#1DECEMBER 2020 VERMILION ENERGY INVESTOR PRESENTATION INTERNATIONALLY DIVERSIFIED | FREE CASH FLOW FOCUSED | ESG LEADERSHIP VERMILION ENERGY#2VERMILION ENERGY VERMILION'S KEY ATTRIBUTES ► Unique portfolio of internationally diversified, highly efficient conventional oil and gas assets ideally suited to support a growth-and-income capital markets model O Paid out over $40 per share of dividends since 2003 ▶ Long history of strong profitability and free cash flow generation High margin, low decline assets with strong capital efficiencies drive industry leading recycle ratios Vermilion has delivered an average 13% ROACE since inception ► Compelling investment opportunity currently trading at a significant market discount Trading at a discount to blowdown net asset value ► Significant leverage to recovering global commodity prices which will support our near-term priority of reducing debt and facilitate the transition back to a dividend paying model 0 A 10% increase in global commodity prices would add approximately $100 million of free cash flow Industry leader in sustainability and ESG performance O Focused on ESG for over a decade with numerous awards and recognition by independent ESG agencies VET: TSX !!!!!! 2 NYSE#3VERMILION ENERGY RE-FOCUSING ON VERMILION'S CORE BUSINESS PRINCIPLES * Maintain a strong balance sheet with low financial leverage Targeting a Debt-to-Cash Flow ratio of less than 1.5x Manage total payout ratio at less than 100% Reduced cash outflows by over $550 million to-date, or approximately 30% of initially planned 2020 cash outflows* ► Consistently deliver results to all stakeholders that meet or exceed expectations Protect equity and minimize dilution Review shareholder return policy and determine the appropriate time to reinstate dividend and/or share buyback Maintain a strong corporate culture Continue to navigate the Company through COVID-19 with a primary focus on HSE and business continuity while strengthening our ESG leadership role OUR DECISIONS AND STRATEGY ARE GUIDED BY OUR CORE BUSINESS PRINCIPLES VERMILION ENERGY *Represents reductions in cash dividends, exploration and development capital expenditures, operating and general and administrative expenses from our initial 2020 budget. VET: TSX ! 3 NYSE#4VERMILION ENERGY ESG LEADERSHIP We are committed to Environmental, Social and Governance matters Environmental We reduce environmental impacts of traditional energy production and develop renewable energy projects through processes that conserve, reuse and recycle resources Social We are committed to the care of our people and those who work with us, and to the enrichment of the communities where we live and work through strategic community investment READ MORE AT HTTP://SUSTAINABILITY.VERMILIONENERGY.COM Governance We demonstrate strong corporate governance, with leadership that sets an example of the highest standards of ethics. and integrity and a commitment to the responsible development of our assets * *Refer to slides 36 through 40 of this presentation for further details of Vermilion's ESG performance. VET: TSX ! NYSE 4#5VERMILION ENERGY ESG PERFORMANCE Vermilion demonstrates strong corporate governance, with leadership that sets an example of the highest standards of ethics and integrity and a commitment to the responsible development of our diverse resource portfolio CDP Leadership Level rating of A- о Top 6% of all oil and gas companies globally SAM's Corporate Sustainability Assessment (CSA) O Ranked top quartile in 2019 for our industry sector The Globe and Mail, Board Games In 2019, we ranked 1st amongst our peer group and 4th amongst Canadian oil and gas companies and within the top quartile of all companies in the S&P/TSX Composite Index MSCI ESG Research O Rated AA in 2020 for ESG in the Governance Metrics Report* Institutional Shareholder Services (ISS) Recognized for excellence in managing risk by ISS QualityScore with a decile rating of "1" for Environmental practices, "2" for Social practices and "4" for Governance practices in 2020 Sustainalytics In 2019, Vermilion scored in the 78th percentile in the annual Sustainalytics ratings, ranking at the top of our peer group** The use by Vermilion Energy Inc of any MSCI ESG Research LLC or its affiliates ("MSCI") data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of Vermilion by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided 'as-is' and without warranty. MSCI names and logos are trademarks or service marks of MSCI. ** Peers with Sustainalytics scores include; ARX, ATH, BTE, CPG, ERF, FEC, MEG, OBE, PEY, POU, TOU, VII. View our Sustainability Report online at http://sustainability.vermilionenergy.com VET: TSX !!!!!! NYSE 5#6INTERNATIONAL DIVERSIFICATION 6#7VERMILION ENERGY CORE OPERATING AREAS D NORTH AMERICA EUROPE AUSTRALIA FFO* PRODUCTION* 2020E EUR 27% N.A. AUS 68% 5% VERMILION IS FOCUSED IN THREE STABLE REGIONS * Company estimates as at November 23, 2020. 2020 FFO estimate based on 10 months of actuals, remainder of year at November 23, 2020 strip pricing and noted oil differentials: Brent (US$/bbl) $41.13; WTI US$38.96/bbl; LSB = WTI less US$5.27/bbl; TTF $4.09/mmbtu; AECO $2.24/mmbtu; CAD/USD 1.34; CAD/EUR 1.53 and CAD/AUD 0.92. Refer to the "FFO Sensitivity" slide in the Supplemental Information section of this presentation for more details on pricing assumptions. Includes existing hedges. Fund Flows from Operations (FFO) is a non-GAAP measure (see Advisory). EUR 32% N.A. 56% AUS 12% VET: TSX WILL! NYSE 7#8VERMILION ENERGY GLOBAL COMMODITY DIVERSIFICATION PRODUCTION (2020E)* OIL (BRENT) 15% EUROPEAN GAS 17% ESTIMATED FFO CONTRIBUTION (2020E)* OIL (BRENT) 24% OIL/ CONDENSATE / NGL (WTI) 40% NORTH AMERICAN GAS 28% OIL/ CONDENSATE / NGL EUROPEAN GAS 20% (WTI) 51% NORTH AMERICAN GAS 5% * EXPOSURE TO GLOBAL COMMODITY PRICE BENCHMARKS REDUCES CASH FLOW VOLATILITY Company estimates as at November 23, 2020. FFO Contribution excludes interest expense. FFO estimate based on November 23, 2020 strip pricing: Brent (US$/bbl) $41.13; WTI US$38.96/bbl; LSB = WTI less US$5.27/bbl; TTF $4.09/mmbtu; AECO $2.24/mmbtu; CAD/USD 