Lundin Petroleum. Capital Market Day. February Lundin Petroleum WF /02/15

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1 Capital Market Day February 2015 WF /02/15 1

2 Introduction Capital Market Day, February

3 Opening Remarks Financial Flexibility Financial flexibility to survive a period of sustained low oil prices Existing production: Low cash operating cost and no cash taxes in Norway Availability of USD 4 billion bank facility Potential to increase financial flexibility through Norwegian Exploration Tax Refund Facility Development projects, Johan Sverdrup and exploration/appraisal commitments fully funded at low oil prices Continued focus on reducing operating and capital costs in a low oil price environment WF12025 p

4 Opening Remarks Growth Story Remains Intact Production to triple to 75,000 boepd by year end 2015 Brynhild and Bøyla on production Bertam and Edvard Grieg on schedule for first oil in 2Q and 4Q 2015 Project execution risk has reduced. Construction substantially complete Operating cash flow / EBITDA will be greater in 2016 at USD 40/bbl than in 2014 WF12025 p

5 Opening Remarks Johan Sverdrup Underpins Value and Financial Flexibility Johan Sverdrup plan of development will be submitted this month World class asset which remains valuable even in current market conditions. Break-even < USD 40/bbl Recoverable resources of billion barrels of oil equivalent. Reserves will increase 3-4 fold in 2015 Plateau production of 550, ,000 boepd can fund development costs without requirement for new equity WF12025 p

6 Opening Remarks Exploration and Appraisal We still believe in the potential to discover material resources particularly in the Southern Barents Sea 2015 Norwegian focus will be on Barents Sea and Utsira High. Appraisal of the Alta discovery will move forward A selective approach to balance the low oil price environment and meeting contractual commitments Investment in our core exploration / appraisal areas will continue WF12025 p

7 Corporate Responsibility Capital Market Day, February

8 Corporate Responsibility Journey Code of Conduct Health and Safety Policy Environmental Policy Human Rights Primer Corporate Governing Documents HSE Management System (Green Book) Community Relations Policy Corporate Donation Policy International Initiatives Sustainable Investment Program Climate Change Statement Whistleblowing Statement Carbon Disclosure Project UN Global Compact Anti-Corruption Policy Human Rights Policy UN Guiding Principles on Business & Human Rights Stakeholder Engagement Policy EITI Supporting Company UN Call to Action Biodiversity Statement WF12013 p

9 Corporate Responsibility in 2015 Health and Safety Policy and Green Book Stakeholder Engagement Policy and Guidelines Community Relations Policy and Sustainable Investment Guidelines Code of Conduct VISION VALUES PRINCIPLES Environmental Policy and Green Book Human Rights Policy and Guidelines Whistleblowing Policy and Guidelines Anti-corruption Policy and Guidelines WF12013 p

10 Health, Safety & Environment (HSE) Performance HSE Performance Improved Key Performance Indicators No fatalities, major accidents or spills Focus for 2015 Enhance performance Further embed HSE culture Contractor management HSE Performance Comparative of 's HSE KPIs (1) Comparative KPIs KPI s Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec end Dec 2013 end Dec LTIR 2014 TRIR 2013 LTIR 2013 TRIR 2012 LTIR 2012 TRIR LTIR (1) TRIR (1) WF12013 p Incident Overview 7 LTI, 1 RWC & 4 MTC All minor incidents by contractors Oil (2) & chemical (6) spills in small non-hazardous amounts (1) per hours & for employees & contractors 10

11 Corporate Responsibility as Stakeholder Value Value to Host Government Benefit to the Community Responsible Operations Employee Satisfaction WF12013 p Shareholder Value 11

12 Stakeholder Views Handelsbanken Capital Markets is a sustainability leader among mid-sized peers. Carbon Disclosure Project is first among Nordic O&G companies MSCI Institutional Value Assessment AA Rating for s ESG Performance Institutional Shareholder Services (ISS) Low governance risk STOXX on Global ESG Leaders Index WF12013 p Trucost on Natural Capital Leaders Index for decoupling economic growth from environmental impact 12

