Financial Markets Review (August 2015)

1. August 2015
Performance of the main stock indices
Source: Snam on the Bloomberg data
The financial markets pag. 1
The sectors performance pag. 2
Snam shares and its peers pag. 3
The oil markets
Oil prices rose in August, both for the U.S.
crude benchmark WTI (+4.4% closing the
month at $49.2/barrel) and for the Brent
(+1.4% closing the month at $51.3/barrel),
although they remain at their lowest levels
since 2009. Prices were positively impacted
in the latter part of the month by signs of
economic recovery in the U.S. and by some
production issues in Nigeria.
Snam S.p.A. Investor Relations
The financial markets
Stock markets registered broadly negative
trends in August, with falls of -6.3% for the
US S&P 500, -8.5% for European DJ
Stoxx 600, -6.8% for the Italian FTSE MIB,
and -7.3% for the Stoxx Europe 600 Utilities.
Stock markets have been adversely affected
by macroeconomic data which shows a lo-
wer-than-expected Chinese economic
growth, putting pressure on the Shanghai
stock exchange and other international stock
exchanges.
From a macroeconomic perspective, positive
signs came from the United States (with
reference to July’s data, on a monthly basis)
from durable goods orders (+2.0%), and
from retail sales and industrial production
(both +0.6%). The consumer confidence
index was also up (101.5 points in August,
from 90.9 the previous month). US GDP
growth was also higher in the second quarter
of 2015 (+3.7% QoQ annualised from the
initial estimate of +2.3%).
In the Eurozone (August data, on a monthly
basis) positive signals came from the manu-
facturing PMI (52.4 points from 52.2 the
previous month), and the German Ifo busi-
ness climate index remained largely flat (at
102.2 points from 102.3). The Eurozone’s
GDP registered an increase in the second
quarter 2015 (+0.4%).
15.4%
‐5.4%
5.9%
‐4.2%
‐6.8%
‐7.3%
‐8.5%
‐6.3%
-15% -10% -5% 0% 5% 10% 15% 20%
Stoxx Europe 600
S&P 500
Stoxx Europe 600 Utilities
FTSE MIB
August ‘15
YtD ‘15
The Snam stock slightly downNegative performance on the
stock markets, impacted by
signs of economic slowdown in
China
Oil prices rose

2. In-line with the markets, all sectors regis-
tered negative performance in August, espe-
cially those mostly impacted by the slow-
down of the Chinese economy, such as the
raw materials sector (-10.7%) and the auto-
motive sector (-9.6%).
The banking sector also fell significantly
(-10.2%), hit by market volatility, whilst the
oil & gas sector continued to be affected by
weak oil prices (-10.5%), only picking up
towards the end of the month.
In August, the utility sector fell 7.3% compa-
red to the close of the previous month, dri-
ven down by the Energy Utilities companies
(-9.5%), amongst which RWE and E.ON
were negatively affected by the German
Regulator’s announcement regarding the
plan to decommission 57 electricity genera-
tors, including carbon, gas and hydropower
plants. Furthermore, RWE’s credit rating was
downgraded by Standard&Poor’s from BBB+
to BBB with a negative outlook.
Smaller declines registered by the “Other”
sector (-5,7%), and even more by the
“Defensive” sector (-1.8%), as it’s favoured
by investors in times of market turmoil.
Sectors on the Stock markets
Source: Snam on the Bloomberg data
Main sector performance, August 2015
Sector and subsector performance, August 2015
‐5.7%
‐9.5%
‐1.8%
‐7.3%
-10% -5% 0% 5%
.
Defensive Utilities
DJ Utility
Energy Utilities
Others Utilities
The utility sector performance
Financial Markets Review August 2015 Snam S.p.A. Investor Relations
DJ Uti l i ty; -7,3%
DJ Insur ance; -7,4%
DJ T el ecom; -8,3%
DJ Heal th Car e; -7,9%
DJ M edi a; -8,3%
DJ Real Estate; -3,7%
DJ T r avel &Lei sur e; -4,7%
DJ Chemi cal s; -10,4%
DJ Food&Bev; -7,2%
DJ Const&M ater ; -4,7%
DJ Inds Good; -7,4%
DJ Oi l &Gas; -10,5%
DJ Per s&Househol ds; -10,0%
DJ Autopar ts; -9,6%
DJ T ech; -9,2%
DJ Fi nanci al Ser vi ces; -8,3%
DJ Retai l ; -7,0%
DJ Banks; -10,2%
DJ Basi c Resour ces; -10,7%
-15% -10% -5% 0% 5%

3. 6.4%
10.5%
3.5%
15.4%
5.9%
‐6.7%
‐2.7%
‐6.3%
‐6.7%
‐5.4%
0.8%
‐2.6%
‐2.1%
‐4.5%
‐2.1%
‐5.8%
‐4.1%
‐7.3%
‐6.8%
‐8.5%
-10% -5% 0% 5% 10% 15% 20%
The Snam shares and its peers
in the Stock markets
The Snam stock closed the last session of
August at -2.6% (€4.36 per share), a much
smaller fall than the Italian market and the
Utility sector, thanks to investor interest in its
defensive qualities in times of high market
volatility.
The stock’s average daily trading volume in
August totalled 11.6 million units, down from
12.2 million of the previous month.
Sustainability: new acknowled-
gments for Snam
Corporate News
Snam and its peers
Source: Snam on the Bloomberg data
YtD ‘15
August ‘15
FTSE MIB
Stoxx Europe 600
Stoxx Europe 600 Utilities
United Utilities
National Grid
Severn Trent
Red Electrica
Enagas
Snam
Terna
Snam has been confirmed for the second
consecutive year in the MSCI Global Sustai-
nability Indexes, where the Company has
been listed since 2014. MSCI is a leading
international provider of investment decision
support tools to investor globally, including
asset managers, banks, hedge funds and
pension funds. MSCI Global Sustainability
Indices include companies with high ESG
ratings relative to their sector peers.
Snam has also been reconfirmed in the
FTSE4Good Index Series, where the Compa-
ny has been listed since 2002. Following the
last Index Review of 2015, Snam has been
independently assessed according to the
FTSE Environmental, Social, Governance
(ESG) methodology.
1200 kilometers along the peninsula from
Tarvisio, where Russian gas enters our
country, up to Bari: the third edition of “Tour
of Italy in 80 bookshops” was a great suc-
cess. The tour was created to unite Italy’s
literature with Italy’s readers, through book-
shops, squares, libraries and schools. Orga-
nised by “Renewable Literature” in partner-
ship with Snam, the event involves editors,
librarians and readers, as well as cyclists
and booksellers.
The tour travelled from North to South Italy,
along the Adriatic coast, engaging for three
months with cities and regions where Snam
has infrastructure: from Friuli to Veneto, from
Emilia Romagna to Marche, from Abruzzo to
Molise and all the way to Puglia.
Financial Markets Review August 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
Success of “Tour of Italy in 80
bookshops”
Agenda
October
27/28 Third quarter 2015 report
Board of Director, press release and conference call