2

This presentation has been prepared by EDP Renováveis, S.A. (the "Company“; LEI 529900MUFAH07Q1TAX06) solely for use at the presentation to be made on February 28th,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 andrestrictions. 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 otherpurpose 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 orimplied, 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 theCompany 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 thispresentation 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 theCompany 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, northe 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 tothe 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 construedas 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 soregistered 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 andapplicable 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. Thewords “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 futuregrowth; liquidity, capital resources and capital expenditures; economic outlook and industry trends; developments of the Company’s markets; the impact of regulatoryinitiatives; 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 otherdata available from third parties. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significantknown 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 materiallyfrom 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 noticeunless 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 reflectany change in events, conditions or circumstances.

3

5

Quality assets

Ongoing renewable competitiveness improvement…

Renewables are a competitive and cheap technology (wind LCoE -66% since 20091) to cope with the increasing energy demand and the need of a low carbon economy

Quality assets

…supporting increasing growth in main markets…

Solid specific market fundamentals, namely in the US despite new macro landscape, based on clear bipartisan support along with state level targets, coal shut-down plans and C&I2 increasing market

Quality assets

…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 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

6

Quality assets

Quality assets

97.7% availabilityhigher than 97.5% target; benefitting from predictive maintenance and O&M strategy

95% of Revenues fixed1

€61/MWh avg. selling price in line with guidance

30% load factor vs 29% in 2015 but 96% of P50 impacting €29m in EBITDA

-5% YoY Core Opex/Avg. MW-8% per GWh; O&M strategy and scale

Quality assets

Selective and profitable growth

€1,171m EBITDA (+12% YoY adj.)higher than +8% CAGR 15-20 growth target

Quality assets

Self-funding business

€698m (+13% YoY) RCF2

from young assets exposed mostly to PPA/FiT

+820 MW installed in 2016higher than 700 MW target;

with 248 MW already under construction

>65% of 2020 target secured+3.5 GW of additions in 2016-20

NP €56m -66% YoY due to one-offs€104m adj. net profit (-4% YoY)

Asset rotation €550m cashed-in along with €0.4bn from CTG;

attractive €1.7m/MW multiple

Lower cost of debt at 4.0%€2.3bn restructured & prepaid since 2015

€0.6bn Net Debt & TEI reduction after €1.06bn of total investments

2016 Performance

(1) Based on status at the beginning of 2016; (2) RCF stands for Retained Cash Flow

10.4 GWSpain23%

Portugal12%

Rest of Europe

15% Brazil2%

North America

48%

8

Installed Capacity1

(EBITDA MW + Equity Consolidated)

2016 execution above expectations: 820 MW added YTD and 248 MW under construction

(1) Incl. equity consolidated: 177 MW in SP & 179 MW in the US; (2) In EU: PT (4 MW), FR (24 MW), IT (44 MW); does not consider 50 MW deconsolidated in PL; 200 MW in MX to start full consolidation in 2017

Average Installed Capacity increased by 960 MW (+11% YoY)

UnderConstruction

+100 MW+429 MW

+21 MW+72 MW

+127 MW+120 MW

2016Additions2

+248 MW+820 MW

-+200 MW

EDPR Load Factor analysis vs. long-term average (P50) (%)

EDPR Availability1

9

2016

33%

26%

35%

97.7%

30%

-0.2pp

+1.1pp

+4.3pp

+0.4pp

D% YoY

-0.1pp

Load factor increased to 30% in 2016 on the back of new assets with above average load factorsHigh level of availability (97.7%) reflecting distinctive core competences

2016 vs. Average (P50)

96%

97%

96%

107%

-3% -4%-1% -3%

+7%

-7%-3%

-11%1Q 2Q 3Q 4Q

2016

Load Factor and Technical Availability2015

(1) Technical Energy Availability (TEA); (2) Avg NCF sources: REE/AEE (Spain), REN (Portugal), RTE (France), Elia (Belgium), Terna/ANEV (Italy), PSE/URE (Poland) & Transelectrica (Romania)

+2pp -+2pp -

+6pp +1pp -

2016: EDPR Load Factor vs. Market Averages (2)

(%) EDPR Mkt

10

Electricity Production(TWh)

In 2016 EDPR generated 24.5 TWh avoiding 20.1 mt of CO2 emissionsElectricity Output breakdown: 51% in US, 46% in Europe and 3% in Brazil

