NET PROFIT TOTALLED MILLION EURO, 14.1% MORE THAN IN 2005

Facing the Future Full Year 2006 Results 26 February 2007

NET PROFIT TOTALLED 854.5 MILLION EURO, 14.1% MORE THAN IN 2005 Net profit in 2006 amounted to 854.5 million, a 14.1% increase on 2005. EBITDA maintained the trend observed in previous quarters and increased by 25.9% with respect to 2005. This sizeable growth was driven by wholesale and retail gas supply and the electricity business in Spain. Wholesale and retail gas supply in Spain and other countries, and the supply in Spain of other products and services related to retail supply attained 219.9 million in EBITDA, triple the 2005 figure. Electricity in Spain (power generation and supply) reported 258.8 million euro in EBITDA, 188.2% more than in 2005 as a result of expanding power generation -the three 400 MW units at the Cartagena plant came into service at the beginning of the year- and the temporary selective abandonment of the electricity supply business. The combined cycle plants in Spain generated 16,987 GWh (+106.3%). GAS NATURAL has a 7.9% share of the Spanish market in "ordinary regime" electricity. Gas distribution in Latin America continues to expand organically, with EBITDA up 21.9% to 386.2 million, driven principally by Brazil. GAS NATURAL had over 10.7 million gas distribution connections at the end of the year, a yearon-year increase of 483,000 (4.7%). The remuneration for regulated gas distribution activities in Spain for 2007 was published on 30 December 2006, in line with the framework approved in February 2002; for GAS NATURAL, this means a 5.2% increase to 1,085.3 million. The Board of Directors of GAS NATURAL resolved to propose to the Shareholders' Meeting a gross dividend of 0.98/share out of 2006 earnings (a 16.7% increase), representing a 51.4% payout. An interim dividend of 0.37/share was paid on 9 January 2007 and the other 0.61/share will foreseeably be paid early in July 2007. 2

1.- MAIN AGGREGATES 1.1.- Main financial aggregates 4Q06 4Q05 % ( Mn) 2006 2005 % 2,641.2 2,744.1-3.7 Net sales 10,348.3 8,526.6 21.4 496.8 398.0 24.8 EBITDA 1,912.4 1,518.8 25.9 322.7 246.5 30.9 Operating income 1,263.1 968.6 30.4 207.6 220.3-5.8 Net profit 854.5 749.2 14.1 - - - Average number of shares (million) 447.8 447.8-1.11 0.89 24.8 EBITDA per share ( ) 4.27 3.39 25.9 0.46 0.49-5.8 Net profit per share ( ) 1.91 1.67 14.1 - - - Dividend per share ( ) 0.98 0.84 16.7 397.1 393.9 0.8 Investments 1,163.9 1,483.7-21.6 - - - Net financial debt (at 31/12) 3,091.3 3,615.2-14.5 1.2.- Ratios 2006 2005 ROACE 1 14.5% 12.6% ROE 2 15.4% 15.0% Leverage 3 34.0% 38.5% EBITDA/Net financial result 7.2x 6.9x Net debt/ebitda 1.6x 2.4x P/E 15.7x 14.1x EV/EBITDA 8.6x 9.4x Share performance and balance sheet at 31 December. 1 Operating income/average operating capital (Net tangible and intangible assets - Deferred revenues linked to fixed assets + Other fixed assets + Goodwill +Non-financial working capital). 2 Net profit/ Average equity. 3 Net financial debt/(net financial debt + Equity + Minority interest). 3

1.3.- Main physical aggregates 4Q06 4Q05 % 2006 2005 % 111,084 112,967-1.7 Distribution (GWh): 432,954 422,912 2.4 65,291 68,728-5.0 Spain: 258,758 254,774 1.6 13,155 14,287-7.9 Tariff gas sales 44,660 51,121-12.6 52,136 54,441-4.2 TPA 214,098 203,653 5.1 45,139 43,436 3.9 Latin America: 171,750 165,408 3.8 29,090 25,673 13.3 Tariff gas sales 106,849 99,891 7.0 16,049 17,763-9.6 TPA 64,901 65,517-0.9 656 803-18.3 Italy: 2,448 2,730-10.3 627 785-20.1 Tariff gas sales 2,347 2,652-11.5 29 18 61.1 TPA 101 78 29.5 1,259 1,426-11.7 Distribution network (km): 104,528 100,149 4.4 817 465 75.7 Spain 42,364 39,611 7.0 357 894-60.1 Latin America 58,152 56,762 2.4 85 67 26.9 Italy 4,012 3,776 6.3 129 182-29.1 Increase in gas distribution connections, ( 000): 483 614-21.3 92 100-8.0 Spain 301 325-7.4 28 68-58.8 Latin America 150 253-40.7 9 14-35.7 Italy 32 36-11.1 - - - Gas distribution connections, ( 000) (at 31/12): 10,662 10,179 4.7 - - - Spain 5,435 5,134 5.9 - - - Latin America 4,907 4,757 3.2 - - - Italy 320 288 11.1 72,955 85,999-15.2 Gas supply (GWh): 294,451 305,324-3.6 62,643 69,962-10.5 Spain 251,410 259,649-3.2 10,312 16,037-35.7 International 43,041 45,675-5.8 30,118 36,838-18.2 Gas transportation - EMPL (GWh) 129,499 145,923-11.3 - - - Contracts per customer in Spain (at 31/12) 1.43 1.47-2.7 3,926 2,615 50.1 Electricity generated (GWh): 19,514 10,466 86.4 3,472 2,192 58.4 Spain 17,831 8,904-454 423 7.3 Puerto Rico 1,683 1,562 7.7-1,200 - Installed capacity (MW): 3,440 3,373 2.0-1,200 - Spain 3,169 3,102 2.2 - - - Puerto Rico 271 271 - - - - Employees 4 (at 31/12) 6,686 6,717-0.5 4 Includes the entire workforces of jointly-managed companies (Stream and EcoEléctrica). 4

