24 Section 3 Infrastructure Management (SBU2) 24

25 Infrastructure Management: financials Revenues and margins keep growing in 1Q10 thanks to improved commercial performance and stable costs mln 30,0 20,0 10,0 0,0 +3,2% +8,5% +22,5% Revenues EBITDA EBIT x% = CAGR Financial Oveview SBU2* million Q09 1Q10 * Gross of Intercompany Results ** Includes the goodwill amortization related to the acquisition of the company Change% 1Q10/1Q09 Revenues 28,0 29,0 6,5 6,6 0,9% EBITDA 4,9 6,0 1,1 1,2 8,1% EBIT ** 1,7 2,7 0,4 0,4 17,7% 1Q 10 vs 1Q 09 Key Rationales: 1Q 10 revenues grow slightly as a result of the increase in commercial activities offset by a decrease in revenues from facility management. 1Q 10 EBITDA grows by 8,1% vs 1Q09 with an increase of marginality (up 2% YoY) thanks also to the strict control in operating and labor costs. Revenues Breakdown SBU Engineering 4% Other revenues 10% Revenues Breakdown SBU Engineering 2% Other revenues 3% Facility Management 42% Sales 44% Facility Management 43% Sales 52% 25

26 Infrastructure Management: key figures and investments Centostazioni: Ownership Structure Key figures (as of March 31 st, 2010) 56 stations refurbished; Public partner 60% Operator 40% 60% Archimede 1 Private partner 40% Others 23 stations under refurbishment and expected to be completed within 2010; total sqm rented of which sqm to commercial activities and sqm to railways companies; total sqm expected at the end of the refurbishment process; 139,4 M capital expenditure out of a total plan of M as of today; of which 55,6 M spent by Centostazioni out of a total plan of 59.2 M. Profit and Loss Structure Revenues Rental; Fees; Royalties Sales Facility management Engineering Cost reimbursment plus a 6% mark up 10% fee on investment managed Costs 40% Sales to RFI Facility Costs Personnel Costs etc.. Cost of Structure Cost reimbursements, fees, professional tariffs Rentals contracts Business Model Commercial Partners and Other Partners 40% of rentals Royalties and Rentals 26 26