1. M ICHAEL B AKER C ORPORATION IPAA Oil and Gas Investment Symposium New York City April 28, 2003 Engineering & Energy

2. Summary / Highlights Leader in Professional Services – Transportation and Civil Infrastructure Engineering – Oil & Gas Production O&M 10% Growth Estimated for 2003 Energy Segment Refocused and Aligned With New Market Dynamics Record Engineering Backlog at 12/31/02 Leverageable Balance Sheet Currently Valued at 3x EBITDA

3. Safe Harbor Note with respect to Forward-Looking Statements: This presentation of Financial Review and Operations Review contains forward-looking statements concerning future operations and performance of the Company. Forward-looking statements are subject to market, operating and economic risks and uncertainties that may cause the Company’s actual results in future periods to be materially different from any future performance suggested herein. Factors that may cause such differences include, among others: increased competition, increased costs, changes in general market conditions, changes in industry trends, changes in the regulatory environment, changes in anticipated levels of government spending on infrastructure, and changes in loan relationships or sources of financing. Such forward-looking statements are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Note with respect to Forward-Looking Statements: This presentation of Financial Review and Operations Review contains forward-looking statements concerning future operations and performance of the Company. Forward-looking statements are subject to market, operating and economic risks and uncertainties that may cause the Company’s actual results in future periods to be materially different from any future performance suggested herein. Factors that may cause such differences include, among others: increased competition, increased costs, changes in general market conditions, changes in industry trends, changes in the regulatory environment, changes in anticipated levels of government spending on infrastructure, and changes in loan relationships or sources of financing. Such forward-looking statements are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.

4. Performance of Core Businesses

5. Global Reach Bangkok, Thailand Abu Dhabi, UAE London, England Caracas, Venezuela Mexico City, Mexico Lagos, Nigeria Pittsburgh, Pa. (Headquarters) Pittsburgh, Pa. (Headquarters) Trinidad

6. Key Customer Relationships Engineering Energy

7. Our Strategy Maximize … The Growth Potential of the Energy Segment Optimize … Our Engineering Segment … Grow Faster Than the Market Innovate … Our Service Delivery Methods Leverage … The Skills, Resources and Relationships of the Entire Organization

8. Core Energy Service Offerings Oil & Gas – Operations & Maintenance – Operations Engineering – Competency-Based Training – Supply Chain Management – Total Asset Management

9. Markets and Services Houston Lafayette London Lagos Caracas Bangkok Anchorage Supply Chain Management O&M Services Manpower Training Recruiting Major and Large Independent Oil & Gas U.S. Electric Utilities Major and Large Independent Oil & Gas U.S. Electric Utilities LOCATION SERVICES CUSTOMERS Abu Dhabi Operations Engineering Total Asset Management Trinidad Algeria

10. Energy Differentiation of Services Integrated Services and Solutions for Global O&G Upstream Production Operations OPCO ® and Total Asset Management (TAM) Competency-Based Training and Nationalization Programs Integrated Services and Solutions for Global O&G Upstream Production Operations OPCO ® and Total Asset Management (TAM) Competency-Based Training and Nationalization Programs

11. Energy Growth Drivers ClientBaker Fixed Fee Income Annual Performance Bonus Shared Cost Savings Reduced Operating Costs Increased Revenues Better Efficiencies OPCO ® Value Creation Shared Savings Leveraged Economies of Scale Flexibility Reliability Innovation Asset Utilization Information Regulatory Compliance Safety

12. Energy Market Dynamics and Transitions

13. D E E P W A T E R Energy Market Dynamics and Transitions Gulf of Mexico Major and Large Independents Moving from Shelf to Deepwater and/or International S H E L F

14. – Genesis – Horn Mountain – Thunderhorse – Atlantis – Mad Dog – Holstein – Nakika – Marlin – Pompano D E E P W A T E R Energy Market Dynamics and Transitions Gulf of Mexico Major and Large Independents Moving from Shelf to Deepwater and/or International S H E L F Baker’s Deepwater Projects – Petronius – Typhoon – Neptune – Gunnison – Boomvang – Morpeth – Allegheny – Canyon Station

15. Small – Mid-Size Energy Market Dynamics and Transitions Gulf of Mexico Major and Large Independents Moving from Shelf to Deepwater and/or International Small and Mid-Size Independents Purchasing Shelf Properties

16. Energy Market Dynamics and Transitions Gulf of Mexico D E E P G A S D E E P W A T E R Major and Large Independents Moving from Shelf to Deepwater and/or International Small and Mid-Size Independents Purchasing Shelf Properties Some Majors and Large Independents Returning to Shelf for Deep Gas

17. Energy Market Dynamics and Transitions Onshore Opportunities OPCO San Juan Basin Panhandle Permian Basin Major and Large Independents Moving from Shelf to Deepwater and/or International Small and Mid-Size Independents Purchasing Shelf Properties Some Majors and Large Independents Returning to Shelf for Deep Gas Onshore Presents New Opportunities for OPCO – Huber Panhandle Contract – Concentration of Assets in Key Areas

