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Company & Business presentation Company & Business presentation 2006 Full Year End Results 2006 Full Year End Results Analyst Presentation Analyst Presentation rd 2007 Milan, March 23 rd 2007 Milan, March 23 FIRST LISTING YEAR 2006 1

Ansaldo STS Group: Ansaldo STS Group: 2006 Full Year results – – Key Figures Key Figures 2006 Full Year results 2 2006 FY 2005 FY Var.% €mil Orders 1.271,2 1.015,5 25,2% Backlog 2.413,6 2.091,8 15,4% Production Revenues 928,2 842,6 10,1% EBIT 91,4* 79,8 14,6% ROS 9,8%* 9,5% 0,3% Net Profit 52,6* 44,3 18,7% Net Financial Position 158,2 120,8 30,9% R&D 35,9 34,7 3,4% Total Staff 3.962 3.622 9,4% FIRST * Figures not including the 2006 not recurrent listing costs of 6.8 €mil LISTING YEAR 2006

Ansaldo STS Group: Resources around the world Ansaldo STS Group: Resources around the world 3 Presence in 18 countries worldwide, with about 4,000 employees MANUFACTURING R&D CAPABILITIES HEADQUARTERS REGIONAL HQ OPERATIONS

Ansaldo STS Group 2006 Results: Ansaldo STS Group 2006 Results: Key figures by Business Unit Key figures by Business Unit 4 CTC / SCADA CTC / SCADA General General Contractor Contractor Technological Technological Integrator Integrator Wayside ATP Wayside ATP System Provider System Provider + Interlocking + Interlocking Infrastructure Infrastructure S S u u Signalling Signalling b b O O s s s s t t e e y y h h l l s s e e c c t t r r i i h h e e m m e e On board On board V V s s ATP / ATO ATP / ATO Components, Services Components, Services & Maintenance & Maintenance SIGNALLING TRANSPORT SYSTEMS €mil. 2006 FY 2005 FY 2006 FY 2005 FY Acquired orders 833,1 796,5 534,3 240,1 Order Backlog 1.319,6 1.223,4 1.248,1 950,1 707,5 613,3 236,8 252,7 Value of production 73,9 63,9 21,4 18,4 EBIT 10,4% 10,4% 9,1% 7,3% EBIT margin Working capital (70,0) (7,9) (171,9) (133,7) Net invested capital 8,6 64,3 (124,3) (126,0) R&D 33,2 33,3 2,0 1,4 Total staff 3.606 3.304 327 318 The values reported in the table include the transactions between the Business units. The figures for 2005 were drawn from the aggregate financial statements prepared at the time of the listing 4

Ansaldo STS Group: Main Orders acquired in the year 2006 Ansaldo STS Group: Main Orders acquired in the year 2006 Maintenance – RATP (3,1 €mil) Maintenance – RATP (3,1 €mil) Spain - ERTMS, High- Spain - ERTMS, High- Speed Line Speed Line IXL Resignalling programme IXL Resignalling programme Perpignan Figueras - Perpignan Figueras - IFP Cobra (7,9 €mil) IFP Cobra (7,9 €mil) Thalys Adaptation (3,5 €mil) Thalys Adaptation (3,5 €mil) Railways Railways Operation & Driverless Metro Operation & Driverless Metro High-Speed-Line / RBI - SNCF High-Speed-Line / RBI - SNCF Signalling Signalling Maintenance Thessaloniki - Attiko Maintenance Thessaloniki - Attiko ERTMS, Eurocab - CAF RFF (2,8 €mil) ERTMS Eurocab HAS ERTMS, Eurocab - CAF RFF (2,8 €mil) ERTMS Eurocab HAS Ghaziabad Ghaziabad Copenhagen - Metro A.E. Copenhagen - Metro A.E. (5,9 €mil) (11.8€mil) (5,9 €mil) (11.8€mil) Kampur - Kampur - Orestad (135.5 €mil) Orestad (135.5 €mil) (166,4 €mil) (166,4 €mil) IRPMU (India) IRPMU (India) UK Network Rail Cambrian UK Network Rail Cambrian Line (4 €mil) Line (4 €mil) (55,7 €mil) (55,7 €mil) Gooty Pullanpet Gooty Pullanpet Doubling of line Doubling of line signalling - signalling - Leighton Emrail Leighton Emrail (Malaysia) (Malaysia) (10,7 €mil) (10,7 €mil) Dearborn Congress – Dearborn Congress – Chicago CTA (24,1 €mil) Chicago CTA (24,1 €mil) HSL Taegu – Pusan HSL Taegu – Pusan Track Circuit Replacement Track Circuit Replacement Korea (37,0 €mil) Korea (37,0 €mil) Washington - WMATA (7,1 €mil) Washington - WMATA (7,1 €mil) CTCS Wayside signalling CTCS Wayside signalling - MOR (3 €mil) - MOR (3 €mil) Venezuela Los Teques - Railway 6 station PBI Venezuela Los Teques - Railway 6 station PBI Other Caracas Metro (5 €mil) Other Caracas Metro (5 €mil) Bangladesh (4,4 €mil) Line CTC – ARTC frame Bangladesh (4,4 €mil) Line CTC – ARTC frame Components & Services Contract (11,1 €mil) Components & Services Contract (11,1 €mil) (106.4 €mil) (106.4 €mil) - Driverless Metro Milano – Metro 5 (118,4 €mil) - Driverless Metro Milano – Metro 5 (118,4 €mil) ARTC Projects (9,2 €mil) ARTC Projects (9,2 €mil) - ATC On Board - Trenitalia (96,7 €mil) - ATC On Board - Trenitalia (96,7 €mil) - Piscinola Capodichino (83,1 €mil) - Piscinola Capodichino (83,1 €mil) Lower Hunter Valley - Lower Hunter Valley - - SCMT Wayside - RFI (47,5 €mil) - SCMT Wayside - RFI (47,5 €mil) ARTC (4,1 €mil) ARTC (4,1 €mil) - SCMT On board - Trenitalia (23 €mil) - SCMT On board - Trenitalia (23 €mil) ICSS 10 locomotives - ICSS 10 locomotives - - Alifana – Metro Campania Nord Ovest (91,8 €mil) - Alifana – Metro Campania Nord Ovest (91,8 €mil) Pilbara Iron (3,4 €mil) Pilbara Iron (3,4 €mil) - SCMT-SSB-ERTMS for SSB - Breda (7,2 €mil) - SCMT-SSB-ERTMS for SSB - Breda (7,2 €mil) MossValo to Vingello - MossValo to Vingello - - High Speed – R.F.I. (16,1 €mil) - High Speed – R.F.I. (16,1 €mil) ARTC (3,5 €mil) ARTC (3,5 €mil)

