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Group Restructuring for Financial Optimization

Explore the detailed financial results and the strategic reorganization of the GAVIO GROUP in December 2007, focusing on the post-reorganization structure, market impact, and ownership grid.

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Group Restructuring for Financial Optimization

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  1. GAVIO GROUP AUTOSTRADA TORINO – MILANO GROUPSOCIETA’ INIZIATIVE AUTOSTRADALI E SERVIZI GROUP December 2007

  2. GROUP STRUCTUREAFTER THERE-ORGANIZATION FINANCIAL RESULTS AGENDA 2

  3. GROUP STRUCTUREAFTER THERE-ORGANIZATION FINANCIAL RESULTS 3

  4. Aurelia S.p.A. / Argo Finanziaria S.p.A. Argo Finanziaria S.p.A. 11,14% 50,6% ASTM S.p.A. ASTM S.p.A. Market Market 63,42% (SINA 1,72%) 25,44% SIAS S.p.A. SIAS S.p.A. 99,5% 82,0% 0,5% 100% 100% 99,9% 99,9% 45,0% 45,0% 60,0% 84,4% 84,4% 87,4% 87,4% 20,0% 20,0% ASA Holding Road Link Road Link (Costanera (Costanera Piemonte e Piemonte e SATAP SATAP CISA CISA SALT SALT SSAT SSAT SINECO SINA SINECO 18,0% Holdings (UK) Norte - Cile) Valle d'Aosta + ARGO (40,0%) 96,2% 96,2% 0,07% 60,8% 60,8% 36,5% 40,3% 41,2% 41,2% 65,1% 65,1% ITINERA+ SINELEC SINELEC ADF ADF SAV SAV SITAF SITAF ATIVA ATIVA Grassetto Itinera 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. Contributions in kind (Capital increase at SIAS level) Value n. of SIAS new shares €/mln. ASTM SIAS 99,9% SATAP 1.007,1 20% Road Link Holding Ltd. 12,0 Total 1.019,1 100.073.328 Rounded down 100.000.000 Summary of transaction values Based on the valuations carried out by the indipendent expert and the contents of the fairness opinions, the reorganization programme has been carried out on the following values: 5

  6. Purchases (cash) ASTM Group SIAS Group €/mln. €/mln. SIAS ---> ASTM 5,1% SINA SATAP ASTM (4,4) 4,4 27% SINECO (7,5) 7,5 n. 9.792.264 SIAS convertible bond (108,1) 108,1 9% SINECO SAV ASTM (2,5) 2,5 SALT ASTM 5% SINECO (1,4) 1,4 ADF ASTM 5% SINECO (1,4) 1,4 Sub-total (125,3) 125,3 ASTM ---> SIAS 41,2% ATIVA ASTM HPVdA 113,8 (113,8) 36,5% SITAF 134,1 (134,1) 65,1% SAV 95,7 (95,7) n. 228.273 SITAF convertible bond 3,9 (3,9) Sub-total 347,5 (347,5) Total 222,2 (222,2) Summary of transaction values (cont’d) 6

  7. Current ownership structureHolding companies FONDAZIONE CR-TO 2,72% 3,33% ASSICURAZIONI GENERALI GROUP ASSICURAZIONI GENERALI GROUP 5,01% 5,59% LAZARD ASSET MANAGEMENT LLC LAZARD ASSET MANAGEMENT LLC 10,05% 16,52% FREE FLOAT 31,62% FREE FLOAT 50,60% GAVIO GROUP 74,56% GAVIO GROUP SIAS’ ownership structure is calculated on the “new” share capital (227,5 million shares) 7

  8. Ownership structureMain motorway companies PUBLIC AUTHORITIES GAVIO GROUP % MUNICIPALITIES PROVINCES REGIONS OTHER ANAS OTHER TOTAL SUBSIDIARIES 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. 8

  9. IMPROVES VISIBILITY OF EACH OF THE BUSINESS LINES RUN BY THE GROUP CONCENTRATES THE MOTORWAY BUSINESS IN SIAS TO FAVOUR THE OPTIMAL MANAGEMENT OF THE FINANCIAL RESOURCES AMONG THE VARIOUS CONCESSIONS INCREASES THE CRITICAL MASS OF THE MOTORWAY BUSINESS GET A BOOK VALUE OF THE INVESTED CAPITAL CLOSER TO MARKET VALUE OPTIMISES FINANCIAL RATIOS (ALSO IN VIEW OF BEING RATED BY AN INTERNATIONAL RATING AGENCIES) INCREASES THE SIAS’ PERSPECTIVE FREE-FLOAT AND LIQUIDITY Group Re-organization - Effects 9

  10. 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: 10

  11. 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 130,3 167,7 163,7 59,5 94,0 12,8 SATAP - Torino-Milano stretch - Torino-Piacenza stretch ATIVA SAV SITAF SITRASB PARMA ASTI ALESSANDRIA VOLTRI SESTRI L. CUNEO SAVONA LA SPEZIA VIAREGGIO VENTIMIGLIA PISA LUCCA LIVORNO TOTAL 1.211,1 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 11

