Wintershall Dea

Fixed Income Investor Presentation

SEPTEMBER 2019 INVESTOR PRESENTATION AGENDA

1 COMPANY INTRODUCTION AND STRATEGY

2 CREDIT HIGHLIGHTS

3 HISTORICAL FINANCIALS

4 CONCLUSION

A APPENDIX

PAGE 2 SECTION 1 COMPANY INTRODUCTION AND STRATEGY

PAGE 3 COMPANY INTRODUCTION AND STRATEGY FOCUSED ACTIVITIES ACROSS THE E&P VALUE CHAIN

UPSTREAM MIDSTREAM

European Pipeline Exploration – Development – Production Networks

Stable cash flows Strong cash flows from from infrastructure E&P activities 1 2 assets

SOURCE: COMPANY INFORMATION

PAGE 4 COMPANY INTRODUCTION AND STRATEGY WINTERSHALL DEA AT A GLANCE DIVERSIFIED UPSTREAM PORTFOLIO CENTRED AROUND 4 REGIONS

RESERVES CATEGORISATION (2018YE) 589 mboe/d 66% Gas Baa2/BBB 2018 WI Production 2018 Production Split Moody’s/Fitch Ratings bn boe 2P+2C 1P RP1 2P RP1 RP1 15 years 18 years 31 years Northern Europe Russia 2P Res: 893 mmboe 2P Res: 2,345 mmboe 1P/2P 1 2 Ratio ‘18 Prod: 203 mboe/d ‘18 Prod: 252 mboe/d 82%

35% 2.6 3

Latin America Middle East & North Africa (MENA) 65% 35% 2P Res: 268 mmboe 2P Res: 201 mmboe 4 3 ‘18 Prod: 74 mboe/d ‘18 Prod: 60 mboe/d 3.7 2 2.9 2 3.0 6.3 3 34% 66%

€6.3bn €3.6bn €1.2bn 1P 2P 2C 2P+2C 2018 PF Sales Revenues 2018 PF EBITDAX 2018 Free Cash Flow4

1 RESERVES TO PRODUCTION RATIO (OR RESERVES AND RESOURCES TO PRODUCTION RATIO, WHERE APPLICABLE). 2 93% AUDITED BY EXTERNAL AUDITORS. 3 NOT EXTERNALLY AUDITED. 4 AGGREGATED NUMBER FOR WINTERSHALL AND DEA.

PAGE 5 COMPANY INTRODUCTION AND STRATEGY WINTERSHALL DEA MERGER

SHAREHOLDING STRUCTURE STRATEGIC RATIONALE FOR THE MERGER

. Create the Leading European Independent exploration and production company with strong international operations and significant scale

. 5.7% 67% (33% Increase competitiveness and future viability (72.7%) (27.3%) . Create value through additional growth opportunities and realization of €200m p.a. of synergies by year 3 of the merger

Ordinary shares Preference shares1

SOURCE: COMPANY INFORMATION. 1 PREFERENCE SHARES WILL BE CONVERTED INTO ORDINARY SHARES IN WINTERSHALL DEA NO LATER THAN 36 MONTHS AFTER CLOSING OF THE MERGER BUT IN ALL CASES BEFORE AN IPO. PAGE 6 COMPANY INTRODUCTION AND STRATEGY CORPORATE STRATEGY

• Robust financial framework anchored on commitment to Baa2/BBB rating Financial Discipline • Disciplined and prudent cash prioritisation and capital allocation framework • Sustainable shareholder returns through the cycle

• Balanced profitable growth and sustainable shareholder distributions Balanced Value Creation • Portfolio renewal through focused exploration and accretive M&A opportunities

• Relentless focus on health and safety and minimising our environmental footprint Operational Excellence • Continuous improvement of efficiency with focus on maintaining top quartile operating costs

• Partner of choice with proven ability to forge enduring and mutually beneficial relationships Partner of Choice • Maintaining and growing operating capabilities

• Maintaining low carbon gas dominated portfolio Energy Transition • Contributing to the energy transition by continuously improving carbon efficiency in all activities • Developing a leading position in transparency on carbon footprint

PAGE 7 COMPANY INTRODUCTION AND STRATEGY ESG FRAMEWORK

Governance Environment & Climate Protection

We are committed to doing We explore and We constantly minimize our ecological business responsibly and produce gas and oil footprint and use resources efficiently. creating trust through worldwide in transparency. the most efficient Principles and Social Responsibility responsible way. We enforce social standards in all we do and actively engage with our stakeholders.

Operational Climate Diversity Value Chain Stewardship • 66% of our production is • ISO 14001 and 45001 • Embracing diversity and • Supplier Code of Conduct low-carbon gas on relevant locations inclusion includes our ESG standards Focus Areas • No routine flaring in own • Water risk assessment • Over 60 nationalities part • Sustainability para-meters operations1 on relevant sites of inclusive culture part of supplier assessments • Low CO2 emission intensity • Platform recycling in • Share of >30% women in of around 11 kg/boe the north sea workforce above industry • Joint Venture Partnering • Support of long-term average2 program community development

Initiatives Zero Routine Flaring Methane Guiding by 2030 Initiative Principles

1 CURRENTLY EXCEPT LIBYA DUE TO THE SECURITY SITUATION. 2 INDUSTRY AVERAGE OF 22% ACCORDING TO WORLD PETROLEUM COUNCIL (2017) SOURCE: COMPANY INFORMATION PAGE 8 SECTION 2 CREDIT HIGHLIGHTS

PAGE 9 CREDIT HIGHLIGHTS

Leading European Independent Gas and Oil Company with a large and diversified portfolio 1

2 Resilience through industry leading operating costs

3 Strong partnerships with world class operators

4 High visibility on medium term profitable growth

5 Major European pipeline distribution network providing stable and highly visible cash flows

Robust financial policy underpinned by commitment to Baa2/BBB credit rating and disciplined 6 capital allocation framework

7 Highly experienced management team with strong corporate governance

The Leading European Independent Gas and Oil Company

PAGE 10 CREDIT HIGHLIGHTS

1 LEADING EUROPEAN INDEPENDENT GAS AND OIL COMPANY WITH A LARGE AND DIVERSIFIED PORTFOLIO

2018 2P RESERVES SOME OF OUR KEY ASSETS2

Liquids Gas 73% Russia 27% • Achimov I • 96 mboe/d 3.71 • Achimov IV & V (bn boe) • First gas: 2020/2021

• Yuzhno Russkoye • 150 mboe/d

2018 PRODUCTION Vega DIVERSIFICATION Russian • 27 mboe/d Brent / Gas 36% Liquids 34% 589 Mittelplate (mboed) • 21 mboe/d European Spot Gas Argentinian Egyptian 15% Gas 11% CMA-1 Gas 4%

2018 EBITDAX3 • 51 mboe/d OECD 71% Ghasha Development 3.6 (€bn) • First gas: 2022 Non- OECD 29%

SOURCE: COMPANY INFORMATION. 1 93% EXTERNALLY AUDITED. 2 2018 WI PRODUCTION. 3 PRO FORMA 2018 EBITDAX. PAGE 11 CREDIT HIGHLIGHTS

