2020 FACT BOOK

PT Medco Energi Internasional Tbk

(IDX Ticker: MEDC)
Jakarta, July 2021
Oil and Gas Assets
 ASSET PORTFOLIO
Sinphuhorm
Tanzania Yemen

Thailand Laos
Bualuang

Vietnam
Cambodia
Chim Sao and Dua

Malaysia Bengara
PM322
Bangkanai

Block A South Natuna

Sea Block B North Tarakan
Sokang

Simenggaris Mexico Libya Oman

Geothermal
Sarulla South Sokang Donggi Senoro
West Bangkanai LNG
Singapore
Riau IPP

Batam IPP
Kalimantan

Sulawesi
South
Sumatra
Region Senoro-Toili Papua
Madura Papua
Sumatra IPP Sampang New
Bali Solar PV
Guinea
Batu Hijau
Java Elang

Mini Hydro Energy Mini Hydro

Building Cluster
(HQ) Geothermal Sumbawa
Ijen Solar PV

Production Mining Production

Power Installed
Development Mining Development
Exploration Power Development
Mining Exploration
3
 SOUTH NATUNA SEA BLOCK B, INDONESIA
World-class offshore operational capabilities
• MedcoEnergi operated offshore PSC in the South Natuna Sea, world
class facilities, large hydrocarbon base, license expires October 2028
• MedcoEnergi also operates the West Natuna Transportation System
(WNTS), a 500 km 28’’ gas trunk line with access to Singapore and
Malaysia
• Commodity linked and fixed escalated priced gas sales into
Singapore and Malaysia
• Near field exploration, subsea & platform development, and
production optimization will extend field life and decline rate
• Successful exploration discoveries in Bronang-2, Kaci-2, Terubuk-5
and West Belut-1

Malaysia
WNTS Pipeline

Singapore

Sumatera

4
 BUALUANG FIELD, B8/38 CONCESSION, THAILAND
Phase 4B development completed April 2020
• Facilities: 3 bridge-linked wellhead platforms with
water processing connected via export pipeline to
FSO.
• Current development wells: 38 oil producers and 5
water disposal wells. All production wells with ESPs.
• Phase 4B project completed April 2020 consisting of
3rd wellhead platform, 12 addition wells and increased
processing capacity

FSO Suksan Salamander

5
 SENORO-TOILI, INDONESIA
Integrated – Midstream phased gas development

1 Mtpa 1 Mtpa • Joint Operated onshore license, first production Q3

PPGM JERA
(Japan)
2015. Contract expires in 2027
(Matindok) 270 0.3 Mtpa • Daily maximum production reached 337 MMSCFD in
105 85
Kyushu Electric 2020.
DSLNG (Japan)
• In 2020 additional volume in DSLNG increased to 270
442 MMSCFD
1 Mtpa 0.7 Mtpa Korea Gas MMSCFD
(Korea)
20
• Gross proved reserves of 0.87 TCF with additional 2.7
5
PLN
• 40 cargo TCF Gross Contingent Resources
annual • Progressing Senoro Phase 2
capacity
JOB PMTS 337 62 • Cargo size
(Senoro) Fertilizer
125,000m3
0.2
PGN
(Gas Network-Jargas)

Upstream Downstream LNG Buyer

(Gas Producer) (Gas Buyer)

Structure Upstream WI Downstream

MedcoEnergi 30% 11.1%
Pertamina 50% 29.0%
Mitsubishi & Kogas 20% 59.9%
6
 BLOCK A ACEH, INDONESIA
Phase I will monetize 237 TBTU of gas and 5.17 MMBO of condensate for the domestic market
• Operated onshore license, complex HPHT drilling and development
• Over US$600mn Development, Project Financed by 15 International banks
• First gas August 1, 2018. PSC expires in 2031. GSA with Pertamina, total
volume of 198 TBTU over 13 years
• Remote location. Successful CSR engagement with local community and
awards from the regional Government of Aceh. Build a hospital in Aceh Area
even before project commencement, and completed in Nov 2015.
• Phase 2 and 3 development of gas discoveries with gross Contingent
Resources of > 5 TCF, to generate up to 1 GW to support Sumatra electricity
demand growth
Alur Rambong
Julu Rayeu
Alur Siwah

Kuala Langsa

7 Central Processing Gas Facility, Block A, Aceh

 MADURA OFFSHORE AND SAMPANG, INDONESIA
Stable production with upside in Meliwis and Sampang development

Madura Offshore
• Gas from Maleo & Peluang fields and Meliwis are processed on
Maleo Production Platform (MPP) and sold to PGN and PLN via
East Java Gas Pipeline (EJGP)
Sampang
• Following a successful gas exploration well at Paus Biru-1 (27 km
East of Oyong), working towards with reserves certification, POD,
GSA and FID
• Gas from Oyong and Wortel fields are delivered via upstream
pipeline to Grati Onshore Processing Facility and sold to PT
Indonesia Power
Meliwis
• Gas from Meliwis field is delivered and sold to PGN
• Meliwis wellhead platform and subsea pipeline installation are
completed and Meliwis-2ST well was completed and deliver 1st gas
on 13 July 2020. Production of ~19 MMSCFD in 2021.

