NewMed Energy

Investor Presentation • Aug 21, 2023

2Q-2023 Financial Results Presentation >

August 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

• ロ BP & ADNOC acquisition offer Transaction update
• ロ 2nd quarter production c. 984MMcf/d (175 Mboe/d), 2.5 BCM
• □ 2nd quarter earnings \$173mm EBITDA / \$93mm net profit
• □ Aphrodite Development plan submitted to the Cypriot Government. A-3 well drilling completed according to timetable and on budget.
• □ Leviathan Bond full repayment of \$500mm Leviathan bond series 2023.
• □ Dividend \$50mm Dividend distribution for the quarter

BP - ADNOC Acquisition Offer Transaction Update

• □ The due diligence process by the BP-ADNOC consortium on NewMed and its assets finalized
• □ Advanced negotiation ongoing between BP-ADNOC consortium :
  • □ Delek Shareholders agreement
  • □ Independent Committee engage and negotiate directly

Production Summary

	Israel	Egypt	Jordan	Total
2Q / 2023 (BCM)	0.3	1.6	0.6	2.5
Average Price (\$/mmbtu)				6.14
2Q / 2022 (BCM)	0.8	1.4	0.6	2.8
Average Price (\$/mmbtu)				6.39

	Israel	Egypt	Jordan	Total
1H / 2023 (BCM)	0.9	3.1	1.3	5.3
Average Price (\$/mmbtu)				6.11
1H / 2022 (BCM)	1.7	2.5	1.3	5.5
Average Price (\$/mmbtu)				6.09

* Production Summary for Leviathan 100%

Stable and Favorable Price Environment

Regional Connectivity Update

Leviathan Expansion & Aphrodite Development

Leviathan Phase 1B

• □ FLNG Pre-FEED process is ongoing and progressing, expected to continue into FEED.
• □ Upstream development planning is progressing in parallel to expanding the regional connectivity export pipelines.
• □ Export license request submitted to MOE

Aphrodite

• □ A3 appraisal well drilling finalized on time and budget. We are currently analyzing the gathered data, and expect to publish an updated 3rd party reserve report.
• □ Updated development plan using exiting infrastructures in Egypt submitted to the government of Cyprus.
• □ Negotiation with the owners of West Delta Deep Marine (WDDM) facilities in Egypt, to connect the subsea production system of the Aphrodite Reservoir.

Key 2nd Quarter Financial Metrics (smm)

Including 22% WI in Tamar

excluding Tamar Wi

2nd Quarter Change in Net Profit (\$mm)

1st Half Change in Net Profit (\$mm)

P&L Summary (\$mm)-

NA

	For Period of
	4-6/2023	4-6/2022	1-6/2023	1-6/2022	2022
Revenues From natural gas and condensate sales	250.8	290.8	531.9	537.6	1,143.9
Net of royalties	36.4	41.7	77.5	77.7	172.0
Revenues, net	214.4	249.1	454.4	459.9	971.9
Expenses and costs:
Cost of production of natural gas and condensate	34.8	36.8	73.0	70.5	134.1
Depreciation, depletion and amortization expenses	20.9	21.9	40.8	59.7	131.0
Other direct expenses	0.9	0.7	1.7	1.7	5.2
G&A	5.8	4.8	11.4	7.9	19.7
Total expenses and costs	62.4	64.2	126.9	139.8	290.0
The Partnership's share in the losses of a company accounted for at equity	(0.1)	(1.1)	(1.4)	(2.2)	(3.1)
Operating profit	151.9	183.8	326.1	317.9	678.8
Financial expenses	(31.9)	(37.8)	(69.1)	(76.2)	(155.3)
Financial income	6.9	13.5	26.8	33.5	71.1
Financial expenses, net	(25.0)	(24.3)	(42.3)	(42.7)	(84.2)
Profit before income taxes	126.9	159.5	283.8	275.2	594.6
Taxes on income	(34.0)	(35.3)	(70.2)	(66.9)	(116.0)
Profit from continuing operations	92.9	124.2	213.6	208.3	478.6
Total loss from discontinued operations		(3.1)		(3.1)	(8.9)
Net income	92.9	121.1	213.6	205.2	469.7

Balance Sheet
Summary (\$mm)

nn

For the Period Ending	30.06.2023	30.06.2022	31.12.2022
Assets:
Current assets:
Cash and cash equivalents	69.0	67.8	22.4
Short-term investments and deposits	18.0	203.7	395.9
Trade receivables	204.9	228.7	199.0
Trade and other receivables	128.2	121.6	134.1
Current taxes receivable			19.9
	420.1	826.6	771.3
Non-current assets:
Investments in oil and gas assets	2,601.1	2,556.7	2,547.2
Investments in a company accounted for at equity	58.3	60.6	59.7
Long-term deposits	0.5	0.5	0.5
Other long-term assets	548.1	546.3	560.3
	3,208.0	3,164.1	3,167.7
	3,628.1	3,785.9	3,939.0
Liabilities and equity:
Current liabilities:
Current maturities of bonds		485.6	424.8
Declared profits for distribution			50.0
Income taxes payable	2.1
Trade and other payables	110.7	118.3	96.9
Other short-term liabilities	6.3	13.2	9.9
	119.1	617.1	581.6
Non-current liabilities:
Bonds	1,733.0	1.728.9	1,731.0
Deferred taxes	309.1	274.8	269.8
Other long-term liabilities	74.5	67.1	69.2
	2,116.6	2,070.8	2,070.0
Equity:
Partners' equity	154.8	154.8	154.8
Capital reserves	(29.0)	(28.2)	(29.9)
Retained earnings	1,266.6	971.4	1,162.5
	1,392.4	1,098.0	1,287.4
	3,628.1	3,785.9	3,939.0

Financial Debt (sº000)-

Dividends

* 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

PERIOD ENDED	30.03.2022
IIEM	QUANTITY/ACTUAL
	AMOUNT (IN USD\$ ,000)
Total Offtake (BCM)	2.5
Leviathan Revenues (100%)	553.411
Loss Proceeds, if any, paid to Revenue Account
Sponsor Deposits, if any, into Revenue Account	97,200
Gross Revenues (before Royalties)	262,072
Overriding Royalties
Statutory Royalties	(28,413)
(b) Third Party Royalties	(11,269)
Net Revenues	22,390
Costs and Expenses:
Fees Under the Financing Documents (Interest Income)	8,035
Taxes
Operation and Maintenance Expenses	(24,334)
Capital Expenditures	(15,023)
Insurance (income)	(31)
Total Costs and Expenses (sum of Items H(a), (c), (c), (d) and (e))	(31,353)
Total Cash Flows Available for Debt Service (Item G minus Item H)	191,037
Total Cash Flow from operation (Item G minus Items H(c) and H(e)	198,025
Total Debt Service	(390,519)
Total Distribution to the Sponsor	95,000