EDP Energias de Portugal, S.A. Notes to the Consolidated and Company Financial Statements for the periods ended 31 December 2016 and 2015

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1 21. Investments G4-PR5 105 in Joint Ventures and Associates Marketing Communications This caption is analysed as follows: G4-PR6 Não aplicável. G4-PR7 Não material Group Company Customer Thousand Privacy Euros Dec 2016 Dec 2015 Dec 2016 Dec 2015 Investments in joint ventures 773, ,223 6,597 6,597 Investments in associates 46,883 48, G4-PR , ,011 Compliance 6,597 6,597 AsG4-PR9 at 31 December , for the Group, this caption includes goodwill in investments in joint ventures of 42,226 R thousand Euros (31 December Access 2015: 42,730 thousand Euros) and goodwill in investments in associates of 9,281 thousand Euros (31 December 2015: 9,248 thousand Euros). The EU26 movement in Investments in joint ventures and associates, for the Group, is analysed as follows: EU27 75 Group EU28 74 e 75 EU29 Thousand Euros 74 e 75 Dec 2016 Dec 2015 EU30 Balance as 72 at 1 January 664, ,974 Provision Acquisitions/Entries Of Information - 3,002 Increases/Decreases of share capital 122,750 74,912 Disposals -1, ,812 Share of profit in joint ventures and associates -22,062-23,899 Dividends -16,250-21,645 Cumprimento Total R Reasonable Verification Exchange differences 71,898 11,932 Cumprimento Parcial imited Verification Hedging Não disponível reserve in joint ventures and associates * Specific indicator for this sector 1,143 3,863 Other Balance as at 31 December 820, ,011 The movement in Investments in joint ventures and associates is mainly explained by capital increases in the amount of 122,750 thousand Euros, namely the capital increase in Empresa de Energia São Manoel, S.A. in the amount of 108,608 thousand Euros. Share of profit in joint ventures and associates includes the impact of the impairment on São Manoel fixed assets, in result of the impairment tests performed, in the net amount of 26,246 thousand Euros. As at 31 December 2015, the Disposals line refers to: (i) the change in the consolidation method of Porto do Pecém Geração de Energia S.A. (negative impact in the amount of 163,400 thousand Euros), which began to be fully consolidated after the acquisition of the remaining share capital; (ii) the transfer of the investment in Inch Cape Offshore imited to assests held for sale in the amount of 14,433 thousand Euros (see note 42); (iii) the end of equity method of the ENEOP consortium in the amount of 44,107 thousand Euros; and (iv) the sale of Setgás - Sociedade de Distribuição de Gás Natural, S.A. and Setgás Comercialização, S.A. in the amount of 37,655 thousand Euros

2 ANNUA REPORT EDP 2016 The In 2016, following as far table as resumes shareholders the companies' return financial is concerned, information EDP kept of joint its ventures dividend whose distribution investment policy is with included a dividend under the distributed equity method in of the Group per consolidated share. EDP accounts, share as price at 31 closed December : year with a decrease of 13%. Considering the dividend paid in the year, EDP shares yielded a -7% shareholder return, 5 p.p. below the Euro Stoxx Utilities Index and 2 p.p. above PSI20. Energia Energia Flat Rock Jari Cachoeira São Windpower Flat Rock Thousand The following Euros chapter summarizes the status of EDP s commitments, Group Caldeirão and specifies Manoel the main objectives II and Windpower goals Companies' associated to financial the achievement information of the of joint strategic ventures agenda and aligned with the Principles of Sustainable Development of the Non-Current Assets 535, , , , ,444 Current Group, Assets demonstrating this way the company s effort to meet its 29,822 challenges. 