AUTOSTRADA TORINO – MILANO SOCIETA’ INIZIATIVE AUTOSTRADALI E SERVIZI

GAVIO GROUP NOVEMBER 2009

KEY FACTS

- Traffic volumes:+ 1 mil- Asti-Cuneo stretch:+ 1 mil- Tariff increase:+ 12 mil

Change in Toll revenues + 14 mil23Q 2009

ASTM - 3Q & 9 MONTHS 2009

(Eu mn)3By the end of the current year, will be submitted to the BoD an interim dividend proposal

SIAS 3Q & 9 MONTHS 2009

(Eu mn)4On November 12, 2009 the Board of Directors of SIAS approved an interim dividend equal to eur 0,120 for each of the 227.500.000 ordinary shares (eur 27.3 million)

TRAFFIC BY QUARTER (1) Inclusive of the leap year effect (2) Light traffic: +2.28%1Q 20082Q 20083Q 20084Q 2008+2,90%-2,41%-1,74%-3,13%(2)(1)FY 2008: - 1,21%-8,33%-0,65%1Q 20092Q 20091/1- 30/9/2009: - 2,37%53Q 2009+0,94%

Table of ContentsGROUP STRUCTUREFINANCIAL RESULTSTARIFF INCREASES AND INVESTMENT PLANINTERNATIONAL DEVELOPMENT CHILECONCLUSION

6

GROUP STRUCTUREFINANCIAL RESULTSTARIFF INCREASES AND INVESTMENT PLANINTERNATIONAL DEVELOPMENT CHILECONCLUSION

7

Current Group Structure ASTM S.p.A.Aurelia S.p.A. / Argo Finanziaria S.p.A.51,00%SIAS S.p.A.SATAPSAVATIVA65,1%41,2%99,9%

ITINERA40,3%Holding Piemonte e Valle d'Aosta20,0%SITRASB36,5%SALTCISAADF84,4%87,4%60,8%(39,01%) CODELFASITAF36,5%6,2%1,1% 100%(Chile)45,0%MarketASTM S.p.A.SIAS S.p.A. 63,42%(SINA 1,72%)SATAPSAVATIVA Road Link 65,1%99,9%SINECOSINA82,0%99,5%SITRASBSALTCISAADF84,4%87,4%60,8%58,05%+ ARGO 50,0%SITAF 59,7%0,08%0,5%CODELFAPavimental26,45%18,0% 9,92% ASA - ApC 26,66%1,4%MarketAsti-Cuneo65,0%(ITINERA 5%)SINELEC33,58%(16,42%) + FPIABC14,1%32,4%25,4%28,1%8

OWNERSHIP STRUCTURE Holding companies9

OWNERSHIP STRUCTURE Main motorway companies

PUBLIC AUTHORITIES%GROUPMUNICIPALITIESOTHERPROVINCESREGIONSANASOTHERTOTAL99,8787846865615045413736-22--5---11--49--6--189----28------64----35----32--1---6-----100100100100100100100100100100100SUBSIDIARIESLxLE.M.E.M.PROP.A.p.Cile(VS, LC, NO)10

CONCESSIONAIRE LENGHT KM

SUBSIDIARIESSATAP [A4]130,3SATAP [A21]167,7SALT154,9CISA 182,0(1)SAV 59,5AT-CN 90 (2)ADF113,2ATIVA155,8

EQUITY INVESTMENTSSITAF [A32, T4] 94SITRASB 12,8

ROAD LINK (A69) UK 84COSTANERA NORTE CHILE (THROUGH ASA) 43VESPUCIO SUR / LITORAL CENTRAL / NORORIENTE CHILE (THROUGH A.p.Cile)125 1.412,2

SIGNIFICANT INVESTMENTSMILANO SERRAVALLE MILANO TANGENZIALISOCIETA AUTOSTRADA TIRRENICA

Current network managed by the SIAS GroupInclusive of the planned 81 km stretch linking Parma to the Autostrada del BrenneroUnder construction(1)(2)11

SIAS Group: Italian motorway concessions

(1) Concession schemes signed on September 2, 2009 (to date, the effectiveness of the concessions are subject to the authorisation procedure of the Law no. 286/06)(2) On October 2, 2009 the EU infringement procedure upon the extension of the concession to 2031 was closed .(3) 23,5 years starting from the completion of the infrastructureStatus of the Concession/Financial PlanApproved

ATIVA S.p.A. Torino ringroad, Torino-Quincinetto, Ivrea-Santhi e Torino-Pinerolo2016

Concession expirySATAP S.p.A. Torino-Milano 2026

SATAP S.p.A. Torino-Piacenza2017 CISA S.p.A. La Spezia-Parma (and junction to the Brennero motorway)2031ASTI-CUNEOADF S.p.A. Savona-Ventimiglia2021 SALT S.p.A. Sestri Levante-Livorno, Viareggio-Lucca e Fornola-La Spezia 2019 aaaaaa(3)SAV S.p.A. Quincinetto-Aosta2032aa (2)12 (1) (1) (1)


13

ASTM 9 MONTHS 09 EBITDA BY SECTOR95%MOTORWAY SECTOR CONSTRUCTION SECTOR1%TECHNOLOGICAL SECTOR2%ENGINEERING SECTOR2%9 Months 09EBITDA 366,7EBITDA margin 57%14

Grafico1

95motormotor

2engeng

2techtech

1constrconstr

Est

Sheet1

motorengtechconstr

Est95221

ASTM NET FINANCIAL INDEBTEDNESS

(Eu mn) Long-term indebtedness84,3%Short-term indebtedness15,7%30/9/2009 Cash and cash equivalents Long-term indebtednessIncluding the NPV OF THE CENTRAL GUARANTEE FUND DEBTShort-term indebtedness NET FINANCIAL INDEBTEDNESSFinancial receivables

(1.670)32450(263)(1.416)30/9/2009

(1.305)22130(294)(1.338)

(1.741)30/6/2009

(1.381)15

Grafico1

15.7

84.3

Est

Sheet1

Short term indebtednessLong term indebtedness

Est15.784.3

SIAS 9 MONTHS 09 EBITDA BY SECTOR (1) ATIVA is consolidated on a proportionate basis (41,17%)CONSTRUCTION SECTOR97%MOTORWAY SECTOR2%TECHNOLOGICAL SECTOR1%(1)A4 StretchA21 Stretch9 Months 09EBITDA 360EBITDA margin 57%19,6%14,7%24,7%16,1%5,8%5,1%11,0%16

Grafico1

97motormotor

2TECHTECH

1constrconstr

Est

Sheet1

motorTECHconstr

Est9721

Grafico1

16.1

14.7

5.8

5.1

24.7

11

19.6

Est

Sheet1

SATAP A4SATAP A21SAVATIVASALTCISAADF

Est16.114.75.85.124.71119.6

SIAS NET FINANCIAL INDEBTEDNESS

(Eu mn) Long-term indebtedness85,1%Short-term indebtedness14,9%30/9/2009Cash and cash equivalents Long-term indebtednessIncluding the NPV OF THE CENTRAL GUARANTEE FUND DEBT30050(265)(1.508)

(1.788)Short-term indebtedness NET FINANCIAL INDEBTEDNESSFinancial receivables30/9/2009

(1.423)20130(295)(1.429)

(1.854)30/6/2009

(1.493)17

Grafico1

14.9

85.1

Est

Sheet1

Short term indebtednessLong term indebtedness

Est14.985.1

SIAS DEBT ANALYSIS BY MATURITY

2015-onward70,0%2011- 201420,4%20109,6%. Debt at fixed rate/hedged: 80% of consolidated debt (approx. 3.8%). Debt at floating rate : 20% of consolidated debt (Euribor +35b.p.115b.p.)18

AVERAGE MATURITY: 7 YEARS

Grafico1

9.6

20.4

70

DATI

Sheet1

2009-20102011-20142015 onward

DATI9.620.470

SIAS - BOND

19


20

SIAS GROUP TARIFF INCREASES (2009)

Refers to Productivity factor(1)A) CONCESSION AGREEMENTS RENEGOTIATED IN PREVIOUS YEARS (%)21

Inflation

(a)Quality factor(b)Total

(a)+(b)=(c)Past due increase(d)X factor2008(e)X factor2009(f)K factor2009(g)TOTAL TARIFF INCREASE(c)+(d)+(e)+(f)+(g)

SATAP A41,500,191,69-3,983,989,8119,46SATAP A211,500,161,66-2,922,925,1312,63ATIVA1,50 -0,960,541,00--5,036,57CISA1,500,111,61----1,61ASTI-CUNEO---9,30---9,30

SIAS GROUP TARIFF INCREASES (2009) contd

Concession schemes have been signed on September 2, 2009 (to date, the effectiveness of the concessions are subject to the authorisation procedure of the Law no. 286/06)(2)Based on 1/5 31/12/2009 period (+7,35%: full year)(1)(2)(%)B) CONCESSION AGREEMENTS RECENTLY RENEGOTIATED 2009 Group average tariff increase : +4,75%(1)22

Inflation

(a)Productivity factor(b)Quality factor(c)Past due increase(d)TOTAL TARIFF INCREASE(a)+(b)+(c)+(d)

ADF1,500,960,310,981,83SALT1,500,960,553,464,55SAV1,500,960,212,152,90

SIAS GROUP TARIFF INCREASES KEY COMPONENTS (2010 ONWARD)(%) A) CONCESSION AGREEMENTS RENEGOTIATED IN PREVIOUS YEARS 23

(1) Tariff increases to be reviewed upon approval of the executive project(1)

