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The information contained in this Prospectus relating to Trevi and the Trevi Shares has been reproduced from, or is a summary of, publicly available information published by Trevi, including Trevi’s financial statements as at and for the financial years ended 31 December 2004 and 2005 and as at and for the six months ended 30 June 2006. The Issuer and the Guarantor accept responsibility for the accurate reproduction or, as the case may be, summary of such information. No further or other responsibility in respect of such information is accepted by the Issuer or the Guarantor.

TREVI-Finanziaria Industriale S.p.A. (‘‘Trevi’’, and together with its consolidated subsidiaries, the ‘‘Trevi Group’’) is among the leaders at worldwide level in the field of foundation engineering (special foundations, tunnel excavation, soil consolidation and execution and marketing of rigs and special equipment to be employed for such operations); it is also active in the drilling rig (oil, gas and water) fields, both as manufacturer of systems and as supplier of oil drilling services, as well as in the execution of underground, automated car parks and of integrated car parking management. The Trevi Group was established in 1957 and now has more than 23 branches. Trevi was listed on the Milan Borsa dei Valori in 1999.

Divisions

Over the years, the Trevi Group has consolidated a significant position in the fields of foundation engineering worldwide: including execution of special foundations, tunnel excavation, soil consolidation and construction of special rigs and equipment to carry out such operations. The Trevi Group’s success is based on its competitive strengths: vertical integration, technological innovation, operating and logistic flexibility, and highly specialised and qualified human resources.

The Trevi Group operates in two different sectors as follows: — Foundation Services and Equipment; and

— Drilling Services and Equipment.

The main operating companies of the Trevi Group are as follows: Trevi S.p.A. — (Foundation Services)

Trevi S.p.A. has obtained the ISO 9001:2000 Certification and operates in the execution of specialised works in the field of underground engineering, and it supplies services with high added value and with high profitability margins.

Soilmec S.p.A. — (Foundation Equipment)

Soilmec S.p.A. has obtained the ISO 9001:2000 Certification and manufactures plants and rigs that are used for foundation engineering. Its products are the result of a forty-years experience, and are tested under difficult conditions in operations the Trevi Group undertakes all over the world through the Trevi S.p.A. division. Drillmec S.p.A. (Drilling Equipment)

Drillmec S.p.A. manufactures mechanical and innovative systems, hydraulic rigs for oil, geothermal and water drilling, as well as their relevant accessories; it also supplies specialised services, characterised by a high added value, in the maintenance of the same rigs. Drillmec S.p.A. has obtained the Certification ISO 9001 and APIQR. Moreover, the American Petroleum Institute has granted the licences API 4F, 6, 7, 7K, 8C and 16A for Drillmec S.p.A. products manufactured in conformity with relevant rules.

Petreven C.A. (Drilling Services)

Petreven C.A. provides services in the oil drilling sector. Currently Petreven C.A. runs its operations mainly in Venezuela, Columbia and Argentina. It has entered into contracts, with some major oil companies. In December 2005, Petreven C.A, was assigned another oil drilling contract in Peru, leading to the setting up of a subsidiary company in Lima.

Results as at 31 December 2005

According to its 31 December 2005 annual report, the Trevi Group’s total revenue in the financial year ended 31 December 2005 reached over 4496 million, 35.6% up on the financial year 2004. Added value increased

come about partly through decentralisation of production. Gross operating profit amounted to 455.3 million (+32.8%) with an 11.1% incidence on income, the figures for 2004 were 441.7 million with an 11.4% incidence. After 420.5 million in amortisements had been deducted and 46.1 million set aside for risk funds, the operating profit grew 55.8% to 428.7 million, equal to 5.8% of total income. In 2004 the operating profit stood at

418.4 million, 5% of total income.

Net financial charges were calculated at 48.9 million, an increase of 41.6 million on 2004. Net exchange differences amounted to +45.6 million against net losses of around 41.4 million in 2004.

The pre-tax result amounted to 425.3 million (+163%), which, net of current charges, both deferred and advance, yielded a figure for the Trevi Group of 412.8 million, about four times as much as in 2004.

For the first time in three consecutive years, these financial results were not penalised by the devaluation of the US dollar against the euro, as the average exchange rate remained substantially unchanged from one year to the next.

The Trevi Group’s strong presence in international markets continued to be demonstrated by the percentage of overseas sales, worth around 80% of the total. The weight of Italian area sales on overall revenue has fallen slightly settling at around 20%. Sales in the rest of Europe increased by about 415 million, retaining a stable percentage share of around 10.7%. The incidence on total revenue of Middle Eastern sales increased from 20.8% to 23.1% of the total, with an increase in this area of 438.5 million. Revenue from the North American area fell from 13.2% to 11.3%; there was strong growth in Africa while the Far East and Latin America remained stable. On 31 December 2005 the Trevi Group was able to count on a portfolio of work amounting to 4517 million (+39.2% on December 2004) of which 4394 million is to come from work in process, thus assuring a degree of cover for the 2006 budget of 75% in the foundation-laying sector and over 79% of the mechanical engineering sector budget.

