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Wintershall Dea

Fixed Income Investor Presentation

SEPTEMBER 2019

AGENDAINVESTOR PRESENTATION

PAGE 2

COMPANY INTRODUCTION AND STRATEGY1

CREDIT HIGHLIGHTS

HISTORICAL FINANCIALS

CONCLUSION

APPENDIX

2

3

4

A

COMPANY INTRODUCTION AND STRATEGY

PAGE 3

SECTION 1


PAGE 4

SOURCE: COMPANY INFORMATION

FOCUSED ACTIVITIES ACROSS THE E&P VALUE CHAIN

Stable cash flowsfrom infrastructureassets

Exploration – Development – Production European Pipeline Networks

UPSTREAM MIDSTREAM

Strong cash flows from E&P activities1 2


WINTERSHALL DEA AT A GLANCEDIVERSIFIED UPSTREAM PORTFOLIO CENTRED AROUND 4 REGIONS

PAGE 5

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

1

35%

Middle East & North Africa (MENA)Latin America

RussiaNorthern Europe

65% 35%

34%66%

3.03.7 2.9

2.6

1P 2P 2C 2P+2C

bn boe2P RP1

18 years1P RP1

15 years

2P+2C RP1

31 years

6.3

589 mboe/d2018 WI Production

Baa2/BBBMoody’s/Fitch Ratings

66% Gas2018 Production Split

€6.3bn2018 PF Sales Revenues

€1.2bn2018 Free Cash Flow4

€3.6bn 2018 PF EBITDAX

RESERVES CATEGORISATION (2018YE)

1P/2P Ratio82%

2P Res: 2,345 mmboe

‘18 Prod: 252 mboe/d

2P Res: 893 mmboe


2P Res: 201 mmboe


2P Res: 268 mmboe


1 2

4 3

3

32

2

WINTERSHALL DEA MERGERCOMPANY INTRODUCTION AND STRATEGY

PAGE 6

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

Increase competitiveness and future viability

Create value through additional growth opportunities and realization of €200m p.a. of synergies by year 3 of the merger

STRATEGIC RATIONALE FOR THE MERGER

SOURCE: COMPANY INFORMATION. 1 PREFERENCE SHARES WILL BE CONVERTED INTO ORDINARY SHARES IN WINTERSHALL DEA NO LATER THAN 36 MONTHS AFTER CLOSING OF THE MERGER BUT IN ALL CASES BEFORE

AN IPO.

SHAREHOLDING STRUCTURE

Ordinary shares

Preference shares1

67%(72.7%)

(33%(27.3%)

5.7%


PAGE 7

Financial Discipline

• Robust financial framework anchored on commitment to Baa2/BBB rating

• Disciplined and prudent cash prioritisation and capital allocation framework

• Sustainable shareholder returns through the cycle

Balanced Value Creation• Balanced profitable growth and sustainable shareholder distributions

• Portfolio renewal through focused exploration and accretive M&A opportunities

Operational Excellence• Relentless focus on health and safety and minimising our environmental footprint

• Continuous improvement of efficiency with focus on maintaining top quartile operating costs

Partner of Choice• Partner of choice with proven ability to forge enduring and mutually beneficial relationships

• Maintaining and growing operating capabilities

Energy Transition

• Maintaining low carbon gas dominated portfolio

• Contributing to the energy transition by continuously improving carbon efficiency in all activities

• Developing a leading position in transparency on carbon footprint

CORPORATE STRATEGY


PAGE 8SOURCE: COMPANY INFORMATION

Focus Areas

Initiatives

We explore and produce gas and oil

worldwide inthe most efficient

and responsible way.

GovernanceWe are committed to doing business responsibly and creating trust through transparency.

Environment & Climate ProtectionWe constantly minimize our ecological footprint and use resources efficiently.

Social ResponsibilityWe enforce social standards in all we do and

actively engage with our stakeholders.

ClimateOperational Stewardship

Diversity

• Embracing diversity and inclusion

• Over 60 nationalities part of inclusive culture

• Share of >30% women in workforce above industry average2

• 66% of our production is low-carbon gas

• No routine flaring in own operations1

• Low CO2 emission intensity of around 11 kg/boe

• ISO 14001 and 45001on relevant locations

• Water risk assessment on relevant sites

• Platform recycling in the north sea

• Support of long-term community development

Value Chain

• Supplier Code of Conduct includes our ESG standards

• Sustainability para-meters part of supplier assessments

• Joint Venture Partnering program

Principles

Zero Routine Flaring by 2030 Initiative

Methane Guiding Principles

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

ESG FRAMEWORK

CREDIT HIGHLIGHTS

PAGE 9

SECTION 2

CREDIT HIGHLIGHTS

PAGE 10

Leading European Independent Gas and Oil Company with a large and diversified portfolio1

2

3

4

Strong partnerships with world class operators

High visibility on medium term profitable growth

Resilience through industry leading operating costs

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

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

5

6

7 Highly experienced management team with strong corporate governance

The Leading European Independent Gas and Oil Company

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

CREDIT HIGHLIGHTS

PAGE 11

1

SOME OF OUR KEY ASSETS2

Gas 73%Liquids 27%

3.71

(bn boe)

2018 2P RESERVES

2018 EBITDAX3

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

Mittelplate

• 21 mboe/d

CMA-1

• 51 mboe/d

Ghasha Development

• First gas: 2022

Russia• Achimov I

• 96 mboe/d• Achimov IV & V

• First gas: 2020/2021

• Yuzhno Russkoye• 150 mboe/d

Vega

• 27 mboe/d

Non-OECD 29%

OECD 71%

3.6(€bn)

