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Gaviogroup Autostada Torino-Milano: Key Financial Facts 3Q 2009

This report highlights the key financial facts for the Gaviogroup Autostada Torino-Milano, including traffic volumes, tariff increase, toll revenues, and operating costs. It also discusses the group's structure, financial results, tariff increases, investment plan, and international development in Chile.

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Gaviogroup Autostada Torino-Milano: Key Financial Facts 3Q 2009

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  1. GAVIOGROUP AUTOSTRADA TORINO – MILANO SOCIETA’ INIZIATIVE AUTOSTRADALI E SERVIZI NOVEMBER 2009

  2. KEY FACTS 3Q 2009 • - Traffic volumes: + € 1 mil • - Asti-Cuneo stretch: + € 1 mil • - Tariff increase: + € 12 mil • Change in Toll revenues + € 14 mil 2

  3. ASTM ASTM 30 sept 2008 3Q 2008 3Q 2009 30 sept 2009 Revenues: Revenues from motorways sector Other sectors’ revenues Total Revenues Operating costs Capitalization of internal construction costs EBITDA 586,7 59,8 646,5 (321,0) 41,2 366,7 577,8 62,8 640,6 (333,2) 59,0 366,4 227,0 20,0 247,0 (102,4) 11,5 156,1 211,1 23,7 234,8 (112,1) 16,8 139,5 ASTM - 3Q & 9 MONTHS 2009 (Eu mn) By the end of the current year, will be submitted to the BoD an interim dividend proposal 3

  4. SIAS SIAS 30 sept 2008 3Q 2008 3Q 2009 30 sept 2009 Revenues: Revenues from motorways sector Other sectors’ revenues Total Revenues Operating costs Capitalization of internal construction costs EBITDA 586,7 49,5 636,2 (296,9) 21,2 360,5 577,8 57,8 635,6 (311,5) 35,1 359,2 227,0 16,0 243,0 (94,3) 4,4 153,1 211,1 22,2 233,3 (105,1) 8,4 136,6 SIAS – 3Q & 9 MONTHS 2009 (Eu mn) On November 12, 2009 the BoardofDirectorsof SIAS approvedaninterim dividendequaltoeur 0,120 foreachof the 227.500.000 ordinaryshares (eur 27.3 million) 4

  5. Net of extraordinary events, we expect that traffic trends will fall by 2% in 2009 TRAFFIC BY QUARTER 1Q 2008 4Q 2008 2Q 2008 3Q 2008 1Q 2009 2Q 2009 3Q 2009 +2,90% (2) +0,94% -0,65% -1,74% -2,41% -3,13% -8,33% (1) FY 2008: - 1,21% 1/1- 30/9/2009: - 2,37% (1) Inclusive of the “leap year” effect (2) Light traffic: +2.28% 5

  6. Table of Contents • GROUP STRUCTURE • FINANCIAL RESULTS • TARIFF INCREASES AND INVESTMENT PLAN • INTERNATIONAL DEVELOPMENT – CHILE • CONCLUSION 6

  7. GROUP STRUCTURE • FINANCIAL RESULTS • TARIFF INCREASES AND INVESTMENT PLAN • INTERNATIONAL DEVELOPMENT – CHILE • CONCLUSION 7

  8. 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 Aurelia S.p.A. / Argo Finanziaria S.p.A. 9,92% 51,00% ASTM S.p.A. Market ASTM S.p.A. Market 63,42% (SINA 1,72%) 99,5% 82,0% 26,66% SIAS S.p.A. SIAS S.p.A. 18,0% 0,5% SINA SINECO 99,9% 99,9% 45,0% 84,4% 84,4% 87,4% 87,4% 100% 20,0% 58,05% 65,0% (ITINERA 5%) Holding ASA - ApC Piemonte e Road Link SATAP SATAP CISA CISA SALT SALT SINELEC Valle d'Aosta (Chile) + ARGO (39,01%) Asti-Cuneo 0,08% 60,8% 60,8% 40,3% 41,2% 36,5% 65,1% 65,1% ITINERA ADF ADF SAV SAV SITAF SITAF ATIVA ATIVA 59,7% 6,2% 1,4% 1,1% 33,58% 36,5% 26,45% 28,1% 50,0% + FPI SITRASB SITRASB ABC (16,42%) CODELFA CODELFA Pavimental 32,4% 25,4% 14,1% 8

