EV/EBITDA EV/EBIT P/E

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1 TREVI BUY Italy: Construction Services, Capital Goods Sales EBITDA EBIT Net Profit EPS adj EV/Sales EV/EBITDA EV/EBIT P/E adj. Dps Yield Eur m Eur m Eur m Eur m Eur x x x x Eur % 2006A % 2007A % 2008E 1, % 2009E 1, % 2010E 1, % Source: Company data and Banca Aletti & C S.p.A. estimates. Pr. Last 03/03/09 ( ): 4.43 Tot Mkt Cap. ( m): Tot No. of Shares (m): 64,000 Min-Max pr.(52 wks ): Bloomberg/Reuters: TFI IM/TFI.MI -3M vol. avg. 231,431 Price Target ( ) 5.12 Perf. -3M -6M -1Y Abs % -66.1% -64.5% Rel % -19.1% -10.6% Shareholders: Trevi Holding APS 53.1% D. Trevisani 1.9% Own shares 0.9% Free float 44.0% Source: Consob TREVI vs. MIBTEL (-1Y) /03/09 EQUITY RESEARCH Initiating coverage Special Foundations for hard times March 4, 2009 Strong order book, though credit crunch could slow sales of special foundations machines. Trevi s order backlog staged a spectacular growth in the last years (24% 04/ 07 CAGR). At 3Q 08 end, the order book was up 80% YoY, allowing for sales visibility of ca. 1.2 years. Bauer, one of Trevi s competitors in the special foundations niche, said recently that orders have been cancelled at the building and machinery unit, specifying that cancellations were not material, and that, for machinery, financing was always the reason. Bauer s statement is in line with our view that the current financial crisis and its impact on real estate development activity will result in falling demand for foundations machines and to a lesser extent- services. Trevi said recently that it received no order cancellations. However, since ca. 64% of its portfolio is from emerging markets, their slowing growth could end up weighing on Trevi s sales of foundations machinery. We expect sales of this division to close 2008E up 15% YoY, to then fall by ca 14% YoY in 2009E and by ca. 19% YoY in 2010E. but Stimulus plans should support demand for special foundations services. The stimulus plans adopted of recent generally focus on infrastructure. This should sustain demand for Trevi s special foundations services, especially in markets where the group achieved a strong positioning in highly complex jobs, like the US, where ca. USD100 billion of the plan will go to infrastructure and where Trevi s subsidiary is working on dams consolidation projects (for ca. USD 400 m) awarded by the US Corps of Engineers. In the core UAEs, a 24% increase in public spending on infrastructure is on the cards and Saudi Arabia is also increasing its budget. This spur of public spending could counterbalance the fall in private demand for foundations services, also sustaining demand for Trevi s foundations machinery. We expect foundations services (ca. 43% of total sales) to remain essentially stable from 2008E to 2011E M A M J J A S O N D J F TREVI FIN INDUSTRIALE MILAN MIBTEL - PRICE INDEX Alessandro Poggi (Analyst) Phone: Alessandro.poggi@alettibank.it Andrea Bonfà (HOR) Phone: Andrea.bonfa@alettibank.it Source: Thomson Datastream Rigs and oil services still expected strongly up. In a scenario of low oil prices and sluggish capex in E&P, Trevi s (Drillmec s) hydraulic rigs could gain share as the market heads for cost-effective solutions,. We expect sales from drilling rigs and services to grow at a 08E/11E CAGR of 11% and 14%, respectively. Target price 5.1, Rating BUY. We have used a DCF and a market multiples approach to evaluate Trevi. Under the assumptions of a Beta of 1.2x. a WACC of 8.3%, and a perpetuity growth rate of 2%, a stable operating margin at ca. 10% of sales from 2012E, we obtain a value of 5.4 per share. The separate valuation of the (i) drilling rigs and oil services activities (ii) special foundations machinery and services activities is based on, respectively, oil services and construction players consensus 09E and 10E EV/EBITDA discounted by 15% to account for Trevi s smaller size; the result is a value of 4.8 p.s.. Our target price of 5.1, obtained by averaging the DCF value and the multiples approach value, implies a potential upside of ca. 16%. Rating BUY. Risks. We believe that the main risks to our valuation are: (i) High exposure to emerging countries (ca 63% of the backlog). (ii) Exposure to exchange rates fluctuations, (an estimated 60% of sales and 50% of costs are in USD related currencies) and to the oil price (a constraint for oil companies capex and oil producing countries budget). (iii) Risk of stiffening competition for both divisions. (iv) NWC management risks tied to delays in payments by clients.

