The stock markets registered declines in July due to geopolitical tensions. Crude oil prices also fell significantly due to oversupply concerns. The utility sector declined by 1.2% due to concerns about EU sanctions against Russia impacting integrated operators. Snam shares closed July up 0.2%, outperforming the utility sector and Italian market, as expectations improved for its upcoming 1H 2014 results announcement. Snam reported a 2.4% increase in EBIT and 21.4% rise in net profit for 1H 2014 due to operating efficiencies and lower debt costs.

1. July 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
1H 2014 results pag. 4
The oil markets
Oil prices fell in July, both the U.S. crude
benchmark WTI (-6.8%, closing at $98.2/
barrel) and Brent (-7.3%, at $103.9/barrel),
due to weak demand in the US and to the
situation of adequate supply of the markets.
.
Snam S.p.A. Investor Relations
The financial markets
The stock markets all registered declines in
July, with a fall of 1.5% on the US S&P500
index, 1.2% on the European DJ Stoxx50
and the Stoxx Europe Utilities sector index,
and 3.3% on the Italian FTSE MIB.
Stock markets were negativly impacted by
the intensifying crisis in Ukraine and the
Middle East; the European markets were
also hit by concerns about financial difficul-
ties experienced by the main Portuguese
bank (Banco Espirito Santo) and by worse
than exepcted macroeconomic data.
From a macroeconomic perspective, in the
United States (with reference to the month of
June, on a monthly basis), durable goods
orders were up (+0.7%), as were industrial
production and retail sales (both +0.2%).
The labour market also showed positive
signs, as unemployment benefits are at their
lowest level since 2006. The preliminary
GDP data registered a significant increase,
at +4% (QoQ annualised), from -2.1% the
previous quarter.
In the Eurozone, industrial production regi-
stered a decline at an aggregate level (-1.1%
in May, compared to the previous month), as
did all the principal countries, Germany (-
1.8%), France (-1.7%) and Italy (-1.2%). The
Zew index related to expectations for econo-
mic trends also fell (at 27.1 points in July,
from 29.8 in June). The ECB confirmed the
official reference rate at its current level
(0.15%).
8.5%
14.0%
2.0%
4.5%
‐3.3%
‐1.2%
‐1.2%
‐1.5%
-5% 0% 5% 10% 15% 20%
DJ Stoxx 50
S&P 500
DJ Euro Stoxx Utilities
FTSE MIB
July ‘14
YtD ‘14
The Snam stock roseThe stock markets registered
negative trends, impacted by
geopolitical tensions
Crude oil prices registered a
weak performance

2. Like the equity markets, the individual sec-
tors also registered a negative performance.
In particular, the automobile sector, which
was hit by lower than expected results from
several companies (Fiat), and the Oil & Gas
sector, which was dragged down by a fall in
oil prices caused by an oversupply that can-
celled out the impact from geopolitical ten-
sions. The raw materials sector bucked this
negative trend, boosted by better than ex-
pected data regarding the Chinese GDP
(+7.5% in Q2).
The utility sector registered a decline, negati-
vely hit by the prospect of EU sanctions
against Russia for the situation in Ukraine,
which impacted several integrated operators.
In July, the utility sector registered a decline
of 1.2% compared to the previous month.
The positive effects from the growth of regu-
lated companies, boosted by reform of the
Spanish energy system at the start of July
(Enagas +6%), were cancelled out by the
decline of integrated companies, which were
hit by the performance of several operators
penalised by high exposure to Russia (E.on -
6.3%) and by the payment of the 2013 final
dividend (SSE -7%).
The Utility sector in the
Stock Market
Source: Snam on the Bloomberg data
Main sector performance, July 2014
Sector and subsector performance, July 2014
‐0.2%
‐2.8%
1.4%
‐1.2%
-10% -5% 0% 5% 10%
Defensive Utilities
DJ Utility
Energy Utilities
Others
The utility sector registered a decline, negatively hit by the prospect of EU sanctions
against Russia for the situation in Ukraine, which impacted several integrated operators.
The Utility sector performance
Financial Markets Review July 2014 Snam S.p.A. Investor Relations
DJ Uti l i ty; -1,2%
DJ Insur ance; -0,4%
DJ T el ecom; -1,0%
DJ Heal th Car e; -0,3%
DJ M edi a; -0,9%
DJ Real Estate; -0,9%
DJ T r avel &Lei sur e; -3,7%
DJ Chemi cal s; -3,9%
DJ Food&Bev; -2,6%
DJ Const&M ater ; -5,5%
DJ Inds Good; -3,1%
DJ Oi l &Gas; -5,6%
DJ Per s&Househol ds; -3,0%
DJ Autopar ts; -6,8%
DJ T ech; 2,1%
DJ Fi nanci al Ser vi ces; -3,1%
DJ Retai l ; -4,3%
DJ Banks; 0,7%
DJ Basi c Resour ces; 3,4%
-10% -5% 0% 5% 10%

