Investor Presentaiton

1. O&G CAPEX expectations¹ reduced significantly since early 2015 900 800 Capex USD bn 400 ggŏ 500 600 700 300 200 100 SULZER -20% -30% -30% -6% NI -35% 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E 2016E 2017E Cumulated capex global 300 listed companies (USD bn, Jan 2015) ■Cumulated capex global 300 listed companies (USD bn, Jan 2016) In January 2015, oil and gas capex was expected to decrease by 6% until 2017. In January 2016 expectations foresee cuts of 35%. 1. Bloomberg figures and consensus estimates as of January 20, 2016 13 Bond Investor Presentation O&G upstream CAPEX hit the hardest - Sulzer compares well to market development O&G CAPEX 2015E1 vs 2014 Sulzer 2015 vs 2014 Sulzer PE O&G Equipment Upstream Midstream Refining Integrated sales 0% -10% וווין -20% -30% -40% Sulzer PE+RES O&G Aftermarket sales SULZER Bloomberg figures and consensus estimates as of January 20, 2016 14 Bond Investor Presentation

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