Pertamina

S e c u r i n g e n e r g y f o r I n d o n e si a s g r o w t h

3Q2015 (Unaudited) Highlight

CONFIDENTIAL AND PROPRIETARY

This material is prepared solely for this session and not for distribution.
Any use of this material without specific permission of PERTAMINA is strictly prohibited.
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Pertamina at a Glance
Pertamina has a critical role in Indonesias energy sector

Summary of Pertamina Operations Key Highlights

28,104 employees
Upstream Downstream
2014 financial performance
Oil and Gas Refining and Marketing Revenue: USD70.65bn
Estimated 2P reserves of 5,125 mmboe Dominant Indonesia refiner with 6 refineries and EBITDA: USD5.83bn
total capacity of 1,031mbbls/d
74% proven Net income: USD1.53bn
Average Nelson Complexity Index of 5.4
49% oil 3Q2015 financial performance
Refined products slate cater to 66% of domestic
86% domestic operation demand (2014) Revenue: USD32.00bn
International presence with six working areas in Leading provider in subsidized and non- EBITDA: USD3.55bn
three countries subsidized fuel, industrial fuel, LPG and Net income: USD0.92bn
Malaysia, Iraq and Algeria lubricants
3Q2015 cash balance of USD4.15bn
Oil production of 276.77mboe/d, gas production Unmatched distribution network in Indonesia
of 1.73 bcf/d (298.6mboe/d) including 3Q2015 undrawn credit lines of
USD6.66bn
5,283 retail fuel stations
Geothermal
591 LPG filling plants
14 geothermal working areas Down-
Other infrastructure including stream
Total installed capacity of 437MW (own
operation) from 4 operating areas 206 vessels 27%

Estimated 2P reserves of 1,550MW 199 fuel terminals, aviation fuel units, LPG
terminals & depots and lubricant oil blending
Others plants

Oil field and drilling services

Gas, New & Renewable Energy
Upstream
Extensive gas transmission and distribution pipelines totaling 1,624km 73%
Six LNG/regas plants across Indonesia
Evaluating opportunities to expand into renewables and green fuels
3Q2015 EBITDA: USD3.55bn
Note: List of assets is not exhaustive. All figures as of 3Q15 unless stated otherwise
Source: Pertamina 1
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Pertaminas Operations Across the Value Chain

Pertamina is the only energy company in Indonesia that operates across the entire energy value chain with operations
that are continually enhanced with development of reserves and refinery capacity expansions and upgrades
Downstream
Upstream
Refining Marketing & Trading

Crude oil and refined product imports Refined products

Distribution through fuel depots

Drilling Crude oil and stations: Kerosene,
services Gasoline, Diesel, HSD, LPG
Trading/export Refineries
Crude oil Petrochemical
products

Petrochemical
facilities
Transmission lines Marketing and trading
LPG
Process
Gas trading/transmission
Natural
gas
LPG plants
Exploration,
development LNG
and production LNG Exports to other countries
domestically trading
and overseas Production facilities LNG shipping
Steam LNG plants

Production facilities Electricity

Power plants
Geothermal
Electricity distributor
Key operating companies
Upstream Gas, New and Renewable Energy Downstream
PT Pertamina EP (PEP) PT
Pertamina Hulu Energi
PT Geothermal Energy(PHE)
(PGE) PT Pertamina Gas PT Pertamina Trans
PT Pertamina EP Cepu (PEPC) PT
Pertamina
PT Pertamina
Geothermal Energy (PGE)
Drilling Services PT Nusantara Regas Kontinental
PT Pertamina Hulu Energy (PHE) PT Pertamina
Indonesia Internasional
(PDSI) Eksplorasi & PT Pertamina Retail
PT Pertamina International EP (PIEP) Produksi PT Pertamina Lubricants
PT Elnusa Tbk PT Pertamina Patra Niaga
Note: Illustration of activities not comprehensive and does not reflect Pertaminas organizational structure 2
Source: Pertamina
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Indonesia oil and gas balance going forward

Indonesia domestic assets not sufficient to fulfil domestic demand

Indonesia crude oil production and oil demand (kb/d)

