Document:

Prepared and Filed by St Ives Burrups

Exhibit 4.1

Unofficial English translation of agreements originally drawn up in Spanish.
  In case of discrepancy the Spanish language version prevails

AGREEMENT OF JANUARY 11, 2000 BETWEEN REPSOL YPF AND “LA CAIXA”

ANTECEDENTS

  	1. 	In the year 1990, Instituto
            Nacional de Hidrocarburos and Repsol, S.A., as party of the first part,
            as participants in various
            companies in the domestic and commercial gas sector, including Catalana
            de Gas, S.A. and Gas Madrid S.A., and, as party of the second part,
            la Caja de Ahorros y Pensiones de Barcelona (“la Caixa”),
            as main shareholder of Catalana de Gas, S.A., agreed to proceed to
            reorder the
            activities of the gas sector in Spain and the share ownership of the
      existing corporations.

	 	 
	2.	On March 5, 1991, INH
            and Repsol, S.A., as party of the first part, and “la Caixa,” as
            party of the second part, on the basis of their shareholding positions
            in the aforementioned
            gas sector, agreed to promote the merger of Catalana de Gas, S.A. and
            Gas Madrid, S.A., the first taking-over the second, and integrating
            within Catalana de Gas, S.A. the share ownership in gas companies belonging
            to Repsol Butano, S.A, either through a partial spin-off at the time
      of the merger or contribution to Gas Madrid, S.A. prior to the merger.

	 	 
	3.	On December 22, 1993,
            once the merger of Catalana de Gas, S.A. and Gas Madrid, S.A. had been
            completed, the parties
            deemed it appropriate, as a culmination of the iniciated integration
            process, for Gas Natural SDG, S.A. (the new name for Catalana de Gas,
            S.A. after the merger, hereinafter “Gas Natural”) to acquire
            a controlling interest in the capital of Enagás, S.A. (hereinafter
            Enagás), with the purchase of 90% of the capital of Enagás
            from
    INH. Afterwards, in 1999, the remaining 10% was acquired from SEPI.

	 	 
	4.	By mutual agreement
            the parties negotiated with other relevant shareholders of Gas Natural
            for the purchase of their
            participations, deciding among themselves that because of the nature
            of Repsol S.A. as an industrial partner, that it should be the entity
            that would make the purchase. This fact did not alter the agreements
      relative to the composition of the corporation’s governing bodies.

	 	 
	5.	As a consequence of
            all of the previous agreements, the configuration of the governing
            bodies of Gas Natural and Enagás,
            would be established in the following form (without prejudice to the
            rights of minority shareholders who might exercise the right to proportional
      representation under Art. 137 of the Law on Corporations):

 

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  	 	–	The
            Board of Gas Natural will be equally composed of members proposed by
            Repsol S.A. and those proposed by “la
      Caixa”

	 	 	 
	 	–	The
            Board of Enagás will have an uneven
            number of directors, with a minimum of seven, with Repsol, S.A. having
      one director more than “la Caixa”

	 	 	 
	 	–	“La Caixa” will
            propose the appointment of the President of both Gas Natural and Enagás,
      and Repsol, S.A. will propose the Managing Director, also for both companies.

	 	 	 
	 	–	Repsol, S.A. will
            also have the power, not exercised to date, of proposing a different
            Managing Director for each of the aforementioned companies, and, in that
      case, a common Vice President for both.

 

OBJECTIVES

The parties believe it would be appropriate to
    adjust the referenced agreements to actual circumstances since Repsol, S.A.
    (hereinafter
    Repsol-YPF) and Enagás
  have been totally privatized and Instituto Nacional de Hidrocarburos has been
  abolished and replaced by the Sociedad Estatal de Participaciones Industriales,
  which carried out the aforementioned privatizations. Also the recent Hydrocarbons
  Law has established new regulations for gas activities, resulting in a reorganization
  of the subsidiary companies of Gas Natural. In addition to all this is the
  important international expansion of both Repsol-YPF and Gas Natural, as well
  as a trend towards concentration and integration in energy sectors throughout
  the world.

