snam.it
2014 Full Year Results &Strategy Update
Milan, March 12th, 2015
Highlights and Operational Performance
2014 Consolidated Results
Outline
2015-2018 Strategy & Targets
2
2014 Highlights and Operational Performance
Carlo MalacarneChief Executive Officer
3
• Revenues 3,566 Up 1.0%
• Ebitda 2,776 Down 1.0%
• Net profit 1,198 Up 30.6%
Solid Results
Sound Growth & Cash Flow generation
Skillful implementation of international development
2014: Another Year of Positive Outcomes
• TAG acquisition completed and value enhancing management of TIGF asset
Robustshareholder
remuneration• Dividend proposal FY 2014*: €25 cents
• Total Investments 1,820 • Capex 1,313
• Financial investments 507
• Operating Cash Flow 1,529
• Net debt 13,652
[ € mn ]
4
[ € mn ]
* Payable from May 20th 2015
5
2014 FY Consolidated ResultsAntonio PacciorettiChief Financial Officer
6
Income Statement
[ € mn ] 2013 2014 Change
Revenues 3,529 3,566 +37
Operating expenses - 726 - 790 - 64
EBITDA 2,803 2,776 - 27
Depreciation & amortisation - 769 - 803 - 34
EBIT 2,034 1,973 - 61
Net interest income (expenses) - 472 - 397 +75
Net income from associates 45 131 +86
EBT 1,607 1,707 +100
Income taxes - 690 - 509 +181
NET PROFIT 917 1,198 +281
NET PROFIT adjusted 934 1,078 +144
7
Revenues
[ € mn ]2013 2014 Change
Regulated revenues 3,491 3,506 +15
Transport 1,878 1,895 +17
Distribution 1,008 1,017 +9
Storage 444 458 +14
LNG 22 19 -3
Pass-through revenues 139 117 -22
Other revenues 38 60 +22
TOTAL REVENUES 3,529 3,566 +37
8
Operating Expenses
(*) net of pass-through costs.
€m 2013 2014 Change
Regulated activities 682 750 +68
Controllable fixed costs 460 471 +11
Variable costs 18 8 -10
Other costs 65 154 +89
Pass-through costs 139 117 -22
Non regulated activities 44 40 - 4
TOTAL COSTS 726 790 +64
€m 2013 2014 Change
Cost breakdown by business(*):
Transport 173 215 +42
LNG 12 17 +5
Storage 68 95 +27
Distribution 313 316 +3
[ € mn ]
[ € mn ]
9
EBIT Analysis
2,0341,973
3716
26
(11)(34)
(95)
1.500
1.600
1.700
1.800
1.900
2.000
2.100
2.200
EBIT2013
Regulatedrevenues
Controllablefixed costs
Depreciation& amortisation
Other 2013 earlyretirement plan
2014 one-offrisk fund
provisions
EBIT2014
[ € mn ]
One-off items
+0.4% net of one‐off items
‐3.0% reported
10
Income from Associates
2013 2014 Var.
Distribution in Italy 59 98 +39
AES Torino 36 20 -16
Toscana Energia 19 23 +4
Other equity interests 4 3 -1
Restatement of equity interest (AES Torino) - 52 +52
International activities -14 33 +47
Interconnector UK 12 9 -3
TIGF -27 24 +51
INCOME FROM ASSOCIATES 45 131 +86
2013 2014 Var.
