Assistance to the Ministry of Economy and Finance (MEF) as an independent valuer for the purpose of estimating the value of the non-controlling shareholding in Enav S.p.A. sold through a public sale offer addressed to the general public and to Italian and foreign institutional investors.

Preparation of a report estimating the value of 100% of Enav and the non-controlling interest sold by the MEF
Preparation of a fairness opinion in relation to the preliminary price range identified by the MEF
Preparation of a fairness opinion in relation to the final price of the offer identified by the MEF.

Euro 1.8 billion (capitalisation of Enav’s stock exchange at the offer price)