Investor PresentationPGAS Business UpdatesMandiri Investment Forum 2020February 6, 2020

www.pgn.co.id

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2

3

Company OverviewThe Milestones | The Sub-Holding Co | Leadership | Business Portfolio | Business Structure | Gas Infrastructure 6M – 2019 Highlights

9M2019 Operational Performance Distribution | Transmission | Other Downstream | Upstream Lifting

9M2019 Financial Performance Income Statement | Balance Sheet | Cashflow | Financial Ratios | Debt Maturity Profile

Table ofContents

2

About PGAS

4

Operation Highlight & Projection 2020Dec 19 Operation Highlight | Operation Projection | Capex Projection

3

Disclaimer & Cautionary Statement

This document is not, and nothing in it should be construed as, an offer, invitation or recommendation inrespect of the Company’s credit facilities or any of the Company’s securities. Neither this presentation noranything in it shall form the basis of any contract or commitment. This document is not intended to be reliedupon as advice to investors or potential investors and does not take into account the investment objectives,financial situation or needs of any investor.The Company has prepared this document based on information available to it that have not beenindependently verified. No representation or warranty, expressed or implied, is provided in relation to thefairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusionsexpressed herein. The information included in this presentation is preliminary, unaudited and subject torevision upon completion of the Company’s closing and audit process.

This document may include forward-looking statements concerning the Company’s plans, objectives, goals,strategies, future events, future performance, capital expenditures, business trend, and other informationthat is not historical. When used in this document, the words “estimates”, “expects”, “anticipates”, “projects”,“plans”, “intends”, “believes”, “predicts”, “forecasts”, or future or conditional verbs, such as “will”, “should”,“could”, or “may” and variations of such words or similar expressions are intended to identify forward-lookingstatements. All forward-looking statements, including, without limitation, management’s examination ofhistorical operating trends and data are based upon the Company’s expectation and variousassumptions. Future events or results may differ from those anticipated or expressed in these forward-looking statements.All forward-looking statements attributable to the Company or persons acting on its behalf apply only as ofthe date of this document. The Company undertakes no obligation to update or revise forward-lookingstatements to reflect events or circumstances that arise after the date made or to reflect the occurrence ofunanticipated events.

December 2019 Operational UpdatesVolumes Jan – Nov 2019 Jan – Dec 2019 Δ YoY % FY 2019 Targets

Distribution* (BBTUD)

987 988 2.84 970 – 990

Transmission(MMSCFD)

2,044 2,046 -2.64 2,070 – 2,100

Upstream Lifting(MMBOE)

9.35 10.41** -27.33 10.50 – 11.00

Regasification(BBTUD)

121 120 -3.81 125 – 130

LPG Processing(TPD)

722 716 -9.05 740-770

Oil Transportation(Barrel)

3,401,539 3,746,265 0.89 4,361,069

* Incl. Processed Gas Volume of 39 BBTUD** Lifting Vol. based on estimation

PGN and Pertagas recorded distribution volume of 837BBTUD and 143 BBTUD, respectively, in Dec. vs. 911 and160 BBTUD, respectively, in the prior month (or declined by8.12% for PGN and 10.62% for Pertagas, respectively, MoM).These declined were mainly contributed from lower gasconsumption from power and industrial customers as a resultof pipeline maintenance works that delivered gas to TanjungPriok power plant in Dec. as well as Christmas and NewYear’s holidays.

Lower transportation volumes declined MoM by 0.26% to2,059 MMSCFD in Dec. mainly due to lower Pertagas’volumes MoM from 1,299 MMSCFD in Nov. to 1,293MMSCFD in Dec.

O&G lifting in Dec. stood at 1.05 MMBOE or higher by50.29% compared to the prior month mainly driven by higheroil lifting volume in Dec. by 189.86% MoM to 8,255 bbl perday mainly driven from Ketapang and Muara Bakau blocks.

Other segments reflect Pertagas business contributions:- Regasification volumes MoM increased by 24.25% to 116

BBTUD in Dec. due to higher gas consumption by PLN.- LPG processing dropped by 3.38% from 673 TPD in Nov.

to 651 TPD in Dec. due to lowering production both in PertaSamtan Gas and and MKS LPG plant.

- Oil transportation from Pertamina EP oil field in CentralRamba, South Sumatra, to Plaju refinery unit in SouthSumatra recorded higher oil volumes 12.79% MoM to344,726 BOEPD.

