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Tesmec designs, manufactures and sells products, technologies and integrated solutions for the construction, maintenance and efficiency of infrastructures related to the transport and distribution of energy, data and material, such as: overhead and underground networks, traditional and high speed railway lines, energy cables and pipelines. In addition to traditional businesses, Tesmec is increasing its market presence offering solutions for Power Grid's efficiency & management.

GROUP	1Q2015	1Q2014	Delta %
Revenues	34 4 ,	27 2 ,	26 4% ,
EBITDA	4 4 ,	3 2 ,	37 5% ,
Revenues % on	13%	12%
EBIT	2 4 ,	1 6 ,	50 0% ,
Revenues % on	7%	6%
Profit Before Taxes	4 1 ,	0 6 ,	583 3% ,
Revenues % on	12%	2%
INCOME NET	2 8 ,	0 2 ,	1300%
Revenues % on	8%	1%

GROUP	1Q2015	2014	Delta %
(IAS17) PFN	80 9 ,	73 4 ,	10 2% ,
PFN (without IAS17)	62 3 ,	54 5 ,	14 3% ,

		%
19 5 ,	13 8 ,	41 3% ,
3 5 ,	2 2 ,	59 1% ,
17 9% ,	15 9% ,
	Revenues	1Q20151Q2014Delta

TRENCHERS	1Q20151Q2014Delta		%
Revenues	14 3 ,	11 7 ,	22 6% ,
EBITDA	1 2 ,	0 8 ,	50 0% ,
Revenues % on	8 4% ,	6 8% ,

RAILWAY	1Q20151Q2014Delta		%
Revenues	0 6 ,	1 7 ,	-65 8% ,
EBITDA	-0 2 ,	0 3 ,	-183,0%
% Revenues on	-41 5% ,	17 6% ,

Main business highlights

ENERGY

Stringing

EXECUTION OF BIG ORDER FOR OVERHEAD POWER LINES CONSTRUCTION IN BRAZIL IN TIMING WITH THE TOUGH PROJECT SCHEDULE

Automation

NEW ORDERS OF ELECTRONIC DEVICES AND SENSORS FOR SMART MANAGEMENT OF MEDIUM VOLTAGE GRIDS CONFIRMING THE ADDED VALUE OF TESMEC SOLUTIONS

TRENCHERS

GROWING SALES VOLUMES IN THE US, COMMERCIAL EFFORT CONCENTRATED ON NEW MARKET SEGMENT (INFRASTRUCTURES, WATER PROJECTS..)

IMPORTANT WATER PIPELINE PROJECTS IN SOUTH AMERICA

KEY INFRASTRUCTURAL PROJECTS IN MIDDLE EAST

RAILWAY

TESTING PHASE FOR MAIN ITALIAN AND US PROJECTS. UP TO DATE RESULTS ARE VERY GOOD BUT STILL IN PROGRESS SO ACQUISITION OF NEW ORDERS HAS BEEN POSTPONED IN THE COMING QUARTERS

ONGOING NEGOTIATIONS WITH KEY PLAYERS ON EUROPEAN MARKET

INTERNATIONAL SCALE AND EXPOSURE TO GROWING ECONOMIES

Foreign subsidiaries

EBITDA 1Q2015


(Euro mln) Financial Information	1Q2015	2014
Capital Net Working	70 9	57 9
Current Non assets	67 5	65 3
Other Long Term assets/liabilities	(2 7)	(1 7)
Net Invested Capital	135 7	5 121
Net Financial Indebtness	80 9	73 4
Equity	54 8	48 1
Sources of Total Financing	135 7	121 5

Net Working Capital	70 9 ,	57 9 ,
Other Current Assets/(Liabilities)	(9 0) ,	(9 8) ,	2 4	3 2
Trade Payables	(40 1) ,	(34 2) ,	105	107
Work in contracts progress	5 4 ,	5 2 ,
Inventories	64 8 ,	55 4 ,	184	190
Trade Receivables	49 8 ,	41 3 ,	130	129
Euro Mln	1Q2015	2014	Days 1Q2015	Days 2014

Operating Net Financial Position without figurative debt

²⁰¹⁴ NFP increase has been mainly influenced by the increase of working capital 1Q2015

TESMEC TF 6% AP21 EUR

Redemption: Pricipal amount paid at maturity

Tesmec has been assigned a solicited rating by Cerved Group on March 19, 2015 A 2.2 corresponding to high credit rating with Probability of Default index of 0.35% A 1.1 A 1.2 A 1.3 A 2.1 A 2.2 A 3.1 B 1.1 B 1.2 B 2.1 B 2.2 C 1.1 C 1.2 C 2.1 SAFETY SOLVENCY VULNERABILITY RISK TESMEC S.p.A. 6% 2014-2021 Trading Venue: ExtraMOT - Professional Segment Nominal amount: 15,000,000 € Form of the Bonds: 150 bearer bonds with a nominal value of Euro 100,000.00 Issue price: issued at par at a price equal to 100% of the nominal value Duration: 7 years Interest rate: 6% Minimum Trading Lot:100,000 € Trading Currency: EUR Interest Accrual Date: April 10, 2014 Maturity Date: April 10, 2021

CERVED GROUP - CLASSES OF RISK

The acquisition is of strategic importance for Tesmec in that it will allow the Group to use the technological skills developed by Marais as part of the service activities in telecommunications and laying of optical fibers and of underground electrical cables and to use them in markets where the Tesmec Group has already acquired an important market positioning.

