Overview

Winter / Spring 2017

| Copyright © 2017 AVEVA Solutions Limited and its subsidiaries. All rights reserved.
This presentation may include predictions, estimates, intentions, beliefs and other
statements that are or may be construed as being forward-looking. While these forward-
looking statements represent our current judgment on what the future holds, they are
subject to risks and uncertainties that could result in actual outcomes differing materially
from those projected in these statements. No statement contained herein constitutes a
commitment by AVEVA to perform any particular action or to deliver any particular
product or product features. Readers are cautioned not to place undue reliance on these
forward-looking statements, which reflect our opinions only as of the date of this
presentation.
The Company shall not be obliged to disclose any revision to these forward-looking
statements to reflect events or circumstances occurring after the date on which they are
made or to reflect the occurrence of future events.

| Copyright © 2017 AVEVA Solutions Limited and its subsidiaries. All rights reserved.
 Overview of Aveva

• AVEVA is a leading global provider of engineering

information management software
Reinvestment in organic growth
• We give customers the power to create, visualise
and manage their assets digitally, which
significantly lowers their Total Cost of Ownership EMEA
throughout their assets lifecycles FY16 Revenue
£101.6m
Asia Pacific
• 4,000 customers across industries including Oil Americas FY16 Revenue

& Gas, Marine, Power and Chemicals & FY16 Revenue

£71.6m

Petrochemicals
Value accretive acquisitions
£28.3m

• 1,700 employees with offices in 30 countries,

including 660 employees in R&D
• Strong financial model with 76% recurring
revenue, >20% ROCE and >100% conversion of
net profit into cash

Revenue numbers for FY 2016

3
 Platform for growth

Fundamentally Long-term Strong

50 years of Strong global business
strong end customer
innovation franchise model
markets relationships

4
 Organic growth drivers

End market drivers High growth markets

• Recovery in Oil & Gas • North America
• Power • China
• Growth pockets in • India
Marine, e.g. Naval

Organic growth

Focus on customers Product cycle

• Expansion in Owner • AVEVA E3D
Operators • MT3D initiative
• Diversification into new
markets

5
 Our customers

Customer base includes many of the

world’s leading organisations

c.4,000 customers

No customer >5% of revenue

Top-10 customers <20% of revenue

6
Our Strategy
 Strategic foundations

MT3D Substantial cross-selling opportunity

Regulatory compliance and operational efficiency

Owner Operators

High growth and strategic significance

Growth Markets

Extend presence across all process industries

Broaden Market Exposure
Unify applications onto common platform
SaaS and the Cloud

8
 More than 3D (‘MT3D’)

Add more value to customers’ projects, increasing AVEVA’s revenues throughout the lifecycle of an asset

Top-10 Customers (FY 2016): Products Used

• Long-term MT3D strategy:
Top 10 Plant Marine
• Upsell opportunity into installed base customers 3D 3D
Laser 2D IM*

1
• Single digital asset platform
2
• Enable this platform in the Cloud 3
4
5
6
7
8
9
10
*Information Management

9
 Owner Operators

Using knowledge gained through integrated engineering and design AVEVA can be the best solution
provider for brownfield and large capex projects

Estimated Relative EPC

• Significant incremental revenue opportunity AVEVA EPC vs. OO
vs. OO Market Size
Revenue (FY 2016)
• Most cost-effective platform for brownfield
projects
• Information management solutions OO
provide reliable, available information
• Digital asset strategy platform for whole OO
lifecycle management EPC EPC

10
 Growth markets

A growth market for AVEVA is defined as one that is experiencing high economic growth or is
strategically significant

• Continue to expand our reach within key growth

markets to drive the highest levels of customer
support GDP ($ trillion) versus % of AVEVA Revenue
(FY16)
• Investment in our regional teams 20
• Strengthen our partner ecosystem to build new
channels 15 14% 51%*

10

0
North America EU

*EMEA

11
 Broaden market exposure

The AVEVA concept of a Digital Asset to mirror the

physical one is applicable in adjacent markets

• Significant opportunities to scale

outside of traditional Oil & Gas and
Marine markets

12
 SaaS and the Cloud

Strategy to transition applications to a unified platform will improve our ability to sell the
whole portfolio

• Opportunity to address smaller EPC

customers and sell more to existing
customers
• AVEVA is technologically SaaS ready
• The pace of our journey towards the Cloud
is dictated by customer demand
• Launch of our Cloud platform – AVEVA
Connect™ and AVEVA NET Connect™ in 2016
• Cloud version of AVEVA E3D being use case
tested by customers

