London 13 December 2006

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London13 December 2006
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Important notice
Certain statements in this presentation are
forward looking statements. By their nature,
forward looking statements involve a number of
risks, uncertainties or assumptions that could
cause actual results or events to differ
materially from those expressed or implied by the
forward looking statements. These risks,
uncertainties or assumptions could adversely
affect the outcome and financial effects of the
plans and events described herein. Forward
looking statements contained in this presentation
regarding past trends or activities should not be
taken as representation that such trends or
activities will continue in the future. You
should not place undue reliance on forward
looking statements, which apply only as of the
date of this presentation. This document does
not constitute or form part of any offer or
invitation to sell, or any solicitation of any
offer to purchase any shares in the Company, nor
shall it or any part of it or the fact of its
distribution form the basis of, or be relied on
in connection with, any contract or commitment or
investment decisions relating thereto, nor does
it constitute a recommendation regarding the
shares of the Company. Past performance cannot
be relied upon as a guide to future performance.
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• Jock Green-ArmytageChairman

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Samir Brikho

• Experienced international business leader
• Energy
• Oil and gas
• Project management
• Outstanding track record of delivery
• Right skills and experience to take AMEC forward

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Samir BrikhoChief Executive
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Agenda

• My initial assessment of AMEC
• Immediate review of legacy issues
• Trading update
• My strategy and vision for AMEC
• Cash back to shareholders
• Performance improvement
• Summary Delivering performance and value

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The value in AMEC

• Talented, highly-skilled people
• Strong, scaleable market positions
• Opportunity to invest
• Relationships with blue-chip clients
• Great brand
• Financial capacity

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Talented, highly skilled people
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Scaleable market positions
Shell ONEgas Operations and support services UK
Dutch North Sea
Syncrude Engineering and Project Management
Services, Aurora Mine Train 1, Canada
Bruce Power Restart of two nuclear reactors,
Bruce A power station, Ontario, Canada
National Grid Refurbishment of overhead power
transmission lines UK
Imperial Oil Environmental, socio-economic
assessments for proposed Mackenzie Gas pipeline
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Great relationships
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Financial underperformance EBIT margins
2005 EBIT margin Selected peers and competitors
Ø 5.7
AMEC
Construction
Industrial and infrastructure
Oil, gas and petrochemical
Environmental and Consulting
Source extracted from company annual reports
12
Lack of momentum/predictability
Basic earnings per share (p)
2001 - 2003 based on UK GAAP 2004-2005 under
IFRS Source AMEC plc 2005 annual report
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Profit to cash conversion track record
million
193m
133m
Cumulative retained profit
Cumulative adjusted cash flow
1 January 1996 30 June 2006
AMEC SPIE excluded from 31 December 2005
Profit excluding goodwill write off and
intangible amortisation and after adding back
40m future costs relating to future costs of
litigation and disputes Adjusted cash flow
excludes acquisitions, disposals and share
transactions, advanced cash, cash retained in
SPIE prior to March 2003, pensions debtor,
proceeds from securitisation of debtors
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Reasons for underperformance

• Unfocused, complex structure
• Fat organisation high cost
• Leadership and accountability issues
• Poor risk management
• Not cash driven

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Unfocused
Rail JV

• Broad diverse portfolio few major leadership
  positions
• 40 different businesses
• Complex organisation

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Management structure December 2005
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Agenda

• My initial assessment of AMEC
• Immediate review of legacy issues
• Trading update
• My strategy and vision for AMEC
• Cash back to shareholders
• Performance improvement
• Summary Delivering performance and value

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Exceptional provisions where we are

• Jun 06 79m
• Completion costs on open projects
• No progress on one Oil and Gas project
• High litigation costs

Total December 2006 up to 90m

• Nov 05 87m
• Exit from certain construction activities in US
  and UK
• 80 related to WIP/Receivable writedowns

• Up to 70m
• Contract related
• N American disputes Up to 50m
• UK issues Up to 20m

• Approx. 20m
• Sale of Buchans and separation costs

Negative developments on three North American
disputes
Progress on problem construction jobs and
lump-sum oil and gas contracts
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Exceptional provisions what is left?

• Completion costs?
• Risk on UK roads?
• WIP/receivables on contracts subject
  to
• major litigation?
• Oil and Gas fabrication?
• Adequate provisions?
• Provisions for
• future litigation?

