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250 ENAV – 2014 Financial Statements

Auditors formalized a number of considerations on this announcement
made by the Shareholder.
Subsequently, on 13 April 2015 the Shareholders’ Meeting resolved to
carry out a voluntary reduction of the Company’s share capital by
€ 180 million pursuant to article 2445 of the Italian civil code, and at
its meeting of 8 May 2015 the Board of Directors approved the issue
of a bonded loan amounting to € 180 million to pay the extraordinary
dividend.
On the basis of the information and assurances provided by the
auditing firm during the exchanges of information held for the purpose
of preparing reports on the financial statements, the Board of Statutory
Auditors:
- states that the draft financial statements have been prepared in
accordance with International Financial Reporting Standards (IFRSs),
International Accounting Standards (IASs) and the interpretations to
such issued by the International Financial Reporting Interpretations
Committee (IFRIC);
- notes that the overall lay-out of the financial statements
complies with current law and International Financial Reporting
Standards as far as their formation and structure is concerned, and has
no particular observations to report in this respect;
- acknowledges that in accordance with the requirements of
article 2428 of the Italian civil code, the report on operations,
reviewed for consistency by Reconta Ernst & Young, contains the
main events characterizing operations and the 2014 result as well as