1 M ICHAEL B AKER C ORPORATION 2004 Investor Relations Presentation IPAA Oil & Gas Investment Symposium April 19, 2004.

1

MICHAEL BAKER CORPORATION2004 Investor Relations Presentation

IPAA Oil & Gas Investment SymposiumApril 19, 2004

2

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, changes in management, and changes in information systems. Such forward-looking statements are

made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.

3

Company Overview

• Leader in Professional Services– Transportation and Civil Infrastructure Engineering– Oil & Gas Production Operations & Maintenance

• Well Positioned for Revenue Growth– Expanding Onshore Opportunities for Operations &

Maintenance Services– Strong Defense and Homeland Security Spending– Transportation Spending Bill Pending

• Record Backlog Exceeding $1.0 Billion

4

Performance of Core Businesses

$179$203

$228 $244 $242 $251

$69$80

$121

$158 $163$175

$134$162$150 $165

$45$39

$43 $55

$515 - $530

$205$179

$189

$426

$283

$248

$405

$349

$402

$210

$0

$100

$200

$300

$400

$500

$600

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

Dollars in Millions

Engineering Energy

Co

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Bu

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Guidance

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Growth Strategy

• Maximize The Growth Potential Of Our Business Segments

• Optimize The Profitability Of Our Services Through Business Process Excellence

• Innovate The Methods In Which We Deliver Our Services To Our Clients

• Leverage The Skills And Relationships Of The Entire Company

6

Revenue Visibility—Backlog

As of December 31, 2003

Does Not Include FEMA or Iraq CM Contracts (> $750 Million)

$379$449 $471

$131

$96

$250

$510$545

$721

$0

$100

$200

$300

$400

$500

$600

$700

$800

2001 2002 2003

Do

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Engineering Energy Column 3

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2004 Earnings Guidance

$0.25

$1.12$0.95 - $1.05

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

2002 2003 2004 Guidance

EPS

8

Energy Markets and Services

Houston

Lafayette

London

Lagos

Caracas

Bangkok

AnchorageSupply Chain Management

O&M Services

Manpower

Training

Recruiting

Major and Independent Oil & Gas

LOC

ATIO

N

LOC

ATIO

N

SE

RV

ICE

S

SE

RV

ICE

S

CUSTOMERSCUSTOMERS

Abu Dhabi

Operations Engineering

Total Asset Management

Trinidad

Algeria

9

Energy Growth Markets

• Onshore Managed Services

• Deepwater Gulf of Mexico

• International

10

Managed Services Market Potential

11

– GenesisGenesis– Horn MountainHorn Mountain– ThunderhorseThunderhorse– AtlantisAtlantis– Mad DogMad Dog– HolsteinHolstein– NakikaNakika– MarlinMarlin– PompanoPompano

D E E P W A T E R

Energy Market Dynamics and Transitions - Gulf of Mexico

• Small and Mid-Size Independents Purchasing Shelf Properties

• Major and Large Independents Moving from Shelf to Deepwater and/or International

S H E L F – Mid to Small Size

– PetroniusPetronius– TyphoonTyphoon– NeptuneNeptune– GunnisonGunnison– BoomvangBoomvang– MorpethMorpeth– AlleghenyAllegheny– Canyon StationCanyon Station

Baker’s Deepwater ProjectsBaker’s Deepwater Projects

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San Juan Basin

Panhandle, Anadarko and Hugoton Basins

Permian Basin

• Onshore Presents New Opportunities for Managed Services

Powder River Basin

Green River Basin

Energy Market Growth Drivers

13

Energy Market Growth Drivers

• Onshore Huber Energy– Two Managed Services Agreements– Texas Panhandle & Powder River Basins– $144 Million, 4 Years– Performance-Based– 8% to 12% Margin Potential

14

Energy Market Growth Drivers

Texas Panhandle

15

Energy Market Growth Drivers—International Opportunities

Mexico

London

Venezuela

Angola

Trinidad

Kazakhstan

Thailand

Equatorial Guinea

Egypt

Algeria

Ecuador

People’s Republic of China

Israel

South Korea

ChadNigeria

16

Energy Sector – Recent Project Awards

Thailand

Algeria

Nigeria

• Chevron Offshore Limited - Thailand– O&M of Tantawan and Benchamas Fields in the

