Aker — Investor Presentation 2014

Nov 14, 2014

Aker ASAThird-quarter results 2014

Oslo | 14 November 2014

Highlights | Third-quarter 2014

• ▪ Net asset value: NOK 22.3 billion in 3Q 2014 vs. NOK 24.2 billion in 2Q 2014, representing a 7.5% decline in the quarter
• Cash: NOK 1.6 billion in 3Q 2014 vs. NOK 3.1 billion in 2Q 2014. In addition, Aker held NOK 0.6 billion in liquid fund investments in 3Q 2014
• ▪Return: Aker share declined 12.8% to NOK 211 vs. 1.4% decline in the OSEBX

Portfolio events:

• • Det norske completed a NOK 3.0 billion equity rights issue and signed a USD 3.0 billion RBL facility (the USD 2.1 billion Marathon Norway acquisition was completed in October)
• -Kvaerner initiated a process exploring strategic opportunities
• • Aker Solutions and Akastor became two independent listed companies, both with new management teams

Aker ASA and holding companies NAV decreased by 7.5% in 3Q 2014

Net asset value change in the period NOK billion

Note: Changes in share values include the effect of dividend received

Aker ASA and holding companies

Share price decline of 13%, but strong balance sheet

Net asset valueNOK billion1)

1)As per 30.09.2014 2)Includes publicly listed financial investments, real estate developments and other financial investments

Net asset value

Aker ASA and holding companies 53% of gross assets related to oil and gas

f P l i i t o r o o m x
E & P	2 0 %
	3 3 %
M i t im ts ar e as se	1 8 %
Se fo d d M ine b io h te a o an ar c	9 %
Re l Es ta te a	6 %
Ca h d t he ts s an o r a ss e	% 1 4

• E&P exposure increased to 20% from 16% following the equity issue in Det norske
• Oil Services decreased to 33% from 37% due to share price declines
• Maritime assets increased to 18% from 16% due to favourable share price performance in Ocean Yield

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 30.09.2014

Listed investments

Unlisted investments

i i I d l H l d t n s r a o n g s u				i i F l I t t n a n c a n e s m e n s v
	) ) 1 S A k l t i e r o u o n s	3 8 % 4	6 1	2 2	C f h d l i i d d i t t a s a n q u u n n v e s m e n s
	D t k e n o r s e	% 5 0 0	5 7	2 1	O h b l i i t t t e r p u c n v e s m e n s
	O Y i l d c e a n e	7 3 2 %	4 2	1. 7	2 ) ( ) R l E t t D F b t e a s a e e o r n e p o r e n v. u
	1 ) ) A k t a s o r	3 4 5 %	2 4	1. 6	O f t h i i l i t t e r n a n c a n e s m e n s v
	2 ) A k B i M i e r o a r n e	9 9 2 %	1. 7
	1 ) K a e r n e r v	% 2 8 7	0 8
	H f i k a v s	7 3 2 %	0 7
	Gr os s	lu t v as se a e	2 1. 8	7 6
	Ne t a	lu t v ss e a e	2 2	3

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

Aker ASA and holding companies Growing dividend supported by accelerating upstream cash flow

Upstream dividend payments from underlying portfolio NOK million

1)Dividends payments from underlying portfolio companies

Industrial Holdings NOK 1.8bn underlying value decrease in 3Q 2014

14 November 2014

8 AKER ASA | Third-quarter results 2014

Industrial Holdings Solid portfolio balance sheets

1)Assumed unaudited pro forma figures for Det norske including Marathon Norway for 1Q 2014 x 4

2)Excluded finance lease of USD 166 million related to Aker Wayfarer from interest bearing long-term receivables

AkerIndustrial Holdings

Industrial Holdings Aker Solutions

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

Investment value of NOK 6.1 billion

% of gross asset value

Aker's ownership agenda

• Focus on;
• Operational excellence
• Improved margins
• Capital discipline

Aker's investment1)

