Italian Infrastructure DayBorsa ItalianaMilan- 5 September 2013

1

Atlantia+Gemina(Combined PF EBITDA 2012)

90%

10%

Atlantia

Gemina

84%

16%Italy

Overseas

•2,965km of toll roads in Italy

•2,022km of urban toll roads in fast growing economies•World’s #1 in electronic tolling collection

•Tie-up with Rome airport41.6 million passengers and over 230 destinations

2013

Building a Global Leader in Transport Infrastructure

1,597-

1,860Motorway Italian businessMotorway foreign business

2,119402(2)(3)

EBITDA (€m)

Net Debt/EBITDA

2005(1)2003(1) 2012PF

-

5.2x 4.7x 4.1x(4)(5)

(1) EBITDA and Net Debt not adjusted for change in scope of consolidation and accounting treatment

(2) Pro-forma, includes 12-month contribution of newly consolidated assets in Chile and Brazil

2006-2012

Airport business

(3) Includes guaranteed income which under IFRIC12 are accounted for as financial income(4) Combined PF Atlantia+Gemina(5) Calculated on the basis of Net Debt and EBITDA as per IFRIC12

2662,900-3,000(3)(4)

2013PF

3.9x - 4.0x(4)(5)

2

Globally Positioned

USA61.4%

(1) Autostrade per l’Italia (2,855 km), Tangenziale di Napoli (20 km), Raccordo Autostradale Valle d’Aosta (32 km), Traforo del Monte Bianco (6 km), Autostrade Meridionali (52 km, concession expired in 2012) (2) Los Lagos (135 km), Costanera Norte (43 km), Acceso Vial Aeropuerto (10 km), Nororiente (22 km), Litoral Central (79 km), Vespucio Sur (24 km), Triangulo do Sol (442km) Colinas (307km) and

Nascentes das Gerais (372km), Tietè (417km) non consolidated

Poland 61km61.2% Stalexport

Italy 2,965km5 concessionaires(1)

2,965km

France 70%

India 110km50% Pune-SolapurExpressways

Toll road concessionsElectronic toll collection

Chile(2) 313Km6 concessionaires Brazil

50.01%

100%

50%+1 share

1,538km(3)

Atlantia-Bertin Concessões

Rome airports

~ 40m pax

3

International: Historic Growth

(1) Including minimum guaranteed revenues, which under IFRIC12 are accounted for as financial income(2) Traffic growth rate in equivalent vehicles transits; EBITDA data in Brazilian GAAP(3) On the basis of average foreign exchange rates

Chile

Brazil

Main Concession Traffic growth (Km travelled) EBITDA(3) (€m)

Los Lagos(1)

Vespucio Sur

Costanera Norte(1)

Triangulo do Sol(2)

10.4%

Colinas(2)

Nascentes das Gerais(2)

‘08-’09

-1.3%

‘09-’10 ‘10-’11 ‘11-’12 ‘08 ‘09 ‘10

1.0% 11.2%

8.7%3.6% 10.1% 9.6%

4.2%-0.5% 7.2% 5.3%

8.2%-0.4% 10.4% 6.3%

5.0%7.5% 13.3% 5.2%

0.4%- 10.0% 3.2%

3117 17 24

5620 25 30

8844 48 66

11252 59 83

11763 62 104

2315 16 21

’12‘11

27

44

71

106

113

22

Litoral Central

Nororiente

12.8%2.9% 1.4% 9.3% 93 4 5 6

13.5%- 62.3% 14.5% 13- - 11 12

Total 19784 94 136 160

Total 252130 137 208 241

4

International: Traffic Trend

2Q2013

+9.7%

+8.0%

+5.2%

Km travelled (Ch. %) 1Q2013

+4.3%

+5.8%

+4.9%

1H2013

+7.1%

+6.8%

+5.0%

YTD(1)

+8.7%

+7.2%

+5.4%

Brazil Triangulo do Sol

Colinas

Nascentes das Gerais

Total

Chile

Los Lagos

Vespucio Sur

Costanera Norte

Litoral Central

Nororiente

Total

PolandStalexport

July-Aug 2013(1)

+6.5%+5.5% +6.0% +6.0%

+5.3%+5.8% +5.6% +6.3%

+1.5%+1.8% +1.6% +2.5%

+6.1%+6.7% +6.4% +7.2%

+6.4%+1.7% +4.1% +4.4%

+11.0%+8.3% +9.7% +9.7%

+20.6%+15.8% +18.4% +19.8%

-1.0%+11.9% +7.7% +9.0%

(1) Preliminary figures for July and August

+12.5%

+8.4%

+6.5%

+5.9%

+8.1%

+4.9%

+10.0%

+5.1%

+9.8%

+23.8%

+15.0%

5

-

100

200

300

400

500

600

700

800

900

1,000

1,100

1,200

1,300

Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16

(1) Excludes IFRIC 12 impacts(2) Equity consolidated

(€ m)

