DRIVING OPERATIONAL EXCELLENCE for SUSTAINABLE GROWTH and Return INTEGRATED 2019 ANNUAL REPORT DRIVING OPERATIONAL EXCELLENCE

DRIVING OPERATIONAL EXCELLENCE FOR SUSTAINABLE GROWTH AND Return INTEGRATED 2019 ANNUAL REPORT DRIVING OPERATIONAL EXCELLENCE

PT. XL AXIATA TBK

XL Axiata Tower Jl. HR Rasuna Said X5. Kav. 11-12, Kuningan Timur, Setiabudi, Jakarta Selatan, Jakarta 12950 - Indonesia Tel. (62-21) 576 1881 Fax (62-21) 576 1880 www.xl.co.id FOR SUSTAINABLE AND RETURN GROWTH 2019

INTEGRATED ANNUAL REPORT

INTEGRATED 2019 ANNUAL REPORT DRIVING OPERATIONAL Excellence FOR SUSTAINABLE GROWTH AND RETURN

2019 was a record- The success was well deserved as the Company worked diligently to overcome breaking year for various challenges, from global economic XL Axiata. slowdown to intense competition, by constantly being conscious of opportunities Through consistent and thinking ahead of the market. XL Axiata’s execution of its strategies reflected the Company’s forward- looking characteristics and pioneering spirit. strategy, the Strong focus was put on the digitalization of Company recorded products, services, and business processes, operational excellence, value creation through its highest ever the XL & Axis dual-brand, expansion to ex- revenue and EBITDA Java regions, and infrastructure development initiatives to ensure that the Company is in its history and a ready to embrace the future. As a result, XL return to profitability. Axiata recorded solid financial performance with service revenues growing by 9% year- For the second on-year and a return to profits of Rp713 consecutive year, billion. Its customer size and data traffic also grew, supported by a solid base transceiver XL Axiata was able station (BTS) network – now totaling more to outperform the than 130,000 BTS, which includes more than 40,000 4G across 425 cities and areas industry. across Indonesia. Additionally, the Company continued its commitment to serving more stakeholders through community-oriented programs.

This year’s report theme of “Driving Operational Excellence for Sustainable Growth and Returns” summarizes XL Axiata’s journey in 2019, and hints at the Company’s strong-will to continue its rise as Indonesia’s most trusted 2015 2016 2017 2018 operator. Integrating Then, Now & Better Fostering The Digital Embracing Competency to Tomorrow Nation Digitization For Our Transform Future

DRIVING OPERATIONAL EXCELLENCE FOR SUSTAINABLE GROWTH AND RETURNS 1 ABOUT TABLE OF THIS CONTENT REPORT

INTRODUCTION ASSURANCE MATERIALITY OF REPORT 01 Foreword 46 FINANCIAL PERFORMANCE 142 Information Access and The 2019 Integrated Annual The analysis and discussion XL Axiata has assessed the 02 About This Report 63 FINANCIAL REVIEW & REPORT Corporate Data Report (IAR) of PT XL Axiata Tbk on financial performance materiality of the 2019 IAR 03 Table of Contents 48 Financial Highlights 144 Code of Ethics (XL Axiata) is developed based presented in the XL Axiata’s according to the reporting 04 Tematic 50 Shares Highlights 145 Employee and Management on the International Integrated 2019 IAR refers to the Financial policies applicable in the Stock Option Programs Reporting Framework from the Statements for the years ended Indonesian Stock Exchange. 52 Bond Highlights 146 Whistleblowing System International Integrated Reporting as at 31 December 2019 and 31 XL Axiata has also inquired XL AXIATA 54 Financial Performance Council (IIRC). IAR is expected December 2018 audited by the the input of stakeholders AT GLANCE Highlight 147 GCG Application in XL Axiata to provide the stakeholders with Public Accountant Office Firm regarding business direction 59 Changes To The concise but comprehensive and Tanudiredja, Wibisana, Rintis & and perspective, including the 10 XL Axiata at a Glance Accounting Standards SUSTAINABILITY accurate information about XL Rekan (member firm of PWC risks identified using the risk 12 Vision, Purpose & Corporate 60 HUMAN CAPITAL REPORT Axiata’s business and strategies. global network) with unqualified management framework. These Culture DEVELOPMENT The stakeholders will able to opinion. Financial statements risks may affect XL Axiata’s 14 Core Business 60 HC Contents 156 Sustainability Report learn the journey of XL Axiata and disclosures are presented skills to create values in the 159 Social Community Development in creating and sharing added according to Indonesian short, medium, and long term. 15 Milestone 65 Employee Demography values to the public. Financial Accounting Standards This report also presents the 164 Environmental Management 167 Occupational Health & Safety that consist of the Financial Company’s strategic responses to MANAGEMENT CORPORATE SCOPE AND BOUNDARIES Accounting Standards (PSAK) the identified issues 168 Customers Responsibilities REPORTS GOVERNANCE XL Axiata’s 2019 IAR discusses and Interpretation of the Financial Accounting Standards (ISAK). the Company’s financial and non- 20 Board of Commissioners’ Report 68 Key Message on GCG CORPORATE financial performance, business 23 Board of Commissioners 70 GCG Roadmap DATA challenges, opportunities, and MANAGEMENT APPROVAL risks that the stakeholders The Board of Directors refers to 24 Board of Directors’ Report 73 General Meeting Of Shareholders 172 Company Identity will find relevant and that IIRC’s International Integrated 28 Board of Directors 86 Board Of Commissioners 174 Invitation to The Annual General significantly affect our capability Reporting Framework for the 97 Remuneration Policy For 29 Statements of Accountability Meeting of Shareholders to create value. We limit our 2019 IAR. The Board of Directors of 2019 Annual Report by the The Board Of Commissioners report to the Company’s is responsible to ensure the Board of Commissioners and And The Board Of Directors 177 Event Highlights 2019 activities from 1 January 2019 to integrity of this report through Board of Directors 100 Board Of Audit Committee 178 Awards & Certification 31 December 2019. good corporate governance and 30 Corporate Strategy & 106 Nominating And Remuneration 180 Organization Structure The report focuses on, internal reporting procedures. Market Overview Commitee 182 Shareholders Composition among others, data network 30 Macroeconomic infrastructure development 110 Board Of Directors 184 Corporate Structure 32 Business Strategy especially outside of Java 120 Information Technology 185 Subsidiaries & Associates Commitee and fiberization as part of the 32 Sustainability 185 Capital Market Supporting preparation for 5G roll-out, dual- Development Strategy 122 Risk Management And Business Professional Institutions Continuity Commi brand (XL-Axis) strengthening, 34 Marketing Aspects 186 Shares Listing Timeline and expansion of the fiber to 125 Human Capital Commitee 37 Business Prospect & 188 Headquarter Address and home (FTH) and Internet of Outlook 127 Corporate Secretary Representative Office Things (IoT) service. 131 Investor Relations 190 XL Center + XL Store (Xplor) MANAGEMENT 132 Internal Audit 194 Corporate Website Information DISCUSSION & ANALYSIS 136 Internal Control System 137 Public Accountant FINANCIAL 38 NETWORK & INFORMATION 138 Risk Management TECHNOLOGY STATEMENTS 142 Litigation 42 BUSINESS DEVELOPMENT 142 Administrative Sanctions 196 Financial Statements 44 COMMERCIAL

2 INTEGRATED ANNUAL REPORT 2019 PT. XL AXIATA TBK DRIVING OPERATIONAL EXCELLENCE FOR SUSTAINABLE GROWTH AND RETURNS 3 HOW WE CREATE THE WAY OUR GROWTH DRIVER WE GROW

FINANCIAL VALUES

MARKET CAPITALIZATION VALUED AT NET DEBT/EBITDA RATIO OF 1.1X ROBUST CONTROL OF STABLE CREDIT XL Axiata is in the top 20 list of the Top 50 of During 2019, XL Axiata has made a OPERATING COST OUTLOOK the Biggest Market Capitalization Public Listed repayment of bank loans totaling Rp950 Operating costs increased Fitch Rating affirmed its RP33,667.08 Companies in the 11th IICD Corporate Governance billion, Bonds I Tranche I Series A at Rp328 from Rp14.43 trillion to Long-Term National Credit billion Conference and Awards 2019. billion, and settled Sukuk Ijarah II Tranche Rating of AAA (idn) in I Series A at Rp358 billion. The repayment Rp15.17trillion. 2019. NET DEBT TO EQUITY RATIO OF 0.6X was done through a combination of internal No US Dollar denominated debt as of 2019. funds and refinancing.

INTELLECTUAL VALUES BRAND XL BRAND AXIS PERSONAL SEGMENT PRODUCTS AND SERVICES PACKAGES LEVERAGE SELF-CARE APP TO LAUNCH • Mobile data (myXL, Xtra Combo VIP, XL Prioritas, dll). • Boostr, Owsem, Internet, Voice & SMS, Mabrur, NEW SERVICES TO BETTER SERVE AXIS • Home Broadband (XL Home). etc. CONSUMERS • Lock Pulsa to allow them to better manage BUSINESS SEGMENT PRODUCTS AND SERVICES PRODUCTS consumption • Mobile Communication (Mobile Plan, Business Convergence, Business Bundle • Axis Pass, Hyphone, Kartu Perdana & Tarif, Bagi • Sureprize and SuperSureprize to reward loyalty seperti Infinet dan BIZ Bundling). Pulsa, etc. and purchases, while providing a gamified • Fixed Connectivity (Leased Line, VPN MPLS, Internet Corporate, VoIP). experience • Internet of Things (Flexiot, Fleetech, XL Hajj, NB-IoT). APPS & CONTENT • Bonus gaming quota for each packet you • Cloud & Data Center (Data Center & Cloud Service). • Axisnet, Game Buffet, and Galaxis purchase • Mobile Ads & Big Data (Messaging Services, Display Services, dan Digital Rewards). • Multipayment options, allowing subscribers to buy packets directly using different e-wallets or REVAMPED THE DATA PACKET PORTFOLIO payment options • Full integration of Next-best-offer powered by big-data analytics in all our touchpoints, BRAND AND GO-TO-MARKET ensuring upsell and individualized best • Launched new brand tagline as “Kenapa proposition Nggak” (“Why not?”) to further support brand • Launched Owsem 3.0 as all-in-one packet affinity with GenZ solution focused on university students • Further regionalization of our portfolio and • Introduced Boostr, small OTT sachets to go-to-market, with more than 80 areas having complement monthly packets specific offerings • New short validity packets to better • Launched Axis Go-to-school and Pop-up accommodate youth segment needs Campus programs together with leading digital • Bundle packets partnering with OTT providers partners and including their premium services • Axis mobile gaming tournaments and • Axis Pass as a single roaming solution option sponsorship of top Indonesia e-sports team for >50 countries (Evos)

4 INTEGRATED ANNUAL REPORT 2019 PT. XL AXIATA TBK DRIVING OPERATIONAL EXCELLENCE FOR SUSTAINABLE GROWTH AND RETURNS 5 6 INTEGRATED ANNUAL REPORT “KENAPA NGGAK” (“WHY NOT?”) AFFINITY WITH GENZ TO FURTHER SUPPORT BRAND NEW BRAND TAGLINE AS AXIS LAUNCHED

2019 2019 PT. XL AXIATA TBK Initiative 2019 from Selular.id. Best B2BService &Best Network Transformation or growth51% (YoY). 3,319.9 Total traffic reached of 2019 and70% by the end of 2020. units to beconnected to the fiber network by the end outside of Java. The target isto have 50% of BTS increase indata traffic in Java and threefold in region In the past two years, the trend shows five-fold cities/districts, 54,027 3GBTS, and35,926 2GBTS. across Indonesia, consisting of 40,264 4GBTS in425 130,217 Total number of BTS reached amounted to INFRASTRUCTURE VALUES JOINT CORPORATE-GOVERNMENT PROGRAMS AWARDS CSR PROGRAM OUTSIDE OF JAVA CAPACITY EXPANSION, ESPECIALLY DATA NETWORK COVERAGE AND CAPITAL EXPENDITURE (CAPEX) SHARP GROWTH IN DATA TRAFFIC R SUSTAINABILITY DEVELOPMENT VALUES • • • • • • • • • In support ofIn transportation, support XLAxiata has launched ‘Peta Jelajah Nusantara’ digital navigation map. cities, Madrasah Bootcamp, andMadrasah Aliyah 4.0 Program. For education andyouth potential, XLAxiata initiated XLAxiata Youth Leadership Camp (XYLC) inseveral and developed Maritime Village inlocations near Indonesian borders. In maritime development, XLAxiata developed Laut Nusantara application for fishermen across Indonesia connections. are available around Toba Lake, including the Samosir Island, with almost 550 BTS supporting 3Gand4G To grow Toba Lake tourism, XLAxiata has continued to strengthen its data network. As of 2019, 750 BTS to the victims. several districts inSouth Sumatera by sending in emergency aid XL Axiata supported recovery efforts post-floods that affected for impacted residents. the disaster together with free voice, SMS, and Internet service in West Java. The relief was delivered within one day following in Sirnaresmi Village of Cisolok Sub-District, Sukabumi District XL Axiata provided emergency relief for victims of landslides through data donation movement, Gerakan Donasi Kuota (GDK) XL Axiata provides high-speed Internet program for schools focusing on digital service use that targets women. XL Axiata has provided Sisternet, adigital literacy program resource. commitment to building the capacity of Indonesian human XL Future Leaders program demonstrates XLAxiata’s p 8 DIGITIZE or grew by 18% (YoY). trillion

Petabyte

units DRIVING OPERATIONAL EXCELLENCE HUMAN CAPITAL VALUES Forbes andCEO of the Year inSelular Awards 2019. Asia’s Power Businesswoman by leading magazine XL Axiata CEO Dian Siswarini was selected asone of Rp 10,826,686,879 Total training andworkshops delivered in2019 is TRAINING INVESTMENTS IN 2019 RECOGNITION IN HUMAN CAPITAL WAY for around EMPLOYEES QUALIFIED Male to female employeeratio 1,606 is employees employees Managing accounts a total of Millennial 2.3:1 2.3:1 of totalof

79% THE Energy Intensity: Joule/Petabyte 9,182 MANAGEMENT ENVIRONMENTAL 122,010 energy: Total reduction of Joule WE

FOR SUSTAINABLE GROWTH AND RETURNS providing the best performance Always beenthusiastic in expectations. and beyond customer’s a solution that easy-to-use Doing ourbest to provide to achieve acommon goal. ensuring allprocesses are done Vigorously working together, unethical behavior. having notolerance for Having high ethical standards, PERFORMANCE EXCEPTIONAL SIMPLICITY TEAM SYNERGY INTEGRITY UNCOMPROMISING (ITS XL) CORPORATE VALUES XL AXIATA’S Terabyte TonCO2eq/ 0.2 TonCO2eq 0.8 emission: Total reduction of Emission Intensity: 7

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE OPERATE WE THE WAY 8 CREATING VALUE FOR STAKEHOLDERS of previous year. from 54.9 million inthe same period 9% stood at Rp35 thousand or up 56.7 grew to subscribers. program for myPRIO Deal+ UpgradeSmartphone Deal subscribers; andannual forof smartphone myPRIO Cashback with any brand voice service; Returnable for customers whoprefer that specially designed Talk+ isamonthly package Lazada andBlibli;MyPRIO Instagram, Facebook, Twitter, popular application, suchas quota 2GB/month to access now enjoy extra “Lifestyle” XL Priority Subscribers can brands by launching innovative products andservices. The following highlights 2019 products andservices: XL AXIATA HAS CONTINUALLY ENHANCED PER USER (ARPU) BLENDED AVERAGE REVENUE NUMBER OF SUBSCRIBERS SUBSCRIBERS INTEGRATED ANNUAL REPORT (YoY). million

2019 2019

PT. XL AXIATA TBK PT. XL AXIATA TBK customers. Nussa channel now available for XLHome customers of XL Go IZI broadband service. Huawei, the E5573 andE5577 Max series for XL Axiata offers premium 4GWi-Fi modem from Kuota Zero andXtra Rejeki. complementary packets like Xtra Kuota, Xtra Tanpa Kuota on Xtra Combo including many other Ngobrol, to all-in-one data packages with Youtube services from Unlimited Voice andSMSwith Super XL Subscribers have access to afullrange of

INCREASED TO PENETRATION SMARTPHONE 86

THE CUSTOMER EXPERIENCE USER USER % segments by end of year. subscribers’ satisfaction for its target throughout 2019, being leaders in have increased significantly its NPS XL Axiata. Both XLandAxis brands is one of the upmost priorities for of the Company’s service revenues. revenue that now accounts for 89% contributing to growth of data or 48.8million of total subscribers, CUSTOMER EXPERIENCE packet for youth needs). line “Owsem” (one-stop-solution “Boostr” andthe new packet app-focused sachet packets data portfolio, including new have access to arevamped “Sureprize”. Also, Axis subscribers and gamified promotions suchas multipayment, or management) such as“lock-pulsa” (spend our subs, ithas new services and real time offers for each of new appprovides individualized new self-care appAXisNet. The a better experience through the Axis subscribers can now have

of XLandAxis Rp25.15 amounted to representing 9%and17% YoY growth. NORMALIZED EARNINGS STOOD AT REVENUES AND EBITDA THE BEST ROLE OF INVESTORS RP719 XL Axiata has maintained its trust roadmap have been aligned with XL AXIATA WAS RECOGNIZED AS culture transformation initiative, (Revamp, Rise, andRe-Invent). in t STAKEHOLDERS Human capital system and now entering its third year. Implementation of Iso 27001:2013 REGULATORS he 11th IICDCorporatehe 11th Governance XL AXIATA APPLIES Certification On Customer Data THE 3RCONCEPT EMPLOYEES Conference and Award 2019. standard for Enterprise Risk oriented towards building data and Human capital development was THE ISO31000 to bethe preferred workplace of XL Axiata has continued its aim Management (ERM). digital-savvy employees. Protection. millennials.

billion. trillion and Rp9.97

DRIVING OPERATIONAL EXCELLENCE

3 1 buildings. centralization inallof the Company’s conditioning system automation and implementation of lighting andair ElectricitySmart program, including energySmart consumption by adopting environment by optimizing of online apps. Paperless initiative has started inoffice efficient materials inall BTS. utilizing environmental friendly andenergy aspects inthe expansion of 4Gservices by Always taken environmental protection “LEBIH UNTUNG” 2 for ournetwork of retailers, with more than event to encourage andreward creativity Continuous improvement of partnership program reached 3,000 schools andthe conducted the Owsem Battleground, an In collaboration with GOJEK,XLAxiata LAUNCHED A NEW SERVICE OF ENVIRONMENT new Pop-up Campus was introduced, with cellphone retailers to accelerate to university students. Besides, Axis COMMUNITIES providing also educational content AXIS SCHOOL-TO-SCHOOL and GO-LIFEservice providers. dedicated for GOJEKdrivers 4G-service outreach. 40,000 participants. trillion, respectively,

FOR SUSTAINABLE GROWTH AND RETURNS 9

2019 2019 PT. XL AXIATA TBK the brand name ‘Celcom’ inMalaysia, ‘Dialog’ inSri mobile subsidiaries and associates operate under largest telecommunications groups. The Group’s of thepart Axiata group (“Group”), one of Asia’s held by the public(33.6%). Therefore, XLAxiata is (Indonesia) Sdn.Bhd.(66.4%) andthe remaining is owned by Axiata through Axiata Investments Currently, the majority of XLAxiata’s shares are synergy purpose. also changed its name to PT XLAxiata Tbkfor in the same year PT Excelcomindo Pratama Tbk. name to Axiata group Berhad (“Axiata”) whichlater International (L) Limited. In 2009, TMIchanged its TM International Sdn.Bhd.,(“TMI”)through TM (Indonesia) Sdn. Bhd.,whichallshares owned by Bhd., whichisnow known asAxiata Investment Company was asubsidiary of Indocel Holding Sdn. Indonesia Stock Exchange At (IDX). that time, the the Jakarta Stock exchange now known asthe Initial PublicOffering (IPO) andlisted its shares on In September 2005, the Company launched an changed to PT Excelcomindo Pratama. (NYNEX, AIF andmitsui), the Company name was the Rajawali group andthree foreign investors Later on, following acooperation agreement with cellular mobile telephony services. the first private company in Indonesia to provide and officially launching its GSM services, becoming field after obtaining aGSM900operating license 1996, the company entered the telecommunications under the name of PT Grahametropolitan Lestari. In services company established on 6October 1989 Initially starting business asatrading andgeneral DRIVING OPERATIONAL EXCELLENCE connection to customers. data transfer to provide amore convenience to outside Java island. This technology accelerates technologies –Massive MIMO, especially catered and stable connection by implementing 4.9G XL Axiata iscontinuously committed to offer faster Indonesia andwith over 40,264 4GBTS. now available in425 cities andareas across total BTS reached 130,217 BTS with 4G-LTE service roll-out andupgrades of its network. XLAxiata’s data experience to its customers with continued XL Axiata continues to ensure top-notch quality of subscribers. XL Axiata to provide remittance service to its License from the Bank of Indonesia, whichenables Money Remittance aswell as e-money Issuer Internet protocol License, Leased Line License, Interconnection Services License, voice Over Internet Services Provider (ISP), Internet XL Axiata also holds acontent provider License, Ready on the 1,800 MHzspectrum. operator inIndonesia to commercially launch 4.5G IMT-2000/3G, andisthe first telecommunications operates its network on GSM900/DCS 1800, and other value added digital services. XLAxiata Indonesia. The services Data, include Voice, SMS wide network andservice coverage throughout business solutions to corporate customers with provides services for retail customers andoffers As aleading market player inIndonesia, XLAxiata ‘Ncell’ inNepal. Lanka, ‘Robi’ inBangladesh, ‘Smart’ inCambodia, with over 40,264 4GBTS. and areas across Indonesia and service now available in425 cities reached 130,217 BTS with 4G-LTE network. XLAxiata’s total BTS roll-out andupgrades of its to its customers with continued notch quality of data experience XL Axiata continues to ensure top- BTS 130,217 AT GLANCE

FOR SUSTAINABLE GROWTH AND RETURNS XL Axiata 11

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE EXPLANATION : We PUR • This promise can’t be done alone by ourselves. • Only through internal & external collaboration/togetherness, we can VISION POSE make this happen. Bring the world closer VISION • We enable and empower people EXPLANATION : to stay in touch or connect with To be the most • We commit to focus on Data We bring the their environment and create new preferred data Connectivity as a core competency world closer possibilities. of XL Axiata • We are always close by to fulfill daily connectivity • We provide easy accessibility to our in a simple way needs in people’s life. connections In a simple way provider • We aspire to make this happen only for a brighter life • Life is getting more and more within Indonesia complex for people, and we are here by 2020 to simplify it by providing seamless experiences for all our stakeholders (The world at your fingertips). • Simplifying adds value to people’s life by saving their time, energy andmoney, which allow them to get more out of their life. For a brighter life • We are committed to help people to continuously improve their lives in terms of welfare (economically) and wellbeing (fun, excitement, energy, inspiration and unleashing people’s OUR potential) OUR CULTURE CULTURE PURPOSE I T S XL UNCOMPROMISING TEAMSYNERGY SIMPLICITY EXCEPTIONAL INTEGRITY PERFORMANCE Vigorously working together, Doing our best to provide a solution Having high ethical standards, having no ensuring all processes are done to that easy-to-use and beyond Always be enthusiastic in providing tolerance for unethical behavior. achieve a common goal. customer’s expectations. the best performance

12 INTEGRATED ANNUAL REPORT 2019 PT. XL AXIATA TBK DRIVING OPERATIONAL EXCELLENCE FOR SUSTAINABLE GROWTH AND RETURNS 13 14 c. b. a. provider. To attain the purpose andobjective above, XLAxiata may carry outmain activities asfollows: the business astelecommunications and/or telecommunications network and/or multimedia services Pursuant to the Company’s Articles of Association, the purpose andobjective of XLAxiata isto carry out Core BUSINESS ACTIVITY BASED ON THE ARTICLES OF ASSOCIATION BUSINESS INTEGRATED ANNUAL REPORT

4. 3. 2. 1. XL Axiata may carry outsupporting business activities, asfollows: informatics networks. To provide payment transactions andmoney transfer services through telecommunications and telephone andmultimedia services andproviding cellular mobile andclosed fixed networks; telecommunications services and/or network operator, includingbutnot limited to, providing basic To carry on andperform the business of atelecommunications equipment provider and

Interconnection services and/or networks To provide other telecommunications services andnetworks, includinginformation technology informal education andtraining intelecommunications whether locally or inaforeign country; and research anddevelopment to the telecommunications equipment and/or facilities, andprovide telecommunications networks and/or services provided by XLAxiata), perform maintenance, To carry outoperating businesses andactivities (including the marketing andsale of the framework of improving services to the general public; and networks, inorder to achieve the capacity desired andrequired by the communities within the To improve to the maximum extent of the efforts to provide such telecommunications services XL Axiata inproviding telecommunications services and/or networks; telecommunications equipment /facilities, including providing resources to the business support of To plan, engineer, build,provide, develop andoperate, lease out, maintain andsupply Services Internet .07 Closed fixed network

2019 2019 e-money Issuance PT. XL AXIATA TBK Services Services .08 .06 (including 2G,IMT- 2000/3G) Product andServices Money Remitter Service Cellular mobile network 5G for non-Bank 4G .05 .01 3G Content provider .04 Internet Service provider .02 protocol Internet Voice Over .03 Malaysia Berhad (“TM”)andTMInternational Khazanah Nasional Berhad, whichincreased Obtained aGSM900operating license and Berhad/”Axiata”), inwhichIndocel Holding • • Sdn.Bhd. isanindirect subsidiary of Axiata • launched commercial services focusing on TMGroup completed divestment process Launched m-banking andm-funservices. Berhad (changed name into Axiata Group Granted aDCS1800 spectrum allocation Indocel Holding Sdn.Bhd.’s stake inXLto • Axiata acquired allXLshares owned by which resulted inseparated entities: TM namely Axiata Investments (Indonesia) Sdn. Bhd.released aportion of shares through private placement inorder to (equal to 20% of total shares issued) through TMInternational (L) Limited. and finalized fiber-optic backbone. postpaid brands: jempol(prepaid), individually marketed prepaid and Majority shareholder of XLAxiata Jakarta, Bandung, andSurabaya. Launched proXL prepaid cellular Re-branding XLAxiata logoand Widest andFastest” services. Launched the XL3G“First bebas (prepaid) andXplor increase the publicfloat. service brand. (postpaid). 2004 2004 2008 2006 2006 2001 2010 2010 1996 1996 1998 1998 83.8%. DRIVING OPERATIONAL EXCELLENCE FOR SUSTAINABLE GROWTH AND RETURNS 2005 2000 2010 1995 2011 2011 1,418,000,000 new shares. Right (HMETD) Issuance amounting to I to the Shareholders Pursuant to Conducted Limited Public Offering 2009 2007 under ticker code EXCL. known asthe Jakarta Stock Exchange) Indonesia Stock Exchange (IDX- previously 1,427,500,000 of its shares andlisted on the executed Initial PublicStock Offering of Became asubsidiary of the TMGroup and 2005 2002 Sumatra and Batam markets. Expanded the business into 2000 network inJakarta’s Golden Triangle area. Established anintegrated microcell 1997 • • • • • • • against allservices including Data. keep on increasing andmore sophisticated telecommunication consumers whose needs positions XLAxiata asawider appeal to tagline, XLangkah Lebih Maju, which from affordability by launching new XL Axiata moved marketing focus ensure long-term sustainability. embrace the future Data business andto transformation inbusiness strategy to XL Axiata embarked on aholistic under “XL prepaid” and“XL postpaid”. XL Axiata started to consolidate brands Axiata. Middle East, became ashareholder of XL telecommunications company inthe ETISALAT, the second largest Introduced Rp1/second tariff. (Internet protocol) services. Launched leased-line andIP Kalimantan andSulawesi. Expanded network coverage to MILESTONES

FOR SUSTAINABLE GROWTH AND RETURNS

15 15

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 16 Milestones Milestones INTEGRATED ANNUAL REPORT 2015 2014 2013 2012 • • • • • • • • • • • • footprint has extended to 35 cities across Indonesia. XL Axiata launched commercial LTE services on the 1,800 MHzspectrum bandwidth. XLAxiata’s current LTE services, inparticular for telephone call, SMS, andData/Internet services with economical tarif. The re-launch of AXIScellular brand post merged with XLAxiata, offering new lifestyle of simple telecommunication and growing XLAxiata’s adjacency businesses. ladder andvia adual-brand strategy with AXISto address different segments of the market. Reinvent, building on and business strategies to improve product profitability. Rise-up the value ladder, moving the XLbrand up the value “Revamp, Rise upthe value ladder &Reinvent”. Revamp, to subscriber shift acquisition (from ‘volume to ‘value’ subs) XL Axiata embarked on Business Transformation Agenda that began inearly 2015, termed asthe 3RStrategy; to develop customers’ maximum potential. barriers or open wider access to new opportunities represent XLAxiata’s commitment to eliminate a “peel off” concept. The new logois meant to XL Axiata introduced anew logothat features by Huawei and Ericsson. speed internet service upto 100 Mbps issupported (Long Term Evolution) test. This XLAxiata high service, XLAxiata launched real mobile 4G-LTE Answering the public’s needs for high-speed internet sold to STP for aperiod of 10 years. agreed to lease back the towers, whichhad been Master Tower Lease Agreement whereby XLAxiata At the same time, XLAxiata andSTP also signed a Axiata, with atransaction value of Rp5.6trillion. the winner of tender of 3,500 towers heldby XL (“APA”) with PT Solusi Tunas Pratama Tbk.(“STP”), XL Axiata signed an Asset Purchase Agreement completedfurther merger with AXISinApril. XL Axiata completed AXISacquisition inMarch and Following the approval from respective institutions, Telekom Indonesia (AXIS). and Purchase Agreement to acquire PT AXIS a subsidiary of STC signed Conditional Sales and Teleglobal Investment B.V (Teleglobal), XL Axiata andSaudi Telecom Company (STC) network isableto deliver 4GLTE. an opportunity to test the extent to whichthe momentum inOctober 2013 provided XL Axiata Pacific Economic Cooperation (APEC summit) technology. The Conference of the Asia to adopt the 4GLTE (Long Term Evolution) XL Axiata has proven that itistechnically ready 2.1 GHzRadio Frequency. generation (3G)cellular frequency canal at the who won the tender selection for the third XL Axiata isone of two cellular operators successfully installed in2012. infrastructure, more than 11,000 new BTS and invested inend-to further end network XL Axiata continued its focus inData business share from 20.2% to 33.5%. investors. This led to increase inpublicfloating accelerated book-build offering to institutional divested 9.1% of their share inXLAxiata through One of XLAxiata’s major Shareholders, Etisalat,

2019 2019 2019 2019

PT. XL AXIATA TBK PT. XL AXIATA TBK 2016 • • • • • • • • • • of 2,500towers at aprice of Rp3,568 billion. Telekomunikasi Indonesia (“Protelindo”) for the sale and leaseback transaction with PT Profesional PT XLAxiata Tbk.completed the tower sale Berhad. the shareholder loan extended by Axiata Group of the rights offering was used to fully repay subscribed by shareholders. The net proceeds USD 500 million rights offering which was fully PT XLAxiata Tbksuccessfully completed a Final Stage of XLLogo tranformation. Dual Brand Strategy Implementation: XLandAXIS. and network quality. new experience isdelivered inboth better services cannot beenjoyed by prepaid subscribers. The experience incommunication, whichin general In Control, andWorry- Free. These are new advantages from XLPrioritas, namely: Prioritised, postpaid subscribers. Subscribers can enjoy three XL Axiata launched “XL Prioritas” services for the spectrum. commercially launch 4.5G Ready on the 1,800 MHz telecommunications operator inIndonesia to XL Axiata remains innovative andisthe first broadband penetration inIndonesia. individuals, homes andSMEs given the low fixed Mobile Broadband (MBB) Product with options for celebrations inOctober, XLAxiata also launched its In conjunction with its 20th anniversary network quality especially outside of Java. better andwider coverage for 3Gimproving its frequency for 3GData services whichmeans services across the country utilizing the 900MHz In the 2Hof 2016, XLAxiata rolled-out U900 4G BTS. and areas across Indonesia andwith over 8,200 4G-LTE service now available inclose to 100 cities total BTS count isnow above 84,000 BTS with of roll-out andupgrades of its network. XLAxiata’s data experience to its customers with continuance XL Axiata continues to ensure top-notch quality of attract Data- savvy customers. smartphone anchored on asuperior data infrastructure to phase -moving the XLbrand upthe value ladder Reinvent” transformation agenda, with the “Rise” to focus on executing its “3R–Revamp, Rise & In its 20th year of operation, XLAxiata continues

2017 2017 • • • • • • • operating inthe third quarter of 2018. 4,600km network isongoing andwill beready through Australia. Currently the development of alternative from Indonesia to global network region, this system will provide internet access waters. With the landing point inAnyer of Banten Australia andSingapore through Indonesian Indonesia-Singapore, whichconnects between Marine Cable Communication System of Australia- XL Axiata fully engaged inthe development of in mostly remote areas. points of Base Transceiver Station (BTS) located before the end of 2017. The network covers 40 provinces, andit’s expected to complete at least construction iscurrently simultaneously builtin4 Universal Service Obligation (USO) program. The Axiata builtanetwork infrastructure through the Indonesia Telecommunication Industry, XL In commemorating its 21stanniversary in and better services to its subscribers. capital to deliver profitability for its shareholders elevenia andwill enable the Company to allocate Moreover, the decision will elevate its losses from market leader of mobile data service inIndonesia. business development, aiming to become the focus on its core strength anddata services its stakes inelevenia will enhance XLAxiata Premium Pte. Ltd. The strategic measure to divest to PT Jaya Kencana Mulia Lestari andSuperb SK Planet Global Holdings Pte. Ltd. (SK Planet), in PT XLPlanet (“elevenia”) including allshares in Purchase Agreement (“CSPA”) to divest allstakes XL Axiata signed the Conditional Sale and remote areas of Indonesia. the quality of education of schools throughout The donation will befuther channeled to augment participation by donating their quotas voluntarily. to(GDK) encourage both subscribers andpublic XL Axiata launched “Gerakan Donasi Kuota” Lampung, Banyuwang, andSabang. among others Makasssar, Medan, Banda Aceh, several regions. This program has been heldin “Nelayan Pintar (NELPIN)”to allfishermen in Online” program with the Company’s apps, encouraged the realization of “Nelayan Go Informatics of Republic of Indonesia, XLAxiata Fisheries andMinistry of Communication and Cooperated with the Ministry of Marine and than 17,000 BTS 4G,andover 45,000 BTS 3G. 360 cities/ regencies across Indonesia, with more Currently, XLAxiata 4GLTE network has reached datasupport services are and37% BTS 2G. 63% of XLAxiata BTS units are 3G&4Gto Transceiver Station). Of101.000 BTS units, around built atotal of over 100.000 units of BTS (Base across Indonesia. Today, the Company has telecommunication service networks anddata XL Axiata continues expanding its DRIVING OPERATIONAL EXCELLENCE FOR SUSTAINABLE GROWTH AND RETURNS 2018 2018 • • • • • • implementation. ecosystem inIndonesia from idea generation to business meeting forum for allstakeholders to jointly develop the IoT IoT Lab called X-CAMP inJakarta. This Lab will become a Axiata President Director Dian Siswarini inaugurated the and Minister of Industrial Affairs Airlangga Hartarto with XL The Minister of Communication andInformatics Rudiantara to weather conditions at sea. catchmentwhich include areas, fishing availability at ports, Nusantara Apps are mostly needed by small fishermen, the fishermen. The aspects of information within the Laut & Research Observation Center on marine data required by 100% of Indonesian made, with of the fullsupport Marine of Indonesia. Built under Android ops system, this apps is elevate productivity andsafety of fishermen communities Axiata has successfully launched digital apps that can & Research Center, Marine &Fisheries Ministry with XL & Research Observation Center, Marine &Fisheries HR Laut Nusantara Apps, collaboration between the Marine are offered at several activities within the city’s environment. Jakarta, the 5G technologies andWireless Gigabit (WiGig) basis andWiGig. Presented at around OldCity of West with DKI Jakarta Municipality present apilot project of 5G Axiata andthe Ministry of Communications andInformatics To adopt the latest digital technology for publicservice, XL customer behavior toward certain services. due to the increasing data/internet services, including facilitating the Company inmonitoring services dynamics subscribers andservice traffic. The new center aims at ensure premium quality services, so asto address increasing Jakarta will become the main focus for the Company to quality monitoring center located inXLAxiata Tower South Operation Center” (CE &SOC). This integrated services XL Axiata inaugurated the “Customer Experience &Service services. 300.000/month, the customers can also enjoy TVAndroid product offers up to 300 Mbps speed access – with just Rp POW!” asuper fast internet broadband service. The new A breakthrough product launched by XLAxiata, “XL Home able to benefit this service for their daily life activities. in 4provinces. As aresult, the surrounding communities are obligation) telecommunication network across 40locations XL Axiata commenced the USO (universal service

FOR SUSTAINABLE GROWTH AND RETURNS Milestones Milestones 17 17

2019 2019 2019 2019 2019 4. 3. 2. 1. network. investment andalso invest infiberisation of its network to handle rising data BTS with more than 40,000 4GBTS. XLAxiata increased focus inex-Java expansion has led to XLAxiata’s BTS count rising to more than 130,000 Continued capacity expansion. XLAxiata focus on coverage andcapacity 2018 andruncommercially inearly 2019 2018, immediately utilized inOctober was completed inthe third quarter of project that began inDecember 2017 development project. The development communication system (SKKL) Australia-Indonesia-Singapore cable have successfully completed the and Alcatel Submarine Networks XL Axiata together with Vocus Group

PT. XL AXIATA TBK PT. XL AXIATA TBK service areas, includingSulawesi. XL Axiata continues to improve the quality of data services inall its XL Axiata continues to build4GLTE data networks inKalimantan. China Sea region. remote areas, includingthe outermost islands that entered the South Axiata realized its commitment to serve the peopleof Indonesia to Islands. By utilizing the Western Palapa Ring backbone network, XL XL Axiata activates the 4GLTE network inAnambas Islands, Riau province. Tenggara by (NTT) expanding the reach of quality data services inthe XL Axiata began serving the community inthe Province of East Nusa throughout the network. network by doing fiberisation prepare alarge capacity data ecosystem. Oneof them isto in preparing the supporting the last two years, especially have been carried outsince future. Various preparations preparations 5G service inthe XL Axiata continues to finalize Tenggara (NTT). including inthe Province of East Nusa are mostly included inEastern Indonesia, includes 289 points invarious provinces which USO network development by XLAxiata infrastructure to areas outside Java. This year’s Axiata’s plan to continue to develop network and data services, whichisalso inlinewith XL not yet been reached by telecommunications telecommunications services inareas that have in the distribution andprovision of as acompany to support the government development that focuses on remote areas Service Obligation) scheme in2019. Network remote areas through the USO (Universal telecommunications anddata networks in XL Axiata will continue to develop Indonesia. technology network cities in31 /districts in launching the Narrowband IoT (NB-IoT) era. Oneof the efforts is by commercially business solutions to meet the Industrial 4.0 potential of the Internet of Things (IoT) ecosystem andutilize the development XL Axiata continues to strengthen the DRIVING OPERATIONAL EXCELLENCE FOR SUSTAINABLE GROWTH AND RETURNS telecommunications companies. domestic unicorns, corporations, and capability to serve companies hyperscalers, Data Center operator with significant growth Asia by 2025. This company will become a the largest digital economy inSoutheast strategic existence of PDGinIndonesia as Digital Group Data Centers, the will support for the partnership, called the Princeton all over Indonesia. The Associate created has five high-quality Data Centers spread Center service business portfolio. XLAxiata acquire a70% ownership inthe XLAxiata Data Warburg Pincus, has reached anagreement to infrastructure based inSingapore supported by developer andoperator of internet Princeton Digital Group (PDG),investor, and West Coast inLampung. Islands Province, MusiRawas inSouth Sumatra, several remote areas, namely Natuna inRiau three more USO BTSs will start operating in in national development. At the end of 2019, of the country so that they can participate XL Axiata continues to try to reach the corners

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FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 20 REPORT MANAGEMENT INTEGRATED ANNUAL REPORT

2019 2019 PT. XL AXIATA TBK COMMISSIONERS’ BOARD OF across macroeconomic indicators was central to In 2019, Indonesia posted 5.02% growth. Stability Telecommunications sub-sector as the main driver. Communications sector on the back of the growing performance was stable, the including Information and the resilience of its domestic situation. Industry end of 2019. However, Indonesia was ableto maintain Globally, the economy remained sluggish until the outstanding capabilities inmanaging this situation. However, we are thankful that XLAxiata delivered with intense market competition inthe industry. 2019. The year was markedly challenging, coupled business management of PT XLAxiata Tbkin allow usto present this oversight report on the On behalf of the Board of Commissioners, please Dear Shareholders, PERFORMANCE ASSESSMENT DRIVING OPERATIONAL EXCELLENCE expenditures. XL Axiata needed to make significant capital profitability andliquidity, especially at a time when also effectively maintained agood balance between to turn challenges into opportunities. Its strategies Board of Directors was well prepared andwas able business andeconomic landscape prudently. The that XLAxiata’s Board of Directors addressed domestic economic situations, we share the view Against the backdrop of unfavorable global and Indonesia’s currency. market also contributed to solidifying the position of and reduced uncertainty inthe global money investments. The thriving domestic money market by foreign payments from exports andforeign average according to Bank Indonesia data, driven strengthened by 3.58% (point to point) or 0.76% on this achievement. The currency rate, for example, President Commissioner company. integrated telecommunications becoming the country’s first is on the right track towards its business focus, the Company the third consecutive year. With outperformed the industry for in Indonesia andfinancially as the strong #2operator Axiata maintained its position are pleased to report that XL through the dynamics 2019. We XL Axiata was ableto journey Backed by the right strategies DR. MUHAMAD CHATIB BASRI REPORT Board of Commissioners’ Report

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FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 22 22 the 2017 survey. 19.48% compared to the 143.26 million peoplefrom 264.17 million people–ayear-on-year increase of million people, or 64.79% of the total population of Internet penetration inIndonesia has reached 171.17 Service Providers Association (APJII) showed that A 2018 survey conducted by the Indonesian Internet sector has ampleroom to grow for years to come. As we lookahead, we believe that the telco sub- 2019 or a122% growth (YoY). profits for the year that reached billion Rp712.58 in stakeholders, asreflected from, among others, note and enhanced values for shareholders and in 2019. The year was concluded with apositive with the results delivered by the Board of Directors Overall, the Board of Commissioners ispleased 86% andRp35 thousand in2019, respectively. (ARPU) from 80% andRp32 thousand in2018 to as well asthe Company’s Average Revenue per User was reflected from higher penetration smartphone to meet the demands of this population, andthis Axiata’s products andservices are well positioned smartphones andincreasing their use of Internet. XL from ‘needs’ to ‘wants’ –suchasexchanging spending that allows them to expand priorities middle class with more room for disposable strategy isvery effective for Indonesia’s growing Targeting different segments, we believe this implementing the dual brand andAxis) strategy. (XL the consistency of the Board of Directors in On operating performance, we acknowledge denominated borrowings asof the end of 2019. to report that XLAxiata was not exposed to USD- liquidity riskassociated with borrowings, we are able international institutions. Meanwhile, interms of contracts, e.g. exercising call spread option with out effective hedging strategies by having derivative revenues inIndonesian Rupiah, XLAxiata carried expenditures. With capital spending inUSD and the currency exchange riskwith respect to capital and positive cash flows. Case inpoint would be in 2019, resulting ingrowth of XLAxiata’s revenues ability to mitigate financial risks exceptionally well A such,we appreciate the Board of Directors’ Board of Commissioners’ Report BUSINESS PROSPECTS the 2017 survey. 19.48% compared to the 143.26 million peoplefrom 264.17 million people–ayear-on-year increase of million people, or 64.79% of the total population of Internet penetration inIndonesia has reached 171.17 Service Providers Association (APJII) showed that A 2018 survey conducted by the Indonesian Internet sector has ampleroom to grow for years to come. As we lookahead, we believe that the telco sub- 2019 or a122% growth (YoY). profits for the year that reached billion Rp712.58 in stakeholders, asreflected from, among others, note andenhanced values for shareholders and in 2019. The year was concluded with apositive with the results delivered by the Board of Directors Overall, the Board of Commissioners ispleased 86% andRp35 thousand in2019, respectively. (ARPU) from 80% andRp32 thousand in2018 to as well asthe Company’s Average Revenue per User was reflected from higher penetration smartphone to meet the demands of this population, andthis Axiata’s products andservices are well positioned smartphones andincreasing their use of Internet. XL from ‘needs’ to ‘wants’ –suchasexchanging spending that allows them to expand priorities middle class with more room for disposable strategy isvery effective for Indonesia’s growing Targeting different segments, we believe this implementing the dual brand andAxis) strategy. (XL the consistency of the Board of Directors in On operating performance, we acknowledge denominated borrowings asof the end of 2019. to report that XLAxiata was not exposed to USD- liquidity riskassociated with borrowings, we are able international institutions. Meanwhile, interms of contracts, e.g. exercising call spread option with out effective hedging strategies by having derivative revenues inIndonesian Rupiah, XLAxiata carried expenditures. With capital spending inUSD and the currency exchange riskwith respect to capital and positive cash flows. Case inpoint would be in 2019, resulting ingrowth of XLAxiata’s revenues ability to mitigate financial risks exceptionally well A such,we appreciate the Board of Directors’ Board of Commissioners’ Report BUSINESS PROSPECTS INTEGRATED ANNUAL REPORT INTEGRATED ANNUAL REPORT

2019 2019

2019 2019 PT. XL AXIATA TBK PT. XL AXIATA TBK Dr. Muhamad Chatib Basri Dr. Muhamad Chatib Basri On behalf of the Board of Commissioners On behalf of the Board of Commissioners President Commissioner President Commissioner on data service. expanding its business outside of Java andfocusing opportunities for XLAxiata, especially interms of providers. This alone indicates the substantial growth 96.6% purchase Internet data from their cellular (6.6%), andBali-Nusa Tenggara Ofallusers, (5.2%). (21.6%), Sulawesi-Maluku-Papua (10.9%), Kalimantan concentrated inJava (55.7%) followed by Sumatra APJII data also revealed that most Internet users are efficiency andeffectiveness, and compliance. into its culture of professionalism andintegrity, committed to continuously embed GCGprinciples robust, andefficient performance. The Company is compliance, contribute to XLAxiata’s strong, and fairness (TARIF), aswell asourregulatory accountability, responsibility, independency, discipline inapplying the principles of transparency, We believe that ourGCGimplementation andour engagement. recognized with anaward for best stakeholder in Indonesia interms of GCGpractices andwas top 20lists of 50 Best Publicly Listed Companies capital market in2019. Today, XLAxiata isinthe process, aninitiative that was appreciated by the operations. The Company has also digitized its GCG (GCG) practices across the Company’s entire consistently applied GoodCorporate Governance Board of Commissioners andthe Board of Directors On Corporate Governance, throughout 2019 the partners, and stakeholders for their and trust. support appreciation to allshareholders, customers, business throughout 2019. We would also like to convey our commitment inexecuting XLAxiata’s strategies Directors andallemployees for their hard work and like to express ourappreciation to the Board of On behalf of the Board of Commissioners, we would on 29April 2019. Company’s Annual General Shareholders’ Meeting the Board of Commissioners of XLAxiata during the There were nochanges made to the composition of APPRECIATION BOARD OF COMMISSIONERS’ STRUCTURE CORPORATE GOVERNANCE PRACTICES on data service. expanding its business outside of Java andfocusing opportunities for XLAxiata, especially interms of providers. This alone indicates the substantial growth 96.6% purchase Internet data from their cellular (6.6%), andBali-Nusa Tenggara Ofallusers, (5.2%). (21.6%), Sulawesi-Maluku-Papua (10.9%), Kalimantan concentrated inJava (55.7%) followed by Sumatra APJII data also revealed that most Internet users are efficiency andeffectiveness, and compliance. into its culture of professionalism andintegrity, committed to continuously embed GCGprinciples robust, andefficient performance. The Company is compliance, contribute to XLAxiata’s strong, and fairness (TARIF), aswell asourregulatory accountability, responsibility, independency, discipline inapplying the principles of transparency, We believe that ourGCGimplementation andour engagement. recognized with anaward for best stakeholder in Indonesia interms of GCGpractices andwas top 20lists of 50 Best Publicly Listed Companies capital market in2019. Today, XLAxiata isinthe process, aninitiative that was appreciated by the operations. The Company has also digitized its GCG (GCG) practices across the Company’s entire consistently applied GoodCorporate Governance Board of Commissioners andthe Board of Directors On Corporate Governance, throughout 2019 the partners, and stakeholders for their and trust. support appreciation to allshareholders, customers, business throughout 2019. We would also like to convey our commitment inexecuting XLAxiata’s strategies Directors andallemployees for their hard work and like to express ourappreciation to the Board of On behalf of the Board of Commissioners, we would on 29April 2019. Company’s Annual General Shareholders’ Meeting the Board of Commissioners of XLAxiata during the There were nochanges made to the composition of APPRECIATION BOARD OF COMMISSIONERS’ STRUCTURE CORPORATE GOVERNANCE PRACTICES 26 Dr. Muhamad Chatib Basri Independent Commissioner President Commissioner Julianto Sidarto Kenneth Shen Commissioner Tan Sri Jamaludin bin Ibrahim Independent Commissioner Dr. David Robert Dean Muliadi Rahardja Commissioner Commissioner DRIVING OPERATIONAL EXCELLENCE COMMISSIONERS Yasmin Stamboel Wirjawan

Independent Commissioner FOR SUSTAINABLE GROWTH AND RETURNS Peter JohnChambers Commissioner Commissioner Vivek Sood Board of Board 23

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 24 DIRECTORS’ BOARD OF Revenues, EBITDA, and profit for the year grew by 9%, 17%, and 122%, respectively. Consistent andcommitted to its strategies, XLAxiata delivered solid performance throughout 2019. PERFORMANCE HIGHLIGHTS INTEGRATED ANNUAL REPORT year-on-year. revenues, growing by 28% of the total service 89% CONTRIBUTED DATA REVENUES

2019 2019 PT. XL AXIATA TBK penetration level to 86%. bringing the smartphone users grew by 11%, Number of smartphone annually increased by 3%. 56.7 NUMBERS REACHED CUSTOMER million, REPORT completed inthe third quarter of 2018. 2018. Construction began inDecember 2017 andwas Communication System (SKKL) project inFebruary Australia-Indonesia-Singapore Cable-Communications Submarine Networks, marked the completion of the XL Axiata, along with the Vocus Group andAlcatel available in425 cities anddelivered by 40,264 4GBTS. especially ex Java. Today, XLAxiata’s 4Gnetwork is Continued network investments throughout Indonesia, ‘‘ President Director is ourDNA.” excellence “Operational DIAN SISWARINI ‘‘ competition throughout 2019 and challenges. It increased market last year presented administrative SIM card registration program year. Government’s mandatory industry, 2019 was not aneasy For the telecommunications range of the projected 3.5±1%. and inflation stay in the lower policies indeveloped countries, stable following relaxed monetary year. The exchange rate remain compared to 5.17% inthe previous corrected to 5.02% (YoY) economic growth in2019 slightly exports experiencing contraction, economy. With Indonesian inevitably affected Indonesia’s The global economic slowdown stimulus inresponse. monetary policies andfiscal various countries to apply and this situation prompted global economy was still volatile, and geopolitical risks. Overall, the pressure from trade war tensions economy continued to feel the Throughout 2019, the global MARKET OVERVIEW Excellence asourDNA. first integrated service provider in Indonesia with Operational Our long-term strategy for five years from now is to become the partners andstakeholders. business to ensure abetter way of working with ourcustomers, cash growth. We will also continue to digitalize the way we do emphasis on operational excellence to deliver sustained profit & We will continue to implement ourstrategy with anincreased operator. consecutive years cementing ourposition asastrong no2 worked. As aresult, we have outgrown the market for three that ourstrategy andfocus on operational excellence has connectivity provider by 2020. We have proved to the market delivering on ourvision to become the most preferred data In 2019 XLAxiata has continued on ourgrowth trajectory and achieve operational excellence. XL Axiata continues to evolve to telecommunications company, As Indonesia’s leading in fostering the digital economy. which will play animportant part telecommunications industry, drive the future growth of the see itas anopportunity to this being achallenge, we more pervasive. Rather than technologies have become aka Industry 4.0. Digital the Fourth Industrial Revolution, Today, we are inthe middleof penetration. service demand andsmartphone reflected inanincrease indata year. Among others, growth was gradual progress throughout the technologies, we could also see is deeply impacted by digital However, inanindustry that result of that program. to behighly competitive asthe until now the market continues STRATEGY OBJECTIVE DRIVING OPERATIONAL EXCELLENCE convergence businesses. are data services, Enterprise, and current growth drivers, which investments inXLAxiata’s our strategic goals, we directed capital spending. To work toward industry demands intensive investment decisions, asthe Company was making the right crucial inensuring that the strategic goals was particularly Aligning capital allocation with value for stakeholders. third isto enhance the company’s in addressing any challenges. The to bemore efficient and resilient all business lines. The second is and to accelerate the growth of an optimal risk-and-return rate strategic goals inorder to create is to align capital allocation with three key strategies. The first one To that end, the Company has flexibility. investment andinnovation financial space that would allow shareholders, butalso to create to increase the returns to The Company aims not only

FOR SUSTAINABLE GROWTH AND RETURNS Board of Directors’ Report 25

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 26 term returns on investment. Axiata aims to deliver mid- In the Enterprise business, XL (ONT) Wireless router. an Optical Network Terminal over fiber optic cables through capacity broadband network service by connecting to ahigh- 500 Mbps of high-speed internet residential subscribers with upto of 2019. HOMEprovides HOME segment inthe beginning to see significant growth inits in 2018, the Company started HOME segment. After its launch developed to deliver the XL and fiber networks are being service quality. Broadband continued to enhance its data expansion, XLAxiata also Aside from region-based percent of the population. representing more than 96 regencies on Indonesian Borneo, now reaches 54 cities and Axiata’s quality data processing telecommunications network. XL that are not yet covered by the (USO) program, to remote areas the Universal Service Obligation KalimantanNorth and,through expanded inWest Kalimantan and year. In 2019, the 4G networks about 43 percent inthe past increase anddata traffic rose for data services continues to in Kalimantan, where demand develop 4GLTE data networks strategy, XLAxiata continued to of room to grow. In linewith this for the Company, to attain plenty more choices to consumers and, heavily populated Java to give Indonesian islands beyond the strategy in2017, expanding to XL Axiata launched its ex-Java and long-term strategies. to play abigger role inourmiddle to ourtotal revenues, isexpected demand andhigher contributions expansion, with increasing term strategy, whilethe ex-Java in the context of ourshort- an important focus, especially regions ex-Java. Java remained strategy inboth Java andother continued with adual-brand throughout 2019, XLAxiata In growing ourdata business Board of Directors’ Report INTEGRATED ANNUAL REPORT

2019 2019 PT. XL AXIATA TBK monetization strategies to gain Company’s up-selling anddata behind this success was the 1.07 million users. Akey factor paid customers to more than This included the growth of post- million customers by end of 2019. customers to reach atotal of 56.7 (YoY) of the number of XL Axiata achieved 3%growth 28% to Rp20.25 trillion in2019. of total revenues andgrew by key driver. Data contributed 89% in 2019 with data services asthe by 15% (YoY) to Rp22.84 trillion to by service revenues that rose growth was mainly contributed XL Axiata’s strong revenue three basis points year-on-year. of the EBITDA margin to 40%or revenues resulted inanincrease billion. Higher EBITDA growth to Rp9.97 trillion andRp712.58 year-on-year, respectively, to the year rose by 17% and122% while EBITDA andprofits for grew by 9%to Rp25.15 trillion showed robust results. Revenues By the end of 2019, XLAxiata Indonesia. the strong #2cellular operator in expects to keep its position as pioneering spirit, XLAxiata display. By maintaining this virtually through aholographic 5G services to communicate demonstrated the ability of the Jakarta on August 21, 2019. It of the XLAxiata Building in conducted inone of the rooms technology was successfully eventual implementation of 5G 5G network. Athird trial for the to develop infrastructure for a forward-looking andhas started network, XLAxiata isalso Whilst strengthening its 4G Indonesia’s digital ecosystem. to contributing to advancing Finally, XLAxiata iscommitted mobile andfixed services. service provider that offers both Axiata seeks to beanintegrated a long-term framework, asXL strategy isbeing putinplace in Meanwhile, the convergence PERFORMANCE SUMMARY demand was highest. Today, XL in regions outside of Java where infrastructure quality, including testament to XLAxiata’s Traffic growth serveda as service users. of customers, 88% were data 2019, of XLAxiata’s total number delivery network. Until the end of traffic as the main data service to this increase was 4Gdata (PB) in2019. Amajor contributor (YoY)51% to 3,320 peta bytes traffic as well, with growth of A growth story was told indata to Rp35,000. User (ARPU) grew by 9%(YoY) blended Average Revenue per Java. As the result, XLAxiata’s which outpaced growth on numbers inex-Java regions, significant growth of customer The Company was also seeing period last year. points compared to the same that increased by 86%or 6basis 2019, with apenetration rate 48.8 million asof December users among its customers to on-year growth of smartphone XL Axiata recorded year- a11% more customers. smartphone GREW BY REVENUE ROSE BY ROSE PROFIT THAN XL AXIATA HAS MORE GROWTH CUSTOMER 130,000 to reach atotal of 56.7 million customers by end of 2019. 17% to Rp25.15 trillion 9% 3% (YoY) BTS including intalent recruitment. certain products andservices, the same time competitors for market. They are partners andat players that are aggressive inthe scale, butalso with new digital with peer companies of the same now has to compete not only recognizes that the Company market competition. XLAxiata challenges –mainly interms of However, there were also were improving in2019. scores (NPS) of both XLandAxis Brand-wise, the net promoter revenues from legacy services. in terms of addressing declining position vis-à-vis other operators industry andhas astronger XL Axiata isnow leading the With these achievements, employees andless paperwork. achieve greater transparency for management platforms to recruitment andperformance with employees by digitizing way the company communicates customers, andrevamping the interface inapplications (UI) for inventories, redesigning the user tracking of their locations and applications that allow the digital the company’s contractors with personalized services, equipping offer their customers real-time, processes to allow contractors to non-real-time to real-time infrastructure to move from modernizing its analytics XL to connect with its partners, interface) to make iteasier for API (application programming including implementing anOpen business andinternal operations, most not if allaspects of its Internally, XLcontinues to digitize to accommodate data growth. capacity, anddata service quality provide better stability, network and various other upgrades to backhaul, network modernization, in fiber networks, transmission, and districts. XLAxiata invested serving 425 Indonesian cities 4G LTE network –currently also continued to expand its 40,264 4GBTS. The Company BTS, including 54,027 3GBTS and Axiata has more than 130,217 its third year and have active ongoing initiative that isinalready transformation through various also buildculture trust transformation, The Company Along with the organization total employees. make upabout79% of XL Axiata’s younger employees whonow and arelevant workplace for a preferred choice of employment XL Axiata also always seeks to be management. assessment, to performance development andperformance from recruitment, hiring, career in human capital management stay updated on the latest trends engages with external experts to or industries. The Company also experience insimilar companies capabilities thanks to their external talents with more mature Another strategy isto bring in models andgrowth direction. to follow the Company’s business mindsets inorder to enable them technical capabilities and training that targets employees’ Axiata provides continuous the market. To address it, XL our business stay outperforming skills isanimperative to ensure The right talents with the right personal attributes like integrity. and digitalization, butalso in just technically indata service to employee nurturing skills–not talents. XLAxiata iscommitted achieved without ourvaluable Company’s successes were We realize that none of the internal operations. lean andagileby digitizing its with 5G trials andto bemore Company seeks to stay ahead with less competition. Finally, the focus to underserved markets the Company isalso shifting its loyalty. Backed by its capabilities, to organically grow customer innovate with digital platforms best products andservices and Axiata strives to provide the To address the challenges, XL OPERATIONAL SUMMARY DRIVING OPERATIONAL EXCELLENCE jobs, XLAxiata has consistently in education andenterprising on providing digital platforms through digitalization. Focusing Indonesia to the next level the society inaway to bring CSV commitment to advance Value, XLAxiata respects its In terms of ourCorporate Shared as the best industry player. recognition from ourstakeholders GCG practices. We also received Best Publicly Listed Companies in 20 inthe list of 50 of Indonesia’s XL Axiata. We are now inthe top market nicely concluded 2019 for Accolades from the capital the years. of goodcooperation throughout Integrated Reporting asthe result government recent initiative on or amended regulations and initiatives suchasdraft of new provide feedback to government the Company has been ableto with these stakeholders and importance on ourrelations and the government. We place to capital market authorities meetings andtimely reporting as organizing regular Board capital market regulations, such meets allrequirements set by The Company also consistently members outside of Indonesia. Stream features for our Board for ourShareholders andVideo the use of OnlineRegistration September we introduced further During ourExtraordinary GMSon for allshareholders to download. materials via QRCode available meeting by providing allmeeting introduced aneco-friendly GMS last April 2019 we have 2017, starting from the Annual become oursignature since GMS proceeding whichhas of GCG,asidefrom the iconic in XLAxiata isdigitalization most important milestones governance (GCG), one of the In terms of goodcorporate and more positive work culture. has resulted inhigher engagement and closer to allemployees, which Directors has become more open Under this initiative, the Board of involvement from the leaders.

