MAIRE TECNIMONT GROUP OVERVIEWItalian Equity Roadshow – Australia June 2019

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This document has been prepared by Maire Tecnimont S.p.A. (the “Company”) solely for usein 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 anysolicitation to purchase any security issued by the Company.

The information contained and the opinions expressed in this document have not beenindependently verified. In particular, this document may contain forward-lookingstatements that are based on current estimates and assumptions made by the managementof the Company to the best of its knowledge. Such forward-looking statements are subjectto risks and uncertainties, the non-occurrence or occurrence of which could cause theactual results – including the financial condition and profitability of the Group – to differmaterially 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 derivedfrom third-party studies. Consequently, neither the Company nor its management can giveany assurance regarding the future accuracy of the estimates of future performance setforth in this document or the actual occurrence of the predicted developments.

The data and information contained in this document are subject to variations andintegrations. Although the Company reserves the right to make such variations andintegrations when it deems necessary or appropriate, the Company assumes no affirmativedisclosure obligation to make such variations and integrations.

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DISCLAIMER

SUMMARY

1. Group Overview

2. Strategy and Competitive Positioning

3. Operations and Commercial Activity

4. Financial Data

5. Conclusions

MAIRE TECNIMONT GROUP

• Leading worldwide technology and engineering contractor focusing on oil & gas onshore downstream:– Petrochemicals– Oil & Gas Refining– Fertilizers

• Growing Presence in Green Chemistry and Renewable Energy

• Flexible Business Model spanning the entire value chain:– From Technology-to Execution–Driven

Business

• Strong Technology DNA- Portfolio of over 1,200 Patents

• Two Business Units:– Hydrocarbons– Green Energy

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Key Indicators (FY2018)

Revenues by Business Unit (Q1 2019)

96%

4%

Hydrocarbons Green Energy

€3.6 bn Revenues

€205.7 m EBITDA

€93.8 m* Net Cash

€6.7 bn Backlog (March 31, 2019)

9,275 Employees and E&I professionals

€1 bn Market Cap

* Excluding €36.1 million in Non-Recourse Project Financing for the Alba Bra Hospital project, and including €16.2 million to be recovered in India

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KEY MILESTONES

2005 2007 2009 2010 2011 2013 2015-17 Today

1899FIAT GROUP

1973Incorporation of TECNIMONT

1966Incorporation of MONTEDISON

1884EDISONPower 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 – DSMresearch 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. - KTIMore 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 NattaNobel Prize for chemistry

Incorporation of MAIRE TECNIMONT

Revenues andBacklogDoubled

Our Evolution

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Expansion intoGreen Chemistry

2004Acquisition of

Fiat Engineering (later MAIRE ENGINEERING)

2001Acquisition of FIAT Avio’s Electric

Design & Construction Business

1972Incorporation of

FIAT ENGINEERING

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GROUP STRUCTURE – MAIN COMPANIES

Large-scale contracting in:• Oil & Gas

Refining• Petchem• Fertilizers

• Refining• Hydrogen and

Syngas Production

• Sulphur Recovery

• Fertilizers Technology

• Urea Licensing

• Renewable Energy

Hydrocarbons Green Energy

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Business Unit

• Project Development

NeosiaRenewablesNextChem

MetDevelopmentStamicarbon

KTTecnimont

• Green Chemistry

Kinetics Technology

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HYDROCARBONS BUSINESS UNIT: AREAS OF EXPERTISE

A Market Leader in Downstream7

• Polyethylene (LDPE, HDPE)

• Polypropylene

• Propane Dehydrogenation Process (PDH)

PETROCHEMICALS

• Hydrogen and Syngas Production

• Sulphur Recovery

• Tail Gas Treatment

• Fire Heaters

OIL & GAS REFINING

• Urea

• Ammonia

• Nitric Acid

FERTILIZERS

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BUSINESS MODEL IN HYDROCARBONS

LIFE-CYCLE SUPPORT

PETROCHEMICALS

OIL&GAS REFINING

FERTILIZERS

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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GREEN ENERGY BUSINESS UNIT: AREAS OF EXPERTISE

9Already a Profitable Business

MARKET FRAMEWORK

Green Green

(use of biological components as

feedstock)

Circular Economy(re-use of wastes)

Greening the Brown(industrial processes pollution reduction)

KEY GREEN INDUSTRIES

Renewable energies

RES** to Chemicals

Green Green(use of biological

components as feedstock)

Bio-fuels

Bio-polymers

Fertilizers Bio-Coating

Bio-chemicals

Circular economy(re-use of wastes)

