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

KEY MESSAGES

• RETURN TO PROFIT: Consistent strategy execution resulting in a strong start to the year with YoY growth in revenue (+9%), service revenue (+12%), EBITDA (+15%) and a return to profit with net income (+271%).

• DATA: Most-data centric operator with 84% smartphone penetration and Data revenue growing at 25% YoY and increased to 86% of service revenue in 1Q 19.

• BRANDS: Dual-brand strategy performing well with both XL and Axis brands’ unique propositions in the market resonating well with customers as both brands achieved the highest ever NPS in the past one year in each of the brand’s target segments.

• COVERAGE: Continued network investment across , in particular ex-, with service now available in around 405 cities and areas in Indonesia covered by more than 33,000 4G BTS.

Financials (in Rp Billion) 4Q18 1Q19 QoQ 1Q18 1Q19 YoY Revenue 6,061 5,974 -1% 5,505 5,974 9% Service Revenue 5,292 5,387 2% 4,810 5,387 12% Data 4,362 4,636 6% 3,712 4,636 25% EBITDA 2,351 2,279 -3% 1,986 2,279 15% EBITDA Margin 39% 38% -1% 36% 38% 2% Net Income (3,152) 57 N/A 15 57 271% Normalized Net Income 58 69 18% 16 69 319%

Strong performance driven by Data The strong start to 2019 was driven by XL Axiata’s continued focus and consistent execution of its Data-led strategy. Revenue growth was driven by growth in Service revenue in 1Q 19 due to a combination of increased usage through successful upselling to customers coupled with on-going Data monetization. EBITDA grew at a faster rate than revenue resulting in improved EBITDA margins.

Continued capacity expansion A continued focus on coverage and capacity expansion has led to XL Axiata’s BTS count rising to more than 122,000 total BTS with more than 52,000 BTS and more than 33,000 4G BTS. XL Axiata’s 4G service now available in 405 cities and areas nationwide as a result of the increased focus in ex-Java investment. XL Axiata continues to also invest in fiberisation of its network to handle rising data traffic.

Data-centric business remains resilient This network investment coupled with XL Axiata’s dual-brand strategy has raised XL Axiata’s position as a brand of choice for Data-savvy smartphone customers. As a result, XL Axiata is leading the industry with 84% smartphone penetration and 86% of service revenue coming from Data in the latest quarter, putting the company in a more resilient position versus peers to weather the effects of declining Legacy Revenues.

Business Updates The mobile industry in 2019 had so far seen a more rational pricing environment compared to the 1H of Improving 2018 which was impacted by the prepaid sim registration. The momentum carried through from the competitive second half of 2018 and led to the improved competitive environment. environment

The benefits of prepaid sim registration – lower churn, less focus on acquisitions and more focus on vouchers and reloads – had also positively impacted the market and will be a catalyst driving industry growth in 2019.

XL Axiata Started the Year on a Strong Foot XL Axiata In 2019, XL Axiata built on the foundations of its outperformance in 2018 with a continued focus on started the executing its Data-centric strategy in pursuit of being the preferred Mobile Internet provider in year strongly Indonesia. This was through the implementation of the company’s dual-brand strategy coupled with continued network investment and capacity expansion, especially ex-Java.

As a result, XL Axiata saw strong growth in revenue of 9% YoY with service revenue rising 12% YoY and Return to 2% QoQ bucking the seasonal decline usually seen in the first quarter of the year. This coupled with cost profitability efficiencies led to EBITDA rising 15% YoY and XL Axiata saw a return to profitability with net profit rising 271% YoY.

Dual-brand A core tenet of XL Axiata’s strong start to the year was the dual-brand strategy utilizing both XL and Axis strategy brands to address different market segments with differentiated Data-led offerings. Both brands working continue to grow and gain traction within the respective customer segments. Building on the success in well 2018, the year started with XL launching the XTRA Combo VIP offering customers priority network access on top of enticing bundling propositions with YouTube and iflix. Axis continued to resonate strongly amongst the youth segment with expansion of its social media and gaming packages. Evidence of the success of this is that both brands achieved the highest ever net promoter score (NPS) in the past one year in each of the brand’s target segments. Continued growth from XL Axiata’s postpaid brand, XL Prioritas continued to grow mainly through attractive smartphone postpaid bundling offers with popular brands such as Samsung. Successful upselling has seen the average spend segment by postpaid customers increase as well.

