INVESTOR PRESENTATION - Consolidated 12M-2018 Update - Perusahaan Gas Negara Persero Tbk PT

INVESTOR PRESENTATION
Consolidated 12M-2018 Update

DISCLAIMER 2

DISCLAIMER
The information contained in our presentation is intended solely for your personal reference. In addition, such
information contains projections and forward-looking statements that reflect the Company’s current views with
respect to future events and financial performance. These views are based on assumptions subject to various
risk. No assurance can be given that further events will occur, that projections will be achieved, or that the
Company’s assumptions are correct. Actual results may differ materially from those projected.

ABOUT PGAS HEADQUARTER
PT Perusahaan Gas Negara Tbk (IDX:PGAS) is an Indonesia-based, Jl. K.H. Zainul Arifin No. 20 Jakarta, Indonesia
publicly listed company engaging in integrated gas business. Website: www.pgn.co.id
Previously established as a State-Owned Company (SOE), PGAS
has been officially acquired by PT Pertamina (Persero) to become Investor Relations Contact:
its subsidiary since 11 April 2018 as part of Government of
 PT Perusahaan Gas Negara Tbk
Indonesia’s Oil & Gas Holding initiatives. With the acquisition of
 Mid Tower Manhattan 26th Floor
51% stake in PT Pertamina Gas (and its subsidiaries), PGAS has
 Jl. TB Simatupang Kav. 1-S, Jakarta, Indonesia
formally been the Gas Sub-holding Company since 28 December
 Email: investor.relations@pgn.co.id
2018.
 Phone: +62 21 8064 1111

 2

Company Introduction
Type Public
 MISSION

 VISION
Index IDX:PGAS Becoming the
 International Standardized We are committed to:
Founded 13 May 1965 ▪ Provide and develop gas utilization for public and public interest
 Solution for the Utilization
Headquarter Jakarta of Gas and the Sustaining ▪ Implementing responsible and sustainable corporate governance principles
CEO Gigih Prakoso Energy Fulfilment ▪ Carry out other business to support the use of gas and sustainable business
 management.
Industry Gas Transmission and
 Distribution G r o u p S t r u c t u r e
Subsidiaries 9 Saka Saka
 Saka Saka Saka Saka
 Energi Energi
 Indonesia Energi Energi Energi
Total Assets USD 8 Billion (2018) Pangkah Sumatera Wokam Muriah
 Sanga Bangkanai
 Saka Energi Indonesia Sanga Barat
No. Employees 974 (2018) Saka Saka Saka Saka
 99.99% Saka Energi
 Notes: 309 Subs Secondees Energi Ketapang Indonesia Bangkanai
 Muara Bakau
 Fasken LLC Perdana Sesulu Klemantan

 PGN LNG Gagas Energi
 Indonesia Indonesia Widar
 100% 56.96% 99.99% 99.88%

 THE PT Nusantara Pertamina Gas Perta Perta
 Regas Pertagas Perta Perta
 REPUBLIC OF 51% Samtan Kalimantan
 Niaga Daya Gas Arun Gas
 INDONESIA 40% Gas Gas
 1 SERIE A
 PT Transportasi PT PGAS Telemedia PGAS
 Gas Indonesia Telekomunikasi Dinamika International
 Nusantara Sarana
 59.87%
 99.93%
 43.04%
 PT Permata Graha Nusantara Kalimantan Perkasa
 PUBLIC 99.98% Jawa Gas

 PT PGAS Solution
 Sena
 99.91%

 3

4
 Business Coverage & Infrastructures
Downstream Business Gas Infrastructure Upstream Business Oil Transportation Business Gas Processing Business
▪ Operating in 3 Major Coverage ▪ Total gas pipeline network of ± 9,916 km ▪ Total assets 11 blocks (6 blocks ▪ Oil transportation volume ▪ Production of LPG in 2018
 Area, 39 cities and regencies (12 covering 14 provinces and 55 regencies in operation, 5 blocks in ▪ by Pertamina Gas in 2018 (incl. PSG) ± 588 MTPD
 provinces) in Indonesia ▪ 2 FSRUs + 1 land-based regasification terminal exploration) reached ±10,173 barrels. ▪ LNG Regasification by PAG
▪ Transporting and Distributing Gas ▪ 12 Gas Fueling Stations , 4 MRUs ▪ Oil and gas lifting ±39,213 in 2018 ±125 BBTUD
 ±3,069 MMSCFD ▪ 2 Processing plant (stripping and compression) BOEPD

