Independent Reporting

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Caroline Watts
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1 Idepedet Reportig Competet Perso s Reports Reserves Reports Equity Determiatio Reports Due Diligece Reports rpsgroup.com/eergy

Professioally qualified staff iclude Certified Petroleum Geologists (USA), Licesed Professioal Egieers ad Geologists i the USA ad Caada ad Chartered Egieers ad Chartered Geologists i the UK.

2 Our Experiece RPS has umerous professioally qualified egieers ad geologists who supervise techical teams providig idepedet reports. Our professioal staff have the complete rage of skills ecessary to value ay combiatio of assets across the eergy chai icludig upstream, midstream ad dowstream compoets. Professioally qualified staff iclude Certified Petroleum Geologists (USA), Licesed Professioal Egieers ad Geologists i the USA ad Caada ad Chartered Egieers ad Chartered Geologists i the UK. Our services iclude Competet Perso s Reports (or Mieral Expert Reports) for public flotatios ad private fud raisig, valuatio reports for baks providig project fiace or Reserves-based ledig, aual Reserves Reports ad valuatios based o due diligece for corporate or asset acquisitios. I 2010 aloe RPS udertook approximately 100 Reserves audit / certificatio / valuatio projects ad we have sigificat experiece i the preparatio of Reserves Reports i accordace with: SPE/WPC/AAPG/SPEE Petroleum Resource Maagemet System (PRMS, 2007) Securities Exchage Commissio (SEC) Fiacial Accoutig ad Stadards Board (FASB) Caadia Natioal Istrumet NI (ad COGEH guidelies) Norwegia Petroleum Directorate Russia reserves certificatio Australia VALMIN code We provide cliets with a itegrated, focused ad multi-discipliary team composed of petrophysicists, geologists, geophysicists, egieers ad ecoomists. Access to other specialist disciplies withi the RPS orgaisatio is available for detailed studies. We have o coflictig iterests i cotractor services or equity i exploratio or productio projects our cliets ca therefore have cofidece i our complete impartiality.

Competet Perso s Reportig RPS has udertake umerous diverse projects requirig formal opiios i support of public listigs, private placemets ad other fiacial offerigs.

3 Competet Perso s Reportig RPS has udertake umerous diverse projects requirig formal opiios i support of public listigs, private placemets ad other fiacial offerigs. RPS has prepared such Competet Perso s Reports (CPRs) for trasactios o all the major stock exchages aroud the world ad is expert i the specific reportig requiremets of those exchages. These stock exchages iclude: Lodo (Mai List) Lodo (AIM) Toroto (TSV, TSX) Australia (ASX) Oslo Axess Hog Kog (SEHK) Some examples of major CPRs udertake by RPS for compaies floatig o the Mai List i Lodo iclude: Essar RPS prepared the CPR for Essar s oil ad gas assets i Bombay High i complex carboate reservoirs. Ophir Eergy I 2011 RPS prepared a CPR for Ophir s IPO. This icluded a detailed review of multiple discoveries ad leads off the West ad East coasts of Africa ad detailed costigs of their proposed developmets. Heritage Oil RPS prepared a CPR for Heritage Oil whe they listed o the Lodo Stock Exchage. Subsequetly RPS prepared a CPR for iclusio i their shareholder circular i coectio with the sale of their Ugada assets. This CPR icluded a complex valuatio of discoveries ad prospects ad a stochastic valuatio of the developmet. Glecore Whe Glecore floated i 2011 the prospectus icluded Mieral Expert Reports o their mieral assets ad a RPS CPR o their hydrocarbos Reserves ad Resources i Equatorial Guiea. rpsgroup.com/eergy

Reserves Reportig, Valuatio ad Audit RPS extesive experiece i subsurface through to preparatio of field developmet plas is particularly relevat for the assessmet of our cliets Reserves ad

RPS also provides aual ad mid-year Reserves Reports for baks i support of their reserves-based ledig to our cliets ad for baks assessig their project fiacig requiremets.

Each team member has cosiderable experiece of idividual projects, carried out for a variety of cliets pricipally across Europe, Africa, Middle East, North America ad SE Asia.

4 Reserves Reportig, Valuatio ad Audit RPS extesive experiece i subsurface through to preparatio of field developmet plas is particularly relevat for the assessmet of our cliets Reserves ad Resource base. Each year RPS provides aual Reserves Reports for regulatory purposes for cliets listed o the Toroto ad New York stock exchages. RPS also provides aual ad mid-year Reserves Reports for baks i support of their reserves-based ledig to our cliets ad for baks assessig their project fiacig requiremets. RPS has a umber of professioally registered ad suitably experieced staff available to supervise ad sig Reserves Reports uder various jurisdictios. Each team member has cosiderable experiece of idividual projects, carried out for a variety of cliets pricipally across Europe, Africa, Middle East, North America ad SE Asia. Examples of our Reserves Reports which are i the public domai iclude aual reports for: Fairfield Eergy A complete audit of their reserves i mature UK fields. Valiat Petroleum A Reserves audit of selected producig sites i the UK. Sterlig Resources A complete Reserves ad Resources evaluatio of properties i the UK, Netherlads, Frace ad Romaia.

