AGENDA

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(No Transcript)
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AGENDA
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FINANCIAL RESULTS
GROWTH STRATEGY VALUE DRIVERS
CONCLUSION
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CURRENT GROUP STRUCTURE
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GROUP RE-ORGANIZATIONMain Transactions

ASTM
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GROUP STRUCTURE AFTER THE RE-ORGANIZATION
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GROUP RE-ORGANIZATION - RATIONALE

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GROUP RE-ORGANIZATION - KEY POINTS
Following the completion of the Reorganization,
scheduled by the 1st half of 2007, the Group
structure will feature
As the re-organization is in line with the
existing missions of both SIAS and ASTM, no
changes will occur in their respective corporate
objects.
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GROUP RE-ORGANIZATION - TIMETABLE
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CURRENT OWNERSHIP STRUCTUREHolding companies
2,03
FIDELITY INTERN. LIMITED
LAZARD ASSET MANAGEMENT LLC
2,08
2,80
FONDAZIONE CR-TO
2,13
ADELPHI CAPITAL LLP
3,04
LAZARD ASSET MANAGEMENT LLC
5,53
ASSICURAZIONI GENERALI GROUP
ASSICURAZIONI GENERALI GROUP
5,01
FREE FLOAT
37,22
FREE FLOAT
36,59
GAVIO GROUP
53,04
GAVIO GROUP
50,53
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OWNERSHIP STRUCTUREMain motorway companies
PUBLIC AUTHORITIES
GAVIO GROUP

MUNICIPALITIES
PROVINCES
REGIONS
OTHER
ANAS
OTHER
TOTAL
SUBSIDIARIES

Società Autostrada Asti-Cuneo S.p.A.
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NETWORK MANAGED
Km.
SALT ADF CISA ASTI-CUNEO COSTANERA NORTE S.A.
154,9 113,2 182,0 90,0 43,0
(1)
(2)
(3)
583,1
TOTAL
SUBSIDIARIES
EQUITY INVESTMENTS
Costanera Norte S.A. (through ASA) - Chile
Autostrada dei Fiori S.p.A. Autostrada Ligure
Toscana S.p.A. Autocamionale della Cisa
S.p.A. Autostrada Asti-Cuneo 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 Equity Investments Costanera Norte
S.A. Chile (through ASA)
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CURRENT NETWORK MANAGED
S. BERNARDO
Km.
AOSTA
130,3 167,7 163,7 59,5 94,0 12,8
SATAP - Torino-Milano stretch -
Torino-Piacenza stretch ATIVA SAV SITAF SITRASB
M. BIANCO
IVREA
TORINO
PARMA
ASTI
ALESSANDRIA
VOLTRI
SESTRI L.
CUNEO
TOTAL
628,0
SAVONA
LA SPEZIA
VIAREGGIO
VENTIMIGLIA
PISA
LUCCA
LIVORNO
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
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NETWORK MANAGED
AFTER THE RE-ORGANIZATION
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
130,3 167,7 163,7 59,5 94,0 12,8
SATAP - Torino-Milano stretch -
Torino-Piacenza stretch ATIVA SAV SITAF SITRASB
PARMA
ASTI
ALESSANDRIA
VOLTRI
SESTRI L.
CUNEO
SAVONA
LA SPEZIA
VIAREGGIO
VENTIMIGLIA
PISA
LUCCA
LIVORNO
TOTAL
1.211,1
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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GROUP MOTORWAY CONCESSIONS
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GROUP MOTORWAY CONCESSIONS
Concession expiry
SIAS Group Subsidiaries
SALT ADF CISA ASTI CUNEO COSTANERA NORTE (Chile)
2019 2021 2010 2033 2033
(1)
(1) According to ANAS BoD resolution (20 february
2006), the concession has been extended to 2044
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GROUP STRUCTURE RE-ORGANIZATION PROGRAMME
GROWTH STRATEGY VALUE DRIVERS
CONCLUSION
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ASTM - 9 MONTHS RESULTS 2006 2005
(IAS/IFRS)

