EDP-Energias — Earnings Release 2016

May 4, 2016

1Q16Financial Results

Conference call and webcast

Date: Thursday, 5th May, 2016, 08:30 am (UK/Portuguese time)Webcast: www.edp.pt

Lisbon, May 4th 2016

Content

h l h M in H ig ig ts a …… …… …… …… …… …… …… …… …… …… …. …… …… …… …… …… …… …… …… …… …	- 2 -
l da d l fo Co i F ina ia Pe te ns o nc r rm an ce
E B I T D A …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …	- 3 -
f it & be low Pro Lo E B I T D A ss …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …	- 4 -
& Ca Ne Inv t est nts p ex me …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… ……	5 - - ….
h low Ca F s …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …	- 6 -
f l i da d ina ia l it ion Sta Co F Po te nt te me o ns o nc s …… …… …… …… …… …… …… …… …… …… …… …… …… …	- 7 -
bt Ne De t …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… ……	- 8 -
ine Bu Ar s ss ea s
be lec d ke Ov iew I ian E ic ity Ga Ma tr ts erv r an s r : …… …… …… …… …… …… …… …… …… …… …… …… …… …	- 10 -
d he be ke 1. L T Co Ge ion in I ian Ma ntr act rat t t e ne r r …… …… …… …… …… …… …… …… …… …… …… ……	- 1 1 -
2. i be l ise d iv it ies in he be ian ke L Ac I Ma t t t ra r r …… …… …… …… …… …… …… …… …… …… …… …… …… …	- 1 2 -
3. áv is E D P Re no v e …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …	- 1 5 -
lat d ks be 4. Re Ne in I ia tw g u e or r …… …… …… …… …… …… …… …… …… …… …… …… …. …… …… …… …… ……	- 1 9 -
i l - i l 5. Bra E D P Bra z s …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… .… …… ……	- 2 2 - …
& Inc Sta An te nts om e me ne x
by Inc Sta Bu ine Ar te nts om e me s ss ea …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… ……	- 2 6 - …… …
ly Qu Inc Sta art te nt er om e me …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …	- 2 7 -
l le d d Ge ion As Ins Ca ity Ge ion rat set ta rat ne s: p ac an ne …… …… …… …… …… …… …… …… …… …… ……	- 2 8 -
lat d ks: lum bu d, l d ks Re Ne Vo D ist i C ien Ne tw te ts tw g u e or es r an or …… …… …… …… …… …… …… ……	- 2 9 - ……
Su ina b i l ity fo Pe sta r rm an ce …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… .… …… …… …… …	- 30 -
ha fo E D P S Pe re r rm an ce …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… …… … ……	- 3 1 - …

The financial statements presented in this document are non-audited. Pursuant to the adoption of IFRIC21,1Q15 financial statements here presented were restated for comparison purposes.The source from all operational data is EDP.

Main Highlights

( ) e S € m Inc tat t om em en	1Q 16	1Q 15	∆ %	bs. ∆ A
fit Gr Pr oss o	1, 54 7	1, 42 3	9%	+1 24
lies d s Su ice pp an erv s l co loy be fits Pe sts rso nn e , e mp ee s ne (ne ) Ot he ing rat sts t r o pe co	20 5 16 1 51	20 7 16 1 67	-1% 0% % -25	-2 +1 -17
( ) Ne t O ing 1 rat sts pe co	41 7	43 5	-4%	-18
ITD A EB	1, 13 0	98 8	% 14	+1 41
Pro vis ion s d i Am isa tio air ort nt n a n mp me (2) EB IT	3 36 6 76 0	1 33 7 65 1	52 6% 9% 17 %	+3 +2 9 +1 09
Fin cia l R lts an esu ha f n fit /as S jo int iat et ntu re o pro ve res soc es fit Pre -ta x p ro	( ) 18 0 ( ) 8 57 3	( ) 20 8 ( ) 2 44 1	13 % -36 2% 30 %	+2 8 -6 +1 31
Inc e t om axe s d. bu Ext i tio ntr cto rao r co n e ne rgy se r	15 2 59	82 61	% 84 -3%	+6 9 -2
fit for he rio d Ne t p t ro pe fit Ne t P ro l ling No In tro ter est n-c on	36 2 26 3 10 0	29 8 23 7 62	% 22 11 % 62 %	+6 4 +2 6 +3 8
tio l D Ke Op ata y era na	1Q 16	1Q 15	∆ %	bs. ∆ A
loy Em p ee s	11, 93 9	11, 63 2	2.6 %	+3 08
l le d c aci ( ) Ins MW ta ty ap	24 49 3 ,	22 43 0 ,	% 9.2	+2 06 2 ,
Fin cia l D ( ) Ke € m ata y an	1Q 16	1Q 15	∆ %	bs. ∆ A
( ds fro ) FFO Fu tio n m op era ns	74 1	62 1	19 %	+1 20
Ca pex	23 3	36 2	% -36	-12 9
Ma int en an ce Exp sio an n	10 6 12 7	10 2 26 0	4% -51 %	+4 -13 3
Ne t in stm ts ve en	( ) 11	37 7		-38 8
			-
( ) Ke Ba lan S he Da € m et ta y ce	6 Ma r-1	De c-1 5	∆ %	bs. ∆ A
bo k v lue Eq uit y o a	8, 95 0	8, 67 0	3%	+2 80
de bt Ne t	17, 00 2	17, 38 0	-2%	-37 8
lat cei b les Re gu ory re va	2, 56 8	2, 47 7	4%	+9 1
/ de bt (x ) ( ) Ne EB ITD A 4 t	4.2 x	4.4 x	-6%	-0. 2x
bt ( ) / (x ) A dju d n de 3 EB ITD A ste et	3.6 x	3.8 x	-7%	-0. 2x

Note: Pursuant to the adoptionof IFRIC21, 1Q15 financial statements here presented were restated for comparison purposes.

Consolidated EBITDA rose by 14% YoY, to €1,130m in 1Q16, reflecting portfolio expansion (+9%) and improving weather conditions in Iberia and Brazil. Note that 1Q EBITDA includes: (i) In 2015, +€78m derived from the sale of gas assets in Spainand (ii) in 2016, €61m gain booked in the sale of Pantanal mini-hydro plant, in Brazil. Excluding these impacts, adjustedEBITDA rose by 17% YoY, to €1,069m in 1Q16, capped by an unfavourable ForEx impact (-€61m or -5% of EBITDA, mainly due to BRL 25% depreciation vs. Euro).

Installed capacity at EDP group rose 9% YoY, to 24.5GW, on back of: (i) +428MW of hydro capacity in Portugal, following the start up of operations at Ribeiradio/Ermida (82MW in 2Q15), Salamonde ² (207MW in 1Q16) and Baixo Sabor (172MW, mostly in 1Q16); (ii) +589MW of wind capacity (mostly in US and Brazil); (iii) change in consolidation perimeter (+1,333MW, following full acquisition of Pecém ^I and full consolidation of assets derived from ENEOP, in Portugal) ; (iv) shutdown Soto ²coal plant, in Spain (239MW).

In Iberia, adjusted EBITDA advanced 17% YoY, propelled by new capacity on stream, strong hydro resources and price volatility, particularly when compared to 2015's poor hydro and price context. EDPR's 29% rise in EBITDA, to €379m, was prompted by higher average capacity on stream (+15% YoY) and stronger wind resources (avg. load factor was 7% higher than the avg. scenario, versus -3% in the 1Q15). EDP Brasil's ('EDPB') contribution to recurrent EBITDA was 7% lower YoY entirely due to adverse ForEx impact (-€63m). Excluding ForEx impact, EBITDA rose by 44%, propelled by the full consolidation (as of May-15) of the good-performer Pecém ^I plant (+€62m ex-Forex). The impact of the hydro deficit in 1Q16was negligible reflecting improving reservoir levels and lower demand.

EDP Group operating costs were stable at €367m in 1Q16 driven by: (i) 2% YoY fall in Iberia, mainly impacted by headcount reduction (-1%); (ii) 12% YoY increase at EDPR level, mainly reflecting portfolio expansion (+15%); (iii) 11% YoY fall in Brazil, reflecting BRL depreciation vs. Euro and tight cost control on one hand; and the full consolidation of Pecém I, on the other hand. Other net operating costs/(revenues) fell from €67m in 1Q15 to €51m in 1Q16, mostly supported by lower one-off gains YoY (in 2015, on the sale of gas assets in Spain; in 2016, on the sale of Pantanal in Brazil). EDP group's costs withclawback, social tariff and extraordinary energy tax in Portugal, and with generation taxes and other levies in Spainamounted to €124m in 1Q16.

EBIT rose 17%, to €760m in 1Q16, reflecting EBITDA growth and higher depreciation, mainly backed by portfolio expansion. Net financial costs worth €180m in 1Q16, down from €208m in 1Q15, reflecting ^a decline in the avg. cost of debt from 4.7%in 1Q15 to 4.5% in 1Q16 and €11m gain booked on the sale of our equity stake in Tejo Energia. Non-controlling interests reached €100m in the 1Q16 (+€38m YoY), reflecting the share of minorities in the gain booked on the sale of Pantanal at EDPBrasil's level (€23m) and higher net profit at the level of EDPR. Overall, net profit attributable to EDP shareholders amounted to €263m in 1Q16 (+11% YoY). Excluding one-off gains booked in 1Q15 (+€13m; details on page 4) and 1Q16 (- €24m, details on page 4), adjusted net profit rose 28% YoY, to€287m in 1Q16.

Net debt fell from €17.4bn in Dec-15 to €17bn in Mar-16, mainly supported by proceeds from asset rotation deals signedwith Axium in Oct-15 and from institutional partnership structure signed in Nov-15. Total cash and available liquidity facilities amounted to €5.4bn by Mar-16. This liquidity position allows EDP to cover its refinancing needs beyond 2017.

On April ¹⁹th, EDP shareholders approved the ²⁰¹⁵ dividend payment amounting to €676m (€0.185/share), to be paid on

(1) Net Operating Costs = Operating Costs (Supplies and services + Personnel costs + Costs with social benefits) + Other operating costs (net); (2) Depreciation and amortisation expense net of compensation for depreciationand amortisation of subsidised assets; (3) Net of regulatory receivables.- 2 -

EBITDA Breakdown

( ) EB ITD A € m	1Q 16	1Q 15	∆ %	∆ A bs.	1Q 15	2Q 15	3Q 15	4Q 15	1Q 16	2Q 16	3Q 16	4Q 16	1Q ∆ %	16 Yo Y∆ A bs.	1Q ∆ %	16 Qo Q bs. ∆ A
d G tio LT Co ntr act e en era n	13 3	15 3	-13 %	-20	15 3	16 9	144	11 7	13 3				-13 %	-20	14 %	16
be lise d A be Li ctiv itie s I ria ra	20 5	10 2	10 1%	+1 03	10 2	81	93	88	20 5				10 1%	10 3	13 2%	11 6
Re lat d N ks I be ria etw gu e or	23 4	32 4	% -28	-90	32 4	24 5	24 2	22 1	23 4				% -28	-90	6%	14
d & lar Wi So Po n we r	37 9	29 5	29 %	+8 4	29 5	25 3	23 5	36 0	37 9				29 %	84	5%	19
l Bra zi	18 5	12 9	43 %	6 +5	12 9	37 2	154	20 2	18 5				43 %	56	-8%	-17
he Ot r	( ) 6	( ) 15	58 %	+8	( ) 15	24	( ) 7	( ) 55	( ) 6				58 %	8	89 %	49
li da d Co te nso	1, 13 0	98 8	14 %	+1 41	98 8	1, 14 3	86 0	93 3	1, 13 0				14 %	14 1	21 %	19 7

Consolidated EBITDA amounted to €1,130m in the 1Q16, 14% higher YoY, including the following one-offs: (i) in the 1Q15, +€78m derived from the sale of gas assets in Spain, and (ii) in the 1Q16, +€61m in the wake of the sale of the Pantanal mini-hydros in Brazil. Excluding these impacts, adjusted EBITDA totalled €1,068m in the 1Q16 (+19% YoY), impacted by stronger hydro production(hydro resources were 45% above average year in Portugal) and higher results with energy management in the liberalised business in Iberia and by the impact of higher installed capacity andbetter wind resources YoY at EDPR level (avg. load factor was 7% higher than the P50 scenario inthe 1Q16, versus -3% in the 1Q15). ForEx had ^a 5% negative impact on EBITDA (-€61m), mostly due to the average BRL depreciation (-25%) vs. Euro.

LONG TERM CONTRACTED GENERATION IN IBERIA (12% of EBITDA) – EBITDA fell by 13% (-€20mYoY), to €133m in 1Q16, reflecting the transfer of ⁷ hydro plants to our liberalised activities following the termination of respective PPAs (1Q15 gross profit: €19m). These plants have ^a total installed capacity of 627MW and an annual production 1.7TWh(on an average hydro year).

LIBERALISED ACTIVITIES IN IBERIA (18% of EBITDA) – was €103m higher YoY, at €205m in 1Q16, backed by ^a cheaper average generation cost, prompted by ^a sharp recovery in hydro resources and production (62% weight in generation mix in 1Q16 vs. 40% in 1Q15); and by higher results with energy management in the wake of low-price context and high price volatility during 1Q16. Note that, as ^a result of the end of PPAs at ⁷ hydro plants in Dec-15, 627MW of hydro capacity was transferred from the LT Contracted portfolio (0.5TWh in 1Q15) to liberalised generation portfolio, posting ^a €22m of gross profit in 1Q16.

REGULATED NETWORKS IN IBERIA (21% of EBITDA) – EBITDA fell 28% YoY, to €234m in the 1Q16, materially impacted by ^a one-off in the 1Q15, namely the sale of some gas assets in Spain to Redexis (€78m). Adjusted by this effect EBITDA declined by 5% YoY (-€12m), reflecting lower non-regulatedrevenues in gas distribution in Spain and ^a €7m recovery of previous years' regulated revenues inelectricity distribution in Spain in the 1Q15.

WIND & SOLAR POWER (33% of EBITDA) – EDPR's EBITDA went up by 29% YoY (+€84m) to €379m in the 1Q16, reflecting: i) higher production (+30% YoY) supported by an increase of 15% on the avg. capacity onstream and stronger wind resources (+4pp YoY on load factor, to 38% in 1Q16); and ii) income from newtax equity deals during the period.

BRAZIL (16% of EBITDA) - EDPB's contribution to consolidated EBITDA was 43% higher YoY (+€56m), to€185m in the 1Q16, including the adverse ForEx impact (-€63m, in the wake 25% depreciation of BRL vs. Euro) and the impact from the disposal of Pantanal mini-hydro plants (+€61m). Adjusted for the Pantanal one-off, local currency EBITDA rose 29% YoY, to R\$536m in the 1Q16. Generation and Supply EBITDA went up 99% YoY (+R\$210m), reflecting the full consolidation of Pecém since May-15 (+R\$201m) and better performance at our hydro plants (+R\$43m YoY) due to ^a negligible impact of the hydro deficit vs. ^a greater impact in the 1Q15 (GSF at 88% in 1Q16 vs. 79% in 1Q15 and avg. PLD of R\$35/MWh in 1Q16 vs. R\$388/MWh in 1Q15). EBITDA from distribution fell by R\$95m to R\$137m in the 1Q16, impacted by lower demand, overcontracted volumes at Bandeirante, and an abnormal positive impact from tariff increases in the 1Q15.

Profit & Loss Items below EBITDA

fit & be low ( ) Pro Los s It EB ITD A € m em s	1Q 16	1Q 15	∆ %	bs. ∆ A	1Q 16	2Q 16	3Q 16	4Q 16	∆ %	1Q 16 Qo	Q bs. ∆ A
EB ITD A	1, 13 0	98 8	14 %	14 1	1, 13 0					21 %	19 7
vis ion Pro s d i Am isa tio air ort nt n a n mp me	3 36 6	1 33 7	6% 52 9%	3 29	3 36 6				-53 -10	% %	-4 -40
EB IT	76 0	65 1	17 %	10 9	76 0					46 %	24 1
fin l in Ne cia t ter est an ita lize d fin cia l co Ca sts p an for ha f fer Ne eig di d de riv t ate n e xc nge en ces an s Inv inc est nt me om e / p wi din sio n & dic l ca nsi bi liti Un n g w en m e a re res po es / ( ) Ca ita l G ain Los p s ses he ls Ot r F ina nci a Fin cia l R lts an esu ha f n fit d a S in j oin cia et t v tur tes re o pro en es an sso	( ) 20 2 14 6 0 ( ) 10 13 ( ) 2 ( ) 18 0 ( ) 8	( ) 23 8 32 ( ) 40 0 ( ) 11 - 50 ( ) 20 8 ( ) 2	15 % -57 % - 88 % 14 % - - 13 % -36 2%	37 -18 46 0 2 13 -51 28 -6	( ) 20 2 14 6 0 ( ) 10 13 ( ) 2 ( ) 18 0 ( ) 8				-24 -44 -11 -64 -13 -68	-8% % % - -7% % 61 % % 2%	18 -4 -5 -0 1 15 3 27 -9
fit Pre x P -ta ro	57 3	44 1	30 %	13 1	57 3					82 %	25 8
Inc e T om axe s f fec ( ) E tiv e T % rat ax e	15 2 26 %	82 19 %	% 84 -	69 7.8 pp	15 2 26 %				26	2%	11 0 0.1 pp
din Co i bu tio for he Se Ext ntr t En cto rao r ary n erg r y	59	61	-3%	-2	59				48	% 40	58
áve ED P R is en ov ias do asi l En Br erg he Ot r l lin No Int tro sts n-c on g ere	60 40 ( ) 0 10 0	39 18 5 62	55 % 12 1% - 62 %	21 22 -5 38	60 40 ( ) 0 10 0				14 -27 10	0% % 0% 25 %	35 -15 -0 20
fit f E Ne t P Att ri bu b le t o S ha ho l de DP ta ro re rs o	26 3	23 7	% 11	26	26 3					49 %	86

Income taxes amounted to €152m in the 1Q16, representing an effective tax rate of 26% (vs. 19% in the 1Q15). The gain booked in the 1Q15 on the sale of gas assets in Spain had no impact on the taxable income perimeter, thus impacting negatively the YoY comparison. Additionally, the 1Q16 results reflects the full-year impact from EDP's share on the extraordinary contribution (0.85% on net assets) applied to the energy sector in Portugal (€59m in the 1Q16). Amortisation and impairment (net of compensation from depreciation and amortisation of subsidised assets) rose 9% YoY to €366m in the 1Q16, reflecting: (i) higher depreciation charges at EDPR (+€23m YoY), derived from the new capacity installed over the last ¹² months; (ii) depreciation charges of Pecém following consolidation (+€9m).

Net financial costs decreased 13% YoY to €180m in the 1Q16. Net interest expenses decreased

Non-controlling interests reached €100m in the 1Q16 (+€38m YoY), reflecting the capital gain booked on the sale of Pantanal at EDP Brasil's level (€23m impact at non-controlling interests' level), as well as the share of minorities on higher net profit for the share capital not held by EDP at EDP Brasil's and EDPR. 15% YoY due to lower avg. cost of debt of 4.5% (vs. 4.7% in the 1Q15). Net ForEx differences andderivatives totalled €6m in ²⁰¹⁵ (+€46m YoY in the 1Q16, since there was ^a negative impact related to mark-to-market on the appreciation of the USD against the EUR in the 1Q15). Capitalised

Overall, net profit attributable to EDP shareholders was 11% higher YoY, at €263m in the 1Q16, impacted by higher operational performance. Excluding non-recurrent events(1), adjusted net profit in the 1Q16 amountedto €287m (+28% YoY vs. €224m in the 1Q15). financial costs fell €18m YoY, to €14m in the 1Q16, due to the commissioning of new plants inPortugal. Capital gains reached €13m, mostly related with the sale of our equity stake in TejoEnergia (+€11m). Other financials (-€2m in the 1Q16, -€51m YoY) considers lower gains with the tariff securitisation (-€26m YoY).

(1) Non-recurrent events: (i) in the 1Q15 (+€13m), gains with the sale of assets in Murcia (+€74m) and on the extraordinary energy tax (-€61m); (ii) in 1Q16 (-€24m), gains arising from on the sale of Pantanal in Brazil (+€24m), on the capital gain from of the sale of Tejo Energia stake (+€11m) and the extraordinary energy tax (-€59m).Share of net profit in joint ventures and associates amounted to -€8m in the 1Q16 (-€6m YoY), mostly impacted by lower results from EDPR's equity stake in some wind parks in the US. The asset split of ENEOP since Sep-15 (+€7M in the 1Q15) and the consolidation of Pecém ^I since May-15 (- €8m in the 1Q15) produce ^a neutral effect.

