1883: Building Railroads in Northern Italy Rulebook

Table of Contents

Table of Contents

• 1.0 Introduction
  • "18xx" Series
  • 1.1 Overview
  • 1.2 Game End and Winning the Game
  • 1.3 Components
  • 1.4 Rulebook Abbreviations
  • 1.5 Game Etiquette
  • Corporations of 1883
• 2.0 Game Setup
  • 2.1 Seating
  • 2.2 The Bank
  • 2.3 The Board
  • 2.4 Trains and Track Tiles
• 3.0 Private Companies Auction
  • 3.1 Private Company Overview
  • 3.2 The Private Company Auction
  • 3.3 Purchase of Private Companies by Railway Corporations
  • 3.4 Closing of Private Companies
• 4.0 Sequence of Play
  • 4.1 Stock Round Overview
  • 4.2 Operating Round Overview
• 5.0 Stock Round (SR)
  • 5.1 Overview
  • 5.2 Selling Stocks
  • 5.3 Buying Stocks
  • 5.4 Certificate Limit
  • 5.5 Buying Political Support Cards
  • 5.6 Buying Government Concessions
  • 5.7 Ending a Stock Round
  • 5.8 Closing a Corporation
• 6.0 Operating Round (OR)
  • 6.1 Private Company Revenue
  • 6.2 Draw & Play a Random Event Card
  • 6.3 Operating Corporations
  • 6.4 Placing Track Tiles
  • 6.5 Placing Station Markers
  • 6.6 Placing Port Tokens
  • 6.7 "Ferrovie dello Stato", the "FS" Track
  • 6.8 Running Trains
  • 6.9 Buying Trains
  • 6.10 Issuing Corporation Stocks from the Initial Offering (IO)
  • 6.11 Railway Corporations Buying Private Companies
• 7.0 Random Event Cards
  • 7.1 Game Eras
• 8.0 Special Rules
  • 8.1 The Consorzio Cooperativo di Produzione e Lavoro (CCFR)
  • 8.2 CCFR Capitalization
  • 8.3 The Società Anonima Reggiana Servizi Automobilistici (SARSA) Bus Corporation
  • 8.4 The Società Emiliana Ferrovie Tramvie e Automobili (SEFTA) Merger
• 9.0 Game Phases Summary
  • Phase 1
  • Phase 2
  • Phase 3
  • Phase 3bis
  • Phase 4
  • Phase 5
  • Phase 6
  • Phase 7
  • Phase 8
• 10.0 End of the Game
• 11.0 Event Card Descriptions
  • 11.1 First Era
  • 11.2 Second Era
  • 11.3 Third Era
• 12.0 Variant Rules
  • 12.1 Mandatory SEFTA Merger
  • 12.2 Bombs Away
  • 12.3 Create Your Own Destiny
• Appendix 1: Glossary
• Appendix 2: Summary Rules for 18XX Experts
  • 1. Private Companies Auction
  • 2. Stock Round (SR)
  • 3. Operating Round (OR)
• Appendix 3: Charts and Tables
• Appendix 4: Tile Manifest & Upgrade Chart

1.0 Introduction

1883 is a member of the "18xx" series of games. The series is based on 1829, by Francis Tresham.

"18xx" Series

If you are already familiar with the 18xx series, Appendix 2 has a summary of the rules of 1883. If you are new to the 18xx series, we recommend that you pay particular attention to the examples about laying the hexagonal tiles as explained in rules para 6.4.

Appendix 1 has a Glossary of game terms – these terms are first indicated in these rules in Bold print, for example: President.

1883 can be a quite long game depending upon the experience and the play style of your group. Expert players can finish a game in 4-5 hours, while first time players might take up to 6-7 hours.

1.1 Overview

Two to four players take on the role of railway investors, promoters, and Presidents with the general objective of making money.

A player's wealth is accumulated mainly through owning Stocks in the Corporations included in the game. Stocks make money in two ways: they can provide ready cash via dividend payments and they can increase in value. 1883 also offers players other ways to make money, depending on their personal inclinations.

A game of 1883 consists of a Starting Phase, followed by a series of game turns composed of a Stock Round (SRs) and, depending on the game Phase, one to three Operating Rounds (ORs).

In the Starting Phase players receive their starting position cards and the Private Companies Auction is held.

In a Stock Round, players may buy or sell Stocks for themselves, and buy Political Support cards. They may also buy Government Concessions on behalf of the Railway Corporations they are President of.

In the Operating Rounds, the Railway Corporations, the CCFR Railway Co-operative, and the SARSA Bus Corporation are operated by their Presidents.

1.2 Game End and Winning the Game

The game ends when:

• the Bank breaks (runs out of money), or
• the SARSA Corporation reaches the maximum value on the Stock Market Table, or
• due to bankruptcy, only one player remains.

At the end of the game, players add up their personal money and the total Stock Market value of the Stocks they own. The richest player wins the game.

Important: Corporation assets and money are not counted in the players' final totals.

1.3 Components

• 1 Mounted mapboard
• 9 Railway Corporation Charters
• 6 Private Company Certificates
• 81 Share Certificates
• 93 Corporation Stations and Tokens
• 16 Concession Tokens
• 3 Port Tokens
• 1 Round Marker
• 55 Wooden cubes
• 26 Wooden cylinders
• 150 Tiles
• 36 Train cards
• 4 Player Aid Cards
• 4 Player Order Cards
• 1 Priority Card
• 24 Political Support Cards
• 31 Event Cards
• 154 Banknotes
• 1 10-sided die
• 1 Rulebook

1.4 Rulebook Abbreviations

This rulebook uses a number of abbreviations:

• 2GT – 2T gravity train
• 3T, 4T etc – "T" = train
• BP – Bank Pool
• IO – Initial offering
• OR – Operating Round
• Px – Private Company Number
• L. – Lire (the game's currency)
• SR – Stock Round

1.5 Game Etiquette

To help keep the game moving along quickly, players should try to do all their planning when it is not their turn.

All game transactions are open and public. All game information, such as players personal cash and shareholdings, Corporation Treasuries etc, is open to all and must be provided upon request, but it is best not to ask for such information from the current player – wait until they have finished their turn; player and Corporation assets should be displayed clearly so as to minimise such requests.

A polite player doesn't try to influence, distract or give unrequested suggestions to others at the table, etc.

Verbal agreements between players are permitted, but they must be open and public. Players are not obliged to keep their word. Remember that 1883 is a competitive game and not a cooperative game.

Corporations of 1883

There are six Railway Corporations that players may float (start) from the beginning of the game. Each Corporation has nine stocks: eight are single 10% stocks, and one is the 20% President's Certificate, for a total of 100%.

Abbre.	Full name	Home City/Cities	Hex(es)
FBV	Società per la Ferrovia Bologna-Vignola	Casalecchio	101
FMV*	Società Anonima per la Ferrovia Modena-Vignola	Vignola	68
FSF	Società Anonima per la Ferrovia Suzzara-Ferrara	Suzzara; Poggio Rusco	25/27; 60/61
FSMMF*	Società Anonima Ferrovia Sassuolo – Modena Mirandola e Finale	Modena	52/55
SAFRE	Società Anonima per la Ferrovia Reggio Emilia	Reggio Emilia	16/19
SV	Società Veneta per la Costruzione ed Esercizio di Ferrovie Secondarie	Cento

There is one Railway Corporation formed from a merger of the FMV* and FSMMF* Corporations (para 8.4).

Abbre.	Full name	Home City/Cities	Hex(es)
SEFTA	Società Emiliana Ferrovie Tramvie et Automobili	Modena; Vignola	52/55; 68

There is one Railway Co-operative that begins the game already in player control. It is later capitalized into a Railway Corporation (para 8.2).

Abbre.	Full name	Home City/Cities	Hex(es)
CCFR	Consorzio Cooperativo per le Ferrovie Reggio-Ciano e Reggio-Po	Ciano; Reggio Emilia	03; 16/19

There is one Bus Corporation that players may Float (start) from the beginning of the game (para 8.3).

Abbre.	Full name	Home City/Cities	Hex(es)
SARSA	Società Anonima Reggiana Servizi Automobilistici	Castelnovo Monti; Sasso	11; 89

2.0 Game Setup

2.1 Seating

Shuffle the appropriate number of place cards (numbered 1 to 4) and randomly give one to each player. The players then take their seats in clockwise order.

The Player who received card number 1 gets the Priority card – they are the Priority Cardholder, when the Private Company Auction begins.

2.2 The Bank

Place the Bank between the first and last players to manage. These 2 players are the banker. The Initial Bank Size in this game is 11,000 Italian Lira (L).

2.2.1 Player Starting Money and Assets. The starting money players receive from the game bank depends on the number of players.

Number of players	Player starting money
2	L.800
3	L.550
4	L.400

Each player also starts with a 10% stock of the CCFR Railway Co-operative and one Political Support card.

Important: Players must NOT mix up their Personal Money and Corporation Treasury money.

2.3 The Board

a) Place the game board in the centre of the table. Place 1 dark brown cube on every mountain hex. Place 1 light brown cube on every hill hex. Place 1 blue cube on every "F" hex (hexes with a water drop). Note: Some hexes on the board have more than one hex number, these are for resolving Random Events.

b) Place the stocks of the various Corporations on their spaces on the side of the board, with their President's Certificate (20%) on top. These spaces together are called the Initial Offering.

c) Place the Political Support cards on their space on the board, face up.

d) Shuffle the "Era 1" Random Event Cards (numbered 1 to 12) and place them facedown on the "Random Events" space on the board. Keep the "Era 2" and "Era 3" Random Event cards aside in two separate decks.

e) Place the square Government Concession tokens (numbered from 1 to 8) in the "Concessions Pool". Place the Concessions wooden cylinders on the gameboard on the locations shown on the chart on the map.

2.4 Trains and Track Tiles

• Sort the trains by their number in the top left corner.
• Place the 2GT on the "Available G Trains" space.
• Place the 2T on the "Available Trains" space.
• Stack the other trains in cost and number order on the "Unavailable Trains" space - with the 3T on top and the 8T at the bottom.
• Place the Round marker on "S".
• Sort the track tiles by colour and type and place them beside the board. Although only the yellow tiles are needed at first, the others are relevant to planning for later stages of the game, so they should be available for inspection.

3.0 Private Companies Auction

In the Starting Phase, before the first Stock Round, the banker (para 2.2) auctions the Private Companies to the players.

3.1 Private Company Overview

Private Companies are small railway companies, not quoted in the Stock Market, represented by one certificate only. At the beginning of the game, Private Companies are purchased or won at auction by the players and may later be purchased from them by Railway Corporations.

Each Private Company pays its owner Revenue in the Operating Rounds, until they close (para 3.4).

Some Private Companies have a special power that can be used before they close.

P1: Tramvia Castelfranco Bazzano (TCB)

• Cost: L. 20
• Income: L.5
• Effects: None

P2: Ferrovia Reggio Ventoso (FRV)

• Cost: L. 40
• Income: L.10
• Effects:
  • The Corporation owning the FRV can lay a tile in hex 20, connecting Reggio Emilia with Sassuolo at no cost, in addition to its normal tile lay. This action does not close the FRV. If not made earlier, the Reggio Emilia – Sassuolo connection is made automatically when the Private Companies close, but only if a tile is available.
  • The Reggio Emilia - Sassuolo connection is not reserved for the FRV owner. Any Corporation may lay a tile there by paying the appropriate terrain cost.
  • Unlike the other Private Companies, the FRV may be bought by a Corporation, for no more than face value, before the purchase of the first 3T.

P3: Compagnia di Navigazione sul Po (CNP)

• Cost: L. 60
• Income: L.10
• Effects:
  • The player who buys the CNP can trade it in at any time for a 10% stock of the Società Veneta per la Construzione ed Esercizio di Ferrovie Secondarie (SV) from IO or BP. If the stock was from the IO, the SV Treasury receives the SV PAR price from the bank. This action closes the CNP. When this happens, the port token that comes with the CNP is placed on the SV Corporation Charter.
  • If a Corporation purchases the CNP it also acquires the port token.
  • When the private companies close:
    • If the CNP player owner has not traded it in (or the CNP is owned by a Corporation), and the SV has been floated, a 10% SV stock in the IO (if available) is placed in the Bank Pool (still respecting the 50% limit) and its Par price is paid to the SV Treasury; this does not affect the SV stock market value. If there are no more SV shares in the IO, or the Bank Pool already contains 50% of the SV shares, this point does not apply.
    • If the SV has not been floated, then place a 10% SV stock in the Bank Pool; the SV Treasury will receive the Par price of the stock when floated.

P4: Tramvia Modena Maranello (TMM)

• Cost: L. 80
• Income: L.15
• Effects:
  • The player who buys the TMM also receives a 10% stock of the Società Anonima per la Ferrovia Modena - Vignola (FMV). When floated, the FMV Treasury receives the Par price of the stock from the bank.
  • A Corporation that buys the TMM may lay a tile in Maranello (hex 43), this is in addition to its normal tile. This action does not close the TMM.
  • The Maranello hex (43) is not reserved for the TMM owner. Any Corporation may lay a tile there by paying the appropriate terrain cost.