  9. TREASURY STOCKS 3,02% 3,63% ASSICURAZIONI GENERALI GROUP FONDAZIONE CR-TO 2,59% ASSICURAZIONI GENERALI GROUP 4,99% 4,99% LAZARD ASSET MANAGEMENT LLC LAZARD ASSET MANAGEMENT LLC. 9,98% 18,36% FREE FLOAT FREE FLOAT 28,40% 51,02% GAVIOGROUP 73,02% GAVIO GROUP OWNERSHIP STRUCTUREHolding companies 9

  10. 0,13 6 5 4 - 22 50 55 41 11 - AUTOCISA Società Autostrada Asti-Cuneo S.p.A. OWNERSHIP STRUCTUREMain motorway companies PUBLIC AUTHORITIES % MUNICIPALITIES PROVINCES REGIONS GROUP OTHER ANAS OTHER TOTAL SUBSIDIARIES - 4 9 - - 6 - - 18 9 - - - - 28 - - - - - - 64 100 100 100 100 100 100 100 100 100 100 100 - 2 2 - - 5 - - - 11 - - - - - 35 - - - - 32 - - 1 - - - 6 - - - - - 99,87 87 84 68 65 61 50 45 41 37 36 LxL A.p.Cile (VS, LC, NO) E.M. PROP. E.M. 10

  11. S. BERNARDO AOSTA M. BIANCO IVREA TORINO MILANO PARMA ASTI ALESSANDRIA FREJUS PIACENZA VOLTRI SESTRI L. CUNEO SAVONA LA SPEZIA VIAREGGIO VENTIMIGLIA PISA LUCCA LIVORNO ROSIGNANO M. Current network managed by the SIAS Group CONCESSIONAIRE LENGHT KM SUBSIDIARIES SATAP [A4] 130,3 SATAP [A21] 167,7 SALT 154,9 CISA 182,0(1) SAV 59,5 AT-CN 90 (2) ADF 113,2 ATIVA 155,8 EQUITY INVESTMENTS SITAF [A32, T4] 94 SITRASB 12,8 ROAD LINK (A69) – UK 84 COSTANERA NORTE – CHILE (THROUGH ASA) 43 VESPUCIO SUR / LITORAL CENTRAL / NORORIENTE – CHILE (THROUGH A.p.Cile) 125 1.412,2 SIGNIFICANT INVESTMENTS MILANO SERRAVALLE – MILANO TANGENZIALI SOCIETA’ AUTOSTRADA TIRRENICA (1) (2) Inclusive of the planned 81 km stretch linking Parma to the Autostrada del Brennero Under construction 11

  12. SIAS Group: Italian motorway concessions Status of the Concession/Financial Plan Concessionexpiry Approved SATAP S.p.A. Torino-Milano 2026 SATAP S.p.A. Torino-Piacenza 2017 a a a (1) SAV S.p.A. Quincinetto-Aosta 2032 ATIVA S.p.A. Torino ringroad, Torino-Quincinetto, Ivrea-Santhià e Torino-Pinerolo 2016 a SALT S.p.A. Sestri Levante-Livorno, Viareggio-Lucca e Fornola-La Spezia 2019 a (1) ADF S.p.A. Savona-Ventimiglia 2021 a (1) CISA S.p.A. La Spezia-Parma (and junction to the Brennero motorway) 2031 a (2) a (3) ASTI-CUNEO (1) Concession schemes signed on September 2, 2009 (to date, the effectiveness of the concessions are subject to the authorisation procedure of the Law no. 286/06) (2) On October 2, 2009 the EU infringement procedure upon the extension of the concession to 2031 was closed . (3) 23,5 years starting from the completion of the infrastructure 12

