Energias de Portugal Investor Presentation — May 2018

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consolidated results

May 9, 20181Q 2018 consolidated results

1Chile restructuring successfully completedOpex reduced by 2.6% on continued efforts on efficiency

Cash costs flat in nominal termsOrdinary EBITDA +4% driven by renewables and retail

Net income increase 10% on operating dynamics and active liability management

Introduction of CO2related target in management LTI1~130€mngrowth EBITDA in 1Q 2018

2018 growth EBITDA almost entirely securedIndustrial growth

Operational efficiency

Group simplification & APM

Sustainable long-term value creation

1. Long Term Incentive1Q 2018 consolidated results

Main drivers of the quarter vs. 1Q 2017

Business performance offset negative scenario on currenciesBusiness performance ( €mn) –EBITDA impact Macro scenario ( €mn) –EBITDA impact

2Renewables and networks growth 130

Retail margin improvement ~130

Improved resource availability ~70

Regulatory review in South America ~120FX (147)

Thermal generation volumes ~(75)

Inflation ~(45)Price dynamics ~(50)

∆ EBITDA: ~ 450 €mn ∆ EBITDA: ~ (320) €mn35%

1%2%1Q 2018 consolidated results

3Industrial growth : capex

70% of growth capex already in execution for 2018 -20246 217349 393858 7691,453 1,379

Connections Maintenance Growth-10%

+13%Total capex1(€mn) Growth capex by business line ( €mn)

Other Thermal generation

Renewables Networks-25%

1. 1Q 2018 figure includes 150 €mnrelated to assets held for saleCapex addressed by business

2020E 45%1Q 2018 consolidated results

4Operational efficiency (€mn)1

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