Results Presentation1H 2011

27th July, 2011www.edpr.com

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Disclaimer

This presentation has been prepared by EDP Renováveis, S.A. (the "Company") solely for use at the presentation to be made on the 27th July 2011. By attending the meetingwhere this presentation is made, or by reading the presentation slides, you acknowledge and agree to be bound by the following limitations and restrictions. Therefore, thispresentation may not be distributed to the press or any other person, and may not be reproduced in any form, in whole or in part for any other purpose without the expressconsent in writing of the Company.

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Key Messages

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Key Messages

Is EDPR being able to convert capacity growth into higher cash-flows?

1•Production 8.8 TWh: +27% YoY

•Net Income €90m: +2.1x YoY

•Op. Cash-Flow €353m: +49% YoY

Sound headline growth fromtop-to-bottom

and solid cash-conversion

Is EDPR capturing alternative funding sources and

controlling financial costs?

2 •Cash-Flow exceeded Capex in 1H

•€0.4bn through Project Finance and Tax Equity

•Stable net interest expenses over the last 5 quarters

Quality projects enabling increased cash-generation capabilities and access to local

project finance and tax equity

Is wind becoming a cost-adequate source within national energy plans?

3•Lower capex per MW (-10%)

•Enhanced turbine productivity

• Increased asset longevity (25y)

A new cycle for the wind businesswith a lower Cost of Energy and

increased competitiveness

EDPR in the 1H 2011

1H11 Operating and Financial Performance

6

Installed capacity increased 24% YoY to 7.2 GW

• Ongoing growth: 1.4 GW installed in the last 12 months (+24% YoY)• 486 MW added in the 1H11 represent almost 60% of the expected additions for 2011• 376 MW under construction provide visibility towards the execution of expected capacity growth (800-900 MW)

+188

800-900

+298

+486

376

1Q11 2Q11 1H11 Under Const.

2011E Additions

2011 Quarterly Additions(EBITDA MW + Eólicas PT (1))

YoY Capacity Increase(EBITDA GW + Eólicas PT (1))

Notes: (1) Equity consolidated: 127 MW as of Jun-2010 and 275 MW as of Jun-2011; 36 MW installed in the 1H11

5.8

7.2

1H10 1H11

+24%% of 2011E Additions

~60%

7

Top-class assets continuously deliveringpremium load factors

Load Factor: Quarterly Evolution(%)

Load Factor(%)

1H10 1H11

US 32% 36%

EU 29% 26%

EDPR 31% 32%

• EU: lower wind resource in the 1H11, but clearly above market average (2Q in Spain: +400bps spread over Mkt.)• US: load factor increased 400bps to 36% on higher wind resource and an outstanding 38% load factor in the 2Q• EDPR: delivering a sound top-sector net capacity factor of 32%

29%

23%

34% 33%31%

2Q10 3Q10 4Q10 1Q11 2Q11

+200bps

8

Capacity growth and strong load factors contributed to the 27% YoY production growth

Electricity Output Breakdown(%)

YoY Electricity Output (1)(TWh)

14% 18% 16%

39% 36% 42%

47% 46% 42%

1H10 2H10 1H11

6.9 +0.4+1.4

8.8

1H10 EU US 1H11

+27%

Regulated Frameworks

Long-TermContracts

Spot & Short-term hedges

• Strong electricity output performance (+27% YoY) on the back of the outstanding US performance (+39% YoY)• US increased its production weight to 58% (vs. 53% in 1H10 and 54% in 2H10)• 84% of 1H11 production sold under long-term stable frameworks

Notes: (1) Includes 14 GWh in 1H10 and 29 GWh in 1H11 from Brazil

9

Price evolution unfavorable on higher US production weight and weaker US Dollar

5956

1H10 1H11

EDPR Price Evolution(€/MWh)

-6%

Higher prices in Europe in all geographies, while US prices reflect different structures and low spot prices

• Stable price on regulatory frameworks• Higher contribution from CEE countriesEurope +1.8€

• New PPA price structures• Lower merchant prices YoYUS -1.7€

• Higher contribution from US platformOutput Mix -2.7€

• Unfavorable US$/€ Forex evolution (US Dollar depreciated 5% YoY)US$/€ -1.1€

Impact onEDPR Price €/MWh

10

Revenues increased 18% YoY to €547m...

