Active exploration summer ahead

27 June 2011 Active exploration summer ahead DETNOR, NORTH and RGT Please refer to important disclosures at the end of this document Thomas Aarrestad Direct: +47 2287 8721 Mobile: +47 9964 7028 Email: taa@pareto.no

Summary During the summer months, we expect results from 8 significant exploration wells for the Oslo E&P s. Both Det norske, North Energy and Rocksource are highly exposed and we recommend to BUY a basket of these names Several exciting wells this summer Krafla West, Norvarg, Skalle, Breiflabb, Kora (W-Africa), Chamonix, Aldous Major South and Aldous Major North High relative exposure for all three companies this summer DETNOR: 7% of risked value to be tested this summer (6 wells) NORTH: 10% of risked value to be tested this summer (1 well) RGT: 27% of risked value to be tested this summer (3 wells) We recommend to BUY a basket of DETNOR, NORTH and RGT DETNOR: TP NOK 45 NORTH: TP NOK 40 RGT: TP NOK 4.8 2

The highest value creation takes place in the exploration phase E&P value chain First major value creation takes place in the exploration phase when discoveries are made Second key value generating milestone is approval of the Plan for Development and Operations (PDO) 3

Look to smaller companies for exploration exposure # net wells per USDbn market cap # wells 14 12 10 8 6 4 Rocksource, Det norske and North among companies providing highest exploration exposure High number of wells combined with small to medium sized market capitalization 2 0 RGT DETNORNORTH BRIDGE NOR FPM LUPE PMO 4

Norvarg - drilling underway PL 535 Norvarg prospect Barents Sea prospect west of Ververis discovery Moderate resource potential 80-260 mill boe Mainly natural gas potential Potential production via Snøhvit (Train 2) Chance of success 29% Main risk is reservoir quality and trap integrity Rocksource estimates 60% (due to EM) Ownership PL 535 Total (operator, 40%) Det norske (20%) North Energy (20%) Rocksource (20%) Significant unrisked value potential (Assume 200 mill boe) DETNOR: NOK 6.8/share NORTH: NOK 34/share RGT: NOK 2.4/share Drilling started 30 April Results expected August Potential preliminary results in June Source: Pareto Research, Rocksource, Det norske, North Energy 5

Krafla West drilling underway PL 035 Krafla West prospect North Sea prospect West of Krafla oil discovery Krafla estimated at 40 mill boe (13-56) Similar size potential at Krafla West Upside from potential lower oil/water contact A discovery could open up further prospects in the area Chance of success: High Both oil and gas potential Ownership PL 035 Statoil (operator, 50%) Det norske (25%) Svenska Pet. (25%) Significant value potential for DETNOR Krafla: NOK 2.5/share Krafla West: NOK 2.5/share (unrisked) Drilling started 25 May Results expected in June / early July Source: Pareto Research, Statoil, Det norske Likely tie-back to one of the subsea installations in the Oseberg area 6

Skalle drilling underway PL 438 Skalle prospect Barents Sea prospect south of Skrugard Moderate resource potential 250 mill boe Chance of success 30% Unrisked value potential DETNOR: NOK 2.5/share Drilling started 16 May Results expected July Source: Pareto Research, Lundin Ownership PL 438 Lundin (operator, 25%) Petoro (20%) RWE Dea (20%) Spring Energy (17.5%) Det norske (10%) Talisman (7.5%) 7

Kora (West-Africa) Drilling to start in June AGC Profond Kora prospect Kora is the largest exploration target on a large offshore block (9,838 sq km) which straddles the Senegal and Guinea Bissau border High unrisked resource potential estimated at approximately 450 million boe gross Chance of success 50% (RGT) Key risks: source and migration Significant unrisked value potential RGT: NOK 3.5/share Ownership AGC Profond Ophir Energy (operator, 36.7%) Noble Energy (30%) Rocksource (12.5%) L Entreprise (12%) FAR Limited (JV Party) (8.8%) Rocksource recently announced a farm-down agreement with Noble Energy in AGC Profond, involving an initial payment of $28m to RGT Maersk Deliverer is currently on the way from Ghana to commence drilling Source: Pareto Research, Rocksource, Det norske, North Energy 8

