Equinor — Audit Report / Information 2009

Apr 17, 2010

Report of Ernst & Young AS

$EIF$ RNST & YOUNG

Statsautoriserte revisorer Ernst & Young AS Vassbotnen 11 Forus, NO-4313 Sandnes
Postboks 8015, NO-4068 Stavanger

Foretaksregisteret: NO 976 389 387 MVA Tlf.: +47 51 70 66 00
Fax: +47 51 70 66 01 www.ey.no Medlemmer av Den norske Revisorforening

To the Annual Shareholders' Meeting of Statoil Petroleum AS

Auditor's report for 2009

We have audited the annual financial statements of Statoil Petroleum AS as of 31 December 2009. showing a profit of NOK 22 064 million. We have also audited the information in the Directors' report concerning the financial statements, the going concern assumption, and the proposal for the allocation of the profit. The financial statements comprise the balance sheet, the statement of income and the accompanying notes. The regulations of the Accounting Act and accounting standards, principles and practices generally accepted in Norway have been applied in the preparation of the financial statements. These financial statements and the Directors' report are the responsibility of the Company's Board of Directors and Managing Director. Our responsibility is to express an opinion on these financial statements and on other information according to the requirements of the Norwegian Act on Auditing and Auditors.

We conducted our audit in accordance with laws, regulations and auditing standards and practices generally accepted in Norway, including the auditing standards adopted by the Norwegian Institute of Public Accountants. Those standards and practices require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. To the extent required by law and auditing standards, an audit also comprises a review of the management of the Company's financial affairs and its accounting and internal control systems. We believe that our audit provides a reasonable basis for our opinion.

In our opinion.

• the financial statements have been prepared in accordance with laws and regulations and present fairly, in all material respects the financial position of the Company as of 31 December 2009, and the results of its operations for the year then ended, in accordance with accounting standards, principles and practices generally accepted in Norway
• the Company's management has fulfilled its duty to properly record and document the Company's accounting information as required by law and generally accepted bookkeeping practice in Norway
• the information in the Directors' report concerning the financial statements, the going concern assumption, and the proposal for the allocation of the profit is consistent with the financial statements and comply with law and regulations.

Stavanger, 17 April 2010 ERNST & YOUNG AS

Tor Inge Skjellevik State Authorised Public Accountant (Norway)

Note: The translation to English has been prepared for information purposes only.