Implenia Road Show by Bernardini + Schnyder GmbH

Implenia Road Show Annual result 2010 May 2011 â&#x20AC;&#x201C; North America

A. Affentranger / B. Fellmann

Background Young company with a long-standing tradition

1872

Conrad Zschokke establishes his first construction company

18661996

1977-98

Zschokke becomes the biggest construction company in Switzerland through acquisitions

Establishment and development of Preiswerk, Stuag and Schmalz (3 medium-sized Swiss construction companies)

1997

Establishment of Batigroup through merger between these three construction companies

March 2006

Merger & establishment of Implenia – Leader in the Swiss market

Nov 2007

Tapping some specific foreign markets such as Russia and the UAE

Jun 2010

Significant project in Italy

Oct 2010

Take Over of Sulzer Immobilien AG

Biggest transaction in Implenia‘s history with a focus on the strategic field of project development

Our most important ‘capital’ Our 6‘000 employees Summary text

Local presence Across the country – close to our customers Schaffhausen Diessenhofen

Rümmingen (D)

Basel

Augst

Frick Liestal

Aarau

Delémont

Moutier

Solothurn

Bern

Goldach

Bischofszell Wil St. Gallen Algetshausen St. Margreten Teufen Gossau Dietlikon/Wallisellen Bühler Schwerzenbach Herisau Winterthur

Ebnat-Kappel Jona

Uznach

Appenzell Gams

Siebnen Mels

Schwyz

Balzers

Glarus

Alpnach

Konolfingen Wattenwil

Fribourg

Frauenfeld Kradolf

Buchs SG

Inwil Meggen Luzern Horw Hergiswil

Studen

Neuchâtel

Steinhausen Cham

Reiden

Biel La Chaux-de-Fonds

Oerlikon Zürich Affoltern a. A.

Olten

Balsthal

Rümlang

Baden Lenzburg Oberentfelden

Engelberg

Altdorf Schattdorf

Chur Laax

Davos

Crissier/Echandens

Interlaken

Andermatt

Zweisimmen

Renens

Scuol Zernez

Meiringen Spiez

Around 100 locations all over Switzerland

Kreuzlingen

Rafz

St. Moritz

Gampel Sierre Aïre

Genève Monthey

Vétroz Martigny

Visp

Sion Saas Fee Bioggio

Lugano

Group organization and Group management Three operating divisions – one service/support division Chairman of the Board

CEO

Anton Affentranger

Hanspeter Fässler

Members of the Group Management Hanspeter Fässler Peter Bodmer Beat Fellmann Luzi Reto Gruber Arturo Henniger René Zahnd

Corporate Center/CFO

Division Real Estate

Division Infrastructure Construction

Division Industrial Construction (international activities)

Head Beat Fellmann

Head René Zahnd

Head Arturo Henniger

Head Luzi R. Gruber

      

Finances & Controlling Human resources Information technology Insurance Investment management Legal Services Marketing / Communication

   

Development Engineering General & total contracting Conversion, renovation

   

Buildings and conversions Road construction and civil works Civil engineering Foundation engineering

      

Underground construction Special Tunnel Works NRLA lots Total Services Contractor Infrastructure projects Real estate projects Services

Business model One-stop service provider Idea Concept

Finance

Project Develop -ment

Planning, Enginee -ring

Realization

Management

Demolition New idea

Implenia Invest. Management AG

Investment Management

Implenia Development AG

Development Engineering General contracting Construction Industrial Construction

, Third Parties

GC Construction

Implenia Generalunternehmung AG

Implenia Bau AG, Third Parties Implenia Bau AG, Global Solutions

ÂŠ Implenia | Investor Relations | May 2011 | Page 6

Vision „One company – one goal – one spirit“

 We develop and build the Switzerland of tomorrow.  We establish ourselves as an expert for complex international infrastructure projects.  Sustainability is our passion.  We are the partner of choice for customers and employees alike.

Values The foundation of our company Reliability

Because we want people to be able to rely on us.

Sustainability

Based on responsibility regarding our environment and ourselves

Integrity

This is the core of what we do.

Opportunity and risk awareness

Acting entrepreneurially, we want to identify opportunities and risks early.

