This document provides a summary of Snam's 2014 full year results and strategy update. Some key points: - 2014 revenues were €3.566 billion, up 1.0% while EBITDA was €2.776 billion, down 1.0%. Net profit increased 30.6% to €1.198 billion. - The acquisition of TAG was completed and the TIGF asset was effectively managed. - A dividend of €0.25 per share is proposed for 2014. - The 2015-2018 strategy will focus on sustainable returns through selective portfolio management, operational excellence and financial discipline. - Priority investments in Italy include increasing transport capacity and developing new balancing services. International investments will focus

1. snam.it
2014 Full Year Results &
Strategy Update
Milan, March 12th, 2015

2. Highlights and Operational Performance
2014 Consolidated Results
Outline
2015-2018 Strategy & Targets
2

3. 2014 Highlights and
Operational Performance
Carlo Malacarne
Chief Executive Officer
3

4. • Revenues 3,566 Up 1.0%
• Ebitda 2,776 Down 1.0%
• Net profit 1,198 Up 30.6%
Solid Results
Sound Growth &
Cash Flow
generation
Skillful
implementation
of international
development
2014: Another Year of Positive Outcomes
• TAG acquisition completed and value enhancing management of TIGF asset
Robust
shareholder
remuneration
• Dividend proposal FY 2014*: €25 cents
• Total Investments 1,820
• Capex 1,313
• Financial investments 507
• Operating Cash Flow 1,529
• Net debt 13,652
[ € mn ]
4
[ € mn ]
* Payable from May 20th 2015

5. 5
2014 FY Consolidated Results
Antonio Paccioretti
Chief Financial Officer

6. 6
Income Statement
[ € mn ] 2013 2014 Change
Revenues 3,529 3,566 +37
Operating expenses - 726 - 790 - 64
EBITDA 2,803 2,776 - 27
Depreciation & amortisation - 769 - 803 - 34
EBIT 2,034 1,973 - 61
Net interest income (expenses) - 472 - 397 +75
Net income from associates 45 131 +86
EBT 1,607 1,707 +100
Income taxes - 690 - 509 +181
NET PROFIT 917 1,198 +281
NET PROFIT adjusted 934 1,078 +144

7. 7
Revenues
[ € mn ]
2013 2014 Change
Regulated revenues 3,491 3,506 +15
Transport 1,878 1,895 +17
Distribution 1,008 1,017 +9
Storage 444 458 +14
LNG 22 19 -3
Pass-through revenues 139 117 -22
Other revenues 38 60 +22
TOTAL REVENUES 3,529 3,566 +37

8. 8
Operating Expenses
(*) net of pass-through costs.
€m 2013 2014 Change
Regulated activities 682 750 +68
Controllable fixed costs 460 471 +11
Variable costs 18 8 -10
Other costs 65 154 +89
Pass-through costs 139 117 -22
Non regulated activities 44 40 - 4
TOTAL COSTS 726 790 +64
€m 2013 2014 Change
Cost breakdown by business(*)
:
Transport 173 215 +42
LNG 12 17 +5
Storage 68 95 +27
Distribution 313 316 +3
[ € mn ]
[ € mn ]

9. 9
EBIT Analysis
2,034
1,973
37
16
26
(11)
(34)
(95)
1.500
1.600
1.700
1.800
1.900
2.000
2.100
2.200
EBIT
2013
Regulated
revenues
Controllable
fixed costs
Depreciation
& amortisation
Other 2013 early
retirement plan
2014 one-off
risk fund
provisions
EBIT
2014
[ € mn ]
One-off items
+0.4% net of one‐off items
‐3.0% reported

10. 10
Income from Associates
2013 2014 Var.
Distribution in Italy 59 98 +39
AES Torino 36 20 -16
Toscana Energia 19 23 +4
Other equity interests 4 3 -1
Restatement of equity interest (AES Torino) - 52 +52
International activities -14 33 +47
Interconnector UK 12 9 -3
TIGF -27 24 +51
INCOME FROM ASSOCIATES 45 131 +86
2013 2014 Var.
Distribution in Italy 65 49 -17
International activities 5 50 +45
DIVIDENDS RECEIVED 70 99 +29
[ € mn ]
[ € mn ]

