The Italian Highway System A PublicPrivate Partnership SIAS

The Italian Highway System: A Public/Private Partnership

SIAS’ Highway Network S. BERNARDO AOSTA M. BIANCO IVREA FREJUS MILANO PIACENZA TORINO ASTI CUNEO VENTIMIGLIA ALESSANDRIA VOLTRI PARMA SESTRI L. SAVONA LA SPEZIA VIAREGGIO PISA LIVORNO LUCCA ROSIGNANO M. CIVITAVECCHIA Autostrada dei Fiori S. p. A. (ADF) Autostrada Ligure Toscana S. p. A. (SALT)

The SALT Highway General characteristics: – – – – Kms. 158 24 double tunnels + 5 single tunnel 214 bridges 10 service stations 12 toll stations 8 restaurants and recreational areas 2 tourist points 2 highway police stations Concession: expires in July 2019

The Ad. F Highway General characteristics: – – – – Kms. 113 67 double tunnels 90 bridges 10 service stations 3 rest and recreational areas 1 tourist point 1 Highways Police station 14 toll stations Concession: expires in November 2021

Ad. F Highway Toll Cost Distance: Kms. 113 car = 12. 10 euros= $18. 62 large truck = 34. 50 euros = $53. 08

SALT’s Shareholders’ Structure SIAS: 84. 03% • • • • • Provincial Administration of Lucca: City Council of Lucca: SINA S. p. A. : City Council of La Spezia: Patroncini Giorgio Franco Provincial Adminisration of La Spezia Banca Monte dei Paschi di Siena S. p. A. : Cassa di Risparmio di S. Miniato S. p. A. : Chamber of Commerce of Genoa: 3. 00% 2. 14% 1. 80% 1. 27% 1. 00% 0. 94% 0. 77% GE. FI. MO. - A. B. P. SIM S. p. A. 0. 42% Chamber of Commerce of La Spezia: 0. 29% Chamber of Commerce of Lucca 0. 23% Chamber of Commerce of Livorno: 0. 20% Chamber of Commerce of Firenze: 0. 07% Chamber of Commerce of Pisa: 0. 03% Chamber of Commerce of Massa Carrara: 0. 01% Chamber of Commerce of Arezzo: 0. 01% Chamber of Commerce of Pistoia: 0. 01% Chamber of Commerce of Grosseto: 0. 01% Total: 100. 00%

Ad. F Shareholders’ Structure SIAS: • • • • 59. 113% Banca Carige S. p. A. : 16. 620% Cassa di Risparmio di Savona S. p. A. 4. 000% Provincial Administration of Imperia: 3. 735% Chamber of Commerce of Imperia: 2. 819% Autostrada Albenga-Garessio-Ceva: 2. 563% Provincial Administration of Savona: 1. 945% Chamber of Commerce of Savona: 1. 945% City Council of Savona: 1. 725% City Council of Imperia: 1. 426% Chamber of Commerce of Genova: 1. 426% City Council of Sanremo: 1. 362% Fondazione Cassa di Risparmio Cuneo: 0. 900% Cassa di Risparmio di Asti S. p. A. : 0. 400% City Council of Ventimiglia: 0. 021% Total: 100. 00%

SIAS Ownership Structure Stake Aurelia Group (Gavio family) 73. 1 % Assicurazioni Generali Group 3. 6 % Lazard Asset Management 5. 0 % Float (on the Italian stock exchange) 18. 5 %

Concessionaries’ Obligations Operate the highways under the terms established by ANAS—the governmental roadway authority. These terms include: • Undertake all needed expansions and improvements indicated in the concession agreement • Ensure good maintenance of the highways, meet required safety standards and provide road-side assistance • Adhere to the terms of the financial plan included in the concession agreement • Provide periodical reporting to ANAS • Pay 1% of the tolls collected to the Ministry of Economy and Finance, and 2% of royalties from services (e. g. restaurants, gas stations, etc. ) to ANAS • At the end of the concession agreement, return the highways to ANAS in good operating condition and state of repair.

Concessionaries’ Rights • Collect tolls calculated according to a price cap formula regulated by ANAS– the governmental roadway authority • Collect royalties from sub-concessions for the use and operation of certain areas of the highways (such as service areas) • Collect revenues from limited roadside advertising, in accordance with the terms of the law

The “Price Cap” Toll Formula The Price Cap formula has the following form: T P - X + * Q Where: T = tariff P = measure of price inflation (estimated by Ministry of Finance) X = measure of cost-saving technological improvement (e. g. automation) Β = quality adjustment factor (between 0 and 0. 5) Q = index which measures the quality of the highway services in terms the number of accidents, congestion, response time, services to users, visual appeal.

Trend of Traffic on Italian Highways 1975 -2000 Vehicles Km (billion) Calculated on Km 5, 371 of highways in operation Source: www. aiscat. it

Traffic and GDP Growth, 1992 -2002 5. 5% 4. 5% 3. 5% 2. 5% 1. 5% 0. 5% -1. 5% 1992 1993 1994 TOTAL TRAFFIC IN ITALY 1995 1996 GDP 1997 1998 1999 2000 TOTAL TRAFFIC ON SIAS NETWORK 2001 2002

SIAS Stock Market Performance SIAS S. p. A. MIB 30 (Italian Stock Index)

Recent Highway and SIAS Data Italian highway data 2001 -2009: http: //www. aiscat. it/pubblicazioni/downloads/aiscat-cifre-2009. pdf pages 8 -9 SIAS and MIB stock data 2006 -2011: http: //www. borsaitaliana. it/borsa/azioni/grafico. html? isin=IT 000320119 8&lang=it