This document provides a summary of Snam's FY2018 results. Key highlights include: - Net income of €975 million, exceeding guidance of €940 million. - Net debt of €11.51 billion, in line with guidance. - Investments of €0.9 billion, on track to achieve annual guidance of €1 billion. - Progress made on strategic pillars such as reverse gas flows and biomethane projects. - Over €1.1 billion returned to shareholders through dividends and share buybacks.

1. Milan
February 19 th, 2019
FY2018 results

2. 2
2018: stronger than expected results …
Guidance 2018 H1 update
~ €0.9 bnInvestments
Net income ~ €975 m€
Net debt ~ €11.51 bn
FY result
1. Including net cash-in from TAP of c. 240m€ and neutral working capital
2. Including net cash in from TAP of c. 240m€, Desfa acquisition, €211m buyback executed by July 2018, and positive working capital
3. Includes net cash from TAP c. 332m€, Desfa acquisition, buyback FY €426m, positive working capital
~ € 0.9 bn
Revenues from
regulated services
>€10m € 15m
~ €1 000m € 1 010m
Cost savings >€ 30m € 36m
Cost of debt ~ 1.6%~ 1.8% 1.5%
~ €11.52 bn (H1)
~ €11.53 bn
=
=
FY 2017
~ €0.9 bn
~ €940 m€
~ €11.5 bn
~ 2.0%
€ 8m
€ 19m

3. 3
...and progress on strategic pillars
• Reverse flow at full capacity, with five additional turbochargers installed and completion of
Cervignana-Mortara 56” pipe (c. 100km)
• Launched the engineering phase to convert Malborghetto in a dual fuel station, additional potential
investment in other compression stations
• Biomethane: visible project pipeline for €50m investment leveraging on IES Biogas expertise
• Snam4Mobility: 6 new CNG/LNG refilling stations, 15# planned for 2019
• Further bond buyback of € 538m (c. € 4bn since 2016)
• € 426m of share buyback and € 731m of dividends paid
Continuous improvement in our core business
Enhanced exposure to the energy transition
Progress on international activities
Value creation from optimization of financial structure
• TAP > 85% complete, financial closing and € 519m true-up received
• Closing of Desfa acquisition (€ 119m equity investment)
More than € 1.1bn returned to shareholders

4. 2018 confirms strong track record
Cost of debt
EPS1 (€ cent) DPS (€ cent)
2,4%
2,0%
1,5%
2016 2017 2018
-90bps
• Treasury
optimization
• Liability
management
24,3 28,1 30,6
2016 2017 2018
+26% • Strong operational
results
• Income from
associates
• Lowered cost of debt
• Share buyback
21,00 21,55 22,63
2016 2017 2018
+8%
• Improve dividend
policy at 5% cagr
to 2022
• Payout back into
the 70-80% range
Tariff RAB (€ bn)
19,1 19,2 20,3
2016 2017 2018
+6%
• Strong capex plan
• Low inflation
environment
1. Net income pro-forma adj/n. of shares outstanding at year end excluding treasury shares 4

5. SnamTec: Tomorrow’s Energy Company
• Roll-out completed of Smart Gas, an
integrated platform managing all our
assets through their entire lifecycle
(design, construction, O&M)
• First physical reverse flow in Masera
• First application of AI (Artificial
intelligence) on historical maintenance
data to improve maintenance and
replacement scheduling
• Cars tracking to improve safety and
optimize maintenance
• New AI application Dafne to improve
demand forecast: average
percentage error from 5.1% to 2.6%
• Real time measurement of micro
seismicity in gas storage
operations
• Real time monitoring of the main
hydrogeological risk areas
affecting the grid
• +20% increase in helicopter
patrolled grid areas
• Research projects to use satellites
and drones for pipeline monitoring
Operations Balancing activities Risk prevention
5

6. ESG: key highlights
• Confirmed leadership in
Sustainability indices: Dow
Jones SI (top 10%), CDP (A- list),
FTSE4Good (top 15%)
• Sustainable financing: €3.2 bn of
syndicated credit lines converted
into sustainable loans and Climate
Action Bond Framework
published
• Emission reduction: Guiding
Principles to reduce methane
emission signed, -4.5% CH4
emissions in 2018
• Our people:
I. Outstanding safety
performance; launch of
Snam4Safety project
II. Snam Institute: increased
training hours (+26%)
III. Performance management
extended to 680 employees;
target 2020: 100%
• Our stakeholders:
I. Snam Foundation initiatives
II. Social supply chain project and
CDP supply chain program
launched
• Effective and integrated
corporate governance:
I. Ranked among the Top 3
best performers for third
year running in the
Integrated Governance
Index by ETicaNews and
Top Legal
• Business integrity and anti-
corruption:
I. More than 2000 ethics
and integrity pacts and
reputational checks on
suppliers
II. One of 4 members of the
Transparency
International Global
Supporters Forum
Environment Social Governance
6

