CJS Securities16th Annual New Ideas for the New Year

January 13, 2016

Safe Harbor

1

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward looking statements. The Company makes forward-looking statements in this presentation that represent the Company’s beliefs or expectations about future events or financial performance. These forward-looking statements are based on information currently available to the Company and on management’s beliefs, assumptions, estimates and projections and are not guarantees of future events or results. When used in this presentation, the words “anticipate,” “estimate,” “believe,” “plan,” “intend,” “may,” “will” and similar expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. Such statements are subject to known and unknown risks, uncertainties and assumptions, including those referred to in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 as filed with the Securities and Exchange Commission on March 2, 2015 and in the Company’s subsequent Quarterly Reports on Form 10-Q. In light of these risks, uncertainties and assumptions, the forward-looking events discussed may not occur. In addition, the Company’s actual results may vary materially from those anticipated, estimated, suggested or projected. Except as required by law, the Company does not assume a duty to update forward-looking statements, whether as a result of new information, future events or otherwise. Investors should, however, review additional disclosures made by the Company from time to time in its filings with the Securities and Exchange Commission. Please use caution and do not place reliance on forward-looking statements. All forward-looking statements made by the Company in this presentation are qualified by these cautionary statements.

In addition, some of the market and industry data and forecasts included in this presentation are based upon independent industry sources. Although we believe that these independent sources are reliable, we have not independently verified the accuracy and completeness of this information.

Aegion®, Insituform®, the Aegion® logo, United Pipeline Systems®, Bayou Companies®, Corrpro®, Fyfe®, Fibrwrap®, Tyfo®, Brinderson®, CRTS®, CCSI®, Schultz™ and our other trademarks referenced herein are the registered trademarks of Aegion Corporation and its affiliates.

Underground Solutions® is the registered trademark of Underground Solutions, Inc.

INFRASTRUCTURE SOLUTIONS CORROSION PROTECTION ENERGY SERVICES

Primary Markets

Municipal Water/Wastewater,

Industrial PipelinesOil, Gas, Mining Pipelines

Refineries, Upstream Facilities, Water Treatment Plants, Industrial Facilities

Revenues

$421.2 millionLevel with prior year period(includes revenues from restructured

markets in prior year period)

$329.2 millionLevel with prior year period

$252.5 million+11.8%

AdjustedOp Income

$43.6 million

+53.8%

$8.8 million

-49%

$4.9 million

-54.2%

AdjustedOp Margin

10.3%

+360 bps

2.7%

-250 bps

1.9%

-280 bps

Areas of strength helped to offset challenging upstreammarkets in the first nine months of 2015

2

Reconciliation of non-GAAP adjusted results can be found in the Appendix

Revenues$1.0B (+2.4%)

Adjusted Operating Income $57.3M (+1.6%)

Non-GAAP EPS$0.92 (+3.4%)

Consolidated

Q4’15 non-GAAP EPS expected to be in line with 2Q’15 results

Infrastructure Solutions gross margin expansion offseta large portion of the impact from lower oil prices

3

15.0%12.7%

YTD Sep '14 YTD Sep '15

Energy ServicesGross Margins

-190 bps

23.7%21.4%

YTD Sep '14 YTD Sep '15

Corrosion ProtectionGross Margins

-230 bps

23.6% 25.8%

YTD Sep '14 YTD Sep '15

Infrastructure SolutionsGross Margins

+220 bps

• Insituform North America expanded gross margins

• Fyfe/Fibrwrap gross margins exceeded 40%

• Infrastructure Solutions benefited from the 2014 Restructuring activities in the affected international markets

• Gross margins for United Pipeline Systems were down significantly because of reduced spending in the North America upstream market

• Delayed work releases and later start of large AC mitigation project in Canada negatively impacted margins in the third quarter

• Significant margin difference between current lower margin onshore project in Chile and the higher margin offshore Saudi Aramco Wasit project completed in 2014

• Gross margins below 15% target:‒ Downstream margins met expectations on

increased maintenance services and turnaround activity

‒ Reduced upstream volume compressed margins

• Gross margins improved in the Permian Basin due to improved execution and proper resource allocation to match project activity

