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LIABILITIES in euros 31/12/2016 31/12/2015

EQUITY CAPITAL

Allocations 2,870,680,121.97 2,870,680,121.9 Reserves 6,996,598,240.48 5,496,133,780.00 Valuation difference 3,725,577,877.32 2,949,210,368.15 Profit/(loss) for the financial year 746 ,614,649.95 1,500,464,460.48

TOTAL I 14,339,470,889.72 12,816,488,730.60

PAYABLES

Long-term borrowings Extraordinary contribution to CNIEG 4,817,195,728.53 4,581,594,321.66

CADES debt - 1 year 2,100,000,000.00 2,100,000,000.00

CADES debt + 1 year 14,700,000,000.00 16,800,000,000.00

Payables from operations 46,092,098.08 79 ,437,158.89

Sundry payables Financial instruments 3,536,696.07 11,123,928.00

Foreign exchange transactions 9,808,627,457.95 9,995,042,684.15

Forward financial instruments 14,994,716.56 34,331,248.99

Prepaid income 782,674.45

TOTAL II 31,490,446,697.19 33,602,312,016.14

GRAND TOTAL (I + II) 45,829,917,586.91 46,418,800,746.74