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PT Pertamina (Persero)

1H 2021 Unaudited Result

Jakarta, August 2021

CONFIDENTIAL AND PROPRIETARY. Any use of this material without specific permission

of PT Pertamina is strictly prohibited. Should not be reproduced or redistributed to any

other person.

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is provided as at the date of this presentation and is subject to change without notice.

Disclaimer

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1

2

3

Recognitions

4

ESG Implementation

5

Responding Pandemic

Operational & Financial Updates

Business Restructuring

Presentation

Outline

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Operational & Financial Updates1

5

884 850

-4%

723 672

-7%

2.2732.280

-0,3%

39 41

+3%

Q2 2020

1,64

Q2 2021

1,68

+2%

Avg 2019 Jan-21 Mar-21Avg 2020

7,5

Feb-21Avg 6M

2021

Apr-21 May-21

7,2

Jun-21

7,2 6,77,6 6,9 6,8 7,5 7,4

-5% +4%

• Despite of the increase of fuel sales by the end of the period, the demand for oil &

gas have not fully recover to the pre-Covid level.

• Upstream production decreased by approximately 4% due to the declining of

resource, facility maintenance and COVID-19 outbreak.

• Similar condition happened to lifting which was lower 7% than the previous period.

• Electricity production from geothermal slightly decreased as a result because of

maintenance that took place on several sites.

• Sales volume increased by 3% from higher demand.

• Capex budget realization was higher compared to similar period last year.

Highlights

Monthly Sales Volume (Million KL)

Operational Highlights

Production

Oil & Gas

MBOEPD

Lifting

Oil & Gas

MBOEPD

Geothermal

GWh

Sales

Volume

Eq. MKL

Capital

Expenditure

USD Bn

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USD Billion Q2 2020 Q2 2021 ∆ %

Revenues 20.48 25.09 4.61 23%

COGS 15.40 18.60 3.20 21%

Upstream Production & Lifting Cost 2.43 2.48 0.04 2%

Exploration Cost 0.08 0.06 (0.02) -23%

Other Operation Activities Cost 0.96 1.40 0.43 45%

Gross Profit 1.61 2.55 0.94 59%

Sales & Marketing Expenses 0.64 0.52 (0.12) -19%

General & Administration Expenses 0.53 0.71 0.19 35%

Operating Profit 0.44 1.32 0.88 199%

Other Income/(Expenses) (0.30) (0.30) (0.01) -3%

Gain/(loss) on foreign exchange (0.21) (0.07) 0.14 66%

Taxes 0.70 0.76 0.06 9%

Net Income/(Loss) (0.77) 0.18 0.95 124%

EBITDA 2.71 3.31 0.60 22%

Q2 2020 Q2 2021 ∆

Gross Margin - % 8% 10%

Profit Margin - % -4% 1%

EBITDA Margin - % 13% 13%

Forex Rate (USD1= IDR) 14,173 14,298 1%

Avg ICP (USD/Bbl) 40 62 57%

Highlights

1. The revenue was higher by 23%, while we maintained

COGS by 21%

2. Gross margin and EBITDA margin were stronger

compared to Q2-2020

3. The Q2 result not yet includes the reimbursement from

selling price disparity estimated USD 739 million

(subject to be approved by Ministry of Finance), which

potentially would support a higher result.

Positive Result, as a result of improve activities..

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Liability & Equity FY 2020 Q2 2021 %