FOR SUSTAINABLE GROWTH AND RETURNS Board of Directors’ Report 27

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 28 Board of Board DIRECTORS Axiata’s consistent commitment Leaders program represents XL In education, the XLFuture persons, andborder monitoring. putting astop to trafficking in ecosystems against pollution, conservation, protecting marine government’s agenda of marine important data to the support fishermen, the appalso collects of catch. Not only benefitting improvement intheir volumes of them reported significant total of 20,000 users andmost app has been downloaded by a and estimating distances. The spots, informing weather report accurately identifying fishing improve their income by more communities andhelps them to to underprivileged fisher Axiata brings digital services mobile application, XL Through the Laut Nusantara to ultimately tackle poverty. women, fishermen, and students contributed digital benefits to Board OfDirectors’ Report Director 05. Director 04. Abhijit Jayant Navalekar Director 03. Director Tajudin 02. Mohamed Adlan BinAhmad President Director 01. Dian Siswarini INTEGRATED ANNUAL REPORT Allan Bonke Yessie Dianty Yosetya

2019 2019 PT. XL AXIATA TBK 05. Mohamed Adlan bin Ahmad Tajudin Tan Sri Jamaludin bin Kenneth Shen segments through ourproducts. to attract customers indifferent decisions, aswe have continued strategy andtransformation shows the effectiveness of our our value to shareholders. This our position inthe market and consecutive years have proven 2019 andits growth inthree XL Axiata’s achievements in growth andto compete globally. able to accelerate their career Leaders graduates have been to global challenges, XLFuture soft skillsthey need to respond country’s best talents with the management. By equipping the and innovation, andchange communication, entrepreneurship core competencies: effective focus on improving three with global curricula that two-year leadership training participants are given intensive human capital quality. Program to improving Indonesia’s OUTLOOK Commissioner STATEMENT OF ACCOUNTABILITY Temporary Director by the Board of Commissioners andBoard of Directors Commissioner Report of PT XLAxiata Tbkhas been comprehensively presented andthat we are fully Ibrahim We, the signatories, hereby stated that allinformation contained inthe 2019 Annual accountable for the accuracy of the content of PT XLAxiata TbkAnnual Report. OF 2019 ANNUAL REPORT Independent Commissioner Yasmin Stamboel Allan Bonke Wirjawan Director Vivek Sood Commissioner BOARD OF COMMISSIONERS 04. 04. 01. 01. This Statement ismade truthfully. BOARD OF DIRECTORS Dr. Muhamad Chatib Basri coming years. continue to grow andexcel inthe XL Axiata isconfident that it can 5G technology revolution. Finally, Axiata isready for the oncoming are also designed to ensure XL end of 2022. Both undertakings percent of sites fiberized by the end of 2020 andto have 60to 70 percent of its sites fiberized by the Axiata aims to have more than 50 its customers andpartners. XL providing innovative services to industry andisset to continue Indonesia’s telecommunications step ahead of its competitors in XL Axiata remains, asalways, one Jakarta, 24 March 2020 President Commissioner President Director Dian Siswarini Dian Siswarini the Board of Directors, of Board the 1 President Director Abhijit Jayant Navalekar DRIVING OPERATIONAL EXCELLENCE Peter JohnChambers Independent Commissioner On behalf of Muliadi Rahardja Commissioner Director 02. 02. 03. 03.

FOR SUSTAINABLE GROWTH AND RETURNS Dr. David Robert Dean Independent Commissioner Yessie Dianty Yosetya Julianto Sidarto Commissioner Director 29 Mohamed Adlan bin Mohamed Adlan bin Mohamed Adlan bin Ahmad Tajudin 22 Ahmad Tajudin Tan Sri Jamaludin bin Mohamed Adlan bin Kenneth Shen Tan Sri Jamaludin bin Mohamed Adlan bin Kenneth Shen Mohamed Adlan bin Ahmad Tajudin Commissioner Tan Sri Jamaludin bin

FINANCIALKenneth Shen STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS Mohamed Adlan bin Commissioner XL AXIATA AT GLANCE STATEMENT OF ACCOUNTABILITY STATEMENT OF ACCOUNTABILITY 2019 or a122% growth (YoY). profits for the year that reached billion Rp712.58 in stakeholders, asreflected from, among others, note andenhanced values for shareholders and in 2019. The year was concluded with apositive with the results delivered by the Board of Directors Overall, the Board of Commissioners ispleased 86% andRp35 thousand in2019, respectively. (ARPU) from 80% andRp32 thousand in2018 to as well asthe Company’s Average Revenue per User was reflected from higher penetration smartphone to meet the demands of this population, andthis Axiata’s products andservices are well positioned smartphones andincreasing their use of Internet. XL from ‘needs’ to ‘wants’ –suchasexchanging spending that allows them to expand priorities middle class with more room for disposable strategy isvery effective for Indonesia’s growing Targeting different segments, we believe this implementing the dual brand andAxis) strategy. (XL the consistency of the Board of Directors in On operating performance, we acknowledge denominated borrowings asof the end of 2019. to report that XLAxiata was not exposed to USD- liquidity riskassociated with borrowings, we are able international institutions. Meanwhile, interms of contracts, e.g. exercising call spread option with out effective hedging strategies by having derivative revenues inIndonesian Rupiah, XLAxiata carried expenditures. With capital spending inUSD and the currency exchange riskwith respect to capital and positive cash flows. Case inpoint would be in 2019, resulting ingrowth of XLAxiata’s revenues ability to mitigate financial risks exceptionally well A such,we appreciate the Board of Directors’ Board of Commissioners’ Report the 2017 survey. 19.48% compared to the 143.26 million peoplefrom 264.17 million people–ayear-on-year increase of million people, or 64.79% of the total population of Internet penetration inIndonesia has reached 171.17 Service Providers Association (APJII) showed that A 2018 survey conducted by the Indonesian Internet sector has ampleroom to grow for years to come. As we lookahead, we believe that the telco sub- BUSINESS PROSPECTS Mohamed Adlan bin Ahmad Tajudin Ahmad Tajudin Commissioner Ahmad Tajudin Tan Sri Jamaludin bin Kenneth Shen INTEGRATED ANNUAL REPORT Tan Sri Jamaludin bin STATEMENT OF ACCOUNTABILITY Kenneth Shen Tan Sri Jamaludin bin Director Kenneth Shen Director Ahmad Tajudin Commissioner by the Board of Commissioners andBoard of Directors Tan Sri Jamaludin bin Ahmad Tajudin Kenneth Shen Commissioner Commissioner by the Board of Commissioners andBoard of Directors STATEMENT OF ACCOUNTABILITY Commissioner Commissioner Director STATEMENT OF ACCOUNTABILITY Tan Sri Jamaludin bin Kenneth Shen STATEMENT OF ACCOUNTABILITY Report of PT XLAxiata Tbkhas been comprehensively presented andthat we are fully Report of PT XLAxiata Tbkhas been comprehensively presented andthat we are fully Commissioner by the Board of Commissioners andBoard of Directors Commissioner STATEMENT OF ACCOUNTABILITY Ibrahim Director Ibrahim Director We, the signatories, hereby stated that allinformation contained inthe 2019 Annual PERNYATAAN TANGGUNG JAWAB Report of PT XLAxiata Tbkhas been comprehensively presented andthat we are fully Director We, the signatories, hereby stated that allinformation contained inthe 2019 Annual by the Board of Commissioners andBoard of Directors Commissioner by the Board of Commissioners andBoard of Directors by the Board of Commissioners andBoard of Directors Ibrahim Commissioner Director accountable for the accuracy of the content of PT XLAxiata TbkAnnual Report. Commissioner Komisaris We, the signatories, hereby stated that allinformation contained inthe 2019 Annual Report of PT XLAxiata Tbkhas been comprehensively presented andthat we are fully accountable for the accuracy of the content of PT XLAxiata TbkAnnual Report. Direktur Report of PT XLAxiata Tbkhas been comprehensively presented andthat we are fully by the Board of Commissioners andBoard of Directors Report of PT XLAxiata Tbkhas been comprehensively presented andthat we are fully Commissioner Ibrahim accountable for the accuracy of the content of PT XLAxiata TbkAnnual Report. Ibrahim We, the signatories, hereby stated that allinformation contained inthe 2019 Annual Report of PT XLAxiata Tbkhas been comprehensively presented andthat we are fully Ibrahim We, the signatories, hereby stated that allinformation contained inthe 2019 Annual We, the signatories, hereby stated that allinformation contained inthe 2019 Annual Ibrahim accountable for the accuracy of the content of PT XLAxiata TbkAnnual Report. We, the signatories, hereby stated that allinformation contained inthe 2019 Annual accountable for the accuracy of the content of PT XLAxiata TbkAnnual Report. OF 2019 ANNUAL REPORT Komisaris Ibrahim accountable for the accuracy of the content of PT XLAxiata TbkAnnual Report. Kami yang bertanda tangan dibawah inimenyatakan bahwa semua informasi dalam OF 2019 ANNUAL REPORT accountable for the accuracy of the content of PT XLAxiata TbkAnnual Report. Laporan Tahunan XLAxiata Tbktahun 2018 telah dimuat secara lengkap dankami OF 2019 ANNUAL REPORT bertanggung jawab penuh atas kebenaran isiLaporan Tahunan PT XLAxiata Tbk. OF 2019 ANNUAL REPORT OF 2019 ANNUAL REPORT OF 2019 ANNUAL REPORT OF 2019 ANNUAL REPORT Independent Commissioner Independent Commissioner LAPORANTAHUNAN 2019 Independent Commissioner Yasmin Stamboel Yasmin Stamboel Independent Commissioner Independent Commissioner Independent Commissioner Yasmin Stamboel Independent Commissioner Yasmin Stamboel Allan Bonke

Yasmin Stamboel Allan Bonke 2019 2019 Yasmin Stamboel Wirjawan Wirjawan Yasmin Stamboel Allan Bonke Komisaris Independen Yasmin Stamboel Wirjawan Director Director Allan Bonke oleh Dewan Komisaris danDireksi Vivek Sood Commissioner Allan Bonke Vivek Sood Allan Bonke Commissioner Wirjawan PT. XL AXIATA TBK Wirjawan Director Allan Bonke Wirjawan Demikian pernyataan inidibuat dengan sebenarnya. BOARD OF COMMISSIONERS Vivek Sood Commissioner BOARD OF COMMISSIONERS Wirjawan Allan Bonke Director Wirjawan Director BOARD OF COMMISSIONERS Director Vivek Sood Commissioner Vivek Sood Commissioner Vivek Sood Director Commissioner This Statement ismade truthfully. Vivek Sood Commissioner BOARD OF COMMISSIONERS This Statement ismade truthfully. BOARD OF COMMISSIONERS Direktur BOARD OF COMMISSIONERS BOARD OF DIRECTORS Vivek Sood BOARD OF COMMISSIONERS BOARD OF DIRECTORS This Statement ismade truthfully. Dr. Muhamad Chatib Basri Dr. Muhamad Chatib Basri Dr. Muhamad Chatib Basri BOARD OF DIRECTORS This Statement ismade truthfully. Komisaris This Statement ismade truthfully. This Statement ismade truthfully. Dr. Muhamad Chatib Basri This Statement ismade truthfully. Jakarta, 24 March 2020 BOARD OF DIRECTORS Jakarta, 24 March 2020 BOARD OF DIRECTORS BOARD OF DIRECTORS On behalf of the Board of Commissioners BOARD OF DIRECTORS President Commissioner Dr. Muhamad Chatib Basri Dr. Muhamad Chatib Basri President Commissioner Jakarta, 24 March 2020 Dr. Muhamad Chatib Basri Dr. Muhamad Chatib Basri President Commissioner Jakarta, 24 March 2020 Dr. Muhamad Chatib Basri Jakarta, 24 March 2020 President Director Jakarta, 24 March 2020 DEWAN KOMISARIS Dian Siswarini President Director Jakarta, 24 March 2020 Dian Siswarini President Commissioner President Commissioner President Commissioner President Director President Commissioner Dian Siswarini 1 Jakarta, 24 Maret 2020 1 President Commissioner Abhijit Jayant Navalekar President Director Abhijit Jayant Navalekar Dian Siswarini President Director 1 President Director Dian Siswarini Dian Siswarini President Director DRIVING OPERATIONAL EXCELLENCE Dian Siswarini Peter John Chambers Independent Commissioner Abhijit Jayant Navalekar DRIVING OPERATIONAL EXCELLENCE Peter John Chambers Independent Commissioner 1 Presiden Komisaris 1 1 Dian Siswarini Presiden Direktur DRIVING OPERATIONAL EXCELLENCE Peter John Chambers Abhijit Jayant Navalekar Independent Commissioner Abhijit Jayant Navalekar Abhijit Jayant Navalekar Abhijit Jayant Navalekar Muliadi Rahardja 1 DRIVING OPERATIONAL EXCELLENCE Peter John Chambers Muliadi Rahardja Independent Commissioner DRIVING OPERATIONAL EXCELLENCE Peter John Chambers DIREKSI DRIVING OPERATIONAL EXCELLENCE Independent Commissioner Peter John Chambers Independent Commissioner DRIVING OPERATIONAL EXCELLENCE Peter JohnChambers Abhijit Jayant Navalekar Independent Commissioner Muliadi Rahardja Commissioner DRIVING OPERATIONAL EXCELLENCE Peter John Chambers Commissioner Muliadi Rahardja Muliadi Rahardja Muliadi Rahardja Commissioner Muliadi Rahardja Director Komisaris Independen Director Commissioner Muliadi Rahardja Commissioner Commissioner Commissioner Director Director Director Director Director on data service. expanding its business outside of Java andfocusing opportunities for XLAxiata, especially interms of providers. This alone indicates the substantial growth 96.6% purchase Internet data from their cellular (6.6%), andBali-Nusa Tenggara Ofallusers, (5.2%). (21.6%), Sulawesi-Maluku-Papua (10.9%), Kalimantan concentrated inJava (55.7%) followed by Sumatra APJII data also revealed that most Internet users are efficiency andeffectiveness, and compliance. into its culture of professionalism andintegrity, committed to continuously embed GCGprinciples robust, andefficient performance. The Company is compliance, contribute to XLAxiata’s strong, and fairness (TARIF), aswell asourregulatory accountability, responsibility, independency, discipline inapplying the principles of transparency, We believe that ourGCGimplementation andour engagement. recognized with anaward for best stakeholder in Indonesia interms of GCGpractices andwas top 20lists of 50 Best Publicly Listed Companies capital market in2019. Today, XLAxiata isinthe process, aninitiative that was appreciated by the operations. The Company has also digitized its GCG (GCG) practices across the Company’s entire consistently applied GoodCorporate Governance Board of Commissioners and the Board of Directors On Corporate Governance, throughout 2019 the partners, and stakeholders for their and trust. support appreciation to allshareholders, customers, business throughout 2019. We would also like to convey our commitment inexecuting XLAxiata’s strategies Directors andallemployees for their hard work and like to express ourappreciation to the Board of On behalf of the Board of Commissioners, we would on 29April 2019. Company’s Annual General Shareholders’ Meeting the Board of Commissioners of XLAxiata during the There were no changes made to the composition of CORPORATE GOVERNANCE PRACTICES APPRECIATION BOARD OF COMMISSIONERS’ STRUCTURE Komisaris 26 Direktur

FOR SUSTAINABLE GROWTH AND RETURNS

FOR SUSTAINABLE GROWTH AND RETURNS Dr. David Robert Dean

Dr. David Robert Dean Independent Commissioner FOR SUSTAINABLE GROWTH AND RETURNS Independent Commissioner Dr. David Robert Dean

FOR SUSTAINABLE GROWTH AND RETURNS Independent Commissioner

FOR SUSTAINABLE GROWTH AND RETURNS FOR SUSTAINABLE GROWTH AND RETURNS FOR SUSTAINABLE GROWTH AND RETURNS Dr. David Robert Dean Yessie Dianty Yosetya Dr. David Robert Dean Julianto Sidarto Dr. David Robert Dean Independent Commissioner Dr. David Robert Dean Yessie Dianty Yosetya Julianto Sidarto Independent Commissioner

Independent Commissioner Independent Commissioner FOR SUSTAINABLE GROWTH AND RETURNS Yessie Dianty Yosetya Julianto Sidarto Commissioner Dr. David Robert Dean Commissioner Yessie Dianty Yosetya Julianto Sidarto Yessie Dianty Yosetya Commissioner Yessie Dianty Yosetya Julianto Sidarto Julianto Sidarto Yessie Dianty Yosetya Julianto Sidarto Komisaris Independen Commissioner Commissioner Commissioner Yessie Dianty Yosetya Julianto Sidarto Commissioner Director Director Komisaris Director Director Director Director Director Direktur 29 29 29 29 29 29 29 FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS 31 FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATAXL AXIATA AT GLANCEAT GLANCE FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE FINANCIALFINANCIALFINANCIAL STATEMENTSSTATEMENTS STATEMENTS 20192019 2019 CORPORATECORPORATE DATA DATA CORPORATECORPORATE SOCIAL SOCIAL RESPONSIBILITY RESPONSIBILITY CORPORATECORPORATE GOVERNANCE GOVERNANCE MANAGEMENT’SMANAGEMENT’S DISCUSSION DISCUSSION & & ANALYSIS ANALYSIS MANAGEMENTMANAGEMENT REPORTS REPORTS XLXL AXIATA AXIATA AT AT GLANCE GLANCE LAPORAN KEUANGAN 2019 PROFIL PERUSAHAAN TANGGUNG JAWAB SOSIAL PERUSAHAAN TATA KELOLA PERUSAHAAN ANALISA & PEMBAHASAN MANAJEMEN LAPORAN MANAJEMEN IKHTISAR KINERJA UTAMA 30 GDP, upfrom 3.77%. and accounted for 3.96% of total to Rp626.43 trillion year-on-year 2019 grew from Rp558.94 trillion and communications services in service value from information last five years. According to BPS, quarterly average of 3.69% inthe to total GDPhas been stable at a sector’s value andcontribution technological advancements. The transformations brought aboutby has been undergoing rapid sector remains the key driver, the telecommunications sub- Communications sector, inwhich The Information and Communications Sector In Information And Stronger GDPGrowth strategic infrastructure projects. with the execution of national and also grew at asolid pace inline prices. Infrastructure spending proven effective in stabilizing fiscal andmonetary policies were growing andthe government’s middle class population continued social assistance. Additionally, the thanks to the government’s middle to low income households growth contributor, including from consumption was the main 5.02% (YoY) in2019. Household show that Indonesia grew by from Statistics Indonesia (BPS) several other countries. Data resilient compared to those of Indonesia’s economy was fairly Amid global uncertainty, Was Fairly Solid Performance andProjection Indonesia’s Economic shareholders andstakeholders. and increased its value for all a better customer experience, ecosystem, continued to provide stayed on top of the global time, ensuring that the Company business strategies from time to global trend by adjusting its XL Axiata responded to this growth to anoverall slowdown. in2019a shift from uneven The global economy experienced Corporate Strategy & MACROECONOMICS MARKET OVERVIEW INTEGRATED ANNUAL REPORT

2019 2019 PT. XL AXIATA TBK GDP of Select Asia Countries processed by team Bank Indonesia andBPS, Source: -1.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 2018 2016 2019 2015 2017 | | Singapore Thailand Malaysia Indonesia Filipina India Tiongkok | | (%) | | | use of the Internet. Indonesia today benefit from the cites that most occupations in Association (APJII), which Indonesian Internet Providers in a2018 survey report of the new technologies isreflected segments. The pervasiveness of industries, activities, andbusiness generations joining various and members of even younger new players with millennials management methods, and to new business models, new The new era also gives rise of society’spart vernacular. blockchain have become Internet of and Things (IoT), artificial intelligence (AI), the in the past several years, and digital technologies, especially spurred the development of The Industry 4.0 era has Rapid Digitalization In The Information And Communications Sector GDP Distribution And Growth Distribution 2015 3.52 9.7 2016 non internet users 8.88 3.62 Internet users processed by team Growth 2017 2018 2019 APJII 2018, 9.63 3.78 Source: Internet Penetration By Occupation In 2019 7.02 3.77 20,3 25,7 33,5 39,3 48,2 57,1 59,2 60,0 60,0 62,4 66,2 66,7 71,6 71,8 74,9 76,9 80,0 81,3 85,7 88,0 89,9 90,9 92,1 94,7 100,0 100,0 100,0 9.41 3.96 DRIVING OPERATIONAL EXCELLENCE (%) processed by team of Economic Affairs, data BPS &Coordinating Ministry Source: Corporate Strategy &Market overview 40,0 40,0 40,8 20,0 42,9 66,5 60,7 28,4 28,2 33,8 33,3 74,3 37,6 79,7 12,0 51,8 14,3 18,7 25,1 23,1 10,1 5,3 7,9 9,1

FOR SUSTAINABLE GROWTH AND RETURNS Smallholders Farm laborers Agricultural landowners Retired civil servants Housewives Small traders Others Fishing laborers Small fishermen Unemployed Contract laborers Retired military/police personnel Factory workers Students Medium-size entrepreneurs Temporary staff in civil service Port laborers Contract employees Private sector employees SOE Employees Civil Servants BUMD Employees College students Consulting service Online merchants Teachers Large-scale entrepreneurs (%) 31

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 32 increase the Company’s value for and beyond. This phase aims to operational excellence for 2019 also shifted its gears towards in place, the Company has trend inthe past several years, accelerated XLAxiata’s growth brand strategies, whichhave While keeping the 3Randdual innovations. drives andfosters business Segment. Meanwhile, Reinvent CollarsBlue &Axis for the Youth segments; XL for the White and and serve different market and AXISbrand value to target strategy, strengthening the XL ladder refers to the dual-brand per product. Rise-up the value value andincreased profitability business modelfrom volume to Company’s customer acquisition Revamp has transformed the the value ladder, andReinvent). 3R strategy -Revamp, Rise-up 2015 that carried the keystone transformation took place in visibly grown since its digital XL Axiata’s business level has Indonesia. and digital service provider in transformed into the leading data XL Axiata has successfully 2019. customers grew positively in revenues, andthe number of Revenue per User (ARPU), improvement. Overall, Average allocate the spending to service SIM card production andre- could reduce the volume of more efficient, as telco operators has made the telco business cards. Admittedly, the policy Subscriber Identity Module(SIM) requires the registration of - Information issued apolicy that Ministry of Communications and trajectory one year after the started to return to its growth Indonesia’s telco sector has Industry The Telecommunications Positive Momentum In BUSINESS STRATEGY INTEGRATED ANNUAL REPORT Corporate Strategy &Market overview

2019 2019 PT. XL AXIATA TBK its preparation for the roll-out network fiberization of as part Company is also carrying out regions external to Java. The to develop data networks in allocate significant investments focus, XLAxiata shall continue to term. Corresponding to this outside of Java for the long term butexplore opportunities to focus on Java inthe short- data, XLAxiata will continue To increase revenues from mobile convergence. mobile data, enterprise, and of its products andservices – strengthens the market position Under the first strategy, XL stakeholders. safeguarding the interests of all and agility. Third, promoting and excellence for greater efficiency Second, driving operational growth ineach business line. risk-return portfolios anddrive with strategic goals to optimize First, aligning capital allocation business strategies into three. XL Axiata has grouped its To realize operational excellence, and investments. financial room for future growth shareholders andto create ample Bank Indonesia andBPS, processed by team Source: Registered Customers

131,401,651 2017

285,823,198 2018 merger, andacquisition. segment, offering joint venture, (FTTH) service for the Home Company will expand its Home investments. In the future, the requires low operating costs and At this moment, the business existing mobile customers first. XL Axiata focuses on serving For Home (FTTH)business, diversification of sales channels. application), andalso the partners (eg. platform, devices, collaboration with technology new products andsolution thru reputation building, the launch of investments for brand and and long term. These include generate returns inthe medium investments that are expected to Axiata has continued to increase For its enterprise business, XL distribution chain. adopts digitalization across the distribution efficiency, XL Axiata models. In terms of driving and to create new business the coverage of 4Gservice manufacturers to augment partnerships with mobile phone also continues to increase its of 5G technology. XLAxiata 31JULY 2019 291,337,611 Sustainability Policy sustainable company through four pillars of Sustainability Framework. We believe sustainability isourfuture together; thus, XLAxiata has designed aroadmap to grow into a SUSTAINABILITY DEVELOPMENT STRATEGY to optimize portfolio risk-return anddrive BUILDING DIGITAL • • • • Social) consideration programs inbridging Providing innovative ALIGN CAPITAL ALLOCATION the digital gap with Environmental and Global Catalyst Development of Digitization and Ecosystem Digital Inclusion Prime Services Investment Long-term EES (Economic, WITH STRATEGIC GOALS ECOSYSTEM PROSPERITY growth within each business BUILDING 01.

01. well asuplifting internal leaders inIndonesia as development of youth • • • • FUTURE LEADERS Workspaces Conducive Inclusivity Integrity asCulture Developing Leaders Developing Future Contribute to the NURTURING competencies NURTURING PEOPLE 02.

GOALS DRIVING OPERATIONAL EXCELLENCE efficiency andbusiness • • • • innovation to improve through lean process Process optimization with technological GOVERNANCE Strong Compliance Process Digitization Customers Focus on Supply Chain Best Practice in PROCESSES & EXCELLENCE DIGITIZING PROCESS continuity Corporate Strategy &Market overview 03.

03. 02. to promote andsafeguard the interest SUSTAINABLE APPROACH for greater efficiency andagility

FOR SUSTAINABLE GROWTH AND RETURNS CONTINUE TO ADOPT A DRIVE OPERATIONAL RESPONSIBLE AND of allstakeholders EXCELLENCE Enhancing service quality environmental impacts • • • ENVIRONMENTAL outreach to manage and optimizing local potential with social MANAGEMENT Environment Conducive Work Handling Management and Disaster Customer-centered & SOCIETY PLANET 04.

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 34 Market Shares &Brand Campaign market, XLAxiata through XLBusiness Solution has Moreover, to better serve the Enterprise andSME gaming uses of Axis subscribers. data packages for the social media, music, and device upgrades, andthe OWSEM 3.0 andBOOSTR program for XLPrioritas customers whoseek annual to XLcustomers, the myPRIO Deal device Plus rental Xtra Rejeki package that brings cashback benefits In 2019, the new features or packages included the various needs. retail andcorporate customers to easily meet their packages were continuously introduced, enabling serve different market segments. New features or strategy consistency that allows the Company to year are attributed to its dual-brand, XL-Axis The Company’s achievements throughout the share, andfinancial performance. User (ARPU),network coverage, data traffic, market users,including smartphone Average Revenue per market leadership can beseen from Data customers strong #2operator inIndonesia. The Company’s market in2019 andmaintained its position asthe XL Axiata continued to strengthen its data service MARKETING ASPECT INTEGRATED ANNUAL REPORT Corporate Strategy &Market overview

2019 2019 PT. XL AXIATA TBK can bepurchased cities/districts in31 inIndonesia. in2019.IoT) Currently, the XLNB-IoT starter pack launched XLNarrowband Internet of NB- Things (XL *) Operator Adata is9M2019 Number of Data Customers 2019 FY 2018 FY 2017 FY XL Axiata Operator A*) 48.8 43.9 38.5 Indonesia. operator in the strong #2 its position as maintained market in2019 and data service to strengthen its XL Axiata continued (Million) 44.1 72.7 48.0 Operator B 112.1 109.2 108.2 users. of which86%or 48.8million were smartphone XL Axiata ended 2019 with 56.7 million subscribers *) Operator Adata is9M2019 PenetrationSmartphone 2019 FY 2018 FY 2017 FY XL Axiata Operator A*) 55 (%) 66 66 67 Operator B 72 76 80 80 86 DRIVING OPERATIONAL EXCELLENCE ARPU in 2018 to Rp35,000 in2019. XL Axiata’s blended ARPUrose 9%from Rp32,000 *) Operator AandBdata is9M2019 2019 FY 2018 FY 2017 FY XL Axiata (RP Thousand) Corporate Strategy &Market overview Operator A*)

FOR SUSTAINABLE GROWTH AND RETURNS 19 20 28 32 Operator B*) 34 35 41 43 46 35

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 36 200,000 compared to 2018. to22.7% Rp25.15 trillion in2019 Revenue market share grew to terms of financial achievements. the second largest operator in positioned the Company as revenues grew during 2019 and standpoint, XLAxiata’s From afinancial performance increase from the previous year of which40,264 is4GBTS whichincreased 35% YoY.10% a transceiveris basestations which (BTS)130,217maintains Company thepresent, Java.At of outside To improve network quality andservice convenience, in2019 XLAxiata expanded its network to regions PB in2019. 2,200.7 PBin2018 to 3,319.9 traffic growth of51% from drove the Company’s total users especially on 4G.This through increased smartphone growth inData traffic in2019 XL Axiata continued to see *) Operator AandBdata is9M2019 250,000 100,000 150,000 INTEGRATED ANNUAL REPORT 50,000 Corporate Strategy &Market overview Operator B*) XL Axiata Operator A*) 0 ------ALL 2G XL Axiata

2019 2019 PT. XL AXIATA TBK 3G Trafic Data 2018 2019 Revenue Market Share 2017 4G 2017 FY 2018 FY 2019 FY ALL 22.7% 17.7% 16.3% (PB) Operator A*) 2G 1,082.9 1,249.5 XL Axiata 3G &4G 1,870.4 2,168.2 2,200.7 61.8% 68.5% 66.3% 2,245.7 ALL Operator A*) Operator B*) 2G 3,319.9 BTS data is9M2019 *) Operator AandB FY 2019 FY 2018 FY 2017 4,373.1 3G Operator B*) 4,785.5 13.6% 13.8% 17.4 % 4G 2018 2019 EBITDA Market Share rebounded more positively, as was evident from the policy showed its effectiveness andbusiness of the cellular business. Nevertheless, in2019, in 2018 had indeed caused atemporary contraction The government’s policy for prepaid SIM registration experiencing just 7.02% growth inthe previous year. 9.41% (year-on-year) by Desember 2019 after Desember 2019. The sector’s growth itself reached sector’s contribution to GDProse to 3.96% by Statistics Indonesia (BPS) data show that the trajectory after plateauing inprevious years. sector to national GDPhas returned to agrowth contribution of the information andcommunications In terms of Gross Domestic Product (GDP): The about 5.1-5.5% (year-on-year) in2020. have projected that Indonesia’s economy will grow population. The government andrelevant authorities desirably low level, andgrowth of the middle-class household consumption, inflation controlled at a 2020, especially accompanied if by astable rise of condition signals there will beroom for growth in albeit moderate, growth in2019. We believe this Indonesia remained resilient with apositive, Amid global economic uncertainty andslowdown, #KENAPANGGAK between 13 and22years old. Axis customers that was considered suitable for Axis’ key customer targets, namely the generation Zaged marketing campaign. Additionally, the Company came upwith the #KenapaNggak Not) (Why hashtag for Showing its commitment to customer service, XLAxiata used the hashtag #JadiLebihBaik (BeBetter) inits BUSINESS PROSPECT & OUTLOOK 2017 13,9% 14,7% 11,4% 73.4% 77,7% 73,7% #JADILEBIHBAIK DRIVING OPERATIONAL EXCELLENCE implementation. for their businesses, andsupported City Smart medium enterprises by providing digital solutions across its operations, assisted micro, small, and human capital, driven the use of digital technology Axiata has prepared competent, digital-proficient the digital economy will be Indonesia’s future. XL Seeing the trend anddata at hand, we predict that reach in2020. 11% digital economy inthe national GDPisprojected to in 2025. Meanwhile, for Indonesia, the share of the trillion globally, accounting for 24.3% of global GDP, the digital economy may reach avalue of US$23 investment assumptions for the next ten years, and Information, based on growth anddigital According to the Ministry of Communications digital economy. existing andfuture customers, aswell asIndonesia’s to create the best value andexperience for our our innovation of products andservices aswe strive competition in2020; infact, this anticipation fuels most players that shifted to data. We expect stiffer operators, lower churns, andabusiness focus of a more rational product pricing among cellular 14,8% 11,9% Corporate Strategy &Market overview 8,3%

FOR SUSTAINABLE GROWTH AND RETURNS Operator A Operator B XL Axiata 37

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 38 DISCUSSION & ANALYSIS MANAGEMENT INTEGRATED ANNUAL REPORT

2019 2019 PT. XL AXIATA TBK data network, allowing the Company to anticipate higher data traffic in the future. partnership with the Vocus Group andAlcatel Submarine Networks, whichwill strengthen XLAxiata’s current Completion andutilization of the Australia-Indonesia-Singapore Cable-Communications System in PERFORMANCE HIGHLIGHTS performance andcustomer net promoter score. satisfaction, reflected inhighest ever network It has positively impacted ourcustomer cover more than 94% of the total population. 425 AVAILABLE IN XL AXIATA 4G SERVICES TOTAL increase of 10% from 118,596BTS in2018. and more than 40,000 4GBTS, whichwas an of 130,000, with more than 54,000 3GBTS stations (BTS) in2019, asitnow has inexcess in terms of the number of base transceiver XL Axiata remained the second inthe country Jumlah Bts XLAxiata 2015 -2019 BTS 4G 3G 2G citites 58,879 37,506 18,239 2015 3,134 84,484 37,549 38,731 8,204 2016 business unit, completing 245 HOMEpasses. In 2019, we completed anew billing system for ournew HOME 5G services indelivering holographic virtual communications. one day, the trial among others demonstrated the capability of in XLAxiata Tower, Jakarta, on August 21, 2019. Conducted for trials have been performed, andthe third 5G trials took place stimulate the telecommunications industry. For this, several 5G 5G spectrums by providing itwith the information itneeds to the Indonesian government andfacilitating its allocation of the ways for the next generation EPC.XLAxiata isalso supporting radio network modernization andupgrade andalso exploring applying fiberization across the entire network, performing This includes setting uplarge capacity data network by 5G WE HAVE BEEN PREPARING FOR DRIVING OPERATIONAL EXCELLENCE 101,094 45,864 37,802 17,428 2017 Chief Technology Officer DIRECTOR YESSIE D. YOSETYA ‘‘ technology. foundation for the next today, that’s the Whatever we build to get the supporting ecosystem ready. roll-out since the past two years, particularly 118,596 TECHNOLOGY 37,426 29,772 51,398 2018 Network &Information ‘‘

FOR SUSTAINABLE GROWTH AND RETURNS 130,217 40,264 54,027 35,926 2019 35.24% 9.80% -4.01% ∆ YOY 5.11% 39

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 40 Network &Information Technology per gig. at the lowest cost providing services Indonesia, and operator in telecommunications the strong#2 remaining 5G technology, revolutionary full adoption of for the eventual of being ready All with the goals partners. contractors and our customers, interaction with digitalizing every industries, and with outside IoT applications cloud, developing functions to the the computing servers by moving the use of physical cables, reducing to fiber optic from microwaves transmission of data converting the the island of Java, to areas beyond network coverage expanding the geared toward We have been INTEGRATED ANNUAL REPORT

2019 2019 PT. XL AXIATA TBK the end of 2022. 60% to 70% of sites fiberized by by the end of 2020 andto have than 50% of its sites fiberized Company’s goal isto have more fiber optic transmissions. The and will have to bereplaced by provide the required capacity transmissions would nolonger being transmitted, microwave considerable increase indata to 5G, whichwill allow for a Fiberization: Before going Indonesia. available inallcorners of make XLAxiata network reflects our commitment to diversification. This focus to achieve revenues stream balance the Company’s portfolio area, new territory, andto for venturing into new coverage outside of Java inpreparation building 4GLTE infrastructures We have been consistently services. improve the quality of its data the network’s capacity and and to ensure stability, expand data traffic across its network the network to the rising support and applying fiberization across through network modernization build foundation for the future strengthening 4Gcoverage and XL Axiata continued to invest in Network Development that lead to enhance efficiency able to create new technologies investing ininnovation, we will be of Java. We believe that by to ournetworks inandoutside continuous innovation applied Our second strategy is Digitalization Information Technology STRATEGY OBJECTIVES The network andIT strategies are bolstered by development Network digitalization Information technology contextual, personalized services. their customers real-time and allow contractors to offer to real-time processes to to move from non-real-time whole analytics infrastructure The Company ismodernizing its those operations. the optimal management of company works, so asto ensure automations inthe way the operations by establishing XL ismoving to service-oriented automation across its operations. providing services by building XL Axiata isfocusing on Operational Excellence project. System (BSS) Transformation completing the Business Support migrating data to cloud,and adopting latest technologies, is looking at modernization by Axiata’s digitalization process In middleand long-term, XL cooperate. strategic partners looking to the preferred choice for potential of this pillar isto make XLAxiata Axiata, one of the key objectives with ourstrategic partners. In XL process andinthe ways we work but also inourinternal business services delivered to customers, digitalization not only for the Under this pillar, we implement technologies. the building blocks for future synchronized andmay serve as addition, ourinnovations are well services to ourcustomers. In to offer the most economical gig –andthereby allowing us – to achieve the lowest cost per THREE PILLARS Operational excellence industrial-scale chicken farm to For example, itworked with an the Internet of Things (IoT). other industries to implement XL Axiata has cooperated with entirely secured. communications services are ensuring connectivity and enhance oursystems’ security, cyber security, we continued to and economical. In terms of we have become more agile Today, thanks to these initiatives, of physical infrastructures. our computing to cloudinstead with ourplan to move most of work standards. This isinline transformed most of XLAxiata’s cloud platform that successfully We also introduced SAP HANA more effective andtransparent. evaluation andrecruitment made ouremployee performance (ERP). The enhanced ERPhas Enterprise Resource Planning efficient, we have improved our In order to become more offerings to customers. them to generate personalized level of modernization allows department, for example, this time system. For ourmarketing analysis architecture into real- We modernized ouroverall partners business processes. customers, internal, andstrategic seamless digitalization of Program Interface (API) for reinforced its Application XL Axiata, among others, customers. services at lower cost per gig for efficient, andable to offer in order to bemore modern, to introduce various measures the Company has continued initiatives indigitalization, where journey. There were multiple clearly IT digitalization support future 5G, andstronger network are the backbone of 4Gand modernization andfiberization and digitalization. Network modernization, fiberization focus on key areas of network In 2019, XLAxiata attached its PERFORMANCE SUMMARY 2019. As the result of fiberization, over 130,000 BTS by the end of Indonesia andmanaged atotal of telecommunications operator in its position asthe strong #2 2019. The Company maintained outstanding achievements in Axiata was ableto deliver Despite the challenges, XL mitigate any riskthat may arise. closely follow global situation and operations, we will continue to affected XL Axiata’s business to overcome. As the trade war presented another set of hurdles well asregulatory framework, the United States andChinaas particular the tension between Externally, global issues, in dynamic landscape. abreast with the industry’s highly and skills-building to keep process, employee management, from production, business automating its various processes operational excellence by XL Axiata continually sought organizational arrangement. Another challenge was market. product competitiveness inthe competitors to maintain our per gig cost compared to our ensuring that we offered lowest Some key challenges were delicate business challenges. we realize that XLAxiata faced telecommunications industry, Given the rapid changes inthe efficient. make procurement projects more shortened oursourcing process to locations andinventories. We also allow the digital tracking of their contractors with applications that We equipped the company’s with ourbusiness partners. directed towards ourengagement Digital initiatives were also birds. air andthe overall welfare of the hatching of eggs, the quality of regulate feeding, watering, with servers to monitor and install sensors that communicate DRIVING OPERATIONAL EXCELLENCE Network &Information Technology years. to roll-out 5G inthe next several of XLAxiata’spart preparation by 2022. Fiberization isacore 50% on 2020 and60%to 70% Axiata plans to increase it to over network by end of 2019, XL over 30% fiberization of 4G Following atarget to achieve affordability. and even handset regulatory framework, spectrum availability, which includes ecosystem readiness, also depend on time, 5G adoptions readiness. At the same and infrastructure ensure its architecture other initiatives to modernization, and necessary investments, adopter by making network’s leading determined to bethe or later, XLAxiata is in Indonesia sooner will beimplemented way to meet it. As 5G XL Axiata iswell on its The future is 5G and for the next generation of EPC. ways to use NFVinfrastructure 2016, in2019 XLAxiata explored mobile packet core for 4GLTE in Evolve Packet Core (EPC),the Functions Virtualization for (NFV) first company to launch Network Axiata’s DNA;after becoming the Being apioneer of XL isapart cloud inIndonesia. operator to use SAP HANAon the first telecommunications Moreover, the Company became 30% of XLAxiata’s infrastructure. optic fiber network would cover OUTLOOK

FOR SUSTAINABLE GROWTH AND RETURNS 41

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 42 stakeholders. and safeguard the interests of all enhancing its value to promote greater efficiency andagility; and driving operational excellence for at aligning capital allocation, To that end, XLAxiata aimed over the market. to enhance its operational edge continues to introduce new ways transformative journey, XLAxiata and having accomplished its own telecommunications companies, As one of Indonesia’s leading leaves nooption butto adapt. industry players, this situation of digital technology. For changes since the evolution has undergone immense The telecommunications industry Business STRATEGY OBJECTIVE DEVELOPMENT INTEGRATED ANNUAL REPORT

2019 2019 PT. XL AXIATA TBK term, business developments Axiata’s key focus inthe short While Java will remain XL telecommunications services. Axiata to beat the forefront of to the future that has allowed XL harness what ithas to respond trends. It isthis uniqueability to never lost sight of external the same time, XLAxiata has capital-intensive industry. At what ithas set outto doina needs to inorder to accomplish investing where andwhen it comes to strategy execution, be highly committed when it The Company has proven to its strategy implementation. become the cornerstones of executing business plans have and experience insuccessfully XL Axiata’s internal capabilities LIFE. 2019 for Gojekdrivers andservice providers of GO- launched the “LEBIHUNTUNG” package inJanuary Indonesia’s leading on-demand platform Gojek,XL Aiming to solidify its strategic partnership with PERFORMANCE HIGHLIGHTS Sumatra, including its remote areas. especially 4GLTE, to cover almost the entire island of Axiata has continued to strengthen its data networks, the previous period. Responding to this growth, XL traffic showed asubstantial increase compared to Consistent with the growth of customers, data 16% By January 2019, Sumatra accounted for OUTSIDE JAVA. GROWTH OF DATA CUSTOMER NUMBERS ISLANDS DEMONSTRATED THE HIGHEST SUMATRA AND ITS SURROUNDING

Indonesia, inandoutside of Java. it has coverage throughout operator indata service. Today, Company as the first andleading on its ambitions has made the XL Axiata’s ability to deliver Performance Summary corporate value. returns, to ultimately enhance its its capital expenditures and committed to optimizing such as 5G. XLAxiata isalso adopting new technologies digitization, adapting with and build networks andscale up XL Axiata will continue to As of the part digital ecosystem, medium and long-term strategies. accommodated inXLAxiata’s Java, e.g. Sumatra, have been and strengthening inareas ex- comprising data customers. with 80% of that number of allXLAxiata’s customers, young talents for the country. to the digital economy andto nurture Company is well poised to contribute having the right infrastructure, the diversity anddiversity overall. By human resources toward gender journey to refine the makeup of its this, XLAxiata iscontinuing its strongly underlined and,knowing human resources cannot bemore 5G. In addition, the importance of preparing network infrastructure for maintain its pioneering position by new products, XLAxiata strives to markets beyond Java andintroducing segment. Aside from growing broadband, andthe Enterprise in the digital ecosystem, fixed margin, competing andparticipating operator inIndonesia by asignificant becoming astrong #2integrated reflect XL Axiata’s commitment to The strategies that are inplace for engaging with the Company. digital channels for customers to use services, including investing innew sources by designing products and continues to identify new revenue partners. XLAxiata therefore time are also XLAxiata’s strategic digital players, whichat the same challenge isthe competition from with low returns. The second challenge of being capital-intensive One isthe industry’s inherent address challenges on two fronts: XL Axiata realizes that itneeds to a market-led corporation. efficiency andisgoing towards being more digitization for greater among other things, has introduced re-organized its structure. XLAxiata, represents the way the Company has new segments, the expansion also segments. Not only penetrating in its Enterprise andHome Internet carried outaggressive expansion Moreover, XLAxiata has also dual-brand strategies. 3R (Revamp, Rise, andRe-invent) and business transformation driven by the from its investments, digitization, and positive revenue growth resulting the Company has been recording With persistence andconsistency, OUTLOOK in the past 2or 3years have delivered amarket-beating growth executed strategy successfully aswe growth. By that definition, XL Axiata has form of either market success or revenue of success of strategy must beinthe Now, strategy isgoodbutany measure pursue andmonetise the opportunity. of differentiated products and services to both segments, we offer a compelling set alternative sources of revenue. Across Enterprise andHome Segment as Scope, on the other hand, refers to aggressively inthe next 2-3years. and share gains. We will expand further strategy have yielded strong growth industry issaturated. Ourinitial Ex-Java outside of Java even though mobile Scale refers to pockets of growth both interm of scale andscope. Indonesian market asthere’s potential, In addition, we are optimistic aboutthe penetration. revenue with 86%smartphone Today, data contribute 89% of service into adata-led business. traditional voice SMS-based business entireshift business modelfrom We are the first operator to successfully the competition. strategies accordingly andstay ahead of able to recognise trends, adjust our We prided ourselves on ouragileculture, Chief Corporate Strategy & Business Development DIRECTOR ABHIJIT NAVALEKAR DRIVING OPERATIONAL EXCELLENCE

FOR SUSTAINABLE GROWTH AND RETURNS Business Development 43

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 44 COMMERCIAL benefits for all customers across all segments strategy. With XLwe will focus on INTEGRATED ANNUAL REPORT segments through ourdual brand and continued to outperform the Segments whovalue SIMPLICITY in 31 citiesin 31 anddistricts inIndonesia in2019. strategy, XLAxiata continued to preferred operators has become & gooddata experience. AXISis continued to increase its growth stronger since this strategy was the White Collar Collar andBlue attractive Data-led product offerings. Thus, We want to create value for our October 2019, XLAxiata launched several In 2019, through the dual brand special andattractive offers with exciting INTERNET presence asone of Indonesia’s growing strongly within target perform well with both brands first introduced. XL Axiata has through various sales channels, asasign both brands continued to record strong of appreciation to allcustomers for the customers based on different In celebration of its 23rd anniversary in ESPECIALLY WITHINTARGET Both XLandAXISbrands continued to XL Axiata carried outthe commercial perform well through innovative and PERFORMANCE HIGHLIGHTS XL NARROWBAND segments. The Company’s Through XLBusiness Solutions, NET PROMOTER SCORES (NPS) Company’s success thus far. (XL NB-IOT) (XL

2019 2019 OF THINGS OF THINGS all aboutyouth. PT. XL AXIATA TBK SEGMENTS. launch of the industry. the country. maintained its position asthe strong #2cellular operator in investments andexpansion, XL Axiata has successfully With quality customer experience, supported with network of the market with innovative bundling offers. smartphone brand, XLPrioritas (Prio) istargeting the premium segment in gaming andonline communities. The company’s postpaid people of Indonesia desire andneed, suchasthose involved youth segment the types of apps and services the young data experience. With Axis the company intends to give the the Collar Blue segments whovalue SIMPLICITY &good segments. With XL,we are targeting the White Collar and the needs of XLAxiata’s customers intheir respective Moreover, the dual brand strategy effectively addresses growth even outperformed that of the industry asawhole. providers. At the same time, business-wise, XL Axiata’s as one of Indonesia’s most preferred telecommunications Company has continued to have astrong market presence effective for growing XL Axiata. In terms of presence, the that has been inplace since 2016. This strategy has proven In 2019, XLAxiata maintained its XL-Axis dual brand strategy STRATEGY OBJECTIVE having new features and new in control, andworry-free by benefits of being prioritized, been enjoying the enhanced Axiata’s postpaid customers have In XLPrioritas, starting in 2019 XL people. promote the brand to other customers spontaneously month according to how many customer satisfaction every Scores (NPS), whichmeasures of their respective Net Promoter significant and steady increase XL andAxis in2019 enjoyed a these positive performances, to 3,319.9 peta bytes (PB). With grew by animpressive (YoY)51% Correspondingly, data traffic customers were active data users. Axiata recorded 88% of its total 56.7 million. Among those, XL customers growing 3%(YoY) to to 86%with the number of penetrationin smartphone reported a6bps increase As aresult, in2019 XLAxiata gaming platforms. through social media, music, and enable them to stay connected young users for data that would that seek to meet the needs of BOOSTR packages from Axis launch andthe OWSEM 3.0 and offered cashback benefits upon the Xtra Rejeki package that Axis data traffic. They included and services to increase XLand allowed itto launch new products the Company’s inventiveness retail andcorporate segments, strategy in2019. In both the implemented its dual brand XL Axiata consistently PERFORMANCE SUMMARY digital apps. We will also continue to optimize ournetwork so personalized offers. For both XLand Axis, our customers can look forward to many exclusive features andoffers on our Our priority isto continue providing customers with more that customers can enjoy the best data experience. growth, XLAxiata also had to war andmoderate domestic economy caused by atrade the persistently volatile global In terms of challenges, other than buildings. ‘smart’ concept to cities and forward to soon bringing the business. XLAxiata islooking by companies inthe poultry Poultry solution, has been used IoT, inthe form of its Smart fishermen, the Company’s the Laut Nusantara app for engaging with. In addition to that XLAxiata has also been medium enterprises, asector especially useful for small and is increasingly critical. It is Industry 4.0, when connectivity Fourth Industrial Revolution, aka of the digital economy andthe to grow, especially inthe era beneficial for businesses wanting companies. Indeed, IoT isvastly widely used among cargo such asFleetech, whichisnow complements previous solutions them to beIoT ready. NBIoT Indonesianas 31 cities, allowing have been installed inasmany infrastructure andplatforms NBIoT of NB-IoT). Things (XL of the XLNarrowband Internet year had acommercial launch Furthermore, the Company last date with new gadgets. customers’ needs to stay upto of-a-kind deal, italso answers experience with aunique, one- offering customers XL’s best data postpaid services. More than sales and of smartphone Plus, for instance, offers bundled packages. The myPRIO Deal DRIVING OPERATIONAL EXCELLENCE dual brand strategy is maintained. is being undertaken even asthe of thepart 3Rstrategy, which also continue. All of these are infrastructure andservices will Digitalization of the Company’s capacity, anddata quality. order to deliver better stability, upgrades will becarried outin throughout Indonesia. Network serving 408cities anddistricts 4G LTE network –currently strengthen andexpand its XL Axiata will continue to While building a 5G ecosystem, fiber optic cables. connect Indonesian homes with among the first in Indonesia to technologies, asitintends to be systems for the upcoming 5G to prepare its equipment and The Company iscontinuing personalized, targeted services. role with innovations involving company, but itwill enhance its will also remain adata-delivery to quality service. The Company XL Axiata will remain committed Currently astrong #2operator, cyber security. internet network, includingin methods andstrengthened its has also simplifiedits payment the ‘super apps’. The Company designed to becompetitive with To that end, the new MyXLis to make sure itstays relevant. e-wallets, the Company had to thrive with new apps and While the market has begun came from market competition. registration. Other challenges address challenges involving SIM OUTLOOK

FOR SUSTAINABLE GROWTH AND RETURNS COMMERCIAL DIRECTOR

ALLAN BONKE ‘‘ Commercial ‘‘ 45

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 46 PERFORMANCE Financial PERFORMANCE HIGHLIGHTS INTEGRATED ANNUAL REPORT 15% 9% in service revenues to Rp22.84 trillion, while consistent data-centric strategies. It was asolid growth r REVENUE GROWTH WAS DRIVEN BY GREW BY XL AXIATA’S OVERALL REVENUES to Rp25.15 trillion in2019. growth

2019 2019 esulting from XLAxiata’s PT. XL AXIATA TBK how we dobetter.” outside of the box to figure out for ourorganization: “thinking is more of amindset change What we are now trying to push achieve greater efficiencies. excellence inthe business to our focus on driving operational to improve even further. Thus, to face challenges thus we need However, the industry continues profits. than the industry andareturn to and EBITDA both growing faster was very strong with revenue Our financial performance in2019 FINANCIAL DIRECTOR MOHAMED ADLAN BIN AHMAD TAJUDIN 17% 28% of 2019 from 80% in2018. contribution to service revenues increased to 89% in Having reported significant growth, data revenue’s to Rp9.97 trillion. EBITDA INCREASED BY WAS BY DRIVEN GROWTHINSERVICE REVENUES (YoY)

Rp20.25 trillion in2019. growth of data revenue to investments. achieve anoptimal return on its the productivity of its assets to Axiata has continued to improve terms of asset management, XL of its business transactions. In well asincreasing automation more ways to save costs as out-of-the-box thinking to find the organization to foster more pushing amindset change in The Company has also been partners ininfrastructure. and to synergize with strategic prudent procurement policy, technology use, to apply amore its networks andinformation has continued to modernize drive cost savings. The company on efficiencies inits business to XL Axiata continues to focus financial performance in2019. Axiata’s strong operational and strategy has contributed to XL into regions outside of Java. This across the country andespecially investment inits 4Gnetwork is its dual-brand strategy; internet provider inIndonesia becoming the preferred mobile Underpinning its objective of in Indonesia. strong number 2cellular provider has positioned XLAxiata asthe on data over the past few years The Company’s continued focus foundations that was laid in2018. excellence to buildon the on implementing operational In 2019, XLAxiata focused STRATEGY OBJECTIVE telecommunications industry. Indonesia wishes to take with its direction that the government of is also closely following the its competitors. The Company keep upwith andoutperform needs to continue to invest to crucial, andto that end XLAxiata Maintaining network quality is aspects andcompetition. future risks arising from financial remains watchful for current and Despite the successes, XLAxiata marketing costs. direct costs, andsales and ofinterconnection costs, other contributed to robust control cost-efficiency strategies to process their invoices. Overall, with XLAxiata’s online systems number of dealers andvendors invoicing andthe increasing such asthe elimination of paper applying internally andexternally, Company has been consistently digitalization strategy that the of, among others, XLAxiata’s Rp15.17 trillion. This was the result costs, lowering them by 5% to was ableto better control its At the same time, XLAxiata 28% to Rp20.25 trillion in2019. growth, data revenue rose by last year. In terms of year-on-year in from 80% inthe same period contribution increased to 89% substantially. Data revenue’s with data revenue contributing revenues to Rp22.84 trillion, from a15% growth of service The growth of revenues resulted growth to Rp9.97 trillion. strong with 17% year-on-year growth of 122%. EBITDA was also which represented anexponential strengthened to billion, Rp712.58 2019, whilenet profits of the year grew by 9%to Rp25.15 trillion in The Company’s overall revenues financial performance in2019. XL Axiata reported asolid PERFORMANCE SUMMARY DRIVING OPERATIONAL EXCELLENCE forward. presence inthe market going Java will bolster the Company’s strategy of expanding outside of XL Axiata’s forward-looking affordable devices coupled with penetrationsmartphone and continue to increase. Higher data use anddata traffic, which opportunities, especially from more promising growth believes that there are many challenges, XLAxiata firmly While there will always be OUTLOOK

to figure out

FOR SUSTAINABLE GROWTH AND RETURNS how we do outside of

Financial Performance thinking the box better. ‘‘ ‘‘ 47

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 48 REVIEW & REPORTS (In RpMillion, Except Financial Ratios) Numerical notations inalltables &graphs inthis Annual Report are inEnglish. Financial FINANCIAL HIGHLIGHTS INTEGRATED ANNUAL REPORT Gross Revenue Operational Expense EBITDA EBIT Income/(Loss) Before Income Tax Profit/(Loss) For The Year Other Comprehensive Income Total Comprehensive Income Earning/(Loss) per Share (inFull Rp) FINANCIAL HIGHLIGHTS Total Current Assets Depreciation Fixed Assets, Net of Accumulated Total Assets Total Current Liabilities Interest Bearing Debt Total Non-Current Liabilities Total Liabilities Total Equity EBITDA Margin (%) RATIO EBIT Margin (%) Profit For The Year Margin (%) Return on Investment Capital (%) Return on Assets (%) Return on Equity (%) Current Ratio (%) Debt to Equity Ratio (x) Debt to Asset Ratio (x) Debt to EBITDA Ratio (x) Return on Equity =Profit/(Loss) For The Year/Average Total Equity Return on Asset =Profit/(Loss) For The Year/Average Total Asset RoIC =Profit/(Loss) For The Year/Average Invested Capital Net Income/(Loss) Margin =Profik (Loss) For The Year/Gross Revenue EBIT Margin =EBIT/Gross Revenue EBITDA Margin =EBITDA/Gross Revenue EBITDA =Operation Income +Depreciation &Amortization +gain/loss from sale andleaseback of towers +gain/loss from forex transaction + others Excluding Depreciation &Amortization, gain from tower sale andleaseback andgain/loss from forex transaction, others NOTES:

2019 2019 PT. XL AXIATA TBK 43,604 42,082 42,082 62,725 12,809 25,150 21,293 22,311 22,311 15,166 2,603 9,966 19,122 2019 -39.6 7,146 1,144 1,144 33.6 10.4 726 713 713 0.2 0.2 2.8 2.8 0.7 3.8 0.1 0.1 67 1.2 1.2 1.3 13 13 (3,280) (4,396) (3,297) 23,538 36,759 23,001 (3,109) 12,564 18,343 39,271 14,427 57,614 15,733 (308) (18.0) 7,059 (14.3) (13.5) 2018 8,512 (6.0) (0.5) 44.9 37.0 37.0 0.2 0.2 0.7 1.5 17 17 34,934 34,934 22,901 34,691 34,691 19,464 14,554 14,554 56,321 56,321 15,227 21,631 14,751 8,321 8,321 1,370 2017 7,181 7,181 36.3 403 47.2 47.2 375 375 221 221 0.0 0.0 6.0 0.3 0.7 0.7 28 1.6 1.8 35 35 1.7 54,896 33,687 21,209 13,283 13,283 33,183 33,183 14,477 14,477 19,210 19,210 14,671 21,412 21,412 8,058 6,807 2016 47.0 37.8 396 376 376 186 0.0 0.0 0.3 0.7 0.7 38 0.1 0.1 1.8 1.8 1.8 21 21 12 12 29,004 22,960 22,960 58,844 26,953 44,752 33,427 33,427 14,092 14,092 14,483 15,748 8,393 10,151 10,151 (630) 2015 1,258 (0.2) 36.6 64.5 (25) (0.1) 0.0 0.0 0.5 5.5 2.5 2.5 3.2 3.2 (3) 33 33 1.9 8 Number of BTS EBITDA Margin Gross Revenue OPERATIONAL HIGHLIGHTS Total Traffic (in TeraByte) Number of BTS Number of Subscriber (inThousand) Prepaid Postpaid Number of Employees Subscriber/Number of Employees) Efficiency Ratio (Number of 2018 2018 2018 2016 2016 2016 2019 2019 2019 2015 2015 2015 2017 2017 2017 130,217 101,094 40.0 36.3 25,150 22,901 118,596 84,484 58,879 37.0 37.8 36.6 23,001 21,412 22,960 (In Billion Rupiah) (%) 3,319,900 130,217 130,217 56,700 55,634 DRIVING OPERATIONAL EXCELLENCE 1,606 1,066 2019 35,3 Number of Subscriber Total Traffic EBITDA 2018 2018 2018 2016 2016 2016 2019 2019 2019 2015 2015 2015 2017 2017 2017 2,200,700 118,596 54,909 53,885 (In Billion Rupiah) 1,024 1,024 2018 1,677 56,700 53,509 3,319,900 1,279,549 9,966 8,321 54,909 46,474 42,100 2,200,700 515,304 196,341 8,512 8,058 8,393 32,8 (In TeraByte) Financial Review &Performance 1,279,549 101,094 101,094 52,806 53,509

FOR SUSTAINABLE GROWTH AND RETURNS 2017 1,652 1,652 32,4 32,4 703 703 (In Thousand) 515,304 84,484 84,484 46,474 45,941 2016 1,892 1,892 24,6 533 533 196,341 58,879 42,100 42,100 41,465 2,033 2,033 2015 20,7 437 437 49

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 50 Financial Review &Performance Shares Performance December asof 31 2019 &2018 Share Price Movements andVolume 2018 -2019 Total Shares, Share Price andMarket Capitalization 2017 –2019 SHARES HIGHLIGHTS INTEGRATED ANNUAL REPORT PRICE (Rp) Market Capitalization (RpMillion) Outstanding Shares December) (Rpasof 31 Outstanding Shares Highest Lowest Closing (‘000) Total Volume JAN Price FEB MARAPR

2019 2019 490,261 2,680 2,760 Volume 1,955 PT. XL AXIATA TBK Q1 209,641 2,980 2,420 3,070 Q2 2019 MAY 279,803 3,660 3,440 2,810 Q3 10,687,960,423 JUN 350,460 31,636,362 3,070 3,730 3,150 Q4 JUL 2,960 2018 2017 322,810 2,930 3,410 3,410 Q1 10,687,960,423 21,162,162 372,160 AUG 4,020 3,740 3,130 1,980 2018 Q2 2018 SEP 381,973 2,840 2,960 3,740 10,687,960,423 Q3 OCT NOV 33,667,075 322,810 2,930 3,410 3,410 2019 3,150 Q4 DEC JAN FEB MARAPR Shares-Ownership As December of 31 Total kurangdari 5%) Public (kepemilikan (Indonesia) SdnBhd Axiata Investments SHAREHOLDERS MAY 10,687,960,423 7,092,656,612 3,595,303,811 AMOUNT OF JUN SHARES 2017 JUL 2019 66.4 33.6 100 (%) DRIVING OPERATIONAL EXCELLENCE 10,687,960,423 7,092,656,612 3,595,303,811 AUG AMOUNT OF SHARES 2018 SEP Financial Review &Performance OCT NOV 66.4 33.6 100 (%)

FOR SUSTAINABLE GROWTH AND RETURNS 10,687,960,423 7,092,656,612 3,595,303,811 AMOUNT OF SHARES 2019 DEC 66.4 33.6 100 (%) 51

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 52 Financial Review &Performance BOND HIGHLIGHTS INTEGRATED ANNUAL REPORT NO. 4. 6. 2. 5. 3. 7. 8 1.

