Aker ASA – 06.08.2013

Registration Document

Registration Document

Aker ASA

Aker ASA Fjordalléen 16, Aker Brygge PO Box 1423 Vika NO-0115 Oslo Tel: 24 13 00 00

06.08.2013

Prepared according to Commission Regulation (EC) No 809/2004 - Annex IX

Aker ASA – 06.08.2013

Registration Document Important notice

The Registration Document has been prepared solely in connection with application for the issuance of the Bonds on Oslo Børs. The Registration Document together with the relevant Securities Notes constitutes a Prospectus.

The Registration Document is based on sources such as annual reports and publicly available information. This Registration Document has been prepared in cooperation with the Arranger. This is subject to the general business terms of the Arranger. Confidentiality rules and internal rules restricting the exchange of information between different parts of the Arranger may prevent employees of the Arranger who are preparing this Registration Document from utilizing or being aware of information available to the Arranger and/or affiliated companies and which may be relevant to the recipients' decisions.

Only the Company and the Arrangers are entitled to obtain information about conditions described in the Registration Document. Information provided by any other person does not have relevance to the registration document and should therefore not be trusted.

The Arranger and/or affiliated companies and/or officers, directors and employees may be a market maker or hold a position in any instrument or related instrument discussed in this Registration Document, and may perform or seek to perform financial advisory or banking services related to such instruments. The Arranger's corporate finance department may act as manager or co-manager for this Issuer in private and/or public placement and/or resale not publicly available or commonly known.

Copies of this Registration Document are not being mailed or otherwise distributed or sent in or into or made available in the United States other than on the Issuer’s web page. Persons receiving this document (including custodians, nominees and trustees) must not distribute or send such documents or any related documents in or into the United States.

Other than in compliance with applicable United States securities laws, no solicitations are being made or will be made, directly or indirectly, in the United States. Securities will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

The Registration Document is subject to Norwegian law, unless otherwise expressly stated. Any dispute regarding the Registration Document shall be resolved by Norwegian law.

The distribution of the Registration Document may be limited by law also in other jurisdictions, for example in Canada, Japan and in the United Kingdom. The Prospectus has been reviewed and approved by the Norwegian FSA in accordance with sections 7-7 and 7-8, cf. section 7-3 of the Norwegian Securities Trading Act. The Norwegian FSA has not controlled or approved the accuracy or completeness of the information given in this Prospectus. The approval given by the Norwegian FSA only relates to the Issuer's descriptions pursuant to a pre-defined check list of requirements. The Norwegian FSA has not made any form of control or approval relating to corporate matters described in or otherwise covered by this Prospectus.

This Registration Document does not constitute an offer to subscribe or purchase any bonds or other securities.

The content of the Registration Document is not any form of legal, financial or tax advice. Any Bondholder should consult with their own legal and/or financial advisor and/or tax adviser.

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Registration Document Table of Contents

1 RISK ...... 5

1.1 RISK FACTORS ...... 5 2 PERSONS RESPONSIBLE ...... 7

2.1 PERSONS RESPONSIBLE ...... 7 2.2 STATUTORY AUDITORS ...... 7 3 DEFINITIONS ...... 7 4 THIRD PARTY INFORMATION AND FORWARD LOOKING STATEMENTS ...... 8 5 INFORMATION ABOUT THE ISSUER ...... 8

5.1 AKER ASA DETAILS...... 8 5.1.1 Legal and commercial name ...... 8 5.1.2 Organisation number ...... 8 5.1.3 Date of incorporation and registration ...... 8 5.1.4 Contact information ...... 8 5.2 HISTORY AND DEVELOPMENT ...... 8 6 BUSINESS OVERVIEW ...... 10

6.1 OVERVIEW AND COMPANY STRUCTURE ...... 10 6.1.1 Aker ASA ...... 10 6.1.2 Company structure ...... 10 6.2 INDUSTRIAL HOLDINGS ...... 11 6.2.1 ...... 12 6.2.2 Kvaerner...... 12 6.2.3 Det norske oljeselskap ...... 13 6.2.4 Ocean Yield ...... 13 6.2.5 Aker BioMarine ...... 13 6.2.6 ...... 13 6.3 FINANCIAL INVESTMENTS ...... 13 6.3.1 Cash and receivables ...... 14 6.3.2 Equity and financial investments ...... 14 6.3.3 Fund investments ...... 15 7 THE BOARD OF DIRECTORS, MANAGEMENT AND SUPERVISORY BODIES ...... 16

7.1 THE BOARD OF DIRECTORS ...... 16 7.1.1 Kjell Inge Røkke (Chairman) ...... 16 7.1.2 Finn Berg Jacobsen (Director) ...... 16 7.1.3 Stine Bosse (Director) ...... 16 7.1.4 Kristin Krohn Devold (Director) ...... 17 7.1.5 Leif O. Høegh (Director) ...... 17 7.1.6 Karen Simon (Director) ...... 17 7.1.7 Atle Tranøy (Director, Elected by the employees) ...... 17 7.1.8 Tommy Angeltveit (Director, Elected by the employees) ...... 17 7.1.9 Arnfinn Stensø (Director, Elected by the employees) ...... 18 7.1.10 Nina Hansen (Director, Elected by the employees) ...... 18 7.2 MANAGEMENT ...... 18 7.2.1 Øyvind Eriksen (President & CEO) ...... 18 7.2.2 Trond Brandsrud (CFO) ...... 18 7.2.3 Atle Kigen (Heaf of Corporate Communication) ...... 18 7.2.4 Audun Stensvold (Investment Director) ...... 19 7.2.5 Maria Moræus Hanssen (Investment Director) ...... 19 7.2.6 Michael Buffet (Investment Director) ...... 19

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Registration Document 7.3 SUPERVISORY BODIES AND CONFLICTS OF INTERESTS ...... 19 7.3.1 Nomination commitee ...... 19 7.3.2 Conflicts of interests ...... 19 8 OWNERSHIP AND MAJOR SHAREHOLDERS ...... 20 9 FINANCIAL INFORMATION CONCERNING THE ISSUER’S FINANCIAL RESULTS AND COMMITMENTS ...... 21

