PT Indosat Tbk : Rating Information

English Translation

This document is executed in lndonesian Language

No. 144/AEO-AEC/FIN/13

November 27, 2013

indosat

To:

Head of the Capitai Market Supervisory

lndonesian Financial Services Authority (Otoritas Jasa Keuangan or OJK) Gedung Sumitro Djojohadikusumo Lt. 3

Kompleks Perkantoran Kemkeu Rl

Jl. Lapangan Banteng Timur No. 2-4

Jakarta 1071O

Re : Rating lnformation

Dear Sir/Madam,

Please kindly be informed of the updated ratings from Standard and Poor's, i.e. "BB+/Watch Pos" for foreign currency LT rating and local currency LT rating (previously "88+/Stable"), and "axBBB+/Watch Pos" for Asean scale LT rating (previously "axBBB+") as attached.

Thank you for your kind attention.

Sincerely, Group Head

Corporate Secretary

signed

S. Auliana Aj.

Cc :

1. lndonesian Capitai Market Electronic Library (CaMEL)

2. Board of Directors of Indonesia Stock Exchange

3. PT Bank Rakyat Indonesia (Persero) Tbk, as Trustee

PT lndosat Tbk J.Medan Merdeka Barat No. 21, Ja arta 10110, Indonesia

T [phone] F [phone] www indosat.com

STANDARD & POOR'S RATINGS SERVICES

McGRAW H lll FI NANCIAL

RatingsDirect 23 Asia-Pacific {ex-Japan) Corporate Issuer Ratings On Watch Positive And Eight On Watch Negative, On Revised Criteria

Primary Credit Analysts:

Anthony J Flintoff. Melbourne (61) 3-9631- 2038; anthony.flintoff@standardandpoors . com

Christopher Lee, Hon g Kong (852) 2533-3562; chtistopher [e-mail] m

Mehul P Sukkawala. CFA, Singapore (65) 6239-6337; [e-mail]

Daniel Hsiao. Taipei (8862) 8722-5826; [e-mail]

MELBOURNE (Standard & Poor•s) Nov. 26, 2013--Standard & Poor•s Ratings Services said today that it has reviewed its ratings on the corporate industrial and utility companies that were labeled as "under criteria observation" (UCO) after the publishing of its revised Corporate criteria on Nov. 19, 2013.

The ratings on 23 Asia-Pacific (ex-Japan) corporate entities were placed on CreditWatch with positive implications as a result of this review, meaning that they will likely be raised.

At the same time, the ratings on eight Asia-Pacific (ex-Japan) corporate entities were placed on CreditWatch with negative implications, meaning that they will likely be lowered. (See ratings list.)

Over the weeks that follow, we will publish individual analytical reports on the companies identified below to resolve these creditWatch listings.

All other Asia-Pacific (ex-Japan) corporate issuer ratings are unaffected under the revised corporate criteria, and their UCO labels will be removed.

RELATED CRITERIA ANO RESEARCH

• Corporate Methodology, Nov. 19, 2013

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23 Asia-Pacific (cx-japan) Corporale lssuer Ratings On Watch Positive And Eigbt On Watch Negative, On Revised

Criteria

• Corporate Methodology: Ratios and Adjustments, Nov. 19, 2013

• Country Risk Assessment Methodology and Assumptions, Nov. 19, 2013

• Methodology: Industry Risk, Nov. 19, 2013

• Methodology And Assumptions: Liquidity Deseriptors for Global Corporate

Issuers, Nov. 19, 2013

• Methodology: Management And Governance Credit Faetors For Corporate

Entities And Insurers, Nov. 13, 2012

• Use Of CreditWateh And Outlooks, Sept. 14, 2009

• Ratings Above The Sovereign--Corporate And Government Ratings : Methodology And Assumptions, Nov. 19, 2013

• Rating Government-Related Entities: Methodology And Assumptions, Dee. 9,

2010

• Group Rating Methodology, Nov. 19, 2013

• Key Credit Faetors For The Teehnology Software and Serviees Industry, Nov.19, 2013

• Key Credit Faetors For The Regulated Utilities Industry, Nov. 19, 2013

• Key Credit Faetors For The Engineering & Construetion Industry, Nov.19,

2013

• Key Credit Faetors: Criteria For Rating Companies In The Global Commodity

Chemieals Industry, Sept. 19, 2012

• Key Credit Faetors: Business And Financial Risks In The Global

Teleeommunieation, Cable, And Satellite Broadeast Industry, Jan. 27, 2009

• Key Credit Faetors: Business And Finaneial Risks In The u.s. Gaming

Industry, Sept. 25, 2008

• Key Credit Faetors For The Retail And Restaurants Industry, Nov. 19, 2013

• Key Credit Faetors For The Real Estate Industry, Nov. 19, 2013

• Key Credit Faetors: Criteria For Rating The Television And Radio

Broadcasting Industry, Dee. 11, 2009

• Key Credit Faetors For The Teehnology Hardware And Semieonduetors Industry

, Nov.19, 2013

• Key Credit Faetors: Methodology And Assumptions On Risks In The Metals

Industry, June 22, 2009

• Key Credit Faetors For The Branded Nondurables Industry, Nov, 19, 2013

• Key Credit Faetors For The Transportation Infrastrueture Industry, Nov.l9, 2013