MSW* to Chemicals

Plastics Recycling

Greening the Brown

(industrial processes pollution reduction)

Energy efficiency

Carbon footprint reduction

Create

Improve

Reduce

Flaring Reduction

MSW* to Fuels

RES** to Fuels

* MWS : Municipal Solid Waste** RES : Renewable Energy Source

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OPERATORProduction plant player

JOINT DEVELOPEREquity and tech partnership

with industrial player

EPCEPC service provider

LICENSORIP and Feed sale

to industrial players

SMALL SIGNIFICANTMEDIUM

INVESTMENT SCALE

BUSINESS MODEL NOT VIABLE DUE TO SIGNIFCANT INVESTMENT SCALE

JOINT DEVELOPER OPTION MAY NOT BE FEASABLE DUE TO INVESTMENT

SCALE

EPC AND LICENSOR BUSINESS MODELS TO BE PURSUED ONLY IF

JOINT DEVELOPER OPTION IS POSSIBLE

GREEN BUSINESS MODEL

Business Model Depending On The Business ScaleMAI

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GREEN ENERGY BUSINESS MODEL

GLOBAL & TECHNOLOGICAL LEADERSHIP

250

30%

Licensed Urea Plants

Market share in polyolefin plants

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 REFINING

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)*

67 Polyethylene Plants

Since 1970

118 Polypropylene Plants

1,200 +Individual Patents

Strong commitment to technology development

230Hydrogen and Sulphur Recovery

Unit Projects completed

Since 1971

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EXTENSIVE INTERNATIONAL PRESENCE

MILANROME BRAUNSCHWEIG MUMBAISITTARD

AMERICAS 27

Headquarters

Main offices and engineering centres

Subsidiaries, branches and representative offices

A Real Multicultural and Multinational Group

*Average age: ～ 41.5 yearsApprox. 66% graduates

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TOTALEMPLOYEES

6,275*

E&I division ~3,000

GRAND TOTAL ~ 9,275

Data as of: 31.03.2019

MIDDLE EAST 519

AFRICA 77

ITALY AND THE REST OF EUROPE

2,916

INDIA AND THE REST OF ASIA

2,127

RUSSIA AND THE CASPIAN REGION

609

MOSCOW

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MAIRE TECNIMONT GROUP’S SHAREHOLDERS

(*) Pursuant to Article 120, Paragraph 1 of the Legislative Decree no. 58 of 24 February 1998 and to Article 6 bis of the By-Laws ("Voting right increase"), share capital of Maire Tecnimont S.p.A. refers to the total number of voting rights equal to 496,305,566.

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NOTE: Based on the latest official information communicated to Maire Tecnimont (e.g. shareholders’ register, official filings)

Major Shareholders % of ordinary shares % of voting rights*

GLV Capital S.p.A. 51.018% 67.565%

Arab Development Establishment (ARDECO)

4.733% 3.134%

Other institutional and retail investors

44.249% 29.301%

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1. Group Overview

2. Strategy and Competitive Positioning

3. Operations and Commercial Activity

4. Financial Data

5. Conclusions

SUMMARY

SOLID MACRO DRIVERS TO OUR CORE BUSINESS

• 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, environmental regulations & capacity upgrade

• Integration between petchem and refining 15

FERTILIZERS

PETCHEM

OIL & GAS REFINING

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MAIRE TECNIMONT’S STRATEGIC PRIORITIES

Strategic Priorities

Enhance and Develop Technology Driven Business

Expand Geographic Footprint

1

2

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5

Pursue Project Development Activities

Strengthen Technology EPC in the Core

Business

Develop Green Chemistry Business

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STRATEGY IMPLEMENTATION IN THE CORE BUSINESS

• Pre-emptcompetitive 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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DIFFERENTIATING FACTORS VS. OUR COMPETITORS

• Our focus is on Downstream and Gas Transformation, not Upstream

• Flexible business model

• Asset light: no idleness

• Leverage on our strong technological IPs

• Client diversification (NOCs and IOCs)

