CONSOLIDATED AND STATUTORY FINANCIAL STATEMENTS OF SAIPEM S.P.A. AS OF DECEMBER 31, 2016 - INFORMATION PURSUANT TO ART. 154-TER, SUBSECTION 7 OF ITALIAN LEGISLATIVE DECREE NO. 58/98 - 2016 PRO-FORMA CONSOLIDATED FINANCIAL REPORTS

Provided that: 
 
a. on March 5, 2018, in compliance with Consob resolution no. 20324 (the “Resolution”), according to which Consob “affirmed” the “non-conformity of Saipem’s 2016 consolidated and statutory financial statements with the regulations governing their preparation”, Saipem informed the market of the following data elements: (i) the shortcomings and criticalities revealed by Consob concerning the correctness of the accounting in the aforementioned financial statements, and (ii) the applicable international accounting standards and the violations detected by Consob in relation thereto; 

b. in the press release dated March 5, 2018, Saipem anticipated its intention to illustrate, in a subsequent press release, considering the complexity of the activities to be carried out, and in any case within 3 weeks from March 5, 2018, after the closure of the stock exchange, the proforma consolidated income statement and balance sheet as of December 31, 2016 that would take into account the issues reported by the Authority, illustrated in the press release dated March 5, 2018; 

c. on March 21, 2018, Saipem issued a dedicated formal request to Consob to receive interpretative clarification in relation to the remarks formulated by the Authority with the Resolution related to the alleged “non-conformity of Saipem’s 2016 consolidated and statutory financial statements with the regulations governing their preparation”; 

d. on April 13 2018, Consob responded to such request (the “Reply”); 
 
e. on the same date the Company informed the market that, as a result of this response, it would publish in a timely manner the pro-forma consolidated income statement and balance sheet as of December 31, 2016 for the sole purpose of complying with the Resolution, whilst at the same time reiterating, on the one hand, that it does not share - and has no intention to accept - the judgement of non-compliance of the Consolidated and Statutory Financial Statements at December 31, 2016, put forward by Consob in the Resolution, and on the other, that it has instructed its lawyers to appeal the Resolution in the competent courts; 
 
the criteria used for preparing Saipem's pro forma consolidated income statement and balance sheet as of December 31, 2016, that is published for the sole purpose of complying with the Resolution, will be illustrated below.

Saipem is one of the world leaders in drilling services, as well as in the engineering, procurement, construction and installation of pipelines and complex projects, onshore and offshore, in the oil & gas market. The company has distinctive competences in operations in harsh environments, remote areas and deepwater. Saipem provides a full range of services with “EPC” and “EPCI” contracts (on a “turn-key” basis) and has distinctive capabilities and unique assets with a high technological content.

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