2 TFI: Strong backlog, but macro scenario weighs on outlook Strong backlog, but credit crunch could depress demand for special foundations machines Trevi s backlog staged a spectacular growth in the last years (24% 04/ 07 CAGR), accelerating in 3Q 08 (+80% YoY), implying sales visibility of ca. 1.2 years. Trevi s involvement in the residential/commercial markets is, according to management, essentially null. The special foundations services division mainly deals with government-backed projects (ca. 75% of total projects, according to Trevi). Trevi is usually involved in the early phases of the project (foundations) by the contractor who was assigned the entire job. However, a large share of orders come from emerging countries (ca. 63% of the backlog at Q3 08 end), among which, even the oil-rich ones are experiencing the harshness of the financial crisis. The current fall in real estate development projects could depress demand for foundations machines and to a lesser extent- services. It should be reminded, for example, that some of the Middle Eastern leading real estate developers are often State-owned, but nonresidential/non-commercial space is nonetheless aimed at private businesses. Delays of major projects have already been announced (the Nakheel Tower project in Dubai has been recently delayed for a year, and over 50% of real estate projects for a total of USD 528 b- in the UAEs have allegedly been put on hold, according to research house Proleads that looked into 1,289 projects in residential, commercial and retail, infrastructure. Saudi Arabia s National Commercial Bank s estimates point to ca. USD 250 b worth of projects postponed or delayed). Bauer, one of Trevi s closest competitors in this niche (Bauer laid the foundations of the Burj Dubai Tower), recently warned that 2009E sales and profits will be lower (than in 2008), though the decline won t be dramatic. The company added that orders have been cancelled at the building and machinery unit this autumn and indicated that, for machinery, financing was always the reason. Even if orders cancellations are not significant, Bauer noted that the machinery division is the most sensitive to the economic slow down expected this year and that the company will have to take stock after the second or third quarter. Trevi s Chairman stated recently that there were no order cancellations at Trevi. Stimulus plans to sustain demand for special foundations services. Governments around the world are launching fiscal stimulus plans in reaction to the worsening state of their national economies. Such plans generally see increased spending on infrastructure as a way to revamp a nation s production facilities, while allowing to create new jobs. The amount of public financial resources that will be allocated on infrastructure projects should sustain Trevi s activity in the special foundations/soil consolidation services business, while sustaining the demand for special foundations machinery, especially in those countries where the group has already secured a strong positioning as a reference player for highly complex jobs and supplier of foundations machinery. In the US, for example, where ca. 10% of the plan s funds are for infrastructure, Trevi s US subsidiary is at work (alone and in join venture with Vinci s Soletanche-Bachy) on hydraulic consolidation projects awarded by the US Army Corps of Engineer for a total value of ca USD 380 million. As for machinery, Trevi recently announced the acquisition of a US producer. We believe that the move is intended to give the group the opportunity to enter as a local player the in what the size of the stimulus suggests it will be one of the most attractive markets in the next few years. The same line of reasoning applies to the UAEs, whose government is planning for 2009E a 24% YoY increase in spending on infrastructure, according to local press ( The National ). This spur of increased public spending could tamper the effects on Trevi of the expected decline in demand for special

3 foundations machines determined by falling private real estate development activity. In particular, we expect revenues from special foundations services to remain essentially flat from 2008 to 2011 (except for this year s peak), while sales of foundations machinery should fall at a -11% CAGR over the same period. Trevi: Sales data and projections by division. ( m) e 2009e 2010e 2011e CAGR '05/'07 CAGR '08/'11 Foundations machinery % -11.0% % on total 26% 27% 31% 28% 23% 20% 20% % Chg. YoY 36% 50% 15% -14% -19% 1% Drilling rigs % 10.7% % on total 16% 19% 21% 26% 29% 34% 35% % Chg. YoY 52% 49% 54% 16% 8% 9% Drilling services % 13.8% % on total 4% 4% 5% 5% 6% 7% 8% % Chg. YoY 49% 54% 31% 18% 7% 17% Foundations services % -1.6% % on total 55% 50% 43% 40% 42% 39% 38% % Chg. YoY 18% 11% 19% 12% -16% 1% Total ,054 1,117 1,021 1, % 0.5% Source: Company data, Banca Aletti & C. forecasts Low oil prices to reduce Oil players investments. Announcements made during the last reporting season by oil players described a harsh scenario for oil service players and equipment providers. Shell, Chevron, Exxon, Total and Petrobras were among the few that stated they will not reduce investment spending. Most of recent announcements pointed instead at a sharp contraction in capex. If oil prices remain close to the current minimum levels for long, the decrease in the demand for services from the oil industry will be material and pressure on oil service players margins is likely to increase. Drillmec s cost-efficient hydraulic rigs could gain market share as the sector heads for cost-effective solutions, but growth prospects could shrink under the strain of falling demand. We therefore expect revenues from drilling machines and services to keep growing (08E/11E CAGR of 11% and 14%, respectively), albeit