1968 THE YEAR OF WOODSIDE S FIRST OIL DISCOVERY THE LEGENDRE FIELD ON THE NORTH WEST SHELF. 47,000 km 2 WOODSIDE S ACREAGE IN MYANMAR.

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1 1 OUR CAPABILITIES

2 EXPLORATION Woodside is a leader in exploration - with a long track record of oil and gas discoveries and a proven ability to grow our business through discovery of new oil and gas volumes. We are a leader in exploration by virtue of our speed, execution skills, commercial acumen, cost focus and technical capability. We take pride in the health, safety and environmental performance of our exploration activities. Today we have a global exploration portfolio with activities in ten countries across three focus areas: Australia and the Asia-Pacific; the Atlantic Margins and Latin America; and sub-saharan Africa. OIL+FPSOs Woodside s oil assets have grown significantly since we made the first oil discovery offshore Western Australia the Legendre field in We now operate world-class oil developments offshore Western Australia. Since 1995, we have produced oil via floating production storage and offloading (FPSO) vessels, and currently operate a fleet of three FPSOs. Leveraging our capabilities in exploration, development and FPSO operations and maintenance, we have maintained stable rates of production while delivering on infill and expansion opportunities. Of significance, in June 2016, we approved the development of the US$1.9 billion Greater Enfield Project, with first oil targeted for mid OUR CAPABILITIES EXPLORATION WOODSIDE IS A LEADER IN EXPLORATION WITH A LONG TRACK RECORD OF OIL AND GAS DISCOVERIES. SUBSEA+PIPELINES With a track record of oil and gas developments spanning a variety of conditions in Australia and internationally, Woodside is experienced in designing, constructing and operating a large portfolio of subsea equipment and oil and gas transmission pipelines. With extensive infrastructure in place and a significant portfolio of proposed developments, Woodside offers unique subsea and pipelines growth opportunities in our areas of operation. LNG Since 1984, Woodside has been operating the landmark Australian project, the North West Shelf, and it remains one of the world s premier LNG facilities. In 2012, we added the Pluto LNG Plant to our onshore operating facilities. As Australia s largest and most experienced LNG operator, we supply around 8% 1 of LNG globally. We are known as a reliable and safe LNG supplier and have enduring relationships with foundation customers throughout the Asia-Pacific region that span more than 27 years. We are transforming to become a global business and are pursuing new development concepts, technology and contracting strategies for earliest commercialisation of our significant LNG interests in Australia, Canada, Myanmar and Timor-Leste. 1. WoodMac LNG tool ENVIRONMENT Strong partnerships, sound research and transparency are the key elements of Woodside s approach to the environment. Woodside operates in a range of marine and terrestrial environments. Our long-term business success depends on our ability to understand our current and future operating environments, the potential impact of our activities and our success in managing and mitigating the impact of these activities. Throughout Woodside s 60 year history, the company has not experienced any uncontrolled release of hydrocarbons as a result of loss of well control. This is a testament to Woodside s systematic approach to managing the safety and integrity of its drilling and completions activities. Woodside has a global exploration portfolio with interests in Australia, New Zealand, Myanmar, Republic of Korea, Gabon, Senegal Guinea-Bissau Joint Development Zone*, Morocco, Ireland, Canada and Peru. Woodside is on track to deliver on our exploration strategy of building a balanced global portfolio, generating value and long-term growth. Exploration is delivering future growth options, with a focus on emerging basins with proven petroleum systems providing high value growth and play diversity. We are a leader in exploration by virtue of our speed, execution skills, commercial acumen, cost focus and technical capability. We take pride in the health, safety and environmental performance of our exploration activities. * The completion of the farm-in, and Woodside s acquisition of the interest, remains subject to satisfaction of conditions precedent. FAST FACTS 1968 THE YEAR OF WOODSIDE S FIRST OIL DISCOVERY THE LEGENDRE FIELD ON THE NORTH WEST SHELF. 47,000 km 2 WOODSIDE S ACREAGE IN MYANMAR. 10 COUNTRIES IN WOODSIDE S GLOBAL EXPLORATION FOOTPRINT COMMUNITY We recognise that long-term meaningful relationships with communities are fundamental to maintaining our licence to operate, and we work to build mutually beneficial relationships in all locations where we are active. We understand each community is unique and our goal is to have local representation and processes in place to ensure we understand and respond to local community issues, aspirations and expectations. Through social contribution we are creating long-term capacity and capability to ensure that host communities benefit from Woodside s presence. Each year we provide financial and in-kind support to a wide range of community groups. Our social contribution priority areas align with the United Nations Sustainable Development Goals and are applied globally. Internationally, we are progressing a 2combined approach to environmental and social performance to support early activities such as exploration, seismic acquisition and drilling

