Ratio Petroleum Energy LP

Investor Presentation • Jun 9, 2021

RATIO OIL EXPLORATION (1992) LIMITED PARTNERSHIP

INVESTORS' PRESENTATION JUNE 2021

DISCLAIMER

This presentation was prepared by Ratio Oil Exploration (1992) – Limited Partnership (the "Partnership" or "Ratio").

It is not an offer to buy or sell securities of the Partnership, nor an invitation to receive such offers, and is designed, as aforesaid, for the provision of information only. The information used to make the presentation (the "Information") is given for convenience purposes only and is neither a basis for making any investment decision, nor a recommendation nor an opinion, and is no substitute for the investor's discretion.

Everything stated in this presentation with respect to an analysis of the Partnership's business is merely a high-level summary, and it does not purport to be all-inclusive or to contain all of the information that may be relevant in making any decision concerning an investment in the securities of the Partnership. To obtain a full picture of the Partnership's business and the risks facing the Partnership, review the Partnership's Periodical and Immediate Reports, as filed with the Israeli Securities Authority and the Tel Aviv Stock Exchange on the Magna website, including warnings regarding forward-looking information, as defined in the Securities Law, 5728-1968, included therein.

Various issues addressed in this presentation, which include forecasts, goals, estimates, assessments and other information pertaining to future events and/or matters, whose materialization is neither certain nor within the Partnership's control, including in connection with data, income forecasts, the value of the Partnership, costs of projects, development plans and concepts and construction thereof etc., are forward-looking information, as defined in the Israeli Securities Law. Such Information is based solely on the Partnership's subjective assessment, based on facts and figures concerning the status of the Partnership's business, and macro-economic facts and figures, all as are known to the Partnership on the date of preparation of this presentation. The materialization or non-materialization of the forward-looking information will be affected, inter alia, by risk factors characterizing the Partnership's business, as well as by developments in the general environment and external factors affecting the Partnership's business, third-party representations not materializing, delays in the receipt of permits, etc., which cannot be estimated in advance and are beyond the Partnership's control. The Partnership's results of operations may differ materially from the results estimated or implied from the aforesaid, inter alia due to a change in any one of the foregoing factors.

In addition, the data represented in the presentation relating to the proved undeveloped, probable, and possible reserves and future revenues is also forward-looking information based on reports received from an independent reserves evaluator, which may be updated as additional information accumulates and/or as a result of a range of factors related to natural gas production projects.

The Partnership does not undertake to update and/or change any data included in the presentation and/or forecasts and/or estimates to reflect events and/or circumstances occurring after the date of preparation of this presentation.

RATIO OIL EXPLORATION (1992) -LIMITED PARTNERSHIP

An experienced E&P player focused on the gas-rich Levant Basin

INTRODUCTION TO RATIO

LEVIATHAN MILESTONES

Successful 1 st year of natural gas supply to domestic (Israel) & export markets

Tier-1 operational performance and business resilience during Covid-19

2020 TURNING POINT FOR RATIO

Well financed and robust long-term capital structure

Additional growth engines including the potential entry into Renewable Energy projects

LEVIATHAN AS THE ANCHOR FOR REGIONAL ENERGY

Gross Reserves & Resources¹

Ownership Structure

7 1. As per the Partnership's immediate report dated March 10, 2021 based on NSAI's 2P+2C estimate; Not including Leviathan deep-oil prospective resources

LEVIATHAN 1 stYEAR OF SUPPLY

CHEVRON BECOMES LEVIATHAN`S OPERATOR

Supermajor capabilities facilitate expansion beyond regional markets to become a global natural gas supplier

DIVERSIFIED CUSTOMERS PORTFOLIO

A reliable and material source of natural gas supply to domestic (Israel) and export customers

ALL SEGMENTS MET GUIDANCE

Completed Phase 1A development and exceeded COVID-19 financial forecasts

FY 2020 IEC 2.4 NEPCO 1.9 Dolphinus 1.9 Others (Israel) 1.1

8

LEVIATHAN FUTURE EXPANSION

Diverse Export Infrastructure Options

Pipeline to LNG facility in Egypt

LEVIATHAN'S MARKETING STRENGTHS

Strategic asset providing vital energy security

Strategically located in the East Med, well positioned to take advantage of the increasing regional natural gas demand

Signed GSPAs represent a balanced composition of domestic (Israel) and international offtakers

Majority of GSPAs include TOP commitments and floor price protection

Ongoing discussions with additional potential consumers

DIVERSIFIED CUSTOMERS

Egypt Jordan Israel

Signed GSPAs to date

amount to total

quantity of c. 150 BCM

EXPORT MARKETS

Strength of strategic regional markets

EGYPT

DOLPHINUS¹ GSPA TCQ of 60 BCM over 15 years TOP and FLOOR PRICE

Egypt is a mature natural gas market, with long-term ambitions to become a regional natural gas hub

Significant additional natural gas supply required to meet increasing local (Egypt) demand and maintain utilization of two LNG facilities with total capacity of 17- 18 BCM/A²

11

Natural gas serves as the primary source for electricity generation in Egypt and contributes ~85% of total electricity output

Fast-rising domestic natural gas demand alongside declining production from mature fields

Source: Wood Mackenzie, Energy Markets Service, March 2021

1. In June 2020, the Dolphinus Export Agreement was novated to Blue Ocean Energy (a Cayman Islands company and an affiliate of Dolphinus)

2. 1. Total liquification capacity of c.13 MMTP/A at ELNG (Idku) & SEGAS LNG (Damietta) LNG Facilities; Source: www.shell.com & www.eni.com
3. The foregoing graph was obtained from The Energy Market Service™ and Global Gas Service™, products of Wood Mackenzie.