(Eu mn)
30 Sept. 2006
30 Sept. 2005
REVENUES
216 3 19 39
235 4,5 23 22,5
- TOLL REVENUES
- REVENUES FROM CONSTRUCTION SECTOR
- REVENUES FROM ENGINEERING SECTOR
- OTHER REVENUES
277
TOTAL REVENUES
285
(154)
OPERATING COSTS
(146)
CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS
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EBITDA
154
140
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EBITDA adjusted
162
153
572 708
NET FINANCIAL INDEBTEDNESS NET FINANCIAL
INDEBTEDNESS (Including the NPV of the Central
Guarantee Fund debt)
566 698
(1) (1)
(2) (2)



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SIAS - 9 MONTHS RESULTS 2006 2005
(IAS/IFRS)

(Eu mn)
30 Sept. 2006
30 Sept. 2005
REVENUES
282 23 6 19
294 24 4 19
- TOLL REVENUES
- REVENUES FROM CONSTRUCTION SECTOR
- REVENUES FROM ENGINEERING SECTOR
- OTHER REVENUES
330
TOTAL REVENUES
341
(179)
OPERATING COSTS
(178)
CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS
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EBITDA
217
203
-
23,5
EBITDA adjusted
217
226,5
409 726
NET FINANCIAL INDEBTEDNESS NET FINANCIAL
INDEBTEDNESS (Including the NPV of the Central
Guarantee Fund debt)
361 681
(1) (1)
(2) (2)



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ASTM PRO-FORMA EBITDA BY SECTOR AS AT 30
SEPTEMBER 2006
SATAP S.p.A. SAV S.p.A. ATIVA S.p.A. CISA
S.p.A. ADF S.p.A. SALT S.p.A.
MOTORWAY SECTOR
92
4
MAINTENANCE CONSTRUCTIONSECTOR
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2
TECHNOLOGICAL SECTOR
ENGINEERING PLANNING SECTOR
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ASTM PRO-FORMA NET FINANCIAL
INDEBTEDNESS
(x)
(Eu mn)
(1)
927
1000
826
800
697
3,00
602
600
2,50
2,41
2,34
2,15
2,00
400
1,71
1,50
1,67
1,59
1,00
1,21
200
1,14
1,16
0,50
0
0
31/12/2003
31/12/2004
31/12/2005
30/9/2006
DEBT / EBITDA SIAS
DEBT / EBITDA ASTM
DEBT / EBITDA ASTM Pro-forma
(1) Loans guaranteed by the Government 72 Eu mn
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SIAS - BOND

ISSUE SIZE 335 Eu millions (N 31,9 millions
bonds)
BONDS HELD BY THE GAVIO GROUP N 12,6 millions
(39,6)
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 RE-ORGANIZATION PROGRAMME
FINANCIAL RESULTS
CONCLUSION
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STRATEGY WHAT WE HAVE DONE
OVER THE PAST SEVEN YEARS, THE GROUP
became the second biggest motorway player in
Italy expanded the network from 127 km to
1.211,1 km strengthened the Group network in the
highly industrialised north of Italy bidden -
successfully - for new concessions abroad (i.e.
Costanera-Chile)
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STRATEGY WHAT WE FORESEE
SIAS GROUP (MOTORWAY SECTOR)
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STRATEGY WHAT WE FORESEE
ASTM (OTHER SECTORS)
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VALUE DRIVERS TRAFFIC GROWTH
TRAFFIC TREND HISTORICALLY OUTPERFORMED GDP
GROWTH EVEN IN RECESSION YEARS
2006
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VALUE DRIVERS AUTOMATED TOLL
PAYMENT SYSTEMS
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VALUE DRIVERS SUB - CONCESSION
AGREEMENTS (Eu mn)
EBITDAincreases withoutadditional costs
ROYALTIES FROM PETROL STATIONS RESTAURANTS
OTHER ROYALTIES (TELECOMS, ADVERTISING, )
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GROUP STRUCTURE RE-ORGANIZATION PROGRAMME
FINANCIAL RESULTS
GROWTH STRATEGY VALUE DRIVERS
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CONCLUSION
Long term viewof the business,dedicatedmanageme
nt
Value creation through the Group re-organization
(both for ASTM SIAS)
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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