Breiflabb drilling to start in June PL 416 Breiflabb prospect North Sea prospect southwest of the Troll Field Moderate resource potential 15-180mill boe recoverable (DETNOR) 170 mill boe (RGT) Chance of success 44% (RGT) Key risk elements hydrocarbon charge (RGT) source/migration (DETNOR) Ownership PL 416 E.ON Ruhrgas AS (operator, 50%) Rocksource ASA (35%) Det Norske Oljeselskap ASA (15%) Significant unrisked value potential (Assume 100 mill boe) RGT: NOK 2.2/share DETNOR: NOK 2.5/share Rocksource has secured several licenses to the south with follow up potential Source: Pareto Research, Rocksource, Det norske 9

New major North Sea oil area discovered billion boe potential - Lundin and Det norske with leading roles Luno / Avaldnses / Draupne area Total of 450-800 mill boe discovered so far Avaldsnes (100-400) Luno (150) Draupne (140) Apollo (15-65) Tellus (40) Another 6-900 mill boe potential Aldous Major South (160-360) Aldous Major North (110-260) Luno 3 (100) Asha/Noor/Luno N (20/163/30) Source: Lundin Petroleum 10

Aldous Major South drilling to start in July PL 265 Aldous Major South prospect Ownership PL 265 Statoil (operator, 40%) Petoro AS (30%) Det Norske Oljeselskap AS (20%) Lundin (10%) North Sea prospect in block 16/2 Medium resource potential 160-360 mboe (Lundin) Chance of success 39% (Lundin) Significant unrisked value potential (Assume 185 mill boe) DETNOR: NOK 6.2/share Drilling start up July 2011 Source: Pareto Research, Rocksource, Det norske, North Energy 11

Aldous Major North drilling to start in August PL 265 Aldous Major North prospect Ownership PL 265 Statoil (operator, 40%) Petoro AS (30%) Det Norske Oljeselskap AS (20%) Lundin (10%) North Sea prospect in block 16/2 Medium resource potential 110-260 mboe (Lundin) Chance of success 39% (Lundin) Significant unrisked value potential (Assume 135 mill boe) DETNOR: NOK 4.6/share Drilling start up August 2011 Source: Pareto Research, Rocksource, Det norske, North Energy 12

Chamonix drilling to start in July PL 471 Chamonix prospect Norwegian Sea prospect on the Halten Terrace, west of Mikkel Moderate resource potential 65-170 mill boe Chance of success 19% Primary risk element: Trap Ownership PL 471 OMV (Norge) AS (50%) Norwegian Energy Company ASA (NORECO) (30%) Sagex Petroleum Norge AS (20%) Significant unrisked value potential (Assume 117 mill boe) NOR: NOK 3.1/share Expected spud in July 2011 with Borgland Dolphin Source: Pareto Research, Rocksource, Det norske, North Energy 13