Moreover, the acquisition will allow Tesmec to enter in the French market and, more in general, in all the markets where Marais is a leader (Africa, Australia, New Zealand, etc.) with the aim to further expand its activities in telecommunications, where significant investments are planned over the next few years. Finally, the transaction will allow the Tesmec Group to use the expertise of Marais in the rental of machines and in complementary services.

COMPLEMENTARY SOLUTIONS

MARAIS TECHNOLOGIES:

French company at the head of an international group leader in rental services and construction of machines for infrastructures in telecommunications, electricity and gas.

Order Book 1Q2015

ENERGY

Summary 1Q2015 Profit & Loss statement

Profit & Loss Account (€ mln)	1Q2015	1Q2014	Delta vs 2014	Delta %
Net Revenues	34 4 ,	27 2 ,	2 7 ,	26 4% ,
Raw materials (-) costs	(17 7) ,	(13 9) ,	(3 8) ,	28%
for Cost services (-)	(5 7) ,	(4 8) ,	(0 9) ,	19%
Personnel (-) Costs	(7 4) ,	(6 3) ,	(1 1) ,	17%
Other revenues/costs (+/-) operating	(0 6) ,	(0 6) ,	(0 0) ,	7 %
of gain/(losses) Portion from evaluated equity investments the method using equity	0 2 ,	0 3 ,	(0 1) ,	-33%
Capitalized R&D expenses	2 1 ,	2 1 ,	0 0 ,	0 %
Total operating costs	(30 0) ,	(24 1) ,	(5 9) ,	25%
% Net Revenues on	-87%	(88%)
EBITDA	4 4 ,	3 2 ,	1 2 ,	37 5% ,
% Net Revenues on	13%	12%
(-) Depreciation , amortization	(2 0) ,	(1 7) ,	(0 3) ,	20%
EBIT	2 4 ,	1 5 ,	0 9 ,	50 0% ,
% Net Revenues on	7 %	6 %
Financial Income/Expenses (+/-) Net	1 7 ,	(1 0) ,	2 7 ,	-270%
(-) Taxes	(1 3) ,	(0 3) ,	(1 0) ,	333%
Minorities	-	-	-	-
(Loss) Net Income	2 8 ,	0 2 ,	2 6 ,	1300%
% Net Revenues on	8 %	1 %

Balance Sheet (€ mln)	1Q2015	2014
Inventory	64 8 ,	55 4 ,
Work in contracts progress	5 4 ,	5 2 ,
Accounts receivable	49 8 ,	41 3 ,
payable (-) Accounts	(40 1) ,	(34 2) ,
Op . working capital	79 9 ,	67 7 ,
Other (liabilities) current assets	(9 0) ,	(9 8) ,
working capital Net	70 9 ,	57 9 ,
Tangible assets	49 4 ,	48 1 ,
Intangible assets	13 2 ,	12 4 ,
Financial assets	9 4 ,	8 4 ,
Fixed assets	67 5 ,	65 3 ,
long liabilities Net term	(2 7) ,	(1 7) ,
invested capital Net	135 7 ,	121 5 ,
Cash & cash items (-) near	(27 8) ,	(18 7) ,
Short financial (-) term assets	(8 6) ,	(6 8) ,
Short borrowing term	3 54 ,	36 6 ,
Medium-long borrowing term	63 0 ,	62 3 ,
financial position Net	80 9 ,	73 4 ,
Equity	54 8 ,	48 1 ,
Funds	135 7 ,	121 5 ,

Disclaimer

The Manager responsible for preparing the company's financial reports, Andrea Bramani, 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.

Certain information included in this document is forward looking and is subject to important risks and uncertainties that could cause actual results to differ materially.

Any estimates or forward-looking statements contained in this document are referred to the current date and, therefore, any of the assumptions underlying this document or any of the circumstances or data mentioned in this document may change. Tesmec S.p.A. expressly disclaims and does not assume any liability in connection with any inaccuracies in any of these estimates or forward-looking statements or in connection with any use by any third party of such estimates or forward-looking statements.

This document does not represent investment advice or a recommendation for the purchase or sale of financial products and/or of any kind of financial services. Finally, this document does not represent an investment solicitation in Italy, pursuant to Section 1, letter (t) of Legislative Decree no. 58 of February 24, 1998, or in any other country or state.

In addition to the standard financial reporting formats and indicators required under IFRS, this document contains a number of reclassified tables and alternative performance indicators. The purpose is to help users better evaluate the Group's economic and financial performance. However, these tables and indicators should not be treated as a substitute for the standard ones required by IFRS.

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