Snam — Board/Management Information 2019

Oct 23, 2019

STUDIO NOTARILE MARCHETTI Via Agnello no. 18 20121 - Milan -Tel. 02 72021846 r.a.

Index No. 15.248 Folder No. 8.165 Minutes of the Board of Directors REPUBLIC OF ITALY

In the year 2019 (twenty nineteen) on the 2 (second) day

of the month of October

at 11.50 (fifty past eleven)

In Bordolano (CR), Via Cascina Razzina snc.

Before me, Carlo Marchetti, a member of the Board of Notaries of Milan, appeared Mr:

• Luca Dal Fabbro, born in Milan on 8 February 1966, domiciled for the purpose of his office in San Donato Milanese (MI), at Piazza Santa Barbara 7, whose personal identity I, as Notary, am certain of, who in his capacity as Chairman of

"Snam S.p.A."

a listed company with registered offices in San Donato Milanese (MI) at Piazza Santa Barbara no. 7, share capital 2,735,670,475.56 euros, fully paid in, tax code and Milan, Monza Brianza and Lodi Business Register no. 13271390158, registered in the Economic and Administrative Register of Milan under no. 1633443, and as such, in its interests, asks me to record, as regards the fifth point, letter (B), on the agenda for the meeting of the Board of Directors convened on this day and in this place to discuss and resolve on the following:

agenda

Omissis

Bond Issues (EMTN programme). Necessary and consequent resolutions Omissis

I am complying with the request made to me and I record that the Board (having already debated the aforementioned Agenda items, which are the subject of separate Minutes) was held, with regards to the debate on item five, letter (B) on the agenda, proceeded as follows. Pursuant to the Bylaws, the Appearing Party takes the chair, in his aforesaid capacity, and once again notes and acknowledges that:

-the meeting has been called with a notice sent on 26 September 2019, by electronic mail to all parties entitled pursuant to article 15 of the Company Bylaws;

-the following Directors are present: M.ALVERA' (Chief Executive Officer), L.CAVATORTA, F.GORI, Y.HE, A.MARANO, F.PACE, (connected via teleconferencing pursuant to the Bylaws), R.ROLLI and A.TONETTI;

-the following Statutory Auditors are also present: S.GNOCCHI (Chairman), and Standing Auditors G.CHINELLATO and D.P. PATRINI;

-the CFO A.PASINI, the General Counsel M. REGGIANI, the Senior Vice President of Finance S. MOLISANI and the Secretary of the Board

of Directors R.BALA also assisted.

The Chairman then again declared that the meeting was properly constituted and entitled to resolve on the item five, letter (B) on the agenda.

The Chief Executive Officer, at the request of the Chairman, moves on to debate the above and reminds those present that Art. 2410 of the Italian Civil Code grants to the administrative body - unless otherwise provided for in the Company's Bylaws - power to issue non-convertible bonds. Furthermore, art. 2412 of the Italian Civil Code: (i)provides that bonds may be issued for a total sum that does not exceed double the share capital, legal reserve and available reserves as stated in the last financial statements approved, and (ii) excludes the application of said limits in case of issue of bonds to be listed on regulated markets or in multilateral trading systems, or of bonds that give an entitlement to purchase or subscribe shares.

The Chief Executive Officer, firstly, reports that the authorisation to issue non-convertible bonds under the EMTN Programme - resolved by the Board of Directors of the Company on 4 June 2012 (as set out in the minutes of the same date reg. no. 18.496/binder 5.955 of Milan Notary Piergaetano Marchetti, registered at the Milan 1 Agenzia delle Entrate on 19 June 2012, no. 22130, series 1T and duly registered in the appropriate Business register on 7 June 2012), subsequently renewed on 11 June 2013 (as set out in the minutes of the same date reg.no. 9,840/binder 5,145 registered at the Milan 1 Agenzia delle Entrate on 21 June 2013, no. 19798, series 1T and duly registered in the appropriate Business register on 26 June 2013), and on 23 June 2014 (as set out in the minutes of the same date reg.no. 10.961/binder 5.646, registered at the Milan 1 Agenzia delle Entrate on 8 July 2014, no. 18030, series 1T and duly registered in the appropriate Business register on 9 July 2014), on 22 June 2015 (as set out in the minutes of the same date reg. no. 12,103/binder 6,294, registered at the Milan 1 Agenzia delle Entrate on 14 July 2015, no. 19444, series 1T and duly registered in the appropriate Business register on 1 July 2015)), and on 27 September 2016 (as set out in the minutes of the same date reg. no. 13.281/binder 6.955, registered at the Milan 1 Agenzia delle Entrate on 14 October 2016, no. 34241, series 1T and duly registered in the appropriate Business register on 3 October 2016), on 6 October 2017 (as set out in the minutes of the same date reg. no. 14.039/binder 7.420, registered at the Milan 1 Agenzia delle Entrate on 26 October 2017, no. 35456, series 1T and duly registered in the appropriate Business Register on 6 October 2017) and on 2 October 2018 (as set out in the minutes of the same date reg. no. 6.253/binder 3.296 of Milan Notary Andrea De Costa, registered at the Milan 2 Agenzia delle Entrate on 26 October 2018, no. 53335, series 1T and duly registered in the appropriate Business register on 3 October 2018), will expire on 2 October 2019.

