#1Accelerating growth and value creation Acquisition of Neptune Energy's Norwegian oil and gas assets and operations | 23 June 2023 vår energi#22 Disclaimer The Materials speak only as of their date, and the views expressed are subject to change based on a number of factors, including, without limitation, macroeconomic and equity market conditions, investor attitude and demand, the business prospects of the Group and other specific issues. The Materials and the conclusions contained herein are necessarily based on economic, market and other conditions, as in effect on, and the information available to the Company as of, their date. The Materials do not purport to contain all information required to evaluate the Company, the Group and/or their respective financial position or the transactions described herein. The Materials should be reviewed together with the Company's public announcement and periodic reporting, available on the Company's website. 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The Company's securities have not been registered and the Company does not intend to register any securities referred to herein under the U.S. Securities Act of 1933 (as amended) or the laws of any state of the United States. This document is also not for publication, release or distribution in any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction nor should it be taken or transmitted into such jurisdiction and persons into whose possession this document comes should inform themselves about and observe any such restrictions. vår energi#33 Today's presenters Torger Rød CEO Stefano Pujatti CFO Ida Marie Fjellheim Head of Investor Relations vår energi#4Vår Energi to acquire Neptune Energy Norge AS Growth and value creation Path to ESG leadership Strong cash flow, attractive distributions 4 1. Hereafter referred to as "Neptune Norway" Neptune Energy vår energi#55 Transaction summary . Transaction structure • • Consideration • . Vår Energi ASA ("Vår Energi") to acquire 100% of the shares of Neptune Energy Norge AS ("Neptune Norway") Eni S.p.A ("Eni") to acquire remaining assets of Neptune group, outside of Germany and Norway in a separate transaction Sellers are China Investment Corporation (CIC), funds advised by Carlyle Group and CVC Capital Partners Completion of both transactions is inter-conditional • Cash consideration based on an agreed enterprise value of USD 2.275 billion • Locked box date 1 January 2023 Customary consideration adjustments for cash, debt and working capital as at 31 December 2022 Locked box date 1 January 2023 • Financed through available liquidity including credit facilities • Financing The over-the-cycle leverage ratio target of NIBD/EBITDAX below 1.3x is maintained Synergies Timeline . . Maintaining dividend policy of distributing 20-30% of cash flow from operations after tax, with approximately 30% expected for 2023 USD ~300 million over time from a robust development and exploration portfolio, improved asset utilisation and commercial optimisation of the gas sales strategy Subject to customary regulatory approvals, including from competition authorities and the Norwegian Ministry of Petroleum and Energy Inter-conditional with the Eni transaction Expected completion in Q1 2024 vår energi vår energi#6Executing on M&A strategy and continuing +50 years of value creation on the NCS Strong heritage ExxonMobil Eni Point Resources¹ vår energi Creating a leading pure-play E&P on the NCS Point Resources' acquisition of ExxonMobil's operated assets Vår Energi created in 2018 via merger between Point Resources and Eni Norge Acquisition of Exxon Mobil's non-operated assets Realising our potential Strengthened management and organisation Updated growth and value creation strategy IPO and listing Debt refinancing and IG rating Implementing improvement program Material cost efficiencies License transactions in existing hubs Accelerating growth and value creation Robust portfolio Strong gas position High-value growth Exploration excellence Partner of choice ESG leadership High-performing organisation vår energi NEPTUNE ENERGY 1963-2016 2017-2020 1. Point Resources created as a three-way merger between Spike Exploration, Pure and Core Energy 2021-2023 2023-2025 and beyond...