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## JONES ENERGY, INC. 

Consolidated Statements of Operations 

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(1)  Adjusted net income is a supplemental non-GAAP fi nancial measure that is used by management and external users of the Company’s consolidated fi nancial statements. We de fi ne adjusted net income as net income excluding the impact of certain non-cash items including gains or losses on commodity derivative instruments not yet settled, impairment of oil and gas properties, non-cash compensation expense, and the gain on bargain purchase associated with the Southridge acquisition in 2011. For a reconciliation of adjusted net income to our net income, see Item 6. “Selected Financial Data –Non-GAAP fi nancial measures” in our attached Form 10-K. 

(2)  EBITDAX is a supplemental non-GAAP fi nancial measure that is used by management and external users of the Company’s consolidated fi nancial statements. We de fi ne EBITDAX as earnings before interest expense, income taxes, depreciation, depletion and amortization, exploration expense, gains and losses from derivatives less the current period settlements of matured derivative contracts, and other items. For a reconciliation of EBITDAX to our net income, see Item 6. “Selected Financial Data –Non-GAAP fi nancial measures” in our attached Form 10-K. 

