Cairn Energy PLC (CNE:LN)

Energy/Oil: Crude Producers Price: 187.00 GBX Report Date: September 29, 2021 Business Description and Key Statistics

Cairn Energy is an independent oil and gas exploration, Current YTY % Chg development and production company. During 2019, Co. had four reportable operating segments: Senegal, United Kingdom & Revenue LFY (M) 289 -28.4 Norway, LATAM (Latin America) and East Atlantic. The Senegal EPS Diluted LFY -0.50 operating segment is focused on the development of the Sangomar discovery. The UK & Norway segment includes exploration activity Market Value (M) 1,098 in the North Sea, Norwegian Sea and Barents Sea and includes the Nova development asset and Kraken and Catcher producing Shares Outstanding LFY (000) 586,930 assets. The LATAM segment includes the Mexican exploration Book Value Per Share 1.41 drilling program and exploration activity in Nicaragua and Suriname, while East Atlantic includes interests in Ireland, Cote EBITDA Margin % 39.50 d'Ivoire and Mauritania. Net Margin % -100.4 Website: www.cairnenergy.com Long-Term Debt / Capital % 0.0 ICB Industry: Energy Dividends and Yield TTM 0.00 - 0.00% ICB Subsector: Oil: Crude Producers Payout Ratio TTM % 0.0 Address: 50 Lothian Road Edinburgh 60-Day Average Volume (000) 2,480 GBR 52-Week High & Low 204.60 - 125.60 Employees: 180 Price / 52-Week High & Low 0.91 - 1.49

Price, Moving Averages & Volume

208.6 208.6 Cairn Energy PLC is currently trading at 187.00 which is 8.7% above its 50 day moving 197.7 197.7 average price of 171.99 and % below its 200 day moving 186.8 186.8 average price of . CNE:LN is currently 8.6% 176.0 176.0 below its 52-week high price of 204.60 and is 48.9% above its 52-week low price of 125.60. 165.1 165.1 The Relative Strength Index 154.2 154.2 (RSI) indicator for CNE:LN is currently 57.64. An RSI value of 70 and above is considered 143.4 143.4 overbought and 30 and below oversold.

132.5 132.5

121.7 121.7 10/20 11/20 12/20 1/21 2/21 3/21 4/21 5/21 6/21 7/21 8/21 9/21 Volume (000) 9,491 9,491

7,118 7,118

4,745 4,745

2,373 Mean (1753.36) 2,373

0 0 10/20 11/20 12/20 1/21 2/21 3/21 4/21 5/21 6/21 7/21 8/21 9/21

Price Price (50-Day Simple Moving Average) Price (200-Day Simple Moving Average)

Energy/Oil: Crude Producers Price: 187.00 GBX Report Date: September 29, 2021 Price Performance, Technical Indicators & Risk Metrics

Difference Price Performance % Change vs FTSE 350 Technical Indicators 1-Day % 1.52 0.57 50-Day Average Price 171.99 1-Week % 3.31 2.19 Price / 50-Day Average 1.09 4-Week % -3.51 -2.65 200-Day Average Price 52-Week % Price / 200-Day Average RSI - Relative Strength Index 57.64 Quarter-to-Date % 28.35 27.87

Year-to-Date % Risk Metrics Last Month % 50.59 48.67 Price Volatility 8.42 Last Quarter % -14.39 -19.06 Sharpe Ratio Last Calendar Year % Sortino Ratio

5-Year Price Performance vs. FTSE 350

Cairn Energy PLC Current: 0.98 CAGR: -3.1% Over the past five years, Cairn FTSE 350 Index Current: 1.20 CAGR: 3.8% Energy PLC's stock price is down 2.2% which is 22.4% 1.3 1.3 below the FTSE 350 Index performance of 20.2% over the same period. Cairn Energy 1.3 1.3 PLC's cumulative annualized growth rate (CAGR) over the 1.2 ^NMX:LN 1.2 five year period has been -3.1% while that of the FTSE 350 Index has been 3.8%. 1.1 1.1 Over the past year, Cairn Energy PLC's stock price 1.1 1.1 performance of % has outperformed that of the FTSE 1.0 1.0 350 Index by %. On a year-to- date basis, Cairn Energy PLC's stock price performance CNE:LN 1.0 1.0 of % has outperformed the FTSE 350 Index by %. 0.9 0.9 Over the past week, Cairn Energy PLC's stock price 0.9 0.9 performance of 3.3% has outperformed that of the FTSE 350 Index by 2.2%. 0.8 0.8

