BOARD APPROVES INTERIM CONSOLIDATED RESULTS FOR SIX MONTHS ENDED 30 JUNE 2009

Press Release BOARD APPROVES INTERIM CONSOLIDATED RESULTS FOR SIX MONTHS ENDED 30 JUNE 2009 Traffic down 2.4%% (-1.9% on like-for-like basis due to the leap year in 2008) on motorway network managed by Group concessionaires Consolidated revenue of 1,663.2m down 0.7% on H1 2008 Gross operating profit (EBITDA) of 1,030.1m down 1.4% on H1 2008. Even excluding non recurring items, the fall in EBITDA is equal to 1.6% thanks also to the efficiency measures started in 2009 Profit attributable to equity holders of the parent company amounted to 385.7m up 5.1% % on H1 2008 Further improvement in the death rate on the network operated by Autostrade per l Italia, which declined to 0.28 from the 0.40 recorded in the first half of 2008; on the stretches where Tutor is installed, accidents are down 19% with the number of deaths falling 51% Automation reached 74.6% of the total number of transactions on the Italian network under concession, with over 6.7m of Telepass customers (up 600.000 on end of June 2008) Capital expenditure of 535.7 in H1 2009 up 7% on same period of 2008 At the end of June 2009 the Group has available funds, including undrawn medium long-term committed credit lines, in an amount of 3.8bn to meet the funding requirements in connection with the investment plans

Rome, 4 August 2009 Today s meeting of the Board of Directors of Atlantia SpA, chaired by Gian Maria Gros-Pietro, has approved the interim report for the six months ended 30 June 2009. Operating review for subsidiaries Investment During the first six months of 2009, the Group s subsidiaries invested a total of 535.7m, marking an increase of 33.1m on the same period in 2008 (up 7%). Investments by the Group ( m) H1 2009 H1 2008 Ch. % Autostrade per l'italia - projects in Agreement of 1997 256.7 245.5 5% Autostrade per l'italia - projects in IV Addendum of 2002 66.5 78.8-16% Autostrade per l'italia - Other investments in major works 3.4 8.6-60% New projects in Single Agreement of 2007 4.0 0.0 - Investments in major works by other subsidiaries 32.5 33.1-2% Total investments in major works 363.1 366.0-1% Other investments in the network, staff, maintenance and other capitalised costs 152.0 118.1 29% Investments in proprietary assets 20.6 18.5 11% Total capital expenditure 535.7 502.6 7% Investment relating to Autostrade per l Italia s Agreement of 1997 was up 11.2m on the first six months of 2008, primarily reflecting work on the Variante di Valico section of motorway (up 57.9m). This is despite a slowing of work on some lots of the Florence North Florence South section (down 38.2m), as a result of contract disputes arising from unexpected geological and geotechnical problems in the construction of tunnels. Investment envisaged under Autostrade per l Italia s IV Addendum of 2002 was down 12.3m on the first half of 2008, primarily reflecting completion in 2008 of the remaining work to be carried out on the Milan-Bergamo section of the A4, the fourth lane of which was opened to traffic in September 2007. This was only partially offset by increased investment on the third lane of the Ancona South-Porto Sant Elpidio section of the A14. Traffic In the first half of 2009, traffic using the network operated by Autostrade per l Italia and its Italian motorway concessionaires recorded a reduction of 2.4% compared with the same period of the previous year. Light vehicles performed substantially in line (down 0.03%) and heavy vehicles reported a reduction of 9.86%. Traffic trends, particularly those relating to heavy vehicles, continue to reflect the current economic downturn. The fact that the first half of 2009 was one day shorter than the same period of 2008 (a leap year) also had a significant impact, accounting for around 0.5% of the reduction (therefore, on a like-for-like basis, the decline in traffic was 1.9%). 2

