1 M ICHAEL B AKER C ORPORATION The Oil Service Conference February 20, 2003 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.

Engineering & Energy 3 Summary / Highlights n Focused on Two Segments u Energy and Engineering n Leader in Professional Services u Oil & Gas Production O&M u Transportation and Civil Infrastructure Engineering n Energy Segment Refocused Following Management Transition n Debt-free, Leverageable Balance Sheet n Added to Russell 2000 ® n Currently Valued at 3x EBITDA n Focused on Two Segments u Energy and Engineering n Leader in Professional Services u Oil & Gas Production O&M u Transportation and Civil Infrastructure Engineering n Energy Segment Refocused Following Management Transition n Debt-free, Leverageable Balance Sheet n Added to Russell 2000 ® n Currently Valued at 3x EBITDA

Engineering & Energy 4 Performance Record of Core Businesses

Engineering & Energy 5 Global Reach Bangkok, Thailand Abu Dhabi, UAE London, England Caracas, Venezuela Mexico City, Mexico Lagos, Nigeria Pittsburgh, Pa. (HQ)

Engineering & Energy 6 Key Customer Relationships n Engineering n Energy

Engineering & Energy 7 Core Energy Service Offerings n Oil & Gas u Operations & Maintenance u Operations Engineering u Competency-Based Training u Supply Chain Management u Total Asset Management n Oil & Gas u Operations & Maintenance u Operations Engineering u Competency-Based Training u Supply Chain Management u Total Asset Management

Engineering & Energy 8 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 Producers LOCATION SERVICES CUSTOMERS Abu Dhabi Operations Engineering Total Asset Management

Engineering & Energy 9 Energy Differentiation of Services n Integrated Services and Solutions for Global O&G Upstream Production Operations n OPCO SM and Total Asset Management (TAM) n Competency-Based Training and Nationalization Programs n Integrated Services and Solutions for Global O&G Upstream Production Operations n OPCO SM and Total Asset Management (TAM) n Competency-Based Training and Nationalization Programs

Engineering & Energy 10 Energy Growth Drivers ClientBaker n Fixed Fee Income n Annual Performance Bonus n Shared Cost Savings n Reduced Operating Costs n Increased Revenues n Better Efficiencies OPCO SM Value Creation Shared Savings Leveraged Economies of Scale n Flexibility n Reliability n Innovation n Asset Utilization n Information n Regulatory Compliance n Safety

Engineering & Energy 11 Our OPCO/TAM Potential Market

Engineering & Energy 12 Our OPCO/TAM-Served Market

Engineering & Energy 13 Target Business Model 10-14% Margins All 5-8% Margins

Engineering & Energy 14 Deepwater Opportunities n Largest Supplier of Manpower to Deepwater GOM n Ops Engineering Support to New Facilities Worldwide n Largest Supplier of Manpower to Deepwater GOM n Ops Engineering Support to New Facilities Worldwide

Engineering & Energy 15 The Energy Value Steps Ops. Eng. Training Contract Labor Supply Chain Management OPCO / TAM VALUE TIME

Engineering & Energy 16 Core Engineering Service Offerings n Transportation Engineering Services u Highways u Bridges (Structures) u Program Management u Asset Management n Civil Infrastructure Services u DoD / Federal Markets u Water/Waste Water u Cold Region Pipelines u Asset Management n Transportation Engineering Services u Highways u Bridges (Structures) u Program Management u Asset Management n Civil Infrastructure Services u DoD / Federal Markets u Water/Waste Water u Cold Region Pipelines u Asset Management

Engineering & Energy 17 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)

Engineering & Energy 18 Engineering Highlights n New Work Added u $290mm in 2001 u $258mm in 2002 n Have $118mm in Open-End Contracts with Department of Defense/Federal Programs n Won $10.4mm GIS Contract for NYC DEP n Successful Entry into Texas Market n New Work Added u $290mm in 2001 u $258mm in 2002 n Have $118mm in Open-End Contracts with Department of Defense/Federal Programs n Won $10.4mm GIS Contract for NYC DEP n Successful Entry into Texas Market