11. 11
Net Profit Analysis
[ € mn ]
917 934
1,078
1,198
17 75
86
70
120
(87)
500
600
700
800
900
1.000
1.100
1.200
1.300
Net profit
2013
Early
retirement
plan
Adj. Net profit
2013
Adj. EBIT Net interest
income
(expenses)
Net income
from
associates
Income
taxes
Adj. Net profit
2014
Robin Hood
Tax: deferred
tax adjustment
Net profit
2014
Adjusted Net Profit
+€281 mn; +30.6% reported
+€144 mn; +15.4% adjusted

12. Main Financial Actions and Results in 2014
12
Debt capital market Pool banking
facilities
Bilateral banking
facilities
Institutional lenders
financing
• New recourse to Debt Capital
Market (€1.75 billion)
• Pool and bilateral banking facilities
renegotiation (approx. €5 billion)
• Disintermediation of certain EIB
financing (approx. €0.3 billion)
• Treasury management optimization
1 Nominal value
• Significant cost of debt reduction
• Fixed/variable rate debt: 69%/31%
BOND AND DRAWN COMMITTED
FACILITIES - MATURITY PROFILE (€ bn)
as of 31 December 2014
FINANCIAL STRUCTURE (€ bn)
as of 31 December 2014
• Average tenor of M/L term debt:
approx. 5 years
• No banking refinancing until 2017
• Strong liquidity profile covering 24
months maturities
2014 Actions Results consistent with last year’s guidance
0
2
4
6
8
10
12
14
16
18
Net Debt 2014 Total committed
credit facilities and
bonds1
3.2
10.4
1.8
1.3
16.7
13.65
0,0
0,5
1,0
1,5
2,0
2,5

13. 13
Cash Flow from Operation and Net Investments
Net profit Change in
working
capital
1,198
Depreciation
& other
not monetary
items
-275
606
1,529
Cash flow
from
operation
Net
capex
Capital
increase
-1,229
TAG
acquisition
502-505
1,232
Net investments
[ € mn ]
FREE CASH FLOW 2014
+€297 mn
Cash flow from operation
[ € mn ]
Net investments

14. 14
Net financial Debt – 2014 vs. 2013
2013 Net investments
13,652
2014
13,326
Cash flow
from operation
1,232
-1,529
505
118
Cash flow from
Shareholders’
equity
(dividends)
AES debt
consolidation
and other
[ € mn ] +326

15. 15
Balance Sheet
€m
Dec, 31
2013
Dec, 31
2014
Change
Net invested capital 19,320 20,824 +1,504
Fixed capital 20,583 21,813 +1,230
Tangible fixed assets 14,847 15,335 +488
Intangible fixed assets 4,710 5,076 +366
Equity-accounted and other investments 1,026 1,402 +376
Net working capital -1,155 -864 +291
Receivables 2,708 2,190 -518
Liabilities -3,863 -3,054 +809
Provisions for employee benefits -124 -141 -17
Assets held for sale and directly related liabilities 16 16 -
Net financial debt 13,326 13,652 +326
Shareholders' equity 5,994 7,172 +1,178
[ € mn]

16. 2015-2018
Retaining Focus on Sustainable Remuneration
Carlo Malacarne
Chief Executive Officer
16

17. 17
A robust Strategy with a low-risk Profile
Delivering sustainable returns and sound growth
Italy: aiming at high-quality investment opportunities
Europe: focusing on two strategic gas corridors and
providing country risk diversification
Progressing from asset owner to market facilitator
Keeping up with cost control actions
Driving value creation for all stakeholders
Managing capex to meet business environment requirements
Maintaining a solid and efficient capital structure
M&A providing returns’ accretion
Selective
portfolio
management
Operational
management
Financial
discipline
Attractive and
sustainable
returns

