<p><span style="font-family: Calibri, serif; font-size: 12pt;"><em><strong>SOCIETA ITALIANA PER CONDOTTE D&rsquo;ACQUA</strong></em>, was established on April 7, 1880, and enjoys a history&nbsp;filled with challenges and great accomplishments as it became&nbsp;a world leader in the construction industry.&nbsp;&nbsp;</span></p>
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<p><span style="font-family: Calibri, serif; font-size: 12pt;">In its first&nbsp;25 years of activity, the Company designed hundreds of aqueducts and constructed 160 feeder mains more than 507 miles long&nbsp;and water supply systems totalling a&nbsp;length of 115 miles, becoming the&nbsp;industry leader in Italy. </span></p>
<p><span style="font-size: 12pt;"><span style="font-size: 10pt;">Between World War I and World War II, its main achievements include the construction of Salerno's Simbrivio Aqueduct, the largest and most compled aqueduct in those times. A</span><span style="font-family: Calibri, serif;">fter Rome's&nbsp;liberation in 1944, the Company focused its business on the repair of the damages to the Ausino and Simbrivio aqueducts and the reconstruction of bridges and railway viaducts destroyed by&nbsp;the war.&nbsp;</span></span></p>
<p><span style="font-family: Calibri, serif; font-size: 12pt;">The most important projects in the 1950s were the double sweep dome type dam for the Val Gallina Reservoir of the hydroelectric plant in Piave-Boite-Vajont, the Tiber hydroelectric plant, and the Premadio hydroelectric plant, the largest underground power station in the world. The 1960s were characterized by two representative works of those years: the Mont Blanc Tunnel and the Polcevera Viaduct in Genoa, the first cable-stayed concrete bridge in Europe.&nbsp;</span></p>
<p><span style="font-size: 12pt;"><span style="font-family: Calibri, serif;">B</span><span style="font-family: Calibri, serif;">y the end of the 1960s, the Company became a group of subsidiaries covering all sectors of the construction industry. In the following years, the Company performed important works in the restoration sector, such as the restoration of the Egyptian monumental complex of the Philae island, and in the maritime sector, where the Company became a world leader through the completion of several port constructions such as the Sines Industrial Port in Portugal. </span></span></p>
<p><span style="color: #3c3c3e; font-size: 12pt;"><span style="font-family: Calibri, serif;">In 1997, due to&nbsp;the privatization of the IRI Group, Societ&agrave; Italiana per Condotte d&rsquo;Acqua was acquired by the Ferfina Group, a group already holding Ferrocemento &ndash; Costruzione e Lavori Pubblici p.a., which had incorporated Recchi Construzioni Generali S.p.A. of Turin and Gambogi S.p.A. of Pisa. Since 1932 Ferrocemento has been a leader in the construction of tunnels, viaducts and hydraulic works thanks to its technical capacity and know-how associated to its numerous patents. In order to contend in an increasingly competitive international construction market a further merger was made between Societ&agrave; Italiana per Condotte d&rsquo;Acqua and Ferrocemento under the elder name &ndash; Societ&agrave; Italiana per Condotte d&rsquo;Acqua.</span></span></p>
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<p><span style="font-family: Calibri, serif; font-size: 12pt;">In its centenarian history full with events, the Group has built&nbsp;throughout the&nbsp;world dams, hydroelectric plants, highways, railways, ports and maritime projects, airports, underground works, civil works for thermal and nuclear power stations, housing projects, office, sports, industrial and hospital building projects, as well as environmental and monumental rehabilitation works, gaining an&nbsp;unparalled&nbsp;appreciation at the international level. <strong>Today,&nbsp;Condotte enjoys the <em>No. 112 Ranking in the ENR's Top 250 International Contractors</em></strong>. </span></p>
<p><span style="font-size: 10pt;"><em><span style="font-family: Calibri, serif;">Additional information regarding Condotte SpA can be found at <a href="http://www.condotte.it">www.condotte.it</a>&nbsp;</span></em></span></p>