Aker ASA Pareto Securities' Oil and Offshore Conference

Proud ownership

Aker ASA

Pareto Securities' Oil and Offshore

ConferenceMarianne Stigset, Head of Investor Relations

Oslo | 3 September 2015

Proud ownership

Aker ASA – positioned for both growth and yield

AKER ASA | Pareto Securities' Oil and Offshore Conference 2September 2015

Deep and long-standing sector knowledge

Growth in underlying earnings and high visibility

A track record of long-term value creation

A direct yield to our shareholders3

1

2

A

What we offer in addition…

What we have…

A pivotal position in key Norwegian and global industriesB

C A financial and liquidity position providing optionality

Mandate to maximise total shareholder return


Value creation plan

Operational

improvement

Strategic

direction

Org. & human

capital

Sector view

Active ownership

Capital

structures &

financing

Restructuring

and M&A

Industrial Holdings

Invest in sectors where Aker has proven competence and

track-record

Invest where Aker can add value through structural measures

Combine a long-term ownership perspective with Aker’s

ability to “move quickly”

Preference toward liquid and transparent ownership

structures

Financial Investments

Opportunistically convert Financial Investments into cash

Balance Sheet

Keep a solid cash buffer to be able to seize opportunities in

cyclical markets

Maintain a strong balance sheet that protects the company

from adverse portfolio changes and market effects

Maintain long-dated debt maturity







1

2

A


What we have…



A. Deep and long-standing sector knowledge

An industrial investment company founded in 1841


20001900 1975

1841 – Aker is founded

1841 2014

1856 – First ship

1873 – First turbine

2004 – Aker is relisted

1996 – K.I. Røkke main owner

1961 – First gas ship 1967 – Ocean Viking

1973 – Ekofisk tank

1991 – Troll platform

2009 – Ind. Investment Company

Gross group revenues of approximately

NOK 80 billionWork force of approximately

40.000 peoplePresence in more than

60 countries

AKER TODAY:

1950

B. A pivotal position in key Norwegian and global industries

42% of gross assets related to oil and gas1)


Portfolio mix

NOK

28.6bn

20%

22%

24%

14%

3%

17%

Cash and liquid

fund investments

Other

E&P

Seafood and Marine biotech

Real Estate

Cash and other assets

Maritime assets

Oil Services

Real estate

development

Focused on global sectors where Norway

and Aker play a leading role

Leveraging on Aker’s position and

reputation created through 175 years of

industrial history

1)As per 30.06.2015

B. A pivotal position in key Norwegian and global industries

A diversified portfolio that reduces volatility

in current economic environment


Source: Bloomberg; Aker ASA analysis

Gross asset value: NOK 9 bn2) Gross asset value: NOK 10 bn2)

1)Period 31.12.2014 to 26.08.2015

2)As per 26.08.2015

C. Financial and liquidity position providing optionality

Flexibility and financial strength


12%

73%

15%

Cash and liquid fund inv.

Listed investments

Unlisted investments

Gross asset values% of gross value1)

NOK

28.6 bn

Gross asset values of NOK 28.6 bn, of which 85% are cash

and publicly traded investments

20.4

4.817%

+21.0 bn(83%)

71%

Debt

7.6

Gross

asset value

28.6

3.4

Net asset valuesNOK billion1)

Cash and liquid fund investments

Industrial Holdings

Other financial investments

Net asset value of NOK 21.0 bn and a strong financial

and liquidity position

1)As per 30.06.2015







1

2

A


What we have…



1. A track record of long-term value creation

Aker’s value creation since stock listing


0

100

200

300

400

500

600

30.09.04 31.12.04 31.12.05 31.12.06 31.12.07 31.12.08 31.12.09 31.12.10 31.12.11 31.12.12 31.12.13 31.12.14 30.06.15

NAV (per share)

NAV (per share)

adj. for divided

Share price (NOK)

