VERMILION ENERGY INVESTOR PRESENTATIONINTERNATIONALLY DIVERSIFIED | FREE CASH FLOW FOCUSED | ESG LEADERSHIP

JUNE 2020

VERMILION’S KEY ATTRIBUTES

► International oil and natural gas producer with high quality assets in Europe, North America and Australia

► Industry leader in sustainability and ESG performance

► Free cash flow-focused business model with defensive risk-reducing attributes*

► Low decline conventional and semi-conventional assets

► Global commodity exposure with low cost structure that delivers high margins

► Diversified and extensive project slate with strong capital efficiencies

► Dedicated and talented organization with a collaborative decision making process utilizing an Executive

Committee structure

► Shareholder aligned employee and management group with meaningful stock ownership

DIVERSIFIED ASSETS WITH FOCUS ON FREE CASH FLOW GENERATION AND ESG OUTPERFORMANCE

2* Free Cash Flow (FCF) is a non-GAAP measure (see Advisory).

CORE OPERATING AREAS

3

VERMILION IS FOCUSED IN THREE STABLE REGIONS* Company estimates as at June 1, 2020. 2020 FFO estimate based on 4 month of actual pricing, remainder of year at June 1, 2020 strip pricing and noted oil differentials: Brent = WTI plus US$2.16/bbl; WTI (US$/bbl)

$36.29; LSB = WTI less US$5.80/bbl; TTF ($/mmbtu) $3.27; AECO ($/mmbtu) $2.08; CAD/USD 1.37; CAD/EUR 1.51 and CAD/AUD 0.91. Refer to the “FFO Sensitivity” slide in the Supplemental Information section of this

presentation for more details on pricing assumptions. Includes existing hedges. Fund Flows from Operations (FFO) is a non-GAAP measure (see Advisory).

EUR

29%N.A.

66%AUS

5%

EUR

29%N.A.

58%AUS

13%

2020E

PR

OD

UC

TIO

N*

FF

O*

ESG LEADERSHIP

We are committed to Environmental, Social and Governance matters

EnvironmentalWe reduce environmental impacts of

traditional energy production and develop

renewable energy projects through

processes that conserve, reuse and

recycle resources

SocialWe are committed to the care of our

people and those who work with us, and

to the enrichment of the communities

where we live and work through strategic

community investment

GovernanceWe demonstrate strong corporate

governance, with leadership that sets an

example of the highest standards of ethics

and integrity and a commitment to the

responsible development of our assets

4

READ MORE AT HTTP://SUSTAINABILITY.VERMILIONENERGY.COM

* Refer to slides 31 through 34 of this presentation for further details of Vermilion’s ESG performance.

CAPITAL MARKETS SUMMARY

5* Based on fully-diluted shares. ** Net Debt is a non-GAAP measures (see Advisory).

Market Summary

Trading Price (June 1, 2020) $6.97 (TSX), $5.14 (NYSE)

Ticker Symbol (TSX & NYSE) VET

Shares Outstanding (March 31, 2020) 157.0 million

Average Daily Trading Volume (shares) 2.2 million (TSX), 1.4 million (NYSE)