3. 8.5%
8.3%
31.0%
32.4%
8.6%
13.5%
32.5%
14.0%
8.5%
2.0%
0.2%
2.1%
5.9%
‐3.9%
1.8%
0.2%
0.9%
‐1.2%
‐3.3%
‐1.2%
-10% -5% 0% 5% 10% 15% 20% 25% 30% 35%
The Snam shares and its peers
in the Stock Markets
The Snam stock closed July with an increa-
se of 0.2% (at €4.41 per share), outperfor-
ming both the Utility sector and the Italian
market.
The share, which in the first half of the
month was negatively impacted by the juridi-
cal administration of Italgas ratified by the
Court of Palermo, outperformed the Italian
market in the latter half of July due to impro-
ved expectations for the H1 2014 results.
The stock’s average daily trading volume in
July totaled 8.7 million units, down from 9
million in June.
1H 2014 Snam results
Corporate News
Snam and its peers
Source: Snam on the Bloomberg data
YtD ‘14
July ‘14
FTSE MIB
Stoxx 50
DJ Utility
United Utilities
NG
Severn Trent
REE
Enagas
Snam
Terna
On 29th July the Snam Board of Directors, at
meeting chaired by Lorenzo Bini Smaghi,
approved the consolidated half-year report to
30 June 2014 (subjected to a limited audit)
and examined the consolidated results for the
second quarter of 2014 (unaudited).
Carlo Malacarne, Snam CEO, made the follo-
wing comments on the results:
“In the first half of 2014 the EBIT growth of
2.4%, as well as the remarkable increase in
net income of more than 21%, is the result of
our continued focus on operating efficiency
as well as the increasing contribution of asso-
ciates and the on-going optimization measu-
res in the cost of debt.
We remain committed to investing for profita-
ble growth and value creation for our share-
holders, confirming our selective capex plan”.
On 11th July the Court of Palermo has noti-
fied Italgas with the preventive measure of
judicial administration, pursuant to art. 34,
paragraph 2, d. lgs. 159/2011 (Code of anti-
Mafia laws and preventive measures, as well
as new rules on anti-mafia documentation,
under Articles 1 and 2 of Law n 136 of Au-
gust 13, 2010), concerning contractual rela-
tionships with certain suppliers.
The measure provides for Italgas' assets
administration is conferred to a collegial
management body appointed by the Court,
which has been given full powers to carry
out all the economic and entrepreneurial
activities for a period of six months, in order
to carry out the assessments assigned.
Snam, which is paying the utmost coopera-
tion to the Court and to the four directors
Financial Markets Review July 2014 Snam S.p.A. Investor Relations
Agenda
October
30/31 Interim financial report at 30 September 2014
Board of Director, press release and Conference call
appointed, is confident in the timely comple-
tion of the investigation.
Judicial administration for Ital-
gas

4. Snam and its peers: 1Q 2014 results
Operating Highlights
Financial Highlights
On 30th
July Snam presented the 1H 2014 results
1
Net of IFRIC 12 (equal to 140 million euro). The total revenue including IFRIC 12 amounted to
1922 milion euro, up 0.9% compared to 1905 of 1H 2013.
*
Debt at 12.31.2013
On 24th
July Terna presented the 1H 2014 results
On 22nd
July Enagas presented the 1H 2014 results
(million euro) 1H 2013 1H 2014 Change
Total revenue 649 638 (1.7%)
EBITDA 504 507 +0.6%
EBIT 338 339 +0.4%
Net profit 202 210 +3.9%
Investments 357 419 +17.5%
Net debt 3,772* 3,692 +2.1%
Financial Highlights
On 30th
July Red Electrica presented the 1H 2014 results
(million euro) 1H 2013 1H 2014 Change
Total revenue 856 926 +8.2%
EBITDA 645 695 +7.7%
EBIT 445 485 +9.0%
Net profit 272 290 +6.6%
Net debt 4,541* 4,833 +6.4%
Investments 230 249 +8.4%
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 July 2014 Snam S.p.A. Investor Relations
(million euro) 1H 2013 1H 2014 Change
Total revenue1
1,775 1,782 +0.4%
EBITDA 1,396 1,428 +2.3%
EBIT 1,020 1,044 +2.4%
Net profit 462 561 +21.4%
Investments 490 526 +7.3%
Net debt 13,326* 13,730 +1.5%
(billion cubic meters) 1H 2013 Change
Gas injected into the transportation
network
34.49 (5.0%)
Available storage capacity 11.4 0%
Number of active meters (mln) 5.915 (0.1%)
1H 2014
32.78
11.4
5.911
*
Debt at 12.31.2013
*
Debt at 12.31.2013
(million euro) 1H 2013 1H 2014 Change
Total revenue 919 950 +3.4%
EBITDA 732 753 +2.8%
EBIT 519 518 (0.1%)
Net profit 264 275 +4.1%
Net debt 6,625* 7,083 +7.0%
Investments 504 386 (23.4%)