Nasdaq: FWLT

Presented by: Ankit Chadha, Ellen Yang, Ken Chen & Nicu-Mihai Achihaei

Agenda

Introduction Investment Thesis Company Breakdown Catalysts/Key Drivers Competitors Risks Valuation Question and Answer

Company History

Formed in 1927 out of Power Specialty Company and Wheeler Condenser & Engineering Company

Incorporated in Canton of Zug, Switzerland of as 2008

Headquartered in Clinton, New Jersey

Business Overview

Global engineering and construction contractor and power equipment supplier

Operates through two segments Global Engineering and Construction (E&C) Global Power Group (GPG)

Investment Thesis

Proprietary technology Expansion into emerging markets (by geography and

sector) Hedged against rising input prices

Global E&C

Designs and constructs leading-edge processing facilities Industries serviced include oil refining, power

generation, chemical/petrochemical, and pharmaceuticals Services include Consulting Design and Engineering Project management and control Procurement Construction/Commissioning and Start-up Operations and Maintenance

Example E&C Project

Power generation upgradeESSO Sriracha Refinery, Thailand

What is Flow-Through?

Two primary types of contracts: Cost-Reimbursable Contracts Fixed-Rate Contracts

Specialized Fixed-Rate Contract: Lump-sum Turnkey

Flow-Through’s Impact on Top Line

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2006 2007 2008 2009E 2010E 2011E

Flow-ThroughScope Revenue

% of E&C Contracts by Type

83%

17%

Reimbursable

Fixed-Rate

Delayed Coking

FWLT licenses “Selective Yield Delayed Coking” (SYDEC) to customers

One of the leading technologies in refinery residue upgrading

Global Power Group

Offers full range of steam generator equipment, aftermarket products, and services to the power, industrial, and waste-to-energy sectors Leader in carbon reduction and fuel-flexible

combustion technology and the development of solutions to address carbon reduction

% of GPG Contracts by Type

53%32%

15%

Fixed-RateLSTKReimbursable

Products and Services

Circulating Fluid-Bed Steam Generators (CFB)

Pulverized Coal (PC) Steam Generator

Industrial Steam Generators

Auxiliary Equipment and Aftermarket Services

CFB for Lagisza, Poland Project

Revolutionary New Advances

What are the Advantages?

Circulating Fluid-Bed (CFB) steam generator with Flexi-Burn technology

Benefits Low emissions Fuel flexibility

Revenue Generation

Sales, installation, and servicing of generators Maintains two noncontrolling equity interests Waste-to-energy project and wind farm project in

Italy Refinery/electric power generation project in Chile

Global E&C and GPGRepresentative Clients

State-owned and multinational oil and gas companies Major petrochemical, chemical, and

pharmaceutical companies National and independent electric power

generation companies Government agencies

Operating Revenue by Industry (2008)

Power Generation24%

Power Plant Operation and Maintenance

2%

Pharmaceutical1%

Oil and Gas28%

Chemical/Petrochemical22%

Oil Refining23%

Environmental0%

Other (net)0%

Catalysts and Key Drivers - Global E&C

Unique Technologies Strengthening Macro-economic conditions Timing of Client Investment Long Term Energy Demand

Bio Kinetics Inc. (Feb 2008)

Catalysts and Key Drivers – GPG

• New Technologies –Environmentally Friendly

• Power Plant Price Inflation• Entry into New

Geographic Markets

Recent Contracts

10/13/09: Saudi Arabia: Expansion of an industrial wastewater

treatment plant 7/23/09: Australia: Power generation and water

treatment facilities 4/1/09: India 20 year agreement with BGR Boilers

Limited Pulverized coal steam generators to be

sold in India Multiple contracts within next five

years.

Current Backlog

Asia43%

Europe22%

Middle East11%

Americas18%

Australasia6%

Global E&C Scope

Asia7%

Europe44%

Middle East5%

North America

33%

South America

11%

Global Power Scope

Competitive Landscape

Profitability 13 weeks ending 2009-06-30 FWLT Fluor Jacobs IndustriesGross Profit Margin 16.8% 6.0% 13.7%Pre-tax Profit Margin 11.8% 5.3% 5.5%Net Profit Margin 9.3% 3.2% 3.5%Return on Equity 22.2% 5.8% 3.7%Return on Assets 4.1% 2.5% 2.2%

Valuation FY 10Price to Sales 0.9 0.4 0.5Price to Earnings 11.1 11.8 13.5Price to Book 1.5 1.30 1.27Price to Cash Flow 10.5 8.7 17.4

Risks

Fixed Price Contracts Cyclical Greenhouse Copenhagen

Conference Dec 2009

ForEx Asbestos Claims

Wrap-up

Q&A

Appendix Slides: Asbestos

Appendix Slides: Asbestos

Appendix Slides: Asbestos