Disclaimer THIS DOCUMENT HAS BEEN PREPARED BY ATLANTIA S.P.A. (THE - - PowerPoint PPT Presentation

London – 25 October 2007

Atlantia Presentation Update on Recent Events

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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 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 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.

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Preliminary Remarks

London London 25 October 25 October 2007 2007 Next Steps Next Steps

• Presentation of the main

content and clauses of the new concession contract

• Illustration of the approval

process

• Update on status of the

current investment plan and

• verview of the new one
• Perspectives for international

growth

• Completion of the

authorization process

• Business plan update

Rome Rome 12 Oc 12 October tober 2007 2007

• Autostrade per l’Italia

and ANAS signed the Single Concession Contract Scheme

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Table of Contents

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

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• 1. Introduction

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Key Company Facts

Group Network under concession Other Motorways

A26 A4 A1 A1 A6 A12 A14 A16 A27 A23 Milan Bologna A11 A12 A14 A4 A4 A1 A1 A1 A1 A6 A6 A12 A12 A14 A14 A16 A16 A27 A27 A23 A23

Mila Milan Florence Florence Bologna Bologna Rome Rome Pescara Pescara Bari Bari Naples Naples Venice Venice

A13 A13 A11 A11 A12 A12 A3 A3

Ancona Ancona

A12 A12 A1 A1 A14 A14 A26 A26

Turin Turin Genoa Genoa

• In May 2007 Autostrade changed its name to

Atlantia

• Atlantia is the holding company responsible for

portfolio strategies in the transport and communications infrastructure and network sectors and owns 100% of Autostrade per l'Italia

• Autostrade per l’Italia is Italy’s largest toll

motorway operator with more than four million daily customers

• Atlantia, through its Concessionaires, is the

largest private investor in infrastructure in Italy with over €18bn of projected major work

• Atlantia has an international presence, with
• perations in Poland, Chile and the US as well as

in Brazil and Argentina through its interest in Impregilo, Italy’s largest construction company

Autostrade per l’I Autostrade per l’Italia’s alia’s Network Network

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Group Structure

100% 100%

(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

Italian Concession Italian Concession Business Business International International Concessio Concession Bu Business siness Engineering, Engineering, Constru Construction,

• n,

O&M Business M Business

• 8 motorway Concessionaires
• 3,414 km of infrastructure under

concession in Italy, representing approximately 60% of the national toll network

• Costanera Norte - Chile (45%) – 43 km(2)
• Stalexport - Poland (56%) – 61 km(2)
• Impregilo Concessions(3) in Brazil (936

km) and Argentina (413 km)

• SPEA (100%)
• Pavimental (71,67%, Revenue FY ‘06 € 0.5bn)
• Impregilo(3) (Revenue FY ‘06 € 2.6bn)
• Dulles Greenway - Virginia/US (100%)

Free Float Free Float Sche Schemaventotto ntotto

Sintonia Sintonia

60.0% 60.0% 3.17% 3.17%(1) 50.1% 50.1% 46.7% 46.7%

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Turnaround 1999-2007

Operational Operational efficiency and efficiency and quality quality Capital Capital structure structure International International development development Regulatory Regulatory framework framework

• Successful implementation, between 1999 and 2007, of

programme to improve quality of service while driving

• perational efficiency
• Efficient reorganisation, between 2003 and 2004, of the

Group’s capital structure

• The signing of the Concession Contract Scheme in 2007

provides a clear regulatory framework for Autostrade per l’Italia

• A selective and strategic approach to international growth

(Europpass 2003, Costanera Norte 2005, Stalexport 2006)

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Beyond 2007

Operational Operational efficiency and efficiency and quality quality Capital Capital structure structure International International development development Regulatory Regulatory framework framework

• Continuous focus and commitment to efficiency alongside

quality of service

• Optimising the cost of capital as a result of new network

investments and reduced regulatory risk

• Finalising new investment for removing bottlenecks on the

existing network, enabling long term traffic growth

• Accelerate international growth leveraging on industry

knowledge and financial flexibility

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• 2. New Concession Scheme Highlights

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Value Drivers in the Toll Road Industry

Country risk Country risk Contract & Contract & Regulatory risk Regulatory risk Concessionaire’s Concessionaire’s risks risks