• Global approach with focus on specific geographies

Our Group is Well Positioned to Face the Current Environment18M

AIRE

TEC

NIM

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VERV

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–JU

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2019

1. Group Overview

2. Strategy and Competitive Positioning

3. Operations and Commercial Activity

4. Financial Data

5. Conclusions

SUMMARY

Gas Treatment

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

IOWA FERTILIZER COMPANY, USA

Polyolefins

Refinery

ROG PROJECT, ANTWERP, BELGIUM

Fertilizers

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FLAGSHIP PROJECTS

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MAIN PETROCHEMICAL PROJECTS

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

POLYOLEFINS COMPLEX .RUWAIS (UAE) CLIENT: BOROUGEEPC (1)US$445m, (2)US$1.8bn, (3)US$1.7bn

PDH/POLYPROPYLENE PLANT, AL JUBAIL (SAUDI ARABIA) CLIENT: Al WahaEPC US$580m

POLYOLEFINS COMPLEX, RABIGH (SAUDI ARABIA) CLIENT: Petro RabighEPC US$1.2bn

LDPE Plant, SADARA (SAUDI ARABIA) CLIENT: SadaraEPC US$280m

LDPE PLANT, BRATISLAVA (SLOVAK REPUBLIC)CLIENT: SlovnaftEPC €204m

PDH PLANT, TOBOLSK (WESTERN SIBERIA)CLIENT: Tobolsk PolymerEPC €660m

PE/NAO PLANTS,MESAIEED (QATAR) CLIENT: Qatar Chemical CompanyEPC US$830m

LDPE PLANT, VERACRUZ (MEXICO)CLIENT: EtilenoEP US$191m

COMPLETED IN PROGRESS

POLYOLEFIN PLANT, GULF COAST (USA)CLIENT: Exxon MobilEP US$230m

POLYETHYLENE PLANT, SUMGAYIT (AZERBAIJAN)CLIENT: SOCAREPC US$180m

HDPE-PP REVAMP,BATANGAS (PHILIPPINES)CLIENT: Summit Petrochemical EPC US$180m (MET 65%)

HDPE UNIT (RAPID),PENGERANG (MALAYSIA)CLIENT: PETRONASEPCC €482m

POLYOLEFINS UNITS (RAPID),PENGERANG (MALAYSIA)CLIENT: PETRONASEPCC €328m

POLYPROPYLENE PLANTSUMGAYIT (AZERBAIJAN)CLIENT: SOCAREPC €350m

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

HDPE-PP UNITS, BATHINDA (INDIA)CLIENT: HPCL-Mittal EnergyEPCC US$225m

PP PLANT REINSTATEMENT, YANBU (SAUDI ARABIA)CLIENT: NATPETEPC US$65m

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PDH PLANT, KALLO (BELGIUM)CLIENT: BOREALISEPCM €90m

AMURSKI GCC (RUSSIA)CLIENT: SIBURFEED

POLYPROPYLENE UNIT PP4, RUWAIS (UAE)CLIENT: BOROUGEFEED €45m

POLYPROPYLENE UNIT PP5, RUWAIS (UAE)CLIENT: BOROUGEEPC

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MAIN OIL & GAS PROJECTS

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

SULPHUR COMPLEX GDANSK (POLAND)CLIENT: Grupa LotosCONTRACT TYPE: EPC €111m

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

AROMATICS COMPLEX SHUAIBA (KUWAIT) CLIENT: Kuwait Paraxylene Production Company (KPPC)CONTRACT TYPE: EPC US$1.2bn

WAFA GAS PLANTS PROJECT MELLITAH & GADAMES BASIN (LIBYA)CLIENT: Agip GasCONTRACT TYPE: EPC €1.2bn

LNG TERMINAL CHENTOUJIA, GUANGDONG (CHINA)CLIENT: Guadong LNG JEOCONTRACT TYPE: EPC €280m

DELAYED COKER COMPLEX AND HYDROWAX VACUUM DISTILLATION, GDANSK (POLAND)CLIENT: Lotos Asfalt CONTRACT TYPE: EPC €304m

DCU, OMSK REFINERY (RUSSIA)CLIENT: JSC Gazprom NeftCONTRACT TYPE: EPC US$215m

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

AMURSKI GAS PROCESSING PLANT (RUSSIA)CLIENT: NIPIgaspererabotkaCONTRACT TYPE: EPC €3.9bn

REFINERY MODERNIZATION, HEYDAR ALIYEV, BAKU (AZERBAIJAN)CLIENT: SOCARCONTRACT TYPE: EPC US$800m

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

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

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

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

OIL AND GAS TREATMENT "TEMPA ROSSA” CORLETOPERTICARA (ITALY)CLIENT: Total E&PCONTRACT TYPE: EPC €505m

REFINERY OFF GAS(ROG) PROJECT, ANTWERP (BELGIUM)CLIENT: Total OlefinsCONTRACT TYPE: EPC €193m

LPG TRAIN 4 – ZCINA HASSI MESSAOUD (ALGERIA)CLIENT: SonatrachCONTRACT TYPE: EPC US$248m

5 REFINERY PROCESS UNITS, KSTOVO REFINERY (RUSSIA)CLIENT: LukoilCONTRACT TYPE: EPC US$527m

COMPLETED IN PROGRESS

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REFINING REVAMPING, PORT HARCOURT (NIGERIA)CLIENT: Nigerian National Petroleum CompanyCONTRACT TYPE: E USD50m

