Investor memo

Tickers Full Year 2020 IDX : ISAT 19 February 2021 Market Capitalization As of 31 December 2020 IDR 27.4 trillion Turnaround momentum maintained 11.6% YoY Cellular revenue growth, 16.0% YoY EBITDA growth driven by continuous Issued Shares revenue growth momentum and focus on operational efficiencies 5,433,933,500

Share Price FY 2020 was a challenging year from many aspects – Covid-19 and pricing pressure from operators. As of 31 December 2020 Despite all the challenges, Indosat remained resilient on its growth momentum and IDR5,050 delivered a solid financial FY 20 performance. For the year 2020, total Revenue increased by 6.9% Hi / Lo IDR5,650 / IDR1,200 YoY to IDR27.9 trillion, cellular revenue increased by 11.6% YoY to IDR23.1 trillion, and EBITDA reached IDR11.4 trillion, a 16.0% strong improvement YoY. EBITDA Margin was recorded at 40.9%, Shareholder Structure an improvement of 3.2 ppt from last year. As of 31 December 2020 Ooredoo Asia Pte. Ltd. 65.00% Republic of 14.29% The Company’s focus on offering relevant & affordable pricing, innovative digital services and Free Float 20.71% superior network experience has delivered over 14.3% YoY ARPU growth and positive subscriber IDR to USD Conversion addition. Cellular subscribers, stood at 60.3 million by end of year 2020, 1.7% YoY growth. As of 31 December 2020 1 USD = IDR14,105 Average Revenue per User (ARPU) increased to IDR31.9 thousand, from previously IDR27.9

Corporate & Bond Ratings thousand in FY 2019. As of 31 December 2020 Pefindo : Stable Outlook Benefitting on a continuously improving network experience and expanding consumer demand, data idAAA traffic grew by 52.8% YoY. Local Currency Debt idAAA(sy) Local Sukuk Ijarah Covid-19 has changed how we work, how we study, and many more aspects of our lives. We are Fitch : Stable Outlook very grateful that as a leading digital telecommunication Company we have managed to transition to AAA (idn) new ways of digital working and living swiftly. The Company also ensured that our subscribers continue to be connected in this difficult and challenging times. Our network is currently at its best, Investor Relations recognized by Opensignal global recognition award as Global Rising Star in 2020. We have PT Indosat Tbk - Indonesia managed to improve our video experienced by 55.8% YoY, doubled our download speed, and Ph: +62 21 30442292 significantly improved our upload speed by 88.4% YoY. We are committed to ensure that we provide E-mail: [email protected] the best products and value for our subscribers. http://www.indosatooredoo.com We are confident that our growth momentum will continue in 2021. We are hopeful that this year will . be a better year compared to 2020, however with consideration of economic recovery uncertainties from Covid-19, we are cautiously optimistic by guiding revenue growth to be in-line with industry, EBITDA margins to be at low 40’s, and Capex at approximately at IDR8Tn.

* excluding Right of Use Assets under PSAK 73

FULL YEAR 2020 OPERATING AND FINANCIAL RESULTS

PT Indosat Tbk (“Indosat Ooredoo” or the “Company”) has released its audited consolidated financial statements for the Full Year 2020 (“FY 2020”). The audited consolidated financial statements have been prepared in accordance with Indonesian Financial Accounting Standards (IFAS). Audited Consolidated Statements of Profit or Loss and Other Comprehensive Income Key Indicators YoY Quarterly (in IDR billion) FY 2020 FY 2019 Growth % 4Q 2020 3Q 2020 Growth % Revenues 27,925.7 26,117.5 6.9 7,333.7 7,140.3 2.7 • Cellular 23,082.3 20,674.2 11.6 6,051.9 5,889.4 2.8 • MIDI 4,282.9 4,780.8 (10.4) 1,116.8 1,129.7 (1.1) • Fixed Telecom 560.5 662.5 (15.4) 165.0 121.2 36.1 Expenses (25,526.4) (21,889.2) 16.6 (6,689.6) (6,472.9) 3.3 Operating Profit 2,399.3 4,228.3 (43.3) 644.1 667.4 (3.5) Other Expenses - Net (2,998.9) (2,641.1) 13.5 (841. 8) (808.1) 4.2 (Loss) Profit for the Year Attributable to Owners of The Parent (716.7) 1,569.0 (145.7) (25 9.2) (116.4) (122.7) EBITDA* 11,433.2 9,856.1 16.0 2 ,967.2 3,036.0 (2.3) EBITDA Margin 40.9% 37.7% 3.2 ppt 40.5% 42.5% (2.0 ppt)