13 Corporate Overview - Production Capital Market Day, February

14 Production 2014 Russia, 5% Netherlands, 8% production: 24,900 boepd Alvheim outperformed, Volund underperformed Sold onshore Russian production July 2014 Third quarter production on forecast but negatively impacted by Alvheim FPSO planned shut-in Brynhild - first oil 25 December 2014 France, 12% Indonesia, 5% Brynhild Gaupe Aqu. Basin Paris Basin Alvheim 2014 production guidance: 30,000 35,000 boepd Excluding Brynhild & Russia production was in line with forecast Volund Norway, 70% CMD High CMD Low Russia Other Norway 40,000 35,000 30,000 25, Actual vs Guidance 40,000 35,000 30,000 25, Actual vs Guidance Excluding Brynhild & Russia CMD High CMD Low Other Norway 20,000 20,000 15,000 15,000 10,000 10,000 WF12010 p ,000 - Q1 Q2 Q3 Q4 5,000 - Q1 Q2 Q3 Q4 (1) Excluding discontinued operations (2) Not adding due to rounding 14

15 Production Guidance 2015 Malaysia, 16% 2015 Forecast 2015 production guidance: 41,000-51,000 boepd Production guidance impacted by: Start-up date for Bertam, Edvard Grieg Ramp-up of Brynhild, Bøyla, Bertam, Edvard Grieg Indonesia, 4% Netherlands, 3% France, 7% Production (1) 2015 Production Guidance Norway, 70% E. Grieg first oil WF12010 p Thousand boepd net (1) Excluding discontinued operations Bertam first oil Bøyla first oil Q1 Q2 Q3 Q Guidance high Guidance low Actual production 15

16 Production Forecast From Ongoing Development Johan Sverdrup exploration wells per year Other existing contingent and prospective resources not included in production forecast Ivar Aasen Edvard Grieg Bøyla Bertam Brynhild Exit Rate 2015: 75,000 boepd WF12010 p boepd 33,000 (1) 30,400 (1) 23,800 (1) 41-51, (1) Excluding divested assets (Russia) 16

17 Norway - Greater Alvheim Area 2014 Net Production: 17,030 boepd PL203b Vale Vilje PL088BS PL203 PL036c Major production & cash flow generator in 2015 Low cost of operations Track record of reserves growth Alvheim BW BKS F Boa BKN N B5 Alvheim Kneler L4 East Kameleon E Kam Sth E Heimdal E E Alvheim Two infills planned in 2015 (L4,Kn1), one in 2016 (bkn) Viper/Kobra project matured to reserves (2016 development) Two infills in contingent resource base Additional prospectivity Volund PL150b Volund Volund Infill PL150 1,3 Kneler 1 Kobra S Kneler Viper Gekko PL736 S Volund Base decline stabilizing, reserves not impacted by 2014 production performance Infill well matured form contingent resources to reserves Forecast to produce until /9-3 'h 'ª Kobra/Viper Development project 2014 Performance Bøyla WF11820 p P Reserves (MMboe) 2C Contingent resources Net production OPEX (1) (USD/bbl) Cash Net Back (USD/bbl) Alvheim (15%) Volund (35%) ,670 7,360 ~6 ~6 ~89 ~95 'ª 340 Caterpillar 'ª 340 BS Infill / Devolepment Contingent Resources 25/10-11 F 25/7-2 0 KM 8 'ª 'ª (1) Excluding well intervention and project specific cost 17

18 Norway - Greater Alvheim Area Reserves MMboe Gross Alvheim Estimated Ultimate Recovery 184 2C Contingent Resources Cumulative Production End of Year 2P Reserves % Viper / Kobra MMboe Gross Volund Estimated Ultimate Recovery 2C Contingent Resources Cumulative Production End of Year Reserves % 5 24/9-5 Area 23 Infill Reserves PDO Year End PDO Year End Development Inventory Beyond WF11820 p Alv. L4 Bøyla M2 Alv. Knl Alv. Bkn Viper Kobra Volund infill Alvheim C.R. s 18

