ANNUAL REPORT 2007

exists the possibility, even in the presence of the typical uncertainties of the sector, of a feasible recovery of the amounts entered into the assets relating to the Milano-Verona high speed portion of the railway. From a differentiation viewpoint as opposed to the public contracts market in Italy, your company is constantly turning its attention to international markets, following a prudential selection policy of the countries, as well as to the consolidation of its position in the markets where it already operates. The business pian highlights a positive trend with reference to the foreign contracts. During the past year, your company has acquired an important contract in Algeria, in a joint-venture with a primary company that supplies rolling stock, for the supply of a turnkey project* referred to the subway-tramway in the town of Constantine.
The policy of growth of the foreign division implies a concrete evolution of the services supplied by the head office, which has now been underway for some time, and that is aimed at satisfying the complex requirements of a sector that is characterised by the many scenarios in which it operates. The main contracts acquired by the Group during 2007, and updated during the initial months of 2008, are the following:

	BBT Innsbruck - basic Brennero tunnel - execution of exploration shaft in the Aica-Mules portion including the "Mules window" (78 millions of Euro, Pizzarotti portion 38,95%);
	Compania Nationala de Autostrazi si Drumuri Nationale Sa - execution of 19 Km of the Bucarest - Ploiesti motorway (153 millions of Euro, Pizzarotti portion 50%);
	Emilia Romania Region - concession for the financing, project work, execution and management of the regional Cispadana motorway from the Reggiolo-Rolo toll station on the A22 to the Ferrari Sud toll station on the A13 (1,080 millions of Euro for the construction and the project work, Pizzarotti portion 36,5%), A,T,I, with Autobrennero as mandatory and Pizzarotti as grantors, with other companies, has been identified as designated promoter thereby acquiring the pre-emption rights in the subsequent negotiated procedure;