A predominantly positive trend for stock markets, driven by the ECB's extraordinary monetary policy measures. The Snam stock closed up. Oil prices closed down.

1. January 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
The oil markets
In January, oil prices closed down, -9.4% for
the US crude benchmark WTI (closing at
$48.2/barrel) and -8.9% for Brent (closing at
$50.8/barrel). The increase in US oil exports,
Saudi Arabia's decision to reduce official
sales prices to European countries and in-
creases in US crude stocks all contributed
towards this downward trend.
Snam S.p.A. Investor Relations
The financial markets
January closed on a positive note for the
majority of stock markets, with rises of 6.4%
for the European DJ Stoxx50, 7.8% for the
Italian stock exchange and 4.5% for the DJ
EuroStoxx Utilities sector index. The excep-
tion was the US S&P500, which closed down
(-3.1%). Stock markets, particularly those in
Europe, benefited from expectations and the
subsequent announcement of the ECB's
launch of a quantitative easing program,
which involves the purchase of government
bonds as well as bonds issued by European
agencies and institutions. A further element
of support came from positive signs on the
progress of the economic situation in the
Eurozone. The main US stock market was
instead negatively impacted in the latter half
of the month by the slowdown in the US
economy's growth trend and lower than
expected quarterly corporate data.
From a macroeconomic perspective, the US
(with reference to December’s data, on a
monthly basis) saw a decline in orders for
durable goods (-3.4%), industrial production
(-0.1%) and retail sales (-0.9%), while positi-
ve indications came from the real estate
sector and sales of new houses (+11.6%)
and existing homes (+2.4%). The consumer
confidence index also registered a positive
performance, as measured by the Conferen-
ce Board (at 102.9 points in January, from
93.1 the previous month). According to preli-
minary estimates, US GDP showed a
slowdown in the 4th quarter of 2014 (+2.6%
QoQ annualised) compared to the previous
quarter (+5.0%). In the Eurozone, industrial
production was up (+0.2% in November, on
a monthly basis, at an aggregate level) and
positive signs came from leading indicators
on the prospects of economic trends. The
ECB confirmed the official reference rate at
its current level (0.05%).
5.6%
18.6%
12.1%
11.9%
‐3.1%
7.8%
4.5%
6.4%
-5% 0% 5% 10% 15% 20%
DJ Stoxx 50
S&P 500
DJ Euro Stoxx Utilities
FTSE MIB
January ‘15
1 year rolling
The Snam stock closed upA predominantly positive trend
for stock markets, driven by the
ECB's extraordinary monetary
policy measures
Oil prices closed down

2. January registered positive performance
across sectors, with the exception of the
banking sector, which, despite the ECB's
announcement of the launch of the Quantita-
tive Easing program, was negatively impact-
ed by increasingly strict capital constraints
announced by the Central Bank in the first
half of the month (new minimum capital re-
quirements). The best performance was
seen by the automotive sector, whose recov-
ery is confirmed by the growth in registra-
tions in 2014 (+5.4%) and positive estimates
for 2015 (+2.5/3%), as well as by the real
estate sector, which continues to benefit
from low interest rates.
The utility sector also registered positive
performance, boosted in particular by com-
panies in the French water sector.
In January, the utility sector recorded a
growth of 4.5%, driven by companies in the
French water sector (others: Veolia Environ-
nement +10% and Suez Environnement
+13%), which are amongst the most expo-
sed to the economic cycle as they are parti-
cularly active in the business of industrial
waste disposal.
Regulated operators also continued to bene-
fit from the low interest rates. Among them,
companies in the English water sector
(United Utilities +12% and Severn Trent
+7%) were boosted by the announcement of
new dividend policies, which increased visi-
bility for the next five years.
The Utility sector in the
Stock Market
Source: Snam on the Bloomberg data
Main sector performance, January 2015
Sector and subsector performance, January 2015
4.1%
9.8%
4.4%
4.5%
-5% 0% 5% 10% 15%
Defensive Utilities
DJ Utility
Energy Utilities
Others
The utility sector also registered positive performance, boosted in particular by companies
in the French water sector
The Utility sector performance
Financial Markets Review January 2015 Snam S.p.A. Investor Relations
DJ Uti l i ty; 4,5%
DJ Insur ance; 9,2%
DJ T el ecom; 10,0%
DJ Heal th Car e; 9,9%
DJ M edi a; 8,9%
DJ Real Estate; 13,9%
DJ T r avel &Lei sur e; 8,1%
DJ Chemi cal s; 10,6%
DJ Food&Bev; 11,3%
DJ Const&M ater ; 6,9%
DJ Inds Good; 6,8%
DJ Oi l &Gas; 2,7%
DJ Per s&Househol ds; 10,6%
DJ Autopar ts; 14,5%
DJ T ech; 4,7%
DJ Fi nanci al Ser vi ces; 7,3%
DJ Retai l ; 8,7%
DJ Banks; -0,7%
DJ Basi c Resour ces; 1,4%
-5% 0% 5% 10% 15% 20%

