SNC-Lavalin: An Overview›Investor Presentation

›May 2020

2

Operating Cash

Flows

$336 million, highest quarterly

operating cash flow since

Q4 2017

Adjusted Net

Income from E&C

$78.9 million,

up from a loss of $284.1

year-over-year

Cash Balance

Increased

87% year-over-year, net

recourse debt to EBITDA

ratio now 2.1x

SNCL Projects

SNCL Projects

Segment EBIT of

-$28M, performance

better than the past

four quarters

Forward-looking statements

Reference in this presentation, and hereafter, to the “Company” or to “SNC-Lavalin” means, as the context may require, SNC-Lavalin Group Inc. and all or some of its

subsidiaries or joint arrangements, or SNC-Lavalin Group Inc. or one or more of its subsidiaries or joint arrangements.

Statements made in this presentation that describe the Company’s or management’s budgets, estimates, expectations, forecasts, objectives, predictions, projections of the

future or strategies may be “forward-looking statements”, which can be identified by the use of the conditional or forward-looking terminology such as “aims”, “anticipates”,

“assumes”, “believes”, “cost savings”, “estimates”, “expects”, “goal”, “intends”, “may”, “plans”, “projects”, “should”, “synergies”, “target”, “vision”, “will”, or the negative thereof

or other variations thereon. Forward-looking statements also include any other statements that do not refer to historical facts. Forward-looking statements also include

statements relating to the following: (i) future capital expenditures, revenues, expenses, earnings, economic performance, indebtedness, financial condition, losses and

future prospects; (ii) business and management strategies and the expansion and growth of the Company’s operations; and (iii) the expected impacts of the COVID-19

pandemic on the business and its operating and reportable segments. All such forward-looking statements are made pursuant to the “safe-harbour” provisions of applicable

Canadian securities laws. The Company cautions that, by their nature, forward-looking statements involve risks and uncertainties, and that its actual actions and/or results

could differ materially from those expressed or implied in such forward-looking statements, or could affect the extent to which a particular projection materializes. Forward-

looking statements are presented for the purpose of assisting investors and others in understanding certain key elements of the Company’s current objectives, strategic

priorities, expectations and plans, and in obtaining a better understanding of the Company’s business and anticipated operating environment. Readers are cautioned that

such information may not be appropriate for other purposes.

Forward-looking statements made in this presentation are based on a number of assumptions believed by the Company to be reasonable as at the date hereof. The

assumptions are set out throughout the Company’s annual 2019 Management Discussion and Analysis (MD&A) and as updated in the first quarter 2020 MD&A. If these

assumptions are inaccurate, the Company’s actual results could differ materially from those expressed or implied in such forward-looking statements. In addition, important

risk factors could cause the Company’s assumptions and estimates to be inaccurate and actual results or events to differ materially from those expressed in or implied by

these forward-looking statements. These risk factors are set out in the Company’s 2019 annual MD&A and as updated in the first quarter 2020 MD&A.

SNC-Lavalin: shaping & delivering world-leading concepts & projects

3

Founded in

1911

Employees

~47,000

Revenue

~$9.5B

Listed on TSX

“SNC”Since 1986

Investment Grade Credit Rating1

BBB- & BB+

A global leader in professional services & project management

41 Per DBRS and S&P.

SNC-Lavalin is…

A fully integrated professional services and

project management company with offices

around the world.

SNC-Lavalin connects people, technology and

data to help shape and deliver world-leading

concepts and projects, while offering

comprehensive innovative solutions across the

asset lifecycle in four strategic sectors.

Operating in 4 regions across the world

5

Americas

~15,000

Europe

~13,000

Asia

Pacific

~5,000

Middle

East

& Africa

~14,000

Providing a comprehensive end-to-end service offering …

6

DecommissioningConsulting

& Advisory

Procurement Project & Construction

Management

Operations

& Maintenance

Design

& Engineering

Sustaining CapitalIntelligent networks

& cybersecurity

…in four sectors of activity

Engineering, Design and

Project Management (EDPM)

Infrastructure Nuclear Resources Capital

Supported by:

17%

8%

48%

1%

9%

17%

41%

10%12%

3%

23%

11%

With a breath of geographic and industry exposure

7

51%

22%

5%

22%

2019

Revenue

$9.5B

Geographic areas Industry segments

2019

Revenue

$9.5B

Dec. 31, 2019

Backlog

$15.3B

Industry segments

Americas

Europe

Asia Pacific

Middle East &

Africa Canada 30%

USA 19%

Latin America 2%

EDPM

Nuclear1Infrastructure

Services

Capital

Resources

Infrastructure EPC

ProjectsInfrastructure EPC

Projects

Resources

Capital

Infrastructure

Services2

Nuclear

EDPM

1 36% of Nuclear revenues are from final decommissioning, waste management and environmental clean-up

2 The Infrastructure Services backlog includes the full term of the Company’s O&M signed long-term contracts, which can

cover a period up to 40 years.