Distribution in Italy 65 49 -17
International activities 5 50 +45
DIVIDENDS RECEIVED 70 99 +29
[ € mn ]
[ € mn ]
11
Net Profit Analysis
[ € mn ]
917 934
1,078
1,198
17 75
86
70
120
(87)
500
600
700
800
900
1.000
1.100
1.200
1.300
Net profit2013
Earlyretirement
plan
Adj. Net profit2013
Adj. EBIT Net interestincome
(expenses)
Net incomefrom
associates
Incometaxes
Adj. Net profit2014
Robin HoodTax: deferredtax adjustment
Net profit2014
Adjusted Net Profit
+€281 mn; +30.6% reported
+€144 mn; +15.4% adjusted
Main Financial Actions and Results in 2014
12
Debt capital market Pool banking facilities
Bilateral banking facilities
Institutional lenders financing
• New recourse to Debt Capital Market (€1.75 billion)
• Pool and bilateral banking facilities renegotiation (approx. €5 billion)
• Disintermediation of certain EIB financing (approx. €0.3 billion)
• Treasury management optimization
1 Nominal value
• Significant cost of debt reduction
• Fixed/variable rate debt: 69%/31%
BOND AND DRAWN COMMITTED FACILITIES - MATURITY PROFILE (€ bn)
as of 31 December 2014
FINANCIAL STRUCTURE (€ bn) as of 31 December 2014
• Average tenor of M/L term debt: approx. 5 years
• No banking refinancing until 2017
• Strong liquidity profile covering 24 months maturities
2014 Actions Results consistent with last year’s guidance
0
2
4
6
8
10
12
14
16
18
Net Debt 2014 Total committedcredit facilities and
bonds1
3.2
10.4
1.81.316.7
13.65
0,0
0,5
1,0
1,5
2,0
2,5
13
Cash Flow from Operation and Net Investments
Net profit Change inworkingcapital
1,198
Depreciation& other
not monetary items
-275
606
1,529
Cash flowfrom
operation
Netcapex
Capitalincrease
-1,229
TAGacquisition
502-505
1,232
Net investments
[ € mn ]
FREE CASH FLOW 2014+€297 mn
Cash flow from operation
[ € mn ]
Net investments
14
Net financial Debt – 2014 vs. 2013
2013 Net investments
13,652
2014
13,326
Cash flowfrom operation
1,232-1,529
505
118
Cash flow from Shareholders’
equity(dividends)
AES debtconsolidation
and other
[ € mn ] +326
15
Balance Sheet
€m Dec, 31 2013
Dec, 31 2014 Change
Net invested capital 19,320 20,824 +1,504
Fixed capital 20,583 21,813 +1,230
Tangible fixed assets 14,847 15,335 +488
Intangible fixed assets 4,710 5,076 +366
Equity-accounted and other investments 1,026 1,402 +376
Net working capital -1,155 -864 +291
Receivables 2,708 2,190 -518
Liabilities -3,863 -3,054 +809
Provisions for employee benefits -124 -141 -17
Assets held for sale and directly related liabilities 16 16 -
Net financial debt 13,326 13,652 +326
Shareholders' equity 5,994 7,172 +1,178
[ € mn]
2015-2018 Retaining Focus on Sustainable Remuneration
Carlo MalacarneChief Executive Officer
16
17
A robust Strategy with a low-risk Profile
Delivering sustainable returns and sound growth
Italy: aiming at high-quality investment opportunitiesEurope: focusing on two strategic gas corridors and
providing country risk diversification
Progressing from asset owner to market facilitatorKeeping up with cost control actions
Driving value creation for all stakeholders
Managing capex to meet business environment requirements Maintaining a solid and efficient capital structure
M&A providing returns’ accretion
Selective portfolio
management
Operationalmanagement
Financial discipline
Attractive and sustainable
returns
Snam Business Development
Business Environment
Outline
18
Key European Gas Market Trends
19Increasing import dependence and supply diversification needs
Source: World Oil & Gas Review 2014. North Sea include Norway and Netherlands, North Africa Libya and Algeria, Caspian Sea Azerbaijan and Turkmenistan
Gas demand in EU
0
200
400
600
2013 2015E 2020E 2025E 2030E
Domestic production
Net import
[bcm]
CAGR 13 – 30: +1%
Source: OECD/IEA World Energy Outlook 2014; EU Commission Energy – EU Road Map
Gas supply reserves and flows
