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Wintershall Dea Investor Presentation WINTERSHALL DEA INVESTOR PRESENTATION THE LEADING EUROPEAN INDEPENDENT GAS AND OIL COMPANY MAY 2020 WINTERSHALL DEA INVESTOR PRESENTATION DISCLAIMER This document has been prepared by Wintershall Dea GmbH (“the Company”) for information purposes only. The information contained in this document has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the Company or any of their respective affiliates, advisors, or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss whatsoever arising from any use of this document, or its contents, or otherwise arising in connection with this document. This document does not constitute, or form part of, an offer or invitation to purchase any securities and neither it nor part of it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. Forward-Looking Statements This document includes projections and other “forward-looking statements”, which are based on expectations of the Company’s management and projections about future events and financial performance as of the date of the presentation. These forward-looking statements involve a number of risks, uncertainties, and assumptions about the Company and its subsidiaries, which are beyond the control of the Company. In light of these risks, uncertainties and assumptions, actual results may not occur or may differ materially from those predicted in the forward-looking statements and from the past performance of the Company. As a result, you should not rely on these forward-looking statements. The Company accepts no obligation to update any forward-looking statements set forth herein or to adjust them to future events or developments. Non-GAAP and Non-IFRS Financial Measures This document contains certain non GAAP and non IFRS measures and ratios, including for example EBITDAX and net debt that are not required by, or presented in accordance with, any GAAP or IFRS. These non GAAP and non IFRS measures and ratios may not be comparable to similarly titled measures used by other companies and have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results as reported under IFRS or any GAAP. 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 UPSTREAM MIDSTREAM Exploration – Development – Production European Pipeline Networks Diversified Upstream activities with full lifecycle capabilities High quality and stable 1 2 Midstream business WINTERSHALL DEA INVESTOR PRESENTATION PAGE 4 WINTERSHALL DEA INVESTOR PRESENTATION OUR STRATEGY LANDSCAPE OUR STRATEGY Competitive and sustainable shareholder 1 returns Climate change and Energy demand 2 Strict Financial Framework energy transition growth globally Advantaged, gas weighted upstream 3 portfolio Exposure to high quality and stable 4 midstream business Renewables cannot Abundance of low keep up with cost fossil fuels Focus on Sustainability demand growth 5 WINTERSHALL DEA INVESTOR PRESENTATION PAGE 5 WINTERSHALL DEA INVESTOR PRESENTATION THE LEADING EUROPEAN INDEPENDENT GAS AND OIL COMPANY Large and diversified upstream portfolio 1 2 Exposure to high quality and stable midstream business 3 Resilience through top decile production costs 4 Strong partnerships with world class operators 5 Robust financial policy anchored on our commitment to investment grade 7 Excellent ESG footprint and strong focus on sustainability WINTERSHALL DEA INVESTOR PRESENTATION PAGE 6 WINTERSHALL DEA INVESTOR PRESENTATION LARGE AND DIVERSIFIED UPSTREAM PORTFOLIO RESILIENT PORTFOLIO WITH DIVERSIFIED PRICING CONSTRUCTS KEY FIGURES 2019 Northern Europe Russia Production ‘19 Production: 201 mboe/d ‘19 Production: 289 mboe/d Russia LATAM Nothern 12% Europe 33% MENA 8% Reserves Replacement Ratio 617(1) mboe/d 109% Algeria 47% UAE Russia Mexico Libya Egypt Reserves Latin America Brazil MENA Liquids ‘19 Production: 76 mboe/d ‘19 Production: 51 mboe/d 30% 2P Reserves Life Gas 3.8 70% Established Upstream Business Units bn boe 17 years Argentina Growth Upstream Business Units Other Business Units (1) EXCLUDING LIBYA ONSHORE PRODUCTION WINTERSHALL DEA INVESTOR PRESENTATION PAGE 7 WINTERSHALL DEA INVESTOR PRESENTATION EXPOSURE TO HIGH QUALITY AND STABLE MIDSTREAM BUSINESS OUR PIPELINE NETWORK STRONG FINANCIAL CONTRIBUTION TO THE GROUP(1) (€ MILLION) 282 283 272 ▪ Predictable and stable business ▪ Buffer against commodity 164 161 159 price volatility ▪ High quality and modern infrastructure assets ▪ Long term potential in low- 4,140 km onshore gas pipelines carbon environment - 2017 2018 2019 hydrogen transportation Compressor stations Transit pipeline (third-party) EBITDA Net Income NEL/OPAL Nord Stream GASCADE pipeline network Nord Stream 2 (financing only) (1) FROM DECEMBER 2019, WIGA GROUP CONSOLIDATED AT EQUITY WINTERSHALL DEA INVESTOR PRESENTATION PAGE 8 WINTERSHALL DEA INVESTOR PRESENTATION RESILIENCE THROUGH TOP-DECILE PRODUCTION COSTS PRODUCTION COSTS(1) VS. PEERS (2017-2019 AVERAGE)(2) PRODUCTION COSTS OVER TIME ($/BOE) $/boe 40 % 5.1 7.1 4.3 Peer median: $7.7/boe SOURCE: COMPANY AND PUBLIC INFORMATION 2014 (3) 2019 (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 (3) AGGREGATED NUMBER FOR WINTERSHALL AND DEA. FOR ILLUSTRATIVE PURPOSES ONLY. WINTERSHALL DEA INVESTOR PRESENTATION PAGE 9 WINTERSHALL DEA INVESTOR PRESENTATION STRONG PARTNERSHIPS WITH WORLD CLASS OPERATORS PROVEN PARTNERSHIP MODEL WITH LONG HISTORY OF OPERATIONAL TRACK RECORD Production Operating in the Country Key Partners Non-operated 2019, mboe/d country since Russia 289 1990s Norway 145 1970s JV-operated 67% Argentina 72 1980s Egypt 38 1970s Operated Mexico 4 2017 ~2/3 OF PRODUCTION(1) OWN OR JV-OPERATED UAE N/A Development (1) 2019 PRODUCTION SPLIT WINTERSHALL DEA INVESTOR PRESENTATION PAGE 10 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 & financial discipline 1 SUSTAINING AND COMMITTED CAPEX ▪ Maintain our investment grade rating BALANCE SHEET Prioritising shareholder returns 2 ▪ Capacity to pay competitive dividends through the cycle 3 DIVIDEND Value-driven growth 4 GROWTH ▪ Disciplined capital allocation in selected profitable growth WINTERSHALL DEA INVESTOR PRESENTATION PAGE 11 WINTERSHALL DEA INVESTOR PRESENTATION EXCELLENT ESG FOOTPRINT AND STRONG FOCUS ON SUSTAINABILITY OUR UNITED NATIONS SUSTAINABILITY GOALS OUR SUSTAINABILITY TARGETS No routine flaring Zero harm to people 0 and venting(1) 0 Top performer in IOGP ranking OUR APPROACH – MORE ENERGY, LESS EMISSIONS Transparency Women in executive positions Implement TCFD > 30% recommendations by 2025 (1) WINTERSHALL DEA IS COMMITTED TO THE WORLD BANK’S ZERO ROUTINE FLARING BY 2030 INITIATIVE WINTERSHALL DEA INVESTOR PRESENTATION PAGE 12 FINANCIAL AND OPERATIONAL RESULTS WINTERSHALL DEA INVESTOR PRESENTATION PAGE 13 WINTERSHALL DEA INVESTOR PRESENTATION FACING THE CRISIS Protecting our people Business continuity TOP Preserving liquidity PRIORITIES Low cost asset base 1 Development capex reduced 30% • Top decile production cost of $4.3/boe 2 Exploration spend reduced 20% • Free cash flow breakeven of $~30/boe, reducing to below $20/boe in 2021(1) 3 Opex reduced 10% Midstream business contributing c. €140 million of stable 4 Dividend suspended cash flow TO THE CRISIS THE TO OUR RESILIENT OUR OUR RESPONSEOUR 5 Increased liquidity to €2.4 billion BUSINESSPROFILE Diversified portfolio with multiple pricing mechanisms (1) ASSUMING $4/MCF TTF WINTERSHALL DEA INVESTOR PRESENTATION PAGE 14 WINTERSHALL DEA INVESTOR PRESENTATION RESULTS SUMMARY Unit Q1 2020 Q1 2019(2) Performance FY 2019(3) FY 2018(4) Performance Production(1) mboe/d 626 626 (0%) 617 566 (+9%) Brent $/boe 50 63 (-21%) 64 71 (-10%) Environment Gas TTF $/mscf 3.7 7.1 (-48%) 4.4 7.9 (-44%) EBITDAX € million 481 832 (-43%) 2,828 3,591 (-21%) Operating Cash Flow € million 502 581 (-14%) 1,866 2,796 (-33%) Capex € million 357 361 (-1%) 1,676 1,570 (+7%) Free Cash Flow € million 137 118 (+16%) 190 1,182 (-84%) Financial Financial Results Adjusted Net income(5) € million -78 320 (-126%) 879 1,055 (-17%) Unit 31.03.2020 31.03.2019 Performance 31.12.2019 31.12.2018 Performance Net Debt € million 5,713 5,762 5,762 - Leverage Ratio (LTM) x 2.3 2.0 2.0x - Balance Balance Sheet (1) EXCLUDING LIBYA ONSHORE PRODUCTION (2) Q1 2019 FIGURES REPRESENT AN AGGREGATION OF JANUARY-MARCH FIGURES FOR WINTERSHALL HOLDINGS GMBH GROUP AND DEA DEUTSCHE ERDOEL AG GROUP WITHOUT ANY PRO FORMA ADJUSTMENTS (3) FY 2019 FIGURES REPRESENT AN AGGREGATION OF JANUARY-APRIL FIGURES FOR WINTERSHALL HOLDINGS GMBH GROUP AND DEA DEUTSCHE ERDOEL AG GROUP AND MAY-DECEMBER ACTUALS FOR WINTERSHALL DEA GROUP, WITHOUT ANY PRO FORMA ADJUSTMENTS (4) FY 2018 FIGURES REPRESENT AN AGGREGATION OF JANUARY-DECEMBER FIGURES FOR WINTERSHALL HOLDINGS GMBH GROUP AND DEA DEUTSCHE ERDOEL AG GROUP WITHOUT ANY PRO FORMA ADJUSTMENTS (5) ADJUSTED FOR INTEGRATION AND RESTRUCTURING
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