2020-2024 strategic plan:
Towards Net Zero
November 25th, 2020

Commitment to net zero by 2040 and new ESG scorecard
Net-zero @2040
Earliest industry commitment to Net
zero
• Scope 1&2: clear pathway to net zero by 2040
• Scope 3: ongoing planning with suppliers & associates
• Enhancing Snam role as an enabler of system decarbonization
New ESG scorecard
20302018 2040
CH4
CO2
-50%
Net zero
Strengthening
governance
Improving
people’s lives
Committed to
a net zero
world 1. Welfare
2. Employee
Engagement
3. Safety
4. Gender Diversity
5. Responsible Supply
6. Local Community
Engagement
1. Governance
Functioning and
Structure
2. Infrastructure
Reliability
3. Anti-corruption
1. Natural Gas and CO2 Emissions
2. Energy Savings of Operational
Management
3. New Business - Green
Innovation
4. Land protection & Biodiversity
Governance
Environment
Social
2

Net zero commitments are giving rise to a capex supercycle
Net-zero investmentsNet-zero commitments
Powergen & batteries $35tn by 2050
Hydrogen supply $12-35tn by 2050
CCS $1tn by 2040
Biomethane $0.4 tn by 2040
Power grid $29tn by 2050
H2 transport $2 - 28tn by 2050
H2 storage $1 - 3tn by 2050
Mobility $13 tn by 2040
Home $9 tn by 2040
Industry $2.5 tn by 2040
Downstream
Midstream
Upstream
3
2050 Target proposed/In law 2060 Target
Target under discussion
Sources: World Energy Outlook 2020 (IEA), Snam internal analysis, New Energy Outlook 2020 (BNEF), CCUS in Clean Energy Transitions 2020 (IEA), Outlook for biogas and biomethane: prospects
for organic growth (IEA),

Long-term RAB growth with additional opportunities
along the green gas value chain
Biomethane supply
infrastructure,
circular economy
Snam’s Net Zero Positioning
Upstream
infrastructure
Midstream Downstream
Hydrogen
Natural gas
Biomethane/
renewables/
waste/water
Sector coupling/
storage/power
to gas
Early presence
leveraging
technological
partnerships
Evolve from CNG
platform to LNG
and H2 mobility
Promote integrated
ecosystems
to serve key
segments
Future-proof our
asset base to deliver
methane/biomethane
volumes while
enabling H2 ramp up,
also in blending, and
providing flexibility to
the electricity grid
Become a leading
national operator
in
Energy Efficiency
services
4

Why Snam will succeed in a net zero environment
• Blending tests, H2 asset
readiness
• Sector coupling/
Dual fuel
• Long-term sustainable
growth
• Insourced skills and
competences
• Leader in key growth markets
• Enhancing core asset
• Clear pathway on scope
1 & 2 emissions
• Launched programme on
associates and suppliers
• New scorecard
• Committed to current
credit metrics
• Accretive returns
• Consistency with our
ESG strategy
5
3. Execution
Capabilities and
technology edge
5. International
footprint
4. Energy
transition
businesses
2. Long-term
RAB growth
• Increased and diversified
geographical footprint
• Asset-light approach in
countries with high potential
• Snam Global Solution to
monetise expertise
• Investments track record incl.
TAP
• Building world leading
technology gas TSO
• Technology edge in H2 &H20
• Leverage core competences
across similar sectors
6. Strong balance
sheet and disciplined
investment approach
1. Committed to net
zero by 2040 and
ESG leader

…while growing profitability and returns
845
2016 2020 E
1,100
+30%
€m
Net income ROAE
10%
11%
12%
13%
14%
15%
16%
17%
18%
19%
2016 2017 2018 2019
6
TSR
47%

