#19M-2022 Company Results PT Medco Energi Internasional Tbk (IDX Ticker: MEDC) MEDCOENERGI www.medcoenergi.com M#2Σ M CONTENTS MEDCOENERGI Performance Summary Key Messages Nine Month Results Core Business Financial Performance Capital Structure Guidance Production and Expenditure What To Expect Appendix Business Strategy MedcoEnergi Portfolio and Key Assets Business and Financial Statistics 3 4 LO 5 6 7 8-9 10 12 13-18 19-22 2 The following presentation has been prepared by PT Medco Energi Internasional Tbk. ("Company" or "MedcoEnergi") and contains certain projections, plans, business strategies, policies of the Company and industry data in which the Company operates in, which could be treated as forward-looking statements within the meaning of applicable law. Any forward-looking statements, by their nature, involve risks and uncertainties that could prove to be incorrect and cause actual results to differ materially from those expressed or implied in these statements. The Company does not guarantee that any action, which may have been taken in reliance on this document will bring specific results as expected. The Company disclaims any obligation to revise forward-looking statements to reflect future events or circumstances The use by MedcoEnergi of any MSCI ESG Research LLC or its affiliates ("MSCI") data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of MedcoEnergi by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided 'as-is' and without warranty. MSCI names and logos are trademarks or service marks of MSCI.#3Σ M MEDCOENERGI 3 KEY MESSAGES Strong Operational and Financial Performance Higher Full Year Production and Power Sales Guidance Corridor GSPL GSA signed Continued Deleveraging Successful Corridor Integration Continued ESG Improvement Reaffirm Dividend Guidance Corridor Suban Plant - Madura Offshore - Meliwis Sumbawa PV 26 MWp#4M MEDCOENERGI 4 M NINE MONTH RESULTS • FINANCIAL & OPERATIONAL PERFORMANCE Operations Oil & Gas production 161 mboepd • • · Power generation sales 2,930 GWh • AMNT Copper production 331 Mlbs & Gold 554 Koz Financials • • • EBITDA US$1,232mn, Net Income US$401mn Oil price US$101.4/bbl, Gas price US$7.9/MMBTU Capex: Oil & Gas US$150mn, Power US$24mn Cash costs US$7.2/boe GROWTH New GSPL GSA signed Investment decisions: • Ijen Geothermal 34 MW Sumbawa LNG Regasification terminal 77 MMSCFD ()))) • Bali PV 50 MWp • Corridor integration identified US$50mn recurring synergy (187) Natuna first gas Malong and Belida Extension expected year end =2 1) Restricted Group (RG): excluding Medco Power Financials 2) Last Twelve Months SUSTAINABILITY ESG Ratings improved: Sustainalytics from 42.2 to 36.7 · MSCI from BBB to A • CDP score improved from C to B • • • • Included in IDX LQ45 Low Carbon Leaders Index Progressing Kansai CCS and PLN Hydrogen collaborations Participated in COP 27 Indonesia delegation Materiality Assessment set 2022 - 2027 goals on Climate Change, Energy Transition, and Business Ethics On track for Energy Transition 2025 and 2030 targets CAPITAL STRUCTURE RG¹ Net Debt to EBITDA 1.5x, 2.3x LTM² mid-cycle price • Tender offers and buybacks retired US$456mn of 2025-2028 Notes USD capital market Notes reduced to 53% of consolidated debt • US$273mn RG debt repaid since Corridor acquisition Paid 2021 Final US$35mn and 2022 Interim Dividend US$25mn • Reaffirm dividend guidance IDR15-20/share#55 M MEDCOENERGI M CORE BUSINESS IS DELIVERING - NINE MONTH RESULTS Build long-term value with a portfolio of sustainable energy and natural resource businesses US$ BOND RESTRICTED GROUP Oil & Gas ---CLIMATE CHANGE STRATEGY- Clean Power Copper & Gold Mining Production 79/21 161 mboepd Installed 939 1,925 Capacity MW IPP MWO&M MWp 34 MWe 45/55 | 50MN Production Assets Ijen Geothermal Phase 1 Renewable Power Under Construction Production 331 Mlbs Copper 900,000 Tonnes 554 Koz Gold per annum Copper Concentrate Smelter Capacity Under Construction 17.5 bn pounds of copper and 23.9 mn ounces of gold reserves Bali Solar PV % of Gas/Liquids % of Indexed/Fixed Price 12 Onshore Production Assets 5 Offshore 7 Operated Gas-Fired IPPS 1 Operated Geothermal IPP 1 Solar PV IPP 23% 9M-22 9M-21 Safety Records • Number of Fatalities 0 0 Number of Fatalities • Lost Time Incident Rate 0.00 0.00 Lost Time Incident Rate 0.00 Total Recordable Incident Rate 0.29 0.35 • Total Recordable Incident Rate 0.00 0.00 0.00 Mineral mining rights area Tonnes per day of Ore Safety Records 9M-22 9M-21 Ownership 25,000 ha 120,000#6M FINANCIAL PERFORMANCE MEDCOENERGI 10 Strong nine months EBITDA and Net Income with volumes and commodity prices above 2021 Nine months EBITDA (US$1,232mn) and Net Income (US$401mn) above consensus Q3 EBITDA below Q2 due to lower commodity price 1) Corridor results are consolidated from March 2022. Consolidated EBITDA (US$mn) 161 103 100 87 85 ཙ༠ 94 101 63 52 52 68 40 68 40 1,232 433 523 620 714 495 2017 2018 2019 2020 2021 9M-22¹ Production, mboepd Consolidated Net Income (US$mn) and RoE (%) Brent Price, US$/bbl 33% 9% 4% -4% -3% 127 -16% 47 401 (56) (43) 2017 2018 2019 (193) 2020 2021 9M-221 RoE RoE Annualised Net Income#7M MEDCOENERGI 1) 7 • M CAPITAL STRUCTURE • Corridor acquisition US$850mn, funded with US$400mn 2028 Notes (04-21) and US$450mn 2-year amortizing loan (Q1-22) US$273mn RG debt repaid since Consolidated Debt, Price, and Production (US$ bn) 103 100 87 85 127 161 94 94 100 101 63 68 52 acquisition. IDR Bonds issued in 03-22 for 68 40 US$95mn 2023 IDR maturities • Amortization in place to fully repay 3.2 3.3 3.3 2.6 2.8 2.6 2.7 3.0 2.7 2.6 2.4 2.2 2.1 1.9 acquisition debt during 2024 Retired US$456mn Notes, USD capital market Notes are now 53% of consolidated debt RG Net Debt to EBITDA 1.5x, 2.3x LTM mid- cycle price. Below 2.5x mid-cycle leverage target Reaffirm dividend guidance IDR15-20/share 3.6 98 2017 2018 2019 Consolidated Gross Debt 2020 2021 01-22 9M-22 Production, mboepd Brent Price, US$/bbl Consolidated Net Debt Restricted Group Debt (US$ bn) 4.2 3.3 3.4 2.6 2.1 1.5 2.9 2.9 2.5 2.6 2.5 2.3 2.3 2.2 1.9 2.0 2.0 1.5 1.7 1.8 2017 2018 20191 2020 2021 01-22 9M-22 Gross Debt 2019 pro forma Ophir was 2.8x. Ophir debt effectively repaid within 18 months Net Debt Net Debt/EBITDA Debt numbers includes unamortized cost and excludes derivatives#8Σ M MEDCOENERGI 8 Actual (mboepd) 161 Guidance 160 24% 24% 127 27 126 55% 55% 60 2022 GUIDANCE: PRODUCTION 9M-22 Oil & Gas 161 mboepd with continued strong. gas demand Production 79% gas, 45% of total production exposed to current price environment, 55% at fixed price Power 2,930 GWh sales with additional capacity from 275 MW Riau IPP and 26 MWp Sumbawa PV IPP 2022 Guidance Production guidance increased 160 mboepd Fixed price gas contracts with Take-or-Pay are a natural hedge to future recession risk Power sales guidance increased to 4,000 GWh, to reflect stronger demand