December 2007 AUTOSTRADA TORINO – MILANO GROUP SOCIETA INIZIATIVE AUTOSTRADALI E SERVIZI GROUP GAVIO GROUP.

December 2007December 2007

AUTOSTRADA TORINO – MILANO GROUPSOCIETA’ INIZIATIVE AUTOSTRADALI E SERVIZI GROUPAUTOSTRADA TORINO – MILANO GROUPSOCIETA’ INIZIATIVE AUTOSTRADALI E SERVIZI GROUP

GAVIO GROUPGAVIO GROUP

2

AGENDA

GROUP STRUCTURE AFTER THE RE-ORGANIZATION

FINANCIAL RESULTS

3

FINANCIAL RESULTS

GROUP STRUCTURE AFTER THE RE-ORGANIZATION

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.

50,6%

SIAS S.p.A.

SATAP

SAVATIVA

Road Link Holdings (UK)

65,1%41,2%

99,9%

ITINERA+Grassetto

Lavori

40,3%

SINECO

Holding Piemonte e

Valle d'Aosta

20,0%

SITRASB

36,5%

SALTCISA

ADF

84,4% 87,4%

60,8%

SSAT

(40,0%)

CODELFA

50,0%

SITAF

36,5%

6,2%

1,1%

59,7%

100%

Pavimental

SINELEC

96,2%

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%

0,07%

100% 0,5%

Pavimental

26,45%

18,0%

11,14%

SINELEC

96,2%

(Costanera

45,0%

25,44%

2,17%

Market

5

Summary of transaction values

Based on the valuations carried out by the indipendent expert and the

contents of the fairness opinions, the reorganization programme has been

carried out on the following values:

Contributions in kind (Capital increase at SIAS level) Value n. of SIAS new shares €/mln.

ASTM SIAS 99,9% SATAP 1.007,120% Road Link Holding Ltd. 12,0

Total 1.019,1 100.073.328Rounded down 100.000.000

6

Summary of transaction values (cont’d)

€/mln. €/mln.SIAS ---> ASTM

SATAP ASTM 5,1% SINA (4,4) 4,427% SINECO (7,5) 7,5n. 9.792.264 SIAS convertible bond (108,1) 108,1

SAV ASTM 9% SINECO (2,5) 2,5

SALT ASTM 5% SINECO (1,4) 1,4ADF ASTM 5% SINECO (1,4) 1,4

Sub-total (125,3) 125,3

ASTM ---> SIAS

ASTM HPVdA 41,2% ATIVA 113,8 (113,8)36,5% SITAF 134,1 (134,1)65,1% SAV 95,7 (95,7)n. 228.273 SITAF convertible bond 3,9 (3,9)

Sub-total 347,5 (347,5)

Total 222,2 (222,2)

Purchases (cash) ASTM Group SIAS Group

Current ownership structureHolding companies

7

ASSICURAZIONI GENERALI GROUP

5,59%

FREE FLOAT16,52%

GAVIO GROUP74,56%

3,33%

ASSICURAZIONI GENERALI GROUP

FREE FLOAT

GAVIO GROUP50,60%

31,62%

10,05%

5,01%

FONDAZIONE CR-TO2,72%

LAZARD ASSET MANAGEMENT LLC

LAZARD ASSET MANAGEMENT LLC

SIAS’ ownership structure is calculated on the “new” share capital (227,5 million shares)

Ownership structureMain motorway companies

8

AUTOCISA

%

PUBLIC AUTHORITIES

GAVIO

GROUP

MUNICIP

ALITIE

S

OTHER

PROVINCES

REGIONS

ANAS

OTHER

TOTAL

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

9

IMPROVES VISIBILITY OF EACH OF THE BUSINESS LINES RUN BY THE GROUP

CONCENTRATES THE MOTORWAY BUSINESS IN SIAS TO FAVOUR THE OPTIMAL MANAGEMENT OF THE FINANCIAL RESOURCES AMONG THE VARIOUS CONCESSIONS

INCREASES THE CRITICAL MASS OF THE MOTORWAY BUSINESS

GET A BOOK VALUE OF THE INVESTED CAPITAL CLOSER TO MARKET VALUE

OPTIMISES FINANCIAL RATIOS (ALSO IN VIEW OF BEING RATED BY AN INTERNATIONAL RATING AGENCIES)

INCREASES THE SIAS’ PERSPECTIVE FREE-FLOAT AND LIQUIDITY

10

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 1.211,11.211,1

(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.

11

Km.Km.

