ANNUAL GENERAL MEETINGAPRIL 28, 2020

AGENDA

►Formal Business

►Presentation from the President & CEO

► Q1 2020 Review

► COVID-19 Response

► Vermilion’s Business Model

2

FORMAL BUSINESS

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VERMILION ENERGY BOARD OF DIRECTORS

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Lorenzo Donadeo Larry J. Macdonald Carin S. Knickel Stephen P. Larke Loren M. Leiker

Dr. Timothy R. Marchant Robert B. Michaleski William B. Roby Catherine L. Williams

VERMILION ENERGY EXECUTIVES

5

Lars Glemser

Vice President &

Chief Financial Officer

Anthony W. Marino

President &

Chief Executive Officer

Michael Kaluza

Executive Vice President

& Chief Operating Officer

Mona Jasinski

Executive Vice President,

People & Culture

Jenson Tan

Vice President,

Business Development

MEETING MATTERS

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ANNUAL BUSINESS

►Meeting Matter #1

► Set the number of directors at 10 (Ten)

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ANNUAL BUSINESS

►Meeting Matter #2

► Election of directors for the ensuing year

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ANNUAL BUSINESS

►Meeting Matter #3

► Appointment of Deloitte LLP as Auditors for the ensuing year

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SPECIAL BUSINESS

►Meeting Matter #4

► Approve a special resolution (the full text of which is set forth on page

19 of the Information Circular) to reduce the stated capital of

Vermilion’s Common Shares by $3.7 billion

10

SPECIAL BUSINESS

►Meeting Matter #5

► Advisory resolution to accept Vermilion’s approach to executive

compensation as set forth in the Information Circular

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ANNUAL BUSINESS

►Meeting Matter #6

► Receipt of financial statements and the respective auditors’ report for

the year ended December 31, 2019

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ANNUAL BUSINESS

►Meeting Matter #7

► Preliminary voting results

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ANNUAL GENERAL MEETINGAPRIL 28, 2020

PRESENTATION AGENDA

►Q1 2020 Review

►COVID-19 Response

►Vermilion’s Business Model

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Q1 2020 REVIEW

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Q1 2020 REVIEW

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► Production averaged 97,154 boe/d, representing a 1% decrease from the prior quarter, with minor negative effects from the pandemic.

► FFO was $170 million ($1.09/basic share*), a decrease of 21% from the prior quarter, primarily due to lower commodity prices that began to materialize midway through the quarter in response to the COVID-19 pandemic and oil price war that ensued in early March.

► In March, we reduced our monthly dividend by 50% to $0.115 per share and announced an $80 to $100 million reduction to our annual capital budget in response to the COVID-19 pandemic and the resulting negative impact on near-term oil demand and prices.

► Subsequent to the first quarter, we suspended the monthly dividend as a further measure to strengthen our financial position.

► We executed a front-loaded capital program in Q1 2020, in part to mitigate the risk of post break-up weather delays. This capital program has established significant production capacity, which will benefit us throughout the year as we minimize capex for the remainder of 2020.

► Vermilion was named to the CDP Climate Leadership Level (A-) for the third consecutive year.

* Fund Flows from Operations (FFO) is a non-standardized measure (see Advisory). ** Net debt to trailing twelve months funds flow from operations.

Q1 2020 Q4 2019%

Change

Average Production (boe/d) 97,154 97,875 (1%)

Fund Flows from Operations ($MM)* $170 $216 (21%)

Capital Expenditures ($MM) $234 $101 132%

Net Debt ($MM) $2,156 $1,993

Net Debt to Fund Flows from Operations ** 2.6x 2.2x

COVID-19 RESPONSE

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HEALTH & SAFETY RESPONSE TO COVID-19

► Health and safety of our employees and contractors prioritized above all else

► Operational response and business continuity illustrates effectiveness of decentralized

business unit model

► Proactive implementation of Vermilion’s Pandemic and Infectious Disease Plan in each of our

business units

► Leveraged both international and local government direction to ensure a fit for purpose response in

each jurisdiction

► Successful adaptation of work procedures for both field and office staff, ensuring safety and

business continuity in all three of our three operating regions

► No confirmed COVID-19 cases reported in our global workforce

19

OPERATIONAL RESPONSE TO COVID-19

► Physical distancing measures incorporated in all of our field and office locations, and

work schedules adjusted where necessary

► Only moderate impact on our operations due to COVID-19, mainly in France due to

reduced availability of third party services

► Grandpuits refinery in Paris Basin anticipated to remain offline until mid-July

