CMC di Ravenna Guidance on FY2014 and Strategy Review

Riservato & Confidenziale CMC di Ravenna Guidance on FY2014 and Strategy Review March 9 th, 2015 Authorised and regulated by the Financial Conduit Authority

Disclaimer THIS PRESENTATION IS NOT, NOR SHALL BE CONSTRUED AS, AN OFFER, INVITATION OR SOLICITATION OF AN OFFER TO BUY OR SELL SECURITIES. IT IS SOLELY TO BE USED AT AN INVESTOR PRESENTATION AND IT IS PROVIDED FOR INFORMATION PURPOSE ONLY. THIS DOCUMENT DOES NOT CONTAIN ALL OF THE INFORMATION THAT IS MATERIAL TO AN INVESTOR. BY ATTENDING THE PRESENTATION OR BY READING THE PRESENTATION SLIDES YOU AGREE TO BE BOUND AS FOLLOWS: This document and its contents are confidential and may not be reproduced, redistributed, published or passed on to any other person, directly or indirectly, in whole or in part, for any purpose. This presentation, prepared by Cooperativa Muratori e Cementisti CMC di Ravenna S.c.p.a. (the Company ), is furnished on a confidential basis only for the use of the intended recipient and only for discussion purposes, may be amended and supplemented and may not be relied upon for the purposes of entering into any transaction. The information contained herein has been obtained from sources believed to be reliable but the Company does not represent or warrants that it is accurate and complete and such information has not been independently verified. The views reflected herein are those of the Company and are subject to change without notice. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of the presentation and the information contained herein and no reliance should be made on such information. Neither the Company nor any of its representatives shall accept any liability whatsoever (whether in negligence or otherwise) arising in any way from the use of this document or its contents or otherwise arising in connection with this document or any material discussed during the presentation. This presentation contains forward-looking statements, which include all statements other than statements of historical facts, including, without limitation, any statements preceded by, followed by or including the words target, believe, expect, aim, intend, may, anticipate, estimate, would,, will, could, should, plan, potential, predict, project or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company s control that could cause the Company s actual performance or achievements to be materially different from future performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company s present and future strategies and the environment in which it will operate in the future. These forward-looking statements speak only as of the date of this presentation and no reliance should be made on these statements. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any of such statements are based. 2

Guidance on FY2014 Results 3 Page Strategic Guidelines for 2015-2016 16 Q&A 24 Appendix 26 3

Introduction q The following 2014 key results are based on management accounts. The FY2014 annual report will be released in the first days of May. q Total turnover in line with expectations at 1.1bn, +8% over FY2013. q Italy expected to generate approximately 50% of construction revenue q EBITDA expected to be approximately 120m, or 11% of Total turnover q Backlog remains at approximately 3.0x construction revenues q Secured new orders for 1.2m q A temporary increase in net working capital and the shift from operating leases to acquisition with buy-back clause for TBM machines is expected to delay to 2015 the expected improvement in free cash flow generation. Higher capex for TBMs were due to the increased number of tunneling projects combines with the lack of available operating lease contracts in developing countries q Adjusted Net Financial Position is expected to be 460m, or 3.8x expected Reported EBITDA. 4

Key Developments in 2014 q Ingula: works to be completed in 2015 resulting in an expected release of working capital q Singapore Metro: excavation will be completed according to the paln, than CMC will provide technical assistance for 2 years q Angola Soyo Quifume motorway: in July, SACE, the Italian export credit institution, provided a guarantee for a 164 million financing to the Finance Ministry of Angola for the completion of the Soyo Quifume motorway project q Italy, Motorway Agrigento-Caltanissetta: acquired additional share in the project from the shareholder Iter q A new company, Saudi CMC, was established in Saudi Arabia to leverage on CMC s transportation and civil infrastructure capabilities in a fast growing market. The new entity was established in partnership with two subsidiaries of a major Saudi construction group. q Full reimbursement of the 12.0 million "Preferred Pooled Shares" (PREPS) program, with 3.0 million reimbursed in January 2014 and 9.0 million in July 2014 q Key new contract wins: q Italy: Acquisition of the share previously owned by the shareholder Iter of the second section of the SS640 Agrigento- Caltanissetta (Sicily). Project extension value: 105 million (CMC s share 100%) q Italy: Construction of 2 sections of the Catania underground for the Ministry of Infrastructure and Transport - Management of Government Railway Circumetnea Catania. Project value: Section 1: 80.3 million (100% CMC); Section 2: 59.7 million (CMC s share 70%) q Italy: Construction of the Lingotto-Bengasi (Line 1) section of the Turin underground. Project value: approximately 61.9 million (CMC s share 75%) q France: Construction of the exploratory tunnel for the Lyon-Turin high-speed railway. Project value: approximately 391 million (CMC s share 16%) q Kenya: construction of the Itare dam for the Rift Valley Water Services Board, a government body. Project value: approximately 240 million (100% CMC share) q Lebanon: water supply project for the Council for Development and Reconstruction in Beirut. Project value: approximately 150 million (100% CMC share). 5

