Snam reported lower revenues, earnings, and profits in the first quarter of 2016 compared to the same period in 2015. Revenues decreased 8.3% to €852 million, earnings before interest and taxes (EBIT) declined 15.9% to €429 million, and net profit decreased 18.2% to €266 million. Operating expenses were down slightly while capital expenditures increased. Despite lower results, free cash flow was positive at €251 million due to changes in working capital. Italian gas consumption and injections into the transportation network were up on a weather-adjusted basis.

1. snam.it
2016 1Q Consolidated Results
Milan, May 12th, 2016

2. 2
Antonio Paccioretti
Chief Financial Officer

3. • Revenues 852 Down 8.3%
• Ebit 429 Down 15.9%
• Net profit 266 Down 18.2%
[ € mn ]
Financial Results
Sound Growth &
Cash Flow
generation
• Capex 231
• Operating Cash Flow 572
• Net debt 13,543
1Q 2016 Highlights
3
Up 2.7%
Italian gas
market
• Gas consumption weather adj. 24.8
• Gas injected into the network 16.5
[ bcm ]
Up 1.2%
Up 3.2%

4. Income Statement
4
[ € mn ] 2015 1Q 2016 1Q Change
Revenues 929 852 - 77
Operating expenses - 212 - 209 +3
EBITDA 717 643 - 74
Depreciation & amortisation - 207 - 214 - 7
EBIT 510 429 - 81
Net interest income (expenses) - 95 - 91 +4
Net income from associates 41 31 - 10
EBT 456 369 - 87
Income taxes - 131 - 103 +28
NET PROFIT 325 266 - 59

5. Revenues
5
[ € mn ] 2015 1Q 2016 1Q Change
Regulated revenues 898 838 - 60
Transport 470 438 -32
Distribution 260 247 -13
Storage 123 116 -7
LNG 5 5
Pass-through revenues 40 32 -8
Other revenues 31 14 - 17
TOTAL REVENUES 929 852 - 77

6. Operating Expenses
6
(1) Net of pass-through costs.
[ € mn ] 2015 1Q 2016 1Q Change
Regulated activities 189 205 +16
Controllable fixed costs 131 128 -3
Variable costs 4 10 +6
Other costs 14 35 +21
Pass-through costs 40 32 -8
Non regulated activities 23 4 - 19
TOTAL COSTS 212 209 - 3
[ € mn ] 2015 1Q 2016 1Q Change
Cost breakdown by business(1)
:
Transport 78 67 -11
LNG 3 3
Storage 15 17 +2
Distribution 76 91 +15

7. 7
EBIT Analysis
[ € mn ]
-81 € mn
-15.9%
510
429
+3
-52 -7
-25
300
400
500
600
EBIT
2015 1Q
Regulated
revenues
Controllable
fixed costs
Depreciation
& amortisation
Other EBIT
2016 1Q

8. 8
Net Profit Analysis
325
266
+4
+28
-81 -10
0
100
200
300
400
Net profit
2015 1Q
EBIT Net interest
income
(expenses)
Net income
from associates
Income
taxes
Net profit
2016 1Q
[ € mn ]
-59 € mn
-18.2%

9. Snam debt structure
9
 Fixed/variable rate debt: 65% / 35%;
 M/L Term debt maturity: ca. 5 years;
 Bond expired:
• 2Y Bond FRN € 150 million - Jan 16.
Pool banking facilities
Bilateral banking
facilities
Debt capital market
Institutional lenders
financing
Existing debt as of 31 March 2016 (€ bn) Bond Maturity Profile (€ bn) as of 31 March 2016Key figures
13.5
3.2
9.5
1.8
1.6
16.1
0
2
4
6
8
10
12
14
16
18
Net debt
as at 31/03/2016
Total committed
credit facilities and bonds
0.0
0.5
1.0
1.5
2.0
2016 2017 2018 2019 2020 2021 2022 2023 2024

10. Free Cash Flow
Net profit Change in
working
capital
266
Depreciation
& other
items
+185
572
Cash flow
from
operation
Capex
-231
+11
-321
Net investments
[ € mn ]
FREE CASH FLOW 1Q 2016
+ €251 mn
Cash flow from operation
[ € mn ]
Net investments
+121
-101
Subsidies Net Capex
payables

11. Balance Sheet
11
[ € mn ]
Dec, 31
2015
Mar, 31
2016
Change
Net invested capital 21,365 21,409 +44
Fixed capital 22,121 22,386 +265
Tangible fixed assets 15,396 15,643 +247
Intangible fixed assets 5,275 5,272 -3
Financial receivables held for operating activities 78 79 +1
Equity-accounted and other investments 1,372 1,392 +20
Net working capital -607 -828 -221
Receivables 2,092 2,075 -17
Liabilities -2,699 -2,903 -204
Provisions for employee benefits -166 -166 -
Assets held for sale and directly related liabilities 17 17 -
Net financial debt 13,779 13,543 -236
Shareholders' equity 7,586 7,866 +280

12. 12
Q & A S e s s i o n

13. 13
A n n e x e s

14. 14.5 14.3
4.4 4.4
5.1 5.7
0.5 0.4
1Q 2015 1Q 2016
13.8 13.2
4.4 4.4
5.1 5.7
0.5 0.4
1Q 2015 1Q 2016
14
Residential
& commercial
Industrial(*)
Thermoelectric
Other Sectors
Gas consumption
+1.2%
24.824.5
Gas injected into the network
(*) Includes: NGV, Agriculture and Non-Energy Use
Source: National Transport Network Balance
Italian Gas Market in 1Q 2016
Weather adjusted
-0.3%
23.723.8
1Q 2015 1Q 2016
+3.2%
16.516.0

15. Operational Data
15
1Q 2015 1Q 2016 ∆ %
Transport Gas injected into the network (bcm) 16.0 16.5 +3.2
Gas pipeline network (km in operation) 32,338 32,515 +0.5
Storage Storage capacity (bcm)
•Modulation (*)
•Strategic
15.9
11.4
4.5
16.0
11.5
4.5
+0.6
+0.9
-
Gas moved through storage system (bcm)
•Injection
•Withdrawal
7.16
0.01
7.15
6.53
-
6.53
-8.8
n.m.
-8.7
Distribution Gas distributed (bcm) 3.48 3.46 -0.6
Active Gas Metering at redelivery points (# mln) 6.41 6.53 +1.8
(*) Available capacity

16. 16
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.
Disclaimer

17. snam.it
2016 1Q Consolidated Results
Milan, May 12th, 2016