Azienda Trasporti Milanesi S.P.A. (Incorporated As a Company Limited by Shares Under the Laws of the Republic of Italy) €70,000,000 1.875 Per Cent

Prospectus Azienda Trasporti Milanesi S.p.A. (incorporated as a company limited by shares under the laws of the Republic of Italy) €70,000,000 1.875 per cent. Notes due 8 August 2024 The €70,000,000 1.875 per cent. Notes due 8 August 2024 (the "Notes") of Azienda Trasporti Milanesi S.p.A. (the “Issuer”) are expected to be issued on 8 August 2017 (the "Closing Date") at an issue price of 99.313 per cent. of their principal amount. Unless previously redeemed or purchased and cancelled, the Notes will be redeemed at their principal amount on 8 August 2024. The Notes are subject to redemption in whole at their principal amount at the option of the Issuer at any time in the event of certain changes affecting taxation in the Republic of Italy. In addition, each holder of a Note may require the Issuer to redeem such Note at their principal amount upon the occurrence of a Put Event (as defined below). See “Terms and Conditions of the Notes — Redemption and Purchase”. The Notes will bear interest from 8 August 2017 at the rate of 1.875 per cent. per annum, payable annually in arrear on 8 August each year commencing on 8 August 2018. Payments on the Notes will be made in Euros without deduction for or on account of taxes imposed or levied by the Republic of Italy to the extent described under "Terms and Conditions of the Notes — Taxation". This prospectus (the “Prospectus”) has been approved by the Central Bank of Ireland (the "Central Bank") as competent authority under Directive 2003/71/EC (as amended, including Directive 2010/73/EU, the "Prospectus Directive") and constitutes a prospectus for the purposes of the Prospectus Directive. The Central Bank only approves this Prospectus as meeting the requirements imposed under Irish and EU law pursuant to the Prospectus Directive. Such approval relates only to the Notes which are to be admitted to trading on a regulated market for the purposes of Directive 2004/39/EC and/or which are to be offered to the public in any member state of the European Economic Area. Application has been made to the Irish Stock Exchange plc (the “Irish Stock Exchange”) for the Notes to be admitted to the Official List and to trading on its regulated market. This Prospectus is available for viewing on the Irish Stock Exchange's website (www.ise.ie) and the documents incorporated by reference herein may be accessed on the Issuer’s website (www.atm.it) (see “Information Incorporated by Reference”). An investment in the Notes involves certain risks. For a discussion of these risks, see "Risk Factors" on page 8. The Notes will be in bearer form and in the denominations of €100,000 and integral multiples of €1,000 in excess thereof up to and including €199,000. The Notes will initially be in the form of a temporary global note (the "Temporary Global Note"), which will be deposited on or around the Closing Date with a common safekeeper for Euroclear Bank SA/NV ("Euroclear") and Clearstream Banking, société anonyme, Luxembourg ("Clearstream, Luxembourg"). The Temporary Global Note will be exchangeable, in whole or in part, for interests in a permanent global note (the "Permanent Global Note") not earlier than 40 days after the Closing Date upon certification as to non-U.S. beneficial ownership. Interest payments in respect of the Notes cannot be collected without such certification of non-U.S. beneficial ownership. The Permanent Global Note will be exchangeable in certain limited circumstances in whole, but not in part, for Notes in definitive form. See "Summary of Provisions of the Notes in Global Form". The Issuer has been assigned a rating of “BBB” by Fitch Italia S.p.A. (“Fitch”), which is established in the European Union and registered as a credit rating agency under Regulation (EC) No. 1060/2009, as amended (the "CRA Regulation") and included in the list of credit rating agencies published by the European Securities and Markets Authority on its website (at http://www.esma.europa.eu/page/List-registered-and-certified-CRAs) in accordance with the CRA Regulation. The Notes are expected to be rated “BBB” by Fitch. A rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency. The Notes have not been, and will not be, registered under the United States Securities Act of 1933 (the "Securities Act") and are subject to United States tax law requirements. The Notes are being offered outside the United States in accordance with Regulation S under the Securities Act ("Regulation S"), and may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Lead Manager BANCA IMI 3 August 2017 IMPORTANT NOTICES The Issuer accepts responsibility for the information contained in this Prospectus and declares that, to the best of its knowledge, having taken all reasonable care to ensure that such is the case, the information contained in this Prospectus is in accordance with the facts and contains no omission likely to affect its import. The Issuer has confirmed to Banca IMI S.p.A. (the "Lead Manager") that this Prospectus contains all information regarding the Issuer and the Notes which is (in the context of the issue of the Notes) material; such information is true and accurate in all material respects and is not misleading in any material respect; any opinions, predictions or intentions expressed in this Prospectus on the part of the Issuer are honestly held or made and are not misleading in any material respect; this Prospectus does not omit to state any material fact necessary to make such information contained herein (in such context) not misleading in any material respect; and all proper enquiries have been made to ascertain and to verify the foregoing. KPMG S.p.A. has issued an independent auditors’ report (the “Independent Auditors’ Report”) on the consolidated financial information of the Issuer as at and for the year ended 31 December 2016 restated in accordance with IFRS (as defined below). KPMG S.p.A. accepts responsibility for the Independent Auditors’ Report and declares that, having taken all reasonable care to ensure that such is the case, the information contained in the Independent Auditors’ Report is, to the best of its knowledge, in accordance with the facts and contains no omission likely to affect its import. This Prospectus should be read in conjunction with all information which is incorporated by reference in and forms part of this Prospectus (see "Information Incorporated by Reference"). The Issuer has not authorised the making or provision of any representation or information regarding the Issuer or the Notes other than as contained in this Prospectus or as approved in writing for such purpose by the Issuer. Any such representation or information should not be relied upon as having been authorised by the Issuer or the Lead Manager. Neither the delivery of this Prospectus nor the offering, sale or delivery of any Note shall in any circumstances create any implication that the information contained herein concerning the Issuer is correct at any time subsequent to the date hereof or that any other information supplied by the Issuer in connection with the offering of the Notes is correct as of any time subsequent to the date indicated in the document containing the same, or that there has been no adverse change, or any event reasonably likely to involve any adverse change, in the condition (financial or otherwise), results of operation, business and prospects of the Issuer since the date of this Prospectus. The Issuer is under no obligation to update the information contained in this Prospectus after the initial distribution of the Notes and their admission to trading on the regulated market of the Irish Stock Exchange and, save as required by applicable laws or regulations or the rules of any relevant stock exchange, or under the terms and conditions relating to the Notes, the Issuer will not provide any post-issuance information to investors. Neither this Prospectus nor any other information supplied in connection with the offering of the Notes (a) is intended to provide the basis of any credit or other evaluation or (b) should be considered as a recommendation by the Issuer or the Lead Manager that any recipient of this Prospectus or any other information supplied in connection with the offering of the Notes should purchase any Notes. The content of this Prospectus should not be construed as providing legal, business, accounting, tax or other professional advice and each investor contemplating purchasing any Notes should make its own independent investigation of the condition (financial or otherwise), results of operation, business and 2 prospects of the Issuer and its own appraisal of the Issuer’s creditworthiness, and should have consulted its own legal, business, accounting, tax and other professional advisers. Neither this Prospectus nor any other information supplied in connection with the offering of the Notes constitutes an offer or invitation by or on behalf of the Issuer or the Lead Manager to any person to subscribe for or to purchase any Notes. The distribution of this Prospectus and the offering, sale and delivery of Notes in certain jurisdictions may be restricted by law. Persons into whose possession this Prospectus comes are required by the Issuer and the Lead Manager to inform themselves about and to observe any such restrictions.

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