#7Neptune Norway's assets and operations - a perfect fit vår energi Ш NEPTUNE ENERGY Realising our potential ■ 12 producing assets, of which 3 operated, located in Vår Energi's strategic hub areas ☐ 7 operated by Equinor, Vår Energi's largest NCS partner Growth and value creation A leading E&P independent on the attractive NCS ☐ 2P reserves of 265 mmboel (end-2022) Daily production of 67 kboepd in Q1 2023, of which 62% gas ■ Attractive commodity mix and strategic ownership in Snøhvit LNG -amplifying the position in the Barents Sea ☐ Highly cash generative portfolio with low-cost, limited near-term capex and low emissions ☐ Team of ~300 highly dedicated oil and gas professionals Path to ESG leadership Strong cash flow, attractive distributions 7 1. Source: Neptune group ASR 2022 Norwegian assets and operations vår energi#8Adding scale, diversification and longevity Proforma estimated figures of the combined company Production +31% 2P reserves Gas share of reserves +25% +9pp. Emission intensity² -33% Opex -8% Q1 2023 production (kboepd) End-2022 2P reserves (billion boe) End-2022 gas share of 2P reserves (%) FY 2022 (kg CO2/boe) FY 2022 (USD/boe) 214 ~281 1.1 ~1.3 23% ~32% 9 ~6 13.5 ~12.5 Vår Energi Proforma Vår Energi Proforma 1 Vår Energi Proforma 1 Vår Energi Proforma³ Vår Energi Proforma³ 1. Source: Vår Energi ASR 2022 and Neptune group ASR 2022 2. Operational control 3. Source: Vår Energi reported numbers and Neptune group#9Complementary asset portfolio... Neptune Norway's high-quality NCS assets located near existing hub areas Asset Operator Interest 2P reserves YE 202212 Production Q1 20231,3 Snøhvit Equinor 12% 135.5 mmboe 16.3 kboepd (incl. Melkøya LNG) Njord Equinor 22.5% 37.5 mmboe 0.8 kboepd Bauge Equinor 12.5% 6.6 mmboe Production started Q2 2023 Njord Area Includes Njord hub, with the Bauge, Fenja and Hyme tie-backs 山 NEPTUNE Fenja 30% 19.6 mmboe ENERGY Production started Q2 2023 NEPTUNE Gjøa 30% 12.5 mmboe 18.6 kboepd ENERGY NEPTUNE Duva 30% 15.3 mmboe 9.8 kboepd ENERGY Wintershall Vega 3.3% 2.5 mmboe 1.1 kboepd DEA Fram Equinor 15% 12.5 mmboe 7.0 kboepd Gudrun Equinor 25% 20.5 mmboe 13.2 kboepd Gjøa Area Includes Gjøa hub with the Vega Other assets4 2.1 mmboe 0.2 kboepd and Duva tie-backs Total 264.6 mmboe 67.0 kboepd Ownership in 53 licenses 9 1. Net to Neptune Norway 2. Source: Neptune group ASR 2022 3. Source: Neptune group 4. Other assets include Byrding and Hyme Gudrun Shared export infrastructure with Vår Energi's Sleipner A field Snøhvit Hammerfest Includes Melkøya LNG plant Stavanger Fram Includes Fram, Fram H-Nord, Byrding and the recent Blasto discovery Operated by Neptune Norway Partner-operated#1010 ...fully aligned with existing hub strategy Neptune Norway's high-quality NCS assets located near existing hub areas Hub synergies Strengthening positions in existing core areas and high-grading the portfolio Njord Area Multiple infill and ILX opportunities, Vår Energi already present in tie-backs The Norwegian Sea Includes the Åsgård hub area Increasing operatorships To realise strategy and potential across areas Asset optimisation Continuous infill and infrastructure-led drilling (ILX) The North Sea Area Includes the Tampen hub Gjøa Area Low-emission and fully electrified assets ရိုးရှိ Partner of choice Equinor operating >50% of Neptune Norway's portfolio, further strengthening existing partnership The Balder Area Operator of Balder and the Balder Future development Gudrun Shared infrastructure and joint electrification with Sleipner L The Barents Sea Operator of Goliat and partner in the Johan Castberg development Snøhvit Highly strategic long-life LNG. asset Fram Adds materiality and strengthens existing position, numerous upsides to be targeted Stavanger Vår Energi hub areas Operated by Neptune Norway Partner-operated Hammerfest#11■ Strengthened position and increased longevity in the Barents Sea The Snøhvit field holds significant reserves... Barents Sea 2P reserves as of year-end 20221 (mmboe) Johan Castberg (30% WI) Operated by Equinor 136 174 59 369 Snøhvit (net to Neptune) Johan Castberg (net to Vår Energi) Goliat (net to Vår Energi) Remaining reserves in the Barents Sea and is a strategic long-term asset Access to and ownership in Melkøya LNG plant, the only Barents Sea gas export point Production from