Actual Forecast

EBITDA(1)

Revenue(1)

• 45% CostaneraNorte

• AMB • 50% VespucioSur, 50% LitoralCentral, 100% Nororiente (50% with SIAS)

• 100% Los Lagos

• 50% Pune Solapur(2)

• 50% Triangulodo Sol

• 50% VespucioSur e 50% Litoral Central da Acciona

• 50% Triangulodo Sol

• JV with Bertin

• 56,2% Stalexport

• Option to acquire 95% SPMAR (Rodoanal)

• 5% Stalexport

• 54,2% Grupo Costanera from SIAS/Mediobanca

• Disposal of 49,99% of GrupoCostanera to CPPIB

StalexportStalexport + Los Lagos

ConsolidationTriangulo do Sol

ConsolidationGrupo Costanera+ JV Bertin

Ecomouv

• 70% Ecomouv

87%EBITDA by Geography (3)

Italy Overseas(1)(4)

International: Deepening Strategy in Fast-Growing Markets

84%72%

16%28%

(3) 2012 data include the contribution of the newly consolidated assets in Chile and Brazil for 12 months(4) Based on constant exchange rates

Mot

orw

ay fo

reig

n bu

sine

ss c

ontri

butio

n

M&A Organic Growth

6

Business Highlights

Motorway Business in Italy

Brazil • Option to buy SPMAR (“Rodoanel”) in Sao Paulo• Successful refinancing of Brazilian expiring debt

Airport Business

• Merger with Gemina to create a new global player in the infrastructure sector

• Traffic • Capex plan

Chile • Development opportunities

Financing • No short term refinancing needs• Long term maturities

7

Km travelled (Ch. %)Recent traffic trend

(1) Like for like traffic estimates excludes: snowfall in 1Q12 and 1Q13, truck driver strikes in 1Q12, the 2012 leap year effect and 2013 Easter break(2) Traffic using the network operated by Autostrade per l’Italia. Preliminary figures for July and August

2013 Traffic performance by month(2)

-6.0%Like for like(1)

1Q13

-3.9%

1H13

-2.1%

2Q13

-2.4%

-2.0%

Total

LV

-2.6%

-2.4%

-2.7%

-2.6%-4.7%HGV -4.0%-3.3%

Italy: Traffic Trend

YTD(2)

-2.2%

-1.8%-3.8%

July-Aug 2013(2)

-0.9%

-0.5%-2.9%

8

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Italy: Capex Plan Offers Optionality Value

Fully loaded capex plan Residual capex 2013-2026(1)

Noise reduction plan €0.7bn

Other 1997 Investment €1.8bn

1997 Plan €2.2bn

Ongoing capex €0.6bn

2002 Plan €4.6bn

2007 Plan(2) €5.0bn

Other Italian motorways €0.2bn

Autostrade per l’Italia

Fully loaded Of which authorized

€0.7bn

€0.5bn

€2.2bn

€0.6bn

€1.3bn

€0.2bn

Total Italy €15.1bn €5.5bn

(1) Excludes government grants, capitalized costs, non-motorway investments. Investment amounts include provision for overruns

(2) Commitment to implement the preliminary design(3) Compensation based on an IRR equal to 7.2% real post tax(4) Compensation based on a RAB system with a return on investment equal to

WACC pre-tax

Remunerated by(on top of inflation catch up)

X Factor(3)

K Factor(4)

K Factor(4)

Ecomouv €0.2bnOther overseas €1.1bn

€0.2bn€1.1bn

Overseas

Total

€1.3bn €1.3bn

€16.4bn €6.8bn

Of which authorized

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

9

Brazil: Focused Concession Portfolio

Tieté(1) (417km)Maturity: 2039

Colinas (307km)Maturity: 2028

(1) Not consolidated (2) Non included in the initial JV. Currently 61km opened to traffic in August 2011

and 44km under construction

MINAS GERAIS

Triangulo do Sol (442km)Maturity: 2021

Sao PauloSPMAR (Rodoanel) (105km)2 Maturity: 2046

Nascentes das Gerais (372km)Maturity: 2032

• Joint Venture Atlantia–Bertin Group managing 1,538km of toll road in Brazil

Trecho Leste (SPMAR) 44km under construction

Trecho Sul (SPMAR) operating

Trecho Oeste (CCR) Trecho Norte (hypothesis)

• Option to acquire 95% of SPMAR from Bertin Group via a call option to be exercised by 1 year after the completion of works

• The acquisition price is to be set on the basis of: 11% equity IRR real, actual cost-to-complete works and actual traffic volumes at end of works

• Acquisition cost to be paid via cancellation of the R$1.1bn loan to SPMAR’s controlling shareholder

