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DEA GroupJyske Bank Credit Company Day

September 2017

DEA Group

Disclaimer

Forward-Looking Statements

This communication may include projections and other “forward-looking: statements within the meaning of applicable securities laws, which are based on current expectations and projections about future events and financial

performance. Statements herein, other than statements of historical fact, regarding future events or prospects, are forward-looking statements. The words “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “estimate”, “plan”,

“predict”, “intend” or variations of these words, as well as other statements regarding matters that are not historical fact or regarding future events or prospects, constitute forward-looking statements. L1E Finance GmbH & Co KG (the

“Company”) has based these forward-looking statements on its current views with respect to future events and financial performance in addition to certain assumptions about the future, some of which are beyond the Company’s

control. These forward-looking statements involve a number of risks, uncertainties, and assumptions about the Company and its subsidiaries and its investments, including, among other things, the development of its business, trends

in its operating industry, and future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, actual results may not occur or may differ materially from those predicted in the forward-looking

statements and from the past performance of the Company. As a result, you should not rely on these forward-looking statements. Neither the Company nor any other person make any warranties or representations about accuracy,

sequence, timeliness or completeness of the content of the presentation or the achievement or reasonableness of future projections, management targets, estimates, prospects or returns, if any.

Non-GAAP and Non-IFRS Financial Measures

This communication may contain certain non-GAAP and non-IFRS measures and ratios, including for example EBITDAX, net debt, net working capital, coverage ratios and EBITDAX per boe that are not required by, or presented in

accordance with, any GAAP or IFRS.

The non-GAAP and non-IFRS measures and ratios may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools and should not be considered in isolation or as a substitute for

analysis of our operating results as reported under IFRS or any GAAP. Our management uses these measures to measure operating performance and liquidity, in presentations to our Management Board and as a basis for strategic

planning and forecasting, as well as monitoring certain aspects of our operating cash flow and liquidity. We present non-GAAP and non-IFRS measures and ratios because we believe that they and similar measures are widely used by

certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. Non-GAAP and non-IFRS measures and ratios such as EBITDAX, coverage ratios and EBITDAX per boe are

not measurements of our performance or liquidity under IFRS and should not be considered as alternatives to operating profit, profit for the year, capital expenditure or any other performance measures derived in accordance with IFRS

or any GAAP or as alternatives to cash flow from operating, investing or financing activities.

We present in this communication a reconciliation of each of the non-GAAP and non-IFRS measures to the most directly comparable measure calculated and presented in accordance with IFRS and discuss its limitations

See note above.

Some of the limitations of EBITDAX are:

• they do not reflect our cash expenditures or future requirements for contractual commitments;

• they do not reflect changes in, or cash requirements for, our working capital needs;

• they do not reflect the significant interest expense, or the cash requirements necessary, to service interest or principal payments on our debt;

• although depreciation and amortization are non cash charges, the assets being depreciated and amortized will often need to be replaced in the future and EBITDAX does not reflect any cash requirements that would be required to

make such replacements;

• they do not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; and

• other companies in our industry may calculate these measures differently from the way we do, limiting their usefulness as comparative measures.

Because of these limitations, EBITDAX should not be considered as measures of discretionary cash available to us to invest in the growth of our business or as measures of cash that will be available to us to meet our obligations. You

should compensate for these limitations by relying primarily on our IFRS results and using these non-GAAP and non-IFRS measures only to supplement your evaluation of our performance.

September 2017 | Investor Presentation

DEA Introduction

DEA Group

Germany / Denmark

29%

Norway 45%

Egypt26%

Germany / Denmark

20%

Norway45%

North Africa35%

DEA – Overview

DEA Company Overview

› DEA is a leading European E&P company with 2016YE 2P WI

reserves of 667mmboe and 2016 production of 138kboe/d

› DEA currently operates c.50% of its production

› Since DEA’s founding in 1899, DEA has become one of the largest full

cycle upstream oil and gas companies in Europe leveraging its technical

excellence and experience to develop and operate upstream oil and gas

assets mainly in Germany, Norway, Denmark, Egypt and Algeria

› In 2015, DEA was acquired by L1 Energy, an investment vehicle of

LetterOne. LetterOne is a well capitalised, privately owned

investment business

› DEA aims to increase production in its core areas, maintain a disciplined

approach to financial management and focus on safety and

operational excellence

2014A 2015A 2016A6m

2016A(2)

6m

2017A(2)

Production

(kboe/d)101 164(1) 138 147 134

Revenue

(EURm)2,031 1,425 1,476 753 757

EBITDAX

(EURm)1,155 828 776 383 486

Capex (EURm) 669 610 646 296 388

2P Reserves by Geography (2016)

