SNC-Lavalin reports first quarter results for 2018 and reconfirms its ambitious full year outlook

• Reported Q1 2018 IFRS net income attributable to SNC-Lavalin shareholders of $78.1 million, or $0.44 per diluted share.
• Q1 2018 adjusted net income from E&C⁽¹⁾ of $89.5 million, up 47.4%, (or $0.51 per diluted share, up 27.5%), compared to Q1 2017.
• Reported Q1 2018 EBITDA was up 47.0% to $213.9 million, compared to Q1 2017.
• Continued strong adjusted E&C EBITDA⁽⁷⁾ margin performance of 7.5% in Q1 2018, up from 5.6% in Q1 2017.
• 2018 Outlook maintained: adjusted diluted EPS from E&C⁽²⁾ in the range of $2.60 to $2.85 and adjusted consolidated diluted EPS⁽⁵⁾ in the range of $3.60 to $3.85.

MONTREAL, May 3, 2018 /CNW Telbec/ - SNC-Lavalin Group Inc. (TSX: SNC) today announces its results for the first quarter ended March 31, 2018.

"We are pleased with our first quarter performance, which is in line with our expectations," said Neil Bruce, President and Chief Executive Officer, SNC-Lavalin Group Inc. "We are also very pleased to be starting 2018 with an enhanced global structure. The Atkins acquisition provided us with the opportunity to better align our organizational structure with client needs worldwide and to capitalize on our expanded global presence, strengths and long-term growth potential. We have created two new global sectors, Nuclear and Clean Power, decided to exit the Thermal Power business, and consolidated Atkins' industry-leading front-end competencies into a new Engineering, Design, and Project Management sector. This strategic realignment, which allows us to serve our clients worldwide even more effectively, combined with our high-quality and diversified projects pipeline, better service mix, and extensive digital expertise, position us well to achieve our growth agenda."

• Q1 2018 reported IFRS net income attributable to SNC-Lavalin shareholders was $78.1 million, or $0.44 per diluted share, compared with $89.7 million, or $0.60 per diluted share, for the corresponding period in 2017. Q1 2018 included acquisition-related and integration costs of $8.4 million (after taxes) and amortization of intangible assets related to business combinations of $46.8 million (after taxes).
  
  
• Following the successful completion of the Atkins integration plan and as previously announced in 2017, the Company has made, effective January 1, 2018, a strategic alignment of its business aimed to more effectively serve its clients worldwide, across its main sectors and global markets. The segment disclosure note in the Company's financial statements has been adjusted accordingly and comparable numbers restated.
  
  
• Adjusted net income from E&C⁽¹⁾ increased to $89.5 million in Q1 2018, or $0.51 per diluted share, compared with $60.7 million, or $0.40 per diluted share for Q1 2017, mainly due to a higher total Segment EBIT⁽⁶⁾, partially offset by an increase in financial expenses, largely attributable to the financing of the Atkins acquisition. On a segmented basis, the Engineering, Design, Project Management (EDPM) segment, formerly Atkins, had another strong quarter and delivered a $80.7 million Segment EBIT⁽⁶⁾ in Q1 2018 with a 10.3% Segment EBIT⁽⁶⁾ margin, while the Thermal Power segment recorded a lower negative Segment EBIT⁽⁶⁾ totaling $11.0 million in Q1 2018, mainly due to an unfavorable cost reforecast on the Company's last ongoing fixed price engineering, procurement and construction (EPC) thermal power plant project. As previously stated, the Company has decided to exit the thermal power market.
  
  
• Atkins integration continues to progress very well and the Company remains on track to deliver cost synergies of $120 million from this acquisition by the end of 2018.
  
  
• Adjusted net income from Capital⁽³⁾ increased to $46.5 million in Q1 2018, or $0.26 per diluted share, compared with $44.4 million, or $0.30 per diluted share for the corresponding period in 2017, mainly due to an increase in dividends received from Highway 407 ETR, partially offset by a lower contribution from certain capital investments, including the investments transferred to SNC-Lavalin Infrastructure Partners LP, which was partly sold in September 2017.
  