1.34; CAD/EUR 1.53 and CAD/AUD 0.92. Refer to the "FFO Sensitivity" slide in the Supplemental Information section of this presentation for more details on pricing assumptions. VET: TSX WILL! NYSE 8#9VERMILION ENERGY GLOBAL CRUDE OIL PRICING ADVANTAGE ► Vermilion has significant leverage to oil prices An increase of US$1/bbl generates approximately $20MM of incremental FCF ► Approximately 33% of Vermilion's crude oil production is priced with reference to Dated Brent* Vermilion's Australian crude was sold at an average premium of US$16/bbl to Dated Brent during the first nine months of 2020 OIL BENCHMARKS 2020E VET Q3 2020 VET Premium Crude Oil Mix / (Discount) to WTI (US$/bbl)* Brent 33% $4.00 Guernsey Light Sweet** (Wyoming Light Oil) 7% ($2.00) C5+ (AB Condy) 6% ($3.50) MSW (AB Light Oil)*** 11% ($3.50) In aggregate, Vermilion's global crude oil portfolio sells at an approximate US$0.75 discount to WTI* LSB (SE SK Light Oil)*** 43% ($3.25) Total 100% ($0.75) VERMILION'S OIL PORTFOLIO PROVIDES EXPOSURE TO PRICE-ADVANTAGED BENCHMARKS Based on internal production estimates and actual realized differentials from Q3 2020 rounded to the nearest $0.25. ** Reflects weighted average of Brent plus the Pyrenees price marker, upon which Australia's Wandoo crude is benchmarked. *** "LSB" - Light Sour Blend; "C5+" - Condensate; "MSW" - Mixed Sweet Blend; "WCS" - Western Canadian Select. *** Powder River Basin differential reflects production weighted average differential incorporating contracts in place on Hilight production. VET: TSX NYSE 9#10VERMILION ENERGY EUROPEAN NATURAL GAS PRICING Vermilion has significant leverage to improving European natural gas prices (+$1/mmbtu = +$30MM incremental FCF) European natural gas forward prices are currently in the $6 to $8/mmbtu range, representing a significant recovery from 2020 lows Prices are influenced by a number of factors, including the global LNG market, coal-to-gas switching for power generation, winter supply risks, carbon prices, and domestic production declines Declining European domestic production and rising use of gas in the power sector results in higher dependence on imported supply In the current high carbon market, coal-to-gas switching provides support for European gas prices at US$6.00/mmbtu C$/MMBTU* GLOBAL NATURAL GAS PRICES $14 $12 $10 COAL FLOOR*** FULL-CYCLE $8 $6 999 $4 69 $2 $0 (C$7.80/mmbtu), albeit prices can trade below this price level during periods of gas oversupply HALF-CYCLE Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 -TTF -NBP AECO Henry Hub EUROPEAN NATURAL GAS FORWARD PRICES CONTINUE TO TRADE AT A SIGNFICANT PREMIUM VERSUS NORTH AMERICA *2011-2019: Actual prices. 2020E - 2023E Forwards as at November 23, 2020. ** Source gas = Henry Hub, Europe refers to the TTF market. Assumptions reflect long-term US LNG export fundamentals. *** Coal Floor represents the mid-point of NW European switching economics (ie. majority of switching takes place at the midpoint, but also occurs above and below this point). VET: TSX ! NYSE 10#11Balance Sheet Dec 31, 2007 D 31,2006 28634 FOCUS ON PROFITABILITY 11#12VERMILION ENERGY RETURN ON AVERAGE CAPITAL EMPLOYED ROACE (%)* 40% 35% 30% 25% 20% 15% 10% 5% 0% -5% RETURN ON AVERAGE CAPITAL EMPLOYED (ROACE) h 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1 Year Average -5 Year VERMILION HAS DELIVERED AN AVERAGE ROACE OF 13% SINCE INCEPTION * Source: Company reports. VET: TSX ! NYSE 12#13VERMILION ENERGY 2.5x 2.0x 1.5x 1.0x 0.5x RELATIVE PDP RECYCLE RATIO 3-YEAR PROVED DEVELOPED PRODUCING (PDP) FD&A RECYCLE RATIOS* 0.0x VET YGR WCP BIR TOG CR ERF ARX NVA GXE CPG IPO BTE TOU PONY TVE VII KEL LXE HIGH NETBACKS AND STRONG CAPITAL EFFICIENCIES DRIVE INDUSTRY LEADING RECYCLE RATIOS AND PROFITABILITY * ATB Capital Markets research, August 2020. Proved Developed Producing (PDP) FD&A recycle ratio = Avg. 2017-2019 Operating netback (excl. hedging) divided by PDP FD&A. PDP FD&A = Net 2017-2019 capital expenditures divided by the change in PDP reserves excluding 2017-2019 production. VET: TSX TSX WW NYSE 13#14$ / BOE VERMILION ENERGY COST REDUCTION OPERATING EFFICIENCY 14.00 8% Reduction 12.00 10.00 8.00 6.00 15% Reduction 4.00 from 2014 Peak 2.00 0.00 24% Reduction from 2014 Peak 52% Reduction from 2014 Peak OPEX* Transportation Royalties G&A 2012 ■2013 2014 ■2015 2016 ■2017 2018 2019 $ / BOE ORGANIC CAPITAL EFFICIENCY 35.00 30.00 67% Reduction 25.00 20.00 15.00 10.00 5.00 0.00 2P F&D (Including FDC) 2012 2013 2014 2015 ■2016 2017 2018 2019 * VERMILION'S ONGOING FOCUS ON EFFICIENCY HAS RESULTED IN SIGNIFICANT PER UNIT COST REDUCTIONS Opex increase since 2017 reflects partial 2018 and full-year 2019 impact of the Spartan acquisition, which was comprised of oil-weighted assets (90% light oil) that have a higher unit operating cost, but also a higher revenue contribution. VET: TSX NYSE 14#15$MM* VERMILION ENERGY FREE CASH FLOW $1,000 $900 FREE CASH FLOW GENERATION A 10% increase in global commodity prices would generate approximately $100MM of incremental FCF** $800 $700 $600 $500 FCF = $400 FFO less $300 CAPEX $200 $100 $0 2016 ■FFO 2017 ■ E&D CAPEX 2018 2019 2020E* ■FFO FORECAST E&D CAPEX GUIDANCE SINCE 2016 WE HAVE REINVESTED -60% OF FFO INTO E&D CAPEX AND GENERATED OVER $1.3 BILLION OF FCF *Company estimates as at November 23, 2020. 