Customer and Traffic Trends Market leader XL Axiata’s smartphone penetration rose 10 percentage points to 84% as of the end of 1Q 19. Savvy in smartphone data-hungry smartphone customers continue to be attracted to XL Axiata’s enticing data offerings on the penetration company’s strong & reliable data network. This resulted in XL Axiata increasing smartphone subscribers to 46.3 million by the end of 1Q 19, a 15% YoY increase from the same period a year ago.

Data usage Total traffic across XL Axiata’s network saw a 70% YoY increase in 1Q 19 compared to the same period in per sub the prior year. The growth was mainly driven by Data traffic especially on 4G as the majority of XL continued to Axiata’s data traffic is now on 4G. At the end of 1Q 19, the company recorded total Data users at 86% of increase the total subscriber base.

Focus on Since 2016, ex-Java remains a focus for network and coverage expansion and so far this year, XL Axiata, expanding has seen a strong performance from the ex-Java region gaining recognition as a nationwide operator. coverage Revenue continues to increase far ahead of Java growth rates and contribution to the company. outside of Java is delivering results

Innovative Products Drive Customer Traction During the quarter, XL Axiata launched several innovative products for its customers such as: Exciting • XL launched the XTRA Combo VIP offering priority network access; iflix in addition to YouTube for new content and quota roll-overs. products • XL in partnership with GOJEK launched the LEBIH UNTUNG package for drivers and service providers launched of the popular GOJEK app. • XL Prioritas, XL Axiata’s postpaid brand offered the brand new Samsung Galaxy S10e, S10 and S10+ bundling through its Shopping Points programme.

FINANCIAL OVERVIEW Financials (in Rp Billion) 4Q18 1Q19 QoQ 1Q18 1Q19 YoY Revenue 6,061 5,974 -1% 5,505 5,974 9% Expenses 3,696 3,688 0% 3,515 3,688 5% EBITDA 2,351 2,279 -3% 1,986 2,279 15% EBITDA Margin 39% 38% -1% 36% 38% 2% Net Income (3,152) 57 N/A 15 57 271% NormalizedCAPEX Net Income 58 69 18% 16 69 319% Capitalized Capex 1,852 1,511 -18% 1,559 1,511 -3% Cash-out Capex 2,546 2,477 -3% 960 2,477 158%

REVENUE • Gross revenue decreased 1% QoQ in 1Q 19 driven by a decrease in device revenue. Service • Positively, Service Revenue increased 2% QoQ bucking the seasonal decline and driving this was revenue Data which increased 6% QoQ due to the increase in usage by customers driven by successful increased by upselling coupled with increased monetization of Data 2% QoQ • Non-Data revenue decreased 19% QoQ driven by declines in Legacy Service Revenues • Revenue from Others in Cellular Telecommunication Revenue was down 31% QoQ driven by a decline in device revenue and lower interconnect.

Revenue (in Rp Billion) 4Q18 1Q19 QoQ 1Q18 1Q19 YoY Gross Revenues 6,061 5,974 -1% 5,505 5,974 9% Cellular Telecommunication Service 5,826 5,757 -1% 5,178 5,757 11% Service Revenue 5,292 5,387 2% 4,810 5,387 12% Data 4,362 4,636 6% 3,712 4,636 25% Non Data 930 751 -19% 1,098 751 -32% Others 534 371 -31% 368 371 1% Other Telecommunications Services 235 217 -8% 326 217 -34%

OPERATING METRICS Increased • XL Axiata’s subscriber base increased in Q1 increasing total subs to 55.1m as of end 1Q 19. This subscribers increase was driven by the company’s success in attracting smartphone customers as well as and customer growth outside of Java. smartphone • Smartphone Penetration increased 4 percentage points in Q1 to 84% penetration • Blended ARPU held steady at Rp33k but rose 10% YoY indicating the improving competitive environment and XL Axiata’s success in monetizing and upselling its customer base. • Postpaid customer base increased slightly to 1.05mn customers

Operating Metrics 4Q18 1Q19 QoQ 1Q18 1Q19 YoY Subscribers (million) 54.9 55.1 0% 54.5 55.1 1% Prepaid (million) 53.9 54.0 0% 53.7 54.0 1% Postpaid (000) 1,024 1,048 2% 804 1,048 30% ARPU (Rp 000) 33 33 0% 30 33 10% Prepaid 31 31 0% 29 31 7% Postpaid 103 114 11% 106 114 8% Total Traffic (PB) 668.7 710.4 6% 417.5 710.4 70% Smartphone Penetration 80% 84% 4% 74% 84% 10%

