NewMed Energy

Investor Presentation • Nov 16, 2023

3Q 2023 Financial Results Presentation

November 2023

Disclaimer

This presentation was prepared by NewMed Partnership (the "Partnership") and is given to you only for the provision of che sake of convenience and may not be copied or distributed to any other person. The Data and information should not be interpreed as advice and should not be relief on for any purpose should not be copied or used except as express writing.

This presentation does not purport to be comprehension which might be relevant in comection with the making of a decision on an investment in securities of the Partnership.

No explicit or implicit representation or uny person regarding the accuracy or interny of any information included in this presentation in particular, no representation or undertaking is given reasonableness of any forecasts regarding the future chances of the Partnership.

To obtain a full picture of the Partnership and the risks entailed thereby, see the full immediate and periodic reports filed by the Partnership with the Israel Securities Authority and the Tel. A including warnings regarding forward-looking information, as defined in the Securities Lau, 572-1988, included therein. The forward-oking internation may not materialize in whole or in part, or may materialize differently than expected, or may oe affected by factors that cannot be assessed in advance.

For the avoidance of doubt, it is clarifers in do not under and or modify the information included in the presentation to rellect events and/or circumstances occurring after the date of preparation of the presentation.

This presentation is not an offer or invitation of securities. This presentation and anything contained herein are not a basis for any contract or undertaking and are not to be relied. The information provided in the presentation is not abasis for the making of any investment desison, no a recommendation or an opinion, nor a substitute for the discretion of a potentialinvestor.

Key Highlights

• □ Operational update in connection with the ongoing war in Israel
• □ BP & ADNOC acquisition offer Continued negotiation
• □ 3rd quarter production c. 1,120 MMcf/d (197 Mboe/d), 2.92 BCM
• □ 3rd quarter earnings \$201mm EBITDA / \$118mm net profit
• □ Leviathan Expansion & Aphrodite Development
• □ NewMed together with SOCAR and BP won 6 exploration licenses in Israel
• D Dividend & Bond Buy-back \$50mm Dividend distribution for the quarter. \$90mm Leviathan bond buy-back approved.

Production Summary

	Israel	Egypt	Jordan	Total
3Q / 2023 (BCM)	0.4	1.7	0.8	2.9
Average Price (\$/mmbtu)				6.06
3Q / 2022 (BCM)	1.2	1.1	0.7	3.0
Average Price (\$/mmbtu)				6.44

	lsrael	Egypt	Jordan	Total
1Q-3Q / 2023 (BCM)	1.3	4.8	2.1	8.2
Average Price (\$/mmbtu)				6.10
10-30 / 2022 (BCM)	2.9	3.6	2.0	8.5
Average Price (\$/mmbtu)				6.21

* Production Summary for Leviathan 100%

Stable and Favorable Price Environment

Regional Connectivity Update

Leviathan Expansion & Aphrodite Development

Leviathan Phase 1B

• phase has been completed, including the design of underwater infrastructures and required facilities on the production rig
• · · Leviathan's partners intend to proceed with full FEED, for the increase of quantities for export through existing and future infrastructures to the local and regional market
• INGL Ashdod-Ashkelon pipeline currently expected 2Q 2024
• Recent indications for a contractions of an FLNG facility shows substantial change in cost estimates, and therefore the partners intend to examine the economic implications.

Aphrodite

" Continue discussion with MECI regarding Aphrodite reservoir development plan

Oil and Gas Exploration in Israel

Key 3rd Quarter Financial Metrics (smm)

Including 22% WI in Tamar

excluding Tamar Wi

P&L Summary (\$mm)-

	For Period of
	7-9/2023	7-9/2022	1-9/2023	1-9720-22	2022
Revenues From natural gas and condensate sales	285.8	318.1	817.7	855.7	1,143.9
Net of royalties	41.9	53.2	119.4	130.9	172.0
Revenues, net	243.9	264.9	698.3	724.8	971.9
Expenses and costs:
Cost of production of natural gas and condensate	37.0	29.1	110.0	99.6	134.1
Depreciation, depletion and amortization expenses	19.3	44.7	60.1	104.4	131.0
Other direct expenses	1.1	1.5	2.8	3.2	5.2
G&A	5.0	4.0	16.4	11.9	19.7
Total expenses and costs	62.4	79.3	189.3	219.1	290.0
The Partnership's share in the losses of a company accounted for at equity	(0.7)	(1.2)	(2.1)	(3.4)	(3.1)
Operating profit	180.8	184.4	506.9	502.3	678.8
Financial expenses	(30.5)	(36.4)	(99.6)	(112.6)	(155.3)
Financial income	7.8	21.8	34.6	55.3	71.1
Financial expenses, net	(22.7)	(14.6)	(65.0)	(57.3)	(84.2)
Profit before income taxes	158.1	169.8	441.9	445.0	594.6
Taxes on income	(40.2)	(43.4)	(110.4)	(110.3)	(116.0)
Profit from continued operation	117.9	126.4	331.5	334.7	478.6
Total loss from discontinued operations		(3.4)		(6.4)	(8.9)
Net income	117.9	123.0	331.5	328.2	469.7

