Leviathan Sanction - shareholder

1 Leviathan Sanction February 23, 2017. Leviathan Project Sanction Highlights Exceptional quality project with decades of potential First Gas Targeted for the End of 2019. Initial capacity of Bcf/d, future phase expansion to Bcf/d Cyprus 35% WI. Initial 2017 Reserve Bookings Estimated at Tcf Gross Tamar WI. ~550 MMBoe net, over 35% increase in total company reserves Leviathan Dor Target Volume Case of 1 Bcf/d Gross WI. Minimum volume case of 600 MMcf/d at startup Tamar SW. WI Tel Aviv NBL Interests Fully Funded Project Captures Procurement Producing Savings in Offshore Industry Trough Discovery $ * B gross, $ B net phase one capital Sanctioned Ashdod Existing Pipeline AOT. Leviathan initial investment funded with Tamar operating cash Planned Pipeline 47% WI. and planned EMED portfolio management Israel Sets up cost effective expansion Egypt * Includes ~$200 million in pre-investment for expansion and ~$100 million in 2016 capital NBL 2.

2 Superior Reservoir Quality and World Class Scale Geologic similarities to Tamar, and 2x size at 22 Tcf gross recoverable resource Discovered in 2010 Leviathan Reservoir Scale Largest Discovery in Region at 34 Tcf Gas in Place Giant reservoir spans 24 deepwater GOM blocks Clean, High Quality Sand 500- 1,000 mD and 22% porosity Minimal gas processing required Initial Three Wells Averaged 360 ft Net Pay High Deliverability Wells Capable of 300+ MMcf/d sustained production rates Expected 25+ year well life Excellent Lateral and Vertical Connectivity NYC Metro Efficiently drained with minimal development wells Area NBL 3. Leviathan Field Development Plan Cost-effective expansion capability Initial Phase Second Phase $ Billion Gross Additional Deck Capacity 3rd Flowline Export Pipeline Capacity Bcf/d additional capacity Bcf/d 4 additional wells 4 wells Additional Two Process Trains Process Trains 3rd Subsea Tieback Flowline 3x450 MMscf/d Compression Trains Subsea Tieback Flowlines 4x300 MMcf/d Twin 18-inch diameter, 115 km tieback flowlines Up to Bcf/d potential via export pipeline 600 MMcf/d each Domestic Supply Delivers resources to the Israel National Transmission System Field development plan approved for both phases NBL 4.

3 Pathway to First Gas Confidence in timing and cost estimates FEED Finalized Firm Bids Received on Majority of Project Costs Selected Suppliers Experienced from Tamar Project Key Contractors Onboard to Provide Design Input Platform and subsea fabrication, transportation and installation Drilling 1 to 2 Leviathan Production Wells in 2017. First Gas Less Than 3 Years From Sanction Project Phase 2017 2018 2019. $MM Leviathan Net Capital Sanction 1,000. Order Critical Path Equipment 750 Detail Design and Engineering Equipment Manufacturing 500 Drilling and Completions 250 Pipeline Manufacturing Offshore Platform Installation 0. 2017E 2018E 2019E 2020E Commissioning and First Gas NBL 5. Diverse and Robust Marketing Position Target sales volumes of 1 Bcf/d at startup Over 1 Bcf/d Combined of GSPAs and LOIs Bcf/d Sizable Regional Gas Deficit 10.

4 Up to 525 MMcf/d and over $15 B in Current Executed GSPAs 8. High-Quality Contracts High percentage take-or-pay 6. Term of 15+ years 4. Firm floor prices Brent linkage for export contracts 2. Domestic and Export Blended Realized Price at Startup of $ - $ at 0. 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025. Current Brent Pricing Israel Deficit Jordan Deficit Egypt Domestic Deficit Domestic pricing responsive to Natural Gas Regulatory Framework Egypt LNG Plant Deficit Turkey Contract Openers Cyprus Deficit Anticipate higher pricing for export sales Note: Data represents NBL & BDO Israel estimates. Also reflects Egypt LNG imports of ~ Bcf/d through 2020. Export prices very competitive with LNG imports Leviathan Phase One Sales Volume Assumptions (Gross). 2020 2021 2022 2023 2024 2025+.