P5: Ferrovia Casalecchio Vignola (FCV)

• Cost: L. 100
• Income: L.15
• Effects:
  • The player who buys the FCV also receives a 10% stock of the Società per la Ferrovia Bologna – Vignola (FBV). When floated, the FBV Treasury receives the Par price of the stock from the bank.

P6: Ferrovia Suzzara Ferrara Presidency (FSF)

• Cost: L. 150
• Income: L.0
• Effects:
  • The player who buys the FSF private company pays to the Bank the auction price for the company and receives the 20% President's Certificate of the FSF Corporation, the Società Anonima per la Ferrovia Suzzara – Ferrara.
  • The player becomes President of the FSF Corporation and must immediately set its Par price; the Bank then pays the FSF's initial capital of 2x Par price into its Treasury, thereby floating the Corporation. This action closes the FSF Private Company.
  • The FSF Corporation begins the game with two port tokens.

3.2 The Private Company Auction

The Banker offers all the Private Companies for sale by auction by placing them on the board in order: P1 Private Company on the left, P6 on the right, together with their matching stocks (see the list above).

The Priority Cardholder has the first turn and starts the bidding.

3.2.1 Purchase procedure. In their turn, a player must choose one of the following actions:

• pass;
• buy the lowest value Private Company still available for the price printed on it (its Face Value);
• place a bid on a higher value Private Company. All the bids are in multiples of L.5. The bid must be at least L.5 above its face value (if no other player has already made a bid), or if there are already bids on the Company by any player, at least L.5 more than the previous highest bid.

The player must keep aside the personal money they bid until that Company is either bought or won by a bid – that money cannot be used to buy or bid for other Private Companies.

After a player has taken their action, the Priority Deal Card passes to the player to the left and they take the next turn; but first, players check the lowest value Private Company still for sale - assessing the following three possibilities:

1. if there are no bids on it, the priority player resumes the procedure as per 3.2.1 above;
2. if there is only one bid, the player who made that bid takes the Private Company and pays their bid price for it. A check is then made on the next lowest value Private Company. If the lowest value Private Company has no bids on it, the priority player resumes the procedure as per 3.2.1 above;
3. if there are two or more bids, an auction is held between the players who placed those bids. Starting from the lowest bid and continuing in ascending order, players may increase their bids in multiples of L.5 against the current offer (as many times as they wish) until finally whoever makes the highest bid wins the Private Company. Then go back to point 3.2.1.

Note: Remember that winning the bid for a Private Company following procedures above is not considered "an action" for the purpose of determining the player turn.

Once all the Private Companies are won or bought, the first Game Turn begins with the first Stock Round.

EXAMPLE

Players A, B, C and D are playing in sequence order, player A begins with the Priority Deal card (the highlighted colour indicates the player with the priority).

• player A may buy the TCB (P1) at its face value of L.20, but decides to make a bid of L.65 for the CNP (P3) and the turn passes to player B;
• player B may buy the TCB at its face value of L.20, but decides to make a bid of L.45 for the FRV (P2) and the turn passes to player C;
• player C may buy the TCB at its face value of L.20, but decides to make a higher bid of L.70 for the CNP (L.5 more than player A's bid) and the turn goes to player D;
• player D is offered the TCB at its face value of L.20 and buys it so the priority passes to player A;
• now, the lowest value Private Company on the table is the FRV (P2) on which player B has made the only bid of L.45, so (as per point 2 above) player B wins it and pays their L.45;
• now, there is a new lowest value Private Company, the CNP (P3): it has bids from players A (L.65) and C (L.70) so (as per 3 above) an auction is held between the two players with a minimum increase of L.5 for new bids;
• player A bids L.75;
• player C bids L.80;
• player A does not make a higher bid and takes back their L.75;
• player C wins the bid and pays their L.80;
• now the TMM (P4) is the lowest value Private Company on the table. There are no bids on it, so it is offered to player A at its face value of L.80 (The Priority Deal card did not move while the existing bids were resolved);
• player A declines to buy the TMM and instead bids L.105 for the FCV (P5) and the priority passes to player B;
• player B is offered the TMM at its face value of L.80 and buys it;
• the priority passes to player C;
• the FCV (P5) is now the lowest value Private Company on the table: there is only the bid from player A, so player A wins that bid and pays their L. 105;
• now the FSF Presidency (P6) is the lowest value Private Company on the table: there are no offers for it, so it is offered to player C at its face value of L. 150 (the payment made by player A for the FCV after winning the bid did not move the Priority Deal card);

3.2.2 Failure to sell a Private Company. If, in a complete round of the table all the players "pass" before all the Private Companies have been sold or won, then the Private Companies Auction is suspended temporarily. Any players who own Private Companies receive the revenue shown on them, then the Private Companies Auction begins again starting with the Priority Cardholder. Any previous bids made on the Private Companies remain valid.

If all the players pass while the TCB (P1) is still available, it is offered at L.5 less than its face value. The TCB price will always decrease by L.5 each round until a buyer is found. If the TCB price drops to L.0, the player with the priority receives the TCB for free and the auction will go on with the player to their left. This action does count as a purchase.

EXAMPLE

Players A, B, C and D are playing in sequence order, player A has the priority.

• player A is offered the TCB (P1) at its face value of L.20, but decides to make a bid of L.85 on the TMM (P4) and the turn passes to player B;
• player B is offered the TCB at its face value of L.20, but decides to make a bid of L.105 on the FCV (P5) and the turn passes to player C;
• player C is offered the TCB at its face value of L.20 and buys it so the turn passes to Player D;
• now the FRV (P2) is the new lowest value Private Company on the table, since there are no bids on it, it's offered to Player D at its face value of L. 40;
• player D passes;
• player A passes;
• player B passes;
• player C passes: because all the players passed, the auction is suspended temporarily and the Private Companies owned by players pay their revenues. In this example, player C receives L.5 from the Bank as TCB revenue.
• player D is again offered the FRV at its face value of L.40; the other bids already made for the TMM and FCV remain valid.

3.3 Purchase of Private Companies by Railway Corporations

After the purchase of the first 3T, at any time during its Operating Round turn a Railway Corporation may purchase one (or more) Private Companies from their player owners at a mutually agreed price between half to double face value. The Corporation pays the player directly from its Treasury.

Note: The presidency of the Suzzara-Ferrara Railway (FSF), assigned in the Private Companies phase, cannot be purchased by a Corporation.

Exception: the FRV Private Company may be bought by a Corporation before the purchase of the first 3T. In this case the price will be between half to face value.

3.4 Closing of Private Companies

The Private Companies are closed with either:

• the merger between the FSMMF and FMV Corporations to form the SEFTA (para 8.4), or
• after the purchase of the first 5T,

whichever situation occurs first.

3.4.1 CNP (P3) closed. When the private companies close:

• If the CNP player owner has not traded it in (or the CNP is owned by a Corporation), and the SV has been floated, a 10% SV stock in the IO (if available) is placed in the Bank Pool (still respecting the 50% limit) and its Par price is paid to the SV Treasury; this does not affect the SV stock market value. If there are no more SV stocks in the IO, or the Bank Pool already contains 50% of the SV stocks, this point does not apply.
• If the SV has not been floated, then place a 10% SV stock in the Bank Pool; the SV Treasury will receive the Par price of the stock when floated.

4.0 Sequence of Play

The game setup and Private Companies Auction are considered to be Game Phase 1.

Beginning with Game Phase 2, play proceeds by alternating a single Stock Round (SR) with a set of 1 to 3 Operating Rounds (ORs).

The game will run through a number of phases, the phases change immediately whenever the first train of a type is bought in an OR (Note: 2GT do not affect the game phase). An overview of the various rules changes by Game Phase is in Section 9.0.

Exception: The number of ORs in a Game Turn does not change immediately when the Game Phase changes – it changes in the next set of ORs.

NOTE: the Game Phase number matches the available trains.

4.1 Stock Round Overview

During an SR, starting with the Priority Cardholder and proceeding clockwise, players take turns as play moves around the table, to buy or sell stocks, buy Government Concessions and Political Support Cards, or pass. An SR ends when all players have passed consecutively. This means that a player who passed during their turn will be able, if all the other players don't pass consecutively, to perform another turn.

At the end of the SR the priority card for the next SR is assigned (para 5.7.1) and stock prices and concessions are adjusted (para 5.7.2).

4.2 Operating Round Overview

During an OR the following actions are performed in order:

1. Pay out Private Company revenue;
2. Draw one Random Event Card and follow the instructions on it;
3. Corporation Presidents operate their Corporations, one by one, in order from the Corporation with the highest Market value through to the one with the lowest (para 6.0). The Corporation President, exclusively, makes all the decisions for their Corporation.

During its Operating Round turn a Railway Corporation (via its President) may carry out any, some or all of the following activities, in the order indicated:

1. lay track tiles (optional);
2. place Stations (optional);
3. run its trains (mandatory) then either:
4. pay a dividend to shareholders or withhold the dividend in the Corporation Treasury (mandatory);
5. buy trains (optional; it can be mandatory per 6.9).

A Railway Corporation may buy a Private Company, and/or use the Power of an owned Private Company at any time during its OR turn.

4.2.1 Operating Round Turn Order. The Railway Corporations operate in order of their stock market value, from highest to lowest. If several Railway Corporations have the same market value, the one in the column furtherest right operates first.

If more than one Corporation token is in the same space, they operate in order from top to bottom of the stack.

Each time a stock market token enters a new space, it is placed under any already present.

5.0 Stock Round (SR)

During a Stock Round, players buy and sell stocks in operating Corporations (Railway Corporations or the Bus Corporation) and may float new Corporations.

Each Corporation has nine shares: eight are single 10% stocks, and one is the 20% President's Certificate, for a total of 100%. Single stocks are bought and sold at the Market or Par price. The 20% President's Certificates are bought at double the Market or Par price.

On the gameboard there is a Stock Market Table, a Par Chart, a Bank Pool (BP), and the Initial Offering (IO).

The Stock Market Table is divided into numbered squares that indicate stock prices.

The Par Chart shows the prices of the 10% Corporation shares available in the Initial Offering.

The Bank Pool holds the stocks sold by the players; the Bank Pool cannot hold more than 50% of a Corporation (exception: paras 6.9.6 and 8.2.1). The Bank Pool also holds any trains discarded by the Corporations (paras 5.8, 6.9.6, 8.2.1).

5.1 Overview

The SR consists of a series of turns, starting with the Priority Cardholder and proceeding clockwise. On their SR turn, a player may take any one of the following six actions:

1. sell any number of stocks;
2. sell any number of stocks and/or buy one stock from the Bank Pool or Initial Offering;
3. sell any number of stocks and/or buy one Political Support card;
4. sell any number of stocks and/or buy one Government Concession on behalf of a Railway Corporation they are President of (the Corporation must have floated in a previous SR);
5. buy a single stock from the BP or IO, and if they wish, then sell any number of stocks (including the one just bought);
6. pass.

5.2 Selling Stocks

To sell stocks, the player transfers any number of stocks from their holdings to the Bank Pool, subject to the following restrictions:

• Stocks may not be sold in the first SR
• There may never be more than 50% of any Corporation in the Bank Pool
• President's Certificates may never end up in the Bank Pool.
• A player can sell a Corporation President's Certificate only if there's another player owning at least two 10% stocks in that Corporation and thus able to be the new president.

EXAMPLE

A player wants to sell 2 SV stocks and 1 FMV stock, but there are already 4 SV stocks (40%) and 1 FMV stock (10%) in the Bank Pool. The player can only sell one SV stock (to make 50% of the SV in the BP) and sell the FMV stock (to make 20% of the FMV in the BP).

The player receives personal money equal to the current Market price of the Corporation stock sold. They put the sold stocks in the Bank Pool and, for each stock sold, move the Corporation's stock price token down one row on the Stock Market Table; if the token reaches the bottom of the table it does not move anymore. If the token moves to a space on the stock market already occupied by other tokens, it is placed at the bottom of the stack. If the token remains on its original space, it retains its relative position in a stack. If a player sells stocks in more than one Corporation in a single turn, they decide in which order to sell them (this will decide the operating order of Corporations whose stock price tokens drop to the same space).

EXAMPLE

The player decides to sell 1 SAFRE stock (value L.80), 2 FMMSF stocks (value L.85) and 1 SV stock (value L.90).

The player receives L. 340 (1 stock at L. 80, 2 stocks at L. 85 each, 1 stock at L. 90). The value of SAFRE drops one line to L. 75, while that of FMMSF drops to L. 80 because, even though two stocks were sold, the token has reached the bottom of the table and doesn't drop any further. The value of SV stays at L. 90, because it's already at the bottom of the table.

5.3 Buying Stocks

During the Stock Round a player may buy one Stock on their turn, subject to the following restrictions:

• A player cannot buy a stock if that would put them over the Certificate Limit (para 5.4), even if that buy would give them a Presidency;
• A player may never own more than 60% of a Corporation;
• A player who has sold a stock in a Corporation may not subsequently buy stocks in that Corporation until the next SR;
• If a player buys a stock, they cannot also buy a Government Concession or Political Support card that turn. They may still sell stocks that turn.

