MAIRE TECNIMONT GROUP OVERVIEW

June 2017

Credit Suisse

Global Energy Conference

DISCLAIMER

This document has been prepared by Maire Tecnimont S.p.A. (the “Company”) solely for use in

the presentation of the Maire Tecnimont Group (the “Group”).

This document does not constitute or form part of any offer or invitation to sell, or any

solicitation to purchase any security issued by the Company.

The information contained and the opinions expressed in this document have not been

independently verified. In particular, this document may contain forward-looking statements

that are based on current estimates and assumptions made by the management of the Company

to the best of its knowledge. Such forward-looking statements are subject to risks and

uncertainties, the non-occurrence or occurrence of which could cause the actual results –

including the financial condition and profitability of the Group – to differ materially from or be

more negative than those expressed or implied by such forward-looking statements. This also

applies to the forward-looking estimates and forecasts derived from third-party studies.

Consequently, neither the Company nor its management can give any assurance regarding the

future accuracy of the estimates of future performance set forth in this document or the actual

occurrence of the predicted developments.

The data and information contained in this document are subject to variations and integrations.

Although the Company reserves the right to make such variations and integrations when it

deems necessary or appropriate, the Company assumes no affirmative disclosure obligation to

make such variations and integrations.

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SUMMARY

1. Group Overview

2. Strategy and Competitive

Positioning

3. Operations

4. Commercial Strategy

5. Financial Data

6. Conclusions

MAIRE TECNIMONT GROUP

• Leading worldwide engineering contractor

focusing on:

– Oil&Gas

– Petrochemicals

– Fertilizers

• Flexible Business Model spanning the entire

value chain:

– Project Development

– Licensing and Engineering Services (E)– Engineering & Procurement (EP)

– Engineering, Procurement & Construction

(EPC)

– Life Cycle Support

• Two main Business Units:

– Technology, Engineering & Construction

– Infrastructure & Civil Engineering

4

Key Indicators

Revenues by Business Unit

97%

3%

TE&C Infrastructure

€2.4 bn Revenues (FY 2016)

€756.5m Revenues (Q1 2017)

8,100 Employees and E&I professionals

45 Operating companies

€5.8bn Backlog (31 March 2017)

€1.3 bn Market Cap (June 6, 2017)

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2005 2007 2009 2010 2011 2013 2015

1899FIAT GROUP

2004

Acquisition of Fiat Engineering

(later MAIRE ENGINEERING)

1972Incorporation of

FIAT ENGINEERING

2001Acquisition of FIAT Avio’s Electric

Design & Construction Business

1973Incorporation of

TECNIMONT

1966Incorporation of

MONTEDISON

1884EDISON

Power Supply

1888MONTECATINI

Mines and Chemicals

2005Maire Group acquires Tecnimont

Listing on the Italian Stock

Exchange

1947Incorporation of

STAMICARBON

Chemical and Fertilizer

licensing

1937Dutch State Mines – DSM

research centre for services

work to coal mines

Acquisition of Stamicarbon

100% Acquisition of the Indian subsidiary Tecnimont Pvt. Ltd.

(formerly TICB)

1958Incorporation of ICB Pvt Ltd as consulting

firm in the plant sector in Mumbai

1977Creation of the first JV

between ICB and Tecnimont

1990sTecnimont acquires 50% of the Indian

company renamed as Tecnimont ICB Pvt

Ltd (TICB)

1971Kinetic Technology Int. - KTI

More than 40 years of

experience in process engineering

1988Mannesmann acquired KTI

1999Technip Italy acquired KTI

Acquisition of KT Kinetics Technology (formerly Technip KTI)

Reorganization of

Italian HQs

New Milan Offices

Launch of theNew Business

Strategy

1963Giulio Natta

Nobel Prize for

chemistry

Incorporation of MAIRE TECNIMONT

Repositioning completed and Record Backlog

Our Evolution

KEY MILESTONES

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GROUP STRUCTURE

Large-scale

contracting in:• Oil & Gas

• Polyolefins

• Fertilizers

• Refining

• Hydrogen and

Syngas Production

• Sulphur Recovery

• Fertilizers

Technology

• Infrastructure &

Civil Engineering

• Renewable Energy

Technology, Engineering & Construction Infrastructure &

Civil Engineering

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Business

Unit

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TECHNOLOGY, ENGINEERING & CONSTRUCTION