Distribution Business Buying and selling gas Arun Regasification Terminal
 to customers through Arun
 pipeline infrastructure A

 in three main areas in Medan Tarakan
 West Java, East Java
 and North Sumatera. KALIMANTAN Bontang
 1

 Pekanbaru
 2 C Pipeline Network
Transporting gas of Transmission Business 3
 Samarinda Distribution 5.343 km
 SUMATERA PAPUA
customers; suppliers or Jambi
 Balikpapan Sorong Transmission 4.573 km
off-takers through
pipeline. The pipeline B SULAWESI MALUKU
can also be function as Palembang LPG Gas
 Legend
the backbone to Bandar Processing PGAS Pipelines
distribution pipeline. FSRU Lampung
 Lampung PTG pipelines
 FSRU Jawa Barat
 Jakarta
 4
 CNG Compressing
 Future pipelines
 Upstream Business D PGAS’ FSRUs
 Investing participating Bandung Semarang E INDONESIA BAGIAN TIMUR
 interest in PSC and
 JAWA
 PGAS’ Distribution Area
 operating oil and gas PTG Processing Plant
 blocks to support
 Indonesia production
 and lifting

Taking business Other Oil Transportation Gas Processing
 K e y P i p e l i n e s
 Supporting Business Oil transportation Business Gas processing activities
opportunities along the Business A
 business activities include the production of 1
natural gas value chain;
 carried out by Liquefied Petroleum Gas B
LNG, CNG, related gas 2
 Pertamina Gas by (LPG) and LNG
business services, fiber C
 operating the Tempino- Regasification by 3
optic and asset
 Plaju oil pipeline. Pertagas Subs
management 4 D

 E
 4

Upstream Assets 5

 Sanga Sanga PSC International Asset
 • Location: onshore Kutei basin
 Fasken
 • Participating Interest: 37.8125%
 • Joint Operatorship: VICO (Joint PGN • Location: Webb County, Texas
 Bangkanai PSC Muara Bakau PSC • Participating Interest : 36%
 Pekawai PSC Saka & ENI)
 • Location : onshore Kutei basin • Location offshore Kutei basin • Partner: CPC (20%) & Japex (4.4%) • Operator & Partner: Swift
 • Participating Interest: 30% • Participating Interest: 11.666% • Location: Kutei basin Energy (64%)
 • Expired on August 7, 2018
 • Operator & Partner: OPHIR (70%) • Operator: ENI (55%) • Participating Interest: 100% • Expiry : 2050
 • Expiry : Dec 2033 • Partners: Engie (33.334%) • Operator : PGN Saka
 • Expiry : Dec 2032 • Expiry : May 2048

 West Yamdena PSC
 West Bangkanai PSC
 • Location: offshore Maluku
 • Location: onshore Kutei basin
 • Participating Interest: 100%
 • Participating Interest :30%
 • Operator : PGN Saka
 • Operator & Partne: OPHIR (70%)
 • Expiry : May 2048
 • Expiry : May 2043

 Kutei Hub

 South Sesulu PSC
 Java Sea Hub • Location: offshore Kutei basin
 • Kepemilikan: 100%
 • Operator : PGN Saka
 • Expiry : June 2039 Production
 Exploration
 Southeast Sumatra (SES) PSC
• Location : offshore south east Sumatra Development/
 Muriah PSC Pangkah PSC Ketapang PSC Wokam II PSC
• Participating Interest : 8,91%
 • Location: offshore Java sea • Location: offshore East • Location: offshore East Java • Location: offshore Papua Discovery
• Operator : CNOOC (66%)
 • Participating Interest : 20% Java • Participating Interest: 20%
• Partners: Pertamina (20%), • Participating Interest : 100%
 • Operator & Partner: • Participating Interest:100% • Operator & Partner:
 KUFPEC (5%) • Operator: PGN Saka
 Petronas (80%) • Operator: PGN Saka Petronas (80%)
• Expired on 5 September 2018 • Expiry : Dec 2040
 • Expiry : 2021 • Expiry : May 2026 • Expiry : June 2028

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6
 12M-2018 Highlights
 Consolidated Statement of Comprehensive Income Consolidated Statements of Financial Position
 5.000
 3.870 10.000 2017* 2018
 4.000 3.571 2017* 2018
 8.183 7.939
Million USD

