1H-2021 COMPANY UPDATE

PT Medco Energi Internasional Tbk

(IDX Ticker: MEDC)
Jakarta, 4 November 2021
 CONTENTS
Performance Summary
Executive Summary 3
Operational Summary 4
Business Updates 5
Financial Summary 7
Business Guidance
2021 & 2022 Guidance 10
Climate Change Strategy 12
What to Expect in 2021 14
Appendix
Company Overview 15
Portfolio Management 16
Portfolio Footprint 17
Business Statistics 18
Financial Statistics 21
ESG Activities 22
The following presentation has been prepared by PT Medco Energi Internasional Tbk. (the “Company”) 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 dif fer materially from those expressed
2 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.
 EXECUTIVE SUMMARY
1H21 Oil & Gas Production: 94mboepd; Power Sales: 1,355GWh

Realized oil price US$62.3/bbl. ~8.1% of production hedged in 2H-21

All three business segments delivering profit

Cash and Cash Equivalents US$551mn; Debt US$2.6bn, US$442mn debt1 repaid in LTM.
Net Debt to EBITDA(1) at 3.1x, retain target of 3.0x leverage at mid-cycle prices

Credit Ratings affirmed: B+ Fitch, B+ S&P, B1 Moodys, idA+ Pefindo

Scope 1 emissions intensity down 15% since 2018

33% GWh Power sales from renewables
Closed Kansai Electric Strategic Alliance for LNG to Power
Won Singapore 100MW PV import license
Note:
3 1) Restricted Group (RG): excluding Medco Power
 OPERATIONAL SUMMARY
• 1H21 Oil and gas production 94 mboepd. Production capacity is ~110 mboepd
• Slow recovery in Indonesian gas demand in key markets, expects domestic gas in Indonesia will continue to improve in 2022
• 1H21 Oil & Gas cash costs US$9.6/boe, slightly higher due to costs to remedy unplanned shutdowns. Full year guidance remains
below US$10/boe
• Progressing on Gas development in South Natuna Sea Block B first gas expectation: Hiu Phase 2 by Q2-2022, Belida Extension by
Q4-2022, Bronang in Q4-2023 and Forel oil development target onstream by Q4-2023.

• Power generated sales of 1,355 GWh, 33% from renewables

• Commissioning Riau gas IPP 275 MW ~100% complete, ready for operation by end of 2021
• Ijen Geothermal Phase-1 30MW development initiated
• Sumbawa PV 26 MWp, more than 40% complete, on track for commercial operation in Q1-2022
• A consortium signed to develop 100 MW pilot Solar Power Import Project with capacity 670MWp in Pulau Bulan, Riau Province,
following the award of in-principle import license from Singapore Energy Market Authority
• Kansai strategic alliance tendering for LNG to Power projects with AMNT Smelter as the anchor

• AMNT produced 103 Mlbs of copper and 55 Koz of gold from Phase 7 pit ore and stockpiles
• Phase 8 waste removal has begun
• Issued a Letter of Intent with EPC contractor and technical provider of the smelter project

4
 BUSINESS UPDATE – OIL AND GAS
Gas volumes have begun to recover since lockdown restrictions fully eased Oct 2021. Oil prices volatile but around a high mean

Business updates Gas volumes recovering

(bbtu/d)
• 2021 production guidance 95 mboepd.
Production capacity is ~110 mboepd
‒ Indonesian gas demand still recovering; 2019
lockdown restrictions fully lifted on 18
Oct 2020
2021
‒ November 2021 entry production run
rate is 102 mboepd
• The Company expects that the demand for
domestic gas in Indonesia will continue to
improve in 2022
Q1 Q2 Q3 Q4
• 2020 regulation on consumer US$6/mmbtu
Realised oil prices recovering
price cap introduced but no financial or
liquidity impact (US$/bbl)

68.9 73.5
64.3 61.1
Project updates
62.5 65.4
• Aceh gas production above expectation 42.0 58.8
post extended Acid Frac shutdown
• DSLNG-Senoro-PAU planned maintenance 40.3
shutdown completed
• Block B Hiu gas development and Forel oil
development ongoing with improved
economic terms 2019 Avg. 2020 Avg. 2021 1Q 2021 2Q 2021 3Q
Medco's Average Realised Oil Price Average Daily Spot Brent Price1

