Aker ASA Swedbank Nordic Energy Summit PDF Free Download

Proud ownership Aker ASA Swedbank Nordic Energy Summit 2016 Frank O. Reite, Chief Financial Officer Oslo 17 March 2016

Aker: a high-yielding stock based on a solid financial position What we have A Deep and long-standing sector knowledge B A pivotal position in key Norwegian and global industries C A financial and liquidity position providing optionality What we offer in addition 1 A track record of long-term value creation 2 Solid underlying financials in the portfolio 3 A direct yield to our shareholders AKER ASA Swedbank Nordic Energy Summit 2

Mandate to maximise total shareholder return Guiding principles Industrial Holdings Invest in sectors where Aker has proven competence and trackrecord 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 and our approach Sector view Value creation plan Financial Investments Opportunistically convert Financial Investments into cash Balance Sheet Active ownership Keep a solid cash buffer to be able to seize opportunities in cyclical markets Maintain a strong balance sheet protecting the company from adverse portfolio changes and market effects Strategic direction Restructuring and M&A Capital structures & financing Org. & human capital Operational improvement Maintain long dated debt maturity AKER ASA Swedbank Nordic Energy Summit 3

Aker ASA a high-yielding stock based on a solid financial position What we have A Deep and long-standing sector knowledge B A pivotal position in key Norwegian and global industries C A financial and liquidity position providing optionality What we offer in addition 1 A track record of long-term value creation 2 Solid underlying financials in the portfolio 3 A direct yield to our shareholders AKER ASA Swedbank Nordic Energy Summit 4

A. Deep and long-standing sector knowledge An industrial investment company founded in 1841 1841 Aker is founded 1856 First ship 1967 Ocean Viking 1991 Troll platform 1996 K.I. Røkke main owner 2004 Aker is relisted 2009 Ind. Investment Company 1841 2015 AKER TODAY: Industrial Holdings Financial Investments Navigator Marine AKER ASA Swedbank Nordic Energy Summit 5

B. A pivotal position in key Norwegian and global growth industries 38% of gross assets related to oil and gas Cash and liquid fund investments Real Estate investments - Fornebuporten - Akastor industrial properties 7% 7% Other - Philly Shipyard 7% 20% E&P - Det norske Seafood & Marine Biotech - Havfisk - Aker BioMarine 15% NOK 27.9bn 18% Oil Services - Aker Solutions - Kværner - Akastor - Align 27% Maritime assets - OceanYield - American Shipping Company AKER ASA Swedbank Nordic Energy Summit 6

Aker ASA and holding companies This is Aker NOK billion, as per 31.12.2015 Listed investments Unlisted investments Industrial Holdings Financial Investments Det norske 50.0% 5.6 1.5 Cash Aker Solutions 1)) 34.8% 2.9 0.4 Liquid fund investments Akastor 1)) 36.7% 1.2 1.9 Listed financial investments Kvaerner 1) 28.7% 0.6 1.9 Real Estate Investments 2) Ocean Yield 73.0% Aker BioMarine 2) 99.5% Havfisk 73.2% 6.7 1.4 1.7 2.0 Other financial investments 2) Gross asset value 20.2 7.7 Net asset value 20.9 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 AKER ASA Swedbank Nordic Energy Summit 7

C. Financial and liquidity position providing optionality Flexibility and financial strength Gross asset values % of gross value 1) Net asset values NOK billion 1) 27.9 7% Listed investments Unlisted investments Cash and liquid fund inv. Industrial Holdings Other financial investments Cash and liquid fund investments 18% NOK 27.9 bn 75% 72% 21% 20.2 5.8 7.0 +20.9 bn (75%) NAV Discount Market cap. 1) 100% 42% 58% NOK bn 20.9 8.7 12.2 1.9 Gross asset value Debt Gross asset values of NOK 27.9 bn, of which 82% are cash and publicly traded investments Net asset value of NOK 20.9 bn and a strong financial and liquidity position 1)As per 31.12.2015, prior to allocated dividend AKER ASA Swedbank Nordic Energy Summit 8

