EDP-Energias — M&A Activity 2015

Jun 22, 2015

This document is not for release, publication or distribution, directly or indirectly, in Australia, Canada, the Hong Kong Special Administrative Region of the People's Republic of China, Japan, South Africa or the United States.

EDPR TO STUDY THE DEVELOPMENT OF A NEW ASSET ROTATION PROGRAM

Lisbon, June 22nd 2015: Pursuant to the terms and for the purposes of article 248 of the Portuguese Securities code, EDP - Energias de Portugal SA ("EDP") is providing the following information to the market:

In line with the strategy defined in EDP's 2014-2017 business plan, which was presented to the market in May 2014, our subsidiary EDP Renováveis, S.A. ("EDPR", 77.5% owned by EDP) has been successfully securing long-term contracts for the 2014- 17 expected capacity growth. This has been combined with a solid execution of an Asset Rotation program, pursuant to which EDPR has sold minority stakes in certain renewable generation assets to institutional investors. This Asset Rotation program has been enabling the company to (i) monetise and crystallise the value of its projects' future cash-flow stream; and (ii) re-invest the proceeds in the development of quality and value accretive projects.

As our subsidiary EDPR keeps developing additional growth opportunities in its current and new geographies, EDPR should contemplate the possibility to develop a new and complementary Asset Rotation program, which preserves EDP strategic balanced approach between growth and financial deleverage and respects EDP's key financial targets for 2017, presented to the market in May 2014.

As such, EDPR decided to mandate Citigroup Global Markets Limited and UBS Investment Bank to perform a study on alternative ways to efficiently monetise and rotate its assets, focusing on the particular possibility of establishing a YieldCo composed of European wind generation assets and to be listed on the Spanish stock exchange.

EDP – Energias de Portugal. S.A.

This press release (i) describes a decision to evaluate certain monetization and asset rotation alternatives, and is not an offer for sale of securities in any jurisdiction, including Australia, Canada, the Hong Kong Special Administrative Region of the People's Republic of China, Japan, South Africa or the United States, and (ii) is only being published in the Portuguese Securities Market regulator's web site pursuant to Portuguese law requirements on information disclosure and is only directed at, and any investment or investment activity to which this document may relate to is available only to or will be engaged in only with, persons to whom it may lawfully be communicated, including persons having professional experience in matters relating to investments under the United Kingdom Financial Services and Markets Act 2000 and (Financial Promotion) Order 2005.

Investors & Analysts' Briefing

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Investor Relations Department Miguel Viana, Head of IR Sónia Pimpão Elisabete Ferreira João Machado Maria Joao Matias Noélia Rocha phone +351 21 001 2834 fax +351 21 001 2899 ir@edp.pt