Trevi Fin Industriale

Earnings Release • Nov 15, 2016

2016 Third Quarter Results

Ended 30th September 2016

CONFERENCE CALL

Cesena,15th November 2016

1. TREVI Group

• 2. 9M 2016 Financial Results
• 3. Q&A
• 4. Appendix

Special foundation services

€424,8m

Oil drilling rigs

€114,2m

9M16 Revenues

Special foundation rigs

€182,7m

Oil drilling services

€79,5m

Special foundation services

€424,8m Geotechnical Works

9M16 Revenues

Environment

Marine Works Deep Foundations Tunnel Consolidation

Land Rigs

Hydraulic Drilling Rigs

Mud Pumps

Oil drilling rigs

€114,2m

9M16 Revenues

Modular Offshore AHEAD Rigs

Drawworks Top Drives Conventional Packages

Oil drilling services

Foundations Sector

Oil & Gas Sector

Group's Divisions Overlook

• As per the organizational improvement approved by the Board on August 28, 2015, Marco Andreasi has been appointed as Central Director.
• Continued cash generation in the division;
• Strong order intake in the nine month, 560 million Euro;

• Trevi Division hard backlog represents 77% of total; it increased to 747 million Euro from 620 (9M 2015);

• The quality of hard backlog is represented by higher implicit margins than in recent past however slow starting and postponements are affecting actual margin in the last quarter;

• YoY operating margins increased by 50%;
• Positive trends in international construction markets and in particular in infrastructure sector;

• Despite of uncertant market conditions (Brexit and USA Election), Soilmec had improvement in margins due to higher efficiency in production and commercial process;

• Investment in HIT products is creating new major opportunities;

• Overheads level in line with cost saving policy of the Group;
• Improvement of NFP on YoY basis due to reduction of Inventory in international subsidiaries;

Group's Divisions Overlook

• Continued strong volatility and uncertainty in O&G. Price per barrel of petrol (Brent) increased to more than 44 dollars from the minimum of 28 touched in January (plus 57% in about 11 months);
• After suffering the slowdown in payments in the last quarter management is focused on working capital decrease through better management of receivable;
• YoY 56% decrease in revenues due to market conditions;
• Drillmec has concluded the reorganization plan and cost cutting, started in October 2015, maximum effects expected within 2°Q.17;
• Services are improved of about 40%, management is focused in offering to clients maintenance, training and engineering through medium terms contracts to improve profitability of operating drilling rigs;
• Planned investments in R&D for increasing operation efficiency and controls (DMS remote, Shale Oil design);
• Recent sign of recovery in demand of new Rigs in Middle East
• Negotiations in progress in different geographic area expected to be concluded in the next months;
• Contingency due to market uncertainty.
• 3Q16 significant recovery in revenues compared to the previous
• two quarters, for an increase in the utilization rate;
• Marginality challenged by more uncertain environment;
• Negotiating contracts renewals to secure continuing operations
• The net financial position has slightly improved compared to September 2015 thanks to an increased cash generation due to a working capital optimization and a reduction of receivables collection days.

1. TREVI Group

2. 9M 2016 Financial Results

• 3. Q&A
• 4. Appendix

Financial Highlights

Revenues € 766m Ebitda €63m

Ebit €-4m Ebt €-42m

Backlog €968m

Net Financial Position €489m

Financial Highlights 9M16 yoy

Euro Euro 30/09/16 % 30/09/15 % VALUE OF PRODUCTION 808,2 991,0 REVENUES 766,0 100,0% 956,3 100,0% EBITDA 63,1 8,2% (15,9) -1,7% EBIT (3,8) -0,5% (88,6) -9,3% FINANCIAL COSTS (19,9) -2,6% (21,3) -2,2% TAXES 14,6 1,9% 8,6 0,9% NET PROFIT (59,6) -7,8% (131,4) -13,7% 30/09/16 30/09/15 NET CAPITAL EMPLOYED 982,3 1.083,6 EQUITY 493,3 550,6 NET FINANCIAL POSITION 488,8 532,8 BACKLOG 968,1 1.117,2 30/09/16 30/09/15 EMPLOYEES 7.311 7.887

Revenues Before and After Consolidation

Eur mln	30/9/16	30/9/15	D %
Drilling Rigs (DRILLMEC)	114,2	261,8	-56,4%
Drilling Services (PETREVEN)	79,5	114,0	-30,3%
Interdivisional Adjustments and Eliminations	(1,0)	(1,5)
Sub-Total Oil & Gas Sector	192,8	374,3	-48,5%
Special Foundation Services (TREVI)	424,8	431,1	-1,5%
Machines for Special Foundations (SOILMEC)	182,7	188,5	-3,1%
Interdivisional Adjustments and Eliminations	(15,4)	(11,4)
Sub-Total Foundation Sector	592,0	608,1	-2,6%
Parent Company	19,9	20,2
Interdivisional Eliminations	(38,7)	(46,3)
TOTAL CONSOLIDATED REVENUES	766,0	956,3	-19,9%

One Group

Financial Ratios

The Group Breakdown per Geographical Area

Foundation Division Drilling Division Foundation Sector Oil & Gas Sector Foundation Division Drilling Division