18. Snam Business Development
Business Environment
Outline
18

19. Key European Gas Market Trends
19Increasing import dependence and supply diversification needs
Source: World Oil & Gas Review 2014. North Sea include Norway and Netherlands, North Africa Libya
and Algeria, Caspian Sea Azerbaijan and Turkmenistan
Gas demand in EU
0
200
400
600
2013 2015E 2020E 2025E 2030E
Domestic production
Net import
[bcm]
CAGR 13 – 30: +1%
Source: OECD/IEA World Energy Outlook 2014;
EU Commission Energy – EU Road Map
Gas supply reserves and flows
Northern Europe
65% of additional
import needs in 2020
Southern Europe
35% of additional
import needs in 2020
North Africa
6.1 TCM
Gas Reserves
Russia
49.5 TCM
Gas Reserves
North Sea
3.7 TCM
Gas Reserves
Caspian Sea
11.3 TCM
Gas Reserves

20. Infrastructure operators can contribute incremental interconnections and
enhance the flexibility of storage & transport systems
• Competition in the market has generated a
surge in liquidity that eased a shift from
«take or pay» to «spot» contracts
• «Spot» contracts open up to commercial
opportunities resulting in the need for
flexibility in transport and storage products
offering
• Changing business environment reinforces
security of supply issue
20
Seeking a New Equilibrium between Flexibility and Security of Supply
2013 storage capacity1 (bn cubic meters)
1 GSE map (July 2014) and GLE map (June 2014)
22.3
16.6
8.2
5.4
12.9
4.9
4.1

21. …creates opportunities for infrastructure operators
to provide new dedicated investments and services 21
The shifting Market Scenario…
Gas demand
New services &
activities
Competition & new
contract terms
Gas supply
Infrastructure
Operators

22. 730
430
224
2000 2005 2013 >2018E
22
Italian Distribution Business moving towards Consolidation
Further concentration to comeStreamlining of Italian operators
• Process supported by new legislative
framework
• Concession areas reduced from 6,700
to 177
• Concessions to be awarded by tender
offer with standardized rules and with
12 years’ duration
• Tender process to start in 2H15*
• To incentivize efficiency and service
quality
Creating a new pool of opportunities for Italgas:
portfolio optimization, enlarged activity base and higher margins
* As set by “Milleproroghe” Decree
Source: Italian Regulatory Authority for Electricity Gas and Water, 2014 Annual Report

23. Snam Business Development
Business Environment
Outline
23
• Capex in Italy
• Operational Management
• European Developments
• Financial Discipline
• Attractive Returns

24. Snam Investment Priorities in Italy:
in line with market trends and consistent with EU and Italian legislation
24
CAPEX
IN ITALY
OPERATIONAL
MANAGEMENT
EUROPEAN
DEVELOPMENTS
FINANCIAL
DISCIPLINE
ATTRACTIVE
RETURNS
• Finalize capacity increase for:
• Modulation services and peak
demand control
• Supporting gas swaps in Europe
• Optimize utilization of regasification
plant offering integrated services
• Develop new balancing services to
enhance flexibility
• Selected projects to meet new
flexibility requirements and supply
source diversification
• Facilitate technical and commercial
swap among different supply
sources
• Development of reverse flow
capacity to create conditions for
gas transit to European markets
• Fostering interconnections across
Europe
Storage Distribution
• Development of new distribution
network or new connections
• Further improvement of service
quality also through smart metering
project
• Concession portfolio optimization
and profitability improvement
opportunities
• Exploit market consolidation
opportunities
Exploit regulatory framework opportunities to boost revenues
Transport & LNG