and expansion of renewables capacity 94 34 34 21% 34 21% 2021 9M-22 Indexed & Fixed Gas Composition 2022 Guidance Indexed & Fixed Gas Composition Liquids Gas Fixed Priced Gas Indexed Priced Gas Power Sales (GWh) Guidance 4,000 880 2,930 2,600 2,639 2,718 637 802 817 871 3,120 2,294 1,798 1,822 1,847 2019 2020 2021 9M-22 2022 Guidance Renewable IPP Gas IPP#9Σ M MEDCOENERGI Cash Cost/Unit (US$/boe) 63 40 40 101 68 9.9 8.4 9.1 9.8 <10 7.2 2022 GUIDANCE: EXPENDITURE 9M-22 Oil & Gas capex US$150mn, Power¹ US$24mn. Capex spending for developments in Natuna and Riau IPP Higher Q3 opex due to acid fracturing, workovers and Sumatra production bonus Oil & gas cash costs² US$7.2/boe with ~30¢/boe deferred due to oil lift timing 2022 Guidance • Maintain Oil & Gas capex US$250mn, increased Power¹ capex guidance US$50mn Higher Natuna drilling and facility costs in Q4 Progressing investment decision for two renewable developments and one energy transition project 2023-2024 flat capex, for Natuna, Corridor and expanding Power renewable portfolio. Oil & Gas cash costs sub US$10/boe, further maintenance activity in 04 Power capex is net working interest Unit cash cost excludes production and expenditure on Oman KSF service contract 68 80 2018 Cash Cost 1) 9 2) 2019 2020 2021 9M-22 2022 Guidance Oil price Capex (US$mn) 329 313 300 61 50 119 207 174 63 24 268 114 250 194 31 144 150 83 2018 2019 2020 2021 9M-22 2022 Guidance Oil and gas Power¹#1010 Σ M WHAT TO EXPECT MEDCOENERGI 由 New GSAs on Corridor, Natuna and Senoro Fully integrated Corridor Medco Organisation Dividend payments and RG debt repayments funded from excess cash Continue selective portfolio management Place into service Natuna projects; Progress Senoro phase 2 Investment decision on Ijen Geothermal, Sumbawa LNG Regasification Terminal and Bali PV Set 2022-2027 targets for continued ESG improvement#11Σ M MEDCOENERGI 11 APPENDIX#12Σ M BUSINESS STRATEGY IS DELIVERING MEDCOENERGI Building a Leading Southeast Asian Energy and Natural Resources Company US$ BOND RESTRICTED GROUP Oil & Gas 7 ---CLIMATE CHANGE STRATEGY-- Clean Power • • . Extend reserve life and add value through low risk exploration on producing licenses Aggregator of regional mature producing assets Increase efficiency, abate emissions, grow gas portfolio as a Transition Fuel Continue trajectory on ESG and credit ratings to deliver long term shareholder return Grow Clean and Renewable Portfolio • with larger scale projects • Transition to Low Carbon Energy • Build expertise on Geo-thermal, PV, LNG and Hydrogen . Target: 2025:20% Scope 1&2 GHG emissions¹ 2030: 30% Target: Methane emissions¹ Copper & Gold Mining Retain exposure to world class copper resource Develop the significant resource discoveries on the existing license Growing electrification will continue to support copper demand 2025: 25% 2030: 37% Renewable installed capacity² 2025: 26% 2030: 30% 26MWp PV installed with further solar expansion & wind study in progress 12 1) Reduction below 2019 base year emissions. E&P Scope 1&2 GHG and methane operational control emissions including Corridor & Ophir. Corridor data assurance in progress 2) Base year 2019: 28%. Government of Indonesia target 2025: 23% and 2030: 25%#13Σ M MEDCOENERGI 13 MEDCOENERGI PORTFOLIO Sinphuhorm Thailand Laos Bualuang Block A Geothermal Sarulla Riau IPP Corridor & TGI Pipeline South Sumatra Region Sumatra IPP Cambodia Malaysia Sumatra