5,084 11, ,129 Cash and cash equivalents 13,548 2,433 11, ,043 Total Equity 167, , , , ,096 ong term Financial debt 234, , , Non-Current iabilities 333, , ,715 1,534 4,084 Short term Financial debt 52,122 4,507 1, Current iabilities 64,898 53,414 19, Revenues 59,681 14,695-3,681 9,763 Tangible and intangible assets amortisations/impairment -13,554-8, ,297-7,361-19,051 Other financial expenses -34,111-14,351-6, Income tax expense 12,708 6,078 41, Net profit for the period 9,159-11,889-80,587-7,917-22,893 Net assets 138,614 82, ,986 58, ,413 Goodwill Dividends paid ,615 Compañía Eólica de EDP Asia Eólica Bioeléctrica CIDE Coahuila S.A. Thousand Euros Group Aragonesa Group HC Energía de C.V. Other Companies' financial information of joint ventures Non-Current Assets 105, , ,600 1, ,602 74,784 Current Assets - 5,186 23,024 49,720 40,449 34,295 Cash and cash equivalents - 3,787 16,737 6,065 12,019 15,543 Total Equity 105, ,595 27,334 4,333 8,737 30,886 ong term Financial debt , ,071 16,290 Non-Current iabilities - 24,645 63,554 1, ,480 29,639 Short term Financial debt - - 9,714 15,482-31,867 Current iabilities - 3,001 48,736 45,643 71,834 48,554 Revenues - 13,505 47, , ,871 Tangible and intangible assets amortisations/impairment - -11,051-9, ,077 Other financial expenses , ,584 Income tax expense - 2,328-1, Net profit for the period 20,916-1,938 4,981 3, ,280 Net assets 105,187 57,425 13,667 2,149 14,438 20,565 Goodwill - 39, ,668 Dividends paid 7,091 3,

3 The G4-PR5 following table 105 resumes the companies' financial information of joint ventures whose investment is included under the equity method Marketing Communications in the Group consolidated accounts, as at 31 December 2015: G4-PR6 Não aplicável. Energia Energia Flat Rock G4-PR7 Não material Jari Cachoeira São Windpower Flat Rock Thousand Customer Euros Privacy Group Caldeirão Manoel II Windpower Companies' financial information of joint ventures Non-Current Assets 410, , , , ,415 Current G4-PR8 Assets107 35,735 9,286 11, ,631 Compliance Cash and cash equivalents 17,311 9,258 11, ,557 Total Equity 112, ,536 71, , ,530 ong G4-PR9 term Financial 107 debt 223, ,093 - R - - Non-Current Access iabilities 279, ,353 18,506 1,420 3,737 Short term Financial debt Informação disponível no Relatório 42,353de Abordagem 1,253 de Gestão à 258, Current iabilities 54,057 55, , EU26 Revenues 57, ,437 25,791 EU27 75 Tangible and intangible assets amortisations/impairment -14, ,339-21,479 EU28 74 e 75 Other financial expenses -32,876-2,564-8, EU29 74 e 75 Income EU30 tax expense , Net Provision profit Of for Information the period -8,892-3,214-1,338-6,116-8,834 Net assets 101,600 71,163 23,913 60, ,765 Goodwill Cumprimento Total R Reasonable Verification Dividends paid ,293 Cumprimento Parcial imited Verification Não disponível * Specific indicator for this sector Compañía Eólica Bioeléctrica CIDE EDP Asia Thousand Euros Aragonesa Group HC Energía Group Other Companies' financial information of joint ventures Non-Current Assets 130, ,438 1,656 95,219 83,402 Current Assets 6,038 15,015 47,520-29,403 Cash and cash equivalents 4,965 8, ,020 Total Equity 105,421 22,353 3,412 95,219 28,075 ong term Financial debt - 62, ,454 Non-Current iabilities 27,653 71,705 1,227-25,850 Short term Financial debt - 9,752 4,739-31,219 Current iabilities 3,247 45,395 44,537-58,880 Revenues 17,835 49, ,182-24,273 Tangible and intangible assets amortisations/impairment -10,306-9, ,078 Other financial expenses , ,400 Income tax expense -95-1,880-1, Net profit for the period 379 4,820 3,361 18,409-1,911 Net assets 61,846 11,177 1, ,154 28,879 Goodwill 39, ,172 Dividends paid 5,000-1,000 5,670 1,

