2015

ENERGY

EXPLORATION

REFINING

PRODUCTION

GAS & POWER

1E n e r g y

EXPLORATION & PRODUCTIONREFINING AND DISTRIBUTION

GAS & POWER

Amorim Energia steers the course of GalpThe Américo Amorim Group holds the majority of the share capital of Amorim Energia, which holds, in turn, a 38.34% stake in Galp Energia, SGPS, S.A.This shareholding in the energy sector is considered strategic for the Group, taking into account the relevance of Galp for the Portuguese economy and the Portuguese energy sector in particular. Galp is a significant integrated energy operator of the Iberian Peninsula, with particular focus on the areas of exploration and production in various countries.

ENERGY

2 E n e r g y

> Investments focused on oil and natural gas E&P> Forecast of average annual growth rate (CAGR) of EBITDA of around 15% up to 2020> Commitment to maintaining a solid capital structure > Commitment to sustainability and responsible practices

Market capitalisation

€8,890 million

2C Contingent Resources

1,343 mmboe

€15,517 million

Turnover

Processed raw materials

114,572 kboe

€639 million

Net profit RCA

Servicestations

1,435

6,792

Total Workforce

Natural gas and LNG sales

7.7 bcm

701 mmboe

2PReserves

Sales of Electricity

(total)

4,636 GWh

PERSISTING WITH THE STRATEGY. STRENGTHEN INTEGRATED ENERGY COMPANY PROFILE.

3E n e r g y

4 E n e r g y

Exploration and Production 2013 2014 2015

2P Reserves (mmboe) 579 638 701

3C Contingent Resources (mmboe) 1,853 1,672 1,343

Working interest Average production (kboepd) 24.5 30.5 45.8

Net entitlement average production (kboepd) 20.8 27.1 43.2

> Average sales price ($/boe): 100.8 88.7 43.5

Refining and Distribution

Processed raw materials (kboe) 101,554 92,864 114,572

Refining margins ($/bbl) 2.2 2.8 6

Sales to direct customers (mt) 9.5 9.1 9.1

Number of Service Stations 1,435 1,449 1,435

Gas & Power

Natural gas sales to direct customers (mm3) 4,056 3,759 3,843

NG/LNG trading sales (mm3) 3,034 3,713 3,822

Distribution network of Natural Gas (km) 12,159 12,348 12,533

Sales of Electricity (Total - GWh) 3,647 3,792 4,636

> Strong international activity, a determining factor for results > More production and better refining margins > Maturation of Exploration and Production Portfolio> Downstream & Gas: a solid performance > Financial Capacity for Growth Programme

MAIN INDICATORS

INVESTMENT PROFILE(EUR 1.283 BN)

Exploration & Production (E&P)Refining & Distribution (R&M)Gas & Power (G&P)Others

EBITDA (EUR 1.564 BN)

Exploration & Production (E&P) Refining & Distribution (R&M) Gas & Power (G&P)

* RCA= Replacement cost adjusted** WI= working interest

GALP IN 2015

5E n e r g y

GALP, THE WORLD’S BEST COMPANY OF THE OIL & GAS SECTOR ON THE LIST OF GLOBAL 100 MOST SUSTAINABLE CORPORATIONS IN THE WORLD

Galp was considered the 16th most sustainable company in the world and the first of the Oil & Gas sector on the annual sustainability ranking of Global 100 Most Sustainable Corpo-rations in the World.The 2016 ranking encompasses companies of 21 countries with stock prices over two billion dollars. Galp is the only Por-tuguese company on the list.The good sustainability practices of Galp are the basis too for its inclusion on the Dow Jones Sustainability Index, the FTSE4 Good Index and the CDP - Driving Sustainable Economies.

* RCA= Replacement cost adjusted** WI= working interest

6 E n e r g y

GALP IN THE WORLD

Brazil> Oil and natural gas exploration and

production> Biofuel projects

Angola> Oil exploration and

production> Natural gas project > Service stations (GLP)

Nigeria and Algeria> Acquisition of natural gas

USA> Export of

refined products

Namibia> Oil exploration

São Tomé and Príncipe> Oil exploration

Iberian Peninsula> Refining operations> Refined products distribution

and commercialization> Natural gas distribution > Oil exploration and production

projects> Wind farms

7E n e r g y

EXPLORATION & PRODUCTION

OILDISTRIBUTION

REFINING

Middle East> One of the main trading sales targets> Total trading sales of 3.8bcm in 2015

Europe > Export of refined products> NG sales (network trading)

East Timor > Oil exploration

Mozambique > LNG projects> Service Stations (LPG)

African countries(Cape Verde, Guinea-Bissau, Gambia; Malawi, Swaziland)> Service stations (GLP)

West Africa; North Africa; Middle East; South America;

former USSR:Import of crude.