Vietnam South Natuna Sea Block B Singapore Mini Hydro Chim Sao and Dua Bangkanai North Sokang Tarakan Tanzania Yemen ' Mexico Simenggaris Libya Oman West Bangkanai Donggi Senoro LNG Batam IPP Kalimantan Sulawesi Sampang Madura Batu Hijau Elang Java Energy Building ljen Geothermal Bali PV Sumbawa PV (HQ) Production Development Exploration Papua Senoro-Toili Papua New Guinea " Power Installed Power Development Mining Production Mining Development O Mining Exploration#14M MEDCOENERGI 14 Σ TARGETED PORTFOLIO MANAGEMENT Closed and Integrated Value Adding Acquisitions A Acquisitions have added value through enhanced scale, control and organizational competence. Acquisition targets are screened to ensure: • Improved MedcoEnergi credit status and profitability Manageable risk (knowledge of asset, organization capabilities, subsurface, markets) Growth & upside potential and consistent with MedcoEnergi's energy transition strategy 2016 2016 2016/17 2017 2017/2019 2019 South Natuna Sea Block B Access to offshore capabilities and Singapore and Malaysia gas markets PT Newmont Nusa Tenggara Copper as a strategic component of electrification Block A, Aceh Secured resources and project control Macmahon Holdings Ltd. Access to core capabilities to improve mining operational efficiencies PT Medco Power Indonesia Ophir Energy plc Expanded Southeast Asian presence Regain full control of MPI and secured full alignment of MPI business strategy A US$225mn US$650mn (net) US$65mn Portfolio Rationalization 2017/2019 Mature Assets Bawean, 35% of SSB & Rimau PSC and acreages USA & Tunisia US$85mn 2018/2019 2018-2020 • US$143mn US$161mn A £408mn 2022 ConocoPhillips Indonesian Assets Entrenched position as the leading supplier of piped gas to Indonesia and Singapore markets US$1,355mn Non-core assets sales to focus business on oil & gas, power, and copper mining Further portfolio upgrading through selective asset divestments 2019 2021 2022/2023 Sale of Non Core Assets . Divested water distribution project and small coal mine . Sale of 51% of property business US$180mn Amman Mineral (AMNT) Monetized shareholder loan, conversion into equity, and sale of 3.7% and 10% US$464mn Exit Ophir's deep water licenses Mexico Block 5, EG, Aru, W Papua, Bangladesh, Vietnam US$19mn PT Medco Power Indonesia Medco Power and Kansai Electric formed a 60:40 strategic alliance in Gas IPP and O&M, for growth in the Power sector Investment in Growth International Non Operated Assets Divestment of non- operated international assets#15Σ M³ CORRIDOR BLOCK, INDONESIA MEDCOENERGI Corridor integration is on track 15 MedcoEnergi (operator) -54% Repsol - 36% Pertamina -10% • . • • Sumatra based PSC with 7 producing gas fields, and 2 producing oil fields Indirect ownership of gas pipelines to Duri and Singapore PSC extended to December 2043 Energy Council "Asia Pacific Deal of The Year" Integration and Adding Value • • • • Identified US$50mn operational, procurement, and commercial recurring synergy Immediately accretive with production volumes and price above acquisition case Completed systems integration in Q2, office and organizational integration on track for end-2022 Now focus on Reserve additions and ESG targets GSPL GSA extension#16M SENORO-TOILI, INDONESIA Integrated phased gas development MEDCOENERGI JERA (Japan) 0.3 Mtpa Kyushu Electric (Japan) I Korea Gas (Korea) • Joint Operated onshore license, first production Q3 2015 20 Year