Sydney Gillibrand, CBE Chairman

1
Preliminary Results 2002

• Sydney Gillibrand, CBEChairman

2
Highlights

• Pre-tax profit 105.2 million
• Average net debt reduced to 195.0 million
• Dividend up 5.3 per cent to 10.0p per share
• Expected value of contracts recently announced
  in excess of 1.5 billion
• Acquisition of SPIE completed

Before goodwill amortisation and exceptional
items
3
Preliminary Results 2002

• Stuart SiddallFinance Director

4
Financial Summary million
2002
2001

• Total turnover 4,331.6 4,467.5
• Pre-tax profit 105.2 116.7
• Diluted earnings per share 24.3p 26.5p
• Effective tax rate 31.0 30.2
• Proposed dividend per share 10.0p 9.5p
• Dividend cover 2.4x 2.8x

• 2002 dividend cover 2.9 times with the pro forma
  inclusion of SPIE at 100 per cent
• Tax charge to remain above UK rate and reflects
  impact of FRS 19

Before goodwill amortisation and exceptional
items Pro forma, assuming preference share
conversion on 1 January 2001
5
Financial Summary million
2002
2001
Interest cover excluding PPP concessions 8.0x 9.
1x Net debt 37.3 44.6 Weekly average net
debt 195.0 210.0

• Committed bank facilities approaching 700
  million
• Financial strength and flexibility

Before goodwill amortisation and exceptional
itemsand in 2001 excluding the sale of PPP
subordinated debt investment
6
SPIE Financial Summary (100) million
2002
2001
Total turnover 2,124.4 1,907.9 Total operating
profit 55.9 42.2 Net interest payable (1.3) (0.7)
Pre-tax profit 54.6 41.5 Net cash 107.4 114.0

• Good results from service activities (54 sales,
  65 operating profit)

Before goodwill amortisation and exceptional
items
7
SPIE Acquisition and Strategic Review

• SPIEs reported results at 55.6 million
  (post-tax) in line with circular to shareholders
• Consideration paid to SPIE shareholders on 5
  March 2003
• Acquisition cost 270 million (net of option
  proceeds)
• AMEC will consolidate 10 months of SPIEs results
  at 100 in 2003

• Strategic review of Spie Batignolles in process
• 2002 turnover 500 million
• 2002 operating profit 1.3 million
• SPIE has disposed of its Paris headquarters
  generating nearly 60 million

8
Cash Flow million
2002
2001
Opening net debt (44.6) (211.8) Cash flow from
trading activities 90.7 170.0 Net profit
retained in joint ventures (14.6) (19.9) Acquisit
ions and disposals 0.8 67.9 Share
issues 0.9 2.6 Interest, tax and
dividends (62.9) (56.9) Currency and other
adjustments (7.6) 3.5 Closing net
debt (37.3) (44.6) Weekly average net
debt (195.0) (210.0)

• Normal strong second half inflow
• Good cash collection around year end

9
Cash Flow - 1998 to 2002Outflow Expected in
First Half of 2003
million
Second half
First half
2002
2001
2000
1999
1998
Cash flow excludes acquisitions, disposals and
share transactions
10
Profit to Cash ConversionSeven Year Cash History
( million)
Cumulative adjusted cash flow
Cumulative retainedprofit

• Net cash flow in line with retained profit for 7
  years to 31 December 2002

Cash flow excludes acquisitions, disposals and
share transactions Profit excludes goodwill
write off and amortisation
11
Balance Sheet Analysis million
2002
2001
2000
31 Dec
30 Jun
31 Dec
31 Dec
Payments on account (165.8) (135.6) (199.6) (112.3
) Trade creditors due within one
year (639.5) (677.1) (813.6) (765.0) (805.3) (81
2.7) (1,013.2) (877.3) Trade debtors due within
one year 724.7 800.5 887.2 840.1 Net operating
liabilities (80.6) (12.2) (126.0) (37.2) Months
of turnover in debtors 2.8 2.9 2.9 2.7 Months of
turnover in trade creditors 2.7 2.4 2.7 2.5 Ratio
of debtors to creditors 1.0 1.2 1.1 1.1
Based on previous six months turnover
excluding joint ventures
12
Growth in Dividends
Pence
Dividend cover
Pro forma dividend cover with inclusion of SPIE
at 100 per cent
Dividend cover
Dividends per share
Before goodwill amortisation and exceptional
items
13
Total Operating Profit/(Loss)By Business (
million)
Margin
2001
2002
Margin

• Client Support Services 75.6 4.2 74.4 4.2
• Capital Projects 53.8 2.2 63.2 2.4
• Investments 19.1 17.1
• 148.5 3.4 154.7 3.4
• E-commerce costs (1.9) (4.9)
• Corporate costs (20.4) (19.3)
• 126.2 130.5

• Increased contribution from services, the major
  profit contributor
• E-commerce costs reduced future costs minimal

Before goodwill amortisation and exceptional
items
14
Client Support ServicesConsulting and Design
Services ( million)
2002
2001
Total
Total
First half
Second half