0.8 0.8

0.7 0.7

0.6 0.6 2017 2018 2019 2020 2021 2022

Energy/Oil: Crude Producers Price: 187.00 GBX Report Date: September 29, 2021 Growth and Profitability Metrics

5-Year 10-Year Historical Growth 3-Year 5-Year 10-Year Profitability Current Average Average Revenues % 127.2 12.7 9.1 Gross Margin % 16.1 Revenues Per Share % 126.1 12.1 8.8 EBITDA Margin % 39.5 EBITDA % 999.9 26.3 8.1 Pre-Tax Margin % -29.7 EPS Diluted % -100.0 95.9 -100.0 Net Margin % -100.4 Free Cash Flow % 50.2 66.5 72.0 Return on Equity % -28.1 -13.9 -2.8 Cash from Operations % 106.9 999.9 -10.0 Return on Capital % -28.1 -13.2 -3.1 Book Value % -23.8 -10.6 -8.1 Return on Assets % -19.5 -10.3 -3.2

Revenue (M) Cairn Energy PLC's cumulative annualized revenue Current: 289.22 Median: 305.29 High: 403.92 Low: 24.65 CAGR: 127.0% growth rate over the charted 479.8 479.8 403.9 period is 127.0%. This 321.4 compares to cumulatative 321.7 289.2 321.7 annualized growth of 127.2% over the past 3 years. 163.7 163.7 24.7 5.7 5.7 2016 2017 2018 2019 2020 2021 Cairn Energy PLC's EPS Diluted cumulative annualized EPS Current: -0.50 Median: -0.13 High: 0.33 Low: -1.72 CAGR: -0.1% growth rate over the charted 0.74 0.74 period is -0.1%. This 0.33 0.12 compares to cumulatative -0.13 -0.11 -0.11 annualized growth of -100.0% -0.50 over the past 3 years. -0.97 -0.97 -1.53 -1.82 -1.82 2016 2017 2018 2019 2020 2021

Net Profit Margin % Cairn Energy PLC's net profit margin of -100.4% is 55.7% Current: -100.42 Median: -80.89 High: 772.58 Low: -280.47 CAGR: below the period's mean net 825.2 825.2 margin of -44.7%. During the charted period, the observed 439.1 439.1 net profit margin high and low were 772.6% and -280.5% 53.0 Mean (-44.70) 53.0 respectively.

-333.1 -333.1 2016 2017 2018 2019 2020 2021 Cairn Energy PLC's return on Return on Equity % equity of -28.1% is 14.0% Current: -28.10 Median: -10.00 High: 10.60 Low: -53.70 CAGR: -7.9% below the period's mean return 13.8 13.8 on equity of -14.1%. During the charted period, the -9.8 Mean (-14.07) -9.8 observed ROE high and low were 10.6% and -53.7% respectively. -33.3 -33.3

-56.9 -56.9 2016 2017 2018 2019 2020 2021

Energy/Oil: Crude Producers Price: 187.00 GBX Report Date: September 29, 2021 Valuation Metrics

5-Year 10-Year 5-Year 10-Year Current Median Median Current Median Median

Price / EPS TTM 99.9 Earnings Yield % -30.45

Price / Sales 3.8 Free Cash Flow Yield % 0.00

Price / Operating Cash Flow 99.9 Dividend Yield % 0.00

Price / Book Value 1.3 Enterprise Value / EBITDA 5.9

Price / EPS TTM Cairn Energy PLC is trading at 99.90 times its EPS generated Current: 99.90 Median: 99.90 High: 99.90 Low: 99.90 CAGR: 0.0% during the latest fiscal year. 109.9 109.9 This multiple is equal to the historically observed median 103.2 103.2 of 99.90, while high and low Median (99.90) observations have been 99.90 and 99.90. 96.6 96.6

89.9 89.9 2016 2017 2018 2019 2020 2021 Price / Sales Cairn Energy PLC is trading at a Price to Sales ratio of 3.79 Current: 3.79 Median: 3.50 High: 4.15 Low: 2.59 CAGR: -3.3% based on sales generated 4.23 4.23 during the latest fiscal year. This ratio is above the 3.66 3.66 historically observed median Median (3.50) ratio of 3.50, while high and low observations have been 3.08 3.08 4.15 and 2.59.

2.51 2.51 2016 2017 2018 2019 2020 2021 Cairn Energy PLC is trading at Price / Book Value a Price to Book ratio of 1.33 Current: 1.33 Median: 1.23 High: 1.46 Low: 0.91 CAGR: -3.1% based on book value at the 1.5 1.5 latest fiscal year end. This ratio is above the historically observed median of 1.23, 1.3 1.3 Median (1.23) while high and low observations have been 1.46 1.1 1.1 and 0.91.