9.1 SUMMARY OF FINANCIAL RESULTS ...... 21 9.1.1 Balance sheet ...... 21 9.1.2 Income statement ...... 21 9.1.3 Financial items ...... 21 9.1.4 Net assets value ...... 21 9.2 THE ISSUER’S FINANCIAL COMMITMENTS ...... 22 9.2.1 Debt distribution ...... 22 9.2.2 Installment schedule ...... 22 9.3 FINANCIAL STATEMENTS ...... 22 9.3.1 Income statement, balance sheet and cash flow statement ...... 22 9.3.2 Financial information by reference ...... 23 9.4 AUDIT OF FINANCIAL STATEMENTS ...... 23 9.4.1 Audited statements ...... 23 9.4.2 Latest audited statements ...... 23 9.5 LEGAL OR ARBITRATION PROCEEDINGS ...... 24 9.6 NO MATERIAL ADVERSE CHANGES ...... 24 9.7 MATERIAL CONTRACTS ...... 24 10 DOCUMENTS ON DISPLAY ...... 24 11 CROSS REFERENCE LIST ...... 25

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Registration Document 1 Risk

1.1 Risk factors

Aker ASA (“Aker”) is an active industrial investment company with exposure both in terms of its ownership and its receivables towards companies that operate within the energy sector, oil service, fisheries and biotechnology, and marine assets. As such, Aker’s risk is financially driven and connected to the underlying development of the companies Aker is exposed to either through value changes of the listed assets, dividend distribution or through repayment of debt.

Aker may enter into hedge positions as part of Aker’s risk management system primarily by hedging its foreign currency and interest rate risk exposure. In this matter, Aker will be exposed to fluctuations in these markets as well as counterparty risk. Aker’s operational risk is limited provided that Aker is an investment company with a rather predictable cost base.

Figure 1: Illustration of Aker’s key risk exposures

1.1.1 Risk associated to assets The main risks that Aker is exposed to are related to the value changes of the listed assets due to market price fluctuations. The development of the global economy, and energy prices in particular, are important variables in assessing near-term market fluctuations. As an industrial holding company, Aker is dependent on ensuring adequate liquidity through upstream cash and dividends from portfolio companies. The market situation will also affect the ability of the underlying companies to pay dividend as well as operations and opportunities for new investments and divestments. Aker’s investments are further described in section 6.

1.1.2 Risk associated to receivables within the Aker Group Aker also has receivables primarily towards companies that Aker directly or indirectly holds an ownership stake in.

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Registration Document 1.1.3 Risk associated to operations in foreign currencies Aker is an investment company primarily exposed to Norwegian companies and consequently with limited exposure towards operations. The companies that Aker is invested in have operations in international markets which lead to various types of currency exposure. Currency risks arise through ordinary, future business transactions, capitalised assets and liabilities, and when such transactions involve cash flows in a currency other than the functional currency of the respective company. In addition, currency risk may arise from investments in foreign subsidiaries. The Group is mainly exposed to the US dollar (USD). Management of operational risk primarily takes place at the underlying operating companies with established hedging policies in order to reduce exposure and fluctuations in foreign currencies.

1.1.4 Financial risk and exposure The Company is exposed to several types of financial risk, the most significant of which are liquidity, foreign exchange and interest rate.

Liquidity risk is associated with Aker being unable to meet its financial obligations as they fall due. As an industrial holding company, Aker is largely dependent on ensuring adequate liquidity through upstream cash and dividends from portfolio companies.

Aker will from time to time secure certain predictable cash flows through hedging activities in the foreign exchange market in connection with mergers and acquisitions, sale of assets, dividend or other predictable cash flows in foreign currencies. Through this activity, Aker is consequently exposed to counterparty risk to Norwegian and international banks and other financial institutions.

Aker’s interest rate risk arises from long-term borrowings and receivables. Borrowings and receivables issued at variable rates expose the Company to cash flow interest rate risk. Securities issued at fixed rates expose the Group to fair value interest risk.

1.1.5 Risk associated to guarantees Aker will from time to time issue guarantees on behalf of its subsidiaries. Current guarantees are limited compared to Aker’s balance sheet and Aker is targeting to reduce this exposure in the future.

1.1.6 Risk associated to refinancing and cost of debt Aker’s financing strategy includes both use of bond and bank as sources of financing. In connection to this, Aker is exposed to refinancing risk in the bond and bank markets. In addition, and dependent on the prevailing market conditions if and when Aker engages in refinancing activities, the company is exposed to fluctuating interest rates and margins which may be below or above current cost of debt levels.

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Registration Document 2 Persons responsible

2.1 Persons responsible

Aker ASA confirms that, having taken all reasonable care to ensure that such is the case, the information contained in the registration document is, to the best of their knowledge, in accordance with the facts and contains no omission likely to affect its import.

Trond Brandsrud CFO

Oslo 06.08.2013 Aker ASA

2.2 Statutory auditors

The Company’s auditor for the period which has covered the historical financial information in this Registration Document has been KPMG AS.

Contact information: KPMG AS Sørkedalsveien 6 PB 7000 Majorstuen NO-0306 Oslo

Telephone: +47 04063 Telefax: +47 22 60 96 01 www.kpmg.no

Org. no. 935 174 627 MVA

KPMG AS is a member of The Norwegian Institute of Public Accountants.

3 Definitions

Registration Document - This document dated 06.08.2013

The Parent / Issuer / The Company - Aker ASA

The Group / Aker - Aker ASA with subsidiaries

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Registration Document 4 Third party information and forward looking statements

If not otherwise indicated, Aker ASA is the source of information in this Registration Document. Information which has been sourced from a third party has been accurately reproduced. As far as the Company is aware and able to ascertain from information published by such third parties, no facts have been omitted which would render the reproduced information inaccurate or misleading.

The Registration Document is based on sources such as annual reports and publicly available information and forward looking information based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for the Issuer's (including subsidiaries and affiliates) lines of business. 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 the Issuer's businesses, 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 Registration Document. Although it is believed that the expectations are based upon reasonable assumptions, the Issuer can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Registration document.

5 Information about the issuer

5.1 Aker ASA details

5.1.1 Legal and commercial name The Company’s legal name is Aker ASA and commercial name Aker.

5.1.2 Organisation number The Issuer is registered in the Brønnøysund Register Center with the organisation number 886 581 432.

5.1.3 Date of incorporation and registration Aker ASA is a Norwegian Public Limited Liability Company incorporated on 13 February 2004 and registered on 18 Febuary 2004 and regulated by the Norwegian Companies Act and supplementing Norwegian laws and regulations.

