9M 2018 RESULTS

PT Medco Energi Internasional Tbk. (IDX Ticker: MEDC)

INVESTING IN THE FUTURE
 Contents 2

Business Update
Summary 3
Financial Performance 7
Operational Performance 11
Management Discussion
Delivering On Our Commitments 14
Guidance 15
What to Expect 19
Appendix
Business Segments Overview 20
Oil & Gas 22
Medco Power Indonesia 29
Amman Mineral Nusa Tenggara 32
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. Such 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.
Executive Summary 3

9M18 EBITDA increased 47% Year-on-Year

2018 Guidance: Production maintained with Lower Capital Guidance

Strong Liquidity with cash and cash equivalent above US$500million

Oil & Gas: Tarakan PSC extended until 2042

Power: Agreed mandate with IFC to increase Medco Power stake

Mining: Phase 7 fully financed by 4 major Regional Banks

9M18 Financial Summary 4

• Gross profit US$498.4 million, 68% higher than 9M17, with a 54% gross margin
up from 50% in 9M17.
• EBITDA $450.2 million, 47% higher than 9M17; EBITDA margins circa 49%.
• E&P segment booked net income of US$113.1 million. Consolidated net loss
of US$11.1 million due to non-cash losses from mining affiliate AMNT.
• Oil and gas prices increased 39% and 11% respectively and average nine
months power generation net price year on year rose by 36%.
• Long term gas contracts underpinned with take-or-pay quantities make up
67% of production, of which 35% are fixed price gas contracts and 32%
indexed to commodity prices. A further 20% of 2019 liquids production is
hedged to a Brent equivalent floor of $50/bbl.
• Over 95% of the Company’s revenue was received in US dollars, and
approximately 60% of expenditures were paid in Indonesian rupiah.
9M18 Financial Summary 5

• Net debt to EBITDA excluding Medco Power 3.2x, below the 3.6x at year-end 2017, and
6.6x at year-end 2016. On track to meet the Company’s target of 3.0x.
• Successfully issued USD$500 million global bonds. All 2019 maturing facilities are
secured in escrow.
• Refinanced and combined the Senoro and Block A Reserved Based Lending Facilities
with an accordion for future developments
• MedcoEnergi issued ~ IDR1.7 trillion of IDR Bonds for refinance. Medco Power issued
IDR1.2 trillion syariah and conventional bonds for refinance and fund future project
equity.
• ~67 million warrants exercised; potential to raise ~US$200 million by 2020
• Shareholder approval for a 10% non pre-emptive issue, minimum price of
IDR868/share, ~US$100 million. Discussions continue to place these shares with
qualified and preferred buyers.
• Terms now agreed on all held for sale assets
• Fitch and Moody’s upgraded outlook to “positive”; Moody’s refer to Medco as a
‘natural hedge’ to depreciating IDR.
9M18 Operational Summary 6

• Production 83.7 mboepd; production up 9% quarter-on-quarter

• Full-year production guidance maintained at 85 mboepd
• Aceh gas development ramping up from current 34 mmscfd to 83 mmscfd by year-end
2018; daily production capacity now ~100 mboepd
• Unit cash cost $8.8/boe; 10% depreciation in IDR reduces costs by 50¢/boe
• Tarakan PSC extension approved until 2042
• Arung-Nowera South Sumatra POD approved

• Power sales up 30.4% year on year with power prices up 36.3%

• Gross installed capacity for IPP and O&M increased to 2,819MW with Sarulla
Geothermal 330MW fully operational
• Agreed mandate with IFC to increase Medco Power stake. JPM appointed to identify
a second strategic investor to support continued growth

• Phase 7 development fully funded with > $1.2bn by four major Asian based banks
• Completed smelter feasibility studies and FEED ongoing
Financial Highlights 7

