Interim report January - June 2008: Staying the course

Aker companies are developing well and in line with establishedbusiness plans. The constellation of Aker companies comprises astrong foundation for growth and value creation in Aker's targetareas: energy, maritime technologies, and seafoods & marine biotech.For the short term, however, major stock market fluctuations areimpacting the market value of listed companies and entail changes inthe value of other Aker companies.

Aker ASA, the parent company of the Aker Group, plays an activeownership role in the companies in which it is the main shareholder.Aker has systematically strengthened its organization and financialposition over the past few years. Aker's significant resources aredirectly engaged in the operational and strategic development of theGroup's growth companies.

Positive outlookAker companies operate in industries that are supported by favorableunderlying long-term trends. Demand for energy, food, andhealth-promoting food and feed ingredients for a steadily growingpopulation represents a solid foundation for further growth.

Companies serving the oil and gas industry make up aboutthree-fourths of the parent company's share investments, by marketvalue. Although alternative and renewable energy will become moreimportant in the future, great and increasing demand for effective,sustainable methods of recovering and utilizing fossil energy sourceswill continue for many decades.

Aker is also well positioned to contribute to sustainable harvestingand processing of marine species. Growing popular awareness of theimportance of a healthy diet is driving market demand forhigh-quality seafood and dietary products made from marine rawmaterials.

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

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

Aker ASA has considerable financial capacity. Total cash and shortterm interest-bearing receivables of the parent company and holdingcompanies amounted to NOK 7.8 billion as of 30 June 2008. Thereduction, from NOK 9.6 billion at the close of the first quarter of2008 and from NOK 12.3 billion from year-end 2007, is attributable tothe purchase of additional Aker Drilling shares and the subsequentbuy-out of non-Aker shareholders, investments in bonds issued bysubsidiaries and associated companies, and dividend payments to Akershareholders.

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

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