Lundin Family Trusts Restructure Holdings in International Petroleum Corporation

November 7, 2019

International Petroleum Corporation (IPC) (TSX, Nasdaq Stockholm: IPCO) announces that Lorito Holdings S.à.r.l. (“Lorito”) and Zebra Holdings and Investments S.à.r.l (“Zebra”), both private corporations owned by a trust whose settlor was the late Adolf H. Lundin, have restructured their holdings in IPC.

Lorito has transferred 3,022,017 common shares of IPC and Zebra has transferred 3,192,541 common shares of IPC to Nemesia S.à.r.l. (“Nemesia”), also a private corporation owned by a trust whose settlor was the late Adolf H. Lundin.

As a result of this restructuring, Zebra now holds 2,633,618 common shares of IPC and Lorito no longer holds any common shares of IPC. Nemesia, having also acquired an additional 2,643,777 common shares of IPC at the same time from Landor Participations Inc. (controlled by another Lundin family trust), now holds 38,063,915 common shares of IPC. Following the restructuring, the Lundin family trust controls 40,697,533 common shares or 24.86% of the issued and outstanding common shares of IPC.