8
 CHIM SAO/DUA FIELDS, 12W PSC, VIETNAM
Managing natural decline through well interventions and infill drilling

• Current production – 17,000 boepd

• Production through Lewek EMAS FPSO
• Chim Sao wells are tied back from a 20-slot Well
Head Platform
• 3 Dua wells are subsea completions with
subsea tie‐back to the FPSO

9
 SOUTH SUMATRA REGION ASSETS, INDONESIA
Extensive experience in managing decline and controlling costs on maturing assets
• Rimau produces oil and sold to dedicated pipeline to Pertamina
Plaju refinery. The block obtained 20 years extension in PSC
Gross Split terms starting 2023.
• South Sumatra is oil & gas producing asset. The gas is currently
monetized through 10 Gas contracts. Gas is sold under fixed-
price TOP GSAs to PGN, PLN and industries within the area.
• Lematang produces High Pressure High Temperature gas from
two active gas wells. Gas is sold under fixed-price TOP GSAs to
PGN & PLN.

Bangka

Rimau

South Sumatra Palembang

Sumatra Lematang

10
 OTHER INTERNATIONAL ASSETS
• Oman: Service contract for the Karim Small Fields with net production
Libya Oman ~ 13 MBOPD. While, Oman Block 56, Farm in agreement with Tethys
has been executed on Oct 28, 2020. Medco WI become 5% and carried
by Tethys.

• Yemen: MedcoEnergi holds a 25% non-operated interest in Block 9,

which contains four producing oil fields. The Operator started
mobilization of a drilling rig and 3D seismic crew in late 2020 to begin
development drilling and exploration programs in early 2021.
Production for the year averaged 5,040 BOEPD.

• Tanzania: Deepwater Blocks 1&4 (20% non-operated interest).

Contains 10 discoveries with 15 TCF certified contingent resource.
Tanzania LNG Project in pre-development phase. Engagement with the
Government of Tanzania continues to focus on establishing key
commercial terms for a cost competitive development. Tanzania
Blocks 1 and 4 licenses extended for 4.5 years.
Mexico Tanzania Yemen
• Libya: The Company holds a 50% operated interest in the exploration
area of Area 47 and a 25% interest in the Joint Operating Company,
Nafusah Oil Operations (NOO), which is the operator of the
development and commercial discoveries in Area 47. Company,
together with the National Oil Company (NOC), continues to work with
NOO on a phased field development plan with minimal initial capital
expenditure.
Production Development Exploration
• Mexico: The Company holds a 20% non-operated interest in the deep
water exploration blocks. In 2020, the Juum-1 exploration well was
11 drilled in Block 10. Preparations are underway to drill an exploration
well in Block 12 in 2021.
Financials and Guidance
 FINANCIAL STATISTICS (2019 vs 2020)
Average
Revenue Gross Profit EBITDA
Realized Price

Oil Incl. Incl. Incl.

Price
US$40.3 36% MPI
US$1,093 21% MPI
US$322 41% MPI
US$502 20%
/bbl million million million

Excl. Excl. Excl.

Gas US$5.2 US$957 US$265 US$463
Price
/MMBTU 23% MPI
million
18% MPI
million
46% MPI
million 22%

Cash & Cash Equivalent1 Total Debt Net Debt to EBITDA Debt to Equity

Incl. US$446 25%

Incl. US$2,728 15%
Incl.
4.5 Incl. 2.5 6%
MPI MPI MPI
MPI
million million times 10% times

Excl. US$357 Excl. US$2,320 Excl. 4.2 Excl. 2.4

MPI
million 17% MPI
million 6% MPI 24% MPI 6%
times times

1) Cash & Cash Equivalent includes restricted cash in banks

13
 CONSOLIDATED FINANCIAL PERFORMANCE
Profit & Loss (US$ mn) FY19 FY20 YoY ∆% Balance Sheet (US$ mn) FY19 FY20 YoY ∆%
Revenue 1,376 1,093 (20.5) Cash and cash equivalents1 596 446 (25.1)
- Oil and gas 1,161 953 (17.9) Investments 935 865 (7.4)
- Power 212 136 (35.8)
Fixed Assets 2,180 2,290 5.0
- Others 2 4 54.5
Total Assets 5,998 5,901 (1.6)
DDA (296) (329) 11.1
Total Liabilities 4,653 4,687 0.7
Gross Profit 547 322 (41.2)
• Loans 1,095 526 (51.9)
S, G & A (218) (153) (29.9)
Operating Income 329 169 (48.6) • Capital Market Debts 2,100 2,201 4.8

