ANNUAL REPORT 2007

	Autostrada Pedemontana Lombarda SpA - final project work and execution of the first lot of the Como ring road and of the first lot of the Varese ring road, of the Dalmine-Como-Varese-Valico del Gaggiolo motorway connection and related works, including ali the correlated activities (629 millions of Euro, Pizzarotti portion 18%);
	Integrated System of Regional Hospitals - concession for the project work and construction of new Tuscan hospitals in Prato, Lucca, Pistoia and the Appuane Apennines and the management of the related non-sanitary and commercial services (313 millions of Euro relating to construction and project works, Pizzarotti portion 30%);
	Venetian Ring Road Systems: award of the promoter's bid for the financing, project work, construction and management of the ragionai motorway, parallel to the A-4 motorway, from Peschiera del Garda to Padova (the amount of the investment is equal to approximately 2,700 millions of Euro, Pizzarotti portion is equal to 51%).

As regards the real estate activity, 2007 was concluded in a positive manner and the expected results were achieved in terms of margins, both directly as well as through the associated real estate companies.
The commitment undertaken for the development of real estate initiatives both at urban level as well as at project work level has continued in a positive manner; also, the acquisition of areas considered as being strategie by the company, for those real estate sectors in which the company believes there will be no recession in demand, was completed. In particular, the company has purchased an ex-industrial requalification area in the centre of a medium-sized town in the North of Italy, as well as an area in which to build a large trading centre for the manufacturing and sale of produets.
In particular, we would highlight the substantial completion of the urbanistic and building procedures that will allow the commencement of the following work sites during 2008: