b'Focus on Shareholder ReturnsKosmos has built a resilientwe can grow productionof Mauritania and Senegal to business over the years8-10% compound annualfirst reduce debt. Once we are and remains committed togrowth rate, 2018-21, within the target leverage range both maintaining a strongstrict rate of return criteria, atof 1.0 to 1.5 times net debt/balance sheet and deliveringless than $50 per barrel Brent. EBITDAX, we will consider shareholder returns.At $50 per barrel Brent andadditional investment At $35 per barrel Brent, weabove, we can use excessopportunities that meet our can sustain the business andcash flows along withrate of return criteria.pay the dividend. In addition,proceeds from the sell down KOSMOS HAS BUILT A RESILIENT BUSINESS OVER THE YEARS AND REMAINS COMMITTED TOBOTH MAINTAINING A STRONG BALANCE SHEET AND DELIVERING SHAREHOLDER RETURNS. Shareholder Returns Balance Sheet StrengthDividend of $0.18 / share Target 1.0 - 1.5x for 2019 ~3.0% yield 1 Net Debt / EBITDAX2019-21 Use of Cash Flow from Operations ($ million)+ Mauritania / SenegalSell DownProceedsCFO2 @ ~65/BBL~620 Excess CFO @ ~55/BBL Cash Flow Reduces CFO @ ~49/BBL ~430 Debt~850CFO @ ~35/BBL~250~660Sustaining Capex Dividends Growth Capex Excess Cash Flow1.Using the closing share price on 15 February 20192. Cash flow from operations (cash before capital expenditure and dividends)9'