2020 FFO estimate based on 10 months of actuals, remainder of year at November 23, 2020 strip pricing and noted oil differentials: Brent (US$/bbl) $41.13; WTI US$38.96/bbl; LSB = WTI less US$5.27/bbl; TTF $4.09/mmbtu; AECO $2.24/mmbtu; CAD/USD 1.34; CAD/EUR 1.53 and CAD/AUD 0.92. FFO based on the mid-point of our 2020 production guidance range. Refer to the "FFO Sensitivity" slide in the Supplemental Information section of this presentation for more details on pricing assumptions. Includes C$6.12/mmbtu; AECO C$3.03/mmbtu. existing hedges. FCF presented as FO less the mid-point of our E&D Capital Guidance range. * Sensitivty assumes our production guidance and applying a 10% change to the 2021 annual average forward commoditystrip as of November 2, 2020: WTI US$38.73b): VET: TSX NYSE 15#16VERMILION ENERGY SHARE PRICE / NAV PER SHARE (%)* 150% 125% 100% 75% 50% 25% RELATIVE VALUATION SHARE PRICE AS A PERCENTAGE OF BLOW-DOWN NET ASSET VALUE 0% PEY PXT POU VET VII TOU ARX CPG WCP BIR CNQ ERF SU IMO VERMILION TRADES AT A DISCOUNT TO NAV, PROVIDING AN ATTRACTIVE ENTRY POINT Source: Peters estimates as of November 23, 2020. Peters' blow-down NAV is based on 2P reserves using a 25-year time horizon and is calculated using the commodity and foreign exchange strip as of November 23, 2020. Based on November 23, 2020 VET share price of $5.33 per share. ** IMO = 167% VET: TSX NYSE 16#17VERMILION ENERGY SUMMARY ► Unique portfolio of internationally diversified, highly efficient conventional oil and gas assets ideally suited to support a growth-and-income capital markets model O Paid out over $40 per share of dividends since 2003 ▶ Long history of strong profitability and free cash flow generation High margin, low decline assets with strong capital efficiencies drive industry leading recycle ratios Vermilion has delivered an average 13% ROACE since inception Compelling investment opportunity currently trading at a significant market discount Trading at a discount to blowdown net asset value ► Significant leverage to recovering global commodity prices which will support our near-term priority of reducing debt and facilitate the transition back to a dividend paying model 0 A 10% increase in global commodity prices would add approximately $100 million of free cash flow Industry leader in sustainability and ESG performance O Focused on ESG for over a decade with numerous awards and recognition by independent ESG agencies VET: TSX !!!!! 17 NYSE#18Balance Sheet Dec 31, 2007 D 31,2006 28634 BALANCE SHEET 18#19VERMILION ENERGY BALANCE SHEET COMPOSITION CURRENT CREDIT CAPACITY C$2.5 BILLION ► No near-term maturities AS AT SEPTEMBER 30, 2020 $0.4 B O Covenant-based credit facility termed out to May 2024 US$ Senior Notes termed out to March 2025 ► Vermilion's US$ Senior Notes have no financial covenants*** $0.4 B $1.7 B 4-Year Covenant-based Credit Facility Financial Covenants Covenant YE 2019 Q3 2020 REVOLVING CREDIT FACILITY US$ Senior Notes Total debt Consolidated EBITDA* Senior debt / Consolidated EBITDA* Interest Coverage Ratio* Less than 4.0 Less than 3.5 Greater than 2.5 1.9 3.2 1.6 2.6 13.5 9.3 Bank Debt Undrawn Capacity Moody's: B2 S&P: B+ Fitch: BB- AMPLE LIQUIDITY WITH LONG TERM TO MATURITY, LOW SERVICE COST, AND STRONG COVENANT COVERAGE * Values as defined in the credit agreement. ** The terms of the indenture limit the ability to, among other things: make certain payments/distributions, incur additional indebtedness or perform certain corporate restructurings. VET: TSX NYSE 19#20VERMILION ENERGY FINANCIAL LEVERAGE 4.0x 3.0x 2.0x 1.0x VERMILION TARGETED LEVERAGE RANGE 0.0x LEVERAGE RATIOS NET DEBT TO FFO* -O-NET DEBT TO EBITDA** LOW FINANCIAL LEVERAGE IS ONE OF OUR FIVE CORE BUSINESS PRINCIPLES Reflects period-end Net Debt. ** EBITDA as defined in the credit agreement. VET: TSX WILL! NYSE 20#21TA 601 RESERVE EAU INCENDIE ASSET OVERVIEW 21#22BOE/D VERMILION ENERGY VERMILION PRODUCTION 105,000 90,000 75,000 60,000 45,000 30,000 15,000 11 ......... 0 2003 E&D CAPEX AS % OF FFO** 2004 2005 2006 2007 2008 2009* 2010* 2011* 2012* 2013* 2014* 2015* 2016 2017 2018 2019 2020E 50% 36% 40% 38% 43% 32% 59% 115% 100% 77% 77% 80% ■North America ■ Europe 85% 43% 49% 57% 53% 64% Australia LOW REINVESTMENT RATIO DRIVES STRONG FREE CASH FLOW *2009-2015: Includes E&D Capex of $496MM and negative FFO of $46MM associated with the Corrib project in Ireland, which produced first gas on December 30, 2015. ** 2020 FFO estimate based on 10 months of actuals, remainder of year at November 23, 2020 strip pricing: Brent (USS/bbl) $41.13; WTI US$38.96/bbl; LSB = WTI less US$5.27/bbl; TTF $4.09/mmbtu; AECO $2.24/mmbtu; CAD/USD 1.34; CAD/EUR 1.53 and CAD/AUD 0.92. Refer to/ET: TSX NYSE the "FFO Sensitivity" slide in the Supplemental Information section of this presentation for more details on pricing assumptions. Estimates includes existing hedges and excludes interest. 22#23VERMILION ENERGY EUROPEAN CORE AREA IRELAND 20% operated interest in the Corrib Natural Gas Project Corrib field constitutes ~90% of Ireland's gas production 1P/2P Reserves: 11.8 / 17.8 mmboe* 2020 YTD Production: 6,390 boe/d NETHERLANDS #2 onshore gas producer Large and growing inventory of drilling opportunities 1P/2P Reserves: 11.1 / 21.0 mmboe* 2020 YTD Production: 7,959 boe/d GERMANY Established production operations and substantial exploratory land position in the North German Basin 1P/2P Reserves: 13.8 / 26.7 mmboe* 2020 YTD Production: 3,143 boe/d FRANCE #1 domestic oil producer with 3/4 share of the domestic industry Extensive inventory of workovers, recompletions, waterfloods and infill drilling 1P/2P Reserves: 41.0/59.7 mmboe* 2020 YTD Production: 8,785 bbl/d As evaluated by GLJ in a report dated February 10, 2020, with an effective date of December 31, 2019. (See Advisory). CENTRAL & EASTERN EUROPE Approximately 3.8 million acres of undeveloped land across four countries (Hungary, Croatia, Slovakia and Ukraine) Focused on under-invested basins prospective for both oil and gas that can benefit from new technology Modest back-loaded capital commitments provide us with flexibility to properly evaluate the opportunity VET: TSX !!!!!! 