5 1) Average daily spot price of Brent oil for the relevant period
 BUSINESS UPDATE – MPI and AMNT
MPI development pipeline weighted towards renewable sources. AMNT phase 7 production well timed with resurgence in copper
prices.
Medco Power MPI: Strong pipeline of projects with increasing penetration of renewables in the mix
(MW)
• Commissioning Riau gas IPP 275 MW ~100% complete 600 1,245

• Sumbawa PV 26 MWp, more than 40% complete, on 48%

track for commercial operation in 1Q-2022 51% Renewable
• Bali 2x25MWp tender; PPA negotiation progressing 645 638 638 645 52% generation
526
• Ijen Geothermal phase 1 30MW development initiated
54%
297
• Signed HoA with Pertamina Geothermal to jointly 49%
Gas-fired
generation
develop Geothermal fields in Indonesia 46%
• New 100MW Bulan Singapore import project awarded
2016 2017 2018 2019 2020 2021 Development Split by
• Kansai strategic alliance tendering for LNG to Power Pipeline Generation
Source
projects with AMNT Smelter as the anchor Operating Capacity

Amman Minerals AMNT: Self-sustaining business which will become an important contributor
to Medco in the near-term
• Amman Minerals produced 103 Mlbs of copper and 55
Koz of gold in 1H-21 from higher grade Phase 7 pit ore
and stockpiles
• Issued a Letter of Intent with EPC contractor and Profitable since 4Q 2020, with Copper prices +63.1% LTM,
Phase 8 waste removal
technical provider of the smelter project production now accessing strong outlook given demand pull-
has begun
high-grader Phase 7 orebody through from electrification

6
 FINANCIAL SUMMARY
• 1H 2021 EBITDA US$318mn, Oil price US$62.3/bbl, 61% up Y-o-Y, gas prices US$5.9/mmbtu
• Profits on three business segment, Oil & Gas US$88mn, Power US$22mn and AMNT US$33mn following
price improvement and Phase 7 performance. Profits were offset by headquarters and financing
charges. Consolidated Net Income US$46.5mn
• 1H 2021 Capex US$28mn, consistent with lower activity during COVID-19 restriction, expect to increase
in 2H but remains within FY2021 guidance. Oil & Gas Capex US$14mn and Power Capex US$14mn
• Consolidated Debt US$2.6bn, down 14% Y-o-Y. Restricted Group Debt2 US$2.2bn and Net Debt2
US$1.9bn, down 17% and 11% Y-o-Y respectively
• Net Debt to EBITDA2 3.1x due to improved EBITDA and deleveraging. Medco will use excess cash to
continue to reduce debt Q-o-Q. Average loan life 5 years
• Strong liquidity, cash & cash equivalents US$551mn. 2021 IDR Bonds maturities secured in escrow
• Climate change strategy published, continued progress on ESG and reporting in alignment with TCFD3

1) Prices for Oil FY20 US$40.3/bbl, FY19 US$62.5/bbl) and Gas FY20 US$5.2/MMBTU, FY19 US$6.7/MMBTU
7 2) Restricted Group (RG): excluding Medco Power
3) Task Force on Climate-Related Financial Disclosure
 FINANCIAL HIGHLIGHTS
Consolidated EBITDA (US$mn)
• EBITDA 1H-2021 was US$318 million, a
15% increase Y-o-Y, mainly due to 68 63 62
52
recovering commodity prices 49
42 40

• Realized oil prices were US$62.3/bbl,

61% higher Y-o-Y (US$38.7/bbl). 585 627
502
Weighted average gas prices 265
433
318
225
US$5.9/mmbtu, 8% higher Y-o-Y
(US$5.4/mmbtu) 2015 2016 2017 2018 2019 2020 1H-2021
Restated
WAP Oil Price (US$/bbl)

• Debt repayment or escrowed funds of

US$$442mn in LTM to 1H2021 RG Gross Debt Bridge LTM(2) 1H-21 RG Debt Repayment
(US$mn) US$442mn in debt repayment or (US$mn)