3. 5.8%
3.2%
7.3%
3.2%
1.9%
7.3%
12.1%
4.5%
7.8%
6.4%
-5% 0% 5% 10% 15%
The Snam shares and its peers
in the Stock Markets
The Snam stock closed the month of Janua-
ry up by 5.8%, at €4.34 per share, outperfor-
ming the utility sector.
The stock was boosted by market expecta-
tions for the ECB's announcement of the
new quantitative easing program which took
place on 22 January, the success of the
reopening of Snam’s bond on the basis of
the further decline in interest rates, as well
as the agreement for the sale of a 10% stake
in TIGF to Credit Agricole.
The stock's average daily trading volume in
January totaled 10.7 million units, up from
10.1 million in December.
Crédit Agricole Assurances in-
to the share capital of TIGF
Snam’s Board of Directors, which met on 26
January under the chairmanship of Lorenzo
Bini Smaghi, has appointed, upon the propo-
sal of the Appointment Committee and with
resolution approved by the Board of Statuto-
ry Auditors, Yunpeng He as non-
independent and non-executive director of
Snam, in place of Roberta Melfa.
The new Director, designated by the main
shareholder CDP RETI, in accordance with
the shareholders' agreement signed subse-
quent to State Grid Europe Limited taking a
stake in CDP RETI, will remain in office until
the next Shareholders’ meeting.
Yunpeng He graduated in Electric System
and Automation from Tianjin University and
is deputy Director of the European Office of
State Grid Corporation of China and Director
of CDP RETI and Terna.
Corporate News
Snam and its peers, January 2015
Source: Snam on the Bloomberg data
FTSE MIB
Stoxx 50
DJ Utility
United Utilities
NG
Severn Trent
REE
Enagas
Snam
Terna
On January 28 Snam, GIC, and EDF Invest
entered into an agreement with Crédit Agrico-
le Assurances for its entry into the share
capital of TIGF with a 10% stake.
Upon completion of the transaction, Snam,
GIC, and EDF Invest will receive slightly abo-
ve €180m and together with Crédit Agricole
Assurances will hold respectively 40.5%,
31.5%, 18.0% and 10.0% of the share capital
of TIGF indirectly.
The completion of the transaction, which is
subject to customary closing conditions, is
expected to take place by the end of the first
quarter 2015.
On January 21 Snam successfully launched
TAP of existing fixed rate bond with maturity
April 2023.
The transaction allows the Company to raise
additional euro 250 million, as part of its
EMTN Programme (Euro Medium Term
Notes) . The deal was approximately 4 times
oversubscribed, with high quality of orders
and wide geographical diversification of
investors.
The bond, issued with a re-offer price of
101.341 and a re-offer yield of 1.327%, will
be listed on the Luxembourg Stock Exchan-
ge.
Financial Markets Review January 2015 Snam S.p.A. Investor Relations
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
Tap of April 2023 existing bond
successfully launched
Agenda
March
11/12 Consolidated financial statement and draft financial statements at December 31,
2014. Dividend proposal for 2014. Report on corporate governance and ownership
structure 2014. Report on Remuneration 2015. Sustainability Report 2014. Call
of Shareholders’ Meeting.
Strategic Plan 2015-2018.
Board of Directors appoints
Yunpeng He as Director