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GAVIO GROUP NOVEMBER 2009. KEY FACTS (1)- Traffic volumes:+ 1 mil - Asti-Cuneo stretch:+ 1 mil - Tariff increase:+ 12 mil Change in Toll revenues + 14.

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Presentation on theme: "GAVIO GROUP NOVEMBER 2009. KEY FACTS (1)- Traffic volumes:+ 1 mil - Asti-Cuneo stretch:+ 1 mil - Tariff increase:+ 12 mil Change in Toll revenues + 14."— Presentation transcript:

1 GAVIO GROUP NOVEMBER 2009

2 KEY FACTS (1)- Traffic volumes:+ 1 mil - Asti-Cuneo stretch:+ 1 mil - Tariff increase:+ 12 mil Change in Toll revenues + 14 mil TRAFFIC VOLUMES UP BY 1%TOLL REVENUES: + 14 MIL. (1) SIGNED THE NEW CONCESSION SCHEMES FOR SALT, ADF AND SAV GRANTED ABOUT 1.0 b.n. LONG TERM LOANS BY CASSA DEPOSITI E PRESTITI AND EIB 2 3Q 2009

3 ASTM - 3Q & 9 MONTHS 2009 (Eu mn) 3 Revenues: Revenues from motorways sector Other sectors revenues Total Revenues Operating costs Capitalization of internal construction costs EBITDA ASTM 30 sept 2009 30 sept 2008 586,7 59,8 646,5 (321,0) 41,2 366,7 577,8 62,8 640,6 (333,2) 59,0 366,4 ASTM 3Q 2009 3Q 2008 227,0 20,0 247,0 (102,4) 11,5 156,1 211,1 23,7 234,8 (112,1) 16,8 139,5 By the end of the current year, will be submitted to the BoD an interim dividend proposal

4 SIAS – 3Q & 9 MONTHS 2009 (Eu mn) 4 Revenues: Revenues from motorways sector Other sectors revenues Total Revenues Operating costs Capitalization of internal construction costs EBITDA SIAS 30 sept 2009 30 sept 2008 586,7 49,5 636,2 (296,9) 21,2 360,5 577,8 57,8 635,6 (311,5) 35,1 359,2 SIAS 3Q 2009 3Q 2008 227,0 16,0 243,0 (94,3) 4,4 153,1 211,1 22,2 233,3 (105,1) 8,4 136,6 On November 12, 2009 the Board of Directors of SIAS approved an interim dividend equal to eur 0,120 for each of the 227.500.000 ordinary shares (eur 27.3 million)

5 TRAFFIC BY QUARTER (1) Inclusive of the leap year effect (2) Light traffic: +2.28% Net of extraordinary events, we expect that traffic trends will fall by 2% in 2009 1Q 2008 2Q 2008 3Q 2008 4Q 2008 +2,90% -2,41% -1,74% -3,13% (2) (1) FY 2008: - 1,21% -8,33% -0,65% 1Q 20092Q 2009 1/1- 30/9/2009: - 2,37% 5 3Q 2009 +0,94%

6 Table of Contents 1.GROUP STRUCTURE 2.FINANCIAL RESULTS 3.TARIFF INCREASES AND INVESTMENT PLAN 4.INTERNATIONAL DEVELOPMENT – CHILE 5.CONCLUSION 6

7 1.GROUP STRUCTURE 2.FINANCIAL RESULTS 3.TARIFF INCREASES AND INVESTMENT PLAN 4.INTERNATIONAL DEVELOPMENT – CHILE 5.CONCLUSION 7

8 Current Group Structure Motorway ConcessionsTechnological and tlc services towards motorway concession companies Holding Companies Engineering, planning and infrastructure/maintenance Costruction, planning, services, other (Non consolidated) Motorway ConcessionsTechnological 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. 51,00% SIAS S.p.A. SATAP SAV ATIVA 65,1% 41,2% 99,9% ITINERA 40,3% Holding Piemonte e Valle d'Aosta 20,0% SITRASB 36,5% SALT CISA ADF 84,4%87,4% 60,8% (39,01%) CODELFA SITAF 36,5% 6,2% 1,1% 100% (Chile) 45,0% Market ASTM S.p.A. SIAS S.p.A. 63,42% (SINA 1,72%) SATAP SAV ATIVA Road Link 65,1% 99,9% SINECOSINA 82,0% 99,5% SITRASB SALT CISA ADF 84,4%87,4% 60,8% 58,05% + ARGO 50,0% SITAF 59,7% 0,08% 0,5% CODELFA Pavimental 26,45% 18,0% 9,92% ASA - ApC 26,66% 1,4% Market Asti- Cuneo 65,0% (ITINERA 5%) SINELEC 33,58% (16,42%) + FPI ABC 14,1% 32,4% 25,4% 28,1% 8