Capital Expenditure & Net Investments

( ) Ca € m pe x	1Q 16	1Q 15	∆ %	bs. ∆ A	1Q 15	2Q 15	3Q 15	4Q 15	1Q 16	2Q 16	3Q 16	4Q 16	CA PE X 1 Q 16
be LT d g . I ria ntr act co e en Li be lise d a ctiv itie be ria s I ra	2 48	4 93	% -54 -48 %	-2 -45	4 93	7 96	6 79	12 12 1	2 48				int Ma en an ce Ca pex
lat d n ks be Re I ria etw gu e or	65	69	-6%	-4	69	78	77	15 3	65
Wi d & lar n so po we r l Bra zi	89 21	16 3 21	% -46 1%	-74 +0	16 3 21	15 9 24	27 4 25	30 6 44	89 21				46% 54%
he Ot r	9		-35 %	-5	14	15	17	( ) 66	9
ED P G rou p	23 3	36 2	-36 %	-12 9	36 2	37 9	47 7	57 0	23 3				Exp sio an n
Exp sio n C an ap ex	12 7	26 0	-51 %	-13 3		24 4	34 8	33 1	12 7				Ca pex
int Ca Ma en an ce pe x	10 6	10 2	4%	+4	10 2	134	12 9	23 8	10 6

he Ot r	9	14	-35 %	-5	14
ED P G rou p	23 3	36 2	-36 %	-12 9	36 2
sio n C Exp an ap ex	12 7	26 0	-51 %	-13 3	26 0
int Ma Ca en an ce pe x	10 6	10 2	4%	+4	10 2
fin cia l Ne t an / ( ) ( ) inv Div €m est nts est nts me me	1Q 16	1Q 15	∆ %	bs. ∆ A
Fin cia l In stm ts an ve en	11 7	15	69 6%	+1 02
li da Co tio n P eri ED PR ter nso me l ge Bra zi ion rat ne ( ) Ga I be ria ts s a sse he Ot r	37 32 44 4	- - - 15	- - - -74 %	+3 7 +3 2 +4 4 -11
Fin cia l D ive stm ts an en	40 9	18 7	9% 11	+2 22
( be ) Ga I ria ts s a sse i l ( l ) ED P B Pa nta ras na Wi d a ts n sse he Ot r	0 83 30 8 18	18 5 - 2 -	-10 0% - 13 60 9% -	-18 4 +8 3 +3 05 +1 8
l To ta	( ) 29 2	( ) 17 2	-69 %	-12 0
( ) Ne t In €m stm ts ve en	1Q 16	1Q 15	∆ %	bs. ∆ A
Ca pex l in Fin cia stm ts an ve en 's a ion ds ED PR t ro tat sse pr oce e	23 3 35 ( ) 27 9	36 2 15 -	-36 % 13 6% -	-12 9 +2 0 -27 9

Consolidated capex amounted to €233m in the 1Q16, with more than half (54%) devoted to the construction of new hydro & windcapacity. Maintenance capex was 4% higher YoY (+€4m), at €106m in the 1Q16, mostly concentrated in regulated networks inIberia.

Capex in hydro capacity under construction in Portugal totalled €37m, following the delivery of new capacity. During the 1Q16, ²hydro plants started operations: Salamonde ² (207MW) and Baixo Sabor (upstream plant of 142MW). As of Mar-16, EDP had ² hydroprojects under construction: i) Venda Nova ³ (756MW), due in 2H16; ii) Foz-Tua (263MW), expected to start-up operations in late 2016/early 2017. Capex in new wind capacity (EDPR) amounted to €89m in 1Q16 (of which €63m in North America). Wind capacity additions in the 1Q16 amounted to 120MW in Brazil, while capacity under construction reached 476MW in Mar-16 (53% in NorthAmerica, 42% in Mexico, 5% in Europe). In Brazil, capex totalled €21m in 1Q16 and was mostly devoted to our distribution business.

Net financial divestments totalled €292m in the 1Q16. Financial divestments amounted to €409m in 1Q16, including: i) €279m fromthe sale by EDPR of ^a minority stake in US portfolio of wind assets to Axium; ii) €83m from the sale of Pantanal mini-hydro by EDPB(51MW); and iii) €17m from the sale of our equity stake in Tejo-Energia coal plant. Financial investments in the 1Q16 amounted to€117m, reflecting mostly the acquisition of an additional stake in Portgás (€44m) and EDPB's equity contributions to S. Manoel hydroprojects (€32m).

( ) Ne t In €m stm ts ve en	1Q 16	1Q 15	∆ %	bs. ∆ A
Ca pex l in Fin cia stm ts an ve en 's a ion ds ED PR t ro tat sse pr oce e	23 3 35 ( ) 27 9	36 2 15 -	-36 % 13 6% -	-12 9 +2 0 -27 9
l To ta	( ) 11	37 7	-	-38 8

Overall, net investments amounted to -€11m in the 1Q16 (vs. €377m in 1Q15), including €233m of capex, €35m of financial investments and €279m of proceeds from asset rotation deals by EDPR.

FFO & Cash Flow Statement

( ) Fu ds fro Op tio €m n m era ns	1Q 16	1Q 15	∆ %	bs. ∆ A	ds fro ( ) d f lec ) Fu ion F F O inc 1 9 % Yo Y € 7 4 1m in 1 Q 1 6, ing i € 1 1 2m inc in E B I T D A t to t n m op era s rea se re a rea se
EB ITD A Cu inc nt e t rre om ax fin l in Ne cia t ter est	1, 13 0 ( ) 144 ( ) 20 2	1, 01 7 ( ) 11 2 ( ) 23 8	11 % % -29 15 %	+1 12 -33 +3	( de ls ); ) d ) de f l i 3 i i € 3 3m inc in inc i i i € 3 7m in ina ia ta nt tax t se e on p ag e a rea se cu rre om e ; an a cre ase ne nc f fro f ( ). int be itt ing low de bt 4. % in 1 Q 1 6 4. % 1 Q 1 sts st 5 7 5 ere ne m a er av era g e co o vs ,
an s d div de ds d fro Ne t In i eiv As iat co me an n rec e m soc es h it No n-c as em s	( ) 8 ( ) 35	( ) 2 ( ) 45	-36 3% 22 %	7 -6 +1 0	h fro fe l l lat b les Ne ing iv it ies € 7 1 3m Yo Y € 5 6 5m in 1 Q 1 6. Re iva inc d t t t to to ca s m op era ac g u ory rec e rea se ) fro fro € 9 1m 1 dr ive by i € 1 8 4m inc lat d iv it ies in l, inc lu d ing -€ 9 4m De 5, Po act rtu vs c- n : a rea se m reg u e g a m
ds tio FFO - F Fro Op un m era ns	74 1	62 1	19 %	+1 20	he de ls de ke d ) de lat b les fro it isa ion in 1 Q 1 6; i i € 9 3m in iva t t rta se cu r a un n an a cre ase ou r reg u ory rec e m ou r
					lec bu l. 'Ot he ha k l ', h h ic ity d ist i ion iv it ies in Bra i in ing ita ic d -€ 2 9 5m in tr t act nte to e r z r c ng es wo r ca p w am ou
li da d C h F low ( ) - dir ho d Co €m In M te ect et nso as	1Q 16	1Q 15	∆ %	bs. ∆ A	f fro f 1 Q 1 6, ly lec € 6 1m in bo ke d de ive d he le l in i- hy dro lan in i l, Pa Bra st t t nta t mo re a g a o r m sa o na m p z a
					de b les de l d d b les lat d bu in ier inc in ing iva ine to tra tra to te cre ase p ay a su p p s an an rea se rec e re e g rea r s ss
EB ITD A	1, 13 0 144	1, 01 7 11 2	% 11 -29 %	+1 12	iv ity act
Cu inc nt e t rre om ax ha kin l C s in tin ita	( ) ( ) 42 0	( ) 37 2	-	-33 -79 3
nge op era g w or g c ap lat cei b les Re Re gu ory va	( ) 91	22 6		-31	le lat he hy dro Ex ion € 1 2 7m in 1 Q 1 6, ing ing ion in to ta tra t nst t p an s ca p ex ns on g o co ruc o ne w an w
h it No n-c as em s	( ) 35	( ) 45	- 22 %	7 +1 0	d f d d
he kin l Ot ita r w or g c ap	( ) 29 5	19 1	-	-48 6	fro ity C ha in k ing ita l ip l ier is lar ly i bu b le inv ice nt att ta to nts to ca p ac ng e wo r ca p m eq u me su p p s g e r o p ay me ip l ier lat d inv in b les lev l. E D P R nt to est nts at eq u me su p p s re e me ren ew a e
h fro Ne t C Op tin Ac tiv itie as m era g s	56 5	1, 27 8	-56 %	-71 3
Ca pex	( ) 23 3	( ) 36 2	36 %	+1 30	f f f Ne ina ia l d ive d € 2 9 2m in 1 Q 1 6, ly lec ing d isp l ino ity ke t stm ts nte to E D P R st t sta nc en am ou mo re os a o a m r ( ( fo l in € 2 9m he l in i- hy dro lan by € 8 3m U 7 Pa E D P ort ets t nta t p o w ass sa o na m p an
Exp sio an n	( ) 12 7 10 6	( ) 26 0 10 2	% 51 -4%	33 +1	), ) in S io f d le f d he B t a
Ma int en an ce ha s in kin ita l fro lier C nt	( ) ( ) 32 2	( ) ( ) 11 3	-18 5%	-4 -20 9	f l ke ás ( ). is it ion d d it ion in Po € 4 4m sta rtg ac q u o an a a
uip nge w or g c ap m eq me sup p s ( ) / Ne fin cia l inv div t est nts est nts an me me	29 2	17 2	% 69	+1 20
fin l in d Ne cia ai t ter est an s p	( ) 25 0	( ) 26 0	4%	+1 0	th, ( G he l d i l 9 2 0 6, d d iv i de d f 0. 8 ha f lat he iou E D P A M Ap 1 1 1 5 t on r ap p rov e a g ros s n o eu ros p er s re vs p rev s
de ds d fro Div i eiv As iat n rec e m soc es	0	4	-99 %	-4	th, h ic ds € 6 7 6m be i Ma 1 8 2 0 1 6. tot y ea r w co rre sp on a am ou o p a on
Div i de ds i d n pa ha ho l de ED P S re rs	( ) 21 -	( ) 0 -	% -52 54 -	-21 -	), f h l d to nt to a y ,
he Ot r	( ) 21	( ) 0	-52 54 %	-21	ds fro itu ion l h ip in S f lec he b l is hm f ity f ina ing Pro Ins Pa U t t rtn t t est t tax ce e m a ers s re a en o a ne w eq u nc
ds fro titu tio l Pa hip s in US in d Pro Ins rtn cee m na ers w	164	( ) 18	-	+1 82	far ( ), in U S lat d he 1 9 9 W W ly in d € 2 1 6m h ic h im de bt ly str tu to t M act t art uc re re e av er w m w p on ne wa s p
f fec f e ha f luc E tio t o te tua xc nge ra ns	14 6	( ) 43 6	-	82 +5	( ). f fse by he ion be f its by ins itu ion inv € 5 1m t ret t tax t t est o en o ne a ors
he ha Ot tin r n on -op era g c nge s	37	( ) 2	-	+3 9	f l t
/ ( ) bt De Inc in Ne t D cre ase rea se e	37 8	26 3	% 44	+1 15	f fec f f f f (- ). ha luc ion lec he im U S de iat ion ins he % E ts rat tu at D Eu 5 t t act t t o ex c ng e e s re p o p rec ag a ro
( ) - Co li da d C h F low €m Dir M ho d te ect et nso as	1Q 16	1Q 15	∆ %	bs. ∆ A	ba lan de bt do bn f On € 3 7 8m De 1 5 € 1 7. 0 Ma 1 6. t nt to ce ne we wn vs c- as o r- ,
tin tiv itie Op Ac era g s Ca h r fro ts tom	3, 53 3	3, 78 6	-7%	-25
ip s ece m cus ers ds fro f f a les Pro i tar stm ts	10 0	49 9	-80 %	3 -39 9
dju cee m en sa h p d t lier d p l Ca ai s o s s a n ers on ne	( ) 2, 84 3	( ) 3, 11 8	9%	+2 76
up p Co ssi & he nts ot nce on re r	( ) 16 5	65		-22 9
h fro Ne t C Op tio as m era ns	62 5	1, 23 2	- -49 %	-60 6
/ d (pa d ) Inc eiv i e t om ax rec e	( ) 61	46	-	-10 7
h fro Ne t C Op tin Ac tiv itie as m era g s	56 5	27 8 1,	-56 %	3 -71
h fro ing tiv itie Ne t C Inv Ac est as m s	( ) 51 2	( ) 27 9	-84 %	-23 3
h fro Ne t C Fin cin Ac tiv itie as m an g s	25 2	( ) 1, 35 2	-	+1 60 4 ,

		-		-
he Ot r
ds fro titu tio l Pa hip s in US in d Pro Ins rtn cee m na ers w	164	( ) 18	-	+1 82
f fec f e ha f luc E tio t o te tua xc nge ra ns	14 6	( ) 43 6		+5 82
he ha Ot tin r n on -op era g c nge s		( ) 2	-	+3 9
/ ( ) bt De Inc in Ne t D cre ase rea se e	37 8	26 3	% 44	+1 15
( ) - Co li da d C h F low €m Dir M ho d te ect et nso as	1Q 16	1Q 15	∆ %	bs. ∆ A
tin tiv itie
Op Ac era g s
Ca h r ip fro ts tom s ece m cus ers	3, 53 3	3, 78 6	-7%	-25 3
ds fro f f a dju les Pro i tar stm ts cee m en sa	10 0	49 9	-80 %	-39 9
h p d t lier d p l Ca ai s o s up p s a n ers on ne	( ) 2, 84 3	( ) 3, 11 8	9%	+2 76
Co ssi & he nts ot nce on re r	( ) 16 5	65		-22 9
h fro Ne t C Op tio as m era ns	62 5	1, 23 2		-60 6
/ d (pa d ) Inc eiv i e t om ax rec e	( ) 61	46	-	-10 7
h fro Ne t C Op tin Ac tiv itie as m era g s	56 5	1, 27 8	-56 %	-71 3
h fro ing tiv itie Ne t C Inv Ac est as m s	( ) 51 2	( ) 27 9	-84 %	-23 3
h fro Ne t C Fin cin Ac tiv itie as m an g s	25 2	( ) 1, 35 2	-	+1 60 4 ,
C ha in Ca h a d C h E iva len ts ng es s n as qu	30 5	( ) 35 3	-	+6 58
f fec f e ha f luc E tio t o te tua xc nge ra ns	18	( ) 25	-	+4 3

Statement of Consolidated Financial Position

2,568

2,477

⁹¹

( ) As € m set s	Ma Ma r-1 6	s. D r v ec De c-1 5	bs. ∆ A
lan d e Pro ipm rty t a t, n et pe , p n qu en	22 46 9 ,	22 77 4 ,	-30 4
Int i b le a ts, net an g sse	5, 52 6	5, 52 5	2
dw l l Go i o	3, 35 8	3, 38 9	-30
l in d a he l d for le, Fin cia stm ts ts net an ve en an sse sa	88 0	1, 02 8	-14 8
de fer d a d c Ta ts, t x a sse re n urr en	58 2	58 7	-5
Inv ies tor en	20 8	20 4	4
de b les Tra cei et re va , n	2, 14 3	1, 99 7	14 7
he Ot ts, net r a sse	5, 79 3	5, 70 8	84
l lat l Co de sits era po	89	80	10
h a d c h e len Ca iva ts s n as qu	1, 56 9	1, 24 5	32 3
To l A ta ts sse	42 61 9 ,	42 53 7 ,	82
uit ( ) Eq € m y	Ma r-1 6	De c-1 5	bs. ∆ A
bu b le t ho l de f E	95 0	67 0	28 0
Eq uit i ity DP ttr ta y a o e qu rs o	8, 69 2	8, 45 2	24 0
ling No In tro ter est n-c on	3,	3,
l Eq To uit ta y	12, 64 2	12, 12 1	52 1
Lia bi liti ( ) € m es	Ma r-1 6	De c-1 5	bs. ∆ A
l de bt, f w h: Fin cia ic an o	19, 25 8	19, 27 1	-12
diu d lon Me ter m an g- m	16, 26 8	15, 65 4	61 4
S ho rt t erm	2, 99 1	3, 61 7	-62 6
loy be fits ( de l be low ) Em tai p ee ne	1, 79 1	1, 82 3	-33
l pa hip lia bi lity ( d ) Ins titu tio US in rtn na ers w	1, 26 0	1, 16 5	95
vis ion Pro s	51 4	50 6	8
lia bi liti de fer d a d c Ta t x es, re n urr en	1, 49 5	1, 31 2	18 2
fer d i fro hip De ins t. p art re nco me m ne rs s	73 9	79 1	-52
Ot he lia bi liti t r es, ne	4, 92 0	5, 54 7	-62 6
l Li bi liti To ta a es	29 97 6 ,	30 41 5 ,	-43 9
l Eq bi liti To uit d L ia ta y a n es	42 61 9 ,	42 53 7 ,	82
fits ( ) ( ) Em loy Be €m 1 p ee ne	6 Ma r-1	De c-1 5	bs. ∆ A
( ) Pe nsi 2 on s	84 8	88 3	-36
dic l ca d o he Me t a re an r	94 3	94 0	3
loy fits Em Be p ee ne	1, 79 1	1, 82 3	-33
	Ma r-1 6	De c-1 5	bs. ∆ A
lat cei b les ( ) Re Re €m gu ory va
l D bu ( ) Po ist ri tio d G 3 rtu ga n a n as	2, 19 1	2, 02 1	17 1
l A l C Po ME C D iat ion rtu ga nn ua ev	22 9	21 6	13
ain Sp	70	70
Bra zi l	77	17 0	- -93

Regulatory Receivables

Total amount of property, plant & equipment and intangible assets decreased €0.3bn vs. Dec-15 to €28.0bn as of Mar-16, mainly reflecting: -€0.3bn from depreciations in the period and -€0.2bn mainly resulting from the net effect of the depreciation of the USD against the Euro (-5%) and of the appreciation of the BRL against the Euro (+15%) between Dec-¹⁵ and Mar-16, which in turn were offset by €0.2bn of capex in the period. As of Mar-16, EDP's balance sheet included€2.7bn of works in progress (9% of total consolidated tangible and intangible assets) largely related to investments already incurred in regulated networks, power plants, wind farms development, equipment or concession rights which are not yet operating.

The book value of financial investments & assets held for sale went down €0.1bn vs. Dec-15, to €0.9bn as of Mar-16, mainly reflecting the conclusion of the sale of Pantanal mini-hydros in Brazil and of our equity stake in Tejo Energia coal plant. Note that, by Dec-15, financial investments essentially refer to our financial stakes in Jari (50%), Cachoeira Caldeirão (50%), EDP Asia (50%), which is the owner of ^a 21% stake in CEM, REN (3.5%) and BCP (2.0%).

Tax assets net of liabilities, deferred and current, went down €0.2bn vs. Dec-15, mostly due to current income tax calculation and to the extraordinary energy tax (-€59m). Trade receivables and other assets (net) increased €0.2bn vs. Dec-15 to €7.9bn as of Mar-16, driven essentially by regulatory receivables generated during the period.

Total amount of EDP's net regulatory receivables went up €91m vs. Dec-15, to €2.6bn as of Mar-16, reflecting ^a €184mincrease from Portugal and ^a €93m reduction from Brazil.

Equity book value increased to €9.0bn as of Mar-16, mainly reflecting the €263m of net profit for the period. Noncontrolling interest increased €0.2bn to €3.7bn as of Mar-16, mostly deriving from the asset rotation disposals closedby EDPR in the 1Q16 and the share of profit at EDPR and EDPB in the period that does not belong to EDP's shareholders.

Pension fund, medical care and other employee benefit liabilities (gross, before deferred taxes) fell by €33m vs. Dec-¹⁵ to €1,791m as of Mar-16, reflecting the recurrent payment of pension and medical care expenses in the 1Q16. Institutional partnership liabilities net of deferred income increased €147m vs. Dec-15 to €521m as of Mar-16reflecting the benefits appropriated by the tax equity partners during the period and by the completion ^a sale of tax equity, partly offset by the depreciation of the USD vs. EUR (-5%).

Consolidated Net Financial Debt

l Fi l D bt by ( ) No mi nci Co €m na na a e mp an y	Ma r-1 6	De c-1 5	∆ %	∆ A bs.
P S d E Fi ED .A. DP BV an na nce	16, 13 2	16, 15 7	0%	-25
du he ED P P ão & Ot ro ç r	114	11 5	-1%	-1
áve ED P R is en ov	1, 08 8	1, 08 0	1%	8
i l ED P B ras	1, 48 8	1, 41 5	5%	73
l Fi l D bt No mi nci na na a e	18, 82 1	18, 76 7	0%	54
d I bt Ac n D nte t o cru e res e	26 6	33 2	-20 %	-66
f H Fai r V lue dg d D bt a o e e e	17 2	17 2	0%	0
d w h D bt ( ) De riv ati cia it 2 te ve s a sso e	( ) 21 4	( ) 17 5	-22 %	-39
l lat l de d w h D bt Co sits iat it era po as soc e e	( ) 89	( ) 80	-12 %	-10
( ) Hy bri d a dju 50 % e ity stm t nte nt en qu co	( ) 37 6	( ) 38 1	1%	5
l Fi l D bt To nci ta na a e	18, 57 9	18, 63 5	0%	-56
Ca h a d c h e iva len ts s n as qu	1, 56 9	1, 24 5	26 %	32 3
d O he ED P S .A. ED P F ina BV t nce an r ,	76 1	68 0	12 %	81
áve ED P R is en ov	39 2	29 9	31 %	93
i l ED P B ras	41 6	26 7	56 %	14 9
l as fai lue hro h P Fin cia &L set t t an s a r v a ug	8	9	-10 %	-1
li da d N bt ED P C De te et on so	17, 00 2	17, 38 0	-2%	-37 8

dit by ( ) Cre Li Ma r-1 5 €m ne s	xim Ma um Am nt ou	Nu m Co un	be f r o ter rts pa	ai la b Av Am nt ou	le	Ma ity tur
lvin Cre dit ci lity Re Fa vo g	3, 15 0		21	3, 15	0	/ 19 Jun
lvin dit lity Re Cre Fa ci vo g	50 0		16	25	0	b / Fe 20
lvin dit liti Re Cre Fa ci vo g es	17 5		2	17	5	20 16
sti dit Li Do c C me re ne s	18 2		8	18	2	b le Re ne wa
de Un ritt CP Pr rw en og ram me s	10 0		1	10	0	20 21
l C dit To Li ta re ne s	4, 10 7			3, 85	7
bt tin De Ra gs	S& P		Mo	dy 's o		Fit h c
A & ina ED P S ED P F BV nce ati tio Las t R Ac ng n	/ BB Po sit + / / 14 10	/ ive B 20 15	/ Ba a3 / 12 02	/ b le Sta P3 / 20 16	BB	/ / b B- Sta F3 / / 05 11 20 15
bt tio De Ra s				( Ma r-1 6	) 3	De c-1 5
bt / Ne t D EB ITD A e				4.2	x	4.4 x
/ bt dju by b Ne t D EB ITD A a Re Re cei st. e g. va	les			3.6	x	3.8 x
bt De Ma	( ) by ( ) ity € m Ma r-1 6 1 tur

EDP's financial debt is essentially issued at holding level (EDP S.A. and EDP Finance B.V.) through both debt capital markets and bank loans. Maintaining access to diversified sources of funding and assuring refinancing needs 12-24months ahead continue to be part of the company's funding strategy. In Feb-16, Moody's affirmed EDP's credit rating at "Baa3" with Stable outlook. This rating affirmation follows ^a review of EDP's and other European utility companies' exposure to the power price environment, reflecting EDP's low exposure to lower power prices, as well as its financial flexibility.

