Aker — Interim / Quarterly Report 2014

May 15, 2014

Proud ownership

First-quarter results 2014

Oslo | 15 May 2014

Agenda

Highlights and Industrial Holdings Øyvind Eriksen President and CEO

Financial Investments and Financial StatementsTrond BrandsrudCFO

Q&A sessionØyvind Eriksen & Trond Brandsrud

15 May 2014 AKER ASA | First-quarter results 2014

Ind tria l H old us )) Ake r So lutio ns1	ing s 34. 2%			Fin cia l In stm ts an ve en
		8.7	3.5	Cas h
Det rsk no e	50%	4.4	0.7	Liq uid fun d in tme nts ves
Oce Yie ld an	73. 2%	3.6	0.5	Rec eiv abl l. F ebu ten es exc orn por
Ake r B ioM arin e	99%	1.7	1.4	For neb rten (re ceiv abl and inv est .) upo es
er2) Kva ern	28. 7%	1.0	0.5	er f Equ ity a nd oth ina ncia l inv est nts me
Hav fisk	73. 2%	0.6	3.3	Co rto Ca pita l Fu nd nve
rough Aker K r Holdi ng, in which A vaerne terest, giving Aker a 28.2% stake in Ake ker ha s a dir ect ow nership intere st in A Aker K r Holdi ng, in which A ker ha vaerne	s a 70 % ions. lutions of 6% % own	20. 1	9.9
		ker ha r Solut ker So s a 70	ership AKER ASA Firs t-qua rter r

Industrial holdings Aker Solutions15 May 2014 AKER ASA | First-quarter results 2014 Aker's ownership agenda Ensure successful implementation of company split into two entities Focus on solid execution, technology prioritisation and portfolio risk management Improve profitability and generate higher return on capital employed Maintain disciplined capital allocation Global oil services company providing services, technologies, product solutions and field life solutions 29%% of gross asset value (31.03.14) Investment value ofNOK 8.7 billionAker's investment¹ NOK millionValue as per 31.12.2013 10 154 Invested / divested in 1Q -Value change in 1Q (1 419) Key figures* NOK million1Q13 1Q14 2013Revenues 10 312 11 229 42 900 EBITDA 767 1 047 3 503 Backlog 68 679 55 587 58 132 Comparative figures for businesses accounted for as discontinued operations have been restated ¹Investment held through Aker Kvaerner Holding and through 6% direct ownership

Industrial holdings

Det norske

Exploration & Production company on the Norwegian continental shelf

Aker's ownership agenda

Establish robust financing plan for Johan Sverdrup Ensure Ivar Aasen project is executed on schedule and on budget

15 May 2014 AKER ASA | First-quarter results 2014

• Explore opportunities to high-grade portfolio
• Pursue more focused, value-driven exploration strategy
• Introduce annual dividend following Johan Sverdrup production start

Ake r's i tme nt nves NOK m illion
Valu 31.1 2.20 13 e as per			4 69 2
Inve sted / div este d in 1Q			-
Valu e ch in 1Q ange			(281 )
Key figu res NOK m illion	1Q1 3	1Q1 4	2013
Rev enue s	80	158	944

Key figures USD million1Q13 1Q14 2013Revenues 57 60 239EBITDA 49 53 208Aker's ownership agenda Expand and diversify portfolio of maritime assets within oil service and industrial shipping Continue to build backlog, with long-term charters against solid counterparties Ensure optimal capital structure Deliver competitive returns to shareholders through predictable and growing cash dividends Industrial holdings Ocean Yield15 May 2014 AKER ASA | First-quarter results 2014 A maritime assets company with focus on long-term contracts 12%Investment value ofNOK 3.6 billionAker's investmentNOK millionValue as per 31.12.2013 3 409 Invested / divested in 1Q -Dividend received (71) Value change in 1Q 268 % of gross asset value (31.03.14)

