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2016 (Audited) Result

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March 2017 FINAL DRAFT Disclaimer

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The information in this presentation has been prepared by representatives of PT Pertamina (Persero) (together with its subsidiaries, the “Company”) for use in presentations by the Company at investor meetings and does not constitute a recommendation regarding the securities of the Company or any of its affiliates.

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Update on Management Team

Pertamina’s management team is composed of tenured experts and professionals to ensure robust operational

and financial excellence as the leading fully-integrated energy company in Indonesia

Board of of Board Tanri Abeng Arcandra Tahar Sahala Lumban Gaol Suahasil Nazara Edwin Hidayat Abdullah President Commissioner Vice President Commissioner Commissioner Commissioner Commissioner Commissioners Appointed as President Appointed as Vice President Appointed as Commissioner Appointed as Commissioner Appointed as Commissioner in Commissioner in May Commissioner in Nevember 2016 in May 2015 in May 2015 November 2016 2015 Also serves as Vice Minister of Former Deputy Minister of Also acts as Executive Head Also serves as Deputy of Energy, Former Minister of State- Energy & Mineral Resources Economic Affairs (2005- of Fiscal Policy Agency, Logistics, and Tourism of Ministry Owned Enterprises (1998- since October 2016 2009) Ministry of Finance since of State Owned Enterprise since

1999) February 2015 July 2015

Board of of Board Directors Elia Massa Manik Syamsu Alam Rachmad Toharso Muchamad Yenni Andayani Arief Budiman Dwi Wahyu President Director & Upstream Director Hardadi Refining Director Iskandar Gas Director Finance Director & Daryoto CEO Joined Pertamina Refinery & Joined Pertamina in Marketing Director Joined Pertamina Corporate Strategy HR, IT & General Joined Pertamina in in 1989 and Petrochemical 1992 and appointed Joined Pertamina in 1989 and Director of Affairs Director 2017 and appointed appointed as Megaproject as Director in in 1991 and appointed as Pertamina since Director of Pertamina as President Director Director in Joined Pertamina in October 2016 appointed as Director in October October 2016 since October 2016 & CEO in March December 2014 1988 and appointed Director in October 2016 2017 as Director in 2016 October 2016

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2016 Highlights

Key Financial Highlights (USD Billions) Revenues by Segment (Percentage) SEGMEN PENDAPATAN FY 2014 FY 2015 FY 2016 2016 2015 Upstream 10% 9% Hulu 8.631 6.679 6.272 ICP (USD/BBL) 40.16 49.21 Downstream Hilir (Pemasaran & Pengolahan) 65.001 37.367 32.478 Revenues 36.49 41.76 & Others Gas 875 663 482 COGS & OPEX 30.29 37.84 Lain-Lain AP Finance & Services 400 344 365 Net Income 3.15 1.42 90% 91% Eliminasi (4.910) (3.291) (3.110) EBITDA 7.56 5.13 JUMLAH 69.996 41.762 36.487 Capex Realization 5.60 3.62 2016 2015 % Upstream 16,0% 17,2% Cash Balance 5.26 3.11

Priority Projects 2016 (result/progress) EBITDA by Segment (Percentage) Upstream & Geothermal: • Matindok Gas Development Project (onstream H1 2017) Upstream SEGMEN EBITDA • Jambaran-Tiung Biru Gas Field (On Process for Gas Sales Agreement) FY 2014 FY 2015 FY 2016 RKAP 2017 Downstream 45% 55% • Geothermal Lumut Balai 1 & 2, Ulubelu 3 &4 (onstream H2 2016) & Others Hulu 5.800 3.754 3.581 3.618 Midstream, gas pipeline network: 43% Hilir (Pemasaran & Pengolahan) (304) 1.539 5.147 4.411 • Muara Karang to Muara Tawar to Tegalgede - West Java (70% physical progress) Gas 525 249 6 325 57% • Gresik to Semarang - East Java & Central Java (70% physical progress) Lain-Lain AP Finance & Services 88 54 59 70 Downstream: • Upgrade on Refinery IV Cilacap – Blue Sky Project (on going Eliminasi 89 58 (33) (997) construction) 2016 2015 JUMLAH 6.198 5.654 8.760 7.427 • Development of Fuel Terminal in Sambu Island (onstream Jan 2017) 7.427 % Upstream 93,6% 66,4% 40,9% 48,7%