19 Norway New Fields Brynhild & Bøyla Alvheim FPSO Bøyla United Kingdom 0 KM 40 Norway Brynhild Field North Sea Licence: PL148 Partner: Dev. concept: 90% (operator), Talisman 10% Subsea tie-in to Shell operated Pierce field (UK) Haewene Brim FPSO Brynhild 4 development wells Two development wells successfully completed Longer reservoir section completed Pierce Field (Shell) Pierce field Third development well currently drilling Fourth development well to be drilled in 2015 Reserves: 23 MMbo (gross) Production: Commenced on 25 December 2014 Plateau production forecast 12,000 boepd (gross) Brynhild Bøyla Field Licence: Partner: PL340 15%, Det Norske 65% (operator), Core Energy 20% Boa Alvheim FPSO to Vilje Kameleon Dev. concept: Subsea tie-back to Alvheim 3 development wells Kneler B Kneler A Two development wells completed, third well to be completed in 2015 WF12011 p Reserves: Production: 2P reserves: 23 MMboe gross Commenced on 19 January 2015 Peak production forecast: 20,000 boepd gross Bøyla Volund Production Gas lift Water injection 19

20 Corporate Overview Reserves, Resources and 2015 Appraisal Programme Capital Market Day, February

21 2P Reserves 31 December 2014 Gas, 8% Total MMboe Malaysia, 13.8 Indonesia, 1.4 France, 21.1 Brynhild, 20.5 Netherlands, 2.5 End 2013 Oil & NGL, 92% MMboe Alvheim, Production - Sales Reserve additions (excl. sales/acquisitions) +8.2 Volund, 8.2 Viper Kobra, 1.3 Bøyla, 3.4 Ivar Aasen, 2.6 End 2014 Reserves increase (2) Reserves replacement ratio (2) (1) 5% 90% WF12010 p Edvard Grieg 93.6 Norway, Numbers in chart may not add up due to rounding (1) Oil Price (Brent) USD 70/bbl in 2015 then USD 90/bbl in % escalation thereafter (2) as per industry standards the reserve replacement ratio is defined as the ratio of reserve additions to production during the year, excluding acquisitions and sales. The reserves increase is calculated as the ratio of the reserves additions over the reserves adjusted for sales and production 21

22 Reserves Changes Produced in 2014 Revisions Sales / Acquisitions Malaysia Russia Norway Netherlands Indonesia France MMboe WF12010 p Norway: - Volund infill - Alvheim - Viper/Kobra - Ivar Aasen Unitisation Russia: - Sales of Komi assets 22

23 2P Reserves History Johan Sverdrup MMboe Cumulative Production Malaysia Norway Tunisia Netherlands Indonesia France 50 WF12010 p Excluding discontinued operations Year End 23

24 2C Contingent Resources 31 December 2014 Total MMboe Paris Basin, 8.8 Aquitaine, 4.3 France, 13.1 Gas, 35% Russia, Gohta, 51.3 Oil & NGL, 65% Indonesia, 2.1 Alta, 89.1 Others, 18.8 Norway, Tarap, 24.6 WF12010 p Malaysia, 72.2 Tembakau, 28.9 Other, 34.6 Luno II, 25.7 Greater Alvheim Area, 6.1 Numbers in chart may not add up due to rounding The Johan Sverdrup field contains gross Contingent Resources of between 1,800 and 2,900 MMBoe as disclosed by pre-unit operator Statoil. The Johan Sverdrup field is situated in licences PL501, PL502 and PL265 in Norway. has a 40 percent interest in PL501 and a 10 percent interest in PL

25 Contingent Resource Growth 1,200 1,000 Norway - J. Sverdrup MMboe Malaysia Russia Others Norway 200 WF12010 p Year End Excluding discontinued operations 25