São Tomé and Príncipe> Oil exploration

GAS & POWER

8 E n e r g y

9E n e r g y

Key Indicators 2015:> Working interest average production (kboepd) 45.8> Net entitlement average production (kboepd) 43.2> Average sales price ($/boe): 43.5> Depreciation ($/boe): 14.8> Ebitda RCA: €356m> Ebit RCA: €145m> Investment: €1,103m

EXPLORATION& PRODUCTION

1 0 E n e r g y

STAKE IN EXPLORATIONAND PRODUCTIONBLOCKS

BRAZIL(27 projects)> Oil and natural

gas exploration and production; Offshore and onshore zones

> Biofuels

E&P PORTFOLIOAn Exploration and Production Project Portfolio spread across several continents, with special concentration in Brazil, Angola and Mozambique.

WORKING INTEREST AVERAGE PRODUCTION (KBOEPD)

24.4 24.5

2P RESERVES

638701

579640

20142012 2013

2C CONTINGENT RESOURCES

1,6721,853

1,583

20142012 2013

RESERVES AND RESOURCES (MBOE) > 2015 values

30.5

48.8

1,343

2015

20142012 2013

2015

2015

1Q15 2Q15 3Q15 4Q15

1 1E n e r g y

MOZAMBIQUE (2 projects)> LNG projects

ANGOLA (12 projects)> Oil exploration and production > Natural gas exploration

TIMOR(1 project)> Oil exploration

IBERIAN PENINSULA(7 projects)> Oil exploration> Peniche Basin> The Alentejo Basin

NAMIBIA(2 projects)> Oil exploration

Core areas

Potential areas

WORKING INTEREST PRODUCTION IN 2015(kboepd)

S. TOMÉ E PRÍNCIPE(1 project)> Oil exploration

Angola

FPSO#1 Lula Pilot

FPSO#2 Lula NE

FPSO#3 Iracema Sul

FPSO#4 Iracema Norte

Others

41.5 43.8 45.752.1

1 2 E n e r g y

1 3E n e r g y

> Operating in 27 projects spread over 4 basins;

> Focus on offshore projects, with special emphasis on the Santos Basin

> Operation of several onshore blocks in the Potiguar and Sergipe-Alagoas basins

E&P ACTIVITIES IN BRAZIL

1 4 E n e r g y

OFFSHOREEXPLORATIONGALP’S OPERATIONS IN BRAZIL ARE CENTRED ON OFFSHORE EXPLORATION.

Brazil

POT-M-853

POT-M-855POT-M-760

POT-M-665POT-M-663

Galp stake: 20%

POTIGUAR BASIN

SANTOS BASIN

BM-S-11

BM-S-24

BM-S-8

> BM-S-8 (Galp stake: 14%)> BM-S-11 (Galp stake: 10%)> BM-S-24 (Galp stake: 20%)

Galp stake: 20%

PERNAMBUCO-PARAÍBA BASIN

ES-M-592

BARREIRINHAS BASIN

PERNAMBUCO-PARAÍBA BASIN

POTIGUAR BASIN

SANTOS BASIN

PEPB-M-783

PEPB-M-839

PEPB-M-837

1 5E n e r g y

UNITS IN PRODUCTIONIN THE PRE-SALT LAYER OF THE SANTOS BASIN - BLOCK BM-S-11There are already 5 production units assigned to the exploration of the Lula-Iracema field. The production start-up of another unit is planned for the 2nd half of 2016, the FPSO Cidade de Saquarema.

