AMSC ASA — M&A Activity 2016

Jan 8, 2016

Offer to acquire between 2 million shares and 5 million shares by DNB Bank ASA

Offer to acquire between 2 million shares and 5 million shares by DNB Bank ASA

Aker ASA ("Aker") has through its wholly-owned

subsidiary Aker Capital II AS appointed DNB Markets, a

part of DNB Bank ASA ("DNB") to explore the

opportunity to increase its financial exposure in

American Shipping Company ASA ("AMSC") by entering

into a total return swap.

In order to facilitate the transaction and hedge the

total return swap exposure, DNB hereby makes an offer

to acquire between 2 million shares and 5 million

shares (equal to 3.3% to 8.25% of the outstanding

shares) in AMSC at a price of NOK 26 per share

(the "Offer").

The Offer is carried out through a bookbuilding

process. All existing shareholders accepting the Offer

will be paid the same price per share, NOK 26 per

share. The bookbuilding process commences immediately,

and will close before market opening on 11 January

2016. The bookbuilding could close earlier or be

extended at short notice at the sole discretion of

DNB. Allocation will be made at the sole discretion of

DNB shortly after close of the bookbuilding, and

settlement will take place on 13 January 2016 (subject

to change).

DNB has the possibility at its sole discretion to

terminate the Offer, as well as make any amendments to

the terms of the Offer.

Please contact:

Alexander Opstad

DNB Markets

+47 91844232

alexander.opstad@dnb.no