TWhr% YoY

+12%Output growth across all platforms; impact from 2015 ENEOP consolidation (+1.0 TWh YoY)

+200%Reflecting mainly 120 MW of capacity added YoY

+13%Impact from capacity additions with above average load factors

21.4 +3.0+0.1

24.5

2015 CapacityGrowth

2016

+14%

D LoadFactor

€64.0 €60.5

2015 2016

EDPR Price Evolution(€/MWh)

11

Selling price -5% YoY due to different mix and lower pool price mitigated by hedging strategy

2016 r% YoY1

€81.5 -2%• Driven by ENEOP consolidation• Poland: 87 MW with GC fully

exposed to market price

R$216 -42%• Reflecting a different mix of a new

wind farm in operation

$46.4 -9%

• PPA (-7%): different mix profile• Non-PPA (-21%): flat wholesale +

hedges; 2015 benefitted from sale of 2014 REC stock

-5%

(1) Evolution calculated in local currency

1Q: €60.82Q: €58.73Q: €61.24Q: €61.3

12

Higher YoY revenues supported by new additions, offsetting the lower price in the periodLower than average wind resource with €29m negative impact

Load factor: 96% of P50

Negative impact of €29m (vs -€6m in 9M16)

Higher output: +14% YoY

from +960 MW (Avg. EBITDA) YoYEU +12%; NA +13%; BR +200%

Lower average selling price: -5% YoY

EU -2%; NA -9% (in $); BR -42% (in R$)

Main drivers for Revenues performance

1,5471,651

2015 2016

Revenues(€ million)

+7%

Includes +€30m one-off from TEI’sresidual interestaccretion

+9% ex-one-off

566534

2015 2016

45.1 42.8

2015 2016

13

Opex (excludes Other Operating Income) (€ million)

+6%

Core Opex/Avg. MW (€k)(Supplies & Services and Personnel Costs)

Core Opex(1)

Levies &Non-current

(1) Includes Supplies and Services and Personnel Costs

-5%

-6%

-€61m YoYof write-offs

-8% per MWh

Core Opex per average MW decreasing 5% YoY boosted by EDPR’s control over costs and higher installed capacity

€1,171m€1,192m recurring

Spain21%

Portugal18%

Rest of Europe

16%Brazil

2%

North America

43%

14

EBITDA per Region(1)

(%)

(1) Includes hedges gains in Spain, Rest of Europe and US

1,142 1,171

2015 2016

EBITDA(€ million)

+3%

+12% ex-one-offs

2016: -€103m one-offs YoY:

€125m: ENEOP PPA in 2015

€61m: lower YoY write-offs

€39m: other including TEI’s minority interest accretion (FY15)

EBITDA +3% YoY, impacted by 2015 one-offs and benefitting from top-line evolution and cost control

15

Load Factor(%, P50)

Selling Price(€/MWh)

Avg. MW in Operation(MW)

Core Opexper MW(€k)

EBITDA (ex-one-offs)(€bn)

2016 OperationalPerformance

YE16 Outlook(presented in YE15 results,BP 2016-20)

+10-12% YoY•2015 new MW•ENEOP

consolidation

c.31% •new accretive

projects•wind resource

recovery

c.€60 per MWh•new project mix•95% contracted

revenues & efficient hedges

-1% CAGR 15-20•O&M Strategy

(M3 & SP)• larger portfolio

Double digit•vs €1.07bn FY15

one-offs adjusted•benefiting from

accretive projects

+11% YoYcompetitive

projects with contracted revenues

30% in 201696% of P50

scenario due to lower 4Q

€61 per MWhlow market prices

mitigated by hedging strategy

(€40m gain)

-5% YoYcontrol over

costs and O&M strategy

EBITDA +12% YoYex-non recurring;Reported EBITDA:

+3% YoY

2016 Execution

16

ReportedNet Profit

AdjustedNet Profit

2015 2016

166.6 56.3

107.7 103.6

Write-offs &Impairments

Forex losses (gains) &Forex derivatives

+2.3 (1.4)

+70.2 +14.5

(66%)

(4%)

Provisions & otherAdjust. (inc. ENEOP PPA)

(137.7) +13.4

(€ million)

On a like-for-like basis and excluding non-recurring, Net Profit was -4% YoY impacted by lower wind resource

Project Finance Renegotiation

+6.2 +20.7 108 104

2015 2016

Adjusted Net Profit(€ million)