Share price (NOK)

adj. for divided

Aker share 2004 – 2Q 2015

Annual average return, incl. dividend

OSEBX 2004 – 2Q 2015

Annual average return, incl. dividend+25% +11%

1. A track record of long-term value creation

Proven value creation through M&A


Acquisition of Epax

and formation of JV

with LG

Sale of AMC

Sale of P&C

2010

Acquisition of

Marathon Norway

AS

Demerger and re-

listing of AKSO /

Akastor

2014

Established

Demerger and OTC

listing of Norway

Seafoods

Sale of Naxys

2012

Sale of NAM

construction

Sale of Epax

Delisting

IPO and listing

Sale of Stream

Sale of MLS

Sale of WIS

Aker ASA -

Increased

ownership by 6%

20132008

Merger between

Aker Exploration

and Det norske

2009

Aker ASA -

Increased ownership

by ~10%

Relisting of Aker

Drilling

2011

Demerger and re-

listing of

Kvaerner

Sale of Aker

Drilling

Acquisition of

shares from 45%

to 100%

IPO and listing

2007

Listing

Demerger and re-

listing of

Kvaerner

Sale of Aker

Yards

Sale of Aker

Drilling

Aker Holding

structure

established

Spun-out and

separate listing

2005

IPO and listing

Sale of Aker

DrillingIPO and listing

Demerger and re-

listing of

Kvaerner

Merger and

listing

2006

Launched

IPO and listing

2004

IPO and listing

IPO and listing

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

2008

http://intranet.akerasa.com/sites/communication/Logo/Aker Philadelphia Shipyard/AKPS gamle logoer/APSI_LogoOB_2c_v.gif

http://intranet.akerasa.com/sites/communication/Logo/Aker Philadelphia Shipyard/AKPS gamle logoer/APSI_LogoOB_2c_v.gif

2. Growth in underlying earnings and high visibility

Growth in Aker’s underlying pro-rata financials


1)Based on pro-rata consolidation

2)Assumes pro-rata Bloomberg 2015 consensus estimates as per 26.08.2015 for the six listed Industrial Holdings and 2014 numbers for the rest of the portfolio

22.6 22.7 48.3

2015E

1.6

20132012

3.5

1.6

2014

279 296 370

2015E

21.4

2012 2013 2014

26.8

20.2

Industrial HoldingsFinancial Investments Bloomberg 2015 consensus

Supported by high visibility and solid backlogs in most of the portfolio companies

2)

NOK per share

EBITDA1)

Pro-rata, NOK billion

Operating revenues1)

Pro-rata, NOK billion

3. A direct yield to our shareholders

Dividend supported by upstream cash flow


0

2

4

6

8

10

12

14

16

18

20

4.0

3.0

2.0

1.0

0.0

8.0

7.0

6.0

5.0

12.0

5.7%

11.0

7.1%

5.0

6.1%

13.0

5.9%

2011

5.0

10.0

7.1%

2012 201520142013

Cash dividendOptional scrip dividendDirect dividend yield1)

NOK per share Per cent

Dividend to Aker shareholdersNOK per share (left axis) and % (right axis)

3.9 4.1 3.7 3.9 % of NAV1)

1)As per end of preceding year

4.1

Upstream dividend to AkerNOK million

2014

1 040

852

2013

461

191

20122011 2015E

Aker Solutions / Akastor

Aker BioMarine

Ocean Yield

Kvaerner

Financial Investments

Cash dividend to Aker shareholders







1

2

A


What we have…




Q&A

Aker ASA

Appendix


Appendix

This is Aker


NOK billion, as per 30.06.2015

Industrial Holdings Financial Investments

20.4 8.2Gross asset value

2.1

5.6Det norske 50.0%

1.4Aker BioMarine2) 99.0%

0.4Kvaerner1) 28.7%

6.0Ocean Yield 73.0%

1.5Havfisk 73.2%

Cash and liquid fund investments3.4

4.2Aker Solutions1)) 34.8% Other public investments2.0

1.3Akastor1)) 34.5%

Net asset value 21.0

Real Estate Dev. (Fornebuporten)2)0.7

Other financial investments2,3)

Unlisted investments

Listed investments

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

3)The value of the unlisted shares in Align and Ocean Harvest is measured based on the valuation principles in “International Private Equity and Venture Capital Valuation Guidelines”

