The document summarizes the history and growth of The Shaw Group Inc. from its founding in 1987 through 2008. Key events include acquisitions that increased annual revenues from $100M in 1993 to $7B in 2008. Shaw expanded into power, maintenance, nuclear, environmental, and infrastructure services. It secured major contracts for nuclear plant construction in the U.S. and is pursuing international nuclear opportunities, particularly for the AP1000 reactor.

1. The Shaw Group Inc.
Barclays Capital
Industrial Select Conference
Wednesday, February 11, 2009
Brian K. Ferraioli
Executive Vice President & Chief Financial Officer
85M102006D

2. Forward Looking Statements &
Regulation G Disclosure
This presentation contains forward-looking information and statements within the
meaning of the Private Securities Litigation Act of 1995. The words “believe,” “expect,”
“anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” or other similar
expressions are intended to identify forward-looking statements, which are generally not
historical in nature. These forward-looking statements are based on our current
expectations and beliefs concerning future developments and their effect on us.
However, the absence of these words does not mean that the statements are not
forward-looking. Our forward-looking statements involve significant risks and
uncertainties, some of which are beyond our control and actual results may differ
materially from those expressed or implied by forward-looking statements as a result of
many factors or events, including current economic conditions and resulting capital
constraints, as well as the factors we discuss or refer to in the “Risk Factors” section of
our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K filed with the Securities and Exchange Commission (SEC)
and on our website under the heading “Forward-Looking Statements.”
This presentation contains non-GAAP measures as defined by the SEC rules and
regulations. A reconciliation of these measures to the most directly comparable GAAP
measures is included in the attached appendix and on our Web site at
02M102007D
www.shawgrp.com in the Investor Relations section under “Regulation G Disclosures.”
2

3. Company History
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3

4. 1987: Established Shaw Group
Annual Revenues ($B)
7
6
5
4
3
2
1
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0
19 8 7 19 8 8 19 8 9 19 9 0 19 9 1 19 9 2 19 9 3 19 9 4 19 9 5 19 9 6 19 9 7 19 9 8 19 9 9 2000 2001 2002 2003 2004 2005 2006 2007 2008
4

5. 1993: Initial Public Offering on NASDAQ: “SHAW”
1996: Listing Moved to NYSE: “SGR”
Annual Revenues ($B)
7
1993 Revenues: $100M
1993 Revenues: $100M 6
1993 Employees: 750
1993 Employees: 750 5
4
1996 Revenues: $250M
1996 Revenues: $250M 3
1996 Employees: 1,800
1996 Employees: 1,800 2
1
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0
19 8 7 19 8 8 19 8 9 19 9 0 19 9 1 19 9 2 19 9 3 19 9 4 19 9 5 19 9 6 19 9 7 19 9 8 19 9 9 2000 2001 2002 2003 2004 2005 2006 2007 2008
5

6. 1998: Acquired Cojafex
Annual Revenues ($B)
7
6
5
4
1998 Revenues: $500M
1998 Revenues: $500M 3
1998 Employees: 4,500
1998 Employees: 4,500 2
1
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0
19 8 7 19 8 8 19 8 9 19 9 0 19 9 1 19 9 2 19 9 3 19 9 4 19 9 5 19 9 6 19 9 7 19 9 8 19 9 9 2000 2001 2002 2003 2004 2005 2006 2007 2008
6

7. 2000: Acquired Stone & Webster
Annual Revenues ($B)
7
6
5
4
3
2000 Revenues: $750M
2000 Revenues: $750M
2
2000 Employees: 13,000
2000 Employees: 13,000 1
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0
19 8 7 19 8 8 19 8 9 19 9 0 19 9 1 19 9 2 19 9 3 19 9 4 19 9 5 19 9 6 19 9 7 19 9 8 19 9 9 2000 2001 2002 2003 2004 2005 2006 2007 2008
7

8. 2002: Acquired the IT Group
Annual Revenues ($B)
7
6
5
4
3
2002 Revenues: $3.1B
2002 Revenues: $3.1B 2
2002 Employees: 17,000
2002 Employees: 17,000 1
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0
19 8 7 19 8 8 19 8 9 19 9 0 19 9 1 19 9 2 19 9 3 19 9 4 19 9 5 19 9 6 19 9 7 19 9 8 19 9 9 2000 2001 2002 2003 2004 2005 2006 2007 2008
8

