Aker ASA, Prospectus of 13 February 2020

Registration Document

Aker ASA

Registration Document

Joint Lead Managers:

Oslo, 4 Februay 2020

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Aker ASA, Prospectus of 13 February 2020

Registration Document

Important information

The Registration Document is based on sources such as annual reports and publicly available information and forward-looking information based on current expectations, estimates and projections about global economic conditions, as well as the economic conditions of the regions and industries that are major markets for Aker ASA’s (the Company) lines of business.

A prospective investor should consider carefully the factors set forth in Chapter 1 Risk factors, and elsewhere in the Prospectus, and should consult his or her own expert advisers as to the suitability of an investment in the bonds.

IMPORTANT – EEA RETAIL INVESTORS - If the Securities Note in respect of any bonds includes a legend titled "Prohibition of Sales to EEA Retail Investors", the bonds are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (‘EEA’). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of the Markets in Financial Instruments Directive II (‘MiFID II’); (ii) a customer within the meaning of Directive 2002/92/EC (as amended or superseded, the "Insurance Mediation Directive"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in the Prospectus Directive. Consequently no key information document required by Regulation (EU) No 1286/2014 (as amended, the "Packaged Retail Investment and Insurance-Based Products, PRIIPs Regulation") for offering or selling the bonds or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the bonds or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPS Regulation.

MiFID II product governance / target market – The Securities Note in respect of any bonds will include a legend titled "MiFID II product governance" which will outline the target market assessment in respect of the bonds and which channels for distribution of the bonds are appropriate. Any person subsequently offering, selling or recommending the bonds (a “distributor”) should take into consideration the target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the bonds (by either adopting or refining the target market assessment) and determining appropriate distribution channels.

This Registration Document is subject to the general business terms of the Joint Lead Managers, available at their websites (www.dnb.no, www.nordea.no, www.paretosec.com, and www.seb.no).

The Joint Lead Managers and/or any of their affiliated companies and/or officers, directors and employees may be a market maker or hold a position in any instrument or related instrument discussed in this Registration Document, and may perform or seek to perform financial advisory or banking services related to such instruments. The Joint Lead Managers' corporate finance department may act as manager or co-manager for this Company in private and/or public placement and/or resale not publicly available or commonly known. Copies of this Registration Document are not being mailed or otherwise distributed or sent in or into or made available in the United States. Persons receiving this document (including custodians, nominees and trustees) must not distribute or send such documents or any related documents in or into the United States.

Other than in compliance with applicable United States securities laws, no solicitations are being made or will be made, directly or indirectly, in the United States. Securities will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States without registration or an applicable exemption from registration requirements.

The distribution of the Registration Document may be limited by law also in other jurisdictions, for example in the United Kingdom. Approval of the Registration Document by Finanstilsynet (the Norwegian FSA) implies that the Registration Document may be used in any EEA country. No other measures have been taken to obtain authorisation to distribute the Registration Document in any jurisdiction where such action is required.

The Registration Document dated 13 February 2020 together with a Securities Note and any supplements to these documents constitute the Prospectus.

The content of this Registration Document does not constitute legal, financial or tax advice and potential investors should seek legal, financial and/or tax advice.

Unless otherwise stated, this Registration Document is subject to Norwegian law. In the event of any dispute regarding the Registration Document, Norwegian law will apply.

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Registration Document TABLE OF CONTENTS:

1 RISK FACTORS ...... 4 2 DEFINITIONS ...... 6 3 PERSONS RESPONSIBLE ...... 7 4 STATUTORY AUDITORS ...... 8 5 INFORMATION ABOUT THE ISSUER ...... 9 6 BUSINESS OVERVIEW ...... 10 7 TREND INFORMATION ...... 15 8 ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY BODIES ...... 16 9 MAJOR SHAREHOLDERS ...... 19 10 FINANCIAL INFORMATION CONCERNING THE COMPANY'S ASSETS AND LIABILITIES, FINANCIAL POSITION AND PROFITS AND LOSSES ...... 20 11 REGULATORY DISCLOSURES ...... 22 12 DOCUMENTS AVAILABLE ...... 23 CROSS REFERENCE LIST ...... 24 JOINT LEAD MANAGERS’S DISCLAIMER ...... 25 ANNEX 1 ARTICLES OF ASSOCIATION FOR AKER ASA ...... 26

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Aker ASA, Prospectus of 13 February 2020

Registration Document 1 Risk factors Investing in bonds issued by Aker ASA involves inherent risks.

The risks and uncertainties described in the Prospectus are risks of which the Company is aware and that the Company considers to be material to its business. If any of these risks were to occur, the Company’s business, financial position, operating results or cash flows could be materially adversely affected, and the Company could be unable to pay interest, principal or other amounts on or in connection with the bonds. Prospective investors should carefully consider, among other things, the risk factors set out in this Registration Document and in the Securities Note, before making an investment decision. The risk factors set out in the Registration Document and the Securities Note cover the Company and the bonds issued by the Company, respectively.

An investment in the bonds is suitable only for investors who understand the risk factors associated with this type of investment and who can afford a loss of all or part of their investment.

Aker ASA (the “Company” and “Aker”) is an active industrial investment company with exposure both in terms of its ownership and its receivables towards companies that operate within the energy sector, oil service, fisheries and biotechnology, and marine assets. The Company’s operational risk is limited provided Aker’s nature as an investment company with a rather predictable cost base. As such, Aker’s risk is financially driven and connected to changes in the underlying operational performance and value development of its assets which primarily are listed on the Oslo Stock Exchange. The development of the global economy, and energy prices in particular, as well as currency fluctuations, are important variables influencing the value of Aker’s listed assets as well as unlisted assets.

Aker sources its financing in the bank and bond markets and will as such be exposed to prevailing markets conditions in the capital markets when conducting such activities. In addition, Aker may enter into hedging arrangements as part of Aker’s risk management system primarily by hedging its foreign currency and interest rate risk exposure. In these matters, Aker will be exposed to the global macroeconomic environment influencing the capital markets as well as the foreign exchange and interest rates markets.

1.1 Asset risk The main risks that Aker ASA is exposed to are related to changes in the value of the assets due to market price fluctuations which is derived from the portfolio companies’ market conditions, operational performance, capital expenditures and liquidity. As an example, Aker BP represents a substantial part of Aker’s values. Since Aker BP's revenues are derived from the sale of petroleum products, the value of Aker’s investment is therefore exposed to oil and gas price fluctuations.

