Investor Presentaiton

Overview of our strategic markets NETWORK ITALY ~ 24,500 km 2 GERMANY ~ 50,000 km CURRENT TENDER TYPE OF MAIN COMPETITIVE RAILWAY INVESTMENT PROCESS CONTRACTS CUSTOMERS SCENARIO PLANS Few competitors with domestic operations mainly focused on specific areas RFI RETE FERROVIARIA ITALIANA GRUPPO FERROVIE DELLO STATO ITALIANE (100% state-owned) Mainly long-term contracts with framework agreement approach Very fragmented, with few big players and a number of small/micro local companies DB (100% state-owned) Significant number of single-activity contracts of relatively small size SALCEF GROUP UNITED STATES 2 - 221,000 km Almost entirely owned and managed by Class I railroads¹ Very fragmented, with big players and smaller companies with state-wide focus AMTRAK* Class I railroads Local Transit Authorities (100% state-owned) Mainly significant number of single-activity contracts of relatively small size. Type may depend on the customer Public Tenders and private negotiations Public Tenders only ⚫FS Investment Plan 2022-2031 (€ 110 Bn to the railway infrastructure). New PCO forecasting +80% in maintenance spending (€ 5,1 Bn extraordinary in 2022-2024 and € 1 Bn ordinary per year) NRPP 2020-2026 (€ 28 Bn) See dedicated Public Tenders only DB Investment Plan 2020-2030 (€ 86 Bn) $ 1.2 Tn US Bipartisan Infrastructure Deal ($ 66 Bn for passenger rail and $ 39 Bn for public transit) 1. 7 freight operators with revenues higher than $500 mln slides 10

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