Italo is one of Europe's leading private high-speed passenger rail operators Strategic partnership with joint governance to facilitate Italo's next chapter of growth and ensure its ongoing commitment to sustainable transportation NEW YORK, NY / GENEVA, SWITZERLAND - October 2, 2023 - Mediterranean Shipping Company ("MSC"), a global transportation and logistics provider, announced today that it has entered into a binding agreement to acquire an approximate 50% stake in Italo - Nuovo Trasporto Viaggiatori S. p.A ("Italo") from Global Infrastructure Partners ("GIP"), a leading independent infrastructure investor, through its third flagship infrastructure fund ("GIP III"). p.A ("Italo") from Global Infrastructure Partners ("GIP"), a leading independent infrastructure investor, through its third flagship infrastructure fund ("GIP III"), and to establish a long-term strategic partnership for Italo's future development.

The other stake of around 50% in Italo will continue to be held by GIP, which will have joint governance with MSC, and by Allianz Group entities and funds managed by Allianz Capital Partners and other co-investors.

Italo is one of Europe's leading private high-speed rail operators. Since its launch in 2012, Italo has grown to operate a fleet of 51 energy-efficient electric trains, connecting 51 cities across Italy and serving more than 20 million passengers a year.

"This agreement demonstrates our long-standing commitment to Italy and our support for Italy's exceptional high-speed passenger rail transport," said Diego Aponte, Group President of MSC Mediterranean Shipping Company SA.

"We firmly believe in Italo's potential to further strengthen rail connectivity across Italy, but also the Italian tourist market. Moreover, today's agreement also reflects our Group's objective to further develop sustainable modes of transport, both for passengers and freight.

This aligns with Italy's efforts to improve its infrastructure network through new projects outlined in the National Plan for Recovery and Resilience (PNRR) aimed at extending high-speed rail services to areas currently lacking access. We share a common vision with GIP and are proud to build once again on this strategic partnership."

We are delighted to partner with MSC, with whom we have a strong and productive strategic relationship, to continue to support Italo's future growth," said Bayo Ogunlesi, President and CEO of Global Infrastructure Partners.

"We remain committed to providing high quality service to passengers and benefits to the Italian economy. We are very pleased that MSC shares our vision for Italo's future, as high-speed rail transport is essential to achieving net zero emissions goals and is aligned with GIP's energy transition and decarbonization strategies."

Completion of the transaction is subject to the satisfaction of customary conditions, including regulatory and competition approvals in the relevant jurisdictions.

Mediterranean Shipping Company