3 OUR GLOBAL EXPLORATION ACREAGE Ireland Republic of Korea Canada (Nova Scotia) Morocco Senegal / Guinea-Bissau* Myanmar Gabon Australia Peru New Zealand A LEADER IN EXPLORATION *Subject to government approval Exploration acreage TODAY WE HAVE A GLOBAL EXPLORATION PORTFOLIO WITH INTERESTS ACROSS AUSTRALIA AND THE ASIA-PACIFIC; THE ATLANTIC MARGINS AND LATIN AMERICA; AND SUB-SAHARAN AFRICA. Major oil and gas discoveries off the north-west coast of Australia transformed Woodside into a world-class exploration company, and provided us with the quality assets that continue to underpin our success. Woodside s Australian discoveries include: the extensive oil and gas volumes that form the North West Shelf Project and Pluto LNG; a major oil province in the Greater Exmouth area; significant gas and condensate volumes in the Browse Basin and Timor Sea. TECHNICAL EXCELLENCE Woodside s exploration success has been driven by our early adoption of leading-edge exploration technology. We pioneered the use of 3D seismic data in the 1980s, led deepwater drilling initiatives in the 1990s and were at the forefront of amplitude-supported drilling in Australia in the 2000s. Recently, we have been the first users of 4D and multi-azimuth seismic data in Australia. We conducted the 4000 km 2 Fortuna 3D seismic survey the most comprehensive survey ever conducted over Australia s North West Shelf. A portfolio of drilling candidates is being matured based on the high quality seismic data. Woodside has significant experience in safely managing acquisition and processing of seismic data as well as onshore and offshore geotechnical surveys. We have acquired a range of seismic data including marine 3D and 4D, multi-azimuth, ocean bottom cable and onshore seismic. In addition, we have also operated a range of non-seismic geophysical surveys including aeromagnetics and controlled source electromagnetics. We are recognised as an industry leader in technology and have introduced many new techniques into Australia to drive survey efficiency and productivity. Examples include 4D seismic, multi-azimuth seismic, controlled source electromagnetics, autonomous underwater vehicles, unmanned airborne vehicles and remote sensing technology. Internationally, we were the first company to discover oil offshore Mauritania, West Africa, and jointly discovered the Power Play oil field in the Gulf of Mexico. This ongoing commitment to technical innovation has been a major contributor to Woodside s continued success. Fortuna 3D seismic survey, Western Australia We achieved back-to-back gas discoveries in late 2015 and early 2016 in Myanmar s Rakhine Basin

4 OUR COMPETITIVE EDGE EXCELLENCE IN DEEPWATER DRILLING Woodside has more than fifteen years experience of global deepwater exploration and development drilling. We have safely drilled more than 50 wells in water depths greater than 1000 metres. Our drilling campaigns around the world include Australia, Gulf of Mexico, West Africa, East Africa, Mediterranean, Korea and Myanmar. Woodside s Drilling & Completions function aims for best in basin drilling performance and cost while maintaining the highest standards of technical integrity. Deepwater Millenium drill ship Woodside is an industry leader in big bore field developments Woodside designed, constructed and operated the world s first offshore big bore gas wells from the North Rankin platform in 2000 Woodside was the first to transfer big bore technology to subsea wells delivering Angel and Perseus developments in 2007 Woodside s deepwater Pluto development included five big bore wells - the Pluto LNG train can be filled with production from just three wells OUR CAPABILITIES OIL + FPSOs WOODSIDE OWNS AND OPERATES WORLD-CLASS OIL DEVELOPMENTS. EXCELLENCE IN GEOSCIENCE Woodside s geoscience team comprises world expert geologists and geophysicists specialising in a range of areas including stratigraphy, reservoir characterisation, structural geology, petroleum systems modelling, geochemistry, highend geophysical applications, pore pressure prediction and geomechanics. The team has a strong track record in delivering industry leading geoscience solutions to our business. Technical performance World s deepest riserless drilling Australia s first ultra-deepwater dual gradient drilling (saving ~A$3M per well) World s fastest dual activity ultra-deepwater well (Mauritania) Consecutive Australian ultra-deepwater depth records (most recently first >2000m) For example, Woodside s stratigraphers recently distilled more than thirty years of studies into a new scheme that has been adopted as the industry standard by Geoscience Australia (Commonwealth) and the Department of Mines and Petroleum (WA). This scheme is being used to locate untapped resources in proven basins and to locate frontier basins in Australia and South-East Asia that may yield hydrocarbons in the future. Our FPSO capabilities extend across engineering design, operations and maintenance. Since 1995, Woodside has produced oil from our Australian assets through FPSOs. We also have experience in operating an FPSO off West Africa at the Chinguetti oil field. Woodside currently owns and operates three FPSOs. Beginning with the Cossack Pioneer in 1995, we have evolved our capabilities with the design and operation of each FPSO to maintain our leading market position. This design evolution has boosted our production and allowed us to improve the integrity of our facilities in terms of safety and environmental management. We have applied technologies and expertise allowing us to operate in remote marine environments with extreme weather conditions. For example, some FPSOs have disconnectible turrets that enable them to efficiently shutin production and sail-away during cyclones. We also have introduced a range of measures for improved energy efficiency. For example, design of the Okha incorporated a range of measures to improve resource efficiency and reduce flaring, making it up to 30% more emissions efficient than the FPSO it replaced. Woodside operates a fully integrated FPSO fleet with consistent management systems and organisational structures, enabling us to efficiently transfer workforce and equipment across our FPSOs as needed. FAST FACTS 12,300,000 BARRELS OF OIL PRODUCED IN 2015 FROM OUR OWNED AND OPERATED FPSOs. $1.1 BILLION (US) TOTAL WOODSIDE INVESTMENT IN THE GREATER ENFIELD PROJECT. 1 BILLION BARRELS (GROSS) CUMULATIVE PRODUCTION TO DECEMBER 2015 FROM OIL-PRODUCING FIELDS WHERE WOODSIDE IS OPERATOR OR HAS A WORKING INTEREST