The Polish concessionaire, Stalexport Autostrada Malopolska, also recorded a fall in traffic during the first half (down 4.0%) compared with the same period of 2008. Safety The first half of 2009 witnessed a further improvement in the death rate 1 on the network operated by Autostrade per l Italia, which declined to 0.28 from the 0.40 recorded in the first half of 2008. One year on from its installation on a number of sections of motorway, of the new system for measuring the average speeds of vehicles using a particular stretch of motorway ( Tutor ), accidents are down 19%, with the number of deaths falling 51%. At 30 June 2009, Tutor had been installed along 2,100 km of carriageway, representing 31% of the Autostrade per l Italia Group s network. By the end of 2009 coverage will reach about 2,500 km. Completion of the planned laying of draining pavement has also contributed to the improvement in accident indicators. Toll collection The number of transactions handled by automated toll-collection systems on the network operated by Autostrade per l Italia and its Italian concessionaires reached 74.6% of the total number of transactions during the first half of 2009 (73.0% in the same period of 2008). Payments using Telepass accounted for 55.2% of total transactions during the first half of 2009, compared with 54.3% in the first six months of 2008. At 30 June 2009, almost 6.7 million Telepass devices were in use on the Italian motorway network. Service areas Royalties on the revenues generated by the retail activities of sub-concessionaires operating on the network managed by Autostrade per l Italia and its subsidiaries totalled 119.1m during the first half of 2009, marking growth of approximately 24% in current royalties compared with the same period of 2008. This primarily reflects the renewal of concessions expiring at the end of 2008. Single concession agreement schemes of the Italian motorway concessionaires The Group s Italian concessionaires (with the exception of Società Traforo del Monte Bianco, which operates under a different concession regime) are proceeding to negotiate, on a voluntary basis, the terms of the new single concession agreements with the Grantor pursuant to the provisions of Law Decree 262/2006 and subsequent amendments. All the companies (with the 1 Number of deaths per 100m km travelled 3

exception of Autostrada Torino - Savona) have asked ANAS to revise the concession conditions pursuant to Interministerial Economic Planning Committee (CIPE) Directive 39/2007. Autostrada Torino Savona, on the other hand, has asked ANAS to draw up a single concession agreement based on the previous agreement (without, therefore, altering the concession conditions), informing ANAS of its wish to take advantage of the provisions of art. 3.c.5 of Law Decree 185/2008, subsequently converted into Law 2/2009. This gives motorway concessionaires the option of reaching agreement with the concession provider on a simplified formula for calculating the annual adjustment to toll charges based on a fixed percentage, to be applied throughout the concession term, for the real inflation rate. On 11 March 2009 Autostrada Tirrenica SpA and ANAS SpA signed a draft single concession agreement. On 9 June 2009 Autostrade Meridionali and Tangenziale di Napoli also signed up to the draft single concession agreement. The draft single concession agreements for Autostrada Tirrenica, Autostrade Meridionali and Tangenziale di Napoli will come into effect on completion of the approval process required by law, which will conclude with registration of the related decrees approving the agreements with the Italian Court of Auditors. Stalexport Autostrady group The Stalexport Autostrady group reports revenues of 16.1m for the first half of 2009, marking a reduction of 32.3% (13.4% after adjusting for exchange rate movements) on the same period of 2008 ( 23.8m). In addition to a 4.0% decline in traffic, this reflects a reduction in the shadow toll applied to heavy vehicles, following re-negotiation with the Grantor at the end of February 2009, in response to the traffic growth recorded in previous years. Gross operating profit (EBITDA) for the first half, totalling 10.5m, is down 34.3% (15.7% after adjusting for exchange rate movements) on the same period of 2008 ( 16.0m). Electronic Transaction Consultants (ETC) The Group holds a 45% stake in ETC which, as a result of a call option on a further 16% of the company s shares, is thus consolidated in the Group s accounts. This company generated revenues of 13.6m during the first six months of 2009, marking an increase of 1% (a reduction of 10% after adjusting for exchange rate movements) on the same period of 2008 ( 13.7m). The company reports a gross operating loss (negative EBITDA) of 0.2m, compared with a gross operating loss (negative EBITDA) of 1.2m for the same period of 2008. The result for the first half of 2009 does not yet include the future contribution from the contract awarded to ETC by Miami Dade Expressway at the end of March 2009, regarding the supply and management of the new free-flow electronic toll collection system for Miami 4

Metropolitan area. The contract is worth a total of US$113m. Other events Costanera Norte During the first six months of 2009, traffic using the 43 km of motorway operated under concession by Costanera Norte in the city of Santiago (Chile) declined by 1.7%. Toll revenues, however, based on the like-for-like standard toll (toll charges vary based on the time of day), rose 4.2%. In January 2009 the company applied the toll charge increase of 12.7% provided for under the concession arrangement. During the first half of 2009, Costanera Norte recorded revenues of 31.7m, an increase of 5.5% (15.2% after adjusting for exchange rate movements) on the same period of 2008 ( 30.0m). Gross operating profit (EBITDA) was 24.0m, representing an increase of 6.2% (up 15.9% after adjusting for exchange rate movements) compared with the same period of 2008 ( 22.6m). Acquisition of Itinere group assets On 26 June 2009 Autostrade per l Italia s acquisition of the investments covered by the agreements of 1 December 2008 and 31 March 2009, between Atlantia, Citi Infrastructure Partners and Sacyr Vallehermoso, became unconditional. The total value of the transaction was 434m and included the acquisition of the following investments from the Itinere group, via specifically established special purpose companies. The acquisition breaks down as follows: Autostrade per il Cile owns (directly or indirectly): 50% of Vespucio Sur, the holder of the concession (term 2032) for the 23 km southern section of the orbital toll motorway serving the city of Santiago; 50% of Red Via Litoral Central, the holder of the concession (term 2031) for the 80 km toll motorway serving the cities of Algarrobo, Casablanca and Cartagena in Chile; 100% of Nororiente, the holder of the concession (term 2044) for the 21 km northeastern bypass in the city of Santiago; 100% of Gesvial, the company responsible for road maintenance and construction on the sections of motorway operated by Los Lagos and Red Via Litoral Central in Chile; 50% of Operalia, the company responsible for road maintenance and construction on the section of motorway operated by Vespucio Sur in Chile; Autostrade dell Atlantico owns (directly or indirectly): 100% of Los Lagos, the holder of the concession (term 2023) for the 135 km section of toll motorway between Rio Bueno and Puerto Montt in Chile; 5

50% of Triagulo do Sol, the holder of the concession (term 2021) for 442 km of toll motorway in the state of Sao Paolo in Brazil; 12.5% of Autoestradas do Atlantico, the holder of the concession for 170 km of toll motorway to the north of Lisbon in Portugal; 17.2% of Lusoponte, the holder of the concession for two 20km toll bridges that cross the river Tagus in the city of Lisbon in Portugal; 12% of Via Litoral, the holder of the concession for 44 km of motorway in the south of the island of Madeira, governed by Portugal; 100% of Autostrade Portugal (formerly Somague Itinere), a Portuguese-registered company that holds investments in the above concessionaires in Brazil and Portugal. Following this, under subsequent agreements entered into by Autostrade per l'italia and S.I.A.S. Società Iniziative Autostradali e Servizi SpA ( SIAS ), on 30 June 2009, after obtaining permission from the European Commission, SIAS fully subscribed and paid for new shares in Autostrade per il Cile, which, including a share premium component, amounted to 42m (determined on the basis of an economic valuation of the investments, amounting to approximately 267m, inclusive of transaction costs). SIAS also paid a total of 27m as a contribution for future capital increases. As a result, at 30 June 2009, Autostrade per l Italia and SIAS each held 50% of Autostrade per il Cile. The Atlantia Group s contribution to the special purpose company, Autostrade per il Cile, amounted to 28m, including 1m in issued capital and 27m for future capital increases. Autostrade per il Cile raised the balance needed to acquire the above investments in the form of bank debt and a loan from Autopista do Pacifico SA (the Chilean company jointly controlled by Atlantia and SIAS that holds the investment in Sociedad Concesionaria Costanera Norte SA). As a result of the above capital increase restricted to SIAS, the Atlantia Group has recognised non-recurring financial income of 20.5m in its interim financial statements for the six months ended 30 June 2009. At 30 June 2009 Autostrade dell Atlantico was a wholly owned subsidiary of Autostrade per l Italia. Award of the Pune-Solapur concession in India Pune Solapur Expressways Private Limited, a company in which the Atlantia Group and the Tata group each hold 50%, signed a concession agreement with the Indian Grantor for the 110- km Pune-Solapur section of motorway in the state of Maharashtra. The total cost of the project was approximately 214m. Atlantia s equity investment is estimated at approximately 16m. 6

IGLI On 11 June 2009 Autostrade per l Italia SpA, Immobiliare Lombarda SpA and Argo Finanziaria SpA reached agreement regarding additions to and renewal of the shareholder agreement governing their investments in IGLI SpA, the company that owns 29.96% of the ordinary shares of Impregilo SpA, a company listed on the Italian Stock Exchange. Consolidated financial review The subsidiaries acquired from the Itinere group have been consolidated from 30 June 2009. Given that the Group acquired control of these companies at the end of June 2009, only the balance sheets at 30 June 2009 have been consolidated on a line-by-line basis, whilst the income statements and cash flow statements for the two comparable six-month periods are not affected by changes in the basis of consolidation. Total revenue for the first half of 2009 amounted to 1,663.2m, marking a reduction of 11.3m (-0.7%) on the same period of 2008 ( 1,674.5m). Net toll revenues of 1,345.9 were down 44.0 (-3.2%) on the first half of 2008 ( 1,389.9m). This essentially reflects a decline in and a change to the composition of traffic using the motorway network managed by Italian concessionaires, compared with the same period of 2008. The first half of 2008 also benefited from the fact that it was one day longer, given that 2008 was a leap year. The impact of the reduction in traffic was partially offset by the application of toll charge increases by certain Italian concessionaires from 1 May 2009 (2.4% for Autostrade per l Italia, the Group s main concessionaire), as established in Law Decree 185/2008, converted into Law 2/2009, which suspended application of tariff increases for 2009 on the network operated by Italian motorway concessionaires until 30 April 2009. The Polish concessionaire, Stalexport Autostrada Malopolska, also reported a decline in toll revenues (- 5.9m). This was primarily the result of a fall in value of the Polish zloty against the euro, as well as a decline in traffic and a reduction in the shadow toll following re-negotiations with the Grantor, which came to a conclusion on February 2009. Contract revenue of 16.3m was down 25.6m on the first half of 2008 ( 41.9m). The reduction is due almost entirely to the reduced volume of work carried out by Pavimental for external customers, primarily relating to the upgrading and restructuring of airport runways during 2008. Other operating income of 301.0m has grown 58.3 (+24.0%) compared to the first six months of 2008 ( 242.7m). This essentially reflects: 7

non-recurring income estimated at 33.1m deriving from the transfer, free of charge, of a number of buildings located at service areas, following the expiry of the related subconcessions at the end of 2008; increased royalties from sub-concessionaires operating at service areas, following the renewal of a number of concessions expiring at the end of 2008 ( 23.5m); an increase in Telepass and Viacard fees ( 3.8m), reflecting the greater number of Telepass devices in circulation (approximately +560 thousand) and income from the Telepass Premium service. Net operating costs of 633.0m were up 3.6 (+0.6%) on the first half of 2008 ( 629.4m). The increase essentially reflects: a 9.1m (-2.8%) reduction in the cost of materials and external services, after deducting capitalised expenses. The decrease primarily reflects the reduced volume of work carried out by Pavimental for external customers (above all the airport runway projects carried out in 2008, as mentioned above), and a decrease in the use of professional services. These reductions were partially offset by the cost of maintenance work, which rose 13.6m, reflecting an increase in winter operations, as a result of worse weather conditions in 2009, and a rise in non-routine maintenance; a 10.7m (+3.7%) increase in net staff costs. Before capitalised staff costs (amounting to 20.1m in the first half of 2009, and marking an increase of 2.9m on the same period of 2008), the increase in staff costs was 13.6 (+4.5%). This essentially reflects: an increase of242 (+2.5%) in the average workforce, primarily due to: Autostrade per l'italia s staff increase of certain head office departments and boost maintenance, traffic management and plant operations personnel as a result of the union agreement of 2007; the addition of new staff at Port Mobility, which since January 2009 has contracted in traffic management services and the issue of access permits for the port of Civitavecchia; increases in staff at Spea and Spea//Engineering due to the expansion of design activities and operating services; the recruitment of staff at Pavimental Polska (operational from the second half of 2008) following the start-up of non-routine maintenance activities on the motorway network managed by Stalexport Autostrada Malopolska; these increases were partially offset by the reduction in Pavimental staff working on infrastructure projects in Italy; 8

an increase in the average unit cost (up 1.9%), primarily relating to the renewal (in December 2008) of the labour contract for motorway companies that expired in 2007, the cost of providing medical insurance for employees (from July 2008), and provisions made to cover the cost of the three-year management incentive plan (made at the end of the year in 2008). Gross operating profit (EBITDA) of 1,030.1m was down 15.0m (1.4%) on the first half of 2008 ( 1,045.1m), resulting in an EBITDA margin of 61.9% for the first half of 2009. This marks a reduction on the 62.4% of the same period of 2008. The contribution to first-half EBITDA from the second quarter of 2009, totalling 573.8m and representing an EBITDA margin of 64.6%, marks a significant improvement on the figure for the first quarter of the year ( 456.3m, representing an EBITDA margin of 58.9%). This was achieved due to improved traffic figures (up 1.6% in the second quarter of 2009 on the network managed by Autostrade per l Italia and the Italian concessionaires compared with the same period of the previous year) as a result also of seasonality. Operating profit (EBIT) of 808.4m was down 14.6m (1.8%) on the first half of 2008 ( 823.0m), resulting in an EBIT margin of 48.6% (49.1% for the same period of 2008). Profit from continuing operations amounted to 380.9m, marking an increase of 7.0m (up 1.9%) on the first half of 2008 ( 373.9m). Net financial expenses of 243.6m are in line with the figure for the first half of 2008 ( 244.6). The rise in financial expenses generated by the increase in the average level of debt during the first half of 2009 was offset in full by two events: one was the positive impact of the decline in shortterm interest rates; the other, and the most important, was the non-recurring financial income ( 20.5m) recognised following the SIAS s acquisition of 50% of Autostrade per il Cile, the company set up by Autostrade per l Italia at the beginning of 2009 and used as a vehicle to acquire certain investments from the Itinere group. The use of the equity method to measure the Group s share of the profit/(loss) of associates and joint ventures resulted in a net profit of 7.8m for the period, compared with a net loss of 18.6m for the first half of 2008. The net profit resulting from use of the equity method primarily reflects the contribution from the associate, Autostrade Sud America, which in the first half of 2009 benefited from both the performance of its Chilean subsidiary, Costanera Norte, and movements in exchange rates. In contrast, the loss recorded in the first half of 2008 reflected the nonrecurring charge ( 15.4m) incurred in purchasing the call option on 10% of the shares of Autopista do Pacifico held by the Impregilo group. Income tax expense amounted to 218.9m, an increase of 14.8m (7.2%) on the first half of 2008 ( 204.1m), which included the net tax benefit ( 16.8m) deriving from the deduction of certain off-book items deducted by a Group company in previous years. 9

Profit attributable to equity holders of the parent was 385.7m, marking an increase of 5.1% on the figure for the same period of 2008 ( 367.1m). Equity attributable to equity holders of the parent company amounted to 3,740.2m, representing an increase of 124.7m compared with 31 December 2008 ( 3,615.5m). The Group s net debt at 30 June 2009 amounts to 10,354.1m, having increased 599.3m compared with the 9.754.8m at 31 December 2008. 139.2m of the increase relates to the debt acquired as a result of changes in the basis of consolidation (represented above all by the noncurrent financial liabilities of Los Lagos), whilst 68.5m relates to the decrease in the mark-tomarket value of the derivatives portfolio. Outlook In general, 2009 has so far witnessed a decline in traffic on the motorways managed by the Group s concessionaires. Provided that the macroeconomic environment does not further deteriorate, operating margins are expected to be nearly stable in 2009 compared to the previous year, thanks also to efficiency measures presently ongoing. * * * The manager responsible for financial reporting, Giancarlo Guenzi, declares, pursuant to section 2 of article 154 bis of the Consolidated Finance Act, that the accounting information contained in this release is consistent with the underlying accounting records. In addition to the conventional IFRS financial indicators contained in this press release, certain alternative performance indicators have been included (e.g. EBITDA) in order to permit a better appraisal of the company's results and financial standing. These indicators have been calculated in accordance with market practice. The Group s net debt, determined in accordance with the CESR Recommendation of 10 February 2005 (which does not require the deduction of non-current financial assets from debt), amounted to 10,840.1m at 30 June 2009 with an increase of 502.0m compared with the 10,338.1xm of 31 December 2008. Hereafter are attached the Atlantia Group s reclassified income statement and reclassified statement of financial position in addition to the statement of comprehensive income and the cash flow statement as at and for the period ended at 30.06.2009. Such reclassified statements are not subject to audit. At the date of this announcement, the audit of the consolidated interim report as of June 2009 has yet to be completed. 10

11

12

13