589(mboed)

2018 PRODUCTION DIVERSIFICATION

EgyptianGas 4%

ArgentinianGas 11%

European Spot Gas 15%

RussianGas 36%Brent /

Liquids 34%

RESILIENCE THROUGH INDUSTRY LEADING OPERATING COSTS

CREDIT HIGHLIGHTS

PAGE 12

2

SOURCE: COMPANY INFORMATION. NOTE: OCCIDENTAL PETROLEUM (OXY) METRICS ARE PRO-FORMA FOR ANADARKO. ¹ PRODUCTION COSTS INCLUDE ONLY PRODUCTION RELEVANT AND OPERATING LEASE EXPENSES. ² INCL. AKER BP, APACHE, BP, CONOCOPHILLIPS, ENI, EQUINOR, GALP, HESS, LUNDIN, NOBLE ENERGY, OMV, OXY, REPSOL, SANTOS, SHELL, TOTAL,

WOODSIDE. 3 AGGREGATED NUMBER FOR WINTERSHALL AND DEA. FOR ILLUSTRATIVE PURPOSES ONLY.

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

7.1

4.3

14A H1 193

(US$/BOE)

4.5

Peer median: $8.2/boe

STRONG PARTNERSHIPS WITH WORLD CLASS OPERATORS

CREDIT HIGHLIGHTS

PAGE 13

3

WITH LONG HISTORY OF OPERATIONAL TRACK RECORD

Non-operated19%

Operated14%

JV-operated 67%

CountryProduction

2018, mboe/dOperating in the

country since Key Partners

Russia 252 1990s

Norway 140 1970s

Argentina 71 1980s

Egypt 26 1970s

Mexico 3 2017

UAE N/A Development

SOURCE: COMPANY INFORMATION.

PROVEN PARTNERSHIP MODEL(2018 PRODUCTION SPLIT)

HIGH VISIBILITY ON MEDIUM TERM PROFITABLE GROWTH

CREDIT HIGHLIGHTS

PAGE 14

4


Norway

• Njord• Plateau production:

40 mboe/d• First oil: 2020

• Bauge (Njord area)• Plateau production:

10 mboe/d • First oil: 2020

• Dvalin• Plateau production:

30 mboe/d• First gas: 2020

• Nova• Plateau production:


• Ærfugl• Plateau production:


Russia

• Achimov IV & V• Plateau production:

90 mboe/d• First gas: 2020/2021

• Yuzhno Russkoye (Turonian)• Plateau production:

40 mboe/d• First gas: 2019/2020

Argentina (pre-FID)• Fenix

• FID 2019/2020• Aguada Federal & Bandurria

Norte• FID 2020

Egypt• Raven (WND)

• Plateau production:30 mboe/d

• First gas: Q4 2019

UAE• Ghasha Concession

• Plateau production:40 mboe/d

• First gas: 2022

OUR MAJOR DEVELOPMENT PROJECTS AND PRODUCING ASSETS WITH FURTHER UPSIDE

Profitable production growth to 750 mboe/d by 2023

Mexico• Zama

• FID 2021

PAGE 15

UNITED KINGDOM

NETHERLANDS

BELGIUM

POLAND

DENMARK

North Sea

Baltic Sea

Kiel Greifswald

Schwerin

Bremen

Emden

Amsterdam HanoverBERLIN

Magdeburg

Kassel

ErfurtBrussels Aachen

Dusseldorf Dresden

London

NEL

STEGAL

Lippe

Frankfurt/Q

Cologne

Zeebrugge

BrandovEischleben

Rückersdorf

BactonBunde

Weisweiler

Krefeld

Hameln

Mallnow

EUGAL

Rehden

Balgzand

Reckrod

LUXEMBOURG

CZECHREPUBLIC

AUSTRIASWITZERLAND

Nuremberg

Stuttgart

Munich

Prague

Paris

Frankfurt

Le Havre

Vienna

Burghausen

Olbernhau

Ludwigshafen

WaldhausFRANCE

Leipzig

Hamburg

Radeland

WIGA Group6 Pipeline NetworkWIGA Group Compressor Stations

CREDIT HIGHLIGHTS

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

• Midstream business consists of:

• Partly / non-regulated pipeline assets (OPAL + Nord Stream 1):

• Earnings independent from demand fluctuations

• Significant cash flows from dividends

• Regulated pipeline assets (GASCADE, NEL, EUGAL5):

• Earnings independent from demand fluctuations on the basis of regulation

• Fixed and reliable returns on regulated midstream assets

• Net RAB 2018 of €2.6bn2 (GASCADE, NEL)3

• Return on regulatory equity4: 6.91% for new systems, 5.12% for old systems

• Midstream business is currently under-levered compared to peers, further enhancing credit capacity of the Group

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

COMMISSIONED PRIOR TO 2006. 5 GASCADE OWNS 50.5% IN EUGAL PROJECT. 6 WIGA IS 50.02% OWNED BY WINTERSHALL DEA

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

Pipeline Wintershall Dea Share, %

Capacitybcm p.a. Length km In operation

SinceGASCADE Grid1 50.0 N/A 2,400 1992OPAL 40.0 36 473 2011NEL 25.5 20 441 2012/2013Nord Stream 1 15.5 55 1,220 2011/2012EUGAL5 25.3 55 480 End 2019

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

5

CREDIT HIGHLIGHTS

PAGE 16

Capital Structure &

Financial Discipline

• Commitment to maintain a Baa2/BBB or equivalent issuer credit rating

• Robust capital structure, targeting net debt to EBITDAX of 1.5-2.0x in the medium term

