M ICHAEL B AKER C ORPORATION

1. Engineering & Energy 2002 MICHAEL BAKER CORPORATION Investor Relations Presentation Ninth Annual Emerald Groundhog Day Investment Forum February 5, 2002

2. Safe Harbor This presentation will contain information related to events which may occur in the future. These forward-looking statements may include future business trends, revenue and earnings forecasts, and acquisition and corporate finance activity. These statements are subject to market, regulatory, operating and other risks and uncertainties and, as a result, actual results may vary. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

3. Summary / Highlights • Focused on Two Segments • Engineering and Energy • Leader in Professional Services • Oil & Gas Production O&M • Transportation and Civil Infrastructure Engineering • Positioned to Accelerate Margin Growth, Led by Energy Segment • Currently Valued at 5x EBITDA

4. Decade of Performance

5. Core Energy Service Offerings • Oil & Gas • Operations & Maintenance • Operations Engineering • Competency-Based Training • Supply Chain Management • Power • Operations & Maintenance • New Equipment Installation • Outage Planning/Overhauls • Engineering / Start-up Assistance

6. Differentiation of Services • Energy • OPCOSM • Integrated Services and Solutions for Global O&G Upstream Production Operations • Competency-Based Training and Nationalization Programs

7. Idea Explore Construct Develop Produce Monetize OPCOSM OPCO Integrated Decision-making in Production Operations Management Operations Network Growth Maintenance OPCO Supply Chain Management HS&E Production Operations Functions and Critical Decisions Training & Development Human Resources

8. Energy Growth Drivers Fixed Fee Income Annual Performance Bonus Sharing Cost Savings Baker VALUE CREATION SHARED SAVINGS LEVERAGED ECONOMIES of SCALE OPCOSM Client Reduced Operating Costs Increased Revenues Increased Efficiency

9. Price Driver Historical Oil Prices (WTI) Data Source: www.eia.doe.gov

10. OPCO Diffusion Curve Early Adopters Early Majority Late Majority Laggards

11. Our OPCO Potential Market

12. Our OPCO-Served Market

13. Deepwater Opportunities • Largest Supplier of Manpower to Deepwater GOM • Ops Engineering Support to New Facilities

14. eOPS • Fully-Integrated, Operations and Maintenance System for Upstream Energy Industry • Alliance: • Baker - Content • SAIC - Technology, Telecom and Knowledge Management • Deloitte - Planning, Strategy and Analysis • Global Market - $160 Billion • Benefits • Shortened Cycle Time • Improved Operating Performance • Lower Cost of Operation • Greater Asset Return

15. Core Engineering Service Offerings • Transportation Engineering Services • Highways • Bridges (Structures) • Program Management • Asset Management • Civil InfrastructureServices • Cold Region Pipelines • DoD / Federal Markets • Water/Waste Water • Asset Management

16. Growth Drivers Transportation: TEA-21 3rd 9th 4th 11th 7th 8th 12th 35th 1st 10th 29th 6th 23rd 2nd 5th 22nd Ranking TEA-21 Funded States Baker Office Source: Projected TEA-21 Apportionments 1998-2003, ENR (08/00)

17. Growth Drivers TEA-21/AIR-21 Total Federal Authorizations Source: Federal Highway Administrations and FAA, U.S. Department of Transportation

18. Engineering Highlights - 2001 • $290mm in New Work Added • Won $130mm in Open-End Contracts with Department of Defense • Selected as General Engineering Consultant for Hampton Roads Third Crossing • $4.5 Billion Total Project Cost • Successful Entry into Texas Market

19. Competitive Barriers to Entry • Energy • Customer Relationships • Content and Information Delivery Systems • Implementation/Delivery Capability • OPCO Network • Engineering • Alignment of Services to Meet Customer Needs • Long-Term Relationships

20. Key Customer Relationships • Energy • Engineering

21. Acquisition Growth Opportunities • Geographic and Capacity Expansion • Energy Opportunities • Engineering Opportunities • Additional Capabilities • Energy • Training Program Development • Maintenance Management Systems • Engineering • Water/Wastewater • Asset Management

22. Total Revenues Energy

23. Revenues Q3/Q3 Total Reported/Engineering/Energy Revenues $37.8 $31.8 $17.5 $57.9 $60.6 $51.5 Energy

24. Operating Performance(in Thousands of $) 5,471 Adjusted for $1 Million Non-Recurring Charge

25. Operating Performance (Q3/Q3)(in Thousands of $) 563

26. Cash Flow(in millions of $)

27. Balance Sheet(in millions of $)

28. EPS Growth 2001 Estimate: $1.25 - $1.30

29. Stock Performance (12 mos.)

30. Ownership Holders Shares Baker ESOP 3,420,821Lord, Abbett & Co. 689,303 Goldman Sachs Asset Management 566,700 Dimensional Fund Advisors Inc. 477,714 Corbyn Investment Management 227,137 Tontine Management, L.L.C. 210,600 Munder Capital Management 171,900 Paradigm Capital Management 154,400 Emerald Advisers 87,100

31. Conclusion • Leader in: • Oil & Gas Production O&M • Transportation and Civil Infrastructure Engineering • Energy Market Conditions Catalyst for Significant Growth • Investment in Transportation Infrastructure Providing Substantial Opportunity • Debt-free, Leverageable Balance Sheet • Currently Valued at 5x EBITDA

32. Engineering & Energy 2001 MICHAEL BAKER CORPORATION Investor Relations Presentation