2 RESILIENCE THROUGH INDUSTRY LEADING OPERATING COSTS

PRODUCTION COSTS1 VS. PEERS2 PRODUCTION COSTS OVER TIME (US$/BOE; THREE-YEAR AVERAGE (US$/BOE) 2016A – 2018A)

4.5

7.1

4.3

3 14A H1 19 Peer median: $8.2/boe

SOURCE: COMPANY INFORMATION. NOTE: OCCIDENTAL PETROLEUM (OXY) METRICS ARE PRO-FORMA FOR ANADARKO. 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. PAGE 12 CREDIT HIGHLIGHTS

3 STRONG PARTNERSHIPS WITH WORLD CLASS OPERATORS

PROVEN PARTNERSHIP MODEL WITH LONG HISTORY OF OPERATIONAL TRACK RECORD (2018 PRODUCTION SPLIT) Production Operating in the Country 2018, mboe/d country since Key Partners

Russia 252 1990s

Non-operated 19% JV-operated 67% Norway 140 1970s

Argentina 71 1980s

Operated 14% Egypt 26 1970s

Mexico 3 2017

UAE N/A Development

SOURCE: COMPANY INFORMATION. PAGE 13 CREDIT HIGHLIGHTS

4 HIGH VISIBILITY ON MEDIUM TERM PROFITABLE GROWTH

OUR MAJOR DEVELOPMENT PROJECTS AND PRODUCING ASSETS WITH FURTHER UPSIDE

Norway Russia

• Njord • Bauge (Njord area) • Achimov IV & V • Plateau production: • Plateau production: • Plateau production: 40 mboe/d 10 mboe/d 90 mboe/d • First oil: 2020 • First oil: 2020 • First gas: 2020/2021 • Dvalin • Nova • Yuzhno Russkoye (Turonian) • Plateau production: • Plateau production: 30 mboe/d 30 mboe/d • Plateau production: 40 mboe/d • First gas: 2020 • First oil: 2021 • First gas: 2019/2020 • Ærfugl • Plateau production: 25 mboe/d • First oil: 2020 UAE • Ghasha Concession • Plateau production: 40 mboe/d Mexico • First gas: 2022 • Zama • FID 2021

Egypt • Raven (WND) • Plateau production: Argentina (pre-FID) 30 mboe/d • Fenix • First gas: Q4 2019 • FID 2019/2020 • Aguada Federal & Bandurria Norte • FID 2020 Profitable production growth to 750 mboe/d by 2023

SOURCE: COMPANY INFORMATION PAGE 14 CREDIT HIGHLIGHTS

5 MAJOR EUROPEAN PIPELINE DISTRIBUTION NETWORK PROVIDING STABLE AND HIGHLY VISIBLE CASH FLOWS

• Major player in the non-cyclical European gas DENMARK Baltic Sea transportation business

North Sea Kiel Greifswal • Midstream business consists of: d Hamburg Schweri Emden n Bremen NEL Bacton Balgzand • Partly / non-regulated pipeline assets (OPAL + Nord Bunde UNITED EUGAL BERLIN KINGDOM Rehden Mallnow Stream 1): Hanover Amsterdam Frankfurt/ London Hamel Q NETHERLANDS Lippe n Magdebur • Earnings independent from demand fluctuations g Radeland Krefeld POLAND Zeebrugge Kasse Dusseldorf Leipzig Dresden Cologn l STEGAL • Significant cash flows from dividends e Weisweiler Erfurt Brussels Aachen Reckrod Eischleben BELGIUM Rückersdorf Brandov 5 Frankfurt Olbernha • Regulated pipeline assets (GASCADE, NEL, EUGAL ): u Le Havre Prague LUXEMBOURG Waldhau • FRANCE s Earnings independent from demand fluctuations on the Ludwigshafe Nurember CZECH Paris n g REPUBLIC basis of regulation Stuttgar t • Fixed and reliable returns on regulated midstream Burghausen Vienna WIGA Group6 Pipeline Network Munich assets WIGA Group Compressor Stations SWITZERLAND AUSTRIA • Net RAB 2018 of €2.6bn2 (GASCADE, NEL)3 Wintershall Capacity In operation Pipeline Length km • Return on regulatory equity4: 6.91% for new systems, Dea Share, % bcm p.a. Since 1 5.12% for old systems GASCADE Grid 50.0 N/A 2,400 1992 OPAL 40.0 36 473 2011 • Midstream business is currently under-levered compared to NEL 25.5 20 441 2012/2013 Nord Stream 1 15.5 55 1,220 2011/2012 peers, further enhancing credit capacity of the Group EUGAL5 25.3 55 480 End 2019 Over €200m p.a. of stable midstream cash flows able to cover debt service of the entire Group

SOURCE: COMPANY INFORMATION. 1 EXCL. EUGAL PROJECT. 2 INCLUDING THEORETICAL NET REGULATORY ASSET BASE FOR 50.5% CO-OWNERSHIP IN EUGAL DURING CONSTRUCTION PROCESS. 3 100% TRANSMISSION OPERATOR BASIS. WINTERSHALL DEA OWNS 50.02% IN WIGA. 4 CALCULATED FOR “3RD REGULATORY PERIOD” (2018-2022), MAX. 40% EQUITY RATIO; NEW SYSTEMS: COMMISSIONED POST 2005, OLD SYSTEMS: COMMISSIONED PRIOR TO 2006. 5 GASCADE OWNS 50.5% IN EUGAL PROJECT. 6 WIGA IS 50.02% OWNED BY WINTERSHALL DEA PAGE 15 CREDIT HIGHLIGHTS

6 ROBUST FINANCIAL POLICY UNDERPINNED BY COMMITMENT TO BAA2/BBB CREDIT RATING AND DISCIPLINED CAPITAL ALLOCATION FRAMEWORK

FINANCIAL POLICY CASH PRIORITIZATION FRAMEWORK

Highest Priority • Commitment to maintain a Baa2/BBB or  Capital equivalent issuer credit rating SUSTAINING CAPITAL Structure & • Robust capital structure, targeting net debt to Financial EBITDAX of 1.5-2.0x in the medium term Discipline • Clear cash prioritization and capital allocation  frameworks BALANCE SHEET

Dividend • Wintershall Dea to pay dividends  policy commensurate with its Rating Target DIVIDEND DISTRIBUTION

• FX risk to be hedged via natural hedges; Hedging policy • Commodity risk hedging to be considered by  exception GROWTH DEVELOPMENT CAPEX

• M&A strategy to be in line with commitment Acquisitions towards the Rating Target  & EXPLORATION & APPRAISAL + M&A Divestments • Pre-IPO, the company will focus its efforts on streamlining the combined portfolio

SOURCE: COMPANY INFORMATION

PAGE 16 CREDIT HIGHLIGHTS

7 HIGHLY EXPERIENCED MANAGEMENT TEAM WITH STRONG CORPORATE GOVERNANCE

EXECUTIVE BOARD THREE-TIER GOVERNANCE STRUCTURE Role • Responsible for overall strategy and Executive / management Management Mario Mehren Board • Composed of senior management leadership Chairman of the Board and CEO team • Responsible for supervision of the Management Maria Moraeus Hanssen(1) Supervisory Board Board COO and Deputy CEO, EMEA Region • Co-determination level of one third Paul Smith Shareholders' • Members from both shareholders as well as CFO Committee two observers/independents