The green gas supercycle

Net zero
commitments
Essential role of gas
& green gas
Role of the grid fully
recognised
Fuel switching to maximise
CO2 reduction
• By 2040 around 400 bcm
of switching to natural
gas (2)
Green gases to play a central
role
• Cost effective solution to
decarbonize hard to
abate sectors
European commitments to:
• 55% CO2 by 2030
• Net zero by 2050
China commitment to net
zero by 2060
US set to re-enter Paris
Agreement
Policy support
Policy support focusing on reducing
supply costs through scale
• EU policy targeting 40 GW
of electrolyzer capacity
by 2030
• National strategies already point
to ca 30 GW
• Italian strategic guidance calls for
5 GW by 2030
• Ca. 50GW of projects announced
worldwide
Next Generation EU funds
IPCEI support
Net zero sparks new
capex supercycle
H2 to account for ca. 25%
of the global energy
mix by 2050
€750bn Next Generation EU
funds
Repurposing EU
backbone
€ 30-60bn by 2040 (3)
Gas grids essential to net
zero; need to repurpose and
replace infrastructure where
necessary
• European grids require
limited retrofit
• Retrofit costs 10-25% of
newbuild
• Pipeline transport cost
$0.10-0.20 per kg per
1000km
Green gas will account for more than 25% of the energy mix
by 2050 (1)
Source: (1) BNEF, (2) WEO 2020 (IEA), (3) European Hydrogen Backbone – Gas for Climate
8

Fuel switching to drive cost-effective CO2 reduction
Continuing competitiveness
of coal-to-gas switch
Growing gas demand for
transport over the next 20Y
Source: Snam internal analysis, Global Gas Report 2020, IEA
• LNG truck already cost competitive
with diesel truck, and far more
environmental friendly
• UK diesel and petrol car ban from
2030
• Coal to gas switch in power generation
is an easy and viable opportunity for
decarbonization
• Worldwide more than one third of
power generation is coal-fired
48 48 48
108
116
124
0
20
40
60
80
100
120
140
2020 2025 2030
LNG Diesel
0
10
20
30
40
50
China United
States
India Europe
• Signficant increase of global gas use in
transport over the next 20 years in a
Sustainable Development scenario
• Additional 130bcm of gas demand from
transport uses by 2040
20
40
60
80
Ott-18 Apr-19 Ott-19 Apr-20 Ott-20
GAS η=55,1% COAL η=34,5%
Thermoelectric generation cost LNG vs Diesel pump price
Biomethane Natural Gas
Growth in gas consumption for transport 18-40
Gas already competitive
compared to diesel in transport
€/MWh
€/MWh
bcm
9

H2 production costs are falling even faster than expected
2020 2030 2040 2050
60
140
20
0
40
160
80
Levelized production cost of hydrogen evolution
48
50
Announced
by 2030
Tipping point by
2030
Announced H2 projects already
reach demand tipping point
• 25GW of electrolyzes capacity
worldwide required for H2 costs around
$2/kg in favorable areas for renewable
production
• Ca. 50GW by 2030 «tipping point»
Source Snam internal analysis, Hy challenge, CO2 assumptions: 24.5 €/ton (2020), 38.0 €/ton (2030), 58.4 €/ton (2040)
Value-chain cooperation to create scale
Electrolyser Capex (large scale) €/kW
Solar cost (large scale - south Italy) €/MWh
243
24
157
11
890
44
… large-scale adoption
… large-scale adoption
Green H2 South Italy (new)
Green H2 North Africa
Green H2 South Italy (old)
Grey H2
Blue H2
(€/MWh) ($/Kg)Abu Dhabi solar LCOH
Electricity – PUN
Gasoil (with CO2)
(GW)
4
7
3
2
1
0
10
15% lower
than last year
25

Pipelines essential to deliver large volumes at lowest-cost H2
European decarbonization will
rely on:
• Access to large, competitive
renewable resources,
• Connection via affordable
transport routes
Italy well positioned to be a
H2 hub
*Cost projections for large scale production and transport, excluding local distribution
Sources: BNEF analysis for the Global Gas Report 2020
Imports from
Nord Africa
(pipeline)
1
Offshore
wind in
Germany
Blue
Hydrogen
(pipeline)
2.41.7
1.4
Imports from
Middle East
(LH2 ship)
0.16
3.2
0.8
0.2
1.5
0.85
0.3
0.8
Transport Renewable production Gas production with CCS
($/kg, 2050)
11
Delivery cost of hydrogen in Germany by 2050*

Hydrogen to become competitive
quickly in a number of sectors
(data assumes at scale costs along the value chain)
20402030Today
Source: Snam elaboration on IEA, Hy Challenge, Hydrogen Europe, Lazard
12
Refinery Green H2
Steel (DRI)
< 4 $/kg
Feedstock and industrial
applications
Industrial uses
Chemicals
<2 $/kg
Growing role in industrial
applications
Trains
<7-5$/kg
Long-haul
trucks
Mobility
Break-even
Break-even
Break-even