0.9 0.9 2016 2017 2018 2019 2020 2021 Cairn Energy PLC has a Free Free Cash Flow Yield % Cash Flow Yield of 0.00% Current: 0.00 Median: 0.00 High: 0.00 Low: 0.00 CAGR: 0.0% based on free cash flow 10.0 10.0 generated during the latest fiscal year. This value is equal to the historically observed 3.3 3.3 Free Cash Flow Yield of Median (0.00) 0.00%, while high and low -3.3 -3.3 observations have been 0.00 and 0.00.

-10.0 -10.0 2016 2017 2018 2019 2020 2021

Energy/Oil: Crude Producers Price: 187.00 GBX Report Date: September 29, 2021 ICB Subsector Peer Comparisons

Price Change Year to Date % Price Change Last Calendar Year % 0.0 37.7 75.5 113.2 151.0 -65.9 -47.0 -28.2 -9.3 9.5

6.1 International Petroleum Corp (Canada) 144.0 Diversified Energy Company Plc

Oil & Gas Development Co Ltd 2.2 Tullow Oil Plc (UK) 73.2 Societatea Nationala de Gaze Naturale… -14.0

56.5 Peer Group Average Energean plc -22.4

-26.4 Seplat Petroleum Development Co PLC 38.2 Peer Group Average

Seplat Petroleum Development Co PLC -46.8 Energean plc 23.7 Tullow Oil Plc (UK) -53.8

3.5 Diversified Energy Company Plc International Petroleum Corp (Canada) -56.2

0.0 37.7 75.5 113.2 151.0 -65.9 -47.0 -28.2 -9.3 9.5

Price / EPS TTM Price / Book Value 0.0 26.1 52.2 78.2 104.3 0.0 13.1 26.2 39.3 52.4

Energean plc 99.9 Union Jack Oil PLC 49.9 Cairn Energy PLC 99.9 Trinity Exploration & Production PLC 15.3 Seplat Petroleum Development Co PLC 99.9 Oil & Gas Development Co Ltd 9.6 Peer Group Average 7.6 Trinity Exploration & Production PLC 99.9 Energean plc 2.1 Union Jack Oil PLC 99.9 Societatea Nationala de Gaze Naturale… 1.4 Tullow Oil Plc (UK) 99.9 Cairn Energy PLC 1.3 Diversified Energy Company Plc 99.9 Diversified Energy Company Plc 1.3 Peer Group Average 83.6 International Petroleum Corp (Canada) 1.1 Oil & Gas Development Co Ltd 76.7 Tullow Oil Plc (UK) 1.0 International Petroleum Corp (Canada) 48.4 RAK Petroleum PLC 0.8 RAK Petroleum PLC 11.7 Seplat Petroleum Development Co PLC 0.4 0.0 26.1 52.2 78.2 104.3 0.0 13.1 26.2 39.3 52.4

EPS 5-Year Growth Rate % Revenue 5-Year Growth Rate % -270.5 62.2 395.0 727.7 1,060.4 -28.5 14.1 56.7 99.3 141.9

RAK Petroleum PLC 999.9 Diversified Energy Company Plc 134.2

148.5 Peer Group Average Peer Group Average 19.8 Tullow Oil Plc (UK) 96.7 Cairn Energy PLC 12.7 Cairn Energy PLC 95.9 Seplat Petroleum Development Co PLC 0.2 Union Jack Oil PLC 87.1 Societatea Nationala de Gaze Naturale… 0.1 Trinity Exploration & Production PLC 44.5 Trinity Exploration & Production PLC -0.1 Oil & Gas Development Co Ltd -9.7

-1.6 Diversified Energy Company Plc -26.6 Tullow Oil Plc (UK)

Seplat Petroleum Development Co PLC -100.0 Oil & Gas Development Co Ltd -6.7

-270.5 62.2 395.0 727.7 1,060.4 -28.5 14.1 56.7 99.3 141.9

Energy/Oil: Crude Producers Price: 187.00 GBX Report Date: September 29, 2021 Abbreviations: CAGR - Cumulative annual growth rate. EBIT - Earnings before interest and taxes. EBITDA - Earnings before interest, taxes, depreciation & amortization. LFY - Last fiscal year M - Million LON - London Stock Exchange