the Snøhvit field expected to continue towards 2050 Complementary to potential additional gas export solution 11 1. Source: Vår Energi ASR 2022 and Neptune Group ASR 2022 Snøhvit Field (12% WI) Operated by Equinor Melkøya LNG plant (12% WI) Operated by Equinor -------- pipeline Goliat (65% WI) Operated by Vår Energi merfest Hammerfest Vår Energi ownership Neptune Norway ownership#12Strong organisational fit PELTOR HEADSET TWIN CUP 12 MALIN LARL Fostering a high-performing organisation - '0-0' Complementary skills across all E&P disciplines Increasing organisational flexibility, competences and capacity Neptune Energy Norge to be fully integrated From ~1000 to ~1300 employees on- and offshore; the overall organisation structure of Vår Energi will remain Shared values Focus on health, safety and ESG; embracing diversity vår energi#1313 Strong ESG performance... TRIF¹ FY 2022 vår energi 山 NEPTUNE Industry ENERGY average 3.2 1.92 3.03 Emission intensity FY 2022, operational control 9.0 2.44 18.05 (kg CO2 per boe) supporting Vår Energi's path to ESG leadership Shared ambition of being the safest operator Strong HSSE statistics on operated assets ESG scoreб 25.0 21.42 44.5 ■ June 2023 (0-100) ESG ranking7 Top 5% Top 3%2 1. Total recordable injury frequency rate per million hours worked 2. For Neptune group 3..Offshore Europe from IOGP Safety Performance indicators 2022, appendix B 4. For Neptune Norway 5. Provided by Rystad Energy 6. Rated by Sustainalytics 7. Of 293 oil and gas companies rated by Sustainalytics 8. Baseline 2005 On track for 50% emission reduction from operated assets by 20308 Low emission production with Gjøa platform already electrified and ongoing power from shore projects on Fram (Troll) and Gudrun (Sleipner) PDOS submitted for electrification of Snøhvit/Melkøya LNG plant and the Njord area Participation in multiple carbon storage projects Strong ESG credentials Industry-leading ratings by Sustainalytics Ranked among the top oil and gas companies globally#14Consistent with Vår Energi's shareholder value creation framework Efficient and highly cash-generative assets... Resilient low-cost portfolio with production cost of USD ~9 per boe¹ Limited near-term growth capex as Njord, Fenja and Bauge developments started production in 1H 2023 ...strengthening future dividend capacity High-value production growth to >350 kboepd by end-2025 Investment Grade balance sheet Attractive early-phase projects and exploration including Dugong, Blasto and Echino South and numerous exploration prospects around existing hubs Material dividends with policy to distribute 20-30% of CFFO after tax 14 1. Source: Neptune group 2. In real 2021 terms $ $ Low-cost barrels with ambition to reach USD 82 per boe Resilient free cash flow generation vår energi#15Strong liquidity position and flexibility to fully finance the acquisition Ample liquidity headroom USD million Leverage ratio well below target² USD billion Solid debt financing structure Maturity profile (USD million) NIBD/EBITDAX target over- Below 1.3x i the-cycle 4045 3 769 1500 0.4x 0.3x 0.3x 3 600 3 000 769 445 Q4 2022 Q1 2023 Cash and cash equvivalents RCF1 15 1. Revolving Credit Facility 2.7 2.4 1500 L 2025 500 1000 700 1000 2026 2027 2028 2029 2032 Q4 2022 Q1 2023 Q1 2023 PF post transaction² 2023 2024 NIBD NIBD/EBITDAX 2. Illustrative as of Q1 2023 based on reported EBITDAX for Neptune Norway and NIBD taking into account enterprise purchase price., subject to customary closing adjustments USD Senior Notes Euro Senior Notes W/C Facility Syndicated RCF vår energi#1616 Attractive dividend policy maintained Dividends USD million 450 950 800 1075 20-30% of CFFO (after tax) (illustrative) 2020 2021 2022 ambition 2022 actual at IPO 2023 2024 2025 2026 Dividend policy of 20-30% of cashflow from operations after tax over the cycle Robust returns with flexibility over the cycle Transaction expected to strengthen future dividend capacity Dividend guidance Q2 2023 270 USD million Planned dividend for 2023 ~30% of CFFO after tax vår energi#1717 A leading E&P independent on the NCS vår energi NEPTUNE ENERGY Accelerating growth and value creation Immediate access to high-value barrels and maintaining a material gas position Strengthening positions in core areas with additional