• Despite challenging operating escrowed funds in LTM to 30 Jun 21

$298MM EBITDA
2,666
environment in 1H-21, US$298mn RG
219
223
2,224

EBITDA generation resulted in Interest

US$72mn deleveraging at Restricted Tax

Group Capex /
∆NWC(2)
Despite challenging operating
1H 2020 Gross Debt Repayment Funds in Escrow 1H 2021 Gross environment in 1H-21, US$298mn Debt
Debt Debt
US$72mn
EBITDA generation resulted in repayment
US$72mn deleveraging
1) Restricted Group (RG): excluding Medco Power
8 2) LTM EBITDA to 30 June 2021 was US$497mn.
3) Change in Net Working Capital.
 DELEVERAGING
• Consolidated Debt US$2.6bn, down 14% Y-o-Y. Consolidated Debt and Production (US$ bn)
RG Debt US$2.2bn and RG Net Debt US$1.8bn, 66 87 85 103 100 94

down 17% and 11% Y-o-Y respectively 68 62

63 40
52
42
• Ophir debt has been effectively repaid with 2.8
3.2
2.6 2.6 2.7 2.6
scale, geographic diversity and credit 1.9 1.8 1.9 2.2 2.3 2.1
enhancement retained 1.9 1.8 1.9 1.5 2.2 1.7 2.5 2.0 2.3 2.0 2.2 1.9

• RG Net Debt to EBITDA 3.1x. Will use excess 2016 2017 2018 2019 2020 1H-21
Restricted Gross Debt Restricted Group Net Debt Production, mboepd
cash to consistently deleverage each quarter. Consolidated Gross Debt Consolidated Net Debt Brent Price, US$/bbl
Average loan life 5 years. Restricted Group Debt (US$ bn)
6.7
• 1H-2021 Cash US$551mn, closing 1H-21 with 4.2
3.6 3.3 2.82 3.1
strong liquidity

• 2021 and 2022 IDR bond maturities already in 2.5 2.3

escrow with 2023–24 capital market debt 1.9 1.9
2.2 2.0 2.0
2.2
1.9
1.8 1.7
maturities US$155mn as of Sept 2021 1.5
2016 2017 2018 2019 2020 1H-21
Gross Debt Net Debt Net Debt/EBITDA
Debt numbers includes unamortized cost and excludes derivatives

1) Restricted Group (RG): excluding Medco Power

9 2) Pro forma result assume Ophir consolidated as of 1 January 2019
 2021 GUIDANCE: PRODUCTION
2019-2021 (mboepd) 2021-2022 Guidance (mboepd)
1H-2021 Actual
• Production 94 mboepd within guidance 115
110
• Hedge puts of ~14% 2021 production, 2H-2021 103
~8.1% at ~US$50/bbl, 1H-2022 3.8% production 100
94 95 100% (95-100)
at ~ US$51/bbl as at June 2021
• Gas demand below normal pre-COVID-19 levels 25%
70
70
2021 & 2022 Guidance 64 60
58 57
• 2021 guidance 95 mboepd
35%
- Q2-2021 unplanned downtime in Aceh and
Vietnam, 2 – 3 mboepd
- Weak Gas demand in East Java, Aceh and
Singapore (LNG competition) 45
39 40 36 38 40% 40
• Company policy is to hedge up to 20% of
production
• Fixed price Gas contracts are a natural hedge 2019 Pro 2019 2020 1H21 2021 Indexed & Production 2022
Forma1 Guidance Fixed Gas Capacity2 Guidance
• 2022 production guidance 95-100mboepd, Composition
Company expects demand for domestic gas in
Liquids Gas Fixed Priced Gas Indexed Priced Gas Hydrocarbon
Indonesia will continue to improve in 2022
1) Pro forma result assume Ophir consolidation from 1 January 2019
10 2) Production capacity for gas is Maximum Daily Contracted Quantity
 2021 GUIDANCE: EXPENDITURE
1H-2021 Actual Cash Cost/Unit 2, US$/boe
103 100
• Oil & Gas Capex US$14mn. Activities ramping up 87 85
94 95

but will be under full year guidance of US$150mn 56 56

66

• Power1 US$14 mn, to progress Riau Project

15.4
commissioning. On track to meet or be under full 12.3
9.9 9.6 <10
year guidance of US$65mn 8.8 9.1 8.4 9.1