Thilo Wieland SHAREHOLDER COMMITTEE Board Member for Russia, LatAm and Hans-Ulrich Engel Lord Browne of Madingley Midstream

Hugo Dijkgraaf CTO

• Highly experienced management team with 20+ years in E&P sector Michael Heinz German Khan on average • Diverse and complementary background and skillset

SOURCE: COMPANY INFORMATION 1 WILL LEAVE WINTERSHALL DEA AS OF DECEMBER 31ST 2019, REPLACEMENT TO BE ANNOUNCED IN DUE COURSE PAGE 17 SECTION 3 HISTORICAL FINANCIALS

PAGE 18 HISTORICAL FINANCIALS HISTORICAL PERFORMANCE1

PRODUCTION2 (WI, mboe/d) EBITDAX (€m)3

635 599 581 589

138 125 121 894

776 3,591

461 468 456 1,960 1,670

16A 17A 18A 2019 Guidance 16A 17A 18PF

Wintershall DEA Wintershall Dea PF

SOURCE: COMPANY INFORMATION. 1 2016 AND 2017 FIGURES COME FROM RESPECTIVE FINANCIALS OF WINTERSHALL AND DEA AS IS. 2 2016 TO 2018 AGGREGATED NUMBERS FOR WINTERSHALL AND DEA PRESENTED FOR ILLUSTRATIVE PURPOSES ONLY. 3 EBITDAX DEFINED AS INCOME BEFORE TAX, INCLUDING EQUITY INCOME, FINANCING COSTS, EXPLORATION EXPENSE, DD&A AND IMPAIRMENTS, ACQUISITIONS, DISPOSALS, EXTRAORDINARY ITEMS, MINORITY INTEREST, FX GAINS AND LOSSES, PENSIONS, LOSS OR GAIN IN RELATION TO DISPOSAL OF FIXED ASSETS. PAGE 19. HISTORICAL FINANCIALS HISTORICAL PERFORMANCE1

CAPEX (€m)2 FREE CASH FLOW (€m)3

1,720 Up to 1,700 1,664 1,570

656 829

315 948

59

1,008 867 891 68 735 622 344

16A 17A 18A 2019 Guidance 16A 17A 18A

Wintershall Dea Wintershall DEA PF

SOURCE: COMPANY INFORMATION. 1 2016, 2017 AND 2018 FIGURES COME FROM RESPECTIVE FINANCIALS OF WINTERSHALL AND DEA AS IS. 2 EXCLUDING M&A. 3 FREE CASH FLOW (EXCLUDING ACQUISITIONS, BUT INCLUDING FINANCIAL ASSETS)

PAGE 20 SECTION 4 CONCLUSION

PAGE 21 CONCLUSION CREDIT HIGHLIGHTS

Leading European Independent Gas and Oil Company with a large and diversified portfolio 1

2 Resilience through industry leading operating costs

3 Strong partnerships with world class operators

4 High visibility on medium term profitable growth

5 Major European pipeline distribution network providing stable and highly visible cash flows

Robust financial policy underpinned by commitment to Baa2/BBB credit rating and disciplined 6 capital allocation framework

7 Highly experienced management team with strong corporate governance

The Leading European Independent Gas and Oil Company

PAGE 22 APPENDIX

PAGE 23 APPENDIX INTEGRATED HSEQ MANAGEMENT

HSEQ FRAMEWORK EXCELLENT SAFETY PERFORMANCE

HSEQ Leadership Shaping HSEQ culture through own behaviour; promoting cross-unit learning, exchanges and collaboration; driving 2.0 cultural development. We continuously monitor, report and audit to identify opportunities for improvement.

Safe & Healthy Workplace 1.5 Providing a safe and healthy working environment for all of those working on our behalf 1.0 Environmental Protection LTIF 0.8 Minimising our environmental impact and 0.7 0.7 0.7 HSEQ optimising our energy efficiency

Security 0.7 0.5 0.6 0.4 Identifying, understanding and managing security risks worldwide to protect the 0.4 0.2 company, our colleagues and ensure business continuity 0.0 Major Accident Prevention 2015 2016 2017 2018 2019 YTD Implementing and maintaining (1) Robust barriers for known risks as well as (2) Practices to create awareness for early signals. Mitigate LTIF Wintershall Dea¹ LTIF IOGP² escalation in case of accidents

SOURCE: COMPANY INFORMATION, IOGP. NOTE: HSEQ = HEALTH, SAFETY, ENVIRONMENT AND QUALITY, LTIF = LOST TIME INJURY FREQUENCY RATE 1 PROFORMA COMBINED. 2 BASED ON IOGP (INTERNATIONAL ASSOCIATION OF O&G PRODUCERS) DATA FOR EUROPE. PAGE 24 APPENDIX MIDSTREAM BUSINESS STRUCTURE

50.02% 100% Loan agreement for Fully Consolidated up to €950 million from Wintershall WIGA Transport Beteiligungs- › WIGA Transport Beteiligungs- Wintershall Dea Oil AG Nederland 0% 5 GmbH & Co. KG5 GmbH & Co. KG Transport & Trading B.V 5 99.9%2,3 15.5% › W&G Transport Holding GmbH

W&G Transport Holding GmbH Nord Stream 2 AG › OPAL Gastransport GmbH & Co. 5 Nord Stream AG (CH) KG5 (80% Joint Ownership OPAL Project Company › Wintershall Nederland 100%2 100%2 Transport & Trading B.V. (NL)4

OPAL Gastransport W&G GmbH & Co. KG5 › Wintershall Dea Oil AG Infrastruktur Finanzierungs-GmbH (Leaseholder OPAL) “At-equity” Investments 100%2 100%2 › Nord Stream AG GASCADE Gastransport GmbH NEL Gastransport GmbH (Grid owner + 50.5% Joint (51% Joint Ownership NEL) › W&G Infrastruktur Ownership EUGAL) Finanzierungs-GmbH

› GASCADE Gastransport GmbH German Onshore Pipelines Nord Stream 1 Nord Stream 2 (Regulated / Partially / Non- Regulated) (Non-regulated) (Structured Financing) › NEL Gastransport GmbH

“At-equity” Investments Fully Consolidated

SOURCE: COMPANY INFORMATION 1 INDIRECT OWNERSHIP. 2 PROFIT & LOSS TRANSFER AGREEMENT. 3 REMAINING 0.1% SHARES ARE HELD BY WIBG GMBH (100% SUBSIDIARY OF GAZPROM GERMANIA GMBH). THESE SHARES ONLY HAVE A SHAREHOLDER’S MINIMUM VOTING RIGHTS AND NOT GRANT ANY PROFIT PARTICIPATION RIGHTS. 4 FINANCIAL INVESTOR OF NORD STREAM 2. 5 IT IS EXPECTED THAT BY THE END OF 2019 WIGA, WGTH AND OGT WILL NO LONGER BE FULLY CONSOLIDATED IN THE GROUP’S FINANCIAL STATEMENTS AND WILL INSTEAD BE CONSOLIDATED ACCORDING TO THE EQUITY METHOD PAGE 25 APPENDIX HISTORICAL PERFORMANCE (CONT’D)

6m ended As at 30 June Select Income Statement Data Select Balance Sheet Data 30 June 20191 20191 Total revenues and other operating income 2,969 Cash and cash equivalents 977 Other current assets (including trade and financial Production and operating expenses (1,122) 2,500 receivables) Production and similar taxes (100) Current assets 3,477

Depreciation and amortisation (794) Non-Current assets 22,325

Other costs (1,297)1 Assets 25,802

Exploration expenses (98) Current financial debt 4,250

General and administration expenses (484) Other current liabilities 1,946

Result from operating Activities (926) Current liabilities 6,196

Financial Result 2 Non-current financial debt 2,676

Result before taxes (924) Other non-current liabilities 7,263

Income taxes 68 Non-current liabilities 9,939

Net result (856) Total liabilities 16,135

Net result attributable to shareholders (884) Equity 9,667

SOURCE: COMPANY INFORMATION.

