Proud ownership Proud ownership
Pareto Securities Oil & Offshore Conference AKER ASA PRESENTATION Head of Investor Relations Marianne Stigset
Oslo | 14 September 2016 Aker’s main tasks: capital allocation and strategy
Sector view . Allocate capital to maximise return to shareholders within an acceptable risk profile Value creation plan . 12% investment return target per annum over the cycle Active ownership
Capital Strategic Restructuring Org. & human Operational structures & direction and M&A capital improvement financing
September 2016 AKER ASA | Pareto Securities Oil & Offshore Conference 2 Aker’s investment proposition
1 A solid financial position and investment capacity
2 A portfolio of quality companies continuously improving
3 A proven track record of creating value through M&A
4 A predictable and sustainable dividend policy
September 2016 AKER ASA | Pareto Securities Oil & Offshore Conference 3 1 A solid financial position and investment capacity
Flexibility and financial strength As per 30.06.2016
Gross asset values Net asset values % of gross value NOK billion 31.7
Listed investments Industrial Holdings Unlisted investments Other financial investments 12% 77% Cash and liquid fund inv. Cash and liquid fund investments
77% 24.5 +24.7 bn (78%) NOK 31.7 bn NOK bn NAV 100% 24.7 6.9 Discount 36% 8.9 75% 11% 3.5 Market cap. 64% 15.8
3.8
Gross asset value Debt
Gross asset values of NOK 31.7 bn, of which 89% are cash Net asset value of NOK 24.7 bn and a strong financial and publicly traded investments and liquidity position
September 2016 AKER ASA | Pareto Securities Oil & Offshore Conference 4 1 A solid financial position and investment capacity
Strong upstream cash flow and investment capacity
Investment capacity potential Upstream dividend NOK million NOK million
Financial Investments Ocean Yield . Increased gearing Kværner Aker Solutions/Akastor . Increased dividends Aker BioMarine Havfisk 1438 . Divestments 6.0 1 040
852 ~5.0 1.0
461
191
Cash (incl. RCF Additional liquid fund inv.) potential 2011 2012 2013 2014 2015 2016 after HFISK / sources NWS / SOFF
September 2016 AKER ASA | Pareto Securities Oil & Offshore Conference 5 2 A portfolio of companies continuously improving
Portfolio companies: robust financials amid turbulent markets
Aker and portfolio companies: spreads over 3M NIBOR 3-year duration, basis points, indicative spreads 1 400
1 200
1 000
800
600
400
200
0 jan. 14 apr. 14 jul. 14 okt. 14 jan. 15 apr. 15 jul. 15 okt. 15 jan. 16 apr. 16 jul. 16 Aker, 3y Aker Solutions, 3y Det norske oljeselskap, 3y Ocean Yield, 3y Norwegian high-yield average Source: DNB Markets
September 2016 AKER ASA | Pareto Securities Oil & Offshore Conference 6 2 A portfolio of companies continuously improving
49% of Aker’s gross assets are related to oil and gas Per cent, 2Q16 (1Q16) Real estate investments 1% (5%) Other 5% (7%) 20%
Cash and liquid fund investments 12% (10%) E&P 32% (24%)
NOK 31.7 bn
Oil Services 16% (16%)
27% Maritime assets 20% (24%)
Seafood & Marine Biotech 13% (16%)
September 2016 AKER ASA | Pareto Securities Oil & Offshore Conference 7 2 A portfolio of quality companies continuously improving
Key value drivers for our Industrial Holding companies
KEY VALUE DRIVERS KEY VALUE DRIVERS
. Operational excellence, cost reductions . Operational excellence . Secure new work and develop service . Growth, both organic and through M&A offering . Successful merger with BP Norway . Partnerships and alliances
. Operational excellence, cost reductions . Growth by incremental, accretive . Secure new work and develop service investments offering . Diversify capital structure and reduce cost of . Develop and nurture buyer universe to capital release cash from M&A . Manage and mitigate counterparty risk
. Operational excellence, cost reductions . Operational excellence and cost reductions . Secure new work and develop service . Higher volumes in dietary supplements, offering higher prices in aquaculture . Maintain strong balance sheet . M&A
September 2016 AKER ASA | Pareto Securities Oil & Offshore Conference 8 3 A proven track record of creating value through M&A
Value creation through M&A: transactions worth ~NOK 30 bn
AKER ASA 2015 2016
