Entering in Mexico s electricity generation business with 2,000 MW. October 23, 2015

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1 Entering in Mexico s electricity generation business with 2,000 MW October 23, 2015

2 Strategic compliance Sector overview Project description Final remarks Page 2 Page 4 Page 14 Page 18 1

Resilient cashflow Low upfront requirements

3 Compliance with Mota-Engil strategy Mexico is a core region Long-term growth Construction synergies Resilient cashflow Low upfront requirements Diversification Principles aligned with the Company s strategy 2

4 Strategic compliance Sector overview Project description Final remarks Page 2 Page 4 Page. 14 Page 18 3

5 Electric sector highly correlated with GDP Mexico s GDP and electric sector evolution 20% 15% 10% 5% 0% % -10% GDP Electric sector Source: Mexico s Secretaria de Energía. 4

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014-5%

6 83% of the capacity owned by the Government Installed capacity in % 7% 65 GW 11% 48% 26% Conventional 49 GW 27% Combined cycle Thermal Coal Turbogas Other 74% Renewables 17 GW 12% 8% 6% Conventional Renewables 73% Hydro Wind Nuclear Other Source: Mexico s Secretaria de Energía. 5

Coal Turbogas Other 74% Renewables 17 GW 12% 8% 6% Conventional

7 Electricity prices with a CAGR of 7% since 2000 Installed capacity (GW) Electricity prices (MXN cent/kwh current prices) 65 GW GW Residential Commercial Services Agriculture Industrial-mid size Industrial-large size Average Average electricity prices rising, despite increase in capacity and subsidies usually granted to the agriculture and residential segments Source: Mexico s Secretaria de Energía. 6

2010 2011 2012 2013 2014 Residential Commercial Services Agriculture Industrial-mid size Industrial-large size Average Average electricity prices

8 An opportunity for private players Electric sector challenges Private investment opportunities Positive GDP growth outlook and electricity demand, mainly fuelled by the manufacturing sector Mexico s oil production declining Low installed electricity generation capacity Capacity congestion, limiting electricity transmission and interconnection activities High relative electricity tariffs for both high consumption residential and industrial segments, with impact in the country s competitiveness Stable and well defined new energy legal framework, effective from August 2014 Energy demand will continue to grow at an estimated rate above 3.5%/year in the next ten years 1 New projects already planned expected to add 34 GW of new generation capacity until Required expansion of transmission and distribution infrastructure both in the pipelines and the electricity network Diversification of generation mix towards hydro and combined cycle gas turbines (CCGT) and other renewables, technologies with lower fuel cost and emissions 1 Source: Mexico s Secretaria de Energía. 7

high consumption residential and industrial segments, with impact in the country s competitiveness Stable and well defined new energy legal framework, effective from August 2014 Energy demand will

9 GDP expected to grow 3% on average until 2020 Expected electricity demand 1 Expected GDP growth 2 5.0% 4.5% CAGR E 4.6% 3.6% 3.4% 3.2% 4.0% 3.0% 3.5% 3.5% 2.8% 3.0% 2.8% 2.6% 2.4% 2.5% 2.2% 2.0% % High case Base case Low case 1 Source: Mexico s Secretaria de Energía. 2 Source: IMF, October

0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2.

10 60 GW of additional capacity requirements until 2029 Generation mix of incremental capacity 1.2% 0.5% 1.5% 0.5% 60 GW Conventional 27 GW 96.4% Combined cycle Thermal Coal Turbogas Other 54% 46% Renewables 33 GW 23% 17% 11% 37% Conventional Renewables Increased weight of combined cycle and renewables, which are more efficient and have lower fuel costs and emissions Existing prospects already account for a 34 GW increase Investments will be mainly promoted by the private sector, with 68% of the total 12% Hydro Wind Nuclear Other Cogeneration Source: Mexico s Secretaria de Energía. 9

and renewables, which are more efficient and have lower fuel costs and emissions Existing prospects already account for a 34 GW increase

11 Generation with the bulk of expected investment Expected investment by activity 10% 12% 77% Generation Transmission Distribution US$ 127 Bn 1 expected to be invested in the period 2015 to 2029, of which US$98 Bn in the generation activity 1 US$/MXN=16.6. Source: Mexico s Secretaria de Energía. 10

expected to be invested in the period 2015 to 2029, of which US$98 Bn in

12 A transparent and stable legal framework Development of the electric sector on a sustainable basis, guaranteeing continued, efficient and secure operations Improvement of Mexico s competitiveness Compliance with public service, clean energy and decreased emissions obligations Opening of the electricity sector to private companies New Electric Industry Law main goals Main reforms Unbundling of the electricity generation, transmission, distribution and marketing activities Liberalisation of the electricity generation and commercialisation activities, with private investment now allowed Transmission and distribution will continue under Government ownership with regulated tariffs, but private companies can participate in the construction, operation and maintenance of the facilities Creation of a liberalised wholesale electricity market open to competition, being the participants generators, marketing companies and large consumers ( qualified consumers ) Power generators can sell the electricity in the wholesale market or under PPAs (Power Purchase Agreements) Large electricity consumers are free to chose the supplier and the terms and conditions of the supply Mechanism to encourage clean energy sources 11

the electricity generation, transmission, distribution and marketing activities Liberalisation of the electricity generation and commercialisation activities, with private investment now allowed

