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CASE STUDY UNDERGROUND GAS STORAGE PROJECT “ YELA”

CASE STUDY UNDERGROUND GAS STORAGE PROJECT “ YELA”. Brussels, 24 th May 2007. ENAGAS S.A. MAIN FEATURES. YELA. MAIN FEATURES. YELA. Promoter: ENAGAS S.A Type: Aquifer Location: <100 km. from Madrid Capacity Data: Working Volume: >1.000 Mcm

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CASE STUDY UNDERGROUND GAS STORAGE PROJECT “ YELA”

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  1. CASE STUDY UNDERGROUND GAS STORAGE PROJECT“YELA” Brussels, 24th May 2007 ENAGAS S.A.

  2. MAIN FEATURES YELA

  3. MAIN FEATURES YELA • Promoter: ENAGAS S.A • Type: Aquifer • Location: <100 km. from Madrid • Capacity Data: • Working Volume: >1.000 Mcm • Withdrawal: ~ 15 Mm3/day • Injection: ~ 5 Mm3/day YELA PROJECT SCHEDULE GEOLOGY AND GEOPHYSICS TESTS + PERMITS & PERMISSIONS CONSTRUCTION & FIRST START-UP GEOLOGICAL EXPLORATION IN SPAIN BUILD-UP 2002 2007 2011 2020

  4. INVESTMENT/REMUNERATION/TARIFFS INVESTMENT/FINANCING Facilities ~ 150 - 200 M€ Cushion Gas  ~ 250 - 300 M€ (10 years) 400 - 500 M€ Financing Option Corporate Finance REMUNERATION (Regulated Activity) Based on  properly Audited Costs (Cost-Based) ROR at leastWACC + 3 % TARIFFS Design  Total Cost / service Type  pure r-TPA

  5. IMPACT ON THE SPANISH STORAGE 106 TWh LNG STORAGE CAPACITY + 81 % UNDERGROUND STORAGE 43 TWh + 185 % FUTURE (Mandatory Planning) 2007 Storage/Residential Demand ratio 83 % 134 %

  6. Disclaimer This document may contain market assumptions, different sourced information and forward-looking statements with respect to the financial condition, results of operations, business, strategy and the plans of Enagas SA. Such statements are based on a number of assumptions that could ultimately prove inaccurate and are subject to a number of risk factors, including the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, environmental, regulatory considerations and general economic and business conditions. Enagas does not assume any obligation to update publicly any forward-looking statements as a result of new information or future events. Further information on factors which could affect the company's financial results is provided in documents filed by the company and submitted to the CNMV. Any data contained herein for periods 2000 and earlier was prepared by using historical proforma results. Proforma financial data is unaudited and calculated applying company's accounting principles.

  7. ENAGÁS, S.A. www.enagas.es

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