5.1.4 Contact information Visiting and registered address: Fjordalleén 16, Aker Brygge, 0250 Oslo, Norway. Postal address: PB 1423 Vika, 0115 Oslo, Norway.

Phone: +47 24 13 00 00 Fax: +47 24 13 01 01 Website: www.akerasa.com

5.2 History and development

Aker’s history dates back to 1841 when its first mechanical workshop was established on the banks of the Akerselva river in Oslo. In the early years, workshop staff produced components for machinery and other equipment. Aker’s first clients came from the shipping and iron and non- ferrous metals industries. In the heyday of the steam engine, Aker supplied companies engaged in the timber, wood and pulp, coal, hydropower, fisheries and shipping industries.

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Registration Document In the late 1960s, Aker’s businesses refocused on the emerging North Sea oil and gas industry. Aker has participated in Norway’s petroleum adventure since the very first oil was discovered and produced.

In 1987, Aker merged with Norcem, a Norway-based international cement and construction materials group that also had significant offshore operations. The cement and construction materials business was later spun off into a separate company and sold in 1999.

Since the mid-1990s, entrepreneur and industrialist Kjell Inge Røkke has been Aker’s main shareholder, and a driving force in the Company’s development.

In 1994, Røkke consolidated his business activities in a Norwegian-US group, Resource Group International, Inc (RGI). RGI’s operations were organised into five business areas: fisheries, industry, distribution, real estate and projects/financing. In 1996, RGI purchased enough Aker shares to become Aker’s largest shareholder. Two Røkke-controlled companies subsequently merged.

In 2000, Aker acquired a substantial shareholding in the Kvaerner industrial group through its subsidiary . This marked the start of a restructuring of Norway’s offshore oil and gas supplier industry spearheaded by Aker.

In the autumn of 2001, Kvaerner experienced an acute liquidity crisis. A comprehensive rescue effort in the winter of 2001–2002, in which Aker and other Kvaerner shareholders, customers, creditors and employees all played important roles, enabled Kvaerner to survive. Aker emerged from the restructuring as Kvaerner’s largest shareholder.

Aker was relisted on Oslo Børs in the autumn of 2004, following a series of transactions that crystallised values through the establishment of streamlined, focused industrial companies and the sale of businesses, shares and other assets.

Aker Kvaerner (now Aker Solutions) was established, demerged and listed as a specialised company. Significant Norwegian oil and gas industry competence was unified in a single industrial group that markets its products, technologies and solutions to the global energy and process industries.

Aker and Kvaerner’s shipyards were merged to form Aker Yards and was listed in 2004. Aker’s fisheries activities were reorganised under Aker Seafoods, which was listed in 2005.

Following the large, complex transactions conducted in 2004, a new phase of industrialisation began that saw the establishment of several companies in the years 2005–2007: , Aker BioMarine, , Aker Exploration, Aker Oilfield Services and Aker Clean Carbon.

In 2007, Aker sold its shareholding in Aker Yards and transferred its ownership interest in Aker Kvaerner (renamed Aker Solutions in 2008) to . These transactions freed up capital and helped to ensure that ownership of Aker Solutions remained in Norway, as 40 per cent of Aker Holding stock was sold to the Norwegian state and two Wallenberg companies, SAAB and Investor.

In 2009, Aker was streamlined as an industrial investment company that participates actively in the development of its companies and the execution of industrial transactions, mergers and acquisitions. Aker’s industrial holdings were concentrated on ownership interests in Aker Solutions, Aker Drilling, Det norske oljeselskap and Aker BioMarine. The 2009 merger between Aker Exploration and Det norske made Aker the largest shareholder in the resulting oil company.

Aker strengthened its financial flexibility for further value creation in 2011, when the Company sold its 41 per cent shareholding in Aker Drilling to for NOK 3.3 billion. Aker Solutions’ field development and fabrication operations (offshore construction), were demerged and listed under the well-established Kvaerner name. Aker Solutions is being streamlined as a service company focused on engineering services, products, technologies and other services to the oil and gas industry.

In 2011, Aker increased its ownership interest in Aker Kvaerner Holding (formerly Aker Holding) from 60 to 70 per cent. Aker Kvaerner Holding owns approximately 40 per cent of Aker Solutions

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Registration Document and Kvaerner. In 2012, Aker’s ownership interest in Det norske oljeselskap was reduced from 50.81 to 49.99 per cent. The Johan Sverdrup oil discovery – one of the largest on the Norwegian continental shelf – resulted in considerable value appreciation.

The value of Aker’s industrial portfolio grew by NOK 7.6 billion to NOK 20 billion in 2012. Aker Solutions, Kvaerner and Det norske oljeselskap are focused on development and growth, while Aker’s ship-owning company Ocean Yield built a solid foundation for dividend growth. Ocean Yield was listed on Oslo Børs in July 2013, Aker ASA is the largest shareholder with more than 70% of the shares. Aker BioMarine merged with one of Aker’s holding companies in 2013, and is now wholly owned by Aker (as of January 2013). The fisheries company Aker Seafoods has been included in the industrial portfolio. Aker’s ownership agenda for the six industrial portfolio companies is to create value and generate future shareholder returns.

6 Business overview

6.1 Overview and company structure

6.1.1 Aker ASA Aker ASA is an industrial investment company that exercises active ownership. Aker is synonymous with industrial expertise and financial strength. As an active owner, Aker develops and strengthens the companies in its portfolio, working through the boards of the operational entities in its industrial holding and ensuring close follow-up by Aker’s investment directors and investment teams. Aker drives operational improvements, strategy, financing, restructuring and industrial transactions forward, thus ensuring dynamism and creating value for shareholders, customers, employees and society in general.

Aker’s ownership interests are concentrated on the business sectors: energy, environment, fisheries & marine biotech, and finance. These are key Norwegian industries that are international in scope. Each Aker investment portfolio company is well positioned to benefit from the growing demand for sustainable production of energy and food. As an industrial holding company, Aker is dependent on ensuring adequate liquidity through upstream cash and dividends from portfolio companies.

At the end of February 2013, the Group employed approximately 27 000 people in 30 countries, including 15 400 in Norway.

6.1.2 Company structure Aker organises its business activities in two segments: Industrial holdings and Financial investments.

