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FORESEEABLE EVOLUTION OF OPERATIONS

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CONTINGENT ASSETS

CONTINGENT ASSETS

Furthermore, the company holds the licence to purchase diesel at reduced excise duty for the shunting locomotives used at the Verona Q.E. and Bari Lamasinata terminals.

As Terminali Italia is a party required to provide periodic reporting of energy data, with particular reference to the consumption of diesel fuel used for crane motive power, for 2021 it confirmed the appointment of the person responsible for energy conservation and rational use of energy (Energy Manager) pursuant to Article 19 of Law 10 of 9 January 1991, as amended and supplemented.

FORESEEABLE EVOLUTION OF OPERATIONS

The beginning of 2022 was characterised by an economic recovery that was partly curbed by rising energy and commodity prices, resulting in soaring inflation.

The general recovery and the substantial resilience of the freight transport sector suggests that the Company's expectations of increased traffic volumes will continue to be confirmed for the coming year, while more uncertainty surrounds the price trend of supplies of interest to the Company.

In particular, the start-up and development of customs and other maritime transport-related ancillary activities, for which the Company started organisational deployment and the acquisition of the necessary authorisations as early as 2021, is planned during 2022.

Capital expenditure and staff increases have also been planned for 2022 to ensure the efficiency of the fleet and the expected production increases.

Rome, 18 February 2022 For the Board of Directors

The President

Gianfranco Pignatone

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