Underlying EBITDA (US$ mn) Categorized by Segments

9M17 307

Oil and Gas 82

450
307 Power 61

9M18 450
9M17 9M18

Underlying Net Income (US$ mn) Categorized by Segments

9M17 164

Oil and Gas 52

Power 5
164
AMNT1 80

(11) Non-recurring1 143

9M18 (11)
9M17 9M18
1) Non-cash items
Consolidated Financial performance 8

Profit & Loss (US$ mn) 9M17 9M18 YoY ∆% Balance Sheet (US$ mn) 9M17 FY17 9M18
Revenue 597.8 927.5 55.1 Cash and cash equivalents 364.8 489.0 402.7
- Oil and gas 595.1 757.4 27.3 Investments 1,031.7 913.7 1,024.5
- Power - 168.4 N/A Fixed Assets 1,203.1 1,279.5 1,377.0
- Others 2.7 1.7 (37.5)
Total Assets 4,001.6 5,160.8 5,177.4
DDA 112.4 74.7 (33.5)
Total Liabilities 2,935.7 3,758.1 3,756.1
Gross Profit 297.4 498.4 67.6
S, G & A 103.3 125.0 21.0 • Loans 1,016.6 1,599.1 1,250.3
Operating Income 194.1 373.4 92.3 • Capital Market Debts 1,028.2 990.0 1,497.6
EBITDA 306.8 450.2 46.7 • Other Liabilities 890.9 1,169.0 1,008.3
Net Income 164.3 (11.1) N/A Equity 1,065.8 1,402.7 1,421.1

Profitability Ratios (%) 9M17 9M18 YoY ∆% Financial Ratios (x) 9M17 FY17 9M18
Gross Margin 49.7 53.7 8.0 Current Ratio 1.65 1.53 1.59
Operating Margin 32.5 40.3 24.0
Debt to Equity 1.92 1.85 1.93
EBITDA to Interest 3.21 3.09 3.07
EBITDA Margin 51.3 48.5 (5.4)
Net Debt to EBITDA° 3.90 4.50 3.60
Net Income Margin 27.5 (1.2) N/A Net Leverage Ratio 3.83 4.44 3.55
° Includes restricted cash
Financial performance: excluding Medco Power 9

Profit & Loss (US$ mn) 9M17 9M18 YoY ∆% Balance Sheet (US$ mn) 9M17 FY17 9M18

Revenue 597.8 759.1 27.0 Cash and cash equivalents 364.8 434.6 299.4
- Oil and gas 595.1 757.4 27.3 Investments 1,031.7 913.7 1,024.5
- Power - - N/A Fixed Assets 1,203.1 1,223.6 1,334.2
- Others 2.7 1.7 (37.5) Total Assets 4,001.6 4,142.7 4,032.4
DDA 112.7 72.0 (36.0)
Total Liabilities 2,935.7 3,085.3 3,064.1
Gross Profit 297.4 421.3 41.7
• Loans 1,016.6 1,067.1 734.2
S, G & A 103.3 104.3 1.0
Operating Income 194.1 317.0 63.3
• Capital Market Debts 1,028.2 989.8 1,417.9

EBITDA 306.8 389.3 26.9 • Other Liabilities 890.9 1,028.4 912.0

Net Income 164.3 (6.6) N/A Equity 1,065.8 1,057.4 968.2

Profitability Ratios (%) 9M17 9M18 YoY ∆% Financial Ratios (x) 9M17 FY17 9M18
Gross Margin 49.7 55.5 11.6 Current Ratio 1.65 1.50 1.56
Operating Margin 32.5 41.8 28.8
Debt to Equity 1.92 1.95 2.22
EBITDA to Interest 3.21 3.14 3.58
EBITDA Margin 51.3 51.3 0.0
Net Debt to EBITDA° 3.90 3.63 3.21
Net Income Margin 27.5 (1.4) N/A Net Leverage Ratio 3.83 3.56 3.16
° Includes restricted cash
 Updated Expenditure Guidance 10

• Updated 2018 capital expenditure Capex Guidance, US$ mn Cash Cost/Unit*, US$/boe
guidance US$340 million, down Power Oil & Gas G&A Lifting Cost
25% from 2018 opening guidance 454 15.4

• Medco Power capex reduced 340 4.1 12.3

154
68% due to Sarulla efficiency and 50 270
4.3 8.8 9.1
slippage of Riau financial close <10
110 2.7 4.0 2~3
• 2019 capex guidance US$270 11.3
300 290
million. Medco power capex is 8.0
160 6.1 5.1 6~7
committed to Ijen and Riau
Project Original Updated 2019 2014 2015 2016 2017 2018-2019
• 9M18 unit cash cost US$8.8/boe; 2018 *Excludes Oman Service Contract
Guidance

every 10% depreciation in IDR

LTM EBITDA1 and Average Oil Price Operating Margin % (LHS) and US$/IDR
improves unit cost by ~50¢/boe Comparison Exchange Rate (RHS) Comparison
• Production and margin growth 93 LTM EBITDA (US$mn)
Average US$/IDR
45% 14,080
driving increased EBITDA despite
declining and uncertain 67 40%
13,720
commodity prices 49
43
51
35%
• Over 95% revenue linked to USD, 497
30%
414 13,360
while 60 expenditure linked to 25%
225
IDR; IDR depreciation improves 262 268
20% 13,000
profitability 2014 2015 2016 2017 Sep-18 1H16 FY16 1H17 FY17 1H18
1) EBITDA excl. Medco Power
 Oil and Gas 11