9. 2005: Hurricane Katrina Floodwaters
Removed from New Orleans in 17 Days . . .
Annual Revenues ($B)
7
. . . Experts said it would take 80 days! 6
5
4
3
2005 Revenues: $3.3B
2005 Revenues: $3.3B 2
2005 Employees: 19,000
2005 Employees: 19,000 1
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0
19 8 7 19 8 8 19 8 9 19 9 0 19 9 1 19 9 2 19 9 3 19 9 4 19 9 5 19 9 6 19 9 7 19 9 8 19 9 9 2000 2001 2002 2003 2004 2005 2006 2007 2008
9

10. 2006: Acquired 20% of
Westinghouse Nuclear
Annual Revenues ($B)
7
AP1000 reactor – only NRC-certified 3rd generation 6
reactor technology 5
4
3
2006 Revenues: $4.8B
2006 Revenues: $4.8B 2
2006 Employees: 22,000
2006 Employees: 22,000 1
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0
19 8 7 19 8 8 19 8 9 19 9 0 19 9 1 19 9 2 19 9 3 19 9 4 19 9 5 19 9 6 19 9 7 19 9 8 19 9 9 2000 2001 2002 2003 2004 2005 2006 2007 2008
10

11. 2007: Signing of China Nuclear Contracts;
Charlotte, NC Named HQ for Shaw Power
Annual Revenues ($B)
7
6
5
4
3
2007 Revenues: $5.7B
2007 Revenues: $5.7B 2
2007 Employees: 27,000
2007 Employees: 27,000 1
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0
19 8 7 19 8 8 19 8 9 19 9 0 19 9 1 19 9 2 19 9 3 19 9 4 19 9 5 19 9 6 19 9 7 19 9 8 19 9 9 2000 2001 2002 2003 2004 2005 2006 2007 2008
11

12. 2008: AP1000™ New Build Contracts
Westinghouse / Shaw
Consortium furnishes
AP1000™ to domestic
utilities: TVA/NuStart
Bellefonte site (2 units)
• Conceptual design Progress Energy
Shearon Harris site (2 units)
• Detailed engineering
Duke Energy
• Project management W.S. Lee site (2 units)
• Construction management South Carolina Electric & Gas
and Santee Cooper
• Engineering and design V.C. Summer site (2 units)
services Southern Company
• Site-specific engineering Vogtle site (2 units)
Progress Energy
• Turnkey modifications Levy County site (2 units) Annual Revenues ($B)
7
Executed EPC contracts with Southern Co. (Georgia
Executed EPC contracts with Southern Co. (Georgia Florida Power & Light
6
Power), SCANA (SCE&G), and Progress Energy Florida Turkey Point site (2 units)
Power), SCANA (SCE&G), and Progress Energy Florida 5
4
3
2008 Revenues: $7.0B
2008 Revenues: $7.0B 2
2008 Employees: 26,000
2008 Employees: 26,000 1
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0
19 8 7 19 8 8 19 8 9 19 9 0 19 9 1 19 9 2 19 9 3 19 9 4 19 9 5 19 9 6 19 9 7 19 9 8 19 9 9 2000 2001 2002 2003 2004 2005 2006 2007 2008
12

13. Operational Review
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13

14. Business Segments
Power: Power: Energy & Fabrication & Environmental &
Fossil & Nuclear Maintenance Chemicals Manufacturing Infrastructure
The Shaw Group Inc. is a full service provider of engineering, design, technology, procurement,
construction, maintenance, fabrication, manufacturing, consulting and facilities management
services for private sector and government clients in the energy, chemicals, environmental,
infrastructure and emergency response markets.
02M102007D
14

15. Market Overview: Power
• Fossil projects in backlog continue to be executed as
planned
• Domestic scrubber market continues to be strong; expect
significant bookings in 2009
• Domestic nuclear market appears to be accelerating;
signed largest contract in our history with Progress
Energy Florida
• International nuclear market for AP1000™ developing
• Interest in domestic gas fired and geothermal projects
increasing
• Maintenance market continues to be steady; nuclear
uprate activity expected to increase
• 2008 was second-best year ever for domestic nuclear
generation, and capacity factors averaged approx. 92%
02M102007D
15