Short-term Loans 0.13 1.02 658%

Trade Payables 3.76 3.67 -2%

Other Payables 5.55 6.72 21%

Long-term Loan1 3.52 3.40 -3%

Bond Payables 15.01 16.47 10%

Employee Benefits Liabilities 2.07 2.13 3%

Other Non-current Payables 7.86 7.65 -3%

Total Liabilities 37.89 41.06 8%

Total Equity 31.25 31.21 -0.1%

Assets FY 2020 Q2 2021 %

Cash 9.94 11.39 15%

Restrict. Cash & Short Term Inv. 0.39 0.35 -12%

Account Receivables 3.54 4.34 22%

Government Receivables1 4.54 4.87 7%

Other Receivables 1.08 0.86 -20%

Inventories 4.89 6.01 23%

Long Term Investment 2.66 2.65 0%

Fixed Assets 14.46 14.72 2%

Oil & Gas Assets 19.55 19.40 -1%

Other Assets1 8.09 7.68 -5%

Total Assets 69.14 72.27 5%

USD Billion

Financial Position Remain Robust…

Ratio FY 2020 Q2 2021 %

Debt to Equity Ratio 62.08% 69.15% 11%

EBITDA/Interest 8.51 7.35 -14%

Net Debt/Net Worth 0.30 0.33 8%

Fund From Operation (FFO)/Debt 28.50% 26.63% -7%

Retained Cash Flow (RCF)/Net Debt 57.19% 51.84% -9%

HighlightsHighlights

1. The cash position was stronger compared to the end of

the year 2020.

2. Financial ratios are all in good shape.

1. Include current and non current portion

USD Billion Q2 2020 Q2 2021 %

Cash Flows from (for) Operating

Activities

0.91 1.15 26%

Cash Flows from (for) Investing Activities (1.69) (1.68) 1%

Cash Flows from (for) Financing Activities 3.07 2.09 -32%

Net Cash Flow 2.28 1.56 -32%

Effect of Exchange Rate (0.05) (0.10) -125%

Beginning Balance of the year 6.76 9.94 47%

Cash at Period End 8.99 11.39 27%

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Operating Cash Flow was Strong, Resulted in a Better

Cash Balance …

HighlightsHighlights

1.Cash flow from operating activities

was higher, supported by steady

cash received from customers and

government

2.Cash flow for investing activities

was mainly for investment in

upstream & shipping sectors

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Strategic Actions to Mitigate the Pressure in 2021

The cost leadership program

across the Group such as COGS

efficiency and optimization in

storage & distribution channel

Optimize load factor in shipping

to increase revenue and cost

efficiency

Maximize the production of refinery

products that have export

opportunities

Capex prioritization

Centralize procurement to

achieve cost saving

Active hedging management to

mitigate foreign exchange risk and

improves cash flow performance

Increase oil and gas

production and lifting

following the high prices

Optimize Pertamina Loyalty and

Discount Program to increase

revenue

Increase gas trade and

transportation

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Business Restructuring2

Business Restructuring of PT Pertamina (Persero) GroupRestructuring will lead Pertamina Group to be more agile, leaner, solid and creating more value

The Role of Holding

1. Define strategy & policy guidance.

2. Integrate portfolio and business

synergies throughout

Pertamina group.

3. Accelerate the development of

new businesses.

The Role of Sub-Holding

1. Encourage a more focused

operational excellence through the

development of business scale.

2. Accelerate the development of

venture and capability in existing and

new businesses.

3. Increase the capability and flexibility

for partnership and funding.

Impacts

1. Elevate operational

excellence

2. More focus on each

segment process

3. Efficiency through:

• Centralized procurement

• Resource sharing

4. Flexibility in business

strategy & financing

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ESG Implementation3

Top 10 ESG Material Topics & Initiatives 2021Soci

al

Gove

rna

nce

Envi

ronm

ent

al

Topics Key Initiatives 2021 Ambition / Long-term Target

Addressing climate

change

• Continue to execute low carbon & NRE projects

• Continue emission reduction initiatives: low carbon heat, energy efficiency, flare gas utilization, etc.

• Scope 1, 2, and 3 emission baselining & forecasting until 2030

• Development of Net Zero Emission strategy

• Study to explore CO2 Monetization options

30% emission reduction in 2030, exceed National

Determined Contribution target of 29% absolute

emission reductionReducing environmental

footprint

Protecting biodiversity • Continue preservation of biodiversity (through “Kampung Iklim” Program, etc.) Net positive impact on biodiversity

Health and safety

• Implement 12 life-saving rules, HSSE SUPREME

• COVID-19 Handling to external and internal (vaccination, modular hospital, oxygen support, etc.)

• NOA (Number of Accident), TRIR (Total Recordable Incident Rate) as boundary KPIs for 2021

• Zero accidents

• Zero Fatalities

Prevention of major

accidents

• Improvement of tank safe operation: alarm & fire protection, overflow protection, operators, etc.