1 INFORMATION PRESENTED FOR THE GROUP AS AT AND FOR THE SIX MONTHS ENDED 30 JUNE 2019 AGGREGATES DATA FOR EACH OF WINTERSHALL AND DEA FOR THE SHORT FISCAL YEARS ENDED 30 APRIL 2019 AND FOR THE GROUP FOR THE TWO MONTHS ENDED 30 JUNE 2019. THIS INFORMATION HAS BEEN PREPARED FOR ILLUSTRATIVE AND CONVENIENCE PURPOSES ONLY AND DOES NOT PURPORT TO REPRESENT THE GROUP’S ACTUAL PERFORMANCE OR RESULTS AT ANY HISTORIC DATE OR FOR ANY HISTORIC PERIOD OR PROJECT ITS OPERATION OR RESULTS AS AT ANY FUTURE DATE OR FOR ANY FUTURE PERIOD. INCLUDES A NON-RECURRING IMPAIRMENT CHARGE CAUSED BY AN ADJUSTMENT OF UNDERLYING PRICE ASSUMPTIONS IN THE CONTEXT OF THE MERGER PAGE 26 APPENDIX UPSTREAM PORTFOLIO OVERVIEW

PAGE 27 UPSTREAM PORTFOLIO OVERVIEW OVERVIEW

Northern Europe Russia Germany: • Managing late life assets and production decline; • Participation in world-class assets starting from early technological base with focus on EOR 1990s Norway: • Low-cost production supported by giant reserves base • Current production and development area with significant short-medium term growth and attractive • Long plateau production with significant cashflow exploration upside in proximity to existing infrastructure generation • Exploration: Focus on value creation in the vicinity of operating fields and infrastructure • Long-term contractual offtake agreements (Yuzhno Rest of Europe: Russkoye) • Shallow water operations focusing on production optimization

Latin America Mexico: Middle East and North Africa • Mature onshore oil production and participation in one Egypt: of the world’s largest shallow-water discoveries • Long history in the region with stable production even • Exploration: Major exploration opportunity in recently during past political unrest acquired blocks UAE: Brazil: • Future of the Middle Eastern new production following • Exploration: Participation in offshore exploration the acquisition of the Ghasha concession, highly promising licenses in one of the most attractive hydrocarbon gas and condensate offshore development project provinces aiming to build a significant resource base Algeria: • Participation in the gas development project in the Argentina: Sahara with challenging geological and logistical • Established operations in onshore and offshore fields demands Libya: • History of stable production interrupted by current geopolitical issues

SOURCE: COMPANY INFORMATION PAGE 28 UPSTREAM PORTFOLIO OVERVIEW MAJOR PRODUCTION CENTRES

Norway Russia 2018 Production: 140 mboe/d 2018 Production: 252 mboe/d

Germany 2018 Production: 54 mboe/d

Egypt Argentina 2018 Production: 26 mboe/d 2018 Production: 71 mboe/d

SOURCE: COMPANY INFORMATION NOTE: 2P RESERVES AND PRODUCTION FIGURES ON W.I. BASIS, AS OF FY18. 1 OTHERS INCLUDES ALGERIA, DENMARK, LIBYA, MEXICO, NETHERLANDS, UNITED KINGDOM. PAGE 29 1

UPSTREAM PORTFOLIO OVERVIEW RUSSIA GIANT, LONG LIFE GAS PRODUCING FIELDS UNDERPINNING CASH FLOW GENERATION

KEY HIGHLIGHTS ASSET LOCATIONS

• Long history of Wintershall Dea’s presence in Russia (since the 1990s)

• Close cooperation and partnership with Gazprom Severneftgazprom JV • Yuzhno Russkoye • Strategic assets for Russia as these are key fields for Russian gas Norway exports to Europe Achimgaz JV • Achimov I

Achim Development JV Urengoy Achimov I and Achimov IV & V Finland • Achimov IV & V • Urengoyskoye producing since late 1970s Estonia Saint Petersburg Russia Latvia Wolgodeminoil JV Moscow • • Achimov I producing since 2008 with estimated project duration of c. Belarus Area I, II & IV 40 years Ukraine Kazakhstan • Achimov IV & V aim to develop further formations of the 1,000 Urengoyskoye field Georgia km Wintershall Dea key assets Yuzhno Russkoye OVERVIEW OF KEY ASSETS • Stable contractual arrangements linked to the regulated Russian domestic market price as well as to the European netback price Prod. FY18 Key assets WI (%) % Gas (mboe/d) Operators • Average cost of supply of $1/boe, with attractive cash flow generation and no significant further capex required Key producing assets 50% 70% 96 • Significant upside from phased Turonian development and Achimov I JV (Gazprom, Wintershall Dea) exploration Yuzhno Russkoye 35%² 100% 150 JV (Gazprom, Wintershall Dea, OMV) Other 6 Total Producing 88% 252 Key development projects Achimov IV & V 25% FP: 2020 JV (Gazprom, Wintershall Dea, OMV)

SOURCE: COMPANY INFORMATION ¹ BY REMAINING COMMERCIAL GAS RESERVES (BASED ON WOOD MACKENZIE). 2 ECONOMIC ENTITLEMENT PAGE 30 2