NOK million

Va lu 3 0. 0 6. 1 4 e as p er	-
De in 3 Q m er g er	6 5 3 2
In d / d ive d in 3 Q te te ve s s	-
Va lu ha in 3 Q e c ng e	( 4 8 0 )

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

Ke f ig 2) re s y u NO K m illio n	Q 3 1 3	Q 3 1 4	Y T D 1 3	Y T D 1 4
Re ve nu es	6 8 0 6	8 2 7 1	2 1 5 7 7	2 3 7 5 4
E B I T D A	6 5 7	6 1 7	1 4 9 4	1 8 2 7
Ba k lo c g			3 9 4 2 9	4 8 9 8 6

2) Comparative figures for businesses accounted for as discontinued operations have been restated AKER ASA | Third-quarter results 2014 11

Industrial Holdings Akastor

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

% of gross asset value

Aker's ownership agenda

• Combine operational excellence and M&A
• Capital discipline
• Discretionary dividend policy

Aker's investment1)

NOK million

Va lu 3 0. 0 6. 1 4 e as p er	1 0 0 8 1
De in 3 Q m er g er	( 6 3 2 ) 5
/ Q In te d d ive te d in 3 ve s s	-
Q Va lu ha in 3 e c ng e	( ) 1 1 0 4

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

f Ke ig 2) y u re s NO K m illio n	Q 3 1 3	Q 3 1 4	Y T D 1 3	Y T D 1 4
Re ve nu es	4 2 3 4	0 9 6 5	1 3 3 0 7	1 6 1 0 6
E B I T D A	3 5 4	8 5 2	9 6 0	1 1 1 7
Ba k lo c g			1 7 3 2 0	2 0 2 6 6

2) Comparative figures for businesses accounted for as discontinued operations have been restated AKER ASA | Third-quarter results 2014 12

Industrial Holdings Kvaerner

Specialised oil and gas-related EPC company

Aker's ownership agenda

• Secure new NCS contracts
• Flawless execution of order backlog
• Maintain a growing dividend to shareholders

Investment value of NOK 0.8 billion

Explore strategic options

Aker's investment1)

NO K m illio n
Va lu 3 0. 0 6. 1 4 e as p er	9 3 7
/ Q In te d d ive te d in 3 ve s s	-
Q D iv i de d ive d in 3 n re ce	-
Va lu ha in 3 Q e c ng e	( 1 5 4 )

1) Investment held through Aker Kvaerner Holding

Ke f ig 2) re s y u NO K m illio n	Q 3 1 3	Q 3 1 4	Y T D 1 3	Y T D 1 4
Re ve nu es	3 0 8 0	4 0 0 4	9 0 2 1	1 0 3 5 4
E B I T D A	1 8 0	1 9 4	4 6 5	6 3 5
Ba k lo c g			2 6 4 5 7	1 9 3 3 5

2) Comparative figures for businesses accounted for as discontinued operations have been restated

AKER ASA | Third-quarter results 2014 13

Industrial Holdings

Det norske

Exploration & Production company on the Norwegian continental shelf

% of gross asset value

Investment value of NOK 5.7 billion

Aker's ownership agenda

• Complete the integration of Marathon Norway and safeguard continued high operational performance
• Execute Ivar Aasen project on time and on budget
• Secure the ownership in the unitised Johan Sverdrup field
• Actively manage portfolio to enhance values

Aker's investment

NO K m illio n
Va lu 3 0. 0 6. 1 4 e as p er	4 1 3 7
/ Q In te d d ive te d in 3 ve s s	1 5 0 1
Q D iv i de d ive d in 3 n re ce	-
Va lu ha in 3 Q e c ng e	( 4 6 6 )

Ke f ig y u re s NO K m illio n	3 Q 1 3	3 Q 1 4	Y T D 1 3	Y T D 1 4
Re ve nu es	3 2 4	1 1 2	6 9 0	2 4 7
E B I T D A X	2 4 1	4 5	4 0 2	4 6 8

Industrial Holdings Marathon Norway - ^acompany maker for Det norske

Net average daily production First nine months 2014, ('000 boepd) RevenuesFirst nine months 2014, (NOKbn) Pre-tax profit First nine months 2014, (NOKbn)