25. 2014E 2015E 2016E 2017E 2018E
RAB with higher remuneration
RAB with base remuneration
Consolidated Capex Plan in Italy 2015 – 2018
25*Gross of subsides
1 Total RAB evolution calculated assuming an average annual inflation rate of 1% in 2015 − 2018
2 On the basis of the current approved regulatory frameworks
CAGR 1%
Disciplined programme to fuel sustainable growth in the asset base
2015 2016-2018
€3.8 bn
€1.3 bn
€5.1 bn*
3.05 0.50 1.55
Transport & LNG Storage Distribution
[ € bn ]
75%
Capex by remuneration type2
~30% ~70%
Base remuneration Higher remuneration
Capex by business unit
Consolidated RAB1Capex in Italy
CAPEX
IN ITALY
OPERATIONAL
MANAGEMENT
EUROPEAN
DEVELOPMENTS
FINANCIAL
DISCIPLINE
ATTRACTIVE
RETURNS
1/3
on average

26. Transport: main projects
29%
14%
57%
26
2015 2016 – 2018
€ ~2.4 bn€ ~0.7 bn
1 Remuneration scheme based on the current regulatory framework
Remuneration for
new investments1:
base rate +1%
 Regional & national develop.
+ 1% for 7 – 10 yrs
 Import & export capacity develop.
+ 2% for 10 yrs
Main projects
• Length: ~430 km
• Installed power capacity: ~30 MW
New pipelines
New compressor stations
South – North developments
North gas market and
reverse flow capacity developments
Capacity at entry
points from South
• +8 Bcm
Main projects
• Po Valley Infrastructure (~450 km )
• Empowerment/construction of compressor
stations (~100 MW)
Passo Gries Tarvisio
Investment ’tails’ to
complete main
development projects
€ ~1.7 bn
2019 – 2021
CAPEX
IN ITALY
OPERATIONAL
MANAGEMENT
EUROPEAN
DEVELOPMENTS
FINANCIAL
DISCIPLINE
ATTRACTIVE
RETURNS

27. Gas Flow Trends in Italy
Snam to play an increasing role in the gas transit 27
24
Max Export Capacity
46
Max Export Capacity
>2020
[Mscm/d]
~370
IN OPERATION AT THE
END OF 2014
[Mscm/d]
EXPECTED EXPORT
CAPACITY IN 2018
TARGET CAPACITY DEVELOPMENT
DERIVING FROM CAPEX BEYOND 2018
Import transport capacity to accommodate
more diversified gas flows
Italian export capacity
347
2014
0
10
20
30
40
50
60
70
80
90
Domestic production
Net import
Gas Demand
CAGR 14 – 25:
~1%
Import
CAGR 14 – 25:
~2%
Italian gas flows
Source: Italian Ministry of Economic Development and Snam estimates on weather adjusted data
[bcm]
Transit
Biomethane
CAPEX
IN ITALY
OPERATIONAL
MANAGEMENT
EUROPEAN
DEVELOPMENTS
FINANCIAL
DISCIPLINE
ATTRACTIVE
RETURNS

28. Storage: investments to ensure gas system liquidity
28
1 Remuneration scheme based on the current regulatory framework
Further investments backed by appropriate return opportunities
Retention for 8 years of
20% of new capacity
auction revenues, if above
the reference revenues
2015 2016 – 2018
€ ~0.3 bn€ ~0.2 bn
Remuneration for new
investments1: base rate
+
281
304
2014 2018E 2014 2018E
[ Mscm/d ]
+ 11%
+ 8%
[ bcm ]
11.4
12.6
Peak capacity Modulation capacity
• Complete capacity development
required by legislative Decree
13/2010
• Strengthen European
interconnection projects offering
more flexibility to the system
• Support development of new
services via integrated
management of transport and
storage capacities
• Favour capacity utilization for
security purposes at European
level
Key investment priorities
CAPEX
IN ITALY
OPERATIONAL
MANAGEMENT
EUROPEAN
DEVELOPMENTS
FINANCIAL
DISCIPLINE
ATTRACTIVE
RETURNS

29. Distribution: selected investments…
29
1 Remuneration scheme based on the current regulatory framework
 Metering:
7.2% remuneration1
 Distribution:
6.9% remuneration1
71%
29%
2015 2016 – 2018
€ ~1.1 bn€ ~0.4 bn
• Replacement of existing
pipes
• New connections and
development of new
distribution network
• Smart metering project
2014 2018E
6.4
~6.6
+ 3%
Consolidated redelivery points (mn) Key investment priorities
…to optimize revenue growth
CAPEX
IN ITALY
OPERATIONAL
MANAGEMENT
EUROPEAN
DEVELOPMENTS
FINANCIAL
DISCIPLINE
ATTRACTIVE
RETURNS

