EBIT-positive in Q3. FY guidance revised down

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1 EQUITIES INFRASTRUCTURE TREVI FINANZIARIA INDUSTRIALE NEUTRAL EUR1.10 TARGET PRICE EUR1.20 (UPSIDE 9%) TARGET PRICE EPS 15e EPS 16e -8% NM -2% EBIT-positive in Q3. FY guidance revised down 17 NOVEMBER 2015 Giuseppe Marsella (+39) Michele Baldelli, CFA (+44) Q3 margins in line. Strong top line but weak deleverage Trevi posted strong revenue growth for Q3, up 30% y/y and 28% higher than our estimate. However, EBIT was in line and net debt was higher than we expected (EUR533m versus our estimate of EUR460m). The figures are more or less back to normal levels after the extraordinary losses booked in Q2 as a result of execution problems on an off-shore project in the oil drilling equipment division guidance revised down Management noted that although the P&L numbers were back in the black in Q3, persisting weakness in the Oil&Gas division and problems in some countries at the infrastructure business kept the figures below initial expectations. As a consequence, the FY guidance has been revised down: the EBIT loss is now seen at EUR65m 70m (EUR30m 40m previously) and net debt at EUR465m (from EUR450m). Sales should be above EUR1.3bn estimates revised downwards We revise our 2015 estimates in line with the new guidance. Our EPS for is roughly unchanged. Neutral confirmed The group is currently penalised by the tough environment in the oil business (the oil equipment division has upstream exposure). The stock is trading significantly below its book value, but this seems justified by the current low ROCE, the risks related to high leverage and the need to restore investor confidence. We value the stock using EV/EBIT 16e; we trim our TP to EUR1.2 from EUR1.3 for higher 2016e net debt. The group needs to deliver on restructuring if it is to re-rate and the strong leverage could continue to sustain high volatility. We confirm our Neutral rating. Price (16 November 2015) EUR1.10 Performance (1) 1w 1m 3m 12m Market cap (EURm) 181 Absolute(%) (13) (17) (11) (58) Free float (EURm) 85 Rel. Infrastructure(%) (12) (15) (8) (65) EV (EURm) 771 Rel. MSCI Small Cap(%) (11) (20) (9) (67) 3m avg volume (EURm) 2.0 Reuters / Bloomberg TFI.MI / TFI IM Country Italy Financials 12/14 12/15e 12/16e 12/17e Valuation metrics (2) 12/14 12/15e 12/16e 12/17e EPS, Adjusted (EUR) 0.17 (0.77) P/E (x) EPS, IBES (EUR) 0.30 (0.52) Net yield (%) Net dividend (EUR) FCF yield (%) (15.6) (31.1) EV/Sales (x) Sales (EURm) 1,251 1,328 1,376 1,409 EV/EBITDA (x) EBITA, Adj. (EURm) 62.6 (67.3) EV/EBITA (x) Net profit, Adj.(EURm) 22.4 (127.2) EV/CE (x) ROCE (%) 4.1 (4.6) Net Debt/EBITDA, Adj. (x) Source: Exane BNPP (estimates), Thomson Reuters (consensus) (1) In listing currency, with dividend reinvested (2) Yearly average price for FY ended 12/14 See Appendix (on p4) for Analyst Certification, Important Disclosures and Non-US Research Analyst disclosures.

