SUPPLEMENT DATED 14 JULY 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 (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 and any other supplements to the Base Prospectus issued by the Issuer. The Issuer accepts responsibility for the information contained in this Supplement. To the best of the knowledge of the Issuer (which has taken all reasonable care to ensure that such is the case) the information contained in this Supplement is in accordance with the facts and does not omit anything likely to affect the import of such information. Purpose of the Supplement The purpose of this Supplement is to (i) update the “Risk Factors” section of the Base Prospectus; (ii) update the “Documents Incorporated by Reference” section of the Base Prospectus to incorporate by reference (a) the audited consolidated financial statements (including the notes thereto) of the Issuer as at and for the year ended 31 December 2015 and the auditor’s report thereon, and (b) certain press releases relating to the Issuer and its Group, (iii) update the section “Description of the Issuer” of the Base Prospectus, and (iv) update the section “General Information” of the Base Prospectus. *** Risk Factors The paragraph entitled “ Interest Rate risks ”, on page 11 of the Base Prospectus, is deleted in its entirety and replaced with the information set out below: “The Group is mainly exposed to interest rate risk related to loans which bear variable rates of interest. In particular, as of 31 December 2015, 54 per cent. of the Group's loans bore variable rates of interest. The Group companies which are most exposed to this risk (including Trenitalia and Rete Ferroviaria Italiana S.p.A. (" RFI ")) have entered into hedging transactions on the basis of specific risk management policies approved by the respective Boards of Directors and implemented with the technical and operating support of FS, with the aim of managing the exposure to changes in interest rates. The Group does not enter into derivatives for speculative purposes. There can be no assurance that the 1 Group will be able to further implement transactions to hedge interest rate risk related to new debt issues and this may have an adverse effect on the Issuer's business and results of operations. ” The paragraph entitled “ Risks relating to the structure of the Group ”, on pages 11-12 of the Base Prospectus, is deleted in its entirety and replaced with the information set out below: “The majority of the Group's debt is held by FS, RFI and Trenitalia (approximately 89 per cent. of total debt as of 31 December 2015). Generally, any claims in respect of indebtedness incurred, and guarantees issued, by a subsidiary of the Issuer, and claims of preference shareholders (if any) of such subsidiary, will rank prior with respect to the assets and earnings of such subsidiary to any claims of the creditors of its parent company, the Issuer. The subsidiaries have no obligations, contingent or otherwise, to pay any amounts due under the Notes or to make funds available to the Issuer to pay any amounts due under the Notes. The Notes, therefore, will be effectively subordinated to creditors (including trade creditors) and preference shareholders (if any) of the Issuer's direct and indirect subsidiaries. ” The paragraph entitled “ Regional transportation risks ”, on page12 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 future legislative amendments. 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 as follows: • Lombardy and Umbria: 2015 - 2020; • Trento and Bolzano; 2016 – 2024; • Emilia Romagna: till 2041, assigned to Trenitalia by public tender; and • Sardinia and Sicily: 2015- 2016 momentary agreement which will be followed by a nine (Sardinia) and ten (Sicily) year PSO. In the near future, Trenitalia intends to sign renewal contracts with five major Regions (Tuscany, Lazio, Veneto, Marche, Campania). The agreement is going to switch from six/nine year renewal contracts to a new fifteen year contract which would start by 2018 until 2032. 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, which may have a negative impact on the Group's results of operations, specifically in relation to its contracts entered into with Regional Governments .” In the section “Risk Factors” of the Base Prospectus, an additional paragraph entitled “ Uncertainty surrounding the UK’s membership of the European Union ” is added as follows: “On 23 June 2016 the UK held a referendum to decide on the UK's membership of the European Union. The UK vote was to leave the European Union. There are a number of uncertainties in connection with the future of the UK’s relationship with the European Union. The negotiation of the UK’s exit terms is likely to take a number of years. Until the terms and timing of the UK’s exit from the European Union are clearer, it is not possible to determine the impact that the referendum, the UK’s departure from the European Union and/or any related matters may have on the business of the Issuer. As such, no assurance can be given that such matters would not adversely affect the ability of the Issuer to 2 satisfy its obligations under the Notes and/or the market value and/or the liquidity of the Notes in the secondary market”. *** Documents Incorporated by Reference Audited consolidated financial statements (including the notes thereto) of the Issuer as at and for the year ended 31 December 2015 and the auditor’s report thereto On 5 July 2016, the Issuer published its audited consolidated financial statements (including the notes thereto) at and for the year ended 31 December 2015 and the auditor’s report thereto. A copy of the audited consolidated financial statements (including the notes thereto) of the Issuer as at and for the year ended 31 December 2015 and the auditor’s report thereto has been filed with the Central Bank of Ireland, and, by virtue of this Supplement, is incorporated by reference in, and forms part of, the Base Prospectus. The following information shall be incorporated by reference in, and form a part of, the Base Prospectus: - the audited consolidated financial statements (including the notes thereto) of the Issuer as at and for the year ended 31 December 2015 (the “ 2015 Consolidated Financial Statements ”) and the auditor’s report in respect of the 2015 Consolidated Financial Statements. http://www.fsitaliane.it/cms-file/allegati/fsitaliane/Investor-relations/Financial_Report_2015.pdf Press release relating to the 2015 update of the “ Contratto di Programma ” between the Ministry of Infrastructure and Transport (“MIT”) and RFI and the “iron therapy” On 11 February 2016, the Minister of Infrastructure and Transport Mr.Graziano Delrio, along with Mr.Renato Mazzoncini, CEO of FS and Mr. Maurizio Gentile, CEO of RFI unveiled several measures contained in the 2015 update of the Contratto di Programma between the MIT and RFI. A new investment strategy on the Italian rail network which is aimed at providing more safety, more technology, timely and efficient transport, quality and comfort for travellers, especially commuters. Nine billion euros of additional resources have been provided under the “Leggi di Stabilità 2015 and 2016 ” and “Sblocca Italia ” decree, to which another 8 billion euros expected in the next update 2016 will be added, for a total of 17 billion euros. A copy of the press release dated 11 February 2016 relating to the 2015 update of the “ Contratto di Programma ” between the MIT and RFI and the “iron therapy” has been filed with the Central Bank of Ireland, and, by virtue of this Supplement, is incorporated by reference in, and forms part of, the Base Prospectus. The following information shall be incorporated by reference in, and form a part of, the Base Prospectus: -. the press release dated 11 February 2016 relating to the 2015 update of the “ Contratto di Programma ” between the MIT and RFI and the “iron therapy”.