Galp Energia

Capital/Financing Update • Sep 9, 2016

GGND issues EUR 600,000,000 7-year Notes

Galp Energia, SGPS, S.A. (Galp) informs that Galp Gás Natural Distribuição, S.A. (GGND) has set today the terms of the issuance of Euro Medium Term Notes (EMTN) totalling EUR 600,000,000 with maturity in September 2023. The Notes, issued under GGND's EMTN programme, have a coupon of 1.375% and are expected to be listed on the London Stock Exchange.

This transaction follows the announcement of the partnership established in July 2016 with a Marubeni-led consortium. GGND will use the proceeds of the Notes to reimburse Galp of the existing €568 m shareholder loan.

About GGND

GGND is the leading natural gas infrastructure player in Portugal, operating through nine local distribution companies that operate in different regions of the country.

This business is based on long-term concessions to provide a public service for transmission of natural gas for delivery to end consumers, through a medium and low pressure distribution network with over 12,500 km of pipelines.

Galp currently owns 100% of GGND, but is in the final stage of completing the sale of 22.5% to a Marubeni-led consortium.

Galp Energia, SGPS, S.A.

Investor Relations:

Pedro Dias, Head Otelo Ruivo, IRO Cátia Lopes João G. Pereira João P. Pereira Teresa Rodrigues Contacts: Tel: +351 21 724 08 66 Fax: +351 21 724 29 65

Address: Rua Tomás da Fonseca, Torre A, 1600-209 Lisboa, Portugal Website: www.galp.com Email:investor.relations@galpenergia.com

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This announcement may include forward-looking statements. Forward-looking statements are statements other than in respect of historical facts and accordingly actual events or results may differ materially from those expressed or implied by such forward-looking statements. Important factors that may cause actual results to differ from forward-looking statements are referred in the Annual Accounts Report of Galp for the year ended 31 December 2015. Galp does not intend to, and expressly disclaims any duty, undertaking or obligation to, make or disseminate any supplement, amendment, update or revision to any of the information, opinions or forward-looking statements contained in this announcement to reflect any change in events, conditions or circumstances.