This document discusses Salini Impregilo's 2011 results and 2012 targets. It summarizes the company's growth in concessions, highlights from its financial statements, shareholding structure and key markets. It also analyzes the current economic environment and outlines strategies for selective growth, including focusing on technically complex projects and Italian greenfield concessions. Strengthening its position in Italian infrastructure is seen as important for driving growth and economic recovery in the country.

1. “Progress, our greatest work”
2011 Results
2012 Main Targets
Milan, 26th March 2012

2. 2011 Outlook
 Accelleration of Italian activities is now
a fact (Milan-Genova HSR, Milan outer
east by-pass, Milan subway line 4)
 Continuing growth in Concessions with
strong sinergies with Construction :
 Ruta del Sol motorway (Colombia)
 Milan Outer East by-pass motorway
 BR101 motorway - 476 km long,
through Ecorodovias - (Brazil)
 Broni-Mortara motorway (Italy)
 Line 4 Milan subway
 Keeping a sound financial structure
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3. Highlights millions euro
Revenues 2,108
Ebitda 310
Ebit 226
Net result 177
Net Financial Position (527)
Order acquisition 8,164
Total backlog 25,086
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4. Shareholding
As of 26th March, 2012
Free Float
40.17%
Gavio Group
Amber Capital
2.19%
IGLI
29.96% McKinley Capital
2.31%
Salini Spa
25.37%
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5. Consolidated income statement
Campania funds 2011
Millions of euro 2010 2011 release effect proforma
Revenue 2,062.3 2,107.9 2,107.9
Ebitda 282.3 309.5 50.0 259.5
Ebitda margin 13.7% 14.7% 12.3%
Ebit 223.8 225.9 50.0 175.9
ROS 10.9% 10.7% 8.3%
Result from partial disposal of a subsidiary 43.0 - - -
Total financial income and charges (73.8) (76.3) (76.3)
Ebt 193.0 149.6 50.0 99.6
Taxes (60.1) (40.2) (40.2)
Gain (losses) on discontinued operations (2.1) 70.4 70.4
Net result(1) 128.4 177.4 50.0 127.4
(1) Including minorities’ interests
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6. Ebit analysis
Eng. & Campania
projects. Grand
Millions of euro Constr. Plant Conc. Corp. (2)
Total(3)
Constr. (1)
Revenues 1.618.1 246.3 246.2 1.4 - 2,107.9
Ebitda 219.7 (37.0) 117.3 (4.4) 13.8 309.5
Ebitda % 13.6% n.a. 47.6% n.a. n.a. 14.7%
Ebit 161.5 (40.0) 95.0 (4.4) 13.8 225.9
ROS 10.0% n.a. 38.6% n.a. n.a. 10.7%
(1) Including Goodwill impairment for 14.2 million euros
(2) Including 50 millions euro related to release of funds
(3) Net of elisions
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7. Consolidated balance sheet
Millions of euro 2010 2011 Variation
Fixed Asset 807 867 60
Assets held for sale 384 479 95
Provisions and Termination Benefits (215) (156) 59
Net fiscal assets 169 136 (34)
Others 60 54 (6)
Working Capital 235 411 176
Net Invested Capital 1,440 1,790 349
Net Financial Position (313) (527) (214)
Shareholders’ equity (1,127) (1,262) (135)
Total sources (1,440) (1,790) (349)
Debt/Equity 0.28 0.42
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8. Order acquisition
Full year 2011 – 8.2 bn/eur
Contracting
64%
Concessions
36%
Construction Eng & Plant Constr Concessions
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9. Total backlog
Full year 2011 – 25.1 bn/eur
Contracting
13.1 bn/eur
Concessions
12.0 bn/eur
Construction Eng & Plant Constr Concessions
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10. Main markets
Perù
Chile
Argentina
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11. 11

