PT Link Net Tbk Company Presentation 1Q 2019 Page Title: 20 Pt; Arial 255 255 255 Disclaimer

PT Link Net Tbk Company Presentation 1Q 2019 Page Title: 20 pt; Arial 255 255 255 Disclaimer

Placeholder Heading These materials are being made available to you for informational purposes only. It is not intended for potential investors and does not constitute or form part of, and should not be construed as an offer or the solicitation of an offer to subscribe for or purchase securities of PT Link Net Tbk. (the “Company”), and nothing contained therein shall form the basis of or be relied on in connection with any contract or Font color – 255/255/255 commitment whatsoever. All information herein reflects prevailing conditions as of the date of this presentation or as of the date specified in this presentation, all of which is subject to change.

Fill Color – 26/66/111 This presentation contains “forward-looking statements”, which are based on current expectations and projections about future events, and include statements concerning the Company‟s future growth, operating and financial results and dividend policy and all statements other than statements of historical facts, including, without limitation, any statements preceded by, followed by or that include the words “targets”, “believes”, “expects”, “aims”, “intends”, “will”, “may”, “anticipates”, “would”, “plans”, “could”, “should”, “predicts”, “projects”, “estimates”, “foresees” and similar words and expressions or the negative thereof, as well as predictions, projections and forecasts of the economy or economic trends of the markets, which are not necessarily indicative of the future or likely performance of the Company, and projections and forecasts of their performance, which are not guaranteed. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, forward-looking statements are based only on current Charts/Objects Color Scheme beliefs, assumptions, and expectations of management regarding the Company‟s future growth, network roll out and other expansion plans, operating and financial results (including its cash flow generation capacity) and dividend payout target. Because forward-looking statements relate to the future, they are inherently subject to significant known and unknown business, economic and competitive uncertainties, risks and contingencies, many of which are beyond the Company‟s control and difficult to predict, which could cause actual results to differ materially from those suggested by the forward-looking statements. These 26 66 111 include competitive pressures in the Indonesia markets for broadband, cable TV and data communications services; changes in broadband technologies; disruptions or outages affecting the Company‟s network or other information technology infrastructure and systems; the Company‟s ability to successfully implement its growth strategies; decline in the Company‟s ARPU or profitability; increases in the Company‟s operational costs or capital expenditures; the Company‟s ability to successfully expand its network; physical or electronic security breaches, piracy, hacking or similar occurrences; changes in governmental 28 173 229 regulations and increases in regulatory burdens in Indonesia; economic, social and political conditions in Indonesia; changes in the demographic environment in which the Company operates; actions by customers and suppliers; the Company‟s dependence on skilled personnel and sophisticated equipment; labor unrest and other difficulties; performance of global financial markets; fluctuations in foreign currency exchange rates; and other risks, uncertainties and factors. Therefore, readers of this communication are cautioned not to place undue reliance on forward-looking statements that speak only as of the date hereof. 248 128 32 The Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements, except as required by law.

No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of these materials or the opinions 120 120 120 contained therein. These materials have not been independently verified and will not be updated. These materials, including but not limited to forward-looking statements speak only as at the date of this presentation and is not intended to give any assurances as to future results. The Company expressly disclaims any obligation or undertaking to supplement, amend, update or revise any materials, including any financial data or forward-looking statements, as a result of new information or to reflect future events or circumstances, except as required under applicable laws. Given the abovementioned risks, uncertainties 240 200 48 and assumptions, you should not place undue reliance on these forecast and projections. Past performance is not necessarily indicative of future performance.

This presentation contains or refers to certain non-GAAP financial measures, including EBITDA, EBITDA margin, EBITDA less cash capital expenditures and return on invested capital, that are not presented in 184 184 184 accordance with Indonesian Financial Accounting Standards. The measures have been used by management as a supplemental measure of the Company‟s performance and liquidity. These measures may not be equivalent to similarly named measures used by other companies, and should not be considered as an alternative to performance or liquidity measures derived in accordance with Indonesian Financial Accounting Standards. 196 233 248 This presentation also contains certain statistical data and analyses (the “Statistical Information”) which have been prepared in reliance upon information furnished by the Company and/or third party sources for which the Company has either obtained or is in the process of obtaining the necessary consents for use. The Company has not independently verified the accuracy of any Statistical Information herein that has 163 209 163 been attributed to third party sources. Numerous assumptions were used in preparing the Statistical Information, which assumptions may or may not appear herein. As such, no assurance can be given as to the Statistical Information‟s accuracy, appropriateness or completeness in any particular context, nor as to whether the Statistical Information and/or the assumptions upon which they are based reflect present market conditions or future market performance. You should not unduly rely on such information. Statistical Information provided by PT The Nielsen Company Indonesia (“Nielsen”) is about demographic trends and not product performance and is aimed at Nielsen clients in the media space. Such information/data reflects estimates of market conditions based on samples, and is prepared primarily as a marketing research tool for media companies, advertising agencies and advertisers. Nielsen‟s Consumer Confidence information/data measures consumer sentiment and confidence in the future of the economy, expenditure and saving Highlight for Tables patterns and major concerns. Such information/data reflects the optimism of consumers of the overall economic condition which includes future job prospects, and the indication of how consumers will spend and save their money in the next 12 months. This information/data is for general information and research purposes only and should not be viewed as a basis for investments. Any references to Nielsen should not be 214 2 2 considered as Nielsen‟s opinion or endorsement as to the value of any security or the advisability of investing in the Company.

You should not construe any statements and/or information made in this presentation as tax or legal advice. No information set out in this presentation will form the basis of any contract. These materials have been prepared by the Company, and no other party accepts any responsibility whatsoever, or makes any representation or warranty, express or implied, for the contents of these materials, including its accuracy, completeness or verification or for any other statement made or purported to be made in connection with the Company and nothing in these materials or at this presentation shall be relied upon as a promise or Key Message representation in this respect, whether as to the past or the future.

This presentation is not an offer of securities for sale in the Republic of Indonesia and does not constitute a public offering in Indonesia under the Indonesian Law No. 8 of 1995 on Capital Markets and its 76 158 69 implementing regulations.

