September 2008September 2008

AUTOSTRADA TORINO – MILANO SOCIETA’ INIZIATIVE AUTOSTRADALI E SERVIZI AUTOSTRADA TORINO – MILANO SOCIETA’ INIZIATIVE AUTOSTRADALI E SERVIZI

GAVIO GROUPGAVIO GROUP

2

AGENDA

REGULATION

GROUP STRUCTURE

FINANCIAL RESULTS

CONCLUSION

3

REGULATION

GROUP STRUCTURE

FINANCIAL RESULTS

CONCLUSION

4

Current Group Structure (after the Re-organization)

Motorway Concessions Technological and tlc services towards motorway concession companies

Holding Companies Engineering, planning and infrastructure/maintenance

Costruction, planning, services, other (Non consolidated)

ASTM S.p.A.

Aurelia S.p.A. / Argo Finanziaria S.p.A.

53,14%

SIAS S.p.A.

SATAP

SAVATIVA

Road Link Holdings (UK)

65,1%41,2%

99,9%

ITINERA+Grassetto

Lavori

40,3%

Holding Piemonte e

Valle d'Aosta

20,0%

SITRASB

36,5%

SALTCISA

ADF

84,4% 87,4%

60,8%(40,0%)

CODELFA

50,0%

SITAF

36,5%

6,2%

1,1%

59,7%

100%

Pavimental

ASA(Costanera Norte - Cile)

45,0%

Market

Motorway Concessions Technological and tlc services towards motorway concession companies

Holding Companies Engineering, planning and infrastructure/maintenance

Costruction, planning, services, other (Non consolidated)

ASTM S.p.A.

Argo Finanziaria S.p.A.

SIAS S.p.A.

63,42%(SINA 1,72%)

SATAP

SAVATIVA

Road Link

65,1%41,2%

99,9%

Itinera

SINECOSINA

82,0%

Piemonte e

20,0%

99,5%

SITRASB

36,5%

SALTCISA

ADF

84,4% 87,4%

60,8%

SSAT

60,0%

+ ARGO

CODELFA

50,0%

SITAF

6,2%59,7%

0,08%

100%

0,5%

Pavimental

26,45%

18,0%

10,11%

SINELEC

96,2%

(Costanera

45,0%

26,47%

2,17%

Market

Asti-CuneoAsti-Cuneo

65,0%(ITINERA 5%)

OWNERSHIP STRUCTUREHolding companies

5

TREASURY STOCKS

ASSICURAZIONI GENERALI GROUP

FREE FLOAT

GAVIO GROUP53,14%

21,94%

10,09%

2,66%

5,01%

FONDAZIONE CR-TO

2,04%

LAZARD ASSETMANAGEMENT LLC.

ASSICURAZIONI GENERALI GROUP

5,59%

FREE FLOAT17,20%

GAVIO GROUP73,53%

3,68%

LAZARD ASSET MANAGEMENT LLC

2,59%2,53% GOLDMAN SACHS INTERN. LTD

HSBC BANK PERNSION TRUST LTD

OWNERSHIP STRUCTUREMain motorway companies

AUTOCISA

%

PUBLIC AUTHORITIES

GROUP

MUNICIP

ALITIE

S

OTHER

PROVINCES

REGIONS

ANAS

OTHER

TOTAL

6

99,87

68

41

37

36

87

61

84

65

-

-

-

11

-

2

5

2

-

-

-

18

9

-

4

6

9

-

-

28

-

-

64

-

-

-

-

-

-

-

32

-

-

-

-

35

-

-

-

-

-

1

6

-

-

100

100

100

100

100

100

100

100

100

0,13

4

41

11

-

6

22

5

-

SUBSIDIARIES

Società Autostrada Asti-Cuneo S.p.A.

Group Re-organization - Effects

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

8

Group Re-organization – Key points

Following the completion of the 1st phase of the Reorganization, the Group structure features:

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.

SAVONASAVONA

VENTIMIGLIA

M. BIANCOIVREAIVREA

TORINOTORINO

VOLTRIVOLTRI SESTRI L.SESTRI L.

PARMAPARMA

LA SPEZIAVIAREGGIO

PISA LUCCALUCCALIVORNO

ASTIASTI

CUNEOCUNEO

AOSTAAOSTA

S. BERNARDO

MILANOMILANO

FREJUSPIACENZAPIACENZA

ROSIGNANO M.

ALESSANDRIAALESSANDRIA

TOTAL TOTAL 1.287,21.287,2

(1)(2)(3)

Inclusive of the planned 81 km stretch linking Parma to the Autostrada del BrenneroUnder constructionCostanera Norte S.A. (through ASA) - Chile

Società Italiana Traforo Autostradale del Frejus p. A.Società Italiana Traforo del Gr.S.Bernardo S.p.A.Road Link (A69) Holding Ltd - UKCostanera Norte S.A. - Chile (through ASA)

EQUITY INVESTMENTSAutostrada Torino-Alessandria-Piacenza S.p.A Autostrade Valdostane S.p.A.Autostrada Torino-Ivrea-Valle d’Aosta S.p.A.