12. Key drivers
Shareholder’s Equity (€ mn)
1,262
1,127  regardless of the economic
825 895 environment the
676
Shareholder’s Equity has
always significantly
increased
2007 2008 2009 2010 2011
Construction revenues and geographical distribution
 increase in foreign
revenues have
substantially offset
domestics
62% 57%
69% 76%
 further development
48% 52%
38% 43%
31% 24%
mainly driven by the
expected Italian growth
2007 2008 2009 2010 2011
Revenues Italy Foreign countries
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13. Current scenario
A period of significant economic and geopolitical instability,
which has brought global change on an unprecedented scale
 two global economic crises
 credit crunch
 socio-political changes in a number of countries
 the current global recession
All this has lead to a more aggressive market where
margins are narrowing and risks are growing
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14. Possible strategies
Contractors may react to the outlined scenario in two opposite ways:
Go with the flow Turn complexity into
opportunity
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15. Guidelines for growth
 a selective approach to projects, with a special focus on technically
complex initiatives that enjoy reduced competition, where quality,
of the project and the contractor, take priority over price alone
 selective approach to potential target countries
 leveraging on technical, organisational and financial competences
to manage projects on a concessions basis and integrate public
funds from a PPP viewpoint
 concessions as a growth driver for the construction market
especially in Italy
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16. Why a focus on italian greenfield concessions?
The decision to strengthen our position as the reference player for
infrastructure growth in Italy is based on a series of considerations:
 the limited availability of public funding for growth
 the country’s infrastructure deficit is increasingly obvious and
seriously detrimental to the competitiveness of system Italy
 infrastructures are an immediate driver for the economic recovery
and growth
 the limited number of players with a solid financial and capital
position coupled with the technical and management capabilities
to handle complex projects
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17. Constructions: tomorrow’s leader
A worldwide general contractor and a partner with the ability to share
its competences to develop projects on a concessions basis in
public/private partnerships
Tomorrow’s
leader
Concession’s
know how
Financial Strong team-
strenght based
approach
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18. Concessions, creating value
More than 20 years of expertise developing greenfield concessions
worldwide as a boost for the development of the Italian infrastructure
market
Valorization
and/or
possible disposal
Feasibility Engineering Financing Construction Operation
Expansion into
adjacent sectors
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19. Engineering and Plant Construction
Growth in the Engineering and Plant sector (Fisia Italimpianti and Fisia Babcock) is
essentially linked to two factors :
 size
 diversification in technologies and markets
SWOT analysys
Strenghts Weaknesses
■ leadership position ■ concentration on key
■ barriers to entry markets
■ supply chain
Opportunities Threat
■ growing demand ■ international economic
■ interest of new players situation
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20. 2012 Group main targets
Revenues Group 
ROS Group ~ 8%
Debt/Equity ratio Group < 0.3
Except extraordinary events
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21. 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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22. “Progress, our greatest work”
Annexes
Milan, 26th March 2012

23. Construction
We operate successfully around the world – as both a general contractor and a promoter of
new concession projects - in the realization of major infrastructures, dams and hydroelectric
plants, motorways, railways, bridges and viaducts, tunnels and some of the most modern
subways, as well as major civil engineering projects of great architectural prestige
Dams Tunneling
 worldwide leadership  100 projects in 27 countries
 more than 200 hydroelectric projects with over  45 years of tunnelling
25,000 MW of installed capacity  over 1,000 km of tunnels completed
Railways & Subways Roads & Motorways
 over 5,700 km of track constructed to date
 over 30,000 km of roads and 56 km of bridges
 specialist in high speed/capacity line construction
and viaducts
 first international project: Trans Iranian railway, 1933
 expertise in all types of environment
 over 120 km of subway projects completed and underway
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24. A worldwide track record
The Group’s acknowledged expertise is confirmed by its past and present role in some of the
most important and challenging projects around the world:
 construction of Bologna - Florence high speed railway (the world’s longest railway tunnel
system with over 100 km)
 construction of the Gotthard Base Tunnel (the world’s longest single railway tunnel at 57
km)
 construction of the third set of locks for the Panama Canal
Exporting the Italian know-how worldwide for more than 100 years
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25. Concessions
Over the years we have anticipated market developments, establishing ourselves as a world leader
in concessions.
We have leveraged our technical, organisational and management capabilities to develop
innovative integrated solutions, through complex project financing operations.
 first concession: Autopistas del Sol, Argentina 1994
 Initiatives promoted in the following sectors:
- motorways - water supply
- waste to energy - car parks
- energy - airports
- hospitals
Today our Group is one of the main motorway and logistics players in Brazil through its
subsidiary EcoRodovias, a holding company listed on the Sao Paulo Stock Exchange, which
operates around 2,000 km of motorways and a number of key logistic terminals.
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26. 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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