Investor Presentaiton

Stands to Benefit from Ongoing Deregulation In January 2015 the Government implemented the New Fuel Price Policy has improved Pertamina's working capital position Before Implementation of New Fuel Price Policy Post Implementation of New Fuel Price Policy Principle Aims of New Fuel Price Policy Ease financial burden on State Budget ■ Redirect gasoline subsidy funds to public investment ■ Introduce market prices (and encourage more efficient use of fuel by public) Encourage competition and level playing field Fuel subsidy required allocation of >10% of annual Government budget ■ Pertamina's 2015 original expected fuel and LPG subsidy receivable from the Government of c.IDR238tn (USD20bn) (1) ■ Exceeded both infrastructure and social welfare spend combined ■ Pertamina Public Service Obligation mandate GOI Benefits to all parties while Pertamina retains strong Government support Pertamina's 2015 expected fuel and LPG subsidy receivable from the Government revised down to c.IDR56 tn (USD 4.5bn) (2) ■ Gasoline subsidy removed Diesel subsidy limited to IDR1,000/liter ☐ More manageable cash flows Pertamina Requirement to fund fuel subsidies (typically in advance) ■ Improved working capital position by c.USD600mn as of 1H2015, versus YE2014 PERTAMINA (1) USD IDR foreign exchange of USD1: IDR 11,900 used for original 2015 budget (2) USDIDR foreign exchange of USD 1:IDR 12,500 used for revised 2015 budget Source: Pertamina 16

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