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July 15, 2020 The Council of Ministers met on Tuesday July 14, 2020, at 10:54 pm in Palazzo Chigi, under the chairmanship of President Giuseppe Conte. Secretary the Undersecretary to the Presidency Riccardo Fraccaro. The Minister of Infrastructure and Transport Paola De Micheli provided information on the state of definition of the serious breach procedure against Autostrade per l'Italia Spa (ASPI), in which the possible alternatives on the definition of the matter were exposed. During the meeting, two new settlement proposals were transmitted by ASPI, concerning, respectively, a new corporate structure of ASPI and new contents for the settlement settlement of the dispute. Considering their content, the Council of Ministers decided to start the procedure foreseen by the law for the formal definition of the transaction, it being understood that the renunciation of the revocation can only take place if the settlement agreement is completed. The proposal provides for specific qualifying points regarding the dealer's transaction and future corporate structure. Points relating to the transaction Compensatory measures at the sole expense of ASPI for the total amount of 3.4 billion euros; rewriting of the clauses of the agreement in order to adapt them to article 35 of the decree-law "Milleproroghe" (decree-law 30 December 2019 162); reinforcement of the system of checks on the concessionaire; increase of sanctions even in the case of minor violations by the concessionaire; waiver of all judgments promoted in relation to the reconstruction activities of the Morandi bridge, the tariff system, including the judgments brought against the resolutions of the Transport Regulation Authority (ART) and the appeals to contest the legitimacy of art. 35 of the "Milleproroghe" decree-law; acceptance of the tariff regulations introduced by the ART with a significant moderation of the tariff dynamics. Points relating to the dealer's corporate structure In view of the implementation of a very important maintenance and investment plan, contained in the same settlement proposal, Atlantia Spa and ASPI have undertaken to guarantee: the immediate transfer of control of ASPI to a stakeholder State (Cassa Depositi e Prestiti - CDP), through: the subscription of a reserved capital increase by CDP; the purchase of equity interests by institutional investors; the direct sale of ASPI shares to institutional investors that are liked by CDP , with the commitment by Atlantia not to allocate in any way such resources to the distribution of dividends; the proportional demerger of Atlantia, with the exit of ASPI from the perimeter of Atlantia and the simultaneous listing of ASPI on the Stock Exchange. Atlantia shareholders will evaluate the disinvestment of ASPI's shares, with a consequent increase in the free float. Alternatively, Atlantia offered to sell the entire 88% stake in ASPI directly to CDP and institutional investors of its choice.