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In Mauritania where other oil and gas companies have left several thousand tons of drilling waste in storage at the Port of Nouakchott we worked with the Ministry of Environment and Sustainable Development to create a novel solution to this pressing waste management issue that has baffled others in the industry. A pilot program will be launched in 2015 and includes an approach that trains local companies and shares technology to ensure a sustainable solution for the long-term. In Morocco which has yet to experience a commercially viable hydrocarbon discovery we continued to support the governments efforts to prepare for the future. We brought international experts to Morocco to lead workshops on best practices in natural resource management transparency and stakeholder consultation. These initiatives are aimed at making sure a potential discovery benefits the local people. KEY CHALLENGES Although we are proud of our accomplishments we approach the future knowing that we will continue to wrestle with a number of challenges including Safety Nothing is more important than the safety of our people and contractors and it remains a key area of focus with the goal of continuous improvement. Whilst we did not have any lost time injuries in 2014 our total recordable injury rate for the year was 2.03 which did not replicate last years strong performance. We are actively working with our contractors to improve and I am deeply committed to the goal of creating an injury-free workplace. Western Sahara There will always be some who have a different point of view about companies investing in Western Sahara while its political status is unresolved perfect consensus in a society with so many competing interests is not possible. Its important to balance these opinions with a universal truth people want the opportunity to improve their lives. We believe hydrocarbon development can be an engine for greater economic opportunity. Our activities have been and will always be conducted in a manner that is inclusive and for the benefit of local populations. Human Rights We work in some regions where there are documented concerns regarding the conduct of public security as well as labor practices including forced labor. Our Business Principles are clear we will not tolerate human rights abuses. Equally we will use our influence with host governments to raise issues relating to human rights in our activities. In this regard we have introduced authorities in Morocco and Western Sahara to an independent organization that works to prevent violent conflict and promote sustainable security just as we did successfully during our time in Cameroon. We have also carried out human rights and labor rights training in Mauritania and are vigilant in the selection of local contractors across every country where we operate. These challenges are not insurmountable indeed we are making strong progress in many areas. However they require our continued attention involving frank dialogue with local communities host governments business partners and other stakeholders. We welcome these conversations and will learn from them. POSITIVE IMPACT Many years from now I want the people in our host countries to remember Kosmos not just as the company that discovered oil. I want them to remember Kosmos differently as the company that discovered oil and worked in the right way engaging early listening carefully creating a shared agenda and investing in people and their capabilities to deliver real social benefit. Sincerely Andrew Andy G. Inglis Chairman and Chief Executive Officer 5