Northern Europe 65% of additional
import needs in 2020
Southern Europe 35% of additional
import needs in 2020
North Africa6.1 TCM
Gas Reserves
Russia49.5 TCM Gas Reserves
North Sea3.7 TCM Gas Reserves
Caspian Sea11.3 TCM Gas Reserves
Infrastructure operators can contribute incremental interconnections and enhance the flexibility of storage & transport systems
• Competition in the market has generated a surge in liquidity that eased a shift from «take or pay» to «spot» contracts
• «Spot» contracts open up to commercial opportunities resulting in the need for flexibility in transport and storage products offering
• Changing business environment reinforces security of supply issue
20
Seeking a New Equilibrium between Flexibility and Security of Supply
2013 storage capacity1 (bn cubic meters)
1 GSE map (July 2014) and GLE map (June 2014)
22.3
16.6
8.2
5.4
12.9
4.9
4.1
…creates opportunities for infrastructure operators to provide new dedicated investments and services
21
The shifting Market Scenario…
Gas demand
New services & activities
Competition & new contract terms
Gas supply
InfrastructureOperators
730
430
224
2000 2005 2013 >2018E
22
Italian Distribution Business moving towards Consolidation
Further concentration to comeStreamlining of Italian operators
• Process supported by new legislative framework
• Concession areas reduced from 6,700 to 177
• Concessions to be awarded by tender offer with standardized rules and with 12 years’ duration
• Tender process to start in 2H15*
• To incentivize efficiency and service quality
Creating a new pool of opportunities for Italgas:portfolio optimization, enlarged activity base and higher margins
* As set by “Milleproroghe” Decree
Source: Italian Regulatory Authority for Electricity Gas and Water, 2014 Annual Report
Snam Business Development
Business Environment
Outline
23
• Capex in Italy• Operational Management• European Developments• Financial Discipline• Attractive Returns
Snam Investment Priorities in Italy:in line with market trends and consistent with EU and Italian legislation
24
CAPEX IN ITALY
OPERATIONALMANAGEMENT
EUROPEANDEVELOPMENTS
FINANCIAL DISCIPLINE
ATTRACTIVERETURNS
• Finalize capacity increase for:• Modulation services and peak
demand control• Supporting gas swaps in Europe
• Optimize utilization of regasification plant offering integrated services
• Develop new balancing services to enhance flexibility
• Selected projects to meet new flexibility requirements and supply source diversification
• Facilitate technical and commercial swap among different supply sources
• Development of reverse flow capacity to create conditions for gas transit to European markets
• Fostering interconnections across Europe
Storage Distribution
• Development of new distribution network or new connections
• Further improvement of service quality also through smart metering project
• Concession portfolio optimization and profitability improvement opportunities
• Exploit market consolidation opportunities
Exploit regulatory framework opportunities to boost revenues
Transport & LNG
2014E 2015E 2016E 2017E 2018E
RAB with higher remunerationRAB with base remuneration
Consolidated Capex Plan in Italy 2015 – 2018
25*Gross of subsides1 Total RAB evolution calculated assuming an average annual inflation rate of 1% in 2015 − 20182 On the basis of the current approved regulatory frameworks
CAGR 1%
Disciplined programme to fuel sustainable growth in the asset base
2015 2016-2018
€3.8 bn
€1.3 bn
€5.1 bn*
3.05 0.50 1.55
Transport & LNG Storage Distribution
[ € bn ]
75%
Capex by remuneration type2
~30% ~70%
Base remuneration Higher remuneration
Capex by business unit
Consolidated RAB1Capex in Italy
CAPEX IN ITALY
OPERATIONALMANAGEMENT
EUROPEANDEVELOPMENTS
FINANCIAL DISCIPLINE
ATTRACTIVERETURNS
1/3 on average
