NORDCARGO S.r.l.Novate Milanese (MI), Italy NORDCARGO Srl

2

2003Ferrovie Nord Cargo S.r.l. (FNC) was created as Ferrovie Nord Milano’s rail freight activity obtaining the respective freight business branch from FNME (now: FERROVIENORD S.p.A.).

2004 First full year of operations

2006 FNC was renamed into NORDCARGO S.r.l. (NC)

Jan. 2009 DB Schenker Rail Italia S.r.l. (DBSRI) acquires 49% of quotas in NC. 51% of quotas are held by FERROVIENORD S.p.A.

Jan. 2010 (a) DBSRI acquires additional 11% of quotas and becomes majority shareholder of NC with 60%; 40% of quotas remain with FERROVIENORD S.p.A. (b) DBSRI transfers its business branch to NC to create one single competitive production company.

Sept. 2010 40% of quotas are transferred from FERROVIENORD to FNM S.p.A.60% of quotas remain with DBSRI.

NORDCARGO S.r.l.History

Deriving from a spin-off from former FNME’s railway passenger activity, a separate rail freight division was created in 2003, further developed and taken over by DB Schenker Rail Italia S.r.l. in Jan. 2010.

3

NORDCARGO S.r.l.Quotaholders’ structure

DB Schenker Rail Italia S.r.l.

NORDCARGO S.r.l.Milano / Novate Milanese

FNM S.p.A.Milano

40% 60%

Deutsche Bahn AG

DB Schenker Rail Deutschland AG

100%

98%

4

NORDCARGO S.r.l. At a glance

L’assetto sociale di NORDCARGO rimane invariato.

Denominazione sociale e branding sono due cose distinte.

Turnover 2010 (FC): € 46.5 mln.

EBT 2010 (FC): € 1.2 mln. (IFRS)

€ 0.6 mln. (local GAAP)

Subscribed capital: € 3,000,100

Staff: 280 FTE

Rolling Stock: 30 locos (2/3 electric + 1/3 diesel)

no wagons

N. of trains produced per year: 13,000

Train km in Italy per year: 2.1 mln.

NORDCARGO S.r.l. is an Italian Rail Freight Undertaking based in Novate Milanese (Milan) with operational focus on Northern Italy and stretches to the Adriatic and Tyrrhenian Sea.

5

NORDCARGO S.r.l.Performances development

Performance in terms of train Km increased constantly over the years. Number of trains increase significantly in 2010 when DBSRI’s business (including single wagon load traffic) is transferred to NC.

FC Mid-term planning

Extension of Safety certificate (Status: 2010)

6

NORDCARGO S.r.l.Where we can go

Gall.

Faenza

VadaCecina

Viareggio

LA SPEZIA

Fiumetorto

Bicocca

Roccapalumba

Carini

Alcamo Dir.

PALERMO

Aragona

AGRIGENTO

Lentini

Gela

Canicattì

VENTIMIGLIA

SAVONA

Acqui T.

ASTI

Valenza Po Torreberetti

VERCELLI

AOSTAVarallo

DOMODOSSOLALUINO

Vignale

NOVARA

Mortara

PAVIABussolenoSusa

VARESE

SONDRIO

BERGAMOSer.

Treviglio

BRENNERO

TARVISIO

UDINE

GORIZIA

Portogruaro

Castelfranco V.VILLA OPICINA

TREVISO

PADOVA

Monselice

ROVIGONogara

FERRARA

Casalpust.Codogno

PIACENZA

Fidenza

Castelvetro

Olmeneta

MANTOVA

Suzzara

PARMA

MODENA

Aulla

RIMINIPISTOIA

Collesalvetti

C.V.d’ElsaVolterra

Poggibonsi

Campiglia

ASCOLI PICENO

TERAMO Giulianova

PESCARA

SulmonaAvezzano

RoccaseccaRocca d’E.

Venafro Bosco Redole

Vairano

FOGGIA

Cervaro

NAPOLI

BENEVENTO

Rocchetta S.A.

SpinazzolaGioia del Colle

TARANTO

Metaponto

Paola

Lamezia TermeCAGLIARI

Decimomannu

SASSARI

Iselle

Romagnano S.

BIELLA

Santhià

Monza

Calolziocorte

LECCO

Chiavenna

S.Giuseppe di C.

Casale M.to

Chivasso

Chieri

Castagnole Cantalupo

CarmagnolaTorre Pellice

BràSavigliano

Fossano

Mondovì

Ormea

Salsomaggiore

S.Zeno

DossobuonoIsola della Scala Cerea

Schio

Bassano del Gr.

Chioggia

Lavezzola

Castel-bologneseLugo

MeranoFortezza S.CANDIDO

MontebellunaConegliano

Sacile

Calalzo

Ponte nelle Alpi

Casarsa

Gemona

S.Giorgio N.

Cervignano

Palmanova

Tirano

Limone

PISA Empoli

Asciano

Monte Antico

Fiorentina P.

Piombino M.

Terontola

Nettuno

Pergola

FabrianoAlbacina

Civitanova M.

Guglionesi

Manfredonia

Barletta

Terracina

Melito

Piadena

BOLOGNA

Carpinone

Porto Torres

Castiglione Cosentino

Olbia Golfo Aranci

Macomer

Iglesias

Carbonia

Nocera I.