All of these factors would suggest that the cohesion
    that exists between Repsol-YPF and Gas Natural should be increased, while
    trying,
    in turn, to maintain its
  independence and neutrality as a group vis-à-vis other companies or
  groups in the energy sector and to maximize the value of both corporations
  for their shareholders.

This contract would permit the integration of Gas Natural into the Repsol-YPF
  group, with a consolidation of the financial statements through full consolidation
  which would lead to a more exact representation of the economic reality of
  Repsol-YPF and its group of companies.

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This new situation would assume a concentrative operation. In order not to
      have negative effects on competition, and thus not have undesired effects
      on the existing configuration of Gas Natural, it is necessary for the present
      agreement to include as one of its basic principles that the new group must
      rigorously comply with the requirements of existing legislation in all matters
      concerning Defense of Competition. It must maintain full neutrality, avoid
      any discrimination with regard to the electric companies or any other activity
      in which Repsol-YPF, Gas Natural or its subsidiaries may be competitors,
      suppliers or providers of goods or services. It must also have internal safeguards
      or barriers that are necessary to avoid any possible anticompetitive effect
      on client information.

All of the circumstances set forth would indicate that the previous agreements
  should be rendered null and void and replaced by the following

AGREEMENTS

FIRST. BOARDS OF DIRECTORS
      OF GAS NATURAL AND
ENAGÁS

A) Boards of Gas Natural
        and
Enagás

I.- The Board of Gas Natural

 Repsol-YPF and “la Caixa” undertake
    to exercise their voting rights at the General Shareholders' Meetings of
    Gas Natural
    to establish the following
  composition of the Board of Directors for that company:

	 	a)	The number of directors will be uneven, and
          barring a new agreement by both parties, will consist of 11 members.
    In any case, it will comply with the maximum established in the Bylaws.

	 	 	 
	 	b)	Both parties will try to appoint as many
          members as possible to the Board of Directors, from the total number
          established by the Shareholders' Meeting, in full compliance with the
    rights assigned to other shareholders by Art. 137 of the Law on Corporations.

 

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	 	c)	Repsol-YPF
          will have the right to propose, and “la Caixa” will undertake to
          vote in favor of this proposal, 6 Members of the Board of Directors if
          there are 11 members, or the majority of any uneven number established
          by each Shareholders’ Meeting, as the case may be. “la Caixa” will
          have the right to propose the rest of the appointments, and Repsol-YPF
          will undertake
  to vote in favor of this proposal.

	 	 	 
	 	d)	In
          the event that one shareholder or group of shareholders, exercising
          the right granted
          by Art. 137 of the Law on Corporations, whether in the form set forth
          in Royal Decree 821/91 or through consensus with the other shareholders,
          should appoint one or more directors, the parties, by mutual agreement,
          will adjust the number of members and composition of the Board so that
          they can fulfill the objective sought and, to the extent possible,
          keep the equilibrium between the directors designated by Repsol-YPF
          and those
    designated by “la Caixa”

	 	 	 
	 	e)	If
          directors are appointed by the Board itself to fill vacancies produced
          during each
          fiscal year, then directors appointed by each of the parties will follow
          the same criteria set forth in paragraph (c) above for appointments
    made by “cooptación”.

II.- Board of Enagás

 The parties will exercise their political rights
    in Gas Natural so that the directors of Enagás, an uneven number and a minimum of seven, will be
  appointed from those persons proposed by Repsol-YPF and by “la Caixa”,
  with Repsol-YPF appointing one more director than “la Caixa” 

  B) President and Managing Director at Gas Natural and Enagás

“la Caixa” will propose someone to fill
    the position of President of the Board of Directors from among the directors
    that it proposed,
    and Repsol-YPF
  will propose someone to fill the position of Managing Director from among the
  directors that it proposed, with both parties agreeing that the directors proposed
  and appointed by each will vote in favor the designation of these positions
  within the Board pursuant to the appointment power recognized herein.

 

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C) Executive Commission
        of Gas Natural and Enagás

The Executive Commission of Gas Natural and Enagás will be made up
  of five members, three of whom will be proposed by Repsol-YPF and two by “la
  Caixa”. One of those proposed by “la Caixa” must be the President,
  who will also chair the Executive Commission, and one of those proposed by
  Repsol-YPF must be the Managing Director.