  
• E&C revenue for the first quarter ended March 31, 2018 increased to $2.4 billion, compared with $1.8 billion in the first quarter of 2017. The increase was mainly due to a $0.7 billion incremental revenue in the EDPM segment, following the acquisition of Atkins, partially offset by a decrease in the Oil & Gas segment. The decrease in Oil & Gas was mainly due to lower revenues from certain major projects which are nearing completion, notably in the LNG sector in Australia, partially offset by higher revenues from sustaining capital projects awarded in 2016 and 2017 in the Middle East.
  
  
• Effective January 1, 2018, the Company's revenue backlog was replaced by the measure of Remaining performance obligations⁽¹⁰⁾ (RPO), which is based on IFRS 15 "Revenue from contracts with customers". Based on this standard, the Company's RPO totaled $13.5 billion as at March 31, 2018. The $3.4 billion positive adjustment between the closing balance of revenue backlog as at December 31, 2017 and the opening balance of the RPO as at January 1, 2018 mainly reflects the inclusion of the full term of the Company's Operation & Maintenance signed long-term contracts, partially offset by the exclusion of the anticipated volume of work for which no formal purchase orders or work orders have yet been issued, mainly in Oil & Gas. Total E&C bookings for the first quarter, excluding the IFRS 15 adjustment, amounted to $2.1 billion, including $1.0 billion in EDPM, $0.5 billion in Oil & Gas and $0.3 billion in Infrastructure. It is important to note that the awarded contracts in April 2018 for the Réseau Express Métropolitain (REM) project for the EPC work on Montreal's new light rail transit system, and the related provision of rolling stock, systems and operation and maintenance (RSSOM) have not been included in the March 31, 2018 balance. The Company expects that these contracts would be added to the RPO in Q2 2018 and should represent approximately $1.9 billion.
  
  
• As of March 31, 2018, the Company continues to maintain adequate liquidity with $0.6 billion of cash and cash equivalents, $1.5 billion of recourse debt and $2.1 billion in unused capacity under its $2.6 billion committed revolving credit facility, while the net recourse debt to adjusted EBITDA ratio⁽⁹⁾ was 1.1. On April 30, 2018, the Company amended and restated its Credit Agreement for the main purpose of making available a new 5-year non-revolving term loan in the principal amount of $500 million. The net proceeds from the issuance of this term loan were used to repay in full tranche B of its CDPQ Loan.

2018 Outlook

The Company is maintaining its previously announced 2018 outlook for the adjusted diluted EPS from E&C⁽²⁾, which is expected to be in the range of $2.60 to $2.85, as well as for the adjusted consolidated diluted EPS⁽⁵⁾ in the range of $3.60 to $3.85. As previously announced, due to some seasonality in the E&C business, we expect a gradual increase in the adjusted diluted EPS throughout the remainder of the year.

While we expect continuing market challenges in 2018 in certain of the Company's sectors, we anticipate benefiting from Atkins synergies and restructuring savings. As such, we expect growth in the Company's total Segment EBIT⁽⁶⁾ in 2018, compared with 2017. Segment EBIT⁽⁶⁾ for the EDPM, Mining & Metallurgy, Nuclear and Thermal Power segments are expected to increase, while the Oil & Gas and Infrastructure segments are expected to be mainly in line compared to 2017 with Clean Power to be slightly lower. Note that the 2018 outlook will include twelve months of Atkins' operations and related financing, compared to approximately six months in 2017. It also assumes a weighted average number of outstanding shares of approximately 175 million. The tax rate for the adjusted E&C business is expected to be between 20% and 25%.

This outlook is based on the assumptions and methodology described in the Company's 2017 Management's Discussion and Analysis under the heading, "How We Budget and Forecast Our Results" and the "Forward-Looking Statements" section below and is subject to the risks and uncertainties summarized therein, which are more fully described in the Company's public disclosure documents.