operatorships Two high-performing organisations joining forces Path to ESG leadership Attractive portfolio with low emissions Ongoing electrification projects ensure longevity and competitiveness Strong HSSE performance on operated assets Strong cash flow, attractive distributions Highly cash-generative portfolio supportive of future dividend distributions Limited near-term capex and decommissioning costs Strong balance sheet vår energi ⚫ Equinor#18Appendix vår energi#1919 Neptune Norway allows Vår Energi to add highly complementary assets Key assets • Equinor Even Kleppa, Lizette Bertelsen / Equinor Neptune operated • Neptune Energy Snøhvit Working Interest: 12.0% The first offshore development in the Barents Sea, supplying gas to Melkøya, the world's northernmost LNG liquefaction plant. Includes 12% interest in the Melkøya LNG plant Petter Andre Bøe/ Equinor Njord Area Working Interest: 22.5% A key production area in the Norwegian Sea and a hub for Bauge, Hyme and Fenja tieb-backs Fenja (Njord Area) Working Interest: 30.0% Tie-back to Njord-A through the world's longest electrically trace-heated pipe-in-pipe subsea development Neptune operated NPD Neptune Energy Gudrun Working Interest: 25.0% A HPHT oil and gas field in the North Sea developed by a steel platform resting on the seabed Gjøa Working Interest: 30.0% An oil and gas field in the northern part of the North Sea powered by hydroelectric energy generated sustainably onshore, with several upsides to be targeted Fram Area Working Interest: 15.0% Area consists of the Fram fields, Byrding and H- Nord. In addition, the Fram licences consists of the Echino Sør and Blasto discoveries with more prospects being evaluated vår energi#2020 Snøhvit The Barents Sea 2P reserves split¹2 5% 8% 135.5 mmboe • Snøhvit was the first offshore development in the Barents Sea and it is one of the key producers in Neptune's Norwegian portfolio, with production expected to continue towards 2050 The field is connected via a 143 km pipeline for liquefaction at the Hammerfest LNG facility, a purpose-built plant on Melkøya Island In December 2022, the Snøhvit partnership sanctioned the Snøhvit Future Project which includes onshore compression and electrification of the Melkøya LNG plant. The project is expected to be completed in 2028 Fields with current Vår Energi ownership Asset overview Licenses 2P reserves 1,2 PL064, PL077, PL078, PL097, PL099, PL100, PL110 135.5 mmboe Q1 2023 production 1,3 16.3 kboepd Discovery year 1984 Production start 2007 Partners and operator Equinor (36.8%), Petoro (30%), TotalEnergies (18.4%), Neptune (12%), Winterhsall Dea (2.8%) 1. Net to Neptune Norway 2. Source: Neptune group ASR 2022 3. Source: Neptune group Johan Castberg Snøhvit Goliat Melkøya LNG plant 86% Gas NGL Condensate Gas pipeline#21Njord Area • . A key production area in the Norwegian Sea and a hub for Bauge, Hyme and Fenja, in which Vår Energi has an existing working interest, tying into the Njord A platform A re-development programme was carried out including extensive improvements to the semi-submersible Njord A platform and the Njord Bravo storage vessel. The project is completed and production has re-started in Q4 2022. Additionally, ten new wells will be drilled from 2023 to 2026 The upgrades to the Njord A platform have extended lifetime of the fields and facilitates production from Hyme, Bauge and Fenja Asset overview Fields Licenses Njord, Bauge, Hyme, Fenja PL107, PL107C, PL132, PL348, PL348B, PL586 2P reserves¹² 65.3 mmboe Q1 2023 production 1,3,4 0.8 kboepd (production ramp-up in Q1 and Q2 2023) Discovery year 1986 Production start 1997 Partners and operator 21 1. Net to Neptune Norway 2. Source: Neptune group ASR 2022 3. Source: Neptune group Njord: Wintershall Dea (50%), Equinor (27.5%), Neptune (22.5%) Bauge and Hyme: Equinor (42.5%), Wintershall Dea (27.5%), Vår Energi (17.5%), Neptune (12.5%) Fenja: Vår Energi (45%), Neptune (30%), Sval Energi (17.5%), DNO (7.5%) 4. Njord was gradually phased into production in Q1 2023, Fenja, Bauge and Hyme started producing in Q2 2023 The North Sea Urd Marulk Norne Heidrun Morvin Åsgård Hub Kristin Trestakk Tyrihans Mikkel Bauge Hyme Njord Fenja Njord Area Halten Øst 2P reserves split¹2 21% 39% 65.3 mmboe 40% Oil Gas NGL Fields with