CMC at a glance Guidance on key 2014 figures: l Total turnover: 1,1bn l Reported EBITDA: c. 120m l Total backlog: 2.9bn l # of projects in execution: c.90 Revenues Construction Business activity Transportation infrastructure Water and irrigation Building projects Water control and marine Mining and waste treatment infrastructure Other activities 620m 190m 130m 50m 10m 96m Roads, motorways Railways and subways Expertise in tunnelling l l l l Renewable energy plants including hydroelectric power plants Dams Water tunnels Aqueducts and irrigation channels l l l l Civil and industrial buildings Educational facilities Car parks Industrial plants l l l Coastal control systems Maritime ports Other port infrastructure l l l Industrial waste and waste water systems Disposal systems Mining infrastructures l Manufacturing of construction material 6

Established leader in the construction sector q As one of the leading construction companies in Italy, CMC is involved in a number of key infrastructure projects in the country #5 in the Italian construction sector Key developer of Italian infrastructures 2014 revenues ( m) Key infrastructure projects executed Salini 3,940 Astaldi 2,520 Condotte 1,216 Maxi-section of the A3 Motorway Salerno- Reggio Calabria High Speed Railway Bologna-Florence section High Speed Railway Milano-Bologna section Pizzarotti 1,162 Key infrastructure projects currently in execution CMC 1,016 #5 Finconsit 771 Motorway SS640 Agrigento/Caltanissetta (section 2) Quadrilatero Surface Road Network Marche & Umbria Motorway SS121 Palermo/Lercara Friddi Ghella 701 Key projects awarded in recent months Bonatti 581 Source: The Italian Construction Companies in the World, ANCE 2014 Survey High-speed railway connection from Turin to Lyon Turin metroline subway 7

Currently involved in c.90 projects in execution globally CMC projects in execution world wide 8

Consistent financial performance q Continued revenue growth through the recent economic cycle q Stable margins as a result of low-risk project portfolio and increasing share in international operations Total turnover ( m) Reported EBITDA ( m) and Reported EBITDA margin (%) 140 CAGR 20% 702 716 CAGR 1,096 120 14% 1,016 9% 100 900 909 100 806 79 80 74 61 60 9% 40 86 104 c.120 11% 18% 16% 14% 12% 10% 8% 6% 20 4% 2% 2008 2009 2010 2011 2012 2013 2014 0 2008 2009 2010 2011 2012 2013 2014 0% 9

Geographically diversified Value of Production and Backlog Value of Production by geography Backlog by geography Chile& 0.9%& China,&India,& Nepal,&SE&Asia& 10.9%& Northern& USA& AfrEca& 5.5%& 5.4%& Italy& 51.3%& Total 2014: EUR 1.1bn Algeria/Lib& 8.6%& Chile& 2.0%& China,&India,& Nepal,&SE&Asia& 7.0%& Lebanon& USA& 5.1%& 2.4%& Italy& 46.1%& Total 2014: EUR 2.9bn Austral&Africa& 24.4%& Bulgaria& 1.6%& Austral&Africa& 28.3%& Bulgaria& 0.4%& 10

