FINANCIAL ASSETS AND FINANCIAL LIABILITIES

PT PERTAMINA PERSERO DAN ENTITAS ANAKAND SUBSIDIARIES Lampiran 5230 Schedule CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2012 DAN 2011 DAN 1 JANUARI 2011 Dinyatakan dalam ribuan Dolar Amerika Serikat, kecuali dinyatakan lain NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2012 AND 2011 AND 1 JANUARY 2011 Expressed in thousands of US Dollar, unless otherwise stated 48. KEBIJAKAN MANAJEMEN RISIKO lanjutan 48. RISK MANAGEMENT POLICY continued

b. Risiko keuangan lanjutan

b. Financial risk continued

I. Risiko pasar lanjutan

I. Market risk continued

ii Risiko harga komoditi ii Commodity price risk Fluktuasi harga minyak mentah, gas alam dan produk kilang serta ketidakpastian pasar untuk minyak mentah dan gas dapat berpengaruh buruk terhadap usaha, kondisi keuangan dan hasil operasi dari Grup. The volatility in prices of crude oil, natural gas and refined products and the uncertainty of the market dynamics for oil and gas could adversely affect the Group’s business, financial conditions and results of operations. Kemampuan Grup dalam menghasilkan laba dipengaruhi secara signifikan oleh harga dan permintaan minyak mentah, gas dan produk kilang, perbedaan antara harga perolehan minyak mentah, gas dan produk kilang serta biaya eksplorasi, pengembangan, produksi, distribusi dan penjualan minyak mentah, gas dan produk minyak. Pasar internasional dan domestik untuk minyak mentah dan produk kilang berfluktuasi, dan ditenggarai oleh fluktuasi harga yang signifikan yang terjadi belum lama ini. Fluktuasi harga pasar minyak mentah, gas dan produk kilang tergantung dari berbagai faktor diluar kendali Grup. Faktor-faktor tersebut antara lain: The Group’s profitability is significantly affected by the prices of, and demand for, crude oil, natural gas and refined products, the difference between the prices received for the crude oil, natural gas and refined products it produces and the costs of exploring for, developing, producing, transporting and selling crude oil, gas and refined products. The international and domestic markets for crude oil and refined products are volatile, and have recently been characterised by significant price fluctuations. The volatility of the market prices of crude oil, natural gas and refined products is subject to a variety of factors beyond the Group’s controls. These factors, among others, include: - Peristiwa dan kondisi internasional, termasuk perkembangan politik dan ketidakstabilan wilayah penghasil minyak, seperti Timur Tengah terutama Teluk Persia, Iran dan Irak, Amerika Latin dan Afrika Barat; - International events and circumstances, as well as political developments and instability in petroleum producing regions, such as the Middle East particularly the Persian Gulf, Iran and Iraq, Latin America and Western Africa; PT PERTAMINA PERSERO DAN ENTITAS ANAKAND SUBSIDIARIES Lampiran 5231 Schedule CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2012 DAN 2011 DAN 1 JANUARI 2011 Dinyatakan dalam ribuan Dolar Amerika Serikat, kecuali dinyatakan lain NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2012 AND 2011 AND 1 JANUARY 2011 Expressed in thousands of US Dollar, unless otherwise stated 48. KEBIJAKAN MANAJEMEN RISIKO lanjutan 48. RISK MANAGEMENT POLICY continued