LIFE-CYCLE SUPPORT

FERTILIZERS

OIL & GAS

PETROCHEMICALS

LICENSING

EXECUTION- DRIVENTECHNOLOGY-DRIVEN

ENGINEERING PROCUREMENT CONSTRUCTION

Maire Tecnimont Group’s Presence Across the EPC Value Chain

• Startup

• Operation

Advice

• Maintenance

• Inspections

• Revamping

Full Involvement: From Project Development to Life-Cycle Support

Subsidiary:

PROJECT DEVELOPMENT

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INFRASTRUCTURE & CIVIL ENGINEERING

� Underground projects (including the first

driverless metro system in Italy), railways,

tunnels, roads and highways

� EPC contracting for construction /

requalification of hospitals, universities, complex

buildings and industrial plants

DESIGN AND CONSTRUCTION OF

OVER 30% OF HIGH SPEED &

HIGH CAPACITY RAILWAYSCURRENTLY OPERATED IN ITALY

Long-Lasting Competencies in Transportation and Civil Engineering

300+PROJECTS SUCCESSFULLY COMPLETED IN MORE THAN 40 YEARS’ EXPERIENCE

Flexible Solutions in Renewable Energy

� Increasing focus with a dedicated team on Wind,

Solar and Biomass large-scale power plants as

reliable counterpart of international operators

� High quality services along the whole value chain:

from development and design to EPC, leveraging on

Lump Sum Turn Key expertise and global presence

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EXTENSIVE INTERNATIONAL PRESENCE

MILANROME BRAUNSCHWEIG MUMBAISITTARD

ITALY 2,246

REST OF EUROPE 286

ASIA 2,499

REST OF THE WORLD

63

Headquarters

Main offices and engineering

centres

Subsidiaries, branches and

representative offices

A Real Multicultural and Multinational Group

*Average age: ～41 years

Approx. 66% graduates

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TOTALEMPLOYEES

5,094*

E&I division ~3,000

GRAND TOTAL ~ 8,100

Data as of: 31.3.2017

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SUMMARY

1. Group Overview

2. Strategy and Competitive Positioning

3. Operations

4. Commercial Strategy

5. Financial Data

6. Conclusions

MAIRE TECNIMONT’S STRATEGIC PRIORITIES

Strategic Priorities

Enhance and Develop Technology Driven Business

Expand Geographic Footprint

1

2

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5

Develop Engineering Services Revenues

Strengthen EPC in the Core Business

Align Organization and Pursue Group Synergies

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STRATEGY IMPLEMENTATION

• Pre-empt

competitive

pressures

• Leverage

technological

edge

• Client

partnerships

• Improve client

loyalty

• Revenue

diversification

• Increase plant

value-added

Provide Technological Solutions Throughout the EPC Value Chain

LIFE-CYCLE SUPPORT

LICENSING

EXECUTION- DRIVENTECHNOLOGY-DRIVEN

ENGINEERING PROCUREMENT CONSTRUCTIONPROJECT

DEVELOPMENT

Direct

License Basic Feed

Detailed

Engineering

Services EP EPC

€ 1-10m

Very High

Double Digit

High Double

Digit

High Double

Digit

Mid Double

Digit

Low Double

Digit Single Digit

Low Low Low Low High

€ 1-10m € 4-15m € 10-40m € 50-250m € 0.3-5bn

Medium

PRODUCTS

TYPICAL VOLUMES

TYPICAL MARGINS

RISK

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PROJECT DEVELOPMENT

LIFE-CYCLE SUPPORT

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GLOBAL & TECHNOLOGICAL LEADERSHIP

172

30%

Ammonia and Urea Plants

Market share in polyolefin plants

completed since 1924

40%Market share in

LDPE plants

PETROCHEMICALS FERTILIZERS

Well rooted technology orientation: market leader (#1)

for installed capacity

WORLD CLASS TRACK RECORD

in Large Gas Treatment Plants and Refinery

Process Units

OIL & GAS

WELL RECOGNIZED LEADERSHIP

in Licensing hydrogen technology and in licensing Sulphur Recovery and Tail Gas Treatment Technology

