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September 2008

GAVIO GROUP. AUTOSTRADA TORINO – MILANO SOCIETA’ INIZIATIVE AUTOSTRADALI E SERVIZI. September 2008. AGENDA. GROUP STRUCTURE. FINANCIAL RESULTS. REGULATION. CONCLUSION. 2. GROUP STRUCTURE. FINANCIAL RESULTS. REGULATION. CONCLUSION. 3. Aurelia S.p.A. /. Argo Finanziaria S.p.A.

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September 2008

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  1. GAVIO GROUP AUTOSTRADA TORINO – MILANO SOCIETA’ INIZIATIVE AUTOSTRADALI E SERVIZI September 2008

  2. AGENDA GROUP STRUCTURE FINANCIAL RESULTS REGULATION CONCLUSION 2

  3. GROUP STRUCTURE FINANCIAL RESULTS REGULATION CONCLUSION 3

  4. Aurelia S.p.A. / Argo Finanziaria S.p.A. Argo Finanziaria S.p.A. 10,11% 53,14% ASTM S.p.A. ASTM S.p.A. Market Market 63,42% (SINA 1,72%) 99,5% 82,0% 26,47% SIAS S.p.A. SIAS S.p.A. 18,0% 0,5% SINA SINECO 100% 100% 99,9% 99,9% 45,0% 45,0% 84,4% 84,4% 87,4% 87,4% 60,0% 20,0% 20,0% 65,0% (ITINERA 5%) ASA Holding Road Link Road Link (Costanera (Costanera Piemonte e Piemonte e SATAP SATAP CISA CISA SALT SALT SSAT Holdings (UK) Norte - Cile) Valle d'Aosta + ARGO Asti-Cuneo (40,0%) 0,08% 60,8% 60,8% 36,5% 96,2% 40,3% 41,2% 41,2% 65,1% 65,1% ITINERA+ ADF ADF SAV SAV SITAF SITAF ATIVA ATIVA Grassetto Itinera SINELEC 59,7% 59,7% Lavori 6,2% 6,2% 1,1% 2,17% 36,5% 36,5% 50,0% 50,0% 26,45% SITRASB SITRASB CODELFA CODELFA Pavimental Pavimental Motorway Concessions Motorway Concessions Technological and tlc services towards motorway concession companies Technological and tlc services towards motorway concession companies Engineering, planning and infrastructure/maintenance Engineering, planning and infrastructure/maintenance Holding Companies Holding Companies Costruction, planning, services, other (Non consolidated) Costruction, planning, services, other (Non consolidated) Current Group Structure (after the Re-organization) 4

  5. OWNERSHIP STRUCTUREHolding companies TREASURY STOCKS 2,66% 3,68% 2,04% HSBC BANK PERNSION TRUST LTD ASSICURAZIONI GENERALI GROUP GOLDMAN SACHS INTERN. LTD 2,53% FONDAZIONE CR-TO 2,59% 5,59% LAZARD ASSET MANAGEMENT LLC ASSICURAZIONI GENERALI GROUP 5,01% 10,09% LAZARD ASSET MANAGEMENT LLC. 17,20% FREE FLOAT FREE FLOAT 21,94% 53,14% GAVIO GROUP 73,53% GAVIO GROUP 5

  6. 99,87 68 41 37 36 87 61 84 65 0,13 4 41 11 - 6 22 5 - - - - 11 - 2 5 2 - - - 18 9 - 4 6 9 - - 28 - - 64 - - - - - - - 32 - - - - 35 - - - - - 1 6 - - 100 100 100 100 100 100 100 100 100 AUTOCISA Società Autostrada Asti-Cuneo S.p.A. OWNERSHIP STRUCTUREMain motorway companies PUBLIC AUTHORITIES % MUNICIPALITIES PROVINCES REGIONS GROUP OTHER ANAS OTHER TOTAL SUBSIDIARIES 6

  7. IMPROVED VISIBILITY OF EACH OF THE BUSINESS LINES RUN BY THE GROUP CONCENTRATED THE MOTORWAY BUSINESS IN SIAS TO FAVOUR THE OPTIMAL MANAGEMENT OF THE FINANCIAL RESOURCES AMONG THE VARIOUS CONCESSIONS INCREASED THE CRITICAL MASS OF THE MOTORWAY BUSINESS GOT A BOOK VALUE OF THE INVESTED CAPITAL CLOSER TO MARKET VALUE OPTIMISED FINANCIAL RATIOS (ALSO IN VIEW OF BEING RATED BY AN INTERNATIONAL RATING AGENCIES) INCREASED THE SIAS’ PERSPECTIVE FREE-FLOAT AND LIQUIDITY Group Re-organization - Effects 7

