Philly Shipyard — Major Shareholding Notification 2015

Jul 29, 2015

Disclosure of share trade in Aker Philadelphia Shipyard ASA

Disclosure of share trade in Aker Philadelphia Shipyard ASA

The entities listed below have, on 28 July 2015,

acquired 551,392 shares in Aker Philadelphia

Shipyard ASA ("Aker Philadelphia"), representing

approximately 4.36 % of the 12,574,766 outstanding

shares and votes in Aker Philadelphia. The managers

of the vehicles listed below are entities in the

Apollo group; they typically exercise their voting

rights in the issuer in the same way and as a result

the entities listed below are consolidated as set

forth in the Norwegian Securities Trading Act Section

4-3 (5) for the purpose of disclosure of large

shareholdings. Accordingly, the holdings of each of

the vehicles are hereby disclosed. Apollo Management

Holdings, L.P. is the parent of each of the managers

identified below and makes this disclosure on behalf

of each of the entities listed below.

Following settlement of the share acquisition, which

is expected to take place on 31 July 2015, the

entities listed below will collectively hold

2,355,314 shares in Aker Philadelphia, and will

through the share acquisition have increased its

shareholding in Aker Philadelphia from approximately

14.35 % to 18.83 %, such increase being subject to the

disclosure obligation set out in the Norwegian

Securities Trading Act, Section 4-3 subsection (1).

The table below provides the details of the

shareholdings in Aker Philadelphia of each individual

Apollo entity.

Apollo Credit NS Holdings (Lux) S.a.r.l.

(Manager: Apollo SVF Management, L.P.)

Shares % of total shares/votes

2,261,422 17.98%

Apollo Credit Strategies Master Fund Ltd.

Manager: Apollo ST Fund Management, LLC)

Shares % of total shares/votes

90,792 0.72%

Apollo Value Investment Master Fund, L.P.

(Manager: Apollo Value Management, L.P.)

Shares % of total shares/votes

3,100 0.02%

Total (shares and voting rights held individually and

through assimilation):

Shares % of total shares/votes

2,355,314 18.72%

In the event of any questions concerning this

disclosure, please contact:

Cindy Z. Michel

Apollo Global Management LLC