9 OWNERSHIP STRUCTURE Holding companies TREASURY STOCKS ASSICURAZIONI GENERALI GROUP FREE FLOAT GAVIO GROUP51,02 % 28,40% 9,98% 3,02% 4,99% FONDAZIONE CR-TO LAZARD ASSET MANAGEMENT LLC. ASSICURAZIONI GENERALI GROUP 4,99% FREE FLOAT18,36% GAVIO GROUP73,02% 3,63% LAZARD ASSET MANAGEMENT LLC 2,59% 9

10 OWNERSHIP STRUCTURE Main motorway companies AUTOCISA PUBLIC AUTHORITIES % GROUP MUNICIPALITIES OTHER PROVINCES REGIONS ANASOTHERTOTAL 99,87 87 84 68 65 61 50 45 41 37 36 - 2 - 5 - 11 - 4 9 - 6 - 18 9 - 28 - 64 - 35 - 32 - -1---6------1---6----- 100 0,13 6 5 4 - 22 50 55 41 11 - SUBSIDIARIES Società Autostrada Asti-Cuneo S.p.A. LxL E.M. PROP. A.p.Cile (VS, LC, NO) 10

11 SAVONA VENTIMIGLIA M. BIANCO IVREA TORINO VOLTRI SESTRI L. PARMA LA SPEZIA VIAREGGIO PISA LUCCA LIVORNO AS TI CUNEO AOSTA S. BERNARDO ALESSANDRIA MILANO FREJUS PIACENZA ROSIGNANO M. CONCESSIONAIRE LENGHT KM SUBSIDIARIES SATAP [A4]130,3 SATAP [A21]167,7 SALT154,9 CISA 182,0 (1) SAV 59,5 AT-CN 90 (2) ADF113,2 ATIVA155,8 EQUITY INVESTMENTS SITAF [A32, T4] 94 SITRASB 12,8 ROAD LINK (A69) – UK 84 COSTANERA NORTE – CHILE (THROUGH ASA) 43 VESPUCIO SUR / LITORAL CENTRAL / NORORIENTE – CHILE (THROUGH A.p.Cile)125 1.412,2 SIGNIFICANT INVESTMENTS MILANO SERRAVALLE – MILANO TANGENZIALI SOCIETA AUTOSTRADA TIRRENICA Current network managed by the SIAS Group Inclusive of the planned 81 km stretch linking Parma to the Autostrada del Brennero Under construction (1) (2) 11

12 SIAS Group: Italian motorway concessions (1) Concession schemes signed on September 2, 2009 (to date, the effectiveness of the concessions are subject to the authorisation procedure of the Law no. 286/06) (2) On October 2, 2009 the EU infringement procedure upon the extension of the concession to 2031 was closed. (3) 23,5 years starting from the completion of the infrastructure Status of the Concession/Financial Plan Approved ATIVA S.p.A. Torino ringroad, Torino-Quincinetto, Ivrea-Santhià e Torino-Pinerolo 2016 Concession expiry SATAP S.p.A. Torino-Milano 2026 SATAP S.p.A. Torino-Piacenza 2017 CISA S.p.A. La Spezia-Parma (and junction to the Brennero motorway) 2031 ASTI-CUNEO ADF S.p.A. Savona-Ventimiglia 2021 SALT S.p.A. Sestri Levante-Livorno, Viareggio-Lucca e Fornola-La Spezia 2019 (3) SAV S.p.A. Quincinetto-Aosta 2032 (2) 12 (1)

13 1.GROUP STRUCTURE 2.FINANCIAL RESULTS 3.TARIFF INCREASES AND INVESTMENT PLAN 4.INTERNATIONAL DEVELOPMENT – CHILE 5.CONCLUSION 13

14 ASTM – 9 MONTHS 09 EBITDA BY SECTOR 95% MOTORWAY SECTOR CONSTRUCTION SECTOR 1% TECHNOLOGICAL SECTOR 2% ENGINEERING SECTOR 2% 9 Months 09 EBITDA 366,7 EBITDA margin 57% 14

