Coronavirus (COVID-19) Contractor Impact Index

Understand the impact of the COVID-19 outbreak on major contractors

May 4th, 2020

Methodology *Global 500 Contractors

GlobalData’s COVID-19 Contractor • GlobalData’s COVID-19 Contractor Impact Index is a measure of how exposed the Global 500 contractors* are to the downturn Impact Index has been calculated for all in construction activity stemming from the coronavirus outbreak. contractors in the 2019 Global 500 Contractors list. The 2019 ranking was • The objective of the index is to provide a comparative measure for all contractors that reflects the estimated impact on their based on the executed contract values operations relative to the base pre-COVID-19 case. in 2019, which are calculated by taking the pro-rated value of contracts for • The index comprises both a country impact element and a sector impact element: projects (with a minimum value of US$25 million) that were in the ― The country impact element is calculated as the weighted average change in construction output growth prospects in 2020 execution stage in 2019, as tracked across all the countries in which the contractor had executed contract awards in 2019. For example, if a contractor secured all within GlobalData’s Construction executed contract awards in a single country, then the country impact element would reflect only the projected change in Projects Database. that country’s growth prospects. If a contractor had all awards equally shared across two countries, then the country impact would be an average of the projected change in growth in both countries. The Global 500 Contractors list comprises ultimate parent companies, ― The sector impact element reflects the sector diversification for all contractors. GlobalData’s analysts provide a risk score for which are attributed the total of each key sector based on the projected impact of COVID-19 on that sector, and the sector element is the weighted average of executed contract values for all of their the contractor’s spread across all sectors. For example, if a contractor secured all executed contracts awards in the oil and gas subsidiaries. sector, then the sector element would solely reflect the risk score attributed to that sector. If the contractor had all awards equally shared across two sectors, then the sector impact would be an average of the risk score given to these two sectors.

• The overall impact is presented as a negative value ranging from 0 (no impact) to -100 (maximum impact).

• The index score is not intended to predict changes in a contractor’s expected awards in 2020 or changes in its revenue. However, the index could be interpreted as a proxy for the potential change in a contractor’s revenue given its exposure to affected countries and sectors.

Source: GlobalData 2 COVID-19 Contractor Impact Index

COVID-19 Contractor Impact Index, by Regions as of 4th May 2020 The latest average “COVID-19 Contractor -35 -30 -25 -20 -15 -10 -5 0 Impact Index score for all contractors in the Global China 500 is -24.0. Although

China was the original Eastern Europe epicenter of the global pandemic, its North-East Asia (Excl. China) contractors have the lowest scores, primarily reflecting that they are Western Europe focused on infrastructure, with South Asia, South-East Asia, Australia latest news suggesting that project works have The Americas been restarted. ” Middle East and Africa

Source: GlobalData 3 COVID-19 Contractor Impact Index

Stock Price Index as of 4th May 2020 Major construction firms have suffered a sharp “ 140 drop in the market valuations amid the 120 COVID-19 outbreak. 100

GlobalData’s tracker of 80

50 major companies 60 shows that the average 40 price had dropped to a 100 = 2016 Jan Index: low of 64.9 points in late 20 March, a fall of 38.4% 0 compared to the levels at the end of January. However, the markets Companies included have recovered some China Railway Construction Corporation Group Ltd Kiewit Corp Skanska AB AECOM Royal BAM Group nv China Railway Engineering Group Company Ltd Salini Impregilo SpA China National Chemical Engineering Co Ltd Mosinzhproekt JSC Doosan Corporation ground, ending April China Communications Construction Group Ltd Vinci SA TechnipFMC Plc Multiplex Laing O'Rourke Plc China State Construction Engineering Corp Ltd McDermott International Inc Fluor Corp Tecnicas Reunidas SA China Minmetals Corp 21% higher than the Actividades de Construccion y Servicios SA Stroytransgaz Lendlease Corp Ltd China General Nuclear Power Corp Shikun & Binui Ltd Larsen & Toubro Ltd Saipem SpA China National Petroleum Corp Siemens AG Clark Construction Company Inc Power Construction Corporation of China Samsung Group Petrofac Ltd China National Machinery Industry Corp Maire Tecnimont SpA March low. Bechtel Group Inc Shimizu Corp STRABAG SE China Construction First Building (Group) China Petrochemical Corp Hyundai Engineering & Construction Co Ltd China Sinogy Electric Engineering Co Ltd Balfour Beatty Plc M. A. Mortenson Co Yapi Merkezi Holding Inc. ” ASE Engineering Co PCL Constructors Inc Bouygues SA Shapoorji Pallonji & Co Ltd Ferrovial SA 4 Latest Developments (I)

Disruptions as of 4th May 2020

. Bouygues UK has revealed it will begin ‘progressively’ reopening its UK construction sites following a three-week shutdown. Bouygues UK said it would re-open its sites and would operate at a condensed capacity over the coming weeks.