1 Section 1 Company overview Page Title: 20 pt; Arial 255 255 255 Link Net – The gateway to Indonesian consumer homes Placeholder Heading

Font color – 255/255/255 Targets large and A leading fast growing affluent Fill Color – 26/66/111 HSBB(a) provider segment(c). Large in Indonesia(b) subscriber base (~603k with ~2.25m unique subscribers) Charts/Objects Color Scheme Homes passed with low and stable churn 26 66 111

28 173 229

248 128 32 Innovation led Strong enterprise portfolio offering 120 120 120 premium product offering supporting with certain governmental and 240 200 48 premium ARPUs with 96% financial institutions bundling rate including IDX 184 184 184 as customers

196 233 248

163 209 163 Track record of strong growth – 14.9% Technology neutral Highlight for Tables revenue CAGR(d) network with 50% EBITDA(e) with abundant 214 2 2 margin capacity

Key Message Note: Company data as of 30 March 2019 unless otherwise stated a) HSBB refers to High Speed Broadband which is a fixed network capable of providing internet speeds of at least 4Mbps 76 158 69 b) Source: 2018 Media Partners Asia. Link Net is a leading HSBB provider in Indonesia in terms of subscriber market share as of 30 April 2018 according to Media Partners Asia c) 7.3m addressable homes – According to, and based on addressable market of Upper 1, Upper 2 and Middle 1 SEC households, as defined by, Nielsen (2Q17 definition of SEC classification) – For Greater Jakarta, Greater Bandung, Greater Surabaya (Includes Malang) and Medan. Nielsen reports based on number of people aged 10 and above. Addressable homes or households is derived by assuming each home or household has 4 people each d) Revenue CAGR over FY2014 to FY2018 3 e) EBITDA is a non-GAAP financial measure of the Company‟s performance and should not be considered as an alternative to performance measures derived in accordance with IFAS. Other companies may calculate this non-GAAP measure differently which limits its usefulness as a comparative measure. EBITDA margin is defined as EBITDA divided by revenue HSBB provider of SCALE, operating in the some of the most attractive metropolitan areas of Indonesia

Total LN homes passed: 2.25 million MedanBatam & Batam 2%1

RollHomes outs passed: started ~58kin June 2017

18% 6%1 1 Bandung Greater Surabaya & Homes passed: ~142k Malang & East Java 74%1 Homes passed: ~405k Greater Jakarta Homes passed: ~1.649m

Bali Total 52,166 as of 30 March Home Passed: ~130k 1. Jakarta 21,304 Focus on hotels 2. East Jawa 8,425 3. Bandung 7,568 4. Batam 5,784 5. Medan 7,588 1 City homes passed / Total homes passed 6. Solo 1,497

Note: Company data as of March 30, 2019 unless otherwise stated 4 Regional expansion through intercity hub acquisition in Java

The intercity fiber backbone will open doors to more than 30 cities that were previously untapped by Link Net

CITIES COVERED: No City No City No City No City No City (Capital) 1 Purwakarta 9 Ciamis 17 Mojokerto 25 Pekalongan 31 Jogjakarta 2 Tegal 10 Purwokerto 18 Lamongan 26 Bojonegoro 32 Semarang 3 Weleri 11 Gandrung 19 Salatiga 27 Kebumen 33 Bandung 4 Sumedang 12 Cepu 20 Jombang 28 Cilacap 34 Jakarta 5 Sukabumi 13 Purwodadi 21 Bobotsari 29 Solo 35 Bandung 6 Garut 14 Wates 22 Subang 30 Madiun 36 Semarang 7 Ciranjang 15 Nganjuk 23 Indramayu 37 Surabaya 8 Cirebon 16 Gendingan 24 Karawang

5 Page Title: 20 pt; Arial 255 255 255 Key corporate milestones Placeholder Heading

2014 2015 Font color – 255/255/255 2007 – 2008 • IPO (June) First to provide Fill Color – 26/66/111 Launch of broadband services • Fully marketed secondary seamless internet 2018 and bundled placement (Oct) and TV experience packages • Launched FM TV Anywhere (First Media X) 2017 (OTT application) Charts/Objects Color Scheme 2016 26 66 111 2002 Jun 2011 Sole provider • Link Net acquires and to IDX of begins operating the 2018 28 173 229 remote trading network and related 2015 • Partnership with network assets CatchPlay, HBO 2000 248 128 32 CVC invested in Link Go Launch of • Net 2014 Shareholding(a) Internet • (March 2019): 120 120 120 services – CVC: 35% 2010 2013 – First Media: 27.4% 240 200 48 Launch of HD 2016 – Public: 37.6% 1999 • Reached 1 million RGUs 184 184 184 Launch of • Expanded network to Cable TV 2011 Medan services 2013 Introduced FTTH services 196 233 248 • 2017 • 1 million homes passed • Launched FM Smart • Acquired pan- • Expanded network to Greater Living, My FM app 163 209 163 Java backbone Surabaya and Bandung Offered 1Gbps high • • Partnership with speed Internet 1999 2000 2002 2007– 2008 2010 • First to offer 100 Mbps to the HOOQ residential sector connectivity Highlight for Tables Network owned and operated by First Media(b) Network owned and operated by Link Net 214 2 2 2011 2012 2013 2014 2015 2016 2017 FY 2018 1Q 2018

Key Message Number of homes (c) 655 933 1,194 1,433 1,673 1,826 2,000 2,201 2,250 76 158 69 passed („000) a) Based on 2,917,155,184 shares outstanding as at 30 March 2019, which excludes 125,494,200 treasury shares b) The Company acquired certain assets, liabilities and rights of use relating to the Network from PT First Media Tbk ("First Media") in June 2011 and commenced its current broadband and cable TV business thereafter. As of 31 May 2018, First Media held 27.4% of the outstanding shares of Link Net 6 c) Number of homes passed are as at the end date for each period Page Title: 20 pt; Arial 255 255 255 Link Net has delivered since its 2014 re-IPO Placeholder Heading Penetration rate 27.4% 26.8% Accomplishments Font color – 255/255/255 Penetration 2,254 Fill Color – 26/66/111 (k) Homes 2.20m homes passed by 2018 1,433 Charts/Objects Color Scheme passed 26 66 111 FY 2014 1Q 2019

ARPU 28 173 229 ARPU (IDRk/month) 402 415

Operational 700 603 600 248 128 32 500 392 400 (k) 300 Continued subscriber growth 200 120 120 120 Subscribers 100 - FY 2014 1Q 2019 240 200 48

