1. 1 Investor Relations Presentation M ICHAEL B AKER C ORPORATION 20022002 Engineering & Energy Ninth Annual Emerald Groundhog Day Investment Forum February 5, 2002 Ninth Annual Emerald Groundhog Day Investment Forum February 5, 2002

2. 2002 Engineering & Energy 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. 2002 Engineering & Energy 3 Summary / Highlights n Focused on Two Segments u Engineering and Energy n Leader in Professional Services u Oil & Gas Production O&M u Transportation and Civil Infrastructure Engineering n Positioned to Accelerate Margin Growth, Led by Energy Segment n Currently Valued at 5x EBITDA n Focused on Two Segments u Engineering and Energy n Leader in Professional Services u Oil & Gas Production O&M u Transportation and Civil Infrastructure Engineering n Positioned to Accelerate Margin Growth, Led by Energy Segment n Currently Valued at 5x EBITDA

4. 2002 Engineering & Energy 4 Decade of Performance

5. 2002 Engineering & Energy 5 Core Energy Service Offerings n Oil & Gas u Operations & Maintenance u Operations Engineering u Competency-Based Training u Supply Chain Management n Oil & Gas u Operations & Maintenance u Operations Engineering u Competency-Based Training u Supply Chain Management n Power u Operations & Maintenance u New Equipment Installation u Outage Planning/Overhauls u Engineering / Start-up Assistance n Power u Operations & Maintenance u New Equipment Installation u Outage Planning/Overhauls u Engineering / Start-up Assistance

6. 2002 Engineering & Energy 6 Differentiation of Services n Energy u OPCO SM u Integrated Services and Solutions for Global O&G Upstream Production Operations u Competency-Based Training and Nationalization Programs n Energy u OPCO SM u Integrated Services and Solutions for Global O&G Upstream Production Operations u Competency-Based Training and Nationalization Programs

7. 2002 Engineering & Energy 7 OPCO SM OPCO Integrated Decision-making in Production Operations OPCO Integrated Decision-making in Production Operations IdeaExploreConstructDevelopProduceMonetize ManagementOperations Maintenance Supply Chain Management Human Resources Training & Development HS&E Network Growth Production Operations Functions and Critical Decisions OPCO

8. 2002 Engineering & Energy 8 Energy Growth Drivers OPCO SM Client Baker VALUE CREATION SHARED SAVINGS LEVERAGED ECONOMIES of SCALE Fixed Fee Income Annual Performance Bonus Sharing Cost Savings Reduced Operating Costs Increased Revenues Increased Efficiency

9. 2002 Engineering & Energy 9 Price Driver Historical Oil Prices (WTI) Data Source: www.eia.doe.gov

10. 2002 Engineering & Energy 10 OPCO Diffusion Curve Early Adopters Early Majority Late Majority LaggardsLaggards

11. 2002 Engineering & Energy 11 Our OPCO Potential Market

12. 2002 Engineering & Energy 12 Our OPCO-Served Market

13. 2002 Engineering & Energy 13 Deepwater Opportunities n Largest Supplier of Manpower to Deepwater GOM n Ops Engineering Support to New Facilities n Largest Supplier of Manpower to Deepwater GOM n Ops Engineering Support to New Facilities

14. 2002 Engineering & Energy 14 eOPSeOPS n Fully-Integrated, Operations and Maintenance System for Upstream Energy Industry n Alliance: u Baker - Content u SAIC - Technology, Telecom and Knowledge Management u Deloitte - Planning, Strategy and Analysis n Global Market - $160 Billion n Benefits u Shortened Cycle Time u Improved Operating Performance u Lower Cost of Operation u Greater Asset Return n Fully-Integrated, Operations and Maintenance System for Upstream Energy Industry n Alliance: u Baker - Content u SAIC - Technology, Telecom and Knowledge Management u Deloitte - Planning, Strategy and Analysis n Global Market - $160 Billion n Benefits u Shortened Cycle Time u Improved Operating Performance u Lower Cost of Operation u Greater Asset Return

15. 2002 Engineering & Energy 15 Core Engineering Service Offerings n Transportation Engineering Services u Highways u Bridges (Structures) u Program Management u Asset Management n Civil Infrastructure Services u Cold Region Pipelines u DoD / Federal Markets u Water/Waste Water u Asset Management n Transportation Engineering Services u Highways u Bridges (Structures) u Program Management u Asset Management n Civil Infrastructure Services u Cold Region Pipelines u DoD / Federal Markets u Water/Waste Water u Asset Management

16. 2002 Engineering & Energy 16 Growth Drivers Transportation: TEA-21 Baker Office Ranking TEA-21 Funded States 1st 2nd 3rd 4th 8th 12th 11th 23rd 35th 22nd 29th Source: Projected TEA-21 Apportionments 1998-2003, ENR (08/00) 6th 7th 9th 10th 5th

17. 2002 Engineering & Energy 17 Growth Drivers TEA-21/AIR-21 Source: Federal Highway Administrations and FAA, U.S. Department of Transportation Total Federal Authorizations

18. 2002 Engineering & Energy 18 Engineering Highlights - 2001 n $290mm in New Work Added n Won $130mm in Open-End Contracts with Department of Defense n Selected as General Engineering Consultant for Hampton Roads Third Crossing u $4.5 Billion Total Project Cost n Successful Entry into Texas Market n $290mm in New Work Added n Won $130mm in Open-End Contracts with Department of Defense n Selected as General Engineering Consultant for Hampton Roads Third Crossing u $4.5 Billion Total Project Cost n Successful Entry into Texas Market

19. 2002 Engineering & Energy 19 Competitive Barriers to Entry n Energy u Customer Relationships u Content and Information Delivery Systems u Implementation/Delivery Capability u OPCO Network n Engineering u Alignment of Services to Meet Customer Needs u Long-Term Relationships n Energy u Customer Relationships u Content and Information Delivery Systems u Implementation/Delivery Capability u OPCO Network n Engineering u Alignment of Services to Meet Customer Needs u Long-Term Relationships

20. 2002 Engineering & Energy 20 Key Customer Relationships n Engineering n Energy

21. 2002 Engineering & Energy 21 Acquisition Growth Opportunities n Geographic and Capacity Expansion u Energy Opportunities u Engineering Opportunities n Additional Capabilities u Energy n Training Program Development n Maintenance Management Systems u Engineering n Water/Wastewater n Asset Management n Geographic and Capacity Expansion u Energy Opportunities u Engineering Opportunities n Additional Capabilities u Energy n Training Program Development n Maintenance Management Systems u Engineering n Water/Wastewater n Asset Management

22. 2002 Engineering & Energy 22 Total Revenues Energy

23. 2002 Engineering & Energy 23 RevenuesRevenues Energy Q3/Q3 Total Reported/Engineering/Energy Revenues $17.5 $51.5 $31.8 $57.9 $37.8 $60.6

24. 2002 Engineering & Energy 24 Operating Performance (in Thousands of $) Adjusted for $1 Million Non-Recurring Charge 5,471

25. 2002 Engineering & Energy 25 Operating Performance (Q3/Q3) (in Thousands of $) 563

26. 2002 Engineering & Energy 26 Cash Flow (in millions of $)

27. 2002 Engineering & Energy 27 Balance Sheet (in millions of $)

28. 2002 Engineering & Energy 28 EPS Growth 2001 Estimate: $1.25 - $1.30

29. 2002 Engineering & Energy 29 Stock Performance (12 mos.)

30. 2002 Engineering & Energy 30 Ownership HoldersShares Baker ESOP3,420,821 Lord, 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 HoldersShares Baker ESOP3,420,821 Lord, 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. 2002 Engineering & Energy 31 Conclusion n Leader in: u Oil & Gas Production O&M u Transportation and Civil Infrastructure Engineering n Energy Market Conditions Catalyst for Significant Growth n Investment in Transportation Infrastructure Providing Substantial Opportunity n Debt-free, Leverageable Balance Sheet n Currently Valued at 5x EBITDA n Leader in: u Oil & Gas Production O&M u Transportation and Civil Infrastructure Engineering n Energy Market Conditions Catalyst for Significant Growth n Investment in Transportation Infrastructure Providing Substantial Opportunity n Debt-free, Leverageable Balance Sheet n Currently Valued at 5x EBITDA

32. 32 Investor Relations Presentation M ICHAEL B AKER C ORPORATION 20012001 Engineering & Energy