BARI

Guidonia

Pontassieve

S.Lucido Marina

CHIASSO

Arona

BRESCIA

ROMA

Attigliano

Avigliano

Termoli

POTENZA

Castelvetrano

CALTANISSETTA

Modica

MESSINA

Porto Empedocle

AlcantaraRandazzo

Carcaci

Motta

Borgo S.L.

MILANO

SALERNO

Orte

CAMPOBASSO

Borgomanero

Laveno

CUNEO Ferrania

ALESSANDRIA

Ovada

Colico

VICENZA

Chilivani

TRAPANI

SIRACUSA

RAGUSA

Legnago

FolignoPorto d’Ascoli

BRINDISI

REGGIO CALABRIA

Battipaglia

SIENA

COSENZA

Sibari

Priverno

Priverno F.

Rovato

BOLZANO

VENEZIA

Civitavecchia

CASERTA

AREZZO

CREMONA

Arquata Scrivia

RAVENNA

PRATO

FIRENZE

VERONA

TORINO

GENOVA

LIVORNO

CATANZARO

CROTONE

LUCCA

ORISTANO

NUORO

CATANIAENNA

VIBO VALENTIA

AVELLINO

MATERA

LECCE

CHIETI

L’AQUILA

ISERNIA

LATINA

FROSINONE

RIETIVITERBO

PERUGIA

ANCONA

MACERATA

PESARO

MASSA

IMPERIA

VERBANIA

REGGIO EMILIA

FORLÌ

LODI

COMO

BELLUNO

TRENTO

TRIESTE

PORDENONE

GROSSETO

TERNI

Rho

CESENA

Fornovo

NORDCARGO S.r.l.Where we do go currently

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Roundtrips/week< 1

1 – 33 – 10

> 10

Traffic CategoriesSingle wagon/railports

Complete TrainIntermodal Traffic

ProductionNordCargo

Other R.U.s

N. of trains per year: 13,000Train km in Italy per year: 2.1 mln.

ACH

I

Single wagon traffic ItalyBasic information

8

Lahr

Nordcargo is the basis for the production of the single wagontraffic between Germany and Italy, other RUs complete the service

Bologna SD

Mannheim

MilanoSm.to

Verona PN

Villach

Cervignano sm.to

Via Tarvisio

Novi LigureNovi S.B. Torino

Railport

Verzuolo

Desio Railport

Anagni Railport

Modena

LeccoMolteno

Verona Q.E.

Arena PoNCLoko/RTCTIC

Mixed trains for different RUs

Dinazzano

Faenza

Carimate

Marcianise Torino di S. Piedimonte Foggia

Torino O.

Stahl

Automobile

Fossano

26/184/4

7/6

9/8

RCA

Grisignano

Block trainsSingle wagon trains

Nr. of trains S-N / N-S (direct purchase)

Sbr Limburg KölnLübeck

8/8

Fiat Automobile

AutomobileAutoteile

18/12

S.Zeno F. Stahlplattform

Automobile

München

5 5 2

6

CastelguelfoRailport.

Casalpusterl.

4

CavaT.

Ospitaleto

Rezzato Montirone

6

7/6 Nr. of trains S-N / N-S (cooperation)

A Transit mit RailCargoAustria

Lötschberg CH Transit mit BLS Gotthard

Ghedi6

2 4 1 3

Brescia

2

12/8

Modena

Parma / Torrile

Köln

1

Ravenna

5/5

4/410/10 19/23

Villadossol

FF Hoechst

1/1

Padova

Vicenza

39

Udine Osoppo S. Stino

S. Giorgio di Nogaro

Interrail

Villalvernia/ Predosa

8

Ravenna

Lugo

MM M M M

Dinazzano S-N

6

0,5

Weissware

Linea

Marcianise

M

Rubiera

Milano Innocenti

4/4

VerdelloCrema,

Bergamo

1

Bremen

CasalmMantov

a

P M Common use by DBSR project

RavennaRavenna

CasalmMantov

a

Ravenna

CasalmMantov

a

Ravenna

CasalmMantova

Ravenna

CasalmMantova

Ravenna

CasalmMantov

a

Ravenna

CasalmMantov

a

CasalmMantova

6/5 4/3 2 312 3

21

11

2

Alessandria

Ton / Fliesen

via DOMO II via Chiasso

Papier

Automobile

via Brennero

Hall i.T.

1

9

10

Chiasso

Torino

Mannheim

Hall i.T.

München

Rovato

NORDCARGO S.r.l.Single wagon network - actual

Villach

Cervignano

Traffic in cooperation with NCTraffic in cooperation with other italian RU

11

Basel Zürich

Milano

NORDCARGO S.r.l.Single wagon network – extensions 2011

Chiasso

Torino

Mannheim

Hall i.T.

München

Brescia

Villach

Cervignano

Traffic in cooperation with NCTraffic in cooperation with other italian RU

12

Bologna

NORDCARGO S.r.l.Single wagon network – future vision

Basel Zürich

Chiasso

Torino

Mannheim

Hall i.T.

München

Brescia

Villach

Cervignano

Milano

Traffic in cooperation with NCTraffic in cooperation with other italian RU