Statoil's board of directors actively adheres to good corporate governance standards and will at all times ensure that Statoil either complies with the Norwegian Code of Practice for Corporate Governance (the "Code") or explains possible deviations from the Code in the board statement on corporate governance. The topic of corporate governance is subject to annual assessment and discussion by the board, which has also considered the text of the board statement at a board meeting. The Code may be found at

The Code covers 15 topics, and the board statement covers each of these topics and describes Statoil's adherence to the Code. The board statement describes the fundament and principles for Statoil's corporate governance structure, while more detailed factual information may be found at our website, in our annual form 20-F to the US Securities and Exchange Commission, in the annual report and in our sustainability reporting. Links to relevant information at our website are included in the statement.

The statement from the board of directors is provided as a separate report in the Annual Report 2011 download centre