Road Map Option to acquire SPMAR

10

Brazil: Update on Financing

Nascentesdas Gerais

Call option to acquireSPMAR

Colinas Triangulo do Sol

100%

SPMAR

Loan R$ 1.120m (R$ 918 already disbursed)

95%

Atlantia-Bertin Concessões

Bertin Group Autostrade do Brasil(Atlantia)

Infra Bertin

50%+1 share50%-1 share

100% 100%

• Loan to Infra Bertin already entirely financed on Brazilian capital markets with long dated maturity

Loan to Shareholder

(1) After swap from IPCA to CDI Index

Outstandingamount (R$)

Triangulo do Sol

Maturity Margin

15/04/2020324.0 CDI+2.25%Triangulo do Sol 15/04/2020374.7 CDI+0.725%(1)

Colinas 15/10/2020572.0 CDI+1.50%Colinas 15/10/2020124.8 CDI+0.279%(1)

Colinas 15/04/2023257.3 CDI+0.659%(1)

Recent debt Issue

Remarks

• Average 4.25% real cost of funding as of today vs 8% assumed at the acquisition time

11

Brazil: Update on Tariff Adjustment

• At the end of June 2013, the Governor of the State of Sao Paulo decided not to apply inflation adjustment (equal to 6.5%) to be charged from 1 July 2013 to motorway tariffs

• The Governor and the Public Transport Services Regulator for the State of Sao Paulo (ARTESP) approved a compensation package in order to maintain the financial conditions of the concession contracts in place

• Cancellation of 50% of the variable concession fee paid to ARTESP, moving down from 3.0% to 1.5% of revenue

• Recognition of the right to charge lift axels of heavy good vehicles and therefore to apply the proper tariff for such vehicles

12

42.5 km

23.5 km

90.0 km21.5 km

10.0 km

LOS LAGOS

Section of toll motorwaybetween Rio Bueno and Puerto Montt

135.0 km

Chile: Unique Concession Portfolio

Santiago Centro Oriente (CC7)• De-bottlenecking of congested

sections of Costanera Norte

• Joint Venture Atlantia–CPPIB (Grupo Costanera) is the first operator in Santiago with 100km of urban roads serving and area of about 7m inhabitants (40% of the Chilean inhabitants)

New Projects

Santiago Lampa• 19km new road• Grupo CN project sponsor

Ruta 68-Ruta 78 • 9km new road• Grupo CN project sponsor

13

Costanera Norte: Santiago Centro Oriente

Tunel San Cristobal

Acceso AMB Norte (da realizzare)

• 7 interventions to eliminate the main bottlenecks on the Costanera Norte stretches• €360m total investment• High-single digit return granted by new addendum to concession agreement signed on 26

June 2013Phase 1 (2013-2014) – Under construction

Phase 2 (2014-2018)

Main interventions

14

Merger with Gemina: A Combination of Unique Assets

• Concession holder until 2044 of airport system of Rome, third most visited destination in Europe

• New regulatory system: RAB-based, pure dual till. • Merger ratio values aviation business equal to RAB

and commercial activities at market multiples• Well balanced traffic mix with rising international O/D• Lower dependency from main carrier than in major

European hubs • New capex plan to unlock traffic growth potential• Strong potential to develop extra-EU high spending

passenger traffic from international carriers

• Largest and densest nation-wide toll road network in Europe

• Unrivalled strategic positioning in urban toll road assets in fast-growing economies

• Integrated provider of motorway services• World leader in electronic tolling collection• Strong in-house capabilities in managing large capex

plan

Operating synergies

Balanced concession portfolio and Balanced risk-reward profile

Internationalization opportunities

15

Solid and Stable Credit Quality

(1) Foreign debt funded locally on a non recourse basis(2) Excluding foreign debt

0 2,000 4,000 6,000 8,000 10,000 12,000

Committed bank lines

Ecomouv Financing

Bank deposits

Cassa Depositi e Prestiti

EIB

Bank loans

Bonds

Italy - Gross debt €12.8bn

Overseas - Gross debt €2.5bn

Italy - Available amounts €5.2bn

Overseas - Available amounts €0.7bn

0

500

1,000

1,500

2,000

2,500

3,000

13 14 15 16 17 18 19 20 21 22 23 24 25 2026-2040

Main debt features:Average maturity: 7-yearDebt at fixed rate/hedges: 100%(2)

Avg. cost of debt: 4.7%(2)

Pre-funded

Gross Debt Maturity Schedule(€m, figures at 30.06.2013)

Gross debt and available sources of funding(€m, figures at 30.06.2013)

ItalyForeign assets(1)

Atlantia Italy RemarksS&P BBB+ / negative BBB / negativeMoody's Baa1 / negative Baa2 / negativeFitch A- / negative BBB+ / negative

S&P and Moody's affirmed Atlantia's credit profile one notch above the Republic of Italy

16

Disclaimer

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