1)From Marathon Norway AS unaudited separate financial accounts in accordance with NGAAP accounting principles Source: Det norske

Industrial Holdings Ocean Yield

A maritime assets company with focus on long-term contracts

Aker's ownership agenda

• Expand and diversify portfolio
• Build backlog, with long-term charters against solid counterparties
• Drive down cost of capital
• Predictable and growing cash dividends

Aker's investment

NO K m illio n
Va lu 3 0. 0 6. 1 4 e as p er	3 8 8 1
/ Q In te d d ive te d in 3 ve s s	-
Q D iv i de d ive d in 3 n re ce	( ) 8 0
Va lu ha in 3 Q e c ng e	4 4 3

Ke f ig y u re s US D m illio n	3 Q 1 3	3 Q 1 4	Y T D 1 3	Y T D 1 4
Re ve nu es	6 2	6 5	1 7 8	1 8 7
E B I T D A	6 5	5 4	1 5 5	1 6 3
E B I T D A ba k lo c g			1 7 8 2	2 2 0 5

Industrial Holdings Aker BioMarine

Integrated biotech company – specialised in krill harvesting and processing

Book value of NOK 1.7 billion

% of gross asset value

Aker's ownership agenda

• Build and expand the market for krill-derived products, ingredients and applications
• Start-up of commercial production at the Houston krill oil facility
• Explore options to further reveal underlying values and render investment more liquid

Aker's investment

NO K m illio n
Bo k lu 3 0. 0 6. 1 4 o va e as p er	1 4 3 7
/ Q In te d d ive te d in 3 ve s s	4
Q D iv i de d ive d in 3 n re ce	-
Va lu ha in 3 Q e c ng e	-

1) f ig Ke y u re s US D m illio n	Q 1 1 4	Q 2 1 4	Q 3 1 4	Y T D 1 4
Re ve nu es	2 3	3 4	2 9	8 6
E B I T D A	7	8	0	1 5

1) Figures include Trygg Pharma Group

Industrial Holdings Havfisk

Leading whitefish harvesting company

Aker's ownership agenda

• Operational excellence and improved profitability
• Optimise vessel and quota portfolio
• Introduce annual dividend

Aker's investment

NO K m illio n
Va lu 3 0. 0 6. 1 4 e as p er	4 1 7
/ Q In te d d ive te d in 3 ve s s	-
Q D iv i de d ive d in 3 n re ce	-
Va lu ha in 3 Q e c ng e	3

f ig Ke y u re s NO K m illio n	Q 3 1 3	Q 3 1 4	Y T D 1 3	Y T D 1 4
Re ve nu es	1 8 9	2 9 6	5 1 9	7 3 6
E B I T D A	4 5	8 5	1 1 9	2 0 0

AkerFinancial Investments

Financial InvestmentsNOK 3.0bn realisation target remains on track

Financial InvestmentsNOK billion

Key events 3Q:

• Cash decreased to NOK 1.6 billion vs. NOK 3.1 billion in 2Q
• Underlying value in line with 2Q
• NOK 1.0 billion will be returned to Aker in 4Q, following sale of the first phase of Aberdeen business park project

Financial InvestmentsCash and Liquid fund investments

Value of NOK 2.2 billion

Key events 3Q

• Cash decreased by NOK 1.5 billion to NOK 1.6 billion:
• NOK 1 501 million equity contribution to Det norske
• NOK 100 million equity contribution to Fornebuporten
• • NOK 90 million in redemptions from liquid funds
• • NOK 80 million in dividend received from Ocean Yield
• Value of Aker's fund investments in AAM Absolute Return Fund and Norron Target and Select funds was NOK 593 million, representing an underlying value decrease of NOK 25 million compared to 2Q

Financial InvestmentsPublic financial investments

Value of NOK 2.1 billion

Key events 3Q

• The value of public financial investments increased by NOK 58 million, primarily due to a value increase in American Shipping Company
• Process initiated to evaluate strategic alternatives for the two US Jones Act companies with the aim to maximise shareholder value