Monthly Dividend Currently Suspended

Director and Employee Ownership * 5%

Capital Structure

Market Capitalization $1.1 billion

Enterprise Value $3.3 billion

Net Debt (including net working capital, March 31, 2020) ** $2.2 billion

Trailing Net Debt-to-FFO Ratio 2.61 x

2020 Guidance

Production 94,000 – 98,000 boe/d

Capital Expenditures $350 – $370MM

RECENT LEADERSHIP CHANGES

NAVIGATING THROUGH VOLATILITY TO POSITION VERMILION FOR LONG-TERM VALUE CREATION

► Lorenzo Donadeo appointed Executive Chairman

► Co-founder and former President and CEO of Vermilion, 39-years

experience in E&P industry, significant shareholder

► Curtis Hicks appointed President

► Former CFO of Vermilion from 2003 – 2018, 37-years experience in E&P

industry

► Re-established a formal Executive Committee to review and approve

key organizational, financial, operational and strategic decisions

► Focus on Vermilion’s core business principles which are underpinned

by a more conservative, long-term focus on balance sheet strength

► Long-term strategic plan, business model and geographic focus

remain unchanged

6

VERMILION EXECUTIVE COMMITTEE

Executive Chairman Lorenzo Donadeo

President Curtis Hicks

Executive VP & COO Michael Kaluza

VP & CFO Lars Glemser

Executive VP

People & CultureMona Jasinski

VP Business Development Jenson Tan

VERMILION’S CORE BUSINESS PRINCIPLES

► Maintain a strong balance sheet with low financial leverage

► Manage total payout ratio at less than 100%

► Consistently deliver results that meet or exceed expectations

► Protect equity and minimize dilution

► Maintain a strong corporate culture

7

OUR DECISIONS AND STRATEGY ARE GUIDED BY OUR CORE BUSINESS PRINCIPLES

VERMILION’S NEAR-TERM PRIORITIES

► Continue to navigate the Company through the COVID-19 pandemic

with a primary focus on HSE and business continuity

► Continuing to find additional operational efficiencies and cost

reductions throughout the business

► Pay down debt, targeting a Debt-to-Cash Flow ratio of less than 1.5x

► Review project slate to determine appropriate pace of development

and allocation of capital

► Continue to strengthen our leadership role in ESG

► Review shareholder return policy and determine the appropriate time

to reinstate dividend and/or share buyback

8

RESPONSE TO COVID-19 PANDEMIC

WE WILL CONTINUE TO SUPPORT THE COMMUNITIES IN WHICH WE LIVE AND WORK

► We are committed to the care of our people and their

families, the environment and the communities in

which we live and work

► Health and safety of our employees and contractors

are prioritized above all else

► Successfully adapted work procedures for both field

and office staff, ensuring safety and business

continuity in all our operating regions

► Only moderate impact on our operations to-date due

to COVID-19

9

CASH OUTFLOW REDUCTIONS

$420MMAnnualized savings from

suspension of dividend

$100MM2020 Capital program

reduced by over 20%

$35MMOperating and G&A expense

cost savings identified to-date

OVER $550MM* OF CASH REDUCTIONS TO-DATE

* Represents annualized total cash outflow reductions identified to-date.

FFO / FCF

10

$0

$200

$400

$600

$800

$1,00020

10

2011

2012

2013

2014

2015

2016

2017

2018

2019

$MM

CONTINUING TO GENERATE FREE CASH FLOW THROUGH VOLATILE COMMODITY CYCLES* Company estimates as at June 1, 2020. 2020 FFO estimate based on 4 month of actual pricing, remainder of year at flat WTI prices of US$40/bbl and US$50/bbl as noted above and June 1, 2020 strip pricing and noted oil differentials: Brent = WTI

plus US$2.16/bbl; LSB = WTI less US$5.80/bbl; TTF ($/mmbtu) $3.27; AECO ($/mmbtu) $2.08; CAD/USD 1.37; CAD/EUR 1.51 and CAD/AUD 0.91. FFO based on the mid-point of our 2020 production guidance range. Refer to the “FFO Sensitivity”

slide in the Supplemental Information section of this presentation for more details on pricing assumptions. Includes existing hedges. FCF presented as FFO less the low-end of our E&D Capital Guidance range.

HISTORICAL FFO

US$40 WTI

US$40 WTI

US$50 WTI

US$50 WTI

$0

$200

$400

$600

$800

$1,000

FFO* FCF**

$MM

2020 FORECAST

FREE CASH FLOW YIELD

11

* RBC Capital Markets estimates at futures strip. Free Cash Flow = Operating Cash Flow less Gross Capital Expenditures (excluding Acquisition + Disposition activity). FCF Yield = (Operating Cash Flow - Gross Capital Expenditures)/Market Cap.

Includes Canadian companies from RBC’s May 28, 2020 comp table with 2020E production >50,000 boe/d. ** 2020E FCF Yield lower than -10%. *** Based on internal VET estimates as at June 1, 2020. 2020 FFO estimate based on 4 months of

actual pricing, remainder of year at flat WTI price of US$50/bbl and June 1, 2020 strip pricing and noted oil differentials: Brent = WTI plus US$2.16/bbl; LSB = WTI less US$5.80/bbl; TTF ($/mmbtu) $3.27; AECO ($/mmbtu) $2.08; CAD/USD 1.37;

CAD/EUR 1.51 and CAD/AUD 0.91. FCF presented as FFO less the low-end of our E&D Capital Guidance range and FCF Yield calculated using June 1, 2020 market capitalization.

-10%

-5%

0%

5%

10%

15%

20%

WCP VET PEY CNQ ARX BNP TOU VII ERF MEG IMO SU CVE CPG BTE** HSE** NVA** BIR** POU**

2020

E F

CF

YIE

LD

(%

)*

2020E FREE CASH FLOW (FCF) AS A PERCENTAGE OF MARKET CAPITALIZATION

HIGH FREE CASH FLOW YIELD RELATIVE TO CANADIAN MARKET PEERS

0%

5%

10%

15%

20%

VET @US$50 WTI

2020

E F

CF

YIE

LD

(%

)***

2020E FCF YIELD SENSITIVITY

INTERNATIONAL DIVERSIFICATION

12

GLOBAL COMMODITY DIVERSIFICATION

EXPOSURE TO GLOBAL COMMODITY PRICE BENCHMARKS REDUCES CASH FLOW VOLATILITY* Company estimates as at June 1, 2020. FFO Contribution excludes interest expense. FFO estimate based on June 1, 2020 strip pricing and noted oil differentials: Brent = WTI plus US$2.16/bbl; WTI US$36.29/bbl; LSB

= WTI less US$5.80/bbl; TTF $3.27/mmbtu; AECO $2.08/mmbtu; CAD/USD 1.37; CAD/EUR 1.51 and CAD/AUD 0.91. Refer to the “FFO Sensitivity” slide in the Supplemental Information section of this presentation for

more details on pricing assumptions.