 3.000 2.561 8.000

 Million USD
 2.389 5.948 5.466
 6.000 4.737
 2.000 1.310 1.201 4.310 3.202
 1.181 4.000 3.133 3.873
 645 1.083 2.474 3.031
 1.000 515 305 2.236 1.605
 197 2.000 842
 -
 -
 Revenues Cost of Gross Profit Operating Net Income EBITDA
 Revenues Income Current Non Current Total Assets Current Non Current Total Total Equity
 Assets Assets Liabilities Liabilities Liabilities

 Revenue Contribution
 D O W N S T R E A M U P S T R E A M

 79% 15% 6% Distribution Volume
 967 MMSCFD (YoY up 8%)
 Overall net lifting
 ±39,213 BOEPD
 Strengthening Growth
 Distribution &
 Transmission Upstream Others
 (Incl. Pertagas)
 Transmission Volume
 (YoY down 2%) • Stronger Distribution Volume by 8% (Y0Y)
 EBITDA Contribution 2,101 MMSCFD (YoY up 1%) •
 •
 Oil 7,840 BOEPD
 Gas 115 BBTUD
 • Increasing Revenue, EBITDA & Net Income
 • Integrated core business to sustain growth
 (Incl. TGI, KJG & Pertagas)
 • LNG 60 BBTUD
 Oil Transportation Volume • LPG 95 MTPD
 66% 34%
 10,173 BOEPD (YoY up 10%)
 INFRASTRUCTURE
 Distribution & Others Upstream
 IMPACT OF MACROECONOMY
 Gas Processing Volume
 Regasification Pipeline Network ▪ Improving Indonesia’s economic growth
 125 BBTUD (YoY up 8%) ±9,916 km ▪ Weakening Rupiah against US Dollar
 (+233 km of pipeline – PGN)
 LPG Processing (Incl. PSG)
 (+2,230 km pipeline – PTG)
 ▪ Tightening Government’s Policy
 *) As restated 588 MTPD (YoY up 5%) ▪ Higher oil price
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7
 Financial Performance
 Steady Cash-Flow
 Positive cash Maintain effective
 balance cash-flow
 31 December 31 December
 Total Loan USD 3.527 Billion
Financial Ratios Weighted Average Interest Rate 4.96%
 2018 2017*
 (Excl. Tax)
EBITDA Margin (%) 31.0 30.3

EBITDA / Interest Expense (x) 7.83 6.40 13%
 20%
Debt (Interest Bearing Debt)/Equity (%) 109.43 65.13 Fixed USD
 Float
 31 December 31 December 10% JPY
Cash Flow (In Million USD)
 2018 2017* 70% IDR
Beginning Balance 1.140 1.449 87%

Cash flow from operating 919 729 As of 31 December 2018

Cash flow from investment (724) (319) Credit Rating Rating Outlook
 Moody’s Baa2 Stable
Cash flow from financing (11) (699)
 Standar & Poor’s BBB- Negative
Foreign Exchange Impact (10) (19) Fitch Ratings BBB- Stable

Ending Balance 1.315 1.140 Pefindo idAAA Stable
 *) As restated

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8
 Contribution - Distribution Reaching New Heights
 Year-on-Year Basis

 +8% • High power consumption by 19% (YoY)
 1000 967*
 • Sustainable industry recovery by 2% (YoY)
 Distribution Volume

 950 898
 865
 900
 850
 824 802 803
 • Natural gas more competitive against all oil products
 (MMscfd)

 800
 750 Notes:
 700 *) In 2019, PGN is going to adjust its
 650 consolidated distribution volume by 38 MMScfd
 as non-facilities gas traders will be prohibited
 600
 in accordance with the Ministerial Decree of
 550 Energy and Mineral Resources No. 6/2016 Natural Gas Price vs Other Alternative Fuels
 500 comes into effect PGN Average
 2013 2014 2015 2016 2017 2018 Natural Gas - avg PGN 8 Selling Price
 Wood 0,03% LPG - 3 kg (Subsidized)
 Industrial Consumption of Number of Customers 9,12
 +15%
 Lifting Oil 0,2%
 As of 31 December 2018 MFO 180 18,44
 Cement 0,3% Total Sales Volume +133%
 CNG 1%
 LPG - 50 kg 19,89
 Textile 2% Commercials, Industries and Power +151%
 Basic Metal 3% Kerosene 20,03
 Others 3% 99.6% of total sales volume +153%

