ANNUAL REPORT 2006

On the basis of the evaluations made, on a prudential basis, it was considered not necessary to perform specific operations, both in the light of the expected results of the four years plan, recently approved as regards “Garboli”, both as regards the expected relief from damages deriving from the cancellation of the convention, even in the unexpected event that the same could be quantified in accordance with the provisions of art 13 of the above mentioned law.
All judicial initiatives have been undertaken in close coordination with all the other consortium companies involved by the same legislative procedure. In particular, and with reference to the Cepav 2 Consortium, account was also taken of the positive results expected from the partial arbitrary award relating to the first arbitration which is under way and is aimed at the recognition of the costs and damages sustained by the consortium company subsequent to the extraordinary length of time required for the obtaining of all the necessary authorisations which was dealt with directly by the client.
The related pronouncement involves the following:

	that TAV pays to the Consortium company the price of all the project work commissioned to the same (with the exception of Rev. 0 of the project) for the carrying out of the Convention in the amount determined during the further course of justice;
	that TAV reimburses to the Consortium company the damages caused subsequent to the delayed convening of the services Conference relating to the period that goes from 15th December 1996 to the 30th October 2000, in the amount determined during the further course of justice;

The activities relating to the judicial enquiry by the Arbitration Board continues with the aim of quantifying the amount due with the assistance of technical advice. For this purpose, it has been decided to postpone the date of issue of the arbitration award to the month of October 2007.