26 Contingent Resources Changes Gohta Year end 2013 to Year end 2014 Luno II Alta Tembakau Other MMboe Revision net to Lundin WF12010 p Norway: - Gohta gas volumes revision post Gohta 2 - Luno II appraisal results, additional 10% equity - Alta discovery Malaysia: - Tembakau Miocene I80 revision post Tembakau 2 26

27 Contingent Resources Changes Norway - Alta Discovery 0 KM 40 PL609 PL533 PL659 PL609, 40% (operator) Alta Discovery 20 km NE of Gohta 46 m gross oil column & 11m gross gas column - tested maximum rate 3,260 bopd & 1.7 MMscfd Gross Contingent Resources Norway PL492 Gohta Discovery PL438 PL490 Alta Discovery 2015 Alta Appraisal 2 Alta Discovery Snhøvit Area PL805 PL767 Barents Sea MMboe 74% oil 2015 Alta Appraisal 1 Senilex well (1985) WF12016 p Gohta Appraisal Gohta Discovery 27

28 Contingent Resources Changes Norway - Gohta Discovery 0 KM 40 PL533 PL609 PL659 PL492, 40% (operator) Gohta Discovery Discovery well: 75m gross oil column & 25m gross gas column - tested 4,300 bopd Appraisal well: 10m gross gas column - tested 26.4 MMcfd and 880 bpd cond. Norway PL492 Gohta Discovery PL438 PL490 Alta Discovery Snhøvit Area PL805 PL767 Barents Sea Revised Resources (gross) MMboe 71% oil Gohta Appraisal 1 PL609b -22% revision of total 2C resources, but oil volume revision only -4% Gohta Appraisal 2 Chance of development improved by Alta discovery Gohta Discovery WF12016 p

29 Contingent Resources Changes Norway - Luno II Discovery 0 KM 10 PL779 Ivar Aasen Unit PL673 Norway PL338 Operator Partner Johan Sverdrup Discovery PL674 Edvard Grieg PL359, 50% (operator) 2 appraisals drilled in 2013/ /5-5 demonstrated that southern segment is un-commercial 16/4-8 Gross oil column 30 m underlying a thin gas cap. Tested oil at 450 bpd Luno II North prospect 0015 PL778 PL544 Lundin (40%) /4-6S Fignon prospect Lundin (50%) PL338C PL359 Lundin (10%) PL265 PL410 Lundin (50%) Lundin (70%) Luno II App 16/4-8 Luno II App 16/5-5 Luno II discovery Lundin (40%) PL501 PL501B Lundin (40%) North Sea Gross contingent resources MMboe 79 % oil Additional 10% equity acquired in 2014 Partner alignment with Edvard Grieg Luno II North prospect Prospective resources PL338C PL265 PL359 PL410 Luno II discovery 16/4-6S Luno II central Contingent resources WF12016 p Luno II 2014 App (16/4-8S) 29

30 Contingent Resources Changes Malaysia - Tembakau 3C Resource PM307, 75% (operator) Tembakau-2 appraisal well 22m of gross gas sands in four sand intervals Tembakau 1 Tembakau 2 2C Resource Well test results I20 sand MMscfd of gas I10 sand MMscfd of gas Tembakau 3D Sesimic Gross 2C resources revised to Bscf Re-interpretation of I80 geology following well result Development will be gas price dependant Significant prospectivity in the area A TEMBAKAU bounding fault Tembakau-1 F/H 4km Tembakau-2 B 1 km I10 I20 I30 I35 I80 Main appraisal targets I10-I20 J WF12016 p km K-shale K-sand (wet) Pre-tertiary 30