5 OUR OIL + FPSO BUSINESS Ngujima-Yin FPSO, Vincent oil field, Western Australia Previous international oil interests Current Australian producing assets 1 Okha FPSO 8 Neptune (non-operated) Power Play (non-operated) 2 Ngujima-Yin FPSO Vincent 9 3 Nganhurra FPSO Enfield 10 Berge Helene 6 USA USA Chinguetti Current Australian projects 4 Laverda Canyon, Norton over Laverda, Cimatti Greater Enfield Broome Previous Australian oil facilities 5 Cossack Pioneer FSO 6 Northern Endeavour FPSO 7 Ocean Legend production platform 1 Laminaria - Corallina 4 Legendre Karratha WESTERN AUSTRALIA AUSTRALIA OUR OIL BUSINESS REPLACING AN FPSO FUELLING OUR GROWTH Woodside s oil assets have grown significantly since we made the first oil discovery offshore Western Australia the Legendre field in The Lambert oil field was discovered in 1973, and the Cossack, Wanaea and Hermes fields were discovered between 1989 and Until March 2011 these fields were produced through the Cossack Pioneer floating production storage and offloading (FPSO) vessel, using subsea wells tied back via flowlines and dynamic risers. In September 2011, Woodside successfully completed the North West Shelf Oil Redevelopment Project, with production starting from the Okha FPSO. The major oil fields in the Timor Sea and off Western Australia s North West Cape that form Woodside s Australia Oil business were discovered in the 1990s, and have been producing since Perth THE NORTH WEST SHELF OIL REDEVELOPMENT PROJECT GREATER ENFIELD In June 2016, the US$1.9 billion Greater Enfield Project was approved for development. Woodside is targeting first oil mid Located 60 km off Exmouth in Western Australia the project will develop the Laverda Canyon, Norton over Laverda (WA59-L) and Cimatti (WA-28-L) oil accumulations. The A$1.8 billion North West Shelf Oil Redevelopment Project involved the replacement of critical subsea infrastructure and the conversion of the Okha floating, storage and offloading (FSO) vessel to to an FPSO, to replace the Cossack Pioneer FPSO. While the Okha was being converted to a FPSO in Singapore, replacement work began on all the flexible flowlines and some dynamic risers from the Cossack and Wanaea fields. A new topside subsea control system was also constructed for installation on the FPSO. The scope of work for this project included: Purchase and conversion of the Okha. Replacement and refurbishment of associated subsea infrastructure, including the riser column connecting the FPSO to the subsea network. These reserves will be produced via a 31 km subsea tieback to the Ngujima-Yin FPSO facility, located over the Vincent oil field. Production from the Okha commenced in September 2011, and at steady state operations the Okha produces about 30,000 barrels per day. Initial net oil production rates are estimated to exceed 24,000 bbl/d (Woodside share). Monetising Greater Enfield was made possible by breakthroughs in the development concept, technology and contracting. Woodside has experience in developing oil fields offshore in the deepwater Gulf of Mexico, in water depths ranging from 700 to 2000 metres. Woodside previously held working (non-operator) interests in two oil-producing fields: Neptune and Power Play Cossack Pioneer FPSO, North West Shelf, Western Australia Okha FPSO, North West Shelf, Western Australia 9

6 OUR COMPETITIVE EDGE VINCENT FIELD MULTILATERAL WELLS Woodside has demonstrated its ability to apply leading-edge technology to maximise production from our oil assets, through the drilling and completion of horizontal multilateral wells at the Vincent field. The field currently consists of 13 subsea wells (8 bi-laterals and 5 tri-laterals) producing back to the Ngujima-Yin. The Vincent field development commenced in 2006 and has been in production since Uni directional seals FMC Tubing Hanger 30" 470m RT TRSV 493m MDRT 16" Surface Casing Exit MDRT (58 ) TOC 1640m MDRT / 1285m TVDRT (73 ) HHC Hydrostatic Packer: 1757m MDRT (80 ) BWV Tie Back Packer 1783m MDRT (82 ) Hole btw m MDRT (82-83 ) BWV Packer: 1897m MDRT (85 ) Woodside has taken a phased approach to the development of the field with the latest well VNB-H1 ST1 brought on line in This Phase 4 development included removing a subsea tree from an existing production well then drilling and completing a tri-lateral replacement well. Some achievements of VNB-H1 ST1 well included: Permanent abandonment of existing well VNB-H1 with new well sidetracked out existing casing Successfully drilled tri-lateral well (7568 m of reservoir drilled) in existing field with minimal separation factors Not to Scale Longest screen deployment of 2835 m measured depth Water Depth = 392 m / mrt Atwood Eagle RT = 22.3 m HPWH Datum = 410.4mRT All RT depths related to LAT Phase 4 incorporated the use of Deep Resistivity Tools to geosteer in a tight drilling window between the gas cap and water cones, allowing accurate placement of Inflow Control Devices. By combining these technologies, we increased reservoir contact, optimised completion design and maximised production. Our ability to deliver on this complex project resulted in a new infill well coming online at the Vincent field in MFIV2 MFIV1 216 mm (8 ½ ) hole 4936 m MDRT OUR CAPABILITIES SUBSEA + PIPELINES WOODSIDE IS EXPERIENCED IN DESIGNING, CONSTRUCTING AND OPERATING A LARGE PORTFOLIO OF SUBSEA EQUIPMENT AND OIL AND GAS PIPELINES. Woodside has a track record of oil and gas developments spanning a variety of conditions in Australia and internationally, Woodside is experienced in designing, constructing and operating a large portfolio of subsea equipment and oil and gas transmission pipelines. With extensive infrastructure in place and significant proposed developments, Woodside offers unique subsea and pipelines growth opportunities in our areas of operation. Currently, Woodside has about 100 offshore wells of which 83 are production wells and 13 water or gas injection wells. Woodside has extensive experience in a variety of subsea and platform tree systems including high-rate gas producing wells. FAST FACTS 6 km P/DAY THE RATE AT WHICH THE PIPELAY BARGES CAN INSTALL OFFSHORE PIPELINES, WHICH ARE WELDED TOGETHER IN 12 METRE SECTIONS. 200 km WOODSIDE S LONGEST SINGLE OFFSHORE PIPELINE LENGTH. Bi directional seals Fortress Hydraulic FIV 10-¾ Csg 2158mMDRT / 1325m TVDRT (92 ) 216 mm (8 ½ ) 4930 m MDRT 216 mm (8 ½ ) hole 4500 m MDRT 500,000 t THE COMBINED WEIGHT OF THE PIPELINES WHICH WOODSIDE OPERATES, STRETCHING MORE THAN 1000KM IN LENGTH Maersk Discoverer drill rig, Western Australia

