Sector Update

1 Jun 2010

4

Cruel summer ahead
With a 6 month drilling ban in the GoM and oil spewing into the sea at a rate of more than 12,000bpd, both sentiment and fundamentals for offshore drilling is challenged. The long term consequences are uncertain as it is still unclear how long the ban will eventually last and how many rigs will leave the region as a consequence. However, as long as the ban does not significantly exceed the current 6 months, we believe a large part of the US GoM fleet will remain in the area. Nevertheless, this unprecedented disaster will shape the future of the industry through a stricter regulatory climate and an increased environmental focus Uncertainty over length of moratorium Although speculation has been made that the moratorium will last significantly longer than the current 6 months, we believe it is premature to make any such predictions Although the current political climate makes an extension beyond 6 months likely, a lot can change during the course of the ban Key factors will be how successful BP eventually is in stopping the leak and how the moratorium affects GoM production and oil prices It is worth noting that US GoM is the source of 30% of US domestic oil production and employs some 75,000 workers. The industry is also a major source of US tax revenues

Sector
Index - last 6m performance 130 120 110 100 90 80 70 Nov-09 Dec-09 OSX Jan-10 OSEBX Feb-10

Oil & Offshore

Mar-10 Brent

Apr-10

Extent of consequences still unknown The extent of the consequences from the disaster and ensuing drilling Key ban are still unknown but will likely be significant in the long term Figures Short term consequences will depend on the length of the ban DO If it does not exceed the current 6m, a lot of rigs, especially those ESV that were performing development drilling, will likely remain in the FOE area. However, the uncertainty and lack of information is a problem NE We already know of one rig that will leave for work in the NOF Mediterranean and companies with a portfolio of deepwater assets PDE will probably use at least part of their US GoM fleet elsewhere RDC Transocean mentioned this as the most likely outcome on their SDRL conference call on Friday SONG Longer term, there will be increased regulation and stricter SCORE requirements to operator history and capability RIG A recent proposal of unlimited liability would change the industry as VTG the disincentives to exploration would likely outweigh the benefits for all but the most promising prospects and largest operators Analysts: Buy jackup and newbuild/premium asset exposure With the uncertainty of the drilling ban placing a dark cloud on the industry, we prefer jackups and newer assets The spread between new and old jackups continues to increase For floaters it is a different story, as capabilities vary greatly between new and old floaters. Nevertheless, in a difficult market we believe high spec newbuilds will at least get solid utilization, while the risk of reduced utilization for lower end floater equipment is greater We believe Rowan stands out as the only pure play jackup company left (after SCORE is acquired) Vantage’s four newbuild jackups also gives excellent exposure For floater exposure we prefer Seadrill with downside protection from a strong backlog and a large fleet of premium newbuilds
The recommendation was not presented to the issuer before dissemination.

Figures Key SCORE NOF RDC VTG ESV FOE PDE SDRL NE RIG DO SONG

NOK/USD Share price
40.3 12.0 24.8 1.6 37.4 189.1 24.8 124.8 29.1 56.8 63.1 22.3

Cap. USDm Week YTD Market USD chg USD chg 547 11.9% 46.7% 284 25.4% 12.7% 2,800 3.5% 9.4% 611 13.7% -1.9% 5,240 -4.1% -6.3% 1,936 4.4% -20.1% 4,310 1.7% -22.4% 7,938 -8.5% -24.1% 7,488 -6.3% -28.4% 18,280 -0.7% -31.4% 8,777 -8.9% -33.2% 578 5.9% -34.7%

P/E 11E 5.8 9.6 3.3 6.3 7.4 7.2 11.2 4.3 3.0 9.3 5.6 12.7

P/E 12E 5.7 6.7 2.8 7.1 14.8 6.1 8.3 3.7 2.6 11.0 6.4 5.1

EV/EBITDA EV/EBITDA 11E 12E 3.5 3.2 5.1 3.7 3.2 2.6 3.0 2.6 2.0 1.9 5.1 3.6 4.9 3.6 3.0 2.1 2.5 1.8 6.4 6.4 3.9 3.2 6.4 4.8

Frank Harestad Direct: +47 5183 6315 Mobile: +47 9300 5060 Email: frank.harestad@pareto.no Andreas Stubsrud Direct: +47 2413 2116 Mobile: +47 9179 7565 Email: andreas.stubsrud@pareto.no Erik S. Thomassen Direct: +47 2413 2165 Mobile: +47 9243 3186 Email: erik.thomassen@pareto.no

