ANNUAL REPORT 2007

Moreover, it should be remembered that the statutory financial statements presented for the approvai of the Shareholders' Meeting used the complete contract method ("metodo della commessa completata"). The consolidated financial statements, presented to the Board of Directors for their approvai, represent the results obtained by the company in a more realistic manner since they take account of the value of production of the contracts in a manner which is proportional to their effective progress.
The works portfolio, updated to Aprii 2008 shows a value of 3,332 millions of Euro.
The company holds 1,444,800 own shares for a nominai value of 1 Euro each, for a total purchase value of 2,324,056 Euro as specified in the notes to the accounts of the current financial statements.
During 2005 the Company renewed the statement of qualification to execute public works in accordance with D,P,R, 34/2000 with Protos SOA SpA, The statement relating to services in connection with project and construction works up to the Vili classification (unlimited amount) was issued on 26/01/2006, and is valid for three years, up to 25/01/2009, in 22 categories of works of which 15 for unlimited amounts (7 for general works and 8 for specialised works).At the beginning of 2006, the company commenced the procedure for enrolment in the General Contractor qualification system, in accordance with D,L, 10 January 2005 n° 9, the certificate was obtained from the Ministry of Infrastructures and Transport per classification III (beyond 700 millions of Euro) that enables the company to take pai! in tenders for General Contractors for any amount. In 2006 the company was amongst the first construction companies in Italy to obtain the cerrification of its Quality System, compliant with the ISO UNI EN 9001-2000 norms/'In 2005 the company adjusted the certificated System by adding to the quality, security in the working environment, achieving in 2006, respectively in June and September, the "UNI EN ISO 14001-2004 Environment Management System" and "OHSAS 18001-1999 Security Management System".
During the past four years, Impresa Pizzarotti has constantly implemented its Management System that, starting from the Quality, today includes the Environment, Safety and Health for its employees and the admini strati ve responsibility for the company, from a totally integrated viewpoint (Legislative Decree nr. 231/01).