13
Our Products
 Overview of our products

• Market leading position in 3D design and engineering management across

Proportion of Group Revenue (FY2016)
the process industries
• Particular strength in Oil & Gas, Shipbuilding, Power, Refining,
Petrochemicals & Chemicals, Paper & Pulp and Mining & Metal
• 3D design business has experienced a short-term cyclical contraction
associated with the low oil price, while MT3D initiatives have delivered
significant growth MT3D

• Differentiated products with lower total costs of ownership (both in short- Plant 3D
term and long-term) and shorter time to value
Marine
• Technology: Asset centric database specifically built for our end markets; 3D
unique technologies; superior quality of deliverables
• Business processes: All engineering disciplines brought into one common
database; global workshare and collaboration; on premise or Cloud enabled
• People: Customers need less people to start-up and run with AVEVA’s tools

Life Cycle of Plant Assets

Conceptual Design FEED Detailed Design Construction Operations Decommissioning

15
 3D

• Market leading design tools to create industrial assets Revenue by Product Area (FY 2016)
• Reduces project start-up and implementation times and costs
• Users include:
• 9 out of 10 of the leading global Oil & Gas EPCs MT3D
• 9 out of 10 of the world’s leading ship builders
• 60% of the largest Oil & Gas companies
3D &
• Migration to AVEVA Everything 3D is in line with our launch E3D
expectations and improving the 3D price point
• Significant growth opportunities in adjacent markets

Recent Medium- New market

market term opportunity
growth market
outlook

16
 More than 3D (‘MT3D’)

• Product suite designed to increase share of spend over the Revenue by Product Area (FY 2016)
whole lifecycle of industrial assets and address adjacent
markets
• Engineering Information Management
• Enterprise Resource Management MT3D
• Schematics (2D)
• Laser scanning 3D &
• Steel fabrication AVEVA
E3D
• Strong cross-selling opportunity
• Significant market growth opportunities

Growth in Contribution from MT3D Products

100%
80% Recent Medium- New market
60% market term opportunity
40% growth market
outlook
20%
0%
FY 2014 FY 2014 FY 2016 H1 2017
MT3D 3D

17
Our markets
 Oil & Gas

• Heritage is in upstream, offshore projects

• Industry capex has declined for two consecutive years
Proportion of Group Revenue
• Gradual recovery expected post OPEC agreement as inventories reduce
• Supply chain costs have fallen, making projects feasible at lower prices
• Customer base is now much more diverse

E&P Capital Spend vs. Brent Crude Oil &

800,000 160 Gas
Other
E&P Capital Spending $m

Brent Crude $
600,000 120

400,000 80

200,000 40

0 0
Recent Medium-term
market market outlook
growth
E&P Capital Spending Brent Crude

Source: Barclays Research

19
 Marine

• Decline in shipbuilding following the boom in production to 2010

Proportion of Group Revenue
• Oversupply is expected to continue in the short to medium-term
• AVEVA licences are at the core of shipyards’ capabilities and are
maintained through cycles leading to robust recurring revenue
• Significant opportunities in specialist sectors (e.g. Naval, cruise
ships) Marine

• Some correlation to Oil & Gas capex recovery (e.g. FPSOs)

Other
AVEVA Recurring Revenue vs. Active Shipyards
1,000 40
900
Active Shipyards Globally

Marine recurring revenue (£m)

800
30
700
600
500 20
400
300
10
200
100
0 0 Recent market Medium-term
growth market outlook
2010

2011

2012

2013

2014

2015

2016

Source: Clarksons Research

20
 Power and Utilities

• Strong growth opportunity with major recent new customer wins

• Nuclear power is a key segment Proportion of Group Revenue
• AVEVA technology is being used in the Hinkley Point & Wylfa
projects here in the UK Power &
Utilities
• Significant new orders from nuclear companies in the US and
South Korea
• Power generation demand is increasing in developing markets
• Ageing facilities are being replaced in more mature markets

Other
Global Power Generation (Trillion kWh)
40
35
30
25
20
15
10
5
Recent market Medium-term
0 growth market outlook
2012

2020

2025

2030

2035

Source: US Energy Information Administration

21
 Chemical & Petrochemical

• Refining
• Low oil price gave the refining sector a significant margin Proportion of Group Revenue
boost, but has resulted in high utilisation, oversupply in refined
fuel and a slowdown in new projects
• Long-term refining outlook is positive with India, China and Refining,
Asia remaining the main sources of new capacity additions Chemical &
Petrochemical

• Petrochemical
• Major expansion occurring in the Middle East and Asia
• US also seeing expansion following the shale boom
Other

• Chemical
• Output is expected to regain momentum in 2017 in regions
such as the US following slower than expected growth in 2016
• European output is forecast to increase marginally