(IDR bn) 3,728 184 184 184

196 233 248 Revenue Double digit top-line revenue 2,136 growth 163 209 163 2014 2018

EBITDA

Highlight for Tables margin 57.6% 50% Financial 214 2 2 1,863 Continued profitability growth;

EBITDA (IDR bn) operational efficiencies 1,231 Key Message 2014 2018 76 158 69

7 Section 2 Key investment highlights Page Title: 20 pt; Arial 255 255 255 Key investment highlights Placeholder Heading

Font color – 255/255/255 Fill Color – 26/66/111 Highly attractive long term fundamentals for Indonesia‟s fixed broadband and pay TV 1 markets(a)

Charts/Objects Color Scheme HSBB provider of significant scale and operating in some of the most attractive 26 66 111 2 metropolitan areas of Indonesia with high barriers to entry(b) 28 173 229

248 128 32 3 Technologically resilient HSBB network 120 120 120

240 200 48 4 Compelling product offerings with superior service quality 184 184 184

196 233 248 5 Strong track record of profitable growth 163 209 163

Strong balance sheet and significant cash flow generation have provided high ROIC Highlight for Tables 6 and positions Link Net for further expansion

214 2 2 7 Experienced management team with a strong track record Key Message 76 158 69

a) Indonesia is one of the most underpenetrated and fastest growing broadband and pay TV markets globally in terms of subscribers out of the top 20 largest global economies. Source: 2017 Media Partners Asia b) Source: 2017 Media Partners Asia 9 Page Title: 20 pt; Arial 255 255 255 1 Indonesia‟s highly attractive long term fundamentals Placeholder Heading

Font color – 255/255/255 Rising population growth Rapid GDP and GDP/capita growth(c)

Fill Color – 26/66/111 Population (m) Nominal GDP per capita (US$) ~53% of population under 30 years of age 5,312 Millennials with “internet lifestyle”(a) 3,598 „‟To improve [P1’s] ARPU level, starting from quarter three of 2016, [P1 performs] a Charts/Objects Color Scheme comprehensive review and analysis of [P1’s] customers as [P1] would like to increase more profitable and more loyal customers. Based on the analysis [P1] 26 66 111 managed to reduce the number of low-quality customers.”

28 173 229 P1 4Q16 earnings call, March 7, 2017 Nominal GDP (US$bn) 1,466 248 128 32 259 276 932 120 120 120 2016 2021F(b) 2016 2021F(b) 240 200 48 Increasing disposable income(d) Increasing urbanization(e) 184 184 184 Annual household As % of population disposable income (US$) 196 233 248

163 209 163 Urban 54% 66%

Highlight for Tables 4,973 +12%(b) 214 2 2 3,770 Rural 46% 34%

(b) (b) Key Message 2016 2021F 2016 2030F

Source: 2017 Media Partners Asia unless otherwise stated 76 158 69 a) As of December 2015 b) Indicates a forecast, which is inherently subject to various risks and uncertainties. Actual results and future events could differ materially c) Source: IMF Data (GDP refers to nominal GDP) d) Source: OECD Data 10 e) Source: World Bank and IMF Page Title: 20 pt; Arial 255 255 255 Highly attractive long term fundamentals for Indonesia‟s fixed broadband markets and pay TV markets Placeholder Heading Underpenetrated Broadband segment with ADSL being the Explosive growth in Broadband market driven by HSBB

Font color – 255/255/255 dominant technology demand Broadband subscribers Fill Color – 26/66/111 Broadband penetration (2018) Broadband penetration 43.0% 5.2% 12.8% 15.9% HSBB penetration Charts/Objects Color Scheme 0.7% 8.4% 13.7% 11,392 26 66 111 CAGR c.5.2x 8,676 (2018-23) 3,826 28 173 229 9,792 18% 12.8% 5,682 426 8.4% 248 128 32 3,400 4.4% 2,994 1,600 (11)% (e) APAC (a) 2014 2018 2023F 120 120 120 ADSL HSBB APAC ADSL ('000) HSBB ('000)

240 200 48 Underpenetrated Pay TV segment Explosive growth in Cable TV & IPTV markets

(b) Pay TV subscribers 184 184 184 Pay TV penetration (2018) Pay TV penetration 71.0% 9.6% 14.8% 14.0% 196 233 248 Cable TV + IPTV penetration 1.2% 8.6% 9.5% 163 209 163 6,360 6,822 CAGR c.6.5x (2018-23)

3,694 2,228 (c) Highlight for Tables 2,678 (10.7)% 14.8% (d) 214 2 2 6.2% 3,243 3,682 4,594 8.3% 8.6% 452 (a) APAC 2014 2018 2023F (e) Key Message Cable TV + IPTV DTH + DTT Cable TV + IPTV (k) DTH + DTT (k) Source: 2018 Media Partners Asia unless otherwise stated 76 158 69 a) Refers to average APAC Broadband and Pay TV penetration rates respectively b) Pay TV penetration is as a % of TV households c) Refers to DTH and DTT CAGR d) Refers to Cable TV and IPTV CAGR e) Indicates a forecast, which is inherently subject to various risks and uncertainties. Actual results and future events could differ materially 11 Page Title: 20 pt; Arial 255 255 255 Indonesia fixed broadband is significantly underpenetrated Placeholder Heading Technology share of fixed broadband

Font color – 255/255/255 Fixed broadband penetration rate of key comparable countries subscriptions in Indonesia Fill Color – 26/66/111 Legacy copper-based ADSL still takes up c.67% of the fixed broadband subscriber base in Indonesia Charts/Objects Color Scheme 26 66 111 Cable c.33% 10.7% 82.3% 28 173 229 67.4% 248 128 32 62.1% FTTx 53.5% 53.8% 21.9% 49.6% 120 120 120 42.2% 34.6% (b) 240 200 48 2018

15.9% 16.0% 184 184 184 12.8% 12.5%

196 233 248

163 209 163 ADSL Indonesia Philippines Thailand Malaysia Vietnam China 67.4% 2018 Penetration 2023 Penetration