UPSTREAM PORTFOLIO OVERVIEW NORWAY TOP 10 POSITION IN AN ATTRACTIVE OECD REGION

KEY HIGHLIGHTS ASSET LOCATIONS OVERVIEW OF KEY ASSETS

• 500 Prod. FY18 Europe’s largest oil and gas producing country km Barents Sea Key assets WI (%) % Gas (mboe/d) Operators • Stable fiscal and operating environment; low political risk 1000 m 1500 m Alta Key producing assets • Key assets include: Snøhvit Aasta 24% 100% <1 Equinor Hammerfest Hansteen • Maria – discovered in 2010, Wintershall Dea’s first operated Vega 56% 50% 27 Wintershall Dea development project, production started in 2017 Norwegian Aasta Sea Hansteen Finland Skarv 28% 70% 27 Aker BP • Vega – gas-condensate asset with first production started in 2010 Skarv Area Snorre 9% - 8 Equinor Gjøa Dvalin Vega Maria 50% 10% 12 Wintershall Dea • Aasta Hansteen – gas-condensate field, deepest field Nova Sweden 1500 m Other 66 development on the NCS operated by Equinor, largest spar Brage Maria Total Producing 43% 140 platform globally. Production started in 2018 Njord Area North Key development projects Sea • Skarv – FPSO hub operated by Aker BP started producing in 2013; Norway Njord 50% FP: 2020 Equinor Ærfugl as an additional near-field development E. Grieg Dvalin 55% FP: 2020 Wintershall Dea I. Aasen Denmark Ærfugl 28% FP: 2020 Aker BP • Snorre – Norway’s second largest oil field, operated by Equinor. Further development (Snorre Extension) ongoing Wintershall Dea licences Nova 45% FP: 2021 Wintershall Dea and key assets Total Development - • Dvalin – sub-sea gas operated development with a tie-back to Heidrun-platform, PDO approved in 2017 LARGEST NORWEGIAN RESERVES • Njord Area – hub operated by Equinor, includes Hyme and Bauge 2,5007,500 assets (WI: 27.5%), revised PDO approved in 2017, Platform 2,0007,000 undergoing upgrade before back into field 2020 1,500 1,000 • Nova – subsea tie-back to Gjøa. Production start in 2021 (mmboe) Reserves 500 0 Equinor Aker BP Total Var Lundin Conoco Shell Wintershall Exxon Neptune Energy Petroleum Phillips Dea Mobil

SOURCE: COMPANY INFORMATION, WOOD MACKENZIE

PAGE 31 3

UPSTREAM PORTFOLIO OVERVIEW GERMANY AND REST OF EUROPE PRODUCING ASSETS WITH BROWN FIELD UPSIDE

KEY HIGHLIGHTS ASSET LOCATIONS

Denmark Sweden Mid North Norway Germany Sea High Central Graben Centra Mittelplate Norwegian Norwegian- • Wintershall Dea is the largest oil producer in the country l North Sea Northwest Danish Basin Grabe Offshore UK Hamburg German n • Wingate • Mittelplate / Dieksand – Germany’s largest oil field, with about half Northwest Völkersen Basin Nini Emlichheim Danish German Cecilie North Sea of all remaining German recoverable oil reserves Basin Poland Berlin Anglo-Dutch Netherlands Denmark • Völkersen – Germany’s largest gas producing field Basin Eingkobing -Fyn High Kassel Eingkobing Ravn Horn Belgium -Fyn High Germany Grabe Elly-Luke n United Amsterdam Luxembourg Czech Kingdom Upper The Hague Centra Landau Republic Offshore Netherlands Rhine • Several operated Netherlands l German Netherlands / UK / Denmark Graben and non-operated Grabe France German North Sea Molasse production licenses n Aitingen Basin y • Focused on improving production and extending field life through Wolfersberg Belgium technology and optimised operations remotely controlled from France 200 Austria 200 100 onshore (Den Helder) Switzerland km km km Netherlands Germany • Operator of discovered Rembrandt / Vermeer oil field; currently in Wintershall Dea licences and key assets FEED stage: FID planned for 2020 • Operated Danish Ravn oil field brought on line in 2018 OVERVIEW OF KEY ASSETS • Cross-border Sillimanite development first gas in 2020 Prod. FY18 • Established track record in cost effective infrastructure Key assets Country WI (%) % Gas (mboe/d) Operators decommissioning and reuse expertise Mittelplate Germany 100% - 21 Wintershall Dea Völkersen Germany 100% 100% 14 Wintershall Dea Other GE/DK/NL/UK 28 Total 44% 63

SOURCE: COMPANY INFORMATION PAGE 32 4

UPSTREAM PORTFOLIO OVERVIEW NORTH AFRICA AND MIDDLE EAST GAS PRODUCTION WITH FIXED PRICE CONTRACTS PROVIDES STABLE CASH FLOWS

KEY HIGHLIGHTS ASSET LOCATIONS

Italy Italy Greece • All material North African assets are covered by the Investment Spain West Nile Delta Portugal guarantees of the Federal Republic of Germany Mediterranean Offshore Pelagian 1000m Basin West Nile Delta 100m Nile Delta Israel C137C137 Egypt Onshore AreaArea 58 Jordan TunisiaTunisia Cairo Tripoli 58 Disouq Tunisia Gulf • West Nile Delta – Production from Taurus and Libra started in March Morocco Western Eastern of Saudi Oued Desert Desert Suez Arabia Mya Cyrenaica 2017; Giza, Fayoum started in Feb 2019 while Raven is expected to Basin Basin Egypt Illizi-Ghadames Reggane Basin come on-stream by late 2019 Gulf of Suez Illizi Sirt Libya Western Libya Western Basin NC 193 & 195 Basin Egypt Algeria Desert Sahara • Reggane Disouq – Gas field producing since 2013; awarded a neighbouring new Murzuq C96 & C97 Basin C96 & C97 Basin exploration block in onshore Nile delta LIBYA Kufrah Basin Algeria Mauritania • Gulf of Suez – 2 offshore fields: Ras Budran and Zeit Bay; license extended in March 2019 for up to additional 8 years with improved Mali Niger commercial terms & entitlement increase Sudan Niger CHAD Sudan 300 500 300 Algeria km km km Wintershall Dea licences and key assets • Reggane – first gas achieved in December 2017 with targeted production level of c. 8 mboe/d (net) reached in mid-2018 OVERVIEW OF KEY ASSETS

Libya Prod. FY18 • Active in Libya since 1958 Key assets Country WI (%) % Gas (mboe/d) Operators Key producing assets • Operator of 8 onshore oilfields Disouq Egypt 50% 95% 5 Suco² Middle East West Nile Delta Egypt 17% 90% 11¹ BP Gulf of Suez Egypt 50% 27% 11 Suco² • Successful Shuwaihat appraisal in Abu Dhabi Other 33 Total 74% 60 • Strong partnership with ADNOC Key development projects • Participation in Ghasha Concession (10%) Ghasha UAE 10% FP: 2022 ADNOC

SOURCE: COMPANY INFORMATION 1 RAVEN CURRENTLY DEVELOPING. 2 SUEZ OIL COMPANY – JOINT VENTURE OF WINTERSHALL DEA (50%) AND THE EGYPTIAN GENERAL PETROLEUM CORPORATION (EGPC) (50%).

