February registered growth across the stock markets, with increases of 5.5% on the US S&P500, of 6.4% on the European DJ Stoxx50, of 8.9% on the Italian FTSE MIB, and of 0.6% on the DJ EuroStoxx Utilities sector index. Stock markets, European ones in particular, were influenced by the positive atmosphere generated by the successful conclusion of agreements on Greece’s economic adjustment programme.

1. February 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 closed the month of February up,
in a very volatile environment. The increase
was limited for the US benchmark WTI
(+3.2%, closed at $49.8/barrel), but much
more pronounced for Brent (+21.8%, closed
at $61.8/barrel). Meanwhile, as the US crude
oil was partially hit by oversupply in the inter-
nal market in America, the Brent orders were
boosted by the sharp fall in petrol exports
from Libya and by signs of improvement in
the European economy
Snam S.p.A. Investor Relations
The financial markets
February registered growth across the stock
markets, with increases of 5.5% on the US
S&P500, of 6.4% on the European DJ Sto-
xx50, of 8.9% on the Italian FTSE MIB, and
of 0.6% on the DJ EuroStoxx Utilities sector
index. Stock markets, European ones in
particular, were influenced by the positive
atmosphere generated by the successful
conclusion of agreements on Greece’s eco-
nomic adjustment programme. Boosts also
came from positive signals about the Euro-
zone’s economic situation and expectations
for the start of the ECB’s quantitative easing
(expected at the beginning of March).
From a macroeconomic perspective, in the
US (with reference to January’s data, on a
monthly basis) there was a decline in factory
orders (-3.4%) and retail sales (-0.8%), and
a slight increase in industrial production
(+0.2%). Estimates for the performance of
US GDP were revised downwards in Q4
2014 (to +2.2%, from the previous +2.6%,
QoQ annualized). In the Eurozone (with
reference to December’s data, on a monthly
basis) retail sales improved (+0.3%) and
industrial production remained flat. European
GDP was better than expected in Q4 2014
(+0.9% QoQ).
17.5%
5.1%
13.2%
2.2%
8.9%
0.6%
6.4%
5.5%
-5% 0% 5% 10% 15% 20%
DJ Stoxx 50
S&P 500
DJ Euro Stoxx Utilities
FTSE MIB
February ‘15
YtD ‘15
The Snam stock closed upA positive performance across
equity markets, boosted by the
favourable outcome of
negotiations on Greece
Oil prices closed up

2. Like the markets, the sectors also registered
positive performances in February. The best
performers included the raw materials sec-
tor, boosted by an upswing in crude oil pri-
ces and a slight improvement in the Chinese
manufacturing PMI, and the construction
sector, which benefited from expectations for
positive results from a number of companies
in Q4 2014.
The utility sector registered a less significant
increase, reflecting the characteristics of an
anticyclical sector in the period just before
the start of the ECB’s QE programme.
In February, the utility sector registered
growth of 0.6%, boosted in particular by
integrated companies. Several companies in
North Europe saw positive performances,
having announced better than expected
annual results (Fortum +7.7%) as well as
having benefited from a small recovery in
electricity prices.
Strong growth registered by the “other utili-
ties”, bolstered by speculative movements
following potential M&A opportunities at
some companies (Drax, +14.7%).
The Utility sector in the
Stock Market
Source: Snam on the Bloomberg data
Main sector performance, February 2015
Sector and subsector performance, February 2015
‐2.9%
6.3%
1.4%
0.6%
-5% 0% 5% 10%
Defensive Utilities
DJ Utility
Energy Utilities
Others
The utilities sector registered a less significant increase, reflecting the characteristics of
an anticyclical sector in the period just before the start of the ECB’s QE programme
The Utility sector performance
Financial Markets Review February 2015 Snam S.p.A. Investor Relations
DJ Uti l i ty; 0,6%
DJ Insur ance; 4,4%
DJ T el ecom; 4,9%
DJ Heal th Car e; 5,2%
DJ M edi a; 6,1%
DJ Real Estate; 4,9%
DJ T r avel &Lei sur e; 3,3%
DJ Chemi cal s; 5,7%
DJ Food&Bev; 3,8%
DJ Const&M ater ; 10,6%
DJ Inds Good; 8,4%
DJ Oi l &Gas; 9,8%
DJ Per s&Househol ds; 6,1%
DJ Autopar ts; 9,8%
DJ T ech; 7,8%
DJ Fi nanci al Ser vi ces; 9,7%
DJ Retai l ; 7,3%
DJ Banks; 10,2%
DJ Basi c Resour ces; 3,4%
-5% 0% 5% 10% 15%

