WINTERSHALL DEA INVESTOR PRESENTATION

THE LEADING EUROPEAN INDEPENDENT GAS AND OIL COMPANY

AUGUST 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, Adjusted Net Income and net not been independently verified and no and projections about future events and debt that are not required by, or presented in representation or warranty, express or implied, financial performance as of the date of the accordance with, 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 WINTERSHALL DEA AT GLANCE

VALUE CHAIN OPERATIONAL FINANCIAL 01 UPSTREAM 617 Production(1) 2.8 EBITDAX(3) mboe/d € billion

Exploration, Development and Production Diversified Upstream activities 2P Reserves(2) Operating Cash Flow(3) with full lifecycle capabilities 3.8 1.9 billion boe € billion 02 MIDSTREAM

Moody‘s 13 Countries Baa2 (neg) European Pipeline Networks (sta) Fitch High quality and stable BBB Midstream business

(1) FY 2019 PRODUCTION COMPRISING PRODUCTION FOR WINTERSHALL DEA GROUP ON AL LIKE-FOR-LIKE BASIS (AGGREGATING PRODUCTION FOR WINTERSHALL GROUP FOR JANUARY TO APRIL 2019, THE PRODUCTION FOR DEA GROUP FOR JANUARY TO APRIL 2019 AND THE PRODUCTION FOR WINTERSHALL DEA GROUP FOR MAY – DECEMBER 2019) ON A WORKING INTEREST BASIS; INCLUDING PROPORTIONAL PRODUCTION FROM AT EQUITY ACCOUNTED COMPANIES; EXCLUDING LIBYA ONSHORE PRODUCTION; (2) 2P RESERVES AS OF DECEMBER 31, 2019 (3) FY 2019 FIGURES REPRESENT AN AGGREGATION OF JANUARY-APRIL FIGURES FOR WINTERSHALL HOLDINGS GMBH GROUP AND DEA DEUTSCHEPAGE 4 ERDOEL AG GROUP AND MAY-DECEMBER ACTUALS FOR WINTERSHALL DEA GROUP, WITHOUT ANY PRO FORMA ADJUSTMENTS; EFFECTS FROM THE PURCHASE PRICE ALLOCATION INCLUDED FROM 1 MAY 2019 ONWARDS ONLY. WINTERSHALL DEA INVESTOR PRESENTATION OUR STRATEGY

LANDSCAPE OUR STRATEGY

Resilient, low cost, gas weighted Climate change and energy 01 transition upstream portfolio Exposure to high quality and stable Energy demand growth 02 midstream business globally 03 Disciplined Financial Framework Renewables cannot keep up with demand growth Competitive and sustainable 04 shareholder returns

Abundance of low cost Focus on Sustainability fossil fuels 05

WINTERSHALL DEA INVESTOR PRESENTATION PAGE 5 KEY INVESTMENT HIGHLIGHTS

WINTERSHALL DEA INVESTOR PRESENTATION PAGE 6 WINTERSHALL DEA INVESTOR PRESENTATION KEY INVESTMENT HIGHLIGHTS

Diversified, gas weighted 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 peer-leading Strong ESG footprint and 03 production costs 06 focus on sustainability

WINTERSHALL DEA INVESTOR PRESENTATION PAGE 7 WINTERSHALL DEA INVESTOR PRESENTATION 01 DIVERSIFIED, GAS WEIGHTED UPSTREAM PORTFOLIO

RESILIENT PORTFOLIO WITH DIVERSIFIED KEY FIGURES 2019

PRICING CONSTRUCTS Production Reserves(2) Northern LATAM LATAM Northern Europe Russia Russia 12% Northern 7% Europe Europe MENA 24% 2019 Production: 2019 Production: 33% MENA 617(1) 11% 3.8 201 mboe/d 289 mboe/d 8% mboe/d bn boe

72% 70% Gas Gas Algeria Russia 58% UAE Russia 47% Libya Egypt Mexico 1P+2C R/P 27 years Latin America MENA 2P R/P 2019 Production: 2019 Production: 1P R/P 17 years 2.2 76 mboe/d 51 mboe/d 13 years

