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NINE ENERGY SERVICE

INVESTOR PRESENTATION

Q2 2019

Forward-Looking Statements & Non-GAAP Financial MeasuresCertain statements in this presentation are forward-looking statements that are subject to a number of risks and uncertainties, many of which are beyond our control. All statements, other than statements of historical fact included in this presentation, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this presentation, the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Forward-looking statements may include statements about the volatility of future oil and natural gas prices; our ability to successfully manage our growth, including risks and uncertainties associated with integrating and retaining key employees of the businesses we acquire; availability of skilled and qualified labor and key management personnel; our ability to accurately predict customer demand; competition in our industry; governmental regulation and taxation of the oil and natural gas industry; environmental liabilities; our ability to implement new technologies and services; availability and terms of capital; general economic conditions; operating hazards inherent in our industry; our financial strategy, budget, projections, operating results, cash flows and liquidity; and our plans, business strategy and objectives, expectations and intentions that are not historical. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements contained herein are reasonable, we can give no assurance that these plans, intentions or expectations will be achieved.

For additional information regarding known material factors that could affect our operating results and performance, please see our final IPO prospectus, Current Reports on Form 8-K, Annual Report on Form 10-K and Quarterly Reports on Form 10-Q which are available at the SEC’s website, http://www.sec.gov. Should one or more of these known material risks occur, or should the underlying assumptions change or prove incorrect, our actual results, performance, achievements or plans could differ materially from those expressed or implied in any forward-looking statement. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. All subsequent written or oral forward-looking statements concerning us are expressly qualified in their entirety by the cautionary statements above. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except as required by law. All information in this presentation is as of June 30, 2019 as indicated unless otherwise noted.

In addition to reporting financial results in accordance with GAAP, the Company has presented Adjusted EBITDA, Adjusted EBITDA margin and return on invested capital (ROIC). These are not recognized measures under, or an alternative to, GAAP. The Company’s management believes that this presentationprovides useful information to management, analysts and investors regarding certain additional financial and business trends relating to its results of operations and financial condition. In addition, management uses these measures for reviewing the financial results of the Company. These non-GAAP measures are intended to provide additional information only and do not have any standard meaning prescribed by GAAP. Use of these terms may differ from similar measures reported by other companies. In particular, because of its limitations, Adjusted EBITDA should not be considered as a measure of discretionary cash available to use to reinvest in growth of the Company’s business, or as a measure of cash that will be available to meet the Company’s obligations. These non-GAAP measures have limitations as an analytical tool, and you should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under GAAP.

Industry and Market DataThis presentation includes market data and other statistical information from third party sources, including independent industry publications, government publications and other published independent sources. Although the Company believes these third party sources are reliable as of their respective dates, the Company has not independently verified the accuracy or completeness of this information.

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DISCLAIMER

COMPANY OVERVIEW

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NINE COMPANY OVERVIEW

REVENUE BY SERVICE LINE2

• Focused on ROIC – 2019 annual target of 7%

• Leveraged to increasing completion intensity including mega-well pads, lateral lengths and stage count

• Super lateral, deep reach capable service offering and focus

• Agnostic to completion style

• Able to provide downhole conveyance services coupled with forward-leaning technology

• Diversified completion portfolio and geography

OUR COMPANY

FINANCIAL OVERVIEW ($MM)

1Revenue and Adjusted EBITDA include Magnum contribution as of 10/25/18 closing date. 2Financials based on H1 19 Actuals. See appendix for Adjusted EBITDA reconciliation

Cementing24%

Coiled Tubing17%

Wireline27%

Well Service9%

Completion Tools24%

$827

$934

$141 $154

2018A H1 Annualized

Revenue Adj. EBITDA

Adj. EBITDA Margin17%

Adj. EBITDA Margin17%

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NINE’S UNIQUE STRATEGY

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Sustainability

Mitigation of financial risk

Capital Intensity

Wellsite Execution

Real-time information

Returns (ROIC)