The Chief Executive Officer points out that non-convertible bonds for total of approximately 9,128,000.00 (nine million one hundred

2

and twenty-eight thousand point zero zero) million euros had been issued under this EMTN Programme.

The Chief Executive Officer presents the proposal to renew the EMTN Programme, with an increase in the total amount from the current 10,000,000,000 (ten billion) euros to 11,000,000,000 (eleven billion) euros and, therefore, to authorise an operation consisting of the new issue of one or more bond issues destined to be subscribed by qualified investors according to the terms and conditions and arrangements of the Programme.

He emphasises that this operation would enable Snam to implement a debit definition manoeuvre intended to: (i) support the development programmes of the Company; (ii) pursue an adequate balance in sources of funding between banks and securities; (iii) maintain a financial structure that would be balanced in terms of the ratio of short and medium term debt and the debt maturity profile, (iv) acquire financial resources at competitive costs and (v) ensure an adequate degree of flexibility in favourable market times.

In light of the above, the Chief Executive Officer therefore proposes that the renewal of the EMTN Programme be authorised, and therefore that the Board authorises the issue of one or more nonconvertible bonds, each to be issued in one or more tranches, within the period of one year starting from 2 October 2019, for a maximum countervalue of the EMTN Programme of 11,000,000,000 (eleven billion) euros and a maximum amount (also as countervalue in other currencies) of bonds to be issued within the aforesaid term amounting to 1,872,000,000 (one billion eight hundred seventy-two million) euros, increased by the corresponding amount of the bonds redeemed over the same period; it remains understood in any case that the total nominal value of the bonds issued under the EMTN Programme may in no case exceed the maximum limit of 11,000,000,000 (eleven billion) euros. All the bonds will be placed with institutional investors operating principally in Europe, according to the terms and arrangements of the EMTN programme.

The bonds will be regulated by English law and could be, but do not necessarily have to be, listed on one or more regulated and unregulated markets (multilateral trading facilities). On this point, the Chief Executive Officer specifies that, to the extent permitted by the applicable laws and regulations, bonds already issued by the Company under the EMTN Programme may also be listed on non-regulated systems.

The Chief Executive Officer then summarises the characteristics of the operation, which are in line with those of previous years:

-articulation: also in several operations, each divisible into tranches;

-subscribers: qualified investors according to the terms and conditions and arrangements of the Programme;

-duration: the duration of each issue and tranche will be based on the market conditions in force at the time of issue and in any event no longer than 50 years, including those with the right to

early redemption;

-use of proceeds: the sums collected from the bond issues can be used each time both for general corporate activities and to finance specific projects such as the case of the issue of "climate action bonds";

-issue currency: euros or other currency;

-units: a minimum of 100,000.00 euros, corresponding to the nominal value (or equivalent if in another currency);

-issue price: the issue price, which may be different for each single emission or tranche, will be set according to the overall yield offered to subscribers at the market conditions in force at the time of the issues and in any event no less than 90% and no more than 110% of the nominal value of the bonds;

-interest rate: the interest rate, which may be different for each of the single issues or tranches and which may also be linked to an external benchmark (such as, by way of example, the inflation rate), shall be fixed (Fixed Rate Notes), not exceeding 5%, or variable (Floating Rate Notes), not exceeding the reference rate (as defined in the Programme, purely as an example, among others, the EURIBOR) increased by a margin aligned with the market conditions in force at the time of issue, it being in any event understood that the maximum margin, where applicable, shall be 2.5%;

-applicable law: English law, apart from the meetings of bondholders, which shall be regulated by Italian law and, in any event, in such a way as to not conflict with Italian law;

-listing: the bonds could be, but do not necessarily have to be, listed on one or more regulated and unregulated markets (multilateral trading facilities);

-redemption: in a single solution upon maturity or in several tranches of equal amounts, without prejudice to the issuer's right to proceed to early redemption with notice; all according to the terms and conditions contained in the bond itself;

-placement commissions: not exceeding 1.5% of the nominal value of the issues and in any event aligned with the market conditions in force at the time.

In reiterating that the final term for the issue of the bonds is one year starting from 02 October 2019, the Chief Executive Officer points out that upon maturity the EMTN Programme may be renewed again, and in that case, the subsequent appropriate resolutions would again be submitted to the Board.

The Chief Executive Officer recalls that there are no impediments for the issue of the non-convertible bond to which the day's proposal referred in the terms and limits set out above, since article 2412, subsection one, of the Italian Civil Code had been found to have been respected.

The Chairman of the Board of Statutory Auditors states, on behalf of the whole Board of Statutory Auditors and pursuant to article 2412, subsection one, of the Italian Civil Code, to the extent necessary, that the proposed bond issue respects the limits set out in article 2412 of the Italian Civil Code.