462

547

1H10 1H11

+18%

...reflecting capacity growth but impacted by unfavorable forex and different production mix

Strong electricity output increase (YoY)

US +39%; EU +13%

Stable top-notch

net capacity factor of 32%

Different portfolio mix and

unfavorable US$/€ Forex evolution

Revenues(€ million)Main drivers for Revenues performance

11

EBITDA’s 19% YoY growth to €409mreflects top-line performance and cost control

EBITDA: Geographic Breakdown (2)(€ million)

EBITDA (1)(€ million)

343 +16%+22%

409

1H10 EU US 1H11

256 62%

16038%

409

EU US 1H11

Notes: (1) Includes €-6.6m in 1H11 and €-9.6m in 1H10 from Brazil, Other and Adjustments(2) Includes €-6.6m in 1H11 from Brazil, Other and Adjustments

EDPR continues to deliver a recurrent top-sector EBITDA margin

80% 72% 75%

(US$224m)

+19%

€9m negative impact from

forexevolution

(+29% in US$)

EBITDAmargin

12

Net Profit of €90m (x2.1 vs 1H10), outpacing operating performance

Net Profit(€ million)

43

90

1H10 1H11

x2.1• Strong operational growth• High efficiency levels (EBITDA mg 75%)EBITDA +19%

• New installed capacity• Higher useful life (from 20 to 25 years)D&A +7%

• Net Interests reflect LT fixed funding• Capital gain from SEASA sale

Financial Results -1%

• Pre-Tax Profit increased by 88%• Tax rate of 21% vs. 27% in 1H10Taxes +43%

YoY %

Notes: D&A includes €17m in 1H11 vs. €9m in 1H10 from PPA (Price Purchase Allocation) amortization.

Bottom-line reflects strong operating growth, higher asset useful life (+€21m)and the announced capital gain on the sale of a financial stake (+€7m)

13

Operating assets continuously delivering solid Cash-Flow growth (+49% YoY)

Operating Cash-Flow (Before Capex)(€ million)

1H11: Net Profit to Cash-Flow(€ million)

237

353

1H10 1H11

90

353+98

+129

+36

Net Profit FinancialExpenses

Non-CashItems

WorkingCapital

OperatingCash-Flow

Solid conversion of assets’ high quality productivity into Cash-Flow

+49%

14

Operating Cash-Flow exceeded 1H Capex

1H11: Source and Use of Funds (1)(€ million)

353 393 345

486

26 23

242

252

48

OperatingCash-Flow

Cash and Equivalents

Divestments Acquisitions & Investments

Other Payments

Capex

Notes: (1) Cash and Equivalents include €65m from the reduction and use of restricted cash related to US Institutional partnerships; illustration excludes non-cash Forex impact on Net Debt (€109m)

1H funding needs covered by Operating Cash-Flow and Cash and Equivalents

Equipment Suppliers

NewDebt

Source of Funds Use of Funds

Diversifying Funding Sources

16

Ability to manage debt levels and interests under control over the last 12 months...

Net Interest Costs(€ million)

Financial Debt(€ billion)

3.373.53 3.56

Jun-10 Dec-10 Jun-11

Nominal Cost of Debt of 5.6% at June-2011 reflecting long-term funding maturity

44.9 42.348.4

44.5 46.0

2Q10 3Q10 4Q10 1Q11 2Q11

+2%

0

1,000

2,000

3,000

2011 2012 2013 2014 2015 2016 2017 >2018

17

...through the right funding strategy on a capital intensive industry...

