Wintershall Dea Fixed Income Investor Presentation SEPTEMBER 2019 - - PowerPoint PPT Presentation

Wintershall Dea

Fixed Income Investor Presentation SEPTEMBER 2019

AGENDA

INVESTOR PRESENTATION

PAGE 2

COMPANY INTRODUCTION AND STRATEGY

1

CREDIT HIGHLIGHTS HISTORICAL FINANCIALS CONCLUSION APPENDIX

2 3 4 A

COMPANY INTRODUCTION AND STRATEGY

PAGE 3

SECTION 1

COMPANY INTRODUCTION AND STRATEGY

PAGE 4 SOURCE: COMPANY INFORMATION

FOCUSED ACTIVITIES ACROSS THE E&P VALUE CHAIN

Stable cash flows from infrastructure assets

Exploration – Development – Production European Pipeline Networks

UPSTREAM MIDSTREAM Strong cash flows from E&P activities

1 2

COMPANY INTRODUCTION AND STRATEGY

WINTERSHALL DEA AT A GLANCE

DIVERSIFIED UPSTREAM PORTFOLIO CENTRED AROUND 4 REGIONS

PAGE 5 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. 1

35% Middle East & North Africa (MENA) Latin America Russia Northern Europe 65% 35% 34% 66% 3.0 3.7 2.9

2.6

1P 2P 2C 2P+2C

bn boe

2P RP1 18 years 1P RP1 15 years 2P+2C RP1 31 years

6.3

589 mboe/d

2018 WI Production

Baa2/BBB

Moody’s/Fitch Ratings

66% Gas

2018 Production Split

€6.3bn

2018 PF Sales Revenues

€1.2bn

2018 Free Cash Flow4

€3.6bn

2018 PF EBITDAX

RESERVES CATEGORISATION (2018YE)

1P/2P Ratio 82%

2P Res: 2,345 mmboe ‘18 Prod: 252 mboe/d 2P Res: 893 mmboe ‘18 Prod: 203 mboe/d 2P Res: 201 mmboe ‘18 Prod: 60 mboe/d 2P Res: 268 mmboe ‘18 Prod: 74 mboe/d

1 2 4 3

3 3 2 2

WINTERSHALL DEA MERGER

COMPANY INTRODUCTION AND STRATEGY

PAGE 6

• Create the Leading European Independent

exploration and production company with strong international operations and significant scale

• Increase competitiveness and future viability
• Create value through additional growth
• pportunities and realization of €200m p.a. of

synergies by year 3 of the merger STRATEGIC RATIONALE FOR THE MERGER

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.

SHAREHOLDING STRUCTURE

Ordinary shares Preference shares1 67% (72.7%) (33% (27.3%) 5.7%

COMPANY INTRODUCTION AND STRATEGY

PAGE 7

Financial Discipline

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

Balanced Value Creation

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

Operational Excellence

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

Partner of Choice

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

Energy Transition

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

CORPORATE STRATEGY

COMPANY INTRODUCTION AND STRATEGY

PAGE 8 SOURCE: COMPANY INFORMATION

Focus Areas Initiatives

We explore and produce gas and oil worldwide in the most efficient and responsible way.

Governance We are committed to doing business responsibly and creating trust through transparency. Environment & Climate Protection We constantly minimize our ecological footprint and use resources efficiently. Social Responsibility We enforce social standards in all we do and actively engage with our stakeholders. Climate Operational Stewardship Diversity

• Embracing diversity and

inclusion

• Over 60 nationalities part
• f inclusive culture
• Share of >30% women in

workforce above industry average2

• 66% of our production is

low-carbon gas

• No routine flaring in own
• perations1
• Low CO2 emission intensity
• f around 11 kg/boe
• ISO 14001 and 45001
• n relevant locations
• Water risk assessment
• n relevant sites
• Platform recycling in

the north sea

• Support of long-term

community development

Value Chain

• Supplier Code of Conduct

includes our ESG standards

• Sustainability para-meters

part of supplier assessments

• Joint Venture Partnering

program

Principles

Zero Routine Flaring by 2030 Initiative Methane Guiding Principles

1 CURRENTLY EXCEPT LIBYA DUE TO THE SECURITY SITUATION. 2 INDUSTRY AVERAGE OF 22% ACCORDING TO WORLD PETROLEUM COUNCIL (2017)

ESG FRAMEWORK

CREDIT HIGHLIGHTS

PAGE 9

SECTION 2

CREDIT HIGHLIGHTS

PAGE 10

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

1 2 3 4

Strong partnerships with world class operators High visibility on medium term profitable growth Resilience through industry leading operating costs 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 capital allocation framework

5 6 7

Highly experienced management team with strong corporate governance The Leading European Independent Gas and Oil Company

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

CREDIT HIGHLIGHTS

PAGE 11

1

SOME OF OUR KEY ASSETS2

Gas 73% Liquids 27%

3.71

(bn boe)

2018 2P RESERVES 2018 EBITDAX3

SOURCE: COMPANY INFORMATION.

1 93% EXTERNALLY AUDITED. 2 2018 WI PRODUCTION. 3 PRO FORMA 2018 EBITDAX.

Mittelplate

• 21 mboe/d

CMA-1

• 51 mboe/d

Ghasha Development

• First gas: 2022

Russia

• Achimov I
• 96 mboe/d
• Achimov IV & V
• First gas: 2020/2021
• Yuzhno Russkoye
• 150 mboe/d

Vega

• 27 mboe/d

Non- OECD 29% OECD 71%

3.6

(€bn)

589

(mboed)

2018 PRODUCTION DIVERSIFICATION

Egyptian Gas 4% Argentinian Gas 11% European Spot Gas 15% Russian Gas 36% Brent / Liquids 34%

RESILIENCE THROUGH INDUSTRY LEADING OPERATING COSTS

CREDIT HIGHLIGHTS

PAGE 12

2

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.