Transport: main projects
29%
14%57%
26
2015 2016 – 2018
€ ~2.4 bn€ ~0.7 bn
1 Remuneration scheme based on the current regulatory framework
Remuneration for new investments1:base rate +1%
Regional & national develop.+ 1% for 7 – 10 yrs
Import & export capacity develop.+ 2% for 10 yrs
Main projects• Length: ~430 km
• Installed power capacity: ~30 MW
New pipelinesNew compressor stations
South – North developments
North gas market and reverse flow capacity developments
Capacity at entry points from South• +8 Bcm
Main projects• Po Valley Infrastructure (~450 km )
• Empowerment/construction of compressor stations (~100 MW)
Passo Gries Tarvisio
Investment ’tails’ to complete main development projects
€ ~1.7 bn
2019 – 2021
CAPEX IN ITALY
OPERATIONALMANAGEMENT
EUROPEANDEVELOPMENTS
FINANCIAL DISCIPLINE
ATTRACTIVERETURNS
Gas Flow Trends in Italy
Snam to play an increasing role in the gas transit 27
24
Max Export Capacity
46
Max Export Capacity
>2020
[Mscm/d]
~370
IN OPERATION AT THE END OF 2014
[Mscm/d]
EXPECTED EXPORT CAPACITY IN 2018
TARGET CAPACITY DEVELOPMENTDERIVING FROM CAPEX BEYOND 2018
Import transport capacity to accommodate more diversified gas flows
Italian export capacity
347
2014
0
10
20
30
40
50
60
70
80
90
Domestic production
Net import
Gas DemandCAGR 14 – 25:
~1%
ImportCAGR 14 – 25:
~2%
Italian gas flows
Source: Italian Ministry of Economic Development and Snam estimates on weather adjusted data
[bcm]
Transit
Biomethane
CAPEX IN ITALY
OPERATIONALMANAGEMENT
EUROPEANDEVELOPMENTS
FINANCIAL DISCIPLINE
ATTRACTIVERETURNS
Storage: investments to ensure gas system liquidity
28
1 Remuneration scheme based on the current regulatory framework
Further investments backed by appropriate return opportunities
Retention for 8 years of 20% of new capacity
auction revenues, if above the reference revenues
2015 2016 – 2018
€ ~0.3 bn€ ~0.2 bn
Remuneration for new investments1: base rate
+
281304
2014 2018E 2014 2018E
[ Mscm/d ]
+ 11%+ 8%
[ bcm ]
11.412.6
Peak capacity Modulation capacity
• Complete capacity development required by legislative Decree 13/2010
• Strengthen European interconnection projects offering more flexibility to the system
• Support development of new services via integrated management of transport and storage capacities
• Favour capacity utilization for security purposes at European level
Key investment priorities
CAPEX IN ITALY
OPERATIONALMANAGEMENT
EUROPEANDEVELOPMENTS
FINANCIAL DISCIPLINE
ATTRACTIVERETURNS
Distribution: selected investments…
291 Remuneration scheme based on the current regulatory framework
Metering:7.2% remuneration1
Distribution:6.9% remuneration1
71%
29%
2015 2016 – 2018
€ ~1.1 bn€ ~0.4 bn• Replacement of existing
pipes
• New connections and development of new distribution network
• Smart metering project
2014 2018E
6.4 ~6.6
+ 3%
Consolidated redelivery points (mn) Key investment priorities
…to optimize revenue growth
CAPEX IN ITALY
OPERATIONALMANAGEMENT
EUROPEANDEVELOPMENTS
FINANCIAL DISCIPLINE
ATTRACTIVERETURNS
30
Italgas holds a Leading Position…
25%
34%37%
4%
2015 2016 2017 2018 2019
0%
96% 2016-2018
* Snam estimates
…to unlock further value and catch growth opportunities
Concession area renewal schedule* Italgas positioning
Italgas to seek additional value through tender process
• Optimization of concession portfolio
• Proactive approach to tender process leveraging financial and operational efficiencies and potential partnerships
• Best practice at operating level
• Economies of scale leading to further operational cost efficiencies
Italgas, NPG and AESAssociates
CAPEX IN ITALY
OPERATIONALMANAGEMENT
EUROPEANDEVELOPMENTS
FINANCIAL DISCIPLINE
ATTRACTIVERETURNS
31
New Services to enhance Snam’s Role as System Operator
Several incentive schemes already identified…
New Service Areas New Revenue Stream
CAPEX IN ITALY