EBITDA 627 502 (19.9) • Other Liabilities 1,458 1,960 34.5

Net Income (39) (189) N/A Equity 1,345 1,213 (9.8)

Profitability Ratios (%) FY19 FY20 YoY ∆% Financial Ratios (x) FY19 FY20 YoY ∆%
Gross Margin 39.7 29.4 (26.0) Debt to Equity 2.7 2.5 (5.9)
Operating Margin 23.9 15.5 (35.4) EBITDA to Interest 2.8 1.8 (35.5)
EBITDA Margin 45.6 45.9 0.8 Net Debt to EBITDA 4.1 4.5 9.5
Net Income Margin (2.8) (17.3) N/A Net Leverage Ratio 4.1 4.5 9.0

1) Includes restricted cash

14
 FINANCIAL PERFORMANCE: EXCLUDING MEDCO POWER
Profit & Loss (US$ mn) FY19 FY20 YoY ∆% Balance Sheet (US$ mn) FY19 FY20 YoY ∆%
Revenue 1,163 957 (17.7)
Cash and cash equivalents1 433 357 (17.5)
- Oil and gas 1,161 934 (17.9)
Investments 935 865 (7.4)
- Power - - -
Fixed Assets 2,076 2,204 6.1
- Others 2 4 54.5
Total Assets 4,955 4,791 (3.3)
DDA (291) (323) 11.3
Total Liabilities 3,774 3,758 (0.4)
Gross Profit 495 265 (46.5)
• Loans 517 258 (50.0)
S, G & A (191) (127) (33.4)
• Capital Market Debts 1,954 2,061 5.5
Operating Income 236 174 (54.7)
• Other Liabilities 1,303 1,438 10.4
EBITDA 594 475 (22.0)
Net Income (31) (180) N/A Equity 1,181 1,033 12.5

Profitability Ratios (%) FY19 FY20 YoY ∆% Financial Ratios (x) FY19 FY20 YoY ∆%
Gross Margin 42.5 27.7 (34.9) Debt to Equity 2.2 2.4 6.5
Operating Margin 26.0 14.3 (45.0) EBITDA to Interest 2.9 1.8 (37.2)
EBITDA Margin 51.1 48.4 (5.2) Net Debt to EBITDA 3.4 4.2 23.5
Net Income Margin (3.0) (19.0) N/A Net Leverage Ratio 3.4 4.2 22.9

1) Includes restricted cash

15
 2020 & 2021 GUIDANCE: PRODUCTION
2020 Actual 2019-2020 (mboepd) 2021 Guidance (mboepd)

115
• Production 100 mboepd within revised 110
guidance 103 100 101 100%
95
• Gas demand below TOPQ, below normal
pre-COVID-19 levels 25%
70
2021 Guidance 70
64 60 63 57
• Q1-2021 Production 101 mboepd 35%
• Revised 2021 guidance 95 mboepd
• Q2-2021 unplanned shut-downs in Aceh
and Vietnam, 2 – 3 mboepd
• Weak Gas demand in East Java, Aceh and 45 39 40 40% 40
38 38
Singapore (LNG competition)
• Hedge puts of ~12% 2021 production, 1H-2021
US$45/bbl, 2H-2021 ~US$50/bbl 2019 Pro 2019 2020 1Q 2021 2021 Indexed & Production
• Fixed price Gas contracts are a natural hedge Forma1 Guidance Fixed Gas Capacity2
Composition
Liquids Gas Fixed Priced Gas Indexed Priced Gas

1) Pro forma result assume Ophir consolidation from 1 January 2019

16 2) Production capacity for gas is Maximum Daily Contracted Quantity
 CONSOLIDATED CAPEX GUIDANCE
E&P Capex (US$ M) Power Capex (US$ M)
Exploration Others Solar PV
Development Drilling Riau and Other IPP Gross 100% Capex
Equipment/Facilities Ijen Geothermal
180
123