• Clear cash prioritization and capital allocation frameworks

Dividend policy

• Wintershall Dea to pay dividends commensurate with its Rating Target

Hedging policy

• FX risk to be hedged via natural hedges;

• Commodity risk hedging to be considered by exception

Acquisitions &

Divestments

• M&A strategy to be in line with commitment towards the Rating Target

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


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

CASH PRIORITIZATION FRAMEWORKFINANCIAL POLICY

SUSTAINING CAPITAL

BALANCE SHEET

DIVIDEND DISTRIBUTION

GROWTH DEVELOPMENT CAPEX

EXPLORATION & APPRAISAL + M&A

Highest Priority

Mario MehrenChairman of the Board and CEO

Maria Moraeus Hanssen(1)

COO and Deputy CEO, EMEA Region

Paul SmithCFO

Thilo WielandBoard Member for Russia, LatAm and Midstream

Hugo DijkgraafCTO

HIGHLY EXPERIENCED MANAGEMENT TEAM WITH STRONG CORPORATE GOVERNANCE

CREDIT HIGHLIGHTS

PAGE 17

7

EXECUTIVE BOARDRole

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

• Diverse and complementary background and skillset

THREE-TIER GOVERNANCE STRUCTURE

Executive / Management

Board

• Responsible for overall strategy and management

• Composed of senior management leadership team

Supervisory Board

• Responsible for supervision of the Management Board

• Co-determination level of one third

Shareholders' Committee

• Members from both shareholders as well as two observers/independents

SHAREHOLDER COMMITTEE

German KhanMichael Heinz

Lord Browne of MadingleyHans-Ulrich Engel

SOURCE: COMPANY INFORMATION1 WILL LEAVE WINTERSHALL DEA AS OF DECEMBER 31ST 2019, REPLACEMENT TO BE ANNOUNCED IN DUE COURSE

HISTORICAL FINANCIALS

PAGE 18

SECTION 3

HISTORICAL PERFORMANCE1HISTORICAL FINANCIALS

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

OF FIXED ASSETS..PAGE 19

461 456 468

138 125 121

599581 589

635

16A 17A 18A 2019 Guidance

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

1,6701,960

3,591776

894

16A 17A 18PF

Wintershall DEA Wintershall Dea PF

344

735867

68

59

315

16A 17A 18A

HISTORICAL PERFORMANCE1HISTORICAL FINANCIALS

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

1,008 891

622

656 829

948

1,664 1,720

1,570

Up to 1,700

16A 17A 18A 2019 Guidance

CAPEX (€m)2 FREE CASH FLOW (€m)3

Wintershall DEA Wintershall Dea PF

CONCLUSION

PAGE 21

SECTION 4

CONCLUSION

CREDIT HIGHLIGHTS

PAGE 22

Leading European Independent Gas and Oil Company with a large and diversified portfolio1

2

3

4

Strong partnerships with world class operators

High visibility on medium term profitable growth

Resilience through industry leading operating costs

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

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

5

6

7 Highly experienced management team with strong corporate governance

The Leading European Independent Gas and Oil Company

APPENDIX

PAGE 23

APPENDIX

INTEGRATED HSEQ MANAGEMENT

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

PAGE 24

HSEQ FRAMEWORK EXCELLENT SAFETY PERFORMANCE

0.8

0.4

0.6

0.20.4

0.7

0.7 0.7 0.7

0.0

0.5

1.0

1.5

2.0

2015 2016 2017 2018 2019 YTD

LTIF

LTIF Wintershall Dea¹ LTIF IOGP²

Safe & Healthy WorkplaceProviding a safe and healthy working

environment for all of those working on our behalf

Environmental ProtectionMinimising our environmental impact and

optimising our energy efficiency

SecurityIdentifying, understanding and managing

security risks worldwide to protect the company, our colleagues and ensure

business continuity

HSEQ LeadershipShaping HSEQ culture through own

behaviour; promoting cross-unit learning, exchanges and collaboration; driving

cultural development. We continuously monitor, report and audit to identify

opportunities for improvement.

Major Accident PreventionImplementing and maintaining

(1) Robust barriers for known risksas well as (2) Practices to create

awareness for early signals. Mitigate escalation in case of accidents

HSEQ

APPENDIX

PAGE 25

SOURCE: COMPANY INFORMATION1 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. 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

5

MIDSTREAM BUSINESS STRUCTURE

NEL Gastransport GmbH (51% Joint Ownership NEL)

GASCADE Gastransport GmbH (Grid owner + 50.5% Joint

Ownership EUGAL)

50.02%

99.9%2,3

100%2100%2

OPAL GastransportGmbH & Co. KG5

(Leaseholder OPAL)

W&G Infrastruktur Finanzierungs-GmbH

W&G Transport Holding GmbH (80% Joint Ownership OPAL5

WIGA Transport Beteiligungs-GmbH & Co. KG5

100%2 100%2

15.5%

Nord Stream 2 AG Project Company

Loan agreement for up to €950 million from Wintershall

Nederland Transport & Trading

B.V

Fully Consolidated

› WIGA Transport Beteiligungs-GmbH & Co. KG5

› W&G Transport Holding GmbH5

› OPAL Gastransport GmbH & Co. KG5

› Wintershall Nederland Transport & Trading B.V. (NL)4

› Wintershall Dea Oil AG

“At-equity” Investments

› Nord Stream AG

› W&G InfrastrukturFinanzierungs-GmbH

› GASCADE Gastransport GmbH

› NEL Gastransport GmbH

0%

Fully Consolidated“At-equity” Investments

German Onshore Pipelines(Regulated / Partially / Non- Regulated)