30. 30
Italgas holds a Leading Position…
25%
34%
37%
4%
2015 2016 2017 2018 2019
0%
96% 2016-2018
* Snam estimates
…to unlock further value and catch growth opportunities
Concession area renewal
schedule* Italgas positioning
Italgas to seek additional value
through tender process
• Optimization of concession
portfolio
• Proactive approach to tender
process leveraging financial
and operational efficiencies
and potential partnerships
• Best practice at operating
level
• Economies of scale leading to
further operational cost
efficiencies
Italgas, NPG and AES
Associates
CAPEX
IN ITALY
OPERATIONAL
MANAGEMENT
EUROPEAN
DEVELOPMENTS
FINANCIAL
DISCIPLINE
ATTRACTIVE
RETURNS

31. 31
New Services to enhance Snam’s Role as System Operator
Several incentive schemes already identified…
New Service Areas New Revenue Stream
CAPEX
IN ITALY
OPERATIONAL
MANAGEMENT
EUROPEAN
DEVELOPMENTS
FINANCIAL
DISCIPLINE
ATTRACTIVE
RETURNS
… subject to regulatory approval and market needs
• New flexibility resources (Import and LNG)
• Day-ahead balancing session
• Demand forecasts and information provision
• Intensive cooperation with market operator
• Spot and futures markets
• European Capacity Platform
MarketLiquidity
Regulatory period2014 2017
EU Harmonized
Services
Market
Based
Physical
Delivery
• Capacity bundled services (hub to hub)
• Oversubscription and buyback
• Short-cycle storage services
Gas
Exchanges
Balancing Regime
Capacity Products
TO SUPPORT
REVENUE STREAM

32. 32
Operational Efficiency: proven track record of controlling cost…
…to sustain profitability
TRANSPORT
Controllable fixed costs/
network Km
DISTRIBUTION
Controllable fixed costs/
n. redelivery points
STORAGE
Controllable fixed costs/
m3 working gas
Flat in real
terms at
constant
perimeter
Optimal efficiency level in a growing business
(€ mn controllable fixed costs, nominal value)
497
480 465 456 453 460 471
2008 2009 2010 2011 2012 2013 2014
Network Km +2.7%
Working gas
+32.6%
Active redelivery
points +12.9%
KPI 2014-2018 CAGR*
Nominal value:
approx. -5%
Real value:
approx. -15%
CAPEX
IN ITALY
OPERATIONAL
MANAGEMENT
EUROPEAN
DEVELOPMENTS
FINANCIAL
DISCIPLINE
ATTRACTIVE
RETURNS

33. 33
European Development: focus on North-South and East-West corridors
Management of existing asset base to further improve returns
Key pillars
• Optimize the return on current asset base
in a broader European context
• Integrated management of the North-South
corridor, coordinating capex and
commercial initiatives within Snam-Fluxys
Strategic Alliance
• Completion of the East-West corridor
Snam’s geographic footprint
International assets
Domestic pipelines
LNG Terminals
CAPEX
IN ITALY
OPERATIONAL
MANAGEMENT
EUROPEAN
DEVELOPMENTS
FINANCIAL
DISCIPLINE
ATTRACTIVE
RETURNS

