www.medcopower.co.id

Indonesia’s Clean & Renewable Energy Overview and ProspectsMedco Power IndonesiaApril 2021

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MedcoEnergi is an integrated energy & natural resources company

MedcoEnergi 2020’s Production: Oil and Gas of 100 mboepd, gross power of 3.6 GW, and mining stockpile of 96 Mlbs copper, 42 Koz gold

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Medco Power is gearing up for the next energy transition

Geothermal Renewables O&MGas to Power

“Becoming Clean Independent Power Producer (IPP) and Reliable Operation & Maintenance

(O&M) Services Company of Choice”

EnergyTransition

Decarbonisation

Gas as Transition

HigherElectrification

Decentralization

Digitalization

EnergyStorage

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Medco Power ProfileMEB Gas 85 MWBatam Island

DEB Gas 85 MWBatam Island

Gas 20 MWBatam Island

ELB Gas 76 MW Batam Island

EPE Gas 12 MW South Sumatra

MPE Gas 12 MW South Sumatra

TJBPS Coal 1,320 MW (O&M)Central Java

Gas 50 MW (O&M)Lombok

Gas 25 MW (O&M)Nias Island

Gas 100 MW (O&M)Pontianak

Gas 100 MW (O&M)Lampung

Gas 50 & 25 MW (O&M)Bangka – Belitung

Gas 75 MW (O&M)Paya Pasir

Gas 75 MW (O&M)Duri

MRPR 275 MWRiau

ELB Gas 40 MW Batam Island

MPSI 275 MW (O&M)Riau

Luwuk Gas 40 MW (O&M)Luwuk

Ijen Geothermal 110 MWEast Java

BJI Mini Hydro 9 MWWest Java

PPP Mini Hydro 9 MWWest Java

SOL Geothermal 330 MWNorth Sumatra

MGS Geothermal 330 MW (O&M)North Sumatra

Gas Coal

Owned and operated by MPI

MPI JV and 3rd party plants operated by MPI

Geothermal Hydro

Sulut 1 100 MW (O&M)North Sulawesi

Timor 1 100 MW (O&M)Timor

Bonjol Geothermal 60 MWWest Sumatra

IBEA Best Clean & Renewable Co. (MPI)

Gold Proper

Asian Power Award (MRPR)

Gold Proper Award (TJBPS)

Total IPP & O&M Capacity ~3,600 MW

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Fundamentally, Indonesia is well positioned to cultivate its renewable energy sector

Jakarta

Bali

Timor

MoluccasIndonesia Energy Mix, Mtoe

Energy Source Potential (GW)

Geothermal 23.9

Hydro 94.5

Solar 207.9

Wind 60.6

Biomass 32.6

Ocean 17.9

Renewable Energy Potential in Indonesia

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Indonesia’s Population 2020 – 2050FMn People

243 242272

305 339373

408

243 242 266 295327

357390

2019 2020 2022 2024 2026 2028 2030

Optimistic Moderate

Indonesia’s Electricity Demand (2019 – 2030F)TWh

Indonesia’s GDP Growth (2019 – 2022F)

2020-2.2%

5,0%

2019

4.4%

2021F

3.1%

4.8%

2022F

3.8%

Coal

Crude Oil

Gas

Renewables

Available resources for renewables

Growing population and economy

Government’s target for renewables capacity

Government’s policy on renewable

4 Sup’t Regulation for Renewable, e.g.:

Source: Fitch Solution, EMIS, EIA, DEN, SKK Migas, IESR, MEMR, MPWPH, RUPTL 2021-2030, World Bank, MPI analysis

Replacement of BOOT scheme with BOO scheme

MEMR Reg. No 4/2020

273 287 299 310 318 326 331

20252020 2030 2035 2040 2045 2050

Presidential Decree on Renewable (Draft) Renewable tariffs

a

b

30%

25%22%

23% 25%

20%24%

31%

39%

31%

20%

11%

2025 2050

2020

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2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

7372063

31044616

91579910

1061112724

1486116148

Power Market in Indonesia

Forecast

Planned Renewable Generation CapacityAdditional Capacity (MW)

39%

13%

5% 3%

40%

Others

Geothermal

Hydro/Mini Hydro

56%

22%

23%

Coal CombinedCycle

Gas/Gas Engine Base Renewable

Retail (Solar Rooftop) Power Plant CapacityProjected Capacity (MW)

154 94

5 1377 22

14

4402 47

94

4985

6271 71

47 7870

583 11

19 1728 24

03

4756 51

18 5628 64

55

7716 82

80

2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

PLN IPP

Source: RUPTL 2021-2030, IESR, HEESI, MPI analysis

Planned Power Plant Generation Capacity%

7.6 16.7 30.468.3

100.5139.2

184.5236.2

294.5359.3

430.6508.4

592.7

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Moderate scenarioPessimistic scenario

Note: Others are Biomass, Waste, Tidal

Others: Solar, Wind, BiomassWaste, Tidal, Hybrid

Planned Renewable Plants – PLN vs IPPAdditional Capacity (MW)

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Renewable challenges in Indonesia

GeothermalExploration risk

Social resistance and water usage in national park

SolarLocal content requirements

Land acquisition

Gas to Power

Infrastructure and scattered demand

Complex stakeholder structure

WindDemand-resource matching

EPC experience

Preference of short-term low cost energy

sources

Renewable energy tariff

Regulatory & policy uncertainty

Land acquisitions

Renewable Challenges

However, with the government of Indonesia putting efforts to solve issues on renewables, these challenges can also be viewed as opportunities for the power players.

HydroBankability (e.g., mini hydro)

Permitting issues

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Extensive experiences working with IFC & Japanese companies

Sarulla Geothermal (330 MW)

• Shareholders: INPEX Corp, ITOCHU Corp, Kyushu Electric, Ormatand Medco Power

• Lenders: JBIC, Commercial Japanese Banks, ADB, SocGen, ING

• Shareholders: Mitsubishi Corp, Korea Gas Corp, Pertamina(Persero) and Medco Energi

• Lenders: JBIC, MUFG, Mizuho Bank, Ltd., SMBC, and Korea Exim Bank

Donggi Senoro LNG

Medco Power x Kansai Electric Power Strategic Alliance

Expectations

Technology

Financing

New Business Opportunities

• Shareholders: Medco Power, RATCH

• Lenders: IFC, ADB, SMBC, MUFG

Riau CCPP (275 MW, COD 2021)

This document contains certain results of operation, and may also containcertain projections, plans, strategies, policies and objectives of the Company,which could be treated as forward looking statements within the meaning ofapplicable law. Forwards looking statements, by their nature, involve risksand uncertainties that could cause actual results and development to differmaterially from those expressed or implied in these statements.

PT Medco Energi Internasional Tbk and PT Medco Power Indonesia do notguarantee that any action, which should have been taken in reliance on thisdocument will bring specific results as expected.

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PT Medco Power IndonesiaThe Energy Building 31st Floor SCBD Lot 11AJl. Jend. Sudirman, Jakarta 12190IndonesiaP. +62-21 2995 3300F. +62-21 2995 3301

Website : www.medcopower.co.id