1 Basis of presentation

The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (hereinafter “IFRS” or “international accounting standards”) issued by the International Accounting Standards Board (IASB) and adopted by the European Commission pursuant to Article 6 of Regulation (EC) No. 1606/2002 of the European Parliament and of the Council of 19 July 2002 and to Article 9 of Legislative Decree No. 38/2005.

The consolidated financial statements are prepared in consideration of future continuing business using the historical cost method, taking into account value adjustments where necessary, except the items which, according to IFRS, must be measured at fair value, as described in the measurement criteria.

The consolidated financial statements include the financial statements of Snam Rete Gas S.p.A. and of companies over which the company has the right to exercise direct or indirect control from the date of acquisition until the date when such control is relinquished, determine financial and operational decisions, and obtain the benefits thereof.

The exclusion from the scope of consolidation of some subsidiaries, which are significant neither individually nor collectively, has not had any significant effect1 for the purposes of correctly representing the equity, financial and economic position of the Group. These investments are valued according to the criteria indicated in the section “Equity investments”.

Consolidated companies, non-consolidated subsidiaries, companies under joint control, associates and other significant equity investments, reporting for which is covered by Article 126 of Consob Regulation 11971 of 14 May 1999, as subsequently amended, are indicated separately in the annex “Significant shareholdings, associates and equity investments of Snam at 31 December 2011”, which is an integral part of these notes. The same annex also reports the change in the scope of consolidation which took place during the year.

The financial statements of consolidated companies and the consolidated financial statements are audited by Reconta Ernst & Young S.p.A..

The financial statements at 31 December 2011 were approved and authorised for publication by the Snam Board of Directors at its meeting of 12 March 2012, in accordance with the law.

Given their size, amounts in the financial statements and respective notes are expressed in millions of euros.

1 According to the provisions of the Framework of international accounting standards, “the information is significant if its omission or incorrect disclosure can influence the financial decisions of the end-users taken based on the financial statements”.

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