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London – 25 October 2007 Atlantia Presentation Update on Recent Events

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. Upd Update te o on R Recen cent Ev Events ts London – London – 25 October 2007 5 October 2007 1

Preliminary Remarks Rome Rome London London 12 October 12 Oc tober 25 October 25 October Next Steps Next Steps 2007 2007 2007 2007 • Presentation of the main • Completion of the • Autostrade per l’Italia content and clauses of the authorization process and ANAS signed the • Business plan update new concession contract Single Concession • Illustration of the approval Contract Scheme process • Update on status of the current investment plan and overview of the new one • Perspectives for international growth Upd Update te o on R Recen cent Ev Events ts London – London – 25 October 2007 5 October 2007 2

Table of Contents 1. Introduction 2. New Concession Scheme Highlights 3. Investment Plans 4. International Overview Strategy 5. Closing Remarks Upd Update te o on R Recen cent Ev Events ts London – London – 25 October 2007 5 October 2007 3

1. Introduction Upd Update te o on R Recen cent Ev Events ts London – London – 25 October 2007 5 October 2007 4

Key Company Facts Autostrade per l’Italia’s Autostrade per l’I alia’s Network Network • In May 2007 Autostrade changed its name to Atlantia A23 A23 A23 A26 A26 A26 • A27 A27 A27 Atlantia is the holding company responsible for A4 A4 A4 Milan Mila Milan portfolio strategies in the transport and Venice Venice A1 A1 A1 A13 A13 communications infrastructure and network Turin Turin A12 A12 A12 Bologna Bologna Bologna A6 A6 A6 sectors and owns 100% of Autostrade per l'Italia Genoa Genoa A11 A11 A11 Florence Florence Ancona Ancona A12 • A14 A12 A12 A14 A14 Autostrade per l’Italia is Italy’s largest toll A1 A1 A1 motorway operator with more than four million A12 A12 Pescara Pescara daily customers A14 A14 A14 Rome Rome Bari Bari A1 A1 • Atlantia, through its Concessionaires, is the A16 A16 A16 Naples Naples A3 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 Upd te o on R Recen cent Ev Events ts London – London – 25 October 2007 5 October 2007 5

Group Structure Sintonia Sintonia 3.17% 3.17% (1) 60.0% 60.0% Free Float Free Float Sche Schemaventotto ntotto 46.7% 46.7% 50.1% 50.1% 100% 100% International International Engineering, Engineering, Italian Concession Italian Concession Concessio Concession Construction, Constru on, Business Business Bu Business siness O&M Business M Business • 8 motorway Concessionaires • • SPEA (100%) Costanera Norte - Chile (45%) – 43 km (2) • 3,414 km of infrastructure under • • Pavimental (71,67%, Revenue FY ‘06 € 0.5bn) Stalexport - Poland (56%) – 61 km (2) • • Impregilo (3) (Revenue FY ‘06 € 2.6bn) Impregilo Concessions (3) in Brazil (936 concession in Italy, representing • Dulles Greenway - Virginia/US (100%) approximately 60% of the national km) and Argentina (413 km) 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 Upd Update te o on R Recen cent Ev Events ts London – London – 25 October 2007 5 October 2007 6

Turnaround 1999-2007 • Successful implementation, between 1999 and 2007, of Operational Operational programme to improve quality of service while driving efficiency and efficiency and operational efficiency quality quality • Efficient reorganisation, between 2003 and 2004, of the Capital Capital Group’s capital structure structure structure • The signing of the Concession Contract Scheme in 2007 Regulatory Regulatory provides a clear regulatory framework for Autostrade per framework framework l’Italia • A selective and strategic approach to international growth International International (Europpass 2003, Costanera Norte 2005, Stalexport 2006) development development Update Upd te o on R Recen cent Ev Events ts London – London – 25 October 2007 5 October 2007 7

Beyond 2007 • Continuous focus and commitment to efficiency alongside Operational Operational quality of service efficiency and efficiency and quality quality • Optimising the cost of capital as a result of new network Capital Capital investments and reduced regulatory risk structure structure • Finalising new investment for removing bottlenecks on the Regulatory Regulatory existing network, enabling long term traffic growth framework framework • Accelerate international growth leveraging on industry International International knowledge and financial flexibility development development Update Upd te o on R Recen cent Ev Events ts London – London – 25 October 2007 5 October 2007 8

2. New Concession Scheme Highlights Upd Update te o on R Recen cent Ev Events ts London – London – 25 October 2007 5 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 Concessionaire’s Concessionaire’s Contract & Contract & Country risk Country risk risks risks Regulatory risk Regulatory risk • Macroeconomics • Risk of adverse change • Construction Risk • Demographics • Traffic risk to the concession terms • Geography • Operating risk and conditions • Competitiveness • Ability to increase tariffs • Credit risk • Politics • Protection against new legal requirements or ‘force majeure’ events Upd Update te o on R Recen cent Ev Events ts London – 25 October 2007 London – 5 October 2007 10 10

Latest Events 23.04.06 23.04.06 15.6.07 15. .07 26 26.9.07 .9.07 12.10.07 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 5.07.06 3.10.06 3.10.06 9. 9.12.06 26.1.07 26 .1.07 The Minister of Law Decree Action by CIPE Infrastructure, 262/2006 ANAS against Directive after a ruling of (converted ASPI and no. 1/2007 the Council of into Law Atlantia for State, states that 286/2006) the delay on authorization is investments needed 27.12 27.12.06 06 2007 Tariff Increase frozen Update Upd te o on R Recen cent Ev Events ts London – 25 October 2007 London – 5 October 2007 11 11