Strong policy support
2030
2050 13-141
2-5
15-20
-
20
4-53
-
-
-
-
-
2030
2050
40 (+ 40 outside EU)
500
2
5
6.5 5
-
4
-
3-4
-
2030 320-4582
7 74 949 -
2030
Industry
Mobility
Blending
Industry
Mobility-
H2 supported by €750bn of funding available from Next Generation EU funds
Industry
Mobility
Industry
Mobility
1 Considering hydrogen in energy uses only, in most EU scenarios hydrogen adds up to 23%
2 Of which 220-340 bln EUR to scale up and connect 80-120 GW of renewables (not always included in country figures)
3 Estimates based on 90 - 110 TWh target hydrogen demand
4 Figures on H2 public investment package
Source: EU national strategy; National strategies; Italian Ministry of Economic Development
Hydrogen share on
energy
consumption (%)
Installed electrolysis
capacity
(GW)
Investments
(€Bn)
Initial sectors
of application
5
10
2
Industry
Mobility
Blending
13
20
-

Italian policy to support H2 projects
7-8 Mton avoided per year
Up to €10bn investments by 2030
Up to €27bn by 2050
Creation of H2 value chain
Promote Italian technology
2% of energy mix by 2030, up to 20% by 2050
5 GW of electrolyzers by 2030, also leveraging
overgeneration
Chemical
and refinery
Long haul
truck and
train
Blending Additional
opportunity
in steel,
industrial
uses and
mobility
2030
H2 by sector in 2030
700
ktons
Italy as a “hydrogen hub” with import and export potential
14Source: Italian Ministry of Economic Development

Growing share of H2 to support long-term need for
infrastructure
The 2050 gridEvolution of gas mix and volumes
30
40
50
60
70
80
90
100
0
10
20
30
40
50
60
70
80
90
100
2020 2025 2030 2035 2040 2045 2050
H2 – scenario H2 @ 25% mix
CH42 – scenario H2 @ 25% mix
Bio CH42 – scenario H2 @ 25% mix
Total volume gas (right axis) – scenario H2 @ 25% mix
Total volume (right axis) – scenario H2 @ 18% mix
Mtoe
bcm
15
• Hydrogen is 3.8x less dense than
natural gas (1)
• Hydrogen travels faster through a
pipeline than natural gas, containing
additional pipeline capacity
requirements
• Pipelines offer flexibility for sector
coupling, also through linepack
Transporting H2: key facts
(1) BNEF; (2) CH4 and Bio-CH4 to 2050 also with CCS

Strategic plan 2020-2024,
outlook to 2030 and beyond

ITALIAN
INFRASTRUCTURE
INTERNATIONAL
PORTFOLIO
€ 6.7bn
Capex
2020-24
Solid €7.4bn investment plan 2020-2024, with clear long-term trajectory
NEW ENERGY
TRANSITION
BUSINESSES
KPIs
Our 2020-2024 plan
>2.5% RAB
growth to
2024
€150m of
EBITDA
by 2024
10%
average
cash return
€ 0.7bn
• Net zero investments
• Replacement of more than 1,170 km pipelines
• Sardinia methanization
• Technological innovation and network digitalization
• Stable contribution from diversified portfolio
• Leveraging opportunities from energy transition and
technology rollout and Snam Global Solutions
• Biomethane: Develop biomethane capacity
• Energy efficiency: Pipeline of projects for public administration,
residential and industrial clients
• Sustainable mobility: Consolidation of CNG footprint, focus on
LNG and H2 supply infrastructure, SSLNG
• Hydrogen : H2 for trains, fuel cells H2-ready on Snam network
17
Main assumptions in the plan: WACC flat after 2022, Deflator 0.9%, does not consider De Nora acquisition/Investment platform

2018-20222017-2021 2019-2023
5,7
2020-2024
4,7
6,5
7,4
Maintenance & Other
Replacement
Development
New businesses (Energy Transition)
Contributing to a carbon
neutral economy
Hydrogen ready investmets
on our infrastructure (*)
Net Zero Investments
New businesses (Energy transition)
Digitalization/Technology
Maintenance & other
€ 7.4 bn 50%
10%
6%
24%
10%
(*) Replacement, develoment and maintenance
done using H2 ready procurement standard
Snam’s plan contributes to a carbon neutral economy
18
+57%