31 Appraisal Programme Wells Norway - 3/4 wells Utsira High 1 appraisal well on Edvard Grieg 2015 Budget : 150 Million USD Barents Sea 2 appraisal wells on Alta 1 appraisal well on Gohta under review PL779 Ivar Aasen Unit PL167 PL501 PL674BS 0 KM 40 PL609 PL673 North Sea PL338 PL674 PL533 PL659 1 well on Edvard Grieg PL778 Luno II Discovery PL338C PL359 Edvard Grieg PL265 PL410 Norway Johan Sverdrup Discovery PL501 B 0 KM 16 2 wells on Alta Norway PL492 PL438 Gohta Discovery PL490 Alta Discovery 1 well on Gohta (1) PL767 Barents Sea WF11796 p Norway - Utsira High (1) Under review Norway - Barents Sea 2015 appraisal wells Operator Partner 31

32 Norway - PL338 Edvard Grieg Appraisal Development well pilots A10 and A11 Confirmed extent of high quality fluvial/aeolian sands to be targeted by the first three horizontal producers Disproves downside reservoir scenarios 16/1-18 Appraisal - drilled 2014 Confirmed back basin reservoir model 62 m oil bearing fluvial/alluvial transition Tested 800 bopd from lower part of section Operationally unable to test better quality upper section SE Appraisal 16/ / /1-13 SE Appraisal 16/1-23s SE Appraisal Spud with Rowan Viking Q Prove upside volume potential in SE part of field Gross resource potential up to 50 MMbo Southern back-basin Middle back-basin Northern back-basin WI1 location WF12016 p

33 Barents Sea Loppa High Appraisal Licences Operated Non Operated Fields Oil Gas Prospects 2015 Alta Appraisal 1 Alta Discovery 2015 Alta Appraisal 2 Senilex well (1985) Alta Discovery / Appraisal PL609 (Lundin 40%, operated) 46 metres gross oil column / 11 metres gross gas column tested ~3,300 bopd Gross recoverable oil and gas resource estimate range: MMboe (74% oil) Two appraisal wells in 2015 Test upside Narrow range of uncertainty Bjørnøya Bassenget Veslemøy High Iskrystall Johan Castberg Bjørnøyrenna Fault Complex Rauto 533 Kramsnø Drivis Skavl Polheim Sub-platform Børselv 609 Lakselv North Neiden 0 KM 20 Loppa High 659 Formica Lakselv South WF11786 p Gohta Appraisal Gohta Discovery Alta total resources: MMboe Development options are being reviewed Tromsø Basin Salina Gohta Appraisal 1 Ringvassøy-Loppa Fault Complex Komag B Lavvo 438 Rein Boazo Noaide Skalle 490 Trål Alta Discovery Gohta Discovery SNØHVIT Hammerfest Basin 33

34 Barents Sea Loppa High Appraisal Operator Partner Prospect Lead 0 5 KM 20 Gohta Discovery operator (40%) Partners: Det Norske 40%, Noreco 20% Recoverable resources: MMboe 71% oil 712 JOHAN CASTBERG Børselv Neiden 715 Appraisal under review Gotha app /1-4 Gotha discovery well 7120/1-3 Gohta Barents Sea WF11955 p Gotha app. 2 proposed location 7119 Salina B Gohta 7120 Alta Skalle B 34

35 Remaining 2015 Prospective Resources Target Unrisked 510 MMboe Unrisked 2015 net unrisked prospective resources Norway SE Asia Million boe 100 Zulu Luno II North Gemini Morkel Fosen Neiden Ørnen Mengkuang Rengas net risked prospective resources Norway SE Asia 150 Target Risked ~120 MMboe Risked Million boe WF11866 p Zulu Luno II North Gemini Morkel Fosen Neiden Ørnen Mengkuang Rengas 0 35