Recent market Medium-term

growth market outlook

22
 Other markets

• Fabrication
• We have grown our revenues in this market through the acquisition
of Bocad and FabTrol
Proportion of Group Revenue
• Segment growth expected in this growing market
Other markets

• Paper & Pulp

• Global market growth remains subdued with the exception of China

• Mining
• Signs of recovery in 2016 with the industry expected to stay on this Core
markets
path in 2017

• Pharma
• Good discrete market for AVEVA, where AVEVA tools are used to
deliver projects from within our core EPC customer base

Recent market Medium-term

growth market outlook

23
Financial strategy
 Financial strategy

• Delivering long-term shareholder value

• Strategies driving top-line growth
Core market
• Fundamentally strong and growing end growth over
markets the cycle

• A business model that secures

recurring revenue and strong cash flow Growing cash Strategic
returns to growth
• Cost discipline balanced with investing shareholders initiatives
for future growth

• Clear strategy for how we will utilise

cash resources Re- Right to use
investment licensing
in R&D and model and
value high %
enhancing recurring
M&A revenue

25
 Delivering long-term value for shareholders

• AVEVA has delivered long-term growth

• Shorter-term revenues have been impacted by changes in the oil price and related
capital expenditure within the Oil & Gas industry
• Progressive dividend policy
• Long-term TSR outperformance has been supported by high ROCE and cash returns

AVEVA Group Revenue (£m) Versus Brent Crude AVEVA Indexed TSR vs. UK Market
350
250 200
300
Group Revenue £m

200
Brent Crude price $
150 250
150 200
100
100 150
50 100
50
50
0 0 AVEVA FTSE AllShare
0
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016

Group Revenue Brent Crude

Spot price

26
 Strategies driving top-line growth

Revenue % from MT3D Products

More Than 3D
100% • As AVEVA has expanded the technology suite beyond 3D, we have
80% created an exciting cross-sell opportunity
60%
• Since 2014 MT3D revenue, as a proportion of total revenue, has grown
40%
from 20% to >25%
20%
0% • This will have a compounding effect in growing end markets
FY 2014 FY 2014 FY 2016 H1 2017
MT3D 3D
AVEVA Everything3DTM
Revenue by Product (FY 2016)
• Our Plant customers continue their transition to AVEVA E3D. The level
of transitions to date are in line with our expectations
• In H1 2016/17, AVEVA E3D revenue doubled that of the same period in
2015/16
Other Plant • In 2015/16 AVEVA E3D was just less than 10% of total revenue
3D
• We estimate that AVEVA E3D is currently c.20% penetrated into our
Plant 3D installed base

27
Strategies driving top-line growth (continued)

Revenue by Customer Type (FY 2016) Owner Operators

OO • Strong growth in Owner Operators revenue in recent years

following sustained strategic focus
• The launches of AVEVA Engage and AVEVA NET Connect
have attracted interest from OOs
EPC

High growth markets

• AVEVA remains under-weight in North America and there is

a strategic opportunity for market share gains. The team is
in place for further competitive wins
• The fundamentals of the markets of Middle East, China and
India present medium-term growth opportunities

28
 Fundamentally strong and growing end markets

• AVEVA has exposure to sectors that are growing over the long-term as world GDP and
demand for energy and power increases
• Capital expenditure on Oil & Gas projects is expected to increase as the oil price stabilises
and recovers

• AVEVA has achieved material

growth outside of the Oil & Gas /
Marine sectors (e.g. Power, -28% -10% +24%
Chemicals)

29
AVEVA’s financial model

• ‘Right to use’ licensing model driving high

recurring revenue Recurring revenue
• Mandatory annual fees creating stickiness 76%
even in market troughs
• Payment ‘up-front’ leading to reliably high
cash conversion – typically 100%
• Customers pay more for a more flexible Price
licence point
User based licensing SaaS / Cloud

Rental (term) licenses

Initial / Annual licensing

Degree of license flexibility

30
 Cost base drivers

• AVEVA is scalable within the current cost base

• Restructuring has increased efficiency in R&D AVEVA’s Cost Base Evolution

• Investment has been made in Selling & Distribution, 200
where local technical teams have grown to support a
broader technology portfolio 150

• Tight focus on administrative cost control 100

• Modest annual cost inflation expected
50
• Improved sales could see some performance related
costs increase 0
2012 2013 2014 2015 2016

