Wintershall Dea SEPTEMBER 2019 - Fixed Income Investor Presentation

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Wintershall Dea SEPTEMBER 2019 - Fixed Income Investor Presentation
Wintershall Dea

 Fixed Income Investor Presentation

         SEPTEMBER 2019
Wintershall Dea SEPTEMBER 2019 - Fixed Income Investor Presentation
INVESTOR PRESENTATION

AGENDA

1    COMPANY INTRODUCTION AND STRATEGY

2    CREDIT HIGHLIGHTS

3    HISTORICAL FINANCIALS

4    CONCLUSION

A    APPENDIX

                                  PAGE 2
Wintershall Dea SEPTEMBER 2019 - Fixed Income Investor Presentation
SECTION 1

  COMPANY
INTRODUCTION
AND STRATEGY

      PAGE 3
Wintershall Dea SEPTEMBER 2019 - Fixed Income Investor Presentation
COMPANY INTRODUCTION AND STRATEGY

FOCUSED ACTIVITIES ACROSS THE E&P
VALUE CHAIN
                        UPSTREAM                                        MIDSTREAM

                                                                  European Pipeline
   Exploration – Development – Production
                                                                      Networks

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

                                    SOURCE: COMPANY INFORMATION

                                              PAGE 4
Wintershall Dea SEPTEMBER 2019 - Fixed Income Investor Presentation
COMPANY INTRODUCTION AND STRATEGY

WINTERSHALL DEA AT A GLANCE
DIVERSIFIED UPSTREAM PORTFOLIO CENTRED AROUND 4 REGIONS

         589 mboe/d                                66% Gas                               Baa2/BBB
                                                                                                                   RESERVES CATEGORISATION (2018YE)
       2018 WI Production                      2018 Production Split                Moody’s/Fitch Ratings          bn boe
                                                                                                                                               2P RP1             2P+2C
                                                                                                                             1P RP1
                                                                                                                                              18 years             RP1
                                                                                                                            15 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%
4   2P Res:       268 mmboe                                        2P Res:     201 mmboe
                                                             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
Wintershall Dea SEPTEMBER 2019 - Fixed Income Investor Presentation
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
Wintershall Dea SEPTEMBER 2019 - Fixed Income Investor Presentation
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
Wintershall Dea SEPTEMBER 2019 - Fixed Income Investor Presentation
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
                    • Low CO2 emission intensity • Platform recycling in                 • Share of >30% women in            assessments
                      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
Wintershall Dea SEPTEMBER 2019 - Fixed Income Investor Presentation
SECTION 2

  CREDIT
HIGHLIGHTS

     PAGE 9
Wintershall Dea SEPTEMBER 2019 - Fixed Income Investor Presentation
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:
               • First gas: 2020                    • First oil: 2021
                                                                                                          40 mboe/d
                                                                                                       • 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:                                                                                                                                               Hamburg      Schweri
                                                                                                                                                                                                    d
                                                                                                                                                            Emden                               n

     • Partly / non-regulated pipeline assets (OPAL + Nord                                                 Bacton                                                      Bremen              NEL
                                                                                                                                      Balgzand
                                                                                                                                                    Bunde
                                                                                                                                                                                                                       EUGAL
                                                                                                          UNITED
       Stream 1):                                                                                        KINGDOM                                                       Rehden
                                                                                                                                                                                 Hanover
                                                                                                                                                                                                           BERLIN
                                                                                                                                                                                                                             Mallnow
                                                                                                                                 Amsterdam
                                                                                                                                                                             Hamel                            Frankfurt/
                                                                                                         London
       • Earnings independent from demand fluctuations                                                                       NETHERLANDS                      Lippe            n                                  Q
                                                                                                                                                                                            Magdebur
                                                                                                                                                                                               g                  Radeland
                                                                                                                                                    Krefeld                                                                       POLAND
                                                                                                                               Zeebrugge
                                                                                                                                                                             Kasse                       Leipzig
       • Significant cash flows from dividends
                                                                                                                                                  Dusseldorf                                                         Dresden
                                                                                                                                                         Cologn                l   STEGAL
                                                                                                                                                            e                         Erfurt
                                                                                                                                                    Weisweiler
                                                                                                                                Brussels         Aachen            Reckrod          Eischleben
                                                                                                                                 BELGIUM                                                      Rückersdorf    Brandov
     • Regulated pipeline assets (GASCADE, NEL, EUGAL5):                                                                                                       Frankfurt                               Olbernha
                                                                                                                                                                                                          u
                                                                                                          Le Havre
                                                                                                                                                                                           Waldhau          Prague
                                                                                                                               LUXEMBOURG
       • Earnings independent from demand fluctuations on the                                                         FRANCE
                                                                                                                                                                    Ludwigshafe
                                                                                                                                                                                                 s
                                                                                                                                                                                           Nurember                     CZECH
                                                                                                                                                                         n                                             REPUBLIC
         basis of regulation                                                                                         Paris
                                                                                                                                                                         Stuttgar
                                                                                                                                                                             t
                                                                                                                                                                                               g

