“Progress, our greatest work”

Milan

April 26th, 2012

Impregilo 2012-16E

Strategic Plan

1

Agenda

Growth opportunities for an integrated player

in the construction / concession business

A set of strategic options for a solid

profitable growth

2

Main market trends

Infrastructure debt financing is becoming more

selective

Global construction is a steady growth market

Players are internationalizing, but maintaining a

strong domestic backbone

Pressure on price is increasing, but not in complex

projects

Concessions are growing worldwide as main project

financing model

5

1

2

4

3

3

5.0%

4.0%

5.5%

7.7%

5.4%

5.0%

Global construction, a steady growth market, was jolted by the recent

recession but is expected to have solid growth in current decade

1 Italian market adjusted to include €40-60 billion infrastructure plan

SOURCE: Global Insight; McKinsey

Real capex, USD trillion, CAGR % p.a.

1.1

1.2

1.7

3.0

15

7.5

0.8

1.1

1.1

1.7

2.9

14

+5%-4%

+6%

+4%

2020

9.4

1.1

1.3

1.4

2.0

3.57.1

0.7

1.0

1.0

1.5

2.8

13

6.7

0.7

0.9

1.0

1.5

1.9

3.3

17

8.3

0.9

1.2

1.2

1.8

3.2

16

7.9

0.9

19

9.0

1.1

1.3

1.3

1.9

3.4

18

8.7

1.0

1.2

1.3

2.7

12

6.3

0.6

0.9

0.9

1.4

2.6

11

6.0

0.6

0.8

0.9

1.3

2.5

10

5.7

0.6

0.8

0.8

1.1

2.3

09

5.5

0.5

0.8

0.8

1.1

2.2

08

5.8

0.5

0.8

0.8

1.2

2.5

07

5.9

0.5

0.8

0.8

1.1

2.7

06

5.7

0.5

0.7

0.7

1.0

2.7

05

5.4

0.4

0.7

0.7

0.9

2.7

04

5.1

0.4

0.7

0.6

0.8

2.6

03

4.8

0.4

0.7

0.6

0.8

2.4

02

4.6

0.4

0.6

0.6

0.7

2.2

01

4.5

0.4

0.6

0.7

0.7

2.1

2000

4.5

0.4

0.6

0.7

0.6

2.2

1

Transportation

Real Estate Social Infrastructure

Utilities

Oil & Gas and Process Industries 2011-20E

CAGR

Global construction1 market

Plan horizon +4%

4

2016E, Real capex, USD billion

SOURCE: Global Insight; EIU; S&P; Moody‟s; Fitch; Bloomberg; World Bank Group; Corruption Perceptions Index 2011; Interviews; McKinsey

13 80 40 90 34 33 62 347 864 588 813

16 15 72 27 36 131 85 139 95 338 760

Oil & Gas

and

Process

Industries

Real Estate

Social Infra-

structure

Transpor-

tation

Utilities

Africa India Australia Russia Middle

East

Latin

America

Eastern

Europe

Rest of

Asia

North

America

Western

Europe

China

6 23 15 25 42 16 68 158 245 394 105

9 23 32 29 29 18 31 107 106 104 361

173 194 200 220 236 318 926 1,441 1,715 67 2,265

3,043

1,731

1,111

878

24 32 35 30 80 39 71 176 130 291 227 1,158

7,921

79

17

Italy3

14

30

165

24

Entry

Barriers

Int’l com-

petition

Low-cost

competition

Asian

players

Low-cost

competition

Asian

players

Size not

Relevant

Chinese

players

7.8% 12.4%5.6%2.4%4.3%8.3%8.1%14.1%6.0%8.7%5.1%2.7%

Risk

profile2

1 Including only Impregilo current business segments (utilities, social infrastructure and transportation)

2 Risk assessment based on the following dimensions: GDP and population outlook, inflation outlook, FX volatility, country rating, ease of doing business and corruption index