at a much more moderate pace than in the recent past (from 2005 to 2007, drilling activities grew by over 50% a year). The expectation of a recovery in investment spending and drilling activity from 2011E is embedded in the services division increasing its pace of growth as of that year. Trevi: Order Book break down by type of activity. ( m) e 2009e 2010e 2011e Foundations % total 50% 61% 64% 55% 45% 41% % Chg. YoY 37% 71% -30% -31% -11% Drilling % total 50% 39% 36% 45% 55% 59% % Chg. YoY -14% 53% 1% 1% 6% Total Backlog Source: Banca Aletti & C.estimates Trevi: Order Book break down by type of activity. New Orders by division (EURm) 2006e 2007e 2008e 2009e 2010e 2011e Foundations % total 63% 81% 70% 59% 54% 57% % Chg. YoY 52% 44% -49% -13% 29% Drilling % total 37% 19% 32% 45% 50% 47% % Chg. YoY -37% 177% -18% 7% 16% % total 0% 0% 0% 0% 0% 0% Total Source: Banca Aletti & C.estimates

4 Trevi: EBITDA and EBITDA margins by type of activity. ( m) e 2009e 2010e 2011e Foundations EBITDA Margin (%) 13.3% 14.7% 14.8% 12.4% 12.0% 12.2% Drilling EBITDA Margin (%) 13.3% 17.7% 17.8% 15.9% 15.3% 15.4% Total EBITDA Margin (%) 13.8% 15.8% 15.8% 13.6% 13.3% 13.5% Source: Banca Aletti & C.estimates BUY, Target price 5.1 p.s.. The DCF model that we have used to evaluate Trevi incorporates the following assumptions: Beta of 1.2x, WACC of 8.3%, perpetuity growth rate of 2% and operating margin stable at ca. 10% of sales from 2012E onwards. Based on our forecasts, (20% lower than Bloomberg consensus at EBIT level, on average, for 2009E and 2010E), the DCF model yields a value of 5.4. Averaging this value with the one of 4.8 obtained through a multiples valuation approach based on the comparison with construction and oil sector peers, we obtained the target price of 5.1. Rating Buy. The multiples approach refers to two separate clusters of peers, including (i) construction players; (ii) oil service players. The details are shown in the following tables. The 15% discount applied in the multiples approach is intended to account for the smaller size of Trevi compared to its peers. Construction sector peers. Company Market Cap. ( m) Ev/EBITDA 08 Ev/EBITDA 09 Ev/EBITDA 10 Acs Activid. De Constru S. 9, Balfour Beatty 1, Bilfinger & Berger AG Eiffage SA 2, Grupo Ferrovial SA 2, Hochtief AG 1, Impregilo SpA Sacyr Y Vallehermoso 1, Skanska AB 2, Strabag AG Vinci SA 12, Average excluding peaks (x) Source: Factset Oil service/equipment peers Company Market Cap. ( m) Ev/EBITDA 08 Ev/EBITDA 09 Ev/EBITDA 10 Baker Hughes Inc 6, BJ Services Co 2, Cameron International Corp. 3, Nabors Industries 1, National Oilwell Varco 8, Noble Corp. 4, Rowan Companies Inc Saipem SpA 4, SBM Offshore NV 1, Smith International 3, Tenaris SA 7, Rowan Companies Inc Weatherford Intl Ltd 5, Schlumberger Ltd. 33, Average excluding peaks (x) Source: Factset

5 Trevi: Multiples valuation approach Multiples valuation 2009E 2010E EBITDA Foundations services/machinery ( m) EV/EBITDA construction peers (x) Implied Foundations 15% disc. ( m) EBITDA Oil services/rigs ( m) EV/EBITDA construction peers (x) Implied Drilling 15% disc. ( m) Net Financial position ( m) (301.6) (238.4) Minorities ( m) (10.7) (10.3) Provisions ( m) (18.2) (17.8) Value p.s. ( ) Source: Banca Aletti & C. forecasts Main Risks. Among the main risks to our valuation, we would remind: (i) High exposure to public spending in infrastructures and to emerging countries if global economic activity were to stay at current levels for a long period, governments budgets could shrink substantially. Infrastructure projects could then be delayed or abandoned, hitting Trevi s pipeline. This applies in particular to emerging economies, (ca. 60% of 9M 08 Trevi s revenues) whose budgets are often constrained by prices of locally produced raw materials. (ii) Exposure to the oil price level A long phase of low oil prices could stiffen competition among oil service players and rigs producers as capex could keep shrinking, determining a negative impact on this division s growth prospects, also considering that Trevi is a relatively new player in this sector. As for the special foundations business, the price of oil is a major constraint in determining the budgets of oil producing countries. Low oil prices could eventually force to curb public spending in infrastructures and thus demand for Trevi s services. (iii) risk of increasing competition in special foundation machines. Trevi s competitors could react to the expected fall in demand by reducing product prices, increasing pressure on Trevi s profitability. (iv) Exposure to the USD: We estimate that ca. 60% of Trevi s sales and ca. 50% of its costs are in USD. According to our estimates, a 10 cents depreciation of the USD/ rate could imply a ca. 13% reduction in net profit. (iv) NWC management and order cancellations risks tied to the credit crunch: NWC management risks might also arise if the macroeconomic and financial markets conditions will not improve; scarce financing could then cause clients to delay payments, increasing Trevi s NWC cash absorption and net debt position. Similar financing problems could also lead to the cancellation of acquired orders or even prompt extraordinary provisioning or the write-off of credits receivable from troubled clients. Although this issue is a must in the risk section, according to Trevi, most of the credits arising from sales of drilling rigs is covered, while the counterpart of credits from oil services sales is usually a (typically) low-risk national oil company. In Foundations services, Trevi s work is one of the earliest phases of a project, and this is in itself a kind of natural hedging against the risk of delays or cancellations of credits. In the case of Soilmec (foundations machinery), credits are partially covered by letters of credit.

