Neptune Energy – A New BeginningMarch 20, 2018

Disclaimer

2

• This confidential presentation (the “Presentation”) has been prepared and is issued by, and is the sole responsibility of, Neptune Energy Group Holdings Limited

(“Neptune”).

• The information contained in this Presentation which is not already in the public domain must be kept strictly confidential and may not be reproduced (in whole or in

part) or redistributed in any format without the express written approval of Neptune.

• Certain information contained in this Presentation has been obtained from published and non-published sources prepared by other parties, which in certain cases

have not been updated through the date hereof. While such information is believed to be reliable for the purpose used in this Presentation, Neptune does not

assume any responsibility for the accuracy or completeness of such information and such information has not been independently verified by Neptune. Except

where otherwise indicated herein, the information provided in this Presentation is based on matters as they exist as of the date of preparation and not as of any

future date, and might not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes

occurring after the date hereof.

• Certain information, including but not limited to, the strategy and intentions of Neptune contained in this presentation are based on current expectations, estimates

and projects about global economic conditions, the economic conditions of the regions and industries that are major markets for Neptune's line of business. These

expectations, estimates and projects are generally identifiable by statements containing words such as, but not limited to, “expects”, “believes”, “estimates”,

“forecasts” or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and

market conditions in the geographic areas and industries that are or will be major markets for Neptune’s businesses, oil prices, market acceptance of new products

and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to

time in the Presentation. Although Neptune believes that its expectations and the Presentation are based on reasonable assumptions, it can give no assurance that

those expectations will be achieved or that the actual results will be as set out in the Presentation.

• Carlyle, CIC, CVC and Neptune and their respective directors, officers, employees, partners, shareholders, advisers and agents expressly disclaim, to the maximum

extent permitted by law, any and all liability and shall have no liability whatsoever for any direct, indirect or consequential loss or damage suffered or incurred by any

person or entity however caused (including but not limited to negligence) in any way in connection with this Presentation or any other written or oral information

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Presentation or such other information, or the reasonableness, authenticity, validity, adequacy, accuracy, completeness or reliability of this Presentation or such

other information.

E&P Market

3

From then to now

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20

40

60

80

100

120

140

2010 2011 2012 2013 2014 2015 2016 2017 2018

Bre

nt

Oil

Pri

ce (

$/b

bl)

O&G UK BB Talk

$116/bbl

O&G UK

BB Talk

$65/bblJim

leaves

Aberdeen

Source: Bloomberg, Youtube

UKCS Performance

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2018 Business Outlook

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20

40

60

80

100

120

140

2010 2011 2012 2013 2014 2015 2016 2017 2018

Bre

nt

Oil

Pri

ce (

$/b

bl)

HSE

Production

Costs

Growth

2014 2015 2016 2017 2018

Production Capex/boe Opex/boe E&A Count

Fiscal Support

Source: Bloomberg, Oil and Gas UK 2018 Business Outlook

Neptune Energy

5

A New Beginning

Leading International Independent E&P companyin

safety

production

cost control

returns

One Team

across geographies

across cultures

collaborating

standalone

accountable to ourselves

flat, agile organisation

innovative E&P

upstream focus

maximise returns

Neptune at a glance

6

Leading International Independent E&P Company

2017 production split2

Norway51%

Netherlands21%

UK12%

Germany8%

Indonesia5%

Egypt3%

Highlights

Completed acquisition of ENGIE E&P International S.A. (“EPI”), the E&P

subsidiary of ENGIE SA, on February 15th 2018

One of the largest independent E&Ps in Europe(1) with production of 154,000

boepd, 56% operated, 92% OECD

Gross operated production of ~225kboepd

Mix of oil and gas exposure into European, North Africa and Asian markets

Industry proven management team

Over 1800 employees

Source: Company information1 By production and reserves; 2 2017A net entitlement production

Geographic Footprint

Focused Investors

Neptune’s Strategy

7

Performance culture focused on clear accountabilities with incentives to tie reward to asset efficiency and value creation

Encourage an agile, entrepreneurial way of working

Sustainable development of business via highest standards in health, safety, security, environmental performance

Performance-driven

business with highest

HSE standards

Optimize well productivity, production reliability and reservoir management of operated producing assets

Focus on maximizing the recovery of in-place hydrocarbons and extending production profiles

Non-operated assets: work together with the operator to continually assess opportunities for targeted intervention