3 Italian market adjusted to include €40-60 billion infrastructure plan

6.7%

Out of Impregilo current business mix / Opportunistic approach

Entry

Barriers

Local

players

2011-16E

CAGR1

Mid Low riskHigh

“Green spots”

Revenue pool at 2016E highlights specific “green spots”, which

represent Impregilo focus in the Strategic Plan horizon1

5

“Infrastructure

is not yet an

investable

asset class‟‟

PPPs and concessions are expected to continue to grow

worldwide as sources for infrastructure funding

100

Until ~1995 1995-2015 2015-2025

60

100

4060

100

40

PPP

Owned by Government

Worldwide infrastructure industry1 finance structure

SOURCE: Public Works Financing; InfraJournal; McKinsey MGI

1 Excluding privatized infrastructures

Percent

“Infrastructure

is a suitable

asset class‟‟

“Infrastructure

is a solid

asset class‟‟

2

6

~3x

~3x

~20%Trans-

portation

Social

infra-

structure

Utilities

2012-16E

~13.8

~3.8

~4.9

~5.1

USD trillion

2012-16E global

infrastructure needs in

Impregilo sectors

A strong demand for

infrastructure is expected

worldwide

SOURCE: Global Insight; IFM; Financing and Investing in Infrastructure; U.S. National Council of PPPs; ATRS; Government studies; McKinsey

2

% GDP

General gross

Government debt

(end-2011)

Public funding is highly

constrained, especially in

mature economies

82

82

103

120

230

26

66

68

23

10

Mature economies

Growing economies

Japan

Italy

US

Germany

UK

India

Brazil

China

PPP model has proved

deliver effectiveness and

service quality+ +

Frequency of

projects

meeting

budgets

Reduction of

project

overall cost

Frequency of

projects

meeting time

schedules

Vis-à-vis traditional project

PPP model will efficiently close the funding gap between global

demand for infrastructure and Public finance constraints

Australia

Russia

7

Main E&C companies have diversified their business mix toward

concession business, also in order to enhance rating grade

SOURCE: Annual reports; Company presentations; Press clippings

2006 2007 2008 2009 2010

XX Revenues from concession

business, EUR billion

2011

The general contractor / concession model is also

being adopted by selected concession players

~14~15~15~14~15~16

~34~31~17~14~12~10

~16~15~14~14~15~14

~20~22~18~12~6~10

Incidence of concession business on total revenues

4.3 4.6 4.8 4.9 5.1 5.3

0.3 0.4 0.5 0.7 1.5 1.6

1.5 1.8 1.9 1.9 2.0 2.1

0.9 0.6 1.5 2.3 2.7 2.7

Percent

2

SELECTED EUROPEAN

COMPARABLES

1 For 2011 LTM figures ended Sep 2011

1

8

All main players have undertaken an internationalization

path, but maintain a solid domestic backbone

SOURCE: Annual reports; Company presentations

~55~53~50~52~54~57

Percent

Share of domestic revenues on construction business

~55~55~56~57~59~62

~37~40~47~56~63~67

~35~45~47~50~59

~89

2011100908072006

SELECTED EUROPEAN

COMPARABLES

3

In 2011 Impregilo domestic revenues

accounted for ~20% of total revenues

9

Italian market is expected to benefit from a €40-60 bln investment plan

to fill the current infrastructure gap with other European economies

SOURCE: Press search; Eurostat; World Metro Database

… also given the current infrastructure gap vis-à-vis major European countries

Km per million inhabitants

59

110

157

176

305

399

412

500

808

864

3

6

6

8

11

Motorway1 Rail road1 Subway2

1 2009 data

2 2011 data

In Italy the attention on infrastructures as a way to boost economy is high…

… by the end of 2012 between

40-60 billion of infrastructure projects

(that have already been planned) will

be “in the pipeline”

Corrado Passera

Italian Economic Development Minister

Il Sole 24 Ore - Feb 2012

… the Government will look at means

to […] build further infrastructures for

the Country

Mario Monti

Italian Prime Minister

Dow Jones Business News - Jan 2012

Infrastructure project pipeline

in the range EUR 40-60 billion, mainly

through PPP/concession model

3

10

The E&C market experienced an increasing price pressure

in the past years

SOURCE: Annual reports; Company presentations

1 Transportation and infrastructure division, for 2011 9M figures

ROS of construction business

~4.5~4.5~4.6~4.9-0.4

- ∆ 2008-11 p.p.