Cash flow generative

Capital Light

Customer Legitimacy

R&D

DRIVING VALUE FOR CONSTITUENTS

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INVESTORSFinancial

Sustainability & Returns

EMPLOYEESSocioeconomic

movement & career progression

CUSTOMERSAbility to decreasecost to complete

and increase EUR

VALUE

TECHNOLOGY-DRIVEN COMPLETIONS OFFERING

SmartStart – Strategic alliance

FlowGun – Owned IP

TOE OF THE WELLHORIZONTAL LATERAL

ProprietaryLiner

Hanger Tools

Offering includes tools & equipment capable of completing super laterals (10,000 ft.+)

Scorpion Extended Range Plugs – Owned IP

PRE & POST STIMULATION

Long-stringCementing

Scorpion Composite Plug–Owned IP

MorphPackers StormTM Re-frac Packer – Strategic Alliance

2019E New NA HZ Wells Drilled: 22,1251 2019E NA Stage Count: 728,7431

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Extremely reliable in super laterals (10,000 ft.+)

2019E New NA HZ Wells Drilled: 22,1251

Large Diameter Coil + Memory Tools

BreakthruTM Casing Flotation Device- Owned IP

Nine is capable of addressing 100% of the onshore wells drilled in North America, regardless of completion type

1 Spears & Associates, Q2 2019.

MagnumDiskTM

- Owned IP

MVPTM Polymer Dissolvable Plug –Owned IP

Hollow PointTM Magnesium Plug –Owned IP

DISSOLVABLE PLUG THESIS INTACT

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Can save operators ~24 days per 6-well pad in reduced drill-out time & ~12-18 days saved with clean-out run

10-15% OFSTAGES COMPLETED

35-50%+OF STAGES COMPLETED

Today 3-5 Years

Time Savings Risk Mitigation Reduced Footprint

Eliminates time and risk of drilling out plugs, as well as associated service costs and HSE risks associated with human footprint

Reduces carbon emissions and employee count at wellsite

MARKET OUTLOOK

DISSOLVABLE THESIS

NAM DISSOLVABLE PLUG MARKET

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Mixed Area (High-temp/low-temp)

High-temp Coverage Area > 200ºF

Low-temp Coverage Area ≤ 200ºF

INTERNATIONAL MARKET

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High-temp Coverage Area > 200ºF

ARGENTINA SAUDI ARABIA

LONGER LATERALS l TIGHTER SPACING l PAD DRILLING

Concentration of dollars / pad + exponential impact of Non-Productive Time = highly selective customers

SINGLE-WELL PAD COMPLETIONS MULTI-WELL PAD COMPLETIONS

Source: Spears & Associates, Q4 2018; Company Estimates. 1Assumes IP rates of 1,000 boe/d at $50 WTI and $300,000 per day/6-well pad

• Total well cost: $5-$7mm

• ~8,000 feet of lateral length completed

• 40 stages

• 12mm pounds of sand

• 1,000 boe/d oil produced

• Total pad cost: $30-$42mm

• ~48,000 feet of lateral length completed

• 240 stages

• 72mm pounds of sand

• 6,000 boe/d oil produced

E&P Revenue/Day = ~$50,0001

BARRIERS TO ENTRY AND OPERATIONAL EFFICIENCIES CONTINUE TO INCREASE

Increased capital efficiency →↑ROIC

6 wells on a pad requires 1 wireline unit

• Dissolvable plugs can save operators

~24 days per 6-well pad in reduced

drill-out time & ~12 days saved with

clean-out run

• Generating between $7.2 - $3.6mm of

incremental revenue in this featured

well pad

• Eliminates time and risk of drilling out

plugs, as well as associated service

costs E&P Revenue/Day = ~$300,0001

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MULTI-WELL PADS CONCENTRATE RISK

6 single wells required 6 wireline units

2014: Stages/Employee = 5.5 Q2 2019: Stages/Employee = 14

SUSTAINABLE VALUE PROPOSITION OF SERVICE & TECHNOLOGY

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Service and technology drives efficiencies and lowers total cost of ownership for operators