7 OUR SUBSEA TECHNOLOGY This diagram illustrates one of Woodside s typical subsea infrastructure networks. Shown here is the subsea manifold and wells for the Greater Enfield Project. Woodside has proven technical capabilities in challenging canyon bound topography and deep-water bathymetry. As part of the Pluto LNG Project, Woodside directly managed the design procurement, fabrication and installation of twin 20 flowlines, including end terminations, mid-line assemblies and buckle initiation structures, in water depths from 100 m to 600 m. A large section of the flowline route was on seabed gradients of 20 degrees or greater as the flowlines transitioned from the continental shelf to deep water. The route also passed through a throat area which was only 200 m wide and bounded by receding canyon walls. The entire slope region has susceptibility to seismic activity, which had to be accounted for in the design process. Woodside will be laying a water injection flowline over a large canyon on the Greater Enfield Project. This is currently in the engineering phase. WOODSIDE HAS SAFELY AND SUCCESSFULLY EXECUTED SUBSEA INFRASTRUCTURE PROJECTS WHICH PRODUCE LIQUIDS FROM FIELDS IN WATER DEPTHS OF MORE THAN 1000 M. LEADING-EDGE TECHNOLOGY SUBSEA INFRASTRUCTURE Woodside s subsea expertise covers all equipment and systems installed on the seabed to receive, transmit and control hydrocarbon production. A major component of Woodside s subsea architecture is our subsea tree system, which controls the flow of hydrocarbons into the receiving flowlines or pipelines. The subsea equipment and the flow of hydrocarbons is controlled and monitored from the host facility by operators using subsea control systems. These systems combine hydraulics, electrical, power and complex computer systems in the marine environment to provide fail safe control of the subsea architecture. This is a specialised area which demands high reliability. PIPELINES Woodside operates more than 1000 km of pipelines with a combined weight greater than 500,000 tonnes. These include interfield flowlines, pipeline systems that run between seabed gathering systems and host processing facilities, and export pipelines which run from the offshore host facility to an onshore terminal. These pipelines, made of carbon steel or stainless steel to combat corrosion, range in diameter from 2 inches (50 mm) to 42 inches (1067 mm), with wall thickness up to 30 mm. With 70 subsea trees, of which 56 are producing hydrocarbons and 14 are reinjecting water and gas into the reservoir, Woodside has extensive experience in a variety of tree systems including high-rate gas producing wells. Woodside also has a proven track record in reliable operation of flexible flowlines and risers, providing a cost-effective method to flow hydrocarbons from the subsea tree to the host facility. We have installed over 134 km of flexible flowlines, ranging from 2 inches (50 mm) to 16 inches (406 mm) in diameter. Used in conjunction with our fleet of floating production storage and offloading (FPSO) vessels, risers take horizontal flexible flowline technology and apply it in vertical designs to connect the flowlines on the seabed to the host facility. Minimising environmental impacts and safety risk during installation campaigns is critical to successful design and execution of our projects. With a number of technical personnel dedicated to managing installation and commissioning activities. Woodside has safely and successfully executed projects in water depths of up to 850 m, along the way building strong in-house capabilities. Depending on water depth and scope, our subsea facilities are installed using a range of subsea construction vessels. Where possible, Woodside uses remotely operated vehicles (ROVs) to build and inspect subsea and pipeline infrastructure without the use of divers Once the pipes have been designed and specified they are assembled into longer lengths through the use of large specialised construction vessels known as pipelay barges. The longest single offshore pipeline length in the Woodside portfolio is over 200 km. Our pipelay barges can install between 3 km and 6 km of offshore pipelines per day. Once a pipeline has been installed it is filled with water and pressure tested. The pipeline is then connected to gathering, process or terminal facilities at either end. The cyclonic weather systems which exist off north west Australia create challenging conditions for pipeline stability. In extreme conditions, additional stablilisation methods are used, ranging from pre and post pipelay dredging and trenching to gravity anchors and rock bolts

8 OUR COMPETITIVE EDGE WHAT LIES BENEATH: SUBSEA AND PIPELINE INFRASTRUCTURE ON WOODSIDE S MAJOR ASSETS Woodside s major producing assets are underpinned by worldclass subsea and pipelines architecture and control systems. The Woodside-operated North West Shelf Project uses an extensive network of pipeline infrastructure to connect its offshore facilities and to transmit hydrocarbons to onshore processing facilities. The North Rankin Complex is connected to the Karratha Gas Plant by two 135km pipelines (42 inch and 40 inch diameter). The second pipeline was made possible by executing a hot tap tee tie-in to the live North Rankin to Goodwyn interfield pipeline (23 km, 30 inch diameter). Hydrocarbons from the Angel platform are processed through a 50 km subsea pipeline tied back to North Rankin Complex. A riser turret and flexible flowlines connect several North West Shelf oil fields to the Okha floating production storage and offloading (FPSO) vessel, which began production in September 2011 (the fields previously produced through the Cossack Pioneer FPSO). Woodside s Pluto LNG transports gas from the Pluto and Xena fields onshore through a 180 km long, 36 inch diameter trunkline, connected via a riser platform to additional subsea infrastructure including two 27 km insulated carbon steel flowlines. Beyond the Okha FPSO, our other two FPSOs are also supported by an extensive network of subsea infrastructure including subsea trees, flowlines and risers. WOODSIDE HAS ESTABLISHED MULTIPLE FRAMEWORK AGREEMENTS WITH SOME OF THE WORLD S LARGEST AND MOST EXPERIENCED DEEP WATER SUBSEA INFRASTRUCTURE AND EQUIPMENT PROVIDERS - ENABLING THE FASTEST POSSIBLE SCHEDULE OUTCOMES. OUR CAPABILITIES LNG WE ARE AUSTRALIA S MOST EXPERIENCED LNG OPERATOR - Our producing assets in Australia include the landmark North West Shelf Project, which has been operating since In 2012, we commenced