SECOND. COMMITTEES WITHIN
THE BOARD OF DIRECTORS OF GAS NATURAL

In addition to the Executive Commission on the Board of Gas Natural, a Nomination
  and Compensation Committee and an Audit and Control Committee will also be
  maintained on this company’s Board of Directors. Neither of these Committees
  will have delegated powers. Their functions will be to make studies and proposals. 

Each of these Committees will be composed of four members elected by half
  of those proposed by each of the parties who sign this contract.

The Nomination and Compensation Committee will
    be chaired by one of the directors appointed at the proposal of Repsol-YPF
    and the Audit
    and Control Committee
  by one of the directors appointed at the proposal of “la Caixa”

The President of the Committees cannot have the deciding vote.

THIRD. THE PRESIDENT AND
MANAGING DIRECTOR OF GAS NATURAL AND ENAGAS

A)	President

The President of the Board will exercise the functions assigned to this position
  by the Law on Corporations and by the company Bylaws. Among other things, this
  includes the following:

	 	–	Chairing
          the Board of Directors and the Executive Commission, as well as the
    General Shareholders’ Meeting.

	 	 	 
	 	–	Convening the Board
          of Directors, verifying that the requirements for valid constitution
          of the Board have been met, and declaring it validly constituted, as
    well as authorizing attendance by persons other than directors.

	 	 	 
	 	 	 

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	 	–	Directing deliberations
          by the Board of Directors and, after matters have been debated, submitting
          them to a vote, deciding the format thereof, and announcing the final
        results.

	 	 	 
	 	–	Extending or suspending
        Board meetings, as well as adjourning these.
	 	 	 
	 	–	Signing the minutes
    of the Board meetings, and approving certifications of resolutions.
	 	 	 
	 	–	Acting as spokesperson
          for the Board of Directors and assuming the role of institutional representative
    of the company.

	 	 	 
	 	–	Executing the resolutions
    of the Board of Directors, when deemed appropriate.
	 	 	 
	 	–	Ensuring
          that the Board’s resolutions are complied with and that the shareholders’
    and board members’ rights to information are fulfilled.

	 	 	 
	 	–	Coordinating the
          activity of the members of the Board of Directors and the committees
          thereof, and ensuring that it is adjusted to the decisions and planning
    undertaken by the Board.

B)	Managing
          Director

The Managing Director will manage and administer the company. As a result,
  all of the powers of the Board of Directors that can by law be delegated will
  be delegated to him. Among other things, these include:

	 	–	Managing and administering the company.
	 	 	 
	 	–	Executing the resolutions passed by the Board
    of Directors, if necessary.
	 	 	 
	 	–	Managing personnel.
	 	 	 
	 	–	Implementing and developing the resolutions
    passed by the Board of Directors or the Executive Commission.

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	 	–	Technological development, commercial policies
          and financial management, pursuant to the decisions, planning and strategy
    decided by the Board of Directors or the Executive Commission.

	 	 	 
	 	–	Coordinating policies on natural gas for
          the Repsol-YPF group, attending meetings of the Executive Committee of
    Repsol-YPF, if deemed appropriate.

FOURTH. REGISTERED OFFICE
OF GAS NATURAL

The corporate seat and domicile for tax purposes of Gas Natural will continue
  to be in Barcelona, with central services of the entire group divided between
  Barcelona and Madrid.

FIFTH. PRINCIPLES OF INDUSTRIAL
ACTIVITY

To further the objectives indicated in the general declarations of this document,
  which the parties understand are of interest to Gas Natural and Repsol-YPF,
  and to achieve these through participation in the governing bodies of both
  companies, they undertake and agree to:

A)	Exploration
            and Production

The activity of exploration and production, as well as ownership of the reserves,
  corresponds to Repsol-YPF. Notwithstanding this fact, Gas Natural will be responsible
  for the acquisition of up to one-third of the gas reserves in Trinidad and
  Tobago that BP-Amoco makes available to the Repsol-YPF group in fulfillment
  of signed contracts.

