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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


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WINTERSHALL DEA INVESTOR PRESENTATION

THE LEADING EUROPEAN INDEPENDENT GAS AND OIL COMPANY

MAY 2020

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WINTERSHALL DEA INVESTOR PRESENTATION

DISCLAIMER

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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

  • therwise) 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.

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COMPANY OVERVIEW

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WINTERSHALL DEA INVESTOR PRESENTATION

FOCUSED ACTIVITIES ACROSS THE E&P VALUE CHAIN

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High quality and stable Midstream business

Exploration – Development – Production European Pipeline Networks

UPSTREAM MIDSTREAM

Diversified Upstream activities with full lifecycle capabilities

1 2

WINTERSHALL DEA INVESTOR PRESENTATION

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OUR STRATEGY

WINTERSHALL DEA INVESTOR PRESENTATION

Focus on Sustainability Strict Financial Framework Competitive and sustainable shareholder returns Advantaged, gas weighted upstream portfolio Exposure to high quality and stable midstream business

3 4 1 2 5

Climate change and energy transition Abundance of low cost fossil fuels Energy demand growth globally Renewables cannot keep up with demand growth

OUR STRATEGY LANDSCAPE

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WINTERSHALL DEA INVESTOR PRESENTATION

THE LEADING EUROPEAN INDEPENDENT GAS AND OIL COMPANY

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Large and diversified upstream portfolio

1 2 3

Strong partnerships with world class operators Resilience through top decile production costs Exposure to high quality and stable midstream business Robust financial policy anchored on our commitment to investment grade

4 5 7

Excellent ESG footprint and strong focus on sustainability

WINTERSHALL DEA INVESTOR PRESENTATION

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WINTERSHALL DEA INVESTOR PRESENTATION

LARGE AND DIVERSIFIED UPSTREAM PORTFOLIO

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Brazil Argentina Mexico Algeria Libya Egypt UAE Russia

Established Upstream Business Units Growth Upstream Business Units Other Business Units

Northern Europe

‘19 Production: 201 mboe/d

Russia

‘19 Production: 289 mboe/d

Latin America

‘19 Production: 76 mboe/d

MENA

‘19 Production: 51 mboe/d

RESILIENT PORTFOLIO WITH DIVERSIFIED PRICING CONSTRUCTS KEY FIGURES 2019

(1) EXCLUDING LIBYA ONSHORE PRODUCTION

Reserves Replacement Ratio

109%

2P Reserves Life

17 years

Nothern Europe Russia MENA LATAM 33% 47% 8% 12%

617(1) mboe/d

Production

Liquids Gas

Reserves

3.8 bn boe

30% 70%

WINTERSHALL DEA INVESTOR PRESENTATION

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WINTERSHALL DEA INVESTOR PRESENTATION

EXPOSURE TO HIGH QUALITY AND STABLE MIDSTREAM BUSINESS

▪ Predictable and stable

business

▪ Buffer against commodity

price volatility

▪ High quality and modern

infrastructure assets

▪ Long term potential in low-

carbon environment - hydrogen transportation

272 282 283 159 161 164 2017 2018 2019 EBITDA Net Income

OUR PIPELINE NETWORK STRONG FINANCIAL CONTRIBUTION TO THE GROUP(1) (€ MILLION)

Compressor stations GASCADE pipeline network Transit pipeline (third-party) NEL/OPAL Nord Stream Nord Stream 2 (financing only)

4,140 km onshore gas pipelines

WINTERSHALL DEA INVESTOR PRESENTATION PAGE 8 (1)

FROM DECEMBER 2019, WIGA GROUP CONSOLIDATED AT EQUITY

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WINTERSHALL DEA INVESTOR PRESENTATION

RESILIENCE THROUGH TOP-DECILE PRODUCTION COSTS

PRODUCTION COSTS OVER TIME ($/BOE) PRODUCTION COSTS(1) VS. PEERS (2017-2019 AVERAGE)(2)

7.1 4.3 2014 2019

5.1 Peer median: $7.7/boe

(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.