Quarterly Dividend

The Board of Directors today declared a cash dividend of $0.287 per share, payable on May 31, 2018, to shareholders of record on May 17, 2018. This dividend is an "eligible dividend" for income tax purposes.

Q1 2018 Results Conference Call / Webcast

SNC-Lavalin will hold a conference call today at 3:00 p.m. (Eastern Time) to review results for its first quarter. To join the conference call, please dial toll free at 1 800 281 7973 in North America, 647 794 1827 in Toronto, 438 968 3557 in Montreal, or 080 0358 6377 in the United Kingdom. A live audio webcast of the conference call and an accompanying slide presentation will be available at investors.snclavalin.com. A recording of the conference call will be available on our website within 24 hours following the call.

Annual Shareholders' Meeting / Webcast

SNC-Lavalin will also hold its Annual Shareholders' Meeting today at 11:00 a.m. (Eastern Time) at the Palais des congrès, located at 1001 Place Jean-Paul-Riopelle, Montreal, Quebec, Canada. The event will be webcast live, and will be available at https://www.icastpro.ca/esnc180503.

Non-IFRS Financial Measures and Additional IFRS Measures

The Company reports its financial results in accordance with IFRS. However, the following non-IFRS measures and additional IFRS measures are used by the Company: Adjusted net income from E&C, Adjusted diluted EPS from E&C, Adjusted net income from Capital, Adjusted diluted EPS from Capital, Adjusted consolidated diluted EPS, EBITDA, Adjusted E&C EBITDA, Segment EBIT and Revenue backlog. Additional details for these non-IFRS measures and additional IFRS measures can be found below and in SNC-Lavalin's MD&A, which is available in the Investors section of the Company's website at www.snclavalin.com. Non-IFRS financial measures do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. Management believes that, in addition to conventional measures prepared in accordance with IFRS, these non-IFRS measures provide additional insight into the Company's financial results and certain investors may use this information to evaluate the Company's performance from period to period. However, these non-IFRS financial measures have limitations and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

About SNC-Lavalin

Founded in 1911, SNC-Lavalin is a global fully integrated professional services and project management company and a major player in the ownership of infrastructure. From offices around the world, SNC-Lavalin's employees are proud to build what matters. Our teams provide comprehensive end-to-end project solutions – including capital investment, consulting, design, engineering, construction, sustaining capital and operations and maintenance – to clients across oil and gas, mining and metallurgy, infrastructure, clean power, nuclear and EDPM (engineering, design and project management). On July 3, 2017, SNC-Lavalin acquired Atkins, one of the world's most respected design, engineering and project management consultancies, which has been integrated into our sectors. www.snclavalin.com

⁽¹⁾ Adjusted net income from E&C is defined as net income attributable to SNC-Lavalin shareholders from E&C, excluding charges related to restructuring, right-sizing and other, acquisition-related costs and integration costs, impact of U.S. corporate tax reform as well as amortization of intangible assets related to business combinations, and the gains (losses) on disposals of E&C businesses. E&C is defined in the Company's 2017 financial statements and Management's Discussion and Analysis. The term "Adjusted net income from E&C" does not have any standardized meaning under IFRS. Therefore, it may not be comparable to similar measures presented by other issuers. Management uses this measure as a more meaningful way to compare the Company's financial performance from period to period. Management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance. See reconciliation below.

⁽²⁾ Adjusted diluted EPS from E&C is defined as the adjusted net income from E&C divided by the diluted weighted average number of outstanding shares for the period.

⁽³⁾ Adjusted net income from Capital is defined as net income attributable to SNC-Lavalin shareholders from Capital, excluding the gains on disposals of Capital Investments.

⁽⁴⁾ Adjusted diluted EPS from Capital is defined as the adjusted net income from Capital divided by the diluted weighted average number of outstanding shares for the period.

⁽⁵⁾ Adjusted consolidated diluted EPS is defined as the adjusted net income from E&C plus the adjusted net income from Capital divided by the diluted weighted average number of outstanding shares for the period.

