Interim report January - June 2008: Staying the course

Aker companies are developing well and in line with established business plans. The constellation of Aker companies comprises a strong foundation for growth and value creation in Aker's target areas: energy, maritime technologies, and seafoods & marine biotech. For the short term, however, major stock market fluctuations are impacting the market value of listed companies and entail changes in the value of other Aker companies.

Aker ASA, the parent company of the Aker Group, plays an active ownership role in the companies in which it is the main shareholder. Aker has systematically strengthened its organization and financial position over the past few years. Aker's significant resources are directly engaged in the operational and strategic development of the Group's growth companies.

Positive outlook Aker companies operate in industries that are supported by favorable underlying long-term trends. Demand for energy, food, and health-promoting food and feed ingredients for a steadily growing population represents a solid foundation for further growth.

Companies serving the oil and gas industry make up about three-fourths of the parent company's share investments, by market value. Although alternative and renewable energy will become more important in the future, great and increasing demand for effective, sustainable methods of recovering and utilizing fossil energy sources will continue for many decades.

Aker is also well positioned to contribute to sustainable harvesting and processing of marine species. Growing popular awareness of the importance of a healthy diet is driving market demand for high-quality seafood and dietary products made from marine raw materials.

Shareholder value The development in underlying value for Aker ASA's shareholders is presented in the combined balance sheet for the parent company Aker ASA and holding companies (see table on page 2).

As of 30 June 2008, stock-exchange listed shares comprised some 74 percent of Aker's investments. Value-adjusted equity amounted to NOK 28.2 billion, down NOK 5.1 billion compared with year-end 2007. The change is attributable to general stock-market developments and the payment of dividends to Aker shareholders. Net asset value amounted to NOK 389 per Aker ASA share as of 30 June 2008.

Aker ASA has considerable financial capacity. Total cash and short term interest-bearing receivables of the parent company and holding companies amounted to NOK 7.8 billion as of 30 June 2008. The reduction, from NOK 9.6 billion at the close of the first quarter of 2008 and from NOK 12.3 billion from year-end 2007, is attributable to the purchase of additional Aker Drilling shares and the subsequent buy-out of non-Aker shareholders, investments in bonds issued by subsidiaries and associated companies, and dividend payments to Aker shareholders.

Enclosed please find the interim report January - June 2008 and the presentation.

For further information please contact: Geir Arne Drangeid, Senior Partner & EVP, Aker ASA: +47 913 10 458

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)