Aker — Interim / Quarterly Report 2015

May 13, 2015

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Aker ASA First-quarter results 2015

Oslo | 13 May 2015

Highlights | First-quarter 2015

• Net asset value: NOK 19.1 billion in 1Q 2015 vs. NOK 17.7 billion in 4Q 2014, representing a 8.1% increase in the quarter
• Cash and liquid fund investments: NOK 3.2 billion in 1Q 2015, on par with prior quarter
• Return: Aker share increased 7.3% to NOK 176.50, in line with OSEBX
• Dividend: Aker's AGM approved distribution of NOK 10 per-share ordinary dividend for 2014, of which half with optional settlement in new Aker shares. Subscription price set at NOK 156.58 per share

▪ Portfolio events:

• Det norske submitted the PDO for the Johan Sverdrup field, ownership to be concluded by the MPE
• Havfisk won the appeal in the lawsuit brought by Glitnir

Aker ASA and holding companies NAV increased by 8.1% in 1Q 2015

Net asset value change in the period NOK billion

Note: Changes include the effect of dividend received

Aker ASA and holding companies

Share price increased 7% and strong balance sheet

100% 33% 67%

NOK bn 19.1 6.3 12.8

26.3 17% 71% 7.2 +19.1 bn 73% Gross Debt asset value 3.2 4.5 18.6 Net asset value NOK billion1) Cash and liquid fund investments Other Financial Investments Industrial Holdings NAV Discount Market cap.1) Net asset value NOK per share 0 50 100 150 200 250 300 350 7.3% 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 Share price Dividend Share price (div. adj.) NAV per share 1)As per 31.03.2015

Aker ASA and holding companies

42% of gross assets related to oil and gas

Portfolio mix
E&P	18%
Oil Services	24%
Maritime assets	22%
Seafood and Marine biotech	15%

3% 18%

Oil Services decreased to 24% from 28% due to share price declines in Akastor and Kvaerner

Real Estate

Cash and other assets

Seafood and Marine biotech increased to 15% from 13% due to favourable share price performance in Havfisk

1)Privately owned investments, reflected at book value rather than fair market value

Aker ASA and holding companies This is Aker

NOK billion, as per 31.03.2015

Listed investments

Unlisted investments

Industrial Holdings				Financial Investments
Det norske	50.0%	4.5	3.2	Cash and liquid fund investments
1)) Aker Solutions	34.8%	4.0	1.8	Other public investments
1)) Akastor	34.5%	1.5	0.7	Real Estate Dev. (Fornebuporten)2)
1) Kvaerner	28.7%	0.5	2.0	Other financial investments2,3)
Ocean Yield	73.0%	5.1
Aker BioMarine 2)	99.0%	1.4
Havfisk	73.2%	1.7
	Gross asset value	18.6	7.7
	Net asset value		19.1

1)Owned partly through Aker Kvaerner Holding, in which Aker has a 70% ownership interest. Additionally, Aker also has a direct ownership interest in Aker Solutions and Akastor 2)Reflected at book value

3)The value of the unlisted shares in Align and Ocean Harvest is measured based on the valuation principles in "International Private Equity and Venture Capital Valuation Guidelines."

Aker Industrial Holdings

Industrial Holdings

Share price performances

Industrial Holdings

Det norske

Exploration & Production company on the Norwegian continental shelf

Aker's ownership agenda

Johan Sverdrup unitisation and project execution

NOK 4.5 billion

• Secure diversified and robust financing
• Operational and project development excellence

Aker's investment

NOK million
Value as per 31.12.14	4 038
Invested / divested in 1Q	-
Dividend received in 1Q	-
Value change in 1Q	466

Key figures USD million	1Q14	1Q15	2014
Revenues	26	324	464
EBITDAX	18	271	365

Industrial Holdings Aker Solutions

Global oil services company providing services, technologies, and product solutions within subsea and field design

Investment value of NOK 4.0 billion

Aker's ownership agenda

• Operational excellence
• Reduce complexity and costs
• Capacity adjustments
• Capital discipline

Aker's investment1)

NOK million
Value as per 31.12.14	3 929
Invested / divested in 1Q	-
Dividend received in 1Q	-
Value change in 1Q	40