Brazil

Argentina boe 3.0 3.8 6.0 Established Upstream Growth Upstream Other Business bn Business Units Business Units Units 1P 2P 2C 2P+2C (1) FY 2019 PRODUCTION COMPRISING PRODUCTION FOR WINTERSHALL DEA GROUP ON A LIKE-FOR-LIKE BASIS (AGGREGATING PRODUCTION FOR WINTERSHALL GROUP FOR JANUARY TO APRIL 2019, THE PRODUCTION FOR DEA GROUP FOR JANUARY TO APRIL 2019 AND THE PRODUCTION FOR WINTERSHALL DEA GROUP FOR MAY – DECEMBER 2019) ON A WORKING INTEREST BASIS; INCLUDING PROPORTIONAL PRODUCTION FROM AT EQUITY ACCOUNTED COMPANIES; EXCLUDING LIBYA ONSHORE PRODUCTION; (2) RESERVES AS OF DECEMBER 31, 2019 PAGE 8 WINTERSHALL DEA INVESTOR PRESENTATION 02 HIGH QUALITY AND STABLE MIDSTREAM BUSINESS

PARTICIPATION IN MIDSTREAM ASSETS 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 9 WINTERSHALL DEA INVESTOR PRESENTATION 03 RESILIENCE THROUGH PEER-LEADING PRODUCTION COSTS

PRODUCTION COSTS(1) VS. PEERS (2017-2019 AVERAGE)(2) PRODUCTION COSTS OVER TIME ($/BOE) $/boe ~ 45 % 5.1

7.1

4.3 3.9

SOURCE: COMPANY AND PUBLIC INFORMATION Peer median: $7.7/boe 2014 2019 1H 2020

(1) PRODUCTION COSTS INCLUDE ONLY PRODUCTION RELEVANT AND OPERATING LEASE EXPENSES. (2) INCL. AKER BP, APACHE, BP, CONOCOPHILLIPS, ENI, EQUINOR, GALP, HESS, LUNDIN, NOBLE ENERGY, OMV, OXY, REPSOL, SANTOS, SHELL, TOTAL, WOODSIDE

PAGE 10 WINTERSHALL DEA INVESTOR PRESENTATION 04 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 11 WINTERSHALL DEA INVESTOR PRESENTATION 05 ROBUST FINANCIAL POLICY ANCHORED ON OUR COMMITMENT TO INVESTMENT GRADE

CLEAR PRIORITIES AND CAPITAL ALLOCATION

Sustaining and 01 Fulfill commitments and committed capex maintain current production

Maintain our solid 02 Balance sheet investment grade rating

€ Capacity to pay competitive 03 Dividend dividends through the cycle

04 Growth Disciplined capital allocation € in selected profitable growth

WINTERSHALL DEA INVESTOR PRESENTATION PAGE 12 WINTERSHALL DEA INVESTOR PRESENTATION 06 STRONG ESG FOOTPRINT AND FOCUS ON SUSTAINABILITY

OUR APPROACH – MORE ENERGY, LESS EMISSIONS WE ACHIEVED

70 % Gas in our portfolio Management Portfolio Emission efficiency in Emission efficiency operations incl. reduction Founding Signatory of via portfolio construction targets Methane Guiding Principles Transparency Comprehensive reporting incl. Deliver IOGP stretch target GRI, CDP and of zero flaring TCFD Offsetting Technologies Net GHG reduction supported Technology development Promoter of hydrogen by nature-based solutions to enable energy transition Research collaboration with KIT(1) on hydrogen and CCS

We are part of the energy transition

(1) KARLSRUHE INSTITUTE OF TECHNOLOGY

WINTERSHALL DEA INVESTOR PRESENTATION PAGE 13 FINANCIAL AND OPERATIONAL RESULTS

WINTERSHALL DEA INVESTOR PRESENTATION PAGE 14 WINTERSHALL DEA INVESTOR PRESENTATION 2020 DELIVERING ON CRISIS ACTIONS

IMPLEMENTED CONTINUING TOP PRIORITIES DECISIVE MEASURES TO DELIVER

Protecting our people  Production and development capex No material impact to production budget reduced by 30% Business continuity  Exploration budget reduced by 20% Record low production costs of Balance sheet $3.5/boe in Q2 achieved

 Opex budget reduced by 10%

Positive free cash flow outlook for  Dividend suspended 2020

PAGE 15 WINTERSHALL DEA INVESTOR PRESENTATION SECOND QUARTER PERFORMANCE

OPERATIONAL FINANCIAL HEALTH AND SAFETY

(1) 606 Production 254 EBITDAX LTIF mboe/d Q2 2019(2): 614 mboe/d € million Q2 2019(2): €683 million 0.58 Q2 2019: 0.36

