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This item amounts to Euro 212 thousand, up by Euro 22 thousand compared to 2010 and breaks down as follows:

2011 2010 Change

Materials and consumables 210 188 22

Fuel and lubricants 2 2

Total 212 190 22

The costs for services amounted to Euro 86,569 thousand, down by Euro 1,141 thousand compared to the previous year. The table below shows the breakdown of this item:

2011 2010 Change

Contracted services and works: 61.886 62.766 (881)

-Services - Security 4.932 5.191 (259)

- cleaning 21.791 22.626 (836)

Maintenance 20.591 19.028 1.563

Utilities 14.572 15.782 (1.210)

- improvements to owned assets 139 (139)

Miscellaneous services: 24.684 24.943 (259) - consultancy 188 222 (34) -Engineering services 3.080 4.193 (1.112) Professional services 2.375 1.854 521 Utilities 1.153 435 718 -Travel 645 557 88 Insurance premiums 1.033 1.017 16 IT services 831 942 (111) Commissions 2.255 1.776 479

- Remuneration of corporate bodies 329 993 (664) -Advertising and promotional costs 1.157 1.121 36 -Consideration paid for media services 3.023 2.928 94 - Costs for services to customers 5.428 5.290 139

- Other services 3.186 3.615 (429)

Total 86.569 87.710 (1.141)

The differences in contracted services and works compared to the same period in the previous year mainly concern: a reduction in costs for utilities, security and cleaning and maintenance due to a general rationalisation of costs during the period, while the increase in the maintenance costs is due to the increases in the services provided during the period.

The main changes in the various services refer to: the decrease in the engineering services, consultancy and IT services; while there were increases in the professional services, commissions, promotional services consideration paid for other media services and the costs for services to customers which are strictly connected to the increase in the relative revenues. The decrease in the remuneration of corporate bodies is due to the different calculation of the competences of the managing director which, as mentioned above, are included on long personnel costs.

For better comparability with the current year, a reclassification took place from the “remuneration of corporate bodies ” in 2010 from “costs for independent personnel” of the costs incurred for the services provided by the supervisory organization of Euro 56 thousand.

31 Costs for the use of third party assets:

This item totalled Euro 40,149 thousand, a reduction of Euro 1,374 thousand compared to 2010, and is broken down as follows:

2011 2010 Change

Operating leases 1.140 645 495

Reconveyance paid to RFI S.p.A. 38.795 37.733 1.062 Reconveyance paid to Sistemi Urbani S.p.A. 204 290 (86)

Rents for rental of premises 9 23 (14)

Other rents - 84 (84)

Total 40.149 38.775 1.374

The difference is due mainly to the reduction in the reconveyance amount relating to RFI, which is a consequence of the increase in rental and advertising revenues

The operating lease amounts include mainly the release of rental amounts paid enough advance by subsidiary Grandi Stazioni Ceska.The book value of these rents includes all the direct costs sustained for the refurbishment of Hlavní nádraží and Mariánské Lázně stations in Prague. These costs are initially placed under “other non-current assets” and then included in incomeon a straight line basis for the remainder the ongoing operating lease with České dráhy a.s. These costs were recorded in the subsidiary’s income statement starting from the 2008 financial year. The operating lease amounts concerning the subsidiary Grandi Stazioni Ceska recorded in the 2011 and 2010 income statements at Euro 965 thousand and Euro 631 thousand respectively. The duration of the subsidiary’s leasing contract is 30 years as from the final testing expected during the refurbishment phase. The costs recorded as advance leasing fees mainly include the construction costs, in addition to design and insurance costs and other costs directly attributable to the refurbishment of station complexes, including the financial costs, management fees and assignment fees paid during the period of refurbishment and throughout the duration of the lease

32 Other operating costs

This item amounts to Euro 6,012 thousand, up by Euro 273 thousand compared to 2010 and breaks down as follows:

2011 2010 Change

Taxes and duties 5.231 4.943 288

Penalties, sanctions, amends 111 128 (17)

- bad debts - 3 (3)

Subscriptions and membership fees 80 155 (75) Capital losses from sales of fixed assets - 3 (3)

Other operating costs 589 506 83

Total 6.012 5.739 273

The main changes involved: the increase in tax expenses for TARSU, ICP (Imposta Comunale di

Pubblicità – Municipal Advertising Tax). Approximately Euro 286 of contingent liabilities due to

the normal estimate adjustments.

The costs for in-house work capitalized amount to Euro 3,615 thousand as at 31 December 2011 and have increased by Euro 857 thousand compared to the previous year. The amount refers to the capitalization of costs that are directly related to the investment underway on the stations managed by the Group.

34 Amortisation and depreciation

This item amounts to Euro 10,947 thousand, up by Euro 3,040 thousand compared to 2010 and breaks down as follows:

2011 2010 Change

Amortization/depreciation of tangible and intangible fixed assets

Amm.of intangible fixed assets 181 77 104 Amm. of property plant and machinery 10.766 7.830 2.936

Total 10.947 7.907 3.040

The increase in the depreciation of tangible assets is mainly due to the calculation for the current year of the deployment of works relating to the building complexes of Milan, Naples and Turin (respectively 30 April, ’30 June and 31 August of 2010) and the amortisation of the new SAP software.

35 Write-downs and value adjustments of loans

This item is broken down below, with reference to the Ferrovie dello Stato Italiane S.p.A. Group as well as third parties:

2011 2010 Change

Write-downs and value adjustments of

loans 3.996 3.942 54

Group (265) 309 (574)

Third parties 4.261 3.633 628

Total 3.996 3.942 54

The write-down of loans shown under current assets is based on a careful analysis of these loans and the degree to which they are recoverable.

For better comparability with the current year, 2010 releases of Euro 229 thousand were reclassified from “other revenues and income” to the value adjustments of loans,