2012 BOARD RISK MANAGEMENT OBJECTIVESContinue to ensure that the Group's financial and operating risks are identified and that adequate systems are in place to monitor and mitigate them, with a particular focus on:1 External Stakeholder Relationships2 Portfolio management3 Improving the quality of Board reporting on evolving risks4 Building organisational capacity5 EHS and asset integrity; and6 Maintaining and enhancing the Tullow cultureACCESS AND INFLUENCE IN THE CAPITAL MARKETSOur strategic objective is to deliver substantial returns to shareholders. This ensures that we can continue to pursue our business plans and invest in creating shared prosperity. Tullow has a very active investor relations programme through which the CEO, the CFO, the other Executive Directors and Senior Management regularly meet major shareholders. In 2011, 370 investor meetings were held, presentations were made at 15 international conferences and 18 broker sales team briefings were conducted. We also engage with Socially Responsible Investors through investor meetings, roadshows, invitations to our multi-stakeholder meetings and by answering direct enquiries and SRI benchmarking questionnaires.????????Setting meaningful emissions reduction targets????????Transparency on payments to governments????????Bribery and corruption risks faced and implementation of the UK Bribery and Corruption legislation????????Providing transparent, accurate updates on key areas of corporate responsibility progress????????The need for clarity on Tullow's approach to operating in sensitive areasBUILDING AND MAINTAINING OUR REPUTATIONBeyond targeted engagement with specific stakeholder groups, we work hard to tell the Tullow story to a wide audience. We participate in national government sponsored public dialogue on the oil and gas industry and look for opportunities to explain our approach to creating shared prosperity to the Diaspora and diplomatic representatives of each of our countries of operation and locally. We also sponsor events focused on promoting Africa as an investment destination and engage with international universities on identifying potential sources of African talent for our business. We engage with the media to inform and engage on industry and Tullow related issues, we commission stakeholder perception surveys and respond to corporate responsibility benchmarking and accreditation surveys. ????????Opportunities to enter the Tullow supply chain in Africa????????How to avoid the 'Oil Curse' in new oil producing countries - lack of economic diversification????????Employment opportunities with Tullow in Africa????????Providing information on Tullow's activities????????Responding to allegations of bribery and corruption in UgandaINDUSTRY AND PEER GROUP ISSUES AND BENCHMARKINGWe maintain a number of industry memberships and affiliations that enable us to participate in, learn from and contribute to industry issues and benchmark our practices, particularly in operational areas. These affiliations cover areas such as transparency, human rights, oil spill response and industry reporting standards and we seek independent critiques of our reporting and communications from a variety of stakeholders. All of these help to ensure we adopt relevant good practices from our industry, contributing to our competitive edge, and maintain an appropriate level of dialogue and transparency around our operations.????????Bribery and corruption risks faced and implementation of the UK Bribery and Corruption legislation????????Transparency on payments to governments????????Operating in sensitive areas, particularly World Heritage Sites????????Industry solutions to oil spill response issues????????Human Rights and Security and implementation of the Ruggie PrinciplesSTAKEHOLDER PRIORITIES221www.tullowoil.com

External sustainability initiatives and standardsWe maintain a number of industry memberships and affiliations which enable us to engage with our industry peers in discussions around industry issues and to benchmark our practices:????????We have become a member of Transparency International's Corporate Supporters Forum.????????We are corporate supporters of EITI. We are also actively involved in the EITI implementation process in the countries in which we operate that are implementing the EITI standard. Our payments under the Deepwater Tano and Westcape Three Points Petroleum Agreements are published on page 83 of this report, and online.????????We report our greenhouse gas (GHG) emissions through the Carbon Disclosure Project and participate in independent environmental, social and governance performance research such as the EIRIS and Vigeo surveys.????????We are a full participant member of Oil Spill Response Limited (OSRL) and through our membership of Oil & Gas UK we have participated in the Oil Spill Prevention and Response Advisory Group (OSPRAG).????????We have requested admission to the Voluntary Principles on Security and Human Rights. We have also conducted a gap analysis to understand implications for operationalising the Guiding Principles for the UN 'Draft Norms on the Responsibilities of Transnational Corporations and Other Business Enterprises with Regard to Human Rights' (the Ruggie Principles). These will be used by Tullow as a guide to developing our Human Rights policy.????????During 2011 we conducted a gap analysis to understand our FTSE4Good rating. While Tullow scores reasonably well against most of the FTSE4Good criteria, our current lack of quantitative climate change targets means that improving our score in this area remains a challenge.????????We have reviewed the services and opportunities for knowledge sharing and engagement available through membership of the International Petroleum Industry Environmental Conservation Association (IPIECA). This review has led us to conclude that we would benefit from wider interaction on social responsibility issues such as human rights, social impact assessments and indigenous peoples in countries where we operate, and we are currently talking to IPIECA about becoming a member.Applying the GRI G3.1 GuidelinesThis report applies the Global Initiative G3.1 Guidelines and Oil and Gas Sector Supplement, which are designed to help organisations to measure and report on their economic, environmental and social performance over time.A full GRI content index for this report, and covering elements of our 2011 Annual Report and website, can be found online at www.tullowoil.com/crr2011/griGRI has not assured this report, and the GRI Application Level Check is not a form of assurance. Deloitte provide limited assurance on this report - more information is found on page 80.22Tullow Oil plc 2011/2012 Corporate Responsibility ReportTools, process, audiences