Investor Presentaiton

Sulzer Full Potential (SFP) program guides our transformation journey SULZER SFP key pillars STRATEGY OPERATING OPERATIONAL MODEL EXCELLENCE ☐ Portfolio Organization Procurement Focus areas Integration Operational excellence ☐ Innovation/R&D G&A ☐ Go-to-Market Service SFP - key characteristics Initiated in late 2014. Sets out to complete Sulzer's transformation into a market-oriented, globally operating and integrated company. Targets to achieve total annual cost savings of CHF 200m in a steady state from 2018 onwards. Mitigates the current market headwinds and closes the profitability gap to top-tier competitors. 17 Bond Investor Presentation Profitability gap to top-tier competitors narrowed by ~200bps1 2014 profitability comparison SULZER Expected 2015 profitability² Company A Company B Company B Company C Company D Company E Company F Company A Company C Company H Company E Company F Company H Company G Company G Sulzer 8.6% -530bps Sulzer 9.4% -730bps Company D Company K Company K Company I Company I Company L Company M Company J 1. Comparison based on opEBITA margin 2. Bloomberg figures and consensus estimates as of January 20, 2016 18 Company L Company M Company J Bond Investor Presentation

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