PSC Extension effective from December 2027, monetizing ~1.7 TCF gross reserves Progressing Senoro Phase 2 Development 1 Mtpa 1 Mtpa PEP (Donggi & Matindok) 250 + 20 105 85 DSLNG 1 Mtpa 0.7 Mtpa 445 MMSCFD 20 PLN 4.5 JOB TOMORI (Senoro) Upstream 340 (Gas Producer) 62 62 Fertilizer 0.2 Mel PGN (Gas Network-Jargas) Downstream LNG Buyer (Gas Buyer) Structure Upstream WI Senoro Downstream MedcoEnergi 30% 11.1% Pertamina 50% 29.0% Mitsubishi & Kogas 20% 59.9% 16#17M MEDCOENERGI E SOUTH NATUNA SEA BLOCK B, INDONESIA World-class offshore operational capabilities . • • • Operated offshore PSC in the South Natuna Sea, world class facilities, large hydrocarbon base, license expires October 2028 Operated West Natuna Transportation System (WNTS), a 656 km 28" gas trunk line to Singapore Commodity linked priced gas sales into Singapore Progressing development of the four 2020 discoveries Hiu first gas in June 2022. Malong and Belida Extension Project Q4 2022, Bronang gas Q4 2023, and Forel oil Q4 2023 Malaysia 17 Sumatera Singapore WNTS Pipeline#18Σ M MEDCOENERGI RIAU IPP 275 MW AND SUMBAWA PV 26 MWp Project place into service in 1H-22 PT Medco Power Indonesia RATCH Group Public Company Limited 51% 49% 18 PT Medcopower Solar Sumbawa 100% Riau IPP 275 MW . . Combined Cycle 275MW Gas Power Plant, commercial operation in February 2022 Total project cost US$290 million, supported by a consortium of international banks and a 20 year PPA with PLN The project recorded 8.6 million safe man hours and overcame numerous Covid-19 logistic and operational challenges Located in Pekanbaru, Riau, Central Sumatera Sumbawa PV 26 MWp Placed into service in June 2022 Total project cost US$15mn, received project financing from PT Sarana Multi Infrastruktur with 20 years contract Build capability to manage and develop large Solar PV projects#19Σ M OIL AND GAS STATISTICS MEDCOENERGI Metrics Production¹ Oil, MBOPD Gas, MMSCFD Lifting/Sales¹ Oil Lifting, MBOPD 9M 9M YOY FY FY YOY 2022 2021 A% 2021 2020 A% 9M-22 Net 2P Reserves, MMBOE 33.8 35.0 (3.4) 34.4 40.4 (14.9) 691.4 311.3 122.1 319.7 322.3 (0.8) 2P RLI 8.3x 5-yr 2P RRR :2.1x 5-yr F&D³: US$7.5/boe 311 125 5 480 107 389 38 32.0 33.8 (5.3) Gas Sales, BBTUPD 656.2 288.7 127.3 Oman Service Contract, MBOPD 7.4 7.2 2.5 33.6 39.3 (14.5) 299.8 302.2 (0.8) 7.2 7.4 (2.4) 29 2020 Production Average Realized Price Senoro Extension 2021 Production Corridor Revisions 9M-22 Acquisition Oil, US$/bbl 101.4 64.1 58.2 68.0 40.3 68.7 Gas, US$/MMBTU 7.9 6.3 25.3 6.5 5.2 26.2 Net Hydrocarbon Production1, Net Contingent Resources, MMBOE MBOEPD Fixed gas price, US$/MMBTU 6.1 6.3 (3.7) 6.4 6.0 6.3 161 160 Indexed gas price, US$/MMBTU 12.0 6.2 92.9 6.7 4.2 59.5 1,126 1,052 996 ESG Indicators Scope 1&2 GHG emissions (million tCO2e)² Scope 1&2 GHG emissions intensity 19 100 4.4 4.6 (4.3) 60 274.6 293.8 (6.5) (tCO2 eq/1,000 TOE Production)² Methane emissions 40 34 34 34 131 136 (3.7) 110 101 108 (thousand tCO2e)² 2020 2021 9M-22 Energy Consumption (in million GJ) 18.4 18.1 1.7 2022 Guidance 2020 2021 9M-22 E&P Recordable Incident Rate (TRIR) 0.29 0.35 (17.1) 0.39 0.33 18.2 Liquids Gas 12 1) Includes Oman Service Contract 2) 3) 5 year F&D ratio is using 2022 Capex guidance and includes Corridor acquisition cost Operational control emissions including Corridor & Ophir. Corridor data assurance in progress. =4 60 94 127 60 127 126 1,016 895 944#20Σ M MEDCOENERGI Metrics MEDCO POWER