Snam — Investor Presentation 2015

Oct 28, 2015

2015 3Q Results

Milan, October 28th , 2015

snam.it

Outline

Highlights and Operational Performance

2015 3Q Consolidated Results

Highlights and operational performance

Carlo Malacarne

Chief Executive Officer

9M 2015 Highlights

Italian Gas Market in 9M 2015

20153Q Consolidated Results

Antonio Paccioretti

Chief Financial Officer

Income Statement

[ € m ] n	9 M 2 0 1 4	9 M 2 0 1 5	C ha ng e
Re ve nu es	2, 6 4 8	2, 7 4 8	1 0 0 +
Op ing t era ex p en se s	5 3 7 -	6 4 0 -	1 0 3 -
E B I T D A	2, 1 1 1	2, 1 0 8	3 -
De ia ion & isa ion t t t p rec am or	5 8 3 -	6 3 6 -	5 3 -
E B I T	1, 5 2 8	1, 4 7 2	5 6 -
E B I T a d j d te us	1, 5 2 8	1, 5 0 7	2 1 -
Ne in inc ( ) t ter t es om e ex p en se s	3 0 1 -	2 7 7 -	2 4 +
Ne inc fro ia t tes om e m as so c	1 1 9	9 7	2 2 -
E B T	1, 3 4 6	1, 2 9 2	4 5 -
Inc tax om e es	4 8 3 -	4 0 4 -	7 9 +
N E T P R O F I T	8 6 3	8 8 8	2 5 +
O N E T P R F I T a d j d te us	8 6 3	9 1 2	4 9 +

Revenues

[ € m ] n	9 M 2 0 1 4	9 M 2 0 1 5	C ha ng e
Re la te d g rev en ue s u	2, 6 0 3	2, 6 9 5	9 2 +
Tr t an sp or	1, 4 0 7	1, 4 2 9	2 2 +
D is i bu ion tr t	7 4 9	7 9 2	4 3 +
S tor ag e	3 3 9	3 4 3	4 +
L N G	1 4	1 3	1 -
Pa hro h r -t ss ug ev en ue s	9 4	1 1 8	2 4 +
O t he r r ev en ue s	4 5	5 3	8 +
T O T A L R E V E N U E S	2, 6 4 8	2, 7 4 8	1 0 0 +

Operating Expenses

[ € m ] n	9 M 2 0 1 4	9 M 2 0 1 5	C ha ng e
Re la d a iv i ies te t t g u c	1 8 5	6 0 1	8 3 +
Co l la b le f ixe d c tro ts n os	3 4 8	3 7 4	2 6 +
Va ia b le ts r co s	6	1 3	7 +
O he t ts r c os	7 0	9 6	2 6 +
Pa hro h c -t ts ss ug os	9 4	1 1 8	2 4 +
No la te d a t iv i t ies n r eg c u	1 9	3 9	2 0 +
O C O S S T T A L T	5 3 7	6 4 0	1 0 3 +

EBIT Analysis

[ € mn ]

Net Profit Analysis

[ € mn ]

Cash flow

Balance Sheet

[ ] € m n	De 1 2 3 c, 0 1 4	Se 0 2 3 p, 0 1 5	C ha ng e
Ne t inv te d c i ta l es ap	2 0, 8 2 4	2 0, 9 3 8	1 1 4 +
F ixe d c i ta l ap	2 1, 8 1 3	2 2, 0 0 2	1 8 9 +
Ta i b le f ixe d a ts ng ss e	1 3 3 5, 5	1 3 2 5, 5	1 9 7 +
Inta i b le f ixe d a ts ng ss e	5, 0 7 6	5, 1 9 3	1 1 7 +
Eq ity- d a d o he inv te t tm ts u ac co un n r es en	1, 4 0 2	1, 2 7 7	1 2 5 -
Ne t w k ing i ta l or ca p	-8 6 4	9 0 6 -	4 2 -
Re iva b les ce	2, 1 9 0	1, 9 7 5	2 1 5 -
L ia b i l it ies	3, 0 5 4 -	2, 8 8 1 -	1 7 3 +
Pr is ion fo loy be f i ts ov s r e mp ee ne	-1 4 1	1 4 7 -	3 3 -
As ts he l d fo le d d ire t ly la te d l ia b i l i t ies se r s a an c re	1 6	1 6	-
Ne f ina ia l de b t t nc	1 3, 6 2 5	1 3, 0 9 7	5 7 +
S ha ho l de ' e i ty re rs q u	7, 1 7 2	7, 2 2 9	5 7 +

Q & A S e s s i o n

A n n e x e s

Operational Data

		9 M 2 0 1 4	9 M 2 0 1 5	∆ %
T t G i j t r a n s p o r a s n e c G i l i a s p p e	( ) d i h k b t t t e n o e n e w o r c m	4 1 7.	4 9. 9	8 5. +
	( ) k k i i t t n e n e w o r m n o p e r a o n	3 2, 3 2 0	3 2, 4 4 5	0. 4 +
S t o r a g e	S i ( b ) t t o r a g e c a p a c c m y	1 9 5.	1 6. 0	0. 6 +
	( *) •M d l i t o u a o n	1 1. 4	1 1. 5	0. 9 +
	S i • t t r a e g c	4. 5	4. 5	- -
	G ( ) d h h b t t t a s m o v e r o u g s o r a g e s y s e m c m	1 2. 8 5	1 6. 2 5	3 1. 3 +
	•I j i t n e c o n	8 1 7.	9. 3 2	1 9. 3 +
	•W i h d l t r a a w	4. 7 7	7. 2 0	5 0. 9 +
D i t i b t i s r u o n	G ( ) d i i b d b t t a s s r u e c m	4. 5 1	5. 1 0	1 3. 0 +
	A i G M i d l i i ( l ) # t t t t c e a s e e r n g a r e e e r p o n s m n v v y	6. 3 8	6. 5 2	2. 1 +

Disclaimer

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 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.

2015 3Q Results

Milan, October 28th , 2015

snam.it