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SOURCE: COMPANY AND PUBLIC INFORMATION

 40 %

WINTERSHALL DEA INVESTOR PRESENTATION

$/boe

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Non-operated Operated JV-operated 67%

STRONG PARTNERSHIPS WITH WORLD CLASS OPERATORS

PROVEN PARTNERSHIP MODEL

Country Production 2019, mboe/d Operating in the country since Key Partners Russia 289 1990s Norway 145 1970s Argentina 72 1980s Egypt 38 1970s Mexico 4 2017 UAE N/A Development

WINTERSHALL DEA INVESTOR PRESENTATION PAGE 10

WITH LONG HISTORY OF OPERATIONAL TRACK RECORD

(1)

2019 PRODUCTION SPLIT

WINTERSHALL DEA INVESTOR PRESENTATION

~2/3 OF PRODUCTION(1) OWN OR JV-OPERATED

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ROBUST FINANCIAL POLICY ANCHORED ON OUR COMMITMENT TO INVESTMENT GRADE

WINTERSHALL DEA INVESTOR PRESENTATION

Conservative capital structure & financial discipline

Maintain our investment grade rating

Prioritising shareholder returns

Capacity to pay competitive dividends through the cycle

Value-driven growth

Disciplined capital allocation in selected profitable growth BALANCE SHEET DIVIDEND GROWTH

2 3 4

SUSTAINING AND COMMITTED CAPEX

1

CLEAR PRIORITIES AND CAPITAL ALLOCATION CAPITAL ALLOCATION FRAMEWORK

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WINTERSHALL DEA INVESTOR PRESENTATION

EXCELLENT ESG FOOTPRINT AND STRONG FOCUS ON SUSTAINABILITY

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(1)

WINTERSHALL DEA IS COMMITTED TO THE WORLD BANK’S ZERO ROUTINE FLARING BY 2030 INITIATIVE

 > 30%

Women in executive positions Zero harm to people No routine flaring and venting(1)

OUR SUSTAINABILITY TARGETS OUR UNITED NATIONS SUSTAINABILITY GOALS OUR APPROACH – MORE ENERGY, LESS EMISSIONS

Transparency

Implement TCFD recommendations Top performer in IOGP ranking by 2025

WINTERSHALL DEA INVESTOR PRESENTATION

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FINANCIAL AND OPERATIONAL RESULTS

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FACING THE CRISIS

WINTERSHALL DEA INVESTOR PRESENTATION

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TOP PRIORITIES Protecting our people Business continuity Preserving liquidity OUR RESILIENT BUSINESS PROFILE Low cost asset base

  • Top decile production cost of $4.3/boe
  • Free cash flow breakeven of $~30/boe, reducing

to below $20/boe in 2021(1) Midstream business contributing c. €140 million of stable cash flow Diversified portfolio with multiple pricing mechanisms OUR RESPONSE TO THE CRISIS Development capex reduced 30% Exploration spend reduced 20% Opex reduced 10% Dividend suspended Increased liquidity to €2.4 billion

(1) ASSUMING $4/MCF TTF

WINTERSHALL DEA INVESTOR PRESENTATION

2 3 4 1 5

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(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 COST

RESULTS SUMMARY

WINTERSHALL DEA INVESTOR PRESENTATION

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Balance Sheet

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%) 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%) 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

  • Environment

Financial Results

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PRODUCTION

WINTERSHALL DEA INVESTOR PRESENTATION

1)

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

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PRODUCTION(1) (WI, MBOE/D)

% Gas 69 % 72 %

Q1 2020 PRODUCTION(1) COMPOSITION

~35% OF TOTAL PRODUCTION LINKED DIRECTLY TO SPOT BRENT AND EUROPEAN GAS PRICES

72 % 72 % 71 % 73 % 73 %

Russia Gas Russia Condensate Argentina Gas Other Non- Europe Gas Europe Spot Gas Brent Crude

