Investor memo 20 May 2021 First Quarter 2021 Results Positive momentum maintained 12.6% YoY Total revenue growth, driven by strong performance in cellular revenues supported by a rebound in the enterprise business, 42.5% YoY EBITDA growth driven by robust top line growth and cost optimisation measures, Net Profit of IDR172.2 bn Indosat Ooredoo delivered excellent set of results in the first quarter of 2021, maintaining the positive momentum from the previous year. Total revenue increased by 12.6% YoY to IDR7,345.3 billion in 1Q 2021 compared to the same period last year. Growth was driven by the strong performance in cellular revenues supported by a rebound in the enterprise business. EBITDA increased to IDR3,391.9 billion in 1Q 2021 or increased by 42.5% compared to the same period in the previous year, due to a combination of top line growth and cost optimization measures which included optimization of network maintenance contracts and more efficient marketing campaigns, EBITDA margin stood at 46.2% in 1Q 2021. Net profit is recorded at IDR172.2 billion, increased by IDR777.8 billion compared with IDR605.6 billion net loss in 1Q 2020. Supported by its strategy of offering simple, relevant, and transparent products and its network investments Indosat Ooredoo’s customer base increased 6.8% to 60.0 million in 1Q 2021 compared to the same period in the previous year. Average Revenue per User (ARPU) increased to IDR32.7 thousand, from previously IDR29.6 thousand in 1Q 2020. Benefitting on a continuously improving network experience and expanding consumer demand, data traffic grew by 46.3% YoY. On 27 April 2021, Ooredoo Group extended the exclusivity period of the non-legally binding MoU with CK Hutchison to 30 June 2021, in relation to a potential transaction to combine their respective telecommunications businesses in Indonesia. This extension will provide more time to complete the ongoing due diligence and negotiate the final terms of a possible combination of the entities. On 18 May 2021, Indosat Ooredoo signed a sale and leaseback agreement with PT EPID Menara Asset Co. for 4,247 telecommunications towers. The total transaction is valued at IDR11 trillion and forms part of Ooredoo Group’s strategy to move to a more efficient and flexible asset light model unlocking the trapped value of its infrastructure portfolio. Total Revenue (in Trillion IDR) EBITDA (in Trillion IDR) 7.3 +12.6% +42.5% 6.5 2.4 3.4 1Q 2020 1Q 2021 1Q 2020 1Q 2021 CAPEX* (in Trillion IDR) Profit (Loss) Attributable to Owners Of The Parent (in Trillion IDR) 1.4 0.6 +123.2% IDR0.8 0.2 1Q 2020 1Q 2021 1Q 2020 1Q 2021 (0.6) * excluding Right of Use Assets under PSAK 73 FIRST QUARTER 2021 OPERATING AND FINANCIAL RESULTS PT Indosat Tbk (“Indosat Ooredoo” or the “Company”) has released its interim consolidated financial statements for the First Quarter 2021 (“1Q 2021”). The interim consolidated financial statements have been prepared in accordance with Indonesian Financial Accounting Standards (IFAS). Interim Consolidated Statements of Profit or Loss and Other Comprehensive Income Key Indicators YoY Quarterly (in IDR billion) 1Q 2021 1Q 2020 Growth % 1Q 2021 4Q 2020 Growth % Revenues 7,345.3 6,523.1 12.6 7,345.3 7,333.7 0.2 • Cellular 6,045.1 5,371.7 12.5 6,045.1 6,051.9 (0.1) • MIDI 1,166.5 1,007.5 15.8 1,166.5 1,116.8 4.5 • Fixed Telecom 133.7 143.9 (7.1) 133.7 165.0 (19.0) Expenses (6,416.0) (6,326.8) 1.4 (6,416.0) (6,689.6) (4.1) Operating Profit 929.3 196.3 373.4 929.3 644.1 44.3 Other Expenses - Net (629.7) (705.9) (10.8) (6 29.7) (841.8) (25.2) Profit (Loss) for the Period Attributable to Owners of The Parent 172.2 (605.6) 128.4 172.2 (259.2) 166.4 EBITDA* 3,391.9 2,380.0 42.5 3,39 1.9 2,967.2 14.3 EBITDA Margin 46.2% 36.5% 9.7 ppt 46.2% 40.5% 5.7 ppt Financial Ratios Formula 1Q 2021 1Q 2020 Interest Coverage** EBITDA/Interest Payment 8.01 5.02 Net Debt to EBITDA*** (Debt - Cash & Cash Equivalent)/Total EBITDA 1.13 1.52 * 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 periods ended March 31, 2021 and 2020. *** Net debt excludes lease liabilities. INTERIM CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Revenues of IDR7,345.3 billion were recorded for 1Q 2021, an increase