3.5 Production Cost -294 Free Cash Flow TRIR (2) $ per boe Q2 2019 : $4.1/boe (2) 1.57 € million Q2 2019 : €33 million Q2 2019: 3.49

Adj. Net Income CAPEX(3) 90 367 € million Q2 2019(2): €330 million € million Q2 2019(2): €465 million

1) EXCLUDING LIBYA ONSHORE PRODUCTION 2) LIKE-FOR-LIKE PRESENTATION, AGGREGATING THE INCOME STATEMENT OF THE WINTERSHALL GROUP FOR APRIL 2019 (IN THE NEW REPORTING STRUCTURE), THE INCOME STATEMENT OF THE DEA GROUP FOR APRIL 2019 (IN THE NEW REPORTING STRUCTURE) AND THE INCOME STATEMENT OF THE WINTERSHALL DEA GROUP FOR MAY - JUNE 2019, EFFECTS FROM THE PURCHASE PRICES ALLOCATION ONLY INCLUDED FROM 1 MAY 2019 ONWARDS 3) INCLUDING CAPITALIZED EXPLORATION AND ACQUISITIONS PAGE 16 (7) (6) (5) (4) (3) (2) (1) WINTERSHALL DEA INVESTOR PRESENTATION INVESTOR DEA WINTERSHALL RESULTS SUMMARYRESULTS AS ADJUSTED INCLUDING CAPITALIZED EXPLORATION AND ACQUISITIONS JANUARY OF AN AGGREGATION REPRESENT FIGURES FY 2018 JANUARY OF AN AGGREGATION REPRESENT FIGURES FY 2019 LIKE COMPRISES Q2 2019 PERIOD THE PRODUCTION; ONSHORE LIBYA EXCLUDING PRODUCTION FROM AT EQUITY ACCOUNTED COMPANIES ACCOUNTED EQUITY AT FROM PRODUCTION MAY 2019 ONWARDS. 2019 MAY Balance Sheet Financial Results Environment REPORTED, INCLUDING WORKING CAPITAL LINES SIGNED AFTER QUARTER E QUARTER AFTER SIGNED LINES CAPITAL WORKING INCLUDING REPORTED, - FOR Liquidity Leverage Ratio Leverage Production EBITDAX Adjustedincome Net Net Debt Net Net income Net Brent FreeCash Flow Capex OperatingFlow Cash Gas TTF Gas - LIKE PRESENTATION, AGGREGATING THE INCOME STATEMENT OF OF STATEMENT INCOME THE AGGREGATING PRESENTATION, LIKE FORSPECIAL ITEMS LIKE IMPAIRMENTLOSSES AND EXPENSES RELATEDTO (5) (1) (LTM) ; - - DECEMBER FIG FIGURE APRIL (6) S FOR WINTERSHALL WINTERSHALL FOR S THE WINTERSHALL GROUP FOR APRIL 2019 (IN THE NEW REPORTING STRUC NEW REPORTING THE (IN 2019 APRIL FOR GROUP WINTERSHALL THE URES FOR WINTERSHALL WINTERSHALL FOR URES PRODUCTION FOR WINTERSHALL DEA GROUP ON AL AL ON LIKE GROUP DEA WINTERSHALL FOR PRODUCTION ND THE MERGER SUCH AS RESTRUCTURING AND INTEGRATION; INTEGRATION; AND RESTRUCTURING AS SUCH MERGER THE GROUP GROUP GROUP GROUP AND AND € million€ x € million€ million€ mboe/d Unit € million€ € million€ € million€ $/boe € million€ million€ $/mscf AND DEA DEA AND DEA DEA GROUP ANDGROUP MAY GROUP GROUP WITHOUT ANY PRO FORMA ADJUSTMENTS FORMA PRO ANY WITHOUT - DECEMBER ACTUALS FOR WINTERSHALL DEA GROUP, WITHOU GROUP, DEA WINTERSHALL FOR ACTUALS DECEMBER - FOR - LIKE BASISLIKE TURE), THE INCOME STATEMENT OF THE DEA GROUP FOR APRIL (IN APRIL 2019 FOR GROUP DEA OF THE STATEMENT INCOME THE TURE), (AGGREGATING PRODUCTION FOR WINTERSHALL GROUP FOR APRIL TH 2019, FOR APRIL GROUP FOR WINTERSHALL PRODUCTION (AGGREGATING T ANY PRO FORMA ADJUSTMENTS FORMA PRO ANY T 30.06.2020 Q2 2020 1,797 5,999 THE NEW REPORTING STRUCTURE) AND THE INCOME STATEMENT OF WI OF THE STATEMENT INCOME AND THE STRUCTURE) NEW REPORTING THE - - 367 254 606 703 294 E PRODUCTION FOR DEA GROUP FOR APRIL 2019 AND THE PRODUCTION FOR PRODUCTION THE AND 2019 APRIL FOR GROUP DEA FOR PRODUCTION E 2.9 2.1 90 99 30 31.03.2020 Q2 2019 2,441 5,713 - (2) 330 494 465 683 614 868 2.3 4.8 69 33 (7) NTERSHALL DEA GROUP FOR MAY FOR MAY DEA GROUP NTERSHALL WINTERSHALL DEA GROUP FOR MAY FOR MAY DEA GROUP WINTERSHALL 31.12.2019 FY 2019 FY - JUNE 2019, EFFECTS FROM THE PURCHA THE FROM EFFECTS 2019, JUNE 5,762 1,676 1,866 2,828 – - 2.0x JUNE 2019) ON A WORKING INTERES A WORKING ON 2019) JUNE 673 879 190 617 4.4 64 (3) SE PRICE ALLOCATION ONLY INCLUDED FROM 1 FROM INCLUDED ONLY ALLOCATION PRICE SE T BASIS; INCLUDING PROPORTIONAL PROPORTIONAL INCLUDING BASIS; T 31.12.2018 FY 2018 FY 1,055 1,182 1,570 2,796 3,591 952 566 7.9 71 (4) – – WINTERSHALL DEA INVESTOR PRESENTATION PRODUCTION