. On April 24th, Vinci announced that construction activity in France would gradually restart following the relaxation of lockdown measures. The firm revealed that the virus outbreak was having an adverse impact on business with many projects in France being put on hold. It is expecting a significant decline in revenues over the coming months.

. On 14 April, the Danish construction Vestas announced it was restarting construction activity in Spain following the lockdown restrictions. The firm halted all construction and manufacturing activities on March 31st following the lockdown measures announced by the government.

. Swedish contractor Skanska reported a 14% increase in Q1 revenues year on year, but the CEO warned that the outlook for the rest of the year was negative. The firm also revealed that 370 of its projects were affected by the lockdowns in the countries in operates in.

. Taylor Wimpey, a UK housebuilder, has announced a “phased return to construction” that will see its UK sites outside Scotland reopen on the week beginning 4th May. The CEO revealed he expects the firm to run at 80% of its normal capacity. Another UK housebuilder Persimmon announced on 29th April that it will gradually restart works on its construction sites across the UK. The firm also revealed that it does not plan to apply for any COVID-19 government funding schemes. The firm also reported that its forward sales stood at GBP2.4 billion (US$2.9 billion) to date, a fall from the GBP 2.7 billion recorded at the same time last year. Redrow also announced on April 27th that it plans to gradually restart construction works on May 18th. The firm suspended operations at the end of March following he lockdown measures announced by the government.

. Keller, a UK-based geotechnical contractor, has announced it is delaying its dividend payment to shareholders by two months until August. The firm cited a swift deterioration in UK construction activity in March as a reason for the delay.

. In mid April, Mace Group reported that was reopening some of the 90 sites that had been closed for two weeks because of the COVID-19 outbreak. However, the large-scale Battersea Power Station redevelopment project, on which Mace Group is leading Phase 2, is set to remain shut into May.

5 Latest Developments (II)

Disruptions as of 4th May 2020

. On April 14, Dogus Grubu and Bilgili Holding, announced that work on the Galataport development in Istanbul would be halted until May following the death of a construction worker who contracted COVID-19.

. The UK’s Balfour Beatty is pushing ahead with the Midland Metropolitan University Hospital having put in place social distancing measures. The GBP 1 billion project is still due to open in the summer of 2022.

. In late April, Canada’s Aecon stated that the majority of governments across the jurisdictions in which the company operated had deemed the types of construction projects that Aecon works on to be “essential” services, and therefore it could continue with many of its operations, albeit mostly on a modified basis.

. Technip FMC has reported that there will be a 30% reduction in 2020 capital expenditures to US$300 million, over US$100 million reductions in annualized coss for Surface Technologies, which reflects the decline in North American activity, and a US$30 million cut in annualized corporate expenses.

. Australia's LendLease Group announced on April 28th that it would seek to raise AUD1.15 billion (US$740 million) to strengthen its position amid the COVID-19 uncertainty. AUD950 million would be in new equity via a fully underwritten share placements and up to AUD200 million through a non-underwritten share purchase. The company withdrew all forecasts provided with its first-half results.

. Italian-Thai Development announced on April 28th that it was postponing the submission of its financial statements owing to the disruptive impact of COVID-19 and the challenges this presents in assessing its financial position. This in part reflects the fact that its core construction business operates across India and Bangladesh, where strict lockdowns are in place.

. Belgium’s BESIX has reported that although project works in the Netherlands had carried on largely as normal, there had been significant disruption in Belgium, where civil and large building projects had slowed down by more than 50%.

6 Latest Developments (III)

Disruptions as of 4th May 2020

. Saudi Bin Laden Group (SBG), often involved in larger contracting projects with government involvement, has reportedly hired US investment bank, Houlihan Lokey, as advisor for its SAR56.4 billion (US$15 billion) debt restructuring programme. SBG suffered from severe revenue decline on the back of the oil price crash of 2014-15 and the collapse of an SBG crane at the Grand Mosque of Mecca. The Saudi government is said to have taken a stake of about 36% in the company in 2018.

. South Africa’s largest contractor, Wilson Bayly Holmes-Ovcon, has announced that it withheld dividend payments, of ZAR48 million, so as to maintain financial flexibility amid the challenges posed by the country’s COVID-19 lockdown.

. China Railway Construction Corp's first-quarter net profit fell 24% from a year earlier. Net profit fell to CNY2.97 billion (US$419.5 million), the company said in a stock- exchange filing, and revenue dropped 7.6% to CNY145.10 billion. China Communications Construction Group said first-quarter net profit fell 40% from a year earlier.

. Japan’s Shimizu Corp announced on April 13th that it planned to suspend work at about 500 construction sites in areas covered by the country’s state of emergency. This would be the case until May 6th, when the state of emergency was scheduled to be lifted.