PRODUCTION COSTS1 VS. PEERS2 PRODUCTION COSTS OVER TIME

(US$/BOE; THREE-YEAR AVERAGE 2016A – 2018A) 7.1 4.3 14A H1 193 (US$/BOE) 4.5 Peer median: $8.2/boe

STRONG PARTNERSHIPS WITH WORLD CLASS OPERATORS

CREDIT HIGHLIGHTS

PAGE 13

3

WITH LONG HISTORY OF OPERATIONAL TRACK RECORD

Non-operated 19% Operated 14% JV-operated 67% Country Production 2018, mboe/d Operating in the country since Key Partners Russia 252 1990s Norway 140 1970s Argentina 71 1980s Egypt 26 1970s Mexico 3 2017 UAE N/A Development

SOURCE: COMPANY INFORMATION.

PROVEN PARTNERSHIP MODEL

(2018 PRODUCTION SPLIT)

HIGH VISIBILITY ON MEDIUM TERM PROFITABLE GROWTH

CREDIT HIGHLIGHTS

PAGE 14

4

SOURCE: COMPANY INFORMATION

Norway

• Njord
• Plateau production:

40 mboe/d

• First oil: 2020
• Bauge (Njord area)
• Plateau production:

10 mboe/d

• First oil: 2020
• Dvalin
• Plateau production:

30 mboe/d

• First gas: 2020
• Nova
• Plateau production:

30 mboe/d

• First oil: 2021
• Ærfugl
• Plateau production:

25 mboe/d

• First oil: 2020

Russia

• Achimov IV & V
• Plateau production:

90 mboe/d

• First gas: 2020/2021
• Yuzhno Russkoye (Turonian)
• Plateau production:

40 mboe/d

• First gas: 2019/2020

Argentina (pre-FID)

• Fenix
• FID 2019/2020
• Aguada Federal & Bandurria

Norte

• FID 2020

Egypt

• Raven (WND)
• Plateau production:

30 mboe/d

• First gas: Q4 2019

UAE

• Ghasha Concession
• Plateau production:

40 mboe/d

• First gas: 2022

OUR MAJOR DEVELOPMENT PROJECTS AND PRODUCING ASSETS WITH FURTHER UPSIDE

Profitable production growth to 750 mboe/d by 2023

Mexico

• Zama
• FID 2021

PAGE 15

UNITED KINGDOM NETHERLANDS BELGIUM POLAND DENMARK

North Sea Baltic Sea

LUXEMBOURG

CZECH REPUBLIC AUSTRIA SWITZERLAND

FRANCE

WIGA Group6 Pipeline Network WIGA Group Compressor Stations

CREDIT HIGHLIGHTS

• Major player in the non-cyclical European gas

transportation business

• Midstream business consists of:
• Partly / non-regulated pipeline assets (OPAL + Nord

Stream 1):

• Earnings independent from demand fluctuations
• Significant cash flows from dividends
• Regulated pipeline assets (GASCADE, NEL, EUGAL5):
• Earnings independent from demand fluctuations on the

basis of regulation

• Fixed and reliable returns on regulated midstream

assets

• Net RAB 2018 of €2.6bn2 (GASCADE, NEL)3
• Return on regulatory equity4: 6.91% for new systems,

5.12% for old systems

• Midstream business is currently under-levered compared to

peers, further enhancing credit capacity of the 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

Over €200m p.a. of stable midstream cash flows able to cover debt service of the entire Group

Pipeline Wintershall Dea Share, % Capacity bcm p.a. Length km In operation Since GASCADE Grid1 50.0 N/A 2,400 1992 OPAL 40.0 36 473 2011 NEL 25.5 20 441 2012/2013 Nord Stream 1 15.5 55 1,220 2011/2012 EUGAL5 25.3 55 480 End 2019

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

5

CREDIT HIGHLIGHTS

PAGE 16

Capital Structure & Financial Discipline

• Commitment to maintain a Baa2/BBB or

equivalent issuer credit rating

• Robust capital structure, targeting net debt to

EBITDAX of 1.5-2.0x in the medium term

• Clear cash prioritization and capital allocation

frameworks Dividend policy

• Wintershall Dea to pay dividends

commensurate with its Rating Target Hedging policy

• FX risk to be hedged via natural hedges;
• Commodity risk hedging to be considered by

exception Acquisitions & Divestments

• M&A strategy to be in line with commitment

towards the Rating Target

• Pre-IPO, the company will focus its efforts on

streamlining the combined portfolio

SOURCE: COMPANY INFORMATION

6

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

CASH PRIORITIZATION FRAMEWORK FINANCIAL POLICY

SUSTAINING CAPITAL BALANCE SHEET DIVIDEND DISTRIBUTION GROWTH DEVELOPMENT CAPEX EXPLORATION & APPRAISAL + M&A

Highest Priority

    

Mario Mehren Chairman of the Board and CEO Maria Moraeus Hanssen(1) COO and Deputy CEO, EMEA Region Paul Smith CFO Thilo Wieland Board Member for Russia, LatAm and Midstream Hugo Dijkgraaf CTO