  13. GROUP STRUCTURE • FINANCIAL RESULTS • TARIFF INCREASES AND INVESTMENT PLAN • INTERNATIONAL DEVELOPMENT – CHILE • CONCLUSION 13

  14. ASTM – 9 MONTHS 09 EBITDA BY SECTOR 9 Months 09 EBITDA 366,7 EBITDA margin 57% MOTORWAY SECTOR 95% ENGINEERING SECTOR 2% CONSTRUCTION SECTOR TECHNOLOGICAL SECTOR 1% 2% 14

  15. ASTM – NET FINANCIAL INDEBTEDNESS (Eu mn) 30/6/2009 30/9/2009 221 30 (294) (1.338) 324 50 (263) (1.416) Cash and cash equivalents Financial receivables Short-term indebtedness Long-term indebtedness (1.305) (1.381) NET FINANCIAL INDEBTEDNESS (1.670) (1.741) Including the NPV OF THE “CENTRAL GUARANTEE FUND” DEBT Short-term indebtedness 15,7% Long-term indebtedness 84,3% 30/9/2009 15

  16. AUTOCISA SIAS 9 MONTHS 09 EBITDA BY SECTOR A4 Stretch 19,6% 16,1% 11,0% A21 Stretch 14,7% CONSTRUCTION SECTOR 1% 97% MOTORWAY SECTOR 5,8% 24,7% 5,1% (1) TECHNOLOGICAL SECTOR 2% 9 Months 09 EBITDA 360 EBITDA margin 57% (1) ATIVA is consolidated on a “proportionate basis” (41,17%) 16

  17. SIAS – NET FINANCIAL INDEBTEDNESS (Eu mn) 30/9/2009 30/6/2009 201 30 (295) (1.429) 300 50 (265) (1.508) Cash and cash equivalents Financial receivables Short-term indebtedness Long-term indebtedness (1.423) (1.493) NET FINANCIAL INDEBTEDNESS (1.788) (1.854) Including the NPV OF THE “CENTRAL GUARANTEE FUND” DEBT Short-term indebtedness 14,9% Long-term indebtedness 85,1% 30/9/2009 17

  18. SIAS – DEBT ANALYSIS BY MATURITY 2010 9,6% 2011- 2014 20,4% 2015-onward 70,0% AVERAGE MATURITY: 7 YEARS . Debt at fixed rate/hedged : 80% of consolidated debt (approx. 3.8%) . Debt at floating rate : 20% of consolidated debt (Euribor +35b.p.115b.p.) 18

  19. ISSUE SIZE: 335 Eu millions (N° 31,9 millions bonds) BONDS HELD BY THE GAVIO GROUP: N° 9,8 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 SIAS - BOND 19

  20. GROUP STRUCTURE • FINANCIAL RESULTS • TARIFF INCREASES AND INVESTMENT PLAN • INTERNATIONAL DEVELOPMENT – CHILE • CONCLUSION 20

  21. SIAS GROUP – TARIFF INCREASES (2009) A) CONCESSION AGREEMENTS RENEGOTIATED IN PREVIOUS YEARS (%) (1) • Refers to “Productivity factor” 21

  22. SIAS GROUP – TARIFF INCREASES (2009) cont’d (1) (1) B) CONCESSION AGREEMENTS RECENTLY RENEGOTIATED (%) (2) • 2009 Group average tariff increase : +4,75% • Concession schemes have been signed on September 2, 2009 (to date, the effectiveness of the concessions • are subject to the authorisation procedure of the Law no. 286/06) • (2) Based on 1/5 – 31/12/2009 period (+7,35%: full year) 22

  23. SIAS GROUP – TARIFF INCREASES – KEY COMPONENTS (2010 – ONWARD) A) CONCESSION AGREEMENTS RENEGOTIATED IN PREVIOUS YEARS (%) (1) (1) Tariff increases to be reviewed upon approval of the “executive project” 23