  12. 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 12 SIAS Group motorway concessions

  13. SIAS Group motorway concessions (cont’d) Concession expiry SALT ADF CISA ASTI CUNEO COSTANERA NORTE (Chile) 2019 2021 2010 2033 2033 (1) (1) According to the concession scheme signed, the concession has been extended to 2031 13

  14. (1) SIAS Atlantia Abertis Cintra ASF APRR BRISA Average expiry of the motorway 2026 2037 2026 2040 2032 2032 2032 concessions Network managed (km) 1.287 3.408 3.350 2.481 3.026 2.215 1.063 Key consolidated figures 2006 (€/mln )(2): Revenues 781 2.686 3.335 885 560 2.625 1.670 Ebitda 468 1.989 2.099 581 2.057 1.305 418 % on Revenues 66% 74,1% 62,9% 65,6% 78,4% 78,1% 74,6% Ebit 318 1.606 1.343 360 1.164 744 294 % on Revenues 40,8% 59,8% 40,3% 40,7% 44,3% 44,6% 52,5% Net Income 185 672 530 156 476 263 168 % on Revenues 23,6% 25,0% 15,9% 17,6% 18,1% 15,7% 30,0% Equity 3.453 1.376 3.863 1.532 3.808 440 1.566 Net debt 1.171 8.946 11.842 8.390 7.355 6.436 2.364 D/Ebitda 5,7 2,5 4,5 14,4 3,6 4,9 5,6 D/E 0,8 2,3 3,4 5,5 1,9 14,6 1,5 SIAS GROUP: comparison with main European players (1) No longer listed (2)For the SIAS Group, the financial results refer to the “pro-forma” consolidated financial statements as at 31 December 2006. 14

  15. SIAS Atlantia Abertis BRISA Cintra Equity value (€/mn) Enterprise value – EV (€/mn) EV/EBITDA (2007 E) 13.735 23.679 14.395 14.847 23.943 5.626 6.092 4.066 2.281 11,3X 7.947 19,8X 10,2X 16,7X 7,8X SIAS GROUP: comparison with main European players(1)(cont’d) (1)Source: Equity research, Factset as of 30 November 2007 15

  16. FINANCIAL RESULTS GROUP STRUCTUREAFTERTHERE-ORGANIZATION 16

  17. 30 Sept. 2007 30 Sept. 2006 Pro-forma Pro-forma REVENUES: 548 9 11 20 44 5295 12 11 41 - TOLL REVENUES - REVENUES FROM CONSTRUCTION SECTOR - REVENUES FROM ENGINEERING SECTOR - REVENUES FROM TECHNOLOGICAL SECTOR - OTHER REVENUES TOTAL REVENUES 632 598 (322) OPERATING COSTS (311) CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS 78 84 388 EBITDA 371 4 - NON RECURRING ITEM EBITDA “adjusted” 392 371 NET FINANCIAL INDEBTEDNESS NET FINANCIAL INDEBTEDNESS (Including the NPV of the “Central Guarantee Fund” debt) 1.070 1.455 (1) (1) (1) Loans guaranteed by the Government: 34 Eu mn ASTM - 9 MONTHS RESULTS 2007 & 2006 (IAS/IFRS) (Eu mn) 17

  18. SIAS - 9 MONTHS RESULTS 2007 & 2006 (IAS/IFRS) (Eu mn) 30 Sept. 2007 30 Sept. 2006 Pro-forma Pro-forma REVENUES: 529 5 11 41 548 10 20 44 - TOLL REVENUES - REVENUES FROM CONSTRUCTION SECTOR - REVENUES FROM TECHNOLOGICAL SECTOR - OTHER REVENUES 586 622 TOTAL REVENUES OPERATING COSTS (292) (300) CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS 57 67 379 EBITDA 361 3 - NON RECURRING ITEM EBITDA “adjusted” 382 361 442 NET FINANCIAL INDEBTEDNESS NET FINANCIAL INDEBTEDNESS (Including the NPV of the “Central Guarantee Fund” debt) 1.183 1.631 (1) (1) (2) (1) (2) Loans guaranteed by the Government: 34 Eu mn As at 30/6/2007 18

  19. (442) (827) SIAS GROUP NET FINANCIAL POSITION, AS AT 30 JUNE 2007 Re-organization programme: - Intercompany transactions (sales/purchases of investments) (1) - Changes in the consolidation area(2) (222) (605) (827) SIAS NET FINANCIAL POSITION, AS AT 30 JUNE 2007 (after the re-organization) (1.269) Changes occurred in 3Q 07: - Sales/purchases of financial assets (net effects) - Increase in fixed assets (motorway sector) - Operating cash-flow 38 (84) 132 SIAS GROUP NET FINANCIAL POSITION, AS AT 30 SEPTEMBER 2007 (1.183) Refer to slide n. 6 Net financial indebtedness referred to SATAP, SAV and ATIVA (1) (2) RE-ORGANIZATION PROGRAMME: Changes in the SIAS Group net financial position (Eu mn) 19

  20. www.autostradatomi.it www.grupposias.it 20

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