21 July21 2005 back by the Company on Notes: Hasbeen bought 2003 Excelcom Bonds IYear BONDS/SUKUK Axiata Tranche IYear 2015 Shelf Sukuk Ijarah IXL 2007 Excelcom Bonds IIYear 2017 Axiata Tranche IIYear Shelf Sukuk Ijarah I XL 2018 I XLAxiata Tranche IYear Shelf Registration of Bond Axiata Tranche IYear 2018 Shelf Sukuk Ijarah II XL 2019 I XLAxiata Tranche IIYear Shelf Registration of Bond 2019 Axiata Tranche IIYear Shelf Sukuk Ijarah IIXL

2019 2019 PT. XL AXIATA TBK SERIES A A A A A A D D D C D C D C D C C B C B B B B B E E E E - - 370 Calendar days 370 Calendar days 370 Calendar days 370 Calendar days 370 Calendar days 370 Calendar days PERIOD 10 Years10 10 Years10 10 Years10 10 Years10 10 Years10 5 Years 5 Years 5 Years 3 Years 5 Years 3 Years 5 Years 3 Years 5 Years 3 Years 5 Years 3 Years 5 Years 3 Years 7 Years 7 Years 7 Years 7 Years 7 Years 1.040.000.000.000 1.500.000.000.000 1.250.000.000.000 402.000.000.000 450.000.000.000 450.000.000.000 260.000.000.000 494.000.000.000 494.000.000.000 425.000.000.000 258.000.000.000 336.000.000.000 TOTAL (Rp) 328.000.000.000 358.000.000.000 399.000.000.000 323.000.000.000 310.000.000.000 310.000.000.000 142.000.000.000 149.000.000.000 138.000.000.000 351.000.000.000 110.000.000.000 110.000.000.000 191.000.000.000 131.000.000.000 40.000.000.000 60.000.000.000 34.000.000.000 26.000.000.000 93.000.000.000 93.000.000.000 72.000.000.000 19.000.000.000 15.000.000.000 RATING DURING AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) idAA- (Pefindo) idA (Pefindo) ISSUANCE AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) 2017 ------AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) RATING 2018 ------AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) AAA(idn) (Triple A) 2019 ------DRIVING OPERATIONAL EXCELLENCE INTEREST 10,00 10,30 10,35 RATE 10,10 9,60 8,25 8,65 9,25 7,90 9,10 (%) ------INSTALLMENT 36.309.000.000 23.660.000.000 75.400.000.000 46.750.000.000 26.445.000.000 43.225.000.000 29.535.000.000 33.768.000.000 14.304.000.000 31.584.000.000 33.915.000.000 27.729.000.000 12.425.000.000 12.765.000.000 2.600.000.000 3.434.000.000 IN RETURN 6.180.000.000 9.515.000.000 1.455.000.000 (IDR) Financial Review &Performance

FOR SUSTAINABLE GROWTH AND RETURNS ------27/04/2007 23/10/2003 17/10/2018 17/10/2018 17/10/2018 17/10/2018 17/10/2018 17/10/2018 17/10/2018 17/10/2018 17/10/2018 17/10/2018 LISTING 3/12/2015 3/12/2015 3/12/2015 3/12/2015 11/2/2019 11/2/2019 11/2/2019 11/2/2019 11/2/2019 11/2/2019 11/2/2019 11/2/2019 11/2/2019 2/5/2017 2/5/2017 2/5/2017 2/5/2017 2/5/2017 DATE 28/04/2020 28/04/2024 28/04/2022 28/04/2027 23/10/2008 18/02/2020 26/04/2012 26/10/2019 26/10/2019 16/10/2028 16/10/2028 16/10/2025 16/10/2023 16/10/2025 16/10/2023 12/12/2016 16/10/2021 16/10/2021 2/12/2020 18/2/2020 2/12/2022 2/12/2018 8/2/2024 8/2/2024 8/2/2029 8/2/2026 8/2/2029 8/2/2022 8/2/2022 DATE 8/5/2018 DUE 53

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 54 Financial Review &Performance Assets Statements OfFinancial Position Indonesian Financial Accounting Standards financial statements presentation anddisclosure have been developed and presented in accordance with the Tanudiredja, Wibisana Rintis &Partner (PricewaterhouseCoopers network member). The Company’s audited year December ended 31 2019December and31 2018, whichhave been audited by the publicaccountant firm The discussion andanalysis of the financial performance refers to the financial statements as at end for the The Company recorded adecrease of trade Trade Receivables attained from the operations activities. was mainly from the increase of net cash flows trillion in2019. Cash andcash equivalents growth and cash equivalents by 53.13% (yoy) to Rp1.60 The Company recorded significant increase of cash Cash andCash Equivalents registration process in2018. Rp74.61 billion in2019. This isdueto the prepaid sim cards reduced from Rp189.06 billion in2018 to which ismainly made upof vouchers andSIM Rp662.94 billion. Onthe other hand, the inventory accounts receivables whichincreased 16.46% to equivalents whichrose 53.13% to Rp1.60 trillion and increase was dueto the Increase incash andcash by 1.23% (yoy) in2019 to Rp7.15 trillion. The The Company’s total current assets increased Current Assets increased by 1.23% (yoy) to Rp7.15 trillion. 9.94% (yoy) to Rp55.58 trillion. Whilecurrent assets was derived from non current assets growth of to Rp57.61 trillion in2018. The increased of assets (year on year or yoy) to Rp62.73 trillion compared The Company’s total assets increased by 8.87% Assets FINANCIAL PERFORMANCE REPORT INTEGRATED ANNUAL REPORT CURRENT ASSETS Cash andCash Equivalent Others Total Current Assets Depreciation Fixed Assets -Net of Accumulated NON CURRENTASSETS Intangible Assets Goodwill Others Total Non Current Assets DESCRIPTION TOTAL ASSETS

(In RpBillion)

2019 2019 PT. XL AXIATA TBK Rp36.76 trillion. by 14.48% (yoy) compared to the 2018 position at trillion in2019. In terms of growth, fixed assets rose accumulated depreciation was increased to Rp42.08 out during 2019, the Company’s fixed assets less and enhancement particularly with the ex-Java roll- In-line with the data network capacity expansion Fixed Assets increased to from in2018. 75.71% 72.71% of whichportions intotal non-current assets was mainly derived by the increase of fixed assets compared to Rp50.56 trillion in2018. The increase 9.94% (yoy) in2019, increased to Rp55.58 trillion The Company’s total non-current assets rose by Non-Current Assets Company’s business expansion during 2019. annual frequency fee. The increase was dueto the consists of rental, insurance, maintenance and trillion in2018 to Rp3.97 trillion in2019. The account Prepayments increased by 4.00% (yoy) from Rp3.81 Prepayments losses from uncollectible accounts. impairment of receivables isadequate to cover management believes that the provision for 2019 from Rp569.24 billion in2018. The Company’s receivables by 16.46% (yoy) to Rp662.94 billion in 36,760 50,555 57,614 7,059 5,767 6,681 6,012 2018 1,047 1,347

62,725 42,082 55,580 5,542 5,734 6,681 1,603 1,082 2019 7,146

GROWTH -19.67 14.48 -0.57 53.13 0.00 8.87 -7.81 9.94 1.23

Equity Liabilities paid-in capital andretained earnings that respectively increased to Rp12.20trillion and Rp5.85 trillion. The Company’s equity in2019 increased by 4.25%(yoy) to Rp19.12 trillion. The increase was dueadditional Equity current portion of long-term loans by 189,34% (yoy). The significant increase was due to the increase of Rp21.29 trillion in2019, or rose by 35.34% (yoy). The Company’s current liabilities increased to Current Liabilities from 59.94%. While non-current liabilities decreased by 51.17% liabilities by 48.83% compared to 40.06% in2018. increased was dueto the increase of current trillion in2019, or rose by 11.03% (yoy). The The Company’s liabilities increased to Rp43.60 Liabilities Share Capital -Authorised Capital CURRENT LIABILITIES Additional Paid In Capital Current Portion of Long Term Borrowings - Appropriated - Retained Earnings - -Unapproriated - - - Other Current Liabilities NON CURRENTLIABILITIES Long Term Loans DESCRIPTION DESCRIPTION Lease Liabilities Sukuk Ijarah Bonds Payable Other Non Current Liabilities Total Non Current Liabilities TOTAL EQUITY TOTAL LIABILITIES - - - - Lease Liabilities Loans Sukuk Ijarah Bonds Payable (In RpBillion) (In RpBillion) DRIVING OPERATIONAL EXCELLENCE did not have any outstanding US Dollar bank loans. and refinancing. By the end of 2019, the Company was done through acombination of internal funds Tranche ISeries Aat Rp358 billion. The repayment Series Aat Rp328 billion, and settled Sukuk Ijarah II bank loans totaling Rp950 billion, Bonds ITranche I During 2019, XLAxiata has made arepayment of term loans by 46.95% (yoy) to Rp4.27 trillion. 2019. The decrease was dueto the decrease of long from Rp23.54 trillion in2018 to trillion in Rp22.31 (yoy)5.21% in2019 compared to the previous year, The Company’s non-current liabilities decreased by Non-Current Liabilities 23,538 18,343 39,271 15,733 23,538 12,149 8,043 3,045 9,258 13,155 2,523 2,578 1,069 2018 2018 1,249 5,124 646 668 356 326 0,9 Financial Review &Performance

FOR SUSTAINABLE GROWTH AND RETURNS 43,603 21,293 22,311 12,202 19,122 13,834 22,311 2,840 5,850 2,089 12,122 4,076 4,267 1,069 7,459 2019 2019 1,075 1,997 992 310 0,9 GROWTH GROWTH 530.90 -46.95 189.34 201.73 35.34 48.50 30.93 59.93 -5.09 11.03 -5.21 -17.21 0.00 0.00 4.25 -5.21 -6.71 0.44 14.17 5.16 55

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 56 Financial Review &Performance Statements OfCash Flows Cash Flows Statements OfProfit/(Loss) And Other Comprehensive Income customers andother operators at Rp26.64 trillion. The increase was mainly dueto the receipt from compared to Rp9.36 trillion inthe previous year. increased by 32.05% to Rp12.36 trillion in2019, The Company’s cash flows from operating activities Cash Flows from Operating Activities which meant we had more sales andmarketing costs. 2019 because of the prepaid simregistration in2018 including sales andmarketing expense dropped in such asinterconnection andother direct expenses, by 12.05% (yoy) to Rp9.47 trillion. Other expenses largest portion of operating expenses was increased to Rp15.17 trillion. Infrastructure expenses asthe increase was relatively controlled by 5,13% (yoy) increased following network expansion efforts. The The Company’s operating expense in2019 was Operating Expenses voice andSMSservices. has impacted the use of Data services, substituting Rp19.29 trillion, or grew 29,53% (yoy). Digital trend derived from the increase of Data services at in the previous year. The increase was mainly trillion in2019, rose by 9,34% from Rp23.00 trillion The Company booked gross revenue of Rp25.15 Gross Revenue INTEGRATED ANNUAL REPORT Net Cash Flows Generated From Operating Activities Net Cash Flows Used In Investing Activities Gross Revenue Net Cash Flows Used In Financing Activities Operational Expense Cash andCash Equivalents at the Endof the Period Cash andCash Equivalents at the Beginning of the Period Net Increase/(Decrease) In Cash andCash Equivalents Depreciation, andAmortizaion (EBITDA) Earning Before Interest, Tax, Earning Before Interest &Tax (EBIT) Profit/(Loss) For The Period Other Comprehensive Income Comprehensive Income For The Period DESCRIPTION DESCRIPTION

2019 2019 PT. XL AXIATA TBK

(In RpBillion) Rp9.09 trillion. due to the acquistion of fixed assets during 2019 at trillionRp6.20 in2018. The increase was mainly by 40.12% to Rp8.69 trillion in2019, compared to Net cash flows used for investing activities increased Cash Flows from Investing Activities depreciation in2018. in 2019. The growth was mainly due to accelerated also increased by 122.13% (yoy) to Rp725,86 trillion the Company’s comprehensive income for the year Following the positive growth of profit for the year, Comprehensive Income for the Year Rp13.28 billion in2019. account posted adecrease of 26.87% (yoy) to benefit plan less related income tax expense. This recorded from remeasurement gains on defined The Company’s other comprehensive income was Other Comprehensive Income same time controlling expenses during 2019. Company’s ability inincreasing revenues whileat the grew 121.63% (yoy). The increase was dueto the year in2019 amounted to billion, Rp712.58 or The Company recorded positive profit for the Profit/Loss for the Year 23,001 -3,280 -3,297 14,427 -3,109 2018 8,512 17 -6,203 -4,588 -1,433 9,358 2,455 2018 1,047 (In RpBillion) 25,150 15,166 2,603 9,966 2019 726 713 -8,692 13 12,357 -3,091 1,603 2019 1,047 574 GROWTH GROWTH 140.04 183.73 -57.35 -40.12 121.63 32.50 122.13 32.63 23.53 17.08 53.13 9.34 5.13 uncollectible accounts. management believes that the provision for impairment of receivables isadequate to cover losses from Based on the review of the individual andcollective accounts receivable in2019, the Company’s Receivables Collectability Rp3.09 trillion, compared to Rp4.59 trillion in2018. for financing activities decreased by 32.63% to and Rp634 billion. In 2019, the net cash flows used and bonds issuance respectively at Rp640 billion Company also recorded proceeds from sukukijarah recorded any bank loans inUS Dollar currency. The Rp950 billion; hence the Company nolonger during 2019, suchasbank loans repayment of The Company executed some financing activities Cash Flows from Financing Activities dividends, issue new shares, andor increase/ reduce debt levels. In order to maintain the capital structure, the Company may from time to time adjust the amount of 0.6x and1.1x in2019. from gearing ratio, where the Company’s debt to equity ratio anddebt to EBITDA ratio was respectively at including to maintain anoptimal capital structure to minimise the effective cost of capital. This is reflected continue asagoing concern inorder to provide returns for shareholders andbenefits for other stakeholders, The objectives of the Company when managing capital are to safeguard the ability of the Company to Management Policy on Capital Structure Debt consists of both short-term andlong-term portion of Loans, Sukuk Ijarah &Bonds Payable.Net Debt isDebt reduced by Cash andCash equivalents. Notes: Capital Structure Details composition, the Company’s capital isinthe sound level, strong andefficient. 30.49%. Whileportion of current andnon-current liabilities was respectively at 33.95% and35.57%. With this In 2019, the Company’s capital structure composition for liabilities andequity was respectively at 69.51% and Capital Structure adequate liquidity andgoodsolvency. debt to EBITDA ratio reached 1.3x or slightly decreased from 2018 at 1.5x. Subsequently, the Company has The Company’s debt to equity ratio (DER) was at 0.7x in2019 or the same asat the end of 2018. While Solvency Solvency And Receivables Collectability Debt to EBITDA Ratio Net Debt to EBITDA Ratio Net Debt to Equity Ratio Total Capital Invested Total Current Liabilities Debt to Equity Ratio Equity Total Liabilities Total Non Current Liabilities COMPONENT GEARING RATIO (x) (In RpBillion) 23,538 DRIVING OPERATIONAL EXCELLENCE 18,343 39,271 57,614 15,733 2018 investing andfinancing. operating activities were sufficient to beused for increase was dueto net cash flows generated from compared to minusRp1.433.26 billion in2018. The cash equivalents by 140.04% to Rp573.86 billion, The Company recorded anincrease of net cash and Equivalents Net Increase/(Decrease) inCash andCash 43,603 62,725 21,293 22,311 19,122 2019 Financial Review &Performance 2018

0.6 0.7 FOR SUSTAINABLE GROWTH AND RETURNS 1.5 1.4 MARKET SHARE MARKET 100.00 40.85 2018 31.84 68.16 27.31 2019 0.6 0.7 1.3 1.1 100.00 30.49 33.95 35.57 2019 69.51 57

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 58 Financial Review &Performance to the Company’s support business plan for the following year. In the 2019 financial year, the Company does not distribute dividends as the retained earnings was allocated as well aspursuant to the prevailing laws andregulations. capital, financial conditions and other matters with dueobservance to the Board of Directors’ consideration the payout ratio inthe future. The dividend distribution also depends on the adequacy of the Company’s Shareholder of at least 30% of net profit normalized in the previous year that aimed to progressively improve the Annual General Meeting of Shareholders on April 14, 2011. XLAxiata shall distribute dividends to the Commissioners’ Meeting No. 1/11 dated January andhas been informed 28,2011 to the Shareholders at The current XLAxiata Dividend Policy is asapproved by the Board of Commissioners through the Board of Dividend And Dividend Policy Company for the towers that are sold. also sign Land Lease Agreement (LLA) with the Company for the lease of 538 plot of lands owned by the spaces on alltowers to the Company with the winners of tender process. Onthe same date, the winners telecommunication towers andMaster Tower Lease Agreement (MTLA) for the leaseback of specific tower On 7February 2020, the Company signed the Asset Purchase Agreement (APA) for the sale of 2,782 Subsequent Events Target 2020 targets andrealization of the Company during 2019: EBITDA margin for example reached 39,63% or exceeded the set target of high 30%. The following are Proper andprudent strategies during 2019 have enabled the Company to achieve certain targets in2019. Strategy, Targets &Realization In 2019 sources of funding for capital expenditures derived from internal cash, bank loans, andor sukuk/bonds. Allocation of CAPEX 2019 at more than 25%to 50% allocated for fiberization and 5G preparations. The CAPEX target of Rp7.50 trillion. This isanincrease of 17.71% compared to the previous year at Rp6.79 trillion. The Company has used capital expenditures (CAPEX) of Rp7.995 trillion in2019 or 106.53% from 2019 Capital Expenditures Realization or equivalent to Rp3.72 trillion. The Company had commitments related to various purchases forthe network expansionstotaling USD267.29 Material Commitments To Investment Expenditures INTEGRATED ANNUAL REPORT Capital Expenditure EBITDA Margin Revenue Growth FINANCIAL INDICATORS CAPITAL EXPENDITURE EBITDA MARGIN REVENUE GROWTH FINANCIAL INDICATORS

2019 2019 PT. XL AXIATA TBK Around Rp7.5 Trillion Low 40% Inline with Market 2020 Targets Rp7,5 Trillion High 30s In Line With The Industry 2019 TARGETS Rp7,995 Trillion Achieved Above Market REALIZATION • • • • • period interim financial statements: to the Company’s accounting policies andhad nomaterial effect on the amounts reported for the current which are effective from 1 January 2019 and relevant for Company, but didnot result insubstantial changes The adoption of the following revised accounting standards andinterpretation of the accounting standards, CHANGES TO THE ACCOUNTING STANDARDS REGULATORY CHANGES 2019 30, Apr 2019 04, Oct 2019 Oct 18, DATE ISSUED Annual Improvement to PSAK 66“Joint Arrangements” Annual Improvement to PSAK 46“Income Tax” Amendment to PSAK 24 “Employee Benefits” ISAK 34 “Uncertainty Over Income Tax Treatments” ISAK 33 “Foreign Currency Transaction andAdvance Consideration” Keuangan “OJK” Otoritas Jasa Authority/ Services Financial Indonesia President of and Information Communication Minister of ISSUED BY Pre-Emptive Rights Companies with Increase of Public concerning Capital 32/POJK.04/2015 OJK Regulation No. to Amendment on 14/POJK.04/2019 OJK Regulation No. and Transaction Electronic System Operation on of 2019 on 71 Regulation No. Government Services Operation of 2019 on Telco Regulation No. 13 and Information’s Communication Minster of NO. &TITLE REGULATION (“POJK 38”) (POJK 38/POJK.04/2014) without pre-emptive rights regulation on capital increase as well asrepeals the OJK POJK.04/2015) (“POJK32”), the same topic (No. 32/ the previous POJKon The New Regulation amends role on national security. network”; (ii)Government’s erase form the telco of “the right to beforgotten/ Stressing outon (i)the issue from the previous one. This regulation isanupdate minister approval. of services isallowed by changes or discontinue of commitment’ (viii) the Protection (vii) Adjustment (vi) Customer data Telco Network Operators use the network owned by Service Providers oblige to by self-assessment; (v) Trustworthy Test (ULO) by Ministe; (iv) Operational through OSS andissued (iii) Licensing Procedure Services Resale (Reseller); License regime; (ii)Telco (i) Simplification on (IF NEEDED) DESCRIPTION DRIVING OPERATIONAL EXCELLENCE

Financial Review &Performance

FOR SUSTAINABLE GROWTH AND RETURNS Shareholders Shareholders andNon-Affiliated and approved by Independent increase must beattended the GMSapproving suchcapital position of the company, then than to improve the financial undertaken for purposes other emptive rights issue is Any capital without pre- Axiata, aspubliccompanies. including butnot limited XL still considering telco operators, some government officials are data protection issues and backlash interm of personal lot of publicdisagreement/ amended that’s caused by a the regulation soon to be sincepart, there’s apossibility conduct any action on this carefully to immediately However, XLAxiata should its customers’ data abroad. company to putor transfer opportunity for aprivate Arguably opening the traffic termination Axiata, cannot carry inbound including butnot limited XL By April 2020, VoIP operator, IMPACT TO THECOMPANY 59

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 60 DEVELOPMENT data anddigital services. demonstrate strong integrity, especially in to having competent Human Capital that XL Axiata has always‘‘ been committed Human Capital INTEGRATED ANNUAL REPORT 1,606 Numbers of Training 81% of Employees are 417 Millennials and Generation Z. Sessions and Workshops ‘‘ Employee

2019 2019 PT. XL AXIATA TBK sustainable transformation. HCmust present inthe process of creating Challenges, however, are always talent to work at the Company. engagement andattract the best aims to enhance further employee that isdifferent from any other. EVP that XLAxiata offers a workplace Proposition (EVP), whichstates to promote the Employee Value The Company also continued momentum over time. sustained experience of maintaining on various occasions to create a points of contact are optimized with allstakeholders, several employees. In communicating involving top management and (top-down andbottom-up), both creation andatwo-way approach is aboutthe process of joint The journey of cultural activities the latest operational models. is inlinewith the principles of developing anew mindset that internalization programs to continue forward several values andcultural This year, the Company carried activities in2019. XL Axiata undertook the following Company’s success, andto that end and integrity determine a beginning to end. Their competence everything acompany does from (HC) –the crucial element behind development of its Human Capital enable this achievement isthe One of the goals andkeys that provider of data anddigital services. its aspiration of becoming aleading transformation initiatives to realize The Company has carried out HC ACTIVITIES IN 2019 GENERAL OVERVIEW effectiveness inHCdevelopment. efficiency, productivity and process inHCisto increase The goal of the digitization selection anddecision-making. capabilities to assist inemployee continued to improve its analytical HC system. The Company has also and updates several areas inthe the HCportal, the Staffing Center the XLMineportal that integrates One of them isthe existence of integration andsystem updates. process of digitalization through services, HChas initiated a focuses on Data anddigital Company’s transformation which In linewith the direction of the performance. strengthen the Company’s requirements andcan further get candidates whomeet the will begreater opportunity to channels. Therefore, there companies to expand recruitment and international recruitment also works closely with domestic of the Company. The Company the commitment of allemployees facilitators, andstrengthening higher involvement of leaders as transparent communication, They coordinated include and change management agendas. HC has prepared several To address these challenges, Company’s transformation. process to the direction of the accelerate employees’ adaptation be anticipated andHCmust in anumber of fields must addition, competency limitations key andpotential employees. In crucial capabilities, andretain recruit the right talent, develop Broadly, XLAxiata’s recruitment process isdivided into two recruitment channels, namely: dexterity, aswell asthrough interviews. These four aspects, abbreviated asVUCA, are assessed by measuring cognitive abilities andlearning There are four key aspects that the Company considers from its candidates, whichare: business. Therefore, the recruitment process iscrucial to identify andfilter potential talents from the start. XL Axiata realizes that recruitment capability isvery important to the growth support of the Company’s RECRUITMENT • • 4 3 1 2 lack internal resources, andto fulfil the urgent need for aspecific expertise. External recruitment iscarried outto employ new graduates, to acquire candidates for positions that programs at XLAxiata. position. Suitable candidates have the opportunity to participate inpromotion, rotation andsuccession Job vacancies are announced through internal media andexisting employees are prioritized for the External Recruitment Internal Recruitment Leadership andfunctional competencies can bedivided into several levels of responsibility. leadership competencies, andimportant competencies during his/her professional experience. functional competencies, or those related to the implementation of the candidate’s duties, A candidate’s skills/expertise/knowledge must match the position they apply for andinclude COMPETENCE complexity, andambiguity. Agility refers to acandidate’s ability to adapt andaddress volatility, uncertainty, with respect to the vacancy he/sheapplies to andtowards the Company. The Company considers acandidate’s professional motivation andcareer aspiration which are broken further down into management leadership values andmodels. This refers to acandidate’s personal values andtheir consistency with XL’s values, AGILITY COMMITMENT CULTURAL SUITABILITY DRIVING OPERATIONAL EXCELLENCE Human Capital Development

FOR SUSTAINABLE GROWTH AND RETURNS 61

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 62 Training Statistics In 2019 include: Home Busimess, Digitization &Leadership, which Analytics, Sales Enterprise, Information Technology, focused on strategic functions inthe areas of Data The 2019 training anddevelopment programs landscape. of competencies to the transformative digital encouraging employees to expand their scope business priorities andonline platforms, thus are more focused on the Company’s strategic Company’s HCtraining anddevelopment programs Behaviour, andDigital Experience. In general, the Axiata 3.0 whichconsists of Digital Mindset, Digital The Company’s HCprograms are aligned with current andfuture business growth. competencies that would ensure the Company’s agile, anddigital competencies. These are important designed to ensure employees have upto date, The HCtraining anddevelopment programs are Rp10,826,686,879 for HCtraining anddevelopment. the industry. During 2019, the Company invested Company can adapt to any trend andrhythm of it isvery important that allemployees of the Telecommunications (Telco) industry. Therefore, Change isthe only certainty inthe Human Capital Development EMPLOYEE TRAINING AND DEVELOPMENT 6. 5. 4. 3. 2. 1. INTEGRATED ANNUAL REPORT NO.

4 6 5 3 2 1 Leadership (9Transformational Leadership) Growth Hacking) Digitization (Design thinking, Lean Start Up& Partnership) Home Business (BSS FTTH,B2Cselling &B2B Development) Mobile Application, Cyber Security &Agile Information Technology (Web Application, coaching &mentoring) developing right solution, tandem selling, Sales Enterprise (Consultative Selling, Engineering) Data Analytics (Data Scientist &Data Total Training Session andWorkshop Employee According to HCMaster Data Total Training Hours Total Training Days Participant Unique Employee asParticipant Average Training Hours per Employee DESCRIPTION

2019 2019 PT. XL AXIATA TBK 224 Programs 58.416 hours 417 Sessions LEARNING 36.37 hours36.37 IN-CLASS IN-CLASS 7,302 days progressing. bigger opportunities for acompany to continually the more knowledge provided andcreated, the enhancement become important assets. Basically, The Company believes the results of these Professional andCND-Certified Network Defender. Manager, CISSP-Certified Information Security Investigator, CISM-Certified Information Security Hacker, CHFI-Computer Hacking Forensic Data Center Professional, CEH-Certified Ethical Framework, CCNA Certification, CDCP-Certified employees, suchasCAF-Cloud Adoption certifications were also provided for XL Axiata’s Complementing the SKKNIcertifications, other Engineering, andRFPlanner. Engineering, Traffic Engineering, Core Planning GM Cellular Network, 4GRNOEngineer, Signalling fields have attained up to 2019, among others certifications that XL Axiata’s employees in relevant programs inTelecommunications. There are several National Work Competency Standards) certification The Company also participated inSKKNI(Indonesian development, andexperience-based development. development, relationship- andinteraction-based of personal development, education-based This approach holistically touches on aspects inspiring sessions, andlearning through assignments. independent learning, coaching, buddying and Company also combines the approaches of a variety of topics. In addition, training at the devices from anywhere, anytime, andoffers Online learning can beaccessed through mobile Management andCareer Program. programs, namely Talent Management, Performance application whichisintegrated with other HC e-LMS (Electronic Learning Management System) applications (Lynda.com), including through the face meetings, Virtual Classes andonline learning resources in2019 were carried outthrough face-to- Training anddevelopment activities of human 4,744 1,606 1606 36.58 hours LEARNING 9.187 hours 0.21 hours0.21 1,016 days ON-LINE 43,648 1,583 1620 Programs 67.603 hours 417 Sessions 36.58 hours 7,073 days TOTAL 48,392 3,189 1606 Week danKnowledge Day. Listens, IT Tech Talk, People’s Executive/Expert (ShrEX), CEO Community), Sharing from (Train the trainer, PMCoE, Agile (XL-Labs), Community of Expert Buddies, Community of Practice activities, suchasCulture carry outthe knowledge sharing individuals shall enthusiastically consideration. To that end, all Axiata continually takes this into advance suchorganization, XL an organization shall beableto The knowledge practiced by the expression of the knowledge. the mindset of all,or explicit as existing knowledge, both tacit as to systematically documented Knowledge Management System continues to developing in anorganization, XLAxiata For optimized use of knowledge BASIC INTERMEDIATE ADVANCE Leading Self Program Supervisor Dev. Emerging Leadership FLM Leading Yourself Coaching Skills • • • BASIC 1A BASIC 3A BASIC INTERMEDIATE 1A INTERMEDIATE 2A INTERMEDIATE 3A HIGH PERFORMANCE LEADERSHIP Setting Direction &Ensuring Executing Connecting People Connecting with Your self Optional Compulsory FLM Leading Others Coaching &Mentoring FLM Leading Others FLM Leading Others Business Simulation INTERMEDIATE 2B 3B BASIC INTERMEDIATE 1B INTERMEDIATE 2B INTERMEDIATE 3B helping the Company assess system plays amajor role in performance management excellence inperformance. The the Company rewards To boost employee performance, processes. development andother HC up inrelation to remuneration, employee that can befollowed performance references per team coordination, andobtain functions, improve leader- designate targets for relevant was ableto systematically implementation, the Company especially from the 2019 system performance targets. As aresult, the achievement of Axiata’s management system to ensure a reliable performance The Company implements MANAGEMENT PERFORMANCE DRIVING OPERATIONAL EXCELLENCE Program (For Selected Leaders) Post Graduate Sholarship MBA/MM Business FLM Leading Work & Dev. Personal Excellent Business FLM Leading Work & Business FLM Leading Work & Leadership Strenghthen INTERMEDIATE 2C 3C BASIC INTERMEDIATE 1C INTERMEDIATE 2C INTERMEDIATE 3C Company prioritizes internal people. For these positions, the occupied by highly competent that its structural positions are the Company has ensured To safeguard business continuity, year needed. if adjust its business strategies mid- the Company the flexibility to cycles every year. This also allows two performance assessment Company continues to implement dynamic Telco market, the In order to accommodate the contribute at the desired level. ensuring that the employees can need performance upgrades – place to assist employees who Improvement Planning (PIP) in Company also has Performance employee performance. The TALENT MANAGEMENT Human Capital Development

FOR SUSTAINABLE GROWTH AND RETURNS Effectiveness Managerial GROUP STAFF HEAD HEAD Head Lead 63

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 64 Human Capital Development form of cash or shares. incentives for allemployees inthe also provides long-term annual bonuses. The Company transportation allowances, and salary, communication and and include, for example, basic and non-cash components remuneration consists of cash similar industries. Employee analysis of companies in surveys andconduct regular continues to take remuneration remuneration, the Company To ensure competitive performance. namely position, person, and summarized inthe 3Pprinciple, employee competency. This is achievement, position and and isinlinewith employee system isdesigned objectively employees. The remuneration encourage the best performing retain key employees and attract qualified candidates, remuneration system that can Company develops acompetitive for the employees. As such,the make XLAxiata asecond home Company’s mission, whichisto welfare inaccordance with the committed to realizing employee All levels of management are aspirations. pursue their professional opportunities that let employees employees, asitprovides career favourable impact on existing talents certainly makes a positions. Prioritizing internal internal talents to fill structural the Company expects to rely on Considering the preparation, a certain role. temporarily assigning atalent to formal training programs and development through various and functional competencies preparation includes leadership prepared for those roles. Talent talents whohave been specially EMPLOYEE WELFARE INTEGRATED ANNUAL REPORT

2019 2019 PT. XL AXIATA TBK recurrence. evaluations andprevent incident the Company to quickly make performance reports that allow provides quarterly national safety regional offices. The P2K3 team each of the sixoperational employee representatives from of management elements and systematically. This team consists awareness consistently and (P2K3) to realize OHS OHS Development Committee The Company has formed an achieve Zero Accident. managing OHS risks inorder to employees inidentifying and the Company always engages improving OHSperformance, in Company Regulations. In and has included OHSaspects its operational activities in2019 (OHS) aspects at every stage of Occupational Health andSafety The Company always prioritizes development. about individual andfamily by the Company as itcares makes them feel appreciated For employees, this program individual development activities. children’s schooling, andother programs, buying books, funding planning, etc.), certification courses (cooking, financial Program activities include families (spouse andchildren). and skillsof employees andtheir used to develop the knowledge program’s funding that can be continued to replenish the 2015, in2019 the Company employees. Initially inplace in of the Company andindividual depends on the performance non-fixed benefit program that annual remuneration, LLPisa their families. of the A part total also inplace for employees and A Let’s Learn Program (LLP) is HEALTH AND SAFETY EMPLOYEE OCCUPATIONAL, and MSemployees). of 2,612 personnel (permanent from total average of employees fulfilled 4,136,880 work-hours (zero accident) in2019 andhas XL Axiata recorded zero fatality By the publication of this report, OHS networks. active participation inthe Telco for employees, andXLAxiata’s and final Medical Check Up (MCU) doctors, conduct initial, periodic Hygiene andOccupational Health classifications, provide Corporate develop high-risks’ vendors Floor Warden, fire protection), General Skill,OHSElectricity Skill, HIRADC, Internal Audit, OHS employees (OHS awareness, (satisfactorily), trainings for Bandung) with aresult of >86% and Switching Regional Office Jakarta Bintaro andCibitung, Axiata offices (Network Building external auditfor OHSMSat XL No. 12/2015, internal auditand based on Government Regulation extension of OHSMScertification programs were among others the 2019 sustainability programs. The in 2018 andstipulation of OHSMS began with Management Review sustainability program in2019 The implementation of OHSMS System (OHSMS). Health andSafety Management program through Occupational, implemented sustainability In 2019, XLAxiata has also related illnesses. serious illness and/or work- especially those related to counseling for employees, disease detection, andproviding up for employees for early conducting medical check- preventive activities, routinely implementation of curative and facilitiesas sports andthe of health facilities support such Among them are the provision ensure the health of employees. implemented various programs to health, the Company has With respect to occupational by subject. This simplifies and historical data storage organized Data Warehouse to integrate Analytics isthe creation of The first stage of Human Capital organizational andjob analysis. Capital Analytics to prepare The Company uses Human process. management’s decision-making is important to inform the internal or employee information analysis anddevelopment, while data, isimportant for product information, i.e. customer for the Company. External become afundamental need and internal information has system that consists of external system. The HCinformation initiatives, including inits HC right track with its digitizing the Company’s ison the various activities, whichmeans Digitalization has penetrated HC INFORMATION SYSTEM Contract-Expat Permanent Contract CEO Office Corporate Strategy &Business Development Finance Corporate Transformation Information &Digitalization Human Capital Commercial -Premium Segment Commercial -Marketing (Mass) Technology Commercial -Enterprise &SME Commercial EMPLOYMENT STATUS GRAND TOTAL EMPLOYEE DEMOGRAPHICS BASED ON GRAND TOTAL a significant increase during and some areas experienced systems. The staffing center and organizational data storage improvements inemployee, job Analytics makes changes and Moreover, Human Capital effectively. decisions more efficiently and in making business andstaffing members to assist Management related to organizations andstaff analyzes data andinformation Human Capital Analytics regularly manage predictive analysis. Notebook are tools used to data, whilePython andJupyter is utilized to manage descriptive Meanwhile, aPower BIapplication and external data integration. Warehouse facilitates Data Mining At the same time, the Data process inthe organization. expedites decision making DRIVING OPERATIONAL EXCELLENCE All XL All XL 1606 1606 1386 346 243 140 199 170 145 315 86 69 56 36 21

31.12.2019 31.12.2019 W/O BOD W/O BOD 1601 1601 1386 346 242 314 170 145 139 197 68 86 36 55 18

the end of 2018. compared to 1,669 employees at directors, or decreased by 4.31% of 1,597 employees, excluding In 2019, the Company has atotal outsourcing vendors. developers with whopartner engineers, programmers and secretarial, administration, tester for several functions suchas a role inmanaging resources Human Capital Analytic also plays and Flexible Benefits. namely Compensation Planning employeesupport benefits, are also other applications to these improvements there Management Systems. From Management andLearning Management, andPerformance Offboarding, Resource these areas are Onboarding, the system usage. Some of HC PROFILE Human Capital Development

FOR SUSTAINABLE GROWTH AND RETURNS All XL All XL 1677 1677 1461 340 497 109 188 251 136 123 101 28 42 78

31.12.2018 31.12.2018 W/O BOD W/O BOD 1672 1672 1461 340 496 250 108 186 123 135 101 42 25 77

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 66 Human Capital Development INTEGRATED ANNUAL REPORT Staff/Individual Contributor Lead Head > 50 > - 5045 40 -45 35 -40 30 -35 25 -30 5 -10 Yrs 1 - 5 Yrs < 1Yr SMA/SMU/Kejuruan S2 (Strata 2)/S3(Strata 3) S1 (Strata 1) Diploma < 25 Group Head Chief Director President Director 15 -20Yrs 10 -15 Yrs > 20Yrs GRAND TOTAL GRAND TOTAL GRAND TOTAL BASED ON YEARS OF SERVICE EMPLOYEE COMPOSITION BASED ON EDUCATION LEVEL EMPLOYEE COMPOSITION BASED ON POSITION LEVEL COMPOSITION OF EMPLOYEES BASED ON POSITION LEVEL COMPOSITION OF EMPLOYEES GRAND TOTAL

2019 2019 PT. XL AXIATA TBK All XL All XL All XL All XL 1606 1606 1606 1606 1365 408 1316 602 348 366 243 190 416 150 146 241 138 137 172 39 47 61 14 13 4 4 3 1 31.12.2019 31.12.2019 31.12.2019 31.12.2019 W/O BOD W/O BOD W/O BOD W/O BOD 1601 1601 1601 1601 1365 600 408 1312 348 366 243 150 146 415 241 136 187 137 172 60 47 37 14 13 4 3

All XL All XL All XL All XL 1677 1677 1677 1677 1349 1432 344 584 433 382 253 378 277 301 184 166 166 126 157 40 23 32 55 13 4 5 3 1 31.12.2018 31.12.2018 31.12.2018 31.12.2018 W/O BOD W/O BOD W/O BOD W/O BOD 1672 1672 1672 1672 1345 1432 344 433 582 253 378 277 301 184 381 166 156 163 125 40 30 54 23 13 3 5

operational performance. Analytic anddigital strengths will help change the function of HCandthe Company indecision making and In addition, HCwill focus on developing analytical capabilities inthe business division andinternal HC. HC process. It covers performance management, recognitions anddigital learning areas. HC will continue to improve employee experience through improving the HCDigital Platform andthe digital that concentrates on feedback, anddeveloping the Employee Value Proposition (EVP) program. transforming perspectives towards operational excellence andagility, building performance management Going forward, the Company will continue to business support initiatives by developing talent andleadership, THE STRATEGY GOING FORWARD Male 2014 2015 YTD -31.10.2019 Female 2016 2018 2017 GRAND TOTAL BASED ON TURN-OVER EMPLOYEE COMPOSITION GENDER COMPOSITION OF EMPLOYEES BASED ON PERMANENT 207 106 199 158 126 123 DRIVING OPERATIONAL EXCELLENCE EMPLOYEE STATUS All XL 1606 1122 484 31.12.2019 W/O BOD CONTRACT 1601 482 1119 20 10 14 21 12 13 Human Capital Development

FOR SUSTAINABLE GROWTH AND RETURNS All XL 1677 1165 512 31.12.2018 TOTAL W/O BOD 220 227 138 137 116 171 1672 1162 510 67

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 68 GOVERNANCE CORPORATE INTEGRATED ANNUAL REPORT

2019 2019 PT. XL AXIATA TBK meeting decks, registration are convened GMOS where invitation, we moved to 80% digitally projects, andlastly in2019 where corporate actions andmajor Virtrual Data Room for every establishment of XLAxiata own and dynamicmanner, 2018 (“GMOS”) to amore digitized General Meeting of Shareholders Meetings, in2017 evolution of our initiatives with digitizing ourBoard where we started ourdigitization our key milestones since 2013 governace inIndonesia. Recalling pioneer of digitizing corporate We have also now becoming the Governance Scorecard level. Indonesian ASEAN Corporate Public Companies butalso at the current position inTop 50 Best companies. Not only we sustain amongst Indonesia’s best public current GCGcompliance positions year for XLAxiata insustaining This year isone of the best 2019 and operational activities. implementation of GCG,especially inthe process of decision making has also succeeded increating efficiency andeffectiveness in the employees. In addition, the Company’s Digital Transformation strategy Commissioners andsupported by the exceptional performance of all of Directors performance under prudent supervision of the Board of Corporate Governance (GCG) implementation through solid Board Integrity andProfessionalism has set XLAxiata at ahigher level inGood HIGHLIGHTS OF GCG IN TRANSPARENCY FAIRNESS Indonesia Stock Exchange. Services Authority (OJK) andthe regulations issued by the Financial Regulations inparticular to any is also subject to the relevant Market. In addition, the Company 8 of 1995 regarding the Capital of the Republic of Indonesia No. regulations aswell asthe Law Company andits implementing regarding the Limited Liability of Indonesia No. 40of 2007 based on the Law of the Republic Exchange implements the GCG listed on the Indonesia Stock XL Axiata, apubliccompany all shareholders as well asproviding live stream to be digitizing ourvoting andproxy in the next couple of years would Indonesia. Ournext breakthrough Board members residing outside of provides live stream video for provided fully by digital andwe GCG LEGAL BASIS RESPONSIBILITY ACCOUNTABILITY DRIVING OPERATIONAL EXCELLENCE INDEPENDENCE GOVERNANCE Company’s work culture: the GCGsupporting principles within the In addition, the Company also encourages 3. 2. 1.

DIGITIZATION Law abiding citizen. Efficiency andeffectiveness. Professionalism andintegrity. consistency, andquality. current efficiency of its process, as helps XLAxiata improve into ourGCGprinciple aswell are confident to addDigitization GCG principles, butthis year we practices by referring to the five XL Axiata still implements its GCG applies to alllevels of Employees. (Whistleblowing System) that Violation Reporting System XL Axiata also has inplace, a to operational matters. and other internal policies related Commissioners (Board Manual) of Directors andthe Board of Code of Ethic for the Board Manual, Work Guidelineand Employee Behavior, The GCG covering the Code of Ethic and including Company Regulation and aseries of internal policies the latest Law andRegulations that have been adjusted to by the Articles of Association Internally, the Company isguided GOVERNANCE PRINCIPLES GOOD CORPORATE

FOR SUSTAINABLE GROWTH AND RETURNS Corporate 69

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 70 Corporate Governance ROADMAP GCG • • • • • 2018

INTEGRATED ANNUAL REPORT regarding Company Documents. with reference to Law No. 8of 1997 Arrangment ofCorporate Documents Board of Commissioners. Governance Training for Directors and Implementation of Corporate Policy. Communication Policy andProtocol policies, namely the Integrated Establishment of GCGrelated independent Third Party. Effectivenesss Assessment by Implementation of Board auditor for ISO 27001. Institute (BSI) asanindependent carried outby the British Standard Obtaining ISO 27001 Certification IDENTIFICATION • • • • • • • 2017

Refinement of looks and feels on of the Company’s Website. Trial on Delegation of Authority by system. Directors orientation. Implementation of the Board of Commissioners andBoard of document on daily activities Implementation of Record Management by using softcopy Record Management System Socialization scanned copy documents for daily activities. Management System andimplementation of the use of Governance Scorecard standard. Socialization of Record Update of Procurement Policy based on ASEAN Corporate - Financial Statement Policy. Policy - on Delegation of Authority by the Board of Directors. - ESignatures Policy. - Record Management System Policy. others: Establishment of New Policy related to the Company, among • • • 2015

2019 2019 2019 2019 Rationalization of the Committee under the Board of Directors. process by the Board of Directors andBoard of Commissioners. Implementation of BoardPac asatool to the effectiveness support of decision-making Authority regulations. as well asthe website revamp inaccordance with the provisions of Financial Services Meeting of Shareholders andthe Board of Commissioners andthe Board of Directors the Company’s Articles of Association inparticular to the implementation of the General the Working Guidelines for the Nominating andRemuneration Committee, amendment to Compliance with the new Financial Services Authority regulation inthe form of renewal of

PT. XL AXIATA TBK PT. XL AXIATA TBK DEVELOPMENT • • • • • • • • • • 2019 Business Licensing Services (Online Single Submission). Government Regulation No. 24 year 2018 regarding Electronic Integrated Purpose, Objective andActivities of the Company in compliance with Adjustments to Article of Association of the Company with respect to Implementation of Iso 27001:2013 Certification on Customer Data Protection Digitalization Quality Improvement of on General Meeting of Shareholders Through comply with the new licensing system Submission, whereby XLAxiata being one of the first public company to Implementation OfCompany Business Licenses Through OnlineSingle Induction For Board of Audit Committee Member Integrated Annual Reporting 2019 Issuance on Data Sharing Policy Issuance Company’s Intellectual Property Rights Policy Evaluation of Boardpac Application To Support BOC-BOD Activities Self-Assessment By Third Party Implementation of the Board of Directors andBoard of Commissioners IMPLEMENTATION • • • • • 2016 Self &Peer-to-Peer Assessment. Implementation of Board Effectiveness dan Board Orientations Unit within the Company. Establishment of Limit of Authority ineach Commissioners. the Board of Directors andthe Board of - Multiple Board Membership Policy for Commissioners Sharesownership Policy. - Board of Directors andBoard of - Subsidiary Policy. - Director Sucession Policy. Establishment of Policy amongst others: - Blackout Policy. - GCGManual. - Board Manual andCode of Ethics. others: Renewal of Guidelines andPolicy amongst ADJUSTMENT Through Oss In Referering To The Prevailing Terms Its Subsidiaries HasRegistered Business Licenses Licensing Services (“Oss”), In 2019 XlAxiata And 24 Year 2018 OnElectronically Integrated Business In Compliance With Government Regulation No. Licenses Through OnlineSingle Submission Implementation OnCompany Business Delivered Within This Induction. Operational And Corporate Governance Was Which Relates To XlAxiata Strategy, Business, Committee, Benny Redjo Setyono. Any Information, Conducted For ANew Member OfBoard OfAudit On September 2019, Induction Training Was Member Induction For Board OfAudit Committee Over Time. Our Business And Strategies And To Create Value Provides OurStakeholders With AConcise View Of The Nearest Framework Into Integrated Report, Xl Presented Integrated Annual Report 2019. In Using And Government Initiatives, Currently XlAxiata In Order To Fully Support Capital Market Institutions Integrated Annual Reporting 2019 The Evaluation Result. Digital Application Was Recommended Based On In XlAxiata. The Change OfMeeting Management Directors’ And Board OfCommissioners’ Meeting Conducted To Improve The Quality OfBoard Of Digital Application OfMeeting Management Was Well As Application Security OfBoardpac As A Evaluation OnFeatures, Access Stability As Support Boc Bod Activities Evaluation OfBoardpac Application To Board of Commissioners. and responsibilities of the Board of Directors and prove of accountability inthe application of duties Board of Directors and Board of Commissioners as be used for the Performance Assessment of the Ernst &Young consultant, the assessment result will Commissioners self-assessment by using third party, has conducted Board of Directors andBoard of Governance Scorecard (ACGS) indicators, XLAxiata Guidelines on the assessment andAsean Corporate on PublicCompanies Corporate Governance Authority Circular Letter No.32/SEOJK.04/2015 Governance Guidelines andthe Financial Services Implementation of PublicCompanies Corporate Authority Regulation No.21/POJK.04/2015 on the In compliance with the Financial Services Assessment By Third Party And Board OfCommissioners Self Implementation OfThe Board OfDirectors XL Axiata has enacted the following GCGenhancement during 2019: CORPORATE GOVERNANCE IMPLEMENTATION 2019 AND THE EXPLANATION DRIVING OPERATIONAL EXCELLENCE (“BKPM”) Managed By Investment Coordinating Board And Conditions WhichCurrently Operated And Procedures prior to 2019 Disclosure of the Company Policies andOperations Policies andOperations Procedures in2019 Disclosure of the Company new formulation on the Operational Procedure And Policy Exposure Iso 31000 Certification On Customer Data Protection & Implementation OfIso 27001:2013 Board Members Outside OfIndonesia. Shareholders And Video Stream Features For Our Introduced The Use OfOnlineRegistration For Our Our Extraordinary GMSOnSeptember We Further Available For All Shareholders To Download. During By Providing All Meeting Materials Via QrCode 2019 We Have Introduced An Eco-Friendly Meeting 2017, Starting From The Annual Gms Last April Proceeding WhichHasBecome OurSignature Since Digitization In GCG,Aside From The Iconic GMS One OfImportant Milestones In Implementing Shareholders Through Digitalization Quality Improvement OnGeneral Meeting Of • • 10. 9. 8. 7. 6. 5. 4. 3. 2. 1. 2. 1.

