Talisman's Key Targets in 20051 Production per share growth of approximately 10% Production of 445,000-475,000 boe/d $3.1 billion in exploration and development spending Unit operating costs and transportation costs are expected to fall by 5-7% Cash flow per share of $9.80-$10.40 1 – Assumes US$40/bbl WTI oil price, US$6.25/mmbtu NYMEX gas price, C$/£ exchange rate of $2.25 and US$/C$ exchange rate of $0.80. Excludes the impact of the recent acquisition in Norway. Detailed guidance can be on Talisman's website at www.talisman-energy.com