• Process safety & asset integrity management system, standardized reporting for PSE 1, 2, 3, dan 4

• Assessment of fire & explosion protection readiness, oil spill response readiness

Zero loss of primary containment / no leaks across

operations, No major accidents

Employee recruiting,

development & retention

• Leadership program all across employee level

• Digital platform to provide comprehensive training program

• Learning Hours as individual employees KPI

• Ensuring remuneration above regional minimum wage & Pension Fund management

• Women leadership (female constitutes 33% of executive board & 16% of management)

• Targeted approach towards development and

training

• Aim for below 5% employee turnover

• Training all employees by 2025

Innovation and research

• Initiating CCUS Pilot Project in Gundih & Sukowati Field

• Research in the low-carbon field (CO2 to PCC, bio-crude, Bioethanol Gen 2, etc.)

• Research in more efficient catalyst

• % spend on low-carbon research and innovations

• # of new innovations to improve efficiency/new

low-carbon R&D

Community engagement

and impact

• Continue Community Involvement & Development (CID) programs

• Optimize SME partners through assistance and funding

Improved welfare and wellbeing in surrounding

communities, access to energy nationwide

Cyber security• Improvement of cyber security policy

• establishment of Cyber Security Steering Committee

• Zero cyber attacks

• Clear reporting on major attacks

Corporate Ethics

• Establishment of Sustainability Committee

• Anti-bribery management system, Whistle Blowing System, compliance with regulation

• Mandatory wealth reporting to Corruption Eradication Commission (KPK) for Pertamina’s management

• Zero tolerance Fraud and Corruption

• Zero incidents unethical conduct of business

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Responding Pandemic4

How we responds the pandemicIn response to the recent outbreak, Pertamina prioritizes the safety of its employee, while maintaining the operations and the distributions of energy in Indonesia.

Furthermore, Pertamina supporting the Government to deal with the situations by deploying vaccination programs, distributing medical supplies, and providing

health facilities.

Corporate ContributionInternal Policy (For Employee & Family)

Providing Covid-19 Hospital

RS Modular Simprug, RS Modular Tanjung

Duren, RSPJ, RS Haji Jakarta & Lampung

Facilitating vaccine for public

Iso Tank trucking fleet

Transporting O2 for public needs using

company’s fleet

Plasma Donor

Pertamina Cares Covid-19 Program Apheresis

Machine Assistance for PMI 2 units and 224

apheresis plasma bag kits

Small Enterprise Accompaniment

Encourage small medium enterprises to recover

their business which hit by pandemic

Work from Home

Implementing work from home and WFO

flexibility for certain works

Vaccine Acceleration

Acceleration of COVID-19 Vaccination for

employee & family

Digital collaboration and network support

Enhance digital utilization to run operational

Health Call Center

Providing health call center for employee

and family

Daily Health Monitoring

Providing health call center for employee

and family

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Recognitions5

Pertamina is the only

Indonesian company

listed in the award.

• Top 5: Best Credibility

-through- Assurance

• Top 8: Best ESG Report

14TH Corporate

Register Reporting

Awards 2021

Bronze Award Asia’s Best

SDG Reporting in 6th

Asia Sustainability

Reporting Awards (ASRA)

Asia Sustainability

Reporting Rating

Recognitions..

Pertamina is ranked 287

in the Fortune Global

500 list and represents

the only Indonesian

company in the list

Fortune Global 500

#287

Several recognitions that we achieved this year, to reflect our solid performances and sustainability efforts

International

• Pertamina Group

received 6 awards,

include Platinum Rank

as the highest award

for PGN

• Pertamina and several

subsidiaries achieved

Gold and Bronze

Rank Awards

Asia Sustainability

Reporting Rating

• Pertamina Group

received 6 awards

• Green Elite for

Emission Reduction for

SOEs non Bank

• Gold Plus for Emission

Calculation

Transparency for SOEs

non Bank

Corporate Emission

Award 2021

Berita Satu

Domestic

Thank You

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