130,3130,3167,7167,7163,7163,7

59,559,594,094,012,812,8

SATAPSATAP - Torino-Milano stretch- Torino-Milano stretch - Torino-Piacenza stretch- Torino-Piacenza stretchATIVAATIVASAVSAVSITAFSITAFSITRASBSITRASB

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

12

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

13

(1) According to the concession scheme signed, the concession has been extended to 2031

SALT

ADF

CISA

ASTI CUNEO

COSTANERA NORTE (Chile)

Concession expiryConcession expiry

2019

2021

2010

2033

2033

(1)

SIAS Group motorway concessions (cont’d)

(1) No longer listed (2) For the SIAS Group, the financial results refer to the “pro-forma” consolidated financial statements as at 31 December 2006.

14

SIAS GROUP: comparison with main European players

SIAS Atlantia Abertis Cintra ASF APRR BRISA

2026 2037 2026 2040 2032 2032 2032

1.287 3.408 3.350 2.481 3.026 2.215 1.063

781 2.686 3.335 885 2.625 1.670 560

468 1.989 2.099 581 2.057 1.305 418 66% 74,1% 62,9% 65,6% 78,4% 78,1% 74,6%

318 1.606 1.343 360 1.164 744 294 40,8% 59,8% 40,3% 40,7% 44,3% 44,6% 52,5%

185 672 530 156 476 263 168 23,6% 25,0% 15,9% 17,6% 18,1% 15,7% 30,0%

1.376 3.863 3.453 1.532 3.808 440 1.566 1.171 8.946 11.842 8.390 7.355 6.436 2.364

2,5 4,5 5,6 14,4 3,6 4,9 5,7

Average expiry of the motorway concessions

Network managed (km)

Key consolidated figures 2006

(€/mln )(2):

Revenues

Ebitda % on Revenues

Ebit % on Revenues

Net Income% on Revenues

EquityNet debt

D/EbitdaD/E 0,8 2,3 3,4 5,5 1,9 14,6 1,5

(1)

(1) Source: Equity research, Factset as of 30 November 2007 15

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

SIAS Atlantia Abertis Cintra BRISA

2.281

4.066

14.847 13.735 5.626 6.092

7,8X

23.943 23.679 14.395

16,7X

7.947

Equity value (€/mn)

Enterprise value – EV (€/mn)

EV/EBITDA (2007 E) 11,3X 10,2X 19,8X

16

FINANCIAL RESULTS

GROUP STRUCTURE AFTER THE RE-ORGANIZATION

ASTM - 9 MONTHS RESULTS 2007 & 2006 (IAS/IFRS)

(Eu mn)

17(1) Loans guaranteed by the Government: 34 Eu mn

REVENUES:

30 Sept. 2007

- REVENUES FROM ENGINEERING SECTOR

TOTAL REVENUES

CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS

548

9

11

20

44

632632(322)(322)

7878

598598(311)(311)

84

4 -

1.0701.4551.0701.455

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)

(1)

(1)

- REVENUES FROM CONSTRUCTION SECTOR

- OTHER REVENUES

- TOLL REVENUES

OPERATING COSTS

529

5

12

11

41

EBITDAEBITDA

30 Sept. 2006

NON RECURRING ITEM

388388 371371

EBITDA “adjusted”EBITDA “adjusted” 392392 371371

Pro-forma Pro-forma

- REVENUES FROM TECHNOLOGICAL SECTOR

SIAS - 9 MONTHS RESULTS 2007 & 2006 (IAS/IFRS) (Eu mn)

18

(1)(2)

Loans guaranteed by the Government: 34 Eu mnAs at 30/6/2007

REVENUES:

30 Sept. 2007

- REVENUES FROM TECHNOLOGICAL SECTOR

TOTAL REVENUES

CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS

548

10

20

44

622622

(300)(300)

5757

586586

(292)(292)

67

3 -

1.1831.6311.1831.631

442442NET 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)

(1)

(1)

- REVENUES FROM CONSTRUCTION SECTOR

- OTHER REVENUES

- TOLL REVENUES

OPERATING COSTS

529

5

11

41

(2)

EBITDAEBITDA

30 Sept. 2006

NON RECURRING ITEM

379379 361361

EBITDA “adjusted”EBITDA “adjusted” 382382 361361

Pro-forma Pro-forma

(Eu mn)

19

(1)

(2)

Refer to slide n. 6Net financial indebtedness referred to SATAP, SAV and ATIVA

RE-ORGANIZATION PROGRAMME: Changes in the SIAS Group net financial position

SIAS GROUP NET FINANCIAL POSITION, AS AT 30 JUNE 2007

SIAS NET FINANCIAL POSITION, AS AT 30 JUNE 2007 (after the re-organization)

Changes occurred in 3Q 07:- Sales/purchases of financial assets (net effects)- Increase in fixed assets (motorway sector)- Operating cash-flow

Re-organization programme:

- Intercompany transactions (sales/purchases of investments) (1) - Changes in the consolidation area(2)

(222)(605)(827)

(442)

(827)

38 (84)132

SIAS GROUP NET FINANCIAL POSITION, AS AT 30 SEPTEMBER 2007

(1.269)

(1.183)

20

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