MEASURING OUR PERFORMANCEWe made good progress this year in corporate responsibility performance. The targets we are setting to assess our progress are increasingly informed by our stakeholder engagement processes.Our performanceWe have reintroduced a detailed performance overview into our 2011 Corporate Responsibility Report. We received feedback from socially responsible investors and corporate responsibility analysts, in particular, that they had a strong preference for a clear and informative summary of our performance against objectives, including an overview of our targets and plans for the following year.In this section, we have incorporated an overview of each of the key elements of creating shared prosperity. We have indicated through a traffic light system the status of each objective. A green light indicates that we achieved the objective. An amber light indicates that we are within 10% of achieving our target or on track for delivery. A red light means that we have failed to achieve our objective during this reporting period. In total we had over 30 corporate responsibility objectives for the year. These included a range of both quantitative and qualitative targets. We achieved 22 of our targets. In addition, the Board had a number of corporate responsibility objectives relating to corporate risk, which formed part of their 2011 Board objectives. These included:????????External stakeholder relationships;????????Health & safety, with particular emphasis on malaria awareness and performance;????????UK Bribery Act and Tullow's Code of Business Conduct;????????Organisational capacity; and????????Maintenance of Tullow culture.The Board is satisfied that appropriate discussion and action took place, with particular emphasis during the year on health and safety, bribery and organisational capacity.HIGHLIGHTS FOR THE YEARStakeholder engagementStakeholder engagement highlights include building more robust capacity and internal processes and putting in place more effective methods for identifying, assessing and managing social and political risk.Environment, Health & SafetyTullow achieved a good EHS performance in 2011. A detailed review of KPIs undertaken by the new EHS Strategy Forum has refocused 2012 leading and lagging indicators to improve the overall quality and effectiveness of EHS at Tullow.Our peopleStaff turnover remained low and our global employee and contractor survey achieved good participation levels and a strong engagement score.Social enterpriseA working group has been established to link Tullow's social enterprise strategy more closely with the Group's business activities and objectives.MORE INFORMATIONSection 3 contains more detailed information on our performance and activities during the year. Supplementary data is provided at the back of this report and you will find the basis of reporting and the GRI Content Index for this report online.50Tullow Oil plc 2011/2012 Corporate Responsibility Report

GOVERNANCE2011/2012 key objectives2011/2012 performanceStatusDeliver a new Code of Business Conduct, taking into account the UK Bribery Act.New Code of Business Conduct launched in August 2011.Group-wide roll-out of a new compliance programme, complemented by a range of new training initiatives, tools and processes.As of June 2012 over 500 members of our workforce have received training in our Code of Business Conduct and policy awareness.Form a new Compliance Committee to monitor and advise on the compliance programme and report to the Board. Compliance Committee was formed and two meetings held to date in 2012. Regular Board reporting planned.Develop and publish a separate Human Rights policy.Our Human Rights Statement of Policy has been published separately from the new Code of Business Conduct but no detailed review or restatement was undertaken.2012/2013 objectivesStatusDevelop and enhance the capability of the compliance team and network of compliance champions.NEWContinue to roll out the Code of Business Conduct awareness programme across Tullow.Same as 2011Enhance bribery and corruption risk assessment and due diligence procedures.NEWEnsure early involvement in major projects or areas of risk to embed compliance.NEWSTAKEHOLDER ENGAGEMENT2011/2012 key objectives2011/2012 performanceStatusComplete stakeholder mapping and roll out Tullow's enhanced approach to stakeholder engagement.Stakeholder Engagement Guidelines were drafted in 2011 and will be finalised and rolled out in 2012-2013. Stakeholder mapping is ongoing.Develop and implement a planned and proactive annual external stakeholder engagement programme.Achieved for 2011. Our programme of engagement is ongoing for 2012-2013.Develop a robust material issues matrix and refine our understanding of the big issues that concern our stakeholders. A central material issues matrix has not been developed, however work has been carried out at regional business level to improve understanding of stakeholder issues at the centre.Deliver the Board's external stakeholder engagement objective.The Board is satisfied that appropriate discussion took place in 2011, although external stakeholder engagement remains a focus for the Board in 2012.2012/2013 objectivesStatusDevelop a three-year External Affairs strategy.NEWDefine, develop and roll out best-in-class corporate policy, standards, guidelines and tools for stakeholder relationship management.NEWUpdate stakeholder engagement competency framework to ensure that the right capabilities exist at Corporate, Regional and business unit level.NEW Meeting target Within 10% of target or on track for delivery Failing to meet target More information PageStakeholder priorities 18Governance 56Stakeholder engagement 6051www.tullowoil.comMEASURING OUR PERFORMANCE3