16. Major Power Market Opportunities
Europe
China
Indonesia &
Philippines
Brazil
India
United States
South Africa
Australia &
New Zealand
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IEA forecasts $5.2 trillion in global power
IEA forecasts $5.2 trillion in global power
generation investment from 2005-2030
generation investment from 2005-2030
16

17. Nuclear Renaissance First Movers
Alternate Energy
PPL Generation
Holdings Unistar Susquehanna
Bruneau Nine Mile
Detroit Edison
Fermi
Unistar
Exelon Calvert Cliffs
Clinton
AmerenUE
Callaway Dominion
North Anna
Progress Energy
Harris
Unistar Duke
Amarillo TVA William Lee
Bellefonte
Entergy
Grand Gulf
Luminant
Comanche Peak
AP1000™ SCE&G
V.C. Summer
EPR Entergy
River Bend
ESBWR
Progress Energy Southern
ABWR Exelon Levy County Vogtle
Victoria County
APWR NRG
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South Texas
FP&L
To Be Determined
Shaw EPC Contracts Turkey Point
in Place
17

18. Market Overview: Energy & Chemicals
• Projects in backlog continue to be executed as
planned
• No significant changes at this time to our 2009
sales prospects
• If global economy / price of oil remain depressed,
clients likely to focus on higher margin technology
and consulting services – a Shaw strength
02M102007D
18

19. Market Overview: Environmental &
Infrastructure
• 93% of existing backlog is with the U.S.
Federal Government
• Projects in backlog continue to be
executed as planned
• Segment well-positioned for potential U.S.
Federal stimulus activity (e.g., incremental
levee, coastal restoration, environmental
remediation, infrastructure projects),
although not assumed in our 2009
financial forecast
02M102007D
19

20. Consolidated Backlog and Backlog Conversion
(as of 11/30/08)
Backlog by Business Segment Expected Backlog Conversion
($ in billions)
Consolidated
Next
Fabrication & Manufacturing $15.6
$14.8 12 months
$14.3
Energy & Chemicals
$0.8
41%
$0.7
Environmental & Infrastructure $0.7
$2.2
$6.0B
$2.0
Maintenance
$2.6
Fossil & Nuclear
$3.7B
$9.1 $5.1
$2.6
$5.1B
$5.0
$0.4
$1.4
$6.7 $1.7
$5.8 13-24 months
$1.4
$1.3
$4.8 25%
$2.8
Greater than
24 months
$1.3 $6.7
34%
$6.1 $5.8
$3.2
FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 Q-1 FY
2009
Backlog excludes majority of domestic nuclear work expected to be performed under signed
Backlog excludes majority of domestic nuclear work expected to be performed under signed
02M102007D
EPC contracts (Georgia Power, SCE&G, and Progress Energy Florida)
EPC contracts (Georgia Power, SCE&G, and Progress Energy Florida)
20

21. Fossil and Nuclear Projects Present Significant Upside
To Current Backlog
Backlog + Projects Where Shaw Has Been Selected But Work Has Not Been Released
$36.8
($ in billions)
Consolidated
Fabrication & Manufacturing RWE npower
Energy & Chemicals
Environmental & Infrastructure
Maintenance
Fossil & Nuclear
3 Signed Nuclear
Fossil & Nuclear – Shaw selected but
EPC Contracts
projects not in backlog
(approx. $13)
$15.6
$14.3
Current
$0.7
Backlog - $14.8
$2.0
$9.1
$5.0
$6.7
$5.8
$4.8
$1.3
$5.8
02M102007D
FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 Q-1 FY09
Full Spectrum of Shaw’s Workload Approaching $37B
Full Spectrum of Shaw’s Workload Approaching $37B
21

22. Stable Customer Base in Uncertain Times
Shaw’s $14.8B Backlog at • Regulated Utilities
11/30/08 is Comprised of 3 Major
– Solid balance sheets backed by the
Customer Classes
ability to recover costs through the
regulatory process; capital projects are
National or
long-term (multi-decade) investments not
International Oil
subject to short-term economics
Companies:
14%
• U.S. Government
– Spending expected to remain strong with
potential stimulus package; focus likely
Regulated
Utilities: to remain on economy, military
Other: 35% transformation, terrorism, and
18%
infrastructure improvements
• National or International Oil Companies
U.S.
Government:
– Large amounts of cash on hand; long-
33%
term investment horizon; government
backing
Approximately 82%, or $12B, of backlog is comprised of regulated utilities,
Approximately 82%, or $12B, of backlog is comprised of regulated utilities,
national or international oil companies, and the U.S. Government, who provide
national or international oil companies, and the U.S. Government, who provide
financial strength and stability, are expected to continue capital investments, and
financial strength and stability, are expected to continue capital investments, and
02M102007D
who should reduce the risk of project delays, payment defaults, or cancellations.
who should reduce the risk of project delays, payment defaults, or cancellations.
22