2.- ANALYSIS OF CONSOLIDATED RESULTS 2.1.- Changes in group size The main changes in consolidated group size in 2006 with respect to 2005 are as follows: The acquisition of holdings in a number of wind farm companies (DERSA), which have been fully consolidated since 1 April 2005. Deconsolidation of Enagás effective 1 October 2005. Acquisition of 100% of Petroleum Oil & Gas España and full consolidation since 1 March 2006. Non-inclusion, by the equity method, of Gas Natural de Álava effective 1 September 2006. 2.2.- Analysis of results 2.2.1.- Net sales Net sales in 2006 exceeded 10,000 million for the first time: 10,348.3 million, i.e. 21.4% more than in 2005. This was due basically to the company's level of activity and, in particular, to the 45.5% increase in the electricity business in Spain. 2.2.2.- EBITDA and operating income EBITDA amounted to 1,912.4 million in 2006, a 25.9% increase on 2005. Contribution to EBITDA by business 14% 11% 10% 3% 2% -2% 100% Regulated gas distribution overall (Spain, Latin America and Italy) was the main source of EBITDA, accounting for nearly two-thirds of the total (64.2%), particularly distribution in Spain (42.4%). 42% 20% The electricity business in Spain continued to grow rapidly and now accounts for 13.5% of total EBITDA. Wholesale and retail gas supply in Spain and other countries expanded rapidly in 2006 and provided 11.6% of consolidated EBITDA. Dist. Spain Dist. LatAm Elec. Spain Wholesale & Retail Up+ Midstream Elec. P.Rico Dist. Italy Rest Total Depreciation and provisions increased by 18.0% overall due mainly to investment in gas distribution networks and power generation, as a result of which operating income increased by 30.4% to 1,263.1 million. 5

2.2.3.- Financial results The breakdown of financial results is as follows: 4Q06 4Q05 ( Mn) 2006 2005-58.4-59.7 Cost of net financial debt -240.0-217.1 0.5-3.2 Exchange differences in Argentina -2.1-4.6 7.1 8.9 Capitalized interest 17.7 23.4-13.6-1.5 Other financial expenses/revenues -42.6-22.9-64.4-55.5 Net financial result -267.0-221.2 The net financial loss was 267.0 million in 2006, compared with 221.2 million in 2005. The increase was due basically to a higher cost of debt, caused by a larger volume of average debt (+4.8%), a slight increase in its cost ( because of more debt in Latin American currencies), and the costs of the bank guarantee in connection with the bid for Endesa. Net financial debt ( Mn) 3,615.2 Leverage 38.5% -404.6 6.5 4.8-130.6 3,091.3 Leverage 34.0% The figure shows GAS NATURAL's consolidated net debt and indebtedness between 31 December 2005 and 31 December 2006. Strong cash flow reduced net debt by 523.9 million in 2006, to 3,091.3 million at 2006 yearend. The result was a healthy indebtedness ratio of 34.0%, a net debt/ebitda ratio of 1.6, and interest cover of 7.2. Over 3,900 million in financing was available at year-end in the form of a number of instruments. December -05 Net Debt Derivatives Consolidation scope Currency effect December -06 Fluctuations in 2006 in the exchange rates of other currencies (basically the US dollar and the Mexican peso) against the euro reduced net debt by 130.6 million in the year. The breakdown of the net financial debt by currency at 31 December 2006, in absolute and relative terms, is as follows: ( Mn) 31/12/06 % EUR 1,644.5 53.2 USD 538.6 17.4 BRL 429.1 13.9 MXN 322.0 10.4 ARS 95.1 3.1 COP 62.5 2.0 Other currencies -0.5 - Total net financial debt 3,091.3 100.0 6

Net dollar-denominated financial debt relates mainly to EMPL, the company which manages the Maghreb-Europe gas pipeline, and to EcoEléctrica 5, whose accounts and cash flow are in dollars. The Latin American companies' debt is in their respective local currencies. During 2006, GAS NATURAL BAN continued to switch its dollar-denominated debt into local currency. In this line, in July 2006 it made its first issue of 2-year bonds in its local market for an amount of 113 million Argentinean pesos. In the fourth quarter of 2006, it completed conversion of all its dollardenominated debt into pesos. Debt maturity 6, ( Mn) 951.8 A total of 65.1% of consolidated debt is at fixed interest rates and the other 34.9% is at floating rates. 627.8 481.9 494.5 662.3 As regards the maturity schedule of the gross debt 6, 19.5% matures in the short term and the other 80.5% in the long term, almost one-third of which matures after 2010. 2007 2008 2009 2010 Post 2010 The current credit rating of GAS NATURAL's short- and long-term debt is as follows: Agency Long term Short term Outlook Moody s A2 P-1 Stable Standard & Poor s A+ A-1 Negative Fitch A+ F1 Negative 2.2.4.- Equity income The main items in this account relate to results from minority stakes in gas distribution companies in Spain (Gas Aragón), wind power companies, and Enagás (equity-accounted between January and September 2005). The stakes in Enagás (from 1 October 2005) and in Gas Natural de Álava (from 1 September 2006) are no longer equity-accounted. Minority interests amounted to 5.1 million, compared with 34.4 million in 2005. The difference is due basically to the deconsolidation of Enagás effective 1 October 2005. 5 EcoEléctrica is proportionately consolidated. 6 Gross debt amounts to 3,218.3 million. 7

2.2.5.- Capital gain on disposal of non-current assets Disposals of non-current assets provided a net gain of 230.3 million in 2006, compared with 286.5 million in 2005. This result is due basically to the disposal in 2006 of 7.8% of Enagás. It also includes the outcome of divesting the 10% stake in Gas Natural de Álava in November. At 31 December 2006, GAS NATURAL owned 5.0% of Enagás. GAS NATURAL has completed the reduction in its stake in Enagás as required by current law. 2.2.6.- Corporate income tax The corporate income tax expense totalled 302.5 million, i.e. an effective tax rate of 24.6%, compared with 22.6% in 2005. The difference with respect to the general tax rate was due to tax credits, equity-accounted affiliates, tax loss carryforwards, and different tax systems applied to companies operating outside Spain. Because of the amendment introduced by Law 35/2005, of 28 November, which changed the standard rate of corporate income tax in Spain from 35% to 32.5% for tax years beginning on or after 1 January 2007 and to 30% for tax years beginning on or after 1 January 2008, the amount of tax losses carried forward and the amount of deferred taxes at 31 December 2006 were adjusted on the basis of the amount expected to be recovered or paid, respectively. Those adjustments were made to the corporate income tax line-item, except where they are related to items initially booked against equity. The adjustments reduced the corporate income tax expense by 8 million. 2.2.7.- Minority interest The main items in this account are the minority shareholders of: EMPL (owned 72.6% by GAS NATURAL), the subgroup of subsidiaries in Colombia (owned 59.1%), Gas Natural BAN (owned 50.4%), Gas Natural Mexico (owned 86.8%), Brazilian companies CEG (owned 54.2%) and CEG Rio (owned 59.6%), as well as other companies in Spain. Income attributed to minority interests in 2006 amounted to 74.4 million, a 3.3 million decline due mainly to the lower contribution from the subgroup of investees in Argentina and Brazil. 2.3.- Investments Investments totalled 1,163.9 million in 2006, 21.6% less than in 2005, basically as a result of a reduction in financial investments. The breakdown of investments by type is as follows: ( Mn) 2006 2005 % Capital expenditure 1,057.0 1,125.4-6.1 Investments in intangible assets 56.6 62.6-9.6 Financial investments 50.3 295.7-83.0 Total investments 1,163.9 1,483.7-21.6 8