PRODUCTION(1) (WI, MBOE/D) Q2 2020 PRODUCTION(1) COMPOSITION

% Gas 72% 72% 71% 73% 73% 73% Brent Crude 17%

638 626 614 626 606 Russia 589 38% Gas 75 70 74 76 74 41 80 55 49 48 46 606 59 Europe 18% Spot Gas (mboe/d)

306 280 307 300 287 264 7% 9% Other Non- 10% Europe Gas Russia Argentina Condensate 205 210 186 200 207 199 Gas

Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 ~36% of total production linked directly to spot Brent and European gas prices Northern Europe Russia MENA Latam

(1) INCLUDES PRODUCTION FROM AT-EQUITY ACCOUNTED COMPANIES, EXCLUDING LIBYA ONSHORE VOLUMES

WINTERSHALL DEA INVESTOR PRESENTATION PAGE 18 WINTERSHALL DEA INVESTOR PRESENTATION PROFITABILITY

EBITDAX (€ MILLION) ADJUSTED NET INCOME (€ MILLION)

-21 %

-17 % 3,591 282 -63 % 235 1,055 2,828 397 275 879 419 270 320 683

463 78 65 -73 % 95 2,355 105 254 1,671 330 58 27 379 43 37 90 118 -98 -170 -39 -29 2018 2019 Q2 2019 Q2 2020 2018 2019 Q2 2019 Q2 2020 Northern Europe Russia Latam MENA Midstream Other

WINTERSHALL DEA INVESTOR PRESENTATION PAGE 19 WINTERSHALL DEA INVESTOR PRESENTATION COST PERFORMANCE

Q2 2020 PRODUCTION AND OPERATING EXPENSES PRODUCTION COST EVOLUTION ($/BOE)

Other

5.7 Production 5.4 32% Costs 40%

4.3 4.1 €333 3.5 million

28%

Cost of Trade Goods(1)

2017 2018 2019 Q2 2019 Q2 2020

1) COST OF TRADE GOODS INCLUDES PRIMARILY TRADING ACTIVITIES. OTHER PRIMARILY INCLUDES TRANSPORT FEES AND LEASES AND OTHER COST OF SALES

WINTERSHALL DEA INVESTOR PRESENTATION PAGE 20 APPENDIX

WINTERSHALL DEA INVESTOR PRESENTATION PAGE 21 WINTERSHALL DEA INVESTOR PRESENTATION HIGHLY EXPERIENCED AND DIVERSE LEADERSHIP TEAM

