2012 Investor Forum

2012 Investor Forum Capital expenditure of $2 billion forecast for 2012 2012 $700m $300m $990m $1,990m 2011 $701m $335m $396m $1,432m • • $1,990m for 2012 TULLOW Unt - - Ghana: Jubilee remediation and phase 1A & TEN developments Uganda: Lake Albert Other Africa: WATM, Kenya ROW: South America, Europe 2011 capital split: >57% Ghana & Uganda; >83% Africa 2010 $382m $138m $715m $1,235m $246m $418m Europe, Sth.America, & Asia South & East Africa 2009 $468m $137m $480m $1,085m 0 400 800 1200 Exploration Appraisal Slide 7 1600 2000 Development $768m West & North Africa

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