Ratio Energies Partnership : ןnvestors Presentation - August 2023

RATIO ENERGIES

Limited Partnership

INVESTOR PRESENTATION

August 2023

DISCLAIMER This presentation was prepared by Ratio Energies - 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.

2

Entrepreneurial E&P player, prospect generator and 15% WI holder in the Leviathan Field

H1 2023 by the numbers

Key highlights

	$ M	$64M
	176	Net Income
	Revenues
	5.3BCM	6.1$/MMbtu
	Gas Sales	Average Price
	$30M	Interim half-year
	Dividend 2023

New bids for exploration

FID

for 14 BCM/y

Completion of new well

Submitted bids for new exploration licenses offshore Israel, as part of a global consortium

FID taken for laying a 3rd gathering line from the Leviathan field to the platfo7r.m75increasing production capacity to ~14 BCM/y

Completion of 5th production well, on time and on budget

3

LEVIATHAN

World-class asset and regional energy anchor

Ownership

Gross Reserves & Resources1

			Operator	619 BCM
	15%		101	48 mmbl
15%
			77
			39.66%	8	Contingent resources -
		40%
		World-class operator		6	Future development
			assuring the highest	441		Contingent resources -
			standards of operations and
			34	Current development
			unlocking opportunities		Proved resources
	45%		for future development
45.34%				Current development
			Gas	Condensate

By the numbers		330 km2
12 BCM/y	5 Wells
production capacity	currently producing	reservoir area
3.5 years	>35 BCM	<2 kgCO2e/boe
of production	of natural gas supplied	carbon intensity

1.	100%, as per the Partnership's immediate report dated March 19, 2023, "Leviathan discounted cash flow projections" and based on NSAI's 2P+2C estimate as of 31.12.2022.	4

PHASE 1 A UPSTREAM

Optimizing production & monetizing opportunities

Phase 1a Near-mid Term Optimization

Project

Status

Completion of 5th production well

Completed in

Q2 2023

Expediting 3rd gathering line1

FID taken in

Q2 2023

Completion of condensate

Expected completion

transport infrastructure

in Q4 2023

Leviathan Phase 1A production (BCM)2

10-year outlook for Ratio3

12.7

13.7

13.7 BCM

+$4.4 bn

11.8

11.1

accumulated revenue

+$1.8 bn

accumulated cash flow

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

Current capacity

Incremental capacity (3rd GL)

1.	FID taken in Q2 2023, excepted completion in mid 2025	5
2. Forecast assumptions are as per the Partnership's immediate report dated March 19, 2023, "Leviathan discounted cash flow projections" and based on NSAI's 2P+2C estimate as of 31.12.2022

3. Cash flow represents undiscounted Ratio's revenues less royalties, operating expenses, capex and taxes (Levy & CIT) before debt service (principal & interest) & other expenses