Extensive and growing international presence q Increasing exposure to international projects q Stable operations in Italy through the economic downturn and well positioned to benefit from a recovery in Italian infrastructure investments Construction revenues by geography 2014 Historical construction revenues by geography Italy 50% Southern Africa 29% million 1200 1000 800 600 655 655 252 340 764 420 871 854 477 508 980 1,000 500 564 Europe USA (ex. Italy) 6% 2% North Africa 1% S. America 1% Asia 11% 400 200 0 500 403 315 344 377 416 363 2008 2009 2010 2011 2012 2013 2014 Italy International 11

More diversified Backlog q Backlog remains at approximately 3.0x construction revenue, with increased weight of International projects New orders and key contract wins over past years 1 m 3000 2500 3,8x 3,6x 3,1x 2,9x 3,2x 3,0x 2,8x 2.971 2.914 2.830 2.503 2.454 2.363 2.327 54% North Africa 9% S. America 2% USA 2% Europe 1% 2000 1500 Italy 46% 1000 Africa 28% 46% 500 Asia 12% 0 2008 2009 2010 2011 2012 2013 2014 Italy International (1) Excluding Messina Bridge 12

Solid track-record of contract wins q Order increase over the last years driven primarily by new international projects New orders and key contract wins over past years Kenya Itre Dam Singapore Underground South Africa Ingula project m Vicenza US Military base Turin-Lyon Railway Milan Expo 2015 1,800 1,600 million 1,400 1,180 1,200 International Average: 1,000m 1,000 61% 800 600 Italy 400 39% 200 0 2008 2009 2010 2011 Italy International 2012 2013 2014 13

1,179million of new contract wins in 2014 Contracts)awarded)2014)1)Italy) )million Contracts)awarded)2014)1)Overseas )million Share&previously&owned&by&the&shareholder&Iter&of& section&2&of&the&ss640&agrigento=caltanissetta&(sicily) 104.6 Mozambique&=&Hydro,&industrial&and&civil&projects 78.7 Exploratory tunnel for the Lyon-Turin high-speed railway 62.6 South Africa - Additional works Ingula project 90.8 Additional&works&on&section&1&SS640&Agrigento= Caltanissetta 21.9 Kenya&=&Itare&dam&water&supply&project 241.0 Grandi)Opere 189.1 Angola&=&Additional&works&Soyo&motorway 5.7 2 sections (Stesicoro-Aeroporto e Nesima-Misterbianco) of the Catania local underground Supply, transport and installation of natural disaster housing units in Northern and Central Italy 122.1 China - Additional works Quinghai/Shanxi hydro-tunnels 23.7 49.3 Nepal - Additional works Melamchi project 7.0 Lingotto-Bengasi (Line 1) section of the Turin underground 46.4 Algeria - Aquisition Imet share on AGA motorway project 31.9 Expo&2015&pavillions&(France,&Korea,&Thailand) 10.1 Lebanon&=&Hydro&project&Beirut 150.0 Expo&2015&=&Additional&works 39.4 USA&=&Various&transport&infrastructure&projects 84.9 Other&minor&contracts 9.6 Other)contracts 276.9 TOTAL CONTRACTS ACQUIRED: 713.7million TOTAL CONTRACTS ACQUIRED: 466.0million 14

Strong and experienced management team q CMC senior management has an average time of more than 20 years in the group q On March 3 rd, 2015, the Board of Directors withdrew the executive powers previously held by CEO Dario Foschini, and entrusted the full management of the Company to CEO Roberto Macrì Cooperative workers 9 Board of Directors 2 Supporting shareholders Chairman M. Matteucci 37 years at CMC Legal Department A. Fioretti CEO R. Macrì 15 years at CMC Head of Human Resources L. Potenza CFO A. Morigi 29 years at CMC Head of Finance M. Cacucciolo 23 years at CMC Head of Domestic Operations R. Leonardi 19 years at CMC Head of Southern Africa Operations P. Porcelli Head of Overseas Operations C. Conficoni Chief Engineer I. Andreis 15

Guidance on FY2014 Results 3 Page Strategic Guidelines for 2015-2016 16 Q&A 24 Appendix 26 16

