Information Document in Relation to the Procedure for the Obligation to Purchase Pursuant to Article 108, Paragraph 2, of Legislative Decree No

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Information Document in Relation to the Procedure for the Obligation to Purchase Pursuant to Article 108, Paragraph 2, of Legislative Decree No INFORMATION DOCUMENT IN RELATION TO THE PROCEDURE FOR THE OBLIGATION TO PURCHASE PURSUANT TO ARTICLE 108, PARAGRAPH 2, OF LEGISLATIVE DECREE NO. 58 OF FEBRUARY 24, 1998, AS SUBSEQUENTLY AMENDED AND SUPPLEMENTED INVOLVING ORDINARY SHARES OF “Ansaldo STS S.p.A.” PERSON FULFILLING THE OBLIGATION TO PURCHASE “Hitachi Rail Italy Investments S.r.l.” NUMBER OF SHARES SUBJECT TO THE OBLIGATION TO PURCHASE No. 17,584,681 ordinary shares of Ansaldo STS S.p.A. CONSIDERATION OFFERED Euro 12.70 per share of Ansaldo STS S.p.A., as determined by CONSOB with resolution No. 20738 of December 12, 2018 DURATION OF THE PERIOD FOR THE SUBMISSION OF SALE REQUESTS AGREED WITH BORSA ITALIANA S.P.A. from 8:30 a.m. (Italian time) on December 17, 2018 inclusive, until 5:30 p.m. (Italian time) on January 18, 2019 inclusive, unless extended PAYMENT DATE January 25, 2019, unless extended FINANCIAL ADVISOR TO THE PERSON FULFILLING THE OBLIGATION TO PURCHASE INTERMEDIARY RESPONSIBLE FOR COORDINATING THE COLLECTION OF SALE REQUESTS GLOBAL INFORMATION AGENT THE APPROVAL OF THE INFORMATION DOCUMENT, APPROVED WITH RESOLUTION NO. 20739 OF DECEMBER 12, 2018, IMPLIES NO OPINION FROM CONSOB ON THE ADVISABILITY OF SUBSCRIPTION AND ON THE MERITS OF THE INFORMATION AND DATA CONTAINED IN THIS DOCUMENT DECEMBER 14, 2018 Note to the English version of the Information Document: neither the U.S. Securities and Exchange Commission nor any securities commission of any state of the United States of America has approved or disapproved the Procedure or passed upon the merits or fairness of the Procedure or passed upon the adequacy or accuracy of the disclosure in the Information Document. The Italian version of the Information Document is the only document approved by CONSOB with resolution number 20739 of December 12, 2018 1 TABLE OF CONTENTS LIST OF THE MAIN DEFINITIONS .............................................................................................................. 6 INTRODUCTION ........................................................................................................................................ 11 1. DESCRIPTION OF THE PROCEDURE ..................................................................................... 11 1.1 Legal basis and features of the Procedure .................................................................. 11 1.2 Consideration of the Procedure and Maximum Amount ............................................ 13 1.3 Markets where the Procedure is being promoted ....................................................... 13 1.4 Table of the main events relating to the Procedure .................................................... 14 A. WARNINGS ........................................................................................................................................... 18 A.1 CONDITIONS FOR THE EFFECTIVENESS OF THE PROCEDURE ........................................ 18 A.2 INFORMATION RELATING TO THE FINANCING OF THE PROCEDURE .............................. 18 A.2.1 Financing of the Procedure ........................................................................................... 18 A.2.2 Main terms and conditions of the intragroup financing for the Procedure .............. 18 A.3 RELATED PARTIES ................................................................................................................... 18 A.4 SUMMARY OF THE FUTURE PLANS IN RELATION TO THE ISSUER .................................. 19 A.5 COMMUNICATIONS AND AUTHORIZATIONS FOR THE PROCEDURE ............................... 19 A.6 STATEMENT OF HRII ON THE OBLIGATION TO PURCHASE PURSUANT TO ARTICLE 108, PARAGRAPH 1, OF THE TUF AND THE RIGHT TO PURCHASE PURSUANT TO ARTICLE 111 OF THE TUF ....................................................................................................... 20 A.7 POSSIBLE CONFLICTS OF INTEREST BETWEEN THE PARTIES INVOLVED IN THE TRANSACTION .......................................................................................................................... 20 A.8 POSSIBLE ALTERNATIVE SCENARIOS FOR THE SHAREHOLDERS ................................. 21 A.8.1 Tendering in the Procedure ........................................................................................... 21 A.8.2 Failure to tender in the Procedure ................................................................................ 21 A.9 NOTICE TO U.S. RESIDENT HOLDERS ................................................................................... 22 B. PARTIES INVOLVED IN THE TRANSACTION ................................................................................... 