Definitions: Market Value - Weekly Price times latest Shares Outstanding times any applicable ADR factor. Revenue - Sum of the last four quarters of Revenues. Revenue Per Share - Sum of the last four quarters of Total Revenue divided by Weighted Average Shares Outstanding. Operating EPS LFY - EPS excluding non-recurring, non-operating items, fiscal year aligned TTM value. 60-Day Average Volume (000) - The average of the last 60 daily volume values in thousands of shares. Price 52-Week High - The high closing price from the last 52 weeks of daily closing prices. Price 52-Week Low - The low closing price from the last 52 weeks of daily closing prices. Price / 52-Week High - Latest price divided by the high price from the past 52 weeks of daily closing prices. Price / 52-Week Low - Latest price divided by the low price from the past 52 weeks of daily closing prices. 50-Day Average Price - Mean of last 50 daily closing prices. 200-Day Average Price - Mean of last 200 daily closing prices. Price / 50-Day Average Price - Latest closing price divided by mean of last 50 daily closing prices, as a percentage. Price / 200-Day Average Price - Latest closing price divided by mean of last 200 daily closing prices, as a percentage. Relative Strength Index - Relative Strength Index or RSI measures the magnitude of gains over a given time period against the magnitude of losses over that period. The equation is RSI = 100 - 100 / (1 + RS) where RS = (total gains / n) / (total losses / n) and n = number of RSI periods. In this item, 14 days is used and one year of daily prices are considered. A value of 30 or below may imply oversold and 70 or above may imply overbought. Price Volatility - The standard deviation of the last 20 days of daily closing prices. Sharpe Ratio - The 5 year average of the excess monthly return over the risk - free rate(1 - month T - bill) over the 5 year standard deviation of the same series. Sortino Ratio - The same calculation as the Sharpe Ratio but with positive excess returns set to zero for the standard deviation denominator, so only negative volatility weighs in. Dividends Per Share TTM - Sum of the last four quarters of Dividends Per Share. Payout Ratio - Dividends Per Share TTM divided by Operating EPS TTM. Dividend Yield TTM % - Sum of the last four quarter of Dividends Per Share divided by Weekly Price. EBITDA - Sum of the last four quarters of EBITDA (Operating Income + Depreciation & Amortization). Free Cash Flow - Sum of the last four quarters Net Cash from Operations minus Capital Expenditures (Purchase of Property, Plant & Equipment), from the Cash Flow Statement. Book Value Per Share - Total Common Equity last quarter divided by Shares Outstanding last quarter. Gross Margin % - Sum of the last four quarters Gross Profit divided by the sum of the last four quarters Revenues. EBITDA Margin % - Sum of the last four quarters EBITDA divided by the sum of the last four quarters Revenues. Pre-Tax Margin % - Sum of the last four quarters of Earnings Before Taxes divided by sum of the last four quarters Revenues. Net Profit Margin % - Sum of the last four quarters of Operating EPS divided by sum of the last four quarters Revenues Per Share. Return on Equity % - Sum of the last four quarters of Operating EPS divided by the average of the last four quarters Book Value. Return on Capital % - Sum of the last four quarters of Operating EPS divided by the average of the last four quarters Total Capital Per Share. Return on Assets % - Sum of the last four quarters of Operating EPS divided by the average of the last four quarters Total Assets Per Share. Price / EPS TTM - Weekly Price divided by the sum of the last four quarters of Operating EPS (capped at 99.9). Price / Sales - Weekly Price divided by Revenues Per Share TTM. Price / Book Value - Weekly Price divided by Book Value Per Share last quarter. Book Value Per Share is Total Common Equity last quarter divided by Shares Outstanding last quarter (capped at 49.9). Free Cash Flow Yield % - Free Cash Flow Per Share TTM divided by Weekly Price. Enterprise Value - Market Value plus Total Debt last year plus Preferred Equity last year minus Cash & Cash Equivalents last year. Enterprise Value / Sales - Enterprise Value divided by the sum of the last four quarters of Revenue. Enterprise Value / EBITDA - Enterprise Value divided by EBITDA TTM. Enterprise Value / EBIT - Enterprise Value divided by trailing four quarters of Operating Income. Enterprise Value / Free Cash Flow- Enterprise Value divided by the sum of the last four quarters of Free Cash Flow. Russell 1000 Index - The largest 1,000 stocks by market cap, the index comprehensively covers the US large cap universe. EPS 5-Year Growth Rate % is capped at 999.9%. Revenue 5-Year Growth Rate % is capped at 999.9%.

Energy/Oil: Crude Producers Price: 187.00 GBX Report Date: September 29, 2021

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