Investment in property, plant and equipment amounted to 1,057.0 million in 2006, a 6.1% decrease due basically to completion and start-up of the Cartagena 1,200 MW combined cycle plant, which was still under construction in 2005. Financial investments in the period include the acquisition of 100% of Petroleum Oil & Gas España, whereas the 2005 figure included mainly the acquisition of DERSA. The breakdown of capital expenditure by line of business is as follows: ( Mn) 2006 2005 % Gas distribution: 591.4 611.4-3.3 Spain 412.3 354.2 16.4 Latin America 113.2 190.7-40.6 Italy 65.9 66.5-0.9 Electricity: 313.4 449.8-30.3 Spain 305.6 446.0-31.5 Puerto Rico 7.8 3.8 - Gas: 122.9 33.5 - Upstream + Midstream 109.2 17.2 - Wholesale & Retail 13.7 16.3-16.0 Rest 29.3 30.7-4.6 Total capital expenditure 1,057.0 1,125.4-6.1 Investment in distribution totalled 591.4 million, 3.3% less than in 2005. Whereas investment in distribution in Spain increased by 16.4% because of expansion of the gas grid, investment in distribution in Latin America declined by 40.6%, basically as a result of a slowdown in activity in Mexico. Capital expenditure in the electricity business in Spain declined by 31.5% because the lower volume of assets under construction in 2006 (1,200 MW) compared with 2005 (2,000 MW). Capital expenditure by activity 6% 1% 1% 3% 10% 11% 29% 100% Capital expenditure in gas distribution in Spain accounted for 39.0% of GAS NATURAL's total capital expenditure. That investment was mainly in: adding gas distribution connections, by expanding the grid by 2,753 km in the last 12 months (7.0% growth). 39% Dist. Espa a Elec. Espa a Dist. LatAm Up+ Midstream Dist. Italia Mayorista & Minorista Elec. P. Rico Resto Total The electricity business in Spain accounted for 28.9% of capital expenditure in 2006, mainly for development of the combined cycle plants at Plana del Vent (800 MW) and Malaga (400 MW). Investment in Upstream and Midstream reflects the start-up of the Gassi Touil integrated LNG project in Algeria and the development of Petroleum Oil & Gas España. Net intangible and tangible fixed assets increased by 390.2 million in 2006 to 9,294.7 million at 31 December 2006. 9

The breakdown of this figure by line of business is as follows: ( Mn) 31/12/06 % Gas distribution: 5,762.5 62.0 Spain 3,644.8 39.2 Latin America 1,681.2 18.1 Italy 436.5 4.7 Electricity: 2,341.6 25.2 Spain 2,140.1 23.0 Puerto Rico 201.5 2.2 Gas: 997.8 10.7 Upstream + Midstream 899.9 9.7 Wholesale & Retail 97.9 1.0 Rest 192.8 2.1 Total capital expenditure 9,294.7 100.0 Overall intangible and tangible fixed assets included construction in progress worth 622.9 million, of which 436.3 million relate to the electricity business (construction of combined cycle plants), 82.7 million to Upstream+Midstream (development of Gassi Touil) and 61.1 million to Latin America. Gas distribution still accounts for the bulk (62.0%) of GAS NATURAL's total net tangible fixed and intangible assets. Tangible and intangible assets in Latin America Mexico 28% Colombia 10% Argentina 8% Brazil 54% Intangible and tangible fixed assets in Latin America amount to 1,681.2 million (18.6% of the consolidated total) and relate to gas distribution in that region. The figure shows the asset breakdown by country: Brazil accounts for 54% of the total, followed by Mexico with 28%. 2.4.- Goodwill International Financial Reporting Standards (IFRS) do not allow goodwill to be amortised. Nevertheless, goodwill must be reviewed to detect any impairment. In accordance with available estimates, the projected attributable revenues assure the recovery of GAS NATURAL's net assets and goodwill. Goodwill in consolidation on the balance sheet at 31 December 2006 amounted to 440.9 million and is detailed below by country: 10

( Mn) 31/12/06 Italy 135.0 Puerto Rico 128.9 Spain 120.1 Mexico 33.3 Brazil 23.6 Total 440.9 Goodwill in Spain arose basically on purchased wind power companies. 2.5.- Shareholders equity On 8 June 2006, the Ordinary Shareholders' Meeting approved an 18.3% increase in the dividend, i.e. a total of 84 cent per share out of 2005 income. On 23 February 2007, the Board of Directors resolved to propose to the Shareholders' Meeting a 16.7% increase in the dividend and pay 98 cent/share out of 2006 earnings, of which 37 cent/share were paid in January 2006. Pay-out and Dividend per share evolution 0.98 0.84 (+16.7%) 0.71 (+18.3%) 0.60 (+18.3%) 51.4% 52-55% 50.2% 49.5% 47.3% The proposed dividend represents an increase in the pay-out from 50.2% to 51.4%, on track for the 2008 target of 52%-55%. The supplementary dividend of 61 cent/share represents a 15.1% increase on last year. 2003 2004 2005 2006 2008 (e) Dividend ( /share) At 2006 year-end, shareholders' equity totalled 5,996.3 million, having increased by 4.0% in the previous twelve months. Of that total, 5,652.2 million is attributable to GAS NATURAL, a 4.5% increase. Accordingly, the return on average equity increased from 15.0% in 2005 to 15.4% in 2006. At 31 December 2006, based on available information, the main shareholders of GAS NATURAL were as follows: % stake la Caixa Group 33.06 Repsol YPF Group 30.85 HISUSA 5.00 Chase Nominees Ltd. 7 4.84 Caixa d Estalvis de Catalunya 3.03 7 Chase Nominees Ltd., a nominee shareholder acting on behalf of its clients, has disclosed that none of its clients is obliged to declare a significant holdings since none of them own more than 5% (clients not resident in tax havens) or 1% (clients resident in tax havens). 11

