GAVIO GROUP AUTOSTRADA TORINO MILANO SOCIETA INIZIATIVE AUTOSTRADALI

GAVIO GROUP AUTOSTRADA TORINO – MILANO SOCIETA’ INIZIATIVE AUTOSTRADALI E SERVIZI JULY 2009

KEY FACTS 2008 2009 TOLL REVENUES IN LINE WITH 2007 1 Q 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. ) WRITE-DOWNS OF INVESTEMENTS BY € 43 MIL. (SIAS GROUP) AND BY € 63. 5 MIL. (ASTM GROUP) NO TARIFF INCREASES (EXTIMATED LACK OF REVENUES BY APPROX. € 11 MIL. ) 2008 ADDITIONAL CAPEX: € 295 MILLION MAY 1, 2009 “NEW” CONCESSION CONTRACTS OF SATAP (A 4 AND A 21), ATIVA AND CISA(2) ENACTED ON JUNE 2008 BY LAW(3) THE CONCESSION CONTRACT OF “ASTI-CUNEO”, RECORDED BY AUDIT COURT, IS EFFECTIVE SINCE FEBRUARY 2008 DECREE LAW N. 185 ISSUED ON NOVEMBER 29, 2008 POSTPONED THE 2009 TARIFF INCREASES TO MAY 1, 2009 (1) (2) (3) 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. TARIFF INCREASES ON GROUP NETWORK JUNE 30, 2009 COMPLETED THE ACQUISITION OF 3 ADDITIONAL CHILEAN MOTORWAYS (JOINTLY WITH ATLANTIA) 2

2008 ASTM-SIAS FINANCIAL RESULTS - HIGHLIGHTS (Eu mn unless otherwise stated) SIAS ASTM 2008 2007 “pro -forma” 714 87 801 714 109 823 Revenues from motorway sector Other sectors’ revenues Total Revenues 442 264 162 43 (1) 490 327 314 112 EBITDA EBIT Profit before taxes Net profit (after minorities) 293 330 295 400 1. 389 3, 1 x 0, 85 x 1. 148 2, 3 x 0, 69 x 0, 20 0, 05 0, 20 0, 40 50% 31% 2007 “pro -forma” 714 77 791 714 98 812 431 256 167 77 (2) 477 314 302 170 Operating cash flow 277 325 Additional Capex (Motorway sector) 295 400 Net Debt/EBITDA Net Debt/Equity 1. 498 3, 5 x 1, 02 x 1. 323 2, 8 x 0, 90 x Dividend per share (€) Interim Final Total Pay out (on Group’s consolidated net profit) 0, 160 0, 040 0, 200 0, 165 0, 160 0, 325 59% 44% (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

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

TRAFFIC BY QUARTER 1 Q 2008 2 Q 2008 3 Q 2008 4 Q 2008 1 Q 2009 2 Q 2009 +2, 90% -0, 21% (2) -1, 74% -2, 41% -3, 13% -7, 96% FY 2008: - 1, 21% (1) 1 H 2009: - 4% (2) Net of extraordinary events, we expect that traffic trends will fall by 3, 5% in 2009 (1) Inclusive of the “leap year” effect (2) Preliminary traffic figures 5

AGENDA GROUP STRUCTURE FINANCIAL RESULTS TARIFF INCREASES AND INVESTMENT PLAN INTERNATIONAL DEVELOPMENT - CHILE CONCLUSION 6

GROUP STRUCTURE FINANCIAL RESULTS TARIFF INCREASES AND INVESTMENT PLAN INTERNATIONAL DEVELOPMENT - CHILE CONCLUSION 7

Current Group Structure Aurelia S. p. A. / Argo Finanziaria S. p. A. 9, 90% Market 51, 00% ASTM S. p. A. 63, 42% (SINA 1, 72%) 26, 68% 99, 5% 82, 0% SIAS S. p. A. 18, 0% 0, 5% 99, 9% 45, 0% ASA - APC (Chile) SATAP 40, 3% 41, 2% ITINERA+ Grassetto Itinera 59, 7% Lavori 100% Holding Piemonte e Valle d'Aosta 65, 1% SAV ATIVA 20, 0% 84, 4% 87, 4% + FPI (16, 42%) 58, 05% Road. Link Road Holdings (UK) 36, 5% CISA 0, 08% SALT (ITINERA 5%) Pavimental CODELFA SINELEC + ARGO (39, 01%) Asti-Cuneo 60, 8% ADF SITAF 6, 2% 26, 45% 50, 0% SINECO 65, 0% 1, 1% 33, 58% SINA CODELFA Pavimental 1, 4% 36, 5% SITRASB 28, 1% 32, 4% ABC 25, 4% 14, 1% Motorway Concessions Technological and tlc services towards motorway concession companies Holding Companies Engineering, planning and infrastructure/maintenance Costruction, planning, services, other (Non consolidated) 8