Divestment Divestment Divestment MBO of Investment Acquisition of real Investment of Havfisk of Setanta Ocean in Solstad of shares in estate in Cxense and Norway Energy Harvest Offshore Aker BP property Seafoods
PORTFOLIO COMPANIES 2015 2016
Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Investment of Svenska of Premier Sale of real Sale of of of Divestment of of Centrica of Noreco of BP in Petroleum Oil estate Fornebu 4 product 8 chemical tanker assets Norway Norwegian Norwegian 6 container Norwegian Norwegian property offices tankers tankers licenses portfolio subsidiary vessels subsidiary subsidiary
September 2016 AKER ASA | Pareto Securities Oil & Offshore Conference 9 3 A proven track record of creating value through M&A
Aker’s value creation since stock listing: 2004-2016
NAV (per share) Share price (NOK) 600 adj. for dividend adj. for dividend NAV (per share) Share price (NOK) 500
400
300
200
100
0 30.09.04 31.12.05 31.12.07 31.12.09 31.12.11 31.12.13 31.12.15
Aker share 2004 –2Q16 OSEBX 2004 –2Q16 Annual average return, incl. dividend +25% Annual average return, incl. dividend +9.5%
September 2016 AKER ASA | Pareto Securities Oil & Offshore Conference 10 4 A predictable and sustainable dividend policy
Dividend supported by increasing upstream cash flow
Upstream dividend Dividend to Aker shareholders NOK million NOK per share (left axis) and % (right axis)
1 438 NOK per share Per cent
20 8.0 7.1% 7.1% 18 7.0 1 040 16 5.9% 6.1% 6.1% 5.7% 6.0 852 14 12 5.0 10 4.0 8 461 5.0 3.0 6 10.0 11.0 12.0 13.0 10.0 2.0 4 191 2 5.0 1.0 0 0.0 2011 2012 2013 2014 2015 2016 2011 2012 2013 2014 2015 2016 3.9 4.1 3.7 3.9 4.1 3.6 % of NAV1)
Dividend to Aker’s shareholders Ocean Yield Direct dividend yield1) Optional scrip dividend Cash dividend Financial Investments Aker Solutions/Akastor
Kværner Havfisk 1)As per end of preceding year Aker BioMarine
September 2016 AKER ASA | Pareto Securities Oil & Offshore Conference 11 Conclusion
1 A solid financial position and investment capacity
2 A portfolio of quality companies continuously improving
3 A proven track record of creating value through M&A AKER - an attractive portfolio and a solid financial position, 4 A predictable and sustainable dividend policy providing optionality
September 2016 AKER ASA | Pareto Securities Oil & Offshore Conference 12 Q & A
September 2016 AKER ASA | Pareto Securities Oil & Offshore Conference 13 175 years of change
Proud ownership Aker ASA Appendix
September 2016 AKER ASA | Pareto Securities Oil & Offshore Conference 15 Aker ASA and holding companies This is Aker NOK billion, as per 30.06.2016
Listed investments Unlisted investments Industrial Holdings Financial Investments Det norske 50.0% 10.3 3.4 Cash Aker Solutions1)) 34.8% 3.4 0.4 Liquid fund investments Akastor1)) 36.7% 0.9 1.3 Listed financial investments Kvaerner1) 28.7% 0.6 0.3 Real estate investments2)
Ocean Yield 73.0% 5.9 1.8 Other financial investments2)
Aker BioMarine2) 99.5% 1.4
Havfisk 63.2% 2.0
Gross asset value 24.5 7.2
Net asset value 24.7
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
September 2016 AKER ASA | Pareto Securities Oil & Offshore Conference 16 Aker ASA and holding companies Interest-bearing items and loan guarantees
7 000
6 000 Net interest-bearing 2000 5 000 liabilities of 1800 4 000 NOK 2.2 billion 1600 1400 3 000 1200 Cash 2 000 1000 800 1 000 Interest-bearing receivables 600 0 Interest-bearing debt 400 200 Interest-bearing debt Loan amount (MNOK) Outstanding (MNOK) Maturity 0 2016 2017 2018 2019 2020 2021 2022 Bond AKER 08 500 500 2017 Bond AKER 11 1 300 1 300 2018 Bond AKER 07 500 500 2019 Average debt maturity is 3.3 years Bond AKER 12* 1 480 1 480 2019 Bond AKER 13 1 000 1 000 2020 Bond AKER 10 700 700 2020 Status per Financial Covenants Limit Bond AKER 09 1 000 1 000 2022 30.06.2016 Bank loan (RCF) 1 000 0 2019 i Total Debt/Equity1) < 80% 42% Capitalised loan fees etc. (32) (32) Total 7 449 6 449 ii Group Loans to NAV < 50% 1.7% * MSEK 1 500 issue or Group Loans < NOK 10 bn NOK 0.4 bn
Loan guarantees 1Q 2016 2Q 2016 1) Covenant applies to Aker ASA (parent only). Reference is made to loan agreements for details. Aker BioMarine 305 305 Ocean Harvest Invest 69 65 Other 3 3 Total external 377 373
September 2016 AKER ASA | Pareto Securities Oil & Offshore Conference 17