Executing well in a strong market environment

Challenging upstream market conditions Favorable downstream market contrasts with upstream challenges

Infrastructure Solutions enhances customer solutions with addition of Underground Solutions the pressure pipe rehabilitation market

4

Markets

Global municipal water, wastewater, and industrial pipelines, commercial buildings and other infrastructure in North America, Asia and Europe

Services

Wastewater pipeline rehabilitation, pressure pipe rehabilitation and strengthening, seismic protection, building change of use, structural strengthening for aging bridges and waterfront rehabilitation and storm surge

PLATFORM STRENGTHSStrategic InitiativesMaintain market leadership position in North America wastewater pipeline rehabilitation market; improve productivity; enhance go-to-market strategies; and expand technology offerings in the pressure pipe rehabilitation market

Insituform Strengths• Mature business, well managed through a strong performance culture

• Excellent execution, high-quality CIPP products and strong cash flow

• Market-leader, lowest cost position and name recognition

Fyfe/Fibrwrap Strengths• A growth business at attractive margins with Tyfo®/Fibrwrap® fiber-

reinforced polymer technology well-suited in the large diameter water pressure pipe and commercial and transportation structural rehabilitation markets

• Highly engineered technology solution

• Strong brand recognition and market-leading position

NEW! Underground Solutions Strengths• A growth business at attractive margins with a patented fusible PVC

pipe technology to primarily rehabilitate water and wastewater pressure pipelines

Underground Solutions’ patented trenchlesstechnology effectively rehabilitates pressure pipe

5

Fusible PVC PipeFusible PVC pipe is backed by patented technologies for the manufacturing and field pipe joining of PVC pipe for pressure and non-pressure applications, primarily in North America

Value Proposition• Low profile restrained joint

• Fusible PVC requires less pipe volume and weight compared to high-density polyethylene (HDPE) alternative

• Connections with fusible PVC can be easily accomplished with industry standard couplings and fittings

Business ModelProvides PVC pipe and pipe fusion technical services

• Outsource manufacturing of the patented formulation of the PVC material and contract installation of the fused PVC solution

• Proprietary pipe fusion is typically self-performed

Acquisition EconomicsPurchase Price• $85 million in cash

• ~$5 million for tax benefit net operating loss carry forwards (current present value)

2016 Expectations• $50 million in revenues

• Gross margins of 40%+

• >10% operating margins1

Aegion PortfolioApproximately $90 million in annual revenues in pressure pipe market for Underground Solutions, Insituform and Fyfe/Fibrwrap

1 includes a preliminary estimate for amortization of purchased intangibles

Acquisition expected to close during the first quarter of 2016

47%

11%

20%

22%

Underground Solutions expands Aegion’s presencein the North American pressure pipe market

6

$1.5 to 1.8 billion market for water pressure pipe trenchless solutions2015-2019 estimated growth CAGR of mid to high single digits

CIPP=cured-in-place pipe

Other category includes fiber-reinforced polymers, fold/form, sliplining , upsizing and horizontal directional drilling

CIPP

Spray-on

Pipe Bursting

Other

Sources: Global Water Intelligence (2015 and 2011), BCC Research

Pipe bursting, sliplining and HDD

Cured-in-place pipe

Fiber-reinforced polymers

Primary Market SegmentsAegion expands annual revenues from approximately $40 million to $90 million

Underground Solutions provides its patented PVC pipe and performs pipe fusion in most cases

Corrosion Protection to focus on asset integrity management

7

Markets

Oil, gas and mining pipelines, storage tanks and other structures

Services

Pipeline corrosion monitoring and prevention, internal flow assurance, corrosion protection coatings, thermal insulation coatings, protective linings for highly corrosive and abrasive flows

Strategic Initiatives• Use Corrpro’s scale and expertise in corrosion engineering to assemble a

broader suite of technologies and services to effectively manage the asset integrity of midstream pipelines