EXPENSES • In 1Q 19, total operating expenses were slightly down on a QoQ basis due to lower device and Costs kept flat interconnect costs offset but increased 5% YoY driven by increase in infrastructure expenses. • Interconnect and other direct expenses reduced by 29% QoQ and 8% YoY in Q1 due to the decline in device and interconnect costs. • Salaries & Employee Benefits increased 9% QoQ and 14% YoY due to bonus accruals and higher employee count. • Sales and Marketing Expenses were slightly up due to higher A&P activities at the start of the year but are down 20% YoY due to the spend for prepaid sim registration in 1Q 18. • Infrastructure Expenses were up 6% QoQ and 11% YoY due to increased site rentals especially as XL Axiata expands its network outside Java.

Expensess (in Rp Billion) 4Q18 1Q19 QoQ 1Q18 1Q19 YoY Interconnection and other direct expenses 629 446 -29% 486 446 -8% Salaries & Employee Benefits 276 301 9% 263 301 14% Sales and Marketing Expense 453 457 1% 573 457 -20% Infrastructure Expenses 2,191 2,316 6% 2,084 2,316 11% Supplies and Overhead expenses 146 169 15% 110 169 54% Total OPEX 3,696 3,688 0% 3,515 3,688 5%

CAPEX INVESTMENT XL Axiata Establishing XL Axiata as the choice for high-value customers requires reliable high-speed data services continued to and network quality is essential. Through its network upgrades XL Axiata continues to ensure the highest invest quality of data experience to its customers. XL Axiata’s total BTS count increased to above 122,000 BTS with 3G totaling more than 52,000. XL Axiata’s 4G-LTE service is now available in 405 cities and areas across Indonesia with more than 33,000 4G BTS.

XL Axiata also continued to invest in transmission, backhaul, network modernization and upgrades to support the rising data traffic across its network and to deliver stability, expand network capacity and improve quality of its data services.

Capital Expenditure (In Rp Billion) 1Q18 1Q19 Growth Capitalized capex 1,559 1,511 -3% Paid capex 960 2,477 158% Commitments entered into* 2,193 2,998 37% * The USD portion was converted to IDR using closing rate of March 2018 and 2019 respectively. The Rupiah exchange rate against the USD as of March 2018 and 2019 were Rp13,756/USD and Rp14,244/USD, respectively.

CONCLUSION & CONSOLIDATED GUIDANCE Strong XL Axiata started 2019 on a strong foot and will continue to execute on its growth strategy focusing on start to the expanding its product portfolio through both brands, supported by network expansion outside of Java year due to and technology upgrades. Growth will be recorded through a combination of increased usage and strategy monetization of data which will drive data-based revenue. This growth will be supported through execution programs to stimulate further smartphone penetration.

Consolidated guidance for 2019 remains unchanged as follows:

Revenue growth • Better Than or At Least In-line With Market EBITDA margin • High 30’s Cash-out capex • Around Rp 7.5 trillion

APPENDICES APPENDIX I: Income Statement Financial Statement (in Rp Billion) 1Q18 1Q19 Growth Gross Revenue Service Revenue 4,810 5,387 12% Others* 368 371 1% Cellular Telecommunication Service 5,178 5,757 11% Other Telecommunications Services 326 217 -34% Gross Revenues 5,505 5,974 9% Less: Discount (3) (7) 118% Gross Revenue Net of Discount 5,501 5,967 8% - - Interconnection and other direct expenses 486 446 -8% Salaries & Employee Benefits (Permanent & Temporary) 263 301 14% Sales and Marketing Expense 573 457 -20% Infrastructure Expenses 2,084 2,316 11% Supplies and Overhead expenses 110 169 54% Total OPEX 3,515 3,688 5% EBITDA 1,986 2,279 15% EBITDA Margin 36% 38% 2% Depreciation & Amortization 1,848 1,772 -4% EBIT 138 507 268% Other Expenses Finance income/(cost) - net (345) (523) 51% Forex gain/(loss) - net** (1) (15) 1146% Others 137 114 -17% Total Other Income/(Expenses) (209) (424) 103% Income (Loss) before income tax (71) 84 N/A Income Tax (Expense) Benefit 87 (27) -131% Profit (Loss) for the period 15 57 271% Earnings (Loss) Per Share (full amount) (Rp) 1 5 271%

