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Report on Operations 11

article 2445 of the Italian civil code) the Company’s share capital by ¤180
million and to modify article 5 of ENAV’sbylaws. The Meeting also resolved
to commence the process for the issuance of a private placement bonded
loan in an identical amount, by means of which the Company intends to
pay the above-mentioned extraordinary dividend.

Subsequently, on 8 May 2015, the Board of Directors resolved to issue the
private placement bonded loan for ¤180 million.

In addition to its separate financial statements, ENAV prepares Group
Consolidated Financial Statements in accordance with IAS/IFRS,
voluntarily adopting such standards as of the 2013 Financial Statements
with First Time Adoption (FTA) at 1 January 2011. In 2014, the consolidated
financial statements at 31 December 2011, 2012 and 2013, previously
prepared on the basis of Italian accounting standards were restated in
accordance with IAS/IFRS and were approved by the Board of Directors on
24 October 2014; therefore, the date as of which ENAV Group converted
to IAS/IFRS is 1 January 2011. On the other hand, the separate financial
statements of ENAV and of Techno Sky at 31 December 2014 were the
first statements prepared in accordance with IAS/IFRS with First Time
Adoption as of 1 January 2013. For purposes of consistency of values
stated in the consolidated financial statements, defined with reference to
the transition date of the ENAV Group, the amounts stated in the separate
financial statements were determined in a manner consistent with those
determined at the time of the transition of the ENAV Group.

In conformity to the requirements of article 2364 paragraph 2 of the
Italian civil code and article 7 of the bylaws, the Company’s management
has availed itself of the extended deadline of 180 days after the close of
the financial year for the Shareholders’ Meeting to approve the financial
statements for the year ended 31 December 2014.

The Shareholders’ Meeting will be called 180 days after the close of the
financial year not only to allow preparation of the consolidated financial
statements as expressly required by article 2364 paragraph 2 of the Italian
civil code, but also due to transition to IAS/IFRS adopted for the first time
for the preparation of ENAV’s separate financial statements for the year
ended 31 December 2014.

Reference scenario and results of operations

The macroeconomic situation in recent years has been uncertain and
problematic in the entire eurozone as well as in Italy. The negative trend
in principal macroeconomic indicators continued in 2014, and in Italy the
effects of the recession were felt in all industries and on the labor market.