1. AUTOSTRADA TORINO – MILANO SOCIETA INIZIATIVE AUTOSTRADALI E SERVIZI GAVIO GROUP JULY 2009

2. KEY FACTS TOLL REVENUES IN LINE WITH 2007 NO ALLOWANCE FOR TARIFF INCREASE + GAP IN THE REMUNERATION OF CAPEX = LACK OF REVENUES BY APPROX. 50 MIL. (1) WRITE-DOWNS OF INVESTEMENTS BY 43 MIL. (SIAS GROUP) AND BY 63.5 MIL. (ASTM GROUP) 2008 ADDITIONAL CAPEX: 295 MILLION DECREE LAW N. 185 ISSUED ON NOVEMBER 29, 2008 POSTPONED THE 2009 TARIFF INCREASES TO MAY 1, 2009 NEW CONCESSION CONTRACTS OF SATAP (A4 AND A21), ATIVA AND CISA (2) ENACTED ON JUNE 2008 BY LAW (3) THE CONCESSION CONTRACT OF ASTI-CUNEO, RECORDED BY AUDIT COURT, IS EFFECTIVE SINCE FEBRUARY 2008 (1)As at 31 December 2008, the remuneration of 557 million capex was pending. (2)An EU infringement procedure was opened upon the extension of the concession to 2031. (3)For the remaing concession contracts, the re-negotiation with the Regulator is in progress. 2 2008 2009 TRAFFIC VOLUMES DOWN BY 8% (TOLL REVENUES: - 16 MIL.) NO TARIFF INCREASES (EXTIMATED LACK OF REVENUES BY APPROX. 11 MIL.) TARIFF INCREASES ON GROUP NETWORK MAY 1, 2009 1Q 2009 COMPLETED THE ACQUISITION OF 3 ADDITIONAL CHILEAN MOTORWAYS (JOINTLY WITH ATLANTIA) JUNE 30, 2009

3. 2008 ASTM-SIAS FINANCIAL RESULTS - HIGHLIGHTS (Eu mn unless otherwise stated) (1) Includes the net effect of the write-downs of investments (37,9 Eu/mn) (2) Includes the net effect of the write-downs of investments (37,5 Eu/mn) Revenues from motorway sector Other sectors revenues Total Revenues EBITDA EBIT Profit before taxes Net profit (after minorities) Operating cash flow Additional Capex (Motorway sector) Net Debt Net Debt/EBITDA Net Debt/Equity Dividend per share () Interim Final Total Pay out (on Groups consolidated net profit) ASTM 2008 2007 pro-forma 714 87 801 442 264 162 43 293 295 1.389 3,1x 0,85x 0,20 0,05 0,25 50% 714 109 823 490 327 314 112 330 400 1.148 2,3x 0,69x 0,20 0,40 31% SIAS 2008 2007 pro-forma 714 77 791 431 256 167 77 277 295 1.498 3,5x 1,02x 0,160 0,040 0,200 59% 714 98 812 477 314 302 170 325 400 1.323 2,8x 0,90x 0,165 0,160 0,325 44% (1)(2) 3

4. 1Q 2009 ASTM-SIAS FINANCIAL RESULTS - HIGHLIGHTS (Eu mn) Revenues: Revenues from motorways sector Other sectors revenues Total Revenues Operating costs Capitalization of internal construction costs EBITDA ASTM 1Q 2009 1Q 2008 150,7 19,3 170,0 (102,1) 13,9 81,8 165,1 21,6 186,7 (100,4) 17,4 103,7 SIAS 1Q 2009 1Q 2008 150,7 16,2 166,9 (94,5) 7,8 80,2 165,1 20,0 185,1 (94,1) 11,6 102,6 4

5. TRAFFIC BY QUARTER (1) Inclusive of the leap year effect (2) Preliminary traffic figures 5 Net of extraordinary events, we expect that traffic trends will fall by 3,5% in 2009 1Q 2008 2Q 2008 3Q 2008 4Q 2008 +2,90% -2,41% -1,74% -3,13% 1Q 2009 (2) (1) FY 2008: - 1,21% -7,96% -0,21% 1Q 20092Q 2009 1H 2009: - 4% (2)