23 NYSE#24VERMILION ENERGY CEE EXPLORATION POTENTIAL VERMILION HAS BUILT A HIGHLY PROSPECTIVE EXPLORATION PORTFOLIO ACROSS CEE Approximately 3.8 million acres of undeveloped land across four countries (Hungary, Croatia, Slovakia and Ukraine) Focused on under-invested basins prospective for both oil and gas that can benefit from new technology Modest back-loaded capital commitments provide us with flexibility to properly evaluate the opportunity CROATIA 2.4 million net acres with five licenses prospective for natural gas and oil Drilled two successful gas wells in 2019 on the SA-10 block which tested at 15 mmcf/d and 17 mmcf/d, respectively* Identified 10 additional prospects in close vicinity to the new SA-10 gas discoveries First production from SA-10 block planned for 2022 HUNGARY 900,000 net acres with four licenses prospective for shallow gas and oil Drilled four (3.3 net) gas wells in 2019 which have produced over 1.0 bcf to date Identified nine additional prospects for future drilling Kadarkut License is prospective for oil with first well planned for 2021 SLOVAKIA 240,000 net acres with two licenses prospective for natural gas Vermilion Acreage Poland Germany Czech Republic Austria Slovenia TRNAVA SLOVAKIA TOPOLCANY BRATISLAVA EBES BUDAPEST HUNGARY KADARKUT ZAGREB CROATIA SA-07 DR-04 SA-08/ SA-09 SA-10 S. BATTONYA BEKESSAMSON Bosnia Serbia Trnava Licence - a series of unproduced gas discoveries made during the 1950's planned to be developed using Vermilion's newly acquired proprietary 3D seismic data set. Several un-drilled fault-blocks imaged by 3D will also be tested. Adriatic Sea О Topolcany Licence - plan to acquire new 3D seismic across a prospective area immediately adjacent to the Trnava Licence Italy Montenegro Albania Macedonia UKRAINE Romania Bulgaria FOCUSED ON ESTABLISHING LOW COST POSITIONS IN THE UNDER-EXPLOITED PANNONIAN BASIN * Ceric-01 well (100% working interest) tested at a final flow rate of 15.0 mmcf/d at a stabilized flowing wellhead pressure of 851 psi on a 0.86 inch diameter choke during a one hour flow period following perforating. An additional 18 hour flow test was later conducted at reduced rates to limit flaring. During this test, the well flowed at a rate of 6.2 mmcf/d at a stabilized flowing pressure of 1,376 psi on a 0.37 inch choke. No formation water was produced during the tests. The well encountered 32 feet of net pay in two Upper Miocene Pannonian sandstones from 3,346- of 1,186 psi was recorded following the flow test. The flow test continued an additional 12 hours at reduced choke sizes to minimize flaring. No formation water was produced during the test. The well logged 21 feet of net gas pay with an average porosity of 32% from the Upper Miocene VET: TSX NYSE Pannonian sandstone occurring within a gross measured depth interval of 3,006-3,033 feet. Test results are not necessarily indicative of long-term performance or ultimate recovery. 24#25VERMILION ENERGY NORTH AMERICA CANADA Targeting light oil and condensate-rich natural gas in West Central Alberta and light oil in SE Saskatchewan Over 400,000 net acres in West Pembina targeting the Mannville (2,400 - 2,700m depth) and Cardium (1,800m depth) formations with shared surface infrastructure Over 500,000 net acres of land in southeast Saskatchewan with development potential in several stacked high-return targets 2020 YTD Production: 60,655 boe/d; 1P/2P Reserves: 191.4 / 300.5 mmboe* UNITED STATES Targeting light oil opportunities in the Powder River Basin in northeastern Wyoming Over 130,000 net acres (90% operated working interest) in the Powder River Basin targeting Turner Sand development in the Hilight (2,600m) and East Finn (1,500m) assets 2020 YTD Production: 5,708 boe/d; 1P/2P Reserves: 30.6/59.3 mmboe* SIGNIFICANTLY ADVANTAGED PLAYS IN THE NORTH AMERICAN INDUSTRY As evaluated by GLJ in a report dated February 10, 2020, with an effective date of December 31, 2019. (See Advisory). VET: TSX WILL! NYSE 25#260% Ellerslie Frobisher/Alida Marten Hills Montney Montney Montney Eagle Ford Eagle Ford Marcellus Viking Montney Cantuar 20% Charlie Lake Montney Dunvegan Montney Upper Mannville Montney Montney Bakken Permian Bakken Montney Cold Lake ENERGY VERMILION 100% Mannville Ellerslie Condy PROJECT RANKING BY ATAX IRR 80% Frobisher/Alida SE SK Unfracked Midale SE SK Fracked Pembina ATAX IRR (%) % 60% Upper Mannville SW SK Viking Ratcliffe/Midale Cardium PRB Parkman / SE SK Bakken Turner/Shannon* 40% Midale Cardium Duvernay Austin Chalk Permian Viking Provost Permian Cold Lake Permian Shaunavon Mannville Ratcliffe/Midale Cardium Montney Sparky Eagle Ford Permian Permian Gething Woodford ■ VET ROBUST RETURNS AMONGST NORTH AMERICAN PROJECTS ■ Oil/Liquids ■Gas Shannon; Vermilion capital program targets the Turner only in the Hilight area of the Powder River Basin. ** Permian -3%; Mississippian Mid-Con -4%. Scotia Capital research, November 2019. Price assumptions: WTI US$55/bbl, HH Natural Gas US$2.50/mcf, AECO $1.85/mcf, USD/CAD 0.76. * Scotia analyzes a composite of the Parkman / Turner / VET: TSX NYSE Permian Permian Permian Montney Bakken Uinta Spirit River Bakken Permian Cardium Permian Powder River Beaverhill Lake Eagle Ford Montney Duvernay Montney Permian Utica Permian Utica Montney Marcellus Deep Basin Woodford Bakken Bakken Torquay Montney Woodford Permian SAGD Heavy Oil 26 Montney Marcellus Spirit River Duvernay Marcellus Marcellus DJ Basin Montney Eagle Ford Duvernay Woodford Haynesville SAGD - Oil Sands Spirit River DJ Basin Eagle Ford Woodford Gulf Coast Eagle Ford Permian Marcellus Permian** Mississippian** NORTH AMERICAN PROJECT RANKING#27VERMILION ENERGY AUSTRALIA ►100% operated interest in Wandoo, an offshore oil field approximately 80 km N.W. of Australia (55m water depth) ► Horizontal well development with 20 producing wellbores and five dual lateral sidetracks tied into two platforms Ten additional drilling opportunities identified* with new wells targeting undrained oil trapped in the reservoir Contracted oil sales receive a premium to Dated Brent index ► 2020 YTD Production: 4,629 boe/d; 1P/2P Reserves: 8.6/ 13.2 mmboe* ** STABLE ASSET DELIVERING PREMIUM TO BRENT PRICING AND STRONG FREE CASH FLOW Inventory reflects net 2P locations and net unrisked contingent resource (best estimate) locations in the development pending category and net unrisked prospective resource (best estimate) locations as evaluated by GLJ. See Appendix A of Vermilion's Annual Information Form dated March 6, 2020 for further details on the chance of development, chance of discovery and other country specific contingencies. (See Advisory). ** As evaluated by GLJ in a report dated February 10, 2020, with an effective date of December 31, 2019. (See Advisory). VET: TSX WILL! NYSE 27#28Balance Sheet Dec 31, 2007 D 31,2006 28634 SUPPLEMENTAL INFORMATION 