► At present, shut-in impact has annualized impact estimated at 2,000 boe/d

20

$0

$10

$20

$30

$40

$50

$60

$70

Jan

-20

Feb

-20

Mar

-20

Ap

r-20

May

-20

Jun

-20

Jul-

20

Au

g-2

0

Sep

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Oct

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No

v-20

Dec

-20

Jan

-21

Feb

-21

Mar

-21

Ap

r-21

May

-21

Jun

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Jul-

21

Au

g-2

1

Sep

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Oct

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No

v-21

Dec

-21

WT

I OIL

PR

ICE

(U

S$

/ BB

L)

Strip As At January 2, 2020 Strip As At April 22, 2020

OIL MARKET RESPONSE TO COVID-19

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FINANCIAL RESPONSE TO COVID-19

►Dividend suspended until further notice ($420 million annualized)

►Capex reduced by $100 million

►Other expenses reduced by $35 million

►Total cash outlays reduced by over $550 million

►Free cash flow positive for balance of the year at strip pricing

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VERMILION’S MODEL

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STRENGTH OF VERMILION’S MODEL

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Capital Markets

Model

►Integrated organizational, operating, and geographic models allows us to optimize our capital markets model even in a dramatically-altered environment

►Termed-out debt structure with low interest costs enhances our financial flexibility

►Sophisticated risk management program across multiple commodities allows us to react quickly to changing commodity prices and modulate cash flow variability

Operating

Strengths

►Focus on HSE prepares us to react quickly to unexpected situations to ensure safety and business continuity

►Conventional and semi-conventional asset base results in better capital efficiencies and lower decline rates

►Low operating leverage means we can remain cash flow positive even during periods of low commodity prices

Geographic

Strengths

►Global commodity diversification modulates cash flow variability and contributes to higher margins

►Project and jurisdictional diversification reduces risk of underperformance in any single project

Organizational

Strengths

►Decentralized business unit organizational model allows our operating teams to craft optimized solutions to events which have variable local impacts, such as COVID-19

►Low operating and G&A cost base supports higher margins and reduces break-even costs

►Focus on environmental sustainability allows us to reduce costs while reducing carbon emissions

►Strong corporate culture means everyone is willing to pitch in to meet these new challenges

CORE OPERATING AREAS

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VERMILION IS FOCUSED IN THREE STABLE REGIONS* Company 2020 estimates as at April 22, 2020. 2020E assumes WTI price reflecting 4 months of strip, then US$30/bbl flat through the remainder of the year. Brent price reflects 4 months of strip, then WTI plus US$1.53/bbl

(approximate strip differential at April 22, 2020). 2020 strip and noted prices as at April 22, 2020: Brent (US$/bbl) $35.25; WTI (US$/bbl) $32.98; LSB = WTI less US$6.00; TTF ($/mmbtu) $3.90; AECO ($/mmbtu) $2.25; CAD/USD

1.39; CAD/EUR 1.52 and CAD/AUD 0.90. Refer to slide 12 for details on pricing assumptions. Includes existing hedges. FFO is a non-standardized measure (see Advisory).

EUR

29%N.A.

66%AUS

5%

EUR

32% N.A.

55%AUS

13%

2020E

PRODUCTION*

FFO*

COMMODITY MIX

COMMODITY AND GEOGRAPHIC DIVERSIFICATION REDUCE VOLATILITY* Company estimates as at April 22, 2020. FFO Contribution is a non-standardized measure (see Advisory) and excludes interest expense. 2020E assumes WTI price reflecting 4 months of strip, then US$30/bbl flat through the remainder of the year.

Brent price reflects 4 months of strip, then WTI plus US$1.53/bbl (approximate strip differential at April 22, 2020). FFO estimate based on April 22, 2020 strip and noted prices: Brent US$35.25/bbl; WTI US$32.98/bbl; LSB = WTI less US$6.00; TTF

$3.90/mmbtu; AECO $2.25/mmbtu; CAD/USD 1.39; CAD/EUR 1.52 and CAD/AUD 0.90. Refer to slide 12 for details on pricing assumptions. Includes existing hedges.

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

OIL (BRENT)

16%

EUROPEAN GAS

18%

NORTH AMERICAN

GAS

26%

OIL /

CONDENSATE /

NGL

(WTI)

40%

OIL (BRENT)

23%

EUROPEAN GAS

22%

OIL /

CONDENSATE /

NGL

(WTI)

50%

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PRODUCTION AND CAPEX

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DELIVERING PRODUCTION AT SIGNIFICANTLY LOWER CAPITAL INTENSITY

* Production based on the mid-point of guidance range.

