Atlantia Presentation Update on Recent Events - London - 25 October 2007

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Atlantia Presentation Update on Recent Events - London - 25 October 2007
London – 25 October 2007

Atlantia Presentation Update on Recent Events
Atlantia Presentation Update on Recent Events - London - 25 October 2007
Disclaimer
THIS DOCUMENT HAS BEEN PREPARED BY ATLANTIA S.P.A. (THE “COMPANY”) 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 COMPANY NOR ANY OF ITS
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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
COMPANY’S BELIEFS AND EXPECTATIONS. THESE STATEMENTS ARE BASED ON CURRENT PLANS, ESTIMATES AND
PROJECTIONS, AND PROJECTS. HOWEVER, FORWARD-LOOKING STATEMENTS INVOLVE INHERENT RISKS AND
UNCERTAINTIES. WECAUTION YOU THAT A NUMBER OF FACTORS COULD CAUSE THE COMPANY’S ACTUAL RESULTS TO
DIFFER MATERIALLY FROM THOSE CONTAINED IN ANY FORWARD-LOOKING STATEMENT. SUCH FACTORS INCLUDE, BUT
ARE NOT LIMITED TO: TRENDS IN COMPANY’S BUSINESS, ITS ABILITY TO IMPLEMENT COST-CUTTING PLANS, CHANGES
IN THE REGULATORY ENVIRONMENT, ITS ABILITY TO SUCCESSFULLY DIVERSIFY AND THE EXPECTED LEVEL OF FUTURE
CAPITAL EXPENDITURES. THEREFORE, YOU SHOULD NOT PLACE UNDUE RELIANCE ON SUCH FORWARD-LOOKING
STATEMENTS.

                        Update on Recent Events                 London – 25 October 2007                 1
Atlantia Presentation Update on Recent Events - London - 25 October 2007
Preliminary Remarks

            Rome                            London
          12 October                       25 October                           Next Steps
            2007                              2007

 • Autostrade per l’Italia     • Presentation of the main             • Completion of the
   and ANAS signed the             content and clauses of the             authorization process
   Single Concession               new concession contract            •   Business plan update
   Contract Scheme             •   Illustration of the approval
                                   process
                               •   Update on status of the
                                   current investment plan and
                                   overview of the new one
                               •   Perspectives for international
                                   growth

                       Update on Recent Events                      London – 25 October 2007      2
Atlantia Presentation Update on Recent Events - London - 25 October 2007
Table of Contents

1. Introduction
2. New Concession Scheme Highlights
3. Investment Plans
4. International Overview Strategy
5. Closing Remarks

             Update on Recent Events   London – 25 October 2007   3
1. Introduction

          Update on Recent Events   London – 25 October 2007   4
Key Company Facts
                                                          Autostrade per l’Italia’s Network
•   In May 2007 Autostrade changed its name to
    Atlantia
                                                                                     A23
                                                                                     A23
                                                                 A26
                                                                 A26             A27
•   Atlantia is the holding company responsible for                   A4
                                                                       A4        A27
                                                                     Milan
                                                                   Milan
    portfolio strategies in the transport and                            A1
                                                                          A1    A13Venice
    communications infrastructure and network             Turin     A12
                                                                   A12
                                                              A6
                                                             A6         Bologna
                                                                        Bologna
    sectors and owns 100% of Autostrade per l'Italia             Genoa A11 A11Florence
                                                                                            Ancona
                                                                              A12
                                                                              A12      A14
•   Autostrade per l’Italia is Italy’s largest toll                                  A1
                                                                                     A1
                                                                                        A14

    motorway operator with more than four million                              A12               Pescara
    daily customers                                                           Rome              A14
                                                                                                A14
                                                                                           A1               Bari
•   Atlantia, through its Concessionaires, is the                                                     A16
                                                                                                      A16
                                                                                      Naples    A3
    largest private investor in infrastructure in Italy
    with over €18bn of projected major work
•   Atlantia has an international presence, with
    operations in Poland, Chile and the US as well as
    in Brazil and Argentina through its interest in
    Impregilo, Italy’s largest construction company       Group Network under concession
                                                          Other Motorways

                             Update on Recent Events           London – 25 October 2007                            5
Group Structure
                                         Sintonia                           3.17%(1)

                                                 60.0%

                                     Schemaventotto                                                               Free Float

