NewMed Energy

Investor Presentation • Mar 28, 2023

4Q & FY 2022 Financial Results Presentation

March 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

• 0 Non-Biding Indicative Acquisition Offer Offer to acquire 50% of NewMed's Unit for 12.05 NIS per Unit.
• 0 4th quarter average production c. 1,097.3 MMcf/d (203.1 Mboe/d), 2.85 BCM.
• Beating full 2022 guidance and expectation -FY 2022 actual sales of 11.4 BCM, average production of 1,110 MMcf/d.
• Continued robust price environment 4th quarter and FY 2022 blended price of \$6.2 MMbtu
• Q Leviathan Expansion Acceleration of an investment by a third subsea gathering line
• D Dividend & Buy Back \$60mm Dividend distribution for the quarter. \$109mm Leviathan Bond buyback to date

Key NBIO Terms

• A non-binding indicative offer from BP & ADNOC, a consortium of two international energy Super Major companies
• D BP & ADNOC through a joint company offer to purchase all of NewMed issued unit held by the public (approx. 45%) and approx. 5% of the issued unit from Delek Group, such that after the closing each will hold 50% of the equity and controlling interests in the Partnership :
  • = 12.05 NIS per participation unit (72% premium to 26 March closing price)
  • Equity value of NewMed of \$3.9B.
  • Implied enterprise value of \$5.6B.
• ロ Appointment of the audit committee, comprised of three external directors to explore and resolve any issue pertaining to the proposed Transaction
• Approval of the Transaction by way of an arrangement under Section 350 of the Companies Law, with a majority of 75% of all of the holders (including Delek Group and affiliates thereof) and a simple majority approval of the unit holders from the public.

Offer Structure

Super Major Partners

Production Summary_

	Israel	Egypt	Jordan	Total
4Q / 2022 (BCM)	0.9	1.3	0.7	2.9
Average Price (\$/mmbtu)				6.2
4Q / 2021 (BCM)	0.9	0.9	0.6	2.4
Average Price (\$/mmbtu)				5.2

	Israel	Egypt	Jordan	Total
FY 2022 (BCM)	3.8	4.9	2.7	11.4
Average Price (\$/mmbtu)				6.2
FY 2021 (BCM)	4.6	3.4	2.7	10.7
Average Price (\$/mmbtu)				5.1

* Production Summary for Leviathan 100%

Regional Connectivity Update

Leviathan Expansion

• □ As part of the promotion of Phase 1B for the increase of the maximum production capacity to approx. 2.1 BCF/d, the Leviathan partners are promoting the acceleration of an investment in a third subsea gathering line from the wells to the platform.
• □ The Third gathering line investments including related systems, are estimated at approx. \$562 million (100% Leviathan), subject to FID expected in the second quarter of 2023. The new gathering line will enable an increase in production capacity from 1.2 BCF/d to 1.4 BCF/d (14 BCM/y) by mid 2025.
• ロ For the promotion of FLNG solution for Phase 1B, the Leviathan partners approved budgets of approx. \$96.4 million (100%), for the performance of Pre-FEED.

Key 4th Quarter Financial Metrics (smm)

Including 22% WI in Tamar

excluding Tamar Wi

150

4Q 22

Key FY 2022 Financial Metrics (\$mm)

Including 22% WI in Tamar

excluding Tamar Wi

4th Quarter Change in Net Profit (\$mm)

FY Change in Net Profit (\$mm)-

Balance Sheet
Summary (smm)

NNK

	31.12.2022	31.12.2021
Assets:
Current assets:
Cash and cash equivalents	22.4	220.2
Short-term investments and deposits	395.9	120.7
Trade receivables	199.0	152.5
Trade and other receivables	134.1	87.3
Current taxes receivable	19.9
	771.3	580.7
Non-current assets:
Investments in oil and gas assets	2,547.2	2570.4
Investments in a company accounted for at equity	59.7	62.8
Long-term deposits	0.5	100.7
Other long-term assets	560.3	535.4
	3,167.7	3,269.3
	3,939.0	3,850.0
Liabilities and equity:
Current liabilities:
Current maturities for bonds	424.8
Provision for tax and balancing payments		86.2
Declared profits for distribution	50.0
Trade and other payables	96.9	270.7
Other short-term liabilities	99	27.6
	581.6	384.5
Non-current liabilities:
Bonds	1.731.0	2.224.8
Deferred taxes	269.8	207.8
Other long-term liabilities	69.2	94.4
	2,070.0	2,527.0
Equity:
Partners' equity	154.8	154.8
Capital reserves	(29.9)	(30.7)
Retained earnings	1,162.5	814.4
	1,287.4	938.5
	3,939.0	3,850.0

Financial Debt (\$'000)

Cash, Cash equivalent and short-term investment as of 31/12/2022 - \$418.3 mm

P&L Summary (\$mm)-

For the year ended on
31.12.2022	31.12.2021	31.12.2020
1,143.9	882.5	587.1
172.0	128.7	86.3
971.9	753.8	500.8
134.1	118.4	89.7
131.0	113.1	79.4
5.2	4.2	3.4
19.7	17.3	14.6
290.0	253.0	187.1
(3.1)	(4.5)	(7.7)
678.8	496.3	306.0
(155.3)	(211.3)	(231.8)
71.1	31.4	88.0
(84.2)	(179.9)	(143.8)
594.6	316.4	162.2
(116.0)	(207.8)
478.6	108.6	162.2
(13.2)	151.7	203.1
4.3	144.6
(8.9)	296.3	203.1
469.7	404.9	365.3

Dividend and Buy Back

• ロ According to the published Buy Back plan, the partnership has purchased Levithan Bond notes in an amount of c. \$109.5mm to date
• □ The partnership has declared a \$60mm profit distribution to unitholders

Dividend Distributions * (\$'mm)

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

IR@newmedenergy.com

Appendix

Leviathan Bond Sponsor Financial Data Report

PERIOD ENDED	31.12.2022
IIEM	QUANTITY/ACTUAL
	AMOUNT (IN USD\$ ,000)
Total Offtake (BCM)	11.4
Leviathan Revenues (100%)	2,524,741
Loss Proceeds, if any, paid to Revenue Account
Sponsor Deposits, if any, into Revenue Account
Gross Revenues (before Royalties)	1,103,503
Overriding Royalties
Statutory Royalties	(126,827)
(b) Third Party Royalties	(50,304)
Net Revenues	926,372
Costs and Expenses:
Fees Under the Financing Documents (Interest Income)	1,439
Taxes
Operation and Maintenance Expenses	(126,548)
Capital Expenditures	(122,573)
Insurance (income)	(9,149)
Total Costs and Expenses (sum of Items H(a), (c), (c), (d) and (e))	(256,831)
Total Cash Flows Available for Debt Service (Item G minus Item H)	669,541
Total Cash Flow from operation (Item G minus Items H(c) and H(e)	790,675
Total Debt Service	(217,025)*
Total Distribution to the Sponsor	272,000