* Data are based on corporate analysis

54%Market share in

licensing urea plants technology

(#1 worldwide)*

34%Market share

in licensing urea granulation technology

(#2 worldwide)*

62 Polyethylene Plants

117 Polypropylene Plants

Since 1970

1,100 +Individual Patents

Strong commitment to technology development

230Hydrogen and Sulphur Recovery

Unit Projects completed

Since 1971

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OUR OPERATIONS ARE DRIVEN BY POSITIVE BUSINESS TRENDS

• Gas monetization: Cheap feedstock supports owner’s investment attractiveness

• Strong demand for plastics-based products

• Gas monetization

• Demography and agricultural modernization driving long term

demand for nitrogen-based fertilizers

• Technology barriers

• Midstream Oil and Gas Treatment

• Refining: Revamping & Capacity upgrade

• Integration between petchem and refining

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FERTILIZERS

PETCHEM

OIL & GAS

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DIFFERENTIATING FACTORS VS. OUR COMPETITORS

• Our focus is Downstream and Gas Transformation, not Upstream

• Flexible business model

• Asset light: no idleness

• Leverage on our strong technological IPs

• Client diversification (NOCs vs. IOCs)

• Global approach with focus on specific geographies

Our Group is Well Positioned to Face the Current Environment

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MAIRE TECNIMONT HAS BEEN OUTPERFORMING THE SECTOR

Maire Tecnimont’s Relative Performance, 6/20/14 – 6/5/17

Maire Tecnimont BEUOILS Index WTI Future

Correlation Coefficient MT – BEUOILS = — 0.19 MT – WTI Future = — 0.31 BEUOILS – WTI Future= + 0.96

Our Stock is Not Correlated to the Oil Price 16

Source: Bloomberg. BEUOILS Index Components: Subsea 7, Saipem, Petrofac, John Wood Group, SBM, Amec FW, TGS

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Jun 17

0

20

40

60

80

100

120

140

160

180

Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17

GROUP RESPONSIVENESS TO MARKET DISCONTINUITY

CORE BUSINESS

EXECUTION

REVAMPING

TECHNOLOGY &

SERVICES

INTEGRATED PROJECTS

RENEWABLES & GREEN

CHEMISTRY

NEW GEOGRAPHIES

PROJECT DEVELOPMENT

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•Oman

•Malaysia

•Indonesia

•West Africa

•Americas

•Wind, Solar

•Biomass

•Bio-chemicals

•Reinforcing competencies to

tackle increasing scale and

complexity of plants

•Siluria Technologies

•H2S cracking

•Technologies adjacent to urea

•New Clean Coal Technologies

•New way of originating

business through early

involvement in

investment initiatives

•Dedicated revamping

engineering initiatives

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SUMMARY

1. Group Overview

2. Strategy and Competitive

Positioning

3. Operations

4. Commercial Strategy

5. Financial Data

6. Conclusions

COMPLETED PROJECTUNDER REALIZATION PROJECT

PDH PLANT, TOBOLSK (WESTERN SIBERIA)CLIENT: Tobolsk Polymer LLC CONTRACT TYPE: EPC €660m

LLDPE-HDPE-PP PLANTS, DAHEJ (GUJARAT, INDIA)CLIENT: OPALCONTRACT TYPE: EPC US$440m

PE/NAO PLANTS, MESAIEED (QATAR)CLIENT: QATAR CHEMICAL COMPANY IICONTRACT TYPE: EPC US$830m

POLYOLEFINS COMPLEX, RUWAIS (UAE) BOROUGE 1 - BOROUGE 2 – BOROUGE 3CLIENT: BOROUGE CONTRACT TYPE: (1) US$ 445m, (2) US$1.8bn, (3) EPC S$1.9bn

