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April 2008

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

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  1. GAVIO GROUP AUTOSTRADA TORINO – MILANO SOCIETA’ INIZIATIVE AUTOSTRADALI E SERVIZI April 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. 11,14% 51,15% ASTM S.p.A. ASTM S.p.A. Market Market 63,42% (SINA 1,72%) 99,5% 82,0% 25,44% 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%) 0,07% 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 0,78% 3,33% ASSICURAZIONI GENERALI GROUP 4,00% FONDAZIONE CR-TO ASSICURAZIONI GENERALI GROUP 5,01% 5,59% LAZARD ASSET MANAGEMENT LLC 10,05% LAZARD ASSET MANAGEMENT LLC. 16,52% FREE FLOAT FREE FLOAT 29,01% 51,15% GAVIO GROUP 74,56% GAVIO GROUP SIAS’ ownership structure is calculated on the “new” share capital (227,5 million shares) 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 130,3 167,7 163,7 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 1.295,1 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 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 2010 - 2033 (1) (2) • According to the agreement signed, the concession has been extended to 2031 • 23,5 yrs. starting from the completion of the infrastructure 11

  12. Average expiry of the motorway concessions Network managed (km) Key consolidated figures 2007 (€/mln )(1): Revenues Ebitda % on Revenues Ebit % on Revenues Net Income % on Revenues Equity Net debt D/Ebitda D/E SIAS GROUP: comparison with main European players BRISA SIAS Atlantia Abertis Cintra 2032 2026 2037 2026 2040 1.063 1.295 3.408 3.350 2.481 647 812 3.272 3.620 1.025 460 477 2.068 2.269 694 71,1% 59% 63,2% 62,7% 67,7% 289 315 1.643 n.av. 508 43,4% 39,0% 50,2% n.av. 49,6% 259 170 694 682 (26) 40,0% 21,0% 2,1% 18,8% n.a. 1.691 5.020 1.478 4.010 1.280 3.208 1.323 9.241 12.873 9.572 7,0x 2,8x 4,5x 13,8x 5,7x 1,9x 0,9x 2,3x 2,6x 7,5x (1) For the SIAS Group, the financial results refer to the “pro-forma” consolidated financial statements as at 31 December 2007 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 March 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. ( Eu mn ) ASTM 2007 & 2006 – “PRO-FORMA” RESULTS 31/12/2007 “Pro-forma 31/12/2006 “Pro-forma REVENUES: - REVENUES FROM MOTORWAYS SECTOR - REVENUES FROM CONSTRUCTION SECTOR - REVENUES FROM ENGINEERING SECTOR - REVENUES FROM TECHNOLOGICAL SECTOR - OTHER REVENUES 714 10 13 27 59 823 (445) 112 490 60% 4 494 (167) 327 (14) (112) (89) 112 693 10 12 17 58 787 (430) 122 479 61% 2 481 (150) 331 (16) (120) (86) 109 TOTAL REVENUES OPERATING COSTS CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS EBITDA EBITDA margin EBITDA “adjusted” EBIT NET INCOME NON RECURRING ITEM AMORTISATION & DEPRECIATION FINANCIAL RESULT INCOME TAXES MINORITY INTERESTS OPERATING CASH-FLOW NET FINANCIAL INDEBTEDNESS NET FINANCIAL INDEBTEDNESS (Including the NPV of the “Central Guarantee Fund” debt) 336 1.148 1.565 332 1.000 1.431 (1) (1) (1) Loans guaranteed by the Government: 25 Eu mn 16

  17. MOTORWAY SECTOR 92% ASTM – 2007 “PRO-FORMA”EBITDA BY SECTOR 2% ENGINEERING SECTOR CONSTRUCTION SECTOR 3% 3% TECHNOLOGICAL SECTOR 17

  18. ( Eu mn ) ASTM 2007 & 2006 “PRO-FORMA” BALANCE SHEET 7% 8% 15% 2006 Pro-forma 2006 Pro-forma 2007 2007 2007 31/12/2007 31/12/2006 DEBT/EQUITY DEBT/EBITDA 0,6 2,1 0,7 2,3 18

  19. ( Eu mn ) SIAS 2007 & 2006 – “PRO-FORMA” RESULTS 31/12/2007 “Pro-forma 31/12/2006 “Pro-forma REVENUES: - REVENUES FROM MOTORWAYS SECTOR - REVENUES FROM CONSTRUCTION SECTOR - REVENUES FROM ENGINEERING SECTOR - REVENUES FROM TECHNOLOGICAL SECTOR - OTHER REVENUES 714 11 - 27 60 812 (417) 82 477 59% 3 480 (165) 315 (13) (104) (28) 170 693 6 - 18 59 776 (402) 92 466 60% 1 467 (149) 318 (22) (111) (30) 155 TOTAL REVENUES OPERATING COSTS CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS EBITDA EBITDA margin EBITDA “adjusted” EBIT NET INCOME NON RECURRING ITEM AMORTISATION & DEPRECIATION FINANCIAL RESULT INCOME TAXES MINORITY INTERESTS OPERATING CASH-FLOW NET FINANCIAL INDEBTEDNESS NET FINANCIAL INDEBTEDNESS (Including the NPV of the “Central Guarantee Fund” debt) 332 1.323 1.740 321 1.171 1.602 (1) (1) (1) Loans guaranteed by the Government: 25 Eu mn 19

  20. MOTORWAY SECTOR 94% AUTOCISA SIAS 2007 “PRO-FORMA” EBITDA BY SECTOR 3% CONSTRUCTION SECTOR A4 Stretch A21 Stretch (1) 3% TECHNOLOGICAL SECTOR (1) ATIVA is consolidated on a “proportional basis” (41,17%) 20

  21. ( Eu mn ) 31/12/2007 31/12/2006 DEBT/EQUITY DEBT/EBITDA 0,9 2,5 0,9 2,8 SIAS 2007 & 2006 “PRO-FORMA” BALANCE SHEET 7% 8% 13% 2006 Pro-forma 2006 Pro-forma 2007 2007 2007 21

  22. SIAS ANALIYSIS OF THE 2007 “PRO-FORMA” CONSOLIDATED RESULTS Strong cash flow generation € 477m +8,1% VS. 2006 € 360m € 282m (€ 117m) (€ 78m) € 207m (€ 75m) Financial expenses, taxes Maintenance Capex EBITDA 2007 Net CF 2007 FCF 2 Dividends FCF 1 22

  23. 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 23

  24. REGULATION GROUP STRUCTURE FINANCIAL RESULTS CONCLUSION 24

  25. ASTM & SIAS GROUP - INVESTMENT PLAN Status of the Plan Status of the Plan To be approved by ANAS To be approved by ANAS Approved by ANAS Approved by ANAS (Eu bn) Investments Plan (1) 0,8 0,2 SATAP: A4 Stretch A21 Stretch a (2) 1,0 0,15 a (2) ATIVA (1) Expected amount from 2008 onwards (2) The effectiveness of the concession agreements is subject to the completion of the “authorization process”, still in progress The amont of additional investments on SAV are negligible 25

  26. ASTM & SIAS GROUP - INVESTMENT PLAN Status of the Plan To be approved by ANAS Approved by ANAS (Eu bn) Investments Plan (1) 0,3 SALT a ADF a 0,2 (2) a 2,0 CISA (3) a 1,0 (4) ASTI-CUNEO (1) Expected amount from 2008 onwards (2) The effectiveness of the concession agreements is subject to the completion of the “authorization process”, still in progress (3) The concession is effective from 11 February, 2008 (4) Expected Government contribution by 0,2 bn 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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