Italian Infrastructure Day 2014 Milan September 9, 2014 Index ■ Company at a Glance . Projects in execution ■ Highlights . Focus on revenues & profitability . New Orders & upcoming opportunities ■ Financials . NFP . Cash Flow ■ Main Events Italian Infrastructure Day 2014 2 Company at a Glance GROUP HIGHLIGHTS Workforce Pure player in heavy civil engineering and construction Construction Backlog by Geography as at June 2014 More than 31K employees Middle — Focused on large heavy civil engineering, where the group is among Asia & East 8% from 88 different the global leaders and is able to generate returns better than closest Oceania large European peers 4% nationalities. Italy Contract structures allow Global player present in over 40 countries with over 31,000 Africa 35% employees 28% flexible and dynamic LatAm approach to workforce — Approx. 67% of construction backlog outside of Italy North 13% Europe America 11% — Well balanced geographic presence between Developed Markets and 1% Emerging Markets Total: €29.2bn — Several untapped opportunities for geographic expansion where the Backlog 1H 2014 Revenues by Geography Group is today underrepresented (Australia, US) Highly diversified backlog Italy Large and well diversified backlog provides visibility on future 11% which has reached €29.2 results bn at June 2014, of which Highly experienced, pro-active management team focused on value €22 bn is Construction creation Backlog Rest of world — Proven track record in achieving targets 89% Total: €2,1bn Italian Infrastructure Day 2014 3 Projects in execution: worldwide experience, technical competence June 2014 Backlog Breakdown Riachuelo Construction Backlog by Geography By Segment Middle Concessions Asia & East 8% Oceania 25% 4% Italy Tocoma Dam Africa 35% 28% Construction 75% LatAm North 13% Europe America 11% 1% Total: €29.2bn Total: €29.2bn Tokwe Mukorsi Dam 19 Hydro & DAM projects in execution in 4 Continents Africa Asia Latin America North America . Adiyan Waterworks Phase . Abu Hamour Hydraulic . Angostura HPP Chile . Anacostia River Tunnel II Nigeria Project Qatar . El Quimbo HPP Colombia Washington D.C . GERD Project Ethiopia . Deep Sewer Tunnel Abu . Panama Canal extension . Lake Mead Intake Lake Mead Intake Tunnel . Gibe III HPP Ethiopia Dhabi Panama Hydraulic Tunnel Las . Gurara Dam Nigeria . Ulu Jelai HPP Malaysia . Riachuelo Argentina Vegas . Ingula HPP South Africa . Rio Camu multiple . Neckartal Dam Namibia hydroelectric project . Tokwe Mukorsi Dam Dominican Republic Zimbabwe . Sogamoso HPP Colombia . Tocoma Dam Venezuela Italian Infrastructure Day 2014 4 Projects in execution: worldwide experience, technical competence 18 Metro & Rail projects in execution in 5 Continents Riyadh Underground Line 3 Australia Asia Europe Latin America North America . Brenner Tunnel Austria/ . Chaguaramas-Cabruta . San Francisco Metro, . North West Rail Link . Doha Red Line North Italy Railway Venezuela Central Underground Sydney Qatar . Copenhagen Cityringen . Metro Lima Peru Project California . Köseköy-Gebze high Metro Denmark . Puerto Cabello-la speed railway Turkey . Milano M4 Metro Italy Encrucijada railway . Riyadh Underground . Milan-Genoa high-speed Venezuela Line 3 Saudi Arabia Railway (taly . San Juan de los Morros North West Rail Link . Rome Metro B1 (taly Railway Venezuela . Rome Extension Metro B . Santiago Metro Line 6 Italy Chile . San Gotthard tunnel Switzerland . Thessaloniki Metro Greece Orastie-Sibiu 30 Road & Highways projects in execution in 5 Continents Africa Asia Europe Latin America North America . A1 Motorway Poland . A3 Motorway . Almaty-Ust- . Ecovias dos Imigrantes . Gerald Desmond . Alat-Masalli Azerbaijan Tunisia Kamenogorsk Brasil Bridge California . Ancona Port-A14 Italy . Express Highway Kazakhstan . Ruta del Sol Colombia . D1 Motorway Slovakia Project Libya . Almaty-Khorgos . Jonica 106 Italy . Inner Southern Kazakhstan . Lugoj-Deva Romania Expressway Nigeria . Abu Dhabi-Dubai Gerald Desmond Bridge . M03 Motorway Ukraine . Makeni Road Sierra Highway U.A.E . M06 Kiev-Chop Ukraine Leone . Parallel Roads Abu . Minks-Gomel Belarus . Matotoka-Sedafu Dhabi . Orastie-Sibiu Romania Sierra Leone . Western Europe – . Pedemontana Lombarda . Ogoni-Opobo Western China Italy Nigeria International Transit . Salerno-Reggio C. Italy . Suleja-Minna Corridor Kazakhstan Nigeria . Sebes-Turda Romania . Third lane of A4 Italy . Valico Bypass Italy Italian Infrastructure Day 2014 5 Highlights FIGURES ON TRACK TO ACHIEVE 2014 TARGETS € mn June 30th 2014 ■ Double digit Revenue growth: +12.8% YoY 2,109 Revenues Solid operational growth ■ EBIT on track with 2014 targets: 5.4% on revenues 113.9 EBIT 2014 th Good trend in Profitability ■ Gross Debt improved significantly (minus €375 mn in 2Q) -€417.7 NFP June June 30 ■ Risk of