7. 2018 FY consolidated results

8. 8
Resolution 639/2018/R/com
• Risk free rate (real): 0.5%
• Country risk premium: 1.39%
• Tax rate: 31%
• Gearing: 0.5 (D/E = 1)
• Inflation: 1.7%
Consultation document
512/2018/R/gas:
• WIP included in RAB
• Beta unlevered should be substantially
in line with the current one
• Incentives on new development capex
2020-21 (+1% for 10 years, if CBA > 1.5)
• Introduction of new output–based
incentives through specific
consultations during 2019
Visible and transparent regulatory framework
Constructive regulatory context with long visibility
STORAGE
TRANSPORT
REGAS.
5° regulatory period
5° regulatory period
2016 2017 2018 2019 2020
4° regulatory period
4° regulatory period
4° regulatory period
20212014 2015
5° regulatory period
2022
Transition
period
2023
Transition
period
V Regulatory Period
Wacc Update
Wacc 2019:
• 5.7% transport (previous 5.4%)
• 6.7% storage (previous 6.5%)
• 6.8% LNG (previous 6.6%)
Transition
period

9. €36m of cost saving already achieved in 2018
9
DT&T
Process Optimization
Purchasing cost reduction
Real Estate Saving
Make vs Buy
Other
€36m
428
36
Demerger
Dissynergies
Efficiency
Program
2016 Net
pass-
through
One off
costs
& write off &
service
contract
Labour
inflation
2016
Core
Business
Other including
network
expansion &
variable costs
2018
Core
Business
€m
Examples of efficiency projects
Application
maintenance
savings
Insourcing of
maintenance &
recruiting activities
Integrated
management transport
& storage
Savings € 1.8m€ 1.8m € 1.0m€ 1.0m€ 5.0m€ 5.0m
Reduction of
reinsurance costs
€ 1.5m€ 1.5m
Surveillance
services
optimization
€ 1.8m€ 1.8m
Down € 1m
(in line with target to 2022: down in real terms)

10. EBIT FY 2018
€ mn
• Higher tariff RAB
• New regulated services (€+7m)
• ITG acquisition
• Cost efficiency
• Demerger dissynergies
• Increasing labour costs
• Snam institute and
performance
management
• Energy costs
• Release of provisions
10
• Lower
capitalization
• One off
accounting effects
• ITG acquisition
Controllable fixed costs

11. 11
Net Income FY 2018
• 2017 and 2018 liability
management
• Pre-funding activities
• Treasury optimization
• IUK impairment in 2017
• Storage business in France
became regulated (de-risked
and with greater visibility)
• Desfa transaction costs
€ mn

12. Cash flow
€ mn
12

13. Snam Debt Structure
Key Highlights Bond maturity Profile (€ bn) as of 31 December 2018
• Cost of Debt ~ 1.5%
• 900m€ bond issuance in 2H 2018 (1% coupon Sep-
23 5y maturity)
• Further Treasury management optimization:
Commercial Paper Programme started (225m€ as
of 31 Dec)
• Climate Action Bond Framework published and
3.2bn€ of pool banking facilities converted into a
Sustainable Loan
• Proactive management of maturities:
• Liability management executed in December:
538m€ bonds bought back, average coupon
2.6% and average residual maturity of ca. 3.7
years
• Banking facilities: extension of banking
facilities in excess of 3.5bn€ and new bilateral
banking facilities for 0.4bn€
• M/L term debt maturity: ~ 5y and maturities well
spread over time
• > ¾ Fix-Floating in line with our target
• January 2019: new 1.372% 135m€ EIB Financing
maturing in Dec-38
Pool banking facilities
Debt capital market
Bilateral banking facilities
Institutional lenders
financing
0,0
0,4
0,8
1,2
1,6
2019 2020 2021 2022 2023 2024 2025 2026 2027
Total MLT committed credit
facilities and bonds*
* Excluding uncommitted lines and Commercial Paper
Fixed-floating gross debt
breakdown
78%
22%3,2
8,4
1,6
1,4
€ 14.6bn
Fix
Floating
13

14. 2019 guidance and targets
Tariff RAB
Investments
Net income
Net debt
DPS
1. Net income/n. of shares outstanding at year end excluding treasury shares
€ ~ 11.7 bn
~ 5% growth
EPS1
€ cent 32.1
€ ~ 20.4 bn
€ ~ 1.0 bn =
=
=
=
New
€ cent 23.76
Update Guidance 2019

15. ANNEXES

16. 4.2.
Climate Action Bond Framework
• Consolidate Snam’s role in the energy transition in Europe, positioning gas as a key pillar to a
decarbonized world
• Promote investor awareness of Snam’s ESG initiatives and investments
• Diversify Snam’s investor base and alignment with the growing focus of mainstream investors on climate
issues
• Support the development of a widespread sustainability culture within Snam to help making our growth
path sustainable over the medium to long term
Use of
Proceeds
• Carbon & Emission
Reduction
• Renewable Energy
• Energy Efficiency
• Green Development
Project Evaluation
and Selection
• Setting up of a Climate
Action Bond Committee
responsible for project
selection
Management
of Proceeds
• Proceeds from Climate
Action Bonds will be
managed by Snam’s
Finance department.
Reporting
• Annually until funds will be
fully allocated
• The updates will be
accompanied by a report
from an independent
accountant (ISAE 3000)
16
1. 3.