44%

48%

52%

FY2019 CAPEX Dec-19***

56%

USD 200 - 250 Million ~USD 219Million -3%

Upstream

Downstream, Midstream & Supporting

Upstream

*** Based on Estimation

YTD capex spending as of December 2019reached US$218 million, US$121 million ofwhich was spent on upstream activitiesand the remaining was spent ondownstream midstream and supportingbusinesses.

Development of Infrastructures:• Distribution Pipeline in Java and Sumatra• Completion of Gas Transmission pipeline• Oil Transportation pipeline

Distribution expansion in key markets:• Greater Medan Area • Dumai-Riau• Java (Centra Java, East Java, & West Java)

Business Projections 2020*Refocusing Core Business

5

Financial Indicator Operating Metrics

949

FY19 FY20 Target

950-

980

Dist

ribut

ion

(BBT

UD)

**

+3%

1,36

9-1,

377

1,36

9

FY19 FY20 Target

Tran

smiss

ion

(MM

SCFD

)***

+1%

120

FY19 FY20 Target

120-

126

Rega

sific

atio

n (B

BTU

D)

+5%

64

Proc

esse

d G

as (T

hous

and

Ton

)***

*

65 -

67

FY19 FY20 Target

+5%

3.74

FY19 FY20 Target

3.50

-3.6

5

Oil

Tran

spor

t (M

MBO

E)

-2%

10.4

10.5

-11.

0FY19 FY20

Target

Ups

trea

m Li

ftin

g (M

MBO

E)

+6%

** Excl. Processed Gas *** Excl. TGI & KJG

Macro Impacts Key Assumptions

CAPEX PLAN ($US Million) Projects/Programs Years

Upstream ~200 Developing Pangkah, Muara Bakauand Ketapang

2020-2021

Midstream ~80 LNG Infrastructures• LNG Carrier/Vessel• LNG Trucking• Revitalised Arun Tank

2020-2021

Downstream ~360 • Java & Sumatra Distribution• Customer Attachment• Gressik – Semarang

Transmission• Rokan Oil Pipeline

2020-2021

Supporting ~35 2020

Notes: * May be reviewed in anticipation of implementing new industrial gas pricing

• Exchange Rate USD/IDR : 14,400 • Inflations : 3.1% • Oil Price (ICP): USD 63/barrel • Industries Growth 2% - 3%• Stable Power Consumption

• Weakening US Dollar against Rupiah • Lower electricity & industries consumption• Tightening Government Policy

FY 2020E

FY2019

Business Focus

37%

62%

1%

Power (PLN/IPP/PPU)Industries/CommercialsCity Gas

Sales Volume Target (Based on Customer Segment)

42%58%

1%

29%

56%

5%

Dec. 2019

32%3%

10%

11%

55%

FY20 Target

219

500-700

UpstreamMidstreamDownstreamSupporting

CAPEX($US Million)

Actual Dec. ‘19 capex yet to be determined

**** Excl. Perta Samtan

www.pgn.co.id

Company OverviewThe Milestones | The Sub-Holding Co |Leadership | Business Portfolio | Business Structure | Gas Infrastructure | 6M – 2019 Highlights

About PGASPT Perusahaan Gas Negara Tbk (PGAS:IJ) the leading natural gas distribution and transportation player in Indonesia. PGAS continues to strengthen its position in themarket by gradually transforming into an integrated energy solution company, encouraging the use of natural gas.PGAS is engaged in upstream oil and gas, midstream and downstream fields across the Indonesian peninsula. PGAS owns and operates natural gas pipelines in excess of morethan 10,000km in total length, covering c. 96% of the national natural gas pipeline network. PGAS’ upstream portfolio consist of 11 oil and gas blocks across the country, and 1shale gas in Houston, US. PGAS has 2 FSRU’s (Lampung & West Java) and land based regasification facility in Arun. PGAS, through its downstream entities, serves more than2,000 industrial and commercial customers.PGAS become subsidiary of PT Pertamina (Persero) since 11 March 2018 as part of Government of Indonesia’s Oil & Gas Holding initiatives. With the acquisition of 51% stakein PT Pertamina Gas (and its subsidiaries) on 28 December 2018, PGAS has officially been the Gas Sub-holding Company.

