Investor Presentaiton

Disclaimer IMPORTANT NOTICE - STRICTLY CONFIDENTIAL By accessing this investor presentation, you agree to be bound by the following limitations. This presentation has been prepared by (and is the sole responsibility of) Ferrovie dello Stato Italiane S.p.A. This presentation is for information purposes only and does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities of Ferrovie dello Stato Italiane S.p.A. or any of its subsidiaries (together, FS Group), nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. If any offer for any such securities is made, it will be done so pursuant to separate and distinct documentation in the form of a prospectus or offering circular and such other documentation as may be required for the purposes of such an offer and any decision to purchase or subscribe for any securities pursuant to such offer should be made solely on the basis of such prospectus, offering circular or other documentation and not this presentation. This presentation may be amended and supplemented, but may not be relied upon for the purposes of entering into any transaction. This presentation may not be reproduced in any form, in whole or in part, without the prior written consent of Ferrovie dello Stato Italiane S.p.A.. This presentation does not constitute a recommendation regarding the securities of Ferrovie dello Stato Italiane S.p.A. The information set out herein may be subject to updating, revision, verification and amendment and such information may change materially. Ferrovie dello Stato Italiane S.p.A. is under no obligation to update or keep current the information contained in this presentation or in the presentation to which it relates and any opinion expressed in them is subject to change without notice. None of Ferrovie dello Stato Italiane S.p.A. or any of its respective affiliates, subsidiaries, shareholders, representatives, agents, employees or advisors shall have any liability whatsoever (in negligence or otherwise) for any loss whatsoever arising from any use of this presentation or its contents, or otherwise arising in connection with this presentation. This presentation is being communicated in the United Kingdom only to persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and to persons to whom it may otherwise be lawful to communicate it to (all such persons being referred to as relevant persons). This presentation is only directed at relevant persons and any investment or investment activity to which the presentation relates is only available to relevant persons or will be engaged in only with relevant persons. Other persons should not rely or act upon this presentation or any of its contents. The information in this presentation is confidential and this presentation is being made available to selected recipients only and solely for the information of such recipients. This presentation may not be reproduced, redistributed or passed on to any other persons, in whole or in part. This presentation and the information contained herein are not an offer of securities for sale in the United States and are not for publication or distribution to persons in the United States, its territories, or possessions or to any US person (within the meaning of Regulation S under the United States Securities Act of 1933, as amended) or in any other jurisdiction where it is unlawful to do so. Any failure to comply with this restriction may constitute a violation of U.S. securities laws. This presentation is not an offer of securities for sale in the United States. This presentation is for distribution in Italy only to "qualified investors" (investitori qualificati), as defined pursuant to Article 100, paragraph 1(a), of Legislative Decree no. 58 of 24 February 1998, as amended and restated from time to time (the Financial Services Act), and as defined in Article 34-ter, paragraph 1(b) of CONSOB Regulation no. 11971 of 14 May 1999, as amended and restated from time to time (the CONSOB Regulation), or in other circumstances provided under Article 100 of the Financial Services Act and Article 34-ter, CONSOB Regulation, where exemptions from the requirement to publish a prospectus pursuant to Article 94 of the Financial Services Act are provided. This presentation may contain projections and forward-looking statements. Forward looking statements, projections, objectives, estimates and forecasts are generally identifiable by the use of the words "may," "will," "should," "plan," "expect," "anticipate," "estimate," "believe," "intend," "project," "goal" or "target" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause FS Group's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts, including, without limitation, those regarding FS Group's future financial position and results of operations, strategy, plans, objectives, goals and targets and future developments in the markets where FS Group participates or is seeking to participate. All statements, other than statements of historical facts, contained herein regarding FS Group's strategy, goals, plans, future financial position, projected revenues and costs or prospects are forward-looking statements. Forward-looking statements are subject to inherent risks and uncertainties, some of which cannot be predicted or quantified. Any such forward-looking statements will be based on numerous assumptions regarding FS Group's present and future business strategies and the environment in which FS Group will operate in the future. Furthermore, any forward-looking statements will be based upon assumptions of future events which may not prove to be accurate and future events or actual results could differ materially from those set forth in, contemplated by or underlying forward-looking statements. Any such forward-looking statements in this presentation will speak only as at the date of this presentation and Ferrovie dello Stato Italiane S.p.A. assumes no obligation to update or provide any additional information in relation to such forward-looking statements. FERROVIE DELLO STATO ITALIANE Informazione pubblica f 2

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