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 182While many companies and investors have shifted their focus in recent years, Kosmos has always believed conventional deepwater exploration can deliver superior returns that create long-term value for shareholders. F E L L O W S H A R E H O L D E R S ANDREW (ANDY) G. INGLIS Chairman of the Board and Chief Executive Officer O ur fundamental strategy of capturing significant acreage positions with high working interests and finding large resource volumes with good fiscal terms, which worked so successfully in Ghana, continues to work today when executed with discipline. In our 14-year history, we have drilled just six frontier exploration wells, opening two new basins for a success rate of 1-in-3 versus the industry standard of 1-in-10, which positions Kosmos as a leader in international frontier exploration. MAURITANIA-SENEGAL: A WORLD-CLASS BASIN The Mauritania-Senegal basin, which we opened in 2015 and continue to explore, is potentially the largest new petroleum system on the Atlantic Margin, offering a combination of substantial discovered and delineated resource, as well as significant de-risked exploration upside. To date, we have discovered a gross Pmean resource of approximately 25 trillion cubic feet of natural gas and de-risked an additional 25 trillion cubic feet. In 2016, this combination of discovered resource and de-risked potential attracted the attention of several supermajors. Following a thorough process, BP emerged as the right strategic partner to help Kosmos advance the Tortue gas project at pace and take forward a multi-well exploration program that will test the basin’s liquids potential. This transformational deal means that in the two years since we began drilling offshore Mauritania and Senegal, we have already delivered a minimum return of approximately 2.5x our invested capital, based only on the $916 million in fixed consideration received from BP. We have retained around a 30 percent working interest across the basin and expect this return on investment to increase as we develop the Tortue gas resource and execute our carried exploration program, which could yield a material bonus in the event of a liquids discovery. TORTUE: A DEFINED PATH TO PRODUCTION The development of the Tortue gas field provides Kosmos with production growth that is both funded and in the hands of an experienced and capable LNG developer and marketer. With BP as development operator, we have committed to a full set of activities in 2017, including front- end engineering and a drill stem test, which should enable a final investment decision in 2018 with first gas expected in 2021. Kosmos and BP share a common technical position on the development of Tortue, as well as the same view on the pace of the project. Both companies see Tortue as a low-cost, competitive project that is scalable as LNG demand grows. BP’s LNG development and marketing expertise is a key enabler in driving the project forward. MULTIPLE EXPLORATION CATALYSTS Kosmos’ disciplined and consistent execution of our differentiated exploration strategy has been and will continue to be the primary driver of our success. We take the time to do exploration the right way to deliver not only large resources, but most importantly superior full cycle returns. This means carefully gathering, interpreting, and analyzing the right data so we are always drilling the best prospects with the highest chances of success. 1