Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72 Page 73 Page 74 Page 75 Page 76 Page 77 Page 78 Page 79 Page 80 Page 81 Page 82 Page 83 Page 84 Page 85 Page 86 Page 87 Page 88 Page 89 Page 90 Page 91 Page 92 Page 93 Page 94 Page 95 Page 96 Page 97 Page 98 Page 99 Page 100 Page 101 Page 102 Page 103 Page 104 Page 105 Page 106 Page 107 Page 108 Page 109 Page 110 Page 111 Page 112 Page 113 Page 114 Page 115 Page 116 Page 117 Page 118 Page 119 Page 120 Page 121 Page 122 Page 123 Page 124 Page 125 Page 126 Page 127 Page 128 Page 129 Page 130 Page 131 Page 132 Page 133 Page 134 Page 135 Page 136 Page 137 Page 138 Page 139 Page 140 Page 141 Page 142 Page 143 Page 144 Page 145 Page 146 Page 147 Page 148 Page 149 Page 150 Page 151 Page 152 Page 153 Page 154 Page 155 Page 156 Page 157 Page 158 Page 159 Page 160 Page 161 Page 162 Page 163 Page 164 Page 165 Page 166 Page 167 Page 168 Page 169 Page 170 Page 171 Page 172 Page 173 Page 174 Page 175 Page 176 Page 177 Page 178 Page 179 Page 180 Page 181 Page 182Because prices used in the calculation are average prices for that year, the standardized measure could vary significantly from year to year based on market conditions that occur. The projection should not be interpreted as representing the current value to Kosmos. Material revisions to estimates of proved reserves may occur in the future; development and production of the reserves may not occur in the periods assumed; actual prices realized are expected to vary significantly from those used; and actual costs may vary. Kosmos’ investment and operating decisions are not based on the information presented, but on a wide range of reserve estimates that include probable as well as proved reserves and on a wide range of different price and cost assumptions. The standardized measure is intended to provide a better means to compare the value of Kosmos’ proved reserves at a given time with those of other oil producing companies than is provided by comparing raw proved reserve quantities. Ghana (In millions) At December 31, 2016 Future cash inflows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,204 Future production costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,437) Future development costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (428) Future Ghanaian tax expenses(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (228) Future net cash flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,111 10% annual discount for estimated timing of cash flows . . . . . . . . . . . . (265) Standardized measure of discounted future net cash flows . . . . . . . . . . . $ 846 At December 31, 2015 Future cash inflows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,998 Future production costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,362) Future development costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (679) Future Ghanaian tax expenses(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (411) Future net cash flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,546 10% annual discount for estimated timing of cash flows . . . . . . . . . . . . (377) Standardized measure of discounted future net cash flows . . . . . . . . . . . $ 1,169 At December 31, 2014 Future cash inflows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,412 Future production costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,466) Future development costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,051) Future Ghanaian tax expenses(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,543) Future net cash flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,352 10% annual discount for estimated timing of cash flows . . . . . . . . . . . . (969) Standardized measure of discounted future net cash flows . . . . . . . . . . . $ 2,383 (1) The Company is a tax exempted company incorporated pursuant to the laws of Bermuda. The Company has not been and does not expect to be subject to future income tax expense related to its proved oil and gas reserves levied at a corporate parent level. Accordingly, the Company’s Standardized Measure for the years ended December 31, 2016, 2015 and 2014, respectively, only reflect the effects of future tax expense levied at an asset level (in the Company’s case, future Ghanaian tax expense). 148