Introduction q Given the geopolitical environment, we expect some challenges, but CMC expects results to be in line with guidance. Turnover expected to grow at a 6-7% CAGR, with a stable EBITDA margin of at least 10% q Net working capital reduction and lower capex compared to 2014 are expected to generate a positive free cash flow and drive an improvement in leverage ratios q We expect to continue to grow the business focusing on maintaining a high quality backlog and taking advantage of the opportunity to acquire shares in existing projects from minority shareholders q We intend to increase Overseas backlog in the next 2 years, with further acquisitions in existing and new countries (Lebanon, Saudi Arabia, Algeria, South Africa, S-E Asia, USA) q Leverage on the opportunity to acquire additional shares in existing projects from minority shareholders willing to exit them q Exit from concessions: share in the Livorno-Civitavecchia Motorway concession expected to be acquired between 2015 and 2016 by the majority shareholder, resulting in an expected cash-in of 4m plus a compensation for missing earnings. q Focus on more profitable underground/tunneling projects in both Domestic and International markets q Higher capex related to the investment with buy-back clause in TBM machines, as operating lease contracts are not always available in developing countries q Negotiate contracts with more frequent milestones to reduce impact on working capital q Shift from public infrastructure projects to projects for private clients and international multinationals in countries with potential credit risk such as Mozambique q Bid for projects backed by super-national financial institutions in developing countries 17

Outlook 2015 q Expected production value almost fully covered by existing backlog q The operating environment in Italy: q Opportunity to acquire market share in existing projects from other minority shareholders q Gradual margin improvement, thanks to the higher number of more profitable underground projects q Exit from concessions, with first inflow expected in 2015-2016 q A 90m project for the construction of a section of the Cosenza (Calabria) underground (project not included in the business plan) is likely to be secured in the short term q The operating environment in key international markets: q Confirming positioning as a leading world-wide specialist in tunnelling projects q Large potential target market thanks to expertise acquired in many countries and sub-sectors q Focus on middle-size projects to increase diversification q Shift from public infrastructure to projects for international multinationals q 150m project in Namibia for the construction of a steel manufacturing plant in advance stage of negotiation 18

The large backlog offers good medium term revenue visibility q 94% of 2015 revenues and appr. 70% of 2016 come from the existing backlog 100%# 90%# 80%# 70%# 60%# 50%# 40%# 30%# 20%# 10%# 0%# 2014% 2015% 2016% 2017% Revenue#sfrom#the#Exis<ng#Backlog# Revenues#from#New#Contract#wins# Source: CMC Business Plan 19

Earnings becoming more balanced Contribution margin concentration q The share of contribution margin generated from the 3 most profitable contracts is expected to fall to around 30% % Share of Contribution Margin 100%# 90%# 80%# 70%# 60%# 50%# 40%# 30%# 20%# 10%# 0.5% 3.7% 9.8% 9.1% 18.5% 18.3% 71.2% 68.9% 8.8% 9.9% 19.6% 26.1% 22.3% 28.4% 49.3% 35.6% 24.1% 23.4% 25.6% 26.9% 0%# 2012$ 2013$ 2014$ 2015$ 2016$ Top 3 Projects Next 6 Projects Next 10 Projects Remaining Projects 20

Business Plan Guidelines Key General Targets q Achieve production value CAGR of at least 7% in the next 2 years, maintaining an EBITDA margin of at least 10% q Reduce debt through shift towards profitable projects outside Italy, which require less working capital and have a shorter execution time q Net Working capital to reduce and help support free cash-flow of around 50mm over the 2015-2016 plan q Maintain capital expenditures below 80mm/year to achieve the above targets. Project Execution/ New Contract Acquisition Targets Italy q Current backlog already covers a significant portion of the next 2 years forecasted volume. q Maintain current market share leveraging on proven track-record gained in participation to some of the most important infrastructure projects in the country. q Gradually exit General Contractor projects, and focus on more profitable segments of the market, such as underground projects, infrastructure/network O&M, projects for local clients and maritime works. q Exit from concessions. Asia q China/Nepal: complete existing projects for 112mm and acquire new projects for at least 80mm in the next 2 years. q Singapore/SE Asia: complete existing projects for 191mm and acquire new projects for at least 250m in 2 years USA q Complete existing 68.5mm projects and acquire at least 125mm new projects in the next 2 years 21