As an industrial holding company, Aker is dependent on ensuring adequate liquidity through upstream cash and dividends from portfolio companies. Again, the market situation will impact the ability of the underlying companies to pay dividend as well as operational performance and opportunities for new investments and divestments. As Aker measures its own performance through net asset values (NAV), Aker’s will as such be impacted through value changes in the underlying portfolio companies. In addition, as mentioned above, Aker will also be affected from a liquidity perspective as the Company depends on upstream cash flow through dividends from portfolio companies.

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Registration Document

1.2 Financial risk The Company is exposed to several types of financial risk, the most significant of which are liquidity, foreign exchange, interest rate, and refinancing risk.

1.2.1 Liquidity risk As an industrial holding company, Aker is largely dependent on ensuring adequate liquidity through upstream cash and dividends from portfolio companies as described in section 1.1. Thus, liquidity risk is associated with Aker being unable to meet its financial obligations as they fall due and will as such impact bond loans listed under the prospectus that may affect payment to investors. This will have an impact on investors' returns and the value of the bonds.

1.2.2 Foreign exchange risk Aker is primarily exposed to Norwegian companies and consequently has limited direct exposure towards operations in foreign currencies. However, as a large portion of Aker’s portfolio companies have operations in foreign currencies, Aker is exposed to non-NOK cash flows in connection with up stream dividends, mergers and acquisitions, sale of assets, or other cash flows. Consequently, this translates over to a liquidty and balance sheet risk for Aker as portfolio companies’ operational performance and profits are impacted by foreign exchange movements. Thus, currency fluctuations influence cash flows of the operating companies which in turn could impact the companies’ ability to distribute dividend to Aker with consequences described in section 1.2.1 above. The Group’s main exposure is against USD, GBP and BRL, but it may additionally include several other currencies.

1.2.3 Interest rate risk Aker’s interest rate risk arises from long-term borrowings. Debt issued at floating interest rates exposes the Company to cash flow interest rate risk and borrowings issued at fixed rates expose Aker to fair value interest risk. The Company has primarily debt issued at floating interest rate which provides risk of higher financing costs. This may impact Aker’s liquidity and the associated risks described in section 1.2.1.

1.2.4 Refinancing and cost of debt Aker’s financing strategy includes both use of the bond and bank market as sources of financing. In connection to this, Aker is exposed to refinancing risk. In addition, and dependent on the prevailing market conditions if and when Aker engages in refinancing activities, the Company is exposed to fluctuating interest rates and margins which may be below or above current cost of debt levels. As a result, this may impact repayment of bond loans listed under the prospectus. Moreover, the cost of debt could impact Aker’s borrowing cost which again has a liquidity effect.

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Registration Document 2 Definitions

Annual Report 2018 Aker ASA's annual report of 2018

Articles of Association The articles of association of Aker ASA, as amended and currently in effect

Board or Board of Directors The board of directors of Aker ASA.

Companies Registry The Norwegian Registry of Business Enterprises (Foretaksregisteret)

Company Aker ASA, a Norwegian public joint-stock company organised under the laws of Norway, including the Public Limited Companies Act

Consolidated Financial Statements The consolidated financial statements and notes included in the Company’s annual report to shareholders.

IFRS International Financial Reporting Standards

Interim Report Q2 2019 Aker ASA's interim report second quarter of 2019

ISIN International Securities Identification Number

NOK Norwegian kroner

Registration Document This document dated 13 February 2020. The Registration Document has been approved by the Norwegian FSA, as competent authority under Regulation (EU) 2017/1129. The Norwegian FSA only approves this Registration Document as meeting the standards of completeness, comprehensibility and consistency imposed by Regulation (EU) 2017/1129. Such approval shall not be considered as an endorsement of the Issuer that is the subjet of this Registration Document. The Registration Document has been drawn up as part of a simplified prospectus in accordance with Article 14 of Regulation (EU) 2017/1129.

VPS or VPS System The Norwegian Central Securities Depository, Verdipapirsentralen ASA

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Aker ASA, Prospectus of 13 February 2020

Registration Document 3 Persons responsible 3.1 Persons responsible for the information Persons responsible for the information given in the Registration Document are as follows: Aker ASA, Oksenøyveien 10, N-1366 Lysaker, Norway

3.2 Declaration by persons responsible Aker ASA declares that to the best of its knowledge, the information contained in the Registration Document is in accordance with the facts and that the Registration Document makes no omission likely to affect its import.

Oslo, 13 February 2020

Aker ASA

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Aker ASA, Prospectus of 13 February 2020

Registration Document 4 Statutory Auditors The statutory auditors for the Issuer for the period covered by the historical financial information has been KPMG AS, independent public accountants.

KPMG AS is member of The Norwegian Institute of Public Accountants.

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Aker ASA, Prospectus of 13 February 2020

Registration Document 5 Information about the Issuer 5.1 Legal and commercial name of the Issuer The legal name of the issuer is Aker ASA, the commercial name is Aker.

5.2 Domicile and legal form The Company is domiciled and incorporated in Norway. The Company is a public limited liability company organized under the laws of Norway, including the Public Limited Companies Act.

The Company's registered business address is Oksenøyveien 10, N-1366 Lysaker, Norway and its registered postal address is P.O. Box 243, N-1326 Lysaker, Norway. The Company’s LEI code is 5967007LIEEXZXJ10071.

The Company has no telephone number at its registered office according to the Norwegian Companies Registry. The Company's telephone number is +47 24 13 00 00.

The Company’s website is www.akerasa.com. The information on the website does not form part of the Registration Document unless that information is incorporated by reference into the Registration Document.

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Aker ASA, Prospectus of 13 February 2020

Registration Document 6 Business overview

Aker ASA (the “Company” and “Aker”) is a holding company and the parent of the Group.

Aker is an industrial investment company that exercises active ownership to create value. Aker’s ownership interests are concentrated in the oil and gas, maritime assets and marine biotechnology sectors. The investments are divided into Industrial holdings and Financial investments.

The Industrial holdings are strategic assets and managed with a long-term perspective. They comprise Aker’s ownership interests in Aker BP, Aker Solutions, Akastor, Kvaerner, Ocean Yield, Aker BioMarine, Aker Energy and Cognite.

