Galp Energia

Capital/Financing Update • Nov 2, 2020

S&P Global Ratings ("S&P") reaffirmed Galp Gás Natural Distribuição, S.A. ("GGND") long-term corporate credit rating at 'BBB-', after the planned acquisition by Allianz Capital Partners; with outlook stable

Pursuant to and for the purposes of article 17 of Regulation (EU) No. 596/2014 of the European Parliament and of the Council, of article 248-A of the Portuguese Securities Code, and of article 3 (d) of CMVM Regulation No. 5/2008, GGND hereby announces that S&P reaffirmed its 'BBB-' longterm corporate credit rating with stable outlook.

The rating and outlook were reaffirmed considering that the agreement announced on October 26 between Galp Energia, SGPS, S.A. and Allianz Capital Partners is expected to pursue a financial policy supportive of an investment grade rating, a limited expected impact on GGND's performance from the COVID-19 pandemic and continuing stable and supportive regulatory environment.

Galp Gás Natural Distribuição, S.A. Investor Relations

Contacts: Tel: +351 218 655 428 Fax: +351 218 686 743 Website: www.galpgasnaturaldistribuicao.pt Email: ir@ggnd.pt

Address: Rua Tomás da Fonseca, Torre C 1600-209 Lisbon, Portugal

This document may include forward-looking statements, including, without limitation, regarding future results, namely cash flows, dividends and shareholder returns; liquidity; capital and operating expenditures; performance levels and plans, timing, and outcomes of project execution; market developments in which GGND operates; and impacts of the COVID-19 pandemic on GGND's business and results, which may significantly differ depending on a number of factors, including energy supply and demand, namely natural gas and other market factors affecting them; the outcome of government policies and actions, including actions taken to address COVID-19 and to maintain the functioning of national and international economies and markets; the impacts of the COVID-19 pandemic on people and economies; the impact of GGND's actions to protect the health and safety of its employees, customers, suppliers and other stakeholders; actions of GGND's competitors and commercial counterparties; the ability to access short and long-term debt markets in a timely and affordable basis; the actions of consumers; other legal and political factors, including obtaining necessary administrative authorizations; unexpected operational events or technical difficulties; the outcome of commercial negotiations, including negotiations with governments and private entities; and other factors presented in GGND's Management Report and Accounts filed with the Portuguese Securities Market Commission (CMVM) for the year ended December 31, 2019 and available on the GGND website (https://galpgasnaturaldistribuicao.pt/Investors -Investors / Portuguese-Version / Annual-Reports). Forwardlooking statements are statements that are not based on historical facts and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied by such forward-looking statements. Important factors that may cause actual results to differ materially from forward-looking statements are referred in GGND's Management Report & Accounts for the year ended December 31, 2019. GGND and its representatives, agents, employees, or advisers do not intend to, and expressly disclaim any duty, commitment or obligation to elaborate, disclose, any supplement, amendment, update or revision to any of the information, opinions or forward-looking statements contained in this report to reflect any change in events, conditions or circumstances.

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