PAGE 33 5

UPSTREAM PORTFOLIO OVERVIEW LATIN AMERICA ESTABLISHED POSITION IN ARGENTINA WITH A GROWING FOOTPRINT IN MEXICO AND BRAZIL

KEY HIGHLIGHTS ASSET LOCATIONS

Nile Delta United Operated Bolivia ExplorationOnshore Exploration and States exploratio Argentina Brazil in Mendoza Production in Neuquen 100m Venezuel n licenses Paraguay 500m Guyana • 4th largest gas producer with operated and non-operated acreage in Province Province a • Aguada Pinchana Este 1000m Suriname Colombia French Guiana unconventional Vaca Muerta and participation in 18 fields • San Roque Gulf of Mexico • Gas production predominantly from Tierra del Fuego with several Argentina Exploration Ceara Uruguay • Blocks 2, 16 & 17 Basin producing fields in the CMA-1 concession including follow-up projects to Potiguar Buenos keep plateau production (Fenix Phase I, further satellite developments) Basin Aires Brazil Sierra • Blocks 2, 4, 5, 7, 11, 29 • Conventional reservoirs in Neuquén basin in the blocks Aguada Pichana Tampico- Peru NeuquenTierra del Fuego Province Misantla Brasilia East and San Roque Bolivia Basin Production Basin • Carina Rio De • Unconventional plays in Neuquén basin in non-operated blocks Aguada • Vega-Pleyade Exploration Janeiro Mexico Campos Chile • Aries • Block 30 Chile Paraguay Pichana East and San Roque as well as operated blocks Aguada Federal • City Basin Fenix Belize and Bandurria Norte Magallenes Mexico Sureste Santos Basin Basin Basin Production Licence Argentina Mexico • Ogarrio Guatemala ` Uruguay Partner in • Sierra – in 03/2019 acquisition of six exploration and appraisal blocks 500 300 500 Buenos exploration km km km licenses including the word class Zama discovery Aires Wintershall Dea licences and key assets • Ogarrio – onshore oilfield in the Tabasco state; the FDP for the redevelopment was approved in March 2019 • Block 2 (30% WI) – exploration block in partnership with operator Pemex OVERVIEW OF KEY ASSETS (70%) • Block 16,17 and 30 (40% WI) – three exploration licenses with operatorship Prod. FY18 awarded in March 2018 Key assets Country WI (%) % Gas (mboe/d) Operators Brazil CMA-1 Argentina 38% 90% 51 Total • Brazil is one of the most attractive growth regions for the oil and gas Aguada Pichana East Conv Argentina 27% 97% 19 Total industry worldwide Ogarrio Mexico 50% 35% 3 Wintershall Dea • Wintershall Dea participation in seven exploration licenses (four operated) Other 1 off the north and south-east coasts of Brazil with upcoming exploration Total 90% 74 activities in 2019

SOURCE: COMPANY INFORMATION PAGE 34 APPENDIX MAJOR PRODUCING ASSET SUMMARIES

PAGE 35 1

MAJOR PRODUCING ASSET SUMMARIES RUSSIA

YUZHNO RUSSKOYE ACHIMOV

LARGEST PRODUCING FIELD IN WINTERSHALL DEA PORTFOLIO LARGEST FIELD IN THE WORLD AT A TIME OF DISCOVERY

Country › Russia Country › Russia

Partners¹ › Gazprom (40%), Wintershall Dea (35%), OMV (25%) Partners2 › Wintershall Dea (50%, operator), Gazprom (50%, operator)

Offshore/Onshore › Onshore Offshore/Onshore › Onshore

Gas/liquids › 100% Gas Gas/liquids › 70% / 30%

2018 WI Production › 150 (mboe/d) 2018 WI Production › 96 (mboe/d)

Start of Production › 2007 Start of Production › 2011

CURRENT STATUS AND OUTLOOK CURRENT STATUS AND OUTLOOK

• Plateau production since 2009 (one year • Achimov I produces natural gas and sooner than planned) Severneftgazprom JV condensate from the technically complex • Yuzhno Russkoye Achimov formation in the Urengoy field - one • A connecting pipeline measuring almost 120 Norway of the largest oil, gas and condensate Norway km connects Yuzhno Russkoye to the Siberian Achimgaz JV reservoirs in the world • pipeline network Achimov I

Urengoy • Achimgaz operates a largescale facility for Urengoy • Finland Finland Currently extracting gas mostly from separating natural gas and condensate, which Saint Petersburg Cenomanian deposit with 142 wells Estonia Saint Petersburg Russia now has 5 processing lines Estonia Russia Latvia Latvia • Production start-up from Turonian deposit Moscow Moscow • 96 wells out of 111 in production with Belarus with Belarus Ukraine Kazakhstan estimated project duration of approximately Ukraine Kazakhstan 14 new wells in 2019 and further 121 wells in 40 years 2020-2033 Georgia Georgia Azerbaijan 1,000 Azerbaijan 1,000 km km

Wintershall Dea Key Assets Wintershall Dea Licences and Key Assets

SOURCE: COMPANY INFORMATION. ¹ OPERATED THROUGH JV, ECONOMIC OWNERSHIP 2 OPERATING THROUGH ACHIMGAZ, A JOINT VENTURE OF WINTERSHALL DEA AND GAZPROM. PAGE 36 2

MAJOR PRODUCING ASSET SUMMARIES CMA-1 (ARGENTINA) LARGEST GAS PRODUCING LICENSE IN THE COUNTRY

Country › Argentina

› Total (37.5%, operator), Partners Wintershall Dea (37.5%), Pan American (25%)

Offshore / onshore › Offshore / Onshore

Gas/liquids › 90% / 10%

2018 WI Production › 51 (mboe/d)

Start of production › 1989

CURRENT STATUS AND OUTLOOK • Currently seven fields and five offshore platforms including the world’s most southern one in Vega-Pleyade • Around 20 % of the gas produced in Argentina today comes from the CMA-1 area • Two onshore processing plants (Cañadon Alfa & Rio Cullen) are in operation • Additional plant expansion project at Cañadon Alfa successfully completed in April 2019

SOURCE: COMPANY INFORMATION PAGE 37 3

MAJOR PRODUCING ASSET SUMMARIES NORWAY

AASTA HANSTEEN VEGA

STABLE PLATEAU AND DEBOTTLENECKING STABLE PRODUCTION AND FURTHER RESERVES GROWTH

Country › Norway Country › Norway › Equinor (51%, operator), Wintershall Dea (24%), OMV (15%), › Wintershall Dea (56%, operator), Petoro (28%), Spirit (7%), Partners Partners ConocoPhillips (10%) Idemitsu (4%), Neptune (4%) Offshore/Onshore › Offshore Offshore/Onshore › Offshore

Gas/liquids › 100% Gas Gas/liquids › 50% / 50%

2018 WI Production › <1 (mboe/d) 2018 WI Production › 27 (mboe/d)

Start of Production › End-2018 Start of Production › 2010

CURRENT STATUS AND OUTLOOK CURRENT STATUS AND OUTLOOK

• Deepest field development on the NCS • Subsea tie back to Gjøa

• The development concept includes 3 subsea • Reserves doubled since takeover in 2015 templates producing to the floating platform • with a vertical cylindrical hull moored to the 3 infill wells to be drilled in 2019-2020 to seabed (spar platform) unlock additional reserves • • First on the NCS, it is the largest spar platform Hydrate philosophy under update in the world • Opportunities for LP/HP production at Gjøa • Snefrid Nord Well coming online in Q3 2019

• Hub for future tie-ins (Asterix, Balderbrå, Gullstjerne)

SOURCE: COMPANY INFORMATION.