Transparency

Towards all of our stakeholders

Operative and financial excellence

Measurable and as a pre-condition for our activities

Solution-driven, customeroriented practices Customer-oriented solutions are our priority

Innovation

Our future depends on our ability to keep up with the times and move forward ÂŠ Implenia | Investor Relations | May 2011 | Page 8

Sustainability 10 related focus points Environment:

Society :

Business:

1. Respect the environment

2. Corporate Governance

5. Relations with clients/ Group management

3. Health and safety at work

(energy and resource efficiency, CO2 management, recycling, water, biodiversity)

6. Relations with suppliers

4. Training and talent management

7. Financial leadership

8. Sustainable products and services 9. Innovation 10. Communication Eco-system Business system Sustainability Social system

Sustainability strategy

Eco-system Business system Sustainability Social system

Time Time ÂŠ Implenia | Investor Relations | May 2011 | Seite 9

Code of conduct We mean it! Implenia applies high ethical standards to its business conduct and the conduct of its directors and employees. It has implemented a code of conduct to assure compliance with all legal and regulatory requirements in Switzerland and abroad.  In all our activities, we not only comply with applicable laws, but also follow high ethical standards.  We always act correctly with each other, as well as with our business partners and the authorities.  We ensure transparency by documenting our activities.  We encourage our external partners, subcontractors, suppliers and consultants to respects these principles as well. Implenia is currently subject to an investigation involving numerous construction companies in the regional market of canton Aargau started by the Swiss competition commission in 2009. Implenia is cooperating with the competition commission in the investigation. © Implenia | Investor Relations | May 2011 | Seite 10

Highlights and market environment Overall positive outlook European construction market  Recovery is apparent Swiss construction market  Remains at a high level  Continuous public investment in civil works  Healthy fundamentals of the real estate market -

Low interest rates Immigration / housing needs No real estate bubble But trends vary in different parts of the country

Margin pressure  Remains a characteristic of the construction industry  Must be offset by improvements in productivity © Implenia | Investor Relations | May 2011 | Seite 11

Real estate prices in Switzerland Compared internationally

Switzerland

United Kingdom

USA

Spain

France

ÂŠ Implenia | Investor Relations | May 2011 | Seite 12

Real estate prices in Switzerland Healthy price level for Swiss real estate

ÂŠ Implenia | Investor Relations | May 2011 | Seite 13

Swiss cost and price indexes Prices develop slower than costs

Cost and price trends in building construction (main contract work)

Cost and price trends in civil works (main contract work)

Price and cost index in civil works (Q1 2002=100)

Price and cost index in building works (Q1 2002=100)

Price and cost index in civil works (Q1 2002=100)

Costs: construction cost index (Civil works, reinforced concrete) Prices: BfS construction price index (Civil works, main contract work)

Costs: construction cost index (building construction, main contract work, multi-family homes) Prices: BfS construction price index (Civil works, main contract work)

ÂŠ Implenia | Investor Relations | May 2011 | Seite 14

Real change in the construction index At a high level, driven by civil works

Swiss Construction index (in real terms) Swiss Building index (in real terms) Swiss Civil works index (in real terms)

Source: Credit Suisse AG /SBV ÂŠ Implenia | Investor Relations | May 2011 | Seite 15

Implenia in its 5th year Systematically implemented strategy pays off In year 5, a successful reality in the market based on:  a motivating vision  lived values  a clear strategy Steadily improving profitability and balance sheet  EBITDA, operating income and profit increased for the 5th time in row  balance sheet further strengthened Sustainability embedded in the Group strategy  key priorities defined  consistent and transparent implementation Acquisition of Sulzer Immobilien AG  Significant strengthening of our project development portfolio Breakthrough on the Gotthard  15 October 2010  Implenia is the leading company in 3 out of 5 projects © Implenia | Investor Relations | May 2011 | Seite 16

Key Group figures Substantial profit improvement 2010

2009

2'388.4

2'279.8

4.8%

EBIT before special charges

72.6

75.5

-3.8%

Operating income

77.7

67.6

14.8%

3.3%

3.0%

52.5

47.1

2.2%

2.1%

112.6

104.6

4.7%

4.6%

in CHF million

Consolidated revenue

Consolidated profit EBITDA

+/- in %

11.5%

7.6%

ÂŠ Implenia | Investor Relations | May 2011 | Seite 17

General contracting / Services â&#x20AC;&#x201C; revenues and EBIT Record EBIT in 2nd half of the year