2 Figure 1: Q3 EBIT in line Release of Q3 / 9m 2015 results Q3 15a Q3 14 y/y chge Q3 15e Diff 9m 15a 9m 14 y/y chge 9m 15e Diff 2015e 2014 y/y chge Revenues % % % 878 9% 1,328 1,251 6% EBITDA % 32 3% (16) % (17) NM % margin 9.2% 11.8% 11.5% -1.7% 11.6% -1.9% 1.5% 10.1% EBIT % 16 1% (89) % (89) NM (67) 63 NM margin 4.5% 6.2% 5.7% -9.3% 6.3% -10.1% -5.1% 5.0% Net income (3) 9-138% 6 NM (131) % (122) NM (127) 24 NM Net debt Source: Exane BNP Paribas estimates Exane BNP Paribas Research Trevi Finanziaria Industriale 17 November 2015 page 2

3 Investment case, valuation and risks Trevi Finanziaria Industriale (Neutral, Target Price EUR1.2) Investment case Trevi has a good historical track record in the foundation business and is building up its presence in the construction of Oil & Gas equipment. However, quarterly operating performance has been volatile over the last few years. Despite a capital increase finalised in 2014, the balance sheet is still highly leveraged. Valuation methodology We use an EV/EBIT multiple linked to historical figures to value Trevi. Risks to rating and target price The group is exposed to cyclical businesses (infrastructure and Oil & Gas). Volatility of the operating figures linked to cycle evolution is amplified by high financial leverage. The bulk of Trevi s gross debt comes due only in the medium to long term, but solvency issues cannot be ruled out going forward. Covenants are not disclosed. Exane BNP Paribas Research Trevi Finanziaria Industriale 17 November 2015 page 3

4 DISCLOSURE APPENDIX Analyst Certification I, Giuseppe Marsella, (authors of or contributors to the report) hereby certify that all of the views expressed in this report accurately reflect my personal view(s) about the company or companies and securities discussed in this report. No part of my compensation was, is, or will be, directly, or indirectly, related to the specific recommendations or views expressed in this research report. Non-US Research Analyst Disclosure The research analysts named below were involved in preparing this research report. Research analysts at Exane Ltd and Exane SA are not associated persons of Exane Inc. and thus are not registered or qualified in the U.S. as research analysts with the Financial Industry Regulatory Authority (FINRA) or the New York Stock Exchange (NYSE). These non-u.s. analysts are not subject to the NASD Rule 2711 and NYSE Rule 472 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. Giuseppe Marsella Exane SA Exane SA is regulated by the Autorité des Marchés Financiers (AMF) in France, Exane Ltd is authorised and regulated by the Financial Conduct Authority in the United Kingdom, and Exane Inc. is regulated by FINRA and the U.S. Securities and Exchange Commission in the United States. Research Analyst Compensation The research analyst(s) responsible for the preparation of this report receive(s) compensation based upon various factors including overall firm revenues, which may include investment banking activities. Research Analyst-Specific Disclosures The research analyst(s) responsible for the preparation of this report (or members of their household) may have a relationship with the companies covered by this research report, as described in the numbered disclosures below. The table immediately below indicates which, if any, of these disclosures apply to the research analyst(s) responsible for preparation of this research report. Research Analyst(s) Companies Disclosures NONE 1 The research analyst(s) responsible for the preparation of this report or a member of his/her household has/have a financial interest in the securities of the subject company/ies, as indicated in the previous table. 