0

100

200

300

400

500

600

700

800

0

15

30

45

60

75

90

105

12020

03

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

E*

MB

OE

/ D

$ M

M

PRODUCTION E&D CAPEX

$3,400 $2,700 $4,500 $5,000 $5,600 $5,700 $6,200 $13,400 $13,900 $12,000 $13,200 $14,800 $8,900 $3,800 $4,700 $5,900 $5,200 $3,800

2020 GUIDANCE

► Production guidance of 94,000 to 98,000 boe/d on a capital budget of $350 to $370 million

E&D CAPEX /

BOE/D ($MM)

FFO / FCF

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$0

$200

$400

$600

$800

$1,000

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

E*

FF

O (

$MM

)

LONG-TERM FFO AND FREE CASH FLOW GROWTH DESPITE VOLATILE COMMODITY PRICES* Company estimates as at April 22, 2020. 2020 FFO estimate based on 3 month of actuals, remainder of year at strip and noted prices. 2020E assumes WTI price reflecting 4 months of strip, then US$30/bbl flat through the remainder of the year. Brent

price reflects 4 months of strip, then WTI plus US$1.53/bbl (approximate strip differential at April 22, 2020). 2020 strip and noted prices at April 22, 2020: Brent (US$/bbl) $35.25; WTI (US$/bbl) $32.98 ; LSB = WTI less US$6.00; TTF ($/mmbtu) $3.90;

AECO ($/mmbtu) $2.25; CAD/USD 1.39; CAD/EUR 1.52 and CAD/AUD 0.90. Includes existing hedges. FFO is a non-standardized measure (see Advisory).

-$100

$0

$100

$200

$300

$400

$500

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

E*

FF

O L

ES

S E

&D

CA

PE

X*

($M

M)

FFO FCF (CORPORATE ERA)

DIVIDEND HISTORY

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$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

CU

MU

LA

TIV

E D

IVID

EN

DS

PE

R S

HA

RE

($ /

SH

AR

E)

DIVIDENDS PAID

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

TOTAL PAYOUT RATIO

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HIGH MARGINS + LOW DECLINE + STRONG CAPITAL EFFICIENCY = SUSTAINABILITY

0%

25%

50%

75%

100%

125%

150%

175%

200%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020E 2020EPro

FormaCash Dividends DRIP + PDRIP E&D Capex

TO

TAL

EX

PE

ND

ITU

RE

S /

FF

O*

* 2003-2010 VET reported under Canadian GAAP. As of 2011, VET reports in accordance with IFRS. FFO is a non-standardized measure (see Advisory). Base E&D CAPEX includes abandonment & reclamation costs. Includes existing hedges. 2020 FFO estimate

based on 3 months of actuals, remainder of year at strip and noted prices. 2020 E&D capex based on mid-point of guidance range. 2020E assumes settled and strip estimates for all inputs with exception of oil. 2020E oil assumes a WTI price reflecting 4 months of

strip, then US$30/bbl flat through the remainder of the year. Brent price reflects 4 months of strip, then WTI plus US$1.53/bbl (approximate strip differential at April 22, 2020). 2020 strip and noted prices at April 22, 2020: Brent (US$/bbl) $35.25; WTI (US$/bbl)

$32.98; LSB = WTI less US$6.00; TTF ($/mmbtu) $3.90; AECO ($/mmbtu) $2.25; CAD/USD 1.39; CAD/EUR 1.52 and CAD/AUD 0.90. PDRIP terminated with July 2017 payment.

MONTHLY DIVIDEND

CURRENTLY SUSPENDED

BALANCE SHEET COMPOSITION

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AMPLE LIQUIDITY WITH LONG TERM TO MATURITY AND LOW SERVICE COST

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

$1.6 B

$0.5 B$0.4 B

$0.4 B

CURRENT CREDIT CAPACITY C$2.5 BILLION(UP TO C$2.9 BILLION WITH ACCORDION)

AS AT MARCH 31, 2020

US$ Senior NotesREVOLVING CREDIT FACILITY

Moody’s: B2S&P: B+

Fitch: BB-

► Vermilion’s current weighted average pre-tax cost of debt is approximately 2.43%**

► No near-term maturities

► Covenant-based credit facility termed out to May 2024

► US$ Senior Notes termed out to March 2025

► Banking Syndicate: TD Bank, CIBC, Bank of Montreal, Export Development Canada, National Bank, RBC, Bank of Nova Scotia, Wells Fargo, Bank of America, Citibank, JP Morgan Chase Bank, Desjardins, Alberta Treasury Branches, Canadian Western Bank, Goldman Sachs

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 13.5 12.2

Bank Debt

Undrawn Capacity

Unutilized

$400MM

Accordion

QUARTERLY COMMODITY HEDGE POSITION

32* Company estimate as at April 23, 2020. All prices in Canadian dollars. Hedges converted at 1.52 CAD/EUR, 1.41 CAD/USD, 1.76 CAD/GBP where applicable. Collar prices shown above do not reflect sold put for 3-way

collars. 67% of our 2020 oil hedges use 3-ways. 18% of our 2020 European natural gas hedge uses 3-ways with USD/mWh sold call strikes. ** 16% of the Q2 2020 and Q3 2020 WTI hedge consist of WTI bought put calendar

spread options for Q2 2020 and Q3 2020, at a strike of -$1.30/bbl. See website for more detailed hedging information www.vermilionenergy.com/ir/hedging.cfm.

