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

2. 2 AGENDA GROUP STRUCTURE AFTER THE RE-ORGANIZATION FINANCIAL RESULTS

3. 3 GROUP STRUCTURE AFTER THE RE-ORGANIZATION

4. 4 Current Group Structure (after the Re-organization)

5. 5 Summary of transaction values Based on the valuations carried out by the indipendent expert and the contents of the fairness opinions, the reorganization programme has been carried out on the following values: Contributions in kind (Capital increase at SIAS level)Valuen. of SIAS new shares /mln. ASTMSIAS99,9% SATAP1.007,1 20% Road Link Holding Ltd.12,0 Total 1.019,1100.073.328 Rounded down 100.000.000

6. 6 Summary of transaction values (contd) /mln. SIAS ---> ASTM SATAP ASTM 5,1% SINA (4,4)4,4 27% SINECO (7,5)7,5 n. 9.792.264 SIAS convertible bond (108,1)108,1 SAV ASTM 9% SINECO (2,5)2,5 SALT ASTM5% SINECO(1,4)1,4 ADF ASTM5% SINECO(1,4)1,4 Sub-total (125,3)125,3 ASTM ---> SIAS ASTMHPVdA 41,2% ATIVA 113,8(113,8) 36,5% SITAF 134,1(134,1) 65,1% SAV 95,7(95,7) n. 228.273 SITAF convertible bond 3,9(3,9) Sub-total 347,5(347,5) Total 222,2(222,2) Purchases (cash)ASTM GroupSIAS Group

7. Current ownership structure Holding companies 7 ASSICURAZIONI GENERALI GROUP 5,59% FREE FLOAT16,52% GAVIO GROUP74,56% 3,33% ASSICURAZIONI GENERALI GROUP FREE FLOAT GAVIO GROUP50,60% 31,62% 10,05% 5,01% FONDAZIONE CR-TO 2,72% LAZARD ASSET MANAGEMENT LLC SIAS ownership structure is calculated on the new share capital (227,5 million shares)

8. Ownership structure Main motorway companies 8 AUTOCISA % PUBLIC AUTHORITIES GAVIO GROUP MUNICIPALITIES OTHER PROVINCES REGIONS ANASOTHERTOTAL 99,87 68 41 37 36 87 61 84 65 - 11 - 2 5 2 - 18 9 - 4 6 9 - 28 - 64 - 32 - 35 -----16-------16-- 100 0,13 4 41 11 - 6 22 5 - SUBSIDIARIES Società Autostrada Asti-Cuneo S.p.A.

9. Group Re-organization - Effects 9 IMPROVES VISIBILITY OF EACH OF THE BUSINESS LINES RUN BY THE GROUP CONCENTRATES THE MOTORWAY BUSINESS IN SIAS TO FAVOUR THE OPTIMAL MANAGEMENT OF THE FINANCIAL RESOURCES AMONG THE VARIOUS CONCESSIONS INCREASES THE CRITICAL MASS OF THE MOTORWAY BUSINESS GET A BOOK VALUE OF THE INVESTED CAPITAL CLOSER TO MARKET VALUE OPTIMISES FINANCIAL RATIOS (ALSO IN VIEW OF BEING RATED BY AN INTERNATIONAL RATING AGENCIES) INCREASES THE SIAS PERSPECTIVE FREE-FLOAT AND LIQUIDITY

10. 10 Group Re-organization – Key points Following the completion of the 1 st phase of the Reorganization, the Group structure features: 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 became 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.

11. 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. 11 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. Current network managed by the SIAS Group (1) (2) (3)

12. SIAS Group motorway concessions 12 SATAP (A 4 stretch) SATAP (A 21 stretch) ATIVA SAV SITAF SITRASB ROAD LINK HOLDING Ltd. (UK) Concession expiry 2026 2017 2016 2032 2050 2034 2026

13. 13 (1) According to the concession scheme signed, the concession has been extended to 2031 SALT ADF CISA ASTI CUNEO COSTANERA NORTE (Chile) Concession expiry 2019 2021 2010 2033 (1) SIAS Group motorway concessions (contd)

14. (1) No longer listed (2) For the SIAS Group, the financial results refer to the pro-forma consolidated financial statements as at 31 December 2006. 14 SIAS GROUP: comparison with main European players

15. (1) Source: Equity research, Factset as of 30 November 2007 15 SIAS GROUP: comparison with main European players (1) (contd) SIASAtlantiaAbertis Cintra BRISA 2.281 4.066 14.847 13.735 5.626 6.092 7,8 X 23.943 23.679 14.395 16,7 X 7.947 Equity value (/mn) Enterprise value – EV (/mn) EV/EBITDA (2007 E) 11,3 X 10,2 X 19,8 X

16. 16 FINANCIAL RESULTS GROUP STRUCTURE AFTER THE RE-ORGANIZATION

17. ASTM - 9 MONTHS RESULTS 2007 & 2006 (IAS/IFRS) (Eu mn) 17 (1) Loans guaranteed by the Government: 34 Eu mn REVENUES: 30 Sept. 2007 - REVENUES FROM ENGINEERING SECTOR TOTAL REVENUES CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS 548 9 11 20 44 632 (322) 78 598 (311) 84 4 - 1.070 1.455 1.070 1.455 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) - REVENUES FROM CONSTRUCTION SECTOR - OTHER REVENUES - TOLL REVENUES OPERATING COSTS 529 5 12 11 41 EBITDA 30 Sept. 2006 NON RECURRING ITEM 388 371 EBITDA adjusted 392 371 Pro-forma - REVENUES FROM TECHNOLOGICAL SECTOR

18. SIAS - 9 MONTHS RESULTS 2007 & 2006 (IAS/IFRS) (Eu mn) 18 (1) (2) Loans guaranteed by the Government: 34 Eu mn As at 30/6/2007 REVENUES: 30 Sept. 2007 - REVENUES FROM TECHNOLOGICAL SECTOR TOTAL REVENUES CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS 548 10 20 44 622 (300) 57 586 (292) 67 3 - 1.183 1.631 1.183 1.631 442 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) - REVENUES FROM CONSTRUCTION SECTOR - OTHER REVENUES - TOLL REVENUES OPERATING COSTS 529 5 11 41 (2) EBITDA 30 Sept. 2006 NON RECURRING ITEM 379 361 EBITDA adjusted 382 361 Pro-forma

19. (Eu mn) 19 (1) (2) Refer to slide n. 6 Net financial indebtedness referred to SATAP, SAV and ATIVA RE-ORGANIZATION PROGRAMME: Changes in the SIAS Group net financial position SIAS GROUP NET FINANCIAL POSITION, AS AT 30 JUNE 2007 SIAS NET FINANCIAL POSITION, AS AT 30 JUNE 2007 (after the re-organization) Changes occurred in 3Q 07 : - Sales/purchases of financial assets (net effects) - Increase in fixed assets (motorway sector) - Operating cash-flow Re-organization programme: - Intercompany transactions (sales/purchases of investments) (1) - Changes in the consolidation area (2) (222) (605) (827) (442) (827) 38 (84) 132 SIAS GROUP NET FINANCIAL POSITION, AS AT 30 SEPTEMBER 2007 (1.269) (1.183)

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