Galp Energia

Capital/Financing Update • Sep 20, 2016

AnnouncementLisbon, september 19 2016

Issuance of EUR 600,000,000 Euro Medium Term Notes maturing in 2023

Galp Gás Natural Distribuição, S.A. (GGND) informs that it issued today Euro Medium Term Notes (EMTN) in the amount of EUR 600,000,000, due in September 2023 and with a coupon of 1.375% (ISIN: PTGGDAOE0001).

These notes have a specified denomination of EUR 100,000 each and were issued under the EUR 1,000,000,000 Euro Medium Term Note Programme of GGND, established on August 25, and admitted to trading on the London Stock Exchange's regulated market.

GGND will use the proceeds of this transaction for general corporate purposes, including the repayment to Galp of the existing shareholder loan in the amount of EUR 568 million.

BoAML, J.P. Morgan and Banco Santander acted as joint-book runners in this transaction.

GGND further informs that it has chosen Portugal as competent Member State for being where its registered office is located, with prejudice to the other Member State in which the regulated market where the aforementioned notes are admitted to trading is located. This choice shall remain valid for at least three years, in the terms provided for in the law.

Galp Gás Natural Distribuição, S.A.

Investor Relations: Gabriel Sousa, General Manager

Contacts: Tel: +351 21 724 25 00 Fax: +351 21 003 93 70

E-mail: gabriel.sousa@galpenergia.com Website: www.galpgasnaturaldistribuicao.pt

Galp Gás Natural Distribuição, S.A. | Head Offices: Rua Tomás da Fonseca Torre C, 1600-209 Lisbon Share Capital: 89,529,141 Euros | Registered at the Commercial Registry Office of Lisbon Company tax number 509 148 247