1. September 2014
Snam shares closed the month
down.
Performance of the main stock indices
0.7%
1.9%
Source: Snam on the Bloomberg data
The financial markets pag. 1
The utility sector pag. 2
Snam shares and its peers pag. 3
The oil markets
In September, crude oil prices decreased
both for the U.S. crude benchmark WTI (-
5%, closing at $91.20/barrel) as well as the
Brent (-7.9% to $93.20/barrel), affected by
6.7%
weak demand for oil on a global level in a
contest of an adequately supplied market
and by the strengthening of the dollar.
Snam S.p.A. Investor Relations
The financial markets
The month of September saw a general
increase in equity markets, with rises of
0.7% for the European DJ Stoxx50, 2.2% for
the Italian stock exchange and 1.9% for the
Stoxx Europe Utilities sector index. The sole
exception was the American S&P500, which
closed down (-1.6%).
Stock markets, particularly those in Europe,
benefited from the monetary policy measu-res
announced by the ECB, which consist of
the further reduction in interest rates and the
launch of a program to purchase asset-backed
securities and collateralised debt
obligations in order to facilitate greater liqui-dity
within the banking system. The tempora-ry
easing of tensions between Russia and
Ukraine also boosted the positive trend
across European markets. The US stock
market was negatively influenced by worse
than expected macroeconomic data.
From a macroeconomic perspective, in the
United States (with reference to the month of
August, on a monthly basis) data on orders
for durable goods was down (-18.2%), along
with industrial production (-0.1%) and the
real estate market (new builds -14.4%, buil-ding
permits -5.6% and sales of existing
homes -1.8%); the final estimate for US GDP
in the second quarter of 2014 saw a rise of
+4.6% (QoQ annualised) versus the initial
estimate of +4.2%.
In the Eurozone (with reference to the month
of September, on a monthly basis), there
was a general decline in leading indicators of
economic trends, both for the PMI indexes
(composite at 52.3 points, from 52.5 in the
10.1%
16.6%
S&P 500
previous month), as well as the German Ifo
and ZEW indexes. The ECB reduced inte-rest
rates by 10 basis points, bringing the
benchmark to 0.05% (a new record low)
from the previous 0.15%, and partially ad-justed
downwards its forecasts for GDP
growth and inflation for 2014 (respectively at
+0.9% and +0.7%) and 2015 (+1.6% and +
1.1%) .
5.1%
2.2%
‐1.6%
-5% 0% 5% 10% 15% 20%
DJ Stoxx 50
DJ Euro Stoxx Utilities
FTSE MIB
September ‘14
YtD ‘14
A mostly positive performance
by the markets in September,
supported by new expansive
monetary policy measures from
the ECB
Crude oil prices closed down

2. The Utility sector in the
Stock Market
Similarly to the equity markets, individual
sectors have experienced contrasting trends.
Some have registered a declining perfor-mance,
in particular the raw materials sector,
which was negatively affected by worse than
expected economic data from China that has
rekindled fears of a slowdown in the growth
of the world's second largest economy. Oth-er
sectors showed converse results, first and
foremost pharmaceutical, followed by bank-ing
and insurance, the latter two driven by
further expansionary monetary policies
adopted by the ECB earlier this month.
The utility sector also performed well, sup-ported
by the performance of energy compa-nies.
DJ Banks; 1,5%
DJ T ech; 0,7%
DJ Food&Bev; 0,3%
DJ Chemi cal s; 0,1%
DJ M edi a; 0,0%
DJ T r avel&Lei sur e; 2,3%
DJ T el ecom; 1,3%
DJ Insur ance; 2,4%
DJ Ut i l i ty; 1,9%
DJ Heal th Car e; 5,1%
DJ Basi c Resour ces; -5,1%
DJ Retai l ; -4,1%
DJ Financi al Ser vi ces; -2,2%
DJ Per s&Househol ds; -0,4%
DJ Oi l&Gas; -1,8%
DJ Autopar ts; -4,5%
DJ Const&Mater ; -3,4%
DJ I nds Good; -0,9%
DJ Real Estate; -2,3%
-10% -5% 0% 5% 10%
The utility sector also performed well, supported by the performance of energy companies.
During the month of September, the utility
sector saw a growth in performance of 1.9%
versus the previous month's end.
