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

March 2007March 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 & RE-ORGANIZATION PROGRAMME

FINANCIAL RESULTS

GROWTH STRATEGY & VALUE DRIVERS

CONCLUSION

3

GROUP STRUCTURE & RE-ORGANIZATION PROGRAMME

FINANCIAL RESULTS

GROWTH STRATEGY & VALUE DRIVERS

CONCLUSION

4

CURRENT GROUP STRUCTURE

Motorway Concessions

Holding Companies

Construction, planning, services, other (Non consolidated)

Technological and tlc services towards motorway concession companies

Engineering, planning and infrastructure/maintenance

ASTM S.p.A.

50,5%

SIAS S.p.A.

18,3%

34,7%

SITRASB

SAV ATIVASITAF

65,1% 41,2%36,5% 99,9%

ITINERA + GRASSETTO

LAVORI

40,3%

SINASINECO

94,4%

- SATAP (27%)- SAV (9%)- SALT (5%)- ADF (5%)

Road LinkHoldings (UK)

20,0%

36,0%

SATAP

36,5%

SALT CISA

ADF

84,4%87,4%

60,8%

SSAT

56,0%

- ARGO (40,0%)

CODELFA

50,0%

6,2% 1,1%

5,1%

0,03%

Pavimental25,9%

18,0% 59,7%

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

SINELEC

96,2%

ASA(Costanera Norte - Cile)

45,0%

GROUP RE-ORGANIZATIONMain Transactions

5

(1)(2)

(3)

Dedicated share capital increase of SIAS to fund the dealA separate newco (HPVdA) will be established – in SIAS – to concentrate the motorway companies located in the North-Western Piedmont and Aosta ValleySALT and ADF

ENGINEERING AND INFRASTRUCTURE/MAINTENANCE SECTORS TO STAY IN ENGINEERING AND INFRASTRUCTURE/MAINTENANCE SECTORS TO STAY IN ASTM:ASTM:

ASTM TO TRANSFERS MOTORWAY CONCESSIONS TO SIAS:ASTM TO TRANSFERS MOTORWAY CONCESSIONS TO SIAS:

ASTM SIAS

Transfers: 99,9% SATAP

20,0% Road Link

Sells: 41,2% ATIVA 36,5% SITAF (+ No.228,273 convertible bonds)

65,1% SAV

(1)

(2)

ASTM

Sells: 9% SINECOSAV

(3)

Sells: 10% SINECOSIAS

SATAP Sells: 5,1% SINA 27% SINECO

No. 9,8 millions SIAS’s convertible bonds (31%)

6

GROUP STRUCTURE AFTER THE RE-ORGANIZATION

*To the extent that the present referring shareholder could mantain – directly and/or indirectly – the control of the share capital majority

Motorway Concessions Technological and tlc services towards motorway concession companies

Holding Companies Engineering, planning and infrastructure/maintenance

Costruction, planning, services, other (Non consolidated) Other activities

ASTM S.p.A.

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

50,5%

SIAS S.p.A.

To be defined *

SATAP

SAVATIVA

Road Link Holdings (UK)

65,1%41,2%

99,9%

ITINERA+Grassetto

Lavori

40,3%

SINASINECO

99,5%

Holding Piemonte e

Valle d'Aosta

20,0% 82,0%

SITRASB

36,5%

SALTCISA

ADF

84,4% 87,4%

60,8%

SSAT

56,0%

- ARGO (40,0%)

CODELFA

50,0%

SITAF

36,5%

6,2%1,1%

59,7%

0,03%

100%

- SIAS (0,5%)

Pavimental

25,9%

18,0%

To be defined *

SINELEC

96,2%

ASA(Costanera Norte - Cile)

45,0%

Other activities

Market

40-45%

To the extent that the present referring shareholder could mantain – directly and/or indirectly – the control of the share capital majority

Motorway Concessions Technological and tlc services towards motorway concession companies

Holding Companies Engineering, planning and infrastructure/maintenance

Costruction, planning, services, other (Non consolidated) Other activities

ASTM S.p.A.

Argo Finanziaria S.p.A.

SIAS S.p.A.

To be defined *

SATAP

SAVATIVA

Road Link

65,1%41,2%

99,9%

Grassetto

40,3%

SINASINECO

99,5%

Piemonte e

20,0% 82,0%

SITRASB

36,5%

SALTCISA

ADF

84,4% 87,4%

60,8%

SSAT

56,0%

- ARGO

CODELFA

50,0%

SITAF

36,5%

6,2%1,1%

59,7%

0,03%

100%

(0,5%)

Pavimental

25,9%

18,0%

To be defined *

SINELEC

96,2%

(Costanera

45,0%

Other activities

Market

40-45%

GROUP RE-ORGANIZATION - RATIONALE

7

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

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

INCREASING THE CRITICAL MASS OF THE MOTORWAY BUSINESS

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

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

INCREASING SIAS’ FREE-FLOAT AND LIQUIDITY

8

GROUP RE-ORGANIZATION - KEY POINTS

Following the completion of the Reorganization, scheduled by the 1st half of 2007, the Group structure will feature:

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 will become 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 in addition to the initiatives already announced ( e.g. “AT-CN” and “CISA 2”).

