Statoil ASA General Terms and Conditions for Sales, 2011 Version, for Crude Oil, Condensate and Petroleum Products, including Liquefied Petroleum Gas (GT&Cs) consititute the second part of a sales contract and the Special Conditions (as defined in the GT&Cs) negotiated and agreed between a buyer and a seller form the first part of such agreements.

The GT&Cs 2011 Version are applicable for all forms of deliveries and will be valid and in effect for sale transactions concluded from 9 May 2011 between Statoil ASA and its counterparties, replacing the following general conditions of sale:

CIF OFFSHORE = crude oil sales CIF Offshore.

CIF/C&F TERMINAL = terminal crude oil sales CIF/C&F.

DELIVERED OUTTURN = crude oil sales delivered outturn
(= DES Delivered Ex Ship)

FOB/FIP TERMINAL = terminal crude oil sales FOB/FIP.

From the 1st day of October 2007 Statoil ASA (formerly Den norske stats oljeselskap a.s) has changed its name to Statoil ASA. With the exception of this change of name, the sales terms remain otherwise unchanged.