Normalized Profit (Loss) (In Rp Billion) 1Q18 1Q19 Growth Profit (Loss) for the year 15 57 271% Forex (gain)/loss 1 15 1146% Tax Impact (0) (4) 1146% Normalized Profit (Loss) for the year 16 69 319%

Normalized Earnings (Loss) Per Share (full amount) (Rp) 2 6 319% *Others mainly comprises Cellular Interconnect **Hedging gain/ (loss) will be accounted under Forex gain/ (loss) – net

APPENDIX II: Balance Sheet Balance Sheet (In Rp Billion) 1Q18 1Q19 Growth Current Assets Cash and cash equivalents 3,289 1,597 -51% Others 5,089 5,076 0% Total Current Assets 8,378 6,674 -20% Non-Current Assets Fixed assets - net of accumulated depreciation 35,155 37,013 5% Intangible asset 5,878 5,759 -2% Goodwill 6,681 6,681 0% Others 1,119 1,237 11% Total Non-Current Assets 48,833 50,690 4% Total Assets 57,211 57,364 0% Current Liabilities Current maturity of long term loans and bonds 6,550 2,289 -65% Others 12,354 13,122 6% Total Current Liabilities 18,903 15,411 -18% Non-Current Liabilities Long term loans and bonds 8,276 11,547 40% Others 8,392 11,995 43% Total Non-Current Liabilities 16,668 23,542 41% Total Liabilities 35,572 38,953 10% Equity attributable to owners of the parent entity Share capital & additional paid-in capital 13,219 13,225 0% Retained earnings 8,420 5,186 -38% Total Equity 21,639 18,411 -15% Total Liabilities and Equity 57,211 57,364 0%

As at end 1Q 19, total assets were Rp 57.4 trillion, slightly higher compared to the previous year due to higher non-current assets.

• Current assets were down 20% YoY as of end of 1Q 19 due to a 51% YoY decrease in cash balances which were used to pare down debt.

• Non-current assets increased 4% YoY due to a 5% YoY increase in fixed assets.

Total liabilities increased by 10% YoY due to an increase in non-current liabilities. • Current liabilities decreased 18% YoY as of end 1Q 19 due to the repayment of loans and bonds.

• Non-current liabilities increased by 41% YoY due to a 40% YoY increase in long-term loans and bonds and a 43% YoY increase in other non-current liabilities mainly relating to capital leases.

APPENDIX III: Cash Flow Cash Flow (In Rp Billion) 1Q18 1Q19 Growth Net cash flow generated from operating activities 2,344 3,074 31% Net cash flow used in investing activities (915) (2,464) 169% Free cash flow 1,429 610 -57% Net cash flow used in financing activities (603) (49) -92% Net increase/(decrease) in cash and cash equivalents 826 561 -32% Cash and cash equivalents at the beginning of the period 2,455 1,047 -57% Effect of exchange rate changes on cash and cash equivalents 8 (11) -251% Cash and cash equivalents at the end of the period 3,289 1,597 -51%

Net cash flow generated from operating activities increased by 31% to Rp 3.1 trillion mainly due to higher receipts from customers.

Net cash flow used in investing activities increased by 169% to Rp 2.5 trillion due to higher cash capex spent in 1Q 19 compared to the prior year’s period.

Net cash flow used in financing activities decreased to Rp 49 billion due to lower net loan repayments than prior year’s period.

