August 2016

PT Pertamina (Persero):

1H16 (unaudited) results

Strictly Private and Confidential

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FINAL DRAFT

Disclaimer

By attending the meeting where this presentation is made, or by reading the presentation materials, you agree to be bound by the following limitations: 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. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information, or opinions contained herein. Neither the Company nor any of the Company's affiliates, advisors or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. The information set out herein may be subject to updating, completion, revision, verification and amendment and such information may change materially. This presentation contains data sourced from third parties and the views of third parties. In replicating such data in this presentation, the Company makes no representation, whether express or implied, as to the relevance, adequacy or accuracy of such data. The replication of any views in this presentation should be not treated as an indication that the Company agrees with or concurs with such views. This presentation is based on the economic, regulatory, market and other conditions as in effect on the date hereof. It should be understood that subsequent developments may affect the information contained in this presentation, which neither the Company nor its affiliates, advisors or representatives are under an obligation to update, revise or affirm. The information communicated in this presentation contains certain statements that are or may be forward-looking. These statements include descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to, among other things, the operations, business, strategy, plans, goals, consolidated results of operations and financial condition of the Company. These statements typically contain words such as “expects,” “plan,” “will,” “estimates,” “projects,” “intends,” "anticipates" and words of similar import. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. Any investment in securities issued by the Company or any of its affiliates will also involve certain risks. There may be additional material risks that are currently not considered to be material or of which the Company and its advisors or representatives are unaware. Against the background of these uncertainties, readers should not rely on these forward-looking statements. The Company assumes no responsibility to update forward-looking statements or to revise them to reflect future events or developments. This presentation and the information contained herein do not constitute or form part of any offer for sale or subscription of, or solicitation or invitation of any offer to buy or subscribe for, any securities of the Company, including any notes to be issued under the Company’s global medium term note program (the “Notes”), in any jurisdiction. Any decision to purchase or subscribe for any securities of the Company, including the Notes, should be made solely on the basis of information contained in the offering memorandum (as supplemented or amended) issued in respect of the offering of such securities (which may be different from the information contained herein) after seeking appropriate professional advice, and no reliance should be placed on any information other than that contained in the offering memorandum (as supplemented or amended). This presentation is confidential and the information contained herein are being furnished to you solely for your information and may not be reproduced or redistributed to any other person, in whole or in part. In particular, neither the information contained in this presentation nor any copy hereof may be, directly or indirectly, taken or transmitted or distributed. The information contained in this presentation is provided as at the date of this presentation and is subject to change without notice.

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1H16 1H15

ICP (USD/BBL) 36.16 55.35

Revenues 17.20 21.79

EBITDA 4.10 2.35

Net Income 1.83 0.57

Cash Balance 5.09 3.39

SG&A Cost (OPEX) 1.09 0.98

1H16 Highlights

Key Financial Highlights (USD Billions)

64% 36%

EBITDA by Segment (Percentage)

22%

78%

Upstream

Downstream

& Others

1H16

1. Procurement centralization

2. Efficiency on Hydro Procurement

3. Supply Chain Management

4. Marketing Operation Excellence

5. Upstream Efficiency Initiative

6. OPEX reduction

7. Refining Operation Efficiency Initiative

Continuous Efficiency Programs

Revenues by Segment (Percentage)

91%

9%

92%

8%

1H16 1H15

Upstream

Downstream

& Others

1H15

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RDMP Cilacap

Pertamina and Saudi Aramco signed the Engineering and

Project Management Services Contract to commence the

Basic Engineering Design study for Cilacap refinery

development

The contract is awarded to Amec Foster Wheeler Energy

Limited

Recent Developments

4

Source: Pertamina

Grass Root Refinery Tuban

Pertamina signed Framework Agreement with Rosneft,

which indicates in broad terms the possible areas of

cooperation between the two companies. The Framework

Agreement is valid until December 2016.

The agreement covers the plan to develop Grass Root

Integrated Refinery and Petrochemical Plant.

Pertamina aims to have a controlling stake of 55%, target

capacity of 300 KBPD with a complexity >9 NCI.

4

Efficiency Program

Breakthrough Project (BTP) New Initiatives yielded

efficiency of US$ 1.09 Billion in 1H 2016.

Includes Optimization of Integrated Supply Chain, Hydro

Procurement, Marketing Operation Excellence and

Upstream Efficiency Initiative.

Increased production from Cepu field

Pertamina EP Cepu has reached its targeted production

of 165 MBOPD with a possibility of higher production.

