“Progress, our greatest work”

First Half 2011 First Half 2011 results

Milan, 26th august 2011

Milan, 26th August 2011

Highlights

Revenues 1,004

Ebitda 120

Ebit 85

Ebit margin 8.5%

Millions of euro

2

Net result 39

Net Financial Position (559)

Order acquisition 860

Total backlog 22,740

Shareholding

As of 25th August, 2011

Free Float56.55%

IGLI29.96%

3

Norges Bank3.13%

BlackRock Inc.

4.94%

UBS AG5.42%

29.96%

Millions of euro June 2010(1) June 2011

Revenues 1,003.6 1,004.0

Ebitda 125.6 119.6

Ebitda margin 12.5% 11.9%

Ebit 98.1 85.0

ROS 9.8% 8.5%

Consolidated income statement

4

Result from partial disposal of a subsidiary 43 -

Total financial income and charges (42.5) (38.7)

Ebt 98.6 46.3

Taxes (33.0) (18.5)

Gain (losses) on discontinued operations (1.5) 13.1

Net result (2) 60.4 39.0

(1) Figures restated according to IFRIC 12 rules (2) Including minorities’ interests

Ebit analysis

Millions of euro Corp. Constr.Eng. & Plant

Constr.

Conc. Core Total Campania

projectsGrand Total (1)

Revenues - 777.1 110.0 118.4 1,005.5 0.5 1,004.0

Ebitda (18.4) 104.1 (19.2) 54.1 120.6 (1.0) 119.6

5(1) Net of elisions

Ebitda % - 13.4% - 45.7% 12.0% - 11.9%

Ebit (18.4) 82.0 (20.7) 43.1 86.0 (1.0) 85.0

ROS - 10.6% - 36.4% 8.6% - 8.5%

Millions of euro 2010 June 2011 Variation

Fixed Asset 807 846 39

Assets held for sale 384 400 16

Provisions and Termination Benefits (215) (224) (9)

Net fiscal assets 169 157 (12)

Others 60 50 (10)

Consolidated balance sheet

6

Working Capital 235 462 227

Net Invested Capital 1,440 1,691 251

Net Financial Position (313) (559) (246)

Shareholders’ equity (1,127) (1,132) (5)

Total sources (1,440) (1,691) (251)

Debt/Equity 0.28 0.49

69%

Order acquisition

June 2011 – 860 mn eur

Contracting

7

31%

Construction Eng & Plant Constr Concessions

Concessions

Total backlog

June 2011 – 22,740 bn eur

Contracting9.9 bn eur

8

Construction Eng & Plant Constr Concessions

Concessions12.8 bn eur

Impregilo in the world

9

Currently operating in 30 countries

Revenues Italy 22%

Revenues abroad 78%

Main recent events� approval by the Board of Directors of Stretto Messina Spa of the definitive

project of Messina Strait bridge

� award to Impregilo consortium of M4 Milan subway project (worth 1.7 bn eurof total investments)

� agreement signed between Ferrovie dello Stato and Cociv for the contract ofTerzo Valico Milan-Genoa high speed railway (worth approx. 5 bn eur) and thestart of works of the first stretch

10

� Fisia submitted the best offer on Yanbu 550,000 cubic meter-day desalinationproject (worth approx. 1 bn usd)

� CIPE committee approved the definitive project of Tangenziale EsternaMilanese (Milan outer east by-pass ) thus enabling the start of works

� Appeal Court acquitted CAVET consortium and its managers, fromaccusations of alleged damage related to the high speed railway betweenBologna and Florence

Construction

will enable the Group to further increase the total volumes and reach, within 2015, the

717777

june 2010 june 2011

Revenues

+8.4% yoy

millions of euro

The increasing visibility over the start of worksof the italian projects:

� Milan outer east by-pass (TEM)

� high speed railway Milan-Genoa

� Milan subway line 4

� Messina strait bridge (preliminary works)

11

will enable the Group to further increase the total volumes and reach, within 2015, thetarget of 35% of italian revenues, thus rebalancing its activities between foreign and

domestic market, today representing 22% of total revenues.

Italy 40.6%

Abroad 59.4%

Backlog(9.4 bn/eur)

Italy 55.0%

Abroad 45.0%

Proforma Backlog

Considering the Italianproject achieved but not yetin our backlog the presentdistribution would havebeen approximately:

Concessions

In the short term concessions sector growth ismainly linked to Ecorodovias

112 118

June 2010 June 2011

Revenues

5.4% yoy

millions of euro

12

Further growth will come from:

� the development of concessions alreadyawarded (ie. Colombia, Italy)

� expansion of Ecorodovias activities in logisticsectors

� the development of new concessions mainlyin Italy

Engineering and plant constr.

� Fisia submitted the best offer on Yanbu550,000 cubic meter-day desalinationproject, worth approx. 1 bn/usd to beexecuted in 3 years

� Substantial completion of residualbacklog in 2011

13,385 12,830

2,945 4,123

Desalination market 2010-16 (mn €)

29,446 28,864

13

executed in 3 years

� Desalination market is eventuallyrecovered after 3 years of substantialstop, in the next 7 years new projects forapprox. 12.8 billion euro relevant toMSF/MED technologies are expected

16,061 16,034

13,385 12,830

2000-2009 2010-2016

RO MFS/MED Average/Year

(10 years) (7 years)

Sources: Desalt Data, Global Water Intelligence

Update Acerra Power-plant

� first half 2011: 292,905 tons of waste burnt, 289,814 MWh of energyproduced

� Over 1 million tons total waste managed since commencement ofoperations

14

DISCLAIMER

Certain statements contained in this presentation may be statements of future expectations and otherforward-looking statements or trend information that are based on management's current views andassumptions and involve known and unknown risks and uncertainties.Actual results, performance or events may differ materially from those in such statements.

In case of any discrepancy between the presentation and the Balance Sheet, the Balance Sheet shouldbe considered to contain the complete and correct information. The slides only contain a summary ofcertain elements of the Balance Sheet.

This presentation is not intended for potential investors and do not constitute or form part of any offer to

15

This presentation is not intended for potential investors and do not constitute or form part of any offer tosell or issue, or invitation to purchase, or any solicitation of any offer to purchase or subscribe for anyImpregilo securities, nor shall they form the basis of, or be relied on in connection with any contract orcommitment to purchase Impregilo securities.This presentation is not being issued in the United States of America and should not be distributed toUnited States persons or publications with a general circulation in the United States. These materialsare not an offer to sell or issue Impregilo securities in the United States. Impregilo securities have notbeen registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may notbe sold or issued in the United States absent registration or an exemption from registration under theSecurities Act.The distribution of these materials in other jurisdictions may be restricted by law, and persons intowhose possession these materials come should inform themselves about, and abide by, any suchrestriction.

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

Declaration

16

company’s financial reports, Rosario Fiumara, declares that the accounting information contained in this presentation corresponds to the documentary records, ledgers and accounting entries.