SUBSIDIARIES

SIGNIFICANT INVESTMENTSMilano Serravalle – Milano Tangenziali S.p.A.

Autostrada dei Fiori S.p.A.Autostrada Ligure Toscana S.p.A.Autocamionale della Cisa S.p.A.

Società Autostrada Tirrenica S.p.A.

9

Km.Km.

130,3130,3167,7167,7155,8155,8

59,559,594,094,012,812,884,084,0

SATAPSATAP - Torino-Milano stretch- Torino-Milano stretch - Torino-Piacenza stretch- Torino-Piacenza stretchATIVAATIVASAVSAVSITAFSITAFSITRASBSITRASBROAD LINK (A69)ROAD LINK (A69)

154,9154,9113,2113,2182,0182,0

90,090,043,043,0

SALTSALTADFADFCISACISAASTI-CUNEOASTI-CUNEOCOSTANERA NORTE S.A.COSTANERA NORTE S.A.

Current network managed by the SIAS Group

(1)

(2)

(3)

SIAS Group motorway concessions

10

SATAP (A 4 stretch)

SATAP (A 21 stretch)

ATIVA

SAV

SITAF

SITRASB

ROAD LINK HOLDING Ltd. (UK)

Concession expiryConcession expiry

2026

2017

2016

2032

2050

2034

2026

11(1) 23,5 yrs. starting from the completion of the infrastructure

SALT

ADF

CISA

ASTI CUNEO

COSTANERA NORTE (Chile)

Concession expiryConcession expiry

2019

2021

2031

-

2033

SIAS Group motorway concessions (cont’d)

(1)

12

SIAS GROUP: comparison with main European players

SIAS Atlantia Abertis

2026 2037 2026

1.287 3.413 3.350

386 1.673 1.777 516

223 1.043 1.111 58% 62,4% 62,5%

128 822 717 33% 49,1% 40,3%

48 367 331 (51) 12% 22% 18,6%

1.475 4.110 5.007 1.534 1.400 9.375 12.999 9.497

Average expiry of the motorway concessions

Network managed (km)

Key consolidated figures 1H 2008

(€/mln):

Revenues

Ebitda % on Revenues

Ebit % on Revenues

Net Income% on Revenues

EquityNet debt

D/E 0,9x 2,3x 2,6x

Cintra

2040

2.481

346 67,1%

253 49%

n.s.

n.av.

n.av.

BRISA

2032

1.063

319

217 68%

118 37%

52 16%

3.640

2,4x

(1) Source: Equity research, Factset as of May 2008 13

SIAS GROUP: comparison with main European players(1) (cont’d)

SIAS Atlantia Abertis Cintra BRISA

2.017

3.802

11.411 13.017 4.744 5.415

6,1X

20.842 23.825 13.513

14,8X

7.768

Equity value (€/mn)

Enterprise value – EV (€/mn)

EV/EBITDA (2008 E) 9,1X 9,2X 14,7X

14

SIAS GROUP: comparison with main European players (cont’d)

3.802

20.842

23.825

13.513

7.768

0

5.000

10.000

15.000

20.000

25.000

30.000

SIAS ATLANTIA ABERTIS CINTRA BRISA

5,0x

9,0x

11,0x

13,0x

15,0x

7,0x

Enterprise Value (EV)

EV/EBITDA 2008E

Source: Equity Research, Factset as of March 2008

14,8x14,7x

9,2x9,1x

6,1x

3.802

20.842

23.825

13.513

7.768

0

5.000

10.000

15.000

20.000

25.000

30.000

SIAS ATLANTIA ABERTIS CINTRA BRISA

5,0x

9,0x

11,0x

13,0x

15,0x

7,0x

14,8x14,7x

9,2x9,1x

6,1x

15

REGULATION

GROUP STRUCTURE

FINANCIAL RESULTS

CONCLUSION

ASTM - 6 MONTHS RESULTS 2008 & 2007 “Pro-forma” (IAS/IFRS)

(Eu mn)

16

REVENUES:

30/06/2008

- REVENUES FROM ENGINEERING SECTOR

TOTAL REVENUES

CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS

351

1

4

7

27

390390(205)(205)

4242

403403(215)(215)

54

1.2941.6611.2941.661

NET FINANCIAL INDEBTEDNESSNET FINANCIAL INDEBTEDNESS(Including the NPV of the “Central Guarantee Fund” debt)

NET FINANCIAL INDEBTEDNESSNET FINANCIAL INDEBTEDNESS(Including the NPV of the “Central Guarantee Fund” debt)

- REVENUES FROM CONSTRUCTION SECTOR

- OTHER REVENUES

- TOLL REVENUES

OPERATING COSTS

346

6

6

15

30

EBITDAEBITDA

30/06/2007

227227 242242

“Pro-forma”

- REVENUES FROM TECHNOLOGICAL SECTOR

1.1481.5651.1481.565

30/06/2008 31/12/2007

17

CONSTRUCTION SECTOR

95%95%

MOTORWAY SECTOR

ASTM – 1st HALF 2008 EBITDA BY SECTOR

1%1% 2%2%TECHNOLOGICAL SECTOR

ENGINEERING SECTOR 2%2%

18

ASTM - BALANCE SHEET(Eu mn)