• Oil and Gas cash costs US$9.6/boe, slightly

2014 2015 2016 2017 2018 2019 2020 1H21 2021
higher due to costs to remedy unplanned Guidance
Cash Cost Production (mboepd)
shutdowns in Q2. FY21 within guidance
Capex , US$ mn
329 313
2021 Guidance 61
119 207 215
• Oil & Gas Capex US$150mn, Power1 US$65mn 63 65
268
• Remain disciplined on expenditure but retain 194
144 150
flexibility if demand recovers
2018 2019 2020 2021
• Oil and Gas cash costs <US$10/boe Guidance
Oil and gas Power1

1) Power capex is working interest Riau (51%) and Ijen (51%)

11 2) Unit cash cost excludes production and expenditure on Oman KSF service contract
 CLIMATE CHANGE STRATEGY
Medco has committed to achieve Scope 1 & 2 Net Zero emissions by 2050, and Net Zero including Scope 3 by 2060.
Managing Transition Risks
• Hydrocarbons will be a large part of the world’s energy
mix for the medium term, especially in Asia Emissions Intensity Transition to
Reduction Low-carbon Energy
• Portfolio rebalancing by major oil and gas companies is
continuing to create opportunities for regional players Technologies and best
practice
Carbon removal and
offset
Growing gas as a
transition energy
Growing renewables
portfolio
source

• Companies holding hydrocarbon assets in the future will • Reduce flaring, • Carbon • Expand natural • Expand renewable
be those with transparency, governance and practices venting and sequestration gas production, power portfolio
fugitive emissions through nature- as lower-carbon • Assess feasibility to
consistent with investors highest values • Reduce energy based solutions source of energy adopt emerging
use and intensity; • Explore carbon • Evaluate renewable
adopt renewable capture, opportunities to technologies
• Medco Actions focused around three Strategies energy sources
• Collaborate along
utilisation and storage,
and
invest in LNG-
to-power
supply and value carbon capture

‒ Emissions Intensity Reduction chains to improve

efficiency and
and storage
opportunities
emissions • Support initiatives
‒ Transition to Low Carbon Energy disclosure for adoption of
green solutions

‒ Manage Emerging Physical Climate Risks

Controlled burning of natural gas, which can release GHGs. In
Process of capturing and storing atmospheric CO2. Sequestration
• The Enablers for success
2017 Indonesian government committed to World Bank’s Zero
Routine Flaring by 2030 initiative tools include carbon sinks. These retain carbon – such as trees

• Scope 1: direct GHG emissions • Scope 3: other indirect GHG emissions

‒ Governance • Scope 2: energy indirect GHG emissions

Enablers • Continue third-party verification of

‒ Data management
‒ Transparency and compliance
‒ Collaboration and engagement
•
•
Board commitment and oversight
Integration into business plans and •
emissions disclosures
Strengthen disclosures in line with Task
performance management
• Staff engagement and capacity-building
Force on Climate-related Financial
Disclosures (TCFD), and improve scoring for
Carbon Disclosure Project and ESG (see
• Improve Emission Data Management
•
slide 8)
Engage with regulators and investors to
System
monitor emerging regulations and trends
• Improve scope-3 collection and
• Collaborate with stakeholders to drive the
calculation in alignment with protocols
low-carbon economy
and standards

12
 MANAGING TRANSITION RISKS
E&P and MPI Scope-1 GHG Emissions(2) (in 1,000 tCO2eq)
12% GHG Scope 1+2 (Intensity) – Global O&G Companies(3) GHG Scope 1+2 (Intensity) – Medco E&P and MPI
Reduced E&P Scope 1 intensity (ktCO2e / Mtoe) ktCO2e, tCO2eq/1,000 TOE HC product
2018-2020 800 248 237
218 212
600 1,692
1,364 1,406
1,286
60%/52%/89% 400 906 919
of 2021 production / 2P reserves / Medco 779 643
832