8

Strategy

9

Goals of New Strategic Direction:

› Simplified business

› Reduced risk

› Focus on strengths

› Generate consistent earnings and cash flow

Exit LSTKconstruction work

Reorganizethe Company

RestructureResources segment

Grow

Engineering

Services

New strategic direction

Positioning SNC-Lavalin for long-term sustainable success

(1)

(1) LSTK: Lump-sum turnkey

10

“The volatility and unreasonable risk

associated with lump-sum, turnkey

projects have been the root cause of the

Company’s past performance issues.”

- Ian L. Edwards

› The current LSTK contracting model within the industry is

broken as it places undue risk on the company

› Many of SNC-Lavalin’s industry peers have also exited

LSTK

› By exiting this contracting model and running off the LSTK

project backlog as efficiently as possible, SNC-Lavalin will

be able to significantly reduce risk while optimizing free

cash flow generation from the higher performance parts of

the business

› The world is moving to a digitized, technology

environment. Given our innovative solutions, SNC-Lavalin

is well positioned to capture the benefits of this change.

Why exit the LSTK model?

Expected phase out of the main Lump-Sum Turnkey Construction projects in

SNCL Projects backlog

11

* The Husky White Rose project is not included in the graph as the project completion was suspended by the client in March 2020

0

200

400

600

800

1,000

1,200

2020(last 9 months)

2021 2022 2023 2024

LSTK

Bac

klo

g (i

n $

mill

ion

s)

Expected Annual Conversion to Revenue

LSTK Backlog Phasing*

Infrastructure EPC Projects

Resources

12

Reorganized the Company into two clear businesses

SNCL Engineering Services(growth & future)

Infrastructure

ServicesEDPM Nuclear Capital

2Business

lines

› Infrastructure LSTK projects run off

› Resources LSTK projects run off

› Resources Engineering Services (exploring a

combination of closures and divestitures and

potential transition to services-based

business)

SNCL Projects(controlled exit)

13

›De-risking and Optimizing the Business

1. Running off existing Resources

LSTK backlog

2. Exploring all options for Resources,

particularly Oil & Gas

3. Right-sizing and assessing a transition

to services

Restructuring Resources segment

14

SNCL Engineering Services:

Future growth opportunities

SNC-Lavalin Engineering Services growth opportunities: EDPM

›Working on transformational projects shaping the future

15

Grow our Core

Growth in core regions

Maximize position on Transformational projects

New Growth Areas

Including N.East and N.West US

Harnessing Data and Technology

Design Transformation

Digital Asset Management

Intelligent Mobility

2Lead the transformation ofthe infrastructure sector by

harnessing data and technology across our

services

1

3

EDPM Growth Strategy

SNCL Engineering Services growth opportunities: Nuclear

16

Building on our industry-leading position in CANDU-related services and products

Offering services

extending across the full

life-cycle of a nuclear asset,

from design and delivery through

its operating life, and final

decommissioning

Global nuclear leader

with ever stronger

brandspositioned to capitalize on

significant investments

unfolding over the next

decades

Technology as a

differentiator by leveraging a

substantial portfolio of over 200

patents to develop new value-

added solutions for our customers

Stable business with

strong margins and cash

flow supported by long-term

contracts with large utilities and

government entities

3 421

SNCL Engineering Services growth opportunities:

Infrastructure Services

SNC-Lavalin has a strong track record of managing complex projects and a global market-leading position in rail and transit

17

Growth opportunities in Canada and U.S. include:

Lower-risk Project

and Construction

Management

Integrator on

major projects

Operations and

Maintenance service

mandates

18

Managing & pricing risk

Project Oversight: implementing enhanced controls

19

Effectively managing risk

in running off the LSTK

construction project

backlog through:

› Evidence-based understanding of LSTK backlog through sensitivity

analyses for each project

› Close collaboration with Sector Presidents and project teams to

proactively address issues and manage risk

› Established project oversight team

› Strengthened commercial teams for each of our large Canadian

Infrastructure projects

› To ensure fair compensation on our contractual entitlements

› Weekly project review meetings enabling transparent reporting

› Working to improve cost management protocols for greater project

certainty

Q4 2019

Achievements:

Enhanced controls

and strategies:

Lump-Sum Turnkey construction contracts in SNCL Projects backlog

20

SNCL Projects Total Backlog(March 31, 2020)

66%

34%

Infrastructure

EPC Projects

Resources

$3.9B

Infrastructure Lump-sum

turnkey construction

contracts

$2.6B

Resources

Lump-sum turnkey

construction contracts

$0.3B

Main Projects

REM (LRT)

Trillium (LRT)

Eglinton (LRT)

Husky White Rose

Main Projects

2 in North America

3 in MENA

Resources

Reimbursable &

Engineering Service

Contracts

$1.0B

Main Lump-Sum Turnkey construction projects in SNCL Projects backlog

21

Infrastructure

Project

Country Approximate

Completion %

(SNC-Lavalin

portion)

