Financial Markets Review (March 2015)

1. March 2015
Performance of the main stock indices
Source: Snam on the Bloomberg data
The financial markets pag. 1
The utility sector pag. 2
Snam shares and its peers pag. 3
2014 results pag. 4
The oil markets
Oil prices decreased in March, both for the
US crude benchmark WTI (-4.34%, closing
at $47.6/barrel) as well as the Brent (-13.7%,
at $53.3/barrel), which were negatively af-
fected by the persistence of an abundant oil
supply as well as the strengthening of the
US dollar.
Snam S.p.A. Investor Relations
The financial markets
March saw a negative trend on the US
S&P500 (-1.7%) and the DJ Eurostoxx Utili-
ties sector index (-2.2%), while the closure
was positive for the DJ Stoxx50 European
index (+1.0) and the Italian FTSE MIB
(+3.7%). European markets benefited from
the ECB's bond purchase program, as well
as signs of economic recovery in the Euro-
zone. The main US market was negatively
affected by the strong appreciation of the US
Dollar, as well as some lower-than-expected
macroeconomic data. Data was down (in
February, on a monthly basis) on orders for
durable goods (-1.4%) and retail sales (-
0.6%); industrial production remained nearly
unchanged (+0.1%), while the US GDP was
up 2.2% (QoQ annualized) in the fourth
quarter of 2014 (compared to expectations
of +2.4%). In the Eurozone (March data, on
a monthly basis), there was an improvement
in all leading economic indicators
(particularly the manufacturing PMI, at 51.9
points from 51 and the composite index at
54.1 points, from 53.3). The ECB confirmed
the reference rate at its current level
(0.05%).
21.8%
2.8%
14.3%
0.4%
1.0%
3.7%
‐2.2%
‐1.7%
-5% 0% 5% 10% 15% 20% 25%
DJ Stoxx 50
S&P 500
DJ Euro Stoxx Utilities
FTSE MIB
March ‘15
YtD ‘15
The Snam stock remains flatThe stock markets registered
contrasting trends, with
European markets driven by the
ECB's quantitative easing
program
Oil prices decreased

2. Similar to the markets, the sectors also regi-
stered contrasting trends. The persistence of
both the ongoing weakness in crude oil pri-
ces and fears over an estimated 2015
growth worse than 2014 for the Chinese
economy (+7% compared to +7.5% the pre-
vious year) negatively affected the raw mate-
rials sector and the oil & gas sector. Howe-
ver, good corporate results achieved in 2014
and the positive data on automobile registra-
tions in Europe (+6.6% in the first two mon-
ths of the year, compared to the first two
months of 2014) drove the automotive sec-
tor.
The utility sector was on the decline, af-
fected by weak energy prices.
In March, the utility sector saw a decrease of
-2.2%, driven down both by weak energy
prices as well as the underperformance
recorded by integrated operators in Germa-
ny and France. The latter were negatively
affected by rumors regarding possible inte-
gration operations decided upon by the
French government in the nuclear sector
(EDF -9.6%).
The Utility sector in the
Stock Market
Source: Snam on the Bloomberg data
Main sector performance, March 2015
Sector and subsector performance, March 2015
‐0.9%
‐2.6%
‐1.5%
‐2.2%
-5% 0% 5%
Defensive Utilities
DJ Utility
Energy Utilities
Others
The utility sector was on the decline, affected by weak energy prices
The Utility sector performance
Financial Markets Review March 2015 Snam S.p.A. Investor Relations
DJ Uti l i ty; -2,2%
DJ Insur ance; 4,8%
DJ T el ecom; -0,6%
DJ Heal th Car e; 3,7%
DJ M edi a; 2,7%
DJ Real Estate; -0,8%
DJ T r avel &Lei sur e; 3,8%
DJ Chemi cal s; 4,2%
DJ Food&Bev; -0,9%
DJ Const&M ater ; 1,0%
DJ Inds Good; 1,2%
DJ Oi l &Gas; -4,5%
DJ Per s&Househol ds; -1,4%
DJ Autopar ts; 4,9%
DJ T ech; 2,0%
DJ Fi nanci al Ser vi ces; 2,2%
DJ Retai l ; 1,4%
DJ Banks; 3,7%
DJ Basi c Resour ces; 3,4%
-10% -5% 0% 5% 10%