2P reserves: 667 mmboe

(1) Incl. E.ON Norge and excl. UK

(2) Represents L1E Finance GmbH & Co KG results

Summary Financial Information

DEA Assets Overview

Denmark

Germany

Norway

Algeria

Egypt

West Nile DeltaDisouq

Gulf of Suez

Reggane Nord

Mittelplate

Völkersen

Skarv

Dvalin

Snøhvit

Snorre

6m 2017 Production by Geography

6m 2017 production 134 kboe/d


Ba3 / BB- / BB Corporate Ratings by Moody’s, S&P and Fitch Respectively

DEA Group

1899-1966

Established 1899, developed to “Deutsche Erdöl Aktiengesellschaft” (DEA)

› Integrated oil company involved in upstream, refining, chemicals, storage, mining

› International upstream activities in Europe including Denmark, Austria, Norway, the Gulf, Syria, Dubai, Turkey and

South America

1966-1987

Public takeover by Texaco, “Deutsche Texaco Aktiengesellschaft”

› Dubai production contributing to company performance

› 1985 Schwedeneck See oil field, 1987 Mittelplate coming onstream

› Wietze lab responsible for Texaco Eastern hemisphere

1988-1998

“RWE-DEA Aktiengesellschaft für Mineralöl und Chemie”

› 1995 Völkersen production start, 1996 discovery Hanze (Netherlands)

› 1996 entry into Kazakhstan

1998-2002German upstream company Deminex (RWE 18.5%) broken up; Norway and Egypt go to Dea, Netherlands to Veba Oil;

sale of downstream and chemical business

2002-2005Renamed to “RWE Dea AG”, acquisition of Highland Energy UK, country entry Libya, Algeria and first gas discoveries in

Egypt, Algeria and Norway

2006-2014Sale of Akshabulak (Kazakhstan); acquisition of Clipper South and Breagh (UK), country entries in Turkmenistan,

Trinidad & Tobago, Suriname and Guyana; sale of Edvard Grieg (Norway)

2015L1 Energy acquired DEA, bringing in a long-term strategic partner in LetterOne; acquisition of E.ON E&P Norge AS

(Norway) strengthened existing Norwegian position; sale of UK assets to INEOS

2016

DEA sanctioned its first operated development in Norway, Dvalin

Received its debut ratings of BB- by S&P and BB by Fitch and issues its inaugural €400m bond

DEA acquired additional interests in seven licences from Engie, including 20% increased interest in Njord

2017

Sanctioned redevelopment of Njord and Bauge development

West Nile Delta first gas achieved

Received Moody’s corporate and unsecured ratings of Ba3

First exploration licence in Mexico awarded and opened an office in Brazil

118 Year History


DEA Group September 2017 | Investor Presentation

Recent Highlights

Production

137 kboe / d in Q2 2017+4% vs Q1 2017

EBITDAX

€275 million in Q2 2017 +30% vs Q1 2017

LTM Leverage

1.86x in Q2 2017vs 2.26x in Q1 2017

Projects

First exploration license in Mexico awarded

Njord and Bauge PDO approved by the authorities

West Nile Delta first gas achieved

Production Costs

$6.7 / boe in Q2 2017

vs. $8.3 / boe in Q2 2016

Financial

$125m partial settlement of EGPC outstanding receivables

Upgrade of S&P Issue Rating to BB- from B+; Moody’s rating of

Ba3 for both corporate family and senior unsecured notes

assigned

RBL available amount unchanged at $2,300m post re-calculation

DEA Group

› Increase production in existing core assets and execute development of operated fields

› Develop Dvalin and Njord gas fields in Norway, realise potential of West Nile Delta, Disouq and

Reggane gas projects

Grow production

and execute key

projects


DEA Strategy

› Increase production in existing core assets and execute development of operated fields

› Develop Dvalin and Njord gas fields in Norway, realise potential of West Nile Delta, Disouq and

Reggane gas projects

Increase company

value through

balanced organic &

inorganic growth

› Capitalise on exploration success in known and emerging plays targeting exploration while

spending below 15% of after-tax investment budget

› Pursue production and asset development opportunities in Norway and Denmark, asset roll up

opportunities in Germany, as well as potential acquisitions in other areas such as Brazil and

Mexico

Focus on costs and

capital efficiency

› Manage the size and structure of the organisation in line with lean business model

› Exit non-core assets and areas

› Further improve costs through technological and procurement optimization

› Manage the size and structure of the organisation in line with lean business model