High exploration activity in 2011 2011 exploration drilling program (North Sea) Prospect Start PL Operator MBOE Prob. NOR RGT DETNOR NORTH BRIDGE RIG 2011 Dovregubben 1Q 468 DETNOR 160 25% - - 152 - - Aker Barents Svaneøgle 1Q 545 Noreco 50 29% 25 - - - - West Alpha Ronaldo 1Q 434 Nexen 87 40% 17 - - - - Songa Delta Gullris 1Q 522 BG 1200 - - 120 - - Aker Barents Arran 1Q Statoil 4 72% 1 - - - - Brage platform Krafla 1Q 035 STL 35 - - 9 - - Ocean Vanguard Krafla West 2Q 35 STL 35 - - 9 - - Ocean Vanguard Norvarg 2Q 535 Total 200 29% - 40 40 40 - West Phoenix Skalle 2Q 438 Lundin 149 30% - - 15 - - Transocean Leader Breiflabb 2Q 416 EoN 100 44% - 35 15 - - Borgland Dolphin Aldous Major/North 3Q 265 STL 320 50% - - 64 - - Transocean Leader Chamonix 3Q 471 OMV 118 19% 35 - - - - Borgland Dolphin Heilo 3Q 530 Gdf Suez 200 39% - 40-40 - Aker Barents Ulvetanna 3Q 356 DETNOR 160 - - 96 - - Luna (DCS) 4Q 02/05 Noreco 345 14% 162 - - - - Maersk Resolve Zapffe 4Q 518 Dong 70 23% - - - 21 - West Phoenix Phoenix 4Q 559 RGT 160 17% - 96 - - - Borgland Dolphin Kalvklumpen 4Q 414 DETNOR 128 35% 26-51 - - Bredford Dolphin Zidane 2 4Q 435 RWE Dea 190 50% 38 - - - - West Alpha Albert 4Q 519 Lundin 210 28% 42 - - - - Salina 4Q 533 Eni 100 - - 20 - - Lupin 4Q 360 Statoil 302 10% 45 - - - - Clapton 4Q 440S Faroe 135 25% 16-14 - - Maersk Guardian Sum 365 211 315 101 - # of remaining wells 7 4 8 3 - Source: Pareto Research 14

Risked Valuation of Det norske oljeselskap Unrisked Value Risked Value PRODUCING ASSETS mmboe NOKm USD/boe NOK/Share Probability NOKm USD/boe NOK/Share Varg (5%) 0.7 26 6.5 0.2 100% 26 6.5 0.2 Glitne (10%) 0.2 (13) (11.4) (0.1) 100% (13) (11.4) (0.1) Enoch (10%/2%) 0.1 7 12.0 0.1 100% 7 12.0 0.1 Jotun (7%) 0.5 17 6.6 0.1 100% 17 6.6 0.1 TOTAL PRODUCING 1.5 36 4.4 0.3 100% 36 4.4 0.3 DISCOVERIES Commercial Draupne (35%) 48.9 2,374 9.0 18.6 60% 1,424 5.4 11.1 Ermintrude (Dagny) (2-7%) 10.0 216 4.0 1.7 50% 108 2.0 0.8 Total commercial discoveries 58.9 2,590 8.1 20.3 59% 1,532 4.8 12.0 Uncertain commerciality Krafla (25%) 10.0 626 11.6 4.9 50% 313 5.8 2.5 Jetta (60%) 6.6 260 7.3 2.0 50% 130 3.7 1.0 David/Atla (10%) 1.1 36 6.1 0.3 50% 18 3.1 0.1 Frøy (50%) 27.4 1,197 8.1 9.4 40% 479 3.2 3.7 Ragnarrock (20%) 8.4 136 3.0 1.1 30% 41 0.9 0.3 Ragnarrock Graben (20%) 8.0 130 3.0 1.0 30% 39 0.9 0.3 Øst Frigg Gamma/Delta (20%) 18.0 389 4.0 3.0 50% 194 2.0 1.5 Grevling (30%) 19.8 535 5.0 4.2 50% 267 2.5 2.1 Fulla (15%) 7.0 113 3.0 0.9 50% 57 1.5 0.4 Desmond PL 332 (40%) 5.0 81 3.0 0.6 30% 24 0.9 0.2 Storskrymten (45%) 2.5 41 3.0 0.3 30% 12 0.9 0.1 Storklakken (100%) 10.0 162 3.0 1.3 30% 49 0.9 0.4 Total uncertain discoveries 123.8 3,706 5.5 29.0 44% 1,624 2.4 12.7 TOTAL DISCOVERIES 182.7 6,296 6.4 49.3 50% 3,156 3.2 24.7 EXPLORATION Norvarg (40%) 40 864 4.0 6.8 15% 130 4.0 1.0 Krafla West (25%) 9 189 4.0 1.5 15% 28 4.0 0.2 Skalle (10%) 15 322 4.0 2.5 15% 48 4.0 0.4 Aldous West/North (20%) 64 1,382 4.0 10.8 15% 207 4.0 1.6 Exploration 2011, rem. 187 4,047 4.0 31.7 15% 607 4.0 4.8 Exploration 2012 400 4,320 2.0 33.8 15% 648 2.0 5.1 TOTAL EXPLORATION 715 11,124 2.9 87.1 15% 1,669 2.9 13.1 OTHER ASSETS Cash 31.12.2010 3,067 24.0 3,067 24.0 IB Debt 31.12.2010 (1,532) (12.0) (1,532) (12.0) Assumed new equity 2013 500 3.9 500 3.9 OTHER ASSETS 2,035 15.9 2,035 15.9 NET ASSET VALUE 19,491 152.5 6,895 54.0 Source: Pareto Research 15