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MAIN FERTILIZERS PROJECTS

FERTILIZER COMPLEX PROJECT AL-JUBAIL(KINGDOM OF SAUDI ARABIA)CLIENT: SAFCOCONTRACT TYPE: EPC US$350m

UREA DEBOTTLENECKING & GRANULATION PLANTSHUAIBA (KUWAIT)CLIENT: P.I.C.CONTRACT TYPE: EPC US$100m

AMMONIA PLANT NANGAL PUNJAB (INDIA)CLIENT: National Fertilizers Ltd.CONTRACT TYPE: EPC US$240m

IOWA FERTILIZER COMPANY, WEVER, IOWA (USA)CLIENT: Orascom Construction IndustriesCONTRACT TYPE: EP €250m

STAMICARBON LICENSES: OVER 250 WORLDWIDE

AMMONIA DEBOTTLENECKING, Annaba, Arzew (ALGERIA)CLIENT: FertialCONTRACT TYPE: E

FERTILIZERS COMPLEX , ASWAN (EGYPT)CLIENT: KIMACONTRACT TYPE: EPC US$540m

YARA, SLUISKIL(THE NETHERLANDS)CLIENT: Yara International ASACONTRACT TYPE: EPC €125m

AMMONIA PLANT, KINGISEPP(RUSSIA)CLIENT: EuroChemCONTRACT TYPE: EPC €660m

AMMONIA/UREA PLANT NEVINNOMYSSK(RUSSIA)CLIENT: EuroChemCONTRACT TYPE: E

GRANULATED UREA PLANT, TOLYATTI (RUSSIAN)CLIENT: Volgafert (KUIBYSHEVAZOT+METDEV1)CONTRACT TYPE: EPC €200m

COMPLETED IN PROGRESS

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ORDER INTAKE

Good Order Intake Inflow Provides Support to our Top Line

€ billion

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2.83.2

1.8

4.3

3.0

FY 2014 FY 2015 FY 2016 FY 2017 FY 2018

Average = 3.0

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57%

11%

16%

13%

3% Others

Asia

Africa

Europe

BACKLOG

Backlog by Geography (Mar 2019)

Solid and Diversified Backlog

Backlog by Business Unit(€m, 31/12/18-31/3/19)

Middle East

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6,369 6,382

243 275

31/12/18 31/3/19

Hydrocarbons Green Energy

6,612 6,657

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MAIRE TECNIMONT’S BACKLOG VS. WTI OIL PRICE*

* Relative scale. 30 June 2014 = 100

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0

50

100

150

200

250

6/30/14 12/31/14 6/30/15 12/31/15 6/30/16 12/31/16 6/30/17 12/31/17 6/30/18 12/31/18 6/30/19

Backlog WTI

3/31/19

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

*Defined as the ratio between Backlog and LTM Revenues*Defined as the ratio between Backlog and LTM Revenues

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BACKLOG ANALYSIS – HYDROCARBONS BUSINESS UNIT

Book to Bill Ratio* (31/12/18-31/3/19)Backlog by Type (€m, 31/12/18-31/3/19)

1.8 1.8

31/12/18 31/3/19158

483848

5,7285,267

31/12/18 31/3/19

E EP EPC

6,369 6,382

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24.9 25.6 23.4

8.0 7.47.0

7.2 8.2 9.7

Sep '18 Dec '18 Mar '19

Prospect, Prequalification & Pre-Tendering Tendering Tendered

40.0 41.2 40.1

Our Commercial Pipeline Remains High

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COMMERCIAL PIPELINE (HYDROCARBONS BUSINESS UNIT)

Commercial Pipeline (€bn, Sep 2018-Mar 2019)

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CO

RPO

RA

TE

PR

OFIL

E |

FEB

RU

AR

Y 2

019

North and CentralAmericaPOLYOLEFIN

South AmericaFERTILIZER

AfricaFERTILIZERPOLYOLEFINGAS TREATMENTREFINERY

Middle EastFERTILIZERPOLYOLEFINGAS TREATMENTREFINERY

AsiaFERTILIZERPOLYOLEFINGAS TREATMENT

C.I.S.FERTILIZERPOLYOLEFINGAS TREATMENTREFINERY

EuropePOLYOLEFINREFINERY

€1.5bn

€1.5bn

€2.7bn

€9.5bn

€9.0bn

€9.0bn

€6.9bn

Our Commercial Efforts are Widely Diversified Across Key Geographies

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

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COMMERCIAL PIPELINE BY GEOGRAPHY (HYDROCARBONS BUSINESS UNIT)*

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MAIN CURRENT INITIATIVES – GREEN ENERGY BUSINESS UNIT

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Use of low-cost waste toproduce of Fuels and Chemicals

