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 182GHANA ASSET REACHES INFLECTION POINT, GENERATES FREE CASH FLOW 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. Oil production from the TEN fields started on time and on budget. The 11 wells in the initial phase of development – five producers, five water injectors, and one gas injector – have been completed. At year-end 2016, production from the TEN fields averaged approximately 50,000 barrels of oil per day gross. Initial production testing and results from the 11 wells at TEN suggest reserves estimates for both Ntomme and Enyenra are consistent with expectations. Kosmos and its partners made good progress in 2016 toward converting the Jubilee FPSO to a permanently spread moored facility, following mechanical issues with the turret bearing. The revised operating procedures implemented at Jubilee field have worked effectively and remediation activities are progressing, with the FPSO expected to be spread-moored on its current heading by March 2017. The next phases of the remediation work will involve modifications to the turret systems for long-term spread-moored operations. In addition, discussions with the Jubilee Unit partners and the Government of Ghana regarding the assessment of the optimum long-term heading continues in order to determine if a rotation of the FPSO is required, with final decisions and approvals expected in the first half of 2017. Kosmos anticipates that the financial impact of lower Jubilee production as well as the additional expenditures associated with the repair to the FPSO and the additional costs of the revised operating procedures will be mitigated through a combination of Hull and Machinery insurance (H&M), procured by the operator on behalf of the partnership, and Loss of Production Income insurance (LOPI) procured by Kosmos. Both H&M and LOPI insurance coverages have been confirmed by the insurers and payments are being received. With the value of Jubilee field intact and first oil from TEN, our Ghana asset has reached an important inflection point and is expected to generate free cash flow from operations in the years ahead to support the growth of Kosmos. BUSINESS HIGHLIGHTS 5 The FPSO John Evans Atta Mills began oil production at the TEN fields in August 2016.