44 150
144
31 60
35

74 44 65
1 60 6
71 19 10
25
15
63
75 39
62 30 30
38
5 5 4
2020 2020 2021 2020 2020 2021
17 Guidance Guidance Guidance Guidance
Operational Data
 OIL AND GAS STATISTICS
YoY
Metrics 2019 2020 ∆%
Net 2P Reserves, MMBOE Net Contingent Resources, MMBOE

Production2
1,125
Oil, MBOPD 39.3 40.4 2.8 943
Gas, MMSCFD 341.9 322.3 (5.7) 301 310
Lifting/Sales
Oil Lifting2, MBOPD 38.7 39.3 1.5
Gas Sales, BBTUPD 323.7 302.2 (6.7) 156 164
1,016
Oman Service Contract, MBOPD 7.3 7.4 1.5 841
Average Realized Price
Oil, USD/barrel 62.5 40.3 (35.6)
145 147
Gas, USD/MMBTU 6.7 5.2 (22.9)
ESG Indicators 102 110
Scope-1 Intensity (tCO2 eq/1,000 TOE Production) 238 218 (8.4) 2019 2020 2019 2020
Energy Consumption (in million GJ) 18.8 18.0 (4.2)
E&P Recordable Incident Rate (TRIR) 0.57 0.33 (42.1) Net Hydrocarbon Production2, MBOEPD Net Hydrocarbon Production2, MBOEPD

• 5-year average 2P Reserves Replacement Ratio1 1.2x, 100 100%

2P Reserves Life Index1 9.9 Years 27% 103 100

87 85
60
• Proved Developed Reserves are 86% of proved reserves 33% 64 60
• 5-year 2P F&D1 cost US$10.2/boe 52 52

• Average realized gas price US$5.2/MMBTU; blend of fixed 40 40% 35 39 40

33
US$6.0/MMBTU and indexed US$4.2/MMBTU contracted
gas sales 2020 2020 2017 2018 2019 2020
Indexed & Liquids Fixed Priced Gas
• Gas contracts underpinned by Take-or-Pay Fixed Gas
Gas Indexed Priced Gas

1) 5-year average 2P Reserves Replacement Ratio, Reserves Life Index and F&D cost/boe as of 31 Dec 2020
19 2) Includes Oman Service Contract
 ASSET PORTOFOLIO
Indonesia Assets
Participating Acreage FY20 Production
Asset Expiry Operator Partner Type of Contract
Interest (Km2) (MBOEPD)
Medco Daya Abadi Lestari 35%,
South Natuna Sea Block B 40.0% 2028 11,155 19.0 MedcoEnergi PSC
Prime Energy 25%

Senoro-Toili 30.0% 2027 451 21.3 JOB Pertamina – MedcoEnergi Pertamina 50%, Mitsubishi & Kogas 20% PSC JOB

South Sumatra 65.0% 2033 4,470 8.8 MedcoEnergi Medco Daya Makmur 35% PSC

Rimau* 60.0% 2043 1,103 4.8 MedcoEnergi Bahtera Daya Makmur 35%, PDP&E Sumsel 5% PSC

Lematang 100.0% 2027 409 2.8 MedcoEnergi - PSC

Block A, Aceh 85.0% 2031 1,681 5.5 MedcoEnergi Medco Daya Energi Nusantara 15% PSC

Madura Offshore – Peluang Petronas 22.5%,

67.5% 2027 849 5.0 MedcoEnergi PSC
and Maleo Petrogas Pantai Madura 10%
Singapore Petroleum Sampang 40%,
Sampang 45.0% 2027 534 3.0 MedcoEnergi PSC
Cue Sampang Pty 15%

Bangkanai – Kerendan 70.0% 2033 1,385 2.8 MedcoEnergi Saka Energi 30% PSC

Tarakan* 100.0% 2042 180 1.3 MedcoEnergi - PSC

Madura Offshore – Meliwis 77.5% 2027 849 0.7 MedcoEnergi Petronas 22.5% PSC

Simenggaris 62.5% 2028 547 0.0 JOB Pertamina - MedcoEnergi Pertamina 37.5% PSC JOB

South Sokang 100.0% 2040 998 - MedcoEnergi - PSC

North Sokang 100.0% 2040 1,124 - MedcoEnergi - PSC

Bengara 100.0% 2029 922 - MedcoEnergi - PSC

West Bangkanai 70.0% 2043 5,463 - MedcoEnergi Saka Energi 30% PSC

Production Development Exploration

20 *Rimau & Tarakan PSC contract extended for 20 years, will be converted from Cost Recovery to Gross Split after 2023 for Rimau and 2022 for Tarakan.
 ASSET PORTOFOLIO
International Assets

