Investor Update

Tsimiroro Project Has Positive NPV10 at $40 Brent Brent Crude $110.00 $100.00 Crude Price Sensitivity MADAGASCAR OIL $90.00 $80.00 $70.00 $60.00 $50.00 $40.00 2010 CPR Contingent Case at IPO NSAI 2011 Contingent NSAI 2011 Contingent + Prospective $30.00 $- $3.0 $6.0 $9.0 $12.0 $15.0 $18.0 $21.0 $24.0 NPV-Billions 14 May 2012 Investor Update 22 22

View entire presentation