2 The research analyst(s) responsible for the preparation of this report or a member of his/her household serve(s) as an officer, director or advisory board member of the subject company/ies indicated in the previous table. 3 The research analyst(s) responsible for the preparation of this report received compensation from the subject company/ies indicated in the previous table in the past twelve months. Exane-Specific Regulatory Disclosures Exane SA, Exane Ltd and Exane Inc. (collectively, Exane ) may have a relationship with the companies covered by this research report, as described in the numbered disclosures below. The table immediately below indicates which, if any, of these disclosures apply to Exane s relationship with the subject company/ies. Companies Disclosures Trevi Finanziaria Industriale 3 1 Exane beneficially owns 1% or more of any class of common equity securities of the subject company/ies. 2 Exane managed or co-managed an offering of Equity securities for the subject company/ies in the past 12 months. 3 Exane received compensation for investment banking services from the subject company/ies in the past 12 months (the only investment banking services for Exane with regards to the subject company/ies are those when Exane is distributor or underwriter for Equity securities offerings managed-or co-managed by BNP Paribas, when BNP Paribas managed or co-managed an offering of Equity securities for the subject company/ies). 4 Exane expects to receive or intends to seek compensation for investment banking services from the subject company/ies in the next 3 months. 5 Exane SA and/or Exane Ltd are/is a market maker and/or liquidity provider in the securities of the subject company/ies. 6 Exane Inc. received compensation for products and services other than investment banking services from the subject company/ies in the past 12 months. 7 Exane Inc. had an investment banking services client relationship with the subject company/ies in the past 12 months. 8 Exane Inc. had a non-investment banking, securities-related client relationship with the subject company/ies in the past 12 months. 9 Exane Inc. had a non-securities-related services relationship with the subject company/ies in the past 12 months. 10 Exane Inc. is a market maker in the securities of the subject company/ies. 11 Sections of this report, with the research summary, target price and rating removed, have been presented to the subject company/ies prior to its distribution, for the sole purpose of verifying the accuracy of factual statements. 12 Following the presentation of sections of this report to this subject company, some conclusions were amended. Commitment to transparency on potential conflicts of interest: BNP Paribas While BNP Paribas ( BNPP ) holds a material ownership interest in the various Exane entities, Exane and BNPP have entered into an agreement to maintain the independence of Exane's research reports from BNPP. These research reports are published under the brand name Exane BNP Paribas. Nevertheless, for the sake of transparency, we separately identify potential conflicts of interest with BNPP regarding the company/(ies) covered by this research document. BNP Paribas-related disclosures BNPP may have a relationship with the companies covered by this research report, as described in the numbered disclosures below. The table immediately below indicates which, if any, of these disclosures apply to BNPP s relationship with the subject company/ies. Companies Disclosures Trevi Finanziaria Industriale 2- BNPP - Joint-Bookrunner in the rights issue (10/2014); 4; 5 1 BNPP beneficially owns 1% or more of any class of common equity securities of the subject company/ies 2 BNPP managed or co-managed an offering of Equity securities for the subject company/ies in the past 12 months 3 BNPP acted as Advisor in a Public Offer involving the subject Company/ies in the past 12 months. 4 BNPP received compensation for investment banking services from the subject company/ies in the past 12 months 5 BNPP expects to receive or intends to seek compensation for investment banking services from the subject company/ies in the next 3 months 6 A member of senior BNPP management is a member of the Board of the subject company Exane BNP Paribas Research Trevi Finanziaria Industriale 17 November 2015 page 4