HIGHLY EXPERIENCED MANAGEMENT TEAM WITH STRONG CORPORATE GOVERNANCE

CREDIT HIGHLIGHTS

PAGE 17

7

EXECUTIVE BOARD

Role

• Highly experienced management team with 20+ years in E&P sector
• n average
• Diverse and complementary background and skillset

THREE-TIER GOVERNANCE STRUCTURE

Executive / Management Board

• Responsible for overall strategy and

management

• Composed of senior management leadership

team Supervisory Board

• Responsible for supervision of the Management

Board

• Co-determination level of one third

Shareholders' Committee

• Members from both shareholders as well as

two observers/independents

SHAREHOLDER COMMITTEE

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

SOURCE: COMPANY INFORMATION

1 WILL LEAVE WINTERSHALL DEA AS OF DECEMBER 31ST 2019, REPLACEMENT TO BE ANNOUNCED IN DUE COURSE

HISTORICAL FINANCIALS

PAGE 18

SECTION 3

HISTORICAL PERFORMANCE1

HISTORICAL FINANCIALS

SOURCE: COMPANY INFORMATION.

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 19 461 456 468 138 125 121 599 581 589 635 16A 17A 18A 2019 Guidance

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

1,670 1,960 3,591 776 894 16A 17A 18PF Wintershall DEA Wintershall Dea PF

344 735 867 68 59 315 16A 17A 18A

HISTORICAL PERFORMANCE1

HISTORICAL FINANCIALS

SOURCE: COMPANY INFORMATION.

PAGE 20 1,008 891 622 656 829 948 1,664 1,720 1,570 Up to 1,700 16A 17A 18A 2019 Guidance

CAPEX (€m)2 FREE CASH FLOW (€m)3

Wintershall DEA Wintershall Dea PF

CONCLUSION

PAGE 21

SECTION 4

CONCLUSION

CREDIT HIGHLIGHTS

PAGE 22

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

1 2 3 4

Strong partnerships with world class operators High visibility on medium term profitable growth Resilience through industry leading operating costs 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 capital allocation framework

5 6 7

Highly experienced management team with strong corporate governance The Leading European Independent Gas and Oil Company

APPENDIX

PAGE 23

APPENDIX

INTEGRATED HSEQ MANAGEMENT

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

HSEQ FRAMEWORK EXCELLENT SAFETY PERFORMANCE

0.8 0.4 0.6 0.2 0.4 0.7 0.7 0.7 0.7 0.0 0.5 1.0 1.5 2.0 2015 2016 2017 2018 2019 YTD LTIF LTIF Wintershall Dea¹ LTIF IOGP² Safe & Healthy Workplace

Providing a safe and healthy working environment for all of those working on

• ur behalf

Environmental Protection

Minimising our environmental impact and

• ptimising our energy efficiency

Security

Identifying, understanding and managing security risks worldwide to protect the company, our colleagues and ensure business continuity

HSEQ Leadership

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

• pportunities for improvement.

Major Accident Prevention

Implementing and maintaining (1) Robust barriers for known risks as well as (2) Practices to create awareness for early signals. Mitigate escalation in case of accidents

HSEQ

APPENDIX

PAGE 25

SOURCE: COMPANY INFORMATION

AND NOT GRANT ANY PROFIT PARTICIPATION RIGHTS. 4 FINANCIAL INVESTOR OF NORD STREAM 2. 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

MIDSTREAM BUSINESS STRUCTURE

NEL Gastransport GmbH (51% Joint Ownership NEL) GASCADE Gastransport GmbH (Grid owner + 50.5% Joint Ownership EUGAL) 50.02% 99.9%2,3 100%2 100%2 OPAL Gastransport GmbH & Co. KG5 (Leaseholder OPAL) W&G Infrastruktur Finanzierungs-GmbH W&G Transport Holding GmbH (80% Joint Ownership OPAL5 WIGA Transport Beteiligungs- GmbH & Co. KG5 100%2 100%2 15.5% Nord Stream 2 AG Project Company Loan agreement for up to €950 million from Wintershall Nederland Transport & Trading B.V

Fully Consolidated

› WIGA Transport Beteiligungs- GmbH & Co. KG5 › W&G Transport Holding GmbH5 › OPAL Gastransport GmbH & Co. KG5 › Wintershall Nederland Transport & Trading B.V. (NL)4 › Wintershall Dea Oil AG

“At-equity” Investments

› Nord Stream AG › W&G Infrastruktur Finanzierungs-GmbH › GASCADE Gastransport GmbH › NEL Gastransport GmbH 0%

Fully Consolidated “At-equity” Investments

German Onshore Pipelines

(Regulated / Partially / Non- Regulated)

Nord Stream 1

(Non-regulated)

Nord Stream 2

(Structured Financing)

Nord Stream AG (CH) Wintershall Dea Oil AG 100%

HISTORICAL PERFORMANCE (CONT’D)

APPENDIX

PAGE 26

SOURCE: COMPANY INFORMATION.

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

Select Income Statement Data

6m ended 30 June 20191

Select Balance Sheet Data

As at 30 June 20191

Total revenues and other operating income 2,969 Cash and cash equivalents 977 Production and operating expenses (1,122) Other current assets (including trade and financial receivables) 2,500 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

UPSTREAM PORTFOLIO OVERVIEW

PAGE 27

APPENDIX

UPSTREAM PORTFOLIO OVERVIEW

OVERVIEW

PAGE 28 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 (Yuzhno

Russkoye) SOURCE: COMPANY INFORMATION 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

UPSTREAM PORTFOLIO OVERVIEW

MAJOR PRODUCTION CENTRES

PAGE 29 Argentina 2018 Production: 71 mboe/d Russia 2018 Production: 252 mboe/d Egypt 2018 Production: 26 mboe/d Norway 2018 Production: 140 mboe/d Germany 2018 Production: 54 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.