Net Financial Position

Equity and Net Financial Position

21

Based on non Consolidated Data

Based on non Consolidated Data

• €273 million contract value
• Contract assigned by: Iraqi Ministry of Water Resources (MWR)
• The award follows an international tender issued in October 2015, which followed an expedited process
• Technologies: Advanced and customized drilling and cement grouting activities for the consolidation of the foundations of the dam.
• Other activities include: repair and maintenance of the bottom outlet tunnels will also take place as they are currently damaged
• Specialized courses and training for technicians and local staff for the use of Soilmec (TREVI Group) drilling rigs will also commence
• The presence of the Italian military forces, will ensure the safety of the more than 450 technicians and staff of TREVI

MOSUL DAM

Site installation: Grouting gallery

Galata, Cruise Terminal, Istanbul

Wynn Harbor Casino Boston - USA

Brookfield Project, Dubai (Norman Foster)

Metro line El Harrach - Algeria

Orogel - SR-120 Soilmec Italy

New SR-45 Soilmec Australia

New SC-135 Soilmec Istanbul - Turkey

DRILLMEC 3000hp Offshore Drilling Rig

The rig operating for SOCAR-AQS in Azerbaijan on Guneshly field - Bulla Deniz 6 platform. The rig is currently drilling with very successful performances, this unit is the 2nd one delivered by Drillmec to Socar-AQS for operations in Azeri waters.

Drillmec MR8000 in action in Kenia.

The rig drilling for Tullow Oil which in 50:50 partnership with African Oil Company is drilling in North of Kenia

PETREVEN

Project Petreven Argentina CGC

1. TREVI Group

2. 9M 2016 Financial Results

3. Q&A

4. Appendix

Income Statement 9M16 vs 9M15

Eur 000 30/09/16 30/09/15 TOTAL REVENUES 766.014 956.336 Changes in inventories of finished and semi-finished products 36.527 16.434 Increase in fixed assets for internal use 5.698 18.212 Other non-ordinary operating revenues 0 0 VALUE OF PRODUCTION 808.239 990.981 Raw materials and external services 552.747 798.151 Other operating costs 12.762 12.725 VALUE ADDED 242.729 180.105 Personnel expenses 179.604 196.021 EBITDA 63.125 (15.916) % Total Revenues 8,2% -1,7% Depreciation 46.570 45.703 Provisions and write-downs 20.371 26.949 EBIT (3.816) (88.568) % Total Revenues -0,5% -9,3% Financial revenues/(expenses) (19.853) (21.285) Gains/(Losses) on exchange rates (18.431) (14.592) Other Gains/(Losses) (285) (2) EBT (42.385) (124.447) Tax 14.649 8.643 Minorities 2.519 (1.661) GROUP NET PROFIT (59.554) (131.429)

Statement of Financial Position 9M16 vs 9M15

31/12/15	Eur 000	30/09/16	30/09/15
	Fixed assets
399.877	- Tangible fixed assets	355.986	415.638
87.150	- Intangible fixed assets	78.938	88.691
5.709	- Financial fixed assets	5.775	6.565
	Net working capital
522.736	- Inventories	440.276	609.018
447.976	- Trade receivables	421.136	488.756
(360.541)	- Trade payables (-)	(226.851)	(310.209)
(169.413)	- Pre-payments (-)	(153.974)	(244.970)
87.485	- Other assets (liabilities)	80.843	52.443
1.020.977	Fixed assets plus net working capital	1.002.127	1.105.930
(21.225)	Post-employment benefits (-)	(19.796)	(22.299)
999.753	NET INVESTED CAPITAL	982.332	1.083.631
	Financed by:
564.914	Group net shareholders' funds	483.729	537.727
14.659	Minorities' share of net shareholders' funds	9.557	12.868
420.180	Total financial indebtedness	489.046	533.038
999.753	TOTAL SOURCES OF FINANCING	982.332	1.083.632

1. TREVI Group

• 2. 9M 2016 Financial Results
• 3. Q&A

4. Appendix

The Group Company Facts

• Ownership*: 51 %
• Market : 49 %
• Established: 1957
• Listed: 1999
• Value Proposition:
• Fully integrated Special Foundation Services and Oil & Gas Company

The Group

52 Companies 38 Countries 69 Business Units	Divisions: Special Foundations Oil & Gas	Synergies Innovation Advantage
FY 2015 Results Revenues €1,342m Ebitda €9m Ebit €-88m NFP €420m	FY 2015 KPI Added Value €273m Backlog €949,4m	Employees 7,867 FY 2015

Disclaimer

The Executive in charge of the preparation of accounting documents "Daniele Forti" declares, pursuant to paragraph 2 of article 154-bis of the consolidated law on finance, that the accounting information contained in this presentation corresponds to the document results, books and accounting records.

This presentation, prepared by TREVI – Finanziaria Industriale SpA, contains forward looking information and statements about the group and in no case may it be interpreted as an offer or an invitation to sell or purchase any security issued by the company or its subsidiaries.

These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations to future operations, products and services, and statements regarding future performance.

Forward looking statements involve inherent risks and uncertainties are current only at the date they are made.

However, the management of TREVI – Finanziaria Industriale SpA believes that the expectations are reasonable, but, at the same time, points out to holders and investors that all the information and all the statements are subject to various risk and many of which are very difficult to predict and to control.

TREVI – Finanziaria Industriale SpA does not undertake any obligation to update forward looking statements to reflect any changes in own expectations with regard thereto or any changes in events.

Investor Relations Team: investorrelations@trevifin.com