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

GROUP RE-ORGANIZATION Main Transactions 5 (1 ) (2 ) (3 ) Dedicated share capital increase of SIAS to fund the deal A separate newco (HPVdA) will be established – in SIAS – to concentrate the motorway companies located in the North-Western Piedmont and Aosta Valley SALT and ADF ENGINEERING AND INFRASTRUCTURE/MAINTENANCE SECTORS TO STAY IN ASTM: ENGINEERING AND INFRASTRUCTURE/MAINTENANCE SECTORS TO STAY IN ASTM: 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% SINECO SAV (3) Sells: 10% SINECO SIAS SATAP Sells: 5,1% SINA 27% SINECO No. 9,8 millions SIASs convertible bonds (31%)

6 GROUP STRUCTURE AFTER THE RE-ORGANIZATION

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 1 st 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 SIASs upside will be easily reflected in ASTMs 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 Dec The BoD of both ASTM & SIAS approved the guidelines for the re-organization programme 5 Jan 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 STRUCTURE Holding companies 10 ASSICURAZIONI GENERALI GROUP 5,53% FREE FLOAT34,25% GAVIO GROUP53,04% ADELPHI CAPITAL LLP 2,13% ASSICURAZIONI GENERALI GROUP FREE FLOAT GAVIO GROUP50,51% 36,48% 5,05% 5,01% FONDAZIONE CR-TO 2,95% LAZARD ASSET MANAGEMENT LLC 5,05% LAZARD ASSET MANAGEMENT LLC

OWNERSHIP STRUCTURE Main motorway companies AUTOCISA % PUBLIC AUTHORITIES GAVIO GROUP MUNICIPALITIES OTHER PROVINCES REGIONS ANASOTHERTOTAL 11 99, , SUBSIDIARIES Società Autostrada Asti-Cuneo S.p.A.

Km. 154,9113,2182,090,043,0 SALTADFCISAASTI-CUNEO COSTANERA NORTE S.A. TOTAL 583,1 (1 ) (2 ) (3 ) Inclusive of the planned 81 km stretch linking Parma to the Autostrada del Brennero Under construction Equity 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 INVESTMENTS Milano Serravalle – Milano Tangenziali S.p.A. Società Autostrada Tirrenica S.p.A. 12 (1) NETWORK MANAGED (2) EQUITY INVESTMENTS Costanera Norte S.A. (through ASA) - Chile (3)

13 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 Km. 130,3167,7163,759,594,012,8SATAP - Torino-Milano stretch - Torino-Milano stretch - Torino-Piacenza stretch - Torino-Piacenza stretchATIVASAVSITAFSITRASB 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 INVESTMENTS Autostrada Torino-Alessandria-Piacenza S.p.A Autostrade Valdostane S.p.A. Autostrada Torino-Ivrea-Valle dAosta S.p.A. SUBSIDIARIES CURRENT 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 1.211,1 (1) (2) (3) Inclusive of the planned 81 km stretch linking Parma to the Autostrada del Brennero Under construction Costanera 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 - UK Costanera Norte S.A. - Chile (through ASA) 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. 14 Km. 130,3167,7163,759,594,012,8 SATAP - Torino-Milano stretch - Torino-Milano stretch - Torino-Piacenza stretch - Torino-Piacenza stretchATIVASAVSITAFSITRASB 154,9113,2182,090,043,0SALTADFCISAASTI-CUNEO 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 expiry Current 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 expiry SIAS Group Subsidiaries (1)

17 GROUP STRUCTURE & RE-ORGANIZATION PROGRAMME FINANCIAL RESULTS GROWTH STRATEGY & VALUE DRIVERS CONCLUSION

REVENUES: 30 Sept ASTM - 9 MONTHS RESULTS 2006 & 2005 (IAS/IFRS) - REVENUES FROM ENGINEERING SECTOR TOTAL REVENUES CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS 235 4, ,5 285 (146) (154) (Eu mn) 18 NET FINANCIAL INDEBTEDNESS (Including the NPV of the Central Guarantee Fund debt) NET FINANCIAL INDEBTEDNESS (Including the NPV of the Central Guarantee Fund debt) (1) (2) Loans guaranteed by the Government: 31 Eu mn As at 30/6/ REVENUES FROM CONSTRUCTION SECTOR - OTHER REVENUES - TOLL REVENUES OPERATING COSTS (2) EBITDA 30 Sept CONSTRUCTION SECTOR (ITINERA S.p.A.) EBITDA adjusted

REVENUES: 30 Sept SIAS - 9 MONTHS RESULTS 2006 & 2005 (IAS/IFRS) - REVENUES FROM ENGINEERING SECTOR TOTAL REVENUES CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS (178) (179) , (Eu mn) 19 NET FINANCIAL INDEBTEDNESS (Including the NPV of the Central Guarantee Fund debt) NET FINANCIAL INDEBTEDNESS (Including the NPV of the Central Guarantee Fund debt) (1) (2) Loans guaranteed by the Government: 41 Eu mn As at 30/6/ REVENUES FROM CONSTRUCTION SECTOR - OTHER REVENUES - TOLL REVENUES OPERATING COSTS (2) EBITDA 30 Sept NON RECURRING INCOME EBITDA adjusted ,5

20 ASTM – PRO-FORMA EBITDA BY SECTOR AS AT 30 SEPTEMBER 2006 MOTORWAY SECTOR 92% TECHNOLOGICAL SECTOR 2% MAINTENANCE & CONSTRUCTION SECTOR ENGINEERING & PLANNING SECTOR 2% 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.

(1) 0 0,50 21 ASTM – PRO-FORMA NET FINANCIAL INDEBTEDNESS DEBT / EBITDA SIAS ASTM – PRO-FORMA NET FINANCIAL INDEBTEDNESS (Eu mn) 31/12/ /12/ /12/ /9/2006 (1) Loans guaranteed by the Government: 72 Eu mn ,14 1,16 1, ,342,15 2,41 DEBT / EBITDA ASTM DEBT / EBITDA ASTM Pro-forma 1,00 1,50 2,00 2,50 1,67 1,59 1,71 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 5 TH 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): 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): 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 MOTORWAYS % -0.5% 0.5% 1.5% 2.5% 3.5% 4.5% TRAFFIC TREND HISTORICALLY OUTPERFORMED GDP GROWTH EVEN IN RECESSION YEARS GDP 2006

VALUE DRIVERS: AUTOMATED TOLL PAYMENT SYSTEMS 28 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%

29 ROYALTIES FROM PETROL STATIONS & RESTAURANTS OTHER ROYALTIES (TELECOMS, ADVERTISING, … ) VALUE DRIVERS: SUB - CONCESSION AGREEMENTS (Eu mn) 19, ,0 6, ,0 7, (forecast) 32,0 EBITDA increases without additional costs

30 GROUP STRUCTURE & RE-ORGANIZATION PROGRAMME FINANCIAL RESULTS GROWTH STRATEGY & VALUE DRIVERS CONCLUSION

31 Long term view of the business, dedicated management No competition from other transportation systems Growing opportunities arising from the new stretches Substainable profitability growth rates Conservative financial profile and balanced growth strategy (also abroad) Value creation through the Group re-organization (both for ASTM & SIAS)

32