Nord Stream 1 (Non-regulated)

Nord Stream 2 (Structured Financing)

Nord Stream AG (CH)

Wintershall Dea Oil AG

100%

HISTORICAL PERFORMANCE (CONT’D)APPENDIX

PAGE 26


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

Select Income Statement Data6m ended

30 June 20191Select Balance Sheet Data As at 30 June

20191

Total revenues and other operating income 2,969 Cash and cash equivalents 977

Production and operating expenses (1,122) Other current assets (including trade and financial receivables) 2,500

Production and similar taxes (100) Current assets 3,477

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

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

Exploration expenses (98) Current financial debt 4,250

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

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

Financial Result 2 Non-current financial debt 2,676

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

Income taxes 68 Non-current liabilities 9,939

Net result (856) Total liabilities 16,135

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

UPSTREAM PORTFOLIO OVERVIEW

PAGE 27

APPENDIX


OVERVIEW

PAGE 28

Northern EuropeGermany: • Managing late life assets and production decline;

technological base with focus on EORNorway: • Current production and development area with

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

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

Rest of Europe: • Shallow water operations focusing on production

optimization

Middle East and North Africa

Egypt:• Long history in the region with stable production even

during past political unrestUAE:• Future of the Middle Eastern new production following

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

Algeria:• Participation in the gas development project in the

Sahara with challenging geological and logistical demands

Libya:• History of stable production interrupted by current

geopolitical issues

Russia

• Participation in world-class assets starting from early 1990s

• Low-cost production supported by giant reserves base

• Long plateau production with significant cashflow generation

• Long-term contractual offtake agreements (YuzhnoRusskoye)


Latin AmericaMexico: • Mature onshore oil production and participation in one

of the world’s largest shallow-water discoveries• Exploration: Major exploration opportunity in recently

acquired blocksBrazil:• Exploration: Participation in offshore exploration

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

Argentina: • Established operations in onshore and offshore fields


MAJOR PRODUCTION CENTRES

PAGE 29

Argentina

2018 Production: 71 mboe/d

Russia


Egypt


Norway


Germany


SOURCE: COMPANY INFORMATIONNOTE: 2P RESERVES AND PRODUCTION FIGURES ON W.I. BASIS, AS OF FY18.

1 OTHERS INCLUDES ALGERIA, DENMARK, LIBYA, MEXICO, NETHERLANDS, UNITED KINGDOM.

RUSSIAUPSTREAM PORTFOLIO OVERVIEW

ASSET LOCATIONS

PAGE 30

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

• Close cooperation and partnership with Gazprom

• Strategic assets for Russia as these are key fields for Russian gas exports to Europe

Achimov I and Achimov IV & V

• Urengoyskoye producing since late 1970s

• Achimov I producing since 2008 with estimated project duration of c. 40 years

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

Yuzhno Russkoye

• Stable contractual arrangements linked to the regulated Russian domestic market price as well as to the European netback price

• Average cost of supply of $1/boe, with attractive cash flow generation and no significant further capex required

• Significant upside from phased Turonian development and exploration

GIANT, LONG LIFE GAS PRODUCING FIELDS UNDERPINNING CASH FLOW GENERATION

KEY HIGHLIGHTS

Key assets WI (%) % GasProd. FY18 (mboe/d) Operators

Key producing assetsAchimov I 50% 70% 96 JV (Gazprom, Wintershall Dea)Yuzhno Russkoye 35%² 100% 150 JV (Gazprom, Wintershall Dea, OMV)Other 6Total Producing 88% 252Key development projectsAchimov IV & V 25% FP: 2020 JV (Gazprom, Wintershall Dea, OMV)

1

OVERVIEW OF KEY ASSETS

SOURCE: COMPANY INFORMATION¹ BY REMAINING COMMERCIAL GAS RESERVES (BASED ON WOOD MACKENZIE). 2 ECONOMIC ENTITLEMENT

Wolgodeminoil JV• Area I, II & IV

Achim Development JV• Achimov IV & V

Severneftgazprom JV• Yuzhno Russkoye

Achimgaz JV• Achimov I

Kazakhstan

Moscow

Saint Petersburg

Finland

EstoniaLatvia

Belarus

Ukraine

Georgia

Russia

Urengoy

Norway

1,000km

Wintershall Dea key assets

NORWAYUPSTREAM PORTFOLIO OVERVIEW

ASSET LOCATIONS

PAGE 31

• Europe’s largest oil and gas producing country

• Stable fiscal and operating environment; low political risk

• Key assets include:

• Maria – discovered in 2010, Wintershall Dea’s first operated development project, production started in 2017

• Vega – gas-condensate asset with first production started in 2010

• Aasta Hansteen – gas-condensate field, deepest field development on the NCS operated by Equinor, largest spar platform globally. Production started in 2018

• Skarv – FPSO hub operated by Aker BP started producing in 2013; Ærfugl as an additional near-field development

• Snorre – Norway’s second largest oil field, operated by Equinor. Further development (Snorre Extension) ongoing

• Dvalin – sub-sea gas operated development with a tie-back to Heidrun-platform, PDO approved in 2017

• Njord Area – hub operated by Equinor, includes Hyme and Baugeassets (WI: 27.5%), revised PDO approved in 2017, Platform undergoing upgrade before back into field 2020

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

TOP 10 POSITION IN AN ATTRACTIVE OECD REGION

KEY HIGHLIGHTS

LARGEST NORWEGIAN RESERVES


0500

1,0001,5002,0002,500

Equinor Aker BP Total VarEnergy

LundinPetroleum

ConocoPhillips

Shell WintershallDea

ExxonMobil

Neptune

Res

erve

s (m

mbo

e)

7,0007,500

2

Wintershall Dea licencesand key assets

Barents Sea

Norwegian Sea

AastaHansteen

Maria

Njord AreaNorth Sea

E. GriegI. Aasen

SnøhvitAlta

Skarv AreaDvalinGjøa

VegaNovaBrage

1500

m

1500

m10

00 m

Finland

Sweden

Hammerfest

Norway

Denmark

500km

SOURCE: COMPANY INFORMATION, WOOD MACKENZIE

Key assets WI (%) % GasProd. FY18(mboe/d) Operators

Key producing assets

AastaHansteen 24% 100% <1 Equinor

Vega 56% 50% 27 Wintershall Dea

Skarv 28% 70% 27 Aker BP

Snorre 9% - 8 Equinor

Maria 50% 10% 12 Wintershall Dea

Other 66

Total Producing 43% 140Key development projectsNjord 50% FP: 2020 Equinor

Dvalin 55% FP: 2020 Wintershall Dea

Ærfugl 28% FP: 2020 Aker BP

Nova 45% FP: 2021 Wintershall Dea

Total Development -

GERMANY AND REST OF EUROPEUPSTREAM PORTFOLIO OVERVIEW

ASSET LOCATIONS

PAGE 32

Germany

• Wintershall Dea is the largest oil producer in the country

• Mittelplate / Dieksand – Germany’s largest oil field, with about half of all remaining German recoverable oil reserves

• Völkersen – Germany’s largest gas producing field

Netherlands / UK / Denmark

• Focused on improving production and extending field life through technology and optimised operations remotely controlled from onshore (Den Helder)

• Operator of discovered Rembrandt / Vermeer oil field; currently in FEED stage: FID planned for 2020

• Operated Danish Ravn oil field brought on line in 2018

• Cross-border Sillimanite development first gas in 2020

• Established track record in cost effective infrastructure decommissioning and reuse expertise

PRODUCING ASSETS WITH BROWN FIELD UPSIDE

KEY HIGHLIGHTS


Key assets Country WI (%) % GasProd. FY18 (mboe/d) Operators

Mittelplate Germany 100% - 21 Wintershall DeaVölkersen Germany 100% 100% 14 Wintershall DeaOther GE/DK/NL/UK 28Total 44% 63

Wintershall Dea licences and key assets

3

Molasse Basin

Germany

AustriaSwitzerland

France

Luxembourg

Belgium

Netherlands

Northwest German

Basin

Central

Graben

Denmark Sweden

Berlin

Kassel

Upper Rhine

Graben

Poland

Czech Republic

Hamburg

Landau

Aitingen Wolfersberg

Emlichheim Völkersen

Mittelplate

200km

Amsterdam

Mid North Sea High Central

Graben

Northwest German

Basin

Anglo-Dutch Basin

The Hague

Netherlands

Germany

BelgiumFrance

United KingdomOffshore Netherlands• Several operated

and non-operated production licenses

Offshore UK• Wingate

200km

CecilieNini

Ravn

Elly-Luke

Norwegian North Sea

Danish North Sea

German North Sea

Eingkobing-Fyn High Horn

Graben

Eingkobing-Fyn High

Central

Graben

Norwegian-Danish Basin

Netherlands Germany

Norway

Denmark

100km



NORTH AFRICA AND MIDDLE EAST

PAGE 33

4

KEY HIGHLIGHTS

• All material North African assets are covered by the Investment guarantees of the Federal Republic of Germany

Egypt

• West Nile Delta – Production from Taurus and Libra started in March 2017; Giza, Fayoum started in Feb 2019 while Raven is expected to come on-stream by late 2019

• Disouq – Gas field producing since 2013; awarded a neighbouring new exploration block in onshore Nile delta

• Gulf of Suez – 2 offshore fields: Ras Budran and Zeit Bay; license extended in March 2019 for up to additional 8 years with improved commercial terms & entitlement increase

Algeria

• Reggane – first gas achieved in December 2017 with targeted production level of c. 8 mboe/d (net) reached in mid-2018

Libya

• Active in Libya since 1958

• Operator of 8 onshore oilfields

Middle East

• Successful Shuwaihat appraisal in Abu Dhabi

• Strong partnership with ADNOC

• Participation in Ghasha Concession (10%)

ASSET LOCATIONS


Key producing assetsDisouq Egypt 50% 95% 5 Suco²West Nile Delta Egypt 17% 90% 11¹ BPGulf of Suez Egypt 50% 27% 11 Suco²Other 33Total 74% 60Key development projectsGhasha UAE 10% FP: 2022 ADNOC

OVERVIEW OF KEY ASSETSWintershall Dea licences and key assets

GAS PRODUCTION WITH FIXED PRICE CONTRACTS PROVIDES STABLE CASH FLOWS

Gulf of Suez

Disouq

West Nile Delta

300km

EgyptLibya

Western Desert

Eastern Desert

West Mediterranean

Nile Delta Offshore

Nile Delta Onshore

CairoGulf of

SuezSaudi Arabia

Jordan

Israel

100m1000m

Sudan

500km

Mali

Mauritania

WesternSahara

MoroccoOued Mya Basin

AlgeriaIllizi Basin Libya

Niger

Italy

Portugal Spain

Tunisia

Reggane

RegganeBasin

Tunisia

C96 & C97

C137 Area 58

LIBYA

Italy Greece

Tunisia

EgyptCyrenaica

Basin

Western Desert

KufrahBasin

SirtBasin

Murzuq Basin

Illizi-GhadamesBasin

Tripoli

Pelagian Basin

Algeria

Niger

CHAD Sudan

C96 & C97

C137Area 58

NC 193 & 195

300km

SOURCE: COMPANY INFORMATION1 RAVEN CURRENTLY DEVELOPING. 2 SUEZ OIL COMPANY – JOINT VENTURE OF WINTERSHALL DEA (50%) AND THE EGYPTIAN GENERAL PETROLEUM CORPORATION (EGPC) (50%).


