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Investor Presentation September 2016 (updated)

2

Investor Presentation | September 2016

Cautionary Statement

By attending or reading this presentation, you acknowledge and agree to be bound by the following limitations and restrictions. This presentation has been prepared by Galp Energia, SGPS, S.A. (“Galp” or the “Company”) and may be amended and supplemented, but may not be relied upon for the purposes of entering into any transaction. This presentation is strictly confidential, is being distributed to a limited range of persons solely for their own information and may not (i) be distributed to the media or disclosed to any other person in any jurisdiction, nor (ii) be reproduced in any form, in whole or in part, without the prior written consent of the Company.

Although the Company has taken reasonable care in preparing the information contained herein, 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 or any other material discussed at the presentation. Neither the Company nor any of its affiliates, subsidiaries, shareholders, representatives, agents, employees or advisors shall have any liability whatsoever (including in negligence or otherwise) for any loss or liability howsoever arising from any use of this presentation or its contents or any other material discussed at the presentation 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 otherwise acquire securities of the Company or any of its subsidiaries or affiliates 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 in any jurisdiction.

This presentation is made to and directed only at persons (i) who are outside the United Kingdom, (ii) having professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 (the "Order") or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "Relevant Persons"). This presentation must not be acted or relied on by persons who are not Relevant Persons.

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 in or to the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities laws. No securities of the Company have been registered under the United States Securities Act of 1933 or the securities laws of any state of the United States, 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 the Securities Act 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 may 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; energy demand and supply; developments of Galp’s markets; the impact of regulatory initiatives; and the strength of Galp’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 Galp 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. No assurance, however, can be given that such expectations will prove to have been correct. Important factors that may lead to significant differences between the actual results and the statements of expectations about future events or results include the Company’s business strategy, industry developments, financial market conditions, uncertainty of the results of future projects and operations, plans, objectives, expectations and intentions, among others. Such risks, uncertainties, contingencies and other important factors could cause the actual results of Galp or the industry to differ materially from those results expressed or implied in this presentation by such forward-looking statements.

Actual future results, including financial and operating performance; demand growth and energy mix; Galp’s production growth and mix; the amount and mix of capital expenditures; future distributions; resource additions and recoveries; project plans, timing, costs, and capacities; efficiency gains; cost savings; integration benefits; product sales and mix; production rates; and the impact of technology could differ materially due to a number of factors. These include changes in oil or gas prices or other market conditions affecting the oil, gas, and petrochemical industries; reservoir performance; timely completion of development projects; war and other political or security disturbances; changes in law or government regulation, including environmental regulations and political sanctions; the outcome of commercial negotiations; the actions of competitors and customers; unexpected technological developments; general economic conditions, including the occurrence and duration of economic recessions; unforeseen technical difficulties; and other factors.

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. Galp and its respective representatives, 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.

3


An integrated energy player

€10.8 bn Market Cap

€1.6 bn Ebitda

€1.3 bn Capex

6.8 k Employees

7% ROACE1

Exploration & Production

52 projects

701 mmboe 2P reserves

45.8 kboepd WI production

€356 m Ebitda

1 ROACE of 7% on capital employed of €8.6 bn as of YE2015, including work in progress (non-productive assets) of €2.1 bn. All figures relate to year end 2015, except market cap shown as end of August 2016.

Refining & Marketing

330 kbopd refining capacity

114.6 mmboe processed

9.1 mton sales to direct clients

€800 m Ebitda

Gas &

Power

7.665 mm3 NG/LNG sales

12,533 km NG distribution network

4.636 GWh electricity sales

€381 m Ebitda

4


The 3E's approach

Focus on delivery and profitability

Screening new opportunities and

portfolio management

Unlock more value from current

portfolio

Execute Explore Extract

5


Developing highly competitive upstream projects Extracting value from downstream and gas businesses Committed to a solid capital structure Delivering long term value to stakeholders Key takeaways Appendix

6


Galp holds a unique upstream portfolio

Portugal

São Tomé and Príncipe

Angola

7 exploration licenses 6 sanctioned projects 4 non-sanctioned projects 17 exploration licenses

Santos basin (8) Potiguar basin (7) Barreirinhas basin (4) Parnaíba basin (4) Pernambuco basin (2) Amazonas basin (1) Sergipe Alagoas (1)

5 sanctioned projects 1 non-sanctioned project

6 exploration licenses

Brazil

1 exploration license

East Timor

1 exploration license

Mozambique

2 non-sanctioned projects

Namibia

2 exploration licenses

Op.