› Exit non-core assets and areas

› Further improve costs through technological and procurement optimization

Deliver high QHSE

standards and

sustainability of

operations

› Maintain industry-leading QHSE standards and environmental track record

› Further develop operational capabilities in key areas of company’s strengths

› Maintain industry-leading QHSE standards and environmental track record

› Further develop operational capabilities in key areas of presence

DEA Credit Highlights

DEA Group

World class asset base providing long term growthKey Credit Highlights


Producing Assets

Concentrated in

Low-Risk Countries

1

Supportive

Shareholder

8Diversified Portfolio

of Assets with

Competitive

Production Costs

2

Significant Reserve

Base Supporting

Production Growth

3

Significant Liquidity

and Financial

Flexibility

7

Excellent QHSE

Track Record

5

Proven Project

Development

Capabilities

4

Experienced

Management Team

6

DEA Group

World class asset base providing long term growthProducing Assets Concentrated in Low-risk Countries

with Developed Infrastructure


› DEA’s operations are mostly in low-risk OECD countries

90% of DEA’s LTM June-17 revenues and 92% of

EBITDAX came from AAA-rated countries

› Home base in Germany

Largest oil producer in Germany

Operator of the largest oil field in Germany, Mittelplate,

and the largest gas field, Völkersen

› Low country risk

› Established presence in Norway, one of the most resource-rich

hydrocarbon basins in the last decade

40 years track record

Participation in 6 of the 30 largest discoveries

Further strengthened position through E.ON Norge

acquisition

Sanctions two new developments, Dvalin and Njord

› German Federal Government guarantee covers risks in North

Africa

EBITDAX (LTM June-17)(1)Production (LTM June-2017) Revenue (LTM June-17)

Germany

/

Denmark

29%

Norway45%

Germany/ Denmark

29%

Egypt26%

Norway57%

Germany/ Denmark

32%

Egypt10%

1

(1) Excludes negative EBITDAX contribution from Egypt and Group Expenses

Norway60%

Germany/ Denmark

32%

Egypt8%

DEA Group

Broad asset diversification (2016 production) Average production costs evolution ($/boe)


Diversified Asset Portfolio with Competitive and Declining

Production Costs

Skarv22%

Disouq14%

Völkersen12%Gulf of Suez

12%

Snorre9%

Mittelplate9%

Other22%

2

9.1

7.4

8.1

6.4

2015 2016 H1 2016A H1 2017

Group Production Costs


334

476

399

575

483

667

0

100

200

300

400

500

600

700

800

1P 2P2014 2015 2016

Evolution of Reserves

mm

boe

2P Reserves Breakdown by Country

(1) >99% of reserves are audited by RPS

Germany / Denmark

20%

Norway45%

North Africa35%

Historical Evolution of 2P Reserves (mmboe)High Potential Through Undeveloped Reserves (mmboe)

132

300

235

667

120164

35

319

91%

55%

15%

48%

0%

20%

40%

60%

80%

100%

0

100

200

300

400

500

600

700

800

Germany/Denmark Norway Egypt/Algeria Total

2P 2PD 2PD/2P Ratio

575

-50

+50+25

+67 667

0

100

200

300

400

500

600

700

800

2015 Production Acquisitions GoS ExtensionOrganic Growth 2016

Significant Reserve Base Supporting

Production Growth3

56% -

375mmboe

designated to

the RBL

63% -

364mmboe

designated to

the RBL

mm

boe


Proven Project Development Capabilities

›Location ›Development ›Type

Schwedeneck See 1982-84 Offshore

Gulf of Suez 1980-83 Offshore

Mittelplate 1984-86 Transition zone

Snorre A 1992 Offshore oil

Völkersen 1993-94 Deep onshore gas

Breitbrunn

Njord

1995

1995-97

Gas storage

Offshore oil

Kazakhstan 1995-98 Central oil/gas facilities

Dieksand 1998-06 Extended reach drilling

Dieksand 2000 Oil separation facilities

Snorre B platform 2001 Offshore oil

Schwedeneck See 2001 Decommissioning

PL270 Agath 2002 Semisub exploration

Mittelplate 2004 Rig, living quarter, pipeline

Völkersen 2004 Central gas treatment plant

Cavendish(1) 2005-07 Offshore gas development

Libya 2006-11 Onshore exploration

Skarv

Snoevhit2007-11

2007

Offshore oil/gas

LNG development

Brammer 2008 Gas compressor station

Breagh(1) 2010-13 Offshore gas

Clipper South, Devenick(1) 2010-13 Offshore gas

Disouq 2010-13 Onshore gas

Knarr 2011-15 FPSO oil development

Gjøa platform 2012 Oil/gas

Reggane 2012-17 Onshore gas

Alta 2014 Offshore oil

West Nile Delta 2015-17 Offshore gas

Dvalin

Njord Redevelopment

2016-20

2017-20

Offshore gas

Offshore oil

MittelplateVölkersen

West Nile Delta Gulf of Suez

Clipper SouthBreagh

(1) UK business was sold in 2015

Bold denotes operated assets

4


Excellent QHSE Track Record5

Worldwide Management System Certificates:

Currently for ISO 14001 (environment), ISO 9001 (quality), ISO 5001

(energy efficiency) OHSAS 18001 (occ. health & safety) since 2015

Additionally in Germany:

ISO 50001 (Energy), Safety Management System of BG RCI German

Social Accident Insurance Institution

DEA incident statistics

International standards implemented as mandatory for DEA:

› International Finance Corporation (IFC):

› Policy on Environmental and Social Sustainability (Performance

Standards)

› Environmental, Health & Safety Guidelines

› ISO, DIN, BS OHSAS, NORSOK, IOGP, API, etc. where applicable

Corporate Integrated Management System:

The DEA Corporate Integrated Management System ensures that our

QHSE policy is brought into practice in setting and following up objectives

and targets by systematically analyzing our processes to strive for business

excellence through the continuous improvement process

LTI = Lost Time Incident

LTIF = Lost Time Incident Frequency

BG = German Social Accident Insurance Institution

16

8 911 10

1 13.14

1.80 1.63 2.27 1.97 0.28 0.32

16.5 16.2 15.514.5 14.3 14.0

0

2

4

6

8

10

12

14

16

18

2010 2011 2012 2013 2014 2015 2016

LTI LTIF LTIF BG

LT

I [N

um

ber] L

TIF

[Num

ber o

f

LT

I / 1 m

iow

ork

ing h

ours

]

Quality, Health, Safety & Environmental (QHSE) is a top priority for DEA and compliance is reviewed regularly by

both internal and external auditors

QHSE Principles

DEA Group

Manfred Böckmann

Exploration

Jone Hess

Field Development

Rene Pawel

Geo Support Centre

Christoph

Schlichter

DEA Brazil

Hans-Hermann

Andreae

DEA Norge

Thomas Kremski

Strategy & Portfolio

Management

Andrea Pinarel

M&A

Uwe Balasus-Lange

OpCo

Germany/Denmark

Thomas Radwitz

DEA Egypt

19+ years with DEA

SVP Exploration

since 2014

Previous roles with

DEA:

– Manager NV N.

Africa

– General Manager

NV Africa / LatAm

International

experience: Egypt

Geophysicist

23+ years in E&P

Former work

experience:

– ExxonMobil and

E.ON E&P

covering

engineering,

operational,

executive and

executive board

positions

International

experience:

Australia, US, UK,

Germany and

Norway

Petroleum Engineer

27 years with DEA

Over 28 years in

E&P

Previous roles with

DEA:

– SVP Production

Europe

– MD DEA UK

– Head of Field

Development

– Senior District

Manager

Mittelplate &

Dieksand

– Production

Manager

Kazgermunai

International

experience: GER,

UK, Kazakhstan

Petroleum Engineer

15+ years with DEA

31+ years in E&P

GM Brazil since 2017

Previous roles with

DEA:

– GM Libya / Algeria

– SVP Production

North Africa

– MD DEA UK

Former work

experience: Veba Oil

AG, Shell

International

International

experience: Oman,

Netherlands, UK

Petroleum Engineer

13+ years with DEA

Over 35 years in

E&P

Previous roles with

DEA:

– SVP Geo Support

Centre

– GM JV Suez Oil

Co and Dea Egypt

branch

Former work

experience:

Preussag Energy,

Norsk Hydro, Texaco

Germany

International

experience: Norway,

Venezuela,

Germany, Tunisia,

Russia

Petroleum Engineer

14+ years with

DEA/in E&P

SVP Strategy & PM

since 2017

Previous roles with

DEA:

– SVP BD/M&A

– VP Controlling &

BD

– Head of Treasury

Former work

experience at

Reemtsma:

– Head of Internal

Audit

– Manager Corp.

Finance

Economist, PhD

15+ years of oil &

gas experience

Head of M&A at DEA

since 2017

Previously Director

at Bank of America

Merrill Lynch

(Energy M&A)

Former banking and

corporate experience

at:

- UBS Investment

Bank (Energy

M&A)

- Eni SpA (Strategy

&

M&A)

Insead MBA

23+ years with DEA

Previous roles with

DEA:

– SVP Field

Development

– Senior District

Manager

Mittelplate &

Dieksand

– Senior District

Manager Gas

Storages

– Head of Reservoir

Engineering Egypt

– New Ventures

International

experience: Egypt,

Germany

Petroleum Engineer

16+ years with DEA

30+ years in E&P

Previous roles with

DEA:

– MD DEA UK

– Heading the

business in Egypt,

Libya and

Turkmenistan

Former work

experience with

Veba Oil AG:

– Petroleum

Engineer in Golf of

Mexico, USA

– Field Operations

Manager, Libya

– Production

Manager JV

SUCO, Egypt

Petroleum Engineer,

PhD

Experienced Management Team6

Johannes

Karlisch, Dr.