1) Investment held through Aker Kvaerner Holding and through 6.4% direct ownership

Key figures NOK million	1Q14	1Q15	2014
Revenues	7 482	8 500	32 971
EBITDA	666	591	2 675
Backlog	39 594	48 320	48 289

Industrial Holdings

Akastor

Oilfield services investment company with a flexible mandate for long-term value creation

Investment value of NOK 1.5 billion

6% % of gross asset value (31.03.15)

Aker's ownership agenda

• Portfolio allocation
• Reduce cost and capacity adjustments
• Capital discipline

Aker's investment1)

NOK million
Value as per 31.12.14	2 043
Invested / divested in 1Q	-
Dividend received in 1Q	-
Value change in 1Q	(510)

1) Investment held through Aker Kvaerner Holding and through 6.3% direct ownership

Key figures NOK million	1Q14	1Q15	2014
Revenues	4 997	4 546	21 432
EBITDA	391	177	1 380
Backlog	16 025	19 998	21 555

Industrial Holdings

Kvaerner

Specialised oil and gas-related EPC company

Aker's ownership agenda

• Review delivery model and enhance competitiveness
• Execution of order backlog
• Explore strategic options

Aker's investment1)

NOK million
Value as per 31.12.14	687
Invested / divested in 1Q	-
Dividend received in 1Q	-
Value change in 1Q	(223)

1) Investment held through Aker Kvaerner Holding

Key figures NOK million	1Q14	1Q15	2014
Revenues	3 489	3 525	13 945
EBITDA	170	101	828
Backlog	19 696	15 840	16 451

Industrial Holdings Ocean Yield

A maritime assets company with focus on long-term contracts

NOK 5.1 billion

Aker's ownership agenda

• Expand and diversify portfolio
• Solid counterparties
• Drive down cost of capital
• Predictable and growing cash dividends

Aker's investment

NOK million
Value as per 31.12.14	4 323
Invested / divested in 1Q	-
Dividend received in 1Q	(113)
Value change in 1Q	875

Key figures USD million	1Q14	1Q15	2014
Revenues	60	63	249
EBITDA	53	55	217
EBITDA backlog1)	2 082	2 659	2 248

1) 1Q 2015 figure adjusted for the transaction with Navig8 Chemical Tankers announced 1 April 2015

AKER ASA | First-quarter results 2015 13

Industrial Holdings Aker BioMarine

Integrated biotech company – specialised in krill harvesting and processing

5% Book value of NOK 1.4 billion % of gross asset value (31.03.15)

Aker's ownership agenda

• Build and expand the market for krill-derived products, ingredients and applications
• Operational excellence
• Explore options to further reveal underlying values and render investment more liquid

Aker's investment

NOK million
Book value as per 31.12.14	1 398
Invested / divested in 1Q	-

Dividend received in 1Q -

Value change in 1Q -

Key figures USD million	1Q14	1Q15	2014
Revenues	23	21	112
EBITDA	7	8	5

Industrial Holdings Havfisk

Leading whitefish harvesting company

Aker's ownership agenda

Operational excellence and improved profitability

Investment value of NOK 1.7 billion

• Optimise vessel and quota portfolio
• Introduce dividend payments

Aker's investment

NOK million
Value as per 31.12.14	942
Invested / divested in 1Q	-
Dividend received in 1Q	-
Value change in 1Q	725

Key figures NOK million	1Q14	1Q15	2014
Revenues	214	247	1 049
EBITDA	68	90	299

Aker Financial Investments

Financial Investments Overview

Financial Investments

Key events 1Q:

• Cash remained stable at NOK 2.8 billion (NOK 3.2 billion incl. liquid fund inv.)
• Total value up by NOK 170 million in the quarter

Financial Investments Cash and Liquid fund investments

Key events 1Q

• Cash remained stable at NOK 2.8 billion:
• • NOK 113 million in dividend from OCY
• NOK 153 million in operating expenses and net - interest costs
• Underlying value increase of liquid fund investments of NOK 9 million to NOK 370 million in 1Q

Financial Investments Public financial investments

Value of NOK 1.8 billion

Key events 1Q

• The value of public financial investments increased by NOK 277 million, due to a value increase in Aker Philadelphia Shipyard
• Process to evaluate strategic alternatives for the two US Jones Act companies ongoing with the aim to maximise shareholder value

Key figures NOK million	3Q 14	4Q14	1Q15
AKPS	1 122	711	1 057
AMSC (incl. TRS)1)	1 000	765	696
Other	-	-	-
Total value	2 122	1 476	1 753

1) Includes security deposits in escrow accounts related to TRS agreements

Financial Investments

Real estate development (Fornebuporten)

Key events 1Q

• Construction of office buildings at Fornebuporten progressing as planned
• Approximately 90% of retail and office space leased out
• Favourable development in the commercial real estate market

Financial Investments Other financial investments

Value of NOK 2.0 billion

Key events 1Q

• Other financial investments decreased by NOK 0.1 billion to NOK 2.0 billion in 1Q, mainly due to a write-down of the Setanta Energy receivable
• Largest contributors are Align, Navigator Marine, Trygg Pharma, Setanta Energy, Ocean Harvest and intangible, fixed and non-interest-bearing assets
• Aim to gradually reduce exposure through exits / monetisations

Key figures NOK million	3Q 14	4Q14	1Q15
Other financial investments	1 608	2 123	2 049

Aker Financial Statements

Aker ASA and holding companies Balance sheet

Amounts in NOK million	31.12.2014	31.03.2015
Intangible, fixed, and non-interest-bearing assets	262	267
Interest-bearing fixed assets	285	182
Investments	14 742	15 128
Non-interest-bearing short-term receivables	19	22
Interest-bearing short-term receivables	133	170
Cash	2 857	2 816
Total assets	18 299	18 585
Equity	10 341	10 621
Non-interest-bearing debt	1 257	1 290
Interest-bearing debt, internal	5	-
Interest-bearing debt, external	6 696	6 673
Equity and liabilities	18 299	18 585
Net interest bearing debt(-)/receivables(+)	(3 426)	(3 506)
Equity ratio	57%	57%
Equity per share	142.9	146.8

Aker ASA and holding companies Interest bearing items and loan guarantees

Interest bearing debt	NOK mill	Maturity
Bond AKER 05	808	2015
Bond AKER 08	500	2017
Bond AKER 11	1300	2018
Bond AKER 07	500	2019
Bond AKER 12	1 405	2019
Bond AKER 10	700	2020
Bond AKER 09	1 000	2022
Bank debt	500	2017
Internal debt and other	(39)
Total	6 673

Loan guarantees	4Q 14	1Q 15
Aker BioMarine	305	305
Fornebuporten loan facility	150	150
Other	3	3
Total external	458	458

	Financial Covenants	Limit	Status per 31.03.2015
i	Total Debt/Equity1)	< 80%	62%
ii	Group Loans to NAV or Group Loans	< 50% < NOK 10 bn	4.2% NOK 0.8 bn

1) Covenant applies to Aker ASA (parent only). Reference is made to loan agreements for details.

Aker ASA and holding companies Income statement

Amounts in NOK million	1Q 2014	4Q 2014	1Q 2015	Year 2014
Operating expenses	(58)	(52)	(51)	(223)
EBITDA	(58)	(52)	(51)	(223)
Depreciation	(4)	(4)	(4)	(15)
Non recurring operating items	(37)	38	-	1
Value change	(257)	(1 142)	385	(1 432)
Net other financial items	(48)	(85)	(53)	354
Profit before tax	(403)	(1 246)	277	(1 316)

Disclaimer

• This Document includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Document are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Aker ASA and Aker ASA's (including subsidiaries and affiliates) lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Aker's businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the Document. Although Aker ASA believes that its expectations and the Document are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Document. Aker ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Document, and neither Aker ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use.
• The Aker group consists of many legally independent entities, constituting their own separate identities. Aker is used as the common brand or trade mark for most of this entities. In this document we may sometimes use "Aker", "Group, "we" or "us" when we refer to Aker companies in general or where no useful purpose is served by identifying any particular Aker company.