  24. SIAS GROUP – TARIFF INCREASES – KEY COMPONENTS (2010 – ONWARD) cont’d (1) B) CONCESSION AGREEMENTS RECENTLY RENEGOTIATED (%) Until the expiry of the concession agreements, has been agreed a “price cap” formula linking the minimum annual rate of toll increased to 70% of the “actual” inflation rate • Concession schemes have been signed on September 2, 2009 (to date, the effectiveness of the concessions are subject to the authorisation procedure of the Law no. 286/06) 24

  25. SIAS GROUP - INVESTMENT PLAN (1) (1) (1) (2) (3) EIB and Cassa Depositi e Prestiti granted 1.0 bn long term loans for financing the above investment programme (4) (1) Concession schemes have been signed on September 2, 2009; (2) Net of Government grants by € 0.2 bn. (3) Additional 0,5 bn investments are currently under discussion with ANAS; the financial plan and the final amount of the investment will be reviewed upon approval of the “executive project”. (4) The financial plan and the final amount of the investment will be reviewed upon approval of the “executive project”; negotiation currently in progress with the Regulator. 25

  26. GROUP STRUCTURE • FINANCIAL RESULTS • TARIFF INCREASES AND INVESTMENT PLAN • INTERNATIONAL DEVELOPMENT – CHILE • CONCLUSION 26

  27. BUSINESS CONSOLIDATION OPPORTUNITIES ACHIEVED CRITICAL MASS PARTNERSHIP/CO-INVESTMENTS TO MINIMIZE BUSINESS RISK ACQUISITION OF 3 CHILEAN MOTORWAYS HAS BEEN COMPLETED ON JUNE 30, 2009 INTERNATIONAL DEVELOPMENT: CHILE JOINT ACQUISITION WITH ATLANTIA IN SANTIAGO AREA 27

  28. I II Metropolitan Area of Santiago Transaction Highlights III SIAS has contibuted assets of Santiago area in a new vehicle equally controlled with Atlantia indicatively financed with 50% equity/50% debt Equity contribution: SIAS (approx. € 68 mil., inclusive of a share premium by € 41mil.) and Atlantia (approx. € 27 mil) SIASand Atlantiaalready hold a 45% interest each in Autostrade Sud America (ASA), which controls Costanera Norte, a 43 Km toll road in Santiago The new vehicle will merge with ASA IV V RM  VI V VII RM Santiago VIII VI IX VII X Nogales Puchuncavi Los Andes XI Rationale Viña del Mar Valparaiso Colina Algarrobo Synergies in the Santiago area leveraging on the existing operating platform Santiago San Antonio XII Melipilla Area V INTERNATIONAL DEVELOPMENT: CHILE 28

  29. INTERNATIONAL DEVELOPMENT: CHILE EBITDA 2008 Equity value pre-leverage Net debt 2008 Net debt/ EBITDA Asset Remarks Stake Assets in Santiago contributed in APC (a new vehicle equally controlled by SIAS and Atlantia) Combined EV/EBITDA 22.4x New vehicle to merge with Costanera (2) Vespucio Sur 50% 25 201 8.0x Red Vial Litoral Central 50% 4 62 15.5.x 262 Nororiente 100% n.a.(1) 125 n.m. (1) Joint vehicle SIAS / Atlantia (3) Costanera Norte 90%(4) 38 330 8.7x • Opened to traffic beginning of March 2009 • 24.2x EV/EBITDA for Costanera Norte (EV/EBITDA multiple implied in the acquisition of the call option held by Impregilo Group on 10% of the share capital of Costanera Norte’s parent company, Autopista do Pacifico) • Inclusive of transaction costs • 45% stake held by SIAS and 45% stake held by Atlantia 29

  30. Concession start-end Remarks Tariff formula Km Vespucio Sur Red Vial Litoral Central Nororiente • Committed Governement subsidies • Possible 8 year concession extension (1) • Congestion pricing (2) 24 80 21 2002-2032 2001-2031 2009-2044 100% CPI + 3.5% 100% CPI 100% CPI + 3.5% • Minimum guaranteed income • Committed Governement subsidies • Minimum guaranteed income • Committed Governement subsidies INTERNATIONAL DEVELOPMENT: CHILE • Alternative to the reimbursement by the Ministry of Public Works at the end of the concession (with matured interests) of the extra cost incurred during construction • Tariffs may double when average speed is below 70 km/hour and may triple when average speed is below 50 km/hour 30

