First Half 2010 Pier Francesco Guarguaglini Chairman and CEO Alessandro Pansa Co-General Co General Manager / CFO

London, London 29 July 2010

1

Safe Harbor Statement

NOTE: Some of the statements included in this document are not historical facts but rather statements of future expectations, also related to future economic and financial performance, to be expectations performance considered forward-looking statements. These forward-looking statements are based on Companys views and assumptions as of the date of the statements and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Given these uncertainties, you y p p ,y should not rely on forward-looking statements. The following factors could affect our forward-looking statements: the ability to obtain or the timing of obtaining future government awards; the availability of government funding and customer requirements both domestically and internationally; changes in government or customer priorities due to programme reviews or revisions to strategic objectives (including changes in priorities to respond to terrorist threats or to improve homeland security); difficulties in developing and producing operationally advanced technology systems; the competitive environment; economic business and political conditions domestically and internationally; programme performance and the timing of contract payments; the timing and customer acceptance of product deliveries and launches; our ability to achieve or realise savings for our customers or ourselves through our global cost-cutting programme and other financial management programmes; and the outcome of contingencies (including completion of any acquisitions and divestitures, litigation and g ( g y g environmental remediation efforts). These are only some of the numerous factors that may affect the forward-looking statements contained in this document.

Contents

1H2010 Highlights Pier Francesco Guarguaglini Financial & Business Review Alessandro Pansa Business Strategy gy Pier Francesco Guarguaglini Appendix

1H 2010 Highlights Pier Francesco Guarguaglini

1H 2010 Results vs 1H2009

Revenues up 1.5% to 8.65bn (vs 8.5bn in 1H2009) EBITA at 586mln, down 3.1%, with margin on revenues at 6.8% (vs 7.1%) Net Income at 170mln (vs 218mln), down 22%, with an EPS* of 0.295 (0.378) (0 378) FOCF at (967)mln down 39.1% (vs negative 695mln) Net debt at 4 6bn from 3 1bn at end FY2009 but flat vs 1H2009 4.6bn 3.1bn FY2009, Order intake at 8.05bn down 3.3% (vs 8.3bn) Backlog up 6 6% to a new record of 45 8bn equal to 2 5 years of production 6.6% 45.8bn, 2.5

On track to achieve our FY2010 Guidance

*EPS after minority interests calculated on average number of shares

1H2010 Highlights g g
Against a tough global backdrop YoY, although our Group first half results for 2010 are slightly down on 1H2009 the 3 Strategic Pillars showed a resilient 1H2009, performance with Orders up10% YoY, Revenues up 6% YoY and EBITA Adj. up 6%Yo The good performance of our 3 Strategic Pillars leveraged on
significant order intake at Helicopters (+37% YoY) driven by both Military ( i.e. AW101 India) and Civil-Gov orders (+60% YoY; 63 helicopters booked in 1H2010 for 600mln); increasing order i k of A i i d intake f Aeronautics ( i (approx +24% Y Y) mainly d i 24% YoY) i l driven b military by ili Revenue growth driven by customer support (Helicopters) and avionics & electro-optic activities (Defence Electronics & Security) P fit bilit d i th in Helicopters and cost reduction i iti ti t d t d ti initiatives i Profitability driven b revenue growth i H li by in Defence Electronics & Security

Building for the future

Investments and R&D focused on developing large programmes for 3 pillars (18% in Aeronautics, 38% in Defence Electronics & Security and 20% in Helicopters)
6

A Challenging Environment g g
Global economy showing signs of recovery; civil aeronautics and helicopters outlook improving Eurozone financial crisis brings uncertainties and pressure on European defence budgets
UK acting ruthlessly in cutting defence spending Italy: small decrease in Defence spending while funding opportunities for Security are growing . Infrastructures still growing but at a slower pace

World Defence Budgets increasingly focused on Emerging/RoW countries

World Defence Electronics & Security spending driven mainly by Security

2010: Focus on Prioritisation and Rationalisation Driving Competitiveness g

Finmeccanica is implementing a wide range of decisive actions, creating a solid platform for performance improvement: Action plan on Aeronautics to streamline the organisation and reduce costs (new organisation at Aeronautics aimed at integrating business areas and SG&A HR, procurement) Industrial plan on Rolling Stock aimed at enhancing contract execution p g g Restructuring and site rationalisation Optimisation of Defence Electronics & Security and Space SG&A Efficiency Improvement Plan Group Real Estate Consolidation Selective i S l ti investments in new technologies/products and careful t t i t h l i / d t d f l monitoring of the investment process
8

Financial Review Alessandro Pansa

Economic and Financial Performance Consistent with FY Outlook

(Euro mln) New Orders Backlog Revenues EBITA Adj EBITA Margin Net Income
Post minorities

FY 09 21,099 45,143 18,176 1,587 8.7% 654 563 3,0 0 3,070 0.41 73,056

1H10 8,050 45,803 8,654 586 6,8% 170 (967) 4,624 ,6 76,527

1H09 8,327 42,980 8,523 605 7,1% 218 (695) 4,615 ,6 5 73,517

1H10/1H09 Change Ch (3.3%) 6.6% 1.5% (3.1%) -0.3 p.p. (22%) (39.1%) 0 % 0.2% Excl. PZL acquisition, reduction of 900 due to rationalisation Lower Ebita, higher financial charges h Investments focused on pillars Negative $/ impact egat e pact Orders deferred Equal to 2.5 years of production Led by: AW139 and customer support, Avionics, Electro Optics. Helicopters and DE&S up; Transportation down

FOCF Net Debt et ebt DPS () Headcount

10

Cash Flow Development

Implementation of efficiency measures I d ki it l t Improved working capital management Prioritisation of investments

Cash flow improvement and Debt reduction

11

A Comprehensive Set of Efficiency Measures Launched in 2010 to Bring Benefits over the Next 2 Years (1/2) g ( )
On Operating Companies: p g p
Action Plan Focused on Aeronautics and Rolling Stock: reduction of unabsorbed labour and overhead costs in manufacturing plants due to lower level of production; involving approx. 1,500 Headcount. Net benefits worth ca. 40mln p.a. in 2010 2011 Integration of Alenia Aeronautics/Aermacchi: 1st wave launched in July aimed at integrating staff functions (Finance, HR, Legal) reducing S,G&A; 2nd wave to be launched to integrate industrial activities (i.e. Procurement, R&D, etc) Site rationalisation (PZL in Helicopters, Space Services, Elsag Datamat in DE&S). Once fully operational, estimated at 20-25mln p.a. from 2011 Reorganisations launched: headcount reduction started at Polish PZL helicopter site Optimisation of DE&S and Space: will involve a number of specific business lines, enabling the Group to take advantage of technological complementarity within its structure and to define clear responsibilities to end customers. Once fully operational, expected annual savings of ca. 60-70mln p.a.
1st stage involving organisational rationalisation of D,E&S effective from 1st July 2010. Space will be completed by y p y year end in agreement with Thales g

12

A Comprehensive Set of Efficiency Measures Launched in 2010 to Bring Benefits over the Next 2 Years (2/2) g ( )
On the whole Group:
S,G&A Efficiency Improvement: Plan aimed at analysing staff costs across the Group (Legal, CFO, HR, etc.), defining the cost benchmark for each. First benefits expected to start from Q3 2010; Expected annual savings of approx. 50mln once fully operational (2011) Group Real Estate Consolidation: Expected annual savings of approx. 2025mln p.a.

Tot. 190-210mln p.a. annual savings once fully implemented; to be partially shared with our customers, in order to strengthen our overall competitiveness, while the rest will improve our operating profits
13

Profitable and Selective Investments Consistent With Priorities in Product and Technological Development g p
2010-2012 Cumulated Gross Investments of 4.3bn > 80% in the 3 Strategic Pillars i th St t i Pill 60% devoted to new development/maintenance of existing products 40% devoted to production Cumulated Gross Investments 2010-2012
10% 6% 27%
Capex 43% Capex

Capex and Gross Capitalised R&D 2010-2012

24%

4.3bn 4 3b

44% Gross R&D Capitalised Capitalizzata R&D 57% 56%

33%

Helicopters

Aeronautics

Defence Electronics & Security

Space & Defence Systems

Transportation & Energy

Further prioritisation of investments currently underway

14

Solid Capital Structure

Dollar Bond Sterling Bond g Euro Bond
EIB
46

(mln)
46

1.000
46

489 500
407
46 46

46

600

500 2025

37

46

46

46

46

244

407

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

2039 2040

Average Debt Life >11 years No refinancing needs for the next three years 12-year amortizing EIB Loan drawn in August 12 year Evaluating opportunity to consolidate existing back-up bank credit lines into a new 5-year Revolving Credit Facility Currently approx. 65-35% fixed vs. floating interest cost 2010 expected average cost of debt approximately 5-5.5%

Solid Capital Structure and Liquidity Support from Existing Debt and Back-up Bank Credit Lines

15

Business Review Alessandro Pansa

Helicopters
1H2010
(Euro mln) 1H2010 1H2009 Change H1 2010/H1 2009 5.9% 11.7% 0.5 p.p. 36.8% FY 09

Strong order intake (+37% YoY) mainly driven by military

AW101 Indian contract for ca. 560mln (incl. 5 y years of product support) and the upgrade of Lynx p pp ) pg y MK9 for ca. 47mln with UK MoD 30 Helos, worth 450mln, for North Africa

Revenues EBITA Adj j Margin Orders

1,743 181 10.4% 2,491

1,646 162 9.8% 1,821

3,480 371 10.7% 3,205

Significant increase in Civil-Gov orders (+60% YoY) ( 60% Y Y)

63 helos worth 600mln (i.e. AW139 Trinidad & Tobago)

Backlog

10,935

10,610

11.7%*

9,786

*Change H1 2010 vs FY09

Revenues up 5 9% mainly due to AW139 5.9% (+8.7% YoY) and product support (+23% YoY), i.e. Integrated Operational Support EBITA increase (+11%YoY) due to revenue growth and product mix Backlog equal to 3 years of production

17

Defence Electronics and Security y

1H2010
Revenue growth mainly due to
Avionics and Electro-optics systems , Integrated Systems for Defence and Security, naval/land Command & Control systems
(Euro mln) 1H2010 1H2009 Change H1 2010/H1 2009 5.9% 5.5% n.s. (7.9%) FY 09

Revenues EBITA Adj Margin Orders

3,255 289 8.9% 3,045

3,075 274 8.9% 3,306

6,718 698 10.4% 8,215

K revenues include Key i l d

Eurofighter DASS and avionic radars Large systems for defence and security (i.e Forza NEC, Civil Protection and border control for Libya), ATC Italy, FREMM and MEADS Italy TETRA and postal Automation for Italy Electro-optics for ground vehicles (i.e. DVE, IBAS), Thermal Weapon Sight, Movement Tracking systems and Tactical Quiet Generators for US Army

Backlog

12,649

11,239

3.0%*

12,280

*Change H1 2010 vs FY09

EBITA growth mainly due to volume increase and cost reduction Key orders include
Eurofighter radar, avionics, comms and logistics Avionics for NH90 ATC (Italy & export) Thermal W Th l Weapon Si ht D i Vi i E h Sight, Drivers Vision Enhancer, M100 trailers, Mast Mounted Sight and JV-5 computer display for US Army
18

Aeronautics
1H2010 O d growth (+23.8% Y Y) mainly d i Order th (+23 8% YoY) i l driven by military programmes
8 a\c C27J-JCA First tranche of JSF Final Assembly and Check Out (FACO), second tranche expected by year end. Tot value worth 414mln Logistics for Eurofighter
(Euro mln) 1H2010 1H2009 Change H1 2010/H1 2009 4.5% (10%) -0.7 p.p. 23.8% (1.5%)*

FY 09

Revenues EBITA Adj Margin Orders Backlog

1,262 54 4.3% 806 8,716

1,208 60 5.0% 651 7,829

2,641 241 9.1% 3,725 8,850

Revenue growth mainly driven by military programmes (C27J, G222) Military revenues include
Eurofighter, C27J, Tornado, AMX and G222 M346 and MB339

