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Aker ASA Presentation London | 17 March 2015 Aker ASA – Positioned for Both Growth and Yield

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Aker ASA Presentation London | 17 March 2015 Aker ASA – Positioned for Both Growth and Yield Proud ownership Aker Companies Investor Day Aker ASA presentation London | 17 March 2015 Aker ASA – positioned for both growth and yield What we have… A A pivotal position in key Norwegian and global main industries B Financial and liquidity position providing optionality What we offer in addition… 1 Deep sector knowledge and track record of long-term value creation 2 Growth in underlying earnings and high visibility 3 A direct yield to our shareholders 17 March 2015 AKER ASA | Aker Companies Investor Day 2 A. A pivotal position in key Norwegian and global main industries Portfolio combining growth and upstream cash Industrial Opportunistic Financial holdings investments resources Portfolio Growth Navigator Marine Other financial investments Upstream cash of NOK 1.0 bn in 2014 Cash and liquid fund investments Yield Gross asset values NOK 15.3 bn (61%) NOK 6.4 bn (26%) NOK 3.2 bn (13%) per end 2014: 17 March 2015 AKER ASA | Aker Companies Investor Day 3 B. Financial and liquidity position providing optionality Flexibility and financial strength Gross asset values Net asset values % of gross value1) NOK billion1) 24.9 Listed investments Industrial Holdings 13% Unlisted investments Other financial investments Cash and liquid fund inv. Cash and liquid fund investments 70% 17.4 +17.7 bn (71%) 17% NOK 24.9 bn 7.2 17% 4.3 70% 3.2 Gross Debt asset value Gross asset values of NOK 24.9 bn, of which 83% (20.7 bn) Net asset value of NOK 17.7 bn and a strong financial are cash and publicly traded investments and liquidity position 1)As per 31.12.2014 17 March 2015 AKER ASA | Aker Companies Investor Day 4 Aker ASA – positioned for both growth and yield What we have… A A pivotal position in key Norwegian and global main industries B Financial and liquidity position providing optionality What we offer in addition… 1 Deep sector knowledge and track record of long-term value creation 2 Growth in underlying earnings and high visibility 3 A direct yield to our shareholders 17 March 2015 AKER ASA | Aker Companies Investor Day 5 1. Deep sector knowledge and track record of long-term value creation Proven value creation through M&A Established Acquisition of Acquisition of Epax Demerger and OTC Acquisition of IPO and listing Launched shares from 45% and formation of JV listing of Norway Marathon Norway to 100% with LG Seafoods AS Demerger and re- Sale of AMC IPO and listing IPO and listing IPO and listing Sale of Naxys listing of AKSO / Sale of P&C Akastor 2004 2005 2006 2007 2008 20082009 2010 2011 2012 2013 2014 Demerger and re- Demerger and re- Demerger and re- Aker ASA - Merger and Sale of Aker Merger between listing of listing of listing of Increased Sale of Epax listing Yards Aker Exploration Kvaerner Kvaerner and Det norske Kvaerner ownership by 6% Aker Holding Sale of Aker Sale of Aker Sale of Aker Sale of MLS IPO and listing structure IPO and listing Drilling Drilling Drilling Sale of WIS established Aker ASA - Spun-out and Sale of NAM IPO and listing Increased ownership Delisting separate listing construction by ~10% Relisting of Aker Listing Sale of Stream Drilling 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 17 March 2015 AKER ASA | Aker Companies Investor Day 6 1. Deep sector knowledge and track record of long-term value creation Cyclical markets creates opportunities Historical oil price development Illustration of transaction optionality USD per bbl 160 Level 1: New Aker ASA investments 140 Aker ASA 120 100 Level 2: Changes in ownerships 80 % % % % 60 40 Level 3: M&A in current portfolio companies Portfolio Portfolio Portfolio Portfolio 20 company 1 company 2 company 3 company 4 0 20002004 2008 2012 2016 17 March 2015 AKER ASA | Aker Companies Investor Day 7 1. Deep sector knowledge and track record of long-term value creation Pro-active measures are being taken Aker ASA Reducing operational expenses . Operational expenses are being reduced by more then 15% (full effect from 2016) . Executive salaries will not be adjusted this year. Other salaries will not be adjusted above inflation . Bonus payments will be reduced compared to previous years Industrial Holdings Operational excellence Cost reductions and capacity adjustments Counter-parties Inverse oil exposure Financing 17 March 2015 AKER ASA | Aker Companies Investor Day 8 2. Growth in underlying earnings and high visibility Growth in underlying