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 50This commitment and our approach are based on the values articulated in our Business Principles. These values serve as guideposts for how we run our business and are consistently applied across our geographic footprint. We approach each country with an above-ground agenda that matches our exploration expertise below the ground. Although the Business Principles are timeless and consistent, we cannot allow their application to become static. The manner in which they are implemented must evolve to meet new challenges on the ground. To be a partner of choice in the countries where we work, we must always look for ways to raise our level of performance to meet the rapidly changing expectations that come with exploration success. BEING A FORCE FOR GOOD In 2015, we made considerable progress in positioning the company as a partner of choice: > In Ghana, where we have our largest presence outside the U.S., we achieved a major local content milestone by employing a 100 percent Ghanaian team. With our local office staffed completely by nationals, and the support of an independent advisory council comprised of respected Ghanaian business leaders, we are demonstrating our commitment to run our business for the benefit of the people of Ghana and our shareholders. > In Mauritania, where we made two major discoveries of natural gas in 2015, we invested in various training programs for local suppliers focusing on workplace health and safety, as well as labor rights. Social investments included English classes for young people in Nouakchott and the provision of safety equipment to fishing communities in Ndiago, the area onshore from our operations. > In Senegal, where we discovered natural gas in early 2016, we completed an environmental and social impact assessment that included consultation with more than 1,000 people in a range of coastal communities to ensure their concerns were documented and addressed ahead of drilling. We also facilitated oil and gas workshops for civil society organizations in Dakar as part of our engagement with the Senegal chapter of the Extractive Industries Transparency Initiative. > In Western Sahara, we have continued our engagement with the local population on the potential impacts and benefits of further oil and gas exploration. We invested in skills training for local people in and around Dakhla, where we staged some of the support activities for our offshore drilling operations and where Kosmos maintains an ongoing presence through an expatriate community relations coordinator. >  In the United States, where Kosmos has its office in Dallas, Texas, we helped to deepen cross-cultural understanding by sponsoring Spirit and Matter: Masterpieces of the Keir Collection of Islamic Art, an internationally acclaimed exhibition at the Dallas Museum of Art that preserves and protects treasures of the past while promoting new scholarship aimed at expanding the collective knowledge of the Islamic world. With the destruction of priceless artifacts and ancient buildings in places like Palmyra and Mosul, this exhibition is especially timely and important. LETTER TO STAKEHOLDERS No matter where we work, or the volatility of the global oil and gas markets, we have an unwavering commitment to corporate responsibility in all its facets. Miniature painting - Cup-Shaped Automaton Egypt or Syria: 715 AH/1315 AD The Keir Collection of Islamic Art on loan to the Dallas Museum of Art Image Courtesy of Dallas Museum of Art Photo: Ira Schrank 2