As the re-organization is in line with the existing missions of both SIAS and ASTM, no changes will occur in their respective corporate objects.

9

by the end of May 2007

Extraordinary shareholders’

meeting of SIAS to approve the share capital

increase Effectiveness

of the asset transferral to

SIAS

by the end of June 2007

by the end of March 2007

22 Dec. 2006

The BoD of both ASTM & SIAS approved the guidelines for

the “re-organization programme”

5 Jan. 2007

The Court of Turin appointed an Indipendent Advisor for the valuation of the

assets to be transferred

to SIAS

Filing of the valuations carried out by the Indipendent Advisor

Filing of the fairness opinions

BoD of ASTM to examine the above valuations

BoD of SIAS to examine the above valuations and determine the amount of the dedicated share capital increase

GROUP RE-ORGANIZATION - TIMETABLE

CURRENT OWNERSHIP STRUCTUREHolding companies

10

ASSICURAZIONI GENERALI GROUP5,53%

FREE FLOAT34,25%

GAVIO GROUP53,04%

ADELPHI CAPITAL LLP2,13%

ASSICURAZIONI GENERALI GROUP

FREE FLOAT

GAVIO GROUP50,51%

36,48%

5,05%

5,01%

FONDAZIONE CR-TO2,95%

LAZARD ASSET MANAGEMENT LLC

5,05%LAZARD ASSET MANAGEMENT LLC

OWNERSHIP STRUCTUREMain motorway companies

AUTOCISA

%

PUBLIC AUTHORITIES

GAVIO

GROUP

MUNICIP

ALITIE

S

OTHER

PROVINCES

REGIONS

ANAS

OTHER

TOTAL

11

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.

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

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

90,090,043,043,0

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

TOTAL 583,1

(1)(2)(3)

Inclusive of the planned 81 km stretch linking Parma to the Autostrada del BrenneroUnder constructionEquity Investments Costanera Norte S.A. – Chile (through ASA)

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

SUBSIDIARIES

SIGNIFICANT INVESTMENTSMilano Serravalle – Milano Tangenziali S.p.A.Società Autostrada Tirrenica S.p.A.

12

(1)(1)

NETWORK MANAGED

(2)(2)

EQUITY INVESTMENTSCostanera Norte S.A. (through ASA) - Chile

(3)(3)

13

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

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

TOTAL 628,0

Società Italiana Traforo Autostradale del Frejus p. A.Società Italiana Traforo del Gr.S.Bernardo S.p.A.Road Link (A69) Holding Ltd - UK

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

SUBSIDIARIES

CURRENT NETWORK MANAGED

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.

14

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.

NETWORK MANAGED AFTER THE RE-ORGANIZATION

(1)

(2)

(3)

GROUP MOTORWAY CONCESSIONS

15

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

Current ASTM Group SubsidiariesCurrent ASTM Group Subsidiaries

GROUP MOTORWAY CONCESSIONS

16

(1) According to ANAS BoD resolution (20 february 2006), the concession has been extended to 2044

SALT

ADF

CISA

ASTI CUNEO

COSTANERA NORTE (Chile)

Concession expiryConcession expiry

2019

2021

2010

2033

2033

SIAS Group SubsidiariesSIAS Group Subsidiaries

(1)

17

GROUP STRUCTURE & RE-ORGANIZATION PROGRAMME

FINANCIAL RESULTS

GROWTH STRATEGY & VALUE DRIVERS

CONCLUSION

REVENUES:

30 Sept. 2006

ASTM - 9 MONTHS RESULTS 2006 & 2005 ASTM - 9 MONTHS RESULTS 2006 & 2005 (IAS/IFRS) (IAS/IFRS)

- REVENUES FROM ENGINEERING SECTOR

TOTAL REVENUES

CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS

235

4,5

23

22,5

285285

(146)(146)

1515

277277

(154)(154)

1717

8 13

566698566698

572708572708

(Eu mn)

18

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)

(1)(2)

Loans guaranteed by the Government: 31 Eu mnAs at 30/6/2006

- REVENUES FROM CONSTRUCTION SECTOR

- OTHER REVENUES

- TOLL REVENUES

OPERATING COSTS

216

3

19

39

(2)

(2)

EBITDAEBITDA

30 Sept. 2005

CONSTRUCTION SECTOR (ITINERA S.p.A.)

154154 140140

EBITDA “adjusted”EBITDA “adjusted” 162162 153153

REVENUES:

30 Sept. 2006

SIAS - 9 MONTHS RESULTS 2006 & 2005 SIAS - 9 MONTHS RESULTS 2006 & 2005 (IAS/IFRS) (IAS/IFRS)

- REVENUES FROM ENGINEERING SECTOR

TOTAL REVENUES

CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS

294

24

4

19

341341

(178)(178)

5454

330330

(179)(179)

52

- 23,5

361681361681

409726409726

(Eu mn)

19

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)

(1)(2)

Loans guaranteed by the Government: 41 Eu mnAs at 30/6/2006

- REVENUES FROM CONSTRUCTION SECTOR

- OTHER REVENUES

- TOLL REVENUES

OPERATING COSTS

282

23

6

19

(2)

(2)

EBITDAEBITDA

30 Sept. 2005

NON RECURRING INCOME

217217 203203

EBITDA “adjusted”EBITDA “adjusted” 217217 226,5226,5

20

ASTM – “PRO-FORMA” EBITDA BY SECTOR AS AT 30 SEPTEMBER 2006

MOTORWAY SECTOR92%92%

TECHNOLOGICAL SECTOR

2%2%

MAINTENANCE & CONSTRUCTIONSECTOR

ENGINEERING & PLANNING SECTOR

2%2%

4%4%

SATAP S.p.A.

SAV S.p.A.

ATIVA S.p.A.

CISA S.p.A.

ADF S.p.A.

SALT S.p.A.

602

697

826

927(1)

0

0,50

21

ASTM – “PRO-FORMA” NET FINANCIAL INDEBTEDNESS

DEBT / EBITDA SIAS ASTM – “PRO-FORMA” NET FINANCIAL INDEBTEDNESS (Eu mn)

31/12/200331/12/2003 31/12/200431/12/2004 31/12/200531/12/2005 30/9/200630/9/2006

(1) Loans guaranteed by the Government: 72 Eu mn

0

200

400

600

800

1,14 1,16 1,21

1000

2,34 2,15 2,41

DEBT / EBITDA ASTM DEBT / EBITDA ASTM “Pro-forma”

1,00

1,50

2,00

2,50

1,67 1,591,71

3,00

(Eu mn) (x)

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° 12,6 millions (39,6%)

23

GROUP STRUCTURE & RE-ORGANIZATION PROGRAMME

FINANCIAL RESULTS

GROWTH STRATEGY & VALUE DRIVERS

CONCLUSION

STRATEGY: WHAT WE HAVE DONE

POSITIVE TRACK RECORD OF MANAGEMENT IN IMPLEMENTING ITS STRATEGY

OVER THE PAST SEVEN YEARS, THE GROUP:

became the second biggest motorway player in Italy

expanded the network from 127 km to 1.211,1 km

strengthened the Group network in the highly industrialised north of Italy

bidden - successfully - for new concessions abroad (i.e. Costanera-Chile)

24

STRATEGY: WHAT WE FORESEE

SIAS GROUP (MOTORWAY SECTOR): SIAS GROUP (MOTORWAY SECTOR):

25

CARRY OUT THE “PARMA – BRENNERO MOTORWAY” PROJECT & “ASTI-CUNEO”

BID FOR THE “BRONI-PAVIA-MORTARA” STRETCH

REDUCE MINORITIES THROUGH ACQUISITIONS(MAINLY FROM LOCAL PUBLIC AUTHORITIES)

CONCLUDE THE RENEGOTIATION OF THE “NEW” FINANCIAL PLANS

STRATEGY: WHAT WE FORESEE

ASTM (“OTHER” SECTORS): ASTM (“OTHER” SECTORS):

26

DEVELOPMENT OF THE ENGINEERING & PLANNING ACTIVITIES (i.e. "HIGH SPEED TRAIN" PROJECT)

DIVERSIFICATION IN “OTHER” BUSINESS AREAS (i.e. CONSTRUCTION, LOGISTICS, HARBOURS) WITH THE POTENTIAL ARISING FROM THE RE-ORGANIZATION

VALUE DRIVERS: TRAFFIC GROWTH

TOTAL TRAFFIC ON MOTORWAYSTOTAL TRAFFIC ON MOTORWAYS

27

2001200119951995 19961996 20022002 20032003 2004200419971997 19981998 19991999 20002000 2005 2005 -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

GDPGDP

20062006

VALUE DRIVERS: AUTOMATED TOLL PAYMENT SYSTEMS

28

CURRENT SITUATIONCURRENT SITUATION

8%8%

CREDIT CARDS

2%2%

FAST PAY

30%30%

CASH60%60%

AUTOMATED TOLL PAYMENTS

VIACARDS & TELEPASS

70%70%

ENVISAGED SITUATION( within 4 yrs )

ENVISAGED SITUATION( within 4 yrs )

15-20%15-20%

CASH

AUTOMATED TOLLPAYMENTS

80-85%80-85%

29

ROYALTIES FROM PETROL STATIONS & RESTAURANTS

OTHER ROYALTIES (TELECOMS, ADVERTISING, … )

VALUE DRIVERS: SUB - CONCESSION AGREEMENTS (Eu mn)

19,519,5

20042004

4,04,0

6,06,0

20052005

29,029,0

7,07,0

2006(forecast)

2006(forecast)

32,032,0

EBITDA

increases without

additional costsEBITDA

increases without

additional costs

30

GROUP STRUCTURE & RE-ORGANIZATION PROGRAMME

FINANCIAL RESULTS

GROWTH STRATEGY & VALUE DRIVERS

CONCLUSION

CONCLUSION

31

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 the Group

re-organization (both for ASTM & SIAS)

32

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