Looking at 1Q16 major debt repayments and refinancing deals, in Feb-16, EDP repaid, at maturity, ^a €750m 5,875 %Eurobond. In Mar-16, EDP issued ^{a 7} year eurobond in the amount of €600m, with final maturity date in March 2023, and ^a coupon of 2.375%. This issuance is in line with the Group's financial policy of extending the average term of its debt portfolio and reinforcing its financial flexibility.

As of Mar-16 average debt maturity was 4.8 years (hybrid bond is not included in this figure). The weight of consolidated financial debt through capital markets stood at 68%, while the remaining of the debt was raised essentially through bank loans. Refinancing needs in ²⁰¹⁶ amount to €2.3bn, including i) €0.5bn of bonds maturing in1H16; ii) €1.0bn of bonds maturing in 2H16 and iii) €0.8bn of other facilities maturing throughout the year. Refinancing needs amount to €1.3bn in ²⁰¹⁷ and 1.5bn in ²⁰¹⁸ consisting mostly of bond. Total cash and available liquidity facilities amounted to €5.4bn by Mar-16. This liquidity position allows EDP to cover its refinancing needs beyond 2018.

Business Areas

Iberian Electricity and Gas Markets

lec tri cit lan E Ba y ce		l Po rtu ga		Sp ain			be la I ria n P ins en u			l le d C aci in lec tri cit Ins E ta ty ap y	I	be la ria n P ins en u
( h ) TW	1Q 16	1Q 15	∆%	1Q 16	1Q 15	∆%	1Q 16	1Q 15	∆%	( ) GW	1Q 16	1Q 15	∆%
dro	5.9	3.5	72 %	13 .1	10 .6	23 %	19 .0	14 .1	35 %		23 .5	22	6%
Hy										dro Hy		.2
lea Nu c r	-	-	-	13 .8	15 .2	-9. 2%	13 .8	15 .2	-9%	lea Nu c r	7.0	7.0	-
l Co a	2.4	3.1	-24 %	6.0	10 .4	-42 %	8.4	13 .6	-38 %	l Co a	11 .5	11 .7	-2%
CC GT	0.7	0.5	48 %	4.5	5.6	-20 %	5.2	6.1	-15 %	CC GT	28 .8	28 .8	0%
/ga / l die l Fue s se	-	-	-	-	-	-	-	-	-	/ga / l die l Fue s se	0.5	0.8	-37 %
(- ) Pu ing mp	( ) 0.4	( ) 0.4	9%	( ) 2.0	( ) 1.5	36 %	( ) 2.5	( ) 1.9	31 %	Co tio l R im nv en na eg e	.2 71	70 .4	1%
l R Co tio im nv en na eg e	8.6	6.7	28 %	35 .3	40 .3	-13 %	43 .9	47 .0	-7%
										Wi d n	28 .0	27 .8	1%
Wi d n	4.1	3.7	% 11	17 .1	15 .7	9%	21 .3	19 .4	9%	Ot he cia l re im r s pe g e	20 .1	20 .0	1%
he Ot r	2.6	2.5	3%	9.8	10 .1	-4%	12 .3	12 .6	-2%	l R Sp eci im a eg e	48 .1	47 .8	1%
eci l R im Sp a eg e	6.7	6.2	8%	26 .9	25 .9	4%	33 .6	32 .1	5%
										l To ta	11 9.3	11 8.2	1%
/ (ex ) n Im rt rt et po po	( ) 2.3	0.3	-	1.7	( ) 1.5	-	( ) 0.6	( ) 1.2	-52 %
de d ( be for ri d los ) Gr oss ma n e g ses	13 .0	13 .2	-1. 3%	63 .8	64 .7	-1. 3%	76 .8	77 .8	-1. 3%
dju kin da A st. tem rat pe ure , w or g ys			0.7 %			-6. 0%			n.a	be ria lec tri cit I n E Fo y	( d M ket rw ar ar	) OM IP
										/ ( h ) € MW
d Ga s D em an		l Po rtu ga			Sp ain		be I	ria n P ins en u	la
( h ) TW	1Q 16	1Q 15	∆%	1Q 16	1Q 15	∆%	1Q 16	1Q 15	∆%	50
l de d Co nti nve on a ma n	10 .0	11	-8%	77 .5	79	-3%	87 .5	90	-4%
d for lec tric ity ion De rat ma n e ge ne	1.5	.0 1.1	43 %	11 .6	.9 13 .6	-15 %	13	.8 14 .7	-11 %
To l D d ta em an	.6 11	12	-4%	89 .1	93	-5%	.1 10	10 5.5	-5%	47
		.0			.5		0.6

Electricity demand in Iberia fell 1.3% YoY in 1Q16, with similar contribution from Portugal and Spain. In Spain (84% of Iberia), demand adjusted for temperature and working days fell 6%. In Portugal (16% of total), demand adjusted for temperature and working days was 0.7% higher YoY in 1Q16.

Installed capacity in Iberia rose by 1% in 1Q16 (+1.1GW), mainly reflecting the addition of new hydro capacity (Portugal: +0.4GW; Spain: +0.9GW) and, to ^a lower extent, new special regime capacity in Iberia (mostly wind). This was partially mitigated by the shutdown of coal and fuel oil capacity in Spain. In Portugal, Baixo Sabor hydro plant (172MW, of which 30MW were in operationsince 1Q15) and Salamonde (207MW) came on stream in 1Q16.

Residual thermal demand (RTD) fell 37% YoY (-6TWh YoY) in 1Q16, supported by: (i) 4.4TWh YoY rise in hydro output (net of pumping), backed by wet weather (hydro resources were 45% above average year in Portugal and +20% in Spain); (ii) 1.8TWhincrease in output from wind, on resources broadly stable YoY (16% above the average year); (iii) 1TWh decline in gross demand inIberia; and (iii) 0.7TWh increase in imports. Nuclear output was 1.4TWh lower YoY. As ^a result, coal output fell 38% YoY (-5TWh) andoutput from CCGT fell 15% YoY (-0.9TWh YoY). Overall, strong hydro and wind resources have largely displaced thermal capacity in1Q16, leading to an avg. load factors at both coal (-20p.p. YoY to 33%) and CCGTs (-1p.p. YoY to 8%).

Average electricity spot price in Spain was 34% lower YoY in 1Q16, at €31/MWh, both in Portugal and Spain. Average CO² prices fell 20% YoY in 1Q16, to €5.6/ton in 1Q16 (avg.). Average electricity final price in Spain fell 9% to €56/MWh. The difference betweenfinal electricity price and pool price is explained by the contribution from profiling, restriction market, ancillary services and capacity payments.

In the Iberian gas market, consumption fell by 5% YoY in 1Q16, in line with the fall in conventional demand (87% of total consumption). Gas demand for electricity generation purposes (-11% YoY) reflected lower working hours at CCGTs.

		ain Sp		be I	ria ins n P en u	la		be I	ria ins n P en u	la
	1Q 16	1Q 15	∆%	1Q 16	1Q 15	∆%	( ) GW	1Q 16	1Q 15	∆%
	13 .1	10 .6	23 %	19 .0	14 .1	35 %		23 .5	22 .2	6%
-	13 .8	15 .2	2% -9.	13 .8	15 .2	-9%		7.0	7.0	-
	6.0	10 .4	-42 %	8.4	13 .6	-38 %		11 .5	11 .7	-2%
	4.5		-20 %	5.2	6.1	-15 %		28 .8	28 .8	0%
-	-		-	-	-	-		0.5	0.8	-37 %
	( ) 2.0	( ) 1.5	36 %	( ) 2.5	( ) 1.9	31 %		.2 71	70 .4	1%
	35 .3	40 .3	-13 %	43 .9	47 .0	-7%
							Wi d n	28 .0	27 .8	1%
	17 .1	15 .7	9%	21 .3	19 .4	9%		20 .1	20 .0	1%
		10 .1	-4%	12 .3	12 .6			48 .1	47 .8	1%
	26 .9	25 .9	4%	33 .6	32 .1	5%
							l To ta	11 9.3	11 8.2

in ive Ma Dr rs	1Q 16	1Q 15	∆%
dro fic ( ) Hy ien 1.0 t co e avg . ye ar = l Po rtu ga ain Sp fic ( ) Wi d c ien 1.0 t n oe avg . ye ar = l Po rtu ga	1.4 5 1.2 0 1.1 6	0.7 4 0.9 0 1.1 4	96 % 33 % 2%
lec / h ( ) E tric ity ric € MW 1 t p spo e, l Po rtu ga Sp ain	30 .5 30 .7	46 .0 45 .9	-34 % -33 %
l low ( ), / ( ) CO 2 a EU A € 1 ton an ces	5.6	7.0	-20 %
/ l ( ), ( ) Co AP I2 C IF A RA US D 1 t a / ( ) Ga s N BP € MW h 1 , / b b l ( ) Bre US D 1 nt,	45 .3 13 .5 33 .9	60 .6 22 .0 54 .0	-25 % -39 % % -37
/ ( ) EU R US D 1	1.1 0	1.1 3	-2%

e S ( ) Inc € m tat t om em en	1Q 16	1Q 15	∆%	bs. ∆ A
/ PP A CM EC Re ve nu es	20 6	25 3	-19 %	-47
in t he ket ( i ) Re ve nu es ma r	17 2	22 7	-24 %	-54
( ) An l de via tio ii nu a n	61	64	-5%	-3
/ d i ( ) PP As CM EC iii s a ccr ue nco me	( ) 27	( ) 38	-29 %	+1 1
/ Dir PP A CM EC Co ect sts	72	83	-13 %	-11
Co l a	35	52	% -33	-17
l o l Fue i	1	1	8%	+0
d o he (ne ) CO 2 a t ost t n r c s	36	30	20 %	+6
/ Gr fit A CM EC Pr PP oss o	134	17 0	-21 %	-36
he l bio T
(co ) ste rm a ge n., wa ma ss , dro	2	3	-18 %	-0
Mi ni- hy fit l R	25	13	90 %	+1 2
Gr Pr Sp eci im oss o a eg e	27	15	73 %	+1 1
ing ( ) Ne t O 1 rat sts pe co	28	33	-14 %	-5
EB ITD A	13 3	3 15	-13 %	-20
de d p Ne cia tio isio t pre n a n rov n	33	39	-17 %	-6
EB IT	10 0	114	-12 %	-14
lts dg ( ) ( ) At Fin . R : H ing Ga ins Los 2 esu e ses	( ) 6	( ) 0	15 15 %	-5
( ) loy # Em p ee s	1, 07 3	1, 15 3	-7%	-80

/ PP A CM EC : K Da ta ey	1Q 16	1Q 15	∆ %	bs. ∆ A
l d A la bi Re Co i
/ lity ntr act a e va dro H	1.0 5	1.0 4	1%	+0 .0
y l C	1.0 7	1.0 7	-0%	-0. 0
oa
l le d C aci ( ) Ins MW ta ty ap	3, 84 3	4, 47 0	-14 %	-62 7
dro Hy	2, 66 3	3, 29 0	-19 %	-62 7
Co l a	1, 18 0	1, 18 0	-	-
( h ) Ou GW tpu t	4, 62 7	4, 15 1	11 %	+4 76
Hy dro	2, 85 4	1, 90 3	% 50	+9 51
l Co a	1, 77 3	2, 24 8	-21 %	-47 5
Sp eci l R im Ke Da ta a eg e: y	1Q 16	1Q 15	∆ %	bs. ∆ A
( h ) Ou GW tpu t	33 7	22 2	51 %	+1 14
Mi ni- hy dro l Po rtu ga	25 9	13 8	88 %	+1 21
he l Po l T rtu rm a ga	52	52	1%	+0
he l Sp T ain rm a	26	33	-22 %	-7
fit ( / ) Av Gr Pr € MW h era ge oss o
hy dro l Mi ni- Po rtu ga	95	94	1%	+1
he l Po l ( ) T 3 rtu rm a ga	28	22	29 %	+6
he l Sp ain T rm a	42	43	-1%	-0
( ) Ca € m pe x	1Q 16	1Q 15	∆ %	bs. ∆ A
/ PP A CM EC Ge ion rat ne	1	3	-54 %	-2
l R Sp eci im a e	0	0	-50 %	-0
eg
l To ta	2	4	% -54	-2

EBITDA from LT contracted generation fell by 13% (-€20m YoY), to €133m in 1Q16, reflecting the transfer of ⁷ hydro plants to our merchant portfolio following the termination of respective PPAs (1Q15 gross profit: €19m). These plants have ^a total installed capacity of 627MW and an annual production 1.7TWh(on an average hydro year).

Gross profit from PPA/CMEC was 21% lower YoY, at €134m in 1Q16, reflecting the aforementioned end of PPA in Dec-15 and the natural depreciation of the asset base in ^a context of very low inflation and adverse results with fuel procurement, following the decline in CO2 and fuel market prices between the moment of procurement and the moment of consumption. Note that, as ^a result of EDP's strategy to hedge these changes through derivative financial instruments, this impact is ultimately compensated at the level of financial results.

The annual deviation between market gross profit under CMECs assumptions and gross profit under actual market conditions totalled €61m in 1Q16. This amount is due to be received in up to ²⁴ months through access tariffs. Deviation at hydro plants totalled €36m in 1Q16, since higher output (50% above the CMEC reference), prompted by hydro resources 45% above average hydro year, was outstated by realised price 53% below the CMEC's reference and adverse impact from low inflation. In turn, total gross profit at our Sines coal plant was €25m below the CMEC's reference in 1Q16 mainly impacted by volume of production short of CMEC reference.

Gross profit from special regime was €11m higher YoY, at €27m in 1Q16, fully driven by an 88% surge in production backedby hydro conditions.

Net operating costs(1) fell by 14% YoY, to €28m in 1Q16, supported by the transfer to our merchant portfolio of the hydrocapacity which PPA terminated in ²⁰¹⁵ and by favourable seasonal effects.

Net amortisation charges and provisions amounted to €33m in 1Q16, reflecting lower asset base at PPA/CMEC.

Explanatory note on PPA/CMEC:

In July ²⁰⁰⁷ the long term contracts that EDP had with the Portuguese electricity regulated system (PPA) were replaced by the CMEC (Cost of Maintenance of Contractual Equilibrium) financial system to conciliate: (1) the preservation of the NPV of PPA, based on real pre-tax ROA of 8.5%, and ^a stable contracted gross profit over the next ¹⁰ years; and (2) the need to increase liquidity in the Iberian electricity wholesale market. In terms of EDP's P&L, the total gross profit resulting from CMECs' financial system will keep the same profile over the next ¹⁰ years as the former PPA.

PPA/CMEC gross profit has ³ components: (i) Revenues in the market, resulting from the sale of electricity in the Iberian wholesale market and including both ancillary services and capacity payments. (ii) Annual deviation ('revisibility'), equivalent to the difference between CMEC's initial assumptions made in ²⁰⁰⁷ (outputs, market prices, fuel and CO² costs) and real market data. This annual deviation will be paid/received by EDP, through regulated tariffs, up to two years after occurring.

(iii) PPA/CMEC Accrued Income, reflecting the differences in the period between PPA and CMECassumed at the beginning of the system in July 2007.

Liberalised Activities in the Iberian Market

( ) Inc e S € m tat t om em en			1Q 16	1Q 15	∆%	bs. ∆ A
fit Gr Pr oss o			35 0	23 3	50 %	16 +1
lec E tric ity ion rat ge ne			26 5	16 5	61 %	+1 00
l Po rtu ga			14 8	85	% 74	+6 3
Sp ain			12 5	82	52 %	+4 3
dju A stm ts en			( ) 8	( ) 2	34 3%	-6
lec ly E tric ity sup p			54	47	16 %	+8
ly Ga s s up p			26	21	24 %	+5
dju A stm ts en			4	( ) 0	-	+4
( ) Ne t O ing 1 rat sts pe co			14 5	13 1	10 %	+1 3
EB ITD A			20 5	10 2	10 1%	+1 03
Pro vis ion s			( 0 )	( ) 1	-99 %	+1
d i Am isa tio air ort nt n a n mp me			59	50	19 %	+9
EB IT			14 6	54	17 2%	+9 2
lec for E tri cit Pe y r ma nce	1Q 16	1Q 15	∆%	1Q 16	1Q 15	∆%
	Ou	( ) GW h tpu t		Va ria b le	( / Co € st	) ( ) MW h 2
Ge ion O rat utp ut ne	5, 65 2	4, 69 8	20 %	14 .8	27 .3	-46 %
lec ha E tric ity Pu rc ses	9, 81 3	8, 95 0	10 %	39 .3	.8 55	-30 %
lec tri cit E So y urc es	15, 46 5	13, 64 7	13 %	31 .2	47 .1	-34 %
	lum Vo	l d ( So GW es	h )	Av era ge	/ ice ( Pr €	h ) ( ) MW 3
Gr i d L oss es	30 2	36 0	% -16	n.a	n.a	-
l - l c lien Re tai Fin ts a	9, 51 0	8, 65 5	10 %	60 .4	63 .7	-5%
ho les le m ket W a ar	65 3 5,	4, 63 2	22 %	42 .5	58 .7	-28 %
lec tri cit E Us es y	15, 46 5	13, 64 7	13 %	52 .7	60 .3	-13 %
lec tri cit fit ( ) E Gr Pr € m y oss o			1Q 16	1Q 15	∆%	bs. ∆ A
for / Be he € MW h			21 .5	13	62 %	+8 .2
( ) dg ing e dg ( / h ) ( ) Fro He ing € MW 4 m			( ) 2.2	.3 ( ) 0.5	-37 8%	-1. 8
/ ( h ) Un it m in € MW arg			19 .3	12 .8	51 %	+6 .5
( ) To l V lum TW h ta o e			15 .5	13 .6	% 13	+1 .8
bto l Su ta			29 8	17 5	71 %	+1 23
he ( ) Ot 5 rs			22	38	n.a	-16
l To ta			+3 20	+2 12	51 %	+1 08
( ) Ga h s U TW ses			1Q 16	1Q 15	∆%	bs. ∆ A
d by lan Co ts nsu me ow n p ow er p			1.1	1.3	-16 %	-0. 2
l d i ho les le m ket So n w a ar s l d t lien			2.8 4.0	3.4 4.7	-20 % -16 %	-0. 7 -0. 7
So o C ts l To ta			7.8	9.4	-17 %	-1. 6

EBITDA from liberalised activities was €103m higher YoY, at €205m in 1Q16, backed by ^a cheaper average generation cost, prompted by ^a sharp recovery in hydro resources and production (62% weight in generation mix in1Q16 vs. 40% in 1Q15); and by higher results with energy management in the wake of low-price context and highprice volatility during 1Q16.

Note that, as ^a result of the end of PPAs at ⁷ hydro plants in Dec-15, 627MW of hydro capacity was transferred fromthe LT Contracted portfolio (0.5TWh in 1Q15) to liberalised generation portfolio, posting ^a €22m of gross profit in 1Q16.

Gross profit in the electricity business rose by 51% in 1Q16, to €320m, driven by an increase in avg. unit margin (upfrom €12.8/MWh in 1Q14 to €19.3/MWh in 1Q16) and volumes sold(+13% YoY).

Unit margin (2)(3) : Avg. electricity spread before hedging advanced €8/MWh in 1Q16, to €21/MWh, mainly propelledby ^a cheaper mix of electricity sources. Avg. sourcing cost fell by 34% YoY, to €31/MWh in 1Q16, supported by ^a cheaper generation mix (-46% YoY on higher contribution from hydro) and cheaper electricity purchases derivedfrom low pool prices in the period. Avg. selling price was 13% lower in 1Q16, as ^a result of: (i) ^a 5% decline in avg. selling prices to retail clients derived from lower cost of electricity; and (ii) ^a 28% fall in the average selling prices inthe wholesale market (on lower spot prices).

Volumes: Total volume sold rose by 13% to 15TWh in 1Q16, reflecting ^a 10% increase in volumes sold to retail and22% rise in volumes sold in the wholesale market. Our generation output met 59% of electricity sales to final clients.

Net operating costs were 10% higher YoY (+€13m), reflecting the expansion at our hydro portfolio (new capacity additions and capacity transferred from LT Contracted portfolio).

In 1Q16, total gas consumed declined by 17%, as ^a result of lower production hours at our CCGTs, scarcer arbitrage opportunities in the wholesale market and lower sales to clients

EDP is adapting its hedging strategy to the current market conditions, making use of flexibility stemming from the integrated management of gas and electricity operations in Iberia. As ^a result, EDP has maximised gas consumption between power production, wholesale/retail markets, having so far secured spark spreads for over 90% of its gas sourcing commitments for 2016. Also, EDP has fully forward contracted dark spreads for its expected coal output for 2016. Alongside, EDP has already forward contracted electricity sales with clients of 32TWh at an avg. price c€55/MWh for ²⁰¹⁶ (excluding naturally-hedged price-indexed sales).

(1) Net Operating Costs = Operating Costs (Supplies and services + Personnel costs + Costs with social benefits) + Other operating costs (net); (2) Variable cost: fuel cost, CO2 cost net of free allowances, hedging costs (gains), system costs;(3) Average selling price: includes selling price (net of TPA tariff), ancillary services and others; (4) Includes results from hedging on electricity;

(5) Includes capacity payments, services rendered and others.

Liberalised Electricity Generation in the Iberian Market

( ) Inc e S € m tat t om em en	1Q 16	1Q 15	∆%	bs. ∆ A	l be l d ly ly d f du l d ly f d Ou i ise ion & iv it ies j int ion is its ixe t act st ct to at r ra g en era su p p are o ma na g e as mo o ou r p ro so ou r su p p un
fit Gr Pr oss o	26 5	16 5	% 61	+1 00	ice p r s.
l Po rtu	14 8	85	74 %	+6 3
ga Sp ain	12 5	82	52 %	+4	l fo l be ke f lec ( ) he f Ou ion ion io in I ia 1 0 % Yo Y, 8, 6 2 4 M W in Ma 1 6, ing i t t ort to t t sta co nv en a g en era p r ma r g rew r- re up o
dju A stm ts	( ) 8	( ) 2	3% 34	3 -6	t rt r :
en					( ), fu f ( f ion ing Sa lam de 2 2 0 W in Jan -1 6 he l l iss ion ing ixo Sa bo 1 4 2 W in Jan -1 6, 7 M Ba M t at t to op era s ou r rep ow er on co mm o r on p o
lies d s Su ice pp an erv s	16	15	6%	+1	); ( ) ( ); ( ) in it ia l 3 0 iss ion d in Q i i he hu do f So 2 in 6 2 3 9 d i i i he fer in 6 f hy dro M W 1 1 5 Jan -1 M W Jan -1 7 t t to t tra co mm e s wn o an ns o
l co Pe sts rso nn e	13		-3%	-0	( 'Ex ') fo fo f lan 6 2 7 M W -P P A lan ha l io l low ing he d ive P P As ts ts to nt ort t t p p me rc p en o res p ec
h s l be fits Co it ia sts w oc ne	-	13 0	-	-0	,
he (ne ) Ot ing rat sts t r o pe co	61		19 %	+1 0
( ) t O ing Ne 1 rat sts pe co	90	51	13 %	+1 0	( ) Ou fro ion lan d j d fo hy dro ing 2 0 % h ig he in Q 6, in ly d by h ig he 1 1 tp ut t ts ust te m ou r g en era p un a e r p um p wa s r ma p rom p r
		80			fro f fro 'Ex ', i bu ion hy dro lan he ke hy dr d he i bu ion lan Ja 1 ntr t ts t str t ntr t -P P ts co m p wa o on g er o res ou rce an co m p n-
EB ITD A	17 6	86	10 5%	+9 0	in A in 6 s ( ). (- ). 0 h in Q 6 he ise in hy dro ia l ly d by low du ion l lan 0. h 1. T W 1 1 T 7 T W tp ut tp ut art sat ct at ts ou r ou wa p co mp en e er p ro ou co a p
					s r / du ion % low in f lec ing he h ig he i bu ion fro he he Av 4 6 Yo Y, € 1 5 M W 1 Q 1 6, ct at t t ntr t t g. p ro co wa er re mu c co m c ap
Pro vis ion s	0	( ) 2	-	+2	h h st s r er
d i Am isa tio air ort nt n a n mp me	57	48	18 %	+9	f hn log hy dro 6 2 % l in 1 Q 1 6 4 0 % in 1 Q 1 5. tec tot tp ut o y, : o a ou vs
EB IT	11 9	39	20 3%	+8 0
					l: Ou fe l l % in ba ke d by hy dr d in d in be ia du ing he loa d fac Co 3 5 1 Q 1 6, I Av tp ut str t rte to a c on g o an w res ou rce s r r q ua r. g. r wa s
loy ( ) Em # p ee s	59 4	59 3	0%	+2	/ 1 low Yo Y, 0 % in 1 Q 1 6. Av du ion de l ine d by 2 3 %, € 2 9 W h, d by low it h l d 5p 5 M at ct st to ort st .p. er g. p ro co c su p p e a er co w co a an
					C O2
tin Ke Op Da ta y era g	1Q 16	1Q 15	∆%	bs. ∆ A
					C C G Ou 3 % in Q 6, dr ive by it ive ina l is- ia l. lt, loa d fac Ts 1 Yo Y 1 1 As tp ut et st to : ros e n a mo re co mp ma rg co v a-v co a a res u av g. r
( ) Ge ion O GW h rat utp ut ne	66 8 5,	70 9 4,	20 %	+9 59	/ dv d 6 %. du ion fe l l 2 2 % h in Q 6, in ly dr ive by d i lut ion f 1p Av Yo Y, € 7 7 M W 1 1 to ct st to te a an ce g. p ro co ma g rea o g
CC GT	46 5	41 1	13 %	+5 4	p n r as
l Co a	1, 33 3	2, 05 8	-35 %	-72 5	f ixe d nt sts p roc ure me co
Hy dro	3, 54 0	1, 91 0	% 85	+1 63 0 ,
lea Nu c r	33 0	33 1	-0%	-1	( ), dr & lea dro ion by % in h in ly l le d by he i bu ion fro lan Hy Nu Hy 8 5 1 Q 1 6 +1 6 G W -P P A t t ntr t ts o c r: g en era ros e ma p rop e co m ex p
/ h Ge ion Co € MW 2 rat sts					/ ( h ), by he i bu ion f hy dro ity hy dro icu lar ly he h f l. he 1. 0 T W No Ce Po T t ntr t str art t rt ntr rtu co o ne ca p ac an on res ou rce p o g a
( ) ( ) ne	14 .8	27 .3	% -46	-12 .6	d in w g s, e
CC GT	.4 77	99 .9	-22 %	-22 .5	/ / f hy dr du ion fe l l fro € 8 h in Q € 2. h in Q 6, f lec ing h ig he d i lut ion f ing in 4. M W 1 1 5 1 M W 1 1 st ct to t st av g. co o o p ro m re a r o p um p co a
l Co a	28 .7	37 .2	-23 %	-8. 5	( ) h ig h hy dro % ha in he du ion f i l lo lan lea de d loa d fac f % Ou 1 5. 5 Tr 9 8 nte xt. t ct t to to -re se rve co r s re p ro o p nu c r co rre sp on an av g. r o
dro Hy	2.1	4.8	-56 %	-2. 7	1 Q 1 6.
lea Nu c r	5.1	4.4	16 %	+0 .7	in
d F ( % ) Loa act ors
CC GT	6%	5%		1p .p.
l Co a	50 %	65 %	- -	-15 p.p	(1) ing h he ly f lec h he lev be h Ne € 1 0m ig Yo Y, € 9 0m in 1 Q 1 6, in ing ig ies in I ia. Ev it is t t sts to t rt to op era co we re r ma re r r en so wo ,
dro Hy	46 %	36 %	-	10 p.p	( ). h ig h l ig ht ig ht l low ing it ig he im fro ity d d it ion hy dro ity d ity Ex- P P t st, ate t act co a m p ne ca p ac a ne ca p ac an ca p ac
Nu lea c r	% 98	% 99	-	0p .p.	A to m w s w
					de iat ion ha d d Ne € 9m € 5 7m in im it ion
mi ssi (m ) CO 2 E n t on s on es					by ly d by ity t to act p rec c rg es ros e ma p e ne w ca p ac a s. , ,
l em ( ) To iss ion 3 ta s	2.0	2.8	% -27	-0. 8
					fe l l by ly d by low de d hy dro l, Ca € 4 4m Yo Y, € 4 7m in 1 Q 1 6, in ion ity in Po to ort te to rtu p ex ma su p p e er ex p an s ca p ex vo ne w ca p ac g a

( ) Ca € m pe x	1Q 16	1Q 15	∆%	∆ A bs.
sio Exp an n	37	87	% -57	-49
Ma int en an ce	9	4	13 9%	+5
l To ta	47	91	-48 %	-44

following the delivery of new capacity. Even so, the bulk of capacity is still devoted to new hydro capacity in Portugal, while maintenance capex amounted €9m in 1Q16. As of Mar-16, ² plants continue under construction: Venda Nova 3, expected to start up operations in 2H16, and Foz-Tua, expected to start up operations in late 2016/early 2017. Also worth to note is EDP group's ongoing investments in DeNOx facilities: as part of investment plans, these plants are expected to register ^a c2month outage in2Q16 and 4Q16. As to the remaining coal fleet in the free market, EDP will keep production at Aboño ^I (without DeNOx).

( ) Inc e S € m tat t om em en	En	Su ly erg y pp	in Sp ain
	1Q 16	1Q 15	∆%	bs. ∆ A
fit Gr Pr oss o	34	37	-8%	-3
lies d s Su ice pp an erv s	15	14	2%	+0
l co Pe sts rso nn e	3	3	7%	+0
Co it h s ia l be fits sts oc ne w	0	0	% -48	-0
he (ne ) Ot ing rat sts t r o pe co	7	9	-20 %	-2
( ) t O ing Ne 1 rat sts pe co	25	27	-5%	-1
EB ITD A	9	10	-16 %	-2
Pro vis ion s	-	0	-	-0
isa tio d i air Am ort nt n a n mp me	1	1	-28 %	-0
EB IT	8	10	-13 %	-1
( ) Inc e S € m tat t om em en	ly in l En Su Po rtu erg y pp ga
	1Q 16	1Q 15	∆%	bs. ∆ A
fit Gr Pr oss o	43	31		+1 2
Su lies d s ice pp an erv s	24	18	% 32	+6
l co Pe sts rso nn e	3	3	10 %	+0
h s l be fits Co it ia sts w oc ne	0	-	-	+0

( ) Inc e S € m tat t om em en	ly in l En Su Po rtu erg y pp ga
	1Q 16	1Q 15	∆%	bs. ∆ A
fit Gr Pr oss o	43	31	37 %	+1 2
Su lies d s ice pp an erv s	24	18	% 32	+6
l co Pe sts rso nn e	3	3	10 %	+0
h s l be fits Co it ia sts w oc ne	0	-	-	+0
(ne ) Ot he ing rat sts t r o pe co	3	5	-24 %	-1
ing ( ) Ne t O 1 rat sts pe co	30	25	19 %	+5
EB ITD A	12	6	11 6%	+7
Pro vis ion s	( ) 0	-	-	-0
de d a Ne cia tio rtiz ati t pre n a n mo on	2	1	114 %	+1
EB IT	10	5	11 7%	+6
da Ke ta	1Q 16	1Q 15	∆%	bs ∆ A
y
Su ly in Sp ain En erg pp y
lec ket E tri cit Fr y - ee m ar
lum l d ( h ) Vo e S GW o	4, 114	3, 43 1	20 %	+6 83
( ) ket S ha % Ma r re	9%	7%	-	1p .p.
lien ( h. ) C ts t	79 3	73 0	9%	+6 3
lec tri cit ly E La st ort y - res su pp
lum l d ( h ) Vo e S GW o	14 0	14 9	-6%	-9
lien ( h. ) C ts t	23 5	24 5	-4%	-10
ket & ly Ga Fre Las t re t s s - e m ar sor up p
lum l d ( h ) Vo e S GW o	5, 39 8	6, 82 8	-21 %	-1, 42 9
( ) ( ) Ma ket S ha % 2 r re	4%	4%	-	0p .p.
lien ( h. ) C ts t	84 0	83 0	1%	+1 0
Su ly in l En Po rtu erg pp ga y
lec ket E tri cit Fr y - ee m ar
lum l d ( h ) Vo e S GW o	4, 83 0	4, 64 4	4%	+1 86
( ) ( ) ket S ha % 3 Ma r re	% 44	% 45		-1p .p.
lien ( h. ) C ts t	3, 80 3	3, 30 3	- 15 %	00 +5
ket Ga Fre
s - e m ar lum l d ( h ) Vo e S GW	1, 34 2	1, 33 7	0%	5
o ket ha Ma S % 2 4	% 11	10 %	-
( ) ( ) ( ) r re lien h.	53 2	43 0	24 %	0p .p. +1 02
( ) C ts t
( ) Ca €m pe x	1	2	-34 %	-1
loy ( ) Em # p ee s	35 6	32 6	9%	+3 0

Our electricity and gas supply activities in Portugal and Spain are managed in single energy platforms, ensuring ^a responsive and competitive commercial structure. EDP Group's subsidiaries that operate in this business segment have intra-groupelectricity and gas procurement contracts with our generation and energy trading divisions.

Energy Supply in Spain

Gross profit at our supply activities in Spain was €3m lower YoY, at €34m in 1Q16, mainly impacted by lower volumes in the gas activity.

Electricity volume supplied to our clients in the free market rose by 20% YoY in 1Q16, impacted by ^a 9% expansion of client portfolio. Market share (including only retail volumes) rose 1pp YoY, to 9% in 1Q16.

Gas volume supplied declined by 21%, to 5TWh in 1Q16, reflecting EDP's strategy to focus in the most attractive customer segments and milder weather conditions. Market share (including retail volumes only) was stable YoY, at 4% in 1Q15.

Net operating costs were 5% lower YoY, at €25m in 1Q16, impacted by some seasonal effects and cost control.

Energy Supply in Portugal

Market Environment – The very strong pace of switching of electricity consumers to the free market over 2014/15 is reflectedon current status: by the end of Jan-16, the number of consumers in the free market soared to 4.5 million, elevating the total consumption in the free market to 90% of the total market.

Gross profit at our supply activities in Portugal rose by 37% (+€12m YoY), to €43m in 1Q16, driven by higher volume of electricity and gas supplied and higher penetration of energy services.

Electricity volume supplied to EDP clients in the free market in Portugal advanced 4% YoY, to 4.8TWh in 1Q16, backed by ^a 15% expansion of our client base. EDP's market share in the free market was ¹ pp lower YoY at 44% in Jan-16, in line with EDP's strategy to focus on the most attractive residential/SMEs segments.

Gas volume supplied to EDP clients in Portugal was stable, at 1.3TWh in 1Q16. The strong pace of gas supply liberalisation, along with our successful dual offer (electricity ⁺ gas) to residential clients, prompted ^a surge in the number of clients to 532k in Mar-16, corresponding to +102k YoY. Our market share was stable, at 10.5% in Jun-15 (latest information available).

Net operating costs were €5m higher yoY, at €30m in 1Q16, reflecting portfolio expansion (higher costs with client services such as call center, billing and provisioning) and increasing share of residential clients in the portfolio.

EDP Renováveis: Financial Performance

áv eis ( ) tio l O rvi bs. bs. ED P R € m Op 1Q 16 1Q 15 ∆ % ∆ A uit ket 1Q 16 1Q 15 ∆ % ∆ A ED PR Eq Ma Da ta en ov era na ve ew y r Inc e S tat t om em en ∆ % bs. 1Q 16 1Q 15 ∆ A l le d C ( ) 9, 35 1 8, 14 9 15 % +1 20 2 ha d o f p d ( /s ha ) 7.3 6.4 13 % 0.9 Ins aci MW S ice eri € ta ty at ap re pr en o re fit 45 2 37 5 21 % +7 7 4, 91 5 4, 23 1 16 % +6 84 be f S ha d (m l lio ) 87 2.3 87 2.3 Gr Pr Eu Nu Iss i oss o rop e m r o res ue n - % ( ) .5% .5% h A ric 4, 23 3 3, 83 5 10 +3 98 Sta ke Ow d by % 77 77 No ED P rt me a ne - lies d s 69 65 6% +4 l 20 4 84 14 3% +1 20 Su ice Bra zi pp an erv s l co 24 17 38 % +7 Pe sts rso nn e ( ) ( ) bs. he ing (ne ) 19 2 76 8% -17 Ou ( GW h ) 7, 53 5 5, 78 6 30 % +1 75 0 lan S he Fig ( € m ) 1Q 16 1Q 15 ∆ % ∆ A Ot ED PR Ke Ba rat sts t tpu t et r o pe co y ce ure s ( ) 73 80 -8% ( ) 38 % 34 % Ne t O ing Co 1 -7 Av Loa d F % 4 p rat sts act .p. pe g. or - / lec ric ( h ) 61 65 -7% -5 k L d O he ( ) 7 33 4 -98 % -32 7 Av E t. P € MW Ba Ne t t g. e n oa ns an r 37 9 29 5 29 % +8 4 wit h E ( ) 3, 09 5 3, 18 8 -3% -93 EB ITD A Loa DP Gr Ne t ns ou p ( ) 37 9 29 29 % +8 3, 3, 52 2 -3% -10 8 EB ITD A €m 5 4 Ne t F ina nci l D bt 41 4 a e ( ) 22 8 18 1 26 % +4 7 l lin 1, 05 3 55 7 89 % +4 97 Pro vis ion Eu 2 No int tro sts s rop e n-c on g ere - - - - d i 14 7 124 19 % +2 4 h A 15 3 11 5 33 % +3 8 sti ion l P hip Lia bi lity ( ) 1, 26 0 1, 184 6% +7 5 Am isa tio air No ric Ne t In 3 ort nt rt tut art n a n mp me me a a ne rs -8% 2% zi l 3 3 uit k V lue 6, 04 1 5, 89 7 +1 44 Bra Eq Bo o a y - ( ) ( ) 23 2 17 1 35 % +6 0 he dju 4 4 -7% EB IT Ot r & A stm ts + en / d o f P d R 1.1 4 1.0 8 -5% 0.0 6 EU R US D - En eri ate o ( ) ( ) 3% ( ) Fin cia l R lts 74 72 -2 €m 23 2 17 1 35 % +6 0 EB IT an esu ( ) ha f P fit fro 9 -16 ( ) 154 124 24 % +3 0 S iat 7 Eu 2 re o ro m ass oc es rop e - bs. h A 81 50 60 % +3 0 Fi nci l R lts ( ) 1Q 16 1Q 15 ∆ % ∆ A No ric ED PR € m rt me a na a esu
fit 15 1 10 8 39 % +4 2 zi l 1 1 8% Pre Bra -ta + x p ro
( ) ( ) ( ) ( ) he -5% 53 % +6 Ot r & A dju 4 4 Ne t In Co 47 11 stm ts ter est sts + en
( ) ( ) l Pa hip (no h ) 24 20 -22 % -4 Ins titu tio rtn sts na ers co n-c as
( ) 89 16 2 -45 % -73 ita lise d C 6 7 -18 % -1 Ca €m Ca ost pe x p s
for 1Q 16 1Q ∆ % bs. ( ) -2% f fer 0% Op Pe 15 ∆ A Eu 2 20 20 Fo Di d D eri ive 2 2 -0 vat ex r ma nce rop e rex en ces an s -
( ) ( ) h A 63 11 6 -46 % -53 he 10 8 -2 No ric Ot rt me a r -
/ ( h ) 10 .0 10 .2 -2% -0 l 6 27 -21 Op Av MW € t Bra zi ex g. -
( ) % ( ) ( ) -3% loy # 1, 03 6 93 8 10 +9 8 Ot he r & A dju Fin cia l R lts 74 72 -2 Em stm ts p ee s en an esu - - - -

EDP Renováveis ('EDPR') owns, operates and develops EDP Group's wind and solar capacity. As of Mar-16, EDPR operated 9,707 MW, of which 356MW equity-method accounted. EDPR's EBITDAderives mainly from PPA-contracted and regulated tariff schemes (89% of output) and is geographically widespread: 40% in North America, 22% from Portugal, 14% from Spain and the remaining in France, Poland, Romania, Belgium, Italy and Brazil.

EDPR's EBITDA went up by 29% YoY (+€84m) to €379m in 1Q16, reflecting: i) an increase inproduction; ii) higher income from new institutional partnerships; iii) net positive impact of €6mderived from the gain booked in Polish wind farms; and iv) ForEx impact (2% appreciation of USD vs. EUR); which more than compensate the lower avg. selling price, and higher operating costs (+€11m) on the back of more capacity in operation.

Electricity output advanced +30% to 7.5TWh YoY, supported by an increase of 15% in average capacity on stream and stronger wind resources. Avg. load factor went up 4p.p. at 38% in 1Q16, benefiting from outstanding wind resources particularly in US and Iberia. Avg. selling price decreasedby 7% YoY to €61/MWh, driven by lower Spanish avg. prices and US Merchant prices.

Operating costs (supplies & services ⁺ personnel costs) rose by 12% YoY (+€11m), reflecting higher headcount (1,036 employees in 1Q16 vs. ⁹³⁸ in 1Q15) and higher O&M costs (+2m YoY), bothresulting from portfolio growth. Operating costs represented 27.5% of total revenues in 1Q16decreasing from 30.3% in 1Q15, which reinforce the tight cost discipline taken by EDPR. Other operating costs (net) decrease €17m reflecting the income from tax equity deals and lower cost on

EBIT increased by 35% YoY, to €232m in 1Q16. Amortization and impairments increased (+€24m) in line with higher avg. MW in operation and the full consolidation of EDPR's new interest on ENEOP's assets since Sep-15.

Capex amounted to €89m in 1Q16: 71% of total capex was devoted to the US market, 22% to Europe and7% to Brazil. Proceeds fromasset rotation deals amounted to (€279m) in 1Q16.

EDPR's net debt in Mar-16 totalled to €3.4bn (vs. €3.7bn in Dec-15), mainly reflecting the closing of the asset rotation deal with Axium in Jan-16, and USD 5% depreciation YTD as 40% of debt is USDdenominated. Additionally, net debt evolution translates the investments done in the period, and the proceeds from tax equity partnerships (€164m). Liabilities with Institutional Partnerships amounted to€1,260m in Mar-16, reflecting the tax benefits captured by institutional investors (€51m), the establishment of new institutional tax equity financing structures during the period, and the USDdepreciation YTD. Non-controlling interests amount to €1,053m, reflecting non-controlling interests inNorth America (c78%), Europe (c18%) and Brazil (c4%).

Net financial costs rose by 3%, to €74m in 1Q16. Net interest costs fell by 11% YoY on lower avg. cost of debt (4.5% in 1Q16 vs. 4.7% in 1Q15), largely due to EDPR re-negotiation of part of its long-term debt arrangements with EDP. Institutional Partnership costs were €4m higher vs. 1Q15, reflecting mainly newtax equity deals. Other financial expenses totaled €10m. Share of profit from associates was -7m as of Mar-16, reflecting EDPR minority interests in US and Spain.

(1) Net Operating Costs = Operating Costs (Supplies and services + Personnel costs + Costs with social benefits) + Other operating costs (net); (2) Includes Holding costs and adjustments at the level of EDPR Europe; (3) Net of deferred revenue.

edo

h A ric No rt me a	1Q 16	1Q 15	∆ %	bs. ∆ A
/ f p d r EU R US D - Av eri ate g. o o	1.1 0	1.1 3	2%	-0. 0
( ) Ins l le d c aci MW ta ty ap	4, 23 3	3, 83 5	% 10	+3 98
's / dg d / d-i f f PP A He Fee ari n t e	3, 48 9	3, 28 4	6%	+2 05
ha Me nt rc	74 4	55 1	35 %	+1 93
d F ( ) Av Loa % act g. or	40 %	34 %	-	6 p .p.
( ) lec tri cit Ou GW h E tpu t y	3, 69 4	2, 80 8	32 %	+8 86
's / dg d / d-i f f PP A He Fee ari n t e	2, 97 3	2, 35 7	26 %	+6 17
ha Me nt rc	72 1	45 1	60 %	+2 70
( / ) Av Fin l Se l lin Pri US D MW h g. a g ce	48 .1	52 .2	-8%	-4. 1
/ / 's dg d d-i f f PP A He Fee ari n t e	49 .5	52 .9	-6%	-3. 4
ha Me nt rc	41 .0	48 .3	-15 %	-7
dju d G fit ( ) A s P US D m ste ros ro	23 4	19 3	21 %	+4 1
fit ( ) Gr Pr US D m oss o	17 3	14 5	19 %	+2 8
( ) C R & Ot he US PT D m eve nu es r	61	48	26 %	+1 3
( ) EB ITD A US D m	16 8	13 0	30 %	+3 8
( ) EB IT US D m	89	57	56 %	+3 2
l le d c ( ) Ins aci MW Eq uit ta ty ap y	9 17	9 17	0%	-
( ) Ne t C US D m ap ex	69	13 1	-47 %	-62
Gr Ca oss pex	69	13 1	% -47	-62
h g d Ca cei t re s ran ve	-	-	-	-
( ) Ca cit de ion MW str uct pa y u n r c on	45 0	39 9	% 13	+5 1
zi l Bra	1Q 16	1Q 15	∆ %	bs. ∆ A
/ l - A f p d r Eu Re eri ate ro a ve rag e o o	4.3 0	3.2 2	-25 %	+1 .08
l le d C aci ( ) Ins MW ta ty	20 4	84	14 3%	+1 20
ap ( ) Av Loa d F % act g. or	30 %	25 %	-	4 p .p.
lec ( h ) E tric ity Ou GW tpu t	54	46	19 %	+9
\$ / Fin l Se l ling ice ( h ) Av Pr R MW g. a	36 3	37 0	-2%	-7
\$ m fit ( ) Gr Pr R oss o	19	16	17 %	+3
\$ m ( ) EB ITD A R	11	9	23 %	+2
\$ m ( ) IT EB R	6	4	% 45	+2
\$ m ( ) Ca R pe x	26	86	-	-59
( ) Ca cit de ion str uct MW pa n r c on y u	-	12 0	-	-12 0

In North America, installed capacity totalled 4,233MW (MW EBITDA) in Mar-16 (4,203MW in US, 30MW in Canada). New capacity additions in the last ¹² months (+398MW) were fully concentrated in US (2Q15/4Q15). From the total installed capacity, 3.7GW(87%) are under LT contracted remuneration schemes (PPA/Hedge) which allows an extensive visibility over cash flow generation. Additionally, EDPR owns an equity position in other wind projects, equivalent to 179MW.

EBITDA was 30% higher YoY (+USD38m), to USD168m in 1Q16, propelled by: i) ^a surge in the output (+32% YoY to 3,7GWh) on the back of capacity additions in the past ¹² months (+392 GWh) and ii) the outstanding load factor (40% vs 34% YoY) that more thanmitigated the lower average selling price of USD48,1/MWh.

Wind resources were stronger (particularly in the East and Central region), justifying ^a 6p.p. raise in avg. overall load factor in1Q16. Average selling price was negatively impacted YoY by: lower PPA prices, along with the fall in the realised merchant price. PPA/Hedged/Feed-in prices was 6% down YoY, to USD49.5/MWh. Realised merchant price went down by 15% YoY, to USD41/MWhin 1Q16, on the recovery from last year' lesser wind availability. In Canada, avg. selling price was at \$105/MWh, lower YoY mainly reflecting the forex impact.

EDPR's growth plans in NA grounds on PPA-contracted projects, reinforcing the group's low risk profile. As of Mar-16, EDPR had completed in the last ¹² months +398MW of new wind capacity in US, +199MW at Waverly in Kansas; +100MW from Arbuckle inOklahoma; +99MW from Rising Tree South in California; and has +450MW of wind capacity under construction: 250MW in the US (Texas) and 200MW in Mexico (consolidation through equity method).

Within the scope of its asset rotation deals EDPR cashed in USD308m in 1Q16, for the sale to Axium of ^a minority interest in US wind portfolio with ^a total production capacity of 1,002MW. Additionally, in respect to institutional equity financing structures signed in Oct-15, with Google Inc. for the 199MW Waverly windfarm EDPR received USD240m in 1Q16.

In Brazil, EDPR's EBITDA was 23% higher YoY, at R\$11m in 1Q16, reflecting ^a 4p.p. increase in the avg. load factor to 30% in 1Q16, that more than offset the decrease of 2% in the avg. selling price (R\$363/MWh in 1Q16 vs R\$370/MWh in 1Q15) reflecting revenue tax thresholds on ^a 70MW wind farm.

EDPR's installed capacity in Brazil (204MW) operates under long-term contracts providing large visibility over cash-flow generation. From the 204MW installed capacity, 120MW (Baixa do Feijão) started its operation in Mar-16. Additionally, as of Mar-16 EDPR had 117MW under development to be due in Jan-18, with ^a PPA price of R\$109/MWh – prices are inflation updated over the PPAperiod.

Energy is sold either under PPAs (up to 20 years), Hedges or Merchant prices; Green Certificates (Renewable Energy Credits, REC) subject to each State regulation

Tax Incentive: (i) PTC collected for 10-years since COD (\$23/MWh in 2013); (ii) Wind farms beginning construction in 2009-10 could opt for 30% cash grant in lieu of PTC

Feed-in Tariff for 20 years (Ontario)

Installed capacity under PROINFA program Competitive auctions awarding 20-years PPAs

ain Sp	1Q 16	1Q 15	∆ %	bs. ∆ A
l le d c aci ( ) Ins MW ta ty ap	2, 194	2, 194	0%	+0
loa d fac ( % ) Av tor g.	35 %	32 %	-	3 p
				.p.
du ( h ) Pro cti GW on	1, 65 8	1, 49 9	11 %	+1 59
/ca d. lem ( h ) Pro GW t w pa c. c om p en	1, 52 7	1, 39 2
( ) Sta da d p du cti GW h n r ro on	1, 13 7	1, 13 7
bo / ( be low ) s d. d. ( h ) A GW t ve pro	39 1	25 5
/o d. lem ( h ) Pro GW t w cap . co mp en	13 1	10 7
( / h ) Av Pri € MW g. ce	62 .5	70 .9	-12 %	-8
/ l G h: lise d p l ( h ) To W € MW ta rea oo	25 .6	25 .6	0%	-
( ) lat dj. d. GW h €m Re st gu ory a on	3	3
lem ( ) Co €m t mp en	44	44
/ dg ( los ) ( ) He ing ins €m ga ses	14	14
fit ( ) Gr 1 oss pr o	10 3	11 9	% -13	-16
( ) EB ITD A 1	67	69	-3%	-2
( ) EB IT 1	34	36	-6%	-2
l le d c ( ) Ins aci MW Eq uit ta ty ap y	17 7	174	2%	+3
( ) Ca €m pe x	1	1	32 %	+0
de ( ) Ca cit ion MW str uct pa y u n r c on	-	2	-	-2
l Po rtu ga	1Q 16	1Q 15	∆ %	bs. ∆ A
l le ( ) Ins d c aci MW ta ty ap	24 1, 7	62 4	10 0%	+6 23
d fac ( ) Av Loa % tor g.	38 %	38 %	1%	0 p .p.
lec ( h ) E tric ity GW tpu t ou	1, 03 9	50 5	10 6%	+5 34
( / ) Av l ling ice € MW h g. s e pr	91	10 8	% -16	-17
fit Gr oss pr o	94	55	72 %	+4 0
ITD A EB	82	47	74 %	+3 5
EB IT	66	41	61 %	+2 5
( ) l le d c aci uit Ins MW Eq ta ty ap y	-	53 3	-	-53 3

In Spain, EDPR installed capacity stood stable at 2,194MW in 1Q16 (MW EBITDA), to which accrues 177MW, equivalent to EDPR's equity position in other wind projects (equity-method consolidated).

EDPR's EBITDA in Spain fell by 3% YoY (-€2m), to €67m in 1Q16, driven by lower avg. final selling price at €62.5/MWh (-12% YoY) that was partially offset by an increase in the production. Electricity output, increased by 11% YoY, to 1.7TWh, reflecting outstanding wind conditions in the quarter, with avg. load factor at 35% (+3p.p. YoY). It is worth mentioning that 92% of spanish production is entitled to receive capacity complement. Average selling price was impacted by i) lower realised pool prices at €25.6/MWh in 1Q16 vs €41.3/MWh in 1Q15, on the back of the higher load factor and leading to €3.1m of regulatory adjustment(2). Gains from hedged capacity in Spain amounted €14m in the period.

As part of its risk-controlled strategy, EDPR hedged 2.4TWh at €46/MWh for ²⁰¹⁶ and 2.4TWh at €45/MWh for 2017.

In Portugal, EDPR owns ^a portfolio of 1,247MW, including 613MW, resulting from the asset split of ENEOP, which is fully consolidated as fromSep ¹st, ²⁰¹⁵ and 2MW of solar capacity. CTG owns ^a 49% stake in 622MW of installed capacity in Portugal.

EDPR's EBITDA in Portugal amounted to €82m in 1Q16 (+€35m YoY), stemming from ENEOP full consolidation since 3Q15, which more thandoubled the production coming from Portugal, (1,039GWh in 1Q16 vs 505GWh in 1Q15). Average load factor remained stable 38% YoY – though still above the LT average (wind factor: 1.16 in 1Q16). Average selling price fell by 16% YoY to €91MWh in 1Q16, due to lower avg. tariff for the wind farms transfered from ENEOP.

l Po rtu ga	1Q 16	1Q 15	∆ %	bs. ∆ A
l le d c aci ( ) Ins MW ta ty ap	1, 24 7	62 4	10 0%	+6 23
d fac ( % ) Av Loa tor g.	38 %	38 %	1%	0 p .p.
lec ( h ) E tric ity GW tpu t ou	03 9 1,	50 5	10 6%	34 +5
/ l ling ( h ) Av ice € MW g. s e pr	91	10 8	-16 %	-17
fit Gr oss pr o	94	55	72 %	0 +4
EB ITD A	82	47		+3 5
EB IT	66	41	61 %	+2 5
l le d c ( ) Ins aci MW Eq uit ta ty ap y	-	53 3	-	-53 3
( ) Ca €m pe x	5	5	-3%	-0
de ( ) Ca cit ion MW str uct pa y u n r c on	2	6	-66 %	-4

• • Wind energy receives pool price and a premium per MW, if necessary, in order to achieve a target return established as 'Spanish 10-year Bond yields + 300bp' (currently at 7.4%); Every 3 years, there will revisions as to compensate deviations from the expected pool price (€49/MWh – regulator scenario).
• •Premium calculation is based on standard assets (standard load factor, production and costs); Capacity complement per MW is paid for a 20-year period and varies with the year of commissioning
• • MW EBITDA: Feed-in Tariff updated with inflation and inversely correlated with load factor. Duration: 15 years (Feed-in tariff updated with inflation) + 7 years (extension cap/floor system: €74/MWh - €98/MWh). The 7 year extension of tariff as from 16th year was secured in exchange for an annual payment between 2013 and 2020 (€4m/year for EDPR).
• • ENEOP MW (MW Equity up to Aug-15, MW EBITDA since Sep-15): price defined in a international competitive tender and set for 15 years (or the first 33 GWh per MW). Tariff for first year established at c.€74/MWh and CPI monthly update for following years;

EDP Renováveis: Rest of Europe

edp

f fro far ) ( ) ) ita l g in it h t he d isp l o 0 W Sw in l is h w in d i i h ig he ity +1 4 % d i i i h ig he 5 M Po st ca p a w os a m ap ms ; r a vg . ca p ac on rea m an r av l le d c aci ( ) 1, 47 3 1, 41 3 4% +6 1 Ins MW ta ty ap ( ). (- ), (- ), loa d fac lt ho h l ize d by low l l ing ice 2 % ly in lan d 9 % lg ium +1 Yo Y A E B I T D A w Yo Y Po Yo Y Be to ( ) % % 1% loa d fac % 34 33 0 p r p. p. ug as p en a er av g. se p r na me Av tor .p. g. lec ( h ) 1, 09 0 92 8 17 % +1 62 E tric ity GW tpu t (- ) (- ). 2 % Yo Y d Ita ly 4 % Yo Y ou an / l ling ( h ) 86 88 -2% -2 Av ice € MW g. s e pr lan d, f in d ity d inc du he le f % ha in In Po E D P R 4 1 8 M W +2 7 M W Yo Y, -5 0 M W De 1 5, 6 0 5 0 M W tes to t op era o w ca p ac an s e c- e sa o s re lan Po d d far d he f he ke f d far ha lre dy fu l ly l da d. in d in is it ion in ing 3 5 % in 5 4 M W in i W t t sta t t te w m an ac q u o rem a o a w m wa s a a co ns o l le d c ( ) 41 8 39 2 7% +2 7 Ins aci MW ta ty ap by % in h, in ly f lec ing h ig he ity ha it ig d he loa d fac %, 1 2 1 Q 1 6, 3 0 6 G W 2 9 -5p tp ut to t t t ate t to at ou ros e ma re r av g. ca p ac m p oo r r .p. loa d fac ( % ) 29 % 34 % -12 % -4 Av tor p.p g. ( ) % / E lec tric ity GW h 30 6 27 3 12 +3 3 l l ing ice % low h dr by ho les le tpu t Yo Y. Av 9 Yo Y, P L N 3 6 4 M W ive ice at ou era g e se p r wa s er n w a p r s. l ling ( / h ) 36 4 40 1 -9% -37 Av ice PLN MW g. s e pr / d 4.3 6 4.1 9 -4% +0 EU R PLN - A . R in rio ate vg pe d d f lar d by h In Ro ia, E D P R 5 2 1 M W 4 7 1 M W in in 5 0 M W P V. Ou 1 1 % Yo Y, 3 5 0 M W in 1 Q 1 6 tes tp ut to ma n op era : w an o so su rg e ( h lar -ba d ), l le d by h he d b le loa d fac f l l 6 9 M W ig M W in ion 3 3 %. In ing ice t sta to tu nt so se p ro p e r av op era an a r o rn, av se p r we up Ro nia g. g. ma l le d c ( ) 52 1 52 1 0% Ins aci MW ta ty by / h 9 % Yo Y R O N 3 3 8 M W in 1 Q 1 6. ap to - ( ) % % -1% loa d fac % 33 33 -0 Av tor p.p g. lec ( h ) 35 0 31 11 % +3 3 E tric ity GW 7 tpu t ou d de d f d he las hs ( l l ), l le d in d In Fra E D P R 2 4 M W in ity in 1 2 in 4 Q 1 5 is ing ins ity 3 6 4 M W W t t nt ta to nc e, a o ne w w ca p ac mo a ra ca p ac / l ling ( h ) 33 8 31 1 9% +2 7 Av ice RO N MW g. s e pr by % h in ba ke d by h ig he ity d he he ha d d ing / 3 1 Yo Y, 3 0 7 G W 1 Q 1 6, e i eri d 4.4 9 4.4 5 -1% +0 tp ut to str t ot tst EU R RO N - Av Rat ou ros e c r av era g e ca p ac on ea m an on r n an ou an g. n p o / loa d fac du he d ( % % ). i f f b le h, f lec he f lat de d ing io 3 9 3 2 in 1 Q 1 5 Av Yo Y, € 9 1 M W ing in ion in to t ta sta at t t r r p er vs era g e r wa s re xe Fra nce fee d-i f f. f ha d de i As Ma r-1 6, ED PR 24 MW tio in Fra tar nst n o un r co ruc n nce l le d c aci ( ) 36 4 34 0 7% +2 4 Ins MW ta ty ap fac ( ) % % % Av loa d % 39 32 20 7 p tor g. .p. lg he d by h he ba k f h he loa d fac In Be ium 7 1 M W in ion inc its 1 7 % Yo Y 5 4 G W ig +5 Yo Y. lec ( h ) 30 7 23 4 31 % +7 4 t t tp ut to t to E tric ity GW tpu t op era rea se ou on c o r av g. r p. p. ou , / l ling ( h ) 91 91 0% -0 Av ice € MW g. s e pr l l de d by / h f f lec he lec f Av ing ice 2 % € 1 0 8 M W in irs ing ic ity ice P P A ice to t rte t t tr str tu era g e se p r cre ase q ua r, re e p r o ne w p r uc re. lg ly Be ium & Ita ( ly, l fo l io f 0 0 f in d hn log in Q 6, f lec ing he d d it ion f 0 fu l ly d In Ita E D P R 1 M W 1 1 1 M W tes tot ort tec t t tra te op era a a p o o w o y re a o co nc en l le d c ( ) 17 1 16 1 6% +1 0 Ins aci MW ta ty ap ( ) % % -2% ) loa d fac % 34 35 -1 in du ing he io d. in d dv d % h, f lec ing ity h ic h f fse he Av tor 3 Q 1 5 W 2 5 Yo Y 7 3 G W t tp ut to t str t t p.p g. r p er ou a an ce re mo re av g. ca p ac on ea m w o lec ( h ) 12 6 104 22 % +2 3 E tric ity GW tpu t ou / fa l l loa d fac %, l l f f % low h f lec he 5p Yo Y in 3 3 in 1 Q 1 6. Av ing i 4 Yo Y, € 1 1 6 M W in 1 Q 1 6, ing to to tar at t t .p. av g. r era g e se wa s er re / l ling ( h ) 11 3 11 6 -3% -3 Av ice € MW g. s e pr ( ). low ice f ity d de d de he im ion l d im t ct er p r o ca p ac a un r ne w reg e au s vs o reg e fit 93 80 16 % 3 Gr +1 oss pr o 79 64 23 % +1 5 EB ITD A 56 48 16 % +8 EB IT ( ) 14 19 -27 % -5 Ca €m pe x ( ) % Ca cit de ion MW 24 75 -68 -51 str uct pa n r c on y u	f E Re st o uro pe	1Q 16	1Q 15	∆ %	bs. ∆ A	ke f be by ( ), l le by ) he In Eu i de I ia, E B I T D A r 2 3 % Yo Y +€ 1 5m € 7 9m in 1 Q 1 5, d i +€ 6m d ing ts ts to t ro p ea n m ar ou o r os e p rop e : re g ar
						g.

• Price set either through bilateral contracts or selling to distributor at regulated price (PLN169.99/MWh in 2016); Wind receive 1 GC/MWh which can be traded in the market. Electric suppliers have a substitution fee for non compliance with GC obligation (2014: PLN300/MWh)

• Wind and solar production are sold at 'market price + GC'. Wind assets receive 2 GC/MWh until 2017 and 1 GC/MWh after 2017 until completing 15 years. 1 out of the 2 GC earned until Mar-17 can only be sold from Jan-18. Solar assets receive 6 GC/MWh for 15 years. 2 out of the 6 GC earned until Mar-2017 can only be sold after Apr-2017. GC are tradable on market under a cap and floor system (cap €59.9 / floor €29.4)

•Feed-in tariff for 15 years: (i) €82/MWh up to 10th year, inflation updated; (ii) Years 11-15: €82/MWh @ 2,400 hours, decreasing to €28/MWh @3,600 hours

•Wind & solar energy sold at 'Market price + green certificate (GC)'; Separate GC prices with cap and floor for Wallonia (€65/MWh-100/MWh) and Flanders (€90/MWh-100/MWh); Option to negotiate long-term PPAs

• Projects online before 2013 receive: (i) For 2015, GC price from GSE will be €97.4; (ii) As from 2016, 'pool + premium' (premium = 1 x (€180/MWh - "P-1") x 0.78). New assets: competitive auctions awarding 20-years PPAs

Regulated Networks & Regulatory Receivables in Iberia

( ) Inc e S € m tat t om em en	1Q 16	1Q 15	∆ %	bs. ∆ A
fit Gr Pr oss o	41 7	43 1	-3%	-13
lies d s Su ice pp an erv s	84	86	-2%	-2
l co Pe sts rso nn e	31	32	-3%	-1
Co it h s ia l be fits sts w oc ne	5	5	1%	+0
he (ne ) Ot ing rat sts t r o pe co	63	( ) 16	-	9 +7
ing ( ) Ne t O Co 1 rat sts pe	18 3	10 7	72 %	+7 6
EB ITD A	23 4	32 4	-28 %	-90
vis ion Pro s	1	0	14 73 %	+1
Am isa tio d i air ort nt n a n mp me	82	82	1%	+1
EB IT	15 0	24 2	-38 %	-92
for Ca x & O x P pe pe er ma nce	1Q 16	1Q 15	∆ %	∆ A bs.
( ) Co l la b le Op tin Co ntr sts 5 o era g	11 5	11 8	-2%	-3
/c lien ( /c lien ) Co € nt. sts t t co	14	15	-3%	-0
/ / km f n k ( ) Co € Km nt. sts etw co o or	44 6	45 8	-3%	-12
loy ( ) Em # p ee s	3, 77 5	3, 87 5	-3%	-10 0
( f S bsi die ) ( ) Ca Ne €m t o pe x u s	65	69	-6%	-4
k ( '00 ) Ne 0 K tw or m	25 8	25 7	0%	+1
lat cei b les ( ) Re Re € m gu ory va	1Q 16	1Q 15	∆ %	bs. ∆ A
l N be lat b les ria cei
To I Re Re ta et gu ory va	2, 49 0	2, 11 7	18 %	+3 73
Sp ain ari f f de fic it - T
inn ing f P eri d Be g o o	70	2	29 83 %	+6 8
( ) vio rio ds i f f de fic its Pre 4 tar us pe	-	42	-	-42
f f de fic he d Ta ri it i rio n t pe	-	-	-	-
he ( ) Ot 3 r	-	-	-	-
d o f P eri d En o	70	44	-	+2 6
l - lie bu Po Las t R rt S Di i tio rtu str r + ga eso up p	Ga n + s
f P Be inn ing eri d g o o	2, 02 1	2, 20	-8%	-18 2
ds f f de ( ) Pre vio rio i via tio 2 tar us pe n	( ) 23 9	3 ( ) 68 6	65 %	+4
f f de he d Ta ri via tio n i rio n t pe	39 2	37 5	5%	48 +1 7
( ) Ot he 3 r	17	23	% -26	-6
d o f P d En eri o	2, 19 1	1, 91 5	14 %	+2 77
l - CM EC 's Po rtu ga
inn ing f P eri d Be g o o	21 6	11	92 %	+1 03
/ ( ) n i he rio d Re Re Pe tur n t cov ery	( ) 47	2 ( ) 18	-16 9%	-30
he De via tio n i rio d n t pe	61	64	-5%	-3
he Ot r	-	0	n.m	-0

Regulated networks in Iberia include our activities of distribution of electricity and gas, in Portugal and Spain.