3. 8,9%
7.2%
‐3.4%
10.3%
4.7%
4.0%
1.2%
3.3%
5.1%
17.5%
13.2%
‐2.4%
‐5.2%
‐5.6%
‐7.9%
4.3%
3.8%
0.8%
0.6%
6.4%
-10% -5% 0% 5% 10% 15% 20%
The Snam shares and its peers
in the Stock Markets
The Snam stock closed the last session in
February at €4.52, registering a positive
performance compared to the previous
month (+4.3%).
The stock’s performance, which outperfor-
med the utility sector, was boosted by the
Constitutional Court’s decision to declare
illegitimate the additional IRES (known as
the “Robin tax”) paid by oil companies and
companies in the energy sector, and by
positive views on the stock from several
brokers, as well as by the start of the ECB’s
quantitative easing programme (expected at
the beginning of March).
The average volumes traded in February
totaled 13.6 million units, up from 10.7 mil-
lion units in January.
Snam: Silver Class Award
Corporate News
Snam and its peers
Source: Snam on the Bloomberg data
YtD ‘15
February ‘15
FTSE MIB
Stoxx 50
DJ Utility
United Utilities
NG
Severn Trent
REE
Enagas
Snam
Terna
At the end of January RobecoSAM, one of
the world's most prominent Sustainability
Investment groups, has awarded Snam with
the Silver Class distinction in its "2015 Sustai-
nability Yearbook", a cluster which lists, within
Dow Jones Sustainability World Index, com-
panies outstanding in terms of Corporate
Sustainability. In the Gas Utilities sector,
Snam is one of the top scoring companies,
thus confirming its ability to combine business
goals and social responsibility.
This recognition follows the confirmation of
Snam in the Dow Jones Sustainability World
Index (DJSI World), one of the most impor-
tant and prestigious global stock exchange
indexes, which awards companies with
outstanding performance in terms of corpora-
te social responsibility worldwide.
On 27 February Snam, GIC and EDF Invest
finalized the entry of Crédit Agricole Assu-
rances into the share capital of TIGF with a
10% stake.
As a result, Snam, GIC, and EDF Invest
together with Crédit Agricole Assurances
hold respectively 40.5%, 31.5%, 18.0% and
10.0% of the share capital of TIGF indirectly.
With this investment, TIGF has a new share-
holder that will allow to further support its
development, while Crédit Agricole Assuran-
ces further strengthens its infrastructure
portfolio.
Financial Markets Review February 2015 Snam S.p.A. Investor Relations
March
Agenda
12 Consolidated financial statement 2014 and Strategic plan 2015-2018. Press release
and Strategy presentation
April
29 Shareholders’ meeting –single call
Financial statements at December 31, 2014 - Dividend approval for 2014
Credit agricole Assurances in Tigf
Snam participated from 23 to 27 February
in third edition of “Social Media Week”, a
global event dedicated to new forms of
communication that took place in 7 cities
around the world: Milan, New York, Ban-
galore, Jakarta, Lagos, Copenhagen and
Hamburg. Cultural, social and economic
impacts of social media were examined
during meetings, roundtables and work-
shops.
Snam took part in two events: the
roundtable “Smart net-working. Big net-
works in motion”, that explored different
ways of applying mobile technologies to
industry and the benefits in terms of effi-
ciency and return on investment; and the
workshop “Sustainable Paths: Social
CSR and Shared Value” with bloggers
and influencers dedicated to sustainability
and nature.
Snam at Social Media Week

4. Snam and its peers: 2014 results
Snam and Terna will present the 2014 preliminary results on March
the 12th
and the 26th
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 February 2015 Snam S.p.A. Investor Relations