1. A track record of long-term value creation Aker s value creation since stock listing 600 NAV (per share) adj. for dividend NAV (per share) Share price (NOK) adj. for dividend Share price (NOK) 500 400 300 200 100 0 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 31.12.15 Aker share 2004 2015 Annual average return, incl. dividend OSEBX 2004 2015 +24% Annual average return, incl. dividend +10% AKER ASA Swedbank Nordic Energy Summit 10

1. A track record of long-term value creation Proven value creation through M&A Established Acquisition of Epax and formation of JV with LG Demerger and OTC listing of Norway Seafoods Acquisition of Marathon Norway AS Sale of AMC Sale of P&C Sale of Naxys Demerger and relisting of AKSO / Akastor 2010 2011 2012 2008 2013 2014 2015 2016 Demerger and relisting of Kvaerner Aker ASA - Increased ownership by 6% Sale of Epax Acquisition of Svenska Petroleum assets Sale of Aker Drilling Sale of MLS Sale of WIS IPO and listing Acquisition of Premier Oil Norway Aker ASA - Increased ownership by ~10% Sale of NAM construction Delisting Sale of real estate property Relisting of Aker Drilling Sale of Stream Sale of Fornebuporten offices Aker ASA has executed or has been instrumental in executing more than 50 large M&A, ECM and restructuring transactions since relisting in 2004 AKER ASA Swedbank Nordic Energy Summit 11

2. Solid underlying financials in the portfolio Robust portfolio company balance sheets Aker Solutions NOK billion Akastor NOK billion Det norske USD billion Ocean Yield USD million Kvaerner NOK billion Havfisk NOK billion Mkt.cap. Mkt.cap. 40% 60% 100% Mkt.cap. 33% 67% Mkt.cap. 57% 43% 1) 100% Mkt.cap. Mkt.cap. 76% 24% 7.0x 2.5x 3.6x 1.9x 1.8 4.9 2.5 802 0.6 0.8 n.a. 0.7 1.0 224 n.a. 0.4 LTM EBITDA LTM EBITDA LTM EBITDA ) 1) LTM EBITDA LTM EBITDA LTM EBITDA Net interest-bearing cash position Deleveraged following divestments and refinancing Step change through Marathon acquisition Refinanced 2015 Sound balance sheet based on long-term debt facilities Focus on counterparty risk Net interest-bearing cash position Longview settlement Refinanced 2016 Focus on operations and debt repayment 1) Excluded finance lease of USD 166m related to Aker Wayfarer from interest bearing long-term receivables AKER ASA Swedbank Nordic Energy Summit 12

3. A direct yield to our shareholders Dividend supported by upstream cash flow Upstream dividend NOK million Dividend to Aker shareholders NOK per share (left axis) and % (right axis) 1438 NOK per share Per cent 852 1 040 20 18 16 14 12 7.1% 7.1% 5.7% 5.9% 6.1% 6.1% 8.0 7.0 6.0 5.0 10 4.0 191 461 8 6 4 2 10.0 11.0 12.0 13.0 5.0 5.0 10.0 3.0 2.0 1.0 2011 2012 2013 2014 2015 2016 0 2011 2012 2013 2014 2015 2016 3.9 4.1 3.7 3.9 4.1 3.6 % of NAV 1) 0.0 Cash dividend to Aker shareholders Financial Investments Ocean Yield Aker Solutions/Akastor Direct dividend yield 1) Optional scrip dividend Cash dividend Kværner Aker BioMarine Havfisk 1)As per end of preceding year AKER ASA Swedbank Nordic Energy Summit 13

Q&A AKER ASA Swedbank Nordic Energy Summit 15

Disclaimer This Document includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Document are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Aker ASA and Aker ASA s (including subsidiaries and affiliates) lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as expects, believes, estimates or similar expressions. 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 Aker's businesses, oil prices, 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 Document. Although Aker ASA believes that its expectations and the Document are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Document. Aker ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Document, and neither Aker ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use. The Aker group consists of many legally independent entities, constituting their own separate identities. Aker is used as the common brand or trade mark for most of this entities. In this document we may sometimes use Aker", "Group, "we" or "us" when we refer to Aker companies in general or where no useful purpose is served by identifying any particular Aker company. AKER ASA Swedbank Nordic Energy Summit 16

Proud ownership For more information, contact: Marianne Stigset Head of Investor Relations Tel. +47 41 18 84 82 marianne.stigset@akerasa.com https://www.akerasa.com