Op.

Op.

Op. Operated

Op.

7


Executing world-class projects…

2006 2009 1999 2014 2010 2013 2015 2016

So

uth

Am

eri

ca

A

fric

a

FPSO #1 (CAR) Lula Pilot (100 kbopd)

FPSO #2 (CPY) Lula NE

(120 kbopd)

FPSO #3 (CMB) Iracema South

(150 kbopd)

FPSO #4 (CIT) Iracema North

(150 kbopd)

FPSO #5 (CMR) Lula Alto (150 kbopd)

Kuito field1

Block 14 BBLT CPT Block 14

(100 kbopd)

TL CPT Block 14

(130 kbopd)

Lianzi field Block 14k

(through BBLT CPT)

1Kuito FPSO decommissioned during 2013.

FPSO #6 (CSQ) Lula Central (150 kbopd)

8


… and further to be delivered

2019

So

uth

Am

eri

ca

A

fric

a

2020

Sépia Leased FPSO

2018

Lula Ext South Replicant FPSO

150 kbopd

Berbigão/Sururu Replicant FPSO

150 kbopd

Kaombo South 125 kbopd

2017

Lula South Replicant FPSO

150 kbopd

Lula North Replicant FPSO

150 kbopd

Kaombo North 125 kbopd

2020+

Carcará

Coral

Mamba

Atapu 2

Replicant FPSO 150 kbopd

Júpiter

Lula West

Atapu 1 Replicant FPSO

150 kbopd

9


46

2015 2016E 2020E Pre-sanctioned Upside/

Exploration

Potential

2020+

Premium assets delivering production growth

Working interest production (kboepd)

Sanctioned Projects

Execute + Extract Execute + Extract + Explore

CAGR 2015-20 25-30%

35-40%

Note: Breakeven NPV10.

Breakeven

<$30/bbl

10


27

22< 20

2014 2015 2020E

Technical costs1 ($/boe)

Investing in competitive upstream projects

Reservoir characteristics and project scale driving Brazil technical costs close to $15/boe

Potential from further capex and cost optimisation

Lifting costs expected to be under $5/boe by 2020

1Technical costs based on group working interest production (excludes royalties, overheads and oil taxes).

Lifting costs Leasing costs DD&A

11


Lula/Iracema: delivering a world-class project

BM-S-11: Lula/Iracema Six out of 10 FPSOs producing in 2016

96 wells drilled out of c.150 planned

Consortium technical skills and experience supporting the development of this key asset

12


Lula/Iracema: outstanding productivity

Each 1 p.p. increase in oil recovery results in incremental c.200 mmbbl gross

1Source: ANP Jun-16. 2Note: Galp view.

Top pre-salt producer wells1 (kboepd)

33.6

33.9

36.2

36.8

36.9

37.9

38.2

39.9

40.0

40.1

43.7

45.4

Lula

Lula

Lula

Lula

Sapinhoá

Sapinhoá

Lula

Jubarte

Lula

Sapinhoá

Lula

LulaPlateau ≈7 years

FPSO #1 production

(kbopd)

100

2010 2015 2020E

PoD 2010 Actual + Forecast

Oil recovery factor

(%)

28%

40%

Current recovery

factor

Ambition 2

13


Increasing efficiency in Lula/Iracema Drilling and completion (#days)

Benefiting from learning curve and optimising well designs

Negotiating rig and subsea contracts

Ramp-up period of Lula/Iracema FPSOs (#months)

239

110

75

2010 2015 Best performance

and LT ambition

FPSO #4 already producing at plateau, having achieved full ramp-up in 13 months

FPSO #5 and FPSO #6 to reach full capacity during 2017

18

15

13 13

FPSO #1 FPSO #2 FPSO #3 FPSO #4

14


Significant resource base in a challenging heterogeneous reservoir

Production in Berbigão/Sururu expected by 2018 and Atapu 1 by early 2019

DST in Carcará North proved excellent reservoir productivity

DoC expected to be submitted in 2018

Extension of the discovery into open area to the North

Sépia East DoC submitted and unitisation with Sépia (ToR, 100% Petrobras) being prepared

Júpiter appraisal campaign proved large oil, natural gas and condensates base, with DoC extended until 2021

Berbigão | Sururu | Atapu Carcará Júpiter | Sépia East

De-risking other relevant projects in Brazil

1

1Petrobras announced the farm-out to Statoil in July 16.

