Statoil ASA

Commencement of subscription period for the Dividend Issue for the first quarter 2016 under the Scrip Dividend Programme - FOR SHAREHOLDERS OUTSIDE NORWAY

NOT FOR RELEASE IN OR INTO CANADA, JAPAN, AUSTRIA, POLAND, ESTONIA, ICELAND OR ANY OTHER JURISDICTION IN WHICH THE RELEASE WOULD BE UNLAWFUL

Reference is made to the previous announcements by Statoil ASA (OSE:STL, NYSE:STO, the "Company") regarding the resolution made by the annual general meeting on 11 May 2016 to approve the two year scrip dividend programme commencing from the fourth quarter 2015 (the "Scrip Dividend Programme"). The Company announced on 27 April 2016 a dividend of USD 0.2201 per share for the first quarter 2016 that shareholders can choose to receive either in new shares of the Company ("Dividend Shares") or in cash.

In connection with the Scrip Dividend Programme for the first quarter 2016 (the "Dividend Issue"), the Company will issue up to 160,000,000 Dividend Shares, each with a nominal value of NOK 2.50 per share, for subscription by Existing Shareholders (as described below).

Subscription period:
The subscription period will commence at 09:00 a.m CEST on 29 August 2016 and expire at 23:59 p.m CEST on 9 September 2016 (the "Subscription Period").

Existing Shareholders who have not subscribed for Dividend Shares at the time of expiry of the Subscription Period will receive their dividend in cash without any action on their part on or about 23 September  2016.

Subscription price:
The subscription price will be set as the volume-weighted average share price over the last two trading days on Oslo Børs (the "Oslo Stock Exchange") of the Subscription Period for the Dividend Issue, with a deduction for a discount of 5%. The subscription price is expected to be announced on or about 12 September 2016.

Subscription procedures:
Subscriptions for Dividend Shares can be made electronically via VPS' online subscription system. A link to the subscription system can be found on www.statoil.com/scrip. Existing Shareholders who are considered eligible to subscribe for Dividend Shares have or will receive a letter from the Company with personal log in details to the VPS subscription system.

ADR holders under the ADR program in the US may make their election through Deutsche Bank as the depositary for the ADR program.

Eligibility to participate in the Dividend Issue:
Shareholders of the Company holding shares as of 9 August 2016 and who were registered with the Company's shareholder register in the Norwegian central security depository (VPS) as of close of business 11 August 2016 (the record date) ("Existing Shareholders") are entitled to elect to either subscribe for Dividend Shares during the Subscription Period or receive their dividend in cash.