Ekstraordinær generalforsamling 29. september Forslag til fusjon mellom Kværner og Aker

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1 Ekstraordinær generalforsamling 29. september 2005 Forslag til fusjon mellom Kværner og Aker

2 Kværners generalforsamling Målsetting innen 3 5 år Øvrige aksjonærer Kjell Inge Røkke / Aker RGI Kværner ASA Børsnotert Operative selskaper 32,2% 67,8% Andel av stemmer 67,8% 32,2% Finansielle eiendeler Aker Kværner 49 % av kapitalen Aksjer uten stemmerett 58% 79%* 100% 77% Aker Yards Norway Seafoods Aker ASA Dexion Børsnotering søkes Other Børsnotert Børsnotert

3 Kværner ASA Vesentlige endringer i 2005 Philadelphia Shipyard salg av containerskip MBO (management buy-out) Etablering av Aker American Shipping Ingen operativ Kvaerner (UK) Ltd virksomhet igjen 100% Kvaerner Plc Kværner ASA 20% 49% (b-aksjer) Kontrakter med OSG Salg av aksjene i Aker American Shipping med etterfølgende børsnotering Omkring 250 selskaper Britiske ressurs selskaper AK Heavy Engineering Kvaerner IMGB Ellayess Inc Eurobond Andre investeringer & jur. tvistesaker Sea Launch Aker ASA

4 Nåværende aksjonærstruktur Øvrige aksjonærer Kjell Inge Røkke Øvrige aksjonærer 0,9% TRG AS 0,5% ( 1,1% ) 25,2% TRG Holding AS 14,5% ( 32,2% ) 52,2% 29,9% ( 66,7% ) Kværner ASA 55,1% 21,7% Aker ASA

5 Begrunnelse for fusjonen Som avtalt. dog raskere Kværner har i løpet av det siste året betydelig forenklet selskapet og synliggjort verdier. Det har vært helt i tråd med selskapets uttalte strategi og fusjonen vil være siste ledd i en lang rekke transaksjoner for å realisere verdiene. Enklere struktur Ved å legge Kværner inn i Aker-konsernet, oppnår man besparelser i forhold til dagens to morselskapsstrukturer og en forenklet eierstruktur uten krysseierskap. Dette er en forenkling som markedet har etterlyst. Utbytte fra Aker Ved gjennomføring av fusjonen er det foreslått et utbytte til Akers aksjonærer på NOK 14 pr aksje. Aker har god likviditet også etter utbyttet.

6 Bytteforhold basert på børskurser Dato Aker Kværner ,00 146,25 162,00 157,00 161,00 164,00 177,00 172,50 Begge selskaper presenterte sine kvartalsresultater i perioden ,00 166,50 Annonsering av fusjonen I perioden ble det omsatt aksjer ,00 170, ,50 173,50 i Aker for ca NOK 700 mill ,00 183,00 og ,50 179,50 i Kværner for ca NOK 500 mill ,00 175,50 Snitt 157,53 172,25 1,0935 Kværners aksjonærer mottar 1,0935 Aker aksjer for hver aksje de eier i Kværner ved gjennomføring av fusjonen ( brøker av aksjer betales med kontanter )

7 Den foreslåtte fusjonen Kværner ASA aksjonærer Bytteforhold 1,0935 Kværner ASA Aker ASA Fusjon Fusjonsfordring Aker Maritime Finance AS

8 Forenklet fremtidig struktur Kjell Inge Røkke & TRG Holding AS Øvrige aksjonærer 67,8% 32,2% Aker ASA Aker Kværner Aker Yards Aker Seafoods Aker American Shipping Aker Capital Aker Material Handling Aker Maritime Finance AS (inkl. Kværner)

9 Aker perioden 384,oo Verdiutvikling for Kværners aksjonærer i Aker perioden Utbytte 1 stk Aker ,oo 20 stk KVI NOK 8,oo Pr aksje Spleis 20:1 Mai 2003 Desember 2001 April 2004 Ombyttingstilbud Fusjon 1,0935 Aker 2005 Kurs Aker 183,5o pr aksje September 2005

