2012 Investor Forum

2012 Investor Forum 2011 full year results summary 2011 2010 Change Sales revenue 2,304 1,090 +111% Operating profit 1,132 262 +332% Net profit 689 90 +670% Basic earnings per share 72.5 8.1 +795% Dividend per share 12.0 6.0 +100% Capital investment¹ 1,432 1,235 +16% Cash generated from operations 2 1,832 789 +132% Net debt 3 2,854 1,943 +47% 12011 excludes Nuon acquisition 2 Before working capital movements 3 Net of all cash balances and before 2012 Uganda farmdown TULLOW Uit Record financial results; transformed by higher production & increased commodity prices. Balance sheet further transformed in February 2012 by Uganda farm-down. Slide 6

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