• Enhance platform technologies and go-to-market strategies to provide broader solutions to oil, gas and mining customers

• Target new markets over time with long-term pipeline infrastructure investments

Corrosion Protection Strengths• Market-leading technologies and services

• Participates in attractive longer-term end markets for pipeline protection technologies and services in North America, the Middle East and South America

• Long-term goal to expand margins through adding midstream services and a return to growth in project-based activities

• Opportunities for collaborative sales effort in all geographic markets

• Engineering expertise to protect pipelines

PLATFORM STRENGTHS

Corrosion Protection platform has market-leading pipe protection technologies

8

MARKET DYNAMICS

Global pipeline development/maintenance remains critical for customers

U.S. safety & environmental regulations should increase spending

MARKET DYNAMICS

Future recovery of oil and gas demand expected to drive onshore and offshore pipeline development, which require efficient corrosion prevention field coatings

MARKET DYNAMICS

Future recovery of oil, gas and mineral demand expected to drive investment and the need for linings to protect pipelines from highly corrosive and/or abrasive flows

Pipe Linings Coating Services Pipe Coatings Corrosion Engineering

United Pipeline SystemsHIGH-DENSITY POLYETHYLENE

CRTSINTERNAL FIELD JOINT

COATING

BayouINTERNAL COATING

CCSIEXTERNAL FIELD JOINT

COATING BayouEXTERNAL COATING

BayouCONCRETE COATING

Bayou/WascoINSULATION COATING

CorrproCATHODIC PROTECTION

Products:Corrpro® engineering design, maintenance, monitoring and installation of cathodic protection systems

Advantage: Industry leader in corrosion prevention with significant scale

Geography: North America, the Middle East, Europe

Competitors: Numerous small companies or regional competitors

MARKET DYNAMICS

Several significant discoveries in the Gulf of Mexico provide a source of supply to meet future demand for oil

Products:Bayou® FBE, 3-layer polyethylene, 3-layer polypropylene, 5-layer glass syntactic polyurethane, concrete, insulation, rubberized asphalt

Advantage: Full service facilities in Louisiana

Geography:U.S. Gulf Coast Region

Competitors: Bredero Shaw and pipe mills producing small-diameter pipe

Products:United Pipeline Systems® Tite Liner®, a high density polyethylene (HDPE) lining system

Advantage: Proprietary and highly efficient installation methods

Geography: North and South America, the Middle East, North Africa, Australia, South Africa

Competitors:Unprotected steel, minimal protection coatings or other HDPE linings and exotic metals or thicker linings

Products:CRTS® robotics for offshore internal pipe seam inspecting, cleaning and anti-corrosive epoxy coating application; CCSI™ onshore custom field coatings

Advantage: Cost savings from fast and efficientpatented offshore robotics technology

Geography: North and South America, the Middle East

Offshore Competitors:No pipe weld coatings or onshore application

Energy Services provides high-quality maintenanceservices with industry leading safety programs

9

Strategic Initiatives• Leverage strong customer relationships in the US West Coast

downstream refining market by offering higher-margin services, including Aegion technologies and services

• Look for opportunities to expand to the upstream Permian Basin market and refining/petrochemical markets in the Gulf Coast, Canada and Utah

Energy Services Strengths• High-quality maintenance, engineering and small capital construction

services; utilizes productivity improvement tools to optimize customer expenditures

• Best-in-class safety culture

• Experienced leader with industry knowledge, expertise and strong customer relationships focused on improving facility productivity

• Increases Aegion’s sources of recurring revenues through long-term maintenance contracts

Markets

North American downstream refining and petrochemical and upstream oil and gas extraction and

Services

Mechanical, electrical and instrumentation maintenance, small capital construction, engineering, cost saving productivity tools

PLATFORM STRENGTHS

Why Aegion?