36 2015 Exploration & Appraisal Drilling Schedule Well LUPE CoGS (2) Country Licence - Prospect type Operator WI % NUPR (1) NRPR (3) 1 Norway PL579 - Morkel exp Lundin % 8 2 Norway PL359 - Luno II North exp Lundin % 4 3 Norway PL544 - Fosen exp Lundin % 17 4 Norway PL674 - Zulu exp Lundin % 11 5 Norway PL338 - Gemini exp Lundin (4) 74 24% 18 6 Norway PL609 - Alta Appraisal 1 app Lundin Norway PL609 - Neiden exp Lundin % 25 PL609 - Alta Appraisal 2 app Lundin Norway Norway Norway Malaysia Malaysia PL708 - Ørnen exp Lundin % 28 PL338 - E.Grieg Appraisal SE app Lundin PM307 - Mengkuang PM307 - Rengas exp Lundin % 6 exp Lundin % Q1 Q2 Q3 Q4 Ongoing Netherlands exploration wells not included WF11117 p (1) Net Unrisked Prospective Resources (MMboe) (2) Chance of Geological Success (3) Net Risked Prospective Resources (MMboe) (4) Lundin carrying an 80% WI for the Gemini Prospect only 36

37 Corporate Overview - Expenditure Capital Market Day, February

38 2014/2015 Capital Expenditure 2014 Guidance vs Actual 5% reduction on guidance 2015 Guidance 28% reduction on 2014 capital expenditure Excludes Johan Sverdrup Capex Exploration -5% Appraisal % 2000 Development Million USD Million USD WF12017 p Guidance Actual Guidance 0 38

39 Asset Overview 2014 Development Activity Norway - 1,070 MUSD Edvard Grieg - Jacket installed - Topside construction - Gas pipeline - Development drilling commenced Brynhild - Subsea inst. & riser completed - Completed 1 st & 2 nd dev. wells - First oil 25 Dec Bøyla - Subsea facilities completed - 2 development wells completed - First oil 19 Jan Alvheim - 1 infill well East Kam. France - 30 MUSD Paris Basin - Underbalanced coiled tubing drilling - VGR drilling development Malaysia MUSD Bertam - FPSO conversion - Jacket installed - Well Head Platform installed - Offshore hook-up ongoing - Commenced drilling dev. wells WF11997 p Development 1,350 MUSD 39

40 CAPEX 2014 Guidance vs Actual 1,500 Capex Guidance vs Actual Phasing Cost increase 1,500 1,450 1,450 1,400 1,400 1,350 1,350 Million USD 1,300 1,250 1,200 1,300 1,250 1,200 Million USD 1,150 1,150 1,100 1,100 1,050 1,050 1,000 1,000 WF12017 p Guidance Edvard Grieg Field Edvard Grieg Pipeline Bertam Other Norway Other International Brynhild 2014 Actual 0 40

41 Asset Overview 2015 Development Activity NORWAY USD 750 million Edvard Grieg USD 490 million - Topside installation & commissioning - Oil Export pipelines - Drilling Brynhild USD 150 million - Drilling Bøyla USD 10 million - drilling Alvheim/Volund USD 75 million - Infill drilling FRANCE Vert La Gravelle Budget 2015 MALAYSIA USD 180 million Bertam - Drilling - Offshore commissioning Drilling 520 Facilities 460 WF12018 p Total Budget USD 980 Million 41

42 2015 Capex Guidance Life of Field Norway - Edvard Grieg & Brynhild Gross Million NOK 0 5,000 10,000 15,000 20,000 25,000 30,000 Edvard Grieg Latest PDO Historic Budget 2015 Future Drilling Platform Pipeline Project Brynhild Latest PDO Drilling Facilities Project Historic Budget 2015 WF12017 p PDO costs in 2015 money 0 2,000 4,000 6,000 8,000 Gross Million NOK 10,000 42

43 2015 Capex Guidance Life of Field Norway - Bøyla, Malaysia - Bertam Gross Million NOK 0 2,000 4,000 6,000 8,000 Latest Historic Budget 2015 Bøyla PDO Drilling Facilities Project Bertam (1) Latest PDO Historic Budget 2015 Drilling Platform Project WF12017 p (1) Exluding FPSO Costs PDO costs in 2015 money Gross Million USD 43

