“Progress, our greatest work”

2011 Results2012 Main Targets

Milan, 26th March 2012

2

2011 Outlook

Accelleration of Italian activities is nowa fact (Milan-Genova HSR, Milan outereast by-pass, Milan subway line 4)

Continuing growth in Concessions withstrong sinergies with Construction :

Ruta del Sol motorway (Colombia)

Milan Outer East by-pass motorway

BR101 motorway - 476 km long,through Ecorodovias - (Brazil)

Broni-Mortara motorway (Italy)

Line 4 Milan subway

Keeping a sound financial structure

3

Highlights

Revenues 2,108

Ebitda 310

Ebit 226

Net result 177

Net Financial Position (527)

Order acquisition 8,164

Total backlog 25,086

millions euro

4

Shareholding

As of 26th March, 2012

Free Float40.17%

Amber Capital2.19%

McKinley Capital2.31%

Salini Spa25.37%

IGLI29.96%

Gavio Group

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Millions of euro 2010 2011 Campania funds release effect

2011proforma

Revenue 2,062.3 2,107.9 2,107.9

Ebitda 282.3 309.5 50.0 259.5

Ebitda margin 13.7% 14.7% 12.3%

Ebit 223.8 225.9 50.0 175.9

ROS 10.9% 10.7% 8.3%

Result from partial disposal of a subsidiary 43.0 - - -

Total financial income and charges (73.8) (76.3) (76.3)

Ebt 193.0 149.6 50.0 99.6

Taxes (60.1) (40.2) (40.2)

Gain (losses) on discontinued operations (2.1) 70.4 70.4

Net result(1) 128.4 177.4 50.0 127.4

Consolidated income statement

(1) Including minorities’ interests

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Millions of euro Constr.

Eng. &

Plant

Constr. (1)

Conc.

Campania

projects. Corp. (2) Grand

Total(3)

Revenues 1.618.1 246.3 246.2 1.4 - 2,107.9

Ebitda 219.7 (37.0) 117.3 (4.4) 13.8 309.5

Ebitda % 13.6% n.a. 47.6% n.a. n.a. 14.7%

Ebit 161.5 (40.0) 95.0 (4.4) 13.8 225.9

ROS 10.0% n.a. 38.6% n.a. n.a. 10.7%

Ebit analysis

(1) Including Goodwill impairment for 14.2 million euros

(2) Including 50 millions euro related to release of funds

(3) Net of elisions

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Millions of euro 2010 2011 Variation

Fixed Asset 807 867 60

Assets held for sale 384 479 95

Provisions and Termination Benefits (215) (156) 59

Net fiscal assets 169 136 (34)

Others 60 54 (6)

Working Capital 235 411 176

Net Invested Capital 1,440 1,790 349

Net Financial Position (313) (527) (214)

Shareholders’ equity (1,127) (1,262) (135)

Total sources (1,440) (1,790) (349)

Debt/Equity 0.28 0.42

Consolidated balance sheet

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Construction Eng & Plant Constr Concessions

Order acquisition

Full year 2011 – 8.2 bn/eur

Contracting64%

Concessions36%

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Construction Eng & Plant Constr Concessions

Total backlog

Full year 2011 – 25.1 bn/eur

Contracting13.1 bn/eur

Concessions12.0 bn/eur

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Main markets

Argentina

Chile

Perù

11

12

Key drivers

676825 895

1,127 1,262

2007 2008 2009 2010 2011

Shareholder’s Equity (€ mn)

62% 57%48%

31% 24%38% 43%

52%69% 76%

2007 2008 2009 2010 2011

Construction revenues and geographical distribution

Revenues Italy Foreign countries

regardless of the economic environment the Shareholder’s Equity has always significantly increased

increase in foreign revenues have substantially offset domestics

further development mainly driven by the expected Italian growth

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Current scenario

A period of significant economic and geopolitical instability,which has brought global change on an unprecedented scale

two global economic crises

credit crunch

socio-political changes in a number of countries

the current global recession

All this has lead to a more aggressive market where margins are narrowing and risks are growing

14

Possible strategies

Contractors may react to the outlined scenario in two opposite ways:

Go with the flow Turn complexity into opportunity

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Guidelines for growth

a selective approach to projects, with a special focus on technicallycomplex initiatives that enjoy reduced competition, where quality,of the project and the contractor, take priority over price alone

selective approach to potential target countries

leveraging on technical, organisational and financial competencesto manage projects on a concessions basis and integrate publicfunds from a PPP viewpoint

concessions as a growth driver for the construction marketespecially in Italy

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Why a focus on italian greenfield concessions?