FPSO CIDADE ANGRA DOS REIS> Distance from coast: 300 km> Water depth: 2,140 metres> Maximum capacity of oil processing: 100,000 barrels/day.> Maximum capacity of gas compression: 5 billion m3/day> 1st oil: December 2010

FPSO CIDADE PARATY> Distance from coast: 300 km> Water depth: 2,120 metres> Maximum capacity of oil processing: 120,000 barrels/day.> Maximum capacity of gas processing: 5 billion m3/day> 1st oil: July 2013

FPSO CIDADE DE MANGARATIBA> Distance from coast: 240 Km Water depth: 2,200 metres > Maximum capacity of oil processing: 150,000 barrels/day. > Maximum capacity of gas processing: 8 billion m3/day> Maximum capacity of oil storage: 1.6 million barrels (bbl) > 1st oil: October 2014

FPSO CIDADE DE ITAGUAÍ> Location: 240 Km from coast Water depth: 2,200 metres > Maximum capacity of oil processing: 150,000 barrels/day > Maximum capacity of gas compression: 8 billion m3/day > Maximum capacity of oil storage: 1.6 million barrels (bbl) > Accommodation: 150 people > 1st oil: July 2015

FPSO CIDADE DE MARICÁ> Location: 300 Km from coast Water depth: 2,200 metres > Maximum capacity of oil processing: 150,000 barrels/day > Maximum capacity of gas compression: 6 billion m3/day > Maximum capacity of oil storage: 1.6 million barrels (bbl) > 1st oil: February 2016

RS

SP

São Paulo

Florianópolis

Porto Alegre

1 6 E n e r g y

Reservoir rock of oil and natural gas

of the pre-salt layer

Ocean

Post-saltlayer

Post-saltlayer

Post-saltlayer

2140 metres

0 (sea level)

5500 metres

3500 metres

The oil is stored in the pores of the

reservoir rock at a depth of

between 5 and 7 km.

SANTOS BASIN PRE-SALTLAYER CLUSTER

200 km290 km

MG

RJ

ES

BM-S-8Galp14%

Carcará

Lula

Iracema

Berbigão / Sururu / Atapú

Júpiter

Sépia Leste

BM-S-24Galp20%

BM-S-11Galp10%

Rio de Janeiro

1 7E n e r g y

> Area with over 110,000 Km2

> The largest known accumulation of oil and gas in ultra-deep waters

> Galp is operating in 4 blocks. It is the second largest company in terms of number of assets in this basin

> 50 billion boe of reserves, according to ANP (Brazilian National Agency of Petroleum, Natural Gas and Biofuels)

*

**

1 8 E n e r g y

The Lula/Iracema field in Block BM-S-11, where Galp holds a 10% stake, is one of the most developed projects, since activities in 2015 exceeded initial expectations.

LULA/IRACEMAPERFORMANCE ABOVE EXPECTATIONS

FPSO CIDADE ANGRA DOS REIS > Production at a plateau since June 2012> Installed capacity of 10 Kbopd for Galp

FPSO CIDADE PARATY> Production at a plateau since September 2012> Installed capacity of 12 Kbopd for Galp

FPSO CIDADE MANGARATIBA> Production at a plateau since November 2012> Installed capacity of 15 Kbopd for Galp

FPSO CIDADE ITAGUAÍ> Operating since July 2015, three months

ahead of schedule> Installed capacity of 15 Kbopd for Galp

IRACEMA NORTH 2015

IRACEMA SOUTH 2014

LULA WEST 2020

LULA PILOT 2010

LULA EXT. SOUTH 2017

LULA PILOT 2010PPSA**

LULA SOUTH 2016

TUPI SOUTH*

LULA CENTRAL 2016

LULA ALTO 2016

LULA NE 2013

LULA NORTH 2016

IRACEMA

LULA

Operating unit

Sanctioned unit

Unit to be awarded

Usable area

Onerous transfer

Pré-Sal Petróleo S.A.

1 9E n e r g y

The Cidade de Itaguaí FPSO started production in 2015, three months ahead of schedule, having already 3 wells connected in Iracema Norte and 14 wells already drilled.

This unit has an installed capacity of 150,000 barrels of oil equivalent per day.

CIDADE ITAGUAÍ FPSO BEGINS PRODUCTION 3 MONTHS AHEAD OF SCHEDULE

CIDADE DE MARICÁ FPSO> In production since February 2016> Processing capacity of 150,000 barrels of

oil equivalent per day and gas compression capacity of 6 million m3/day.

CIDADE DE SAQUAREMA FPSO > At Brasa Shipyard, in Brazil> Should go into production in the Lula Central

area in mid-2016

AN FPSO STARTED PRODUCING IN THE 1ST HALF OF 2016. THE OTHER WILL START IN THE MIDDLE OF THE YEAR

10 km 25 km 10 km

2 0 E n e r g y

BM-S-11BERBIGÃO/SURURU/ATAPÚ

> Development plans for the Atapú, Berbigão and Sururu fields

> Two replicant FPSOs: Atapú Sul and Berbigão/Sururu during 2018.

