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">By:</font></p>
  </td>
 <td valign=bottom width=41% style="border-bottom:solid windowtext 1.0pt;height:15.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">/s/ Sudiro
  Asno</font></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=59% style="padding:0in 0in 0in 0in 0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=41% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">Sudiro
  Asno</font></b></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">Director
  of Finance/ Chief Financial Officer</font></b></p>
  </td>
 </tr>
<tr height=0>
  <td width=5%>&nbsp;</td>
 <td width=5%>&nbsp;</td>
 <td width=49%>&nbsp;</td>
 <td width=41%>&nbsp;</td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman,serif" lang=EN-AU style="font-size:10.0pt;">&nbsp;</font></p>



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