1. 1 M ICHAEL B AKER C ORPORATION RedChip Partners Investor Conference September 19, 2002 Engineering & Energy

2. 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. Engineering & Energy 3 Summary / Highlights n Record Earnings in 2001 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 Positioned for Margin Growth, Led by Energy Segment n Debt-free, Leverageable Balance Sheet n Recent Addition to Russell 2000 n Currently Valued at 5x EBITDA n Record Earnings in 2001 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 Positioned for Margin Growth, Led by Energy Segment n Debt-free, Leverageable Balance Sheet n Recent Addition to Russell 2000 n Currently Valued at 5x EBITDA

4. Engineering & Energy 4 Decade of Performance

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

6. Engineering & Energy 6 Key Customer Relationships n Engineering n Energy

7. Engineering & Energy 7 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

8. Engineering & Energy 8 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

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

10. Engineering & Energy 10 Energy Differentiation of Services n OPCO SM n Integrated Services and Solutions for Global O&G Upstream Production Operations n Competency-Based Training and Nationalization Programs n OPCO SM n Integrated Services and Solutions for Global O&G Upstream Production Operations n Competency-Based Training and Nationalization Programs

11. Engineering & Energy 11 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

12. Engineering & Energy 12 Our OPCO Potential Market

13. Engineering & Energy 13 Our OPCO-Served Market

14. Engineering & Energy 14 OPCO Diffusion Curve Early Adopters Early Majority Late Majority Laggards

15. Engineering & Energy 15 Target Business Model OPCO @ 11-15% Margins All Others @ 5-8% Margins

16. Engineering & Energy 16 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

17. Engineering & Energy 17 Alliances n n n n n n n n u Supply Chain Management u Total Asset Management

18. Engineering & Energy 18 The Energy Value Steps Ops. Eng. Training Contract Labor OPCO Supply Chain Management Total Asset Management VALUE TIME

19. Engineering & Energy 19 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

20. Engineering & Energy 20 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

21. Engineering & Energy 21 Engineering Highlights n New Work Added u $290mm in 2001 u $176mm in 2002 n Won $145mm (2001/2002) in Open-End Contracts with Department of Defense/Federal Programs n Selected as General Engineering Consultant for Hampton Roads Third Crossing u $4.5 Billion Total Project Cost n Won $10.4mm GIS Contract for NYC DEP n Successful Entry into Texas Market n New Work Added u $290mm in 2001 u $176mm in 2002 n Won $145mm (2001/2002) in Open-End Contracts with Department of Defense/Federal Programs n Selected as General Engineering Consultant for Hampton Roads Third Crossing u $4.5 Billion Total Project Cost n Won $10.4mm GIS Contract for NYC DEP n Successful Entry into Texas Market

22. Engineering & Energy 22 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

23. Engineering & Energy 23 Total Revenues Energy $400-$410m

24. Engineering & Energy 24 Total Revenues Energy Q2/Q2 Total Reported/Engineering/Energy Revenues $42.9 $61.9 $28.8 $56.1 $41.4 $61.3

25. Engineering & Energy 25 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%

26. Engineering & Energy 26 Operating Performance (Q2/Q2) (in Thousands of $) 200020012002 TOTAL CONTRACT REVENUES Total Reported$97,962$102,652$104,760 Less Non-Core12,871-- ENERGY28,78641,39942,877 ENGINEERING56,10561,25361,883 Total Core84,891102,652104,760 TOTAL OPERATING INCOME (Pre-Corp. O/H and I/C Ins. Premiums) Total Reported5,4868,8008,640 %5.6%8.6%8.2% ENERGY1,4213,4963,303 %4.9%8.4%7.7% ENGINEERING3,7875,4626,147 %6.7%8.9%9.9% Total Core$5,208$8,958$9,450 %6.1%8.7%9.0%

27. Engineering & Energy 27 Cash Flow (in millions of $) 199920002001 Net Income$(8.2)$5.4$11.2 Depreciation & Amortization7.47.15.2 Other1.9(0.1)3.2 Cash from Operations1.112.419.6 Capital Expenditures(5.3)(2.9)(4.1) Acquisition/Investments(4.9)(9.0)9.0 Funding of Litigation Escrow--(12.7) Share Repurchase--(0.4) Proceeds from Sale of Assets/Stock Options-15.00.3 NET Borrowings (Repayments)7.8(10.1)(2.3) NET Increase (Decrease) in Cash$(1.3)$5.4$9.4

28. Engineering & Energy 28 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

29. Engineering & Energy 29 EPS Growth 1999200020012002 Est. Reported EPS$(1.00)$.65$1.33$1.25 - $1.30 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$1.25 - $1.30

30. Engineering & Energy 30 Stock Performance (24 mos.)

31. Engineering & Energy 31 Ownership Top HoldersShares Baker ESOP3,247,039 Lord Abbett & Co. 644,203 Wellington Management 485,000 Dimensional Fund Advisors 479,914 Goldman Sachs 409,400 Paradigm Capital Management 305,300 Corbyn Investment Management 263,737 Munder Capital Management 195,500 Dalton, Greiner 190,200 Tontine Management L.L.C. 146,800 Emerald Advisers 122,800 Fidelity Management 61,700 Top HoldersShares Baker ESOP3,247,039 Lord Abbett & Co. 644,203 Wellington Management 485,000 Dimensional Fund Advisors 479,914 Goldman Sachs 409,400 Paradigm Capital Management 305,300 Corbyn Investment Management 263,737 Munder Capital Management 195,500 Dalton, Greiner 190,200 Tontine Management L.L.C. 146,800 Emerald Advisers 122,800 Fidelity Management 61,700

32. Engineering & Energy 32 Financial Highlights n Eliminated Series B Super Voting Shares n Secured $40 Million Credit Facility n Added 7 New Institutional Holders n Added to Russell 2000 ® n Litigation Escrow Released n Eliminated Series B Super Voting Shares n Secured $40 Million Credit Facility n Added 7 New Institutional Holders n Added to Russell 2000 ® n Litigation Escrow Released

33. Engineering & Energy 33 Conclusion n Energy Market Conditions Catalyst for Margin Growth n Transportation Infrastructure and DoD/Federal Markets Providing Opportunity n Debt-free, Leverageable Balance Sheet n Currently Valued at 5x EBITDA n Energy Market Conditions Catalyst for Margin Growth n Transportation Infrastructure and DoD/Federal Markets Providing Opportunity n Debt-free, Leverageable Balance Sheet n Currently Valued at 5x EBITDA

34. 34 M ICHAEL B AKER C ORPORATION RedChip Partners Investor Conference September 19, 2002 Engineering & Energy