April 2006 AUTOSTRADA TORINO – MILANO GROUP SOCIETA INIZIATIVE AUTOSTRADALI E SERVIZI GROUP GAVIO GROUP

2 AGENDA REGULATION GROUP STRUCTURE FINANCIAL RESULTS GROWTH STRATEGY & VALUE DRIVERS CONCLUSION

3 REGULATION GROUP STRUCTURE FINANCIAL RESULTS GROWTH STRATEGY & VALUE DRIVERS CONCLUSION

34,59% AUTOCISA 84,36% 5,56% 60,77% 85,92% 56% 87,39% 96,17% GROUP STRUCTURE 4 36,98% 41,17% 99,87% 67,63% 20,0%70% 36,5% 95% 100% 12,59% ABC Costruzioni Società Autostrada Asti-Cuneo S.p.A. 65% Autostrade SUD AMERICA s.r.l. 45%

OWNERSHIP STRUCTURE Holding companies 5 ASSICURAZIONI GENERALI GROUP 5,53% FREE FLOAT39,3% GAVIO GROUP53,04% ADELPHI CAPITAL LLP 2,13% TREASURY STOCKS SCHRODER INVESTMENT MGMT LTD. ASSICURAZIONI GENERALI GROUP FREE FLOAT GAVIO GROUP50,86% 38,07% 4,95% 2,01% 0,11% 4,00% FONDAZIONE CR-TO

OWNERSHIP STRUCTURE Main motorway companies AUTOCISA % PUBLIC AUTHORITIES GROUP MUNICIPALITIES OTHER PROVINCES REGIONS ANASOTHERTOTAL 6 99, , SUBSIDIARIES

Km. 154,9113,2182,090,0 SALTADFCISAASTI-CUNEO TOTAL 540,1 (1 ) (2 ) Inclusive of 81 km stretch linking Parma to the Autostrada del Brennero (under construction) Under construction Autostrada dei Fiori S.p.A. Autostrada Ligure Toscana S.p.A. Autocamionale della Cisa S.p.A. SUBSIDIARIES SIGNIFICANT INVESTMENTS Milano Serravalle – Milano Tangenziali S.p.A. Società Autostrada Tirrenica S.p.A. 7 (1) NETWORK MANAGED (2)

8 Km. 127,0167,7163,759,594,0SATAP - Torino-Milano stretch - Torino-Milano stretch - Torino-Piacenza stretch - Torino-Piacenza stretchATIVASAVSITAF TOTAL 611,9 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 INVESTMENTS Autostrada Torino-Alessandria-Piacenza S.p.A Autostrade Valdostane S.p.A. Autostrada Torino-Ivrea-Valle dAosta S.p.A. SUBSIDIARIES SIGNIFICANT INVESTMENTS Milano Serravalle – Milano Tangenziali S.p.A. NETWORK MANAGED

SAVONA VENTIMIGLIA M. BIANCO IVREA TORINO VOLTRI SESTRI L. PARMA LA SPEZIA VIAREGGIO PISA LUCCA LIVORNO ASTI CUNEO AOSTA S. BERNARDOMILANO FREJUS PIACENZA ROSIGNANO M. ALESSANDRIA TOTAL (a) + (b) (1) (2) Inclusive of 81 km stretch linking Parma to the Autostrada del Brennero (under construction) Under construction 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 INVESTMENTS Autostrada Torino-Alessandria-Piacenza S.p.A Autostrade Valdostane S.p.A. Autostrada Torino-Ivrea-Valle dAosta S.p.A. SUBSIDIARIES SIGNIFICANT INVESTMENTS Milano 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. 127,0167,7163,759,594,0SATAP - Torino-Milano stretch - Torino-Milano stretch - Torino-Piacenza stretch - Torino-Piacenza stretchATIVASAVSITAF TOTAL (b) 611,9 154,9113,2182,090,0SALTADFCISAASTI-CUNEO TOTAL (a) 540,1 NETWORK MANAGED (1) (2)

GROUP MOTORWAY CONCESSIONS 10 SATAP (A 4 stretch) SATAP (A 21 stretch) ATIVA SAV SITAF SITRASB ROAD LINK HOLDING Ltd. (UK) Concession expiry ASTM Group Subsidiaries

GROUP MOTORWAY CONCESSIONS 11 (1)The BoD of ANAS,on 20 February 2006, approved an extension to 2044 SALT ADF CISA ASTI CUNEO stretch Concession expiry SIAS Group Subsidiaries (1)