Pareto Securities AS www.pareto.no

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P.O. Box 1411 Vika N-0115 Oslo, Norway

Tel: +47 22 87 87 00 Fax: +47 22 87 87 10

Video Conf.: +47 22 87 88 45 Trading desk: +47 22 87 87 50

1 Jun 2010

Please refer to important disclosures at the end of this document

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Oil & Offshore Latest on the drilling ban

Sector Update

There has been a lot of speculation surrounding the possible extent and length of the drilling ban. We believe such speculation is premature and that the final outcome of this moratorium will depend on the successfulness of BP’s containment efforts and the impact the moratorium has on US GoM production and oil prices – this was and will be a highly political decision. Regardless, details have recently been released by the MMS, which outline the nature of the drilling ban. In short, all drilling in water depths of more than 500 feet, both exploratory and development, will be banned for 6 months and all ongoing drilling must be suspended as soon as safely possible. However, several exceptions apply, including: “drilling necessary to sustain reservoir pressure from production wells” and “workover operations”, “waterflood, gas injections or disposal wells” as well as “drilling operations or other activities that are necessary to safely close or abandon a well, or to accomplish well completion operations…” As such, although normal exploratory and development drilling will be off limits, a number of other operations can still be carried out in an effort from regulators to limit the effects on GoM oil production.

Some drilling may occur under the moratorium: Less than expected rigs will leave the region we believe

GoM floater fleet facts
There are currently 35 floaters in the US GoM (with another 7 newbuilds scheduled for drilling in the area), please see owner distribution below. 21 have dynamic positioning (DP), while 14 are moored rigs. We believe around 40% of these units were drilling development wells. GoM floater ownership distribution
Aban Offshore, 1 Diamond Offshore, 6

Transocean, 14 Ensco, 3 Frontier Drilling, 1 Maersk Drilling, 1 Stena, 1 Seadrill, 1 Pride, 1

Noble, 6

Source: ODS-Petrodata, Pareto Research

If the drilling ban only lasts 6 months, we do not believe the majority of the rigs will relocate to other regions (such as West Africa and Brazil) because: 1. Several units will likely remain in the region to perform operations exempted from the drilling ban, such as workover drilling and drilling needed to “sustain reservoir pressure from production” The travelling distance to the closest markets (Brazil/W. Africa) even for a drillship or DP rig is significant

2.

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3.

Sector Update
Other regions have available rigs with a growing number of floaters stacked worldwide (currently 12). A rig company would most likely be satisfied with a reduced dayrate for a period instead of relocating their rig to another market where they already have idle units. The companies with the highest GoM exposure already have stacked rigs in other regions

UDW rates may bottom out 5075’$/day below current market rates, however, we see no collapse of UDW rates over time

However, of the 35 units the majority (28 units) are contracted by oil companies with deep water assets also outside the GoM (see operators of GoM floaters below). As such, several of the units will relocate to other regions because the oil company will use their rig time efficiently and economically. We already know that one drillship will head for the Mediterranean. Such mobilisation for other regions will put pressure on floater dayrates, but the impact should be short term and the oil price will most likely move up and increase demand other places in the world. Hence, we do not believe in a collapse of dayrates, but that UDW rates could easily see 350’$/day before we see the bottom of the market. GoM floater operators
Walter Oil & Taylor Energy,Gas, 1 1 Statoil, 2

Anadarko, 3 ATP Oil & Gas, 1 BHP Billiton, 2

Shell, 4

BP, 4 Noble Energy, 2 Nexen, 1 Newfield Exploration, 1 Marathon, 2 LLOG, 1 Hess, 1
Source: ODS

Chevron, 3 Devon Energy, 1 Eni, 3

ExxonMobil, 1

Jackup and newbuild exposure preferred
We believe there is a trend towards significantly higher utilization for new assets versus older units, which was evident even before the Deepwater Horizon accident. However, even if the Horizon rig was only 9 years old, we believe the disaster has made oil companies more concerned about older equipment.

Jackups
We have been optimistic to the jackup market for some time now, and are still positive. However, there is a huge difference between new and old units, both in terms of second hand values and dayrates. The spread in dayrates is currently 40-50’$/day and new jackups currently operate with 94% utilization, while older jackups are below 85% (high end older jackups – other low spec units are on much lower utilization). Ensco recently sold three older jackups for USD 50m each, while the latest transactions in the jackup market, including implied values of Scorpion last Friday are around USD 180m. We believe the spread in dayrates and values is based on:

The jackup market still looks good – however, look for premium assets

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Oil & Offshore
1. 2. 3. 4.