Engineering & Energy 19 Total Revenues Energy $400-$410m

Engineering & Energy 20 Operating Performance (in Thousands of $) Adjusted for $1 Million Non-Recurring Charge TOTAL CONTRACT REVENUES Total Reported$506,012$390,710$403,222 Less Non-Core223,23641,6251,372 ENERGY80,158120,708158,236 ENGINEERING202,618228,377243,614 Total Core282,776349,085401,850 TOTAL OPERATING INCOME (Pre-Corp. O/H and I/C Ins. Premiums) Total Reported(511)17,54331,436 %-.1%4.5%7.8% ENERGY4,2529,75912,842 %6.6%8.1% ENGINEERING12,54416,00718,582 %6.2%7.0%7.6% Total Core$17,796$25,766$31,424 %6.4%7.4%7.8%

Engineering & Energy 21 Cash Flow (in millions of $) Net Income$(8.2)$5.4$11.2 Depreciation & Amortization Other1.9(0.1)3.2 Cash from Operations Capital Expenditures(5.3)(2.9)(4.1) Acquisition/Investments(4.9)(9.0)9.0 Funding of Litigation Escrow--(12.7) Share Repurchase--(0.4) Proceeds from Sale of Assets/Stock Options NET Borrowings (Repayments)7.8(10.1)(2.3) NET Increase (Decrease) in Cash$(1.3)$5.4$9.4

Engineering & Energy 22 Balance Sheet (in millions of $) ASSETS Cash$3.7$9.1$18.5 Short-Term Investment-9.0- A/R Cost in Excess of Billing PPE Intangibles Other $155.0$137.4$151.6 LIABILITIES Current Portion LTD Trade A/P Accrued Other Long-Term Debt Owners’ Equity $155.0$137.4$151.6

Engineering & Energy 23 EPS Growth Est. Reported EPS$(1.00)$.65$1.33$ $1.15 Pro Forma EPS Core Operating Income17,79625,76631,424 Less Corporate Overhead(7,664)(7,715)(11,058) Operating Income10,13218,05120,366 Provisions for Income Tax (47% for 1999, 51% for 2001 and 45.5% for 2001) 4,764(9,206)(9,267) 5,3708,84511,099 Pro Forma EPS$0.66$1.07$1.32$ $1.15

Engineering & Energy 24 Stock Performance (24 mos.)

Engineering & Energy 25 Ownership Top HoldersShares Baker ESOP3,247,039 Dimensional Fund Advisors 458,814 Dalton, Greiner 451,500 Wellington Management 406,000 CL King & Associates 309,900 Smith (Donald) & Co. 308,100 Corbyn Investment Management 288,587 Barclay Global Investors 285,239 Munder Capital Management 200,575 Tontine Management L.L.C. 127,500 Emerald Advisers 122,800 Brandywine Asset Management 101,500 Top HoldersShares Baker ESOP3,247,039 Dimensional Fund Advisors 458,814 Dalton, Greiner 451,500 Wellington Management 406,000 CL King & Associates 309,900 Smith (Donald) & Co. 308,100 Corbyn Investment Management 288,587 Barclay Global Investors 285,239 Munder Capital Management 200,575 Tontine Management L.L.C. 127,500 Emerald Advisers 122,800 Brandywine Asset Management 101,500

Engineering & Energy 26 Financial Highlights n Eliminated Series B Super Voting Shares n Secured $40 Million Credit Facility n Added 8 New Institutional Holders n Added to Russell 2000 ® n Reactivated Stock Repurchase Program n Eliminated Series B Super Voting Shares n Secured $40 Million Credit Facility n Added 8 New Institutional Holders n Added to Russell 2000 ® n Reactivated Stock Repurchase Program

Engineering & Energy 27 Four-Point Strategy Maximize the growth potential of the Energy business Optimize the overall performance of the Engineering business Innovate by investing to enhance service delivery methods Leverage the relationships and skills of the entire company Maximize the growth potential of the Energy business Optimize the overall performance of the Engineering business Innovate by investing to enhance service delivery methods Leverage the relationships and skills of the entire company

Engineering & Energy 28 Conclusion n Energy Segment Refocused Following Management Transition n Rapidly Changing Energy Market Favoring Increased Outsourcing n Transportation Infrastructure and DoD/Federal Markets Providing Opportunity n Debt-free, Leverageable Balance Sheet n Currently Valued at 3x EBITDA n Energy Segment Refocused Following Management Transition n Rapidly Changing Energy Market Favoring Increased Outsourcing n Transportation Infrastructure and DoD/Federal Markets Providing Opportunity n Debt-free, Leverageable Balance Sheet n Currently Valued at 3x EBITDA

29 M ICHAEL B AKER C ORPORATION The Oil Service Conference February 20, 2003 Engineering & Energy