⁽⁶⁾ Segment EBIT consists of revenues less i) direct costs of activities, ii) directly related selling, general administrative expenses, iii) corporate selling, general and administrative expenses that are allocated to segments; and iv) non-controlling interests before taxes. Expenses that are not allocated to the Company's segments include: certain Corporate selling, general and administrative expenses that are not directly related to projects or segments, impairment loss arising from expected credit losses, loss arising on financial assets at fair value through profit or loss, restructuring costs, goodwill impairment, acquisition-related costs and integration costs, and amortization of intangible assets related to business combinations, as well as gains (losses) on disposals of E&C businesses, Capital investments and the head office building. The term "Segment EBIT" does not have any standardized meaning under IFRS. Therefore, it may not be comparable to similar measures presented by other issuers. Management uses this measure as a more meaningful way to compare the Company's financial performance from period to period. Management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance.

⁽⁷⁾ Adjusted E&C EBITDA is defined herein as earnings from E&C before net financial expenses (income), income taxes, depreciation and amortization, and excludes charges related to restructuring, right-sizing and other, acquisition-related costs and integration costs, as well as the gains (losses) on disposals of E&C businesses and Capital investments. The term "Adjusted E&C EBITDA" does not have any standardized meaning under IFRS. Therefore, it may not be comparable to similar measures presented by other issuers. Management uses this measure as a more meaningful way to compare the Company's financial performance from period to period. Management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance.

⁽⁸⁾ Revenue Backlog is a forward-looking indicator of anticipated revenues to be recognized by the Company, determined based on contract awards that are considered firm. Management could be required to make estimates regarding the revenue to be generated for long-term firm reimbursable contracts. In order to provide information that is comparable to the revenue backlog of other categories of activity, the company limits the O&M activities revenue backlog, which can cover a period of up to 40 years, to the earlier of: i) the contract term awarded; and ii) the next five years. This non-IFRS measure has been replaced in 2018, with the measure of remaining performance obligations, an IFRS measure.

⁽⁹⁾ Net recourse debt to adjusted EBITDA ratio is defined herein as the net recourse debt divided by the trailing 12-months adjusted EBITDA, less interest on limited recourse debt. The term "Net recourse to adjusted EBITDA ratio" does not have any standardized meaning under IFRS. Therefore, it may not be comparable to similar measures presented by other issuers. Management uses this measure as a more meaningful way to compare the Company's financial performance from period to period. Management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company's performance.

⁽¹⁰⁾ The Remaining performance obligations is defined as a forward-looking indicator of anticipated revenues to be recognized by the Company, determined based on contract awards that are firm and amounting to the transaction price allocated to remaining performance obligations. Management could be required to make estimates regarding the revenue to be generated for long-term firm reimbursable contracts.

SNC-Lavalin Financial Summary
	First Quarter
(in thousands of Canadian dollars, unless otherwise indicated)
	2018	2017
Revenues
From E&C	2,367,197	1,788,324
From Capital	64,197	60,946
	2,431,394	1,849,270
Net income attributable to SNC-Lavalin's shareholders
From E&C	31,541	45,338
From Capital	46,531	44,376
	78,072	89,714
Diluted EPS ($)
From E&C	0.18	0.30
From Capital	0.26	0.30
	0.44	0.60
Adjusted net income attributable to SNC-Lavalin's shareholders
From E&C^(1)	89,477	60,724
From Capital^(3)	46,531	44,376
	136,008	105,100
Adjusted diluted EPS ($)
From E&C^(2)	0.51	0.40
From Capital^(4)	0.26	0.30
	0.77	0.70
Adjusted E&C EBITDA^(7)	177,316	99,991
Adjusted E&C EBITDA margin	7.5%	5.6%
RPO^(10) / Revenue backlog^(8)	13,511,800	10,078,700
Cash and cash equivalents	646,837	810,533
Recourse long-term debt	1,542,644	349,428