current Vår Energi ownership#2222 Gjøa Area Gjøa is the first floating production platform to be powered sustainably by onshore facilities. A 100 km submarine cable delivers hydropower generated electricity from Mongstad. Electricity from the mainland saves 200,000 tonnes in CO2 emissions annually The Gjøa P1 and Duva fields were brought onstream in 2021 as subsea tie-backs In 2022, new discoveries were made at Ofelia and Hamlet. Further drilling is planned in 2023 Asset overview Fields Licenses 2P reserves 1,2 Gjøa, Duva, Vega, Hamlet PL090C, PL153, PL636, PL636C 30.3 mmboe Q1 2023 production 13 29.5 kboepd Discovery year 1989 Production start 2010 Partners and operator 1. Net to Neptune Norway 2. Source: Neptune group ASR 2022 3. Source: Neptune group Gjøa: Neptune (30%), Petoro (30%), Wintershall Dea (28%), Okea (12%) Duva: Neptune (30%), INPEX Idemitsu (30%), PGNiG Upstream (30%), Sval Energi (10%) Vega: Wintershall Dea (56.7%), Petoro (31.2%), Sval Energi (5.5%), Neptune (3.3%), INPEX Idemitsu (3.3%) The Norwegian Sea 2P reserves split 1,2 18% 16% 30.3 mmboe Sygna Snorre Statfjord Nord Vigdis Statfjord Statfjord Øst 66% Oil Gas NGL Hamlet discovery Gjøa Area Tordis Vega Gjøa Duva Vega Byrding Vega Fram Fram H-Nord Fram Area Fields with current Vår Energi ownership#2323 • Fram Area Area consists of the Fram, Byrding and Fram H-Nord fields. In addition, the Fram licences consists of the Echino Sør and Blasto discoveries with more prospects being evaluated as part of the Fram Future Area Development plan Vår Energi has an existing working interest of 25% in the Fram field, and adds complementary position in Byrding and Fram H-Nord, further strengthening its area presence Fram is developed by two four-slot subsea templates at a water depth of 350 metres and connected to the Troll-C platform via production flowlines • The Fram infrastructure also delivers production from the Byrding field and Fram H-Nord Asset overview Fields Licenses 2P reserves 1,2 Fram, Fram H-North, Byrding PL090, PL090B, PL090C, PL090E, PL090G 13.0 mmboe Q1 2023 production 1,3 7.0 kboepd Discovery year 1990 Production start 2003 Partners and operator Byrding: Equinor (70%), Neptune (15%), INPEX Idemitsu (15%) Fram: Equinor (45%), Vår Energi (25%), Neptune (15%), INPEX Idemitsu (15%) Fram H-Nord: Equinor (49.2%), INPEX Idemitsu (28.8%), Petoro (11.2%), Neptune (10.8%) 1. Net to Neptune Norway 2. Source: Neptune group ASR 2022 3. Source: Neptune group The Norwegian Sea 2P reserves split¹² 12% 22% 13.0 mmboe 66% Oil Gas NGL Sygna Snorre Statfjord Nord Vigdis Statfjord Øst Hamlet discovery Gjøa Area Statfjord Tordis Vega Gjøa Duva Vega Byrding Vega Fram Fram H-Nord Fram Area Fields with current Vår Energi ownership#2424 Gudrun A high-pressure high-temperature oil and gas field in the North Sea developed by a steel platform resting on the seabed • To be partially powered from shore via Sleipner starting in late 2023, as part of the Utsira High area electrification project • Oil and gas is exported via Sleipner A infrastructure, where Vår Energi is currently present In September 2022, the first IOR drilling campaign was successfully completed after drilling four producing wells, two water producers, two water injectors, plus one re-completion job. Water injection started up in August 2022 Asset overview Licenses 2P reserves 1,2 PL025 20.5 mmboe Q1 2023 production 1,3 13.2 kboepd Discovery year 1975 Production start 2014 Partners and operator Equinor (36%), Neptune (25%), OMV (24%), Repsol (15%) 1. Net to Neptune Norway 2. Source: Neptune group ASR 2022 3. Source: Neptune group Balder/Grane Area Fields with current Vår Energi ownership Gudrun Sleipner West Bøyla Ringhorne Øst Breidablikk Balder Grane Svalin 2P reserves split 1,2 6% 41% Sleipner East Gugne Sigyn 10 Oil 20.5 53% mmboe Gas NGL#2525 Two transactions agreed in parallel Vår Energi acquires Neptune Energy Norge AS and ENI acquires Neptune's business in other jurisdictions besides Germany 中国投资有限责任公司 CTION THE CARLYLE GROUP CVC GLOBAL ALTERNATIVE ASSET MANAGEMENT vår energi Direct SPA NEPTUNE Direct SPA eni Neptune Energy Norge AS ENERGY inter-conditionality Neptune Germany carved out prior to the transactions Neptune group's international operations except Germany vår energi#26vår energi