PT Pertamina (Persero): 1H 2017 (unaudited) Result

August 2017 Disclaimer

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The information contained in this presentation is provided as at the date of this presentation and is subject to change without notice. 1H 2017 Highlights

Key Financial Highlights (USD Billions) Revenues by Segment (Percentage)

1H 2017 1H 2016 Upstream

ICP (USD/BBL) 48.90 36.16 17% 9% Downstream & Others Revenues 20.50 17.20

COGS & OPEX 18.19 13.91 1.83 Net Income 1.40 83% 91% EBITDA 3.16 4.10

Capex Realization 1.49 0.81 1H 2017 1H 2016

Cash Balance 4.33 5.09

Priority Projects 2017 EBITDA by Segment (Percentage) Upstream & Geothermal: • Geothermal Lumut Balai 1 & 2 (2 x 55MW) Upstream Midstream, gas pipeline network: Downstream • Duri to Dumai & Others • Grissik – Pupuk Sriwijaya 34% 36% Downstream: • New GRR Tuban 66% 64% • RDMP Refinery Unit V Balikpapan • Refinery Unit IV Cilacap – Blue Sky Project

1H 2017 1H 2016 Recent Developments

Duri & Dumai Pipeline Development Pertamina’s Collaboration with Repsol . Pertamina signed an agreement with PGN to develop gas . Pertamina and Repsol signed a technology collaboration transmission pipeline in Duri-Dumai, North Sumatera. agreement to jointly develop digital upstream technology, EOR technology, 2nd Gen Biofuel, and R&D management. . The project marks GoI’s intention to synergize Pertamina and PGN operation. . The joint study on digital upstream technology will be applied in Pertamina-Repsol Jambi Merang working area . The 67 Km pipeline is expected to be completed in end 2018 to transport gas to Pertamina’s Refinery Unit II and as a pilot. other customers in Dumai area. . On EOR, Repsol perform knowledge and technology transfer in applying field-scale EOR technology. The . Gas will be supplied from Corridor field and Jambi Merang field. collaboration will be applied to the Sago and Limau Field trial program. . Pertamina’s holds 60% participating interest in the project.

Production of Euro 4 Standard Fuel (Sulfur Content) Pertamina - Exxon Mobil LNG Purchase Agreement . Pertamina’s Cilacap unit begun to produce Pertamax High . Pertamina and ExxonMobil have signed a memorandum of Quality gasoline with Euro-4 standard sulfur content. understanding whereby Pertamina will purchase 1 million tonnes per annum of LNG from ExxonMobil. . The fuel is more eco-friendly with maximum sulfur content of 50 part per million (ppm). . The purchase is scheduled to start in 2025 under a 20- The Cilacap refinery is estimated to produce this type of year contract. . gasoline with a capacity of 37.6 MBSD.

RDMP & NGGR Development Update . Pertamina has completed the Front End Engineering Design (FEED) of RDMP Balikpapan . Pertamina will start partner selection for GRR Bontang project

Financial Performance

USD Billions +122% -40%

70.00 3.15 -24% -13% -2% 1.83 Revenues 41.76 Net Income 1.45 1.42 1.40 36.49 +19%

17.20 20.50

2014 2015 2016 1H2016 1H2017 2014 2015 2016 1H2016 1H2017

-42% +47%

65.56 -10% 7.56 COGS & OPEX* -20% EBITDA 5.73 -23% 5.13 37.84 +31% 4.10 30.29 3.16 13.91 18.19

2014 2015 2016 1H2016 1H2017 2014 2015 2016 1H2016 1H2017

Income from EBITDA Operations -12% 6.19 Margin (%) 23.86 20.73 -30% 4.44 3.92 15.41 3.29 12.28 2.32 8.18

2014 2015 2016 1H2016 1H2017 2014 2015 2016 1H2016 1H2017

*OPEX consist of Sales and General & Administration Expenses Upstream Performance

Daily Oil Production Daily Gas Production Daily Oil and Gas Production (MBOPD) (MMSCFD) (MBOEPD)

+12% +18% +12% +3% +4% +11% +7% +8% +3% 343 1.961 1.938 2.022 692 312 305 1.902 607 650 640 270 278 1.613 549

2014 2015 2016 1H2016 1H2017 2014 2015 2016 1H2016 1H2017 2014 2015 2016 1H2016 1H2017

Yearly Oil Production Yearly Gas Production Yearly Oil and Gas Production (MMBO) (BSCF) (MMBOE)

+12% +18% +3% +11% +7% +3% 114 694 718 238 102 221 99 +12% 589 +4% 200 +8%

56 62 353 366 116 125

2014 2015 2016 1H2016 1H2017 2014 2015 2016 1H2016 1H2017 2014 2015 2016 1H2016 1H2017

Production figures includes overseas production & entitlement. Refining Performance

Total Intake (MMBbl) Total Output (MMBbl)

+7% +6% -3% -2% 327,79 308,90 314,42 305,95 297,36 290,22

-5% -4%

164,53 157,06 155,44 148,60

2014 2015 2016 1H2016 1H2017 2014 2015 2016 1H2016 1H2017

Volume Valuable Product (MMBbl) Yield Valuable Product On Total Intake (%)

+10% +3% +3% -1% 0% 254,60 75,52 77,67 78,64 78,09 229,98 231,05 73,14

-5%

129,41 122,64

2014 2015 2016 1H2016 1H2017 2014 2015 2016 1H2016 1H2017 Marketing & Trading Performance

Fuel Sales (Million KL) Non-Fuel Sales (Domestic Gas, Petrochemical & Lubricant) (Million KL)

+6% -6% +4% +1% 66,41 14,93 62,35 64,90 13,90 14,05

+3% +6% 7,82 31,25 32,11 7,41

2014 2015 2016 1H2016 1H2017 2014 2015 2016 1H2016 1H2017

Fuel Composition (Total National Sales) Gasoline Diesel Jun 2016 Jun 2017 Jun 2016 Jun 2017

0,1% 2,4% 12,9% 0,8% 1,4% 0,7% 36,4% 13,3% 44,8%

73,0% 18,0% 0,8% 99,0% 96,2%

PERTALITE (RON 90) PERTAMAX (RON 92) SOLAR/BIO PERTAMINA DEX PERTAMAX PLUS/TURBO (RON 95/98) PREMIUM (RON 88) DEXLITE Work Plan and Budget 2017

Plan 1H Real. ICP USD/BBL 45 48.90 Exchange Rate IDR/USD 13,300 13,331

Oil & Gas Production MBOEPD 693 692 Oil MBOPD 334 343 Gas MMSCFD 2,080 2,022

Revenues USD Bio 42.59 20.50 EBITDA USD Bio 7.43 3.16 Net Income USD Bio 3.04 1.40

Capex USD Bio 5.66 1.49 thank you