PAGE 38 3 CONTINUED

MAJOR PRODUCING ASSET SUMMARIES NORWAY

GJØA SKARV

RELIABLE HOST PLATFORM FOR VEGA AND NOVA FILLING THE VESSEL THROUGH MATURATION OF DISCOVERIES AND PROSPECTS Country › Norway Country › Norway › Neptune (30%, operator), Petoro (30%), Wintershall Dea › Equinor (36%), Wintershall Dea (28%), Aker BP (24%, Partners Partners (28%), OKEA (12%) operator), PGNiG (12%) Offshore/Onshore › Offshore Offshore/Onshore › Offshore

Gas/liquids › 70% / 30% Gas/liquids › 70% / 30%

2018 WI Production › 29 (mboe/d) 2018 WI Production › 27 (mboe/d)

Start of Production › 2010 Start of Production › 2012

CURRENT STATUS AND OUTLOOK CURRENT STATUS AND OUTLOOK

• Discovered in 1989, PDO approved in 2007 • Four unitised licenses including Skarv & Idun fields as well as Gråsel & Ærfugl discoveries • Development comprises 5 templates with 11 production wells tied to a semi-submersible • Subsea tie-back to FPSO production and processing facility • Ærfugl subsea tie-back to Skarv is under • Opex sharing from Vega – joint development development with production expected to start in Q4 2020 • Gjøa P1 project (drilling of 3 new wells) sanctioned in February 2019 and approved in • Optimization of gas blow down ongoing June 2019; expected to come on-stream in Q1 2021

• Nova and Duva as future tie-backs

SOURCE: COMPANY INFORMATION.

PAGE 39 3 CONTINUED

MAJOR PRODUCING ASSET SUMMARIES NORWAY

EDVARD GRIEG MARIA

OUTSTANDING PERFORMANCE AT LOW COST RESERVOIR MANAGEMENT AND RECOVERY IMPROVEMENT

Country › Norway Country › Norway

Partners › Lundin (65%, operator), OMV (20%), Wintershall Dea (15%) Partners › Wintershall Dea (50%, operator), Petoro (30%), Spirit (20%)

Offshore/Onshore › Offshore Offshore/Onshore › Offshore

Gas/liquids › 10% / 90% Gas/liquids › 10% / 90%

2018 WI Production › 15 (mboe/d) 2018 WI Production › 12 (mboe/d)

Start of Production › 2015 Start of Production › 2017

CURRENT STATUS AND OUTLOOK CURRENT STATUS AND OUTLOOK

• Discovered in 2007 and came on-stream in • Multiple host subsea tie back with production November 2015 to Kristin, water injection from Heidrun and gas lift from Åsgard B via Tyrihans • 14 wells development program successfully completed in 2018 resulting in rd. 50% increase • Initial performance and reserves below of the ultimate reserves recovery compared expectations due to unexpected (i) sealing silt to PDO layers disconnecting injection and production wells and (ii) lack of faults which should have • Strong reservoir performance supports low broken up possible sealed layers operating cost (4 USD/boe) • 2 infill wells to be drilled in 2019 to improve pressure support and recovery • Development plan for the Solveig oil field (tie back to Edvard Grieg) submitted for approval • Maria Phase II initiated for further recovery

• Further infill drilling planned after 2020

SOURCE: COMPANY INFORMATION.

PAGE 40 4

MAJOR PRODUCING ASSET SUMMARIES EGYPT

WEST NILE DELTA GULF OF SUEZ

EFFICIENT USE OF THE EXISTING OFFSHORE INFRASTRUCTURE OWN FACILITIES TO TREAT, PROCESS, HANDLE AND SHIP OIL AND GAS

Country › Egypt Country › Egypt › SUCO (operator Ras Budran and Zeit Bay); EGPC (50%); Partners › BP (82.75%, operator), Wintershall Dea (17.25%) Partners1 Wintershall Dea (50%) Offshore/Onshore › Offshore Offshore/Onshore › Offshore

Gas/liquids › 90% / 10% Gas/liquids › 30% / 70%

2018 WI Production › 11 (mboe/d) 2018 WI Production › 11 (mboe/d)

Start of Production › 2017 Start of Production › 1983

CURRENT STATUS AND OUTLOOK CURRENT STATUS AND OUTLOOK

• First IOC-operated production asset in Egypt, • Successfully developed to produce more than with no traditional joint venture operation and 650 MMboe of crude oil since 1983 cost recovery structure • Two offshore crude legacy oil fields: Ras • Subsea development of 5 fields Budran and Zeit Bay • Both licenses were extended in March 2019 • Production from Taurus and Libra fields and have a renewal option in three years for a started in March 2017, followed by Giza and further five years. Fayoum fields in Feb 2019

• Raven is expected to come on-stream in late 2019

• Large number of attractive ILX (infrastructure led exploration) candidates

SOURCE: COMPANY INFORMATION. ¹ SUCO: JOINT VENTURE OF WINTERSHALL DEA (50%) AND EGPC (50%) OPERATING VIA SERVICE AGREEMENT WITH DISOUCO (JV WITH EGAS). PAGE 41 5

PRODUCTION PORTFOLIO GERMANY

MITTELPLATE VÖLKERSEN

WORLD-CLASS ENVIRONMENTAL PERFORMANCE MAINTAINING PRODUCTION LEVEL VIA ADDITIONAL SIDETRACKS

Country › Germany Country › Germany

Partners › Wintershall Dea (100%, operator) Partners › Wintershall Dea (100%, operator)

Offshore/Onshore › Offshore/onshore Offshore/Onshore › Onshore

Gas/liquids › 100% Liquids Gas/liquids › 100% Gas

2018 WI Production › 21 (mboe/d) 2018 WI Production › 14 (mboe/d)

Start of Production › 1987 Start of Production › 1994

CURRENT STATUS AND OUTLOOK CURRENT STATUS AND OUTLOOK

• Largest and most productive oil field in • Gas field with the highest 2018 gas production Germany delivering more than 50% of in Germany (12% of the domestic gas domestic oil production production)

• Extended reach drilling (ERD) from platform • Production from Rotliegend reservoirs in and onshore depths of around 5,000 meters; main producer Havel sandstones • Highest environmental protection and safety standards anywhere in the world • Development consists of eight drilling sites and 18 production wells • Further development of reservoirs to the South of the artificial island under way

SOURCE: COMPANY INFORMATION.

PAGE 42 APPENDIX DEVELOPMENT PORTFOLIO

PAGE 43 1

DEVELOPMENT PORTFOLIO NORWAY

NJORD ÆRFUGL

ONGOING RE-DEVELOPMENT AIMING FOR ANOTHER 20 YEARS OF SUBSEA DEVELOPMENT PROJECT TYING BACK TO SKARV PRODUCTION FROM 2020

Country › Norway Country › Norway

› Wintershall Dea (50.0%), Equinor (27.5%, operator), › Equinor (36%), Wintershall Dea (28%), Aker BP (24%, Partners Partners Neptune (22.5%) operator), PGNiG (12%)

Start of Production › 2020 Start of Production › 2020

Development Concept › Floating steel platform and storage vessel Development Concept › Subsea tie-back to Skarv FPSO

Plateau Production › 40 (mboe/d) Plateau Production › 25 (mboe/d)

CURRENT STATUS AND OUTLOOK CURRENT STATUS AND OUTLOOK

• Developed with a floating steel platform, • PDO approved in April 2018 Njord A, which has an integrated deck with • drilling and processing facilities Development planned to be completed in two phases: • Field shut down from 2016 to 2020 due to • extensive upgrades of the platform Njord A Phase 1 with 3 production wells to start and the storage vessel Njord Bravo in late 2020 • • Njord A column top extensions installed and Phase 2 incl. debottlenecking studies of welding near complete the gas processing facilities ongoing to accelerate start from 2023 to 2021 • Njord B refurbishment work started in July • 2018 and is on schedule at the Aibel yard in High activity on engineering and fabrication of Haugesund subsea system structure, the wellheads and the Xmas tree system

SOURCE: COMPANY INFORMATION.