CCO

› Until May 2016, Partner, Finance and

Controlling at L1 Energy

› Previous Positions:

› CFO of Rosneft

› Co-Head of Russian Investment Banking

at Morgan Stanley

› Intern. experience: Russia, UK,

Germany

› Studied Mathematics

Dmitry

Avdeev

CFO

› 13 years of experience at DEA


› General Manager RWE DEA Egypt

› Manager of Production District Holstein

REA DEA

› Various positions at Preussag Energie, e.g.

Development Manager Tunisia

› Intern. experience: Egypt, Tunesia,

Venezuela, Ecuador

› Studied Petroleum Engineering

Dirk

Warzecha

COO

(1) Chief Commercial Officer

› 16 years of experience at RWE/DEA


› CFO at DEA Deutsche Erdoel AG

› VP Group Executive Management at

RWE AG

› Various senior leadership positions at

STEAG AG

› Studied Mathematics, PhD

Johannes

Karlisch

CCO(1)

› 28 years of experience at Texaco/DEA

› CEO since 2010

› Previous positions:

› COO

› Director of Domestic Gas/Oil

› Deputy Managing Director, DEA Norge

› Intern. experience: Norway, Netherlands,

UK

› Studied Petroleum Engineering

Thomas

Rappuhn

CEO


DEA Group

DEA’s financial policy is to maintain net leverage (net debt / EBITDAX) below 2.0x in mid-cycle conditions

› Possible temporary increase up to 2.5x in the event of a major acquisitionLeverage

Liquidity

Business needs to be fully funded at all times at least on a 12-month forward basis, taking into account:

› Conservative macro assumptions, planned investments and scheduled debt services

Shortfall can be covered with working capital lines or further drawdowns on the RBL

Leverage target range of 2.0-2.5x at the centre of all major decisions


Capital

Structure

Simple two-tier capital structure in the form of a Reserve Based Lending (RBL) facility and Senior Unsecured Debt

› Target 70-80% utilization of RBL

› Two tier cap structure complimented with overdraft facility for temporary working capital needs

› Explore other sources of financing, such as ring-fenced project financing or other asset backed financings

Significant Liquidity and Financial Flexibility 7

DEA Group

Mandate

› Establish a safe and sustainably growing global oil and gas company

› Strategically deploy capital for further organic growth and bolt-on acquisitions

Supportive Shareholder8

Long-term, strategic shareholder with depth of E&P experience

› L1 Energy part of L1 Holdings, a member of the LetterOne Group

› LetterOne is an international investment business which target investments in the energy, telecoms, technology, health and

retail sectors, where it has world class expertise

› Founded in 2013 by Mikhail Fridman, German Khan, Alexey Kuzmichev, Petr Aven and several other shareholders

› Combined net assets of $22.2bn, including $9.3bn of liquidity

Ownership

Approach

› Invest in upstream with key focus on production and development

› Indifferent to oil and gas mix, subject to commerciality


Financial Results


DEA Group(1) Q2 2017 Highlights

(1) DEA Group consists of L1E Finance GmbH & Co. KG and its subsidiaries

(2) Working interest production

(3) Includes hedges and physical forward sales

(4) EBITDAX defined as income before tax, 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

(5) Capex excludes financial asset capex and excludes capex from discontinued operations and acquisitions

(6) Free cash flow comprises of cash flows from operating activities and from investing activities, but excludes cash flows from acquisitions

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

6m 2017 Q2 2017

Production(2) (kboe/d) 134 137

Realized oil price(3) ($/boe) 48 46

Realized gas price(3) ($/mcf) 4.7 4.4

Revenue (€m) 757 368

Production costs ($/boe) 6.4 6.7

Exploration costs (€m) (60) (49)

EBITDAX(4) (€m) 486 275

Net income (€m) 39 74

Capex(5) (€m) 388 204

Free cash flow(6) (€m) 64 77

Net debt (€m) 1,605 1,605

Leverage 1.86x 1.86x


4243

46

49

46

Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017

Production Profile (kboe/d)

Production and Pricing

Commentary

Realized Gas Price ($/mcf)

Q2 2017 production was 4% higher QoQ as West Nile Delta

production start up outweighed natural decline in mature fields,

temporary shut-in of a well in Skarv and planned maintenance of

Snohvit

Q2 2017 share of gas production increased to 62% of total compared

to 55% in Q2 2016 mainly due to the contribution of West Nile Delta

output

Q2 2017 realized oil price was 6% lower QoQ but 9% higher YoY, in

line with Brent price development

Q2 2017 realized gas price was $4.4/mcf, 12% lower QoQ and 4%

lower YoY mainly due to higher gas output in Egypt where fixed

prices are lower than in Europe on average, as well as seasonally

lower NBP and TTF prices QoQ

Realized Oil Price ($/bbl)