COGS R&D Selling & Dist Admin

31
 Uses of cash

• £280m invested in R&D over the last decade

Reinvestment in organic growth • R&D costs are not capitalised

• We examine acquisitions that further our strategic priorities

Value accretive acquisitions
• Acquisitions expected to enhance AVEVA’s long-term earnings and
Value accretive acquisitions
cash flows and deliver a return on capital that is materially ahead
of our cost of capital

Return of cash to shareholders

• AVEVA has delivered a 19% CAGR in ordinary dividends over the
last decade
Return of cash to shareholders
• Additional returns to shareholders are considered, when cash
resources exceed value enhancing organic and M&A growth
opportunities

32
H1 2017 Results
 Income statement

Sept 2016 Sept 2015

Change
£m £m
Revenue 84.3 82.0 3%
Total costs* 75.2 72.7 3%
Adjusted* profit before tax 9.1 9.3 (2%)

Exceptional items (0.1) (7.0)

Other normalised adjustments* (3.5) (3.1)
Reported profit before tax 5.5 (0.8)

Adjusted* diluted EPS 9.92p 10.06p (1%)

Constant currency revenue 76.8 82.0 (6%)
Constant currency adjusted* profit
5.9 9.3 (37%)
before tax

* Adjusted profit before tax, total costs and adjusted diluted earnings per share are calculated before amortisation of intangible assets
(excluding other software), share-based payments, gain/loss on the fair value of forward foreign exchange contracts and exceptional items. In
addition, adjusted diluted earnings per share has been adjusted for the tax effects of the items adjusted.

34
 Resilient recurring revenue

Sept
Sept 2016 Sept Constant
2016 Constant 2015 Change currency*
£m currency* £m Change
£m
Annual fees 34.7 31.4 30.6 13% 3%
Rental licence fees 29.4 27.1 31.2 (6%) (13%)
Recurring revenue 64.1 58.5 61.8 4% (5%)
Initial licence fees 11.6 10.3 11.2 4% (8%)
Training & services 8.6 8.0 9.0 (4%) (11%)
Total 84.3 76.8 82.0 3% (6%)

Highlights
• Reported revenues +3% at £84.3m
• Constant currency revenues –6% at £76.8m
• Recurring revenue stable at 76%

* Revenue on a constant currency basis is defined as the period’s reported revenue restated to reflect the previous
year’s average exchange rates

35
 Operating costs

Control of operating costs*

Sept 2016
Constant
Sept 2016 constant Sept 2015
Change currency
£m currency £m
change
£m
Cost of sales (6.7) (6.2) (6.9) (3%) (10%)
Research & development (13.2) (12.6) (13.2) 0% (5%)
Selling & distribution (41.8) (38.7) (38.7) 8% 0%
Administrative (13.8) (13.7) (13.9) (1%) (1%)
Total costs (75.5) (71.2) (72.6) 4% (2%)

£1.5m
Annualised savings

Annualised savings relating to the £2.0m exceptional restructuring costs

* After adjusting for amortisation of intangible assets (excluding other software), share-based payments, gain/loss on the fair
value of forward foreign exchange contracts and exceptional items

36
 Exceptional items

Sept 2016 Sept 2015

£m £m
Restructuring costs 2.0 2.2
Acquisition and integration costs – 4.6
Indemnified receivable claim – 8over8 (1.8) –
Interest on sales taxes exposure (0.1) 0.2
Net charge 0.1 7.0

• Continuation of office and headcount rationalisation programme

• 2015 acquisition and integration costs relate to the aborted transaction with
Schneider Electric

37
 Balance sheet

Sept 2016 Sept 2015

£m £m
Non-current assets 89.3 90.5
Accounts receivable (net of provision) 39.2 40.6
Other receivables 16.4 11.3
Net cash and deposits 124.4 105.7
Total assets 269.3 248.1

Other liabilities 34.7 30.9

Deferred revenue 37.6 35.1
Pensions liability 5.2 8.0
Shareholders’ equity 191.8 174.1
Total shareholders’ equity and liabilities 269.3 248.1

38
 Regional execution: Asia Pacific

Sept Sept
2016 2015 Change
Asia Pacific £m £m
£29.7m Regional revenue 29.7 28.1 6%
Regional costs (13.8) (13.7) 1%
(2015 - £28.1m)

Regional contribution 15.9 14.4 10%

Performance Focus
• Strong performance in Japan / South • Improved performance in
Korea, Malaysia and Singapore H2 for China
• Annual fees maintained – represents
>50% of regional revenue
• Revenue declined 6% in constant
currency terms

39
 Regional execution: EMEA

Sept Sept
2016 2015 Change
£m £m
EMEA
£42.1m Regional revenue 42.1 41.8 1%
(2015 - £41.8m) Regional costs (20.4) (19.7) 4%
Regional contribution 21.7 22.1 (2%)