POLYOLEFINS UNITS (RAPID), PENGERANG (MALAYSIA) CLIENT: PRPC Polymers Sdn Bhd (PETRONAS) CONTRACT TYPE: EPCC €328m

LLDPE-HDPE-PP PLANTS, SOHAR (OMAN)CLIENT: ORPICCONTRACT TYPE: EPC US$895m

PDH/POLYPROPYLENE PLANT, AL JUBAIL (SAUDI ARABIA) CLIENT: Al Waha CONTRACT TYPE: EPC €580m

HDPE UNIT (RAPID), PENGERANG (MALAYSIA)CLIENT: PRPC Polymers Sdn Bhd (PETRONAS)CONTRACT TYPE: EPCC €482m

LDPE PLANT, BRATISLAVA (SLOVAK REPUBLIC)CLIENT: Slovnaft Petrochemicals s.r.o. CONTRACT TYPE: EPC €204m

LDPE PLANT, VERACRUZ (MEXICO)CLIENT: Etileno XXI Services BV CONTRACT TYPE: EP US$191m

POLYOLEFINS COMPLEX, RABIGH (SAUDI ARABIA) CLIENT: Petro RabighCONTRACT TYPE: EPC €1.2bn

HDPE PLANT, SUMGAYIT (AZERBAIJAN)CLIENT: SOCAR PolymerCONTRACT TYPE: EPC - PP, HDPE €350m

LDPE PLANT, SADARA (SAUDI ARABIA)CLIENT: Sadara Chemical Company CONTRACT TYPE: EPC €280m

PP PLANT, SUMGAYIT (AZERBAIJAN)CLIENT: SOCAR PolymerCONTRACT TYPE: EPC - PP, HDPE €180m

MAIN PETROCHEMICAL PROJECTS

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MAIN OIL & GAS PROJECTS

REFINERY OFF GAS(ROG) PROJECT, ANTWERP (BELGIUM)CLIENT: TOTAL Olefins AntwerpCONTRACT TYPE: EPC €193m

DELAYED COKER COMPLEX PROJECT AND HYDROWAX VACUUM DISTILLATION, GDANSK (POLAND)CLIENT: LOTOS ASFALT SP. ZO.OCONTRACT TYPE: EPC €304m

COMBINED OIL REFINING UNIT (CORU) MOSCOW REFINERY (RUSSIAN FEDERATION)CLIENT: JSC Gazprom Neft Moscow RefineryCONTRACT TYPE: EPC €480m

OIL AND GAS TREATMENT "TEMPA ROSSA“CORLETO PERTICARA (ITALY)CLIENT: Total E&P Italia S.p.A.CONTRACT TYPE: EPC €505m

WAFA GAS PLANTS PROJECT MELLITAH & GADAMES BASIN (LIBYA)CLIENT: AGIP GAS BV CONTRACT TYPE: EPC €1.2bn

AROMATICS COMPLEX SHUAIBA (KUWAIT) CLIENT: KUWAIT PARAXYLENE PRODUCTION COMPANY (KPPC)CONTRACT TYPE: EPC US$1.2bn

INTEGRATED GAS DEVELOPMENT – HABSHAN 5 (ABU DHABI – UAE)CLIENT: GASCO CONTRACT TYPE: EPC US$4.7bn

OIL GATHERING, TREATMENT, EXPORT AL DABBI’YA PHASE III, ABU DHABI (UAE)CLIENT: ADCOCONTRACT TYPE: EPC US$2.3bn

IGD EXPANSION PROJECT (IGD-E1), GAS TREATMENT AND MARINE WORKS, DAS ISLAND (UAE)CLIENT: ADGAS (ADNOC GROUP)CONTRACT TYPE: EPC US$490m

LNG TERMINALCHENTOUJIA, GUANGDONG (CHINA)CLIENT: GUANGDONG LNG JEOCONTRACT TYPE: EPC €280m

CLEAN FUEL PROJECTRABIGH, (SAUDI ARABIA)CLIENT: Petro RabighCONTRACT TYPE: EPC €148m

20COMPLETED PROJECTUNDER REALIZATION PROJECT

OIL & GAS TREATMENT PLANT, LUBIATOW (POLAND)CLIENT: Polish Oil & Gas CompanyCONTRACT TYPE: EP €91m

SULPHUR RECOVERY UNITS, MOSTOROD (EGYPT)CLIENT: Egyptian Refinery CompanyCONTRACT TYPE: EP €97m