Reconciliation of IFRS Net Income as Reported to Adjusted Net Income
	Net income, as reported	Net charges related to the restructuring & right-sizing plan and other	Acquisition		Net gain on disposals of E&C business	Impact of U.S. corporate tax reform	Net income, adjusted (Non-IFRS)
			Acquisition-related costs and integration costs	Amortization of intangible assets related to business combinations
First Quarter 2018
In M$
E&C	31.6	1.3	8.4	46.8	-	1.4	89.5
Capital	46.5	-	-	-	-	-	46.5
	78.1	1.3	8.4	46.8	-	1.4	136.0
Per Diluted share ($)
E&C	0.18	0.01	0.04	0.27	-	0.01	0.51
Capital	0.26	-	-	-	-	-	0.26
	0.44	0.01	0.04	0.27	-	0.01	0.77
First Quarter 2017
In M$
E&C	45.3	2.6	1.1	12.3	(0.6)	-	60.7
Capital	44.4	-	-	-	-	-	44.4
	89.7	2.6	1.1	12.3	(0.6)	-	105.1
Per Diluted share ($)
E&C	0.30	0.02	0.01	0.08	(0.00)	-	0.40
Capital	0.30	-	-	-	-	-	0.30
	0.60	0.02	0.01	0.08	(0.00)	-	0.70

Forward-looking Statements:

Reference in this press release, 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 press release 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; and ii) business and management strategies and the expansion and growth of the Company's operations. 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.

The 2018 outlook referred to in this press release is forward-looking information and is based on the methodology described in the Company's 2017 Management's Discussion and Analysis ("MD&A") under the heading "How We Budget and Forecast Our Results" and is subject to the risks and uncertainties described in the Company's public disclosure documents. The purpose of the 2018 outlook is to provide the reader with an indication of management's expectations, at the date of this press release, regarding the Company's future financial performance and readers are cautioned that this information may not be appropriate for other purposes.