EBITDA from regulated networks decreased by 28% YoY (-€90m), to €234m in 1Q16, impacted by i) ^a €78m one-off gain bookedon the sale of gas distribution assets in Spain to Redexis and ii) ^a €7m recovery of previous years' regulated revenues in electricity distribution in Spain, both in 1Q15. Disregarding these effects, EBITDA from regulated networks in Iberia declined by 2% YoY (-€5m), reflecting lower non-regulated revenues in gas distribution in Spain. Gross profit declined by 3% YoY (-€13m) in1Q16, reflecting: (i) in Portugal, clients' switching to free market; (ii) in Spain, lower regulated revenues in electricity distribution.

Controllable operating costs fell by 2% YoY (-€3m), reflecting ^a decrease in client services, namely due to clients switching fromLRS to the liberalized market, and lower personnel costs on headcount reduction (-3%). Capex went down by 6% YoY (-€4m) in1Q16, amounting to €65m.

In Portugal, total debt owed by the electricity system to EDP and to financial investors increased from €5.2bn in Dec-15 to €5.3bnin Mar-16, driven by higher wind volumes and lower pool prices due higher hydro resources in the period.

According to ERSE's final version of ²⁰¹⁶ tariffs, released on 15-Dec-2015, Portuguese electricity system's regulatory receivables are expected to decline by €0.4bn over 2016.

Regulatory receivables owed to EDP in Iberia increased by €184m in 1Q16, from €2,306m in Dec-15 to €2,490m in Mar-16, driven by ^a €184m increase in Portugal.

EDP's regulatory receivables from electricity distribution, last resort supply and gas distribution in Portugal rose from €2,236min Dec-15 to €2,420m in Mar-16 driven by: (1) -€94m following the sale without recourse of the right to receive part of the ²⁰¹⁴tariff deficit; (2) +€315m regarding the ex-ante tariff deficit for 2016, to be fully recovered under ^a 5-year payment schedule ending in ²⁰²⁰ and remunerated at 2.24% annual return; (3) -€130m recovered through tariffs related to negative previous years' deviations and to past tariff deficits; (4) +€89m of new electricity tariff deviations created in 1Q16; and (5) -€9m of deviations returned to the system in the gas distribution. The main drivers for new tariff deviations generated during 1Q16, focused in electricity distribution and LRS, were: (i) +€146m on higher-than-expected special regime production (24% above ERSE assumption) and overcost (€70/MWh in 1Q16 vs. €59/MWh assumed by ERSE in the calculation of ²⁰¹⁶ tariffs); (ii) -€37m(amount to return to the tariffs) mainly propelled by cheaper-than-expected electricity purchases and (iii) -€29m tariff deviation generated in electricity distribution activity (deviations on consumption mix).

Regulatory receivables from CMECs increased from €216m in Dec-15 to €229m in Mar-16 due to: (1) €47m recovered in ²⁰¹⁶through tariffs, related to ²⁰¹⁴ and ²⁰¹⁵ negative deviations and (2) €61m negative deviation in 1Q16, due to be received in 2017-2018 (more details on page 11).

Regulatory receivables in Spain amount to €70m in Mar-16, derived from booking EDP España share of the gas tariff deficit in Spain, which has been estimated at €1.011m for the whole system as of 31-Dec-2014. Regarding the electricity system in Spain, according to CNMC's Settlement ¹⁴ for 2015, the provisional tariff surplus generated by the system amounted €251m. Definitive surplus will be known by December 2016.

(1) Net Operating Costs = Operating Costs (Supplies and services + Personnel costs + Costs with social benefits + Concession fees) + Other operating costs (net)

159

229

(2) Includes the assignment to a third party of the right to tariff deficits/adjustments and recovery or pay-back through the tariffs of previous years' tariff deviations. (3) Includes interests on tariff deviations.

+70

44%

(4) Includes the recovery/payment of previous periods tariff deficits. (5) Supplies & services and personnel costs.

End of Period

Electricity Distribution and Last Resort Supply in Portugal

( ) Inc e S € m tat t om em en	1Q 16	1Q 15	∆ %	bs. ∆ A
fit Gr Pr oss o	31 2	31 5	-1%	-3
	64	66	-4%	-2
Su lies d s ice pp an erv s l co Pe sts	23	24	-5%	-1
rso nn e h s l be fits Co it ia sts w oc ne	5	5	-1%
ssi fee Co nce on s	63	63	1%	-0 +0
he (ne ) Ot ing rat sts t r o pe co	( ) 2	( ) 2	9%	+0
( ) Ne t O ing Co 1 rat sts pe	15 3	15 6	-2%	-3
EB ITD A	9 15	8 15	0%	+0
vis ion Pro s	1	1	10 5%	+1
Am isa tio d i air ort nt n a n mp me	60	59	0%	+0
EB IT	98	98	-1%	-1
fit for Gr Pr Pe oss o r ma nce	1Q 16	1Q 15	∆ %	∆ A bs.
Gr fit ( ) Pr €m oss o	31 2	31 5	-1%	-3
lat fit Re d g gu e ros s p ro	31 1	31 3	-0%	-1
lat d g fit No n-r eg u e ros s p ro	1	2	-56 %	-1
Dis tri bu tio n G ri d
lat d r ( ) Re € m gu e eve nu es	29 9	29 7	1%	+3
( ) lec tric ity dis tri bu d GW h E te	11, 65 5	11, 68 7	3% -0.	-32
ly ( h ) Su Po int t pp s	6, 11 0	6, 08 2	0%	+2 8
rt S ly Las t R eso up p
lat d r ( ) Re € m gu e eve nu es	12	16	-25 %	-4
lien lie d ( h ) C ts t sup p	1, 62 8	2, 174	-25 %	-54 6
lec l ( h ) E tric ity d GW so	36 3 1,	84 1, 5	-26 %	-48 3

EBITDA from electricity distribution and last resort supply (LRS) in Portugal remained relatively stable YoY at €159m, in 1Q16.

On 15-Dec-2015, ERSE released the final version of ²⁰¹⁶ electricity tariffs, setting ^a 2.5% average tariff increase for normal lowvoltage (NLV) segment, applicable to clients in the regulated market (out of the Social Tariff).

Electricity distribution regulated revenues were set at €1,182m for 2016, based on: (1) regulated rate of return on assets (RoRAB) set at 6.34% for 2016, on ^a preliminary base (vs. 6.75% in 2015), reflecting an underlying avg. 10-year Portuguese bondyields of 2.6%; the ultimate RoRAB will depend on the daily average of the Portugal's 10Y bond yield between October of year 't-1' and September of year 't', with ^a floor at 6% and ^a cap at 9.5%; (2) an expected electricity demand in Portugal of 45.1 TWh in²⁰¹⁶ (1.8% above ²⁰¹⁵ electricity distributed); and (3) ^a GDP deflator of 0.8%.

Regarding last resort electricity supply activity regulated revenues, were set for ²⁰¹⁶ the following assumptions: (1) regulatedrevenues of €40m in 2016; (2) ^a forecast for average electricity procurement price of €53.0/MWh, based on ^a forecast for average pool price of €49.2/MWh; (3) ^a forecast for average special regime premium of €59.3/MWh and (4) ^a forecast of 21.6TWh of special regime generation (5.4% above 2015).

In 1Q16, distribution grid regulated revenues increased by 1% YoY (+€3m), to €299m, reflecting ^a return on RAB of 6.38%, inline with 1Q15 (6.34%). Electricity distributed remained stable in 1Q16 (-0.3% YoY), impacted by the unusual mild weather conditions in the period.

Last resort supplier (EDP SU) regulated revenues decreased 25% YoY (-€4m), to €12m in 1Q16, influenced by consumers' switching to the free market. As part of the rules and calendar defined for the phasing out of regulated tariffs in Portugal, EDPSU can no longer contract new clients (since January ¹st 2013). The volume of electricity supplied by our LRS fell by 26% YoY, to 1.4TWh in 1Q16. Total clients supplied declined ⁵⁴⁶ thousands YoY (-25% YoY), to 1,628 thousands in Mar-16 (representing 27%of total electricity clients), mostly in the residential segment.

Controllable operating costs declined by 4% YoY (-€3m) in 1Q16, reflecting essentially ^a reduction in client services mostly driven by consumers' switching to the free market.

Capex decreased by 7% YoY (-€4m) in 1Q16, to €51m. EIT increased from ¹² minutes in 1Q15 to ²⁰ minutes in 1Q16, which is largely attributable to unfavourable weather conditions.

x & for Ca O x P pe pe er ma nce	1Q 16	1Q 15	∆ %	bs. ∆ A
l la b le ( ) Co Op tin Co 2 ntr sts o era	87	91	-4%	-3
g /c /c lien ( lien ) Co € nt. sts t t co	14 .3	14 .9	-4%	-1
/ ( / ) Co km f n k € Km nt. sts etw co o or	38 8	40 5	-4%	-17
loy ( ) Em # p ee s	3, 25 0	3, 34 0	-3%	-90
( f S bsi die ) ( ) Ca Ne €m t o pe x u s	51	55	-7%	-4
k ( '00 ) Ne 0 K tw or m	22 5	22 4	0%	+1
l. in (m ) ( ) Eq uiv tio im in. 3 ter n t a rup e	20	12	67 %	+8

Electricity and Gas Networks in Spain and Gas Networks in Portugal

( ) Inc e S € m tat t om em en	E	lec tri cit Sp y	ain			Ga s S pa	in			Ga s P ort ug	l a
	1Q 16	1Q 15	% ∆ A	bs. ∆	1Q 16	1Q 15	% ∆	bs. A ∆	1Q 16	1Q 15	% ∆	bs. A ∆	I be ria lat d N ks n R etw eg e or u	1Q 16	1Q 15	% ∆	A bs. ∆
fit Gr Pr oss o	41	48	-14 %	-7	47	51	-8%	-4	16	16	1%	0	be ly int ( h ) Nu r S Po t m up p s
													lec tric ity Sp ain E	66 0	65 9	0%	+1
lies d s Su ice pp an erv s	10	9	10 %	1	7	7	-5%	-0	4	4	1%	0	Ga s S in pa	92 0	93 6	-2%	-17
l co Pe sts rso nn e	5	5	2%	0	2	2	3%	0	0	0	14 %	0	l Ga s P ort uga	33 2	32 1	3%	+1 1
it h s ia l be fits Co sts w oc ne	0	0	-	0	0	0	12 %	0	0	0	75 %	0
he (ne ) Ot ing rat sts t r o pe co	1	( ) 0	-	1	1	( ) 77	n.m	77	0	0	-97 %	-0	bu d ( h ) En Dis tri GW te erg y
ing ( ) Ne t O Co 1 rat sts pe	16	14	14 %	2	10	( ) 68	-	77	4	4	2%	0	lec E tric ity Sp ain	2, 36 3	2, 38 1	-1%	-19
													in Ga s S pa	7, 53 9	8, 84 4	-15 %	k -1. 3
EB ITD A	26	34	-25 %	-9	38	9 11	-68 %	-81	12	12	0%	0	l Ga s P ort uga	2, 02 7	2, 03 1	0%	-4
Pro vis ion s	-	0	-	-0	-	( ) 0	n.m	0	-	( ) 0	n.m		k ( ) Ne Km tw or
Am isa tio d i air ort nt n a n me	9	9	3%	0	10	10	0%			4	-1%	0 -0	E lec tric ity Sp ain	20 40 7	20 30 9	0%	+9 9
mp								0	4				Ga s S in pa	, 7, 71 9	, 8, 14 7	-5%	-42 8
EB IT	17	26	-35 %	-9	28	10 9	-75 %	-82	8	9	-5%	-0	l Ga s P ort uga	4, 88 8	4, 67 7	5%	+2 11
(ne bsi die ) Ca t o													( Em #
pe x s s u s	6	6	-1%	-0	5	5	4%	0	3	3	-3%	-0	loy ) p ee s lec E tric ain
fit													ity Sp in	29 4	29 7	-1%	-3
Gr Pr oss o	41	48	-14 %	-7	47	51	-8%	-4	16	16	1%	0	Ga s S pa	16 6	17 7	-6%	-11
lat d R Re gu e eve nu es	39	39	-	0	41	44	-6%	-3	16	16	2%	0	l Ga s P ort uga	65	61	7%	+4
lat d g fit No n-r eg u e ros s p ro	3	9	-72 %	-7	6	8	-22 %	-2	1	1	-19 %	-0

ELECTRICITY DISTRIBUTION IN SPAIN

The impact of the preceding measures on EDP in ²⁰¹⁵ and in the following years is €9m vs. €4.7m in 2014.

EBITDA from our electricity distribution activity in Spain was down by €9m YoY (-25%) in 1Q16, particularly influenced by ^a €7m recovery of previous years' regulated revenues in 1Q15. Excluding this impact, EBITDA decreased by €2m YoY (-7%), reflecting slightly higher costs with maintenance and repairs works. Electricity distributed by EDP España, mostly in the region of Asturias, decreased slightly in 1Q16 to 2.4TWh (-1%).

In Dec-13, the Spanish Government approved Law 24/2013 and RD 1048/2013 that establish the new regulatory framework for electricity distribution assets, maintaining the principles announced inJul-13 by RD 9/2013 (return on RAB equivalent to ^a 200bp premium over 10-year Spanish bond yields and equaling to 6.5%, in 2014-2020). According to ^a Ministerial preliminary proposal of Mar-16 andfollowing the application ^a the methodology set in RD 1048/2013, electricity distribution regulatedrevenues should increase by 18% in 2016, to €182m.

GAS REGULATED NETWORKS IN SPAIN

EBITDA of gas distribution in Spain in 1Q16 amounted to €38m (-€81m YoY), reflecting ^a €78m oneoff gain stemming from the sale of assets held by Gas Energía Distribución Murcia to Redexis in1Q15. Disregarding this impact, EBITDA declined by 9% YoY (-€4m), due to lower non-regulatedrevenues and previous years' adjustments. Volume of gas distributed fell by 15% YoY, to 7.5TWh in 1Q16, due to milder weather conditions.

According to law 18/2014 of Oct-14, regulated gas activities will be squared by ^a 6-year regulatory period and subject to possible adjustments every ³ years. The remuneration model for gas distribution activities was maintained although inflation update factor is eliminated, allowedrevenues are cut and returns are more dependent on demand.

According to ^a Ministerial Order released in Dec-15, gas distribution regulated revenues will be flat in 2016, amounting to€172m.

In Jan-16, EDP has reached an agreement with Repsol for the acquisition of liquefied propane gas distribution assets, in Naturgas incumbent areas (Basque Country, Cantabria and Asturias regions). The agreed transaction price represents an enterprise value of €116 million, with an expected incremental annual EBITDA of €13 million. The completion of the transaction is expected to occur in 2H16.

GAS REGULATED ACTIVITIES IN PORTUGAL

EBITDA from gas regulated activities in Portugal was stable at €12m in 1Q16, reflecting ^a return on RAB of 7.94% in 1Q16. Volume distributedwas stable at 2.0TWh in 1Q16, due to warm temperatures.

Under the current gas regulatory period (from Jul-13 to Jun-16), the rate of return on assets is indexed tothe avg. Portuguese Republic 10-year bond yield between Apr ¹st and Mar ³¹st prior to the beginning of each regulatory year, with ^a floor at 7.83% and cap at 11%. The preliminary rate of return on RAB for the period from Jul-15 to Jun-16 was set at 7.94%.

On 15-Apr-2016, ERSE unveiled ^a proposal for an average 18.5% decrease for last resort tariff for small clients (low consumption segment <= ^{10 m3}/year) to be place from 1-Jul-16 to 30-Jun-17. ^A final decisionwill be taken until 15-Jun-16 which will also include the definition of final parameters for the regulatory period between ²⁰¹⁶ and 2019.

EDP - Energias do Brasil: Financial Performance

Inc e S tat t om em en		li da Co te nso	\$ m d ( ) R			li da Co nso	d ( ) € m te		En ias do Br asi l erg	1Q 16	1Q 15	∆ %	bs. ∆ A
	1Q 16	1Q 15	∆ %	bs. ∆ A	1Q 16	1Q 15	∆ %	bs. ∆ A
									\$ /s ha d o f p d ( ha ) S ice eri R at re pr en o re	12 .04	10 .35	16 %	+1 .69
fit Gr Pr oss o	76 0	66 2	% 15	+9 8	17 7	20 5	% -14	-29	(m ) be f s ha Iss d i l lio Nu m r o res ue n	47 6.4	47 6.4	-	-
									k (m l lio ) Tre i sto asu ry c n	0.8	0.8	-	-
lies d s Su ice pp an erv s	13 9	11 6	21 %	+2 4	32	36	-10 %	-3	be f s ha d by (m l lio ) Nu ED P i m r o res ow ne n	24 3.0	24 3.0	-	-
l co d e loy be fits Pe sts rso nn e an mp ee ne	11 2	95	% 17	+1 6	26	29	% -12	-4
he (ne ) Ot ing rat sts t r o pe co	( ) 30 5	35	-	-34 0	( ) 67	11	-	-77	/ l - d o f p d r Eu Re En eri ate ro a o	4.1 2	3.5 0	-15 %	+0 .62
( ) t O ing Co Ne 1 rat sts pe	( ) 54	24 6	-	-30 0	( ) 8	76	-	-85	/ l - A f p d r Eu Re eri ate ro a ve rag e o o	4.3 0	3.2 2	-25 %	+1 .08
									f lat ion ( ) In IPC A - Yo Y te ra	9.4 %	8.1 %		-
EB ITD A	81 4	6 41	96 %	+3 98	18 5	12 9	43 %	6 +5				-
									/ bt (x ) Ne t D EB ITD A e	1.3	1.2	-	+0 .1
vis ion Pro s	7	7	1%	+0	2	2	-25 %	-1	f D bt ( % ) Av Co st era ge o e	11 .0	12 .3	-	-1. 2p .p.
Am isa tio d i air ort nt n a n mp me	13 6	91	% 51	+4 6	32	28	% 13	+4	( ) Av Int Rat CD I st era ge ere e	13 .7	11 .7	-	1.9 p.p
EB IT	67 0	31 8	11 1%	+3 52	15 1	99	54 %	+5 3	loy ( ) Em # p ee s	2, 91 4	2, 60 7	12 %	+3 07
l re lts Fin cia an su	( ) 19 1	( ) 94	-10 2%	-97	( ) 44	( ) 29	52 %	-15	\$ lan he ( l lio ) Ke Ba S Fig R Mi et y ce ure s n	1Q 16	1Q 15	∆ %	∆ A bs.
lts fro Re iat su m ass oc es	( ) 8	( ) 38	78 %	+3 0	( ) 2	( ) 12	-	+1 0
									fin cia l de bt Ne t an	4, 49 8	2, 32 1	% 94	+2 17 7 ,
fit Pre -ta x p ro	47 1	18 5	154 %	+2 85	10 5	57	83 %	+4 8	lat b les Re cei gu ory re va	31 8	56 1	-43 %	-24 3
									ling No In tro ter est n-c on s	1, 69 8	1, 69 2	0%	+5
									uit bo k v lue Eq y o a	6, 16 1	5, 02 3	23 %	+1 13 8
x & Fi nci l In Ca stm ts pe na a ve en		\$ m ( R	)			( € m	)		\$ Fin cia l R lts ( Mi l lio ) R an esu n	1Q 16	1Q 15	∆ %	bs. ∆ A
	1Q 16	1Q 15	∆ %	bs. ∆ A	1Q 16	1Q 15	∆ %	bs. ∆ A
									Ne t In Co ter est sts	( ) 144	( ) 89	% -62	-55
Ca pe x	90	67	35 %	+2 3	21	21	1%	+0	lise d C Ca ita ost p s	0	0	98 %	+0
									f fer d D Fo Di eri ive vat rex en ces an s	( ) 61	( ) 24	-15 7%	-37
Fin cia l In stm ts an ve en	13 9	30	4% 36	+1 09	32	9	8% 24	+2 3	Ot he r	14	18	% -23	-4
									l R lts Fin cia an esu	( ) 19 1	( ) 94	-10 2%	-97

In local currency, EDP Brasil ("EDPB") EBITDA increased 96% YoY (+R\$398m) to R\$814m in the 1Q16, impacted by the capital gain of R\$278m booked with the sale of Pantanal mini-hydro at 'other operating income' level. Adjusted by the one-off effect with Pantanal sale, EBITDA wouldhave increased 29% YoY to R\$536m. EBITDA in distribution fell by R\$95m to R\$137m in the 1Q16, impacted by lower demand, volumes' overcontracted at Bandeirante, the Itaipu FX impacts (recouped at financial results' level), and abnormal positive impact from high tariff increases in the 1Q15. Generation and Supply EBITDA went up 99% YoY (+R\$210m), reflecting the full consolidation of Pecém since May-15 (+R\$201m) and better performance at our hydro plants (+R\$43m YoY) due to ^a negligible impact of the hydro deficit vs. ^a greater impact in the 1Q15 (GSF at 88% in 1Q16 vs. 79% in 1Q15 and avg. PLD of R\$35/MWh in 1Q16 vs. R\$388/MWh in 1Q15). EBITDA performance in Euro terms was penalised by the 25% depreciation of BRL vs. the EUR (- €63m impact).