6 TREVI: Company profile Business: TFI, founded in the early 50 s, initially focused on engineering services in special foundations works. Today, Trevi s subsidiaries Soilmec (ca. 31% of 9M 08 sales) and Drillmec (25%) design, produce and distribute machines for special foundations and drilling rigs (oil, gas and water wells), respectively. The group s services/engineering arms, Trevi and Petreven, generating jointly ca 45% of revenues, operate in the same niches of special foundations/soil consolidation for infrastructures and wells drilling. Trevi is one of the global leaders in the special foundations services business, ranking fourth by 2007 revenues, while it ranks second in the production of machines. The drilling rigs production and services activities are relatively recent. Trevi entered this market through the acquisition of a number of small producers of mechanical drilling rigs (including Branham in the US) in the 90 s to then apply its proprietary (Soilmec s) hydraulic solutions to rigs design. In 2008, Drillmec sold ca. 70 rigs, while the services business generates ca. 5% of sales. Ca. 90% of TFI s turnover is generated abroad. Trevis network covers 80 countries (27 through branches or subsidiaries). Production plants are located in Italy (3) and USA (2), while a new one should start production in Dubai in 1H 09. Trevi s technological leadership in building highly efficient and cost-effective hydraulic powered machines and (onshore) rigs (as opposed to the prevailing use of mechanical systems) derives from the experience developed in the underground engineering activity. At Trevi, ca. 200 engineers (out of 5,700 employees) work in R&D, an activity to which Trevi dedicates ca. 20 m a year. Three production plants are based in Italy, two in the USA (following a recent acquisition) and a fifth one in Dubai is currently under way. Trevi is 53.12% controlled by The Trevisani Family s vehicle Trevi Holding APS. Risks/opportunities: (i) Trevi is undergoing a profound diversification process, implying growing focus on the production of drilling rigs (Drillmec) and on the supply of drilling services (Petreven). Slack oil service market conditions tied to the current lows in the price of oil might delay the process, which has so far sustained outstanding growth rates. The time needed for the market to recover also implies that competitors might reduce the gap/advantage that Trevi has. (iii) Also, margins for oil service players might come under pressure this year as oil companies try to strike the best price in what is rapidly becoming a buyer s market. The oil price movements could therefore play a crucial role in driving the stock performance and therefore deserves close monitoring. (iv) Trevi s high exposure to Emerging countries implies that these originate ca. 62% of sales in 9M 08. The foundation businesses might, in particular, suffer from the slow down in real estate development activity that is currently hitting part of the Middle East (Trevi will soon inaugurate a new joint Soilmec/Drillmec plant in Dubai). (v) Another important element is in the dynamics of public spending on infrastructures. Stimulus plans by and large include large public works requiring special foundations works. This might open new opportunities for Trevi, especially in countries where spending will be high and its subsidiaries are well established (USA, Saudi Arabia, Abu Dhabi). (vi) The evolution of the economic situation is also a risk, as if it were to deteriorate further, deficit spending on stimulus plans could be abandoned and much of the