*Change H1 2010 vs FY09

Civil revenues include

B787 (13 fuselages+10 Horizontal stabilizers delivered in 1H 2010) ATR consortium, 26 a\c delivered in 1H2010

Sli ht decrease in EBITA d t Slight d i due to programme mix

19

Space
(Euro mln) Revenues EBITA Adj Margin Orders Backlog 1H2010 412 5 1.2% 497 1,713 1H2009 435 13 3.0% 565 1,546 Change (5.3%) (61.5%) -1.8 p.p. (12.0%) 6.3%* FY 09 909 47 5.2% 1,145 1,611

Defence Systems y
(Euro mln) Revenues EBITA Adj Margin Orders Backlog 1H2010 537 37 6.9% 414 3,799 1H2009 514 42 8.2% 566 3,982 Change 4,5% (11.9%) -1.3 p.p. (26.9%) (5.3%)* FY 09 1,195 130 10.9% 1,228 4,010

*Change H1 2010 vs FY09

*Change H1 2010 vs FY09

1H2010
Fewer orders for both Manufacturing (mainly Earth Observation) and satellite services E h Ob i ) d lli i Slight decrease in revenues due to both Manufacturing g
Key programmes include commercial and military TLC and Earth observation

1H2010
Slight decrease in orders mainly due to Missiles & Land Naval S L d&N l Systems
Key orders include Missiles (UK Complex weapon contract and customer support), Underwater (light torpedoes) and Land & Naval (howitzer, (howitzer Naval guns)

Lower volumes impacted profitability Backlog up with Manufacturing accounting for 57% and Services 43%

Revenue growth mainly driven by Missiles and Underwater

Key revenues include Missiles (Aster, Mistral, MEADS and customer support) Torpedoes (Black Shark, MU90, A244, FREMM) and Land&Naval (VBM, PZH2000,Hitfist, FREMM)

Slight decrease in EBITA due to Underwater

20

Energy gy
(Euro mln) Revenues EBITA Adj Margin Orders Backlog 1H2010 677 67 9.9% 374 3,030 3 030 1H2009 820 76 9.3% 398 3,311 3 311 Change ( (17.4%) ) (11.8%) 0.6 p.p. (6.0%) (10.2%) (10 2%)* FY 09 1,652 162 9.8% 1,237 3,374 3 374

Transport
(Euro mln) Revenues EBITA Adj Margin Orders Backlog 1H2010 926 35 3.8% 733 5,864 5 864 1H2009 895 55 6.1% 1,190 5,118 5 118 Change 3.5% (36.4%) -2.4 p.p. (38.4%) (1.5%) (1 5%)* FY 09 1,811 65 3,6% 2,834 5,954 5 954

*Change H1 2010 vs FY09

*Change H1 2010 vs FY09

1H2010
Decrease in orders mainly due to slippage
Key orders include plant and components (i.e. Bangladesh, Finland), new service solutions and nuclear plants and services (France, Argentina, Li h A i Lithuania, Chi ) i China)

1H2010
Revenues up 3.5% mainly driven by Signalling & 3 5% Systems Key revenues include Italy, Australia, Turkey, China, Denmark and Saudi As planned, operating profit down mainly due to overrunning costs on Vehicles legacy contracts Slight decrease in orders mainly due to large order intake in 1H2009 Key orders include Signalling& Systems (Copenhagen driverless metro- O&M- and Italy Naples and Genoa) and Vehicles (tram revamping and Services) Signalling&Systems currently accounts for 66% and Vehicles for 33% of order backlog
21

Revenue decrease mainly due to order slippage

Key revenues include plants and components (Algeria, France Italy), (Algeria France, Italy) Long Term Service Agreements (Italy) and nuclear activities (China, Slovakia, Argentina, France)

Service now accounts for ca. 59% of order backlog

On track to achieve Guidance for FY2010

2010E
Revenues EBITA
Assumptions: forex

17.8-18.6bn 1,520-1,600mln
/US$ 1.45 /GBP 0.88

Cumulative FOCF* 2008-2010 equal to 1.21.3bn

*Free Operating Cash Flow: Operating Cash after investments, net financial charges and taxes