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Registration Document

Figure 2: Illustration of Aker’s company structure as of 31.03.2013. Please note that Ocean Yield was listed on Oslo Børs in July 2013. Aker holds between 72-75% of the shares which is dependent on the over-allotment option in the 30-day period from commencement of trading in the shares on Oslo Børs.

Industrial holdings comprise Aker’s ownership interests in Aker Solutions, Kvaerner, Det norske oljeselskap, Ocean Yield, Aker BioMarine and Aker Seafoods. Aker has an ownership agenda for each of these companies that strengthens the business and creates value.

Financial investments comprise cash, receivables, real estate, shares in funds and other financial assets of Aker ASA and holding companies, with the exception of industrial equity investments.

6.2 Industrial holdings

Aker has no significant operational activities further than the companies that it is invested in. These investments are primarily organised in Aker’s Industrial holdings portfolio. Each company within the portfolio has dedicated personnel ensuring close follow-up by Aker’s respective investment directors and investment teams.

The total value of Aker’s Industrial holdings was NOK 20.1 billion as of 31 March 2013, equal to 74% of Aker’s total assets. The largest share of these investments was related to Aker Solutions and Det norske oljeselskap.

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Registration Document

Figure 3: Illustration of Aker’s Industrial holdings and values as of 31.03.2013

6.2.1 Aker Solutions Aker Solutions is a global supplier of products, systems and services for the oil and gas industry. The company’s expertise and technology cover the entire production chain from reservoir development to on-stream production, and the entire field lifecycle. Aker Solutions is well positioned to profit from long-term growth in the oil and gas markets. The company has engineering expertise and a strong position as a supplier of technologies and products for oil and gas production in deepwater fields and harsh environments.

Aker Solutions had revenues of NOK 44.9 billion in 2012. www.akersolutions.com

6.2.2 Kvaerner Kvaerner is a specialised EPC company that plans and executes large, complex off- and onshore projects. EPC is the acronym for Engineering, Procurement and Construction. Kvaerner has more than 40 years of extensive experience of challenging offshore field developments, and supplies topside facilities, floating facilities, concrete and steel substructures as well as onshore facilities. The company was demerged from Aker Solutions in July 2011.

Kvaerner had revenues of NOK 10.7 billion in 2012. www.kvaerner.com

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Registration Document 6.2.3 Det norske oljeselskap Det norske is an oil company on the Norwegian continental shelf with operatorships, licenses, and drilling activities. The company is a partner in the Johan Sverdrup field, one of the largest-ever oil discoveries on the Norwegian continental shelf. The company also has ownership interests in 67 licences on the Norwegian continental shelf, and is the operator of 26 of these.

Det norske is developing into a fully-fledged exploration and production company on the Norwegian continental shelf.

Det norske oljeselskap had revenues of NOK 332 million in 2012. www.detnor.no

6.2.4 Ocean Yield Ocean Yield invests in modern ships in the oil service and industrial shipping sectors. All ships in the portfolio are on long-term contracts, typically five to 12-year bareboat contracts against counterparties with solid credit ratings. The company is focused on expanding its fleet and paying out high dividends. Aker established Ocean Yield as a wholly-owned subsidiary in 2012, and the company was listed on Oslo Børs in July 2013. Aker ASA is the largest shareholder with more than 70% of the shares.

Ocean Yield had revenues of NOK 1.1 billion in 2012. www.oceanyield.no

6.2.5 Aker BioMarine Aker BioMarine develops, markets and sells ingredients produced from sustainably harvested krill. The biotechnology company’s products have documented application benefits in the animal and fish feed, food, dietary supplement and pharmaceutical industries.

Aker BioMarine became a wholly-owned subsidiary of Aker as of 15 January 2013. Aker will provide industrial and financial support to Aker BioMarine to grow Qrill™ sales in the aquaculture and pet food markets, grow Superba™ sales from existing customers and through new regions and segments, and seek new areas to deploy omega-3.

Aker BioMarine had revenues of NOK 469 million in 2012. www.akerbiomarine.com

6.2.6 Havfisk Havfisk is a white fish (cod, saithe and haddock) harvesting company. It owns one-third of the trawler licences issued in Norway, corresponding to 13 per cent of the total cod quota. Most of Havfisk’s fresh fish is delivered to Norway Seafoods which is held by the Aker-owned Converto Capital Fund. Havfisk changed its name from Aker Seafoods in April, 2013.

In 2012, Aker Seafoods was transferred from Converto Capital Fund into Aker’s Industrial holdings portfolio. The transfer came after Aker Seafoods was split into two parts: the marketing and processing company Norway Seafoods and the harvesting company Aker Seafoods.

Havfisk had revenues of NOK 774 million in 2012. www.havfisk.no

6.3 Financial investments

The financial investments encompass cash, receivables, real estate, shares in funds and other equity and financial investments. Aker’s financial investments are managed by its central finance

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Registration Document function under the direction of Aker’s CFO and finance department with day-to-day responsibility for the administration of the portfolio.

Financial Investments comprise all of Aker’s (Aker ASA and holding companies) assets other than Industrial Holdings. The value of Aker’s Financial investments amounted to NOK 6.9 billion as of 31 March 2013, equal to 26% of Aker’s total assets.

Figure 4: Illustration of Aker’s Financial investments and values as of 31.03.2013

6.3.1 Cash and receivables Aker had solid cash reserves of NOK 2.8 billion as of 31.03.2012.

Receivables are loans to subsidiaries and associated companies, on market terms. Total loans to subsidiaries amounted to NOK 2.0 billion as of 31.03.2012. Aker’s wholly-owned real estate development subsidiary Fornebuporten is partly financed by loans from Aker, and accounted for NOK 906 million of receivables.

6.3.2 Equity and financial investments Equity investments include several smaller shareholdings, the largest of which are investments in NBT AS and Sparebank 1 SMN. Other financial investments include fixed assets.

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Registration Document 6.3.3 Fund investments Aker’s Fund investments are administered by the three management companies Converto Capital Management, Oslo Asset Management and Norron Asset Management. Fund investments amounted to NOK 1.6 billion as of 31.03.2012.