23. Fossil & Nuclear
Q-1 FY09 in Summary Q-1 2009 New Awards: $489M
• Earnings for the quarter • Approx. $400M EPC
driven by Fossil contracts contract with NV Energy for
(primarily new build coal combined cycle gas power
and air emissions projects) plant near Las Vegas
Backlog EBITDA*
($ in billions) ($ in millions)
41.7
6.9
6.6 6.7 39.6
6.1 35.8
5.8
27.0
20.5
Fossil & Nuclear
Backlog:
Q-1 FY08 Q-2 FY08 Q-3 FY08 Q-4 FY08 Q-1 FY09
$5.8 billion Q-1 FY08 Q-2 FY08 Q-3 FY08 Q-4 FY08 Q-1 FY09
EBITDA from nuclear division forecast to approximate $10M in
EBITDA from nuclear division forecast to approximate $10M in
FY 2009, $75M in FY 2010, and $125M in FY 2011
FY 2009, $75M in FY 2010, and $125M in FY 2011
39%
(excludes F&M’s earnings from fabrication activities and modular
(excludes F&M’s earnings from fabrication activities and modular
02M102007D
components, as well as earnings from Investment in Westinghouse)
components, as well as earnings from Investment in Westinghouse)
Total Shaw Backlog: $14.8 billion
*See Appendices for a reconciliation to the corresponding GAAP measure.
23

24. Maintenance
Q-1 2009 New Awards: $184M
Q-1 FY09 in Summary
• Majority of Q-1 new awards
• Steady, consistent performance
from smaller contracts
during Fall outage season
• Fewer higher margin
construction projects in Q-1
FY09 as compared to 08
Backlog EBITDA*
($ in millions)
($ in billions)
15.2
1.6
1.5 1.5 1.4 11.9
1.3
10.2
9.0
Maintenance Backlog: (0.5)
$1.3 billion
Q-1 FY08 Q-2 FY08 Q-3 FY08 Q-4 FY08 Q-1 FY09
Q-1 FY08 Q-2 FY08 Q-3 FY08 Q-4 FY08 Q-1 FY09
9%
Maintenance contracts for approximately 40% of the 104
Maintenance contracts for approximately 40% of the 104
existing nuclear reactors in the U.S., including fleet-wide
existing nuclear reactors in the U.S., including fleet-wide
services on the 2 largest U.S. fleets
services on the 2 largest U.S. fleets
02M102007D
Total Shaw Backlog: $14.8 billion
*See Appendices for a reconciliation to the corresponding GAAP measure.
24

25. Energy & Chemicals
Q-1 FY09 in Summary Q-1 2009 New Awards: $166M
• Increase in volume and • Majority of Q-1 new awards
margins drove another strong driven by scope increases on
quarter existing projects
• Strong operational • Engineering and design work
performance and reduced cost for multi-national petrochemical
estimates on several projects client
helped drive quarterly earnings
Backlog EBITDA*
Record
($ in billions) ($ in millions)
41.6
39.8
33.6
2.3
2.3 2.2 2.2
2.0
E&C Backlog: 13.2
9.4
$2.0 billion
14% Q-1 FY08 Q-2 FY08 Q-3 FY08 Q-4 FY08 Q-1 FY09 Q-1 FY08 Q-2 FY08 Q-3 FY08 Q-4 FY08 Q-1 FY09
Major prospects internally authorized by clients
Major prospects internally authorized by clients
02M102007D
appear to be proceeding as planned
appear to be proceeding as planned
Total Shaw Backlog: $14.8 billion
*See Appendices for a reconciliation to the corresponding GAAP measure.
25