5.3.1. Buying from the Initial Offering (IO). If there are stocks still available, the player pays the Par price to the Corporation Treasury and takes the stock from the top of the IO stack, placing it in front of them. The player who buys the 20% President's Certificate of a Corporation from the IO floats that Corporation (para 5.3.3 below).

5.3.2. Buying from the Bank Pool (BP). The player pays the Market price to the Bank and takes the stock from the Bank Pool, placing it in front of them.

Market Price and Par Price

The Market price of a stock is shown on the Stock Market Table by a token with that Corporation's logo.

The Par price of a stock is shown on the Par Chart; this value is set by the player who buys the 20% President's Certificate from the IO to float the Corporation.

5.3.3. Floating a Railway or Bus Corporation. The player who buys the top stock (the 20% President's Certificate) of a Corporation from the IO floats that Corporation and becomes its President. They then decide the price every player will pay for each 10% stock in the Corporation they buy from the IO, whether at L65, L.85 or L.100 (this is called the Par price of the Corporation's stocks).

From Phase 3 on, Corporations may be floated at a Par of up to L. 110.

From Phase 5 on, Corporations may be floated at a Par of up to L. 150.

After choosing the Par price, the President then places the Corporation Charter in front of them and places the money they paid (2x the par price, for the 20% Presidents Certificate) for the stock on the Corporation Treasury. Next, they place one of the Corporation's tokens on the Par Chart and one on the Stock Market Table (the related box with a yellow, green, or brown background color). Place the Corporation's Home City Station Marker(s) on the map. The President will begin operating the Corporation in the next OR.

5.3.4 Floating the Società Anonima per la Ferrovia Modena - Vignola (FMV) and the Società per la Ferrovia Bologna – Vignola (FBV) Corporations. When the FMV and FBV Corporations are floated, their Treasuries receive not only the Par price for their 20% President's Certificate but also the Par price for the 10% stocks owned by the owners of the Private Companies P4 (TMM) - for the FMV, and P5 (FCV) - for the FBV.

5.3.5 Floating the Società Emiliana Ferrovie Tramvie e Automobili (SEFTA). The SEFTA Corporation is not available to float as it is formed by the merger of two Corporations.

Exception: if the SEFTA is closed (para 5.8), it may be re-floated following the normal rules.

5.3.6 Change of Presidency. If, after purchasing stocks, a player now has the single largest stockholding in a Corporation, they become its new President. The old President gives them the President's Certificate in exchange for two of their 10% stocks. If the purchasing player's stockholding is the same as the President's, the Presidency does not change hands.

If a Corporation President sells their stocks so another player then has a larger stockholding, then they give that player their 20% President's Certificate in exchange for two of the player's 10% stocks; if two or more players are eligible, then the player closest to the old President's left becomes the new President.

Note: if the old President is now over the Certificate Limit, they must immediately sell down to (or below) the limit at their first available opportunity.

A change of Presidency may occur also due to a mandatory sale (examples at paras 5.4 or 6.9.6).

5.4 Certificate Limit

There is a maximum number of certificates a player may own (see the table below).

• A 20% President's Certificate counts as one certificate.
• A Private Company counts as one certificate.
• The CCFR Co-operative stock a player receives at the beginning of the game also counts as one certificate.

A player cannot voluntarily exceed the certificate limit; if the excess is due to a loss of one or more Presidencies the situation has to be rectified as per para 5.3.6.

The Certificate Limit may change during an OR if:

a) the number of Corporations in play drops because the SEFTA is formed (para 8.4); b) a player goes bankrupt and is out the game.

If, at the beginning of the following Stock Round, a player is over the Certificate Limit, they must, on their first SR turn, sell one or more stocks until they meet, or fall below, the Certificate Limit.

Certificate Limit Table

Number of players	8 Corporations (SEFTA not in play)	7 Corporations (SEFTA in play)
2	32	28
3	21	19
4	16	14

5.5 Buying Political Support Cards

Political Support cards are played by players in an Operating Round to help a Corporation they're President of, usually to avoid negative effects of Random Event Cards or to change where the government bonus is paid when the Corporation completes a Government Concession (para 5.6.1).

Players may buy a single Political Support card, using their personal money, on their SR turn. A player may buy more than one card in an SR, but may only own a maximum of nine. The cost to buy Political Support cards is shown in the table below. Players cannot sell, trade, or give away Political Support cards, nor buy them from another player.

Political Support Cards – Costs Table

Cards already owned	Cost in L.
0	5
1	10
2	20
3	30
4	40
5	50
6	60
7	80
8	100
9	X

5.6 Buying Government Concessions

A Government Concession is a commitment by a Railway Corporation to make a connection between specific cities on the board (as shown in the Concessions Table). Only one Corporation may own any given Concession, however, if that Corporation fails to accomplish the required connection before its deadline, the Concession comes back into play (the player has to pay a penalty) and can be bought again by any Corporation.

Each Government Concession has:

• 2 tokens with the Concession number and color;
• numbered wooden cylinders that are placed on the map to indicate the route and the order of the stations.

A Railway Corporation may buy only one Concession per SR; the purchase is made by its President and the price is paid to the Bank from the Corporation Treasury. Place one Concession marker on the Corporation Charter, and one on the row on the "Concessions Track" with its number.

A Corporation may not acquire a Concession in the same SR it was floated.

Concessions cannot be sold or traded between Railway Corporations.

5.6.1 Fulfilling a Government Concession. As soon as the required connections are completed by any Corporation, the Corporation which owns the Concession receives a cash bonus from the government (the game Bank), but only if a valid route can be traced connecting one of its station markers to all the cities indicated on the Concession in the sequence shown on the Concessions Table (this route may include other cities).

The route is considered valid if a hypothetical train from an infinite number of cities is able to run it without being blocked by station markers of other Railway Corporations or the CCFR Co-operative (para 6.8). The route cannot use any part of the FS red track (para 6.7).

If the connections are completed for a Concession that is unowned, that Concession (and its cylinders) is removed from play.

The bonus is paid into the Corporation Treasury; however, the Corporation President may play a Political Support card to pay the bonus to Corporation stockholders instead as a dividend; in this case stocks in the IO and BP pay to the Corporation Treasury.

The value of the bonuses change during the game depending on the train available when the Concession is fulfilled.

Government Concessions Deadlines. From the SR turn when a Concession is bought, the Corporation only has a certain number of ORs to complete the connections to avoid paying a penalty of twice the initial cost the concession. The number of ORs and the Concession deadlines are tracked on the "Concessions Track" on the gameboard, which is adjusted at the end of each OR (para 6.12) and may result in a Corporation paying a penalty.

5.6.2 End of the Government Concessions. When the first 8T is sold, all unsold Concessions are removed from play. Corporations which still own any Concessions may still complete them. If they fail to complete them before the deadline, they still pay the penalty, and the Concession is removed from play.

5.7 Ending a Stock Round

5.7.1 The Priority Card. After all players have consecutively passed, the SR ends and the player to the left of the last player to sell and/or buy becomes the Priority Cardholder and will act first in the next SR. If nobody buys or sells anything in the SR, the player who had the Priority card keeps it.

5.7.2 Adjusting Corporation stock prices. If 100% of the stocks in any Corporations are owned by players then, in stock price order, move their stock price tokens up one row on the Stock Market Table.

If a token is already on the top row, it does not move.

If a token moves to a box where there are already other tokens, it is placed at the bottom of the stack.

5.8 Closing a Corporation

If the stock price token of a Corporation enters the "Closed" section of the Stock Market Table, or its President goes bankrupt, then that Corporation is "closed" and is removed from play. The Corporation's money is returned to the Bank and Concessions to the Concessions Pool, its station markers removed from the board, its trains placed in the BP (they are now available for purchase). Any Private Companies and port tokens it owns are removed permanently from play. If SARSA is closed, all its bus tokens are removed from the board.

The Corporation's stocks are placed back in the IO. The Stockholders receive no compensation.

If the closed Corporation owned the Compagnia di Navigazione sul Po (CNP) Private Company, place an SV stock from the IO into the BP (if possible) and pay its Par price to the SV Treasury; if the closed Corporation is the SV, skip this.

A closed Corporation may be floated again in the next SR.

6.0 Operating Round (OR)

In Game Turns during phase 2, there is only one OR after each SR. In Phases 3 and 4 (i.e. after the sale of the first 3T), there are two ORs after each SR. From Phase 5 to game end (i.e. after the sale of the first 5T), there are three ORs after each SR.

An OR consists of the following phases in order:

1. Pay out Private Company revenue.
2. Draw one Random Event Card and follow the instructions on it.
3. Corporation Presidents operate their Corporations, one by one, in order from the Corporation with the highest Market value through to the one with the lowest. If two or more Corporations have the same Market value, to determine operating order and the effects of Random Event cards, the Corporation with the stock price token furthest right operates first. If two or more Corporations are in the same space, they operate in order from the Corporation whose token is on top down to the one on the bottom.
4. Finally, move down the markers on the Concessions Track.

6.1 Private Company Revenue

At the beginning of each OR, Private Companies pay the revenue printed on them to their owners (a player or a Corporation Treasury).

6.2 Draw & Play a Random Event Card

The Priority Cardholder draws the Random Event card for the turn. No card is drawn in the very first OR.

In this phase, players can spend their Political Support cards to avoid or mitigate possible negative effects of an Event card (para 7.0).

6.3 Operating Corporations

In this Phase, the Corporation Presidents operate their Railway Corporations in order of their value on the Stock Market Table (para 6.0).

The CCFR Railway Co-operative is also operated by its current President - it follows the Railway Corporation rules described below except where specifically noted in para 6.0 or in para 8.0.

During its Operating Round turn a Corporation carries out these actions in the following order:

1. Lay (or upgrade) one track tile on the gameboard (optional) (exception: the FSF and the CCFR) (6.4);
2. Place one station marker in a city (6.5) (optional);
3. Run its train(s) for revenue (6.8) (mandatory);
4. Withhold the revenue in the Corporation Treasury or pay it out as a dividend to stockholders (6.8.3) (mandatory);
5. Purchase one or more new trains (6.9) (optional, but mandatory for a Corporation with a legal route and no train);
6. Issue Corporation stocks from the Initial Offering to the Bank Pool and place the money in the Corporation Treasury (6.10) (optional);
7. From Phase 4 onwards, the FMV or FSMMF President may initiate the SEFTA merger (8.4) (optional).

At any time during its OR, a Corporation may:

a) place a port token it owns on a port hex (6.6). b) beginning in phase 3, after the sale of the first 3T, buy one or more Private Companies from their player owners (6.11). Exception: the FRV (3.3). c) use the power of a Private Company it owns.

Any costs for tile lays or station marker placements have to be paid from the available funds in the Corporation Treasury at that moment: so, for example, it is not possible to use revenue of the train runs to lay a track tile on a mountain hex or use the cash from issuing stocks to buy trains. Credit is not allowed, even to the end of the same turn.

6.4 Placing Track Tiles

The game board features a hexagonal grid (hexes) superimposed over a map of Central Emilia in Italy. Hexagonal tiles are laid on this grid to construct railway routes joining the various cities, towns, and Locations. Tiles cannot be laid on the grey hexes that depict already existing lengths of track. Tiles cannot be laid on yellow hexes until the green tiles are available.

The active Railway Corporation may lay one yellow tile or upgrade one yellow, green, or brown tile to green, brown, or grey respectively when available (exception: the FSF, the CCFR, Private Company powers).

Green tiles are available from phase 3, brown from phase 5, and grey from phase 7.

The mix of available tiles is intended to limit play. If a vital tile is in play, then it needs to first be upgraded in order to free it.

Important: if any track laid fulfills a government concession, the Corporation owning the concession immediately receives its bonus (5.6.1).

6.4.1 Restrictions on tile-laying. Yellow tiles are laid on and aligned with one of the pale green hexes on the map to extend a route (para 6.8.1) already available to the Corporation laying them. The new track must be connected ultimately to a city containing one of the Corporation's station markers.

A tile cannot be laid such that:

• a track runs off the hex grid;
• a track terminates against the blank side of a grey hex;
• a track terminates against an impassable hex.

To lay a tile on a hill, mountain or river hex, the Corporation first pays to the Bank the cost marked on the map. This cost is only paid for the first tile laid on these hexes (exception: SARSA).

Tiles marked as representing towns or cities may not be laid on other locations.

EXAMPLE: Placing track tiles

CORRECT: Tile #6 contains an FMMSF station token, and tile #9 is an extension of the existing track.

INCORRECT: Tile #6 contains an FMMSF station token, but tile #9 is not an extension of the existing track.

6.4.2 Upgrading tiles. A Corporation may only upgrade a tile if:

a) it can trace a legal train route (para 6.8.1) of any length from one of its station markers to and along one of the NEW track segments on the upgrade tile; or b) it is a city tile or hex the corporation can trace a legal route to.

This does not require that the route is actually in use, or even could be used with a train able to travel the distance, but it cannot be closed to the Corporation. Where a tile has two separate pieces of track, it is only necessary for one of them to form a legal extension. There is a Tile Upgrade Chart in the appendices.