Industrial holdings Aker BioMarine

Integrated biotech company – specialised in krill harvesting and processing

% of gross asset value

Book value of NOK 1.7 billion

Aker's ownership agenda

• Build and expand the market for krill-derived products, ingredients and applications
• Increase Qrill™ sales to aquaculture and pet food to cover company's entire fixed costs and overhead
• Realise non-krill related pharmaceutical assets
• Explore options to further reveal underlying values and render investment more liquid
• Generate upstream cash flow to Aker

15 May 2014 AKER ASA | First-quarter results 2014

NOK million

Valu e ch in 1Q ange			(1)
Key figu res* USD m illion	1Q1 3	1Q1 4	2013
Rev enue s	27	23	113
EBIT DA	10	7	16

Aker ASA and holding companies

Balance sheet

NO K m illio		31. 03 201	31. 12 201	31. 03 201
(in n)		3	3	4
Inta ngib le, f ixed d n inte rest -be arin , an on-	sets g as	263	237	243
Inte rest -be arin g fix ed ets ass		1 87 2	605	598
Inve stm ent s		12 2 56	15 7 62	15 6 21
Non -int st-b ing sho eiva rt-te ere ear rm rec	bles	79	59	41
Inte rest -be arin g sh ort- term eiva bles rec		115	15	53
Cas h		2 7 82	2 4 59	3 5 19
Tot al a ts sse		17 3 67	19 137	20 075
Equ ity		12 6 44	12 4 17	12 0 15
Non -int st-b ing deb t ere ear		1 25 2	1 32 0	1 42 2
Inte rest -be arin g d ebt , int al ern		-	135	-
Inte rest -be arin g d ebt tern al , ex		3 4 71	5 2 66	6 6 38
Equ ity and lia bili ties		17 3 67	19 137	20 075
Net int st b ing deb t(-)/ eiva bles ere ear rec	(+)	1 29 8	(2 3 21)	(2 4 69)
Equ ity r atio		73%	65%	60%
Equ ity p har er s e		174 .9	171 .7	166 .1
15 M ay 20 14	AKER ASA Firs t-qua rter r esults 2014

Aker ASA and holding companies

Income statement

NO (in K m illio n)	1Q 201 3	4Q 20 13	1Q 20 14	Yea r 20 13
Sal ains es g	-	-	-	-
Ope rati ng e xpe nse s	(52 )	(70 )	(58 )	(23 6)
EB ITD A	(52 )	(70 )	(58 )	(23 6)
Dep iatio rec n	(4)	(4)	(4)	(14 )
Non urri atin g ite rec ng o per ms	-	-	(37 )	-
Val han ue c ge	128	(12 8)	(25 7)	252
Net oth er f inan cial ite ms	21	158	(48 )	822
Pro fit b efo re t ax	93	(43 )	(40 3)	825
15 M ay 20 14	AKER ASA Firs	t-qua rter r esults 2014

e S Bal hee t anc
(in U SD m illion)	31.0 3.20 13	31.0 3.20 14
Prop plant and ipme erty, nt equ	119	120
Intan gible ets ass	76	68
Defe rred tax a sset	0	34
Inves tmen ts in joint vent ures	136	104
Othe ets r ass	60	75
Cash and cash ivale nts equ	1	5
Tota l ass ets	393	406
Tota l equ ity	198	227
Non- intere st be aring deb t	23	21
Inter est-b earin g de bt	171	158
Tota l equ ity a nd li abili ties	393	406
Inc e S tate nt om me
(in U SD m illion)		1Q 2 013	1Q 2 014
Ope ratin g rev enue s		27.5	23.0
EBIT DA		9.5	6.6
Dep recia tion and rtisa tion amo		(4.5 )	(5.3 )
Othe urrin g ite r non -rec ms		(0.5 )	(0.2 )
Ope ratin ofit g pr		4.5	1.1
Prof it be fore tax		1.0	(3.1 )

15 May 2014 AKER ASA | First-quarter results 2014 28