• Macroeconomics
• Demographics
• Geography
• Competitiveness
• Politics
• Risk of adverse change

to the concession terms and conditions

• Ability to increase tariffs
• Protection against new

legal requirements or ‘force majeure’ events

• Construction Risk
• Traffic risk
• Operating risk
• Credit risk
• 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

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Latest Events

23.04.06 23.04.06 Autostrade- Abertis merger announcement 5.07.06 5.07.06 The Minister of Infrastructure, after a ruling of the Council of State, states that authorization is needed 9. 9.12.06 Action by ANAS against ASPI and Atlantia for the delay on investments 27.12 27.12.06 06 2007 Tariff Increase frozen 3.10.06 3.10.06 Law Decree 262/2006 (converted into Law 286/2006) 26 26.1.07 .1.07 CIPE Directive

• no. 1/2007

15. 15.6.07 .07 CIPE Directive

• no. 39/2007

(review of the previous Directive

• no. 1/2007)

26 26.9.07 .9.07 New Directive for the authorization

• f the transfer
• f motorway

concessions

2006 2007

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

+

• 12.10.07

12.10.07 Signed the single concession contract scheme between Autostrade per l’Italia and ANAS

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• 22.9.06:

22.9.06: Merger Approval

• 18.10.06:

18.10.06: Preliminary conclusion that Italy has violated Article 21 of the EU Merger Regulation

• 31.1.07:

31.1.07: Sent new preliminary assessment to Italy on measures blocking Abertis-Autostrade merger

• 18.7.07:

18.7.07: Welcomed Italy's move to clarify authorisation procedures in toll motorway sector

• 14.11.06:

14.11.06: Opening of infringement proceedings against Italy regarding the new regime for Motorway Concessions in Italy

• 4.10.07:

4.10.07: New requests for clarifications have been sent to the Italian authorities

Reaction of the EU Commission

DG DG Competition Competition DG DG Internal Market Internal Market & Services & Services

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New Concession Contract Pillars

A new price A new price cap formula cap formula Explicit Explicit Indemnitie Indemnities New New Invest Investments ments Covenants & Covenants & guarantee guarantees

• A lean formula for the duration of the concession based on a

percentage of inflation, in line with international best practice for motorway concessions

• An explicit compensation mechanism in the event of regulatory

changes or early termination of the concession

• Well defined constraints on indebtedness, extraordinary transactions

and change of control involving the concessionaire

• Confirmation of the commitment to make the investments provided

for by the contract of 1997 and the 4th Supplementary Agreement of 2002

• Commitment to implement the preliminary plans to upgrade an

additional 300 km of the network, for approximately €5bn

• On 12 October 2

On 12 October 2007 Autostrade per l’ 007 Autostrade per l’Italia and ANAS signed the Italia and ANAS signed the single single concession contract scheme as requir concession contract scheme as required by the recent law no. 286/2006 ed by the recent law no. 286/2006

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Effectiveness of the New Concession Contract

• 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 Parliamentary Commissions CIPE Inter Ministerial decree Signature Court

• f Auditors
• Opinion by NARS
• Approval by CIPE
• CIPE resolution to

be filed with the Court of Auditors

• Non binding
• pinion
• Final contract

between ASPI and ANAS

• Inter-ministerial

decree issued by the Ministry of the Infrastructure and the Ministry of Economy

• Inter-ministerial

decree to be filed

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Simplification of Tariff Formula

• X Invest

X Investment ents Factor Factor

• Unchanged rate of return
• Amounts of investments provided

for in the definitive plan

• No need of tariff realignment at

the end of the works as previously requested

• K Factor

K Factor

• RAB system

(CIPE Directive no 1/2007)

• Return equal to WACC pre-tax

before leverage

• 70% of Actual

70% of Actual rate of inflation rate of inflation for previous 12 month period 1 July – 30 June Inflation Inflation Recovery of the Recovery of the inflation ga inflation gap Productivity Productivity improvement improvement target target Compensation Compensation for the 2002 for the 2002 Investment Plan Investment Plan Quality Factor Quality Factor