Enterprise RiskManagement (ERM). XL Axiata applies the ISO31000 standard for standard into world-class standard. culture istransforming from unrecognized Through this certification, XL Axiata working until stage 1and stage 2certification audits. started since early January 2017 for preparation (BSI). The auditprocess of ISO 27001:2013 was protection from British Standard Institution ISO 27001:2013 certifications in customer data In 2019, XLAxiata passed the qualification for Procurement policy andCode of Ethics (Blackout Policy) Shares Trading Prohibition In Certain Period Prevention of Insider Trading Policy Through Commissioners andBoard of Directors Policy Multiple Board Membership for Board of Remuneration Policy Nomination Policy Shares Ownership Policy Board of Commissioners andBoard of Directors Subsidiaries Policy Consumer Protection Policy Policy Conflict of Interest Transaction Prevention Integrated Communication Policy Data Sharing Policy Company’s Intellectual Property Rights Policy

FOR SUSTAINABLE GROWTH AND RETURNS Corporate Governance 71

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 72 Corporate Governance interests are met based on governance principles. of XLAxiata aswell asensuring that allstakeholders’ tasked with supervisory functions on the management The Board of Commissioners isanorgan collectively Board of Commissioners and regulations. is based on Articles of Association aswell aslaws Shareholders, in relation with XLAxiata interests and discussion anddecision-making forum for the The General Meeting of Shareholders isastrategic General Meeting of Shareholders (GMS) The Primary Organ are asfollows: In general XLAxiata GCG structure isdivided into Primary Organ andSupporting Organ. Association. in accordance with Law No. 40year 2007, related Financial Services Authority regulations andthe Articles of XL Axiata has established GCGstructure based on the function, authority andresponsibilities of each organ to any Board Event of XLAxiata without violate any other prevailing regulations. This guidance andSOP ismade to standardize minimum hospitality services that shall beprovide inparticular Issuance OnHospitality Guidance And SOP CORPORATE GOVERNANCE STRUCTURE 16. 15. 14. 13. 12. 11. INTEGRATED ANNUAL REPORT

Protocol Policy Financial Statement Release Policy Power of Attorney &BODDelegation of Authority Policy E Signature Policy Record Management System Policy Director Succession Policy Company Directors Committees Under President Director The Board Of DIRECTORS BOARD OF Directors

2019 2019 PT. XL AXIATA TBK Corporate Secretary OF SHAREHOLDERS GENERAL MEETING Risk Management Internal Audit & Head Board of Directors. function under the Board of Commissioners or the The Supporting Organs consist of Committees or legal matters. acting on behalf of XLAxiata inboth legal andnon- with the set direction andobjectives, aswell as responsible for managing XLAxiata inaccordance The Board of Directors isanorgan collectively Directors of Board Remuneration Nominating & Committee COMMISSIONERS BOARD OF Board of Audit Commitee request of information organ with authorities opinions, votings, and prevailing regulations. Commissioners within (GMS) isaCompany’s threshold asset forth Axiata management. The General Meeting initiate authorities, of Association and strategic decision- not granted to the Board of Directors and submission of under the Articles making or the XL and the Board of The GMSserves Shareholders to of Shareholders exercise rights, relating to the a forum for accordance with the portion of its respective share ownership. through voting mechanism based on rights owned by Shareholders in availability of the same Information to Shareholders aswell as XL Axiata applies equal treatment to allshareholders through the Extraordinary GMS: In addition, the Shareholders also have the following rights by the authority: Based on the Articles of Association, the GMSshall have the following Invitaton. Company’s official Website (www.xl.co.id) at the same time with GMS representative or their authorized proxies by using Proxy available in XL Axiata Shareholders have the rights to attend the GMSasaself- EQUAL TREATMENT TO SHAREHOLDERS SHAREHOLDERS’ RIGHTS AND AUTHORITIES IN GMS • • • • • • • • • 7. 6. 5. 4. 3. 2. 1.

the GMSmust approve it. Independent Shareholders or their authorized representatives in In particular for transactions, whichcontain conflict of interest, the prevailing regulations. Approve the proposed corporate action inaccordance with Approve plan andresults allocation from funding activity; Approve distribution of new shares inportfolio; regulated under prevailing regulations; Approve material transaction based on authority threshold as Capital; Approve additional Authorised Capital and/or Issued andPaid Up Ratify the amendment of Articles of Association; Board of Commissioners; Appoint andterminate members of the Board of Directors and/or period of the Company, dissolution andliquidation. filing for bankruptcy over the Company, the extension of the Approve the merger, consolidation, acquisition, andseparation, Directors andthe Board of Commissioners. Determine the remuneration for members of the Board of Offering. Obtain Realization Report on the use of proceeds from Public Board of Commissioners of XLAxiata. Appoint and/or dismiss members of the Board of Directors and Public Accountant for the current year. Appoint or authorize to the Board of Commissioners to appoint Provide approval for the proposed use of XLAxiata profit. being audited by apublicaccountant. of the financial year, the statement of income of the financial year To ratify the financial statements consisting of the balance sheet Axiata Annual Report. Activity Report during the fiscal year aselaborated under the XL of business aswell asthe Board of Commissioners Supervisory To approve the Annual Report with regards to XLAxiata course DRIVING OPERATIONAL EXCELLENCE SHAREHOLDERS

General Meeting Of FOR SUSTAINABLE GROWTH AND RETURNS 73

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 74 Participation Encouraging Shareholder The Company’s Efforts in General Meeting OfShareholders Meeting Invitation. office and can bedownloaded through the Company’s official website (www.xl.co.id) on the same day as the The AGMS materials includingthe format of the Power of Attorney andMeeting Rules are available at the XL of the PublicCompany (“POJKNo.32/POJK.04/2014”), asfollows: Regulation No. 32/POJK.04/2014 on the Plan for the Implementation of the General Meeting of Shareholders The implementation of AGMS has been carried outIn accordance with the Financial Services Authority 2019 GENERAL MEETING OF SHAREHOLDERS GMS Invitation. working day from the date of the during working hours every available at the Company’s office discussed inthe GMSare also related to the agenda to be the Company’s website. Materials materials related to the GMSin access to information and XL Axiata grants the Shareholder 2. 1. INTEGRATED ANNUAL REPORT

• • • • • Extraordinary General Meeting of Shareholders dated 30 September 2019 • • • • • • Annual General Meeting of Shareholders dated 29April 2019 Minutes of Meeting submission: 24 October 2019, Letter No.: 128/CSEC/X/2019 Announcement of Result: 30 September 2019, Letter No.: 118/CSEC/X/2019 Invitation: 6September 2019, Letter No.: 108/CSEC/IX/2019 Announcement: 22August 2019, Letter No.: 104/CSEC/VIII/2019 Notification: 15 August 2019, Letter No.: 103/CSEC/VIII/2019 Minutes of Meeting submission: 28 May 2019, Letter No.: 079/CSEC/V/2019 Announcement of Result: 30 April 2019, Letter No.: 065/CSEC/IV/2019 Invitation: 29March 2019, Letter No.: 045/CSEC/III/2019 Additional Agenda Notification: 15 Maret 2019, Letter No.: 039/CSEC/III/2019 Announcement: 14 March 2019, Letter No.: 038/CSEC/III/2019 Notification: 6 March 2019, Letter No.: 034/CSEC/III/2019

2019 2019 PT. XL AXIATA TBK Regulations. Articles of Association and The GMSquorum refers to the GMS Quorum the GMS. mechanism andprocedures in meeting agenda, andvoting explanations of meeting leader, before the GMSthat include is distributed andexplained The GMSCode of Conduct GMS Code of Conduct Company. Notary appointed by the witnessed by anindependent Electronic voting activity is counting session. Share Registrar inthe voting which isthen scanned by the respective shares ownership, accordance with the portion of a barcode-voting card in which each shareholder owns is executed electronically in The voting system inthe GMS Electronic Voting System 2019 ANNUAL GENERAL MEETING OF SHAREHOLDERS CALCULATION VOTING BOD AND BOC ATTENDANCE OF QUORUM MEETING CHAIRMAN VENUE IMPLEMENTATION DATE OF AGMS RESULT IMPLEMENTATION OF ANSWER QUESTION AND VOTING MECHANISM

Relation. of Internal Audit andRiskManagement, Corporate Secretary andInvestor Nominating andRemuneration Committee, Audit Committee, the Head and Board of Directors of the Company aswell askey functions including The meeting was attended by allmembers of the Board of Commissioners of the total 10,687,960,423 shares issued by XL. Shareholders or its Proxy intotal 8,817,842,203 shares representing 82.50% Muhamad Chatib Basri, President Commissioner Setiabudi. 36th Floor XLAxiata Tower Jl.H.RRasuna Said X5Kav.11-12 Kuningan Timur 29 April 2019 All of the results of the AGMS have been fully implemented by the Company. Meeting. Shareholders or proxiy holders whoraised question and/or responses inthe (Online Single Submission/OSS). Until the end of the session there were no No 24 Year 2018 on on Electronic Integrated Business Licensing Services the Eighth Agenda isamandatory compliance on Government Regulation Agenda was conducted during the Meeting, except for Eighth Agenda, as Question andanswer session whichrelated to the discussion of each Meeting a vote on the person concerned shall beconducted with anunsigned letter. pursuant to Paragraph Article 11 6of the Company’s Articles of Association, particular to FifthAgenda of Annual General Meeting of Shareholders, whereby each share holder of one (1) isentitled to cast vote. one (1) In Decision process isdone by voting through verbal by poolmechanism No. 2Year 2014 on Notary Position. Notary inJakarta whoindependently undergo hisprofession based on Law mechanism and validated as well ascounted infront of Aulia Taufani S.H, Conducted by PT Datindo Entrycom asXLShare Registrar with apool DRIVING OPERATIONAL EXCELLENCE General Meeting OfShareholders

FOR SUSTAINABLE GROWTH AND RETURNS 75

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 76 General Meeting OfShareholders ANNUAL GMS RESOLUTION 2019 INTEGRATED ANNUAL REPORT Shareholders. is anotification to Meeting Agenda the Second conducted as Voting was not Allocation of the Company Profit for Financial Year31 December Ended on 2018. December 2018. Report andratification of the Financial Statement of the Company for the Financial Year31 ended on Approval of the Annual Report of the Company including the Board of Commissioners’ Supervisory vote inthe Meeting. 100% authorized shares representing 8.817.842.203 Total Approve: vote inthe Meeting. 99,87 %authorized shares representing 8.806.132.503 Approve: None. Against: the Meeting. authorized vote in representing 0,13% 11.709.700 shares Abstain: VOTING RESULT AGENDA 2 VOTING RESULT AGENDA 1

2019 2019 Year December ended on 31 2018. reserve andwill not distribute any dividend for Financial inform to the Shareholders to not allocate the general well asXL Axiata Dividend Policy, The Company hereby Law No. 40Year 2007 on Limited Liability Company as hundred fifty seven million Rupiah) and by referring to rounded to Rp8,857,000,000,- (eight billion eight Financial Year December ended on 31 2018 amounting In view of the Company’s normalized net loss for RESOLUTION breach of the prevailing laws andregulations. Financial Statement andnot acriminaloffense or a in the Annual Report andrecorded inthe Company’s Decemberon 31 2018, aslong asthe actions reflected supervision being conducted inthe Financial Year ended Board of Commissioners for management and Board of Directors andmembers of the Company’s acquit et decharge) for the members of the Company’s Approved to grant release anddischarge (volledig Tanudiredja, Wibisana, Rintis &Partners. December 2018 asaudited by PublicAccounting Firm Financial Statements for the Financial Year ended on 31 2018 aswell asapproved andratified the Company’s Company’s Board of Commissioner for Financial Year Decemberended 31 2018, the Supervisory Report of the limited to the achieved result during the Financial Year course of events of the Company, including butnot Company’s Board of Directors on the activities and Approved andaccepted the Annual Report of the RESOLUTION PT. XL AXIATA TBK require follow up Completed andnot IMPLEMENTATION require follow up Completed andnot IMPLEMENTATION Commissioners for Year 2019. Determination of Remuneration for the Company the Board of Directors and/or the Board of Meeting. 99,75% authorized vote inthe 8.795.857.303 shares representing Total Approve: Meeting. 99,74% authorized vote inthe 8.795.162.203 shares representing Approve: Meeting. 0,25% authorized vote inthe 21.984.900 shares representing Against: Meeting. 0,008% authorized vote inthe 695.100 shares representing Abstain: Meeting. authorized vote inthe representing 100% 8.817.842.203 shares Total Approve: Meeting. authorized vote inthe representing 99,99% 8.817.224.003 shares Approve: None. Against: Meeting. authorized vote inthe representing 0,007% shares618.200 Abstain: Required by the Company. Financial Statement for Financial Year December Ended 31 2019 andOther Financial Statement Audit as Appointment of PublicAccountant And/or PublicAccounting Firm to Perform Audit on the Company VOTING RESULT AGENDA 4 VOTING RESULT AGENDA 3

3. 2. 1. RESOLUTION

perform its duties. Public and/or PublicAccounting Firm isunableto forif some reason, the appointed Accountant the Board of Audit Committee Recommendation Accounting Firm whichislisted inOJKbased on appoint another PublicAccountant andPublic Delegate authority to Board of Commissioner to honorarium, to sign the required documents. limited to determine the amount of professional related with this appointment, including butnot the Company to take action andallarrangements To grant authority to the Board of Directors of Statements asrequired by the Company. Decemberended on 31 2019 andother Financial Company’s Financial Statement for Financial Year external auditor to perform auditon the PricewaterhouseCoopers) asthe Company’s Wibisana, Rintis andPartners (member Atmadja from PublicAccounting Firm Tanudiredja, To appoint PublicAccountant Mr. Andry D. 2. 1. RESOLUTION

Year December ended on 31 2019. remuneration policy for Financial remuneration based on the Company with structure andamount of Board of Directors inaccordance other benefit for members of the to determine salary, bonus, and to the Board of Commissioners Delegate authority andproxy Year December ended on 31 2019. remuneration policy for Financial remuneration based on the Company with structure andamount of Commissioners inaccordance members of the Board of bonus, andother benefit for Committee to determine salary, the Nominating andRemuneration Delegate authority andproxy to DRIVING OPERATIONAL EXCELLENCE General Meeting OfShareholders

FOR SUSTAINABLE GROWTH AND RETURNS require follow up Completed andnot IMPLEMENTATION require follow up Completed andnot IMPLEMENTATION 77

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 78 General Meeting OfShareholders INTEGRATED ANNUAL REPORT in the Meeting. authorized vote 92,07% representing shares 8.118.427.412 Total Approve: in the Meeting. authorized vote 92,06% representing shares 8.117.809.212 Approve: Meeting. vote inthe % authorized representing 7,93 shares 699.414.791 Against: in the Meeting. authorized vote 0,007% representing shares618.200 Abstain: The Changes of Composition of the Board of Directors and/or the Board of Commissioners. VOTING RESULT AGENDA 5

2019 2019 3. 2. 1. RESOLUTION

PT. XL AXIATA TBK regulations. the Company Register inaccordance with prevailing of Commissioners andto register the changes in composition of the Board of Directors andthe Board as to sign any deed inrelation with the changes of or request to bemade before the Notary aswell the Company, including butnot limited to record of Directors andthe Board of Commissioners of with the abovementioned composition of the Board of Directors to take any actions required inconnection Grant authorization with substitution right to the Board Independent Commissioner, Julianto Sidarto Independent Commissioner, Muliadi Rahardja Wirjawan Independent Commissioner, Yasmin Stamboel Commissioner, David Robert Dean Commissioner, Peter JohnChambers Commissioner, Kenneth Shen Commissioner, Vivek Sood Commissioner, Tan Sri Jamaludin bin Ibrahim President Commissioner, Muhamad Chatib Basri Board of Commissioners Director, Abhijit Jayant Navalekar Director, Alan Bonke Director, Yessie Dianty Yosetya Director, Mohamed Adlan bin Ahmad Tajudin President Director, Dian Siswarini Directors of Board follows: the 2024 Annual General Meeting of Shareholders, as and the Board of Commissioners asat the closing of the end of the term of office for the Board of Directors – 2024 effective as of the closing of this Meeting until and the Board of Commissioners for the period 2019 Appointed new members of the Board of Directors prevailing regulations. records andare not acriminaloffense or violation of such actions are recorded inthe Company’s books and Annual General Meeting of Shareholders, provided that respective term of office, being the closing the 2019 position from 1January 2018 until the end of carried outwhilecarrying outduring the respective of Commissioners for management andsupervision members of the Board of Directors andthe Board responsibility (volledig acquit et decharge) to all and subsequently grant release anddischarge of of Commissioners asof the closing of this Meeting, members of the Board of Directors andthe Board Approved the expiration of the term of office of all require follow up Completed andnot IMPLEMENTATION Meeting. authorized vote inthe representing 87,42% 7.708.954.358 shares Total Approve: Meeting. authorized vote in the representing 87,25% 7.693.617.608 shares Regulation. by prevailing as required to Shareholders Agenda isareport Sixth Meeting conducted asthe Voting was not Approve: Meeting. authorized vote in the representing 12,58% 1.108.887.845 shares Against: Meeting. authorized vote inthe representing 0,17% 15.336.750 shares Abstain: Issued andFully Paid Capital regarding the Implementation of the Long-Term Incentive Program 2016 –2020. Delegation of Authority to the Company Board of Commissioners inRelation to Adjustment of the Company Accountability Report on the Use of Proceeds of PT XLAxiata Shelf PublicOffering of Sukuk and Bonds. VOTING RESULT AGENDA 7 VOTING RESULT AGENDA 6

(www.xl.axiata.co.id). of Proceed Report isavailable inthe Company’s website All detail information with regards to PublicOffering Use 2. 1. Proceed: No.30/POJK.04/2015 on Report on PublicOffering Use of Referring to Article 6of Financial Services Regulation RESOLUTION

Commissioners. of the Company upon approval from the Board of or the Nominating andRemuneration Committee has been stipulated by the Board of Commissioners the Long Term Incentive Program 2016-2020 that to sign every document/agreement inrelation with authorized the Board of Directors of the Company with prevailing regulations. The Shareholders further Term Incentive Program 2016-2020 inaccordance take any required decision inrelation with the Long Long Term Incentive Program 2016-2020 and/or to bemade or has been made inrelation with the in partial or inwholeon every term that required but not limited to make suchamendment, adding Company to any action andarrangement, including approval from the Board of Commissioners of the and Remuneration Committee of the Company, by with substitution right to authorize the Nominating to the Board of Commissioners of the Company Directors of the Company and/or LTI Committee 2016-2020 from previously given to the Board of the implementation of Long-Term Incentive Program Approved the changes of authorization regarding RESOLUTION next reporting period (June 2019). II Year 2019 to the Financial Services Authority inthe Tranche IIYear 2019 andShelf Sukuk Ijarah IITranche Offering Use of Proceed on Shelf Bonds IXL Axiata The Company will report the Realization of Public Letter No 026/CSEC/II/2019 Dated 15 February 2019. CSEC/I/2019 dated 10 January 2019 andRevision Financial Services Authority through Letter No.006/ Shelf Sukuk Ijarah IITranche IYear 2018 to the Shelf Bonds IXLAxiata Tranche IYear 2018 and Realization of PublicOffering Use of Proceeds on The Company has submitted the report on the DRIVING OPERATIONAL EXCELLENCE General Meeting OfShareholders

FOR SUSTAINABLE GROWTH AND RETURNS require follow up Completed andnot IMPLEMENTATION require follow up Completed andnot IMPLEMENTATION 79

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 80 General Meeting OfShareholders INTEGRATED ANNUAL REPORT 1. authorized vote inthe Meeting. 8.817.842.203 shares representing 100% Total Approve: authorized vote inthe Meeting. 99,99% 8.817.604.253 shares representing Approve: None. Against: authorized vote inthe Meeting. 237.950 shares representing 0,003% Abstain: No. 24 year 2018 regarding Electronic Integrated Business Licensing Services (Online Single Submission). Adjustments to the Articles of Association of the Company inCompliance with Government Regulation RESOLUTION VOTING RESULT AGENDA 8

b. a. activities: To achieve the aforesaid purpose andobjective, the Company may carry on the following business Paragraph 2 telecommunication aswell asfinancial activities. The purpose andobjective of this Company isto engage inthe field of information and Paragraph 1 Article 3 In relation to such matters, the Article 3of Articles of Association of the Company shall beasfollows: Electronic Integrated Business Licensing Services (Online Single Submission/OSS). requirements andprovisions of Government Regulation of Republic of Indonesia No.24 Year 2018 on Approve the adjustment of Article 3of the Company’s Article of Association ascompliance to the

Another Monetary Intermediary. • • Telecommunication business activities: ------Telecommunication services provider including butnot limited to: - - Telecommunication network provider including butnot limited to: ------Other Multimedia Services. Network or Fixed Local Without Cable with Limited Mobility Network. Content Provider through Mobile Cellular. Internet Interconnection Services (NAP). Communication System Services. Internet Service Provider. Telecommunication activities without cable. Telecommunication activities with cable

2019 2019 PT. XL AXIATA TBK 2. Completed andnot require follow up IMPLEMENTATION AGENDA 8 adjustment of Articles of Association. to conduct any other action asconsidered necessary by the Board of Directors inrelation to such and/or conduct registration/record incompliance with provisions of prevailing regulations aswell as before the Notary, to come before the government institutions for the purpose to obtain approval documents and/or letters, to state and/or stipulate the result of this Meeting insuchdeed made to re-adjust the wholeArticles of Association of the Company includingbutnot limited to sign rights, to perform any required action inregards to the adjustment of Articles of Association and To grant authorization andproxy to the Board of Directors of the Company with substitution d. c. b. a. activities: the Company asset-forth above, the Company may conduct the following supporting business To achieve the aforesaid purpose andobjective, andto the main business support activity of Paragraph 3

services and/or networks. To provide other telecommunication services andnetworks information including technology abroad; and provide non-formal education andtraining intelecommunications sector both domestically and maintenance, researches, development of telecommunication infrastructures and/or facilities, to telecommunication network and/or services rendered by the Company), to carry out To carry on business andoperational services (including marketing andsales of to the public; achieve capacity asdesired andrequired by the publicinthe framework of improving services To increase to maximum the relevant telecommunication services and/or networks inorder to rendering telecommunication services and/or networks; telecommunication facilities including supply of resources to the Company’s support business in To plan, engineer, construct, provide, develop andoperate, lease out, maintain andsupply DRIVING OPERATIONAL EXCELLENCE General Meeting OfShareholders

FOR SUSTAINABLE GROWTH AND RETURNS 81

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 82 General Meeting OfShareholders 2019 EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS INTEGRATED ANNUAL REPORT IMPLEMENTATION DATE OF AGMS RESULT IMPLEMENTATION OF ANSWER QUESTION AND VOTING MECHANISM CALCULATION VOTING BOD AND BOC ATTENDANCE OF QUORUM MEETING CHAIRMAN VENUE

2019 2019 PT. XL AXIATA TBK All of the results of the AGMS have been fully implemented by the Company. XL Axiata Tbk. shares aswell asthe changes of Long-Term Incentive Program 2016-2020 PT answered by the Company the inwhich include mechanism, total allocated Meeting, there was question one (1) raised by Shareholder that has been fully or give opinion on each agenda of the Meeting. Until the closing of the opportunities to the Shareholders or their Proxy to raise questions and/ Prior to the voting session, the Chairman of the Meeting provided considered casting the same vote asthe majority of voting result. Shareholders and/or their Proxy whodidnot vote (with abstain vote) are whereby each share holder of one (1) isentitled to cast vote. one (1) Decision process isdone by voting through verbal by poolmechanism No. 2Year 2014 on Notary Position. Notary inJakarta whoindependently undergo hisprofession based on Law mechanism and validated as well ascounted infront of Aulia Taufani S.H, Conducted by PT Datindo Entrycom asXLShare Registrar with apool Investor Relation. Corporate Secretary Head of Internal Audit andRisk Management 2 (two) member of the Board of Audit Committee* absent 2 (two) member of the Board of Audit Committee* 1 (one) member of the Nominating andRemuneration Committee* absent Committee*participated through video streaming 1 (one) member of the Nominating andRemuneration 4 (four) members of the Nominating andRemuneration Committee* as well askey functions including: all members of the Board of Directors 2 (two) members of the Board of Commissioner absent streaming 4 (four) members of the Board of Commissioners participated through video 3 (three) members of the Board of Commissioners The meeting was attended by: of the total 10,687,960,423 shares issued by XL. Shareholders or its Proxy intotal 8,930,351,745 shares representing 83.56% Muhamad Chatib Basri, President Commissioner Setiabudi. 36th Floor XLAxiata Tower Jl.H.RRasuna Said X5Kav.11-12 Kuningan Timur 30 September 2019 EXTRAORDINARY GMS RESOLUTION 2019 RESOLUTION & REALIZATION OF THE ANNUAL GMS, 9 MARCH 2018 Axiata website, aswell asinformed the Shareholders on the financial performance of financial year 2017. dated 15 Februari 2018 andannounced the 2017 Annual Report inIndonesian Stock Exchange andXL Completed. XLAxiata has submitted the Annual Report to OJKthrough letter No. 017/CSEC/II/2018 2. 1. in the Meeting. authorized vote 89.57% representing shares 8,026,789,613 Total Approve: 95.25% Approve: Against: 4.76% Abstain: 0.004% PT XLAxiata Tbk. Approval of Amendment andRestatement of 2016-2020 Long Term Incentive Program of IMPLEMENTATION RESOLUTION & IMPLEMENTATION AGENDA 1 VOTING RESULT AGENDA 1

considered ascriminaloffense and/or breach of the prevailing laws and regulations. Report andrecorded inthe Audited Financial Statements of the Company so long asitisnot supervision conducted during the fiscal year31 December ended 2017, as reflected in the Annual Board of Directors andBoard of Commissioners for their respective actions of management and Approved the release anddischarge (volledig acquit et decharge) of members of the Company’s Wibisana, Rintis &Partners. Statements for the financial year31 December ended 2017 by Public Accounting Firm Tanudiredja, for financial year 2017 as well asgiving approval and ratify the Company’s Audited Financial fiscal year31 December ended 2017, Supervisory of Report the Company’s Board of Commissioner events at the Company, including butnot limited to the results whichhave been achieved during the Approved andaccepted the Annual Report of the Company’s Board of Directors aboutthe course of

4. 3. 2. 1. RESOLUTION

regulations. the above decision, inaccordance with the prevailing required decision inrelation with the implementation of document and/or agreement and/or to take any including butnot limited to adjust and/or sign any to conduct any required action andarrangement Authorized the Board of Directors of the Company Program. Company asaresult of execution of 2016 –2020 LTI adjustment of issued andpaid-up capital of the realization on the issuance of new shares andthe Company’s Board of Commissioners to declare the Approved the renewal of grant of authority to the 2016-2020 LTI Program. result of the above amendment andrestatement of IV andGrant CycleVof 2016-2020 LTI Program asa Approved the adjustment of the executed Grant Cycle restate the overall 2016-2020 LTI Program. Incentive Program (“2016-2020 LTI Program”) and Approved the Amendment of 2016-2020 Long Term DRIVING OPERATIONAL EXCELLENCE General Meeting OfShareholders

FOR SUSTAINABLE GROWTH AND RETURNS require follow up Completed andnot IMPLEMENTATION 83

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 84 General Meeting OfShareholders INTEGRATED ANNUAL REPORT 1. Completed andnot require follow up 2. 1. Completed andnot require follow up 3. 2. 1. Completed andnot require follow up 2. 1. RESOLUTION & IMPLEMENTATION AGENDA 5 IMPLEMENTATION RESOLUTION & IMPLEMENTATION AGENDA 4 IMPLEMENTATION RESOLUTION & IMPLEMENTATION AGENDA 3 IMPLEMENTATION RESOLUTION & IMPLEMENTATION AGENDA 2

Commissioner. member of the Board of Directors and resignation from Mr. Mohd.Khairil Kevin Loh bin Abdullah as Honorably accepted the end of service of Mr. WillemLucas Timmermans from hisposition as ended by December 31 2018. amount of remuneration asstipulate under the Company’s remuneration policy for financial year remuneration, bonus andother benefits for the Board of Directors based on structure, policy and Granted authorization to the Board of Commissioners of the Company to determine the ended by December 31 2018. and amount of remuneration asstipulate under the Company’s remuneration policy for financial year remuneration, bonus andother benefits for the Board of Commissioners based on structure, policy Granted authorization to the Nomination andRemuneration Committee to determine the Public Accounting Firm isunableto perform its duties the Board of Audit Committee shoulddueto some reason, the appointed Accountant Publicand/or Accounting Firm being registered inthe Financial Services Authority based on recommendation from Granted authority to the Board of Commissioners of the Company to appoint another Public honorarium, signing the required documents. related with this appointment, including butnot limited to determine the amount of professional Granted authority to the Board of Directors of the Company to take action andallarrangements December 2018 andother financial auditas report required by the Company. Company to perform auditon the Company’s Financial Statement for financial year ended 31 by Wibisana, Rintis andPartners (member of PricewaterhouseCoopers) asexternal auditor of the Appointed Mr. Eddy Rintis, S.E., CPA, PublicAccounting from PublicAccounting Firm of Tanudiredja, dividend to Shareholders dueto the Company’s need for investment. Approved that inaccordance with the Company’s dividend policy, the Company does not distribute b. a. Approved from current year profitability andas required by Law No. 40 Year 2007, to allocate for:

business development. hundred forty four million) will berecorded asRetained Earnings to the Company’s support The remaining asrounded of Rp375,144,000,000.- (three hundred seventy five billion one General appropriation amounting Rp.100.000.000,00 (one hundred million Rupiah); and;

2019 2019 PT. XL AXIATA TBK Completed andnot require follow up 2. 1. Company’s Data No. AHU-AH.01.03-0128778 dated 20April 2017. been reported to the Ministry of Law andHuman Rights based on Acceptence of the Changes of Completed. The changes of composition the Board of Directors andthe Board of Commissioners has 5. 4. 3. 2. IMPLEMENTATION RESOLUTION & IMPLEMENTATION AGENDA 6 IMPLEMENTATION RESOLUTION & IMPLEMENTATION AGENDA 5

any required decisions inrelation to the aforesaid resolution, according to the prevailing regulations. and allarrangements, including but not limited to sign the documents or agreements, and/or to take Granted the authority to the Company’s Board of Directors and/or LTI Committee to take actions Company inrelation to conduct the LTIP 2016 –2020 until the completion of the program. realization on the issuance of new shares andthe adjustment of Issued andPaid upCapital of the Approved to renew the grant of authority to the Company’s Board of Commissioners to declare the required by the prevailing laws andregulations. thereof, andto register the aforementioned changes of into the Company Register asdeemed before the Notary aswell asto sign any documents for the purpose of notarizing the changes Commissioners of the Company asmentioned above, included butnolimited to record or to request any actions required inconnection with the changes inthe Board of Directors andBoard of Granted the rights andauthorization with rights of substitution to the Board of Directors to take Independent Commissioner, Julianto Sidarto Independent Commissioner, Muliadi Rahardja Independent Commissioner, Yasmin Stamboel Wirjawan Commissioner, David R.Dean Commissioner, Peter J. Chambers Commissioner, Kenneth Shen Commissioner, Vivek Sood Commissioner, Tan Sri Jamaludin bin Ibrahim President Commissioner, Muhamad Chatib Basri Board of Commissioners: Director: Yessie D. Yosetya Director, Abhijit Navalekar Director, Allan Bonke Director, Mohamed Adlan bin Ahmad Tajudin President Director, Dian Siswarini Directors: of Board conclusion of the Annual General Meeting of Shareholders whichwill beheldon 2019 asfollows: end of terms of office of the Company’s Board of Directors and the Board of Commissioners at Board of Directors and the Board of Commissioners since the conclusion of this Meeting until the By referring to the abovementioned matters, to approve the following composition of the Company’s the conclusion of the Annual General Meeting of Shareholders, whichwill beheldon 2019. from the conclusion of this meeting until the end of terms of office of the Board of Commissioners at Approved the appointment of Mr. Julianto Sidarto asthe Company’s Independent Commissioner Commissioner into Commissioner of the Company. prevailing regulations. Approved the change of the position of Dr. David R.Dean from Independent Statements of the Company of 2018 andare not considered ascriminalaction or violation of the to the extent that their respective actions are reflected in the Annual including the Report Financial on the conclusion of this Meeting, shall begiven at Annual General Meeting of Shareholders in2019 as the Company’s Director andCommissioner from 1January 2018 until the end of terms of office Mr. Mohd.Khairil Kevin Loh bin Abdullah from their respective management andsupervisory duties Granted infullthe release anddischarge (acquit et decharge) for Mr. WillemLucas Timmermans and DRIVING OPERATIONAL EXCELLENCE General Meeting OfShareholders

FOR SUSTAINABLE GROWTH AND RETURNS 85

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 86 The composition of XLAxiata December BOCasof 31 2019 isasfollows: advisory to the Board of Directors inaccordance with the laws andregulations andthe Articles of Association. Directors inrelation to the management of the Company. The Board of Commissioners may also provide The Board of Commissioners carries outthe oversight function on the policies conducted by the Board of of Board BOARD OF COMMISSIONERS COMPOSITION COMMISSIONERS INTEGRATED ANNUAL REPORT Chatib Basri Muhamad Sidarto Julianto Rahardja Muliadi Wirjawan Stamboel Yasmin Dean David R. Chambers Peter John Shen Kenneth Vivek Sood Ibrahim Jamaludin Tan Sri NAME Commissioner Independent Commissioner Independent Commissioner Independent Commissioner Commissioner Commissioner Commissioner Commissioner Commissioner President TITLE

2019 2019 PT. XL AXIATA TBK - AGMS dated 9March 2018 (Term 1) (Term 2) - AGMS dated 29April 2019 - EGMS dated 15 August 2017 (Term 1) (Term 2) - AGMS dated 29April 2019 therefore re-started from Term 1 the terms of office period of Independent Commissioner isbeing reset to 0and * Based on POJKNo. 33/POJK.04.2014 andsocialization conducted by OJK, - AGMS dated 14 April (Term 2011 1) - AGMS dated 22April 2014 (Term 1)* (Term 2) - AGMS dated 29April 2019 (Term 1asIndependent Commissioner) - EGMS dated 29September 2016 - AGMS dated 9March 2018 (Term 1) (Term 2) - AGMS dated 29April 2019 (Term 1asIndependent Commissioner) - AGMS dated 4April 2008 (Term 2asIndependent Commissioner) - AGMS dated 14 April 2011 (Term 3asIndependent Commissioner) - AGMS dated 22April 2014 - EGMS dated 15 August 2017 (Term 1) (Term 2) - AGMS dated 29April 2019 - EGMS dated 15 August 2017 (Term 1) (Term 2) - AGMS dated 29April 2019 - EGMS dated 15 August 2017 (Term 1) (Term 2) - AGMS dated 29April 2019 - EGMS dated 29July 2008(Term 1) - AGMS dated 14 April (Term 2011 2) - AGMS dated 22April 2014 (Term 3) (Term 4) - AGMS dated 29April 2019 (Term 1-asCommissioner) - AGMS dated 14 April 2011 (Term 1-asCommissioner) - AGMS dated 1April 2015 (Term 1) - EGMS dated 29September 2016 (Term 2) - AGMS dated 29April 2019 APPOINTMENT BASIS - 9 March 2018 until 29 April 2019 (Term 2) AGMS 2024 (Term 1) - 29April 2019 until the closing of (Term 2) - 15 August 2017 until 29April 2019 AGMS 2024 (Term 1) - 29April 2019 until the closing of - 14 April until 2011 22April 2014 (Term 1) - 22April 2014 until 29April 2019 (Term 1)* AGMS 2024 (Term 2) - 29April 2019 until the closing of (Term 1asIndependent Commissioner) - 29September 2016 until 9 March 2018 - 9March 2018 until 29April 2019 (Term 1) AGMS 2024 (Term 2) - 29April 2019 until the closing of (Term 1asIndependent Commissioner) - 4April 2008until 14 April 2011 (Term 2asIndependent Commissioner) - 14 April until 2011 22April 2014 (Term 3asIndependent Commissioner) - 22April 2014 until 15 August 2017 (Term 1) - 15 August 2017 until 29April 2019 AGMS 2024 (Term 2) - 29April 2019 until the closing of (Term 1) - 15 August 2017 until 29April 2019 AGMS 2024 (Term 2) - 29April 2019 until the closing of March- 31 2017 until 29April 2019 (Term 1) AGMS 2024 (Term 2) - 29April 2019 until the closing of - 29Juli200814 April (Term 2011 1) - 14 April -22April 2011 2014 (Term 2) - 22April 2014 until 29April 2019 (Term 3) AGMS 2024 (Term 4) - 29April 2019 until the closing of (Term 1-asCommissioner) - 14 April until 2011 15 August 2012 (Term 1-asCommissioner) - 1April 2015 until 29September 2016 (Term 1) - 29September 2016 until 29April 2019 AGMS 2024 - 29April 2019 until the closing of TERM OF OFFICE Chief Executive Officer, Axiata Group Managing Director/President &Group GSM Association (2019- present), He currently serves asDirector of • • • • • • • Members of: He concurrently serves asCommittee 29 July 2008. April 2011, and1st term asper EGMS April 2014, 2ndterm asper AGMS 14 the 3rd term pursuant to AGMS 22 as Commissioner of the Company for fourth term. Hepreviously also served appointed asCommissioner for the dated 29April 2019 hewas Pursuant to the AGMS resolution from California State University (1978). Administration (Minor inMathematics) and Bachelor of Science inBusiness State University, Oregon (1980), He earned MBA from Portland Malaysia. currently domiciled inKuala Lumpur, Malaysian Citizen, 60years old, Commissioner of PT Bank Mandiri Tbk. Commissioner/Independent He concurrently serves asPresident April 2015 andAGMS 14 April 2011. of the Company pursuant to AGMS 1 previously served asCommissioner September 2016 for the first term. He for the second term, andEGMS 29 appointed asPresident Commissioner dated 29April 2019 hewas Pursuant to the AGMS resolution (1992). Economics from Universitas Indonesia anddanBachelor’s(1996), Degree in from Australian National University Master of Economic Development Australian National University (2001), He earned PhDinEconomics from currently domiciled inJakarta. Indonesian Citizen, 55 years old, BOARD OF COMMISSIONERS PROFILE Tan Sri Jamaludin Ibrahim |Commissioner Dr. Muhamad Chatib Basri |President Commissioner Robi Axiata Limited AxiataSmart Co., Ltd Celcom Axiata Berhad Edotco Group SdnBhd Axiata Digital Services SdnBhd Axiata Group Berhad Axiata Tbk Remuneration Committee of PT XL Member of the Nominating and 1. Trainings 2019 Shareholders. has affiliations with the Controlling and Board of Directors, however of the Board of Commissioners He has noaffiliation with members California State University, USA (1980). Lecturer inQuantitative Methods and Management (1981-1993), and amongst others inSales, Marketing various key positions inthe Company for the first five years held andfurther 1997), Joined IBMasSystem Engineer Digital Equipment Malaysia (1993- (1998-2006), Managing Director of of Maxis Communications Berhad ChiefExecutive(2006-2007), Officer Maxis Communications Berhad Group ChiefExecutive Officer of of GSMAssociation (2008-2015), Foundation (2008-2018), Director of GSMAMobile for Development He previously served asDirector Dialog Axiata PLC (2016 -present). present), andAlternate Director of Digital Services SdnBhd(2014 - -present),(2011 Chairman of Axiata present), Trustee of Axiata Foundation of Celcom Axiata Berhad (2008- Berhad (2008-present), Chairman March 2019. Retreat, St. Regis Hotel, Bali, 29-30 XL Axiata BOC-BOD Strategy Trainings 2019 Director as the Independent Non Executive Shareholders, Axiata Group Berhad, has affiliations with the Controlling and Board of Directors, however of the Board of Commissioners He has noaffiliation with members 2012-October 2013). Investment Coordination Board (June 2013-October 2014), andChairman of of Republic of Indonesia (May (2015-2016), Minister of Finance Fellow of Harward Kenned School He previously served asSenior Axiata Group Berhad (2015 -present). Independent Non-Executive Director of

February 2019 and Keynote 2019, Barcelona, 25 Mobile World Congress Opening DRIVING OPERATIONAL EXCELLENCE 6. 5. 4. 3. 2. • • • • • • Guest Speakers:

• • • Guest Speakers: 19-20 July 2019. Retreat, EQ Hotel -Kuala Lumpur, Axiata Mid-Year Board Strategy May16 2019 Microsoft, Seattle Washington, 14- Microsoft CEO Summit by March 2019. Retreat, St. Regis Hotel, Bali, 29-30 XL Axiata BOC-BOD Strategy Kuala Lumpur, 19 March 2019 Bursa Malaysia, Shangri-La Hotel - Invest Malaysia Conference by 12-13 March 2019 Angsana, Laguna Phuket - Thailand, and Investment Banking, Citibank, Head of Asia Pacific Corporate Trends in2019” by Jan Metzger, the Game –Leveraging Technology Conference 2019 “Getting Ahead of Axiata Senior Leadership – Delta Partners Sachin Gupta andVincent Stevens Key Conclusions by Vinod Nair, - Senior Partner, Delta Partners Structural Separation by Vinod Nair Lever: Network Sharing and Nair - Senior Partner, Delta Partners Lever: Digital Partnerships by Vinod - Akira Partners anything working? By Panos Metsis Stimulating are-rating intelco: Is Distribution of ChubbAsia Ford -Regional Head of Partner of Direct Marketing andJon by Marcus Giles -Regional Head Step-Change Growth inMobile Lever: Partnerships Modelfor Shastry –Head of S.E. Asia KKR An Investor’s Perspective Between ROIC andaHard Place:

FOR SUSTAINABLE GROWTH AND RETURNS Network Inc. President &CEO, Altiostar Ashraf M.Dahod, Altiostar, Disruptive Digital Telcos” by “New Business Modelsfor Pacific, Orange Business Services Sim, Senior Vice President -Asia Expectations” by Dr. Patrick “Enterprise Business America Merrill Lynch Media &Internet Analyst, Bank of Salgaonkar, Director-Telcos, Expectations” by Sachin “Industry Outlook &Analyst Board of Commissioners by Ashish 87

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 88 position. He does not have any concurrent EGMS 15 August 2017. Company for the 1st term asper served asCommissioner of the second term. Hepreviously also appointed asCommissioner for the dated 29April 2019 hewas Pursuant to the AGMS resolution Harvard College (1986). (Japanese) andEconomics from Asian Languages andCivilisations and B.A (Magna Cum Laude) inEast Harvard Business School (1992), Administration (M.B.A) from He earned Master of Business York, United States of America. years old,currently domiciled inNew United States of America Citizen, 55 of Axiata Lanka (Private) Limited Limited (2017 -present), Director of Axiata Investments (Labuan) Limited (2017 -present), Director of Axiata Investments (Singapore) Berhad (2017 -present), Director - present), Director of Axiata SPV2 Axiata SPV1(Labuan) Limited (2017 He currently serves asDirector of • • • • • Members of: He concurrently serves asCommittee 1st term asper AGMS March 31 2017. Commissioner of the Company for the term. Hepreviously also served as as Commissioner for the second dated 29April 2019 hewas appointed Pursuant to the AGMS resolution University of New Delhi(1985). Bachelor of Commerce from Accountant of India (1989), and from The Institute of Chartered He earned Chartered Accountant domiciled inKuala Lumpur, Malaysia. Indian Citizen, 55 years old,currently Board of Commissioners INTEGRATED ANNUAL REPORT Kenneth Shen |Commissioner Vivek Sood |Commissioner Dialog Axiata PLC Axiata Digital Services SdnBhd Celcom Axiata Berhad Robi Axiata Limited Axiata Group Berhad

2019 2019 PT. XL AXIATA TBK India (2006-2010). AIA Life Insurance Limited, Mumbai, COO of Tata AIA Life Insurance, Tata Group (2011-2012), andCFO and 2014), CFO of Telenor India of Telenor Bangladesh of Telenor Group (2013- (2014-2015), CEO of Grameenphone, of Telenor India of Telenor Group Telenor Group (2015-2017), CEO Group ChiefMarketing Officer of He previously served asEVP and PLC (2019 -present). present), andDirector of Dialog Axiata Digital Labs (Private) Limited (2018 - (2017 -present), Director of Axiata Axiata Business Services SdnBhd Limited (2017 -present), Director of Director of Axiata Investments (UK) Holdings Limited (2017 -present), (201* -present), Director of Reynolds Axiata (Cambodia) Holdings Limited Limited (2017 -present), Director of - present), Director of Robi Axiata Management Services SdnBhd(2017 (2017 -present), Director of Axiata Director of Axiata SPV4SdnBhd Services SdnBhd(2017 -present), - present), Director of Axiata Digital Investments (Cambodia) Limited (2017 (2017 -present), Director of Axiata Investments (Indonesia) SdnBhd (2017 -present), Director of Axiata Shareholders. has affiliations with the Controlling and Board of Directors, however of the Board of Commissioners He has noaffiliation with members Brothers Inc. (1992-1996). Groups &Associate of Lehman Banking andPrincipal Investment Inc. (1996-2005), andMerchant Markets Inc andSalomon Brothers (most recent role) of Citigroup Global Asia Pacific Corporate Finance Group Authority Co-Head, (2006-2011), Qatar Holding/Qatar Investment of Strategic and Private Equity of Member, Advisor to the CEO, Head Group Berhad (2011-2018), Board Non-Executive Director of Axiata Nasional Berhard (2011-2018), Director of Investments Khazanah He previously served asExecutive present). of Edotco Group SdnBhd(2013 - He currently serves asBoard Member • • • • • • Guest Speakers: March 2019 Retreat, St. Regis Hotel, Bali, 29-30 XL Axiata BOC-BOD Strategy Trainings 2019 • • • • • • Guest Speakers: St. Regis Hotel, Bali, 29-30 March 2019 XL Axiata BOC-BOD Strategy Retreat, Trainings 2019 with the Controlling Shareholders. of Directors, however has affiliations the Board of Commissioners andBoard He has noaffiliation with members of – Delta Partners Sachin Gupta andVincent Stevens Key Conclusions by Vinod Nair, - Senior Partner, Delta Partners Structural Separation by Vinod Nair Lever: Network Sharing and Nair - Senior Partner, Delta Partners Lever: Digital Partnerships by Vinod - Akira Partners anything working? By Panos Metsis Stimulating are-rating intelco: Is Distribution of ChubbAsia Ford -Regional Head of Partner of Direct Marketing andJon by Marcus Giles -Regional Head Step-Change Growth inMobile Lever: Partnerships Modelfor Shastry –Head of S.E. Asia KKR An Investor’s Perspective Between ROIC andaHard Place: – Delta Partners Sachin Gupta andVincent Stevens Key Conclusions by Vinod Nair, - Senior Partner, Delta Partners Structural Separation by Vinod Nair Lever: Network Sharing and Nair - Senior Partner, Delta Partners Lever: Digital Partnerships by Vinod - Akira Partners anything working? By Panos Metsis Stimulating are-rating intelco: Is Distribution of ChubbAsia Ford -Regional Head of Partner of Direct Marketing andJon by Marcus Giles -Regional Head Step-Change Growth inMobile Lever: Partnerships Modelfor Shastry –Head of S.E. Asia KKR An Investor’s Perspective Between ROIC andaHard Place: by Ashish by Ashish position inthe Committee. He does not have any concurrent period of 2016-2018. Independent Commissioner for the AGMS 9March 2018, andserved as Company for the 1st term asper served asCommissioner of the second term. Hepreviously also appointed asCommissioner for the dated 29April 2019 hewas Pursuant to the AGMS resolution Oxford. UK(1979). (BA) from OrielCollege, University of (1982), and1st. Class Honours Degree College, University of Oxford. UK Theoretical Physics from Wolfson of Oxford. UK(1983), DPhilin from OrielCollege, University He earned Master of Arts inPhysics domiciled inMunich,Germany. British Citizen, years 61 old,currently • • • Members of: He concurrently serves asCommittee the period of 2006-2008. 2008-2017, andasCommissioner for Independent Commissioner from EGMS 15 August 2017, served as Company for the 1st term asper served as Commissioner of the second term. Hepreviously also appointed asCommissioner for the dated 29April 2019 hewas Pursuant to the AGMS resolution Technology, Australia (1985). from Royal MelbourneInstitute of He earned Bachelor of Business currently domiciled inJakarta. Australian Citizen, 64 years old, David R.Dean |Commissioner Peter JohnChambers |Commissioner PT Lippo Karawaci Tbk Member of the Audit Committee of Axiata Group Berhad Risk Management Committee of Axiata Tbk Remuneration Committee of PT XL Member of the Nominating and March 2019. Retreat, St. Regis Hotel, Bali, 29-30 XL Axiata BOC-BOD Strategy Trainings 2019 Shareholders. has affiliations with the Controlling and Board of Directors, however of the Board of Commissioners He has noaffiliation with members of Rajawali Corpora (2005-2014). Managing Director/Company Director Pratama Tbk(2006-2008),and Commissioner of PT Excelcomindo PT XLAxiata Tbk(20082015), and Remuneration Committee of (2008-2016), Member of Nominating Audit Committee of PT XLAxiata Tbk (2015-2016), Board Chairman of Committee of PT XLAxiata Tbk of Nominating andRemuneration He previously served asChairman March 2019 Retreat, St. Regis Hotel, Bali, 29-30 XL Axiata BOC-BOD Strategy Trainings 2019 Shareholders. has affiliations with the Controlling and Board of Directors, however of the Board of Commissioners He has noaffiliation with members (BCG) (1985-2013). Partner, The Boston Consulting Group He previously served asSenior Economic Forum (2012 -present). Digital Economy andSociety, World Forum’s Global Future Council on the (2017 -present), andMember of the Director of Axiata Group Berhad Independent Non-Executive Ncell Pvt. Ltd. (2019 -present), He currently serves asDirector of DRIVING OPERATIONAL EXCELLENCE • • • • • • Guest Speakers: • • • • • • Guest Speakers: – Delta Partners Sachin Gupta andVincent Stevens Key Conclusions by Vinod Nair, - Senior Partner, Delta Partners Structural Separation by Vinod Nair Lever: Network Sharing and Nair - Senior Partner, Delta Partners Lever: Digital Partnerships by Vinod - Akira Partners anything working? By Panos Metsis Stimulating are-rating intelco: Is Distribution of ChubbAsia Ford -Regional Head of Partner of Direct Marketing andJon by Marcus Giles -Regional Head Step-Change Growth inMobile Lever: Partnerships Model for Shastry –Head of S.E. Asia KKR An Investor’s Perspective Between ROIC andaHard Place: – Delta Partners Sachin Gupta andVincent Stevens Key Conclusions by Vinod Nair, - Senior Partner, Delta Partners Structural Separation by Vinod Nair Lever: Network Sharing and Nair - Senior Partner, Delta Partners Lever: Digital Partnerships by Vinod - Akira Partners anything working? By Panos Metsis Stimulating are-rating intelco: Is Distribution of ChubbAsia Ford -Regional Head of Partner of Direct Marketing andJon by Marcus Giles -Regional Head Step-Change Growth inMobile Lever: Partnerships Modelfor Shastry –Head of S.E. Asia KKR An Investor’s Perspective Between ROIC andaHard Place:

FOR SUSTAINABLE GROWTH AND RETURNS Board of Commissioners by Ashish by Ashish 89

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 90 • • He concurrently serves as: per AGMS 9March 2018. of the Company for the 1st term as served asIndependent Commissioner the second term. Hepreviously also as Independent Commissioner for dated 29April 2019 hewas appointed Pursuant to the AGMS resolution (1984). University inBaltimore Maryland, USA Engineering from JohnsHopkins and Bachelor Degree inElectrical Master’s degree incomputer science Angeles, California, USA (1988),and Anderson School of Management Los Administration (M.B.A) from UCLA He earned Master of Business currently domiciled inJakarta. Indonesian Citizen, 58 years old, Committee of PT XLAxiata Tbk of Nominating andRemuneration Axiata Tbk(2015-2019), Chairman of Board Audit Committee of PT XL She previously served asChairman Committee of PT XLAxiata Tbk. the Nominating andRemuneration She currently serves asMember of April 2014 andAGMS 14 April 2011. the 2ndand1st terms asper AGMS 22 Commissioner of the Company for previously also served asIndependent Commissioner for the third term. She appointed asIndependent dated 29April 2019 shewas Pursuant to the AGMS resolution University of Paris (1992). International Business from American (2000), andBachelor of in Art Finance from Brandeis University She earned Master of Science in currently domiciled inJakarta. Indonesian Citizen, years51 old, Board of Commissioners INTEGRATED ANNUAL REPORT Julianto Sidarto |Independent Commissioner Yasmin Stamboel Wirjawan |Independent Commissioner Ace Hardware Indonesia Tbk Member of Audit Committee of PT Committee PT XLAxiata Tbk Chairman of Board Audit

2019 2019 PT. XL AXIATA TBK 3. 2. 1. Trainings 2019 Controlling Shareholders. and Board of Directors, or with the of the Board of Commissioners He has noaffiliation with members Accenture (2002-2013). Managing Director of Indonesia, Accenture (2013-2015), andCountry Director of Operations inASEAN, Axiata Tbk(2018-2019), Managing Board Audit Committee of PT XL He previously served asMember of 2. 1. Trainings 2019 Controlling Shareholders. and Board of Directors, or with the of the Board of Commissioners She has noaffiliation with members Indonesia (1992-1995). and Research Analyst of PT Nomura PT Bahana Securities (1995-1999), Equity Research, Research Manager, Singapore (2001-2010), Head of & Poor’s Credit Market Services, Ratings, Associate Director, Standard of Corporate andInfrastructure (PEFINDO) (2010-2016), Director PT Pemeringkat Efek Indonesia Tbk (2011-2016), Advisory of Audit Committee of PT XLAxiata (2015-2017), Member of Board

March 2019 Retreat, St. Regis Hotel, Bali, 29-30 XL Axiata BOC-BOD Strategy February 2019 2019, Barcelona -Spain, 25-28 Mobile World Congress Barcelona Lumpur, 10 July 2019 Axiata Cyber Security Forum, Kuala March 2019. Retreat, St. Regis Hotel, Bali, 29-30 XL Axiata BOC-BOD Strategy 2019 Barcelona -Spain, 25-28 February Mobile World Congress Barcelona,

• • • • • • Guest Speakers: • • • • • • Guest Speakers: Stevens –Delta Partners Nair, Sachin Gupta andVincent Key Conclusions by Vinod Partners Nair -Senior Partner, Delta Structural Separation by Vinod Lever: Network Sharing and Partners Vinod Nair - Senior Partner, Delta Lever: Digital Partnerships by Metsis -Akira Partners Is anything working? By Panos Stimulating are-rating intelco: Distribution of ChubbAsia Ford -Regional Head of Partner of Direct Marketing andJon by Marcus Giles -Regional Head Step-Change Growth inMobile Lever: Partnerships Modelfor Asia KKR Ashish Shastry –Head of S.E. An Investor’s Perspective Between ROIC andaHard Place: Stevens –Delta Partners Nair, Sachin Gupta andVincent Key Conclusions by Vinod Partners Nair -Senior Partner, Delta Structural Separation by Vinod Lever: Network Sharing and Partners Vinod Nair - Senior Partner, Delta Lever: Digital Partnerships by Metsis -Akira Partners Is anything working? By Panos Stimulating are-rating intelco: Distribution of ChubbAsia Ford -Regional Head of Partner of Direct Marketing andJon by Marcus Giles -Regional Head Step-Change Growth inMobile Lever: Partnerships Model for Asia KKR Ashish Shastry –Head of S.E. An Investor’s Perspective Between ROIC andaHard Place: by by of the BOCand BODbased BOC Meeting, Joint Meeting Implement andattend the BOC Meeting financial year. implemented during the previous supervisory actions being to the GMSon allduties and Directors including reporting performance of the Board of development aswell as To supervise XLAxiata Oversight of the Company business plans. advice on XLAxiata’s ongoing periodically review andprovide year. The BOCisalso required to beginning of the new financial later than 60days prior to the for the new financial year no Plan including the strategy Approve the XLAxiata Business Company’s Business Plan XL Axiata BOCisjointly responsible based on BOCdecision incarrying the following responsibilities: Services Authority Regulation No. 33/POJK.04/2014. accordance with the provisions of Law No.40 of 2007 concerning Limited Liability Companies andFinancial The duties andresponsibilities of the XLAxiata BOCare stipulated under the Articles of Association in per EGMS 15 August 2017. of the Company for the 1st term as served as Independent Commissioner the second term. Hepreviously also as Independent Commissioner for dated 29April 2019 hewas appointed Pursuant to the AGMS resolution Universitas Indonesia (1984). (Accounting Degree -CPA) from Economic Department -Accounting Massachusetts, USA (1998),and Technology Cambridge, (MIT) from Massachusetts Institute of Business Administration-MBA) Management, MIT, (Master of He earned Sloan School of currently domiciled inJakarta. Indonesian Citizen, 60years old, DUTIES AND RESPONSIBILITIES Muliadi Rahardja |Independent Commissioner Controlling Shareholders. and Board of Directors, or with the of the Board of Commissioners He has noaffiliation with members Danamon Indonesia Tbk(1989-2017). Deputy President Director, PT Bank Sales andDistribution, andlastly as CREM, Regional Corporate Office, SME Business Banking, Operation and He previously served asDirector, • • • • He concurrently serves as: approve the Corporate Action XL Axiata BOCmust review and Corporate Action RUPS meeting. regulations, inorder to get the accordance with the applicable for the current financial year in and/or PublicAccountant Office Propose aPublicAccountant Public Accountant accurateinformation. Report contains of valid and must ensure that the Annual the Board of Directors. The BOC Annual Report asprepared by To review andapprove the Annual Report Corporate Secretary. of meeting asprepared by the and providing appoval on minutes regulations, aswell asreviewing on provisions of prevailing Multi Finance Tbk Committee of PT Adira Dinamika Member of RiskManagement PT XLAxiata Tbk Member of Board Audit Committee Axiata Tbk Remuneration Committee of PT XL Chairman of Nominating and Multi Finance Tbk Commissioner of PT Adira Dinamika DRIVING OPERATIONAL EXCELLENCE • • • • • • Guest Speakers: March 2019 Retreat, St. Regis Hotel, Bali, 29-30 XL Axiata BOC-BOD Strategy Trainings 2019 Axiata. implementation of GCGwithin XL To monitor aswell asreview the Governance Monitoring POJK.04/2014. the Company Law andPOJK33/ board membership asrequired in his family as well asmultiple share ownership by himself and is required to periodically disclose Each member of XLAxiata BOC Membership and Multiple Board Disclosure on Sharesownership of Net Tangible Assets. revenue before discount) or 10% gross business income (gross in the amount of 5% of XLAxiata company transactions conducted Regulations, includingall Association andthe prevailing accordance with the Articles of based on the authority limitin – Delta Partners Sachin Gupta andVincent Stevens Key Conclusions by Vinod Nair, - Senior Partner, Delta Partners Structural Separation by Vinod Nair Lever: Network Sharing and Nair - Senior Partner, Delta Partners Lever: Digital Partnerships by Vinod - Akira Partners anything working? By Panos Metsis Stimulating are-rating intelco: Is Distribution of ChubbAsia Ford -Regional Head of Partner of Direct Marketing andJon by Marcus Giles -Regional Head Step-Change Growth inMobile Lever: Partnerships Modelfor Shastry –Head of S.E. Asia KKR An Investor’s Perspective Between ROIC andaHard Place:

FOR SUSTAINABLE GROWTH AND RETURNS Board of Commissioners by Ashish 91

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 92 of the BOCitself. including the diversity of skillsandtotal composition No.33POJK.04/2014 andthe Company’s need BOC members of XLAxiata refers to POJK The requirement aswell asqualification of to the GMSfor approval purpose. qualifications as well as background to besubmitted to ensure the fulfillment of candidates’ requirements, Nominating andRemuneration Committee Meeting will review further the nomination proposal inthe The Nominating andRemuneration Committee through the Corporate Secretary. XL Axiata Nominating andRemuneration Commitee and/or Minority Shareholders are conveyed to the The BOCcandidates asproposed by Shareholders regulated inthe Senior Executive Nomination Policy. The appointment policy of the XLAxiata BOCis The Board Manual includes the following elaboration: relationship andefficiency in carrying out their duties. BOC to maintain professional andproductive work Manual serves asaguidelinefor members of the for the BOCnamely the Board Manual. The Board XL Axiata has aWork GuidelineandCode of Ethic the Company’s General Meeting of Shareholders. Meeting, the BOCandBODJoint Meeting aswell as Commissioner must act asthe chairman of the BOC as well asthe prevailing regulations, the President addition, referring to the Articles of Association supervisory duties ascarried outby the BOC.In carries outthe coordination function on collegial In particular the President Commissioner of XLAxiata Board of Commissioners APPOINTMENT POLICY BOCREQUIREMENT AND BOARD OF COMMISSIONERS CHARTER RESPONSIBILITY PRESIDENT COMMISSIONER’S DUTY AND • • • • • • INTEGRATED ANNUAL REPORT Distribution of authority. Remuneration. quorum of the meeting andthe right to vote. Procedures for procuring meetings the include regulations. documents andcompliance with applicable of interest, confidentiality of Company Ethics work includes arrangements for conflicts Duties andresponsibilities. Criteria andcomposition.