2500
Crude exports Refining - domestic Oil demand

2000

1500

Left OPEC

1000
Turned net oil importer

500 Domestic production

0
2000 2005 2010 2015 2020 2025
Source: Wood Mackenzie

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Pertamina Stands to Benefit From the Growing Indonesian Energy Sector

With its integrated position, Pertamina is well-positioned to benefit from energy demand growth across oil, gas and
refined products
Favorable Indonesian Oil and Gas Demand Outlook Favorable Macroeconomic Dynamics

mboe/d Oil Demand mmcf/d Gas Demand

Largest economy and population in South
15 -25E 15 -25E
CAGR:
East Asia
CAGR:
2.5% 2.9%
2,008 5,455 Visible Indonesian oil and gas demand
4,883
1,729
1,563 1,563 3,848 4,100 growth outlook to 2025
1,327
1,172 2,900
2,546 Equally, favorable expected refined
products demand growth

Robust energy demand supports price

2000 2005 2014 2015E 2020E 2025E 2000 2005 2014 2015E 2020E 2025E increase to end users
Source: Wood Mackenzie Source: Wood Mackenzie

Growing Demand for Refined Oil Products Indonesia has the Highest GDP and Population, but one of the Lowest per
Capita Primary Energy Consumptions in the Region
2015E 2025E CAGR (%)
GDP and Total Population (2014) Primary Energy Consumption Per Capita (2014)(1)
2.3% 1,364 1,267
1.9% mtoe
722 699 13.9
10,360
599 559
253
mbbls/d

mn pax
USDbn

67 30 5 91
2.4% 2.7%
10.9% 2,067
(1.1%) 235
180 185 889
97 123 3.0
66 374 327 308
2.2 1.8
46 41 186 0.7 0.7 0.5

Gasoline Diesel / Jet / Kero

Avtur/Kero Fuel Oil LPG Naphtha
Gasoil
2015E 2025E GDP Population
Source: Wood Mackenzie Source: World Bank Source: World Bank, BP Statistical Review 2015
(1) Primary energy comprises oil, natural gas, coal, hydro-electricity and renewables. Primary energy consumption per capita calculated as total energy consumption 4
(BP) divided by total population (World Bank)
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Upstream Overview
Pertamina is the largest oil and gas producer in Indonesia. It also has a growing international presence with six blocks
in three countries

Diversified Reserves and Production (3Q2015) Indonesia:

Overseas
Overseas Pertaminas domestic upstream activities are managed by a
413 number of subsidiaries, including:
79
East 8%
14%
Indonesia PEP (20 areas)
767
15%
PHE (48 blocks)
PEPC
Sumatra Domestic
Java 2,120 496 PGE (4 geothermal operating areas)
1,824 41%
36% 86%
International:
Total 2P Estimated Reserves: 5,125 mmboe Total Production: 575mboe/d
74% of 2P reserves are proven Operations in Malaysia, Iraq and Algeria
Oil accounts for 49% of 2P reserves
Largest Reserves in Indonesia Dominant Oil and Gas Producer in Indonesia Growing Oil and Gas Production

5,125 575 Gas Oil

Gas Oil
575
508 487
2,530 277 454 456 277
mmboe

mboe/d

306 239 221

197 202
1,955 220
1,737
167 1,470 1,426 48 161 143
76 272
2,594 1,788 696 71 299 31 21
1,661
1,355 173
774 130 122 257 255 269 266 299
34
2012 2013 2014 3Q2014 3Q2015

Gas Oil
Source: Estimated Pertamina 2P reserves per Pertamina Source: Pertamina production as per Pertamina 3Q015 Note: Total production figures are not adjusted
3Q2015 reported. Other companies based on Wood reported. Other companies production figures historically for pro forma impact of
Mackenzie working interest commercial and technical are for 2014 per Wood Mackenzie acquisitions 5
reserves as of January 1, 2015
Source: Pertamina unless stated otherwise
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Global Upstream Expansion

Pertamina is expanding across the globe to secure assets in areas where it can compete

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Refining and Marketing Overview