September 2015

Aker’s ownership agenda

Conclude Johan Sverdrup unitisation

Maintain operational and project development

excellence

High-grade portfolio selectively

Exploration & Production company on the Norwegian

continental shelf

20%Investment value of

NOK 5.6 billion

Aker’s investmentNOK million

Value as per 31.03.15 4 504

Invested / divested in 2Q -

Dividend received in 2Q -

Value change in 2Q 1 117

Industrial Holdings

Det norske

18AKER ASA | Pareto Securities' Oil and Offshore Conference

% of gross asset value(30.06.15)

Key figuresUSD million

2Q14 2Q15 1H14 1H15

Revenues 74 337 100 661

EBITDAX 54 264 72 534

September 2015


Improve operational excellence

Reduce complexity and costs in project

execution, promote technology innovation

Maintain capital discipline

Focus on organic growth and partnerships

Global oil services company providing services, technologies,

and product solutions within subsea and field design

15%


Investment value of

NOK 4.2 billion

Aker’s investment1)

NOK million

Value as per 31.03.15 3 969


Dividend received in 2Q (136)

Value change in 2Q 328

Industrial Holdings

Aker Solutions

1) Investment held through Aker Kvaerner Holding and through 6.4% direct ownership


Key figuresNOK million

2Q14 2Q15 1H14 1H15

Revenues 8 060 8 048 15 542 16 548

EBITDA 608 547 1 274 1 138

Backlog 53 922 44 029

September 2015


Reduce costs and adjust capacity

Diversify customer base, improve service

offering

Maintain capital discipline

Actively manage portfolio to enhance values

Oilfield services investment company with a flexible mandate

for long-term value creation


NOK 1.3 billion


NOK million

Value as per 31.03.15 1 533



Value change in 2Q (218)

Industrial Holdings

Akastor

1) Investment held through Aker Kvaerner Holding and through 6.3% direct ownership




2Q14 2Q15 1H14 1H15

Revenues 6 013 3 693 11 010 8 239

EBITDA -127 141 265 318

Backlog 13 945 18 678

September 2015


Improve cost efficiency, increase productivity

Prove competitiveness on NCS by maintaining

flawless execution of order backlog

Explore strategic options for ownership structure

and industrial partnerships

Specialised oil and gas-related EPC company


NOK 0.4 billion


NOK million

Value as per 31.03.15 463




Industrial Holdings

Kvaerner

1) Investment held through Aker Kvaerner Holding




2Q14 2Q15 1H14 1H15

Revenues 2 861 3 125 6 350 6 650

EBITDA 289 109 459 210

Backlog 21 507 17 742

September 2015


Expand and diversify portfolio, with long-term

charters against solid counterparties

Drive down cost of capital

Maintain predictable and growing cash dividends

A maritime assets company with focus on long-term contracts


NOK 6.0 billion


Value as per 31.03.15 5 084



Value change in 2Q 1 067

Industrial Holdings

Ocean Yield




2Q14 2Q15 1H14 1H15

Revenues 62 63 122 126

EBITDA 55 56 109 111

Backlog(on EBITDA basis) 2 024 2 607

September 2015


Build and expand market for krill-derived products,

ingredients and applications

Ensure operational excellence and cost awareness

to enhance profitability

Explore options to reveal underlying values and

render investment more liquid

Integrated biotech company – specialised in krill harvesting and

processing

5%Book value of

NOK 1.4 billion

Industrial Holdings

Aker BioMarine




Book value as per 31.03.15 1 398



Value change in 2Q -

Key figuresUSD million

2Q14 2Q15 1H14 1H15

Revenues 34 26 57 48

EBITDA 8 11 15 19

September 2015


Drive operational excellence and improved

profitability

Optimise vessel and quota portfolio

Maintain sustainable cash dividend

Leading whitefish harvesting company


NOK 1.5 billion


Value as per 31.03.15 1 668




Industrial Holdings

Havfisk




2Q14 2Q15 1H14 1H15

Revenues 226 257 440 504

EBITDA 47 84 115 174

Aker ASA Pareto Securities' Oil and Offshore Conference

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