12 REGULATION GROUP STRUCTURE FINANCIAL RESULTS GROWTH STRATEGY & VALUE DRIVERS CONCLUSION

REVENUES OPERATING COSTS 31/12/ /12/2004 ASTM 2005 & 2004 RESULTS - (IAS/IFRS) EBITDA margin EBITDA margin AMORTISATION & DEPRECIATION EBIT FINANCIAL RESULT, NET EXTRAORDINARY INCOME (EXPENSE) INCOME TAXES MINORITY INTERESTS NET INCOME 411 (208) (37) 158 (66) (4) 441 (250) (38) 3 (52) (4) % % % % (Eu mn) NET FINANCIAL INDEBTEDNESS OPERATING CASH - FLOW (1) Loans guaranteed by the Government: 49 Eu mn

14 ASTM EBITDA BY SECTOR 9% 7% ENGINEERING & PLANNING SECTOR MAINTENANCE & CONSTRUCTION SECTOR 84% MOTORWAY SECTOR (1) ATIVA is consolidated on a proportionate basis (41%) 9% 35% 29% 11% (1) A21 STRETCH A4 STRETCH

(1) 0 0,4 0,8 1,2 1, ASTM - NET FINANCIAL INDEBTEDNESS & LEVERAGE DEBT / EQUITY NET FINANCIAL INDEBTEDNESS (Eu mn) 31/12/2002 Pro forma 31/12/ /12/ /12/2005 (1) Loans guaranteed by the Government: 58 Eu mn ,63 0,68 0,57

CAGR + 4,3% CAGR + 13% CAGR + 67,3% ASTM - FINANCIAL RESULTS (3 YEARS PERIOD) Toll Revenues E.B.I.T.D.A Operating Cash - Flow (Eu mn)

CAGR + 60% CAGR + 30,8% Net Profit Group Dividends Paid ASTM GROUP RESULTS (CONTD) 17 (Eu mn)

REVENUES OPERATING COSTS 31/12/ /12/2004 SIAS 2005 & 2004 RESULTS - (IAS/IFRS) EBITDA margin EBITDA margin AMORTISATION & DEPRECIATION EBIT FINANCIAL RESULT, NET EXTRAORDINARY INCOME (EXPENSE) INCOME TAXES MINORITY INTERESTS NET INCOME 453 (173) (102) 53 (63) (35) 413 (166) (70) (17) (63) (28) % (1) Loans guaranteed by the Government: 56 Eu mn (Eu mn) NET FINANCIAL INDEBTEDNESS OPERATING CASH - FLOW (1) % 60% 62%

19 8,5% NO RECURRING REVENUES MAINTENANCE & CONSTRUCTION SECTOR 84% MOTORWAY SECTOR SIAS EBITDA BY SECTOR AUTOCISA 17,5% 38% 29% 4% 3% TECHNOLOGICAL SECTOR

NET FINANCIAL INDEBTEDNESS (Eu mn) DEBT / EQUITY 0 0,4 0,8 1,2 1, SIAS - NET FINANCIAL INDEBTEDNESS & LEVERAGE (1) Loans guaranteed by the Government 56 Eu mn 31/12/ /12/ /12/ /12/ (1) 0,66 0,37 0,20 0,37 400

ISSUE SIZE: 335 Eu millions SIAS - BOND INTEREST: 2,625% CONVERSION RIGHT: 21 PAR VALUE: 10,50 Eu DURATION: 12 yrs (2005 – 2017) FROM THE END OF THE 5 TH YEAR 1:1 AT PAR

CAGR + 3,7% CAGR + 16,9% CAGR + 21,9% SIAS - FINANCIAL RESULTS (3 YEARS PERIOD) Toll Revenues E.B.I.T.D.A Operating Cash - Flow (Eu mn)

CAGR + 51,4% CAGR + 73,2% Net Profit Group Dividends Paid SIAS - GROUP RESULTS (CONTD) 23 (Eu mn)

24 REGULATION GROUP STRUCTURE FINANCIAL RESULTS GROWTH STRATEGY & VALUE DRIVERS CONCLUSION

25 ASTM GROUP - ANNUAL TARIFF CHANGE (1) ANNUAL TARIFF CHANGE 2,44 PRODUCTIVITY -0,89 -0,90 (1) Calculated as a weighted average on 2005 toll revenues (2) X factor was granted to SAV to cover both the previous and new investiments (3) X factor related to the new investments would apply from January 1, 2007 (2) X factor was granted to SAV to cover both the previous and new investiments (3) X factor related to the new investments would apply from January 1, 2007 NEW INVESTMENTS QUALITY FACTOR 0, FORECASTED INFLATION RATE 2006 FORECASTED INFLATION RATE 1,60 (%) SAV INVESTMENTS (2) 1, (3) 0,33 1,70 2,56

