Gas Natural Fenosa Pension Fund

Fonditel serves as the dedicated pension fund manager. Fonditel is historically linked to the management of both Telefónica's and Naturgy's employee pension plans in Spain, operating as a specialized manager of occupational schemes for large Spanish industrial employers.

Naturgy Energy Group, S.A. — formerly Gas Natural Fenosa — is the sponsoring employer. The pension fund exists to manage the retirement obligations for Naturgy's workforce. It is a closed, single-sponsor occupational vehicle, not a multi-employer or open commercial pension scheme.

The known portfolio is concentrated domestically in Spanish real estate and Spanish private market funds. No publicly documented international investment program has been disclosed, consistent with the locally-oriented mandates common among Spanish corporate pension schemes.

The Naturgy Foundation (Fundación Naturgy) is the corporate social responsibility and philanthropic vehicle of the sponsoring employer. It is structurally separate from the pension fund assets and has no fiduciary overlap with the retirement plan's investment management.

Fainé is not directly cited as a trustee of the pension fund. He serves as Honorary Chairman of Naturgy and Chairman of CriteriaCaixa. His influence is exerted at the level of the sponsoring employer's boardroom, not through day-to-day allocation decisions at the fund level.