Converto Capital Fund The fund was established in 2009, and is used actively to restructure companies in Aker’s portfolio. Since its establishment, the fund has sold shares and companies, with a gain of NOK 500 million. Converto will continue to develop and strengthen the remaining companies in the portfolio and consider realisations of assets. The fund’s key investments are Aker Philadelphia Shipyard (71.2%), American Shipping Company (19.9%), Bokn Invest (39.9%, the holding company for Align and Stream), Norway Seafoods (73.6%) and Ocean Harvest (100%).

Converto Capital Fund’s total assets under management stood at NOK 986 million at the end of the first quarter of 2013. Aker owns 99.8 % of the fund’s capital. www.converto.no

Oslo Asset Management Oslo Asset Management has managed the AAM Absolute Return Fund since it was established in December 2005. Aker’s investment represented 9.6% of the hedge fund’s managed capital of USD 584 million at the end of first quarter 2013. Aker also owns 50.1 per cent of the asset management company Oslo Asset Management. www.osloam.com

Norron Asset Management Norron Asset Management in Stockholm manages Norron Target (a Nordic multi-strategy fund), Norron Select (a Nordic hedge fund), Norron Preserve (a Nordic interest and bond fund), Norron Premium (a Nordic interest fund) and Norron Active (an actively managed share fund). Aker has invested a total of SEK 300 million in Norron Target and Norron Select. Norron manages SEK 1.7 billion in total. Aker owns 51% of Norron Asset Management in Stockholm. www.norron.com

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Registration Document

7 The Board of Directors, management and supervisory bodies

7.1 The Board of Directors

The Board of Directors consists of the following:

Members of the Board Name Position Business Address Kjell Inge Røkke Chairman Aker ASA, PO 1423 Vika, NO‐0115 Oslo, NORWAY Finn Berg Jacobsen Director Aker ASA, PO 1423 Vika, NO‐0115 Oslo, NORWAY Stine Bosse Director Aker ASA, PO 1423 Vika, NO‐0115 Oslo, NORWAY Kristin Krohn Devold Director Aker ASA, PO 1423 Vika, NO‐0115 Oslo, NORWAY Leif O. Høegh Director Aker ASA, PO 1423 Vika, NO‐0115 Oslo, NORWAY Karen Simon Director Aker ASA, PO 1423 Vika, NO‐0115 Oslo, NORWAY Atle Tranøy Director, Elected by the employees Aker ASA, PO 1423 Vika, NO‐0115 Oslo, NORWAY Tommy Angeltveit Director, Elected by the employees Aker ASA, PO 1423 Vika, NO‐0115 Oslo, NORWAY Arnfinn Stensø Director, Elected by the employees Aker ASA, PO 1423 Vika, NO‐0115 Oslo, NORWAY

Nina Hansen Director, Elected by the employees Aker ASA, PO 1423 Vika, NO‐0115 Oslo, NORWAY Figure 5: Aker ASA’s Board of Directors

7.1.1 Kjell Inge Røkke (Chairman) Kjell Inge Røkke (born 1958), Aker ASA’s main owner, has been a driving force in the development of Aker since the 1990s. Mr. Røkke launched his business career with the purchase of a 69-foot trawler in the United States in 1982, and gradually built a leading worldwide fisheries business. In 1996, the Røkke controlled company, RGI, purchased enough Aker shares to become Aker’s largest shareholder, and later merged RGI with Aker. Mr. Røkke is currently chairman of Aker BioMarine and Kvaerner, director of Aker Solutions and deputy director of Det norske oljeselskap. As at 31 December 2012, Mr Røkke holds 49 105 514 shares (67.9 per cent) in Aker ASA through his investment company TRG AS and its subsidiaries, which he co-owns with his wife, Anne Grete Eidsvig, and has no stock options. Mr. Røkke is a Norwegian citizen. He has been elected for the period 2012-2014.

7.1.2 Finn Berg Jacobsen (Director) Finn Berg Jacobsen (born 1940) holds an MBA degree from Harvard Business School and is a state authorized auditor. He has held various positions with Arthur Andersen & Co, and worked as Regional Managing Partner from 1983–1999. From 2001–2005, Mr. Berg Jacobsen worked as CFO and Chief of Staff at Aker Kvaerner. He is currently working as a consultant within corporate governance and corporate finance. He is director and chairman of the audit committee in several companies. Mr. Berg Jacobsen has served on the board, supervisory committees and task forces of several associations and organizations. He has been awarded the Royal Order of St. Olav for his contributions to the advancement of auditing and accounting. As at 31 December 2012, Mr Berg Jacobsen holds 5 000 shares in Aker ASA, and has no stock options. Mr. Berg Jacobsen is a Norwegian citizen. He has been elected for the period 2012-2014.

7.1.3 Stine Bosse (Director) Stine Bosse (born 1960) received her Master of Law from the University of Copenhagen and has completed training programs and courses at INSEAD, Wharton and Harvard. Before being appointed CEO of Trygvesta in 2001, she held various positions at Tryg. She serves as chair of the supervisory board of BørneFonden, Danish member of ChildFund Alliance, and as director of Nordea

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Registration Document Bank, Amlin plc. and Geneva Association. Ms. Bosse is former chair of the Danish Insurance Association, and former director of Grundfos, TDC, and Flügger. In 2010, she was appointed Advocate for the Millennium Development Goals by the UN Secretary General. As of 31 December 2012, Ms. Bosse holds 400 shares in Aker ASA, and has no stock options. Ms. Bosse is a Danish citizen. She has been elected for the period 2013-2015.

7.1.4 Kristin Krohn Devold (Director) Kristin Krohn Devold (born 1961) was a Member of the Norwegian Parliament for the Conservative Party from 1993 to 2005. She was Minister of Defense from 2001 to 2005. Ms. Krohn Devold is currently the General Secretary of The Norwegian Trekking Association and director of several companies, including Aker Kværner Holding AS, Hexagon ASA, Sølvtrans ASA and the Terra group. She has a MSc degree from the Norwegian School of Economics (NHH) and has a bachelor degree in sociology from the University of Bergen. As of 31 December 2012, Ms. Krohn Devold holds no shares in Aker ASA, and has no stock options. Ms. Krohn Devold is a Norwegian citizen. She has been elected for the period 2013–2015.