5 Explanation of Research Ratings Stock Rating Exane s Ratings are relative ratings defined against the performance of the MSCI Index sectors. Outperform (O/P): The stock is expected to outperform the stock s MSCI sector over a 12-month investment horizon. Neutral: The stock is expected to perform in line with the performance of the stock s MSCI sector over a 12-month investment horizon. Underperform (U/P): The stock is expected to underperform the stock s MSCI sector over a 12-month investment horizon. Under review: The rating of the stock has been placed under review after significant news. Any possible change will be confirmed as soon as possible in the form of a new broadly disseminated report Restricted (RS): The stock is covered by Exane but there is no Rating and no Target Price because Exane is involved in an equity capital market transaction relating to the subject company. Not Rated (NR): The stock is covered by Exane but there is no Rating and no Target Price at this time. Not Covered (NC): Exane does not cover this company. Definitions For an explanation of definitions used in Exane research reports, please see the glossary at Distribution of Exane BNP Paribas equity recommendations As at 01/10/2015 Exane BNP Paribas covered 597 companies. The companies that, for regulatory reasons, are not accorded a rating by Exane BNP Paribas are excluded from these statistics. For regulatory reasons, our ratings of Outperform, Neutral and Underperform correspond respectively to Buy, Hold and Sell; the underlying signification is, however, different as our ratings are relative to the sector. 40% of the companies covered by Exane BNP Paribas were rated Outperform. During the last 12 months, Exane acted as underwriter and/or distributor for BNP Paribas on 6% of the companies with this rating for which BNP Paribas acted as manager or co-manager in an offering of equity securities. BNP Paribas provided investment banking services to 68% of the companies accorded this rating*. 42% of the companies covered by Exane BNP Paribas were rated Neutral. During the last 12 months, Exane acted as underwriter and/or distributor for BNP Paribas on 5% of the companies with this rating for which BNP Paribas acted as manager or co-manager in an offering of equity securities. BNP Paribas provided investment banking services to 67% of the companies accorded this rating*. 18% of the companies covered by Exane BNP Paribas were rated Underperform. During the last 12 months, Exane acted as underwriter and/or distributor for BNP Paribas on 4% of the companies with this rating for which BNP Paribas acted as manager or co-manager in an offering of equity securities. BNP Paribas provided investment banking services to 72% of the companies accorded this rating*. * Exane is independent from BNP Paribas. Nevertheless, in order to maintain absolute transparency, we include in this category transactions carried out by BNP Paribas independently from Exane. For the purpose of clarity, we have excluded fixed income transactions carried out by BNP Paribas. Price and Ratings Chart Trevi Finanziaria Industriale Historical closing price & target price (as of 16/11/2015) Historical of Rating & target price changes Source: Exane BNP Paribas The latest company-specific disclosures, valuation methodologies and investment case risks for all other companies covered by this document are available on Exane BNP Paribas Research Trevi Finanziaria Industriale 17 November 2015 page 5