of IDR822.2 billion or 12.6% higher compared to 1Q 2020. Indosat Ooredoo’s Cellular, MIDI, and Fixed Telecommunication business each contributed 82.3%, 15.9%, and 1.8%, respectively to the consolidated operating revenues for the period ended 31 March 2021. • Cellular Revenues increased by 12.5% compared to 1Q 2020, attributable to an increase in Data revenue, offsetting the decrease in voice, SMS, and device revenue. • MIDI Revenues increased by 15.8% compared to 1Q 2020, driven by increase revenue in Fixed Connectivity, Fixed Internet and IT services. • Fixed Telecommunication Revenues decreased by 7.1% compared to 1Q 2020 due to a decline in incoming traffic and Fixed line revenue. Expenses of IDR6,416.0 billion were recorded for 1Q 2021, an increase of IDR89.2 billion or 1.4% higher over 1Q 2020. This increase is mainly due to increase in Cost of Services, Depreciation and Amortization, General and Administrations Expense, offset by decrease in Personnel Expense, Marketing Expense and Other Operating Expenses. • Cost of Services: increased by IDR248.7 billion or 8.7% higher over 1Q 2020, mainly due to higher installation cost, maintenance, and leased circuit, in line with additional site and higher revenue during period. • Depreciation and Amortization: slightly increased by IDR27.9 billion or 1.1% higher over 1Q 2020, mainly due to impact depreciation from additional fixed assets from network roll out. • Personnel Expenses: decreased by IDR441.5 billion or 49.4% lower over 1Q 2020 mainly due to one-off net impact in 2020 (IDR314 Bn) from organization rightsizing. • Marketing Expenses: decreased by IDR14.1 billion or 5.7% lower over 1Q 2020, mainly due to marketing efficiencies with shift to digital. • General and Administration expenses: increased by IDR17.2 billion or 12.9% higher over 1Q 2020 mainly due to higher Provision for impairment of receivables, as in line with higher revenue, partially offset by lower professional fee and lower transportation expense as part of ongoing cost optimization initiatives. 2 • Other Operating Income/(Expenses): decreased by IDR251.0 billion or 88.4% lower over 1Q 2020 mainly due to one-off adjustment related with power maintenance contract in 1Q 2020, higher gain on operational Foreign Exchange in 1Q 2020, and higher tax provision in 1Q 2021. Other Expense - net: Indosat Ooredoo recorded expense of IDR629.7 billion, decreased by IDR76.2 billion or 10.8% lower over expense recorded in 1Q 2020 was driven primarily by lower loss on foreign exchange of IDR144.0 billion, lower financing cost (lower from debt related financing expenses, offset by higher finance lease and deferred payment) by IDR61.2 billion, offset by lower gain on change in fair value of derivatives of IDR66.3 billion and lower interest income by IDR62.7 billion. Profit for the Period Attributable to Owners of the Parent: Indosat Ooredoo recorded net profit of IDR172.2 billion, increased by IDR777.8 billion over net loss recorded in 1Q 2020 primarily driven by stellar topline performance and continuous cost optimization. INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION Key Indicators (in IDR billion) 1Q 2021 FY 2020 Growth % ASSETS Current Assets 10,561.9 9,594.9 10.1 Non-Current Assets 52,329.5 53,183.8 (1.6) TOTAL ASSETS 62,891.4 62,778.7 0.2 LIABILITIES Current Liabilities 22,831.4 22,658.1 0.8 Non-Current Liabilities 26,913.7 27,207.2 (1.1) TOTAL LIABILITIES 49,745.1 49,865.3 (0.2) TOTAL EQUITY 13,146.3 12,913.4 1.8 TOTAL LIABILITIES & EQUITY 62,891.4 62,778.7 0.2 • Current assets increased by 10.1% to IDR10,561.9 billion, mainly due to increase in Other Assets due to reclassification of tower and ROU land lease into Asset Held for Sale. • Non-current asset slightly decreased by 1.6% to IDR52,329.5 billion, mainly due to reclassification to Asset Held for Sale. • Current liabilities relatively flattish to IDR22,831.4 billion. • Non-current liabilities slightly decreased by 1.1% at IDR26,913.7 billion mainly due to a decrease in Procurement Payables and Bonds Payable mainly as impact of reclassification of long-term portion to current portion, partially offset by increase in lease liabilities impact from additional number of sites.