“Progress, our greatest work”

2010 ResultsMain Targets

Milan, 16th March 2011

Highlights

Revenues 2,062

Ebitda 282

Ebit 224

Net result 128

millions euro

2

Net result 128

Net Financial Position (313)

Order acquisition ~5 bn

Total backlog 23,120

Shareholding

As of 14th March, 2011

Free Float60.34%

IGLI29.96%

3

BlackRock Inc.

2.08%

Amundi S.A.3.73% UBS AG

3.89%

29.96%

Millions of euro 2009(1) 2010

Revenue 2,721.5 2,062.3

Ebitda 190.7 282.3

Ebitda margin 7.0% 13.7%

Ebit 144.4 223.8

ROS 5.3% 10.9%

Consolidated income statement

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Result from partial disposal of a subsidiary - 43.0

Total financial income and charges (33.1) (73.8)

Ebt 111.3 193.0

Taxes (26.0) (60.1)

Gain (losses) on discontinued operations (3.7) (2.1)

Net result(2) 79.6 128.4

(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 - 1,475.7 309.9 280.5 2,066.1 - 2,062.3

Ebitda (32.9) 174.9 (33.8) 176.2 284.5 (2.1) 282.3

5(1) Net of elisions

Ebitda % - 11.9% - 62.8% 13.8% - 13.7%

Ebit (32.9) 139.3 (37.0) 156.5 225.9 (2.1) 223.8

ROS - 9.4% - 55.8% 10.9% - 10.9%

Millions of euro 2009(1) 2010 Variation

Fixed Asset 673 807 134

Assets held for sale 379 384 5

Provisions and Termination Benefits (226) (215) 11

Net fiscal assets 215 169 (46)

Others 47 60 13

Consolidated balance sheet

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Working Capital 81 235 154

Net Invested Capital 1,170 1,440 270

Net Financial Position (275) (313) 39

Shareholders’ equity (895) (1,127) 232

Total sources (1,170) (1,440) 270

Debt/Equity 0.31 0.28

(1) Restated as for IFRIC 12 adoption

53%

Order acquisition

Full year 2010 – 5 bn/eur

Contracting

7

47%

Construction Eng & Plant Constr Concessions

Concessions

Total backlog

Full year 2010 – 23 bn/eur

Contracting10 bn/eur

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Construction Eng & Plant Constr Concessions

Concessions13 bn/eur

Impregilo in the world

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Currently operating in 30 countries

Revenues Italy 22%

Revenues abroad 78%

Revenues: geographical distribution evolution

40%51% 55% 64% 66%

78%

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60%49% 45%

36% 34%22%

2005 2006 2007 2008 2009 2010

Italy Abroad

Ecorodovias� on April 1st, 2010 Ecorodovias was admitted for trading to San Paolo stock

exchange at an initial price of 9.30 r$ per share

� at the listing date the Impregilo equity investment was valued at approximately640 million euro

4Q 2010 average market value of Impregilo shares : 958 million/€

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Update Acerra Power-plant� 2010: 501,298 MWh , revenues for approx. 100 millions euro

� Jan.-Feb. 2011: 100,568 MWh revenues for approx. 19 millions of euro

� total waste burnt since commencement of operations to February 2011, approx802,000 tons

� ex law no. 26/2010 value of the plant 355 millions euro (plus adjustment from2005)

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2005)

Revenues Group

ROS Group ~ 8%

2011 Group main targets

�

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Debt/Equity ratio Group stable

Except extraordinary events

2015 - Group

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Key drivers

� backlog almost doubled in 4 years

� the world’s most challengingcomplex projects are beingperformed by Impregilo

Backlog (€ mn)

12,395

16,944 16,321

20,77223,120

2006 2007 2008 2009 2010

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� shareholder’ equity almost doubled

� CAGR 16%

629 676

825895

1,127

2006 2007 2008 2009 2010

Shareholder’s Equity (€ mn)

Construction Concessions Eng. & Plant

ConstructionsOne of the world’s top ranking construction groups, operating in several countries,with a backlog 60% developed abroad

Leadership enhancement through :

� larger number of markets

� further development of synergies between infrastructures andconcessions, especially in Italy

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Concessions

�16 concession already in operation, for 1,654 km of motorways, 2hospitals, 1 waste-to-energy plant, 1 car park, 1 water distributionnetwork and 2 power lines

� further opportunities for approximately 1,000 km of new motorway

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Currently managed/served:

motorways 1,654 km

hospitals 933 beds

Energy capacity 17 Mw

parkings 1,400 places

water system 750k people

Engineering and plant construction

� Fisia has a leading position on the desalination market with more than 3 millionm3/d of installed capacity (2000-2009)

� In the current market, implementation of a strong partnership with an industrialpartner is key to strengthening leadership

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-

1

2

3

Cap

acity

m 3 /

d

Mill

ions

TOP 10 competitors 2000-2009

MSF/MED RO

Source: DesalData.com

2015 - Group

Today 2015

+ countries 30 ~ 35

+ Italy ~22% ~ 35%

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+ Italy (% of revenues)

~22% ~ 35%

1,654 km 2,300 km+ motorways under concessions

2015 - Group

Group revenues 4 bn/eur

Contracting backlog 18 bn/eur

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Contracting backlog 18 bn/eur

Concessions backlog 16 bn/eur

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

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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

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