Annual Report 2010- Renewable Spirit, Unlimited Ideas, Endless Innovation

Although economic pressures faced in 2010 have been tough, with the sharp increase in world crude oil price, which may affect the company’s financial performance, but the company was able to achieve its profit target. This year the company obtained AA rating category (Healthy), an increase compared to the 2009 rating with category A.

Unlike the previous years, for the first time audit of the Financial Statements for the year 2010 has been completed timely by Public Accountant Firm Tanudiredja, Wibisana and Partners - PWC with the opinion “Present fairly, in all material respects, the financial position of PT Pertamina (Persero) and Subsidiaries (Unqualified)”

Net income for fiscal year 2010 (audited) reached Rp16.77 trillion or 104% of the profit realized in 2009 or 103% of the 2010 WP&B, including the execution of the Public Service Obligation (PSO) subsidized fuel assignments, which still experienced a loss of Rp.2.51 trillion or 117% of the WP&B in 2010, due to the value of “alpha” given by the State Budget is not sufficient to cover the costs. Therefore, the company expects to improve on the method of “alpha” calculation as well as distribution cost efficiency.

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