Track segments on the old tile must be represented in the same orientations on the new tile and all track segments and connections on the old tile must be preserved. If the tile has one or more station markers on it, they are placed back on the new tile.

Tiles which have been replaced can be re-used.

EXAMPLE: Upgrading tiles

Correct upgrade: from the station marker it is possible to trace a valid route on the new track (green tile).

Incorrect upgrade: from the station marker it's NOT possible to trace a valid route on the new track (green tile).

6.4.3 Specific tiles. Certain marked tiles are for specific cities:

• Modena MO (hex 52/55)
• Reggio Emilia RE (hex 16/19)
• Sassuolo SA (hex 32/33)
• Ciano EN (hex 03)
• Suzzara SZ (hex 25/27)
• Poggio Rusco PR (hex 60/61).

These tiles may not be used on any other locations, nor may ordinary tiles be laid on these cities. The orientation of these tiles is restricted by the rules requiring the maintenance of existing track.

The FMV Corporation home city of Vignola (hex 68), already has track printed on the board; when a yellow tile is laid there, the existing track must be maintained.

6.4.4 FSF Corporation. Until the first 4T is bought the FSF has two tile lays, but on "F" hexes only. It may lay these two "F" hex tiles/upgrades in any order it chooses. If the FSF home cities are connected, the FSF may lay and then upgrade a tile on the same "F" hex.

Note: if the FSF lays its first tile on a non "F" hex it can't lay a second tile in that OR turn.

6.4.5 The CCFR. See rules para 8.1.4 for the specific rules for tiles and tracks and station markers for the CCFR.

6.5 Placing Station Markers

Corporation Station markers have two effects:

• The city may be used as a base to trace a train route of the owning Corporation;
• They block rival Corporations from tracing and running train routes through the city.

When a Corporation floats, a station marker is placed on its home city (or cities) shown on the map (as noted on the Corporation Charter). In an OR, a Corporation may place one additional station marker on any valid location by paying the cost (L.40 or L.100) shown on its Corporation Charter.

6.5.1 Valid placement. A valid location is any city which is connected by a legal route (however long) to the Corporation's home city or other station marker. There must be a spare space on the city for the station marker to be placed. Cities that have space for more than one station marker remain open to all until all spaces are occupied.

6.5.2 Placement restrictions.

• A Corporation can place only one station marker each OR (placement of starting home city station/s does not count);
• If the home city of a Corporation which has not yet floated (or has been closed) has only one available station marker space, no other Corporation may place a station marker there: if the city has more than one station marker space, one of the spaces must be left free;
• A city can never have two station markers of the same Corporation;
• A station marker cannot be placed on a city that can be reached only by going through a city completely occupied by other Corporations' station markers;
• The CCFR Co-operative cannot place any station markers north of the FS Parma-Bologna route.

EXAMPLE

In the first example below the FSMMF Corporation cannot place a station marker on the city on tile A because the space is occupied by the SAFRE station marker and it cannot place a station marker on tile B on the right because the route is blocked by the same SAFRE station marker.

In the second example below, the FSMMF Corporation can place a station marker on the green tile (C) (because there is a free space) and on the tile D (because the free space in C makes the tile D reachable).

6.5.3 SARSA bus tokens. Bus tokens do not block the routes of Railway Corporations. Their placement cannot be blocked by the presence of station markers (para 8.2).

6.6 Placing Port Tokens

• A port token may be placed at any time during a Corporation's OR.
• A port token may be placed only in city hexes with the anchor symbol.
• When placed on a port hex, it increases the revenue by L.20 for every train of the owning Corporation running to, from or through that hex. This revenue is reduced to L.10 when the first 4T is bought. A route may include revenue from more than one port token. There may be more than one port token in a city if they belong to different Corporations.
• The port tokens remain in effect until game end.
• The SV may acquire a port token if the P3 (CNP) Private Company player owner trades it in for an SV Stock.
• A Railway Corporation (SV included) that purchases the P3 (CNP) Private Company also acquires its port token.
• The FSF Corporation owns two port tokens. From the first OR the FSF President can place the first port token in a port hex of their choice. The FSF's second port token can be placed in a different port hex after the first 3T is sold. If the FSF buys the P3 (CNP) it may place the acquired port token at any time during its OR.

6.7 "Ferrovie dello Stato", the "FS" Track

The red tracks on the map represent the already existing railway network operated by the Italian Government (the Ferrovie dello Stato, or FS). FS track can be used by the Railway Corporations but only in a limited manner.

A Railway Corporation can trace a route, or part of it, from a "T" city on the map directly to the Off-board Location connected to that city (see table), via the red track. The "T" city counts as two stations when running a train on FS track. It is not possible to trace a route through an Off-board Location. Cities along the FS track between the starting "T" city and the Off-board Location are ignored and any station markers of other Corporations in these cities have no effect. The route of a train using the FS track can only include one Off-board Location.

If a "T" city is completely occupied by station markers, only the Corporations owning those station markers can use the FS route from that city to its Off-board Location.

Different trains of the same Corporation can reach the same Off-board Location, if they use a different "T" city.

If a route begins, passes through or ends at a "T" city, but does not use the FS track the "T" city counts as one station.

It is possible for a 3T (or higher train) to run for revenue solely on the FS track if the owning Corporation has a station marker on a "T" city".

It is not possible to use the FS track to run a route between 2 "T" cities (e.g. Reggio Emilia and Modena), but they may be connected with, and a route run on, non-FS track.

Hex	"T" location	Connected external box
52	Modena	Bologna/Firenze or Mantova/Brennero
16	Reggio Emilia	Bologna/ Firenze
76	Castelfranco	Bologna/ Firenze
26	Suzzara	Mantova/Brennero
62	Poggio Rusco	Verona/Brennero
64	S. Felice	Verona/Brennero
84	Persiceto	Verona/Brennero

EXAMPLES

This route from the "T" city of Castelfranco to the Off-board Location B needs a 3T and a station marker on Castelfranco.

FSMMF needs a 4T to reach Off-board Location B from its own station marker on City A.

FSMMF cannot reach Off-board Location B because the "T" City is blocked by other Corporation's station markers.

FSMMF can reach Off-board Location B from City A because "T" City C is not blocked and the station markers between City C and the Offboard Location "B" have no effect on the FS route.

6.8 Running Trains

During this step, a Corporation runs its train(s) for revenue.

6.8.1 Route definition & selection. The President selects the route of each of the Corporation's trains. A route is a length of track joining two or more cities, towns, or Off-board Locations. It must be continuous, and it must not involve reversing across junctions, changing track at crossovers, or travelling the same track section twice. A route that enters a station (a city or town) down one section of track may, however, leave along any other. A route may begin or end at any station.

A Corporation can trace routes to or from a city that is completely occupied by other Corporations' station markers, but the routes cannot run through the city.

A single train may not run to or through the same city twice, but it may run through and count two different cities on the same tile (Sassuolo and Reggio Emilia before they upgrade to green tiles).

Each train runs on a separate route. These routes may not share any track segments, but they may meet or cross at cities or Off-board Locations.

Every route used by a train must include at least one city occupied by a station marker belonging to that Corporation. At no time may the same station be used twice by the same train.

The route may include at least two stations, but no more stations and Off-board Locations than the number of the train, so a 2T can connect two stations, a 3T three stations, etc. An Off-board Location may only be at the beginning and/or end of a route, it is not possible to run through an Off-board Location.

If a Corporation owns more than one train, the routes of all of its trains must stay separated from each other's runs; they can however meet and cross in cities/town hexes (coming from different tracks) or use two independent tracks on the same tile.

A train may be used on a shorter route than the maximum allowed if desired or when a maximum route does not exist.

Special rules apply to 2GT (para 6.9.5) and the "FS" track (para 6.7).

Note: the 3bisT function identically to the 3T.

EXAMPLE

SAFRE has two 3T: if the first runs the route A-C-E, the second can run the route A-B-D-E-F because they cross in city E.

SAFRE has two 3T: if the first train runs the route A-C-E-G, the second can run the route A-B-D-E-F-H because they cross only on tile E running two different routes.

SAFRE has two 3T: if the first train runs the route A-D-F-G-I, the second CANNOT run the route A-B-C-E-F-G-H, because it cannot run on the same track as the first train on tiles F and G.

6.8.2 Revenue Calculation. All cities, towns (and their upgrade tiles), and Off-board Locations on the board are "stops" and are marked with revenue values. The revenue earned each time a train runs is the total of all the revenue values of the stops (and any owned port tokens) on its route.

The Corporation President decides the train route by looking for the highest possible revenue. If another player notices a more profitable route than the one indicated by the President, they are not obliged to point it out.

EXAMPLE

SAFRE runs a 3T on the route A-C-E, for revenue of L.50 (20+30); while another 3T runs the route A-B-D-E-F, for revenue of L.70 (20+30+20), so SAFRE's total revenue is L.130.

6.8.3 Withholding or Paying out Revenue. The President chooses to either withhold all the revenue in the Corporation Treasury or pay it all out to the stockholders. If the revenue is withheld, the Corporation's stock price token moves one column to the left; if it is paid out the stock price token moves one column to the right - if the revenue is GREATER THAN or EQUAL TO the current Market value of one of the Corporation's stocks. If the revenue is lower than the current Market value, then the stock price token does not move. If the Corporation has no trains and has no revenue, or has no revenue due to an Event card, then the stock price token moves one column to the left.

The stock price token moves up if it is already at the right edge of the board. Similarly, if the stock price token is at the left edge and the revenue is withheld, then it is moved down.

If the stock price token moves to a space that has other Corporation tokens, then it is placed at the bottom of the stack of tokens.

EXAMPLE

BEFORE: FMMSF withholds L. 100 in revenue, SAFRE pays out a dividend of L. 70; SV pays out a dividend of L.60.

AFTER: FMMSF goes back from L.85 to 80, SAFRE advances from 70 to L. 75 because the value of its run (70) is equal to the market value (70), SV remains at 65, because the value of its run (60) is lower than its market value (65).

When paying a dividend, each stockholder receives 10% of the revenue for each 10% stock they own (the President's Certificate is a 20% stock).

Stocks in the Bank Pool pay out to the Corporation Treasury; stocks still in the Initial Offering pay out to the Bank.

When withholding, the Corporation receives 100% of the revenue while the stockholders do not receive anything.

EXAMPLE

A Corporation's stocks are distributed as follows:

• 40% owned by player A (President)
• 20% owned by player B
• 10% owned by player C
• 20% in the Bank Pool
• 10% in the Initial Offering

The Corporation earns revenue of L.130 and the President decides to pay out a dividend: stockholders receive L13 for each 10% Stock they own.

Player A receives L.52 (13x4), player B receives L.26 (2x13), player C receives L.13 (13x1), the Corporation Treasury receives L.26 (13x2) and L. 13 stays in the Bank.

If the President decides to withhold the revenue, players A, B and C do not receive anything, and the Corporation Treasury receives all L.130.

6.8.4 Sassuolo. On the brown and grey tiles for Sassuolo (hex 32), there are two revenue values printed. If a route starts or ends in Sassuolo the higher value applies, while if the route only passes through Sassuolo the lower value applies.

6.8.5 Off-board Locations. The Off-board Locations on the edges of the map have three printed values. The lowest value is used at the beginning of the game, the middle value from the beginning of phase 3bis and the highest value from the beginning of phase 6.

6.8.6 Forced Purchase and Bankruptcy. If you're searching this para from the map reference in the Bank Pool, now it's para 6.9.6.

6.9 Buying Trains

Once floated, unless it has no legal route, a Railway Corporation must own a train (Note: 2GT do not satisfy this requirement). If, in the train buying phase, a Railway Corporation with a legal route has no train, it must buy one (or more).

Buying can be repeated several times, until the Corporation reaches the Train Limit (para 6.9.4).

6.9.1 Buying trains from the Bank. A Corporation can buy trains (one at a time) from the Bank, by paying the cost shown on the train card on the top of the "Available Trains" stack. Trains are bought from the Bank in order of increasing size. The smallest, the 2T, are bought first. When all these have been sold the 3T become available, then the 3bisT etc.

If the train bought from the Bank is the first of a new type of train, then a new Game Phase begins immediately (para 4.0, and also the Game Phase Table).

6.9.2 Buying trains from another Corporation. Trains may be bought from another Corporation at any price agreed (with a minimum L.1 for each train) between the two Corporations' Presidents (those Presidents may be the same player). When a Corporation buys a train from another one, the transfer of the train occurs immediately, in the turn of the buying Corporation.

6.9.3 Buying trains from the Bank Pool. A Corporation may buy a train(s) from the Bank Pool for face value, if there are any available.

6.9.4 Train Limit. During the game the maximum number of trains a Corporation can own changes depending on the Game Phase (see the Game Phases Table). A Corporation that is at the Train Limit may not buy a train, (even if buying a train would subsequently cause rusting and then put the Corporation below the Train Limit).

Exceeding the Train Limit. A Corporation with excess trains must immediately put the excess in the Bank Pool (with no compensation).