 Paper 4% IDO/MDF/MDO 21,41
 Glass 4% 2,290 Customers (+48 customers) +170%
 Gasoline 88 19,83
 Fabricated Metal 5% +150%
 Five Biggest Segments
 Food 8% Households and Small Businesses LPG - 12 kg 22,45
 Ceramic 8% +170%
 Chemical 12% 0.4% of total sales volume HSD 24,38
Pertagas Customers +208%
 13%
 Power Plant 35% 220,053 Customers (+26.074 customers) Exchange Rate IDR/USD : 13,548 (as of 31 December 2018) USD/MMBTU

 8

9

 Contribution – Downstream Transmission
 Increasing TGI, PGN & Pertagas Volume Higher Transmission Volume by 1% (YoY)
 Decreasing KJG Volume
 Operated by PGN Operated by TGI
 Year-on-Year Basis
 ▪ Total Length: ±1,077km (incl. SSWJ) ▪ Total Length: ± 1,000 km
 1% ▪ Off-taker: PLN, BBG ▪ Off-taker: CPI, Gas Supply Pvt. Ltd., PGN, PLN
 2.078 2.101 ▪ Gas transported by PGN to PLN Medan & ▪ Total Volume: 654 MMScfd
2100
 Tr a n s m i s s i o n V o l u m e Jambi Merang increased 17 MMScfd from ▪ Gas transported by TGI to off-taker in
1900 8 MMScfd 25 MMScfd Singapore and Batam increased 5 MMScfd
 from 649 to 654 MMScfd.
1700
 (MMscfd)

1500
 Operated by KJG Operated by Pertagas
1300
 ▪ Total Length: ± 200 km (Kepodang- Tambak ▪ Total Length: ± 2,2230 km (spread across
1100 Lorok)
 854 852 North Sumatra, South Sumatra, West Java,
 789
 900 795 ▪ Off-taker : PLN East Java, and East Kalimantan)
 ▪ Volume 47 MMScfd ▪ Volume 1,375 MMScfd, increased 30
 700 MMScfd.
 ▪ Gas transported from Kepodang field operated
 500 by Petronas through Kalimantan – Java pipeline
 2013 2014 2015 2016 2017 2018 decreased 29 MMScfd from 76 to 47 MMScfd
 due to declining reserve from supplier

 9

10

Contribution Lower ▪ Substantial LNG increase from Muara Bakau
 ▪ Lower Pangkah production due to facility repair
 Lifting ▪ Unexpected declining from Muriah
Upstream Volume ▪ Expiry of Sanga-Sanga PSC in August 2018 &
 SES PSC in September 2018
 Crude Oil & Condensate (MMBBL) Gas (BBTU) LNG (BBTU)
 Oil and Gas Lifting
 Dec-17 1,03

 Sanga-Sanga Muara Bakau
 Pangkah

 Pangkah
 Dec-17 16.654 Dec-17 5.730
40,186 boepd 39,213 boepd Dec-18 1,07 Dec-18 12.130
 Dec-18 20.019

 Muara Bakau
 -2% Dec-17 1.315
 Dec-17 -

 SES
 Dec-17 5.999
 Dec-18 1.097
 Dec-18 0,09
 5.540

 Ketapang
 Dec-17 2.349 Dec-18 1.979
 10.391 Dec-17 0,60
 Dec-18 2.622
 SES

 Dec-18 0,37 12M-2017 12M-2018
 Dec-17 5.066

 Muriah
 Total LNG Lifting 11.729 21.999
 Ketapang

 Dec-17 1,06 Dec-18 3.102
 23.909 19.881 Dec-18 LPG (MT)
 0,92 Dec-17 19.468

 Fasken
 Dec-18 19.598
 Sanga-Sanga Bangkanai

 Dec-17 - Dec-17 52.040

 Pangkah
 Bangkanai
 Dec-17 1.591
 Dec-18 - Dec-18 33.113
 1.742 Dec-18 1.825

 Sanga-Sanga
 1.101 Dec-17 0,59 Dec-17 2.763
 Dec-17 4.172

 Sanga-
 Sanga
 8.995 7.840 Dec-18 0,42 Dec-18 1.527
 Dec-18 1.714

 12M-2017 12M-2018 12M-2017 12M-2018 12M-2017 12M-2018
 2017 2018
 Total Crude Oil Lifting 3.28 2.86 Total Gas Lifting 50.615 42.087 Total LPG Lifting 54.803 34.640
LNG Gas LPG Oil