Sector Update
More efficient conventional drilling Some older jackups are not able to drill high pressure wells Deck capacity larger on new units – positive for deep wells and wells far from shore (reduced supply costs) Security for employees

Utilization for new units stands at 94% and the large supply expected from an inflated orderbook is likely exaggerated as many units will never enter the open market. As can be observed in the graph below, the majority of the current jackup fleet was built in the 80s and the newbuild fleet only comprises some 150 units Jackup fleet age
# of units 90 80 70 60 50 40 30 20 10 0
<19701972 1975 1978 1981 1984 1987 1990 1993 1996 1999 2002 2005 2008 2011
Delivered On order/ Under Construction

Source: ODS

Floaters
The floater market has YTD been impacted by the UDW newbuilds entering the market. Rates have been pushed down from 500’$/day last year to 450’$/day for several contracts YTD, before we observed a Maersk UDW newbuild starting its life with 385’$/day for 3 months in West Africa. As such, the moored floater market has been under pressure, but rates have been quiet stable. Currently there are 12 stacked floaters world wide, and several are coming of contracts shortly. In West Africa there are 3 units stacked, 2 are stacked in the North Sea and 7 are stacked in Asia. Other than in Brazil we see few regions with significant incremental short term demand for floaters, and hence, if floaters are leaving GoM dayrates will be under pressure. At the same time, we do not believe dayrates will collapse, but utilization for older units may fall dramatically. We believe dayrates for newbuild UDW units will fall, but that they will find a new home, hence solid utilization. New assets will get work, older units may be stacked (or scrapped) like the trend shows us in the jackup market.

Investment ideas
Buy Rowan, Vantage and Seadrill Rowan is trading at 5x EV/EBITDA (2010/11), has 90% premium/high spec jackups, fleet age is 14 years (excluding 3 conventional JUs) and the company has 10% gearing Q1’10 in percent of EV. Vantage has secured a long term UDW contract above market for its drillship, and operates four newbuild premium jackups. The implied values are far below second hand values, even when the drillship equity value is set to zero. Seadrill has 5 years average fleet age, solid contract backlog, cheap financing and a management/board with solid track record. The stock is trading at 5.5x EV/EBITDA (2011).

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Oil & Offshore
GoM spill background

Sector Update

The US GoM oil spill, which began after an explosion aboard the Deepwater Horizon drillship 20 April, has now been ongoing for more than one month. Despite continuous efforts from operator BP, all attempts to stop the flow have so far failed. Estimates of how much oil has spilled vary, but the latest flow rate estimates of between 12,000 and 19,000bpd would put the spill thus far at between 480,000bbls and 760,000bbls, making it the largest oil spill in US history (Exxon Valdez disaster was some 250,000bbls). Investigation into the cause of the accident has indicated failure at a systemic level, with problems with the cementing and BOP as key issues. BP has identified 7 issues, which the company is focusing on as the investigation proceeds:
BP investigation focus areas 1 The cement that seals the reservoir from the well 2 The casing system, which seals the well bore 3 The pressure tests to confirm the well is sealed 4 The execution of procedures to detect and control hydrocarbons in the well, including the use of the BOP 5 The BOP emergency disconnect system, which can be activated by pushing a button at multiple locations on the rig 6 The automatic closure of the BOP after its connection is lost with the rig 7 Features in the BOP to allow remotely operated vehicles to close the BOP and thereby seal the well at the seabed after a blow out

The accident occurred as BP was preparing to plug the well and temporarily abandon it. Halliburton had performed the cementing of the well, while Transocean had finished the actual drilling of the well a few days earlier. Before proceeding with the placing of a third and final cement plug, BP decided to replace the drilling mud in the well with seawater, which is 50% lighter. This was apparently done in an effort to speed up operations, as the normal procedure is to first place the final cement plug before then proceeding with the displacement of the drilling mud. It is still unclear what happened next, but we know that gas entered the well at some point and began rising to the surface. As the gas escaped past the cement plug and rose towards the surface, it increased in pressure before finally arriving at the surface of the rig where it eventually ignited and exploded.