IFRS revenue

1,111 1,137 598

636

EBIT before special charges

17.4

15.4

8.3 9.3

15.5 12.1

10 1.0%

513

501

9.1

in CHF million

10.2

3.0%

17.4 15.4

2.0%

1.6% 1.4%

1.4%

0.9%

2010

2009

0.5%

6.1 2010

1.5% 1.0%

0 2009

2.5%

0.0 2006

2007

2008

2009

2010

HY2

EBIT before special charges

HY1

EBIT margin

ÂŠ Implenia | Investor Relations | May 2011 | Seite 18

GC/ Services – Regional breakdown and orders as of 31.3.2011 2011 revenue secured in CHF m

Production output 21.6 Mio.

29%

335.2 Mio.

West 379.8 Mio.

Central East

131.8 Mio. 268.3 Mio.

Zurich Reuss

Maintower, Zurich

Order book

March 2011 March 2010

93.7%

West

695.6

579.1

Central

278.2

348.3

East

159.1

149.4

Zurich

561.8

766.8

Reuss

10.6

10.8

1'705.2

1'854.3

TOTAL order book

Secured revenue

59.8%

14.2% 2011

2012

2013

Real estate (project development) – invested capital and EBIT ROIC 18.1% in CHF million

Invested capital

178

200

EBIT before special charges / ROIC (like for like)

EBIT before special charges

21.4

20.9

21.4

65 10.6 17.2

15.4

10.3 4.2

2009

2010

2009

6.0 5

20.9 18.1%

15.9%

20.0%

10.0%

7.7% 5.2%

3.6%

5.0%

0 2010

25.0%

15.0%

10.3

10 134

30.0%

0.0. 2006

2007

2008

2009

2010

SIMMO

HY2

EBIT before special charges

Implenia ex. SIMMO

HY1

ROIC (like for like)

Infrastructure – Revenue and EBIT Record result

IFRS revenue

1,123 618

1,201

EBIT before special charges

24.6

25.1

2009

4.0%

32.0

31.8

535

2010

21.5

666

-7.4

-6.7

2009

2010

24.4

24.6

25.1

3.5% 3.0%

2.2%

1.9%

15 10

505

in CHF million

2.1%

2.5% 2.0%

8.8

1.5%

0.8%

1.0%

0.5%

0.0 2006

2007

2008

2009

2010

HY2

EBIT before special charges

HY1

EBIT margin

Infrastructure – Regional breakdown and orders as of 31.3.2011 Excellent regional anchoring in CHF m

Production output 100.8 Mio. West 177.7 Mio.

322.2 Mio.

East/Zurich Alps

205.2 Mio. 194.2 Mio.

Central 344.8 Mio.

Civil engineering Other

Pont de le Poya, Fribourg

Order book

March 2011 March 2010

West

195.9

226.6

East/Zurich

162.8

252.8

Alps

112.2

129.6

93.4

110.7

154.3

189.1

Central Engineering Miscellaneous TOTAL order book

718.6

Secured revenue 60.0%

14.8%

4.8 913.7

1.4% 2011

2012

2013

Tunnelling – Revenue and EBIT High production output

IFRS revenue

137 66

2009

152

EBIT before special charges

24.4

25 69

11.2

18.6 7.1

2010

in CHF million

13.2

2009

11.5

2010

20 15

26.5 20.7 14.5%

22.1 16.2%

17.4%

30.0%

24.4 17.8%

25.0%

18.6

20.0%

12.3%

15.0%

10.0%

5.0%

0.5 2006

2007

2008

2009

2010

HY2

EBIT before special charges

HY1

EBIT margin

Tunnelling – Regional breakdown and orders as of 31.3.2011 2011 secured in CHF m

Production output 6.1 Mio. 53.2 Mio. 168.7 Mio.