2019 2019 PT. XL AXIATA TBK conditions: shall beautomatically ended upon the following resignation, the terms of office of BoC member Aside from the abovementioned voluntary resignation submitted. the Company will holdaGMSto decide on the to the BODandCorporate Secretary. Furthermore, the NRCandsubmitacopy of the resignation letter The formal resignation letter must beaddressed to notification to the Company. submit their resignation through formal written Manual where respective member of the BOCmust Company’s Articles of Association andthe Board The BOCresignation policy isregulated inthe In general the policy Meeting of BOCisasfollows: position/existing Commissioner. he/she shall serve the remaining term of the vacant position (either by termination or otherwise), then If aCommissioner isappointed to replace avacant years andmay bere appointed for the same period. The Terms of Office of XL Axiata BOCis five (5) Board of Commissioners Terms of Office and Composition of the POLICY AND IMPLEMENTATION OF BOC POLICY ON RESIGNATION OF BOC • • • • • • • • regulations. No longer qualified by the prevailing laws and decision. Declared bankrupt or insolvent based on court Dismissed by the GMS. of office. Not re-appointed upon the conclusion of terms Passed away. matters. any dispute inrelation to manpower/industrial authorized government institution including country, or an administrative dispute with an institution whether inIndonesia or aforeign a judiciary institution and/or arbitration monetary crime and/or other dispute in If he/sheisinvolved inacivil, criminal, months. BOD isconducted at least once every four (4) President Joint Meeting betwern the BOCand as appointed inthe Meeting in the absent of Commissioner or other member of the BOC every two month, chaired by the President The BOCMeeting shall convened at least once of 2019 by the Corporate Secretary to each member of the BOCat the beginning Commissioners’ meetings for 2019, issubmitted financial year. The schedule for the Board of arranged prior to the beginning of respective BOD schedule for each financial year must be BOC Meeting andJoint Meeting of BOCand In 2019, the BOChas convened 10 (ten) BOCmeetings, includingjoint meetings asfollows: • • NO. 04. 06. 02. 05. 03. 01. simple majority, then the meeting chairman will cast the deciding vote. consensus cannot bereached, then a simple majority issufficient. If the BOC fails to take decision by Decisions of the BOCare to begenerally based on consensus. However, inthe event where such The Meeting can beconvened andtake binding decisions attended if by minimum half of BOCmembers. Invitation andMeeting material are distributed to the BOCat latest five (5)days prior to the meeting. DATE 2019 2019 2019 2019 2019 2019 May May Dec Dec Feb Feb Apr Apr Oct Oct Jul Jul 29 29 14 14 31 31 31 31 31 31 13 13 Discussion Strategic Report Committee Remuneration and Nominating Structure Committee of Audit Board of Changeson Approval Discussion Strategic Member New BAC Appointment and Nomination Discussion Strategic Finance for Director Extension Condition Terms & Directors Organization of Directors on Board Discussion Report Committee Remuneration and Nominating AGENDA M.Chatib Yes (via concall) Basri Yes Yes Yes Yes Yes Jamaludin Yes (via concall) Ibrahim Tan Sri Yes Yes Yes Yes Yes Yes (via concall) Vivek Sood Yes Yes Yes Yes Yes DRIVING OPERATIONAL EXCELLENCE Kenneth Yes (via concall) Shen Yes Yes Yes Yes Yes ATTENDANCE Chambers Yes (via concall) Peter J. Yes Yes Yes Yes Yes David R. Yes (via Yes (via concall) concall) Dean Yes Yes Yes Yes

FOR SUSTAINABLE GROWTH AND RETURNS Board of Commissioners Yasmin S. Wirjawan concall) Yes(via Yes Yes Yes Yes Yes Rahardja Muliadi Yes Yes Yes Yes Yes Yes Julianto Sidarto Yes Yes Yes Yes Yes Yes 93

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 94 Disclosure of Attendance inBOCandBODJoint Meeting Board of Commissioners PERCENTAGE TOTAL KEHADIRAN / MEETING & INTEGRATED ANNUAL REPORT NO. 08. 09. 07. 10. DATE 2019 2019 2019 2019 Feb Apr Oct Jul 29 31 31 14 September 2019 (Audited) Statement asof 30 Approval of Financial Report Board of Audit Committee Company Performance Discussion on 3Q2019 Strategic Discussion 2019 (Audited) Statement asof 30 June Approval of Financial Report Board of Audit Committee Company Performance Discussion on 2Q2019 Strategic Discussion Report Board of Audit Committee Company Performance Discussion on 1Q2019 Shareholders Approval for General Meeting of Nett Profit Allocation 2018 Discussion on Company Internal Audit Appointment of Head of December 2018 (Audited) Statement asof 31 Approval of Financial 2019 Auditor for Financial Year recommendation on External Report including Board of Audit Committee Company Performance Discussion on 2018 Strategic Discussion Strategic Discussion

2019 2019 AGENDA PT. XL AXIATA TBK M.Chatib (10/10) 100% Basri Yes Yes Yes Yes Jamaludin Ibrahim (10/10) Tan Sri 100% Yes Yes Yes Yes ATTENDANCE (10/10) Vivek 100% Sood Yes Yes Yes Yes Kenneth (10/10) 100% Shen Yes Yes Yes Yes Chambers Peter J. (10/10) 100% Yes Yes Yes Yes David R. (10/10) 100% Dean Yes Yes Yes Yes Yasmin S. Wirjawan (10/10) 100% Yes Yes Yes Yes Rahardja Muliadi (10/10) 100% Yes Yes Yes Yes Julianto Sidarto (10/10) 100% Yes Yes Yes Yes Siswarini 100% DRIVING OPERATIONAL EXCELLENCE 44) (4/4 Dian Yes Yes Yes Yes ATTENDANCE Mohamed Adlan bin Tajudin Ahmad 100% 44) (4/4 Yes Yes Yes Yes Yessie D. Yosetya 100% 44) (4/4 Yes Yes Yes Yes

FOR SUSTAINABLE GROWTH AND RETURNS Board of Commissioners Navalekar Jayant Abhijit 100% 44) (4/4 Yes Yes Yes Yes Bonke 100% Allan 44) (4/4 Yes Yes Yes Yes 95

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 96 Board of Commissioners of the BOCto bereappointed. improvement aswell asone of basic considerations used asrecommendation for the Company’s GCG the Company’s GCG.The assessment result will be roles, duties andresponsibilities aswell asevaluating BOD. The assessment includes understanding the Cross Board Assessments with each member of the assessment with fellow members of the BOCand which includes Board Effectiveness, peer-to-peer BOC andBODby anindependent third party, In 2019 XLAxiata conducted assessment on the Third Party Assesment respective Financial Year. to the XLAxiata BOCfor supervisory during the discharge of responsibilities (acquit et decharge) of Shareholders then provides fullrelease and Meeting of Shareholders. The General Meeting financial year is reported in the Annual General The collegial performance assement for respective Shareholders Assessment through the General Meeting of Disclosure of BOCCirculars OF THE BOARD OF COMMISSIONERS POLICY & PERFORMANCE ASSESSMENT • • • INTEGRATED ANNUAL REPORT 1 Jul2019 Jun201921 Mar 201931 2019 Mar 30 2019 Mar 30 DATE DATE members. of the Training frequency for the BOCandBOD improvement recommendation on increment including the Articles of Association with in accordance with applicable regulations carried outtheir duties andresponsibilities the Company asorgans of the Company have The Board of Commissioners andDirectors of Results of Assessment member of the Board of Commissioners. a questionnaire that must befilled in by each The Assessment Method iscarried outthrough Assessment Method & Young. The party carrying outthe Assessment isErnst Assessor Member New Composition of NRC Establishment of JVCo FS Q12019 Bonus Company KPI SUBJECT SUBJECT

2019 2019 PT. XL AXIATA TBK Under the Board of Commissioners Performance Assessment on Committees following areas: Overall, ouroversight activities in2019 covered the the Company asanElectronic Money license holder. Money Changing Service Provider, whichapplies to Payment System Service Provider andNon-Bank and Terrorism Financing Prevention for Non-Bank on the Implementation of Anti-Money Laundering on Bank Indonesia Regulation No. 19/10/PBI/2017 Prepaid Registration Regulation, we also focused XL Axiata’s regulatory compliance. In addition to the the Board of Commissioners also closely supervised Aside from overseeing business operations, in2019 Services Subscribers (Prepaid Registration). concerning the Registration of Telecommunications Amendment to Ministerial Regulation No. 12 of 2016 of the Ministerial Regulation No. 14 of 2017 on the This was especially evident from the enactment the Ministry of Communications andInformatics. telecommunications industry were underway by Rigorous monitoring andefforts to grow the XL Axiata ispleased with the 2019 results. this Annual Report. are submitted by each Committee, asdisclosed in implementation of duties andresponsibilities, which is undertaken based on the report on the and the Company’s objective. This assessment efficiently in accordance with GCG principles that allCommittees have performed their duties In general the Board of Commissioners considers Nominating andRemuneration Committee. namely the Board of Audit Committee andthe committees that directly responsible to the BOC, The BOC,incarrying outits duties isassisted by SUPERVISORY REPORT IN 2019 THE BOARD OF COMMISSIONERS • • • • • • Risk management implementation andresults Cyber security policy implementation; management of experienced employees; Execution of succession plan and talent potential synergies with Axiata Group; New business development initiatives and quarterly auditresults; The Company’s operating performance and previous fiscal year; business plan approved at the end of the Implementation of the Company’s annual Secretary. documented by the Corporate The Statement Letters are regulations. criteria asset under prevailing position in accordance with the as his/her independency of fulfillment of criteria as well signed Statement certifying Independent Commissioner has All members of the Independent Commissioners Independency Statements of the end of BAC term of office. time asmember of BAC after only bereappointed one (1) Committee (BAC), he/shecan the Company’s Board Audit If he/sheisalso amember of fulfilled the following criteria: Independen Commissioner has Each member of XLAxiata Commissioner Criteria of Independent the total members of the BOC. POJK.04/2014, whichis30% of accordance with POJKNo. 33/ Commissioners isin Sidarto. XLAxiata Independent Muliadi Rahardja andJulianto Yasmin Stamboel Wirjawan, members of the BOC,namely from atotal of nine(9) Independent Commissioners XL Axiata has three (3) COMMISSIONER INDEPENDENT • • • • Company. the core business of the relationship related with direct or indirect business He/she does not have any Shareholders. BOC, BODor majority party to Company’s He/she isnot anaffiliated indirectly, inthe Company. any shares, directly or He/she does not have months. Company inthe last six(6) control or supervising the authority to plan, lead, has the responsibility or He/she isnot working or the implementation of the Remuneration Policy periodically. the implementation of the Remuneration Policy including evaluating conditions. The Board of Commissioners is responsible for overseeing ensure that the remuneration remains inaccordance with market The amount of each remuneration isevaluated from time to time to monetary benefits as well asindividual and Company performance. and individual target, comparison with similar industries, non- Directors isdetermined by taking into account on the Company Remuneration for the Board of Commissioners andBoard of Executive Policy asfollows : the Board of Directors isstipulated inthe Remuneration for Senior The remuneration structure for the Board of Commissioners and Meeting of Shareholders asfollows: Commissioners of XLAxiata isdetermined through the General Remuneration for the Board of Directors andBoard of REMUNERATION STRUCTURE COMMISSIONERS AND THE BOARD OF DIRECTORS REMUNERATION PROCEDURE FOR THE BOARD OF 3. 2. 2. 1. 1. REMUNERATION POLICY

Authority to the Remuneration Stipulation of Nomination & BOC Salary Bonus (only for members of the Board of Directors) Benefit. Basic Salary. year. on the Company’s remuneration policy for the relevant financial with the structure, policy andamount of remuneration based benefits for members of the Board of Directors in accordance Company to determine the salary amount, bonus andother Give the authority to the Board of Commissioners of the Company’s remuneration policy for the relevant financial year. the structure, policy andamount of remuneration based on the members of the Board of Commissioners inaccordance with Committee to determine the salary, bonus andother benefit for Give the authority to the Nominating andRemuneration Committee For The Board OfCommissioners And DRIVING OPERATIONAL EXCELLENCE Recommendation The Board OfDirectors Remuneration Nomination & GMS Committee

FOR SUSTAINABLE GROWTH AND RETURNS Stipulation of BOD Salary Authority to BOC 97

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 98 Remuneration Policy For The Board OfCommissioners And The Board OfDirectors Board OfCommissioners is 70,450.68 with the following details: Total remuneration for the Board of Commissioners andthe Board of Directors XLAxiata for 2019 Board OfDirectors ** Telecommunication Allowance ispaid based on billing charge *only for members of the BOCdomiciled inIndonesia different scalesof each company in presenting the remuneration of the BOC,in total andinindividualvalue value. XL Axiata takes into account the industry dynamics complexity aswell as Notes : ** Telecommunication Allowance ispaid based on billing charge each company inpresenting the remuneration of the BOD, intotal value andinindividual value. XL Axiata takes into account the industry dynamics, complexity aswell asdifferent scales of Notes : INTEGRATED ANNUAL REPORT Ahmad Tajudin Mohamed Adlan bin (in million Rupiah) Total 2019 as of 9March 2018) (appointed asCommissioner Julianto Sidarto Muliadi Rahardja Yasmin Stamboel Wirjawan David R.Dean Peter J. Chambers Kenneth Shen Vivek Sood Tan Sri Jamaludin Ibrahim Muhamad Chatib Basri (in million Rupiah) Total 2019 Abhijit Navalekar Allan Bonke Dian Siswarini Yessie D. Yosetya NAME NAME

2019 2019 PT. XL AXIATA TBK 26,239.13 SALARY v v v v v SALARY 9,936 v v v v v v v v v ALLOWANCE MEETING MEETING 216.31 v v v v v MEETING ALLOWANCE TELECOMMUNICATION 450 v v v v v v v v v ALLOWANCE BENEFITS 1,960.95 v v v - - BENEFITS TELECOMMUNICATION ALLOWANCE ALLOWANCE TRANSPORT 114.17 v v v v v 1,704.00 - - - - v v v v - ALLOWANCE ALLOWANCE TRANSPORT HOLIDAYS 2,170.42 600 v v v v v v v ------Remuneration Policy For The Board OfCommissioners And The Board OfDirectors BENEFITS ALLOWANCE ALLOWANCE HOLIDAYS MEETING MEETING 4,330.62 828 v v v v v v v v v v v v v v 21,901.08 DRIVING OPERATIONAL EXCELLENCE BONUS BONUS v v v v v ------ABOVE 1 BILLION BILLION 1 ABOVE ABOVE 1 BILLION BILLION 1 ABOVE < 2BILLION < 2BILLION TOTAL REMUNERATION/YEAR TOTAL REMUNERATION/YEAR v v v v v v v v v - - - - -

FOR SUSTAINABLE GROWTH AND RETURNS ABOVE 2BILLION ABOVE 2BILLION v v v v v ------99

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 100 Committee members. As of December 31, 2019, the Company’s Board of Audit Committee consists of aChairman andthree website (www.xl.co.id) of Reference during 2018. The latest Audit Committee Terms of Reference isavailable on the Company’s In compliance with POJKNo. 55/POJK.04/2015, XLAxiata has updated the Board of Audit Committee Terms Accounting Firms inFinancial Services Activities. Services Authority Regulation No. 13/POJK.03/2017 on the Use of PublicAccounting Services andPublic dated November 18, 2013 andhas been adjusted inearly 2018 inlinewith enactment of the Financial reported to the Financial Services Authority on November 18, 2013 through Letter No.163/CSEC/XI/2013 The BAC has aCharter inthe form of Terms of Reference asworking guidelineandbasis that has been BAC has met the following criteria: Decision No. 1/05 dated February 28,2005 andisresponsible to the Board of Commissioners (“BOC”).The The Board of Audit Committee of XLAxiata (“BAC”) was established through the Board of Commissioners’ of Board COMPOSITION AND PROFILE BOARD OF AUDIT COMMITEE CHARTER AUDIT COMMITTEE 2. 1. INTEGRATED ANNUAL REPORT

2015 on the Establishment andGuidelines of the Audit Committee (“POJKNo. 55/POJK.04/2015”). Indonesia Financial Services Authority (“OJK”) Regulation No. 55/POJK.04/2015 dated December 23, December 2014 concerning Directors andBOCof Issuers or PublicCompanies. Article 28Paragraph 4of the Financial Services Authority Regulation No. 33/POJK.04/2014 dated 8

2019 2019 PT. XL AXIATA TBK 03. 01. 01. 02. 02. 04. 04. 04. Benny Redjo Setyono 03. Paul Capelle 02. Muliadi Rahardja 01. Julianto Sidarto 03. 03. • • • • • Educational Background 59 Years old,Indonesian Board of Commissioners Profile in this Annual While Report. the Committee profile of Non-BOC isas follows: The Committee profile of the Board of Commissioners Members isasdisclosed in the subchapter of the (*) With griefandregret, Mr. Paul Capelle has passed away on 30 March 2020, before this Integrated Annual Report published. • • • • • • • Professional Experience Drs Registered Accountant, Faculty of Economics, University of Indonesia in1968. Educational Background Years77 old,Indonesian Audit Committee Composition PROFILE OF AUDIT COMMITTEE OF NON BOC Benny Redjo Setyono |Member Setyono Benny Redjo Paul Capelle Rahardja Muliadi Sidarto Julianto NAME Paul Capelle |Member (*) Association asobtained in2017 Level 4from Indonesia Life Insurance Certificate of Risk Management 1992. University of Southern California in MAcc, Major inConsulting from California in1991. MBA from University of Southern Indonesia in1985. Accounting from University of Bachelor of Economics, majoring in Lecturer inAccounting, Faculty of Economic, Universitas Indonesia (1968-2003) Indonesia (1990-2004) Audit Division Head, RiskManagement Leader, Human Resources Partner, Deloitte Touche Tohmatsu, Chief Executive Officer Deloitte Touche Tohmatsu, Indonesia (2004-2006) Audit Committee PT Wintermar Offshore - present) Marine Tbk(2011 President Commissioner PT Jakarta Setiabudi Internasional -present) Tbk(2011 Audit Committee PT Eagle High Plantations Tbk(2012 -present) Audit Committee PT Indoritel Makmur Internasional Tbk(2013 -present) Member Member Independent Commissioner) (concurrently served as Member Independent Commissioner) (concurrently served as Chairman COMMITTEE POSITION IN THE • • • • • • • Professional Experience 2003) Director PT Toyota Motor Manufacturing Indonesia (2000- Director PT Toyota Astra Motor (2003-2011) Commissioner PT Jakarta Cakratunggal Steel Mills(2012-2014) 2018) President Director PT Jakarta Cakratunggal Steel Mills(2014- Advisor PT Argo Manunggal International (2012-2018) Dharma Tbk(2016 -present) Vice President Director, PT Industri danPerdagangan Bintraco Committee, PT Mitra Pinasthika Mustika Tbk(Mei 2019 -present) Independent Commissioner andMember of Audit andGCG DRIVING OPERATIONAL EXCELLENCE 1.S/19 dated April 29, 2019. Commissioners’ Meeting No. Resolution of the Board of dated April 21, 2014. of Commissioners No.2-14 Resolution of the Board 1.S/19 dated April 29, 2019. Commissioners’ Meeting No. Resolution of the Board of dated 14 February 2019. of Commissioners No. 1/19 Resolution of the Board APPOINTMENT BASIS

FOR SUSTAINABLE GROWTH AND RETURNS Board of Audit Committee closing of GMSin2024. July 19, 2019 until the closing of GMSin2024 April 29, 2019 until the closing of GMSin2024 April 29, 2019 until the closing of GMSin2024. April 29, 2019 until the PERIOD 101

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 102 **joined since 29April 2019 *membership period ended 29April 2020 Notes : documented by the Corporate Secretary. Statement assigned at the appointment and requirement asset outunder the Personal Audit Committee have fulfilled the independence responsibilities. All members of XLAxiata Board of act independently incarrying outits duties and POJK.04/2015, the Board of Audit Committee shall referring to the Article 5 OJKRegulation No. 55/ Pursuant to the Terms of Reference and Board of Audit Committee COMMITTEE INDEPENDENCY OF THE BOARD OF AUDIT INTEGRATED ANNUAL REPORT NO. 04. 08. 06. 09. 05. 02. 03. 07. 01. 25 Apr 2019 24 Oct 2019 22 Apr 2019 16 Oct 2019 Oct 16 26 Jul2019 29 Jul2019 4 Dec2019 6 Feb 2019 7 Feb 2019 DATE

2019 2019 • • • • • • • • • • • • • • • • • • • • • • • • • • • • PT. XL AXIATA TBK BAC Satisfaction Survey, Self Assessment andExternal Auditor Evaluation Audit &RiskManagement Division H22018 Performance Result Audit &RiskManagement Division H12019 Key Performance Indicator Audit &RiskManagement Division -Business Plan 2019 Quarterly RiskManagement, Internal Audit &Whistle Blowing Operations Update HC Transformation, Legal &Regulatory Update BAC Chairman Sharing on Axiata BAC Meeting Audit &RiskManagement Way Forward Down Technical &Management Service Agreement, Capex Plan, Cost Saving, and Asset Write Quarterly RiskManagement &Internal Audit Update Cyber Security, Regulatory, Legal andRevenue Assurance Updates XL Axiata Business Plan 2019 update BAC discussion with CEO Q4 2019 Financial &Operational Results Q4 2018 Financial Statement Audit &Risk Management Division Business Plan 2019 Q1 2019 Financial &Operational Results Q1 2019 Financial Statement Cyber Security, Human Capital, Legal andRegulatory, AMLCFT, andXLTunai Updates Quarterly RiskManagement, Compliance Assurance &Internal Control Update Q3 2019 Financial Statement Transformation andSAP4Hana Updates Home Business, Legal, Data Governance, Regulatory, Network Improvement, BSS Quarterly RiskManagement, Internal Audit &Whistle Blowing Operations Update Q2 2019 Financial &Operational Results Q2 2019 Financial Statement Technology Transformation Initiatives –Billing Support System Update Cyber Security, Enterprise Business, Legal &Regulatory Update Q2 2019 XLAxiata RiskProfile Update BAC: the main duties andresponsibilities of XLAxiata Based on the Terms of Reference, the following are ROLES AND RESPONSIBILITIES • • • • • AGENDA Review on related party transactions. Division. Supervision on Audit &RiskManagement perform monitoring of non-audit works. Provide recommendation on external auditand Financial information review. Risk management andinternal control. TOTAL KEHADIRAN / MEETING & PERCENTAGE (nine) meetings with the following details: Throughout 2019, the Audit Committee convened 9 convene aMeeting at least once inthree months. 55/POJK.04/2015 whereby the BAC isrequired to Terms of Reference inaccordance with POJKNo. The XLAxiata BAC Meeting isregulated under the MEETING FREQUENCY AND ATTENDANCE BOARD OF AUDIT COMMITTEE MEETING Wirjawan* Yasmin S. 100% 44) (4/4 v v v v - - - - - Haryanto Thamrin* 100% 44) (4/4 v v v v - - - - - Chambers Peter J. 100% (9/9) v v v v v v v v v ATTENDANCE DRIVING OPERATIONAL EXCELLENCE Julianto Sidarto 100% (9/9) v v v v v v v v v Rahardja**

FOR SUSTAINABLE GROWTH AND RETURNS Muliadi (4/5) 80% Board of Audit Committee X v v v v - - - - Benny Redjo Setyono** 100% (5/5) v v v v v - - - - 103

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 104 the BAC throughout 2019: The following are education and/or training activities aswell asseminars participated by each member of and training. Reference isthat each member of the BAC must develop andimprove their competence through education One of the mandatory requirements that must befulfilled by members of the BAC as stated in the Terms of Board of Audit Committee BOARD AUDIT COMMITTEE TRAININGS AND SEMINARS IN 2019 INTEGRATED ANNUAL REPORT 25–28 February 2019 29-30 March 2019 10 July 2019 MONTH

2019 2019 PT. XL AXIATA TBK Mobile World Congress Barcelona 2019 • • • • • • Guest Speakers: XL Axiata BOC-BOD Strategy Retreat Axiata Cyber Security Forum TRAINING/SEMINAR Vincent Stevens –Delta Partners Key Conclusions by Vinod Nair, Sachin Gupta and by Vinod Nair -Senior Partner, Delta Partners Lever: Network Sharing andStructural Separation Partner, Delta Partners Lever: Digital Partnerships by Vinod Nair - Senior By Panos Metsis -Akira Partners Stimulating are-rating intelco: Is anything working? Distribution of ChubbAsia Marketing andJon Ford -Regional Head of Partner in Mobile by Marcus Giles -Regional Head of Direct Lever: Partnerships Modelfor Step-Change Growth KKR Perspective Between ROIC andaHard Place: An Investor’s by Ashish Shastry –Head of S.E. Asia Reference: responsibilities of the BAC inthe Terms of quarterly inaccordance with the duties and including reporting on the following matters During 2019, the BAC has carried outactivities REPORTIN 2019 BOARD OF AUDIT COMMITTEE ACTIVITY • governance in 2019. exert efforts to implement good corporate notedfurther that management continued to activities. The Board of Audit Committee regulations relevant with XLAxiata’s business Indonesia Stock Exchange, andother laws/ respect to the regulations promulgated by OJK, laws andregulations by Management with non-compliance issue with the applicable Board of Audit Committee didnot findany by Management. Based on the review, the performed through compliance self-assessment applicable laws andregulations. The review is Axiata’s Management’s compliance with the The Board of Audit Committee reviewed XL Applicable Law andRegulations Review of Compliance with the Rahardja S. Wirjawan &Muliadi Julianto Sidarto, Yasmin Yasmin S. Wirjawan Julianto Sidarto & Julianto Sidarto PARTICIPANTS • • system are adequate andat acceptable level Axiata’s internal control andrisk management Board of Audit Committee believes that XL auditor, andXLAxiata’s management, the and RiskManagement Division, independent Based on the works and reports of Audit process during 2019. in improving riskandinternal control assurance with progress made by XLAxiata, particularly The Board of Audit Committee was pleased management andinternal control framework. XL Axiata’s Management team to refine risk completed its operating plan andworked with 2019, Audit andRiskManagement Division predetermined indicators and thresholds. In overall view andfocus on key risks, based on 2019, to enable Management to have abetter Compliance Assurance Department inQ2 Framework by the RiskManagement & and simplification of the Risk Management Committee acknowledged the improvement mitigate these risks. The Board of Audit and actions taken by Management to the latest report on XLAxiata’s riskprofile the riskmanagement process andreceived The Board of Audit Committee reviewed Integrated Framework. Commission (“COSO”) Internal Control Sponsoring Organizations of the Treadway process, XLAxiata adopted Committee of the Board of Audit Committee. For this evaluation Control Assurance Letter submitted to the Audit Committee also reviewed Annual Internal management’s self-assessment. The Board of of internal control system based on XLAxiata’s reported adequacy, effectiveness and reliability The Board of Audit Committee reviewed and Assessment Review of Internal Control andRisk Report to Shareholders andfiled to OJK. 31, 2019 to beincluded inXLAxiata’s Annual statements for the year ended December Commissioners, that the audited financial to the Board of Directors, through Board of The Board of Audit Committee recommended Generally Accepted Accounting Principles. prepared inaccordance with Indonesian consolidated financial statements were Audit Committee concluded that the annual made by Board of Directors, the Board of XL Axiata’s financial results and representation Based on the independent auditor’s review on Review of Financial Results DRIVING OPERATIONAL EXCELLENCE • • • effectiveness. review the committee performance and committee activities with the objective to has conducted self-assessment on the audit In Q42019, The Board of Audit Committee needs to becontinuously improved. management andinternal control framework environment andarising new problems, risk that along with the changing business Board of Audit Committee also emphasized for XLAxiata’s business environment. The company policy. appropriate safeguarding inaccordance to the scope of work, potential conflict of interest, and that fee include of non-assurance services, Wibisana, Rintis &Rekan asexternal auditor, with the PublicAccounting Firm Tanudiredja, conducted by several companies affiliated and approved the non-assurance services The Board of Audit Committee has reviewed Auditor Non-Assurance Service by External Review on the Implementation of the external auditor. recommendation for improvement provided by coverage andadequacy of auditsampling, and period, the assessment of auditscope auditing standard, the adequacy of fieldwork of auditimplementation with the applicable Rintis &Rekan, that covers the conformity Public Accounting Firm Tanudiredja, Wibisana, the Company’s annual financial statement by implementation of auditservice delivery of The Board of Audit Committee evaluated the Financial Statement by External Auditor Service Delivery on XLAxiata Annual Review on the Implementation of Audit financial statements. have conflict of interests inauditing XL Axiata’s that they worked independently anddidnot Firm Tanudiredja, Wibisana, Rintis &Rekan obtained confirmation from Public Accounting member of PricewaterhouseCoopers, and Tanudiredja, Wibisana, Rintis &Rekan, a independence of PublicAccounting Firm The Board of Audit Committee reviewed Auditor XLAxiata Review on Independence of External

FOR SUSTAINABLE GROWTH AND RETURNS Board of Audit Committee 105

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 106 NRC Committee Composition as follows NRC members are appointed by the Board of Commissioners. As of December 2019, NRCmembership is Issuers or PublicCompanies. Services Authority Regulation No. 34/POJK.04/2014 on the Nomination andRemuneration Committee of The Company has aNominating &Remuneration Committee (“NRC”)inaccordance with the Financial Nominating And Remuneration MEMBERSHIP & PROFILE COMMITEE COMMITEE INTEGRATED ANNUAL REPORT 02. 01. NO. Wirjawan Stamboel Yasmin Rahardja Muliadi NAME Member Commissioner) Independent serves as (concurrently member of BAC) Commissioner and as Independent (concurrently serves Chairman COMMITTEE IN THE POSITION

2019 2019 PT. XL AXIATA TBK 04. 04. 01. 01. her term asmember of the NRC. appointed asNRCChairman andshe continues On 15 August 2017, Mr. Muliadi Rahardja was Board of Commissioners dated March 13, 2015. Axiata NRCbased on Circular Resolution of the Appointed for the first time asChairman of XL Commissioner of the Company. extended with histerms of office as Independent 03/2017 dated August 15, 2017 andautomatically Decision of the Board of Commissioners No. APPOINTMENT BASIS 02. 02. 05. GMS in2024 2019 until the closing of GMS in2024 2019 until the closing of PERIOD 03. 06. • • Competencies Development In 2019 • • • Educational Background Years51 old,Indonesian yearsHe had 11 of experience asSenior Management insome IT companies inthe Netherlands. • • Multinational Companies andIndonesia IT andTelecommunication companies : of experience invarious key/strategic positions asPresident Director/CEO/Deputy CEO inWorld-Class Currently, Heserves asIndependent Commissioner of PT Erajaya Swasembada, Tbk.Heholds 29years Professional Experience Independent Commissioner –PT Erajaya Swasembada, Tbk. Multiple Board Membership Indonesian 69 Years old, Board of Commissioners Profile in this Annual While Report. the Committee profile of Non-BOC isas follows: The Committee profile of the Board of Commissioners Members isasdisclosed in the subchapter of the PROFILE OF NRC COMMITTEE OF NON BOC 06. 05. 04. 03. NO. Rudy Afandi |Member B.T. Lim |Member 3 – 5 Juli2019 Telco Premier Workshop, Kuala Lumpur, 1), Jakarta, 19 –29Sept 2019 The andScience Art of Coaching (Module S2 -Master of Management, IPMI,2011 Bogor, 1992 S1 –Agribusiness, Institute of Agriculture Tokyo, Japanese Mgmt, 1991 Summer study at Sophia University, PT2004-2011 Smartfren Telecom &PT Mobile-8 Telecom. PT Astra Graphia Information Technolgy; 1995-2004 PT Hewlett Packard Indonesia, PT Compaq Computer Indonesia, PT Digital Astra Nusantara & Afandi Rudy Chambers Peter John Ibrahim bin Jamaludin Tan Sri B.T. Lim NAME Member Member Commissioner) serves as (Concurrently Commissioner) serves as (Concurrently Member Member COMMITTEE IN THE POSITION Graduated from in1971 Computer Science NOVI, Amsterdam, The Netherlands Educational Background Commissioners dated July, 12019. Circular Resolution of the Board of member of the NRC dated March, 13 2015, andhecontinues histerm as Circular Resolution of the Board of Commissioners of office as Commisisoner of the Company. Term andautomatically extended with histerms EGMS Resolution dated July 29, 2008for the 1st terms of office as Commisisoner of the Company. 1st Term andautomatically extended with his AGMS Resolution dated March 19, 2009for the APPOINTMENT BASIS • • • • • Professional Background

DRIVING OPERATIONAL EXCELLENCE Finance Analyst, Astra International (1992-1994) Investment Analyst, Smith New (1994-1995) Court - L&DManager -Indonesia - Remuneration Manager –Indonesia - HRManager –Binzagr Lever, Saudi Arabia - HRBP–Personal Care ,India - HRBPSales -Indonesia - Regional HRDirector for SCAsia Africa –Singapore - Head of HRfor SCandCorp Ind. Relation -Indonesia Unilever (1995-2015): HR Director, GEIndonesia (2015-2019) present) Chief of Human Capital Officer, PT XL Axiata Tbk(2019 - Nominating And Remuneration Commitee

FOR SUSTAINABLE GROWTH AND RETURNS Board of Commissioners terms of office of the 2024, equal to the 1 July 2019 until year GMS in2024 2019 until the closing of GMS in2024 2019 until the closing of GMS in2024 2019 until the closing of PERIOD 107

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 108 As of December 2019 the NRChas heldasmany as3(three) meetings asfollows : POJK.04 /2014, whereby NRCMeetings are heldat least once infour months. The NRCMeeting Policy isregulated under the NRCCharter andisinaccordance with POJK.No.34 / establishment. All Committee Members shall andhave signed the Independence Statement during the committee without any interference from any parties andshall aligned with the prevailing laws andregulations. In reference to the NRCCharter, the NRCcarries outprofessional andindependent duties andresponsibilities, POJK.04/2014 andapproved by the BOCon 13 March 2015. (NRC Charter) asthe committee terms of references. The Charter has been adjusted with POJKNo. 34/ The Nominating &Remuneration Committee has inplace the Nominating &Remuneration Committee Charter and amount of the Board of Commissioners. By authority granted from the General Meeting of Shareholders, the NRCdecides on remuneration scheme account on the position of each member including the prevailing duties, responsibilities andgeneral policies. remuneration scheme for members of the Board of Commissioners, andBoard of Directors by taking into In addition, the Committee also review andprovide recommendation for compensation, including background. The proposal will bebrought to andapproved by the GMS. through circular decisions, whichare inaccordance with the requirements of the candidate’s qualification and candidates for the Board of Directors or the Board of Commissioners asproposed inCommittee meetings or The main duties of NRCare inaccordance with POJK34/POJK.04/2014 whichincludes ananalysis of the NRC MEETING POLICY AND IMPLEMENTATION INDEPENDENCY OF COMMITTEE NOMINATING & REMUNERATION COMMITTEE CHARTER DUTIES AND RESPONSIBILITIES Nominating And Remuneration Commitee INTEGRATED ANNUAL REPORT NO. 01. DATE Feb 19 13 Scorecard 2018 Company Approval on year 2018 review for financial performance Board of Directors Approval of Shareholders for General Meeting candidate review Board of Directors Commissioners and of Board Assessment result. Commissioners Self and Board of Board of Directors Discussion on Program Term Incentive Discussion on Long AGENDA

2019 2019 PT. XL AXIATA TBK Rahardja Muliadi Muliadi Yes - - - - Jamaludin Jamaludin Ibrahim Tan Sri Yes - - - - Chambers Peter J. J. Peter Yes - - - - ATTENDANCE Yasmin S. Wirjawan Yes - - - - B.T Lim Yes - - - - Afandi* Rudy Rudy - - - - - Mithat Mithat Oral** Yes - - - - ** Terms of Office Period ended by 1July 2019 * joined since 1July 2019 Notes : & PERCENTAGE TOTAL KEHADIRAN / MEETING NO. 02. 03. DATE Oct Jul 31 19 19 5 for Director Finance Condition Extension Directors Terms & Organization Board of Directors Discussion on meeting Joint NRCandBOC Program Term Incentive scheme andLong remuneration Approval on Director Sucsession. Discussion on AGENDA Rahardja Muliadi Muliadi 100% (3/3) Yes Yes - - - Jamaludin Jamaludin Yes (via concall) Ibrahim Tan Sri 100% (3/3) Yes - - - DRIVING OPERATIONAL EXCELLENCE 4. 3. 2. 1. throughout 2019: The following are sailient points of NRCduties Committee of Issuers or PublicCompanies. regarding the Nominating andRemuneration 34/POJK.04/2014 dated 8December 2014 the Financial Services Authority Regulation No. In performing its duties, the NRChas aligned with IMPLEMENTATION OF NRC DUTIES IN 2019

Chambers

and Talent Management. Review anddiscuss the Directors Succession Plan General Meeting of Shareholders on 29April 2019; of Directors (“BOD”) to betabled at the Annual Board of Commissioners (“BOC”) andthe Board Review the reappointment of allmembers of the 2016 –2020; for the Long Term Incentive Program Proposed adjustment to the measurement target Performance Indicator for financial year 2019; Review the Directors 2018 performance andKey Absent Peter J. J. Peter (2/3) 67% Yes - - - Nominating And Remuneration Commitee ATTENDANCE Yasmin S. Wirjawan Yes (via concall) 100% (3/3) Yes - - -

FOR SUSTAINABLE GROWTH AND RETURNS B.T Lim 100% (3/3) Yes Yes - - - Afandi* 100% (2/2) Rudy Rudy Yes Yes - - - 100% Mithat Mithat Oral** (1/1) - - - - - 109

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 110 outside the court inaccordance with the Articles of Association. management inaccordance with its purpose andobjectives, andrepresents the Company both insideand The Board of Directors isthe Company’s organ that iscollectively responsible for the Company’s of Board PT XLAxiata Tbkwith various key positions inNetwork Operation Officer, Axiata Group Berhad (2014). Joined She previously served asGroup Chiefof Marketing and • • • • • She concurrently serves as: during four terms from 2017-2014. 2015. And has served asDirector of the Company Director of the Company pursuant to AGMS 1April first term. She previously served as Vice President the second term, andAGMS 1April 2015 for the 2019 shewas appointed asPresident Director for Pursuant to the AGMS resolution dated 29April Institutute of Technology Bandung, Indonesia (1991). Bachelor’s Degree inElectrical Engineering from from Harvard Business School, USA (2013), and She earned Harvard Advance Management Program in Jakarta. Indonesian Citizen, years51 old,currently domiciled BOARD OF DIRECTORS PROFILE BOARD OF DIRECTORS COMPOSITION DIRECTORS INTEGRATED ANNUAL REPORT Tajudin Ahmad Adlan bin Mohamed Siswarini Dian Navalekar Abhijit J. Bonke Allan Yosetya Dianty Yessie NAME Dian Siswarini |President Director Chairman of Defalcation Committee Chairman of Information Technology Committee Committee inXL Chairman of RiskandBusiness Continuity Chairman of Whistleblowing Committee Member of Human Capital Committee Director Director Director Director Director President TITLE

2019 2019 - EGMS dated 15 August 2017 (Term 1) - AGMS dated 29April 2019 (Term 2) - EGMS dated 15 August 2017 (Term 1) - AGMS dated 29April 2019 (Term 2) (Term 1asIndependent Director) - EGMS dated 10 March 2016 - AGMS dated 29April 2019 (Term 2) - EGMS dated 30 September (Term 2011 1) - AGMS dated 22April 2014 (Term 2) - AGMS dated 29April 2019 (Term 3) - AGMS dated 26April 2007 (Term 1asDirector) - AGMS dated 4April 2008(Term 2asDirector) - AGMS dated 14 April (Term 2011 3asDirector) - AGMS dated 22April 2014 (Term 4asDirector) (Term 1asVice President Director) - EGMS dated 7January 2015 - AGMS dated 1April 2015 (Term 1) - AGMS dated 29April 2019 (Term 2) APPOINTMENT BASIS PT. XL AXIATA TBK • • • • • • Hotel, Bali, 29-30 March 2019. Guest Speakers: XL Axiata BOC-BOD Strategy Retreat, St. Regis Trainings 2019 Controlling Shareholders. Commissioners andBoard of Directors, or with the She has noaffiliation with members of the Board of Chief Digital Services Officer –2014). (2011 Network Services Director (2007andDirector/ -2011) and Engineering Department appointed andfurther as Vincent Stevens –Delta Partners Key Conclusions by Vinod Nair, Sachin Gupta and by Vinod Nair -Senior Partner, Delta Partners Lever: Network Sharing andStructural Separation Partner, Delta Partners Lever: Digital Partnerships by Vinod Nair - Senior working? By Panos Metsis -Akira Partners Stimulating are-rating intelco: Is anything Distribution of ChubbAsia Marketing andJon Ford -Regional Head of Partner in Mobile by Marcus Giles -Regional Head of Direct Lever: Partnerships Modelfor Step-Change Growth KKR Perspective Between ROIC andaHard Place: An Investor’s - 15 August 2017 until 29 April 2019 (Term 1) - 29April 2019 until the closing of AGMS 2024 (Term 2) - 15 August 2017 until 29 April 2019 (Term 1) - 29April 2019 until the closing of AGMS 2024 (Term 2) (Term 1asIndependent Director) - 10 March 2016 until 29April 2019 - 29April 2019 until the closing of AGMS 2024 (Term 2) - 30 September until 2011 22April 2014 (Term 1) - 22April 2014 until 29April 2019 (Term 2) - 29April 2019 until the closing of AGMS 2024 (Term 3) - 26April 2007 until 4April 2008(Term 1asDirector) - 4April 2008until 14 April (Term 2011 2asDirector) - 14 April until 2011 22April 2014 (Term 3asDirector) - 22April 2014 until 24 August 2014 (Term 4asDirector) (Term 1asVice President Director) - 7January 2015 until 1April 2015 - 1April 2015 until 29April 2019 (Term 1) - 29April 2019 until the closing of AGMS 2024 (Term 2) TERM OF OFFICE by Ashish Shastry –Head of S.E. Asia System of PT XLAxiata Tbk(2006-2009). and General(2009-2011), Manager Business Support Manager IT Development of PT XLAxiata Tbk of PT XLAxiata Tbk(2011-2013), Senior General (2013-2015), Senior General Manager Mobile Finance President Digital Services of PT XLAxiata Tbk Officer of PT XL Axiata Tbk(2015-2016), Vice She previously served asChiefDigital Services • • • She concurrently serves as: EGMS 10 March 2016. the Company for the first term pursuant to the term. She also served asIndependent Director of 2019 shewas appointed asDirector for the second Pursuant to the AGMS resolution dated 29April Engineering from University of Satya Wacana (1992). She earned Bachelor’s Degree inElectrical in Jakarta. Indonesian Citizen, 46 years old,currently domiciled Chief Financial Officer of Celcom Axiata Berhad of Celcom Axiata Berhad Malaysia (2008-2011), He previously served asChiefCorporate Officer Celcom Timur (Sabah) SdnBhd(2006-present). He currently serves asDirector (Non-Executive) • • • • • He concurrently serves as: April 2014 andEGMS 30 September 2011. the second andfirst term pursuant to the AGMS 22 term. Healso served asDirector of the Company for 2019 hewas appointed asDirector for the third Pursuant to the AGMS resolution dated 29April (1997). Institute of Certified Public Accountants (MICPA) (MIA) (1998), andProfessional from Malaysian Professional from Malaysian Institute of Accountants University of Exeter, United Kingdom (1988), He earned Economic andStatistic Degree from in Jakarta. Malaysian Citizen, 49 years old,currently domiciled Yessie Dianty Yosetya |Director Mohamed Adlan bin Ahmad Tajudin |Director Committee Member of Information andTechnology Member of Human Capital Committee Committee Member of RiskandBusiness Continuity Member of Defalcation Committee Member of Information andTechnology Committee Member of RiskandBusiness Continuity Committee Member of Whistleblowing Committee Member of Human Capital Committee DRIVING OPERATIONAL EXCELLENCE • • • • • • Guest Speakers: Hotel, Bali, 29-30 March 2019. XL Axiata BOC-BOD Strategy Retreat, St. Regis Trainings 2019 Controlling Shareholders. Commissioners andBoard of Directors, or with the She has noaffiliation with members of the Board of • • • • • • Guest Speakers: Hotel, Bali, 29-30 March 2019. XL Axiata BOC-BOD Strategy Retreat, St. Regis Trainings 2019 affiliations with the Controlling Shareholders. Commissioners andBoard of Directors, however has He has noaffiliation with members of the Board of Andersen &Co. (1993-2002). and Assurance andBusiness Advisory of Arthur of Celcom Axiata Berhad Malaysia (2003-2004), Malaysia (2005-2008), Vice President Finance Vincent Stevens –Delta Partners Key Conclusions by Vinod Nair, Sachin Gupta and by Vinod Nair -Senior Partner, Delta Partners Lever: Network Sharing andStructural Separation Partner, Delta Partners Lever: Digital Partnerships by Vinod Nair - Senior working? By Panos Metsis -Akira Partners Stimulating are-rating intelco: Is anything of Partner Distribution of ChubbAsia of Direct Marketing andJon Ford - Regional Head Growth inMobile by Marcus Giles -Regional Head Lever: Partnerships Modelfor Step-Change KKR Perspective Between ROIC andaHard Place: An Investor’s Vincent Stevens –Delta Partners Key Conclusions by Vinod Nair, Sachin Gupta and by Vinod Nair -Senior Partner, Delta Partners Lever: Network Sharing andStructural Separation Partner, Delta Partners Lever: Digital Partnerships by Vinod Nair - Senior working? By Panos Metsis -Akira Partners Stimulating are-rating intelco: Is anything of Partner Distribution of ChubbAsia of Direct Marketing andJon Ford -Regional Head Growth inMobile by Marcus Giles -Regional Head Lever: Partnerships Modelfor Step-Change KKR Perspective Between ROIC andaHard Place: An Investor’s by Ashish Shastry –Head of S.E. Asia by Ashish Shastry –Head of S.E. Asia

FOR SUSTAINABLE GROWTH AND RETURNS Board OfDirectors 111

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 112 Manager of Deloitte (2005-2007). Associate of Booz &Company (2007-2008), and Senior Associate of Booz &Company (2008-2011), Principal2017), of Booz &Company (2011-2014), of Strategy& (formerly Booz & Company) (2014- He previously served asPartner/Vice President • • • He concurrently serves as: the first term pursuant to the EGMS 15 August 2017. term. Healso served asDirector of the Company for 2019 hewas appointed asDirector for the second Pursuant to the AGMS resolution dated 29April of Warwick –Warwick Business School, UK(2000). in Strategy, Economics andFinance from University He earned Master of Business Administration (M.B.A) Jakarta. British Citizen, 48years old,currently domiciled in Telenor (2006-2009). of Uninor India (2009-2012), andSales Director of Leader Based inDubai, Telenor (2012-2012), EVP (CMO) of Grameenphone Ltd. (2012-2015), Project DTAC Thailand (2015-2017), ChiefMarketing Officer He previously served asChiefSales Officer (CSO) of • • • He concurrently serves as: the first term pursuant to the EGMS 15 August 2017. term. Healso served asDirector of the Company for 2019 hewas appointed asDirector for the second Pursuant to the AGMS resolution dated 29April Business School (1981). He earned HD-Organization from Copenhagen Jakarta. Danish Citizen, 56 years old,currently domiciled in Board OfDirectors INTEGRATED ANNUAL REPORT Abhijit Jayant Navalekar |Director Allan Bonke |Director Member of Human Capital Committee Committee Member of RiskandBusiness Continuity Member of Information Technology Committee Member of Human Capital Committee Committee Member of RiskandBusiness Continuity Member of Information Technology Committee

2019 2019 PT. XL AXIATA TBK • • • • • • Guest Speakers: Hotel, Bali, 29-30 March 2019 XL Axiata BOC-BOD Strategy Retreat, St. Regis Trainings 2019 Controlling Shareholders. Commissioners andBoard of Directors, or with the He has noaffiliation with members of the Board of • • • • • • Guest Speakers: Hotel, Bali, 29-30 March 2019 XL Axiata BOC-BOD Strategy Retreat, St. Regis Trainings 2019 Controlling Shareholders. Commissioners andBoard of Directors, or with the He has noaffiliation with members of the Board of Vincent Stevens –Delta Partners Key Conclusions by Vinod Nair, Sachin Gupta and by Vinod Nair -Senior Partner, Delta Partners Lever: Network Sharing andStructural Separation Partner, Delta Partners Lever: Digital Partnerships by Vinod Nair - Senior working? By Panos Metsis -Akira Partners Stimulating are-rating intelco: Is anything of Partner Distribution of ChubbAsia of Direct Marketing andJon Ford - Regional Head Growth inMobile by Marcus Giles -Regional Head Lever: Partnerships Modelfor Step-Change KKR Perspective Between ROIC andaHard Place: An Investor’s Vincent Stevens –Delta Partners Key Conclusions by Vinod Nair, Sachin Gupta and by Vinod Nair -Senior Partner, Delta Partners Lever: Network Sharing andStructural Separation Partner, Delta Partners Lever: Digital Partnerships by Vinod Nair - Senior working? By Panos Metsis -Akira Partners Stimulating are-rating intelco: Is anything of Partner Distribution of ChubbAsia of Direct Marketing andJon Ford -Regional Head Growth inMobile by Marcus Giles -Regional Head Lever: Partnerships Modelfor Step-Change KKR Perspective Between ROIC andaHard Place: An Investor’s by Ashish Shastry –Head of S.E. Asia by Ashish Shastry –Head of S.E. Asia Scope of Responsibilities of Members of the Board of Directors their respective families inXL Board of Commissioners and of the Board of Directors, the ownership andbusiness relations registry containing the share Create andmaintain aspecial Special Share Registry information. shares; (d) any other important address of pledge of company’s share certificates; (c)name and of the shares or collective number, anddate of acquisition Shareholders; (b) the sum, (a) name andaddress of all registry of shares recording: a Share Registrar to doso) a Create andmaintain (or appoint Share Registry Printer for gazetting. or registration andto the State & Human Rights for approval to them to the Ministry of Law Association andany amendments Submit XLAxiata Articles of Gazetting Approvals, Registration and Articles of Association Board of Directors Specific Responsibilities DUTIES AND RESPONSIBILITIES OF THE BOARD OF DIRECTORS Director Director Director Director President Director YESSIE D. YOSETYA ABHIJIT NAVALEKAR ALLAN BONKE AHMAD TAJUDIN MOHAMED ADLAN BIN DIAN SISWARINI business activities. development andoperations aswell asrequired system and infrastructure to XLAxiata support She also responsible for monitoring of strategy for information technology andnetwork, customers, includingmonitoring the implementation andimprovement. warranty for quality of service, responsible for providing andmaintaining the best quality services to Responsible for managing andcontrolling XLAxiata plans andimplementation of activities related to in linewith the business strategy. Includes monitor andcontrol the new business strategy. Responsible in supervising andensuring that XLAxiata isexecuting the strategic transformation objectives. making sure that allfunctions of the organization are aligned to meet its strategic commercial marketing, sales, andcustomer service to drive business growth andclient acquisition andalso Responsible for the commercial strategy anddevelopment of plan andactivities relating to Axiata investor relations. of financial statements, taxes andfinancial management, as wellas to control the activity ofXL budgeting, treasury, procurement andlogistics, accounting activity, includingthe preparation Responsible to manage andcontrol XLAxiata business plan andits execution relating to actions needed to andachieve support XL’s goals andobjectives. important role indetermining XLAxiata’s business strategy anddecision making andstrategic Communication, Corporate Secretary andHuman Capital. The President Director has an the Departement of Corporate Strategy, Internal Audit andRiskManagement, Corporate company management, andcompliance with law andregulations, aswell asoversees Responsible for coordinating allXLAxiata operational activities, includingsupervision of financial year immediately prior for the latest financial year and the statements that contains the data at least includes: (a)financial end, prepare annual report which Within 5 months of fiscal year Annual Report Association. required by law andArticles of Shareholders’ access to them as standards andprovide accordance with accounting and financial documents in Maintain allcorporate accounts Corporate Accounts required by laws. Shareholders’ access to them as XL Axiata domicile andprovide Commissioners meetings within Directors, of Board of Board resolutions, minutes of GMS, documents, including registries andcorporate Maintain allimportant list, Corporate Documents shares were acquired. Axiata andthe date (s)those DRIVING OPERATIONAL EXCELLENCE years’ business plan shall apply. failing of which the previous prior to the close of fiscal year, budget nolater than 60days XL Axiata business plan and Commissioners for approval of Provide the Board of Business Plan prevailing regulations. Convene meetings asper Board of Directors Meetings and Board of Directors. of the Board of Commissioners payments made to the members and (g)any salary or honorarium Board of Commissioners members; names of allBoard of Directors, the previous financial the year; (f) on their supervisory activities over from the Board of Commissioners XL Axiata activities; (e)areport occurred whichmay impact on statement; (d) any incidents that (c) acorporate social responsibility data); (b) XLAxiata activity report; changes, andany other relevant statement, cash flows, any equity to it(includingaprofit andloss

FOR SUSTAINABLE GROWTH AND RETURNS Board OfDirectors 113

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 114 composition of the BOD. the diversity of skillsandtotal Company’s need including No.33POJK.04/2014 andthe of XLAxiata refer to POJK qualification of BOD members The requirement aswell as the GMSfor approval purpose. background to besubmitted to qualifications as well as of candidates’ requirements, Meeting to ensure the fulfillment and Remuneration Committee proposal inthe Nominating reviewfurther the nomination Remuneration Committee will The Nominating and through the Corporate Secretary. and Remuneration Commitee conveyed to the XLNominating or Minority Shareholders are proposed by Shareholders and/ Policy. The BODcandidates as the Senior Executive Nomination XL Axiata BODisregulated in The appointment policy of the following elaboration: The Board Manual includes the duties. efficiency in carrying out their productive work relationship and BOD to maintain professional and guideline for members of the The Board Manual serves asa BOD namely the Board Manual. and Code of Ethics for the XL Axiata has aWork Guideline Board OfDirectors APPOINTMENT POLICY BOD REQUIREMENT AND OF ETHICS BOD CHARTER AND CODE • • • • • • INTEGRATED ANNUAL REPORT Distribution of authority. Remuneration. the right to vote. quorum of the meeting and meetings the include Procedures for procuring regulations. compliance with applicable Company documents and of interest, confidentiality of arrangements for conflicts Ethics work includes Duties andresponsibilities. Criteria andcomposition.

2019 2019 PT. XL AXIATA TBK revoke or affirm the suspension. shall convene aGMSto either formal letter. Further the BOC respective BODmembers through BOC resolution andnotified to of BODhas to bebased on by the GMS. Any suspension suspension period or revoked to the Company until the end of able to perform his/her obligation member whosuspended isnot of the BOD. The respective BOD decide aSuspension to member The BOCalso has the authority to following conditions: be automatically ended upon the of office of BOD member shall voluntary resignation, the terms Aside from the abovementioned resignation submitted. hold aGMSto decide on the Furthermore, the Company will BOD andCorporate Secretary. of the resignation letter to the the NRCandsubmitacopy letter must beaddressed to Company. The formal resignation formal written notification to the submit their resignation through member of the BODmust Board Manual where respective Articles of Association andthe regulated inthe Company’s The BODresignation policy is OF BOD OF BOD POLICY ON RESIGNATION • • • • • • regulations. the prevailing laws and No longer qualified by decision. insolvent based on court Declared bankrupt or Dismissed by the GMS. conclusion of terms of office. not re-appointed upon the Passed away. matters. manpower/industrial dispute inrelation to institution includingany an authorized government administrative dispute with a foreign country, or an whether inindonesia or or arbitration institution in ajudiciary institution and/ crime and/or other dispute civil, criminal,monetary If he/sheisinvolved ina convened 48Meetings asfollows: In 2019, XLAxiata BODhas Policy isasfollows: In general, the BODMeeting OF DIRECTORS MEETING OF THE BOARD IMPLEMENTATION OF POLICY AND • • • • • • Circular decisions will have. communication methods. email or other written through facsimile, in one or more documents be approved andsigned however the decision must conducting aMeeting, make decisions without The BODcan also ensure accuracy. present at the meeting to be signed by allDirectors The Minutes must also appointed by the chairman. present at the meeting and Corporate Secretary) whois executive, for example a done by aDirector or other by anexecutive (can be minutes must beprepared made at the meeting. The documentation of decisions must beprepared as BOD minutes of meeting meeting. their proxies present at the of the BODmembers or presence of at least half make avalid decision inthe The BODmeeting can for other one (1) Director. Director can only beaproxy proxy to another Director. A Director may authorize BOD meeting, the respective cannot bepresent at the In the event that aDirector Chairman. members of BODcan bethe a member of the present each Director appointed by Director isnot present, the event that the President by the President Director. In The BODmeeting ischaired the Corporate Secretary. meeting isdetermined by The schedule of the BOD 04. 06. 08. 05. 09. 02. 03. 07. NO. 10. 01. 14. 15. 12. 13. 11. 20 Feb 26 Mar 24 Jan 24 29 Jan 22 Jan 16 Apr 16 19 Mar 19 12 Feb 15 Jan 15 6 Feb 9 Apr 9 5 Mar 2 Apr 2 7 Feb 9 Jan DATE 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 Strategic Discussion Committee Rationalization Performance Review 2019 Company Monthly Discussion on Human Resources Operational Financial Discussion Strategic Discussion Discussion on Commercial Discussion on Commercial Strategic Discussion Development Discussion on Human Resources Discussion on Network Discussion on Commercial Strategic Discussion Stock Exchange Regulation No.IA GCG Discussion -New Amended Strategic Discussion Performance Review 2018 Company Full Year Strategic Discussion Strategic Discussion Strategic Discussion Discussion on Human Resources Strategic Discussion Development Discussion on Human Resources Discussion on Commercial Strategic Discussion Discussion on Human Resources Discussion on Commercial Strategic Discussion Performance Review 2019 Company Monthly Long Term Incentive 2010- 2015 Discussion on The Company Profit Allocation 2018 Discussion on Company Nett Strategic Discussion Discussion on Human Resources AGENDA Siswarini DRIVING OPERATIONAL EXCELLENCE Dian Dian Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Mohamed Adlan bin Ahmad bin Ahmad Absent Absent Absent Tajudin Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes ATTENDANCE Yessie D.

Yosetya Absent FOR SUSTAINABLE GROWTH AND RETURNS Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Navalekar Board OfDirectors Abhijit J. Absent Absent Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Absent Bonke Allan Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes 115

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 116 Board OfDirectors INTEGRATED ANNUAL REPORT 20. 24. 26. 28. 25. 22. 23. NO. 27. 16. 18. 21. 19. 17. 28 May 30 Apr 30 14 May 14 21 May 21 25 Apr 23 Apr 25 Jun 18 Jun 30 Jul 23 Jul 7 May 7 16 Jul 12 Jul DATE 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 Strategic Discussion Discussion on Human Resources Strategic Discussion Long Term Incentive Discussion on The Company Strategic Discussion Strategic Discussion Performance Review 2019 Company Monthly Term Incentive Discussion on The Company Long Discussion on Human Resources Strategic Discussion Performance Review 2019 Company Monthly Discussion on Commercial Performance Review 2019 Company Monthly Discussion on Network Discussion on Commercial Performance Review 2019 Company HalfYear Submission GCG Discussion -OnlineSingle Discussion on Commercial Operational Financial Discussion Strategic Discussion Discussion on Human Resources Strategic Discussion Operational Financial Discussion Strategic Discussion Discussion on Commercial Strategic Discussion Risk Management Discussion Discussion on Network Discussion on Human Resources Strategic Discussion GCG Discussion -GCGUpdate Discussion on Commercial AGENDA

2019 2019 PT. XL AXIATA TBK Siswarini Dian Dian Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Mohamed Adlan bin Ahmad bin Ahmad Tajudin Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes ATTENDANCE Yessie D. Yosetya Absent Absent Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Navalekar Abhijit J. Absent Absent Absent Absent Absent Absent Absent Yes Yes Yes Yes Yes Yes Bonke Allan Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes 40. 30. 34. 38. 36. 35. 32. 39. 33. 29. NO. 37. 31. 20 Aug 27 Aug 24 Sep 13 Aug 22 Oct 12 Sep 17 Sep 15 Oct 6 Aug 3 Sep 7 Oct DATE 1 Oct 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 Discussion on Commercial Performance Review 2019 Company Monthly Discussion on Commercial Discussion Business Plan 2020 Preparation Discussion on Technology Discussion Business Plan 2020 Preparation Operational Financial Discussion Discussion Annual Report 2019 Preparation Operational Financial Discussion Discussion on Commercial Strategic Discussion Discussion on Commercial Discussion on Commercial Strategic Discussion Performance Review 2019 Company Monthly Discussion on Commercial Discussion on Commercial Discussion on Network Strategic Discussion Strategic Discussion Annual Report Discussion Performance Review 2019 Company HalfYear Discussion on Commercial Subsidiary Discussion Operational Financial Discussion Strategic Discussion Data Governance Discussion Discussion on Commercial Strategic Discussion Shareholders Preparation Extraordinary General Meeting of Discussion on Network Strategic Discussion AGENDA Siswarini DRIVING OPERATIONAL EXCELLENCE Absent Absent Dian Dian Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Mohamed Adlan bin Ahmad bin Ahmad Absent Tajudin Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes ATTENDANCE Yessie D.