The sector’s result was driven by energy
utility companies, which were boosted by the
recovery in electricity prices during the
month. In particular, the sub-sector was
driven upwards by French electricity genera-tion
companies (GDF Suez +6% and EDF
+5%).
Main sector performance, September 2014
Source: Snam on the Bloomberg data
Sector and subsector performance, September 2014
‐1.0%
2.8%
‐1.1%
1.9%
.
-5% 0% 5%
DJ Utility
Defensive Utilities
Energy Utilities
Others
The Utility sector performance
Financial Markets Review September 2014 Snam S.p.A. Investor Relations

3. September ‘14 FTSE MIB
47.5%
12.9%
13.2%
11.6%
38.9%
16.3%
23.7%
16.6%
10.1%
5.1%
YtD ‘14
‐3.5%
‐1.0%
0.7%
2.2%
0.6%
1.6%
7.0%
‐1.2%
‐7.9%
1.9%
-10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
The Snam shares and its peers
in the Stock Markets
The Snam stock closed the month of Sep-tember
down 1% (€ 4.38 per share), under-performing
both the Italian market as well as
the Utility sector.
The stock reached its highest historical le-vels
(€4.57) in the first week of the month,
while in the second half of September it was
lowered due to profit taking by investors,
partially absorbing the outperformance in
previous months.
The stock's average daily trading volume in
September totaled 7.9 million units, up from
7.5 million in August.
Agenda
BoD approved the TAG acquisi-tion
Severn Trent
Terna
October
30/31 Interim financial report at 30 September 2014
Board of Director, press release and Conference call
Snam confirmed in the DJSI
On 11 September 2014 Snam has been
confirmed for the sixth consecutive year in
the Dow Jones Sustainability World Index,
the most important global stock exchange
index for Corporate Social Responsibility.
This recognizes the ongoing commitment of
Snam to sustainable development and crea-tion
of value for the Company itself and its
stakeholders.
This year's results, in line with the ones of
last year in terms of overall positioning (82
points), register an improvement in the social
dimension and in almost all the sections of
the environmental field, with scores in line or
next to the industry’s highest standard, con-firming
the Company’s ability to ensure ex-cellence
in protecting the environment in a
framework of dialogue and interaction with
the communities it operates with.
Corporate News
Snam and its peers
Source: Snam on the Bloomberg data
Stoxx 50
DJ Utility
United Utilities
NG
REE
Enagas
Snam
On 12 September 2014 Snam's Board of
Directors, which met under the chairmanship
of Lorenzo Bini Smaghi, has approved the
transaction consisting in the acquisition of the
stake held by CDP GAS S.r.l. (CDP GAS), a
fully owned subsidiary of Cassa Depositi e
Prestiti S.p.A. (CDP) in Trans Austria Gaslei-tung
GmbH (TAG), for a total amount of EUR
505 million. The transaction is in line with
Snam’s international development strategy
and further strengthens the Company’s lea-ding
role amongst infrastructure operators in
Europe. The TAG pipeline, also in light of its
potential use in reverse flow towards Central
Europe markets, is a strategic asset for the
development of the European East-West
energy corridor in the broader context of the
increasing integration of continental energy
networks.
TAG holds the transmission rights of the
Austrian section of the pipeline that connects
Russia to Italy. The company recorded total
revenues of approximately EUR 320 million
and EBITDA of approximately EUR 154
million in 2013, and net financial debt of
approximately EUR 393 million as of 31
December 2013. The pipeline connects Bau-mgarten,
on the Austrian border with Slova-kia,
with Arnoldstein, on the border with Italy
(Tarvisio). It consists of three parallel lines
extending approximately 380 km each, 5
compressor stations, and auxiliary plants
with an overall length of about 1,140 km.
TAG operations are entirely subject to Au-strian
regulation. The amount of EUR 505
million will be paid through the execution of a
share capital increase, with exclusion of the
preemption right, reserved in favor of CDP
GAS.
Snam SpA
Piazza Santa Barbara 7 - 20097 S. Donato Milanese (Mi) Italy
www.snam.it — investor.relations@snam.it
tel: +39 02 37037272- fax: +39 02 37037803
Financial Markets Review September 2014 Snam S.p.A. Investor Relations