Net capital invested amounted to around 4228 million, remaining substantially unchanged from the December 2004 figure, mainly as a result of a net reduction in operating capital of 414.2 million (-17%), which counterbalanced the net increase in locked-up capital. This is the best barometer for indicating how the growth process is developing along healthy lines: the payment-due time from clients was shortened and often sizeable discounts were negotiated. The increase in leftover stock was held at (30.85%) a lower percentage than the increase in total revenue, that increase having been planned with the object of satisfying sustained demand in the early months of 2006. Suppliers were called upon to bear part of the burden of financing the greater volume of their sub-suppliers and subcontracts, suitably planned over time to allow for efficient management of the

4108 million increase in consumption of raw materials and outsourced services (44.5%).

The value of the Trevi Group’s shareholders’ equity has increased by nearly 420 million (+26%), mainly due:

) to the positive effect on the Conversion Reserve (+46.9 million) of the devaluation of the US dollar against the euro (falling from 1.36 on 31 December 2004 to 1.18 on 31 December 2005); and

) growth in Net Profit from +42.5 million (as of 31 December 2004) to +412.8 million (as of 31 December 2005) (+410.3 million).

Short term debt fell by around 427 million compared to 31 December 2004, falling from 457.5 million to

430.5 million, while medium and long term debt increased by 45 million, from 490.4 million to 495.5 million. This is mainly the result of taking on numerous medium and long-term commitments for financing development. Net financial liabilities reduced over the course of 2005 by approximately 422 million. The relationship between net liabilities and net total assets fell from 1.83 to 1.23 over the course of the 12 months. Net operating cash flow rose to 453.39 million (417.05 million in 2004), which, compared to a 455.31 million gross operating margin, provides a measure of the quality of the operating profit of the Trevi Group. The relationship between the net financial standing and gross operating margin fell to 2.28 from 3.55 in 2004.

Investments

Net investment in fixed tangible assets for the Trevi Group during the 2005 financial year amounted to

420 million of which 416.46 million were for the Trevi S.p.A. division and 43.39 million euro for the Metalmeccanica (mechanical engineering) division. For the former division, the major amounts were for investments in the United Arab Emirates, Africa and Italy. Disinvestments totalling 49.36 million were made in historical costs relating to goods almost completely amortised. Amortisements totalled 418.8 million. The net value of fixed tangible assets at 31 December, was affected by differences in currency conversion rates to the sum of 49.5 million, created by historical exchange rates and those that applied on 31 December 2005. The 2005

investment policy was more restrained than in previous business years, in that, in addition to providing the necessary resources for those areas with major growth in activity, it was directed at maintaining production capacity and allowing the Group to acquire the most technologically advanced plant and machinery. Financing for these tangible fixed assets, at 430.7 million, was obtained through financial leasing.

Research and development activity

Activity in research and development carried out in the 2005 business year for foundation-laying machinery was principally directed at three areas:

) Developing new models

) Developing new technologies

) Making innovations in existing models of functional groups to improve performance.

With reference to the first point: renewal is underway of the whole range in the pile sector, with particular attention to the upper end of the market.

The crane sector has been broadened with the 120 ton model for which an applications kit is being developed for auger bored piles, CFA and cable and hydraulic grabs, while the 70 ton model is in development, after a careful study of the latest generation hydraulic grabs.

The micropile range is being completed with a 25 ton model, ideal for extractors and micropiles to compete with current rival heavier models.

Particular attention has been paid to the development of new technologies in the ground consolidation sector with integrated mechanical mixing techniques and to studying the mechanics of implementing on-site production and worker safety.

With reference to the latter point, various projects are being studied aimed at incrementing productivity in a number of working areas by improving some rotary models, machinery for making continuous flight auger bored piles and finally, finding more productive methods for the removal of material from diaphragm installation. In the oil, water and gas well drilling field, research and development activity has been directed at maximising the performance of the HH series of hydraulic drills and of the Jetting series of pumps. The order received from Edra S.r.l. has made possible the return to some major projects acquired in the past after the failure of Massarenti Ballerini, for a series of large dimension mechanical drills from 1200 to 2000 H.P. The whole range of mechanical drills from 110 to 60 tons, has been improved, these being of major interest to the Middle East area. The parent company has a research and development project underway for an expert system to be used for artificial freezing of the subsoil that the Region of Emilia Romagna has deemed eligible for a technology research grant under the PRRIITT scheme. Costs incurred, relative to this project, up to 31 December 2005 amount to

4486,000.

Only 41.5 million of R&D cost have been capitalised while 43.9 million have been expensed in full in the statement of income.

