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Ver master b.

BOZZA

NINE MONTHS 2007 RESULTS

Milan, November 13 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.

3Nine months 2007 Results

Highlights

55.6 €m

13.1 €bn(68% abroad)

(11.2) €m

Net Result

Net Financial Position

Total backlog

1,897.9 €mRevenue

5.1%Ebit margin

7.6%Ebitda margin

2,491 €mOrder acquisition


Group structure

Engineering&

Plant ConstructionConcessionConstruction

ImpreparFibeFibe Campania

Core activities

Non-core activities

Asset held for saleCampaniaProjects

Other


Operations Concessions

Sept. 2007 - 13,109 €m

Operations8,491

Total backlog

5.8% increase compared to December 2006

Concessions4,618


Other

Shareholders

45.7%

DWS

2.4%

Gandhara

2.2%

BPM

3.0%Ass. Generali

3.1%

S.W. Mitchell

3.2%

FMR

5.1%

Centaurus

5.8%

IGLI

29.6%

As of November 12 2007

Shareholding


195.3(1)

104.1

22.7

5.9%

108.6

8.5%

155.3

1,833.0

Sept. 06a

55.6

(0.2)

5.7

5.1%

96.2

7.6%

143.4

1,897.9

Sept. 07b

-Ebitda margin

(11.9)Ebitda

(104.3)Gain (losses) on discontinuedoperations

Variationb-a

Millions of €

(17.0)Total financial income and charges

(139.7)Net result

-ROS

(12.4)Ebit

64.9Revenue

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

Consolidated income statement


Ebit analysis

(*) Starting from 2007 Primav Ecorodovias is consolidated proportionally

(**) Net of elisions

-

(50.0)

-

(50.0)

-

NonRecurringProvision

-

(31.6)

-

(31.6)

-

Corp.

143.4193.4(2.3)49.923.2154.4Ebitda

7.6%10.2%-46.9%4.0%12.9%Ebitda %

7.7%

146.2

1,897.9

Total(**)

-

(2.9)

15.6

Non Core

1,897.9106.4580.21,199.5Revenue

96.236.421.7122.8Ebit

5.1%34.2%3.7%10.2%ROS

Conc.(*)Constr.Eng. &Plant

Constr.

GrandTotal

Millions of €


2.21.0(1.2)Foreign exchange gains/(losses)

(4.1)(75.8)(71.7)Financial charges

5.7

16.9

63.6

Sept 07 VariationSept. 06Millions of €

22.7

26.5

69.0

(9.6)Results of net equity investments

(17.0)Total financial income and charges

(5.4)Financial income

Financial income and charges analysis


0.1283.3283.2Net tax assets

(4.7)56.060.7Others

(36.9)(239.7)(202.8)Provisions and Termination Benefits

19.6(354.7)(374.3)Working Capital

0.02

712.4

701.2

11.2

712.4

409.0

558.4

Sept 07 VariationDec 06Millions of €

117.9

72.6

45.3

117.9

46.3

93.5

(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


Italy61%

Abroad

39%

Order backlog: construction

3Q2007

(5%)

€ 6,284 m

Abroad34%

Italy66%

2006

€ 6,621 m


Millions of €

New orders acquired and variations: € 753 m

Order backlog: main projects

283.2OIV Tocoma Dam - Venezuela

249.6Contuy Ferrocarriles Stations - Venezuela

6,2842,477Main orders abroad

349.9Others(Nigeria, St. Domingo, USA, Greece, Switzerland, Algeria, Iceland)

54.6Mazar dam - Ecuador

94.1Transalp Tunnel – Switzerland

438.8San Juan de Los Morros – Venezuela

215.9Charanguamas – Venezuela

585.9Contuy Ferrocarriles – Venezuela

205.0Salonicco Subway – Greece3,807Main orders in Italy

202.3Others Italy157.7Mestre Bypass241.1R. Calabria Scilla motorway

343.5Salerno R. Calabria motorway

1,734.9Messina Bridge

1,127.5High speed railways


2006 3Q2007

Italy Abroad10% 90%

Order backlog: engineering & plant construction

+109%

€ 2,207 m

Italy Abroad29% 71%

Fisia

31%

FisiaBabcock

40%

Fisia

Babcock4%

Fisia25%

€ 1,054 m

Fisia67%

FisiaBabcock

23%

FisiaBabcock

1%

Fisia9%


368.5Waste to Energy (Fisia Babcock)

177.3Others

162.5Flue Gas Cleaning (Fisia Babcock)

146.3Porto Marghera - Italy

2,207

709.0

315.6

327.7

Jebel Ali M1 – Dubai

Ras Abu Fontas A1 – Qatar

Shoaiba North – Kuwait

Millions of €

New orders acquired and variations : € 1,719 m

Order backlog: main projects


Concessions

2006 3Q2007

61%

24%

1%

14%

Motorways

HealthcareServices

Water

Energy

€ 4,618 m

19%1%

23%

57%Motorways

HealthcareServicesWater

Energy

€ 4,716 m


Award of Estreito hydroelectric plant projectin Brazil (total value approx. 230 €m)

Appeal against the Naples Reviewing Court’sdecision of 25 July filed with the Court ofCassation

Main recent events


2007 Outlook

The results for the year to 30 September 2007,

gross of non-recurring items relating to the

Campania MSW Projects, confirm the Group’s

commitment to the growth of its operations and

attainment of its full-year targets.

Campania projects and the liquidation process

of Imprepar still remain sources of potential

risks for the Group.


Declaration

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 thispresentation corresponds to the documentary records, ledgers and accounting

entries.

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