Madrid, 1st April 2008

Offering of capacities under the OSP

2

Latest adjustments to the sample table of capacities

Under previous versions of the OSP proposal, 22,5 GWh/day of capacity were offered from 1st April 2009.

In the latest version, only 13 GWh/day are offered from 1st November 2009.

1. 13 GWh/day of new capacity were to be offered from 1st April 2009. The availability of this capacity was linked to the put into operation of the compression station in Navarre.

The table of capacities, which is based on the joint analysis by TIGF and Enagás, that the station will be put into operation during 2Q2009.

The sample table of capacities has been adjusted accordingly.

2. The remaining 9.5 GWh/day, which was part of the physical capacity already in operation, have been requested by a shipper, since the competent NRAs have not blocked the capacity.

3

Committed infrastructure and capacity added

Capacity

GWh/d Exit TIGF Entry

Enagás Common

Value Exit Enagás Entry TIGF Common

Value 1Q-2008 Max: 103 Max: 87 0 0 0

4Q-2008 CS Zaragoza Max: 103 Max: 87 0 0 0 Pipeline Barcelona - Arbós (duplicate)

Min: 50 (W); 40 (S)

Min: 50 (W); 40 (S)

2Q-2009 CS Navarra Max: 165 Max: 100 0 0 0

4Q-2009 Max: 165 Max: 100 0 0 0

Reinforce CS Haro 4Q-2010 Max: 165 Max: 100 W: 30 W: 110 W: 30

S: 50 S: 100 S: 50 (51 bar at Mont)

4Q-2012 Max: 165 Max: 100 165 W: 110 W:110 S: 100 S:100

CS Villar de Arnedo (51 bar at Mont) 4Q-2012 Max: 165 Max: 165 165 165

France Spain Spain France

87 (59 bar at Villar de Arnedo) 87 (59 bar at Villar de Arnedo) 100 (45 bar at Navarra)

Min: 50 (W); 40 (S)

Min: 30 (W); 20 (S)

Min: 30 (W); 20 (S)

Min: 60 (W); 40 (S)

Min: 60 (W); 40 (S)

Min: 50 (W); 40 (S)

100 (45 bar at Navarra) Pipeline Tivissa -

Castelnou (duplicate) and Reversibility of flow in TIGF network

Pipeline Tivissa - Paterna (duplicate)

100 (45 bar at Navarra)

Pipeline Lemona - Haro (duplicate)

165 (51 bar at Mont)

(*): Under study, not yet decided

165 (45 bar at Navarra)

Min: 0 (W); 0 (S)

Min: 0 (W); 0 (S)

Pipeline Lussagnet - Lacq (*) and CS Mont (*)

Current Status (with Pipeline Falces - Irurzún)

S: summer capacity (July and August are not considered) W: winter capacity

Min: 0 (W); 0 (S)

Min: 0 (W); 0 (S)

Pipeline Zarza de Tajo - Villar de Arnedo

100 (45 bar at Navarra)

Min: 0 (W); 0 (S)

Min: 0 (W); 0 (S)

6th Implementation Group of the SGRI on 11th February 2008

4

Capacities in GWh/day

April-Oct 09

Nov 09 - March 10

April-Oct 10

Nov 10 - March 11

April-Oct 11

Nov 11 - March 12

April-Oct 12

Nov 12 - March 13

TIGF -> ENAGÁS Summer Winter Summer Winter Summer Winter Summer Winter

Technical capacity EXIT TIGF

87,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00

Booked capacity EXIT TIGF

87,00 87,00 87,00 87,00 87,00 87,00 77,52 77,52

Capacity considered EXIT TIGF

0,00 13,00 13,00 13,00 13,00 13,00 22,48 22,48

Technical capacity ENTRY ENAGÁS

103,00 165,00 165,00 165,00 165,00 165,00 165,00 165,00

Booked capacity ENTRY ENAGÁS

73,25(***) 73,25(***) 73,25(***) 73,25(***) 73,25(***) 73,25(***) 73,25 73,25 Capacity considered ENTRY ENAGÁS

29,75 91,75 91,75 91,75 91,75 91,75 91,75 91,75

Capacity offered under the OSP (common value)

0,00 13,00 13,00 13,00 13,00 13,00 22,48 22,48

OSP 2008 (LTC) 0,00 10,40 10,40 10,40 10,40 10,40 17,98 17,98

OSP 2008 (STC) 0,00

OSPs (STC) 2,60(**) 2,60(**) 2,60 (**) 2,60 (**) 2,60 (**) 4,50(**) 4,50(**)

TIGF -> ENAGAS

(**) Short term capacities from 1st November 2009 will be sold yearly, in later OSPs, performed a year before their starting day. E.g. STC from 1st November 2009 to 31st October 2010 will be offered during the OSP to be hold in 2009.

