The Italian Highway System:A Public/Private Partnership

SIAS’ Highway Network

SAVONASAVONA

VENTIMIGLIA

M. BIANCOIVREAIVREA

TORINOTORINO

VOLTRIVOLTRI SESTRI L.SESTRI L.

LA SPEZIAVIAREGGIO

PISA LUCCALUCCALIVORNO

ASTIASTI

CUNEOCUNEO

AOSTAAOSTA

S. BERNARDO

MILANOMILANOFREJUS

PIACENZAPIACENZA

ROSIGNANO M.

Autostrada dei Fiori S.p.A. (ADF)Autostrada Ligure Toscana S.p.A. (SALT)

ALESSANDRIAALESSANDRIA PARMAPARMA

CIVITAVECCHIA

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 AdF 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

AdF Highway Toll Cost

car = 12.10 euros= $18.62

large truck = 34.50 euros = $53.08

Distance: Kms. 113

SALT’s Shareholders’ Structure SIAS: 84.03%

• Provincial Administration of Lucca: 3.00%

• City Council of Lucca: 3.00%

• SINA S.p.A.: 2.14%

• City Council of La Spezia: 1.80%

• Patroncini Giorgio Franco 1.27%

• Provincial Adminisration of La Spezia 1.00%

• Banca Monte dei Paschi di Siena S.p.A.: 0.94%

• Cassa di Risparmio di S. Miniato S.p.A.: 0.77%

• Chamber of Commerce of Genoa: 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%

AdF 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

Aurelia Group (Gavio family)

Assicurazioni Generali Group

Lazard Asset Management

Float (on the Italian stock exchange)

StakeStake

%

%

%

%

73.1

3.6

5.0

18.5

Concessionaries’ ObligationsOperate 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 FormulaThe 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 Highways1975-2000

Vehicles Km(billion)

Calculated on Km 5,371 of highways in operation

Source: www.aiscat.it

Traffic and GDP Growth, 1992-2002

1999199919921992 19931993 19941994 20002000 20012001 2002200219951995 19961996 19971997 19981998

TOTAL TRAFFICIN ITALY

TOTAL TRAFFICIN ITALY

GDPGDP TOTAL TRAFFIC ON SIAS NETWORK

TOTAL TRAFFIC ON SIAS NETWORK

-1.5%

-0.5%

0.5%

1.5%

2.5%

3.5%

4.5%

5.5%

SIAS Stock Market Performance

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

Italian highway data 2001-2009:http://www.aiscat.it/pubblicazioni/downloads/aiscat-cifre-2009.pdfpages 8-9

SIAS and MIB stock data 2006-2011:http://www.borsaitaliana.it/borsa/azioni/grafico.html?isin=IT0003201198&lang=it

Recent Highway and SIAS Data