Philly Shipyard — Investor Presentation 2014

Apr 9, 2014

Annual General Meeting

part of Aker

Aker Philadelphia Shipyard ASA Oslo, 9 April 2014

Building the Future

9 April 2014

Agenda

9 April 2014

• 1. Opening of the annual general meeting, including approval of the notice and agenda.
• 2. Election of a person to co-sign meeting minutes along with meeting chair.
• 3. Presentation of business activities.
• 4. Approval of the 2013 annual accounts of Aker Philadelphia Shipyard ASA, group consolidated accounts and the Board of Directors' report.
• 5. Consideration of the Board of Directors' declaration regarding stipulation of salary and other remuneration to executive management of the company.

• 6. Consideration of the statement of corporate governance.

• 7. Stipulation of remuneration to the members of the Board of Directors and the Audit Committee.

• 8. Stipulation of remuneration to the members of the Nomination Committee.
• 9. Approval of remuneration to the auditor for 2013.
• 10. Election of members to the Board of Directors.
• 11. Authorization to the Board of Directors for payment of dividends.
• 12. Authorization to the Board of Directors to increase the share capital.
• 13. Authorization to the Board of Directors to purchase own shares.

part of Aker

Presentation of Business Activities

part of Aker

Slide 3

Aker Philadelphia Shipyard ASA

Building the Future

9 April 2014

Company Overview

A U.S. shipyard that utilizes state-of-the-art shipbuilding practices to manufacture ocean-going commercial vessels for the Jones Act market

• Company: AKPS is the most modern U.S. shipyard focused on building commercial vessels protected by the Jones Act
• Products: AKPS currently builds ocean-going tankers ranging in size from 46,000-115,000 dwt; the yard has the capabilities and infrastructure to build a variety of vessels and has also built four container ships
• Facility: AKPS's shipyard was completely rebuilt in 1998 and has been optimally designed to support commercial shipbuilding operations; over USD 650M invested through a public private partnership
• Processes: The yard utilizes modular construction, automated fabrication systems and outsourcing to enhance productivity
• Partners: Historic relationship with Hyundai Mipo Dockyards and currently with Samsung Heavy Industries
• Order book: Three vessels currently in production phase; last delivery in late 2018
• Ownership: Converto Capital Fund owns 57.6% of the company which is listed on the Oslo Stock Exchange

9 April 2014

Modern Shipyard

Commercial Vessels

Product Tankers

Container Ships

Summary of 2013 Main Events

• Delivered fourteenth product tanker to Crowley as planned on 30 January
• Signed joint venture agreement with Crowley to build and participate in post delivery economics on four product tankers
• Signed shipbuilding contracts with Matson to construct two containerships
• Record strong earnings with revenues of USD 279.0M and EBITDA of USD 30.1M
• AKPS stock price increased 933% and was a leading stock on the Oslo Stock Exchange
• Celebrated the 15-year anniversary of the shipyard

9 April 2014

Hull 019 in Outfitting Dock

Presentation of Financial Statements

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Slide 7

Aker Philadelphia Shipyard ASA

Building the Future

9 April 2014

Consolidated Income Statement

5 1 4 1, 0 4 0
) ( ) 2 1 1 6, 2 0 7
8 ) ( 2, 4 3 0 )
0 ) ( 4, 5 2 9 )
5 1 7, 8 7 4
) ( ) 9 1, 8 1 3
6 1 6, 0 6 1
4 9 8 1
) ( ) 1 1, 3 0 3
9 1 5, 7 3 9
4 ) ( 6, 2 6 3 )
5 9, 4 7 6
3 0. 9 3
2 6 8 6 1 1 9 8 7 0 1 9 5