 10

12
 11
Infrastructure & Market Development
 Customer Attachment RD III
▪ Market development by construction Additional Volume : 1.3 MMscfd
 of distribution backbone Operation : 2018
▪ Delivering gas to RD by developing
 pipeline or modifying system in station
▪ Customer attachment to build acccess
 until last mile

 Tarakan

 Sorong

 Market Development in Dumai
 16”& 24” – 119 km Market Development in Gresik, Lamongan and
 Potential of 95 MMscfd Tuban
 Plan of Operation : 2019 Phase I : 24" - 11.5 km
 Potential of 21 MMscfd
 Operation: 2018
 Market Development in Purwakarta
 8- 16" - 15 km
 Potential of 5.38 MMscfd Customer Attachment RD II
 Plan of operation : 2019 Additional Volume : 2 MMscfd
 Operation : 2018

 Customer Attachment RD I Development of Gas Infrastructure in West Java
 Additional Volume : 6 MMscfd; 6-12" : 39 km;
 Operation : 2018 Reserved capacity of 14.30 MMscfd

 11

14
 12
Government Regulations
 Weighted Average of End User = + + 
DOWNSTREAM Households & Small Costumers
PIPELINE GAS PRICE (stipulated by Regulatory Body) Infrastructure
 Infrastructure Management Cost Trading Cost Implementation
 Management Formula
EMR Ministerial • Toll fee stipulated by regulatory = Cost of Service / Volume • Industry and Electricity provider
 • Maximum 7% of cost of gas
Regulation body Cost of Service are: • The maximum percentage gas price stipulated by Minister
 Industry and Electricity Provider • Gas distribution setup by: IRR 11%,
(PERMEN ESDM) • Asset value should be shared B2B in of EMR
 60% utilization/gas allocation & • O&M extended gas supply chain • Prevail for 5 years and open to
No. 58/2017 project economics • G&A be evaluated per annum
 Gas for Transportation • Liquefaction • Gas Losses • 18 months grace period from
 (stipulated by Minister)stipulated • Compression • Insurance date of signatory
 by • Regasification • Fee (27 December 2017)
 • LNG/CNG storage & transportation • Tax and levy
 Minister

 Transmission Segment
 Facilities and Supporting Infrastructure for Gas
 EMR Ministerial • Based on: gas source, market Masterplan of Natural Gas Utilization
 Regulation and gas infrastructure • Minister allow consumer to build and operate an own
 (PERMEN ESDM) condition Transmission and Distribution pipeline gas and facility with consideration of gas
 • Segment evaluation and source, availability infrastructure and unavailable
 No. 4/2018 appointment stipulated by Network demand for 5 years
 regulatory body • The consumer will not be given gas transportation
 special right

 Downstream Gas Business
 Transmission Distribution and Trading Area Non Pipeline Trading Non Pipeline Transportation and
 Storage
 • Transporter should acquired • The holder of distribution network special right will be given distribution • Trader using CNG and LNG mode
 business permit including and trading area including gas allocation from tender proposal should acquire business permit and • Permit for transportation and
 owning pipeline and facility • The special right exclusively for 30 years for new area and 15 years for owning or controlling the asset storage including: CNG or LNG
 • Special right of new existing infrastructure owner • Asset categorized as LNG receiving transportation, CNG or LNG
 transmission segment will be • Area tender mechanism will consider existing infrastructure and terminal, regasification unit, storage
 awarded in tender consumer compression and decompression • Business licencee have to own
 mechanism or minister • Special right holder can cooperate with other to directly selling gas to end facility, gas filling station or else or control the facility
 appointment user in sub trading area 12

PGAS – Indonesia’s Gas Sub-Holding Company 13

 Business Scope
 Legend
 Sourcing PGN’s business line
 Strategy PTG & Subs
 business line

 Sourcing Retail and Storage &
Sourcing Transmission Distribution
 Distribution Retail and Storage and Gas Utilities Support Others
 Execution Transmission Distribution Trading Processing Gas Utilities
Execution Trading Processing

▪ In line with the Government’s Oil and Gas Holding strategy, PGN is now the Gas Sub-Holding managing integrated
 (midstream and downstream) gas businesses
▪ Through the acquisition of Pertagas and Subsidiaries, PGN will strengthen its transmission, distribution, processing,
 retail and trading business lines