26. Fabrication & Manufacturing
Q-1 FY09 in Summary Q-1 2009 New Awards: $77M
• Continued strong operational • Majority of Q-1 new awards
performance driven by scope increases on
existing projects
• Projects in backlog continue
as planned
EBITDA*
Backlog
($ in millions)
($ in billions) 39.4
31.8
31.8
0.8
0.7 0.7 28.2
0.7 0.7 27.1
F&M Backlog:
$0.7 billion
5%
Q-1 FY08 Q-2 FY08 Q-3 FY08 Q-4 FY08 Q-1 FY09
Q-1 FY08 Q-2 FY08 Q-3 FY08 Q-4 FY08 Q-1 FY09
Progress continues on new nuclear module fabrication and
Progress continues on new nuclear module fabrication and
assembly plant in Lake Charles, LA
assembly plant in Lake Charles, LA
02M102007D
Total Shaw Backlog: $14.8 billion
*See Appendices for a reconciliation to the corresponding GAAP measure.
26

27. Environmental & Infrastructure
Q-1 FY09 in Summary Q-1 2009 New Awards: $216M
• New awards primarily driven by
• MOX and Inner Harbor
contracts within the Federal
Navigation Canal Hurricane
business division
Protection projects continue
to perform well • Some hurricane emergency
response work
• Overall, business is
performing well
Backlog EBITDA*
20.8
($ in billions) ($ in millions) 20.7
5.2 5.1 5.0
13.0
11.5
2.8 2.8
E&I Backlog:
$5.0 billion 5.2
33%
Q-1 FY08 Q-2 FY08 Q-3 FY08 Q-4 FY08 Q-1 F09
Q-1 FY08 Q-2 FY08 Q-3 FY08 Q-4 FY08 Q-1 FY09
E&I is returning to being a consistent performer
02M102007D
E&I is returning to being a consistent performer
Total Shaw Backlog: $14.8 billion
*See Appendices for a reconciliation to the corresponding GAAP measure.
27

28. Financial Review
02M102007D
28

29. Q-1 FY 2009: Quarter in Summary
Record Q-1 FY 2009 Q-1 FY 2008
(in millions, except per As Reported Westinghouse Actuals Actuals
share data) Segment Excluding Excluding
Westinghouse* Westinghouse*
Revenue $ 1,900.4 $ 0.0 $ 1,900.4 $ 1,712.2
Gross Profit 188.1 0.0 188.1 135.0
GP% 9.9% N/A 9.9% 7.9%
EBITDA* (37.5) (158.7) 121.2 78.6
EBITDA % (2.0)% N/A 6.4% 4.6%
Net Income (39.9) (102.7) 62.8 37.7
Diluted EPS (0.48) (1.23) 0.75 0.45
Operating Cash Flow (98.9) (14.7) (84.2) 121.7
New Awards 1,131.7 N/A 1,131.7 1,363.6
•• Earnings continue to be led by E&C, Fossil, and F&M contracts, but E&I also had a strong quarter
Earnings continue to be led by E&C, Fossil, and F&M contracts, but E&I also had a strong quarter
•• Yen/Dollar FX rate continues to decline (95 at quarter end vs. 109 at end of FY08) resulting in a
Yen/Dollar FX rate continues to decline (95 at quarter end vs. 109 at end of FY08) resulting in a
$161M non-cash pre-tax loss
$161M non-cash pre-tax loss
•• Cash flow is project timing related, after a very strong Q-4 FY08 (generated $286M)
Cash flow is project timing related, after a very strong Q-4 FY08 (generated $286M)
•• Q-2 and the balance of FY09 are forecast to be cash positive; previous guidance of $250M-$300M
02M102007D
Q-2 and the balance of FY09 are forecast to be cash positive; previous guidance of $250M-$300M
of operating cash flow remains unchanged
of operating cash flow remains unchanged
*See Appendices for a reconciliation to the corresponding GAAP measure.
29

30. Q-1 FY09 Summary
• Power markets remain strong
• All operating segments had strong
financial results this quarter
• Execution of E&C, Fossil, and F&M
contracts continue to drive earnings
• E&I returning to being a consistent and
profitable performer
• Domestic nuclear market continues to
develop and contribution to earnings
expected to begin in FY 2010 as
anticipated
02M102007D
30

31. Investor Relations & Media Contact
Information
Investor Contact:
Chris D. Sammons
Vice President, Investor Relations
225.932.2546
chris.sammons@shawgrp.com
Media Contact:
Gentry Brann
Director, Corporate Communications
225.987.7372
gentry.brann@shawgrp.com
02M102007D
31