RUSSIA

UPSTREAM PORTFOLIO OVERVIEW

ASSET LOCATIONS

PAGE 30

• Long history of Wintershall Dea’s presence in Russia (since the 1990s)
• Close cooperation and partnership with Gazprom
• Strategic assets for Russia as these are key fields for Russian gas

exports to Europe Achimov I and Achimov IV & V

• Urengoyskoye producing since late 1970s
• Achimov I producing since 2008 with estimated project duration of c.

40 years

• Achimov IV & V aim to develop further formations of the

Urengoyskoye field Yuzhno Russkoye

• Stable contractual arrangements linked to the regulated Russian

domestic market price as well as to the European netback price

• Average cost of supply of $1/boe, with attractive cash flow

generation and no significant further capex required

• Significant upside from phased Turonian development and

exploration

GIANT, LONG LIFE GAS PRODUCING FIELDS UNDERPINNING CASH FLOW GENERATION

KEY HIGHLIGHTS

Key assets WI (%) % Gas

• Prod. FY18

(mboe/d) Operators

Key producing assets Achimov I 50% 70% 96 JV (Gazprom, Wintershall Dea) 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)

1 OVERVIEW OF KEY ASSETS

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

• Area I, II & IV

Achim Development JV

• Achimov IV & V

Severneftgazprom JV

• Yuzhno Russkoye

Achimgaz JV

• Achimov I

Kazakhstan Moscow Saint Petersburg Finland Estonia Latvia Belarus Ukraine Georgia Russia Urengoy Norway 1,000 km

Wintershall Dea key assets

NORWAY

UPSTREAM PORTFOLIO OVERVIEW

ASSET LOCATIONS

PAGE 31

• Europe’s largest oil and gas producing country
• Stable fiscal and operating environment; low political risk
• Key assets include:
• Maria – discovered in 2010, Wintershall Dea’s first operated

development project, production started in 2017

• Vega – gas-condensate asset with first production started in 2010
• Aasta Hansteen – gas-condensate field, deepest field

development on the NCS operated by Equinor, largest spar platform globally. Production started in 2018

• Skarv – FPSO hub operated by Aker BP started producing in 2013;

Ærfugl as an additional near-field development

• Snorre – Norway’s second largest oil field, operated by Equinor.

Further development (Snorre Extension) ongoing

• Dvalin – sub-sea gas operated development with a tie-back to

Heidrun-platform, PDO approved in 2017

• Njord Area – hub operated by Equinor, includes Hyme and Bauge

assets (WI: 27.5%), revised PDO approved in 2017, Platform undergoing upgrade before back into field 2020

• Nova – subsea tie-back to Gjøa. Production start in 2021

TOP 10 POSITION IN AN ATTRACTIVE OECD REGION

KEY HIGHLIGHTS LARGEST NORWEGIAN RESERVES OVERVIEW OF KEY ASSETS

500 1,000 1,500 2,000 2,500 Equinor Aker BP Total Var Energy Lundin Petroleum Conoco Phillips Shell Wintershall Dea Exxon Mobil Neptune Reserves (mmboe) 7,000 7,500

2

Wintershall Dea licences and key assets

Barents Sea Norwegian Sea Aasta Hansteen Maria Njord Area North Sea

• E. Grieg
• I. Aasen

Snøhvit Alta Skarv Area Dvalin Gjøa Vega Nova Brage 1500 m 1500 m 1000 m

SOURCE: COMPANY INFORMATION, WOOD MACKENZIE Key assets WI (%) % Gas

• Prod. FY18

(mboe/d) Operators

Key producing assets Aasta Hansteen 24% 100% <1 Equinor Vega 56% 50% 27 Wintershall Dea Skarv 28% 70% 27 Aker BP Snorre 9%

• 8

Equinor Maria 50% 10% 12 Wintershall Dea Other 66 Total Producing 43% 140 Key development projects Njord 50% FP: 2020 Equinor Dvalin 55% FP: 2020 Wintershall Dea Ærfugl 28% FP: 2020 Aker BP Nova 45% FP: 2021 Wintershall Dea Total Development

GERMANY AND REST OF EUROPE

UPSTREAM PORTFOLIO OVERVIEW

ASSET LOCATIONS

PAGE 32 Germany

• Wintershall Dea is the largest oil producer in the country
• Mittelplate / Dieksand – Germany’s largest oil field, with about half
• f all remaining German recoverable oil reserves
• Völkersen – Germany’s largest gas producing field

Netherlands / UK / Denmark

• Focused on improving production and extending field life through

technology and optimised operations remotely controlled from

• nshore (Den Helder)
• Operator of discovered Rembrandt / Vermeer oil field; currently in

FEED stage: FID planned for 2020

• Operated Danish Ravn oil field brought on line in 2018
• Cross-border Sillimanite development first gas in 2020
• Established track record in cost effective infrastructure

decommissioning and reuse expertise

PRODUCING ASSETS WITH BROWN FIELD UPSIDE

KEY HIGHLIGHTS OVERVIEW OF KEY ASSETS

Key assets Country WI (%) % Gas

• Prod. FY18

(mboe/d) Operators

Mittelplate Germany 100%

• 21

Wintershall Dea Völkersen Germany 100% 100% 14 Wintershall Dea Other GE/DK/NL/UK 28 Total 44% 63 Wintershall Dea licences and key assets