                                                 50.1%                                                           46.7%
                                                                                        100%

                                                                           International                                              Engineering,
             Italian Concession
                                                                            Concession                                                Construction,
                   Business
                                                                             Business                                                 O&M Business

   •   8 motorway Concessionaires                          •    Costanera Norte - Chile (45%) – 43 km(2)                        •   SPEA (100%)
   •   3,414 km of infrastructure under                    •    Stalexport - Poland (56%) – 61 km(2)                            •   Pavimental (71,67%, Revenue FY ‘06 € 0.5bn)
       concession in Italy, representing                   •    Impregilo Concessions(3) in Brazil (936                         •   Impregilo(3) (Revenue FY ‘06 € 2.6bn)
       approximately 60% of the national                       km) and Argentina (413 km)                                       •   Dulles Greenway - Virginia/US (100%)
       toll network
       (1)   A 0.63% stake is to be acquired through a share forward transaction
       (2)   At present Costanera Norte and Stalexport are directly held by Atlantia and will be shortly transferred to Autostrade per l’Italia
       (3)   Autostrade per l’Italia has a 33.3% interest in IGLI that, in turn, holds a 29.83% interest of Impregilo

                                      Update on Recent Events                                                       London – 25 October 2007                                6
Turnaround 1999-2007
Operational      •     Successful implementation, between 1999 and 2007, of
efficiency and         programme to improve quality of service while driving
quality                operational efficiency

                 •     Efficient reorganisation, between 2003 and 2004, of the
Capital                Group’s capital structure
structure

                 •     The signing of the Concession Contract Scheme in 2007
Regulatory             provides a clear regulatory framework for Autostrade per
framework              l’Italia

                 •     A selective and strategic approach to international growth
International          (Europpass 2003, Costanera Norte 2005, Stalexport 2006)
development

                     Update on Recent Events          London – 25 October 2007      7
Beyond 2007
Operational      •     Continuous focus and commitment to efficiency alongside
efficiency and         quality of service
quality
                 •     Optimising the cost of capital as a result of new network
Capital                investments and reduced regulatory risk
structure

                 •     Finalising new investment for removing bottlenecks on the
Regulatory             existing network, enabling long term traffic growth
framework

                 •     Accelerate international growth leveraging on industry
International          knowledge and financial flexibility
development

                     Update on Recent Events         London – 25 October 2007      8
2. New Concession Scheme Highlights

         Update on Recent Events   London – 25 October 2007   9
Value Drivers in the Toll Road Industry
•    Value creation for a toll road operator is the result of careful management of typical
     concession risks and effectively mitigating risks that are out of the Concessionaire’s
     control

                                              Contract &                        Concessionaire’s
              Country risk
                                             Regulatory risk                         risks

         • Macroeconomics               • Risk of adverse change                 • Construction Risk
         • Demographics                     to the concession terms              • Traffic risk
         • Geography                        and conditions                       • Operating risk
         • Competitiveness              •   Ability to increase tariffs          • Credit risk
         • Politics                     •   Protection against new
                                            legal requirements or
                                            ‘force majeure’ events

                         Update on Recent Events                          London – 25 October 2007     10
Latest Events
      23.04.06                                                                                   15.6.07            26.9.07        12.10.07

+
     Autostrade-                                                                             CIPE Directive      New Directive Signed the single
    Abertis merger                                                                            no. 39/2007            for the      concession
    announcement                                                                              (review of the     authorization contract scheme
                                                                                            previous Directive   of the transfer    between
                                                                                               no. 1/2007)        of motorway    Autostrade per
                                                                                                                  concessions l’Italia and ANAS

                                 2006                                                      2007
       Apr   May June July           Aug   Sept Oct   Nov Dec        Jan   Feb   Mar Apr    May June July        Aug    Sept Oct

-                        5.07.06
                     The Minister of
                     Infrastructure,
                     after a ruling of
                      the Council of
                     State, states that
                     authorization is
                                             3.10.06

                                            (converted
                                             into Law
                                                         9.12.06
                                            Law Decree Action by
                                                                    26.1.07
                                                                     CIPE
                                            262/2006 ANAS against Directive
                                                        ASPI and no. 1/2007
                                                       Atlantia for
                                            286/2006) the delay on
                                                       investments
                          needed

                                                        27.12.06
                                                       2007 Tariff
                                                         Increase
                                                          frozen

