Assessment by the Board of Directors regarding the status of the USW Campania Projects at June 30, 2014

Impregilo Group's situation with respect to the USW Campania Projects at June 30, 2014, still continues to be extremely complex and uncertain (as can be seen from the wealth of information above). 

The rulings by the administrative courts regarding the claims put forth for the costs of the RDF facilities that had not been amortized when the service contracts were cancelled (December 15, 2005), as discussed earlier in this Report, are positive and extremely important factors, because they support the Group’s arguments regarding the correctness of its conduct and the resulting assessments made to date. 

Although, at the end of March 2014, the Naples Public Prosecutor appealed the decision by which the Court of Naples acquitted of all charges - with the formula "there is no case to answer" - both the individuals and the companies involved, it is confirmed, consistent with the opinion of the Group's legal advisors for the case, the belief that future developments of these proceedings and of proceedings pending in other venues (administrative, criminal and civil) will prove that the Group acted properly. Taking also into account the recent rulings handed down by the administrative judges regarding the previously mentioned environmental issues, which are still pending with regard to merit and for which the risk of an unfavorable outcome was assessed, with the support of the counsel assisting FIBE in the various disputes, as being in the realm of mere possibility, at this time, an accurate timing for the end of the various pending proceedings cannot be reasonably determined.

In view of the complexity and development of the different disputes described in detail in the preceding paragraphs, the possibility that future events, unforeseeable at this point, could occur requiring changes to the assessments made thus far cannot be excluded.