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

AUTOSTRADA TORINO – MILANO SOCIETA’ INIZIATIVE AUTOSTRADALI E SERVIZI AUTOSTRADA TORINO – MILANO SOCIETA’ INIZIATIVE AUTOSTRADALI E SERVIZI

GAVIO GROUPGAVIO GROUP

JULY 2009

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

2008 ASTM-SIASFINANCIAL 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 sectorOther sectors’ revenues

Total Revenues

EBITDAEBIT

Profit before taxesNet profit (after minorities)

Operating cash flow

Additional Capex (Motorway sector)

Net DebtNet Debt/EBITDANet Debt/Equity

Dividend per share (€) Interim FinalTotal

Pay out (on Group’s consolidated net profit)

ASTM

2008 2007 “pro-forma”

71487

801

44226416243

293

295

1.3893,1x

0,85x

0,200,050,25

50%

714109823

490327314112

330

400

1.1482,3x

0,69x

0,200,200,40

31%

SIAS

2008 2007 “pro-forma”

71477

791

43125616777

277

295

1.4983,5x

1,02x

0,1600,0400,200

59%

71498

812

477314302170

325

400

1.3232,8x

0,90x

0,1650,1600,325

44%

(1) (2)

3

1Q 2009 ASTM-SIASFINANCIAL RESULTS - HIGHLIGHTS

(Eu mn)

Revenues:Revenues from motorways sector

Other sectors’ revenuesTotal Revenues

Operating costs

Capitalization of internal construction costs

EBITDA

ASTM

1Q 2009 1Q 2008

150,719,3

170,0

(102,1)

13,9

81,8

165,121,6

186,7

(100,4)

17,4

103,7

SIAS

1Q 2009 1Q 2008

150,716,2

166,9

(94,5)

7,8

80,2

165,120,0

185,1

(94,1)

11,6

102,6

4

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 2009 2Q 2009

1H 2009: - 4%(2)

AGENDA

GROUP STRUCTURE

FINANCIAL RESULTS

CONCLUSION

INTERNATIONAL DEVELOPMENT - CHILE

TARIFF INCREASES AND INVESTMENT PLAN

6

7

GROUP STRUCTURE

FINANCIAL RESULTS

CONCLUSION



8

Current Group Structure

Motorway Concessions Technological and tlc services towards motorway concession companies

Holding Companies Engineering, planning and infrastructure/maintenance

Costruction, planning, services, other (Non consolidated)

Motorway Concessions Technological and tlc services towards motorway concession companies

Holding Companies Engineering, planning and infrastructure/maintenance

Costruction, planning, services, other (Non consolidated)

ASTM S.p.A.

Aurelia S.p.A. / Argo Finanziaria S.p.A.

51,00%

SIAS S.p.A.

SATAP

SAVATIVA

Road Link Holdings (UK)

65,1%41,2%

99,9%

ITINERA+Grassetto

Lavori

40,3%

Holding Piemonte e

Valle d'Aosta

20,0%

SITRASB

36,5%

SALTCISA

ADF

84,4% 87,4%

60,8%(39,01%)

CODELFA

SITAF

36,5%

6,2%

1,1%

100%

Pavimental

(Chile)

45,0%

Market ASTM S.p.A.

Argo Finanziaria S.p.A.

SIAS S.p.A.

63,42%(SINA 1,72%)

SATAP

SAVATIVA

Road Link

65,1%41,2%

99,9%

Itinera

SINECOSINA

82,0%

Piemonte e

20,0%

99,5%

SITRASB

36,5%

SALTCISA

ADF

84,4% 87,4%

60,8%

58,05%

+ ARGO

50,0%

SITAF

6,2%59,7%

0,08%

100%

0,5%

CODELFA Pavimental

26,45%

18,0%

9,90%

ASA - APC

45,0%

26,68%

1,4%

Market

Asti-CuneoAsti-Cuneo

65,0%(ITINERA 5%)

SINELEC

33,58%

(16,42%) + FPI

ABC

14,1%

32,4% 25,4%

28,1%

9

OWNERSHIP STRUCTUREHolding companies

TREASURY STOCKS

ASSICURAZIONI GENERALI GROUP

FREE FLOAT

GAVIO GROUP51,00%

28,57%

9,98%

2,85%

5,01%

FONDAZIONE CR-TO

LAZARD ASSETMANAGEMENT LLC.

ASSICURAZIONI GENERALI GROUP

4,99%

FREE FLOAT18,06%

GAVIO GROUP73,32%

3,63%

LAZARD ASSET MANAGEMENT LLC

2,59%

10

OWNERSHIP STRUCTUREMain motorway companies

AUTOCISA

PUBLIC AUTHORITIES

%GROUP

MUNICIP

ALITIE

S

OTHER

PROVINCES

REGIONS

ANAS

OTHER

TOTAL

99,87

87

84

68

65

61

50

45

41

37

36

-

2

2

-

-

5

-

-

-

11

-

-

4

9

-

-

6

-

-

18

9

-

-

-

-

28

-

-

-

-

-

-

64

-

-

-

-

35

-

-

-

-

32

-

-

1

-

-

-

6

-

-

-

-

-

100

100

100

100

100

100

100

100

100

100

100

0,13

6

5

4

-

22

50

55

41

11

-

SUBSIDIARIES

Società Autostrada Asti-Cuneo S.p.A.