-4%

17

EBITDA

LT receivables & cash-adjustments

Current income taxes

Interests, TEI, fees & derivatives

Dividends and interests to Minorities

Retained Cash Flow (RCF)

Retained Cash Flow metric captures assets’ cash generation capabilities and EDPR ability to grow profitable

•Top line performance and cost efficiency

• Revenues accrued as LT receivables along with cash adjustments such as realized revenues by TEI (vs accounting), write-offs, provisions…

• Income taxes related to the current period fiscal profits; excludes tax provision/deferred taxes

• Net interests expenses from financial debt along with institutional partnerships costs and banking fees, forex and energy derivatives

• Minority interests on cash-flows generated by assets with minority partners; includes net dividends, capital distributions and interests

•Net Cash-flow generated by operations and available to re-invest, distribute and pay debt principal

1

3

4

2

18

LT receivables & Cash Adjustments1 (€8m)2016

Current income taxes (€50m)2016

2

EBITDA(€ million)

€8m

2016

Current income taxes in line with 2015Tax provisions/deferred taxes not included (“non-cash”)1

Spanish regulatory adjustment on standard GWh(to be received from 2017 till the end of assets’ regulatory life)

Restricted Green Certificates in Romania (to be sold after Jan-18)

TEI realized revenues (vs accounting), gains on assets, write-offs, provisions, etc…

(€22m)(2016)

(€18m)(2016)

+€32m(2016)

LTR

ece

ivab

les

Cas

h

Ad

just

.

(1) As of Dec-16 EDPR had €2.8bn of tax losses carried forward (mostly US)

€1,171m

19

Interests costs, TEI costs, Banking fees and Derivatives3 (€295m)2016

Tax Equity

€1,520m

Financial Debt

Cost of Debt

Ongoing reduction in interests costs benefitting from:

•€2.3bn restructured & prepaid since 2015;

•Early amortization in Dec-16: $364m bearing 7.7% cost with maturity scheduled for 2018/19;

•Fiscal benefits’ efficient utilization: +$0.7bn in 2016;•Benefitting from downward trend on TEI return;

Cost of TEI

(€0.8bn)YoY

4.0%(-30bps YoY)

7.1%in 2016

€3,360m

Financial Debt

Net Debt€2,755m

Very low interest risk based on long-term fixed rate funding

90% of financial debt @ fixed rates; TEI costs fixed per transaction (trend with low correlation to market rates)

6.7%

2016 2017E

Minorities Return (%)

20

Dividends and interests to Minorities4 (€119m)2016

Capital Gains

Dividends & Capital paid

…of which €319m booked in equity reserves

€0.4bn since 2012 (based on projects Cash Flows and interest stakes)

Original proceeds

€2.4bn Equity & Shareholder Loans…

(1) Attributable to Equity Partners; includes external net debt and Tax Equity

Minorities return expected to decrease in 2017 due to cash-flows profile, latest deals at lower yields and higher valuations (latest at €1.7m/MW)

€1.5mAvg EV/MW

Attractive average transaction multiple(transaction closing date; all since 2012)

2016 Average monthly capital invested:

€1.8bn

21

698 597

+1,189(1,050)

(44)(198)

RCF Net Debt & TEI

reduction

Asset Rotation

& CTG

CashInvestments

Forex & Other

Dividends to EDPR

shareholders

Operational and financial performance to enhance EDPR growth, decreasing Net Debt and Tax Equity by €597m in 2016

Includes forex (€119m), one offs from debt

prepayment/restructuringand other

+13%

2016: From EBITDA to Retained Cash Flow (RCF) and Net Debt & TEI reduction(€ million)

EBITDA

LT receivables & cash-adjustments

Current income taxes

Interests, TEI, fees & derivatives

Dividends and interests to Minorities

Retained Cash Flow (RCF)

2016

1,171 1,142 1,171

(8) (110) (93%)

(119) (91) +31%

(50) (51) (3%)

698 619 1,171

(294) (271) +9%

+13%

+3%

2015 D% YoY

23

Business case for renewables remains strongWind energy provided 4.7% of the nation’s electricity during 20153

Industry Fundamentals

.