French CH German CH

107.6 Mio.

Alps/NRLA International

Cross-City Link, Zurich

Order book

March 2011 March 2010

French CH

257.7

305.6

German CH

56.0

129.3

272.7

351.0

11.5

2.5

597.9

788.3

Alps (inc. NRLA) International TOTAL order book

Secured revenue 96.5%

52.7% 28.6%

2011

2012

2013

Prime Buildings â&#x20AC;&#x201C; Revenue and EBIT First results take effect

IFRS revenue

-1.0 -4.9

6 5 1 2009

2010

-2

-3.1

-4

-3.1 -4.1

-6

-6.6

-8

-7.9 2009

-2.1

-3.0 4

EBIT before special charges

in CHF million

2010

HY2

HY1

-7.9 2006

2007

2008

2009

2010

EBIT before special charges

ÂŠ Implenia | Investor Relations | May 2011 | Seite 25

Prime Buildings â&#x20AC;&#x201C; Order book as of 31.03.2011 Turin: a highlight

New headquarters of Banca Intesa Sanpaolo, Turin

Order book

March 2011 March 2010

Prime Buildings

93.0

4.9

TOTAL order book

93.0

4.9

in CHF million

Sochi Stadium, Russia Secured revenue 75.5%

71.5%

31.3%

2011

2012

2013

ÂŠ Implenia | Investor Relations | May 2011 | Seite 26

Operating income â&#x20AC;&#x201C; Consolidated profit CHF 50 million exceeded in CHF million

2010

2009

+/- in %

Real estate Infrastructure Industrial construction Holding overhead costs and special charges

36.3 25.1 15.6 0.7

38.9 24.6 16.5 -12.4

105.4%

TOTAL operating income

77.7

67.6

14.8%

3.3%

3.0%

-9.6

-5.0

92.0%

Taxes

-15.6

0.0%

Consolidated profit

52.5

47.0

11.5%

2.2%

2.1%

112.6

104.6

4.7%

4.6%

Financial income (net)

EBITDA

-6.5% 1.9% -5.6%

7.6%

ÂŠ Implenia | Investor Relations | May 2011 | Seite 27

Holding overhead costs and special charges No more burden from special charges

2010 5,000 2,500 0 -2,500 -5,000 -7,500 -10,000 -12,500 -15,000

in CHF m

2009 0

- 1.871

661

6.880 -4.348

Holding overhead costs

IAS 19

Special charges

Immat. depreciation

Impact on operating income

5,000 2,500 0 -2,500 -5,000 -7,500 -10,000 -12,500 -15,000

-4.437

- 2.411 - 3.405

Holding overhead costs

IAS 19

Special charges

- 2.075

-12.328

Immat. depreciation

Impact on operating income

ÂŠ Implenia | Investor Relations | May 2011 | Seite 28

Balance sheet – assets High liquidity – working capital under control in CHF million

2010

2009

+/- in %

Cash and cash equivalents, securities

349.6

129.8

Real estate operations

218.0

168.7

Other current assets

733.9

725.8

1'301.5

1'024.3

27.1%

375.5

357.5

5.0%

1'677.0

1'381.8

21.4%

Total current assets Total non-current assets Total ASSETS

Balance sheet â&#x20AC;&#x201C; liabilities Financing secured for the next five years in CHF million

Current financial liabilities

2010

2009

+/- in %

1.6

42.2

Other current liabilities

903.6

871.7

Total current liabilities

905.2

913.9

Non-current financial liabilities

198.2

0.7

78.2

40.9

Total non-current liabilities

276.3

41.6

564.3%

Equity and non-controlling interests

495.5

426.3

16.2%

1'677.0

1'381.8

21.4%

Deferred taxes, provisions

Total LIABILITIES

-0.9%

ÂŠ Implenia | Investor Relations | May 2011 | Seite 30

Cash flow statement Implenia as a cash machine in CHF million

2010

2009

+/- in %

Consolidated profit

52.5

47.1

Depreciation / non-cash expenses

32.3

46.3

Movement in net current assets

57.6

31.0

Interest / taxes / miscellaneous

-3.9

-5.2

Cash flow from operating activities

138.5

119.1

Investment activities

-31.5

-26.5

Acquisition of businesses (Sulzer Immob. AG)

-67.1

Cash flow from investment activities

-98.6

-26.5

272.3%

Free cash flow

39.9

92.7

-56.9%

Acquisition of businesses (Sulzer Immob. AG)

67.1

107.1

92.7

Free cash flow (like for like)