15


Mozambique: Optimising initial development solutions

Area 4 total GIIP volumes of c.85 Tcf

Dry gas in high quality reservoir

EPCIC contract under negotiation

LNG long-term gas offtake contract being finalised

PoD approved in February 2016

Mamba onshore LNG - 2x5 mtpa LNG trains (1st phase)

Coral FLNG - 1 FLNG (3.0-3.7 mtpa)

Area 4

Unitisation process with Area 1 concluded in 2015

Finalising framework for common facilities development

EPC proposals being evaluated

16


Angola: Optimising development projects

Four producing areas and two CPT platforms

Lianzi production started during 2015

Implementation of cost reduction initiatives

Ongoing drilling campaign

Two FPSO of 125 kbopd expected for 2017 and 2018

PSA fiscal terms renegotiated during 2015 and potential for further cost reduction

Blocks 14/14k Block 32

17



18


An efficient refining system capable of meeting market needs

Production profile and consumption in Iberia

5% 3%

69% 83%

26%14%

Galp production yields Iberian oil market

Others Middle distillates Light distillates

Fully invested and competitive refining system after €1.4 bn upgrade

Focus on maximising energy efficiency and optimising refining processes to achieve higher refining margin

Leveraging refineries’ location (European SW), namely competitiveness to the U.S. market

19


3rd largest player in Iberia and a growing presence in Africa

Service station in Portugal

1,435 service stations, of which 138 service stations across the African continent

Annual oil sales to direct clients of 9.1 mton, of which around 8% sold in Africa

Improving refining and marketing integration

Stable contribution to Ebitda

Launched innovative tri-fuel offer in Iberia (oil products, gas and electricity)

20


100

80

15050

Previous targetby 2019

2015deliveredefficiency

Furtherefficiency

New targetby 2020

6.0

1.0

5.2

2.5 2.5

2015 2020 beforeimprovements

Improvementsimpact

(2018+)

2020E

Benchmark refining margin

Galp refining margin improvements ($/bbl)

Downstream efficiency and margin optimisation

Additional cost reduction in R&M (€m)

21


NG and LNG portfolio breakdown (bcm)

Expand and leverage client base

Diversify and increase sourcing

Grow medium-term structured sales

Building a sustainable NG and LNG portfolio

Sourcing Sales

2015 volumes

7.7 bcm

Portfolio ambition

Other

Medium-term structured sales

Network trading

Contracted LNG

Contracted pipeline

Spot

NG Iberia demand

22


Steady contribution from regulated activities

Extensive infrastructure in Iberia with regulated gas distribution network and stakes in Iberian pipelines

RAB of €1.05 bn, with 6.2% RoR between Jul’16 – Jul’17

173 MW of cogeneration capacity installed and expected c.4 TWh/yr of electrical power generation

3 TWh of electricity sold to direct clients in Iberia

NG Infrastructure Power

23


Ring fencing regulated gas infrastructure business

Marubeni led consortium with Toho Gas to acquire a stake of 22.5% in GGND

Shared governance leading to accounting deconsolidation

€138 m equity transaction, implying c.€1.3 bn EV, a 27% premium over RAB and 11.5x Ebitda 2016E multiple

GGND to raise own funding to repay existing shareholder loans

Total cash proceeds of c.€700 m to Galp at completion

Highlights

Holding of nine local distribution concessionaries

€1.05 bn Regulated Asset Base, with RoR of 6.2% for the period Jul’16 - Jul’17

About GGND

Galp Energia, SGPS, SA

Total Assets: €13.0 bn

Net Debt: €2.5 bn

(GGND fully consolidated)

Galp Gás Natural Distribuição

(GGND)