PAGE 44 2

DEVELOPMENT PORTFOLIO NORWAY

DVALIN NOVA

OWN-OPERATED GAS FIELD TO BE TIED INTO EXISTING HEIDRUN PLATFORM SELF-OPERATED DISCOVERY TO BE CONNECTED TO THE NEAR FIELD INFRASTRUCTURE

Country › Norway Country › Norway

› Wintershall Dea (55%, operator), Petoro (35%), Edison › Wintershall Dea (45%, operator), Capricorn (20%), Partners1 Partners1 (10%) Spirit (20%), Edison (15%)

Start of Production › 2020 Start of Production › 2021

Development Concept › Subsea tie-back to Heidrun Development Concept › Subsea tie-back to Gjøa

Plateau Production › 30 (mboe/d) Plateau Production › 30 (mboe/d)

CURRENT STATUS AND OUTLOOK CURRENT STATUS AND OUTLOOK

• Planned as subsea tie back to Heidrun • The project consists of 2 subsea templates tied-back 17 km to the Gjøa semi-submersible • Start of offshore operations in Q2 2018 with platform successful lifting of the H25 module onto Heidrun, installation of subsea template on • PDO approved in September 2018 seabed and gas export pipeline completed • Production start planned in 2021 • Drilling of 4 production wells to start in Q3 • 2019 Project progress on schedule with the installation oft the subsea pipelines and • First gas planned in 2020 umbilicals completed in August 2019

SOURCE: COMPANY INFORMATION.

PAGE 45 3

DEVELOPMENT PORTFOLIO UAE & RUSSIA

GHASHA (UAE) ACHIMOV IV & V ASSET (RUSSIA)

LARGEST GAS AND CONDENSATE FIELDS HUB YET TO BE DEVELOPED NEXT MILESTONE IN THE SUCCESSFUL DEVELOPMENT OF ACHIMOV IN UAE FORMATION

Country › UAE Country › Russia

› ADNOC (60%, operator), Eni (25%), Wintershall Dea Partners Partners1 › Gazprom (75%), Wintershall Dea (25%) (10%), OMV (5%)

Start of Production › 2022 Start of Production › 2020/2021

Development Concept › 3 Main Development Hubs Development Concept › Onshore gas and condensate production via pipelines

Plateau Production › 40 (mboe/d) Plateau Production › 90 (mboe/d)

CURRENT STATUS AND OUTLOOK CURRENT STATUS AND OUTLOOK

• Dalma Hub with three fields for gas • Gas and condensate production from the Severneftgazprom JV production starting in H2 2022 – tie back into technically and geologically complex Achimov • Yuzhno Russkoye

existing onshore gas processing facilities formation (~3650 m TVD) Norway Achimgaz JV • Planned plateau production of 40 mboe/d to • 1st construction phase started in 2018 with 40 • Achimov I be reached in 2025 production wells Finland Achim Development JV Urengoy • Achimov IV & V • • Ghasha-Hail Hub with two field ultra-sour gas- 2nd construction phase will include 108 Estonia Saint Petersburg Russia condensate development – dedicated production wells Latvia Moscow Wolgodeminoil JV • Area I, II & IV offshore & onshore processing facilities – Belarus production start planned for 2024 100 km Ukraine Kazakhstan • Deep Gas Hub with two fields for gas production starting in 2025 – tie back into Georgia Azerbaijan 1,000 existing facilities – concept select ongoing km

Wintershall Dea Key Assets SOURCE: COMPANY INFORMATION. ¹ OPERATING THROUGH ACHIM DEVELOPMENT, A JOINT VENTURE OF WINTERSHALL DEA AND GAZPROM. PAGE 46 4

DEVELOPMENT PORTFOLIO FENIX (ARGENTINA) UNLOCKING FURTHER RESERVES AND OPTIMIZING RECOVERY

Country › Argentina

› Total (37.5% operator), Partners Wintershall Dea (37.5%), Pan American (25.0%)

Start of production › 2022

› Installation of an offshore Development concept platform and pipeline to adapt onshore facilities

Plateau Production › 15 (mboe/d)

CURRENT STATUS AND OUTLOOK • CMA-1 Follow-Up development (Fenix Phase I) is scheduled to maintain the CMA-1 gas production plateau • The planned scope includes the installation of an offshore platform, drilling three horizontal wells, laying 24" 72 km multiphase pipeline to onshore plant, adapt onshore facilities • Final investment decision planned in 2019

SOURCE: COMPANY INFORMATION

PAGE 47 APPENDIX EXPLORATION PORTFOLIO

PAGE 48 EXPLORATION PORTFOLIO

Norway MAJOR CENTRES Current Portfolio: • Holds 37 exploration licenses (excluding producing assets and protection acreage), of Mexico which 13 are operated Planned Activities: Current Portfolio: • In 2019 and 2020, the Group plans to drill up to • 10 exploration blocks 10 exploration and appraisal wells and plans • Includes Zama discovery to participate in upcoming bidding rounds Planned Activities: • Further exploration activities in existing blocks Egypt • About 10 committed and non-committed wells in 2019-2020, all non-operated Current Portfolio: • No further bid rounds expected in the short- • Review exploration potential within medium term due to regulatory changes West Nile Delta concessions • Exploration potential in onshore Nile Delta Block 10 Planned Activities: Brazil • Looking for partners to join Block 10, for upcoming exploration drilling campaign Current Portfolio: • Planned participation in upcoming bidding • 7 exploration licences in the following basins: rounds Ceara (1x operated), Potiguar (3x operated), Campos & Santos (3x) Rest of the World Planned Activities: Current Portfolio: • Acquisition and interpretation of 3D seismic • Wide range of operated and non-operated exploration licenses with limited material data ongoing scope in Germany, Denmark, Netherlands, Russia, Argentina Looking for partners to join operated licenses • Planned Activities: • Active screening of further opportunities • Portfolio evaluation ongoing • Planned participation in upcoming bidding • Recent award of two exploration licenses offshore Argentina (Malvinas basin) rounds • Planned participation in upcoming bidding rounds, e.g. Abu Dhabi

2019 2020

Toutatis Gullstjerne Balderbra Appraisal Dvalin North

Yaxchilan (drilling) Polok Block 30

Other Sillimanite South (UK) Vibe (DK) Ganna (EY)

SOURCE: COMPANY INFORMATION

PAGE 49 DEFINITIONS

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

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

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

FID • Final Investment Decision

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

RCF • Revolving credit facility

Realized oil / • Includes hedges and physical forward sales gas price

WI • Working Interest, net to Wintershall Dea

RAB • Regulatory Asset Base

Note: Certain numerical figures and percentages set out in this presentation have been subject to rounding adjustments

PAGE 50