Mario Mehren Paul Smith Dawn Summers Thilo Wieland Hugo Dijkgraaf Chairman of the CFO COO Northern Board Member CTO Board and CEO Europe and MENA for Russia, LatAm and Midstream

CEO of Wintershall, Chairman of Co – Founder & CFO, Vesta Energy Chief Operating Officer, Beach Member of the Board of Executive Managing Director of Wintershall the Board of Executive Directors (2017-2019) Energy (2018-2020) Directors of Wintershall (2015-2019) Norge (2017-2019) (2015-2019) CFO and Executive Vice President, Chief Operating Officer, Origin Various other positions with Various other positions with Member of the Board of Executive Talisman Energy (2013 – 2016) Energy (2016-2018) Wintershall since 1999, including Wintershall since 2000, including Directors responsible for General Manager, Libya Vice President and Project Director Exploration & Production Russia, Executive Vice President, North Head of HSE , Operations and (2014 – 2015) and Vice of the Maria development, Norway North Africa and South America America, Talisman Energy (2009 – Development, Genel Energy (2013- President, Strategy & Portfolio (2012 – 2017) (2011-2015) 2013) 2015) Management (2013 – 2014)

Head of Finance & Information Various positions with BP between Various positions with BP between Management, Wintershall 1993 and 2009 1993 and 2013 (2006 – 2011)

Various positions with BASF (1998- 2006)

10+ years in senior E&P roles 25+ years in E&P 25+ years in E&P 20+ years in E&P 15+ years in E&P

WINTERSHALL DEA INVESTOR PRESENTATION PAGE 22 WINTERSHALL DEA INVESTOR PRESENTATION SHAREHOLDER STRUCTURE AND CORPORATE GOVERNANCE

SIMPLIFIED CORPORATE STRUCTURE SHAREHOLDER COMMITTEE CORPORATE GOVERNANCE

Employee representatives Lord Browne of Madingley BASF nominees LetterOne nominees

5.7% 67% (33% Hans-Ulrich Engel Independents (72.7%) (27.3%) WD Executive Team

Wintershall Dea GmbH Michael Heinz Supervisory Board Oversight of the Management Board 100% Chairman rotates every 15 months between two shareholders German Khan Shareholders Committee Wintershall Dea Finance BV All other subsidiaries Approval of annual budgets, new country entries, major capital commitments and changes to corporate governance

Ordinary shares Executive Board Board Preference shares(1) Responsible for delivering the strategy and ongoing operations

(1) PREFERENCE SHARES WILL BE CONVERTED INTO ORDINARY SHARES IN WINTERSHALL DEA NO LATER THAN 36 MONTHS AFTER CLOSING BUT IN ALL CASES BEFORE AN IPO.

WINTERSHALL DEA INVESTOR PRESENTATION PAGE 23 WINTERSHALL DEA INVESTOR PRESENTATION DEFINITIONS

Adjusted • Adjusted net income is net income adjusted for identified items such as impairments, expenses related to the merger, deconsolidation effects and other Net Income one-off effects

Break-Even • FCF Break-even defined as brent price required for free cash flow before acquisitions and dividends to be zero, assuming TTF of $4.0 / mcf and constant domestic prices. Price

• Capex (excluding M&A, incl. capitalized exploration expenditure) for the Group consists of payments for intangible assets, property, plant and equipment and investment CAPEX property

• EBITDAX defined as income before tax but adjusted for the following items: financing costs, exploration expense, DD&A and impairments, acquisitions, disposals, identified EBITDAX items, minority interest, FX gains and losses, pensions, loss or gain in relation to disposal of fixed assets

Free cash • Free cash flow for the Group comprises the cash flow from operating activities and the cash flow from investing activities but excludes payments for acquisitions flow

Leverage • Net debt divided by last twelve months EBITDAX

LTIF • Lost time injury frequency per million work-hours

• Net debt consists of liabilities to banks, bonds, interest bearing financial liabilities from cash-pooling towards related parties and leasing liabilities less cash and cash Net Debt equivalents and less interest-bearing financial receivables from cash-pooling from related parties

Production • Production costs include G&A allocation but exclude export and processing tariffs, finance items and R&D costs

TRIR • Total Recordable Incident Rate per million hours worked

WINTERSHALL DEA INVESTOR PRESENTATION PAGE 24