YoY Net 2P Reserves, MMBOE

Metrics 9M17 9M18 ∆% Life Index: 11 Years
Net Contingent Resources, MMBOE

Productionº Gas 418.1

Oil, MBOPD Oil
Gas, MMSCFD 315.6 295.5
Lifting/Sales
Oil Lifting, MBOPD 26.2 26.0 (0.6)
172.6 210.8 348.6
Gas Sales, BBTUPD 279.8 261.7 (6.4) 161.1
Oman Service Contract, MBOPD 8.3 7.4 (10.5)
Average Realized Price
162.2
Oil, USD/barrel 49.5 68.8 39.0 143.0 134.5
Gas, USD/MMBTU 5.5 6.1 10.6 48.6 69.5
°Includes Oman Service Contract
9M17 9M18 9M17 9M18

Production Capacity, MBOEPD Net Hydrocarbon Productionº, MBOEPD

• Maintain guidance 85 mboepd, 9M18
production 83.7 mboepd; daily production ~100 ~100 Indexed Priced Gas
Fixed Priced Gas
capacity ~100 mboepd 87 ~85 ~85
15
32
• Natuna recertification added 9 mmboe 66
1P reserves. Additional 131.3 mmboe 52 56 52 ~53 ~53
contingent resources in Aceh 35 24 35
• Average realized gas price $6.1/MMBTU;
blend of fixed $5.4/MMBTU and indexed 35
~33 ~33 32 31 ~33 ~33
$6.7/MMBTU contracted gas sales
Daily Production Capacity Indexed & Fixed Gas 2015 2016 2017 2018 2019
Gas Daily Maximum Rate Capacity Guidance
Gas TOPQ ºIncludes Oman Service Contract
 Medco Power Indonesia 12

YoY
Metricsº 9M17 9M18 ∆% Gross Installed Capacity, MW Pipeline Projects, MW

IPP Sold and O&M Capacity IPP O&M IPP O&M

IPP Sold, GWh
2,819 2,835
O&M Capacity, MW 2,566
Average Realized Price* 645 645
416 1,590
IPP, Cent/kwh
°Gross 100% interest and includes geothermal production 1,100
*Excludes Fuel Component 1,165
2,150 2,174 2,190 675
• Agreed mandate with IFC to increase Medco 425 425
Power stake. JPMorgan appointed to identify a
9M17 9M18 2019 9M17 9M18
second strategic investor to support continued Guidance
growth
O&M Power Capacity IPP Power Sold
• Sarulla Geothermal Power units now fully Gross 100%, MW Gross 100%, GWh
operational in May 2018.
• Riau CCPP secured Financing Declaration from
PLN. COD expected Q2 2021.
• Ijen farm down in progress. Appraisal drilling to
begin Q2 2019. 2,937
2,732
• Proposals submitted to PLN on wellhead gas to 2,150 2,174 2,190 2,136
1,820 1,733
power for Matang and Senoro. 1,320 1,360
• IDR 1.2 trillion raised to refinance debt and
support new projects.
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
Guidance Guidance
 Amman Mineral Nusa Tenggara 13

YoY Copper Gross Reserves & Resources – Gold Gross Reserves &
Metricsº 9M17 9M18 ∆% 1H17 (M lbs) Resources – 1H17 (k oz)
Production Batu Hijau
23,109 34,319
Batu Hijau
Copper, M lbs 3,030 3,470
Elang Elang
Gold, k oz
2P & Stockpiles 2P & Stockpiles
Sales
Copper, M lbs
Gold, k oz 20,079 30,849
Average Realized Price 4,620
4,360
Copper, USD/lbs
Gold, USD/oz
°Gross 100% interest Batu Hijau Reserves Resources Batu Hijau Reserves Resources

• AMNT completed mining phase-6 of the Copper (M lbs) Production Gross 100% Gold (k oz) Production Gross 100%
Batu Hijau mine in Q3 2017; subsequent
production generated from processing
the stockpiled ore.
• Copper concentrate export permit
extension for 2018 for 450,826 wmt
801
• Phase 7 now fully financed with $1.2bn 512 478 697
facilities from four major Asian based
banks. Commercial operations 288 398
expected in 1H 2020 162 78
105 49
• Elang JORC assessment in progress
2014 2015 2016 2017 9M18 2014 2015 2016 2017 9M18
 Delivering On Our Commitments 14