11.5%

16.3%

15.6% ÂŠ Implenia | Investor Relations | May 2011 | Seite 31

Consolidated revenue and profit Positive trend continues

in CHF m

Consolidated revenue

2.500

2.414

2.381

2.324

2.280

Consolidated profit

2.388

2.000 1.432

1.312

1.500

2,5%

1.000 500 0

1.244

1.326

1.240

3,0%

3,3%

1.069

1.081

1.063

1.040

0,7%

2006

4% 3%

1% 0%

2007

2008

2009

2010

60 50

40.0

25.5

30 20

1,6% 982

10 0 -10

6.1

1.7%

2.1%

2.2%

4% 3% 2%

1.1%

0.3%

11.3

5.5 -11.9

47.1

52.5

6.2

12.5

3.5

0% -1%

-20

-2% 2006

2007

2008

2009

Margin (operating income)

Margin

HY 2

HY 1

Sale of Privera

2010

HY 1

ÂŠ Implenia | Investor Relations | May 2011 | Seite 32

Consolidated operating income and ROIC Substantial value creation! Operating income

Return on invested capital (ROIC)

77.7

80 67.6

59.0

3.0%

38.7

40 30

17.0

0.7%

25.4

0 -10

1.6%

2.6% 35.3

58.3 57.1

23.7 *

-8.4

2006

3.3%

32.8

10.5

5.9

19.4

600

500

400

300

margin

2008 2nd semester

2009

2010

1st semester

22.4%

522.1

200

100

-1%

* incl. Sale of Privera 11.3 Mio.

2007

in CHF m

19.9%

20%

386.6

358.0

340.4

347.0

15%

9.4%

9.3%

10%

15.3% 9.5%

25%

9.6%

9.4%

7.4%

4.8%

0% 2006

2007

2008

2009

2010

Investet capital ROIC (operating income/ invested capital) WACC before Tax

ÂŠ Implenia | Investor Relations | May 2011 | Seite 33

Dividend policy Attractive payout ratio of 30% Dividend policy  Target 30% payout ratio  Aim for a stable dividend Dividend proposed to the AGM:  CHF 0.90 per share (previous year: CHF 0.70 per share)  in the form of a par-value reduction from CHF 2.80 to CHF 1.90  equivalent to a - payout of 31.7% - yield of 2.8% (after tax: 4.2%)

Performance of Implenia Share SPI outperformed by 63% TSR: 12.6% Dividend yield: 2.8% (4.2%)

Δ = 10%

Δ = 63%

Assessment of the 2010 annual results Implenia is well on track Strong market position  High level of good quality orders Operationally on the right track  Good productivity trend of construction activities  Project development underway at a level above CHF 20 million  Situation for renovations corrected, solide 2nd half for GC  Tunnelling highly profitable in Switzerland  International business clearly better  Holding cost and special charges well under control Strong balance sheet  Broader based financing with good capital base  High net liquidity  Excellent cash flow © Implenia | Investor Relations | May 2011 | Seite 36

Order intake since the end of July 2010 Well diversified

Wohnüberbauung Le Nouveau Prieuré Bürogebäude Centre CSS Romandie Wohn- und Gewerbeüberbaung Areal Brückenweg Wohnüberbaung Birnbäumen Lehenenviadukt UBS Branch Format Wohnüberbauung Wisenthal II Wohnüberbauung Centralpark Wohn-/Geschäftshaus Liebefeld K5 Wohnüberbaung Grand-Champs Fabrikumbau Usine 56, Philip Morris International Fabrik- und Verwalutngsgebäude Electrolux Wohnüberbauung Rue de Genève Stockwerkeigentum Grand-Champs Centre socio-cultures Gewerbeüberbauung Murtenstrasse Geschütztes Wohnen Le Croset - Résidence du Bois Wohnüberbauung Résidence des vignes Überbauung Brückenweg Al Ain Asset Enhancement Bahngallerie Arge GEZIM, Zen Hohen Flühen Aufstockung Technopark Zürich Wohnüberbauung Kolbenstrasse Wohnüberbauung Residenza Giardino Kindekrippe NEMO, Crèche Philip Morris Int. Wohnüberbauung Mürgelistrasse

Genève Lausanne Visp St.Gallen Killwangen ganze Schweiz Horgen Dietikon Bern Le Grand-Champs Neuchâtel Sursee Lausanne Le Grand-Champs Ecublens Bern Ecublens La Neuveville Visp Al Ain (Emirat Abu Dhabi) Bitsch Zürich Emmen Minusio Boudry Zuchwil