SERVICE/TECHNOLOGY PERFORMANCE DAYS SAVED REVENUE GENERATION FOR OPERATORS1

BreakthruTM Casing Flotation Device99% success rate in floating

casing to bottom

~1.5-3 days

per 6 well pad

6 well pad = ~$675k

21 well pad = ~$2.3mm

Stage 1 Prep Prep and stimulate stage 1 in

under 5 hours

~6 days per

6 well pad

6 well pad = $1.8mm

21 well pad = $6.0mm

MVPTM & Hollow PointTM Dissolvable Plugs Dissolvable plugs eliminate

drill-out times and reduce

overall NPT & operational risks

~24 days per

6 well pad2

6 well pad = $7.2mm

21 well pad = $24mm

ScorpionTM Composite Plug144 plugs drilled out with 1

drill-bit. Eliminated a bit trip

~15 days per

6 well pad

6 well pad = $4.5mm

21 well pad = $15mm

Nine Wireline10+ stages per day with 99%

success rate

~10.5 days3

per 6 well pad

6 well pad = $3.2mm

21 well pad = $10.5mm

Illustrative Days Saved and Revenue

Generated

~57.75 days

per 6 well pad

6 well pad = $17.3mm

21 well pad = $57.8mm

1 Assumes IP rates of 1,000 boe/d at $50 WTI and $300,000 per day/6-well pad and $1mm/21-well pad. 2 Assumes 7,000-10,000 ft. lateral. 3Assumes 70 stages per well with competitive comparison at 8 stages per day

BROAD FOOTPRINT ENABLES TECHNOLOGY LEADERSHIP

Service Coverage Area and Revenue by Region1

Major Unconventional Basins

1 YTD as of 12/31/2018 and pro forma for Magnum acquisition.

Permian 39%

Rockies 3%

MidCon 10%

Marcellus / Utica 19%

Haynesville 9%

Bakken 6%

Canada 4%

Barnett 1%

Eagle Ford 7%

FOOTPRINT IN EVERY MAJOR NAM BASIN

EXCELLENT NAM REACH CAPABILITY

LOCALIZED TEAMS WITH REGIONAL KNOWLEDGE

~3% of overall revenue comes from outside NAM

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BARRIERS TO ENTRY THROUGH TECHNOLOGY AND SERVICE

COMPLETION SOLUTIONS PERFORMANCE BARRIERS EQUIPMENT BARRIERS → FIT FOR “DEEP REACH”

Cementing Services • ~17,500 cementing jobs with on-time rate of ~90%1

• High-quality dedicated Midland, Delaware, Midcon and Eagle Ford labs (to API specs) with testing capabilities to cement laterals over 10,000’ long → Redundant pumps with 1,000 HP and dual-sided bulk plants

Completion Tools • ~161,350 isolation and stage 1 tools and ~22,500 frac sleeves deployed2

• Owned IP of one of the most critical and prolific isolation tools for laterals reaching beyond 10,000’ →Highly dependable “toe” and casing flotation solutions

Wireline Services • ~131,800 stages with a success rate of ~99%1

• Conveying greaseless wireline with less friction in super laterals

• Longest wireline completion of 19,000+ feet in lateral

Coiled Tubing Services • ~8,400 jobs and ~179 million running feet of coiled tubing with a success rate greater than 99%3 (Average lateral length/job +21,000 feet)

• ~ 75% of coil fleet is “Big Pipe” deep reach (≥2.375” diameter) → coupled with high HP frac pumps to push coil further downhole

• Downhole memory tool tracking real-time data

PRODUCTION SOLUTIONS PERFORMANCE BARRIERS EQUIPMENT BARRIERS → FIT FOR “DEEP REACH”

Well Services • 66% utilization1 rate compared to 46% industry average4

• Fit for purpose fleet• ~40% of fleet capable of performing completion-

oriented work

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HOW DOES NINE BUILD MOATS AROUND THE BUSINESS?

