The issue is made in the context of refinancing of more than Euro 1 billion of its corporate indebtedness

Milan, 19 October 2017 - Salini Impregilo (MTA: SAL) (the “Company”) announces the successful closing of the launch of senior unsecured notes (the “Notes”) issue having the following characteristics:

• Nominal value: €500 million
• Fixed-rate coupon: 1,75%
• Redemption: 2024 (7 years)

The issue gathered orders close to 7 times the amount planned originally for the issue, meeting the interest of a significant pool of qualified investors who confirmed their confidence in the Group’s growth strategy.

It is expected that the Notes will be rated BB+ by S&P Global Ratings Italy S.r.l., in line with the Group’s rating.

The Notes, reserved to qualified investors, with exclusion of placement in the United States of America and in other selected countries, will be listed on the Irish Stock Exchange of Dublin. The issue and settlement date of the Notes is expected to be 26 October 2017.

Banca IMI S.p.A. (Intesa Sanpaolo Group), Banco Bilbao Vizcaya Argentaria S.A., Banco Santander, S.A., BNP Paribas, Goldman Sachs International, Natixis and UniCredit Bank AG are acting in their capacity as joint lead managers (the “Joint Lead Managers”). Banca Akros S.p.A. - Banco BPM Group and MPS Capital Services are acting in their capacity as co-managers (together with the Joint Lead Managers, the “Managers”).

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The issue of the Notes is part of a refinancing transaction of the corporate long-term debt of the Company for an aggregate amount of more than Euro 1 billion. The transaction allows to further strengthen the Group’s financial structure, increases its average duration by extending it to approximately 5 years, optimises the timing to fulfil the obligations (taking over 80% of maturities beyond 2020) and concurrently reduces the cost of corporate indebtedness.

Such transaction, together with, among others, the notes issue carried out in 2016, allows the Group to refinance about 95% of its corporate debt, taking advantage of contingent favourable conditions of the credit market.

Moreover, the refinancing transaction sets the basis for the Group’s further development significantly beyond the current Industrial Plan.

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No action has been taken by the Company, the Managers or any of their respective affiliates that would permit an offering of the securities or possession or distribution of this press release or any publicity material relating to the securities in any jurisdiction where action for such purposes is required. Persons into whose possession this press release comes are required to inform themselves about and to observe any such restrictions.

This press release shall not be distributed, whether directly or indirectly, in the United States of America (as defined in Regulation S contained in the US Securities Act of 1933, as subsequently amended - “US Securities Act”), in Canada, Japan, or in any other country where the offer or the sale would be forbidden by the law.

This press release is not, and is not part of, a sale offer of securities to the public or a solicitation to purchase or sell securities, and there will be no offer of securities or solicitation to sell or purchase securities in any jurisdiction where such offer or solicitation would be forbidden by the law.

The securities mentioned in this press release have not been and will not be registered under the US Securities Act and may not be offered or sold in the United States of America without a registration or a specific exemption from registration under the US Securities Act. No offers of the securities to the public or solicitation to sell or purchase securities shall be made in the United States of America or in any other country.

Furthermore, in the United Kingdom this document is only being distributed to and is only directed to (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "Relevant Persons"). Any investment activity to which this communication may relate is only available to, and any invitation, offer, or agreement to engage in such investment activity will be engaged in only with, Relevant Persons. Any person who is not a Relevant Person should not rely on this document or any of its contents.

The documentation relating to the Notes will not be submitted to CONSOB (the Italian Securities Exchange Commission) for approval pursuant to the applicable laws and regulations. Therefore, the Notes may not be offered, sold or distributed to the public in the territory of the Republic of Italy, other than to qualified investors, as defined by article 100 of Legislative Decree No. 58 of 24 February 1998, as subsequently amended, and pursuant to article 34/3, paragraph 1(b) and 35/2, paragraph 3, of CONSOB Regulation No. 11971 of 14 May 1999, as amended from time to time.

In connection with the offering of the Notes, each of the aforementioned banks and their respective affiliates, acting as investors for their own account, may subscribe the Notes and for such reason hold in their portfolios, purchase or sell such securities or any security of the Company or make any related investment. Each and every of the aforementioned banks do not intend to disclose the amount of such investments or transactions other than to the extent required by the applicable laws and regulations.

In connection with the Notes issue, the aforementioned banks are acting in the name and on behalf of the Company and no one else and will not be responsible to any other person for providing the protections afforded to their clients or for providing advice given in relation to the securities.

Neither Banca IMI S.p.A., Banco Bilbao Vizcaya Argentaria S.A., Banco Santander S.A., BNP Paribas, Goldman Sachs International, Natixis and UniCredit Bank AG, Banca Akros S.p.A. - Banco BPM Group and MPS Capital Services, nor any of their affiliates or the relevant managers, executives, employees, advisors or agents, assume any responsibility whatsoever or make any representation or guarantee, express or implicit, for the correctness, accuracy and/or completeness of the information contained herein (or for the omission of information herein) or for any other information relating to the Company, provided in writing, orally or in the electronic form, and anyhow communicated or made available or for any loss in any way deriving from the use of this press release or its content or anyhow emerging in relation to this press release or its content.