Gulf of Thailand– 5-Year Contract Renewal Worth $6 Million Per

Year– Largest, Most Comprehensive O&M Contract

Assignment in the Gulf of Thailand– Development and Implementation of

Nationalization and Training Programs

• Nigeria LNG– $8.5 Million Per Year Contract– Comprehensive Maintenance Services for Bonny

Island LNG Plant– Training and Nationalization Programs

• Burlington Resources - Algeria– $5 Million Per Year Contract – O&M Support for Pre-commissioning,

Commissioning and Operational Phases of the MLN Field at Berkine

– Recruitment, Assessment, and Training of Algerian Nationals

• Others:– Karachaganak Petroleum Operating

(KPO) – Kazakhstan

– Ameriven Hamaca Project – Venezuela

– Kizomba Surface Wellhead Platform (SWHP) – Offshore Angola

Angola

Kazakhstan

Venezuela

17

Focused Engineering Practice Areas

• Transportation

• Federal Sector– Department of Defense– Civilian

18

Federal Sector Growth Drivers

$31.2

$36.5

$40.2

$0

$10

$20

$30

$40

$50

2003 2004 2005

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Department of Homeland Security

$365$380

$400$420

$441$462

$484

$0

$100

$200

$300

$400

$500

2003 2004 2005 2006 2007 2008 2009

Do

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in B

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Department of Defense

BUDGETS

Source: Homeland Security, Budget in Brief, Fiscal Year 2005 ( www.dhs.gov )

Source: United States Department of Defense, News Release (02.03.03), ( http://www.defenselink.mil/news )

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Federal Sector Growth Strategies

• Broader and Deeper with Existing Clients

• Secure Program Management/Mission Support Opportunities

• Leverage Engineering/Energy Expertise

20

Federal Sector – Recent Project Awards• Federal Emergency Management Agency

– Up to $750 Million, 5-Year Contract– Multi-Hazard Flood Map Modernization– Major Program Management Role– 10 Regional Management Centers Across U.S.– Performance-Based

• US-VISIT– +/- $11 Million in Pending Projects– Exit/Entry Assessment/Planning Engineering– Land/Air/Water Points of Entry

21

Federal Sector – Recent Project Awards• Iraq Construction Management – U.S. Army COE/CPA

– $1.2 Billion, 5-Year, ID/IQ Contract– Stanley Baker Hill Joint Venture– CM Services for Iraq Reconstruction– Leveraging Engineering/Energy Expertise

• U.S. Army COE – Central Command– $1.5 Billion, 5-Year, ID/IQ Contract– Sub to Parsons Corp.– Operations/Facilities Support in Central Asia, Middle East, Horn of Africa– Planning, Design, Procurement, Logistics, Design-Build

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• U.S. Air Force Center for Environmental Excellence– $2.1 Billion, 5-Year ID/IQ Contract– Design-Build Team with Sundt Construction– A/E Services at DoD Facilities Worldwide– One of 9 Teams

• Base Realignment and Closure (BRAC)– $1.0 Billion Program– Honey Lake Parcel in California– First Conservation Conveyance of U.S. Army Property– $4.0 Million Program Management/Technical Services Contract– Other Opportunities Identified

Federal Sector – Recent Project Awards

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Transportation Market Growth Drivers• TEA-21 Reauthorization Legislation

– President: $256 Billion– House: $275 Billion– Senate: $318 Billion

• Key Baker States Continuing to Award Work

• Recent Project Wins– Indiana I-69 Design– Ironton-Russell Bridge Design– Fulton Road Bridge Design (Ohio)– Utah Transit Authority Commuter Rail Design– New York State DOT Construction Management of Three Bridges– Environmental On-Call Services for Houston District of TexDOT (renewal)– Engineering Open End for District 12 of PennDOT

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MICHAEL BAKER CORPORATIONFinancial Overview

25

Total Contract Revenues

$243.6 $242.6 $250.6

$158.2 $162.6$175.4

$403.2 $405.3$426.0

$515 - $530

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

$550

Total Reported Engineering Energy

2001 2002 2003

$405.2$401.8

(in millions)

$426.0

2004Guidance

26

Income From Operations

$12.7

$10.3

$6.4

$10.1

$6.6

$1.4

$15.4 - $17.0

$20.4

$17.2

$6.4

$0

$5

$10

$15

$20

$25

Total Reported Engineering Energy

2001 2002 2003

(in millions)

$16.9

$22.8

$7.8

2004Guidance

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Operating Performance

2000 2001 2002 2003TOTAL CONTRACT REVENUES

Total Reported $390,710 $403,222 $405,264 $425,984Less Non-Core 41,625 1,372 50 —