. Other major Japanese contractors, Kajima Corp, Obayashi Corp and Taisei Corp stated in in mid April that they would halt construction across the country until May in response to the through early May in response to expansion of the state of emergency for Tokyo, Osaka and five other prefectures to the whole country. Kajima and Obayashi planned to stop work on projects until May 6th and Taisei until May 10th.

. The construction of the 236 km Tokyo-Nagoya magnetic-levitation rail line project was temporarily suspended in Tokyo and Kanagawa Prefectures until 6th May due to the state of emergency declaration. The project is being developed by the Central Japan Railway and is expected to commence operations by 2027

7 Latest Developments (IV)

Opportunities as of 4th May 2020

. In April Highways England announced awards under its Smart Motorways Alliance, with a value of GBP4.5 billion (US$5.6 billion). The alliance includes Costain, Balfour Beatty and a Bam Nuttall/ Morgan Sindall Joint Venture for on-site of construction works, along with WSP and Jacobs Engineering as design partners and Fluor as the production management partner. The value of the 10-yrear framework could rise to GBP7.5 billion (US$9.4 billion).

. Femern Link Contractors, a consortium that includes among others France’s VINCI Construction Grands Projets and Solétanche-Bachy International, Denmark’s Per Aarsleff Holding A/S the Netherland’s BAM International, has announced that work on the Fehmarn Belt road and rail tunnel between Germany and Denmark will start in January 2021. The 18km tunnel that will run under the Baltic Sea, between the Danish island of Lolland and the German island of Fehmarn, was approved by the European Commission in March.

. India’s Larsen & Toubro (L&T) announced in mid April that L&T Construction had been awarded two contracts from Utter Pradesh’s National Capital Region Transport Corporation (NCRTC) to build the Regional Rapid Transit System (RRTS) infrastructure. The value of these projects was reported as being between INR10 billion (US$132 million) and INR25 billion (US$330 billion).

. Italy’s Saipem, leading a consortium with Egypt-based Petrojet, has been awarded a contract by Egyptian Ethylene & Derivatives Co. (Ethydco) for the first polybutadiene- producing facility in Egypt. The overall value of the contract is for approximately US$150 million.

. The National Authority for Tunnels (NAT) represented via the Arab Contractors has awarded Fugro a geophysical and geotechnical investigation contract for the second phase of the Cairo Monorail megaproject.

. Kuwait-based Arabi Energy & Technology Company (Arabi Enertech) has been awarded a KAD94.8 million (US$313 million) contract to provide mechanical engineering services at the Mina al-Ahmadi oil refinery. Kuwait is upgrading Al-Ahmadi oil refinery along with the Mina Abdullah refinery part of the US$12 billion Clean Fuels Project (CFP) that was launched in 2014.

. In late April, Hungary and China reached a deal to finance 85% of a long-planned railway between Budapest (Hungary) and Belgrade (Serbia). China Railway Group’s subsidiaries will build the 150-km Hungarian stretch in a 50:50 consortium local holding company, Opus Global.

8 Latest Developments (V)

Opportunities as of 4th May 2020

. In April a consortium led by Portugal’s Mota-Engil and China Communications Construction Company won a US$630 million contract to build the first sector of the Mayan railway, a 227km stretch between Palenque (Chiapas state) to Escárcega (Campeche). The whole line will run 1,500 km and reportedly cost US$7.4 billion.

. Australia’s Martinus has been awarded a AUD220 million (US$141 million) civil construction contract to build an 86-km section of the railway for the Carmichael coal project, in Queensland, Australia. The contract was awarded by Adani Mining, which has stated that it is adhering to all measures announced by Queensland Health and the Federal Government.

. Spain’s Acciona was awarded a US$500 million in late April for the construction of the Al Khobar 2 desalination plant in Saudi Arabia, with a capacity of 600,000 cu meters a day. The state-owned Saline Water Conversion Corporation (SWCC) awarded the contract for the project, which is 400 km from Riyadh.

. In early May a joint venture between the US’s Fluor and Balfour Beatty won a contract to widen and reconstruct 11km of US Route 290 in Austin, Texas. Construction is due to start in early 2021, and be completed in 2025.

. Strabag’s Hungarian subsidiary has secured a EUR72 million (US$78 million) infrastructure contract to build and modernise a 7.5km bypass road in the city of Veszprém. To be carried out in two phases, the project includes strengthening the load-bearing capacity of the road and to widen the road into four lanes with a structural separation between the carriageways. The first phase is expected to be completed by next December, the second phase is scheduled for completion in early 2023.

. Saipem has signed a EUR280 million (US$304 million) contract with Gaz-System, Poland’s gas grid operator to build a section of the Baltic Pipe between Denmark and Poland. The project, which will be completed by Saipem’s UK subsidiary, will feature the construction of a concrete-coated pipeline between Denmark and Poland, microtunneling and civil works.

