Genel Energy: Trading and Operations Update

REVENUES

• Revenues for 2013 totalled c.$350 million ($333 million in 2012), within the Company's guidance range of $300-400 million.
• 2013 sales realisations were as follows:

• Taq Taq truck exports realised c.$75-80/bbl.
• Taq Taq domestic market sales (including Bazian refinery) realised c.$71/bbl.
• Tawke domestic market sales realised c.$60/bbl.

• The Company's 2014 revenue guidance is set at $500-600 million.

CAPEX AND BALANCE SHEET

• 2013 capital expenditure totalled c.$560 million, of which c.$480 million was KRI spend with the balance on the Africa exploration portfolio.
• 2014 capital expenditure is projected at $550-600 million and reflects

• $400-450 million on the KRI portfolio, with a broadly equal split between development and E&A activities.
• $150 million on the Africa exploration portfolio.

• Balance sheet cash at end-2013 was c.$700 million with no debt.
• The Company remains in discussions with a number of banks on the potential for debt funding.