Vermilion Energy Financial and Operational Overview

VERMILION 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

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