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Aker ASA Annual Report 2018 THIS IS AKER PRESIDENT and CEO LETTER SHAREHOLDER INFORMATION INVESTMENT OVERVIEW BOD REPORT ANNUAL ACCOUNTS BOARD and MANAGEMENT

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Aker ASA Annual Report 2018 THIS IS AKER PRESIDENT and CEO LETTER SHAREHOLDER INFORMATION INVESTMENT OVERVIEW BOD REPORT ANNUAL ACCOUNTS BOARD and MANAGEMENT Proud ownership Aker ASA annual report 2018 THIS IS AKER PRESIDENT AND CEO LETTER SHAREHOLDER INFORMATION INVESTMENT OVERVIEW BOD REPORT ANNUAL ACCOUNTS BOARD AND MANAGEMENT CONTENTS THIS IS AKER Highlights 2018 Key performance indicators Changes in net asset value PRESIDENT AND CEO LETTER SHAREHOLDER INFORMATION This is Aker INVESTMENT OVERVIEW Industrial holdings Since its establishment in 1841, Aker has been a driving force for the development of internationally focused, knowledge-based industry in Norway. Financial investments Alternative performance measures Aker is the Aker ASA (Aker) is an industrial Size investment company that exercises Aker is the largest shareholder, directly BOARD OF DIRECTORS' largest shareholder, active ownership to create value. Aker or indirectly, in eight companies listed on REPORT directly or indirectly, combines industrial expertise with Oslo Stock Exchange. Aker and companies in eight companies knowledge of the capital markets in which Aker is the largest investor had a ANNUAL ACCOUNTS and financial strength. In its capacity total turnover of more than NOK 70 billion as owner, Aker helps to develop and in 2018, and a workforce of approximately Aker Group listed on Oslo Stock strengthen the companies in its portfolio 28 000, including temporary hires. About Aker ASA Exchange. Aker and of industrial holdings and financial 50 per cent of the workforce is located Aker ASA and holding companies in which investments. Aker works through the in Norway. companies boards of the portfolio companies to Aker is the largest drive forward strategy development, Net asset value (NAV) growth is a key operational improvements, financing, performance indicator for Aker ASA and BOARD AND investor had a total restructuring and transactions. holding companies. As at 31 December MANAGEMENT turnover of more 2018, NAV amounted to NOK 41.7 billion, Board of Directors than NOK 70 billion Aker’s ownership interests are compared to NOK 41.8 billion one year Management concentrated in the oil and gas, maritime prior. In addition, a dividend of NOK 1.3 in 2018. assets and marine biotechnology billion was paid in 2018. sectors. The investments are divided into Industrial holdings and Financial Ownership investments. Since re-listing on the Oslo Stock Exchange on 8 September 2004, Aker The Industrial holdings are strategic has generated an average annual return assets and are managed with a long- of 27 per cent, including dividends. At term perspective. They comprise Aker’s the beginning of 2019, Aker had 13 388 ownership interests in Aker BP, Aker shareholders. Aker’s main shareholder Solutions, Akastor, Kvaerner, Ocean Yield is Kjell Inge Røkke, who owns 68.2 per and Aker BioMarine. cent of Aker through his company The Resource Group TRG AS. Through a private The Financial investments comprise cash company, CEO Øyvind Eriksen owns 0.2 and other assets. The portfolio includes per cent of the B-shares in TRG Holding three relatively new companies: the oil AS, as well as 219 072 shares in Aker. company Aker Energy (a field operator in Ghana), the software company Cognite and the real estate development company FP Eiendom. These three companies are growing rapidly under Aker’s ownership. Aker Energy and Cognite will be included in Aker's Industrial holdings portfolio from first quarter 2019. THIS IS AKER PRESIDENT AND CEO LETTER SHAREHOLDER INFORMATION INVESTMENT OVERVIEW BOD REPORT ANNUAL ACCOUNTS BOARD AND MANAGEMENT CONTENTS THIS IS AKER Highlights 2018 Highlights 2018 Key performance indicators Key performance indicators Changes in net asset value Shareholder return: Upstream cash flow: New venture: Aker’s key performance indicators are net asset value and shareholder returns (share price and dividends). PRESIDENT AND CEO Aker ASA and holding companies are pure holding companies. The Net asset value (NAV) expresses Aker’s underlying financial value, LETTER combined balance sheets of these companies are a more relevant and provides the basis for the company’s dividend policy (two to +19 2.2 Aker Energy tool for monitoring value creation than the balance sheet of the four per cent of NAV per year). NAV is calculated based on the percent billion in Ghana SHAREHOLDER parent company alone or the Aker group accounts. Nevertheless, market value of listed shares and the book value of other assets. INFORMATION Aker’s Annual Report presents all three sets of accounts. Aker's share price rose from NOK 403 Dividends and upstream cash flow from Kjell Inge Røkke invited Aker to invest in a to NOK 462 during the course of the the portfolio companies to Aker totalled jointly-controlled oil company in February INVESTMENT OVERVIEW year. Including a dividend of NOK 18 NOK 2 174 million in 2018 – up from NOK 2018, in connection with the purchase of Industrial holdings per share, shareholders received an 1 588 million in 2017. Predictable cash 50 per cent of the ownership interests in Financial