(***) “Booked capacity” does not include capacity requested but not yet subscribed.

Sample capacities to be offered

5

Window period for the put into operation

The put into operation of the compression station in Navarre is, as was before, estimated for 31/03/2008. However, the table of capacities, which is based on the joint analysis by TIGF and Enagás, indicates 2Q2009.

The date is, as in the case of any other infrastructure, subject to a number of uncertainties. Operators usually give a window period for the put into operation of facilities, and not an exact date.

Today, Enagás’ best estimate is that the station will be ready for 31/03/2009. In principle, this would allow Enagás to offer capacity from 1st April 2009. However, the effective date might naturally be either a few weeks before or after this date. Any sensible estimation must take into account this variability.

6

Window period for the put into operation

WINTER SUMMER WINTER

1st APR 2009 1st NOV 20091st NOV 2008

31st MAR 2009

WINDOW PERIOD

OVERLAP

7

Window period for the put in operation

Enagás cannot guarantee –and is not required to do so- that the investment will be ready by 1st April, because part of the window period will fall within the summer season of 2009, i.e. the summer season and the window period will overlap.

Enagás follows the Mandatory Planning approved by the government and is required to make its best efforts to put infrastructures in operation as soon as possible.

The CNE follows the development of infrastructure and publishes the status of projects every six months, to provide for transparency and visibility.

If required, the 13 GWh/day of capacity will be again offered from 1st April 2009 under the OSP, but it has to be clearly stated that delays are probable, since 1st April 2009 lies within the window period to put the compression station in Navarre into operation.

8

Why a seven month delay?

The seven month "delay" from 1st April to 1st November is explained by 2 facts:

1. the window period for the entering into operation of any facility, and

2. the "seasonal" offer of capacity.

Because of restrictions on the contracting conditions in France capacity can only be offered by seasons. Enagás offers capacity from 1 day to 20 years without restrictions. Under the general allocation rule (FCFS), capacity would be offered much before 1st November 2009.

9

Capacities in GWh/day

April-Oct 09

Nov 09 - March 10

April-Oct 10

Nov 10 - March 11

April-Oct 11

Nov 11 - March 12

April-Oct 12

Nov 12 - March 13

ENAGÁS -> TIGF Summer Winter Summer Winter Summer Winter Summer Winter

Technical capacity EXIT ENAGAS

0,00 0,00 0,00 0,00 50,00 30,00 50,00 30,00

Booked capacity EXIT ENAGAS

11,98(*) 0,00 0,00 0,00 0,00 0,00 0,00 0,00

Capacity considered EXIT ENAGÁS

0,00 0,00 0,00 0,00 50,00 30,00 50,00 30,00

Technical capacity ENTRY TIGF

0,00 0,00 0,00 0,00 100,00 110,00 100,00 110,00

Booked capacity ENTRY TIGF

0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00

Available for FCFS 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00

Capacity considered ENTRY TIGF

0,00 0,00 0,00 0,00 100,00 110,00 100,00 110,00

Capacity offered under the OSP (common value)

0,00 0,00 0,00 0,00 50,00 30,00 50,00 30,00

OSP 2008 (LTC) 0,00 0,00 0,00 0,00 40,00 24,00 40,00 24,00

OSP 2008 (STC) 0,00

Future OSPs (STC) 0,00(**) 0,00(**) 0,00(**) 10,00(**) 6,00(**) 10,00(**) 6,00(**)

ENAGAS -> TIGF

(*) In April 2009 15 GWh/day are booked, whereas the capacity booked from May 2009 to October 2009 amounts to 11.98GWh/day.

(**) Short term capacities from 1st November 2009 will be sold yearly, in later OSPs, performed a year before their starting day. E.g. STC from 1st November 2009 to 31st October 2010 will be offered during the OSP to be hold in 2009.

Sample capacities to be offered

Thank you for your attention