9 COVID-19 Contractor Impact Index - Top 25 global contractors

COVID-19 Contractor Impact Index as of 4th May 2020

-60 -50 -40 -30 -20 -10 0 China Railway Construction Corporation Group Ltd China Railway Engineering Group Company Ltd China Communications Construction Group Ltd China State Construction Engineering Corp Ltd Actividades de Construccion y Servicios SA Larsen & Toubro Ltd Power Construction Corporation of China Bechtel Group Inc Hyundai Engineering & Construction Co Ltd ASE Engineering Co Kiewit Corp Salini Impregilo SpA Vinci SA McDermott International Inc Stroytransgaz Saipem SpA Samsung Group Shimizu Corp China Sinogy Electric Engineering Co Ltd PCL Constructors Inc Skanska AB China National Chemical Engineering Co Ltd Global 500 Contractors TechnipFMC Plc All Contractors Fluor Corp Average score -24.0 Lendlease Corp Ltd

Source: GlobalData 10 COVID-19 Contractor Impact Index - Most affected contractors (from top 200)

COVID-19 Contractor Impact Index as of 4th May 2020

-70 -60 -50 -40 -30 -20 -10 0 Galfar Engineering & Contracting Bharat Heavy Electricals Ltd PCL Constructors Inc Hanwha Group Petrofac Ltd Larsen & Toubro Ltd Hyundai Heavy Industries Group Veolia Environnement SA Toshiba Corp Kiewit Corp Maire Tecnimont SpA Fouad Alghanim & Sons Group of Companies EllisDon Corporation China National Machinery Industry Corp Tata Projects Ltd Shapoorji Pallonji & Co Ltd Consolidated Contractors Co Ayala Corporation Tecnicas Reunidas SA Reliance Anil Dhirubhai Ambani Group Fluor Corp Megha Engineering and Infrastructure Ltd Wates Group Ltd Global 500 Contractors Hindustan Construction Co. Ltd All Contractors Graham Group Ltd Average score -24.0

Source: GlobalData 11 COVID-19 Contractor Impact Index - Least affected contractors (from top 200)

COVID-19 Contractor Impact Index as of 4th May 2020

-14 -12 -10 -8 -6 -4 -2 0 POSCO Engineering & Construction Ltd Wison Group Holding Ltd China State Construction Engineering Corp Ltd Cengiz Holding AS Parsons Corp ThyssenKrupp AG Yapi Merkezi Holding Inc. Shanghai Construction Group Co Ltd Beijing Construction Engineering Group Co Ltd Granite Construction Inc Shimizu Corp PT Wijaya Karya (Persero) Tbk Mosinzhproekt JSC PT Hutama Karya (Persero) Fulton Hogan Ltd China Huadian Corporation China Construction First Building (Group) Corporation Ltd Shanghai Urban Construction (Group) Corp China Communications Construction Group Ltd Mota-Engil SGPS SA China Railway Construction Corporation Group Ltd China Railway Engineering Group Company Ltd CRBC International Co Ltd Global 500 Contractors Guangdong ProvIncial Expressway Development Co Ltd All Contractors Shikun & Binui Ltd Average score -24.0

Source: GlobalData 12 COVID-19 Contractor Impact Index - Key contractors based in Western Europe

COVID-19 Contractor Impact Index as of 4th May 2020

-50 -45 -40 -35 -30 -25 -20 -15 -10 -5 0 Petrofac Ltd Maire Tecnimont SpA Consolidated Contractors Co Tecnicas Reunidas SA Saipem SpA Eiffage SA TechnipFMC Plc Balfour Beatty Plc Siemens AG Subsea 7 SA Bouygues SA Royal BAM Group nv Laing O'Rourke Plc Ackermans & Van Haaren NV Vinci SA Acciona SA BESIX Group SA Actividades de Construccion y Servicios SA Skanska AB Nordstjernan AB Finast Srl STRABAG SE Global 500 Contractors Salini Impregilo SpA Western Europe Ferrovial SA Average score -23.6 PORR AG

Source: GlobalData 13 COVID-19 Contractor Impact Index - Key contractors based in Eastern Europe

COVID-19 Contractor Impact Index as of 4th May 2020

-50 -45 -40 -35 -30 -25 -20 -15 -10 -5 0 Enka Insaat BI Group Tara Hoding AS ASE Engineering Co LSR Group Stroytransgaz Ant Yapi Industry and Trade Ronesans Holding AS PIK Group Nurol Holding Inc. Bilkent Holding AS STFA Yatirim Holding AS Limak Holding Inc Kolin Insaat IC Ibrahim Cecen Yatirim Holding AS Mapa Insaat Dogus Grubu Yuksel Holding A.S Cengiz Holding AS Yapi Merkezi Holding Inc. Kalyon Insaat AS Mosinzhproekt JSC Global 500 Contractors TFC Finance Eastern Europe Ozaltin Holding AS Average score -19.4 Gulermak AS