2010201120122013201420152016

SATAP A4

X factorK factor

3,989,8113,793,989,8113,793,989,8113,79-13,7913,79-13,7913,79

SATAP A21

X factorK factor2,925,138,052,925,138,052,925,138,05-8,058,05-8,058,05ATIVAK factor5,185,185,185,18

CISAK factor1,5710,0010,0010,0010,0010,003,46

SIAS GROUP TARIFF INCREASES KEY COMPONENTS (2010 ONWARD) contd B) CONCESSION AGREEMENTS RECENTLY RENEGOTIATED (%)(1)Until the expiry of the concession agreements, has been agreed a price cap formula linking the minimum annual rate of toll increased to 70% of the actual inflation rateConcession schemes have been signed on September 2, 2009 (to date, the effectiveness of the concessions are subject to the authorisation procedure of the Law no. 286/06)

24

20102011201220132014

SALT

K factor

-

4.26

4.26

4.26

4.26

ADF

K factor

-3.86

3.86

3.86

3.86

SAV

X factorK factor8.05 - 8,058.052.2510.308.052.2510.308.052.2510.308.052.2510.30

SIAS GROUP - INVESTMENT PLAN (1)(1)(1)EIB and Cassa Depositi e Prestiti granted 1.0 bn long term loans for financing the above investment programme(2) (3)(1) Concession schemes have been signed on September 2, 2009;(2) Net of Government grants by 0.2 bn. (3) Additional 0,5 bn investments are currently under discussion with ANAS; the financial plan and the final amount of the investment will be reviewed upon approval of the executive project.(4) The financial plan and the final amount of the investment will be reviewed upon approval of the executive project; negotiation currently in progress with the Regulator.

25 (4)

(Eu bn)200920102011201220132014201520162017-end of concessionTotalSATAP A40,050,19 0,270,150,040,70SATAP A210,040,040,040,020,020,16 SAV0,010,010,010,020,05ATIVA0,030,020,040,030,010,13SALT0,030,030,060,090,090,050,05 0,40ADF0,010,030,040,030,02 0,13AT - CN0,040,100,100,200,220,100,76Total0,210,420,560,540,400,150,05-- --2,33

CISA0,120,280,280,270,330,330,30 0,08 0,012,00

Grafico1

0.212009200920092009200920092009

0.422010201020102010201020102010

0.562011201120112011201120112011

0.542012201220122012201220122012

0.42013201320132013201320132013

0.152014201420142014201420142014

0.052015201520152015201520152015

02016201620162016201620162016

02017-end2017-end2017-end2017-end2017-end2017-end2017-end

A4

Sheet1

200920102011201220132014201520162017-end

A40.210.420.560.540.40.150.05


26

INTERNATIONAL DEVELOPMENT: CHILE

JOINT ACQUISITION WITH ATLANTIA IN SANTIAGO AREA

27

INTERNATIONAL DEVELOPMENT: CHILE28

INTERNATIONAL DEVELOPMENT: CHILEOpened to traffic beginning of March 200924.2x 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)Inclusive of transaction costs45% stake held by SIAS and 45% stake held by Atlantia

Joint vehicleSIAS / 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)AssetStakeEBITDA2008Net debt2008Net debt/EBITDAEquity value pre-leverageRemarks(3)29Costanera Norte 90%(4) 38 330 8.7x

INTERNATIONAL DEVELOPMENT: CHILEAlternative to the reimbursement by the Ministry of Public Works at the end of the concession (with matured interests) of the extra cost incurred during constructionTariffs may double when average speed is below 70 km/hour and may triple when average speed is below 50 km/hour30


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OPERATIONSDIVIDEND POLICYINTERNATIONAL & DOMESTIC DEVELOPMENTREGULATIONFINANCIALSTRATEGYTRAFFIC RELATIVELY RESILIENT TO ECONOMIC SLOWDOWNTARIFF INCREASES LINKED TO THE SIGNIFICANT ONGOING INVESTMENT PLAN (AND TO 70% OF THE ACTUAL INFLATION RATE FOR THE RECENTLY RENEGOTIATED CONCESSION AGREEMENTS)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 ASSETSBID FOR GREEN FIELD INITIATIVES (i.e. PEDEMONTANA PIEMONTESE)STABLE PAY-OUT DESPITE INVESTMENTS PEAKLARGE SAFETY MARGIN IN TERM OF RE-FINANCINGACCESS TO LONG-TERM SOURCES OF FUNDING [e.g. EIB and CDP]CONCLUSION32

DisclaimerTHIS 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. 33

www.autostradatomi.itwww.grupposias.it34

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AUTOSTRADA TORINO – MILANO SOCIETA’ INIZIATIVE AUTOSTRADALI E SERVIZI