The aggregate accounting effects of transactions and organizationaladaptations made in the second quarter are limited. The net assetvalue of Aker (the parent company, Aker ASA, and companies in itsholding company structure) was approximately NOK 18.5 billion at theclose of the second quarter of 2009 - on a par with the close of thepreceding quarter. Aker's net asset value amounted to NOK 255 pershare as of 30 June 2009.

Net interest-bearing items amounted to plus NOK 7.1 billion, andAker's equity ratio was 88 percent as of 30 June 2009.

Aker's financial reporting for the first six months of 2009 adheresto the new organizational structure. The company's ownershipinterests in its several operating companies are organized into twosegments: Industrial Holdings, which is monitored and developeddirectly by Aker ASA, and Financial Holdings, of which Aker CapitalFund is the largest entity.

In addition to the above-mentioned ownership interests in operatingcompanies, Aker ASA (parent and holding companies) has significantfinancial resources and liquid assets that are placed in banks andshort-term certificates, and in bonds and long-term loans to Groupcompanies and associated companies. These Treasury assets aremonitored and managed by Aker's Treasury unit.

Going forward, value development will stem from both the success ofstrategic and operational modifications taking place in the portfolioand at each company, and the impact of overall market developments.The various portfolio companies are generally well positioned toprofit from ever-growing market demand for sustainable energy andfood production. Nevertheless, market uncertainty over the near-termprevails due to financial market and global economic circumstances.

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