Aker BP

Capital/Financing Update • May 16, 2019

DETNOR02: Distribution event notice

DETNOR02: Distribution event notice

To the bondholders in the Det norske oljeselskap ASA 13/20 FRN (ISIN NO 001068414.5) (the "Bond Issue") issued by Aker BP ASA (the "Issuer") pursuant to the bond agreement originally dated 1 July 2013 and as amended and restated from time to time (the "Bond Agreement").

All capitalized terms used herein shall have the meaning assigned to them in the Bond Agreement.

On 16 May 2019 (the "Distribution Event Date"), the Issuer made a distribution to its shareholders in the aggregate amount of NOK 1,629,020,273. This notice constitutes a Distribution Event Notice as defined in the loan agreement.

The maximum aggregated number of Bonds to be repurchased by the Issuer is equal to 1,629,020,273 divided by the Face Value, being 1,629,020,273 (the "Distribution Put Bonds").

As a consequence of this dividend payment, each Bondholder may require the Issuer to acquire Bonds at a price of 107% of par plus accrued interest, up to its pro rata share of 1,629,020,273 based on the proportion that such Bondholder's holding of Bonds as of the Distribution Event Date (less Bonds owned directly by the Issuer) bear to the Distribution Put Bonds. The Issuer holds NOK 7,690,568 nominal worth of DETNOR02.

The Leverage Ratio as shown in the latest Compliance Certificate is 0.72x.

The Distribution Put Option must be exercised by each Bondholder within 30 May 2019. Detailed information on how to exercise the Distribution Put Option, including each Bondholder's pro rata proportion of the Distribution Put Bonds, will promptly be forwarded to all Bondholders as registered in the Securities Depository (VPS) through the systems of VPS (the "VPS Notice").

Bondholders (as registered directly in VPS) who do not receive a VPS Notice may contact the Bond Trustee at mail@nordictrustee.com to receive a copy of its VPS Notice.