5 Target Case (Bcf/d) Minimum Case (Bcf/d) NBL 6. Leviathan Phase One Economics Steady cash flow stream, payout within 3-4 years Life of Project Cash Flows*. Phase One Low-cost Development Capital $ B gross, $ B net LOE less than $ Partnership Government of ~40%. wellhead royalty Israel ~60%. Tax Structure Provides for Early Recovery of Capital Profit tax commences 6 to 7 years post $MM Phase One Net Cash Flow Profile- Target Case**. production startup 1,000 1 Bcf/d at Startup 23% corporate tax rate 800. 600. Project Delivers Initial Annual Net Operating 400. Cash Flow of at Least $650 MM at Startup and 200. Exceeds $5 B Over First 10 Years - Minimum volume case delivers at least $400 MM (200). net and adds one year to payout (400). (600). (800). 2017 2020 2023 2026 2029.

6 *Government take includes royalties, profit tax and corporate tax as percentage of project cash flows **Excludes financing; working interest Capex Corporate Tax **See appendix for definition of this Non-GAAP measure Profit Tax Pre-Tax Operating Cash Flow**. Free Cash Flow**. NBL 7. Forward-Looking Statements and Other Matters This presentation contains certain forward-looking statements within the meaning of the federal securities law. Words such as anticipates, believes, expects, intends, will, should, may, . estimate, and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect Noble Energy's current views about future events. They include estimates of oil and natural gas reserves and resources, estimates of future production, assumptions regarding future oil and natural gas pricing, planned drilling activity, future results of operations, projected cash flow and liquidity, business strategy and other plans and objectives for future operations.

7 No assurances can be given that the forward-looking statements contained in this presentation will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, without limitation, the volatility in commodity prices for crude oil and natural gas, the presence or recoverability of estimated reserves, the ability to replace reserves, environmental risks, drilling and operating risks, exploration and development risks, competition, government regulation or other actions, the ability of management to execute its plans to meet its goals and other risks inherent in Noble Energy's business that are discussed in its most recent Form 10-K and in other reports on file with the Securities and Exchange Commission ( SEC ).

8 These reports are also available from Noble Energy's offices or website, Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Energy does not assume any obligation to update forward-looking statements should circumstances or management's estimates or opinions change. The SEC requires oil and gas companies, in their filings with the SEC, to disclose proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. The SEC permits the optional disclosure of probable and possible reserves, however, we have not disclosed our probable and possible reserves in our filings with the SEC.

9 We use certain terms in this presentation, such as gross natural gas resource . These estimates are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of being actually realized. The SEC guidelines strictly prohibit us from including these estimates in filings with the SEC. Investors are urged to consider closely the disclosures and risk factors in our most recent Form 10-K and in other reports on file with the SEC, available from Noble Energy's offices or website, This presentation also contains certain non-GAAP measures of financial performance that management believes are good tools for internal use and the investment community in evaluating Noble Energy's overall financial performance.

10 These non-GAAP measures are broadly used to value and compare companies in the crude oil and natural gas industry. Please see the attached schedules for reconciliations of the differences between any historical non-GAAP measures used in this news release and the most directly comparable GAAP financial measures. NBL 8. Non-GAAP Reconciliations Pre-tax operating cash flow (Non-GAAP) and free cash flow (Non-GAAP) should not be considered an alternative to, or more meaningful than, operating cash flow (GAAP). Our management believes and certain investors may find that pre-tax operating cash flow and free cash flow is beneficial in evaluating and comparing companies in the crude oil and natural gas industry when discussing financial results. The following presents a reconciliation of each of these non-GAAP financial measures to their nearest comparable GAAP measure.