Net operating costs decreased by R\$300m YoY mostly due to the booking of the aforementionedcapital gain at 'other operating income' level. At Opex level, costs increased 19% due to Pecém's full consolidation. Ex-Pecém, costs would go up 5%, in spite of an inflation of 9%. Personnel costs increased 17% YoY, while supplies & services went up 21% YoY, due to Pecém's consolidation.

Net financial costs increased 102% YoY to R\$191m in 1Q16, translating higher net debt and ForEx differences and Derivatives (-R\$61m) impacted negatively by the USD appreciation against the BRL on Pecém USD funding (hedged to BRL). These effects were partly offset by lower average cost of debt (-1.3pp vs. 1Q15) due to the consolidation of cheaper Pecém debt. Net financial debt increased 94% (or +R\$2.2bn) YoY, reflecting mostly the full consolidation of Pecém whose debt by Mar-16 amounted to R\$2,111m.

Results from associates totalled -R\$8m in the 1Q16, improving R\$30m YoY, reflecting ^a negative contributionfrom Jari hydro power plant (-R\$5m in the 1Q16), but also net losses from Pecém ^I coal facility for the periodbefore its full consolidation (-R\$26m in the 1Q15).

As of Apr-16, hydro reservoirs in the Southeast/Center-West ("SE-CW") regions were at ~58% of their maximum level (vs. 30% in Dec-15 and 29% in Mar-15). Coupled with ^a demand contraction (-0.1% YoY in1Q16), the reservoir levels' recovery has enabled the GSF to recover, and the thermal generation used as backup to be reduced, allowing PLD to retract to its floor level. Some thermal capacity should be still generating throughout ²⁰¹⁶ and thus some hydro deficit is still expected. Nevertheless, PLD prices are expected to stay close to the floor level of R\$30/MWh with the exception of the northeast region.

Brazil: Electricity Distribution

\$ m ( ) Inc e S R tat t om em en	1Q 16	1Q 15	∆ %	bs. ∆ A
fit Gr Pr oss o	32 9	42 5	-23 %	-96
Su lies d s ice pp an erv s l co d e loy be fits Pe sts rso nn e an mp ee ne he (ne ) Ot ing rat sts t r o pe co ( ) Ne t O ing Co 1 rat sts pe	92 75 19 2	86 70 37 19 3	6% -33 % -1%	+6 +6 -12 -1
EB ITD A	13 7
Pro vis ion s d i Am isa tio air ort nt n a n mp me	7 47	8 46	% -12	-1
IT EB	84		% -53	-95

l co d e loy be fits Pe sts rso nn e an mp ee ne	75	70	8%	+6
he ing (ne ) Ot rat sts t r o pe co	24	37	-33 %	-12
( ) Ne t O ing Co 1 rat sts pe	19 2	19 3	-1%	-1
EB ITD A	13 7	23 2	-41 %	-95
Pro vis ion s	7	8	-12 %	-1
d i Am isa tio air ort nt n a n me	47	46	2%
mp				+1
EB IT	84	9 17	-53 %	-95
fit for Gr Pr Pe oss o r ma nce	1Q 16	1Q 15	∆ %	bs. ∆ A
\$ m fit ( ) Gr Pr R oss o	32 9	42 5	-23 %	-96
Re lat d r gu e eve nu es	40 9	40 0	2%	+9
he Ot r	( ) 80	25	-	-10 5
\$ m ( ) lat cei b les Re Re R
gu ory va f p d Be inn ing eri g o o	73 5	60 2	22 %	+1
de Pas via tio t ns	18 6	82	12 6%	33 -10 4
( ) l de via tio 2 An	( )	( )
nu a n	( ) 23 1	22 3	-	-45 4
/ ( ) CD E AC R A 3 t cco un	-	( ) 18 2	-	82 +1
d o f p eri d En o	31 8	56 1	-43 %	-24 3
( ) C lie Co d h nts ect t nn e	3, 26 2	3, 18 2	3%	+8 0
de Ba ira nte n	1, 77	1, 74	2%	+3 4
lsa Esc e	4 1, 48 7	0 1, 44 2	3%	+4 5
lec bu d ( h ) E tri cit Dis tri GW te y	6, 25 6	6, 76 4	-8%	-50 9
de Ba ira nte n	3, 60 0	3, 77 5	-5%	-17 6
lsa Esc e	2, 65 6	2, 98 9	% -11	-33 3
hic h: Fro m w
lien in ket ( h ) To Fre e M GW ts c ar	2, 3 15	2, 44 5	-12 %	-29 2
lec l d ( h ) E tri cit So GW	4, 10 3	4, 32 0	-5%	-21 7
y de ira Ba nte n	2, 22 4	2, 38 1	-7%	-15 7
he Re si d., Co . & Ot mm erc r	74 3	80 3	-3%	-60
du l In ia str	1,	1,
	48 0	57 8	-17 %	-98
lsa Esc e	1, 87 9	1, 93 9	-3%	-60
Re si d., Co . & Ot he mm erc r	1, 62 6	1, 65 9	-2%	-34
du l In ia str	25 3	27 9	-9%	-26
				bs.
Ca x & O for x P pe pe er ma nce	1Q 16	1Q 15	∆ %	∆ A
l la b le tin ( ) Co Op Co 4 ntr sts o era g	15 7	15 0	4%	+6
/c ( \$ /c ) Co lien lien R nt. sts t t co	48	47	2%
\$ / km ( / ) Co R Km nt. sts co	2	2	2%	+1 +0
loy ( ) Em # ee s	16	14	1%	+2 0
p	2, 7	2, 7
\$m (ne f s bsi ) ( ) Ca die R t o pe x u s	70	55	28 %	+1 5
k ( '00 ) Ne 0 K tw or m	91	89	2%
				+2

EBITDA from our electricity distribution activity in Brazil fell by 41% YoY to R\$137 in the 1Q16, mostly due to (i) lower demand (- R\$16m YoY in the 1Q16); (ii) overcontracting at Bandeirante (-R\$16m); (iii) lower pass-through of FX losses from Itaipu (-R\$34m YoY in the 1Q16, recovered at financial results' level); and (iv) abnormal positive impact from high tariff increases in the 1Q15.

Regulated revenues went up 2% YoY (+R\$9m) to R\$409m in the 1Q16, mostly reflecting the annual tariff readjustments at bothEscelsa (2% in Aug-15) and Bandeirante (+16% in Oct-15).

Volumes of electricity sold went down 5% YoY in the 1Q16, translating ^a reduction of 14% in industrial volumes, reflecting lower industrial activity, as well as lower consumption from the 'residential, commercial & other' segments, mainly due to lower demand inthe rural segments. At the same time, volumes distributed to industrial clients in the free market also fell by 12% YoY to 2.1TWh in the 1Q16, reflecting the tough macroeconomic conditions inBrazil as well as the tariff increases in the recent past.

Demand decrease had thus ^a slightly negative impact on gross profit, which has been partly compensated by ^a trajectory of lower nontechnical losses, in spite of the economic situation in Brazil. Non-technical losses in the low-voltage segment have decreased for bothDisCos: Bandeirante's level stood at 11.4% (-0.4pp YoY vs. 1Q15) and Escelsa's at 14.7% (-2pp YoY vs. 1Q15). Provisions for doubtful clients increased in the 1Q16 (+R\$11m YoY), derived by the economic situation but also due to the significant tariff increases in 2014- 15. EDPB has been tackling the situation by increasing proximity to clients. Additionally, in the 1Q16, Bandeirante suffered with overcontracted volumes (-R\$16m in the 1Q16), since it surpassed the 105% threshold after which any gain/loss is not passed-through tariffs.

As of Mar-16, regulatory receivables amounted to R\$318m (vs. R\$735m as of Dec-15). In the 1Q16, ^a R\$231m positive tariff deviationwas created, essentially related to lower energy costs than the ones incorporated in the tariffs. Additionally, R\$186m were received regarding past deviations. All in all, regulatory receivables went down R\$417m vs. Dez-15, to R\$318m as of Mar-16, to be collectedthrough tariffs in the following years. In Feb-15, the Brazilian regulator (ANEEL) proposed ^a real post-tax WACC of 8.1% to be applied to distribution on the upcoming ⁴th revision cycle, which started for Bandeirante in Oct-15 (the upcoming revision for Escelsa is in Aug-16). In fact, Bandeirante saw its Regulatory Asset Base reviewed to R\$1.667bn (from the previous R\$1.545bn).

Controllable operating costs increased 4% YoY to R\$157m in the 1Q16, driven by ^a 8% increase in personnel costs, reflecting the annual salary update (below inflation levels). Supplies and services reflect higher expenses with O&M, IT and clients' services. Other operating costs were down R\$12m YoY, translating ^a positive update on the fixed assets' terminal value (R\$30m in the 1Q16 vs. R\$15m in the 1Q15). Distribution capex was up 28% YoY to R\$70m in the 1Q16. On ^a recurring basis, distribution capex is mostly devoted to customer services activities and to the reinforcement of the network quality of service.

(1) Net operating costs = operating costs (Supplies and services + Personnel costs + Costs with social benefits) + Other operating costs (net); (2) Net of extraordinary tariff increase and tariff flags impacts; (3) Including financial update of the corresponding regulatory assets/liabilities; (4) S&S and Personnel costs.

Brazil: Electricity Generation and Supply

\$ ( ) Inc e S R M tat t om em en		Ge rat ne	ion
	1Q 16	1Q 15	bs. ∆ % ∆ A
fit Gr Pr oss o	42 4	20 4	10 8%	+2 20
Su lies d s ice pp an erv s	33	12	17 2%	+2 1
l co d e loy be fits Pe sts rso nn e an mp ee ne	21	12	72 %
he (ne ) Ot ing rat sts t r o pe co	( ) 54	0	-	+9 -54
( ) t O ing Co Ne 1 rat sts pe	0	25	-99 %	-24
EB ITD A	42 3	17 9	13 6%	+2 44
Pro vis ion s	0	0	3% 59	+0
d i Am isa tio air ort nt n a n mp me	85	41	10 7%	+4 4
EB IT	33 8	13 8	5% 14	+2 00
Ke Da ta	1Q 16	1Q	∆ %	bs. ∆ A
y		15
\$ m fit ( ) Gr Pr R oss o	42 4	20 4	10 8%	+2 20
dro Hy	26 0	20 4	27 %	+5 6
d r & he PP A c Ot tra cte on eve nu es r	25 3	36 9	-31 %	-11 6
(ne f ) GS F im he dg ing ct t o pa	7	( ) 16 5	-	72 +1
he l T rm a	164	-	-	+1 64
d r PP A c tra cte on eve nu es	18 3	-	-	+1 83
Ot he r	( ) 20	-	-	-20
lle d C aci ( ) Ins MW ta ty ap	2, 46 6	1, 79 7	37 %	+6 69
dro Hy	1, 74 5	1, 79 7	-3%	-51
Th al erm	72 0	-	-	20 +7
lle d C ( ) Ins aci MW Eq uit ta ty ap y	18 7	54 7	-66 %	-36 0
( ) E lec tri cit So l d GW h y	3, 44 5	2, 26 0	52 %	18 +1 5
d PP A c tra cte on	3, 19 1	2, 30 5	38 %	, +8 87
dro Hy	1, 93 0	2, 30 5	-16 %	-37 5
T he l rm a	1, 26	-	-	+1 26 1
he Ot r	1 -	60	-	, -60
\$ ( / ) ( ) dro A S le Pri h 2 Av Hy PP R MW g. a ce	164	17 6	-7%	-12
\$ m ( ) Ca R pe x	19	11	78 %	+8
\$ m ( ) Fin cia l In stm ts R an ve en	13 9	30	36 4%	+1 09
loy ( ) Em # p ee s	53 1	27 8	91 %	+2 53
\$ m k do ( ) EB ITD A B R rea wn	1Q 16	1Q 15	∆ %	bs. ∆ A
ém ( ) Pe 10 0% c	20 1	-	-	+2 01
Laj do ( % o d by ) 73 ED PB ea wn e	93	72	30 %	+2 2
( ) Pe ixe An ica l 60 % o d by ED PB g wn e	70	65	7%	+5
he ( ) Ot 10 0% r	59	42	41 %	+1 7
EB ITD A	42 3	17 9	13 6%	+2 44
ly Su pp	1Q 16	1Q 15	∆ %	∆ A bs.
( \$ m ) Gr fit R	6	33	-80 %	-26
oss pr o \$ m ( ) ( ) Ne t O ing 1 R rat sts co	9	1	14 87 %
pe \$ m ( ) EB ITD A R	( ) 3	32		+8 -35
			-

EBITDA (R\$ m)Electricity sales (GWh)

EBITDA from our electricity generation activities in Brazil went up 136% YoY (+R\$244m) to R\$423m in the 1Q16, reflecting the full consolidation of Pecém since May-15 (R\$201m) and better performance at the hydro plants (+R\$43m YoY) due to ^a negligible impact of the hydro deficit and the subsequent need to purchase energy at market prices higher than the PPAs contracted prices vs. 1Q15, mostly due to the fall in PLD prices (avg. PLD of R\$35/MWh in the 1Q16 vs. R\$388/MWh in the 1Q15), but also given the greater protection against hydro deficits following the insurance subscribed in Dec-15.

Hydro gross profit increased 28% YoY (+R\$56m) to R\$260m in the 1Q16, mostly due to the above mentioned fall in PLD prices, but also due to ^a lower GSF in the period (GSF at 88% vs. 79% in the 1Q15), on the back of the recovery of the reservoir levels (currently at ~55% vs. 29% by Mar-15). Additionally, EDPB subscribed the hydro insurance for ^a protection at ~92% level for ^a portion of its assets (no risk if GSF falls below 92%). Of the total physical guarantee of the portfolio of hydro plants, ⁴⁰%subscribed the insurance in ²⁰¹⁵ and 7% more subscribed in the 1Q16. The impact is retroactive to Jan-15 and allowed for R\$12m positive recovery of 2015's GSF losses. Overall, in the 1Q16, GSF impact net of hedges and recovery through the insurance amounted to -R\$7m (a gain) vs. ^a loss of R\$167m in the 1Q15. The abovementioned impacts were partly offset by the decrease of the avg. price of hydro volumes, which reached R\$164/MWh in the 1Q16, 7% below YoY. PPA prices are inflationupdated, yet the decrease YoY is justified by the end of some PPA in Peixe Angical hydro plant in Jan-16. Most of the plant's capacity was sold in shorter term contracts at lower prices (~R\$170/MWh). The quarterly allocation of volumes was less significant in the 1Q16 vs. the 1Q15, thus leading to ^a decrease in sales volumes YoY, to be recovered in the next quarters.

Pecém's gross profit was R\$164m in the 1Q16, of which R\$183m related to PPA fixed revenues. Since the purchase of the asset, EDPB managed to achieve important improvements, both operationally and in regulatory terms (a less penalising formula for availability deviations was approved in Dec-15). Additionally, volumes now generated ahead of the PPA contracted volumes, allow Pecém to profit from the sale of the excess capacity at market prices in the northeast region.

Electricity volumes sold increased 58% YoY to 3.6TWh in the 1Q16 reflecting mostly the full consolidation of Pecém (+3.4TWh). Average hydro selling price decreased 7% YoY.

EDPB operates 2.7GW of capacity, of which 0.2GW are equity consolidated. Equity consolidated capacity refers to ^a 50% equity stake in Santo António do Jari hydro power plant (373MW in partnership with CTG). In the 1Q16, Jari contributed with ^a net loss of R\$5m (@50%), reflecting the impact of the interest costs, given the initial stage of the asset's life.

Capex surged by 78% YoY to R\$19m in the 1Q16 mostly due to maintenance works in Pecém. Note that equity investments devoted to Cachoeira Caldeirão and São Manoel hydro projects are classified as 'financial Investments' (equity-methodaccounted); in the 1Q16, financial Investments totalled R\$139m, which were essentially devoted to São Manoel's constructionworks. Cachoeira Caldeirão, ^a 219MW project 50%-owned by EDPB (in partnership with CTG), has ^a PPA starting in Jan-17, but should start operation in ²⁰¹⁶ and São Manoel, ^a 700MW project, 33.3%-owned by EDPB (in partnership with CTG and Furnas) –this project is in early stage of construction (49% concluded) and has ^a PPA starting in May-18.

Electricity supply gross profit decreased 80% YoY (-R\$26m) to R\$6m in the 1Q16, reflecting lower margins given the current scenario of low spot prices.

(1) Operating costs (Supplies & services + Personnel costs + Costs with social benefits) + Other operating costs (net); (2) Calculated with PPA prices and volumes.

2%

2,514

+41

2,556

Income Statements& Annex

( ) fro les d s ice d o he 24 5 2, 21 2 1, 53 3 45 9 49 3 1, 15 6 Re t ve nu es m en erg y s a an erv s a n r ( ) fit 16 1 34 9 41 7 45 2 17 7 9 Gr Pr oss o ( ) lies d s 11 84 69 32 Su ice 54 45 pp an erv s l co d e loy be fits 19 36 24 26 43 Pe sts rso nn e an mp ee ne ( ) ( ) he ing (ne ) 3 63 19 67 Ot rat sts t r o pe co ( ) ( ) 28 18 3 73 8 3 Op tin 14 5 ost era g c s ( ) 13 3 20 5 23 4 37 9 18 5 6 EB ITD A ( ) 0 0 1 2 0 Pro vis ion s - d i ( ) 33 59 82 14 7 32 13 Am isa tio air 1 ort nt n a n mp me	1 Q 1 6 ( ) €m	Lon Te g- rm ed Co ntr act Ge atio ner n	Ibe rian Lib lise d era Act ivit ies	Reg ula ted ork Ne tw s Ibe ria	ED P ová Ren vei s	zil Bra	Co r. A ctiv rpo & Ad jus tm ent s	ED P G rou p
								3, 78 7
								1, 54 7
								20 5 16 1 51 41 7
								1, 13 0
								3 36 6
	EB IT	10 0	14 6	15 0	23 2	15 1	( ) 19	76 0

l co d e loy be fits Pe sts rso nn e an mp ee ne (ne ) Ot he ing rat sts t r o pe co Op tin ost era g c s	14 3 28	19 72 14 5	36 63 18 3	24 ( ) 19 73	26 ( ) 67 ( ) 8	43 ( ) 1 ( ) 3	16 1 51 41 7
EB ITD A	13 3	20 5	23 4	37 9	18 5	( ) 6	1, 13 0
Pro vis ion s isa tio d i air ( ) Am 1 ort nt n a n mp me	0 33	( ) 0 59	1 82	- 14 7	2 32	0 13	3 36 6
EB IT	10 0	14 6	15 0	23 2	15 1	( ) 19	76 0
Q 1 1 5	Lon Te g- rm	Ibe rian	ula ted Reg	ED P	zil Bra	Co r. A ctiv rpo &	ED P G
( ) €m	ed Co ntr act Ge atio ner n	Lib lise d era Act ivit ies	ork Ne tw s Ibe ria	ová Ren vei s		Ad jus tm ent s	rou p
fro les he Re d s ice d o t ve nu es m en erg y s a an erv s a n r	28 3	2, 37 3	9 1, 54	38 9	66 4	( ) 12 2 1,	13 4, 5
fit Gr Pr oss o	18 6	23 3	43 1	37 5	20 5	( ) 6	1, 42 3
lies d s Su ice pp an erv s l co d e loy be fits Pe sts rso nn e an mp ee ne (ne ) Ot he ing rat sts t r o pe co Op tin ost era g c s	14 16 2 33	48 19 65 13 1	86 37 ( ) 16 10 7	65 17 ( ) 2 80	36 29 11 76	( ) 41 42 8 8	20 7 16 1 67 43 5
EB ITD A	15 3	10 2	32 4	29 5	12 9	( ) 15	98 8
Pro vis ion s isa tio d i air ( ) Am 1 ort nt n a n mp me	0 39	( ) 1 50	0 82	- 124	2 -	( ) 0 15	1 33 7