Import Russia
Import North EU
Import
Algeria
Import
Libia
LNG
LA SPEZIA
LNG OLT
LIVORNO
GORIZIA
RAVENNA
SAN BENEDETTO
DEL TRONTO
SAN SALVO
BICCARI
TERMINI IMERESE
CAVARZE
RE
RECANATI
JESI
CHIETI
GAGLIANO
TRIESTE
MESTRE
SALGAREDA
PIEVE DI SOLIGO
CAMPODARSEGO
SANSEPOLCRO
RIMINI
3
3
3
3
3
2
2
2
2
22
2
2
3
Sardinia project:
• Realization of the virtual
pipeline
• First section of the backbone
Dual fuel compressions station
Storage wells infilling (peak
volumes increase)
245 CNG and 50 biomethane
connections to the grid
100 other connections to the grid
Pipes to be
replaced over the
plan period
1
About 1.200 km of transport
pipelines replaced during the
plan period (Ravenna – Chieti;
Rimini - San Sepolcro; S.Salvo -
Biccari
3
2
Key development activities
Replacements New interconnections
Italian RAB capex highlights
19
“Virtual Pipeline” with
Panigaglia and OLT
terminals
FSRU
Coastal deposit

Sector collaboration
Ensuring “H2-readiness” along the infrastructure
value chain
H2 Gas Asset Readiness
(H2GAR) cooperation
between EU TSOs.
6 working groups on
pipelines, compressor
stations, separation
systems, metering, safety
and underground storage
European H2 Backbone
plan – done in
collaboration with 11 EU
gas infrastructure
companies - for a
dedicated hydrogen
transport infrastructure
Working for a «Hy-ready» network
Pipelines
• 70% of pipes
hydrogen ready)
• Procurement
standards for H2
ready pipelines
DNV “Renewable
Gases Metering”
project with European
TSOs and gas meters
producers
Compression stations:
• Definition of standards for H2NG mix to fuel
compressors and turbines
• New “hybrid” compressor turbine tested with
Baker Hughes, suitable for up to 10% H2
blend to be installed at Snam’s gas
compressor station in Istrana in 2021
Development of the first
H2 network for a cluster
of industrial users
supplied with mixtures
of up to 10% green H2
in NG
Storage
• Up to 2% blending
feasible
• Ongoing assessement
for higher percentage
• CO2 storage potential
Project to assess the
feasibility of using high %
of hydrogen in steel mill
industrial furnaces (RINA)
Feasibility study on
natural gas/hydrogen
blending in steel thermal
treatment, to be
developed through
European/national
funding
20

Digitalisation: building world’s most technological gas TSO
21
PIMOS & smart cathodic
protection: real time, geo-
referenced leakage and
potential corrosion detection
through ~1.000 new devices
Predictive
maintenance on 2.700
valves, impacts on
12.000 h/y of
maintenance activities
Near real time
measure of 1.100
delivery points for
better operational
management
Satellites (radar & optics)
for interference
management and early
landslides detection
Drones for asset
monitoring in extreme
conditions
• Launch H1 2021 of key applications
to support operations in Bologna
district (~4.300 km network)
• Measurement of results in terms of
operational effectiveness, safety,
asset integrity and reliability
• Rollout to other districts
• Improve asset integrity and
reliability
• Increase safety of workers
• Faster and more accurate pipeline
leakage detection
• Optimize and prioritize
maintenance
First release in H1 2021:
Bologna “Flagship” District
1. Extract value from technology rollout by improving safety and effectiveness of operations
2. Develop a world class “data driven” infrastructure, leveraging top partnerships to have access to
best technology roadmaps
• IOT: 100x data gathered and used through diffused sensorization of assets
• Cloud and edge computing to optimize scalability, latency and reliability: 10x data availability
• Digital twin, wearables, robotization and drones & sat for operational excellence
3. Offer solutions developed through Global Solution
Technology strategy Targets
~ €500m of investments in digitalization 2020-24
to transform operations delivering security, reliability and sustainability

0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
0
200
400
600
800
1,000
1,200
1,400
1943
1951
1954
1957
1960
1963
1966
1969
1972
1975
1978
1981
1984
1987
1990
1993
1996
1999
2002
2005
2008
2011
2014
2017
Replacements driven by ageing of the network
Large share of the network fully amortised
• Large part of pipelines built in the 70s due due
to rising import from Russia
• Fully amortized in 50 years
• Green gas development gives long-term visiblity
to future network requirements
• Italy has a distinctive morphology: pipelines in
hills/mountainous landscapes (46% of total vs
not significant EU average) have additional
maintenance requirements
• Discussions ongoing with the regulator on
appropriate replacement framework
Pipelines by year of construction
Km
cumulated
km put in operation
by year
22