Contingent Resources is gas 200 416

643
416
0
2018 2019 2020 1H-21
54%
2015 2016 2017 2018 2019 2020 1H 2021
Medco BP Chevron ConocoPhillips Medco E&P Medco Power Annualized
of 2021 operating power Equinor Exxon Repsol Shell E&P Scope-1 GHG emissions intensity (tCO2eq/1,000 TOE HC product)
generation capacity is renewable
energy Since acquisition Medco has reduced GHG emissions from South Natuna Sea Block B(2)

SNSB facilities SNSB Reduced Total GHG Emissions by 20%, 2019-20

294m lbs 1 1 1
Tonnes (CO2E)
1,200,000
copper production (renewable floating production -8%
assets require 3-15x more copper storage and offloading
vessel
floating storage and
offloading vessel
moveable gas-
production unit
-20%
-11%
than conventional power) 800,000 -16%

1 1 1 400,000
drilling production logistics and air

136,749 gas lift platform platform transport base at Matak

0
Tons CO2 eq. 2020 offset from
renewables(1)
2 Total GHG emissions GHG emissions from fuel gas

central processing Several Numerous

platforms wellhead platforms subsea wells
2018 2019 2020

1) Based on ESDM (Ministry of Energy and Mineral Resources) 2016 emission factor in Java, Madura, and Bali (Jamali).
2) All data is verified by third parties, except for 1H-21 figures.
13 3) Source: Public filings.
 WHAT TO EXPECT IN 2021

Covid-19: Maintain and adapt Strict Protocols

Disciplined capital investment and portfolio management

Prudent liquidity and liability management. Consistently repay debt quarter-on-quarter

Maintain cost focus with Oil and Gas cash costs < US$10/boe

Place into service Riau IPP and Natuna Hiu development

Progress next stage of POD preparation for Natuna discoveries and appraise Ijen Geothermal

Capture MPI renewables and LNG-Power projects and AMNT IPO

Secure GSA renewals/new GSAs and PSC License extensions

Evaluate credit enhancing acquisitions and portfolio management to progress Climate Change strategy

Renew 2022-2027 ESG and Energy Transition targets

14
 COMPANY OVERVIEW
Medco has three core business segments; all profitable in 1H-21.
Climate Change Strategy
USD Bond Restricted Group

Oil & Gas Clean Power Copper & Gold Mining

 2021 production guidance: 95 mboepd (110 mboepd  Medium sized joint venture gas, geothermal, hydro  Ownership of 23% in Amman Mineral Nusa Tenggara
production capacity), ~60% gas(1) power generation plants and photovoltaics (“AMNT”)
 ~34% of production under TOP protected fixed price  2021 guidance: gross installed capacity of 939MW IPP  Independently financed, world class integrated
gas contracts and 1,965MW O&M(1) porphyry copper and gold deposit
 Cost efficient operator at <US$10/boe  33% of power sales in 1H-21 were from renewable  Phase 7 redevelopment fully funded without recourse
 Operator / joint operator of key blocks generation sources (54% of operating capacity is to Medco; production ramped up April 2020
renewable sources)  Multiple resources and prospects within business
 2P Reserves 52% gas with Life Index of 9.8 years(2) and
Contingent Resources 89% gas  Pilot 100MW Bulan Island project to export solar area, including the sizeable Elang resource
power to Singapore; in-principle approval of license  Long term demand for copper driven by electrification
 Project management skills to develop complex
received during energy transition
projects on time and within budget
 Cost efficient operator at IDR147/kWh (US$0.8
 Low risk, infrastructure led exploration focus to cost
cents/kWh)
effectively extend reserve life
 Alliance with Kansai Electric will unlock gas to power
growth potential

Net 2P Reserves(3) Production 2021 Guidance IPP Power Sold (Gross)(1) 2P Reserves(4)
(mmboe) (mboepd) (GWh) 2,105 3,000 24.2
289 95 17.8
9.2
149 57 895 7.4
10.4 15.0
140 38
(1)
2P 2021 Guidance Renewables IPP IPP Total Copper (Blbs) Gold (Moz)
Oil Gas Batu Hijau Elang