3.- ANALYSIS OF RESULTS BY ACTIVITY The criteria used to assign amounts to the activities are as follows: The margin on intercompany transactions is allocated on the basis of the final destination of the sale, in terms of market. All revenues and expenses relating directly and exclusively to a business line are allocated directly to it. Corporate expenses and revenues are assigned on the basis of their use by the individual business lines. 3.1.- Distribution in Spain This area includes gas distribution, regulated-rate supply, third-party access and secondary transportation, as well as the distribution activities that are charged for outside the regulated remuneration (meter rentals, customer connections, etc.) in Spain. 3.1.1.- Results 4Q06 4Q05 % ( Mn) 2006 2005 % 588.1 567.9 3.6 Net sales 2,154.0 1,993.4 8.1-276.6-275.4 0.4 Purchases -928.3-784.6 18.3-13.3-17.4-23.6 Personnel costs, net -61.8-75.9-18.6-102.0-80.6 26.6 Other expenses/income -352.1-355.1-0.8 196.2 194.5 0.9 EBITDA 811.8 777.8 4.4-76.2-68.8 10.8 Charge for depreciation and amortisation -273.3-256.3 6.6-1.6 2.1 - Variation in operating provisions -11.5-4.2-118.4 127.8-7.4 Operating income 527.0 517.3 1.9 Net sales in the gas distribution business in Spain totalled 2,154.0 million, 8.1% more than in 2005. EBITDA amounted to 811.8 million, up 4.4% on the figure reported in 2005 and in line with the increase in regulated remuneration for 2006. EBITDA was affected by slower growth in gas distributed and in the number of connection points, which led to an adjustment in the remuneration projected for 2006 ( 24.5 million). The year 2006 was the second-hottest year since 1980, whereas 2005 was slightly colder than normal. The reduction in personnel expenses was due to the fact that capitalised in-house work on fixed assets was higher in 2006, because of a 16.4% increase in capital expenditure, and this figure is stated net in the consolidated income statement under IFRS. An increase of 6.6% in depreciation and amortisation charges and the impact of provisions left operating income just 1.9% higher. 12

3.1.2.- Main aggregates The main aggregates in gas distribution in Spain were as follows: 4Q06 4Q05 % 2006 2005 % 65,291 68,728-5.0 Gas activity sales (GWh): 258,758 254,774 1.6 13,155 14,287-7.9 Tariff gas sales: 44,660 51,121-12.6 7,435 8,375-11.2 Residential 21,367 26,639-19.8 5,720 3,719 53.8 Industrial 21,148 13,303 59.0-2,193 - Electricity 2,145 11,179-80.8 52,136 54,441-4.2 TPA 214,098 203,653 5.1 817 465 75.7 Distribution network (km) 42,364 39,611 7.0 92 100-8.0 Change in distribution connections ( 000) 301 325-7.4 - - - Distribution connections (000) (at 31/12) 5,435 5,134 5.9 Regulated gas sales in Spain, which encompass regulated-rate gas distribution and supply as well as third-party access (TPA), amounted to 258,758 GWh, a 1.6% increase on 2005. Gas sales to the regulated residential market decreased by 19.8% due to the progressive migration by customers to the liberalised segment (to GAS NATURAL's own supply company and to rivals) and the milder winter in comparison with the previous year. A total of 76% of migrating customers switched to supply companies in the GAS NATURAL group. The liberalised gas market now represents 85.9% of total gas sales, up from 83.2% in 2005. Nevertheless, gas sales at the tariff in the industrial market increased by 59.0% with respect to 2005 due basically to reverse migration to the regulated tariff by mid-sized industrial customers as a result of market prices. Industry Ministry Order ITC 4101/2005, dated 30 June, established that gas for thermal power plants must be supplied from the liberalised market, thus eliminating sales of gas at the tariff for power generation. Third-party access (TPA) services increased by 5.1% to 214,098 GWh, of which 96,221 GWh (+3.1%) related to services to third parties and the remaining 117,877 GWh (+6.8%) to GAS NATURAL, which is the main operator in the liberalised gas market. The distribution network was extended by 2,753 km in 2006, to 42,364 km at 31 December 2006, an increase of 7.0% year-on-year. In 2006, another 56 municipalities were connected to the gas grid, making a total of 870. Additionally, agreements were signed to link other Spanish municipalities to the grid, and they will be implemented in the coming quarters. GAS NATURAL's number of individual distribution connections continued to grow rapidly, rising by 301,000 year-on-year. At 31 December 2006, there were a total of 5,435,000 gas distribution connections in Spain, a 5.9% increase on 2005. On 30 December 2006, Ministerial Order ITC 3993/2006 was published, updating the remuneration for 2007 for the regulated gas activities in Spain, in line with the framework approved in February 2002. The government assigned 1,085.3 million to GAS NATURAL as remuneration for distribution in 2007, i.e. a 5.2% increase over the adjusted remuneration for 2006 ( 1,031.3 million). Regulated revenues in 2007 were reduced as a result of the adjustments to the 2005 and 2006 remuneration caused by lower-than-expected activity (milder weather reduced gas consumption by certain segments). 13

As for secondary transportation, the historical remuneration was updated in line with 85% of the IPH, to 18.5 million. 3.2.- Distribution in Latin America This division covers gas distribution in Argentina, Brazil, Colombia and Mexico. 3.2.1.- Results 4Q06 4Q05 % ( Mn) 2006 2005 % 404.7 414.2-2.3 Net sales 1,557.1 1,419.6 9.7-246.5-258.3-4.6 Purchases -959.6-896.7 7.0-15.8-15.3 3.3 Personnel costs, net -60.6-53.1 14.1-35.9-43.8-18.0 Other expenses/income -150.7-153.1-1.6 106.5 96.8 10.0 EBITDA 386.2 316.7 21.9-22.5-24.3-7.4 Charge for depreciation and amortisation -91.0-77.6 17.3-12.3-3.8 - Variation in operating provisions -24.1-10.2-71.7 68.7 4.4 Operating income 271.1 228.9 18.4 Gas distribution earnings in Latin America continued to grow rapidly in 2006. Net sales totalled 1,557.1 million, a 9.7% increase. EBITDA amounted to 386.2 million, i.e. 69.5 million euro more than in 2006 (a 21.9% increase). The main factors behind this growth are as follows: Improved EBITDA in all countries ( 61.3 million) due to widespread business expansion. Appreciation by local currencies, contributing 8.2 million to EBITDA. Excluding the currency effect, EBITDA grew 19.3%. EBITDA in Latin America, by country 83.9m (+5.3%) 99.7m (+15.1%) 43.1m (+21.7%) 159.5m (+38.6%) The figure shows EBITDA in Latin America, by country, and the variation with respect to 2005. Performance was particularly strong in Brazil, which provided 159.5 million in EBITDA (41.3% of the total), which is 38.6% more than in 2005 (27.4% more, excluding exchange rate effects). Argentina Brazil Colombia Mexico 14