• Production capacity ~100 MBOEPD, cash cost maintained Net Debt to EBITDA°
<$10/boe. 9M18 Revenue and EBITDA up by +55% and +47%
° excl. Medco Power
YoY.
8.0x 80
• Sarulla Units I, II and III delivered on schedule. Block A gas 6.6x
ramping up production 34 mmscfd to 83 mmscfd .
6.0x 5.1x
• AMNT acquisition debt repaid, phase 7 development fully 60
financed. 3.6x
4.0x 3.2x 3.0x
• Rights issue used to repay debt in Q1 2018. 2019 maturities fully 40
secured in escrow following January 2018 USD bond. 2.0x
Renewed shareholder approval in November for 10% private
placement. 0.0x 20
• Sale of non core businesses in progress. 2015 2016 2017 9M18 Mid-Term
Net Debt/EBITDA Average Realized Oil Price (US$/boe)
• Expect to achieve target of 3x net debt to EBITDA by Q1 2019.
Maintain target at mid cycle prices.

$195million AMNT acquisition USD bond AMNT pre- MPI IFC and Equity Private AMNT
Rights issue debt repaid, extended IPO Equity 2nd strategic Placement Indonesian
repaying debt Medco PCG maturities injections investor $50-100 Mn IPO
released

2017 9M18 2020

Delivered Begin 2H18-2020

USD bond Block A Aceh Non-core Warrants
AMNT Phase repayment of
Ongoing extended
7 financed first gas asset sales shareholder exercised
maturities
Further plans loan ~$200mn
 Production Guidance 15

100 100
100 • 9M18 production 83.7 mboepd
84 85 15 • Production up 9% Q-on-Q
> 85
• 2018 and 2019 guidance
75 32
maintained at 85 mboepd. Gas
market demand will determine
51 52 52 annual production.
50 35 • Daily Production Capacity is
100 mboepd. Gas to Oil split
67:33.
25 • Long term gas contracts
33 ~33 ~33 ~33 underpinned with take-or-pay
quantities, of which 50:50 split
0 between fixed price and
9M18 Actual 2018-2019 Daily Indexed & commodity indexed pricing.
Guidance Production Fixed Gas • Continue to hedge up to 25%
Capacity Capacity of total liquids production and
Production in mboepd includes Oman service contract up to 50% of index price gas
Gas Gas Daily Maximum Rate Indexed Priced Gas
production
Liquids Gas TOPQ Fixed Priced Gas
Capital Expenditure Guidance 16

E&P Only Capex (US$ mn)

• 2018 E&P capex guidance reduced to US$290 million
Committed Capex Major projects Development drilling
to reflect efficiency and favorable exchange rates.
Equipment / Facilities Major projects (uncommitted) Acquisitions
Exploration Program • 2018 capex focused upon completing Block A Aceh
346 and development drilling in Natuna Block B
290 • 2019 E&P capex guidance at US$160 million.
260 40
179
53 46
• Minimal 2019 capital is committed
25 26 160 o Exploration capital ~ US$40 million per year
41 40
o Senoro phase II expected to begin in Q1
165 178 61
110 • Equity capex will remain at below US$200 million to
51
allow deleveraging and liquidity flexibility
2016 2017 2018F 2019F
• 2018 Power capex guidance reduced to $110 million
Power Only Capex (US$ mn) reflects project deferrals and favorable exchange
Committed Capex Hydro Power Projects
Geothermal Sarulla Major projects
rate
Batam Gas Power Projects
• 2018 capex focused upon completing Sarulla and Ijen
141
125 slim hole drilling
110
• 2019 Power capex guidance US$110 million
131 o 2019 capital focused on Ijen and Riau both of
111 50
105 which are committed
34
o Sumbawa IPP capex to begin 2020
2016 2017 2018F 2019F
 Debt position 17

Debt (US$ mn)

• 2018 IDR bond for refinancing and equity
for MPI projects +4.6%
+6.1%
• January 2018 USD bond extended
average debt maturity to > 4 years.
• USD 176 million remaining cash in 2,589 2,748
2,057 2,152
escrow as of 9M18 secures maturing
2019 debt, USD 82 million bank loan paid
in October from IDR bond FY17 9M18
Consolidated excl. Medco Power
• Net debt to EBITDA excluding Medco
Power 3.2x, below the 3.6x at year-end Net debt to EBITDA (x)
2017, and 6.6x at year-end 2016. On track
to meet the Company’s target of 3.0x

4.5
3.6 3.6 3.2

FY17 9M18
Consolidated excl. Medco Power
Sustainable Development 18

• Engaged with Business for Social Responsibility (BSR)

to conduct a materiality assessment and develop KPIs
with our stakeholders

• Issued MedcoEnergi Sustainability Policy based upon

three pillars:
o Leadership of and by Our Employees,
o Environmental and Social Development,
o Sustainable Livelihoods and Community
Development.