All problem contracts completed WIP approx
5m Written off to zero Major accounts
settled - 45m expected Cumulative losses taken
on projects of up to 140m Overall
provisions of up to 90m held

As disclosed in AMECs announcement of 24
November 2005 4 projects where final
accounts outstanding Projects subject to major
disputes as per note 28 of the AMEC plc annual
report 2005 On projects subject to material
litigation and other projects relating to future
costs arising out of disputes as at 31 December
2006
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Agenda

• My initial assessment of AMEC
• Immediate review of legacy issues
• Trading update
• My strategy and vision for AMEC
• Cash back to shareholders
• Performance improvement
• Summary Delivering performance and value

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Trading update 2006

• Natural Resources, Earth and Environmental and
  Investments performing well
• UK Construction - 10m needed for restructuring
  and other litigation costs
• Project delays in Pipelines and low activity in
  UK nuclear capital projects
• Overall, the board expects pre-tax profits in
  2006 to be 15m below its previous expectations

Before exceptional items and intangible
amortisation but including joint venture tax
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Agenda

• My initial assessment of AMEC
• Immediate review of legacy issues
• Trading update
• My strategy and vision for AMEC
• Cash back to shareholders
• Performance improvement
• Summary Delivering performance and value

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AMECs vision

• Leading supplier of high value consultancy,
  engineering and project management services to
  defined market segments within the worlds energy
  and industrial process industries
• Services focused on designing, managing the
  delivery of, and maintaining strategic and
  complex assets

capital expenditure
operating expenditure
Consult
Engineer
Procure
Construct
Operate
Maintain
project management
Yellow shading denotes AMEC capability
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Realising our potential
Investment and organic growthin core businesses

• Creating a fitter, more focused business

Operationalexcellence
Step change
Exit from non-core businesses

• Target to raise 2008 operating margin to 6

AMEC today

• Targeting 8 in 2010

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Analysis of portfolio
Competitive position
Growth opportunities
Sector attractiveness
Average Neutral
Good Positive
Strong Very positive
Non core
Core
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The core portfolio

• Oil and Gas (including Oil Sands)
• Minerals and Metals Mining
• Earth and Environmental
• Nuclear
• Industrial
• Wind Energy

PROFIT 97m
REVENUES 3.1bn
NON-CORE
14m
1.3bn
83m
CORE after corporate costs
1.8bn
Pro forma analysis of continuing operations for
2005. Profit is before net financing costs,
exceptional items, intangible amortisation and
joint venture tax, but including joint venture
profit before tax. Including Oil and Gas
lump-sum fabrication, now discontinued After
corporate costs of 19.9m
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Oil and Gas (including oil sands)
Core Business Revenues
Design, manage delivery of, maintain and upgrade
production assets for a broad range of oil and
gas companies globally
35

• A leading supplier
• UK North Sea and upstream Canadian oil sands
• Strong position in growth markets e.g. Caspian
• Strong, long-term client relationships
• Long-term growth market
• Oil and gas to remain the worlds dominant source
  of energy
• Strong demand for engineering and project
  management services
• Good prospects for organic development and scope
  for acquisitions in growth regions

Pro forma analysis 2005
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Minerals and Metals Mining
Core Business Revenues
Advise on, design and manage the delivery of
mining infrastructure
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• Leading position in North America
• Experienced in large scale, challenging projects
• Strong, long-term client relationships
• Long-term growth market
• Increasing global demand for natural resources
• High levels of investment in mining assets,
  especially in South America and Australia
• Significant opportunities to leverage North
  American expertise into growth markets

Pro forma analysis 2005
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Earth and Environmental
Core Business Revenues
Consultancy, engineering and project management
services in environmental, geotechnical,
materials and specialty water fields
18

• A leading position in Canada and major supplier
  to the US Air Force
• Commonality of clients with other AMEC businesses
• Cross-selling opportunities
• Long-term growth prospects in sizeable market
• Environmental legislation
• High level of development in environmentally
  sensitive areas
• Fragmented market provides consolidation
  opportunities

Pro forma analysis 2005
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Nuclear
Core Business Revenues
Consultancy, programme management and asset
delivery services to clients on both sides of the
Atlantic
12

• Major alliance in the UK with UKAEA and CH2MHILL
• A leading position on reactor restarts in Canada
• Long-term client relationships
• Significant long-term opportunities in
  decommissioning, restarts and new build

Pro forma analysis 2005
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Industrial
Core Business Revenues
Design, deliver, enhance and maintain electricity
and gas infrastructure in the UK, and industrial
plant in selected markets in North America
28

• UK leading positions in gas transmission and
  storage and electricity transmission
• Good positions in segments of the North American
  industrial process market (e.g., pulp paper,
  food beverage, cement)
• Opportunity from increasing industrial capital
  expenditure
• Challenge to improve margins before we consider
  investments