626 (mboe/d)

9% 39% 9% 7% 18% 18%

203 201 205 211 186 200 207 252 289 306 280 264 307 300 37 51 41 48 59 55 49 74 76 74 76 80 75 70 566 617 626 615 589 638 626 2018 2019 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020

Northern Europe Russia MENA Latam

WINTERSHALL DEA INVESTOR PRESENTATION

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PROFITABILITY

WINTERSHALL DEA INVESTOR PRESENTATION

EBITDAX (€ MILLION)

2,355 1,671 419 463 397 320 235 270 282 275

  • 98
  • 170

3,591 2,828 2018 2019

Northern Europe Russia MENA Midstream Other Latam

508 328 172 105 74 61 44 8 80 44

  • 46
  • 65

832 481 Q1 2019 Q1 2020

ADJUSTED NET INCOME (€ MILLION)

1,055 879 2018 2019 320

  • 78

Q1 2019 Q1 2020

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 21 %  42 %  17 %  124 %

WINTERSHALL DEA INVESTOR PRESENTATION

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COST PERFORMANCE

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Q1 2020 PRODUCTION AND OPERATING EXPENSES PRODUCTION COST EVOLUTION ($/BOE)

33% 39% 28% 5.7 5.4 4.3 4.3 4.3 2017 2018 2019 Q1 2019 Q1 2020

€496 million

COST OF TRADE GOODS PRIMARILY INCLUDES TRADING ACTIVITIES OTHER PRIMARILY INCLUDES TRANSPORT FEES AND LEASES WINTERSHALL DEA INVESTOR PRESENTATION

Other Production Costs Costs of Trade Goods

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3.8 6.0 3.0 2.2 1P 2P 2C 2P+2C

WINTERSHALL DEA INVESTOR PRESENTATION

Gas Other liquids Condensate Northern Europe Russia MENA Latam

2P PRODUCT SPLIT 2P REGIONAL SPLIT

2PD 2PUD

SIGNIFICANT UNDEVELOPED RESERVES UPSIDE

bn boe

2P RP 17 years

1P RP 13 years 2P+2C RP 27 years

RESERVES OVERVIEW

PEER LEADING RUNNING ROOM IN TERMS OF R/P AND 2PUD/2P RATIOS

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13% 17% 70% 58% 11% 7% 24% 55% 45%

WINTERSHALL DEA INVESTOR PRESENTATION

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APPENDIX

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WINTERSHALL DEA INVESTOR PRESENTATION

UPSTREAM PORTFOLIO OVERVIEW

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Brazil Argentina Mexico Algeria Libya Egypt UAE Russia

Northern Europe Germany:

  • Managing late life assets and production decline;

technological base with focus on EOR Norway:

  • Current production and development area with

significant short-medium term growth and attractive exploration upside in proximity to existing infrastructure

  • Exploration: Focus on value creation in the vicinity of
  • perating fields and infrastructure

Rest of Europe:

  • Shallow water operations focusing on production
  • ptimization

Middle East and North Africa Egypt:

  • Long history in the region with stable production even

during past political unrest UAE:

  • Future of the Middle Eastern new production following

the acquisition of the Ghasha concession, highly promising gas and condensate offshore development project Algeria:

  • Participation in the gas development project in the

Sahara with challenging geological and logistical demands Libya:

  • History of stable production interrupted by current

geopolitical issues Russia

  • Participation in world-class assets starting from early

1990s

  • Low-cost production supported by giant reserves base
  • Long plateau production with significant cashflow

generation

  • Long-term contractual offtake agreements

Latin America Mexico:

  • Mature onshore oil production and participation in one
  • f the world’s largest shallow-water discoveries
  • Exploration: Major exploration opportunity in recently

acquired blocks Brazil:

  • Exploration: Participation in offshore exploration

licenses in one of the most attractive hydrocarbon provinces aiming to build a significant resource base Argentina:

