Manajemen Permodalan Capital Management

PT PERTAMINA PERSERO DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 31 Desember 2015 dan untuk Tahun yang Berakhir pada Tanggal Tersebut Dinyatakan dalam ribuan Dolar Amerika Serikat, kecuali dinyatakan lain PT PERTAMINA PERSERO AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2015 and for the Year Then Ended Expressed in thousands of US Dollars, unless otherwise stated 210

49. PERJANJIAN, KOMITMEN DAN KONTINJENSI SIGNIFIKAN lanjutan

49. SIGNIFICANT AGREEMENTS, COMMITMENTS AND CONTINGENCIES continued

e. Perkara hukum lanjutan e. Legal cases continued Golden Spike Energy Indonesia GSEI lanjutan Golden Spike Energy Indonesia GSEI continued Manajemen berpendapat bahwa tuntutan GSEI tidak beralasan karena: - KKS dan Operating Agreement menyatakan bahwa setiap perselisihan antara pihak harus diajukan ke badan arbitrase International Chamber of Commerce “ICC”. Oleh karena itu, Pengadilan Negeri tidak memiliki wewenang untuk mengadili perselisihan ini. • Berdasarkan KKS dan Operating Agreements, seluruh pembiayaan selama masa eksplorasi merupakan kewajiban GSEI dan bukan merupakan sole risk operation. • Biaya yang terjadi selama masa eksplorasi tersebut merupakan carried cost dan sudah dilunasi oleh PHE RT melalui mekanisme out of production. Pada tanggal 22 Juli 2014, Pengadilan negeri Jakarta Pusat mengabulkan sebagian klaim GSEI sebesar US125.266.876. Management is convinced that the Claim of GSEI has no ground since: • It is clearly stated in the PSC and Operating Agreement that all disputes between parties shall be settled by the International Chamber of Commerce “ICC”. As such, the district court does not have authority to settle the dispute. • Based on the PSC and the Operating Agreement, all expenditures incurred during the exploration stage is the responsibility of GSEI and therefore cannot be categorized as sole risk operation. • Expenditures incurred during the exploration stage represent carried cost and were fully paid by PHE RT through its portion of out of production mechanism. On July 22, 2014, the district court of Central Jakarta granted partial of the GSEI claim in the amount of US125,266,876. Pada tanggal 24 Juli 2014, PHE RT mengajukan permohonan banding ke Pengadilan Tinggi namun pada 11 Februari 2015 Permohonan Banding PHE RT ditolak dan Pengadilan Tinggi Jakarta Pusat memutus memperkuat Putusan Pengadilan Negeri Jakarta Pusat. On July 24, 2014, PHE RT submitted an appeal to the High Court, however on February 11, 2015 High Court of Jakarta rejected the appeal of PHE RT and upheld the District Court of Central Jakarta decision. PHE RT kemudian mengajukan Kasasi kepada Mahkamah Agung pada 8 Juli 2015 dengan dalil i Pengadilan Negeri Jakarta Pusat tidak berwenang dan ii tidak ada sole risk operations sebagaimana klaim GSEI selama ini. Berkas Kasasi telah disampaikan ke Mahkamah Agung pada akhir November 2015. Subsequently, PHE RT submitted Cassation to Supreme Court on July 8, 2015 with the propositon that i the District Court of Central Jakarta has no Jurisdiction to process the case ii there is no Sole Risk Operation as claimed by GSEI. The bundle of Cassation document was delivered to Supreme Court at the end of November 2015. PT PERTAMINA PERSERO DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 31 Desember 2015 dan untuk Tahun yang Berakhir pada Tanggal Tersebut Dinyatakan dalam ribuan Dolar Amerika Serikat, kecuali dinyatakan lain PT PERTAMINA PERSERO AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2015 and for the Year Then Ended Expressed in thousands of US Dollars, unless otherwise stated 211

49. PERJANJIAN, KOMITMEN DAN KONTINJENSI SIGNIFIKAN lanjutan

49. SIGNIFICANT AGREEMENTS, COMMITMENTS AND CONTINGENCIES continued

e. Perkara hukum lanjutan e. Legal cases continued Golden Spike Energy Indonesia GSEI lanjutan Golden Spike Energy Indonesia GSEI continued Berdasarkan keterangan di website Kepaniteraan Mahkamah Agung, permohonan Kasasi PHE RT telah dikabulkan dan saat ini sedang menunggu Salinan Putusan. In accordance with the information from Supreme Court website, the Cassation submitted by PHE RT has been granted by Supreme Court and currently awaiting the Copy of the Verdict. Mengingat kewenangan menyelesaikan perselisihan dalam Kontrak PSC menjadi kewenangan ICC, maka PHE RT kemudian mengajukan permohonan Arbitrase ke ICC dengan permohonan antara lain, yaitu bahwa penyelesaian perselisihan berdasar Kontrak PSC adalah merupakan kewenangan Arbitrase ICC dan bahwa Golden Spike tidak pernah melaksanakan kegiatan Sole Risk Operations. ICC pada 11 Agustus 2015 telah mengeluarkan Partial Award yang menyatakan bahwa ICC berwenang memeriksa dan memutus perselisihan ini. Pemeriksaan Perkara atas Eksistensi Sole Risk Operation telah dilaksanakan pada tanggal 7-8 Januari 2016 di Hong Kong. Final Award terkait eksistensi Sole Risk Operations akan dikeluarkan oleh Tribunal lebih kurang 6 minggu terhitung mulai tanggal 8 Januari 2016. Sesuai rapat pembahasan BOD PHE dan Chief Legal Compliance PT Pertamina Persero, disetujui untuk menambah satu klaim PHE RT dalam gugatannya di ICC terkait dengan lost of production revenue yang diakibatkan dari undercall GSEI. Tanggal pelaksanaan sidang untuk klaim tersebut termasuk untuk permohonan atas Entitlement GSEI selama default menjadi hak PHE RT dan dana talangan selama GSEI default menjadi hutangundercall GSEI diperkirakan akan berlangsung pada bulan Juni-Juli 2016. Considering that the dispute between those parties shall be settled by the ICC, PHE RT submitted Request for Arbitration to the ICC with the proposition, among others, that it is the ICC that has jurisdiction to settle the dispute arising from the PSC and thereis no Sole Risk Operation as claimed by GSEI. ICC on August 11, 2015 has released the Partial Award which stated that ICC has jurisdiction to examine and decide over the case. Hearing for the existence of Sole Risk Operations was held on January 7-8 , 2016 in Hong Kong. The Final Award regarding the existence of Sole Risk Operations will be released by the Tribunal in around 6 weeks from the date of January 8, 2016. Referring to the meeting between the Board Directors of PHE and Chief Legal Compliance of PT Pertamina Persero, it is agreed to add one more PHE RT’s claim in ICC proceeding in regard with the loss of production revenue caused by the undercall of GSEI. The date for the hearing for such claim including the request to transfer to PHE RT, GSEI’s entitlement during default period and GSEI’s calculated undercall estimated to be held on around June-July 2016. Berdasarkan Perencanaan Jangka Panjang, Perusahaan masih memiliki intensi untuk melanjutkan pengelolaan di Blok Raja dengan target peningkatan lifting dan melakukan efisiensi biaya operasi maupun sumber daya manusia. Based on the Company’s Long Term Plan, Management still has the intention to continue the operatorship of Raja Block with a target of increasing the lifting, cost and human resouces efficiency.