PRODUCTION (2020E)* ESTIMATED FFO CONTRIBUTION (2020E)*

OIL (BRENT)

15%EUROPEAN GAS

19%

NORTH AMERICAN

GAS

26%

OIL /

CONDENSATE /

NGL

(WTI)

40%

OIL (BRENT)

23%

EUROPEAN GAS

19%OIL /

CONDENSATE /

NGL

(WTI)

54%

13

GLOBAL COMMODITY PRICING ADVANTAGE

14

VERMILION’S GLOBAL COMMODITY PORTFOLIO INCLUDES ADVANTAGED PRODUCTS

* Based on Q1 2020 actuals, rounded to the nearest $0.25. ** Powder River Basin differential reflects production weighted average differential incorporating contracts in place on Hilight production. ***

“LSB” – Light Sour Blend; “C5+” – Condensate; “MSW” – Mixed Sweet Blend; “WCS” – Western Canadian Select. **** Forward prices as at June 1, 2020.

2020E VET

Crude Oil Mix

Q1 2020 VET Premium

/ (Discount) to WTI

(US$/bbl)*

Brent 34% $9.00

C5+ (AB Condy) 6% $0.00

Guernsey Light Sweet**

(Wyoming Light Oil)10% ($2.25)

MSW (AB Light Oil)*** 10% ($7.50)

LSB (SE SK Light Oil)*** 40% ($7.75)

WCS (Cdn Heavy)*** 0% ($20.50)

Total 100% ($1.00)

$0

$2

$4

$6

$8

$10

$12

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020E2021E2022E

GA

S P

RIC

E (

C$/

MM

BT

U)*

***

NBP (UK) TTF (Netherlands)

AECO (Canada) Henry Hub (US)

Dominion South (Marcellus)

NATURAL GAS BENCHMARKSOIL BENCHMARKS

COMMODITY HEDGE POSITION

15

VISIT VERMILIONENERGY.COM/INVEST-WITH-US/HEDGING.CFM FOR MORE DETAILED HEDGING INFORMATION

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Corporate Total

North AmericanNatural Gas

EuropeanNatural Gas

Brent

WTI

PERCENT OF PRODUCTION HEDGED (%)

FULL YEAR 2020*

Swaps

Collars

3-Ways

Basis Swaps

* Company estimates as at June 1, 2020. Bought Put Options are included as Collars in the chart above. Average prices above do not reflect the impact of Sold Puts within the 3-way structures which can

alter the average floor price depending on the underlying commodity price.

Average Floor

C$61.68/bbl

Average Floor

C$52.19/bbl

Average Floor

C$1.32/mmbtu

Average Floor

C$7.97/mmbtu

BALANCE SHEET

16

BALANCE SHEET COMPOSITION

17

AMPLE LIQUIDITY WITH LONG TERM TO MATURITY, LOW SERVICE COST, AND STRONG COVENANT COVERAGE

* Values as defined in the credit agreement. ** Weighted average cost of incremental debt using March 31, 2020 closing balances and CDOR rates as of April 23, 2020 is approximately 2.5%. *** The

terms of the indenture limit the ability to, among other things: make certain payments/distributions, incur additional indebtedness or perform certain corporate restructurings.

$1.6 B

$0.5 B

$0.4 B

CURRENT CREDIT CAPACITY C$2.5 BILLIONAS AT MARCH 31, 2020

US$ Senior NotesREVOLVING CREDIT FACILITY

Moody’s: B2S&P: B+

Fitch: BB-

► Vermilion’s annual pre-tax cost of debt is approximately 4%**

► No near-term maturities

► Covenant-based credit facility termed out to May 2024

► US$ Senior Notes termed out to March 2025

► Vermilion’s US$ Senior Notes have no financial covenants***

4-Year Covenant-based Credit FacilityFinancial Covenants Covenant YE 2019 Q1 2020

Total debt / Consolidated EBITDA* Less than 4.0 1.94 2.19

Senior debt / Consolidated EBITDA* Less than 3.5 1.56 1.73

Interest Coverage Ratio* Greater than 2.5 13.46 12.21

Bank

Debt

Undrawn

Capacity

0.0x

1.0x

2.0x

3.0x

4.0x20

03

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Q1

NET DEBT TO FFO* NET DEBT TO EBITDA**

FINANCIAL LEVERAGE

18

LOW FINANCIAL LEVERAGE IS ONE OF OUR FIVE CORE BUSINESS PRINCIPLES

* Reflects period-end Net Debt. ** EBITDA as defined in the credit agreement.