B)	Subterranean storage
of natural gas

Gas Natural will have a majority holding in the future activities of subterranean
  storage of natural gas, whether these are carried out directly or through the
  constitution or creation of corporations. In any case, Repsol-YPF will act
  as the technical operator with regard to the search for locations and construction
  of installations, and Gas Natural with regard to management of storage.

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C)	Logistics
            of supplying natural gas

Gas Natural will be in charge of the implementation and management of the
  logistics of supplying natural gas to its markets from the fields of third
  parties outside the Group, and from the fields of Trinidad and Tobago, in proportion,
  in this case, to the reserves that Gas Natural may have, pursuant to the principle
  of Paragraph A).

Repsol-YPF will be in charge of implementation and management of the logistics
  of supplying gas in other cases.

D)	Transport,
            distribution and storage of natural gas

Gas Natural, directly or through its specialized subsidiaries, will be the
  owner and operator of the installations for regasification, interior transport,
  distribution and commercialization of natural gas within Spain and outside
  of Spain. Direct ownership by Repsol-YPF will occur as an exceptional case
  when there are specific reasons for it, when Repsol-YPF has already assumed
  ownership, or when the means of transport are related to Repsol-YPF’s activity
  of exploration or production.

E)	Participation in natural
gas companies and assets

Gas Natural will be the purchaser of companies and assets for transport, distribution
  and commercialization of natural gas, except in those cases when the companies
  or assets are derived from the activities of exploration and production corresponding
  to Repsol-YPF pursuant to the principles of this contract. 

In those cases when buying opportunities arise that may be of interest to
  Repsol-YPF within the overall gas chain, but are not of interest to Gas Natural
  in its basic activity of distribution of natural gas, then appropriate procedures
  will be established so the opportunity is not lost, without any negative financial
  consequences to Gas Natural and Repsol-YPF.

F)	Electricity

Both Repsol-YPF and Gas Natural
    will support decisions on electric power generation that either of the two
    companies deems worthwhile.

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SIXTH. TERMINATION AND MODIFICATION
OF THE AGREEMENT

	 	A)	This agreement will terminate if either of
    the following events should occur:
	 	 	 	 	 
	 	 	 	–	Participation of “la Caixa” in
          the capital of Gas Natural falls below 25% at any time as a consequence
    of the sale of all or part of its shares.

	 	 	 	 	 
	 	 	 	–	Participation of
    Repsol-YPF in the capital of Gas Natural falls below 25% at any time.

	 	 	 	 	 
	 	B)	If
          the participation of Repsol-YPF in Gas Natural is at least 25%, but
          falls below 35%, these
          agreements will continue in effect, except with regard to the composition
          of the Board of Directors and the Executive Commission of Gas Natural.
          As of that moment, the same number of persons will be appointed at
          the proposal of Repsol-YPF and at the proposal of “la Caixa” to
    the Board.

 

SEVENTH. EFFECTIVENESS

The effectiveness of this agreement is subject to compliance with the following
  conditions precedent:

1) This contract must be approved, or not give rise to any objections, in
  its entirety and unconditionally, by the authorities both in Spain and, if
  applicable, in the European Community, who are competent within the area of
  Competition Regulations.

2) “la Caixa” must be able to make some arrangement with Banco de
  España that will enable it to keep its actual level of investments in
  Repsol-YPF and Gas Natural, without being penalized for the actual situation,
  its coefficients of proprietary assets and other ratios as a result of the
  concentrative process that the change in the composition of the Board of Gas
  Natural, as agreed to herein, would cause.

3) These agreements do not constitute
    an obligation to formulate a tender offer for the shares of Gas Natural.

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4)
        Approval hereof by the Boards of Directors of Repsol-YPF and “la
        Caixa”

As a result, unless the four conditions precedent are met, this agreement
  will not become effective.

EIGHTH. REPORTING TO THE
SECURITIES AND EXCHANGE COMMISSION

This contract will be reported to the National
    Stock Market Commission (Comisión
  Nacional del Mercado de Valores) and to the markets, and published as a significant
  event.