3rd Quarter Change in Net Profit (\$mm)

9M Change in Net Profit (\$mm)

Balance Sheet
Summary (\$mm)

nn

For the Period Ending	30.09.2023	30.09.2022	31.12.2022
Assets:
Current assets:
Cash and cash equivalents	17.3	53 4	22.4
Short-term investments and deposits	38.7	290.1	395.9
Trade receivables	227.9	220.2	199.0
Trade and other receivables	140.9	138.1	134 1
Current taxes receivable	4.0	17.8	19.9
	428.8	719.6	771.3
Non-current assets:
Investments in oil and gas assets	2,604.0	2,551.2	2,547.2
Investments in a company accounted for at equity	57.6	59.4	59.7
Long-term deposits	100.7	0.5	0.5
Other long-term assets	536.6	561.0	560.3
	3,298.9	3,172.1	3,167.7
	3,727.7	3,891.7	3,939.0
Liabilities and equity:
Current liabilities:
Current maturities of bonds		466.0	424.8
Declared profits for distribution			50.0
Short term banks Loan	15.0
Trade and other payables	115.9	150.0	96.9
Other short-term liabilities	2.5	18.0	9.9
	133.4	634.0	581.6
Non-current liabilities:
Bonds	1,734.1	1,729.9	1,731.0
Deferred taxes	330.5	296.0	269.8
Other long-term liabilities	69.3	64.0	69.2
	2,133.9	2,089.9	2,070.0
Equity:
Partners' equity	154.8	154.8	154.8
Capital reserves	(28.8)	(30.4)	(29.9)
Retained earnings	1,334.4	1,043.4	1,162.5
	1,460.4	1,167.8	1,287.4
	3,727.7	3,891.7	3,939.0

Financial Debt (\$º000)-

P&L Summary (\$mm)-

	For Period of
	7-9/2023	7-9/2022	1-9/2023	1-9/2022	2022
Revenues From natural gas and condensate sales	285.8	318.1	817.7	855.7	1,143.9
Net of royalties	41.9	53.2	119.4	130.9	172.0
Revenues, net	243.9	264.9	698.3	724.8	971.9
Expenses and costs:
Cost of production of natural gas and condensate	37.0	29.1	110.0	99.6	134.1
Depreciation, depletion and amortization expenses	19.3	44.7	60.1	104.4	131.0
Other direct expenses	1.1	1.5	2.8	3.2	5.2
G&A	5.0	4.0	16.4	11.9	19.7
Total expenses and costs	62.4	79.3	189.3	219.1	290.0
The Partnership's share in the losses of a company accounted for at equity	(0.7)	(1.2)	(2.1)	(3.4)	(3.1)
Operating profit	180.8	184.4	506.9	502.3	678.8
Financial expenses	(30.5)	(36.4)	(99.6)	(112.6)	(155.3)
Financial income	7.8	21.8	34.6	55.3	71.1
Financial expenses, net	(22.7)	(14.6)	(65.0)	(57.3)	(84.2)
Profit before income taxes	158.1	169.8	441.9	445.0	594.6
Taxes on income	(40.2)	(43.4)	(110.4)	(110.3)	(116.0)
Profit from continued operation	117.9	126.4	331.5	334.7	478.6
Total loss from discontinued operations		(3.4)		(6.4)	(8.9)
Net income	117.9	123.0	331.5	328.2	469.7

Dividends & Buy-Back

• ロ \$50 mm distribution for the quarter, same as the previous quarters of 2023
• □ Board of Directors reapproved a Bond buy-back of up to \$90 mm

* Including latest declared Dividend

NN. Thank You NewMed Energy- IR Tel. +972 9 971 2421

IR@newmedenergy.com

Appendix

Leviathan Bond Sponsor Financial Data Report

QUANTITY/ACTUAL IIIEM AMOUNT (IN USD\$ ,000) Total Offtake (BCM) 2.9 641.879 Leviathan Revenues (100%) Loss Proceeds, if any, paid to Revenue Account Sponsor Deposits, if any, into Revenue Account 13,100 Gross Revenues (before Royalties) 263,968 Overriding Royalties Statutory Royalties (31,672) (b) Third Party Royalties (12,562)
Net Revenues 219,734
Costs and Expenses:
Fees Under the Financing Documents (Interest Income) 848
Taxes (26,828)
Operation and Maintenance Expenses (44,852)
Capital Expenditures (33,393)
Insurance (income) (7,830)
Total Costs and Expenses (sum of Items H(a), (c), (d) and (e)) (112,055)
Total Cash Flows Available for Debt Service (Item G minus Item H) 120,779
Total Cash Flow from operation (Item G minus Items H(c) and H(e) 167,052
Total Debt Service
Total Distribution to the Sponsor