GAMMON INDIA LIMITED

4. As fully described by directors within the business report and in the explanatory notes,
the share structure has deeply changed during 2008 following India Gammon Group’s
participation in the nominal capital as a majority shareholder. Shares have been
purchased from Casti S.p.A. and the nominal capital being subscribed and paid by the
new shareholder has increased up to € 8,553,720.
The prompt and favourable market response to the renewed shareholding set-up, the
company’s acknowledged operational capacity and still favourable economic trend,
allowed to reach the high-level profit objectives set by the company for the financial
year.
Moreover, the recapitalization of the Company enabled to enter into agreements with
social security organisms and with the Treasury as for the payment of past debts; current
obligations are regularly honoured.
5. It is FRANCO TOSI MECCANICA S.p.A. directors’ responsibility to draft the annual
report as provided for by the law. We are in charge of judging the consistency between
the annual report and the financial statement as required by art. 2409-ter, par. 2, subpar.
e) of the Italian Civil Code. In this connection, we have audited the annual report and
checked for consistency of the financial information therein with FRANCO TOSI
MECCANICA S.p.A. financial statement as of December 31 st , 2008. Furthermore we
have carried out an overall reading of the other information included in the annual report
according to the data acquired during the auditing procedures in compliance with the
principles reported in paragraph 2 above. On the basis of the procedures accomplished,
we regard the annual report as consistent with FRANCO TOSI MECCANICA S.p.A.
financial statement as of December 31 st , 2008.
Milan, April 7 th , 2009
Constantin Rediva S.r.l.
Giacomo Bianchi
(Shareholder)
(Signed on the original)
F
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