1) Guidance has been provided for informational purposes only. Actual results may differ materially from the guidance based on many factors, including factors beyond our control. As a result, investors are strongly cautioned not to place undue reliance on guidance provided.
15 2) Reserves Life Index and F&D cost/boe as of 31 Dec 2020.
3) As at 30 June 2021.
4) As at 31 December 2020.
 TARGETED PORTFOLIO MANAGEMENT
Closed and Integrated Value Adding Acquisitions
Acquisitions have added value through enhanced scale, control and organizational competence. Acquisition targets are screened to ensure:
• Improved MedcoEnergi credit status and profitability
• Risks are manageable (knowledge of asset, organization capabilities, subsurface, markets)
• Growth potential and upside
• Consistent with MedcoEnergi’s energy transition strategy
2016 2016 2016/17 2017 2017/2019 2019

South Natuna Sea PT Newmont Macmahon PT Medco Power

Block B
Access to offshore
capabilities and Singapore
and Malaysia gas market
Nusa Tenggara
Copper as a strategic
component of electrification
Block A, Aceh Ophir Energy plc
Holdings Ltd. Indonesia
Secured resources and Access to core capabilities to Regain full control of MPI and Expanded Southeast Asian
project control improve mining operational secured full alignment of MPI presence
efficiencies business strategy

US$225mn US$650mn (net) US$65mn US$143mn US$161mn £408mn

Portfolio Rationalization
• Non-core assets sales to focus business on oil & gas, power, and copper mining
• Further portfolio upgrading through selective asset divestments
2017/2019 2018/2019 2018 - 2020 2019 2021

Amman Mineral Exit Ophir’s

Mature Assets
Bawean, 35% of SSB & Rimau PSC
and acreages USA & Tunisia
Sale of Non Core Assets
• Divested water distribution
project and small coal mine
• Sale of 51% of property
business
(AMNT)
Monetized shareholder loan,
conversion into equity, and
sale of 3.7% and 10%
deep water licenses
Mexico Block 5, EG, Aru, W
Papua, Bangladesh, Vietnam
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

16 US$85mn US$180mn US$464mn US$19mn Investment in Growth

 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
17
 OIL AND GAS STATISTICS
YoY
Metrics 1H-20 1H-21 ∆%
Net 2P Reserves, MMBOE Net Contingent Resources, MMBOE

Production2 294 289 949 944

Oil, MBOPD 41.0 35.8 (12.6)
Gas, MMSCFD 325.8 312.4 (4.1)
Lifting/Sales 153 149
2
Oil Lifting , MBOPD 39.3 35.3 (10.1)
Gas Sales, BBTUPD 306.8 291.7 (4.9) 845 836
Oman Service Contract, MBOPD 7.8 7.3 (6.8)
Average Realized Price
141 140
Oil, USD/barrel 38.7 62.3 60.9
Gas, USD/MMBTU 5.4 5.9 8.3 104 108
ESG Indicators
Scope-1 Intensity3 (tCO2 eq/1,000 TOE Production) 1H-2020 1H-2021 1H-2020 1H-2021
229.4 202.8 (11.6)
Scope-1 Energy Consumption3 (in million GJ) 8.7 8.5 (2.3) Net Hydrocarbon Production2, MBOEPD
Net Hydrocarbon Production2, MBOEPD
E&P Recordable Incident Rate (TRIR) 0.53 0.40 (24.5)
94 100% 103 100 95
• 2020 5-year average 2P Reserves Replacement Ratio1 1.2x,
2020 87 85
28%
2P Reserves Life Index 9.9 Years
1
58 64 60 57
34% 52 52
• 1H21 Proved Developed Reserves are 83% of 1P Reserves
• 2020 5-year 2P F&D1 cost US$10.1/boe
36 38% 35 33 39 40 38
• Average realized gas price US$5.9/MMBTU; blend of fixed
US$6.1/MMBTU and indexed US$5.6/MMBTU contracted gas 1H-2021 1H-2021 Indexed 2017 2018 2019 2020 2021
sales & Fixed Gas Guidance

