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WD Company Presentation WINTERSHALL DEA INVESTOR PRESENTATION THE LEADING EUROPEAN INDEPENDENT GAS AND OIL COMPANY NOVEMBER 2020 WINTERSHALL DEA INVESTOR PRESENTATION DISCLAIMER This document has been prepared by Forward-Looking Statements Non-GAAP and Non-IFRS Financial Measures Wintershall Dea GmbH (“the Company”) for This document includes projections and other This document contains certain non GAAP and information purposes only. “forward-looking statements”, which are based non IFRS measures and ratios, including for The information contained in this document has on expectations of the Company’s management example EBITDAX and net debt that are not not been independently verified and no and projections about future events and required by, or presented in accordance with, representation or warranty, express or implied, financial performance as of the date of the any GAAP or IFRS. is made as to, and no reliance should be placed presentation. These forward-looking statements These non GAAP and non IFRS measures and on, the fairness, accuracy, completeness or involve a number of risks, uncertainties, and ratios may not be comparable to similarly titled correctness of the information or opinions assumptions about the Company and its measures used by other companies and have contained herein. None of the Company or any subsidiaries, which are beyond the control of the limitations as analytical tools and should not be of their respective affiliates, advisors, or Company. In light of these risks, uncertainties considered in isolation or as a substitute for representatives shall have any liability and assumptions, actual results may not occur analysis of our operating results as reported whatsoever (in negligence or otherwise) for any or may differ materially from those predicted in under IFRS or any GAAP. loss whatsoever arising from any use of this the forward-looking statements and from the document, or its contents, or otherwise arising in past performance of the Company. As a result, connection with this document. you should not rely on these forward-looking statements. The Company accepts no obligation This document does not constitute, or form part to update any forward-looking statements set of, an offer or invitation to purchase any forth herein or to adjust them to future events securities and neither it nor part of it shall form or developments. the basis of, or be relied upon in connection with, any contract or commitment whatsoever. WINTERSHALL DEA INVESTOR PRESENTATION PAGE 2 COMPANY OVERVIEW WINTERSHALL DEA INVESTOR PRESENTATION PAGE 3 WINTERSHALL DEA INVESTOR PRESENTATION FOCUSED ACTIVITIES ACROSS THE E&P VALUE CHAIN 01 UPSTREAM 02 MIDSTREAM Exploration, Development European Pipeline and Production Networks Diversified Upstream activities High quality and stable with full lifecycle capabilities Midstream business WINTERSHALL DEA INVESTOR PRESENTATION PAGE 4 WINTERSHALL DEA INVESTOR PRESENTATION WINTERSHALL DEA AT GLANCE OPERATIONAL FINANCIAL OUR COMPETENCIES 245 Years of Combined 2.8 EBITDAX(2) DRIVEN BY TECHNOLOGY & History € billion INNOVATION 2,847 Employees(1) 1.9 Operating Cash Flow(2) DRILLING EXPERTISE FOR € billion