The Financial investments comprise cash and other assets. The portfolio includes the following companies: American Shipping Company, Philly Shipyard, Solstad Offshore and the real estate development company FP Eiendom as per the third quarter 2019.

Aker’s gross asset values (GAV) stood at NOK 54.1 billion and net asset values (NAV) at NOK 43.1 billion.

Industrial holdings

Aker BP Aker BP is a fully-fledged exploration and production company operating on the Norwegian Continental Shelf with a business model built on safe operations, lean principles, technological competences and industrial cooperation to secure long-term competitiveness.

Aker owns 40% of the shares in Aker BP.

Aker’s aim is to reinforce Aker BP as a key operator on the Norwegian Continental Shelf. The company operates a significant portion of the fields in its production portfolio. This provides a robust foundation for further

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Aker ASA, Prospectus of 13 February 2020

Registration Document development and value creation. In addition, Aker BP’s ownership interest of 11.57% in the Johan Sverdrup field has further boosted Aker BP’s production and earnings growth which commenced production in October 2019, more than two months ahead of schedule.

Aker supports Aker BP’s ambitious targets for growth in its organic portfolio and through value-generating transactions. The company’s strong operational performance and improvement programme for operational safety and effciency are reducing the costs per produced barrel of oil. Aker BP’s positive development in 2019 has enabled the company to raise its growth ambitions. The full year average daily production for 2019 is guided by Aker BP to approximately 155 kboed. Based on the potential in its exisiting portfolio, Aker BP aims to triple production by 2026 and to reduce its production costs from USD 12 to USD 7 per barrel. These measures will give Aker BP a solid foundation for the payment of stable dividends. In January 2019, the company announced that its annual dividend would increase to USD 750 million in 2019. The ambition is to further increase the dividend by USD 100 million per year until 2023.

Aker BP aims to be a benchmark for safe, effective and profitable oil and gas activity that is as environmentally friendly as possible. Key tools in this regard include LEAN, digitalisation and models for alliances and cooperation with suppliers, as well as electrification using onshore power and technologies to reduce emissions from production. Aker BP is collaborating with the digitalisation company Cognite. Aker BP’s data platform provides access to historical data and real-time information from the oil fields the company operates.

Aker Solutions ASA Aker Solutions is a global oil service company that delivers technologies, products and solutions in the Subsea and Field Design segments, and offshore maintenance, modification and operational (MMO) services.

Aker owns 70% of the shares in Aker Kvaerner Holding AS, which in turn owns 40.6% of the shares in Aker Solutions, giving Aker an equity interest

equivalent to 28.4% in Aker Solutions. Aker also owns 6.4% of the shares in Aker Solutions directly, bringing its total stake to 34.8%.

Aker’s top priorities for Aker Solutions remain to increase competitiveness through operational improvements, success in winning new contracts and openness to partnerships, alliances and transactions.

In 2019, Aker Solutions delivered strong execution on major projects globally. Highlights include among others work to get the Johan Sverdrup field ready to start production in October and was involved in the project since its early phase from front end, through design, construction and hook-up. Aker Solutions also completed the delivery of the subsea production system for Total’s major project in Angola, Kaombo South.

Aker Solutions has continued to see high tendering activity in 2019, and the company is well positioned in key markets and with key clients. Aker Solutions won a significant share of front-end orders in 2019 even though projects take longer time to be awarded. However, Aker Solutions expects several prospects to be concluded in the near-term future and was per the third quarter of 2019 bidding for contracts totalling about NOK 55 billion.

The company presented in October 2019 its 20-25-30 strategy related to the energy transition where Aker Solutions sees significant opportunities. By 2030, revenue from renewables, mainly offshore floating wind, is targeted to represent as much as 20% of total revenues, and low-carbon solutions as much as 25% of total revenues.

Aker Solutions’ order backlog totalled NOK 27.4 billion at the end of the third quarter 2019, compared to NOK 36.1 at the end of the third quarter in 2018.

Work is continuing on operational improvements, optimisation of the capital base and development of first-class customer relationships. Aker Solutions is currently transforming its business by utilising new technology and is, among other things, partnering with Cognite to improve effciency and cut costs in the oil and gas supply chain.

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Registration Document Akastor ASA Akastor is an oil service investment company with a portfolio of industrial and financial holdings. It has a flexible mandate for active ownership and long-term value creation.

Aker owns 70% of the shares in Aker Kvaerner Holding AS, which in turn owns 40.3% of the shares in Akastor, giving Aker an equity interest equivalent to 28.2% in Akastor. Aker also owns 8.5% of the shares in Akastor directly, bringing its total stake to 36.7%.

Aker’s main ownership priorities are operational improvements and cost reductions in Akastor’s portfolio companies and winning new contracts. Aker is supporting and encouraging Akastor to play an active role in the transactional market, both to release capital and to seize opportunities.

In 2019, Akastor’s largest portfolio company, the drilling equipment and service company MHWirth, continued to see a muted rig newbuilding market, while aftermarket revenues continued on a positive trend. During the year, MHWirth won a drilling package delivery contract with Keppel FELS that includes an option for three further drilling packages with Awilco Drilling. In addition, MHWirth strengthened its onshore aftermarket services and North America presence through the acquisition of Bronco Manufacturing, a company that manufactures parts to the global drilling industry as well as delivering engineering and procurement services. The acquisition is a step in Akastor’s strategy for MHWirth, which includes expanding the company both organically and through acquisitions.

Kværner ASA

Kvaerner is a specialist provider of engineering, procurement and construction (EPC) services for the on- and offshore oil and gas and offshore renewable energy industry.

Aker owns 70% of the shares in Aker Kvaerner Holding AS, which in turn owns 41% of the shares in Kvaerner. Aker thus indirectly owns 28.7% of Kvaerner.

Aker’s ownership priorities for Kvaerner are to increase competitiveness through operational excellence and cost reductions, win new contracts and maintain a strong balance sheet while building on Kvaerner’s position as a leading supplier of engineering, procurement and construction (EPC) services on the Norwegian Continental Shelf.

Kvaerner is working continuously to improve productivity and costs at its specialised facilities at Stord and Verdal, as well as in its project management, design and purchasing functions at Fornebu. As per the third quarter of 2019, Kvaerner was on track with all current projects in its portfolio. The company delivered key projects during 2019 on time and on budget as evidenced by the Vallhall Flank West platform for Aker BP and the utility and living quarters topside for the first phase of Johan Sverdrup.

Key contracts awarded during 2019 was the Hywind Tampen floating offshore wind-farm development for Equinor to deliver 11 floating concrete hulls worth about NOK 1.5 billion. In addition, Kværner has captured several contracts for decommissioning and recycling of topside and jacket structures for key clients such as Equinor and Repsol.

The company announced an updated organizational structure with two new focus areas, beyond the current core; Renewables and FPSO.

Kvaerner is in a robust financial position, with cash holdings of NOK 2.4 billion and no interest-bearing debt as of the third quarter 2019. In its ownership capacity, Aker‘s focus remains on project execution excellence coupled with increasing cost efficiency, with a continuous strong focus on HSE improvements. Aker supports Kvaerner’s consideration of strategic opportunities.

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Aker ASA, Prospectus of 13 February 2020

Registration Document Ocean Yield Ocean Yield charters vessels on long-term contracts, a strategy which offers predictability with respect to future earnings and dividend capacity.

Aker owns 61.7% of the shares in Ocean Yield.

Ocean Yield is a ship-owning company with a mandate to build a diversified portfolio of modern vessels within shipping and oil service. The company targets fixed, long-term bareboat charters to creditworthy counterparties which offers predictability for Ocean Yield with respect to future earnings and dividend capacity.

Ocean Yield acquired 12 vessels through seven transactions totalling net USD 438m in 2019 bringing the total fleet to 69 vessels with an average age of only 3.5 years. The company has a contracted EBITDA backlog of USD 3.7bn with an average contract tenor of 10.7 years. Ocean Yield increased its investment capacity following an equity private placement of ~NOK 717m and the issuance of a NOK 750m senior unsecured bond in November 2019.

Aker’s main ownership priorities for Ocean Yield are continued portfolio growth and diversification, re-contract the FPSO Dhirubhai-1, focus on counterparty risk, optimise the company’s capital structure and maintain an attractive dividend. Aker supports Ocean Yield’s strategy of continued portfolio growth and further diversification both in terms of counterparties and segments. Further growth will primarily occur though the acquisition of new vessels with long-term charters to creditworthy counterparties. Aker maintains a positive view of the market and expects Ocean Yield to be a substantial contributor to Aker’s dividend receipts going forward.

Aker BioMarine AS Aker BioMarine is an integrated biotechnology company that develops, markets and sells krill-based ingredients for the consumerhealth and nutrition markets.

Aker owns 98% of the shares in Aker BioMarine.

Aker’s key ownership priorities for Aker BioMarine are operational excellence and to improve profitability, growth of sales of new products through new channels and in new geographical markets, achievement of synergies and continued investment to fast-track growth. Aker’s aim is to build a larger, more robust company with a focus on effective operations and effcient supply chains in target industries.

Aker BioMarine is in a growth phase. This entails investment driven by Aker’s objective of building a vertically integrated company that controls the supply chain, from sustainable krill harvesting in the Antarctic to research, product development, production, logistics and marketing. In 2019, Aker BioMarine took delivery of the new krill harvesting vessel, Endurance, which will help improve efficiency and increase harvesting capacity. In addition, the company ordered a new support vessel to replace La Manche, with expected delivery in 2021.

As per the third quarter of 2019, operating revenues stood at USD 175 million compared to USD 119 million at the same time in 2018. EBITDA stood at USD 40 million compared to USD 31 million as per the third quarter of 2018.

The company has built a long-term partnership with branded consumer goods companies, environmental protection organisations and researchers. Superba™ Krill Oil, the company’s brand ingredient in the omega-3 consumer market, has established a strong position in the global market. Demand for QRILL™ Aqua, a feed supplement for the aquaculture industry remains solid, the product range also includes feed ingredients for pets. The omega-3 market has developed positively in 2019, with rising sales of Superba™ Krill Oil and QRILL™ Aqua sales in line with 2018 volumes.

Aker is working to maximise Aker BioMarine’s underlying value, and continuing to assess strategic opportunities for further growth, including making Aker’s investment more liquid.

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Registration Document Aker Energy Aker Energy is an exploration and production company based in Ghana.

Aker owns 49% of Aker Energy. Aker’s shares in Aker Energy had a book value of NOK 0.9 billion at the end of the third quarter 2019.

In February 2018, Aker and The Resource Group TRG AS co-founded Aker Energy, in connection with the purchase of Hess Corporation’s 50% stake in the oilfield Deepwater Tano Cape Three Points block in Ghana.

The company’s focus has been the preparation of a plan of development for the oil field and the drilling of appraisal wells to provide deeper insights into the field’s geological characteristics. Based on existing seismological data, drilled wells and analysis of Pecan 4A results, the existing discoveries are estimated to contain contingent resources (2C) totalling between 450 million and 550 million barrels of oil equivalents. The potential is significantly higher. Aker is preparing a plan for financing the Pecan field and is developing a strategy to include developing local content for the development of the oil and gas industry in Ghana.

Aker sees value-creation opportunities for Aker Energy and the nation of Ghana.

Cognite Aker’s ownership interest in Cognite is 64.6%. The investment in Cognite has a book value of NOK 42 million at the end of the third quarter 2019.

Cognite is a fast-growing industrial software company enabling companies in the oil and gas sector and other asset-intensive verticals to digitialise their operations.

Aker has developed a growth strategy for Cognite, which is based on diversification of customers in different sectors and international expansion. Cognite continues to develop rapidly and reported NOK 90 million in revenues in the third quarter of 2019, compared with NOK 52 million in the same period a year earlier. Aker believes it is critical that Cognite attracts highly skilled and brilliant programmers to drive the company’s growth strategy. The company continues to attract highly qualified staff and had a workforce of 253 employees at the end of the third quarter 2019 compared to 116 employees a year ago.

Project executions are progressing, and the company has a solid pipeline of potential new customers in the oil and gas sector and other industry verticals. At the end of October 2019, Cognite announced plans to establish a joint venture with Saudi Aramco to enable a digital transformation of the industry at large in the Kingdom of Saudi Arabia.

In 2019, the company opened an office in Austin, as well as a satellite sales office in Houston. This is a major milestone for the company, enabling Cognite to scale into new geographies and establishing itself alongside leading software providers for digitialisation of asset intensive industries. In addition, the company will continue its geographical expansion with an office in Tokyo.

Financial investments The value of financial investments totalled NOK 6.4 billion at the end of the third quarter 2019, including NOK 2.7 billion in cash. This equates to 12% of the total asset value of Aker.

The Financial investments segment encompasses cash, equity investments in listed companies such as American Shipping Company, Philly Shipyard and Solstad Offshore, the real estate development company FP Eiendom and other financial investments.

Aker’s liquidity reserve, including cash and undrawn credit facillities, totalled NOK 5.2 billion at the end of the third quarter 2019.

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Registration Document 7 Trend information 7.1 Prospects and financial performance There has been no material adverse change in the prospects of the Issuer since the date of its last published audited financial statements.

There has been no significant change in the financial performance of the Group since the end of the last financial period for which financial information has been published to the date of the Registration Document.

7.2 Known trends, uncertainties, demands, commitments or events Investments in listed shares comprised 83% of the company’s assets as per the third quarter 2019. About 75% of Aker's investments were associated with the oil and gas sector. The main part of the remaining value is to be found in the maritime industry. Aker's net asset value will hence be influenced by a number of factors including fluctuations in market prices, commodity prices, exchange rates and operational performance.

Over the last several years, the oil service industry has been under pressure due to cutbacks in E&P spending which has led to a decline in activity and fewer projects sanctioned globally. At the same time, cost-cutting measures and increased operational efficiency across the industry have brought down break-even costs for offshore projects. Aker expects that this may lead to more projects being sanctioned going forward and that E&P spending hence probably will increase in the short to medium term. Oil price volatility is, however, significant, which creates uncertainty with level and timing of the spending increase. Aker believes the overall activity level will improve but likely remain moderate as E&P companies continue to take a cautious approach to new investments, reflecting the high oil price volatility and uncertainty about future oil demand growth. The global oil service capacity remains high, leading to relatively low utilisation rates in the industry. The over-capacity in the service sector is however a benefit for the upstream sector, creating improved cash flows for E&P companies at a lower oil price than before.

Aker remains positive about the medium to longer term attractiveness of oil and gas investments and will therefore continue to evaluate strategic alternatives and opportunities in the sector. Future oil demand growth is expected to be supported by the still ongoing mega trends of population growth, a growing middle class and urbanisation, particularly in Asia. Supply growth is likely to be kept in check by OPEC policy, moderate E&P spending and tightened financial conditions in the US shale industry. These are positive factors for oil prices in the medium to longer term. Another mega trend that is likely to support oil prices for the coming years is the rising cost of capital for the industry as such. The increased cost of capital is influenced by rising focus on ESG principles by both lenders and investors. This growing focus on ESG principles may limit global investments in oil and gas projects to such an extent that global supply growth becomes weaker than global demand growth, hence supporting market prices. Price volatility might, however, stay high also in coming years, but Aker is well placed to benefit from such a development.

Aker BP, the largest asset in Aker's portfolio, was rated Investment Grade by the rating company Fitch for the first time during the second quarter of 2019. In addition, Aker BP also received Investment Grade status by S&P in the fourth quarter of 2019, securing access to lower cost of capital. Aker’s portfolio companies in the oil and gas sector will continue to increase competitiveness through increased productivity, efficiency, standardisation, improved technology offerings, and by exploring strategic partnerships and alliances. Aker’s strong balance sheet enables the company to face unforeseen operational challenges and short-term market fluctuations, as well as to seize value-accretive investment opportunities. As an industrial investment company, Aker will use its resources and competence to promote and support the development of the companies in its portfolio, and to consider new investments.

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Registration Document 8 Administrative, management and supervisory bodies 8.1 Information about persons

Board The table below set out the names of the members of the Board of the Company:

Name Position Business address Kjell Inge Røkke Chairman Aker ASA, Oksenøyveien 10, N-1366 Lysaker, Norway Finn Berg Jacobsen Deputy Chairman Aker ASA, Oksenøyveien 10, N-1366 Lysaker, Norway Kristin Krohn Devold Director Aker ASA, Oksenøyveien 10, N-1366 Lysaker, Norway Karen Simon Director Aker ASA, Oksenøyveien 10, N-1366 Lysaker, Norway Atle Tranøy Director, elected by the employees Aker ASA, Oksenøyveien 10, N-1366 Lysaker, Norway Arnfinn Stensø Director, elected by the employees Aker ASA, Oksenøyveien 10, N-1366 Lysaker, Norway Tommy Angelveit Director, elected by the employees Aker ASA, Oksenøyveien 10, N-1366 Lysaker, Norway

Kjell Inge Røkke (born 1958), Aker ASA’s main owner, has been a driving force in the development of Aker since the 1990s. Mr. Røkke launched his business career with the purchase of a 69-foot trawler in the United States in 1982, and gradually built a leading worldwide fisheries business. In 1996, the Røkke controlled company, RGI, purchased enough Aker shares to become Aker’s largest shareholder, and later merged RGI with Aker. Mr. Røkke is also currently director of Aker BP, Kvaerner, Ocean Yield, Aker BioMarine and Aker Energy.

Finn Berg Jacobsen (born 1940) holds an MBA degree from Harvard Business School and is a state authorised auditor. He has held various positions with Arthur Andersen & Co, and worked as Regional Managing Partner for the Nordic countries from 1983– 1999. From 2001–2005, Mr. Berg Jacobsen worked as CFO and Chief of Staff at Aker Kvaerner. He is currently working as a consultant within corporate governance, compliance and corporate finance. Mr. Berg Jacobsen has served on several corporate boards and has also been member and chairman of supervisory committees and task forces in several associations and organizations. He has been awarded the Royal Order of St. Olav for his contributions to the advancement of auditing and accounting in Norway.

Kristin Krohn Devold (born 1961) was a Member of the Norwegian Parliament for the Conservative Party from 1993 to 2005. She was Minister of Defense from 2001 to 2005. Ms. Krohn Devold is currently the management director of the Norwegian Hospitality Association (NHO Reiseliv) and director of several companies, including Aker ASA, Aker Kværner Holding AS, Evry and Chamber of Commerce of Sweden and Norway. She has an MSc degree from the Norwegian School of economics (NHH) and has a bachelor degree in sociology from the University of Bergen.

Karen Simon (born 1959) is a Vice Chairman in the Investment Bank of J.P. Morgan. She currently heads a global initiative entitled Director Advisory Services, serving as a central contact to facilitate ongoing interactions between Directors of public company boards and J.P. Morgan. Prior to this, she headed J.P. Morgan's Financial Sponsor Coverage group, advising private equity clients on leveraged buy-outs, mergers and acquisitions, and initial public offerings. Ms. Simon has spent over 30 years at J.P. Morgan including time in London, focusing on oil & gas clients and heading up Debt Capital Markets in addition to working with private equity clients. She has extensive corporate finance experience.

Atle Tranøy (born 1957) is trained as a pipe fitter and has been an employee of Kværner Stord AS since 1976. Mr. Tranøy has been a fulltime employee representative since 1983. Mr. Tranøy is also the chairperson of the Global Works Council in Aker, and a director of the board of the Norwegian united federation of trade unions, Fellesforbundet.

Arnfinn Stensø (born 1957) has been employed by Aker Solutions (former Aker Offshore Partner) in Stavanger since 1998. He is educated electrical engineer. Mr. Stensø is member of the negotiating committee in NITO (Norwegian Engineers and technologist organization) and of the liaison committee NITO – NHO.

Tommy Angeltveit (born 1965) has worked as a mechanic at the Controls division in Aker Solutions SLS Norway since 2003. Mr. Angeltveit has occupational education as a service electronics engineer. He previously served as

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Registration Document an employee representative at the board of Aker Subsea. Mr. Angeltveit is full time employee representative and manager for Industry Energy section 47.

Management The table below set out the names of the members of the Management of the Company:

Name Position Business address Øyvind Eriksen President & CEO Aker ASA, Oksenøyveien 10, N-1366 Lysaker, Norway Svein Oskar Stoknes Chief Financial Officer Aker ASA, Oksenøyveien 10, N-1366 Lysaker, Norway Kristian Røkke Chief Investment Officer Aker ASA, Oksenøyveien 10, N-1366 Lysaker, Norway Atle Kigen Head of corporate Aker ASA, Oksenøyveien 10, N-1366 communications Lysaker, Norway Arild Støren Frick General counsel Aker ASA, Oksenøyveien 10, N-1366 Lysaker, Norway Baard Snekkevik Corporate treasurer Aker ASA, Oksenøyveien 10, N-1366 Lysaker, Norway Alexander Krane Investment director – oil and gas Aker ASA, Oksenøyveien 10, N-1366 exploration and production Lysaker, Norway Torbjørn Kjus Chief economist and head of Aker ASA, Oksenøyveien 10, N-1366 investor relations Lysaker, Norway

Øyvind Eriksen (born 1964) joined Aker ASA in January 2009. Mr. Eriksen holds a law degree from the University of Oslo. He joined the Norwegian law firm BA-HR in 1990, where he became a partner in 1996 and a director/ chairman in 2003. As a corporate attorney he among other things worked with strategic and operational development, M&A and negotiations. Mr. Eriksen has held several board positions in different industries, including shipping, finance, asset management, offshore drilling, fisheries, media, trade and industry. As CEO Mr. Eriksen is currently chairman of the board in Aker BP ASA, Aker Solutions ASA, Cognite AS, Aker Capital AS, Aker Kværner Holding AS, and REV Ocean Inc. He is also a director of several companies, including Aker Energy AS, Akastor ASA, The Resource Group TRG AS, TRG Holding AS, The Norwegian Cancer Society (Kreftforeningen) and a member of the World Economic Forum C4IR Global Network Advisory Board.

Svein Oskar Stoknes (born 1970) has been CFO at Aker ASA since August 2019. Prior to this, Stoknes served as CFO at Aker Solutions, where he joined in 2007 and was named CFO in 2014. He graduated from the Norwegian School of Management and has an MBA from Columbia Business School in New York.

Kristian Røkke (born 1983) has been Chief Investment Officer of Aker ASA since January 2018. He has extensive experience from offshore oil services, shipbuilding industry and mergers and transactions. Røkke joined Aker ASA from Akastor, an investment company listed on the stock exchange, where he was the CEO from 2015. Røkke is Chair of the board of Akastor ASA, Director of TRG Holding AS, Aker Capital AS, Aker Solutions ASA and previously a Director of Aker ASA. He holds an MBA from The Wharton School, University of Pennsylvania.

Atle Kigen (born 1958) joined Aker ASA in October 2006, and has been in charge of communications since March 2010. He holds a degree in business administration and marketing, and has extensive corporate communication and journalism experience. Mr. Kigen has previously worked as head of communication at Kværner ASA, and CEO of the PR agency GCI Monsen. He has been editor in chief of the Norwegian business magazine Økonomisk Rapport, business and economy editor at Aftenposten, a leading daily, and NRK Nyheter, the national broadcaster’s news bureau. Mr. Kigen has also been a journalist in Norway’s leading business daily Dagens Næringsliv.

Arild Støren Frick (born 1980) joined Aker as General Counsel in 2014. Mr. Frick previously worked as a lawyer at Aker Solutions, and before this, he worked as a strategy consultant at McKinsey & Company, as well as senior associate at the law firm, BA-HR. Mr. Frick is also the managing director for Aker Kvaerner Holding, and manages the election committees at Aker BP, Ocean Yield, Kvaerner and American Shipping Company. He is also a member of the election committees in Akastor, Aker Solutions, and Philly Shipyards. Mr. Frick has a law degree from the University of Oslo, Norway.

Baard Snekkevik (born 1966) joined Aker ASA in 1996 and has been head of Treasury since 2004. Before this, he has worked on a number of M&A and financing projects at Aker, and has served as Partner at Aker Finans AS and as Vice President of Aker RGI Seafoods. Mr. Snekkevik has previously worked as advisor at Industri- og Skipsbanken, as well as the Norwegian Trade Council in Oslo and London. Mr. Snekkevik holds the degree MSc in Economics and Business Administration from the Norwegian School of Economics (NHH).

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Registration Document

Alexander Krane (born 1976) joined Aker ASA in 2019. Before joining Aker ASA, he served as Chief Financial Officer of Aker BP from 2012 to 2019. Prior to this, Mr. Krane worked as a Corporate Controller at Aker ASA. He also has previous experience from his work as a public accountant with KPMG, both in Norway and in the U.S. Mr. Krane holds a Bachelor of Commerce degree (“siviløkonom”) from Nord University Business School and an MBA degree from the Norwegian School of Economics in Bergen. He is also a state authorized public accountant in Norway.