demand for Trevi s services would vanish. (vii) Also, the financial crisis could inflate Trevi s net working capital and debt position if cash-strapped clients forced suppliers to accept long (or unpredictable) payment terms. The possibility of write-offs tied to clients insolvency should also be kept in mind as a major risk, though the group hedges part of the risk with letters of credit (Soilmec and Drillmec), deals with (usually rated) national oil companies (Petreven) and is involved in the very early (safer) stage of projects (Trevi). (iv) 60% of Trevi s sales and ca. 50% of Trevi s costs are in USD. We estimate that a 10 cents depreciation of the USD/ rate could imply a ca. 13% reduction in net profit. Figure 1. Break down of 9M 08 revenues by division Figure 2 Break down of 9M 08 revenues by area Foundations services, 41% Machines for foundations, 31% Middle East, 35.0% Far East, 5.4% Other, 0.6% Europe, 15.0% Italy, 12.2% Drilling services, 5% Machines for drilling, 24% Africa, 11.7% Lat Am, 9.3% USA Can, 10.8% Source: Company data Source: Company data

7 Trevi: Aletti Summary EV CALCULATIONS (EUR m) e 2009e 2010e 2011e CAGR 10e/07 Price of ordinary share Total Shares outst. (000) 64,000 64,000 64,000 64,000 64,000 64,000 Market Cap (adj.) Others EV (adj.) PROFIT & LOSS (EUR m) 1,182 1,200 Sales , , , , % EBITDA % Depr,Amort, Write Offs & Prov EBITA % GW Amortisation EBIT % Net Financial Items Other Financials Extraordinary Items Earning Before Tax Tax Tax rate 34% 33% 34% 34% 34% 34% Minorities Net Profit (reported) % Net Profit (adj.) % PER SHARE DATA (EUR) EPS % EPS (adj.) % CFPS % BVPS % DPS % KEY MARKET RATIOS EV/Sales EV/EBITDA EV/EBITA EV/EBIT P/E (adj) P/CF P/BV Dividend Yield (Gross) 0.8% 0.8% 2.3% 2.3% 2.0% 2.0% MARGINS AND RATIOS Sales growth 35.7% 30.2% 25.8% 6.0% -8.6% 4.8% EBITDA growth 54.9% 51.2% 28.4% -8.7% -10.5% 6.6% EBIT growth 102.4% 71.2% 30.9% -9.6% -14.9% 7.1% EPS growth 5.2% 123.9% 37.8% -20.0% -16.8% 11.8% EBITDA margin 13.3% 15.5% 15.8% 13.6% 13.3% 13.5% EBIT margin 9.0% 11.9% 12.3% 10.5% 9.8% 10.0% ROCE 10.9% 19.1% 14.4% 12.0% 10.6% 10.9% Debt / Equity Interest Cover Payout Ratio 12% 11% 9% 11% 12% 10% NWC/Sales 20.5% 13.7% 27.7% 26.7% 24.6% 23.6% OpFCF/Mkt.Cap -9.2% 7.9% -58.2% 12.1% 25.8% 10.0% CASH FLOW (EUR m) Net Profit (reported) Non cash items Cash Flow % Change in Net Working Capital Capex Oper. FreeCashFlow (OpFCF) % Acquisitions Dividends Others (incl.capital Increase) Free Cash Flow % NOPLAT BALANCE SHEET (EUR m) Net Tangible Assets Net Intangible Assets Net Financial Assets & Others Total Fixed Assets % Net Working Capital Total Net Assets Shareholders Equity % Minorities equity Net Debt % Provisions Other liabilities Source: Company data and. Banca Aletti & C S.p.A. estimates.

8 RESEARCH DISCLAIMER BANCA ALETTI & C. S.P.A. (BANCA ALETTI) A MEMBER OF THE BANCO POPOLARE GROUP, IS AN AUTHORISED BANK REGISTERED WITH THE BANK OF ITALY. ANALYST CERTIFICATION THIS PUBLICATION HAS BEEN PREPARED BY ALESSANDRO POGGI AND ANDREA BONFA ON BEHALF OF BANCA ALETTI. THE RESPECTIVE RESEARCH ANALYSTS HEREBY CERTIFY THAT ALL THE VIEWS EXPRESSED IN THIS RESEARCH REPORT ACCURATELY REFLECT THE ANALYST S PERSONAL VIEWS ABOUT ANY OR ALL OF THE SUBJECT ISSUER OR SECURITIES. THE ANALYST(S) ALSO CERTIFY THAT NO DIRECT OR INDIRECT COMPENSATION HAS BEEN OR WILL BE RECEIVED IN EXCHANGE FOR ANY VIEWS EXPRESSED. OTHER IMPORTANT DISCLOSURES THIS DOCUMENT IS PREPARED AS PART OF BANCA ALETTI INTERNAL RESEARCH ACTIVITY ON COMPANIES OR SECURITIES LISTED AND NOT LISTED ON THE REGULATED MARKETS. BANCA ALETTI AND ITS CONNECTED