Net financial debt at the gas companies in Latin America at 31 December 2006 amounted to 908.7 million (a reduction of 77.2 million in the year). 3.2.2.- Main aggregates The main physical aggregates in gas distribution in Latin America are as follows: 4Q06 4Q05 % 2006 2005 % 45,137 43,436 3.9 Gas activity sales (GWh): 171,750 165,408 3.8 29,088 25,673 13.3 Tariff gas sales 106,849 99,891 7.0 16,049 17,763-9.6 TPA 64,901 65,517-0.9 357 895-60.1 Distribution network (km) 58,152 56,762 2.4 28 68-58.8 Change in distribution connections ( 000) 150 253-40.7 - - - Distribution connections ( 000) (at 31/12) 4,907 4,757 3.2 Sales in the gas activity in Latin America, which include both gas sales and TPA (third-party access) services, totalled 171,750 GWh, a 3.8% increase year-on-year. Gas sales increased by 7.0% to 106,849 GWh, while TPA declined slightly, by 0.9%. Gas sales in Colombia increased by a notable 21.1%, with double-digit growth in all market segments. The distribution grid was extended by 1,390 km (2.4%) in the last twelve months to 58,152 km at 31 December 2006. Grid expansion was slower than in previous years since the commercial goal is to saturate the existing grid. There were a total of 4,907,000 gas distribution connections at 31 December 2006. GAS NATURAL maintained a rapid pace of growth by increasing the number of distribution connections by 150,000 despite temporary difficulties with competitiveness in Brazil and Mexico and the high level of saturation in Colombia. The main physical aggregates by country in the year 2006 are as follows: Argentina Brazil Colombia Mexico Total Gas activity sales (GWh) 69,200 45,274 13,557 43,719 171,750 Change vs. 2005 (%) -0.2 4.6 21.1 5.2 3.8 Distribution network (km at 31/12) 21,486 5,387 16,050 15,229 58,152 Change vs. 31/12/05 (km) 249 382 563 196 1,390 Distribution connections ('000 at 31/12) 1,322 753 1,712 1,120 4,907 Change vs. 31/12/2005 ('000) 33 8 98 11 150 15

Highlights: On 20 July 2005, Gas Natural BAN and representatives of Argentina's Economy & Production and Federal Planning, Public Investment & Services Ministries signed a memorandum agreement which, among other items, established a tariff increase in advance of the future tariff framework equivalent to a 27% increase in the company's distribution margin, applicable as from November 2005. The President of Argentina ratified the Memorandum Agreement, as published in the Official Gazette of the Republic of Argentina on 10 April 2006. The application of the approved increases is currently pending action by the regulator. The tariff increase has been applied to Gas Natural BAN's sales since 1 November 2005. In Brazil, natural gas's competitiveness as an automobile fuel led to a 22.0% year-on-year increase in sales in this segment, which now accounts for 23.0% of total sales. Commercial development in Brazil is still strong, and industrial market sales increased by 17.9% in Sao Paulo. In contrast, streamlining of the customer portfolio reduced the pace of growth in the number of distribution connections. Growth in gas distribution, improved industrial margins and more efficient expense management (which grew by much less than inflation) contributed to a 27.4% increase in EBITDA in local currency with respect to 2005. In Colombia, sales continued to grow at double digits in all markets (+21.1%). The customer base expanded by 6.1% on 2005 to 1,712,000 distribution connections, despite the high level of saturation in Bogota. The industrial market increased by 25.7% and the automobile fuel market by 53.1%; 32,685 vehicles were converted to run on natural gas in 2006 (a 108.0% increase). The number of service stations also increased, from 38 in 2005 to 75 at 2006 year-end. Finally, Mexico increased gas sales by 5.2%, basically due to higher sales to the industrial market as natural gas displaces coke and fuel oil, and to TPA (+6.0%). This effect was partly offset by declining residential gas sales caused by rising prices (which are referenced to gas prices in the southern USA). To palliate this effect, the Mexican government took measures which were initially due to expire on 30 September 2006. It is expected that other forms of promoting gas use will be considered in the future. The main factor behind the 5.3% increase in EBITDA year-on-year was improved efficiency due to cost containment. 16

3.3.- Distribution in Italy This area refers to gas distribution in Italy. 3.3.1.- Results 4Q06 4Q05 % ( Mn) 2006 2005 % 50.3 26.7 88.4 Net sales 164.0 124.2 32.0-32.1-21.3 50.7 Purchases -110.0-76.9 43.0-3.3-1.4 - Personnel costs, net -12.9-11.1 16.2-7.8 4.8 - Other expenses/income -11.0-8.9 23.6 7.1 8.8-19.3 EBITDA 30.1 27.3 10.3-7.5-3.1 - Charge for depreciation and amortisation -28.3-20.9 35.4-1.0-0.5 - Variation in operating provisions -1.7 - - -1.4 5.2 - Operating income 0.1 6.4-98.4 Gas distribution in Italy contributed 30.1 million in EBITDA (+10.3%), evidencing that GAS NATURAL's operations in that country are gaining in strength. The mild winter, particularly in some areas of Sicily, coming after 2005 (which was colder than the average for the previous four years), led to a reduction in gas demand and a corresponding lower EBITDA contribution in the fourth quarter. Expansion into the regions of Reggio Calabria and Catania, which led to greater investment (to add 236 km of distribution grid) and the resulting 35.4% increase in depreciation and amortisation charges led to 0.1 million in operating income. 3.3.2.- Main aggregates 4Q06 4Q05 % 2006 2005 % 656 803-18.3 Gas activity sales (GWh): 2,448 2,730-10.3 627 785-20.1 Tariff gas sales 2,347 2,652-11.5 29 18 61.1 TPA 101 78 29.5 85 67 26.9 Distribution network (km) 4,012 3,776 6.3 - - - Distribution connections ('000) (at 31/12) 320 288 11.1 A total of 2,448 GWh of gas were distributed in Italy, i.e. 10.3% less than in 2005, due basically to warmer weather conditions this year. Commercial activity was stepped up in 2006, particularly in the Palermo, Catania and Reggio Calabria regions, resulting in the addition of 32,000 new connection points (with respect to last year). 17