10

Maintain, rehabilitate and strengthen pipelines

BEFORE disaster strikes

Wastewater

The world depends on pipelines

Oil, Gas and Mining Water Pressure Pipes

Downstream and upstream facilities are needed to meet growing U.S. energy requirements Exploration and ExtractionRefining and Petrochemical

Maintain, engineer and construct projects

THAT KEEP these assets running at peak efficiencies

OUR PRIMARY MARKETS WHAT WE DOTHE NEED

> 75% (of consolidated revenues)

Aegion keeps infrastructure working better, safer and longer throughout the world

11

UPSHIGH-DENSITY POLYETHYLENE

CRTSINTERNAL

FIELD JOINT COATING

BayouINTERNAL COATING

CCSIEXTERNAL

FIELD JOINT COATING

BayouEXTERNAL COATING

BayouCONCRETE COATING

Bayou/WascoINSULATION

COATING

CorrproCATHODIC

PROTECTION

CORROSION PROTECTIONOil, Gas, Mining Pipelines

INFRASTRUCTURE SOLUTIONS Municipal Water/Wastewater,

Industrial Pipelines

< 25% (of consolidated revenues)

ENERGY SERVICESRefineries, Upstream Facilities,

Water Treatment Plants, Industrial Facilities

CorrproCATHODIC

PROTECTION

Fyfe/FibrwrapFIBER-REINFORCED

POLYMER

Brinderson and Shultz

FACILITY MAINTENANCE

InsituformCURED-IN-PLACE-PIPE

Fyfe/FibrwrapFIBER-REINFORCED

POLYMER

PIPELINES INDUSTRIAL FACILITIES

Percent consolidated revenue breakdown is based on 2016 estimates

53%

8%

19%

18%

3%

46%

17%

19%

16%

2%

12

Aegion rebalancing earnings profile in light of persistent low oil prices

2014

Not Related to Oil & Gas

Upstream

Midstream

Mining

Impacted by depressed oil prices

Downstream

2016 EXPECTATION

Not Related to Oil & Gas

Upstream

Midstream

Downstream

Mining

Approximately 60% of consolidated revenues typically come from recurring sources

Actions taken reduce upstream revenues by approximately $100 million

Underground Solutions expected to add

approximately $50 million in revenues

Aegion’s energy exposure in favorable downstream and midstream markets

13

Facility maintenance programs

Turnaround planning and execution

EPC services

Corrosion engineering and cathodic protection of facility structures

Corrosion and abrasion protection for pipe gathering and extraction supply lines

DOWNSTREAM Processing and Refining

ENERGY SERVICES PLATFORM

Cathodic protection

Engineering inspection services

Pipelining and maintenance

New pipe coatings

Pipeline field coatings

MIDSTREAM Transport

CORROSION PROTECTION PLATFORM

ENERGY SERVICES PLATFORM

UPSTREAM Exploration and Production

CORROSION PROTECTION PLATFORM

ENERGY SERVICES PLATFORM

AEGION ENERGY-RELATED REVENUES(Based on 2016 estimated revenues)

8% 19% 18%

Facility maintenance programs

Engineering, procurement and construction (EPC) services

Terminal facility maintenance

EPC services

Aegion reducing upstream market exposure

14

Lower expected capital spending particularly in high cost extraction markets such as Canada and Central California

Upstream markets

Need differentiated technologies and services

United Pipeline Systems and Coating Services are challenged, but remain profitable during current down cycle

‒ Bayou’s application of an innovative insulation technology to be used for Shell Appomattox project

Downsize Energy Services’ operations

Continue to support key customers while addressing reduced demand in Central California

Midstream market remains favorableBenefits Corrpro’s corrosion engineering and cathodic protection expertise although risk is now greater for project delays and possible cancellation of new pipeline construction 1 Perma-Pipe is a subsidiary of MFRI, Inc.

