Guarantees

Guarantees issued in the interest of subsidiaries (€35 million) essentially refer to hold-harmless letters issued in favour of third parties for performance bonds.

Other personal guarantees issued in the interest of associates (€88 million) refer mainly to hold-harmless letters issued in favour of third parties for participation in tenders and concessions relating to the natural gas distribution service (€63 million) and performance bonds (€24 million).