Highlight for Tables Despite the increasing demand for connectivity, fixed broadband penetration in Indonesia remains one of the 214 2 2 lowest in the region, providing ample room for industry growth. Most of Indonesia‟s fixed broadband subscribers are still the legacy ADSL base, whose theoretical maximum network speed is only up to 8 Mbps, below the government‟s target for 2019 Key Message Source: Media Partners Asia (2018), Indonesia Broadband Plan 2014-2019. 76 158 69 (a) Assuming ADSL 2+ technology at 3.0 km distance from DSLAM. (b) Estimated technology share of the fixed broadband subscriber base in Indonesia (Media Partners Asia, 2018)

12 Page Title: 20 pt; Arial 255 255 255 Pay TV market in Indonesia is also underpenetrated Placeholder Heading

Font color – 255/255/255 Pay TV penetration rate of key comparable countries Fill Color – 26/66/111 2018 PayTV Penetration

Charts/Objects Color Scheme 26 66 111 78.7%

28 173 229

248 128 32 54.4% 48.8% 120 120 120 34.0% 240 200 48 22.6% 184 184 184 14.8%

196 233 248

163 209 163

Indonesia Philippines Thailand Malaysia Vietnam China Highlight for Tables 2018 Penetration 214 2 2

With DTH as the largest technology contributor, Pay TV market in Indonesia also remains underpenetrated Key Message Source: Media Partners Asia (2018). 76 158 69

13 Page Title: 20 pt; Arial 255 255 255 2 Link Net – Leading HSBB provider of scale and operating in some of the most attractive metropolitan areas of Indonesia… Placeholder Heading Operating in provinces with high GDP contribution…(a) …and in some of the most densely populated cities(a) Font color – 255/255/255 Homes Passed(3) Fill Color – 26/66/111 % of Total national 17.5% 15.0% 13.3% 4.2% population 10.3 2.7 3.2 2.2 0.9 1.1 259 GDP (millions) Link Net 2.0m Population (b) Charts/Objects Color Scheme 2016 GDP density Telkom 2 18.7m (US$ bn) Per km , 2016 ADSL & FTTH 26 66 111 Others(3) 635k 28 173 229

248 128 32 (c) (c) (d) 120 120 120

240 200 48 Link Net‟s large and fast growing addressable market(e) 184 184 184

Addressable homes (k) 196 233 248 7,581 CAGR 6,609 163 209 163 Upper 1

Upper 1 10.4% Source: 2017 Media Partners Asia unless otherwise stated Upper 2 a) Source: Badan Pusat Statistik (“BPS”) Upper 2 b) GDP assumes USD/IDR exchange rate of 13,322 c) Key cities in East Java include Gresik, Bangkalan, Mojokerto, Surabaya, Sidoarjo, Lamongan and in West Java Highlight for Tables includes Bandung d) Rest of Indonesia figure is the average of the remaining top 9 provinces as per BPS excluding Jakarta, East Java and West Java 214 2 2 4.5% e) According to, and based on addressable market of Upper 1, Upper 2 and Middle 1 SEC households as defined Middle 1 by Nielsen (2Q17 definition of SEC classification) – For Greater Jakarta, Greater Bandung, Greater Surabaya Middle 1 (Includes Malang) and Medan. Nielsen reports based on number of people aged 10 and above. Addressable homes or households is derived by assuming each home or household has 4 people each

Key Message 2015 2017 76 158 69

14 Page Title: 20 pt; Arial 255 255 255 2 …with high barriers to entry Placeholder Heading High barriers to entry from… Font color – 255/255/255 Fill Color – 26/66/111 Access to Existing Subscribers: Existing subscribers reluctant to provide access for new cable laying, which would result in disruptions and a high degree of inconvenience

Charts/Objects Color Scheme Financial Capability: Able to invest in significant capital expenditure to improve existing network and 26 66 111 support future expansion plans 28 173 229 Strong Brand and Customer Base: Established position and significant market share results in 248 128 32 attractive economies of scale in the long run 120 120 120 Link Net business profiles “On the geographical breakdown, [P1 goes] 240 200 48 pretty much across Indonesia. So, there's no like specific target that P1 purposely set out.” 184 184 184 Geographic focus Product focus Demographic focus P1 4Q16 earnings call, March 7, 2017 196 233 248 “To improve [P1‟s] ARPU level, starting from 163 209 163 quarter three of 2016, [P1 performs] a Urban areas Superior fixed broadband Affluent households comprehensive review and analysis of with high population density and Upper 1, Upper 2 & Middle 1(a) [P1‟s] customers as [P1] would like to and pay TV offerings increase more profitable and more loyal GDP concentration (2.25m homes customers. Based on the analysis [P1] Highlight for Tables passed) managed to reduce the number of low-quality customers.” 214 2 2 P1 4Q16 earnings call, March 7, 2017

Key Message 76 158 69

Source: 2017 Media Partners Asia unless otherwise stated a) According to, and based on addressable market of Upper 1, Upper 2 and Middle 1 SEC households as defined by, Nielsen (2Q17 definition of SEC classification) 15 Page Title: 20 pt; Arial 255 255 255 3 Technologically resilient HSBB network Placeholder Heading

Font color – 255/255/255 Future proof network with abundant bandwidth capacity and high level of network redundancy Fill Color – 26/66/111 Headend Distribution hubs Node Subscriber premises

Charts/Objects Color Scheme 26 66 111

28 173 229

248 128 32

120 120 120

240 200 48

184 184 184

196 233 248

163 209 163 More than 26,000 km‟s of cable across Indonesia(a) Technologically agnostic approach to future rollout:  HFC network in the existing brownfield areas and FTTH Has access to a total of 780 Gbps of International network to be rolled out in new areas rolled out within Highlight for Tables bandwidth capacity parts of existing coverage areas for enhancement  FTTH network to be rolled-out in greenfield areas with 214 2 2 (b) Substantially self-owned last mile roll-out market skewed to the fiber-centric infrastructure

Offering a high quality network using HFC and FTTH Key Message capable of speeds up to 10 Gbps 76 158 69

a) As of 30 June 2018 b) Limited exceptions for certain last mile owned by property developers 16 Page Title: 20 pt; Arial 255 255 255 3 Technologically resilient HSBB network (cont‟d)(a) Placeholder Heading

Font color – 255/255/255 Link Net has already completed most of its end-to-end network infrastructure, assuring network quality and reducing future investment requirement Fill Color – 26/66/111