Venezuela addressed, Panama Project reached an agreement with the Client Financial structure further strengthened ■ First synergies have been realized ■ “Sblocca Italia”: boost from the Italian Government to restart infrastructure projects ■ Buyback max 10% of Share Capital to be approved by Shareholders Meeting Italian Infrastructure Day 2014 6 Focus on revenues & profitability 2Q ’14 RELEVANT GROWTH IN EARNINGS & 1H’14 EBIT MARGIN ON TRACK WITH 2014 TARGETS 1.250 2.109 1.868 859 2Q 2014 EBITDA MARGIN 8.3% EBIT MARGIN 5.5% Revenues Revenues 1Q '14 2Q '14 1H '13 1H '14 1H 2014 104,1 EBITDA MARGIN 9.1% 88,2 192,2 192,7 EBIT MARGIN 5.4% 68,6 116,5 113,9 45,1 EBITDA EBIT EBITDA EBIT 1Q 2014 2Q 2014 1H2013 1H 2014 Italian Infrastructure Day 2014 7 New Orders & upcoming opportunities PERU Lima Metro Network €4.7 BN contract value 26% Salini Impregilo New orders as at June 60 months expected duration 30th 2014 € 3.5 bn AUSTRIA & ITALY Brenner tunnel (2 Lots) €678 MN contract value Construction Book to €308 Salini Impregilo stake Bill 1.38X Start of works in 2014 SLOVAKIA Potential Projects for Salini Impregilo D1 Motorway Due to «Sblocca Italia» Law Approval Group named preferred €410 MN contract value bidders on 5 tenders for 75% Salini Impregilo High speed train Napoli – Bari a total value of more 66 months expected duration Palermo – Catania – Messina Railway than €1.1 bn Airport infrastructures work in Milan, Rome, Venice, Florence, Genoa, Salerno ITALY Brenner Tunnel remaining lots High speed train PD-VR Salerno – Reggio C. Highway € 600 MN A91 – Eur Bridge in Rome €10 bn tenders to be Funded by the Stability Law submitted in 2H 2014 Protocol signed w/Public Works Minister Operational phase ready to begin «Sblocca Italia» Law brings significant opportunities to the Group High speed train GE-MI for more than €16 bn tenders Backlog €3.1 B Almost 8% work of works executed Italian Infrastructure Day 2014 8 Index ■ Company at a Glance . Projects in execution ■ Highlights . Focus on revenues & profitability . New Orders & upcoming opportunities ■ Financials . NFP . Cash Flow ■ Main Events Italian Infrastructure Day 2014 9 NFP trend IMPROVED GROSS DEBT AND NET FINANCIAL POSITION Change vs. Change vs. € million FY 2013 1Q 2014 1H 2014 FY 13 1Q 14 Of total improvement about Bank Debts (1,025.0) (1,130.9) (739.3) 285.7 391.6 €270 mn reduction in gross debt vs. YE ‘13 Other Financial Debts (158.7) (155.3) (148.0) 10.7 7.3 Bonds (552.5) (555.2) (579.4) (26.9) (24.2) Gross Debt (1,736.2) (1,841.4) (1,466.7) 269.5 374.7 NFP improved to €- 418 mn, from operations, and share capital increase Change vs. Change vs. NFP/Equity ratio = 0.37, in € million FY 2013 1Q 2014 1H 2014 FY 13 1Q 14 line with YE ‘13 Other Financial Assets 272.1 220.5 67.5 (204.6) (153.0) Cash & Cash equivalents 1,132.4 986.9 981.5 (150.9) (5.4) (*) The NFP includes the Bank Debts (1,025.0) (1,130.9) (739.3) 285.7 391.6 data of the SPV equal to € Other Financial Debts (158.7) (155.3) (148.0) 10.7 7.3 269.4 mn (due to change Bonds (552.5) (555.2) (579.4) (26.9) (24.2) of IFRS 10/11) Net Financial Position (*) (331.7) (634.0) (417.7) (86.0) 216.3 Italian Infrastructure Day 2014 10 Cash Flow NWC variation mainly driven by operational growth: Stocks + 21mn WIP +253mn 79 Receivables (61)mn (94) Advances 70mn 114 Payables 29mn Other 46mn (92) WIP variation mainly (332) linked to: 55 Ethiopia +65mn (10) Denmark +57mn 59 ( 418 ) Panama +56mn Nigeria +46mn (358) 162 Malaysia +12mn Romania +12 Chile +9 Assets for sale NFP 31 EBIT Depreciation Financial CAPEX NWC AUCAP Asset Discontinued Other NFP 30 mainly refer to Fisia Dec 13 charges and available operations minors Jun 14 Babcock Taxation for sale Italian Infrastructure Day 2014 11 Main Events in 2014 CAPITAL ALLOCATION ■ Increase the market float and thereby the liquidity of the shares ■ Increase the participation of institutional investors With the increased liquidity PRE AUCAP POST CAPITAL ALLOCATION and market float, management aims to increase daily value turnover of the shares. Market Market Float Float As a consequence, Salini 61.9% 38.1% Impregilo could enter the c.a. 90% c.a. 10% FTSEMib index, which 2% 10% would have knock-on 33% 21% positive effects on market turnover and market 34% capitalization. NEW CAPITAL STRUCTURE ■ 492,172,691 ordinary shares Europe Italy UK ■ 1,615,491 saving shares USA RoW Italian Infrastructure Day 2014 12 Main Events in 2014 SHARE BUY-BACK PROGRAMME General shareholders Meeting to be held ■ Maintain the efficiency of capital allocation on September 19th 2014 ■ Support liquidity and price stabilization Characteristics of Buyback Total Amount: Max 10% of Share Capital ■ Constitute a pool of treasury shares to: Length: 18 months from the Shareholders
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