Competitive Framework for Alaska: 2012

Arctic (Oil) (red - no transport system available) IRR rating of Arctic Oil fiscal terms -10% 0% 10% 20% 30% GREENLAND-Off(Gen)-ICEBREAK CAN: NFLD&LAB-OffLab(Gen)-MAR CAN: FedLands-OffBaffin (Gen)-ICEBREAK USA-ALASKA: Off-Chukcki-NORSV)-... CAN: N.W.Territories-On (Gen)-PIPE2AB USA-ALASKA: Off-Beaufort-NORSV)-... US - ALASKA: On-ACES(State)-TAPS ICELAND: Off (Round2-Prop2012)-MAR NORWAY-Off(Gen)-MAR RUS-OnKrasnoyarsk'10EDR-TRANFPIPE RUS-OffArctic-ICEBREAK RUS-(OnGen - Prop Export Duty 2011) RUS-OnKrasnoyarsk-TRANFPIPE Alaska ACES IRR compares favorably with other Arctic jurisdictions. Russia still very tough under high cost and slow development conditions. Russian terms are rather attractive under lower cost conditions. 30

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