3

• Several operated

• Wingate

• Fyn High

• Fyn High

SOURCE: COMPANY INFORMATION

UPSTREAM PORTFOLIO OVERVIEW

NORTH AFRICA AND MIDDLE EAST

PAGE 33

4 KEY HIGHLIGHTS

• All material North African assets are covered by the Investment

guarantees of the Federal Republic of Germany Egypt

• West Nile Delta – Production from Taurus and Libra started in March

2017; Giza, Fayoum started in Feb 2019 while Raven is expected to come on-stream by late 2019

• Disouq – Gas field producing since 2013; awarded a neighbouring new

exploration block in onshore Nile delta

• Gulf of Suez – 2 offshore fields: Ras Budran and Zeit Bay; license

extended in March 2019 for up to additional 8 years with improved commercial terms & entitlement increase Algeria

• Reggane – first gas achieved in December 2017 with targeted

production level of c. 8 mboe/d (net) reached in mid-2018 Libya

• Active in Libya since 1958
• Operator of 8 onshore oilfields

Middle East

• Successful Shuwaihat appraisal in Abu Dhabi
• Strong partnership with ADNOC
• Participation in Ghasha Concession (10%)

ASSET LOCATIONS

Key assets Country WI (%) % Gas

• Prod. FY18

(mboe/d) Operators

Key producing assets Disouq Egypt 50% 95% 5 Suco² West Nile Delta Egypt 17% 90% 11¹ BP Gulf of Suez Egypt 50% 27% 11 Suco² Other 33 Total 74% 60 Key development projects Ghasha UAE 10% FP: 2022 ADNOC

OVERVIEW OF KEY ASSETS

Wintershall Dea licences and key assets

GAS PRODUCTION WITH FIXED PRICE CONTRACTS PROVIDES STABLE CASH FLOWS

• f

Algeria

C96 & C97 C137 Area 58 LIBYA

SOURCE: COMPANY INFORMATION

UPSTREAM PORTFOLIO OVERVIEW

LATIN AMERICA

PAGE 34

5 KEY HIGHLIGHTS ASSET LOCATIONS OVERVIEW OF KEY ASSETS

Argentina

• 4th largest gas producer with operated and non-operated acreage in

unconventional Vaca Muerta and participation in 18 fields

• Gas production predominantly from Tierra del Fuego with several

producing fields in the CMA-1 concession including follow-up projects to keep plateau production (Fenix Phase I, further satellite developments)

• Conventional reservoirs in Neuquén basin in the blocks Aguada Pichana

East and San Roque

• Unconventional plays in Neuquén basin in non-operated blocks Aguada

Pichana East and San Roque as well as operated blocks Aguada Federal and Bandurria Norte Mexico

• Sierra – in 03/2019 acquisition of six exploration and appraisal blocks

including the word class Zama discovery

• 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

(70%)

• Block 16,17 and 30 (40% WI) – three exploration licenses with operatorship

awarded in March 2018 Brazil

• Brazil is one of the most attractive growth regions for the oil and gas

industry worldwide

• Wintershall Dea participation in seven exploration licenses (four operated)
• ff the north and south-east coasts of Brazil with upcoming exploration

activities in 2019

Key assets Country WI (%) % Gas

• Prod. FY18

(mboe/d) Operators

CMA-1 Argentina 38% 90% 51 Total Aguada Pichana East Conv Argentina 27% 97% 19 Total Ogarrio Mexico 50% 35% 3 Wintershall Dea Other 1 Total 90% 74

• Carina
• Vega-Pleyade
• Aries
• Fenix

• Aguada Pinchana Este
• San Roque

ESTABLISHED POSITION IN ARGENTINA WITH A GROWING FOOTPRINT IN MEXICO AND BRAZIL

Wintershall Dea licences and key assets

• Blocks 2, 16 & 17

• Block 30

• Ogarrio

• Blocks 2, 4, 5, 7, 11, 29

SOURCE: COMPANY INFORMATION

MAJOR PRODUCING ASSET SUMMARIES

PAGE 35

APPENDIX

PAGE 36

RUSSIA

MAJOR PRODUCING ASSET SUMMARIES

Country › Russia Partners¹ › Gazprom (40%), Wintershall Dea (35%), OMV (25%) Offshore/Onshore › Onshore Gas/liquids › 100% Gas 2018 WI Production › 150 (mboe/d) Start of Production › 2007

• Plateau production since 2009 (one year

sooner than planned)

• A connecting pipeline measuring almost 120

km connects Yuzhno Russkoye to the Siberian pipeline network

• Currently extracting gas mostly from

Cenomanian deposit with 142 wells

• Production start-up from Turonian deposit

with 14 new wells in 2019 and further 121 wells in 2020-2033 SOURCE: COMPANY INFORMATION. ¹ OPERATED THROUGH JV, ECONOMIC OWNERSHIP 2 OPERATING THROUGH ACHIMGAZ, A JOINT VENTURE OF WINTERSHALL DEA AND GAZPROM. Wintershall Dea Key Assets

ACHIMOV YUZHNO RUSSKOYE

LARGEST PRODUCING FIELD IN WINTERSHALL DEA PORTFOLIO CURRENT STATUS AND OUTLOOK

Severneftgazprom JV

• Yuzhno Russkoye

Country › Russia Partners2 › Wintershall Dea (50%, operator), Gazprom (50%, operator) Offshore/Onshore › Onshore Gas/liquids › 70% / 30% 2018 WI Production › 96 (mboe/d) Start of Production › 2011

