AnalystInvestor Forum

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Analyst/Investor Forum

• 14 October 2003

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Sir Peter Mason KBE

• Chief Executive

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AMEC Operational Structure
And executive responsibility for Asia Pacific
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Carlos Riva

• UK and Americas

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Agenda

• Business update
• Oil and gas
• Industrial
• Leveraging AMEC expertise

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Oil and Gas - Bonga FPSO
Setting a new benchmark for deepwater production
vessels

• Vessel complete
• AMEC awarded two year support services contract
• AMEC setting up offshore supply base at Snake
  Island, Lagos

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Oil and Gas - Future prospects remain good
Source International Energy Agency
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Industrial Update - Americas
US private construction expenditures (US
billion)
2001
2002
2003
Source Datastream
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Industrial Update - Americas

• US industrial capital spending remains well below
  2002 levels
• AMEC continues to see improved enquiry levels,
  but translation into firm commitments will be
  2004
• Timing of recovery remains uncertain

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Leveraging AMEC Expertise

• UK expertise in design, project delivery and
  operations support
• US expertise focused on front-end consultancy and
  design services
• Opportunity to strengthen project delivery
  capabilities
• Competitive position already strengthened
• Forest products Kamtech has strengthened project
  delivery expertise
• PharmachemBusiness has benefited from new
  offices in New Jersey and collaboration with the
  business in UK

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Leveraging AMEC Expertise

• Three major markets
• UK
• Continental Europe
• Americas
• Total life of asset services
• Strong customer focus

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Jean Monville

• Continental Europe

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Agenda

• AMEC SPIE overview
• Industrial update

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AMEC SPIE a new profile

• A company which has been reorientated
• In Continental Europe on the recurrent technical
  servicesto local authorities, industry and
  network operators
• Outside Europe on oil gas and rail
  infrastructures

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AMEC in Continental Europe
Turnover2002
3 Subsidiaries
Employees
AMEC SPIE SA 100
2,258 M
22,000
AMEC plc
AMEC SPIE Rail 100
737 M
2,800
Spie Batignolles49
792 M
4,600
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AMEC SPIE 2002 Turnover Breakdown

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AMEC SPIE SAStrategic Orientations

• Multitechnical / multimarkets regional services
• Strengthen the existing network France,
  Belgium, Portugal (organic and semi-organic 
  growth)
• Create new networks from existing locations
  Spain, The Netherlands
• Search for locations in certain East European
  countries
• Widen the technical services provided to
  companies (search for added value)

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Continental Europe 2001-2002 Modest growth
performance - Negative impact of CAPEX
Sources National Statistics / OECD
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Continental Europe Trends

• GNP growth still weak in 2004
• Improvement of CAPEX in 2003, should be confirmed
  in 2004

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AMEC SPIEWestern Europe general outlook of
regional activities

• Industry
• Poor performance of heavy industries in 2002 /
  2003
• Improvement expected in 2004
• Reasonable performance of light industries

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AMEC SPIEWestern Europe general outlook of
regional activities

• Commercial buildings
• 2003 good performances expected to be confirmed
  in 2004 in most countries

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AMEC SPIE Western Europe general outlook of
regional activities

• Infrastructures
• Electrical networks (France)
• Good level of activities in 2003, same
  situation expected in 2004
• Telecoms and data transmission
• Improvement expected in 2004

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AMEC SPIE European Main Markets - 2004 Main
Features
Highlights
Lowlights

• France Improvement of CAPEX Public deficit
• Positive trade balance
• Belgium Buoyant commercial building market
• Holland GDP growth upturn Dependance on world
  expected after 2 difficult years trade
  evolution
• Industry structural changes

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AMEC SPIEEuropean Secondary Markets - 2004 Main
Features

• Spain Good prospects in 2004
• Portugal Slackening of GDP growth
• Germany No improvement expected

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Sir Peter Mason KBE

• Chief Executive

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Analyst/Investor Forum

• AMEC Investments
• British Waterways
• English Cities Fund
• Wind
• PFI
• Rail
• UK Railway Maintenance
• Network Rail cutbacks

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UK Railway Maintenance

• AMEC first to negotiate all its contracts on to
  the New Maintenance Programme (NMP)
• Selected because AMEC considered leaders in
  collaborative working
• New contract gives responsibility and
  accountability for decisions on work to be
  executed to Network Rail
• Re-negotiated margins after adjustment for costs
  allowed give minimal change in overall position

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UK Railway Maintenance continued

• AMEC SPIE Rail has retained high level of
  engineering skills from privatisation to present
  time
• Has highest percentage of directly employed
  labour of any maintenance contractor
• Reducing sub-contract labour
• AMEC safety record one of best in country
• AMEC contracts already very similar to NMP
  therefore only change in risk profile for the
  better

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Network Rail Cutbacks

• Maintenance
• Network Rail cuts focused on lightly travelled
  rural routes
• AMEC activity focused on heavily travelled
  commuter routes
• Sussex
• West Anglia/North London Regions

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Network Rail Cutbacks

• Capital Projects
• No indication current AMEC capital projects will
  be affected
• Manchester South Capacity improvement plan (130
  million)
• West Anglia route modernisation (50 million)
• Significant additional works secured including
  power upgrade and telecoms
• Essential for railway operation and safety

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Network Rail Cutbacks

• Renewals
• Unlikely that AMECs 100 million high output
  track renewal contract will not proceed
• State-of-the art technology high productivity
• Network Rail making significant investment

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Analyst/Investor Forum