26 SIAS GROUP - ANNUAL TARIFF CHANGE (1) ANNUAL TARIFF CHANGE 1,36 PRODUCTIVITY -0,89 -0,90 (1) Calculated as a weighted average on 2005 toll revenues (2) X factor related to the new investments would apply from January 1,2007 (1) Calculated as a weighted average on 2005 toll revenues (2) X factor related to the new investments would apply from January 1,2007 NEW INVESTMENTS FORECASTED INFLATION RATE 1, (%) QUALITY FACTOR0,65 0,78 1,58 1,70 - (2)

27 ASTM GROUP - INVESTMENT PLAN ATIVA (1) Expected amount from 2006 until the end of the concession agreements (2) Terminal value on investments garanted - by the incoming concessionaire - upon expiry of the concession agreement (1) Expected amount from 2006 until the end of the concession agreements (2) Terminal value on investments garanted - by the incoming concessionaire - upon expiry of the concession agreement SAV 50 Investments Plan (1) Terminal value (2) SATAP: A4 Stretch A21 Stretch (Eu mn) Status of the Plan Approved by ANAS To be approved by ANAS

28 SIAS GROUP - INVESTMENT PLAN CISA ASTI-CUNEO 800 Investments Plan (1) ADF (Eu mn) Status of the Plan Approved by ANAS To be approved by ANAS SALT Terminal value (2) (1) Expected amount from 2006 until the end of the concession agreements (2) Terminal value on investments garanted - by the incoming concessionaire - upon expiry of the concession agreement (1) Expected amount from 2006 until the end of the concession agreements (2) Terminal value on investments garanted - by the incoming concessionaire - upon expiry of the concession agreement

29 REGULATION GROUP STRUCTURE 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 km strengthened the Group network in the highly industrialised north of Italy bidden - successfully - for new concessions abroad (i.e. Costanera-Chile) 30

STRATEGY: WHAT WE FORESEE MOTORWAY SECTOR 31 CARRY OUT THE PARMA – BRENNERO MOTORWAY PROJECT & ASTI-CUNEO CONCLUDE THE RENEGOTIATION OF THE NEW FINANCIAL PLANS REDUCE MINORITIES THROUGH ACQUISITIONS (MAINLY FROM LOCAL PUBLIC AUTHORITIES)

STRATEGY: WHAT WE FORESEE OTHER SECTORS 32 DEVELOP ENGINEERING & PLANNING ACTIVITIES (i.e. "HIGH SPEED TRAIN" PROJECT) INCREASE CONSTRUCTION ACTIVITIES - THROUGH SUBSIDIAIRIES - TO COPE WITH THE MOTORWAYS' INVESTMENT PLAN...WITHOUT FORGETTING POTENTIAL FROM DIVERSIFICATION IN OTHER "SIDE" BUSINESS AREAS (i.e. LOGISTICS, HARBOURS) WIDEN TELECOM SERVICES (BY USING THE approx KM FIBRE-OPTIC MODERN BACKBONE AND TRANSMITTERS FOR MOBILE TELEPHONE OPERATORS)

VALUE DRIVERS: TRAFFIC GROWTH TOTAL TRAFFIC ON MOTORWAYS % -0.5% 0.5% 1.5% 2.5% 3.5% 4.5% TRAFFIC TREND HISTORICALLY OUTPERFORMED GDP GROWTH EVEN IN RECESSION YEARS GDP 2005

VALUE DRIVERS: AUTOMATED TOLL PAYMENT SYSTEMS 34 CURRENT SITUATION 8% CREDIT CARDS 2% FAST PAY 30% CASH 60% AUTOMATED TOLL PAYMENTS VIACARDS & TELEPASS 70% ENVISAGED SITUATION ( within 4 yrs ) 15-20% CASH AUTOMATED TOLL PAYMENTS 80-85%

35 ROYALTIES FROM PETROL STATIONS & RESTAURANTS OTHER ROYALTIES (TELECOMS, ADVERTISING, … ) VALUE DRIVERS: SUB - CONCESSION AGREEMENTS (Eu mn) 19, ,0 6, ,0 7, (forecast) 33,0 EBITDA increases without additional costs

36 REGULATION GROUP STRUCTURE FINANCIAL RESULTS GROWTH STRATEGY & VALUE DRIVERS CONCLUSION

37 Long term view of the business, dedicated management No competition from other transportation systems New Group Structure Substainable profitability growth rates Conservative financial profile and balanced growth strategy (also abroad) Value creation through lasting, experienced motorway know-how and operating efficiency

38