Talisman Energy

Independent Reviewer's Report

TO: THE BOARD OF DIRECTORS AND MANAGEMENT OF TALISMAN ENERGY INC.

We have been asked to review selected quantitative information presented in Talisman’s Corporate Responsibility Report (the Report) for the year ended December 31, 2004. We did not attempt to review all information included in the Report. Talisman management is responsible for collection and presentation of the information within the Report. Our responsibility is to express an opinion as to whether anything has come to our attention to suggest that the information requires material adjustment. The information we reviewed is marked with the symbol .

Scope

The information reviewed was selected by Talisman primarily on the basis of perceived external stakeholder interest and maturity of the reporting process. The quantitative information selected for review in 2004 included information relating to community investments; community relations; health, safety and environment; employee relations; and other areas as marked with the symbol . We also reviewed 2003 records for carbon dioxide equivalent (CO₂E) emissions and energy use. We did not examine the narrative sections of the Report, except insofar as they incorporated the selected quantitative information.

During our review, we identified certain issues regarding the controls relating to the measurement, processing, and reporting of CO₂E emissions data for Talisman’s UK operations. We were unable to reach a conclusion as to the impact of these issues on the reported CO₂E data. Accordingly, we were unable to determine whether the CO₂E data for Talisman’s UK operations presented in this report required material adjustment.

The “Economic Performance Data” contains financial performance information extracted from Talisman’s audited financial statements, along with information with respect to selected corporate responsibility expenditures that are within scope of this review. We did not review financial performance information taken from Talisman’s audited financial statements.

Methodology

Our review was completed in accordance with the International Standard on Assurance Engagements (ISAE) 3000, developed by the International Federation of Accountants. As such, we planned and performed our work in order to provide limited, rather than absolute, assurance with respect to the selected quantitative information that we reviewed. Our work included obtaining, examining, and evaluating evidence supporting the in-scope data.

Our review work was carried out in Calgary, Canada and Aberdeen, Scotland by two interdisciplinary teams from our Calgary and London (UK) Sustainable Business Solutions practices. The teams comprised individuals with backgrounds and experience in environment, health and safety, social, economic and financial assurance. In total, our review required approximately 550 hours of professional time. We believe our work provides a reasonable basis for our conclusion.

Conclusion

Except for the issues regarding the controls for the CO₂E emissions data from Talisman’s UK operations described under Scope, nothing has come to our attention that causes us to believe that the selected quantitative information set out in this Report and marked with the symbol requires material adjustment or is not fairly stated.

PricewaterhouseCoopers LLP
Calgary, Alberta, Canada
March 8, 2005

Comments about PricewaterhouseCoopers’ Review

Talisman Energy Inc. asked us to review management’s assertions regarding the Company’s corporate responsibility performance and to provide a report setting out our conclusions.

In our approach to review the selected quantitative information, we obtained, examined and evaluated supporting evidence using a variety of procedures, including:

One-on-one interviews with relevant Talisman management and staff;
Consideration of Talisman’s management systems, processes and controls;
Review of relevant internally and externally generated documents and records, including correspondence with external parties;
Comparison of company assertions to third party information available publicly;
Sample testing and re-calculation of performance data where appropriate; and
Other procedures as considered necessary.

We focused our review mainly on information relating to the Company’s Canadian and North Sea operations, which together represented approximately 80% of Talisman’s worldwide production in 2004.

With the exception of the UK operations, we did not visit Talisman’s international locations. Information relating to these other operations was collated and reviewed at the Calgary head office.