• A standard property owners association could save up to 30% off its energy bill by converting its boiler to natural gas.

Bankinter and the GAS NATURAL FENOSA distribution companies signed a partnership agreement today to facilitate financing for those property owner associations interested in converting their boiler rooms to natural gas. The nationwide agreement was signed by Alfonso Sáez Alonso-Muñumer, Director and General Manager of Bankinter Consumer Finance, and José María Gil Aizpuru, Business Director for Gas Distribution in Spain for the multinational power company.

Under this agreement, Bankinter Consumer Finance will offer financing to property owner associations via a quick and easy process - in less than 24 hours - under economically competitive conditions for undertaking the work needed to convert their boiler rooms to natural gas. In recent months, the entity has launched a range of financial products especially designed for the mass market. Gas Natural will promote the agreement among its partner installation companies in order for them to make this financing from Bankinter available to property owners associations wishing to renovate their boiler rooms.

A property owners association that switches to natural gas for fuel can save up to 30% off its non-electricity energy bill, depending on the fuel it replaces. Furthermore, natural gas is the least environmentally harmful conventional energy. The CO2 emissions (the main greenhouse gas) produced by natural gas are 39% less than those produced by burning diesel. Natural gas produces almost no particulate or sulphur oxides and reduces pollution from nitrous oxides (NOx) by 40% when compared with diesel. These three pollutants are among the main agents that affect human health, meaning that the implementation of natural gas boilers helps improve air quality in urban areas.

The boiler conversion process is a simple one because natural gas is a continuous energy supply that needs no storage tanks, unlike diesel, biomass or liquid petroleum gases.

About Gas Natural

Through its nine distribution companies, GAS NATURAL FENOSA is the leading natural gas distribution group in Spain. The company has over 5.2 million supply points in 10 autonomous regions and a gas pipeline network spanning 48,900 kilometres. The company will invest approximately 1.24 billion euros between 2015 and 2017 to add a total of 730,000 new supply points, which will provide service to close to 2.8 million new users. Gas Natural employs over 1,500 people and has over 1,600 partner companies throughout the areas where it operates.

About Bankinter

Bankinter is one of the most financially stable, healthy and profitable financial entities in Spain. In 2014, the entity posted a net profit of 276 million euros (up 45.3% on 2013) - the best figure in the last seven years. Furthermore, it maintains the best asset quality in the system with a default rate of 4.72% (almost three times lower than the sector average) and is one of the most capitalised banks in Europe, as already demonstrated during the ECB stress tests. This sound position gives it a privileged advantage when increasing the financing offered to consumers, companies and households.

Madrid, 17 April 2015.

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