24 B.1 Person fulfilling the Obligation to Purchase .......................................................................... 24 B.1.1 Name, legal status and registered office ...................................................................... 24 B.1.2 Incorporation and term ................................................................................................... 24 B.1.3 Governing law and jurisdiction ..................................................................................... 24 B.1.4 Share capital .................................................................................................................... 24 B.1.5 HRII’s shareholders ........................................................................................................ 24 B.1.6 Management and supervisory bodies .......................................................................... 26 B.1.7 Brief description of the group led by HRII .................................................................... 28 B.1.8 Business of HRII.............................................................................................................. 28 B.1.9 Accounting standards .................................................................................................... 29 B.1.10 Financial statements .................................................................................................... 29 B.1.11 Recent performance ..................................................................................................... 53 B.2 Issuer .......................................................................................................................................... 54 2 B.2.1 Name, legal form and registered office ........................................................................ 54 B.2.2 Share capital .................................................................................................................... 54 B.2.3 Major shareholders and shareholders’ agreements ................................................... 54 B.2.4 Management and supervisory bodies .......................................................................... 55 B.2.5 Recent trend and outlook ............................................................................................... 59 B.3 Intermediaries .......................................................................................................................... 106 B.4 Global Information Agent ....................................................................................................... 106 C. CATEGORIES AND AMOUNT OF THE FINANCIAL INSTRUMENTS SUBJECT TO THE PROCEDURE ........................................................................................................................................... 107 C.1 Financial instruments and corresponding quantities ......................................................... 107 C.2 Authorizations ......................................................................................................................... 107 D. ISSUER’S FINANCIAL INSTRUMENTS OR OTHER FINANCIAL INSTRUMENTS HAVING ISSUER’S FINANCIAL INSTRUMENTS AS UNDERLYING ASSETS, HELD BY HRII, ALSO THROUGH TRUST COMPANIES OR INTERMEDIARIES......................................................................................... 108 D.1 Number and categories of Issuer’s financial instruments held by HRII and any person acting in concert with HRII and specification of the legal title of ownership and the voting rights ............................................................................................................................. 108 D.2 Repurchase contracts, securities lending, usufruct or pledge agreements or other contracts on the Issuer’s financial instruments .................................................................. 108 E. PRICE PER SHARE FOR THE FINANCIAL INSTRUMENTS AND ITS DETERMINATION ............ 109 E.1 Consideration for each Share and its determination .......................................................... 109 E.1.1 Official trading price of the Issuer the last Trading Day prior to the date of Announcement of the Voluntary Tender Offer ........................................................... 110 E.1.2 Limited liquidity of the Issuer’s shares on the stock exchange .............................. 110 E.1.3 The weighted average official price of the shares for the twelve (12) months prior to the date of Announcement of the Voluntary Tender Offer .......................... 110 E.1.4 The implied premia of the Consideration vs the minimum and maximum official price of the Issuer during the last five (5) years prior to the date of Announcement of the Voluntary Tender Offer ........................................................... 110 E.1.5 Evolution of the historical share price of the Issuer compared to the FTSE Italia All Share and FTSE Italia STAR market
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