6 TREVI FINANZIARIA INDUSTRIALE (Neutral) Price at 16 Nov. 15 / 12m Target Price EUR1.10 / EUR % Reuters / Bloomberg: TFI.MI / TFI IM Analyst: Giuseppe Marsella (+39) Infrastructure - Italy Com pany Highlights EURm 12.0 Enterprise value 771 Market capitalisation 181 Free float m average volume 2.0 Performance (*) 1m 3m 12m Absolute (17%) (11%) (58%) Rel. Sector (15%) (8%) (65%) Rel. MSCI Small Cap (20%) (9%) (67%) m Hi/Lo (EUR) : % / % Target Price CAGR 2003/ / EPS restated (**) 25% NC 0.7 CFPS NC NC Price 6.5*CFPS Relative to MSCI Small Cap Price (yearly avg from Dec. 04 to Dec. 14) PER SHARE DATA (EUR) Dec. 04 Dec. 05 Dec. 06 Dec. 07 Dec. 08 Dec. 09 Dec. 10 Dec. 11 Dec. 12 Dec. 13 Dec. 14 Dec. 15e Dec. 16e Dec. 17e No of shares year end, basic, (m) Avg no of shares, diluted, excl. treasury stocks (m) EPS reported (0.77) EPS restated, fully diluted (0.77) % change NS 680.0% 11.0% 109.6% 36.1% 9.5% (43.4%) (42.0%) (61.6%) 15.9% 37.9% NS NS 24.1% CFPS (0.26) Book value (BVPS) (a) Net dividend STOCKMARKET RATIOS Dec. 04 Dec. 05 Dec. 06 Dec. 07 Dec. 08 Dec. 09 Dec. 10 Dec. 11 Dec. 12 Dec. 13 Dec. 14 Dec. 15e Dec. 16e Dec. 17e P / E (P/ EPS restated) 23.2x 7.4x 16.9x 14.9x 11.2x 7.2x 16.4x 22.0x 30.3x 33.5x 25.2x NC 6.2x 5.0x P / E relative to MSCI Small Cap 63% 38% 281% 122% 18% 13% 35% 85% 84% 90% NC 38% 35% P / CF 3.3x 3.5x 8.0x 8.5x 8.7x 4.0x 7.9x 8.2x 4.8x 10.6x 8.4x NC 2.0x 1.8x FCF yield (38.1%) 23.7% (9.8%) 8.7% (21.2%) (15.7%) 8.6% (9.6%) 6.2% (0.1%) (15.6%) (31.1%) 33.4% 10.8% P / BVPS 0.87x 1.72x 3.48x 4.96x 3.51x 1.87x 2.05x 1.45x 0.78x 1.03x 1.07x 0.35x 0.33x 0.31x Net yield 1.4% 0.6% 0.4% 0.4% 0.9% 1.4% 1.1% 1.5% 2.8% 2.2% 0.0% 0.0% 0.0% 0.0% Payout 32.5% 4.3% 6.6% 6.6% 9.8% 10.3% 18.8% 32.4% 84.5% 72.9% 0.0% 0.0% 0.0% 0.0% EV / Sales 0.67x 0.65x 0.99x 1.14x 1.09x 1.03x 1.24x 1.00x 0.82x 0.79x 0.85x 0.58x 0.52x 0.50x EV / Restated EBITDA 7.0x 5.7x 8.0x 7.5x 7.3x 6.8x 9.1x 9.2x 9.5x 7.5x 8.9x NS 5.2x 4.8x EV / Restated EBITA 13.5x 8.8x 11.2x 9.3x 9.1x 9.2x 14.0x 15.3x 19.3x 12.6x 17.0x NS 9.4x 8.5x EV / OpFCF NS 5.8x NS 9.6x NS NS 11.5x NS 16.0x 19.3x NS NS 6.5x 11.0x EV / Capital employed (incl. gross goodw ill) 1.0x 1.2x 1.9x 2.9x 2.0x 1.4x 1.5x 1.2x 1.1x 1.1x 1.0x 0.8x 0.7x 0.7x ENTERPRISE VALUE (EURm ) ,164 1,069 1,182 1, ,013 1, Market cap Adjusted net debt Other liabilities and commitments Revalued minority interests Revalued investments P & L HIGHLIGHTS (EURm ) Dec. 04 Dec. 05 Dec. 06 Dec. 07 Dec. 08 Dec. 09 Dec. 10 Dec. 11 Dec. 12 Dec. 13 Dec. 14 Dec. 15e Dec. 16e Dec. 17e Sales , , , , , , , , ,409.1 Restated EBITDA (b) (7.6) Depreciation (17.1) (19.7) (22.9) (25.0) (30.8) (40.3) (45.3) (46.3) (49.2) (55.2) (57.0) (59.7) (61.9) (63.4) Restated EBITA (b) (**) (67.3) Reported operating profit (loss) (67.3) Net financial income (charges) (8.7) (3.3) (15.5) (18.1) (18.4) (12.7) (14.4) (18.0) (26.5) (37.8) (29.4) (45.0) (28.1) (24.5) Af filiates Other Tax (6.4) (11.6) (14.7) (28.1) (31.8) (20.4) (24.5) (24.2) (9.5) (14.9) (3.9) (16.9) (14.3) (17.4) Minorities (0.9) (0.6) (1.2) (2.0) (2.7) (2.0) 0.7 (1.4) (0.7) (15.1) (7.0) 2.0 (4.0) (4.0) Goodw ill amortisation Net attributable profit reported (127.2) Net attributable profit restated (c) (127.2) CASH FLOW HIGHLIGHTS (EURm ) Dec. 04 Dec. 05 Dec. 06 Dec. 07 Dec. 08 Dec. 09 Dec. 10 Dec. 11 Dec. 12 Dec. 13 Dec. 14 Dec. 15e Dec. 16e Dec. 17e EBITDA (reported) EBITDA adjustm ent (b) (6.4) (7.6) (4.7) (5.1) (7.8) (24.7) (7.6) (3.3) (15.6) (8.3) (6.7) (27.0) (6.7) (6.7) Other items Change in WCR (28.3) 11.7 (45.2) 16.7 (154.6) (168.5) 8.3 (71.3) (116.1) (18.0) Operating cash flow Capex (25.3) (20.0) (55.5) (50.3) (117.2) (75.1) (43.1) (63.6) (61.0) (98.0) (62.5) (66.4) (68.8) (70.5) Operating