3.4.- Electricity in Spain This area includes power generation in Spain (combined cycle plants, wind farms and cogeneration), wholesale electricity trading, and the supply of electricity in the liberalised market in Spain. 3.4.1.- Results 4Q06 4Q05 % ( Mn) 2006 2005 % 327.0 251.1 30.2 Net sales 1,347.5 925.8 45.5-245.6-229.5 7.0 Purchases -958.1-788.2 21.6-1.5-2.0-25.0 Personnel costs, net -7.8-6.6 18.2-24.9-6.6 - Other expenses/income -122.8-41.2-55.0 13.0 - EBITDA 258.8 89.8 - -19.7-13.1 50.4 Charge for depreciation and amortisation -77.2-43.8 76.3-1.3 - - Variation in operating provisions -2.9-1.1-34.0-0.1 - Operating income 178.7 44.9 - Net electricity sales totalled 1,347.5 million, a 45.5% increase. The average price in 2006 was 52.97 per MWh. In the fourth quarter, pool prices fell steadily and sharply to reach a 24-month low at year-end. This trend was caused by high precipitation and strong winds coupled with moderate demand, among other factors. EBITDA amounted to 258.8 million, nearly triple the 2005 figure. 3.4.2.- Main aggregates The key figures of GAS NATURAL's electricity activities in Spain are as follows: 4Q06 4Q05 % 2006 2005 % - 1,200 - Installed capacity (MW): 3,169 3,102 2.2-1,200 - CCGT 2,800 2,800 - - - - Wind 347 279 24.4 - - - Cogeneration 22 23-4.3 3,472 2,192 58.4 Electricity generated (GWh): 17,831 8,904-3,280 1,955 67.8 CCGT 16,987 8,234-154 197-21.8 Wind 694 528 31.4 38 40-5.0 Cogeneration 150 142 5.6-255 -2,256-88.7 Contracted electricity (GWh/year) 210 1,688-87.6 484 1,497-67.7 Electricity sales (GWh): 2,761 6,296-56.1 396 646-38.7 Residential 1,931 2,028-4.8 88 851-89.7 Industrial 830 4,268-80.6 Power generated and sold (basically to the wholesale market) in 2006 totalled 17,831 GWh, double the 2005 figure as a result of the start-up of the Cartagena 1,200 MW combined cycle plant plus good pool prices. 18

The combined cycle plants generated 16,987 GWh in 2006. GAS NATURAL had a 7.9% share of the "ordinary regime" power generation market in 2006. The plants attained 6,071 equivalent hours of operation at full load in 2006, representing a load factor of over 69%. Electricity supply in the liberalised market continues to suffer from having to compete with the regulated tariff (which is considerably lower), the result being that the business incurs losses when the market cost exceeds the tariff. Consequently, many supply companies are streamlining their customer portfolio in the liberalised market and customers are increasingly reverting to the regulated tariff. GAS NATURAL continued with the trend established in the second half of 2005 and greatly reduced its portfolio of contracts; it has temporarily abandoned the electricity supply business until market conditions are rationalised. In this line, electricity supply to industrial customers fell by 80.6% while supply to residential customers fell by 4.8%. GAS NATURAL has 2,800 MW of operational combined cycle power production capacity, another 1,200 MW under construction (Plana del Vent and Málaga) and 800 MW at an advanced stage of permit obtainment, all in line with the objective of having 4,800 MW of CCGT capacity by 2008. After acquiring wind power assets through its subsidiary Gas Natural Corporación Eólica and completing wind farms it developed itself, GAS NATURAL now has 721 MW of gross installed capacity (347 MW attributable) and over 900 MW of wind capacity under development. The net wind power capacity of investees attributable to GAS NATURAL was 694 GWh in 2006. At year-end, 31 MW (15.5 MW attributable) were at an advanced stage of construction. GAS NATURAL has strengthened its position as one of the leading players in renewable energy, specifically wind power. On 21 January 2005, the Spanish Cabinet approved the final individual allocation of greenhouse gas emission rights for 2005-2007; GAS NATURAL was allocated 13.613 million tonnes of CO 2. The rights allocated per year in 2005, 2006 and 2007 are as follows: (Mt CO 2 ) 2005 2006 2007 Emission rights 3.592 4.168 5.853 8 In the fourth quarter of 2006, the company continued to hedge the emissions expected from combined cycle plants in Phase I by acquiring the necessary emission rights in the European markets. Royal Decree 1370/2006, of 24 November, approved the National Allocation Plan (NAP) of greenhouse gas emission rights for the period 2008-2012 in Spain. The plan is pending approval by the European Commission and faces the difficult task of complying with the commitment to limiting growth of greenhouse gas emissions assumed by Spain under the Kyoto Protocol while not having a negative impact on the national economy. The total allocation for 2008-2012 was 144.848 Mt/year, i.e. 763.364 Mt overall, if the 5.4% reserve for new entrants is considered. That figure is 19.6% lower than the emissions measured in 2005 (189.85 Mt) and 16.2% lower than the assignment in the 2005-2007 NAP; a greater burden is being placed on the electricity industry as it is considered to have more potential for reduction due to its lower exposure to competition and its greater capacity to internalise costs. Spain's NAP maintains the approach that was outlined in the draft, since it assumes that: "Spain's future energy balance will be shaped by a greater contribution from clean and renewable energies, 8 The allocation for 2007 has yet to be transferred to GAS NATURAL. 19

