1. April 2014
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
1Q 2014 results pag. 4
The oil markets
Oil prices in April registered a mixed perfor-
mance, with the U.S. benchmark WTI down
(-1.8%, closing at $99.7/barrel), while the
Brent was up (+1.6%, at $108.6/barrel),
driven in particular by tensions in Ukraine.
Snam S.p.A. Investor Relations
The financial markets
April saw a positive performance across the
majority of equity markets, with rises of 0.6%
for the US S&P500, 2.1% for the European
DJ Stoxx50 and 0.4% for the Italian FTSE
MIB. The sole exception was the Stoxx Eu-
rope Utilities sector index, which closed
down (-1.0%).
Despite geopolitical tensions over the situa-
tion in Ukraine, equity markets benefited in
particular from certain macroeconomic data,
particularly the better-than-expected data in
the United States, as well as from specula-
tion on potential initiatives regarding the
ECB's expansionary monetary policy.
From a macroeconomic perspective, in the
United States (with reference to March, on a
monthly basis) data on industrial production
was up (+0.7%), as was that of retail sales
and new industry orders (both +1.1%); positi-
ve indications also came from the labour
market, which had an increase of 288,000
new jobs in April in non-agricultural sectors,
with the unemployment rate decreasing to
6.3% (from its previous 6.7%). The GDP for
the first quarter of 2014 however had limited
growth (+0.1% QoQ annualised), negatively
affected by the climate.
In the Eurozone, industrial production saw
an increase (+0.2% in February, on a mon-
thly basis), in addition to the PMI indices
(data from April), the composite one (54
points, at its highest since 2011, up from
53.1 in March) as well as the manufacturing
one (53.4 points, up from the previous 53.1).
14.8%
9.1%
2.0%
1.9%
0.4%
‐1.0%
2.1%
0.6%
-5% 0% 5% 10% 15%
DJ Stoxx 50
S&P 500
DJ Euro Stoxx Utilities
FTSE MIB
April ‘14
YtD ‘14
The Snam stock roseA largely positive performance
for equity markets in April,
mainly boosted by signs of
improvement in the
macroeconomic situation
Crude oil prices registered a
mixed performance

2. Markets registered mostly positive perfor-
mance in April, boosted both by rumours of
potential new expansionary measures by the
ECB as well as positive macroeconomic
data from the United States.
Individual sectors registered largely positive
performance. In particular, the oil&gas sector
saw significant growth (+6.4%), driven by an
increase in the Brent prices in Europe and
the high yield of some operators during a
period of low interest rates. In contrast some
sectors, including the technology sector,
negatively impacted by lower than expected
results for the period reported by some com-
panies.
The utility sector also saw a decline, which
recorded profit taking after the outperforman-
ce in March.
The utility sector registered a decrease of
1% in April.
The sector was particularly impacted by
integrated companies which have seen a
period of profit taking following the strong
growth in previous months, in addition to
being hit by a number of profit warnings
(RWE -6.7%) and lower than expected re-
sults for the first quarter (-8.5% GDF Suez).
The Utility sector in the
Stock Market
Source: Snam on the Bloomberg data
Main sector performance, April 2014
Sector and subsector performance, April 2014
‐5.8%
‐1.9%
1.7%
‐1.0%
-10% -5% 0% 5% 10%
Defensive Utilities
DJ Utility
Energy Utilities
Others
The utility sector also saw a decline, which recorded profit taking after the
outperformance in March
The Utility sector performance
Financial Markets Review April 2014 Snam S.p.A. Investor Relations
DJ Uti l i ty; -1,0%
DJ Insur ance; 1,0%
DJ T el ecom; 2,1%
DJ Heal th Car e; 2,9%
DJ M edi a; -2,5%
DJ Real Estate; 2,5%
DJ T r avel &Lei sur e; -0,9%
DJ Chemi cal s; 2,0%
DJ Food&Bev; 2,3%
DJ Const&M ater ; 2,5%
DJ Inds Good; -1,1%
DJ Oi l &Gas; 6,4%
DJ Per s&Househol ds; 2,4%
DJ Autopar ts; -0,8%
DJ T ech; -4,5%
DJ Fi nanci al Ser vi ces; -0,2%
DJ Retai l ; -1,4%
DJ Banks; 0,1%
DJ Basi c Resour ces; 3,4%
-10% -5% 0% 5% 10%