As evidence of their conformity, both parties have signed on the indicated
  date, January eleventh, two thousand.

	REPSOL, S.A.	CAIXA D'ESTALVIS I PENSIONS

DE BARCELONA
	 	 
	 	 
	Signed:

Alfonso Cortina de Alcocer	Signed:

Josep Vilarasau SalatPrepared and Filed by St Ives Burrups

  
  Exhibit 4.2

   Unofficial English translation
    of agreements originally drawn up in Spanish. In case of discrepancy the Spanish
    language version prevails 

  

NOVATION OF THE AGREEMENT OF JANUARY, 2000

  BETWEEN REPSOL YPF AND “LA CAIXA”

 In Madrid, on May sixteenth, two thousand and two,

BETWEEN

 AS PARTY OF THE FIRST PART,
      RAMÓN BLANCO BALÍN,
in the name and on behalf REPSOL YPF, S.A.

 AS PARTY OF THE SECOND PART,
      ANTONIO BRUFAU NIUBÓ, in the name and
on behalf LA CAIXA DE PENSIONS I ESTALVIS DE BARCELONA (“LA CAIXA”).

 With both parties recognizing sufficient legal capacity in each other for
issuance of this novation agreement,

WHO DECLARED

	 	1.	That on January 11, 2000,
        REPSOL YPF, S.A. and LA CAIXA DE PENSIONS I ESTALVIS DE BARCELONA (“LA
        CAIXA”) signed an agreement to regulate their respective shareholding
        interests in GAS NATURAL SDG, S.A. and ENAGAS, S.A., their representation
        in the management bodies of both companies and to establish determined
        principles for industrial activity, convening certain prior agreements
        because of the privatization of REPSOL, S.A. and ENAGAS, the replacement
        of the Instituto Nacional de Hidrocarburos by the Sociedad Estatal
        de Participaciones Industriales (SEPI), the new regulation of gas
        activities resulting from the Hydrocarbons Law, as well as the international
        expansion of REPSOL YPF, S.A. and GAS NATURAL SDG, S.A. This agreement
        permitted integration of GAS NATURAL SDG, S.A. (GAS NATURAL) into the
        REPSOL YPF group for accounting purposes (Art. 42 of the Commercial Code)
        and the securities market (Art. 4 of the Securities Market Law), with
        its financial statements to be encompassed in that group's consolidated
        statements through the system of full consolidation.

 

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	 	2.	That
        the agreement of January 11, 2000 was reported to the National Stock Market
        Commission (Comisión Nacional del Mercado de Valores) and
        the General Office of Economic Policy and Defense of Competition (Dirección
        General de Política Económica y Defensa de la Competencia)
        within the Economics Ministry and Treasury (Ministerio de Economía
        y Hacienda), to query on the obligation of submitting notification
        of the consolidation agreements since the status of GAS NATURAL, at that
        date, was defined as a company under the joint control of REPSOL, S.A.
        and LA CAIXA, with both partners having a significant participation in
        its capital and having an equal number of members on the Board of Directors
        of GAS NATURAL. The query was answered by a resolution from the General
        Office of Economic Policy and Defense of Competition (Dirección
        General de Política Económica y Defensa de la Competencia)
        on March 10, 2000, establishing “that the aforementioned agreement
        does not constitute a modification of the control structure of GAS NATURAL,
        since it did not result in a concentration pursuant to the provisions
        in Paragraph 2, Art. 14, Law 16/1989 of July 17, of Defense of Competition,
        thus REPSOL does not have a notification obligation in application of
        Art. 15 of the aforementioned Law.”