13 A transparent and stable legal framework Before new Electric Industry Law After new Electric Industry Law Generation CFE s 1 Power Plants Independent Producers Small scale production Self-supply & cogeneration CFE 1 Private Short Term Contracts Long Term Contracts Public Service Wholesale Spot Auctions Suppliers National Electrical System Qualified Service Suppliers Last Resort Supplier Basic Service Suppliers Consumers Commercial Residential Industrial Services Qualified consumers 2 Regulated consumers 1 Comisión Federal de Electricidad, Government owned. 2 Eligible consumers: consumption above 3 MW, being reduced to 1 MW by

National Electrical System Qualified Service Suppliers Last Resort Supplier Basic Service Suppliers Consumers Commercial Residential Industrial Services

14 Strategic compliance Sector overview Project description Final remarks Page 2 Page 4 Page 14 Page 18 13

15 Mota-Engil well placed to succeed Established in Mexico since 2008 with a successful performance Within the top 5 construction players in the country Local company stance with solid local partnerships Strong competencies in infrastructures construction Strengthening the Human Resources and competencies to successfully manage and maximize returns in the business Proven track record in entering in new and/or changing businesses 14

competencies in infrastructures construction Strengthening the Human Resources and competencies to

16 Inroads in the electricity generation activity Mota-Engil México SME 1 51% 49% Generadora Fénix Activity: build, explore, operate and mantain during a period of 30 years Hydro plants Mini-hydro plants Plant Capacity (MW) State Necaxa 114 Puebla Tepexic 45 Puebla Patla 45 Puebla Tezcapa 5 Puebla Lerma 74 Michoacán Five plants with a total installed capacity of 288 MW Average load factors over the last years ranged from 40-45% Option to increase capacity to 400 MW Plant Capacity (MW) State Alameda 5.6 Morelos Juando 6.6 Hidalgo Cañada 1.1 Hidalgo Tlilan 0.7 México Fernández Leal 1.3 México Ten plants with a total installed capacity of 20 MW with option to increase by 50% To be rehabilitated and to upgrade capacity with an expected required investment of less than US$10 Mn Energy to be sold in the spot market from January 2016 onwards, with priority in the merit order Villada 1.3 México Temascaltepec 2.4 México S. Simón 2.1 México Energy to be sold to the spot market 2014 average price of 1.58 MXN/kWh Zepayautla 0.8 México Zictepec 0.5 México 1 Sindicato Mexicano de Electricistas, Mexico s main electricity Union. 15

over the last years ranged from 40-45% Option to increase capacity to 400 MW Plant Capacity (MW) State Alameda 5.6 Morelos Juando 6.6 Hidalgo Cañada 1.1 Hidalgo Tlilan 0.7 México Fernández Leal 1.

17 Inroads in the electricity generation activity Mota-Engil México SME 1 Plant Capacity (MW) State CTE JLL - Puebla Located in Mexico s highest electricity demand growth area Thermal plant, currently deactivated, with a revamping option to a combined cycle gas turbine (CCGT) with a planned capacity up to 1,700 MW Availability of existing land and facilities, including transmission, transport and pipeline to develop the plant Project already obtained the required technical and environment licenses Investment is an option, not an obligation Energy to be sold under a PPA contract 51% 49% Generadora Fénix Activity: build, explore, operate and mantain during a period of 30 years CCGT plant 16

facilities, including transmission, transport and pipeline to develop the plant Project already obtained the required technical and environment licenses Investment is an

18 Strategic compliance Sector overview Project description Final remarks Page 2 Page 4 Page 14 Page 18 17

19 Final remarks Mota-Engil México to become an important player in Mexico s liberalised electricity market with a total potential generation capacity of up to 2,000 MW (11% of Portugal s installed capacity) Existing plants already in operation with c.300 MW and option to add 1,700 MW through a CCGT (when PPA signed) Proven track record in entering in new and/or changing businesses Strong presence in Mexico, a core country in the Company s portfolio Platform for future analysis of other opportunities if and when available Business to be fully consolidated with main impacts from 2016 onwards 18

300 MW and option to add 1,700 MW through a CCGT (when PPA signed) Proven track record in entering in new and/or changing businesses Strong presence

20 Disclaimer This presentation used sources deemed credible and reliable but is not guaranteed as to accuracy or completeness. It also contains forward looking information that expresses management s best assessments but might prove inaccurate. The information contained in this presentation is subject to many factors and uncertainties and therefore subject to change without notice. The company declines any responsibility to update, revise or correct any of the information hereby contained. This presentation does not constitute an offer or invitation to purchase securities of Mota-Engil nor any of its subsidiaries. 19

The information contained in this presentation is subject to many factors and uncertainties and therefore subject to change without notice.

21 João Vermelho Director, Head of Investor Relations Maria Anunciação Borrega Investor Relations Officer Rua de Mário Dionísio, Linda-A-Velha Portugal Tel

Earnings Release 9M2015

Earnings Release 9M2015 19 November 2015 Results overview Regional segments Final remarks PAGE 3 PAGE 12 PAGE 22 Europe Africa Latin America 2 Key highlights Consolidation of EGF in the 3Q15, according