• Ernst & Young conducted a pre-assurance review of

2018 Sustainability Report.

• The 2018 Sustainability Report presents 2014 – 2017

KPIs and short-medium and medium-long term
objectives for continuous improvement.

• The report is accessible through

www.medcoenergi.com
What To Expect 19

• Continued deleveraging and delivery on commitments

• Warrants exercised and place 10% pre-emptive rights
• Disciplined capital investment with 2019 capex US$270 million
• Terms now agreed on all held for sale assets
• Further Portfolio upgrades

• Aceh commercial sales ramping up from 22 bbtupd to 58 bbtupd

• Monetise gas discoveries; Senoro phase 2 project execution
• Extend reserve life with economic near field exploration
• Maintain operating costs < $10/boe
• Further Medco PSC extensions

• Secure IFC and second strategic investor

• Ijen appraisal drilling and Riau financial close
• Gas and IPP synergies with new developments
• Tender and win new medium-sized clean energy IPPs
• Expand third party O&M services

• Further operational efficiencies and organization optimization

• Complete Smelter FEED, project financing and venture structure
• Continue phase 7 development, complete Elang JORC and IPO
 Appendix: Significant Player in Three Key Business Segments 20

Oil & Gas Power Mining

• Independent Power Producer (IPP) for 9 • Batu Hijau open pit porphyry copper and
• 10 Operated Indonesian assets, 8 producing gold mine, Sumbawa Indonesia
Operated Indonesian assets with 645 MW
• ~67:33 gas to oil production capacity gross capacity • Developing phase 7 of the existing mine
• Gas sold under long term TOPQ contracts, • IPPs with PLN under long term TOPQ site
~50:50 mix of fixed; commodity linked backed clean energy contracts • Exploring 6 further prospective resources
pricing including Elang
• Specialized in clean and renewable IPPs
• Operating costs below $10/boe through 2020 • Progressing Smelter Development
• Third party O&M contracts with 2,489
• Medco Operation has long term contract to MW existing contract
supply Gas and LNG to SembCorp, Chubu
Electric, Kyushu Electric and Korea Gas

Net Reserves and Contingent Resources Copper & Gold Mineral Reserves and
IPP Gross Capacity
Oil Gas Resources
418 1,165 1,810
Copper (Blbs) 37
296
223 Gold (Moz) 27
161 349
645
136
88 135 70 4 4
1P 2P Contingent
Resources Operating Pipeline Total
Reserves Resources
O&G reserve (mmboe) and Power capacity (MW) data as of 9M18; Mining reserves data as of 2H18
Energy & Natural Resources Company Focused in Indonesia 21

Block A South Natuna Senoro-Toili Block Batu Hijau

Sea Block B Bengara Block
Nunukan
• MEB
• DEB South Sokang Tarakan Block
• TM2500 Block
• ELB Simenggaris Block

International Assets
Rimau
Block

South Sumatra
Block Lematang Block Mini
Hydro
• MPE Energy Building
Geothermal • EPE Tanjung Jati B
Sarulla • Singa

Mini
Hydro Geothermal
Ijen

Production Mining Production

Power Installed
Development Mining Development
Power Development
Exploration Mining Exploration
 Oil & Gas: Domestic Asset Portfolio 22

Bengara
South Natuna South Sokang Block Simenggaris
Sea Block B Block Block

Senoro-Toili
Block
Tarakan Production
Block
Development
Exploration

Block A

South Sumatra Block

Rimau Block

Lematang Block
Production by asset
100%
80%
60%
40%
20%
0%
2015 2016 2017 9M17 9M18
Senoro-Toili S. Sumatera block Block B
Rimau Other domestic asset International asset
Oman-(service contract)
 South Sumatra Assets 23

Extensive experience in managing decline and controlling costs on maturing assets

Bangka

Rimau

South Sumatra Palembang

Sumatra Lematang

*) Extended in Dec 2018

 South Natuna Sea Block B 24

Enhancing capabilities through the integration of world-class offshore operations

• Medco Operated (WI 40%) offshore PSC

in the South Natuna Sea, world class
facilities, large hydrocarbon base (gross
resources > 569 mmboe)

• Medco also operates the PSC and the

West Natuna Transportation System
(WNTS)

• License expires in October 2028, 2018

Existing Gas Pipelines
daily gross maximum rate of gas
production at 235 BBTUPD.