> A third FPSO whose location depends on further technical assessment.

The fields are located between 214 and 250 Km off the coast of Rio de Janeiro, at water depths of 2,215 and 2,270 metres and contain high quality light oil, with an API density from 24 to 30 degrees.

BM-S-8CARCARÁ

> Carcará Noroeste evaluation well was completed successfully, confirming the extent of the light oil discovery

> Formation tests (DST) were performed during the second half of 2015

> The Declaration of Commercial Viability will be submitted in 2018.

Galp, through its subsidiary Petrogal Brasil, holds a 14% stake in the consortium that explores the BM-S-8.

BM-S-24JÚPITER

> The Declaration of Commercial Viability for the Sépia East area was submitted and negotiations for unitisation began.

> The Development Plan for Sépia area will be submitted in 2016 and the first oil produced in 2020.

> Extension of the Declaration of Commercial Viability for 5 years.

Sépia Discovery Located in the north west of Jupiter, the field called Sépia extends to the Sépia East area (belonging to the BM-S-24 concession), having confirmed the existence of reservoirs with excellent porosity and permeability characteristics and high quality oil.Galp, through its subsidiary Petrogal Brasil, holds a 20% stake in the consortium that explores BM-S-24.

Entorno de IaraFPSO

Iara

BerbigãoAtapúSururu

Júpiter

Júpiter NE

Sépia

Onerous transfer

Discovery of hydrocarbon

Discovery of hydrocarbon

Sépia East Area

Carcará NW Carcará North

Carcará

Operator: PetrobrasOperator: Petrobras Operator: Petrobras

Bracuhy

ApolóniaGalp stake: 10% Galp stake:20% Galp stake: 14%

663665

760

853 855

764

25 km

2 1E n e r g y

The drilling of the Pitú North well, the 1st extension well in the Pitú Evaluation area, confirmed the discovery of oil in deep waters of the Potiguar Basin.

Well 3-BRSA-1317-RNS, known as Pitú North, is located60 km from the Rio Grande do Norte state coast, at a water depth of 1.844m and with a final depth of 4,200 m.

The consortium which operates BM-POT-17, in which Galp Energia, through its subsidiary Petrogal Brasil, holds 20%, will continue the operations as set out in the Discovery Evaluation Plan approved by the National Petroleum Agency.

NORTH PITÚ WELL DISCOVERY OF OIL IN THE DEEP WATERS OF THE POTIGUAR BASIN

POT-M-764-R11Drilled well

BM-POT-16BM-POT-17

Tango

Araraúna

Pitú

Pitú North

B R A Z I L

Operator: Petrobras

Galp stake: 20%

2 2 E n e r g y

E&P ACTIVITIES IN ANGOLAGalp is present in Angola with 5 projects underway. Its medium and long term prospects are very promising, and Angola is an increasingly important country in Galp's strategy.

10 km10 km

2 3E n e r g y

ANGOLA

WI Production: 9,8 KboepdNE Production: 7,2 Kboepd

WI - Working Interest NE - Net Entitlement

CONGO

CONGO BASIN

ANGOLA

ATLANTIC OCEAN

LUANDA

No

rthw

est

Dee

pw

ater

Dee

pw

ater

Kw

anza

Fields in production

Areas in development

Areas in development

Block 32

Lianzi(14K)

BBLT

Kuito

Malange

Gabela

Lucapa

Negage Menongue

Tômbua- Lândana

Operator: Chevron

BLOCK 14 - Galp stake: 9%

BLOCK 14K - Galp stake: 4,5%

BLOCK 32 - Galp stake: 5%

Caril

Gengibre

Gindungo

Canela

Mostarda

LouroSalsa

Operator: Total

Kuito

BBLT

Lucapa

LandanaTômbua

Menongue

Gabela

Lianzi

NegageMalange

2 4 E n e r g y

In Angola, Galp´s portfolio continues to present potential for the development of new fields, which should partially offset the decline of the fields currently in production in Block 14.

Highlight for the start of production in the new field of Block 14k, Lianzi field, which started production in the fourth quarter of 2015.

LIANZIFirst area of common interest, between Angola and the Republic of Congo.Technical features:direct electric heating, underwater sampling; multiphase underwater measurement.