SULPHUR COMPLEX GDANSK (POLAND)CLIENT: Grupa Lotos SA CONTRACT TYPE: EPC €111m

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YARA, SLUISKIL (THE NETHERLANDS)Client: YARA International ASAContract type: EPC €125m

AMMONIA PLANT, KINGISEPP (RUSSIAN FEDERATION)Client: EuroChem Mineral and Chemical CompanyContract type: EPC €660m

AMMONIA/UREA PLANT NEVINNOMYSSK(RUSSIAN FEDERATION)Client: EuroChem Mineral and Chemical CompanyContract type: E

AMMONIA PLANT NANGAL PUNJAB (INDIA)Client: National Fertilizers Ltd.Contract type: EPC US$240m

FERTILIZER COMPLEX PROJECT AL-JUBAIL (KINGDOM OF SAUDI ARABIA)Client: SAFCOContract type: EPC US$350m

FERTILIZERS COMPLEX , ASWAN (EGYPT)Client: KIMAContract type: EPC US$540m

IOWA FERTILIZER COMPANY, WEVER, IOWA (USA)Client: Orascom Construction IndustriesContract type: EP €250m

COMPLETED PROJECTUNDER REALIZATION PROJECT

MAIN FERTILIZERS PROJECTS

21STAMICARBON LICENSES: OVER 240 WORLDWIDE

AMMONIA DEBOTTLENECKING, Annaba, Arzew(ALGERIA)Client: FertialContract type: E

UREA DEBOTTLENECKING & GRANULATION PLANTSHUAIBA (KUWAIT)Client: P.I.C.Contract type: EPC US$100m

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FLAGSHIP PROJECTS

Gas Treatment

BOROUGE 3, ABU DHABI, UAE HABSHAN 5, ABU DHABI, UAE

IOWA FERTILIZER COMPANY, IOWA, USA

Polyolefins

Refinery

ROG PROJECT, ANTWERP, BELGIUM

Fertilizers

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SUMMARY

1. Group Overview

2. Strategy and Competitive

Positioning

3. Operations

4. Commercial Strategy

5. Financial Data

6. Conclusions

H1 2017 AMURSKI - GAZPROM GROUP

• Largest contract ever awarded to the Maire Tecnimont Group

• Largest gas processing plants in the world: feed gas capacity of 42 billion

cubic meters of natural gas per year

• Part of Gazprom’s strategic plan to supply Russian natural gas to China

• First milestone of a large industrial development, including investments in

downstream PetChem

• Consortium with Sinopec Engineering Group

• €3.9 bn composed by EP of €1.7bn Lump Sum and Construction of €2.2bn

Reimbursable

• Expected completion in 2023

• Consolidation of the Group’s long-lasting presence in the Russian Federation

Key Issues

Project Overview

• Country: Russia

• Client: JSC NIPIgaspererabotka (NIPIGas),

Gazprom Group

• Overall Value: €3.9 bn

• Scope of Work: EPC of “Package number

3” (Utilities, Infrastructure and Offsites

facilities) of the Amurski Gas Processing Plant (AGPP)

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Images Source: Gazprom

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BACKLOG

6,065

5,393

451

434

31/12/16 31/3/17

TE&C Infrastructure

6,516

5,827

Backlog by GeographyBacklog by Business Unit(€m, 31/12/16-31/3/17)

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59%22%

8%

9%

2%

Others

Asia

Africa

June* 2017

* Company Estimate

Middle East

Europe

BACKLOG ANALYSIS – TE&C BUSINESS UNIT

Good mix between E, EP, and EPC Excellent cover for future revenues

Book to Bill Ratio* (31/12/16-31/3/17)

2.7

2.1

31/12/16 31/3/1780

73681 637

5,3044,683

31/12/16 31/3/17

E EP EPC

6,065

761

5,393

710

Backlog by Type (€m, 31/12/16-31/3/17)

*Defined as the ratio between Backlog and LTM Revenues

*Defined as the ratio between Backlog and LTM Revenues26

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OUTLOOK ON COMMERCIAL ACTIVITY (TE&C)

Commercial Activity (€bn, Sep ’16-Mar ‘17)

