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General

Assets and liabilities, unless otherwise stated, are carried at book value. The general principle applied in the valuation and determination of the result is that of historical cost, with the exception of derivative financial instruments that are valued at the fair value.

Foreign currency

The euro is the functional and reporting currency of the company. The consolidated accounts are prepared in euros.

Transactions in foreign currencies are stated at the rate of exchange of the functional currency on the transaction date.

Monetary assets and liabilities denominated in foreign currencies are converted at the exchange rate prevailing on the balance sheet date. Any differences are taken to the profit and loss account.

Fixed assets

Tangible fixed assets

Tangible fixed assets are stated at fair value as deemed cost less straight-line depreciation, based on the expected useful economic life of the asset taking account of the residual value, and impairment. The realisable value of the asset at the time of the conversion to IFRS (1 January 2004) is taken as the fair value as deemed cost. The residual value of the asset, its useful life and the valuation methods will be assessed and if necessary adjusted at the end of the financial year.

The contributions of third parties towards the costs of construction of the gas transmission system are deducted directly from the investments.

Tangible fixed assets not completed at balance sheet date are accounted for in 'plant under construction'. On commissioning, the various assets are classified according to type in one of the main categories. Gas stocks are included under 'other plant and equipment'.

The tangible fixed assets are classified into the following categories:

X Buildings and land

X Compressor stations

X Installations

X Main transmission lines and related plant and equipment

X Regional transmission lines and related plant and equipment

X Other plant and equipment

Impairment

The company investigates at regular intervals and whenever there is reason to do so whether there is any impair- ment of tangible fixed assets. This involves determining the realisable value of the assets. If the realisable value is less than the current book value, the difference is taken to the profit and loss account. The nature of the assets

N.V. Nederlandse Gasunie

means that it is often not possible to determine the realisable value of each asset; in such cases, the realisable value is determined from the cash-generating unit to which the asset belongs.

If there is reason to do so, the company investigates whether impairment of a tangible fixed asset recognised in preceding periods no longer exists or has decreased.

Investments in associated companies

Participating interests in which the company exercises significant influence on commercial and financial policy are valued using the net asset value method.

The company's share in the result of participating interests is taken to the profit and loss account.

Investments in other capital assets

In so far as the fair value can be recognised, other capital interests are valued at realisable value, with movements in realisable value taken to the profit and loss account. Alternatively, they are stated at cost price.

Current assets

Stocks

Stocks of maintenance materials and parts are stated at average purchase price less a provision for unmarketability.

Debtors

Debtors are stated at face value less a provision for doubtful debts. A provision for doubtful debts will be formed if there is an objective reason to do so.

Cash and cash equivalents

Cash includes available cash and credit balances in bank accounts. Cash equivalents are rapidly realisable short- term investments with a maximum term of three months and not subject to a material risk of fluctuations in value.

Long-term liabilities

These are liabilities with a remaining term of more than one year. The repayment obligations on non-current lia- bilities falling due within one year are shown under the current liabilities.

Interest-bearing loans are initially recognised at the fair value of the performance received less directly attributa- ble transaction costs. After this initial recognition, interest-bearing loans are subsequently carried at amortised cost based on the effective interest method.

Staff remuneration

The long-term obligations for staff remuneration concern pension liabilities, long-service awards and the costs of secondary conditions of employment following retirement on an early retirement pension or normal retirement pension.

Pension liabilities

The company has a pension scheme that gives its employees entitlement to a number of benefits including a retirement pension and a dependant's pension, based on a final salary scheme. These entitlements are financed through annual premium contributions and transferred to Stichting Pensioenfonds Gasunie, which administers the scheme. The fund invests in all pension schemes administered by Stichting Pensioenfonds Gasunie. Under IAS 19 'Employee benefits', this pension scheme is treated as a defined benefit scheme.

The provision for pension liabilities is calculated using the projected unit credit method of actuarial cost allocation. Using this method, the net present value of the pension liabilities is calculated based on the number of active years of service up to the balance sheet date, the estimated salary on the expected pension date and the market interest rate on high-quality corporate bonds. To determine the pension costs, the expected return on the fund's investments is included in the calculation.

Actuarial profits and losses are fully recognised in the shareholders' equity during the period in which they occur, following deduction of deferred taxation.

The net liability under the pension scheme consists of the present value of the pre-tax liability, minus the actual value of the fund's investments. If this results in an asset, then only those pension assets will be included in the balance, in so far as they can be realised in the future through the payment of lower premiums or reimbursements.

Actuarial calculations are performed by external actuaries yearly.

Provision for long-service award

This provision concerns the awards N.V. Nederlandse Gasunie pays out to its employees on the completion of long periods of service.

Provision for the costs of secondary conditions of employment following retirement on an early retirement pension or normal retirement pension

This provision concerns the benefits N.V. Nederlandse Gasunie pays out to its employees after they retire. The likelihood that these benefits will be paid and the actuarial interest rate for the pension liability are allowed for. The provision represents the net present value of the liabilities already in payment in respect of employees on early retirement or normal retirement pensions and the accrued rights for employees still in active service throughout their remaining period of service. Calculation of the provision takes into account severance and mortality probabilities and is based on a discount factor that is equal to the discount factor used to determine the pension liabilities.