7.1.5 Leif O. Høegh (Director) Leif O. Høegh (born 1963) holds a master’s degree in economics from the University of Cambridge and an MBA from Harvard Business School. Mr Høegh has previously worked for McKinsey & Company and the Royal Bank of Canada Group, and is currently Chairman of Höegh Autoliners and Deputy Chairman of Höegh LNG. He is also a director of Höegh Capital Partners, Höegh Eiendom, Hector Rail and Rift Valley Holdings. Mr Høegh serves on the Supervisory Board of DnB. As of 31 December 2012, Mr Høegh has an indirect ownership interest in 135 000 Aker ASA shares. He is a Norwegian citizen. He has been elected for the period 2012-2014.

7.1.6 Karen Simon (Director) Karen Simon has 29 years of investment banking experience with JP Morgan and is currently a Vice Chairman of the investment bank. During her career with JP Morgan she has held a number of positions in the oil & gas team in both the US and the UK including head of the EMEA energy team during the 1990's. From 2000 onwards Ms. Simon was co-head of the EMEA debt capital markets group and global co-head of private equity investment banking from 2007 to 2012. Ms. Simon served on the EMEA debt underwriting and reputational risk committees as well as a member of the EMEA management team. Today Ms. Simon resides in Houston, Texas but has a global role as a senior banker to oil & gas clients across all sectors and geographies. Ms. Simon holds no shares in Aker ASA, and has no stock options. She is a dual UK and US citizen. She has been elected for the period 2013-2015

7.1.7 Atle Tranøy (Director, Elected by the employees) Atle Tranøy (born 1957) is trained as a pipe fitter and has been an employee of Kvaerner Stord AS since 1976. Mr. Tranøy has been a full-time employee representative since 1983. Mr. Tranøy is also the chairperson of the European Works Council in Aker. Mr. Tranøy holds no shares in Aker ASA, and has no stock options. Mr. Tranøy is a Norwegian citizen. He has been elected for the period 2013-2015.

7.1.8 Tommy Angeltveit (Director, Elected by the employees) Tommy Angeltveit (born 1965) has worked as a mechanic at the Controls division in Aker Subsea since 2003. Mr. Angeltveit has occupational education as a service electronics engineer. Tommy Angeltveit is also an employee representative at the Board of Aker Subsea. Mr. Angeltveit is full time employee representative and manager for Industry Energy section 47. Mr. Angeltveit holds no shares in Aker ASA, and has no stock options. Tommy Angeltveit is a Norwegian citizen. He has been elected for the period 2013-2015.

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Registration Document 7.1.9 Arnfinn Stensø (Director, Elected by the employees) Arnfinn Stensø (born 1957) employed by Aker Solutions (former Aker Offshore Partner) in Stavanger since 1998. Educated electrical engineer. Member of the negotiating committee in NITO (Norwegian Engineers and technologist organization). Member in liaison committee NITO – NHO. Per 31. December 2012 he does not own shares or share option in Aker ASA. Arnfinn Stensø is a Norwegian citizen. He is elected for the period 2013-2015.

7.1.10 Nina Hansen (Director, Elected by the employees) Nina Hansen (born 1971) has been working in the fishing industry since 1992. She is the chief union representative as well as an employee representative to the board of Norway Seafoods. Ms. Hansen is a Norwegian citzen.

7.2 Management

The Company’s management consists of the following:

Management Name Position Business Address Øyvind Eriksen President & CEO Aker ASA, PO 1423 Vika, NO‐0115 Oslo, NORWAY Trond Brandsrud CFO Aker ASA, PO 1423 Vika, NO‐0115 Oslo, NORWAY Atle Kigen Head of Corporate Communication Aker ASA, PO 1423 Vika, NO‐0115 Oslo, NORWAY Audun Stensvold Investment Director Aker ASA, PO 1423 Vika, NO‐0115 Oslo, NORWAY Maria Moræus Hanssen Investment Director Aker ASA, PO 1423 Vika, NO‐0115 Oslo, NORWAY Michael Buffet Investment Director Aker ASA, PO 1423 Vika, NO‐0115 Oslo, NORWAY Figure 6: Aker ASA’s management

7.2.1 Øyvind Eriksen (President & CEO) Øyvind Eriksen (born 1964) joined Aker ASA in January 2009. Mr. Eriksen holds a law degree from the University of Oslo. He joined Norwegian law firm BA-HR in 1990, where he became a partner in 1996 and a director/chairman from 2003. At BA-HR, Mr. Eriksen worked closely with Aker and Aker’s main shareholder, Kjell Inge Røkke. Mr. Eriksen is executive chairman of Aker Solutions ASA and Aker Kværner Holding AS, and a director of several companies, including The Resource Group TRG AS, TRG Holding AS and Reitangruppen AS. Mr. Eriksen is a Norwegian citizen.

7.2.2 Trond Brandsrud (CFO) Trond Brandsrud (born 1958) joined Aker ASA in April 2010 after three years as CFO in Limited. Prior to joining Seadrill in 2007, Mr. Brandsrud worked for Royal Dutch Shell for more than 20 years. At Shell, he held several key finance positions in Norway as well as internationally. He also has extensive experience from major offshore field development projects and held several senior management roles in Shell’s upstream and downstream sectors. Mr. Brandsrud has a MSc degree from the Norwegian School of Economics (NHH). As of 29 April 2013, Mr. Brandsrud holds 34 106 shares in Aker ASA, and has no stock options. Mr. Brandsrud is a Norwegian citizen

7.2.3 Atle Kigen (Heaf of Corporate Communication) Atle Kigen (born 1958) joined Aker ASA in October 2006, and has been in charge of corporate communications since March 2010. He holds a degree in business administration and marketing, and has extensive corporate communication and journalism experience. Mr. Kigen has previously worked as head of communication at Kværner ASA, and CEO of the PR agency GCI Monsen. He has been editor in chief of the Norwegian business magazine Økonomisk Rapport, business and economy editor at Aftenposten, a leading daily, and NRK Nyheter, the national broadcaster’s news bureau. Mr. Kigen has also been a journalist in Norway’s leading business daily Dagens Næringsliv. As of 29 April 2013, Mr. Kigen holds 4 054 shares in Aker ASA, and has no stock options. Mr. Kigen is a Norwegian citizen.