Superior long term RAB growth underpinned by replacement needs
23
Visible RAB growth with a clear long-term trajectory
• Strategic role of gas infrastructure
for energy transition supports the
longevity of the network
• RAB growth to 2040 to be at least
in line with 2020-24
• Acceleration potential depending
on the pace of future-proof
replacements
TARIFF RAB evolution
>2.5%
CAGR
2040 RAB
At least in line with
2020-24
RAB 2020 RAB 2024
20,6
0.9% average inflation
€bn
<11000km
fully amortised
9000km
fully amortised

New energy transition business with system integrator
potential
> €700m capex in new businesses; plan does not include
investment upside from policy support, recovery fund
Created platform to serve key
segments:
Residential (c. 10% of Capex)
• Pipeline supported by long
term fiscal incentive scheme
• Long-term contracts in energy
management and renovation of
residential systems
Industrial (c. 40% of Capex)
• Ca 70MW installations of
distributed energy systems
Public Administration (c. 50% of
Capex)
• Deep and energy system
renovation via public tender (c.
7yrs) and private public
partnerships (c. 15yrs PPP)
Created platform in urban and
agricultural feedstock
• 64MW of installed capacity
target (+22 vs previous plan) of
which c. 20MW already
authorized
• Industrialization of agricultural
production
• Develop a platform for growth in
the circular economy
• Low risk business model with low
double digit return
• Long term incentives
• Contracts or partnership with
waste management operators
Created platform to deliver
sustainable mobility fuels
• Complete CNG footprint:
• 110 stations contractualised
• Expand LCNG stations (> 40
LCNG stations @24)
• LNG supply for mobility
• Snam to build & operate 1
liquefaction plants
(50 ktpa)
• Truck loading facility upgrade
in Panigaglia
• Establish flagship H2 stations
• 5 planned
c. €200 of
investments
c. €220 m of
investments
c. €150 m of
investments
Biomethane Energy Efficiency Sustainable mobility
24
Hydrogen
New business unit launched to get
ahead of the curve
• Initial focus on in-the money
applications, including rail
• Upstream exposure conditional
on long-term contracts
• Focus on consolidating
technological leadership & proof
of concept
• Hy-ready fuel cells to generate
electricity for Snam consumption
c. €150 m of
investments

H2 new ventures : getting ahead of the curve
Technological leadership &
proof of concept
Competitive
applications
Strategic positioning
for later-stage
developments
Uniquely positioned in rail
services thanks to agreements
with FS and Alston
• 13 routes included in the plan
(~700 km)
• ~45 MW of capacity
Roll-out of H2-ready stationary
fuel cells for Snam group (5,2 MW)
Acquired stakes in De Nora and ITM,
for key technological edge in H2 value
chain
MoU with Rina & Tenaris to promote
H2 use in industrial processes
Grant awarded for 3 FCHJU calls on
pre-industrial development of key
tech
Agreement with CNHi for
technological and commercial
cooperation
Establishing partnerships with key
downstream operators for “first
of a kind” project developments
Upside from policy
supported integrated
projects
IPCEI Green Crane project
proposal for the deployment of
a large scale European
integrated green H2 ecosystem
25
Hydrogen is
provided to the
train operator

Partnership with De Nora and ITM to get technological edge on
electrolyzers
Gain exposure to key technology for the development of H2 market
De Nora’s are superior
De Nora is at the heart of the electrolyzer process and supplies global top licensors
of Alkaline water electrolyzers
• Approx. € 0.4bn investment (33% stake), appoint 3 Board Members, and representation on Strategic
and Technical Committees
• De Nora enjoys exceptional business profile being a leading company in Chlor-Alkali, electronics and
surface finishing and in water and waste water treatment segment
• … with strong hydrogen upside
• Fast-growing H2 electrodes business (key component of electrolyzers)
• 34% of the JV with Thyssenkrupp co-develops, assembles and installs electrolyzers and plants
• Joint Development Agreement with fuel cell specialist AFC Energy to develop alkaline electrodes
for alkaline fuel cells
Courtesy of tkUCE Courtesy of McPhy
• €30m GBP investments in ITM Power capital
increase
• Presence in key technical and strategic
committees (Strategic Advisory Committee
and Technology Management Committee)
and secondment of resources
• Soft commitment for up to 100MW of
electrolyzers of "membrane" technology
(PEM - Proton Exchange Membrane) to be
used in Snam pipeline of projects
Partnership with ITM Power,
leader in PEM technology
26