• Strong net cash flow linked to commodity

linked and fixed priced gas sales into
Singapore and Malaysia

• Future near field exploration, subsea

developments and production
optimization will extend field life and
mitigate asset decline rate
 South Natuna Sea Block B - Offshore Facilities 25

Integrated Offshore Production Systems Operated to the Highest Standard

 Block A Aceh: Phased Gas Developments 26

Phase I will monetize 237 TBTU of gas and 5.17 MMBO of condensate for the domestic market
Alur Rambong
Julu Rayeu • MedcoEnergi operated (WI 85%) onshore PSC
Alur Siwah
First gas sales on August 1, 2018. PSC expires
in 2031.

Kuala Langsa • GSA with Pertamina, 58 BBUTPD for 13 years

• Combined Senoro and Block A Reserved

Based Lending (RBL) Facility with an
accordion to fund future developments.

• Successful CSR engagement with local

community

• Phase II and III development of gas

discoveries with resources of > 5TCF, enough
to generate 1.5GW to support Sumatra
electricity demand growth

CPP area site preparation progress

 Senoro: Phased Gas Developments 27

Senoro Upstream/Downstream Value Chain

1 Mtpa 1 Mtpa Chubu Electric • Medco Joint Operated onshore JoB, first
(Japan) production Q3 2015. Contract expires in
PPGM 2027
(Matindok) 250 0.3 Mtpa Kyushu Electric
(Japan)
• Gross daily maximum rate of gas
105 85 production at 310 MMSCFD
DSLNG
Korea Gas
(Korea)
• Gross proved reserve 1.4 TCF with
1 Mtpa 0.7 Mtpa additional 1 TCF third party certification
415 MMSCFD
• 40 cargos • Combined Senoro and Block A Reserved
20
production Based Lending (RBL) Facility with an
PLN capacity per accordion to fund future developments.
5
annum
• 125,000m3 • Senoro Phase 2 will increase production
JOB PMTS 310 cargo load above 450 MMSCFD
(Senoro) 55 size per
Fertilizer vessel

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%
 Oil & Gas: International Asset Portfolio 28

United Tunisia Yemen • Oman: Service contract for the Karim Small Fields, a 51%
States participating interest and an exploration block (Block 56, 50%
participating interest). Total production ~ 7 MBOEPD.

• Libya: One development asset (Area 47) with 25% participating

interest and total gross discovered 2P reserves of 282 mmboe and
gross contingent resources of 211 mmboe.

• Tunisia: Two producing assets (Bin Ben Tartar and Adam block)
with a participating interest of 100% and 5% respectively. Total
production ~ 1.6 MBOEPD. Two development assets (Cosmos and
Yasmin block) with participating interest of 80% and 100% and four
exploration licenses.

• USA: One producing asset in the Gulf of Mexico. Main Pass 64

Libya Oman (75%). Total production ~ 0.3 MBOEPD.

Production • Yemen: One producing (Block 9, 21% participating interest).

Development Assessing options to re-establish production. Gross production
Exploration capacity 5.0 MBOPD.
 Medco Power Indonesia: Business Overview 29

Focusing on Independent Power Producer and Operation & Maintenance Businesses

INDEPENDENT Renewable
POWER PRODUCER Energy
Gas Powered Electricity
Electricity Generation Generation:
Geothermal &
Hydro
Operations &
POWER PLANT Maintenance
SERVICES Services

645 MW Operating Asset + 1,165 MW project in the pipeline

2,174 MW O&M business + 425 MW pipeline 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 • Indonesia commitments to International targets to grow clean
and Eastern Indonesia energy electricity capacity

• Focus on medium sized power plants (100-300MW) and selective • Capitalize on regulations to encourage turn-key power
larger power plants generation from 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
 Medco Power Indonesia: Large Footprint in Key Markets 30