LEVERAGE RATIOS

ASSET OVERVIEW

19

EUROPEAN CORE AREA

20

FRANCE

► #1 domestic oil producer with ¾ share

of the domestic industry

► Extensive inventory of workovers,

recompletions, waterfloods and infill

drilling

► 1P / 2P Reserves: 41.0 / 59.7 mmboe*

► Q1 2020 Production: 9,957 bbl/d

IRELAND

► Corrib field constitutes ~90% of

Ireland’s gas production

► 1P / 2P Reserves: 11.8 / 17.8 mmboe*

► Q1 2020 Production: 6,896 boe/d

NETHERLANDS

► #2 onshore gas producer

► Large and growing inventory of drilling opportunities

► 1P / 2P Reserves: 11.1 / 21.0 mmboe*

► Q1 2020 Production: 8,143 boe/d

GERMANY

► Establishing production operations and

substantial exploratory land position in

the North German Basin

► 1P / 2P Reserves: 13.8 / 26.7 mmboe*

► Q1 2020 Production: 3,349 boe/d

CENTRAL & EASTERN EUROPE

► Established sizable land position in under-

invested basin with modest, back-loaded

commitments

► #1 onshore landholder in Croatia with

approximately 2.2 million net acres

► Awarded three concessions covering

more than 950,000 net acres in Hungary

► Entered farm-in agreement in Slovakia

covering approximately 242,500 net acres

► Awarded two exploration licenses in

Ukraine covering approximately 250,000

net acres

* As evaluated by GLJ in a report dated February 10, 2020, with an effective date of December 31, 2019. (See Advisory).

EUROPEAN PRODUCTION

21

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009* 2010* 2011* 2012* 2013* 2014* 2015* 2016 2017 2018 2019 2020E

France Netherlands Germany Ireland CEE

BUILDING OUR EUROPEAN FRANCHISE FOR OVER TWO DECADES WHILE GENERATING STRONG FREE CASH FLOW* 2009-2015: Includes E&D Capex of $496MM and negative FFO of $46MM associated with the Corrib project in Ireland, which produced first gas on December 30, 2015. ** 2020 FFO estimate based on 4 months of actual pricing,

remainder of year at June 1, 2020 strip pricing and noted oil differentials: Brent = WTI plus US$2.16/bbl; TTF ($/mmbtu) $3.27; NBP ($/mmbtu) $3.22; CAD/EUR 1.51; CAD/USD 1.37. Refer to the “FFO Sensitivity” slide in the

Supplemental Information section of this presentation for more details on pricing assumptions. Estimates includes existing hedges and excludes interest.

BO

E/D

n/a 43% 51% 101% 45% 73% 111% 56% 23% 46% 26% 86% 84% 65% 43% 71% 93% 70% 31% 33% 29% 36% 63%E&D CAPEX

AS % OF FFO**

NORTH AMERICA

CANADA

► Targeting light oil and condensate-rich natural gas in West Central Alberta and light oil in

SE Saskatchewan

► Over 400,000 net acres in West Pembina targeting the Mannville (2,400 – 2,700m depth)

and Cardium (1,800m depth) formations with shared surface infrastructure

► Over 500,000 net acres of land in southeast Saskatchewan with development potential in

several stacked high-return targets

► Q1 2020 Production: 59,537 boe/d; 1P / 2P Reserves: 191.4 / 300.5 mmboe*

UNITED STATES

► Entered the US in 2014 to identify and develop light oil opportunities beginning with the

Powder River Basin in northeastern Wyoming

► Over 140,000 net acres (90% operated working interest) in the Powder River Basin

targeting Turner Sand development in the Hilight (2,600m) and East Finn (1,500m) assets

► Q1 2020 Production: 4,685 boe/d; 1P / 2P Reserves: 30.6 / 59.3 mmboe*

22

SIGNIFICANTLY ADVANTAGED PLAYS IN THE NORTH AMERICAN INDUSTRY

* As evaluated by GLJ in a report dated February 10, 2020, with an effective date of December 31, 2019. (See Advisory).

NORTH AMERICAN PRODUCTION

23

2020 CAPEX PROGRAM DELIVERS PRODUCTION GROWTH WITH FREE CASH FLOW

* 2020 FFO estimate based on 4 months of actual pricing, remainder of year at June 1, 2020 strip pricing and noted oil differentials: WTI (US$/bbl) $36.29; LSB = WTI less US$5.80/bbl; AECO ($/mmbtu) $2.08; Henry Hub

(US$/mmbtu) $1.98; CAD/USD 1.37. Refer to the “FFO Sensitivity” slide in the Supplemental Information section of this presentation for more details on pricing assumptions. Includes existing hedges and excludes interest.