BLOCK 14 AND 14K

Malange Production Wells

600m

500m

400m

300m

200m

100m

0m

145 m

320 m

452 m

474 m508 m

2 5E n e r g y

TÔMBUA-LÂNDANA

The 425 Km2 field is located in deep water and supports one of the most daring engineering projects in the history of oil exploration, using a tower with flexible pillars (CPT), 474 m high and weighing 79,000 tonnes.

IMPORTANT PROJECT DATA:

Processing capacity:> 130,000 barrels of oil per day;> 210.000.000 ft3 of gas per day;> 210,000 barrels per day of water

injection capacity.

BBLT> The development of this award-winning

project is based on: 1 CPT (Compliant Piled Tower); 3 underwater centres; 34 production wells and 17 water injection wells.

PROCESSING CAPACITY:> 225,000 barrels of oil per day;> 475.000.000 ft3 of gas per day;> 420,000 barrels per day of water injection

capacity.

KUITO> The development of this successful project, the first deep water project in Angola, was based on: 1 FPSO,

3 underwater centres; 22 production wells; 6 water injection wells and 1 gas injection well. > Project acceleration was achieved in stages.> Successful upgrades using the ship on station.> The FPSO was decommissioned in 2013 and it currently produces through a tie-back to the CPT in the

BBLT field.

"A" Drilling Centre

"C" Drilling Centre"B" Drilling

Centre

TS-DC

Tômbua-LândanaUnderwater tieback FEED

ExportTL DPP

Taipei 101TaipeiChina

Petronas Tower

Kuala LumpurMalaysia

Eiffel TowerParis

France

Vasco da GamaTowerLisbon

Portugal

CPT ofTômbua--Lândana

ft3 = cubic feet.

Alho

Colorau

Cominhos

Cola

CarilGindungo

GengibreCanela

Mostarda

Louro

Salsa

20 km

KAOMBO

Manjericão

10 km

2 6 E n e r g y

> Galp has a 5% stake in the consortium of Block 32 and 5.33% in Block 33.

> 21 discoveries in 26 wells drilled in the 12 development areas.

> Total surface area of 1,159 km2.> Split hub concept for the development

of the Kaombo area. > 2 FPSO support 6 development areas

with a combined capacity of 2x125 kbopd.

> First oil expected for 2017 in the first FPSO (Kaombo North) and for 2018 in the second FPSO (Kaombo South).

KAOMBO PROJECT IN BLOCK 32

The Kaombo project is located 260 km offshore of Luanda, in waters with a depth between 1,400 and 1,900 metres and will develop six of the 12 discoveries already made in Block 32. The six fields (Gengibre, Gindungo, Caril, Canela, Mostarda and Louro) cover an area of 640 km² in the southeast zone of the block.It is expected that investment in the development of the Kaombo project until production peak is USD 18 billion. Production start up is planned for 2017.The development will contemplate 59 underwater wells connected to two production, storage and offloading units (FPSO) through underwater lines about 300 km long. Each FPSO will have a 125,000 barrels per day production capacity and will be converted into units of production from large tankers. The associated gas will be exported to the LNG unit in the onshore Angola area.

BLOCK 32

NORTHEASTCENTRAL

Caril

Caril

Gengibre

Gindungo

Canela

Mostarda

LouroSalsa

Gengibre

Gindungo

Mostarda

CanelaLouro

Galp stake: 5%

Operator: Total

Galp stake: 5%

Block 32

Areas in development

2 7E n e r g y

The deepwater Project of the Rovuma basin, 2,000 km north of Maputo, has been one of the priorities of Galp.The discoveries made in area 4 position Mozambique as one of the world's most important areas for the production of natural gas.In relation to the onshore LNG CORAL FLNG and Mamba development projects, Galp integrated several of its technical staff in the FEED development teams, endeavouring to be an active partner in its non-operated projects.

The excellent location of the exploration project in the Rovuma Basin enhances the dynamics of LNG sales in the Asia and Europe markets. Sufficient gas for various sales options, such as onshore LNG, FLNG and GTL.

MOZAMBIQUE: POSSIBLE LNG ROUTE

ROVUMA: WORLD CLASS NATURAL GAS EXPLORATION PROJECT

E&P ACTIVITIES IN MOZAMBIQUE

TANZANIA

MOZAMBIQUE

ROVUMAAREA 4Mozambique

Maputo

2 8 E n e r g y

Galp is the Operator of Block 6 of the São Tome and Principe offshore, with a 45% stake. Also participating in the exploration of the Block are Kosmos (45%) and ANP (10%).Block 6 is located at a depth of 2,500 metres and covers an area of 5,024 km2.

