Energy SpA — Capital/Financing Update 2017

May 3, 2017

Denne melding til obligasjonseierne er kun utarbeidet på engelsk. For informasjon vennligst kontakt Nordic Trustee ASA.

To the bondholders in:

ISIN: NO 001 0689763 - 9.50 per cent. Iona Energy Company (UK) Limited Senior Secured Callable Bond Issue 2013/2018

Oslo, 3 May 2017

Information to Bondholders - cancellation of Bonds

Nordic Trustee ASA acts as bond trustee (the "Bond Trustee") for the bondholders (the "Bondholders") in the above mentioned bond issue (the "Bond Issue") where Iona Energy Company (UK) Limited is the issuer (the "Issuer").

All capitalised terms used herein and not otherwise defined herein shall have the meanings assigned thereto in the bond loan agreement for the Bond issue originally dated 26 September 2013 (as amended on 3 June 2014, and as amended and restated on 17 April 2015, 10 March 2017 and 13 April 2017) (the "Bond Agreement").

Reference is made to (i) the notice dated 13 April 2017 regarding the completion of the Decipher Transaction, and (ii) the notice dated 21 April 2017 regarding the partial repayment of the Bond Issue with the settlement date of 28 April 2017, cf. Clause 9.1(a) of the Bond Agreement,. Accordingly, in accordance with Clause 9.1(b) of the Bond Agreement, the balance of the Outstanding Bonds shall be reduced to a principal amount of USD 3,500,000 by the cancellation of Bonds on a pro rata basis as follows:

Record Date: Settlement Date: Cancellation of Bonds on a pro rata basis: Outstanding amount after cancellation:

8 May 2017 (end of business) 10 May 2017 USD 282,568,799 USD 3,500,000

All accrued, but unpaid, interest under the Bond Issue shall be released and cancelled in full.

Yours sincerely Nordic Trustee ASA Vivian Trøsch