Internal Energy Market Assessment

Aegion’s Actions

Sell 51% equity stake in Bayou Perma-Pipe Canada

Sale of BPPC to joint venture partner MFRI, Inc. for approximately US $9 million1

Right-size Corrosion Protection’s operations

Compete more effectively in a challenging North American energy market

Reduce corporate and other operating costs

Aegion expects to complete all actions during the first quarter of 2016

Aegion expects the North America midstream market to modestly increase pipeline construction and maintenance spend in 2016

• Pipelines remain the most efficient method to transport hydrocarbons

‒ New infrastructure is needed to transportproduct to market

• However, persistent low oil prices increases risk of project delays and possible cancellation of new pipeline construction activities

Corrosion Protection’s Corrprobusiness is well positioned given its scale

and expertise in corrosion engineering and cathodic protection systems

North American midstream pipeline market remains favorable

15

Current Shale PlaysProspective Shale Plays

Basins

Restructuring to reposition Aegion’s upstreamexposure and reduce annual costs

16

Pre-Tax($ Millions)

Cash Charges $6.0 to $7.0

Non-Cash charges $1.0 to $2.0

Total restructuring charges $7.0 to $9.0

Aegion will soon complete a detailed review of approximately $150 million in certain intangible assets, including goodwill, within the Energy Services and Corrosion Protection reporting segments, which may result in an impairment charge

Restructuring to reduce total annual operatingcosts by approximately $15 million, most of which will be realized in 2016

Aegion RestructuringEstimated charges to be recorded in the first quarter of 2016

60.00

80.00

100.00

120.00

A Focus on Disciplined Financial Management

17

Days Sales Outstanding (DSO)Third Quarter

• Ending cash balance of $167.6 million remains near record high level

• Third quarter cash flow from operating activities:‒ Provided $10 million of cash compared to a

use of $10 million in the prior year period‒ Favorable net change in working capital

from reduced DSOs

• Company focused on significantly improving the billing cycle and cash collections to reduce DSOs on a sustainable basis to 75 days over the next few years

• CAPEX was $9 million compared to $11 million in prior year period due to efforts to reduce CAPEX in challenging markets

‒ Expect full year 2015 CAPEX to be in the range of $30 million

• Fourth quarter is seasonal high period for cash collections

‒ 2015 expected to be a another record year for cash

Third Quarter 2015:23-day reduction to 76 days compared to the second quarter of 2014

Sep-15Dec-14

82-Days

Dec-13

92-Days

Aegion generates substantial cash flow from operating activities

18

$42

$60 $53

$22

$111

$88 $82

$142

2008 2009 2010 2011 2012 2013 2014 2015 TTM(9/30)

181%

87% 82%

204%

171%157%

276%299%

2009 2010 2011 2012 2013 2014 PeerAverage

2015 TTM(9/30)

Cash Flow from Operating Activities as a Percent of non-GAAP Net Income

Cash Flow from Operating Activities ($M)

Aegion2013 cash flow from operating activities includes $4 million for acquisition-related expenses2009 to 2013 restated for discontinued operations

Peer Average: 2015 LTM per S&P Capital IQ

$(0.9) $(0.8) $(0.6) $(0.4) $(0.2)

$0.0 $0.3

$0.9 $1.4

$2.1 $2.2 $2.4

$3.1 $3.1 $3.2

$4.7 $5.2

Primoris Layne Willbros Matrix Furmanite WASEONG MuellerWater

Team WoodGroup

ShawCor Quanta Tetra Tech Aegion Jacobs EMCOR AECOM MasTec

Peer Average(1) = $2.58/share

Source: Company filings and S&P Capital IQ(1) Peer average excludes Aegion and is market cap weighted

Free Cash Flow per Diluted Share(LTM as of the most recent reporting period as of September 30, 2015)

19

Favorable municipal markets and focus on execution support modest revenue growth and improved operating income for Infrastructure Solutions

Continued strong demand for refined oil products provides favorable market conditions for Energy Services to maintain revenues near record 2015 levels dependent on turnaround activities

North American midstream pipeline construction expected to grow modestly, which supports Corrosion Protection’s Corrpro business

Expect a more challenging upstream market

• Reduced upstream activity to impact Corrosion Protection revenues and profits, especially Bayou Louisiana because of low backlog entering 2016 ahead of the Appomattox contract

‒ Decision to exit Canadian pipe coating market reduces annual revenues by approximately $30 million

• Energy Services’ upstream revenues to decline by approximately $70 million due to reduced customer demand in Central California

