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Second Supplement Dated 22 November 2016 to the Base Prospectus Dated 21 December 2015

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Second Supplement Dated 22 November 2016 to the Base Prospectus Dated 21 December 2015 SECOND SUPPLEMENT DATED 22 NOVEMBER 2016 TO THE BASE PROSPECTUS DATED 21 DECEMBER 2015 FERROVIE DELLO STATO ITALIANE S.p.A. (Incorporated with limited liability in the Republic of Italy) €4,500,000,000 Euro Medium Term Note Programme This supplement (the “Supplement”) to the base prospectus dated 21 December 2015 as supplemented by the first supplement dated 14 July 2016 (the “Base Prospectus”), constitutes a supplementary prospectus for the purposes of Article 16 of Directive 2003/71/EC, as amended (the “Prospectus Directive”) as implemented in Ireland by the Prospectus (Directive 2003/71/EC) Regulations 2005, as amended (the “Prospectus Regulations”) and is prepared in connection with the Euro Medium Term Note Programme (the “Programme”) established by Ferrovie dello Stato Italiane S.p.A. (the “Issuer”). Terms defined in the Base Prospectus have the same meaning when used in this Supplement. This Supplement is supplemental to, and should be read in conjunction with, the Base Prospectus. The Issuer accepts responsibility for the information contained in this Supplement and declares that, having taken all reasonable care to ensure that such is the case, the information contained in this Supplement is, to the best of its knowledge, in accordance with the facts and contains no omission likely to affect its import. This Supplement has been approved by the Central Bank of Ireland, as competent authority under the Prospectus Directive. The Central Bank of Ireland only approves this Supplement as meeting the requirements imposed under Irish and EU law pursuant to the Prospectus Directive. To the extent that there is any inconsistency between (a) any statement in this Supplement or any statement incorporated by reference into the Base Prospectus by this Supplement and (b) any other statement in, or incorporated by reference into, the Base Prospectus, the statements in (a) above will prevail. Save as disclosed in this Supplement, no significant new fact, material mistake or inaccuracy relating to the information included in the Base Prospectus which is capable of affecting the assessment of the Notes issued under the Programme has arisen or been noted, as the case may be, since publication of the Base Prospectus. Purpose of the Supplement - 1- The purpose of this Supplement is (i) to update the “Risk Factors” section of the Base Prospectus; (ii) to update the “Documents Incorporated by Reference” section of the Base Prospectus to incorporate by reference (a) some sections of the unaudited summary of the main results and trends of the Issuer as at and for the six months ended 30 June 2016, and (b) certain press releases relating to the Issuer and its Group; (iii) to make a change to Condition 11 (Taxation) of the “Terms and Conditions of the Notes” section of the Base Prospectus; (iv) to update the "Risk Factors" and the "Taxation" sections of the Base Prospectus in connection with the repealing of the EU Savings Tax Directive as a consequence of the approval by the Council of the European Union of the Council Directive 2015/2060/EU (and published in the Official Journal of the EU on 18 November 2015), (v) to update the “Description of the Issuer” section of the Base Prospectus, and (vi) to update the "Taxation" section of the Base Prospectus mainly in consequence of (a) the supplementing of the Italian Ministerial Decree dated 9 August, 2016 (so called "White List" of countries allowing for a satisfactory exchange of information with Italy), (b) the announcement made on 17 June 2016 by the Council of the European Union on the proposed financial transaction tax and (c) the entering into by a number of jurisdictions, including the Republic of Italy, intergovernmental agreements with the United States to implement FATCA. *** ADDITIONS TO THE BASE PROSPECTUS Important Notices The "IMPORTANT NOTICES" section on pages 1 to 3 of the Base Prospectus shall be supplemented to include the following wording: "Forward-looking statements The Base Prospectus and certain documents incorporated by reference therein include "forward-looking statements" within the meaning of the securities laws of certain applicable jurisdictions. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in the Base Prospectus, including, without limitation, those regarding the Issuer’s strategy, plans, objectives, prospects; future developments in the markets in which the Issuer operates; and anticipated regulatory changes in the industry in which the Issuer operates. These forward-looking statements can be identified by use of forward-looking terminology, such as the terms "aim", "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "may", "plan", "should" or "will" or, in each case, their negative, or other variations or comparable terminology. Examples of forward-looking statements include, among others, statements or guidance regarding the Group's future financial position, income growth, assets, business strategy, projected levels of growth in the rail markets, projected costs or savings, original and revised commitments and targets in connection with the 2017-2026 Industrial Plan, estimates of capital expenditures and plans and objectives for future operations, international expansion plans, projected employee numbers and other statements that are not historical fact. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future. Investors are cautioned that forward-looking statements are not guarantees of future performance and that the actual financial condition, results of operations - 2- and cash flows, and the development of the industry in which the Issuer operates, may differ, also materially, from those made in, or suggested by, the forward-looking statements contained in the Base Prospectus. Any forward-looking statements are made only as at the date of the Base Prospectus and, except as required by law or the rules and regulations of any stock exchange on which the Notes are listed, the Issuer undertakes no obligation to publicly update or publicly revise any forward-looking statement, whether as a result of new information, future events or otherwise." Risk Factors The paragraph entitled “Regional transportation risks”, on page 12 of the Base Prospectus, is deleted in its entirety and replaced with the information set out below: “In respect of the Italian regional transport segment, since 2012, there have been several developments in the applicable legislative framework and FS cannot rule out the introduction of further legislative amendments in the future. In Judgement 199/2012, delivered in July 2012, the Italian Constitutional Court declared the constitutional illegality of art. 4 of Law 148/2011, converting Legislative Decree n.138/2011 into law, which provided for the obligation to launch tenders for the regional transport service upon the expiry of the contracts in place with the Group. The majority of the Public Service Contracts ("PSCs") expired in 2014, however Trenitalia is negotiating with most of the Regions in order to obtain renewals. PSCs which have been undersigned are as follows: Lombardy, Lazio and Umbria: 2015 - 2020; Tuscany and Abruzzo: 2015 - 2023; Trento and Bolzano; 2016 – 2024; Emilia Romagna: until 2041, assigned to Trenitalia by public tender; Friuli Venezia Giulia: 2015- 2017, temporary agreement which will be followed by a public tender or direct assignment for a fifteen year PSO; Calabria: 2015- 2017, temporary agreement: Puglia: 2016- 2017 temporary agreement: Liguria, Molise and Basilicata: 2015- 2020/2023 temporary agreements; and Sardinia and Sicily: 2015- 2016 temporary agreement which will be followed by a nine (Sardinia) and ten (Sicily) year PSO. Trenitalia intends to sign renewal contracts with two major Regions (Veneto and Marche) in the near future. The agreements will change from six/nine year renewal contracts to fifteen year contracts, starting by 2018 and lasting until 2032. Furthermore, Trenitalia also intends to sign renewal contracts with Piedmont and Campania for nine years periods in the near future. Trenitalia is expected to be awarded Valle d’Aosta - 3- for the 2015-2016 period pursuant to article 5 (Award of public service contracts), paragraph 5, of EC Regulation 1370/2007. The Group has entered into contracts with the Regional Governments which do not depend on the procedures through which the Regional Governments themselves may find the necessary sources of financing. These processes could have a negative impact on the mobility needs expressed by local areas and on planning criterion imposed by the railway sector in relation to the time required for the implementation of any investment plans. Although safeguards for investments have been provided for in executing the service contracts, there remains uncertainty in respect of the future developments in the legislative framework. This uncertainty may have a negative impact on the Group's results of operations, specifically in relation to the contracts it entered into with Regional Governments.” *** Information Incorporated by Reference With effect from the date of this Supplement the information appearing in, or incorporated by reference into, the Base Prospectus on pages 19 and 20 shall be supplemented in the manner described below. Press release relating to Fitch Ratings’ annual assessment
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