Net Debt1: €0.6 bn

1 GGND will raise stand-alone funding to reimburse existing shareholder loans of €568 m.

Transaction structure

Galp Energia, SGPS, SA


Net Debt: €1.8 bn

Shareholder loans €568 m

€0 m

Equity 100%

77.5%

Values @ June 30, 2016

24



25


0.0

1.5

2015 2016E 2017E 2018E 2019E 2020E

Capex profile (€bn)

Capex plan focused on developing key projects

2016-2020E capex estimated at €1.0 - €1.2 bn

E&P to account for c.85% of Group capex

First stage of BM-S-11 in Brazil to drive short term investments

Potential capex reduction from greater efficiency and contract renegotiation

Expected 2016 capex of €1.1 - €1.3 bn

Group capex

E&P Brazil development

E&P Mozambique

26


Capex allocation 2016-2020

Capex flexibility

Around 60% of E&P capex already committed and focused on Brazil and Angola developments

E&P uncommitted capex relates to non-sanctioned projects with production to start after 2020

E&A1 capex accounting for 15% of E&P investment and more intensive from 2019 onwards

Downstream and gas capex mostly for energy efficiency projects and process optimisation

1 E&A – Exploration & Appraisal. Note: E&P committed capex considers Lula/Iracema and Iara in Brazil, Blocks 32 and 14/14k in Angola, and 2016 E&A.

E&P excl. Mozambique D&G

E&P uncommitted

E&P Mozambique

27


0

750

1,500

2,250

2015 2016E 2017E 2018E 2019E 2020E

E&P Ebitda (€m)

Group Ebitda CAGR 2015-20 of 15%

D&G Ebitda (€m)

2016 Group Ebitda expected at €1.2 - €1.3 bn

Ebitda CAGR >40%

R&M G&P1

1G&P Ebitda does not consider sale of regulated infrastructure.

0

500

1,000

1,500

2015 2016E 2017E 2018E 2019E 2020E

28


Galp free cash flow1 (€m) FCF positive during 2018, assuming committed

and uncommitted capex

Testing at $45/bbl, FCF positive one year later, assuming no further capex reduction

Brazil FCF positive during 2017 at $45/bbl

Further upsides expected from upstream learning curve, higher productivity and contract renegotiation

Positive FCF of €215 m in 1H16 post-dividend and before expansion capex

Free cash flow breakeven during 2018

1IFRS post interest, taxes and dividends and excluding Sinopec reimbursements. Note: Does not consider sale of regulated infrastructure.

-600

0

600

2015 2016E 2017E 2018E 2019E 2020E

Base case Brent flat @ $45/bbl

29


0

4

8

12

Sources Uses

Sources and uses 2016-2020 (€bn) Net Debt to Ebitda3

1Liquidity as of June 2016, including cash of €0.9 bn, credit lines of €1.2 bn and loan to Sinopec of €0.6 bn. 2Assumes €0.41472 DPS, related to 2015 fiscal year, and €0.50 flat DPS from 2016 onwards. 3Ratio considers net debt plus Sinopec MLT Shareholder Loan to Petrogal Brasil minus loan to Sinopec. Does not consider sale of regulated infrastructure.

Galp fully funded

Liquidity1

CFFO post-tax

Dividends2

Debt service

Capex

Not committed

Base case Brent flat @ $45/bbl

0.0x

1.0x

2.0x

3.0x

2014 2015 2016E 2017E 2018E 2019E 2020E

NG Inf. cash in

30



31


33%

7%

60%

Galp in the capital markets

Galp shareholding structure

Free float evolution

1According to best available information, as of end of June 2016. Note: Parpública’s 7% stake placed through exchangeable bonds.

Geographic dispersion of institutional investors1:

23%

60%

67%

Free float@2006 (IPO)

Free float@Sept. 2016

PotentialFree float@2017North America Europe RoW

56% 38% 6%

Free Float o.w.:

2% - 5%

2% - 5%

2% - 5%

2% - 5%

32


Adding value to shareholders

Source: Bloomberg. 1 Total shareholder return from October 23, 2006 to end August 2016.

European E&P: Africa Oil, Cairn, DNO, ENQuest, Genel, Lundin, Ophir, Premier, Soco and Tullow; European Integrated: Eni, MOL, OMV, Repsol and Statoil; European Majors: BP, Shell and Total; European refiners: Hellenic Petroleum, Lotos, MOH, Neste, Orlen, Saras and Turkish Petroleum.