Aegion estimated 2016 non-GAAP earnings per share to bein line with expectations for full year results in 2015

Current low oil prices expected to persist for some time

Aegion strategic actions• Underground Solutions expected to contribute $50 million in revenues with > 10% operating margins• Restructuring to reduce annual operating costs by approximately $15 million

2016 outlook excludes possible contribution in the fourth quarter from the Shell Appomattox pipe coating contract

20

1 32INFRASTRUCTURE SOLUTIONS

• Maintain leadership position in the wastewater market

• Expand offerings in the water pressure pipe market

• Extend positive momentum achieved in 2015 with Fyfe/Fibrwrap business

ENERGY SERVICES

• Leverage strong customer relationships in the West Coast downstream market by offering higher-margin services

CORROSION PROTECTION

• Assemble a suite of technologies and services to better manage the asset integrity of the growing midstream pipeline market

Aegion Is…

21

1 2 3 4A DIVERSIFIED growth

and return oriented company pursuing

attractive opportunities in sustainable end markets

A company with OPPORTUNITIES in the U.S. midstream,

downstream and upstream energy markets and an energy portfolio now

BALANCED toward recurring revenues

An established global LEADER in water and wastewater pipeline rehabilitation with

a leading technology to rehabilitate and

strengthen other urban infrastructure

An execution-driven company leveraging its

scale and leading market positions for best in class PROJECT MANAGEMENT across the organization

2

Appendix

22

Price=$131M

Independent pipe coating facility in Louisiana serving the Gulf Coast oil and gas industry

Aegion was formed in 2011 as a result of the diversification strategy

A-1

First commercial installation of Insituform® cured-in-place pipe (CIPP) completed in London

1980Insituform North America created and public offering of stock issued

United Pipeline Systems acquired to offer pipe lining solutions to oil, gas and mining industries

19

71

-20

00

ESTABLISHED LASTING CIPP LEADERSHIP

20

09

Price=$92M

A leading corrosion engineering and cathodic protection business in the midstream pipeline market

20

11

-20

12

DIVERSIFICATION STRATEGY

Price=$5M

Middle East corrosion engineering and cathodic protection business

20

13

Price=$159M

Fiber-reinforced polymer technology to rehabilitate pipelines, commercial and transportation structures

Price=$142M

P/EBITDA1=6x to 6.5x

Oil and gas upstream and downstream facility maintenance, engineering, small capital construction and turnaround services in U.S. West Coast market

RECURRING REVENUES EXECUTION-FOCUSED

2011/2012

2011

Price=$26M

Robotic interior weld inspection and coating technology

1991

2011

1971

INFRASTRUCTURE SOLUTIONS CORROSION PROTECTION ENERGY SERVICES

BRANDS

MARKET EXPERTISE

• Insituform has been a global leader for 45 years; over 3,200 municipal relationships in North America

• Fyfe/Fibrwrap has over 20 years of experience; product certifications and intellectual property

• Decades of experience in corrosion and pipe protection and engineering for the oil, gas and mining markets

• Brinderson has long-term maintenance contracts and strong customer relationships

• Schultz provides skilled building trade labor

BEST-IN-CLASSSAFETY

2014• TRIR: 1.2 (national average: 4.0)

• LTIR: 0.39 (national average: 2.1)

LEADING TECHNOLOGY

• InsituMain®; InsituGuard®; iPlus®

• Tyfo®; Fibrwrap®

• Tite Liner®

• ID, OD and custom coating, concrete weight coating and insulation

• Internal robotic field joint coating

• Field services

• Corrpower®; Green Rectifier®

• DelayTrak™ & TimeTrak™for measuring productivityand project controls

VERTICALLY INTEGRATED

• Engineering

• Largest and most productive CIPP manufacturing facility

• Crew-based installer

• Engineering

• Design

• Installation/application/testing

• Engineering, procurement, fabrication, constructionand maintenance integrated solutions

Aegion’s success is built on market-leading technologies and services

A-2

2014• TRIR: 0.53 (national average: 4.1)• LTIR: 0.04 (national average: 1.74)