Pertamina remains the dominant oil refiner and marketer in Indonesia with an unmatched production and distribution
network across the archipelago
Business Highlights Dominant Downstream Position
Dominant refiner in Indonesia with 6 strategically located refineries
Distribution Channels
with total capacity of 1,031mbbls/d
Gas stations 5,283 stations
Refined products slate caters to 66% of domestic demand (2014)
LPG filling plant 591 units
Downstream margins optimized by integrated supply chain, with over Vessels 206 units
60% coming from Pertaminas own domestic upstream production
Fuel terminals 115 units
Expansion projects and new-builds to enhance competitive position Aviation fuelling units 62 units
LPG terminals & depots 19 units
Lubricant oil blending plants 3 units

Refinery and Distribution Network

RU II Dumai / Sei Pakning
170 mbbls/d
NCI: 7.5 RU V Balikpapan
RU III Plaju
260 mbbls/d
118 mbbls/d
NCI: 3.3
NCI: 3.1
Malaysia RU VII Kasim / Sorong
v
10 mbbls/d
NCI: 2.4
Singapore Kalimantan

Sumatra
West Papua
Jakarta

Import
Java
RU VI Balongan
125 mbbls/d Total
RU IV Cilacap
NCI: 11.9 1,031 mbbls/d
348 mbbls/d Import NCI: 5.4
NCI: 4.0

: Domestic Oil Refinery Distribution Routes : Transit Terminal : Back Loading Terminal : Floating Storage
: Fuel Depot 7
Source: Pertamina. Data as of September 30, 2015
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Gas, New & Renewable Energy Overview

Pertamina has a comprehensive presence across the gas value chain (production, sourcing domestically and
internationally, infrastructure development and commercialization) and is developing new & renewable energy

Gas Business

Transmission Gas, New &

Sourcing and LNG
and Processing Marketing Renewable
trading Infrastructure
distribution Energy

Pertamina Gas
Trading, storage and
transportation of natural gas
through pipeline network
1,624 km of gas pipelines
PT Badak (Bontang) (17mmtpa)
LNG provider Kalimantan
Donggi Senoro (DS) LNG (2mmtpa)
LNG provider Sulawesi
PT Perta Daya Gas
LNG provider Indonesia Timur
Mini LNG storage and regas
PT Nusantara Regas (3mmtpa) Future plans
Operation and development of Evaluating
storage facilities and regas opportunities to expand
terminals into gas-fired and
renewable power
PT Perta Arun Gas generation as well as
LNG receiving terminal and regas implementing green
fuel / diesel technology
PT Perta Samtan Gas
LPG plant

Source: Pertamina 8
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Focused On Strong Corporate Governance and Transparency

Pertamina applies the principle of Good Corporate Governance (GCG) throughout its functions, such as Board of
Commissioners, Board of Directors, Internal Audit, Legal Counsel and Compliance and other relevant functions

Implementation of GCG as Part of Pertaminas Transformation

Transparency

1,706 LHKPN
71.62
(Wealth Report of State Official)
Fairness Accountability ASEAN SCORE CARD 2014
Pertaminas Compulsory report related to the
GCG Principles Board of Directors, Board of
Assessment by the Indonesian Institute
Commissioners and managerial
for Corporate Directorship, comparing
level
GCG implementation in Pertamina with
public companies in ASEAN, based on
95.2% of the 1,792 total
instruction from Board of
Independency Responsibility compulsory reports target in
Commissioners
2014 (63.2% in 2013)

Independently Managed Whistle Blowing Implementation of a Gratification Control Awarded Best SOE in Controlling Gratification,
System (WBS) Program under Compliance Reflective of Healthy GCG Assessment Score (2)
% 94.27 94.43
93.51
Sent to 91.85
Under KPK(1)
Investigation Authority 216
23 59 Reports 75 Reports 86.79
Received Received
(2014) 83.56
(2014)
Follow Up Resolved by
Completed Company
36 141

(1) Corruption Eradication Commission 2009 2010 2011 2012 2013 2014
(2) Awarded by the Corruption Eradication Commission
Source: Pertamina
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Responsive to Lower Oil Price Environment

Pertamina has the flexibility to adjust its spending to changes in the oil price environment. The Company is pursuing
its 5-pronged strategy to grow in the current environment
Several measures by Pertamina in response to the decline in oil prices

