June 2008June 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.

51,15%

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%

0,07%

100%

0,5%

Pavimental

26,45%

18,0%

11,14%

SINELEC

96,2%

(Costanera

45,0%

25,44%

2,17%

Market

AstiAsti--CuneoCuneo

65,0%(ITINERA 5%)

OWNERSHIP STRUCTUREHolding companies

5

TREASURY STOCKS

ASSICURAZIONI GENERALI GROUP

FREE FLOAT

GAVIO GROUP51,14%

25,02%

10,05%

1,62%

5,01%FONDAZIONE CR-TO

2,04%

LAZARD ASSETMANAGEMENT LLC.

ASSICURAZIONI GENERALI GROUP

5,59%

FREE FLOAT16,75%

GAVIO GROUP73,98%

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

MUNICIPALITIES

OTHERPROVINCES

REGIONS

ANASOTHER

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 Groupstructure features:

a listed holding company (ASTM) - diversified and geared towardsgrowth in the engineering, planning and infrastructure/maintenancesectors, as well as, in the future, in other related sectors to be identifiedon the basis of market opportunities - with a straightforward valuation asSIAS’s upside will be easily reflected in ASTM’s NAV;

a listed sub-holding company (SIAS), that became a stronger motorwayplayer (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 furthervalue-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.

130,3130,3167,7167,7155,8155,859,559,594,094,012,812,884,084,0

SATAPSATAP-- TorinoTorino--Milano Milano stretchstretch-- TorinoTorino--Piacenza Piacenza stretchstretch

ATIVAATIVASAVSAVSITAFSITAFSITRASBSITRASBROAD LINK (A69)ROAD LINK (A69)

154,9154,9113,2113,2182,0182,090,090,043,043,0

SALTSALTADFADFCISACISAASTIASTI--CUNEOCUNEOCOSTANERA 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) According to the agreement signed, the concession has been extended to 2031(2) 23,5 yrs. starting from the completion of the infrastructure

SALT

ADFCISAASTI CUNEO COSTANERA NORTE (Chile)

Concession expiryConcession expiry

2019

20212010

-2033

(1)

SIAS Group motorway concessions(cont’d)

(2)

(1) For the SIAS Group, the financial results refer to the “pro-forma” consolidated financial statements as at 31 December 2007

12

SIAS GROUP: comparison with main European players

SIAS Atlantia Abertis

2026 2037 2026

1.295 3.408 3.350

812 3.272 3.620 1.025

477 2.068 2.269 59% 63,2% 62,7%

315 1.643 n.av.39,0% 50,2% n.av.

170 694 682 (26) 21,0% 2,1% 18,8%

1.478 4.010 5.020 1.691 1.323 9.241 12.873 9.572

2,8x 4,5x 5,7x

Average expiry of the motorwayconcessions

Network managed (km)

Key consolidated figures 2007

(€/mln )(1):

Revenues

Ebitda% on Revenues

Ebit% on Revenues

Net Income% on Revenues

EquityNet debt

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

Cintra

2040

2.481

694 67,7%

508 49,6%

n.a.

1.280

13,8x 7,5x

BRISA

2032

1.063

647

460 71,1%

289 43,4%

259 40,0%

3.208

7,0x 1,9x

(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

EnterpriseValue (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 - 3 MONTHS RESULTS 2008 & 2007 (IAS/IFRS)(Eu mn)

16

REVENUES:

31 March 2008

- REVENUES FROM ENGINEERING SECTOR

TOTAL REVENUES

CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS

165124

15187187

(100)(100)1717

182182(104)(104)

26

1.2071.6291.2071.629

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

158234

15

EBITDAEBITDA

31 March 2007

104104 104104

Pro-forma

- REVENUES FROM TECHNOLOGICAL SECTOR

17

CONSTRUCTION SECTOR

95%95%MOTORWAY SECTOR

ASTM – 1st QUARTER 2008 EBITDA BY SECTOR

2%2% 2%2%TECHNOLOGICAL SECTOR

ENGINEERING SECTOR 1%1%

SIAS - 3 MONTHS RESULTS 2008 & 2007 (IAS/IFRS)(Eu mn)

18

REVENUES:

31 March 2008

- REVENUES FROM TECHNOLOGICAL SECTOR

TOTAL REVENUES

CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS

16514

15185185(94)(94)

1212

180180(96)(96)

19

1.3761.7991.3761.799

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

15825

15

EBITDAEBITDA

31 March 2007

103103 103103

Pro-forma

19

CONSTRUCTION SECTOR

96%96%

MOTORWAY SECTOR

SIAS 1st QUARTER 2008 EBITDA BY SECTOR

AUTOCISA

2%2%TECHNOLOGICAL SECTOR

18%

8%7%

18%

16%

9%

24%

2%2%

(1)

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

A4 Stretch

A21 Stretch

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

SIAS - BOND

INTEREST: 2,625%

CONVERSION RIGHT:

20

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%)

21

REGULATION

GROUP STRUCTURE

FINANCIAL RESULTS

CONCLUSION

22

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

InvestmentsPlan (1)

SATAP: A4 StretchA21 Stretch

0,80,2

(Eu bn)

1,0

a

a

Status of the Concession/Financial Plan

ApprovedCurrently

under negotiation

23

ASTM & SIAS GROUP - INVESTMENT PLAN

CISA 2,0

ASTI-CUNEO 1,0

InvestmentsPlan (1)

ADF

(Eu bn)

0,2

0,3SALT

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

a

a

a

a(2)

ApprovedCurrently

under negotiation

Status of the Concession/Financial Plan

24

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

Q1 2008Q1 2008

25

REGULATION

GROUP STRUCTURE

FINANCIAL RESULTS

CONCLUSION

CONCLUSION

26

Long term viewof the business,

dedicatedmanagement

No competition fromother transportation

systems

Growing opportunitiesarising from the “new” stretches

Substainableprofitability

growth rates

Conservative financialprofile and balanced

growth strategy(also abroad)

Value creationthrough lasting,

experiencedmotorway know-how

and operatingefficiency

27

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