LATIN AMERICA

PAGE 34

5

KEY HIGHLIGHTS ASSET LOCATIONS


Argentina

• 4th largest gas producer with operated and non-operated acreage in unconventional Vaca Muerta and participation in 18 fields

• Gas production predominantly from Tierra del Fuego with several producing fields in the CMA-1 concession including follow-up projects to keep plateau production (Fenix Phase I, further satellite developments)

• Conventional reservoirs in Neuquén basin in the blocks Aguada PichanaEast and San Roque

• Unconventional plays in Neuquén basin in non-operated blocks AguadaPichana East and San Roque as well as operated blocks Aguada Federaland Bandurria Norte

Mexico

• Sierra – in 03/2019 acquisition of six exploration and appraisal blocks including the word class Zama discovery

• Ogarrio – onshore oilfield in the Tabasco state; the FDP for the redevelopment was approved in March 2019

• Block 2 (30% WI) – exploration block in partnership with operator Pemex (70%)

• Block 16,17 and 30 (40% WI) – three exploration licenses with operatorship awarded in March 2018

Brazil

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

• Wintershall Dea participation in seven exploration licenses (four operated) off the north and south-east coasts of Brazil with upcoming exploration activities in 2019


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

Bolivia

ParaguayBrazil

Argentina

Buenos Aires

Uruguay

Neuquen Basin

Magallenes Basin

Chile

Nile Delta Onshore

Tierra del Fuego Province Production• Carina• Vega-Pleyade• Aries• Fenix

Exploration and Production in NeuquenProvince• Aguada Pinchana Este• San Roque

Exploration in MendozaProvince

500km

Brasilia

Rio De Janeiro

Santos Basin

Campos Basin

Buenos Aires

Uruguay

Argentina

Chile

PeruBolivia

Paraguay

Brazil

Ceara Basin

Potiguar Basin

French GuianaSuriname

GuyanaVenezuel

aColombia

Operated exploration licenses

Partner in exploration licenses

500km

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

Wintershall Dea licences and key assets

`

Gulf of Mexico

100m500m

1000m

United States

Tampico-Misantla

Basin

Mexico

Guatemala

Belize

Mexico City

Sureste Basin

Exploration• Blocks 2, 16 & 17

Exploration• Block 30

Production Licence• Ogarrio

300km

Sierra• Blocks 2, 4, 5, 7, 11, 29


MAJOR PRODUCING

ASSET SUMMARIES

PAGE 35

APPENDIX

PAGE 36

RUSSIAMAJOR PRODUCING ASSET SUMMARIES

Country › Russia

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

Offshore/Onshore › Onshore

Gas/liquids › 100% Gas

2018 WI Production › 150 (mboe/d)

Start of Production › 2007

• Plateau production since 2009 (one year sooner than planned)

• A connecting pipeline measuring almost 120 km connects Yuzhno Russkoye to the Siberian pipeline network

• Currently extracting gas mostly from Cenomanian deposit with 142 wells

• Production start-up from Turonian deposit with 14 new wells in 2019 and further 121 wells in 2020-2033

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

Wintershall Dea Key Assets

ACHIMOV YUZHNO RUSSKOYE

LARGEST PRODUCING FIELD IN WINTERSHALL DEA PORTFOLIO

CURRENT STATUS AND OUTLOOK


Kazakhstan

Moscow

Saint Petersburg

Finland

Estonia

Latvia

Belarus

Ukraine

Georgia

Russia

Urengoy

Norway

Azerbaijan 1,000km

Country › Russia

Partners2 › Wintershall Dea (50%, operator), Gazprom (50%, operator)


Gas/liquids › 70% / 30%



• Achimov I produces natural gas and condensate from the technically complex Achimov formation in the Urengoy field - one of the largest oil, gas and condensate reservoirs in the world

• Achimgaz operates a largescale facility for separating natural gas and condensate, which now has 5 processing lines

• 96 wells out of 111 in production with estimated project duration of approximately 40 years

Wintershall Dea Licences and Key Assets

LARGEST FIELD IN THE WORLD AT A TIME OF DISCOVERY



Kazakhstan

Moscow

Saint Petersburg

Finland

Estonia

Latvia

Belarus

Ukraine

Georgia

Russia

Urengoy

Norway

Azerbaijan 1,000km

1

PAGE 37

CMA-1 (ARGENTINA)MAJOR PRODUCING ASSET SUMMARIES


Country › Argentina

Partners› Total (37.5%, operator),

Wintershall Dea (37.5%), Pan American (25%)

Offshore / onshore › Offshore / Onshore



Start of production › 1989

• Currently seven fields and five offshore platforms including the world’s most southern one in Vega-Pleyade

• Around 20 % of the gas produced in Argentina today comes from the CMA-1 area

• Two onshore processing plants (Cañadon Alfa & Rio Cullen) are in operation

• Additional plant expansion project at Cañadon Alfa successfully completed in April 2019

2


LARGEST GAS PRODUCING LICENSE IN THE COUNTRY

PAGE 38

NORWAYMAJOR PRODUCING ASSET SUMMARIES

Country › Norway

Partners › Equinor (51%, operator), Wintershall Dea (24%), OMV (15%), ConocoPhillips (10%)

Offshore/Onshore › Offshore


2018 WI Production › <1 (mboe/d)

Start of Production › End-2018

• Deepest field development on the NCS

• The development concept includes 3 subsea templates producing to the floating platform with a vertical cylindrical hull moored to the seabed (spar platform)

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

• Snefrid Nord Well coming online in Q3 2019

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


VEGA AASTA HANSTEEN

STABLE PLATEAU AND DEBOTTLENECKING


Country › Norway

Partners › Wintershall Dea (56%, operator), Petoro (28%), Spirit (7%), Idemitsu (4%), Neptune (4%)





• Subsea tie back to Gjøa

• Reserves doubled since takeover in 2015

• 3 infill wells to be drilled in 2019-2020 to unlock additional reserves

• Hydrate philosophy under update

• Opportunities for LP/HP production at Gjøa

STABLE PRODUCTION AND FURTHER RESERVES GROWTH


3

PAGE 39


Country › Norway

Partners › Neptune (30%, operator), Petoro (30%), Wintershall Dea (28%), OKEA (12%)





• Discovered in 1989, PDO approved in 2007

• Development comprises 5 templates with 11 production wells tied to a semi-submersible production and processing facility

• Opex sharing from Vega – joint development

• Gjøa P1 project (drilling of 3 new wells) sanctioned in February 2019 and approved in June 2019; expected to come on-stream in Q1 2021

• Nova and Duva as future tie-backs


SKARVGJØA

RELIABLE HOST PLATFORM FOR VEGA AND NOVA


Country › Norway

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





• Four unitised licenses including Skarv & Idun fields as well as Gråsel & Ærfugl discoveries

• Subsea tie-back to FPSO

• Ærfugl subsea tie-back to Skarv is under development with production expected to start in Q4 2020

• Optimization of gas blow down ongoing

FILLING THE VESSEL THROUGH MATURATION OF DISCOVERIES AND PROSPECTS


3 CONTINUED

PAGE 40


Country › Norway

Partners › Lundin (65%, operator), OMV (20%), Wintershall Dea (15%)





• Discovered in 2007 and came on-stream in November 2015

• 14 wells development program successfully completed in 2018 resulting in rd. 50% increase of the ultimate reserves recovery compared to PDO

• Strong reservoir performance supports low operating cost (4 USD/boe)

• Development plan for the Solveig oil field (tie back to Edvard Grieg) submitted for approval

• Further infill drilling planned after 2020


MARIA EDVARD GRIEG

OUTSTANDING PERFORMANCE AT LOW COST


Country › Norway

Partners › Wintershall Dea (50%, operator), Petoro (30%), Spirit (20%)





• Multiple host subsea tie back with production to Kristin, water injection from Heidrun and gas lift from Åsgard B via Tyrihans

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

• 2 infill wells to be drilled in 2019 to improve pressure support and recovery

• Maria Phase II initiated for further recovery

RESERVOIR MANAGEMENT AND RECOVERY IMPROVEMENT


3 CONTINUED

PAGE 41

EGYPTMAJOR PRODUCING ASSET SUMMARIES

Country › Egypt

Partners › BP (82.75%, operator), Wintershall Dea (17.25%)





• First IOC-operated production asset in Egypt, with no traditional joint venture operation and cost recovery structure

• Subsea development of 5 fields

• Production from Taurus and Libra fields started in March 2017, followed by Giza and Fayoum fields in Feb 2019

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

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

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

GULF OF SUEZWEST NILE DELTA

EFFICIENT USE OF THE EXISTING OFFSHORE INFRASTRUCTURE


Country › Egypt

Partners1 › SUCO (operator Ras Budran and Zeit Bay); EGPC (50%); Wintershall Dea (50%)





• Successfully developed to produce more than 650 MMboe of crude oil since 1983

• Two offshore crude legacy oil fields: Ras Budran and Zeit Bay

• Both licenses were extended in March 2019 and have a renewal option in three years for a further five years.

OWN FACILITIES TO TREAT, PROCESS, HANDLE AND SHIP OIL AND GAS


4

PAGE 42

GERMANYPRODUCTION PORTFOLIO

Country › Germany

Partners › Wintershall Dea (100%, operator)

Offshore/Onshore › Offshore/onshore

Gas/liquids › 100% Liquids



• Largest and most productive oil field in Germany delivering more than 50% of domestic oil production

• Extended reach drilling (ERD) from platform and onshore

• Highest environmental protection and safety standards anywhere in the world

• Further development of reservoirs to the South of the artificial island under way


VÖLKERSENMITTELPLATE

WORLD-CLASS ENVIRONMENTAL PERFORMANCE


Country › Germany

Partners › Wintershall Dea (100%, operator)





• Gas field with the highest 2018 gas production in Germany (12% of the domestic gas production)

• Production from Rotliegend reservoirs in depths of around 5,000 meters; main producer Havel sandstones

• Development consists of eight drilling sites and 18 production wells

MAINTAINING PRODUCTION LEVEL VIA ADDITIONAL SIDETRACKS


5

DEVELOPMENT PORTFOLIO

PAGE 43

APPENDIX

PAGE 44

NORWAYDEVELOPMENT PORTFOLIO

Country › Norway

Partners › Wintershall Dea (50.0%), Equinor (27.5%, operator), Neptune (22.5%)


Development Concept › Floating steel platform and storage vessel

Plateau Production › 40 (mboe/d)

• Developed with a floating steel platform, Njord A, which has an integrated deck with drilling and processing facilities

• Field shut down from 2016 to 2020 due to extensive upgrades of the platform Njord A and the storage vessel Njord Bravo