Yosetya FOR SUSTAINABLE GROWTH AND RETURNS Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Navalekar Board OfDirectors Abhijit J. Absent Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Absent Bonke Allan Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes 117

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 118 Assessment by the Nominating andRemuneration Committee Year. and discharge (acquit et decharge) to the Board of Directors for the management of the company during In acollegial manner the performance of the BODisreported inthe GMS. The GMSthen provides fullrelease Company’s achievements andcertain targets any). (if Remuneration Committee based on the achievement of the Key Performance Indicator (KPI)with the Performance assessment of each member of the Board of Directors iscarried outby the Nominating and Disclosure of BODCirculars Board OfDirectors POLICY ON BOARD OF DIRECTORS’ PERFORMANCE ASSESSMENT INTEGRATED ANNUAL REPORT 28-Oct-19 29-Apr-19 & PERCENTAGE TOTAL KEHADIRAN / MEETING DATE DATE 44. 48. 46. 45. 42. 43. NO. 47. 41. 28 Nov 22 Nov 19 Nov 10 Dec 12 Nov 17 Dec 5 Nov 4 Dec DATE 2019 2019 2019 2019 2019 2019 2019 2019 Performance Review 2019 Company Monthly Strategic Discussion Discussion on Commercial Strategic Discussion Discussion on Commercial Strategic Discussion Discussion on Business Plan 2020 Discussion on Commercial Strategic Discussion Discussion on Commercial Operational Financial Discussion Discussion on Technology Discussion on Commercial Discussion on Technology Discussion on Business Plan 2020 Discussion on Commercial Performance Review 2019 Company Monthly Discussion on Human Resources Discussion on Technology AGENDA

2019 2019 PT. XL AXIATA TBK Appointment Legal Counsel Board of Directors Segregation Duties SUBJECT SUBJECT Siswarini (46/48) 96% Dian Dian Yes Yes Yes Yes Yes Yes Yes Yes Mohamed Adlan bin Ahmad bin Ahmad (44/48) Tajudin 94% Yes Yes Yes Yes Yes Yes Yes Yes ATTENDANCE (45/48) Yessie D. Yosetya 94% Yes Yes Yes Yes Yes Yes Yes Yes Navalekar (36/48) Abhijit J. Absent Absent 75% Yes Yes Yes Yes Yes Yes (46/48) Bonke 96% Allan Yes Yes Yes Yes Yes Yes Yes Yes to assess their competence. system and anindependent third party assessment reviewed periodically through aninternal panel Candidates for the Director’s succession will be employees included inthe XLAxiata Talent Pool. internal employees assuccessor including internal Director candidate. ADirector can also appoint XL Committee has animportant role innominating the The XLAxiata Nominating andRemuneration solve certain issues. through training aswell asteam working system to related to their work andpersonal development that candidates will get aseries of self-development The XLAxiata Director Succession Policy stipulates Director Succession Policy as disclosed inthis Annual Report. implementation of the duties of the Committee and matters within the scope of the BODduties andthe periodic reports, inputandrecommendation on 2019. This assessment isbased on the submitted out the duties properly andoptimally during The BODconsidered the Committee had carried Information Technology Commitee. the RiskandBusiness Continuity Committee and The BOD, incarrying outits duties isassisted Under BOD Performance Assessment on Committees reappointed. considerations of the respective BODmember to be GCG improvements andas one of the basic be used asrecommendations for the Company’s the Company’s GCG.The assessment results will roles, duties andresponsibilities aswell asevaluating BOC. The assessment includes understanding the Cross Board Assessments with each member of the assessment with fellow members of the BODand which included Board Effectiveness, peer-to-peer independent third party to the BOCandBOD In 2019 XLAxiata heldanassessment by an Third Party Assessment • • • applicable regulations including the Articles and responsibilities inaccordance with of the Company have carried outtheir duties The BOCand BODof the Company asorgans Rating result Rating result member of the Board of Commissioners. c. a questionnaire that must befilled in by each The Assessment Method iscarried outthrough Assessment Method & Young The party carrying outthe Assessment isErnst Appraiser DRIVING OPERATIONAL EXCELLENCE of aDirector prevailing laws andregulations on the appointment the Nomination Policy by taking into account on to the procedure andprovisions stipuated in Appointment of acandidate Director will refer on the Company’s fundamental matters asfollows: the Corporate Secretary in the form of presentation Company. The Induction Program isorganized by newly appointed member of BOCandBODof the XL Axiata heldanInduction Program for each Change inPublicCompany Share Ownership. POJK.04/2017 Regarding Ownership Reports or Any Financial Services Authority Regulation No.11/ reported to the Financial Services Authority based be notified to the Corporate Secretary to befurther shares by each member of the BOCandBODmust Directors, every sale andpurchase of the Company’s by the Board of Commissioners andBoard of In accordance with the Policy on Share Ownership Corporate Secretary Division. Shareholder whichisdistributed andkept by the himself or hisfamily through aSpecial Register of ownership of the Company or other company by XL Axiata must periodically disclose the share August 2016, each BOCandBODmember of and BOCwhichwas enacted by the BODon 16 Based on Policy on Share Ownership by the BOD Directors andthe Board of commissioners. forbids personal loan to members of the Board of XL Axiata Remuneration Policy for Senior Executive Chapter Corporate Data of this Annual Report. Axiata members of the BODisasdisclosed on As of December 31, 2019, the ownership of XL Shares by the BODandBOCMembers Ownership andTransaction of Company BOC AND BOD INDUCTION PROGRAM BOARD OF DIRECTORS BOARD OF COMMISSIONERS AND THE COMPANY’S SHARES BY MEMBER OF THE OWNERSHIP AND TRANSACTION OF COMMISSIONERS & BOARD OF DIRECTORS LOANS POLICY FOR THE BOARD OF 2. 1.

• • Presentation of Governance includes: networks. business plans, branding, andtechnology and The Company’s strategy, which includes Policies related to governance. or the Board of Commissioners. members of the Board of Directors and/ Duties, responsibilities andauthorities as

FOR SUSTAINABLE GROWTH AND RETURNS Board OfDirectors 119

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 120 the following aspects: and recommendation by the Committee will comply The IT Committee shall ensure that every resolution the prevailing laws andregulations. with the XLAXIATA business plan inaccordance to alignment of information technology strategic plan The IT Committee ismandated to ensure the Annual Report. sub chapter of Board of Directors Profile in this Profile of Committee members asdisclosed in the Committee isasfollows: As December of 31 2019, the membership of IT BOD decision. tenure of BODunless resolved otherwise based on The membership tenure of IT Committee follows the regards to the information technology andsystems. No. 9/15/PBI/2007 dated 30 November 2007, in shall beincompliant with Bank Indonesia regulation licenses related to XL AXIATA Tunai andKUPU, which an important role inthe management of XLAXIATA information technology. The IT Committee also plays strategic roadmap inparticular to the scope of 2012 to the business support plan andXLAXIATA Technology Committee (“IT Committee”) inSeptember The Board of Directors established the Information Information Technology DUTIES AND RESPONSIBILITIES COMPOSITION AND PROFILE COMMITEE COMMITEE 2. 1. • • • • • INTEGRATED ANNUAL REPORT NO.

01. investment. roadmap, especially on information technology Align with the XLAXIATA Axiata’s strategic profit for XLAXIATA. technology inorder to compete anddistribute Able to deliver the network, IT andfuture Abhijit J. Navalekar, Member Allan Bonke, Member Mohamed Adlan bin Ahmad Tajudin, Member Yessie D. Yosetya, Member Dian Siswarini, Chairman 05 Mar 13:30 - 15:00 DATE 2019

3. 2. 1. 5. 4. AGENDA

Strong Coverage inAttack Area Coverage for Business Growth Ratification - Bring New Data SF1.2- Project Charter Future Network Ratification - Foundation of SF1.1 -Project Charter Plan 2019 SF2-Intelligent IT SF2-Intelligent IT Project Charter Ratification Service Operation Center Ratification -Digitalization of SF1.3- Project Charter

2019 2019 PT. XL AXIATA TBK Siswarini Dian Dian Yes responsibilities: Technology Committee has the following duties and To achieve these objectives, the Information (six) meetings asfollows As of December 2019 the IT Committee has held6 the prevailing laws andregulations. interference from any parties andshall aligned with independent duties andresponsibilities, without any The IT Committee carries outprofessional and well asthe policy of the Committee Meetings. others the duties andauthorities of the Committee as Guidelines (Terms of Reference) that regulates among In performing its duties, the IT Committe has aWorking IT COMMITTEE MEETING IMPLEMENTATION INDEPENDENCY OF COMMITTEE IT COMMITTEE CHARTER 4. 3. 2. 1.

bin Ahmad Tajudin Mohamed Adlan with the overall strategy of XLAXIATA. units/ stakeholders, andto ensure the alignment To compile request for solutions from business overall strategy of XLAXIATA. network and/or IT Roadmap, aswell asthe on the potential impact of disruption to the innovation andto report the assessment results To discuss andreview future technology relevant Director for approval. relevant risks, prior to the submission to the present potential of creation of value and technical perspectives (Network to andIT), To discuss innovation projects from the • • IT Master Plan, includingandnot limited to : with the overall Company strategy, Network and of selection of technology andtrade-offs aligned creating the XLAXIATA values, to including audit information technology to the vision support in To discuss andevaluate strategic Roadmap on IT Infrastructure architectures. components, etc; and Access, transmissions, applications, Yes ATTENDANCE Yessie D. Yosetya Yes Navalekar Abhijit Abhijit Yes Bonke Allan Yes including butnot limited to: made several approval with respect to Information andTechnology transformation programs in2019, Throughout 2019, IT Committee has fulfilled all of their duties and responsibilities. Particularly, the committee IT COMMITTEE DUTIES IMPLEMENTATION TAHUN 2019 2. 1. & PERCENTAGE TOTAL KEHADIRAN / MEETING NO. 04. 06. 05. 02. 03.

Conduct periodic monitoring of the programs implementation asabovementioned. Transformation on Business Support System (BSS), Enterprise Support System (ESS) andData Analytics; 08:30 - 15:00 - 10 May 02 Apr Apr 02 10:00- 14 Oct 14:30- 13:30- 24 Jul 10:00 16:00 16:00 15:30 DATE 11:30 2019 2019 2019 2019 2019 Sept 02 02

6. 5. 4. 3. 2. 1. 5. 4. 3. 2. 1. 12. 11. 10. 9. 8. 7. 6. 5. 4. 3. 2. 1. 6. 5. 4. 3. 2. 1. 5. 4. 3. 2. 1. AGENDA

FTTH–Billing Cutover IT Project Update IT Manage Service Update Update Network Manage Service Congestion Free Measurement PMO Update Update Last Steerco Action Log IT Transformation Update Power Management e-SIM FWA Evaluation for Home PMO Update SAP –HANAUpdate IT Project Updates Mechanism Strategy Spectrum Layer Switching USO business case Areas inrelation with NPS Monitor High Network Traffic 2019 Lesson Learn from Lebaran Traction Update Congestion Free Cities – PMO Update (Network) Update Last Steerco Action Log 2020 Projection Plan updates PMO Updates performance updates XL Home application Wipro- Operations updates SF2- HANA IT Project Updates Summary BRM -Business Plan 2020 IT Project Updates 2020 EoSL Network Analysis 2019- Illegal IMEIBlocking PMO Updates SAP -HanaUpdates IT Project Update Siswarini DRIVING OPERATIONAL EXCELLENCE 100% (6/6) Dian Dian Yes Yes Yes Yes Yes bin Ahmad Tajudin Mohamed Adlan 100% (6/6) Yes Yes Yes Yes Yes Information Technology Commitee ATTENDANCE

Yessie D. Yosetya FOR SUSTAINABLE GROWTH AND RETURNS 100% (6/6) Yes Yes Yes Yes Yes Navalekar Abhijit Abhijit (4/6) 67% Yes Yes Yes No No 100% Bonke (6/6) Allan Yes Yes Yes Yes Yes 121

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 122 * recently serves asRBCC on 16 April 2019 Notes : Committee isasfollows: As December of 31 2019, the membership of RBCC decision. of BODunless resolved otherwise based on BOD The membership tenure of RBCC follows the tenure Board of Directors (“BOD”) on 7May 2013. Committee (“RBCC”) was established by XLAxiata The RiskManagement andBusiness Continuity Risk Management And Business Continuity COMPOSITION AND PROFILE COMMITTEE COMMITTEE • • • • • • • INTEGRATED ANNUAL REPORT NO. 04. 02. 03. 01. Rudy Afandi, Member Novalita Imanuddin, Member Abhijit J. Navalekar, Member Allan Bonke, Member Yessie D. Yosetya, Member Mohamed Adlan bin Ahmad Tajudin, Member Dian Siswarini, Chairman DATE 2019 2019 2019 2019 Apr Apr Oct Jan Jul 24 24 24 23 31 31 Appendix: Risks Indicator 11 Highlights Business Continuity Management (BCM) Update Risk Management Assurance Update Matters Arising from previous Meeting Ratification from previous RBCC MOM Key RiskArea Description Appendix: Risks Indicator 11 Highlights &Axiata Compliance Assurance Update Risk Management Assurance Update Background &Changes of RBCC Format Matters Arising from previous Meeting Ratification from previous RBCC MOM Regulatory Compliance Assurance Activities Business Continuity Management (BCM) Risk Management Matters Arising from previous Meeting Ratification from previous RBCC MOM Updates on Compliance Assurance Testing Risk Management Assurance Update Matters Arising from previous Meeting Ratification from previous RBCC MOM AGENDA

2019 2019 PT. XL AXIATA TBK TOTAL KEHADIRAN / MEETING & PERCENTAGE Audit Profile in this Integrated Annual Report. sub chapter of Board of Directors Profile and Internal Profile of Committee members asdisclosed in the meetings asfollows As of December 2019 the RBCC has heldfour (4) four months. RBCC Terms of Reference whichat least once in The RBCC Meeting Policy isregulated under the IMPLEMENTATION RBCC MEETING POLICY AND Dian Siswarini Absent (3/4) 75% Yes Yes Yes ATTENDANCE Mohamed Adlan bin Ahmad Tajudin (3/4) 75% Yes Yes Yes Yes Yessie D. Yosetya 100% 44) (4/4 Yes Yes Yes Yes Abhijit J. Navalekar Absent (3/4) 75% Yes Yes Yes ATTENDANCE Allan Bonke Risk Management And Business Continuity Committee Absent DRIVING OPERATIONAL EXCELLENCE (3/4) 75% Yes Yes Yes by: M.Hira Kurnia Rudy Afandi* Represented Absent (2/3) 67% Yes Yes -

FOR SUSTAINABLE GROWTH AND RETURNS Novalita Imanuddin 100% (3/3) (IA)* Yes Yes Yes - 123

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 124 b. a. Management asfollows: aspects, namely RiskManagement andContinuity The RBCC duties are elaborated based on two Axiata. implementation of Continuity Management inXL the effectiveness of Risk Management and The RBCC has the obligation to supervise Risk Management And Business Continuity Committee DUTIES AND RESPONSIBILITIES INTEGRATED ANNUAL REPORT

• • • • Management: Duties related with Business Continuity • • • • • • • • Duties related with RiskManagement : strategy. and Department to XLAxiata support Management implementation, inallDivisions effectiveness of Business Continuity To set, monitor andevaluate the framework, methodology andprocedures. of Business Continuity Management To review andapprove the adequacy process andbusiness activity of XLAxiata. Continuity Management Culture, into every To andpromote support Business Management. in the effectiveness of Business Continuity including third party that directly involves event of extraordinary events or crises, Axiata to ensure business continuity inthe Sustainability Management Policy of XL To set strategic objectives andBusiness Commissioners andRegulators. manner to the Audit Committee, Board of are submitted correctly andintimely on riskmanagement implementation To ensure that ad-hoc/periodical reports implementation conditions. has been previously agreed andbusiness within the riskappetite framework that To ensure XLAxiata business execution its control. To review andapprove riskparameter and KUPU, asregulated by Bank Indonesia). and Money Transfer Business Activity/ (including riskcompliance rules on E-Money practices, asstipulated by the regulators To ensure compliance inriskmanagement strategic initiatives andfunctional risks. relating to XLAxiata goals, strategic risks, implementation, covering major risks effectiveness of risk management To set, monitor andevaluate the procedures. Management framework, methodology, and To review andapprove the adequacy of Risk activities. Culture, to beimplemented inallXLAxiata To andpromote support RiskManagement Axiata. relation under strategic partnership with XL Management Policy including third party Determine the strategic objectives andRisk

2019 2019 PT. XL AXIATA TBK planned. of business continuity activities that have been The Committee also supervises the implementation a quarterly basis. and will oversee the implementation of mitigation in Committee Meeting to ratify the Key Company Risks be discussed inthe RiskandBusiness Continuity The risks that have been consolidated will then and compliance risk. including strategic risk,operational risk,financial risk risks that have been identified by business owners, Management inconsolidating andescalation of & Advisory unitunder the Division of Audit &Risk The Committee isassisted by RiskManagement of the Company. enterprise riskmanagement andbusiness continuity Committee aims to oversee the implementation of Establishment of RiskandBusiness Continuity laws and regulations. from any parties andshall aligned with the prevailing duties andresponsibilities, without any interference The RBCC carries outprofessional andindependent September 2017. been approved by BODMeeting No. 29/17 dated 12 Committee’s work with latest adjustment that have of Reference) whichisused asthe basis of the The RBCC has the Working Charter (RBCC Terms RBCC CHARTER IMPLEMENTATION OF RBCC DUTIES IN 2019 INDEPENDENCY OF COMMITTEE from any parties andshall aligned with the prevailing laws andregulations. HC Committee carries outprofessional andindependent duties andresponsibilities, without any interference the Committee’s work with latest adjustment that have been signed on 12 July 2019. HC Committee has the Working Charter (HCCommittee Terms of Reference) whichisused asthe basis of HC Committee shall beresponsible for the following matters: No. 20/19 dated 18 June2019. Committee is based on the Decision of BOD Meeting decision. The appointment basis of members of HC otherwise based on the Board of Directors the tenure of the Board of Directors unless resolved The membership tenure of HCCommittee follows July 2019. established by XLAxiata Board of Directors on 12 The Human Capital Committee (HCCommittee) was INDEPENDENCY OF COMMITTEE HC COMMITTEE CHARTER DUTIES AND RESPONSIBILITIES MEMBERSHIP AND PROFILE 3. 2. 1. 9. 8. 7. 6. 5. 4.

thoroughly analysed interms of costs, risks, andbenefits that will beimpacting the entire organization. one or more jobs/functions within directorate both for labour or service supply. The proposal shall be Manage Resources. The Committee shall evaluate andpropose any strategy or initiatives to outsource and/or retrenchment of resources. This includes Permanent/Contract employees andOutsource/ initiatives to increase labour productivity andefficiency to achieve business result through efficiency The Committee shall evaluate the current MPPinthe company andits productivity andproposal of any Manpower Planing (MPP) will beimpacting the entire organization. business changes. The proposal shall bethoroughly analyzed interms of costs, risks, and benefit that propose partially changes and/or conduct anorganization development process to cope with the The Committee shall evaluate the business changes andits impact to the organization structure, Organization Development employer value proposition (EVP), employee engagement, andtalent acquisition. productivity andrequiring the views of BODmembers, includingbutnot limited to: industrial relation, The Committee shall discuss any other HCmatters not listed above aslong as itisrelated to employee Other HCMatters tabledfurther to the BODfor approval. and align with the changes of business andorganization practices. Approval of HRpolicies shall be The Committee shall propose the new HRpolicies or to change and/or revise the existing ones to adjust HC Policies Culture program. The Committee shall propose initiatives to the implementation support of companywide Corporate Corporate Culture critical capability for achieving business plan. The Committee shall discuss the learning intervention plan for employees to equipthe employees with Learning andDevelopment development andretention infacing the labour competition inthe market. The Committee shall propose Talents Management Program whichincludes the identification, Talents Management each directorate. down decision from BODmeeting regarding the organization performance andhow itiscascading into The Committee shall discuss the performance management activities to operationalize further the top- Performance Management employee motivation aswell asthe company’s retention capability. The Committee shall propose the initiatives on employee rewards andbenefits program to enhance Employee Reward andBenefits DRIVING OPERATIONAL EXCELLENCE Annual Report. sub chapter of Board of Directors Profile in this Profile of Committee members asdisclosed in the Committee isasfollows: As December of 31 2019, the membership of HC • • • • • • Abhijit J. Navalekar, Member Allan Bonke, Member Yessie D. Yosetya, Member Mohamed Adlan bin Ahmad Tajudin, Member Dian Siswarini, Member Rudy Afandi, Chairman

FOR SUSTAINABLE GROWTH AND RETURNS COMMITEE COMMITEE Human Capital 125

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 126 selected divisions andrelated to HCIS, especially for the PMSmoduleUI/UX. Other discussion related the new PMSthat was implemented asapilot project insecond half 2019 for interaction model. 2019. The discussion consists of the update for organization structure insome division anddeciding the new Most of the HCCommittee are focusing on MPPinitiatives andits implementation throughout the second half and to assist the BODintheir effective decision making process. The re-establishment of the HCCommittee ismeant to achieve the effectiveness of discussion of HRissues As of December 2019 the HCCommittee has held 5 (five) meetings as follows: once amonth. The HCCommittee Meeting Policy isregulated under the HCCommittee Terms of Reference whichat least Komite Human Capital IMPLEMENTATION OF HC COMMITTEE DUTIES IN 2019 HC COMMITTEE MEETING POLICY AND IMPLEMENTATION INTEGRATED ANNUAL REPORT & PERCENTAGE TOTAL KEHADIRAN / MEETING NO. 04. 05. 02. 03. 01. No. 01b/19 on 19 December No. 04/19 on No. 02/19 on No. 03/19 on 22 July 2019 No. 01/19 on 12 July 2019 22 October 30 August DATE 2019 2019 2019

2019 2019 Turnover Employee Model Interaction DT &IT Career Ladder Professional MPP Enterprise) (DT & Organization Type Employment MPP & HCIS New PMS MPP Calibration Performance AGENDA PT. XL AXIATA TBK Siswarini (4/5) 80% Dian Yes Yes Yes Yes No Mohamed Adlan bin Ahmad bin Ahmad Tajudin 100% (5/5) Yes Yes Yes Yes Yes ATTENDANCE Bonke (4/5) Allan 80% Yes Yes Yes Yes No Yessie D. Yosetya 100% (5/5) Yes Yes Yes Yes Yes Navalekar Abhijit J. (2/5) 60% Yes Yes No No No Afandi 100% Rudy Rudy (5/5) Yes Yes Yes Yes Yes Pendidikan danPelatihan Tahun 2019. Board (Efek Bersifat Ekuitas) on the IDXAcceleration regarding Listing Shares andEquity-like Securities Internalization of Listing RuleNumber I-V Granting Pre-emptive Rights Addition to Capital of Listed Companies by Regulation number 32/POJK.04/2015 concerning Amendment of Financial Services Authority Seminar on POJK No. 14/POJK.04/2019 regarding Services Authority Reporting between IDXnet andSPEFinancial Socialization on Trial of Integrated Online Mareket Sector regarding Procedures on Inspection inCapital Seminar POJKNumber 36/POJK.04/2018 and Implementation of Special Notation Other Than Stock Issued by the Listed Company of Shares (Stock) andEquity-Type Securities Internalization of Listing RuleI-A regarding Listing SEMINAR Murni Nurdini |Corporate Secretary Profile DRIVING OPERATIONAL EXCELLENCE • • Educational Background • • • • • • Professional Experience dated December 21, 2009. Circular Resolution of XLAxiata Board of Directors Legal Basis of Appointment Jakarta, Indonesia Building Stock Exchange Main Hall,Indonesia Building Stock Exchange Main Hall,Indonesia Building Stock Exchange Main Hall,Indonesia Building Stock Exchange Main Hall,Indonesia Building Stock Exchange Main Hall,Indonesia VENUE (1995 – 1999) – (1995 Faculty of Law inBusiness Legal, Universitas Trisakti Law, Universitas Pelita Harapan (2013 – 2015) Master of Law inTrade, Investment andCompetition Association (2019 -present) Board Member, Indonesian Corporate Secretary Association (2013 -present) Member, Indonesian Corporate Secretary Legal Counsel, PT XLAxiata Tbk.(1999-2003) (formerly PT Excelcomindo) (2003-2009) Corporate Compliance Manager, PT XLAxiata Tbk. Superb Premium Pte Ltd. (2013-2017) its ownership to Jaya Kencana Mulia Lestari and Global Pte Ltd prior to effectively transferred venture between PT XLAxiata TbkandSKPlanet Interim Corporate Secretary, PT XLPlanet, ajoint present) Corporate Secretary PT XLAxiata Tbk(2009- SECRETARY August 2019 Thursday, 1 June 2019 Tuesday, 24 2019 Tuesday, 14 May February 2019 Tuesday, 12 January 2019 Thursday, 10 DATE

FOR SUSTAINABLE GROWTH AND RETURNS Corporate Participant Participant Participant Participant Participant ROLE 127

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 128 The duties andresponsibility of XLCorporate Secretary XLAxiata includingthe implementation in2019 : public in2005, including the acquisition andmerger process when XLacquired AXISin2014. various corporate actions, including inthe transition of XLAxiata shares ownership, andpreparation for go Started since 2003 until today shedecided to focus on Corporate Secretary duties andassist XLAxiata in Career Milestone: Charter of Corporate Secretary being approve by XLBoard of Directors on August 16, 2016. Regulation No. 35/POJK.04/2014 on Company Secretary of Issuer or PublicCompany, asstipulated inthe Duties andresponsibilities of XLCorporate Secretary isinaccordance with Financial Authority Services Corporate Secretary IMPLEMENTATION OF DUTIES AND RESPONSIBILITIES INTEGRATED ANNUAL REPORT Know whichriskisworth taking” Risks Management Workshop “Getting itRight! E-Fraud Risks Management Komite Perseroan Komisaris dan Direksi, Dewan Manajemen Rapat Risks Management Training Seminar on OnlineSingle Submission Company regarding Merger or Liquidation of aPublic Seminar on POJKNo. 74/POJK.04/2016 RESPONSIBILITIES DUTIES AND SEMINAR

2019 2019 • • • • • By the end of 2019 has implemented the following: IMPLEMENTATION OF DUTIES AND RESPONSIBILITIES IN 2019 e. d. c. b. a. PT. XL AXIATA TBK 4 (four) RiskManagement &Business Continuity Meetings. BOD Meeting 48 (fourty eight) BODMeetings which 4 (four) of the meetings were Special 6 (six)BOCDecision via Circulars 4 (four) Joint Meetings of the BOCandBOD Meetings and1(one) Joint Meeting of BOCandNRC 7 (seven) BOCMeetings including 4(four) BOCMeetings, 2(two) Special BOC

Make andproperly documented the minutes of each meeting. Commissioners andthe Committee may: this advanced application, each member of the Board of Directors, Board of Transform the Meeting tool support by using Diligent Board apps. Through Organizing regular meetings of Committees under the Board of Directors. year 2019 based on the Articles of Association. well asJoint Meeting of the Board of Commissioners andDirectors for the schedule andRoutine Agenda for the Board of Commissioners Meeting as By end of 2018, the Corporate Secretary has determined the meeting schedule. of Directors and/or Board of Commissioners meetings outside the regular Conducting regular weekly Board of Directors meeting aswell asBoard • • • • • • • Access messanger facility inthe app Vote digitally make decisions on circular resolutions by digital signing. give any review or feedback digitally evaluate the draft Minutes of the Meeting, observe allMeeting materials access the Meeting’s invitation andvenue Cyber 2Tower Arch Due-Marquee, Online Internal Online Internal Building Stock Exchange Main Hall,Indonesia Building Stock Exchange Main Hall,Indonesia LOKASI November 2019 Wednesday, 27 October 2019 Tuesday, 8 September 2019 Tuesday, 10 DATE Participant Participant Participant Participant Speaker ROLE Market Provision Capital Compliance on Prevention Insider Trading Management and Conflict of Interest Shareholders (GMS) General Meeting of Implementation of RESPONSIBILITIES DUTIES AND the Capital Market Regulation. the Company. In 2019, there isnofine or administrative sanction for violation of The Corporate Secretary ensures noviolations of capital market regulations by and Board of Commissioners of the Company inJuneandDecember. and Multiple Position Statement made by each member of the Board of Directors In 2019 the Corporate Secretary has documented aShare Ownership Statement influence the decisions of shareholders. public announcement of corporate action carried outby the Company that can among others before the release of the Financial Report to the publicor before employees from buying andselling shares of the Company for certain periods, related to the implementation of the Blackout period whichprohibits Company role inhelping to prevent Insider Trading through internal announcements (“Letter Multiple Position Statement “).The Corporate Secretary also has a Position Statement by the Board of Directors andBoard of Commissioners along with their families (“Share Ownership Statement”) aswell asthe Multiple the Company by the Board of Directors andthe Board of Commissioners documents the Statement of Share ownership of the Company andoutside In addition, to prevent conflicts of interest, the Corporate Secretary periodically documented inmeetings there if isaconflict of interest between one party. Commissioners and/or XLAxiata Committee meetings. This process isalso well process running well inallmatters submitted to the Board of Directors, Board of discussion and/or decision making process. The Corporate Secretary keeps the a conflict of interest must provide a statement andisnot able to participate in stipulated inthe Company Law andXLArticles of Association, any party with independence of the decisions made by the Organ or XLCommittee. As The company secretary assists andmonitors asmuch aspossible on the d. c. b. a. The responsibilities are including among others: 29, 2019 andExtraordinary GMSon October 31, 2019. Company’s GMSin2019 whichwas heldtwice, namely the Annual GMSon April The Corporate Secretary isfully responsible for the implementation of the IMPLEMENTATION OF DUTIES AND RESPONSIBILITIES IN 2019

space. to participate inthe Meeting proceedings without any boundaries of time and regisration aswell asproviding live streaming access enabling allstakeholders a Meeting by providing Meeting materials online via dedicated QRCode at Continuing digital transformation agenda andnew innovation inconvenieng regulations. third parties to assist inMeeting implementation reffering to prevailing Coordinate with Notary andShare Registrar, asthe appointed independent during registration andavailable also via XLAxiata website. printed materials provided) andaccessible by Shareholders via QRCode interest. This year, allMeeting materials are provided indigital form (no Prepare andensure the availability of Meeting material for Shareholders Implementation of General Meeting of Shareholders of PublicCompany. with the provisions inPOJKNo.32/POJK.04/2014 regarding the Plan and notification andannouncement to Shareholders andPublicin accordance Fulfillment of reporting obligations to Financial Services Authority as well as DRIVING OPERATIONAL EXCELLENCE

FOR SUSTAINABLE GROWTH AND RETURNS Corporate Secretary 129

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 130 Corporate Secretary INTEGRATED ANNUAL REPORT related authorities Capital Market Obligation to of Reporting Implementation Management Document Corporate Corporate Action RESPONSIBILITIES DUTIES AND

2019 2019 10. 9. 8. 7. 6. 5. 4. 3. 2. 1. well asdisclosures to Capital Market related institutions asfollows : Throughout 2019, the Corporate Secretary implements reporting obligations as monitored andsafekept within the prevailing standard andprocedure. corporate governance practise to the organization that for data/information internationally accepted level. This initiatives isconducted inorder to enhance standardizing data/information to ensure data/information security isat RMS proudly took on the part ISO 27001 certification which fouses on clean desk anddigital office of XL as Axiatapart support Transformation Agenda. documents. This isone of RMSteam performance in supporting the concept of guidance socialization to standardize the storage of allCompany’s important In 2019, the Record Management System (RMS) team conduct documentation documents. Secretary that responsible for handling the storage of allCompany’s important Record Management System (RMS) asafunction that isled by the Corporate Digital Group Data Centres towards the end of 2019. XL Axiata to Princeton Digital Group (Indonesia Alpha) Pte. Limited inPT Princeton which process isunderway andalso the effective of majority share transfer from execution inrelation to the plan of selling telecommunication tower of the company XL Axiata andPrinceton Digital Group (Indonesia Alpha) Pte. Limited, the tender of PT Princeton Digital Group Data Centres asanassociate company between II Year 2019 andShelf Sukuk IIXLAxiata Tranche IIYear 2019 Sukuk, Establishment Capital Market Regulations suchasthe issuance of Shelf Bond IXLAxiata Tranche implementation of Corporate Actions includingensures compliance with prevailing In 2019 the Corporate Secretary has animportant andactive role inassisting inthe IMPLEMENTATION OF DUTIES AND RESPONSIBILITIES IN 2019 PT. XL AXIATA TBK

GMS, Invitation of GMSandSubmission of GMSresults. Company’s GMS, includingNotification of Meeting Agenda, Announcement of Notification andannouncement regarding the implementation of the Monthly Report on Share Registration. Monthly Reports Foreign Currencies Debt Report. Services Authority No. 2629/POJK.04/2016 regarding Annual Report. IIRC”) Framework without compromising any compliance with the Financial implementation adopting the nternational Integrated Reporting Council (“the Integrated Annual Report, whichisthe advanced corporate reporting Group Data Centres towards the end of 2019. Princeton Digital Group (Indonesia Alpha) Pte. Limited inPT Princeton Digital underway andalso the effective of majority share transfer from XL Axiata to plan of selling telecommunication tower of the company whichprocess is (Indonesia Alpha) Pte. Limited, the close tender execution inrelation to the Data Centres asacompany between XLAxiata andPrinceton Digital Group XL Axiata Tranche IIYear 2019, Establishment of PT Princeton Digital Group issuance of Shelf Bond IXLAxiata Tranche IIYear 2019 andShelf Sukuk II ensures compliance with prevailing Capital Market Regulations suchasthe active role inassisting inthe implementation of Corporate Actions including Disclosure includes In 2019 the Corporate Secretary has animportant and Year 2018. Bond IXLAxiata Tranche IYear 2018 andShelf Sukuk IIXLAxiata Tranche I Submission of the Fund Readiness Report of the Maturity Period of Shelf Implementation of Audit Services for XLFinancial Information. Submission of Board of Audit Committee Evaluation Result with regard to the (Audited). Submission andAnnouncement of the Company’s Financial Statements Result. Submission of PublicExpose Material andAnnouncement of PublicExpose Company’s PublicExpose Notification include on the Plan for Public Expose, Notifications andannouncements related to the implementation of the Audit Notification of the Company’s Financial Report. and investors in2019. conducted more than 300 total visits with analysts relations’ activities. The Investor Relations (IR) team investors andanalysts through well planned investor this objective, XLAxiata actively communicates with and business activities to stakeholders. To achieve is committed to clearly communicating its strategy to increase shareholder value. To that end, XL Axiata especially transparency isXLAxiata main objective Proper implementation of governance principles, Accounting &Finance in2009. with aBachelor of Commerce andadoublemajor in He graduated from Monash University, Australia including telecoms for institutional investors. extensive research coverage of various industries Malaysia asanEquity Research Analyst providing Prior to this role, hewas with CLSA Securities held since. Relations Executive inMarch 2015, aposition hehas Indar Singh Dhaliwal joined XLAxiata asthe Investor Domiciled inJakarta 32 Years old,Malaysia [email protected] Fax: (62 21) 579 59025 Tel: (62 21) 576 188 ext. 58213 Investor Relations Indar Singh Dhaliwal XL Axiata Investor Relations Activities 2019 INVESTOR RELATIONS ACTIVITIES INVESTOR RELATIONS CONTACT 02 December 19 November20 -21 2019 26 –27August 2019 07 August 19 26 –27March 2019 04 March 2019 DATE Indar Singh Dhaliwal |Investor Relation Profile Axiata Investor &Analyst Day Morgan Stanley 18th Annual Asia Pacific Summit Macquarie ASEAN Conference 2019 Citi Indonesia Investment Conference 22nd Credit Suisse Asian Investment Conference UBS Indonesia Conference 2019 EVENT DRIVING OPERATIONAL EXCELLENCE community. shareholders/stakeholders andthe capital market also serves asliaison between XLAxiata andits activities, and performance. In addition, the IRteam progress including its strategy, main business community so that investors can follow XLAxiata relevant and timely information to the investment The XLAxiata IRteam proactively disseminates RELATIONS

FOR SUSTAINABLE GROWTH AND RETURNS Kuala Lumpur Singapore Singapore Jakarta KongHong Jakarta VENUE Investor 131

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 132 President Director upon the approval of BOCon February 9, 2018. accordance with Indonesia Financial Services Authority Regulation No.56/POJK.04/2015 enacted by the XL Axiata has the Internal Audit Charter asthe guidelines for Internal Audit with the latest revision in Risk Management with the approval from the Board of Commissioners. in the Internal Audit Charter, the President Director may propose the replacement of Group Head of Audit & current Group Head of Audit &RiskManagement isnegligent andunableto fulfillits responsibilities stipulated dismissed by President Director upon the approval from the Board of Commissioners. In the event where the Based on XLAxiata Internal Audit Charter, Group Head of Audit &RiskManagement isappointed and Audit Charter (“POJK 56/POJK.04/2015”). Authority Regulation No.56 /POJK.04/ 2015 concerning the Establishment andGuidelines for the Internal XL Axiata has anInternal Audit Department asper the requirement regulated inIndonesian Financial Services Internal INTERNAL AUDIT CHARTER GROUP HEAD OF AUDIT & RISK MANAGEMENT AUDIT INTEGRATED ANNUAL REPORT Novalita Imanuddin

2019 2019 PT. XL AXIATA TBK Education andTrainings in2019 Certificate in Banking Risk& Regulation Level 4. Certification in Risk Management (CRMCA), and Indonesian has Certification in Control Self-Assessment (CCSA), California State University Fresno in1994. She also She holds abachelor’s degree inAccounting from the Educational Background andCertification Indonesia Konsultan. Financial Management Consultant at Price Waterhouse Vice President Quality Assurance at Citibank, and Chief Audit Executive at Bank Commonwealth, Assistant Money Laundering Reporting Officer (MLRO) at Bank ANZ, Maybank Indonesia, Head of Compliance &Country among others asChiefAudit Executive at PT Bank positions inthe areas of banking andvarious industries, Ms. Novalita Imanuddin previously heldvarious senior Professional Experience from the Board of Commissioners on February 14, 2019. Director, effective as of March 8,2019 based on the approval of Internal Audit andRiskManagement by the President Ms. Novalita Imanuddin was appointed asGroup Head Legal Basis of Appointment 46 years old,Indonesian 4. 3. 2. 1.

GRC inIndustry 4.0 (Bali, December 2019) International Conference RiskBeyond, Embracing (Jakarta, November 2019) Risk Management Workshop for Group Head 2019) Axiata Cyber Security Forum (Kuala Lumpur, July (Kuala Lumpur, June2019) Core XWorkshop with Axiata Analytics Center the following certifications: In addition, asof December 31, 2019, the Internal Audit Department has been supported by auditors having Indonesian Financial Services Authority Regulation No.56/POJK.04/2015 asfollows: All personnels of XLAxiata Internal Audit Department must andhave met the qualification based on following positions: As of December 31, 2019, Internal Audit Department of XLAxiata has atotal of 9personnels whoheldthe QUALIFICATION AND CERTIFICATION OF INTERNAL AUDITORS IN THE INTERNAL AUDIT DEPARTMENT TOTAL NUMBERS OF INTERNAL AUDIT PERSONNELS i. h. g. f. e. d. c. b. a. Internal Auditor Head of Internal Audit Department Group Head of Audit &RiskManagement Certified ISMSISO 27001 Lead Auditor Certified Control Self Assessment (CCSA) Chartered Accountant (CA) Qualified Internal Auditor (QIA) Qualified Risk Management Professional (QRMP) Indonesian Certificate in Banking Risk& Regulation Level 4 Certification inRisk Management (CRMCA) Certified Information Security Manager (CISM) Certified inGovernance of Enterprise IT (CGEIT) Certified Information System Auditor (CISA) TOTAL TOTAL CERTIFICATIONS POSITION

Willing to improve the knowledge, skillsandprofessional capabilities on anongoing basis. Understand the principles of Good Corporate Governance andriskmanagement; and from the court; duties andresponsibilities of the Internal Audit except asrequired by legislation or decision or order Maintain confidentiality of the Company’s information and/or data related to the implementation of the Adhere to Internal Audit’s Code of Ethics; Adhere to professional standards issued by the Association of Internal Audit; Able to interact andcommunicate effectively inboth verbal andwritten; regulations; Have the knowledge on laws andregulations inthe Capital Market aswell asother related laws and fields of work; Have the knowledge andexperience related to audittechniques andother disciplines relevant with their Have professional integrity andbehavior, independent, honest, andobjective inperforming their duties; DRIVING OPERATIONAL EXCELLENCE

FOR SUSTAINABLE GROWTH AND RETURNS TOTAL PERSONEL TOTAL PERSONEL 9 7 1 1 1 1 1 1 1 1 1 1 1 1 Internal Audit 133

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 134 functionally to the Board of Audit Committee . As per the Internal Audit Charter, the Internal Audit Department isreporting to the President Director and in 2019: The following are trainings and/or certification participated by the Internal Audit Department personnel Internal Audit INTERNAL AUDIT DEPARTMENT COMPOSITION IN XL AXIATA ’S STRUCTURE EDUCATION, CERTIFICATION AND/OR TRAININGS IN 2019 INTEGRATED ANNUAL REPORT Information Security Awareness Fraud RiskManagement Risk Management Training ISMS ISO 27001 Lead Auditor Awareness Center Core XWorkshop with Axiata Analytics AI For Everyone Coursera Course Internal Audit Report Writing CONFERENCE WORKSHOP/TRAININGS/ SEMINAR/ Strategic, Business & Operational Risk Management & Management Head-Risk Advisory

2019 2019 PT. XL AXIATA TBK Business Audit Technology & Internal Audit Digital Audit Head Audit &RiskManagement GROUP HEAD E-Learning, November 2019 E-Learning, September 2019 E-Learning, September 2019 XL Axiata Tower 36th Floor, August 2019 Celcom Office Tower Kuala Lumpur, June2019 E-Learning, May 2019 XL Axiata Tower 36th Floor, May 2019 LOCATION AND MONTH OF IMPLEMENTATION Audit &RiskSystem and data Analytics and Quality Assurance Whistleblowing Office Department main duties andresponsibilities: principle. The following are the Internal Audit out andimplemented with the independent Audit function andresponsibiities shall becarried Auditors standard andcode of ethics. The Internal Authority regulation, the Institute of Internal Department refer to Indonesian Financial Services The duties andresponsibilities of Internal Audit AND RESPOSIBILITIES INTERNAL AUDIT DEPARTMENT DUTIES h. g. f. e. d. c. b. a.

internal auditactivities that itdoes. Develop aprogram to evaluate the quality of secretariat. Work closely with BAC andserves asBAC and business. are relevant with the Company’s complexity knowledge andskillsof internal auditors that as certification programs to complement the through continuous education programs such Maintain the professionalism of Internal Auditors Director andBOCthrough BAC. and report its completion status to President follow-up actions implemented by the auditee, Monitor andevaluate the adequacy of of Director, BOCthrough BAC, andrelated party. Provide andsubmitauditreport to President examined at alllevels of management. and objective information aboutthe activities Provide recommendation for improvements request of President Director andBOC. including any special assignments at the Implement annual auditplan asapproved, information technology, andother activities. operations, human resources, marketing, approach inthe fields of finance, accounting, Develop anannual auditplan with arisk-based DRIVING OPERATIONAL EXCELLENCE business process. control leakage to enhance the effectiveness of review andprovide recommendation on areas with performed andor involved inthe business process During 2019, Internal Audit Department has also data analytics capability. explore continuous auditing approach andenhance In 2019, Internal Audit Department continues to audit system andequipment for its auditactivities. quality by utilizing data analytics andexpanding improves its internal structure, process andwork The Internal Audit Department continuously Point. Business Process of XLCenter &Authorized Sales Minimum Based Security Standar (MBSS), and Operational Alignment, Network Asset &Inventory, Transformation, Procurement Process, Region Strategic Partnership, Information Security, Channel Management (CVM) Application, New Business with Organizational Development, Customer Value Credit Management, Human Capital Transformation Management, Corporate Structure &Compliance, reviewed of areas related to Enterprise Operation In 2019, Internal Audit Department has audited and 31, 2019. audit programs and1special review asof December In 2019, Internal Audit Department completed 14 IN 2019 IN INTERNAL AUDIT DEPARTMENT ACTIVITIES

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FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 136 President Director. Annual Statement of Internal Control, signed by the the consideration towards finalassessment in the control system. The assessment results will be on yearly basis, to the appropriateness of internal XL Axiata periodically conducts self-assessment, Company that refers to COSO are asfollows: The implementation of Internal Control inthe Framework. Treadway Commission (“COSO”) -Internal Control Committee of the Sponsoring Organizations of the strategy that inlinewith the framework of the defense, whichare the implementation of acontrol XL Axiata adopted the concept of three lines of In the implementation of internal control system, regulations. controls, andcompliance with applicable laws and reporting, the feasibility of operational andfinancial of operation, andensuring the reability of financial stakeholders, assure effectiveness andefficiency performance objectives, to increase the value for to the achievement support of the company’s The internal control system inXLAxiata aims Internal Control SYSTEM EFFECTIVENESS ASSESSMENT OF INTERNAL CONTROL STANDARDS CONTROL SYSTEM WITH INTERNATIONAL CONFORMITY OF THE INTERNAL SYSTEM 5. 4. 3. 2. 1. INTEGRATED ANNUAL REPORT

evaluations. of operationalpart activities, including periodic key risks has been prioritized andhas become internal control. The monitoring on Company’s effectiveness of overall implementation of Audit Department continuously monitor the The BOD, Senior Management andthe Internal Monitoring Activities in carrying outtheir roles. available to allparties support inthe Company communication andinformation exchange The Company has ameans/media of Information andCommunication procedures. supervisor are regulated inrelated policies and duties andresponsibilities of each officer and in carrying outcritical activities, where the The Company applies the four-eyes principle Control Activities the key riskregister andreviewed regularly. results of the assessment are documented in impact the Company’s business activities. The The Company continues to assess the risks that Risk Assessment control across the Company. that provides the basis for carrying outinternal set of standards, procedures, andstructures Board of Directors (“BOD”) have established a The Board of Commissioners (“BOC”)andthe Control Environment

2019 2019 PT. XL AXIATA TBK 5. 4. namely: The assessment isbased on various aspects, operations to achieve the goals set by the company. regard to the implementation of the company’s internal control system on anongoing basis with an active role inimproving the effectiveness of Internal Audit Department isevaluating andplaying accepted new risk. evaluations to detect andprevent unknowingly of itsas part routine activities, including periodic activity isfocused on the Company’s key risks, achievement of Company’s targets. Monitoring in internal andexternal conditions impacting the internal control implementation includes changes on every level of the organization. Evaluation on ensure internal control system has been embedded is obliged to improve effective risk culture andshall of reliable andeffective internal control system and Management isresponsible for the implementation SYSTEM IMPLEMENTATION OF INTERNAL CONTROL COMPANY’S COMMITMENT ON THE 3. 2. 1.

Monitoring: Information andCommunication: • • • • • • • • • • • • • • • • • Control Activity: • • • • • Risk Assessment andRiskManagement: • • • • Style • • • Control Environment: Human Resources Authority andResponsibility Commitment to Competencies Organizational Structure Management’s Philosophy andLeadership Strategic Value of the BOD Integrity andEthical Values Other MattersOther Performance Measurements Reporting Deficiencies Independent Evaluation Continuous Monitoring Communication with External Parties Communication with the BOD Management andCommunication Network Systems Reliability of Information Technology and Information Control Quality andTimely Information Information Technology Fixed Asset Management Procurement Monitoring Objectives Segregation of Duties andResponsibilities Policies andProcedures Management Change Identification and Analysis of Business Risk Importance of Business Objective Business RiskManagement Risk Management Organization Structure Department. follow uprecommendations from the Internal Audit BOD andSenior Management are committed to effective. monitored to ensure the internal control system is for follow upandthe implementation will be The evaluation results are submitted to Management Name, Address &Supporting Institution and/or Profession Statements inthe Last 5 Years Public Accountant andPublicAccountant Firm WhoPerformed the Audit of Annual Financial Shareholders (AGMS) based on recommendation be resolved by the Annual General Meeting of Accountant and/or PublicAccountant Firm must Regulation No.13/POJK.03/2017, whereby the in accordance with Financial Services Authority or PublicAccountant Firm has been conducted The appointment procedure for Accountant and/ Accounting Standards. ended inaccordance with Indonesian Financial performance andcashflows for the year then DecemberTbk. asat 31 2019, andtheir financial respects, the financial position of PT XL Axiata financial statements present fairly, inall material appointed by XLto audit andassess whether the The PublicAccountant isanindependent third party Jakarta 12920- Indonesia WTC 3, Jl.Jend. Sudirman Kav 29-31, Indonesian(The member firm of the PWCGlobal Network) of firms) (a member of the Price Waterhouse Coopers network KAP Tanudiredja, Wibisana, Rintis danRekan NAME & ADDRESS FIRM PUBLIC ACCOUNTANT ACCOUNTANT NAME OF PUBLIC ASSIGNMENT PERIOD & Rekan Wibisana, Rintis Tanudiredja, S.E.,Ak.,CPA Atmadja, Andry D. 2019 & Rekan Wibisana, Rintis Tanudiredja, S.E.,CPA Eddy Rintis, 2018 DRIVING OPERATIONAL EXCELLENCE Board of Commissioners. into account the approval from the Company’s requirements for the appointment thereof, by taking Board of Directors to set the honorarium andother The AGMS also delegates fullauthority to the required by the Company. Decemberon 31 2019 andother audits asdeemed Company’s financial statements for the year ended Accountant andPublicAccountant Firm to auditthe Tanudiredja, Wibisana, Rintis danRekan asPublic has appointed Andry D. Atmadja, S.E., Ak.,CPA and The Company through AGMS dated 29April 2019 from the Board of Audit Committee of the Company. from the Board of Commissioners inview of proposal also submitted to the BOCthrough the BAC. have been taken to minimize risks. The reports were have been reported to the BODandfollow-up actions Issues related to the adequacy of internal controls comprehensive anti-fraud strategy. specifically to control fraud, the company applies a In order to strengthen the internal control system, Audit Laporan SERVICES Keuangan & Rekan Wibisana, Rintis Tanudiredja, S.E.,CPA Eddy Rintis, 2017 ACCOUNTANT 11.000.000.000 FEES (IDR) & Rekan Wibisana, Rintis Tanudiredja, S.E.,CPA Eddy Rintis, 2016

FOR SUSTAINABLE GROWTH AND RETURNS Internal Control System ASSIGNMENT YEAR & Rekan Wibisana, Tanudiredja, Wardhana,CPA Chrisna A. 2015 2019 Public 137

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 138 management andinternal control system inthe Company. to supervise the implementation of the riskmanagement process to evaluate the effectiveness of risk Meanwhile, through the Board of Audit Committee (“BAC”), the Board of Commissioners continues (“RBCC”) whichisresponsible for implementing riskmanagement andbusiness continuity inoverall. To helpcarry outits functions, the Board of Directors established aRiskandBusiness Continuity Committee XL Axiata, aswell asbeing aware of the risks faced by the Company. The Board of Commissioners andDirectors are responsible for implementing effective risk management at been completed throughout 2019, including: the effectiveness of risk management implementation in the Company. Following are the initiatives that have Therefore, XLAxiata continues to take strategic steps to strengthen riskawareness culture andto improve process must continue to evolve to sustainable support business growth. Amid the rapid development of the telecommunication industry, XLAxiata isaware that riskmanagement Risk RISK MANAGEMENT SYSTEM RISK MANAGEMENT INITIATIVES IN YEAR 2019 MANAGEMENT and goodcorporate governance. XL Axiata believes that riskmanagement isone of the important pillars inmaintaining business continuity 5. 4. 3. 2. 1. INTEGRATED ANNUAL REPORT

risk management. Risk management training for allsenior management facilitated by anexpert practitioner inthe field of information security to allemployees. The release of mandatory e-learning related to enterprise riskmanagement, fraud riskmanagement and Risk andcompliance assessment inevery strategic project implementation. exposures. Implementation of Key RiskIndicator (“KRI”) asamedia for monitoring the development of key risk management policy. Improvement on enterprise riskmanagement framework andpolicy, including business continuity • • • risk responses Apply internal controls and Follow ariskprocess management Involved inday-to-day risk 1 st Line of Defense Business Unit Manager

2019 2019 Board of Directors of Board PT. XL AXIATA TBK • • • THREE LINES OF DEFENSE Assurance Provide guidance anddirection management Monitor the effectiveness of risk Develop riskmanagement framework Control & Other Other 2 nd Line of Defense Management Risk Risk CEO • • Highest level of independence controls risk management and internal effectiveness of governance, Provide assurance on the 3 rd Commissioners Board of Audit Internal Audit Line of Defense Commitee Board of of Board process must bemonitored andreviewed to ensure the process isrunning effectively. knowing each riskthen itshouldbe followed by taking actions that are adjusted to the risk.Each of working requiring riskmanagement. The Company then identifies, analyses and evaluates the potential risks. After Management inthe Company. The riskmanagement begins with determining the context on the element XL Axiata adopts ISO 31000 Framework asthe guidelineandprinciples indeveloping andimplementing Risk responsibilities inimplementing the riskmanagement process, asfollows: In its application, the Company uses the Three Lines of Defense modelto segregate the duties and RISK MANAGEMENT FRAMEWORK 2. 1. 3.