EXAMPLE

FSF Corporation owns two 4T and buys the first 5T. The game phase immediately changes and the Train Limit drops to two so the FSF now has an excess. It places one train (it chooses a 4T) into the Bank Pool. A Corporation will be able to buy this 4T instead of buying one from the Bank.

6.9.5 2G Gravity Trains (2GT). The 2GT represents a train without a locomotive that uses the force of gravity alone to make a downhill route.

A Corporation may buy one (or more) 2GT only if it already owns one (or more) 2T, 3T, or 3bisT. The number of 2GT owned by a Corporation cannot exceed the total number of 2T, 3T, and 3bisT it owns.

• 2GT do not count towards the Train Limit.
• 2GT do not satisfy the requirement that a Corporation with a route must own a train.
• Excess 2GT are returned to the bank, without compensation.

2GT follow the rules below:

• their route must be downhill (eg: from a mountain hex down to a hill or plains hex, or from a hill hex down to a plains hex); there may be two or more consecutive hexes of the same type.
• Off-board Locations with a hill or mountain symbol may be used to trace a 2GT route.
• a 2GT can only connect two consecutive stations (i.e. there can be no other stations between the beginning and end of the route);
• the route must include one of the Corporation's station markers;
• the value of the route is halved (rounding up);
• 2GT run after the regular trains run, so their route may be traced on track already used by the regular trains.
• when making the run, roll a d10 for each 2GT that operated:
  • On a 1 to 7: the run is successful;
  • On an 8 or 9: some problem occurred, and the train did not run; no revenue is earned;
  • On a 10: an accident occurred; the 2GT is destroyed and no revenue is earned. The train is returned to the "Available G trains" space on the board (it can be purchased again).

EXAMPLE

SAFRE Corporation has two 2T and a 2GT:

• the first 2T runs the route A-B for L.50 (30+20);
• the second 2T runs the route B-C-D for L.60 (30+30);
• the 2GT runs the route D-C-B for L.30 (60:2), because it is downhill and connects two consecutive stations even though the same route was run by a 2T.

The President rolls a d10 die: if the 2GT runs successfully the SAFRE revenue will be L.140; otherwise it will be L.110.

Revenue from the 2GT is added to the revenue from the normal routes as part of the dividend and when determining whether the Corporation stock price token will move on the Stock Market Table.

6.9.6 Forced Purchase and Bankruptcy. If a Railway Corporation is obliged to own a train (para 6.9) and does not have enough money in its Treasury to buy one for face value from the Bank or Bank Pool or for an agreed price from another Corporation, then the President has to make a forced buy.

In this case, the President must buy the cheapest train available, whether that is from the Bank or Bank Pool.

The President first pays all the money in the Corporation Treasury and then makes up the difference, following this order:

• by using their personal money. If that is insufficient, then
• by selling their own stocks, noting the restrictions below:
  • the Bank Pool cannot contain more than 50% of a Corporation;
  • the CCFR Co-operative stock cannot be sold;
  • the President may sell stocks in the affected Corporation, but in doing so, cannot sell stocks that would cause the presidency to change to another player;
  • a President's Certificate in another Corporation can only be "sold" if another player owns two 10% stocks in that Corporation and the President's Certificate can be exchanged for them.

Stock price tokens are moved accordingly.

If the President cannot raise enough money to pay for a train, they are declared bankrupt and the game continues without them. The Corporation with no train is closed (para 5.8) and can be floated again in a subsequent Stock Round.

All the other stocks owned by the bankrupt player are placed in the Bank Pool, even if that would exceed the 50% Limit.

If the bankrupt player was the President of another Corporation, a check is made to see if another player becomes the new President (para 5.3.6): in this case, they take the President's Certificate from the Bank Pool, exchanging it for two 10% stocks. If no player can be the new President, then that Corporation is also closed and it will be possible to float it again in subsequent Stock Rounds.

With the player bankruptcy the number of players is reduced, so the Certificate Limit drops (para 5.4).

6.10 Issuing Corporation Stocks from the Initial Offering (IO)

A Corporation may issue one or more of its stocks from the Initial Offering (IO) and put the money raised into its Treasury. To do this:

• the President moves the stocks from the IO to the Bank Pool;
• for each 10% stock sold, move the Corporation stock price token down by one row on the Stock Market Table;
• the Corporation Treasury receives the sum of the new Market value of the stocks.

Remember that the Bank Pool cannot contain more than 50% of a Corporation.

EXAMPLE

SAFRE issues 3 Stocks from the IO: its token moves down to position #1, so the SAFRE Treasury receives L. 210 (70x3); the FSMMF sells 1 Stock from the IO so its token moves to position #2, and the FSMMF Treasury receives L. 85 (85x1); the SV sells 3 Stocks from the IO, but its token stays where it is because it's already at the bottom of the column, the SV Treasury receives L. 270 (90x3).

6.11 Railway Corporations Buying Private Companies

After the first 3T has been bought, a Railway Corporation may buy one or more Private Companies from their player owners at any time during its OR turn. The buying price may be between half and double the face value shown on the Private Company card and is paid from the Corporation Treasury to the Private Company owner. If the FRV Private Company is bought by a Corporation before the first 3T is bought, the price paid cannot exceed its face value.

A Private Company cannot be sold or traded once it belongs to a Corporation.

6.12 Government Concessions Check

At the end of each Operating Round, move the tokens of the Concessions owned by Corporations down the Concessions Track, to show how many ORs are left until the Concessions expire.

If a token reaches the bottom row on the Concessions Chart, the owning Corporation has failed to fulfill the Government Concession.

Any Corporation that did not make the connection(s) required by its Government Concession(s) (para 5.6.2); must give the Concession(s) back to the Concessions Pool and immediately pay a penalty of double the original price of the Concession(s). If the Corporation does not have enough money in its Treasury then rule 6.9.6 applies (Forced Purchase and Bankruptcy).

If more than one Corporation is unable to complete a Concession, then rule 6.9.6 is resolved in order of the Corporations' Stock Market values.

7.0 Random Event Cards

In every OR, except the first one, a Random Event card is drawn. There are three different "Eras" of cards. See para 12.0 for details of specific cards.

Some Event card effects can be avoided by players playing one (or more) Political Support cards – these are noted on the card.

When the text on a card refers to "players": players who wish to avoid the card effect may, starting with the Priority Cardholder and moving clockwise, immediately play the required number of Political Support cards; if they're unable to (or don't want to) the Event is applied to them. Players can only play Political Support cards to help themselves, they cannot play one "for" another player.

When the text on a card refers to "Corporation" or "Corporations": beginning with the Corporation with the highest market value, then one by one in highest to lowest order, if the Corporation President wants their Corporation to avoid the card effect, they immediately play the required number of Political Support cards. If they're unable to (or don't want to) the Event is applied to their Corporation. Other stockholders in that Corporation may not play Political Support cards for that Corporation.

Some Events have a "random" victim: in this case players roll the 10-sided dice to determine the player or Corporation affected (the highest roll will be the victim).

Event cards are removed from play after use, played Political Support cards are returned to the deck.

7.1 Game Eras

• At the beginning (para 2.3), only the First Era cards are used (cards # 1-12).
• After the purchase of the first 3bisT, all the unused cards without a "2" on the left side are removed from play. Take the remaining cards and shuffle them with the Second Era cards (cards #13-23), creating a new deck.
• After the purchase of the first 6T, all the unused cards without a "3" on the left side are removed from play. Take the remaining cards and shuffle them with the Third Era cards (cards # 24-31) creating a new deck.

If a deck is finished before the next one becomes available, Random Events are not drawn until that next deck is available.

8.0 Special Rules

8.1 The Consorzio Cooperativo di Produzione e Lavoro (CCFR)

The CCFR begins the game as a Railway Co-operative and follows the special rules detailed below. After its capitalization at the beginning of Phase 5, the CCFR becomes a Railway Corporation and follows the same rules as other Railway Corporations, except where specifically noted below.

8.1.1 Activation. The CCFR Co-operative is active automatically at the beginning of the game, with its nominal value of L.100 already printed on the Stock Market Table. Each player starts the game with a 10% Co-operative stock.

These stocks count for the certificate limit and cannot be sold during an SR until the capitalization of CCFR.

The other stocks are placed in the IO with the 20% President's Certificate on top.

8.1.2 Determining the CCFR Co-operative President. Until its capitalization, the Co-operative has a "rotating" Presidency that changes each OR.

At the end of the first SR players determine the first Co-operative President as follows:

• the President is the player with the highest number of Railway Corporation presidencies;
• if there is a tie, it is the player with the highest number of certificates (Private Companies count too);
• if there is still a tie, it is the player with the most money in hand;
• if there is yet still a tie, then roll the die.

At the end of each OR the Co-operative Presidency token rotates left to the next player. If that player is banned from the Co-operative (para 8.1.6) then the Presidency goes to the next player to the left and so on.

8.1.3 Restrictions on the CCFR Co-operative.

• receives no starting capital;
• its stocks may not be bought or sold prior to capitalization;
• always pays out a dividend, it may not withhold;
• receives Treasury money only from stocks in the Bank Pool;
• automatically receives trains (para 8.1.5);
• may not buy a Private Company;
• may not buy Concessions;
• may not lay track, or trace routes for revenue or station marker placement purposes, north of the FS Parma-Bologna track;
• may not issue stocks;
• may buy trains (including 2GT) only from the Bank at face value;
• Railway Corporations may not buy trains from the CCFR Co-operative.

8.1.4 Tiles and Tracks. The CCFR Railway Co-operative follows the same rules as the Railway Corporations when placing and upgrading track and station markers, tracing routes, determining revenue, and how it pays out dividends.

• The CCFR Co-operative can lay a new tile or upgrade, from each of its home cities: Reggio Emilia (hex 16/19) and Ciano (hex 03)), but only on tiles on, or south of, the FS Parma-Bologna track (hexes: 7-16/19-31-52/55-65-76/77-87). It may lay these tiles in any order it chooses. If its two starting cities are connected it is possible to lay a tile and immediately upgrade it in the same hex.
• The CCFR Co-operative does not pay a terrain cost for mountain or hill hexes.
• The CCFR Co-operative can upgrade the hexes of Reggio Emilia, Modena (hex 52/55) and Castelfranco (hex 76/77) as part of its normal tile placements.

The Co-operative may also always lay an additional yellowe tile for free in a mountain or hill hex - the track must be connected to one of its home cities. It lays this tile last.

8.1.5 Trains. The CCFR Co-operative starts the game with two 2T and two 2GT. Then:

• after the first 3T is sold, place one of its 2T in the Bank Pool and give it a 3T;
• after the first 4T is sold, give it a 4T;
• after the first 5T is sold, place its 4T in the Bank Pool and give it a 5T (unless the CCFR is frozen: para 8.2.2).

The Co-operative can only buy additional trains, including 2GT (up to the Train Limit), from the Bank at Face Value.

8.1.6 Dividends, "looting" and ousting. The CCFR Co-operative always pays out dividends, moving its token on the Stock Market Table following the normal rules (para 6.8.3). The President in charge that OR can choose, instead of paying out the dividend, to "loot" the Co-operative.

If the President "loots":

• the President keeps 100% of the revenue for themselves – put it in their personal money;
• the stock price token moves one column to the left on the Stock Market Table;
• the player's 10% Co-operative stock is placed in the Bank Pool and the player receives 50% of its current value as compensation; the stock market value of the Co-operative doesn't change as this is not considered a "sale";
• the player is "ousted" from the Co-operative Presidency, which will now only rotate among the players that still have their 10% stock;
• the stock in the Bank Pool pays its dividend to the Co-operative Treasury (para 6.8.3); this stock may not be bought by players.

8.1.7 Freezing the CCFR Co-operative. If all players lose their stocks in the CCFR Co-operative it is frozen until the beginning of Phase 5.

When the Co-operative is frozen, no actions are possible: no tiles or station makers are placed, no route is run, it receives no train, it is not obliged to own a train, its stock price token does not move.

The frozen CCFR Co-operative is not considered "closed", so its station markers continue to block other Corporations from tracing routes. They remain on the board and may be later used by the CCFR Corporation.

8.1.8 Random Events. The CCFR Co-operative is not affected by strikes or by Events regarding a "Corporation". See the Random Events Cards rules section for specific details.

NOTE: If you're searching this para from map reference, now it's para 8.2.

8.2 CCFR Capitalization

Immediately after the first 5T is sold, the CCFR Co-operative becomes a normal Railway Corporation.

The CCFR Co-operative and the CCFR Corporation use the same stocks and Charter.

8.2.1 If the CCFR Co-operative is not Frozen. The CCFR Railway Corporation receives L.100 as initial capital and a 5T from the Bank. Place the CCFR Co-operative's 4T (and any other it may own) in the Bank Pool. Place all unowned CCFR stocks in the Bank Pool, even if that would exceed the 50% Limit.

If only one player still owns their 10% CCFR Co-operative stock, they become CCFR Corporation President by exchanging their 10% Stock for the 20% President's Certificate (at no cost), otherwise the CCFR Corporation President is the player with the fewest Presidencies (including that of the SARSA).

