b'Business HighlightsGenerating High Returns and CreatingShareholder Value through the CycleWorld-Class Disciplined ExplorationRapid CyclePortfolio Assets CapitalExcellence Development OptimizationManagementQUALITY VALUE RIFLE SHOT PAYBACK VALUE CREATIONVS.VS.VS.VS.VS. QUANTITY VOLUME SHOTGUN SCALE DESTRUCTION2P Reserves / Strict internal >~2.2 billion boe (net)Jubilee - 3.5 yearsMauritania/Senegal Production: 20+ years return criteria discovered discovery to first oil farm-out delivered ~2.5x investment; ~85% ProductionLeverage ratio Basin openingTortue - expect intended 2019CAGR 2016-18 target of 1.0 - 1.5x exploration success7 years discovery sell-down to 10%rate: ~36% to first gas~90% 2P ReservesDividend and Equatorial Guinea CAGR 2016-18 share buybacks Gulf of MexicoGulf of Mexico - <1.5acquisition delivered infrastructure-ledyears discovery to first~3.0x, targeting >3.5xCash flow positive exploration successproductionat >$35/bbl rate: ~63% DGE acquisition delivered ~1.5x, targeting >2.0xPartner of Choice for Governments and SupermajorsKosmos has built a strongOver the years, our distinctive,discovery to production, with business capable ofrifle-shot approach tofirst gas expected in 2022. generating high returns andexploration has yielded a basinIn the Gulf of Mexico, we can shareholder value through theopening success rate of abouttypically bring discoveries into commodity price cycle. 36%, well above the industryproduction within 18 months.We have world-class assetsaverage. In the Gulf of Mexico,In addition, Kosmos actively with a focus on quality. Overour team has achieved anmanages its portfolio to the last two years we haveinfrastructure-led explorationcreate value and has executed grown production by aboutsuccess rate of around 63%. a series of deals that have 85% and built a 2P reservesOnce we discover resources,delivered several multiples on to production ratio of overwe move quickly intothe invested capital. 20 years without dilutingdevelopment with a focusThese attributes are what shareholders. on monetization. First oilmake Kosmos a partner of Kosmos allocates capitalproduction from Jubileechoice for supermajors and according to a strict ratefield was delivered just 42governments, and underpin of return criteria, strives tomonths from initial discovery.our delivery of shareholder maintain a strong balanceSimilarly, the Tortue project isvalue.sheet, and focuses onlikely to be the worlds fastest delivering shareholder returns. LNG development from 3'