A1256656492CbABv

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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
0,78
3,33
ASSICURAZIONI GENERALI GROUP
FONDAZIONE CR-TO
4,00
ASSICURAZIONI GENERALI GROUP
5,01
5,59
LAZARD ASSET MANAGEMENT LLC
10,05
LAZARD ASSET MANAGEMENT LLC.
FREE FLOAT
16,52
FREE FLOAT
29,01
GAVIO GROUP
51,15
GAVIO GROUP
74,56
SIAS ownership structure is calculated on the
new share capital (227,5 million shares)
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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
130,3 167,7 163,7 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
1.295,1
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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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 2010 - 2033
(1)
(2)

1. According to the agreement signed, the concession
   has been extended to 2031
2. 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
1.295
3.408
3.350
2.481
647
812
3.272
3.620
1.025
460
477
2.068
2.269
694
71,1
59
63,2
62,7
67,7
289
315
1.643
n.av.
508
43,4
39,0
50,2
n.av.
49,6
259
170
694
682
(26)
40,0
21,0
2,1
18,8
n.a.

1.691
5.020
1.478
4.010
1.280
3.208
1.323
9.241
12.873
9.572
7,0x
2,8x
4,5x
13,8x
5,7x
1,9x
0,9x
2,3x
2,6x
7,5x
(1) For the SIAS Group, the financial results
refer to the pro-forma consolidated financial
statements as at 31 December 2007
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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
March 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 2007 2006 PRO-FORMA RESULTS

31/12/2007 Pro-forma
31/12/2006 Pro-forma
REVENUES
- REVENUES FROM MOTORWAYS SECTOR - REVENUES
FROM CONSTRUCTION SECTOR - REVENUES FROM
ENGINEERING SECTOR - REVENUES FROM TECHNOLOGICAL
SECTOR - OTHER REVENUES
714 10 13 27 59 823 (445) 112 490 60 4 494 (167)
327 (14) (112) (89) 112
693 10 12 17 58 787 (430) 122 479 61 2 481 (150)
331 (16) (120) (86) 109
TOTAL REVENUES
OPERATING COSTS
CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS
EBITDA EBITDA margin EBITDA adjusted EBIT NE
T INCOME
NON RECURRING ITEM AMORTISATION
DEPRECIATION FINANCIAL RESULT INCOME
TAXES MINORITY INTERESTS
OPERATING CASH-FLOW NET FINANCIAL
INDEBTEDNESS NET FINANCIAL INDEBTEDNESS (Including
the NPV of the Central Guarantee Fund debt)
336 1.148 1.565
332 1.000 1.431
(1) (1)
(1)
Loans guaranteed by the Government 25 Eu mn



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ASTM 2007 PRO-FORMAEBITDA BY SECTOR
2
ENGINEERING SECTOR
CONSTRUCTION SECTOR
3
3
TECHNOLOGICAL SECTOR
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ASTM 2007 2006 PRO-FORMA BALANCE SHEET
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2006 Pro-forma
2006 Pro-forma
2007
2007
2007
31/12/2007
31/12/2006
DEBT/EQUITY DEBT/EBITDA
0,6 2,1
0,7 2,3
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SIAS 2007 2006 PRO-FORMA RESULTS

31/12/2007 Pro-forma
31/12/2006 Pro-forma
REVENUES
- REVENUES FROM MOTORWAYS SECTOR - REVENUES
FROM CONSTRUCTION SECTOR - REVENUES FROM
ENGINEERING SECTOR - REVENUES FROM TECHNOLOGICAL
SECTOR - OTHER REVENUES
714 11 - 27 60 812 (417) 82 477 59 3 480 (165) 31
5 (13) (104) (28) 170
693 6 - 18 59 776 (402) 92 466 60 1 467 (149) 318
(22) (111) (30) 155
TOTAL REVENUES
OPERATING COSTS
CAPITALIZATION OF INTERNAL CONSTRUCTION COSTS
EBITDA EBITDA margin EBITDA adjusted EBIT NE
T INCOME
NON RECURRING ITEM AMORTISATION
DEPRECIATION FINANCIAL RESULT INCOME
TAXES MINORITY INTERESTS
OPERATING CASH-FLOW NET FINANCIAL
INDEBTEDNESS NET FINANCIAL INDEBTEDNESS (Including
the NPV of the Central Guarantee Fund debt)
332 1.323 1.740
321 1.171 1.602
(1) (1)
(1)
Loans guaranteed by the Government 25 Eu mn



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SIAS 2007 PRO-FORMA EBITDA BY SECTOR
3
CONSTRUCTION SECTOR
A4 Stretch
A21 Stretch
(1)
3
TECHNOLOGICAL SECTOR
(1) ATIVA is consolidated on a proportional
basis (41,17)
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SIAS 2007 2006 PRO-FORMA BALANCE SHEET
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2006 Pro-forma
2006 Pro-forma
2007
2007
2007
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SIAS ANALIYSIS OF THE 2007 PRO-FORMA
CONSOLIDATED RESULTS
Strong cash flow generation
477m
8,1 VS. 2006
360m
282m
( 117m)
( 78m)
207m
( 75m)
Financial expenses, taxes
Maintenance Capex
EBITDA 2007
Net CF 2007
FCF 2
Dividends
FCF 1
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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 Plan
Status of the Plan


Approved by ANAS
To be approved by ANAS
Approved by ANAS
To be approved by ANAS
(Eu bn)
Investments Plan (1)
0,8 0,2
SATAP A4 Stretch A21 Stretch

a
(2)
1,0
0,15
a
(2)
ATIVA
(1) Expected amount from 2008 onwards (2) The
effectiveness of the concession agreements is
subject to the completion of the authorization
process, still in progress The amont of
additional investments on SAV are negligible
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ASTM SIAS GROUP - INVESTMENT PLAN
Status of the Plan

Approved by ANAS
To be approved by ANAS

(Eu bn)
Investments Plan (1)
0,3
SALT
a
ADF
a
0,2
(2)
a
2,0
CISA
(3)
a
1,0
(4)
ASTI-CUNEO
(1) Expected amount from 2008 onwards (2) The
effectiveness of the concession agreements is
subject to the completion of the authorization
process, still in progress (3) The
concession is effective from 11 February,
2008 (4) Expected Government contribution by 0,2
bn
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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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