Participating Acreage FY20 Production

Country Asset Expiry Operator Partner Type of Contract
Interest (Km2) (MBOEPD)

Vietnam Chim Sao/Dua, 12W 31.9% 2030 1.395 5.3 Premier Oil Premier 53.1%, PVEP 15% PSC

Thailand Bualuang 100.0% 2025 377 9.9 MedcoEnergi - Concession

Sinphuhorm 9.5% 2031 230 1.5 PTTEP PTTEP 55%, APICO 35%, ExxonMobil 0.5% Concession

Oman Oil Company 25%, Kuwait Energy 7.5%, Vision

Oman Karim Small Fields 58.5% 2040 781 7.4 MedcoEnergi Service Contract
Oil&Gas 5%, PetroVest 4%

Calvalley Petroleoum Ltd 42.5%, Hood Oil Ltd 21.3%

Yemen Block 9 Malik 21.3% 2030 4,728 1.3 Calvalley Petroleoum Ltd. PSA
YOGC 15%

Tanzania Blocks 1 and 4 20.0% 2020 12,296 - Shell Shell 60%, Pavilion Energy 20% PSC

Libya Nafusah Oil Operation B.V. (owned by National

National Oil Corporation 50%,
Area 47 25.0% 2045 6,182 - Oil Corporation 51%, MedcoEnergi 24.5% and EPSA IV
Libya Investment Authority 25%
Libya Investment Authority 24.5%)
5 years
exploration;
Area 47 50.0% 6,182 - MedcoEnergi Libya Investment Authority 50% EPSA IV
25 years
production
2020 exploration,
Oman Block 56 50.0% 20 years 5,808 - MedcoEnergi Intaj LLC 25%, Biyaq LLC 25% PSC
production
Mexico Block 10 20.0% 2053 1,999 - Repsol Repsol 40%, Petronas 40% PSC

Block 12 20.0% 2053 3,099 - Petronas Petronas 60%, PTTEP 20% PSC

Malaysia Block PM322 85.0% 2020 20,000 - MedcoEnergi Petronas Carigali 15% PSC

Production Development Exploration

21
 RESERVES AND RESOURCES (AS OF DEC 2020)
PROVED RESERVES PROVED&PROBABLE RESERVES CONTINGENT RESOURCES
Oil Gas Total Oil Gas Total Oil Gas Total
mbbls mmscf mboe mbbls mmscf mboe mbbls mmscf mboe
Domestic
West Indonesia 20,355 333,664 81,207 38,949 412,529 114,394 28,403 1,261,438 255,837
East and Central Indonesia 8,169 361,763 77,056 10,308 388,884 84,067 26,707 1,279,382 268,820
Total Domestic 28,524 695,427 158,263 49,257 801,413 198,462 55,110 2,540,820 524,657
International
International Assets 59,378 63,827 70,260 97,311 86,035 111,905 54,481 3,154,051 600,769

Total International 59,378 63,827 70,260 97,311 86,035 111,905 54,481 3,154,051 600,769
Grand Total 87,902 759,254 228,523 146,568 887,448 310,367 109,591 5,694,872 1,125,427
#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Domestic Proved Developed Reserves 24,437 558,279 129,170 #REF! #REF! #REF! #REF! #REF! #REF!
International Proved Developed Reserves 59,340 51,129 68,008 #REF! #REF! #REF! #REF! #REF! #REF!
Total Proved Developed Reserves 83,777 609,408 197,178 #REF! #REF! #REF! #REF! #REF! #REF!

2020 2P Reserves Life Index (RLI) 2020 2P Reserves Replacement Ratio (RRR) 2020 2P Finding and Development Cost

