Ver master b.

BOZZA

FIRST HALF 2007 RESULTS

Milan, September 11 2007

Ver master b.

BOZZA

DISCLAIMER

Certain statements contained in this presentation may be statements of future expectations andother forward-looking statements or trend information that are based on management's currentviews and assumptions 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 Sheetshould be considered to contain the complete and correct information. The slides only contain asummary of certain elements of the Balance Sheet.

This presentation is not intended for potential investors and do not constitute or form part of anyoffer to sell or issue, or invitation to purchase, or any solicitation of any offer to purchase orsubscribe for any Impregilo securities, nor shall they form the basis of, or be relied on inconnection with any contract or commitment to purchase Impregilo securities.This presentation is not being issued in the United States of America and should not bedistributed to United States persons or publications with a general circulation in the UnitedStates. These materials are not an offer to sell or issue Impregilo securities in the United States.Impregilo securities have not been registered under the U.S. Securities Act of 1933, asamended (the “Securities Act”), and may not be sold or issued in the United States absentregistration or an exemption from registration under the Securities Act.The distribution of these materials in other jurisdictions may be restricted by law, and personsinto whose possession these materials come should inform themselves about, and abide by,any such restriction.

31H2007 Results

Highlights

5.3 €m

13.2 €bn(68% abroad)

(58.3) €m

Net Result

Net Financial Position

Total backlog

1,282.7 €mRevenue

4.0%Ebit margin

6.5%Ebitda margin

1,988 €mOrder acquisition

41H2007 Results

Group structure

Engineering&

Plant ConstructionConcessionConstruction

ImpreparFibeFibe Campania

Core activities

Non-core activities

Asset held for saleCampaniaProjects

Other

51H2007 Results

102.4100.7

(1.7)

50.7

(50.0)

ProformaEbit

Millions of €

Ebit & ROS analysis

Coreactivities

Non coreactivities

1H2007EBIT

Non recurringprovision

7.9%

4.0%

61H2007 Results

Operations Concessions

June 2007 - 13,194 €m

Operations8,538

Total backlog

6.5% increase compared to December 2006

Concessions4,656

71H2007 Results

Other

Shareholders

46.7%

Fidelity

2.0%

Jp Morgan

2.1%Gandhara

2.2%DWS

2.4%

S.W. Mitchell

3.0%

Generali

3.1%

BPM

3.2%

Centaurus

5.8%

IGLI

29.5%

As of September 10 2007

Shareholding

81H2007 Results

168.8(1)

102.2

23.4

5.8%

69.6

8.3%

99.0

1,197.0

June 06a

5.3

(0.7)

(5.7)

4.0%

50.7

6.5%

82.9

1,282.7

June 07b

-Ebitda margin

(16.1)Ebitda

(102.9)Gain (losses) on discontinuedoperations

Variationb-aMillions of €

(29.1)Total financial income and charges

(163.5)Net result

-ROS

(18.9)Ebit

85.7Revenue

(1) Costanera capital gain included (105 €m)

Consolidated income statement

91H2007 Results

Ebit analysis

(*) Starting from 2007 Primav Ecorodovias is consolidated proportionally

(**) Net of elisions

-

(50.0)

-

(50.0)

-

NonRecurringProvision

-

(21.2)

-

(21.2)

-

Corp.

82.9132.9(1.3)32.624.997.9Ebitda

6.5%10.4%-46.9%6.2%12.2%Ebitda %

7.9%

100.7

1,282.7

Total(**)

-

(1.7)

10.9

Non Core

1,282.769.5404.2800.5Revenue

50.723.923.975.9Ebit

4.0%34.4%5.9%9.5%ROS

Conc.(*)Constr.Eng. &Plant

Constr.