• Achimov I produces natural gas and

condensate from the technically complex Achimov formation in the Urengoy field - one

• f the largest oil, gas and condensate

reservoirs in the world

• Achimgaz operates a largescale facility for

separating natural gas and condensate, which now has 5 processing lines

• 96 wells out of 111 in production with

estimated project duration of approximately 40 years Wintershall Dea Licences and Key Assets

LARGEST FIELD IN THE WORLD AT A TIME OF DISCOVERY CURRENT STATUS AND OUTLOOK

Achimgaz JV

• Achimov I

Russia

1

PAGE 37

CMA-1 (ARGENTINA)

MAJOR PRODUCING ASSET SUMMARIES

CURRENT STATUS AND OUTLOOK

Country › Argentina Partners › Total (37.5%, operator), 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

• 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

2

SOURCE: COMPANY INFORMATION

LARGEST GAS PRODUCING LICENSE IN THE COUNTRY

PAGE 38

NORWAY

MAJOR PRODUCING ASSET SUMMARIES

Country › Norway Partners › Equinor (51%, operator), Wintershall Dea (24%), OMV (15%), ConocoPhillips (10%) Offshore/Onshore › Offshore Gas/liquids › 100% Gas 2018 WI Production › <1 (mboe/d) Start of Production › End-2018

• Deepest field development on the NCS
• The development concept includes 3 subsea

templates producing to the floating platform with a vertical cylindrical hull moored to the seabed (spar platform)

• First on the NCS, it is the largest spar platform

in the world

• Snefrid Nord Well coming online in Q3 2019
• Hub for future tie-ins (Asterix, Balderbrå,

Gullstjerne) SOURCE: COMPANY INFORMATION.

VEGA AASTA HANSTEEN

STABLE PLATEAU AND DEBOTTLENECKING CURRENT STATUS AND OUTLOOK

Country › Norway Partners › Wintershall Dea (56%, operator), Petoro (28%), Spirit (7%), Idemitsu (4%), Neptune (4%) Offshore/Onshore › Offshore Gas/liquids › 50% / 50% 2018 WI Production › 27 (mboe/d) Start of Production › 2010

• Subsea tie back to Gjøa
• Reserves doubled since takeover in 2015
• 3 infill wells to be drilled in 2019-2020 to

unlock additional reserves

• Hydrate philosophy under update
• Opportunities for LP/HP production at Gjøa

STABLE PRODUCTION AND FURTHER RESERVES GROWTH CURRENT STATUS AND OUTLOOK

3

PAGE 39

NORWAY

MAJOR PRODUCING ASSET SUMMARIES

Country › Norway Partners › Neptune (30%, operator), Petoro (30%), Wintershall Dea (28%), OKEA (12%) Offshore/Onshore › Offshore Gas/liquids › 70% / 30% 2018 WI Production › 29 (mboe/d) Start of Production › 2010

• Discovered in 1989, PDO approved in 2007
• Development comprises 5 templates with 11

production wells tied to a semi-submersible production and processing facility

• Opex sharing from Vega – joint development
• Gjøa P1 project (drilling of 3 new wells)

sanctioned in February 2019 and approved in June 2019; expected to come on-stream in Q1 2021

• Nova and Duva as future tie-backs

SOURCE: COMPANY INFORMATION.

SKARV GJØA

RELIABLE HOST PLATFORM FOR VEGA AND NOVA CURRENT STATUS AND OUTLOOK

Country › Norway Partners › Equinor (36%), Wintershall Dea (28%), Aker BP (24%,

• perator), PGNiG (12%)

Offshore/Onshore › Offshore Gas/liquids › 70% / 30% 2018 WI Production › 27 (mboe/d) Start of Production › 2012

• Four unitised licenses including Skarv & Idun

fields as well as Gråsel & Ærfugl discoveries

• Subsea tie-back to FPSO
• Ærfugl subsea tie-back to Skarv is under

development with production expected to start in Q4 2020

• Optimization of gas blow down ongoing

FILLING THE VESSEL THROUGH MATURATION OF DISCOVERIES AND PROSPECTS CURRENT STATUS AND OUTLOOK

3

CONTINUED

PAGE 40

NORWAY

MAJOR PRODUCING ASSET SUMMARIES

Country › Norway Partners › Lundin (65%, operator), OMV (20%), Wintershall Dea (15%) Offshore/Onshore › Offshore Gas/liquids › 10% / 90% 2018 WI Production › 15 (mboe/d) Start of Production › 2015

• Discovered in 2007 and came on-stream in

November 2015

• 14 wells development program successfully

completed in 2018 resulting in rd. 50% increase

• f the ultimate reserves recovery compared

to PDO

• Strong reservoir performance supports low
• perating cost

(4 USD/boe)

• Development plan for the Solveig oil field (tie

back to Edvard Grieg) submitted for approval

• Further infill drilling planned after 2020

SOURCE: COMPANY INFORMATION.