44 2014 Guidance vs Actual 2014 Appraisal 2014 Exploration Actual 7% below guidance 5 wells in Norway 1 well in Malaysia Actual 4% above guidance 6 wells in Norway 3 wells in Indonesia 1 well in Malaysia 350 Tembakau 450 Other 300 Other 400 Indonesia Million USD Gohta Luno II Edvard Grieg Johan Sverdrup Million USD Mayalsia Norway - Other Barents Sea Norwegian Sea Utsira High WF12017 p Guidance Actual 0 Guidance Actual 44

45 Asset Overview 2015 Appraisal Activity Norway Edvard Grieg - Edvard Grieg SE well Alta - 2 wells WF11997 p Budget 150 MUSD 3 appraisal wells in

46 Asset Overview 2015 Exploration Activity Norway Netherlands 2 exploration wells 7 exploration wells - 4 in Utsira High/GAA - 2 in Barents Sea - 1 in Northern North Sea Malaysia - PM307: 2 exploration wells - PM328: 3D Seismic WF11997 p Budget USD 320 Million 11 exploration wells in 2015 Targeting net unrisked resources of 510 MMboe 46

47 Corporate Overview - Financials and Funding Capital Market Day, February

48 Year End 2014 Financial Highlights Fourth Quarter 2014 Full Year 2014 Production (boepd) - including Russia - excluding Russia 22,000 22,000 24,900 23,800 Average Brent oil price (USD/boe) Cost of operations (USD/boe) EBITDA (MUSD) Operating cash flow (MUSD) Net result (MUSD) , WF11981 p

49 Year End 2014 Financial Results - EBITDA 1, , Million USD WF11981 p EBITDA Full Year Full Year 2013 (1) 2014 EBITDA Fourth Quarter Fourth Quarter 2013 (1) (1) Restated following adoption of IFRS11 Joint Arrangements 49

50 Year End 2014 Financial Results - Operating Cash Flow 1,200 1,100 1, ,200 1,100 1, , Million USD WF11981 p Operating Cash Flow Full Year Full Year 2013 (1) 2014 Operating Cash Flow Fourth Quarter Fourth Quarter 2013 (1) (1) Restated following adoption of IFRS11 Joint Arrangements 50

51 Year End 2014 Financial Results - Net Result Million USD WF11981 p Net Result Full Year Full Year 2013 (1) 2014 Net Result Fourth Quarter Fourth Quarter 2013 (1) (1) Restated following adoption of IFRS11 Joint Arrangements 51

52 Year End 2014 Debt Position 2,700 2,600 2,500 Working Capital/Other MUSD 411 2,700 2,600 2,500 Closing Net Debt 31 Dec 2014 MUSD 2,609 2,400 2,300 G&A MUSD 40 Financial MUSD 80 2,400 2,300 2,200 2,200 2,100 2,100 2,000 2,000 1,900 1,900 1,800 1,700 Exploration & Appraisal MUSD 675 1,800 1,700 Million USD 1,600 1,500 1,400 1,300 Operating Cash Flow MUSD 1,139 1,600 1,500 1,400 1,300 Million USD Opening Net Debt 1 Jan 2014 MUSD 1,192 1,200 1,100 1,200 1,100 1,000 1, Development MUSD 1, WF11981 p

53 2015 Forecast Margin Netback (USD/boe) 2015 Production guidance 41,000 51,000 boepd Forecast 2015 Actual 2014 Brent oil price (USD) Revenue Cost of operations - base - projects Tariff Production taxes Stock movement Other Cash Margin Netback WF12027 p

54 2015 Forecast Cost of Operations (including projects) 40 Malaysia, 13% Indonesia, 4% Netherlands, 8% Norway, 58% 2015 Forecast 2014 Actual France, 17% 30 USD/boe USD/boe WF12027 p Total Norway France Netherlands Indonesia 0.0 Malaysia 0 54

55 2015 Cost of Operations Quarterly Including Projects Base Alvheim workover Edvard Grieg onstream USD/boe USD/boe Actual USD 10.85/boe Forecast 2015 Including Projects 9 9 USD 9.35/boe Base Forecast 2015 USD 8.40/boe Q forecast Q forecast Q forecast Q forecast 7 WF12027 p

