Aker — Investor Presentation 2015

Mar 17, 2015

Aker Companies Investor Day Aker ASA presentation

London | 17 March 2015

Aker ASA – positioned for both growth and yield

What we have…

What we offer in addition…

A. A pivotal position in key Norwegian and global main industries Portfolio combining growth and upstream cash

B. Financial and liquidity position providing optionality Flexibility and financial strength

13%70%17%Cash and liquid fund inv. Listed investmentsUnlisted investmentsGross asset values% of gross value1) NOK24.9 bnGross asset values of NOK 24.9 bn, of which 83% (20.7 bn) are cash and publicly traded investments 17.417% 4.3+17.7 bn(71%) 70%Debt7.2Gross asset value24.93.2Net asset valuesNOK billion1) Cash and liquid fund investments Industrial Holdings Other financial investmentsNet asset value of NOK 17.7 bn and a strong financial and liquidity position

1)As per 31.12.2014

Aker ASA – positioned for both growth and yield

What we have…

• A pivotal position in key Norwegian and global main industries A
• BFinancial and liquidity position providing optionality

What we offer in addition…

1. Deep sector knowledge and track record of long-term value creation Proven value creation through M&A

Aker ASA has executed – or has been instrumental in executing – more than 50 large M&A, ECM and restructuring transactions since the relisting in 2004

1. Deep sector knowledge and track record of long-term value creation Cyclical markets creates opportunities

0204060801001201401602000 2012 2004 2008 2016 USD per bbl

Illustration of transaction optionality Historical oil price development

1. Deep sector knowledge and track record of long-term value creation Pro-active measures are being taken

I d i l H l d i t n s r a o n g s u
O t ion l e l len p er a a xc e ce
Co t r du t ion d i ty d j tm ts s e c s a n ca p ac a us en			Co te t ies un r-p ar	Inv i er se o	l e xp os ur e
F ina ing nc

2. Growth in underlying earnings and high visibility Growth in underlying pro-rata financials

1)Based on pro-rata consolidation

2)Assumes pro-rata Bloomberg 2015 consensus estimates for the six listed Industrial Holdings and 2014 numbers for the rest of the portfolio

Supported by high visibility and solid backlogs in most of the portfolio companies

3. A direct yield to our shareholders Dividend supported by upstream cash flow

Upstream dividend NOK million

Dividend to Aker shareholders

NOK per share (left axis) and % (right axis)

1)Assumes that only TRG chooses optional settlement in shares, amount will be reduced if more shareholders do the same 2)As per end of preceding year

AkerIndustrial Holdings presenting today

Industrial Holdings

Det norske

Exploration & Production company on the Norwegian continental shelf

• Johan Sverdrup unitisation and project execution
• Secure diversified and robust financing
• Operational excellence

Industrial Holdings Aker Solutions

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

Industrialholdings Opportunistic investmentsFinancialresourcesGrowthYield

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

Industrial Holdings Akastor

Industrialholdings

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

Opportunistic investments

Portfolio

Financialresources

Aker's ownership agenda

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

Growth

Yield

Industrial Holdings Kvaerner

Specialised oil and gas-related EPC company

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

Industrial Holdings Ocean Yield

A maritime assets company with long-term contracts

	In du ia l tr s ho ldi ng s	O is ic tu t p p or n inv est nts me	F in ia l an c res ou rce s
G h t ro w
Y ie l d

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

Industrial Holdings Havfisk

Leading whitefish harvesting company

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

AkerOther key investments

Industrial Holdings Aker BioMarine

Integrated biotech company – specialised in krill harvesting and processing

• 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

Key highlights

• Human market still influenced by soft market sentiment
• Continued favourable development in demand in the animal feed ingredient market
• Unique vertically integrated model providing substantial operational leverage
• Significant growth potential

Financial InvestmentsOther public investments

• Develop and maximise values
• Render investments more liquid
• Evaluate strategic alternatives

Financial InvestmentsReal Estate Development

	ia In du tr l s ho ldi ng s	is ic O tu t p p or n inv est nts me	in ia F l an c res ou rce s
G h t ro w			?
ie Y l d		?

Aker's ownership agenda

• Conclude marketing and sales of its commercial and residential projects
• Opportunistically monetise upon completion
• Leverage on the competence, expertise and track record of the project execution team

1)Aberdeen International Business Park

Key highlights

• AIBP1) Phase 1 already realised with a profit of ~NOK 200m
• Fornebuporten Phase 1 on track and on budget
• ~NOK 170m in steady state net leases (2017 first full year) - 90% already leased out
• All in cost of ~NOK 2 650m
• Additional upside potential in phase 2 developments

Aker ASA – positioned for both growth and yield

What we have…

What we offer in addition…

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.