32. Barclays Capital Industrial
Select Conference
Regulation G Appendices
Wednesday, February 11, 2009
02M102007D

33. Appendix 1: EBITDA Reconciliation
Q1 FY 2009
Q1 FY 2009
Westinghouse Excluding
(in millions) Consolidated Segment Westinghouse
Net Income (Loss) $ (39.9) $ (102.7) $ 62.8
Interest Expense 11.6 9.9 1.7
Depreciation and Amortization 12.6 - 12.6
Provision for Income Taxes (22.7) (67.0) 44.3
Income Taxes on Unconsolidated Subs 0.9 1.1 (0.2)
EBITDA $ (37.5) $ (158.7) $ 121.2
Revenue 1,900.4 N/A 1,900.4
EBITDA % -2.0% N/A 6.4%
02M102007D
Note: EBITDA is defined as earnings before interest expense, income taxes,
depreciation and amortization. EBITDA is an important financial measure used by The
Shaw Group Inc. to assess performance.
33

34. Appendix 1: EBITDA Reconciliation
Q1 FY 2008
Q1 FY 2008
Westinghouse Excluding
(in millions) Consolidated Segment Westinghouse
Net Income (Loss) $ 2.2 $ (35.5) $ 37.7
Interest Expense 11.1 8.9 2.2
Depreciation and Amortization 10.4 - 10.4
Provision for Income Taxes 2.1 (25.8) 27.9
Income Taxes on Unconsolidated Subs 3.5 3.1 0.4
EBITDA $ 29.3 $ (49.3) $ 78.6
Revenue 1,712.2 N/A 1,712.2
EBITDA % 1.7% N/A 4.6%
02M102007D
Note: EBITDA is defined as earnings before interest expense, income taxes,
depreciation and amortization. EBITDA is an important financial measure used by The
Shaw Group Inc. to assess performance.
34

35. Appendix 1: Segment EBITDA Reconciliation
Q1 FY09 & Q4 FY08
Q1 FY 2009
Energy & Environmental & Fabrication &
(in millions) Fossil & Nuclear Chemicals Maintenance Infrastructure Manufacturing
Income (loss) before income taxes, and earnings (losses)
from unconsolidated entities $ 35.9 $ 41.8 $ 8.2 $ 18.6 $ 30.4
Interest Expense 0.4 0.3 (0.0) 0.2 (0.0)
Depreciation and Amortization 3.3 2.3 0.8 3.0 2.5
Unconsolidated Subs, pre-tax - 0.6 - 0.3 -
Minority Interest, pre-tax - (3.4) - (1.3) (1.1)
EBITDA $ 39.6 $ 41.6 $ 9.0 $ 20.8 $ 31.8
Q4 FY 2008
Energy & Environmental & Fabrication &
(in millions) Fossil & Nuclear Chemicals Maintenance Infrastructure Manufacturing
Income (loss) before income taxes, and earnings (losses)
from unconsolidated entities $ 16.9 $ 40.2 $ (1.2) $ 16.7 $ 38.5
Interest Expense 0.5 (0.1) (0.0) 0.2 (0.0)
Depreciation and Amortization 3.1 1.6 0.7 3.8 2.4
Unconsolidated Subs, pre-tax - 0.6 - (1.1) -
Minority Interest, pre-tax - (2.5) - 1.1 (1.5)
EBITDA $ 20.5 $ 39.8 $ (0.5) $ 20.7 $ 39.4
02M102007D
Note: Segment EBITDA is defined as earnings before interest expense, income taxes,
depreciation and amortization. EBITDA is an important financial measure used by The
Shaw Group Inc. to assess performance.
35

