Investor Update

14 May 2012 Resource Increase Significantly De-risks the Project MADAGASCAR OIL Probability 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 2010 CPR Contingent Case at IPO NSAI 2011 Contingent NSAI 2011 Contingent + Prospective 0% -$5 $0 $5 $10 $15 NPV ($B) $20 $25 $30 $35 Investor Update 21

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