Energy Transition Investment Platform
Incremental disciplined exposure to financially attractive
energy innovation opportunities
• Growing market focus on
opportunities with exposure to
energy transition and
decarbonization; lack of focused
investment platforms
• Energy Transition Investment
Platform to fill this niche, with
focus on projects and companies
operating in the Energy
Transition
• Managed by Independent
investment professionals with
significant track record
• Leverage our technical and
industrial expertise, to support an
independent investment
platform
• Scope for Snam to gain indirect
exposure to investment themes,
projects and technologies, in a
financially disciplined and
selective manner
• De Nora potential seed asset for
the investment platform
• Snam to be an anchor investor
• Identified management
• Interest expected from a
number of potential
partecipants
• Launch in 2021
Background Snam Rationale Where we are and timing
27

Our international footprint
Solid contribution from associates; 10% average cash return (1)
Increasing flexibility and
efficiency in mature businesses
Exposure to new gas
consumption
Leveraging opportunities
from the energy transition
TAP: stable €50m contribution from
2021
Adnoc: 20-years ship or pay
contracts with volume floor
Desfa new investments from
stronger demand; strategic position
along the southern gas corridor,
LNG for re- export in Balkan region
Austrian associates:
• Mature assets
• Expiry of long-term
contracts in 2022-23,
replaced by short
term/more flexible
products.
• Stable transit flows
Terega: entering biomethane
sector. Ideally positioned for H2
transition, connecting resource
rich Iberian Pensinula with Europe
& availability of aquiferous
storages
Desfa:, Greece exit from lignite,
LNG/bunkering for maritime
sector
Positioning in areas with
attractive growth potential
Dedicated presence in China,
India
SGS to act as technical
partner and international
growth enabler whilst
contributing to EBITDA
28
(*) On investments to date

Snam’s successful integrated approach on TAP project
Large project delivered on schedule under challenging conditions
Snam contribution to TAP
success
• Head of Snam assets appointed
as CEO of TAP
• Snam provided support for TAP
institutional relations
• Technical support to TAP on a
contract basis
878-km
10 bcm/y
• Massive use of trenchless
technology
• up to -50% working strip’s width
vs. traditional methods
Double digging production rate
• Minimized excavation material
Italian connection built with most
advanced technologies
29

Financial structure, capital
allocation and plan targets

45%
50%
55%
60%
2019 2020E 2024E
Strong financial structure and credit metrics
• Strong liquidity profile with
undrawn committed lines
covering more than three years of
bond maturities
• Financial structure defined via an
Asset and Liability Management
model:
• ~¾ fix rate
• >5Y M/LT maturity with lower
than sector-average gearing
• Cost of debt expected flat over
plan horizon at 1.2% or 20bps
lower than last year guidance
• Fully committed to current credit
rating metrics
Gross cost of debt
Average 2020 – 24 cost of debt @ 1.2% (not including
short term uncommitted lines and commercial papers)
Bond maturities
Adj. FFO2/Net Debt3
10%
12%
14%
16%
2019 2020E 2024E
Expected value
end of Plan
Net Debt/RAB3
Expected value
end of Plan
( )
Baa2
stable ( )
BBB+
stable ( )
BBB+
stable
Rating from Grid /SACP1 A2 a- n.a.
Assigned Rating
outlook( )
1. Rating from the Grid for Moody’s , Stand alone credit profile for S&P.
2. Before change in working capital.
3. Considering rating adjustments and affiliates, excluding
the acquisition of a stake in De Nora (closing expected in
the next months)
Thresholds consistent with rating of Baa1 for Moody’s and a- for S&P, one notch higher than Snam’s official ratings
0
500
1.000
1.500
2.000
2021 2022 2023 2024 2025 2026 2027
and
beyond
Maturities well spread over time
31

