Babcock & Wilcox Enterprises, Inc. · NYSE:BW

Babcock & Wilcox Enterprises — Investor Presentation (December 2015)

11 slides from Babcock & Wilcox Enterprises's investor presentation, December 2015

1. Slide 1: Off-Season Shareholder Engagement

   Off-Season Shareholder Engagement December 2015 © Babcock & Wilcox Enterprises, Inc. All rights reserved. 1

2. Slide 2: B&W was spun off from The Babcock & Wilcox Co on June 30, 2015

   B&W was spun off from The Babcock & Wilcox Co on June 30, 2015 Overview of New B&W Post-Spin Benefits & Opportunities • Global leader in energy and environmental technologies and  Increased management focus on services for the power and industrial markets operations • 2015E Revenue ~$1.7B1  Better

3. Slide 3: Business Segments Align with Growth Strategy

   Business Segments Align with Growth Strategy Three-Pronged Strategy Drives EPS Growth and Shareholder Value Global Services Optimize • Parts and technical services Traditional Business to Align Targeting margin improvement of 200-300 bps • Service projects by 2017, primarily through Global Services

4. Slide 4: Competitive Strengths

   Competitive Strengths Strong Foundation Significant Earnings Upside Great Brand Associated with Quality, Three-Pronged Growth Strategy Reliable Delivery and Innovation Aligned with Businesses Customer and Strategic Technology Leader in Partner Relationships Global Power Generation Established Platfo

5. Slide 5: Strong Leadership through Spin and Beyond

   Strong Leadership through Spin and Beyond Successful Track Record of Executing Strategic Priorities and Creating Shareholder Value Jim Ferland, Chairman and CEO Jim Ferland joined The Babcock & Wilcox Company (BWC) in April 2012 as President and Chief Executive Officer. Before that, he served as Pre

6. Slide 6: Well Qualified and Diverse Board of Directors

   Well Qualified and Diverse Board of Directors Continuing Board Members New Board Members Jim Ferland Cynthia Dublin Chairman and CEO Finance Director Babcock & Wilcox Enterprises JKX Oil & Gas Brian Ferraioli Anne Pramaggiore EVP and CFO President and Chief Executive Officer KBR ComEd Thomas Christo

7. Slide 7: Executive Compensation Program Puts Majority of Pay at Risk

   Executive Compensation Program Puts Majority of Pay at Risk B&W seeks to provide reasonable and competitive compensation within a “pay-for-performance” framework Compensation program is designed to: Alignment with Shareholder Interests 1 Incent and reward annual- and long-term performance Compensati

8. Slide 8: Elements of 2016 Executive Compensation Program

   Elements of 2016 Executive Compensation Program Element Description / Characteristics Performance Metrics Primary Objectives Base • Attract and retain qualified • Annual fixed cash compensation -- Salary talent • 70% Operating Income and • Cash-based compensation • Incent and reward annual Free Cash

9. Slide 9: Compensation Best Practices

   Compensation Best Practices “Pay-for-performance” philosophy emphasizes compensation tied to creation of  shareholder value  Annual CEO performance evaluation process by independent directors  Double-trigger on change-in-control in equity plans  Thorough process for setting rigorous performance

10. Slide 10: Safe Harbor Statement

    Safe Harbor Statement Forward-looking statements. Babcock & Wilcox Enterprises, Inc. (“B&W”) cautions that this presentation contains forward-looking statements, including, without limitation, statements relating to backlog, to the extent it may be viewed as an indicator of future revenues; manageme

11. Slide 11: © Babcock & Wilcox Enterprises, Inc. All rights reserved.

    © Babcock & Wilcox Enterprises, Inc. All rights reserved. 11

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