Aker — Investor Presentation 2016

Nov 7, 2016

Proud ownership

Aker ASA Third-quarter results 2016

7 November 2016 | Fornebu

Highlights | Third-quarter 2016

• Net asset value: up 20% to NOK 29.8 billion (NOK 24.7 billion)
• Cash and liquid fund inv.: up 30% to NOK 4.9 billion (NOK 3.8 billion)
• ▪Return: Aker share up 29% to NOK 275 vs. OSEBX up 3.3%

▪Transactions:

• Completion of Havfisk and Norway Seafoods divestments
• Completion of Aker BP merger and investment in shares
• Completion of investment in Solstad Offshore. Merger between Solstad and REM Offshore announced

Aker ASA and holding companies NAV increased 20% in 3Q 2016

Net asset value change in the period NOK billion

Aker ASA and holding companies Share price gained 29%, balance sheet remains robust

AKER ASA | Third-quarter results 2016 4

9%

Gross asset value

Debt

78%

Net asset value composition NOK billion1)

Aker ASA and holding companies Solid investment capacity, strengthened upstream cash flow

Upstream dividend NOK billionInvestment capacity potential NOK billion Increased gearing Increased dividends DivestmentsRCF1.0Cash (incl. liquid fund inv.) 4.9Additional potential sources2011 2012 2013 2014 2015 2016 2017 HavfiskKvaernerAker Solutions/AkastorAker BioMarineFinancial InvestmentsAker BPOcean Yield1.41.00.90.50.21.4

7 November 2016

AKER ASA | Third-quarter results 2016 5

Aker ASA and holding companies

60% of gross assets related to oil and gas

Per cent, 3Q 2016 (2Q 2016)

Aker ASA and holding companies

This is Aker

NOK billion, as per 3Q 2016

Unlisted investmentsListed investments

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

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

Industrial Holdings Share price performances (YTD)

AKER ASA | Third-quarter results 2016 9

Industrial Holdings Aker BP

Exploration & Production company on the Norwegian continental shelf

% of gross asset value

(3Q 2016)

Investment value of NOK 17.2 billion

Aker's ownership agenda

• Growth, organic and through M&A
• Regular dividend payment
• Integration of Aker BP merger
• Operational excellence and efficiency improvements through alliances with suppliers

Aker's investment

NO K m illio n
Va lue 3 0. 0 6. 1 6 1 0 2 7 1 as p er
Inv tm t 2 5 6 es en
Va lue ha in 3 Q 4 3 4 0 c ng e
Va lue 3 0. 0 9. 1 6 1 7 1 7 1 as p er
f K i e y g u r e s
USD mi llion	3 Q 1 5	3 Q 1 6	Y T D 1 5	Y T D 1 6
Re ve nu es	3 1 6	2 4 8	9 6 7	7 0 9
E B I T D A X 2 7 8 2 1 0 8 0 2 5 8 6

Aker Solutions

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

% of gross asset value

(3Q 2016)

Aker's ownership agenda

• Operational excellence, cost reductions
• Secure new work and develop service offering
• Partnerships and alliances

Aker's investment

NO K m illio n
Va lue 3 0. 0 6. 1 6 as p er	3 3 5 7
Q Va lue ha in 3 c ng e	1 7 8
Va lue 3 0. 0 9. 1 6 as p er	3 5 3 5

Key figures

NO K m illio n	3 Q 1 5	3 Q 1 6	Y T D 1 5	Y T D 1 6
Re ve nu es	4 8 4 7	9 8 5 7	2 4 0 3 2	1 9 4 1 9
E B I T D A	2 1 5	4 7 7	1 6 9 5	1 4 9 5
Ba k log c			4 0 6 5 7	3 1 6 7 1

Akastor

Oilfield services investment company with a flexible mandate for longterm value creation

% of gross asset value

(3Q 2016)

Aker's ownership agenda

• Divestments and strengthening of balance sheet
• Cost reductions and capacity adjustments
• Secure new work and develop service offering

Aker's investment

NO K m illio n
3 0. 0 6. 1 6 Va lue as p er	9 3 4
Q Va lue ha in 3 c ng e	( ) 7 8
Va lue 3 0. 0 9. 1 6 as p er	8 5 6