Source: GlobalData 14 COVID-19 Contractor Impact Index - Key contractors based in the Americas

COVID-19 Contractor Impact Index as of 4th May 2020

-50 -45 -40 -35 -30 -25 -20 -15 -10 -5 0 PCL Constructors Inc Kiewit Corp Fluor Corp McDermott International Inc General Electric Co John Moriarty & Associates Inc DPR Construction Inc Suffolk Construction Company Inc Bechtel Group Inc Clark Construction Company Inc M. A. Mortenson Co AECOM J.E. Dunn Construction Group, Inc Multiplex Hensel Phelps Construction Co Quanta Services Inc McCarthy Holdings Inc SNC-Lavalin Group Inc Hoffman Construction Co Odbinv SA Zachry Construction Corp The Walsh Group Ltd Global 500 Contractors KBR Inc The Americas Tutor Perini Corp Average score -26.5 Fomento de Construcciones y Contratas SA

Source: GlobalData 15 COVID-19 Contractor Impact Index - Key contractors based in Middle East and Africa

COVID-19 Contractor Impact Index as of 4th May 2020

-70 -60 -50 -40 -30 -20 -10 0 Galfar Engineering & Contracting Wilson Bayly Holmes-Ovcon Ltd Consolidated Contractors Co Petrojet Aveng Ltd Ghantoot Group Enppi Al Jaber Group Hassan Allam Holding SAE Fouad Alghanim & Sons Group of Companies BIC Contracting LLC Senaat General Holding Corp Royal Group The Rezayat Group Arabian Construction Co Orascom Construction Plc Saudi Binladin Group M.A. Kharafi & Sons Mubadala Investment Co Saeed & Mohammed Al Naboodah Holding LLC The Arab Contractors Osman Ahmed Osman & Co Combined Group Contracting Co Global 500 Contractors Nesma Holding Co., Ltd. Middle East and Africa Cosider Groupe SpA Average score -28.9 Shikun & Binui Ltd

Source: GlobalData 16 COVID-19 Contractor Impact Index - Key contractors based in China

COVID-19 Contractor Impact Index as of 4th May 2020

-45 -40 -35 -30 -25 -20 -15 -10 -5 0 China National Machinery Industry Corp China General Technology (Group) Holding Ltd Shanghai Electric (Group) Corporation China National Petroleum Corp China National Chemical Engineering Co Ltd China Petrochemical Corp China Energy Construction Group Co Ltd CITIC Group Corp Power Construction Corporation of China China General Nuclear Power Corp China Sinogy Electric Engineering Co Ltd China Minmetals Corp Wison Group Holding Ltd China State Construction Engineering Corp Ltd Shanghai Construction Group Co Ltd Beijing Construction Engineering Group Co Ltd China Huadian Corporation China Construction First Building (Group) Corporation Ltd Shanghai Urban Construction (Group) Corp China Communications Construction Group Ltd Zhongtian Construction Group Co Ltd China Railway Construction Corporation Group Ltd Global 500 Contractors China Railway Engineering Group Company Ltd China CRBC International Co Ltd Average score -14.5 Guangdong ProvIncial Expressway Development Co Ltd

Source: GlobalData 17 COVID-19 Contractor Impact Index - Key contractors based in North-East Asia (Excl. China)

COVID-19 Contractor Impact Index as of 4th May 2020

-50 -45 -40 -35 -30 -25 -20 -15 -10 -5 0 Hanwha Group Toshiba Corp Toyo Engineering Corp Mitsui E&S Holdings Co Ltd Hyundai Engineering & Construction Co Ltd Samsung Group Ssangyong Engineering & Construction Co Ltd Doosan Corporation GS Engineering & Construction Corp Obayashi Corporation Sumitomo Corp Kajima Corp Chiyoda Corp IHI Corp Mitsubishi Group JGC Holdings Corp Daelim Industrial Co Ltd Sumitomo Mitsui Construction Co Ltd Daewoo Engineering & Construction Co Ltd Gammon Construction Ltd SK Holdings Co Ltd Taisei Corp Global 500 Contractors Takenaka Corp North-East Asia (excl China) POSCO Engineering & Construction Ltd Average score -21.4 Shimizu Corp

Source: GlobalData 18 COVID-19 Contractor Impact Index - Key contractors based in Australia, South and South-East Asia COVID-19 Contractor Impact Index as of 4th May 2020