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020E

Canada United States

E&D CAPEX

AS % OF FFO* 21% 36% 67% 58% 31% 76% 247% 225% 165% 101% 92% 127% 57% 74% 80% 72% 88%

BO

E/D

AUSTRALIA

► Entered Australia in 2005

► Offshore oil field ~80 km N.W. of Australia (55m water depth)

► Horizontal well development with 20 wellbores, five dual laterals and 10

additional drilling opportunities identified*

► New wells target undrained oil trapped in the reservoir

► Contracted oil sales receives a premium to Dated Brent index and the

field managed for stable production of approximately 5,000 bbls/d

► Q1 2020 Production: 4,041 boe/d; 1P / 2P Reserves: 8.6 / 13.2 mmboe**

24

STABLE ASSET DELIVERING PREMIUM TO BRENT PRICING AND STRONG FREE CASH FLOW* Inventory reflects net 2P locations and net unrisked contingent resource (best estimate) locations in the development pending category and net unrisked prospective resource (best estimate) locations as evaluated by GLJ.

See Appendix A of Vermilion’s Annual Information Form dated March 6, 2020 for further details on the chance of development, chance of discovery and other country specific contingencies. (See Advisory). ** As evaluated by

GLJ in a report dated February 10, 2020, with an effective date of December 31, 2019. (See Advisory).

AUSTRALIA PRODUCTION

25

0

2,000

4,000

6,000

8,000

10,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020E

BO

E/D

Crude Oil

E&D CAPEX

AS % OF FFO* 19% 15% 43% 7% 48% 16% 40% 51% 34% 75% 81% 42% 96% 31% 36%

MANAGING FOR STABLE PRODUCTION WHILE GENERATING POSITIVE FREE CASH FLOW

* 2020 FFO estimate based on 4 months of actual pricing, remainder of year at June 1, 2020 strip pricing and noted oil differentials; Brent = WTI plus US2.16$/bbl; CAD/USD 1.37; CAD/AUD 0.91.

Refer to the “FFO Sensitivity” slide in the Supplemental Information section of this presentation for more details on pricing assumptions. Includes existing hedges and excludes interest.

SUMMARY

26

► Vermilion provides a compelling investment opportunity as we re-focus on our core business principles

and reduce debt levels in a recovering global commodity price environment

► We continue to act in accordance with our core values of excellence, trust, respect and responsibility

as we navigate through the COVID-19 pandemic

► Vermilion’s assets have the capacity to produce significant free cash flow as commodity prices recover

► Executive Committee re-established to review and approve key organizational, financial, operational

and strategic decisions for the Company

► Our business principles of balance sheet strength and capital discipline are focused on positioning the

Company for long-term value creation

SUPPLEMENTAL INFORMATION

27

2020 RESULTS TO-DATE

28* Fully-diluted shares.

2020

GuidanceQ1 2020

Average Production boe/d 94,000 – 98,000 97,154

% Crude oil, condensate and NGLs % 55% 54%

% Natural gas % 45% 46%

Capital Expenditures $MM $350 – $370 $234

Petroleum and natural gas sales $MM – $328

Fund Flows from Operations (FFO) $MM – $170

FFO per share $/share* – $1.09

Net Debt $MM – $2,156

FFO SENSITIVITY

29

OUR THREE LARGEST SOURCES OF FUND FLOWS ARE WTI OIL, BRENT OIL AND EUROPEAN GAS

2020 FORECAST FFO (C$MM)*

TT

F (

C$/

MM

BT

U)

WTI (US$/BBL)

25 30 35 40 45 50

3.00 299 353 411 462 508 552

4.00 315 369 427 477 524 568

5.00 328 385 440 491 538 583

6.00 342 398 454 505 551 596

7.00 354 410 465 516 564 609

8.00 361 415 471 521 570 614

ANNUAL UNHEDGED FFO SENSITIVITY (C$MM)

WTI &

Brent

LSB / WTI

DifferentialTTF & NBP AECO CAD/USD CAD/EUR

Change US$1/bbl US$1/bbl $0.25/mmbtu $0.25/mmbtu $0.01 $0.01

FFO Impact

(C$)$20.1MM $8.4MM $7.5MM $12.0MM $7.7MM $0.8MM

COMMODITY ASSUMPTIONS**

2020E

Brent (US$/bbl) $38.45

WTI (US$/bbl) $36.29

LSB = WTI less (US$/bbl) $5.80

MSW = WTI less (US$/bbl) $6.11

TTF ($/mmbtu) $3.27

NBP ($/mmbtu) $3.22

AECO ($/mmbtu) $2.08

Henry Hub (US$/mmbtu) $1.98

CAD/USD 1.37

CAD/EUR 1.51

CAD/AUD 0.91

EUR/GBP 1.13

* Sensitivities based on 4 months of actual pricing, while sensitizing the remainder of the year at noted prices for the products sensitized (ie. US$40 WTI averaged over May through December) while holding the remainder of

the pricing at the June 1, 2020 strip. FFO based on the mid-point of our 2020 production guidance range. Includes hedges. ** Commodity price assumptions listed have been reflected throughout this presentation using the

June 1, 2020 strip, unless otherwise noted.