production from the Pluto LNG Plant and will add additional volumes from Wheatstone LNG in mid We are known as a reliable and safe LNG supplier and have enduring relationships with foundation customers throughout the Asia-Pacific region which span more than 27 years. This record is one that few other companies can match. SUPPLYING 8% OF GLOBAL LNG 1. FAST FACTS 4,000 CARGOES OF LNG SHIPPED FROM THE NORTH WEST SHELF SINCE PRO- DUCTION BEGAN. MAINTAINING RELIABLE PRODUCTION Driven by our world-class capabilities, our LNG operations are characterised by strong safety and environmental performance in remote and challenging locations. We are transforming to become a global business. We are pursuing new development concepts, technology and contracting strategies for earliest commercialisation of our significant LNG interests in Australia, Canada, Myanmar and Timor-Leste. With more than 30 years of operational experience, we are supporting our non-operated developments with targeted capability as a joint venture participant. 1. WoodMac LNG tool 250 ADDITION TO WOODSIDE S LNG PORTFOLIO WHEN WHEATSTONE IS OPERATIONAL MMBOE MMBOE OF LNG PRODUCTION CAPACITY AT THE NORTH WEST SHELF IAND PLUTO IN Woodside s leading edge subsea lifecycle design, ensures the inspection, monitoring and maintenance requirements delivers safe and reliable subsea systems. The ability to fault-find and conduct repairs with minimal intervention and production impact ensures Woodside can consistently deliver on our production targets. A distinct capability of Woodside is our dedicated Subsea Surveillance Team. This group ensures the overall operation of our subsea and pipelines infrastructure remains robust. This team also manages execution of statutory inspections for our gas platform structures and oil FPSO vessels. To manage regular inspection, monitoring and proactive maintenance of our subsea assets, the Subsea Surveillance Team maintain a detailed five year execution plan which is underpinned by predictable analytics of subsea components. Woodside currently manages 78 subsea trees in water depths of 80m to 1000m and operates these to above 97% availability and utilises the latest underwater ROV technology to maintain this leading market availability

9 14 OUR LNG BUSINESS 13 Producing assets 1 Karratha Gas Plant 2 Goodwyn A platform 3 North Rankin Complex 4 Angel platform 5 Pluto LNG Plant Pluto LNG 6 Pluto LNG platform Pluto LNG Broome 12 Projects 7 Greater Western Flank Phase 1 8 Greater Western Flank Phase 2 9 Persephone 5 10 Onshore LNG Plant (non-operated) Wheatstone 11 Offshore LNG Platform (non-operated) Wheatstone 12 Julimar 7 2 Julimar, Brunello Developments 13 Browse Development Browse 14 Sunrise Development Sunrise 10 1 Karratha WESTERN AUSTRALIA Woodside offices and representative offices NORTH WEST SHELF NORTH WEST SHELF OFFSHORE FACILITIES A WORLD-CLASS LNG PROJECT The Woodside-operated North West Shelf () Project s facilities constitute Australia s largest oil and gas development and represent an investment of more than $34 billion. With an annual LNG production capacity of 16.7 mtpa, the Project accounts for more than one third of Australia s oil and gas production. Under Woodside s operation, the Project has maintained an exceptional track record for reliable supply and delivery with more than 250 cargoes shipped each year to customers in the Asia Pacific region and beyond. The Project continues to invest in its long-term future, pursuing new opportunities through operational excellence and investing in existing operations. This includes the Persephone Project, a two-well subsea tie-back from the Persephone field to the North Rankin Complex. First gas is scheduled for the second half of In December 2015, the Project Joint Venture participants approved the US$2.0 billion Greater Western Flank Phase 2 Project, an eight-well subsea tieback to the Goodwyn A platform. Woodside s offshore LNG production facilities include the North Rankin Complex, Goodwyn A and Angel platforms. The Goodwyn A platform is connected to the condensate-rich Goodwyn gas field located 23 km south-west of the NRC. The North Rankin Complex (NRC) comprises the North Rankin A and North Rankin B platforms. Connected by two 100m bridges, the platforms operate as a single integrated facility. NRC has a daily production capacity of up to 66,000 tonnes of dry gas and 6,000 tonnes of condensate. The Angel platform is located 120 km north-west of Karratha and is connected to the NRC via a 50 km subsea pipeline. The unique design enables the Angel Platform to be safely and securely powered and remotely controlled from North Rankin Complex via a subsea cable. Karratha Gas Plant, Western Australia RELIABLE DOMESTIC GAS SUPPLY For over 30 years, the Project has been Western Australia s largest producer of domestic gas. The Karratha Gas Plant facilities include two domestic gas trains and three LPG fractionation units. We have made significant investment in our domestic gas infrastructure and continue to maintain the facilities to ensure that capacity is available. The Project is the largest domestic gas supplier in Western Australia, and the fourth largest domestic gas producer in Australia. The Domestic Gas Venture supplied around 178 PJ of gas into the WA market in 2016, about 50% of the total gas supply in WA in PLUTO LNG Pluto LNG is a demonstration of Woodside s world-class LNG capabilities and expertise, with Woodside taking the project from discovery in 2005 to first production just seven years later. Pluto LNG processes gas from the offshore Pluto and Xena gas fields. Gas is piped through a 180km trunkline to a single onshore LNG processing train with annual production capacity of 4.3 mtpa. Woodside s long-standing LNG development and operating experience is backed by growing capability in LNG shipping, with Pluto LNG managing an integrated shipping fleet of four LNG vessels. Pluto LNG has delivered a step change for Woodside s equity production and revenue since start-up in April 2012 and has cemented our place as Australia s largest producer of LNG. Cash flows generated by Pluto LNG contribute to our strong balance sheet to enable disciplined growth. Replicating the leading edge capabilities used at the Angel platform, the Pluto LNG platform is a not normally manned facility and remotely operated. The Pluto Support Centre was set-up in 2014 in Perth and provides the remote support for Pluto LNG operations, ensuring improved operational efficiency in a competitive LNG market. Pluto LNG Plant, Western Australia Gas for the Western Australian market is transported via the 1600 km Dampier to Bunbury Natural Gas Pipeline