growing participation by end users in the context of a liberalised market, to ensure rational, efficient use of energy, and the introduction of new technology to greatly improve energy efficiency". Accordingly: "The supply structure is projected to change significantly with respect to the current situation, with a notable increase in exposure to natural gas and renewable energies coupled with a reduction in coal, oil and nuclear power, all basically the result of a change in the structure of electricity power generation". 3.5.- Electricity in Puerto Rico GAS NATURAL has been operating in Puerto Rico since October 2003, when it acquired 47.5% of EcoEléctrica and the exclusive right to import additional natural gas to the island, plus an operation, maintenance and fuel management contract. 3.5.1.- Results 4Q06 4Q05 % ( Mn) 2006 2005 % 40.3 36.5 10.4 Net sales 158.7 133.2 19.1-20.9-16.9 23.7 Purchases -80.8-59.4 36.0-0.8-0.7 14.3 Personnel costs, net -3.1-2.7 14.8-3.3-1.2 - Other expenses/income -12.2-8.9 37.1 15.3 17.7-13.6 EBITDA 62.6 62.2 0.6-4.3-4.2 2.4 Charge for depreciation and amortisation -18.2-16.3 11.7 0.3-1.1 - Variation in operating provisions 0.1-2.4-11.3 12.4-8.9 Operating income 44.5 43.5 2.3 GAS NATURAL's activities in Puerto Rico provided US$79.1 million in EBITDA, 6.5% more than in 2006. 3.5.2.- Main aggregates EcoEléctrica has a regasification plant (capacity: 115,000 m 3 ) and a CCGT (540 MW). The CCGT, the first investor-owned natural gas-fired power plant in Puerto Rico, is located in Peñuelas, in the southern part of the island, and produces 15%-17% of the island's total electricity needs. In 2006, EcoEléctrica sold 3,375 GWh (1,603 GWh attributable to GAS NATURAL), i.e. an 8.0% increase, with a load factor of 76% (70% in 2005). 3.6.- Gas 3.6.1.- Up + Midstream This area includes the development of integrated LNG projects, hydrocarbon exploration, development and production, maritime transportation, and the operation of the Maghreb-Europe gas pipeline. 20

3.6.1.1- Results 4Q06 4Q05 % ( Mn) 2006 2005 % 74.0 76.5-3.3 Net sales 284.9 262.0 8.7-5.1-17.3-70.5 Purchases -39.7-52.1-23.8-1.1-0.7 57.1 Personnel costs, net -4.1-2.5 64.0-25.4-7.9 - Other expenses/income -59.8-31.8 88.1 42.4 50.6-16.2 EBITDA 181.3 175.6 3.2-9.9-12.7-22.0 Charge for depreciation and amortisation -47.3-48.2-1.9 0.1 0.2-50.0 Variation in operating provisions 0.2 0.3-33.3 32.6 38.1-14.4 Operating income 134.2 127.7 5.1 Net sales in the Upstream+Midstream business totalled 284.9 million, an 8.7% increase. EBITDA amounted to 181.3 million euro in 2006, a 3.2% increase on 2005, due mainly to more intensive use of the gas tanker fleet in 2006 (97% vs. 78% in 2005) despite lower transportation of gas by pipeline and an adverse dollar exchange rate. Gas exploration and production operations are booked using the "successful efforts" method, under which costs prior to drilling are expensed as they are incurred and the costs of the drilling phase are capitalised provisionally as construction in progress until such time as it is determined whether there are proven reserves to justify commercial development. 3.6.1.2.- Main aggregates The main aggregates in international gas transportation are as follows: 4Q06 4Q05 % 2006 2005 % 30,118 36,838-18.2 Gas transportation-empl (GWh): 129,499 145,923-11.3 5,659 8,931-36.6 Portugal-Morocco 28,838 35,287-18.3 24,459 27,907-12.4 GAS NATURAL 100,661 110,636-9.0 The gas transportation activity conducted in Morocco, through companies EMPL and Metragaz, represented a total volume of 129,499 GWh in 2006, an 11.3% decline. Of that figure, 100,661 GWh were transported for GAS NATURAL through Sagane and 28,838 GWh for Portugal and Morocco. The decline in the volume of gas transported is due to lower demand caused by milder winter temperature and the use of flexibility clauses governing transportation by pipeline. In March, GAS NATURAL acquired 100% of Petroleum Oil & Gas España, a company involved in hydrocarbon exploration, development and production in Spain, with gas reserves basically in the Guadalquivir valley. The acquisition provides GAS NATURAL with the only known reserves of gas in Spain, enabling it to strengthen and expand its know-how in exploration and production. Among the main items under the agreement between GAS NATURAL and Repsol YPF are joint development of the exploration project in Gassi Chergui (Algeria) and the integrated project to explore, produce and supply LNG in Gassi Touil (Algeria), which includes building a natural gas liquefaction plant in Arzew. El Andalus LNG, the company which will build and operate the project, in which GAS NATURAL has a 32% stake, was founded in May 2006. 21

Drilling continues in Gassi Touil. Basic engineering for the overground facilities has been completed and the construction contract will be awarded during 2007. A number of options for building the liquefaction plant are currently being considered. Through Stream, their joint venture, GAS NATURAL and Repsol YPF have signed a memorandum of understanding with the Nigerian government for the development of a major LNG project in that country, including the possible construction and operation of an LNG liquefaction plant with an initial capacity of 10 bcm of natural gas, and for the acquisition and development of gas reserves to feed the plant. In April 2006, GAS NATURAL and Repsol YPF signed a 20-year time charter for a gas tanker (capacity: 138,000 m 3 ) which will come into service in 2009. Stream has also issued a request for proposals to build up to 11 gas tanker ships, in two phases, to cover future needs arising from the projects under development. The first five ships would come into operation in 2010. GAS NATURAL has filed an application with the Italian Industry Ministry for permission to develop projects to build two regasification plants in Italy (Trieste and Taranto). The two projects are similar, consisting of two tanks with a capacity of 150,000 m 3 and a regasification capacity of 8 bcm per year each. In the fourth quarter of 2006, the Italian government included GAS NATURAL's projects on a short list of projects to be considered on an urgent basis. Both projects will be very beneficial for their hinterlands, with a significant impact on economic development. 3.6.2.- Wholesale & Retail This area includes wholesale and retail gas supply in Spain and other countries, and the supply of other related products and services in Spain. The supply of gas to other distributors corresponds to supplies to Enagás for the regulated gas distribution market. 3.6.2.1.- Results 4Q06 4Q05 % ( Mn) 2006 2005 % 1,586.1 2,056.8-22.9 Net sales 6,346.4 5,774.3 9.9-1,417.2-1,998.2-29.1 Purchases -5,981.2-5,608.9 6.6-4.2-5.9-28.8 Personnel costs, net -21.3-23.4-9.0-37.8-29.6 27.7 Other expenses/income -124.0-80.8 53.5 126.9 23.1 - EBITDA 219.9 61.2 - -1.8-1.4 28.6 Charge for depreciation and amortisation -6.6-5.2 26.9-2.8-3.3-15.2 Variation in operating provisions -16.0-10.5 52.4 122.3 18.4 - Operating income 197.3 45.5 - Net sales in the gas supply business totalled 6,346.4 million, a 9.9% increase on 2005. The decline in net sales in the fourth quarter was due basically to a reduction in gas volumes supplied in Spain and Europe and to a lower dollar/euro exchange rate in a context of lower prices. Normalisation of sales margins boosted EBITDA in the quarter. EBITDA in 2006 amounted to 219.9 million, compared with 61.2 million in 2005. 22