Years 9.9 5-Year Average 1.2x 5-Year Average US$ 10.2/boe

22
 ACTIVE GAS CONTRACTS (1)
Source Customer WI% Agreement Date Commitments Length/Expiry

1 Block B SembGas Singapore 40% 15-Jan-99 Total contract quantity of 2,625 TBTU 15-Jul-28
2 Block B Petronas Malaysia 40% 28-Mar-01 Total contract quantity of 1,648 TBTU 1-Aug-22
10.8 – 11.6 BBTUD of gas with total gas contract quantity of 12,805.3 BBTU (Total joint
3 Lematang Meppogen 100% 17-Oct-19 31-Dec-27
supply contact quantity 40,136.2 BBTU – as per Amendment ARGSA)
9.7 - 14.2 BBTUD of gas with total gas contract quantity of 27,330.9 BBTU (Total joint
4 South Sumatra Block Meppogen 65% 17-Oct-19 31-Dec-27
supply contact quantity 40,136.2 BBTU – as per Amendment ARGSA)
25 BBTUD ramp down to 20 BBTUD of gas (joint contract between SSB-Lematang) with
5 Lematang & SSB* PLN South Sumatera 100% 19-Sep-17 total contract quantity of 19,327 BBTU from Lematang PSC & 50,932.8 BBTU from SSB 31-Jan-27
(Total joint supply contract quantity 70,260 BBTU).
30 BBTUD of gas ramp down to 20 BBTUD (joint contract between SSB-Lematang) to PGN
6 Lematang & SSB* PGN 100% 11-Jul-19 with total contract quantity of 16,440 BBTU from Lematang PSC & 10,960 BBTU from SSB 31-Dec-21
(Total joint supply contract quantity 27,400 BBTU)
7 South Sumatra Block Mitra Energi Buana 65% 8-Jun-18 Total contract quantity of 30,119 BBTU 31-Dec-27
8 South Sumatra Block MEPR JATA 65% 2-Dec-20 Total contract quantity of 9,015 BBTU for own use 31-Dec-27
9 South Sumatra Block Perusda Mura Energi 65% 9-Aug-18 1.35 BBTUD of gas with total contract quantity of 6,039 BBTU of gas 31-Dec-27
10 South Sumatra Block PDPDE BBG 65% 4-Jul-19 0.5 BBTUD of gas with total contract quantity of 1,606.5 BBTU 7-Feb-23
8-Sep-20
11 South Sumatra Block Pertamina (Jargas palembang) 65% 31-Jul-19 Supply gas of 0.20 MMSCFD with total contract quantity of 123.40 MMSCF (Transferred to
contract below)
5-Oct-20
12 South Sumatra Block PGN (Jargas Palembang) 65% Supply gas of 0.40 MMSCFD with total contract quantity of 1,931.6 MMSCF 27-Nov-33
(KB, on process of Amendment KB)
Supply gas to meet the needs of households in Kabupaten Musi Banyuasin of 0.25 BBTUD
13 South Sumatra Block PGN (Jargas MUBA ) 65% 4-May-18 20-Jul-27
with total contract quantity of 871 BBTU.
14 South Sumatra Block Pertamina (Jargas Muara Enim) 65% 15-Nov-19 Supply gas of 0.25 MMSCFD with total contract quantity of 855.25 MMSCF 20-Jul-27
17-Oct-14 (on process of Amendment –
15 Simenggaris PLN 63% 0.5 MMSCFD with total contract quantity of 805 MMSCF. 30-Nov-25
signed KB on 30-Nov-20)
16 Simenggaris PLN 63% 6-Feb-18 8 BBTUD of gas with total contract quantity of 21.6 TBTU. 23-Feb-28
17 Simenggaris PT Kayan LNG Nusantara 63% 20-May-20 12 – 22 MMSCFD daily with Total Contract Quantity (“TCQ”) of 47,091 MMSCF 23-Feb-28
18 Tarakan PLN Gunung Belah 100% 16-Jan-18 Total contract quantity of 10,134 BBTU 31-Dec-21
19 Tarakan PGN 100% 30-Oct-18 (signed KB on 5-Oct-20) 0.30 MMSCFD of gas for household in Tarakan 13-Jan-22
20 Senoro-Toili DS-LNG 30% 13-Dec-10 277.8 BBTUD (equivalent to 250 MMSCFD) of gas 3-Dec-27
23
21 Senoro-Toili PAU 30% 11-Jan-18 Total contract quantity of 248,200 MMSCF 3-Dec-27
 ACTIVE GAS CONTRACTS (2)
Agreement
Source Customer WI% Commitments Length/Expiry
Date
22 Senoro-Toili PLN 30% 6-Feb-18 5 BBTUD of gas with total contract quantity of 15.63 TBTU. 3-Dec-27
23 Block A PT Pertagas Niaga 85% 2-Oct-20 54 BBTUD of gas with total contract quantity of 198 TBTU. 31-Aug-31
28-Jan-11 (KB
24 Bangkanai PLN 70% signed on 20-Dec- 20 BBTUD of gas with Total Contract Quantity of 130,000 BBTU 29-Dec-33
2019)
To supply gas pursuant to Minister of Energy and Mineral Decree No.1790K/2018 (gas allocation for electricity) up to 31
25 Sampang- Oyong PT Indonesia Power 45% 19-Jul-03 31-Dec-22
December 2022
26 Sampang - Wortel PT Indonesia Power 45% 26-Nov-10 23-17 BBTUD of gas up to maximum contract quantity of 124 TBTU or 31 December 2022, whichever occurs earlier. 31-Dec-22