56 2015 Forecast Depletion Malaysia, 22% Indonesia, 3% Netherlands, 3% France, 4% Norway, 68% 2015 Forecast 2014 Actual USD/boe USD/boe 5 5 WF12027 p Total (1) Norway France Netherlands 0.0 Indonesia Malaysia (1) (1) Excludes depreciation of Bertam FPSO, Malaysia 0 56

57 2015 Forecast Taxation (USD/boe) Forecast 2015 Current Tax Credit Deferred Tax Charge Brent oil price (USD) WF12027 p

58 Norway Tax Value 12,000 Undiscounted Norwegian Tax Value from historic capex spend as at 1 Jan 2015 (MNOK) 10,000 1, ,000 Million NOK 6,000 5,832 11,245 (1) 4,000 2,000 3,088 0 CT Historic Capex Depreciation at 27% SPT Historic Capex Depreciation at 51% SPT Uplift Historic Capex Depreciation at 30% SPT Uplift Historic Capex Depreciation at 22% SPT Tax Loss Total Tax Value MMNOK WF12027 p (1) USD billion [NOK /USD] 58

59 2015 Forecast Profit Netback (USD/boe) Forecast 2015 Cash Margin Netback Brent oil price (USD) Depletion /Depreciation G&A Financial items, net Profit /loss Before Tax Tax Profit /loss After Tax WF12027 p

60 2015 Forecast EBITDA Netback (USD/boe) Forecast 2015 Cash Margin Netback General & Administrative Brent oil price (USD) EBITDA Netback General & Administrative Cash Non-cash LTIP Depreciation 0.40 WF12027 p

61 2015 Forecast Operating Cash Flow Netback (USD/boe) Forecast 2015 Cash Margin Netback Cash Taxes Brent oil price (USD) Operating Cash Flow Netback WF12027 p

62 Funding Status and Guidance Strong balance sheet High cash margin assets Reserve based lending facility is core to our funding 26 international banks Full access to USD 4 billion facility WF12027 p

63 Year End 2014 Liquidity MUSD at 31 December 2014 Debt Outstanding 2,690 Cash Balances 81 Net Debt Position 2,609 Financing facility increased to USD 4 billion in Feb 2014 under similar terms Margin on Loan Facility: 2.75% Full access to USD 4 billion under low oil price sensitivity WF11981 p Conservative leverage on Johan Sverdrup 63

64 Options to Increase Liquidity Exploration refund facility (ERF) low hanging fruit December 2015 tax refund based on 2014 expenditure NOK 2.75 billion Plan to implement in Q ERF up to NOK 4.5 billion [2 year facility] Full inclusion of Johan Sverdrup => significant increase in RBL capacity WF12027 p

65 2015 Forecast Funding & Liquidity (USD/boe) Operating Cash Flow Netback Forecast 2015 Brent oil price (USD) General & Administrative Cash Financial Items Cash Flow Available for Investment Development Capex Appraisal Capex Exploration Capex MUSD Funding Requirement WF12027 p Available RBL Norway Exploration Refund (Dec 2015)

66 Developments Capital Market Day, February

67 Norway & Malaysia Development Projects Norway United Kingdom Bøyla Ongoing Norwegian Developments Edvard Grieg (Lundin 50% operator) Ivar Aasen Unit Edvard Grieg Norway Stavanger " Brynhild (Lundin 90% operator) First oil achieved Dec North Sea Bøyla (Lundin 15%) First oil achieved Jan Ivar Aasen Unit (Lundin 1.385%) Brynhild 0 KM 40 Ongoing Malaysian Development Bertam (Lundin 75% operator) Malaysia - Natuna Sea 0 KM Budget USD 980 Million Malaysia Bertam WF11383 p Kuala Lumpur Indonesia Singapore Indonesia Malaysia 67

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