COST REDUCTION

30

VERMILION’S ONGOING FOCUS ON EFFICIENCY HAS RESULTED IN SIGNIFICANT PER UNIT COST REDUCTIONS

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

OPEX* Transportation Royalties G&A

$ / B

OE

2012 2013 2014 2015 2016 2017 2018 2019

OPERATING EFFICIENCY

15% Reduction

from 2014 Peak

52% Reduction

from 2014 Peak

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

2P F&D (Including FDC)

$ / B

OE

2012 2013 2014 20152016 2017 2018 2019

ORGANIC CAPITAL EFFICIENCY

67% Reduction

8% Reduction

24% Reduction

from 2014 Peak

* Opex increase since 2017 reflects partial 2018 and full-year 2019 impact of the Spartan acquisition, which was comprised of oil-weighted assets (90% light oil) that have a higher unit operating cost,

but also a higher revenue contribution.

ENVIRONMENTAL SUSTAINABILITY

► We are playing a meaningful role in the energy transition by reducing

the environmental impact of our traditional energy production and

developing renewable energy projects

► We deploy energy and emissions efficiency improvement projects

throughout our operations

► In France, oil operations provide geothermal heat to industrial-scaled

agriculture and eco-friendly housing projects with strong social impact

► Vermilion has been consistently recognized for outstanding

sustainability performance

► Our strategy is aligned with the UN’s Global Goals for Sustainable

Development (SDGs)

► We believe sustainability-oriented investors, governments and citizens

will have their greatest positive impact by turning to Best-In-Class

operators like Vermilion during the energy transition

31

VALUES MATTER: WE HAVE MADE SUSTAINABILITY CENTRAL TO OUR STRATEGY

View our Sustainability Report online at http://sustainability.vermilionenergy.com

ENVIRONMENTAL PERFORMANCE

CDP (FORMERLY CARBON DISCLOSURE PROJECT)

► CDP is an international environmental organization that collects data about carbon emissions

and energy use; its rankings are based on emissions disclosure and intensity reduction

► Vermilion reduced emissions intensity by 44% from 2014 to 2017

PARENTIS SUSTAINABILITY PARTNERSHIP

► Vermilion was the recipient of France’s Circular Economy Award for our project to supply

geothermal heat from our oil operation to local tomato greenhouses

► Project provides 8 MW of renewable energy and prevents the emission of 10,000 tonnes of

CO2/year

LA TESTE ECO-NEIGHBOURHOOD

► Our operations in La Teste, France support an eco-neighborhood of 550 homes heated

similar to the tomato greenhouses, using recycled geothermal energy from our oil operation

► 30-year partnership providing 80% of the energy for 550 homes by supplying 1 MW of

renewable energy while preventing the emission of 500 tonnes of CO2/year

32

VERMILION IS A CLIMATE LEADER IN OUR PEER GROUP

Vermilion’s emissions data are externally verified under ISO 14064-3. View our Sustainability Report online at http://sustainability.vermilionenergy.com

2019 Leadership Level rating of A-One of two Canadian oil and gas sector companies, one of four in

North America, and 16 globally to achieve this level (Top 6%)

2018 Leadership Level rating of A-Only Canadian oil and gas sector company, one of two in North

America, and 13 globally to achieve this level (Top 5%)

2017 Leadership Level rating of A-Only Canadian energy sector company, one of two in North

America, and 18 globally to achieve this level (Top 4%)

2016 "A list" level (highest ranking possible)One of 193 companies globally, one of five energy companies in

the world, and the only North American company to make the list

2015 Leading energy company on the Canadian

Climate Disclosure Leadership Index (CLDI)First Canadian energy company to achieve the top score of 100

SOCIAL PERFORMANCE

► Committed to the care of our people and the enrichment of the communities where we live and work

► Give back through strategic community investment

► In the past five years, Vermilion has invested more than $9.2 million and 11,100 hours of volunteer time in our communities

► Demonstrate excellent results in annual employee survey provided by the Great Place to Work Institute to evaluate workplace culture

► Recognized in 2020 Best Workplaces competition as top 40 in Canada and top 30 in Germany*

► Maintain a strong corporate culture

► Live and breathe core values of Excellence, Trust, Respect and Responsibility

33* Vermilion was the only energy company recognized out of more than 600 participating Canadian companies. In Germany, we also placed 5th in the Lower Saxony and Bremen Region

competition and 1st in the industry competition. View our Sustainability Report online at http://sustainability.vermilionenergy.com

GOVERNANCE & ESG PERFORMANCE

► Vermilion demonstrates strong corporate governance, with leadership that sets an example of the highest standards

of ethics and integrity and a commitment to the responsible development of our diverse resource portfolio

► SAM's Corporate Sustainability Assessment (CSA)► Ranked top quartile in 2019 for our industry sector