Financial Ratios Formula FY 2020 FY 2019 Interest Coverage** EBITDA/Interest Payment 6.76 4.87 Net Debt to EBITDA*** (Debt - Cash & Cash Equivalent)/Total EBITDA 1.25 1.60 * EBITDA (earnings before interest, taxes, depreciation and amortization) is a non-IFAS measure that management believes is a useful a supplemental measure of cash generated prior to debt service, capital expenditures and income tax. Investors are cautioned that EBITDA should not be construed as an alternative to net income determined in accordance with IFAS as an indicator of the Company’s performance or to cash flows from operations as a measure of liquidity and cash flows. EBITDA does not have a standardized meaning prescribed by IFAS. The Company’s method of calculating EBITDA may differ from the methods used by other companies and, accordingly, it may not be comparable to similarly titled measures used by other companies. ** Calculated using EBITDA and interest payment for the years ended December 31, 2020 and 2019. *** Net debt excludes lease liabilities.

AUDITED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

Revenues of IDR27,925.7 billion were recorded for FY 2020, an increase of IDR1,808.2 billion or 6.9% higher compared to FY 2019. Indosat Ooredoo’s Cellular, MIDI, and Fixed Telecommunication business each contributed 82.7%, 15.3%, and 2.0% respectively to the consolidated operating revenues for the year ended 31 December 2020.

• Cellular Revenues increased by 11.6% compared to FY 2019, attributable to an increase in Data revenue, offsetting the decrease in voice, SMS, tower, and device revenue. • MIDI Revenues decreased by 10.4% compared to FY 2019, due to revenue decrease in Fixed Connectivity and IT services. • Fixed Telecommunication Revenues decreased by 15.4% compared to FY 2019 due to a decline in incoming traffic and Fixed line revenue.

Expenses of IDR25,526.4 billion were recorded for FY 2020, an increase of IDR3,637.2 billion or 16.6% higher over FY 2019. This increase is mainly due to Personnel Expense and Depreciation and Amortization, offset by decrease in General and Administration, Marketing Expense, and Cost of Services.

• Cost of Services: decreased by IDR177.1 billion or 1.4% lower over FY 2019, mainly due to lower installation cost and devices cost with change in device sales strategy. • Depreciation and Amortization: increased by IDR441.5 billion or 4.6% higher over FY 2019, mainly due to impact depreciation from additional fixed assets from network roll out. • Personnel Expenses: increased by IDR644.5 billion or 33.3% higher over FY 2019 mainly due to one-off net impact in 2020 (IDR329 Bn) from organization rightsizing and one-time reversal booked in FY 2019. • Marketing Expenses: decreased by IDR62.7 billion or 5.5% lower over FY 2019, mainly due to marketing efficiencies with shift to digital. • General and Administration expenses: decreased by IDR173.6 billion or 20.7% lower over FY 2019 mainly due to lower professional fee, lower rent and lower transportation expense as part of ongoing cost optimization initiatives. • Other Operating Income/(Expenses): decreased by IDR2,964,6 billion or 75.2% lower over FY 2019 mainly due to gains related with tower sale, net gain on asset received and reversal of tax provision booked in 2019, offset by one-time reversal of warranty accrual related with tower, additional tax provision and dividend income from associate held for sale booked in 2020. 2

Other Expense - net: Indosat Ooredoo recorded expense of IDR2,998.9 billion, increased by IDR357.8 billion or 13.5% higher over expense recorded in FY 2019 was driven primarily by higher loss on foreign exchange by IDR135.3 billion, higher financing cost (mainly from lease liabilities) by IDR284.2 billion, and higher loss on change in fair value of derivatives of IDR48.1 billion, offset by higher interest income by IDR109.8 billion.

Loss for the Year Attributable to Owners of the Parent: Indosat Ooredoo recorded net loss of IDR716.7 billion, decreased by IDR2,285.7 billion over net profit recorded in FY 2019 primarily driven by gain on tower sale in 2019.

AUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION Key Indicators (in IDR billion) FY 2020 FY 2019 Growth % ASSETS Current Assets 9,594.9 12,444.8 (22.9) Non-Current Assets 53,183.8 50,368.2 5.6 TOTAL ASSETS 62,778.7 62,813.0 (0.1) LIABILITIES Current Liabilities 22,658.1 22,129.4 2.4 Non-Current Liabilities 27,207.2 26,976.4 0.9 TOTAL LIABILITIES 49,865.3 49,105.8 1.5 TOTAL EQUITY 12,913.4 13,707.2 (5.8) TOTAL LIABILITIES & EQUITY 62,778.7 62,813.0 (0.1)

• Current assets decreased by 22.9% to IDR9,594.9 billion, mainly due to decrease in Cash and Cash Equivalent as impact of payment for matured bonds. • Non-current asset increased by 5.6% to IDR53,183.8 billion, mainly due to increase in PPE as impact of net additional assets. • Current liabilities increased by 2.4% to IDR22,658.1 billion mainly from additional procurement payable. • Non-current liabilities slightly increased by 0.9% at IDR27,207.2 billion.

Cash Flow and Capital Expenditure Key Indicators (in IDR billion) FY 2020 FY 2019 Growth % Net Cash Flows Provided by Operating Activities 11,047.9 10,588.5 4.3 Net Cash Flows Used in Investing Activities (6,962.8) (8,883.0) (21.6) Net Cash Flows (Used in) Provided by Financing Activities (8,177.5) 3,143.6 (360.1) Net Foreign Exchange Differences from Cash and Cash Equivalents (6.6) (12.9) (49.2) Net (Decreases) Increase in Cash and Cash Equivalents (4,099.0) 4,836.2 (184.8) CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR 5,881.2 1,045.0 462.8 CASH AND CASH EQUIVALENTS AT END OF THE YEAR 1,782.2 5,881.2 (69.7)

Capex in FY 2020 amounted to IDR8,677.9 billion (excluding IDR5,183.5 billion of Right of Use Assets), decreased 14.5% over FY 2019. Approximately 89.6% of the Capex was allocated to cellular, to support data services demand and the remaining balance was allocated to MIDI, infrastructure and IT Capex.

STATUS OF DEBT

Total outstanding debt: As of 31 December 2020, the Company had total outstanding gross debts (excluding unamortized transaction costs and lease liabilities) of IDR16,030.1 billion. The Company’s cash position as at 31 December 2020 stood at IDR1,782.2 billion and net debt is at IDR14,247.9 billion. The composition of the Company’s gross debt, excluding lease liabilities, is as follows:

Debt Proportion (Principal amount) FY 2020 FY 2019 Growth % IDR Loans (billion) 4,251.1 4,760.3 (10.7) IDR Bonds (billion) 11,779.0 16,879.0 (30.2) Total maturing debt: in the next twelve months, IDR2.4 trillion of the Company’s debt is maturing. The average tenor of debt is 2.8 years as of 31 December 2020.

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OPERATIONAL RESULTS

YoY Quarterly Key Indicators FY 2020 FY 2019 Growth % 4Q 2020 3Q 2020 Growth % Customers - Postpaid (million) 1.6 1.5 7.0 1.6 1.6 3.8 Customers - Prepaid (million) 58.7 57.8 1.5 58.7 58.8 (0.3) Customers - Total (million) 60.3 59.3 1.7 60.3 60.4 (0.2) ARPU (Postpaid) (IDR thousand) 83.2 97.1 (14.3) 80.6 81.2 (0.7) ARPU (Prepaid) (IDR thousand) 30.5 26.0 17.5 31.3 31.0 0.8 ARPU (Blended) (IDR thousand) 31.9 27.9 14.3 32.6 32.3 0.7 MoU 27.6 32.3 (14.5) 23.8 27.6 (14.0) Data Traffic (TB) 4,907,122 3,211,009 52.8 1,432,046 1,258,443 13.8 SMS Traffic (bn) 5.8 14.0 (58.5) 1.1 1.2 (7.3)

The Company ended FY 2020 with a total cellular customer base of 60.3 million, an increase of 1.7% over FY 2019 due to better product offering combined with improved network quality. 4Q 2020 subscriber number slightly decreased by 0.2% compared with 3Q 2020.

Average Revenue per User (ARPU) for cellular customers in FY 2020 stood at IDR31.9 thousand or IDR4.0 thousand higher compared to FY 2019.

Average Minutes of Usage (MOU) per customer decreased to 27.6 minutes, a 14.5% decrease compared to FY 2019 in-line with the negative industry trend of traditional voice services.