STATISTICS 9M 9M YOY FY FY YOY 2022 2021 A% 2021 2020 A% Gross Operating Installed Capacity, MW 7 IPP O&M IPP Sold and O&M Capacity¹ 2,788 2,788 2,864 2,864 IPP Sold, GWh Renewables, GWh Non Renewables, GWh O&M Capacity, MW Average Realized Price² 2,930 2,011 45.7 2,718 2,639 3.0 637 646 (1.4) 871 817 6.6 2,294 1,365 68.1 1,847 1,822 1.4 1,925 1,650 16.7 1,650 2,150 (23.3) 638 638 2,288 939 939 638 2,150 2,150 1,650 1,925 1,925 2019 2020 2021 9M-22 2022 Guidance 3.6 4.1 (12.3) 4.18 3.94 6.1 IPP, c/kwh ESG Indicators Renewable installed capacity (%)³ Scope 1&2 GHG emissions (thousand tCO2e)4 Scope 1&2 GHG emissions Note: Decrease in O&M installed capacity due to contract expiry of Mobile Power Plant in 2021. O&M Power Capacity Gross 100%, MW IPP Power Sold Gross 100%, GWh 38 28 35.7 859 780 10.1 2,174 330 2,150 2,150 4,000 880 330 330 0.54 0.53 1.2 intensity (tCO2 eq/MWh)4 1,650 330 1,925 1,925 330 330 2,704 2,600 2,639 2,718 843 802 2,930 637 817 871 Power Recordable Incident 3,120 0.00 0.00 N/A 0.00 0.33 (100) 1,844 1,820 1,820 Rate (TRIR) 1,595 1,595 1,320 2,294 1,861 1,798 1,822 1,847 1 Gross 100% interest and includes geothermal production 2 Excludes Fuel Component 3 Power renewable equity share installed capacity. 2018 2019 2020 2021 4 Operational control emissions. FY 2020 and FY 2021 number are E&Y assured 9M-22 2022 Guidance 2018 2019 2020 2021 9M-22 2022 Guidance Renewables O&M O&M Renewables IPP Gas IPP 20 20#21Σ M MEDCOENERGI 21 AMMAN MINERAL STATISTICS Metrics 9M 9M YOY FY FY YOY 2022 2021 A% 2021 2020 A% Copper Gross Reserves & Resources (Mlbs) 31/12/2021 Gold Gross Reserves & Resources (Koz) 31/12/2021 Production 16,040 14,800 Copper, Mlbs Gold, Kozs 330.8 163.3 102.6 233.7 293.9 (20.5) 553.7 94.8 484.1 156.4 132.1 18.4 8,900 7,040 33,700 24,000 Sales 10,500 15,000 Copper, Mlbs Gold, Kozs 306.0 158.9 92.6 227.9 271.2 (16.0) 509.1 96.4 428.1 152.4 117.7 29.5 Reserves Reserves & Resources Reserves Reserves & Resources Batu Hijau Elang Average Realized Price Copper Production (Mlbs) Gold Production (Koz) Copper, US$/lb Gold, US$/oz 4.18 4.14 1.0 4.21 2.87 46.5 1,839 1,805 1.9 1,799 1,832 (1.8) 801 512 478 697 288 331 294 234 398 554 142 130 132 156 56 71 56 2015 2016 2017 2018 2019 2020 2021 9M-22 2015 2016 2017 2018 2019 2020 2021 9M-22#22Σ M MEDCOENERGI FINANCIAL STATISTICS1 (9M 2022 vs 9M 2021) 22 1) 22 AVERAGE REVENUE GROSS PROFIT EBITDA REALIZED PRICE Oil US$101.4 Incl. US$1,808 Incl. Price 58% MPI 89% MPI /bbl million US$905 million Incl. US$1,232 141% MPI 142% million Gas US$7.9 Excl. Price 25% US$1,721 Excl. US$856 Excl. US$1,204 MPI /MMBTU million 101% MPI million 159% MPI million 152% Blended US$53.4 Pro Price 27% US$1,370 /boe Forma Corridor 170% million CASH & CASH TOTAL DEBT DEBT TO EQUITY3 NET DEBT TO EBITDA EQUIVALENT² Incl. US$671 Incl. US$3,286 Incl. 2.1 Incl. 1.6 MPI million 22% MPI 26% MPI 7% MPI 48% million times times Excl. MPI US$532 Excl. million 32% MPI US$2,870 million Excl. 2.0 Excl. 1.5 28% MPI 13% MPI times times 49% Corridor results are consolidated from March 2022. Pro forma assume Corridor consolidated from 1 January 2022 2) Cash & Cash Equivalent includes restricted cash in banks 23 3) Adjusted Debt to Equity#23Σ M MEDCOENERGI ⑰ PT Medco Energi Internasional Tbk The Energy Building 53rd Floor SCBD Lot 11A Jl. Jend. Sudirman, Jakarta 12190 Indonesia P. +62-21 2995 3000 F. +62-21 2995 3001 E. [email protected] Website: www.medcoenergi.com