NORTH SUMATERA • Medco Power shareholders are

Sarulla Geothermal 330 MW
MedcoEnergi and IFC.
PAYA PASIR
TM2500 Gas 75 MW • Sarulla Phased development of Geothermal
Power:
DURI
TM2500 Gas 75 MW o World’s largest single-contract
RIAU geothermal project at 330MW
Riau CCPP 275 MW o Three 110MW units commencing
commercial operations in March and
BATAM ISLAND October 2017, and May 2018
MEB Gas 85 MW o 30-year Energy Sales Contract with PLN
DEB Gas 85 MW
TM2500 Gas 20 MW
with Take-or-Pay at 90% capacity factor.
NIAS ISLAND ELB Gas 76 MW o MPI provides plant O&M
TM2500 Gas 25 MW o Partnering with INPEX, ORMAT, ITOCHU
PONTIANAK
TM2500 Gas 100 MW and KYUSHU
WEST SUMATERA
NES Mini Hydro 8 MW BANGKA-BELITUNG • MPI has won tender to construct a 275MW
TM2500 Gas 50 & 25 MW IPP in Riau, with the PPA signed in April 2017
SOUTH SUMATERA
LAMPUNG • MPI has 100% interest in the Ijen geothermal
EPE Gas 12 MW
MPE Gas 12 MW
TM2500 Gas 100 MW PPA; farm down in progress
Singa Gas 7 MW

Gas
Coal
Hydro
LOMBOK
Geothermal TM2500 Gas 50 MW
WEST JAVA CENTRAL JAVA EAST JAVA
BJI Mini Hydro 9 MW TJBPS Coal 1320 MW Ijen Geothermal 110 MW
Owned and operated by MPI / Planned PPP Mini Hydro 9 MW
3rd party power plant, O&M by MPI
SHB Mini Hydro 13 MW
 Riau Medco Power
Combined Indonesia:
Cycle Portfolio Overview
Power Project
31

Portfolio Details* IPP Revenue Plan by Fuel Mix°

2% 2% 2% 2% 3%
100%
Gross
Plant Fuel-Type % stake COD capacity 20% 24% 27%
(MW) 37%
75% 39%
Operating projects
MEB Comb.Cycle Gas 64% 2004 85 65%
DEB Comb. Cycle Gas 80% 2006 85
ELB Simple Cycle Gas 70% 2016 76 50%
TM 2500 Gas 100% 2007 20 78%
EPE Gas 92.50% 2006 12
73% 71%
59% 60%
MPE Gas 85% 2008 12 25%
Singa Gas 100% 2010 7 35%
Sarulla Geothermal 19% 2017-2018 330
IPP

2 Mini Hydros Hydro 70% - 100% 2017-2018 18 0%

Sub-total 645 2017 2018F 2019F 2020F 2021F 2022F
Pipeline projects Gas Geothermal Other Renewable
Riau CCPP Gas 51% 2021 275
ELB Comb. Cycle Gas 70% 2021 40 IPP and O&M Revenue Plan by Fuel mix °
Ijen Geothermal Geothermal 100% 2022 - 2023 110
Matang Gas 100% 2022 140 2% 2% 3% 2% 3%
100%
Central Indonesia Gas 100% 2021 300 6% 7% 5% 7% 6% 7%
ARAS Gas 100% 2021 40
Sarulla Phase 2 Geothermal 19% 2025 260 20%
24% 26%
Sub-total 1,165 75% 37% 35%
60%
Operating projects
Sarulla Geothermal 100% 2017 – 2018 330 50%
CFPP Tanjung Jati Coal 80% 2006 1,320
TM2500 Gas 64% 2016 500
73% 67% 65%
Kaltimra Gas 64% 2018 24 25% 54% 55%
O&M

Sub-total 2,174 34%

Pipeline projects
Luwuk Gas 64% 2019 40 0%
Riau CCPP Gas 51% 2021 275 2017 2018F 2019F 2020F 2021F 2022F
Ijen Geothermal Geothermal 100% 2022 - 2023 110
Gas Geothermal CoalOther Renewable
Sub-total 425
* Have not considered new contract signed in 4Q18 ° Based on IFRS data
 Amman Mineral Nusa Tenggara: Phased Mining Developments 32

Access to world-class Mining operations with long term upside

• Copper and gold mine in Sumbawa, Nusa
Tenggara, established under 4th generation
COW expiring in 2030, Converted into IUPK.
• Full repayment of senior and mezzanine loans
in December 2017,
• Full development of Phase 7 began in 2018
with development facility secured from
domestic and foreign banks
• Enhancing operational efficiencies and
implement organizational optimization
• Developing on-site smelter. To be funded
through asset injection, project financing &
strategic partner.
• Completed smelter feasibility studies and
FEED ongoing
• JORC appraisal for Elang development in
progress
• Elang has the potential for production to
exceed 300~430 M lbs copper and 350~600 K
oz gold
 Amman Mineral Nusa Tenggara: Batu Hijau Facilities 33

