Afren

The Company has established Audit and Risk, Nomination, and Remuneration Committees. Terms of Reference for the Committees are available on request from the Company.

An Audit and Risk Committee has been established and comprises of Peter Bingham (Chairman) and Guido Pas. It meets at least twice a year and is responsible for ensuring that the financial performance of the Group is properly reported on and monitored. It liaises with the auditors and reviews the reports from the auditors relating to the accounts and internal control matters. If required, meetings are attended by appropriate members of senior management. The audit committee is also responsible for reviewing the requirement for an internal audit function.

A Nomination Committee has been established and comprises of Dr Rilwanu Lukman (Chairman) and Guido Pas. The Committee meets as required and is responsible for reviewing and recommending to the Board the appointment of Directors.

The Remuneration Committee consists of Peter Bingham (Chairman), Dr Rilwanu Lukman, and John St John.

The Committee is responsible for making recommendations to the Board on the Company's overall framework for remuneration and its cost. In addition, it determines the individual remuneration for the Executive Directors giving due regard to the overall framework for the Company's remuneration, external advisers where appropriate, the interests of shareholders, the performance of the Group and all relevant legal requirements. The Remuneration Committee also makes recommendations to the Board concerning employee incentives, including share-based schemes and pension contributions. Directors of the Group are not permitted to participate in discussions or decisions of the Committee regarding their own remuneration.