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Opinion
In our opinion, the consolidated financial statements give a true and fair view of the financial position of
the Prysmian Group as of 31 December 2015 and of the result of its operations and cash flows for the year
then ended in compliance with International Financial Reporting Standards as adopted by the European
Union, as well as with the regulations issued to implement article 9 of Legislative Decree 38/05.
Emphasis of Matter
As described in note 14 to the consolidated financial statements, “Provisions for risks and charges”, in
2009 certain anti-trust authorities started investigations with respect to the Prysmian Group and other
European and Asian electrical cable manufacturers to verify the existence of anti-competitive practices in
the high voltage submarine and underground cables markets. On 2 April 2014, the European
Commission issued a decision under which it found that, between 18 February 1999 and 28 January
2009, the world's largest cable producers, including Prysmian Cavi e Sistemi Srl, adopted anti-
competitive practices in the European market for high voltage submarine and underground cables.
Despite the uncertainty of the outcome of the investigations in progress and of the potential legal action
by customers as a result of the decision adopted by the European Commission, the directors believe that
the provision recorded represents the best estimate of the liability based on the information available.
Our opinion is not modified in respect of this matter.
Report on compliance with other laws and regulations
Opinion on the consistency with the consolidated financial statements of the directors’ report and of
certain information set out in the report on corporate governance and ownership structure
We have performed the procedures required under auditing standard (SA Italia) 720B to express an
opinion, as required by law, on the consistency of the directors’ report and of the information set out in
the report on corporate governance and ownership structure referred to in article 123-bis, paragraph 4, of
Legislative Decree 58/98, which are the responsibility of the directors of Prysmian SpA, with the
consolidated financial statements of the Prysmian Group as of 31 December 2015. In our opinion, the
directors’ report and the information in the report on corporate governance and ownership structure
mentioned above are consistent with the consolidated financial statements of the Prysmian Group as of
31 December 2015.
Milan, 23 March 2016
PricewaterhouseCoopers SpA
Stefano Bravo
(Partner)