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ENAV S.p.A. Financial Statement

Details of the investments held at 31 December 2015 together with the interest held
and carrying amount at that date are as follows:

Share or Shareholders' Equity as Carrying
per financial amount at
Company Balance sheet quota Net income equity at Holding statements 31.12.2015 Value at
name equity
Headquarters date capital for the year 31.12.2015

Subsidiaries Rome 31.12.2015 1.600 2.825 10.095 100% 10.095 99.224 47.250
31.12.2015 127 16 135 100% 135 127 135
Techno Sky Kuala 31.12.2015 5 884 705 884
S.r.l. Lumpur 1.033 0 1.473 60%
ENAV Asia 40.482 50.616 100% 50.616 43.061 50.616
Pacific Naples
Sicta
Consortium Miami 31.12.2015
ENAV North
Atlantic

8.Current and non-current financial assets

This items refers entirely to the derivative contract subscribed to in December 2013
by ENAV for the forward currency purchase of American dollars, subdivided into four
tranches.Two of these were made in the previous year, and one tranche was settled in
2015 for € 12,398 thousand. The last tranche will be made in 2017, consequently the
fair value measurement for the derivative at 31 December 2015 for € 968 thousand
was classified under non-current financial assets. The current assets item will revert
to zero once the last tranche is finalised.
The derivative contract represents a very effective hedging instrument, recognised
according to the cash flow hedge method. Reference is made to Note 33 in the
consolidated financial statements for all the information required by IFRS 7.

200 ENAV - Annual financial report 2015