Q2 2016 – Q1 2017 Quarterly Realized

Oil PriceQ2 2017 Quarterly Realized Oil Price Q2 2016 – Q1 2017 Quarterly Realized

Gas PriceQ2 2017 Quarterly Realized Gas Price

41

4139

37 41 40 36

44

4137

34 30 28 43

31

71 66 54 60 64 58

116

153142

125 131 132 137

FY 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017

Norway North Africa Germany/Denmark

4.6 4.75.3

5.04.4

Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017

44%

56%

% oil:

% gas:

43%

57%

44%

56%

45%

55%

38%

62%

44%

56%

45%

55%

DEA Group

8.3

6.7

Q2 2016 Q2 2017

275313

154 139

(20)

78

(10)

91

185

139

81

66

(57)(44) (30) (21)

383

486

195

275

6m 2016 6m 2017 Q2 2016 Q2 2017

Norway North Africa Germany/Denmark Other


Revenues and Profitability

EBITDAX (€m)

Gross Revenues (€m)

Average Production Costs ($/boe)

% margin

Commentary

Q2 2017 revenues largely in line YoY as lower production volumes

were offset by higher oil prices

Q2 2017 EBITDAX was 41% higher YoY, due to reversal of

impairments (€62m) following partial settlement of overdue receivables

from EGPC in May as well as continued cost savings

Q2 2017 production costs decreased by 19% to $6.7/boe YoY, mainly

due to cost reduction measures, depreciation of the Egyptian Pound

and the Euro. QoQ production costs increased mainly due to the Euro

appreciation, but also due to certain one-off events such as workover

in Dieksand and a temporary shut-in of a well in Skarv

Note: Production costs include G&A allocation but exclude export and processing tariffs,

finance items and R&D (1)Incl. rest of the world, central functions and investment property

64%

(1)

52% 75%51%

428 445

223 208

254 227

115 103

71 85

34 57

753 757

372 368

6m 2016 6m 2017 Q2 2016 Q2 2017

Norway Germany/Denmark North Africa

DEA Group

43

165

27

99

206

209

118

95

32

14

11

10

15

14

296

388

170

204

6m 2016 6m 2017 Q2 2016 Q2 2017

Norway North Africa Germany/Denmark Other

Capital Expenditure


(1)Incl. rest of the world, central functions and investment property

(1)

Capex Breakdown (€m)Commentary

Q2 and 6m 2017 capital expenditures increased 20% and 31% YoY

respectively

Norway: expenditures increased mainly due to increased

development activity in the newly sanctioned Dvalin and Njord

fields. Both are in early development stages and progressing

according to plan

Germany/Denmark: expenditures remain low, as continuous

drilling was ongoing only in Mittelplate, whilst drilling in Völkersen

commenced just in June

North Africa: 6m 2017 investments are stable YoY, as Reggane is

nearing completion, while development of the three remaining WND

fields is ramping up

DEA Group

Cash Position Development

Cashflow Bridge (€m)


104

451

(387)

64

(14)

(47)

107

Cash 01/01/17 Cash Flow fromOperations

Cash Flow fromInvestment Activities

Free Cash Flow Cash Flow from M&A Cash Flow fromFinancing

Cash 30/06/17

Mainly Njord

acquisition

payment

Mainly voluntary

reduction of

utilization under

the RBL

DEA Group

400 400

2,415 2,459

1,736

397 397

1,605 1,605

2,015

44

107

830

1,315

107

SeniorUnsecured

Notes

RBL OverdraftFacility

Cash AvailableLiquidity

SeniorUnsecured

Notes

RBL (drawn) Cash Net Debt30/06/2017


Liquidity and Net Debt

(1) Nominal value

(2) Balance sheet amount, net of amortized fees and including accrued interest

FX rate used USD/EUR 1.1412

Net Debt (€m)Source of Liquidity (€m)

(1) (2)

(2)

(1)

(1)

DEA Group

Hedging Overview

Hedged

Volumes

Oil (as of June 30th, 2017)

2017 2018 2019

Volume

(mmbbl)3.4 3.4 1.4

Price ($/boe) 52.7 54.7 57.7

% of Target

Hedging

Volume

100% 100% 45%

Gas (as of June 30th, 2017)

2017 2018 2019 2020

Volume

(bcf)50.4 24.5 19.5 5.1

Price ($/mcf)(1) 6.2 6.1 5.7 5.7

% of Target

Hedging

Volume

>100% >100% 100% 18%


(1) Calculated at the exchange rates applicable on June 30th, 2017

Appendix

DEA Group

Stable cash flow contributorsGermany & Denmark – Overview

Highlights &

Key Projects

› Germany: largest oil producer in the country (129

mmboe of 2P reserves(1))

Mittelplate/Dieksand (50% WI) – Germany’s

largest oil field, with over half of all remaining

German recoverable oil reserves. Has been

safely operated for almost 30 years by DEA.