High efficiency technology for the conversion of Electricity into Hydrogen (first step) and/or direct production of Fuels (second step)

Upcycling of Plastic waste to High Value Polymers

Waste to Fuels and Chemicals

Power/Hydrogen to

Chemicals

PlasticRecycling

Bio-Fuels

Production of high value Bio-Polymers from Renewable Resources

Production of second generation Bio-Fuels and Renewable fuels from biogenic feed-stocks

Bio-Polymers

Cir

cula

r Ec

onom

yG

reen

Gre

enG

reenin

g th

e Bro

wn

2021-20232019-2020

Development Timeline

1st Generation

2nd Generation

> 2023

To 3rd Generation

Mechanical Recycling

Integrated Recycling (Mechanical and Chemical)

Renewable Energy to Chemical & Fuels

High Value Applications

Fuels

Chemicals

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1. Group Overview

2. Strategy and Competitive Positioning

3. Operations and Commercial Activity

4. Financial Data

5. Conclusions

SUMMARY

CONSOLIDATED INCOME STATEMENT & BALANCE SHEET

INCOME STATEMENT

BALANCE SHEET

€m 2016 2017 2018

Revenues 2,435.4 3,527.2 3,646.6

EBITDA 160.0 189.9* 205.7

EBITDA % 6.6% 5.4% 5.6%

EBIT 152.6 168.7* 185.5

Net Income 85.3 97.7** 117.4

€m as of Dec 16 Dec 17 Dec 18

Net Invested Capital (Asset) (227.5) (175.8) (248.8)

Net Cash/(Net Debt) (42.8) 108.0 93.8***

Total Shareholders' Equity 184.7 283.8 342.6

Group Shareholders' Equity 169.6 262.0 309.6

• Revenues’ • Growth in revenues driven

by execution of record-level backlog

• Steady growth in EBITDA and Net Income

• EBITDA marginality reflects changing backlog mix

• Strong growth in Shareholders’ equity driven by positive results

• Net cash position as a result of strong cash flow generation

32*** Excluding €36.1 million in Non-Recourse Project Financing for the Alba Bra Hospital project, and including €16.2 million to be recovered in India

* Adjusted to retroactively apply IFRS 15 to 2017 (negative effect of €3.6 million at 2017 EBITDA level)** Adjusted to also exclude a 28.3 million (pre-tax) and €18.9 million (post-tax) one-off positive effect of certain derivative transactions related to the convertible bond and originally included in the Net Financial ChargesM

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NET CASH POSITION

Cash Flow Bridge (€m, 2018)

* Excluding €36.1 million in Non-Recourse Project Financing for the Alba Bra Hospital project, and including €16.2 million to be recovered in India

108.0

79.6 69.8

99.1 34.5

15.160.0

13.5

93.8

Net CashDec 2017

BondConversion

Treasury andDividends

Operating CashFlows

Forex Net FinancialCharges

Taxes Capex Net CashDec 2018*

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2018 DEBT REFINANCINGS AND SPREAD EVOLUTION

Facility Amount (€m) Tenor Interest Rate

Bank Debt €185 5 Yrs. 170bps (from 195)*

Revolving €100 (up from €50) 5 Yrs. 170bps (from 195)*

Bond €165 6 Yrs. 2.625%

540

395

250195 170

2014 2015 2016 2017 2018

Bank Debt Spread (basis points, 2014-2018)

* Spread

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1. Group Overview

2. Strategy and Competitive Positioning

3. Operations and Commercial Activity

4. Financial Data

5. Conclusions

SUMMARY

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INVESTMENT CASE

Our Group’s Unique Positioning Makes it an Appealing Investment

SignificantBacklog

Providing GoodRevenuesVisibility

Growing Presence in

already Profitable Green

Chemistry Business

Proven ExecutionCapability of Large

and ComplexProjects

ComprehensiveService Provider

with a StrongTechnology

Offering

StrongCompetitivePosition and

Leadership in ourCore Markets

ExperiencedManagement Team

with ProvenTrack Record

Strong Financial Position

ExtensiveInternationalPresence withStrong Growth

Prospects

INVESTMENT CASE

36

Maire Tecnimont Group’s Headquarters

Via Gaetano De Castillia, 6A20124 Milaninfo@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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