27 Madura Offshore - Maleo PGN 68% 31-May-05 15-20 BBTUD of gas up to maximum contract quantity of 27.04TBTU or 31 December 2023, whichever occurs earlier. 31-Dec-23

28 Madura Offshore – Peluang PLN 68% 15-May-13 Up to maximum contract 62.8TBTU 31 December 2021, whichever occurs earlier. 31-Dec-21

29 Madura Offshore - Meliwis PGN 78% 19-Feb-19 20.3 BBTUD of gas up to maximum contract quantity of 22.8 TBTU or 31 August 2023, whichever occurs earlier. 31-Aug-23

24
 SIMPLIFIED FUNDS FLOW STRUCTURE

25
Debt Info
 DEBT MATURITY PROFILE: BULLET VS INSTALLMENT AS AT DEC 2020
Restricted Group Debt (US$ mn) Medco Power Debt (US$ mn)
649 645
182
-
Include fund in Escrow
525

85
182

66
75* 51
172 167 51

67
103 95 59 31 27

68 53
105 0 34 6 21 6
72 52 20 0
35 7 1
6 6 6
2021 2022 2023 2024 2025 2026 2027 2021 2022 2023 2024 2025 2026 2027
onwards
onwards

27 *) US$75mn before escrow account for bullet payment,

all data above excludes unamortized cost and includes derivatives
Medco Power Indonesia
 MEDCO POWER STATISTICS
YoY
Metricsº 2019 2020 ∆% Gross Installed Capacity, MW

IPP Sold and O&M Capacity IPP O&M

IPP Sold, GWh 2,600 2,639 1.5 2,788 2,788 2,904
Renewables, GWh 802 817 2.0
638 638
Non Renewables, GWh 1,798 1,822 1.3 939
O&M Capacity, MW 2,150 2,150 0.0
Average Realized Price* 2,150 2,150 1,965

IPP, Cent/kwh 3.95 3.94 (0.3)

ESG Indicators 2019 2020 2021 Guidance
Note: Decrease in O&M installed capacity due to contract expiry of Mobile Power Plant in 2021.
Scope-1 GHG Intensity (tCO2 eq/MWh) 0.56 0.53 (5.4)
Power Recordable Incident Rate (TRIR) 0.44 0.37 (15.9) O&M Power Capacity IPP Power Sold
°Gross 100% interest and includes geothermal production Gross 100%, MW Gross 100%, GWh
*Excludes Fuel Component

3,000
• Riau IPP construction 97% complete and on track 2,704 2,600 2,639
2,174 2,150 2,150 895
for place in service Q4-2021 1,965 2,174 843 817
1,820 330 330 330 802
330 356
• Ijen Geothermal 3 steam exploration wells 330
(currently being tested). Target COD by 2023
1,844 1,820 1,820 1,818 1,861 1,798 1,822 2,105
1,490 1,635
• Construction has begun on the 26MWp PV facility
in Sumbawa
2017 2018 2019 2020 2021 2017 2018 2019 2020 2021
Guidance Guidance
29 Renewables O&M O&M Renewables IPP IPP
 MEDCO POWER INDONESIA: BUSINESS OVERVIEW
Focusing on clean and renewable power business

638 MW Gross Operating Asset

2,150 MW Gross O&M business
BUSINESS STRATEGY BUSINESS ENVIRONMENT

• Clean energy, primarily gas and geothermal assets • Contracts are Long Term (20-30 years), Take-or-Pay sales to PLN. PLN
is the single buyer of electricity from various IPPs. PLN also develops
and operates its own power plants
• Focus on Western Indonesia (access to gas and geothermal resource),
also selectively looking for opportunities in Central and Eastern • Indonesia commitments to International targets to grow clean energy
Indonesia electricity capacity

• Focus on medium sized power plants (100 - 500MW capacity) and • Capitalize on regulations to encourage turn-key power generation from
selectively larger power plants gas producers

• Expand the O&M services business • Regional costs of generation as a benchmark for renewable energy
prices
• Extract greater synergies within MEI Group
30
 ASSET PORTFOLIO: LARGE FOOTPRINT IN KEY MARKETS
Gas 75 MW (O&M) -
MEB Gas 85 MW
Duri
Batam Island 3,300 MW capacity
Gas 75 MW
DEB Gas 85 MW
of IPP and O&M Portfolio
(O&M)
Paya Pasir Batam Island
Sarulla Geothermal
TM2500 Gas 20 MW
IPP
330 MW
Gas to Power North Sumatera Batam Island O&M
ELB Gas 76 MW
Batam Island

Gas 100 MW (O&M)