Line 3plays arole inproviding comprehensive assurance independently andobjectively. 2 responsibilities. Line 1plays arole inidentifying, assessing andmanaging risks related to the scope of work andits 1 effectiveness of its implementation, and providing direction /input to Line 1inrisk control activities. Line 2plays arole inimplementing the company’s riskmanagement framework, monitoring the 3 st nd rd Line of Defense -All Employees andBusiness UnitManagers. Line of Defense: Internal Audit Function. Line of Defense -RiskManagement andCompliance Function. IMPROVEMENT Framework for Managing Risk 04 STEP Design of Monitoring and Review of The MONITORING Framework

COMPANY RISK MANAGEMENT FRAMEWORK Strong &Sustained Commitment By COMMITMENT MANDATE & Management 03 DRIVING OPERATIONAL EXCELLENCE 01 STEP STEP

Framework for Managing Risk PLANNING IMPLEMENTATION Design of Risk Management Implementation 02 STEP

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FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 140 provide inputand feedback on discussion with Management to of RCSA through ameeting and RMCA isfacilitating the process plan to prevent or control the risk. objective andprovide amitigation have impact on their business self-identify the riskthat may risk owners (business owners) (“RCSA”) technique where the Risk andControl Self-Assessment activities, XLAxiata has applied In conducting riskmanagement risk management system. facilitates the implementation of and methodologies, aswell as of riskmanagement framework responsible for the development Management Division. RMCA is (“RMCA”) Unitunder Audit & Risk & Compliance Assurance facilitated by RiskManagement The riskmanagement process is Company. and program throughout the risk management framework implementation of anintegrated consistent manners through the in proactive, pragmatic, and managing, and monitoring risk is focused on identifying, Risk management approach Risk Management IMPLEMENTATION RISK MANAGEMENT INTEGRATED ANNUAL REPORT Communication Consultation &

2019 2019 PT. XL AXIATA TBK on the Company. regulations that may have impact implementation of applicable to the relevant units on the this activity by conducting tests regulations. RMCA coordinates compliance with applicable Company’s operations are in attention by ensuring that all also subject to Management’s regulatory compliance risks are Aside from business risks, Business Continuity Plan (“BCP”). Recovery Plan (“DRP”), and Impact Analysis (“BIA”), Disaster losses. BCM also includes Business well asto minimize the Company’s of service for the customers, as and their families, the continuity on the safety of its employees of the Company whichfocuses the long-term business continuity coordinated by RMCA to maintain Continuity Management (“BCM”) also establishes aBusiness Indonesia. Therefore, XLAxiata to geographical conditions in beyond human capabilities due of the potential risks that are The Company isalso aware implementation. report the result of mitigation plan the status of managing riskand identified risks, as well asmonitor Establishing The Context RISK ASSESSMENT Risk Identification Risk Evaluation Risk Treatment Risk Analysis agreement of mitigation plan. in the RBCC meeting for the Director/ Chiefandreported communicated to the respective must have aresponse plan. It is that exceeds the appetite level as well asconstraints. Any risk from both internal andexternal delivering organizational goals appetite remains appropriate in considers whether the risk and planning process. This also of the Company’s strategy and formally reviewed aspart monitored by the management risk appetite andrisktolerance is on this RiskRating Matrix. The tolerance for the Company based the level of riskappetite andrisk XL Axiata has also determined functions. directed across business and resources are appropriately risk management actions and the ability to ensure that the management at alllevels has of identified risks so that the foundation inthe assessment risk rating matrix provides a of existing control, any. if The of the riskandeffectiveness evaluate the significance/ scale Risk Assessment Guideline, to Rating Matrix based on Axiata XL Axiata has developed the Risk Monitoring Review &

XL AXIATA MAIN MAIN RISKS 2019 AND MITIGATION regulations. government Changes in data leakage. confidential customer information (PII)/ personal identifiable attack, fraud and Cyber security industry. and technology telecommunication from other players in Market disruption KEY RISK • • • • • • • • • • IMPACT leakage. expense allocations and PIIdata Potential of additional capital business astargeted. Unable to grow/ expand the Adverse company reputation. customer data. customers for unableto protect Legal/litigation claim from customer privacy. Financial loss dueto stolen data/ Regulatory penalty. Loss on revenue. subscribers. difficulty to attract new Churn to competitors and our subscribers. Losing direct relationship with service being offered. Low attraction of product and DRIVING OPERATIONAL EXCELLENCE • • • • • • • • • MITIGATION competition. protect business continuity andunfair Closed collaboration with ATSI to industry andthe company. on the impact of the regulation to the Proactive discussion with Government governance framework. Establishment of proper data access. anticipation for perimeter external Proper security posture and differentiation. the potential conflict, e.g. product traditional channel andminimize Monitor andensure relevance of model with the new digital leaders. Define partnership/ engagement powerful. Establish MyXL&AXISNet that are cross mobile segments collaboration. Building one brand network through strategy to the competition. XL has aclear andconsistent respond

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FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 142 Information Access and website: www.xlaxiata.co.id. some of news releases among others are asfollows, andcomplete details can beviewed inthe company Company has published more than 70 News Release that were submitted to the Regulators. The details of XL Axiata proactively provides latest news aboutits activities inthe form of News Release. During 2019, the News Release information on the Company. is presented inIndonesian andEnglish. The Company revamps the website periodically to provide the latest GCG, corporate social responsibility, information transparency, latest news, andothers. XLAxiata Website provides informations, among others are the Company profile, financial information, products and services, XL Axiata provides information access andcorporate data via website www.xl.co.id. The Company website Website performance for the investment community includingstakeholders. The Company appoints the Investor Relations to provide adequate access of information on the Company’s Investor Relations relations andmanaging the general information access for the public. The Company appoints the Corporate Secretary mainly to manage the company secretariat functions, public Corporate Secretary government, shareholders and other stakeholders. The access are provided through the following: As apubliccompany, XLAxiata provides access of information andcorporate data to the public, CORPORATE DATA for the Company, or allcompany’s organs from any authorities. As December of 31 2019 the Company didnot rendered or accepted any administrative sanctions Administrative Integrated Annual Report. the Company, nomaterial qualification andsubstantive cases that required reporting in this Following the auditof corporate legal team of XLAxiata on current litigation encountered by SANCTIONS LITIGATION INTEGRATED ANNUAL REPORT

2019 2019 PT. XL AXIATA TBK 21 Dec201921 29 Oct 2019 25-Sep 2019 18-Sep 2019 Agt21 2019 15 Agt 2019 15 July 2019 14 July 2019 3 July 2019 1 July 2019 1 June2019 24 May 2019 8 March 2019 1 March 2019 19 Feb 2019 10 Feb 2019 DATE Fosters the Equitable Development inthe Border Areas XL Axiata Presents 4GTelecommunication Network –USO Programs inNatuna Islands, Equitable Development inEastern Indonesia Launching of USO Network inthe remote areas of NTT, XLAxiata Fosters the Commercially Cities in31 Takes the Internet of Thing Business Potential, XLAxiata Launch NB-IoT Network Asahan Fosters the Safeguard of Border Areas, XLAxiata –Bakamla Build “Maritime Village” in Enforces Network Fiberisation Firmly Preparing 5G Services, XLAxiata Again Conducts 5G Technologies Trials and Island, Nunukan Regency XL Axiata –Bakamla RI Cooperation, Pioneering “Maritime Village” at the Sebatik XL Axiata Again Presents the Prize of Rp1.3 Billion for Loyal Customers XL Axiata completed the Construction of School Buildings Lombok inNorth agreement to acquire a70% stake inXLAxiata’s data center portfolio. operator of internet infrastructure, announced that ithas reached adefinitive Princeton Digital Group (PDG), aWarburg Pincus-backed investor, developer and Provides Special Pack for HajjPilgrims, XLAxiata Invites All Operators inSaudi Arabia Homecoming 2019, XLAxiata Brings Home 1,300 Partners of Credit Sellers XL Axiata –Ministry of Religious Affairs Launch Madrasah Aliyah 4.0 Program in Anambas Islands -Riau Islands Fostering the Development of the Outermost Regions, XLAxiata Presents 4GNetwork Internet Access With Quota Donation Movement from XLAxiata, More Than 1000 Schools Have Fast Ensures Increased Data Network Capability Completion of Australia -Indonesia -Singapore Sea Cable Development, XLAxiata Lombok Granting Post-Earthquake Relief Funds, XLAxiata Builds School Buildings inNorth DESCRIPTION DRIVING OPERATIONAL EXCELLENCE Information Access andCorporate Data

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FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 144 Code of Ethic has been carried outby allof the Company’s organs. Throughout 2019 there was no violation of the Code of Ethic within the Company. This indicates that the Company’s operational activities. The Board of Directors isresponsible for ensuring that this standard isimplemented throughout the also result inpunishment, official warning, demotion or termination of employment. ethics or law, will beconsidered asintolerable behavior andwill besubjected to disciplinary action. It may All employees are required to comply with the Code. Any violation of the Code of Ethic, applicable business obliged allemployees to comply andconduct the key responsibility, whichincludes: The Code of Ethics applies without exception to allXLAxiata executives andemployees. The Code of Ethics employees. In December 2019, XLAxiata has distributed The Integrity Fulfillment Statement assigned by all Company Employee anddocumented by the Company through the Human Capital Unit. the working ethics with anti-corruption, collusion andNepotism. This Statement must besigned by each In addition, the Company routinely distributes The Integrity Fulfillment Statement whichemphasizes seen through the XLAxiata official website (www.xl.co.id). The XLAxiata Code of Ethics isbeing socialized to Employees when they first join XL Axiata and can be Company’s internal system. XL Axiata’s Code of Ethics isavailable andcan beeasily accessed by allemployees on XLWorld asthe XL Axiata Code of Ethic covers the following principles: carrying outthe Company’s business activities by upholding professional value. practices of goodcorporate governance. The Code of Ethics regulates the behavior andethic procedures in as the Company’s commitment inenhancing the integrity of each of its employees inapplying the best The Code of Ethics isanintegral of XLAxiata part Company Regulations. The Code of Ethics isrequired Code of CODE OF ETHIC VIOLATION AND SANCTIONIN 2019 SANCTIONS FOR CODE OF ETHICS VIOLATION CODE OF ETHICS APPLICATION CODE OF ETHICS DISSEMINATION CODE OF ETHIC PRINCIPLES ETHICS • • • 4. 3. 2. 1. INTEGRATED ANNUAL REPORT

policy. Developing clean business partnership with third party by following allCompany’s procedures and Developing trustworthy experience for allcustomers. Developing clean andcondusive internal working environment for allemployees. appropriate solutions. Holding the commitment to the customer by building anattitude of “Trustworthy” andprovide Commitment To Customer collusion andnepotism. Avoid conflict of interest, do not accept gratification as well as applying the principles of anti-corruption, Anti-Corruption Culture regulations. Build asound business partnership with third parties to comply with XLAxiata policies andprevailing Healthy Partnership exception. The non-discriminatory treatment to employees inasound work environment with integrity without Equal Treatment

2019 2019 PT. XL AXIATA TBK incentive will beearned maybe different from the estimated asinformed on each Grant Cycle. based on the XLAxiata’s performance value andthe eligible LTI Participants themselves hence the amount accordance to the normal vesting cycle inyear three. The given number of incentive will bedetermined whereby Grant 1Awill bevested after year two asof the initial Grant CycleandGrant 1Bwill bevested in implementation in2016, the LTI Program 2016 -2020 Grant 1, provided employees with two (2)grants The incentive will vested befurther (vesting period) inthe third year after each Grant Cycle.For the first will receive written notice on the rights to receive incentive along with estimate numbers of incentive. The 2016 –2020 LTI Program has five (5)Grant Cycle, inwhichGrant Cycle, the eligible LTI Participants Improve the long term performance of XLAxiata; The 2016-2020 LTI Program aims to: changes of Long Term Incentive Program 2016 –2020 inaform of the followings : Program based on Extraordinary General Meeting of Shareholders 30 September 2019 has approved the well asapproved by the GMSon 10 March 2016. The latest Amendment andRestatement of 2016-2020 LTI The 2016-2020 LTI Program has been approved by the Board of Commissioners on 10 December 2015 as as acontinuation from the previous 2010 -2015 Long Term Incentive Program (“2010-2015 LTI Program”). Since 2016, XLAxiata implemented the 2016-2020 Long Term Incentive Program (“2016-2020 LTI Program”) • • • • 2. 1.

that XLAxiata needs. Provide additional value for XLAxiata to attract prospective management andemployees with the skills Motivate the management andemployees to improve their performance; and XL Axiata; Improve the loyalty of the management andemployees so that they have sense of belonging towards their performance; Maintain excellent management andemployees andaward XLAxiata management andemployees for • 2016-2020 LTI Program Grant 4and 5: • • 2016-2020 LTI Program Grant Cycle1A,1B, 2and3: will bemeasured based on Return on Invested Capital (“ROIC”). Only Directors will beawarded in the form of cash consideration andthe Company’s performance equivalence). Cash, whichwill begranted to employees of XLAxiata on staff, level to Manager level (andits equivalence) to the Board of Directors level. which were granted to employees andmanagement of XLAxiata on General Manager level (andits XL Axiata shares without option right through the issuance of shares without Pre-Emptive Rights STOCK OPTION PROGRAMS DRIVING OPERATIONAL EXCELLENCE Employee and/or Management

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FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 146 have been completed, whiletwo other reports are still inthe process of examination. further non-infringement classification. The handling of the six violations have been done carefully, four of which Out these eight reports received, sixreport were classified as violations and the other two reports were the Whistle Blowing Office /Whistle Blowing Committee. During 2019, there were eight complaints received through whistleblowing channel or directly reported to Regulations andprevailing laws. violation of laws or code of ethics, action will betaken against the violation according to XLAxiata investigator either from Axiata, PT XLAxiata Tbkor externally appointed. Ifthe investigation determined the report anddetermine action. further Ifyour report warrants aninvestigation, itwill beconducted by an password. Expolink will then route the concern to the Axiata Group’s Investigation Team, whowill review Once aconcern isreceived via web, phone or mobile app, the reporter will receive acase number and report through SPEAKUPchannel. The reporting can bedone by : Any XLemployee whofindamisconduct or violation of laws, or Code of Ethic, ,suchemployee can make Threat, intimidation or other threatening behaviour by the reported party. Confidentiality of report content; Identity of Reporter; threat resulting from the reports inwhichcovering the following protection: Company shall protect andmaintain the secrecy of whistleblower, andensure their safety from any possible Board of Directors, Permanent Employees, Temporary Employees andThird Party Outsourcing Staffs SPEAK UPapplies to allemployees without exceptions andnolimited to the Board of Commissioners, the law or violates XLAxiata Code of Ethic. SPEAK UPisestablished asreporting system someone if discovers any suspected act or matter that breach Whistleblowing WHISTLEBLOWING CASE AND FOLLOW UP IN 2019 PARTY THAT HANDLE WHISTLEBLOWING PROTECTION FOR WHISTLEBLOWERS SUBMISSION OF VIOLATION REPORT SYSTEM 3. 2. 1. INTEGRATED ANNUAL REPORT

• • • Mobile App: whistleblowing-hotline/PDF/International-Freephone-listing.pdf Phone 007 8030 114626 (toll free) or you can refer to the fulllist: http://www.expolink.co.uk/ Web: https://wrs.expolink.co.uk/axiata Follow the instructions to raise concerns. Enter AXIATA for company access code. Download &install Expolink’s SpeakingUp appfrom Apple’s App Store or Google’s Play Store

2019 2019 PT. XL AXIATA TBK SEOJK.04/2015 on Guidelines for PublicCompany Governance. on the Implementation of PublicCompany Governance Guidelines andOJKCircular Letter No. 32/ Implementation of Corporate Governance Refering to Provisions of OJKRegulation No. 21/POJK.04/2015 Shareholders. Relationship Between PublicCompany And Shareholders In Ensuring The Rights Of Principle 1 (GMS) Shareholders Meeting of Value of General Enhancing the PRINCIPLE least for year. one (1) Company’s website at available inthe Public Minutes of GMSis The Summary of the Annual GMS Public Company attend Commissioners of and the Board of Board of Directors All members of the interest of Shareholders independency and voting that prioritize open andclosed procedure for both has away or technical The PublicCompany RECOMMENDATION information. sufficient time for shareholders to obtain such summary on the Website are intended to provide the minimum period of availability of GMSMinutes GMS implementation. Therefore, the provision on present, to easily obtain important information in an opportunity for shareholders whoare not Minutes inthe Public Company Website provides Website. The availability of summary of GMS GMS, one of whichisthrough the PublicCompany the publicwithin two (2)working days after the language (minimum inEnglish ),andannounced to summary of GMSMinutes inIndonesian andforeign Company, The PublicCompany must make of the General Meeting of Shareholders of Public POJK.04/2014 on the Plan andImplementation Financial Services Authority Regulation No.32/ Based on Article 34 paragraph (2)of the shareholders related the GMSagenda. directly answer the issues or questions raised by Commissioners can pay attention to explain, and of the Board of Directors andthe Board of the publiccompany aimso that each member Directors andthe Board of Commissioners of The presence of allmembers of the Board of electronic voting. request from Shareholders through voting card or any decision that required confidentiality or by AS for close voting mechanism isconducted in with option asoffered by the GMSchairman. implemented by raising hand inaccordance an example, anopen voting mechanism is shareholders’ independency or freedom. As agenda. The voting procedure must maintain voting procedure indecision making of GMS The PublicCompany isrecommended to have regulated. voting mechanism has not been specifically mechanism. However, both open andclosed process, inparticular to decision with voting their voting rights during the decision-making (one share one vote). The Shareholders may use Every issued share with voting right has one vote RECOMMENDATION ELABORATION ON OJK DRIVING OPERATIONAL EXCELLENCE IN XL AXIATA

FOR SUSTAINABLE GROWTH AND RETURNS Gcg Application xlaxiata.co.id). website (www. at the Company’s back) isavailable years2008 (10 Summary since XL Axiata GMS All information on 2019. dated 29April Company’s AGMS present inthe XL Axiata were Commissioners of and the Board of Board of Directors All members of the Shareholders. General Meeting of holder inthe one vote for the each share has of Association, of the Articles (4)Article 11 Based on the COMPLY 147

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 148 Function And Roles OfThe Board OfCommissioners Gcg Application In XlAxiata INTEGRATED ANNUAL REPORT Commissioners the Board of composition of membership Strenghten the Investor. Shareholder or Company with between Public Communication the Quality of Enhancing Principle 2 Principle 3 PRINCIPLE PRINCIPLE Company condition of the Public into account on the Commissioners took of the Board of the total members Determination of investors inWebsite with shareholders or of PublicCompany Communication Policy discloses the The PublicCompany and Investor. with the Shareholder communication policy Public Company has RECOMMENDATION RECOMMENDATION

2019 2019 PT. XL AXIATA TBK Commissioners. implementation function of the Board of to disturb the effectiveness on the Board of Commissioners has the potential However, too many members of the needs among the PublicCompanies. target andfulfilment of different business and size, aswell asachievement of among other, the characteristic, capacity of the PublicCompany whichincludes also necessary to consider the condition Issuer or PublicCompany. In addition, itis Board of Directors andCommissioners of Regulation No.33/POJK.04/2014 on The of the Financial Services Authority two (2)peoplebased on the provisions prevailing law inwhichat least consists of must refer to the provisions of the Commissioners of aPublicCompany of total members of the Board of Commissioners duties. Determination effectiveness of the Board of Commissioners may affect the The members of the Board of the PublicCompany communication program. shareholders or investors inthe implementation of also aims to increase the participation androle of of communication. The disclosure of information shareholders or investors for the implementation Public Company inproviding equality to all of transparency on the commitment of the Disclosure of communication policy isaform communication. shareholders or investors to participate inthe implementation, aswell asguidelinethat support strategies, programs, andtiming of communication shareholders or investors. This policy can include Company incarrying outcommunication with investors shows the commitment of the Public communication policy with shareholders or to the management of PublicCompany. The investors can also submitinputandopinion governance. In addition, the shareholders or as well asimplementation of publiccompany business condition or prospect andperformance, such asperiodic reports, information disclosure, information that has been published to the public, the shareholders or investors obtain clarity of shareholders or investors isintended so that Communication between PublicCompany and RECOMMENDATION ELABORATION ON OJK RECOMMENDATION ELABORATION ON OJK the Company. Remuneration Committee of by the Nominating and and properly examined must first be thoroughly the Board of Commissioners needs. Each candidate for adjusted to the Company’s the Company have been Board of Commissioners of The total members of the COMPLY xlaxiata.co.id). website (www. in the Company’s Policy isavailable Communication KThe Integrated Information. Company’s Material employees on including the stakeholders with shareholders, of communication on the provisions which regulates October 10, 2018 was enacted on Policy which Communication the Integrated The Company has COMPLY Commissioner of The Board of Responsibilities on Duties and Implementation the Quality of Enhancing Principle 4 PRINCIPLE required experience. knowledge and diversity of expertise, considered on of Commissioners members of the Board the composition of Determination on Company Report of Public disclosed inthe Annual Commissioners is of the Board of the performance Policy to evaluate The Self Assessment Commissioners of the Board of the performance Policy to evaluate Self Assessment Commissioners has The Board of RECOMMENDATION broader aspects. as carried outby considering various making related with supervisory function thing, especially related to decision need of the PublicCompany isapositive The composition that has considered the Commissioners of the PublicCompany. and advisory duty by the Board of in the implementation of supervisory knowledge andexperience required in the determination of expertise, These characteristics can bereflected need of respective PublicCompany. individual perspective according to the characteristics from both organ and Commissioners isacombination of The composition of the Board of Commissioners. balance mechanism towards the Board of or investors acknowledge the checkand availability of disclosure, the Shareholders the Board of Commissioners. Upon the done inimproving the performance of or investors on efforts that need to be provide assurance to the Shareholders of accountability of its duties butalso to comply with transparency aspect asform Commissioners isconducted not only to Policy on performance of the Board of The disclosure of Self Assessment Public Company. and Nomination Committee of Issuer or by OJKRegulation on the Remuneration function of PublicCompany asrequired from the Remuneration andNomination accordance with the recommendations or assessment criteria being used in of implementation, andbenchmark purpose and objective, periodic period activity ascarried outalong with the This policy can the include assessment of Commissioners on anongoing basis. improving the performance of the Board Commissioners can contribute in that each member of the Board of this Self Assessment, itisexpected of the Board of Commissioners. With individual performance of each member of Commissioners, andnot to assess the the collegial performance of the Board carried outby each member to assess of Commissioners. Self-assessment is evaluating the performance of the Board a form of collegial accountability for Assessment policy isaguidelineas The Board of Commissioners’ Self RECOMMENDATION ELABORATION ON OJK DRIVING OPERATIONAL EXCELLENCE

Gcg Application In XlAxiata FOR SUSTAINABLE GROWTH AND RETURNS (www.xlaxiata.co.id). in the Company’s website Commissioners isavailable of XLAxiata Board of as skillof each member the background aswell Information pertaining with Company’s business scope. accordance with the of Commissioners in duties of the Board maximize the supervisory has diverse expertise to Board of Commissioners Each member of XLAxiata the BOCto bereappointed. of basic considerations of improvement aswell asone for the Company’s GCG used asrecommendation assessment result will be Company’s GCG.The as well asevaluating the duties andresponsibilities understanding the roles, The assessment includes member of the BOD. Assessments with each the BOCandCross Board with fellow members of peer-to-peer assessment Board Effectiveness, third party which includes BOD by anindependent assessment on the BOCand In 2019 XLAxiata conducted Governance. in Chapter Corporate in this Annual Report Assessment isavailable Discloure on Self COMPLY 149

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 150 Gcg Application In XlAxiata INTEGRATED ANNUAL REPORT PRINCIPLE of Directors. of member of the Board nomination process of succession policy inthe formulate the Nomination function Remuneration and that perform the or Committee Commissioners The Board of crime. involved infinancial of Commissioner when member of the Board policy on resignation of Commissioners has The Board of RECOMMENDATION

2019 2019 PT. XL AXIATA TBK goals. continuity andthe company’s long-term company inorder to maintain business or regeneration of leadership inthe continuity of the regeneration process on succession aims to maintain the of the Board of Directors. The policy is the succession policy of members the nomination process asintended Directors. Onepolicy that can support prospective members of the Board of needed inthe nomination process of the duty to formulate policies andcriteria carries outthe nomination function has Public Company, the committee that Remuneration Committee of Issuer or POJK.04/2014 on the Nomination and Services Authority Regulation No34/ Based on the provision of the Financial Laundering Crimes. Prevention andEradication of Money referred to Law Number 8of 2010 on Money Laundering Criminal Action as in financial service activities as well as and various forms of embezzlement The financial crimes are manipulation member of the Board of Commissioners. status from the authorities of respective crimes shall means the convicted Furthermore, being involved infinancial applies to the Board of Commissioners. in the Code or the Code of Ethics that Company. This policy can beincluded builds anethical culture within the Public addition, interms of morality, this policy the course of business activities. In that the legal process does not interfere needed to helpthe legal process andso integrity will bemaintained. This policy is Public Company, so that corporate increase the stakeholders’ trust inthe in financial crime isapolicy that can Board of Commissioners being involved The resignation policy of member of the RECOMMENDATION ELABORATION ON OJK the Board Manual. financial crimes isincluded in members involved if in of Board of Commissioners Policy on the resignation the Board of Directors. the nomination process of is used andasreference to the Succession Policy which The Company has inplace COMPLY Function And Roles OfThe Board OfDirectors Directors the Board of composition of membership Strenghten the Principle 5 PRINCIPLE Company condition of the Public into account on the of Directors took members of the Board Determination of total required experience knowledge and diversity of expertise, has considered on Board of Directors of members of the the composition Determination on RECOMMENDATION Board of Directors. effectivess of the decision-making by the and size of the publiccompany and including the characteristic, capacity the conditions of the publiccompany public company andbeing adjusted to achieve the objectives andpurpose of Directors must bebased on the need to of total members of the Board of people. In addition, the determination Company, shall at least consists of 2(two) and Board of Commissioners of Public POJK.04/2014 on The Baord of Directors Services Authority Regulation No.33/ regulation, whereby based on Financial to the provisions of the applicable through careful consideration andrefer of the Board of Directors must bedone the determination of the total members to the Company’s performance. Thus, Board of Directors has significant impact determination of total members of the in managing the Company, the As the Company’s organ that authorized Directors. member of the Board of Directors or nomination andappointment of individual an impact on the accuracy of the collegial combination of characteristics will have Company. Thus, consideration of the in achieving the purpose of the Public and functions of the Board of Directors in accordance with segregation of tasks of expertise, knowledge andexperience The combination isdetermined inview the needs of respective PublicCompany. and individual perspective according to required characteristic from both organ the Board of Directors isacombination of the composition diversity of members of Similar with the Board of Commissioners, RECOMMENDATION ELABORATION ON OJK DRIVING OPERATIONAL EXCELLENCE

Gcg Application In XlAxiata FOR SUSTAINABLE GROWTH AND RETURNS website (www.xlaxiata.co.id). available inthe Company’s Axiata Board of Directors is skill of each member of XL the background aswell as Information pertaining with scope. the Company’s business Directors inaccordance with duties of the Board of maximize the management has diverse expertise to Axiata Board of Directors Each member of XL the Company. Remuneration Committee of by the Nominating and and properly examined must first be thoroughly Board of Commissioners Each candidate for the needs. adjusted to the Company’s the Company have been Board of Commissioners of The total members of the COMPLY 151

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 152 Gcg Application In XlAxiata INTEGRATED ANNUAL REPORT Directors of The Board of Responsibilities on Duties and Implementation the Quality of Enhancing Principle 6 PRINCIPLE accounting field and /or knowledge in finance has expertise of accounting or of Directors incharge Member of the Board Company Annual Report of Public is disclosed inthe Board of Directors performance of the Policy to evaluate the The Self Assessment Directors of Board performance of the Policy to evaluate the has Self Assessment The Board of Directors RECOMMENDATION

2019 2019 PT. XL AXIATA TBK charge of accounting or finance. member of the Board of Directors in signed by the President Director and responsible for the Financial Report, Report, the Board of Directors isjointly Board of Directors for the Financial that regulates the responsibility of the regulations inthe Capital Market sector Statement. Based on the laws and disclosure of PublicCompany Financial which regulates the presentation and regulation inthe Capital Market sector well asrelated OJKregulations, including Accounting Standards inIndonesia as presented inaccordance with Financial Company, whichmust becompiled and management owned by the Public accountability report for resources The Financial Report isamanagement Directors. balance mechanism towards the Board of or investors acknowledge the checkand availability of disclosure, the Shareholders the Board of Commissioners. Upon the done inimproving the performance of or investors on efforts that need to be provide assurance to the Shareholders accountability of its duties but also to with transparency aspect asform of Directors isconducted not only to comply Policy on performance of the Board of The disclosure of Self Assessment Public Company. and Nomination Committee of Issuer or by OJKRegulation on the Remuneration function of PublicCompany asrequired from the Remuneration andNomination accordance with the recommendations or assessment criteria being used in of implementation, andbenchmark purpose andobjective, periodic period activity ascarried outalong with the This policy can the include assessment of Directors on anongoing basis. improve the performance of the Board Board of Directors can contribute to It isexpected that each member of the each member of the Board of Directors. assess the individual performance of of the Board of Directrors, andnot to to assess the collegial performance each member of the Board of Directors The self assessment isconducted by performance of the Board of Directors. accountability to evaluate collegial policy isaguidelineasform of the Board of Directors’ Self Assessment Similar with the Board of Commissioners, RECOMMENDATION ELABORATION ON OJK (MICPA). Certified Public Accountants the Malaysian Institute of Accountants (MIA) and Malaysian Institute of Professional from the Exeter, United Kingdom. degree from University of Economic andStatistics background: the following educational bin Ahmad Tajudin whohas held by Mr. Mohamed Adlan accounting or finance is XL Axiata incharge for Currently the Director of Governance. in Chapter Corporate in this Annual Report Assessment isavailable Discloure on Self the BOCto bereappointed. of basic considerations of improvement aswell asone for the Company’s GCG used asrecommendation assessment result will be Company’s GCG.The as well asevaluating the duties andresponsibilities understanding the roles, The assessment includes member of the BOD. Assessments with each the BOCandCross Board with fellow members of peer-to-peer assessment Board Effectiveness, third party which includes BOD by anindependent assessment on the BOCand In 2019 XLAxiata conducted COMPLY Stakeholders Participation Participation Stakeholders Through Aspect Governance Enhancing Principle 7 PRINCIPLE PRINCIPLE capability improvement supplier selection and has policy on vendor or The PublicCompany fraud policy anti corruption and Public Company has Insider Trading has Policy to prevent The PublicCompany RECOMMENDATION crime involved infinancial of Commissioner when member of the Board on resignation of Directors has policy The Board of RECOMMENDATION the right relating to supplier or vendor. to improve supplier or vendor capability, andfulfill vendor, transparent procurement mechanism, effort this policy includes criteria inselecting supplier or as required by the PublicCompany. The scope of supply continuity interms of quantity andquality the implementation of this policy can guarantee the affect the quality of the company’s output. Thus, the goods or services needed by the company will The capability of supplier or vendor to supply/fulfill ensuring the efficient andeffective supply chain. the capability of supplier or vendor isuseful for and goodquality. Whilethe policy of increasing requiresd goods or services at competitive prices to ensure that the PublicCompany can obtain the The Policy on vendor or supplier selection are useful receiving from other parties. Company from allcorrupt practices, either giving or policy must describe the prevention of the Public or gratuities inapubliccompany. The scope of the corruption practices, kickbacks, fraud, bribery and/ programs andprocedures carried outinovercoming alone policy. The policy can include, among others, can of the bepart code of ethics, or asastand- with the principles of goodgovernance. The policy carried outwith prudent manner andinaccordance business activities of the PublicCompany are legally The anti corruption policy isto ensure that the proportional andefficient manner. and responsibilities on information management in and publicdata aswell asdistributing the duties example by firmly separating between confidential of insider trading through prevention policies, for Law. Publiccompany can minimize the occurrence information asstipulated under the Capital Market conducting aSecurities transaction by using inside A person with insideinformation isprohibited from ELABORATION ON OJK RECOMMENDATION applies to the Board of Directors. the Guidelineor the Code of Ethics that Company. This policy can beincuded in build anethical culture within the Public in terms of morality, this policy will course of business activities. In addition, legal process does not interfere with the help the legal process andso that the be maintained. This policy isneeded to Company, so that corporate integrity will the stakeholders’ trust inthe Public crimes isapolicy that can increase of Directors involved infinancial The resignation policy of the Board RECOMMENDATION ELABORATION ON OJK DRIVING OPERATIONAL EXCELLENCE

Gcg Application In XlAxiata FOR SUSTAINABLE GROWTH AND RETURNS Manual. is included inthe Board involvedif infinancial crimes Board of Directors members Policy on the resignation of COMPLY Company’s suppliers. the legality of the in order to ensure vendor management as application of or vendors aswell selection of suppliers that regulates the Procurement Policy The Company has a Ethics Company’s Code of Included under the Blackout Policy. under XLAxiata accommodated Insider Trading is Policy to avoid COMPLY 153

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 154 Gcg Application In XlAxiata INTEGRATED ANNUAL REPORT PRINCIPLE employees. Board of Directors and incentive policy for the has along-term The PublicCompany Whistleblowing System The Company has the of creditor rights. has policy on fulfillment The PublicCompany RECOMMENDATION

2019 2019 PT. XL AXIATA TBK company remuneration policy. policy can also beincluded inthe existing public Public Company inproviding the incentives. This as well asrisks that must beconsidered by the procedures inproviding the incentive, andcondition in providing the long-term incentive, terms and include, amongst other, the purpose of objective objectives of the PublicCompany. The policy can and forms being adjusted to the long-term of Directors andEmployees with terms, procedures implementation of long-term incentive to the Board by the PublicCompany to encourage the long-term incentive policy isanactual commitment performance inthe long run.The availability of a will have animpact on improving the company’s improve their performance or productivity which to the The Board of Directors andemployees to benefit to maintain loyalty and provide motivation of the company. Long-term incentive shall have the growth of shares value or other long-term target performance of the company isreflected in the incentive plan has the rationale that the long-term long-term performance achievement. The long-term Long-term incentive isagiven incentive based follow-up of complaints handling. that managing the complaints, andthe results and handling procedure for received complaints, parties guarantee of the confidentiality of the reporter, system, complaint procedure, protection and that can bereported through the Whistleblowing policy includes, among others, type of violations corporate governance. The Whistleblowing system have animpact on establishing aculture of good Company. The implementation of the policy will by employees or management of the Public reporter for anindication of violation committed will provide certainty of protection to witness or A well-developed Whistleblowing system policy the obligation of the PublicCompany to creditor. making agreement, aswell asfollow-up infulfilling Company. The policy includes consideration in of right andmaintain creditor trust inthe Public purpose of the policy isto maintain the fulfillment as aguidelineinproviding loan to creditor. The The policy on on fulfillment of creditor rights isused ELABORATION ON OJK RECOMMENDATION Incentive Program. 2020 Long Term form of the 2016- employees inthe members and Board of Directors term incentives to policy on long- XL Axiata has a Governance. Chapter Corporate in this Annual Report System asdisclosed a Whistleblowing The Company has a Debtor and the Company as Bank asCreditors made between the Credit Agreement is included inthe of creditor rights to the fulfillment policy inregard and borrowing. The engaged inlending The Company isnot COMPLY Disclosure Principle 8 Implementation the Disclosure Enhancing PRINCIPLE controlling shareholder through main and the PublicCompany ownership shares of owner disclosures in than finalbeneficial (five percent), other ownership at least 5% Public Company share benefit owner in disclose the ultimate of PublicCompany The Annual Report disclosure. formedia information than the Website asa information wider utilizes technology The PublicCompany RECOMMENDATION and controlling shareholders. the finalbenefit of share ownership by the main percent), inaddition to disclosing the owner of shares of the PublicCompany at least 5% (five to disclose the ultimate benefit owner of the In this Governance Guideline, itisrecommended of the last benefit in the ownership of the shares. shareholders of PublicCompany upto the owner about directly or indirectly main andcontolling as well asthe obligation to disclose information percent) or more shares of the PublicCompany, information regarding shareholders wth 5% (five Company has regulated the obligation to disclose the submission of annual reports of Public The Capital Market Regulation that regulates company. taking into account the benefit and costs of the use of information technology iscarried outwhile of information dissemination. Nevertheless, the company is expected to improve the effectiveness of information technology than the Website, the shareholders or investors. Upon the use of wider Company, upon consideration isuseful to but also other information related to the Public disclosure that has been regulated inlegislation, disclosure of information isnot only information as amedium for information disclosure. The The use of information technology can beuseful RECOMMENDATION ELABORATION ON OJK DRIVING OPERATIONAL EXCELLENCE

Gcg Application In XlAxiata FOR SUSTAINABLE GROWTH AND RETURNS Data. Chapter Corporate this Annual Report As disclosed in LINE (@myXL). xlaxiata_tbk) and tbk), Instagram (@ Twitter (@xlaxiata_ Youtube (xploration) (myXL) including Facebook deliver information, has channels to the Company also official website, In addition to the COMPLY 155

2019 2019 PT. XL AXIATA TBK following matrix. on stakeholders, business continuity, and sustainability issues. This topic selection isillustrated inthe that involves stakeholders of XLAxiata. We prioritize topics that are relevant and have significant impact Topics presented in this report are the results of the materiality testing that has been carried outby FGD Report Content Determination Process Flowchart programs. Prosperity, People, and the environment through through connectivity, we will this nation isreflected inour a pivotal role inthis journey, XL Axiata’s commitment for XL Axiata into asustainable goal, “To Develop Indonesia believe that digitization has Democratization.” However, support the global citizens’support and we are committed that also to develop the society benchmark to measure our develop the economy, but constantly developed. We company has begun to be success. Ourplan to build efforts to realize 17 SDGs aspects that we use asa implemented andwill be Process, Planet are four various digital-related our role isnot only to through Technology Telecommunication Sustainability Context targets by 2030. Stage 1 IDENTIFICATION REVIEW Stage 4 STAKEHOLDER INCLUSIVENESS ‘‘ Determination OfContents And Boundary sustainability context andcompleteness. of the GRI, namely stakeholder inclusiveness; materiality; by taking into account the conformity with the basic principles The process of determining the Report contents iscarried out mandatory steps required by the GRI Standards, asfollow: In developing the content of the report, we apply the four any subsidiary. sustainability performance asasingle entity, aswe donot have This report contains data of XLAxiata’s performance on Democratization Technology Indonesia Through To Develop MATERIALITY MATTERS 4. 3. 2. 1.

Materiality step). improve the quality of the following year’s report (Review Conducting areview of reports after publication to Validating the material aspects (Validation step). (Priority step); Prioritizing the aspects identified in the previous step steps); Identifying material aspects andboundaries (identification DRIVING OPERATIONAL EXCELLENCE ‘‘ SUSTAINABILITY Stage 2 PRIORITIZING VALIDATION Completeness

FOR SUSTAINABLE GROWTH AND RETURNS Stage 3 Report 157

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 158 Materiality Chart These material aspects are briefly stated in the following table Sustainability Report INTEGRATED ANNUAL REPORT field Compliance ineconomic Marketing andLabelling Local Communities Equality andDiversity Work Environment Labor SOCIAL Emission Energy ENVIRONMENT Market Presence Economic Performance MATERIAL TOPIC Governance ECONOMY

Important to Stakeholders

Low Medium High Important to Company impacts to community Indirect economic and safety Occupational health Biodiversity Low

2019 2019 Waste PT. XL AXIATA TBK Laws andregulation Customers Stakeholders Employees Employees Employees Sustainability Sustainability Stakeholders Stakeholders IMPACT SELECTION AND REASON FOR Laws andregulation Employee’s welfare Renewable energy Economic Performance Medium Carbon emissions practices Local procurement Customer satisfaction assistance Community 418-1 417-3 417-2, 413-1 406-1 405-1, 405-2 403-1, 404-1, 404-2, 404-3, 401-1, 401-2, 305-1, 305-2, 305-4, 305-5, 302-1, 302-3, 302-4. 204-1 201-1, 201-3, 203-1, 203-2 DISCLOSURE NUMBER 205-2, 205-3 MATERIALITY LEVEL Basic human rights Anti-Corruption economy the people’s Empowering High Usage Energy INSIDE XL v v v v v v v v v v v BOUNDARY OUTSIDE XL v v v v v community. the company. “Sharing” isameans for employees to contribute their expertise andother resources to the but also because every employee can contribute to develop the country both personally andthrough Working at XLAxiata becomes meaningful, not only because itprovides career development potential, tell allthe fishermen! Let’s use this‘‘ appand BUILDING THE NATION TOGETHER (BERBAGI) - Minister of Maritime Affairs and Fisheries 25,000 schools 30 students 1,200 employee according to the interests andknowledge of each to engage invarious sustainable social activities Axiata opens upgreat opportunities for employees is anemployee volunteering program where XL EMPLOYEE VOLUNTEERING PROGRAM, NTT, Maumere Nunukan, Desa Silo Baru-Kabupaten Asahan, Ende- Bekasi, Pengambengan, Natuna, Pulau Sebatik- Kab. Pangandaran, Denpasar, Tanjung Kait, Cilincing, Kecamatan Greges –Gresik, Indramayu, Banyuwangi, Waru –Situbondo, Desa Karangantu – Serang, Prigi –Trenggalek, Pekutatan –Bali, Desa Sumber Kenjeran -Surabaya -Sendangbiru –Malang, Desa Perancak –Bali, Pandeglang, Lombok Tengah, DISSEMINATION EVENTS IN 2019: 8,433 ‘‘ downloaders active users manhour 340 employees 85 effectiveness. the community andregularly evaluated to assess their impact and directly or indirectly. All of ourCSR programs are prepared by involving can beappropriate to the community andimprove their welfare, survey to understand their needs, so that the programs implemented to compete inthe 4.0 industry. In each CSR program, we conduct a to tech helpuplift literacy among peopleaswell astheir readiness focused on the community. We provided innovative digital solutions In the reporting period, XLAxiata heldvarious CSR programs that LAUT NUSANTARA DRIVING OPERATIONAL EXCELLENCE • • • • • • • • • • • • • emergency aidto local residents. alive at the disaster site, XLAxiata also distributed DISASTER AID achieve optimum results. accurate information aboutfishpopulations to in particular fishermen, allowing them to get KKP-BROL, Bakamla In partnership with SPECIALLY DESIGNED FOR MARINER, LAUT NUSANTARA IS AN APPLICATION Drought disaster inCibingbin, Kuningan-West Java Post-tsunami Palu aid Construction of School Building Lombok inNorth Lombok earthquake Kampar Flood,Riau Flood inSungai Pinang District, Samarinda City Imogiri FloodandLandslide, Bantul Purworejo Flood Bengkulu Flood Koleh Dayeh &Bojongsoang Flood Pekalongan Flood South Sulawesi Flood 2,400 peopleinthe disaster-affected areas DEVELOPMENT , inaddition to keeping the network

FOR SUSTAINABLE GROWTH AND RETURNS Social Community 159

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 160 cognitive skills. and creative thinking, collaboration andcoordination, communication, emotional intelligence andflexible skills formulation to success support inindustry 4.0 revolution era, i.e.: creativity, problem solving, critical XYLC isintended to buildsoft skillsof young leaders inlinewith the World Economic Forum’s top 10 Social Community Development XL AXIATA YOUTH LEADERSHIP CAMP (XYLC) achieving goals. Students are trained to have the agility inmanaging change anduncertainty whilemaintaining their focus on Through XLFuture Leaders (XLFL), we develop students’ skillsto deal with today’s fast-changing world. XL FUTURE LEADERS (XLFL) INTEGRATED ANNUAL REPORT More than Batch 8 registered in students 17,000 level vocational school and the high leaders at for young Indonesia’s future as the foundation to build leadership character andspirit of the young generation with to encourage the emergence by 2019 8 batches it produced 2012, students throughout Indonesia to train anddevelop the nation’s future leaders, dedicated to is atwo-year leadership training anddevelopment program PROGRAM OBJECTIVES: LAUNCHED IN XL FUTURE LEADERS (XLFL),

2019 2019 in 20provinces. 45 universities located Batch 8,came from were accepted into 150 PT. XL AXIATA TBK students workshops face-to-face 10 EACH CLASS HAS 600 students Jakarta, Semarang, Makassar, Medan, Yogyakarta and Surabaya 6 (SIX) CITIES IN INDONESIA, NAMELY: 350 schools TRAINING IN 2019: various cities both publicandprivate, in came from 35 universities, graduated from Batch 6, 150 students Partner with SECONDARY EDUCATION GENERAL OF PRIMARY AND THE DIRECTORATE Makassar Medan, Surabaya, Yogyakarta, Bandung, Jakarta, IN 6 CITIES FACE-TO-FACE WORKSHOPS XLFL batch 6. produced by the initiatives were IoT project 25 program. from this graduated students 900 from mustering communities contribution inthe form of data packages. of limited funds to access it. To that end, XLAxiata established the first internet quota donation program by and acquiring information online. However, not allschools andstudents can have this opportunity because The development of the education world isinextricably linked to the opportunity to have global perspective QUOTA DONATION MOVEMENT (GDK) • • • topics needed by young peoplesuchas: This year’s meet-up presented avariety of Sriwijaya University. Mataram State University, Palembang- Kupang-Citra Bangsa University, Mataram- Samarinda-Mulawarman University, University, Padang-Andalas University, were held at: Gorontalo-Gorontalo State by more than 880 participants, which hosted 7meet-ups in6cities attended participants invarious cities. In 2019, we organized “meet-ups” with eLearn From time to time, XLAxiata has online through eLearn.id. learning andself-development activities prefer to utilizing digital tools, we expand Inspired by millennials learning style which ELEARN Career Planning Bono’s Six Thinking Hats) Creative Thinking (SCAMPER &The Education 4.0 (for lectures) for each school for 1year period which are then channeled for quality improvement of schools across Indonesia. to voluntarily donate their quotas, participation andthe publicingeneral GDK isamovement to raise customer SCHOOL, MA SCHOOL, VOCATIONAL DEDICATED TO HIGH INTERNET ACCESS UNIT ROUTER AND FREE XL AXIATA DONATES 1 TB quota 466.32 student beneficiaries 494,100 RESULTS 2019: IN 2014 This platform can bedownloaded for free through eLearn.id self-development curriculum for contains anXLFL platform that Is adigital 26 online courses A TOTAL OF TOTAL A LAUNCHED IN DRIVING OPERATIONAL EXCELLENCE Social Community Development 38,000 MORE THAN router 1,943 schools 1,943

FOR SUSTAINABLE GROWTH AND RETURNS active users 161

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 162 collaborations with various partners from the government, NGOs, communities, andother private parties. stability inthe future. Digitization provides the means to achieve this goal. All Sisternet activities are As we allknow, women are one of the main economic drivers that contribute to economic growth and SISTERNET telecommunications operator that launched aUSO network in2019. data networks inremote areas through USO (Universal Service Obligation) scheme. XLAxiata isthe first reached by telecommunications and data services, XLAxiata continues to develop telecommunications and To create even distribution andprovision of telecommunications services inareas that have not yet been Social Community Development USO INTEGRATED ANNUAL REPORT Education modules inthe form of audio andvideo topics from experts for which contain various living standards. and improve their to develop further Indonesian women aim to inspire programs that empowerment Women’s SISTERNET: SMART MODULE regencies 51 USO BTS 289 BTS IN 2019: BTSIN CONSTRUCTION OF USO • • • • Indonesian women. Others Entrepreneurship Digital Literacy Mother andchild (UNIVERSAL SERVICE OBLIGATION) 4 categories: 49 modules Maluku, and Papua Sulawesi, NTT, Indonesia, including central andeastern Mostly builtin BTS 4G

2019 2019 PT. XL AXIATA TBK Indonesian women, creating access to communication website articles 864 members online 23,000 of Communications and opportunities with easy Located inthe Ministry SMART CORNER ONLINE: Informatics Building Learning space for technology. • • • Ende Regency, NTTwith a series of activities: LAUNCHING USO BTS IN DESA AEWORA, textbooks, andlearning equipment. Aewora. The donation isinthe form of LCD Projector unit, Distribution of Quota Donation Movement for (GDK) SMPNegeri wives andhomemakers inAewora andsurrounding areas. The training was attended by 40people, including fishermen’s with the theme “Becoming Children’s Friends inthe Digital Era”. Education on the use of digital services through Sisternet program fishermen, which was attended by more than 40fishermen. Dissemination of the use of Laut Nusantara application for local social media content media social 1,095 inspired, andconnect with each other through digital DIGITAL LITERACY Encouraging women to build digital skills, get literacy class. CLASS Nunukan, Asahan, Maumere. Bandung, Makassar, Medan, Malang, Bandung, Lampung, Solo, Yogya, Labuan Bajo andBoalemo, Jakarta, Bali, Surabaya, Palembang, events 27 IN CITIES: OFFLINE: INSPIRATIONAL AND Through digital literacy CREATIVE CLASS information andskills. Maurole District, communities obtain in digitally isolated women trained 2,161 program, women DRIVING OPERATIONAL EXCELLENCE

FOR SUSTAINABLE GROWTH AND RETURNS 163

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 164

meter, whilefueliscalculated according to its use inliters. describes use of energy throughout the XLAxiata operating area, whichiscalculated according to the PLN energy) whichare used asabackup when electricity goes outat 20existing BTS. The following table transportation. To date, we have not used energy from renewable sources, from apart solar cells (solar BTS (Base Transceiver Station) locations that donot yet have electricity connections, andfuelused in The main energy sources used inXLAxiata’s operations are electricity, inaddition to diesel asfuelfor We also launched “Green BTS” asfollows: We have taken various energy saving efforts, among others: Environmental ENERGY REDUCTION ENERGY CONSUMPTION MANAGEMENT • • • • • • • • • INTEGRATED ANNUAL REPORT Solar (joule) Electricity (joule) Fuel (joule) ENERGY CONSUMPTION initiatives. and other innovation, technological savings, through energy environment preserve the protect and determined to XL Axiata is The use of new refrigerators for cooling BTS andXLAxiata offices to cut down electricity consumption so that diesel consumption isreduced by 54%. Use of HybridSystem Charge Discharge Battery (CDC) on BTS innon remote areas with noelectricity 50% inenergy use. Use of Green BTS through network modernization with the latest technological devices, ableto save proved successful to reduce energy consumption by 60%. The use of aSingle RAN BTS, whichisthe integration of several types of BTS into one single BTS that (AC) asacooling system at BTS so that AC operation was reduced by upto 30%. Intelligent Ventilation Cooling System (IVS), the use of DCfans andAir Conditioning business travel automatically reducing energy andemissions. Preparing a meeting room that isequipped with video conference facilities, reducing out-of-town in use. Arrangement of electricity usage inmeeting rooms. Power inallmeeting rooms when not is“turned off” activities outside these hours, the interested parties will apply for additional electricity usage hours. The air conditioner (AC) andelectricity usage are set between 06:30 to 18:30. Ifthere are overtime

2019 2019 PT. XL AXIATA TBK SUCH AS: SUCH ENERGY AND EMISSIONS CONTROL BESIDES OTHER EFFORTS PRESERVATION INITIATIVES ARE REALIZED THROUGH IN RELATION TO THE ENVIRONMENT, OUR ENVIRONMENTAL • • • 26,160,000 4,230,000 Sorting outdomestic waste. meeting rooms. bottles, andplastic cutlery inoffices, canteens, pantry, and Reducing the use of plastics suchasplastic cups, plastic procurement andallapproval processes. use of paper through adigitization system inboth the optical fiber isdone in stages while striving to reduce the bandwidth than copper. Replacement of copper cable to Economically, the use of optical fiber will produce more consuming 25xless energy than copper cables. optical fiber has minimal environmental impact besides environment andproduces toxic chemicals. Conversely, However, copper mining isanactivity that damages the technology used copper cables for data transmission. Replacement of copper cable to optical fiber. Past 84,400 2019 26,330,000 4,220,000 46,410 2018 24,020,000 5,560,000 46,410 2017 Indirect GHGEmissions (Scope 2) Direct GHGEmissions (Scope 1) Guidelines to Defra/DECC© GHGConversion Factors for Company Reporting. Year: World 2011 Resource Institute (2008),GHGProtocol tool for stationary combustion. Version 4.0. 2009 of GridEmission Factors Year: 2019. Electricity specific emission factor for gridelectricity Econometrica emissions calculated using the standard/ methodology of Institute for Global Environmental Strategies List and diesel for generators, aswell asindirect emissions from electricity use. The following are the data on The sources of GHGemissions inourcompany are direct emissions from the use of fuelfor transportation emissions by decreasing energy use. affect the temperature of the earth’s atmosphere. We recognize the importance of efforts to reduce GHG Greenhouse Gases (GHGs) are gases inthe atmosphere that can cause changes inthe radiation balance that per unitof ourproduction output, whichisdata transmission unit(bandwidth) interabytes. As ameasurement of energy savings, we use the energy intensity parameter, whichisthe energy consumption petabytes, we use less energy Energy intensity in2019 decreased by 33,9% compared to the previous year. Therefore to produce the same EMISSION ENERGY INTENSITY EMISSION SOURCES EMISSION SOURCES (Giga Joule) Total energy consumed Electricity Fuel Bandwith (petabyte) Genset Diesel (Joule/ petabyte) Energy intensity TOTAL (Ton CO2 eq) ENERGY INTENSITY 122,010 122,010 As aresult, there isa Calculation of energy reduction using electricity meter andfuelaccording to the purchase liter REDUCTION IN ENERGY CONSUMPTION AMOUNTING joule. 30,474,400 DRIVING OPERATIONAL EXCELLENCE 3,319.9 588.0 2019 124.0 2019 2019 130.3 9,182 6.3 30,596,410 2,200.7

13,907 FOR SUSTAINABLE GROWTH AND RETURNS Environmental Management 2018 2018 2018 591.9 123.7 3.5 29,626,410 1,249.5 23,720 540.0 2017 2017 2017 163.1 3.5 165

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 166 energy use. Ourdigital transformation efforts include: that through this technology, the community andthe business world can achieve efficiencies and reduce We believe that digital transformation isone of the keys to achieving sustainability goals (SDGs) considering bandwidth production unitwith petabytes unit. The following isthe intensity of GHGemissions, whichcalculates Scope 1andScope 2GHGemissions using a Environmental Management which calculates Scope 1andScope 2GHGemissions. emissions, GHG intensityof terabytes.the of followingis units The in bandwidth namelyproduction, of unit However, the parameter calculation used isnot the absolute value of emissions, butthe level of emissions per DIGITAL TRANSFORMATION • • • • INTEGRATED ANNUAL REPORT Emission reduction (ton CO2eq) Total Emmission Bandwidth (terabyte) Total (Ton CO2 eq/terabyte) EMISSION REDUCTION EMMISSION INTENSITY i.e. creating sourcing requests, creating PR/PO, invoicing submissions for POandNon-PO transactions. Coupa, asource to pay system (S2P), adigital system integrated inthe sourcing andinvoicing process, thereby reducing aircraft energy andemissions. Axiata Tower office. This system has been proven effective in reducing out-of-town business travel,Video Conference Room, there are several meeting rooms with video conferencing facilities at XL energy andreduces emissions. activated by connecting bluetooth between users andautomation tools inthe room andgreatly saves meeting rooms and willwill be“turnedonly off” turn on when the user enters the room. This system is with adevice that enables automation of electricity usage, so that when not inuse, the electricity in Electrical automation of meeting rooms, allmeeting rooms inXLAxiata Tower have been installed office for meeting needs. Ting Room Application, anapplication that facilitates allXLAxiata employees to bookaroom inthe ------Simplify andspeed updata analysis andcan monitor the ongoing transaction process. Integrated procurement system Easy access to purchasing applications with internet andintranet networks This system enables the Company to avoid stacks of office paper (supporting GoGreen)

2019 2019 PT. XL AXIATA TBK 3,391.9 2019 2019 718.3 0.2 0.8 2,207.7 2018 719.1 0.3 1,249.5 706.6 2017 0.6 comprehensive medical check-ups, and clinics complete with on-duty doctors at selected times. In aneffort to insure the health of employees, we provide various health facilities suchas gyms, of the Republic of Indonesia. reporting year, XLAxiata recorded auditresults above the provisions stipulated by the Ministry of Manpower We also periodically perform occupational health andsafety audits conducted by third parties. In the various activities that we regularly undertake to improve K2performance: emergencies suchasfor afire, earthquake, explosion, riot, bomb threat and work accident. The following are In addition to disseminating OHSto employees, from time to time, we conduct emergency response drillsfor committee represents allemployees working at XLAxiata. One of the tasks of this team isto provide safety performance reports of XLAxiata every quarter, andthis people from management (Directors, VP, andmanagers) aswell asemployee representatives from 5 regions. team to buildthe OHSconscious culture inaconsistent andsystematic manner. This team consists of 17 We materialize ourcommitment by establishing Occupational Health Safety Mentoring Committee (P2K3) Management System aswe upholdandapply OHSaspects inthe performance of operational activities. “ customers by implementing continuous improvement programs through Occupational Health &Safety to increasing customer satisfaction andproviding anefficient, healthy, and safe workplace for workers and Company Regulations. We also have “OHS Policy -XLAxiata” whichstates that “the Company iscommitted XL Axiata’s commitment to health andsafety of each employee isreflected in provisions set outin the OCCUPATIONAL HEALTH AND SAFETY (OHS) • OhsInduction. • Fire Fighting Training • Dissemination OfNational P2k3Activities • Simulation OfEmergencies And Evacuations • Simulation OfThe Use OfApar • Fire Fighting Simulation Using Fire Hydrants HEADQUARTERS Anggota JABO REGION Anggota P2K3 ORGANIZATION (Director Technology) P3K3 CHAIRMAN Yessie D. Yosetya WEST REGION Anggota DRIVING OPERATIONAL EXCELLENCE HEALTH & SAFETY CENTRAL REGION Anggota P3K3 SECRETARY (Ahli KS Umum) Mery Kirana

FOR SUSTAINABLE GROWTH AND RETURNS EAST REGION Anggota Occupational 167

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 168 RESPONSIBILITIES plans andadoption of the latest technology. behavior. Thus, CE &SOC can anticipate future needs, especially regarding network development center will also facilitate XLAxiata inmonitoring service dynamics, includingcustomer usage machines, not just manual. This will increase the speed andaccuracy of ourservices. This service CE &SOC was builtfrom network elements, hundreds of thousands of alarms assisted by and service quality. SOC isto facilitate coordination inovercoming potential problems related to network performance Centers), namely: Telco Network, IT Infrastructure, IT Apps andBilling. Oneof the functions of CE& monitoring center, housed inan integrated monitoring room to operate 4NOC(Network Operation The Customer Experience &Service Operation Center (CE &SOC) isanintegrated service quality toour support solve allproblems the customers face. Our goal isto provide customers with aconvenient andsimple“customer experience”, aswell as • • • (call center) by upgrading employee skillsinterms of: Directorate of Service Management isto improve the performance of the Customer Service Center to ensure that customer protection isalways putasatop priority. Oneof the targets of the In aneffort to increase customer satisfaction, we formed a Service Management Directorate Customers CUSTOMER EXPERIENCE & SERVICE OPERATION CENTER CUSTOMER SERVICE CENTER (CALL CENTER) INTEGRATED ANNUAL REPORT providing clear information related to products. listening andresponding directly to customer calls handling customer complaints XL Axiata’s approach to customer service is: Axiata. Providing excellent customer service of ourpolicy. ispart Customers are ourmain stakeholders, whocontribute inensuring the business continuity of XL GIVING THEBEST SERVICES build aresponsible business. confidentiality of customer data are ourefforts to excellence, andensuring the security and Developing quality products, providing service RESPONSIBLE BUSINESS 4. 3. 2. 1.

Preparing always-available integrated customer service. Conducting customer satisfaction surveys. Building aCustomer Experience &Service Operation Center (CE &SOC) Providing aCustomer Service Center (Call Center)

2019 2019 PT. XL AXIATA TBK “customer experience” andcustomer perceptions aboutourbrand inorder to determine business growth. driving factors of customer satisfaction. In addition, we conduct aNet Promoter Survey (NPS) that measures Every inputandcomplaint from ourcustomers isreviewed so that we can later analyze andidentify the Briefly speaking, there are sixdirections of our concern inaneffort todeliver customer satisfaction: • • • • • • • commitment to customer satisfaction ismanifested inthe following activities: customer satisfaction surveys that are carried outby independent andcompetent consultants. Our In order to continuously provide excellent customer service, we evaluate ourservices andconduct periodic CUSTOMER SATISFACTION SURVEY program. Implementation of periodic customer satisfaction surveys askey component of the quality improvement Provision of customer service facilities andsettlement of allcustomer complaints. developments. implementation of product development programs inaccordance with information technology Realization of investment inthe development of key andsupporting infrastructure aswell as Provision of understanding to both prospective andexisting customers aboutmatters relating to products. Provision of clear product information andguarantee of consumer protection. Intensive relationships through marketing communications andservice media, directly with customers. with ICNIRP(International Commission on Non-Ionizing Radio Protection) rules. Provision of products that are safe andmeet applicable standards andregulations, compliance including Competitive customer service price Best Payment Process Convenient SATISFACTION CUSTOMER DRIVING OPERATIONAL EXCELLENCE products Reliable Wide range network

quality FOR SUSTAINABLE GROWTH AND RETURNS Good Good Customers Responsibilities 169

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 170 followed up the problems they encounter. XL Axiata provides various channels for customers to contact us: contact usat any time andfor any problem. They donot need to wait for office hours to and havereport Placing customers at the center of ourbusiness means providing them with ameans where customers can backgrounds whoprovide inputfor the improvement of XLAxiata service andquality. of XLAxiata services. Through this event, we can interact directly with customers from various professional meals are heldat star-rated hotels, attended by Directors and management, for customers whouse alltypes and the Xtravaganza &FantAXIS Quiz with the granting of aGrand Prize for the winners. In addition, special Shopping Avenue, Ciputra Mall. Several interesting events have been prepared, acashback including program, and participate in serving loyal customers of XL,Axis andXLPrioritas. The event was heldat Xplor Lotte Customer Day isanopportunity where Directors, including President Director Dian Siswarini, can meet following table: Telecommunications Regulatory Authority (BRTI), butalso exceeds these standards, asshown inthe measurement results show that XLAxiata does not only meet the standards of the Indonesian We also measure Customer Service (CS) performance using criteria set by industry standards. The Customers Responsibilities CUSTOMER APPRECIATION INTEGRATED CUSTOMER SERVICES • • • • INTEGRATED ANNUAL REPORT report standard Service disruption handling standard Customer complaint PERFORMANCE SERVICE 95 XLCenters spread throughout Indonesia. cxl.co.id. Customer service contact through myXL application, live chat at xl.co.id, and email customerservice@ myXLCare. Customer messaging services through Twitter social media accounts at @ask_AXISandFacebook ready to respond to customers’ needs 24 hours a day, 7days aweek on thetelephone 817 line. More than 600customer service personnel consisting of call centers, XLCenters andXLCare that are

2019 2019 PT. XL AXIATA TBK reports per 1,000 customers Number of service disruption customer complaints Percentage of responded PARAMETER <50 >90% STANDARD BRTI 99.24 2019 0.7 2018 0.09 99 2017 0.27 99 of customer privacy. have never received complaints regarding violations with regulations relating to customer privacy, we relates to customer data. With strict compliance information inthe company, whichinthis case plan, manage, study andimprove efforts to secure XL Axiata received this certification for its ability to Information Security Management System (ISMS). practices of ISO 27001 regarding the application of international laws andregulations. We adopt best privacy inaccordance with Indonesian and XL Axiata isfully committed to protecting customer marketing andlabelling regulations. no incidents of violation or non-compliance with regulations. Thus, inthe reporting year there were in accordance with the applicable requirements and promotional activities andproduct information are Consumer Protection Act. We ensure that all in linewith the Advertising Code of Ethics and marketing publications andpromotions that are XL Axiata has also published guidelines for protection namely: its services by paying attention to consumer regarding Telecommunications, XLAxiata operates Consumer Protection andLaw No.36 /1999 In accordance with Law No. 8/1999 concerning CUSTOMER PRIVACY CONSUMER PROTECTION • • • non-discriminatory manner. the right to obtain goodservice inafair and and disputes resolved; the right for consumer complaints to beheard product andservice information; the right to obtain correct, clear andhonest DRIVING OPERATIONAL EXCELLENCE

FOR SUSTAINABLE GROWTH AND RETURNS Customers Responsibilities 171

2019 2019 PT. XL AXIATA TBK HEAD OFFICE TICKER CODE SHARE LISTING FULLY PAID CAPITAL ISSUED AND AUTHORIZED CAPITAL LEGAL BASIS ESTABLISHMENT SHAREHOLDERS ESTABLISHMENT LINE OF BUSINESS PREVIOUS NAME COMPANY’S NAME www.xlaxiata.co.id e-mail: [email protected] Fax. :+62 5761880 Telp. :+62 21 576 1881 Setiabudi Jakarta Selatan 12950 Kav.11-12, Kuningan Timur Jl. H.RRasuna Said X5 XL Axiata Tower EXCL September 2005. The Company was listed on the Indonesia Stock Exchange on 29 Shares or with nominalvalue amounting Rp.1,068,796,042,300 per share. Consist of 22,650,000,000 shares with nominalvalue of Rp.100,- Supplement no. 4070. of the Republic of Indonesia no. 90dated 8November 1991, SeL, both dated August 21 1991, andpublished inthe State Gazette under no. 670/not/1991/pn.JKT.SeL andno. 671/not/1991/pn.JKT. maintained by the Registry Office of South Jakarta District court datedTH.91 19 February 1991, andregistered inCompany Register ratified by the MOLHR by virtue of hisDecree no. c2-515.HT.01.01. up before Rachmat Santoso, S.H., Notary inJakarta, andhave been by Deed no. 79 dated 17 January 1991, both of whichwere drawn Deed of establishment no. 55 dated 6October 1989, asamended Public 33,6% Axiata Investments (Indonesia) Sdn.Bhd.66.4% 6 October 1989. and/or multimedia services provider. Telecommunication services and/or telecommunications network 1996: PT Excelcomindo Pratama 1989: PT Grahametropolitan Lestari PT XL AXIATA TBK DRIVING OPERATIONAL EXCELLENCE

FOR SUSTAINABLE GROWTH AND RETURNS IDENTITY Company 173

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 174 which can bedownloaded via www.xlaxiata.co.id Sentral Efek Indonesia (”KSEI”) or Proxy Form provided by the Company Meeting via online andgrant their proxy via eProxy provided by PT Kustodian Meeting via online andhereby advise allShareholders to participate inthe 16/2020”), the Company also acting aseGMOS Provider, will convene its the Implementation of Electronic General Meeting of Shareholders (“POJK Authority Regulation No. 16/POJK.04/2020 dated 20April 2020 regarding social restrictions (PSBB), also referrring to Article 9of the Financial Services abide by guidance to conduct social distancing inthe period of large-scale aand asspreventive apreventive action of the COVID-19 spread, also to To comply with the order from the Government of the Republic of Indonesia SPREAD OFCORONA VIRUS DISEASE (“COVID-19”) ON SPECIFIC CONDITION ANDPREVENTIVE ACTION TOWARDS THE ORDER FROM THEGOVERNMENT OFTHEREPUBLICINDONESIA CONVENING MEETINGVIA ONLINEINORDERTO COMPLY WITH HEALTH (the “Venue’). Rasuna Said X5Kav.11-12 Kuningan Timur, Setiabudi, South Jakarta 12950 available via https://registrasirups.xlaxiata.co.id) at XLAxiata Tower Jl.H.R held on Monday, 18 May 2020 at 02.00 p.m.- 03.00 p.m. (online registration to the Annual General Meeting of Shareholders (the “Meeting”) whichwill be of Directors of the Company hereby invites allShareholders of the Company Article 10 paragraph (3)of the Company’s Articles of Association, The Board General Meeting of Shareholders of PublicCompany (“POJK15/2020”) and POJK.04/2020 dated 20April 2020 on the Plan andImplementation of Pursuant to Article 17 Financial Services Authority Regulation No. 15/ INVITATION *Online Registration: https://registrasirups.xlaxiata.co.id Monday, 27April 2020, 09.00 a.m.–10.30 a.m.* PT XL AXIATA TBK. “COMPANY”) (THE THE ANNUAL GENERAL MEETING OF SHAREHOLDERS (THE “COMPANY”)(THE SHAREHOLDERS PT XL AXIATA TBK. THE ANNUAL GENERAL MEETING OF Invitation INTEGRATED ANNUAL REPORT

2019 2019 PT. XL AXIATA TBK approval from the Meeting: The Board of Directors of the Company hereby submits the following Agenda to bediscussed andobtain AGENDA 3. 2. 1.

