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DnB Markets Oil, Offshore & Shipping Conference
| Jon Erik Reinhardsen | Page 11 of 11 |
October 30, 2014
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"DnB Markets Oil, Offshore & Shipping Conference"
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0 % 5 % 10 % 15 % 20 % 25 % 30 % 35 % 40 % 45 % 50 % 55 % 60 % 2005 2006 2007 2008 2009 2010 2011 FC 2012 E Return on Cap empl Post tax return Return on Capital Employed 225 Historically strong returns over the cycle 225 Returns below cost of capital in 2010 and 2011 226 Expected to improve in 2012 225 Weighted average cost of capital is estimated to 9- 10% (after tax) - 11 - Return on capital employed is calculated as EBIT (excluding impairments and other operating income/expense) as a percentage of a verage net capital employed (sum of shareholder222s equity and net interest bearing debt adjusted for net assets on discontinued operations). Post ta x return is calculated by deducting the reported tax expense from EBIT. Adjustments have been made to exclude Onshore and Production which have been di sco ntinued in the period. 2005 is N GAAP all other years are IFRS based.