Containment efforts
Since the disaster, BP has been working continuously in order to stop the flow of oil spewing into the GoM. These efforts have so far been unsuccessful and it is clear that BP has little control of the situation. An initial attempt to lower a containment dome over the leak was aborted after gas hydrates clogged the opening. BP has several possible options for containing or stopping the flow going forward, all of which are associated with a high level of uncertainty. The current plan involves removing the damaged riser and attaching a cap to the BOP, which is intended to capture most of the oil. However, if this does not work an alternative being considered is to attach a second BOP on top of the old one. If BP’s containment efforts fail, the worst case scenario would see the well spewing out oil for as long as August, when a relief well is expected to reach its target.

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Sector Update

Disclaimers and disclosures
This document provides additional disclosures and disclaimers relevant to research reports and other investment recommendations (“Recommendations”) issued by Pareto Securities AS (“Pareto”), cf. the Securities Trading Act Section 3-10 with further regulations. Basis and methods for assessment Recommendation for shares and share related instruments are based on price targets fixed with different valuation methods that may include analysis of earnings multiples (absolute and relative), valuation of a company using DCF calculations (discounted cash flow) and by carrying out net asset value (NAV) assessments. Price targets are changed when earnings and cash flow forecasts are changed. They may also be changed when the underlying value of the issuer’s assets changes or when factors impacting the required rate of return change. Pareto credit analysts provide credit ratings which is a framework for comparing the credit quality of rated debt securities. The ratings are based on the same rating scale as international rating agencies and represent the opinion of Pareto as to the relative creditworthiness of securities. A credit rating on a stand alone basis should not be used as a basis for investment operations. Pareto Securities may also provide credit research with more specific price targets. These price targets are based on different valuation methods. These methods may include analysis of key credit ratios and other factors describing the securities creditworthiness, peer group analysis of securities with similar creditworthiness and different DCF-valuations. Definitions of key terms Buy: Pareto expect this financial instruments’ total return to exceed 10% over the next six months. Hold: Pareto expect this financial instruments’ total return to be 0-10% over the next six months. Sell: Pareto expect this financial instruments’ total return to be negative over the next six months. Trading Buy: Pareto expect this financial instruments’ total return to exceed 10% over the next month. Trading Sell: Pareto expect this financial instruments’ total return to be negative over the next month. Risks related to investments and Recommendations There is risk attached to all investments in financial instruments. The analyst’s assessment of the risk is identified by the terms High, Medium or Low Risk in the relevant Recommendation. There may be uncertainties with respect to the accurateness and reliability of any information, interpretation and assessment. There are uncertainties and risks attached to the correctness of any Recommendation by Pareto and with respect to forward looking statements and expectations. Standards and supervision Pareto complies with the standards for recommendations issued by the Norwegian Securities Dealers Association and the Norwegian Society of Financial Analysts. Pareto is under the supervision of the Financial Supervisory Authority of Norway. No agreement with the issuer concerning Recommendations Pareto has no agreements with issuers with respect to dissemination of Recommendations. Generally Pareto will however present the Recommendation for the issuer prior to dissemination to assure a correct factual basis. Organisation and duty of confidentiality All employees of Pareto are subject to duty of confidentiality towards clients and with respect to handling inside information. Pareto has established “Chinese walls” and other organisational procedures for the purpose of minimizing conflicts of interest within Pareto and in the Pareto group and between clients. Compensation schemes for analysts No part of analysts’ salaries or compensations relates directly to investment banking services or other services provided by Pareto or related companies to issuers. Analysts are however part of the general bonus scheme. Updating of Recommendations Pareto has no fixed schedule for updating. Disclosure of positions in financial instruments Please see Appendix A for an overview of positions in financial instruments held by Pareto and related companies and persons. Disclosure of assignments and mandates Please see Appendix B for an overview of (a) all financial instruments in which Pareto or related companies are market makers or liquidity providers, (b) all financial instruments where Pareto or related companies have been lead managers or co-lead managers over the previous 12 months and (c) all issuers of financial instruments to whom Pareto or related companies have rendered investment banking services over the previous 12 months. Please be aware that agreements and services that are still subject to confidentiality are excluded.

