November 2016

PT Pertamina (Persero):

3Q16 (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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Refining &

Petrochemical

Megaproject Director

Organizational Update

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Gas, New &

Renewable Energy

Director

Yenni Andayani

Marketing Director

Ahmad Bambang

Finance Director

Arief Budiman

Human Resources

& General Affairs

Director

Dwi Wahyu Daryoto

Rachmad Hardadi

Refinery Director

President Director & CEO

Dwi Soetjipto

Upstream Director

Syamsu Alam

Gas Director

Yenni Andayani

Marketing

Director

Act: Ahmad Bambang

Finance &

Corporate

Strategy Director

Arief Budiman

Human Resources

IT & General

Affairs Director

Dwi Wahyu Daryoto

Act: Rachmad Hardadi

Refinery Director

President Director & CEO

Dwi Soetjipto

Upstream Director

Syamsu Alam

COO / Deputy President

Director & CEO

Ahmad Bambang

Rachmad Hardadi

New Organization

FINAL DRAFT

3Q16 3Q15

ICP (USD/BBL) 37.88 52.21

Revenues 26.62 31.99

EBITDA 6.23 3.55

Net Income 2.83 0.91

SG&A Cost (OPEX) 1.62 1.43

3Q16 Highlights

Key Financial Highlights (USD Billions)

65% 35%

EBITDA by Segment (Percentage)

27%

73%

Upstream

Downstream

& Others

3Q16

Upstream & Geothermal:

• Matindok Gas Development Project

• Jambaran-Tiung Biru Gas Field

• Geothermal Lumut Balai 1 & 2, Ulubelu 3 &4

Midstream, gas pipeline network:

• Muara Karang – Muara Tawar – Tegalgede (West Java)

• Gresik – Semarang (East Java & Central Java)

Downstream:

• Upgrade on Refinery IV Cilacap (Proyek Langit Biru Cilacap)

• Development of Fuel Terminal in Sambu Island

Priority Projects 2016

Revenues by Segment (Percentage)

91%

9%

92%

8%

3Q16 3Q15

Upstream

Downstream

& Others

3Q15

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Crude Processing Deal with Shell

Pertamina appointed Shell to process the crude from

Iraq’s West Qurna 1 Block to produce Gasoline RON 88

Shell will process 1 million barrels of crude per month

from July to December 2016 at Singapore refinery.

Recent Developments

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Source: Pertamina

Maurel et Prom Share Purchase

Pertamina purchased 24.53% shares of Maurel et Prom

(MP), a France based independent oil and gas company.

MP’s operations are in Gabon, Namibia, Nigeria, Tanzania,

Myanmar, Canada, and Italy.

Pertamina is currently performing a voluntary tender offer,

expected to be completed by the end of 2016.

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Head of Agreement with REPSOL

Pertamina and Repsol signed the HoA to develop Treated

Distillate Aromatic Extract (TDAE) Plant at Refinery Unit

IV, Cilacap.

Plant is designed at a capacity of 60.000 tons/annum of

TDAE, to process Distillate Aromatic Extract into a Rubber

Processing Oil (material for synthetic rubber and tire).

Plant will be operated in 2019. Total investment amounting

to US$ 80 Million.

Efficiency Program

Pertamina maintains continuous efficiency program

through Breakthrough Project (BTP) New Initiatives.

The program yielded a value of US$ 1.6 Billion as of

3Q2016.

Includes Optimization of Integrated Supply Chain, Hydro

Procurement, Marketing Operation Excellence and

Upstream Efficiency Initiative.

New Product Launch

Pertamina launched Pertamax Turbo, a gasoline with

minimum Research Octane Number of 98.

Pertamina also introduces Pertamax Turbo to the

European market (Belgium, France, UK, Italy).

FINAL DRAFT

Financial Performance

Revenues

COGS & OPEX

Income from Operations

Net Income

EBITDA

EBITDA Margin (%)

USD Billions

3Q15

32.00

2015

41.76

2014*

70.00

-40%

-17%

-2%

3Q16

71.10

26.62

2013

-27%

-42% -1%

3Q16

21.57

3Q15 2015

37.84

2014*

65.56

2013

66.26

29.55

+107%

-12% -8%

3Q16

5.05

3Q15

2.44

2015

3.92

2014*

4.44

2013

4.84

2015

1.42

2014*

1.45

2013

3.06

+209%

-2%

-53%

3Q16 3Q15

0.91

2.83

6.23

3.55

5.135.74

6.66

2013 3Q16 3Q15 2014* 2015

-14% +75% -11%

23.42

11.0912.28

8.209.30

3Q16 3Q15 2015 2014 2013

*Restated 6

FINAL DRAFT

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)

309277278270

202

+12%

+3% +34%

3Q16 3Q15 2015 2014* 2013

1,9531,730

1,9021,6131,528

+13% +18%

+6%

3Q16 3Q15 2015 2014 2013

646575607

549465

+12% +11% +18%

1H16 1H15 2015 2014* 2013

84.7775.56

101.6098.61

73.55

+12% +3% +34%

3Q16 3Q15 2015 2014* 2013

535472

694589558

+13%

+18%

+6%

3Q16 3Q15 2015 2014 2013

Production figures includes overseas production & entitlement.

*Restated due to change in the method of accounting record

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177157

221200

170

+18% +11%

+13%

3Q16 3Q15 2015 2014* 2013

FINAL DRAFT

Refining Performance

Total Intake (MMBbl) Total Output (MMBbl)

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

226,28

+8%

-3% 0%

3Q16

244,91

3Q15 2015

305,95

2014

314,42

2013

314,03

214,66

+8%

-2% +1%

3Q16

230,94

3Q15 2015

290,22

2014

297,36

2013

295,27

+5% +3% +1%

3Q16

77,75

3Q15 2015

75,52

2014

73,14

2013

72,47 74,39 +13%

0% +1%

3Q16

190,29

3Q15 2015

231,05

2014

229,98

2013

227,59

168,32

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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)

+5%

-5% 0%

3Q16

47,80

3Q15 2015

61,69

2014

65,23

2013

65,37

45,73

13,97

2014

13,80

2013

12,06

+5%

+1% +14%

3Q16

10,80

3Q15 2015

10,28

+2%

+3%

-23%

3Q16

0,35

3Q15 2015

0,46

2014

0,44

2013

0,58

0,34

28,2%

54,5% 0,8%

16,5%

13,3%

73,0%

12,9%

0,7%

PERTALITE (RON 90)

PERTAMAX PLUS (RON 95)/TURBO (RON 98)

PERTAMAX (RON 92)

PREMIUM (RON 88)

Shift in Fuel Consumption (Total National Sales)

Jun 2016 Sep 2016

9

8,4%

4,2%

86,8%

0,6%

Jan 2016

FINAL DRAFT

10

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