 13

14
Potential Synergies From Transaction
• Optimizingthe existing Business inside Pertamina Group:
 infrastructures • Upstream: Crude Oil, Trading/Export/Domestic
• Alignment of business, Refineries, LNG Plant, Production Facilities
 pricing, marketing • Midstream: Refineries (total capacity 1.1 Mio bbl/d,
• Operational savings Petrochemical Plants, LPG Plants, LNG Shipping
 (consultants, IT, Building, PERTAMINA • Downstream: Distribution through fuel depots and
 O&M, etc) stations; kerosene, gasolene, diesel, HSD, LPG, LNG
 (~5 MTPA)
• Secure new gas supplies
 from Pertamina
 PERTAGAS Pertagas Values:
• Secure business deals for
 • About 2,000 km transmission pipeline (2017)
 PGAS Subsidiaries
 • About 1,375 mmscfd transmission volume (2017)
• Cost Savings as member of
 and 128 mmscfd of distribution volume (2017)
 Pertamina
 • Est. Long-term annual volume growth 2%
 • FY17 Earnings of USD141 Mio
• Segmentation in the existing
 areas
 PGAS Stand Alone:
• Penetration of new
 • Distribution 800-850 mmscfd with estimate volume
 (domestic & International)
 annual growth 2%
 markets
 • Transmission volume of ~ 700 mmscfd
• Increase of gas product sales
 • Market Cap of ~ IDR 51 trillion
 (LNG, CNG, City gas)
 • Total asset size of US$6 billion
 • Eight Subsidiaries

 14

Proposed Synergy Initiatives until 2022
 Additional Annual EBIT Contribution (in USD Mio) By Year 2022 Estimated Synergy Value 2019 – 2022 $330.48
 R Business Alignment & Optimization with Pertagas (ST/MT) 40-50 40% Cost Savings $12.70 (4%)
 140 Mainly from Pipeline Optimalization for Tanjung Priok and Balongan Additional Operating Income $317.78 (96%)
 Others from Optimalization of overlapped customers, Competitive-based
Operating Income (in USD Mio)

 pricing alignment , Joint Marketing in Dumai, Takeover of Pertagas' gas In long run, the growth of the
 120 allocation from 3rd parties, and Cost Savings (i.e.consulting, legal, IT, newly established Sub Holging Gas
 land rental, O&M, Trainings etc) is depending on
 Captive Markets from O&G Holding (MT/LT) 10-20 15% • Capturing potential deals inside
 100 R ~$60M (45%)
 of Pertamina Groups (at least
 Mainly from Revamping of Oil pipeline with BOT scheme
 USD 20 Mio)
 Others from O&M contract in PHE Mahakam, PEP new Supply, Cost Savings • Business Expansion with full
 80 R Business Expansion in Sub Holding Gas (MT/LT) 50-60 45% support from Pertamina as
 Mainly from Develop household gas pipeline with PPP scheme O&G Holding (at least USD 60
 Mio)
 60 Others from Streamlining CNG processing and transportation, LNG retails ~$20M (15%) Both segments contributes 60%
 TOTAL GENERATED SYNERGY VALUES 100-130 for added value

 40
 Short-term plan is to align
 Pertagas Infratrcuture & Business
 20 ~$53M (40%) into PGAS to optimize the
 outcomes of up to USD 53 Mio
 p.a. or 40% of the total Synergy
 0
 2018 2019 2020 2021 2022
 Business Expansion in Sub Holding Gas (MT/LT) Captive Market in O&G Holding (MT/LT)
 Business Alignment & Optimization with Pertagas (ST/MT)

 15

16

PGN’s Near Term Growth Plan
 Strategy 2019 Targets*
 Asset and operation optimization particularly in East Java and West Total CAPEX (USDm) 460
1 Java areas
 Transmission Volume
 Expansion of distribution business in key markets: 2,100
 (MMScfd)
 • Sumatera (Greater Medan Area & Dumai-Riau)
2 • Java (Greater Semarang Area – C Java, E Java, &W Java Distribution Volume
 • Central and Eastern Indonesia 900 – 950
 (MMScfd)
 Completion of transmission lines:
 Upstream Lifting**
3 • Gresik – Semarang
 (BOEPD)
 30,000
 • Grissik – Pusri
 Market expansion for LNG business for power and retail sectors Gross Profit / Unit
 2 – 2.5
4 • Tapping into Central and Eastern Indonesia markets (USD/MMBTU)***
 • Retailing LNG * Including Pertagas
 ** Lower due to expiry of Sanga-Sanga & SES in 2018
5 Synergy within Pertamina Group and other SOES *** May be reviewed if necessary

