GAVIO GROUP AUTOSTRADA TORINO MILANO SOCIETA INIZIATIVE AUTOSTRADALI

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

AGENDA GROUP STRUCTURE FINANCIAL RESULTS REGULATION CONCLUSION 2

GROUP STRUCTURE FINANCIAL RESULTS REGULATION CONCLUSION 3

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

OWNERSHIP STRUCTURE Holding companies TREASURY STOCKS HSBC BANK PERNSION TRUST LTD GOLDMAN SACHS INTERN. LTD FONDAZIONE CR-TO ASSICURAZIONI GENERALI GROUP 10, 09% LAZARD ASSET MANAGEMENT LLC. 2, 85% 2, 04% 2, 53% 2, 59% 5, 01% 3, 68% ASSICURAZIONI GENERALI GROUP 5, 59% LAZARD ASSET MANAGEMENT LLC 17, 20% FREE FLOAT 21, 75% FREE FLOAT 53, 14% GAVIO GROUP 73, 53% GAVIO GROUP 5

OWNERSHIP STRUCTURE Main motorway companies PUBLIC AUTHORITIES ES % SUBSIDIARIES AUTOCISA Società Autostrada Asti -Cuneo S. p. A. UP RO G ER TH O S I IT L A P CI I UN M RO CE N VI P NS IO R EG S NA L R A O E TH TO TA 99, 87 0, 13 - - - 100 87 6 2 4 - - 1 100 84 5 2 9 - - - 100 68 4 - - 28 - - 100 65 - - 35 - 100 61 22 5 6 - - 6 100 41 41 - 18 - - - 100 37 11 11 9 - 32 - 100 36 - - - 64 - - 100 6

Current network managed by the SIAS Group CONCESSIONAIRE SUBSIDIARIES SATAP [A 4] SATAP [A 21] SALT CISA SAV AT-CN ADF ATIVA LENGHT KM S. BERNARDO AOSTA M. BIANCO IVREA MILANO FREJUS PIACENZA TORINO PARMA ASTI ALESSANDRIA VOLTRI EQUITY INVESTMENTS SITAF [A 32, T 4] SITRASB VENTIMIGLIA ROAD LINK (A 69) – UK COSTANERA NORTE – CHILE (THROUGH ASA) 130, 3 167, 7 154, 9 182, 0(1) 59, 5 90 (2) 113, 2 155, 8 MATURITY 2026 2017 2019 2031 2032 - (3) 2021 2016 SESTRI L. CUNEO SAVONA LA SPEZIA VIAREGGIO PISA LUCCA LIVORNO 94 12, 8 84 43 2050 2034 2026 2033 ROSIGNANO M. 1. 287, 2 SIGNIFICANT INVESTMENTS MILANO SERRAVALLE – MILANO TANGENZIALI SOCIETA’ AUTOSTRADA TIRRENICA (1) Inclusive of the planned 81 km stretch linking Parma to the Autostrada del Brennero (2) Under construction (3) 23, 5 yrs. starting from the completion of the infrastructure 7

SIAS GROUP: comparison with main European players SIAS Atlantia Abertis Cintra BRISA ITINERE Average expiry of the motorway concessions 2026 2037 2026 2040 2032 n. av. Network managed (km) 1. 287 3. 413 3. 350 2. 481 1. 063 3. 373 Key consolidated figures 1 H 2008 (€/mln): Revenues Ebitda % on Revenues 386 223 58% 1. 673 1. 777 1. 043 1. 111 346 217 211 62, 4% 62, 5% 67, 1% 68% 71% 516 319 298 128 822 717 253 118 130 % on Revenues 33% 49, 1% 40, 3% 49% 37% 44% Net Income 59(1) 367 331 (51) 52 4 15% 22% 18, 6% 16% - 1. 475 1. 400 4. 110 9. 375 5. 007 12. 999 n. av. 9. 497 1. 534 3. 640 563 4. 637 0, 9 x 2, 3 x 2, 6 x n. av. 2, 4 x 8, 2 x Ebit % on Revenues Equity Net debt D/E (1) - Excluding “non recurring items” 8

SIAS GROUP: comparison with main European players(1) (cont’d) Atlantia SIAS Equity value (€/mn) 1. 150 8. 684 Enterprise value – EV (€/mn) 2. 945 18. 994 EV/EBITDA (2008 E) 5, 7 X Debt/EBITDA (2007) (2) 2, 8 X OPERATING CASH FLOW (2007) (€/mn) (2) 332 (1) (2) 8, 7 X Abertis 9. 639 21. 387 8, 8 X 4, 5 X 5, 7 X 1. 252 1. 526 Cintra 4. 192 BRISA ITINERE 3. 883 2. 844 12. 632 6. 867 7. 468 16, 1 X 12, 8 X 14, 3 X 13, 8 X 7, 0 X 11, 8 x 783 438 326 Source: Equity research, Factset as of 30 September 2008 For the SIAS Group, the financial results refer to the “pro-forma” consolidated financial statements as at 31 December 2007 9

