The document summarizes Impregilo's 2010 financial results and future targets. Key highlights include revenues of €2.06 billion, EBITDA of €282 million, and a net result of €128 million. The order backlog grew to €23.12 billion. Targets for 2011 include maintaining a stable debt to equity ratio and achieving an ROS of around 8% for the group. Long-term targets to 2015 include operating in 35 countries, with Italy accounting for around 35% of revenues, and expanding concessions backlog to €16 billion.

1. “Progress, our greatest work”
2010 Results
Main Targets
Milan, 16th March 2011

2. Highlights millions euro
Revenues 2,062
Ebitda 282
Ebit 224
Net result 128
Net Financial Position (313)
Order acquisition ~5 bn
Total backlog 23,120
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3. Shareholding
As of 14th March, 2011
Free Float
60.34%
IGLI
29.96%
Amundi S.A. BlackRock
3.73% UBS AG Inc.
3.89% 2.08%
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4. Consolidated income statement
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%
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
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(2) Including minorities’ interests

5. Ebit analysis
Eng. &
Conc. Campania Grand
Millions of euro Corp. Constr. Plant Core Total projects Total(1)
Constr.
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
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%
(1) Net of elisions 5

6. Consolidated balance sheet
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
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 6

7. Order acquisition
Full year 2010 – 5 bn/eur
53%
Contracting
47%
Concessions
Construction Eng & Plant Constr Concessions
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8. Total backlog
Full year 2010 – 23 bn/eur
Contracting
10 bn/eur
Concessions
13 bn/eur
Construction Eng & Plant Constr Concessions
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9. Impregilo in the world
Revenues Italy 22%
Currently operating in 30 countries Revenues abroad 78%
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10. Revenues: geographical distribution evolution
40%
51% 55%
64% 66%
78%
60%
49% 45% 36% 34%
22%
2005 2006 2007 2008 2009 2010
Italy Abroad
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11. 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 approximately
640 million euro
4Q 2010 average market value of Impregilo shares :
958 million/€
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12. 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, approx
802,000 tons
ex law no. 26/2010 value of the plant 355 millions euro (plus adjustment from
2005)
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13. 2011 Group main targets
Revenues Group
ROS Group ~ 8%
Debt/Equity ratio Group stable
Except extraordinary events
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14. 2015 - Group
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15. Key drivers
Backlog (€ mn)
23,120
20,772 backlog almost doubled in 4 years
16,944 16,321
12,395
the world’s most challenging
complex projects are being
performed by Impregilo
2006 2007 2008 2009 2010
Construction Concessions Eng. & Plant
Shareholder’s Equity (€ mn)
1,127
shareholder’ equity almost
doubled 825 895
629 676
CAGR 16%
2006 2007 2008 2009 2010
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16. Constructions
One 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 and
concessions, especially in Italy
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17. Concessions
16 concession already in operation, for 1,654 km of motorways, 2
hospitals, 1 waste-to-energy plant, 1 car park, 1 water distribution
network and 2 power lines
further opportunities for approximately 1,000 km of new motorway
Currently managed/served:
motorways 1,654 km
hospitals 933 beds
Energy capacity 17 Mw
parkings 1,400 places
water system 750k people
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18. Engineering and plant construction
Fisia has a leading position on the desalination market with more than 3 million
m3/d of installed capacity (2000-2009)
In the current market, implementation of a strong partnership with an industrial
partner is key to strengthening leadership
TOP 10 competitors 2000-2009
MSF/MED RO
3
Capacity m 3/d
2
Millions
1
-
Source: DesalData.com
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19. 2015 - Group
Today 2015
+ countries 30 ~ 35
+ Italy
(% of revenues)
~22% ~ 35%
+ motorways under 1,654 km 2,300 km
concessions
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20. 2015 - Group
Group revenues 4 bn/eur
Contracting backlog 18 bn/eur
Concessions backlog 16 bn/eur
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21. DISCLAIMER
Certain statements contained in this presentation may be statements of future expectations and other
forward-looking statements or trend information that are based on management's current views 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 Sheet should
be considered to contain the complete and correct information. The slides only contain a summary of
certain elements of the Balance Sheet.
This presentation is not intended for potential investors and do not constitute or form part of any offer to
sell or issue, or invitation to purchase, or any solicitation of any offer to purchase or subscribe for any
Impregilo securities, nor shall they form the basis of, or be relied on in connection with any contract or
commitment to purchase Impregilo securities.
This presentation is not being issued in the United States of America and should not be distributed to
United States persons or publications with a general circulation in the United States. 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, as amended (the “Securities Act”), and may not
be sold or issued in the United States absent registration or an exemption from registration under the
Securities Act.
The distribution of these materials in other jurisdictions may be restricted by law, and persons into
whose possession these materials come should inform themselves about, and abide by, any such
restriction.
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22. 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 this presentation corresponds to
the documentary records, ledgers and accounting entries.
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