  31. GROUP STRUCTURE • FINANCIAL RESULTS • TARIFF INCREASES AND INVESTMENT PLAN • INTERNATIONAL DEVELOPMENT – CHILE • CONCLUSION 31

  32. CONCLUSION TRAFFIC RELATIVELY RESILIENT TO ECONOMIC SLOWDOWN TARIFF INCREASES LINKED TO THE SIGNIFICANT ONGOING INVESTMENT PLAN (AND TO 70% OF THE “ACTUAL” INFLATION RATE FOR THE RECENTLY RENEGOTIATED CONCESSION AGREEMENTS) OPERATIONS FINALLY, THE “NEW” CONCESSION AGREEMENTS FULLY DISPLAYED THE EFFECTS [e.g. TARIFF INCREASES] NO LONGER COMPULSORY TO TENDER OUT WORKS UP TO 60% OF TOTAL VALUE (ART. 29 OF LAW DECREE NO. 207/2008) REGULATION FOCUS ON FEW SELECTED OPPORTUNITIES WITH LIMITED EQUITY COMMITMENT INVOLVEMENT OF OTHER PARTNERS IN ACQUISITIONS OF NON MATURE OR HIGHLY LEVERED ASSETS BID FOR GREEN FIELD INITIATIVES (i.e. PEDEMONTANA PIEMONTESE) INTERNATIONAL & DOMESTIC DEVELOPMENT STABLE PAY-OUT DESPITE INVESTMENTS’ PEAK DIVIDEND POLICY FINANCIAL STRATEGY LARGE SAFETY MARGIN IN TERM OF RE-FINANCING ACCESS TO LONG-TERM SOURCES OF FUNDING [e.g. EIB and CDP] 32

  33. Disclaimer THIS DOCUMENT HAS BEEN PREPARED BY ASTM S.P.A. AND SIAS S.P.A. (THE “COMPANIES”) FOR THE SOLE PURPOSE DESCRIBED HEREIN. IN NO CASE MAY IT BE INTERPRETED AS AN OFFER OR INVITATION TO SELL OR PURCHASE ANY SECURITY ISSUED BY THE COMPANY OR ITS SUBSIDIARIES. THE CONTENT OF THIS DOCUMENT HAS A MERELY INFORMATIVE AND PROVISIONAL NATURE AND THE STATEMENTS CONTAINED HEREIN HAVE NOT BEEN INDEPENDENTLY VERIFIED. NEITHER THE COMPANIES NOR ANY OF ITS REPRESENTATIVES SHALL ACCEPT ANY LIABILITY WHATSOEVER (WHETHER IN NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY FROM THE USE OF THIS DOCUMENT. THIS DOCUMENT MAY NOT BE REPRODUCED OR REDISTRIBUTED, IN WHOLE OR IN PART, TO ANY OTHER PERSON. THE INFORMATION CONTAINED HEREIN AND OTHER MATERIAL DISCUSSED AT THE PRESENTATION MAY INCLUDE FORWARD-LOOKING STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS ABOUT THE COMPANIES’ BELIEFS AND EXPECTATIONS. THESE STATEMENTS ARE BASED ON CURRENT PLANS, ESTIMATES AND PROJECTIONS, AND PROJECTS. HOWEVER, FORWARD-LOOKING STATEMENTS INVOLVE INHERENT RISKS AND UNCERTAINTIES. WE CAUTION YOU THAT A NUMBER OF FACTORS COULD CAUSE THE COMPANIES’ ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN ANY FORWARD-LOOKING STATEMENT. THEREFORE, YOU SHOUD NOT PLACE UNDUE RELIANCE ON SUCH FORWARD-LOOKING STATEMENTS. 33

  34. www.autostradatomi.it www.grupposias.it 34

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