4 ANNUA REPORT EDP 2016 The In 2016, following as far table as shareholders resumes the companies' return is financial concerned, information EDP kept of associates its dividend whose distribution investment policy is included with a dividend in the Group distributed consolidated accounts of under per the share. equity EDP method, share as price at 31 closed December : year with a decrease of 13%. Considering the dividend paid in the year, EDP shares yielded a -7% shareholder return, 5 p.p. below the Euro Stoxx Utilities Index and 2 p.p. above PSI20. es Eoliennes Parque Parque Principle Mabe en Mer Eólico Eólico Power Thousand The following Euros chapter summarizes the status Brasil of EDP s commitments, Noirmoutier Belmonte and specifies Madero the main objectives Inc. and goals Other Companies' associated to financial the achievement information of the of associates strategic agenda and aligned with the Principles of Sustainable Development of the Non-Current Assets 3,599 25,490 21,231 52,429 18,675 91,809 Current Group, Assets demonstrating this way the company s effort 23,398 to meet its challenges. 9,955 2,517 8, ,336 Total Equity ,438 4,590 24,006 16,694 57,326 Non-Current iabilities 22,657 16,943 15,105 2,455 1,512 56,634 Current iabilities 4,761 3,064 4,053 34, ,185 Revenues 161-3,592 8,401 2,375 40,045 Net profit for the period ,889 3,935 Net assets - 6,638 3,098 10,082 5,219 21,846 Goodwill - - 1,726-1,051 6,504 Dividends paid ,000 Other include companies with financial statements as of 31 December 2016, with the exception of companies that have no activity or are in liquidation process, and Portsines whose financial statements are for the period ended 30 November 2016, since the accounts as at 31 December 2016 were not timely approved. The following table resumes the companies' financial information of associates whose investment is included in the Group consolidated accounts under the equity method, as at 31 December 2015: es Eoliennes Parque Parque Principle D.E. de en Mer Eólico Eólico Power Thousand Euros Canarias Noirmoutier Belmonte Madero Inc. Other Companies' financial information of associates Non-Current Assets 2,860 16,614 21,936 53,199 19,993 86,789 Current Assets 1,571 6,334 1,187 6,874 4,140 53,515 Total Equity 3,855 16,125 4,494 23,531 20,015 58,994 Non-Current iabilities 314-4,544 1,883 3,416 47,932 Current iabilities 262 6,823 14,086 34, ,377 Revenues 2,638-3,933 10,146 6,941 63,046 Net profit for the period ,623-2,849-10,637 Net assets 8,204 6,934 3,069 9,883 6,223 14,475 Goodwill 6,479-1,725-1, Dividends paid ,263 Other include companies with financial statements as of 31 December 2015, with the exception of companies that have no activity or are in liquidation process, and Portsines whose financial statements are for the period ended 30 November 2015, since the accounts as at 31 December 2015 were not timely approved