Business Plan Guidelines Africa Middle East/ Others q Mozambique: take advantage of the significant increase of infrastructure projects promoted by international companies, shift from public clients to private international multinationals (oil & gas, Coca Cola). Target: complete existing project valued 146mm, acquire new projects in excess of 230mm in 2 years. q Angola: complete 130mm Soyo project and acquire new projects leveraging on the need of infrastructure and support from export agencies and international lenders. q Algeria: complete existing project for 146mm project in Algeria and acquire new projects for at least 250mm in 2 years. q Other Austral Africa/Kenya: complete existing projects and acquire new of transport and water treatment projects for at least 250mm in 2 years. q Lebanon: complete existing 150m project q Acquisitions: acquire new projects for at least 320m in the next 2 years subsidiary in Saudi 22

Business Plan Guidelines Preliminary Results 2014 Guidance 2015 Targets 2017 Total turnover 1.1bn 8% growth 10% growth >90% covered by backlog 1.3bn >30% covered by backlog EBITDA 120m EBITDA Margin 11% EBITDA Margin > 10% EBITDA Margin > 10% Pre-tax income 20m 20m 20m Net Income > 10m > 10m > 10m Backlog 2.9bn 2.8x Construction revenue In line with 2014 > 3.0bn New orders 1.2bn > 1.1bn > 1.5bn Adj. N.F. Position 460m 3.8x EBITDA Maintain 2014 level 3.5x EBITDA Reduce Adj. NFP 3.0x EBITDA 23

Guidance on FY2014 Results 3 Page Strategic Guidelines for 2015-2016 16 Q&A 24 Appendix 26 24

Q&A 25

Guidance on FY2014 Results 3 Page Strategic Guidelines for 2015-2016 16 Q&A 24 Appendix 26 26

Construction revenue breakdown by business area 2014 construction revenue by business areas Building projects 13% Water control and marine Mining and waste treatment infrastructure 5% 1% Railways and subways Water and Irrigation 19 Transport infrastructures 62% Roads and motorways 27

Backlog Details q CMC s backlog comprises contracts that have a) been awarded to CMC, and b) are fully funded / financed million 2009 2010 2011 2012 2013 2014 Italy Grandi opere 1.192,4 1.166,9 1.118,0 1.146,5 1.023,3 704,4 Other Projects 170.4 272,2 409,6 564,9 620,4 640,2 Messina Bridge 604,0 598,8 725,8 - - - Total Italy 1.966,8 2.037,9 2.253,4 1.711,4 1.643,7 1.344,6 Overseas Austral Africa 665,5 735,0 556,7 716,5 651,7 825,7 China, India, Nepal and SE Asia 172,4 79.9 266,0 231,4 289,0 203,5 Algeria/Libya 125,9 109,2 64,6 29,0 233,1 251,9 South America Chile East Europe Bulgaria - - - 67,0 65,0 57,3 - - 22,3 53,1 43,8 12,5 USA - - 64,7 21,6 44,6 68,5 Lebanon - - - - - 150,0 Total Overseas 963,8 924.1 975,2 1.118,6 1.327,2 1.569,4 Total Backlog 2.930,6 2.962,0 3.228,6 2.830,0 2.970,9 2.914,0 28

