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Corporate governance report and shareholding structure

This Report is designed to provide a general and complete overview of Saipem SpA’s (‘Saipem’) corporate governance system. In order to comply with applicable laws and stock market listing standards, in keeping with the recommendations of Borsa Italiana SpA and of the relevant business associations, the Report also furnishes information regarding Saipem’s shareholding, its compliance with the corporate governance codes established by institutional bodies and the relevant commitments to observe them, as well as the choices that the Company has made in implementing its governance. This Report is available at Saipem’s headquarters, published on Saipem’s website, and sent to Borsa Italiana SpA in accordance with set rules and deadlines.

The information contained in this Report relates to the financial year 2010 and has been updated, with respect to certain matters, as of March 8, 2011, the date of the Board of Directors’ meeting that approved it, together with the Annual Financial Report 2010.