-60 -50 -40 -30 -20 -10 0 Bharat Heavy Electricals Ltd Larsen & Toubro Ltd Tata Projects Ltd Shapoorji Pallonji & Co Ltd Reliance Anil Dhirubhai Ambani Group Hindustan Construction Co. Ltd Yuchengco Group of Companies Punj Lloyd Ltd WCT Holdings Bhd Navayuga Group Sembcorp Industries Ltd PT Total Inti Persad PNC Infratech Ltd Lendlease Corp Ltd Dilip Buildcon Ltd Sadbhav Engineering Ltd Italian-Thai Development PCL Coteccons Group PT PP (Persero) Tbk Downer EDI Ltd Sino-Thai Engineering & Construction Public Co Ltd Global 500 Contractors PT Adhi Karya (Persero) Tbk South and South-East Asia PT Wijaya Karya (Persero) Tbk and Australasia PT Hutama Karya (Persero) Average score -25.5 Fulton Hogan Ltd

Source: GlobalData 19 COVID-19 Contractor Impact Index - Top 200 global contractors

COVID-19 Contractor Impact Index as of 4th May 2020

Global Rank Company HQ Region COVID-19 Impact Index 1 China Railway Construction Corporation Group Ltd North-East Asia -4.6 2 China Railway Engineering Group Company Ltd North-East Asia -4.4 3 China Communications Construction Group Ltd North-East Asia -5.9 4 China State Construction Engineering Corp Ltd North-East Asia -12.0 5 Actividades de Construccion y Servicios SA Western Europe -17.8 6 Larsen & Toubro Ltd South and South-East Asia -44.3 7 Power Construction Corporation of China North-East Asia -17.5 8 Bechtel Group Inc North America -28.5 9 Hyundai Engineering & Construction Co Ltd North-East Asia -30.0 10 ASE Engineering Co Eastern Europe -31.3 11 Kiewit Corp North America -40.1 12 Salini Impregilo SpA Western Europe -14.2 13 Vinci SA Western Europe -22.0 14 McDermott International Inc North America -33.2 15 Stroytransgaz Eastern Europe -24.3 16 Saipem SpA Western Europe -29.1 17 Samsung Group North-East Asia -28.1 18 Shimizu Corp North-East Asia -10.7 19 China Sinogy Electric Engineering Co Ltd North-East Asia -14.0 20 PCL Constructors Inc North America -49.1 21 Skanska AB Western Europe -17.4 22 China National Chemical Engineering Co Ltd North-East Asia -23.1 23 TechnipFMC Plc Western Europe -26.8 24 Fluor Corp North America -37.0 25 Lendlease Corp Ltd Australasia -22.6

20 Source: GlobalData COVID-19 Contractor Impact Index - Top 200 global contractors

COVID-19 Contractor Impact Index as of 4th May 2020

Global Rank Company HQ Region COVID-19 Impact Index 26 China National Petroleum Corp North-East Asia -27.8 27 Petrofac Ltd Western Europe -47.8 28 STRABAG SE Western Europe -15.1 29 Balfour Beatty Plc Western Europe -26.0 30 Bouygues SA Western Europe -25.1 31 AECOM North America -27.4 32 Mosinzhproekt JSC Eastern Europe -9.8 33 Multiplex North America -26.6 34 Tecnicas Reunidas SA Western Europe -37.9 35 China General Nuclear Power Corp North-East Asia -15.3 36 Siemens AG Western Europe -25.9 37 China National Machinery Industry Corp North-East Asia -38.7 38 China Construction First Building (Group) Corporation Ltd North-East Asia -8.1 39 M. A. Mortenson Co North America -28.0 40 Shapoorji Pallonji & Co Ltd South and South-East Asia -38.3 41 Royal BAM Group nv Western Europe -24.6 42 Doosan Corporation North-East Asia -25.0 43 Laing O'Rourke Plc Western Europe -24.0 44 China Minmetals Corp North-East Asia -12.3 45 Shikun & Binui Ltd Middle East and North Africa -2.7 46 Clark Construction Company Inc North America -28.1 47 Maire Tecnimont SpA Western Europe -39.5 48 China Petrochemical Corp North-East Asia -21.3 49 Yapi Merkezi Holding Inc. Eastern Europe -11.5 50 Ferrovial SA Western Europe -13.4