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Recent Developments

Upstream Refinery Development Masterplan Program (RDMP) Update on M&P tender offer RDMP & GRR update . Successfully undertook 64.46% of Maurel et Prom’s . Refinery Unit V Balikpapan Efficiency result IPP Java 1 shares through tender offer process. is in the completion process of Basic Engineering Design . Amendment of Mahakam PSC to allow Pertamina to start (BED). In parallel , Pertamina has started the Front End investing in January 2018 to maintain the production level Engineering Design (FEED). of Mahakam Block. . Refinery Unit IV Cilacap . Re-entrusted by the government to manage the ONWJ a. Pertamina and Saudi Aramco have signed a Joint block (Pertamina 100%) Venture Development Agreement (JVDA) to operate the refinery Geothermal Project and Independent Power Producer b. Started the licensor selection process . Lahendong Geothermal Power Plant Unit 5 and 6 c. In the completion process of Basic Engineering (120MW) and Ulubelu Geothermal Power Plant unit 3 (55 Design (BED). MW) were on stream at 2nd half of 2016. Grass Root Refinery (GRR) . The consortium of Pertamina, Marubeni Corp, and Sojitz . Tuban (East Java) Corp signed the Power Purchase Agreement (PPA) for IPP In the completion process of Bankable Feasibility Study Jawa-1 (2x800Mw) with PLN. (BFS) and Environmental Impact Assessment (EIA)

Efficiency Programs implementation.

. Pertamina maintains continuous efficiency program . Bontang (East Kalimantan) through Breakthrough Project (BTP) and New Initiatives. Pertamina conducted a public expose to find a strategic . Includes Optimization of Integrated Supply Chain, partner for the construction of the new refinery. Hydrocarbon Procurement, Marketing Operation Excellence and Upstream Efficiency Initiative.

. The program yielded a value of US$ 2.67 Billion.

Source: Pertamina 5

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Financial Performance

USD Billions +122% 0% -2% -40% +9% -52% -13% 70.92 71.17 70.00 3.00 3.15 2.76 -2% 41.76 Revenues 36.49 Net Income 1.45 1.42

2012 2013 2014 2015 2016 2012 2013 2014 2015 2016

0% -1% -42% +47% +9% -13% 66.16 66.43 65.56 -10% 7.56 COGS & OPEX* -20% EBITDA 6.58 6.06 5.73 5.13 37.84 30.29

2012 2013 2014 2015 2016 2012 2013 2014 2015 2016

+58% Income from EBITDA -1% Operations -12% 6.19 Margin (%) 20.73

4.76 4.74 4.44 3.92 12.28 8.54 9.25 8.18

2012 2013 2014 2015 2016 2012 2013 2014 2015 2016

OPEX consist of Sales and General & Administration Expenses 6 FINAL DRAFT

Upstream Performance

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

+12% +18% +3% +3% +11% +7% +34% +6% +18% -1% 312 1.902 1.961 +1% 650 +2% 278 607 270 1.613 549 1.539 1.528 462 465 197 202

2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016

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

+12% +18% +3% +3% +11% +7% +34% +6% +18% -1% 114 694 718 +1% 238 +2% 99 102 221 563 589 200 558 169 170 72 74

2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016

Production figures includes overseas production & entitlement. 7 FINAL DRAFT

Refining Performance

Total Intake (MMBbl) Total Output (MMBbl) +7% +6% +2% 0% -3% +2% +1% -2% 327,79 308,90 308,12 314,03 314,42 305,95 289,46 295,27 297,36 290,22

2012 2013 2014 2015 2016 2012 2013 2014 2015 2016

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

+10% +3% +1% +3% +1% +1% 0% -1% 254,60 77,67 73,03 72,47 73,14 75,52 225,03 227,59 229,98 231,05

2012 2013 2014 2015 2016 2012 2013 2014 2015 2016

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Marketing & Trading Performance

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

+1% +2% +6% -6% +4% +12% +1% +11% 65,37 66,41 14,46 64,88 62,35 64,90 13,45 13,59 12,06 10,89

2012 2013 2014 2015 2016 2012 2013 2014 2015 2016

Lubricant Sales (Million KL) Shift in Fuel Consumption (Total National Sales)

Jan 2016 Dec 2016 Jun 2016 Sep 2016 -8% -23% 0,63 4,2% +3% +3% 0,58 0,6% 12,9% 8,4% 36,7% 0,7% 28,2% 0,44 0,46 0,47 45,3% 13,3% 17,2% 54,5% 0,8% 0,8% 86,8% 73,0% 16,5%

PERTALITE (RON 90) PERTAMAX (RON 92) 2012 2013 2014 2015 2016 PERTAMAX PLUS/TURBO (RON 95/98) PREMIUM (RON 88)

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Work Plan and Budget 2017

Initiatives

ICP USD/BBL 45 • Initiation of Mahakam transition Exchange Rate IDR/USD 13,300 process. Pertamina allocated $180 Mio to maintain the production rate.

Oil & Gas Production MBOEPD 693 • New Grass Root Refinery Tuban Oil MBOPD 334 • Initial preparation of New Grass Root Refinery Bontang development Gas MMSCFD 2,080 • Independent Power Plan Projects

Revenues Bio USD 42.59 EBITDA Bio USD 7.43 Net Income Bio USD 3.04

Capex Bio USD 6.67

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