Aker Asa Class A · OSL:AKER

Aker Asa Class A — Q2 2016 Earnings Presentation

24 slides from Aker Asa Class A's earnings presentation, Jul 19, 2016

1. Slide 1: Second-quarter and half-year results 2016

   Proud ownership Aker ASA Second-quarter and half-year results 2016 19 July 2016 | Fornebu

2. Slide 2: Highlights | Second-quarter 2016

   Highlights | Second-quarter 2016 ▪ Net asset value: NOK 24.7 billion in 2Q 2016 vs. NOK 19.7 billion in 1Q 2016, representing a 29% increase in the quarter (adjusted for dividend) ▪ Cash and liquid fund inv.: NOK 3.8 billion in 2Q 2016 vs. NOK 2.6 billion in 1Q 2016 ▪ Return: Aker share gained 44% i

3. Slide 3: NAV increased 29% in 2Q 2016

   Aker ASA and holding companies NAV increased 29% in 2Q 2016 Net asset value change in the period 24.7 NOK billion 4.0 +29% 0.8 19.7 0.6 (0.7) 0.3 1Q 16 Dividend HFISK OCY AKSO DETNOR 2Q 16 19 July 2016 AKER ASA | Second-quarter and half-year results 2016 3

4. Slide 4: Share price gained 44%, strong balance sheet

   Aker ASA and holding companies Share price gained 44%, strong balance sheet NAV per share vs. share price Net asset value composition NOK per share NOK billion1) 31.7 350 Industrial Holdings 300 Other Financial Investments Cash and liquid fund investments 250 77% 24.5 24.7 bn 200 78% NOK bn NAV 100%

5. Slide 5: 49% of gross assets related to oil and gas

   Aker ASA and holding companies 49% of gross assets 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

6. Slide 6: Value creation through M&A: transactions worth ~NOK 30 bn

   Aker ASA and holding companies Value creation through M&A: transactions worth ~NOK 30 bn AKER ASA 2015 2016 Divestment Divestment Divestment MBO of Investment Acquisition of Setanta of real Investment of Havfisk Ocean in Solstad of shares in Energy estate in Cxense and Norway Harvest Offshore Aker B

7. Slide 7: Industrial Holdings

   Aker Industrial Holdings 19 July 2016 AKER ASA | Second-quarter and half-year results 2016 7

8. Slide 8: Share price performances (YTD)

   Industrial Holdings Share price performances (YTD) 110% 100% Det norske 90% 84% 80% 70% 60% 50% 40% 33% 30% Havfisk1) 32% Brent crude oil Aker Solutions 20% 17% 10% Ocean Yield1) -1% OSEBX 0% Kvaerner -8% -10% -10% -20% -21% Akastor -30% 31.12.2015 31.03.2016 30.06.2016 18.07.2016 1) Share price adj

9. Slide 9: Det norske

   Industrial Holdings Det norske Exploration & Production company on the Norwegian continental shelf % of gross asset value (30.06.2016) Investment value of NOK 10.3 billion 32% Aker’s investment NOK million Aker’s ownership agenda Value as per 31.03.16 6 280  Operational excellence Value change in 2

10. Slide 10: Aker Solutions

    Industrial Holdings Aker Solutions Global oil services company providing services, technologies, and product solutions within subsea and field design % of gross asset value (30.06.2016) Investment value of NOK 3.4 billion 11% Aker’s investment NOK million Aker’s ownership agenda Value as per 31.03.1

11. Slide 11: Akastor

    Industrial Holdings Akastor Oilfield services investment company with a flexible mandate for long- term value creation % of gross asset value (30.06.2016) Investment value of NOK 0.9 billion 3% Aker’s investment NOK million Aker’s ownership agenda Value as per 31.03.16 880  Operational excellence,

12. Slide 12: Kvaerner

    Industrial Holdings Kvaerner Specialised oil and gas-related EPC company % of gross asset value (30.06.2016) Investment value of NOK 0.6 billion 2% Aker’s investment NOK million Aker’s ownership agenda Value as per 31.03.16 544  Operational excellence, cost reductions Value change in 2Q 42 Value as

13. Slide 13: Ocean Yield

    Industrial Holdings Ocean Yield A maritime assets company with focus on long-term contracts % of gross asset value (30.06.2016) Investment value of NOK 5.9 billion 19% Aker’s investment NOK million Aker’s ownership agenda Value as per 31.03.16 5 452 Value change in 2Q 627  Growth by incremental, ac

14. Slide 14: Aker BioMarine

    Industrial Holdings Aker BioMarine Integrated biotech company – specialised in krill harvesting and processing % of gross asset value (30.06.2016) Investment value of NOK 1.4 billion 4% Aker’s investment NOK million Aker’s ownership agenda Value as per 31.03.16 1 405  Operational excellence and cos

15. Slide 15: Financial Investments

    Aker Financial Investments 19 July 2016 AKER ASA | Second-quarter and half-year results 2016 15

16. Slide 16: Overview

    Financial Investments Overview Financial Investments NOK billion % of gross asset value (30.06.2016) 8 Other financial investments 6 Value of NOK 7.2 billion Real estate 23% Listed financial 4 investments Liquid fund investments Key events 2Q 2 Cash  Closing of property divestment  New investment

17. Slide 17: Cash and Liquid fund investments

    Financial Investments Cash and Liquid fund investments % of gross asset value (30.06.2016) Value of NOK 3.8 billion 12% Key events 2Q  Cash increased to NOK 3.4 billion: + NOK 952 million from divestment of real estate + NOK 461 million in dividends received + NOK 274 million AMSC TRS deposit repla

18. Slide 18: Listed financial investments

    Financial Investments Listed financial investments % of gross asset value (30.06.2016) Value of NOK 1.3 billion 4% Key events 2Q Key figures  Value of Philly Shipyard decreased by NOK 253 million, NOK million 4Q 15 1Q 16 2Q 16 mainly due to dividend distribution of NOK 227 million PHLY (Philly Ship

19. Slide 19: Real estate investments

    Financial Investments Real estate investments % of gross asset value (30.06.2016) Value of NOK 0.3 billion 1% Key events 2Q  Closing of property transaction took place on 9 May, with cash proceeds to Aker of NOK 952 million. Aker recognised a NOK 90 million gain from transaction in 2Q  Remaining a

20. Slide 20: Other financial investments

    Financial Investments Other financial investments % of gross asset value (30.06.2016) Value of NOK 1.8 billion 6% Key events 2Q Key figures 4Q 15 1Q 16 2Q 16  Repayment of NOK 124 million receivable from Aker NOK million BioMarine Other financial investments 2 016 1 989 1 806  Largest investments:

21. Slide 21: Financial Statements

    Aker Financial Statements 19 July 2016 AKER ASA | Second-quarter and half-year results 2016 21

22. Slide 22: Balance sheet

    Aker ASA and holding companies Balance sheet Value adjusted (MNOK) 31 664 Book value (MNOK) 6 926 12 234 12 234 14 941 3 364 12 504 844 60 220 Tangible and non- Long-term interest Other current assets Cash and cash Investments Liabilities Shareholders tangible fixed asset bearing items equivalents e

23. Slide 23: Interest-bearing items and loan guarantees

    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 a

24. Slide 24: Income statement

    Aker ASA and holding companies Income statement Amounts in NOK million 2Q 2015 2Q 2016 1H 2015 1H 2016 Year 2015 Sales gains - 90 - 278 - Operating expenses (52) (48) (103) (108) (219) EBITDA (52) 42 (103) 171 (219) Depreciation and impairment (4) (21) (8) (26) (31) Value change 264 326 649 11 153 N

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