AGENDA

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AGENDA
GROUP STRUCTURE
FINANCIAL RESULTS
REGULATION
CONCLUSION
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FINANCIAL RESULTS
REGULATION
CONCLUSION
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Current Group Structure (after the
Re-organization)
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OWNERSHIP STRUCTUREHolding companies
TREASURY STOCKS
2,66
3,68
2,04
ASSICURAZIONI GENERALI GROUP
HSBC BANK PERNSION TRUST LTD
GOLDMAN SACHS INTERN. LTD
2,53
FONDAZIONE CR-TO
2,59
5,59
LAZARD ASSET MANAGEMENT LLC
ASSICURAZIONI GENERALI GROUP
5,01
10,09
LAZARD ASSET MANAGEMENT LLC.
FREE FLOAT
17,20
FREE FLOAT
21,94
GAVIO GROUP
53,14
GAVIO GROUP
73,53
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OWNERSHIP STRUCTUREMain motorway companies
PUBLIC AUTHORITIES

MUNICIPALITIES
PROVINCES
REGIONS
GROUP
OTHER
ANAS
OTHER
TOTAL
SUBSIDIARIES

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Group Re-organization - Effects

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Group Re-organization Key points
Following the completion of the 1st phase of the
Reorganization, the Group structure features
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Current network managed by the SIAS Group
Km.
S. BERNARDO
154,9 113,2 182,0 90,0 43,0
SALT ADF CISA ASTI-CUNEO COSTANERA NORTE S.A.
AOSTA
M. BIANCO
(1)
IVREA
(2)
(3)
TORINO
130,3 167,7 155,8 59,5 94,0 12,8 84,0
SATAP - Torino-Milano stretch -
Torino-Piacenza stretch ATIVA SAV SITAF SITRASB RO
AD LINK (A69)
PARMA
ASTI
ALESSANDRIA
VOLTRI
SESTRI L.
CUNEO
SAVONA
LA SPEZIA
VIAREGGIO
VENTIMIGLIA
PISA
LUCCA
LIVORNO
TOTAL
1.287,2
SUBSIDIARIES
EQUITY INVESTMENTS
Autostrada Torino-Alessandria-Piacenza S.p.A
Autostrade Valdostane S.p.A. Autostrada
Torino-Ivrea-Valle dAosta S.p.A.
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)
Autostrada dei Fiori S.p.A. Autostrada Ligure
Toscana S.p.A. Autocamionale della Cisa S.p.A.
SIGNIFICANT INVESTMENTS
Milano Serravalle Milano Tangenziali S.p.A.
Società Autostrada Tirrenica S.p.A.
(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
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SIAS Group motorway concessions
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SIAS Group motorway concessions (contd)
Concession expiry
SALT ADF CISA ASTI CUNEO COSTANERA NORTE (Chile)
2019 2021 2031 - 2033
(1)
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1. 23,5 yrs. starting from the completion of the
   infrastructure

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SIAS GROUP comparison with main European players
BRISA
SIAS
Atlantia
Abertis
Cintra
2032
2026
2037
2026
2040
1.063
1.287
3.413
3.350
2.481
319
386
1.673
1.777
516
217
223
1.043
1.111
346
68
58
62,4
62,5
67,1
118
128
822
717
253
37
33
49,1
40,3
49
52
48
367
331
(51)
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18,6
n.s.

1.534
5.007
1.475
4.110
n.av.
3.640
1.400
9.375
12.999
9.497
2,4x
0,9x
2,3x
2,6x
n.av.
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SIAS GROUP comparison with main European
players(1) (contd)
SIAS
Atlantia
Abertis
BRISA
Cintra
Equity value (/mn)
Enterprise value EV (/mn)

EV/EBITDA (2008 E)
(1) Source Equity research, Factset as of
May 2008
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SIAS GROUP comparison with main European
players (contd)
Enterprise Value (EV)
EV/EBITDA 2008E
14,8x
14,7x
15,0x
13,0x
11,0x
9,2x
9,1x
9,0x

7,0x
6,1x
5,0x
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Source Equity Research, Factset as of March 2008
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GROUP STRUCTURE
REGULATION
CONCLUSION
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ASTM - 6 MONTHS RESULTS 2008 2007 Pro-forma
(IAS/IFRS)

