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Related-party transactions

As at 30 June 2014, Cassa Depositi e Prestiti (CDP) held 30.00% of the voting capital of Snam S.p.A.

Based on Snam’s current ownership structure, the parties related to Snam include (in addition to non-consolidated subsidiaries and companies associated with the Group or under its joint control) the subsidiaries directly or indirectly controlled by CDP and the Ministry of Economy and Finance. Transactions with these entities refer to the exchange of assets and the provision of regulated services within the gas sector and, with regard to CDP, the provision of financial resources.

These transactions are part of ordinary business operations and are generally settled at market conditions, i.e. the conditions which would be applied for two independent parties. All the transactions carried out were in the interest of the companies of the Snam Group.

Pursuant to the provisions of the relevant legislation, the Company has adopted internal procedures to ensure that transactions carried out with related parties by Snam or its subsidiaries are transparent and correct in their substance and procedure25.

Directors and auditors declare their interests affecting the Company and the Group every six months, and/or when changes in said interests occur; they also inform the Chief Executive Officer (or the Chairman, in the case of the Chief Executive Officer), who in turns informs the other directors and the Board of Statutory Auditors, of individual transactions that the Company intends to carry out and in which they have an interest.

There are no shareholders that claim to exercise control over Snam. Snam is not subject to management and coordination. As at 30 June 2014 Snam manages and coordinates its subsidiaries, pursuant to Article 2497 et seq. of the Italian Civil Code.

The amounts involved in commercial, miscellaneous and financial relations with related parties, descriptions of the key transactions and the impact of these on the balance sheet, income statement and cash flows, are provided in Note 30 of the notes to the condensed interim consolidated financial statements.

Changes to stock option plans

In the first half of 2014, all existing stock options, which were all related to the 2008 allocation plan, had been exercised. At 30 June 2014, no stock options existed.

The change in the stock option plans at 30 June 2014 is as follows:

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No of options

price (€)

price (€)

Options existing at 1 January 2014




New options assigned




Options exercised during the period




Options expired during the period




Options existing at 30 June 2014




Post-balance sheet events

The post-balance sheet events are described in the previous points of this report.

25 The procedure for related-party transactions, pursuant to Article 4 of Consob Regulation 17221 of 12 March 2010, as amended, and approved by the Board on 30 November 2010, is available in the “Governance” section of the Company website, at www.snam.it.

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