18. Energy Market Dynamics and Transitions International Opportunities Trinidad Algeria Chad Nigeria Angola

19. Target Business Model OPCO/TAM @ 10-14% Margins All Others @ 5-8% Margins

20. The Energy Value Steps Ops. Eng. Training Contract Labor Supply Chain Management OPCO / TAM VALUE TIME

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

22. Federal Budget Impact ? Transportation Funding (Highways, Transit, Aviation) Funding Redirects (Homeland Security, Emergency Response, FEMA, EPA, INS, etc.) TEA-21 Reauthorization Baker Strengths: Highways, Bridges, Transit, Aviation Baker Strengths: CCMP, DoD, FEMA, Pipelines (OPS), Aviation (TSA)

23. 2003 Outlook – Engineering Continuing to Win Transportation Work – New Jersey DOT – Bridge Design – Mississippi DOT – CM & I – Colorado Springs BRT Corridor Study – Piedmont (NC) Aviation Authority

24. Department of Defense – U.S. Army Communications – Electronics Command ID/IQ – 8 Contracts with U.S. Coast Guard and Corps of Engineers – 2 ID/IQ Contracts with U.S. Navy – TAC - Afghanistan 2003 Outlook – Engineering (Con’t.)

25. Homeland Security – INS – Coast Guard – FEMA 2003 Outlook – Engineering (Con’t.)

26. Financial Review Engineering & Energy

27. Total Contract Revenues 200020012002 $405.2 $401.8 $349.1 (in millions)

28. Income From Operations 200020012002 $16.9 $22.8 $19.6 (in millions)

29. Operating Performance 200020012002 TOTAL CONTRACT REVENUES Total Reported$390,710$403,222$405,264 Less Non-Core41,6251,37250 ENERGY120,708158,236162,612 ENGINEERING228,377243,614242,602 Total Core$349,085$401,850$405,214 TOTAL OPERATING INCOME (Pre-Corp. O/H) Total Reported$17,543$31,436$28,207 ENERGY9,75412,8369,494 % of Energy Revenues8.1% 5.8% ENGINEERING15,11417,66814,800 % of Engineering Revenues6.6%7.3%6.1% Total Core$24,868$30,504$24,294 (in thousands)

30. Balance Sheet 200020012002 ASSETS Cash$9.1$18.5$9.9 Short-Term Investment9.0-- A/R67.767.665.7 Cost in Excess of Billing20.525.329.7 PP&E10.110.317.5 Intangibles10.89.89.5 Other10.220.112.8 $137.4$151.6$145.1 LIABILITIES Current Portion LTD2.2-- Trade A/P25.721.920.4 Accrued Other59.168.253.3 Long-Term Debt0.1-- Owners’ Equity50.361.571.4 $137.4$151.6$145.1 (in millions)

31. Cash Flow 200020012002 NET INCOME$5.4$11.2$9.6 Depreciation & Amortization7.15.24.0 Other(0.1)3.2(22.7) Cash Provided by/(Used in) Operations12.419.6(9.1) Capital Expenditures(2.9)(4.1)(11.4) Acquisition/(Investments)(9.0)9.0(1.0) Receipt/(Funding) of Litigation Escrow-(12.7)12.3 Share Repurchase-(0.4)- Proceeds from Sale of Assets/Stock Options15.00.30.6 Net Borrowings/(Repayments)(10.1)(2.3)- Net Increase (Decrease) in Cash$5.4$9.4$(8.6) (in millions)

32. Earnings Per Share 200020012002 Reported EPS$.65$1.33$1.12 Pro Forma EPS Core Operating Income24,86830,50424,294 Less Corporate Overhead(6,818)(11,058)(10,980) Operating Income18,05019,44613,314 Tax Rate51.0%45.5%45.0% Provisions for Income Tax 9,2068,8485,991 Net Income8,84410,5987,323 Outstanding Shares (Diluted)8,2388,4258,515 PRO FORMA EPS$1.07$1.26$0.86

33. Stock Performance (24 Months) Closing Share Price

34. Financial Highlights Added 8 New Institutional Holders Added to Russell 2000 ® Reactivated Stock Repurchase Program in 1 st QTR, 2003 Implemented Certain Modules of a New Enterprise Resource Planning (ERP) System

35. Our Strategy Maximize … The Growth Potential of the Energy Segment Optimize … Our Engineering Segment … Grow Faster Than the Market Innovate … Our Service Delivery Methods Leverage … The Skills, Resources and Relationships of the Entire Organization

36. Conclusion Energy Segment Refocused and Aligned With New Market Dynamics Rapidly Changing Energy Market Favoring Increased Outsourcing Record Engineering Backlog at 12/31/03 Transportation Infrastructure and DoD/Federal Markets Providing Significant Opportunity Leverageable Balance Sheet Currently Valued at 3x EBITDA Energy Segment Refocused and Aligned With New Market Dynamics Rapidly Changing Energy Market Favoring Increased Outsourcing Record Engineering Backlog at 12/31/03 Transportation Infrastructure and DoD/Federal Markets Providing Significant Opportunity Leverageable Balance Sheet Currently Valued at 3x EBITDA

37. M ICHAEL B AKER C ORPORATION IPAA Oil and Gas Investment Symposium New York City April 28, 2003 Engineering & Energy