SNAM Consolidated half-year report at 30 June 2017

Group structure at 30 June 2017

Old: construction site around a pipe (photo)

New: pipes by a large body of water (photo)

The structure of the Group at 30 June 2017¹ is shown below:

Enlarge image
Snam Group structure at 30 June 2017 (Organigram)

Snam's shareholders

(a)	CDP S.p.A. owns 59.10% of CDP Reti S.p.A.
(b)	On 19 May 2017 CDP S.p.A. sold the entire stake held in Snam S.p.A. to CDP Reti S.p.A. which was 39,200,638 shares, or 1.12% of the share capital. At 30 June 2017 CDP Reti S.p.A. holds an investment in Snam S.p.A. of a total of 1,053,692,127 shares (30.10%) of the share capital.
(c)	Note that BlackRock (with regard to the investments held through the BlackRock Group management company, by way of managed savings) notified Consob and Snam that, on 6 June 2017, its shareholding was equal to 4.43% of the share capital and it owned other financial instruments equal to 0.58% of the share capital.
2	Nominally only third-party shareholders holding share capital in Snam S.p.A. above the levels indicated in CONSOB Resolution 11971/99 (more than 3% of the issued share capital), in the capacity of significant pertinent parties or legal entities are reported.

CONSOLIDATED COMPANY

SHAREHOLDERS²

% OWNERSHIP

Snam S.p.A.

CDP Reti S.p.A. (a)

(b) 30.10

Romano Minozzi

5.75

Snam S.p.A.

2.40

Other shareholders

(c) 61.75

The changes in the scope of consolidation of the Snam Group at 30 June 2017 compared with 30 June 2016 involved the exit of Italgas Reti S.p.A. (previously Italgas S.p.A.) and the companies controlled by this company, beginning on 7 November 2016 as a result of the operation involving separation from Snam of the natural gas distribution business. As a result of the transaction, which led to the transfer to Italgas S.p.A. (previously ITG Holding S.p.A.) of 100% of Snam S.p.A.'s stake in Italgas Reti S.p.A., Snam S.p.A. holds a significant equity investment in Italgas S.p.A. equal to 13.5% of the share capital. The scope of consolidation of the Snam Group at 30 June 2017 has not changed compared with 31 December 2016.

1 More information can be found in the Annex “Snam S.p.A. equity investments at 30 June 2017” to the Notes to the condensed interim consolidated financial statements.

2 Nominally only third-party shareholders holding share capital in Snam S.p.A. above the levels indicated in CONSOB Resolution 11971/99 (more than 3% of the issued share capital), in the capacity of significant pertinent parties or legal entities are reported.

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