Helle Kirs-Toiger AS Eesti Statoil, Managing Director Tallinn, April 8.2008

1. Implementation of StatoilHydro Ethics Code of Conduct in Estonian business environmentConference “Promoting Business Ethics: Baltic Challenges, Nordic Experience” Helle Kirs-ToigerAS Eesti Statoil, Managing Director Tallinn, April 8.2008

2. Established on 1 October 2007 following the merger between Statoil and Hydro’s oil and gas activities • about 29000 employees in 40 countries • Market capitalisation worth more than NOK 500 billion (NOK 528 billion at a share price of NOK 170) • Production averaging over 1.7 million barrels of oil equivalent per day & Proven reserves: More than 6 billion barrels of oil equivalent • The world’s third-largest net seller of crude oil • One of the world’s largest gas suppliers • The world’s largest operator of deepwater fields & World-leading in the use of deepwater technology • Operator for 39 producing oil and gas fields • Listed on Oslo Børs (ticker: STL) and New York Stock Exchange (ticker: STO) • Retail operations at 8 Northern European countries.

3. Performance Results Rewards A values-based performance culture

4. The foundation for our business in Estonia • Our sucess is dependent on our employee, who shall understand and fulfill: • StatoilHydro Values • StatoilHydroEthics Code of Conduct Our Ethics Code of Conduct is teaching us, how to transform our daily operations, business activities, attitudes, goals and motives to be always ”good” and ”right”.

5. Society Suppliers & partners We • Develop local society with own contribution • Active interaction with relevant stakeholders • Participation in development programs • Achieve long-term and honest relationship • Clear agreement about Code of Conduct with all partners • Improve understanding of Ethics and Anticorruption issues • Improving employee knowledge about ethics • Secure transparent and honest business • Ensure good and ethical work environment • Promote equality and diversity Our activities always have a consequence – we have a responsibility to our society

6. What is right and/or good & what is wrong and/or bad? for our COMPANY for ME for our SOCIETY for our PARTNERS How we in StatoilHydro act & why? • Acting in accordance with StatoilHydro Values and Ethics Code of Conduct will secure • socially responsible behaviour. • improvement of our own business culture and ethics • improved reputation of local society Our choices always have a consequence – we need to take ethical responsibility

7. 1 1 Objective, target group and warrant 2 The Ethics Code of Conduct 2.1 Main purpose of the Ethics Code of Conduct 2.2 StatoilHydro commitment 2.3 Presentation of the Ethics Code of Conduct 3 Code of business practice 3.1 Correct information, accounting and reporting 3.2 Fair competition and anti-trust laws 3.3 Combating corruption 3.4 Public officials 3.5 Relations with suppliers, partners and customers 3.6 Use of intermediaries 3.7 Use of lobbyists 3.8 Political activity 3.9 Equality and diversity 4 Code of personal conduct 4.1 Protection of StatoilHydro’s property and assets 4.2 Confidentiality 4.3 Corruption 4.4 Gifts, hospitality and expenses 4.5 Conflict of interest 4.6 Directorships, employment or other assignments 4.7 Insider information 4.8 Maintaining records 4.9 Information and IT systems 4.10 Purchase of sexual services 4.11 Intoxicants 5 Practice and follow-up 5.1 Personal responsibility 5.2 Managerial responsibility 5.3 Mandatory Integrity due diligence 5.4 Handling cases of doubt and breaches of the rules 5.5 Consequences of infringement 5.6 Ethics committees 5.7 Corporate compliance officer 5.8 Responding to enquiries from the press and others 6 Additional information The content of our Ethics Code of Conduct

8. Every employee Ethics Code of Conduct is made available for Eesti Statoil employees in 3 languages Ethics training at all levels once per year New Head Office employee has a mandatory Ethics e-training to successfully complete before probation period is concluded Has obligation to know and fulfill the terms of Ethics Code of Conduct Has access to Ethics Helpline by phone and in the web Management Employees Required to comply with all standard employee terms regarding Ethics Take active part in the work of local Ethics committee minimum twice a year, or as required Secure that Ethics Code of Conduct is an understandable Appendix for all our partners Participate at Ethics and Anticorruption trainings for Managers Managing Director has responsibility to secure compliance and control Local CFO has Anticorruption Compliance Officer role locally. Taking Ethics Code of Conduct to our employees

9. Only honest and transparent business relationships with suppliers, partners and also public officials. Integrity Due Diligence Transparent procurement process All contracts and cooperation agreements include anticorruption clauses Ethics Code of Conduct is an Appendix to all agreements. Ethics Code of Conduct & our Partners

10. Ethics Code of Conduct Our ValuesStatoilHydro Evaluate if complies with Ethics helpline 800-12001 + 888-288-1447 Ethics help onlinehttps://www.statoilhydrohelpline.com How to evaluate an ethical dilemma? Question / Dilemma / Discussion point Is this legal? Ask yourself: • is this necessary? • is this justifiable? • is this ethically right? You are not sure? Consult with Your Manager!