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ENAV S.p.A. Financial Statement

More specifically, we note:
• the funding contract signed in 2013 between ENAV and Banca del Mezzogiorno

- Medio Credito Centrale S.p.A. for an amount of € 10 million, with half-yearly
deferred repayments starting in November 2015 up until May 2018, and an
interest rate at the Euribor rate plus a spread of 1.9%. The contract contains a
cross-default clause that entitles the Bank to ask for the early repayment of the
loan in the event that ENAV does not comply with its financial obligations other
than those contained in the funding contract, as well as guarantees undertaken
in respect of banks or financial institutions, referring to amounts in excess of € 2
million, unless the situation has been remedied within 10 working days after the
relevant due date;
• the two financing contracts signed in 2008 between the Company and Unicredit,
which were extended in accordance with the contract conditions up to 2018, for an
original amount of € 100 million and € 40 million respectively, entail a repayment
plan with deferred half-yearly instalments and interest at the Euribor rate plus a
spread of 0.34%. They also include:
-- cross-default clauses that become applicable in the event that ENAV or any

other company in the Group does not comply with its financial obligations
other than those contained in the financing contracts, as well as guarantees
undertaken in respect of banks or financial institutions;
-- a change of control clause that entitles Unicredit to ask for the early repayment
of the funding in the event that the Ministry of the Economy and Finance no
longer has control of the Company.
In addition, the two loans referred to above require that certain financial covenants
are adhered to, including: i) the net financial debt/EBITDA ratio must not be higher
than 1.5 times for the original € 40 million; ii) the net financial debt/EBITDA ratio
must not be higher than 3 times for the original funding of € 100 million; iii) the
ratio between net financial debt/shareholders’ equity must not be higher than 0.7;
• the funding contract signed in 2014 between ENAV and the European Investment
Bank (EIB) for € 180 million to finance the investment programmes associated with
4-Flight and other projects. In this regard, at 31 December 2015, the Company had
utilised a funding tranche for a total of € 100 million, with a deferred six-monthly
repayment plan starting in December 2018 and expiring in December 2029, and
an interest rate fixed at 1.515%, which makes provision for:
-- a negative pledge clause, in other words, an undertaking by ENAV not to
establish or allow any encumbrances on any of its assets, where encumbrances
are intended as any agreement or transaction relating to assets, loans or money
realised as an instrument to obtain credit or to fund the acquisition on an asset;
-- a cross-default clause that entitles the EIB to ask for early repayment in the
event that ENAV or any other company in the Group does not comply with its
financial obligations other than those contained in the financing contracts, as
well as guarantees undertaken in respect of banks or financial institutions;

ENAV - Annual financial report 2015 239