September 30, 2014 Results Presentation

Riservato & Confidenziale September 30, 2014 Results Presentation December 5 th, 2014 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

Introduction 4 Page Financial Highlights 6 Q&A 17 Appendix 18 3

Introduction We have implemented quarterly accounting and related reporting procedures beginning from January 2014. As a result, in compliance with Section 4.02., paragraph 2 of the Indenture, and with paragraph 2, page 181 of the Offering Memorandum, CMC di Ravenna does not provide quarterly consolidated financial information for FY 2013. It will begin to show comparable quarterly figures beginning Q1 2015. Comparable FY 2013 consolidated financial statements have been included in the H1 2014 report, and will be included in the FY 2014 report. Total turnover and construction revenue in line with expectations to 772m and 743m respectively Italy generated 46% of construction revenue due to an higher revenue generation stage achieved on three large Transport Infrastructure projects. Overseas revenue represented 54% of construction revenue, with higher contribution from Asia, USA and Chile and Angola joining our core Southern Africa EBITDA margin improving and reaching 11.6% in Q3 2014, bringing the 9M 2014 EBITDA margin to 11.0% vs 10.2% for FY2013 Adjusted Net Financial Position increased to 430.0m from 403m in June 2014 and 406.5m in December 2013 mainly due to the 300m Notes transaction fees, costs related to the early repayment of existing debt, capital expenditures and a seasonal increase of working capital Adjusted Net working capital increased by 28.2m compared to June 2014 due to higher work in progress, but still 16.2m lower than in December 2013 Capex of 71m for the first nine months 2014 mainly due to the purchase of TBMs and other heavy equipment for new projects in Italy, Mozambique, Chile, Nepal and USA, and the choice of lease and buy-back contracts vs rental Based on LTM managerial accounts, the results confirm a positive trend in both margins and leverage ratios and, as a result, our guidance targets for the FY2014 remain unchanged. Maintained backlog level at 3.2b compared to June 2014, with a 7% increase from December 2013 Secured new orders for 958.3 million in the first nine months 2014, including 240.0m for the construction of a dam in Kenya and 179.9m of new orders in Italy in Q3 2014 only 4

Financial Highlights Income Statement Q3 2014 YTD to Sep 2014 FY 2013 Comment Total turnover 268.8 771.9 1,015.6 Construction revenue 258.4 743.4 979.6 - Italy 109.3 340.0 416.0 - International 149.1 403.4 563.6 EBITDA 31.2 84.6 103.6 EBITDA Margin 11.6% 11.0% 10.2% Net Income 4.4 10.7 10.8 46% in Italy, mainly driven by: Motorway Agrigento/Caltanissetta Milan external ring road Quadrilatero Umbria/Marche 54% overseas mainly driven by: Ingula hydroelectric plant Singapore metro downtown line 3 Increased profitability with EBITDA margin achieving 11% in the 9M 2014 Net income 9M 2014 just below 12M 2013 despite higher interest charges Balance Sheet Adj. Net fin. position Sep 2014 Jun 2014 Dec 2013 430.0 403.0 406.5 Comment Bond fees and higher leases Adj. Net working capital 271.7 243.5 287.9 Slight increase due to seasonality Net financial position 383.1 280.1 269.6 Net working capital 238.7 143.3 176.7 Reimbursed 78m of recourse factoring from December Increased due to lower recourse factoring Cash Flow Q3 2014 YTD to Sep 2014 FY 2013 Comment - CF from operations (53.7) 14.1 45.9 - CF from investing (13.3) (71.0) (50.8) -CF from financing 67.6 93.5 0.8 Total cash flow 0.6 36.6 (4.1) CF from operations affected by lower utilisation of recourse factoring Higher use of equipment lease & buy-back vs rental Recourse factoring replaced with on-balance sheet debt 6

Financial Highlights Backlog Sep 2014 Jun 2014 Dec 2013 Comment - Italy - International Total Backlog 1.656.3 1,517.1 3,173.4 1.584.5 1,643.7 1,599.0 1,327.2 3,183.5 2,970.9 Maintained high and more diversified backlog 52% Italy, thanks to significant orders secured in transport infrastructure and buildings business areas Breakdown by area Intl. 47.8% Italy 52.2% Intl. 50.3% Italy 49.7% Intl. 44.7% Italy 55.3% 48% International, also due to large 240m new order secured in Kenya New Orders Q3 2014 YTD to Sep 2014 FY 2013 Comment - Italy 179.9 458.9 245.5 - International 45.3 499.4 802.6 Total new orders 225.2 958.3 1,048.1 121m Catania underground 105m new share Ag/Ca motorway 63m exploratory tunnel Lyon-Turin 240m dam in Kenya 37m Massingir dam in Mozambique 7

