Investor Presentaiton

Merger of Equals Key Terms Name Board of Directors Recommended all-share combination Exchange ratio: 3.8068 new Tullow shares for every Capricorn share Pro forma ownership: 53% Tullow shareholders, 47% Capricorn shareholders Name change intended to take effect upon completion Combined Group will have a distinct identity reflecting the focus on Africa and heritage of both companies Phuthuma Nhleko, Chair Nicoletta Giadrossi, Senior Independent Director Two additional NEDs from current Tullow Board and three additional NEDs from current Capricorn Board Rahul Dhir, CEO Leadership James Smith, CFO Simon Thomson, Chair of the Integration Steering Committee Synergies No material change to the underlying in-country operations of either business from the Combination Cost synergies of $50 MM per annum Approvals and Timetable Regulatory clearances Shareholder documentation and votes Completion targeted by year end 2022 13

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