                                   Update on Recent Events                             London – 25 October 2007                               11
Reaction of the EU Commission
                  •    22.9.06: Merger Approval
DG
Competition
                  •    18.10.06: Preliminary conclusion that Italy has violated Article 21 of
                       the EU Merger Regulation
                  •    31.1.07: Sent new preliminary assessment to Italy on measures
                       blocking Abertis-Autostrade merger
                  •    18.7.07: Welcomed Italy's move to clarify authorisation procedures in
                       toll motorway sector

                  •    14.11.06: Opening of infringement proceedings against Italy
DG                     regarding the new regime for Motorway Concessions in Italy
Internal Market
& Services
                  •    4.10.07: New requests for clarifications have been sent to the Italian
                       authorities

                      Update on Recent Events             London – 25 October 2007          12
New Concession Contract Pillars
•   On 12 October 2007 Autostrade per l’Italia and ANAS signed the single
    concession contract scheme as required by the recent law no. 286/2006

A new price
                   •    A lean formula for the duration of the concession based on a
                        percentage of inflation, in line with international best practice for
cap formula             motorway concessions

Explicit          •     An explicit compensation mechanism in the event of regulatory
Indemnities             changes or early termination of the concession

Covenants &        •    Well defined constraints on indebtedness, extraordinary transactions
                        and change of control involving the concessionaire
guarantees

New               •     Confirmation of the commitment to make the investments provided
                        for by the contract of 1997 and the 4th Supplementary Agreement of
Investments             2002
                  •     Commitment to implement the preliminary plans to upgrade an
                        additional 300 km of the network, for approximately €5bn
                       Update on Recent Events             London – 25 October 2007         13
Effectiveness of the New Concession Contract
                                                                        Inter
                             Parliamentary                                                        Court
           CIPE                                    Signature          Ministerial
                             Commissions                                                       of Auditors
                                                                       decree
    • Opinion by NARS      • Non binding       • Final contract     • Inter-ministerial    • Inter-ministerial
    • Approval by CIPE       opinion             between ASPI and     decree issued by the decree to be filed
                                                 ANAS                 Ministry of the
    • CIPE resolution to                                              Infrastructure and
      be filed with the                                               the Ministry of
      Court of Auditors                                               Economy

•    The Concession Contract is fully effective only once registered by the Italian Court of Auditors
•    Pending the European Commission’s infringement proceedings, some changes to the legal
     framework might be necessary
•    Once the Concession Contract becomes effective, the parties are committed to waive all
     litigations that are pending or in any case related to the concession

                              Update on Recent Events                 London – 25 October 2007                   14
Simplification of Tariff Formula
 Old Formula                    Remarks                      New Formula                           Remarks

   Inflation           •Government Budgeted CPI                                 • 70% of Actual rate of inflation for
                                                              Inflation          previous 12 month period 1 July – 30
Recovery of the        • To be calculated every 5 years                          June
 inflation gap         • Set by ANAS on the basis of:
                           • Adequate remuneration of
                              invested capital                                  • X Investments Factor
  Productivity
                            • Future investment plan        Compensation            • Unchanged rate of return
 improvement
                  -X        • Expected change in            for the 2002
                                                                                    • Amounts of investments provided
     target                                                                          for in the definitive plan
                              productivity
                                                             Investment            • No need of tariff realignment at
                            • Expected change in demand
                       • In case of disagreement the X           Plan                the end of the works as previously
 Compensation                                                                        requested
  for the 2002           factor is equal to percentage
Investment Plan          traffic growth of the previous 5
                         year period
                                                                                • K Factor
                       • Based on road surface quality      Compensation            • RAB system
                        and accident rate with possible        for new               (CIPE Directive no 1/2007)
Quality Factor
                        new parameters to be added
                                                             investments           • Return equal to WACC pre-tax
                        unilaterally by ANAS                                         before leverage

                             Update on Recent Events                      London – 25 October 2007                  15
New Formula Improves Visibility on Toll Trend

            Annual change in tolls = 70% * ∆CPI + X + K

•   For the purposes of calculating tariffs, the Concession Agreement has retroactive effect
    commencing from 1 January 2007
•   In 2008, once the new contract is effective, tariffs will be raised by the percentage equal to
    the difference between the amount resulting from applying the new tariff formula since 1
    January 2007 and the tariff charges actually applied since that date
•   Authorization to increase tariff by ANAS, the Ministry of Infrastructure and the Ministry
    of Treasury pertains to material mistakes made by the Concessionaires only. In case of no
    remarks, tariffs are increased by the Concessionaire from 1 January

