GAMMON INDIA LIMITED

To the Shareholders
of Sae Power Lines S.r.l.
CONSTANTIN
AUDITORS' REPORT, PURSUANT TO
ARTICLE 2409-TER OF THE ITALIAN CIVIL CODE.
(Translation from the Italian original which remains the definitive version)
1. We have audited the Financial Statements of Sae Power Lines S.r.l. as of and for the year ended 31
December 2008. These Financial Statements are the responsibility of the Sae Power Lines S.r.l.'s directors.
Our responsibility is to express a professional opinion on these Financial Statements based on our audit.
2. Our audit was made in accordance with the auditing standards generally accepted in Italy. In accordance
with such standards, we planned and performed our audit to obtain the information necessary in order to
determine whether the Financial Statements are materially misstated and if such Financial Statements, taken
as a whole, may be relied upon. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the Financial Statements, as well as assessing the appropriateness of the
accounting principles applied and the reasonableness of the estimates made by management. We believe that
our audit provides a reasonable basis for our professional opinion.
For our audit opinion on the Financial Statements of the prior year, which are presented for comparative
purposes, reference should be made to the other auditors' report dated 1st April 2008.
3. In our opinion, the Financial Statements of Sae Power Lines S.r.l as of 31 December 2008 are in accordance
with the Italian regulations governing the contents and layout; therefore, the Financial Statements have been
prepared clearly and give a true and fair view of the company's equity and cash flow position and of its
economic results.
4. We draw your attention to the following information, that is described in greater detail in the Explanatory
Notes:
The Company has included in the Explanatory Notes a summary table of the essential data of the last
Financial Statements referred to the Company that exercises the management and coordination activity
over Sae Power Lines S.r.l, as required under Article 2497-bis of the Italian Civil Code. Our opinion
does not extend to such data.
5. The preparation and presentation of the Annual Report, in accordance with the provisions of law, is the
responsibility of the Sae Power Lines S.r.l.'s directors. Our responsibility is to express an opinion on the
consistency of such Annual Report with the Financial Statements, as required under Article 2409-ter,
paragraph 2, sub-section e) of the Italian Civil Code. We have read the Annual Report for this purpose, with
reference to the financial information, and verified the consistency of the foregoing financial information
disclosed therein with the Financial Statements of Sae Power Lines S.r.l. as of 31 December 2008. With
reference to the other information disclosed in the Annual Report, our procedures consisted exclusively in
reading the information, taken as a whole, based on the information acquired during the audit, performed in
accordance with the principles outlined in paragraph 2 above. In our opinion, based on the foregoing
activities, the Annual Report is consistent with the Financial Statements of Sae Power Lines S.r.l. as at 31
December 2008.
Milan, 24th March 2009
(Signed on the original)
F
100