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Report on Operations 57

When preparing its 2015-2019 Performance Plan in the first reference
period, ENAV adopted an approach aimed at safeguarding the Company’s
economic stability and limiting the risk associated with the Community
performance scheme.

In a regulatory context in which risk is calculated as the difference
between planned and actual performance, it is understood that the plan
for the reference period, in addition to ensuring sufficient profitability from
services offered, must be prepared with the aim of achieving the targets
set by the performance schemes while simultaneously ensuring full
operational continuity.

Therefore, it is appropriate to recall that for the next five years the
Performance Plan, and therefore the Company’s Economic Plan as well,
will be subject to repeated revision and assessment by the European
Commission. In the first stage of this process, the Commission expressed
its opinion in EU Decision 2015/347 of 2 March 2015 with regard to the
Plan’s capacity to adequately contribute to the achievement of Community
targets based on the criteria specified in Regulation (EC) no. 390/2013,
and requested the Italian Government (and therefore ENAV) to make a
number of changes. The Government and ENAV have four months from the
date of publication of the Decision in the Official Journal of the European
Union to present a new plan. The new plan will then be evaluated by the
Commission, which will have another five months to express its opinion.
The process for evaluation of the Performance Plan is undoubtedly highly
complex, and it may be assumed that the Plan will receive final approval
not before the second half of 2015.

Lastly, it should be noted that according to the new Community Performance
Regulations, as of 1 January 2015 the terminal component regarding the
first two charge bands have been subject to the Community Performance
Scheme, whereas the third band has remained in a cost recovery system.

It therefore appears obvious that in this uncertain macroeconomic scenario,
with a continuously shifting regulatory framework, the Company’s strategy
for the near future must be based on a prudent assessment of management
policies, with the dual objective of ensuring full operational continuity and
achievement of the economic and operational targets defined by national
and Community schemes.