Investor Presentaiton

SULZER Sulzer Full Potential partially offset headwinds (in CHF millions) 303 Operational EBITA Headwinds 2pp SFP cost savings ~1.2pp1 38 -28 25 Impact of headwinds in O&G in PE and lower volumes in Chemtech -22 36 254 -22 Translational Higher share of aftermarket in Pumps Equipment Mainly under- absorption impact: 13.1m transactional impact: CHF 8.5m 2014 Actual Volume Margin Mix Other costs FX SFP 2015 Actual opROSA% 9.4% 8.6% A -0.8pp 1. Calculated based on 2015 sales 23 Bond Investor Presentation Free cash flow improved by CHF 58m, resulting in net income to FCF conversion of >100% SULZER (in CHF millions) 50 50 33 33 Free Cash Flow 56 156 -28 ↑ -33 98 Mainly tax payments 75 ↑ Lower sales volumes and reversal of 2014 build-up Cash collection 73 25 Net income Inventories Accounts Accounts 2015 receivable payable Net advance payments Net of D&A Others FCF FCF and Capex 2015 2014 24 Metco contribution to FCF in 2014 Bond Investor Presentation

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