LxL

E.M.

E.M.

PROP.

APC(VS, LC, NO)

SAVONASAVONA

VENTIMIGLIA

M. BIANCO

IVREAIVREA

TORINOTORINO

VOLTRIVOLTRI SESTRI L.SESTRI L.

PARMAPARMA

LA SPEZIAVIAREGGIO

PISA LUCCALUCCA

LIVORNO

ASASTITI

CUNEOCUNEO

AOSTAAOSTA

S. BERNARDO

ALESSANDRIAALESSANDRIA

MILANOMILANO

FREJUSPIACENZAPIACENZA

ROSIGNANO M.

CONCESSIONAIRE LENGHT KM

SUBSIDIARIESSATAP [A4] 130,3SATAP [A21] 167,7SALT 154,9

CISA 182,0(1)

SAV 59,5

AT-CN 90 (2)

ADF 113,2ATIVA 155,8

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

ROAD LINK (A69) – UK 84COSTANERA NORTE – CHILE (THROUGH ASA) 43VESPUCIO SUR / LITORAL CENTRAL / NORORIENTE – CHILE (THROUGH APC) 125

1.412,2

SIGNIFICANT INVESTMENTSMILANO SERRAVALLE – MILANO TANGENZIALISOCIETA’ AUTOSTRADA TIRRENICA

Current network managed by the SIAS Group

Inclusive of the planned 81 km stretch linking Parma to the Autostrada del BrenneroUnder construction

(1)(2) 11

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 negotiationfor 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

SIAS GROUP: comparison with main European players

SIAS

2025

1.287

800 736

431 54%

256 32%

77 (56) 10%

1.469 3.986 4.779 1.498 8.525

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

EquityNet 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) 4,6X 3,5X 6,2X 16,3X 7,6X 14,1x

http://www.grupoitinere.com/itinere/presentacionPagina.do?id=0

14

SIAS GROUP: comparison with main European players(1) (cont’d)

(1) Source: Equity research, factset as of May 2009

SIAS

1.081

2.781

6,2X

Equity value (€/mn)

Enterprise value – EV (€/mn)

EV/EBITDA (2009 E)

Atlantia

8.297

18.233

8,8X

Abertis

8.933

21.767

9,4X

Cintra

2.553

8.905

17,0X

BRISA

2.905

12,4X

5.784

ITINERE

2.851

15,0X

7.831

http://www.grupoitinere.com/itinere/presentacionPagina.do?id=0

15

GROUP STRUCTURE

FINANCIAL RESULTS

CONCLUSION


TARIFF INCREASES INVESTMENT PLAN

16

94%94%

MOTORWAY SECTOR

ASTM – EBITDA BY SECTOR

CONSTRUCTION SECTOR1%1% TECHNOLOGICAL SECTOR 2%2%

ENGINEERING SECTOR 3%3%

2008EBITDA 442,1EBITDA margin 55%

1Q 2009EBITDA 81,8EBITDA margin 48%

17

ASTM – NET FINANCIAL INDEBTEDNESS(Eu mn)

Long-term indebtedness87,0%

Short-term indebtedness

13,0%

31/3/2009

Cash and cash equivalents

Long-term indebtedness

Including the NPV Including the NPV OF THE “CENTRAL GUARANTEE FUND” DEBTOF THE “CENTRAL GUARANTEE FUND” DEBTIncluding the NPV Including the NPV OF THE “CENTRAL GUARANTEE FUND” DEBTOF THE “CENTRAL GUARANTEE FUND” DEBT


NET FINANCIAL INDEBTEDNESSNET FINANCIAL INDEBTEDNESS NET FINANCIAL INDEBTEDNESSNET FINANCIAL INDEBTEDNESS

Financial receivables

(1.741)(1.741)

258

-

(214)

(1.429)

31/3/2009

(1.385)(1.385)

208

-

(210)

(1.387)

(1.740)(1.740)

31/12/2008

(1.389)(1.389)

18

CONSTRUCTION SECTOR

97%97%

MOTORWAY SECTOR

SIAS EBITDA BY SECTOR

AUTOCISA

2%2%TECHNOLOGICAL SECTOR

14,3

6,0

5,7

15,818,3

11,2

25,7

1%1%

(1)

(1) ATIVA is consolidated on a “proportional basis” (41,17%)

A4 Stretch

A21 Stretch

2008EBITDA 431,1EBITDA margin 54%

1Q 2009EBITDA 80,2EBITDA margin 48%

%

%

%

%

%%

%

19

SIAS – NET FINANCIAL INDEBTEDNESS(Eu mn)