OPERATIONALMANAGEMENT
EUROPEANDEVELOPMENTS
FINANCIAL DISCIPLINE
ATTRACTIVERETURNS
… subject to regulatory approval and market needs
• New flexibility resources (Import and LNG)
• Day-ahead balancing session
• Demand forecasts and information provision
• Intensive cooperation with market operator
• Spot and futures markets
• European Capacity Platform
Mar
ket L
iqui
dity
Regulatory period2014 2017
EU HarmonizedServices
MarketBased
PhysicalDelivery
• Capacity bundled services (hub to hub)
• Oversubscription and buyback
• Short-cycle storage services
GasExchanges
Balancing Regime
Capacity Products
TO SUPPORT REVENUE STREAM
32
Operational Efficiency: proven track record of controlling cost…
…to sustain profitability
TRANSPORTControllable fixed costs/
network Km
DISTRIBUTION Controllable fixed costs/
n. redelivery points
STORAGEControllable fixed costs/
m3 working gas
Flat in real terms at constant perimeter
Optimal efficiency level in a growing business(€ mn controllable fixed costs, nominal value)
497 480 465 456 453 460 471
2008 2009 2010 2011 2012 2013 2014
Network Km +2.7%
Working gas +32.6%
Active redelivery points +12.9%
KPI 2014-2018 CAGR*
Nominal value:approx. -5%
Real value:approx. -15%
CAPEX IN ITALY
OPERATIONALMANAGEMENT
EUROPEANDEVELOPMENTS
FINANCIAL DISCIPLINE
ATTRACTIVERETURNS
33
European Development: focus on North-South and East-West corridors
Management of existing asset base to further improve returns
Key pillars
• Optimize the return on current asset base in a broader European context
• Integrated management of the North-South corridor, coordinating capex and commercial initiatives within Snam-FluxysStrategic Alliance
• Completion of the East-West corridor
Snam’s geographic footprint
International assets
Domestic pipelines
LNG Terminals
CAPEX IN ITALY
OPERATIONALMANAGEMENT
EUROPEANDEVELOPMENTS
FINANCIAL DISCIPLINE
ATTRACTIVERETURNS
• Key position along the East-West energy corridor• Diversification of regulatory and country risk• Development opportunities
• Value creation from French gas areas unification with additional incentivized investments
• Storage increased competitiveness• De-bottlenecking of the Spanish gas grid
TIGF: a priority asset
Development opportunities for further value creation34
• Yearly EPS accretion around 2% over 2015-2018 plan
• Cash investment-payback of more than 80% by 2023
• Equity IRR: low double-digit
Strategic rationale Expected contribution since the acquisition
PEG NORTH
PEG SOUTH +
TIGF
PEG FRANCE
MIDCAT
Reverse FlowGascogne
MidiFID projects
Upcoming projects
2015: common TIGF-GRTgazSouth PEG
2018: merger of North and South PEGs
CAPEX IN ITALY
OPERATIONALMANAGEMENT
EUROPEANDEVELOPMENTS
FINANCIAL DISCIPLINE
ATTRACTIVERETURNS
35
TAG: a perfect fit for Snam’s strategy
• The largest import pipeline bringing Russian gas from Austrian/Slovak border to Italy
• Diversification of regulatory and country risk
• Integrating the East-West gas corridor
• Strategic opportunity to establish reverse flow capability to Southern Germany and Eastern Europe
Strategic rational Expected contribution since the acquisition
• Full visibility on revenues:
• Regulated business, remuneration set on capacity booked basis
• Capacity booked through long-term firm transportation contracts till 2022
• Yearly EPS accretion between 2-3% over 2015-2018 period combined with strengthening of Snam’s financial structure
• Cash investment-payback of around 90% by 2023
• Equity IRR: low double-digits
Austrian/Italian Border OP Border
Slovakian/Austrian Border IP Border
CAPEX IN ITALY
OPERATIONALMANAGEMENT
EUROPEANDEVELOPMENTS
FINANCIAL DISCIPLINE
ATTRACTIVERETURNS
Net income from Associates
3636
* Excluding the non recurring item related to the restatement of equity interest in AES Torino; 2014 reported figure: €131 mn
