Aker — Investor Presentation 2021

Nov 5, 2021

Proud ownership Proud

Q3 2021

Aker ASA Third quarter results 2021

5 November 2021

Highlights

• Net asset value: Increased by 6% in the quarter, to NOK 70.8 billion. Per-share NAV amounted to NOK 953
• Return: Aker share price increased 9% in the quarter to NOK 692 vs. OSEBX up 4% and the Brent price up 5%
• Liquidity reserve: NOK 2.1 billion, cash amounted to NOK 0.7 billion
• Equity ratio: Value-adjusted equity ratio was 85%, slightly up from the second quarter
• Aker: Announced NOK 11.75 per share dividend, total of NOK 23.50 per share for the full year
• Ocean Yield: Announced a recommended voluntary cash offer by KKR to acquire all outstanding shares in Ocean Yield at NOK 41 per share
• Aker: Strategic partnership with SalMar to establish SalMar Aker Ocean, a global offshore aquaculture company. After quarter-end, agreement to invest in Nordkraft's two data centre projects in Narvik
• Aker Solutions: Won EPCI contract from Ørsted and Eversource for the Sunrise Wind project. After quarter-end, received LOI from Equinor for the FEED for the Wisting FPSO, with option for EPCI of the FPSO topside
• Aker Horizons: After quarter-end, sold NOK 1 billion worth of shares in Aker Carbon Capture. Agreement to establish green industry hub in Narvik. In advanced discussions with an anchor investor to establish an Energy Transition Fund

Aker ASA and holding companies 5.8% return on NAV in the third quarter

Net asset value change in 3Q 2021 NOK billion NOK billion 2.2 1.9 1.3 0.6 Paid dividend Akastor 0.0 Other (0.1) Aker BioMarine (2.0) Aker Solutions Aker BP Aker Horizons 2Q21 Ocean Yield 0.0 0.0 Cognite 3Q21 66.9 70.8 11.1 6.6 3.6 1.7 53.4 Aker BP Q420 (4.9) 3Q21 Akastor (0.1) Aker Solutions 0.5 Ocean Yield Cognite 70.8 Paid dividend Other (0.2) Aker BioMarine Aker Horizons (0.9)

Net asset value change YTD 2021

Aker ASA and holding companies Share price increased 9%, value adjusted equity 85%

NAV per share vs. share price NOK per share

Dividend

NAV per share Share price

Net asset value composition NOK billion, per 3Q 2021

Aker ASA and holding companies Portfolio composition

Portfolio composition NOK billion, per 3Q 2021

Industrial Holdings				Financial Investments
Aker BP	40.0%	41.1	0.7	Cash
) Aker Horizons	79.9%	15.5	0.9	Listed financial investments
) Aker BioMarine	77.8%	3.1	0.7	Real Estate Investments2)
Ocean Yield	28.7% 61	4.4	5.8	Other financial investments2)
Aker Solutions	33.3%	3.2
Akastor	36.7%	0.6
Cognite 1)	50.5%	6.7
Aker Energy 2)	50.8%	1.0
	Gross asset value		8.0
	Net asset value		70.8

1)Value reflecting the transaction value following Series B investment by TCV 2) Reflected at book value

Gross asset value distribution

Per 3Q 2021 (2Q 2021)

Listed Industrial Holdings

Aker's portfolio of listed Industrial Holdings

- Share of Aker's GAV in circle colour – return in the quarter (incl. received dividend) inside the circle - and key highlights

• Revenues of USD 1.6 billion and record high operating profit of USD 849 million, positively impacted by higher oil and gas prices in the period
• Net production of 210.0 mboepd
• PDO delivered for the Frosk development, and concept select for NOA Fulla in the NOAKA area
• Dividends of USD 112.5 million disbursed in the quarter, equivalent to USD 0.3124 per share

• Reported revenues of USD 62 million and an EBITDA of USD 12 million
• Significant annual harvesting variations in the last two seasons. Company continues to expand sales and marketing efforts to develop existing and new markets
• Asia expected to be an important growth region for both Superba and Qrill Aqua