15 ASTM – NET FINANCIAL INDEBTEDNESS (Eu mn) Long-term indebtedness 84,3% Short-term indebtedness 15,7% 30/9/2009 Cash and cash equivalents Long-term indebtedness Including the NPV OF THE CENTRAL GUARANTEE FUND DEBT Including the NPV OF THE CENTRAL GUARANTEE FUND DEBT Short-term indebtedness NET FINANCIAL INDEBTEDNESS Financial receivables (1.670) 324 50 (263) (1.416) 30/9/2009 (1.305) 221 30 (294) (1.338) (1.741) 30/6/2009 (1.381) 15

16 SIAS 9 MONTHS 09 EBITDA BY SECTOR (1) ATIVA is consolidated on a proportionate basis (41,17%) CONSTRUCTION SECTOR 97%MOTORWAY SECTOR AUTOCISA 2% TECHNOLOGICAL SECTOR 1% (1) A4 Stretch A21 Stretch 9 Months 09 EBITDA 360 EBITDA margin 57% 19,6% 14,7% 24,7% 16,1% 5,8% 5,1% 11,0% 16

17 SIAS – NET FINANCIAL INDEBTEDNESS (Eu mn) Long-term indebtedness 85,1% Short-term indebtedness 14,9% 30/9/2009 Cash and cash equivalents Long-term indebtedness I Including the NPV OF THE CENTRAL GUARANTEE FUND DEBT I Including the NPV OF THE CENTRAL GUARANTEE FUND DEBT 300 50 (265) (1.508) (1.788) Short-term indebtedness NET FINANCIAL INDEBTEDNESS Financial receivables 30/9/2009 (1.423) 201 30 (295) (1.429) (1.854) 30/6/2009 (1.493) 17

18 SIAS – DEBT ANALYSIS BY MATURITY 2015-onward 70,0% 2011- 2014 20,4% 2010 9,6%. Debt at fixed rate/hedged: 80% of consolidated debt (approx. 3.8%). Debt at floating rate : 20% of consolidated debt (Euribor +35b.p. 115b.p.) 18 AVERAGE MATURITY: 7 YEARS

19 SIAS - BOND ISSUE SIZE: 335 Eu millions (N° 31,9 millions bonds) INTEREST: 2,625% CONVERSION RIGHT: PAR VALUE: 10,50 Eu DURATION: 12 yrs (2005 – 2017) FROM THE END OF THE 5 TH YEAR 1:1 AT PAR BONDS HELD BY THE GAVIO GROUP: N° 9,8 millions (31%) 19

20 1.GROUP STRUCTURE 2.FINANCIAL RESULTS 3.TARIFF INCREASES AND INVESTMENT PLAN 4.INTERNATIONAL DEVELOPMENT – CHILE 5.CONCLUSION 20

21 SIAS GROUP – TARIFF INCREASES (2009) (1)Refers to Productivity factor Inflation (a) Quality factor (b) Total (a)+(b)=(c) Past due increase (d) X factor 2008 (e) X factor 2009 (f) K factor 2009 (g) TOTAL TARIFF INCREASE (c)+(d)+(e)+(f)+(g) SATAP A41,500,191,69-3,98 9,8119,46 SATAP A211,500,161,66-2,92 5,1312,63 ATIVA1,50 -0,960,541,00--5,036,57 CISA1,500,111,61---- ASTI-CUNEO---9,30--- (1) A) CONCESSION AGREEMENTS RENEGOTIATED IN PREVIOUS YEARS (%) 21

22 SIAS GROUP – TARIFF INCREASES (2009) contd (1)Concession schemes have been signed on September 2, 2009 (to date, the effectiveness of the concessions are subject to the authorisation procedure of the Law no. 286/06) (2)Based on 1/5 – 31/12/2009 period (+7,35%: full year) Inflation (a) Productivity factor (b) Quality factor (c) Past due increase (d) TOTAL TARIFF INCREASE (a)+(b)+(c)+(d) ADF1,500,960,310,981,83 SALT1,500,960,553,464,55 SAV1,500,960,212,152,90 (1) (2) (%) B) CONCESSION AGREEMENTS RECENTLY RENEGOTIATED 2009 Group average tariff increase : +4,75% (1) 22

23 SIAS GROUP – TARIFF INCREASES – KEY COMPONENTS (2010 – ONWARD) 2010201120122013201420152016 SATAP A4X factor K factor 3,98 9,81 13,79 3,98 9,81 13,79 3,98 9,81 13,79 - 13,79 - 13,79 SATAP A21X factor K factor 2,92 5,13 8,05 2,92 5,13 8,05 2,92 5,13 8,05 - 8,05 - 8,05 ATIVAK factor5,18 CISAK factor1,5710,00 3,46 (%) A) CONCESSION AGREEMENTS RENEGOTIATED IN PREVIOUS YEARS 23 (1) Tariff increases to be reviewed upon approval of the executive project (1)