Ties are resolved in the following order:

1. the player with the fewest Railway Corporation presidencies;
2. the player with the fewest permanent trains in all their own Railway Corporations;
3. the player with the fewest trains in all of their own Railway Corporations;
4. the player with the least number of stocks;
5. the player with the least money;
6. then roll a die.

8.2.2 If the CCFR Co-operative is Frozen. No 5T is given from the Bank to the CCFR. The CCFR Co-operative is closed. All its stocks in the Bank Pool are placed in the Initial Offering, its trains returned to the Bank Pool, its Treasury to the Bank, its stock market token is removed. Its station markers remain on the board and become owned by the CCFR Corporation. CCFR Railway Corporation stocks now become available for purchase from the subsequent Stock Round, following the normal rules about floating Railway Corporations (para 5.3.3). The player who buys the President's Certificate sets the new Par price of the CCFR Corporation and places its tokens on the Stock Market Table and Par Chart.

8.2.3 The CCFR Railway Corporation. After Capitalization the CCFR Railway Corporation follows the same rules as the other Railway Corporations except that it may still place an additional free yellow tile in a mountain or hill hex. The free tile must be connected to a home city and is laid last.

In other words, the CCFR Railway Corporation may:

• lay tiles, station markers, and earn revenue, also north of the FS Parma-Bologna route;
• is affected by Random Events affecting "Corporations";
• be closed and re-floated.

Please note that a player who was banned from the Presidency of the CCFR Co-operative may buy Stocks in, and even become President of, the CCFR Corporation.

8.3 The Società Anonima Reggiana Servizi Automobilistici (SARSA) Bus Corporation

The SARSA Bus Corporation is not a Railway Corporation. It follows the same rules as the Railway Corporations, except where noted below.

SARSA can never:

• place track
• buy trains
• buy Private Companies
• buy Government Concessions

8.3.1 Bus Tokens. Unlike the Railway Corporations, SARSA does not lay track tiles or place station markers, instead it uses bus tokens to show its connections between the various cities on the map. These SARSA bus tokens do not interact in any way with any station markers. The bus tokens are removed from the board if SARSA is closed.

SARSA has two home cities: Castelnovo Monti (hex 11) and Sasso (hex 89).

During its first OR turn only, SARSA places a number of tokens equal to the train class currently available from the Bank (e.g. if a 3T is available, it places 3 tokens). The first two tokens must be placed on the home cities, the other tokens can be placed on hexes adjacent to the home cities or existing tokens, by alternating the placement between them (e.g. if the third token is placed near Castelnovo Monti, the fourth must be placed near Sasso, and so on). SARSA will begin operating with these 2 separate groups of tokens.

During its subsequent OR turns, SARSA may place two bus tokens: each token is placed, starting from a different home city, in a hex adjacent to either the city itself or next to an already placed token in that group. Once the two SARSA home cities are connected, the two tokens can be placed consecutively (the tokens must still be adjacent to previous tokens).

EXAMPLE

Following the "alternating tokens rule", SARSA can place its third token next to its home city in the hexes marked "A1".

Here, the SARSA has placed its first and third tokens in this home city and, if the 5T are available, it may now place its fifth token in one of the "A2" hexes – adjacent to either one of its already placed tokens.

SARSA must pay the terrain cost to place all its initial tokens and all subsequent tokens, even if there is a track tile already built in a hex.

Until the first 5T is sold, SARSA can operate only on mountain/hill hexes. After the first 5T is sold, SARSA can place tokens on plains hexes, but in this case it places only one token in the Operating Round.

SARSA tokens cannot be placed north of the FS Parma-Bologna route, but they can be placed on the route (e.g.: on Reggio Emilia, Modena and Castelfranco), subject to the mountain/hill placement restriction described above.

SARSA cannot place tokens in the Off-board Locations.

8.3.2 Calculating Revenue. SARSA revenue is calculated by adding the value of hexes with SARSA tokens with a connection between them. Unlike a Railway Corporation, which must buy a train, the SARSA can earn revenue during its first OR.

Calculating the value of the single hexes:

• City hex with no tile: L.20 or (if present) the value of the hex marked on the map;
• Town hex with no tile: L.10;
• Plain, Hill, and Mountain hex with no city/town: L.0;
• City/Town hex with tile: equal to the value of the city/town. If the hex has two separate cities (Sassuolo and Reggio Emilia) the value is not doubled. If the two cities have different values (Sassuolo brown/grey) the higher is used.

If there are two separate groups of tokens on the map (very likely at the beginning) only the highest revenue group is counted for the revenue run.

EXAMPLE

In this picture SARSA revenue is L.40 (two cities at L.20 each) because there are two different groups of adjacent tokens, so only the higher value group is counted.

In this picture SARSA revenue is L.60 (3 cities at L.20 each), because there is only one group of adjacent tokens.

8.3.3 Owning SARSA stocks. A Player can only own SARSA stocks at a 1:2 rate with the Railways Corporation stocks they own (fractions rounded down) - their 10% CCFR Co-operative stock does not count.

EXAMPLE

• Player A owns 40% of the FSF and 20% of the FBV, so may only own 30% of the SARSA (60% of Railways Corporation Stocks divided by 2)
• Player B owns 30% of the FBV and 10% of the CCFR Co-operative, so may own 10% of SARSA (30% of Railway Corporation Stocks divided by 2 then rounded down)

The 1:2 rate must be respected at the end of the Stock Round, so during the SR a player can freely sell/buy SARSA stocks but cannot pass if the 1:2 rate is not respected.

8.4 The Società Emiliana Ferrovie Tramvie e Automobili (SEFTA) Merger

After the first 4T is bought, the FMV and FSMMF Corporations can merge to form the SEFTA Corporation if:

• both their Presidents agree, and
• a route starting from a station marker of one of the two merging Corporations can reach a station marker of the other one, and
• both Corporations have completed at least one Operating Round.

Note: the merger is done during the turn of the active Corporation (FMV or FSMMF) and is considered to be the last action of that Corporation's OR turn.

• Step A. The President of the active Corporation takes the SEFTA Corporation Charter and transfers to it all the assets of the FMV and FSMMF (trains, port tokens, treasury, Concessions).
• Step B. The stock market value (and Par price) of SEFTA is the sum of the stock market values of the merging Corporations (to a max of L.150). Place the SEFTA token on the Stock Market Table on the nearest value (rounded down) in the right most available column. Place the Par price token on the Par Chart (or Stock Market table if there is no equivalent value on the Par Chart).

EXAMPLE (step B)

If both stock values are 65, the new par price is 130, which doesn't exist on the par table, so it has to be recorded on the stock market. 130 doesn't exist on the stock market. The nearest value rounded down is 125. There are 4 boxes with value 125. The par price will be the box on the right most available column.

• Step C. Starting from the President of the active Corporation and proceeding clockwise, passing then to the Initial Offerings and finally to the Bank Pool, each 20% President's Certificate and each pair of 10% stocks (ie: 2 FMV, 2 FSMMF, or 1 FMV and 1 FSMMF) is converted to a 10% SEFTA stock. The first player to exchange stocks and receive 20% of SEFTA receives the SEFTA President's Certificate (NOTE: this player might not necessarily be the President of the active Corporation).

• Step D. Next, starting from the President of the active Corporation and proceeding clockwise, players may either:

  • convert their remaining 10% stocks of the FMV or FSMMF into SEFTA 10% stocks by paying (using their personal money) to the SEFTA Treasury half of the current value of a SEFTA Stock (rounded up) or
  • discard them, receiving from the Bank half of the current value of a SEFTA stock (rounded up).

  If 100% of the SEFTA Stocks are exchanged then any player who still has FMV or FSMMF stocks has no choice but to sell them (as described above).

  At the end of the exchange of stocks, check that the player with the largest SEFTA stockholding holds the President's Certificate – exchange it as per normal rules if necessary. If there is a tie, the player already holding the President's Certificate is considered first, then go clockwise from there.

• Step E. If no player holds more than 10% of SEFTA, then the President of the active Corporation must spend their personal money to buy an additional 10% and receive the President's Certificate. If that player is unable to raise the personal money, then follow the Forced Buy/Bankruptcy rules. If, by chance, that player is bankrupted then the play moves to the clockwise player who owns a 10% of SEFTA.

• Step F. Any SEFTA stocks remaining after the exchange of stocks are placed in the IO. All exchanged FMV and FSMMF stocks (and any left in the BP and IO) are removed from the game – these two Corporations are no longer in play.

• Step G. The SEFTA President then exchanges up to four station markers of the merged Corporations with SEFTA station markers, beginning with the merged Corporations' home cities of Modena (hex 52/55) and Vignola (hex 68). If a city has both an FMV and an FSMMF station marker, only one is exchanged. Any remaining FMV and FSMMF station markers on the board are removed from the game.

If the SEFTA is closed, it can be re-floated.

9.0 Game Phases Summary

Below is an overview of the Game Phases.

Phase 1

This is the initial game setup, assignment of player order, and the Private Companies Auction.

Phase 2

Phase 2 goes from the beginning of the game until the purchase of the first 3T. During this phase:

• There is only 1 OR between each SR;
• Corporations may float at a Par of L. 65, L. 85 or L. 100;
• only the yellow track tiles can be used;
• the Train Limit is 4 (not including 2GT);
• the FRV (P2) Private Company (only) may be bought by a Corporation for no more than face value;
• Off-board Locations pay the lowest revenue value;
• "Era 1" Random Event cards 1 are played;
• a port token is worth +20.

Phase 3

Phase 3 goes from the purchase of the first 3T until the purchase of the first 3bisT. During this phase:

• there are 2 ORs between each SR;
• Corporations may now float at a Par of L. 65, L. 85, L. 100 or L.110;
• yellow and green (upgrade) track tiles can be used;
• the Train Limit is 4 (not including 2GT);
• Private Companies may be purchased by Corporations for half to double face value;
• Off-board Locations pay the lowest revenue value;
• "Era 1" Random Event cards are played;
• the CCFR Co-operative receives a 3T. Place one of its 2T in the Bank Pool;
• a port token is worth +20;
• the FSF may place its second port token.

Phase 3bis

Phase 3bis goes from the purchase of the first 3bisT until the purchase of the first 4T. During this phase:

• there are 2 ORs between each SR;
• Corporations may now float at a Par of L. 65, L. 85, L. 100 or L.110;
• yellow and green track tiles can be used;
• the Train Limit is 4 (not including 2GT);
• Private Companies can be purchased by Corporations;
• Off-board Locations pay the middle revenue value;
• "Era 2" Random Event cards are played;
• a port token is worth +20;
• the FSF may place its second port token.

Phase 4

Phase 4 goes from the purchase of the first 4T until the purchase of the first 5T. During this phase:

• there are 2 ORs between each SR;
• Corporations may now float at a Par of L. 65, L. 85, L. 100 or L.110;
• yellow and green track tiles can be used;
• 2T and 2GT rust – they are immediately removed from the game without compensation;
• the Train Limit is 3;
• Private Companies may be purchased by Corporations;
• Off-board Locations pay the middle revenue value;
• "Era 2" Random Event cards are played;
• the CCFR Co-operative receives a 4T;
• a port token is worth +10;
• the FSF may place its second port token;
• the SEFTA merger can be made (this closes all the Private Companies).

Phase 5

Phase 5 goes from the purchase of the first 5T until the purchase of the first 6T. During this phase:

• there are 3 ORs between each SR;
• Corporations may now float at a Par of L. 65, L. 85, L. 100, L.110 or L.150;
• yellow, green, and brown track tiles can be used;
• 3T rust;
• the Train Limit is 2;
• all open Private Companies close;
• Off-board Locations pay the middle revenue value;
• "Era 2" Random Event cards are played;
• a port token is worth +10;
• the FSF may place its second port token;
• the CCFR Co-operative is capitalized;
• the SEFTA merger can be made;
• the SARSA can lay bus tokens on plains hexes.

Phase 6

Phase 6 goes from the purchase of the first 6T until the purchase of the first 7T. During this phase:

• there are 3 ORs between each SR;
• Corporations may now float at a Par of L. 65, L. 85, L. 100, L.110 or L.150;
• yellow, green, and brown track tiles can be used;
• 3bisT rust;
• the Train Limit is 2;
• Off-board Locations pay the highest revenue value;
• "Era 3" Random Event cards are played;
• a port token is worth +10;
• the FSF may place its second port token;
• the SEFTA merger can be made;
• the SARSA can lay bus tokens on plains hexes.

Phase 7

Phase 7 goes from the purchase of the first 7T until the purchase of the first 8T. During this phase:

• there are 3 ORs between each SR;
• Corporations may now float at a Par of L. 65, L. 85, L. 100, L.110 or L.150;
• yellow, green, brown, and grey track tiles can be used;
• the Train Limit is 2;
• Off-board Locations pay the highest revenue value;
• "Era 3" Random Event cards are played;
• a port token is worth +10;
• the FSF may place its second port token;
• the SEFTA merger can be made;
• the SARSA can lay bus tokens on plains hexes.