• Report on The Use of Proceeds of PT XLAxiata Shelf PublicOffering of Bonds and Sukuk Ijarah. • • Allocation of the Company Profit for Financial Year31 December Ended on 2019; • • Decemberon 31 2019. Report As Well As Ratification of the Company’s Financial Statement for The Financial Year Ended Approval on The Company’s Annual Report Including the Board of Commissioners’ Supervisory proceed. This agenda item does not require approval from the Meeting. Directors will report to the Shareholders on the use of shelfpublicoffering Bonds and Sukuk Ijarah 30/POJK.04/2015 regarding Report of the Use of PublicOffering Proceed whereby the Board of This agenda istabled incompliance with Article 6of the Financial Services Authority Regulation No. approval on allocation of net profit for financial 31Decemberyear ended 2019. 9 paragraph (4) point of dandArticle Company’s 21 AOA. The Board of Directors shall seek for This agenda item istabled incompliance with of Company (i)Article 70 and71 Law and(ii)Article and isnot acriminaloffense or abreach of the prevailing laws and regulations. long asthose actions are clearly stated under the Company’s Annual Report andFinancial Report Company on their management andsupervisory duty carried outthroughout financial year 2019, so charge DecemberEnded 31 2019, aswell asobtaining fullrelease anddischarge (volledig acquit et de including the Report of the Board of Commissioners Supervisory Duty andFinancial Statement hereby seek for approval and/or ratification from the Meeting on the Annual of Report the Company Article 9paragraph (5)of the Company’s Articles of Association (“AOA”). Therefore the Company regarding Company Law (“Company Law”) and(ii)Article 9paragraph (4) point a,bandc This agenda item istabled incompliance with (i)Article 69 paragraph of Law (1) No. 40Year 2007 2. 1. 2. 1. Details: Proposed Resolution: Details: Proposed Resolution: Details:

Company’s business development. fourty-four million rupiah) (rounded) will berecorded asRetained Earnings to the support The remaining of Rp496,744,000,000 (four hundred ninety-six billion seven hundred and 2019 asper following buckets: To approve allocation of the Company’s net profit for the financial 31Decemberyear ended Financial Statement andnot acriminaloffense or abreach of the prevailing laws and regulations. 2019, aslong asthose actions reflected in the Annual and Report recorded in the Company’s management andsupervision that has been done inthe financial year31 December ended on the Company’s Board of Directors andmembers of the Company’s Board of Commissioners for To Approve to grant release anddischarge (volledig acquit et decharge) for the members of by PublicAccounting Firm Tanudiredja, Wibisana, Rintis &Partners. Company’s Financial Statements for the financial year31 December ended on 2019 asaudited Company’s Board of Commissioner for financial year 2019 as well as to approve and ratify the achieved during the financial year31 December ended 2019, the Supervisory of Report the and course of events of the Company, including butnot limited to the results that have been To Approve andaccept the Annual Report of the Company’s Board of Directors on the activities b. a.

) to the members of the Board of Directors and/or the Board of Commissioners of the duly eligible based on the prevailing regulations. decide on schedule including terms andconditions of dividend payout to allshareholders Grant authorization andpower to Company’s Board of Directors with substitution rights to as dividend, equivalent to Rp20per shares. hundred andthirty-five million rupiah Rupiah) (rounded) will bedistributed to shareholders 30% of normalized net profit or Rp215,735,000,000 (two hundredfifteen billion seven THE ANNUAL GENERAL MEETINGOF SHAREHOLDERS DRIVING OPERATIONAL EXCELLENCE PT XLAXIATA Tbk.(the “Company”)

FOR SUSTAINABLE GROWTH AND RETURNS Invitation Invitation 175

• • Changes of Composition of the Board of Directors and/or Board of Commissioners • • Connection to the Implementation of the 2016 –2020 Long Term Incentive Program Pre-emptive Rights andAdjustment of the Issued andPaid-up Capital of the Company in Grant Authorization to The Board of Commissioners to State the Issuance of New Shares Without • • December 2020 andOther Financial Statement Audit asRequired by the Company; Appointment of Accounting Firm to Perform Audit on the Company for Financial Year Ended 31 can beaccessed inourwebsite (www.xlaxiata.co.id). Committee. Details of proposed changes including the Curriculum Vitae of the new Board members This agenda istabled based on recommendation from the Nominating andRemuneration paid upcapital inrelation to the implementation of Long Term Incentive Program 2016 –2020. Commissioners with Substitution Rights to make necessary adjustment to the Company’s issued and 2020. The Board of Directors hereby proposed to renew the authority granted to the Board of This agenda isitem tabled with regards to the ongoing Long Term Incentive Program 2016 - in ourOfficial Website (www.xlaxiata.co.id). of the proposed PublicAccounting Firm isavailable inMeeting deckfor agenda item #4aspublished Board of Directors to execute allnecessary actions with regards to the above appointment. Profile as required by the Company, and(ii)grant authority to the Board of Commissioners and/or the financial statement for financial 31Decemberyear ended 2020 and other financial statement audit based on recommendation from the Board Audit Committee, to conduct auditof the Company’s dan Rekan (member firm of PricewaterhouseCoopers) registered in the Financial Services Authority, seek approval from the Meeting to (i)appoint PublicAccounting Firm Tanudiredja, Wibisana, Rintis Services Activities aswell asArticle 9paragraph (4) point (e)of Company’s AOA. The Company shall 13/POJK.03/2017 regarding the Use of PublicAccountant andPublic Accounting Firm inFinancial This agenda istabled incompliance with Article 13 of the Financial Services Authority Regulation No. 3. 2. 1. 1. 2. 1. Proposed Resolution: Details: Proposed Resolution: Details: Proposed Resolution: Details:

which will beheldon 2024. term of Board of Directors upon the closing of the Annual General Meeting of Shareholders Axiata replacing Allan Russell Bonke effective as at the closing of this Meeting until the end of To appoint David Arcelus Oses asDirector and/or new Member of Board of Directors of XL Shareholders andnot construed ascriminalactions. including Financial Statement of XL Axiata whichhas approved by Annual General Meeting of closing of this Meeting, to the extent that their actions are reflected in the Company’s report Axiata effective as at their date of appointment(s) until the end of terms of office oras at the Shen danPeter J. Chambers of their respective supervisory duties asCommissioner of XL To accept the resignation andgrant release anddischarge (acquit et decharge) to Kenneth held on 2024. of Commissioners upon the closing of the Annual General Meeting of Shareholders whichwill be and Peter J. Chambers effective as at the closing of this Meeting until the end of term of Board XL Axiata and/or new Member of Board of Commissioner of XLAxiata replacing Kenneth Shen To appoint Dato’ MohdIzzaddin Idris andDr. HansWijayasuriya respectively asCommissioner of Issued andPaid-up Capital of the Company asaresult of execution of 2016-2020 LTi Program. rights to the Board of Directors to restate the issuance of new shares andthe adjustment of To approve the renewal of authorization to Company’s Board of Commissioners with substitution firm isnot able to carry out their duties. Financial Services Authority for if one or another reason the above-mentioned publicaccounting of professional fee, signing documents, or appoint other PublicAccounting Firm listed inthe to take necessary action andarrangements, including butnot limited to determine the amount To grant authority to the Board of Commissioners and/or Board of Directors of the Company Company. Financial Year December ended on 31 2020 andother Financial Statement asrequired by the CPA asthe PublicAccountant to perform auditon the Company’s Financial Statement for PricewaterhouseCoopers) asCompany’s external auditor with Mr. Andry D. Atmadja, S.E., Ak., To Appoint PublicAccounting Firm Tanudiredja, Wibisana, Rintis andPartners (member of

2019 2019 PT. XL AXIATA TBK Authorized Shareholders or Their Proxies Further information andguidance on how to access OnlineRegistration isavailable via www.xlaxiata.co.id Microsoft Live Events. submitted) andon D-1 Shareholders will also receive information regarding online access for the Meeting via Shareholders will receive asuccessful registration notification via email (please ensure a valid email is registered by ourShare Registrar at the point of Recording Date. Registration. Oursystem will validate your ownership by matching your data per Shareholders lists as National Identity Card (e-KTP)/Passport or any other valid personal identification via XL Axiata Online Shareholders are required to register their Single Investor Identification (“SID”) asissued KSEI anda valid p.m. Jakarta time. Online Registration”) whichwill beopen starting 24 April 2020 andwill beclosed on 16 May 2020 at 06.00 The Company provides online registration facility through https://registrasirups.xlaxiata.co.id (“XL Axiata Online Registration Company Articles of Association andCompany will not provide any printed version. This invitation shall serve asanofficial invitation to the Meeting pursuant to Article 10 paragraph 3 of the No Printed Invitation ONLINE REGISTRATION AND ATTENDANCE PROCEDURES 7. 1.

• • Year 2020 Determination of Remuneration for Company’s Board of Directors and/or Board of Commissioners Shareholders whoare entitled to attend/be represented by Proxy at the Meeting are: b. a.

Board of Commissioners. and other benefit for financial year 2020 for members of the Board of Directors tobe grated to the Nominating andRemuneration Committee, anddecision on remuneration i.e. base salary, bonus benefit for financial year 2020 for members of the Board of Commissioners tobe granted to the seek approval from the Meeting that decision on remuneration i.e. base salary, bonus andother This agenda istabled by referring to Article 96andArticle 113of Company Law. The Company shall 2. 1. 4. Proposed Resolution: Details: in the Company’s Shareholder Register issued by PT KSEI at the market closing 23April 2020. Shareholder with shares currently under deposit inthe Collective Depository of KSEI, whoare registered 2020 at 4.00 p.m. (Western Indonesian Time); and Shareholders with scripted shares who are registered inCompany Shareholder Register on 23April

financial year ended 31 Decemberby 2020. policy andamount of remuneration asstipulate under the Company’s remuneration policy for remuneration, bonus andother benefits for the Board of Commissioners based on structure, Granting authorization to the Nominating andRemuneration Committee to determine the policy for financial year ended 31 Decemberby 2020; and structure, policy andamount of remuneration asstipulate under the Company’s remuneration remuneration, bonus andother benefits for members of the Board of Directors based on Granting authorization to the Board of Commissioners of the Company to determine the Shareholders andnot construed ascriminalactions. including Financial Statement of XLAxiata whichhas approved by Annual General Meeting of to the extent that hisrespective management actions are reflected in the Company’s report date of hisappointment until the end of histerms of office or as at the closing of this Meeting, Russell Bonke of hisrespective management duty asDirector of XLAxiata effective as at the To accept the resignation andgrant release anddischarge (acquit et decharge) to Allan THE ANNUAL GENERAL MEETINGOF SHAREHOLDERS DRIVING OPERATIONAL EXCELLENCE PT XLAXIATA Tbk.(the “Company”)

FOR SUSTAINABLE GROWTH AND RETURNS Invitation Invitation 177

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 178 Additional Information: 2. 1. Voting Result 2. 1. Proxies (Conventional Proxy and/or Electronic Proxy (eProxy)) PT XLAXIATA Tbk.(the “Company”) THE ANNUAL GENERAL MEETINGOF SHAREHOLDERS Invitation Jakaarta, 24 April 2019. 4. 3. THE BOARD OF DIRECTORS • • 2. INTEGRATED ANNUAL REPORT

at the end of Meeting. Voting result will beconveyed anddisplayed to allShareholders by Notary assisted by PT Bima Registra incoming vote whichwas submitted to the Company or PT Bima Registra. Notary assisted by PT Bima Registra, will ensure the validity of voting for each Agenda, based on accessible via www.ksei.co.id. from Company website www.xlaxiata.co.id or eProxy available electronically via eASY.KSEI platform The Company provides two (2)types of proxies i.e. Conventional Proxy available to bedownloaded however they are not eligible to vote on Shareholders’ behalf. Commissioners or employees of the Company can act asthe shareholders proxies at the Meeting, Shareholders are strongly advised to grant their proxies. Member of the Board of Directors, Board of items, andsuchvote(s) will becalculated at the Voting Time during the Meeting. Shareholders whohave registered their attendance via eProxy can immediately vote for the agenda Time), working whichisone (1) day before the commencement of the Meeting. Completed Proxy Form must besubmitted latest by 15 May 2020 at 04.00 p.m. (Western Indonesian Shareholders andcan beaccessed through Company Official Website www.xlaxiata.co.id. Any changes and/or adjustment to the deckfor Meeting will beimmediately informed to the not provide any food or drinks andsouvenir for Shareholders for this Meeting. As this Meeting will beconducted via online, also considering the Month of Ramadhan, the Company will 9 POJKNo. 16/2020 the Meeting will beheldvia online (nophysical meeting will beconvened). PSBB to HandleCOVID-19 inDKI Jakarta Province (“Governor Regulation No. 33 Year 2020”) also Article 2020”) andGovernor DKI Jakarta Province Regulation No. 33 of 2020 regarding the Implementation of Limitation Guidelines to Accelerate the Handling of Covid-19 (“Minister of Health Regulation No. 9of Regulation of the Minister of Health of the Republic of Indonesia No. 9of 2020 on Large-Scale Social Harmful to the National Economy and/or the Stability of the Financial System (“Perpu No. 1of 2020”), of the Financial System Policies to HandleCovid-19 Pandemic and/or Threats that are Potentially Considering the Government Regulation inLieu of Law No. 1of 2020 on State Financial andthe Stability b. a.

Jakarta 12950 selama jam kerja. its registered office at Satrio Tower, Jl. Prof. Dr. Satrio BlokC4, 9th Floor A2, Kuningan, Setiabudi, signed Proxy (electronic signature isacceptable) to [email protected] or PT Bima Registra having Conventional Proxy –please compete the Proxy Form along with your vote, andsubmityour eASY.KSEI are Independent Proxy appointed by the Company or your respective Custodian Bank. a Full/General Authority to the authorized Proxy or aSpecial Authority. The authorized Proxy via of attorney from the Shareholders to the authorized Proxy electronically. Shareholders may grant eProxy via eASY.KSEI –isanew system provided by KSEI which facilitates andintegrates the power Meeting decks will not beavailable in view of current situation with COVID-19. via available QRCode inthe Invitation since this invitation published. Hardcopy (printed) Meeting decks can bedownloaded from Company Official Website www.xlaxiata.co.id or Meeting Material

2019 2019 PT. XL AXIATA TBK Power Businesswomen list along with two other businesswomen. in early October 2019, Dian Siswarini entered the Forbes Asia’s Axiata Corporate Communication Head Tri Wahyuningsih said that Appreciation 2019” along with other leading women figures. XL Siswarini asone of the recipients of “Indonesian Great Women SINDO Media named XLAxiata President Director &CEO Dian 29 of the country. activities, and improve social, economic, political, andsecurity aspects will implement digital technology to helpease local people’s daily island, Nunukan regency, Kalimantan. North In the region, both parties hands to initiate “Desa Maritim” (Maritime Village) program inSebatik XL Axiata andthe Indonesia Maritime Security Board (Bakamla RI) join 15 opportunities by utilizing digital technology. women’s empowerment andsocio-economic and broaden their insights on various issues of ‘gathering place’ for women to learn, share System Corner”, which was designed asa Axiata initiated alearning system called”Smart Information Technology (Kominfo) andXL The Ministry of Communication and 4 and GO-LIFEprovider partners. package isavailable for GOJEKdriver partners launch of XLLEBIHUNTUNGpackage. The platform inIndonesia, GOJEK,through the partnership with aleading on-demand XL Axiata strengthened its strategic 17 year study. have completed their two- 6th class of the program who marks to students from the Siswarini pinned graduation President Director Dian across Indonesia. XLAxiata came from provinces all new class. Students of XLFL marking the beginning of a Future Leaders Program, for 150 graduates of the XL commencement ceremony XL Axiata once again helda 17

March 2019

October 2019

January 2019 August 2019 November 2019 as stakeholders. upon their environment aswell and make apositive impact by having social responsibility Conference andAward 2019 IICD Corporate Governance of Stakeholders inThe 11th Companies andThe Best Role Capitalization PublicListed 50 of The Biggest Market received Top 20rank of Top XL Axiata successfully 22 October 2019 DRIVING OPERATIONAL EXCELLENCE poulty productions. effectiveness of efficiency and solutions to increase (Internet of Things) by applying IoT of Poulty Smart the development cooperation for into strategic Tbk) entered (PT Sierad Produce Axiata andSierad Solutions of XL XL Business 9

May2019 HIGHLIGHTS 2019 specifically for playing games data quota of 1GBper day, customer with anextra internet Gaming”. This product provides the Play” program and“AXIS Unlimited AXIS launches the “AXIS Forever 16 Ende Regency, NTT. Aewora Village, Maurole District, Transceiver Stations (BTS) in inaugurated one of the USO Base (Kominfo) Ministry officially Communication andInformatics XL Axiata management andthe in NTTandother KTIregions, the development of USO network (USO) scheme in2019. Marking the Universal Service Obligation network inrural areas through telecommunication anddata XL Axiata continues to build 28

Madrasah Aliyah (MA). by 80 students from 40 program whichwas attended held aBootCamp Madrasah commitment, both parties of May 2019. To realize this Aliyah program at the end launched the 4.0 Madrasah (Kemenag), XLAxiata has of the Republic of Indonesia with the Ministry of Religion development. In collaboration in the field of education government programs to continuing to support XL Axiata iscommitted 18 Indonesia regions. during overland-travel across navigating system for public Jelajah Nusantara”, builtas digital navigation app“Peta (Kemenhub) launched Republic of Indonesia of Transportation of the XL Axiata andMinistry 29 FOR SUSTAINABLE GROWTH AND RETURNS December 2019 October 2019 July 2019

May2019 Event

179

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 06. 180 2019 the “Product andTechnology Innovation” category. product brand that was nominated andwon anaward in Sindo, XLPRIORITAS became the only telecommunications In the “Innovation Appreciation” event organized by Koran Receive Date July :31 2019 Awarded by :Koran Sindo 02. APRESIASI INOVASI industry inIndonesia. was given by Selular.id, amedia covering the telco for XLAxiata’s CEO, Dian Siswarini (15/7). The award Transformation, Best B2BService andCEO of The Year XL Axiata won 3awards, namely: Best Network Receive Date :15 July 2019 Awarded by :Selular.id • • • 03. product, andCSR. through sharing publications, whether corporate, publications inthe mass media throughout 2018 assessment of XLAxiata’s ability to maintain positive This award was given by PRIndonesia based on an 2018 for private companies”. of “the most popular among the media throughout field at the “PR Indonesia Awards 2019” in the category XL Axiata again won anappreciation inpublicrelations Receive Date :28March 2019 Awarded by :PRIndonesia Awards &Certifications 01. SELULARAWARD 2019 THE PR INDONESIA AWARDS 2019 INTEGRATED ANNUAL REPORT CEO of The Year Best B2BService Best Network Transformation Initiative 01.

2019 2019 PT. XL AXIATA TBK 04. 08. Creating Shared Value”. initiated by SWA andMIXmagazines as“The Best 2019 Indonesia Best Corporate Social Initiative event various companies andindustries andwas named inthe succeeded insetting aside100 CSR programs from XL Axiata’s flagship CSR program, Laut Nusantara, Receive Date :September 2019 Awarded by :Majalah SWA danMIX 06. from Warta Ekonomi magazine. one of “Indonesia’s Most Impactful Women Leaders 2018” The CEO of XLAxiata, Dian Siswarini, won the award as Receive Date :June2019 Awarded by :Warta Ekonomi 04. INITIATIVES 2019 INDONESIA’S BEST CORPORATE SOCIAL WOMEN LEADERS INDONESIA’S MOST IMPACTFUL business landscape inthe Asian region. to have asignificant role inshaping the 3 Indonesian women whoare considered Businesswomen by Forbes. She isone of was chosen asone of Asia’s Power The CEO of XLAxiata, Dian Siswarini, Receive Date :September 2019 Awarded by :Forbes 05. ASIA’S POWER BUSINESSWOMEN 02. 03. and economic growth. technology inIndonesia. encourage the acceleration of economic, cultural, political appreciate the great women whohave participated to is aprogram organized by SINDO Media inorder to Indonesia. Apresiasi Perempuan Hebat Indonesia 2019 the recipients of the 2019 Apresiasi Perempuan Hebat Dian Siswarini, CEO of XLAxiata, was chosen asone of Receive Date :23October 2019 Awarded by :SINDOMedia 08. INDONESIA 2019INDONESIA APRESIASI PEREMPUAN HEBAT organizations inthe field of governance (IICD), one of the pioneering andtrusted non-profit is the Indonesian Institute for Corporate Directorship to the community. The initiator of this prestigious event business operations that ableto provide more benefits stakeholders directly or indirectly inthe company’s benefits the surrounding environment by involving the to companies that have social responsibility andprovide Best Role of Stakeholders” inarow. The award was given award” andfor the last 2years was awarded as“The Biggest Market Capitalization PublicListed Companies XL Axiata re-ranked inthe top 20inthe “Top 50 of the Receive Date :14 October 2019 Indonesian Institute for Corporate Directorship (IICD) Awarded by : • • 07. CONFERENCE AND AWARD 2019 THE 11TH IICD CORPORATE GOVERNANCE The Best Role of Stakeholders Top 50 of The Biggest Market Capitalization PLC 07. 09. . DRIVING OPERATIONAL EXCELLENCE engaging way to explain XLproducts. Di Balik Kubikal ismore than astory. It isaneffective and MarkPlus Conference 2020. In collaboration with NETTV, Marketeers Editor’s Choice Award 2019 in14th Annual Breakthrough Content Marketing of the year at the 2019 Through DiBalik Kubikal the series, XLAxiata won The Award 2019 inthe “IoT Product of the Year” Category. XL Business Solutions WinsMarketeers Editor’s Choice Receive Date :December 2019 Awarded by :Markplus 11 & 10 and Organizational Performance. which aims to survey andanalyze Employee Engagement Consulting incollaboration with the Kontan newspaper Satisfaction inthe event heldby PT GMLPerformance for category of Employee Commitment &Employee XL Axiata won the 2019 Stellar Workplace Award Receive Date :25October 2019 PT GMLPerformance Consulting danKoran Kontan Awarded by : 09. AWARD 2019 2019 AWARD MARKETEERS EDITOR’S CHOICE STELLAR WORKPLACE AWARD 2019 10 &11 Awards &Certifications 2019

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FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 182 STRUCTURE Risk Management Organization Communications Government Rel INTEGRATED ANNUAL REPORT GROUP HEAD GROUP HEAD GROUP HEAD GROUP HEAD CORPORATE Regulatory & SECRETARY Corporate Audit & Legal CEO OFFICE

2019 2019 Business Process Home Business GROUP HEAD GROUP HEAD GROUP HEAD GROUP HEAD Management PT. XL AXIATA TBK Partnership Corporate Strategic Strategy DIRECTOR CORP. BUSSINESS DEV STRATEGY & People Services People Journey GROUP HEAD GROUP HEAD GROUP HEAD Development CAPITAL OFFICER CHIEF HUMAN People Group Head Finance Financial Officer & Business Control DEPUTY CHIEF GROUP HEAD GROUP HEAD GROUP HEAD GROUP HEAD GROUP HEAD Management Management Accounting Financial Contract Facilities DIRECTOR Lease FINANCE President Director Dian Siswarini Customer &Brand Contact Center GROUP HEAD GROUP HEAD Experience Customer Commerce Planning CHIEF PREMIUM Segment Officer GROUP HEAD Premium Channel Premium Product Premium Direct GROUP HEAD GROUP HEAD GROUP HEAD Management & Marketing Channel COMMERCIAL DIRECTOR Jabodetabek Region CHIEF MARKETING Indirect Channel GROUP HEAD Youth Segment GROUP HEAD Mass Segment GROUP HEAD GROUP HEAD Marketing Strat Customer Value GROUP HEAD GROUP HEAD Central Region GROUP HEAD GROUP HEAD GROUP HEAD Management West Region Management East Region & Analytics OFFICER - CHIEF ENTERPRISE Enterprise Product Commercial GTM Enterprise Sales GROUP HEAD GROUP HEAD GROUP HEAD GROUP HEAD GROUP HEAD & SMEOfficer Operations DRIVING OPERATIONAL EXCELLENCE SME

DIRECTOR & CHIEF HEAD TECHNOLOGY Enterprise Planning Service Operations INFORMATION Data Governance Special Projects Transformation GROUP HEAD GROUP HEAD GROUP HEAD GROUP HEAD GROUP HEAD GROUP HEAD & Architecture Technology Information OFFICER SECURITY Digital

FOR SUSTAINABLE GROWTH AND RETURNS Organization Structure CHIEF TECHNOLOGY PROJECT DELIVERY RAN &Transport Unified Network GROUP HEAD GROUP HEAD GROUP HEAD GROUP HEAD HEAD RND & Management Technology OFFICER Strategy Program - - 183

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 184 COMPOSITION Shareholders Based on Classification Shares Ownership by Members of the Board of Directors andBoard of Commissioners Shareholders Composition As December of 31 2019 Shareholders INTEGRATED ANNUAL REPORT Cooperative Pension Fund Foundation Employees Individual Indonesian Axiata Investments (Indonesia) SdnBhd Publik (kepemilikan kurang dari 5%) SHAREHOLDERS SHAREHOLDERS TOTAL BOARD OF DIRECTORS NO. NATIONAL INVESTORS BOARD OF COMMISSIONERS 4 4 8 6 9 5 3 2 5 3 2 7 1 1 Dr. Muhamad Chatib Basri Tan Sri Jamaludin Ibrahim Vivek Sood Kenneth Shen Peter J. Chambers Yasmin Stamboel Wirjawan Dr. David R.Dean Muliadi Rahardja Julianto Sidarto Dian Siswarini Allan Bonke Tajudin Mohamed Adlan BinAhmad Yessie D. Yosetya Abhijit Navalekar NAME & POSITION

2019 2019 PT. XL AXIATA TBK President Commissioner Commissioner Commissioner Commissioner Commissioner Independent Commissioner Commissioner Independent Commissioner Independent Commissioner President Director Director Director Independent Director Director SHAREHOLDERS TOTAL TOTAL 5.382 331 74 4 9 TOTAL SHARES 10,687,960,423 7,092,656,612 3,595,303,811 TOTAL SHARES 100.123.848 2019 87.703.087 SHARES 3.811.623 1.219.852 6.569.450 415.374 TOTAL TOTAL 4.281.181 381.500 0 0 0 0 0 0 0 0 0 0 0 OWNERSHIP 0,0000000 0,0000000 0,0000000 0,0000000 0,0000000 0,0000000 0,0000000 0,0000000 0,0000000 0,0000000 0,0000000 0,0038864 0,0356628 0,0114133 0,04006 0,82058 0,00357 0,93679 0,06147 66.4 33.6 100 (%) % % Top 20Shareholding AsDecember Of31 2019 Sub Total Limited Liabilities Companies Insurance Foreign Institution Foreign Individual Mutual Funds TOTAL SUB TOTAL SUB SHAREHOLDERS NATIONAL INVESTORS FOREIGN INVESTORS Rank 20 10 14 18 19 16 15 12 13 17 11 4 8 9 6 5 3 2 7 1 Dimensional Fund Advisors MFS International Mgt Manulife Asset Mgt Indonesia Eastspring Investments Mandiri Investasi BNP Paribas Asset Mgt Schroder Investment Mgt Vanguard Group Norges Bank Investment Mgt Brandes Investment Partners Etisalat International Axiata Investments Washington State Investment Board Allianz Life Insurance AIA Indonesia Eastspring Investments Samuel Asset Mgt Samsung Asset Mgt Samsung Investment Mgt BlackRock Investment Mgt-Index SHAREHOLDER SHAREHOLDERS DRIVING OPERATIONAL EXCELLENCE TOTAL TOTAL 6.747 6.139 608 222 533 34 83 75 7,092,656,612 393,809,075 215,706,256 160,431,400 44,950,000 139,615,800 72,070,400 76,236,200 132,412,225 119,937,025 76,260,425 46,213,200 92,837,700 76,061,500 63,234,100 48,183,700 51,374,400 138,951,133 TOTAL SHARES 61,093,100 10.687.960.423 72,154,167 SHARES 9.645.844.878 9.643.356.584 1.042.115.545 420.442.442 420.001.119 2.488.294

FOR SUSTAINABLE GROWTH AND RETURNS 2.612.918 Shareholders Composition 100,00000 90,24963 90,22635 9,75038 0,02445 0,02328 3,92967 3,93379 66.36 0.68 0.48 0.59 0.45 0.43 2.02 0.42 0.67 3.68 0.87 0.57 1.50 0.71 1.30 0.71 0.71 1.24 1.31 1.12 % % 185

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 186 STRUCTURE Corporate INTEGRATED ANNUAL REPORT Berhad Khazanah Nasional Berhad Permodalan Nasional *) Controling Shareholder (INDONESIA) SDN BHD AXIATA INVESTMENT 36,93% 18,60%

2019 2019 2019 2019 PT. XL AXIATA TBK PT. XL AXIATA TBK 66,4% AXIATA GROUP BERHAD PT AXIATA XL AXIATA INVESTMENT (LABUAN) LIMITED Fund Board Employee Provident 100% 100% 16,13% TBK PUBLIC Foreign Shareholdings 33,6% Other /Public 11,10% 17,24% Notes: Information for fiscal year 2019 12940 Jl. Prof. Dr. Satrio Kav 3-5Jakarta Tower 24th Floor, Suite 2403 Fitch Ratings Indonesia DBS Bank Securities Rating Agency PT. 04. 10120 Jl. Hayam Wuruk No.28 Jakarta PT Datindo Entrycom 01. *Until this Integrated Annual Report published, the share ownership has changed to be30% Notes: AGENCY SECURITIES RATING SHARE REGISTRAR ADDRESS TOTAL ASSET OPERATIONAL STATUS CORE BUSINESS OWNERSHIP COMPANY’S NAME ADDRESS TOTAL ASSET OPERATIONAL STATUS CORE BUSINESS OWNERSHIP COMPANY’S NAME PROFESSIONAL INSTITUTIONS South Jakarta 12190 Jl. Jenderal Sudirman Lot. 60, Menara Sudirman 17th DFl., Notary Aulia Taufani, S. H. 05. Jakarta 12940 Jl. H.R.Rasuna Said Kav. X-7 No.6 network of firms) the Pricewaterhouse Coopers Rintis &Rekan (amember of KAP Tanudiredja, Wibisana, 02. PUBLIC NOTARY PUBLIC ACCOUNTING FIRM Selatan Jl. HRRasuna Said X5Kav Kuningan 11-12 Timur Setiabudi Jakarta Gedung XLAxiata Tower Lantai 26 IDR 529,735,988,726 Active DataCentre. Hosting Activity andits Related Things including to manage the 30%* Jl. Medan Merdeka Barat Gambir No.21 Jakarta Pusat Gedung Indosat Lt 9 IDR 0 Dormant facility management Conducting activities incomputer consultancy andcomputer 50% PT PRINCETON DIGITAL GROUP DATA CENTRES PT ONE INDONESIA SYNERGY DRIVING OPERATIONAL EXCELLENCE Capital Market Supporting ASSOCIATES Jakarta 12920 Jl. Jend.Sudirman Kav.29-31 3, WTC Menara Bank Mega Lantai 16, PT Bank Mega Tbk 03. TRUSTEE

FOR SUSTAINABLE GROWTH AND RETURNS Subsidiaries & 187

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 188 TIMELINE Shares Listing Shares INTEGRATED ANNUAL REPORT Pre- Emptive Rights. Limited PublicOffering II with Date VI. Incentive Program 2010 –2015 grant the implementation of Long Term Pre- Emptive Rights inregards to Issuance of new shares without V. Date Incentive Program 2010 –2015 grant the implementation of Long Term Pre- Emptive Rights inregards to Issuance of new shares without Date III. Incentive Program 2010 –2015 grant the implementation of Long Term Pre- Emptive Rights inregards to Issuance of new shares without Date II. Incentive Program 2010 –2015 grant the implementation of Long Term Pre- Emptive Rights inregards to Issuance of new shares without Date I. Incentive Program 2010 –2015 grant the implementation of Long Term Pre- Emptive Rights inregards to Issuance of new shares without with Pre- Emptive Rights. Limited PublicOffering I (previously Jakarta Stock Exchange). Indonesia Stock Exchange Initial PublicOffering andlisted on CORPORATE ACTION

2019 2019 PT. XL AXIATA TBK TOTAL SHARES 1.418.000.000 1.427.500.000 2,137,592,085 10.566.332 8.986.668 6.891.003 8.214.056 7.710.279 NOMINAL VALUE PER SHARE (IDR) 100 100 100 100 100 100 100 100 OFFERING PRICE (IDR) 2000 2000 5600 5600 5600 4888 3150 3621 DRIVING OPERATIONAL EXCELLENCE Indonesia Stock Indonesia Stock Indonesia Stock Indonesia Stock Indonesia Stock Indonesia Stock Indonesia Stock Indonesia Stock Exchange Exchange Exchange Exchange Exchange Exchange Exchange Exchange LISTING

FOR SUSTAINABLE GROWTH AND RETURNS Shares Listing Timeline LISTING DATE (DD;MM;YY) 29.09.2005 04.04.2016 20.05.2016 28.04.2011 01.12.2009 16.04.2012 21.04.2015 12.04.2013 189

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 190 and Representative Office HEADQUARTER ADDRESS INTEGRATED ANNUAL REPORT WEST HQ &JABO REGION Sumatera Utara Jl Diponegoro No.5, Medan DIPONEGORO MEDAN Jakarta Selatan 12950 Jl. H.RRasuna Said X5Kav.11-12, Kuningan Timur, Setiabudi ADDRESS XL AXIATA TOWER

2019 2019 2019 2019

PT. XL AXIATA TBK PT. XL AXIATA TBK WEST CENTRAL HQ &JABO HQ EAST NORTH EAST CENTRAL REGION NORTH Sulawesi Selatan Jl. APPettrani No68a, Kota Makasar, Surabaya, Jawa Timur Jl. Pemuda No94-98 Kelurahan Embong Kaliasin, Kecamatan Genteng, RO PEMUDA Jawa Barat Jl. R.EMartadinata No7, Bandung MARTADINATA ADDRESS DRIVING OPERATIONAL EXCELLENCE Headquarter Address And Representative Office

FOR SUSTAINABLE GROWTH AND RETURNS 191

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 192 XL STORE (XPLOR) XL Center + NO. INTEGRATED ANNUAL REPORT 20 24 25 23 22 10 14 18 19 16 21 15 12 13 17 11 4 8 9 6 5 3 2 7 1 XL Center Indramayu XL Center Tegal XL Center Garut XL Center Magelang (XPLOR) XL Center Klaten (XPLOR) (XPLOR) XL Center Yogyakarta XL Center Wonogiri XL Center Kebumen XL Center Purwokerto XL Center Bandung (XPLOR) XL Center Lembang (XPLOR) XL Center Kopo (XPLOR) XL Center Purwakarta XL Center Tasikmalaya XL Center Cimahi XL Center Cianjur XL Center Samarinda XL Center Balikpapan XL Center Banjarmasin XL Center Pontianak XL Center Palangkaraya XL Center Semarang XL Center Pekalongan XL Center Kudus XL Center Solo STORES

2019 2019 PT. XL AXIATA TBK Central Central Central Central Central Central Central Central Central Central Central Central Central Central Central Central Central Central Central Central Central Central Central Central Central REGION Jl. D.I. Panjaitan No. 44B, Indramayu Jl. Gajah Mada no.28, Tegal Jl. Guntur No162C, Garut Mertoyudan, Magelang Artos Mall Lt. UG,Jl.Mayjend Bambang Sugeng No1, Kec. Klaten Tengah, Kab. Klaten Jl. Pemuda Utara No.80, Kel. Bareng, (Lt. 1)(Dpn Kampus Uin)Yogyakarta Puri Vads (Ex Stockwell) Jl. Laksda Adi Sucipto No.163 Jl. Ahmad Yani No.43, Kel. Wonokarto, Kec. Wonogiri, Kec. Kebumen -Kab. Kebumen Jl. Kusuma No.70 -Gunungmujil, Bumirejo, (Depan kampus UNSOED), Purwokerto Jl. HR.Bunyamin No. 4A Jl. RE.Martadinata No. 7, Bandung Jl. Raya Lembang No243, Bandung Jl. Raya Kopo No. 422, Bandung Jl. Ibrahim Singadilaga No16, Purwakarta Tasikmalaya Jl. Dr. Sukardjo no. 51, Tawangsari, Kec. Tawang, Jl. HMSMintaredja Ruko Town Place No. A-20, Cimahi Jl. Ir. H.Juanda No.53 SELAKOPI, Cianjur Kota Samarinda (dekat RS. Siloam ) Jl. A.Yani IIKel. Termindung Permai, Samarinda Utara, Gunung Malang), Balikpapan (Seberang Hotel Aston, dekat lampu merah Klandasan Ilir Kec. Balikpapan Selatan Jl. Jenderal Sudirman RT. 52 RW. 10 No.213, Jl. Jend. Ahmad Yani Km 1,5 No. 30A, Banjarmasin Jl. Gusti Hamza (sebelah JNTPancasila), Pontianak Panarung Pahandut, Palangka Raya Jl. DrMurjani No.22B (seberang CIMBNiaga) Jl A.Yani no. 130 B, Semarang Jl. Hasanuddin no39, Kota Pekalongan Jl. Jend Sudirman no101, Kudus Multikomunika,Komplek Sudirman Square B9 Surakarta (Barat Stadion Sriwedari) JL Bayangkara No81, Penumping, Laweyan, ADDRESS Indramayu Tegal Garut Magelang Klaten Yogyakarta Wonogiri Kebumen Purwokerto Bandung Bandung Bandung Purwakarta Tasikmalaya Bandung Cianjur Samarinda Balikpapan Banjarmasin Pontianak Palangkaraya Semarang Pekalongan Kudus Solo CITY Jawa Barat Jawa Tengah Jawa Barat Jawa Tengah Jawa Tengah DI Yogyakarta Jawa Tengah Jawa Tengah Jawa Tengah Jawa Barat Jawa Barat Jawa Barat Jawa Barat Jawa Barat Jawa Barat Jawa Barat Timur Kalimantan Timur Kalimantan Selatan Kalimantan Barat Kalimantan Tengah Kalimantan Jawa Tengah Jawa tengah Jawa Tengah Jawa Tengah PROVINCE NO. 40 50 44 30 48 46 49 34 45 43 38 42 36 28 29 26 39 33 35 32 47 37 27 41 31 XL Center Sukabumi (PRIORITAS) XL Center Grand Indonesia XL Center Sidoarjo (XPLOR) XL Center Sumenep XL Center Pemuda Surabaya Marina XL Center Margorejo /Plasa Surabaya XL Center HRMuhammad XL Center Bangkalan XL Center Pamekasan XL Center Sunset Road XL Center Singaraja City Square XL Center Denpasar XL Center Mataram (XPLOR) XL Center Selong XL Center Sumbawa XL Center Manado XL Center Makassar XL Center Palu XL Center Pare-pare XL Center Gorontalo XL Center Kendari XL Center Malang XL Center Madiun XL Center Kuningan (XPLOR) XL Center Cirebon (XPLOR) STORES Jabo Jabo East East East East East East East East East East East East East East East East East East East East East Central Central REGION Sukabumi Jl. Pajagalan Ruko Danalaga Square Blok.G No.8, Jl MH.Thamrin No.1, Jakarta Pusat East Mal Grand Indonesia, 3rd floor, EM-3-18, Jl. Raya No. 1, Jati, Kec. Sidoarjo, Kab. Sidoarjo, Lippo Plaza Sidoarjo, Lt. Ground Floor UnitGF-19, Jl. Trunojoyo No215,Sumenep, Madura Jl. Pemuda No. 94 -98, Surabaya Jl. Margorejo Indah No.97-99, Surabaya Plasa Marina Lt.1 BlokA1-A3, Jl. HRMuhammad No.75-D, Surabaya Jl. Jendral AYani No. 12, Bangkalan, Madura Jl. Jokotole No282, Pamekasan Jl. Sunset Road No. Kuta, 818, Denpasar Jl. Ahmad Yani No. 93A, Singaraja (ex ICEMall) Jl. Teuku Umar No.6, Gedung Cellular City lt2 Kec. Mataram, Kota Mataram Epicentrum Mall Lt Jl.Sriwijaya 2, No.333, Punia, Jl. TGKHZainuddin Abdul Majid No.35, Lombok Timur Kab. Sumbawa Jl. DR.Wahidin, Brang Bara, Kec. Sumbawa Besar, Blok 1BNo. 11,Manado Jl. Piere Tendean Boulevard, Komp. Mega Mas, Jl. A.P. Pettarani No. 68,Makassar (Depan Galaxi Swalayan), Palu Jl. Emy Saelan No. 55 Jl. A.Mappatola No30 A,Kota Parepare Kel. Limba Kec. U2, Kota Selatan, Kota Gorontalo Jl. Prof. DR.HB. Jassin RT 005 RW 002, Jl. Saranani No.56, Kota Kendari Jl. S. Parman Malang 111, Ruko Suncity Block A1-A3, Kartoharjo, Madiun Jl. Siliwangi Kuningan, No216-C, Jawa Barat Kec. Kedawung, Kab. Cirebon Jl. Tuparev No. 87, Kel. Sutawinangun, ADDRESS DRIVING OPERATIONAL EXCELLENCE

FOR SUSTAINABLE GROWTH AND RETURNS Xl Center +XlStore (Xplor) Sukabumi Jakarta Sidoarjo Sumenep Surabaya Surabaya Surabaya Bangkalan Madura Denpasar Singaraja Denpasar Lombok Lombok Sumbawa Manado Makassar Palu Pare-pare Gorontalo Kendari Malang Madiun Kuningan Cirebon CITY Jawa Barat DKI Jakarta Jawa Timur Jawa Timur Jawa Timur Jawa Timur Jawa Timur Jawa Timur Jawa Timur Bali Bali Bali Barat TenggaraNusa Barat TenggaraNusa Barat TenggaraNusa Utara Sulawesi Selatan Sulawesi Tengah Sulawesi Selatan Sulawesi Gorontalo Tenggara Sulawesi Jawa Timur Jawa Timur Jawa Barat Jawa Barat PROVINCE 193

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 194 Xl Center +XlStore (Xplor) NO. INTEGRATED ANNUAL REPORT 60 64 68 66 54 69 58 56 70 65 59 63 62 55 53 52 67 57 74 73 72 61 51 71 XL CenterXL Fatmawati (XPLOR) XL Center Ciputra World Mall (XPLOR) XL Center Cibinong City XL Center Bogor XL Center DepokMargonda (PRIORITAS) XL Center Gandaria City (XPLOR) XL Center PuriIndah Mall (XPLOR) XL Center Mall Kelapa Gading XL Center Sunter XL Center Karawang XL Center Cikarang (XPLOR) XL Center Tangerang City (XPLOR) XL Center Supermal Karawaci Serpong (XPLOR) XL Center Summarecon (XPLOR) XL Center Bintaro Xchange XL Center BSD Tangerang XL Center Serang XL Center Rangkas Bitung XL Center Cilegon XL Center Bekasi 1 (XPLOR) XL Center Pondok Indah Mall (XPLOR) XL Center Axiata Tower (XPLOR) XL Center Central Park XL Center Roxy (XPLOR) STORES

2019 2019 PT. XL AXIATA TBK Jabo Jabo Jabo Jabo Jabo Jabo Jabo Jabo Jabo Jabo Jabo Jabo Jabo Jabo Jabo Jabo Jabo Jabo Jabo Jabo Jabo Jabo Jabo Jabo REGION ( samping stasiun MRT HajiNawi ) Gandaria Sel., Kec. Cilandak, Jakarta Selatan Jl. RS. Fatmawati Raya No.53 A,RT.2/RW.2, Jl. Prof. Dr. Sabturio Kuningan, Jakarta Selatan Lotte Ciputra World , Lt. 4No.15A Jl. Tegar Beriman No1, Pakansari, Cibinong, Bogor Cibinong City Mall, 1st Floor,Blok b,c,d Jl. Jendral Sudirman No.48, Bogor Jl. Margonda Raya No2-3, Depok Ruko Margonda Residence Kebayoran Lama, Jakarta Selatan Jl. Sultan Iskandar Muda,Kebayoran Lama Utara, Gandaria City Mall, 1st Floor Jl. PuriAgung, Jakarta Barat Puri Indah Mal Lt. 1(Phone &Computer Centre), Permai, Jakarta Utara Jl. Boulevard Kelapa Gading BlokM,Kelapa Gading Mal Kelapa Gading 1, Lt. Dasar BlokG1No66A, Jl. Mitra Sunter Boulevard, Jakarta Utara Sunter Permai Indah BlokA18, Karawang (Samping Pom Bensin Mas) Galuh Komplek Ruko Broadway Blok3No. 19 Mas, Galuh Jl Niaga Raya Blok2No. 2E,Cikarang The Capitol Business Park, Jl. Jend. Sudirman No1, Cikokol Tangerang City Mall LG Floor, Blok0038-S, No.9-10,e-center, Lippo Karawaci Super Mall Karawaci, Lower Ground BlokA3A Tangerang Serpong 2F-03A,03B, Pakulonan Barat, Kelapa Dua, Summarecon Mall Serpong, Jl. Boulevard Raya Gading Pondok Jaya, Pondok Aren, Tangerang Bintaro Jaya Bintaro Blok.O-2, Jaya Sektor VIII, Bintaro Xchange Mall, Lower Ground, Boulevard Jl Pahlawan Seribu, BSD, Tangerang Ruko Tol Boulevard BlokD29-30, Jl. Trip Jamaksari No. 12A, Cinaggung, Serang Jl. Rd. Hardiwinangun No. 54, Rangkasbitung Komp. Ruko Mall Barata BlokA8 Jl. Raya Cilegon No. 49B (Di Jl.Ahmad Yani), Cilegon Bekasi (Depan RsMitra Bekasi Barat) Komp. Ruko Bekasi Mas BlokNNo. 7, Jl.Ahmad Yani, Pondok Indah Kav. IV/TA, Jakarta Selatan Pondok Indah Mall 1Lt. 2No. 232 &233, Jl.Metro East Kuningan, Setiabudi, Jakarta Selatan Jl. H.R.Rasuna Said No.Kav. X-2 No. 5, RT.9/RW.4, Jl. Let.Jend S. Parman Kav 28Jakarta Barat Central Park Mall, Lt.4 unit232-233. No.34, RW.8, Cideng, Gambir, Jakarta Pusat Komplek Ruko Roxy Mas BlokC4/3, Jl.KHAshari ADDRESS Selatan Jakarta Jakarta Cibinong Bogor Depok Jakarta Jakarta Jakarta Jakarta Karawang Cikarang Tangerang Tangerang Tangerang Tangerang Tangerang Serang Bitung Rangkas Cilegon Bekasi Jakarta Jakarta Jakarta Jakarta CITY DKI Jakarta DKI Jakarta Jawa Barat Jawa Barat Jawa Barat DKI Jakarta DKI Jakarta DKI Jakarta DKI Jakarta Jawa Barat Jawa Barat Banten Banten Banten Banten Banten Banten Banten Banten Jawa Barat DKI Jakarta DKI Jakarta DKI Jakarta DKI Jakarta PROVINCE NO. 90 80 84 94 86 96 88 89 85 95 83 93 82 92 78 79 87 76 75 77 81 91 XL Center Batam Karimun XL Center Tanjung Balai XL Center Jambi XL Center Tanjung Pinang XL Center Padang (XPLOR) XL Center Bukittinggi XLC Bengkulu XL Center Pekanbaru XL Center Dumai XL Center Lubuk Linggau XL Center Lampung (XPLOR) XL Center Lubuk Pakam XL Center Medan XL Center Banda Aceh XL Center Tebing Tinggi XL Center Rantau Prapat XL Center Pematang Siantar XL Center Padang Sidempuan CenterXL Manggar XL Center Palembang XL Center Belitung XL Center Bangka STORES West West West West West West West West West West West West West West West West West West West West West West REGION No.3, Batam Center Jl. Engku Puteri, Komp. Ruko Seruni Indah BlokI, Jl. A.Yani nomor 95, Kolong, Karimun (Dekat Global Kanaan School), Kel. Kebun Handil Jl. Yunus Sanis No40-41 No.46, Tanjung Pinang Jl. D.I Panjaitan Komplek Bintan Center BlokD (Samping BimbelNurulFikri,Depan BimbelGama) Kel. Sawahan, Kec. Padang Timur Jl. Proklamasi Padang RT 004 RW 01 Kel. Benteng Pasar Atas, Kec. GugukPanjang Jl. Tengku Umar No.12 C,Kampung Cina, Bengkulu Jl. Jenderal Sudirman no.57, Kel. Tengah Padang, Payung Sekaki, Pekanbaru Jl. Nangka Ujung No. 819, Labuh Baru Barat, (Depan Hotel Cititel) Jl. Sudirman Laut Kec. No212, Dumai Timur Kec. Lubuk Linggau Tim. I,Kota Lubuklinggau Jalan Yos Sudarso no. 9C,Kel. Watervang, Kec. Tanjungkarang Pusat, Kota Bandar Lampung Jl. Jendral Sudirman No23A,Kel. Enggal, Kel. Lubuk Pakam Pekan, Kecamatan Lubuk Pakam Jl. P. Diponegoro No.115B, RT 06/RW 03, Kec. Medan Petisah, Medan 20112 Jl. Diponegoro No. 5, Kel. Petisah Tengah, (Samping Service Centre Samsung danBank Mandiri) Landom, Lueng Bata, Kota Banda Aceh, Jl. Mr. Dr. Mohd.Hasan, Batoh, Lueng Bata, Tinggi, (depan RSUD Dr. Kumpulan Pane) Jl. Dr. Kumpulan Pane, Bandar Utama, Kota Tebing Kec. Rantau Selatan, Kab. Lab. Batu Jl. A.Yani no. 102 B, Kel. Bakaran Batu, Jl. Sutomo No.5i Kel. Proklamasi, Pematang Siantar JL. Merdeka, Kota Padang Sidempuan Komplek. Pertokoan City Walk BlokB#21, Kab. Belitung timur Jl. Tugu Warkop, Desa Baru, Kec. Manggar, JL. Angkatan 45 no,818, Palembang Padan Jl. Jend. Sudirman No. 30 Belitung, Kec Tanjung Pangkal Pinang Jl. Raya Koba Villa Bangka Asri BlokBNo. 1, Bangka, ADDRESS DRIVING OPERATIONAL EXCELLENCE

FOR SUSTAINABLE GROWTH AND RETURNS Xl Center +XlStore (Xplor) Selatan Jakarta Batam karimun Tanjung Balai Jambi Pinang Tanjung Padang Bukittinggi Pekanbaru Pekanbaru Dumai Linggau Lubuk Lampung Lubuk Pakam Medan Aceh Tebing Tinggi Prapat Rantau Siantar Pematang Sidempuan Padang Manggar Palembang Belitung CITY Riau Kepulauan Riau Kepulauan Jambi Riau Kepulauan Barat Sumatera Barat Sumatera Riau Riau Riau Selatan Sumatera Lampung Utara Sumatera Utara Sumatera Aceh Utara Sumatera Utara Sumatera Utara Sumatera Utara Sumatera Belitung Bangka Kepulauan Selatan Sumatera Belitung Bangka Kepulauan Belitung Bangka Kepulauan PROVINCE 195

FINANCIAL STATEMENTS 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE 196 follows: Services Authority Regulation No.8/POJK.04/2015 on the Website of the Issuer or PublicCompany as www.xl.co.id. The information contained inthe Company’s website isinaccordance with the Financial The Company’s website contains information aboutthe Company that can beaccessed publicly through WEBSITE INFORMATION Corporate INTEGRATED ANNUAL REPORT NO. 4. 5. 2. 3. 1. following information: General Information on Company must provide at minimum the used. (English at minimum) with the same information at each language Website content shouldbeinIndonesia andother foreign language be accessed by public. understand, not misleading on Company’s condition aswell asableto The above information must bedisclosed inaccurate, clear, easy to Information pertaining with Corporate Social Responsibility. Information on GoodCorporate Governance Information for Investor andshareholders; General Information on Company; following matters: Company’s website must provide information at minimum on the following information: Information for Investor andshareholders must at include minimum the Website address shouldreflect Company’s ID DESCRIPTION • • • • • • • • • • • • • • • Articles of Association. Accountant. List of Company’s supporting institutions i.e. Share Register, name, CVandmultiple Board membership inother Company. Committees andCorporate Secretary whichshall photos, include Profile of Board of Directors, Board of Commissioners, Information on Company’s Subsidiaries. basis (ii)Information on controlling shareholders (Axiata) and(iii) of shareholders i.e. name, ownership percentage on monthly Company’s shares ownership consists of amongst others (i)detail Organization Structure Company’s history at aglance. including allbranch office. Name of Company, contact details (phone numbers, fax, email) Disclosure on Material Facts. Corporate Actions Dividend Information Rate Outstanding Bonds/Sukuk (ii) Rating Result (iii)Period (iv) Interest Information pertaining with Bonds andSukuk, covering (i) (iii) Bonus shares any) (if (iv) changes of shares nominal. Shares Information covering (i)total shares (ii)Shares any) split(if and/or BOC(iv) Summary of GMS result. (i) announcement, (ii)Meeting material (iii)CVof proposed BOD General Meeting of Shareholders (GMS). The Information covering Financial Information. years. Annual andInterim Financial Statement for the last five financial

2019 2019 PT. XL AXIATA TBK COMPLY COMPLY NOT NO. 6. 7. new information, future events or otherwise. made, andwe do not undertake any obligation to update or revise any of them, whether asaresult of from those anticipated. Forward-looking statements apply only asof the date on whichthey are materialise, or should underlying assumptions prove incorrect, ouractual results may differ materially projections andother forward-looking statements will not beachieved. Ifone or more of these risks risks anduncertainties, both general andspecific, and there are risks that the predictions, forecasts, of identifying suchstatements. By their very nature, forward-looking statements involve inherent expressions are intended to identify such forward-looking statements, but are not the exclusive means “seek”, “will”, “plan”, “could”, “may”, “endeavour”, “target”, “forecast” and“project” andsimilar developments andbusiness strategies. Words suchas“believe”, “anticipate”, “expect”, “intend”, of amounts not yet determinable. These statements may also relate to ourfuture prospects, to analyses andother information whichare based on forecasts of future results andestimates XL Axiata may, inthis document, make certain statements that are not historical facts andrelate DISCLAIMER – FORWARD-LOOKING STATEMENTS: minimum the following information : Information on Corporate Social Responsibility must at include the following information : Information on GoodCorporate Governance must at include minimum DESCRIPTION • • • • • • • • • Program andCost of CSR implementation Policy. Whistleblowing Policy Risk Management Policy Nominating andRemuneration Procedure. Committee. Notice on appointment and/or resignation of members faudit Terms of reference of Committees. Internal Audit Charter Board Manual DRIVING OPERATIONAL EXCELLENCE Corporate Website Information

FOR SUSTAINABLE GROWTH AND RETURNS COMPLY COMPLY NOT 197

2019 2019 PT. XL AXIATA TBK available inthis section or link.Clickhere DRIVING OPERATIONAL EXCELLENCE FINANCIAL STATEMENTS Full Financial Statements 31DECEMBER 2019AND 2018 PT XL AXIATA TBK FOR THE YEARS ENDED Keterangan:

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FINANCIALFINANCIAL STATEMENTS STATEMENTS 2019 2019 CORPORATE DATA CORPORATE SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE MANAGEMENT’S DISCUSSION & ANALYSIS MANAGEMENT REPORTS XL AXIATA AT GLANCE