9 April 2014

Consolidated Statement of Financial PositionAssets

S A i U D h d t t m o u n s n o u s a n s	2 0 1 3	2 0 1 2
S S S A E T
P l d i t t t r o p e r y, p a n a n e q u p m e n	5 4, 8 2 4	5 6, 9 8 6
R i d h t t e s r c e c a s	2 0, 0 0 3	2 0, 0 0 1
f D d t t e e r r e a a s s e s x	2, 9 7 6	3, 5 5 3
O h t t t e r n o n- c u r r e n a s s e s	3 8 0 5,	3, 3 0 0
T l t t t o a n o n- c u r r e n a s s e s	8 3, 1 8 3	8 3, 8 4 0
W k- i o r n- p r o c e s s	-	6 7, 7 1 8
P d h i b l t t r e p a y m e n s a n o e r r e c e v a e s	3 2, 0 1 5	1 9, 2 9 4
I i b l t n c o m e a r e c e a e x v	3, 2 8 7	1, 1 5 4
C h d h i l t a s a n c a s e q u v a e n s	6 8, 7 7 5	5 8, 3 3 3
T l t t t o a c u r r e n a s s e s	1 0 4, 1 1 3	1 4 6, 4 9 9
T l t t o a a s s e s	1 8 7, 2 9 6	2 3 0, 3 3 9

9 April 2014

Consolidated Statement of Financial PositionEquity & Liabilities

S A in U D ho ds ts t m ou n us an	2 0 1 3	2 0 1 2
E Q U I T Y A N D L I A B I L I T I E S
Pa i d in i l ta c ap	7 0, 9 9 5	7 0, 9 9 5
O he i t ty r e q u	4 2, 9 5 0	2 7, 3 5 5
i i i f To ta l e ty t tr bu ta b le to ty ho l de t he t q u a e q u rs o p ar en	1 1 3, 9 4 5	9 8, 3 5 0
To l e i ta ty q u	1 1 3, 9 4 5	9 8, 3 5 0
In be in lo de b te t- -te t re s ar g ng rm	2, 8 7 0	5, 5 6 5
O he lo l ia b i l i ie t -te t r ng rm s	7, 0 3 0	5, 9 8 0
De fe d l ia b i l i ie ta t rre x s	8 9 6 7,	9 0 2
To l n l ia b i l i ie ta t t on -c ur re n s	1 9 6 7, 7	1 2, 4 4 7
In be in ho de b te t- t- te t re s ar g s r rm	2, 6 9 5	3 3, 8 3 9
Tr de b le d d l ia b i l i ie t a p ay a s an ac cr ue s	1 8, 2 9 3	2 2, 8 0 9
C dv to t us m er a an ce s, n e	3 3, 8 2 1	6 0, 0 5 7
O he is io ie t t r p ro v ns w ar ra n s -	4 6 7	2, 8 3 7
ia i i ie To ta l c t l b l t ur re n s	5 5, 5 5 5	1 1 9, 5 4 2
To l l ia b i l i ie ta t s	7 3, 3 5 1	1 3 1, 9 8 9
To l e i d l ia b i l i ie ta ty t q u a n s	1 8 2 9 6 7,	2 3 0, 3 3 9

9 April 2014

Aker Philadelphia Shipyard ASA Income Statement

S A in U D ho ds ts t m ou n us an	2 0 1 3	2 0 1 2
O in t p er a g re ve nu es	2 0 8 5 ,	7 6
O in t p er a g ex p en se s	( ) 6 1 1	( ) 5 5 2
O in in / ( lo ) t p er a g co m e ss	1, 4 4 7	( 4 6 ) 7
In in fro bs i d ia te t re s co m e m s ry u	-	2 0 0
In bs i d ia te t e to re s xp en se s u ry	( ) 4 0 7	( ) 7 2
O he in d f in ia l in t te t a r re s n an c co m e	6 9 9	3 1 6
O he in d f in ia l e t te t a r re s n an c xp en se s	( ) 1 3 6	-
In / ( lo ) be fo ta co m e ss re x	1, 6 3 0	( ) 3 2
f Ta be i t ne x	4 1 0	-
Ne in / ( lo ) fo he t t co m e ss r y ea r	2, 0 4 0	( ) 3 2
A l lo io f in / ( lo ) t t ca n o ne co m e ss :
N in / ( lo ) t e co m e ss	2 0 4 0 ,	( ) 3 2
O he i t ty r e q u	( ) 2 0 4 0 ,	3 2
To l ta	-	-
9 Ap i l 2 0 1 4 r
	Sli de 11		f A ke rt o pa r