Forward-looking statements made in this press release 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 2017 MD&A, particularly in the sections entitled "Critical Accounting Judgments and Key Sources of Estimation Uncertainty" and "How We Analyze and Report our Results", and as updated in the first quarter 2018 MD&A. The 2018 outlook also assumes that the federal charges laid against the Company and its indirect subsidiaries SNC-Lavalin International Inc. and SNC-Lavalin Construction Inc. on February 19, 2015, will not have a significant adverse impact on the Company's business in 2018. 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 risks include, but are not limited to: (a) the outcome of pending and future claims and litigation could have a material adverse impact on the Company's business, financial condition and results of operation; (b) on February 19, 2015, the Company was charged with one count of corruption under the Corruption of Foreign Public Officials Act (Canada) (the "CFPOA") and one count of fraud under the Criminal Code (Canada), and is also subject to other ongoing investigations which could subject the Company to criminal and administrative enforcement actions, civil actions and sanctions, fines and other penalties, some of which may be significant. These charges and investigations, and potential results thereof, could harm the Company's reputation, result in suspension, prohibition or debarment of the Company from participating in certain projects, reduce its revenues and net income and adversely affect its business; (c) further regulatory developments could have a significant adverse impact on the Company's results, and employee, agent or partner misconduct or failure to comply with anti-bribery and other government laws and regulations could harm the Company's reputation, reduce its revenues and net income, and subject the Company to criminal and administrative enforcement actions and civil actions; (d) a negative impact on the Company's public image could influence its ability to obtain future projects; (e) fixed-price contracts or the Company's failure to meet contractual schedule or performance requirements or to execute projects efficiently may increase the volatility and unpredictability of its revenue and profitability; (f) the Company's revenue and profitability are largely dependent on the awarding of new contracts, which it does not directly control, and the uncertainty of contract award timing could have an adverse effect on the Company's ability to match its workforce size with its contract needs; (g) the Company's remaining performance obligations are subject to unexpected adjustments and cancellations, including under "termination for convenience" provisions, and does not represent a guarantee of the Company's future revenues or profitability; (h) SNC-Lavalin is a provider of services to government agencies and is exposed to risks associated with government contracting; (i) the Company's international operations are exposed to various risks and uncertainties, including unfavourable political environments, weak foreign economies and the exposure to foreign currency risk; (j) there are risks associated with the Company's ownership interests in Capital investments that could adversely affect it; (k) the Company is dependent on third parties to complete many of its contracts; (l) the Company's use of joint ventures and partnerships exposes it to risks and uncertainties, many of which are outside of the Company's control; (m) the competitive nature of the markets in which the Company does business could adversely affect it; (n) the Company's project execution activities may result in professional liability or liability for faulty services; (o) the Company could be subject to monetary damages and penalties in connection with professional and engineering reports and opinions that it provides; (p) the Company may not have in place sufficient insurance coverage to satisfy its needs; (q) the Company's employees work on projects that are inherently dangerous and a failure to maintain a safe work site could result in significant losses and/or an inability to obtain future projects; (r) the Company's failure to attract and retain qualified personnel could have an adverse effect on its activities; (s) work stoppages, union negotiations and other labour matters could adversely affect the Company; (t) the Company relies on information systems and data in its operations. Failure in the availability or security of the Company's information systems or in data security could adversely affect its business, financial condition and results of operations; (u) any acquisition or other investment may present risks or uncertainties; (v) divestitures and the sale of significant assets may present risks or uncertainties; (w) increased indebtedness as a result of the Atkins Acquisition; * dependence on subsidiaries to help repay indebtedness as a result of the Atkins Acquisition; (y) security under the SNC-Lavalin Highway Holdings Loan being called at an inopportune time; (z) ability to pay dividends; (aa) Atkins' pension-related obligations; (bb) a deterioration or weakening of the Company's financial position could have a material adverse effect on its business and results of operations; (cc) the Company may have significant working capital requirements, which if unfunded could negatively impact its business, financial condition and cash flows; (dd) an inability of SNC-Lavalin's clients to fulfill their obligations on a timely basis could adversely affect the Company; (ee) the Company may be required to impair certain of its goodwill, and it may also be required to write down or write off the value of certain of its assets and investments, either of which could have a material adverse impact on the Company's results of operations and financial condition; (ff) global economic conditions could affect the Company's client base, partners, subcontractors and suppliers and could materially affect its remaining performance obligations, revenues, net income and ability to secure and maintain financing; (gg) fluctuations in commodity prices may affect clients' investment decisions and therefore subject the Company to risks of cancellation, delays in existing work, or changes in the timing and funding of new awards, and may affect the costs of the Company's projects; (hh) inherent limitations to the Company's control framework could result in a material misstatement of financial information; and; (ii) environmental laws and regulations expose the Company to certain risks, could increase costs and liabilities and impact demand for the Company's services. The Company cautions that the foregoing list of factors is not exhaustive. For more information on risks and uncertainties, and assumptions that could cause the Company's actual results to differ from current expectations, please refer to the sections "Risks and Uncertainties", "How We Analyze and Report Our Results" and "Critical Accounting Judgments and Key Sources of Estimation Uncertainty" in the Company's 2017 MD&A and as updated in the first quarter 2018 MD&A.

The forward-looking statements herein reflect the Company's expectations as at the date of this press release and are subject to change after this date. The Company does not undertake to update publicly or to revise any such forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable legislation or regulation.

SNC-Lavalin's Consolidated Financial Statements and Management's Discussion and Analysis and other relevant financial materials are available in the Investors section of the Company's website at www.snclavalin.com. These and other Company reports are also available on the website maintained by the Canadian Securities regulators at www.sedar.com.

SOURCE SNC-Lavalin

Media: Daniela Pizzuto, Director, External Communications, 514-393-8000, ext. 54772, [email protected]; Investors: Denis Jasmin, Vice President, Investor Relations, 514-393-8000, ext. 57553, [email protected]

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