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Report on operations

The SICTA Consortium

The SICTA Consortium, held 60% by ENAV and 40% by Techno Sky, conducts
research, development, testing, simulation, and validation of innovative solutions
of air traffic control systems on behalf of Consortium members and for European
programs of which SESAR is the principal party. The Consortium, which is a non-
profit organization, closed its financial year on 31 December 2015 with a net
positive result of 5.5 thousand Euros, representing a slight increment over 2014. Its
financial statements show a reduction in both earnings and costs in addition to an
improvement in its financial position following the settlement of its lines of credit.
Pursuant to its articles of association, the SICTA Consortium will expire on 31
December 2017.

ENAV North Atlantic

ENAV North Atlantic, a Limited Liability Company governed by the laws of Delaware
(USA), is wholly-owned by ENAV and was formed in January 2014 for the purpose of
participating in an investment to be made through the acquisition of 12.5% of the
share capital of Aireon LLC, an American company, part of the IRIDIUM Group, that
is responsible for the development, financing and deployment of a global satellite
surveillance system using ADS-B technology. Aireon technology will increase
surveillance coverage, which today is approximately 30% of the surface of the earth,
up to 100% of the globe with immediate advantages such as: the availability of
more efficient routes especially in remote areas, oceans, deserts and the poles, with
a reduction of greenhouse gas emissions and fuel consumption; exploitation of
investments that have already been made by airline companies in ADS-B systems;
availability for providers of a system of global surveillance of air traffic without the
need to sustain significant costs for the development of new infrastructure.
The financial statements for the year ended 31 December 2015 show a break-even
result because the company is essentially inoperative and only holds the investment
in Aireon.

58 ENAV - Annual financial report 2015