Key figures

NO K m illio n	3 Q 1 5	3 Q 1 6	Y T D 1 5	Y T D 1 6
Re ve nu es	2 8 8 7	1 5 3 7	9 4 4 3	5 2 1 0
E B I T D A	( ) 1 2 6	1 2 7	1 7 3	( ) 2 8
Ba k log c			1 4 5 3 8	7 7 0 3

Specialised oil and gas-related EPC company Kvaerner

% of gross asset value

(3Q 2016)

Aker's ownership agenda

• Enhance competitiveness through operational excellence and cost reductions
• Secure new work
• Maintain strong balance sheet

Aker's investment

NO K m illio n
Va lue 3 0. 0 6. 1 6 as p er	8 5 7
Q Va lue ha in 3 c ng e	1 6 1
Va lue 3 0. 0 9. 1 6 as p er	7 4 8

Key figures

NO K m illio n	3 Q 1 5	3 Q 1 6	Y T D 1 5	Y T D 1 6
Re ve nu es	2 8 8 5	1 9 7 5	9 0 8 5	6 0 6 2
E B I T D A	1 8 7	2 2 3	3 9 7	4 0 0
Ba k log c			1 6 2 3 2	8 3 9 7

Ocean Yield

A maritime assets company with focus on long-term contracts

% of gross asset value

(3Q 2016)

Aker's ownership agenda

• Growth by incremental, accretive investments
• Further diversify portfolio, both counterparty and segmentwise
• Optimise capital structure and reduce cost of capital
• Manage and mitigate counterparty risk

Aker's investment

Va lue 3 0. 0 6. 1 6 5 9 4 4 as p er Va lue ha in 3 Q 6 6 0 c ng e Re ive d d iv i de ds ( 1 4 4 ) ce n Va lue 3 0. 0 9. 1 6 6 4 5 9 as p er f K i e y g u r e s USD mi llion 3 Q 1 3 Q 1 6 1 1 6 5 Y T D 5 Y T D Re 6 5 7 6 1 9 1 2 1 2 ve nu es E B I T D A 5 6 6 9 1 6 8 1 9 1 Ba k log ( ) EB ITD A ba sis c on 2 8 0 0 3 2 0 0	NO K m illio n

Industrial Holdings Aker BioMarine

Integrated biotech company – specialised in krill harvesting and processing

% of gross asset value

(3Q 2016)

Aker's ownership agenda

• Operational excellence and cost reductions
• Increase volumes in dietary supplements and prices in aquaculture
• M&A

Aker's investment

NO K m illio n
Va lue 3 0. 0 6. 1 6 as p er	1 4 0 5
Va lue ha in 3 Q c ng e	-
Va lue 3 0. 0 9. 1 6 as p er	1 4 0 5

Key figures

USD mi llion	3 Q 1 5	3 Q 1 6	Y T D 1 5	Y T D 1 6
Re ve nu es	3 1	3 3	9 7	8 5
E B I T D A	6	* 1 2	2 5	* 3 0

*) Excluding Neptune net settlement of USD 6 million, expensed as other expenses in 3Q16.

AkerFinancial Investments

Financial InvestmentsOverview

% of gross asset value (3Q 2016)

Key events 3Q

• Cash increased to NOK 4.5 billion. NOK 4.9 billion incl. liquid fund investments
• Investment in Solstad Offshore
• Impairment of NOK 260 million on equity investments
• Additional dividend from Philly Shipyard
• Divestment of Norway Seafoods to Lerøy Seafood

Financial Investments

NOK billion

Financial InvestmentsCash and Liquid fund investments

% of gross asset value

Key events 3Q

• Cash increased to NOK 4.5 billion:
• • NOK 2 015 million from divestment of HFISK and NWS
• • NOK 2 013 million in new bank loan (Aker BP related)
• • NOK 360 million in dividends received
• NOK 2 560 million in Aker BP investment
• NOK 500 million in Solstad Offshore investment
• NOK 108 million in paid interest and operating expenses

Financial InvestmentsListed financial investments

% of gross asset value (3Q 2016)

Key events 3Q

• Value of Philly Shipyard decreased by NOK 192 million, mainly due to dividend distributions of NOK 195 million
• Value of AMSC increased by NOK 40 million
• Invested NOK 500 million in Solstad Offshore: NOK 250 million in equity and NOK 250 million in convertible loan (reported under "Other financial investments")