6. AGENDA GROUP STRUCTURE FINANCIAL RESULTS CONCLUSION INTERNATIONAL DEVELOPMENT - CHILE TARIFF INCREASES AND INVESTMENT PLAN 6

7. 7 GROUP STRUCTURE FINANCIAL RESULTS CONCLUSION INTERNATIONAL DEVELOPMENT - CHILE TARIFF INCREASES AND INVESTMENT PLAN

8. 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)

9. 9 OWNERSHIP STRUCTURE Holding companies TREASURY STOCKS ASSICURAZIONI GENERALI GROUP FREE FLOAT GAVIO GROUP51,00% 28,57% 9,98% 2,85% 5,01% FONDAZIONE CR-TO LAZARD ASSET MANAGEMENT LLC. ASSICURAZIONI GENERALI GROUP 4,99% FREE FLOAT18,06% GAVIO GROUP73,32% 3,63% LAZARD ASSET MANAGEMENT LLC 2,59%

10. 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. APC (VS, LC, NO)

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 APC) 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. 12 SIAS Group : Italian motorway concessions (1) An EU infringement procedure was opened upon the extension of the concession to 2031 (final resolution is expected soon). (2) 23,5 years starting from the completion of the infrastructure Status of the Concession/Financial Plan Approved Ongoing negotiation for renewal 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 (2) SAV S.p.A. Quincinetto-Aosta 2032 (1)

13. 13 SIAS GROUP: comparison with main European players SIAS 2025 1.287 800 736 431 54% 256 32% 77(56) 10% 1.4693.986 4.779 1.4988.525 Average expiry of the motorway concessions Network managed (km) Key consolidated figures FY 2008 (/mln): Revenues Ebitda % on Revenues Ebit % on Revenues Net Income % on Revenues Equity Net debt D/E 1,0x Cintra 2040 2.800 522 71% 401 54% - n.av. - Abertis 2025 3.320 3.679 2.256 61% 1.448 39% 618 17% 14.059 2,9x Atlantia 2037 3.413 3.477 2.115 61% 1.616 46% 735 21% 9.755 2,4x BRISA 2032 686 483 70% 277 40% 152 22% 3.674 2,7x ITINERE n.av. 345 235 68% 159 46% 28 8% 3.313 9,0x 1.373 1.106 2.934 367 Debt/EBITDA (2008) 4,6 X 3,5 X 6,2 X 16,3 X 7,6 X 14,1 x

14. 14 SIAS GROUP: comparison with main European players (1) (contd) (1) Source: Equity research, factset as of May 2009 SIAS 1.081 2.781 6,2 X Equity value (/mn) Enterprise value – EV (/mn) EV/EBITDA (2009 E) Atlantia 8.297 18.233 8,8 X Abertis 8.933 21.767 9,4 X Cintra 2.553 8.905 17,0 X BRISA 2.905 12,4 X 5.784 ITINERE 2.851 15,0 X 7.831

15. 15 GROUP STRUCTURE FINANCIAL RESULTS CONCLUSION INTERNATIONAL DEVELOPMENT - CHILE TARIFF INCREASES INVESTMENT PLAN

16. 16 94% MOTORWAY SECTOR ASTM – EBITDA BY SECTOR CONSTRUCTION SECTOR 1% TECHNOLOGICAL SECTOR 2% ENGINEERING SECTOR 3% 2008 EBITDA 442,1 EBITDA margin 55% 1Q 2009 EBITDA 81,8 EBITDA margin 48%

17. 17 ASTM – NET FINANCIAL INDEBTEDNESS (Eu mn) Long-term indebtedness 87,0% Short-term indebtedness 13,0% 31/3/2009 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 (1.741) 258 - (214) (1.429) 31/3/2009 (1.385) 208 - (210) (1.387) (1.740) 31/12/2008 (1.389)

18. 18 CONSTRUCTION SECTOR 97% MOTORWAY SECTOR SIAS EBITDA BY SECTOR AUTOCISA 2% TECHNOLOGICAL SECTOR 1% (1) (1) ATIVA is consolidated on a proportional basis (41,17%) A4 Stretch A21 Stretch 2008 EBITDA 431,1 EBITDA margin 54% 1Q 2009 EBITDA 80,2 EBITDA margin 48% % % % % % % %