Long-term indebtedness87,6%


12,4%

31/3/2009

Cash and cash equivalents

Long-term indebtedness

Including the NPV Including the NPV OF THE “CENTRAL GUARANTEE FUND” DEBTOF THE “CENTRAL GUARANTEE FUND” DEBTIncluding the NPV Including the NPV OF THE “CENTRAL GUARANTEE FUND” DEBTOF THE “CENTRAL GUARANTEE FUND” DEBT

238

-

(214)

(1.520)

(1.852)(1.852)


NET FINANCIAL INDEBTEDNESSNET FINANCIAL INDEBTEDNESS NET FINANCIAL INDEBTEDNESSNET FINANCIAL INDEBTEDNESS

Financial receivables

31/3/2009

(1.496)(1.496)

192

-

(212)

(1.478)

(1.849)(1.849)

31/12/2008

(1.498)(1.498)

20

SIAS – DEBT ANALYSIS BY MATURITY

2016-onward54,9% 2011 - 2015

29,2%

2009 - 201015,9%

. 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

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 5TH YEAR

• 1:1 AT PAR

BONDS HELD BY THE GAVIO GROUP: N° 9,8 millions (31%)

22

GROUP STRUCTURE

FINANCIAL RESULTS

CONCLUSION



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 factor2008(e)

X factor2009

(f)

K factor2009(g)

TOTAL TARIFF INCREASE(c)+(d)+(e)+(f)+(g)

SATAP A4 1,50 0,19 1,69 - 3,98 3,98 9,81 19,46

SATAP A21 1,50 0,16 1,66 - 2,92 2,92 5,13 12,63

ATIVA 1,50 -0,96 0,54 1,00 - - 5,03 6,57

CISA 1,50 0,11 1,61 - - - - 1,61

ASTI-CUNEO - - - 9,30 - - - 9,30

(1)

“NEW” CONCESSION AGREEMENTS

(%)

24

SIAS GROUP – TARIFF INCREASES (2009) cont’d

(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)

ADF 1,50 0,96 0,31 0,98 1,83

SALT 1,50 0,96 0,55 3,46 4,55

SAV 1,50 0,96 0,21 2,15 2,90

SITAF 1,50 0,96 1,48 2,55 4,57

CONCESSION AGREEMENTS CURRENTLY UNDER NEGOTIATION (1)

(2)

(%)

2009 Group average tariff increase : +5%(3)

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)

2010 2011 2012 2013 2014 2015 2016

SATAP A4 X factorK factor

3,989,8113,79

3,989,8113,79

3,989,8113,79

-13,7913,79

-13,7913,79

SATAP A21 X factorK factor

2,925,138,05

2,925,138,05

2,925,138,05

-8,058,05

-8,058,05

ATIVA K factor 5,18 5,18 5,18 5,18

CISA K factor 1,57 10,00 10,00 10,00 10,00 10,00 3,46

“NEW” CONCESSION AGREEMENTS

(%)

26

SIAS GROUP - INVESTMENT PLAN

(Eu bn) 2009 2010 2011 2012 2013 2014 2015 20162017-end of concession Totale

SATAP A4 0,07 0,19 0,27 0,15 0,03 0,71

SATAP A21 0,05 0,04 0,04 0,01 0,02 0,16

SAV 0,01 0,01 0,01 0,02 0,05

ATIVA 0,02 0,02 0,04 0,03 0,02 0,13

SALT 0,04 0,04 0,04 0,04 0,04 0,04 0,04 0,04 0,09 0,41

ADF 0,01 0,04 0,03 0,03 0,01 0,01 0,13

CISA 0,12 0,28 0,28 0,27 0,33 0,33 0,30 0,08 0,01 2,00

AT - CN 0,13 0,42 0,37 0,28 0,23 0,09 1,52

Totale 0,45 1,04 1,08 0,83 0,68 0,47 0,34 0,12 0,10 5,11

(1)

(1)

(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

GROUP STRUCTURE

FINANCIAL RESULTS


CONCLUSION


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

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

VRMVI

VII

VIII

IX

X

XI

XII

PuchuncaviNogales Los Andes

Colina

Santiago

Melipilla

San Antonio

Algarrobo

ValparaisoViña del Mar

V

VII

Santiago

VI

Area V

RM

Metropolitan Area of

Santiago


30


(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 Norte’s 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)

AssetStake

EBITDA2008

Net debt2008

Net debt/EBITDA

Equity value pre-leverage Remarks

(3)

31


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%

KmConcession

start-end


• Possible 8 year concession extension (1)

• Congestion pricing (2)

• Minimum guaranteed income


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

GROUP STRUCTURE

FINANCIAL RESULTS

CONCLUSION



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

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

www.autostradatomi.itwww.autostradatomi.it

www.grupposias.itwww.grupposias.it

Documents

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