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09

APRIL 2011

› A portfolio of 2,920 M €, 58% of which from International segments;

› Consolidated BV decreased residually (-3%), strongly infuenced by the downturn in the domestic market, partially ofset by the increase in international activity;

› Increased international activity (up 59% of this business area), particularly in Africa (+26%) and America (+ 95% compared to 2009);

› Operating proft increased by 25% (EBITDA of € 130.1 M, in 2009, to 162.5 M €);

› EBITDA margin from 7.9% to 10.2% (anticipating the objective for Ambition 2013);

› The EBITDA margin increased in all geographic segments.

EBITDA

2008 2009 2010

50.7

100.0

80.0

60.0

40.0

20.0

0.0

66.8

80.8

TURNOVER

212

500

400

300

200

100

0

329

410

2008 2009 2010 2008

EBITDA

2008 2009 2010

81.9

300

250

200

150

100

50

0

130.1

162.5

TURNOVER

1,037

2,100

1,800

1,500

1,200

900

600

300

0

1,654

1,599

2008 2009 2010

ENGINEERING & CONSTRUCTION

Main Indicators

› BV increased 25% (from € 329m to € 410M), rising in all segments;

› An increase in Representativeness from 17% to 20% of the Group's Total BV contributed towards the diversifcation objective;

› MEAS’ International BV represents 17% of the Sub-Holding’s Total, contributing towards strengthening the internationalization of non- -construction activities;

› EBITDA increased 21% (66.8 M € to 80.8 M €) and grew in absolute terms within all segments, maintaining its margin at 20%.

ENVIRONMENT & SERVICES

Main Indicators