Risked Valuation of North Energy Unrisked Value Probability Risked Value m m boe NOKm USD/boe NOK/Share Com b. NOKm USD/boe NOK/Share DISCOVERIES Uncertain com m erciality Fogelberg (12%) - PL 433 7 161 4.0 6.4 60% 96 2.4 3.8 Total uncertain discoveries 7 161 4.0 6.4 60% 96 2.4 3.8 TOTAL DISCOVERIES 7 161 4.0 6.4 60% 96 2.4 3.8 EXPLORATION Norvarg (20%) - PL 535 40 864 4.0 34.4 15% 130 0.6 5.2 Heilo (20%) - PL 530 40 864 4.0 34.4 15% 130 0.6 5.2 Zappfe (30%) - PL 518 84 1,814 4.0 72.1 15% 272 0.6 10.8 Jette (35%) - PL 385 17 185 2.0 7.4 15% 28 0.3 1.1 Kalkelborg (10%) - PL 370 15 165 2.0 6.6 15% 25 0.3 1.0 Skagen (25%) - PL 498 19 203 2.0 8.1 15% 30 0.3 1.2 Vågar (40%) - PL 526 53 575 2.0 22.8 15% 86 0.3 3.4 Scarecrow (40%) - PL 510 60 648 2.0 25.8 15% 97 0.3 3.9 TOTAL EXPLORATION 328 5,318 3.0 211.4 15% 798 0.4 31.7 OTHER ASSETS Cash 31.12.2010 397 15.8 397 15.8 IB Debt 31.12.2010 - - - - OTHER ASSETS 397 15.8 397 15.8 NET ASSET VALUE 5,715 233.6 1,195 51.3 Source: Pareto Research 16

Risked Valuation of Rocksource Unrisked Value Risked Value PRODUCING ASSETS m m boe NOKm USD/boe NOK/Share Probability NOKm USD/boe NOK/Share DISCOVERIES Uncertain com m erciality Trident (100%) 69.0 373 1.0 1.1 20% 75 0.2 0.2 Mulle, UK (10%) 1.7 73 8.0 0.2 40% 29 3.2 0.1 Total uncertain discoveries 70.7 446 1.2 1.3 23% 104 0.3 0.3 TOTAL DISCOVERIES 70.7 446 1.2 1.3 23% 104 0.3 0.3 EXPLORATION Kora (AGC) (12.5%) 56 1,210 4.0 3.5 15% 181 0.6 0.5 PL 535 - Norvarg (20%) 40 864 4.0 2.5 15% 130 0.6 0.4 PL 416 - Breiflabb (35%) 35 756 4.0 2.2 15% 113 0.6 0.3 PL 530 - Heilo (20%) 40 864 4.0 2.5 15% 130 0.6 0.4 PL 559 - Phoenix (60%) 96 2,074 4.0 6.0 15% 311 0.6 0.9 2012 exploration 250 2,700 2.0 7.8 15% 405 0.3 1.2 TOTAL EXPLORATION 517 8,467 3.0 24.3 15% 1,270 1.2 3.6 OTHER ASSETS Cash 31.12.2010 389 1.1 389 1.1 IB debt 31.12.2010 (342) (1.0) (342) (1.0) Equity issue proceeds (Feb'11) 250 0.7 250 0.7 Partial sale of Kora block 151 0.4 151 0.4 Sale of US onshore 19 0.1 19 0.1 Potential repayment of tax refunds (60) (0.2) 50% (30) (0.1) TOTAL OTHER ASSETS 407 1.2 437 1.3 NET ASSET VALUE 9,320 26.8 1,811 5.2 Source: Pareto Research 17

