Stock markets declined broadly in June due to concerns over Greece, with the S&P500 down 2.1% and Stoxx Europe 50 down 4.6%. Crude oil prices also fell due to oversupply. The utility sector declined 7.4%, hit by rising bond yields, with regulated companies down 9.2%. Snam stock closed down 5.2% but outperformed the sector due to positive response to regulatory review of rate of return criteria. Snam renewed its EMTN bond program up to 12 billion euros and the ECB extended its quantitative easing program to purchase bonds from select European companies including Snam.

1. June 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 June, oil prices closed down for both the
US crude benchmark WTI (-1.4%, at 59.5
$/barrel) and Brent (-3.9%, at 61.4 $/barrel),
impacted by the ongoing oversupply of crude
oil, even after the significant increase in oil
exports from the US.
Snam S.p.A. Investor Relations
The financial markets
Stock markets registered broadly negative
trends in June, with falls of -2.1% for the US
S&P500, -4.6% for Stoxx Europe 50, -4.4%
for the Italian FTSE MIB and -7.4% for the
Stoxx Europe 600 Utilities sector index.
Stock markets, particularly those in Europe,
have been adversely affected by prolonged
concerns about the outcome of negotiations
between Greece and its creditors.
From a macroeconomic perspective, positive
indications came from the United States
(with reference to May’s data, on a monthly
basis) from retail sales (+1.2%) and the
labour market, (following the creation of
280,000 new jobs), whereas data was down
on orders for durable goods (-1.8%) and
industrial production (-0.2%). US GDP also
showed a slowdown in the first quarter of
2015 (-0.2% QoQ annualised, from initial
estimates of -0.7%). The Fed confirmed
interest rates at their current level (0.25%).
In the Eurozone, industrial production was
up (+0.1% in April, on a monthly basis) at an
aggregate level and also up in Germany
(+0.9%), whereas it was down in France
(-0.9%) and in Italy (-0.3%). Positive signs
came from leading economic indicators (the
composite PMI at 54.1 points in June from
53.6 the previous month, and the manufactu-
ring sector at 52.5 points from 52.2) The
ECB confirmed the official reference rate at
its current level (0.05%).
18.1%
9.4%
0.2%
-1.4%
-4.4%
-7.4%
-4.6%
-2.1%
-10% -5% 0% 5% 10% 15% 20%
Stoxx Europe 50
S&P 500
Stoxx Europe 600 Utilities
FTSE MIB
June ‘15
YtD ‘15
The Snam stock closed downNegative performance for stock
markets, impacted by tensions
in Greece.
Decrease in crude oil prices

2. Similar to the markets, the sectors also reg-
istered negative trends, including the raw
materials sector and the oil & gas sector,
which were impacted by weak commodity
and crude oil prices.
The utility sector also fell, hit in particular by
the rise in bond yields.
In June, the utility sector registered a de-
crease of 7.4%, driven down by regulated
companies (-9.2%), as well as by integrated
companies (-7.1%).
Amongst the former, the major falls were
seen by English regulated operators
(National Grid -12.5% and United Utilities
-10.4%), which were negatively impacted by
profit taking, after the previous month’s posi-
tive performances, as well as by their anti-
cyclical characteristics in a stock market
(UK) which is not benefitting from the Quan-
titative easing programme of ECB.
The Utility sector in the
Stock Market
Source: Snam on the Bloomberg data
Main sector performance, June 2015
Sector and subsector performance, June 2015
-3.2%
-7.1%
-9.2%
-7.4%
-10% -5% 0% 5%
.
Defensive Utilities
DJ Utility
Energy Utilities
Others
The utility sector hit in particular by the rise in bond yields
The Utility sector performance
Financial Markets Review June 2015 Snam S.p.A. Investor Relations
DJ Uti l i ty; -7,4%
DJ Insur ance; -3,7%
DJ T el ecom; -2,6%
DJ Heal th Car e; -5,0%
DJ M edi a; -3,6%
DJ Real Estate; -5,0%
DJ T r avel &Lei sur e; -4,4%
DJ Chemi cal s; -4,5%
DJ Food&Bev; -4,5%
DJ Const&M ater ; -4,3%
DJ Inds Good; -5,7%
DJ Oi l &Gas; -5,7%
DJ Per s&Househol ds; -4,2%
DJ Autopar ts; -3,9%
DJ T ech; -7,3%
DJ Fi nanci al Ser vi ces; -4,4%
DJ Retai l ; -2,8%
DJ Banks; -2,9%
DJ Basi c Resour ces; -8,0%
-10% -5% 0% 5%

3. 4.1%
5.4%
3.7%
18.1%
9.4%
-6.8%
-1.8%
-11.0%
-2.6%
-1.4%
-5.2%
-8.7%
-6.8%
-6.1%
-12.5%
-5.3%
-10.4%
-7.4%
-4.4%
-4.6%
-15% -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
June at €4.27, down 5.2% from the previous
month.
The stock’s performance, although impacted
as much as the market by the Greek crisis,
outperformed the utility sector, thanks to the
financial community’s positive response to
the publication (in the first part of the month,
from the Regulator for Electricity and Gas) of
the first consultation paper for the review of
the criteria for determining and updating the
rate of return.
The stock's average daily trading volume in
June totalled 13.2 million units, up from 12.7
million in May.
EMTN Programme renewal
Corporate News
Snam and its peers
Source: Snam on the Bloomberg data
YtD ‘15
June ‘15
FTSE MIB
Stoxx Europe 50
Stoxx Europe 600 Utilities
United Utilities
NG
Severn Trent
REE
Enagas
Snam
Terna
On 22 June Snam's Board of Directors, chai-
red by Lorenzo Bini Smaghi, has resolved to
renew the annual EMTN Programme for a
maximum total amount confirmed at 12 billion
euros and, therefore, the issue by 30 June,
2016 of one or more additional bonds, for a
maximum total amount of 1.3 billion euros, to
be placed with institutional investors opera-
ting principally in Europe.
The EMTN Programme represents an effecti-
ve tool to obtain significant financial resour-
ces from the market in a rapid and flexible
way, at competitive costs, consistent with the
expected evolution of the target financial
structure of the Company. The bonds issued
may be listed on one or more regulated mar-
kets.
Since the start of July, the ECB’s quantitati-
ve easing programme – the programme of
bond purchases for 60 billion euros (mostly
government bonds) - has also been exten-
ded to Snam, Terna, Enel and Ferrovie dello
Stato. It was launched in March and has to
continue until September 2016. The pro-
gramme - which includes the purchase of
sovereign bonds, securities from internatio-
nal institutions such as the ESM (the Euro-
pean Stability Mechanism), and government
related agencies such as the Italian Cassa
depositi e prestiti - is now also open to thir-
teen European companies with state hol-
dings, including also the French railway
company SCNF and the Portuguese Infrae-
struturas, in addition to the Italian companies
Snam, Terna, Enel and Fs.
Financial Markets Review June 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
The ECB’s Quantitative easing
also extended to Snam
Agenda
July
28/29 Second quarter 2015 results and interim financial report 2015
Board of Director, press release and Conference call