pro-rata financials Operating revenues1) EBITDA1) Dividend to Aker Pro-rata, NOK billion Pro-rata, NOK billion NOK billion 1.0 26.8 0.9 21.4 20.2 3.5 0.5 1.6 1.6 2012 2013 2014 2015E 2012 2013 2014 2015E 2012 2013 2014 2015E 279 296 370 22.6 22.7 48.3 6.4 11.8 14.4 NOK per share Financial Investments Industrial Holdings Bloomberg 2015 consensus 2) 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 17 March 2015 AKER ASA | Aker Companies Investor Day 9 3. A direct yield to our shareholders Dividend supported by upstream cash flow Upstream dividend Dividend to Aker shareholders NOK million NOK per share (left axis) and % (right axis) NOK per share Per cent 1 040 20 8.0 7.1% 7.1% 18 852 7.0 16 5.9% 6.1% 5.7% 6.0 14 12 5.0 10 461 1) 4.0 8 5.0 3.0 6 12.0 13.0 10.0 11.0 2.0 191 4 2 5.0 1.0 0 0.0 20112012 2013 2014 2015E 2011 20122013 2014 2015 Cash dividend to Aker shareholders Aker BioMarine 3.9 4.1 3.7 3.9 4.1 % of NAV2) Financial Investments Ocean Yield Kvaerner Aker Solutions / Akastor Direct dividend yield2) Optional scrip dividend Cash dividend 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 17 March 2015 AKER ASA | Aker Companies Investor Day 10 Aker Industrial Holdings presenting today 17 March 2015 AKER ASA | Aker Companies Investor Day 11 Industrial Holdings Det norske Exploration & Production company on the Norwegian continental shelf Industrial Opportunistic Financial holdings investments resources Aker’s ownership agenda . Johan Sverdrup unitisation and project Growth execution . Secure diversified and robust financing Yield <2020? . Operational excellence 17 March 2015 AKER ASA | Aker Companies Investor Day 12 Industrial Holdings Aker Solutions Global oil services company providing services, technologies, and product solutions within subsea and field design Industrial Opportunistic Financial holdings investments resources Aker’s ownership agenda . Operational excellence Growth . Reduce complexity and costs . Capacity adjustments Yield . Capital discipline 17 March 2015 AKER ASA | Aker Companies Investor Day 13 Industrial Holdings Akastor Oilfield services investment company with a flexible mandate for long-term value creation Industrial Opportunistic Financial holdings investments resources Aker’s ownership agenda . Portfolio allocation Growth Portfolio . Reduce cost and capacity adjustements . Capital discipline Yield 17 March 2015 AKER ASA | Aker Companies Investor Day 14 Industrial Holdings Kvaerner Specialised oil and gas-related EPC company Industrial Opportunistic Financial holdings investments resources Aker’s ownership agenda . Review delivery model and enhance Growth competitiveness ? . Execution of order backlog Yield . Explore strategic options New picture 17 March 2015 AKER ASA | Aker Companies Investor Day 15 Industrial Holdings Ocean Yield A maritime assets company with long-term contracts Industrial Opportunistic Financial holdings investments resources Aker’s ownership agenda . Expand and diversify portfolio Growth . Solid counterparties . Drive down cost of capital Yield . Predictable and growing cash dividends New picture 17 March 2015 AKER ASA | Aker Companies Investor Day 16 Industrial Holdings Havfisk Leading whitefish harvesting company Industrial Opportunistic Financial holdings investments resources Aker’s ownership agenda . Operational excellence and improved Growth profitability . Optimise vessel and quota portfolio Yield 2015? . Introduce dividend payments New picture 17 March 2015 AKER ASA | Aker Companies Investor Day 17 Aker Other key investments 17 March 2015 AKER ASA | Aker Companies Investor Day 18 Industrial Holdings Aker BioMarine Integrated biotech company – specialised in krill harvesting and processing Industrial Opportunistic Financial holdings investments resources Aker’s ownership agenda . Build and expand the market for krill-derived Growth ? products, ingredients and applications . Operational excellence . Explore options to further reveal underlying values and render investment more liquid Yield 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 17 March 2015 AKER ASA | Aker Companies Investor Day 19 Financial Investments Other public investments Industrial Opportunistic Financial holdings investments resources Aker’s ownership agenda . Develop and maximise values Growth ? . Render investments more liquid . Evaluate strategic alternatives Yield ? 17 March 2015 AKER ASA | Aker Companies Investor Day 20 Financial Investments Real Estate Development Industrial Opportunistic Financial holdings investments resources Aker’s ownership agenda . Conclude marketing and sales
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