• Gas contracts underpinned by Take-or-Pay

Liquids Gas Fixed Price Gas Indexed Price Gas

1) 5-year average 2P Reserves Replacement Ratio, Reserves Life Index and F&D cost/boe as of 31 Dec 2020
18 2) Includes Oman Service Contract
3) Energy consumption numbers and 1H-21 Scope-1 Intensity number are not audited
 MEDCO POWER STATISTICS
YoY
Metricsº 1H-20 1H-21 ∆%
Gross Installed Capacity, MW

IPP Sold and O&M Capacity IPP O&M

IPP Sold, GWh 1,136 1,355 19.3 2,788 2,788 2,904
Renewables, GWh 412 443 7.5
638 638 939
Non Renewables, GWh 724 912 25.9
O&M Capacity, MW 2,150 1,650 (23.2)
2,150 2,150 1,965
Average Realized Price*

IPP, ¢/kwh 4.0 4.1 2.0

2019 2020 2021 Guidance
ESG Indicators
Note: Decrease in O&M installed capacity due to contract expiry of Mobile Power Plant in 2021.
Scope-1 GHG Intensity1 (tCO2
0.52 0.54 4.0
eq/MWh) O&M Power Capacity IPP Power Sold
Power Recordable Incident Rate Gross 100%, MW Gross 100%, GWh
0.28 0.00 N/A
(TRIR)
°Gross 100% interest and includes geothermal production 3,000
*Excludes Fuel Component 2,704 2,600 2,639
• Commissioning Riau gas IPP 275 MW ~100% complete 2,174 2,150 2,150 895
1,965 2,174 843
1,820 330 330 330 802 817
• Ijen Geothermal phase 1 30MW development initiated 330 356
330
• Sumbawa PV 26 MWp, more than 40% complete, on
track for commercial operation in 1Q-2022 1,490
1,844 1,820 1,820 1,635 1,818 1,861 1,798 1,822 2,105

• Bali 2x25MWp tender; PPA negotiation progressing

2017 2018 2019 2020 2021 2017 2018 2019 2020 2021
Guidance Guidance
Renewables O&M O&M Renewables IPP IPP
19
1) 1H-21 Scope-1 Intensity number are not audited
 AMMAN MINERAL
Amman STATISTICS
Mineral Nusa Tenggara
YoY
Metrics 1H-20 1H-21 ∆%
Copper Gross Reserves & Resources (Mlbs) Gold Gross Reserves & Resources (Koz)

Production
Copper, Mlbs 106.0 103.1 (2.8) Batu Hijau Elang 15,140
Batu Hijau Elang
Gold, Koz 37.0 55.0 48.5 16,650
Sales
Copper, Mlbs 92.0 95.7 4.0 9,190
Gold, Koz 32.6 53.7 64.7 7,380 31,800
21,350
Average Realized Price 15,000
10,400
Copper, USD/lbs 2.47 4.02 63.1
Gold, USD/oz 1,671 1,797 7.6 Reserves Resources Reserves Resources
Note: Reserves and Resources as at 31 December 2020

Copper Production (Mlbs) Gold Production (Koz)

• Phase 7 producing pit ore, remains on-
track to hit the high-grade ore in Q4-21
• Phase 8 waste removal in progress
• Export permit renewed for 579,444 Wet
Metric Ton (WMT) 512 478 801
697
• Issued a Letter of Intent for the EPC and 288 294
398
technical service of the smelter project 142 130 103
71 56 132 55
2015 2016 2017 2018 2019 2020 1H-2021 2015 2016 2017 2018 2019 2020 1H-2021

20
 FINANCIAL STATISTICS (1H-2021 vs 1H-2020)
Average
Revenue Gross Profit EBITDA
Realized Price

Oil Incl. Incl. Incl.

