Notable achievements from 2014 include: •  Met our production growth target by delivering 4 percent  year-over-year growth from continuing operations, excluding  Libya. •  Exceeded our margin growth target with year-over-year  price-normalized margin growth of 8 percent. • Increased our dividend by 5.8 percent as part of our  ongoing commitment to deliver a compelling dividend to  shareholders.  •  Completed our previously announced asset disposition  program with the sale of our Nigerian business. Since 2012,  we have generated $14 billion in proceeds from asset sales.  •  Achieved a 124 percent organic reserve replacement ratio,  with total year-end reserves of 8.9 BBOE.  • Delivered on our operational targets with  fi ve major project  startups, growth from our unconventional development  programs,  and  improved  safety  and  environmental  performance. Over the past three years, the market has recognized our  success in executing our plan and delivering on our objectives.  In 2014, we ranked in the top quartile of our peer group on  total shareholder return for the third year in a row. Financially, in 2014 we reported $6.9 billion in earnings, or $5.51  per share. Excluding special items, full-year adjusted earnings  were $6.6 billion, or $5.30 per share. We ended the year with  $5.1 billion of cash and cash equivalents, and a debt-to-capital  ratio of 30 percent. Additional details on our  fi nancial results  for the year can be found on pages 8 and 9 of this report.  2014 Review  Operationally, we saw steady production from our legacy  assets, ongoing growth in our development drilling programs,  fi rst production from  fi ve major projects and success in our  exploration program. Our legacy assets performed well and  we successfully completed several major turnarounds across  the portfolio.  *Anadarko, Apache, BG Group plc., BP, Chevron, Devon, ExxonMobil, Occidental, Royal Dutch Shell and Total. Five-Year CumulativeTotal Shareholder Returns ($; Comparison assumes $100 was invested on Dec. 31, 2009 and that all dividends were reinvested) Initial 2010 2011 2012 2013 2014 $50 $100 $150 $200 $250 ConocoPhillips S&P 500 Index Peer Group*  A non-GAAP reconciliation for price-normalized cash margin per barrel is included at the end of the  Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2014  Annual Report on Form 10-K, enclosed in this report. 2 ConocoPhillips  2014 ANNUAL REPORT 27 Countries with operations and activities A four-well pad in the Bakken where multi-well pad drilling continues to  increase e ffi ciency and reduce our environmental footprint.