MICHAEL BAKER CORPORATION

April 17, 2001

2001 IPAA Oil & Gas Investment Symposium

e ngineeringe nergy

andsolutions

Presented by

2001 IPAA

Engineering & EnergySafe 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, 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.

2001 IPAA

Engineering & EnergyProfile/Summary

AMEX - listed: BKR Founded in 1940; Publicly Traded Since 1969 A Leader in Professional Services

Oil & Gas Production O&M Transportation and Civil Infrastructure Engineering

Large Global Markets Under-followed Micro-Cap, Valued at 3x

EBITDA

2001 IPAA

Engineering & EnergyEngineering

2001 IPAA

Engineering & EnergyEnergy

2001 IPAA

Engineering & Energy

OPCOe-OPS

Manpower Supply

Knowledge Management

T2B

Decisional

Price-Sensitive

Business Model Evolution

Transactional

2001 IPAA

Engineering & EnergyGrowth Drivers

Outsourcing and Industry Growth Outsourcing and Industry Growth Commitments of Major and Independent Oil Commitments of Major and Independent Oil and Gas Producersand Gas Producers

Political and Economic Requirements to Political and Economic Requirements to Develop Nationalized WorkforceDevelop Nationalized Workforce

Favorable Environment of Cost Per Barrel Favorable Environment of Cost Per Barrel of Oilof Oil

Deregulation of Electric Power IndustryDeregulation of Electric Power Industry

2001 IPAA

Engineering & EnergyEnergy

Houston

Lafayette

London

Lagos

Caracas

Bangkok

Anchorage

Abu Dhabi

Supply Chain Management

Mechanical MaintenanceO&M Services

Operations Engineering

Manpower

Training

Recruiting

Major and Large Independent Oil & GasU.S. Electric Utilities and I.P.P.

LOCATIONSERV

ICES

CUSTOMERS Abu Dhabi

Challenge Us

2001 IPAA

Engineering & EnergyOur Domestic Market

2001 IPAA

Engineering & EnergyOPCOSM

Operations

SupplyChain

HSE OPCO

Training &Development

Maintenance

Management

HumanResources

SM

BusinessGrowth

2001 IPAA

Engineering & EnergyOPCOSM

Total GOM OPCO-Type Market: $3.0b

$10.0

$37.5

$60.0

$0.0

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

$80.0

1999 2000 2001

Baker OPCO Revenues in $ Millions

(Estimated)

2001 IPAA

Engineering & EnergyOur Domestic Market

2001 IPAA

Engineering & EnergyOPCOSM Value Drivers

Penetrate Cost Floor More Efficient Use of Critical Resources Maintain HSE Excellence Cost Savings of 10-20% Performance-based Contracts

2001 IPAA

Engineering & Energy

OPCOSM

Client

BakerVALUE CREATIONSHARED SAVINGS

LEVERAGED ECONOMIES of SCALE

Fixed Fee IncomeAnnual Performance Bonus

Sharing Cost Savings

Reduced Operating Costs

Increased RevenuesIncreased Efficiency

OPCOSM Value Drivers

2001 IPAA

Engineering & Energye-OPS

Fully-Integrated, Operations and Maintenance System for Upstream Energy Industry

Alliance: Baker - Content SAIC - Technology, Telecom and Knowledge Management

Global Market - $160 Billion Benefits

Shortened Cycle Time Improved Operating Performance Lower Cost of Operation Greater Asset Return

2001 IPAA

Engineering & EnergyTotal Revenues

$506.0

$391.0

$521.3

$349$288

$247

$0

$100

$200

$300

$400

$500

$600

1998 1999 2000

Dol

lars

in M

illio

ns

Revenues Continuing Business Energy

2001 IPAA

Engineering & EnergyOperating Performance(in Thousands of $)

‘98 ‘99 ‘00NET REVENUES

Total Reported $521,270 $506,012 $390,710Less Non-Core 274,249 224,132 42,018

Energy 68,607 80,158 120,708Engineering 178,414 201,722 227,984

Total Core 247,021 281,880 348,692

TOTAL OPERATING INCOME (Pre-Corp. O/H and I/C Ins. Premiums)Total Reported 7,075 (511) 17,543

% 1.4% -.1% 4.5%

Energy 5,297 9,314% 7.7% 6.8% 7.7%

Engineering 13,796 13,356 16,783% 7.7% 6.6% 7.4%

Total Core $19,093 $18,827 $26,097% 7.7% 6.7% 7.5%

Adjusted for $1 Million Non-Recurring Charge

5,471

2001 IPAA

Engineering & EnergyEPS Growth

‘98 ‘99 ‘00Reported

EPS $(.30) $(1.00) $.65

Pro Forma EPSCore Operating Income $19,093 $17,827 $26,097Less Corporate Overhead (8,744) (7,664) (7,715)Operating Income 10,349 10,163 18,382

Provision for Income Taxes(47% Rate for 1998 & 1999 and51% Rate for 2000) (4,864) (4,777) (9,375)

5,485 5,386 9,007

Pro Forma EPS $.67 $.66 $1.09

2001 IPAA

Engineering & EnergyConclusion

Under-followed Micro-Cap, Valued at 3x EBITDA

A Leader in Professional Services Oil & Gas Production O&M Transportation and Civil Infrastructure Engineering

Expanding Outsourcing Trend in Core Business

OPCOSM Model Driving Energy Segment Growth and Margin Improvement

MICHAEL BAKER CORPORATION

April 17, 2001

2001 IPAA Oil & Gas Investment Symposium

e ngineeringe nergy

andsolutions

Presented by

2001 IPAA

Engineering & Energy

‘98 ‘99 ‘00

Net Income $(2.4) $(8.2) $5.4 Depreciation & Amortization 5.0 7.4 7.1 Other (4.0) 1.9 (0.1)

Cash from Operations (1.4) 1.1 124

Capital Expenditures (10.6) (5.3) (2.9)Acquisition/Investments (.8) (4.9) (9.0)Share Repurchase (.8) - -Proceeds from Sale of Assets/Stock Options - - -15.0NET Borrowings (Repayments) 2.7 7.8 (10.1)

NET Increase (Decrease) in Cash $(10.9) $(1.3) $5.4

Cash Flow(in millions of $)

2001 IPAA

Engineering & Energy

‘98 ‘99 ‘00ASSETSCash $5.0 $3.7 $9.1Short-Term Investment - - 9.0A/R 82.7 78.0 68.0Cost in Excess of Billing 22.4 20.8 16.1

PPE 17.5 17.1 10.1 Intangibles 7.5 14.6 10.8 Other 16.8 15.0 10.3

151.9 149.2 133.4LIABILITIESCurrent Prt LTD .8 3.5 2.2Trade A/P 43.4 28.9 25.7Accrued Other 51.7 57.1 55.1

Long Term Debt 3.1 14.9 0.1

Owners’ Equity 52.9 44.8 50.3$151.9 $149.2 $133.4

Balance Sheet(in millions of $)