<?xml version="1.0" encoding="UTF-8"?>
<!-- Generated by Fujitsu XWand 7.0.0025  (0018_w_27) -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd  http://www.xbrl.org/2004/ref ref-2004-08-10.xsd" xmlns:ref="http://www.xbrl.org/2004/ref" xmlns:ipp-seg-ind="http://www.cnmv.es/ipp/seg/ind/1-2005/2005-06-30">
  <referenceLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <loc xlink:type="locator" xlink:href="ipp-seg-ind-2005-06-30.xsd#ipp-seg-ind_InversionEmpresasGrupoAsociadasParticipadas" xlink:label="reference_InversionEmpresasGrupoAsociadasParticipadas_1086389573294_0" xlink:title="reference_InversionEmpresasGrupoAsociadasParticipadas"/>
    <reference xlink:type="resource" xlink:label="reference_InversionEmpresasGrupoAsociadasParticipadas_1086389573294_1" xlink:role="http://www.xbrl.org/2003/role/presentationRef" xlink:title="reference_InversionEmpresasGrupoAsociadasParticipadas" id="reference_InversionEmpresasGrupoAsociadasParticipadas_1086389573294_1">
      <ref:Name>BOE</ref:Name>
      <ref:Number>82</ref:Number>
      <ref:Chapter>5478</ref:Chapter>
      <ref:Page>11680</ref:Page>
      <ref:IssueDate>Miércoles 6 abril 2005</ref:IssueDate>
      <ref:Section>Anexo IV</ref:Section>
      <ref:Subsection>IV.</ref:Subsection>
      <ref:Paragraph>C)</ref:Paragraph>
      <ref:Subparagraph>III.</ref:Subparagraph>
      <ref:Note>0270</ref:Note>
    </reference>
    <referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="reference_InversionEmpresasGrupoAsociadasParticipadas_1086389573294_0" xlink:to="reference_InversionEmpresasGrupoAsociadasParticipadas_1086389573294_1" xlink:title="reference: InversionEmpresasGrupoAsociadasParticipadas to reference_InversionEmpresasGrupoAsociadasParticipadas"/>
    <loc xlink:type="locator" xlink:href="ipp-seg-ind-2005-06-30.xsd#ipp-seg-ind_AccionesPropiasSituacionesEspeciales" xlink:label="reference_AccionesPropiasSituacionesEspeciales_1086389723640_0" xlink:title="reference_AccionesPropiasSituacionesEspeciales"/>
    <reference xlink:type="resource" xlink:label="reference_AccionesPropiasSituacionesEspeciales_1086389723640_1" xlink:role="http://www.xbrl.org/2003/role/presentationRef" xlink:title="reference_AccionesPropiasSituacionesEspeciales" id="reference_AccionesPropiasSituacionesEspeciales_1086389723640_1">
      <ref:Name>BOE</ref:Name>
      <ref:Number>82</ref:Number>
      <ref:Chapter>5478</ref:Chapter>
      <ref:Page>11680</ref:Page>
      <ref:IssueDate>Miércoles 6 abril 2005</ref:IssueDate>
      <ref:Section>Anexo IV</ref:Section>
      <ref:Subsection>IV.</ref:Subsection>
      <ref:Paragraph>F)</ref:Paragraph>
      <ref:Subparagraph>VI.</ref:Subparagraph>
      <ref:Note>0365</ref:Note>
    </reference>
    <referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="reference_AccionesPropiasSituacionesEspeciales_1086389723640_0" xlink:to="reference_AccionesPropiasSituacionesEspeciales_1086389723640_1" xlink:title="reference: AccionesPropiasSituacionesEspeciales to reference_AccionesPropiasSituacionesEspeciales"/>
    <loc xlink:type="locator" xlink:href="ipp-seg-ind-2005-06-30.xsd#ipp-seg-ind_IngresosInversionesPatrimonio" xlink:label="reference_IngresosInversionesPatrimonio_1086389889899_0" xlink:title="reference_IngresosInversionesPatrimonio"/>
    <reference xlink:type="resource" xlink:label="reference_IngresosInversionesPatrimonio_1086389889899_1" xlink:role="http://www.xbrl.org/2003/role/presentationRef" xlink:title="reference_IngresosInversionesPatrimonio" id="reference_IngresosInversionesPatrimonio_1086389889899_1">
      <ref:Name>BOE</ref:Name>
      <ref:Number>82</ref:Number>
      <ref:Chapter>5478</ref:Chapter>
      <ref:Page>11680</ref:Page>
      <ref:IssueDate>Miércoles 6 abril 2005</ref:IssueDate>
      <ref:Section>Anexo IV</ref:Section>
      <ref:Subsection>V.</ref:Subsection>
      <ref:Paragraph>I)</ref:Paragraph>
      <ref:Subparagraph>XIX.</ref:Subparagraph>
      <ref:Note>0970</ref:Note>
    </reference>
    <referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="reference_IngresosInversionesPatrimonio_1086389889899_0" xlink:to="reference_IngresosInversionesPatrimonio_1086389889899_1" xlink:title="reference: IngresosInversionesPatrimonio to reference_IngresosInversionesPatrimonio"/>
    <loc xlink:type="locator" xlink:href="ipp-seg-ind-2005-06-30.xsd#ipp-seg-ind_GastosInversionesPatrimonio" xlink:label="reference_GastosInversionesPatrimonio_1086390047616_0" xlink:title="reference_GastosInversionesPatrimonio"/>
    <reference xlink:type="resource" xlink:label="reference_GastosInversionesPatrimonio_1086390047616_1" xlink:role="http://www.xbrl.org/2003/role/presentationRef" xlink:title="reference_GastosInversionesPatrimonio" id="reference_GastosInversionesPatrimonio_1086390047616_1">
      <ref:Name>BOE</ref:Name>
      <ref:Number>82</ref:Number>
      <ref:Chapter>5478</ref:Chapter>
      <ref:Page>11680</ref:Page>
      <ref:IssueDate>Miércoles 6 abril 2005</ref:IssueDate>
      <ref:Section>Anexo IV</ref:Section>
      <ref:Subsection>V.</ref:Subsection>
      <ref:Paragraph>I)</ref:Paragraph>
      <ref:Subparagraph>XX.</ref:Subparagraph>
      <ref:Note>0980</ref:Note>
    </reference>
    <referenceArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-reference" xlink:from="reference_GastosInversionesPatrimonio_1086390047616_0" xlink:to="reference_GastosInversionesPatrimonio_1086390047616_1" xlink:title="reference: GastosInversionesPatrimonio to reference_GastosInversionesPatrimonio"/>
  </referenceLink>
</linkbase>
