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1 Basis of presentation and accounting standards

Snam’s condensed interim consolidated financial statements at 30 June 2014 have been prepared under the going-concern principle and in accordance with IAS 34 – Interim Financial Reporting. Pursuant to IAS 34, the condensed interim consolidated financial statements do not include all the information required in annual consolidated financial statements and, as such, they should be read in conjunction with the Snam Group's consolidated financial statements for the year ended 31 December 2013. The formats of the financial statements are the same as those used in the annual report. In the condensed interim consolidated financial statements, the same consolidation principles and measurement criteria have been used as those used to prepare the annual report, which should be referred to, except for IFRS which have entered into force since 1 January 2014, described in Note 3 “Accounting standards and interpretations in force since 1 January 2014”.

The notes to the financial statements are in condensed form. Current income taxes are calculated based on taxable income at the reporting date. Tax receivables and payables for current income taxes are recognised based on the amount which is expected to be paid/recovered to/from the tax authorities under the prevailing tax regulations or those essentially approved at the reporting date and the rates estimated on an annual basis.

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 Resolution 11971 of 14 May 1999, as amended, are indicated separately in the appendix “Significant shareholdings, associates and equity investments of Snam at 30 June 2014”, which is an integral part of these notes.

The condensed interim consolidated financial statements at 30 June 2014, approved by the Board of Directors of Snam S.p.A. at its meeting of 29 July 2014, have undergone a limited audit by Reconta Ernst & Young S.p.A. The limited audit has a much smaller scope than a full audit carried out in accordance with established auditing principles.

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

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