International Gateway Inter-city Connection Intra-city Connection Last Mile Roll-out Charts/Objects Color Scheme 26 66 111 Vertically Integrated End-to-end Network Infrastructure 28 173 229

248 128 32 2 proprietary international Pan-Java backbone(a) 120 120 120 (b) fibre lines / submarine 26,639 km of cable network 240 200 48 cables providing bandwidth to Singapore 184 184 184 100% proprietary intra- Substantially self-owned 196 233 248 city connection in all of last mile roll-out(c) the operating cities 163 209 163

Highlight for Tables

214 2 2

Selective Usage of Third Party Network for Quality Key Message

76 158 69 a) Link Net acquired a 15-year right to use the pan-Java backbone 2017 b) Total cable length includes HFC and FTTH c) Limited exceptions for certain last mile owned by property developers 17 Page Title: 20 pt; Arial 255 255 255 Compelling product offerings with superior service 4 quality (cont‟d) Placeholder Heading Wide range of product offerings to cater to different customer needs(a,b) Font color – 255/255/255 1 Gbps Fill Color – 26/66/111 IDRk 174 channels (66 HD) 5,160

Charts/Objects Color Scheme 26 66 111 250 Mbps 174 channels (66 HD) Owning 28 173 229 customer 3,139 Integrated 150 Mbps homes 174 channels Product offering across with superior (66 HD) Focus telecom value 248 128 32 100 Mbps fixed broadband 174 channels chain (66 HD) 2,195 and Pay TV 120 120 120 (US$353) offerings 50 Mbps 1,809 30 Mbps 174 channels 18 Mbps 151 channels (66 HD) 240 200 48 6 Mbps 128 channels (US$215) (54 HD) 113 channels (41 HD) 949 (33 HD) (US$150) 629 Urban areas Across the 184 184 184 429 (US$124) 265(c) Geographic with high country (US$65) Focus population including urban (US$29) (US$43) 196 233 248 (US$18) density and rural areas Family D'Lite Elite Supreme Maxima Ultimate Infinite Mach 1 163 209 163 1 2 3 4 5 6 7 8

 Entry-level  Basic package  Incremental add-on  Package targeted  Designed for heavy  Highest tier packages, offering the highest speed available from the Mass market Affluent market package offering offering for packages which for consumers who users of high Company combined with dedicated premium customer and technical including Highlight for Tables Demographic in AB for subscribers with subscribers with deliver faster are looking for full speed internet who service for users that demand the Company‟s best service available lower-end basic internet and basic internet and internet and more access to high require full access Focus household ADSL 214 2 2 TV channel needs TV channel needs TV channel genres speed internet and to all channels segments all channels customers

Profitability margins are similar across all packages from entry-level to most premium tier package Key Message Note: As of Sep 2018 76 158 69 a) All price is including CPE rental, excluding 10% VAT and add-on channels. Total Link Net channel offering are 174 . b) Wireless Docsis 3.0 Modem (previously Docsis 2.0) and HD STB for FAMILY and D‟LITE & Wireless Docsis 3.0 Wi-fi Modem and X1 4K STB (previously X1 HD STB) for ELITE. Prices for all packages include First Media X c) USD/IDR exchange rate of 14,600 18 Page Title: 20 pt; Arial 255 255 255 5 Strong operating and financial track record Placeholder Heading

Font color – 255/255/255 Decreasing expense as % of revenues as business expands leading to industry leading margins Fill Color – 26/66/111 2,000 2,201 Homes 1,826 passed (k) 1,673 595 1,433 Charts/Objects Color Scheme Subscribers 521 570 (k) 26 66 111 392 457

28 173 229

248 128 32

120 120 120 Revenue 3,728 (IDR bn) 3,399 240 200 48 2,954 Operating 1,092 697 expenses 184 184 184 2,564 596 2,136 196 233 248 544 430 163 209 163 EBITDA 2,001 1,727 1,863 1,450 1,231 Highlight for Tables

214 2 2 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018

Key Message 76 158 69

19 Page Title: 20 pt; Arial 255 255 255 Strong balance sheet and significant cash flow generation capabilities Placeholder Heading

(a)(b) (c) Font color – 255/255/255 Net cash with potential leverage capacity EBITDA less capex

Fill Color – 26/66/111 (IDRbn) (IDRbn)

Charts/Objects Color Scheme 26 66 111 88 28 173 229

248 128 32

120 120 120

240 200 48 1,030 184 184 184 613

831 196 233 248 809 525 163 209 163

481 Highlight for Tables 243 214 2 2

Key Message Total Cash Total Debt Net Cash 2014 2015 2016 2017 2018

76 158 69 a) Net cash is defined as total debt (current portion of long-term debt and finance lease payables plus non current portion of finance lease payables) less cash and cash equivalents b) Total cash and debt as of 31 March 2019 c) EBITDA less cash capital expenditures (comprising purchases of property, plant and equipment for installation and purchase of intangible assets plus IDR140bn representing the one-time amount spent on acquisition of B2JS subsea cables in 2015) does not take into account the Company‟s mandatory debt service requirements or other non-discretionary expenditures and should not be relied on as a measure of the Company‟s residual cash flow available for discretionary expenditures. EBITDA less cash capital expenditure is a non- GAAP financial measure of the Company‟s liquidity, excludes components that are significant in understanding and assessing the Company‟s cash flows and should not be considered as an alternative to liquidity measures derived in accordance with IFAS. The Company's 20 cash from operating activities was IDR1,182.6bn, IDR1,181.7bn, IDR1,560.7bn, IDR1,547.2bn for 2014, 2015, 2016 and 2017. The Company's cash used in investing activities was IDR1,039.7bn, IDR1,127.6bn, IDR744.6bn, IDR970.6bn for 2014, 2015, 2016 and 2017. Other companies may calculate this non-GAAP measure differently which limits its usefulness as a comparative measure Page Title: 20 pt; Arial 255 255 255 Board Directors and Board of Commissioners Addition Placeholder Heading

Font color – 255/255/255 Fill Color – 26/66/111 Desmond Poon, Chief Technology Officer & Product Director

