PT Perusahaan Gas Negara Tbk : PGAS Corporate Guideline 2021

2021 Corporate Guidance

Operating Metric

	+12%
Distribution (BBTUD)**	828	894-930
	FY20	FY21
		Target

	+11%				+35%
Transmission (MMSCFD)**	1,255	1,333-1,387	LNG Trading (MMSCFD)	54-56	Upstream Lifting (MMBOE)**	7.17	9.31-9.71
	FY20	FY21		FY21		FY20	FY21
		Target		Target			Target

	-43%
Regasification (BBTUD)	94	52-54
	FY20	FY21
		Target

	+28%
Processed Gas (Thousand Ton)	46.86	58-60
	FY20	FY21
		Target

	+213%
Oil Transportation (MMBOE)	3.68	11.00-11.50
	FY20	FY21
		Target

** Excl. Processed Gas

** Excl. TGI

** FY20 volume estimate

**Excl. Perta Samtan

Financial	Indicator
	Est. Capex		490-620
(US$ Million)
							14%
201		14%
	61%
										Upstream
				47%
								Midstream
0%
										Downstream
51%
							Supporting
2%					10%
	Nov. 2020	FY21 Target

Actual Dec. '20 capex yet to be determined

Macro Impacts		Key Assumptions
• Covid-19 pandemic recovery period	•	Industrial Customers Growth: 8%-12%
•	Lower electricity consumption	•	Stable Power Consumption
•	Tightening Government Policy	• Exchange rate USD/IDR: 14,600
•	Improve Industrial Growth	• Inflation rate of 3%

	• Indonesian Crude Price: US$45/bbl
Business Focus

Development of Infrastructures:

• Distribution pipelines 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)

Biz.

Est. Capex

Projects/Programs

Years

Gross Distribution Margin

Segments

(US$ mn)

Upstream

70- 80

Mostly development

2021

USD1.80 - USD2.00/ MMBTU

of Pangkah block

LNG

Infrastructures:

Midstream

70-80

• LNG Cilacap

2021 - 2022

Sales Volume Target

(Pertamina's

(Based on Customer Segment)

refinery facility)

FY21E

• LNG facility in

FY20

Teluk Lamong

1%

1%

• Java & Sumatra

Distribution

31%

39%

• Customer

Attachments

60%

Downstream

300 - 400

• Gressik -

2021 - 2022

Semarang

69%

Transmission

• Development of

Rokan oil pipeline

Supporting

50 - 60

2021 - 2022

Power (PLN/IPP/PPU)

City Gas

Industries/Commercials

For further information please contact;

Investor Relations

PT Perusahaan Gas Negara Tbk

Mid Tower Manhattan 26th Floor

Jl. TB Simatupang Kav. 1-S, Jakarta, Indonesia

Email:[e-mail]

Phone: [phone]

About PT PGN Tbk

PGN is the leading IDX listed natural gas distribution and transportation player in Indonesia. PGN continues to strengthen its position in the market by gradually transforming into an integrated energy solution company, encouraging the use of natural gas.

PGN is engaged in upstream oil and gas, midstream and downstream fields across the Indonesian peninsula. PGN owns and operates natural gas pipelines in excess of 9,000km in total length, covering c. 95% of the national natural gas pipeline network. Additionally, PGN is present in 11 working fields across Indonesia with active FSRU's in most regions. PGN, through its downstream entities, serves more than 2,000 industrial and commercial customers.

PGN's operations are supported by a variety of sophisticated and reliable information technology to ensure quality of service.

Disclaimer

This document is not, and nothing in it should be construed as, an offer, invitation or recommendation in respect of the Company's credit facilities or any of the Company's securities. Neither this presentation nor anything in it shall form the basis of any contract or commitment. This document is not intended to be relied upon 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 been independently verified. No representation or warranty, expressed or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. The information included in this presentation is preliminary, unaudited and subject to revision upon completion of the Company's closing and audit process.

Cautionary Statement

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 information that 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- looking statements. All forward-looking statements, including, without limitation, management's examination of historical operating trends and data are based upon the Company's expectation and various assumptions. 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 of the date of this document. The Company undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.