36. Appendix 1: Segment EBITDA Reconciliation
Q3 FY08 & Q2 FY08
Q3 FY 2008 (Restated)
Energy & Environmental & Fabrication &
(in millions) Fossil & Nuclear Chemicals Maintenance Infrastructure Manufacturing
Income (loss) before income taxes, and earnings (losses)
from unconsolidated entities $ 38.5 $ 36.8 $ 14.5 $ 7.4 $ 29.1
Interest Expense 0.4 0.3 0.0 0.2 (0.5)
Depreciation and Amortization 2.8 2.1 0.7 4.0 1.9
Unconsolidated Subs, pre-tax - 0.6 - 2.0 0.6
Minority Interest, pre-tax - (6.2) - (2.1) (2.9)
EBITDA $ 41.7 $ 33.6 $ 15.2 $ 11.5 $ 28.2
Q2 FY 2008 (Restated)
Energy & Environmental & Fabrication &
(in millions) Fossil & Nuclear Chemicals Maintenance Infrastructure Manufacturing
Income (loss) before income taxes, and earnings (losses)
from unconsolidated entities $ 24.1 $ 11.7 $ 9.2 $ 5.4 $ 32.0
Interest Expense 0.2 1.0 (0.0) 0.2 (0.1)
Depreciation and Amortization 2.7 1.9 1.0 4.0 1.8
Unconsolidated Subs, pre-tax - 0.7 - (1.6) (0.0)
Minority Interest, pre-tax - (2.1) - (2.8) (1.9)
EBITDA $ 27.0 $ 13.2 $ 10.2 $ 5.2 $ 31.8
02M102007D
Note: Segment EBITDA is defined as earnings before interest expense, income taxes,
depreciation and amortization. EBITDA is an important financial measure used by The
Shaw Group Inc. to assess performance.
36

37. Appendix 1: Segment EBITDA Reconciliation
Q1 FY08
Q1 FY 2008
Energy & Environmental & Fabrication &
(in millions) Fossil & Nuclear Chemicals Maintenance Infrastructure Manufacturing
Income (loss) before income taxes, and earnings (losses)
from unconsolidated entities $ 33.2 $ 8.6 $ 11.3 $ 9.8 $ 27.1
Interest Expense 0.2 0.4 - 0.2 0.0
Depreciation and Amortization 2.4 1.6 0.6 3.7 1.8
Unconsolidated Subs, pre-tax - 0.5 - 0.7 (0.0)
Minority Interest, pre-tax - (1.7) - (1.4) (1.8)
EBITDA $ 35.8 $ 9.4 $ 11.9 $ 13.0 $ 27.1
02M102007D
Note: Segment EBITDA is defined as earnings before interest expense, income taxes,
depreciation and amortization. EBITDA is an important financial measure used by The
Shaw Group Inc. to assess performance.
37

38. Appendix 2: Q1 FY 09 Reconciliation of
Income excluding Westinghouse
(in millions, except per share data) Q1 FY 2009
Quarter ended November 30, 2008
Westinghouse Excluding
Consolidated Segment Westinghouse
Revenues $1,900.4 $0.0 $1,900.4
Cost of revenues 1,712.3 0.0 1,712.3
Gross profit 188.1 0.0 188.1
General and administrative expenses 73.1 0.1 73.0
Operating income (loss) 115.0 (0.1) 115.1
Interest expense (1.7) 0.0 (1.7)
Interest expense on JPY-denominated bonds including accretion and amortization (9.9) (9.9) 0.0
Interest income 3.9 0.0 3.9
Foreign currency translation gains (losses) on JPY-denominated bonds, net (161.2) (161.2) 0.0
Other foreign currency transaction gains (losses), net (2.3) 0.0 (2.3)
Other income (expense), net (1.9) 0.0 (1.9)
(173.1) (171.1) (2.0)
Income (loss) before income taxes, minority interest, earnings (losses) from
unconsolidated entities (b) (58.1) (171.2) 113.1
Provision (benefit) for income taxes (a) (22.7) (67.0) 44.3
Income (loss) before minority interest and earnings (losses) from unconsolidated entities (35.4) (104.2) 68.8
Minority interest (c) (5.9) 0.0 (5.9)
Income from 20% Investment in Westinghouse, net of income taxes 1.5 1.5 0.0
Earnings (losses) from unconsolidated entities, net of income taxes (0.1) 0.0 (0.1)
Net income (loss) ($39.9) ($102.7) $62.8
Net income (loss) per common share:
Basic income (loss) per common share $ (0.48) $ (1.23) $ 0.75
Diluted income (loss) per common share $ (0.48) $ (1.23) $ 0.75
Weighted average shares outstanding:
Basic 83.1 83.1 83.1
Diluted: 83.1 83.1 83.9
02M102007D
Effective tax rate [a/(b+c)] 36% 39% 41%
38 Note: Presents our income statement excluding the Investment in Westinghouse segment