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Sector Update

Previous Recommendations For an overview of Pareto’s Recommendations in the financial instruments of the issuing company the last 12 months, including data on changes in Recommendations. Log on to www.pareto.no, type in company name or symbol in the search field and click search. Under Reports you will find previous Recommendations. Please be aware that certain informal Recommendations may be excluded. Statistics on Recommendations Please see Appendix C for quarterly statistics on the overall ratio of “Strong Buy”, “Buy”, “Hold” and “Reduce” in Pareto’s Recommendations in financial instruments, including a split with respect to issuers where Pareto have provided investment banking services the previous 12 months. Additional provisions on Recommendations distributed in the United States This research reports is prepared by Pareto Securities AS and distributed in the United States by Pareto Securities Inc. The research report is intended for distribution in the United States to institutional investors only. Pareto Securities Inc. is a broker-dealer registered with the U.S. Securities and Exchange Commission and is a member of FINRA & SIPC. U.S. persons seeking more information about any of the securities discussed in this report, or wishing to execute a transaction in these securities, should contact Pareto Securities Inc. at 150 East 52nd Street, NY 10022, Tel. 212 829 4200. To the extent required by applicable U.S. laws and regulations, Pareto Securities Inc. accepts responsibility for the contents of this publication. Investment products provided by or through Pareto Securities Inc. or Pareto Securities AS are not FDIC insured, may lose value and are not guaranteed by Pareto Securities Inc. or Pareto Securities AS. Investing in non-U.S. securities may entail certain risks. This document does not constitute or form part of any offer for sale or subscription, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. The securities of non-U.S. issuers may not be registered with or subject to SEC reporting and other requirements. The information available about non-U.S. companies may be limited, and non-U.S. companies are generally not subject to the same uniform auditing and reporting standards as U.S. companies. Market rules, conventions and practices may differ from U.S. markets, adding to transaction costs or causing delays in the purchase or sale of securities. Securities of some non-U.S. companies may not be as liquid as securities of comparable U.S. companies. Pareto Securities Inc. and/or Pareto Securities AS may have material conflicts of interest related to the production or distribution of this research report which are disclosed on the following Appendix A and Appendix B. Additional information for recipients in Singapore This research reports is prepared by Pareto Securities AS and distributed in Singapore by Pareto Securities Asia Pte Ltd (“Pareto Securities Asia”). Pareto Securities AS is a company established under the laws of Norway being licensed and supervised by Norwegian regulators. Pareto Securities Asia is an exempt financial advisor under the Singapore Financial Advisers Act and a subsidiary of Pareto Securities AS. This report is directed only to "accredited investors", "expert investors" and "institutional investors" as defined in the Singapore Securities and Futures Act. This report is intended for general circulation amongst such investors and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should seek advice from a financial adviser regarding the suitability of any product referred to in this report, taking into account your specific financial objectives, financial situation or particular needs before making a commitment to purchase any such product. Please contact Pareto Securities Asia, 16 Collyer Quay, # 27-02 Hitachi Tower, Singapore 049318, at +65 6408 9800 in respect of any matters arising from or in connection with this report. This report does not provide individually tailored investment advice or offer tax, regulatory, accounting or legal advice. The securities or other financial instruments discussed in this report may not be suitable for all investors. This report has been prepared and issued for distribution to professional investors only and all recipients should seek independent investment advice prior to making any investment decision based on any information contained in this report. Prior to entering into any proposed transaction, recipients should determine, in consultation with their own investment, legal, tax, regulatory and accounting advisors, the economic risks and merits, as well as the legal, tax, regulatory and accounting characteristics and consequences, of the transaction. Disclaimer Pareto and the analyst accept no responsibility and expressively disclaim any and all liabilities for any and all losses related to investments caused by or motivated by Recommendations from Pareto. Any person receiving a Recommendation from Pareto is deemed to have accepted this disclaimer. The disclaimer shall apply even if an Investment Recommendation is shown to be erroneous or incomplete or based upon incorrect or incomplete facts, interpretations or assessments or assumptions by Pareto, and irrespective of whether Pareto or any person related to Pareto can be blamed for the incident.

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Appendix A

Sector Update

Disclosure requirements pursuant to the Securities Trading ST Regulations § 3-10 (2) and § 3-11, letter a-b Pareto Securities AS does not alone or together with related companies or persons – own a portion of the shares exceeding 5 % of the total share capital – in any companies where a recommendation has been produced or distributed by Pareto Securities AS. Pareto Securities AS may hold financial instruments in companies where a recommendation has been produced or distributed by Pareto Securities AS in connection with rendering investment services, including Market Making. Please find below an overview of material interests in financial instruments held by employees in Pareto Securities AS, in companies where a recommendation has been produced or distributed by Pareto Securities AS. By material interest is meant holdings exceeding a value of NOK 50,000.
Analyst holding
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Company name:
ACERGY S.A. AKER ASA A-AKSJER ATEA BONHEUR ASA CAMILLO EITZEN CERMAQ ASA CREW GOLD NYE DNB NOR ASA DNO INTERNATIONAL ASA DOCKWISE EMGS EOC Ltd FARSTAD SHIPPING ASA FRED OLSEN ENERGY FRONTLINE LTD GANGER ROLF ASA GLOBAL RIG COMPANY GOLAR LNG ENERGY LIM HAVILA SHIPPING ASA ORD. IMAREX INTEROIL KONGSBERG AUTOMOTIVE ERØY SEAFOOD GROUP NORSE ENERGY CORP. A NORSK HYDRO ASA NORSKE SKOGINDUSTRIER ASA NORTHLAND RESOURCES