Phase 8

Phase 8 goes from the purchase of the first 8T until the end of the game. During this phase:

• there are 3 ORs between each SR;
• Corporations may now float at a Par of L. 65, L. 85, L. 100, L.110 or L.150;
• yellow, green, brown, and grey track tiles can be used;
• 4T rust;
• the Train Limit is 2;
• Off-board Locations pay the highest revenue value;
• "Era 3" Random Event cards are played;
• a port token is worth +10;
• the FSF may place its second port token;
• the SEFTA merger can be made;
• the SARSA can lay bus tokens on plains hexes.

10.0 End of the Game

The game ends when one of these cases occurs (whichever occurs first):

1. the Bank breaks (runs out of money): if this occurs during an SR, play another complete sequence of ORs before ending the game. If this occurs during an OR, complete the current sequence of ORs.

EXAMPLE

If the Bank breaks during the second OR of three, that OR is completed and the third OR played, and then the game ends.

2. the game ends immediately if SARSA reaches the maximum value in the Stock Market Table. Corporations that have not yet operated in that round lose their turn; if this occurs at the end of a Stock Round (due to rule 5.7.2) there are no subsequent Operating Rounds.
3. due to bankruptcy, only one player remains.

In the cases 1 and 2 the winner is the richest player after adding the value of all the stocks they own together with their personal money. The money and other assets owned by the Corporations (trains, etc) do not count.

In case 3 obviously that player is the winner.

11.0 Event Card Descriptions

The Random Events are divided into three eras. Listed below are all the Random Events, along with a short description of their effects and how to resolve them. The cards are divided into decks by "Era".

In order to avoid pointless discussions or interpretations, we advise everyone, especially during their first few games, to read the following explanations every time a card is drawn, even though in some cases the description on the cards may seem sufficiently clear.

Mostly the cards have an effect during the Operating Round in which they are drawn. However, there are some cards that will affect the next rounds or that will even affect the results of cards drawn in the subsequent rounds.

11.1 First Era

1. First World War All players pay L.10 to the Bank from their personal money. If a player doesn't have enough money, follow the procedure in 6.9.6 "Forced purchase – bankruptcy".

2. Flooding During the OR no tile can be placed or upgraded on the "F" hexes. Note. This Event affects only the tile placement: station markers and port tokens can be placed normally.

3-4. General Strike Each Corporation must pay one Political Support or have its revenue reduced to zero. Note. This Event affects all Corporations (Railways and Bus): the CCFR Co-operative is not affected. If an affected Corporation's President doesn't pay the Political Support, its Stock price token is moved one column to the left (unless it's in the far-left column already, in which case the token is moved down one row).

5. Landslide in the Apennines During the OR no tile can be placed or upgraded on hill or mountain hexes. Note. This Event affects only the tile placement: station markers can be placed normally.

6. Railroad Accident A Railway Corporation that operated in the previous OR suffers an accident. The affected Railway Corporation's Stock price token is moved one column to the left (unless it's in the far-left column already, in which case the token is moved down one row). Note. To determine which Corporation is affected follow this procedure:

• the Event affects the Railway Corporation with the highest Market value;
• if there's a tie, it affects the Corporation with more trains (2GT do not count);
• if there's still a tie, then it's the Corporation with more cash;
• if there's still a tie, then all the tied Corporations are affected.

This Event affects the Railway Corporations: SARSA and the CCFR Co-operative are not affected.

7-8-9. Railway Strike Each Railway Corporation must pay one Political Support card or have its revenue halved (rounded down). Note. This Event affects the Railway Corporations: SARSA and the CCFR Co-operative are not affected. The value of the run is determined normally, including 2GT then halved. Fractions are rounded down (for example, a run of L.130 is reduced to a run of L.60).

10. "Red" Week (7-14 June 1914) During the OR the FS route is unavailable. No Railway Corporation (or the CCFR) can trace a route from/through a "T" city/town to an Off-board Location running along the red line.

11. Strike Breaker! No General Strike (#3-4) during the next OR. Keep this Event card on the map until the next OR: if a "General Strike" card is drawn, its effect will be neutralized. Note. This Event cancels only the "General Strike" Event; other cards like "Railway Strike", "Bus Strike" and "Hot Autumn" will not be cancelled.

12. The King's Visit During this OR the revenue value of the Bologna Off-board Location is reduced by L.10.

11.2 Second Era

13. Air Raids Ten hexes on the map are hit by bombs. Every player in turn, starting from the Priority Cardholder, rolls the 10-sided die twice, the first die roll represents 0, 10, 20 etc and the second die roll represents 0 to 9: add the two sums together to determine which hex is affected. This is repeated ten times.

The bombing effects are:

• hex without tile – no effect
• hex with a yellow tile – the tile is removed
• hex with a green tile – the tile is downgraded to yellow
• hex with a brown tile – the tile is downgraded to green

The player who rolled the dice chooses how to downgrade the tile.

The same hex can be "bombed" more than once: effects are cumulative.

Tokens already placed in a bombed hex are not affected. If the downgrading of a city hex causes a reduction of spaces available, station markers are considered co-existing and remain active.

14. Autarchy During the OR the revenue of all Corporations is reduced by 50% (rounded down). The Event is avoidable by paying a Political Support for each Corporation. Note. This Event affects all Railway Corporations, as well as the SARSA and the CCFR Co-operative. The value of the run is determined normally, including 2GT, then reduced by 50%. Fractions are rounded down (for example, a run of L.130 is reduced to a run of L.60).

15. Empire Declared Each player with fewer than the maximum nine Political Support Cards gains one.

16. German Occupation The first "Available Train" is removed from play. Note. this Event, for phase change purposes, has the same effects as a purchase (for example, if the first 5T is removed, the 3T are scrapped, brown tiles become available, the CCFR becomes capitalized, etc.).

17. Gold for the Homeland Each player loses 10% of their personal money (rounded up). They can avoid this Event by paying 3 Political Support cards.

18. Second World War L.500 is removed from the Bank and put aside. The money is returned to the Bank if the Event "Tax Shelter" is drawn.

19. The Fall of the Fascist Regime Each player loses a Political Support Card, if they have any.

20. The March on Rome Each player loses a Political Support Card, if they have any.

21. Verona Porta Nuova Built During this OR the revenue value of the Verona/Brennero Off-board Location is increased by L.20.

22. Trains Are on Time During this OR all the revenues of Railway Corporations (including CCFR) are increased by 50% (rounded up). Note. This Event affects the Railway Corporations and the CCFR Co-operative, but not SARSA. The value of the run is determined normally, including 2GT, then increased by 50%. Fractions are rounded up (for example, a run of L.130 is increased by L.70, becoming a run of L.200).

23. War Effort A Railway Corporation owning 2 or more trains loses one train. The Corporation receives 50% of its face value price as compensation. Note. This Event affects the Railway Corporations: SARSA and the CCFR Co-operative are not affected.

To determine which Corporation loses a train, follow this order:

• first consider the Railway Corporation with the most trains (2GT do not count)
• if there's a tie, the Corporation with the most expensive train
• if there's a tie, the Corporation with highest stock market value
• if there's a tie, all the tied Corporations are affected

The affected Corporation loses the most expensive of its trains, unless it pays one Political Support: in which case the Corporation chooses which train to lose (2GT cannot be chosen).

The train is eliminated from play and the Corporation owning it receives from the Bank 50% of its face value.

If no Corporation owns at least two trains, there's no effect.

11.3 Third Era

24. Bus Strike The SARSA Bus Corporation has to pay one Political Support or have its revenue halved (rounded down). Note. This Event affects only the SARSA. The revenue value is determined normally, then halved. Fractions are rounded down (for example, a run of L.130 is reduced to a run of L.60).

25. Economic Boom Increase the values of the Mantova/Brennero and Verona/Brennero Offboard Locations by L.30 and L.20 respectively, during this OR only.

26. Hot Autumn Each Corporation has to pay one Political Support Card otherwise or receive zero revenue. Keep the card on the map until the end of this set of ORs. Note. This Event affects all the Corporations (Railways and Bus). If the Political Support card is not paid, the Corporation's Stock price token is moved one column to the left (unless it's in the far-left column already, in which case the token is moved down one row).

Keep this Event card on the map, and repeat this Event each OR until the next SR.

This Event will be in addition to the regular Event that will be drawn. If a "Railway Strike, "General Strike" or "Bus Strike" card is drawn, they will have no effect (basically they will be absorbed).

27. Italian Republic Declared Each player loses a Political Support card, if they have any.

28. Magnacucchi A player (Random) loses one Political Support card. All the players owning at least one Political Support card roll the 10-sided die: the player who rolls highest loses a Political Support card.

29. Marshall Plan The Corporation with the lowest stock market value can pay a Political Support card and move one column to the right (unless it's in the far-right column already, in which case the token is moved up one row).

30. Tax Shield The Bank recovers L.500 if already removed from play following a "Second World War" or "The Front wins" Event. Note: if both "Second World War" and "The Front Wins" Events happened, the Bank recovers only L.500.

31. The "Front" Wins L.500 is removed from the Bank and put away. The money is returned to the Bank if the Event "Tax Shield" is drawn.

12.0 Variant Rules

12.1 Mandatory SEFTA Merger

If it has not already occurred, the SEFTA merger happens immediately after the turn of the Corporation that bought the first 5T even if the two Corporations are not connected. The usual rules apply, except that the "active Corporation" is the one with the higher stock market value. The SEFTA will operate in its formation round if neither the FSMMF or FMV have operated.

If either (or both) the FSMMF or FMV are not in play, then the merger does not occur, instead the SEFTA is removed from the game. This event occurs before the CCFR capitalization.

12.2 Bombs Away

The "air raids" event is probably the most intriguing random event: carefully planned strategies, expensive routes, government concessions almost reached… everything could be wiped away in a moment. If you like the thrill, you may enjoy this variant: if the "air raids" event has not already occurred, it happens immediately once the Era 3 Events card deck is in effect (ie: after the purchase of the first 6T).

12.3 Create Your Own Destiny

As explained in the Design Notes, the "Random Events" are present in 1883 to help diversification and variety in the games. Obviously 1883 could be played without them. If you want to play this variant, you have to:

1. remove Events cards from play;
2. remove Political Support cards from play;
3. skip every reference to Events card or Political support cards;
4. when a Corporation fulfills a Government Concession (5.6.1), the President freely chooses if the bonus goes directly into the Corporation treasury, or if the bonus is divided among the shareholders, following the usual rules.

Appendix 1: Glossary

Bank Pool (BP): the space on the gameboard where the Stocks sold by a player or issued by a Corporation are held. The Bank Pool can never hold more than 50% of a Corporation (exception: 6.9.6 and 8.2.1).

Bank Size: the amount of money in the Bank at the start of the game.

Banker: the first and the last players, these 2 people manages the money in the bank.

Capitalization: at the beginning of phase 5, the CCFR Railway Co-operative is capitalized and becomes the CCFR Railway Corporation – see rules para 8.2 for full details.

Certificate Limit: the maximum number of stocks that a player may own. See rules para 5.4.

City: a city is shown on the map as a white circle. Some hexes have two white circles in them.

Connection: a path of cities/towns/Off-board Locations in relation to a Government Concession or the SARSA bus tokens.

Corporation: a fully operational Corporation capitalized by Stocks. A Corporation must have a minimum of 2 Stocks bought to be fully operational and capitalized. The FSF, SV, FBV, SAFRE, FSMMF, FMV, and SEFTA are all "Railway Corporations", while SARSA is a "Bus Corporation". The CCFR Railway Co-operative becomes a Railway Corporation after its capitalization.

Face Value: the price printed on the Private Company cards and train cards.

Float: starting an available Corporation by buying its President's Certificate from the IO and setting its Par price on the Stock Market Table and Par Chart.

Initial Offering (IO): the spaces where the unsold Corporation Stocks are held, on the right-hand side of the gameboard.

Off-board Location: one of the spaces representing Locations on the edge of the hexagonal game map. Their revenue value is printed on the board and changes after the first 3bisT and the first 6T are bought. Off-board Locations with a symbol of a hill or a mountain can be used for a 2GT route.

Operating Round (OR): when Corporations are operated by their President. The number of ORs depends on the Game Phase.

Par price: the price players pay to purchase a 10% Corporation stock from the IO (a President's Certificate costs double the Par price) The Par price is usually set (chosen) by the player who buys the President's Certificate.

Par price token: the tokens on the Par Chart on the game board.

Personal money: the money owned by a player. The amount can be verified by other players at any time.

Port: a city on the map with an anchor symbol. A port token can only be placed on a port. A port can contain two port tokens if they are owned by two different Railway Corporations.

President: the player who controls a Corporation, usually the player with the most Stocks in that Corporation. For the CCFR Co-operative's President see the exception at para 8.1.2.

President's Certificate: a 20% Stock in a Corporation, it is always owned by the largest stockholder.

Priority: a card given to the player who is first to act in a Stock Round.

Priority Cardholder: the player holding the Priority card.

Private Company: a small Company with only one certificate. At the beginning of the game they are all owned by players; later they may be purchased by a Railway Corporation.

Revenue: the total earned by all routes run by a Corporation, it can be paid out (divided among the stockholders) or withheld (retained by the Corporation Treasury, or looted by the CCFR Co-operative President).

Rust: when a train type becomes obsolete and all of that type are immediately removed from the game without compensation.