The decision to strengthen our position as the reference player forinfrastructure growth in Italy is based on a series of considerations:

the limited availability of public funding for growth

the country’s infrastructure deficit is increasingly obvious andseriously detrimental to the competitiveness of system Italy

infrastructures are an immediate driver for the economic recoveryand growth

the limited number of players with a solid financial and capitalposition coupled with the technical and management capabilitiesto handle complex projects

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Tomorrow’s leader

Financialstrenght

Concession’s know how

Strong team-based

approach

Constructions: tomorrow’s leader

A worldwide general contractor and a partner with the ability to shareits competences to develop projects on a concessions basis inpublic/private partnerships

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Feasibility Engineering Financing Construction Operation

Concessions, creating value

More than 20 years of expertise developing greenfield concessionsworldwide as a boost for the development of the Italian infrastructuremarket

Valorization

and/or

possible disposal

Expansion into

adjacent sectors

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Engineering and Plant Construction

Growth in the Engineering and Plant sector (Fisia Italimpianti and Fisia Babcock) isessentially linked to two factors :

size diversification in technologies and markets

SWOT analysys

Strenghts

■ leadership position

■ barriers to entry

Weaknesses

■ concentration on key markets

■ supply chain

Threat

■ international economic situation

Opportunities

■ growing demand

■ interest of new players

20

Revenues Group

ROS Group ~ 8%

Debt/Equity ratio Group < 0.3

Except extraordinary events

2012 Group main targets

21

In accordance with section 2, article 154-bis of the Consolidated Law

on Finance (TUF), the Group CFO responsible for preparing the

company’s financial reports, Rosario Fiumara, declares that the

accounting information contained in this presentation corresponds to

the documentary records, ledgers and accounting entries.

Declaration

“Progress, our greatest work”

Annexes

Milan, 26th March 2012

23

Tunneling

Construction

over 30,000 km of roads and 56 km of bridgesand viaducts

expertise in all types of environment

We operate successfully around the world – as both a general contractor and a promoter of

new concession projects - in the realization of major infrastructures, dams and hydroelectric

plants, motorways, railways, bridges and viaducts, tunnels and some of the most modern

subways, as well as major civil engineering projects of great architectural prestige

worldwide leadership

more than 200 hydroelectric projects with over

25,000 MW of installed capacity

100 projects in 27 countries

45 years of tunnelling

over 1,000 km of tunnels completed

over 5,700 km of track constructed to date

specialist in high speed/capacity line construction

first international project: Trans Iranian railway, 1933

over 120 km of subway projects completed and underway

Dams

Roads & MotorwaysRailways & Subways

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A worldwide track record

The Group’s acknowledged expertise is confirmed by its past and present role in some of the

most important and challenging projects around the world:

construction of Bologna - Florence high speed railway (the world’s longest railway tunnel

system with over 100 km)

construction of the Gotthard Base Tunnel (the world’s longest single railway tunnel at 57

km)

construction of the third set of locks for the Panama Canal

Exporting the Italian know-how worldwide for more than 100 years

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Concessions

Over the years we have anticipated market developments, establishing ourselves as a world leader

in concessions.

We have leveraged our technical, organisational and management capabilities to develop

innovative integrated solutions, through complex project financing operations.

first concession: Autopistas del Sol, Argentina 1994

Initiatives promoted in the following sectors:

- motorways - water supply

- waste to energy - car parks

- energy - airports

- hospitals

Today our Group is one of the main motorway and logistics players in Brazil through itssubsidiary EcoRodovias, a holding company listed on the Sao Paulo Stock Exchange, whichoperates around 2,000 km of motorways and a number of key logistic terminals.

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