Achieve efficiency gains and cost savings from standardization of systems, investment in new technology as well as organization

design, process simplifications, rigorous cost management and disciplined capital allocation

Asset performance and

superior return through

production and cost

efficiency

Maintain a strong balance sheet

Sustain liquidity to allow the necessary flexibility required by operational needs and investment activity

Hedge oil and gas price exposures and protect significant portion of post-tax production revenues on a rolling two to three year basis

Strong balance sheet,

robust level of liquidity

and active risk

management

Focus on near-field opportunities that require relatively short development periods and are located close to existing hubs

Strategic “bolt-on” and other tactical acquisition opportunities as and when value accretive opportunities arise

M&A focus on reinforcing profile to add longer term growth portfolio

Balanced inorganic and

organic growth with

focus on short-cycle

projects

Neptune Differentiators

8

Low risk, operated, productive international independent E&P company

Significant cash flow generation, strong balance sheet and conservative risk

management

Conventional, diversified OECD-focused portfolio

Large-scale, robust and low-cost production profile with favourable gas price

environment providing additional stability

Experienced management and leadership team with supportive

shareholders

Well invested asset base with future capital expenditures flexibility and low

decommissioning commitments

Proven operational capability

1

2

6

5

3

4

Leading E&P

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One of the largest European independent E&P companies by production and reserves

Source: Company information1 Pro forma Hess Norge acquisition2 Working interest production3 Based on Wood Mackenzie 2017 production4 Based on Wood Mackenzie 2017 commercial reserves5 Based on Neptune price deck

-

20

40

60

80

100

120

140

160

180

200

kb

oe

pd

Net entitlement production 2017A

322 31 3

Proven Operator

10

Extensive experience across the E&P life cycle

)

)

Neptune in the UKCS

11

SNS is a core hub for Neptune

Highlights

Presence in the UK since early 1990s

2 operated fields, Cygnus (38.75% WI) and Juliet (81% WI)

and 11 late-life non-operated fields

Accounts for 8% of our 2P reserves and 12% of our 2017

production

Offices in Aberdeen (Drilling Centre of Excellence for

Neptune) and London (Corporate Head Office)

Management experience in the UKCS

▪ Jim House – Apache

▪ Sam Laidlaw – Centrica, Chevron, Hess, Enterprise

▪ Peter Thomas – TAQA, Enterprise

Location Maps

Cygnus

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Largest dry gas producer in the UKCS

Source: UK Government

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50

100

150

200

250

Avg

Go

rss

Pro

du

ctio

n (

mm

scf/

d)

Dec

'16

-N

ov'

17

Dry gas Associated Gas

Cygnus Complex

13

SNS is a core hub for Neptune

Highlights

Ownership: Neptune E&P UK (38.75%, operator), Spirit Energy (61.25%)

Project Milestones

▪ Project sanctioned August 2012

▪ Alpha First Gas 2016

▪ Bravo First Gas 2017

Production

▪ 10 wells (7 drilled to date)

▪ Original design capacity 250 mmscf/d

▪ Debottlenecking project in 2017, production increased to 300 MMscf/d

▪ Export via ETS to Perenco-operated Bacton terminal

▪ 96% uptime, 90% production efficiency, 20% above nameplate capacity

Future Activity

▪ Remaining development wells – B1z spud March 2018, A1 in Q4 2018,

AD deferred depending on A1 results

▪ Potential infill wells – Blocks 2b East, 4, 5, 8 (Cepheus)

▪ Near field exploration – FB9 spud in August 2018

▪ Third-party tie-back – HoT under negotiation

SNS non-operated fields

FDP Undrilled Wells

Well Key

Ketch

Leman

Producer

Target

Cygnus Performance

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Blending constraints limiting indigenous gas supplies

0

50

100

150

200

250

300

350

Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18

Gro

ss P

rod

uct

ion

(m

msc

f/d

)

Alpha

first gas Sept. shut-

down

Start of blending

issues

Bravo first gas

Reaches 300 mmscf/d

FPS shutdown

2018 Business Outlook

15

Recovery mode

Source: Bloomberg, Oil and Gas UK 2018 Business Outlook

Market

Supply Chain

E&P

Oil market

Gas market

M&A

Performance

Outlook

Employment

Production

Expenditure

Profitability

Drilling Activity

UKCS 2018 – Business Outlook Messages

16

Recovering