TGS ASA — Investor Presentation 2021

Sep 15, 2021

Pareto Securities' Energy Conference 2021

15 September 2021 Sven Børre Larsen CFO

Forward-looking Statements

All statements in this presentation other than statements of historical fact, are forward-looking statements, which are subject to a number of risks, uncertainties, and assumptions that are difficult to predict and are based upon assumptions as to future events that may not prove accurate. These factors include TGS' reliance on a cyclical industry and principal customers, TGS' ability to continue to expand markets for licensing of data, and TGS' ability to acquire and process data products at costs commensurate with profitability. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.

TGS Investment Case

1. Quarterly dividends of USD 0.14 per share, share price of NOK 86.48, NOK/USD exchange rate 8.67. Buy-backs at the same rate as past two quarters (average of USD 3.1m per qtr)

2. Free Cash Flow (FCF) defined as cash flow from operations minus multi-client investments

• 3. The Governance Group 2021 ranking of the 100 largest companies on the Oslo Stock Exchange
• 4. Scope 1 and 2 emissions

Dividend yield well above historical average

Dividend yield²

1. Quarterly payments from 2016

2. Dividend announced (annualized) divided by share price

• Maintained dividend during downcycles in 2015-17 and 2020-21
• Current yield at 5.6% (6.7% incl. current buy-back program) compared to historical average of 3.9%

Business model with counter-cyclical qualities

1. Excluding cash flow related to financing and M&A

• Business model adapted to cyclical market conditions
• Lean and adjustable cost base
• Asset-light few capital commitments
• Unit cost of investments correlated with industry cycles

Transforming from oil & gas data to energy data

• Capitalizing on core competencies
• Data & analytics
• Artificial intelligence / machine learning
• Data management
• Geoscience expertise
• Data processing
• Developing integrated ecosystem of data, insights and software solutions to support decision processes throughout the energy transition value chain

• Screening

• Licensing round support

• Investment decisions
• EPC phase support
• O&M optimization
• Combination of organic investments and M&A

Industry-leading ESG performance

• ESG and HSE targets part of executive remuneration
• Executive-level ESG position
• Target net zero by 2030 (Scope 1 and 2 emissions)
• Strong focus on HSE during COVID-19 pandemic
• Actively support industry efforts to address climate and environmental impact

• Focus on improving diversity and inclusion

• Obtain third party, independent assessment ESG reporting

• Publish TGS' Climate Risk & Resiliency Report
• Transition more offices and data centers to renewable energy sources
• Establish diversity and inclusion employee resource group and promote diversity and inclusion awareness among our workforce

2021 actions Next steps The Governance Group

A-rated - Among Top 15 companies on Oslo Stock Exchange

Bloomberg Gender Equality Index

1 of 3 Norwegian companies 1 of 18 energy companies

Signatory to:

• UN Global Compact
• UN Women's Empowerment Principles

Current exploration activity level not sustainable

^{1. 2020} discoveries based on TGS estimates. 2011-19 as reported by IEA

Source: IEA, TGS

• Current exploration activity level delivering ~20% reserve replacement ratio
• Pricing for exploration related services (incl. seismic) at unsustainably low prices
• Substantial amounts of proven resources will never be developed due to high cost, high risk or high GHG emissions in production

Continued challenging near-term outlook

Multi-client investments Multi-client revenues

See the energy at

• E&P spending yet to recover from pandemic related cuts conducted in 2020

• Continued challenging market conditions in the near-term, but signs of through being reached

• Q3 21 expected to be better than the preceding quarter driven by pre-funding revenues
• Too early to conclude on 2022, but promising potential:
• High oil price
• Lower share of legacy commitments in E&P spending
• Historical low supply of new multi-client data due to low investments

1. Quarterly dividends of USD 0.14 per share, share price of NOK 86.48, NOK/USD exchange rate 8.67. Buy-backs at the same rate as past two quarters (average of USD 3.1m per qtr)

2. Free Cash Flow (FCF) defined as cash flow from operations minus multi-client investments

3. The Governance Group 2021 ranking of the 100 largest companies on the Oslo Stock Exchange

4. Scope 1 and 2 emissions

Thank you

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