• Total turnover 178.9 138.9 317.8 396.0
• Total operating profit 9.0 5.7 14.7 19.7
• Margin 5.0 4.1 4.6 5.0

• Increased decline in industrial capital spending
  in the fourth quarter
• Cautious outlook for 2003

Before goodwill amortisation and exceptional
items
15
Client Support ServicesOperation Support
Services ( million)
2002
2001
First half
Second half
Total
Total

• Total turnover 747.1 716.2 1,463.3 1,369.2
• Total operating profit 29.7 31.2 60.9 54.7
• Margin 4.0 4.4 4.2 4.0

• Growth in turnover
• Operating margins stable

Before goodwill amortisation and exceptional
items
16
Capital Projects million
2002
2001
Construction Management Total turnover 513.0 625.
1 Total operating profit (2.3) 1.1 Margin
(0.4) 0.2

• Construction
• Total turnover 1,897.7 2,032.7
• Total operating profit 56.1 62.1
• Margin 3.0 3.1

Before goodwill amortisation and exceptional
items
17
Investments million
2002
2001
Property Development and Regeneration Total
turnover 156.7 101.4 Total operating
profit 12.9 12.7

• Public Private Partnership
• Total turnover 32.6 29.7
• Total operating profit 6.2 4.4

• PPP net bid costs 1.9 million (2001 5.0
  million)
• Includes receipt for London Underground
• PPP bid costs capitalised in 2002 about 1 million

Before goodwill amortisation and exceptional
items
18
Investments PPP Portfolio Financially Sound and
Profitable

• Share of debt in projects 281 million
• Operational 200 million
• Under construction 81 million
• Five projects operational
• Operating profit of 8 million
• Support limited to equity commitments of 24
  million
• Contingent equity arising from adverse events
• AMEC share 10 million
• Joint and several obligation 27 million

19
Net Interest Payable million
2002
2001
Group interest 12.8 6.7 Share of joint ventures
- PPP 6.0 6.0 - Property Development 1.6
0.8 SPIE interest 0.6 0.3 21.0 13.8

• Group interest in 2001 benefited from sale of PPP
  subordinated-debt investment
• Increased levels of fixed rate borrowing in 2002
• SPIE interest reflects cost of Paris office
  lease, debtor securitisation and fixed rate
  Eurobond

20
Exceptional items million
2002
UK and North America reorganisation 8.3 SPIE -
downsizing of international construction 4.6
12.9 Business disposals/closures 12.0 24.9 T
ax effect (4.0) 20.9 Exceptional goodwill
write off 28.0

• Reorganisation plans completed in UK and North
  America
• Exceptional goodwill write off relates to
  disposals/closures of North American businesses

21
Topical Items

• FRS 17 - Pensions - Fall in equities reduced
  surplus at 31 December 2002 to just over 100
  million - Main schemes in UK and well funded
• GSA Courthouses, USA - Once again clear to bid
  for all US Government contracts - Seeking
  amicable settlement of outstanding dispute
• Cayman Hotel - Small operating profit in 2002 -
  Will dispose when market improves

22
Enlarged AMEC GroupPro forma inclusion of SPIE
at 100 per cent
2002
Total turnover 5,478.8 million EBITDA 210.2
million Pre-tax profit 125.7 million Interest
cover (excluding results of PPP
concessions) 6.1x Weekly average net debt 325
million Weekly average net debt to
EBITDA 1.6x Diluted earnings per share 29.0
pence Dividend cover 2.9x

• AMEC in sound financial shape

Excluding goodwill amortisation and exceptional
items
23
Preliminary Results 2002

• Sir Peter Mason, KBEChief Executive

24
Introduction

• AMECs business in good shape
• World class engineering services business
• FTSE 100 and Fortune 500 clients
• Professional expertise
• Market barriers to entry high

25
Market Sector Review

• New review in addition to financial segmentation
• Helps better understanding of
• Market dynamics
• Order position
• Challenges and opportunities for growth
• Outlook for five key international market sectors

26
Market ReviewTotal Turnover 2002
Total turnover 2002 including pro forma 100
of SPIE
27
AMEC - Oil GasOil and Gas Markets Remain Strong
Turnover 2002 1.0 billion Sectors Upstream
Downstream Pipelines 19 of turnover

• Recent contract awards
• Caspian, Russia, West Africa, South Korea,
  Deepwater Gulf of Mexico
• AMEC well positioned with industry leaders as
  they invest in new deepwater areas
• BP alone plans to spend US20 billion over next
  five years

Total turnover 2002 including pro forma 100
of SPIE
28
AMEC TransportSignificant Growth
OpportunitiesExpected value of recent
announcements 1 billion
Turnover 2002 1.0 billion Sectors Rail
Highways Airports 19 of turnover

• Rail
• Leading growth in sector
• AMEC SPIE an European leader
• Highways
• Leading share of increased spending in UK
• Well positioned in North America
• Airports
• Opportunities in UK and US

