Investor Presentaiton

Growth Delivery with Sound Financial Position Built on Operational Performance 129 Revenue (US$m) 294 403 2017 2018 2019 100 MERDEKA COPPER GOLD EBITDA Hedging 228 Gold Hedge 2020 84,506 oz at US$1,425 oz 158 2019 Nil Copper Hedge 2020 Nil 2017 2018 2019 1 Merdeka Holdco Outstanding Debt¹ US$100m club facility of 4 international banks Closed March 2019 maturing in Sep 2020 Libor + 4.25% • US$100m outstanding balance as at 31 Mar 2020 US$200m syndicated facility of 8 international banks UOB BNP PARIBAS HSBC BARCLAYS UOB 2 Closed October 2018 SMBC ING. ТВ Орсо (PT Bumi . Suksesindo) • 3 year amortizing corporate facility maturing in Q1 2022 Libor + 3.5% HSBC BNP PARIBAS Goldman Sachs • US$130m outstanding balance as at 31 Mar 2020 SOCIETE GENERALE CRÉDIT AGRICOLE CORPORATE & INVESTMENT BANK Comments Strong cash flow generation with consolidated EBITDA of US$ 228 m for 2019 Successful issuance of US$ 300 m debt during H2 2018 and 2019 - US$70 m already repaid as at 31 March 2020 Modest hedging with significant exposure to upside in gold and copper given resource base Building profile of Merdeka in international equity markets to support growth - completion of US$60m equity raise in July 2019 New institutional investors have improved liquidity Analyst coverage from Citi, Credit Suisse, Argonaut, Ciptadana, BNI, Indopremier & Mandiri Note: 1. Debt information as of 31 March 2020 6

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