The Milestones

789 789 797 733

802 802 803 772

960 971

2,10

1

20172014

2,03

6

20162015 9M-20192018

1,591 1,591 1,600 1,505

3,061 3,007

951 807 725

3,253

1,115

20172014 2016

2,935

2015

3,0693,571

1,085

3,870

1,201

2018

2,812

9M-2019

4,7373,472

3,278

2,814

2,875

2014

3,023

2015

3,664

3,170

2016

3,873

4,310

2017

3,202

2018

4,044

9M-2019

Tota

l Lia

bilit

ies

Tota

l Equ

ity

Distribution (BBTUD)Transmission (MMSCFD )

Revenue & EBITDA(USD Million)

Capitalization(USD Million)

1998

2003

2007

2009

2017

2018

• Completion of Grissik –Duri transmission pipeline

• Establishment of PT Transportasi Gas Indonesia (TGI) in 2002

• Completion of Grissik-Batam-Singapore transmission pipeline

• Batam Distribution Network in 2004

• Listed Company (“PGAS”)

• Completion of SSWJ transmission pipeline

• Establishment of PT PGAS Telekomunikasi Nusantara (PGASCOM)

Establishment of O&M subsidiary, PT PGASSolution

Muara Bakau Block started production and meet the target of natural gas lifting of 580 MMscfd to increasedomestic gas supply

Establishment of Oil & Gas Holding

Establishment of a JV between Pertamina and PGN: PT Nusantara Regas

Establishement of upstream subsidiary, PT Saka Energi Indonesia and downstream subsidiary PT Gagas Energi Indonesia

2010

2011

Establishment of PT PGN LNG Indonesia

• Estabalishment of PT Permata Graha Nusantara, a subsidiary in property

• Operation of FSRU Lampung

2012

2014

Completion of Kalija transmission pipeline by KJG

2015

2016

Development of gas distribution pipeline in MusiBanyuasin, Bandar Lampung, DKI Jakarta and Mojokerto.

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The Sub-Holding Co.

VisionTo be World Leading National Gas Company for a SustainableFuture and National Energy Sovereignty.

MissionConducting gas business in Midstream, Downstream, and Othersupporting businesses that committed to increasing value for allstakeholders through:

1. Providing gas and developing infrastructure to utilize gas asenergy and raw materials to create optimum value for thebenefit of customers and society;

2. Creating added value for shareholders and employees,environmentally sound, has the advantage and prioritizesafety;

3. Carry out the principles of professional, responsible andsustainable management of the Company;

4. Organizing other businesses to support gas utilization andsustainable business management.

56.96%

43.04%Public

1 Serie A

8

Indonesia

Pertamina

PGN

Baa2 (Stable) BBB (Stable) BBB (Stable)

Baa2 (Stable) BBB (Stable) BBB (Stable)

Baa2 (Stable) BBB- (Stable) BBB- (Stable)

Credit Rating FitchS&PMoody’s

Director Infrastructure & Technology

Redy Ferryanto

Director of Human Capital & General Services

Desima Equalita Siahaan

President DirectorGigih Prakoso

Director of Finance Arie Nobelta Kaban

Director of CommerceDilo Seno Widagdo

Director of Strategy & Business Development

Syahrial Mukhtar

LeadershipBoard of Directors Board of Commissioners

Independent Commissioner Christian H. Siboro

Independent Commissioner Paiman Raharjo

Independent Commissioner Kiswodarmawan

President Commissioner Arcandra Tahar

Commissioner Luky Alfirman

CommissionerMas’ud Khamid

• Previously served as Director ofInvestment Planning and RiskManagement of PT Pertamina(Persero)

• A PhD from the University ofKentucky, Lexington, USA

• Master and Ph.D. of OceanEngineering – Texas A&M University

• Serves as President Commissionersince 21 January 2020. Previouslyserved as Vice Minister Energy andMineral Resources of Republic ofIndonesia (2016 –2019)

9

• Holds a Bachelor and Masterdegree from University of GajahMada.

• Previously served as Team LeaderInvestigation in CorruptionEradication Commission (KPK)

• Holds a Master degree inInternational Management fromUniversity of Prasetya Mulya.

• Serves as a Director of Commercesince 30 August, 2019. Previouslyserved as Director of Infrastructure& Technology PT PGN Tbk

• Holds a Bachelor of Managementfrom University of PadjajaranBandung and Master of Marketingat Oklahoma City University, USA.

• Served as HR and General Directorsince May 4, 2017.

• Holds a Master degree in InternationalManagement from University of PelitaHarapan/UPH (Harvard UniversityClass).