  8. a listed holding company (ASTM) - diversified and geared towards growth in the engineering, planning and infrastructure/maintenance sectors, as well as, in the future, in other related sectors to be identified on the basis of market opportunities - with a straightforward valuation as SIAS’s upside will be easily reflected in ASTM’s NAV; a listed sub-holding company (SIAS), that became a stronger motorway player (approx. 1,200 km network managed), freshly poised to exploit growth opportunities both in Italy and on the international arena (also via JV). The financial structure of the “new” SIAS leaves scope for further value-enhancing re-leverage. Group Re-organization – Key points Following the completion of the 1stphase of the Reorganization, the Group structure features: 8

  9. MILANO FREJUS PIACENZA ROSIGNANO M. Current network managed by the SIAS Group Km. S. BERNARDO SALT ADF CISA ASTI-CUNEO COSTANERA NORTE S.A. 154,9 113,2 182,0 90,0 43,0 AOSTA M. BIANCO (1) IVREA (2) (3) TORINO 130,3 167,7 155,8 59,5 94,0 12,8 84,0 SATAP - Torino-Milano stretch - Torino-Piacenza stretch ATIVA SAV SITAF SITRASB ROAD LINK (A69) PARMA ASTI ALESSANDRIA VOLTRI SESTRI L. CUNEO SAVONA LA SPEZIA VIAREGGIO VENTIMIGLIA PISA LUCCA LIVORNO TOTAL 1.287,2 SUBSIDIARIES EQUITY INVESTMENTS Autostrada Torino-Alessandria-Piacenza S.p.A Autostrade Valdostane S.p.A. Autostrada Torino-Ivrea-Valle d’Aosta S.p.A. Società Italiana Traforo Autostradale del Frejus p. A. Società Italiana Traforo del Gr.S.Bernardo S.p.A. Road Link (A69) Holding Ltd - UK Costanera Norte S.A. - Chile (through ASA) Autostrada dei Fiori S.p.A. Autostrada Ligure Toscana S.p.A. Autocamionale della Cisa S.p.A. SIGNIFICANT INVESTMENTS Milano Serravalle – Milano Tangenziali S.p.A. Società Autostrada Tirrenica S.p.A. (1) (2) (3) Inclusive of the planned 81 km stretch linking Parma to the Autostrada del Brennero Under construction Costanera Norte S.A. (through ASA) - Chile 9

  10. Concession expiry SATAP (A 4 stretch) SATAP (A 21 stretch) ATIVA SAV SITAF SITRASB ROAD LINK HOLDING Ltd. (UK) 2026 2017 2016 2032 2050 2034 2026 10 SIAS Group motorway concessions

  11. SIAS Group motorway concessions (cont’d) Concession expiry SALT ADF CISA ASTI CUNEO COSTANERA NORTE (Chile) 2019 2021 2031 - 2033 (1) 11 • 23,5 yrs. starting from the completion of the infrastructure

  12. Average expiry of the motorway concessions Network managed (km) Key consolidated figures 1H 2008 (€/mln): Revenues Ebitda % on Revenues Ebit % on Revenues Net Income % on Revenues Equity Net debt D/E SIAS GROUP: comparison with main European players BRISA SIAS Atlantia Abertis Cintra 2032 2026 2037 2026 2040 1.063 1.287 3.413 3.350 2.481 319 386 1.673 1.777 516 217 223 1.043 1.111 346 68% 58% 62,4% 62,5% 67,1% 118 128 822 717 253 37% 33% 49,1% 40,3% 49% 52 48 367 331 (51) 16% 12% 22% 18,6% n.s. 1.534 5.007 1.475 4.110 n.av. 3.640 1.400 9.375 12.999 9.497 2,4x 0,9x 2,3x 2,6x n.av. 12

  13. 13.513 13.017 23.825 20.842 11.411 7.768 4.744 5.415 2.017 3.802 9,1X 14,7X 9,2X 14,8X 6,1X SIAS GROUP: comparison with main European players(1)(cont’d) SIAS Atlantia Abertis BRISA Cintra Equity value (€/mn) Enterprise value – EV (€/mn) EV/EBITDA (2008 E) (1)Source: Equity research, Factset as of May 2008 13

  14. 14,7x 14,8x 15,0x 13,0x 11,0x 9,2x 9,1x 9,0x 7,0x 6,1x 5,0x SIAS GROUP: comparison with main European players(cont’d) Enterprise Value (EV) EV/EBITDA 2008E 14,7x 14,8x 15,0x 13,0x 11,0x 9,2x 9,1x 9,0x 7,0x 6,1x 5,0x 14 Source: Equity Research, Factset as of March 2008