Total shareholder return since Galp IPO1 (%) Last 12-month share performance (%)

11%

2% 1%

0%-5%

European

Majors

European

Refiners

European

Integrated

European

E&P

39%

7% 6% 4%

-3%-10%

European

Majors

European

Integrated

SXEP European

Refiners

European

E&P

33


Galp DPS (€/share)

Current policy of 20% p.a. dividend growth until 2016

Business plan assumes €0.50/sh flat from 2017 onwards

Commitment to shareholder remuneration

0.240.29

0.35

0.41

0.50

2012 2013 2014 2015 2016E

34


A corporate governance model which promotes transparency

Governing bodies

General Shareholders

Meeting

Board of Directors

Executive Committee

Company Secretary

Remuneration Committee

Supervisory Board

Statutory Auditor

The board of directors is composed of 19 members of which seven are executive members

Of the 12 non-executive directors, five are considered independent directors based on the independency criteria established by the Portuguese Securities Market Commission (CMVM)

A robust supervisory framework including the Supervisory Board and the Statutory Auditor

35


Chief Financial Officer

Filipe Silva

Former CEO of Deutsche Bank in

Portugal

Over 25 years of experience in different industries, including Oil & Gas, energy and beverages. Member of Board of Directors of Galp since 2007

COO Exploration &

Production

Thore E.Kristiansen

Held positions as Senior Vice

President of Statoil for South America

and was also Chairman of Statoil

Brasil

COO Supply, Refining & Planning

Carlos Silva

More than 20 years of professional

experience in the areas of

procurement and engineering in the

automotive, hospitality and Oil &

Gas industries

COO Iberian Oil Marketing &

International Oil

Tiago Câmara Pestana

Former CEO of Dia Portugal, which

operates 640 stores in mainland Portugal

COO Gas & Power

Pedro Ricardo

Over 20 years of experience in the

Gas sector. Previously

responsible for supply and trading

of natural gas

Chief Corporate Officer / New

Energies

Carlos Costa Pina

Former Secretary of State for Treasury and Finance and

member of the BoD of the Portuguese Securities Market

Commission

Chief Executive Officer

Carlos Gomes da Silva

A focused and experienced executive team

36


Galp corporate sustainability recognised internationally

Galp’s acknowledgements

1Climate Change Disclosure Leadership Index.

Galp was included for the forth consecutive year in the Iberia 125 CDLI1 by the Carbon Disclosure Project in 2015

Presence in the DJSI Europe and DJSI World for the third consecutive year

Considered one of the 100 most sustainable companies in the world by Corporate Knights, occupying the 30th place in the general ranking and the 2nd best in the sector

37



38


Key takeaways

Unique growth profile

Financial discipline

Competitive position

<$30/bbl Projects breakeven

Resilient Integrated profile

FCF>0 During 2018 @$55/bbl

25-30% Production CAGR 2015-20

≈15% Ebitda CAGR 2015-20

≈15% ROACE @2020

15% Capex reduction1

≈1.0x Net debt/ Ebitda@2020

Commitment to shareholder remuneration

1From financial outlook presented in the CMD in Mar-15 to the one published in the CMD Mar-16.

39



40


Key operating indicators

2Q16 2Q15 2Q16 YoY 1H15 1H16 YoY

Exploration & Production1

56.3 43.8 54.7 25% Average working interest production2 (kboepd) 42.7 55.5 30%

52.9 40.5 51.7 28% Oil production (kbopd) 39.4 52.3 33%

53.7 40.9 52.2 28% Average net entitlement production2 (kboepd) 39.8 53.0 33%

7.9 7.4 7.1 (3%) Angola 7.6 7.5 (1%)

45.8 33.5 45.0 34% Brazil 32.2 45.4 41%

26.2 53.0 38.3 (28%) Average realised sale price3 (USD/boe) 51.8 32.1 (38%)

8.9 7.6 9.8 29% Production costs (USD/boe) 9.6 9.3 (3%)

Refining & Marketing

4.1 7.3 4.6 (37%) Galp refining margin (USD/boe) 6.6 4.3 (35%)