. Desmond currently serves as Chief Product and Technology Officer of PT Link Net Tbk. Charts/Objects Color Scheme . He oversees the product planning, as well as engineering and operations of the Company. 26 66 111 . During his tenure in Link Net, he has launched several initiatives such as OTT, Android TV STB, 4K TV, FTTH, and Smart Living. 28 173 229 . Prior joining Link Net, he was the Vice President of Network Engineering in Starhub Singapore . He holds a Masters and Bachelor Degree of Computer Technology from Nanyang Technological University 248 128 32 and a Masters of Business Administration from the University of Surrey

120 120 120

240 200 48 Suvir Varma, Commissioner 184 184 184 . Mr. Suvir Varma was a Senior Partner and Head of Private Equity Practice in Asia at Bain & Company Inc. 196 233 248 and was a Member of Executive Committee at Singapore Venture Capital & Private Equity Association . He has more than 20 years of experience across consulting and finance-related roles focusing on strategic 163 209 163 developments and operational improvements . Received a Bachelor of Science – Hons., Finance, Accounting and Business Policy from Babson College and MBA in Finance, Strategy and Accounting from University of Chicago Highlight for Tables

214 2 2

Key Message 76 158 69

21 Page Title: 20 pt; Arial 6 Experienced management team with a strong track 255 255 255 record Placeholder Heading Marlo Budiman, Chief Executive Officer Font color – 255/255/255 . More than 15 years experience in senior executive roles across various industries including telecommunications and consulting. Fill Color – 26/66/111 . Has had multiple leadership roles and has excelled in growing revenue, cost management, debt restructuring and corporate strategy. . Holds degrees in finance and real estate from Ohio State University. Charts/Objects Color Scheme Victor Indajang, Chief Operations Officer & Deputy CEO . Extensive experience as director of operations and technology roles across banking and the high speed broadband 26 66 111 industry over the last 13 years . Previously served as Link Net‟s operations director from 2009 until 2015 . Played a pivotal role in developing operations that support Link Net‟s network 28 173 229

Desmond Poon, Chief Technology Officer & Product Director 248 128 32 Johannes, Chief Financial Officer . Johannes has more than 20 years of experience across Finance . Over 22 years of experience in technology, media and networks and Audit through various senior executive leadership roles. . Prior to joining Link Net, he was the VP/Head, Home Solutions & Architecture 120 120 120 (SHINE) in StarHub Ltd, Singapore . Previous to Link Net, Johannes was a senior finance executive at PT Smart Tbk (Sinarmas Group Company) 240 200 48 Santi Basuki, Acting Chief Marketing Officer Agus Setiono, New Roll Out Director 184 184 184 . 13 years experience in marketing and customer relationship management . Seasoned leader in operations, marketing in major foreign bank with more than . Currently covers marketing strategic planning for acquisitions, customers portfolio 28 years of experience in technology, media and networks management, and marketing communications . Prior to joining Link Net, he was the VP of Card Marketing in Citibank Indonesia 196 233 248

Edward Sanusi, Operations Director Ferliana Suminto, Corporate Resource Director 163 209 163 . Over 21 years of experience in managing technology related business models for . Seasoned leader with more than 23 years of experience in finance, business software development, ISP, Cable TV, social media, and system integration development, information and communication technology, including an exposure in UPH, and PT. Matahari Putra Prima . Previously Director / CEO in PT Plexis Erakarsa Pirantiniaga (PlasMedia) . Prior to joining Link Net, she was the Chief Financial Officer in PT. Indonesia Highlight for Tables Media Televisi Agung Wiguna, Enterprise Sales Director 214 2 2 Sutrisno Budidharma, Sales Director . Over 27 years of extensive experience in leading product sales teams in banking . Over 17 years experience in senior leadership positions across telecom, media, and branch management in the banking sector and consulting companies, including PT Solusi Tunas Pratama Tbk . Previously Business Development and Direct Sales Director in Link Net . Holds a Masters of Management in Finance and a Bachelor degree in Civil Engineering Key Message 76 158 69 Complementary skills and expertise with strong domestic and international track record

22 Page Title: 20 pt; Arial 255 255 255 Board of Commissioners Placeholder Heading

Font color – 255/255/255 Jonathan L. Parapak, President Independent Commissioner . Extensive experience of senior executive position for more than 30 years across healthcare and Fill Color – 26/66/111 telecommunication industries. . Ha Wibawa Seroja Nugraha degree from the Indonesian National Resilience/Defence Institute, a Master of Engineering Science degree and a Bachelor of Electrical Engineering Communications degree from the University of Tasmania. Charts/Objects Color Scheme 26 66 111 Bintan Regen Saragih, Independent Commissioner . Had an extensive experience of more than 30 years in consulting across industries such as education, law and 28 173 229 telecommunication. . Currently a Dean for Law Faculty of Pelita Harapan University. 248 128 32 . Holds a Doctoral of Law from Padjajaran University and a Bachelor of Law from the University of Indonesia.

120 120 120 Edward Daniel Horowitz, Commissioner . More than 30 years of experience in international media and telecommunication. 240 200 48 . Holds a Master of Business Administration from the Columbia University and a Bachelor of Science degree in Physics from the City College of New York. 184 184 184

196 233 248 Sigit Prasetya, Commissioner . More than 20 years experience in senior executive roles investment and finance. 163 209 163 . Holds a Master of Business Administration from University of New South Wales and a Bachelor degree in Math from the Bandung Institute of Technology.

Highlight for Tables

214 2 2 Suvir Varma, Commissioner . Mr. Suvir Varma was a Senior Partner and Head of Private Equity Practice in Asia at Bain & Company Inc. and was a Member of Executive Committee at Singapore Venture Capital & Private Equity Association . He has more than 20 years of experience across consulting and finance-related roles focusing on strategic Key Message developments and operational improvements . Received a Bachelor of Science – Hons., Finance, Accounting and Business Policy from Babson College and 76 158 69 MBA in Finance, Strategy and Accounting from University of Chicago

23 Page Title: 20 pt; Arial 255 255 255 Board of Directors Placeholder Heading

Font color – 255/255/255 Marlo Budiman, President Director . More than 15 years experience in senior executive roles across various industries including telecommunications Fill Color – 26/66/111 and consulting. . Has had multiple leadership roles and has excelled in growing revenue, cost management, debt restructuring and corporate strategy. Charts/Objects Color Scheme . Holds degrees in finance and real estate from Ohio State University. 26 66 111 Henry Jani Liando, Director . More than 20 years of experience in finance and business planning in senior roles. 28 173 229 . Appointed the Company‟s Independent Director since 2013. . Holds a Master of Business Administration in Finance from Oregon State University and a Bachelor in Chemical 248 128 32 Engineering from the Bandung Institute of Technology.