Backlog q +7.2% compared to December 31, 2013, substantially unchanged compared to June 30, 2014. 45 64 80 Dec-13 Jun-14 Sep-14 1,688 1,611 1,674 Dec-13 Jun-14 Sep-14 233 265 259 Dec-13 Jun-14 Sep-14 240 240 Jun-14 Sep-14 0 Dec-13 Backlog 3,184 3,173 2,971 Dec-13 Jun-14 Sep-14 65 64 61 Dec-13 Jun-14 Sep-14 Italy 52% Europe 1% North America 2% South America 2% Eastern Africa 8% Northern Africa 8% 652 706 640 Dec-13 Jun-14 Sep-14 Mining and Waste Treatment 4% Water Control and Marine 2% Building 9% Asia 7% Southern Africa 20% Water and Irrigation 19% Transport 66% 289 235 220 Dec-13 Jun-14 Sep-14 q Increase in Italy from June thanks to 179m of new orders secured in Q3 2014 q N e w 2 4 0 m o r d e r s e c u r e d f o r t h e construction of a dam in Kenya q New order in Mozambique for the construction of a 37m dam q 69m of new orders in USA, of which 29m in Q3 2014 8

New Orders Confirmed capabilities to maintain orders in Italy and overseas. New backlog already approaching 1 billion. Key new orders Italy Acquisition of the share previously owned by the shareholder Iter of section 2 of the SS640 Agrigento-Caltanissetta (Sicily). Project extension value: 105 million (CMC s share 100%) Supply, transport and installation of natural disaster housing units in Northern and Central Italy for the Italian Department of Civil Protection. Project value: 54.8 million (CMC s share: 90%) 2 sections (Stesicoro-Aeroporto e Nesima-Misterbianco) of the local underground. Project value: Nesima section: 80.3 million (100% CMC); Stesicoro section: 58.6 million (CMC s share 70%) Exploratory tunnel for the Lyon-Turin high-speed railway. Project value: approximately 500 million (CMC s share 16%) Lingotto-Bengasi (Line 1) section of the Turin underground. Project value: approximately 63 million (CMC s share 60%) New Backlog 451.3m Kenya Itare dam and related water treatment facilities for the Rift Valley Water Services Board. Project value: approximately 240 million (100% CMC share) 240.0m Mozambique USA Rehabilitation of the Massingir dam for the Ministry of Public Infrastructure. Project backed by the African Development Bank. Porject value: 37 million (100% CMC s share) Improvement of rail crossings of the South Coast Rail, Boston area. Project value 12.2 million; CMC s share 100%); Rehabilitation Merrimack River bridge, Boston area. Project value: 15.5 million (100% CMC) Additional minor projects for a total of approximately 41.3 million; 37.0m 69.0m Other Additional works on Ingula project. Value: 48.3 million Additional works on Motorway Algeria. Value: 30 million Additional works on Quighai hydro-tunnel. Value: 17.9 million Others. Value: 64.8 million 161.0m 958.3m 9

Construction revenue More diversified with increased contribution from Asia, USA and Chile 352 379 116 18 51 36 Q3-14 9M-14 FY-13 Q3-14 9M-14 FY-13 11 12 20 Q3-14 9M-14 FY-13 95 68 29 Q3-14 9M-14 FY-13 367 224 1 9 0 Q3-14 9M-14 FY-13 84 Q3-14 9M-14 FY-13 Construction revenue 871 743 258 Q3-14 9M-14 FY-13 Europe 2% North America 7% South America 1% Northern Africa 1% Asia 13% Italy 46% Sothern Africa 30% Mining and Waste Treatment 1% Water Control and Marine 4% Building 14% Water and Irrigation 22% Transport 59% Main drivers: Ingula hydro-plant ( 111m) Motorway Agrigento/Caltanissetta ( 92m) Quadrilatero Umbria Marche ( 74m) Singapore metro line 3 ( 53m) External ring road Milan ( 46m) Resumed works in Angola thanks to guarantee provided by SACE 10

Margins Increasing profitability both in Italy and Ovreseas Profitability analysis 120.0 103.6 100.0 84.6 80.0 73.2 EBITDA margin reaching 11.0% in the nine months to September 2014, with a 11.6% reported in third quarter. Contribution margin higher in the first nine months both in Italy and Overseas. In particular, contribution margin in Southern Africa back to normal after temporary suspension of a section of the Ingula project. 60.0 40.0 20.0 0.0 59.8 51.4 44.1 31.2 21.8 16.9 11.6% 11.0% 10.2% 10.7 10.8 8.1% 7.7% 7.2% 6.3% 5.7% 5.1% 4.4 EBITDA Contribution Margin EBIT Net income Q3 2014 9M 2014 FY 2013 9 Increased contribution from highly profitable International projects in Asia and USA. EBIT margin in the nine months to September 2014 higher than in FY 2013. Net income already only slightly below level reported for FY 2013 (12M) despite higher interest charges 70 60 50 Contribution margin by area* 47.1 62.9 40 30 20 10 0 12.7 16.4 10.3 5.4 4.9% 3.7% 2.5% 11.0% 11.7% 11.2% Italy Q3 2014 9M 2014 FY 2013 International * Calculated on construction revenue in Italy and overseas, respectively. 11

