Plans to divide Aker's corporate holdings into a portfolio of industrial holdings and a portfolio of financial holdings were initially announced by Aker President and CEO Øyvind Eriksen at the 2 April 2009 Aker Day corporate presentation. Aker's agenda, Mr. Erikson pointed out, is to create and visualize value through long-term development of its companies.

"Each Aker company and investment will be subject to even closer, more timely ownership follow-up, adapted to specific needs and value potential, as a result of the way we have modified our organization," says Mr Eriksen.

The ownership interests now acquired by Aker Capital Fund include Aker's shareholdings in Aker Seafoods (64.9 percent), Aker Ocean Harvest (100 percent), and Bjørge (39.9 percent).

Plans are for transferring Aker's ownership interests in Aker Philadelphia Shipyard (50.3 percent), American Shipping Company (19.9percent), Aker Floating Production (72.3 percent), and the American Shipping Company ASA bond loan; Aker's position in a total returnswap that entails financial exposure to price developments on 33.33 percent of American Shipping Company shares is also planned. The transfers are expected to be completed in the second half of 2009,once the necessary conditions for such transfers have been clarified.

In addition to the above-mentioned, some minor ownership interests and investments have been transferred to Aker Capital Fund.

Pursuant to section 6-2 (3) of Norway's Securities Trading Act, the Oslo Stock Exchange has granted an exemption from the rules that would otherwise require Aker to offer to buy out non-Aker shareholders, regarding the transfer to Aker Capital Fund of the shares of Aker Seafoods, Aker Floating Production, Aker Philadelphia Shipyard, and Bjørge.

The investments in Aker Capital Fund will be subject to follow-up by a dedicated management team of the newly established company Converto Capital Management. At its establishment, Converto Capital Management will be owned 90 percent by Aker ASA and 10 percent by Frank O. Reite, who will be its managing partner in charge of day-to-day operations.

In addition to his 10-percent ownership interest in Converto, Frank O. Reite will invest some NOK 3 million in the fund. Mr Reite will be joined by Trine Sæther Romuld, a member of Aker's former executive management team. Ms Romuld will be CFO of Converto. The company will also draw on additional resources in the Aker organization to further develop and strengthen specific investments.

Valuations and accounting effects The completed and planned transactions have a total value of NOK 1,132 million. The value of exchange-listed shares was determinedas of 25 June 2009 using the shares' average closing price for the 20most recent trading days. Valuations of other assets are based onbook values as of 25 June 2009; however, regarding the two largest, Aker Ocean Harvest and the American Shipping Company bonds, financialadvisors have also provided impartial valuations.

As of the 2008 annual financial statement, Aker adjusts thebalance-sheet carrying value of its shareholdings in exchange-listedcompanies to reflect current share price developments. Thus, the profit effect of the transactions in question is negligible.

In future quarterly and annual reports, Aker will treat Aker CapitalFund as a business segment. However, periodic reporting willgenerally not discuss developments at individual portfolio companies. s part of the establishment of Aker Capital Fund, Aker has reclassified its approximately NOK 1.3 billion Aker Floating Production short-term interest-bearing receivable as a long-term interest-bearing receivable.

Industrial follow-up Aker's industrial engagements will comprise holdings in AkerSolutions, Aker Drilling, Aker BioMarine, Aker Clean Carbon, and oil companies focusing on the Norwegian continental shelf, mainly Aker Exploration and Det norske oljeselskap.

Each of the industrial engagements mentioned above will have an investment manager who, along with Aker's President and CEO, CFO, and corporate communications chief will constitute the core leadership of the ownership company Aker ASA.

Executive moves Karl Erik Kjelstad has been appointed executive vice president andmember of the executive management team in Aker Solutions. Kjelstad will lead the development of the strategic initiative related to oilfield services and the company's fleet of marine vessels.

Mr Kjelstad joined Aker in 1998 and was President and CEO of Aker Yards (now STX Europe) from January 2003 until June 2007. Mr Kjelstad was part of Aker's management team prior to moving to Aker Solutions.

Aker ASA's CFO Bengt A. Rem has decided to seek new challenges outside Aker. He starts at Arctic Securities in the second half of2009, after a new CFO in Aker ASA is in place. This process has already commenced. Mr Rem has worked in Aker since 1995 and starts asa managing director in Arctic Partners.

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

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