10 Utviklingen etter annonsering Økning Aker 150,00 183,50 22,3% Kværner 166,50 199,50 19,8% OSEBX ( totalindeks ) 301,50 326,27 8,2% Markedet har reagert positivt på fusjonen

11 Fremdrift 29. sept Ekstraordinære generalforsamlinger i Aker ASA og Kværner ASA Ca. 30. sept Kreditorfrist løper (to mnd) Ca. 30. nov Utløp av kreditorfrist Ca. 1. des Gjennomføring av fusjon Siste dag for handel i Kværner aksje Ca. 8. des Oppgjør for fusjon ved tildeling av Aker aksjer til Kværner aksjonærer + evt kontantutbetaling for brøkdeler av aksjer Ca. 9. des Første handledag i Aker ex utbytte Ca. 23. des Utbetaling av utbytte

12

13 Aker etter fusjonen

14 Det fusjonerte selskapet Eierandel 50.01% 55.6% 66.7% 53.2% 100% Illustration Aker Kværner Aker Yards Aker Seafoods Aker American Shipping Aker Capital 100% 100% 100% Sea Launch = Børsnotert Aker Material Handling Aker Seafoods Corp. Aker Maritime Finance

15 Company profile Aker Kværner Deepwater, floaters Refining & Chemicals One group of companies 20,700 employees in 30 countries Planning and execution of capital projects Subsea Power Generation Providing technology, products and solutions Onshore O&G plants Pulp & Paper Providing life-cycle operations, service and maintenance Fixed platforms Pharma & Biotech Oil & Gas Energy & Process Other businesses include Metals, Union-Construction, Non-Union Construction

16 Status 2Q05 Aker Kværner Operations continued to improve in all business areas Strong order intake, record order backlog EBITDA target for 2006 will be achieved ahead of time Ill: QNI E&C markets develop positively Key figures 2Q 2Q YTD YTD Year (in NOK million) Revenues EBITDA Order intake Order backlog* * At end of period Ill: Hydro High oil price and gas deficit drive market

17 Company profile Aker Brattvaag Aker Yards Aker Brattvaag Aker Langsten Aker Brattvaag Aker Finnyards Aker Finnyards Brattvaag S.V. Rauma Søviknes Verft Multi national shipyard group 13,500 employees Diversified vessel program Ability for large output at peak market Strong track-record Turku Aker Finnyards Aker Brattvaag Helsinki Aker Aukra Aker Brattvaag Aker Brevik Aker Ostsee Aker Tulcea Brevik Constr. Wismar Aker Brattvaag Aker Promar Aker Ostsee Aker Brevik Warnemunde Aker Braila

18 Status 2Q05 Aker Yards Order backlog more than doubled in past 12 months Increased activity, operational improvements Outlook for 2005 and beyond confirmed Color Magic ordered in 2Q Key figures 2Q 2Q YTD YTD Year (in NOK million) Revenues EBITDA Order intake Order backlog* Aker PSV 09 DE * At end of period

19 Aker Seafoods ASA Aker Seafoods ASA Existing activities West Fish Aarsæther Nordic Sea Holding (65.1%) Harvesting licenses 11 trawlers 7.1 licenses 2 trawlers 3.75 licenses 2 trawlers Processing 8 processing plants 3 processing plants 0 processing plants Sales & distribution Pan-European network Pan-European network Nordic Group Sales Europe/US 1,350 employees Processing Fish reception Administration/sales (Europe)

20 Status 2Q05 Aker Seafoods Improved operations in 2Q Merger process on schedule, synergies will be achieved Strategic shift towards fresh fish products White fish prices up Key figures 2Q 2Q YTD YTD Year (in NOK million) Revenues EBITDA* EBITDA * Excl non-recurring, non-operational items and discontinued businesses Fresh cod loins