28#29VERMILION ENERGY CAPITAL MARKETS SUMMARY Market Summary Trading Price (November 30, 2020) Ticker Symbol (TSX & NYSE) Shares Outstanding (September 30, 2020) Average Daily Trading Volume (shares) Monthly Dividend Director and Employee Ownership * Capital Structure $5.21 (TSX), $4.01 (NYSE) VET 158.3 million 2.4 million (TSX), 1.6 million (NYSE) Currently Suspended 5% Market Capitalization Enterprise Value Net Debt (including net working capital, September 30, 2020) Trailing Net Debt-to-FFO Ratio ** 2020 Guidance $0.8 billion $2.9 billion $2.1 billion 3.7x Production Capital Expenditures 94,000 96,000 boe/d $350 - $370MM MEANINGFUL INSIDER OWNERSHIP ALIGNS MANAGEMENT AND EMPLOYEES WITH OUR SHAREHOLDERS ** Based on fully-diluted shares. Net Debt is a non-GAAP measures (see Advisory). VET: TSX WILL! NYSE 29#30VERMILION ENERGY 2020 RESULTS TO-DATE 2020 Guidance Q3 2020 YTD 2020 Average Production boe/d 94,000-96,000 95,471 97,656 % Crude oil, condensate and NGLS % 55% 55% 55% % Natural gas % 45% 45% 45% Capital Expenditures $MM $350-$370 $31 $307 Petroleum and natural gas sales $MM $282 $803 Fund Flows from Operations (FFO) $MM $115 $367 FFO per share Net Debt $/share* $0.73 $2.33 $MM $2,136 $2,136 Q3 2020 OPERATIONAL REVIEW European production averaged 25,935 in Q3 2020, an increase of 3% from the prior quarter primarily due to higher production in France following the restart of the Grandpuits refinery in mid-June, partially offset by a planned turnaround in Ireland and Germany and natural declines across all other European business units. North American production averaged 64,986 boe/d in Q3 2020, a decrease of 7% from the prior quarter. The decrease was primarily due to natural decline and limited capital investment as a result of the front-end-weighted capital program and reduced capital budget announced earlier in the year in response to the COVID-19 pandemic and resulting commodity price collapse. Australian production averaged 4,549 bbl/d in Q3 2020, a 14% decrease from the prior quarter primarily due to natural decline and an unplanned 4-day shutdown to clean out one of the separator vessels. *Fully-diluted shares. VET: TSX NYSE 30#31VERMILION ENERGY FFO SENSITIVITY COMMODITY PRICES** ANNUAL 2020 UNHEDGED FFO SENSITIVITY (C$MM)* 2020E Change FFO Impact (C$) Brent (US$/bbl) $41.13 WTI (US$/bbl) $38.96 WTI & Brent US$1/bbl $20.1MM = LSB WTI less (US$/bbl) $5.27 MSW WTI less (US$/bbl) $5.33 LSB / WTI Differential US$1/bbl $8.4MM TTF ($/mmbtu) $4.09 TTF & NBP $0.25/mmbtu $7.5MM NBP ($/mmbtu) $4.15 AECO ($/mmbtu) $2.24 AECO $0.25/mmbtu $12.0MM Henry Hub (US$/mmbtu) $2.06 CAD/USD $0.01 $7.7MM CAD/USD CAD/EUR CAD/EUR $0.01 $0.8MM CAD/AUD EUR/GBP 1.34 1.53 0.92 1.13 OUR INTERNATIONALLY DIVERSIFIED PORTFOLIO PROVIDES LEVERAGE TO GLOBAL COMMODITY PRICES Annual unhedged FFO sensitivity based on current 2020 production guidance. ** Commodity price assumptions listed have been reflected throughout this presentation using the November 23, 2020 strip, unless otherwise noted. VET: TSX NYSE 31#32VERMILION ENERGY COMMODITY HEDGE POSITION 2020 100% 2021** 100% PERCENTAGE OF PRODUCTION HEDGED (%) 90% 80% 70% 60% 50% 40% 30% 20% 10% PERCENTAGE OF PRODUCTION HEDGED (%) 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 0% WTI Brent European Natural Gas N.A Natural Gas Corporate Total WTI Brent European N.A Natural Gas Natural Gas Corporate Total Average Floor C$61.10/bbl C$51.63/bbl C$7.10/mmbtu C$1.60/mmbtu Average Floor C$8.27/mmbtu C$2.29/mmbtu ■Swaps Collars 3-Ways Basis Swaps Swaps Collars 3-Ways Basis Swaps VISIT VERMILIONENERGY.COM/INVEST-WITH-US/HEDGING.CFM FOR MORE DETAILED HEDGING INFORMATION *Company estimates as at November 4, 2020. Bought Put Options are included as Collars in the chart above. Average prices above do not reflect the impact of Sold Puts within the 3-way structures which can alter the average floor price depending on the underlying commodity price. Average prices reflect exchange rates as follows: USD/CAD 1.35; EURCAD 1.54; GBP/CAD 1.71. 2021 hedge percentages based on contracts in place as at November 4, 2020 as a percentage of current 2020 production guidance. ** VET: TSX 32 NYSE#33VERMILION ENERGY EUROPEAN NATURAL GAS - LONG TERM OUTLOOK Declining European domestic production results in higher dependence on imports Power sector driven gas demand growth is set to continue Coal phase-outs have been mandated within the EU and nuclear retirements are ongoing; 38 GW of coal-fired and nuclear power generation retirements, by 2022, have been announced These announced retirements are estimated to equal 3-4 bcf/d of Combined Cycle Gas Turbine power generation installed capacity LNG and pipeline gas import growth is set to continue and will require future European gas prices to remain globally competitive EU policy has mandated a tighter supply of EUA carbon credits going forward 2018 Europe Asia Pacific North America Global Gas Trade to 2035: European Import Dependence Grows Net imports (bcf/d) As % share of demand 2025 2030 2035 2018 2025 2030 2035 28.6 31.3 33.8 34.5 54% 62% 71% 79% 18.6 45.3 69.7 86.6 23% 39% 51% 56% -3.4 -14.5 -24.2 -33.5 -3% -15% -27% -44% TWh per year 1,400 EUROPEAN POWER SECTOR GENERATION MIX 1,200 1,000 800 600 400 200 O Higher price carbon favors gas use in the power sector over coal 0 1990 1995 -Coal fired 2000 Gas fired 2005 Nuclear 2010 Wind and Solar 2015 -Hydro EUROPEAN NATURAL GAS MARKET FUNDAMENTALS REMAIN SUPPORTIVE Data table source: BP Energy Outlook 2020 (Rapid Scenario) Chart source: BP Statistical Review of World Energy 2020 VET: TSX NYSE 33#34VERMILION ENERGY ENVIRONMENTAL SUSTAINABILITY We are playing a meaningful role in the energy transition by reducing the environmental impact of our traditional energy production and developing renewable energy projects We deploy energy and emissions efficiency improvement projects throughout our operations In France, oil operations provide geothermal heat to industrial-scaled agriculture and eco-friendly housing projects with strong social impact Vermilion has been consistently recognized for outstanding sustainability performance