Service + technology / equipment + people to service the longest laterals today and tomorrow

1 Management estimates for time period from January 2014 to June 30, 2019. 2 Management estimates for time period from March 2011 to June 30, 2019. 3Management estimates for time

period from April 2014 to June 30, 2019. 4Industry average based on Association of Energy Service Companies; period from January 2014 to June 30, 2019.

ADVANCEMENTS IN CEMENTING SOLUTIONS

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SLURRY HIGHLIGHTS

Blend 27

Light-density slurry engineered to build strength 60% faster and deliver 40% higher compressive strength than similar density slurries

Provides the lightness needed for depleted formations along with the strength of heavier density slurries at a fraction of the materials costs

CPT Trident

Low density slurry that eliminates costly beads while maintaining compressive strength and lighter density significantly lowering cost for operators.

Allows for reduction in mileage and equipment and overall reducing the footprint on site as bead slurries require blenders to batch mix on site.

Nine Lite

Advanced formulation that delivers the lightness needed to cement mature geologies, along with the density required to hold form in the formation

Can be mixed down to 10 pounds per gallon, speeding pump times and reducing NPT by as much as 48 hours per well

6% 6%8%

11%

16%

20%22%

2014 2015 2016 2017 2018 Q1 2019 Q2 2019

Nine Holds a Competitive Advantage in US Cementing Leading to Significant Market Share Gains

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CONSISTENT PROFITABLE MARKET SHARE GAINS

Nine US Wireline & Completion Tools % of stages completed1

17%

24%

YE 2014 6/30/2019

Nine % rigs followed – South Texas2

10%

17%

YE 2014 6/30/2019

Nine % rigs followed – West Texas2

Source: 1Management estimates of legacy Nine frac stages relative to industry frac stages based on Spears & Associates, Q1 2019. Includes Magnum for closing time period of October 25, 2018. 2Management estimates and includes legacy Nine business only.

41%70%

Demonstrated Market Share Gains Throughout Cycles

+267%

ASSET LIGHT BUSINESS MODEL

E-line

Pressure

pumping

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PRESSURE PUMPING

E-LINE

CUSTOMERS WHO TRUST US

COMPLETION PRODUCTION

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Diverse, blue-chip customer base with minimal concentration

SAFETY IMPROVEMENT THROUGHOUT NINE

2.47

1.50

1.261.44

0.88

2014 2015 2016 2017 2018

NINE TRIR

64%REDUCTION

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RETURNS-FOCUSED GROWTH PHILOSOPHY

Permian Midcon Northeast Bakken Rockies Canada Eagle Ford Haynesville International

Wireline

Cementing

Completion Tools

Coiled Tubing

Well Service

NINE PRESENCE

Balance of Organic Growth and Strategic M&A:Augment technology portfolio + Enhance NAM footprint

ORGANIC GROWTH

• Strategic expansion of existing service lines within NAM basins

• Deployment of capex for high-quality and differentiated equipment and facilities within the most active basins

• Market share gains through service and technology

• Securing and maintaining best talent in the industry

DISCIPLINED M&A

• Continue to consolidate highly fragmented industry

• Target only best-in-class companies and management teams

• Competitive advantage securing and sourcing non-marketed deals

• Entrepreneurs want to partner and stay with “like-minded” and nimble management team

FINANCIAL OVERVIEW

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7%

Q2 2019

$38

Q2 2019

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Q2 2019 FINANCIAL SNAPSHOT

Q2 2019 FINANCIAL & OPERATIONAL PERFORMANCE

REVE

NUE

ADJ.

EBI

TDA

ROIC

• Q2 2019 results in-line with Management’s Guidance

• Adjusted Net Income of $8.8mm, or $0.30 per adjusted basic earnings per share

• Increased cash flow from operations by ~95%

• Increased market share of stages completed by approximately 200 basis points quarter over quarter

• Service lines outperformed market trends

− Cementing increased activity by ~1% and average revenue per job by ~5% despite US new wells drilled declining by ~-4%

− Total company stages completed up by ~19%, despite US completions increasing by ~6%

− Coil tubing days worked up by ~2%

• Integration of both Magnum Oil Tools and FracTechnology continues to go very well with Q1 2020 commercialization of Stinger product line on-track

16%

$238

Q2 2019

Adj. EBITDA margin

See appendix for adjusted EBITDA and ROIC reconciliation.