• Njord A column top extensions installed and welding near complete

• Njord B refurbishment work started in July 2018 and is on schedule at the Aibel yard in Haugesund


ÆRFUGLNJORD

ONGOING RE-DEVELOPMENT AIMING FOR ANOTHER 20 YEARS OF PRODUCTION FROM 2020


• PDO approved in April 2018

• Development planned to be completed in two phases:

• Phase 1 with 3 production wells to start in late 2020

• Phase 2 incl. debottlenecking studies of the gas processing facilities ongoing to accelerate start from 2023 to 2021

• High activity on engineering and fabrication of subsea system structure, the wellheads and the Xmas tree system

SUBSEA DEVELOPMENT PROJECT TYING BACK TO SKARV


Country › Norway

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


Development Concept › Subsea tie-back to Skarv FPSO


1

PAGE 45

NORWAYDEVELOPMENT PORTFOLIO

• Planned as subsea tie back to Heidrun

• Start of offshore operations in Q2 2018 with successful lifting of the H25 module onto Heidrun, installation of subsea template on seabed and gas export pipeline completed

• Drilling of 4 production wells to start in Q3 2019

• First gas planned in 2020


NOVADVALIN

OWN-OPERATED GAS FIELD TO BE TIED INTO EXISTING HEIDRUN PLATFORM


• The project consists of 2 subsea templates tied-back 17 km to the Gjøa semi-submersible platform

• PDO approved in September 2018

• Production start planned in 2021

• Project progress on schedule with the installation oft the subsea pipelines and umbilicals completed in August 2019

SELF-OPERATED DISCOVERY TO BE CONNECTED TO THE NEAR FIELD INFRASTRUCTURE


2

Country › Norway

Partners1 › Wintershall Dea (45%, operator), Capricorn (20%), Spirit (20%), Edison (15%)


Development Concept › Subsea tie-back to Gjøa


Country › Norway

Partners1 › Wintershall Dea (55%, operator), Petoro (35%), Edison (10%)


Development Concept › Subsea tie-back to Heidrun


PAGE 46

UAE & RUSSIADEVELOPMENT PORTFOLIO

Country › UAE

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


Development Concept › 3 Main Development Hubs


• Dalma Hub with three fields for gas production starting in H2 2022 – tie back into existing onshore gas processing facilities

• Planned plateau production of 40 mboe/d to be reached in 2025

• Ghasha-Hail Hub with two field ultra-sour gas-condensate development – dedicated offshore & onshore processing facilities –production start planned for 2024

• Deep Gas Hub with two fields for gas production starting in 2025 – tie back into existing facilities – concept select ongoing

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

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


• Gas and condensate production from the technically and geologically complex Achimovformation (~3650 m TVD)

• 1st construction phase started in 2018 with 40 production wells

• 2nd construction phase will include 108 production wells

NEXT MILESTONE IN THE SUCCESSFUL DEVELOPMENT OF ACHIMOV FORMATION


Country › Russia

Partners1 › Gazprom (75%), Wintershall Dea (25%)

Start of Production › 2020/2021

Development Concept › Onshore gas and condensate production via pipelines


100 km

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

Wolgodeminoil JV• Area I, II & IV

Achim Development JV• Achimov IV & V



Kazakhstan

Moscow

Saint Petersburg

Finland

Estonia

Latvia

Belarus

Ukraine

Georgia

Russia

Urengoy

Norway

Azerbaijan 1,000km

Wintershall Dea Key Assets

3

DEVELOPMENT PORTFOLIO

FENIX (ARGENTINA)

PAGE 47

Country › Argentina

Partners› Total (37.5% operator),

Wintershall Dea (37.5%), Pan American (25.0%)

Start of production › 2022

Development concept› Installation of an offshore

platform and pipeline to adapt onshore facilities


• 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



UNLOCKING FURTHER RESERVES AND OPTIMIZING RECOVERY

4

EXPLORATIONPORTFOLIO

PAGE 48

APPENDIX

PAGE 49


EXPLORATION PORTFOLIO

MAJOR CENTRES

PAGE 49

2019 2020

Toutatis Gullstjerne Balderbra Appraisal Dvalin North

Yaxchilan (drilling) Polok Block 30

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

Current Portfolio:• Review exploration potential within

West Nile Delta concessions• Exploration potential in onshore Nile Delta

Block 10Planned Activities:

• Looking for partners to join Block 10, for upcoming exploration drilling campaign

• Planned participation in upcoming bidding rounds

Current Portfolio:• 10 exploration blocks • Includes Zama discovery

Planned Activities:• Further exploration activities in existing

blocks• About 10 committed and non-committed

wells in 2019-2020, all non-operated• No further bid rounds expected in the short-

medium term due to regulatory changes

Current Portfolio:• 7 exploration licences in the following basins:

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

Planned Activities:• Acquisition and interpretation of 3D seismic

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

rounds

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

scope in Germany, Denmark, Netherlands, Russia, ArgentinaPlanned Activities:

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

Current Portfolio:• Holds 37 exploration licenses (excluding

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

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

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

Mexico

Norway

Brazil

Egypt

Rest of the World

DEFINITIONS

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

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

EBITDAX• EBITDAX defined as income before tax but adjusted for the following items: financing costs, exploration expense, DD&A

and impairments, acquisitions, disposals, extraordinary items, minority interest, FX gains and losses, pensions, loss or gain in relation to disposal of fixed assets

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

FID • Final Investment Decision

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

RCF • Revolving credit facility

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

WI • Working Interest, net to Wintershall Dea

RAB • Regulatory Asset Base

PAGE 50

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