Total turnover 2002 including pro forma 100
of SPIE
29
AMEC - InfrastructureGovernment Spending Drives
Growth
Turnover 2002 1.2 billion Sectors Defence
Detention Public and Private Buildings Urban
Renewal 22 of turnover

• Defence
• Management of Scottish estates
• Key US defence clients
• AMEC remains committed to PPP
• 10 projects secured in total
• Bidding for a further five projects

Total turnover 2002 including pro forma 100
of SPIE
30
AMEC - IndustrialDisappointing Level of Sales in
2002
Turnover 2002 0.9 billion Sectors Chemicals,
Electronics and Telecom, Food and General
Manufacturing, Forest Products, Mining and
Metals, Pharmaceutical, Power Generation and
Transmission 16 of turnover

• Rapid downturn in industrial spending in the
  final quarter
• Delays and cancellation of 20 projectsworth in
  excess of US 500 million

Total turnover 2002 including pro forma 100
of SPIE
31
US Private, Industrial Construction
ActivityPercentage Change Year-on-Year
60
40
20
0
-20
-40
-60
91/1
92/1
93/1
94/1
95/1
96/1
97/1
98/1
99/1
00/1
01/1
02/1
03/1
04/1
Source US Department of Commerce
32
AMEC IndustrialImprovement in Prospect

• Reduction in overhead costs
• Maximise client relationships
• Positive developments include
• - PharmaChem, food and general manufacturing
• - Mining in Canada and UK telecommunications

33
AMEC Regional ServicesHistorically Stable
Business
Turnover 2002 1.3 billion Sectors Continental
Europe Communications, Electrical, HVAC,
Mechanical and Industrial North
America Environmental Consulting 24 of
turnover

• Business model focused on repeat business for
  numerous clients at local level
• Orders and sales in 2002 essentially flat
• Order intake slowed towards end of 2002
• Growth driven by overall economy, increasing
  services to customers and geographical expansion

Total turnover 2002 including pro forma 100
of SPIE
34
Order Book by MarketExcludes Regional Services
CM
CM

• Fall in Construction Management (CM) order book
  is 418 million in 2002

35
Recent Major Contract AnnouncementsCirca 1.5
billion

• Industrial Crown Castle 20 million
• Infrastructure Scottish PRIME 230 million
• Transport DLR extension 140 million
• High output track renewal 100 million
• A1(M) 60 million
• BAA framework up to 800 million
• Oil Gas Sakhalin II 140 million

36
Outlook For 2003AMEC Remains Cautious, Well
Positioned and Confident

• SPIE will add to earnings in 2003
• Cautious stance maintained
• Industrial markets no change
• Property development challenging in 2003
• Other markets, 80 per cent of AMECs business, in
  good shape

37
Outlook For 2003AMEC Remains Cautious, Well
Positioned and Confident

• Outlook in line with expectation as at December
• Costs under control
• Net debt down
• AMEC well positioned and confident in future

38
Preliminary Results 2002
39
Preliminary Results 2002Supplementary Data
40
Support for Joint VenturesInvestment Commitments
( million)

• Public Private Partnerships
• As at 31 December 2001 26.0
• Invested during 2002 (1.8)
• 24.2
• Regeneration Partnerships
• As at 31 December 2001 31.2
• Invested during 2002 (3.0)
• 28.2
• Total commitments as at 31 December 2002 52.4

• Investment to date of 24.8 million
• Commitments phased over next four to five years
• Investment in regeneration dependent upon market
  conditions

41
Pro forma Impact of FRS 17 Balance Sheet Effect
on AMECs Principal Schemes ( million)
31 December 2002
FRS 17 pension surplus 115.4 Deferred tax on
surplus (34.6) Net pension asset 80.8 Less
SSAP24 pension asset(net of deferred
tax) (41.3) Increase in reserves 39.5
42
Pro forma Impact of Acquisition of 54 of SPIE
million
Pro forma 2002
AMEC as reported
54 not held by AMEC
Total operating profit as reported
126.2 30.2 156.4 Interest as reported (21.0) (0.7
) (21.7) On acquisition cost 176
million - (9.0) (9.0) (21.0) (9.7) (30.7) Pre-tax
profit 105.2 20.4 125.7 Pro forma tax charge -
average rate of 31 assumed 38.8 Pro forma
post-tax profit 86.9 Pro forma diluted earnings
per share (pence) 29.0
Before goodwill amortisation and exceptional
items
43
Pro forma Impact of Acquisition of 54 of SPIE
million
2002
Pro forma total operating profit 156.4 Depreciati
on charge AMEC as reported 26.3 SPIE as
reported 27.5 Pro forma EBITDA 210.2 (Average net
debt)/ net cash AMEC as reported (195.0) SPIE
net cash as reported 50.0 Estimated
acquisition cost (180.0) Pro forma 31 December
2002 (325.0)
Before goodwill amortisation and exceptional
items Excluding the proceeds from
securitisation of debtors totalling 50 million