10 OUR COMPETITIVE EDGE MARKETING AND SHIPPING In 2013, Woodside established a dedicated office in Singapore to support our growing marketing, trading and shipping capabilities. Woodside s marketing and shipping capabilities have long been central to our role as a leading supplier of energy to the Asia- Pacific region. Our strong relationships with customers in major energy markets have been maintained through a track record of reliable delivery and expertise across contracting, marketing and trading. Woodside s expertise also includes offtake management, price reviews and integrated LNG shipping fleet operation. We continue to build a diverse supply portfolio, underpinned by reliable Australian LNG and supplemented by future Canadian and United States sourced volumes to pursue additional long-term sales arrangements. OUR CAPABILITIES ENVIRONMENT STRONG PARTNERSHIPS, SOUND RESEARCH AND TRANSPARENCY ARE THE KEY ELEMENTS OF WOODSIDE S APPROACH TO THE ENVIRONMENT. OUR LNG PROJECTS AND DEVELOPMENTS Beyond the North West Shelf and Pluto LNG, Woodside has a diverse portfolio of LNG projects and developments to capitalise on future demand. The Wheatstone Project in WA s Pilbara region, is a world-class asset which will deliver reserves (2P) of approximately 250 MMboe and near-term production to Woodside s LNG portfolio, targeting first LNG in mid Located off the Kimberley coast in Western Australia, the Browse Development fields hold a significant gas resources, 16 tcf of dry gas and 466 million barrels of condensate. The Sunrise LNG Development is another high-quality gas resource in close proximity to Asian growth markets. Located in the Timor Sea off the northern coast of Australia, the Greater Sunrise fields contain an estimated 5.13 Tcf of dry gas and million barrels of condensate. Internationally, Woodside hold a 50% non-operating interest in the Kitimat LNG Project in British Columbia. As one of the most advanced LNG opportunities in Canada, the Kitimat LNG Project is well positioned to supply North American gas with shorter shipping distances to Asian markets. The development concept comprises a two train LNG export facility, the proposed Pacific Trail Pipeline and an upstream resource in the Liard and Horn River Basins, estimated to contain net contingent resources (2C) of 15.0 Tcf of dry gas. We minimise our footprint by integrating world-class environmental management into our exploration activities and the design, construction and operation of our facilities. Our strong capability in environmental studies enables the acquisition of robust scientific data critical to inform our impact assessments and decision making. Our experience and expertise make us a partner of choice for joint venture participants, customers, governments and communities. We operate in a range of marine and terrestrial environments. Our long-term business success depends on our ability to understand our current and future operating environments, the potential impact of our activities and our success in managing and mitigating the impact of these activities. Woodside is committed to excellence in environmental performance. We have six strategic imperatives that underpin our environmental capabilities: Maximise resource efficiency Design to minimise lifecycle costs Maintain compliance and integrity Control environmental impacts Facilitate effective approvals Work with stakeholders RECENT ENVIRONMENTAL EXCELLENCE AWARDS YEAR AWARD 2016 Winner: APPEA Environment Excellence Award Recognises consistent excellence across all facets of environmental performance Winner: APPEA Environment Excellence Award Recognises organisational excellence and industry leadership in environmental management and performance 2014 Winner: Western Australian State Department of Fisheries- Excellence in Marine Biosecurity Award Recognises Woodside s Leadership, innovation and commitment to excellence in marine biosecurity Winner: APPEA Environment Award Awarded for our collaborative approach to research through partnerships with the Australian Institute of Marine Science and the Western Australian Museum. Kitimat LNG Project, British Columbia, Canada LNG vessel at Karratha Gas Plant, Western Australia Image courtesy of Chevron Canada Limited

11 OIL SPILL PREPAREDNESS BIODIVERSITY CONSERVATION An excellent track record Throughout Woodside s 60 year history, the company has not experienced any uncontrolled release of hydrocarbons as a result of loss of well control. This is a testament to Woodside s focus on continuous improvement, sharing expertise with its peers and ensuring that lessons learned from other operators are incorporated into its risk management processes. Woodside implements a systematic approach to managing the safety and integrity of its drilling and completions activities, through a combination of hydrocarbon spill preventative barriers and a documented mitigation approach. Hydrocarbon Spill Preventative Barriers An uncontrolled release of hydrocarbons from a well, as a result of well blowout, is a highly unlikely but high consequence risk. Woodside recognises the significance of this risk and places considerable effort on the prevention of such an occurrence. Numerous controls and barriers are in place to prevent the uncontrolled release of hydrocarbons during drilling operations. These controls range from well design engineering controls to drilling practices and procedural controls. Mitigation Approach In the highly unlikely event that a well blowout does occur, Woodside has a range of mitigation and management measures developed to provide guidance for responding to a marine spill. In the first instance, a Drilling Program Oil Pollution First Strike Plan will provide guidance for responding to a marine spill. A key mitigation strategy is to cease the flow (commonly called Well Kill). Woodside has a well-developed oil spill response management framework, which includes