Continuous drilling enables steady production.

Produces 12 kboe/d (2016) oil and holds 50

mmboe of 2P reserves

Völkersen (100% WI) – Germany’s largest gas

producing field and has been safely operated by

DEA for 23 years. Produces 16 kboe/d (2016)

mainly gas and holds 40 mmboe of 2P reserves

› Denmark: non-operated position in two producing

fields (3 mmboe of 2P reserves(1), thereof 100% oil)

› Wide range of technical skills applied in own

operated fields (ERD drilling, intelligent well

completions, multi-laterals, own Wietze lab)

Key indicators

Stable cash flow contributors

Current Portfolio / Key Fields Oil & gas (6m 2017 production)

2P Reserves (2016)

2014A 2015A 2016A6m

2016A(2)

6m

2017A(2)

Production (kboe/d) 40 42 39 39 38

Revenue (EURm) 830 714 507 254 227

EBITDAX (EURm) 477 513 346 185 139

Capex (EURm) 104 85 53 32 14

(1) Includes <1% of unaudited reserves

(2) L1E Finance GmbH & Co KG results

Mittelplate38%

50 mmboe

Völkersen30%

40 mmboe

Other Germany

30%39 mmboe

Denmark 2%

3 mmboe

Germany

Denmark

132 mmboe

Oil37%

Gas63%


DEA Group

Oil55%

Gas45%

Norway – Overview

Highlights &

Key Projects

› Norway: over 40 year track record (300 mmboe of 2P

reserves(1))

Skarv (28.1% WI) - producing hub operated by BP

started producing in 2013 (c.31 kboe/d in 2016),

additional near-field development tie-ins like Snadd

Snorre (8.57% WI) – Norway’s second largest oil field,

operated by Statoil, further development concept

(Snorre future) in selection process

Dvalin (55% WI) – first DEA-operated project in

Norway. Sub-sea gas development with a tie-in to

Heidrun platform, the PDO was submitted in October

2016 and acceded by 3 January 2017; approval of

PDO occurred in March 2017

Njord (50% WI) – hub operated by Statoil, offers

significant medium-term growth, revised Plan of

Development and Operations approved by the

authorities in June 2017

DEA is among the top-5 players in the emerging Barents

Sea with Snohvit production, Alta discovery and the

upcoming exploration activities

DEA has participated in six of the largest 30 discoveries in

Norway

Current Portfolio / Key Fields

Key indicators

Well established position in Norway

2P Reserves (2016)

2014A 2015A 2016A6m

2016A(2)

6m

2017A(2)


Revenue (EURm) 649 525 832 428 445

EBITDAX (EURm) 519 390 538 275 313

Capex (EURm) 251 204 148 43 165

(1) All reserve figures as per RPS report(2) L1E Finance GmbH & Co KG results

300 mmboe


Well established position in Norway with largest EBITDAX contribution to the Group

Oil & Gas (6m 2017 Production)

Njord Area, 88 mmboe,

29%

Skarv/Snadd83 mmboe,

28%

Dvalin, 58 mmboe, 19%

Snorre, 31 mmboe,

10%

Snohvit, 21 mmboe, 7%

Gjoa, 11 mmboe, 4%

Other, 8 mmboe, 3%

DEA Group

World class asset base providing long term growthNorth Africa – Overview

Highlights &

Key Projects

› Egypt: present in Egypt for about 40 years. Current 2P

reserves of 191 mmboe(1)). Key assets include:

Disouq (100% WI): gas field put in production in 2013

by DEA with significant upside potential

West Nile Delta (17.25% WI): world-class asset;

production from the first two fields started in March 2017

(Taurus and Libra), reaching over 700mmscf/d – more

than planned production rates for these fields. 2019

further fields on stream (Giza, Fayoum and Raven). 2P

reserves of 98 mmboe

Gulf of Suez (100% WI): key assets include Ras

Budran and Zeit Bay, extension right option exercised in

2017

› Algeria (Reggane, 19.5% WI): six gas fields currently under

development, production expected to commence at the end

of 2017

› North African assets are covered by the Investment

guarantees of the Federal Republic of Germany

Key indicators

2014A 2015A 2016A6m

2016A(2)

6m

2017A(2)