2014• TRIR: 0.24 (national average: 3.8)• LTIR: 0.03 (national average: 1.5)

A-3

Aegion’s core competencies cross all platforms

Infrastructure Integrity Over 300 engineers experienced in extending asset design life

• Industrial asset management

• Pipe, commercial building and other asset strengthening

• High-quality, long-lasting customer solutions

Customer IntimacyFocus facilitates growth

• Industry leading safety programs

• Understanding of municipal, oil, gas and mining industry dynamics

• Strong brand recognition supports expansion of newer technologies

into new markets

• Strong customer relationships and

global reach creates solid

foundation/platform for growth

ManufacturingVertical integration yields market advantages

• Emphasis on product development and intellectual property

• Proprietary resin and epoxy formulations

• Manufacturing engineered solutions

• Custom design manufacturing and installation equipment

• ISO certified processes

Corrosion and Abrasion Protection Comprehensive solutions for rehabilitating and protecting infrastructure

• Non-disruptive technologies and services

• High-density polyethylene (HDPE) pipe lining system

• Corrosion prevention cathodic protection technologies

• Base and specialized pipeline coatings and insulation services

• Cured-in-place pipe (CIPP) and fiber-reinforced polymer (FRP)

solutions for pipelines, bridges and waterfront structures

• Front end engineering design and construction

Aegion amended and restated its $650 million Credit Facility to secure favorable interest rates and enhance financial flexibility

A-4

Aegion Credit FacilityExtends maturity of the facility from July 2018 to October 2020

• $300 million line of credit• $350 million five-year term loanInterest rate charges on principal amounts outstanding at LIBOR + 1.25% to 2.25%, depending on consolidated leverage ratio

Term LoanCompany drew the entire term loan to retire $344.7 million in outstanding debt and fund the transaction expenses

Interest Rate SwapEntered into an interest rate swap arrangement to fix the interest rate at approximately 3.46% on 75% of the term loan through maturity (October 2020)

Increased Share Repurchase AuthorizationWhile the Company’s leverage ratio is above 2.5 to 1

• Authorization up to $20 million beginning in the fourth quarter of 2015

• Beginning in 2016, annual authorization up to $40 million compared to $20 million under the old credit facility

On November 4, 2015, Aegion announced that its Board of Directors authorized a new share repurchase program to repurchase up to $20 million of the Company’s common stock through June 30, 2016

Non-GAAP reconciliation from continuing operations for the first nine months of 2015

A-5

(1) Includes the following non-GAAP adjustments: (i) pre-tax restructuring charges for cost of revenues of $2,643 related to the write-off of certain other assets; (ii) pre-tax restructuring charges for operating expenses of $4,190 related to reserves for potentially uncollectable receivables, early lease termination costs, and other restructuring charges; (iii) pre-tax restructuring charges of $1,034 related to severance and benefit related costs in accordance with ASC 420, Exit or Disposal Cost Obligations, and recorded as “Restructuring charges” in the Consolidated Statements of Operations; and (iv) charges of $2,862 related to the write-off of certain other assets, including the loss on the sale of the CIPP contracting operation in France.

(2) Includes the following non-GAAP adjustments: (i) expenses incurred in connection with the Company’s acquisition of Schultz Mechanical Contractors, Inc.; and (ii) other potential acquisition activity pursued by the Company during the period.

(3) Includes non-controlling interests.

(in USD thousands, except margins and per share information)

As Reported

(GAAP)

Restructuring &

Impairment1

Acquisition-

Related

Expenses2

As Adjusted

(Non-GAAP)

Cost of Revenues 794,493$ (2,643)$ -$ 791,850$

Gross Profit 208,364 2,643 - 211,007

Operating Expenses 157,964 (4,190) - 153,774

Acquisition-Related Charges 780 - (780) -

Restructuring Charges 1,034 (1,034) - -

Operating Income 48,586 7,867 780 57,233

Interest Expense (9,365) 126 - (9,239)