Working Capital Adjusted Net Working Capital below December 2013 level 600 400 200 0-200 69 65 72 538 473 439 397 386 374 274 274 Working Capital Analysis 364 Receivables factored with recourse to be added back from next FY Report according to an update in the Italian Gaap Inventories Work in progress Receivables Advances Suppliers Other op. net assets -123-136 -128-161 -154-195 239 177 143 NWC 288 272 244 Adjusted NWC -400-600 -354-378 -379 Dec 13 Jun 14 Sep 14 Adjusted Net Working Capital increased by 28.2 million from June, but is still 16.2 below December 2013 levels. Net Working Capital significantly affected by a drop in the utilisation of recourse factoring ( -78.2m vs December 2013 and -67.2m vs June). To provide a more meaningful representation of the trend in our operating capital requirement, we present an Adjusted Net Working Capital, where receivables factored with recourse have been added back to our balance sheet. The adjustment also implements a change in the Italian Gaap (Oic 15), introduced in August 2014, which requires recourse factoring to be added back to both liabilities and receivables, starting from the 2014 annual report, and recommends the restatement for previous years to provide a better comparison and improve the true and fair view of financial statements. 12

Capex Significant capital expenditures due to higher utilisation of equipment lease & buy-back vs equipment rental Capital Expeditures* 80.0 71.0 70.0 60.0 57.0 50.0 40.0 30.0 20.0 10.0 0.0-10.0 48.1 18.1 18.0 14.3 12.0 13.3 6.9 7.1 0.2 Intangible Tangible Financial -1.2 Total Capex Q3 2014 9M 2014 FY 2013 * Net of capital disposals during the period Capital expenditures in intangibles: mainly related to start-up and mobilization of projects in Italy, Algeria, South Africa, Zambia and Singapore Capital expenditures in tangible assets: TBMs and other heavy equipment for projects in Italy (Sicily), Mozambique, Chile, Nepal, and USA. In particular, the increase in Q3 2014 is mainly due to the decision to enter into a lease-back agreement (vis-à-vis a rental agreement) for the TBM machine required for the Motorway SS640 Agrigento/Caltanissetta section 2 project. Capital expenditures in financial assets: mainly related to an inter-company loan to an associated company for the Quadrilatero Umbria Marche project 13

Net Financial Position Net Financial Position Analysis 500 400 300 261 331 300 270280 383 430 407403 200 100 21 102 112 90 98 111 100 33 14 14 14 12 9 0-100 -200 RCF Other current fin. debt Senior Notes Other noncurrent fin. debt Liquid assets Net financial position -103-137 -141 Recourse factoring Shareholders' loan PREPs Adj. Net financial position Dec 13 Jun 14 Sep 14 Adjusted net financial position is 27.0 million higher in September than in June 2014, mainly due to the following factors: 300 million Notes transaction fees ( 7.9m) Loans prepayment charges ( 0.5 million) Accrued interest on reimbursed loans ( 1.6m) Capital expenditures ( 13.3m) Debt structure reflecting the issuance of the 300 million Notes. In particular, the reimbursement of a significant portion of recourse factoring and its replacement with on-balance sheet debt led to a 43.3m increase in our Net financial position, although it had no effect on our Adjusted Net financial position. Leverage ratios based on managerial LTM accounts confirm a positive trend and are in line with management expectations 14

Cash flow Cash Flow Analysis 120 100 93.5 80 60 40 20 0-20 -40 67.6 45.9 36.6 14.1 0.8 0.6-13.3-4.1 CF from Operations CF from Investing CF from Financing Total CF -60-53.7-50.8-80 -71.0 Q3 2014 9M 2014 FY 2013 Cash flow from operations still positive in September 2014 despite significant drop in utilisation of recourse factoring Cash flow from investing reflects increased utilisation of equipment lease and buyback contracts vs rental. Tangible capex programme for the year already almost completed. Cash flow from financing significantly higher due to the increase in utilization of credit lines, the replacement of a significant portion of recourse factoring with on-balance sheet debt and the increase of lease and buyback contracts for the purchase of TBMs 15