Performance Focus
• Growth in Norway, France, Germany and • Continue to upsell into the
Italy, Russia weaker installed base
• Strong renewals and expanded AVEVA • Secure renewals in H2
footprint
• Overall revenue declined 6% in constant
currency terms

40
 Regional execution: Americas

Sept Sept
2016 2015 Change
£m £m
Americas
£12.5m Regional revenue 12.5 12.1 3%
(2015 - £12.1m) Regional costs (10.1) (9.3) 9%
Regional contribution 2.4 2.8 (14%)

Performance
• 33% growth in North America, with
important wins against the competition
• Owner Operator strategy reaping rewards
• Overall revenue declined 6% in constant
currency terms
Focus
• Continue to focus on Owner
Operators in North America
• Power is a key opportunity

41
Appendices
 Major currencies

% of Apr-Sep Average rate Average rate Delta Impact on

Currency
16 revenue Apr-Sep 15 Apr-Sep 16 (B / A) revenue
EUR 1.39 1.22 (11.9%)
NOK 12.30 11.39 (7.4%)
RUB 89.30 89.63 0.4%
EMEA 50% +7.5%
CNY 9.53 9.06 (5.0%)
INR 98.86 91.94 (7.0%)
JPY 187.67 144.60 (22.9%)
KRW 1,746.95 1,570.32 (10.1%)
AUD 2.03 1.83 (10.9%)
Asia Pacific 35% +12.8%
USD 1.54 1.37 (10.9%)
BRL 5.09 4.65 (8.7%)
MXP 24.45 25.22 3.4%
Americas 15% +9.9%
Total 100% +9.7%

43
 Definition of terms

Item Definition Item Definition

Initial Licence Fee (ILF) - users are charged an initial licence fee per seat
Initial Licence Fee AEC Architecture, engineering and construction
together with an obligatory annual fee.
Charged in association with an ILF providing customer support and Engineering, Procurement & Construction
EPC
Annual Fee maintenance, which includes core updates. Users must pay the annual fee company
in order to maintain the right to use the software. OO Owner-operator company
An alternative to the ILF plus annual fee model, there are three different
More than 3D: refers to the software applications
Rental licence types of rental licence: Monthly invoicing, contractual period (typically one
in the AVEVA portfolio that sit outside of the core
year, invoiced up front) or token licensing. MT3D
3D platforms, PDMS and AVEVA E3D. This
The user pays for a 'basket of tokens' representing licences to use
includes AVEVA NET
Tokens different software products over a defined period of time. The customer
can draw down on these licences as required. ERM Enterprise Resource Management
ILFs – recognised upfront after usual delivery and acceptance conditions OIM Operations Integrity Management
are met. Annual fees – recognised ratably over the period (typically 12
AVEVA Everything3D™, the next generation 3D
months). Rental licences - an estimated licence element is recognised up AVEVA E3D™
Revenue recognition design platform from AVEVA.
front, and the remaining maintenance element is recognised ratably over
the contracted period. Services are recognised on a percentage complete BIM Building Information Modelling
basis. Strategic incentive to standardise the sales
The sales force is organised into three geographic regions. Revenue is process of holistic AVEVA Solutions across all
‘One AVEVA’
Revenue by allocated based on where the contracting entity of the customer is based. industry sectors. (current wording exposes
geography AVEVA's Global Accounts often choose to purchase software in one historic internal politics)
geography for use in another. Integrated Engineering & Design portfolio that
AVEVA enables highly productive and collaborative
Recurring revenue Annual fees plus rental fees.
IE&D™ working across multiple engineering and design
Profit Before Tax adjusted to exclude the effects of amortisation of
disciplines.
Adjusted PBT intangibles (excluding software), share-based payments, gain/loss on fair
value of forward foreign exchange contracts and exceptional items.
The period’s reported result restated to reflect the previous year’s average
Constant currency
exchange rates, for the purpose of a constant currency comparison.
Adjusted PBT is used to calculate the adjusted earnings per share, after an
Adjusted EPS
adjustment for the tax effect of the items adjusted.
Cash flow from operations divided by the operating profit for the period,
Cash conversion
measured as a percentage.

44
About AVEVA
AVEVA software and services enables our customers to solve the world’s most
complex engineering and design challenges. Discover how we can help you
redefine engineering possibilities to successfully create and manage world-class
capital-intensive assets. Headquartered in Cambridge, England, AVEVA employs
more than 1,600 staff in 50 offices around the world.

AVEVA.COM

| Copyright © 2017 AVEVA Solutions Limited and its subsidiaries. All rights reserved.