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SNAM RETE GAS S.p.A.

ORDINARY SHAREHOLDERS' MEETING OF 29 AND 30 APRIL 2003 ON FIRST AND SECOND CALL RESPECTIVELY

Report on the proposals of the Board of Directors on the items in the Shareholders' Meeting Agenda

ITEM 1

Financial Statements at 31 December 2002, Consolidated Financial Statements at 31 December 2002, Report of the Directors on the course of the business, Reports of the Board of Statutory Auditors and of the Independent Auditors.

Dear Shareholders,
the Financial Statements of Snam Rete Gas S.p.A., showing a net profit of euro 48,371,150, and the Consolidated Financial Statements, showing a net profit of euro 431 million, are illustrated in the document "Financial Statements at 31 December 2002" that has been deposited at the Company's Head Office and with Borsa Italiana S.p.A. (Italian Stock Exchange). For further information, please refer to the above-mentioned document.

Dear Shareholders,
we ask you to approve the Financial Statements of your Company at 31 December 2002, showing a net profit of euro 48,371,150.

ITEM 2

Allocation of net income and distribution of the dividend

Dear Shareholders,
regarding the results achieved and with the financial situation of the Company, the Board of Directors proposes to distribute a dividend of euro 0.16 per share, corresponding to a total amount of euro 312,800,000, to draw from the "Share-premium reserve".

Dear Shareholders,
we ask you to approve the following proposals:

  • to allocate euro 44,812 of the net profit to the "Reserve as per article 13 of Legislative Decree No. 124/93". This amount corresponds to 3% of the allocation for employees' severance indemnity paid in the period for supplementary pension schemes;  
  • to allocate the residual net income of euro 48,326,338 to the "Retained earnings";  
  • to draw euro 312,800,000 from the "Share premium reserve" for the distribution to the shareholders as a dividend, corresponding to euro 0.16 per share. Under Article 44, paragraph 1 of the Italian Consolidation Act on Income Taxes approved with Presidential Decree 917 of 22 December 1986, the distribution of the "Share premium reserve" does not constitute taxable income for the shareholders; the amounts received reduce the fiscally recognized cost of the shares owned.  

We also ask you to approve the proposal of paying the dividend as of 22 May 2003, the ex-dividend date being 19 May 2003

Il The Chairman of the Board of Directors
Mr. Salvatore Russo

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05 August 2016 - 15:42 CEST