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Registration Document 7.2.4 Audun Stensvold (Investment Director) Audun Stensvold (born 1972) joined Aker ASA in 2006. Prior to his appointment as an investment director, he was CFO and Investment Director for Converto Capital Management, which administers the Aker-owned Converto Capital Fund. He has also served as Vice President of Aker’s M&A and Business Development team. Before joining Aker, Mr Stensvold worked as a strategy and finance consultant for Selmer, and as a financial analyst for DnB NOR. Mr Stensvold holds a Masters degree in Business and Economics from the Norwegian School of Economics (NHH). As of 5 April 2013, Mr. Stensvold holds 1 594 shares in Aker ASA, and has no stock options. Mr Stensvold is a Norwegian citizen.

7.2.5 Maria Moræus Hanssen (Investment Director) Maria Moræus Hanssen (born 1965) joined Aker ASA in June 2008. Ms. Moræus Hanssen is a reservoir engineer from NTNU in Norway and a petroleum economist from the French Petroleum Institute IFP. She worked for Norsk Hydro from 1992, mainly on the Norwegian Continental Shelf, where her areas of responsibility included North Sea exploration, field development, the integration of Statoil and Hydro and platform chief (on Troll B). She was also SVP for gas supply and infrastructure in Statoil- Hydro. Ms. Moræus Hanssen is a director of Det norske Oljeselskap ASA and Hafslund ASA. As of 5 April 2013, Ms. Moræus Hansen holds 7 285 shares in Aker ASA, and has no stock options. Ms. Moræus Hanssen is a Norwegian citizen.

7.2.6 Michael Buffet (Investment Director) Michael Buffet (born 1972) joined Aker ASA in August 2011. Mr. Buffet is a mechanical engineer from ENSAM in France and worked for Total Exploration and Production between 1996 and 2003 as drilling engineer, drilling supervisor and project leader in various locations over the world, including Argentina, UK, Iran, Yemen, Qatar, Cameroon and Gabon. After finalizing his MBA at INSEAD in France in 2004, Mr. Buffet joined Boston Consulting Group (BCG) where he stayed until 2011. His main focus at BCG was upstream oil and gas and renewable energies. As of 5 April 2013, Mr. Buffet holds 2 434 shares in Aker ASA, and has no stock options. Mr. Buffet is a French citizen.

7.3 Supervisory bodies and conflicts of interests

7.3.1 Nomination commitee The primary responsibilities of the nomination committee are to recommend candidates and remuneration for the Company’s board of directors and nomination committee, and remuneration for members of the audit committee.

Members of the nomination committee: - Leif-Arne Langøy - Gerhard Heiberg - Kjeld Rimberg

All the members of the board, management and committee can be reached at the Company’s address Fjordalleén 16, 0250 OSLO, Norway.

7.3.2 Conflicts of interests There are considered to be no conflict of interests between any duties to the persons referred to in section 7.1 and 7.2 and the issuing entity, and their private interests and/or other duties.

Information regarding transactions and agreements with related parties is further described in the Company’s annual report 2012 – note 40.

Aker ASA’s main shareholder is TRG Holding AS, controlled by Kjell Inge Røkke and his family through The Resource Group AS (TRG AS). All companies controlled by Kjell Inge Røkke are considered as related parties for the Aker Group.

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Registration Document Kjell Inge Røkke: Aker has no material outstanding accounts, nor have there been any transactions with Kjell Inge Røkke in 2012, except for remuneration for his work as chairman of the board and former leader of the nomination committee in Aker ASA. See the Company’s annual report 2012 – note 41.

Key personnel: Øyvind Eriksen holds 0.20% of ownership in TRG Holding AS.

Other than the above mentioned and the different ownerships positions, there are no conflicts of interests between any duties to the persons referred to above and Aker ASA, and their private interests and/or other duties.

8 Ownership and major shareholders

The 20 largest shareholders in Aker ASA as at 04.06.2013 hold 82.84% of the shares outstanding.

Aker ASA was listed on the on 8 September 2004 under the ticker AKER. The Company‘s share capital is NOK 2,026,492,384, divided on 72,374,728 shares, each having a face value of NOK 28. The Company‘s shares is registered with the Norwegian Central Securities Depository with ISIN NO0010234552.

The Company has a single class of shares, and all shares carry the same rights. Aker ASA’s shares are freely negotiable. The Company’s articles of association contain no restrictions on transferability.

The shareholders in Aker ASA were as of 04.06.2013:

Investor Name Number of Shares Ownership (%) 1 TRG Holding AS 48 245 048 66,66 % 2 J.P. Morgan Chase Bank* 1 679 915 2,35 % 3 Skandinaviska Enskilda 1 277 645 1,77 % 4 Goldman Sachs & Co* 1 093 913 1,51 % 5 The Resource Group TRG AS 860 466 1,19 % 6 Tvenge Torstein Ingvald 700 000 0,97 % 7 State Street Bank and Trust Co.* 697 102 0,96 % 8 Odin Norden 686 487 0,95 % 9 Citibank NA London Branch* 595 000 0,82 % 10 Fondsfinans Spar 500 230 0,69 % 11 J.P. Morgan Chase Bank* 479 727 0,66 % 12 KBC Securities NV* 463 314 0,64 % 13 Morgan Stanley and Co* 455 837 0,63 % 14 Oslo Pensjonsforsikring AS 445 200 0,62 % 15 KBC Securities NV* 363 091 0,50 % 16 Clearstream Banking* 299 002 0,41 % 17 Citibank NA London Branch * 293 008 0,40 % 18 Folketrygdfondet 284 561 0,39 % 19 KLP Aksje Norge VPF 274 368 0,38 % 20 The Hermes Focus Funds 258 653 0,36 % 20 largest shareholders 59 952 567 82,86 % Other 12 422 161 17,14 % Total number of shares outstanding 72 374 728 100,00 % * Nominee accounts Figure 7: The 20 largest shareholders in Aker ASA per 04.06.2013:

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Registration Document Kjell Inge Røkke controls a total of 67.9% of Aker ASA’s shares through his privately held TRG holding companies. Mr Røkke has committed to retaining control of Aker for a minimum of 10 years from June 2007.

Aker does not have separate guidelines on how to respond in the event of a takeover bid. The Norwegian Code of Practice for Corporate Governance recommends the adoption of such guidelines. In view of Mr Røkke’s undertaking, the board has deemed separate takeover guidelines as recommended by the Code to be unnecessary.

9 Financial information concerning the issuer’s financial results and commitments

9.1 Summary of financial results

The financial figures in this section are based on “Aker ASA and holding companies”. Section 9.3.2 provides information of where corresponding financial figures can be found for “Aker ASA” and for “the Aker Group”.

