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This presentation has been prepared by EDP Renováveis, S.A. (the "Company“ ; LEI 529900MUFAH07Q1TAX06) solely for use at the presentation to be made on October, 2017. By attending the meeting where this presentation is made, or by reading the presentation slides, you acknowledge and agree to be bound by the following limitations and restrictions. Therefore, this presentation may not be distributed to the press or any other person, and may not be reproduced in any form, in whole or in part for any other purpose without the express consent in writing of the Company. The information contained in this presentation has not been independently verified by any of the Company's advisors. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. Neither the Company nor any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. This presentation does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company or any of its subsidiaries in any jurisdiction or an inducement to enter into investment activity in any jurisdiction. Neither this presentation nor any part thereof, nor the fact of its distribution, shall form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. Neither this presentation nor any copy of it, nor the information contained herein, in whole or in part, may be taken or transmitted into, or distributed, directly or indirectly to the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities laws. This presentation does not constitute and should not be construed as an offer to sell or the solicitation of an offer to buy securities in the United States. No securities of the Company have been registered under U.S. securities laws, and unless so registered may not be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of U.S. securities laws and applicable state securities laws. Matters discussed in this presentation may constitute forward-looking statements. Forward-looking statements are statements other than in respect of historical facts. The words “believe”, “expect”, “anticipate”, “intends”, “estimate”, “will”, “may”, "continue”, “should” and similar expressions usually identify forward-looking statements. Forward- looking statements include statements regarding: objectives, goals, strategies, outlook and growth prospects; future plans, events or performance and potential for future growth; liquidity, capital resources and capital expenditures; economic outlook and industry trends; developments of the Company’s markets; the impact of regulatory initiatives; and the strength of the Company’s competitors. The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause the actual results, performance or achievements of the Company or industry results to differ materially from those results expressed or implied in this presentation by such forward-looking statements. The information, opinions and forward-looking statements contained in this presentation speak only as at the date of this presentation, and are subject to change without notice unless required by applicable law. The Company and its respective agents, employees or advisors do not intend to, and expressly disclaim 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 presentation to reflect any change in events, conditions or circumstances. 2

30 MW #4 #2 Offshore under 4,811 develop 71 ment MW 418 MW MW Offshore 406 under develop 200 MW ment #3 MW 521 #1 MW 1,253 144 #3 MW MW 204 2,371 MW MW 3 Notes: As of Jun-17 : Installed capacity includes EDPR’s Equity consolidated: 177 MW in Spain and 179 MW in the US; Includes 85 MW of Solar PV;

Ongoing renewable competitiveness improvement… Renewables are a competitive and cheap technology (wind LCoE -66% since 2009 1 ) Quality assets to cope with the increasing energy demand and the need of a low carbon economy …supporting increasing growth in main markets… Solid specific market fundamentals, namely in the US despite new macro landscape, Quality assets based on clear bipartisan support along with state level targets, coal shut-down plans and C&I 2 increasing market …with EDPR well positioned to benefit from its 2020 strategy A strong renewable sponsor exposed to attractive markets, with clear competitive advantages supported by unique Quality assets core competences on project development, PPAs origination & asset management (O&M strategy and low-risk profile) (1) Source: Lazard ´ s Levelized Cost of Energy Analysis from Jan-2017; (2) Commercial & Industrial companies 4

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1. Selective growth 2. Operational excellence 3. Self-funded business 2016-2020 2016-2020 2016-2020 Prioritize quality c.700 Technical expertise to >97.5% Investing in visible € 4.8bn investments in our maximize production growth opportunities MW/year availability investments core markets High visibility on Competitive projects Profitable assets >70% 33% € 3.9bn projects w/ LT leading to a superior generating robust till 2020 in 2020 RCF contracts awarded load factor Retained Cash Flow Unique O&M strategy Asset Rotation strategy up to € 1.1bn Solar & Technological mix -1% to keep lowering Core to keep enhancing € 550m signed initiatives Offshore CAGR 2015-20 Opex/MW value growth c. € 600m new 7

Increasing 2014- 17 Business Plan… …into a new with stronger capacity additions and technological mix Capacity Additions Capacity Additions Drivers (MW; %) (MW; %) Emerging Solar PV Markets Wind Onshore : fully North 10% 65% 20% competitive technology America 1 Brazil 10% 500 MW/year 700 MW/year United Europe 15% 2014-2017 2016-2020 States Solar PV : Increasing its 20% Europe competitiveness 60% Projects with long-term Total of 2 GW capacity additions Total of 3.5 GW capacity additions visibility & low risk profile 8 Notes: (1) North America includes: US, Canada and Mexico

Production Tax Credits EDPR strategy under “ safe-harbour conditions” to scheme phase-down maximize projects returns Project Name MW State CoD Capacity additions (GW) Start of construction… secured Built 429 TX; OH; NY 2016 under negotiation/identified 2016 2017 2018 2019 2020 2021 Meadow Lake V 100 Indiana 2017 …end of construction Secured 60% Quilt Block 98 Wisconsin 2017 Full PTC ($23/MWh 1 ) Red Bed 99 Oklahoma 2017 1.8 GW Hog Creek 66 Ohio 2017 80% PTC 1 2016-2020 Arkwright 78 New York 2018 60% PTC 1 (until 2022) >65% Turtle Creek 200 Iowa 2018 40% PTC 1 Meadow Lake VI 150 Indiana 2018 (until 2023) 100% of PTCs value if installed until 2020 1.2 GW already secured Option to grow 3.1 GW under safe-harbor conditions >60% secured with non-utilities with safe harbor (5% capex invested in 2016) 9 (1) PTC value in 2015 of $23/MWh

CANADA MEXICO 100 MW wind farm in Ontario Completed 200 MW 1 20-year supply contract wind farm with 25-year PPA 200 MW Eólica de Coahuila 100 MW In operation Under development Nation Rise Wind Farm 2016 project 2019 project All projects with PPAs already awarded Platforms for future growth in promising markets 10 (1) In partnership with Grupo Bal, owner of Industrias Peñoles

Europe to represent c.15% of Portugal Italy EDPR growth plan Completion of Ventinveste projects Auction based system with 0.2 GW Capacity Additions (MW) 20-year feed-in tariff of projects already awarded Spain +0.2 GW +0.2 GW Portugal France France Spain Projects awarded in Jan-16 Identified & pipeline projects Italy very high load factor and low capex feed-in tariff 1 +0.6 GW +0.1 GW <0.1 GW Target 2016-2020 11 (1) Projects which requested tariff in 2016 will be receiving a 15y CfD; projects that will request tariff in 2017 are expected to be granted a 20y CfD

BRAZIL 120 MW > 45 % load factor Baixa do Feijão 127 MW project completed in 1Q16 JAU & awarded in 2011 + Aventura mid/high double digit IRR 120 MW Baixa do Feijão 263 MW 137 MW Babilônia PPA price inflation linked 2017-18 projects awarded in 2013-15 + Increased profitability Projects with PPAs New auctions opportunities due to higher production and already awarded increasing auction prices 12