MARIA EDVARD GRIEG

OUTSTANDING PERFORMANCE AT LOW COST CURRENT STATUS AND OUTLOOK

Country › Norway Partners › Wintershall Dea (50%, operator), Petoro (30%), Spirit (20%) Offshore/Onshore › Offshore Gas/liquids › 10% / 90% 2018 WI Production › 12 (mboe/d) Start of Production › 2017

• Multiple host subsea tie back with production

to Kristin, water injection from Heidrun and gas lift from Åsgard B via Tyrihans

• Initial performance and reserves below

expectations due to unexpected (i) sealing silt layers disconnecting injection and production wells and (ii) lack of faults which should have broken up possible sealed layers

• 2 infill wells to be drilled in 2019 to improve

pressure support and recovery

• Maria Phase II initiated for further recovery

RESERVOIR MANAGEMENT AND RECOVERY IMPROVEMENT CURRENT STATUS AND OUTLOOK

3

CONTINUED

PAGE 41

EGYPT

MAJOR PRODUCING ASSET SUMMARIES

Country › Egypt Partners › BP (82.75%, operator), Wintershall Dea (17.25%) Offshore/Onshore › Offshore Gas/liquids › 90% / 10% 2018 WI Production › 11 (mboe/d) Start of Production › 2017

• First IOC-operated production asset in Egypt,

with no traditional joint venture operation and cost recovery structure

• Subsea development of 5 fields
• Production from Taurus and Libra fields

started in March 2017, followed by Giza and 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).

GULF OF SUEZ WEST NILE DELTA

EFFICIENT USE OF THE EXISTING OFFSHORE INFRASTRUCTURE CURRENT STATUS AND OUTLOOK

Country › Egypt Partners1 › SUCO (operator Ras Budran and Zeit Bay); EGPC (50%); Wintershall Dea (50%) Offshore/Onshore › Offshore Gas/liquids › 30% / 70% 2018 WI Production › 11 (mboe/d) Start of Production › 1983

• Successfully developed to produce more than

650 MMboe of crude oil since 1983

• Two offshore crude legacy oil fields: Ras

Budran and Zeit Bay

• Both licenses were extended in March 2019

and have a renewal option in three years for a further five years.

OWN FACILITIES TO TREAT, PROCESS, HANDLE AND SHIP OIL AND GAS CURRENT STATUS AND OUTLOOK

4

PAGE 42

GERMANY

PRODUCTION PORTFOLIO

Country › Germany Partners › Wintershall Dea (100%, operator) Offshore/Onshore › Offshore/onshore Gas/liquids › 100% Liquids 2018 WI Production › 21 (mboe/d) Start of Production › 1987

• Largest and most productive oil field in

Germany delivering more than 50% of domestic oil production

• Extended reach drilling (ERD) from platform

and onshore

• Highest environmental protection and safety

standards anywhere in the world

• Further development of reservoirs to the

South of the artificial island under way SOURCE: COMPANY INFORMATION.

VÖLKERSEN MITTELPLATE

WORLD-CLASS ENVIRONMENTAL PERFORMANCE CURRENT STATUS AND OUTLOOK

Country › Germany Partners › Wintershall Dea (100%, operator) Offshore/Onshore › Onshore Gas/liquids › 100% Gas 2018 WI Production › 14 (mboe/d) Start of Production › 1994

• Gas field with the highest 2018 gas production

in Germany (12% of the domestic gas production)

• Production from Rotliegend reservoirs in

depths of around 5,000 meters; main producer Havel sandstones

• Development consists of eight drilling sites

and 18 production wells

MAINTAINING PRODUCTION LEVEL VIA ADDITIONAL SIDETRACKS CURRENT STATUS AND OUTLOOK

5

DEVELOPMENT PORTFOLIO

PAGE 43

APPENDIX

PAGE 44

NORWAY

DEVELOPMENT PORTFOLIO

Country › Norway Partners › Wintershall Dea (50.0%), Equinor (27.5%, operator), Neptune (22.5%) Start of Production › 2020 Development Concept › Floating steel platform and storage vessel Plateau Production › 40 (mboe/d)

• Developed with a floating steel platform,

Njord A, which has an integrated deck with drilling and processing facilities

• Field shut down from 2016 to 2020 due to

extensive upgrades of the platform Njord A and the storage vessel Njord Bravo

• Njord A column top extensions installed and

welding near complete

• Njord B refurbishment work started in July

2018 and is on schedule at the Aibel yard in Haugesund SOURCE: COMPANY INFORMATION.

ÆRFUGL NJORD

ONGOING RE-DEVELOPMENT AIMING FOR ANOTHER 20 YEARS OF PRODUCTION FROM 2020 CURRENT STATUS AND OUTLOOK

• PDO approved in April 2018
• Development planned to be completed in two

phases:

• Phase 1 with 3 production wells to start

in late 2020

• Phase 2 incl. debottlenecking studies of

the gas processing facilities ongoing to accelerate start from 2023 to 2021

• High activity on engineering and fabrication of

subsea system structure, the wellheads and the Xmas tree system

SUBSEA DEVELOPMENT PROJECT TYING BACK TO SKARV CURRENT STATUS AND OUTLOOK

Country › Norway Partners › Equinor (36%), Wintershall Dea (28%), Aker BP (24%,

• perator), PGNiG (12%)

Start of Production › 2020 Development Concept › Subsea tie-back to Skarv FPSO Plateau Production › 25 (mboe/d)

1

PAGE 45

NORWAY

DEVELOPMENT PORTFOLIO

• Planned as subsea tie back to Heidrun
• Start of offshore operations in Q2 2018 with

successful lifting of the H25 module onto Heidrun, installation of subsea template on seabed and gas export pipeline completed

• Drilling of 4 production wells to start in Q3

2019

• First gas planned in 2020

SOURCE: COMPANY INFORMATION.