EVERY RESERVOIR Rated by Moody‘s 13 Countries Baa2 OPERATING WITH RESPONSIBILITY BBB Rated by Fitch (1) CORRESPONDING TO FULL-TIME EQUIVALENTS (FTES) FOR ALL FULLY AND PROPORTIONATELY CONSOLIDATED COMPANIES AS OF DECEMBER 31, 2019 (2) AS OF DECEMBER 31, 2019 WINTERSHALL DEA INVESTOR PRESENTATION PAGE 5 WINTERSHALL DEA INVESTOR PRESENTATION OUR STRATEGY LANDSCAPE OUR STRATEGY Competitive and sustainable Climate change and energy 01 transition shareholder returns Strict Financial Framework Energy demand growth 02 globally Advantaged, gas weighted 03 upstream portfolio Renewables cannot keep up with demand growth Exposure to high quality and stable 04 midstream business Abundance of low cost Focus on Sustainability fossil fuels 05 WINTERSHALL DEA INVESTOR PRESENTATION PAGE 6 WINTERSHALL DEA INVESTOR PRESENTATION OUR ENERGY TRANSITION PATHWAY OUR CLIMATE TARGETS BASED ON FOUR-PILLAR CLIMATE APPROACH Portfolio Management GHG EMISSIONS(1) Net Zero Emission efficiency via Emission and energy by 2030 portfolio construction efficiency in operations (2) 0.1% METHANE INTENSITY Transparency by 2025 Comprehensive reporting incl. participation in CDP and support of TCFD ZERO ROUTINE FLARING by 2030 0 Offsetting Technologies Net GHG emission reduction Technology development supported by nature-based to enable energy WORK ON SCOPE 3 REDUCTION solutions transition TECHNOLOGIES (1) SCOPE 1 AND 2; OPERATED AND NON-OPERATED AT EQUITY SHARE BASIS (2) AS PER OGCI (OIL AND GAS CLIMATE INITIATIVE) METHODOLOGY WINTERSHALLWINTERSHALL DEA DEA INVESTOR INVESTOR PRESENTATION PRESENTATION PAGE 7 TBU: • Brage Pic ok? INVESTMENT HIGHLIGHTS WINTERSHALL DEA INVESTOR PRESENTATION PAGE 8 WINTERSHALL DEA INVESTOR PRESENTATION THE LEADING EUROPEAN INDEPENDENT GAS AND OIL COMPANY Large and diversified Strong partnerships with 01 upstream portfolio 04 world class operators High quality and stable Robust financial policy anchored on 02 midstream business 05 our commitment to investment grade Resilience through top decile Excellent ESG footprint and strong 03 production costs 06 focus on sustainability WINTERSHALL DEA INVESTOR PRESENTATION WINTERSHALL DEA INVESTOR PRESENTATION PAGE 9 WINTERSHALL DEA INVESTOR PRESENTATION LARGE AND DIVERSIFIED UPSTREAM PORTFOLIO RESILIENT PORTFOLIO WITH DIVERSIFIED KEY FIGURES 2019 PRICING CONSTRUCTS Northern Production Europe Russia Russia LATAM 12% Nothern 2019 Production: 2019 Production: Europe 201 mboe/d 289 mboe/d MENA 33% 8% Reserves 617(1) Replacement Ratio mboe/d Algeria 109% UAE Russia Mexico Libya Egypt 47% Latin Reserves America MENA Liquids 2019 Production: 2019 Production: 30% 76 mboe/d 51 mboe/d Gas 3.8 2P Reserves Life Brazil 70% bn boe Argentina 17 years Established Upstream Growth Upstream Other Business Business Units Business Units Units (1) EXCLUDING LIBYA ONSHORE PRODUCTION WINTERSHALL DEA INVESTOR PRESENTATION PAGE 10 WINTERSHALL DEA INVESTOR PRESENTATION HIGH QUALITY AND STABLE MIDSTREAM BUSINESS OUR PIPELINE NETWORK STRONG FINANCIAL CONTRIBUTION TO THE GROUP(1) (€ MILLION) 282 283 4,140 km 272 onshore gas Predictable and stable pipelines business Buffer against commodity 159 161 164 price volatility High quality and modern infrastructure assets Long term potential in