► The Globe and Mail, Board Games► In 2019, we ranked 1st amongst our peer group and 4th amongst Canadian oil and gas companies and within the top quartile of

all companies in the S&P/TSX Composite Index

► MSCI ESG Research ► Rated AA in 2019 for ESG and in the top 19% of oil and gas companies worldwide in the Governance Metrics Report

► Institutional Shareholder Services (ISS)► Recognized for excellence in managing risk by ISS QualityScore with a decile rating of “1” for Environment and Social practices

and “3” for Governance practices in 2019

► Sustainalytics► In 2019, Vermilion scored in the 78th percentile in the annual Sustainalytics ratings, ranking at the top of our peer group*

34* Peers with Sustainalytics scores include; ARX, ATH, BTE, CPG, ERF, FEC, MEG, OBE, PEY, POU, TOU, VII. View our Sustainability Report online at http://sustainability.vermilionenergy.com

ANALYST COVERAGE

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FIRM ANALYST PHONE EMAIL

AltaCorp Capital Patrick J. O’Rourke, CFA 403-539-8615 porourke@altacorpcapital.com

Bank of America Merrill Lynch Asit Sen, CFA 646-855-2602 asit.sen@baml.com

BMO Nesbitt Burns Ray Kwan, P.Eng. 403-515-1501 ray.kwan@bmo.com

Canaccord Genuity Corp. Dennis Fong 403-508-3884 dfong@canaccordgenuity.com

CIBC Capital Markets Dave Popowich 403-216-3401 dave.popowich@cibc.com

Credit Suisse Manav Gupta 212-325-6617 manav.gupta@credit-suisse.com

Desjardins Scott Van Bolhuis, CFA 403-532-6625 scott.vanbolhuis@desjardins.com

Edison Investment Research Carlos Gomes 44-(0)20-3077 5722 oilandgas@edisongroup.com

Eight Capital Ian Macqueen 403-509-2662 imacqueen@viiicapital.com

J.P. Morgan Arun Jayaram 212-622-8541 arun.jayaram@jpmorgan.com

National Bank Financial Travis Wood 403-290-5102 travis.wood@nbc.ca

Peters & Co. Dan Grager, CA 403-261-2243 dgrager@petersco.com

Raymond James Jeremy McCrea, CFA 403-509-0518 jeremy.mccrea@raymondjames.ca

RBC Capital Markets Greg Pardy, CFA 416-842-7848 greg.pardy@rbccm.com

Scotia Capital Patrick Bryden, CFA 403-213-7750 patrick.bryden@scotiacapital.com

STIFEL FirstEnergy Michael Dunn, CFA 403-262-0643 mdunn@stifel.com

TD Securities Inc. Menno Hulshof, CFA 403-299-8658 menno.hulshof@tdsecurities.com

Veritas Investment Research Jeffrey Craig, CPA, CA 416-866-8783 jcraig@veritascorp.com

ADVISORY

This presentation is for information purposes only and is not intended to, and should not be construed to constitute, an offer to sell or the solicitation of an offer to buy, securities of Vermilion. This presentation and its contents should not be construed, under any circumstances, as investment, tax or legal advice. Any person viewing this presentation acknowledges the need to conduct their own thorough investigation into Vermilion and its activities before considering any investment in its securities.

Certain statements included or incorporated by reference in this presentation may constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable Canadian and United States securities laws (collectively, "forward-looking statements"). Forward-looking statements are typically identified by words such as "anticipate", "continue", "estimate", "expect", "forecast", “focus”, "may", "will", "project", "could", "plan", "intend", "should", "believe", "outlook", "potential", "target", "seek", "budget", "predict", "might" and similar words suggesting future events or future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements in this presentation may include, but are not limited to, matters relating to: business strategies, plans and objectives (including over the near, medium and longer-term); forecast (or estimated) fund flows from operations (FFO) and free cash flow (FCF), FCF yield, production mix and FFO contribution; commodity pricing and FFO sensitivity; dividends; share buybacks; and hedging. In addition, statements relating to "reserves" or "resources" are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated and can be profitably produced in the future.

Forward-looking statements are based on Vermilion’s current expectations and assumptions and are subject to a number of risks and uncertainties that could materially affect future results. In addition to assumptions identified in this presentation, assumptions have also been made regarding: availability of equipment, services and supplies; marketing of crude oil, natural gas liquids and natural gas; timely receipt of required regulatory approvals; foreign currency exchange rates and interest rates; and timing and results of development activities. Risks include, but are not limited to, general economic risks and uncertainties, future commodity prices, exchange rates, interest rates, geological risk, political risk, regulatory approval risk, production demand, transportation restrictions, risks associated with COVID-19, changes in tax, royalty and regulatory regimes and risks associated with international activities. Additional risks and uncertainties are described in Vermilion’s Annual Information Form, as well as Vermilion’s Management’s Discussion and Analysis (“MD&A”) which are filed on SEDAR at www.sedar.com and on the SEC’s EDGAR system at www.sec.gov. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in the Company's securities should not place undue reliance on these forward-looking statements. Forward looking statements are made as of the date hereof and Vermilion undertakes no obligation to update publicly or revise any forward looking statements, whether as a result of new information, future events, or otherwise, unless required by applicable securities laws.