22

Business Strategy Pier Francesco Guarguaglini

Meeting the Challenges g g

L/T portfolio visibility: backlog and order intake for existing products remain strong despite pressure on defence budgets

Geographical diversification: leading positions in domestic markets and industrial/commercial footprint in selected growing markets Resilience through both product portfolio diversification and presence in civil and military creating a defensive platform Profitable and selective investments in technological innovation focussed in the 3 strategic pillars Exploiting dual-use opportunities and technological expertise to address fast growing Security needs

24

Solid order intake supporting visibility of our performance

Main Orders 1H2010
AgustaWestland awarded contract worth 560mln by Indian Air Force for supply of 12 AW101 helicopters for government transport, incl. 5 years of product support, and 30 Helicopters, worth 450mln, for North African customer Significant increase in Civil Gov Helicopters (+60% YoY) 63 units worth 600mln booked in Civil-Gov YoY), 1H2010 Contract signed with Italian MoD to supply a digitised system (Forza NEC) worth 238mln in DE&S Contracts signed for Thermal Weapon Sights and Avionics for NH90 Order worth $319mln signed for eight more C-27J JCA for the US Air Force; Additional 8 A/C funded for 2011 First tranche of JSF-FACO order signed; second tranche expected by year end. Tot value worth 420mln Eurofighter logistic support Team Complex Weapon (Missiles) awarded contract with UK MoD

Accounting for more than 40% of total orders awarded in first half 2010

25

Geographical Diversification Offsets weaker Defence and Infrastructure Spending in NATO Countries
Orders
>22bn >22bn

Revenues
17.8-18.6bn 17 8 18 6b

11.5

11.5

45%

8.7bn 8bn
4.0 3.5 2.4 0.9 1.2 1.9 4.9 4.3 1.7 5.0

21% 8% 26% 1H2010

US Rest of World

1H2010
Italy

2010E
UK

2011E

2010E

1H2010 Group Backlog: ca. 45.8bn: equivalent to ca 2.5 years of revenues Eurofighter tr.2 and tr.3A account for ca.49% of Aeronautics backlog; B787 for ca.21% T129 Atak (Turkey) and NH90 account for ca. 26% of Helicopters backlog; customer support for ca.25% - of which ca 44% refers to IOS programmes ca 25% ca.44% Avionic systems , electrooptics , large systems, radar C&C and DRS account for ca. 53% of DE&S backlog

26

Presence in Both Civil and Military Enhances our Defensiveness and Resilience
Governmental Non-Governmental

2009A
31%

Orders Od

1H2010
26%

Govermental includes:
Pure military programmes (funded by MoDs) International Military programmes Institutional Programmes (funded by other Mi i t i th Ministries, i M E i.e. Mo Economic i Development, Mo Infrastructures etc.)

ca.21bn

8bn

69%

74%

2009A
36%

Revenues

1H2010
31%

Non-Governmental includes
Pure commercial programmes

ca.18bn

8.7bn

64%

69%
27

World Defence Budget Trends g

World Defence Budget Trend (NATO vs RoW) 2009 - 2016
900 800 700 600 500 400 300 200 100 0 2009 2010 2011 2012 2013 2014 2015 2016

( mld)

Strengthening our presence in Emerging/ROW countries

NATO RoW

World Defence Electronics Market Trend 2009 2016

( mld)
120 100

80

Growing our Security business

60

40

20

0 2009 2010 2011 2012 2013 2014 2015 2016

Defence Electronics

Security

Source: Janes

28

Defence Budgets in Three Domestic Markets g

US Outlook Remains Positive
Aeronautics: Additional B787 orders expected; additional 8 C27J-JCA funded in FY2011. T-38 replacement programme as opportunity for M346; RFP expected shortly Helicopters: 3 major DoD RFI: Presidential Helicopter for ca. $7-10bn, Common Vertical Lift for ca. $2bn (AW139) and Armed Aerial Scout for ca. $2.5bn (AW119) DE&S (DRS) over 2010-2014: Support to US Army on 3 gen Rapid Response; Solutions, equipment & electro-optic electro optic systems for Army&Navy (i e DVEs IBAS, MMS, TWS); Tactical systems for Army (i.e. Military (i.e. DVEs, IBAS MMS (i e Rugged computers & Heavy Equipment Transporter M1000) Transportation: Infrastructure investments; High speed trains & railway corridors (i.e. Desert express California-Nevada)