~6.9~4.8~6.0~5.6

~2.3

~6.0~6.2~6.2

~0

201110

~3.2

09

~2.8

2008

~2.51

+1.3

-2.5

-3.9

~3.2~3.6~3.9~4.2-1.0

4

SELECTED EUROPEAN

COMPARABLESPercent

11

~7~6

~5

~4

Eastern

Europe

USALatamItaly

Complex projects, focus of Impregilo, are still dominated by the same

specialists, with a limited numbers of players

Complex

projects

Average numbers of bidders on selected tender bids

Unit

▪ In complex projects the importance of contractor reliability on work quality and time delivery takes priority over price

▪ As a consequence, average number of bidders is highly reduced vs. “standard” project

4

IMPREGILO SELECTED TENDER BIDS

12

Amount during the entire

project lifecycle

Financial debt is becoming more selective and “reserved” to players

with healthy financial structure and successful track record …

SOURCE: Press search

5

Guarantees as percentage

of project initial amount

… and present the capital strength

necessary to obtain financial guarantees

needed during project execution

Perfor-

mance

Guarantee

Advance

Payment

Guarantee

Retention

Money

Guarantee

A €1 bln project requires average

guarantees for €150-200 mln

during the entire construction phase

0

5

10

15

20

0

5

10

15

20

0

5

10

15

20

0

20

Begin of

construction

End of

construction

Access to financial debt has become more

complex and available only for companies

which meet selective criteria …

Selection

criteria Description

Financial

health

Solid

business

case

▪ … as well as on project financial

fundamentals (particularly for

concessions) and risk assessment

Success-

full track

record

▪ Consequently, a successful track

record play a key role in

accessing the financing market of

infrastructure

+

+

“Banks are lending less money and are more

selective about the sponsor they work with”

M. Burghardt AXA Private Equity, 2010

▪ Banks place more emphasis on

partners financial health, also

necessary to meet the strong level

of financial guarantees required

for project execution …

Project

guarantees

13

Net financial debt / shareholder equity

… in a sector which is going through a de-leveraging process

SOURCE: Annual reports; Company presentations

2011

0x

10

0.8x

09

0.9x

2008

1.0x

0.4x0.2x0.3x0.6x

0.9x1.0x1.3x1.7x

-1.3

-0.2

-0.8

2.6x2.2x2.9x3.9x

-1.0

Δ 2008-11

SELECTED EUROPEAN

COMPARABLES

5

14

Agenda

Growth opportunities for an integrated player

in the construction / concession business

A set of strategic options for a solid

profitable growth

15

20082007

%

2012201120102009

In the last period Impregilo went through 2 phases,

with the most recent being a relevant road block for growth

SOURCE: Bloomberg; Press clippings

Impregilo faces multiple issues regarding the Campania project, with an important cash absorption, preventing the Group from exploiting other business opportunities and freezing the valorization of the plant business

Free-up of strategic options and acceleration of the growth plan

Impregilo experiences solid growth backed by a strong capital reinforcement

1 2 3

Explosion

of sub-prime

crisis

FTSE MIB

Impregilo

2012 – Relevant re-shuffle of Impregilo shareholding structure

2010 – The SupremeCourt orders therelease of assetsprecautionary seized

10

0

2007 – Urban solid

waste Campania penal

proceeding and

assets seizure

16

Plants

(Fisia Italimpianti and

Fisia Babcock)

Valorization, also

through equity

partnershipRationale

Consolidation

Constructions Concessions

Group focus on “core business”

activities (construction and

concessions)

Consolidation limited to core

business activities

Non “core

business”“Core business”

Impregilo business perimeter comprises construction and

concessions as “core business”