120 120 120 Desmond Poon, Director . Desmond currently serves as Chief Product and Technology Officer of PT Link Net Tbk. 240 200 48 . He oversees the product planning, as well as engineering and operations of the Company. . During his tenure in Link Net, he has launched several initiatives such as OTT, Android TV STB, 4K TV, FTTH, and Smart Living. . Prior joining Link Net, he was the Vice President of Network Engineering in Starhub Singapore 184 184 184 . He holds a Masters and Bachelor Degree of Computer Technology from Nanyang Technological University and a Masters of Business Administration from the University of Surrey 196 233 248 Wonbae Lee, Director . Senior Managing Director of CVC's private equity operations team in Asia, based in Singapore and with 20 years 163 209 163 of experience in senior roles across finance, consulting and healthcare . Prior joining Link Net, he held the GM position of Asia-Pacific in GE Healthcare and was with AstraZeneca as the country president of Indonesia Highlight for Tables . Held a Bachelor of Business Administration degree from Korea University and MBA from Harvard Business School. 214 2 2 Andy Nugroho Purwohardono . More than 25 years experience in senior executive roles across finance, retail, and consulting. . He is currently serving as the Managing Director of CVC Asia Pacific Limited‟s Indonesia, Director of Matahari Key Message Department Store Tbk, and Director of MAP Aktif Adiperkasa. . Holds a Master of Business Administration from the University of Texas and a Bachelor of Science in Industrial 76 158 69 Engineering from Oregon State University.

24 Section 3 Key strategies Page Title: 20 pt; Arial 255 255 255 Four strategic growth pillars Placeholder Heading

Font color – 255/255/255 1 2 3 4 Fill Color – 26/66/111

Charts/Objects Color Scheme

26 66 111 Maintain expansion Maximize capital Cementing position as a Continued expansion of momentum through utilization through leading HSBB provider enterprise business

28 173 229 Focus strategic roll-out intensifications of choice

248 128 32

120 120 120

240 200 48 • Extend strategic • Boost penetration rates • Continuously enhance • Standardized service partnerships & and increase returns via overall product & packages to cater to extensions remarketing initiatives & network service quality SMEs 184 184 184 compelling bundles • Continue to “Fill in the • Innovative product • Experiment different

196 233 248 gaps” in existing cities • Upsell with value added offerings product offerings, services technologies and • Explore, utilize and test services for large 163 209 163 new technologies Enterprises • Further develop internal

Description resource competencies Highlight for Tables

214 2 2

Key Message 76 158 69

• Revenue growth:

13% - 15% • Target • Homes passed net • Target enterprise subscriber growth: • EBITDA margin: additions same phase as revenue contribution: 13% – 15% 57% - 58% LY CAPEX +/- IDR 1 tn 16% - 20% (in 2-3 years) • Premium ARPU: Guidance • Pen. rate: +/- IDR 400K 28% - 30% Page Title: 20 pt; Arial 255 255 255 1 Maintain expansion momentum through strategic roll-out Placeholder Heading

Font color – 255/255/255 Management seeks to increase expansion momentum to achieve 250k additional homes passes by 2019 Fill Color – 26/66/111

Potential Commentary A Charts/Objects Color Scheme . 2.25m homes passed . Focus on premium locations and 26 66 111 Existing cities . Further upside in addressable selected households households with economic growth . Leverage strong execution track 28 173 229 record and technical know-how

248 128 32

120 120 120 B . Java intercity fiber backbone . Selective expansion into key 240 200 48 acquisition provided instant access to metropolitan cities in Java Island New cities (a) 184 184 184 ~43 new cities . Employ robust and stringent ROIC analysis in evaluation 196 233 248

163 209 163 C . Strategic partnership with reputable . Reduction in upfront capex Strategic partnerships real estate developers . Provides stronger initial HSBB take-up Highlight for Tables Sinarmas Land . Revenue sharing with real estate developers 214 2 2 ModernLand

Key Message 76 158 69

a) Source: 2018 Media Partners Asia 27 Page Title: 20 pt; Arial 255 255 255 Cementing position as a leading HSBB provider of choice Placeholder Heading

Font color – 255/255/255 Fill Color – 26/66/111 Product innovation leadership & synergistic bundles Superior customer service

Highest range of channels and most advanced OTT platform(a) IT run back office: Node-by-node monitoring to observe and implement preventive actions (Pro-active service & network quality assurance & Charts/Objects Color Scheme Innovations: Smart Living, Interactive Smart STB (catch-up TV, delivery) Cloud PVR, VOD, etc) 26 66 111 Customer service through Omni channels Offers attractive bundles, including leveraging on affiliated 28 173 229 companies‟ services (Data Centre, etc) Retention and winback programs 248 128 32

120 120 120 Multi-Screen interactive experience with next 240 200 48 generation cable OTT STB My FM app Optimal subscriber experience with Marketing strategies and product innovations 184 184 184 technological advancements

196 233 248 Nodes to home ratio among the lowest globally Portfolio growth strategy

163 209 163 Extensive network peering and caching to Aggressive value added services offers based provide better surfing experience on segment profiling relevance

Highlight for Tables Redundant submarine and backbone fiber capacity for optimal 214 2 2 international connectivity

Adherence to international open standards to ensure interoperability Ultra High First Media Go Smart Definition and prevent technology obsolescence with First Media X Living Key Message Resolutions

76 158 69 Note: HSBB refer to high-speed broadband (broadband connections of 4 Mbps or faster)

a) Source: 2017 Media Partners Asia 28 Page Title: 20 pt; Arial 255 255 255 Continued expansion of enterprise business Placeholder Heading

Font color – 255/255/255 Strategic roadmap for enterprise business Recent initiatives Fill Color – 26/66/111 Complementary bandwidth utilization from 1 . Standardized service packages residential broadband . End to end solution via bundled

Charts/Objects Color Scheme More competitive offering 26 66 111 product offerings . Value added services and managed services

28 173 229 Increasing customer stickiness, especially for 248 128 32 SMEs with end-to-end solutions