Finmeccanica Well Positioned in UK

Good visibility on UK MoD revenue streams over the next 12-18 months with ~ 70% of booked revenues accounted for by IOS, AW159Wildcat, Eurofighter, PRR and Counter IEDs. Promoting actively our e-scan radar on E fi ht d Eurofighters Continued Urgent Operational Requirements activity in support of Afghanistan operations Increased UK export business into the US and other major markets (laser assemblies, radar); developing new opportunities in Space, Security&Intelligence, Transport&Energy

Increasing Opportunities for Security in Italy

Security: growing funding opportunities ca. 1.2-1.5bn p.a. (including TLC), both at national and local level, with particular reference to Civil Protection, Justice and Environment Ministries, Info-mobility of which ca. 800mln captured by Finmeccanica Military: relying on multiple sources of funds (i.e. VBM Land Systems for Army) Transportation Infrastructure multiyear investment: ca. 1.4bn expected in 2010 (including High Speed) and 29 ca. 3bn expected in 2011-2014 for Finmeccanica

Working Hard to Further Develop our presence in growing markets g g

Thanks to Italian Government support, several G to G agreements signed with growing emerging markets, i.e. Central and South America markets i e

Brazil: significant opportunities for many of our businesses (i e FREMM frigates (i.e. frigates, Border control and Radar 3D for a tot value of ca. 7bn)

Panama: significant short term opportunities for Security Border Control, Helicopters and Space Services

Colombia: opportunities for Land & Underwater Systems, C&C systems, radars & Integrated Naval Combat System

30

Leveraging also on industrial agreements

Libya: LIATEC (Libyan Italian Advanced Technology Company, formed by Libyan Aero Industry, Aero-Industry Finmeccanica and AW) opened dedicated assembly plant for the assembly of single and twin engine helicopters and as incubator of other advanced technological initiatives. Possibility of agreements in Aeronautics (M311, SF260, SKY Y), SKY-Y), Trains, Buses and Space. Total opportunities outstanding worth well above 1bn Euro Russia: Helicopter opportunities ( p pp (final assembly of AW139), SuperJet100, Postal y ), p , automation, ATC, Security and Infrastructural projects Kazakhstan: MoU signed in 2009 in rail, electro-optics and helicopters; contract worth EUR 70 million signed in June 2010 with Kazakh national rail operator USA: AgustaWestland and Boeing agreement signed for the U.S. Navys Marine One presidential helicopter program (VXX). M346 Best partner for US-T100 tender under selection Europe: A E Ansaldo Energia signs memorandum agreements with AREVA and EDF for ld E i i d t ith d f development of Nuclear Power in Italy and collaboration on Nuclear plants abroad
31

Enlarging Our Commercial and Industrial Footprint in Selected Growing Markets g

North Africa
Helicopters opportunities Security and Border control Air Defence S t Ai D f Systems Naval programmes (Fremm) ATR72 MP/ASW Infrastructural projects Satellites S t llit

Middle East
Helicopters opportunities Security, Radar 3D, Tetra Eurofighter, ATR and M346 Earth Observation Space Service High Speed

Russia
Helicopters opportunities, final assembly of AW139 y SuperJet100 Postal automation ATC and Security Infrastructural projects p j

Central & South America

Naval programmes , including Fremm and corvettes Border Control for oil off-shore, radar 3D and security Opportunities for 2014 World Championship and 2016 Ol Ch i hi d Olympic i Games Space Services High Speed Land L d systems t

India da
Agreement with TATA recently signed to set up an AW119 assembly line ATC and Battlespace digitalisation Eurofighter, C27J, ATR Underwater systems

Turkey
Helicopters opportunities (AW149) Tetra, Automation & Infomobility, Integrated Border Management System Eurofighter, Superjet100 Space Services Infrastructural projects

32

Summary y

FY2010: Tough and challenging Committed to achieving Guidance for FY2010 Capture significant opportunities in emerging markets which will help Offset Off t weaker and mature domestic markets k d t d ti k t Prioritise and rationalise investments and costs Beyond 2010 well positioned for when upturn comes

33

Appendix

1H2010 Results Profit & Loss

CONSOLIDATED PROFIT AND LOSS ACCOUNT
mil.

