The Board of Directors of Ferrovie dello Stato Italiane, chaired by Gioia Maria Ghezzi, examined and approved the Company's annual report that includes the Group's consolidated financial statements as at 31 December 2015.

1. Rome, April 2016
2015 Annual Financial Statement
Ferrovie dello Stato Italiane Group

2. 2
FS Group: Revenues
Millions of Euros
Other income
Revenue from infrastructure services
Revenue from transport services
milions of Euros
Actual 2014 Actual 2015 Law impact
Industrial
impact
Revenue from transport services 6.229 6.384 155 2,5% (106) 261
Revenue from infrastructure services 1.244 1.256 11 0,9% (21) 32
Other income 917 945 29 0 29
Revenue 8.390 8.585 195 2,3% (127) 322
Change
2015 vs 2014

3. 3
FS Group: Operating Costs
Personnel expense
Other operating costs
Millions of Euros
milions of Euros
Actual 2014 Actual 2015 Law impact
Industrial
impact
Personnel expense 3.917 3.934 17 0,4% 0 17
Other operating costs 2.359 2.676 317 13,4% 46 271
Operating costs 6.276 6.610 334 5,3% 46 288
Change
2015 vs 2014

4. 4
86.425
81.654
75.644
71.576
68.667 68.394
68.288
2009 2010 2011 2012 2013 2014 2015
997
912
866
814
758
721 714
2009 2010 2011 2012 2013 2014 2015
Managers Junior managers
and other
(28,4)% (21,0)%
FS Group: Trend 2009 – 2015 of employees
The trend includes consolidation area growth due to:
• 2011 Netinera Group (about 2.400 units)
• 2012-2015 Bus companies (about 2.900 units)
In the last two years FS Group has hired more than 3.800 units, of which about 1.700
related to foreign companies with an high level of turnover

5. 5
FS Group EBITDA: Waterfall vs Actual 2014
Millions of Euros

6. 6
Changes in legislation
Revenues
impact
Costs impact
EBITDA
impact
+8 (80) (72)
(29) - (29)
(106) 34 (72)
(127) (46) (173)
 Increase in the cost of energy following Law decree no.
91/2014
 Decrease in toll revenue from HS/HC, in accordance with
the resolution no. 70/2014 of the Italian Transport Regulator
(“ART”)
 End of the Cargo Service Contract, following the Stability
Act dated 23 December 2014, net by a new compensation
on freight rail toll
Change 2015 vs. 2014
(millions of Euros)
FS Group: Focus on changes in legislation

7. 7
FS Group Net Result: Waterfall vs Actual 2014
Millions of Euros

8. 8
3.808 3.891 3.895
4.261
5.497
3.500
4.000
4.500
5.000
5.500
6.000
2011 2012 2013 2014 2015
+0,1%
+9,4%
+29%
+2,2%
RFI TRENITALIA Other companies TOTAL
3.362
1.916
219
5.497
2.739
1.099
423
4.261
31st December 2015
31st December 2014
Millions of Euro
FS Group: CAPEX (targeted trend)

9. 9
Net Invested Capital
37.953 6.742
44.695
Net Invested Capital
37.497 6.218
85%
15%
86%
14%
Net Financial PositionEquity Net Financial PositionEquity
43.715
FS Group: Net Invested Capital and Coverage
 Increase in Net financial position (+524 millions of euros versus 2014; +8%) mainly due to net debt
growth (+518 millions of euros versus 2014), related to rolling stock investment program that the Group is
bringing forward; the consolidated net cash is close to last year's values (+6 millions of euros versus
2014).
2014 YE 2015 YE
millions of Euros

10. 10
REVENUES 2014 2015 Change Change %
TRENITALIA 5,577 5,542 (35) 0%
ITALFERR 153 167 14 9%
RFI 2,483 2,486 3 0%
BUSITALIA GROUP 294 330 36 12%
NET RESULT 2014 2015 Change Change %
TRENITALIA 60 230 170 283%
ITALFERR 4 10 6 150%
RFI 140 129 (11) (8)%
BUSITALIA GROUP 4 5 1 25%
millions of Euros
Main subsidiaries of FS Group: Revenues and Net Result