       • Fixed and reliable returns on regulated midstream                                                                                                                                           Burghausen

                                                                                                                                                                                                                                       Vienna
                                                                                                                                                                                           Munich
         assets                                                                                              WIGA Group6 Pipeline Network
                                                                                                             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
                                                                                              GASCADE Grid1                                50.0                           N/A                             2,400                     1992
         5.12% for old systems
                                                                                              OPAL                                         40.0                            36                              473                      2011
                                                                                              NEL                                          25.5                            20                              441                    2012/2013
• Midstream business is currently under-levered compared to
                                                                                              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
COO and Deputy CEO, EMEA Region                                                        Board
                                                                                                       •   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                                              589
                                 581

        138                      125                     121                                                                                                    894

                                                                                                                               776
                                                                                                                                                                                                3,591

        461                      456                     468
                                                                                                                                                               1,960
                                                                                                                              1,670

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

                                                                           Wintershall                    DEA                  Wintershall Dea PF

                                                                                                   SOURCE: COMPANY INFORMATION.
  12016 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

                                                                                     LTIF
                                                                                            1.0
                                      Environmental Protection                                    0.8
  HSEQ                            Minimising our environmental impact and
                                      optimising our energy efficiency
                                                                                                             0.7        0.7       0.7

                                                 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
                                WIGA Transport Beteiligungs-
                                                                                                                                       from Wintershall                             ›   WIGA Transport Beteiligungs-
                                                                                                  Wintershall Dea Oil AG                   Nederland      0%                            GmbH & Co. KG5
                                      GmbH & Co. KG5
                                                                                                                                      Transport & Trading
                                                    99.9%2,3                                                                                  B.V                                   ›   W&G Transport Holding GmbH5
                                                                                                               15.5%

                                W&G Transport Holding GmbH                                                                                       Nord Stream 2 AG                   ›   OPAL Gastransport GmbH & Co.
                                                                                                   Nord Stream AG (CH)                                                                  KG5
                                 (80% Joint Ownership OPAL5                                                                                      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                                                                                                                                                   ›   W&G Infrastruktur
                                                                 (51% Joint Ownership NEL)
           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
                                                                                                1
 Other costs                                                                          (1,297)                 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
    exports to Europe                                                                                                    Norway
                                                                                                                                                          Achimgaz JV
                                                                                                                                                          • Achimov I

                                                                                                                                                        Achim Development JV       Urengoy
Achimov I and Achimov IV & V                                                                                               Finland                      • Achimov IV & V
                                                                                                                         Estonia     Saint Petersburg        Russia
•   Urengoyskoye producing since late 1970s                                                                              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
                                                                                    Achimov I             50%               70%                              96         JV (Gazprom, Wintershall Dea)
•   Significant upside from phased Turonian development and
    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
•   Europe’s largest oil and gas producing country                            500
                                                                                    km
                                                                                                                                                                               Prod. FY18
                                                                                                                                          Key assets      WI (%)     % Gas      (mboe/d)      Operators

