The markets saw a broadly positive performance in May, supported by signs of economic recovery in the US and expectations of further ECB monetary stimulus. Equity indices rose 2-4% except for Italy. The utility sector rose 4.4% due to strong results and high dividends, while raw materials fell. Snam shares fell 0.6% due to dividend payment but rose 2.9% adjusting for this; trading volume rose. Snam won an award for its online CSR communications.

1. May 2014
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
Oil prices increased during May, both for the
U.S. crude benchmark WTI (+2.9%, closing
at $102.70/barrel), as well as Brent (+1.8%,
at $110.70/barrel), driven by geopolitical
tensions (in Ukraine and Libya) as well as by
the large accumulation of crude oil stocks by
China.
Snam S.p.A. Investor Relations
The financial markets
May registered positive performance across
the majority of equity markets, with rises of
2.1% for the US S&P500, 1.9% for European
DJ Stoxx50, and 4.4% for the Stoxx Europe
Utilities sector index. The sole exception was
the Italian FTSE MIB, which closed down (-
0.7%).
The equity markets were mainly bolstered by
the confirmation of prospects of economic
growth, particularly in the United States, and
also by expectations of a potential initiative
regarding the ECB's expansionary monetary
policy.
From a macroeconomic perspective, in the
United States (with reference to the month of
April, on a monthly basis) data on orders for
durable goods was up (+0.8%) along with
sales of existing houses (+1.3%), while indu-
strial production was down (-0.6%). Positive
signs also came from the consumer confi-
dence index (at 83 points in May, up from
81.7 in the previous month). GDP data in the
first quarter of 2014 was pushed down to
-1.0% (QoQ annualised), from its previous
estimate +0.1%, due to adverse weather
effects and declining stocks.
In the Eurozone there was a rise in retail
sales (+0.3% in March, on a monthly basis)
as well as the consumer confidence index,
which is at its highest in 6 years (at -7.1
points in May, from -8.6 the previous month).
The reference rates were confirmed by the
ECB and the Bank of England at their cur-
rent levels (at 0.25%* and 0.5%, respective-
ly).
* 0.15 from June the 5th
14.0%
13.9%
3.9%
4.1%
‐0.7%
4.4%
1.9%
2.1%
-5% 0% 5% 10% 15% 20%
DJ Stoxx 50
S&P 500
DJ Euro Stoxx Utilities
FTSE MIB
May ‘14
YtD ‘14
The Snam stock fell slightlyA broadly positive performance
across equity markets in May,
boosted by signs of
improvement in the
macroeconomic situation
Crude oil prices closed up

2. The markets saw a positive performance in
May, supported by the confirmation of eco-
nomic recovery in the United States and
expectations for potential expansionary mon-
etary policies by the ECB in early June.
Individual sectors registered largely positive
performance. In particular, the leisure and
travel sector was boosted by an increase in
the number of air passengers in April
(+4.4%), and the utility sector was supported
both by positive company results for the
period as well as high levels of dividend
yields. The raw materials sector conversely
registered a negative performance, impacted
by the decline in the PMI manufacturing
index as well as the weak real estate market
in China.
The utilities sector registered a growth of
4.4% in May.
The sector was boosted by regulated com-
panies, particularly British ones (National
Grid +6%, United Utilities +9% and Severn
Trent +6.7%), which benefited from positive
2013-2014 annual results. Integrated com-
panies also registered a positive performan-
ce (+4.3%).
The Utility sector in the
Stock Market
Source: Snam on the Bloomberg data
Main sector performance, May 2014
Sector and subsector performance, May 2014
1.0%
4.3%
4.5%
4.4%
-5% 0% 5% 10%
.
Defensive Utilities
DJ Utility
Energy Utilities
Others
The utility sector was supported both by positive results for the period
as well as high levels of dividend yields
The Utility sector performance
Financial Markets Review May 2014 Snam S.p.A. Investor Relations
DJ Uti l i ty; 4,4%
DJ Insur ance; 1,1%
DJ T el ecom; 1,2%
DJ Heal th Car e; 1,0%
DJ M edi a; 3,8%
DJ Real Estate; 3,9%
DJ T r avel &Lei sur e; 4,4%
DJ Chemi cal s; 2,6%
DJ Food&Bev; 3,4%
DJ Const&M ater ; -1,3%
DJ Inds Good; 1,8%
DJ Oi l &Gas; 1,0%
DJ Per s&Househol ds; 4,1%
DJ Autopar ts; 1,8%
DJ T ech; 3,5%
DJ Fi nanci al Ser vi ces; 3,5%
DJ Retai l ; 1,3%
DJ Banks; 1,1%
DJ Basi c Resour ces; -1,9%
-5% 0% 5% 10%

3. 5.9%
7.2%
13.7%
29.8%
12.9%
15.4%
29.3%
13.9%
14.0%
3.9%
‐0.6%
‐0.2%
‐2.7%
6.2%
5.9%
6.7%
9.0%
4.4%
‐0.7%
1.9%
-5% 0% 5% 10% 15% 20% 25% 30%
The Snam shares and its peers
in the Stock Markets
Snam shares closed the last session in May
at €4.31, with a drop in performance compa-
red to the previous month (-0.6%).
In line with the Italian market, the stock suf-
fered from the payment of the 2013 final
dividend (€ 0.15). In adjusting the closing
price with the amount of the final dividend,
the stock's performance would have been up
2.9%.
The stock was supported by investor interest
for high yield and low risk stocks in a context
of low interest rates.
The stock's average daily trading volume in
May totaled 12.7 million units, up from 10
million in April.
Snam’communication wins an
award
On May 22, 2014, Snam distributed the Final
dividend of €0.15 per share, with ex-dividend
date on May 19, 2014.
Considering the €0.10 distributed in October
2013 as interim dividend, the 2013 full year
dividend amounts to € 0.25 per share.
For the fiscal year 2014 and 2015 Snam
expects to distribute a dividend per share in
line with 2013 dividend (0.25 euro/share).
Corporate News
Snam and its peers
Source: Snam on the Bloomberg data
YtD ‘14
May ‘14
FTSE MIB
Stoxx 50
DJ Utility
United Utilities
NG
Severn Trent
REE
Enagas
Snam
Terna
Snam is the third best Italian company in
online communications regarding Corporate
Social Responsibility. This is the result of the
sixth edition of the CSR Online Awards Italy,
a prestigious award given by Lundquist, one
of the most accredited consultancy compa-
nies in online communication. Lundquist ana-
lyzed the performance of stakeholder enga-
gement and the transparent dissemination of
information of the top 100 Italian companies,
arriving at a classification that placed Snam
on the podium.
It is a recognition of the group's commitment
to communicating all of its activities related to
sustainability and, more generally, corporate
social responsibility, in a proactive and acces-
sible manner. This includes the involvement
of stakeholders in activities undertaken in
the strict safety and accident prevention
policy, best practices in environmental pro-
tection, Shared Value projects, and the
transparent and comprehensive reporting on
the businesses.
Financial Markets Review May 2014 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
2013 final dividend
Agenda
July
30/31 Interim financial report at 30 June 2014
Board of Director, press release and Conference call