Merrill Lynch Global E

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Merrill Lynch Global EC/ Infrastructure
Conference

• May 15, 2007

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Forward-Looking Statement Disclaimer

• Statements included in this presentation that are
  not based on historical facts are
  forward-looking statements, as that term is
  defined in the private Securities Litigation
  Reform Act of 1995. Although such statements are
  based on managements current estimates and
  expectations, and currently available
  competitive, financial and economic data,
  forward-looking statements are inherently
  uncertain and involve risks and uncertainties
  that could cause the results of the Company to
  differ materially from what may be inferred from
  the forward-looking statements. When used in this
  presentation, words such as anticipate,
  estimate, expect, seeks, intend, plan,
  believe, and similar words are intended in part
  to identify forward-looking statements. Some of
  the factors that could cause or contribute to
  such differences are listed and discussed in Item
  1A - Risk Factors of the Companys most recent
  Annual Report on Form 10-K for the period ended
  September 30, 2006. That list is not
  all-inclusive, and the Company undertakes no
  obligation to release publicly any revisions or
  updates to any forward-looking statements that
  are contained in this presentation. Readers of
  this presentation are encouraged to read
  carefully the Companys most recent Annual Report
  on Form 10-K for the period ended September 30,
  2006 (including discussions contained in Items 1
  Business, 1A - Risk Factors, 3 Legal
  Proceedings, and 7 - Managements Discussion and
  Analysis of Financial Condition and Results of
  Operations contained therein) and other documents
  the Company files from time to time with the
  United States Security and Exchange Commission
  (SEC) for a further description of the
  Companys Risk Factors.

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Strategies to Maintain Growth

• Remain committed to our relationship business
  model
• Market and service diversity
• Multidomestic strategy
• Acquisitions
• Cost discipline

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Our Relationship-Based Business Model

• Delivers measurable value
• Optimizes customers ROI
• Sustains relationships for the long term
• Minimizes volatility in contracts/pricing
• Reduces risk

Our Model
Industry Model
Preferred Relationships
Discrete Projects
Transactional Projects
Discrete Projects
Preferred Relationships
Transactional Projects
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Our Relationship-Based Business Model How It
Works
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Revenue by Market
Revenue for twelve months ended 3/31/07 8.0
Billion
Revenue for twelve months ended 3/31/01 3.7
Billion
Pulp Paper, High Tech, Food Consumer
Products 7
Chemicals 17
Pulp Paper, High Tech, Food Consumer
Products19
PharmaBio10
Chemicals19
Oil Gas (Upstream)14
Petroleum10
PharmaBio16
National Govt.18
Infrastructure6
Buildings12
National Govt.18
Buildings5
Petroleum (Downstream)21
Infrastructure8
7
Project Lifecycle Services
7
Consulting
Project Services
42
Construction
Percent Revenues
Operations Maintenance
41
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Service Lifecycle
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Multidomestic Strategy
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Acquisitions

• Dedicated, systematic review of opportunities
• Tuck-in or bolt-on capabilities
• Patience right company at right price

Last 20 Years of Acquisitions
Adding Scale and Capabilities
Deepening/Expanding Market Diversity
2007 YTD Acquisitions

• 26 acquisitions
• 19 countries

• PharmaBio
• Pulp Paper
• Buildings
• Infrastructure
• Defense and Aerospace
• Upstream Oil Gas

• Linder
• Edwards and Kelcey

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Driving Down the Costs
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Case Studies

• University of California, Davis Medical Center

• CM for neo-natal intensive care unit and
  surgery area
• 2.9 million workhours without a safety incident
• 6 million in client-approved value engineering
  savings
• Growing marketa leading provider in U.S. and
  Europe

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Case Studies

• BP Project Resolution

• Fast-track project for mercaptans removal
• Full EPCM services
• Multi-office execution
• Over 500,000 workhours with no lost-time incidents

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Case Studies

• Eli Lilly

• Long-term relationship
• Design, modular fabrication, construction
  management
• Modular technology cut 33 months from various
  project schedules
• Received Lillys 2005 Global Supplier Award

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Case Studies
Florida Turnpike Enterprise

• TEAM Turnpike contract
• Maintenance and traffic operations engineering
• New 57 million design-build contract to widen
  Sawgrass Expressway
• One of the few fully contracted highway
  maintenance organizations in the nation

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Case Studies
NASA Johnson Space Center

• NASA's Manned Space Flight Center
• New Lunar/Mars program design, develop and test
  flight hardware
• Growing contract - over 1,600 people, over 1B
  final value

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History of Consistent Earnings Growth
Net Earnings ( Millions)
5-Year Compound Annual Growth Rate
Before special, one-time charges Trailing
twelve months to 3/31/07
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History of Consistent Backlog Growth
10.7
Technical Professional Services Backlog Total
Backlog
9.1
8.2
7.2
6.7
6.5
5.9
5.8
Backlog ( Billions)
4.6
4.5
4.4
4.3
3.6
3.2
3.0
2.9
2.8
2.4
2.0
1.7
1.0
0.9
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Second Quarter Financial Highlights

• The company completed a 2-for-1 stock split on
  March 15, 2007
• Record diluted EPS of 0.55
• Record earnings of 67.2 million
• Record backlog of 10.7 billion
• Strong balance sheet
• Net cash (cash less bank debt) balanceof 411.2
  million
• FY07 guidance of 2.10 to 2.25

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Investor Appeal

• Unique customer-driven business model
• Diversified markets/geographies/services
• Strong balance sheet
• 15 percent average annual EPS growth rate

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Merrill Lynch Global EC/ Infrastructure
Conference

• May 15, 2007