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Report on Operations 59

Proposal for the allocation of the net income for the year
of Enav SpA

Dear Shareholder,
The financial statements for the year ended 31 December 2014,
submitted to the Meeting for its approval, show net income for the year of
¤38,827,033.27.
We accordingly propose that you should:
l approve the financial statements for the year ended31 December

2014, consisting of the financial statements, the notes to the financial
statements and the report on operations;
l allocate the net income for the year of Euro 38,827,033.27 as follows:
- 5% (¤1,941,351.66) to the legal reserve, considering that the

reserve has not yet reached the limitset by article 2430 of the
Italian civil code;
- the remaining ¤36,885,681.61 in accordance with the resolutions
to be adopted by the Shareholders’ Meeting.
We kindly ask you therefore to adopt resolutionson the above.

Rome, 29 May 2015

Chairman of the Board of Directors
Maria Teresa Di Matteo