Therefore, the Board of Directors:

-having noted the regulation on the subject of the issuance of bonds set out in articles 2410 and 2412 of the Italian Civil Code;

-having noted the bonds currently in existence;

-having heard the report of the Chief Executive Officer;

-subject to the compliance with every requirement and condition foreseen by the applicable regulations, and with the commitment to report to the Board on the state of execution of the operations set out above:

unanimously resolves

Firstly

1. ) to authorise the renewal of the EMTN Programme, for a maximum total countervalue of the EMTN Programme of 11,000,000,000.00 (eleven billion point zero zero) euros, and to authorise the issue of further non-convertible bonds within one year from 2 (two) October 2019 (two thousand nineteen) (subject to the registration of this resolution at the Business Register), each to be issued in one or more tranches, for a maximum amount (also as countervalue in other currencies) of 1,872,000,000.00 (one billion eight hundred seventy-two million point zero zero) euros, increased by the amount corresponding to the bonds redeemed over the same period, it remains understood in any case that the total nominal value of the bonds issued under the EMTN Programme may in no case exceed the maximum limit of 11,000,000,000.00 euros (eleven billion point zero zero); 2. ) to establish that the bonds to be issued under the resolution referred to in point 1.) above must have the characteristics summarised below:

-articulation: also in several operations, each divisible into tranches;

-subscribers: qualified investors according to the terms and conditions and arrangements of the Programme;

-duration: the duration of each issue and tranche will be based on the market conditions in force at the time of issue and in any event no longer than 50 (fifty) years, including those with the right to early redemption;

-use of proceeds: the sums collected from the bond issues can be used each time both for general corporate activities and to finance specific projects such as the case of the issue of "climate action bonds";

-issue currency: euros or other currency;

-units: a minimum of 100,000.00 (one hundred thousand point zero zero) euros, corresponding to the nominal value (or equivalent if in another currency);

-issue price: the issue price, which may be different for each single emission or tranche, will be set according to the overall yield offered to subscribers at the market conditions in force at the time of the issues and in any event no less than 90% (ninety per cent) and no more than 110% (one hundred and ten per cent) of the nominal value of the bonds;

-interest rate: the interest rate, which may be different for each of the single issues or tranches and which may also be linked to an external benchmark (such as, by way of example, the inflation rate), shall be fixed (Fixed Rate Notes), not exceeding 4.5%, or variable (Floating Rate Notes), not exceeding the reference rate (as defined in the Programme, purely as an example, among others, the EURIBOR) increased by a margin aligned with the market conditions in force at the time of issue, it being in any event understood that the maximum margin, where applicable, shall be 2.5% (two point five percent);

-applicable law: English law, apart from the meetings of bondholders, which shall be regulated by Italian law and, in any event, in such a way as to not conflict with Italian law;

-listing: the bonds could be, but do not necessarily have to be, listed on one or more regulated markets, establishing that, to the extent permitted by the applicable laws and regulations, bonds already issued by the Company under the EMTN Programme renewed herein may also be listed on non-regulated systems;

-redemption: in a single solution upon maturity or in several tranches of equal amounts, without prejudice to the issuer's right to proceed to early redemption with notice; all according to the terms and conditions contained in the bond itself;

-placement commissions: not exceeding 1.5% (one point five percent) of the nominal value of the issues and in any event aligned with the market conditions in force at the time.

Secondly

3. ) to confer a mandate on the Chief Executive Officer and the Chief Financial Officer, separately, with the right to issue submandates, to implement the resolution described above with all the widest and most suitable powers in this regard, including those to:

-determine, within the maximum limits resolved, the amount of the single issues or tranches, establishing, always within the resolved limits, the period to maturity, issue price, interest rate and arrangements for paying interest, and any issue variance or redemption premium;

-determine, within the limits resolved above, the conditions of the single issues or tranches in which the operation may be articulated, defining the regulations for each;

-proceed to place the bonds, signing all trades and agreements for this purpose, including with intermediaries and agents, also with the power to proceed to necessary operations to purchase the bonds issued, determining their conditions;

-proceed to fulfil all obligations, including information obligations, to all the competent Authorities, Italian or foreign, connected with the issue of the bond, its placement and its possible listing, also in terms of the publication of documents (including, but not limited to, fulfilling obligations connected with the definition and publication of the listing prospectus for the bonds being issued);

-in general, accomplish everything needed, useful or opportune for the success of the initiative, including completing the necessary formalities for these resolutions to be registered in the Business Register, with the right to make any changes, corrections or additions to said entries that might be advisable and/or requested by the competent Authorities, including during registration in the Business Register.

The Chair, at this point, having addressed the fifth item, letter B on the agenda, continued the consideration of the remaining point, as minuted separately.

It is 12 noon

I have read this document to the appearing party who approves it and signs it with me at 12.02 p.m.

It consists of four sheets typed by a person I trust and completed by my own hand for fifteen pages and the sixteenth up until here.

Signed Luca Dal Fabbro

Signed Carlo Marchetti - Notary

Digital copy, true to the original hard copy, pursuant to art. 22 Legislative Decree No. 82, 7 March 2005, filed within the deadline required by the Milan, Monza, Brianza and Lodi Business Register Signed Andrea De Costa Milan, 11 October 2019 Stamp duty paid using the virtual system Authorisation no. 108375/2017 of 28 July 2017.