Our strategy is aligned with the UN's Global Goals for Sustainable Development (SDGs) ► We believe sustainability-oriented investors, governments and citizens will have their greatest positive impact by turning to Best-In-Class operators like Vermilion during the energy transition CDP DISCLOSURE INSIGHT ACTION VALUES MATTER: WE HAVE MADE SUSTAINABILITY CENTRAL TO OUR STRATEGY View our Sustainability Report online at http://sustainability.vermilionenergy.com VET: TSX ! NYSE 34#35VERMILION ENERGY ENVIRONMENTAL PERFORMANCE CDP (FORMERLY CARBON DISCLOSURE PROJECT) CDP is an international environmental organization that collects data about carbon emissions and energy use; its rankings are based on emissions disclosure and intensity reduction Vermilion reduced emissions intensity by 44% from 2014 to 2017 PARENTIS SUSTAINABILITY PARTNERSHIP (2012) Vermilion was the recipient of France's Circular Economy Award for our project to supply geothermal heat from our oil operation to local tomato greenhouses Project provides 8 MW of renewable energy and prevents the emission of 10,000 tonnes of CO2 per year LA TESTE ECO-NEIGHBOURHOOD (2016) Our operations in La Teste, France support an eco-neighborhood of 550 homes heated similar to the tomato greenhouses, using recycled geothermal heat from our oil operation 30-year partnership providing 80% of the energy for 550 homes by supplying 1 MW of renewable energy while preventing the emission of 500 tonnes of CO2 per year VERMILION IS A CLIMATE LEADER IN OUR PEER GROUP Vermilion's emissions data are externally verified under ISO 14064-3. View our Sustainability Report online at http://sustainability.vermilionenergy.com + CDP DISCLOSURE INSIGHT ACTION 2019 Leadership Level rating of A- TH One of two Canadian oil and gas sector companies, one of four in North America, and 16 globally to achieve this level (Top 6%) 2018 Leadership Level rating of A- Only Canadian oil and gas sector company, one of two in North America, and 13 globally to achieve this level (Top 5%) 2017 Leadership Level rating of A- Only Canadian energy sector company, one of two in North America, and 18 globally to achieve this level (Top 4%) 2016 "A list" level (highest ranking possible) One of 193 companies globally, one of five energy companies in the world, and the only North American company to make the list 2015 Leading energy company on the Canadian Climate Disclosure Leadership Index (CLDI) First Canadian energy company to achieve the top score of 100 VET: TSX ! NYSE 35#36VERMILION ENERGY SOCIAL PERFORMANCE Committed to the care of our people and the enrichment of the communities where we live and work Give back through strategic community investment In the past five years, Vermilion has invested more than $9.2 million and 11,100 hours of volunteer time in our communities Demonstrate excellent results in annual employee survey provided by the Great Place to Work Institute to evaluate workplace culture Recognized in 2020 Best Workplaces competition as top 40 in Canada and top 30 in Germany* Since 2010, Vermilion has been ranked among the best workplaces in Canada Maintain a strong corporate culture. ○ Live and breathe core values of Excellence, Trust, Respect and Responsibility GREAT PLACE TO WORKⓇ Creates a high performing organizations * Vermilion was the only energy company recognized out of more than 600 participating Canadian companies. In Germany, we also placed 5th in the Lower Saxony and Bremen Region competition and 1st in the industry competition. View our Sustainability Report online at http://sustainability.vermilionenergy.com NOREST VET: TSX !!!!!! NYSE 36#37VERMILION ENERGY PARENTIS SUSTAINABILITY PARTNERSHIP Vermilion was the recipient of France's Circular Economy Award for our project to supply geothermal heat from our oil operation to local greenhouses The award recognizes economically successful enterprises that operate within a "circular economy," in which businesses and processes conserve, reuse and recycle resources Provides 8 MW of renewable energy and prevents the emission of 10,000 tonnes of CO2/year Environmental and Economic Benefits CDP A LIST 2006 CLIMATE Our recycled energy project produces 7,500 tonnes of tomatoes per year and avoids ~10,000 tonnes of CO2-equivalent emissions This project created 250 direct agricultural jobs in a region in need of investment This long-term, economically and environmentally sustainable local industry is projected to increase to 500 jobs through ongoing greenhouse investment Recycles geothermal energy that is a byproduct of Vermilion's oil operation Makes local tomatoes available and affordable, reducing the need for imports with associated transportation emissions Co-Location of Oil Field and Greenhouse Located in the Aquitaine Basin, our Parentis Lake is the second largest onshore oil field in Europe Vermilion's Parentis pre-existing office and battery are in the foreground of this aerial photograph 15 hectares of tomato-producing greenhouses are now located next to our office to take advantage of our geothermal energy (background of aerial photograph) Operation Our oil operation produces a mix of hot oil and water, which comes out of the ground naturally heated to 60°C Hot water is sent through a closed-loop heat exchanger with the Tom D'Aqui greenhouse heating system Water is reused by pumping it back underground in an enhanced oil-recovery waterflood project PARTNERSHIP CREATES A NEW ENVIRONMENTALLY AND ECONOMICALLY SUSTAINABLE INDUSTRY VET: TSX ! NYSE 37#38VERMILION ENERGY LA TESTE ECO-NEIGHBOURHOOD Our operations in La Teste, France now support an eco-neighborhood of 550 homes that are heated the same way as the tomato greenhouses, using recycled geothermal energy from our oil operation 30-year partnership to provide 80% of the energy required for 550 homes Provides 1 MW of renewable energy and prevents the emission of 500 tonnes of CO2/year What is an Eco-Neighborhood? Developed urban space that has sustainable development principles as its main concern Adapted to the natural characteristics of the land to the fullest extent possible Eco-Neighborhood