( ) Qu ly P& € m L art er	1Q 15	2Q 15	3Q 15	4Q 15	1Q 16	2Q 16	3Q 16	4Q 16	% ∆ Y oY	∆ Q oQ %
fro les d s ice d o he Re t ve nu es m en erg y s a an erv s a n r	4, 135	3, 812	3, 657	3, 912	3, 787				-8%	-3%
f e Co les d o he st t o ne rgy sa an r	( ) 2, 712	( ) 2, 486	( ) 2, 346	( ) 2, 518	( ) 2, 240				17%	11%
fit Gr Pr oss o	1, 423	1, 327	1, 311	1, 394	1, 547				9%	11%
lies d s Su ice pp an erv s l co d E loy fits Pe Be sts rso nn e an mp ee ne (ne ) Ot he ing rat sts t r o pe co Op tin ost era g c s	207 161 67 435	227 164 ( ) 207 184	224 148 79 450	263 181 18 46 1	205 161 51 417				-1% 0% -25 % -4%	-22 % -11 % 189 % -10 %
EB ITD A	988	1, 143	860	933	1, 130				14%	21%
Pro vis ion s ( ) isa tio d i air Am 1 ort nt n a n mp me	1 337	3 353	6 369	7 406	3 366				% 526 9%	% -53 -10 %
EB IT	651	788	485	520	760				17%	46%
Fin cia l R lts an esu ha f n fit d a S in j oin cia et t v tur tes re o pro en es an sso	( ) 208 ( 2)	( ) 156 ( 22)	( ) 262 ( 2)	( ) 207 1	( ) 180 ( 8)				13% -36 2%	13% -
fit be for e i d C ES Pro ta E nco me x a n	44 1	610	222	314	573				30%	82%
Inc e t om axe s din i bu tio for he Ext ntr t ect rao r ary co n en erg y s or	82 61	112 -	42 -	42 1	152 59				84% -3%	262 % 484 0%
fit for he d Ne t P rio t ro pe fit ri bu b le t Ne t P Att o E DP ta ro l ling No In tro ter est n-c on s	298 237 62	498 350 148	180 149 31	271 177 94	362 263 100				22% 11% 62%	34% 49% 5%

EDP - Installed capacity & electricity generation

	Ins ta	l le d C aci ap	( ) - M W 1 ty		lec E	tri cit Ge y ne	ion ( GW rat	h )	lec tri cit ion ( h ) E Ge GW rat y ne
hn log Te c o y	1Q 16	1Q 15	∆ M W	∆ %	1Q 16	1Q 15	h ∆ G W	∆ %	1Q 15	2Q 15	3Q 15	4Q 15	1Q 16	2Q 16	3Q 16	4Q 16
/ ( ) PP A CM EC Po l rtu ga	3, 84 3	0 4, 47	-62 7	% -14	62 4, 7	4, 15 1	6 47	% 11	4, 15 1	3, 63 9	3, 25 8	3, 58 2	62 4, 7
dro Hy	2, 66 3	3, 29 0	-62 7	-19 %	2, 85 4	1, 90 3	95 1	50 %	1, 90 3	1, 16 0	78 7	1, 12 5	2, 85 4
f f t he Ru riv n o er	1, 05 6	1, 05 6			2, 48 6	93 8			93 8	65 9	39 3	49 7	2, 48 6
ir Re ser vo	2, 23 4	2, 23 4			2, 48 9	96 5			96 5	50 1	39 4	62 8	2, 48 9
l - Co Sin a es	1, 18 0	1, 18 0	0	0%	1, 77 3	2, 24 8	-47 5	-21 %	2, 24 8	2, 48 0	2, 47 1	2, 45 7	1, 77 3
( ) Sp eci l R im Wi d Ex- a eg e n	20 9	20 6	3	1%	33 7	22 2	114	% 51	22 2	17 3	84	184	33 7
l Po rtu ga	184	18 1	3	2%	31 1	19 0	12 1	64 %	19 0	13 8	47	15 8	31 1
l l-H dro Sm a y	15 9	15 7			25 9	13 8			13 8	88	4	12 0	25 9
ion Co rat ge ne	24	24			52	52			52	50	43	38	52
Sp ain	25	25	0	0%	26	33	-7	-22 %	33	35	37	26	26
Co ion +W rat ast ge ne e	25	25			26	33			33	35	37	26	26
Li be lise d I be ria ra	8, 62 4	80 8 7,	81	10 %	66 8 5,	70 9 4,	95 9	20 %	70 9 4,	03 8 4,	2 4, 57	07 5, 7	66 8 5,
dro Hy	3, 50 8	2, 45 3	6 1, 05 5	43 %	3, 54	1, 91 0	1, 63 0	85 %	1, 91 0	1, 17 5	60 1	87 3	3, 54 0
l Po rtu ga	3, 08 2	2, 02 6			0 3, 08 0	1, 49 5			1, 49 5	96 9	54 1	76 0	3, 08 0
Sp ain	42 6	42 6			46 0	41 4			41 4	20 6	60	11 3	46 0
l Co a	1, 22 4	1, 46	-23 9	-16 %	1, 33 3	2, 05 8	-72 5	-35 %	2, 05 8	1, 97 2	2, 29 9	2, 61 7	1, 33 3
bo ño A I	34 2	3 34 2			30 9	52 4			52 4	63	64 9	63 9	30 9
bo ño A II	53 6	53 6			85 4	92 2			92 2	1, 05 3	1, 07 7	1, 01 6	85 4
be So Ri II to ra	0	23 9			0	19 0			19 0	35 8	22	36 7	0
be So Ri III to ra	34 6	34 6			17 0	42 2			42 2	49 7	55 1	59 6	17 0
CC GT	3, 73 6	3, 73 6	0	0%	46 5	41 1	54	13 %	41 1	67 5	1, 33 4	1, 24 6	46 5
bat ( ) Ri ejo 3 g rou ps	6 1, 17	6 1, 17			16 8	54			54	13 3	12	43 4	16 8
( ) Lar 2 g es rou ps	86 3	86 3			63	13 6			13 6	42 9	6 86 7	40 3	63
j ón ( ) Ca 2 g ste rou ps	84 3	84			13 5	14 3			14 3	98	22 8	25 5	13 5
( ) So IV & V 2 g to rou ps	85 4	3 85 4			99	77			77	15	3 11	154	99
lea l lo Nu Tri c r -	15 6	15 6	0	0%	33 0	33 1	-1	0%	33 1	21 5	33 9	34 2	33 0
( ) Wi d Mo de tai l o e 1 5 n re n p ag	9, 26 9	8, 06 7	1, 20 2	% 15	7, 50 8	5, 75 7	1, 75 1	% 30	5, 75 7	5, 00 6	4, 10 6	6, 36 7	7, 50 8
be I ria	3, 43 9	2, 81 6			2, 69 6	2, 00 4			2, 00 4	1, 52 9	1, 38 7	1, 91 5	2, 69 6
f E Re st o uro pe	1, 42 3	1, 36 3			1, 07 8	91 6			91 6	70 0	60 5	93 4	1, 07 8
h A ric No rt me a	4, 20 3	3, 80 5			3, 68 0	2, 79 2			2, 79 2	2, 72 8	2, 05 2	3, 45 2	3, 68 0
l Bra zi	20 4	84			54	46			46	49	61	66	54
So lar	82	82	0	0%	27	29	-2	-7%	29	50	46	26	27
zi l ( Wi d ) Bra Ex- n	2, 46 6	1, 79 7	66 9	37 %	2, 76 4	1, 62 4	1, 14 0	70 %	1, 62 4	2, 24 7	2, 22 6	2, 53 0	2, 76 4
dro Hy	1, 74 5	1, 79 7	-51	-3%	1, 64 0	1, 62 4	16	1%	1, 62 4	1, 63 8	1, 09 1	1, 24 7	1, 64 0
Laj do ea	90 3	90 3			88 9	82 7			82 7	82 9	47 7	58 9	88 9
l Pe ixe An ica g	49 9	49 9			57 9	52 2			52 2	49 7	44 5	54 1	57 9
En est erg	34 4	39 6			17 2	27 4			27 4	31 1	16 9	11 7	17 2
( ém ) Co l Pe I a c	72 0	0	72 0	-	1, 124	0	1, 124	-	0	61 0	1, 13 5	1, 28 3	1, 124
TO TA L	24 49 3 ,	22 43 0 ,	2, 06 2	9%	20 93 1 ,	16, 49 2	4, 43 8	27 %	16, 49 2	15, 154	14, 29 2	17, 76 7	20 93 1 ,
li da d Eq uit Co te y nso	Ins ta	l le d C aci ap	( ) - M W 2 ty
	1Q 16	1Q 15	∆ M W	∆ %
be l R d I ria eci im Ex- Wi
( ) Sp a eg e n d ED PR W in	41	46	-5	-11 %
zi l H dro Bra	35 6	88 6	-53 0	-60 %
y	18 7	18 7	0	0%
l T he l Bra zi rm a	0	36 0	-36 0	-

1,479

584

-896

-61%

TOTAL

EDP - Volumes distributed, clients connected and networks

CT RIC ELE ITY					GA S
lec tri cit Dis tri bu d ( h ) E GW te y	1Q 16	1Q 15	h ∆ G W	∆ %	ist ri bu d ( h ) Ga s D GW te
l Po rtu ga	65 11, 5	68 11, 7	-32	-0. 3%	l Po rtu ga
h V lta Ve Hig ry o ge	51 4	53 8	-24	-4. 4%	Low Pr ess ure
/ Hig h diu lta Me Vo m ge	5, 15 7	5, 11 7	40	0.8 %	diu Me Pre m ssu re
lta Low Vo ge	5, 98 4	6, 03 2	-48	8% -0.	LPG
ain Sp	2, 36 3	2, 38 1	-19	-0. 8%	ain Sp
/ Hig h Me diu Vo lta m ge	1, 72 7	1, 73 3	-6	4% -0.	Low Pr ess ure
lta Low Vo ge	63 6	64 8	-13	-1. 9%	diu Me Pre m ssu re
zi l Bra	6, 26 1	6, 76 4	-50 4	-7. 4%	TO TA L
lien Fre e C ts	2, 15 3	2, 44 5	-29 2	-11 .9%
du l In ia str	73 4	85 8	-12 4	-14 .4%
si de nti l, Co rci l & Ot he Re a me a r	3, 37 4	3, 46 2	-88	-2. 5%
TO TA L	20 27 8 ,	20 83 2 ,	-55 4	-2. 7%

∆ %	1Q 16	1Q 15	∆ G W h	∆ %
3% -0.	2, 02 7	2, 03 1	-4	2% -0.
-4. 4%	41 0	42 3	-13	-3. 1%
0.8 %	1, 61 0	1, 59 9	11	0.7 %
-0. 8%	7	9	-2	-20 .3%
-0. 8%	7, 53 9	8, 84 4	-1, 30 5	-14 .8%
-0. 4%	3, 00 7	3, 97 0	-96 3	-24 .2%
9% -1.	53 2 4,	87 4, 4	-34 3	0% -7.
-7. 4%	9, 56 6	10, 87 5	-1, 30 9	-12 .0%
.9% -11

lie d ( h ) C Co nts ect t nn e	1Q 16	1Q 15	bs. A ∆	∆ %	ly int ( h ) Su Po t pp s
l Po rtu ga	6, 11 0	6, 08 2	28 .0	0.5 %	l Po rtu ga
/ / h h diu lta Ve Hig Hig Me Vo ry m ge	24	24	0.1	0.3 %	Low Pr ess ure
Sp eci l Lo w V lta a o ge	35	34	0.4	% 1.3	diu Me Pre m ssu re
lta Low Vo ge	6, 05 1	6, 02 4	27 .5	0.5 %	LPG
Sp ain	66 0	65 9	1.1	0.2 %	Sp ain
h / diu lta Hig Me Vo m ge	1	1	-0. 0	-0. 7%	Low Pr ess ure
lta Low Vo ge	65 9	65 8	1.1	0.2 %	diu Me Pre m ssu re
l Bra zi	3, 26 2	3, 18 2	79 .7	2.5 %	TO TA L
de Ba ira nte n	1, 77 4	1, 74 0	34 .5	2.0 %
lsa Esc e	1, 48 7	1, 44 2	45 .2	3.1 %
TO TA L	10, 03 1	9, 92 2	10 8.8	1.1 %

1Q 16	1Q 15	bs. A ∆	∆ %
33 2	32 1	11	3.4 %
32 7	31 5	12	3.7 %
1.4	1.4	0.0	1.6 %
4.1	4.9	-0. 8	-16 .2%
92 0	93 6	-17	8% -1.
91 9	93 6	-17	-1. 8%
0.7	0.7	0	-3. 1%
1, 25 2	1, 25 8	-5. 7	-0. 5%

ks Ne tw or	1Q 16	1Q 15	bs. A ∆	∆ %	ks Ne tw or
ht f t he ks ( ) Len Km tw g o ne or	33 3, 13 5	33 3, 29 5	-16 0	0.0 %	ht f t he ks ( ) Len Km tw g o ne or
l Po rtu ga	22 4, 83 7	22 3, 97 6	86 1	0.4 %	l Po rtu ga
Sp ain	20 40 7 ,	20 30 9 ,	99	0.5 %	Sp ain
l Bra zi	87 89 1 ,	89 01 0 ,	-1, 12 0	-1. 3%
( f e ) Los % lec tri cit dis tri bu d te ses o y
l ( ) Po 1 rtu ga	10 .1%	10 .9%	-0. 8 p p
Sp ain	4.9 %	5.1 %	-0. 2 p p
zi l Bra
de Ba ira nte n	9.3 %	9.3 %	0.0 pp
hn l Te ica c	5.5 %	5.5 %	0.0 pp
rci l Co me a	3.8 %	3.8 %	-0. 0 p p
lsa Esc e	13 .4%	13 .6%	-0. 2 p p
hn l Te ica c	8.1 %	7.9 %	0.2 pp
rci l Co me a	5.3 %	5.7 %	-0. 4 p p

	1Q 16	1Q 15	bs. A ∆	∆ %
	12, 60 7	12, 82 4	-21 7	-1. 7%
	4, 88 8	4, 67 7	21 1	4.5 %
	7, 71 9	8, 14 7	-42 8	3% -5.

EDP - Sustainability performance

1Q16 Main Events

EDP in the Ethisphere Institute ranking. For the 5th consecutive year, EDP has been included in the international ranking of the most ethical companies in the world, "The World's Most Ethical Companies - WME", by the Ethisphere Institute. EDP is the only Portuguese company to feature in the international ranking and one of the four electricity utilities globally.

EDP recognised as a trusted brand by Reader's Digest Selections. EDP was recognised as the most trusted brand in the 16th edition of the study made by Reader's Digest Selections in the public utilities' category.

Roland Berger puts EDP Brazil among the best electricity companies in the world. In a study conducted by Roland Berger to 230 energy companies worldwide, EDP was placed among the top 20 electricity companies in terms of performance.

ED P I nte rna	l Su bi lity ina sta	de In x	( ba ) 20 10 -12 se

	1Q 16	1Q 15	∆ %	( ) mi lue €m Eco c V no a
ina b. de (a ) Su In sta x	10 0	98	2%	bu d Dis tri te lat d Ac cu mu e
l Env iro ta nm en ht %W eig	90 33 %	88 33 %	2%	( ) ( ) En Se Re €m 1 erg y rv. v. f fic ( b ) En E ien Se erg y cy rv.
Eco mi no c ht %W eig	10 2 37 %	10 5 37 %	-3%	l M So cia ics etr
So cia l ht %W eig	10 8 30 %	10 0 30 %	8%	(c ) loy Em p ee s

( ) l Su ina bi lity de ba 20 10 -12 ED P I nte sta In rna se x				mi ics Eco c M etr no	1Q 16	1Q 15	∆ %
	1Q 16	1Q 15	∆ %	mi lue ( ) Eco c V €m no a	4, 36 4	4, 56 1	-4%
				Dis tri bu d te	3, 54 5	3, 88 7	-9%
b. de (a ) Su ina In sta x	10 0	98	2%	lat d Ac cu mu e	81 9	67 4	21 %
iro l Env ta nm en	90	88	2%	( ) ( ) En Se Re €m 1 erg y rv. v.	32 0	29 8	7%
ht %W eig	33 %	33 %		f fic ( ) En E ien Se b erg cy rv. y	21	16	32 %
mi Eco no c	10 2	10 5	-3%
%W eig ht	37 %	37 %		So cia l M ics etr	1Q 16	1Q 15	∆ %
l So cia %W eig ht	10 8 30 %	10 0 30 %	8%	loy (c ) Em p ee s	11, 93 9	11, 63 2	3%
				( ho ) Tra ini ng urs	49 32 6 ,	74 86 6 ,	-34 %
his bi de T Su ina In	de	d ED P a	d i	On -du ci de Ac ty nts	6	9	-33 %
lity sta	lop x w as ve e	by n	s	( ) Sev eri Rat Tg ty e	99	82	21 %
ba d o bi n 3 3 s ain ust se a	lity for pe r ma nce	dic in ato rs.		( f ) Fre T rat qu en cy e	1	2	-38 %
				SP ( f ) ( d ) Fre e E DP +E T rat q.	4		31 %

³

l M En vir ics nta etr on me	1Q 16	1Q 15	∆ %	l M En vir ics - C O2 Em iss ion nta etr on me s
( ) bso lut he ric iss ion kt A e A Em tm osp s (e ) CO 2 No x	5, 09 9 4.2	4, 84 5 5.0	5% -16 %	mi ssi CO 2 E on s	bso lut A ( ktC O2	e )	eci Sp ( / t MW	fic ) h	Ge rat ne ( GW	ion ( h ) ) h
SO 2	4.7	4.6	1%		1Q 16	1Q 15	1Q 16	1Q 15	1Q 16	1Q 15
Pa rtic le	0.2 60	0.2 32	% 12
/ eci fic he ric iss ion (g h ) Sp At Em KW mo sp s (e ) CO 2	24 4.8 0.2 0	29 5.8 0.3	% -17 -34 %	d Lon Te Co ntr act g- rm e / l Po l ( ) Co PP A CM EC rtu a ga ( ) Co l B i l ém Pe a raz c	2, 98 1 1, 63 5 1, 34 6	1, 99 7 1, 99 7 -	1. 0 3 0.9 2 -	0. 8 9 0.8 9 -	2, 89 7 1, 77 3 1, 124	2, 24 8 2, 24 8 -
No x SO 2	0.2 3	1 0.2 8	-20 %	Li be lise d ra Co l Sp ain a	2, 00 7 1, 80 5	2, 76 0 2, 57 8	1.1 2 1.3 5	1.1 2 1.2 5	1, 79 8 1, 33	2, 46 9 2, 05
( ktC ) GH G e mi ssi O2 on s eq (sc ) Dir Em iss ion e 1 ect s op	4, 97 2	4, 85 5	2%	be CC GT I ria	20 2	18 2	0.4 3	0.4 4	3 46 5	8 41 1
dir iss ion (sc e 2 ) In ect em s op 0	9 75 0	54 4 0	39 % -	Sp eci l R im a eg e Co ion Wa rat ste ge ne +	11 1 11 1	88 88	0. 3 6 0.3 6	0. 29 0.2 9	30 6 30 6	30 9 30 9
( ) ( ) Pri Co tio f En TJ ma ry erg y nsu mp n fie ( ) Ma Ne t C i d C aci % ert ty x. ap ( ) Wa Us 10 3 m 3 ter e	48 85 8 , 91 % 37 9, 36 0	68 2 47 , 96 % 43 1, 84 6	2% ( ) 5 p .p. -12 %	he l G tio T rm a en era n	5, 09 9	4, 84 5	1.0 2	0.9 6	5, 00 2	5, 02 6
l W ( ) (g ) To ta ast t e	11 7, 85 3	95 60 8 ,	23 %	ion CO 2 F Ge rat ree ne					15, 82 8	11, 36 0
l M ( h ) En vir € t nta att on me ers	17, 59 7	22 14 7 ,	-21 %
Inv est nts me Exp en ses	4, 70 7 12, 89 1	6, 78 5 15, 36 2	% -31 -16 %	mi ssi CO 2 E on s			0.2 4	0.3 0	20 83 0 ,	16, 38 6
vir l Fe d P ltie ( ) En € nta on me es an en a s	5, 76 3	77 8	64 1%

(a) Includes only Energy Efficiency Services (formerly named Energy Services Invoicing) and considers only the support from public authorities recognised in the income statement.

(b) Indicator formely known as Energy Services Invoicing.

(c) Including Executive Social Bodies.

(d) ESP: External Services Provider.

(e) Excluding vehicle fleet and natural gas consumption and losses.

(f) Including vehicle fleet.

(g) Waste sent to final disposal.

(h) Includes heat generation (1Q2015: 225 GWh vs 1Q2016: 229 GWh).

EDP Share Performance

k M ket for ED P S Pe toc ar r ma nce	YT D	52 W	20 15
		03/ 05/ 201 6
ha ( bo ) ED P S Pri Eu Lis € ext re ce ron n -
los C e	3.1 01	3.1 01	3.3 21
Ma x	3.3 32	3.6 75	3.7 49
Mi n	2.7 02	2.7 02	2.9 51
Av era ge	3.0 07	3.2 06	3.3 71
's L dit bo ED P iqu i in Eu Lis ext y ron n	07 9	80 3	98 7
( ) Tu € m rno ve r i Av € m	2, 24	5,	5, 23
ly ( ) Da Tu era ge rno ve r lum (m l lio ha ) Tra de d V i	69 1	22 81 0 1,	6 1, 77
o e n s res ly lum (m l lio ha ) Av Da i Vo i e n s res	7.9		6.8
g.		6.9
ha ED P S Da ta re	1Q 16	1Q 15	∆ %
be f s ha d l lio Nu Iss i	3, 65 6.5	3, 65
(m ) m r o res ue n		6.5	-

				ón S ia Pim p
ha ED P S Da ta re	1Q 16	1Q 15	∆ %	Joã ha o M ac
be f s ha d (m l lio ) Nu Iss i m r o res ue n k (m l lio ) Tre i sto asu ry c n	3, 65 6.5 21 .4	23 .3	-7. 9%	érg S io T ava é lia No Ro c

Investor Relations Department

l V d o f IR Mi ian He gu e a, a
S ón ia Pim ão p
ão Ma ria Jo M ati as

Phone: +351-21-001-2834Email: ir@edp.ptSite: www.edp.pt