 16

1

Subsidiaries & Affiliates 6

Subsidiary – Saka Energi Indonesia

Type Private
Founded 27 June 2011
Headquarter Jakarta
CEO Tumbur Parlindungan

Industry Oil & Gas Upstream

Subsidiaries 25
Total Assets USD 2.6 Billion (2018)
No. Employees 312 (2018)
Website www.sakaenergi.com

 *Notes: 4. Force Majeure status of Kepodang Field in Muriah PSC due to
 1. Pangkah PSC has additional upside for near 2. Muara Bakau block starts producing by first half 2017. unexpected declining amount of reserve and lifetime of production
 Business Updates term production and reserve growth potentials Total production in Q4-2018: 733 MMScfd is still under reviewed by SKK Migas. SEI has 20% of PI
 through development and exploration. 3. Sanga-sanga PSC and SES PSC expired in Q3 2018 5. This year, Saka has appointed to manage two new oil and gas
 blocks, namely Pekawai Block and West Yamdena Block

 18

LNG Volume 12M-2018

 18 BBTud
 Subsidiary
 PGN LNG
 Indonesia

Type Private
Founded 26 June 2012
Headquarter Jakarta
CEO Mugiono
Industry LNG Regasification

Subsidiaries -
Total Assets USD 327 Million 2018)
No. Employees 43 (2018)
Website www.pgnlng.co.id

 19

Subsidiary – Gagas Energi Indonesia
 BUSINESS UPDATES
 SPBG Batam
 SPBG
 Klender
 12M-2018 VOLUME Gas Distribution
 Pekanbaru SPBG

 6 MMSCFD Lampung SPBG
 Cilegon

 Regional I : 10 SPBG & 3 MRU SPBG
 Ancol
 Regional II : 1 SPBG & 1 MRU
 MRU
 Regional III : 1 SPBG & 1 Gas Distribution Network Monas

 SPBG
 PGN Pluit

 MRU
 Bandung
 SPBG
 Pondok SPBG Ngagel
Type Private Ungu

Founded 27 June 2011
Headquarter Jakarta
 SPBG
CEO Sabaruddin
 BUSINESS PROFILE Serang

 SPBG
 MRU
 Grogol
 MRU
Industry Gas Downstream Purwakarta SPBG Grogol Gresik
 ▪ GEI provides natural gas for electricity, industry, commercial,
 household, and transportation sector through gas pipeline, CNG SPBG
Subsidiaries 1 (PT Widar Mandripa
 and mini LNG, Gas Refueling Stations (SPBG) and Mobile Sukabumi
 Nusantara/WIDAR)
 Refueling Unit (MRU)
Total Assets USD 78 Million (2018)
 ▪ In 2015, GEI establish PT Widar Mandripa Nusantara (Widar) to Gas
 Gas Distribution Refueling MRU
No. Employees 85 (2018) engage in the services related to the power plant and trading Station (SPBG)

Website www.gagas.co.id

 20

Subsidiary
PT Pertamina Gas

Type Private
Founded 23 February 2007
 PTG and Subsidiaries
Headquarter Jakarta 31 Dec 2018 31 Dec 2017
 (Consolidated)
CEO Wiko Migantoro
 Operational Performance Revenue Contribution
Industry Gas Midstream & Downstream
 Distribution Vol. (BBTUD) 126 127 as of 31 December 2018
Subsidiaries 1. PT Pertamina Gas Niaga Gas Transmission Vol. – PTG only 21%
 1,375 1,345
 2. PT Perta-Samtan Gas Niaga (MMScfd)
 37% Gas Distribution
 3. PT Perta Kalimantan Gas Oil Transportation Vol. (BOPD) 10,173 9,252
 4. PT Perta Daya Gas
 4% USD 632 Gas Transmission
 5. PT Perta Arun Gas Gas Processing (MTPD) 588 566 Million
 Oil Transportation
Total Assets USD 2 Billion (2018) LNG Regassification (BBTUD) 125 116
 Gas Processing
No. Employees 799 (2018) Gas Compression (BBTUD) 7 5 38%
Website www.pertagas.pertamina.com Gas Transmission Pipeline (km) 2,223 2,219