                       Update on Recent Events                London – 25 October 2007               16
A Lean Price-Cap Formula

   •   A new streamlined formula in line with standard regulations in the European Toll Road Industry

  Minimum tariff increase for European operators of motorways under concession

                                                    France                        Portugal                     Spain

         70% * ∆CPI                           70% * ∆CPI                    90% * ∆CPI                  100% * ∆CPI – X

• ∆CPI = actual rate of inflation       • ∆CPI = actual rate of       • ∆CPI = actual rate of       • ∆CPI = actual rate of
  of the previous 12 months               inflation of the previous     inflation of the previous     inflation of the previous
  period 1 July – 30 June                 year                          year                          year
                                                                                                    • x= 1% of the difference
                                                                                                      between foreseen and actual
                                                                                                      traffic growth

                                    Update on Recent Events                         London – 25 October 2007                  17
Indemnity for Revocation or Regulatory Changes

               •   In the event of tax, legislative and regulatory changes with specific
Pass-Through       impact on the industry, by means of a pass-through mechanism,
                   tariffs are adjusted upwards to fully indemnify the concession
                   holder

Early          •   The types of contractual failures that can lead to revocation,
Termination        withdrawal or termination of the concession are expressly regulated
                   (even in case of unilateral changes in the regulation)

               •   In case of early termination of the concession an indemnity is
Indemnity          always explicitly provided for, which is equal to the net present
                   value of expected cash flows until the end of the concession as
                   originally agreed in the concession contract
                   (net of a penalty equal to 10% of the value, applied only in case of
                   revocation due to Concessionaire’s fault)

               Update on Recent Events               London – 25 October 2007              18
Covenants and Guarantees
 Financial                           •     Introduction of a covenant (DSCR>1.2x)(1) that the Concessionaire
 Covenant                                  must comply with at the end of every fiscal year

                                     •     Commitment to have irrevocable financing available in an amount
 Liquidity                                 equal to the investment gap with respect to the concession agreement
                                           plan

 Extraordinary                       •     Mergers, de-mergers, liquidation, headquarter move, change in
 Transactions                              purpose of the company, involving the concession holder, are subject
                                           to authorisation by ANAS

 Acquisitions &                      •     Not subject to authorisation by ANAS if DSCR>1.6x (pre and post
 Disposals                                 transaction)

(1) DSCR=Operating Cash Flow before Interest/Debt Service

                                     Update on Recent Events               London – 25 October 2007         19
Change of Control Rule

                        •   Net equity of at least €10 million for each percentage point of
                            ownership
                        •   Head office in a country not included in the list of countries with
Control over                favourable tax treatments
Autostrade per
l’Italia must always    •   Commitment to preserve the Concessionaire’s registered
remain with an entity       headquarters and the technical and organizational strength necessary
fulfilling specific         to cover its contractual obligations in Italy
conditions              •   A Board of Directors consisting of directors and statutory auditors
                            who fulfil requirements of professional standing as well as
                            independence and honesty, required of listed companies on the
                            exchange where the head office is located

                        Update on Recent Events              London – 25 October 2007         20
Other Provisions
                                     •      Concession fee on tolls is currently set at 2.4%
Concession                           •      Future increases are transferred to tariffs by means of the pass-
Fees                                        through mechanism
                                     •      The sub-concession fee on service area royalties is raised to 5%

Recovery of                          •      On a five years basis, in the event that actual traffic for the same
Extra Traffic                               period results in an annual growth rate higher than 1% with respect to
                                            estimates stated in the 2002 Supplementary Agreement(1), 50% of the
                                            economic benefit (net of taxes) is paid into a special fund for
                                            financing new investments without additional tariffs
Regulatory                           •      If there is a delay in making investments that are not specifically
Provisions                                  compensated for in the tariffs (e.g. the 1997 Concession Agreement
                                            investments), the Concessionaire must set aside regulatory provisions
                                            of equity capital equal to equivalent cumulated net profits
                                     •      These reserves will automatically become available when the
                                            investments reach the originally planned amount (€4.5 bn)
(1) The 2002 Supplementary Agreement forecast a 1.75% annual growth from 2008 to 2012, 1% from 2013 to 2017, 0.5% from 2018 to 2022 and 0% thereafter. The
    share of net revenues subject to claw back is equal to 75% in the event traffic exceeds those estimates by 1.5%.

