CORRAL PETROLEUM HOLDINGS AB (PUBL) - Preem

The Board of Directors and shareholders,Corral Petroleum Holdings AB (publ)INDEPENDENT AUDITORS’ REPORTWe have audited the consolidated balance sheets of Corral Petroleum Holdings AB (publ) and subsidiaries as ofDecember 31, 2010 and 2009, and the related consolidated statement of income, comprehensive income and cash flowsfor each of the years in the two-year period ended December 31, 2010, and the related consolidated statements of changesin shareholders’ equity for each of the years in the two-year period ended December 31, 2010. These consolidatedfinancial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion onthese consolidated financial statements based on our audits.We conducted our audits in accordance with generally accepted auditing standards in Sweden. Those standards requirethat we plan and perform the audit to obtain high but not absolute assurance about whether the financial statements arefree of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts anddisclosures in the financial statements. An audit also includes assessing the accounting principles used and significantestimates made by management as well as evaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position ofCorral Petroleum Holdings AB (publ) and subsidiaries as of December 31, 2010 and 2009, and the results of theiroperations and their cash flows for each of the years in the two-year period ended December 31, 2010, and the relatedconsolidated statements of changes in shareholders’ equity for each of the years in the two-year period ended December31, 2010 in conformity with International Financial Reporting Standards as approved by the EU.Stockholm, SwedenApril 27, 2010KPMG AB/s/ Cronie WallquistAuthorized Public AccountantF-2