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 182The second phase of our exploration program offshore Mauritania and Senegal is focused on finding liquids. We are currently maturing and ranking our prospect inventory with the expectation that we will test four independent multi-billion barrel prospects on each of the basin floor fan fairways offshore Mauritania and Senegal. These four wells – two in Mauritania and two in Senegal – will test approximately 10 to 15 billion barrels of oil equivalent of unrisked, gross potential. We believe they are some of the largest prospects the industry will drill anywhere in the world during the next 18 months. Beyond Mauritania and Senegal, we continue to gather and analyze seismic data to deepen our understanding of the basin offshore Suriname, where we believe our acreage is an extension of the play opened in neighboring Guyana. Our goal is to mature prospects to be ready to drill in 2018. We are also acquiring our largest 3D seismic survey in the company’s history offshore Sao Tome to identify and mature prospects for future drilling. GHANA REACHES AN INFLECTION POINT In 2016, our Ghana asset reached a turning point with the start- up of oil production from the Tweneboa, Enyenra, and Ntomme (TEN) fields. With oil flowing from both Jubilee and TEN, Ghana is now delivering increasing production and cash flow as capital expenditures decline. The company expects to generate significant free cash flow in the current oil price environment, providing greater balance sheet strength that can support growth. In addition, for the fourth consecutive year, we delivered a reserve replacement ratio above 100 percent, confirming the view that big fields get bigger. Kosmos’ net proved reserves at the end of 2016 were 77 million barrels of oil equivalent. FINANCIAL STRENGTH Throughout 2016, we maintained a strong financial position by exercising capital discipline, ending the year with $1.2 billion in total liquidity. With our active hedging program, we continued to protect the company from oil price volatility and provide stable cash flows. Compared to our peers, Kosmos remains in an enviable financial position. With the $916 million fixed consideration from the BP transaction – which included $162 million in cash, a $221 million carry on exploration and appraisal, and a $533 million carry on development costs – we have a strong balance sheet that will support the execution of our strategy and empower us to create value through the cycle. THE FUTURE Looking ahead, I am confident that Kosmos can successfully navigate through a business climate that is likely to remain uncertain and challenging. With our strong balance sheet, world-class assets in Ghana, Mauritania, and Senegal, and the exploration opportunities in our portfolio, I believe Kosmos is better positioned than ever to create shareholder value. The accomplishments of 2016 – first oil from TEN, the successful appraisal of Tortue, continuing exploration success in Senegal, and the strategic partnership with BP, along with many others – have created considerable momentum within the company. It is clear that every member of our team is fully engaged in the company’s continued success and ready to deliver even stronger performance in 2017. Andrew G. Inglis Chairman of the Board and Chief Executive Officer 2 With our strong balance sheet, world-class assets in Ghana, Mauritania, and Senegal, and the exploration opportunities in our portfolio, I believe Kosmos is better positioned than ever to create shareholder value.