LIABILITIES

1.171 1.107

1.294

1.666 1.649

1.148

Shareholders'Equity

Net FinancialIndebtedness

Other liabilities

ASSETS

401 425

451

3.116 3.174

468

Tangible &Intangible Assets

Non currentFinancial Assets

Other Assets

2%

12,7%

2007 20071H 2008 1H 2008

DEBT/EQUITY

31/12/2007 30/06/2008

0,7 0,8

SIAS - 6 MONTHS RESULTS 2008 & 2007 “Pro-forma” (IAS/IFRS) (Eu mn)

19

REVENUES:

- REVENUES FROM TECHNOLOGICAL SECTOR

TOTAL REVENUES

CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS

351

1

7

27

386386

(190)(190)

2727

397397

(200)(200)

30

1.4001.7681.4001.768

NET FINANCIAL INDEBTEDNESSNET FINANCIAL INDEBTEDNESS(Including the NPV of the “Central Guarantee Fund” debt)

NET FINANCIAL INDEBTEDNESSNET FINANCIAL INDEBTEDNESS(Including the NPV of the “Central Guarantee Fund” debt)

- REVENUES FROM CONSTRUCTION and ENGINEERING SECTORS

- OTHER REVENUES

- TOLL REVENUES

OPERATING COSTS

346

6

15

30

EBITDAEBITDA 223223 237237

“Pro-forma”

1.3231.7401.3231.740

30/06/2008 30/06/2007

30/06/2008 31/12/2007

20

CONSTRUCTION & ENGINEERING SECTORS

97%97%MOTORWAY

SECTOR

SIAS 1st HALF 2008 EBITDA BY SECTOR

AUTOCISA

1%1%TECHNOLOGICAL SECTOR

17%

7%6%

17%18%

10%

25%

2%2%

(1)

(1) ATIVA is consolidated on a “proportional basis” (41,17%)

A4 Stretch

A21 Stretch

21

SIAS - BALANCE SHEET(Eu mn)

LIABILITIES

1.124 1.099

1.408

1.478 1.475

1.323

Shareholders'Equity

Net FinancialIndebtedness

Other liabilities

ASSETS

390 407

424

3.089 3.143

446

Tangible &Intangible Assets

Non currentFinancial Assets

Other Assets5,8%

2007 20071H 2008 1H 2008

DEBT/EQUITY

31/12/2007 30/06/2008

0,9 0,9

ISSUE SIZE: 335 Eu millions (N° 31,9 millions bonds)

SIAS - BOND

INTEREST: 2,625%

CONVERSION RIGHT:

22

PAR VALUE: 10,50 Eu

DURATION: 12 yrs (2005 – 2017)

• FROM THE END OF THE 5TH YEAR

• 1:1 AT PAR

BONDS HELD BY THE GAVIO GROUP: N° 9,9 millions (31%)

23

REGULATION

GROUP STRUCTURE

FINANCIAL RESULTS

CONCLUSION

24

ASTM & SIAS GROUP - INVESTMENT PLAN

ATIVA 0,15

(1) Expected amount from 2008 onwards

The amont of additional investments on SAV are negligible

(1) Expected amount from 2008 onwards

The amont of additional investments on SAV are negligible

Investments Plan (1)

SATAP: A4 Stretch A21 Stretch

0,80,2

(Eu bn)

1,0

Status of the Concession/Financial Plan

ApprovedCurrently

under negotiation

25

ASTM & SIAS GROUP - INVESTMENT PLAN

CISA 2,0

ASTI-CUNEO 1,0

Investments Plan (1)

ADF

(Eu bn)

0,2

0,3SALT

(1) Expected amount from 2008 onwards(2) Expected Government contribution by 0,2 bn

(2)

ApprovedCurrently

under negotiation

Status of the Concession/Financial Plan

26

VALUE DRIVERS: TRAFFIC GROWTH

TOTAL TRAFFIC ON MOTORWAYSTOTAL TRAFFIC ON MOTORWAYS

2003200319971997 19981998 20042004 20052005 2006200619991999 20002000 20012001 20022002 20072007-1.5%

-0.5%

0.5%

1.5%

2.5%

3.5%

4.5%

TRAFFIC TREND HISTORICALLY OUTPERFORMED GDP GROWTH EVEN IN RECESSION YEARSTRAFFIC TREND HISTORICALLY OUTPERFORMED GDP GROWTH EVEN IN RECESSION YEARS

ITALIAN GDPITALIAN GDP

04/200804/2008

27

REGULATION

GROUP STRUCTURE

FINANCIAL RESULTS

CONCLUSION

CONCLUSION

28

Long term viewof the business,

dedicatedmanagement

No competition from other transportation

systems

Growing opportunities arising from the “new” stretches

Substainableprofitabilitygrowth rates

Conservative financial profile and balanced

growth strategy (also abroad)

Value creation through lasting,

experienced motorway know-how

and operating efficiency

29

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