Risked Valuation E&P valuation sheet Share Net Cash* Producing Discoveries Net Asset Value Price / NAV EV / GAV Recomm- Target & other assets Comm- Un- Explor- Core Full Core Full Core Full endation Price assets ercial certain ation NAV NAV NAV NAV GAV GAV (NOK) Bridge Energy (BRIDGE) Unrisked 11.5 1.9 4.7 10.7 18.2 Probability 74% 100% 74% 50% 15% Risked 10.2 8.5 1.9 3.5 5.3 2.7 13.9 22.0 0.73 0.46 0.31 0.13 BUY 15 Det norske (DETNOR) Unrisked 15.9 0.3 20.3 29.0 87.9 Probability 100% 100% 59% 44% 15% Risked 28.1 15.9 0.3 12.0 12.7 13.2 28.2 54.1 1.00 0.52 0.99 0.32 BUY 45 DNO International (DNO) Unrisked (0.4) 11.9 4.8 0.8 6.6 Probability 100% 82% 52% 42% 15% Risked 6.4 (0.4) 9.7 2.5 0.3 1.0 11.8 13.2 0.54 0.49 0.56 0.50 BUY 11 Interoil (IOX) Unrisked (12.5) 21.3 2.3 45.6 - Probability 100% 100% 50% 50% - Risked 8.6 (12.5) 21.3 1.1 22.8-9.9 32.7 0.87 0.26 0.94 0.47 HOLD 10 Noreco (NOR) Unrisked (10.1) 16.4 7.2 16.4 45.6 Probability 100% 100% 90% 45% 15% Risked 6.3 (10.1) 16.4 6.5 7.3 6.8 12.9 27.0 0.49 0.23 0.71 0.44 BUY 20 Norse Energy (NEC) Unrisked 0.1 0.6 1.2 4.8 - Probability 100% 100% 50% 10% 0% Risked 0.50 0.1 0.6 0.6 0.5-1.35 1.83 0.37 0.27 0.32 0.23 BUY 1.5 North Energy (NORTH) Unrisked 15.8 - - 6.4 211.4 Probability 100% - - 60% 15% Risked 24.0 15.8 - - 3.8 31.7 15.8 51.3 1.52 0.47 N/A 0.23 BUY 40 Panoro Energy (PEN) Unrisked 0.9 6.0 0.1 30.3 6.8 Probability 100% 100% 60% 29% 15% Risked 6.4 0.9 6.0 0.1 8.7 1.0 7.1 16.7 0.90 0.38 0.89 0.34 BUY 15 PA Resources (PAR) Unrisked (4.4) 4.7 2.0 5.9 3.1 Probability 100% 100% 80% 38% 15% Risked 3.0 (4.4) 4.7 1.6 2.2 0.5 1.9 4.6 1.64 0.67 1.19 0.83 HOLD 4.0 Questerre (QEC) Unrisked 3.5 1.6-67.0 3.8 Probability 100% 100% 0% 15% 10% Risked 5.0 3.5 1.6-9.7 0.4 5.1 15.2 0.97 0.33 0.91 0.13 BUY 15 Rocksource (RGT) Unrisked 1.3 - - 1.3 24.3 Probability 100% - - 23% 15% Risked 3.04 1.3 - - 0.3 3.6 1.3 5.2 2.42 0.58 N/A 0.45 BUY 4.8 Median 0.90 0.46 0.89 0.34 *Net Cash at 2010Y, (I) Calculated at WACC 10% (8% in Norway); Long term oil price assumption of USD 120/bbl from 2012 and onwards (USD 116/bbl assumed for 2011) Core NAV calculated as net cash + producing assets + commercial discoveries; Risked exploration value includes prospects to be drilled in 2011 and 2012 18

