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Report on Operations 55

Enav Asia Pacific Sdn Bhd

ENAV Asia Pacific is a Malaysian company established in March 2013
for purposes of developing the Group’s commercial activities in countries
in Asia and Oceania. Wholly-owned by ENAV, the company closed
2014 with a positive net result of ¤4 thousand, slightly lower than in the
previous year, in which it did not operate for a full 12 months. The company
is administered by a Chief Executive Officer appointed by the Board of
Directors and designated by the parent company, and is subject to legal
auditing.

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.
At 31 December 2014, the SICTA Consortium, a non-profit organization,
had a positive net profit of ¤1 thousand, with a 5.6% increase in value
of production compared to the previous year for activities linked to the
SESAR program, and a 3.2% increase in operating costs, absorbed by
increased revenues. The operating result benefited 55.7% from financial
management following the significant reduction of bank debt, which
decreased from ¤4.3 million in 2013 to ¤1.4 million in 2014.

Pursuant to its bylaws, 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 to participate in an investment to be carried out through
the acquisition of 12.5% of the share capital of Aireon LLC, an American
company, part of the IRIDIUM Group, that by the end of 2018 will build the
first global satellite surveillance system for air traffic control. The financial
statements for the year ended 31 December 2014 show a break-even
result because the company is essentially inoperative and only holds the
investment in Aireon.