34. • Key position along the East-West energy corridor
• Diversification of regulatory and country risk
• Development opportunities
• Value creation from French gas areas unification with
additional incentivized investments
• Storage increased competitiveness
• De-bottlenecking of the Spanish gas grid
TIGF: a priority asset
Development opportunities for further value creation 34
• Yearly EPS accretion around 2%
over 2015-2018 plan
• Cash investment-payback of more
than 80% by 2023
• Equity IRR: low double-digit
Strategic rationale Expected contribution since the acquisition
PEG
NORTH
PEG
SOUTH +
TIGF
PEG
FRANCE
MIDCAT
Reverse Flow
Gascogne
Midi
FID projects
Upcoming projects
2015: common TIGF-GRTgaz
South PEG
2018: merger of North and
South PEGs
CAPEX
IN ITALY
OPERATIONAL
MANAGEMENT
EUROPEAN
DEVELOPMENTS
FINANCIAL
DISCIPLINE
ATTRACTIVE
RETURNS

35. 35
TAG: a perfect fit for Snam’s strategy
• The largest import pipeline bringing Russian gas
from Austrian/Slovak border to Italy
• Diversification of regulatory and country risk
• Integrating the East-West gas corridor
• Strategic opportunity to establish reverse flow
capability to Southern Germany and Eastern
Europe
Strategic rational Expected contribution since the acquisition
• Full visibility on revenues:
• Regulated business, remuneration set on capacity
booked basis
• Capacity booked through long-term firm transportation
contracts till 2022
• Yearly EPS accretion between 2-3% over 2015-2018
period combined with strengthening of Snam’s financial
structure
• Cash investment-payback of around 90% by 2023
• Equity IRR: low double-digits
Austrian/Italian
Border OP
Border
Slovakian/Austrian
Border IP Border
CAPEX
IN ITALY
OPERATIONAL
MANAGEMENT
EUROPEAN
DEVELOPMENTS
FINANCIAL
DISCIPLINE
ATTRACTIVE
RETURNS

36. Net income from Associates
3636
* Excluding the non recurring item related to the restatement of equity interest in AES Torino; 2014 reported figure: €131 mn
Growth fuelled by International Assets
2014 2015E 2018E
€79* mn
€ ~100 mn
€ ~130 mn
Net income
from Associates
Growth
supported
by TAG and
TIGF
CAPEX
IN ITALY
OPERATIONAL
MANAGEMENT
EUROPEAN
DEVELOPMENTS
FINANCIAL
DISCIPLINE
ATTRACTIVE
RETURNS

37. Balance Sheet Solidity and Financial Structure Efficiency…
37
Snam estimates
Snam’s key credit metrics 2013 2014
FFO/ Net Debt ~12% ~13%
Net Debt/(RAB+associates) ~53% ~52%
YE 2013 YE 2014
Available committed funding approx. €4 bn1 approx. €3 bn1
Average M/L term debt approx. 5 years approx. 5 years
A solid investment grade
profile
2012 2013 2014
Fixed‐floating rate debt
breakdown
49%‐51% 64%‐36% 69%‐31%
1 Net of the outstanding debt of approx. €1 billion of uncommitted facilities.
Significant fixed rate debt
portion
Focused and proactive
management of maturities and
commitment to safe liquidity profile
CAPEX
IN ITALY
OPERATIONAL
MANAGEMENT
EUROPEAN
DEVELOPMENTS
FINANCIAL
DISCIPLINE
ATTRACTIVE
RETURNS

38. … to support a Sustainable Path
38
• From refinancing risk to cost savings opportunities
• Open and deep financial markets with favorable interest
rates and credit spreads
• Managing future refinancing exercises exploiting all
potential opportunities
• Treasury management optimization
* Assuming a tenor in line with expiring bonds. Based on current Snam yield curve
…to support Snam’s equity story
• Based on a consistent business model and
• An attractive and sustainable return…
• ….backed by a strong balance sheet
further significant reduction of cost of debt
• Financial flexibility restored…
• Considerable financial expenses reduction
• Equity-based acquisition of TAG
• Cancellation of the Robin Hood Tax from 2015
• Selective investments in accordance with the
evolution of gas market needs
Fixed rate bond roll-over (2015-18) – Potential benefits
[ Coupon % ]
CAPEX
IN ITALY
OPERATIONAL
MANAGEMENT
EUROPEAN
DEVELOPMENTS
FINANCIAL
DISCIPLINE
ATTRACTIVE
RETURNS
0,00%
0,50%
1,00%
1,50%
2,00%
2,50%
3,00%
3,50%
4,00%
4,50%
5,00%
Nov-2015 (€0.75 bn - 3Y) Jul-16 (€1.00 bn - 4Y) Jun-17 (€1.25 bn -
average 4Y)
Mar-18 (€1.50 bn - 5.5Y)
Expiring bond Potential new bond*
∆= ~140
bps
∆= ~360
bps
∆= ~160
bps
∆= ~290
bps