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6/30/19 CAPITALIZATION

• During Q2, Nine paid down approximately $15 million of the outstanding ABL credit facility borrowings

• Total liquidity of $178.0 million as of June 30, 2019

• Current cash position of ~$59mm as of August 9, 2019

• Company continues to be focused on generating through-cycle returns and generating free cash flow

PRO FORMA CAPITALIZATION

As of June 30, 2019

($MM)

Cash $16.9

Debt

New ABL Credit Facility 0.0

New Senior Unsecured Notes 400.0

Total debt $400.0

Net Debt $383.1

Total cash $16.9

ABL availability $161.1

Total liquidity $178.0

COMMENTARY

UNIQUE VALUE PROPOSITION

Completions focused

Technology and service differentiation

Ability to service the most technically demanding wells

Returns-focused business philosophy

Access to entire addressable market

Leading market position across broad geographic footprint

Entrepreneurial, highly incentivized and aligned management team

Strategy works in every basin for every well

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CLOSE TO PERFECTION.

FAR FROM ORDINARY.

DRIVEN TO SUCCEED.

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APPENDIX

OUR LEGACY

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NINE ADJ. EBITDA RECONCILIATION

Three Months Ended Year ended December 31

($ mm unless otherwise noted) 30-Jun-19 31-Mar-19 2018 2017

EBITDA Reconciliation

Net income (loss) $6.1 $17.3 ($53.0) ($67.7)

Interest expense 10.6 9.2 22.3 15.7

Depreciation 13.8 13.5 54.3 53.4

Amortization 4.6 4.7 9.6 8.8

Provision (benefit) from income taxes (2.7) .5 2.4 -5.0

EBITDA 32.4 45.2 $35.5 $5.3

Adjusted EBITDA Reconciliation

EBITDA $32.4 $45.2 $35.5 $5.3

Impairment of property and equipment - - 45.7 -

Impairment of goodwill and other intangible assets - - 32.1 35.3

Transaction expenses 2.7 4.8 10.3 3.6

Loss from discontinued operations - - - -

Loss or gains from the revaluation of contingent liabilities (1.0) (14.0) 3.3 0.4

Loss on equity investment - - 0.3 0.4

Non-cash stock-based compensation expense 4.1 3.2 13.2 7.6

Loss or gains on sale of assets (.3) (.02) (1.7) 4.7

Legal fees and settlements .08 .07 2.4 1.0

Inventory writedown - - - -

Restructuring costs - - - -

Adjusted EBITDA 38.0 39.2 $141.1 $58.2

Revenue 237.5 229.7 827.2 543.7

% Adj. EBITDA margin 16% 17% 17% 11%

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ROIC RECONCILIATION

($ MM UNLESS OTHERWISE NOTED)

Three Months Ended

30-Jun-19

Three Months Ended

31-Mar-19

After-tax net operating profit reconciliation:

Net Income (loss) $6.1 $17.3

Add back:

Impairment of property and equipment - -

Impairment of goodwill - -

Impairment of intangibles - -

Interest expense 10.6 9.2

Transaction and integration costs 2.7 4.8

Benefit of deferred income taxes (2.5) (0.5)

After-tax net operating profit $16.8 $30.8

Total capital as of prior year-end / period-end:

Total stockholders' equity 615.5 $594.8

Total debt 415.0 435.0

Less: Cash and cash equivalents (31.2) (63.6)

Total capital as of prior year-end / period-end $999.3 $966.2

Total capital as of period-end / year-end:

Total stockholders' equity 624.3 $615.5

Total debt 400.0 415.0

Less: Cash and cash equivalents (16.9) (31.2)

Total capital as of period-end / year-end: $1,007.4 $999.3

Average total capital $1,003.4 $982.8

ROIC 7% 13%

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