COMPANIES, AND THEIR RESPECTIVE DIRECTORS, OFFICERS AND EMPLOYEES MAY FROM TIME TO TIME HAVE A SHORT OR LONG POSITION, OR OTHER INTEREST, IN THE SECURITIES MENTIONED AND MAY SELL OR BUY SUCH SECURITIES FOR THEIR OWN ACCOUNT OR FOR THE ACCOUNT OF THE OTHERS. ANY OPINIONS, FORECAST OR ESTIMATES IN THIS REPORT, ARE THOSE OF THE AUTHOR ONLY; THEY REFLECTS ONLY CURRENT VIEWS OF THE AUTHOR AND ARE SUBJECT TO CHANGE WITHOUT NOTICE. ALTHOUGH THE ANALYSIS, OPINIONS, PROJECTIONS, FORECASTS AND ESTIMATES EXPRESSED IN THIS REPORT WERE IN NO WAY AFFECTED OR INFLUENCED BY THE ISSUER, IT IS BANCA ALETTI S PRACTICE TO SUBMIT A PRE-PUBLICATION DRAFT OF ITS REPORT (WITHOUT RATING AND TARGET PRICE) FOR REVIEW TO THE INVESTOR RELATIONS DEPARTMENT OF THE ISSUER FORMING THE SUBJECT OF THE REPORT, SOLELY FOR THE PURPOSE OF CORRECTING ANY INADVERTENT MATERIAL INACCURACIES. THIS DOCUMENT IS INTENDED FOR DISTRIBUTION ONLY TO PROFESSIONAL INVESTORS. THIS DOCUMENT IS FOR INFORMATIONAL PURPOSES ONLY AND SHALL NOT BE CONSTRUED AS AN OFFER OR SOLICITATION FOR THE SUBSCRIPTION OR PURCHASE OR SALE OF ANY SECURITIES, OR AS AN INVITATION, INDUCEMENT OR INTERMEDIATION FOR THE SALE, SUBSCRIPTION OR PURCHASE OF SECURITIES OR FOR ENGAGING IN ANY SPECIFIC TRANSACTION. THE INFORMATION PROVIDED HEREIN AND, IN PARTICULAR THE DATA CONTAINED IN THIS DOCUMENT ARE TAKEN FROM INFORMATION PROVIDED TO THE PUBLIC BY THE ISSUER HEREIN (THE ISSUER) OR OTHER INFORMATION AVAILABLE TO THE PUBLIC, AND REFER TO THE DATE OF THIS DOCUMENT. THIS DOCUMENT IS BEING SUPPLIED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED, REDISTRIBUTED OR PASSED ONE, DIRECTLY OR INDIRECTLY TO ANY OTHER PERSON OR PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE WITHOUT PRIOR WRITTEN CONSENT OF BANCA ALETTI. BY ACCEPTING THIS DOCUMENT YOU AGREE TO BE BOUND BY ALL THE ABOVE- MENTIONED PROVISIONS. THE OPINIONS CONTAINED IN THIS DOCUMENT ARE BASED UPON INFORMATION AND DATA FROM SOURCES BELIEVED TO BE RELIABLE AND IN GOOD FAITH, BUT HAS NOT BEEN INDEPENDENTLY VERIFIED BY BANCA ALETTI. BANCA ALETTI DOES NOT WARRANT THE COMPLETENESS OR ACCURACY OF SUCH INFORMATION AND DOES NOT ACCEPT ANY LIABILITY WITH RESPECT TO THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION EXCEPT TO THE EXTENT REQUIRED BY APPLICABLE LAW. BANCA ALETTI HAS NO OBLIGATION TO UPDATE, MODIFY OR AMEND THIS PUBLICATION OR TO OTHERWISE NOTIFY A READER OR RECIPIENT OF THIS PUBLICATION IN THE EVENT THAT ANY MATTER, OPINION, PROJECTION, FORECAST OR ESTIMATE CONTAINED HEREIN, CHANGES OR SUBSEQUENTLY BECOMES INACCURATE, OR IF RESEARCH ON THE SUBJECT COMPANY IS WITHDRAWN. RECOMMENDATIONS FREQUENCY DEPENDS ON MARKET EVENTS AND RELATIVE AND ABSOLUTE PERFORMANCE OF FINANCIAL INSTRUMENTS COMPARED TO FUNDAMENTALS VALUATION. THE INVESTMENTS REFERRED TO IN THIS PUBLICATION MAY NOT BE SUITABLE FOR ALL RECIPIENTS. RECIPIENTS ARE URGED TO BASE THEIR INVESTMENT DECISIONS UPON THEIR OWN APPROPRIATE INVESTIGATIONS THAT THEY DEEM NECESSARY. ANY LOSS OR OTHER CONSEQUENCE ARISING FROM THE USE OF THE MATERIAL CONTAINED IN THIS PUBLICATION SHALL BE THE SOLE AND EXCLUSIVE RESPONSIBILITY OF THE INVESTOR. IN THE EVENT OF ANY DOUBT ABOUT ANY INVESTMENT, RECIPIENTS SHOULD CONTACT THEIR OWN INVESTMENT, LEGAL AND/OR TAX ADVISERS TO SEEK ADVICE REGARDING THE APPROPRIATENESS OF INVESTING. THE PAST IS NOT NECESSARILY A GUIDE TO FUTURE PERFORMANCE OF AN INVESTMENT. TO THE EXTENT PERMITTED BY APPLICABLE LAW, NO LIABILITY WHATSOEVER IS ACCEPTED FOR ANY DIRECT OR CONSEQUENTIAL LOSS, DAMAGES, COSTS, PREJUDICES ARISING FROM THE USE OF THIS PUBLICATION OR ITS CONTENTS.