seal of approval created by French government in 2012 Objectives of the Eco-Neighborhood Reduce energy consumption and develop the use of renewable energies Optimize mobility management Reduce water consumption Minimize waste production Promote biodiversity Promote socio-economic, cultural and generational diversity La Teste Project in Aquitaine Basin 30% of housing units are designated for "social" housing (also known as "low-income" housing) Vermilion partnership will generate a 50% decrease in energy bills Vermilion is also participating in the conservation and management of protected plant species CDP A LIST 2006 CLIMATE Part of our Les Arbousiers Nord oil field, where protected plants grow naturally, will be sheltered from future urban development Eco-responsibility Agreement with Itteville in Paris Basin In 2018, Vermilion committed to expanding this concept to a planned eco-district of 900 apartments dedicated to social housing ADVANCES BOTH ENVIRONMENTAL SUSTAINABILITY AND ECONOMIC INCLUSIVITY VET: TSX ! NYSE 38#39VERMILION ENERGY ANALYST COVERAGE FIRM ATB Capital Markets Bank of America Merrill Lynch BMO Nesbitt Burns Canaccord Genuity CIBC Capital Markets Credit Suisse Edison Investment Research Eight Capital J.P. Morgan ANALYST Patrick J. O'Rourke, CFA Asit Sen, CFA Ray Kwan, P.Eng. Anthony Petrucci Dave Popowich Manav Gupta Carlos Gomes Phil Skolnick Arun Jayaram [email protected] PHONE EMAIL 403-539-8615 646-855-2602 [email protected] 403-515-1501 [email protected] 403-691-7807 403-216-3401 212-325-6617 44-(0)20-3077 5722 917-930-7478 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] 212-622-8541 National Bank Financial Travis Wood 403-290-5102 Peters & Co. Raymond James RBC Capital Markets Scotia Capital Dan Grager, CA 403-261-2243 Jeremy McCrea, CFA 403-509-0518 [email protected] Greg Pardy, CFA 416-842-7848 [email protected] Gavin Wylie 403-213-7333 [email protected] TD Securities Inc. Menno Hulshof, CFA 403-299-8658 [email protected] Veritas Investment Research Jeffrey Craig, CPA, CA 416-866-8783 [email protected] VET: TSX !!!!!! 39 NYSE#40VERMILION ENERGY ADVISORY This presentation is for information purposes only and is not intended to, and should not be construed to constitute, an offer to sell or the solicitation of an offer to buy, securities of Vermilion. This presentation and its contents should not be construed, under any circumstances, as investment, tax or legal advice. Any person viewing this presentation acknowledges the need to conduct their own thorough investigation into Vermilion and its activities before considering any investment in its securities. Certain statements included or incorporated by reference in this presentation may constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable Canadian and United States securities laws (collectively, "forward-looking statements"). Forward-looking statements are typically identified by words such as "anticipate", "continue", "estimate", "expect", "forecast", "focus", "may", "will", "project", "could", "plan", "intend", "should", "believe", "outlook", "potential", "target", "seek", "budget", "predict", "might" and similar words suggesting future events or future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements in this presentation may include, but are not limited to, matters relating to: business strategies, plans and objectives (including over the near, medium and longer-term); forecast (or estimated) fund flows from operations (FFO) and free cash flow (FCF), FCF yield, production mix and FFO contribution; commodity pricing and FFO sensitivity; dividends; share buybacks; and hedging. In addition, statements relating to "reserves" or "resources" are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated and can be profitably produced in the future. Forward-looking statements are based on Vermilion's current expectations and assumptions and are subject to a number of risks and uncertainties that could materially affect future results. In addition to assumptions identified in this presentation, assumptions have also been made regarding: availability of equipment, services and supplies; marketing of crude oil, natural gas liquids and natural gas; timely receipt of required regulatory approvals; foreign currency exchange rates and interest rates; and timing and results of development activities. Risks include, but are not limited to, general economic risks and uncertainties, future commodity prices, exchange rates, interest rates, geological risk, political risk, regulatory approval risk, production demand, transportation restrictions, risks associated with COVID-19, changes in tax, royalty and regulatory regimes and risks associated with international activities. Additional risks and uncertainties are described in Vermilion's Annual Information Form, as well as Vermilion's Management's Discussion and Analysis ("MD&A") which are filed on SEDAR at www.sedar.com and on the SEC's EDGAR system at www.sec.gov. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in the Company's securities should not place undue reliance on these forward-looking statements. Forward looking statements are made as of the date hereof and Vermilion undertakes no obligation to update publicly or revise any forward looking statements, whether as a result of new information, future events, or otherwise, unless required by applicable securities laws. All references are to Canadian dollars unless otherwise specified. This presentation contains certain non-standardized financial measures including net debt and fund flows from operations as well as non-GAAP measures including netbacks that are not determined in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. These measures as presented do not have any standardized meaning prescribed by IFRS and therefore may not be comparable with calculations of similar measures by other companies. Reference is made to Vermilion's publicly filed documents, including our most recently filed MD&A, for a discussion of these measures, including a reconciliation of fund flows from operations to cash flow from operating activities and net debt to long-term debt. Management believes that, in conjunction with results presented in accordance with IFRS, these measures assist in providing a more complete understanding of certain aspects of Vermilion's results of operations and financial performance. Investors are cautioned, however, that these measures should not be construed as an alternative to measures determined in accordance with IFRS as an indication of our performance. Certain natural gas volumes have been converted on the basis of six thousand cubic feet of gas to one barrel equivalent of oil. Barrels of oil equivalent (boe's) may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. VET: TSX !!!!!! 