Financial markets

In 2009 there was a widespread recovery of the share values of all the main world stock exchanges, compared to the minimum levels registered at the beginning of the year,. The performance seen at the end of the year on the main European stock exchanges were as follows: Dow Jones Stoxx Index 50 +24.1%, FTSE 100 in London +22.1%, DAX in Frankfurt +23.9% and CAC 40 in Paris +22.3%. The Italian stock market showed a recovery in line with the other European stock exchanges: the FTSEMIB index, which includes the 40 biggest companies in terms of share capitalisation listed in the Italian stock market, saw an increase of 19.5% and the FTSE Italia All-Share index, which includes all the listed companies, recorded an increase of 19.2%.

The financial markets were supported by a climate of greater confidence, based on the progressive intensification of positive signs coming from the evolution of the economic trend, although this improvement was not uniform and it affected various sectors of the economy at different speeds with uncertainties regarding its actual extent.

The improvement of the economic and financial situation also benefited the expansive monetary policies of the Central Banks, which have gradually reduced interest base rates to exceptionally low levels. The improvement also benefited the support and stimulation initiatives implemented by various governments to kick-start consumption and the principal manufacturing sectors.

In this context, the Snam Rete Gas share closed 2009 at an official price of € 3.46, a growth of 6.1% over its previous year value, rectified to take account of the increase in capital. In 2009 on MIBTEL (the telematic stock market of the Italian stock exchange) approximately 2.6 billion Snam Rete Gas shares were traded, with growth in daily trades due to the greater number of shares in circulation (following the increase in share capital) which now stands at approximately 10.1 million shares (compared with 7.3 million shares in 2008).

SHAREHOLDING STRUCTURE (%)

(*) 2.9% held by PICTET FUNDS (Europe) SA