Moving forward during tough times

The Aker industrial group is not unaffected by the current turbulencein worldwide credit and stock markets, but the company continues toprogress along a steady course, closely focused on the company'slong-term industrial goals.Over the two past years, the company has built a solid financialfoundation. This financial strength provides shareholders withsecurity as to future dividend-paying capacity and prospects forcontinued value growth via the launch and development of newcompanies in the Aker family.- Aker creates, develops and improves businesses. This year we areinfluenced by having many companies in the start-up and earlydevelopment phases. The group's net profit in the first nine monthsof the year is therefore negative by nearly NOK 700 million, of whichalmost NOK 600 million reflect technical accounting effects in AkerDrilling that have no cash impact. In the short-term, results willnaturally fluctuate at Aker, which is focused on long-term industrialdevelopment. We are moving forward in tough times, says Leif-ArneLangøy, Chairman and CEO of Aker ASA.In the third quarter of 2008, Aker Solutions - the largest Akercompany - once again delivered strong profit performance: AkerSolutions reported a record-high 8.5 percent operating margin(EBITDA). Aker Solutions' order backlog is also growing; thesefactors generate predictability for the company's activities in thetime ahead.In Ghana, Aker was recently selected as the license operator of anextensive deepwater oil and gas exploration area. Promisinggeological structures have been identified in the acreage covered bythe exploration and production license. Comprehensive survey andexploration work are planned for 2009 and thereafter.Key milestones have been passed in many of the new Aker companiesrecently. Aker Floating Production has begun oil production offshoreIndia, and Aker BioMarine has launched its new business plan.The market value of Aker's shareholdings in stock-exchange listedcompanies has fallen significantly over the past months, in step withgeneral stock-market developments. As of 30 September 2008, AkerASA's value-adjusted equity (net asset value) amounted to NOK 25.6billion, or NOK 354 per Aker ASA share. The equivalent net assetvalue at the end of 2007 was NOK 33.3 billion.Aker's financial position remains strong, despite current marketdevelopments. Total short-term interest-bearing receivables, cash,and cash equivalents of the parent company and holding companiesamounted to NOK 6.8 billion as of 30 September 2008.- A continuing positive outlook for market segments will continue todrive further development of companies in industrial sectors in whichAker is well versed. Aker considers that its companies are wellpositioned as to markets and competitors, and sees significantpotential for value growth in its portfolio of companies, saysLangøy.The global economy is currently undergoing the most profound changesexperienced in several generations. These developments may affectAker companies' markets over the short and medium term. Nevertheless,Aker considers that the world's ever-growing population will drivedemand for energy, high-quality food, and health-promoting productsthat are produced in a sustainable manner. These trends will generatedemand for the technologies, products, expertise, and solutionsdeveloped and delivered by Aker companies.

Please find attached the Q3 2008 report.

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