19. 19 SIAS – NET FINANCIAL INDEBTEDNESS (Eu mn) Long-term indebtedness 87,6% Short-term indebtedness 12,4% 31/3/2009 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 238 - (214) (1.520) (1.852) Short-term indebtedness NET FINANCIAL INDEBTEDNESS Financial receivables 31/3/2009 (1.496) 192 - (212) (1.478) (1.849) 31/12/2008 (1.498)

20. 20 SIAS – DEBT ANALYSIS BY MATURITY 2016-onward 54,9% 2011 - 2015 29,2% 2009 - 2010 15,9%. Debt at fixed rate/hedges: 77% of consolidated debt (approx. 3.8%). Debt at floating rate : 23% of consolidated debt (Euribor +35b.p. 115b.p.)

21. 21 ISSUE SIZE: 335 Eu millions (N° 31,9 millions bonds) SIAS - BOND 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%)

22. 22 GROUP STRUCTURE FINANCIAL RESULTS CONCLUSION INTERNATIONAL DEVELOPMENT - CHILE TARIFF INCREASES AND INVESTMENT PLAN

23. 23 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) NEW CONCESSION AGREEMENTS (%)

24. 24 SIAS GROUP – TARIFF INCREASES (2009) contd (1)The renewal of the concession agreements is expected by the end of 2009 (2)The company is consolidated with the equity method (3)Based on 1/5 – 31/12/2009 period (+7.5%: 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 SITAF1,500,961,482,554,57 CONCESSION AGREEMENTS CURRENTLY UNDER NEGOTIATION (1) (2) (%) 2009 Group average tariff increase : +5% (3)

25. 25 SIAS GROUP – TARIFF INCREASES – KEY COMPONENTS (2010 – ONWARD) FOR THE REMAING CONCESSION AGREEMENTS (ADF, SALT, SAV AND SITAF) NEGOTIATION ARE IN PROGRESS WITH THE REGULATOR (ANAS) 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 NEW CONCESSION AGREEMENTS (%)

26. 26 SIAS GROUP - INVESTMENT PLAN (Eu bn)20092010201120122013201420152016 2017-end of concession Totale SATAP A4 0,070,19 0,270,150,03 0,71 SATAP A21 0,050,04 0,010,02 0,16 SAV 0,01 0,02 0,05 ATIVA 0,02 0,040,030,02 0,13 SALT 0,04 0,09 0,41 ADF 0,010,040,03 0,01 0,13 CISA 0,120,28 0,270,33 0,30 0,08 0,01 2,00 AT - CN 0,130,420,370,280,230,09 1,52 Totale0,451,041,080,830,680,470,340,120,105,11 (1) (3) Open talks with EIB and Cassa Depositi e Prestiti for financing part the above investment programme (2) (1) Negotitian of the concession contracts is ongoing (2) The financial plan and the final amount of the investment will be reviewed upon approval of the executive project; terminal value of 1,6 bn is granted at the end of the concession (2031) (3) Inclusive of additional 0,5 bn currently under discussion with ANAS; the financial plan and the final amount of the investment will be reviewed upon approval of the executive project

27. 27 GROUP STRUCTURE FINANCIAL RESULTS INTERNATIONAL DEVELOPMENT - CHILE CONCLUSION TARIFF INCREASES AND INVESTMENT PLAN

28. 28 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

29. 29 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

30. 30 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 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)

31. 31 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

32. 32 GROUP STRUCTURE FINANCIAL RESULTS CONCLUSION INTERNATIONAL DEVELOPMENT - CHILE TARIFF INCREASES AND INVESTMENT PLAN

33. 33 OPERATIONS DIVIDEND POLICY INTERNATIONAL DEVELOPMENT REGULATION FINANCIAL STRATEGY TRAFFIC RELATIVELY RESILIENT TO ECONOMIC SLOWDOWN TARIFF INCREASES LINKED TO THE SIGNIFICANT ONGOING INVESTMENT PLAN 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 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

34. 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. 34

35. 35 www.autostradatomi.it www.grupposias.it