Ke f ig y u re s NO K m illio n	4 Q 1 3	2 Q 1 4	3 Q 1 4
A K P S	1 0 1 7	1 1 1 5	1 1 2 2
1) A M S C ( in l. T R S ) c	8 8 5	9 0 8	1 0 0 0
O t he r	4	4	-
To l v lu t a a e	1 6 0 9	2 0 6 4	2 1 2 2

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

Financial InvestmentsReal estate development (Fornebuporten)

Receivable and equity investments of NOK 1.7 billion

Key events 3Q

• Construction of office and residential buildings at Fornebuporten progressing as planned
• More than 80% of retail and office space leased out as of today, with more leases in the pipeline
• First phase of Aberdeen business park sold to Legal & General in November, approximately NOK 1 billion will be returned to Aker in 4Q

Financial InvestmentsOther financial investments

Receivable and equity investments of NOK 1.6 billion

Key events 3Q

• Other financial investments remained at NOK 1.6 billion, in line with levels from 2Q
• Largest contributors are Align, Navigator Marine, Setanta Energy, Ocean Harvest and intangible, fixed and non-interest-bearing assets
• Aim to gradually reduce exposure through exits / monetisations

Ke f ig y u re s NO K m illio n	4 Q 1 3	2 Q 1 4	3 Q 1 4
O he f in ia l in t tm ts r an c ve s en	2 1 3 5	1 6 2 2	1 6 0 8

AkerFinancial Statements

Aker ASA and holding companies Balance sheet

O A i N K i l l i t m o n s n m o n u	2 0 1 3	2 Q 2 0 1 4	3 Q 2 0 1 4
f I t i b l i d d i t t- b i t n a n g e e a n n o n- n e r e s e a r n g a s s e s x , ,	2 3 7	2 5 0	2 7 3
f I t t- b i i d t n e r e s e a r n g e a s s e s x	6 0 5	5 3 4	4 8 8
I t t n e s m e n s v	1 5 7 6 2	1 5 6 7 8	1 6 9 2 3
N i t t- b i h t- t i b l o n- n e r e s e a r n g s o r e r m r e c e a e s v	5 9	2 1	2 4
I t t- b i h t- t i b l n e r e s e a r n g s o r e r m r e c e a e s v	1 5	7 6	8 2
C h a s	2 4 5 9	3 0 9 5	1 6 3 7
T l t t o a a s s e s	1 9 1 3 7	5 5 1 9 6	1 9 4 2 7
E i t q u y	1 2 1 4 7	1 2 6 2 1	1 2 3 4 7
N i t t- b i d b t o n- n e r e s e a r n g e	1 3 2 0	4 1 2	4 8 6
I b i d b i l t t- t, t n e r e s e a r n g e n e r n a	1 3 5	5	5
I t t- b i d b t, t l n e r e s e a r n g e e x e r n a	2 6 6 5	6 6 1 7	6 8 9 5
E i d l i b i l i i t t q a n a e s u y	1 9 1 3 7	5 5 1 9 6	1 9 4 2 7
N i b i d b ( ) / i b l ( ) t t t t + e n e r e s e a r n g e r e c e v a e s -	( 2 3 2 1 )	( 2 9 1 6 )	( 4 3 8 6 )
E i t t i q r a o u y	6 % 5	6 4 %	6 4 %
E i h t q u y p e r s a r e	1 1. 6 7	1 4 7 5	1 0 7 7

Aker ASA and holding companies Interest bearing items and loan guarantees

In be ing de b te t t re s ar	N O K i l l m	Ma i tu ty r
Bo d A K E R 0 5 n	8 0 8	2 0 1 5
Bo d A K E R 0 8 n	5 0 0	2 0 1 7
Bo d A K E R 1 1 n	1 3 0 0	2 0 1 8
Bo d A K E R 0 7 n	5 0 0	2 0 1 9
Bo d A K E R 1 2 n	1 3 2 6	2 0 1 9
Bo d A K E R 1 0 n	7 0 0	2 0 2 0
Bo d A K E R 0 9 n	1 0 0 0	2 0 2 2
Ba k de b t n	0 0 5	2 0 1 7
In te l de b t a d o t he rna n r	( 4 0 )
To ta l	6 5 9 4
Lo te an g ua ra n es	2 Q 1 4	3 Q 1 4
A ke B io Ma ine r r	3 0 5	3 0 5
Fo bu loa fac i l i te ty rne p or n n	1 0 5	1 0 5
O t he r	3	3
To ta l e te l x rna	4 5 8	4 5 8