                                     Update on Recent Events                                        London – 25 October 2007                                 21
Sanctions and Penalties
•    A set of sanctions and penalties are agreed upon by contract in case of lack of compliance
     with the contractual obligations

    Quality
                            •   In case quality indicator used in previous tariff formula results in a
                                fall below 2006 levels, Concessionaire has to pay a penalty equal to
    Standards                   €2m
                            •   Other penalties are provided for in case of deterioration of quality
                                standard (ranging from €10,000 up to €500,000 in the heaviest
                                case)

                            •   €25,000 per month of delay in the completion of project phase of
    Works                       investments or in the execution of works (after all authorizations are
                                granted) in case of Concessionaire’s fault

    Administrative          •   Sanctions ranging from €25,000 up to €2m in the heaviest case are
    Sanctions                   charged in case of violations of information obligations to ANAS, as
                                well as of major contractual obligations

                          Update on Recent Events                London – 25 October 2007           22
3. Investment Plans

          Update on Recent Events   London – 25 October 2007   23
Autostrade per l’Italia Capex Commitment
                                    Residual Capex(1) &
                                    Investment Period                                   Status as at 30 Sept. 2007                    Compensation

Major works
1997 Concession                           € 4.4 bn                        31%          49%        20%
                                                                                                                                  •   70% CPI
Agreement                                                                                                     Executed

                                                                                                              In progress

Major works                                                                                                    To be authorized

2002 Supplementary                        € 5.9 bn                     9%       47%           44%                                 •   X Factor
Agreement

Reallocation of                          € 2.0 bn
Ongoing Capex
                                                                     • Already included in 1997 Concession Agreement
                                                                       commitment under ongoing capex
                                                                                                                                  •   70% CPI
                                        2008-2020

Completion of noise                      € 0.7 bn
reduction plan                          2008-2021
                                                                     • Included in the new contract                               •   K Factor

                                                                     • Commitment to implement the preliminary plan to
                                         € 5.0 bn
New Investments
                                        2012-2020
                                                                       upgrade over 300 Km of network with additional             •    K Factor
                                                                       new lanes

Total Capex                              € 18.0 bn

(1) Gross capex from 2007 to the completion of the plan, excludes government grants and capitalized costs

                                          Update on Recent Events                                           London – 25 October 2007                 24
Update on Group’s Current Investments                                                                                                     Stage of
                                                                                                                     Residual    Investment     completion
                                                                                                            Km       Capex(1)      Period     as at 30.09.07

                                   MI-VA (A8) Fiorenza - Gallarate                                          28.7             0       2000         100%
Major works                        MI-NA (A1) e BO-TA (A14) Bologna Interchange                             45.3           70        2007          75%
1997 Concession                    MI-NA (A1) Variante di Valico                                            66.6       2,623          2012          31%
Agreement                          MI-NA (A1) Florence Interchange                                          58.5        1,697         2015         16%
                                   MI-NA (A1) Orte-Fiano                                                    37.8            17       2007          96%
                                   Remaining Investments                                                                   16        2007          45%
                                   Total projects under 1997 Agreement                                      236.9      4,424                       31%

                                   MI-CO (A9) Lainate - Como Grandate                                       23.2          266        2012           3%
Major works                        MI-Laghi (A8-A9) Access to Milan Exhibition Center                        3.8           18        2008          90%
2002 Supplementary                 MI-BS (A4) Milan - Bergamo                                               33.6          261        2007          77%
Agreement                          A7-A10-A12 Genoa By-pass                                                 34.8        2,494         2017          0%
                                   BO-TA (A14) Rimini Nord - P.to S.Elpidio                                 154.7       2,441         2013          3%
                                   MI-NA (A1) Fiano Romano - Settebagni                                      14.6         152         2011          4%
                                   Altri interventi                                                           1.3         230        2012          13%
                                   Total projects under 4th Supplementary Agreement                         266.0      5,863                        9%

                                   Total Investments in Major Works by Autostrade per l'Italia              502.9      10,286                      20%

