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ENAV Group Consolidated Financial Statements

The difference between the expected amount calculated on the basis of the previous
assumptions and the balance recalculated at period end on the basis of the updated
assumptions represents actuarial gains (losses). In 2015, this calculation generated
actuarial gains for € 1,324 thousand compared to the actuarial losses recorded in
2014.
A summary is provided below of the main assumptions used for the actuarial
estimate of the TFR provision at 31 December 2015, compared to the figures used
at 31 December 2014:

Discount rate 31.12.2015 31.12.2014
Inflation rate 2,03% 1,49%

Annual increase rate employee’s leaving entitlement 1,50% for 2016 1,50%
Forecast turnover rate 1,80% for 2017
Forecast advances rate 1,70% for 2018 2,63%
1,60% for 2019 4,00%
2,00% from 2020 onwards 2,50%
2,625% for 2016
2,850% for 2017
2,775% for 2018
2,700% for 2019
3,00% from 2020 onwards

4,00%
2,50%

The discount rate used to calculate the present value of the obligation was determined,
pursuant to par. 83 of IAS 19, was based on the 10+ IBoxx Corporate AA Index at
the date, and in line with the average duration of the employee population under
assessment. Due to the current economic situation with high volatility levels in most
of the economic indicators, the inflation rate curve was drawn from the Economy
and Finance Document 2015 issued by the MEF, and the medium-long term trends
for the pension and socio-health system document, published by the State General
Accounting Office. The annual rate of increase for the TFR is 75% of the inflation rate
plus 1.5 percentage points, in accordance with Article 2120 of the Italian Civil Code.
The demographic fundamentals used for the assessment are provided below.

Death 31.12.2015 31.12.2014
IPS55 IPS55
Unable to work
Pension INPS table by age and gender INPS table by age and gender

100% reaching obligatory General Insurance 100% reaching obligatory General Insurance
requirements requirements

ENAV - Annual financial report 2015 119