• Serves as a Director since August 30,2019. Previously served as the Directorof Operational & Development PTEnergi Management Indonesia

• A Bachelor of Industrial EngineeringITB, Magister of ManagementUniversity of Gajah Mada and Doctor ofManagement Strategic University ofIndonesia

• Previously served as CorporateSecretary PT. Pertamina (Persero)

• A Master of EconomicAdministration from the Universityof Prof. Dr. Moestopo and Doctor ofAdministrative Sciences fromPadjajaran University

• Having no affiliation with membersof the Board of Directors and othermembers of the Board ofCommissioners, as well as majorshareholders and/or controllers.

• A Master of Business Administration &Management from PPM GraduateSchool of Management and ParisSchool of Business.

• Having no affiliation with members ofthe Board of Directors and othermembers of the Board ofCommissioners, as well as majorshareholders and/or controllers.

• A MA and PhD in Economic, Universityof Colorado

• Having an affiliation with the Republicof Indonesia as the controllingshareholder, in his position as GeneralDirector of Funding & Risk in Ministryof Finance

• A Bachelor in Physics from ITSSurabaya

• Having an affiliation with PTPertamina (Persero) as the controllingshareholder, in his position as Directorof Retail PT Pertamina (Persero).

• Previously served as Director ofConsumer Service PT Telkom(Persero) Tbk

• A Bachelor of Civil Engineering fromITS, Surabaya. Previously served asManaging Director of Adhi Karya(Persero) Tbk

• Having no affiliation with othermembers of the Board of Directors andthe Board of Commissioners, as well asmajority and/or controllingshareholders

Business Portfolio Sub Holding Gas

1010

DOWNSTREAM

0

UPSTREAM

Oil and Gas ProductionNatural gas reserves in Indonesia are larger than oil. Saka Energi Indonesia is subsidiary of PGN that has business activities in the upstream business

MIDSTREAM

Through TGI, KJG and Pertagas, PGN maintain a very high reliability and operational infrastructure security. FSRU converts LNG into high-quality natural gas. PGN has 2 (two) FSRUs namely FSRU lampung and FSRU West Java and also land base regasification facility in Arun through Pertagas

Gas Transport Module (Gas Link) Gas Link is a solution for chanelling natural gas to location that are not connected to a gas pipeline

Commercial Customers MRU is the solution for natural gas filling station for trantation using CNG technology

> > > >

Power PlantsPower plant made from gas fuel is more environment friendly compared to oil fuel or coal

Commercial Customer Efficiency and reliability are important factor in distributing energy to commercial customers. PGN in this case can fulfil these needs

Household CustomerPGN has distributed gas to more that 300,000 household customers in 52 cities/regencies all over Indonesia

Gas Filling Station (SPBG) and Mobile Refueling Unit (MRU) Subsidiary, Gagas Energi Indonesia operates 16 SPBG at 11 cities in Java and Sumatra

Industrial SectorIndonesia’s growth is driven by the growth of its industrial sector. PGN continues trying to encourage fuel usage efficiency by distributing natural gas to various industrial area in Indonesia

Business Structure PGN Group

1111

Gas InfrastructureMarket Development

Reliability : 99.88%

Distribution Pipeline ±5,376 km Transmission Pipeline ±4,818 km LNG Infrastructure 2 FSRUs, 1 Land-based Regas Facility CNG Infrastructure 12 SPBG, 4 MRUs LPG Infrastructure 3 Processing Plants

9M–2019

Highlights

13

971

FY2019 Target

Guideline

970-

990

DISTRIBUTION VOLUME

BBTU

D0%

2,03

6

FY2019 Target

Guideline

2,07

0-2,

100

TRANSMISSION VOLUME

MM

SCFD

-2%

118

125-

130

FY 2019 Target

Guideline

REGASIFICATION

BBTU

D

-6%

731

740-

770

PROCESSED GAS

FY 2019 Target

Guideline

TPD

-1%

4,36

1,06

9

FY 2019 Target

Guideline

2,78

0,95

6

OIL TRANSPORTATION

Barr

el

-36%

MM

BOE

10.5

-11.

