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ENAV S.p.A. Financial Statement

STATEMENT ON THE SEPARATE FINANCIAL STATEMENTS OF ENAV S.P.A. AT 31
DECEMBER 2015, PURSUANT TO ART. 154-BIS, PARAGRAPH 5 OF LEGISLATIVE DECREE
58/98

1. The undersigned Roberta Neri, as Chief Executive Officer, and Loredana Bottiglieri as
Manager responsible for ENAV's Financial Reporting, having taken account of the
provision of art. 154-bis, paragraphs 3 and 4 of Legislative Decree 58 of 24 February
1998, hereby certify:
 the adequacy with regard to the nature of the ENAV and,
 the effective application of the administrative and accounting procedures adopted in
preparation of the Separate Financial Statements during financial year 2015.

2. In this regard, we report that:
a. the adequacy and effective application of the administrative and accounting
procedures used for preparing of the 2015 Separate Financial Statements of ENAV
S.pA. has been assessed based on the Internal Control – Integrated Framework
issued by the Committee of Sponsoring Organizations of the Treadway Commission
which represents an internationally-accepted framework for the internal control
system;
b. this assessment did not identify any significant issues.

3. In addition, we certify that:
3.1 The Separate Financial Statements:
a. have been prepared in accordance with the International Financial Reporting
Standards endorsed by the European Union under Regulation (CE) 1606/2002
of the European Parliament and Council dated 19 July 2002;
b. are consistent with the underlying accounting books and records;
c. give a true and fair representation of financial position and results of
operations of the issuer.
3.2 The Report on Operations includes a reliable analysis of the operating and
financial performance and situation of the issuer, as well as a description of the
main risks and uncertainties to which it is exposed.

29 March 2016

Chief Executive Officer Manager responsible for financial reporting
Roberta Neri Loredana Bottiglieri

(This certification has been translated from the original which was issued in accordance with Italian
legislation)

ENAV - Annual financial report 2015 247