Pro forma analysis 2005
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Focussed AMEC the investment proposition
Earth and Environmental
Power and Process
Natural Resources
Oil and Gas 35
Industrial 28
Nuclear 12
Minerals and Metals Mining 7
Earth andEnvironmental 18
Percentages relate to pro forma analysis of 2005
revenues

• Design, manage and maintain complex assets in the
  oil and gas, power, mining and industrial process
  sectors
• Long-term client relationships and track record
  of delivery excellence - creates barriers to
  entry
• Good positions in chosen market segments
• Major opportunity to grow organically and by
  selective acquisitions

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Investment priorities
Oil and Gas
Minerals andMetals Mining
Earth andEnvironmental
Nuclear
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Sale of non-core businesses

• Building and Civil Engineering
• Building and Facilities Services
• Property Developments
• PPP
• Various peripheral businesses

1.3bn revenues 14m operating profit
Decision to sell Built Environment as quickly as
possible consistent with achieving full value
Pro forma analysis of 2005
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Agenda

• My initial assessment of AMEC
• Immediate review of legacy issues
• Trading update
• My strategy and vision for AMEC
• Cash back to shareholders
• Performance improvement
• Summary Delivering performance and value

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Capital structure and funding
million
Cash held for operations
Cash
Project litigation issues
Averagenet cash

• Net proceeds from non core disposals
• Cash for distribution and reinvestment
• Debt capacity gt200m

Debt
Up to (100)
Proposed sharebuy back in 2007
AMEC can redevelop the portfolio, maintain
operational flexibility and a strong balance
sheet - and return cash to shareholders
Estimate of cash held in joint ventures,
advance cash and cash within insurance
captive On projects subject to material
litigation and other projects relating to future
costs arising out of disputes as at 31 December
2006 1 August 2006 31 December 2006
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Agenda

• My initial assessment of AMEC
• Immediate review of legacy issues
• Trading update
• My strategy and vision for AMEC
• Cash back to shareholders
• Performance improvement
• Summary Delivering performance and value

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Performance improvement Step Change

• Cultural and structural change
• Commenced October 2006
• Complete by end 2007
• Gross overheads 450m
• Targeted savings 100m of which 80m out of gross
  overheads
• Approximately 80 of targeted overhead savings in
  core businesses
• Less than 100 will be retained by AMEC but
  competitiveness will increase

Projected 2006 overheads, identified in
November, comprising Selling, General and
Administrative costs plus certain other overhead
expenses currently recovered against projects
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Step Change Selected examples

• Align benefits programmes with peers
• Eliminate regional headquarters in UK and North
  America
• Cut administration costs within Earth and
  Environmental
• Reduce support staff in UK Building and Civil
  Engineering
• Consolidate offices
• Control travel
• Curtail entertainment
• Pool engineering resources
• Close corporate office in Washington

Benefits both core and non-core businesses
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Operational Excellence Objectives

• Capture team training
• Process assurance strengthened
• Risk management reinforced and refreshed
• Greater focus
• Robust processes and tools
• Better staff training
• Project Management Academy
• Prioritising repeat orders

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Operational ExcellenceNew organisational
structure
Samir Brikho Chief Executive
Corporate Headquarters
Natural Resources Neil Bruce
Earth and Environmental Roger Jinks
Power and Process Tim Watson
Built Environment John Early

• Move from regional to business structure
• Slim down corporate centre
• Reduce direct reports

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Target margins
Margin ()
2010 target 8
Operational Excellence
2008 target 6
Step Change
Exit fromnon-coreactivities
AMEC 2005
Target 2010
Target 2008
Profit for continuing operations before net
financing costs, exceptional items, intangible
amortisation and joint venture tax, but including
joint venture profit before tax, as a percentage
of revenues. Including Oil and Gas lump-sum
fabrication, now discontinued
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Agenda

• My initial assessment of AMEC
• Immediate review of legacy issues
• Trading update
• My strategy and vision for AMEC
• Cash back to shareholders
• Performance improvement
• Summary Delivering performance and value

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Delivering performance and value

• AMEC has a sound base from which to build
• Legacy issues tackled
• Clear strategy and portfolio
• Commitment to delivery underway
• Returning up to 100m to shareholders

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Delivering performance and value
Investment and organic growthin core businesses

• Creating a fitter, more focused business

Operationalexcellence
Step change
Exit from non-core businesses

• Questions

AMEC today