Under Order ITC 4101/2005, dated 27 December, which also established the natural gas tariffs for 2006, the raw material cost calculation structure includes the supply cost expected in the winter months (in line with that recognised in Order ITC 3321/2005, dated 27 October), which improves price discovery in the liberalised market. The raw material cost was increased by 14%. As a result of measures adopted to favour liberalisation, the recognition of raw material costs, convergence towards international prices, and the commercial policy applied by GAS NATURAL, EBITDA continued the positive trend that commenced in mid-2005 with the streamlining of the portfolio of liberalised gas market contracts and the pricing policy, which was adapted to current market conditions. Ministerial Order 3992/2006, which established the natural gas tariffs for 2007, envisages that 24% of the raw material cost structure is liquefied natural gas (LNG) so as to address the strong seasonal fluctuations in the regulated market, which is mainly residential; this is a further improvement in the process of pricing in the liberalised market, based on LNG's growing importance worldwide. That same order eliminated the tariff for supplies at pressures over 4 bar, effective 1 July 2007. 3.6.2.2.- Main aggregates The main aggregates in the procurement and supply activity are as follows: 4Q06 4Q05 % 2006 2005 % 72,955 85,999-15.2 Gas supply (GWh): 294,451 305,324-3.6 62,643 69,962-10.5 Spain: 251,410 259,649-3.2 16,840 15,697 7.3 Regulated market 58,678 59,985-2.2 45,803 54,265-15.6 Liberalised market: 192,732 199,664-3.5 38,537 41,460-7.1 GAS NATURAL 9 160,624 152,966 5.0 7,266 12,805-43.3 Supply to third parties 32,108 46,698-31.2 10,312 16,037-35.7 International: 43,041 45,675-5.8 8,862 11,001-19.4 Supply 31,476 32,202-2.3 1,450 5,036-71.2 Supply Europe 11,565 13,473-14.2 - - - Multiutility contracts (at 31/12) 2,137,135 2,249,137-5.0 - - - Contracts per customer (at 31/12) 1.43 1.47-2.7 A total of 294,451 GWh of natural gas was procured and supplied, i.e. 3.6% less than in 2005; 251,410 GWh were sold in the Spanish market (-3.2%) and the other 43,041 GWh were sold in other countries (-5.8%). The gas procured for the regulated market is supplied to Enagás which, in addition to inventory management, supplies the gas to distribution companies, both those in the GAS NATURAL group and third parties. In 2006 this business totalled 58,678 GWh, a 2.2% decline due to greater market opening and milder winter weather, which reduced residential demand, and despite the fact that certain midsized industrial users sought refuge in the regulated market. Sales to the liberalised market amounted to 192,732 GWh, a 3.5% increase on 2005. Of those sales, 160,624 GWh were to end customers of GAS NATURAL, mainly in the industrial market, as well as to CCGTs and households (5.0% growth overall with respect to 2005). GAS NATURAL sold 32,108 GWh of gas for supply to the liberalised market by other supply companies (a 31.2% decrease). 9 Does not include exchanges with other energy companies. 23

In GAS NATURAL's multi-product area, over 72,000 gas maintenance contracts were added in 2006, making a total of 1,497,000 contracts in force at 31 December 2006. At 31 December 2006, GAS NATURAL had 211 partner offices, one company-owned offices and 672 associated offices, a powerful commercial network that is unique in Spain, enabling it to sell products and services other than gas, including financial services and electricity; it has a total of 2,137,000 contracts (1.43 contracts per customer in Spain). 24

Regulatory disclosures Summarised below are the regulatory disclosures to the CNMV from 1 January 2006 to this date: GAS NATURAL files press advertisement announcing the interim dividend payment (disclosed 3 January 2006). GAS NATURAL respects the Competition Court's decision regarding its Tender Offer but reiterates that the tender offer for Endesa does not pose any competition problems (disclosed 5 January 2006). In a visit to Galicia by the Group's Human Resources Manager and Strategy & Development Manager, GAS NATURAL states that the tender offer will not have an impact on jobs or investments in Galicia (disclosed 13 January 2006). GAS NATURAL files a copy of the order by the President of the Court of First Instance of the European Communities dated 1 February 2006 in connection with the Community dimension of the tender offer (disclosed 2 February 2006). The Board of Directors of GAS NATURAL will study whether or not it will accept the conditions imposed by the Spanish Cabinet in order to proceed with the tender offer (disclosed 3 February 2006). GAS NATURAL announces that it will hold a press conference to inform the media about the decision made by the extraordinary Board of Directors meeting regarding the conditions imposed by the Spanish Cabinet in order to go ahead with the tender offer for Endesa (disclosed 6 February 2006). On 6 February 2006, the Board of Directors of GAS NATURAL resolves to continue with the tender offer in view of the Spanish Cabinet's decision to impose certain conditions regarding the economic concentration consisting of GAS NATURAL taking exclusive control of Endesa (disclosed 6 February 2006). GAS NATURAL files the presentation from the press conference held on 6 February 2006 (disclosed 6 February 2006). On 6 February 2006, the Board of Directors of GAS NATURAL appoints Miguel Valls Maseda (independent director) as member of the Board of Directors' Audit & Control Committee in place of José Luis Jové Vintró (proprietary director) (disclosed 7 February 2006). GAS NATURAL announces the start-up of the Escombreras (Cartagena) 1,200 MW combined cycle plant (disclosed 16 February 2006). GAS NATURAL publishes the invitation to the conference call to discuss the 2005 earnings (disclosed 17 February 2006). In response to the tender offer made by German company E.On for Endesa, GAS NATURAL issues a communiqué stating that its tender offer is going ahead as planned, in line with the initially-planned approval periods (disclosed 21 February 2006). The Board of Directors analyses the recent changes in the energy sector regulations and maintains its decision to continue with the tender offer for the stock of Endesa, S.A. (disclosed 28 February 2006). GAS NATURAL files documentation on the publication of its 2005 results (disclosed 1 March 2005). GAS NATURAL files its presentation of 2005 earnings in both Spanish and English (disclosed 1 March 2006). 25