2.0 1.4 1.7 25% Refining cash cost4 (USD/boe) 1.6 1.8 17%

25.2 29.8 26.3 (12%) Raw materials processed (mmboe) 56.0 51.5 (8%)

4.2 4.7 4.6 (4%) Total refined product sales (mton) 9.1 8.7 (4%)

2.1 2.3 2.3 (2%) Sales to direct clients (mton) 4.6 4.4 (3%)

Gas & Power

1,860 1,869 1,593 (15%) NG supply total sales volumes (mm3 ) 4,064 3,454 (15%)

901 919 882 (4%) Sales to direct clients (mm3) 1,918 1,782 (7%)

960 951 712 (25%) Trading (mm3) 2,146 1,672 (22%)

1,192 1,120 1,229 10% Sales of electricity (GWh) 2,247 2,421 8%

1 Unit figures based on net entitlement production. 2 Includes natural gas exported, excludes natural gas used or reinjected. 3 Galp average oil and gas realised sale price, including change in production effects. 4 Excluding impact of refining margin hedging operations.

41


1IFRS Figures. 2Does not include loan to Sinopec as cash.

Maintaining solid capital structure

Profit & Loss (€m)

Balance Sheet¹ (€m)

Dec.2015 Jun.2016 Jun-Dec

Net f ixed assets 7,892 7,304 (588)

Work in progress 2,077 2,347 +270

Working capital 510 365 (145)

Loan to Sinopec 723 576 (147)

Other assets (liabilities) (515) (335) +180

Non-current assets/liabilities

held for sale842 +842

Capital employed 8,610 8,752 +142

Net debt3 2,422 2,467 +45

Equity 6,188 6,285 +97

Net Debt + Equity 8,610 8,752 +142

1Q16 2Q15 2Q16 QoQ YoY 1H16 YoY

Turnover 2,829 4,247 3,267 +15% (23%) 6,095 (25%)

Ebitda 293 447 337 +15% (25%) 631 (23%)

E&P 48 119 86 +79% (27%) 135 (37%)

R&M 148 230 143 (3%) (38%) 291 (22%)

G&P 90 89 97 +9% +10% 187 (15%)

Ebit 137 304 185 +35% (39%) 323 (39%)

Associates 21 17 24 +14% +42% 45 +5%

Financial results 3 (10) 15 n.m. n.m. 18 n.m.

Taxes1 (39) (107) (79) +100% (26%) (118) (34%)

Non-controlling interests (9) (15) (12) +41% (16%) (21) (19%)

Net Income 114 189 133 +17% (29%) 247 (20%)

Net Income (IFRS) (58) 110 66 n.m. (40%) 8 (89%)

42


Gross debt Cash Loan to

Sinopec

Net debt

Debt breakdown @30 June 2016 (€bn) Reimbursement profile (€m)

Balanced debt profile

Maintaining diversified sources of funding and reducing average cost

Average maturity of 2.7 years

3.4

0.9

0.7

1.9

c.60%

Bank loans

Multilaterals

Private placements

Public bonds

June 2016 YE2015

0

300

600

900

2016 2017 2018 2019 2020 2021 2022+

43


Key indicators on Galp’s debt

2015 1H16

Gross debt €3.6 bn €3.4 bn

Cash and equivalents €1.1 bn €0.9 bn

Net Debt €2.4 bn €2.5 bn

Net Debt considering loan to Sinopec as cash €1.7 bn €1.9 bn

Net Debt to Ebitda Ratio1 1.2x 1.6x

Available credit lines €1.1 bn €1.2 bn

Average life of debt 3.1 2.7

Average interest rate 3.75% 3.50%

% Debt @ floating rate 58% 57%

1Ratio considers net debt plus Sinopec MLT Shareholder Loan to Petrogal Brasil minus loan to Sinopec.

44


Outlook and business plan sensitivities

Galp assumptions 2016E 2017E 2018E 2019E 2020E

Brent price ($/bbl) 35 45 55 65 70

Refining margin benchmark1 3.6 3.3 2.9 2.6 2.5

EUR:USD 1.12 1.12 1.12 1.12 1.12

1Benchmark refining margin = 42.5% cracking margin + 45.0% hydrocracking margin + 5.5% aromatics margin + 7.0% base oils margin.