Total holding
75 101 1 504 2 070 2 804 6 500 3 000 6 894 672 44 197 60 000 400 13 385 25 000 2 401 300 4 895 12 724 714 100 27 000 16 050 1 150 13 600 16 000 13 000 83 021 22 015 46 002 688 500

Company name:
NORWEGIAN AIR SHUTTLE NORWEGIAN ENERGY COMPANY OLAV THON ORKLA ASA A-AKSJER PROSAFE PRODUCTION PROSAFE SE PROTECTOR FORSIKRING QUESTERRE ENERGY CORP RENEWABLE ENERGY CORP SANDNES SPAREBANK GR.FOND SCORPION OFFSHORE SEADRILL LTD SEAWELL SEVAN SHIP FINANCE SKEIE DRILLING & PRODUCTION SONGA OFFSHORE SE SPAREB. NORD-NORGE GR.FOND SPAREBANK 1 SR-BANK SPAREBANKEN ØST GR.F STATOILHYDRO ASA STOREBRAND ASA TELENOR ASA TGS NOPEC GEOPHYSIC. WILH. WILHELMSEN ASA YARA INTERNATIONAL

Analyst holding
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 000 0 0 0

Total holding
1 300 81 680 681 17 546 150 815 815 499 100 20 777 30 580 9 877 20 000 7 700 10 000 16 876 2 923 4 024 000 6 500 5 733 57 648 157 290 6 954 4 161 12 604 7 204 20 008 9 796

This overview is updated monthly (last updated 30.04.2010).

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Appendix B

Sector Update

Disclosure requirements pursuant to the Securities Trading ST Regulation § 3-11, letter d-f, ref the Securities Trading Act Section 3-10 Overview over issuers of financial instruments where Pareto Securities AS have prepared or distributed investment recommendation, where Pareto Securities AS or related companies have been lead manager/co-lead manager or have rendered publicly known not immaterial investment banking services over the previous 12 months:
-

Aker Drilling Austevoll Seafood Bergen Group Bjørge Blom BN Bank Cecon Color Group Crew Davie Yards DOF DOF Installer DOF Subsea Eltek Equinox Offshore Faktor Eiendom Flex LNG Golar LNG Energy Green Reefers Grenland Group

-

Hansa Property Havila Shipping InterOil Kongsberg Automotive Lighthouse Caledonia Marine Accurate Well Marine Subsea Mosvold Supply Nexus Floating Production Noreco Norse Energy Norske Skog North Energy Norwegian Air Shuttle Norwegian Property Nutripharma Oceanteam PA Resources Petroleum Geo-Services Petromena

-

Prosafe Questerre Rocksource RXT Saga Tankers Seadrill Sevan Marine Skeie Drilling & Production Solstad Offshore Songa Offshore Sparebank 1 SMN Sparebanken Sogn & Fjord. Sparebanken Vest Sparebanken Øst Spectrum STX Europe Vantage Drilling Wega Mining Wilh. Wilhelmsen

This overview is updated monthly (this overview is for the period 01.05.2009 – 30.04.2010).

Appendix C Disclosure requirements pursuant to the Securities Trading ST Regulation § 3-11 (4) Column I shows the overall ratio of “Strong Buy”, “Buy”, “Hold” and “Reduce” in Pareto’s Recommendations in financial instruments. Column II shows the ratio of “Strong Buy”, “Buy”, “Hold” and “Reduce” in Pareto’s Recommendations in financial instruments, where Pareto have provided investment banking services to the issuer the previous 12 months.
Column I Strong Buy Buy Hold Reduce 0,6% 63,8% 24,4% 11,3% Column II 2,9% 70,6% 26,5% 0,0%

This overview is updated quarterly (last updated 24.03.2010).

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