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Disclaimers and disclosures Additional information for recipients in Singapore This research reports is prepared by Pareto Securities AS and distributed in Singapore by Pareto Securities Asia Pte Ltd ( Pareto Securities Asia ). Pareto Securities AS is a company established under the laws of Norway being licensed and supervised by Norwegian regulators. Pareto Securities Asia is an exempt financial advisor under the Singapore Financial Advisers Act and a subsidiary of Pareto Securities AS. This report is directed only to "accredited investors", "expert investors" and "institutional investors" as defined in the Singapore Securities and Futures Act. This report is intended for general circulation amongst such investors and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should seek advice from a financial adviser regarding the suitability of any product referred to in this report, taking into account your specific financial objectives, financial situation or particular needs before making a commitment to purchase any such product. Please contact Pareto Securities Asia, 16 Collyer Quay, # 27-02 Hitachi Tower, Singapore 049318, at +65 6408 9800 in respect of any matters arising from or in connection with this report. This report does not provide individually tailored investment advice or offer tax, regulatory, accounting or legal advice. The securities or other financial instruments discussed in this report may not be suitable for all investors. This report has been prepared and issued for distribution to professional investors only and all recipients should seek independent investment advice prior to making any investment decision based on any information contained in this report. Prior to entering into any proposed transaction, recipients should determine, in consultation with their own investment, legal, tax, regulatory and accounting advisors, the economic risks and merits, as well as the legal, tax, regulatory and accounting characteristics and consequences, of the transaction. Disclaimer Pareto and the analyst accept no responsibility and expressively disclaim any and all liabilities for any and all losses related to investments caused by or motivated by Recommendations from Pareto. Any person receiving a Recommendation from Pareto is deemed to have accepted this disclaimer. The disclaimer shall apply even if an Investment Recommendation is shown to be erroneous or incomplete or based upon incorrect or incomplete facts, interpretations or assessments or assumptions by Pareto, and irrespective of whether Pareto or any person related to Pareto can be blamed for the incident. Contact information: Pareto Securities AS, P.O. Box 1411 Vika, N-0115 Oslo, Norway. Tel.: +47 22 87 87 00 21

Disclaimers and disclosures Appendix A Disclosure requirements pursuant to the Norwegian Securities Trading Regulations section 3-10 (2) and section 3-11 (1), letters a-b Pareto Securities AS does not alone or - together with affiliated companies or persons own a portion of the shares exceeding 5 % of the total share capital in any company where a recommendation has been produced or distributed by Pareto Securities AS. Pareto Securities AS may hold financial instruments in companies where a recommendation has been produced or distributed by Pareto Securities AS in connection with rendering investment services, including Market Making. Please find below an overview of material interests in financial instruments held by employees in Pareto Securities AS, in companies where a recommendation has been produced or distributed by Pareto Securities AS. By material interest is meant holdings exceeding a value of NOK 50 000. Analyst Company Holdings Total Holdings Company Analyst Holdings Total Holdings Atea - 2 080 Noreco - 81 680 Avocet Mining - 40 000 Odfjell - 7 300 Bonheur - 2 804 Olav Thon Eiendom - 501 Bw Offshore - 180 486 Orkla - 193 477 Camillo Eitzen - 6 750 Panoro Energy - 8 302 Cermaq - 3 000 Petroleum Geo-Services - 33 900 Dnb Nor - 113 917 Polarcus - 8 000 Dno International - 60 380 Questerre Energy - 70 777 Dof - 30 000 Renewable Energy - 44 044 Eitzen Chemical - 320 500 Salmar - 56 400 Emgs - 13 385 Sandnes Sparebank - 5 617 Eoc - 25 000 Seadrill - 4 500 Farstad Shipping - 15 701 Sevan Marine - 15 876 Fred Olsen Energy 100 300 Ship Finance - 2 923 Frontline - 4 895 Siem Offshore - 7 302 Gjensidige Forsikring - 84 972 Solstad Offshore - 4 101 Golar Lng Energy - 27 000 Songa Offshore - 6 500 Havila Shipping - 16 050 Sparebank 1 Sr-Bank - 74 348 Inmeta Asa 40 000 40 001 Sparebanken Øst - 22 350 Kongsberg Automotive - 14 400 Spectrum - 247 000 Kongsberg Gruppen - 54 904 Statoil - 84 299 Lerøy Seafood Group - 13 000 Statoil Fuel & Retail - 42 890 Maritime Industrial Services - 1 600 Storebrand - 4 161 Norse Energy - 107 021 Subsea 7-75 409 Norse Energy T-Retter - 217 906 Telenor 2 000 109 604 Norsk Hydro - 260 279 Tgs-Nopec Geophysical - 7 204 Norske Skogindustrier - 46 008 Veidekke - 21 520 Northland Resources - 583 000 Wilh. Wilh. Holding A-Aksjer - 20 004 Norwegian Air Shuttle - 1 300 Yara International - 18 696 This overview is updated monthly (last updated 30.04.2011). Appendix B Disclosure requirements pursuant to the Norwegian Securities Trading ST Regulation 3-11, letters d-f, ref the Securities Trading Act Section 3-10 Overview over issuers of financial instruments where Pareto Securities AS have prepared or distributed investment recommendation, where Pareto Securities AS or related companies have been lead manager/co-lead manager or have rendered publicly known not immaterial investment banking services over the previous 12 months: - Aker Drilling - Golden Close Maritim Corp - Polarcus - Akva Group - Havila Shipping - Prosafe - Altona Mining - Havyard - Prosafe Production - Archer - Inmeta - Prospector Offshore Drilling - Austevoll Seafood - InterOil - Rocksource - BassDrill - Jasper Explorer - Rowan Drilling - Bergen Group - Krillsea - Saga Tankers - Blom - Lighthouse Caledonia - Sandnes Sparebank - BOA - Marine Accurate Well - SAS - Camillo Eitzen & Co. - Middle East Jackup Company - Seadrill - Color Group - Morpol - Sevan Drilling - Cultivos Marinos - Mosvold Supply - Sevan Marine - Det Norske Oljeselskap - Noreco - Ship Finance - Discover Offshore - Norse Energy - Skeie Drilling & Production - DNO International - Northland Resources - Sparebanken Nord-Norge - DOF - Norway Royal Salmon - Sparebanken Sogn & - DOF Installer - Ocean Rig - Sparebanken Vest - DOF Subsea - PA Resources - Standard Drilling - Equinox Offshore - Pacific Drilling - TTS Group - Fjord Line - Panoro Energy - Unison Forsikring - Floatel International - Petrosaudi - Vantage Drilling - Gjensidige - PGS - Wilh. Wilhelmsen - Global Tender Barges This overview is updated monthly (this overview is for the period 30.04.2010 30.04.2011). Appendix C Disclosure requirements pursuant to the Norwegian Securities Trading ST Regulation 3-11 (4) Column I shows the overall ratio of Trading Buy, Buy, Hold, Sell and Trading Sell in Pareto s Recommendations in financial instruments. Column II shows the ratio of Trading Buy, Buy, Hold, Sell and Trading Sell in Pareto s Recommendations in financial instruments where Pareto Have provided investment banking services to the issuer the previous 12 months. Column I Column II Trading Buy 0.7% 0.0% Buy 65.2% 82.9% Hold 23.2% 17.1% Sell 10.9% 0.0% Trading Sell 0.0% 0.0% This overview is updated quarterly (last updated 15.03.2011). 22