Debt Maturity(€ Million)

1H11: Debt Profile(%)

9% 7%

91%

38%

55%

Type Currency

Fixed

Variable

EUR

USD

PLN/BRL

Long term fixed rate debt structure designed to match business model with Cash-Flow profile

18

...and increased cash generation capabilities along with multiple funding sources

YTD Sources of Funds(€ million)

Operating Cash-Flow 353

Cash & Equivalents 486

Financial Debt (net sources) 23

1H11 888

Project Finance Romania I & II (228 MW) 188

Project Finance Brazil (70 MW) 102

Tax Equity US (99 MW) 82

Secured in July 372

Ability to access to multiple and local funding sources driven byhigh quality assets and a rigorous investment criteria

Increased cash conversion of thecapital already invested

Flexible funding and diversified sources to support future growth at competitive cost

Funding Strategy

Divestments 26

Wind Increased Competitiveness

20

Wind industry is entering a new cycle and showing a remarkable improved performance...

…Lower energy cost(per MWh)

Higher Longevity, and…(years, 1H2011)

An expected sustainable downward trendof wind energy cost per unit of output

Detailed technical assessment on EDPR's portfolio performed by an industry expert

3.0

2.4

3.6

EDPR

US

EuropeLower Capex/MW: -10%

Manufacturing overcapacity and sellerscompetition leading to price pressure

Higher productivity for the same wind speed

Manufacturers R&D efforts being reflected intonew generation turbines

0 20 25

EDPR Assets Age

21

...resulting in a competitive technologyto meet electricity demand

Levelized Cost of Energy by Technology(€/MWh, European Case for new investments)

Wind Levelized Cost of Energy (LCoE)(€/MWh on Load Factor scenarios)

€20

€40

€60

€80

€100

€120

20% 25% 30% 35% 40%

Notes: Analysis based on: Gas 7.0$/Mmbtu, Coal $80/ton, CO2 €15/ton, €/$ 1.35

DismantlingCO2FuelO&MInvestment

5869 72

78 79

Hydro Wind Onshore

Nuclear CCGT Coal

Wind is becoming a cost-adequate alternative energy within national long-term electricity system plans

Lower capex costand higher useful life

Excludes intermittency

costs

22

Are the ambitious wind targets sustainable in the current economic and environmental context?

… ongoing renewable support is justified as a way to reduce imported

energy, decarbonize economy and to partly cope with nuclear capacity shutdowns

… wind increased competitiveness vs. conventional technologies place it as the

most cost adequate renewable option for countries' current energy policy

… wind is a clean and safe energy source that will provide a predictable

and stable energy cost for the long-term

Yes...

IR ContactsRui Antunes, Head of IRFrancisco BeirãoDiogo Cabral

E-mail: ir@edpr.comPhone: +34 914 238 402Fax: +34 914 238 429

Serrano Galvache 56, Edifio Olmo, 7th Floor28033, Madrid,Spain

EDP Renováveis online

Site: www.edpr.com

Link Results & Presentations:www.edpr.com/investors

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Results Presentation�1H 2011DisclaimerSlide Number 3Key MessagesSlide Number 5Installed capacity increased 24% YoY to 7.2 GWTop-class assets continuously delivering�premium load factorsCapacity growth and strong load factors contributed to the 27% YoY production growthPrice evolution unfavorable on higher US production weight and weaker US DollarRevenues increased 18% YoY to €547m...EBITDA’s 19% YoY growth to €409m�reflects top-line performance and cost controlNet Profit of €90m (x2.1 vs 1H10), outpacing operating performanceOperating assets continuously delivering solid Cash-Flow growth (+49% YoY)Operating Cash-Flow exceeded 1H CapexSlide Number 15Ability to manage debt levels and interests under control over the last 12 months......through the right funding strategy on a capital intensive industry......and increased cash generation capabilities along with multiple funding sourcesSlide Number 19Wind industry is entering a new cycle and showing a remarkable improved performance......resulting in a competitive technology�to meet electricity demandAre the ambitious wind targets sustainable in the current economic and environmental context?Slide Number 23Slide Number 24