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

2. MAIN FEATURES
YELA

3. MAIN FEATURES YELA 2002 2007 2011 2020 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
GEOLOGICAL EXPLORATION IN SPAIN
CONSTRUCTION & FIRST START-UP
BUILD-UP
2002
2007
2011
2020

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

5. FUTURE (Mandatory Planning) Storage/Residential Demand ratio
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.