5 AsG4-PR5 at 31 December , the significant companies' financial information of joint ventures and associates presents the following fair value Marketing Communications reconciliation of net assets proportionally attributed to EDP Group: G4-PR6 Não aplicável. % Fair Value Net Thousand G4-PR7 Euros Não material Equity EM Adjustments Goodwill Other Assets Companhia Customer Privacy Energética do Jari 167, % 54, ,614 Empresa de Energia Cachoeira Caldeirão S.A. Informação 164,523 disponível no 50.00% Relatório de Abordagem 489 de Gestão à ,751 Empresa de Energia São Manoel S.A. 365, % ,986 G4-PR8 107 Flat Rock Windpower II C 116, % ,487 Compliance Flat Rock Windpower C 289, % , ,413 Compañía Eólica Aragonesa, S.A. 104, % 5, ,425 EDP G4-PR9 Produção Bioeléctrica, 107 S.A. 27, % - - R - 13,667 CIDE Access HC Energía, S.A. 4, % ,149 EDP ASIA - Investimento e Consultadoria, da Informação 105,331 disponível no 50.00% Relatório de Abordagem 52,521 de Gestão à ,187 Eólica de Coahuila, S. de R.. de C.V. 8, % 9, ,438 Mabe EU26 Construções e Administração Projetos, da % es Eoliennes en Mer lles d'yeu Noirmountier, SAS 15, % ,638 EU27 75 Parque Eólico de Belmonte, S.A. 4, % - 1,726-3,098 EU28 74 e 75 Parque EU29 Eólico Sierra 74 e 75 del Madero S.A. 24, % ,082 Principle EU30 Power, 72 Inc. 16, % - 1, ,219 Provision Of Information As at 31 December 2015, the significant companies' financial information of joint ventures and associates presents the following fair value reconciliation of net assets proportionally attributed to EDP Group: % Fair Value Net Cumprimento Total R Reasonable Verification Thousand Euros Equity EM Adjustments Goodwill Other Assets Cumprimento Parcial imited Verification Companhia Não disponível Energética do Jari * Specific 112,768 indicator for this 50.00% sector 45, ,600 Empresa de Energia Cachoeira Caldeirão S.A. 141, % ,163 Empresa de Energia São Manoel S.A. 71, % ,913 Flat Rock Windpower II C 120, % ,101 Flat Rock Windpower C 301, % ,765 Compañía Eólica Aragonesa, S.A. 105, % 9, ,846 EDP Produção Bioeléctrica, S.A. 22, % ,177 CIDE HC Energía, S.A. 3, % ,625 EDP ASIA - Investimento e Consultadoria, da 95, % 56, ,154 Desarollos Eolicos de Canárias, S.A. 3, % - 6,479-8,204 es Eoliennes en Mer lles d'yeu Noirmountier, SAS 16, % ,934 Parque Eólico de Belmonte, S.A. 4, % - 1,725-3,069 Parque Eólico Sierra del Madero S.A. 23, % ,883 Principle Power, Inc. 20, % - 1,018-6,223 Operating and real guarantees granted by joint ventures, included in the Group consolidated accounts under the equity method, are disclosed as follows: Thousand Euros Dec 2016 Dec 2015 Operating guarantees Companhia Energética do Jari Energia Cachoeira Caldeirão S.A ,474 Energia São Manoel S.A. 7,800 6,206 Other ,367 10,600 Real guarantees - - The commitments relating to short and medium-long term financial debt, future lease payments under operating leases and other purchase obligations of joint ventures included in the Group consolidated accounts under the equity method, as at 31 December 2016 and 2015, are disclosed by maturity as follows: Dec 2016 Capital outstanding by maturity ess From From More than 1 1 to 3 3 to 5 than 5 Thousand Euros Total year years years years Short and long term financial debt (inc. falling due interest) 933,290 92, , , ,414 Finance lease commitments 1, Operating lease commitments 18,493 1,726 2,859 2,490 11,418 Purchase obligations 620, , ,149 21, ,724 1,572, , , , ,

6 Dec 2015 Capital outstanding by maturity ess From From More than 1 1 to 3 3 to 5 than 5 Thousand Euros Total year years years years Short and long term financial debt (inc. falling due interest) 495, ,773 92,666 55, ,012 Finance lease commitments 1, Operating lease commitments 20,663 2,289 2,819 2,814 12,741 Purchase obligations 638, , ,216 24, ,323 1,155, , ,088 83, ,516 The variation in short and long term financial debt commitments includes a Project Finance obtained by Eólica de Coahuila S.A. de C.V. during The summarised financial information for subsidiaries with material non-controlling interests, namely EDP Brasil and EDP Renováveis, as at 31 December 2016, are disclosed in note 53 and in the Annexes I and II. 351