The data and information provided in this slide by Wood Mackenzie should not be interpreted as advice and you should not rely on it for any purpose. You may not copy or use this data and information except as expressly permitted by Wood Mackenzie in writing. To the fullest extent permitted by law, Wood Mackenzie accepts no responsibility for your use of this data and information except as specified in a written agreement you have entered with Wood Mackenzie for the provision of such data and information

EXPORT MARKETS

Strength of strategic regional markets

JORDAN

NEPCO GSPA TCQ of 45 BCM over 15 years TOP and FLOOR PRICE

1

Jordan has limited local energy sources and relies on imports for ~ 97% of its natural gas requirements

	J	1 6
	1	-
17	-	-

Natural gas has largely replaced oil as the main fuel used for power generation

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Availability of natural gas supply will encourage transition from alternative fuels (coal/oil) to natural gas in the industrial sector

Jordan Natural Gas Demand (BCM)

Source: Wood Mackenzie, Energy Markets Service, May 2020

The foregoing graph was obtained from The Energy Market Service™ and Global Gas Service™, products of Wood Mackenzie.

The data and information provided in this slide by Wood Mackenzie should not be interpreted as advice and you should not rely on it for any purpose. You may not copy or use this data and information except as expressly permitted by Wood Mackenzie in writing. To the fullest extent permitted by law, Wood Mackenzie accepts no responsibility for your use of this data and information except as specified in a written agreement you have entered with Wood Mackenzie for the provision of such data and information

ISRAEL'S NATURAL GAS REVOLUTION

Energy transition from coal to natural gas powered electricity generation

Forecast predicts natural gas demand growth driven by structural reform of the electricity market along with regulatory and environmental directives

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Generation by Fuel Mix

Source: BDO forecast as of February 2021, including PA

GROWTH ENGINE IN THE LEVANT BASIN

Exploration Licenses Zones A & C

Licenses 10/2019 Licenses Awarded 2,698km² Gross Acreage

No firm well commitment in the current exploration phase

Ownership Structure

IMPERSSIVE Q1 2021 FINANCIAL PERFORMANCE

PHASE 1A LONG-TERM & STABLE ROBUST CASH FLOW

1. As per the Partnership's immediate report dated March 10, 2021 "Leviathan discounted cash flow projections" and based on NSAI's 2P+2C estimate. Net Cash Flow represents undiscounted Ratio's revenues less royalties, operating expenses, capex and taxes before debt service (principal & interest) & other expenses 2. Forecast assumptions are until 2064

HIGH DEBT SERVICE CAPABILITIES

Cumulative UFCF¹ > \$1.6Bn (2P+2C)

Expected sales of ~115 BCM over the next 10 years

Strong liquidity and conservative leverage profile

\$171^M

Cash & Cash Equivalents²

\$(698(^M Net Debt

18 1. UFCF = Unlevered Free Cash Flow. based on NSAI's 2P+2C estimate from Partnership's immediate report dated March 10, 2021 "Leviathan discounted cash flow projections" 2. Includes cash, deposit and short-term securities.

OPTIMAL LONG-TERM CAPITAL STRUCTURE

SIGNIFICANT SENIOR DEBT FLEXIBILITY

Principle 3-year grace (2024)

Balloon \$300-350M end period (2027)

Available facilities for future Leviathan phases

Early repayment option

HIGH DEBT REPAYMENT CAPABILITY

3 equal annual installments commencing by August 2021

Robust cash flow projection to service upcoming bonds repayment

OPTIMIZATION OF CAPITAL STRUCTURE

Financial readiness for future Leviathan expansion phases

Conservative capital structure and decreasing long-term leverage

KEY HIGHLIGHTS

Production from Leviathan remains strong with 2.7 bcm in Q1 2021

Leviathan strategically positioned to take advantage of the increasing domestic (Israel) and regional natural gas demand

Chevron's Supermajor capabilities facilitate expansion beyond regional markets to become a global natural gas supplier

Leviathan Phase 1A provides for a long-term robust & stable cash flow with future growth engines

Optimization of debt structure for future development and profit distributions

Ratio Oil Exploration (1992) Limited Partnership

85 Yehuda Ha'levi St. Tel-Aviv 6579614 Israel

Tel: +972-3-5661338 Fax: +972-3-5661280

info@ratioil.com www.ratioil.com