2 businesses Internet 120 120 120 . Pre-wiring of office buildings Continued service . Standardized and automation of 240 200 48 Dedicated internal resource allocation to focus work orders to increase efficiency expansions and and reduce delivery lead time solely on marketing to enterprise customers

184 184 184 improvements

196 233 248 Selected enterprise clients 163 209 163 Allianz BCA Ritz Carlton 3 . Dedicated sales team IDX(a) Garena Grab Sales capability . Automation of network monitoring Highlight for Tables and internal and trouble ticketing system Kompas Gramedia CIMB Niaga NSIAPay 214 2 2 process JIS(b) WPP(c) Lippo improvement firms services Financial DBS JW Marriott Orion Cyber Internet * Sole provider to IDX‟s capital markets integrated network since 2002 Key Message 76 158 69 a) Indonesia Stock Exchange b) Jakarta International School c) PT Wira Pariwara Pamungkas (Group M Indonesia) 29 Section 4 Financial overview 2014 2015 2016 2017 1H 2017 1H 2018

Total HP (end of 1,433 1,673 1,826 2,000 2,000 (k) period)

Broadband(1) 27.4% 27.3% 28.5% 28.5% 28.5% Penetration Bundling 93% 95% 97% 98% 98% Page Title: 20 pt; Arial Page title 24 pt RGUs Broadband 392 457 521 570 570 255 255 255 (k) Cable TV 363 433 503 551 551 26 66 110 Our key drivers ARPU Page subtitle 20pt non bold Combined 402 415 407 407 407 Placeholder Heading (k/month) 26 66 110 Homes passed / Penetration(a) RGUs ARPU(b) FontHeading color – 255/255/255 (k) 27.0% 26.8% Fill Color 26– 26/66/11166 110 (k) Broadband Cable TV (IDRk/month) Line: 26 66 110 2,253 419 420 421 421 422 Excel color scheme 2,201 415 584 Charts/Objects Color Scheme 575 A1: 28 173 229 26 66 111 A2: 119 206 239

28A3: 248173 128 32 229 595 603 248A4: 240128 200 48 32

A5: 213 0 20 120 120 120 4Q 2018 1Q 2019 4Q 2018 1Q 2019 Dec-17 Mar-18 Jun-18 18-Sep 18-Dec 19-Mar A6: 120 120 120 240 200 48 Revenue EBITDA & margins(c) CAPEX A7: 0 153 0

(IDRbn) 23.3% 60.4% (IDRbn) 184A8: 26184 66 110 184 (IDRbn)

196For client233 248 538

163A1: 28209 173 229 163

For CS 264 934 891 232 HighlightA8: 26 66 110 for Tables 217 214 2 2 Highlight in tables

H1: 223 223 223 4Q 2018 1Q 2019 4Q 2018 1Q 2019 4Q 2018 1Q 2019 Key Message H2: 167 167 167 76 158 69 a) Broadband penetration based on broadband subscribers divided by homes passed b) ARPU is calculated by dividing revenue generated during a period by the number of total RGUs at the end of such period, then dividing the quotient by the number of months in such period c) EBITDA is a non-GAAP financial measure of the Company‟s performance and should not be considered as an alternative to performance measures derived in accordance with IFAS. Other companies may calculate this non-GAAP measure differently which limits its usefulness as a comparative measure. EBITDA margin is defined as EBITDA divided by revenue 31 Page Title: 20 pt; Arial 255 255 255 Continued robust revenue growth across segments Placeholder Heading Revenue by services offered Font color – 255/255/255 (a) Fill Color – 26/66/111 ARPU (IDRk/month) 402 415 407 421 422 Penetration rate(%) (b) Continued growth in our Charts/Objects Color Scheme 27.4% 27.3% 28.5% 28.5% 27.0% subscriber base 26 66 111  Continued subscriber growth Broadband Cable TV Others (c) 28 173 229 3,728  ARPU expansion with 248 128 32 premium product offerings 3,399 302 and upselling to higher (IDRbn) 236 120 120 120 2,954 product package 199 240 200 48 2,564 1,348 96% bundling rate(d) 165 1,243 184 184 184 2,136 1,086 144 196 233 248 940 795 163 209 163

1,920 2,078 1,670 Highlight for Tables 1,460 1,197 214 2 2

Key Message 2014 2015 2016 2017 2018

76 158 69 a) ARPU is calculated by dividing revenue generated during a period by the number of total RGUs at the end of such period, then dividing the quotient by the number of months in such period b) Penetration rate calculated as number of broadband RGUs divided by homes passed c) Others include advertising sales, fees related to payment gateway providers, fees on late payments, installation charges in connection with new service setup, and sales of customer premises equipment d) As at 30 June 2018 32 Page Title: 20 pt; Arial 255 255 255 Operational efficiencies continue to drive profitability growth Placeholder Heading

Font color – 255/255/255 EBITDA & margins(a) Net profit & margins(b) Fill Color – 26/66/111 (IDRbn) (IDRbn) EBITDA margin (%) Net profit margin (%) Charts/Objects Color Scheme 57.6% 56.5% 58.4% 59.0% 50.0% 26.1% 24.9% 27.7% 29.5% 21.2% 26 66 111 2,001 1,007 1,863 28 173 229 1,727 819 248 128 32 789 1,450 120 120 120 1,231 640 240 200 48 558

184 184 184

196 233 248

163 209 163

Highlight for Tables

214 2 2 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018

Key Message

76 158 69 a) EBITDA is a non-GAAP financial measure of the Company‟s performance and should not be considered as an alternative to performance measures derived in accordance with IFAS. EBITDA margin is defined as EBITDA divided by revenue b) Net profit margin is defined as net income / total revenue 33 Section 5 Appendix Page Title: 20 pt; Arial 255 255 255 Accolades received Placeholder Heading

Font color – 255/255/255 Fill Color – 26/66/111

Charts/Objects Color Scheme 26 66 111

28 173 229

248 128 32

120 120 120

240 200 48

184 184 184 Contact Center Service Exellence Award Indonesia WOW Brand 196 233 248 2018 2018 163 209 163 • Excellent (First Rank) • Silver Champion, • For ISP & PayTV Category • Pay TV Category

Highlight for Tables • From Service Excellence Magazine • From Markplus Inc • and Carre-CCSL 214 2 2

Key Message 76 158 69