Riau CCPP
Pontianak
275 MW
Sarulla Riau
Geothermal
O&M 330 MW (O&M)
Sulut-1 100 MW
North Sumatera Luwuk Gas 40 MW
(O&M)
(O&M)
Luwuk

TJBPS Coal 1320 MW (O&M)

Gas 25 MW (O&M) Central Java
Nias Island
Geothermal Gas 50 & 25 MW (O&M) Ijen Geothermal 110 MW
Bangka - Belitung East Java
Gas 50 MW (O&M)
Lombok

EPE Gas 12 MW Timor-1 100 MW

Gas 100 MW BJI Mini Hydro 9 MW
South Sumatera (O&M)
(O&M) West Java
Lampung
Renewables MPE Gas 12 MW PPP Mini Hydro 9 MW
South Sumatera West Java

31
 SARULLA GEOTHERMAL POWER OPERATION
The largest single-contract geothermal power operation in the world
Sponsors
PT Medco Power Indonesia 19.00%
INPEX 18.25% • Phase 1: 110MW, COD in March 2017, Phase 2 and 3 in
Itochu 25.00%
Kyushu Electric Power Co 25.00% October 2017 and May 2018. Total contracted capacity of
Ormat 12.75%
330MW
• 30 years Energy Sales Contract with PLN with Take or Pay
90% capacity factor. MPI provides plant O&M
• Investment cost of US$1.7 billion, project financing with
JBIC, ADB, and 6 commercial banks

32
 RIAU COMBINED CYCLE POWER PROJECT
Construction started in November 2018, COD expected by 2021

• Located in Pekanbaru, Riau, Central Sumatera

• Combined Cycle Gas Power Plant with a total capacity
of 275MW (COD in 2021)
• Project Finance by a consortium of international banks
and achieved Financial Close in November 2019
• 20 year PPA with PLN
• Investment cost ~US$290 million

PT Medco Power Indonesia 51%

RATCH Group Public Company Limited 49%

33
 IJEN GEOTHERMAL AND SUMBAWA SOLAR PV PROJECTS
Medco Power Indonesia 51%
Ormat 49% Ijen Geothermal
• Located in Ijen, Blawan, East Java.
• Geothermal Power Plan with a capacity of 110MW,
target COD by 2022 – 2023.
• Electricity Sales and Purchase Agreement (PJBTL)
with PT PLN (Persero) for a period of 30 years.
• Well testing on the first two wells, drilling in progress
on the third well.

Sumbawa Solar PV
• Located in Sumbawa, West Nusa Tenggara.
• Developing 26MWp Solar Photovoltaic power plant.
• In progress on detailed engineering design and earth
work.
• Target COD by 2021.

Ijen Geothermal
34
Amman Mineral Nusa Tenggara
 AMMAN MINERAL
Amman STATISTICS
Mineral Nusa Tenggara
YoY
Metrics 2019 2020 ∆%
Copper Gross Reserves & Resources (Mlbs) Gold Gross Reserves & Resources (koz)

Production
Copper, Mlbs 130.3 293.9 125.5 Batu Hijau Elang 15,140
Batu Hijau Elang
Gold, koz 55.5 132.1 138.0 16,650
Sales
Copper, Mlbs 125.9 271.2 115.4 9,190
Gold, koz 53.8 117.7 118.9 7,380 31,800
21,350
Average Realized Price 15,000
10,400
Copper, USD/lbs 2.50 2.87 14.8
Gold, USD/oz 1,342 1,832 36.5 Reserves Resources Reserves Resources
Note: Reserves and Resources as at 31 December 2020

• Phase 7 producing pit ore,

development will continue through Copper Production (Mlbs) Gold Production (koz)

2021
• Phase 8 development waste removal
in progress
• Export permit renewed for 579,444 512 801
478 697
Wet Metric Ton (WMT)
288 294 398
• Smelter EPC on track for award in
142 130
Q4-2021 71 56
132

36 2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020
 Amman Mineral Nusa Tenggara: Phased Mining Developments
World-class Copper and Gold Mining operations with long-term upside

• Indonesia’s second largest copper concentrate producer with over 20

years of successful mining operation
• Batu Hijau copper and gold mine mine is located on the island of
Sumbawa, West Nusa Tenggara
• Full development of Phase 7 began in 2018
• Developing on-site copper smelter
• Long established relationship with blue chip customers including PT
Smelting (Indonesia), LS-Nikko (South Korea), Mitsubishi Materials
(Japan), PASAR (Philippines) and Trafigura Beheer (the Netherlands)
• Elang block is located 62km east of Batu Hijau

37
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

Website : www.medcoenergi.com