Real Estate Real Estate Real Estate Real Estate INFRA Real Estate Real Estate Real Estate Real Estate Real Estate Real Estate Real Estate Real Estate Real Estate Real Estate INFRA Real Estate Real Estate INFRA IIC INFRA Real Estate Real Estate Real Estate Real Estate Real Estate

TOTAL

Volume in Mio. CHF

57.4 41.4 38.6 26.4 24.7 24.3 22.5 21.9 21.2 17.4 17.2 16.0 15.8 14.8 13.3 12.9 12.7 12.3 11.9 11.7 11.5 11.2 10.9 10.6 10.5 10.2

628

3.525

499

1’020 projects

1.537

3.115

26 projects

at end July 2010

order book revised since 1.8.2010

Division

Order intake projects < CHF 10 million

City

Order intake projects > CHF 10 million

Project

in CHF m

at end March 2011

499.2

* execution in joint ventures

Order book as of 31.3.2011 Good visibility Order book

in CHF m

March 2011 March 2010

Real estate

1'705.2

1'854.3

Infrastructure

718.6

913.7

Industrial construction

690.9

793.2

3'114.7

3'561.2

TOTAL order book

Secured revenue 78.7% (PY 86.6%)

(PY: 80.1%)

38.5% (PY: 41.7% ) (PY: 40.2%)

10.1% (PY:10.5%) 9.1%) (PY:

2011

Order book by customer category as % 23%

37%

2013

Trend in orders 4.000

in PK nur Jahreswerte!

2012

3'115

3.000 2.000 1.000

External External AAA

40%

0 March 2007 March 2008 March 2009 March 2010 March 2011

Public sector and agencies ÂŠ Implenia | Investor Relations | May 2011 | Seite 38

Outlook Confidence for 2011 Market in 2011  No significant changes of the economic condition of the construction industry - Stable high-level demand in civil engineering and infrastructure works - Building construction/ residential construction stable thanks to continued high demand 

Increased regional differences

2011 Outlook  Optimism because of full order books (= our main indicator)  We continue to pursue our strategy consistently  Further improvements are possible in all divisions - systematic risk, claim and cost management - Standardization of processes 

Medium term target of CHF 100 million in operating income confirmed © Implenia | Investor Relations | May 2011 | Seite 39

Disclaimer THESE MATERIALS DO NOT CONSTITUTE OR FORM PART OF ANY OFFER TO SELL OR ISSUE, OR ANY SOLICITATION OR INVITATION OF ANY OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY SECURITIES, NOR SHALL PART, OR ALL, OF THESE MATERIALS OR THEIR DISTRIBUTION FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH, ANY CONTRACT OR INVESTMENT DECISION IN RELATION TO ANY SECURITIES. THE MATERIALS MIGHT CONTAIN FORWARD-LOOKING STATEMENTS BASED ON THE CURRENTLY HELD BELIEFS AND ASSUMPTIONS OF THE MANAGEMENT OF IMPLENIA AG (THE "COMPANY", AND TOGETHER WITH ITS SUBSIDIARIES, THE "GROUP"), WHICH ARE EXPRESSED IN GOOD FAITH AND, IN THE MANAGEMENT’S OWN OPINION, REASONABLE. FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS, WHICH MAY CAUSE THE ACTUAL RESULTS, FINANCIAL CONDITION, PERFORMANCE, OR ACHIEVEMENTS OF THE GROUP, OR INDUSTRY RESULTS, TO DIFFER MATERIALLY FROM THE RESULTS, FINANCIAL CONDITION, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. GIVEN THESE RISKS, UNCERTAINTIES AND OTHER FACTORS, RECIPIENTS OF THIS DOCUMENT ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS. THE GROUP DISCLAIMS ANY OBLIGATION TO UPDATE THESE FORWARD-LOOKING STATEMENTS TO REFLECT FUTURE EVENTS OR DEVELOPMENTS. OPINIONS AND FORWARD-LOOKING INFORMATION PRESENTED HEREIN ARE BASED ON GENERAL INFORMATION GATHERED AT THE TIME OF WRITING.

ÂŠ Implenia | Investor Relations | May 2011 | Page 41