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Engineering & Energy. 2002. M ICHAEL B AKER C ORPORATION. Investor Relations Presentation. Ninth Annual Emerald Groundhog Day Investment Forum February 5, 2002. Safe Harbor.

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m ichael b aker c orporation

Engineering & Energy

2002

MICHAEL BAKER CORPORATION

Investor Relations Presentation

Ninth Annual

Emerald Groundhog Day Investment Forum

February 5, 2002

safe harbor
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.

summary highlights
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
core energy service offerings
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
differentiation of services
Differentiation of Services
  • Energy
    • OPCOSM
    • Integrated Services and Solutions for Global O&G Upstream Production Operations
    • Competency-Based Training and Nationalization Programs
opco sm

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

energy growth drivers
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

price driver
Price Driver

Historical Oil Prices (WTI)

Data Source: www.eia.doe.gov

opco diffusion curve
OPCO Diffusion Curve

Early Adopters

Early Majority

Late Majority

Laggards

deepwater opportunities
Deepwater Opportunities
  • Largest Supplier of Manpower to Deepwater GOM
  • Ops Engineering Support to New Facilities
slide14
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
core engineering service offerings
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
growth drivers
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)

growth drivers1
Growth Drivers

TEA-21/AIR-21

Total Federal Authorizations

Source: Federal Highway Administrations and FAA, U.S. Department of Transportation

engineering highlights 2001
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
competitive barriers to entry
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
acquisition growth opportunities
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
revenues
Revenues

Q3/Q3 Total Reported/Engineering/Energy Revenues

$37.8

$31.8

$17.5

$57.9

$60.6

$51.5

Energy

operating performance in thousands of
Operating Performance(in Thousands of $)

5,471

Adjusted for $1 Million Non-Recurring Charge

eps growth
EPS Growth

2001 Estimate: $1.25 - $1.30

ownership
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

conclusion
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
m ichael b aker c orporation1

Engineering & Energy

2001

MICHAEL BAKER CORPORATION

Investor Relations Presentation