5 Due Diligece RPS has developed a uique Strategic Advisory Service to help its Eergy sector cliets achieve their corporate objectives. As i the rest of our busiess we believe that deep kowledge ad expertise is crucial. Our team of professioals, with years of iteratioal, techical, commercial ad corporate experiece, are available to help our cliets across a variety of fields with a particular focus o portfolio maagemet, mergers, acquisitios ad divestmets. Due diligece support of techical ad commercial aspects of a acquisitio of idividual assets or of corporate acquisitios is oe of our core stregths. Each year we provide complete evaluatio teams to support our cliets i umerous data rooms ad i the follow-up evaluatio studies. Recet examples of major acquisitio support iclude: Peregrio Field RPS provided a full idepedet evaluatio of this heavy oil field i Brazil for the successful bidder. Daa RPS supported KNOC durig their acquisitio of Daa usig public domai data ad i-house expertise to provide a prelimiary evaluatio of Daa s assets. UK New-coutry Etry RPS has bee supportig a Japaese compay i umerous data rooms, reviewig potetial North Sea assets ad corporate acquisitios. This has ivolved the provisio of a full team of geoscietists, reservoir ad facilities egieers ad ecoomists. RPS provides specific fuctioal ad geographic experiece to operators seekig to build first-class review teams. We work closely with operators, ivestors ad baks to provide a detailed idepedet aalysis of volumes, Reserves, costs ad capital expediture. Our due diligece teams have particular expertise i the rigorous aalysis ad uderstadig of both techical ad commercial risk ad ucertaity, which we routiely utilise i due diligece ad data room work. rpsgroup.com/eergy

Idepedet Equity Determiatio Reports Idepedet Reports for baks providig project fiace ad reserve based ledig RPS, through its acquisitio of Scott Pickford i 2005, has provided idepedet Expert services

RPS is the most experieced equity redetermiatio Expert ad Advisory cosultig group i the world, havig acted as Expert o 19 occasios, with projects i 11 differet coutries o 4 cotiets.

6 Idepedet Equity Determiatio Reports Idepedet Reports for baks providig project fiace ad reserve based ledig RPS, through its acquisitio of Scott Pickford i 2005, has provided idepedet Expert services to the idustry sice RPS is the most experieced equity redetermiatio Expert ad Advisory cosultig group i the world, havig acted as Expert o 19 occasios, with projects i 11 differet coutries o 4 cotiets. Our cliet compaies iclude Natioal Oil Compaies requirig advice about idustry stadards regardig uitisatio ad redetermiatio, large multiatioal compaies seekig ubiased ad idepedet advice to verify their positios ad smaller compaies without the experiece ad resources to properly protect their iterests. The services we offer are: Idepedet Expert Pre-uitisatio assessmet ad strategic advice Review ad draftig of redetermiatio procedures Pre-call redetermiatio assessmet ad strategic advice Post-redetermiatio call techical support, icludig sesitivity aalysis Redetermiatio team maagemet Submissio ad rebuttal draftig Equity Committee represetatio Negotiatio support ad represetatio

7 RPS Eergy is part of the RPS Group which is listed o the Lodo Stock Exchage ad is i the FTSE 250 Idex. RPS is a cosultacy orgaisatio employig over 4500 professioals with a uique bled of skills ad experiece. We operate world-wide from major regioal offices i North America, Europe, the Middle East, Australia ad South East Asia as well as local offices ad agecies i may other areas. The expertise withi RPS Eergy is applied to a broad rage of projects across a umber of idustry sectors where we provide cliets with idepedet ad flexible support to help them achieve their techical ad commercial goals. Our cliet base umbers over 180 compaies icludig govermets, NOCs, IOCs, idepedets ad fiacial istitutios, as well as compaies i the broader eergy idustry ad other ifrastructure ad asset owers. rpsgroup.com/eergy

8 31400 March 2012 For further iformatio please cotact: UK USA Australia Caada Malaysia Russia Abu Dhabi Brazil Sigapore Kuala Lumpur Prited o FSC certified, 100% post cosumer recycled paper, bleached usig a elemetal chlorie free process.

REITInsight. In this month s REIT Insight:

REITInsight. In this month s REIT Insight: REITIsight Newsletter February 2014 REIT Isight is a mothly market commetary by Resource Real Estate's Global Portfolio Maager, Scott Crowe. It discusses our perspectives o major evets ad treds i real