Torbjørn Kjus (born 1970) joined Aker ASA in 2019. He came from the position as Asset Manager at Vistin Trading. Prior to this, he served as Chief Oil and Gas Analyst at DNB Markets for close to 11 years until the summer of 2018. Mr. Kjus has extensive and broad experience in analyzing energy markets, both from the industry (Norsk Hydro in Oslo and BP in London) and from the financial sector. Mr. Kjus holds a MBA degree in Accounting (State Authorized Public Accountant) from the Norwegian School of Economics (NHH) in Bergen.

8.2 Potential conflicts of interest There are no potential conflicts of interest between any duties carried out on behalf of the Issuer by the persons referred to in item 8.1 and their private interests and/or other duties.

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Registration Document 9 Major shareholders 9.1 Ownership As of 30 September 2019 the share capital of Aker ASA amounted to NOK 2,081,012,136 divided into 74,321,862 shares at nominal value of NOK 28.00 each. As of 31 December 2018 the total number of shareholders was 13,388. The Company has a single share class, and each share carries one vote.

An overview of the Company’s major shareholders as of 30 August 2019 is set out in the table below:

Name Rank % of share Number of shares outstanding TRG Holding AS* 1 67.0% 49 785 635 Folketrygdfondet 2 4.3% 3 230 771 Incentive AS 3 2.8% 2 056 010 Retail Investors AS 4 1.4% 1 036 977 KLP Forsikring 5 1.4% 1 010 952 Resource Group TRG* 6 1.2% 887 942 The Vanguard Group, Inc. 7 0.9% 694 003 Nordea Funds Oy 8 0.9% 684 336 Actic Funds Management AS 9 0.7% 540 670 Storebrand Kapitalforvaltning AS 10 0.7% 510 783 DNB Asset Management AS 11 0.7% 493 123 Moreus Capital Management LLC 12 0.6% 467 362 BlackRock Institutional Trust Company, N.A. 13 0.5% 397 074 Norron Asset Management AB 14 0.5% 393 089 Asset Value Investors Ltd. 15 0.5% 371 392 NRP Asset Management ASA 16 0.4% 274 977 Retail Investors - FI 17 0.4% 273 525 Danske Capital (Norway) 18 0.3% 239 568 Odin Forvaltning AS 19 0.3% 228 928 Erøy AS 20 0.3% 219 072 TOTAL 20 LARGEST SHAREHOLDERS 85.9% 63 796 189

* The Resource Group TRG transferred all of its 887 942 shares to TRG Holding AS on 20th of December 2019. Subsequently, TRG Holding AS owns 50 673 577 shares in Aker ASA, equal to an ownership share of 68.18%.

Kjell Inge Røkke owns 100% of The Resource Group TRG AS (TRG AS). TRG AS owns 99.71% of TRG Holding AS, which owns 66.99% of Aker ASA. In addition, TRG AS owns 1.19% of Aker ASA directly. TRG AS also owns 31,427,000 shares in Aker Energy AS. Kjell Inge Røkke also owns 280,800 shares in Ocean Yield ASA directly.

As a result of the shareholding in the Company, TRG has the ability to significantly influence the matters submitted for vote of the shareholders of the Company and can vote through matters that require 2/3 of the votes to be passed on upon the Company’s General Meetings.

All agreements with related parties, including the Company’s largest shareholder, must be concluded on commercial terms, and are subject to review by the audit committee or Board of Directors. Any material transaction involving the Company and a related party, including the Company’s largest shareholder is subject to review and approval by the Board of Directors on a case-by-case basis. An external independent valuation may be obtained as a basis for the Board of Directors’ decision. Aker does not have a separate guideline on how to respond in the event of a takeover bid. The Norwegian Code of Practice for Corporate Governance recommends the adoption of such guidelines. In view of Kjell Inge Røkke’s undertaking, the board has deemed separate takeover guidelines as recommended by the Code unnecessary.

9.2 Change of control of the company There are no arrangements, known to the Company, the operation of which may at a subsequent date result in a change in control of the Company.

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Registration Document 10 Financial information concerning the Company's assets and liabilities, financial position and profits and losses 10.1 Financial statements Aker ASA’s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) and associated interpretations as determined by the EU as at 31 December 2018 and Norwegian disclosure requirements pursuant to the Norwegian accounting act as at 31 December 2018.

The Group's accounting policies are shown in Annual Report 2018, pages 45-50, note 1 and 2.

The separate financial statements for Aker ASA have been prepared in accordance with the Norwegian Accounting Act and generally accepted accounting principles in Norway as at 31 December 2018.

The Aker's accounting policies are shown in Annual Report 2018, page 98, note 1.

According to the Regulation (EU) 2017/1129 of the European Parliament and of the Council, information in a prospectus may be incorporated by reference. Because of the complexity in the historical financial information and financial statements this information is incorporated by reference to the Interim Report Q2 2019 and the Annual Report 2018, see Cross Reference List for complete web addresses.

Interim Report Annual Report Q2 2019*) 2018

Aker ASA Consolidated Income statement 14 40

Balance sheet 15 42

Cash flow statement 16 44

Notes to the consolidated financial statements 18-22 45-93

Aker ASA Income statement -- 95

Balance sheet -- 96

Cash flow statement -- 97

Notes to the financial statements -- 98-107

*) contains half-yearly financial statements

10.2 Auditing of historical annual financial information The historical financial information for 2018 has been audited. The audit has been conducted in accordance with laws, regulations, and auditing standards and practices generally accepted in Norway, including International Standards on Auditing (ISAs).

A statement of audited historical financial information for the Company is given in the Annual Report of 2018 pages 122-123.

10.3 Legal and arbitration proceedings Kvaerner – Nordsee Ost Project In 2012, arbitration related to the Nordsee Ost project was filed. The last wind jackets for the project were delivered in October 2013. The arbitration process for the project will take time due to high complexity, and it is currently not possible to estimate when the arbitration will be finalised. There is substantial uncertainty with respect to the final financial outcome of the Nordsee Ost project.

