Newsletter 01/2016 IN THIS EDITION WE WILL TELL YOU ABOUT:

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1 Dear Partner, The year 2016 opens up bearing important and rich novelties for our company. In this edition of our newsletter, you will find the most significant highlights with an overview of the activities regarding the recently concluded year. The railway and intermodal infrastructures are becoming more and more appreciated; not only because of their economic efficiency, but also due to the high level of sustainability, which they intrinsically allow you to obtain. Our company has made vertical integration and complete production control of the entire transportation chain its symbol, convinced that this is indeed the winning path in order to seize the challenges of the mobilization of goods of the future. Enjoy IN THIS EDITION WE WILL TELL YOU ABOUT: Increased circulations: Milan Bari vice versa Piacenza - Marcianise vice versa Piacenza - Pomezia vice versa Melzo - Rotterdam Rsc vice versa Piacenza - Zeebrugge vice versa Overall Capacity for 2016 New locomotive investments and RSM Registration to the Elite program of the Italian Stock Exchange Overview of GTS for 2015 Overview of GTS RAIL for 2015 Certifications and waste transportation CER

2 GTS NET Milano - bari vv As of January 12th, the Milan Smistamento - Bari Ferruccio Scalo service, has increased from 3 to 4 weekly circulations with the new Tuesday departure from Milan. In addition to the 7 circulations which are already in place from Piacenza, this means that we have reached a total of 11 active departures from Bari. Let us not forget that from Bari the daily service to Patrasso for shipment from and for all of Grece is already active. The service is made possible by the partnership we have with Superfast and it is possible to book the service along Patrasso or delivery all over Greece directly with us.

3 GTS NET Piacenza - Pomezia vv Piacenza - Marcianise vv As of the third week of March the circulations which connect the terminals of Piacenza and Marcianise will be increased from the current 7 to 9 weekly. The present system foresees the stop in Pomezia.

4 GTS NET Melzo - Rotterdam RSC vv As of the 12th of February the Melzo<Rotterdam RSC will be increased from the current 3 circulations to 5. The haulage will be as per usual be carried out in collaboration with SBB Cargo International. It is also possible to embark semi- trailer trucks with a maximum profile of P386. With the departures from Piacenza, the total number of the services towards Rotterdam will now amount to 8 weekly. Let us remember that from Piacenza it is possible to have continuation towards Bari, Pomezia and Marcianise. Piacenza - Zeebrugge vv With the beginning of the new year, the change from 6 to 7 connections between Piacenza Intermodale and the Cobelfret terminal in Zeebrugge has become a reality. A reminder that the daily connections for the UK (Purfleet and Killingholme) as well as those for the Scandinavian countries leave from this terminal.

5 OVERALL CAPACITY FOR 2016 Thanks to the growing number of requests both on the national and international market, the service will be significantly strengthened during the course of the year through the introduction of new circulations, which more precisely are the following: NUMBER OF ANNUAL CIRCULATIONS: national (+ 228 vs 2015) International (+ 330 vs 2015) week: 7 circ. Bari-Piacenza vv (+1) 4 circ. Bari-Milano vv (+1) 6 circ. Marcianise Piacenza vv 3 circ. Pomezia Piacenza vv +3 7 circ. Zeebrugge Piacenza vv (+1) 3 circ. Rotterdam Piacenza vv 5 circ. Rotterdam Melzo vv (+2) 6 circ. Milano Parigi vv Thus bringing the national program along the Adriatic coast to: The international program along the Italian / Northern Europe axis will be as thus: adriatic coast: Bari - Piacenza - Milano dorsale tirrenica: Piacenza - Pomezia - Marcianise nord/south axis Zeebrugge Rotterdam Parigi vv BLock TRains vv 826 BLock TRains vv 664 BLock TRains vv 764 BLock TRains vv 574 BLock TRains FOR A TOTAL OF ITU s AND KM

6 NEW LOCOMOTIVE INVESTMENTS AND RSM On the 27th of November 2015, 3 new Traxx 483DC locomotives were acquired from the Canadian manufacturer, Bombardier. The locomotives will be assembled at the plant in Vado Ligure and will be added to the float of 8 units, 7 of which are our property and 1 rented. Contextually a 10 year contract for the maintenance of the new locos was signed. For a complete investment of 13milliion euros. The construction of a new plant on property belonging to GTS RAIL for RSM (Rolling Stock Maintenance) will get on the way at the end of January, for investment totaling to 1,8 million euros. The complete surface area will be 1500mq including two internal rail tracks equipped with 40 meter long ditches. The workshop will be propaedeutic towards the maintenance of the 11 locomotives and of the float of 330 wagons, (130 of which are the groups own) and will be open to accommodating rolling stock from other companies who are interested in using the plant. The grand opening is expected by June GTS RAIL will proceed towards employing 15 individuals for its 2016 development program.

7 registration to the elite program of the italian stock exchange Last November, GTS Group began to embark on its first steps on the Italian Stock Exchange. All of this through the prestige and fame as which is Palazzo Mezzanotte in Milan. GTS was presented to an audience of absolute respect composed not only of investors willing to place a bet on varied businesses but also by the leading players of small, medium and large companies within the Italian and European market scene. The Elite project is an initiative of the Italian Stock Exchange which aims to accelerate the growth of companies through an innovative path of organizational and managerial development aimed at making companies which are already worthwhile more competitive, more visible and more attractive in relation to investors. It is an international platform of integrated services designed to support companies in their projects of GROWTH. Growth can be defined as: > Support / stimulus towards cultural changes, organizational and managerial skills which are necessary to grow in the short term > Visibility towards the business and financial community both domestically and internationally > Gradual Approach towards the capital market > Support in the process of internationalization GTS expects to acquire the Elite certification presumably by the second half of 2016.

8 2015 overview gts 2015 Turnover> 79 million euros, an increase of 8% in comparison to international trains 1450 national trains 1,2 million km of train haulage by GTS RAIL in Italy shipments tons of Co2 not emitted in the atmosphere thanks to train usage as opposed to road transport 7% Ebidta (Earnings Before Interest Taxes Depreciation and Amortisation) overview gts RAIL 2015 GTS RAIL ended 2015 with a production of train km for a total of 2037 complete trains. The punctuality coefficient was 96%.

9 CERTICATIONS AND WASTE TRANSPORTATION CER During 2015, GTS RAIL obtained the following certificates: ISO identification of the standard that stabilizes the requisites of an environmentally manageable system (SGA). OHSAS identification of the international standard for the management of employees health and safety. The GTS Group has also in the complexity the qualifications to transport CER - Cat. 4 non-hazardous waste. A.C.E.P. container maintenance and security certification

10 BARI Sede Centrale Via del Tesoro, Bari Tel Fax GTS UK Unit G10, The Bloc Springfield Way, Anlaby Hull HU10 6RJ Tel Tel GTS Nederland B.V. Rotterdam - Olanda Tel. +31 (0) r ext. 686 Mob Tel GTS Belgium St. Blasiusstraat Rumbeke Belgium Mob

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