Backlog Details Location Transportation Description Type of project Contract value ( million) CMC's share Completion as of Dec 2014 Customer Piedmont (Italy) Maddalena exploratory tunnel for the new Lyon-Turin rail link 136 44% 55% LTF - Lyon Turin Ferroviarie Sas Milan (Italy) Milan external eastern ring road 923.6 8.5% 78% Tangenziale Esterna SpA Liguria (Italy) SS1 Nuova Aurelia Road Access network to Savona Harbour 144.2 51% 20% Anas SpA Marche (Italy) Quadrilatero Marche and Umbria Regions road project 1190 28% 94% Quadrilatero Marche Umbria SpA Sicily (Italy) I maxi section of motorway SS640 Agrigento-Caltanissetta 499.8 80% 95% Anas SpA Sicily (Italy) II maxi section of motorway SS640 Agrigento-Caltanissetta 991.2 44% 32% Anas SpA Sicily (Italy) Maxi lot SS121 Palermo-Lercara Friddi road 224.3 67% 32% Anas SpA Lombardy (Italy) Light rail transit system 102.8 100% 2% Italian Ministry of Infrastr. & Transport Sicily (Italy) Metro lotto Nesina - Catania 80.3 100% 0% Italian Ministry of Infrastructure and Transport Sicily (Italy) Metro lotto Stesicoro - Catania 59.7 70% 1% Italian Ministry of Infrastructure and Transport Turin (Italy) Lingotto-Bengasi section of the subway Turin 61.9 75% 1% Infrato Srl - Infratrasporti TO (Turin) France Exploration Tunnel Sant Martin 391 16% 2% Lyon Turin Ferroviaire Sas Durban (S. Africa) Improvements to the Mount Edgecombe Interchange 84.8 100% 29% South African National Roads Agency Limited Angola Motorway Luanda-Soyo 304.6 100% 57% INEA Instituto de Estradas de Angola Singapore Singapore underground lots n. 926-927 252.4 100% 75% Land Transport Authority, Singapore Bulgaria Maritza motorway, lot 1 68.3 100% 82% Bulgarian Road Infrastructure Agency Algeria Construction of services for highway east lot 371.5 42% 7% AGA - Agence de Gestion des Autoroutes Building Projects Italy Supply, transport and installation of natural disaster housing units 54.8 90% 0% Italian Department of Civil Protection Rome (Italy) Refurbishment building ex Cassa Depositi e Prestiti 77.8 100% 12% Cassa Depositi e Prestiti Milan (Italy) Expo 2015 works 140.8 100% 70% Milano Expo 2015 Spa Milan (Italy) Expo 2015 France, Thailand and S. Korea pavillions 20 50.5% 17% Work RighyJV, South Korea, French Ministry of Agr. Belgium High School in Mons, Belgium 20.7 30% 74% US Department of the Army Zambia Development of an underground copper mine 133.5 100% 19% Konkola Copper Mines Water and Irrigation Ingula (S. Africa) Ingula hydroelectric plant 1264 51% 98% Eskom Enterprises Kenya Itare Dam 241 100% 0% Rift Valley Water service Board Mozambique Massingir Dam 37.5 100% 2% Arasul Lebanon Water Supply project Beirut 150 100% 0% Council for Development and Reconstruction Lebanon China Yindajihuang tunnel project 81.4 100% 91% China Railways - CRTS China Shanxi middle yellow river diversion 62.4 75% 15% China Railways - CRTS Chile Alto Maipo Hydroelectric project 224.2 30% 15% AES GENER India Parabati Hydroelectric project 63.4 50% 11% NHPC - National Hydroelectric Power Corporation Nepal Melamchi Diversion Scheme 80.3 100% 19% Government of Nepal Water Control and Marine Molfetta (Italy) Molfetta commercial port 72.2 39% 64% Molfetta Municipality Ancona (Italy) Improvement Ancona port 51.3 51% 72% Ancona Port Authority Piombino (Italy) Improvement of the port 80.6 51% 70% Piombino Port Authority 29