APPENDIX IV: Description of Debts The detail of debts as of 31 March 2018 and 2019 are as follows: (in Original Amount) Description Year of Maturity 1Q 18 1Q 19 US$ 50 US$ - Bullet repayment in 2018 USD Loan (mn) US$ 300 US$ - Bullet repayment in 2019 US$ 350 US$ 0 Rp 2,650 Rp 2,650 Bullet repayment in 2020 Rp - Rp 300 Final maturity in 2020 Amortizing annually, IDR Bank Loan (bn) Rp 1,200 Rp 1,050 final repayment is in 2020 Amortizing annually, Rp 3,000 Rp 4,700 final repayment is in 2023 Rp 6,850 Rp 8,700 Rp 258 Rp 0 Series B - Due in 2018 IDR Sukuk Facility 1 Tranche 1 (bn) Rp 323 Rp 323 Series C - Due in 2020 Rp 425 Rp 425 Series D - Due in 2022 Rp 1,006 Rp 748 Rp 1,040 Rp - Series A - Due in 2018 Rp 402 Rp 402 Series B - Due in 2020 IDR Sukuk Facility 1 Tranche 2 (bn) Rp 142 Rp 142 Series C - Due in 2022 Rp 260 Rp 260 Series D - Due in 2024 Rp 336 Rp 336 Series E - Due in 2027 Rp 2,180 Rp 1,140 Rp - Rp 358 Series A - Due in 2019 Rp - Rp 399 Series B - Due in 2021 IDR Sukuk Facility 2 Tranche 1 (bn) Rp - Rp 149 Series C - Due in 2023 Rp - Rp 34 Series D - Due in 2025 Rp - Rp 60 Series E - Due in 2028 Rp - Rp 1,000 Rp - Rp 328 Series A - Due in 2019 Rp - Rp 450 Series B - Due in 2021 IDR Bond Facility 1 Tranche 1 (bn) Rp - Rp 131 Series C - Due in 2023 Rp - Rp 19 Series D - Due in 2025 Rp - Rp 72 Series E - Due in 2028 Rp - Rp 1,000 Rp - Rp 351 Series A - Due in 2020 Rp - Rp 110 Series B - Due in 2022 IDR Sukuk Facility 2 Tranche 2 (bn) Rp - Rp 138 Series C - Due in 2024 Rp - Rp 15 Series D - Due in 2026 Rp - Rp 26 Series E - Due in 2029 Rp - Rp 640 Rp - Rp 310 Series A - Due in 2020 Rp - Rp 191 Series B - Due in 2022 IDR Bond Facility 1 Tranche 2 (bn) Rp - Rp 40 Series C - Due in 2024 Rp - Rp 93 Series E - Due in 2029 Rp - Rp 634 Unamortized Loan Issuance Cost (bn) Rp (24) Rp (26) TOTAL INTEREST BEARING DEBT (in Rp. Bn)* Rp 14,826 Rp 13,836 * The USD portion was converted to IDR using closing rate of March 2018. The Rupiah exchange rate against the USD as of March 2018 was Rp13,756/USD.

Gearing Ratios (x) 1Q18 1Q19 Growth Debt/Equity 0.7 0.8 0.1 Net Debt/Equity 0.5 0.7 0.1 Debt/EBITDA 1.9 1.5 (0.3) Net Debt/EBITDA 1.5 1.3 (0.1)

During 1Q 19, XL Axiata made repayment of bank loans amounting to Rp 300bn through internal funds. As of April 2019, the company made a further repayment of a Rp300bn bank loan.

As of 31 March 2019, XL Axiata has no outstanding USD loan facility.

APPENDIX V: OPERATING MEASURES 1Q18 1Q19 Growth Total Traffic (Petabyte) 417.5 710.4 70%

Total BTS 105,792 122,175 15% 2G 37,750 36,929 -2% 3G 47,853 52,140 9% 4G 20,189 33,106 64%

Number of Employees (permanent & contract with permanent position) 1,656 1,690 2%

Postpaid users (000) 804 1,048 30% Prepaid sim cards (active and grace / million) 53.7 54.0 1% Total user base (million) 54.5 55.1 1%

ARPU blended (Rp 000) 30 33 10% Postpaid revenue/sub (Rp 000) 106 114 8% Prepaid revenue/sim card (Rp 000) 29 31 7%

APPENDIX VI: ACHIEVEMENT • XL Axiata won several awards at the Frost & Sullivan 2018 Asia Pacific ICT Awards including the 2018 Asia- Pacific Mobile Data Service Provider of the Year, the 2018 Indonesia Mobile Data Service Provider of the Year and the 2018 Indonesia Mobile Service Provider of the Year. • XL Axiata won recognition as the Best Employer Brand Award at the Indonesia Best Employer Brand Awards 2018. • XL Axiata won the Most Popular in the Media 2018 award in the category of privately held listed companies at the PR Indonesia Awards 2019.

ABOUT XL PT XL Axiata Tbk. is one of the major cellular providers in Indonesia. PT XL Axiata Tbk. is (66.4%) owned by Axiata Group Berhad (“Axiata” or “the Group”) through Axiata Investments (Indonesia) Sdn Bhd and public (33.6%), and is part of Axiata. The Group’s mobile subsidiaries and associates operate under the brand name ‘’ in Malaysia, ‘Dialog’ in Sri Lanka, ‘’ in Bangladesh, ‘Smart’ in Cambodia, ‘’ in Nepal, ‘Idea’ in India and ‘’ in . Date: 06 May 2019