21 Source: GlobalData COVID-19 Contractor Impact Index - Top 200 global contractors

COVID-19 Contractor Impact Index as of 4th May 2020

Global Rank Company HQ Region COVID-19 Impact Index 51 Subsea 7 SA Western Europe -25.7 52 Acciona SA Western Europe -19.8 53 POSCO Engineering & Construction Ltd North-East Asia -12.2 54 Bharat Heavy Electricals Ltd South and South-East Asia -55.7 55 Italian-Thai Development PCL South and South-East Asia -21.5 56 Eiffage SA Western Europe -27.4 57 SK Holdings Co Ltd North-East Asia -13.6 58 Punj Lloyd Ltd South and South-East Asia -30.6 59 Tutor Perini Corp North America -17.0 60 Nordstjernan AB Western Europe -17.0 61 GS Engineering & Construction Corp North-East Asia -23.9 62 General Electric Co North America -30.0 63 PT PP (Persero) Tbk South and South-East Asia -15.7 64 Shanghai Construction Group Co Ltd North-East Asia -11.3 65 Takenaka Corp North-East Asia -12.3 66 The Walsh Group Ltd North America -19.4 67 Shanghai Electric (Group) Corporation North-East Asia -29.4 68 Senaat General Holding Corp Middle East and North Africa -34.8 69 Mitsui E&S Holdings Co Ltd North-East Asia -31.9 70 Mitsubishi Group North-East Asia -20.4 71 Finast Srl Western Europe -16.2 72 BESIX Group SA Western Europe -18.4 73 Consolidated Contractors Co Middle East and North Africa -38.0 74 Suffolk Construction Company Inc North America -29.1 75 Ackermans & Van Haaren NV Western Europe -23.8

22 Source: GlobalData COVID-19 Contractor Impact Index - Top 200 global contractors

COVID-19 Contractor Impact Index as of 4th May 2020

Global Rank Company HQ Region COVID-19 Impact Index 76 PORR AG Western Europe -12.2 77 SNC-Lavalin Group Inc North America -23.3 78 Yuchengco Group of Companies South and South-East Asia -31.8 79 Kajima Corp North-East Asia -21.3 80 WCT Holdings Bhd South and South-East Asia -29.9 81 Alstom SA Western Europe -21.2 82 Mubadala Investment Co Middle East and North Africa -28.5 83 JGC Holdings Corp North-East Asia -19.5 84 Limak Holding Inc Eastern Europe -16.8 85 Taisei Corp North-East Asia -12.9 86 Mota-Engil SGPS SA Western Europe -5.5 87 The Arab Contractors Osman Ahmed Osman & Co Middle East and North Africa -17.0 88 McCarthy Holdings Inc North America -24.9 89 Obayashi Corporation North-East Asia -23.3 90 PT Total Inti Persad South and South-East Asia -24.0 91 Chiyoda Corp North-East Asia -21.2 92 J Murphy and Sons Ltd Western Europe -34.2 93 Beijing Construction Engineering Group Co Ltd North-East Asia -11.3 94 John Wood Group Plc Western Europe -29.5 95 China Energy Construction Group Co Ltd North-East Asia -19.0 96 Mace Group Ltd Western Europe -31.4 97 Implenia AG Western Europe -12.4 98 John Moriarty & Associates Inc North America -29.5 99 M.A. Kharafi & Sons Middle East and North Africa -28.4 100 Daelim Industrial Co Ltd North-East Asia -17.1

23 Source: GlobalData COVID-19 Contractor Impact Index - Top 200 global contractors

COVID-19 Contractor Impact Index as of 4th May 2020

Global Rank Company HQ Region COVID-19 Impact Index 101 Shanghai Urban Construction (Group) Corp North-East Asia -6.5 102 Hindustan Construction Co. Ltd South and South-East Asia -36.0 103 Ronesans Holding AS Eastern Europe -23.5 104 Quanta Services Inc North America -25.0 105 Wilson Bayly Holmes-Ovcon Ltd Sub-Saharan Africa -21.0 106 Petrojet Middle East and North Africa -26.9 107 Fomento de Construcciones y Contratas SA Latin America -15.0 108 Toshiba Corp North-East Asia -41.3 109 Odbinv SA Latin America -21.4 110 Sir Robert McAlpine Ltd Western Europe -32.8 111 Hyundai Heavy Industries Group North-East Asia -43.2 112 Sembcorp Industries Ltd South and South-East Asia -24.7 113 Hoffman Construction Co North America -21.8 114 Fulton Hogan Ltd Australasia -8.4 115 Zachry Construction Corp North America -19.9 116 CITIC Group Corp North-East Asia -18.1 117 Hanwha Group North-East Asia -48.1 118 Obrascon Huarte Lain SA Western Europe -19.2 119 KBR Inc North America -17.1 120 Hensel Phelps Construction Co North America -25.2 121 Archirodon Group NV Western Europe -23.3 122 Kier Group Plc Western Europe -25.0 123 J.E. Dunn Construction Group, Inc North America -26.8 124 Morgan Sindall Group Plc Western Europe -30.9 125 DPR Construction Inc North America -29.5