Revenue (EURm) 262 186 137 71 85

EBITDAX (EURm) 102 10 (27) (20) 78

Capex (EURm) 199 302 444 206 209

West Nile Delta

51%98 mmboe

Disouq36%

68 mmboe

Other13%

25 mmboe

(1) All reserve figures as per RPS report

(2) L1E Finance GmbH & Co KG results

Egypt

Algeria

191 mmboe

Oil21%

Gas79%


World class asset base providing long term growth

2P Reserves (2016)

Oil & Gas (6m 2017 Production)Current Portfolio / Key Fields


(€m) DEA AG

FY 2016Adjustments L1E Finance

FY 2016.Comments

Revenue 1,476 -16 1,460Slightly lower oil hedges (one off), different accounting

treatment of financial leases for gas storages

Cost of Sales -1,101 -160 -1,261 Due to higher scheduled depreciation

EBITDAX(1) 776 -17 759

Financial Income 129 -119 10Interest income from Upstream loan eliminated in

consolidation at L1E Finance level, no net fx gains

Financial Expenses -224 -48 -272 Shareholder loan interest, net fx losses

Income Taxes 18 +80 98Change in deferred taxes related to purchase price allocation

and current taxes

Net Income -36 -247 - 283Differences in revenues, financial result, taxes and higher

DDA related to purchase price allocation

Free Cash Flow(2) 78 -20 58 Working capital effect

Net Debt 1,795 -30 1,765 RBL net of unamortized fees

Other and Deferred Tax

Liabilities471 +658 1,129

Deferred tax liabilities from purchase price allocation

adjustment

PP&E, Intangible Assets 3,097 +1,859 4,956 Effects from purchase price allocation

Financial Receivables 2,209 -1,875 334 Loans to related parties, intercompany eliminations

Reconciliation of Certain Line Items of L1E

Finance to DEA AG Group

(1) EBITDAX defined as income before tax, 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

(2) Free cash flow comprises of cash flows from operating activities and from investing activities, but excludes cash flows from

Acquisitions


P&

LB

ala

nce S

heet


L1E Finance Group Highlights 2016/2015

FY 2016 FY 2015

Production(1) (kboe/d) 138 116

2P Reserves (mmboe) 667 575

Realized oil price(2) ($/boe) 42 61

Realized gas price(2) ($/mcf) 5.0 5.2

Revenue (€m) 1,460 1,094

Production costs(3) ($/boe) 7.4 9.1

EBITDAX(4) (€m) 759 566

Net Income (€m) - 283 - 1,107

Capex(5) (€m) 646 546

Free Cash Flow(6) (€m) 58 426

Net Debt (€m) 1,765 1,672

(5) Capex excludes financial asset capex and acquisitions

(6) Free cash flow comprises of cash flows from operating activities and from investing activities, but excludes cash flows

from Acquisitions


(1) Working interest production

(2) Includes hedges and forward sales

(3) Production costs include G&A allocation but exclude export and processing tariffs, finance

items, CO² tax and R&D

(4) EBITDAX defined as income before tax, 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


DEA Asset Base Overview

(1) Individual sums may not add up due to rounding

(2) Reserves as of January 1st, 2017

Field Operator Working Interest Oil/Gas Split 1PD (mmboe) 1P (mmboe) 2PD (mmboe) 2P (mmboe)2016 Production

(kboepd)Production Start

Germany 90 101 118 129 36

Mittelplate DEA AG 50% Oil 21 33 38 50 12 1987

Volkersen DEA AG 100% Gas 30 30 40 40 16 1994

Low Materiality - - - 38 38 39 39 9 -

Norway 114 206 164 300 63

Gjøa ENGIE 8% Oil / Gas 7 7 11 11 8 2010

Snorre Statoil 8.57% Oil 12 19 22 31 13 1992

Snøhvit Statoil 2.81% Mostly gas 12 19 15 21 3 2007

Knarr BG 10% Mostly oil 2 2 3 3 3 2015

Skarv BP 28.1% Oil / Gas 60 60 83 83 31 2013

Njord Statoil 50% Oil / Gas 16 40 21 69 2 1997

Hyme Statoil 27.5% Oil / Gas 1 1 3 3 1 2013

Bauge Statoil 27.5% Oil 0 12 0 16

Dvalin DEA 55% Gas 0 41 0 58 - 2020

Low Materiality - - - 4 5 5 5 2 -

Egypt 27 137 35 191 36

Gulf of Suez SUCO 100% Oil / Gas 17 20 20 25 16 1983

Disouq DISOUCO 100% Gas 7 45 13 68 19 2013

West Nile Delta BP 17.25% Gas 3 72 3 98 1 2017

Denmark 3 3 3 3 2

Other 0 37 0 44 0

Total 233 483 319 667 138

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