                                                                                                             1000 m
                                                                                                            1500 m
                                                                                                                      Barents Sea
•   Stable fiscal and operating environment; low political risk
                                                                                                            Alta                          Key producing assets
•   Key assets include:                                                                                 Snøhvit                           Aasta
                                                                                                                                                              24%     100%
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
•   Wintershall Dea is the largest oil producer in the country                  l
                                                                                                                                                                                                     Norwegian-
                                                                                                                                                                                                                       North Sea
                                                                                                                                                                                       Northwest     Danish Basin
                                                                              Grabe                                                            Offshore UK
                                                                                                        Hamburg                                • Wingate                                German
•   Mittelplate / Dieksand – Germany’s largest oil field, with about half       n
                                                                                  Emlichheim
                                                                                                Northwest             Völkersen                                                          Basin
                                                                                                                                                                                                                           Nini
                                                                                                                                                                                                                                    Danish
                                                                                                 German
    of all remaining German recoverable oil reserves                                              Basin
                                                                                                                                                                                                         Cecilie
                                                                                                                                                                                                                                   North Sea
                                                                                                                                     Poland      Anglo-Dutch
                                                                                                                            Berlin                                                                                                             Denmark
                                                                                Netherlands
•   Völkersen – Germany’s largest gas producing field                                                                                               Basin                                                                         Eingkobing
                                                                                                         Kassel                                                                                                                    -Fyn High
                                                                                                                                                                                                                       Eingkobing
                                                                                                                                                                                                    Ravn
                                                                               Belgium                                                                                                                                  -Fyn High Horn
                                                                                                         Germany                                                                                                                  Grabe
                                                                                                                                                                                                        Elly-Luke                    n
                                                                                                                                               United
                                                                                                                                                                                 Amsterdam
                                                                                Luxembourg                                                    Kingdom
                                                                                                                              Czech
                                                                                               Upper                                                                       The Hague                          Centra
                                                                                                           Landau            Republic         Offshore Netherlands
                                                                                                Rhine                                         • Several operated         Netherlands                            l
Netherlands / UK / Denmark                                                      France         Graben                                            and non-operated
                                                                                                                                                                                          German
                                                                                                                                                                                                              Grabe               German
                                                                                                                    Molasse                                                                                     n                 North Sea
                                                                                                                                                 production licenses
                                                                                            Aitingen                                                                                         y
                                                                                                                     Basin
•   Focused on improving production and extending field life through                       Wolfersberg
                                                                                                                                                                         Belgium
    technology and optimised operations remotely controlled from                                                                                           France
    onshore (Den Helder)                                                        200
                                                                                      km   Switzerland
                                                                                                                             Austria            200
                                                                                                                                                      km
                                                                                                                                                                                                        100
                                                                                                                                                                                                              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
•   All material North African assets are covered by the Investment                                                                                                 Portugal
                                                                                                                                                                                   Spain
                                                                                                                                                                                                                                                              Italy                    Greece
                                                                                                    West             Nile Delta
    guarantees of the Federal Republic of Germany                                                Mediterranean       Offshore
                                                                                                                              1000m
                                                                                                                                                                                                                                                    Pelagian
                                                                                                                                                                                                                                                     Basin
                                                                                      West Nile Delta                           100m

Egypt                                                                                                                      Nile Delta
                                                                                                                           Onshore
                                                                                                                                                Israel
                                                                                                                                                                                                                                                                    C137
                                                                                                                                                                                                                                                                    C137
                                                                                                                                                                                                                                                                                                Area
                                                                                                                                                                                                                                                                                                Area 58

                                                                                                                       Cairo
                                                                                                                                                    Jordan
                                                                                                                                                                                                                                          Tunisia
                                                                                                                                                                                                                                         Tunisia          Tripoli
                                                                                                                                                                                                                                                                                                 58
                                                                                                          Disouq                                                                                                     Tunisia
•   West Nile Delta – Production from Taurus and Libra started in March                         Western                       Eastern
                                                                                                                                         Gulf
                                                                                                                                          of       Saudi
                                                                                                                                                                          Morocco
                                                                                                                                                                                                        Oued
    2017; Giza, Fayoum started in Feb 2019 while Raven is expected to                           Desert                        Desert     Suez      Arabia                                               Mya
                                                                                                                                                                                                        Basin
                                                                                                                                                                                                                                                                                      Cyrenaica
                                                                                                                                                                                                                                                                                        Basin       Egypt