19.4 19.0 20.0

5.4 5.56.2

5.5 7.0

9.0

Sep '16 Dec '16 Mar '17

Prospect, Prequalification & Pre-Tendering Tendering Tendered

30.331.5

35.2

Our Pipeline is the Highest Ever27

&

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COMMERCIAL ACTIVITY’S GEOGRAPHICAL BREAKDOWN (TE&C)*

North and CentralAmericaPOLYOLEFIN

South AmericaGAS TREATMENT

POLYOLEFIN AfricaFERTILIZER

POLYOLEFIN

GAS TREATMENT

REFINERY

Middle EastFERTILIZER

POLYOLEFIN

GAS TREATMENT

REFINERY

AsiaFERTILIZER

POLYOLEFIN

GAS TREATMENT

C.I.S.FERTILIZER

POLYOLEFIN

GAS TREATMENT

REFINERYEuropePOLYOLEFIN

REFINERY

New Contracts Expected in the Short Term Driven by Significant Commercial Efforts

*Figures include prospect prequalification and pre-tendering, tendering, and tendered

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€1.5bn

€2.0bn

€0.7bn

€10.1bn

€8.8bn

€8.5bn

€3.6bn

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SUMMARY

1. Group Overview

2. Strategy and Competitive

Positioning

3. Operations

4. Commercial Strategy

5. Financial Data

6. Conclusions

CONSOLIDATED INCOME STATEMENT & BALANCE SHEET

INCOME STATEMENT

BALANCE SHEET

€m 2014 2015 2016 Q1 2017

Revenues 1,583.2 1,669.6 2,435.4 756.5

EBITDA 126.9 130.8 160.0 45.5

EBITDA % 8.0% 7.8% 6.6% 6.0%

EBIT 103.4 115.4 152.6 44.0

Net Income 50.3(1) 43.8(1) 85.3 31.8

€m as of Dec 14 Dec 15 Dec 16 Mar 17

Net Invested Capital (Asset) (458.7) (251.8) (227.5) (272.4)

Net Debt 365.0 125.6 42.8 31.3

Total Shareholders' Equity 93.7 126.2 184.7 241.1

Group Shareholders' Equity 92.2 124.9 169.6 224.9

(1) Restated Net Income in 2014 and 2015 with average effective tax rate of 37% would be €38.7m and €48.9m respectively

• Revenues’ • Growth in revenues driven

by execution of record-

level backlog

• Steady growth in EBITDA

and Net Income

• Strong growth in

Shareholders’ equity driven

by positive results

• Net debt reduction due to

disposals and cashflow

generation

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NET FINANCIAL POSITION AND CASH FLOW BRIDGE

Cash Flow Bridge (€m)

28.2

-15.5

75.1

75.6

-60.5 -28.8

Net CashConv. BondDerivatives

Dec 2016 Mar 2017

-11.5

Net Financial Position (€m)

31

31.3

42.8

42.8 10.9

4.6 5.2

31.3

Net DebtDec 2016

Operating Cash Flowsand Forex

Capex Net Financial Income Net DebtMar 2017

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SPREAD OF BANK DEBT REFINANCINGS, 2013-2017

540

395

250195

0

100

200

300

400

500

600

May 2013 Apr 2015 Dec 2015 Apr-17

Spread (bps)

We Have Reduced our Bank Debt Spread by over 60% since 2013 32

€350

12/2017

€320

2018-2019

€350

12/2020

€350

3/2022Amount (€m)

Final Maturity

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SUMMARY

1. Group Overview

2. Strategy and Competitive

Positioning

3. Operations

4. Commercial Strategy

5. Financial Data

6. Conclusions

CONCLUSIONS

• Leading worldwide engineering contractor focusing on Oil&Gas,

Petrochemicals and Fertilizers

− Providing Technological Solutions throughout the EPC Value Chain

• Entirely focused on Downstream and Onshore

• Flexible business model

• Global approach with focus on specific geographies

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Maire Tecnimont Group’s Headquarters

Via Gaetano De Castillia, 6A

20124 Milan

info@mairetecnimont.it

www.mairetecnimont.com

Investor Relations T +39 02 6313-7823 F +39 02 6313-733702 6313-7823Investor-relations@mairetecnimont.It

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