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

Q4 2020

Q3 2020

Q2 2020

Q1 2020

% of Production Hedged

OIL HEDGES($/bbl)

WTI Swaps

WTI Collars*

WTI Spread**

Brent Swaps

Brent Collars*

Wandoo Collar

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

Q4 2020

Q3 2020

Q2 2020

Q1 2020

% of Production Hedged

Swaps

Collars

HH BasisSwaps

SOCALBasisSwaps

$0.75-$1.41

$0.75-$1.42

$1.32-$2.67

$0.75-

$1.42

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

Q4 2020

Q3 2020

Q2 2020

Q1 2020

% of Production Hedged

Swaps

Collars*

NATURAL GAS HEDGES($/mmbtu)

European Gas North American Gas

$1.49

$7.97-$9.26

$7.98-$9.27

$7.75-$9.09

$8.06-$9.49

$8.42

GLOBAL COMMODITY EXPOSURE PROVIDES MORE HEDGING ALTERNATIVES

$79.45$73.74-

$82.14

$60.69-

$65.92

$65.52-

$72.81

$8.28$62.51-

$69.58 $1.48

$1.48

$1.32

$81.82-

$86.96

$83.59-

$90.50

$39.52

$41.59

$41.54

$43.35-

$53.19

$41.56

$44.39-

$53.97

ENVIRONMENTAL SUSTAINABILITY

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► We recognize the energy transition is occurring, and we are playing a meaningful role

► At the same time, we are realistic that oil and gas consumption will continue during the transition, and will in fact increase over the next few decades

► Our strategy focuses on reducing environmental impacts of traditional energy production while developing renewable energy projects closely related to our core competencies

► Our current projects deliver 9 MW of renewable energy and have fostered new renewable industries

► Sustainability-oriented investors, governments and citizens will have their greatest positive impact by turning to Best-In-Class operators like Vermilion during the transition

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

VALUES MATTER: WE HAVE MADE SUSTAINABILITY CENTRAL TO OUR STRATEGY

► Our strategy is aligned with the UN’s Global Goals for Sustainable Development (SDGs)

► Vermilion has been consistently recognized for outstanding sustainability performance

► CDP (formerly Carbon Disclosure Project) – recognized at Climate Leadership level (A-) in 2019

► SAM – ranked top quartile in 2019 for our industry sector in the annual Corporate Sustainability Assessment (CSA)

► We believe SRI investors should benefit doubly by turning to Vermilion

► We expect strong ESG performance to enhance TSR

► Also generates “alpha” in reducing climate change impacts and social performance

STRATEGIC COMMUNITY INVESTMENT

► Vermilion is committed to giving back to the communities in which we operate

► We assess the critical needs in each community, and determine where our financial resources and volunteer time can make a difference

► We focus our flagship programs on:

► Homelessness and poverty reduction

► Health and safety promotion

► Environmental stewardship

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

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Canada France Netherlands Australia Ireland

Our Community Partners

VERMILION’S STRATEGIC INVESTMENT ENHANCES THE COMMUNITIES WHERE WE OPERATE

CORPORATE CULTURE

“GREAT PLACE TO WORK” INSTITUTE’S ANNUAL RANKING

► Great Place to Work Institute evaluates companies by analyzing results of a confidential Trust Index© survey provided to employees and evaluating the workplace through a Culture Audit©

► Since 2010, Vermilion has been ranked among the Best Workplaces in Canada

► Demonstrates strong corporate culture, creating a high-performance organization

► Reflects highly engaged and motivated staff

► Aids in attracting top talent

► Corporate culture leads to high staff retention rate

► In 2019, Vermilion was recognized as being among the:

► Top 40 Best Workplaces in Canada and Vermilion is the only energy company to receive this award in Canada in any of the company size categories

► Top 10 Best Workplaces in Germany (Lower-Saxony and Bremen Region), placing 5th amongst small and mid-sized companies and 1st in our industry category

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RECOGNIZED AS A GREAT PLACE TO WORK FOR 11 CONSECUTIVE YEARS

CONCLUSION

► Response to the COVID-19 pandemic

► Prioritized health and safety of workforce and community► Adjusted our operating practices to maintain business continuity ► Reduced our capital investment profile, expenses and dividend

► Organizational model has proved its effectiveness during this crisis

► Balance sheet remains our top financial priority

► Adjusted our model to exit COVID-19 downturn in a position of enhanced financial strength► Focus on maximizing free cash flow, which will be allocated to debt reduction

► We remain strong proponents of returning capital to shareholders in appropriate market conditions

► Strength of our asset base and organization leave us well positioned for the future

► Thank you to our employees, communities, and shareholders for your continuing support

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Q & A

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