• X
• X
• Government Budgeted CPI
• To be calculated every 5 years
• Set by ANAS on the basis of:
• Adequate remuneration of

invested capital

• Future investment plan
• Expected change in

productivity

• Expected change in demand
• In case of disagreement the X

factor is equal to percentage traffic growth of the previous 5 year period

• Based on road surface quality

and accident rate with possible new parameters to be added unilaterally by ANAS Old Formula Old Formula Remarks emarks

Inflat Inflation ion Compensation Compensation for the 2002 for the 2002 Invest Investment nt Plan Plan Compensation Compensation for n for new w inves investments nts

New For New Formula ula Remarks emarks

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• 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
• f Treasury pertains to material mistakes made by the Concessionaires only. In case of no

remarks, tariffs are increased by the Concessionaire from 1 January

New Formula Improves Visibility on Toll Trend

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

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A Lean Price-Cap Formula

90% * 90% * ∆CPI CPI

• ∆CPI = actual rate of

inflation of the previous year

100% * 100% * ∆CPI – CPI – X

• ∆CPI = actual rate of

inflation of the previous year

• x= 1% of the difference

between foreseen and actual traffic growth

70% * 70% * ∆CPI CPI

• ∆CPI = actual rate of

inflation of the previous year

France France Portugal Portugal Spain Spain 70% * 70% * ∆CPI CPI

• ∆CPI = actual rate of inflation
• f the previous 12 months

period 1 July – 30 June

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

Minimum tariff increase for Europea Minimum tariff increase for European op

• perators of motorways under concession

erators of motorways under concession

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Indemnity for Revocation or Regulatory Changes

• In the event of tax, legislative and regulatory changes with specific

impact on the industry, by means of a pass-through mechanism, tariffs are adjusted upwards to fully indemnify the concession holder

• The types of contractual failures that can lead to revocation,

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

always explicitly provided for, which is equal to the net present value of expected cash flows until the end of the concession as

• riginally 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) Pass-Through Pass-Through Early Early Termination Termination Indemnity Indemnity

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Covenants and Guarantees

• Introduction of a covenant (DSCR>1.2x)(1) that the Concessionaire

must comply with at the end of every fiscal year

• Commitment to have irrevocable financing available in an amount

equal to the investment gap with respect to the concession agreement plan

• Mergers, de-mergers, liquidation, headquarter move, change in

purpose of the company, involving the concession holder, are subject to authorisation by ANAS

• Not subject to authorisation by ANAS if DSCR>1.6x (pre and post

transaction)

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

Financial Financial Covenant Covenant Extraordinary Extraordinary Transactions Transactions Acquisitions & Acquisitions & Disposals Disposals Liquidity Liquidity

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Change of Control Rule

Control over Control over Autostrade per Autostrade per l’Italia must always l’Italia must always remain with an entity remain with an entity fulfilling specific fulfilling specific conditions conditions

• Net equity of at least €10 million for each percentage point of
• wnership
• Head office in a country not included in the list of countries with

favourable tax treatments

• Commitment

to preserve the Concessionaire’s registered headquarters and the technical and organizational strength necessary to cover its contractual obligations in Italy

• 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

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Other Provisions

• Concession fee on tolls is currently set at 2.4%
• Future increases are transferred to tariffs by means of the pass-

through mechanism

• The sub-concession fee on service area royalties is raised to 5%
• On a five years basis, in the event that actual traffic for the same

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

• If there is a delay in making investments that are not specifically

compensated for in the tariffs (e.g. the 1997 Concession Agreement investments), the Concessionaire must set aside regulatory provisions

• f 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%.

Concession Concession Fees Fees Regulatory Regulatory Provisions Provisions Recovery of Recovery of Extra Traffic Extra Traffic

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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 Quality Standards Standards Administrative Administrative Sanctions Sanctions Works Works

• In case quality indicator used in previous tariff formula results in a

fall below 2006 levels, Concessionaire has to pay a penalty equal to €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

investments or in the execution of works (after all authorizations are granted) in case of Concessionaire’s fault

• Sanctions ranging from €25,000 up to €2m in the heaviest case are

charged in case of violations of information obligations to ANAS, as well as of major contractual obligations

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• 3. Investment Plans

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Residual Capex Residual Capex(1