World-class Mining operations with complete facility

Mine Operations Facilities

• Batu Hijau mine site includes:

o Processing facilities
o 137.5 MW coal-fired and 50 MW diesel power plant
o Deep-water port with ferry terminal
o Air services and town site for housing and school
• As of September 2017 employs approximately 2,800
workers following employee restructuring Crushing Milling

• Cash-less acquisition of 44% stake in Macmahon

Holdings Limited:
o Equity exchanged for the existing mobile mining
equipment and a life-of-mine contract to provide
earthmoving and mining services at the Batu Hijau
mine Flotation Filtering Shipping

o Transaction will reduce AMNT’s costs and timeline

for the development of phase 7 of the Batu Hijau mine
as well as other resources on the concession
Board of MedcoEnergi 34

Director Director Director

Director
President Director Chief Human Capital &
Chief Executive Officer Chief Financial Officer Chief Operating Officer
Hilmi Panigoro Business Support
Roberto Lorato Anthony Mathias Ronald Gunawan
Amri Siahaan

2017 was a year in which we focused upon Our diversified asset portfolio, together with the progress
consolidating our position in three key businesses: Oil we have made on cost efficiency and capital discipline,
& Gas, Power Generation and Mining. We focused on positions MedcoEnergi as a very attractive and dependable
extracting maximum value from our new and existing investment proposition for the long term.
asset portfolio.

Our strategy is to build a leading company across We aim to deliver long-term value and optimize returns to
these three key business segments, competitive in a our investors, lenders and other stakeholders through
low price environment, with a solid platform of selective investments and continuous improvement in
producing assets and excellent growth prospects. sustainable operational and financial performance.
Company Milestones 35

1980 1994-1996 2005-2010

Established as Meta Epsi Initial Public Offering in Indonesia Awarded EPSA IV PSC Contract for Area 47 Libya
Pribumi Drilling Company
Acquired 100% shares of Stanvac Indonesia Awarded Oman Service Contract. Increased production by 100%
from Exxon/Mobil within 5-years

Discovered major onshore oil reserves in Discovered 352 MMBOE hydrocarbon resources in Area 47 Libya;
Kaji-Semoga 90% exploration success ratio

LNG Sales Agreement signed with Japanese & Korean buyers, gas
to be supplied from Senoro-Toili Block

Awarded 20 year extension for 3 Indonesian PSCs (South Sumatra,

Block A and Bawean)

2011-2014 2015 2016 2017

Final Investment Decision for Senoro-Toili Senoro-Toili and DSLNG Acquired a 41.1% indirect Conversion of AMNT’s CoW
Gas and LNG projects begin production interest in AMNT into IUPK and acquired
44.3% shares in Macmahon
Secured Project Financing for Senoro-Toili 25 year of extension for Acquired a 40% Operatorship
Karim, Oman in the South Natuna Sea Increased ownership in
Secured Project Financing for DSLNG and Block B PSC Medco Power by acquiring a
Sarulla Signed GSA for Block A controlling interest
Aceh Awarded 10 year extension
on Lematang PSC and Completed 1:4 stock split and
increased holding to 100% 3:1 Rights Issue with
warrants attached
Awards 36

2018

• “Upstream Company of the Year” Award for 2017, APAC Energy Council
• Asia Pacific Energy & Infrastructure Forum, “Deal of the Year”
• Indonesian Government’s highest “Gold” PROPER Environmental Stewardship Award, Rimau Block,
for 7 consecutive years
• Best New Comer Power Plant Company, Sarulla 330MW Geothermal Power Plant, Indonesia
National Energy Council; Best Clean and Renewable Energy Company and Best IPP<200MW in 2018,
PT Medco Power Indonesia, Indonesia SWA Magazine
• Economic Challenges Award, Energy and Mineral sector in 2018, MetroTV
• Best HR Team 2017, PT Medco E&P Indonesia, Asia Human Resources Director Magazine
• Three safety awards for oil & gas exploitation from Ministry of Energy and Mineral Resources on
Thursday Nov 11th 2018. South Sumatra and Lematang Blocks received Patra Nirbhaya Karya
Pratama Category (at least 2,500,000 safety man hours) and Tarakan Block received Patra Nirbhaya
Karya Madya Category (at least 5,000,000 safety man hours).
Company Address :
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

Investor Relations:
Email. [email protected]
Website : www.medcoenergi.com