    come on-stream by late 2019                                                                                      Gulf of Suez
                                                                                                                                                                               Reggane
                                                                                                                                                                                                                                                Illizi-Ghadames
                                                                                                                                                                                                                                                       Basin
                                                                                                                                                                                                                Illizi                                                        Sirt
                                                                                                                                                                                                                               Libya                NC 193 & 195                        Western
                                                                                  Libya                            Egypt                                         Western                              Algeria   Basin                                                        Basin
                                                                                                                                                                                                                                                                                         Desert
•   Disouq – Gas field producing since 2013; awarded a neighbouring new                                                                                          Sahara
                                                                                                                                                                                            Reggane
                                                                                                                                                                                                                                                          Murzuq                     C96
                                                                                                                                                                                                                                                                                      C96 &&C97
                                                                                                                                                                                                                                                                                             C97
                                                                                                                                                                                             Basin
    exploration block in onshore Nile delta                                                                                                                                                                                                                Basin
                                                                                                                                                                                                                                                                           LIBYA      Kufrah
                                                                                                                                                                                                                                        Algeria                                        Basin
                                                                                                                                                                 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                                                                                                                                             300
                                                                                                                                                                                                                         500
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
                                                                                 West Nile Delta      Egypt                                                   17%                           90%                                11¹     BP
Middle East
                                                                                 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
Argentina                                                                                   Exploration
                                                                                                 Onshore              Exploration and
                                                                                                                                      Brazil
                                                                                                                                                      States                                                                                                 exploratio
                                                                                            in Mendoza                                                                      100m                                       Venezuel                              n licenses
                                                                                            Province                  Paraguay in Neuquen
                                                                                                                      Production                                 500m                                                                    Guyana
•   4th largest gas producer with operated and non-operated acreage in                                                Province
                                                                                                                      • Aguada Pinchana Este                                1000m
                                                                                                                                                                                                                          a
                                                                                                                                                                                                                                           Suriname
                                                                                                                                                                                                                   Colombia                    French Guiana
    unconventional Vaca Muerta and participation in 18 fields                                                         • San Roque
                                                                                                                                                                               Gulf of Mexico
                                                                                                               Argentina
•   Gas production predominantly from Tierra del Fuego with several                                                                                              Exploration                                                                               Ceara
    producing fields in the CMA-1 concession including follow-up projects to                                                  Uruguay
                                                                                                                                                                 • Blocks 2, 16 & 17                                                                       Basin
                                                                                                                                                                                                                                                                Potiguar
                                                                                                                     Buenos
    keep plateau production (Fenix Phase I, further satellite developments)                                           Aires                                                                                                                 Brazil               Basin
                                                                                                                                                                            Sierra
•   Conventional reservoirs in Neuquén basin in the blocks Aguada Pichana                                                                            Tampico-               • Blocks 2, 4, 5, 7, 11, 29
                                                                                                                                                                                                                    Peru
                                                                                                                                                                                                                                              Brasilia
    East and San Roque                                                                                  NeuquenTierra del Fuego Province             Misantla                                                                  Bolivia
                                                                                                         Basin Production                              Basin
                                                                                                               • Carina                                                                                                                               Rio De
•   Unconventional plays in Neuquén basin in non-operated blocks Aguada                                        • Vega-Pleyade                                                         Exploration                                                    Janeiro
                                                                                                               • Aries                               Mexico                                                                                                        Campos
    Pichana East and San Roque as well as operated blocks Aguada Federal                           Chile
                                                                                                               • Fenix                                City
                                                                                                                                                                                      • Block 30                       Chile         Paraguay
                                                                                                                                                                                                                                                                    Basin
                                                                                                                                                                                               Belize
    and Bandurria Norte                                                                                 Magallenes                                         Mexico           Sureste                                                                       Santos
                                                                                                          Basin
                                                                                                                                                                             Basin                                                                         Basin
                                                                                                                                                       Production Licence                                                     Argentina
Mexico                                                                                                                                                 • Ogarrio                    Guatemala
                                                                                                                                                                       `                                                                                 Partner in
                                                                                                                                                                                                                                           Uruguay
•   Sierra – in 03/2019 acquisition of six exploration and appraisal blocks           500
                                                                                             km
                                                                                                                                                      300
                                                                                                                                                            km
                                                                                                                                                                                                                       500        Buenos                 exploration
                                                                                                                                                                                                                             km    Aires                 licenses
    including the word class Zama discovery
                                                                                             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                                                                                  reservoirs in the world
                                                                                                                                                                                                   Achimgaz JV
                                                                                                                                                                                                   • Achimov I
     pipeline network
                                                       Finland                                                    Urengoy    •    Achimgaz operates a largescale facility for        Finland                                           Urengoy
 •   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
                                                                                                                             •    96 wells out of 111 in production with                Belarus
                                                                                                                                                                                                    Moscow

                                                          Belarus
     with                                                                                                                         estimated project duration of approximately
                                                           Ukraine                           Kazakhstan                                                                                  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        ›
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
     offshore & onshore processing facilities –                                                                                                       Belarus
                                                                                                                                                                                • Area I, II & IV

     production start planned for 2024                                                                                                                                               Kazakhstan
                                                                                                                                                       Ukraine
                                                                                  100 km
 •   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

MAJOR CENTRES                                                                                                                     Current Portfolio:
                                                                                                                                                       Norway

                                                                                                                                    • 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
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