JULY 2009

KEY FACTSTOLL REVENUES IN LINE WITH 2007NO 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 MILLIONDECREE LAW N. 185 ISSUED ON NOVEMBER 29, 2008 POSTPONED THE 2009 TARIFF INCREASES TO MAY 1, 2009NEW 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 As at 31 December 2008, the remuneration of 557 million capex was pending.An EU infringement procedure was opened upon the extension of the concession to 2031.For the remaing concession contracts, the re-negotiation with the Regulator is in progress. 220082009TRAFFIC VOLUMES DOWN BY 8% (TOLL REVENUES: - 16 MIL.)NO TARIFF INCREASES (EXTIMATED LACK OF REVENUES BY APPROX. 11 MIL.)TARIFF INCREASES ON GROUP NETWORKMAY 1, 20091Q 2009COMPLETED 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)3

1Q 2009 ASTM-SIASFINANCIAL RESULTS - HIGHLIGHTS(Eu mn)4

TRAFFIC BY QUARTER (1) Inclusive of the leap year effect (2) Preliminary traffic figures5

AGENDAGROUP STRUCTUREFINANCIAL RESULTSCONCLUSIONINTERNATIONAL DEVELOPMENT - CHILETARIFF INCREASES AND INVESTMENT PLAN6

7FINANCIAL RESULTSCONCLUSIONINTERNATIONAL DEVELOPMENT - CHILETARIFF INCREASES AND INVESTMENT PLAN

8Current Group Structure

9OWNERSHIP STRUCTUREHolding companies

10OWNERSHIP STRUCTUREMain motorway companies

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 APC)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

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

13SIAS GROUP: comparison with main European players

14SIAS GROUP: comparison with main European players(1) (contd) (1) Source: Equity research, factset as of May 2009

15GROUP STRUCTURECONCLUSIONINTERNATIONAL DEVELOPMENT - CHILETARIFF INCREASES INVESTMENT PLAN

16 ASTM EBITDA BY SECTOR2008EBITDA 442,1EBITDA margin 55%1Q 2009EBITDA 81,8EBITDA margin 48%

17 ASTM NET FINANCIAL INDEBTEDNESS(Eu mn)

18CONSTRUCTION SECTORSIAS EBITDA BY SECTOR2%TECHNOLOGICAL SECTOR1%(1)(1) ATIVA is consolidated on a proportional basis (41,17%)A4 StretchA21 Stretch2008EBITDA 431,1EBITDA margin 54%1Q 2009EBITDA 80,2EBITDA margin 48%%%%%%%%

19SIAS NET FINANCIAL INDEBTEDNESS(Eu mn)

20SIAS DEBT ANALYSIS BY MATURITY2016-onward54,9%2011 - 201529,2%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.)

21ISSUE 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 PARBONDS HELD BY THE GAVIO GROUP: N 9,8 millions (31%)

22GROUP STRUCTUREFINANCIAL RESULTSCONCLUSIONINTERNATIONAL DEVELOPMENT - CHILE

23SIAS GROUP TARIFF INCREASES (2009)

Refers to Productivity factor(1)NEW CONCESSION AGREEMENTS (%)

24SIAS GROUP TARIFF INCREASES (2009) contd

The renewal of the concession agreements is expected by the end of 2009The company is consolidated with the equity methodBased on 1/5 31/12/2009 period (+7.5%: full year)CONCESSION AGREEMENTS CURRENTLY UNDER NEGOTIATION (1)(2)(%) 2009 Group average tariff increase : +5%(3)

25SIAS 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) NEW CONCESSION AGREEMENTS (%)

26SIAS GROUP - INVESTMENT PLAN(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

(Eu bn)200920102011201220132014201520162017-end of concessionTotaleSATAP A40,070,19 0,270,150,030,71SATAP A210,050,040,040,010,020,16 SAV0,010,010,010,020,05ATIVA0,020,020,040,030,020,13SALT0,040,040,040,040,040,040,04 0,04 0,090,41ADF0,010,040,030,030,010,01 0,13CISA0,120,280,280,270,330,330,30 0,08 0,012,00AT - CN0,130,420,370,280,230,091,52Totale0,451,041,080,830,680,470,340,120,105,11

27GROUP STRUCTUREFINANCIAL RESULTSCONCLUSIONTARIFF INCREASES AND INVESTMENT PLAN

28 INTERNATIONAL DEVELOPMENT: CHILE

JOINT ACQUISITION WITH ATLANTIA IN SANTIAGO AREA

29 INTERNATIONAL DEVELOPMENT: CHILE

30 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 costs

31 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/hour

32GROUP STRUCTUREFINANCIAL RESULTSINTERNATIONAL DEVELOPMENT - CHILETARIFF INCREASES AND INVESTMENT PLAN

33 CONCLUSION

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. 34

35