SIAS GROUP: comparison with main European players (cont’d) Enterprise Value (EV) EV/EBITDA 2008 E 16, 1 x 14, 3 x 12, 8 x 8, 7 x 8, 8 x 5, 7 x Source: Equity Research, Factset as of 30 September 2008 10

GROUP STRUCTURE FINANCIAL RESULTS REGULATION CONCLUSION 11

ASTM - 6 MONTHS RESULTS 2008 & 2007 (Eu mn) 30/06/2008 REVENUES: 30/06/2007 “Pro-forma” 351 346 - REVENUES FROM CONSTRUCTION SECTOR 1 6 - REVENUES FROM ENGINEERING SECTOR 4 6 - REVENUES FROM TECHNOLOGICAL SECTOR - OTHER REVENUES 7 15 - TOLL REVENUES 27 TOTAL REVENUES 390 (205) OPERATING COSTS CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS 42 30 403 (215) 54 227 58, 2% 242 60, 0% EBITDA MARGIN 12

ASTM – 1 st HALF 2008 EBITDA BY SECTOR MOTORWAY SECTOR 95% ENGINEERING SECTOR 1% CONSTRUCTION SECTOR TECHNOLOGICAL SECTOR 2% 2% 13

ASTM – NET FINANCIAL INDEBTEDNESS (Eu mn) 30/06/2008 Cash and cash equivalents Financial receivables Short-term indebtedness Long-term indebtedness NET FINANCIAL INDEBTEDNESS Including the NPV OF THE “CENTRAL GUARANTEE FUND” DEBT 31/12/2007 286 424 21 (298) 21 (268) (1. 303) (1. 324) (1. 294) (1. 148) (1. 661) (1. 565) Short-term indebtedness 18, 6% 16, 8% Long-term indebtedness 82, 4% 30/06/2008 83, 2% 31/12/2007 14

SIAS - 6 MONTHS RESULTS 2008 & 2007 (Eu mn) 30/06/2008 30/06/2007 “Pro-forma” REVENUES: 351 - TOLL REVENUES - REVENUES FROM CONSTRUCTION and ENGINEERING SECTORS 1 - REVENUES FROM TECHNOLOGICAL SECTOR 346 6 7 15 - OTHER REVENUES 27 30 TOTAL REVENUES 386 397 OPERATING COSTS (190) (200) CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS 27 30 223 57, 8% 237 59, 7% EBITDA MARGIN 15

SIAS 1 st HALF 2008 EBITDA BY SECTOR CONSTRUCTION & ENGINEERING SECTORS 2% MOTORWAY SECTOR A 4 Stretch 97% AUTOCISA A 21 Stretch (1) TECHNOLOGICAL SECTOR 1% (1) ATIVA is consolidated on a “proportional basis” (41, 17%) 16

SIAS - BALANCE SHEET (Eu mn) 2007 1 H 2008 31/12/2007 DEBT/EQUITY 0, 9 1 H 2008 30/06/2008 0, 9 17

SIAS – NET FINANCIAL INDEBTEDNESS (Eu mn) 30/06/2008 Cash and cash equivalents Financial receivables Short-term indebtedness Long-term indebtedness NET FINANCIAL INDEBTEDNESS Including the NPV OF THE “CENTRAL GUARANTEE FUND” DEBT 31/12/2007 270 341 21 (299) 21 (271) (1. 393) (1. 413) (1. 400) (1. 323) (1. 768) (1. 740) Short-term indebtedness 18, 6% 16, 1% Long-term indebtedness 82, 4% 30/06/2008 Long-term indebtedness 83, 9% 31/12/2007 18

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 5 TH YEAR • 1: 1 AT PAR 19

GROUP STRUCTURE FINANCIAL RESULTS REGULATION CONCLUSION 20

ASTM & SIAS GROUP - INVESTMENT PLAN (Eu bn) SATAP: A 4 Stretch A 21 Stretch Investments Plan (1) Status of the Concession/Financial Plan Currently under Approved negotiation 0, 8 0, 2 1, 0 a ATIVA 0, 15 a SALT 0, 3 a ADF 0, 2 a CISA 2, 0 ASTI-CUNEO 1, 0 (2) a a (1) Expected amount from 2008 onwards (2) Expected Government contribution by 0, 2 bn The amont of additional investments on SAV is negligible 21

VALUE DRIVERS: TRAFFIC GROWTH TRAFFIC TREND HISTORICALLY OUTPERFORMED GDP GROWTH EVEN IN RECESSION YEARS 4. 5% 3. 5% 2. 5% 1. 5% 0. 5% -1. 5% 1997 1998 1999 2000 ITALIAN GDP 2001 2002 2003 2004 2005 2006 2007 1 H/2008 TOTAL TRAFFIC ON MOTORWAYS 22

GROUP STRUCTURE FINANCIAL RESULTS REGULATION CONCLUSION 23

CONCLUSION Long term view of the business, dedicated management Conservative financial profile and balanced growth strategy (also abroad) Value creation through lasting, experienced motorway know-how and operating efficiency Growing opportunities arising from the “new” stretches No competition from other transportation systems Substainable profitability growth rates 24

www. autostradatomi. it www. grupposias. it 25