Snam S.p.A. financial review

Snam S.p.A. is an industrial holding company listed on the Milan stock exchange. It heads up the Snam Group and holds 100% of the share capital of operating companies Snam Rete Gas S.p.A., GNL Italia S.p.A., Stogit S.p.A. and Italgas S.p.A., which are responsible for managing and developing the natural gas transportation, regasification, storage and distribution segments, respectively. In addition, since July 2014, Snam S.p.A. has held 100% of the share capital of Gasrule Insurance Limited, an insurance company based in Dublin. Snam S.p.A. is also responsible for the strategic planning, management, coordination and control of its subsidiaries.

As at 31 December 2014, Cassa Depositi e Prestiti (CDP), through CDP Reti S.p.A. and CDP Gas S.r.l., holds 28.98% and 3.40% respectively of the share capital of Snam S.p.A.

On 25 and 31 March 2015, after approval by Snam’s Board of Directors of the consolidated financial statements and the draft financial statements of the parent company for 2014 at its meeting of 11 March 2015, Cassa Depositi e Prestiti S.p.A. (CDP) notified Snam S.p.A. that “pursuant to international accounting standard IFRS 10 – Consolidated Financial Statements -, the requirement has arisen for CDP to fully consolidate Snam S.p.A. as of the financial statements as at 31 December 2014, compared with 31 December 2013”. Snam is not subject to management and coordination. Snam informed Consob.