a range of response strategies based on credible spill scenario modeling. Woodside believes that responder competency is vital to the success of any response in the unlikely event of a major spill. Woodside undertakes training and regular oil spill exercises, equipment deployment and Incident Management Team activation. Woodside also participates in industry-wide oil spill response exercises. The combination of these processes and tools provides a robust approach to the mitigation and management of the risks associated with drilling. UNDERSTANDING THE ENVIRONMENT IN WHICH WE OPERATE Since 1993, Woodside on behalf of the Browse Joint Venture Partners has invested over A$80 million to understand the marine and terrestrial environments of the Kimberley region. The Scott Reef Environmental Research Program is one of the longest running and most comprehensive studies of an offshore coral reef ecosystem. Detailed studies have discovered important information on coral reproduction and spawning to help guide the management and conservation of the reef s ecosystems. UNDERSTANDING THE POTENTIAL IMPACTS OF OUR ACTIVITIES As part of Pluto LNG, Woodside has contributed $3.2 million to the Western Australian Marine Science Institute to undertake research into the better understanding and management of potential impacts of dredging activity on tropical marine eco-systems. MONITORING OUR APPROVED ENVIRONMENTAL FOOTPRINT Dedicated oil spill planning team within Woodside Woodside s response capability is global. We have a dedicated oil spill response team based in Perth, an international network of mutual aid and other resources, as well as source control capability. We continually test and refine our response capabilities. For example in August and September 2015, major oil spill response exercises were conducted in Korea and Australia in relation to the Hongge-1 drilling campaign. These exercises included representatives from the governments of Australia and Republic of Korea. Oil spill response training, Exmouth, Western Australia We conduct research to understand the migratory patterns of certain species through the areas in which we operate, or wish to operate in the future. Research has included satellite tracking of humpback and blue pygmy whales through and adjacent to our permit areas of north west Australia. This was the first use of this technology in Western Australia. We undertake extensive monitoring programs at our existing facilities. This includes ongoing monitoring of water quality and ecological communities surrounding the Karratha Gas Plant, a program which commenced in

12 ENVIRONMENTAL PERFORMANCE EXPLORATION DRILLING IN SENSITIVE ENVIRONMENTS Woodside has expertise drilling in or near sensitive offshore marine environments, including World Heritage-listed areas. In 2011, Woodside conducted an exploration well in the shallow waters of Scott Reef, off the north-west coast of Western Australia, which overlies the Torosa gas field in the Browse Basin. This exploration activity incorporated a range of world-class and new engineering techniques to eliminate impacts to the surrounding coral reef. Our approach is to undertake a comprehensive risk assessment to identify and assess environment risks prior to drilling. Appropriate control measures are then applied to eliminate or mitigate risks and impacts to as low as reasonably practicable. Numerous engineering and administrative control measures are incorporated into planning and execution of our exploration wells. OUR CAPABILITIES COMMUNITY WOODSIDE HAS BEEN A PART OF THE AUSTRALIAN COMMUNITY FOR MORE THAN 60 YEARS. OUR OPERATIONS MAKE SIGNIFICANT ECONOMIC AND SOCIAL CONTRIBUTIONS TO LOCAL COMMUNITIES. We recognise that long-term meaningful relationships with communities are fundamental to maintaining our licence to operate, and we work to build mutually beneficial relationships in all locations where we are active. For us, working sustainably is about doing what s right, so that we can perform to our very best. It is a core value embedded at every level of our company, across our value chain and wherever we work. It is essential to realising our vision as a global leader in upstream oil and gas. FAST FACTS 35,400 HOURS CONTRIBUTED BY WOODSIDE EMPLOYEES THROUGH VOLUNTEERING PROGRAMS BETWEEN 2009 AND Through social contribution we are creating long-term capacity and capability to ensure that host communities benefit from Woodside s presence. This support includes Woodside stand-alone funding, as well as on an equity basis through joint ventures in which we participate. $1,100,000(AUD) DONATED BY OUR EMPLOYEES TO NOT-FOR-PROFIT ORGANISATIONS AS PART OF WOODSIDE S WORKPLACE GIVING PROGRAM BETWEEN 2009 AND CLIMATE CHANGE Woodside recognises that climate change is a global problem requiring global solutions. As part of our approach, we are focused on technology solutions to improve efficiency at our facilities, setting and meeting energy efficiency targets. Managing our emissions Since 2013, Woodside s flaring intensity has decreased from 14.2 to 9.2 t/kt. This has seen a reduction of 900,000 tonnes of greenhouse gases. To ensure that we continue to improve our flaring performance, our 2016 target has been reduced to 9 t/kt. Karratha Gas Plant, Western Australia $240,000,000(AUD) CONTRIBUTED TO THE WA COMMUNITY BETWEEN 2009 AND 2015 THROUGH INVESTMENT IN INFRASTRUCTURE, GOVERNMENT RATES, LAND TAX, EDUCATION AND TRAINING, ABORIGINAL HERITAGE AND ENVIRONMENTAL AND CULTURAL INITIATIVES. Optimisation of the safety, reliability and availability of our producing assets is fundamental to deliver reductions in greenhouse gas emissions intensity. This core business focus, combined with targeted energy efficiency and flare reduction initiatives, facilitates effective emissions management at Woodside