	 	 	 	 	 	 
	 	3.	After this agreement,
          the following events, among others, occurred which made it necessary
    for its adjustments and novation:

	 	 	 	 	 	 
	 	 	 	a)	 	Promulgation
        of Royal Decree Law 6/2000 of June 23, regarding urgent measures to intensify
        the competition in the markets for goods and services affecting the gas
        sector, and in particular ENAGAS S.A., classified as “the technical
        manager of the gas system,” establishing determined limits to direct
        or indirect participation in its share ownership, which was the reason
        for submission of the plan of action to the Secretaría de Estado
        de Economía, de la Energía y de la Pequeña y Mediana
        Empresa covered in Art. 10 of Royal Decree Law 6/2000, as well as
        the process presently underway of selling holdings in that company.

	 	 	 	 	 	 
	 	 	 	b)	 	The agreements
          in principle reached in March of this year, 2002, for reorganization
          of the midstream activities of gas and integration of business in the
    area of gas and electricity.

 

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	 	 	 	c)	 	The decision passed by the Board of Directors
          of REPSOL YPF, S.A. to sell a significant part of the share ownership
          of REPSOL YPF, S.A. in GAS NATURAL SDG, S.A. meaning exit of GAS NATURAL
          SDG. S.A. from the consolidated REPSOL YPF group, along with both parties'
          intention not to modify the shared control structure of GAS NATURAL,
    as previously referenced.

	 	 	 	 	 	 
	 	4.	In view of the
          aforementioned antecedents, and since it is the will of both parties
          to continue to create value for GAS NATURAL SDG, S.A. (which is the reason
          for their holdings), and to maximize its possibility of competing in
          the market in all of the business segments that are part of its public
          strategy, they have agreed the novation of the agreement of January 11,
    2000 pursuant to the following

 

STIPULATIONS

1.- GENERAL PRINCIPLES

REPSOL YPF, S.A. and LA CAIXA will at all times maintain the principles of
  transparency, independence and professionalism in the management of GAS NATURAL
  SDG, S.A., after its exit from the REPSOL YPF Group, by maintaining joint control
  over that company through a stable continued presence in its share ownership.

II.- LINES OF INDUSTRIAL
ACTIVITY

In conformity with these principles, both parties support that GAS NATURAL
  SDG, S.A. develop as lines of activity, those activities related to the business
  of natural gas, but with the exclusion of ownership of reserves, as well as
  electric generation and commercialization, telecommunications and any other
  activities necessary or appropriate for the development of its multiproduct
  strategy as indicated in its strategic plans and as explained to the markets,
  and those as may be approved at any time by its Board of Directors - all from
  activities within the scope of its corporate purpose and, specifically, the parity participation
  with REPSOL YPF, S.A. in the SG Midstream Corporation for development of the
  intermediate phase in the natural gas chain.

 

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III. - MANAGEMENT OF THE
CORPORATION

GAS NATURAL SDG, S.A. will be managed by its Board of Directors, which will
  act through an Executive Commission and other specific bodies.

a) Board of Directors of GAS NATURAL SDG, S.A.

REPSOL YPF S.A. and “la Caixa” undertake
    to exercise their voting rights at the general shareholders' meetings of
    GAS NATURAL
    SDG, S.A. to have
  its Board of Directors composed as follows:

	 	 	 	–	 	There will be twelve directors. A general
        shareholders' meeting will be convened to establish, among other things,
        the number of directors at twelve, after which the composition of the
    Board can be completed as established below.
	 	 	 	 	 	 
	 	 	 	–	 	Both parties will
        try to appoint as many members as possible to the Board of Directors
        from the total number established by the Board, in full compliance with
        the rights recognized for other shareholders by Article 137 of the Law
    on Corporations.
	 	 	 	 	 	 
	 	 	 	–	 	REPSOL YPF, S.A.
        will have the right to propose, and “la Caixa” will vote in
        favor of this proposal, 4 members to the Board of Directors. “la
        Caixa”, in turn, will have the right to propose, and REPSOL YPF,
        S.A. will vote in favor of this proposal, another 4 members to the Board
        of Directors. The remaining 4 members will be independent directors elected
    by mutual agreement of both parties.

