A substantial share of low-risk regulated gas distribution activities in Spain An established, large diversified gas contract portfolio as Spain's incumbent gas utility Operational flexibility, thanks to ownership of midstream assets and access to various end-markets Strong free cash flow generation capacity and a solid capital structure A degree of financial flexibility through the remaining equity stake in Enagas Growth-focused strategy, and expansion into higher risk upstream activities and gas-fired power generation projects in Spain The material EBITDA contribution of Latin American gas distribution assets Large long-term take-or-pay obligations under gas import contracts Country risk related to Algeria, which accounts for about 40% of the group's supply sources The ratings on Spanish utility Gas Natural SDG, S.A. are based on