Expected substantial

completion year

Backlog as at

March 31, 2020

($M)

Client

REM (LRT) Canada 30 2023 <1,000 CDPQ Infra

Trillium (LRT) Canada 15 2022 <700 City of Ottawa

Eglinton (LRT) Canada 70 2022 <450 Infrastructure Ontario

Husky White Rose Canada Project suspended as per client’s directives Husky Energy

OLRT (LRT) Canada In Operation City of Ottawa

Champlain Bridge Canada In Operation Infrastructure Canada

Resources

Project

Country Approximate

Completion %

(SNC-Lavalin

portion)

Expected substantial

completion year

Backlog as at

March 31, 2020

($M)

Client

Project #1 MENA 70 2021 <150 Confidential

Project #2 North America 50 2021 <60 Confidential

Project #3 MENA 95 2020 <70 Confidential

Project #4 MENA 95 2020 <10 Confidential

Project #5 North America 75 2020 <40 Confidential

LSTK – 2014 to 2019 projects

-20

-15

-10

-5

0

5

10

15

20

2.01.0 3.0 5.04.01.5 2.5 3.5 4.5 5.5

O&G

LRT

M&M

Others

Project Revenues, in $B

Pro

ject P

erf

orm

an

ce

%

Thermal Power

Roads and Bridges

Clean Power

Hospital

M&M: Mining Metallurgy

O&G: Oil & Gas

LRT: Light Rail Transit systems Note: includes completed and near completion projects22

Conclusion

› Settled Federal charges

› Significantly reduced leverage ratio

› Exited bidding on LSTK construction

business

23

Company set up for future success and well-positioned for a transformational 2020

› Becoming a leading provider of

professional engineering services

and project management solutions

Actions taken to significantly

de-risk the business:

SNC-Lavalin’s

Transformation:

24

Appendices

Name Description Held

Since

Concession

Years

Location Equity

Participation

1. 407 EDGGP 32 km H407 East extension (Phase 1) 2012 33 Canada (Ontario) 50%

2. Carlyle Global Infras. Opportunity Fund LP Holding investments in infrastructure projects 2018 n/a United States 4.5%

3. Eglinton Crosstown 19 km light rail line 2015 36 Canada (Ontario) 25%

4. Highway 407 ETR 108 km electronic toll road 1999 99 Canada (Ontario) 6.76%

5. Highway Concessions One PL Fund (Roads) 2012 n/a India 10%

6. InPower BC John Hart 126 MW generating station 2014 19 Canada (B.C.) 100%

7. Myah Tipaza Seawater desalination plant 2008 n/a Algeria 25.5%

8. Rideau Light rail transit system 2013 30 Canada (Ontario) 40%

9. SKH 1,227 MW gas-fired power plant 2006 n/a Algeria 26%

10. SSL New Champlain bridge corridor 2015 34 Canada (Quebec) 50%

11. TC Dôme 5.3 km electric cog railway 2008 35 France 51%

12. TransitNEXT 12 km light rail line 2019 30 Canada (Ontario) 100%

Ownership through SNC-Lavalin Infrastructure Partnership LP

13. Chinook 25 km six-lane road 2010 33 Canada (Alberta) 10%

14. InTransit BC Rapid transit line 2005 35 Canada (B.C.) 6.7%

15. MIHG McGill University Health Centre 2010 34 Canada (Quebec) 10%

16. Okanagan Lake Floating bridge 2005 30 Canada (B.C.) 20%

17. Rainbow Restigouche Hospital Centre 2011 33 Canada (N.B.) 20%

Capital investments portfolio

NBV1 = $401M FMV2 ~$2.3B

25

1 Net Book Value as at March 31, 2020

2 Average Fair Market Value as per analysts calculations, as at May 5, 2020

Firm Analyst Rec. Tel

AltaCorp Capital Chris Murray Buy 647-776-8246

BMO Capital Markets Devin Dodge Hold 416-359-6774

Canaccord|Genuity Yuri Lynk Buy 514-844-3708

CIBC World Markets Jacob Bout Buy 416-956-6766

Desjardins Securities Benoit Poirier Buy 514-281-8653

Laurentian Bank Securities Mona Nazir Hold 647-252-5609

National Bank Financial Maxim Sytchev Buy 416-869-6517

Raymond James Frederic Bastien Buy 604-659-8232

Scotia Capital Mark Neville Buy 514-350-7756

TD Newcrest Michael Tupholme Buy 416-307-9389

Price as of May 5, 2020 $23.49

Shares outstanding – Diluted 175.6M

Market capitalization $4.1B

52 - week high / low $34.36 / $15.47

Dividend per share $0.02 / quarter

Dividend yield ~ 0.3%

Tel.: 514-393-8000 Ext. 57553

E-mail: denis.jasmin@snclavalin.com

www.snclavalin.com

SNC-Lavalin

Denis Jasmin

Vice-President, Investor Relations

Market Details

26