**Calculation of ratio of earnings to fixed charges**

|                    | (in NOK millions, except ratio)                                 | 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 | For the year ended 31 December 2010 |
|-------------------------|-----------------------------------------------------------------|-------------------------------------|-------------------------------------|-------------------------------------|-------------------------------------|-------------------------------------|
| Fixed Charges           |                                                            |                                |                                |                                |                                |
|                    | Interest expense*                                               | 1,803                               | 12,047                              | 2,443                               | (385)                               | 1,722                               |
| +                       | Interest within rental expense                                  | 9,618                               | 8,064                               | 7,392                               | 5,754                               | 5,208                               |
| +                       | Capitalized interest                                            | 1,603                               | 1,077                               | 1,197                               | 869                                 | 995                                 |
| Total fixed charges (A) | 13,024                                                          | 21,188                              | 11,032                              | 6,238                               | 7,925                               |
|                    |                                                            |                                |                                |                                |                                |                                |
| Earnings                |                                                            |                                |                                |                                |                                |
|                    | Income before tax and minority interest                         | 109,428                             | 138,414                             | 206,726                             | 213,841                             | 136,826                             |
| -                       | Equity in net inc non-consol investees                          | 272                                 |   (136)                        |      (1,671)                   | (1,264)                             | (1,168)                             |
| +                       | Distributed income of equity investees                          |   8                            |   (7)                          |   (8)                          | (15)                                | (42)                                |
| =                       | Income before taxes, minority interests    and equity investees | 109,708                             | 138,271                             | 205,047                             | 212,562                             | 135,616                             |
| +                       | Fixed charges (A)                                               | 13,024                              | 21,188                              | 11,032                              | 6,238                               | 7,925                               |
| +                       | Ordinary depr capital interest                                  | 1,171                               | 1,233                               | 1,356                               | 1,310                               | 1,637                               |
| -                       | Capitalized interest                                            | (1,603)                             | (1,077)                             | (1,197)                             |   (869)                        | (995)                               |
| Total earnings          | 122,300                                                         | 159,615                             | 216,238                             | 219,241                             | 144,183                             |
|                    |                                                            |                                |                                |                                |                                |                                |
| Ratio                   | 9.4                                                             | 7.5                                 | 19.6                                | 35.2                                | 18.2                                |

*Interest expense includes change in fair value of  derivatives