9 DISCLOSURE OF CONFLICTS OF INTERESTS BANCA ALETTI DISCLOSES CONFLICT OF INTEREST AS DEFINED BY ARTICLE 69 QUATER AND QUINQUIES OF CONSOB REGULATION N AS AMENDED FROM TIME TO TIME AND STATES THAT: 1. NEITHER THE ANALYST(S) NOR ANY MEMBER OF THE DEPARTMENT SERVES AS AN OFFICE, DIRECTOR OR ADVISORY BOARD MEMBER OF THE ISSUER; BANCA ALETTI HAS IN PLACE POLICIES AND PROCEDURES IN ORDER TO AVOID ANY CONFLICT OF INTERESTS AND TO RESTRICT RESEARCH ANALYST IN TRADING (FOR THEIR PERSONAL ACCOUNT) IN THE TYPE OF SECURITIES IN RESPECT OF THE ISSUERS THAT THEY COVER. THE RESEARCH ANALYST MAY ONLY OLD SUCH SECURITIES IN CIRCUMSTANCES AS MAY BE CONTEMPLATED BY THE ABOVE POLICIES AND PROCEDURES. TREVI: RATINGS HISTORY IN THE LAST 12 MONTHS DATE: RATING: 04/03/2009 INITIAL COVERAGE-BUY STOCK RATINGS THE RECOMMENDATIONS TO BUY, HOLD AND SELL ARE BASED ON EXPECTED MARKET OUTPERFORMANCE (EXPECTED OUTPERFORMANCE IN THE NEXT 12 MONTHS INCLUSIVE OF THE DIVIDEND PAID OUT BY THE STOCK S ISSUER). EXPLANATION OF THE RATING SYSTEM: BUY: STOCK ESTIMATED TO OUTPERFORM THE MARKET BY MORE THAN 10% OVER A NEXT 12 MONTHS PERIOD HOLD: STOCK PERFORMANCE ESTIMATED AT BETWEEN 10% AND +10% COMPARED TO THE MARKET OVER A NEXT 12 MONTHS PERIOD SELL: STOCK ESTIMATED TO UNDERPERFORM THE MARKET BY HIGHER THAN 10% OVER A 12 MONTHS PERIOD IN CERTAIN OCCASIONS, THE RELATIVE PERFORMANCE MAY FALL OUTSIDE OF THESE RANGES BECAUSE OF MARKET PRICE MOVEMENTS AND/OR OTHER SHORT TERM VOLATILITY OR TRADING PATTERNS. SUCH INTERIM FROM THE SPECIFIED RANGES MIGHT NOT REQUIRE A CHANGE IN RATING. NOT RATED: NO RATING OR TARGET PRICE ASSIGNED ALTHOUGH THE ISSUERS IS OR MAY BE COVERED BY THE EQUITY RESEARCH OFFICE SUSPENSION OF COVERAGE: SITUATION WHERE THE COVERAGE IS SOSPENDED INDEFINITELY FOR COMMERCIAL REASONS (EXAMPLES OF THIS MIGHT BE LACK OF INTEREST FROM INSTITUTIONAL INVESTORS, LACK OF LIQUIDITY), OR TEMPORARILY TO COMPLY WITH APPLICABLE REGULATIONS AND/OR BANCA ALETTI S POLICIES IN CERTAIN SITUATION OF CONFLICT OF INTERESTS, INCLUDING WHEN BANCO POPOLARE IS ACTING IN AN ADVISORY CAPACITY OR INVOLVED IN ANY TERM IN STRATEGIC TRANSACTION INVOLVING THE ISSUERS RATINGS DISTRIBUTION BANCA ALETTI & C. S.P.A. EQUITY RESEARCH DEPARTMENT S DISTRIBUTION OF STOCK RATINGS AS OF JANUARY 1, 2009 IS AS FOLLOWS: BUY HOLD SELL Not rated % ON ALETTI UNIVERSE 46% 40% 9% 6% OF WHICH INV. BANKING CLIENTS 13% 21% 0% 100%

10 VALUATION METHODOLOGIES THE BANCA ALETTI EQUITY RESEARCH DEPARTMENT OBTAINS A FAIR VALUE FOR THE COMPANIES UNDER COVERAGE USING A RANGE OF VALUATION METHODS, OF WHICH THE MOST PREVALENT ARE THE DISCOUNTED CASH FLOWS METHOD (DCF). DIVIDEND DISCOUNT MODEL (DDM) AND MULTIPLE-BASED MODELS (E.G. EV/SALES, EV/EBITDA, EV/EBIT, P/E, P/BV,). THE ANALYSTS ARE NEVERTHELESS FREE TO USE ALTERNATIVE OFFICIAL VALUATION METHODOLOGIES, WHERE DEEMED NECESSARY. THE ASSIGNED TARGET PRICE MAY