New political landscape

Production Tax Reform

PTC phase-out approved in 2015 by a congress dominated by Republicans; New Treasury secretary

supported current scheme in Senate hearings

Wind is a competitive and cheap technology presenting an ongoing decrease of its LCoE

(c.26% by 20251)

Increasing demand drivers at State, Utility and C&I2 ; likely negative impact on CPP rollout

but only in the next decade

Clear positive impacts on job creation, local economy, industry and infrastructure development

A key topic of the new Administration in functions (main consideration is the reduction of the

current 35% federal tax rate)

BipartisanSupport

Technology Competitiveness

IncreasingDemand

Pro-economic growth sector

Tax Reformpending final framework

=

likely positive

(1) LCoE source: IRENA Power to Change 2016; (2) Stands for Commercial and Industrial companies; (3) Source: AWEA

Main Drivers

24

$97

$60

$48 $46

$32

$136$143

$78

$61 $62

0

20

40

60

80

100

120

140

160

Nuclear Coal CCGT Solar PV Wind

Levelized Cost of Energy Comparison1

$/MWh

Source: (1) Lazard´s Levelized Cost of Energy Analysis from Jan-2017; (2) Based on University of Texas: The Full Cost of Electricity of December 2016

$32

Expected reduction in wind LCoE of c.26% by 2025

Map of Lowest Cost Electricity Resource2

(unsubsidized; by region)

WindSolar Utility

Gas

$62$61

$46

98 MW(CoD 2017)200 MW

(CoD 2018)

175 MW(CoD 2017/18)

100 MW(CoD 2016)

157 MW(CoD 2016/17)

99 MW(CoD 2017)

250 MW(CoD 2016)

EDPR projects(secured 2016-18)

25

RPS

Renewable Standards Portfolio

Utilities´ Portfolio Demand

Commercial & Industrial Entities

until 2030E; 49 GW since 2010

27 GWCoal Retirement

Utilities

C&I

defined at state level

RPS policies cover 55% of total US retail electricity sales

5 states increased quotas in 2016 (OR; IL; MI; NY; DC)

officially announced: coal-fired plants being shuttered

old & non-compliant w/ environmental constraints; independent of CO2 issues

23% of coal fleet retired or announced prior 2030

non-utilities companies incl. techs, industrials, cooperatives…

fixed-long-term price protected from fuel price fluctuations

80 companies have pledged to move to 100% renewable power

29 states+ DC

>50% PPAssigned 2015

Source: (1) AWEA

26

A tax reform could potentially be overall positive, specially for solid sponsors, but it is still too early to fully assess its impacts

Asset Base New Projects

+$15m-$30m per year

(Net Income)

One-off positive impact in

bottom-line

P&L Tax Provision

Reduction in the annual tax provision

BS Tax Assets & Liabilities

Liabilities (on future tax payments) higher

than assets (related to tax losses carry

forward)

Lower tax rate would reduce 5y-MACRS’ value and lead to a lower tax equity funding along with investors’ lower tax appetite

100% capex expensing given the incremental time value benefitA

Tax Equity market is attracting new investors every year and enlarging the supply baseC

Lower funding replaced by corporate debt at a lower cost (USD debt is issued in Spain – no impact on changes in interest deductibility)

B

Analyzing the impact at EDPR of a potential reduction of Federal Tax Rate from 35% to 20%-25%

However to be potentially offset by…

27

0.4

1.8

3.1

+0.7

+0.7

+1.3

Visibility over PTC tax scheme

Industry fundamentals driving solid ongoing demand

(GW)

EDPR is a strong sponsor with solid balance sheet and clear

execution capabilities

1.1 GW secured >55% non-utility

Option could be executed namely through the new “Build & Transfer” strategy,

enhancing pipeline development

>5 GW under continuous commercial efforts to secure PPAs

Safe Harborsecured

To be secured

Additions SH1

option (100% PTC)2020 target additions

2016 2017/18 secured

2016-20 EDPR target additions in the US

(1) Safe Harbor

• Higher than 700 MW target;• +629 MW in NA; +120 MW in BR; +72 MW in EU

• Backed by scale, O&M strategy and cost control• 97.7% of availability

• From young portfolio mostly exposed to PPA/FIT• EBITDA (+12% adj. YoY) high cash conversion

• Executed 50% of 2016-2020 target (€1.1bn)• Transactions executed at attractive multiples

• Benefitting from €2.3bn debt restructured/prepaid• Net debt & TEI at €4.3bn

29

Capacity additions +820 MW

-5% YoY

€698m RCF

€550m proceeds

4.0% Cost of Debt(Dec-2016)

Efficiency: Core opex/MW

Cash generation

Asset Rotation

Debt optimization

EDPR to keep €0.05 dividend per share distribution

30

By technology(MW)