GrandTotal

Millions of €

101H2007 Results

(0.1)(2.4)(2.3)Foreign exchange gains/(losses)

(4.0)(53.2)(49.2)Financial charges

(5.7)

12.7

37.1

June 07 VariationJune 06Millions of €

23.4

21.6

53.3

(8.9)Results of net equity investments

(29.1)Total financial income and charges

(16.2)Financial income

Financial income and charges analysis

111H2007 Results

(12.2)271.0283.2Net tax assets

1.862.560.7Others

(35.3)(238.1)(202.8)Provisions and Termination Benefits

41.7(332.6)(374.3)Working Capital

0.09

716.3

658.0

58.3

716.3

401.1

552.4

June 07 VariationDec. 06Millions of €

121.9

29.5

92.4

121.9

38.4

87.5

(34.1)Net Debt

n.a.Debt/Equity

594.4

628.5

594.4

362.7

464.9

Total sources

Shareholders’ equity

Net Invested Capital

Assets held for sale

Fixed Asset

Consolidated balance sheet

121H2007 Results

34

24

(58)

(42)4

(38)

(123)

32

51

Millions of €

Net financial position variation analysis

NFPDec. 2006

Ebit

NFPJune 2007

Change inworking capital

Capex

Depreciation

Disposal Other

Assets held for saleincrease

131H2007 Results

Italy60%

Abroad40%

Order backlog: construction

1H2007

Stable order backlog with sustained growth abroad ( 15%)

≈

€ 6,603 m

Abroad

34%

Italy66%

2006

€ 6,621 m

141H2007 Results

Millions of €

New orders acquired and variations: € 748 m

Order backlog: main projects

289.3OIV Tocoma Dam - Venezuela

249.6Contuy Ferrocarriles Stations - Venezuela

6,6032,614.2Main orders abroad

422.7Others(Nigeria, St. Domingo, USA, Greece, Switzerland, Algeria, Iceland)

63.5Mazar dam - Ecuador

100.8Transalp Tunnel – Switzerland

442.0San Juan de Los Morros – Venezuela

219.2Charanguamas – Venezuela

618.9Contuy Ferrocarriles – Venezuela208.2Salonicco Subway – Greece

3,988.3Main orders in Italy183.6Others Italy175.3Mestre Bypass243.3R. Calabria Scilla motorway366.2Salerno R. Calabria motorway

1,735.0Messina Bridge1,284.9High speed railways

151H2007 Results

2006 1H2007

Italy Abroad12% 88%

Order backlog: engineering & plant construction

Strong growth of Fisia’s order backlog (+84%)

+84%

€ 1,936 m

Italy Abroad29% 71%

Fisia31%

FisiaBabcock

40%

FisiaBabcock

4%

Fisia25%

€ 1,054 m

Fisia65%

FisiaBabcock

22%

FisiaBabcock

2%

Fisia11%

161H2007 Results

290.8Waste to Energy (Fisia Babcock)

122.0Others

166.9Flue Gas Cleaning (Fisia Babcock)

155.7Porto Marghera - Italy

1,936

781.3

327.0

92.0

Jebel Ali M1 – Dubai

Ras Abu Fontas A1 – Qatar

Taweelah B – U.A.E.

Millions of €

New orders acquired and variations : € 1,240 m

Order backlog: main projects

171H2007 Results

Concessions

2006 1H2007

61%

24%

1%

14%

Motorways

HealthcareServices

Water

Energy

€ 4,656 m

19%1%

23%

57%Motorways

HealthcareServicesWater

Energy

€ 4,716 m

181H2007 Results

Execution of seizure in connection with CampaniaProject(1): to date, seizure of approximately 90 €million inbank accounts and 192 €millions of receivables linked tothe projects

Award of desalination plant project in Kuwait (480 US$m)

Incorporation of an Italian/Libyan joint-venture fordevelopment of Libyan infrastructures

Lazio Regional Administrative Court upholds the petitionof COCIV suspending the application of the Law no. 40 of02 April 2007 (cancellation of Milano-Genoa high speedrailway concession)

Main recent events

(1) See press release of June 27, 2007

191H2007 Results

2007 Outlook

Except extraordinary and today unforeseeable

events, the positive trend of the operations

should be confirmed also in the second half of

the year.

Campania projects and the liquidation process

of Imprepar still remain sources of potential

risks for the Group.

201H2007 Results

FIRST HALF 2007 RESULTS

Milan, September 11 2007