Revised internal oil price assumptions

2015 capital expenditure revised down to c.60% from original budget (15% excluding M&A)

2015 operating expenditure revised down to c.35% (>USD700mn) from original budget

Material working capital improvement due to decrease in oil import payments and change in trust receipt drawdown policy

Relatively low cash operating costs help shield upstream operations from price decline

1 2 3 4 5
Increase refining Develop marketing and
Pursue operational Maintain financial
Expand upstream capacity and distribution
efficiencies prudence
competitiveness infrastructure
5-pronged strategy

Acquire and develop Efficiency in supply Upgrades through Increase storage and Settlement of
potential domestic chain management Refinery Development terminals capacity receivables
blocks (Mahakam, Streamline corporate Master Plan Develop world class Alignment of short
Cepu, ONWJ) functions Grass root refineries gas stations and and long term loans
International Centralize (with government marketing network Management of
expansion procurement support) Marketing Operation investment planning
Acceleration of Excellence and evaluation
Geothermal and New International Fized asset
Energy development expansion optimization
Operations Excellence Subsidiary
Exploration restructuring

Source: Pertamina 10
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Revenue and Other Financial Highlights in Challenging Environment

Pertamina has maintained healthy EBITDA and Net Income margins despite volatility and decline in global oil prices,
demonstrating the quality of its asset base
Revenue

Despite the decline in oil prices, Pertamina recorded healthy (0.6%)

3Q2015 EBITDA and EBITDA Margin compared to the full
year 2014 71.10 70.65

67.45 66.41 54.50 (41.3%)

Injection of quality assets such as 30% in Murphy Oils
Malaysia assets, along with greater downstream optimisation 51.29
have provided a platform improved earnings quality 31.99

29.40
Positive impact on refining operations from oil price
environment notwithstanding some inventory write downs 3.65 4.24 3.21 2.60

2013 2014 3Q2014 3Q2015

Upstream Downstream and others

EBITDA and EBITDA margin Net Income and Net Income Margin
11.09% 4.32%
9.36%
8.86%
8.26%
3.12%
6.66 2.89%
5.84
1.11 3.07 2.17%
4.83
0.60
0.41 3.55

0.96 1.70
1.53
0.92
5.55 5.24 4.42 2.59

2013 2014 Q3 2014 Q3 2015 2013 2014 3Q2014 3Q2015

Upstream Downstream and others EBITDA Margin Net Income Net Income margin

Note: 3Q2014 and 3Q2015 figures are unaudited. EBITDA calculated as income for the year - interest income + interest expense + income tax expense + DD&A 11
Source: Pertamina.
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Reforms in the Indonesian economic sector

The Government of Indonesia has introduced several reforms to encourage growth including in the energy sector
Package 1 Package 2 Package 3 Package 4 Package 5 Package 6 Package 7 Package 8
Sept 9 Sept 29 Oct 7 Oct 16 Oct 22 Nov 5 Dec 5 Dec 21

Deregulation to Enhancement of Reduction of Improvement of Improvement of Economic Improvement of Select acceleration

revitalize real investment production costs labor environment fiscal regulations to development in low income of key industries
sector to anticipate environment and stimulation of enable growth less developed economies. (incl. oil refinery).
economic crisis SME development Formula to regions
and protect the Permit determine labor Temporary Incentives for One map policy
poor simplification/ Reduction of wages across reduction of tax Development of labor-intensive for land usage
streamlining, diesel, jet fuel, the different rate for asset Special industries
Reduction of 98 e.g., industrial gas, and provinces to revaluations Economic Elimination of
regulations area license electricity tariffs provide more Zones Acceleration of import duty for
from 8 days to 3 certainty to Elimination of land certificate aviation spare-
Acceleration of hours, envi- Broadening and business double taxation Provision of issuance for parts
national ronmental interest owners for REITs clean water street vendors
strategic permits from 14 reduction on Acceleration of
projects to 6 micro loans Broadening of Paperless Grass Root
from 22% to micro loans licensing and Refinery
Enhancement of Import 12% approval for development
property sector requirement SME working importation of
investments relaxation Provisions (e.g., capital loan raw materials
discounts, program for pharma
Income tax cut delay) for industry
for exporters companies in
who keep their financial
funds on-shore difficulties