Other Income/(Expense) (2,360) 2,736 - 376

Income before Taxes 37,090 10,729 780 48,599

Taxes on Income 11,647 1,917 313 13,877

Income

(attributable to Aegion Corporation)3

24,793$ 8,812$ 467$ 34,072$

Diluted Earnings per Share $0.67 $0.24 $0.01 $0.92

All financial data presented is from continuing operations

Infrastructure Solutions platform first nine months non-GAAP reconciliation

A-6

(1) Includes non-GAAP adjustments related to pre-tax restructuring charges associated with the write-off of certain other assets, reserves for potentially uncollectable receivables, early lease termination costs, severance and benefit related costs, and other restructuring charges.

(2) Includes non-GAAP adjustments related to pre-tax restructuring charges associated with inventory obsolescence, reserves for potentially uncollectable receivables and write-off of certain other assets and accrued expenses.

(in USD thousands)

As-Reported

(GAAP) Adjustments1

As Adjusted

(Non-GAAP)

As-Reported

(GAAP) Adjustments1

As Adjusted

(Non-GAAP)

Infrastructure SolutionsRevenues 421,170$ -$ 421,170$ 422,212$ -$ 422,212$

Cost of Revenues 315,096 (2,643) 312,453 326,148 (3,602) 322,546

Gross Profit 106,074 2,643 108,717 96,064 3,602 99,666

Operating Expenses 69,339 (4,190) 65,149 85,459 (14,117) 71,342

Acquisition-Related Charges - - - - - -

Restructuring Charges 1,034 (1,034) - - - -

Operating Income 35,701$ 7,867$ 43,568$ 10,605$ 17,719$ 28,324$

Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014

Corrosion Protection platform first nine months non-GAAP reconciliation

A-7

(in USD thousands)

As-Reported

(GAAP) Adjustments1

As Adjusted

(Non-GAAP)

As-Reported

(GAAP) Adjustments2

As Adjusted

(Non-GAAP)

Corrosion ProtectionRevenues 329,157$ -$ 329,157$ 331,088$ -$ 331,088$

Cost of Revenues 258,846 - 258,846 264,071 (11,338) 252,733

Gross Profit 70,311 - 70,311 67,017 11,338 78,355

Operating Expenses 61,531 - 61,531 61,038 - 61,038

Definite-lived Intangible Asset Impairment - - - 10,896 (10,896) -

Acquisition-Related Charges 457 (457) - 197 (197) -

Restructuring Charges - - - - - -

Operating Income 8,323$ 457$ 8,780$ (5,114)$ 22,431$ 17,317$

Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014

(1) Includes non-GAAP adjustments related to expenses incurred in conjunction with potential acquisition activity pursued by the Company during the period.

(2) Includes non-GAAP adjustments related to (i) pre-tax restructuring and impairment-related charges for Bayou’s operation for the write-down of long-lived assets and the impairment of definite-lived intangible assets; and (ii) expenses incurred in conjunction with potential acquisition activity pursued by the Company during the period.

Energy Services platform first nine months non-GAAP reconciliation

A-8

(1) Includes non-GAAP adjustments related to expenses incurred in conjunction with the Company’s acquisition of Schultz Mechanical Contractors, Inc. during the period.

(2) Includes non-GAAP adjustments related to expenses incurred in conjunction with the Company’s acquisition of Brinderson, L.P. during the period.

(in USD thousands)

As-Reported

(GAAP) Adjustments1

As Adjusted

(Non-GAAP)

As-Reported

(GAAP) Adjustments2

As Adjusted

(Non-GAAP)

Energy ServicesRevenues 252,530$ -$ 252,530$ 225,940$ -$ 225,940$

Cost of Revenues 220,551 - 220,551 192,101 - 192,101

Gross Profit 31,979 - 31,979 33,839 - 33,839

Operating Expenses 27,094 - 27,094 23,169 - 23,169

Acquisition-Related Charges 323 (323) - 342 (342) -

Restructuring Charges - - - - - -

Operating Income 4,562$ 323$ 4,885$ 10,328$ 342$ 10,670$

Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014