Co F ina ia l ts nc ve na n	L im i t	S ta tus er 3 p 0. 0 9. 2 0 1 4
1) i To ta l De b t / Eq i ty u	8 0 % <	4 5 %
i i Gr Lo to N A V ou p an s Gr Lo or ou p an s	5 0 % < O N K 1 0 bn <	4. 5 % O N K 1. 0 bn

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

Aker ASA and holding companies Income statement

A i N O K i l l i t m o u n s n m o n	3 Q 2 0 1 3	2 Q 2 0 1 4	3 Q 2 0 1 4	2 0 1 3 Y T D	2 0 1 Y T D 4	2 0 1 3 Y e a r
O t i p e r a n g e p e n s e s x	( ) 5 7	( 0 ) 5	( 6 3 )	( 1 6 6 )	( 1 1 ) 7	( ) 2 3 6
E B I T D A	( 5 ) 7	( 5 0 )	( 6 3 )	( 1 6 6 )	( 1 1 ) 7	( ) 2 3 6
D i i t e p r e c a o n	( 4 )	( 4 )	( 4 )	( 1 1 )	( 1 1 )	( 1 4 )
N i i i t t o n r e c u r r n g o p e r a n g e m s	-	-	-	-	( 3 7 )	-
V l h a u e c a n g e	( 2 9 )	2 2 7	( 2 6 0 )	3 8 0	( 2 9 0 )	2 2 5
N h f i i l i t t t e o e r n a n c a e m s	1 6 7	4 3 6	5 1	6 6 4	4 3 9	8 2 2
P f i b f t t r o e o r e a x	7 7	6 0 9	( ) 2 7 6	8 6 7	( ) 7 0	8 2 5

AKER ASA | Third quarter results 2014 29

er results 2014
-----------------	--

Aker BioMarineFinancials*

Balance Sheet

( S ) in U D i l l ion m	3 1. 1 2. 2 0 1 3	3 0. 6. 2 0 1 4	3 0. 9. 2 0 1 4
Pr ty lan t a d ip t op er p n eq u m en ,	1 1 7	1 1 1	1 1 0
In ta i b le ts ng as se	7 3	7 3	7 3
Inv tm ts in i ty te d inv te es en eq u -a cc ou n es e	6	6	6
O t he ts r a ss e	5 8	7 9	7 4
Ca h d h iva len ts s an ca s eq u	7	4	3
To l a ta ts ss e	2 6 1	2 7 2	2 6 7
Ow 's i ty ne r eq u	8 6	9 6	9 0
No in be ing de b te t t n- re s ar	2 7	2 1	2 0
In te t- be ing de b t re s ar	1 4 8	1 5 5	1 5 7
To l l ia b i l i ie d 's i ta t ty s an ow ne r eq u	2 6 1	2 7 2	2 6 7

Income Statement

( in U S D i l l ion ) m	F Y 1 3	2 Q 2 0 1 4	3 Q 2 0 1 4
fro f p Re le du ts ve nu es m sa o ro c	1 1 2 7.	3 3. 9	2 8. 7
O in f i be fo de ia io is io d im irm t t t t t ts p er a g p ro re p re c n, am or a n an p a en	3. 5	8. 0	( 0. 7 )
O ing f i t t p er a p ro	( 1 3. 6 )	3. 0	( 1 ) 5.
Ne f i be fo t p t ta ro re x	( 1 8. 8 )	1. 5	( 6. 2 )

* From unaudited combined carve-out financial statements for Aker ASA's krill business

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.