Group structure at 31 December 2016

The structure of the Snam Group at 31 December 2016⁷ is shown below:

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The main changes in the Snam group structure as at 31 December 2016, as compared with the Snam group structure in effect as at 31 December 2015, were:

• in relation to the consolidation scope:
  
  the exit of Italgas Reti S.p.A. (previously Italgas S.p.A.) and the companies controlled by the latter, effective as of 7 November 2016, as a result of the transaction to separate Snam from the natural gas distribution business. As a result of the transaction, which led to the transfer to Italgas S.p.A. (formerly ITG Holding S.p.A.) of 100% of Snam S.p.A.’s equity investment in Italgas Reti S.p.A., Snam S.p.A. holds a significant equity investment in Italgas S.p.A. representing 13.5% of the share capital. This investment was subject to a shareholders’ agreement, signed on 20 October 2016 between Snam S.p.A., CDP Reti S.p.A. and CDP Gas S.r.l., covering all investments held by each in Italgas S.p.A.
• in relation to international equity investments
  
  the acquisition, in a consortium with Allianz, of 49% of Gas Connect Austria GmbH (GCA), employing a special purpose vehicle to secure joint control of AS Gasinfrastruktur Beteiligung GmbH, with equity stakes of 60% and 40% held by Allianz and Snam, respectively.