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ENAV S.p.A. Financial Statement

The IRES and IRAP tax rates referring to 2015 and 2014 are detailed in the tables
below:

Income before income taxes IRES FY 2015 IRES FY 2014
Theoretical rate 91.912 % effect 63.579 % effect
Effect of increase/(decrease) compared to ordinary tax 25.276 17.484
Non-deductible contingent liabilities 27,5% 27,5%
Deduction of IRES for IRAP paid on labour costs 299
Use of stabilisation tariffs (108) 0,3% 178 0,3%
Other (5.584) -0,1% (5.722) -9,0%
Temporary differences for risk, credit and inventory impairment -6,1% (6.705) -10,5%
provisions and other positions 84 0,1% 0,1%
Actual IRES 1.979 64 -0,8%
21.946 2,2% 7,5%
(532)
23,9%
4.768

Income before income taxes IRAP FY 2015 IRAP FY 2014
Theoretical rate 91.912 % effect 63.579 % effect

Effect of increase/(decrease) compared to ordinary tax 4.393 4,78% 2.956 4,65%

Non-deductible labour costs 0 -1,1% 18.512 29,1%
Use of stabilisation tariffs (971) 0,6% (1.134) -1,8%
Other 0,6%
Temporary differences for risk, credit and inventory impairment 590 -0,1% 355
provisions and other positions 4,2% 0,4%
Financial income and expense (127) 0 32,9%
Actual IRAP 3.886
230
20.920

ENAV - Annual financial report 2015 231