  • Established operations in onshore and offshore fields

WINTERSHALL DEA INVESTOR PRESENTATION

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WINTERSHALL DEA INVESTOR PRESENTATION

NORTHERN EUROPE: STABLE PORTFOLIO BACKBONE

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SOUTHERN NORTH SEA: SMART OFFSHORE OPERATIONS NORWAY: WD IS THE LEADING INTERNATIONAL OIL AND GAS COMPANY IN THE COUNTRY

Key assets WI (%) Operators

Key producing assets Aasta Hansteen 24% Equinor Vega 56% Wintershall Dea Skarv 28% Aker BP Edvard Grieg 9% Lundin Maria 50% Wintershall Dea Gjøa 28% Neptune Energy Key development projects Njord 50% Equinor Dvalin 55% Wintershall Dea Nova 45% Wintershall Dea Ærfugl 28% Aker BP

2P Reserves: 671 mmboe R/P: 13 Production 2019 (mboe/d)

Key assets WI (%) Operators

Key producing assets Wingate 64.5% Wintershall Noordzee Ravn 63.6% Wintershall Noordzee Key development projects Rembrandt/ Vermeer 30% Wintershall Noordzee

Key Highlights

  • Europe’s largest oil and gas producing country
  • More than 100 licenses, 30 of them as operator
  • Stable fiscal and operating environment; low political risk

Key Highlights

  • Major gas producer in region with more than 20 offshore

platforms

  • Operated via JV company Wintershall Noordzee which is

accounted at equity in Wintershall Dea accounts

GERMANY: OPERATIONS AT HIGHEST TECHNICAL STANDARDS

Key assets WI (%) Operators

Key producing assets Mittelplate 100% Wintershall Dea Völkersen 100% Wintershall Dea Emlichheim 90% Wintershall Dea

2P Reserves: 223 mmboe R/P: 13 Production 2019 (mboe/d) Key Highlights

  • Mature hydrocarbon province
  • Focusing on production sites in Northern Germany
  • Leveraging technical expertise (e.g. sour gas)

49% 51% Oil Gas 25 24 Total: 49 76 70 Total: 146 48% 52% Oil Gas

WINTERSHALL DEA INVESTOR PRESENTATION

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WINTERSHALL DEA INVESTOR PRESENTATION

RUSSIA: LARGEST RESOURCE AND PRODUCTION BASE

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RUSSIA: STRONG CASH FLOW FROM LONG-LIFE PRODUCING FIELDS

Key assets WI (%) Operators

Key producing assets Achimov 1A 50% Achimgaz Yuzhno Russkoye (Cenomanian layers) 35%(1) Severneftegazprom Wolgodeminoll 50% RITEK Key development projects Yuzhno Russkoye (Turonian layers) 35%(1) Severneftegazprom Achimov 4A & 5A 25% Achim Development

2P Reserves: 2,234 mmboe R/P: 21 Production 2019 (mboe/d) Key Highlights

  • Country with largest known gas reserves and sixth largest proven oil reserves

worldwide

  • Stake in key fields for Russian gas exports to Europe
  • Longstanding, close collaboration with our Russian partners since nearly 30 years
  • Extremely low production costs

1)

ECONOMIC SHARE, WINTERSHALL DEA HAS 25 % LEGAL INTEREST IN THE PROJECT

254 56 Total: 289 19% 81% Oil Gas

WINTERSHALL DEA INVESTOR PRESENTATION

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WINTERSHALL DEA INVESTOR PRESENTATION

LATAM: STRONG GROWTH POTENTIAL

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BRAZIL: GROWTH COUNTRY MEXICO: SUCCESSFUL EXPLORATION AND APPRAISAL

Key assets WI (%) Operators

Key producing assets Ogarrio 50% Wintershall Dea Key E&A assets Zama 40% Talos Energy Block 2 30% Pemex Blocks 16,17 & 30 40% Wintershall Dea

2P Reserves: 41 mmboe R/P: 26 Production 2019 (mboe/d)