Aker Solutions – Tax claim Brazil The tax authorities in the state of Parana in Brazil has claimed the Aker Solutions company in Brazil for approximately BRL 311 million (NOK 705 million) including penalties and interests, stating that the conditions for the export exemption from ICMS are not fulfilled. ICMS is a value added tax on sales and services related to the

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Registration Document movement of goods. Management has the opinion that a successful outcome in the administrative appeal system or in a judicial process is likely based on current law and practice. The claim is regarded as a contingent liability since the possible outcome will be confirmed by the occurrence of an uncertain future event (a potential court decision). No provision has been made for this contingent liability since a cash outflow is not considered probable, nor is it possible to establish a reliable estimate.

Other than the above, there has been no governmental, legal or arbitration proceedings (including any such proceedings which are pending or threatened of which the Issuer is aware), during a period covering at least the previous 12 months which may have, or have had in the recent past, significant effects on the Issuer and/or Group's financial position or profitability.

10.4 Significant change in the Issuer’s financial position There has been no significant change in the financial position of the Group which has occurred since the end of the last financial period for which interim financial information has been published.

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Registration Document 11 Regulatory disclosures The below tables is a summary of the information disclosed by the Issuer under Regulation (EU) 596/2014 over the last 12 months which is relevant at the date of the Prospectus.

Additional regulated information required to be disclosed under the laws of a member state Date Information 14.11.2019 Successful placement of new unsecured bond issue Successful placement of unsecured bonds issued by Aker ASA and partial buyback of NO0010680317 and NO0010737158 14.06.2019 Svein Oskar Stoknes appointed CFO at Aker Effective from August 1, 2019. Stoknes has worked at Aker Solutions ASA since 2007 and as CFO since September 2014. 26.04.2019 Minutes from Annual General Meeting 2019 All proposals on the agenda were adopted. It was resolved to distribute a dividend of NOK 22.50 per share for 2018.

Annual financial and audit reports Date Information 04.04.2019 Annual, Sustainability and Corporate Governance Reports for 2018 Publishing the annual report, the sustainability report and the corporate governance report for 2018

Half yearly financial reports and audit reports / limited reviews Date Information 01.11.2019 Third-quarter results 2019 The Net Asset Value ("NAV") of Aker ASA and holding companies ("Aker") ended at NOK 43.1 billion in the third quarter, down from NOK 44.8 billion in the second quarter. Year-to-date, Aker's NAV has increased by NOK 1.4 billion. 18.07.2019 Second-quarter and half-year results 2019 The net asset value ("NAV") of Aker ASA and holding companies ("Aker") increased by NOK 4.7 billion for the first half of 2019, representing a value growth of 11.3 percent, including NOK 1.7 billion in dividends paid. 10.05.2019 First-quarter results 2019 The net asset value ("NAV") of Aker ASA and holding companies ("Aker") increased by 34.7 per cent in the first quarter to NOK 56.2 billion (NOK 757 per share), compared to NOK 41.7 billion as per year-end 2018. 14.02.2019 Fourth-quarter and preliminary annual results 2018 The net asset value ("NAV") of Aker ASA and holding companies ("Aker") stood at NOK 41.7 billion at the end of the fourth quarter, on par with year-end 2017. In addition, a NOK 1.3 billion dividend was paid to shareholders in May.

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Registration Document 12 Documents available

For the term of the Registration Document the following documents, where applicable, can be inspected at the website stated in clause 5.2:

(a) the up to date memorandum and articles of association of the issuer;

(b) all reports, letters, and other documents, valuations and statements prepared by any expert at the issuer's request any part of which is included or referred to in the Registration Document.

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Registration Document Cross reference list Reference in Refers to Details Registration Document 10.1 Financial Annual Report 2018, available at Group’s accounting policies, pages 45-50 statements https://eng.akerasa.com/Investor/Financial- and-other-reports/Annual-Reports Aker ASA’s accounting policies, pages 98 Annual Report 2018, available at Aker ASA Consolidated https://eng.akerasa.com/Investor/Financial- Income statement page 40 and-other-reports/Annual-Reports Balance sheet page 42 Cash flow statement page 44 Notes to consolidated financial statements pages 45-93 Aker ASA Income Statement page 95 Balance sheet page 96 Cash flow statement page 97 Notes to financial statements pages 98-107

Interim Report Q2 2019, available at Aker ASA Consolidated https://eng.akerasa.com/Investor/Financial- Income statement page 14 and-other-reports/Interim-reports Balance sheet page 15 Cash flow statement page 16 Notes to consolidated financial statements pages 18-22 Aker ASA Income Statement page -- Balance sheet page -- Cash flow statement page -- Notes to financial statements pages --

10.2 Auditing of Annual Report 2018, available at Auditors report pages 122-123 historical https://eng.akerasa.com/Investor/Financial- annual financial and-other-reports/Annual-Reports information

References to the above mentioned documents are limited to information given in “Details”, e.g. that the non- incorporated parts are either not relevant for the investor or covered elsewhere in the prospectus.

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Registration Document Joint Lead Managers’s disclaimer

DNB Bank ASA, Nordea Bank Abp, filial i Norge, Pareto Securities AS and Skandinaviska Enskilda Banken AB (publ), the Joint Lead Managers, have assisted the Company in preparing the Registration Document. The Joint Lead Managers have not verified the information contained herein. Accordingly, no representation, warranty or undertaking, expressed or implied, is made and the Joint Lead Managers expressly disclaim any legal or financial liability as to the accuracy or completeness of the information contained in this Registration Document or any other information supplied in connection with the issuance or distribution of bonds by Aker ASA.

This Registration Document is subject to the general business terms of the Joint Lead Managers, available at their websites. Confidentiality rules and internal rules restricting the exchange of information between different parts of the Joint Lead Managers may prevent employees of the Joint Lead Managers who are preparing this Registration Document from utilizing or being aware of information available to the Joint Lead Managers and/or any of its affiliated companies and which may be relevant to the recipient's decisions.

Each person receiving this Registration Document acknowledges that such person has not relied on the Joint Lead Managers, nor on any person affiliated with it in connection with its investigation of the accuracy of such information or its investment decision.

Oslo, 13 February 2020

DNB Bank ASA Nordea Bank Abp, filial i Pareto Securities AS Skandinaviska Enskilda (www.dnb.no) Norge (www.paretosec.com) Banken AB (publ) (www.nordea.no) (www.seb.no)

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Aker ASA, Prospectus of 13 February 2020

Registration Document Annex 1 Articles of Association for Aker ASA

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