• The company announced a recommended voluntary cash offer by funds managed by Kohlberg Kravis Roberts & Co L.P. ("KKR") to acquire all the outstanding shares in Ocean Yield at a price of NOK 41 per share
• Dividend of USD 0.057 per share disbursed in the quarter

• Delivered revenues of NOK 7.3 billion. Order intake was NOK 9.5 billion with the backlog at NOK 48.4 billion
• Awarded a NOK 7 billion contract from Chevron to provide the subsea gas compression system for the Jansz-lo Compression Project
• Won a major EPCI contract of more than NOK 3 billion from Ørsted and Eversource to provide the HVDC transmission system for the Sunrise Wind project
• After quarter-end, received a Letter of Intent for a FEED from Equinor for the FPSO for the Wisting field development. The FEED includes an option for the EPCI of the topside of the FPSO

• Reported revenues of NOK 229 million and a negative EBITDA of NOK 10 million
• Closed the MHWirth transaction with Baker Hughes SDS for the establishment of the new company to be branded HMH after quarter-end. Akastor holds 50% of the equity of the new company

• Mainstream ("MRP") together with Siemens Project Ventures, and Aker Offshore Wind together with Ocean Winds entered the ScotWind offshore lease round
• MRP energized its Condor portfolio and launched Nazca Renovables, a 1 GW hybrid renewable energy platform in Chile
• After quarter-end, the company sold NOK 1 billion worth of shares in Aker Carbon Capture
• After quarter-end, announced it will establish a green industry hub in Narvik, Northern Norway, and announced it is in advanced discussions to establish a EUR 1 billion Energy Transition Fund

Non-listed Industrial Holdings

Aker's portfolio of non-listed Industrial Holdings

Industrial software and digitalization portfolio E&P company in Ghana

• Reported NOK 170 million in revenues in the third quarter
• Secured a range of new commercial engagements with world leading industrial companies, including a single consolidated data layer for bp's well operations
• Hosted Ignite Talks, its fourth industrial digitalization conference, this year in partnership with Microsoft and Aker Horizons. More than 100 top leaders in Technology & AI, Energy, Power & Utilities, Manufacturing, Finance, and Cybersecurity shared insight with 25,000 attendees across a three-day program

• Aize* aims to digitalize the EPC value chain in capitalintensive projects, using technology to enable faster, leaner, safer projects and smarter operations
• The offering consists of a digital twin covering the full lifecycle of any capital-intensive asset, offered through the company's two main products: Build and Operate, supporting the building phase and operational phase, respectively
• The offering is powered by Cognite Data Fusion
• Aize has 212 employees and a strong customer base. The company forecasts revenues of approx. NOK 300 million in 2021

• Strategy shifted from centralized FPSO approach to phased development plan to develop resources in contract area, significantly reducing project CAPEX and reduced breakeven cost
• Currently working to submit a revised Plan of Development and Operations to the Ghanaian government by the end of 2021
• Entered into an option agreement to acquire the FPSO Dhirubhai-1 that can be exercised within the earlier of 16 business days prior to settlement of the Ocean Yield offer by KKR and latest 15th December 2021

*Aize is not included in Aker's Industrial Holdings portfolio

SalMar and Aker establish SalMar Aker Ocean

A global offshore aquaculture company

• Cooperation with strong industrial track record

• SalMar with 30 years of operational experience from aquaculture
• Aker with 180 years of strong industrial experience
• Competence and ownership based in Norway

• SalMar and Aker with complementary competence

• World leading in respective fields
• Together in a unique position with leading expertise within aquaculture, biology, sustainability, technology and offshore competence
• Both parties committed to contribute with competence, resources and capital

• Start of a new era offshore and a new industrial adventure

• Global market potential, technology not only limited to Norwegian waters
• Significant positive ripple effects to the entire value chain and supplier industry
• Outlook for significant value creation

Aker Financial Investments

Financial Investments Overview

% of gross asset value (30.09.2021)