free cash flow (OpFCF) (11.8) 55.7 (16.0) (105.5) (61.8) (15.9) (57.3) Net financial items + tax paid (15.2) (14.9) (26.3) (31.8) (65.1) (28.4) (38.9) (42.2) (36.0) (52.7) (33.2) (61.9) (42.4) (41.9) Free cash flow (26.9) 40.8 (42.3) 68.2 (170.7) (90.3) 63.6 (58.1) 21.0 (0.3) (90.5) (61.3) Net financial investments & acquisitions (4.7) (0.4) (0.3) (0.2) Other (6.7) (17.8) (5.7) (31.6) (1.8) (23.4) (7.6) 13.9 (15.5) (42.5) (38.7) Capital increase (decrease) Dividends paid (0.9) (1.0) (1.7) (3.5) (6.9) (8.1) (8.3) (9.1) (9.1) (9.1) (9.1) Increase (decrease) in net financial debt 34.6 (22.0) 49.7 (33.1) (47.7) (63.3) 61.7 (67.0) (22.0) Cash flow, group share (42) BALANCE SHEET HIGHLIGHTS (EURm ) Dec. 04 Dec. 05 Dec. 06 Dec. 07 Dec. 08 Dec. 09 Dec. 10 Dec. 11 Dec. 12 Dec. 13 Dec. 14 Dec. 15e Dec. 16e Dec. 17e Net operating assets WCR Restated capital employed, incl. gross goodwill ,064 1, ,022 Shareholders' funds, group share Minorities Provisions/ Other liabilities Net financial debt (cash) FINANCIAL RATIOS (%) Dec. 04 Dec. 05 Dec. 06 Dec. 07 Dec. 08 Dec. 09 Dec. 10 Dec. 11 Dec. 12 Dec. 13 Dec. 14 Dec. 15e Dec. 16e Dec. 17e Sales (% change) (0.1%) 35.5% 29.4% 31.0% 27.0% (3.1%) (8.0%) 11.4% 5.1% 14.4% (2.0%) 6.2% 3.6% 2.4% Organic sales grow th (0.1%) 35.5% 29.4% 31.0% 27.0% (3.1%) (8.0%) 11.4% 5.1% 10.4% (2.0%) 6.2% 3.6% 2.4% Restated EBITA (% change) (**) 75.4% 99.7% 56.3% 81.2% 23.3% (8.5%) (27.8%) (17.8%) (31.5%) 69.2% (22.1%) NC NC 8.6% Restated attributable net profit (% change) (**) NC NC 17.1% 111.1% 35.1% 10.0% (44.4%) (44.3%) (58.0%) 15.9% 78.8% NC NC 24.1% Personnel costs / Sales 22.2% 18.9% 16.3% 14.4% 13.7% 16.0% 18.1% 18.2% 20.0% 18.1% 18.9% 19.1% 19.1% 19.1% Restated EBITDA margin 9.7% 11.3% 12.5% 15.3% 14.8% 15.2% 13.6% 10.9% 8.7% 10.6% 9.6% (0.6%) 10.0% 10.3% Restated EBITA margin 5.0% 7.4% 8.9% 12.3% 11.9% 11.3% 8.8% 6.5% 4.3% 6.3% 5.0% (5.1%) 5.5% 5.8% Tax rate 65.0% 34.0% 35.2% 32.8% 29.2% 19.5% 35.0% 47.2% 45.2% 35.0% 11.7% NC 30.0% 30.0% Net margin 0.9% 4.5% 4.2% 6.8% 7.2% 8.1% 4.8% 2.6% 1.0% 2.2% 2.3% (9.7%) 2.4% 2.9% Capex / Sales 6.9% 4.0% 8.6% 6.0% 11.0% 7.3% 4.5% 6.0% 5.5% 7.7% 5.0% 5.0% 5.0% 5.0% OpFCF / Sales (3.2%) 11.2% (2.5%) 11.9% (9.9%) (6.0%) 10.8% (1.5%) 5.1% 4.1% (4.6%) 0.0% 8.0% 4.5% WCR / Sales 26.8% 17.4% 20.5% 13.7% 25.2% 42.3% 45.1% 47.2% 44.1% 37.7% 47.7% 41.4% 37.5% 37.9% Capital employed (excl. gdw./intangibles) / Sales 68.9% 51.4% 50.5% 38.3% 52.8% 73.2% 79.1% 79.2% 74.5% 65.9% 78.7% 71.0% 66.6% 66.8% ROE 3.7% 23.2% 21.7% 35.7% 33.3% 27.5% 13.0% 6.0% 2.6% 3.1% 3.5% (24.4%) 5.3% 6.2% Gearing 203% 135% 152% 98% 147% 152% 117% 101% 129% 127% 69% 102% 86% 77% EBITDA / Financial charges 4.8x 6.3x 7.7x 9.4x 9.2x 9.0x 9.2x 6.5x 4.5x 4.9x 3.8x NC 4.9x 6.0x Adjusted financial debt / EBITDA 4.6x 2.4x 2.4x 1.3x 2.2x 3.1x 3.3x 3.8x 5.8x 4.0x 3.9x NC 3.6x 3.3x ROCE, excl. gdw./intangibles 4.7% 9.3% 11.5% 20.9% 14.7% 10.0% 7.3% 5.4% 3.7% 6.2% 4.5% (5.0%) 5.8% 6.1% ROCE, incl. gross goodw ill 4.6% 9.2% 11.3% 20.5% 14.6% 9.8% 7.1% 5.2% 3.6% 5.9% 4.1% (4.6%) 5.3% 5.6% WACC 11.0% 10.0% 9.7% 9.5% 11.4% 11.4% 11.2% 11.8% 11.8% 10.7% 10.4% 10.3% 10.3% 10.3% Latest Model update: 17 Nov. 15 (a) Intangibles: EUR80.01m, or EUR0 per share. (b) adjusted for capital gains/losses, impairment charges, exceptional restructuring charges, capitalized R&D, pension charge replaced by service cost (c) adj.for capital gains losses, imp.charges, capitalized R&D, am. of intangibles from M&A, exceptional restructuring, (*) In listing currency, w ith div. reinvested, (**) also adjusted for am. of intangibles from M&A, or for am. of gw ill for pre IFRS year Exane BNP Paribas Research Trevi Finanziaria Industriale 17 November 2015 page 6

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