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Investor Presentation 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
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