Aker's investment

Boo k va lues , NO K m illio n	4 Q 1 5	2 Q 1 6	3 Q 1 6
P h i l ly S h ip d y ar	1 3 6 8	9 9 5	8 0 3
1) A M S C ( inc l. T R S )	5 3 8	2 7 1	3 1 1
Cx en se	-	6 3	6 5
So ls ta d O f fs ho re	-	-	3 1 0
To ta l v lue a	1 9 0 6	1 3 2 8	1 4 9 0

1) Includes security deposit in escrow account related to TRS agreements

Financial InvestmentsReal estate and other financial investments

Key events 3Q

• Investment in Solstad convertible loan of NOK 250 million
• Impairment of equity investments – primarily Align and Trygg Pharma - by a total of NOK 260 million
• Divestment of Norway Seafoods

Aker's investment

NO K m illio n	4 Q 1 5	2 Q 1 6	3 Q 1 6
Re l e ta te a s	1 8 7 0	3 2 6	3 2 6
O f t he ina ia l inv tm ts r nc es en	2 0 1 6	1 8 0 6	1 6 7 8
To ta l v lue a	3 8 8 5	2 1 3 2	2 0 0 4

AkerFinancial Statements

Aker ASA and holding companies Balance sheet

Ma in c ha in t hir d-q r 2 01 6 rte ng es ua		Bo ok lue va	Va lue -ad jus ted
NO Ca sh inc sed by K 1 .1 bill ion rea • Bo ok lue of inv est nts in d b NO K 2 .2 bill ion lain ed by in stm ts in A ker BP d va me cre ase y , ex p ve en an • So lsta d O ffs ho rtly of fse t b Ha vfis k d ive stm t a nd ite- do of ot he r fi nci al inv est nts re, pa en wr wn na me y Inc in l iab iliti du US D 2 50 illio n b k lo e t rea se es o n ew m an an • in f of a f of of NO Inc air lue inv est nts inc lud air lue in Ak BP K 4 .3 bill ion d rea se va me es va cre ase er an • , Oc n Y ield of NO K 0 .5 bill ion (n et of div ide nd ), p art ly o ffs et by lise d g ain of NO K 1 .6 bill ion fro ale ea rea m s of Ha vfis k.	Eq uity ( MN OK ) Eq uity tio ra Eq uity ha pe r s re	14 197 61 .8% NO K 1 91	29 77 7 77 .2% NO K 4 01

Aker ASA and holding companies Interest-bearing items and loan guarantees

Interest-bearing receivablesInterest-bearing debt

Int st- be ari de bt ( MN OK ) ere ng	Lo nt an am ou	Ou tst din an g	Ma tur ity
Bo nd AK ER 08	50 0	50 0	20 17
Bo nd AK ER 11	1 3 00	1 30 0	20 18
Bo nd AK ER 07	50 0	50 0	20 19
Bo nd AK ER 12 *	1 4 01	1 40 1	20 19
Bo nd AK ER 13	1 0 00	1 00 0	20 20
Bo nd AK ER 10	70 0	70 0	20 20
Bo nd AK ER 09	1 0 00	1 00 0	20 22
n ( RC F) Ba nk loa	1 0 00	0	20 19 *
Ca ital ise d lo fee tc. p an s e	( 29 )	( 29 )
AS To tal Ak A er	7 3 72	6 3 72
Ba nk loa n A ker Ca ital ** p	2 0 13	2 0 13	20 19 *
Ca ital ise d lo fe etc p an es	( 10)	( 10)
To tal Ak AS A a nd ho ldin nie er g c om pa s	9 3 75	8 3 75

* MSEK 1 500 issue **MUSD 250 issue ***Maturity in 2019 with 1+1 years uncommitted extension options

Lo nte an gu ara es	2Q 20 16	3Q 20 16
Ak Bio Ma rin er e	30 5	30 5
Oc n H est In st ea arv ve	65	60
Ot he r	3	3
To tal	37 3	36 8

AKER ASA | Third-quarter results 2016 23

Average debt maturity is 3.1 years

	Fin cia l C ts an ov en an	Lim it	Sta tus r 30 pe .09 .20 16
i	1) To tal De bt/ Eq uity	< 8 0%	40 %
ii	Gr Lo s to NA V ou p an Gr Lo or ou p an s	50 % < OK < N 10 bn	1.4 % NO K 0 .4 bn

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

Aker ASA and holding companies Income statement

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

*) Includes a one-off reduction in pension liabilities of approximately NOK 30 million.

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.