low-carbon environment – hydrogen transportation Compressor stations Transit pipeline (third-party) 2017 2018 2019 NEL/OPAL Nord Stream GASCADE pipeline network Nord Stream 2 (financing only) EBITDA Net Income (1) FROM DECEMBER 2019, WIGA GROUP CONSOLIDATED AT EQUITY WINTERSHALL DEA INVESTOR PRESENTATION PAGE 11 WINTERSHALL DEA INVESTOR PRESENTATION RESILIENCE THROUGH TOP-DECILE PRODUCTION COSTS PRODUCTION COSTS OF PEERS(1) ($/BOE IN 2019) PRODUCTION COSTS OVER TIME ($/BOE) 4.3 -46 % 7.1 3.8 6.5 2014 2020 YTD NOTE: PEERS INCLUDE AKER BP, LUNDIN, GALP, OMV, BP, ENI, EQUINOR, SHELL, TOTAL, FIGURES ARE BASED ON REPORTED DATA (1) PRODUCTION COSTS INCLUDE ONLY PRODUCTION RELEVANT EXPENSES PAGE 12 WINTERSHALL DEA INVESTOR PRESENTATION STRONG PARTNERSHIPS WITH WORLD CLASS OPERATORS PROVEN PARTNERSHIP MODEL WITH LONG HISTORY OF OPERATIONAL TRACK RECORD Country Production 2019, Operating in the Key Partners mboe/d country since ~2/3 of production(1) Non-operated own or Russia 289 1990s JV-operated Norway 145 1970s JV-operated Argentina 72 1980s Egypt 38 1970s Operated Mexico 4 2017 UAE N/A Development (1) 2019 PRODUCTION SPLIT WINTERSHALL DEA INVESTOR PRESENTATION PAGE 13 WINTERSHALL DEA INVESTOR PRESENTATION ROBUST FINANCIAL POLICY ANCHORED ON OUR COMMITMENT TO INVESTMENT GRADE CAPITAL ALLOCATION FRAMEWORK CLEAR PRIORITIES AND CAPITAL ALLOCATION Conservative capital structure & Sustaining and financial discipline 01 Maintain our solid investment grade committed capex rating 02 Balance sheet Prioritising shareholder returns € Capacity to pay competitive dividends through the cycle 03 Dividend Value-driven growth Disciplined capital allocation in 04 Growth € selected profitable growth WINTERSHALL DEA INVESTOR PRESENTATION PAGE 14 FINANCIAL AND OPERATIONAL RESULTS WINTERSHALL DEA INVESTOR PRESENTATION PAGE 15 WINTERSHALL DEA INVESTOR PRESENTATION MACROECONOMIC BACKDROP TTF PRICE DEVELOPMENT($/MSCF) BRENT PRICE DEVELOPMENT ($/BBL) Quarterly 7.1 4.8 3.6 4.7 3.7 2.1 2.1 63 69 62 63 50 30 43 averages 80 8 70 60 6 50 40 4 30 20 2 10 0 0 JanQ1 19 ‘19 AprQ2 19 ‘19 Jul Q319 ‘ 19OctQ4 19 ‘19 JanQ1 20 ‘20 AprQ2 20 ‘20 Jul Q320 ‘20 OctQ4 20 ‘20 JanQ1 21 ‘21 AprQ2 21 ‘21 Jul Q321 ‘21 OctQ4 21 ‘21 JanQ1 19 ‘19 AprQ2 19 ‘19 Jul Q319 ‘19 Oct Q419 ‘19 Jan Q120 ‘ 20Apr Q220 ‘20 Jul 20Q3 ‘ 20Oct Q420 ‘ 20Jan Q121 ‘ 21Apr Q221 ‘21 Jul 21Q3 ‘21Oct Q421 ‘21 Forward prices SOURCE: HEREN/ARGUS/PLATTS; FX CONVERSION ACCORDING TO ECB WINTERSHALL DEA INVESTOR PRESENTATION PAGE 16 WINTERSHALL DEA INVESTOR PRESENTATION THIRD QUARTER PERFORMANCE HEALTH AND OPERATIONAL FINANCIAL SAFETY (1) LTIF 606 Production 397 EBITDAX 0.68 mboe/d Q3 2019(2): 588 mboe/d € million Q3 2019(2): €708 million Q3 2019: 0.44 Q2 2020: 0.58 Q2 2020: 606 mboe/d Q2 2020: €254 million TRIR 3.7 Production Cost 89 Free Cash Flow 1.52 $ per boe Q3 2019(2): $4.5/boe Q3 2019(2): €22 million Q3 2019: 3.02 € million Q2 2020: $3.5/boe Q2 2020: -€294 million Q2 2020: 1.65 247 CAPEX(3) 70 Adj. Net Income € million Q3 2019(2): €400 million € million Q3 2019(2): €49 million Q2 2020: €367 million Q2 2020: €90 million 1) EXCLUDING LIBYA ONSHORE PRODUCTION 2) LIKE-FOR-LIKE PRESENTATION, EXCLUDING ANY EFFECTS FROM
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