 

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	 	 	 	–	 	In the event that
        one shareholder or group of shareholders, exercising the right granted
        by Article 137 of the Law on Corporations, in the manner set forth in
        Royal Decree 821/1991, or by consensus with the other shareholders, should
        appoint one or more directors, the parties, by mutual agreement, will
        adjust the number of members and composition of the Board so that they
        can fulfill the objective sought, and to the extent possible, keep the
        equilibrium between the directors designated by REPSOL YPF, S.A. and
    those designated by “la Caixa”
	 	 	 	 	 	 
	 	 	 	–	 	If directors are
        appointed by the Board of Directors itself to fill vacancies produced
        during each fiscal year, the directors designated by each of the parties
        will follow for such appointment the same criteria set forth in the preceding
    paragraphs.

b) Appointment to positions

For the positions to be appointed by the Board
    of Directors, “la Caixa” will
  propose someone to fill the position of President from the directors it has
  proposed, and REPSOL YPF, S.A. will propose someone to fill the position of
  Managing Director from among the directors it has proposed, with both parties
  agreeing that the directors proposed and appointed by each will vote in favor
  of the designation of these positions within the Board pursuant to the appointment
  power recognized herein.

c) Executive Commission of GAS NATURAL SDG, S.A.

The Executive Commission of GAS
    NATURAL SDG, S.A. will be made up of four members, two of whom will be proposed
    by REPSOL YPF,
    S.A.
    and the two remaining
  by “la Caixa”. Those proposed by “la Caixa” must include
  the President, who will also chair the Executive Commission, and those proposed
  by REPSOL YPF, S.A., the Managing Director.

 

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d)	Committees of the Board of
    Directors of GAS NATURAL SDG, S.A.

In addition to the Executive Commission of the Board of GAS NATURAL, SDG,
  S.A., a Nomination and Compensation Committee and an Audit and Control Committee
  will also be maintained on this company's Board of Directors. Neither of these
  committees will have delegated powers. Their functions will be to make studies
  and proposals.

The Nomination and Compensation Committee will
    be chaired by one of the directors appointed at the proposal of “la Caixa”,
    and the Audit and Control Commission will be chaired by one of the directors
    appointed at the proposal
  of REPSOL YPF, S.A.

The President of the Commissions cannot have the deciding vote.

IV. ENAGÁS S.A.

The arrangements of agreement of January 11, 2000 referred to ENAGAS, S.A.
  are subordinated to development and execution of plans and effects derived
  from Royal Decree Law 6/2000 of June 23, and acts and provisions arising from
  its application.

V. EFFECTIVE DATE OF THE
AGREEMENT

In all that it is not incompatible with the provisions herein, the agreement
  of January 11, 2000 will remain in effect.

This novation agreement will take
    effect on this day, upon contribution by REPSOL YPF, S.A. of a significant
    part of its previous holdings. It is the
  desire of both parties that this be extended over time to thus give a guarantee
  of stability to the company. Thus its duration will extend as long as each
  of the parties maintains or increases its actual share ownership, or keeps
  it until it reaches at least 15% of the capital representative of GAS NATURAL
  SDG, S.A. Furthermore, at the request of either of the parties, a change in
  the control structure of either of the parties or of GAS NATURAL SDG, S.A. will
    be grounds for termination of the agreement and mandatory waiver of the rights
    recognized hereunder.

 

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VI. - OBLIGATION TO REPORT
RELEVANT CIRCUMSTANCES

Both parties are required to inform each other, with sufficient advance notice,
  of any fact or decision that might affect compliance with these stipulations,
  or their efficacy, duration or effect.

Noncompliance with this obligation may be invoked by the other party as grounds
  for rescission of the agreement.

VII. - COMMUNICATION WITH
THE SECURITIES COMMISSION

This novation agreement will be
  reported to the National Stock Market Commission (Comisión Nacional
  del Mercado de Valores) and the markets, and published as a significant
  event. It will also be reported to the competent authorities in the area of
  competition regulations, in whatever manner is necessary to indicate novation
  of the agreement of January 11, 2000, but not a change in the shared control
  structure, which is already reflected in the agreement novated herein.

As evidence of their conformity, both parties have signed on the indicated
  date, May 16, 2002.

	REPSOL YPF, S.A.	LA CAIXA DE PENSIONS I ESTALVIS

DE BARCELONA (”THE FUND”)
	 	 
	Signed: Ramón Blanco Balín	Signed: Antonio
Brufau Niubó

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