17. 30,1 29,9 29,6 29,7
15,0 15,5 16,7 16,9
20,6 23,4 22,4 23,3
1,0
1,1 1,1 1,02,0
2,0 2,5 2,3
2015 2016 2017
(nuclear & hydro
normalization)
2018
Residential & commercial Industrial Thermoelectric Transport Other
131 126 125 115
308 344 363 363
2015 2016 2017 2018
Local production Import
Sources: Snam estimates on Eurostat data 17
Supportive gas demand in Italy and Europe
• Third consecutive year of growth for the Industrial gas
demand (glass, ceramic, metallurgy and chemical sectors)
• Reduction in thermoelectric gas demand due to higher hydro
generation
Weather adjusted, bcm
Outlook supportive to gas infrastructure and new businesses
• In 2018 EU28 consumption decreases by 2% because of warmer weather
(mainly in the Q4) and power generation reduction for hydro recovery
• Local production (25% in 2018) continues to shrink (-11 bcm or - 9%)
bcm
68.7 71.9 72.3 73.2
Italian gas demand European gas demand

18. 18
Income Statement
€ mn 2017 2018 Change Change %
Revenues 2,533 2,586 53 2.1%
Operating expenses (511) (491) 20 (3.9)%
EBITDA adj 2,022 2,095 73 3.6%
Depreciation & amortisation (659) (690) (31) 4.7%
EBIT adj 1,363 1,405 42 3.1%
Net interest income (expenses) (227) (195) 32 (14.1)%
Net income from associates 150 159 9 6.0%
EBT adj 1,286 1,369 83 6.5%
Income taxes (346) (359) (13) 3.8%
NET PROFIT adj 940 1,010 70 7.4%
NET PROFIT reported 897 960 63 7.0%

19. 19
Revenues
€ mn 2017 2018 Change
Regulated revenues 2,434 2,485 51 2.1%
Transport 1,816 1,907 91 5.0%
Storage 508 503 (5) -1.0%
LNG 18 17 (1) -5.6%
Pass-through revenues 92 58 (34) -37.0%
Other revenues 99 101 2 2.0%
TOTAL REVENUES 2,533 2,586 53 2.1%

20. 20
Operating Expenses
€ mn 2017 2018 Change
Regulated activities 404 397 (7) -1.7%
Controllable fixed costs 267 274 7 2.6%
Variable costs 7 6 (1) -14.3%
Other costs 38 59 21 55.3%
Pass-through costs 92 58 (34) -37.0%
Non regulated activities 107 94 (13) -12.1%
TOTAL COSTS 511 491 (20) -3.9%

21. 21
Balance Sheet
€ mn 2017 2018 Change
Net invested capital 17,738 17,533 (205) -1.2%
Fixed capital 18,875 18,856 (19) -0.1%
Tangible fixed assets 16,396 16,516 120 0.7%
Intangible fixed assets 850 907 57 6.7%
Equity-accounted and other investments 1,591 1,750 159 10.0%
Financial receivables held for operating
activities
373 11 (362) -97.1%
Net payables for investments (335) (328) 7 -2.1%
Net working capital (1,079) (1,259) (180) 16.7%
Receivables 1,456 1,487 31 2.1%
Liabilities (2,535) (2,746) (211) 8.3%
Provisions for employee benefits (58) (64) (6) 10.3%
Net financial debt 11,550 11,548 (2) 0.0%
Shareholders' equity 6,188 5,985 (203)

22. 22
Share buyback recap
Shares held by Snam before April 2016 1,127,250
Shares bought by April 2018 121,395,090
Shares cancelled – A.G.M. April 2018 -31,599,715
Shares bought after April 2018 77,275,038
Shares held by Snam at 31/12/2018 168,197,663 (4.85% of Share Capital)
Shares serving convertible and
management incentives
94 million
Outstanding shares at 31/12/2018 3,469,038,579
Outstanding shares after cancellation in April
2019
3,394,840,916
Outstanding shares after cancellation in April
2019 and excluding treasury shares
3,300,840,916
EPS guidance 2019 (diluted): 31.2 €
cent
EPS guidance 2019 (ex treasury
shares): 32.1 € cent

23. 23
Disclaimer
Franco Pruzzi, in his board-appointed 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 operates 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.