GALP, OPERATOR IN BLOCK 6

PROVEN OILPOTENTIAL

Galp owns 2 projects located in the Namibia offshore: PEL 23, in the Walvis basin and PEL 28, in the Orange basin.These basins are located in areas considered as the "new frontier" in an emerging hydrocarbon province with potential for significant discoveries of oil and natural gas.

SÃO TOMÉ AND PRÍNCIPEGALP IN

NAMIBIAGALP IN

Galp Energia Blocks

PEL23

PEL28

Operator: Galp

Galp stake: 45%

Block 6

Equatorial Guinea

São Tomé and Príncipe

A F R I C A

Gabon

Namibia

Namibia

Galp has a 10% stake in a consortium for the exploration of 1 block with a total area of 8,595 Km2, situated at a depth of 2,000 metres.

GALP IN

TIMOR

2 9E n e r g y

E&P operations of Galp in Portugal are focused on two concession contracts with the Portuguese government to explore seven blocks, divided into two basins: Peniche basin and Alentejo basin.

PENICHE BASIN> Consortium: Galp (30.0%), Repsol (Operator,

operator (34.0%), Kosmos Energy (31%) and Partex (5.0%).

> Area: 12,159 km2.

> Type: Ultra-deep waters.

> Water depth: 200 – 3,500 m.

> No. blocks: 4

ALENTEJO BASIN> Consortium: Galp (30.0%), Eni (Operator, 70%)

> Area: 9,099 km2.

> Type: Ultra-deep waters.

> Water depth: 200 – 3,000 m.

> No. blocks: 3

The operation of the Alentejo basin blocks is exercised by ENI, which holds a 70% stake in the basin after the farm-in that took place in December 2014, while Galp holds 30%.In the 4 blocks of the Peniche basin, of note is the farm-in of Kosmos Energy, which acquired a 31% stake.

E&P ACTIVITIES IN PORTUGAL

Camarão

Amêijoa

Ostra

Mexilhão

Santola

Gamba

Lavagante

CaboS. Vicente

Sines

Peniche

PORTUGAL

Figueira da Foz

Lisboa

Porto

REFINING & DISTRIBUTIONKey Indicators 2015:> Processed raw materials: 114,572 Kboe> Galp Refining margins ($/bbl) 6.0> Export of refined products (mt): 18.6> Sales to direct customers (mt): 9.1> Ebitda RCA: €800m> Ebit: €526m> Investment: €110m

3 2 E n e r g y

Galp is the only refiner in Portugal, with two refineries, Sines and Matosinhos, with a combined refining capacity of 330,000 barrels of crude per day.The Sines refinery in the south of Portugal is one of the largest in the Iberian Peninsula, accounting for 70% of the total refining capacity in Portugal.The Matosinhos refinery, in North Portugal, is a refinery of specialities with a production capacity of a variety of derivatives and aromatics for various types of industries.

The strategic objectives of Galp for the Refining & Distribution activity are as follows:> Integrate the refining and distribution activities, aligning the profile and

volume of production with the profile and sales.> Focus on energy efficiency and procedural optimization of the refining

system, reinforcing the reduction of costs and capital employed.> Ensure the competitiveness of petroleum products distribution operations

in the Iberian Peninsula.> Increase sales in international markets, benefiting in particular from the

expected growth of the African market.> Maximize cash flow generation and its allocation to the growing

businesses of the Company. 

REFINING & DISTRIBUTION BUSINESS STRATEGY

3 3E n e r g y

3 4 E n e r g y

3 5E n e r g y

Through the network of about 1,435 service stations in Portugal, Spain and Africa, the retail area accounts for about 30% of sales to direct clients of Galp Energia. Market share in the retail market is about 30% in Portugal and about 5% in the Spanish market. In Africa, Galp has more than 138 filling stations. Total sales to direct clients was 9.1 mton, including retail companies, wholesalers and LPG in the Iberian Peninsula and in some African countries.

Service stations

> Geographical distribution with balanced exposure throughout the territory of the Iberian Peninsula.

> Greater integration of the businesses is a shield for volatility in refining margins.