Key assets WI (%) Operators

Key exploration assets 3 licenses Potiguar Basin 70% Wintershall Dea 1 license Ceará Basin 100% Wintershall Dea 3 licenses Campos Basin 20% Repsol 2 licenses Santos Basin 20% Chevron

Key Highlights

  • Mature production in Ogarrio leveraged by technical
  • ptimization
  • Progressing on development concept for the world class

Zama discovery Key Highlights

  • Key growth country in the portfolio
  • Holder of four operated exploration licenses in Ceará and

Potiguar basins and five non-operated licenses in in Santos and Campos basins

ARGENTINA: LARGEST DRY GAS PRODUCER IN THE REGION

Key assets WI (%) Operators

Key producing assets CMA-1 37.5% Total Aguada Pichana 27%% Total Aguada Federal 50% Wintershall Dea Banduria Norte 50% Wintershall Dea

2P Reserves: 214 mmboe R/P: 8 Production 2019 (mboe/d) Key Highlights

  • Presence in the country since more than 40 years
  • Stake in 20 on- and offshore fields, 3 as operator
  • Large potential in shale resources

65 7 Total: 72 1 3 Total: 4 9% 91% Oil Gas 70% 30% Oil Gas

WINTERSHALL DEA INVESTOR PRESENTATION

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21% 79% Oil Gas

WINTERSHALL DEA INVESTOR PRESENTATION

MENA: REMARKABLE FOOTPRINT IN THE RICH HYDROCARBON REGION

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UAE: ESTABLISHED POSITION VIA TECHNICAL COMPETENCE ALGERIA: ONSHORE DRILLING EXPERTISE

Key assets WI (%) Operators

Key producing assets Reggane Nord 19.5% Repsol

Production 2019 (mboe/d)

Key assets WI (%) Operators

Key development projects Ghasha 10% ADNOC

Key Highlights

  • Partner in Reggane Nord project comprising six gas fields

with production until at least 2040 Key Highlights

  • UAE is a new focus area for Wintershall Dea
  • Partner in one of the UAE‘s major gas and condensate

developments, Ghasha

  • Successful Shuwaihat appraisal in Abu Dhabi, a complex

sour gas project

EGYPT: FOCUSED OPERATIONS

Key assets WI (%) Operators

Key producing assets Disouq 50% DISOUCO Gulf of Suez 50% SUCO West Nile Delta 17.25% BP

2P Reserves: 120 mmboe R/P: 10 Production 2019 (mboe/d) Key Highlights

  • Stakes in six onshore and offshore concessions centred

around three assets

  • Partner in West Nile Delta project, one of the most important

energy projects in Egypt

30 8 Total: 38 0% 100% Oil Gas 9 Total: 9

WINTERSHALL DEA INVESTOR PRESENTATION

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HIGHLY EXPERIENCED MANAGEMENT TEAM WITH STRONG CORPORATE GOVERNANCE

WINTERSHALL DEA INVESTOR PRESENTATION

PAGE 26 WINTERSHALL DEA INVESTOR PRESENTATION

Mario Mehren Chairman of the Board and CEO Paul Smith CFO Dawn Summers(1) COO Northern Europe and MENA Thilo Wieland Board Member for Russia, LatAm and Midstream Hugo Dijkgraaf CTO Roles

  • Highly experienced management team with 20+ years in E&P

sector on average

  • Diverse and complementary background and skillset

Shareholders' Committee

  • Members from both shareholders as well as two
  • bservers/independents
  • Certain reserved matters for alignment in the

Shareholders Committee Supervisory Board

  • Responsible for supervision of the Management Board

Executive / Management Board

  • Responsible for overall strategy and management
  • Composed of senior management leadership team

German Khan Michael Heinz Lord Browne of Madingley Hans-Ulrich Engel

THREE-TIER GOVERNANCE STRUCTURE EXECUTIVE BOARD SHAREHOLDER COMMITTEE

(1) TO BE APPOINTED AS OF JUNE 1ST, 2020