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Toll Revenues and Traffic Volumes of Gavio Group Autostada Torino-Milano

This report highlights the toll revenues and traffic volumes of Gavio Group Autostada Torino-Milano, including the lack of revenues due to tariff increases and decreased traffic volumes. It also discusses the acquisition of Chilean motorways and the financial results of SIAS and ASTM.

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Toll Revenues and Traffic Volumes of Gavio Group Autostada Torino-Milano

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  1. GAVIO GROUP AUTOSTRADA TORINO – MILANO SOCIETA’ INIZIATIVE AUTOSTRADALI E SERVIZI JUNE 2009

  2. KEY FACTS 2008 2009 TOLL REVENUES IN LINE WITH 2007 1Q 2009 NO ALLOWANCE FOR TARIFF INCREASE + GAP IN THE REMUNERATION OF CAPEX = LACK OF REVENUES BY APPROX. € 50 MIL.(1) TRAFFIC VOLUMES DOWN BY 8% (TOLL REVENUES: - € 16 MIL.) NO TARIFF INCREASES (EXTIMATED LACK OF REVENUES BY APPROX. € 11 MIL.) WRITE-DOWNS OF INVESTEMENTS BY € 43 MIL. (SIAS GROUP) AND BY € 63.5 MIL. (ASTM GROUP) AGREEMENT FOR THE ACQUISITION OF 3 CHILEAN MOTORWAYS (JOINTLY WITH ATLANTIA) 2008 ADDITIONAL CAPEX: € 295 MILLION “NEW” CONCESSION CONTRACTS OF SATAP (A4 AND A21), ATIVA AND CISA(2) ENACTED ON JUNE 2008 BY LAW(3) MAY 1, 2009 THE CONCESSION CONTRACT OF “ASTI-CUNEO”, RECORDED BY AUDIT COURT, IS EFFECTIVE SINCE FEBRUARY 2008 TARIFF INCREASES ON GROUP NETWORK DECREE LAW N. 185 ISSUED ON NOVEMBER 29, 2008 POSTPONED THE 2009 TARIFF INCREASES TO MAY 1, 2009 • As at 31 December 2008, the remuneration of € 557 million capex was pending. • An EU infringement procedure was opened upon the extension of the concession to 2031. • For the remaing concession contracts, the re-negotiation with the Regulator is in progress. 2

  3. SIAS ASTM 2008 2007 “pro-forma” 2007 “pro-forma” 2008 Revenues from motorway sector Other sectors’ revenues Total Revenues EBITDA EBIT Profit before taxes Net profit (after minorities) Operating cash flow Additional Capex (Motorway sector) Net Debt Net Debt/EBITDA Net Debt/Equity Dividend per share (€) Interim Final Total Pay out (on Group’s consolidated net profit) 714 77 791 431 256 167 77 277 295 1.498 3,5x 1,02x 0,160 0,040 0,200 59% 714 109 823 490 327 314 112 330 400 1.148 2,3x 0,69x 0,20 0,20 0,40 31% 714 87 801 442 264 162 43 293 295 1.389 3,1x 0,85x 0,20 0,05 0,25 50% 714 98 812 477 314 302 170 325 400 1.323 2,8x 0,90x 0,165 0,160 0,325 44% (1) (2) 2008 ASTM-SIAS FINANCIAL RESULTS - HIGHLIGHTS (Eu mn unless otherwise stated) (1) Includes the net effect of the write-downs of investments (37,9 Eu/mn) (2) Includes the net effect of the write-downs of investments (37,5 Eu/mn) 3

  4. SIAS ASTM 1Q 2008 1Q 2008 1Q 2009 1Q 2009 150,7 16,2 166,9 (94,5) 7,8 80,2 165,1 21,6 186,7 (100,4) 17,4 103,7 150,7 19,3 170,0 (102,1) 13,9 81,8 165,1 20,0 185,1 (94,1) 11,6 102,6 Revenues: Revenues from motorways sector Other sectors’ revenues Total Revenues Operating costs Capitalization of internal construction costs EBITDA 1Q 2009 ASTM-SIAS FINANCIAL RESULTS - HIGHLIGHTS (Eu mn) 4

  5. 1Q 2008 4Q 2008 2Q 2008 3Q 2008 1Q 2009 +2,90% -1,74% -2,41% -3,13% (1) (2) -7,96% FY 2008: - 1,21% Net of extraordinary events, we expect that traffic trends will fall by 3,5% in 2009 TRAFFIC BY QUARTER (1) Inclusive of the “leap year” effect (2) 6,85% taking out the “leap year” effect 5

