Demerger of Autostrada Torino-Milano

30 November 2001

Autostrada Torino-Milano S.p.A. (ASTM) today applied to Borsa Italiana S.p.A. for the 88,000,000 ? 0.5 par value ordinary shares of the newly-incorporated Società Iniziative Autostradali e Servizi S.p.A. (SIAS) to be admitted to listing on the screen-based market. ASTM will spin off certain of its assets, consisting principally of its holdings of 57.72% in Società Autostrada Ligure Toscana S.p.A. (SALT) and 49% in ASTM Telecomunicazioni S.p.A. to SIAS, involving a pro-rata demerger. This transaction was approved at an Extraordinary General Meeting of ASTM on 27 September 2001. ASTM shareholders will receive one ordinary SIAS share for every ASTM ordinary share held. The demerger will be subject to the SIAS stock being admitted to listing, which it is envisaged will occur by the end of February 2002.

Mediobanca is acting as Sponsor to ASTM in this transaction.