DIFFER FROM THE FAIR VALUE OBTAIED ABOVE, AS IT ALSO TAKES INTO ACCOUNT OVERALL MARKET/SECTOR CONDITIONS (E.G. RISK PREMIUM), CORPORATE/MARKET EVENTS, AND CORPORATE SPECIFICS (I.E. HOLDING DISCOUNTS, LIQUIDITY) REASONABLY CONSIDERED TO BE POSSIBLE DRIVERS OF THE COMPANY S SHARE PRICE PERFORMANCE. THESE FACTORS MAY ALSO BE ASSESSED USING THE METHODOLOGIES INDICATED ABOVE. ORGANIZATIONAL AND ADMINISTRATIVE MECHANISMS TO PREVENT CONFLICTS OF INTEREST THIS RESEARCH HAS BEEN PUBLISHED IN ACCORDANCE WITH OUR CONFLICT MANAGEMENT POLICY. TO ENSURE THE INDEPENDENCE AND THE IMPARTIALITY OF ITS FINANCIAL ANALYSTS JUDGMENT, EMPLOYED IN THE EQUITY RESEARCH DEPARTMENT (AS FOLLOW DEPARTMENT), INVOLVED WITH THE RESEARCH, ANALYSIS, COMPANIES VALUATION AND\OR FINANCIAL INSTRUMENTS, AND WITH INVESTMENT RECOMMENDATIONS DISTRIBUTED TO PROFESSIONAL INVESTORS, BANCA ALETTI HAS ADOPTED THE FOLLOWING ORGANIZATIONAL AND ADMINISTRATIVE MECHANISMS: THE DEPARTMENT HIERARCHICALLY RESPONDS TO THE GENERAL MANAGER OF THE BANK AND EXCLUSIVELY AND DIRECTLY RESPONDS TO HIM; THE EXISTING HIERARCHICAL RELATIONSHIP BETWEEN GENERAL MANAGER AND THE DEPARTMENT OR EACH ONE OF ITS FINANCIAL ANALYST(S) MEMBERS ARE SUBJECT TO PRINCIPLES OF PROFESSIONALISM AND TRANSPARENCY; THE CURRENT GENERAL AND\OR SPECIFIC GUIDANCE GIVEN BY THE GENERAL MANAGER TO THE DEPARTMENT SHOULD NOT RESULT IN CONTRAST WITH THE EXISTING LEGISLATIVE OBJECTIVES OF COMPLETENESS, CLEARNESS AND IMPARTIALITY OF THE PRODUCED STUDIES AND BE INFLUENCED BY THE SPECIFIC INTERESTS OF THE BANK RELATED TO A PARTICULAR SUBJECT OR FINANCIAL INSTRUMENT; THE REQUESTS OR THE COMMERCIAL COLLABORATIONS IN FAVOUR OF OTHER STRUCTURES OF THE SAME BANK OR THE GROUP TO WHICH THE BANK IS PERTINENT, WHICH, BY PRINCIPLE, COULD POTENTIALLY RESULT IN A CONFLICT OF INTEREST ACCORDING TO THE EXISTING REGULATIONS, CAN BE ORDERED TO THE DEPARTMENT OR A SINGLE ANALYST ONLY BY THE GENERAL MANAGER; IN THE RELATIONS WITH THE OTHER STRUCTURES OF THE BANK OR THE GROUP TO WHICH THE BANK BELONGS TO, THE DEPARTMENT OR EACH COMPONENTS OF THE SAME MUST RETAIN THEMSELVES FROM SEARCHING, RECEIVING OR FURNISH INFORMATION THAT MIGHT INVALIDATE THE INDEPENDENCE AND\OR THE IMPARTIALITY OF JUDGMENT OF THE RESEARCH COMMENT AND\OR RECOMMENDATIONS OF INVESTMENTS OR FAVOUR AN ASYMMETRIC DISTRIBUTION OF THE INFORMATION EITHER INSIDE OR OUTSIDE THE BANK OF OR THE GROUP. THE DEPARTMENT AND EACH COMPONENTS OF THE SAME MUST STICK TO THE PRINCIPLES AND BEHAVIOUR RULES FOR A CORRECT CARRY OUT OF THE FINANCIAL ANALYST ACTIVITIES; THE REMUNERATION OF THE FINANCIAL ANALYST(S) AND OF DEPARTMENT EMPLOYEES IS NOT TIED, DIRECTLY OR INDIRECTLY, TO INVESTMENT BANKING TRANSACTIONS AND\OR TO THE BUSINESS RELATIONSHIP DEVELOPMENT WITH ISSUERS UNDER FINANCIAL ANALYSIS. Banca Aletti & C. S.p.A. Via S. Spirito, Milan Operating Office Via Roncaglia, Milan Phone number Fax