  6. AGENDA 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. Aurelia S.p.A. / Argo Finanziaria S.p.A. Argo Finanziaria S.p.A. 9,90% 51,00% ASTM S.p.A. ASTM S.p.A. Market Market 63,42% (SINA 1,72%) 99,5% 82,0% 26,68% 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% 58,05% 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 SINELEC Holdings (UK) Norte - Cile) Valle d'Aosta + ARGO (39,01%) Asti-Cuneo 0,08% 60,8% 60,8% 36,5% 40,3% 41,2% 41,2% 65,1% 65,1% ITINERA+ ADF ADF SAV SAV SITAF SITAF ATIVA ATIVA Grassetto Itinera 59,7% Lavori 6,2% 6,2% 1,1% 1,4% 36,5% 36,5% 33,58% 26,45% 28,1% 50,0% + FPI (16,42%) SITRASB SITRASB ABC CODELFA Pavimental CODELFA Pavimental 32,4% 25,4% 14,1% 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 8

  9. TREASURY STOCKS 2,85% 3,63% ASSICURAZIONI GENERALI GROUP FONDAZIONE CR-TO 2,59% ASSICURAZIONI GENERALI GROUP 5,01% 4,99% LAZARD ASSET MANAGEMENT LLC LAZARD ASSET MANAGEMENT LLC. 9,98% 18,06% FREE FLOAT FREE FLOAT 28,57% 51,00% GAVIO GROUP 73,32% GAVIO GROUP OWNERSHIP STRUCTUREHolding companies 9

  10. PUBLIC AUTHORITIES % MUNICIPALITIES PROVINCES REGIONS GROUP OTHER ANAS OTHER TOTAL SUBSIDIARIES 99,87 87 84 68 65 61 45 41 37 36 0,13 6 5 4 - 22 55 41 11 - - 2 2 - - 5 - - 11 - - 4 9 - - 6 - 18 9 - - - - 28 - - - - - 64 - - - - 35 - - - 32 - - 1 - - - 6 - - - - 100 100 100 100 100 100 100 100 100 100 AUTOCISA LxL E.M. PROP. E.M. Società Autostrada Asti-Cuneo S.p.A. OWNERSHIP STRUCTUREMain motorway companies 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 1.287,2 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. Status of the Concession/Financial Plan Concession expiry Ongoing negotiation for renewal Approved SATAP S.p.A. Torino-Milano 2026 SATAP S.p.A. Torino-Piacenza 2017 a a a 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 a ADF S.p.A. Savona-Ventimiglia 2021 CISA S.p.A. La Spezia-Parma (and junction to the Brennero motorway) 2031 a (1) a (2) ASTI-CUNEO SIAS Group motorway concessions (1) An EU infringement procedure was opened upon the extension of the concession to 2031. (2) 23,5 years starting from the completion of the infrastructure 12

  13. BRISA Abertis SIAS Atlantia Cintra ITINERE Average expiry of the motorway 2032 2025 2025 2037 2040 n.av. concessions 3.320 Network managed (km) 1.287 3.413 2.800 1.106 2.934 Key consolidated figures FY 2008 (€/mln): 686 3.679 Revenues 800 3.477 736 345 483 2.256 Ebitda 431 2.115 522 235 70% 61% % on Revenues 54% 61% 71% 68% 277 1.448 Ebit 256 1.616 401 159 40% 39% % on Revenues 32% 46% 54% 46% 152 618 Net Income 77 735 (56) 28 22% 17% % on Revenues 10% 21% - 8% Equity 1.469 3.986 n.av. 367 4.779 1.373 14.059 Net debt 1.498 9.755 8.525 3.674 3.313 2,7x 2,9x D/E 1,0x 2,4x - 9,0x 14,1x 16,3X 4,6X 3,5X 6,2X 7,6X Debt/EBITDA (2008) SIAS GROUP: comparison with main European players 13

  14. Abertis Atlantia SIAS Cintra BRISA ITINERE Equity value (€/mn) Enterprise value – EV (€/mn) EV/EBITDA (2009 E) 8.933 8.297 21.767 8.905 18.233 5.784 1.081 2.905 2.851 7.831 17,0X 2.553 8,8X 2.781 9,4X 15,0X 12,4X 6,2X SIAS GROUP: comparison with main European players(1)(cont’d) (1) Source: Equity research, factset as of May 2009 14

  15. FINANCIAL RESULTS GROUP STRUCTURE TARIFF INCREASES INVESTMENT PLAN INTERNATIONAL DEVELOPMENT - CHILE CONCLUSION 15

  16. MOTORWAY SECTOR 94% 3% ENGINEERING SECTOR CONSTRUCTION SECTOR 2% 1% TECHNOLOGICAL SECTOR ASTM – EBITDA BY SECTOR 2008 EBITDA 442,1 EBITDA margin 55% 1Q 2009 EBITDA 81,8 EBITDA margin 48% 16

  17. 31/12/2008 31/3/2009 208 - (210) (1.387) 258 - (214) (1.429) Cash and cash equivalents Financial receivables Short-term indebtedness Long-term indebtedness (1.389) (1.385) NET FINANCIAL INDEBTEDNESS (1.741) (1.740) Including the NPV OF THE “CENTRAL GUARANTEE FUND” DEBT Short-term indebtedness 13,0% Long-term indebtedness 87,0% 31/3/2009 ASTM – NET FINANCIAL INDEBTEDNESS (Eu mn) 17