(1) &

& Investment Period Investment Period

49 49% 20% 31 31%

Autostrade per l’Italia Capex Commitment

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

Major works 2002 Supplementary Agreement € 4.4 bn Major works 1997 Concession Agreement

• 70% CPI
• X Factor
• 70% CPI
• K Factor

47 47% 44% 4% 9% 9%

€ 5.9 bn € 2.0 bn 2008-2020 € 0.7 bn 2008-2021 € 5.0 bn 2012-2020 Reallocation of Ongoing Capex Completion of noise reduction plan New Investments

• Already included in 1997 Concession Agreement

commitment under ongoing capex

• Included in the new contract
• Commitment to implement the preliminary plan to

upgrade over 300 Km of network with additional new lanes

• K Factor

Status as at 30 Sept. 2007 Status as at 30 Sept. 2007 Compensation Compensation

To be authorized In progress Executed

€ 1 € 18.0 b bn Total Capex Total Capex

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Update on Group’s Current Investments

Km Km

Major works 2002 Supplementary Agreement Major works 1997 Concession Agreement Subsidiaries

Residu Residual al Capex Capex(1

(1)

Investment Investment Pe Peri riod

• d

Stage of Stage of complet completion

• n

as at 30.09.07 as at 30.09.07

MI-VA (A8) Fiorenza - Gallarate 28.7 2000 100% MI-NA (A1) e BO-TA (A14) Bologna Interchange 45.3 70 2007 75% MI-NA (A1) Variante di Valico 66.6 2,623 2012 31% 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 tal proje projects ts un unde der 1 r 1997 997 A Agre reement 236.9 .9 4,42 4,424 31% MI-CO (A9) Lainate - Como Grandate 23.2 266 2012 3% MI-Laghi (A8-A9) Access to Milan Exhibition Center 3.8 18 2008 90% MI-BS (A4) Milan - Bergamo 33.6 261 2007 77% 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 tal proje projects ts un unde der 4 r 4th

th Su

Supplemen ementary Agreement ry Agreement 266.0 66.0 5,863 ,863 9% 9% To Total I l Invest stment nts i s in M Major W Works by s by Au Autost strade p per l' l'Italia 502.9 502.9 10,286 10,286 20% 0% 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% AUTOSTRADE MERIDIONALI: NA-Pompei-SA (A3) Napoli - Pompei 20.0 182 2010 59% Total tal proje projects ts b by s subsidiarie idiaries 52.3 528 61% Tot Total Invest l Investment ments in M s in Major Works jor Works 555.2 555.2 10,815 10,815 23% 3%

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

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Sensitivity with an accumulated traffic growth equal to approximately 25% between 2008 and 2021

Autostrade per l’Italia ADT per lane 2021 Autostrade per l’Italia ADT per lane 2021

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 2007

48,1% 0,6% 0,0% 5,1% 46,2%

<12,000 12,001-16,000 16,001-20,000 20,001-22,000 >22,001

63,9% 0,5% 0,3% 6,1% 29,2%

<12,000 12,001-16,000 16,001-20,000 20,001-22,000 >22,001

~ 800 km ~ 800 km

Undergoing & Committed Investments % Network % Network

~6 % of the network ~6 % of the network (1) ~7 % of the ~7 % of the network network (1) Of which 130 km eligible for further de-bottlenecking Investments

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0.0 0.3 0.5 0.8 1.0 1.3 1.5 1.8 2.0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

\

Group’s Investments Profile 2007-2021(1)

(€ bn)

• 1. Gross capex from 2007 to the completion of the plans, excludes government grants and capitalized costs
• A massive investment plan to improve and de-bottleneck the network

1997 Investment Plan 2002 4th Supplementary Agreement Subsidiaries, Other Investments, Ongoing Capex Noise Reduction Plan Completion New Investment Commitment

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Solid and Stable Credit Quality

ATLANTIA S.p.A. ATLANTIA S.p.A. €7,500m €7,500m

Autos Autostrade rade pe per l’Italia r l’Italia €258m €258m (1)(2)

€ 1,434m

Strada dei Strada dei Parchi archi €701m €701m Others Others (3)(4) €203m €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