0

UPSTREAM LIFTING

FY2019 Target

Guideline

8.1

-23%

FY2019 CAPEX

48%

52%

9M-2019

71%

29%

200 - 250

131

-42%

FINANCIAL INDICATORS(USD Million)

Revenue

EBITDA

Total Asset

Equity

2,812

725

7,322

3,278 UpstreamDownstream, Midstream & Supporting

OPERATING METRICS

www.pgn.co.id

9M2019 Operational PerformanceDistribution | Transmission |Other Downstream | Upstream Lifting

39,72%

13,51%

8,37%

8,34%

6,41%

5,35%

4,00%

3,88%

2,57%

1,53%

1,16%

0,30%

0,25%

0,02%

Power Plant

Chemical

Food

Ceramic

Others

Fabricated Metal

Glass

Paper

Basic Metal

Textile

CNG

Cement

Lifting Oil

Wood

5 Biggest Segment

Industrial Consumtption to Total Sales Volume

502473 469 479

567 560 541

357324 327

286

345 351386

Trend of Industrial Consumption(BBTUD)

Retail (Non-Power) Power

Distribution Volume (BBTUD)

9M–2019 Operational Highlights:Distribution

865 42 42 39

2014 30-Sep-192015 2016 2018

803

2017 30-Sep-18

802 772

960 958 971

+1%

634

585

583

542 61

4

604

136

130

130

133

130

129

89 81 84 90 98 100

119

139

9M-20192014 2015 2016 2017 2018

15

768

724

751

770

777

845

859

2,52

8

2014

2,98

41,

007

2015

3,05

2

20172016

1,17

2

1,22

1

3,18

4

9M-2019

1,20

9

3,27

0

82018

3,27

81,

232

8

Length of Distribution Pipeline (KM)

PertagasRD 3RD 2RD 1

Regional Distribution

Jakarta, Bogor, Bekasi, Karawang, Tangerang, Cilegon,Lampung, Palembang, and Cirebon

: Surabaya, Sidoarjo, Pasuruan, Semarang, Tarakan, and Sorong

: Medan, Batam, Pekanbaru, and Dumai.

:

Distribution Volume (BBTUD)

Industries & Commercials

Small Businesses

Households

MFO

MDF/IDO (Diesel)

Kerosene

RON 88

LPG - 50 kg

LPG - 3 kg

Coal

8.50

2.62

19.74

Natural Gas (PGN’s Avg.)

LPG - 12 kg

HSD (Solar) 25.16

19.14

22.39

23.47

23.32

22.39

9.16

-69%

+163%

+132%

+196%

+163%

+125%

+174%

+176%

USD/IDR : 14,245 As of 30 Sep 2019

367,9651,508

2,468

TOTAL371,941

Number of CustomersPGN’s ASP vs Other Energy

Processed Gas

Other Downstream

9M–2019 Operational Highlights:Transmission

Oil Transportation (BPD) Regasification (BBTUD) Gas Processing (TPD)

10,246 10,187

9M-2018 9M-2019

-1%

122 118

9M-2018 9M-2019

-3%

205171

538546

299M-2018

149M-2019

773731

-5%

Transmission Volume (MMSCFD)

654 641 657

47 51 2625 25 15

1,375

2,101

2014 20182015 2016 30-Sep-182017

797

1,377 1,338

30-Sep-19

2,094

851 789 733

2,036

-3%

Total Length: ± 200 km Off-taker : PLN Finance Lease Revenue

Total Length: ± 1,000 km Off-taker: CPI, Gas Supply Pvt. Ltd., PGN, PLN Profit from JV

Total Length: ± 2,466 km Transmission Revenue

Total Length: ±1,145 km (incl. SSWJ) Off-taker: PLN, BBG Transmission Revenue

TGI

KJGPGN

Pertagas

16

LPG Perta Samtan (Pertagas’ shares 66%)

LPG MKS (60%)

LPG Pondok Tengah

9M–2019 Operational Highlights:Upstream Lifting

Crude Oil (MMBBL)

8,232

40,552

10,113

21,138

8,499

1,0699M-2018

14,918

5,309

8969M-2019

29,622

-27%

Oil

LNGLPG

Gas

0.7

9M-2018 9M-2019

0.8

0.4

0.4

0.8

0.7

2.2

1.5

-35%

5,724

9,367

1,097

2,533

14,716

1,991

9M-2018

2,383

23,621

13,413

1,8911,293

1,382

9M-2019

33,470

1,299

-29%

PangkahMuriah

FaskenSES

Ketapang

Bangkanai

Sanga-Sanga

9M-2018 9M-2019

16,013

13,457

1,979

14,034

-16%

Muara Bakau

Gas (BBTU) LNG (BBTU) LPG (MT)

23,260

9M-2018

1,909

9M-2019

25,169

21,095

-16%

Oil Gas Lifting (BOEPD)

17

www.pgn.co.id

9M2019 Financial PerformanceIncome Statement | Balance Sheet | Cashflow | Financial Ratios