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

OWNERSHIP STRUCTURE Main motorway companies % SUBSIDIARIES AUTOCISA UP RO G Lx. L Società Autostrada Asti-Cuneo S. p. A. APC (VS, LC, NO) ER H T O PA CI NI S IE T LI PUBLIC AUTHORITIES S V U O PR M CE IN NS IO S NA ER H T L TA G RE A O TO 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 50 50 - - - 100 45 55 - - - 100 41 41 - 18 - - - 100 37 11 11 9 - 32 - 100 36 - - - 64 - - 100 E. M. PROP. E. M. 10

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 FREJUS PIACENZA TORINO PARMA ASTI ALESSANDRIA VOLTRI EQUITY INVESTMENTS SITAF [A 32, T 4] SITRASB MILANO 130, 3 167, 7 154, 9 182, 0(1) 59, 5 90 (2) 113, 2 155, 8 SESTRI L. CUNEO SAVONA 94 12, 8 LA SPEZIA VIAREGGIO VENTIMIGLIA PISA LUCCA LIVORNO ROAD LINK (A 69) – UK COSTANERA NORTE – CHILE (THROUGH ASA) ROSIGNANO M. VESPUCIO SUR / LITORAL CENTRAL / NORORIENTE – CHILE (THROUGH APC) 84 43 125 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

SIAS Group: Italian motorway concessions Status of the Concession/Financial Plan Concession expiry Approved Ongoing negotiation for renewal SATAP S. p. A. Torino-Milano 2026 SATAP S. p. A. Torino-Piacenza 2017 SAV S. p. A. Quincinetto-Aosta 2032 ATIVA S. p. A. Torino ringroad, Torino-Quincinetto, Ivrea-Santhià e Torino-Pinerolo 2016 Sestri Levante-Livorno, Viareggio-Lucca e Fornola-La Spezia 2019 a ADF S. p. A. Savona-Ventimiglia 2021 a CISA S. p. A. La Spezia-Parma (and junction to the Brennero motorway) 2031 SALT S. p. A. ASTI-CUNEO a a (1) a (2) a (1) An EU infringement procedure was opened upon the extension of the concession to 2031 (final resolution is expected soon). (2) 23, 5 years starting from the completion of the infrastructure 12

SIAS GROUP: comparison with main European players SIAS Atlantia Abertis Cintra BRISA ITINERE Average expiry of the motorway concessions 2025 2037 2025 2040 2032 n. av. Network managed (km) 1. 287 3. 413 3. 320 2. 800 1. 106 2. 934 Key consolidated figures FY 2008 (€/mln): Revenues Ebitda % on Revenues Ebit % on Revenues Net Income % on Revenues Equity Net debt D/E Debt/EBITDA (2008) 800 3. 477 3. 679 431 2. 115 2. 256 522 483 235 61% 71% 70% 68% 256 1. 616 1. 448 401 277 159 32% 46% 39% 54% 40% 46% 54% 618 77 735 10% 21% 1. 469 1. 498 3. 986 9. 755 4. 779 14. 059 1, 0 x 2, 4 x 2, 9 x 3, 5 X 4, 6 X 736 (56) 17% 6, 2 X - n. av. 8. 525 - 16, 3 X 686 152 345 28 22% 8% 1. 373 3. 674 367 3. 313 2, 7 x 9, 0 x 7, 6 X 14, 1 x 13

SIAS GROUP: comparison with main European players(1) (cont’d) Atlantia SIAS Abertis Cintra BRISA ITINERE Equity value (€/mn) 1. 081 8. 297 8. 933 2. 553 2. 905 2. 851 Enterprise value – EV (€/mn) 2. 781 18. 233 21. 767 8. 905 5. 784 7. 831 9, 4 X 17, 0 X EV/EBITDA (2009 E) 6, 2 X 8, 8 X 12, 4 X 15, 0 X (1) Source: Equity research, factset as of May 2009 14