Sustainable finance aligned with corporate strategy
• Sustainable finance: ambition to
reach ca. 60% of total available
funding:
• ~6bn€ of sustainable financing
(~40% of total funding) at end-
Sept 2020
• new € 2.5bn ESG labelled
Commercial Paper Programme
(EE from Standard Ethics)
launched today
• Further room for debt capital
market sustainable
instruments
0
4
8
12
ESG
compliant
Institutional
lending
Sustainable
loan
DCM
instruments
Sustainable
finance today
ESG labelled
ECP
New
sustainable
DCM
instruments
Sustainable
finance
expected at
2024
~60%*
*of total available funding
€bn
~10%
end 2016
~40%
32

33
Capital allocation approach
• Dividend increased by almost 20% from demerger (€3bn
dividends paid 2017-2020)
• €0.9bn share buyback executed
• New dividend policy extended to 2024
Criteria
• Committed to current credit rating metrics
and risk profile
• Accretive returns (risk adjusted returns at
least in line with Italian regulated assets)
• Consistent with our ESG strategy
a) Industrial opportunities
• Enhance existing infrastructure
• Leverage industrial capabilities
• Unlock additional growth/optionality
b) Enhanced returns to shareholders
• Dividend policy
• Buyback
Disciplined approach confirmed
• 2020-24 Plan +€ 2.7 bn investments vs first stand alone
plan
• €4.5bn regulated capex & Italian bolt on in 2016-20
• €0.5bn investments in international regulated/contracted
companies (GCA, IUK, Desfa, Adnoc)
• C. €0.3 bn already invested to build the platform to grow
the energy transition
• €0.4bn investment in De Nora as a potential seed asset
Capital allocation Industrial opportunities seized
Shareholders remuneration

Solid and visible growth
34
Tariff RAB EBITDA
Net income
€bn €bn
€m € cent
EPS
20242020E20182017 2019
2.022 2.095 2.169
20,3
2017 2018 2019
19,3
2020 2024
20,4 20,6
c 2.5% 3.4%
940
2017 2019 20242018 2020E
1.010
1.093 1.100
c 4.0%
20192017 2018 20242020E
0,27 0,29
0,32 0,33
5.0%
> 2.5%
c 2.5%
3.3%
3.2%

2021 guidance and targets
€ ~ 21.0 bnTariff RAB >2.5%
€ ~ 1.4 bnInvestments € 7.4 bn
Net income
ca +3% vs
2020 guidance
2020-2024
CAGR 2020-2024
Net debt1
€ ~ 13.5 bn Debt/RAB well below 60%
2.5% CAGR 2019-2024
1. Excluding change in tariff related items (essentially neutral)
Guidance 2021 2020-24 Plan
35

Dividend and closing remarks

Potential upside not included in our plan
Increasing visibility as policy, regulation and markets evolve
37
Further expansion, leveraging
execution capabilities and
technological edge
Low-risk hydrogen capex
supported by new
incentives/policy
Upside in biomethane from
further national incentives,
international growth
Increase of RAB capex
for green gas

5% DPS annual growth to 2022
confirmed
2.5% DPS minimum annual growth to
2023-24
FY 2020 FY 2021 FY 2022 FY 2023 FY 2024
DPS € cent
24.95
+5%
+2.5%
NEW
New dividend policy to 2024
38

Snam: a unique platform to invest in the energy transition
1. Visible and sustainable long-term RAB growth underpinned by green gas
2. Exposure to net zero supercycle, leader in hydrogen, biomethane, circular economy, energy
efficiency, and sustainable mobility
3. Presence in multiple geographies with upside from energy transition
4. Committed to strict financial discipline and compelling shareholder returns
39

Back up

Investment plan 2020-2024
New investment plan: € 7.4 bn
Capex Plan
19 - 23
Transport Storage & LNG Energy
Transition
Capex Plan
20 - 24
0,2 0,4
6,5
0,4
7.4
Transport Storage, LNG
Energy Transition
(not RAB based)
€ 5.7 bn € 1.0 bn € 0.7 bn
Biomethane
L-CNG
Hydrogen
SSLNG
S4E
Maintenance & Other
Development
Replacement
Development
Maintenance & Other
17%
39%
44%
25%
75%
14%
30%
6%
29%
21%
Strong Investment Plan
41