3. 6.5%
7.4%
16.9%
22.2%
6.7%
8.2%
18.5%
9.1%
14.8%
2.0%
1.9%
0.3%
0.6%
0.5%
2.3%
1.2%
1.0%
‐1.0%
0.4%
2.1%
-5% 0% 5% 10% 15% 20% 25%
The Snam shares and its peers
in the Stock Markets
The Snam stock closed the last session in
April at €4.33, showing an improved perfor-
mance compared to the previous month
(+1.9%).
It outperformed both the Italian market as
well as the the utility sector, and through the
month it reinforced the growth trend seen
since the beginning of the year, supported
by the attractive yield in a low interest rate
environment.
The stock's average daily trading volume
totaled 10 million units, down from 11 million
in March.
1Q 2014 Snam results
Corporate News
Snam and its peers
Source: Snam on the Bloomberg data
YtD ‘14
April ‘14
FTSE MIB
Stoxx 50
DJ Utility
United Utilities
NG
Severn Trent
REE
Enagas
Snam
Terna
The Board of Directors, chaired by Lorenzo
Bini Smaghi, on May 6 met and approved the
consolidated results for the first quarter of
2014 (unaudited).
Carlo Malacarne, CEO of Snam, made the
following comments on the results:
“Through our continuous focus on operating
efficiency and strict financial discipline, we
recorded higher operating profit in the first
quarter of 2014 than the same period last
year, despite the reduction in gas demand
due to the economic environment.
The significant increase in net profit also
reflects the on-going process of debt opti-
mization, in addition to the increased contri-
bution from our subsidiaries.
We remain firmly focused on investing in
productive and profitable growth for our
shareholders and reconfirm the commitment
to our investment plan".
On 9th of April Iren Energia, a company
entirely owned by Iren, and Italgas (a com-
pany entirely owned by Snam) signed a
binding agreement for the separation of the
distribution of natural gas and district heating
activities currently carried out by AES Torino
(Iren Energia 51%, Italgas 49%).
According to the agreement, which provides
for the non-proportional demerger of AES
Torino, Iren Group will be the beneficiary of
the business relating to the distribution of
district heating and will exit the shareholding
structure of AES Torino, whereas Italgas will
hold the entire share capital of AES Torino
(which it will be after the completion of the
demerger). The transaction is subject to the
attainment of the necessary permits
(including antitrust) and will end with the
effectiveness of the separation scheduled for
July 1, 2014.
Financial Markets Review April 2014 Snam S.p.A. Investor Relations
Agenda
May
19/22 Ex - dividend 2013/Dividend payment 2013
On April 16th Snam SpA (rated BBB+ by
S&P and Baa1 by Moody’s ) successfully
launched a fixed rate note issue with tenor of
5 years for an amount of 500 million euro
under its EMTN Programme (Euro Medium
Term Notes) which was approved by the
Board of Directors on June 11 th, 2013.
The transaction attracted over 3 billion euro
of investor orders, the composition of which
was both of very high quality and geographi-
cally widely diversified.
Today’s issue, which was launched in favou-
rable market conditions, is a further step in
the optimization process of Snam’s debt
structure and cost of capital, in line with the
Company’s targets.
The bond has an annual coupon of 1.5%
with a re-offer price of 99.352.
IREN energia and Italgas:
agreement on AES Torino
A bond issue of 500 million eu-
ro successfully launched

4. Snam and its peers: 1Q 2014 results
Operating Highlights
Financial Highlights
On 6th
May Snam presented the 1Q 2014 results
1
Net of IFRIC 12 (equal to 66 million euro). The total revenue including IFRIC 12 amounted to
973 milion euro, up 1.6% compared to 957 of 2013.
*
Debt at 12.31.2013
Terna will present the 1Q 2014 preliminary results on May the 14th
On 29th
April Enagas presented the 1Q 2014 results
(million euro) 1Q 2013 1Q 2014 Change
Total revenue 312 314 +0.6%
EBITDA 234 246 +4.9%
EBIT 153 163 +6.6%
Net profit 95 100 +5.0%
Investments 300 399 +33%
Net debt 3,772* 3,897 +10.3%
Financial Highlights
On 30th
April Red Electrica presented the 1Q 2014 results
(million euro) 1Q 2013 1Q 2014 Change
Total revenue 450 463 +2.8%
EBITDA 358 368 +2.9%
EBIT 258 264 +2.1%
Net profit 150 159 +6.0%
Net debt 4,541* 4,770 +5.0%
Investments 90 94 +4.9%
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 April 2014 Snam S.p.A. Investor Relations
(million euro) 1Q 2013 1Q 2014 Change
Total revenue1
896 907 +1.2%
EBITDA 717 732 +2.1%
EBIT 531 542 +2.1%
Net profit 242 292 +20.7%
Investments 216 229 +6.0%
Net debt 12,326* 13,120 (1.5%)
(billion cubic meters) 1Q 2013 Change
Gas injected into the transportation
network
18.65 (12.7%)
Available storage capacity 11.2 +1.8%
Number of active meters (mln) 5.91 +0.2%
1Q 2014
16.29
11.4
5.92
*
Debt at 12.31.2013
*
Debt at 12.31.2013