24 Source: GlobalData COVID-19 Contractor Impact Index - Top 200 global contractors

COVID-19 Contractor Impact Index as of 4th May 2020

Global Rank Company HQ Region COVID-19 Impact Index 126 Sumitomo Mitsui Construction Co Ltd North-East Asia -16.3 127 Veolia Environnement SA Western Europe -42.7 128 ABB Ltd Western Europe -23.0 129 Jacobs Engineering Group Inc North America -17.5 130 EllisDon Corporation North America -38.8 131 Brasfield & Gorrie LLC North America -25.8 132 Gilbane Inc North America -24.1 133 Reliance Anil Dhirubhai Ambani Group South and South-East Asia -37.5 134 PNC Infratech Ltd South and South-East Asia -22.8 135 Dilip Buildcon Ltd South and South-East Asia -22.1 136 IHI Corp North-East Asia -20.6 137 Royal Group Middle East and North Africa -33.3 138 Sacyr SA Western Europe -16.3 139 Galliford Try Plc Western Europe -30.6 140 Aecon Group Inc North America -26.7 141 Daewoo Engineering & Construction Co Ltd North-East Asia -15.9 142 Navayuga Group South and South-East Asia -28.0 143 Sumitomo Corp North-East Asia -21.7 144 Kolin Insaat Eastern Europe -14.6 145 Fayat SAS Western Europe -17.9 146 Graham Group Ltd North America -35.9 147 Cengiz Holding AS Eastern Europe -11.8 148 China Huadian Corporation North-East Asia -8.3 149 The Whiting-Turner Contracting Co North America -26.4 150 Toyo Engineering Corp North-East Asia -32.8

25 Source: GlobalData COVID-19 Contractor Impact Index - Top 200 global contractors

COVID-19 Contractor Impact Index as of 4th May 2020

Global Rank Company HQ Region COVID-19 Impact Index 151 Clayco Inc North America -28.7 152 BIC Contracting LLC Middle East and North Africa -31.7 153 China General Technology (Group) Holding Ltd North-East Asia -35.6 154 PT Adhi Karya (Persero) Tbk South and South-East Asia -13.1 155 Downer EDI Ltd Australasia -14.9 156 Vestas Wind Systems A/S Western Europe -15.1 157 Ssangyong Engineering & Construction Co Ltd North-East Asia -27.2 158 Gammon Construction Ltd North-East Asia -14.2 159 Saeed & Mohammed Al Naboodah Holding LLC Middle East and North Africa -26.6 160 Parsons Corp North America -11.6 161 Sino-Thai Engineering & Construction Public Co Ltd South and South-East Asia -13.3 162 Layton Construction Company LLC North America -29.3 163 Royal Volker Wessels Stevin NV Western Europe -17.7 164 Cosider Groupe SpA Middle East and North Africa -13.9 165 PT Hutama Karya (Persero) South and South-East Asia -8.8 166 Tata Projects Ltd South and South-East Asia -38.7 167 PT Wijaya Karya (Persero) Tbk South and South-East Asia -9.8 168 Spie Batignolles Western Europe -27.6 169 Sadbhav Engineering Ltd South and South-East Asia -22.1 170 Austin Industries Inc North America -23.1 171 New World Development Co Ltd North-East Asia -17.3 172 Orascom Construction Plc Middle East and North Africa -20.0 173 Galfar Engineering & Contracting Middle East and North Africa -64.9 174 Coteccons Group South and South-East Asia -18.5 175 Ayala Corporation South and South-East Asia -37.9

26 Source: GlobalData COVID-19 Contractor Impact Index - Top 200 global contractors

COVID-19 Contractor Impact Index as of 4th May 2020

Global Rank Company HQ Region COVID-19 Impact Index 176 Linde plc Western Europe -26.6 177 Saudi Binladin Group Middle East and North Africa -23.5 178 Heerema International Group Services SA Western Europe -12.2 179 Megha Engineering and Infrastructure Ltd South and South-East Asia -36.3 180 Penta-Ocean Construction Co Ltd North-East Asia -23.4 181 Apco Infratech Pvt Ltd South and South-East Asia -22.1 182 Wates Group Ltd Western Europe -36.1 183 Enppi Middle East and North Africa -25.2 184 Simplex Infrastructures Ltd South and South-East Asia -33.7 185 Hoa Binh Construction Group South and South-East Asia -14.9 186 Granite Construction Inc North America -11.3 187 CRBC International Co Ltd North-East Asia -3.1 188 Gayatri BioOrganics Ltd South and South-East Asia -30.2 189 Ghella SpA Western Europe -15.2 190 Costain Group PLC Western Europe -15.7 191 Al Jaber Group Middle East and North Africa -29.6 192 Wison Group Holding Ltd North-East Asia -12.0 193 ThyssenKrupp AG Western Europe -11.6 194 Egis Group Western Europe -27.6 195 Aveng Ltd Sub-Saharan Africa -19.0 196 Fouad Alghanim & Sons Group of Companies Middle East and North Africa -39.0 197 Woh Hup Holdings Pte Ltd South and South-East Asia -28.8 198 Guangdong ProvIncial Expressway Development Co Ltd North-East Asia -3.1 199 Bilkent Holding AS Eastern Europe -17.5 200 MerweOord BV Western Europe -25.5

27 Source: GlobalData About GlobalData

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