  15. FINANCIAL RESULTS GROUP STRUCTURE REGULATION CONCLUSION 15

  16. ASTM - 6 MONTHS RESULTS 2008 & 2007 “Pro-forma” (IAS/IFRS) (Eu mn) 30/06/2008 30/06/2007 “Pro-forma” REVENUES: 351 1 4 7 27 3466 6 15 30 - TOLL REVENUES - REVENUES FROM CONSTRUCTION SECTOR - REVENUES FROM ENGINEERING SECTOR - REVENUES FROM TECHNOLOGICAL SECTOR - OTHER REVENUES TOTAL REVENUES 390 403 (205) OPERATING COSTS (215) CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS 42 54 227 EBITDA 242 30/06/2008 31/12/2007 NET FINANCIAL INDEBTEDNESS NET FINANCIAL INDEBTEDNESS (Including the NPV of the “Central Guarantee Fund” debt) 1.294 1.661 1.148 1.565 16

  17. MOTORWAY SECTOR 95% ASTM – 1st HALF 2008 EBITDA BY SECTOR 2% ENGINEERING SECTOR CONSTRUCTION SECTOR 2% 1% TECHNOLOGICAL SECTOR 17

  18. ( Eu mn ) ASTM - BALANCE SHEET 2% 12,7% 1H 2008 2007 2007 1H 2008 30/06/2008 31/12/2007 DEBT/EQUITY 0,7 0,8 18

  19. SIAS - 6 MONTHS RESULTS 2008 & 2007 “Pro-forma” (IAS/IFRS) (Eu mn) 30/06/2008 30/06/2007 “Pro-forma” REVENUES: 346 6 15 30 351 1 7 27 - TOLL REVENUES - REVENUES FROM CONSTRUCTION and ENGINEERING SECTORS - REVENUES FROM TECHNOLOGICAL SECTOR - OTHER REVENUES 397 386 TOTAL REVENUES OPERATING COSTS (200) (190) CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS 27 30 223 EBITDA 237 30/06/2008 31/12/2007 NET FINANCIAL INDEBTEDNESS NET FINANCIAL INDEBTEDNESS (Including the NPV of the “Central Guarantee Fund” debt) 1.400 1.768 1.323 1.740 19

  20. AUTOCISA SIAS 1st HALF 2008 EBITDA BY SECTOR CONSTRUCTION & ENGINEERING SECTORS 2% MOTORWAY SECTOR A4 Stretch 97% A21 Stretch (1) 1% TECHNOLOGICAL SECTOR (1) ATIVA is consolidated on a “proportional basis” (41,17%) 20

  21. ( Eu mn ) SIAS - BALANCE SHEET 5,8% 2007 2007 1H 2008 1H 2008 30/06/2008 31/12/2007 DEBT/EQUITY 0,9 0,9 21

  22. SIAS - BOND ISSUE SIZE: 335 Eu millions (N° 31,9 millions bonds) BONDS HELD BY THE GAVIO GROUP: N° 9,9 millions (31%) PAR VALUE: 10,50 Eu DURATION: 12 yrs (2005 – 2017) INTEREST: 2,625% CONVERSION RIGHT: • FROM THE END OF THE 5TH YEAR • 1:1 AT PAR 22

  23. REGULATION GROUP STRUCTURE FINANCIAL RESULTS CONCLUSION 23

  24. ASTM & SIAS GROUP - INVESTMENT PLAN Status of the Concession/Financial Plan (Eu bn) Investments Plan (1) Currently under negotiation Approved 0,8 0,2 SATAP: A4 Stretch A21 Stretch a 1,0 0,15 a ATIVA (1) Expected amount from 2008 onwards The amont of additional investments on SAV are negligible 24

  25. ASTM & SIAS GROUP - INVESTMENT PLAN Status of the Concession/Financial Plan (Eu bn) Investments Plan (1) Currently under negotiation Approved 0,3 SALT a ADF a 0,2 a 2,0 CISA a 1,0 (2) ASTI-CUNEO (1) Expected amount from 2008 onwards (2) Expected Government contribution by 0,2 bn 25

  26. 4.5% 3.5% 2.5% 1.5% 0.5% -0.5% -1.5% 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 ITALIAN GDP TOTAL TRAFFIC ON MOTORWAYS VALUE DRIVERS: TRAFFIC GROWTH TRAFFIC TREND HISTORICALLY OUTPERFORMED GDP GROWTH EVEN IN RECESSION YEARS 04/2008 26

  27. CONCLUSION GROUP STRUCTURE FINANCIAL RESULTS REGULATION 27

  28. CONCLUSION Long term viewof the business,dedicatedmanagement Value creation through lasting, experienced motorway know-how and operating efficiency Conservative financial profile and balancedgrowth strategy (also abroad) No competition from other transportation systems Growing opportunities arising from the “new” stretches Substainableprofitabilitygrowth rates 28

  29. www.autostradatomi.it www.grupposias.it 29

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