FRR 2016 ANNUAL REPORT54

Income statement at 31 December 2016 EXPENSES in euros 31/12/2016 31/12/2015

Outside services 61,605,852.48 117,648,637.20 Remuneration management companies 35,767,454.89 CDC Administrative management 21,631,451.62 Others 4,206,945.97

Taxes, duties and similar 85,075.91 84,171.54 Tax on wages 85,075.91

Staff expenses 937,017.71 949,040.06 Wages and salaries 684,743.01 Social security contributions 252,274.70

Depreciation allowance 553,127.75 520,939.72 Depreciation allowance 553,127.75

TOTAL OPERATING EXPENSES 63,181,073.85 119,202,788.52

FINANCIAL COSTS 2,635,318,318.99 2,530,257,662.16 Forex losses 1,051,474,064.89 Expenses on forward financial instruments 702,183,648.23 Costs relating to sales of financial instruments 437,962,818.07 Expenses on options 324,365,370.82 Other financial expenses 3,833,058.77 Allocation of share of income to CNIEG 115,499,358.21

TOTAL FINANCIAL COSTS 2,635,318,318.99 2,530,257,662.16

Extraordinary expenses on management operations

TOTAL EXTRAORDINARY EXPENSES

Profit/(loss) for the financial year 746,614,649.95 1,500,464,460.48

GRAND TOTAL 3,445,114,042.79 4,149,924,911.16

FINANCIAL INCOME in euros 2016 2015

Income 700,284,908.31 Forex gains 503,754,589.74 Income from forward financial instruments 679,628,806.36 Proceeds of sales of financial instruments 1,187,734,064.03 Income on options 356,937,645.19 Other financial income 16,750,581.75

TOTAL FINANCIAL INCOME 3,445,090,595.38 4,149,873,898.48

Extraordinary income on management operations 23,447,41

TOTAL EXTRAORDINARY INCOME 23,447.41 51,012.68

GRAND TOTAL 3,445,114,042.79 4,149,924,911.16