40 NYSE#41VERMILION ENERGY ADVISORY ON RESERVES AND RESOURCE DISCLOSURE Reserves & Resource Definitions All reserves and resources estimates in this presentation are derived from evaluation reports (dated February 10, 2020 with an effective date of December 31, 2019 relating to our year-end reserves) prepared by GLJ Petroleum Consultants Ltd. ("GLJ"), an independent qualified reserves evaluator, in accordance with the Canadian Oil and Gas Evaluation Handbook (the "COGEH") and National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities. The following provides the definitions of the various reserves and resource categories used in this presentation as set out in the COGEH. Reserves are estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on the analysis of drilling, geological, geophysical and engineering data; the use of established technology; and specified economic conditions, which are generally accepted as being reasonable. Reserves are classified according to the degree of certainty associated with the estimates as follows: Proved Reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved ("1P") reserves. Probable Reserves are those additional reserves that are less certain be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable ("2P") reserves. "Contingent resource" and "prospective resource" are not, and should not be confused with, petroleum and natural gas reserves. Contingent resource is defined in the COGEH as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Prospective resources are defined in the COGEH as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from unknown accumulations by application of future development projects. Prospective resources have both an associated chance of discovery (CoDis) and a chance of development (CoDev). A range of contingent and prospective resource estimates (low, best and high) were prepared by GLJ for each property using deterministic principles and methods. A low estimate is considered to be a conservative estimate of the quantity of the resource that will actually be recovered. It is likely that the actual remaining quantities recovered will exceed the low estimate. Those resources at the low end of the estimate range have the highest degree of certainty (a 90% confidence level) that the actual quantities recovered will be equal or exceed the estimate. A best estimate is considered to be the best estimate of the quantity of the resource that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. Those resources that fall within the best estimate have a 50% confidence level that the actual quantities recovered will be equal or exceed the estimate. A high estimate is considered to be an optimistic estimate of the quantity of the resource that will actually be recovered. It is unlikely that the actual remaining quantities of resource recovered will meet or exceed the high estimate. Those resources at the high end of the estimate range have a lower degree of certainty (a 10% confidence level) that the actual quantities recovered will equal or exceed the estimate. The primary contingencies which currently prevent the classification of the contingent resource as reserves include but are not limited to: preparation of firm development plans, including determination of the specific scope and timing of the project; project sanction; access to capital markets; stakeholder and regulatory approvals; access to required services and field development infrastructure; oil and natural gas prices in Canada and internationally in jurisdictions in which Vermilion operates; demonstration of economic viability; future drilling program and testing results; further reservoir delineation and studies; facility design work; corporate commitment; limitations to development based on adverse topography or other surface restrictions; and the uncertainty regarding marketing and transportation of petroleum from development areas. There is no certainty that any portion of the prospective resources will be discovered. There is no certainty that it will be commercially viable to produce any portion of the contingent resources or prospective resources or that Vermilion will produce any portion of the volumes currently classified as contingent resources or prospective resources. All contingent resources and prospective resources evaluated by GLJ were deemed economic at the effective date of December 31, 2019. The estimates of contingent resources and prospective resources involve implied assessment, based on certain estimates and assumptions, that the resources described exist in the quantities predicted or estimated and that the resources can be profitably produced in the future. The risked net present value of the future net revenue from the contingent resources and prospective resources does not represent the fair market value. Actual contingent resources and prospective resources (and any volumes that may be reclassified as reserves) and future production therefrom may be greater than or less than the estimates provided herein. For more detail, including the forecast price and cost assumptions used by GLJ in preparing their evaluation reports, the chance of development, the chance of discovery, and other country specific contingencies, please refer to Vermilion's Annual Information Form for the year ended December 31, 2019 available under the Company profile at www.sedar.com. VET: TSX NYSE 41