vs. ROE' 40 35 30 25 20 15 10 5 0 -200% • •• R2 = 0.3295) • -100% 0% 100% Economic inputs Enterprise value / net capital invested (EV/NCI) Cash Return On Capital Invested (CROCI) Economic PIE: EV/NCI vs. CROCI' 25 20 15 10 • 5 0 200% 300% R' = 0.7517 • -40% -20% 0%

India and Indonesia, who have collectively accounted for around 25% of the increase in oil demand over recent years. Figure 7: 2013 versus 2007 — EV/NCI (x) and CROCI (%) for main EM markets x 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 0% 2% 4% 6% 8% 10% 12% 14% EFTA01466409 16%