Ansaldo STS Group: Orders & Production Revenues Orders & Production Revenues Ansaldo STS Group: by Geographic area in 2006 by Geographic area in 2006 Orders Distribution Production Revenues Distribution Orders Distribution Production Revenues Distribution 25% 42% Business Unit Signalling 58% Business Unit Systems 75% €mil 1.271,2 mil 1.271,2 €mil 928,2 mil 928,2 € € 17% 34% 13% 10% 40% 60% 9% 15% 1% 1% Italy Rest of Europe North America Asia / Pacific Others

Ansaldo STS Group: Orders Signalling Ansaldo STS Group: Orders Signalling Breakdown by geographic area Breakdown by geographic area Signalling SBU Orders* 2006 2006 2005 2005 Total 2006 € 736,9 mil* (58% of ASTS Orders 2006) 17% 20% 38% 46% 17% 19% * Net of intercompany. 26% 2005 = 21.1 €mil ; 2006 = 96.1 €mil 13% 2% 2% Total 2005 € 775,5 mil* Of which Of which (77% of ASTS Orders 2005) Italian Railways Italian Railways € 252 mil € 334 mil (34% of ’06 total orders) (43% of ’05 total orders) Italy Rest of Europe North America Asia / Pacific Others 7

Ansaldo STS Group: Orders Transport Systems Orders Transport Systems Ansaldo STS Group: Breakdown by geographic area Breakdown by geographic area Transport Systems SBU Orders 2006 2006 2005 2005 Total 2006 € 534,3 mil 4% (42% of ASTS Orders 2006) 44% 56% 96% Total 2005 € 240,1 mil (23% of ASTS Orders 1H 2005) Italy Rest of Europe 8

Ansaldo STS Group: SBU Orders Booking at Ansaldo STS Group: SBU Orders Booking at the end of 2006 – – Breakdown by SBU & Business line Breakdown by SBU & Business line the end of 2006 Signalling New Orders 2005 2005 2006 2006 Total € 736,9 mil* Total € 775.5 mil* 3% 7% 13% 15% 2% 11% 78% 71% *Euro mil. Net intercompany RAILWAYS MASS TRANSIT MASS TRANSIT COMPONENTS SERVICE & MAINTENANCE SERVICE & MAINTENANCE RAILWAYS COMPONENTS Transportation Systems New Orders 2005 2005 2006 2006 Total € 534,3 mil Total € 240.1 mil 13% 24% 3% 73% 87%

Ansaldo STS Group: SBU Signalling Revenues at Ansaldo STS Group: SBU Signalling Revenues at the end of 2006 – – Breakdown by Business line Breakdown by Business line the end of 2006 Signalling Production Revenues Signalling Revenues ’06 691,4 €mil. • • • Signalling, Control Signals End-to-end Components Signalling Services & & Automation • maintenance Point (Sold separately systems for • Systems Maintenance Machines Training of from systems) Railways and • personnel Level 81% 5% Mass-Transit 14% • Crossings Engineering Markets (about 560 €mil) (about 35 €mil) • and (about 97 €mil) Track Circuits diagnostic • Hot Box tools detectors • Simulators • Relays • Beacons • Access • Control Gates Signalling, Control & Automation systems • for High-Speed (specifically designed, based Encoder and on ERTMS) and Conventional Railway (based transponder for safe data on national standards) networks transmission Railways Systems Mass-Transit Systems 11% 89% Euro mil. Net intercompany • Signalling, Control & Automation systems for Mass-Transit Markets