1. M ICHAEL B AKER C ORPORATION Investor Relations Update June 12, 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, changes in management 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. Engineering & Energy Summary v Q1 Earnings in Line with Revised Expectations v Rising Insurance Costs Impacting Results v On-Track to Achieve Year-end Estimates l Revenue: $430 - $440 million l EPS: $1.40 - $1.45 v No Significant Change in Litigation Environment v Changes in Energy Management v Q1 Earnings in Line with Revised Expectations v Rising Insurance Costs Impacting Results v On-Track to Achieve Year-end Estimates l Revenue: $430 - $440 million l EPS: $1.40 - $1.45 v No Significant Change in Litigation Environment v Changes in Energy Management

4. Engineering & Energy 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

5. Engineering & Energy Differentiation of Services v Energy l OPCO SM l Integrated Services and Solutions for Global O&G Upstream Production Operations l Competency-Based Training and Nationalization Programs v Energy l OPCO SM l Integrated Services and Solutions for Global O&G Upstream Production Operations l Competency-Based Training and Nationalization Programs

6. Engineering & Energy Energy v Huber OPCO SM Contract in GOM v Burlington & El Paso Divestiture Programs Delayed v Other OPCO Opportunities Pending v Ops Engineering Business Expanding v International Business in Transition; Realignment Underway v Huber OPCO SM Contract in GOM v Burlington & El Paso Divestiture Programs Delayed v Other OPCO Opportunities Pending v Ops Engineering Business Expanding v International Business in Transition; Realignment Underway

7. Engineering & Energy Energy v Management Changes l Don Fusilli: Acting President l Realigned International Management v Operations v Business Development l Search Firm Retained v Management Changes l Don Fusilli: Acting President l Realigned International Management v Operations v Business Development l Search Firm Retained

8. Engineering & Energy The Energy Value Steps Ops. Eng. Training Contract Labor OPCO Supply Chain Management Total Asset Management VALUE TIME

9. Engineering & Energy Core Engineering Service Offerings v Transportation Engineering Services l Highways l Bridges (Structures) l Program Management l Asset Management v Civil Infrastructure Services l DoD / Federal Markets l Water/Wastewater l Cold Region Pipelines l Asset Management v Transportation Engineering Services l Highways l Bridges (Structures) l Program Management l Asset Management v Civil Infrastructure Services l DoD / Federal Markets l Water/Wastewater l Cold Region Pipelines l Asset Management

10. Engineering & Energy Engineering v Delayed/Deferred Projects Getting Underway v Transportation Budget Constraints Continue l Federal l Virginia l Texas v Other Areas Showing Growth l Department of Defense l Federal Civilian l Emergency Management l Homeland Security l Water/Wastewater v Delayed/Deferred Projects Getting Underway v Transportation Budget Constraints Continue l Federal l Virginia l Texas v Other Areas Showing Growth l Department of Defense l Federal Civilian l Emergency Management l Homeland Security l Water/Wastewater

11. Engineering & Energy Total Revenues Energy $430-$440m

12. Engineering & Energy Operating Performance (in Thousands of $) Adjusted for $1 Million Non-Recurring Charge 199920002001 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%

13. Engineering & Energy Q1/Q1 Revenues Energy Q1/Q1 Total Reported/Engineering/Energy Revenues $37.6 $58.3 $25.6 $57.7 $37.5 $57.0

14. Engineering & Energy Operating Performance – Q1/Q1 (in Thousands of $) Adjusted for $1 Million Non-Recurring Charge 200020012002 TOTAL CONTRACT REVENUES Total Reported$108,295$94,950$95,922 Less Non-Core25,016456- ENERGY25,56737,47737,578 ENGINEERING57,71257,01758,344 Total Core83,27994,49495,922 TOTAL OPERATING INCOME (Pre-Corp. O/H and I/C Ins. Premiums) Total Reported5,5636,5365,602 %5.1%6.9%5.8% ENERGY1,4962,7681,680 %5.9%7.4%4.5% ENGINEERING3,7223,5964,233 %6.4%6.3%7.3% Total Core$5,218$6,364$5,913 %6.3%6.7%6.2%

15. Engineering & Energy Balance Sheet (in millions of $) 199920002001 ASSETS Cash$3.7$9.1$18.5 Short-Term Investment-9.0- A/R77.467.767.6 Cost in Excess of Billing26.620.525.3 PPE17.110.110.3 Intangibles14.610.89.8 Other15.610.220.1 $155.0$137.4$151.6 LIABILITIES Current Portion LTD3.52.2- Trade A/P28.925.721.9 Accrued Other62.959.168.2 Long-Term Debt14.90.1- Owners’ Equity44.850.361.5 $155.0$137.4$151.6

16. Engineering & Energy EPS Growth 200020012002 Est. Reported EPS$.65$1.33$1.40 - $1.45 Pro Forma EPS Core Operating Income25,76631,424 Less Corporate Overhead(7,715)(11,058) Operating Income18,05120,366 Provisions for Income Tax (47% for 1999, 51% for 2001 and 45.5% for 2001) (9,206)(9,267) 8,84511,099 Pro Forma EPS$1.07$1.32$1.40 - $1.45

17. Engineering & Energy Stock Performance (24 mos.)

18. Engineering & Energy Financial Highlights v Debt-free, Leveragable Balance Sheet v Eliminated Series B Super Voting Shares v Secured $40 Million Credit Facility v Added 7 New Institutional Holders l 1.3 Million Shares v Debt-free, Leveragable Balance Sheet v Eliminated Series B Super Voting Shares v Secured $40 Million Credit Facility v Added 7 New Institutional Holders l 1.3 Million Shares

19. M ICHAEL B AKER C ORPORATION Investor Relations Update Engineering & Energy