NETWORKS

The Company has operated 63K 4G BTS as of 31 December 2020, adding 15K 4G BTS during the year.

YoY Key Indicators FY 2020 FY 2019 Change Base Transceiver Stations (BTS) 2G 26,817 27,789 (972) 31,393 48,307 (16,914) 4G 62,887 48,048 14,839

MEMORANDUM OF UNDERSTANDING

On 28 December 2020, Ooredoo announced that it had entered into an exclusive and non-legally binding Memorandum of Understanding (“MoU”) with CK Hutchison Holdings Limited in relation to a potential transaction to combine their respective telecommunications businesses in Indonesia, namely PT Indosat Tbk and PT Hutchison 3 Indonesia. The exclusivity period for the MoU is valid until 30 April 2021.

As at the issuance date of the consolidated financial statements, there are no material impact to the Company’s operations, legal, financial condition, and or business continuity.

SUBSEQUENT EVENT

On 17 February 2021, the Company informed Otoritas Jasa Keuangan (“OJK”) about the Company's plan to explore a sale of approximately 4,000 towers. The Company is still in the early stage of exploring the transaction.

About Indosat Ooredoo Indosat Ooredoo (IDX:ISAT), member of Ooredoo Group, is building Indonesia’s leading digital telco, enabling access and greater connectivity for everybody and every business. Indosat Ooredoo aspires to enrich the lives of Indonesians in the digital world.

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AUDITED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For The Years Ended 31 December 2020 and 2019 (Expressed in Billions of Rupiah) Growth Description 2020 2019 (%) (1) REVENUES Cellular 23,082.3 20,674.2 11.6 Multimedia, Data Communication, Internet (“MIDI”) 4,282.9 4,780.8 (10.4) Fixed Telecommunications 560.5 662.5 (15.4) TOTAL REVENUES 27,925.7 26,117.5 6.9

(EXPENSES) INCOME Cost of Services (12,165.5) (12,342.6) (1.4) Depreciation and Amortization (10,011.4) (9,569.9) 4.6 Personnel (2,578.5) (1,934.0) 33.3 Marketing (1,082.8) (1,145.5) (5.5) General and Administration (665.7) (839.3) (20.7) Gain (Loss) on Foreign Exchange - net 7.7 (2.6) 396.4 Amortization of Deferred Gain on Sale and Leaseback of Towers 141.1 141.1 - Share of Net Profit of Associates and Joint Ventures 103.3 151.9 (32.0) Net Gain on Sale and Leaseback of Towers - 2,568.2 (100.0) Net Gain on Asset Received - 534.7 (100.0) Others - Net 725.4 548.8 32.2 TOTAL EXPENSES (25,526.4) (21,889.2) 16.6

OPERATING PROFIT 2,399.3 4,228.3 (43.3)

Interest Income 191.2 81.4 135.0 Loss on Change in Fair Value of Derivatives - net (87.4) (39.3) 122.4 Finance Costs (3,045.0) (2,760.8) 10.3 (Loss) Gain on Foreign Exchange - net (57.7) 77.6 (174.4)

OTHER EXPENSES - Net (2,998.9) (2,641.1) 13.5

(LOSS) PROFIT BEFORE INCOME TAX (599.6) 1,587.2 (137.8) INCOME TAX (EXPENSE) BENEFIT (30.6) 43.2 (170.9)

(LOSS) PROFIT FOR THE YEAR (630.2) 1,630.4 (138.7) (LOSS) PROFIT FOR THE YEAR ATTRIBUTABLE TO : OWNERS OF THE PARENT (716.7) 1,569.0 (145.7) NON-CONTROLLING INTERESTS 86.5 61.4 41.0 TOTAL (630.2) 1,630.4 (138.7) 1) Percentage changes may vary due to rounding.

Disclaimer This document contains certain financial information and results of operation, and may also contain certain projections, plans, strategies, and objectives of Indosat Ooredoo, that are not statements of historical fact which would be treated as forward-looking statements within the meaning of applicable law. Forward looking statements are subject to risks and uncertainties that may cause actual events and Indosat Ooredoo's future results to be materially different than expected or indicated by such statements. No assurance can be given that the results anticipated by Indosat Ooredoo, or indicated by any such forward looking statements, will be achieved.

The financial information provided herein is based on Indosat Ooredoo’s consolidated financial statements in accordance with Indonesian Financial Accounting Standards.

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