Our pathway to net zero
Clear pathway to net zero in our own
scope 1&2 emissions
Engaged with suppliers & associates to
reduce scope 3 emissions
Enabler of system decarbonisation
• Scope 1&2: clear pathway to net zero by
2040
• Scope 3: ongoing planning with suppliers
& associates
• Enhancing Snam role as an enabler of
system decarbonization
Our committment is aligned with
Paris agreement to keep temperature
increase within 1.5° Celsius
Suppliers
• Giving higher responsibility to suppliers
for a full disclosure through CDP supply
chain program
• Engaging all suppliers with operatives
initiatives on climate change and
decarbonization
Associates
• Working together to improve associates
carbon footprint
• Engaging the associates through specific
working group to improve management
capabilities and efficiency
Reduce CO2 emissions
Energy Efficiency Biomethane&Sustainable
Mobility
- 50 ktons - 550 ktons
H2
- 10 ktons
Small-scale LNG
-23%
- 200 ktons
-50%
42
Secure readiness of green gas
infrastructure
• H2 readiness of our infrastructure
• H2 blending tests
• Streamlined connection of CNG and
biomethane plant

How we reduce our Scope 1 and 2 emissions
20302018 2040
1,529
-50%
CH4
CO2
-50%
770
Scope 1
KtCO2eq
727
Scope 1
KtCO2
32
Scope 2
KtCO2
Net-zero
-50% @2030 vs 2018Scope 1 & 2 updated targets Net-zero @2040
Indirect CO2 emissions
• Increase in green electricity out of total
consumption, including new PV plants
Direct CO2 emissions
• Installation of electro-compressor units
in 8 compressor stations
• Energy efficiency on our assets
Direct CH4 emissions
• Leak Detection and Repair (LDAR)
applied to transport network,
underground storage and LNG terminal
• Replacement of pneumatic devices
• Recompression of gas instead of venting
Updated
-50%
@2030
Updated
-45%
@2025
(vs 2015, in line
with UNEP)
Emission targets (kton of CO2 equivalent)
43

Avoided CO2 emissions of new businesses
New businesses CO2 emissions reduction
Energy Efficiency Sustainable Mobility
& Biomethane
ssLNG
- 50 ktons - 550 ktons
CO2eq avoided through energy
savings in 2021-24
CO2eq avoided by replacing CH4
with bio-CH4 in 2024
Avoided by replacing heavy fuel
oil with LNG in vessels
H2
CO2eq avoided by replacing
diesel with H2 in 2024
- 10 ktons
- 200 ktons
Targets 3 million trees
by 2030
New benefit
company set up by
Snam and CDP
-92%
SOx
-80%
NOx
-23%
CO2
44

Consolidating ESG leadership with scorecard
Natural Gas
Emissions
• Natural gas emissions: -36% reduction of total natural gas
emissions (vs 2015) 1,2
• Energy Saving: >40% natural gas recovered from
maintenance activities
Energy Savings of
Operational
Management
• 860 MWh of electricity production by photovoltaic plants
• 61% of retrofit and methane fuelled cars out of total car
fleet
New Business -
Green Innovation
• 121 Mscm Production of biomethane
• 43 Ktons Reduction of CO2 equivalent from energy
efficiency interventions
• 167 Cumulated number of CNG and L-CNG stations
• 250 ktons available LNG capacity for SSLNG market
Land Protection &
Biodiversity
• >99% vegetation restoration of the natural and semi-
natural areas involved in the construction of the pipeline
routing 3
Welfare • 54% participation in welfare initiatives
Employee
engagement
• 75% employee engagement index
Safety
• <average last 5 years- IpFG (Combined Frequency and
Severity Index)
• <average last 5 years- No. of HS remarks / no. of total
Audits conducted (external and internal)
Gender Diversity
• 25.5 % of women in executive and middle-management
roles
• 27 % of women in succession planning (first and second
reporting line)
Responsible
Supply
• 50% spending to local suppliers (Italy based SMEs) on
total non-public procurement
• +20% Increase third sector suppliers in Vendor List
Local Community
Engagement
• +10% employees hours devoted to Snam Foundation’s
initiatives supporting local communities
SDGs ESG Focus Areas Key Performance Indicators by 2023
Governance
Functioning and
Structure
• >40 % of BoD time dedicated to ESG matters in strategy
meetings and induction sessions
Infrastructure
Reliability
• 8.1 Average annual customer satisfaction rate in terms of
service quality
• 99.9 % of reliability levels on gas supply
Anti-corruption
• 100 % of third party counterparts on which reputational
due diligence checks have been performed
SDGs ESG Focus Areas Key Performance Indicators by 2023
45

Disclaimer
Luca Oglialoro, 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 accounting 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.
46