Detailed

next

17

Org

an

iza

tio

nal e

mp

ow

erm

en

t

2012-16E strategic plan is based on selected options

responding to current market trends

To fully exploit the 5 current market trends, Impregilo strategic plan will leverage on:

“Protection” of

Group

profitability

▪ Optimization of average project margin through:

– On-site costs reduction through the enhancement of “lean construction” best

practices

– Further procurement rationalization, both at on-site and at central level

Acceleration

of international

growth

▪ Increase penetration in selected geographies with:

– “Limited” country risk profile

– Sizable market of technically complex projects

– Strong growth rate, “outperforming” market average

Consolidation of

leadership in Italy

▪ Leverage the Italian infrastructure plan to rebalance the revenue mix towards

domestic market, through both projects already assigned to Impregilo and projects to

be tendered

Enforcement of

concession

portfolio

▪ Enforcement of concessions activities, leveraging the distinctive combination of

solid financial position and technical capabilities, in order to:

– Stabilize Group cash flows

– Create value through divestment of “mature”/fully valorized concessions

– Reinvest freed up capital in new “high potential” concessions

Capital

strengthen

▪ Active and efficient management of the invested capital, also through the

selection of equity partners to valorize non-core activities

18

To successful implement the strategic plan, Impregilo

will empower the current organization

Leverage on a

partnership

approach to boost

international growth

Leverage on

knowledge

management to

allow all best

practices sharing

Reinforce people

management

processes to

attract, motivate,

train and retain

talents

Strengthen “hubs-

model” footprint

to efficiently cover

all consolidated and

target geographies

Enhance “lean

construction” best

practices across all

Impregilo projects

19

Top-line growth in the plan horizon relies on increasing penetration in selected

emerging geographies and maintaining current share in consolidated ones

EUR billion

1 Corporate and other adjustments (including non core assets)

2016E “core

business”

>3.5

Other1Concession

business

Domestic

market

Consoli-

dated

geogra-

phies

Target

geogra-

phies

2011A

~2.1

Construction business

Impregilo 2011-16E revenues evolution breakdown

Penetration increase

in fast-growing

selected economies

Domestic growth largely

guaranteed by backlog

Maintain market

share and grow

with the market

Improvement of current

concession portfolio

revenues generation

Strong contribution from

realization of infrastructures

under concession

1 2 3 4

CORE BUSINESS

20

~15%~30%

~40%

~60%

2016E

100%

~40%

15E

100%

~60%

14E

100%

~70%

13E

100%

~85%

2012E

100%

~95%

~5%

~70% of 2012-16E cumulated revenues are granted

by current backlog

Revenues breakdown by backlog 2011A and new orders 2012-16E

Backlog 2011A

New orders 2012-16E

2012-16E

100%

~70%

~30%

Cumulated revenues

CORE BUSINESS

21

The enhancement of “lean construction” best practices will allow Impregilo

to sustain its high profitability in an era of strong price competitive pressure

EUR billion

2016E

~X 2

∆ Ebit

from project

costs

optimization

∆ Ebit

from increased

price competi-

tion

∆ Ebit

from revenues

growth

2011A

1771

Ebit evolution breakdown

Savings on

total on-site

construction

costs

Potential

reduction of

construction

profitability

1 2011A „pro-forma‟ EBIT adjusted for Corporate (-50.0 EUR mln) non-recurring items

CORE BUSINESS

22

ROS ROI1 D/E Backlog

Strategic plan key ratios and portfolio figures

2016E

>9

2011A

~82

2016E

>15

2011A

~102

2016E

~0.3x

2011A

~0.4x

Percent Percent

1 Calculated as EBIT / Net invested capital (excl. green-field concessions, with cumulated net investments of ~600 EUR mln)

2 2011A „pro-forma‟ EBIT adjusted for Corporate (-50 EUR mln) non-recurring items

2016E

~40

2011A

~25

EUR billion

>2 billion of Investments in the plan horizon

CORE BUSINESS

DISCLAIMER

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Actual results, performance or events may differ materially from those in such statements.

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