• €2,000m FRN 2004-2011
• €2,750m Notes 2004-2014
• €750m Notes 2004-2022(5)
• €1.000m Notes 2004-2024
• €800m Term Loan Facility
• €200m EIB average life 12 years

Total dra Total drawn: €7 n: €7,500m 00m

• €1,200m Revolving Facility
• €250m EIB
• (Committed Undrawn)
• Strong credit quality with limited impact on

current credit metrics even after new capex commitment

• Avg. Net Debt/Ebitda 2007-2020: ~ 4.0x
• Avg. DSCR 2007-2020: ~2.5x
• Long term availability of financial resources

with average debt maturity of 10 years, with no notes maturing before 2011

• 93% of consolidated total debt at fixed

rate/hedged

Gross d Gross debt allocatio bt allocation a as of

• f 30

30 Ju June 200 ne 2007

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• 4. International Overview Strategy

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Constructi Construction

• n

Phase Phase

Market Dynamics

9.0 / 9.0 / 7.0 / 7.0 / 9.5% 9.5% ∆

Target IRR Target IRR

30 ys. treasury bond (4.5/5.0%)

Regulatory Risk = 2% 13.5% 13.5% Traffic = 1.5 / 3% Risk Risk = 1.0 / 1.5% Operating

Greenfield Brownfield

11.0%-13.5% 9.0%-11.5% 7.0%-9.5%

Mar Market I et IRR

Privatizations

5.5%-6.5% Tender Tender Phase Phase Construction Risk = 2% Opening to Opening to Traffic Traffic Operating Operating Phase Phase

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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 Brownfield Brownfield

• Focus on urban toll road for minimization of traffic risk
• Key focus on leverage on core competences (ETC, O&M)
• Achievement of a critical mass by country
• Shortcut to exploit re-leverage potential
• Operator of toll road with limited equity commitment

Greenfield Greenfield Privatization Privatization

• 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

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Building on Outstanding Track Record

(1) Sold on August 2005 (2) Internal estimate (3) On the basis of current market cap

Gross Gross Capital G Capital Gain in (€ (€ m) m) Initial Initial Equity Equity (€ (€ m) m)

2002 2002 Europpass Europpass1 129 129 90 90 2005 2005 Costanera Costanera Norte Norte 200 200 (2) 45 45 2006 2006 Stalexp Stalexport rt 48 48 (3) 95 95

Annual Annual IRR IRR (%) (%) Investment Investment Period Period (Mont (Months) s)

28 28 16 16 6 47% 47% 254% 254% 135% 135%

2,000 km overall network length Km: Km: Implementation of a free-flow tolling system for HGV Type: Type: Austria Countr Country: y: 43 km-long motorway Km: Km: Free-flow urban toll road Type: Type: Chile (Santiago) Countr Country: y: 61 km-long motorway (Krakow-Katowice) Km: Km: Toll road Type: Type: Poland Countr Country: y:

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Dulles Dulles Greenway reenway (Washington, US)

Most Attractive Countries and Opportunities

Costanera Norte Costanera Norte (Santiago,Chile) Stalexport Stalexport (Poland) Eastern Europe: Eastern Europe: Poland - Achieve critical mass Other Countries - ETC Russia: Russia: Urban toll road Turkey: Turkey: Privatization with limited equity investment commitment and key role Brazil & Argentina: Brazil & Argentina: Leverage on Impregilo’s market presence Chile: Chile: Achieve critical mass Mexico: Mexico: Under evaluation US: US: ETC/Congestion pricing Privatization with limited equity investment commitment and key role India: ? India: ? China: ? China: ? Market Presence Atlantia Impregilo

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• 5. Closing Remarks

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Investment Highlights

• Financial flexibility
• Reduction in the cost of capital thanks to lower regulatory and

contractual risk

• Settlement of all litigation
• Ability to continue to invest in core assets
• Influential position thanks to key role in Italy’s economy
• Potential for unsaturated traffic growth
• Proven strategy for sound international expansion based on

competitive advantage and focused on spread between IRR and WACC Long Term Long Term Concession Concession Best in Class Best in Class Contract Contract Invest Investment ment Capacity Capacity International International Growth Growth

Q&A

25 October 2007

Atlantia Presentation Update on Recent Events