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Investor Presentaiton

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 by c.60% from original budget (15% excluding M&A) – 2015 operating expenditure revised down by c.35% (>USD700mn) from original budget ■ Material working capital improvement in 1H2015 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 Expand upstream 5-pronged strategy Acquire and develop potential domestic blocks (Mahakam, Cepu, ONWJ) ■ International expansion ■ Acceleration of Geothermal and New Energy development Operations Excellence Exploration Source: Pertamina PERTAMINA 3 4 5 Increase refinery capacity and competitiveness Upgrades through Refinery Development Master Plan ■ Grass root refineries ■ Revitalization and integration of private refineries ☐ Develop marketing and distribution infrastructure Increase storage and terminals capacity Develop world class gas stations and marketing networking Marketing Operation Excellence ■ International expansion B Pursue operational efficiencies Efficiency in supply chain management ■ Reduce losses ■ Streamline corporate functions ■ Centralize procurement and marketing Maintain financial prudence ■ Settlement of Government receivables Alignment of short and long term loans Management of investment planning and evaluation 14

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