39. 39
In Summary
• Strong balance sheet
• Sound results further fuelled by International assets
• Constantly pursuing operational and financial efficiency
• Restored financial flexibility
• Focus on customer service improvement
• Robust business model to ensure attractive and sustainable shareholder returns
Focused approach to support dividend policy
FY 2015 DPS
guidance confirmed:
€ 25 cents
CAPEX
IN ITALY
OPERATIONAL
MANAGEMENT
EUROPEAN
DEVELOPMENTS
FINANCIAL
DISCIPLINE
ATTRACTIVE
RETURNS

40. 40
Q & A S e s s i o n

41. 41
A n n e x e s

42. 42
Italian Gas Market in 2014
31.1 30.9
16.5 16.3
20.6 17.7
1.9
2.1
1 2 2013 2014
Residential
& commercial
Industrial(*)
Thermoelectric
Other Sectors
Gas Consumption (Weather adj.): -4.5%
67.0
70.1
Gas injected into the network: -9.7%
62.3
69.0
(*) Includes: NGV, Agriculture and Non-Energy Use
Source Italian Ministry of Economic Development and Snam’s estimates
2013 2014

43. 43
Operational Data
2013 2014 ∆ %
Transport Gas injected into the network (bcm) 69.0 62.3 -9.7
Gas pipeline network (km in operation) 32,306 32,339 +0.1
Storage Storage capacity (bcm)
• Modulation (*)
• Strategic
15.9
11.4
4.5
15.9
11.4
4.5
--
--
--
Gas moved through storage system (bcm)
• Injection
• Withdrawal
18.42
8.92
9.50
15.70
8.13
7.57
-14.8
-8.9
-20.3
Distribution Gas distributed (bcm) 7.35 6.50 -11.6
Active Gas Metering at redelivery points (# mn) 5.93 6.41 +8.1
(*) Available capacity

44. 44
Disclaimer
Snam’s Chief Financial Officer, Antonio Paccioretti, in his position as manager responsible for the preparation of financial reports, certifies
pursuant to paragraph 2, article 154-bis of the Legislative Decree n. 58/1998, that data and information disclosures herewith set forth
correspond to the company’s evidence and accounting books and entries.
This presentation contains forward-looking statements regarding future events and the future results of Snam that are based on current
expectations, estimates, forecasts, and projections about the industries in which Snam perates and the beliefs and assumptions of the
management of Snam.
In particular, among other statements, certain statements with regard to management objectives, trends in results of operations, margins, costs,
return on equity, risk management are forward-looking in nature.
Words such as ‘expects’, ‘anticipates’, ‘targets’, ‘goals’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, ‘seeks’, ‘estimates’, variations of such words, and
similar expressions are intended to identify such forward-looking statements.
These forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict
because they relate to events and depend on circumstances that will occur in the future.
Therefore, Snam’s actual results may differ materially and adversely from those expressed or implied in any forward-looking statements.
Factors that might cause or contribute to such differences include, but are not limited to, economic conditions globally, political, economic and
regulatory developments in Italy and internationally.
Any forward-looking statements made by or on behalf of Snam speak only as of the date they are made. Snam does not undertake to update
forward-looking statements to reflect any changes in Snam’s expectations with regard thereto or any changes in events, conditions or
circumstances on which any such statement is based.
The reader should, however, consult any further disclosures Snam may make in documents it files with the Italian Securities and Exchange
Commission and with the Italian Stock Exchange.

45. snam.it
2014 Full Year Results &
Strategy Update
Milan, March 12th, 2015