Q&A 17

- - - - - - - - Reclassified Consoldiated Income Statement Three months ended Sep 30, 2014 Nine months ended Sep 30, 2014 % on Total turnover % on Total turnover Revenue 261.5 97.3 751.4 97.3 Other income and proceeds 7.3 2.7 20.5 2.7 Total turnover 268.8 100.0 771.9 100.0 Raw materials, comsumables and goods.. (47.2) (17.6) (142.6) (18.5) Services, lease and hire.. (129.9) (48.3) (365.6) (47.4) Personnel (44.9) (16.7) (127.5) (16.5) Provisions for risk and charges (6.9) (2.6) (30.9) (4.0) Other operating costs (8.7) (3.2) (20.7) (2.7) EBITDA 31.2 11.6 84.6 11.0 Depreciation, amortisation and write-offs of receivables (14.3) (5.3) (40.5) (5.2) Operating profit 16.9 6.3 44.1 5.7 Net financial income and charges (11.8) (4.4) (29.7) (3.8) Net extraordinary income and charges (0.5) (0.2) 1.1 0.1 Income before tax 4.6 1.7 15.5 2.0 Income taxes (0.3) (0.1) (5.0) (0.6) Income before minority interests 4.3 1.6 10.5 1.4 Minority interests 0.1 0.0 0.2 0.0 Consolidated net income 4.4 1.6 10.7 1.4 19

Reclassified Net Working Capital September 30, 2014 June 30, 2014 ( in million) December 31, 2013 Inventories 71.8 65.3 68.9 Raw materials and consumables 44.7 41.0 42.6 Work in progress and semi-finished products. 15.8 13.6 15.3 Finished products and goods 11.3 10.7 11.0 Contract work in progress.. 537.6 473.2 438.7 Receivables from clients 308.1 228.4 200.1 Receivables from non-consolidated affiliates.. 56.3 45.2 74.2 Other current assets 113.5 93.2 115.3 Total current assets 1,087.3 905.3 897.2 Contractual advances payments from clients 149.0 117.1 107.6 Advances 12.3 19.1 15.8 Trade payables to suppliers 378.4 379.0 354.2 Payables to non-consolidated affiliates 65.9 33.0 46.9 Other current liabilities 205.6 181.7 163.6 Reserves for risks and charges 37.4 32.2 32.4 Total current liabilities 848.6 762.0 720.5 Net Working Capital 238.7 143.3 176.7 Recourse factoring. 33.0 100.2 111.2 Adjusted Net Working Capital. 271.7 243.5 287.9 20

Reclassified Adjusted Net Financial Position December 31, 2013 June 30, 2014 Adjustments Pro-forma June 30, 2014 September 30, 2014 ( in million) Cash and cash equivalents (99.3) (135.3) 2.4 (132.9) (136.0) Short-term financial assets (3.8) (5.8) - (5.8) (1.4) Liquid assets. (103.1) (141.1) 2.4 (138.7) (137.4) Short-term bank loans and borrowings 204.4 211.6 (127.6) 84.0 90.4 Revolving Credit Facility. - - - - 21.0 Current portion of non-current borrowings.. 49.5 114.7 (108.1) 6.6 6.5 Other short-term debt 7.1 5.0-5.0 5.0 Capitalized transaction costs - - (7.0) (7.0) - Current financial debt 261.0 331.3 (242.7) 88.6 122.9 Net current financial debt 157.9 190.2 (240.3) (50.1) (14.5) Non-current bank loans and borrowings 89.5 58.5-58.5 56.9 Senior Unsecured Notes - - 300.0 300.0 300.0 Other non-current loans 22.2 31.4-31.4 40.7 Non-current financial debt 111.7 89.9 300.0 389.9 397.6 Total financial debt 372.7 421.2 57.3 478.5 520.5 Net financial position 269.6 280.1 59.7 339.8 383.1 Recourse factoring 111.2 100.2 (59.7) 40.5 33.0 Shareholder loans 13.7 13.7-13.7 13.9 Preferred pooled shares (PREPs) 12.0 9.0-9.0 - Total adjustments 136.9 122.9 (59.7) 63.2 46.9 Adjusted net financial position 406.5 403.0-403.0 430.0 LTM EBITDA 103.6 106.1 106.1 Net financial position/ltm EBITDA 2.60x 2.64x 3.20x Adj. Net financial Position/LTM EBITDA 3.92x 3.79x 3.79x 21

Condensed Cash Flow Three months ended Sep 30, 2014 ( in million) Nine months ended Sep 30, 2014 Cash and cash equivalents at start of the period.. 135.3 99.3 Cash flow generated by operating activities.. (53.7) 14.1 Cash flow generated by/(used in) investing activities.. (13.3) (71.0) Cash flow generated by/(used in) financing activities.. 67.6 93.5 Cash and cash equivalents at the end of the period.. 135.9 135.9 22

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 23