13 MOGE CREW TRAINING In support of exploration drilling offshore Myanmar in Woodside and its joint venture participants, working closely with drilling contractor Transocean, successfully incorporated 38 personnel from the Myanma Oil and Gas Enterprise (MOGE) into the crew of the Deepwater Millennium drillship. feedback received from participants. Woodside will continue to provide training and capability opportunities for MOGE personnel in support of our future Myanmar activities. To promote skills transfer and provide a safe working environment, Woodside and Transocean provided a thorough program of pre-mobilisation training and inductions for the MOGE crew, including English language training. Further support was provided following mobilisation to the rig, including translation services and provision of mentors and work buddys. The integration of MOGE personnel into the broader Deepwater Millennium crew was completed successfully, with positive SOCIAL LICENCE TO OPERATE WE UNDERSTAND EACH COMMUNITY IS UNIQUE. OUR GOAL IS TO HAVE LOCAL REPRESENTATION AND PROCESSES IN PLACE TO ENSURE WE UNDERSTAND AND RESPOND TO LOCAL COMMUNITY ISSUES, ASPIRATIONS AND EXPECTATIONS. Woodside s social licence to operate relies on establishing and maintaining effective relationships with our communities and stakeholders. We have a Communities Framework that is embedded in our Management System. This ensures that we maintain a consistent approach to identifying and responding to stakeholder interests and concerns across all of our business activities. Our engagement processes encourage open and transparent communication and feedback Social performance is integrated into all stages of activity planning and execution as we aim to: build and maintain relationships with our communities and stakeholders; respect the unique cultures, customs and values of Indigenous peoples; undertake social baseline and impact assessments to understand risks, impacts and opportunities; and implement social contribution through partnerships to build capacity and capability where we are active. SOCIAL INVESTMENT AND COMMUNITY PARTNERSHIPS Woodside s social contribution strategy focuses on creating capacity and capability development for local host communities through long-term, strategic investment in the communities where we operate. Our social contribution priority areas align with the United Nations Sustainable Development Goals and are applied globally. These are: Create Opportunities: Create quality education and lifelong learning opportunities; and Create sustained and inclusive employment. Build Resilience: Build communities that are inclusive, safe and sustainable; and Build communities where innovation is used to benefit future generations. Improve Knowledge: Improve understanding of climate change and our response; and Improve knowledge and use of our land, air and seas. Each year we provide financial and in-kind support to a wide 24 range of not-for-profit and community-based organisations. 25 WOODSIDE DEVELOPMENT FUND In February 2014, we launched the Woodside Development Fund, a A$20 million commitment over 10 years to support programs and organisations that focus on early childhood development. The Fund aims to bring a collaborative approach to reducing developmental vulnerability and improving outcomes for children aged 0 to 8 years old. The Fund also strives to build alliances that bring together resources and expertise to drive change. We believe that working together we can generate systemic change by creating the enabling conditions for improved early childhood development in the communities we operate within and beyond. Together with others committed to early childhood development, we support projects that will: Bring about meaningful, long-term positive change in communities; Build a sustainable workforce for the future; and Demonstrate impact through a shared monitoring and evaluation process. Our first international investment funded under the Woodside Development Fund, is the Myanmar Education Consortium (MEC). Political isolation has left Myanmar the poorest country in South-East Asia with a quarter of the population living below the poverty line. Challenges for children and youth are immense. MEC is an international collaboration initiative with Australian Government, PLAN Myanmar, Save the Children and local organisation Pann Pyoe Latt to deliver early childhood development activities in the township of Thar Baung in the Ayeyarwady Region, Myanmar. Parenting groups and homebased playgroups will be established in ten villages across the township. The key focus going forward is to monitor if the Woodside Development Fund is making an impact and contributing to reducing to the overall vision.the monitoring and evaluation framework will capture social impact, systems outcomes, and business impact and project management milestones

14 OUR COMMITMENT INDIGENOUS RECONCILIATION AND CAPABILITY BUILDING 26 Woodside builds long-lasting relationships with Indigenous communities in which we are active. We demonstrate respect and act with integrity as we generate positive economic, social and cultural outcomes. In Australia, we maintain relationships with Aboriginal communities in the Pilbara, Kimberley and South West regions. We understand the importance of identifying and working with those who have longstanding cultural and spiritual connections to land and sea where we are active. The key areas of focus for our engagements are: 26 respectful access arrangements to land and waters; opportunities for employment, training and contracting; and cultural awareness and competence of Woodside employees. Woodside has been part of the Australian Reconciliation Action Plan (RAP) program for the past six years. Overseen by national not-for-profit organisation Reconciliation Australia, RAPs require participants to publicly nominate and report on their actions that help reduce the unacceptable life-expectancy gap between Indigenous and non-indigenous Australians. Having a RAP has driven the establishment of a set of company-wide goals and extended our work and thinking towards Indigenous people who may not be part of a host community. We concluded our second RAP in 2015, showing encouraging results that underpin our strong desire to keep improving. Sixtyseven of the 82 measurable goals laid out in the RAP were met, with results exceeding expectations for 11 of these. Independent benchmarking studies conducted in 2015 placed Woodside in a leadership group of RAP organisations. One stand-out achievement was signing over 175 new contracts with Indigenous businesses, against a target of 50. Our 2016 RAP outlines a number of public commitments to promote reconciliation within our company and the wider community.