39. Appendix 2: Q1 FY 08 Reconciliation of
Income excluding Westinghouse
Q1 FY 2008
(in millions, except per share data)
Quarter ended November 30, 2007
Westinghouse Excluding
Consolidated Segment Westinghouse
Revenues $1,712.2 $0.0 $1,712.2
Cost of revenues 1,577.2 0.0 1,577.2
Gross profit 135.0 0.0 135.0
General and administrative expenses 68.9 0.0 68.9
Operating income (loss) 66.1 (0.0) 66.1
Interest expense (2.2) 0.0 (2.2)
Interest expense on JPY-denominated bonds including accretion and amortization (8.9) (8.9) 0.0
Interest income 4.8 0.0 4.8
Foreign currency translation gains (losses) on JPY-denominated bonds, net (57.2) (57.2) 0.0
Other foreign currency transaction gains (losses), net 1.2 0.0 1.2
Other income (expense), net (0.3) 0.0 (0.3)
(62.6) (66.1) 3.5
Income (loss) before income taxes, minority interest, earnings (losses) from
unconsolidated entities (b) 3.5 (66.1) 69.6
Provision (benefit) for income taxes (a) 2.1 (25.8) 27.9
Income (loss) before minority interest and earnings (losses) from unconsolidated entities 1.4 (40.3) 41.7
Minority interest (c) (5.0) 0.0 (5.0)
Income from 20% Investment in Westinghouse, net of income taxes 4.8 4.8 0.0
Earnings (losses) from unconsolidated entities, net of income taxes 1.0 0.0 1.0
Net income (loss) $2.2 ($35.5) $37.7
Net income (loss) per common share:
Basic income (loss) per common share $ 0.03 $ (0.44) $ 0.47
Diluted income (loss) per common share $ 0.03 $ (0.42) $ 0.45
Weighted average shares outstanding:
Basic 80.7 80.7 80.7
02M102007D
Diluted: 83.6 83.6 83.6
Effective tax rate [a/(b+c)] -144% 39% 43%
39 Note: Presents our income statement excluding the Investment in Westinghouse segment

40. Appendix 3: Total Debt Reconciliation
Restated Restated Restated Restated Restated
(in millions) Q1 FY 2009 Q4 FY 2008 Q3 FY 2008 Q2 FY 2008 Q1 FY 2008 Q4 FY 2007 Q3 FY 2007 Q2 FY 2007 Q1 FY 2007
Financed Insurance Premiums $0.0 $0.0 $2.4 $7.4 $11.1 $0.0 $3.1 $6.6 $10.4
Current maturities of long-term debt 4.9 4.5 4.4 2.7 4.6 5.4 8.8 9.1 9.5
Short-term revolving line of credit 0.0 0.0 0.0 1.0 2.3 0.2 2.8 2.7 2.5
Current portion of obligations under capital leases 0.6 1.5 1.8 1.9 2.2 2.1 2.2 2.2 1.8
Short-term debt and current maturities of long-term debt 5.5 6.0 8.6 13.0 20.2 7.7 16.9 20.6 24.2
Revolving line of credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39.0 53.0
Long-term debt, less current maturities 1.9 3.3 3.5 3.8 6.6 7.5 8.6 23.8 26.7
Obligations under capital leases, less current portion 0.2 0.3 0.4 0.8 1.3 1.8 2.2 2.8 3.0
Long-term debt, less current maturities 2.1 3.6 3.9 4.6 7.9 9.3 10.8 65.6 82.7
Japanese Yen-denominated long-term bonds secured by
Investment in Westinghouse, net 1,325.1 1,162.0 1,197.1 1,187.8 1,145.6 1,087.4 1,033.9 1,048.3 1,080.6
Total Debt $1,332.7 $1,171.6 $1,209.6 $1,205.4 $1,173.7 $1,104.4 $1,061.6 $1,134.5 $1,187.5
Less: Westinghouse Debt 1,325.1 1,162.0 1,197.1 1,187.8 1,145.6 1,087.4 1,033.9 1,048.3 1,080.6
Total Debt, excluding Westinghouse $7.6 $9.6 $12.6 $17.6 $28.1 $17.0 $27.7 $86.2 $106.9
02M102007D
Note: To show our total debt excluding the Japanese Yen-denominated bonds
40