9.1.1 Balance sheet Aker ASA and holding companies’ total assets amounted to NOK 17.1 billion by the end of 2012. Total assets by the end of 2011 were NOK 17.4 billion. Total equity amounted to NOK 12.4 billion which corresponds to an equity ratio of approx. 72%. Total equity by the end of 2011 was NOK 13.3 billion with an equity ratio of 77%. At the end of the first quarter 2013, total assets amounted to NOK 17.4 billion. The equity was NOK 12.6 billion corresponding to an equity ratio of 73%.

9.1.2 Income statement Aker ASA and holding companies had operating revenues of NOK 47 million and a profit after tax of NOK 67 million by the end of the year. EBITDA was negative at NOK 203 million in 2012. Operating revenues and profit after tax in 2011 were respectively NOK 1 191 million and NOK 1 014 million. EBITDA was NOK 951 million in 2011.

9.1.3 Financial items Aker ASA and holding companies had net finance costs of NOK 169 million in 2012. The corresponding figure in 2011 was NOK 107 million. Dividend received was NOK 461 million in 2012 and correspondingly NOK 191 million in 2011.

9.1.4 Net assets value Net asset value (“NAV”) is a key performance indicator for Aker ASA. NAV expresses Aker’s underlying value and is a key determinant of the Company’s dividend policy (two to four per cent of NAV). Net asset value is calculated using the market value of listed shares and book value for other assets. The same valuation principles are applied to shares in funds. In 2012, net asset value increased from NOK 19.4 billion to NOK 22.9 billion before allocations for dividends to shareholders. This represents a NAV per-share increase from NOK 269 to NOK 321. At the end of the first quarter 2013, the net asset value amounted to NOK 23.1 billion.

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Registration Document 9.2 The issuer’s financial commitments

9.2.1 Debt distribution

Figure 8: Aker ASA and holding companies’ debt

9.2.2 Installment schedule

Figure 9: Aker ASA and holding companies’ installment schedule

9.3 Financial statements

9.3.1 Income statement, balance sheet and cash flow statement Aker prepares its consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) and associated interpretations as determined by the EU as at 31 December 2012, Norwegian requirements for disclosure pursuant to the Norwegian accounting act, and applicable stock-exchange laws, rules and regulations in force as at 31 December 2012.

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Registration Document The condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as endorsed by EU, and the Norwegian additional requirements in the Securities Trading Act.

9.3.2 Financial information by reference The financial information is incorporated by reference to as follows:

Financial Reports 2012 AR 2011 AR Q1‐13 Report Q1‐12 Report Aker ASA Income statement Page 121 112 Balance sheet " 122 113 Cash flow statement " 123 114 Notes " 124 115 Accounting principles " 124‐133 115‐124 Auditors report " 135 126 Aker Group Income statement Page 57 51 11 8 Balance sheet "5852129 Cash flow statement " 60 55 12 9 Notes " 61‐119 56‐111 14‐16 11'‐13 Accounting principles " 62‐68 57‐63 14 11 Auditors report 135 126 Aker ASA and holding companies* Income statement Page 136 128 8 6 Balance sheet " 137 129 7 6 Cash flow statement " Notes 138‐142 130‐134 Accounting principles " 138 130 Auditors report " 143 135 * The combined financial statements og Aker ASA and holding companies have been established to present its financial position as a parent holding company Figure 10: Reference list to financial statements

The reports referred to in figure 10 can be downloaded from Aker ASA’s webpage (http://eng.akerasa.com/Investor/Reports-presentations).

9.4 Audit of financial statements

9.4.1 Audited statements The historical financial information for 2012 and 2011 for the Company has been audited. The historical financial information for the interim reports has not been audited.

9.4.2 Latest audited statements The latest audited statements comprise the Company’s financial statements; the balance sheet as at 31 December 2012; the income statement and cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

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Registration Document 9.5 Legal or arbitration proceedings

There are no governmental, legal or arbitration proceedings (including any such proceedings which are pending or threatened of which the Issuer is aware), during a period covering at least the previous 12 months which may have, or have had in the recent past, significant effects on the Issuer and/or Group's financial position or profitability.

9.6 No material adverse changes

There are no significant changes in the financial or trading position of the Group which has occurred since the end of the last financial period for which either audited financial information or interim financial information have been published. And there has been no material adverse change in the prospects of the issuer since the date of its last published audited financial statements.

In June 2013, Aker issued two new senior unsecured bond issues with maturity date June 2018 and June 2020. The five year bond maturing in 2018 was closed at NOK 1.3 billion, and the seven year bond maturing in 2020 was closed at NOK 700 million. The net proceeds from the bonds will be used for general corporate purposes.

Ocean Yield was listed on Oslo Stock Exchange in July 2013.

9.7 Material contracts

There are no material contracts that are entered into in the ordinary course of the issuer’s business, which could result in any group member being under obligation or entitlement that is material to the issuer’s ability to meet its obligation to security holders in respect of the securities being issued.

10 Documents on display

For the life of the registration document the following documents (or copies thereof), where applicable, may be inspected:

(a) the memorandum and articles of association of the issuer; (b) all reports, letters, and other documents, historical financial information, valuations and statements prepared by any expert at the issuer's request any part of which is included or referred to in the registration document; (c) the historical financial information of the issuer or, in the case of a group, the historical financial information of the issuer and its subsidiary undertakings for each of the two financial years preceding the publication of the registration document.

The documents may be inspected at www.akerasa.com or at the Issuer’s office Fjordalleén 16, 0250 Oslo, Norway.

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Registration Document 11 Cross reference list

Financial Reports 2012 AR 2011 AR Q1‐13 Report Section & page What Sect. 6, p. 11 Business overview p. 28‐45 p. 4‐6 Sect. 7.3.1, p. 19 Nomination committee p. 145, 150 Sect. 7.3.2, p. 19 Conflict of interests p. 115 Sect. 9.1.1, p. 21 Balance sheet p. 137 p. 129 p. 7 Sect. 9.1.2, p. 21 Income statement p. 136 p. 128 p. 8 Sect. 9.1.3, p. 21 Financial items p. 136, 138 p. 128, 130 Sect. 9.1.4, p. 21 NAV p. 9 p. 9 p. 1

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