RATINGS LIST

Asia-Paeifie Issuer Ratings Plaeed On Wateh Due To Revised Corporate Criteria

ISSUER CREDIT RATINGS TO FROM AUSTRALIA ANO NEW ZEALAND

ATCO Gas Australia LP

Foreign eurrency LT rating

Loeal eurreney LT rating

CitiPower Trust (The)

BBB/Wateh Pos

BBB/Wateh Pos

BBS/Positive

BBS/Positive

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23 Asia-Pacific (ex-japan) Corporale Issuer Ratings On Watch Positive And Eight On Watch Negative, On Revised

Criteria

Aegis Ltd.

Foreign currency LT rating

Local currency LT rating

Genpact Ltd.

Foreign currency LT rating

Local currency LT rating

Genting 8hd.

Foreign currency L'I' rating Local currency LT rating Asean scale LT rating

Infosys Ltd.

Foreign currency LT rating

Local currency LT rating

88-/Watch Neg

BB-/Watch Neg

88+/Watch Pos

88+/Watch Pos

BBB+/Watch Pos BBB+/Watch Pos axA+/Watch Pos

BBB+/Watch Pos

BBB+/Watch Pos

BB-/Stable

BB-/Stable

BB+/Stable

BB+/Stable

BBB+/Stable BBB+/Stable axA+

BBB+/Negative

BBB+/Negative

Pakistan Mobile Communications Ltd.1

Foreign currency LT rating B-/Stable

Local currency LT rating B-/Watch Pos

Philippine Long Distance Telephone Co.

Foreign currency LT rating 8BB/Stable

B-/Stable

B-/Stable

888/Stable

Asean scale LT rating

PT Astra International Tbk.1

Foreign currency LT rating Local currency LT rating Asean scale LT rating

PT Indosat Tbk.

Foreign currency LT rating Local currency LT rating Asean scale LT rating

PT MNC Sky Vision

Foreign currency LT rating Local currency LT rating Asean scale LT rating

PT Telekomunikasi Selular1

Foreign currency LT rating Local currency LT rating Asean scale LT rating

Sri Lanka Telecom PLC1

Foreign currency LT rating

Local currency LT rating

axA/Watch Pos

BBB-/Stable

BBB-/'latch Pos axA-/Watch Pos

88+/Watch Pos

88 /Watch Pos axBBB+/Watch Pos

B+/Watch Pos B+/Watch Pos axBB/Watch Pos

BBB-/Stable

BBB-/Watch Pos axA-/Watch Pos

B+/Stable

8+/Watch Pos

axA

BBB-/Stable BBB-/Stable axA-

88 /Staole BB+/Stable axBBB

B+/Stable B+/Stable axBB

BBB-/Stable BBB-/Stable axA-

8+/Stable

8+/Stable

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NOVEMBER 26,2013 5

23 Asia- Paci(ic (ex-Japan ) Corporale / ssuer Ratings On Watch Positive A11d Eight On Watch N egatiue, On levised

Criteria

Tata Consultancy Services Ltd.

Foreign currency LT rating

Local currency LT rating

Tata Steel UK Holdings Ltd.

Foreign currency LT rating

Local currency LT rating

ST rating

Thai Beverage Public co. Ltd.

Foreign currency LT rating Local currency LT rating Asean scale LT rating

Asean scale ST rating

Wipro Ltd.

Foreign currency LT rating

Local currency LT rating

SBB+/Watch Pos

SBB+/Watch Pos

S+/Watch Pos S+/Watch Pos S

BBS-/Watch Neg BSS-/Watch Neg axBSS+/Watch Neg axA-2/Watch Neg

BBB+/Watch Pos

BBB+/Watch POS

BBB+/Negative

BBB+/Negative

B+/Negative B+/Negative B

BBS-/Negative BBS-/Negative axSSS+

axA-2

S88+/Negative

888+/Negative

*Guaranteed debt issue not affected by outlook change. §Senior-secured debt not affected by outlook change. 1Foreign currency long-term ratings are unaffected.

NOTE: Individual debt issue ratings for each company are available at S&P.com and will carry the CreditWatch action corresponding to that company.

LT--Long-term. ST-Short-term. China scale rating--Greater China Regional Scale

Rating. Asean scale rating--Asean Regional Scale Rating.

Complete ratings information is available to subscribers of RatingsDirect at www.g lobalcre ditportal.com and at www.spcapitaliq .com. All ratings affected by this rating action can be found on Standard & Poor•s public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.

AUSTRALIA

Standard & Poor• s (Australia) Pty. Ltd. holds Australian financial services licence number 337565 under the Corporations Act 2001. Standard & Poor's credit ratings and related research are not intended for and must not be distributed to any person in Australia other than a wholesale client (as defined in Chapter 7 of the Corporations Act).

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