Share capital

The share capital of Trevi amounts to 432,000,000, represented by 64,000,000 ordinary shares with a nominal value of 50 cents each. As at 21 November 2006, the main shareholders of Trevi were, according to the website of CONSOB:

Percentage of Shareholder share capital

Trevi Holdings APS************************************************************** 53.125% Davide Trevisani **************************************************************** 2.734% JPMorgan Asset Management (UK) Limited****************************************** 2.135% Market************************************************************************* 44.141%

The following table sets forth for the periods indicated the high and low share prices for the ordinary shares of Trevi on the Italian Stock Exchange:

Ordinary Shares High Low Euro As at 31 December 2002******************************************************** 1.945 0.710 As at 31 December 2003******************************************************** 1.249 0.578 As at 31 December 2004******************************************************** 1.310 0.763 As at 31 December 2005******************************************************** 5.480 1.131 As at 31 October 2006********************************************************** 7.900 4.250 Dividends

The chart below sets forth the amount of dividends per share paid by Trevi for the periods indicated:

Stock Exchange Quotation, last

Stock Exchange Dividend Payment

session for share Date Yield EPS Pay Out

2005 ***************************** 0.025 2004 ***************************** 1.13 0.015 14/07/2005 1.3% 0.037 41% 2003 ***************************** 1.05 0.015 08/07/2004 1.4% 0.017 88% 2002 ***************************** 0.75 — — — — — 2001 ***************************** 1.76 0.015 01/07/2002 0.9% — — 2000 ***************************** 2.30 0.015 09/07/2001 0.7% 0.035 43% 1999 ***************************** 2.34 0.015 22/05/2000 0.6% 0.11 3% Management Board of directors

The Board of Directors of Trevi is responsible for determining strategic guidelines for Trevi and the Trevi Group in order to achieve its objects. The Board of Directors also examines the principal industrial/financial transactions and strategies implemented at the Trevi Group level. As at the date hereof, the Board of Directors was composed of:

Function Name

Chairman and Managing Director **************** Davide Trevisani Managing Director***************************** Gianluigi Trevisani Managing Director***************************** Cesare Trevisani Director ************************************* Stefano Trevisani Independent Director*************************** Mario Amoroso

Independent Director*************************** Moscato Guglielmo Antonio Claudio Independent Director*************************** Conte Teodorani Fabbri Pio

Independent Director*************************** Franco Mosconi Independent Director*************************** Enrico Bocchini

As at the date hereof, the Board of Statutory Auditors of Trevi was composed of:

Function Name

Statutory Auditor (Chairman)******************** Adolfo Leonardi Statutory Auditor****************************** Giacinto Alessandri Statutory Auditor****************************** Giancarlo Poletti Substitute Auditor***************************** Marco Alessandri Substitute Auditor***************************** Giancarlo Daltri

As at the date hereof, the Committee for the Remuneration of Directors was made up of Mario Amoroso and Enrico Bocchini and the Committee for Internal Control was made up of Mario Amoroso and Enrico Bocchini.

Auditors

Trevi has appointed PricewaterhouseCoopers S.p.A. as its auditors.

Results as at 30 September 2006

On 13 November 2006, Trevi issued a press release announcing its consolidated financial results as at and for the nine months ended 30 September 2006. The following is an extract of a translation of such press release. These results have not been audited or reviewed by independent auditors. As such, investors are advised not to place undue reliance on these results.

‘‘Cesena, 13 November 2006 — The Board of Directors of TREVI — Finanziaria Industriale S.p.A. (MI:TFI) — holding company of the TREVI Group, one of the world leaders in the field of foundation engineering and the production of rigs for foundation and drilling works, has approved the Financial Statements as at 30 September 2006.

The third quarter has been characterised by remarkable growth in revenues (totalling 4154.8 mn) and the strong financial indicators of all business sectors, especially the engineering division.

Growth is continuing both in the drilling and in the foundation services sectors, especially due to a strong order flow from the U.A.E..

The first nine months figures showed total revenues of 4469 mn compared to the 4351.6 mn of the first nine months of 2005 (+33.4%); EBITDA was 461.8 mn against 439.1 mn in the same period 2005 (+57.9%); EBIT

totalled 441.6 mn compared to 418.1 mn in the first nine months of 2005 (+129.6%). Profit before tax and minorities was 430.1 mn (415.3 mn in the same period 2005, an increase of +97.1%). Net Profit was

417.0 mn.

As at 30 September 2006, the Group’s Order Portfolio totalled 4613.4 mn, an increase of 39.4% over the same period 2005. Net Debt (4169.6 in September 2006 compared to 4133.1 mn in September 2005) was affected by strong investments in tangible assets (443.9 mn) and by related working capital requirements; the Debt/Equity ratio increased from 1.41 to 1.50.

The Board of Directors has approved a Group Code of Conduct. Mr Gianluigi Trevisani is entrusted with supervising the functioning of the Internal Control System. Franco Mosconi has been appointed the third member of the Internal Control Committee and has been entrusted with overseeing the remuneration of Members of the Board.

SIMEST S.p.A. (Societ`a Italiana per le Imprese all’Estero — a company owned by the Italian Ministry for Foreign Trade) has subscribed to a share capital increase in Petreven C.A. — Venezuela for US$ 11.49 mn, equal to 15.93% of the new share capital. This deal is aimed at supporting the company’s growing oil drilling activities in Argentina , Venezuela, Colombia, Peru.’’

SUMMARY FINANCIAL INFORMATION RELATING TO TREVI-FINANZIARIA