**Calculation of Ratio of Earnings to Fixed Charges**

|                        | (in NOK millions, except ratio)                                 | For  the year ended 31 December 2015 | For  the year ended 31 December 2014 | For  the year ended 31 December 2013 | For the year ended 31 December 2012 | For the year ended 31 December 2011 |
|-----------------------------|-----------------------------------------------------------------|--------------------------------------|--------------------------------------|--------------------------------------|-------------------------------------|-------------------------------------|
| **Fixed Charges**           |                                                            |                                 |                                 |                                 |                                |
|                        | Interest expense*                                               | 11,665                               | 1,803                                | 12,047                               | 2,443                               | (385)                               |
| +                           | Interest  within rental expense                                 | 11,634                               | 9,618                                | 8,064                                | 7,392                               | 5,754                               |
| +                           | Capitalized  interest                                           | 3,163                                | 1,603                                | 1,077                                | 1,197                               | 869                                 |
| **Total fixed charges (A)** | 26,462                                                          | 13,024                               | 21,188                               | 11,032                               | 6,238                               |
|                        |                                                            |                                 |                                 |                                 |                                |                                |
| **Earnings**                |                                                            |                                 |                                 |                                 |                                |
|                        | Income  before tax and minority interest                        | 4,294                                | 109,428                              | 138,414                              | 206,726                             | 213,841                             |
| -                           | Equity  in net inc non-consol investees                         | 278                                  |  272                            |      (136)                      | (1,671)                             | (1,264)                             |
| +                           | Distributed  income of equity investees                         | (10)                                 | 8                                    |   (7)                           | (8)                                 | (15)                                |
| =                           | Income before taxes, minority interests    and equity investees | 4,563                                | 109,708                              | 138,271                              | 205,047                             | 212,562                             |
| +                           | Fixed charges (A)                                               | 26,462                               | 13,024                               | 21,188                               | 11,032                              | 6,238                               |
| +                           | Ordinary  depr capital interest                                 | 1,386                                | 1,171                                | 1,233                                | 1,356                               | 1,310                               |
| -                           | Capitalized  interest                                           | (3,163)                              | (1,603)                              | (1,077)                              |  (1,197)                       | (869)                               |
| **Total earnings**          | 29,248                                                          | 122,300                              | 159,615                              | 216,238                              | 219,241                             |
|                        |                                                            |                                 |                                 |                                 |                                |                                |
| Ratio                       | 1.1                                                             | 9.4                                  | 7.5                                  | 19.6                                 | 35.2                                |

*Interest  expense includes change in fair value of derivatives