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

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

ASTM – NET FINANCIAL INDEBTEDNESS (Eu mn) 31/3/2009 Cash and cash equivalents Financial receivables Short-term indebtedness Long-term indebtedness NET FINANCIAL INDEBTEDNESS Including the NPV OF THE “CENTRAL GUARANTEE FUND” DEBT 31/12/2008 258 208 (214) (210) (1. 429) (1. 387) (1. 385) (1. 389) (1. 741) (1. 740) Short-term indebtedness 13, 0% Long-term indebtedness 87, 0% 31/3/2009 17

SIAS EBITDA BY SECTOR CONSTRUCTION SECTOR 1% MOTORWAY SECTOR A 4 Stretch % % 97% % A 21 Stretch AUTOCISA % % (1) TECHNOLOGICAL SECTOR 2% (1) ATIVA is consolidated on a “proportional basis” (41, 17%) 2008 EBITDA 431, 1 EBITDA margin 54% 1 Q 2009 EBITDA 80, 2 EBITDA margin 48% 18

SIAS – NET FINANCIAL INDEBTEDNESS (Eu mn) 31/3/2009 Cash and cash equivalents Financial receivables Short-term indebtedness Long-term indebtedness NET FINANCIAL INDEBTEDNESS Including the NPV OF THE “CENTRAL GUARANTEE FUND” DEBT 31/12/2008 238 192 (214) (212) (1. 520) (1. 478) (1. 496) (1. 498) (1. 852) (1. 849) Short-term indebtedness 12, 4% Long-term indebtedness 87, 6% 31/3/2009 19

SIAS – DEBT ANALYSIS BY MATURITY 2009 - 2010 15, 9% 2016 -onward 54, 9% . Debt at fixed rate/hedges. Debt at floating rate 2011 - 2015 29, 2% : 77% of consolidated debt (approx. 3. 8%) : 23% of consolidated debt (Euribor +35 b. p. 115 b. p. ) 20

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 21

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

SIAS GROUP – TARIFF INCREASES (2009) “NEW” CONCESSION AGREEMENTS Inflation (a) Quality factor (b) SATAP A 4 1, 50 SATAP A 21 1, 50 (%) X factor 2008 (e) X factor 2009 (f) K factor 2009 (g) TOTAL TARIFF INCREASE (c)+(d)+(e)+(f)+(g) 0, 19 1, 69 - 3, 98 9, 81 19, 46 0, 16 1, 66 - 2, 92 5, 13 12, 63 0, 54 1, 00 - - 5, 03 6, 57 ATIVA 1, 50 -0, 96 CISA 1, 50 0, 11 1, 61 - - - 9, 30 ASTI-CUNEO (1) (a)+(b)=(c) Past due increase (d) (1) Total Refers to “Productivity factor” 23

SIAS GROUP – TARIFF INCREASES (2009) cont’d CONCESSION AGREEMENTS CURRENTLY UNDER NEGOTIATION Inflation (1) (a) Productivity factor (b) Quality factor (c) Past due increase (d) TOTAL TARIFF INCREASE (a)+(b)+(c)+(d) ADF 1, 50 0, 96 0, 31 0, 98 1, 83 SALT 1, 50 0, 96 0, 55 3, 46 4, 55 SAV 1, 50 0, 96 0, 21 2, 15 2, 90 1, 50 0, 96 1, 48 2, 55 4, 57 (%) SITAF (2) (3) 2009 Group average tariff increase : +5% (1) (2) (3) The renewal of the concession agreements is expected by the end of 2009 The company is consolidated with the “equity method” Based on 1/5 – 31/12/2009 period (+7. 5%: full year) 24

SIAS GROUP – TARIFF INCREASES – KEY COMPONENTS (2010 – ONWARD) “NEW” CONCESSION AGREEMENTS (%) 2010 2011 2012 2013 2014 SATAP A 4 X factor K factor 3, 98 9, 81 13, 79 13, 79 SATAP A 21 X factor K factor 2, 92 5, 13 8, 05 8, 05 ATIVA K factor 5, 18 CISA K factor 1, 57 10, 00 2015 2016 10, 00 3, 46 FOR THE REMAING CONCESSION AGREEMENTS (ADF, SALT, SAV AND SITAF) NEGOTIATION ARE IN PROGRESS WITH THE REGULATOR (ANAS) 25