investments annual return of 19 per cent. Net asset flow increases the freedom of action the Deepwater Tano Cape Three Points value totalled NOK 562 at both the for an investment company like Aker. oil field. The seller was Hess Corporation. Alternative performance beginning and end of the year. Including Upstream cash flow has grown steadily Aker Energy has the potential to become NAV per share Allocated dividend per share measures the dividend paid in 2018, value growth year on year. Aker BP and Ocean Yield a significant oil industry player in Ghana, NOK per share NOK per share and per cent of NAV amounted to 3 per cent. By comparison, are the primary contributors. Aker BP West Africa, and in early 2019, the BOARD OF DIRECTORS' the Oslo Stock Exchange Benchmark has announced an increase in its annual company announced a sucessful drilling 600 25 REPORT Index – fell by 1.8 per cent in 2018. dividend to USD 750 million in 2019. Aker operation and confirmed the volume base Utbytte owns 40 per cent of Aker BP. of 450-550 mmboe. 500 20 VEK etter utbytte ANNUAL ACCOUNTS 400 Aker Group 15 300 Aker ASA 10 200 Aker ASA and holding companies Distribution of Aker's NOK 51.2 billion gross asset value as at 31 December 2018 100 5 NOK billion 0 0 BOARD AND 2016 2017 2018 2016 2017 2018 MANAGEMENT n NAV after allocated dividend n Allocated dividend (NOK) Board of Directors n Allocated dividend n Per cent of NAV before dividend 0.9 0.7 0.6 Management 1.3 n Share price 1.9 Eiendom n Aker BP 31.4 2.4 Andre børsnoterten Ocean Yield investeringer 5.8 2.4 n Aker Solutions 3.8 Gross assets per business segment Gross asset per sector Kværnern Aker BioMarine 2.4 NOK billion NOK billion n Other financial investment 2.4 3.8 Akastor n Cash 1.9 60 60 Finansielle investeringer Oljeservice n Akastor 1.3 Kontanter og likvide fondsinvesteringer 50 50Industrielle investeringer Leting og oljeproduksjon n Kvaerner 0.9 40 40 5.8 31.4 n Listed financial investments 0.7 Sjømat og marin bioteknologi Andre nansiellle investeringer n Real Estate 0.6 30 30 Maritime Assets Kontanter og likvider Aker BioMarine 20 20 10 10 Annet Aker Solutions 0 0 2016 2017 2018 2016 2017 2018 Ocean Yield n Financial investments n Oil services n Maritime assets n Industrial holdings n E&P n Cash and liquid fund investments Aker BP n Seafood & marine biotech n Other financial assets THIS IS AKER PRESIDENT AND CEO LETTER SHAREHOLDER INFORMATION INVESTMENT OVERVIEW BOD REPORT ANNUAL ACCOUNTS BOARD AND MANAGEMENT CONTENTS THIS IS AKER Highlights 2018 Changes in net asset value Key performance indicators Changes in net asset value Net asset value (NAV) totalled NOK 41 744 million before the dividend allocation at year-end 2018, compared to NOK 41 771 million last year. This equates to NAV-per-share of NOK 562. The PRESIDENT AND CEO following tables show Aker’s investments and NAV per Aker share. LETTER SHAREHOLDER INFORMATION Net asset value development – Aker ASA and holding companies INVESTMENT OVERVIEW NOK million Industrial holdings Financial investments 2018 2017 Alternative performance Dividends received 2 174 1 588 measures 1) Operating expenses (254) (244) Net asset value Other financial expenses (247) (209) BOARD OF DIRECTORS' REPORT Tax expense - - As at 31.12.2018 As at 31.12.2017 Total 1 673 1 136 NOK NOK NOK NOK ANNUAL ACCOUNTS Dividend payments (1 338) (1 188) Ownership per share million per share million Aker Group Sale/(purchase) of treasury shares 2) (25) 3 Aker ASA Value changes 3) (337) 7 485 INDUSTRIAL HOLDINGS Aker ASA and holding Change in net asset value (27) 7 436 Aker BP 40.0% 423 31 403 391 29 083 companies Net asset value before dividend allocation 41 744 41 771 Aker Solutions 34.8% 50 3 750 59 4 368 1) Excluding depreciation Akastor 36.7% 18 1 313 22 1 649 BOARD AND 2) Bonus shares/own shares 3) Value changes include depreciation and write-downs of fixed assets, and sales gains Kvaerner 28.7% 13 931 16 1 220 MANAGEMENT Aker BioMarine 100.0% 32 2 411 19 1 411 Board of Directors Ocean Yield 61.7% 78 5 816 92 6 828 Management Change in net asset value Total Industrial Holdings 614 45 625 600 44 560 NOK billion FINANCIAL INVESTMENTS 50 3.8 Cash 26 1 945 17 1 232 (0.6) (0.4) (0.3) (0.3) (0.2) (0.6) (1.3) 41.8 41.7 Liquid fund investments - - 6 442 40 Listed financial investments 9 701 16 1 220 Real estate 8 568 9 674 30 Other financial investments 32 2 374 30 2 261 Total Financial investments 75 5 588 78 5 829 Total value-adjusted assets 690 51 213 678 50 389 20 External interest-bearing liabilities (123) (9 160) (112) (8 343) Interest-free liabilities before allocated dividend (4) (309) (4) (275) 10 Total liabilities before allocated dividend (127) (9 469) (116) (8 618) NAV before allocated dividend 562 41 744 562 41 771 0 Net interest-bearing debt (6 230) (5 608) -10 31.12.2017 Aker BP Aker Ocean Yield Akastor Kvaerner Listed financial Other Dividend 31.12.2018 Solutions investments THIS IS AKER PRESIDENT AND CEO LETTER SHAREHOLDER INFORMATION INVESTMENT OVERVIEW BOD REPORT ANNUAL ACCOUNTS BOARD AND MANAGEMENT CONTENTS THIS IS AKER Highlights 2018 Key performance indicators Changes in net asset value PRESIDENT AND CEO LETTER SHAREHOLDER INFORMATION Forward march! INVESTMENT OVERVIEW Industrial holdings Aker started and ended 2018 with its net asset value at NOK 562 per share.
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