21 Company profile Aker American Shipping American Shipping Corporation Kvaerner Philadelphia Shipyard Inc. Bareboat charter agreement for 10 Product Tankers KPSI to build 10 product tankers, delivery ASC to bareboat charter product tankers to OSG for 5-7 years charter terms + options Indirect and passive financial participation in time charterer provides potential upside from a charter market with strong fundamentals Rebuilt from 1998 to 2000, close to USD 650 mill invested from Kværner, state and local government Three container vessels delivered, one under construction for Matson Highly competitive within several different segments of the Jones Act market

22 Status 2Q05 Aker American Shipping Contract with OSG formalised, takeout financing in place for ships 5-9 NB003 delivered to Matson in May ahead of time Positive dayrate development in US product tanker market Efficient construction Key figures 2Q 2Q YTD YTD Year (in NOK million) Revenues EBITDA (1) 41 (71) Order intake Order backlog* * At end of period A leading US yard

23 Aker Capital Aker Capital AS Aker Asset Mgmt Aker Insurance Services Aker Invest 60% 39.9% Bjørge ASA Vessel stakes Shipowner loans Other investments Am. Champ. Inc Atlas Stord Supply Invest NorSea Group

24 Company profile Aker Material Handling Industrial storage systems Archive and filing systems Share of sales 70% 30% Pallet racks, shelving, machines Archives, shelves, filing systems/cabinets

25 Status 2Q05 Aker Material Handling LTM EBITDA Profits continued to increase Positive trend in order backlog, important contracts secured Margin improvements expected to continue Key figures 2Q 2Q YTD YTD Year (in NOK million) Revenues EBITDA 0 12 (11) 9 12 Order intake Order backlog* * At end of period Spare parts storage in Europe s largest bacon factory Dec 2002 June 2005

26 Status 2Q05 Aker Seafoods Corp. Surimi market develops positively Argentina vessel impacted by strikes Krill project according to plan, shift to more efficient vessel this Autumn Promising surimi project at Faroe Islands Positive surimi markets Atlantic Navigator to Faroe Islands Aker Seafoods, Corp financials are reported as part of Aker ASA and other businesses Argentina impacted by strikes

27 Sea Launch Sea Launch is the world s only combined equator and oceanbased launch service company Kværner investment/loan MUSD 225 Book value after write downs MUSD 29 Kværner s guarantee exposure MUSD 151 (reduced from MUSD 181 per 1st Jan 05) Order backlog consists of 11 confirmed launches and 10 options From 1999, 17 launches has been completed, one failure ( no. 3 - year 2000 ) Three launches completed so far in 2005 Long-term loans refinanced in 2005

28 Aker ASA mor & holding ( etter fusjon ) Balanse & børsnoterte investeringer NOK mill Anleggsmidler Investeringer børsnoterte Investeringer unoterte Andre eiendeler Rentebærende eiendeler Sum eiendeler Egenkapital Rentefri gjeld og forpliktelser Rentebærende gjeld Sum gjeld og egenkapital 30 juni Med børsverdier Aker American Shipping 75,oo pr aksje Aker Seafoods 39,oo pr aksje Aker Yards 343,oo pr aksje Aker Kværner 380,oo pr aksje NOK mrd 1,101 1,267 3,928 10,458 Børsverdier 28 sept 2005 Antall A-aksjer ( mill ) Antall B-aksjer egne ( mill ) Verdi pr aksje ( ex egne ) 72,4 42,4 136,44 72,4 42,4 271,00

29 Utvikling i børskurser i / / Økning Oslo Børs Totalindeks Kværner ASA 31,30 199,50 537% 38% Aker ASA 62,00 183,50 196% 38% Aker Kværner ASA 161,00 380,00 136% 38% Aker Yards ASA 149,50 343,00 129% 38% Aker Seafoods ASA ( fra ) 28,90 39,00 34% 31% Aker American Shipping ASA ( fra ) 66,00 75,00 14% 10%

30 Aker American Shipping Aker Capital Good progress Strong markets - Positive outlook

31 Disclaimer This Presentation 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 Presentation 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 Presentation. Although Aker ASA believes that its expectations and the Presentation 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 Presentation. Aker ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, 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 presentation 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.