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2013 HALF-YEARLY RESULTSStrong Balance Sheet• Improved 2013 revenues, operating cash flow and income (exc. 1H12 disposal profits)• Strong, well funded balance sheet- Debt facilities $4 billion; net debt $1.7 billion; un-utilised debt capacity $1.7 billion- Increasing operational cash flow and portfolio activity• Significant value growth opportunities- Significant progress in Kenya, Ethiopia & Uganda- Executing major development project in Ghana- High impact new campaigns; Mauritania, Guinea, Norway• Funding strategy for next phase of growth- Strong production cashflow, plus continued portfolio high grading/monetisation- Selectively develop key projects, but significantly reduce capex exposure- Further debt diversification; continued hedge protectionSlide 12