NOVA DVALIN

OWN-OPERATED GAS FIELD TO BE TIED INTO EXISTING HEIDRUN PLATFORM CURRENT STATUS AND OUTLOOK

• The project consists of 2 subsea templates

tied-back 17 km to the Gjøa semi-submersible platform

• PDO approved in September 2018
• Production start planned in 2021
• Project progress on schedule with the

installation oft the subsea pipelines and umbilicals completed in August 2019

SELF-OPERATED DISCOVERY TO BE CONNECTED TO THE NEAR FIELD INFRASTRUCTURE CURRENT STATUS AND OUTLOOK

2

Country › Norway Partners1 › Wintershall Dea (45%, operator), Capricorn (20%), Spirit (20%), Edison (15%) Start of Production › 2021 Development Concept › Subsea tie-back to Gjøa Plateau Production › 30 (mboe/d) Country › Norway Partners1 › Wintershall Dea (55%, operator), Petoro (35%), Edison (10%) Start of Production › 2020 Development Concept › Subsea tie-back to Heidrun Plateau Production › 30 (mboe/d)

PAGE 46

UAE & RUSSIA

DEVELOPMENT PORTFOLIO

Country › UAE Partners › ADNOC (60%, operator), Eni (25%), Wintershall Dea (10%), OMV (5%) Start of Production › 2022 Development Concept › 3 Main Development Hubs Plateau Production › 40 (mboe/d)

• Dalma Hub with three fields for gas

production starting in H2 2022 – tie back into existing onshore gas processing facilities

• Planned plateau production of 40 mboe/d to

be reached in 2025

• Ghasha-Hail Hub with two field ultra-sour gas-

condensate development – dedicated

• ffshore & onshore processing facilities –

production start planned for 2024

• Deep Gas Hub with two fields for gas

production starting in 2025 – tie back into existing facilities – concept select ongoing

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

LARGEST GAS AND CONDENSATE FIELDS HUB YET TO BE DEVELOPED IN UAE CURRENT STATUS AND OUTLOOK

• Gas and condensate production from the

technically and geologically complex Achimov formation (~3650 m TVD)

• 1st construction phase started in 2018 with 40

production wells

• 2nd construction phase will include 108

production wells

NEXT MILESTONE IN THE SUCCESSFUL DEVELOPMENT OF ACHIMOV FORMATION CURRENT STATUS AND OUTLOOK

Country › Russia Partners1 › Gazprom (75%), Wintershall Dea (25%) Start of Production › 2020/2021 Development Concept › Onshore gas and condensate production via pipelines Plateau Production › 90 (mboe/d)

100 km

SOURCE: COMPANY INFORMATION. ¹ OPERATING THROUGH ACHIM DEVELOPMENT, A JOINT VENTURE OF WINTERSHALL DEA AND GAZPROM.

• Area I, II & IV

• Achimov IV & V

• Yuzhno Russkoye

• Achimov I

Wintershall Dea Key Assets

3

DEVELOPMENT PORTFOLIO

FENIX (ARGENTINA)

PAGE 47

Country › Argentina Partners › Total (37.5% operator), Wintershall Dea (37.5%), Pan American (25.0%) Start of production › 2022 Development concept › Installation of an offshore platform and pipeline to adapt

• nshore facilities

Plateau Production › 15 (mboe/d)

• 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

CURRENT STATUS AND OUTLOOK

SOURCE: COMPANY INFORMATION

UNLOCKING FURTHER RESERVES AND OPTIMIZING RECOVERY

4

EXPLORATION PORTFOLIO

PAGE 48

APPENDIX

PAGE 49 SOURCE: COMPANY INFORMATION

EXPLORATION PORTFOLIO

MAJOR CENTRES

PAGE 49

2019 2020 Toutatis Gullstjerne Balderbra Appraisal Dvalin North Yaxchilan (drilling) Polok Block 30 Other Sillimanite South (UK) Ganna (EY) Vibe (DK)

Current Portfolio:

• Review exploration potential within

West Nile Delta concessions

• Exploration potential in onshore Nile Delta

Block 10 Planned Activities:

• Looking for partners to join Block 10, for

upcoming exploration drilling campaign

• Planned participation in upcoming bidding

rounds Current Portfolio:

• 10 exploration blocks
• Includes Zama discovery

Planned Activities:

• Further exploration activities in existing

blocks

• About 10 committed and non-committed

wells in 2019-2020, all non-operated

• No further bid rounds expected in the short-

medium term due to regulatory changes Current Portfolio:

• 7 exploration licences in the following basins:

Ceara (1x operated), Potiguar (3x operated), Campos & Santos (3x) Planned Activities:

• Acquisition and interpretation of 3D seismic

data ongoing

• Looking for partners to join operated licenses
• Active screening of further opportunities
• Planned participation in upcoming bidding

rounds Current Portfolio:

• Wide range of operated and non-operated exploration licenses with limited material

scope in Germany, Denmark, Netherlands, Russia, Argentina Planned Activities:

• Portfolio evaluation ongoing
• Recent award of two exploration licenses offshore Argentina (Malvinas basin)
• Planned participation in upcoming bidding rounds, e.g. Abu Dhabi

Current Portfolio:

• Holds 37 exploration licenses (excluding

producing assets and protection acreage), of which 13 are operated Planned Activities:

• In 2019 and 2020, the Group plans to drill up to

10 exploration and appraisal wells and plans to participate in upcoming bidding rounds

Mexico Norway Brazil Egypt Rest of the World

DEFINITIONS

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

CAPEX

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

investment property EBITDAX

• EBITDAX defined as income before tax but adjusted for the following items: 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 Free cash flow

• Free cash flow for the Group comprises the cash flow from operating activities and the cash flow from investing

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 / gas price

• Includes hedges and physical forward sales

WI

• Working Interest, net to Wintershall Dea

RAB

• Regulatory Asset Base

PAGE 50