ENGITECH LIMITED 100% - 100% 1 NORTH Wall Quay 25/28 -Irlanda Dublino c.s. in Sterline IRL 11 - Lire int. Vers.

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1 Società incluse nell'area di consolidamento Allegato 1. SOCIETA' Percentuale di partecipazione Diretta Indiretta Totale ENGITECH LIMITED 100% - 100% 1 NORTH Wall Quay 25/28 -Irlanda Dublino c.s. in Sterline IRL 11 - Lire int. Vers. ENGIWEB.COM S.p.A. 95,00% 4,73% 99,73% Corso Stati Uniti, PADOVA c.s. Lit int. Vers. ENGISOFT S.p.A. 93,00% - 93,00% Corso Stati Uniti, PADOVA c.s. Lit int. Vers. ISEDIFORM S.p.A. 90,42% - 90,42% Via dei Mille, ROMA c.s. Lit deliberato c.s. Lit Vers. CITEL S.p.A. 90,00% - 90,00% V.le Monza, MILANO c.s. Lit int. Vers. REITEK S.p.A. 86,00% - 86,00% V.le Monza, MILANO c.s. Lit int. Vers. SOFTLAB S.p.A. 68,40% - 68,40% Via Valentino Mazzola, Roma c.s. Lit int. Vers. ENGINEERING TOURINTERNET S.p.A. 51,00% - 51,00% Via Strada S. Giacomo, Messina c.s. Lit int. Vers. TERZO MILLENNIO S.r.l. 51,00% - 51,00% Piazza Albania, ROMA c.s. Lit int. Vers. QUINTEL S.p.A. 23,53% 71,12% 94,65% Via Casilina, Ferentino (FR) c.s.lit int. Vers. SOFTLAB DUE S.p.A. - 61,56% 61,56% Via Campi Flegrei, NAPOLI c.s. Lit int. Vers.

2 ENGINEERING GROUP PROFIT AND LOSS ACCOUNT 1/1-31/03 1/1-31/ (Amounts in billion lire) Revenues from sales 349,7 Other revenues 3,2 Value of production N 352,9 O Gross Operating Margin T 60,3 % 17,2 A IPO expenses V 16,5 % A 4,7 I Gross Operating Margin L 43,8 % A 12,5 B Operating Income L 33,1 % E 9,5 Result before taxation 31,7 % 9,1 (Amounts in million lire) NET FINANCIAL POSITION 31/12/2000 Long - term Debt (19.685) Cash and cash equivalents Short - term Debt (19.941) TOTAL NET FINANCIAL POSITION

3 (Amounts in billion lire) 1/1-31/ ,8 1,1 90,8 12,9 14,4 0,0 0,0 12,9 14,4 9,7 10,8 13,0 14,5 (Amounts in million lire) 31/03/2001 (19.814) (22.303)

4 ENGINEERING - INGEGNERIA INFORMATICA S.P.A. Registered Office in Rome - Via dei Mille 56 SHARE CAPITAL EURO 31,875, fully paid TAX CODE V.A.T. NUMBER ROME COMPANIES REGISTER NO /1999 NOTES ON THE FIRST QUARTER OF 2001 DIRECTORS REPORT ON THE AFFAIRS OF THE ENGINEERING GROUP 1. Foreword To the Shareholders, The Board of Directors of Engineering Ingegneria Informatica S.p.A. has examined this day, 14 May 2001, the data for the first quarter of 2001, the first following the listing of the Company on the Italian stock exchange on 12 December Market overview and Company performance In the first three months of the year, the value of new orders exceeded 90 billion lire, up 30% on the corresponding period of the preceding year. This met expectations for the systems integration sector, the Group s core business, and surpassed those for applications management outsourcing. This performance was in line with both market expectations and the Group s strategy, with its focus on the emerging markets for IT services. The strong trend in orders confirms the expansionary phase of the Group, whose growth rate has traditionally been higher than that for the Italian IT market as a whole. Group revenues as at 31 March were 89.8 billion lire with a first-quarter gross operating margin of 12.9 billion lire. Operating profit was close to 10 billion lire. With the contribution of the proceeds of the financial resources ex-ipo and the capital gain of 1.8 1

5 billion lire from the disposal of the controlling stake in Spectrum Graphics, at the end of the quarter there was a gross profit of 13 billion lire. The margin performance confirms the positive trend in Group profitability. Indeed, the gross operating margin for the quarter was 14.4% of net revenues with an operating profit margin of 10.8%. These early profitability figures indicate that the Group can achieve the year-end objectives set out in the budget, with a significant increase in margins. At the end of 2000, these were 17.2% for the operating margin and 14.1% for profit, net of the floatation costs. 3. Net financial position As at the end of March 2001 the Group s net financial position showed a surplus of 148 billion lire, an improvement of 145 billion lire on 31 December This result is mainly due to the Group s ability to generate positive cash flows, and it also reflects the Group s improved client credit situation. 4. Developments since the end of the first quarter 2001 Since the end of the first quarter 2001, Engineering Ingegneria Informatica S.p.A. has: - undertaken the recapitalisation of the subsidiary undertaking Engiweb.com for 5 billion lire, raising the company s capital to 6 billion lire. The recapitalisation was undertaken to sustain the Company s acquisition programme and to strengthen the workforce. - acquired a further 19% stake in Softlab S.p.A., thereby giving the Parent Company an 87.4% stake in this subsidiary. Bernardo Casalino has left Softlab s board of directors and been replaced as President by Michele Cinaglia, Executive Vice President of Engineering. 5. Intragroup operations 2

6 In accordance with CONSOB recommendation no of 20 February 1997, it is hereby confirmed that the intragroup operations took place under normal market conditions, while there were no operations with related parties or unusual operations undertaken by the Company or by companies belonging to the Group in the first quarter of Own shareholdings Engineering Ingegneria Informatica S.p.A. does not hold any shares in itself either directly or through trustee companies or third parties. The Company does not hold shares or stakes in parent companies, nor does it through trustee companies or third parties. 7. Accounting policies The accounting and consolidation principles applied in drawing up the quarterly report on operations as at 31 March 2001 are consistent with those applied in drawing up the annual report for the year ended 31 December Moreover, there are no significant estimated values. 8. Conclusions The Board of Directors of Engineering Ingegneria Informatica S.p.A. believes, also in the light of these first-quarter results, that all the conditions are in place for achieving the economic and financial objectives set for These are in line with the Group s growth parameters, which have delivered market outperformance over many years. In this current phase of expansion in terms of size, the Group is committed to evaluating acquisition opportunities that the market may offer. Chairman of the Board of Directors Sergio de Vio 3