24 SIAS GROUP – TARIFF INCREASES – KEY COMPONENTS (2010 – ONWARD) contd 20102011201220132014 SALTK factor -4.26 ADFK factor - 3.86 SAVX factor K factor 8.05 - 8,05 8.05 2.25 10.30 8.05 2.25 10.30 8.05 2.25 10.30 8.05 2.25 10.30 B) CONCESSION AGREEMENTS RECENTLY RENEGOTIATED (%) (1) Until the expiry of the concession agreements, has been agreed a price cap formula linking the minimum annual rate of toll increased to 70% of the actual inflation rate (1)Concession schemes have been signed on September 2, 2009 (to date, the effectiveness of the concessions are subject to the authorisation procedure of the Law no. 286/06) 24

25 SIAS GROUP - INVESTMENT PLAN (Eu bn)20092010201120122013201420152016 2017-end of concession Total SATAP A4 0,050,19 0,270,150,04 0,70 SATAP A21 0,04 0,02 0,16 SAV 0,01 0,02 0,05 ATIVA 0,030,020,040,030,01 0,13 SALT 0,03 0,060,09 0,05 0,40 ADF 0,010,030,040,030,02 0,13 AT - CN 0,040,10 0,200,220,10 0,76 Total0,210,420,560,540,400,150,05-- 2,33 (1) EIB and Cassa Depositi e Prestiti granted 1.0 bn long term loans for financing the above investment programme (2) (3) (1) Concession schemes have been signed on September 2, 2009; (2) Net of Government grants by 0.2 bn. (3) Additional 0,5 bn investments are currently under discussion with ANAS; the financial plan and the final amount of the investment will be reviewed upon approval of the executive project. (4) The financial plan and the final amount of the investment will be reviewed upon approval of the executive project; negotiation currently in progress with the Regulator. 25 CISA 0,120,28 0,270,33 0,30 0,08 0,01 2,00 (4)

26 1.GROUP STRUCTURE 2.FINANCIAL RESULTS 3.TARIFF INCREASES AND INVESTMENT PLAN 4.INTERNATIONAL DEVELOPMENT – CHILE 5.CONCLUSION 26

27 INTERNATIONAL DEVELOPMENT: CHILE JOINT ACQUISITION WITH ATLANTIA IN SANTIAGO AREA ACHIEVED CRITICAL MASS PARTNERSHIP/CO-INVESTMENTS TO MINIMIZE BUSINESS RISK BUSINESS CONSOLIDATION OPPORTUNITIES ACQUISITION OF 3 CHILEAN MOTORWAYS HAS BEEN COMPLETED ON JUNE 30, 2009 27

28 Transaction Highlights Synergies in the Santiago area leveraging on the existing operating platform Rationale SIAS has contibuted assets of Santiago area in a new vehicle equally controlled with Atlantia indicatively financed with 50% equity/50% debt Equity contribution: SIAS (approx. 68 mil., inclusive of a share premium by 41mil.) and Atlantia (approx. 27 mil) SIAS and Atlantia already hold a 45% interest each in Autostrade Sud America (ASA), which controls Costanera Norte, a 43 Km toll road in Santiago The new vehicle will merge with ASA I II III IV V RM VI VII VIII IX X XI XII Puchuncavi Nogales Los Andes Colina Santiago Melipilla San Antonio Algarrobo Valparaiso Viña del Mar V VII Santiago VI Area V RM Metropolitan Area of Santiago INTERNATIONAL DEVELOPMENT: CHILE 28

29 INTERNATIONAL DEVELOPMENT: CHILE (1)Opened to traffic beginning of March 2009 (2)24.2x EV/EBITDA for Costanera Norte (EV/EBITDA multiple implied in the acquisition of the call option held by Impregilo Group on 10% of the share capital of Costanera Nortes parent company, Autopista do Pacifico) (3)Inclusive of transaction costs (4)45% stake held by SIAS and 45% stake held by Atlantia Joint vehicle SIAS / Atlantia Vespucio Sur 50% 25 201 8.0x Red Vial Litoral Central 50% 4 62 15.5.x 262 Nororiente 100% n.a. (1) 125 n.m. (1) Assets in Santiago contributed in APC (a new vehicle equally controlled by SIAS and Atlantia) Combined EV/EBITDA 22.4x New vehicle to merge with Costanera (2) Asset Stake EBITDA 2008 Net debt 2008 Net debt/ EBITDA Equity value pre-leverage Remarks (3) 29 Costanera Norte 90 % (4) 38 330 8.7x