SIAS GROUP - INVESTMENT PLAN 2014 2015 2016 2017 -end of concession (Eu bn) 2009 2010 2011 2012 2013 Totale SATAP A 4 0, 07 0, 19 0, 27 0, 15 0, 03 0, 71 SATAP A 21 0, 05 0, 04 0, 01 0, 02 0, 16 SAV 0, 01 0, 02 ATIVA 0, 02 0, 04 0, 03 0, 02 SALT 0, 04 0, 04 ADF 0, 01 0, 04 0, 03 0, 01 CISA 0, 12 0, 28 0, 27 0, 33 0, 30 AT - CN 0, 13 0, 42 0, 37 0, 28 0, 23 0, 09 Totale 0, 45 1, 04 1, 08 0, 83 0, 68 0, 47 (1) 0, 05 0, 13 0, 04 0, 13 0, 08 0, 01 0, 34 0, 41 0, 09 0, 12 0, 10 (1) 2, 00 (2) 1, 52 (3) 5, 11 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

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

INTERNATIONAL DEVELOPMENT: CHILE ACQUISITION OF 3 CHILEAN MOTORWAYS HAS BEEN COMPLETED ON JUNE 30, 2009 BUSINESS CONSOLIDATION OPPORTUNITIES ACHIEVED CRITICAL MASS JOINT ACQUISITION WITH ATLANTIA IN SANTIAGO AREA PARTNERSHIP/CO-INVESTMENTS TO MINIMIZE BUSINESS RISK 28

INTERNATIONAL DEVELOPMENT: CHILE Metropolitan Area of Santiago I Transaction Highlights SIAS has contibuted assets of Santiago area in a new vehicle equally controlled with Atlantia indicatively financed with 50% equity/50% debt II IV V V RM VI RM Santiago VI VIII VII IX Equity contribution: SIAS (approx. € 68 mil. , inclusive of a share premium by € 41 mil. ) and Atlantia (approx. € 27 mil) SIAS and Atlantia already hold a 45% interest each in Autostrade Sud America (ASA), which controls Costanera Norte, a 43 Km toll road in Santiago X The new vehicle will merge with ASA XI Puchuncavi. Nogales Los Andes Rationale Viña del Mar Valparaiso XII Colina Algarrobo San Antonio Melipilla Santiago Area V Synergies in the Santiago area leveraging on the existing operating platform 29

INTERNATIONAL DEVELOPMENT: CHILE Asset Joint vehicle SIAS / Atlantia (3) EBITDA 2008 Net debt/ 2008 EBITDA Vespucio Sur 50% 25 201 8. 0 x Red Vial Litoral Central 50% 4 62 15. 5. x Nororiente (1) (2) Stake 100% n. a. (1) 125 n. m. (1) Equity value pre-leverage 262 (3) Remarks Assets in Santiago contributed in APC (a new vehicle equally controlled by SIAS and Atlantia) Combined EV/EBITDA 22. 4 x New vehicle Costanera (2) to merge with Opened to traffic beginning of March 2009 24. 2 x 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

INTERNATIONAL DEVELOPMENT: CHILE Km Concession start-end Tariff formula Remarks • Committed Governement subsidies Vespucio Sur 24 2002 -2032 100% CPI + 3. 5% • Possible 8 year concession extension (1) • Congestion pricing (2) • Minimum guaranteed income (1) (2) Red Vial Litoral Central 80 2001 -2031 100% CPI Nororiente 21 2009 -2044 100% CPI + 3. 5% • Committed Governement subsidies • Minimum guaranteed income • Committed Governement subsidies 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

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

CONCLUSION OPERATIONS REGULATION TRAFFIC RELATIVELY RESILIENT TO ECONOMIC SLOWDOWN TARIFF INCREASES LINKED TO THE SIGNIFICANT ONGOING INVESTMENT PLAN 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) INTERNATIONAL DEVELOPMENT DIVIDEND POLICY FOCUS ON FEW SELECTED OPPORTUNITIES WITH LIMITED EQUITY COMMITMENT INVOLVEMENT OF OTHER PARTNERS IN ACQUISITIONS OF NON MATURE OR HIGHLY LEVERED ASSETS STABLE PAY-OUT DESPITE INVESTMENTS’ PEAK FINANCIAL LARGE SAFETY MARGIN IN TERM OF RE-FINANCING STRATEGY ACCESS TO LONG-TERM SOURCES OF FUNDING [e. g. EIB and CDP] 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 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

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