 21

Subsidiary – Transportasi Gas Indonesia (TGI)

Type Private
Founded 1 February 2002
Headquarter Jakarta
CEO Zuryati Simbolon
Industry Gas Transportation

Subsidiaries -
Total Assets USD 424 Million (2018 Unaudited)
No. Employees 276 (2018)
Website www.tgi.co.id

Grissik – Duri Grissik – Singapore
Pipeline Pipeline
 Pipeline Length Pipeline Length
 ± 536 km ± 470 km

BUSINESS UPDATES
• Transportation volume in 12M-2018: 654 MMscfd
• Level of infrastructure reliability : 99.96%

 22

Joint Venture – Nusantara Regas

 LNG Volume 12M-2018 Operating FSRU Nusantara Regas
 Satu located in Jakarta Bay as the
 248 BBTud first LNG Receiving Terminal in
 Indonesia

Type Private • Regasification capacity : 500 MMscfd.
Founded 14 April 2010
 • LNG Suppliers : Mahakam PSC and Tangguh PSC
 • Offtaker : PLN Muara Karang
Headquarter Jakarta
CEO M. Taufik Afianto
Industry LNG
 Regassification
 Through FSRU
Subsidiaries -
Total Assets USD 240 Million (2018 Unaudited)
No. Employees 56 (2018)
Website www.nusantararegas.com

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Subsidiary – PGAS Solution

Type Private
Founded 6 August 2009
Headquarter Jakarta
CEO Chaedar
Industry Engineering

Subsidiaries 1 (PT Solusi Energi
 Nusantara/SENA)
Total Assets USD 95 Million (2018)
No. Employees 294 (2018)
Website www.pgn-solution.co.id

 Line of Business Engineering Trading EPC O&M
 Establish SENA in 2015 to provide A Reliable Partner of Armatury Building city gas pipeline, More than 5,200 km in length
 engineering services in the O&G Group, world biggest valve onshore - offshore Kalija gas of gas pipeline in its
 industry, including pipeline, producer. pipeline, SPBG/Gas Refueling operation & maintenance
 mechanical, electrical, geodetic, civil, Station gas station upgrading. (O&M)
 process & telemetry sectors.

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Subsidiary – PGAS Telecommunication

Type Private
Founded 10 January 2007
Headquarter Jakarta
CEO Dwika Agustianto
Industry Information & Communication Technology

Subsidiaries 2
 ▪ PGAS International Pte, Ltd (PTI) Provide solution of different path traffic to
 ▪ PT Telemedia Dinamika Sarana (TDS) Singapore with the landing point at Jurong
 PTI provides and develop Island
Total Assets USD 36 Million (2018) the network fiber optic for
 international market and
No. Employees 103 (2018)
 based in Singapore
Website www.pgascom.co.id

 TDS with the
 product brand
 GASNet provides
 the internet services
 for corporate
 customers to fulfill
 the business needs.

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Subsidiary – Permata Graha Nusantara

 Real Estate
 Asset Management
 Facility Management
 Office & gas Creating Developing
 station added value gas based
Type Private support, on PGN’s industrial &
 Developed
Founded 24 April 2014 warehouse & property commercial Residential Area
Headquarter Jakarta building assets estates and for PGN Group
CEO Baskara Agung Wibawa maintenance residential
Industry Property & Facility Management housing
Subsidiaries 2
 • PT Kalimantan Jawa Gas (KJG) Managing ±24
 • PT Permata Karya Jasa (Perkasa) PGN’s non-
 productive assets

 PERMATA IN NUMBERS
Total Assets USD 291 Million (2018)
 ±134.216 M2 ±25 (locations)
No. Employees 74 (2018) Building Temporary
Website www.pgnmas.co.id Management Facilities
 Services Services ±159 & 30 (Car &
 ±44 (locations) ±115 (clients)
 Motorcycle)
 Gas Station Office Stationery
 Transportation
 Supports Services
 Services
 ±87,835 M2
 Building & Warehouse ±110 (users)
 Maintenance Office Supports
 Services

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Investor Relations Contact:
PT Perusahaan Gas Negara Tbk
Mid Tower Manhattan 26th Floor
Jl. TB Simatupang Kav. 1-S, Jakarta, Indonesia
Email: investor.relations@pgn.co.id
Phone: +62 21 8064 1111