Implications to Pertamina

Maintaining economic growth and stability over medium to long term

Possible acceleration of major investment programs, e.g., refinery development
Opening up possible avenues for growth leverage, including in non-core business, e.g., property development
Overall investment climate to attract financial and strategic investors
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Our plans going forward

We are committed to develop the Indonesian energy sector

Upstream
Production and development of major
upstream assets (e.g., Jambaran Tiung
Biru)
Take-over of expiring assets (e.g.,
Mahakam)
Geothermal development
International acquisitions
Downstream
Major upgrading of existing refineries, i.e.,
Refinery Development Masterplan (RDMP)
Grass root refinery development
Distribution and marketing infrastructure
(e.g., fuel and LPG terminals, shipping,
etc.)

Gas Midstream and Power Others

Integrated Jawa-Sumatera Gas Pipelines New and Renewables Energy projects
(e.g., bioethanol, green diesel, etc.)
Onshore and Floating Regas Terminals
City Gas (e.g., CNG stations, etc)
Power (monetization)
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Our historical financing strategy

Currently Pertamina has a balanced financing profile primarily tapping corporate loan and bond investors

Pertaminas Debt Portfolio is Well Diversified

While Pertaminas debt portfolio is well diversified, refinancing upcoming loan maturities with bonds could help better align the debt-to-
bond mix with peers.
Bond and Loan Mix
Bond Loan
Peer Average (Integrated Oils Asia): 62% 38%
Peer Average (Integrated Oils Global: 80% 20%

Pertamina Integrated Oils Asia Integrated Oils Global

1%
48% 100% 15% 21% 77% 77% 100% 99% 9% 10% 16% 18% 36% 36% 52% 41% 52%

91% 90%
85% 84% 82%
79%

64% 64%
59%
52%
48% 48%

23% 23%

Peer Peer
Median: Median:
Asian E&P Asian R&M

Note: The information presented is based solely on publicly available data and may not be accurate or comprehensive as any new issuances or retirements registered between now
and the last filing date may not be captured.
Source: Bloomberg. Data as of April 15, 2015. 14
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Our financing gesture going forward

Diversification of financing sources and matching the right financing with the different needs of our businesses

Historical Financing Schemes Selection of Financing Scheme Going Forward

Project Corporate Global Continuing diversification of financing base while continuing to

Financing Loan Bond maintain the commitment to existing lender and investor base

Matching of financing with different project profiles (recently

amended covenant to enable them), e.g.,

Long maturity instruments for long-tenured investments (e.g.,

upstream investments)

Project/structured financing for large downstream projects

based on respective assets (e.g., refinery upgrades, grass
root refineries)

2000s
Exploring different sources of financing as it permits
1970s 1980s 1990s Outlook
today
Asset based financing, e..g, Reserve Based Lending
Initially resorting to project finance
Joint venture equity participation for large scale projects
In the past decade moved towards corporate loan and global
bond leveraging overall corporate balance sheet Possible equity financing for select subsidiaries, e.g., non
core subsidiaries

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Key Credit Ratios

Pertamina continues to focus on its balance sheet strength as it grows

Total Debt / Capitalization(1) Total Debt / Equity

50% 99%
89% 88%
47% 76%
47%

43%

2013 2014 9M2014 9M2015 2013 2014 9M2014 9M2015

Total Debt / EBITDA EBITDA / Net Interest Expense

30.7x

2.3x 2.5x
18.9x 13.1x
3.0x
1.7x
13.7x

2013 2014 9M2014 9M2015 2013 2014 9M2014 9M2015

annualised annualised

(1) Capitalization includes debt and equity. Total debt comprises short-term loans, bank loans (including current portion), and bonds. Equity includes non-controlling interest
Note: 3Q2014 and 3Q2015 figures unaudited. EBITDA calculated as income for the year - interest income + interest expense + income tax expense + DD&A
Source: Pertamina.
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Thank You

Refinery Unit VI Balongan