Built in 2016 &Secured

+3.5 GW2016-20

Solar PV

>65%

10%

EDPR 2016-20 additions breakdownwith visible projects execution

WindOnshore

25%

US

Canada

Brazil

Growth supported by 1.5 GW of secured projects to be built in 2017-2019, of which 248 MW under construction

Portugal

RoE

Spain

Name

ML V, ARS, QB, RBP

TC; ML VI

Nation Rise

JAU & Aventura

Babilônia

Ventinveste & other

Auction projects

Italian auction

France projects

CoD

2017E

2018E

2019E

2017E

2018E

2017-19E

<2020E

2017-18E

2017E

MW

376

275

100

127

143

237

93

127

22

Built Capacity additions 2016820

31

2017 Outlook: Operational and Cash Generation targets

EDPR strategy execution set to deliver solid and profitable growth

Avg. MW in OperationBenefitting from 2016 new capacity additions;820 MW instated in 2016

Load FactorPositive impact from new projects & wind resource recovery (P50)

Selling priceNew competitive projects w/ higher load factor; 95% of 2017 revenues fixed not exposed to market prices

+7-9%YoY

c.32%+5% YoY

c.€58 per MWh

Opex per MWKeeping high efficiency levels; vs target -1% CAGR 15-20E

flat YoY-3% CAGR 15-17E

EBITDA(€ million)

Retained Cash Flow(€ million)

1,171

2016 2017E

698

2016 2017E

~+10%

+10-15%

32(1) 2015 EBITDA and Net Profit adjusted by non-recurrent events; EBITDA 2015 Adjusted of €1.07bn; (2) Net Profit 2015 Adjusted of €108m

…a positive impact on accounting Net Income from 2017 onwardsUpdate on D&A leading to…

Adjusted Net Income guidance

Higher assets’ useful life based on independent technical assessment

EDPR’s portfolio is composed by young assets across 11 countries

30 yearsvs. 25 years

6.5 years of avg. life

EBITDACAGR 2015-20201

+8% €0.9bn

Retained Cash Flow2020EEDPR reiterates its key

2020 BP targets

+16%

CAGR 2015-202

(@ 25 years)

D&A impact

+€65-70m

per year

33

Operating in a sector with solid future growth prospects based on increasing renewable

competitiveness and sound demand drivers, with expected strong demand in the US

High efficiency level (97.7% availability) and lower core opex per avg. MW (-5% YoY),

on the back of unique O&M strategy and costs control

Net Profit (€56m) impacted by one-offs, but solid cash flow generation (RCF €698m; +13% YoY)

supported by high EBITDA cash conversion and cost of debt optimization

Already secured >65% of 2016-2020 target additions, based on LT visible projects with low risk, and guaranteed options to further enhance its growth

Reiterating its key 2020 BP targets and extending EDPR’s assets useful life to 30 years

35

Wind industry creates jobs, economic investment and clean energy across the country

Job creation Industry

Local Economy Infrastructure

>500 wind manufacturing facilities in 43 states

>600 manufacturing plants producing goods for wind & solar across 45 states

Every state benefiting from windw/ manufacturing facility, wind farm, or both

Rural areas: land renting income while enable agricultural and livestock farming

Source: AWEA; Business Insider; RTO Insider

Expected investments in transmission lines and wind/solar to fuel economic growth

Increases US

energy independence

>300,000 Jobson the wind/solar industry; more than coal

Wind and Solar jobs growing at a rate

12x faster vs the rest of the US

36(1) Attributable to Equity Partners; includes external net debt and Tax Equity

ES PT RoE NA Total

Net MW

2016 average life (years)

Attributable Net Debt + TEI1

170 414 504 1,105 2.3 GW

7.5 8.5 5.3 6.0 6.3

- €11m €163m €473m €721m

BR

100

2.9

€74m

Average EV per MW of €1.5m/MW (at transaction closing) considering all minorities sales executed since 2012

IR Contacts

Rui Antunes, Head of IR, P&C and Sustainability

Maria Fontes

Pia Domecq

Paloma Bastos-Mendes

E-mail: ir@edpr.com

Phone: +34 914 238 402

Fax: +34 914 238 429

Serrano Galvache 56, Edificio Olmo, 7th Floor

28033, Madrid - Spain

EDP Renováveis online

Site: www.edpr.com

Link Results & Presentations:

www.edpr.com/investors

Next Events

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Mar 14th: Eiffel Conference London

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