                                   RAV: AO-Traforo Monte Bianco (A5) Morgex- Entreves                       12.4          32         2007          94%
                                   STRADA DEI PARCHI: RM-AQ-TE e Torano - Pescara (A24 and A 25)            19.9         314         2010          24%
Subsidiaries                       AUTOSTRADE MERIDIONALI: NA-Pompei-SA (A3) Napoli - Pompei                20.0         182         2010          59%
                                   Total projects by subsidiaries                                           52.3         528                       61%

                                   Total Investments in Major Works                                         555.2      10,815                      23%

1. Gross capex from 2007 to the completion of the plans, excludes government grants and capitalized costs

                                                  Update on Recent Events                                     London – 25 October 2007                    25
Revamping the Italian Toll Road Network
            •    Current and new investments in the pipeline allow for long term unconstrained traffic
                 growth
            •    New tariff formula provides for a compensation system for new investments with a return
                 equal to at least current WACC before leverage
            •    Capital employed in new investments provides for additional financial leverage with
                 subsequent decrease in the average cost of capital

                Autostrade per l’Italia ADT per lane 2007                                             Autostrade per l’Italia ADT per lane 2021
                                          Undergoing & Committed                                           Sensitivity with an accumulated traffic growth equal
                                          Investments                                                        to approximately 25% between 2008 and 2021
                                                ~ 800 km
                63,9%
                                                                                                   48,1%            46,2%

                                                                                     % Network
% Network

                                                     ~7 % of the network                                                                    ~6 % of the network (1)
                             29,2%

                                             6,1%                                                                                    5,1%
                                                              0,5%          0,3%                                                                        0,6%              0,0%

                22,001               22,001

                                                                                                 (1) Of which 130 km eligible for further de-bottlenecking Investments

                                                Update on Recent Events                                       London – 25 October 2007                                     26
Group’s Investments Profile 2007-2021(1)
       •      A massive investment plan to improve and de-bottleneck the network

(€ bn)
                                                                                                                         1997 Investment Plan
 2.0
                                                                                                                         2002 4th Supplementary Agreement
                                                                                                                         Subsidiaries, Other Investments, Ongoing Capex
 1.8                                                                                                                     New Investment Commitment
                                                                                                                         Noise Reduction Plan Completion
 1.5

 1.3

 1.0
                                                                          \

 0.8

 0.5

 0.3

 0.0
           2007   2008    2009      2010      2011      2012      2013        2014   2015      2016      2017     2018     2019     2020        2021

  1. Gross capex from 2007 to the completion of the plans, excludes government grants and capitalized costs

                                            Update on Recent Events                                             London – 25 October 2007                                  27
Solid and Stable Credit Quality
                                                                                                Gross debt allocation as of 30 June 2007
•   Strong credit quality with limited impact on                                                                                  •      €2,000m FRN 2004-2011
    current credit metrics even after new capex                                                                                   •      €2,750m Notes 2004-2014
                                                                                                                                  •      €750m Notes 2004-2022(5)
    commitment                                                                               ATLANTIA S.p.A.                      •      €1.000m Notes 2004-2024
     •     Avg. Net Debt/Ebitda 2007-2020: ~ 4.0x                                                    €7,500m
                                                                                                                                  •      €800m Term Loan Facility
                                                                                                                                  •      €200m EIB average life 12 years
     •     Avg. DSCR 2007-2020: ~2.5x                                                                                                    Total drawn: €7,500m

•   Long term availability of financial resources                                                                                 •      €1,200m Revolving Facility
                                                                                                                                  •      €250m EIB
    with average debt maturity of 10 years, with                                                                                  •      (Committed Undrawn)
    no notes maturing before 2011                                                            Autostrade per l’Italia
                                                                                                   €258m (1)(2)
•   93% of consolidated total debt at fixed
                                                                                                Strada €dei
                                                                                                         1,434m
                                                                                                            Parchi
    rate/hedged                                                                                      €701m

                                                                                                     Others (3)(4)
                                                                                                      €203m
    (1) Excludes €817m related to the State (this debt is fully collateralised and guaranteed/paid by ANAS)
    (2) Autostrade per l’Italia is a guarantor of Autostrade (now Atlantia) under the Notes, Term Loan,EIB and Revolving Facility (undrawn)
    (3) Gross debt including debt deriving from Fondo Centrale di Garanzia for €117m (non interest bearing)
    (4) Excludes €78m related to state subsidies (this debt is fully collateralized and guaranteed/paid by ANAS)
    (5) Sterling denominated issue