The assumptions on which this provision is based are tested periodically against mortality, interest and cost trends and adjusted as necessary.

Provisions

The amount stated as a provision is the best possible estimate on the balance sheet date of the fund required to meet the existing commitment, taking account of the probability of the possible outcome of the event.

N.V. Nederlandse Gasunie

If the time value of money is of material effect, a provision will be formed based on the net present value of the funds expected to be needed to settle the obligation.

The discount rate is calculated before tax, taking account of prevailing market assessments of the time value of money and the risks inherent in the obligation.

Provision for reorganisation costs

The provision serves to cover the liabilities (to employees who have taken retirement) arising from

previously implemented reorganisations. The liabilities are stated at net present value applying a discount factor of 4% per annum.

Current liabilities

These are liabilities with a remaining term up to a maximum of one year. Income

Income is the income from gas transport and related services to third parties, less discounts and taxes levied on sales such as sales tax.

If the result of a transaction for the provision of a service can be estimated reliably, the income shown in the accounts for that service will be in proportion to services performed in the financial year.

Services relating to the provision of transport capacity are separate from actual use. They are deemed to have been supplied, if the capacity has been at the customer's disposal for the duration of the agreed period. Capitalised production

Capitalised production includes operating expenses incurred by the company in connection with the production of tangible fixed assets. These expenses are chiefly made up of the direct costs of company and contract staff plus a proportion of the overheads of support departments.

Other operating expenses

The expenses are determined on a historical basis, according to the principles of valuation set forth above, and are attributed to the reporting period to which they relate. Losses are recognised in the period in which they are first identified.

Financial income and expenditure

Included in this item are the income and charges in respect of financing.

Interest revenue is recognised in the profit and loss account averaged out over the period, taking account of the effective interest rate for the asset concerned, if the amount can be determined and it is probable that the revenue will be received.

Interest charges are recognised in the profit and loss account averaged out over the period, taking account of the effective interest rate for the liability concerned.

expenses are recognised in the period in which they are incurred. Share in result of associated companies

Included in this item are the income and charges in respect of investing in associated companies. Corporation tax

A deferred tax liability is recognised for all taxable timing differences. A deferred tax asset is recognised for all refundable timing differences and for available losses carried forward, in so far as it is probable that profit for tax purposes will be available for setoff.

The deferred tax liabilities and assets are stated at face value. The tax rates used for the valuation are those which are expected to apply in the period in which they will be realised, based on the tax rates and tax law in force on the balance sheet date. The movements arising from this are taken to the profit and loss account, apart from movements relating to the revaluation of the tangible fixed assets at January 1, 2004, the tax treatment of the purchase price paid by the Dutch state, the actuarial profits and losses and the cash flow hedge reserve. These movements are taken direct to the shareholders' equity.

Tax assets and liabilities (deferred or otherwise) are netted, provided the general conditions for setting off tax have been met.

N.V. Nederlandse Gasunie and its Dutch 100% subsidiaries form a tax entity, with the exception of Gasunie Zuidwending B.V.

Tax is calculated based on the recognised result, taking account of tax-exempt items and costs which are fully or partly tax-deductible.

Statement of cash flow

This statement shows the cash flow generated by N.V. Nederlandse Gasunie. The cash flow from operating activi- ties is determined by the indirect method, based on the operating result in the consolidated profit and loss account.

Financial information by segment

There are no 'material' segments to be identified in the company. The company specialises in a single product (gas transmission). It has a uniform sales market (in the Netherlands) in terms of its performance and risk profile and has a management structure geared to integrated business processes. In view of this, no segmented financial information is provided in the accounts.

Derivative financial instruments

Cash flow hedge accounting

Cash flow hedge accounting is applied to derivative financial instruments that have been specifically designated for this purpose by the management, and are used to cover a highly probable cash flow while satisfying the other conditions.

They are initially recognised at fair value as per the date on which the contract was signed and subsequently redetermined at real value. Real value is based on the market value of comparable instruments.

N.V. Nederlandse Gasunie

The profit or loss on the effective part of the hedge accounting instrument is included in the cash flow hedge reserve in the shareholders' equity, minus deferred taxation. Any ineffective part is immediately taken up in the profit and loss account.

When a hedge accounting instrument is settled, the profit or loss is still included in the effective part of the shareholders' equity in so far as the underlying cash flow is still expected to take place. If the underlying cash flow is no longer expected, the profit or loss on the effective part, which is deferred in the shareholders' equity, is immediately added to or subtracted from the profit and loss account.

Other derivative financial instruments

The other derivative financial instruments currently used to hedge existing risks, such as interest swaps and for- ward exchange contracts, are recognised as of the first inclusion at fair value with value adjustments in the profit and loss account.

Real value is determined on the basis of the market value of comparable instruments. If the real value is positive, the instrument is included under 'Other liabilities' and 'Other accounts payable' if this value is negative.

Affiliated companies

The service between N.V. Nederlandse Gasunie and its associated companies (associated enterprises, joint ventures and key personnel) is provided on a commercial basis (at arm's length).