Ebitda sensitivities Change 2016E 2020E

Brent price $5.0/bbl €90 m €210 m

Refining margin benchmark1 $1.0/bbl €90 m €95 m

EUR:USD 0.05 (€45 m) (€115 m)

45


Galp’s reserves and resources portfolio Reserves and resources (mmboe)1

Reserves 2014 2015 % Chg.

1P 232 276 19%

2P 638 701 10%

3P 833 960 15%

Contingent resources 2014 2015 % Chg.

1C 332 307 (8%)

2C 1,672 1,343 (20%)

3C 3,496 3,025 (13%)

Exploration resources 2014 2015 % Chg.

Unrisked 1,605 1,493 (7%)

Risked 217 226 4%

1Exploration resources and contingent resources on a working interest basis. Reserves figures on a net entitlement basis. All figures are based on DeGolyer and MacNaughton report as of 31.12.2015.

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First operatorship in deepwaters

Planning for broadband seismic 3D acquisition

First ever deepwater exploration well in Portugal

Main targets are Lower Cretaceous and Upper Jurassic sands

Pitu discovery appraised during 2015

Broadband 3D seismic across five blocks expected in 2016/2017

Potiguar basin (Brazil) Alentejo basin (Portugal) São Tomé and Príncipe

Ongoing exploration activities

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# Number DJSI Dow Jones Sustainability Indices m Million

≈ Approximately DoC Declaration of Commerciality mmbpd Million barrels per day

% Percentage DST Drill Stem Test mmboepd Million barrels of oil equivalent per day

& And E Exploration mmbbl Million barrels

€ Euros E&A Exploration and Appraisal mmboe Million barrels of oil equivalent

$ (or USD) Dollars E&P Exploration and Production MSc Master of Science

x Times Ebitda Earnings before interest and taxes, depreciation and amortisation mton Million tonnes

1C; 2C; 3C Contingent resources EIA U.S. Energy Information Administration mtpa Million tonnes per annum

4D Four Dimensional EOR Enhanced Oil Recovery NE Northeast

1P Proved reserves EPCIC Engineering Procurement Construction Installation Commissioning NG Natural Gas

2P Proved and probable reserves FEED Front-End Engineering Design NOCs National Oil Companies

3P Proved, probable and possible reserves FCF Free Cash Flow NPV Net Present Value

A Appraisal FID Final Investment Decision NLNG Nigeria Liquefied Natural Gas

ANP Agency of Petroleum, Natural Gas and Biofuels FLNG Floating Liquefied Natural Gas OPEC Organisation of the Petroleum Exporting Countries

bcm Billion cubic metres FPSO Floating Production Storage Offloading Opex Operational expenditure

bbl Barrel FOB Free On Board p.p. Percentage points

BBLT Benguela, Belize, Lobito and Tomboco FTE Full-time Equivalent PoD Plan of development

BoD Board of Directors GDP Gross Domestic Product PPSA Pré-Sal Petróleo S.A.

bn Billion cubic metres GeoER Reservoir geoengineering Q&A Questions and Answers

c. Circa GIIP Gas Initially in Place R&T Research and Technology

Capex Capital expenditure GIIGNL International group of liquefied natural gas importers R&M Refining and Marketing

CAGR Compound Annual Growth Rate HSE Health, Safety and Environment RCA Replacement Cost Adjusted

CEO Chief Executive Officer ICE Intercontinental Exchange RDA Reservoir Data Acquisition

Cid. Cidade IEA International Energy Agency ROACE Return on Average Capital Employed

CIF Cost, Insurance and Freights IHS CERA Information Handling Services Cambridge Energy Research Associates RRR Reserve Replacement Ratio

CFO Chief Financial Officer IMF International Monetary Fund ToR Transfer of Rights

CNE Central North East IOR Improved Oil Recovery US United States of America

CO2 Carbon dioxide ISPG Instituto do Petróleo e Gás vs. Versus

CDP Carbon Disclosure Project kboepd Thousand barrels of oil equivalent per day WAG Water alternating gas

COO Chief Operating Officer kbopd Thousand barrels of oil per day YoY Year over Year

D&G Downstream and Gas LatAm Latin America YE Year End

DD&A Depreciation, Depletion and Amortisation LNG Liquefied Natural Gas Yr Year

Acronyms

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