                                              Update on Recent Events                                            London – 25 October 2007                                  28
4. International Overview Strategy

          Update on Recent Events   London – 25 October 2007   29
Market Dynamics

             11.0%-13.5%
                             13.5%
             Regulatory                                                    Market IRR
             Risk = 2%               9.0%-11.5%
                                             9.0 /
                 Construction Risk = 2%
                                                                   7.07.0%-9.5%
                                                                       / 9.5%
Target IRR

                                      ∆ Traffic Risk = 1.5 / 3%                                          5.5%-6.5%

                                             Operating Risk = 1.0 / 1.5%                                         30 ys.
                                                                                                                treasury
                                                                                                                  bond
                                                                                                              (4.5/5.0%)

              Tender       Construction               Opening to                          Operating
               Phase          Phase                    Traffic                             Phase

                   Greenfield                        Brownfield                         Privatizations

                                     Update on Recent Events                            London – 25 October 2007           30
International Growth Strategy
•    The Group’s strategy for international growth is based on strict investment criteria designed
     to minimize business risk and to exploit competitive advantage

    Greenfield              •   Focus on urban toll road for minimization of traffic risk

                            •   Key focus on leverage on core competences (ETC, O&M)
    Brownfield
                            •   Achievement of a critical mass by country

    Privatization
                            •   Shortcut to exploit re-leverage potential
                            •   Operator of toll road with limited equity commitment

•    Sintonia and Schemaventotto shareholders’ financial resources and know-how allow for an
     increase in fire power, especially in large equity commitment investments, as well as
     potential industrial synergies as part of a combined strategy

                          Update on Recent Events               London – 25 October 2007             31
Building on Outstanding Track Record
                                                                             Initial       Gross    Investment Annual
                                                                             Equity     Capital Gain Period     IRR
                                                                             (€ m)         (€ m)     (Months)   (%)

                              Country:     Austria
 2002                         Type:        Implementation of a free-flow
                                           tolling system for HGV            90            129         28         47%
 Europpass           1
                              Km:          2,000 km overall network length

 2005                         Country:      Chile (Santiago)
                              Type:         Free-flow urban toll road         45          200 (2)      16         254%
 Costanera
 Norte                        Km:           43 km-long motorway

                              Country:      Poland
 2006                         Type:         Toll road                         95            48 (3)      6         135%
 Stalexport                   Km:           61 km-long motorway
                                            (Krakow-Katowice)
(1) Sold on August 2005
(2) Internal estimate
(3) On the basis of current market cap

                                         Update on Recent Events                       London – 25 October 2007          32
Most Attractive Countries and Opportunities
 US:                                              Eastern Europe:
                                                  Poland - Achieve critical                     Russia:
 ETC/Congestion pricing                                                                         Urban toll road
 Privatization with limited                       mass
 equity investment                                Other Countries - ETC
 commitment and key role
                                                                                   Stalexport
                                                                                   (Poland)
                                                                                                                             China: ?
                               Dulles Greenway
                               (Washington, US)

                                                                       Turkey:
                                                                       Privatization with limited                 India: ?
                                                                       equity investment
                                                                       commitment and key role
Mexico:
Under evaluation

            Costanera Norte
            (Santiago,Chile)                       Brazil & Argentina:
                                                   Leverage on Impregilo’s                                            Market Presence
  Chile:                                           market presence                                                       Atlantia
  Achieve critical mass                                                                                                  Impregilo

                                       Update on Recent Events                                      London – 25 October 2007            33
5. Closing Remarks

         Update on Recent Events   London – 25 October 2007   34
Investment Highlights

Long Term       •     Financial flexibility
Concession

Best in Class
                •     Reduction in the cost of capital thanks to lower regulatory and
                      contractual risk
Contract        •     Settlement of all litigation

                •     Ability to continue to invest in core assets
Investment      •     Influential position thanks to key role in Italy’s economy
Capacity        •     Potential for unsaturated traffic growth

International
                •     Proven strategy for sound international expansion based on
                      competitive advantage and focused on spread between IRR
Growth                and WACC

                    Update on Recent Events            London – 25 October 2007         35
25 October 2007

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