Growth fuelled by International Assets
2014 2015E 2018E
€79* mn€ ~100 mn
€ ~130 mn
Net incomefrom Associates
Growthsupported
by TAG and TIGF
CAPEX IN ITALY
OPERATIONALMANAGEMENT
EUROPEANDEVELOPMENTS
FINANCIAL DISCIPLINE
ATTRACTIVERETURNS
Balance Sheet Solidity and Financial Structure Efficiency…
37
Snam estimates
Snam’s key credit metrics 2013 2014
FFO/ Net Debt ~12% ~13%
Net Debt/(RAB+associates) ~53% ~52%
YE 2013 YE 2014Available committed funding approx. €4 bn1 approx. €3 bn1
Average M/L term debt approx. 5 years approx. 5 years
A solid investment grade profile
2012 2013 2014Fixed‐floating rate debtbreakdown
49%‐51% 64%‐36% 69%‐31%
1 Net of the outstanding debt of approx. €1 billion of uncommitted facilities.
Significant fixed rate debt portion
Focused and proactive management of maturities and commitment to safe liquidity profile
CAPEX IN ITALY
OPERATIONALMANAGEMENT
EUROPEANDEVELOPMENTS
FINANCIAL DISCIPLINE
ATTRACTIVERETURNS
… to support a Sustainable Path
38
• From refinancing risk to cost savings opportunities
• Open and deep financial markets with favorable interest
rates and credit spreads
• Managing future refinancing exercises exploiting all
potential opportunities
• Treasury management optimization
* Assuming a tenor in line with expiring bonds. Based on current Snam yield curve
…to support Snam’s equity story
• Based on a consistent business model and
• An attractive and sustainable return…
• ….backed by a strong balance sheet
further significant reduction of cost of debt
• Financial flexibility restored…• Considerable financial expenses reduction
• Equity-based acquisition of TAG
• Cancellation of the Robin Hood Tax from 2015
• Selective investments in accordance with the
evolution of gas market needs
Fixed rate bond roll-over (2015-18) – Potential benefits
[ Coupon % ]
CAPEX IN ITALY
OPERATIONALMANAGEMENT
EUROPEANDEVELOPMENTS
FINANCIAL DISCIPLINE
ATTRACTIVERETURNS
0,00%
0,50%
1,00%
1,50%
2,00%
2,50%
3,00%
3,50%
4,00%
4,50%
5,00%
Nov-2015 (€0.75 bn - 3Y) Jul-16 (€1.00 bn - 4Y) Jun-17 (€1.25 bn -average 4Y)
Mar-18 (€1.50 bn - 5.5Y)
Expiring bond Potential new bond*
∆= ~140 bps
∆= ~360 bps
∆= ~160 bps
∆= ~290 bps
39
In Summary
• Strong balance sheet
• Sound results further fuelled by International assets
• Constantly pursuing operational and financial efficiency
• Restored financial flexibility
• Focus on customer service improvement
• Robust business model to ensure attractive and sustainable shareholder returns
Focused approach to support dividend policy
FY 2015 DPS guidance confirmed:
€ 25 cents
CAPEX IN ITALY
OPERATIONALMANAGEMENT
EUROPEANDEVELOPMENTS
FINANCIAL DISCIPLINE
ATTRACTIVERETURNS
40
Q & A S e s s i o n
41
A n n e x e s
42
Italian Gas Market in 2014
31.1 30.9
16.5 16.3
20.6 17.7
1.92.1
1 2 2013 2014
Residential & commercial
Industrial(*)
Thermoelectric
Other Sectors
Gas Consumption (Weather adj.): -4.5%
67.070.1
Gas injected into the network: -9.7%
62.369.0
(*) Includes: NGV, Agriculture and Non-Energy Use
Source Italian Ministry of Economic Development and Snam’s estimates
2013 2014
43
Operational Data
2013 2014 ∆ %
Transport Gas injected into the network (bcm) 69.0 62.3 -9.7
Gas pipeline network (km in operation) 32,306 32,339 +0.1
Storage Storage capacity (bcm)• Modulation (*)
• Strategic
15.911.44.5
15.911.44.5
------
Gas moved through storage system (bcm)• Injection• Withdrawal
18.428.929.50
15.708.137.57
-14.8-8.9
-20.3
Distribution Gas distributed (bcm) 7.35 6.50 -11.6
Active Gas Metering at redelivery points (# mn) 5.93 6.41 +8.1
(*) Available capacity
44
Disclaimer
Snam’s Chief Financial Officer, Antonio Paccioretti, in his position as manager responsible for the preparation of financial reports, certifiespursuant to paragraph 2, article 154-bis of the Legislative Decree n. 58/1998, that data and information disclosures herewith set forthcorrespond 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 currentexpectations, estimates, forecasts, and projections about the industries in which Snam perates and the beliefs and assumptions of themanagement 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, andsimilar 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 predictbecause 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 andregulatory 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 updateforward-looking statements to reflect any changes in Snam’s expectations with regard thereto or any changes in events, conditions orcircumstances 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 ExchangeCommission and with the Italian Stock Exchange.
snam.it
2014 Full Year Results &Strategy Update
Milan, March 12th, 2015