GALP ENERGIA, LEADING DISTRIBUTOR OF OIL PRODUCTS IN PORTUGAL RETAIL, WHOLESALE AND LPG SEGMENTS

3 6 E n e r g y

Galp operates in the oil products distribution market in Africa, from three development centres: West Africa, which includes Cape Verde, Gambia and Guinea-Bissau; Southern Africa - Indian Ocean, which includes Mozambique and Swaziland, and Southern Africa-Atlantic Ocean, which covers Angola.

DISTRIBUTION IN AFRICA

ANGOLA MOZAMBIQUE

GUINÉ-BISSAU

CAPE VERDE

SWAZILAND

GAMBIA ÁFRICA

Servicestationsin Africa

138

3 7E n e r g y

THE WHOLESALE BUSINESSGalp has developed new products, seeking to counter the decline of the LPG market and to create new consumption through value added products for its customers. These new LPG products are in the fields of lighting, heating and cooking, in particular the Cookspot gas BBQ and Hotspot warming solution. These products are intended to increase the comfort and leisure solutions.Galp provides the filling of about 15 million bottles of gas for multiple uses on the Portuguese market per year.

LPG BUSINESSThe LPG business of Galp consists of the sale of liquefied petroleum gas, propane and butane to more than one million end customers, through 17,000 outlets.

GALP WINS"CONSUMERS' CHOICE" IN THE SERVICE STATIONS AND BOTTLED GAS CATEGORIES.

Galp was awarded the "Consumers' Choice" stamp and was elected as the brand that best satisfies the Portuguese in the Service Station and Bottled Gas categories, in the Energy and Fuels group.The brand, with this award, was recognised by consumers as a leader in these two business sectors.

3 8 E n e r g y

In this area, Galp is an integrated producer with operations over the entire production chain, from raw material to sales. It has played a key role in the introduction in Portugal of energy from renewable sources in road transport In terms of upstream, the company has an important palm plantation project in Brazil, with over 40,000 hectares planted

PORTUGAL

BRAZIL

PALM OIL PRODUCTION

BIOFUELSINTEGRATED PRODUCTION OF SECOND GENERATION BIODIESEL

3 9E n e r g y

4 0 E n e r g y

4 1E n e r g y

Key Indicators 2015:> Natural gas sales to direct customers

(mm³): 3,843> Trading sales of NG/LNG (mm³): 3,822> Sales of Electricity (Total - GWh) 4,636> Ebitda RCA: €382m> Ebit RCA: €303m> Investment: €65m

GAS & POWER

4 2 E n e r g y

The activity of Galp related to natural gas covers the areas of supply, distribution and sales. It is one of the few companies in the Iberian Peninsula with storage capacity, which gives it an enviable situation in terms of trading opportunities.

NATURAL GASSUPPLY, DISTRIBUTION AND SALES

606,000 NATURAL GAS CUSTOMERS ON THE IBERIAN PENINSULA

The recent opening of its most modern and flagship electricity and gas store in Porto, in the famous Casa de Música building, is a sign of the major goal of Galp to attract 100,000 new customers in this region, in two years.

ATTRACT 100,000 NEW CUSTOMERS IN PORTO

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The assets held by this business include four operating cogeneration plants with an installed capacity exceeding 160 MW. The new cogeneration plants of Sines and Matosinhos are the largest in Portugal, placing Galp at the forefront of this technology in Portugal.

Sines: 82 MW Matosinhos: 82 MW

ELECTRICITY

Cogeneration: Installed capacity of 173 MW

Sale of electricity: 4,636 GWh.

COGENERATION

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In 2015, Galp signed an agreement to sell to EDP Renováveis the five companies holding licences and network interconnection rights for a wind energy capacity of 216.4 MW.Ventiveste, a company held 50% by Galp and 50% by Martifer, focuses its activity on a wind energy portfolio of 12 MW in production and a 50% stake in the Âncora Wind project, with 176.1 MW under construction.

WIND ENERGY PORTFOLIO OF GALP

SALE OF THE WIND ENERGY PORTFOLIO OF 216.4 MW.

Rua da Corticeira, nº 34 · Apartado 47 · 4536 - 902 Mozelos VFR · PortugalTel.: +351 227 475 800 · Fax: +351 227 475 801

www.grupoamericoamorim.com

Publisher: Amorim Holding II, SGPS, S.A. • Real Estate 2015 • 1st Edition: April 2016, Porto • 100 copies • Printing: Lidergraf • Legal Deposit: 407363/16