FINCANTIERI Investor Presentation Trieste, May 2019 Safe Harbor Statement This Presentation contains certain forward-looking statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes," "expects," "predicts," "intends," "projects," "plans," "estimates," "aims," "foresees," "anticipates," "targets," and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources, are solely opinions and forecasts reflecting current views with respect to future events and plans, estimates, projections and expectations which are uncertain and subject to risks. Market data used in this Presentation not attributed to a specific source are estimates of the Company and have not been independently verified. These statements are based on certain assumptions that, although reasonable at this time, may prove to be erroneous. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. If certain risks and uncertainties materialize, or if certain underlying assumptions prove incorrect, Fincantieri may not be able to achieve its financial targets and strategic objectives. A multitude of factors which are in some cases beyond the Company’s control can cause actual events to differ significantly from any anticipated development. Forward-looking statements contained in this Presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. No one undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Market data used in this Presentation not attributed to a specific source are estimates of the Company and have not been independently verified. Forward-looking statements speak only as of the date of this Presentation and are subject to change without notice. No representations or warranties, express or implied, are given as to the achievement or reasonableness of, and no reliance should be placed on, any forward-looking statements, including (but not limited to) any projections, estimates, forecasts or targets contained herein. Fincantieri does not undertake to provide any additional information or to remedy any omissions in or from this Presentation. Fincantieri does not intend, and does not assume any obligation, to update industry information or forward-looking statements set forth in this Presentation. This presentation does not constitute a recommendation regarding the securities of the Company. Declaration of the Manager responsible for preparing financial reports The executive in charge of preparing the corporate accounting documents at Fincantieri, Felice Bonavolontà, declares that the accounting information contained herein correspond to document results, books and accounting records. 2 Table of Contents Section 1 Fincantieri at a Glance Section 2 Historical Financial Performance Section 3 Business Overview and Market Dynamics Carnival Vista Carnival Cruise Lines “ECO Notation” by Lloyd‘s Register for exceeding environmental standards Section 1 Fincantieri at a Glance FREMM “Alpino” Italian Navy Best in class in terms of endurance Fincantieri at a glance #1 Western designer & shipbuilder(1) with 230 years of history & >7,000 ships built Norway • 5 shipyards 20 shipyards € 5,474 mln revenues 4 continents Romania China • 2 shipyards ~ € 33.8 bln total backlog(2) • 1 Joint Venture ~ 19,300 employees • € 25.5 bln backlog USA ~ 80,000 subcontractors • € 8.3 bln soft backlog UAE • 3 shipyards Vietnam Revenues by geography • 1 Joint Venture • 1 shipyard Employees by location Italy 18% Brazil Italy Italy • 1 shipyard 45% € 5.5 bln • 8 shipyards RoW ~19,300 RoW 55% 82% Note: all figures reported at December 31, 2018 Corporate/BU headquarters (1) By revenues, excluding naval contractors in the captive military segment. Based on Fincantieri estimates of shipbuilders’ revenues in 2016 (2) Sum of backlog and soft backlog; soft backlog represents the value of existing contract options and letters of intent as well as contracts in advanced Shipyard Joint Venture negotiation, none of which yet reflected in the order backlog Operating subsidiary Representative / Sales office 5 Creation of an international leading player with a well diversified product portfolio 2002 2008 2010-2011 2013 2014 2017 2018 Business Plan 2018- Italian-French 2022 IPO shipbuilding alliance Diversification into Restructuring of Offshore • Presentation of a 5 Expansion in the • Launch of a French- years Business Italian operations • After the acquisition New Management U.S. Italian roadmap to Plan in the context • Acquisition of the of FMG and VARD, team strengthen both of the release of FY • The Group