Aker BP

Prospectus • Mar 9, 2022

Publication of Exemption Document in relation to the contemplated merger with Lundin Energy

Publication of Exemption Document in relation to the contemplated merger with Lundin Energy

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR

INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG OR JAPAN,

OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION

WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE

SECURITIES DESCRIBED HEREIN.

Reference is made to the previous stock exchange notice published by Aker BP ASA

("Aker BP") regarding the contemplated merger (the "Merger") between Aker BP and

Lundin Energy MergerCo AB (publ) (the "Target"), a newly established Swedish

public limited liability company currently wholly owned by Lundin Energy AB

(publ) ("Lundin Energy"). At the time of completion of the Merger, the Target

will consist of the exploration and production business (including assets,

rights and liabilities) which is currently carried out by Lundin Energy

(directly or indirectly through subsidiaries).

Lundin Energy's shares in Target will be distributed to the shareholders of

Lundin Energy by way of a so-called Lex Asea dividend, where each share in

Lundin Energy will entitle the holder to one share in Target, upon which Target

will merge with Aker BP and Target's shareholders will receive a combination of

shares in Aker BP, in the form of Swedish Depositary Receipts, and cash as

merger consideration.

Pursuant to and in accordance with Article 1(5)(f) of Regulation (EU) 2017/1129

(the "EU Prospectus Regulation") and the European Commission's delegated

regulation (EU) 2021/528 of 16 December 2020, Aker BP has prepared an "Exemption

Document" describing key features of the Merger.

The Exemption Document includes among other things:

· Relevant risk factors applicable to the Merger and the combined company

· Business overview of Aker BP and Lundin Energy's exploration and production

business

· Unaudited pro forma financial statements for the financial year 2021 which

has been prepared as if the Merger had taken place on 1 January 2021

The Exemption Document is not a prospectus and has not been reviewed or approved

by the Norwegian Financial Supervisory Authority or any other regulatory

authority. It has been prepared solely for the use in connection with the

admission to listing of the consideration shares that are expected to be issued

by Aker BP upon completion of the Merger.

The Exemption Document is available on www.akerbp.com and www.lundin-energy.com.

This information is subject to disclosure requirements pursuant to section 5-12

of the Norwegian Securities Trading Act.

Contacts:

Kjetil Bakken, VP Corporate Finance and Investor Relations, tel.: +47 918 89 889

Jørgen Torstensen, Senior Investor Relations Professional, tel.: +47 954 83 707

IMPORTANT INFORMATION

For the purposes of this disclaimer, "this press release" means this document,

its contents or any part of them, any oral presentation, any question and answer

session and any written or oral materials discussed or distributed therein. This

communication does not constitute notice to a general meeting or a merger

document, nor shall it constitute an offer to sell or the solicitation or

invitation of any offer to buy, acquire or subscribe for, any securities or an

inducement to enter into investment activity, nor shall there be any sale of

securities in any jurisdiction in which such offer, solicitation or sale would

be unlawful prior to registration or qualification under the securities laws of

any such jurisdiction. Any decision with respect to the proposed statutory

merger of Aker BP and Target, a newly established Swedish public limited

liability company currently wholly-owned by Lundin Energy in accordance with the

Norwegian Companies Act and the Swedish Companies Act should be made solely on

the basis of information to be contained in the actual notices to the general

meetings of Aker BP and Lundin Energy, as applicable, and the merger document

related to the Merger as well as on an independent analysis of the information

contained therein. You should consult the merger document, which will be

available prior to the general meeting of shareholders at which the matters set

out herein will be subject to vote, for more complete information about the

Merger. You should also perform an independent analysis of the information

contained therein and the merger document when making any investment decision.

This press release contains forward-looking statements. By their nature, forward

-looking statements involve known and unknown risks, uncertainties, assumptions

and other factors because they relate to events and depend on circumstances that

will occur in the future whether or not outside the control of each respective

company or the combined company. Such factors may cause actual results,

performance or developments to differ materially from those expressed or implied

by such forward-looking statements. Although managements of each respective

company believe that their expectations reflected in the forward-looking

statements are reasonable based on information currently available to them, no

assurance is given that such forward-looking statements will prove to have been

correct. You should not place undue reliance on forward-looking statements. They

speak only as at the date of this press release and neither Aker BP nor Lundin

Energy undertakes any obligation to update these forward-looking statements.

Past performance of Aker BP and Lundin Energy does not guarantee or predict

future performance of the combined company. Moreover, Aker BP, Lundin Energy and

their respective affiliates and their respective officers, employees and agents

do not undertake any obligation to review, update or confirm expectations or

estimates or to release any revisions to any forward-looking statements to

reflect events that occur or circumstances that arise in relation to the content

of the presentation. Additionally, there can be no certainty that the Merger

will be completed in the manner and timeframe described in this press release,

or at all.

Excluded jurisdictions

No offer in relation to the Merger is not being made, directly or indirectly, in

or into Australia, Canada, Hong Kong, Japan, New Zealand, South Africa or

Switzerland (the "Excluded Jurisdictions") or in any other jurisdiction where

such offer pursuant to legislation and regulations in such relevant jurisdiction

would be prohibited by applicable law, by use of mail or any other communication

means or instrumentality (including, without limitation, facsimile transmission,

electronic mail, telex, telephone and the Internet) of interstate or foreign

commerce, or of any facility of national securities exchange or other trading

venue, of the Excluded Jurisdictions, and the offer relating to the Merger

cannot be accepted by any such use or by such means, instrumentality or facility

of, in or from, the Excluded Jurisdictions. Accordingly, this press release or

any documentation relating to the Merger are not being and should not be sent,

mailed or otherwise distributed or forwarded in or into the Excluded

Jurisdictions. This press release is not being, and must not be, sent to

shareholders with registered addresses in the Excluded Jurisdictions. Banks,

brokers, dealers and other nominees holding shares for persons in the Excluded

Jurisdictions must not forward this press release or any other document received

in connection with the Merger to such persons.

The information made available in this press release is not an offer of Aker BP

shares to be issued in the Merger is approved or any solicitation of votes in

connection with the Merger. The shares have not been and will not be registered

under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and

may not be offered, sold or delivered within or into the United States, except

pursuant to an applicable exemption of, or in a transaction not subject to, the

Securities Act. There will be no public offering of securities in the United

States.

The information made available in this press release does not constitute an

offer of or an invitation by or on behalf of, Aker BP or Lundin Energy, or any

other person, to purchase any securities.

The information and documents contained in this press release are not being made

and have not been approved by an authorized person for the purposes of section

21 of the UK Financial Services and Markets Act 2000 (the "FSMA"). Accordingly,

the information and documents contained in this press release are not being

distributed to, and must not be passed on to, the general public in the United

Kingdom. The communication of the information and documents contained in this

press release is exempt from the restriction on financial promotions under

section 21 of the FSMA on the basis that it is a communication by or on behalf

of a body corporate which relates to a transaction to acquire day to day control

of the affairs of a body corporate; or to acquire 50 per cent or more of the

voting shares in a body corporate, within article 62 of the UK Financial

Services and Markets Act 2000 (Financial Promotion) Order 2005.