All references are to Canadian dollars unless otherwise specified.

This presentation contains certain non-standardized financial measures including net debt and fund flows from operations as well as non-GAAP measures including netbacks that are not determined in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board. These measures as presented do not have any standardized meaning prescribed by IFRS and therefore may not be comparable with calculations of similar measures by other companies. Reference is made to Vermilion's publicly filed documents, including our most recently filed MD&A, for a discussion of these measures, including a reconciliation of fund flows from operations to cash flow from operating activities and net debt to long-term debt. Management believes that, in conjunction with results presented in accordance with IFRS, these measures assist in providing a more complete understanding of certain aspects of Vermilion’s results of operations and financial performance. Investors are cautioned, however, that these measures should not be construed as an alternative to measures determined in accordance with IFRS as an indication of our performance.

Certain natural gas volumes have been converted on the basis of six thousand cubic feet of gas to one barrel equivalent of oil. Barrels of oil equivalent (boe’s) may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

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ADVISORY ON RESERVES AND RESOURCE DISCLOSURE

Reserves & Resource Definitions

All reserves and resources estimates in this presentation are derived from evaluation reports (dated February 10, 2020 with an effective date of December 31, 2019 relating to our year-end reserves) prepared by GLJ Petroleum Consultants Ltd. (“GLJ”), an independent qualified reserves evaluator, in accordance with the Canadian Oil and Gas Evaluation Handbook (the "COGEH") and National Instrument 51-101 –Standards of Disclosure for Oil and Gas Activities. The following provides the definitions of the various reserves and resource categories used in this presentation as set out in the COGEH. Reserves are estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on the analysis of drilling, geological, geophysical and engineering data; the use of established technology; and specified economic conditions, which are generally accepted as being reasonable. Reserves are classified according to the degree of certainty associated with the estimates as follows:

Proved Reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved (“1P”) reserves.

Probable Reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable (“2P”) reserves.

"Contingent resource" and “prospective resource” are not, and should not be confused with, petroleum and natural gas reserves. Contingent resource is defined in the COGEH as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies.

Prospective resources are defined in the COGEH as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from unknown accumulations by application of future development projects. Prospective resources have both an associated chance of discovery (CoDis) and a chance of development (CoDev).

A range of contingent and prospective resource estimates (low, best and high) were prepared by GLJ for each property using deterministic principles and methods. A low estimate is considered to be a conservative estimate of the quantity of the resource that will actually be recovered. It is likely that the actual remaining quantities recovered will exceed the low estimate. Those resources at the low end of the estimate range have the highest degree of certainty (a 90% confidence level) that the actual quantities recovered will be equal or exceed the estimate. A best estimate is considered to be the best estimate of the quantity of the resource that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. Those resources that fall within the best estimate have a 50% confidence level that the actual quantities recovered will be equal or exceed the estimate. A high estimate is considered to be an optimistic estimate of the quantity of the resource that will actually be recovered. It is unlikely that the actual remaining quantities of resource recovered will meet or exceed the high estimate. Those resources at the high end of the estimate range have a lower degree of certainty (a 10% confidence level) that the actual quantities recovered will equal or exceed the estimate.

The primary contingencies which currently prevent the classification of the contingent resource as reserves include but are not limited to: preparation of firm development plans, including determination of the specific scope and timing of the project; project sanction; access to capital markets; stakeholder and regulatory approvals; access to required services and field development infrastructure; oil and natural gas prices in Canada and internationally in jurisdictions in which Vermilion operates; demonstration of economic viability; future drilling program and testing results; further reservoir delineation and studies; facility design work; corporate commitment; limitations to development based on adverse topography or other surface restrictions; and the uncertainty regarding marketing and transportation of petroleum from development areas.

There is no certainty that any portion of the prospective resources will be discovered. There is no certainty that it will be commercially viable to produce any portion of the contingent resources or prospective resources or that Vermilion will produce any portion of the volumes currently classified as contingent resources or prospective resources. All contingent resources and prospective resources evaluated by GLJ were deemed economic at the effective date of December 31, 2019. The estimates of contingent resources and prospective resources involve implied assessment, based on certain estimates and assumptions, that the resources described exist in the quantities predicted or estimated and that the resources can be profitably produced in the future. The risked net present value of the future net revenue from the contingent resources and prospective resources does not represent the fair market value. Actual contingent resources and prospective resources (and any volumes that may be reclassified as reserves) and future production therefrom may be greater than or less than the estimates provided herein.

For more detail, including the forecast price and cost assumptions used by GLJ in preparing their evaluation reports, the chance of development, the chance of discovery, and other country specific contingencies, please refer to Vermilion’s Annual Information Form for the year ended December 31, 2019 available under the Company profile at www.sedar.com.

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