Price
US$62.3 61% MPI
US$636 12% MPI
US$234 22% MPI
US$318 15%
/bbl million million million

Excl. Excl.
Gas
Price
US$5.9 8% MPI
US$572 15%
Excl. US$205 26% MPI
US$298 16%
MPI
/MMBTU million million million

Cash & Cash Equivalent1 Total Debt Net Debt to EBITDA Debt to Equity2

Incl. US$551 21%

Incl. US$2,625 14%
Incl.
3.3 23%
Incl. 2.3 21%
MPI MPI MPI MPI
million million times times

Excl. US$369 Excl. US$2,224 Excl. 3.1 Excl. 2.3

MPI
million 37% MPI
million 17% MPI 23% MPI
19%
times times

1) Cash & Cash Equivalent includes restricted cash in banks

21 2) Adjusted Debt to Equity
 MULTI YEAR PROGRAM FOR CARBON OFFSET
Biodiversity programs
Rimau, South Bukit Jambul, Tarakan, Matak, Sumbawa, Batam,
Sumatra Lematang, North Kalimantan Riau Islands West Nusa Riau
South Sumatra Tenggara
Preservation of targeted Planted 32,167 Preservation of the Conducted Planted a million trees Tree plantation program since
33 native species plants hardwood trees in Bornean ironwood tree, environmental including 42 endemic 2019 in collaboration with Bakau
covering 73 ha. Lematang to maintain rare and native to awareness program to species to conserve Merah NGO in Tanjung Piayu,
biodiversity and Southeast Asia, by support our local Sumbawa’s Batam. Total number of
watersheds. nurturing 69 ironwood community in conserving biodiversity. mangrove seedlings planted was
trees and 56 Gaharu local biodiversity. ± 17,000 trees.
trees.

Protection of 7 ha of In partnership with the Installed artificial reef Jambi,

Muara Enim, Senoro,
tropical forest and 27 city government and balls near natural coral
South Sumatra Central Sulawesi South Sumatera
types of native plant local community, reefs on the Monyet
species. Rehabilitated 124 developing Supported conservation Beach in the area of Donated US$99,450 in each year
hectares of land in the revegetation programs of the endangered Benete Bay, with 94 2020-2025 through the
Planted bamboo trees
Sungai Bukit Jambul to conserve Tarakan’s Maleo, a bird species reef balls placed in Community-led Conservation in
at the Rimau PSC to
watershed area and local habitat. endemic to Sulawesi, sandy locations that Rio Kemunyang Village Forest,
improve watershed
engaged local including establishment have no coral reefs. A Jambi. Monies are used for
quality.
government, Revitalized mangrove of an ex-situ total of 1,959 reef balls vegetation and community
academics and local forests by planting conservation area and deployed in this area. climate change projects
Replanted Shorea trees communities in the 4,100 mangrove breeding program.
across 670 ha to help preservation activities. seedlings to help the
conserve the conservation of the
Padamaran River long-nosed monkeys.
22 watershed.
 S OCIAL GOVERNANCE
BEST IN CLASS CORPORATE GOVERNANCE
MedcoEnergi’s revised code of conduct is aligned with international best practices
Principal guidance on ethical
conduct for management
and employees Commitment & responsibility
• Corporate values and code of conduct
• Expectation of everyone
• Expectation of supervisors
New code of Launched in May 2020 to address the increased • Raising concerns
conduct complexity following expansion of MedcoEnergi’s • Disciplinary actions
portfolio and higher expectations from stakeholders
Protecting employees & workplace
• Equal opportunities
• Workplace harassment
Aligned with international best • Personal data privacy
practices in sustainability • Safe workplace

Safeguarding personal data privacy Respecting stakeholders

Revised code • Business partners
Any individual working for the company is responsible for data protection: users must of conduct, • Communities
• Government
“Our Code”
collect access use store share retain disclose
Obeying the law
• Anti-corruption and anti-bribery
data in an ethical manner • Preventing money laundering
• Involvement in politics

Alignment with UN SDGs Protecting company interests & assets

Ethics and compliance • Conflict of interest
Training about Published Partnership with civil • Protection of company assets
business ethics, sustainability programmes;promotion of society organisations to
business integrity;and annual • Intellectual property rights
fraud risks,human reporting promote transparency • ICT system
statement of adherence and
rights,anti-bribery and business integrity • Insider trading
conflict of interest declarations
and corruption from all employees

23
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. investor.relations@medcoenergi.com

Website : www.medcoenergi.com