Stocks: 1) a Private Company, 2) a 10% Stock of a Corporation, 3) a 20% President's Certificate of a Corporation.

Stockholder: a player, a Corporation or the Bank owning one or more Stocks.

Stock Market Value: the prices listed in each square of the Stock Market Table.

Stock Price: the price of a 10% stock of a Corporation.

Stock Price Token: these represent the value of a Corporation's 10% stock on the Stock Market Table.

Stock Round (SR): the round when players buy or sell stocks, buy Political Support or buy Government Concessions.

Station Markers: these represent a Railway Corporation (or CCFR Co-operative) station.

Tile: a hexagonal piece of cardboard representing a Railway track. The tile can also represent a city or a town.

Token:

• square markers with a bus on them representing a station of the SARSA Bus Corporation;
• square marker with an anchor on it, representing ports;
• square markers with a number on them – representing the Government Concessions.

Town: a town is shown on the map as a black dot.

Train Limit: the maximum number of trains a Railway Corporation (and the CCFR Co-op) may own.

Treasury: the money belonging to a Corporation. Players must NOT mix up their Personal Money and Treasury money.

Appendix 2: Summary Rules for 18XX Experts

1. Private Companies Auction

• A "waterfall" auction as in 1830;
• Private Companies are offered in ascending price order, starting from the Priority Cardholder and proceeding clockwise;
• A Player may buy the lowest value Private Company at its face value or put a bid on a higher value Corporation of at least L.5 higher than face value or any previous bids;
• Players check the lowest value Private Company still for sale assessing the following three possibilities:
  • if there are no bids on it, the priority player resumes the procedure;
  • if there is only one bid, the player who made that bid takes the Private Company and pays their bid price for it. A check is then made on the next lowest value Private Company. If the lowest value Private Company has no bids on it, the priority player resumes the procedure;
  • if there are two or more bids, an auction is held between the players who placed those bids. Starting from the lowest bid and continuing in ascending order, players may increase their bids in multiples of L.5 against the current offer (as many times as they wish) until finally whoever makes the highest bid wins the Private Company;
• If, in a complete round of the table all the players "pass" before all the Private Companies have been sold or won, then the Private Companies Auction is suspended temporarily. Any players who own Private Companies receive the revenue shown on them, then the Private Companies Auction begins again starting with the Priority Cardholder. Any previous bids made on the Private Companies remain valid.
• If the lowest valued Private Company (the TCB) is not bought by anyone and all players pass, then its price drops by L.5 per turn, until it's given for free to the player to whom it's offered.

2. Stock Round (SR)

• Corporations float as soon as their 20% President's Certificate is sold;
• When stocks are bought from the Initial Offering (IO) the money is paid immediately to the Corporation Treasury;
• The Co-operative (the CCFR) is already floated at the beginning of the game: all players begin the game with a 10% and the Presidency rotates each turn;
• Stocks can be bought/sold or sold/bought: it's not possible to sell/buy/sell;
• Stocks can only be bought one at a time, while it is possible to sell several Stocks at a time;
• There cannot be more than 50% of a Corporation's stocks in the Bank Pool (BP) (although there are exceptions);
• A player cannot own more than 60% of a Corporation;
• A player must own at least double the number of Railway Corporation stocks than they own Bus Corporation Stocks;
• Stocks from the IO are bought at Par, those from the BP at the current Market value;
• Stock selling causes the Corporation's stock price to drop depending on the number of stocks sold;
• During the first SR no stocks can be sold;
• At the end of the SR, if all the stocks of a Corporation are in player hands, their stock market value rises;
• A Corporation must close if it enters the "Closed" section of the map board or goes bankrupt;
• A closed Corporation can be re-floated in the next SR;
• Two Corporations (the FSMMF and the FMV) can merge together to form the SEFTA Corporation;
• Political Support cards are bought one at a time;
• During an SR turn it is possible to buy only one Political Support card, but players may also sell Stocks that turn;
• During an SR turn it is possible for a Corporation President to buy one Government Concession on behalf of their Corporation, but players may also sell stocks that turn. The Corporation must have been floated in a previous SR and the Corporation Treasury pays for the Concession;

3. Operating Round (OR)

Sequence

• At the beginning there is an OR after every SR; then later during the game there will be two OR after each SR and three OR after each SR (after the first 3T and the first 5T are bought respectively).

Private Companies

• Private Company revenues are paid out.

Events

• After the first OR players draw an Event card and apply the results;
• At the beginning of the game the first Event cards deck is used: later in the game the second deck (after the first 3bisT) and the third deck (after the first 6T) are played.

Track Tiles

• Only yellow track tiles are available at the beginning of the game. Green, brown, and grey tiles are available after the first 3T, 5T, and 7T are bought (respectively);
• A Corporation can place one yellow tile per turn (except for particular cases) or make an upgrade (yellow/green, green/brown, brown/grey);
• The upgrade must be an improvement of a track already existing, and the Corporation must be able to trace a route on the NEW track.

Station Markers

• Corporations may only place one station marker per turn (home city station markers are additional);
• The Bus Corporation places two tokens per turn on hill and/or mountain hexes, or (after the first 5T is sold) one in the plains per turn.

Routes

• A route covers cities, towns, and Off-board Locations;
• A route must pass through a station marker of the owned Corporation;
• A route cannot pass through a city occupied by other Corporations' station markers;
• A train route cannot pass through the same track or use the same city twice;
• Different routes of different trains of the same Corporation cannot run the same track, but can meet or cross each other in the same city;
• The 2GT route can run a track already used by other trains of the same Corporation;
• "T" cities are connected directly to specific Off-board Locations with red tracks;
• "T" cities count as two cities when the red tracks are used in a run;
• If a route connects the locations of a Government Concession owned by a Corporation, that Corporation receives bonus cash from the Bank;
• The bus route is made by connecting the adjacent hexes where bus tokens are present.

Revenues

• The revenue is the sum of the values of the Corporation's routes;
• The Corporation President decides if the revenue is withheld (at 100%) or paid out as a dividend;
• when withholding, a Corporation's stock price token moves one space to the left;
• When paying a dividend, a Corporation's stock price token moves one space to the right only if the total dividend paid is equal to or greater than the current stock market value of the Corporation, otherwise it does not move;
• Stocks in the BP pay to the Corporation;
• The President of the CCFR Co-operative decides if the revenue is divided among the stockholders or 100% put in their own personal money: in this case the President is ousted from the Co-operative.

Trains

• Each floated Corporation, with a valid connection, must have a train (2GT do not count) except the Bus Corporation;
• The Train Limits are: 4 at the beginning, 3 after the first 4T is bought, 2 after the first 5T is bought;
• A Corporation cannot have more 2GT than the number of other trains it owns;
• Trains RUST immediately:
  • the first 4T rusts the 2T and 2GT;
  • the first 5T rusts the 3T;
  • the first 6T rusts the 3bisT;
  • the first 8T rusts the 4T;
• Trains are bought one at a time;
• Trains are bought from the Bank in ascending type order, upon availability; or alternatively from the Bank Pool;
• Trains can be bought from other Corporations by agreeing their price with their President;
• The CCFR Co-operative receives trains for free from the Bank throughout the game; it cannot sell them and can only buy new ones from the Bank;
• If a Corporation has to buy a train, but does not have sufficient money, the President must help to buy one, first with their own money and then, if necessary, by selling their own stocks. If the President is unable to buy the cheapest train, then they're bankrupt and out of the game and the Corporation is closed. This may also cause other Corporations to close.

Issuing Stocks

• During an OR, a Corporation can issue stocks from the IO to the BP to fund the Corporation: the value of the stocks is calculated after their Market value is reduced (and not before, as with normal sales).

Buying Private Companies

• After the first 3T is bought, a Railway Corporation can buy Private Companies (the FRV may be bought before that, but only up to face value);
• The purchase price is from half to double the face value of the Private Company;
• The Private Companies close with the 5T or with the SEFTA merger.

Fulfilling Government Concessions

• If a Corporation is not able to make the track connection within the fixed OR deadline, the Concession goes back to the Bank and the Corporation pays a penalty of double the original cost of the Concession; if the Corporation is unable to pay the penalty, then follow the same rules as for forced buy of a train. Any Concessions still in the Bank are eliminated with the 8T.

End of Game

The game ends when one of these cases occurs (whichever occurs first):

• The game finishes at the end of the OR sequence during which the Bank breaks;
• If the Bank breaks during an SR, the following ORs are played;
• The game ends immediately if the SARSA Bus Corporation reaches the highest value on the Stock Market Table or if, due to bankruptcy, only one player remains.

Appendix 3: Charts and Tables

Bank: L. 11.000

Number of players	Player starting money
2	L.800
3	L.550
4	L.400

Certificate Limit Table

Number of players	8 Corporations (SEFTA not in play)	7 Corporations (SEFTA in play)
2	32	28
3	21	19
4	16	14

Political Support Cards – Costs Table

Cards already owned	Cost in L.
0	5
1	10
2	20
3	30
4	40
5	50
6	60
7	80
8	100
9	X

Train Manifest

Train	Cost	Quantity	Name on card
2	L.100	x9	Kranss & c. "Menotti" - 1883
2G	L.20	x6	Treno dal Cóce - 1893
3	L.200	x4	Henschel "Tassoni" - 1907
3bis	L.250	x2	Locomotore Breda - 1932
4	L.350	x4	Elettromotrice Breda - 1932
5 (Permanent)	L.500	x4	Elettromotrice Macchi - 1957
6 (Permanent)

"T" Cities

Hex	"T" location	Connected external box
52	Modena	Bologna/Firenze or Mantova/Brennero
16	Reggio Emilia	Bologna/ Firenze
76	Castelfranco	Bologna/ Firenze
26	Suzzara	Mantova/Brennero
62	Poggio Rusco	Verona/Brennero
64	San Felice	Verona/Brennero
84	Persiceto	Verona/Brennero

Phases Summary

Train	Tiles	Train rusted	Train limit	External box value	Concession Revenue	Turn SR/OR	Random events
2-2G	yellow	-	4	Low	Low	1/1	1
3-2G	yellow, green	-	4	Low	Low	1/2	1
3bis-2G	yellow, green	-	4	Middle	Middle	1/2

Government Concessions Table

#	Route	Cost L.	Bonus T2-3	Bonus T3bis-5	Bonus T6-8	Due (# OR for conn.)
1	Casalecchio – Bazzano – Vignola	15	100	150	200	2
2	Ferrara – Bondeno – Suzzara – Parma	20	200	250	300	4
3	Reggio Emilia – Ciano – Castelnovo ne' Monti – Aulla/La Spezia	20	200	250	300	4
4	Bagnolo – Mirandola – Finale

2GT Check

Roll a d10 for each 2GT that operated:

• 1-7: the run is successful;
• 8-9: no revenue is earned;
• 10: 2GT is destroyed and no revenue is earned. The train is returned to the "Available G Trains" space on the board (it can be purchased again).

Appendix 4: Tile Manifest & Upgrade Chart

The tile artwork is not reproduced; tiles are listed by number with quantity and the tile numbers each can be upgraded to.

Yellow tiles

Tile	#	Upgrades
3	4	141, 142, 143
4	4	141, 142
5	3	14, 15, 619
6	5	14, 15, 619
57	5	14, 15, 619
58	5	141, 142, 143, 144
7	5	26, 27, 28, 29, 30, 31
8	13	16, 17, 19, 23, 24, 25, 28, 29, 30, 31
9

Green tiles

Tile	#	Upgrades
23	4	41, 43, 45, 47
24	4	42, 43, 46, 47
25	2	40, 45, 46
26	2	42, 44, 45
27	2	41, 44, 46
28	1	39, 43, 46, 70
29	1	39, 43, 45, 70
141	2	145, 146, 147
142	2

Brown tiles (no upgrades)

Tile	#
39	1
40	1
41	2
42	2
43	1
44	1
45	2
46	2
47	1
63	8
70	1
145	2
146	2

Special city tiles

Tile	#	Upgrades
CC (green)	1	CC (brown)
CC (green)	1	CC (brown)
CC (brown)	2	None
PC (green)	1	PC (brown)
PC (green)	1	PC (brown)
PC (brown)	2	None
EN (green)	1	EN (brown)
EN (brown)	1	None
PR (green)

FS tiles

Tile	#	Upgrades
FS0	1	FS7
FS1	1	FS7
FS2	1	None
FS3	1	None
FS4	1	None
FS5	1	None
FS6	1	None
FS7	1	None

Special city upgrades

• Carpi (41): CC (green) → CC (brown)
• Crevalcore (73/74): CC (green) → CC (brown)
• Castelfranco (76/77): PC (green) → PC (brown)
• Persiceto (84/85): PC (green) → PC (brown)
• Ciano (3): EN (green) → EN (brown)
• Modena (52/55): MO (green) → MO (brown) → MO (grey)
• Poggio Rusco (60/61): PR (green) → PR (brown)
• Reggio Emilia (16/19): RE (green) → RE (brown) → RE (grey)
• Sassuolo (32/33): SA (green) → SA (brown) → SA (grey)
• Suzzara (25/27): SZ (green) → SZ (brown)