(Eu mn)
30/06/2008
30/06/2007
Pro-forma
REVENUES
351 1 4 7 27
3466 6 15 30
- TOLL REVENUES
- REVENUES FROM CONSTRUCTION SECTOR
- REVENUES FROM ENGINEERING SECTOR
- REVENUES FROM TECHNOLOGICAL SECTOR
- OTHER REVENUES
TOTAL REVENUES
390
403
(205)
OPERATING COSTS
(215)
CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS
42
54
EBITDA
227
242
30/06/2008
31/12/2007
NET FINANCIAL INDEBTEDNESS NET FINANCIAL
INDEBTEDNESS (Including the NPV of the Central
Guarantee Fund debt)
1.294 1.661
1.148 1.565



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ASTM 1st HALF 2008 EBITDA BY SECTOR
2
ENGINEERING SECTOR
CONSTRUCTION SECTOR
1
2
TECHNOLOGICAL SECTOR
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ASTM - BALANCE SHEET
2
12,7
1H 2008
2007
2007
1H 2008
30/06/2008
31/12/2007
DEBT/EQUITY
0,7
0,8
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30/06/2008
30/06/2007
Pro-forma
REVENUES
346 6 15 30
351 1 7 27
- TOLL REVENUES
- REVENUES FROM CONSTRUCTION and ENGINEERING
SECTORS
- REVENUES FROM TECHNOLOGICAL SECTOR
- OTHER REVENUES
397
TOTAL REVENUES
386
(200)
OPERATING COSTS
(190)
CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS
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30
EBITDA
223
237
30/06/2008
31/12/2007
NET FINANCIAL INDEBTEDNESS NET FINANCIAL
INDEBTEDNESS (Including the NPV of the Central
Guarantee Fund debt)
1.400 1.768
1.323 1.740



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SIAS 1st HALF 2008 EBITDA BY SECTOR
CONSTRUCTION ENGINEERING SECTORS
2
MOTORWAY SECTOR
A4 Stretch
97
A21 Stretch
(1)
1
TECHNOLOGICAL SECTOR
(1) ATIVA is consolidated on a proportional
basis (41,17)
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SIAS - BALANCE SHEET
5,8
2007
2007
1H 2008
1H 2008
30/06/2008
31/12/2007
DEBT/EQUITY
0,9
0,9
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SIAS - BOND

ISSUE SIZE 335 Eu millions (N 31,9 millions
bonds)
BONDS HELD BY THE GAVIO GROUP N 9,9 millions
(31)
PAR VALUE 10,50 Eu
DURATION 12 yrs (2005 2017)
INTEREST 2,625
CONVERSION RIGHT

• FROM THE END OF THE 5TH YEAR

• 11 AT PAR

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GROUP STRUCTURE
FINANCIAL RESULTS
CONCLUSION
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ASTM SIAS GROUP - INVESTMENT PLAN
Status of the Concession/Financial Plan


(Eu bn)
Investments Plan (1)
Currently under negotiation
Approved
0,8 0,2
SATAP A4 Stretch A21 Stretch

a
1,0
0,15
a
ATIVA
(1) Expected amount from 2008 onwards The
amont of additional investments on SAV are
negligible
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ASTM SIAS GROUP - INVESTMENT PLAN
Status of the Concession/Financial Plan


(Eu bn)
Investments Plan (1)
Currently under negotiation
Approved
0,3
SALT
a
ADF
a
0,2
a
2,0
CISA
a
1,0
(2)
ASTI-CUNEO
(1) Expected amount from 2008 onwards (2)
Expected Government contribution by 0,2 bn
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VALUE DRIVERS TRAFFIC GROWTH
TRAFFIC TREND HISTORICALLY OUTPERFORMED GDP
GROWTH EVEN IN RECESSION YEARS

04/2008
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GROUP STRUCTURE
FINANCIAL RESULTS
REGULATION
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CONCLUSION
Long term viewof the business,dedicatedmanageme
nt
Value creation through lasting, experienced
motorway know-how and operating efficiency
Conservative financial profile and
balancedgrowth strategy (also
abroad)
No competition from other transportation systems
Growing opportunities arising from the new
stretches
Substainableprofitabilitygrowth rates
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