1H 2010
8.654 (7.744) (275) (49) 586 6,8% (16) (43) 527 6,1% (187) (146) 194 194 170 24 0,295 0,294 0 294 0,295 0,294

1H 2009
8.523 (7.616) (266) (36) 605 7,1% (7) (39) 559 6,6% (156) (161) 242 242 218 24 0,378 0,377 0 377 0,378 0,377

Change %
2%

Revenues Costs for purchases and personnel Depreciation and amortisation Other net operating revenues (costs) EBITA Adj (*) EBITA Adj (*) margin Non-recurring revenues (costs) Restructuring costs PPA amortisation EBIT EBIT margin Net finance income (costs) Income taxes Net profit before discontinued operations Profit of discontinued operations p Net profit
Group Minorities

-3% %

-6%

-20% -20%

EPS (EUR)
Basic Diluted Dil t d

EPS of continuing operations (EUR)

Basic Diluted

(*) Operating result before: -any impairment in goodw ill; -amortisations of intangibles acquired under business combination; -reorganization costs that are a part of significant, defined plans; -other exceptional costs or income, i.e. connected to particularly significant events that are not related to the ordinary performance of the business.

35

Balance Sheet

BALANCE SHEET
mil.

30.06.2010
14.088 (2.770) (2 770) 11.318 4.833 9.680 (12.674) 1.839 (618) (1.009) 212 11.530 6.689 6 689 217 6.906 4.624 -

31.12.2009
12.956 (2.639) (2 639) 10.317 4.662 8.481 (12.400) 743 (595) (853) (705) 9.612 6.351 6 351 198 6.549 3.070 (7)

Non-current assets Non-current liabilities Inventories Trade receivables Trade payables Working capital g p Provisions for short-term risks and charges Other current net assets (liabilities) Net working capital Net invested capital Capital and reserves attributable to equity holders of the Company Minority interests Shareholders equity Net debt (cash) Net liabilities (assets) held for sale

36

Cash Flow

CASH FLOW
mil.

1H 2010
2.630 1.008 (493) 515 (1.059) (544) (423) (967) (93) 3 (513) (257) (438) (695) 41 919

1H 2009
2.297 1.019 (241) 778 (1.024) (246) (449) (695) (160) (25) (634) (254) (447) (701) 2 718

Cash and cash equivalents at 1 January Gross cash flow from operating activities Changes in other operating assets and liabilities Funds From Operations (FFO) Changes in working capital Cash flow generated from (used in) operating activities Cash flow from ordinary investing activities Free operating cash flow (FOCF) Strategic operations Change in other financing activities Cash flow generated (used) by investment activities Dividends id Di id d paid Cash flow from financing activities Cash flow generated (used) by financing activities Exchange gains/losses Cash and cash equivalents at 30 June

37

Divisions
1H 2010
(Euro m illion)

Helicopters

Defence Electronics 3.255 289 8,9% 114 108 341 3.045 12.649 30.204

Aeronautics

Space

Defence Systems 537 37 6,9% 24 17 125 414 3.799 4.075

Energy

Revenues EBITA Adj (*) EBITA Adj (*) margin Depreciation and amortisation Investment in non-current assets I t ti t t Research and development costs New orders Order backlog Headcount

1.743 181 10,4% 63 66 174 2.491 10.935 14.172

1.262 54 4,3% 71 148 161 806 8.716 12.905

412 5 1,2% 14 22 26 497 1.713 3.652

677 67 9,9% 12 17 16 374 3.030 3.443

Other Activities Transport Eliminations and Corporate 926 114 (272) 35 3,8% 12 21 36 733 5.864 7.281 (82) n.s. 8 6 1 38 139 795 (348) (1.042)