  18. MOTORWAY SECTOR 97% AUTOCISA SIAS EBITDA BY SECTOR 1% CONSTRUCTION SECTOR A4 Stretch % % % A21 Stretch % % % % (1) 2008 EBITDA 431,1 EBITDA margin 54% 2% TECHNOLOGICAL SECTOR 1Q 2009 EBITDA 80,2 EBITDA margin 48% (1) ATIVA is consolidated on a “proportional basis” (41,17%) 18

  19. 31/3/2009 31/12/2008 238 - (214) (1.520) 192 - (212) (1.478) Cash and cash equivalents Financial receivables Short-term indebtedness Long-term indebtedness (1.496) (1.498) NET FINANCIAL INDEBTEDNESS (1.849) (1.852) Including the NPV OF THE “CENTRAL GUARANTEE FUND” DEBT Short-term indebtedness 12,4% Long-term indebtedness 87,6% 31/3/2009 SIAS – NET FINANCIAL INDEBTEDNESS (Eu mn) 19

  20. SIAS – DEBT ANALYSIS BY MATURITY 2009 - 2010 15,9% 2016-onward 54,9% 2011 - 2015 29,2% . Debt at fixed rate/hedges : 51% of consolidated debt . Debt at floating rate : 49% of consolidated debt (Euribor +35b.p.115b.p.) 20

  21. SIAS - BOND 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 21

  22. TARIFF INCREASES AND INVESTMENT PLAN GROUP STRUCTURE FINANCIAL RESULTS INTERNATIONAL DEVELOPMENT - CHILE CONCLUSION 22

  23. SIAS GROUP – TARIFF INCREASES (2009) “NEW” CONCESSION AGREEMENTS (%) (1) • Refers to “Productivity factor” 23

  24. SIAS GROUP – TARIFF INCREASES (2009) cont’d (1) CONCESSION AGREEMENTS CURRENTLY UNDER NEGOTIATION (%) (2) (3) • 2009 Group average tariff increase : +5% • The renewal of the concession agreements is expected by the end of June 2009 • The company is consolidated with the “equity method” • Based on 1/5 – 31/12/2009 period (+7.5%: full year) 24

  25. SIAS GROUP – TARIFF INCREASES – KEY COMPONENTS (2010 – ONWARD) “NEW” CONCESSION AGREEMENTS (%) FOR THE REMAING CONCESSION AGREEMENTS (ADF, SALT, SAV AND SITAF) NEGOTIATION ARE IN PROGRESS WITH THE REGULATOR (ANAS) 25

  26. SIAS GROUP - INVESTMENT PLAN (1) (1) (1) (2) (3) Open talks with EIB and Cassa Depositi e Prestiti for financing part the above investment programme (1) Negotitian of the concession contracts is ongoing (2) The financial plan and the final amount of the investment will be reviewed upon approval of the “executive project”; terminal value of 1,6 bn is granted at the end of the concession (2031) (3) Inclusive of additional 0,5 bn currently under discussion with ANAS; the financial plan and the final amount of the investment will be reviewed upon approval of the “executive project” 26

  27. INTERNATIONAL DEVELOPMENT - CHILE GROUP STRUCTURE FINANCIAL RESULTS TARIFF INCREASES AND INVESTMENT PLAN CONCLUSION 27

  28. BUSINESS CONSOLIDATION OPPORTUNITIES ACHIEVE CRITICAL MASS PARTNERSHIP/CO-INVESTMENTS TO MINIMIZE BUSINESS RISK INTERNATIONAL DEVELOPMENT: CHILE JOINT ACQUISITION WITH ATLANTIA IN SANTIAGO AREA (1) • Acquisition of the Spanish Itinere group’s investments in 3 Chilean motorway concessionaires 28

  29. I II Metropolitan Area of Santiago Transaction Highlights III SIAS will contibute 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 Potential synergies in the Santiago area leveraging on the existing operating platform Santiago San Antonio XII Melipilla Area V INTERNATIONAL DEVELOPMENT: CHILE 29

  30. EBITDA 2008 Equity value pre-leverage Net debt 2008 Net debt/ EBITDA Asset Remarks Stake Assets in Santiago to be contributed in 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) INTERNATIONAL DEVELOPMENT: CHILE • 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 30

  31. 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 31

  32. CONCLUSION GROUP STRUCTURE FINANCIAL RESULTS TARIFF INCREASES AND INVESTMENT PLAN INTERNATIONAL DEVELOPMENT - CHILE 32

  33. TRAFFIC RELATIVELY RESILIENT TO ECONOMIC SLOWDOWN TARIFF INCREASES LINKED TO THE SIGNIFICANT ONGOING INVESTMENT PLAN 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 INTERNATIONAL 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] CONCLUSION 33

  34. 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. 34

  35. www.autostradatomi.it www.grupposias.it 35

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