STRUCTURE OF STATEMENT OF CAPITAL EMPLOYED Before Profit Distribution at December 31

2017 2016 2015

1. Net fixed assets 94.91% 102.22% 99.50%

2. Working capital 20.68% 11.32% 13.05%

3. Long-term operating liabilities (15.59%) (13.53%) (12.55%)

Capital employed (*) 100.00% 100.00% 100.00%

4. Shareholders' equity 74.48% 68.95% 61.61%

5. Net Debt 25.52% 31.05% 40.99%

132

(*) Excluded discontinuing operations.

CHAPTER 6 Appendices