showed a controlling stake in Fincantieri became a • Expansion of client cruise and naval 2017 results strong ability to STX OSV (renamed truly international defence cooperation • Since 2002, new base and product anticipate the effects Vard), operating in player with global paving the way for • The Plan builds on management team portfolio of the global financial the construction of operations and a the creation of a four key pillars (long stepping in, leading • Organic growth crisis high-end offshore diversified consolidated term visibility, new the Group to a complemented also support vessels business mix horizons and • Through the European radical by the acquisition of markets, innovation, restructuring of • Continued organic • The Company Shipbuilding transformation three US based streamlined Italian operations, growth with new BU started to be listed Industry based on a growth shipyards (controlled production) to Fincantieri increased dedicated to logistic on the Milan Stock strategy focused on by FMG) allowing support growth and its operating support and after- Exchange on July 3, diversification and the Group to get profitability efficiency, sales services 2014 internationalization access to a large expanded its foreign naval activities and market strengthened its competitive position +73% (2002-2013) +45% (2013-2018) Revenues € 2.2 bln € 3.8 bln € 5.5 bln +35% (2002-2013) +215% (2013-2018) Backlog € 6.0 bln € 8.1 bln € 25.5 bln 6 Consolidated positioning in Fincantieri’s reference markets End markets Main products Comments Revenues 2018(1) Backlog(2) Cruise • All cruise ships • A world leader in the design and construction (from large contemporary ships to of vessels for all segments of the cruise €3,226 small luxury and expedition ships) industry mln 53.7% Naval • All surface vessels (also stealth) • Sole supplier for Italian Navy(3) • Support & Special vessels • One of key suppliers for US Navy & Coast € 23,714 mln (4) Guard €1,434 (69 ships) Shipbuilding • Submarines mln • Key supplier for Qatar Emiri Naval Forces and one of the key suppliers for UAE Navy 23.9% Other • Ferries • Focus on the design and construction of: • Mega-yachts − High tech ferries − Large mega-yachts €18 mln5 0.3% • OSV • Offshore wind • Traditionally focused on the design and 11.3% Offshore & • Fishery • OPV construction of offshore support vessels € 987 mln • Ferries • Special vessels • Recent diversification into new segments €681 (29 ships) Specialized mln Vessels (fishery, ferries, OPVs, special vessels) • Marine systems, components & • Design and manufacturing of high-tech 10.8% Equipment turnkey solutions equipment & systems € 1,638 mln Systems & • Ship interiors • Full range of repair & conversion services, €651 mln Services • Naval services logistical support and after sale services • Ship repairs & conversions • Insourcing of critical components (1) Before eliminations and consolidation adjustments (2) As of December 31, 2018 excluding eliminations (€ 815 mln) (3) For all the large ships and excluding minesweepers and small ships below 45 m in length (4) For medium size ships, e.g. patrol vessels and corvettes (5) Revenues from other activities 7 Diversified client base with long standing relationships, unrivalled track record & technological leadership Key clients and relationships Track record Cruise (2) (1) • 87 ships delivered from 1990 to 2018 • Proven track record of • 7 ships delivered in FY 2018 on-time, on-budget deliveries Shipbuilding Naval Italian Navy United Arab Qatar Emiri • Strong technological Emirates • 122(3) ships delivered from and Coast Naval Forces know-how and design Guard Navy 1990 to 2018 skills: Algerian Indian • 6 ships delivered in FY 2018 ‒ ~ 100 prototypes US Navy Navy Navy delivered in the last 15 years (4) • Strong commitment to Offshore & • 399 ships delivered from R&D: Specialized 1990 to 2018 ‒ ~ 90 projects ongoing Vessels • 22 ships delivered in FY 2018 ‒ 2015-2018 expenditure > € 400 mln Italian Navy United Arab Qatar Emiri Equipment and Coast Emirates Naval Forces Guard Navy • Strong revenue growth to Systems & Services US Navy € 651 mln in 2018 (1) Parent company of several brands: Carnival Cruise Lines, Costa Crociere, Cunard, Holland America Line, P&O Cruises, Princess Cruise Lines and Seabourn Cruise Lines (2) Parent company of several brands: Norwegian Cruise Line, Oceania Cruises, Regent Seven Seas Cruises (3) Includes other products delivered by Naval business unit. Includes US subsidiaries