Total

8.654 586 6,8% 318 405 880 8.050 45.803 76.527

1H 2009
(Euro m illion)

Helicopters

Defence Electronics 3.075 274 2 4 8,9% 99 108 323 3.306 12.280 30.236

Aeronautics

Space

Defence Systems 514 42 8,2% 20 22 119 566 4.010 4.098

Energy

Revenues EBITA Adj (*) EBITA Adj (*) margin Depreciation and amortisation Investment in non-current assets Research and development costs New orders Order backlog Headcount

1.646 162 9,8% 74 60 162 1.821 9.786 10.343

1.208 60 5,0% 70 227 212 651 8.850 13.146

435 13 3,0% 12 17 30 565 1.611 3.662

820 76 6 9,3% 11 26 16 398 3.374 3.477

Other Activities Transport Eliminations and Corporate 895 198 (268) 55 6,1% 12 13 24 1.190 5.954 7.295 (77) ( ) n.a. 7 5 1 74 172 799 (244) (894)

Total

8.523 605 60 7,1% 305 478 887 8.327 45.143 73.056

(*) Risultato operativo ante: - eventuali impairment dell'avviamento; - ammortamenti di immobilizzazioni valorizzate nell'ambito di business combination; - oneri di ristrutturazione, nellambito di piani definiti e rilevanti; - altri oneri o proventi di natura non ordinaria, riferibile, cio, ad eventi di particolare significativit non riconducibili allandamento ordinario dei business di riferimento.

38

Successful Completion of Debt Refinancing g

Dollar Bond Sterling Bond Euro Bond EIB
46

Finmeccanicas credit profile

(mln)
46

Fitch Moodys S&P

BBB+ Stable Outllook A3 Stable Outlook BBB Stable Outllook

1.000
46

489 500
407
46 46

46

600

500 2025

37

46

46

46

46

244

407

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

2039 2040

Bond
Issuer Finm. Finance1 Finm. Finance Finm. Finance Meccanica Holdings USA Finm. Finance Finm. Finance Finmeccanica SpA Meccanica Holdings USA Meccanica Holdings USA Total
1

Available Credit Lines

Notional Amount (m) 501 1000 500 407 489 600 500 244 407 4650 Coupon 0,375% 8,125% 5,75% 6,25% 8,0% 5,25% 4,875% 7,375% 7 375% 6,25%

Issue Date 2003 2008-2009 2003 2009 2009 2009 2005 2009 2009

Expiry Date Aug-2010 Dec-2013 Dec-2018 July-2019 Dec-2019 Jan-2022 March-2025 July-2039 July 2039 Jan-2040

Cash Credit Lines Revolver Revolver Confirmed Credit Lines Unconfirmed Credit Lines Total Bank Bonding Lines Total

Size 1200 639 670 727 3236 Size 2375

Oustanding June 2010 450 0 0 0 450

Tenor Dec 2012 June 2011 18 months* 18 months*

Margin (bps) 22,5 80 120* 50-100*

Bonds exchangeable in 20,000,000 STMicroelectronics N.V. shares

*Average. Expected to be renewed at maturity The amount in GBP and USD are calculated using the exchange rate of 30/06/2010

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2010 Financial Calendar

Date 4 March 2010 28-30 April 2010 29 April 2010 28 July 2010 4 November 2010

Event 2009 Full Year Results AGM of Shareholders First Quarter 2010 Results First Half 2010 Results Third Quarter 2010 Results

INVESTOR DAY 2010 Finmeccanica will hold its annual Investor Day in London on Wednesday, November 17, 2010. The following morning there will be a site visit to a Finmeccanica facility. Please save the date on your calendar.
40

IR Contacts

Investor Relations Finmeccanica

investor_relations@finmeccanica.com Website: http://www.finmeccanica.com/Investor Relations

John D. S Stewart
VP Investor Relations +39 06 32473.290 john.stewart@finmeccanica.com

Raffaella Luglini
Investor Relations Officer +39 06 32473.066 raffaella.luglini@finmeccanica.com

41