1. The Italian Highway System: A Public/Private Partnership

2. SIAS’ Highway Network Autostrada dei Fiori S.p.A. (ADF)
S. BERNARDO
AOSTA
M. BIANCO
IVREA
MILANO
FREJUS
PIACENZA
TORINO
ASTI
ALESSANDRIA
PARMA
VOLTRI
SESTRI L.
CUNEO
SAVONA
LA SPEZIA
VIAREGGIO
VENTIMIGLIA
PISA
LUCCA
LIVORNO
ROSIGNANO M.
CIVITAVECCHIA
Autostrada dei Fiori S.p.A. (ADF)
Autostrada Ligure Toscana S.p.A. (SALT)

3. The SALT Highway General characteristics: Kms. 158
24 double tunnels + 5 single tunnel
214 bridges
10 service stations
12 toll stations
8 restaurants and recreational areas
2 tourist points
2 highway police stations
Concession: expires in July 2019

4. The AdF Highway General characteristics: Kms. 113 67 double tunnels
90 bridges
10 service stations
3 rest and recreational areas
1 tourist point
1 Highways Police station
14 toll stations
Concession: expires in November 2021

6. AdF Highway Toll Cost Distance: Kms. 113 car = 14.30 euros= $18.90
large truck = euros = $54.58
Source:

10. SALT’s Shareholders’ Structure
SIAS: %
Provincial Administration of Lucca: %
City Council of Lucca: %
SINA S.p.A.: %
City Council of La Spezia: %
Patroncini Giorgio Franco %
Provincial Adminisration of La Spezia %
Banca Monte dei Paschi di Siena S.p.A.: %
Cassa di Risparmio di S. Miniato S.p.A.: %
Chamber of Commerce of Genoa: %
GE.FI.MO. - A.B.P. SIM S.p.A %
Chamber of Commerce of La Spezia: %
Chamber of Commerce of Lucca %
Chamber of Commerce of Livorno: %
Chamber of Commerce of Firenze: %
Chamber of Commerce of Pisa: %
Chamber of Commerce of Massa Carrara: 0.01%
Chamber of Commerce of Arezzo: %
Chamber of Commerce of Pistoia: %
Chamber of Commerce of Grosseto: %
Total: %

11. AdF Shareholders’ Structure
SIAS: %
Banca Carige S.p.A.: %
Cassa di Risparmio di Savona S.p.A %
Provincial Administration of Imperia:3.735%
Chamber of Commerce of Imperia: %
Autostrada Albenga-Garessio-Ceva: %
Provincial Administration of Savona: %
Chamber of Commerce of Savona: %
City Council of Savona: %
City Council of Imperia: %
Chamber of Commerce of Genova: %
City Council of Sanremo: %
Fondazione Cassa di Risparmio Cuneo: 0.900%
Cassa di Risparmio di Asti S.p.A.: %
City Council of Ventimiglia: %
Total: %

12. SIAS Ownership Structure
Aurelia Group (Gavio family)
Assicurazioni Generali Group
Lazard Asset Management
Float (on the Italian stock exchange)
Stake %
73.3
3.6
5.0
18.1

13. Concessionaries’ Obligations
Operate the highways under the terms established by ANAS—the governmental roadway authority. These terms include:
Undertake all needed expansions and improvements indicated in the concession agreement
Ensure good maintenance of the highways, meet required safety standards and provide road-side assistance
Adhere to the terms of the financial plan included in the concession agreement
Provide periodical reporting to ANAS
Pay 2.4% of the tolls collected and 5% of royalties from services
(gas stations and restoration services, etc.) to ANAS
At the end of the concession agreement, return the highways to ANAS
in good operating condition and state of repair.

14. Concessionaries’ Rights
Collect tolls calculated according to a price cap formula regulated by ANAS– the governmental roadway authority
Collect royalties from sub-concessions for the use and operation of certain areas of the highways (such as service areas)
Collect revenues from limited roadside advertising, in accordance with the terms of the law

15. The “Price Cap” Toll Formula
The Price Cap formula has the following form:
T  P - X +  * Q
Where:
T = tariff
P = measure of price inflation (estimated by Ministry of Finance)
X = measure of cost-saving technological improvement (e.g. automation)
Β = quality adjustment factor (between 0 and 0.5)
Q = index which measures the quality of the highway services in terms the number of accidents, congestion, response time, services to users, visual appeal.

16. Calculated on Km 5,371 of highways in operation
Trend of Traffic on Italian Highways
Vehicles Km
(billion)
Calculated on Km 5,371 of highways in operation
Source:

17. Traffic and GDP Growth, 1992-2002
-1.5%
-0.5%
0.5%
1.5%
2.5%
3.5%
4.5%
5.5%
1999
1992
1993
1994
2000
2001
2002
1995
1996
1997
1998
TOTAL TRAFFIC
IN ITALY
GDP
TOTAL TRAFFIC
ON SIAS NETWORK

18. MIB 30 (Italian Stock Index)
SIAS Stock Market Performance
SIAS S.p.A.
MIB 30 (Italian Stock Index)

19. Highway Traffic in Italy, 2001-2010
Total vehicles
Light vehicles
Heavy vehicles
Source: Aiscat in figures, 2010, AISCAT

20. Passenger Highway + Railway Traffic in Italy
Total
Highway
Railway
Source: Aiscat in figures, 2010, AISCAT

21. Freight Highway + Railway Traffic in Italy
Total
Highway
Railway
Source: Aiscat in figures, 2010, AISCAT

22. 5-Year Stock Price Performance
SIAS versus MIB
SIAS
FTSE MIB
Source:

23. 5-Year Stock Price Performance Auotstrada MI-To versus MIB
A To-Mi
FTSE MIB
Source: