Societa Iniziative Autostradali e Servi : BoD approves the Intermediate Management Report as at 31 March 2014. The rating agency Fitch assigned - to SIAS - BBB+ rating with "stable" Outlook.

PRESS RELEASE

• Total motorway traffic up 1.4%

• Net toll revenues: EUR 196.4 million (+ EUR 17.2 million)

• EBITDA: EUR 128.7 million (+ EUR 20.4 million, +18.8% y-o-y)

• Net financial indebtedness: EUR 1,658

million

***

improving

by EUR 12 million)

• The rating agency Fitch assigned - to SIAS - BBB+ rating with "stable"outlook

Tortona, 9 May 2014. SIAS's Board of Directors held today examined and approved the Inte rmediate Management Report as at 31 march 2014.

The first quarter of 2014 displays - after a long-lasting period of traffic volumes decline - an increase of volumes equal to approximately 1.4%; the above mentioned increase, along with (i) the tariff increase ackno wledged from 1st January 2014, (ii) lower operating costs and (iii) the higher contribution of the so called "ancillary busine sses", led to an increase of the

EBITDA of EUR 20.4 million (+18.8%) (1), totaling EUR 128.7 million.

In details, the increase of "net toll revenues" - equal to EUR 17.2 million (+9.58%) - is the result of traffic volumes growth for EUR 2.2 million (the volume growth - equal to approximately 1.4% - implied, in relation to the traffic mix, an effect on the "net toll revenues" of +1.23%) and - for EUR 15 million - of tariff hikes. Net toll revenues - compared to the first quarter of 2013 - posted an increase (i) of EUR 7.4 million (+4.11%), due to the tariiff hikes acknowledged from 1st January 2014, and (ii) of EUR 7.6 million (+ 4.24%)(2), relative to SATAP S.p.A.: the 1st qua rter of 2013 did not benefit from
the due tariff increases that were applied after 31 March 2013 (from 12 April 2013).
The booking - as "non-recurring" item - of a partial write-down (equal to EUR 11.7 mil lion) of a receivable previously booked, led to an EBITDA "adjusted" of EUR 117 million.
The "net financial indebtedness" as at 31 March 2014 - improving by approximately EUR 12 million compared to 31
December 2013 - totaled EUR 1,658.2 million (EUR 1,670.3 million as at 31 December 201 3).

(1) The data as at 31 March 2013 comprised also ATIVA Group figure as it was consolidated with the so called "proportional metho d"; in the financial reports as at 31 December

2013, as effect of the early adoption of IFRS 11, the above mentioned participation was consolidated with the "equity method". I n order to facilitate the comparison, the P&L

figures related to the first quarter of 2013 have been restated.

(2) Such a percentage will progressively "dilute" in the following quarters.

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TRAFFIC PERFORMANCE

4,0%

2,0%

0,0%

2005 2006

2007

2008 2009 2010

2011

2012 201 3 I Q 2014

‐2,0%

‐4,0%

‐6,0%

‐8,0%

As reported in the graph above, the quarter under analysis displays - after a long-lasting perio d of declining volumes - an increase of transits of both light and heavy vehicles.
Signals of trend improvement, already evident in the last months of 2013 are further confirme d by traffic numbers in the first
quarter of 2014.
The total traffic performance for the first quarter of 2014, as compared to the same period of 2013, is detailed below:

The traffic performance - for each single Licensee - is detailed below:

(1) In the 1st quarter of 2013 ATIVA was consolidated with the so called "p roportional method"; in the financial reports as at 31 De cember 2013, as effect of the early adoption of IFRS 11, the above mentioned participation was con olidated with the "equity method". In order to facilitate the comparison, th e data related to the 1st quarter of 2013 have been restated.

2

GROUP ECONOMIC PERF

RMANCE

The economic data related to the first quarter of 2013 reported below have been re-determined ("resta ted") due to the adoption - in SIAS Group financial statements as at 31 December 2013 - of IFRS 11, that led to the consolidation of Ati va Group with the "equity method" (previously consolidated with the "proportional method").

The main revenue and expenditure items may be summarized as follows:

(1) Amounts net of the fee/additional fee payable to ANAS (EUR15,4 million in the 1st qu arter of 2014 and EUR 15.2 million in the 1st quarter of 2013).

(2) Pursuant to IFRIC12, motorways concessionaries have to book in the P&L, costs an d revenues for "construction activities" of non- ompensated revertible a ssets; with the aim to provide a better picture in the table reported above, such components - equal to EUR 46.9 million in the 1st quarter of 20 14 and EUR 64.3 million in the 1st quarter of 2013 - have been deducted,, for the same amount, from costs and revenues.

The motorway sector revenue, equal to EUR 203.1 million (EUR 186.7 million as at 1st qu arter 2013), are detailed below:

(values in thousands of EUR)

Net toll revenues

196,385 179,208

17,177

Rental income - Royalties from service areas

6,762

7,480

(718)

Total motorways sector revenue

203,147 186,688

16,459

The increase in "net toll revenues" - equal to EUR 17.2 million (+9.58%) - is the result of traffic volumes growth for EUR
2.2 million (volumes growth - equal to +1.38% - implied, in relation to the traffic mix, an effect on "net toll revenues" of
1.23%) and - for EUR 15 million - of tariff hikes. Net toll revenues - compared to the fi rst quarter of 2013 - posted an increase (i) of EUR 7.4 million (+4.11%), due to the tariff hikes acknowledged from the 1st of January 2014, and (ii) of EUR
7.6 million (+ 4.24%)(1), relative to SATAP S.p.A.: the first quarter of 2013 did not benefit f rom the due tariff increases that
were applied after 31 March 2013 (from 12 April 2013).
The decrease in "rental income - royalties from service areas" is due to the decline of con sumption at service stations and the review of "minimum guarantee" contracts at some oil service areas in the stretches manag ed by SATAP S.p.A..
The sectors "construction and engineering" and "technology" display - compared to the
same period of last year - an
increase of the activities carried out for third parties. It is particularly relevant the increase in the revenue of the companies
operating in the technology sector related to the works done in the realization of the
Miilan External ring-road and the
motorway stretch Brescia-Bergamo-Milano; what reported before implied an increase in positive impact on the EBITDA.
the operating costs, but also a

(1) Such a percentage will be progressively "diluted" in the following quarters.

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The change in the "operating costs" (+EUR 0.8 million) is the result of (i) lower costs of t he motorways sector (-EUR 3.2 million) attributable - mainly - to lower "winter costs" (in relation to modest snowfalls oc curred in the first quarter of the year) and (ii) higher "operating costs" (equal to EUR 4 million) related to the increase of t he activities carried out for third
parties in the "construction and engineering" and "technology" sectors.
With regard to the above, the EBITDA increased by EUR 20.4 million; more specifically:

(values in thousands of EUR)

1st quarter 2014 1 st quarter 2013

Change

• Motorway sector

• Construction/Engineering sector

• Technology sector

• Services sector (holdings)

Total

122.2

0.5

6.8 (0.7)

128.8

103.9

1.7

3.9 (1.1)

108.4

18.3 (1.2)

2.9

0.4

20.4

The "non-recurring item" refers to the partial write-down of a receivable (equal, originall y, to EUR 23.5 million) held by the subsidiary Finanziaria di Partecipazioni e Investimenti - FPI S.p.A. from ANAS S.p. A.. Such a receivable - booked following the positive outcome of the arbitration award of 20 July 2005 (subsequently chall enged by ANAS) - relates to the compensation due for the management of the motorways A24 and A25 - on behalf of ANA S - for more than 20 years. The write-down has been done on the back of the proposed settlement agreement prepared - on April 2014 - by FPI S.p.A. in
order to close the dispute and to cash-in, even if partially, the receivable.

*****

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GROUP FINANCIAL DATA

With regard to the 'net financial indebtedness', it is reported - below - the breakdown:

(values in thousands of EUR) A) Cash and cash equivalents B) Securities held for trading C) Liquidity (A) + (B)

E) Bank short-term borrowings

F) Current portion of medium/long term borrowings

G) Other financial liabilities

J) Bank long-term borrowings

K) Hedging derivatives

L) Bond issued

M) Other long-term payables

31/3/2014

1,110,343

18,769

31/12/20 13 Cha ge

748,57 9 361,764

18,61 6 153

P) Non-current financial receivables

- - -

Q) Discounted value of the payable due to ANAS-Central Insurance Fund

(275,184)

(271,41 3) (3,771)

(*) Pursuant to CESR reccomendation

The net financial indebtedness adjusted as at 31 March 2014 improved by approximately EUR 12 million compared to 31
December 2013 totaling EUR 1,658.2 million (EUR 1,670.3 million as at 31 December 2013 ).
On 6 February 2014, SIAS S.p.A. issued a senior secured bond for an amount of EUR 500 million with 10 years duration; the proceeds of the issue have been used for intercompany loans, to some motorways su bsidiaries, to finance the Group investment program and to prepay some bank loans of the subsidiaries themselves. In the qu arter, the bond issue implied: (i) an increase of the amount of "bond issued", (ii) an increase of the item "cash and cash equiivalent" for the amount not used yet to finance new investments and (iii) a reduction of the "bank short-term borrowings".
In detail, it is noted that:
• the change in the item "cash and cash available" is due, in addition to the abov e mentioned bond issue (for the amount remaining after the prepay of the bank loans), the cash-in by Autostrada A sti-Cuneo S.p.A. of a grant from ANAS of EUR 22 million, and the liquidity from the redemption of a "credit linked note" (equal to EUR 10 million) held by the subsidiary SATAP S.p.A.;
• the change in the item "financial receivable" (equal to EUR 39.7 million) is the rresult of: (i) the subscription of capitalization policies (for EUR 50 million), (ii) the assessment of grants to cas h-in and higher interconnection receivables (for a total amount of EUR 12 million), partly offset by (iii) the cash- in of the above mentioned grant from ANAS;
• the decrease in the item "bank short-term borrowings" reflects - mainly - the pre pay of some bank overdrafts by
Autostrada dei Fiori S.p.A. (EUR 46 million), SAV S.p.A. (EUR 22.6 million) S.p.A. (EUR 36 million);
and Autostrada Torino-Savona
• the
change in the item "current portion

of medium/long term borrowings" is

due to the prepayment
of the
instalments expiring in 2014 (EUR 5.9 million), the reclassification - of the item " bank long-term borrowing" - of the instalments expiring in the following 12 months (EUR 50 million) and the asses sment of accrued interests (EUR
13.2 million);

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• the decrease of the item "ban

long-term borrowings" is attributable essentially to tthe reclassification into the item

"current portion of medium/long term borrowings", of the installments expiring in the following 12 months (EUR
50 million) and to the prepay of one bank loan (EUR 32 m);
• the "hedging derivatives" totaled EUR 109 million as effect of the implement ation of the negative difference
concerning the
fair value of interest rates swap contracts. As at 31 March 2 014 approximately 82% of the
consolidated medium-long term debt is at "fix rate"/"hedged"; the weighted ave rage rate "all-in" related to the total Group indebtedness is equal to 3.65%;
• The change in the "discounted value of the payable due to ANAS-Central Insurance Fund" relates to the assessment
of the financial charges for discounting the payable.
It is noted, moreover, that the above mentioned "net financial indebtedness" does not includ e the "credit linked notes", for a value of EUR 10 million, acquired in previous financial years, by SALT S.p.A. to invest the l iquidity.
* * *

(amounts in millions of EUR)

• Cassa Depositi e Prestiti (Deposit and Loan Bank) loan (pertaining to SATAP S.p.A.)

• EIB loans (pertaining to SIAS S.p.A.)

• "Committed" credit lines (1)

• "Uncommitted" credit lines (pertaining to SIAS S.p.A. and other consolidated companies) (2)

Sub-total

• Cash and financial receivables (3)

450

160

-

411

1,577

(1) On 26 February 2014 SIAS S.p.A. cancelled the committed lines existing as at 31 December 2013 (equal to EUR 50 million) in lig ht of the large amount of liquidity available

(2) The uncommitted credit lines available increased, compared to 31 December 2013, by approximately EUR 157 million following t he reimbursement of the bank overdrafts

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TOLLS - REGULATORY FRAMEWORK

ND RELATIONSHIP WITH

HE GRANTO

Tariff increases acknowledged from 1st of January 2014 are the followings:

(1) Pending the approval of the additional deed (and the related financial plan) it has been awarded the tariff increase envisaged by the current Single Concession (convenzione unica).

(2) It has been awarded a tariff increase of 5% compared to a request of 10. 46% (approved by competent structure of SVCA) provisionally and on the back of the request, made by MIT, to mitigate the tar iff increases to ease the country economic recovery ; the difference will be recovered, with the update of the 5-years financial plan.

for SATAP - A4 stretch and A21 stretch - were applied from 12 April 2013).

In the quarter under analysis, the ongoing discussion with MIT/SVCA continued aiming at updating the 5-years financial plans of the subsidiaries Autocamionale della Cisa S.p.A., Autostrada dei Fiori S.p.A ., Autostrada Torino Savona S.p.A., SALT S.p.A. and SAV S.p.A., whose 5-years regulatory period expired on 31 De cember 2013. Pursuant to CIPE Directive n° 27 of 21 March 2013, the update of the above mentioned financial plans is expe cted by 30 June 2014.
As known, in relation to SATAP S.p.A. A4 stretch, on 27 December 2013 it has been underwritten with MIT the additional deed to the Single Concession (Convenzione Unica) of 10 October 2007. It is under w ay the registration of the Inter- ministerial Decree of 30 December 2013 that approved it.
With regard to SATAP S.p.A. A21 stretch, it is noted that - by 30 March 2014 - the financi al plan sent to MIT/SVCA on 30
December 2013 has not been approved, by the competent Authorities. Such a plan envisag ed - on the back of the request
made by the competent
Ministries -
a mitigation of the tariff increases
due, in exc hange for a
terminal value of
approximately EUR 170 million to be paid to the concessionaire; given that, by the set dat e, the above
entioned financial
plan had not been approved, the Company, on 10 April 2014, expressed to MIT/SVCA, th at it is not anymore available to agree on the contractual changes included in the above mentioned financial plan presented at the end of 2013.
In this contest it is worth noting that the Group's Concessionaries, along with other mo torways concessionaries, on 20
February 2014, signed - with the aim to grant discounts on tolls to the so called "com muters" - a Memorandum of Understanding with MIT, in which - among others - declared the availability to define by 31 May 2014 possible solutions to mitigate tariff increases envisaged by the existing concessions, identifying, among so lutions: (i) an increase of the concessions' duration and (ii) the merger of neighboring concessions with the re-alignm ent of the duration.
For the reasons described above, the subsidiary SATAP S.p.A. (and - in particular -A21 stretch) stated the availability to agree on contractual changes in which, provided the neutrality in terms of financial effect s, the mitigating of future tariff increases and the recovery of the due amounts would occur only via an increase of the co ncession's duration for a period required to recover the investments performed and to be done. Therefore, on 18 April 201 4, a 'new' financial plan for the stretch A21 has been sent to MIT entailing: (i) the extension of the concession duration un til 30 June 2019 (+ 2 years), (ii) the full amortization of the investments within the date and (iii) tariff increases for the pe riod 2015 - 2019 equal to 3.8%
annual nominal (compared to a due increase, before the extension, of approximately 1 6% annual); the Company also

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highlighted the availability to consider merger of the stretch A21 with neighboring stretc hes (i.e. A4 e A33) and the re- alignment of the concession duration, to the extent to allow a reduction of tariff increase o n the stretches involved and the completion/realization of investments, in accordance with the Memorandum of Understa nding. The Company has also specified that, in case of agreement and approval of the 'new' financial plan and additional deed, it will withdraw the appeal and the compensation claim.
With regard to the subsidiary Autostrada Asti-Cuneo S.p.A. (A33), the Company - also o n the back of the determinations of the Grantor - will present, shortly, a revised financial plan and concession agreement in light of the extraordinary events
occurred that undermined the financial balance (increase of the cost of the works and
decrease of the traffic volumes
compared to the original expectations at basis of the award of the concession). Given that the financial rebalancing of the plan requires a large public grant (along with relevant tariff increases), there are possible s olutions under discussion - with
the Grantor - entailing - also in light of the Memorandum of Understanding - the merger of neighboring stretches (i.e. A4
and A21), with the realignment of the concessions' duration. Such a solution would allow, a mong others, the investments on A33 with modest tariff increases.
the completion of

FITCH RATING

Today Fitch Rating Ltd. Assigned to SIAS EMTN program, in relation to the "secured" iss ues, a BBB+ rating with "stable"
outlook (BBB with "stable" outlook for "unsecured" issues). The outstanding secured bonds , issued respectively on October
2010 and February 2014, have been given a BBB+ rating with "stable" outlook.

DEPOSIT OF DOCUMENTS

The Intermediate management report as at 31 March 2014 has been deposited at the regi stered office and Borsa Italiana
S.p.A. and is also available on the website www.grupposias.it.

***

The Manager in charge of drawing up the

orporate accounting documents, Mr Sergio Prati declares, pursuant to paragraph 2 of Article

154 bis of the Consolidated Law of Finance, that the accounting information contained in this press release corresponds to the documented result, books and accounting records.

Via Bonzanigo , 22 - 10144 Turin (Italy)

Telephone (011) 43.92.102 - Telefax (011) 47.31.691 info@grupposias.itWebisite: www.grupposias.it

PEC: sias@legalmail.it

e-mail: investor.relations@grupposias.ittel.: +39 011 4392133

gfrante@astm.it

Moccagatta associati

Tel. 02 86451695 / 02 86451419 segreteria@moccagatta.it

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