9 NOK billion

• Other financial investments
• Real estate
• Listed financial investments
• Cash

Financial Investments Cash

% of gross asset value (30.09.2021)

• Cash up NOK 0.2 billion in the quarter to NOK 0.7 billion:
  • • NOK 472 million in dividend received in cash
  • • NOK 51 million in proceeds from divestment of JV
  • NOK 185 million in investments in and loans issued to portfolio companies
  • NOK 133 million in operating expenses and net interest
  • NOK 20 million in net other cash movements
• Total liquidity reserve of NOK 2.1 billion, including undrawn credit facilities. 4.5

Financial Investments Listed financial investments

% of gross asset value (30.09.2021)

• Value decrease of investments in Philly Shipyard and Solstad Offshore of NOK 20 million and NOK 5 million, respectively.
• Value increase of AMSC share investment of NOK 10 million. Dividend income from AMSC of NOK 27 million (shares and TRS).

Aker's investment

NOK million	1Q 21	2Q 21	3Q 21
Philly Shipyard	491	426	405
AMSC (excl. TRS)	354	357	366
Solstad Offshore	149	107	101
Total value	994	889	873
AMSC TRS*	9	19	41

*) Included in interest-free liabilities if negative and other financial investments if positive.

Financial Investments

Real estate and other financial investments

% of gross asset value (30.09.2021)

• Other financial investments include a NOK 2 billion loan and a NOK 1.2 billion convertible loan to Aker Horizons, other receivables, unlisted equity investments and fixed assets.
• Value increase in the bitcoin and blockchain technology company Seetee of NOK 88 million in the quarter.
• Investment in the software company Just Technologies of NOK 50 million in the quarter.

Aker's investment

NOK million	1Q 21	2Q 21	3Q 21
Real estate	508	683	708
Other financial investments	5 539	5 472	5 755
Total value	6 047	6 156	6 463

Aker Financial Statements

Aker ASA and holding companies Balance sheet at 30.09.2021

Aker ASA and holding companies Interest-bearing items as of 30.09.2021

For details on interest-bearing items and loan guarantees, see: https://www.akerasa.com/en/investors/treasury

NOK million

Average debt maturity is 2.3 years

Financial Covenants	Limit	Status at 30.09.2021
i Total Debt/Equity - Aker ASA (parent only)	< 80%	29%
ii Group Loans to NAV or Group Loans	< 50% < NOK 10 bn	5.0% NOK 3.6 bn

Aker ASA and holding companies Income statement

Amounts in NOK million	3Q 2020	2Q 2021	3Q 2021	YTD 3Q 2020	YTD 3Q 2021	Year 2020
Operating expenses	(49)	(68)	(85)	(190)	(228)	(270)
EBITDA	(49)	(68)	(85)	(190)	(228)	(270)
Depreciation and impairment	(8)	(8)	(8)	(24)	(23)	(82)
Value change	1 249	78	(1 332)	763	5 943	3 815
Net other financial items	451	463	376	906	1 375	1 752
Profit before tax	1 643	466	(1 049)	1 455	7 067	5 215

Aker Asset Management

Excellent track record of adaptation and value creation

UTILIZE THE AKER COLLABORATIVE ADVANTAGE

Aker ASA structure with dedicated asset classes

Slide 21

Two dedicated platforms to form Aker's Asset Management structure

Venture Capital - Three vertical fund structures to create the next generation of leading companies

RunwayFBU Axis Clara Venture Capital 1 2 3 Software Industrial Software Industrial technology Focus area Pre-Seed/Seed Venture Capital Pre-Seed to Growth Equity Capital phase Early-stage accelerator fund focusing on software driven companies A venture capital fund focusing on industrial software companies A venture capital fund focusing on industrial technology with inhouse R&D team Description Key persons Tor Bækkelund John Markus Lervik Bernt Skeie Key person Venture Capital Martin Bech Holte

Private Equity – Combining Aker's capital and eco-system with private equity expertise to build long term value for its stakeholders

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 trademark 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.