Revenue (USD Million)

30 September 2018

30 September 2019

Total 2,890 2,812

9M–2019 Financial Highlights:Consolidated Income Statement

Gas Distribution

Gas Transmission

Oil Transportation

E & P

Fiber Optic

Gas Processing

Finance Lease

Others

2,182

181

15

292

16

12

81

32

2,103

167

20

442

31

10

98

19

19

972

495

244

903887

407

129

725

EBITDAGross ProfitRevenue Net IncomeCost of Revenue

2,812

Operating Income

2,890

1,9251,917

30 Sep 2018 (As restated)30 Sep 2019 (Unaudited) 84%

10%6%

Others

Distribution & Transmission

Upstream

77%

23%

Distribution, Transmission & Others

Upstream

Revenue Contribution EBITDA Contribution

(USD Million)

9M–2019 Financial Highlights:Consolidated Balance Sheet Consolidated Cashflow

20

Cash Flow(ÙSD Million)

30 Sep 2018(As restated)

30 Sep 2019(Unaudited)

Beginning Balance 1,140 1,315

Cash flow from operating 727 867

Cash flow from investment (81) (879)

Cash flow from financing 32 (345)

Foreign Exchange Impact (42) 5

Ending Balance 1.776 964

Financial Ratios 31 Dec 2018 30 Sep 2019

EBITDA Margin 26% 26%

EBITDA /Interest Expense (x) 6.7 5.7

Debt-to-Equity (x) 1.1 0.8

Net Debt/EBITDA (x) 2.1 2.5

Gross Debt/EBITDA (x) 3.4 3.8Non Current

AssetsTotal

Liabilities

3,278

1,083

Current Assets

Total Assets

2,474

Current Liabilities

5,188

Non Current Liabilities

Total Equity

5,466

2,134

7,939

7,322

1,605

3,133 2,961

4,737

4,044

3,202

31 Dec 2018 (Audited)30 Sep 2019 (Unaudited)

(USD Million)

9M–2019 Debt Profile

Total LoanUSD 2.76 Billion

Weighted Average Interest Rate 4.36%(Excl. Tax)

87%

13% USD JPY

85%

15% FixedFloat

21

2023E

26

821

70

71

2020E2019E

179

19

71

2021E

19

2022E

21

19

44

16

1,975

2024E

328

8

>2025E**

Commercial & Multilateral Loan

Shareholder Loan

Bonds

25

19

2022E

117

2019E

9

31

2020E

5

117117

621

117

2021E

512

2

117

2023E

117

4 52

2024E

35

>2025E**

Debt Maturity Profile*(USD Million)

Interest Payment* (USD Million)

Entities PGN SAKA Pertagas*** PGAS Solution

Lender EIB JBIC IBRD Bank Mandiri Bond Bond SHL Bank Mandiri

Loan Amount (USD)

70,000,000 JPY 49,088,000,000 69,381,312 350,000,000 1,350,000,000 625,000,000 549,106,589 7,055,171(IDR 100,000,000,000)

Outstanding (USD)

4,750,674 346,520,470 31,848,896 150,000,000 246,207,747 7,055,171

Maturity 2020 2043 2026 2020 2024 2024 2028 2020

*) The amount stated above may differ due to loan prepayment and/or withdrawal, currency and rate volatility **) PGN’s Long Term Loan (JBIC, Maturity 2043), Pertagas Shareholder Loan (Maturity 2028)***) Pertagas Shareholder Loan is lended by PT Pertamina (Persero)

(Source: Bloomberg & Moving Average Forecast)

100

101

102

103

104

105

106

13,800

14,200

13,400

13,600

14,600

14,000

14,400

2019E 2020E 2021E 2022E 2024E2023E >2025E

USD-IDR USD-JPY

7.00

5.60

6.60

5.80

6.80

6.006.206.40

1.50

1.55

1.60

1.65

1.70

2024E2019E 2020E 2021E 2022E 2023E >2025E

LIBOR-3M LIBOR-6M JIBOR-6M

Currency Forecast Interest Rate Forecast (%)

Investor Relations:PT Perusahaan Gas Negara TbkMid Tower Manhattan 26th FloorJl. TB Simatupang Kav. 1-S, Jakarta, IndonesiaEmail: investor.relations@pgn.co.idPhone: +62 21 8064 1111

HEADQUARTERJl. K.H. Zainul Arifin No. 20, Jakarta, Indonesia

www.pgn.co.id