Aker Philadelphia Shipyard ASA Statement of Financial Position

Am in U S D ho ds ts t ou n us an	2 0 1 3	2 0 1 2	Am in U S D ho ds ts t ou n us an		2 0 1 2
A S S E T S			E Q U I T Y A N D L I A B I L I T I E S
S ha in bs i d ia ies re s su r	6 0 0 0 7,	6 0 0 0 7,	S ha i l ta re ca p	1 8, 0 9 7	1 8, 0 9 7
De fe d ta t rre x a ss e	4 1 0	-	S ha iu re p re m m re se rve	5 2, 2 8 6	5 2, 2 8 6
O he iva b les t t r r n on -c ur re n ec e	1 4, 1 1 0	1 5, 7 4 1	To l p i d in i l ta ta a c a p	0, 9 9 5 7	0, 9 9 5 7
To l n ta t a ts o n- cu rre n s s e	8 1, 5 2 0	8 2, 4 1 7	O he i t ty r e q u	1 6, 1 1 1	1 4, 0 7 1
			To l e i ta ty q u	8 1 0 6 7,	8 5, 0 6 6
O he iva b les t t r r c ur re n ec e	2, 6 4 2	3 8 4
Ca h a d h e iva le ts s n ca s q u n	1 2 7, 5 7	1 0, 1 8 1	Lo bs i d ia -te te to ng rm n o s s u ry	1 3, 9 8 0	6, 0 2 5
To l c ta t a ts u rre n s s e	2 0, 1 6 9	1 0, 5 6 5	To l n l ia b i l i ie ta t t o n- cu rre n s	1 3, 9 8 0	6, 0 5 2
			O he ho l ia b i l i ies t t- te t r s r rm To l c l ia b i l i ie ta t t rre n s u	6 0 3 6 0 3	2, 1 8 8 2, 1 8 8
To l a ta ts s s e	1 0 1, 6 8 9	9 3, 3 0 6	To l e i d l ia b i l i ie ta ty t q a n s u	1 0 1, 6 8 9	9 3, 3 0 6
9 Ap i l 2 0 1 4 r

S Am in U D ho ds ts t ou n us an	2 0 1 3	2 0 1 2
To l e i ta ty q u	8 7, 1 0 6	8 5, 0 6 6
O he ho l ia b i l i ies t t- te t r s r rm	6 0 3	2, 1 8 8
ia i i ie To l c l b l ta t t u rre n s	6 0 3	2, 1 8 8

Auditor's Report 2013

Consideration of the Board of Directors' declaration regarding stipulation of salary and other remuneration to executive management of the Company

The General Meeting supports the Board of Directors' statement regarding establishment of salary and other benefits for the executive management pursuant to the Public Limited Liability Company section

Corporate Governance Report 2013

Proposal from the Nomination Committee of remuneration to the members of the Board of Directors, the Audit Committee and the Nomination Committee

Approval of remuneration to the auditor for 2013

The remuneration to the auditor of USD 45,269 ex. VAT for the audit of the Company's 2013 annual accounts is approved. In addition, the Group has paid fees to KPMG of USD 15,389 ex. VAT for services other than audit.

Board composition

New board composition

Authorizations to the Board of Directors

• Authorization to the Board of Directors for payment of dividends.
• Authorization to the Board of Directors to increase the share capital.
• Authorization to the Board of Directors to acquire own shares.

Disclaimer

9 April 2014

This Presentation 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 Presentation 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 Philadelphia Shipyard ASA and Aker Philadelphia Shipyard 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 Philadelphia Shipyard'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 Presentation. Although Aker Philadelphia Shipyard ASA believes that its expectations and the Presentation 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 Presentation. Aker Philadelphia Shipyard ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither Aker Philadelphia Shipyard 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 Philadelphia Shipyard group consists of many legally independent entities, constituting their own separate identities. Aker Philadelphia Shipyard is used as the common brand or trade mark for most of this entities. In this presentation we may sometimes use "Aker Philadelphia Shipyard", "Group, "we" or "us" when we refer to Aker Philadelphia Shipyard companies in general or where no useful purpose is served by identifying any particular Aker Philadelphia Shipyard company.

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part of Aker Slide 22

9 April 2014