Backlog Details Italian backlog major projects International backlog major projects % completion Agrigento5Caltanisse:a$Highway$Sec.$II$$ Motorway$Sicily$ Motorway$$Palermo5Lercara$Friddi$(Sicily)$ Tramway$Milan$5$Parco$nord$Seregno$(Lombardy)$ Metro$lo:o$Nesina$5$Catania$(Sicily)$ RenovaPon$of$CDP$building$in$Rome$(Lazio)$ Road$access$$to$Savona5Albissola$(Liguria)$ Emergency$housing$units$ Subway$Turin$ Expo$2015$(Lombardy)$ Metro$lo:o$Stesicoro$5$Catania$(Sicily)$ ExploraPon$Tunnel$for$Maddalena5Chiomonte$$ Norte$ Agrigento5Caltanisse:a$Highway$Sec.$I$$ New$Hospital$in$$in$Ariccia5Roma$(Lazio)$$ Quadrilatero$network$Marche$and$Umbria$$$$ External$eastern$ring$road$of$Milan$$ RenovaPon$hospital$Mazara$del$Vallo5Trapani$ Piombino$Concordia$ Molfe:a$commercial$Port$(Puglia)$ Ex$cellar$Alvisi$5$Faenza$(Emila$Romagna)$ Motorway$Tuscany$ ArPficial$sea$barrier$in$Ancona$(Marche)$ Improvement$works$Ancona$Port$(Marche)$ Palace$Guiccioli$(Emilia$Romagna)$ Expo$5$Pavillon$of$France$(Lombardy)$ 5%$ 0%$ 12%$ 20%$ 0%$ 1%$ 1%$ 2%$ 12%$ 22%$ 32%$ 38%$ 32%$ 44%$ 55%$ 70%$ 72%$ 78%$ 70%$ 64%$ 59%$ 38%$ 48%$ 72%$ % of total backlog 10.2% 5.1% 3.5% 3.4% 2.7% 2.4% 2.0% 1.7% 1.6% 1.5% 1.4% 0.9% 0.9% 95%$ 0.8% 0.7% 94%$ 0.7% 0.6% 0.5% 0.4% 0.3% 0.3% 0.3% 0.3% 0.3% 0.1% 0.1% % completion Kenya#2#Itare#Dam#water#supplay#project# Lebanon#2#Water#supply#project#Beirut# Algeria#2#ConstrucHon#of#services#area#on#highway## Angola#2#Motorway#Luanda2Soyo#(44#km))# Zambia#2#Development##of#an#undergrond#coppe# Libya#2#Ras#Ijdeir#Motorway#(Lot#n.1)# Nepal#2#Water#supplay#projet#(devaHon#of#melamchi# Singapore#2#underground#(Lots.#926#and#927)# France#2#ExploraHon#Tunnel###Sant#MarHn# S.#Africa#2#Improvements#Edgecombe#JuncHon## S.#Africa#2#ConstrucHon#eatern#basin#mine#drainage# Chile#2#Hydroelectric##plant#in##Alto#Maipo## USA#2#Infrastructural#works#(USA)# China#2#Shanxi#river#diversion# Mozambique#2#RenovaHon#Montepuez#road2Ruaca## Mozambique#2#Massingir#Dam# India#2#ExcavaHon#tunnel#for#Hydroelectric#Plant#in# S.#Africa#2#Water#treatment#plant#Sebokeng# Lesotho#2#ReconstracHon#Oxbow#Mpholaneng#Road## Mozambique#2#ReabilitaHon#Lichinga2Litunde#roads# USA#2#Infrastructural#works#(USA)# Bulgaria#2#Maritza#motorway#Lot1## S.#Africa#2#Hydroelectric#plant#in#Ingula# Malawi#2#Kamuzu#Dam# China#2#Yndajihuang#water#Tunnel#project# Lesotho#2#Metolong#water#treatment#plant# 0%# 0%# 7%# 0%# 2%# 19%# 19%# 14%# 15%# 15%# 2%# 11%# 7%# 29%# 36%# 57%# 59%# 66%# 62%# 62%# 52%# 75%# 82%# 98%# 91%# 93%# % of total backlog 8.3% 5.1% 5.0% 4.5% 3.7% 3.6% 2.2% 2.2% 2.1% 2.1% 2.0% 2.0% 1.9% 1.4% 1.3% 1.3% 1.0% 0.6% 0.5% 0.5% 0.5% 0.4% 0.4% 0.3% 0.2% 0.1% EUR 2.9 3.3bn 2.8 3.3x EUR 1.0bn 2014 2013 Total Total backlog 2014 2013 Constr. revenues Revenue 30

Contacts Alberto Morigi CFO CMC di Ravenna alberto.morigi@cmcra.com Tel: +39 0544 428331 Andrea Pierpaoli, CFA Investor Relations CMC di Ravenna investor@cmcra.com Tel: +44 207 832 3502 Mob: +44 786 0862 797 Valeria Garavini Investor Relations CMC di Ravenna Valeria.garavini@cmcra.com Tel: +39 0544 428444 31