3. 10.2%
9.0%
1.7%
4.6%
‐5.8%
2.6%
1.9%
2.8%
21.8%
14.3%
0.0%
1.7%
‐2.9%
‐0.5%
‐2.5%
1.4%
‐1.4%
‐2.2%
3.7%
1.0%
-10% -5% 0% 5% 10% 15% 20% 25%
The Snam shares and its peers
in the Stock Markets
The Snam stock closed the last session of
March at 4.52 euros, remaining unchanged
from the previous month.
The stock's performance, which outperfor-
med the utility sector, benefited from the
financial community's reception to the 2014
results and the strategic plan 2015-2018.
The announcement of the potential sale of
eni's remaining shares in Snam and profit
taking in the last week of the month brought
prices back to the previous month's level.
The stock's average daily trading volume in
March totaled 12.1 million units, down from
13.6 million in February.
Snam 2014 results
Corporate News
Snam and its peers
Source: Snam on the Bloomberg data
YtD ‘15
March ‘15
FTSE MIB
Stoxx 50
DJ Utility
United Utilities
NG
Severn Trent
REE
Enagas
Snam
Terna
On 12 March the Snam Board of Directors,
chaired by Lorenzo Bini Smaghi, met to ap-
prove the consolidated financial statements
and the draft financial statements of the pa-
rent company for 2014, showing net profit of
€1,198 million and €470 million respectively.
The Board also resolved to propose a divi-
dend of €0.25 per share to the Shareholders’
meeting.
Carlo Malacarne, Snam CEO, made the follo-
wing comments on the results:
“In 2014 we carried on with a selective invest-
ment plan designed to enhance the Group’s
growth via Capex of 1.3 billion euro and the
acquisition of TAG amounted to 0.5 billion
euro both aiming to strengthen the Italian gas
infrastructure and to promote the integration
of European networks”.
On 12 March Carlo Malacarne presented the
Strategic Plan for the period 2015-2018,
which was approved by the Company's
Board of Directors, chaired by Lorenzo Bini
Smaghi.
“For the 2015-2018 period we will invest 5.1
billion euro to support the development of
selected projects in an evolving market fra-
mework, with the aim of further contributing
to the integration of European networks and
to strengthening the security of supply”, CEO
Carlo Malacarne said.
“The solid results we expect, supported by
the increasing contribution of our foreign
subsidiaries and our strict financial discipli-
ne, allow us to confirm an attractive and
sustainable dividend policy also for 2015,
with an expected dividend of 0.25 euro”,
concluded Mr. Malacarne.
The overall investment plan in the 2015-
Financial Markets Review March 2015 Snam S.p.A. Investor Relations
Agenda
April
29 Shareholders’ meeting
Financial statements at December 31, 2014. Dividend approval for 2014
Strategic Plan 2015-2018
2018 period for the Italian domestic
market amounts to 5.1 billion euro, of
which 1.3 will be spent in 2015, aimed
not only at enhancing security of sup-
ply and flexibility of the system, but
also at supporting gas flows towards
the European markets, in the broader
perspective of an effective intercon-
nection with the continental networks.

4. Snam and its peers: 2014 results
Operating Highlights
Financial Highlights
On 12th
March Snam presented the 2014 results
1
Net of IFRIC 12 (equal to 316 million euro). The total revenue including IFRIC 12 amounted to
3,882 milion euro, up 0.9% compared to 3,848 of 2013.
2
Net profit is attributable to Snam.
On 26th
March Terna presented the 2014 results
On 25th
February Red Electrica presented the 2014 results
(million euro) 2013 2014 Change
Total revenue 1,758 1,847 +5%
EBITDA 1,302 1,385 +6.4%
EBIT 899 949 +5.6%
Net profit 529 718 +36%
Investments 596 956 +60%
Net debt 4,541 5,409 +19%
Financial Highlights
On 24th
February Enagas presented the 2014 results
(million euro) 2013 2014 Change
Total revenue 1,262 1,224 (3.0%)
EBITDA 996 940 (5.6%)
EBIT 650 590 (9.3%)
Net profit 403 406 +0.8%
Net debt 3,773 4,059 +7.6%
Investments 531 625 +17%
Financial Highlights
Snam SpA
Piazza Santa Barbara 7 - 20097 S. Donato Milanese (Mi) Italia
www.snam.it — investor.relations@snam.it
tel: +39 02 37037272- fax: +39 02 37037803
Financial Markets Review March 2015 Snam S.p.A. Investor Relations
(million euro) 2013 2014 Change
Total revenue 3,529 3,5661
+1.0%
EBITDA 2,803 2,776 (1.0%)
EBIT 2,034 1,973 (3.0%)
Net profit2
917 1,198 +30.6%
Investments 1,290 1,313 +1.8%
Net debt 13,326 13,652 +2.4%
(billion cubic meters) 2013 Change
Gas injected into the transportation
network
69.00 (9.7%)
Available storage capacity 11.4
Number of active meters (mln) 5.93 +8.1%
2014
62.28
11.4
6.41
(milioni di euro) 2013 2014 Variazione
Ricavi totali 1,896 1,996 +5.3%
Utile operativo lordo (EBITDA) 1,488 1,491 +0.2%
Utile operativo (EBIT) 1,038 1,011 (2.6%)
Utile netto 514 545 +6.0%
Debito netto 6,698 6,968 +4.0%
Investimenti tecnici 1,212 1,096 (10%)