ENERGY 120,708 158,236 162,612 175,428ENGINEERING 228,377 243,614 242,602 250,556

Total Core Contract Revenues $349,085 $401,850 $405,214 $425,984

TOTAL OPERATING INCOME (Pre-Corp. O/H)Total Reported $ 17,543 $ 31,436 $ 28,207 $ 21,891

ENERGY 9,759 12,843 9,498 5,356% of Energy Revenues 8.1% 8.1% 5.8% 3.0%ENGINEERING 16,007 18,583 16,025 17,899% of Engineering Revenues 7.0% 7.6% 6.6% 7.0%

Total Core Operating Income (Pre-Corp. O/H)

$ 25,766 $ 31,426 $ 25,523 $ 23,255

(in thousands)

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Earnings Per Share2000 2001 2002 2003

REPORTED EPS $0.65 $1.33 $1.12 $0.25

Pro Forma EPSCore Operating Income 25,766 31,426 25,523 23,255Less Corporate Overhead (6,818 ) (11,058 ) (10,980 ) (15,530 )Operating Income 18,948 20,368 14,543 7,725

Tax Rate 51.0% 45.5% 45.0% 58.0%Provisions for Income Tax 9,663 8,848 5,991 4,480

Net Income 9,285 11,101 7,999 3,245

Outstanding Shares (Diluted) 8,238 8,425 8,515 8,384

PRO FORMA EPS $1.13 $1.32 $0.94 $0.39

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Cash Flow

2001 2002 2003

NET INCOME $11.2 $9.6 $2.1Depreciation & Amortization 5.2 4.0 4.9Other 3.2 (22.7) (21.8)

Cash Provided by/(Used in) Operations 19.6 (9.1) (14.8)

Capital Expenditures (4.1) (11.4) (4.8)Sale/(Purchase) of Investments 9.0 (1.0) —

Receipt/(Funding) of Litigation Escrow (12.7) 12.3 —

Share Repurchase (0.4) — (0.7)

Proceeds from Sale of Stock Options 0.3 0.6 —

Net Borrowings/(Repayments) (2.3) — 13.5Cash (Used in)/ Provided by Investing and Financing Activities

(10.2) 0.5 8.0

Net Increase (Decrease) in Cash $ 9.4 $(8.6) $(6.8)

(in millions)

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Stock Performance (24 Months)

$14.90

$9.78

$8.62

$8.65

$8.60

$10.95

$8.95

$8.76

$10.00$10.30

$13.75

$14.25$15.00

$15.48

$10.70$10.05

$9.75

$9.50

$9.85

$10.60

$10.35

$10.90

$10.80

$12.67

$12.55

$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

$16.00

Closing Share Price

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Balance Sheet2001 2002 2003

ASSETSCash $ 18.5 $ 9.9 $ 3.1A/R 67.6 65.7 75.8Cost in Excess of Billing 25.3 29.7 51.6

PP&E 10.3 17.5 17.4Intangibles 9.8 9.5 9.2Other 20.1 12.8 16.3

Total Assets $151.6 $145.1 $173.4

LIABILITIESTrade A/P 21.9 20.4 22.1Accrued Other 68.2 53.3 65.2

Long-Term Debt — — 13.5

SHAREHOLDERS’ EQUITY 61.5 71.4 72.6

Total Liabilities and Shareholders’ Investment $151.6 $145.1 $173.4

Backlog $509.6 $545.2 $720.7

Shares Repurchased 31,300 — 80,400

(in millions)

32

Conclusion

• Maximize Growth– Energy

Expand Position in Markets with Long-Term Investment Strategy (Onshore, Deepwater, International)

Enhance Competitive Position in Historical Markets Via Cost Containment/Reduction (GOM Shelf)

– Engineering Continue to Pursue Federal Sector Projects Position in Key States for Renewed Transportation Funding Invest Strategically in Growth Markets

33

Revenue Visibility—Backlog

As of December 31, 2003

Does Not Include FEMA or Iraq CM Contracts (> $750 Million)

$379$449 $471

$131

$96

$250

$510$545

$721

$0

$100

$200

$300

$400

$500

$600

$700

$800

2001 2002 2003

Do

llars

in M

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ns

Engineering Energy Column 3

34

MICHAEL BAKER CORPORATION2004 Investor Relations Presentation

IPAA Oil & Gas Investment SymposiumApril 19, 2004