About Talisman

Talisman was established as an independent company in 1992 and is an upstream oil and gas producer with global operations. Talisman’s headquarters are in Calgary, Alberta, Canada.

The Company’s objective is value creation for its shareholders with a target of 5-10% annual production per share growth.

Talisman’s 2004 production was concentrated in North America (47%), the North Sea (32%) and Southeast Asia (18%). Approximately 52% of Talisman’s production was crude oil and liquids and 48% was natural gas.

The Company is focusing on larger, deep gas opportunities in North America and large international projects, which it believes will generate higher organic growth rates on average than its peer group.

Talisman is listed on both the Toronto and New York stock exchanges under the symbol TLM. Talisman is also part of the S&P/TSX 60 index. At year end, the Company had an enterprise value (share value and debt) of approximately $15 billion, with 375 million shares outstanding.

Talisman is committed to conducting its activities in a socially, environmentally and economically responsible manner. Talisman’s stakeholders are encouraged to read the Company’s 2004 Corporate Responsibility Report.

A Premium Investment

An Effective Strategy

Through successful implementation of its strategy, Talisman has become the leading deep gas explorer in Western Canada and a diversified international producer.

Financial Strength

Talisman generated $2.9 billion in cash flow in 2004, with year end debt of $2.5 billion.

Consistent Value Creation

Talisman has grown cash flow per share from $1.06 in 1993 to $7.65 in 2004. Talisman’s share price has increased at an annual rate of 17% in the Company’s first 13 years of business.

Continuing Growth

Since 1993, Talisman has grown production per share at a compound annual rate of 8%. The Company achieved 11% production per share growth in 2004 and expects to meet or exceed its 5-10% production per share growth targets in 2005, 2006 and 2007.

An Experienced Management Team

Talisman’s executive team has extensive experience in the industry and has been responsible for the successful development and execution of the Company’s strategy.