Oil Production (Pertamina share) increased from 28.20

MBOPD in 1H15 to 70.96 MBOPD in 1H16. (average)

Gas Production (Pertamina share) increased from 5.81

MMSCFD in 1H15 to 24.36 MMSCFD in 1H16.

(average)

FINAL DRAFT

Financial Performance

Revenues

COGS & OPEX

Income from Operations

Net Profit

EBITDA

USD Billions

-40%

-21%

-2%

1H16

17.20

1H15

21.79

2015

41.76

2014*

70.00

2013

71.10

-31%

-42% -1%

1H16

13.91

1H15

20.22

2015

37.84

2014*

65.56

2013

66.26

+110% -12%

-8%

1H16

3.29

1H15

1.56

2015

3.92

2014*

4.44

2013

4.84

+221%

-2%

-53%

1H16

1.83

1H15

0.57

2015

1.42

2014*

1.45

2013

3.06

4.10

2.35

5.13

5.74

6.66

1H15

+74%

-11%

-14%

1H16 2015 2014* 2013

*Restated 5

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Upstream Performance

Daily Oil Production (MBOPD)

Daily Gas Production (MMSCFD)

Daily Oil and Gas Production (MBOEPD)

Yearly Oil Production (MMBO)

Yearly Gas Production (BSCF)

Yearly Oil and Gas Production (MMBOE)

274278270

202

+11%

+3% +34%

1H16

305

1H15 2015 2014* 2013 2014

1.613

2013

1.528

2015

1.902 +6%

1H16

+21% +18%

1H15

1.938

1.602

640551

607548

465

+16%

2014* 2015 1H15 1H16

+11% +18%

2013

1H16

+34% +3%

+12%

55,58

2013 1H15

73,55

2014*

101,60

2015

98,61

49,60 353290

694589558

2014 2013

+18%

2015

+6%

1H16

+22%

1H15

116100

221200

170+16%

2013 2014* 2015 1H15 1H16

+11% +18%

Production figures includes overseas production & entitlement. 1H16 consists of 182 days (leap year), 1H15 consists of 181 days.

*Restated due to change in the method of accounting record

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Refining Performance

Total Intake (MMBbl) Total Output (MMBbl)

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

2015

305,95

2014

314,42

2013

314,03

+10%

-3% 0%

1H16

164,53

1H15

149,05

2014

297,36

2013

295,27

+10%

-2% +1%

1H16

155,44

1H15

141,11

2015

290,22

+6% +3% +1%

1H16

78,64

1H15

74,32

2015

75,52

2014

73,14

2013

72,47

+17%

0% +1%

1H16

129,38

1H15

110,77

2015

231,05

2014

229,98

2013

227,59

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FINAL DRAFT

Marketing & Trading Performance

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

Lubricant Sales (Million KL)

1H16

-6%

+4%

65,30

2015

65,37 61,69

30,07 31,25

0%

2013 1H15 2014 2014

12,06

7,17

1H15 2015

+1% +14%

6,74

13,80 13,98

+6%

2013 1H16

1H16

0,24

+5%

+3%

1H15

-23%

0,23

2015 2014

0,58

2013

0,46 0,44

0,7%

12,9%

13,3%

73,0%

8,4%

4,2%

86,8%

0,6%

PERTALITE (RON 90)

PERTAMAX PLUS (RON 95)

PERTAMAX (RON 92)

PREMIUM (RON 88)

Shift in Fuel Consumption (Total National Sales)

January 2016 Jun 2016

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FINAL DRAFT

Crude Oil Price & Future Outlook

9

Source: Pertamina 9

38

51 61 66

68 69

49

56 62 65

-

10

20

30

40

50

60

70

80

2016 2017 2018 2019 2020 2021

ICP Bloomberg Brent Forecast

USD/BBL

External Price Forecast

2015

• Revised internal oil

price assumptions

• 2015 capital

expenditure revised

down by c.40% from

original budget to

US$ 4.4bn

• 2015 operating

expense revised

down by c.19% from

original budget to

US$ 6.2bn

2016

• Revised internal oil

price assumptions

• Review of pre-

approved 2016

capital expenditure

and workplan &

budget

• Target to reduce

2016 operating

expense by US$ 1-2

Bn

• Maintaining credit

metrics to comply

with covenants/debt

related parameters

used by the Rating

Agencies

Pertamina has taken several mitigation strategies to adjust to the changes in the oil price environment

USD/BBL

0

20

40

60

80

100

120

140

160

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Oil

Price

drop

Historical Brent Spot Price

Source: Pertamina, Bloomberg, Thomson Reuters

FINAL DRAFT

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thank you