30 INTERNATIONAL DEVELOPMENT: CHILE Vespucio Sur Red Vial Litoral Central Nororiente Minimum guaranteed income Committed Governement subsidies Remarks 24 80 21 2002-2032 2001-2031 2009-2044 100% CPI + 3.5% 100% CPI 100% CPI + 3.5% Km Concession start-end Committed Governement subsidies Possible 8 year concession extension (1) Congestion pricing (2) Minimum guaranteed income Committed Governement subsidies Tariff formula (1)Alternative to the reimbursement by the Ministry of Public Works at the end of the concession (with matured interests) of the extra cost incurred during construction (2)Tariffs may double when average speed is below 70 km/hour and may triple when average speed is below 50 km/hour 30

31 1.GROUP STRUCTURE 2.FINANCIAL RESULTS 3.TARIFF INCREASES AND INVESTMENT PLAN 4.INTERNATIONAL DEVELOPMENT – CHILE 5.CONCLUSION 31

32 OPERATIONS DIVIDEND POLICY INTERNATIONAL & DOMESTIC DEVELOPMENT REGULATION FINANCIAL STRATEGY TRAFFIC RELATIVELY RESILIENT TO ECONOMIC SLOWDOWN TARIFF INCREASES LINKED TO THE SIGNIFICANT ONGOING INVESTMENT PLAN (AND TO 70% OF THE ACTUAL INFLATION RATE FOR THE RECENTLY RENEGOTIATED CONCESSION AGREEMENTS) FINALLY, THE NEW CONCESSION AGREEMENTS FULLY DISPLAYED THE EFFECTS [e.g. TARIFF INCREASES] NO LONGER COMPULSORY TO TENDER OUT WORKS UP TO 60% OF TOTAL VALUE (ART. 29 OF LAW DECREE NO. 207/2008) FOCUS ON FEW SELECTED OPPORTUNITIES WITH LIMITED EQUITY COMMITMENT INVOLVEMENT OF OTHER PARTNERS IN ACQUISITIONS OF NON MATURE OR HIGHLY LEVERED ASSETS BID FOR GREEN FIELD INITIATIVES (i.e. PEDEMONTANA PIEMONTESE) STABLE PAY-OUT DESPITE INVESTMENTS PEAK LARGE SAFETY MARGIN IN TERM OF RE-FINANCING ACCESS TO LONG-TERM SOURCES OF FUNDING [e.g. EIB and CDP] CONCLUSION 32

33 Disclaimer THIS DOCUMENT HAS BEEN PREPARED BY ASTM S.P.A. AND SIAS S.P.A. (THE COMPANIES) FOR THE SOLE PURPOSE DESCRIBED HEREIN. IN NO CASE MAY IT BE INTERPRETED AS AN OFFER OR INVITATION TO SELL OR PURCHASE ANY SECURITY ISSUED BY THE COMPANY OR ITS SUBSIDIARIES. THE CONTENT OF THIS DOCUMENT HAS A MERELY INFORMATIVE AND PROVISIONAL NATURE AND THE STATEMENTS CONTAINED HEREIN HAVE NOT BEEN INDEPENDENTLY VERIFIED. NEITHER THE COMPANIES NOR ANY OF ITS REPRESENTATIVES SHALL ACCEPT ANY LIABILITY WHATSOEVER (WHETHER IN NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY FROM THE USE OF THIS DOCUMENT. THIS DOCUMENT MAY NOT BE REPRODUCED OR REDISTRIBUTED, IN WHOLE OR IN PART, TO ANY OTHER PERSON. THE INFORMATION CONTAINED HEREIN AND OTHER MATERIAL DISCUSSED AT THE PRESENTATION MAY INCLUDE FORWARD- LOOKING STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS ABOUT THE COMPANIES BELIEFS AND EXPECTATIONS. THESE STATEMENTS ARE BASED ON CURRENT PLANS, ESTIMATES AND PROJECTIONS, AND PROJECTS. HOWEVER, FORWARD-LOOKING STATEMENTS INVOLVE INHERENT RISKS AND UNCERTAINTIES. WE CAUTION YOU THAT A NUMBER OF FACTORS COULD CAUSE THE COMPANIES ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN ANY FORWARD-LOOKING STATEMENT. THEREFORE, YOU SHOUD NOT PLACE UNDUE RELIANCE ON SUCH FORWARD-LOOKING STATEMENTS. 33

34 www.autostradatomi.it www.grupposias.it 34


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