RESULTSPRESENTATION

21stMARCH

2018

2018 HIGHLIGHTS

In 2018, EBITDA stood at €492.3M, an increase of 1.0% compared with the previous year, mainly driven by the Portgásconsolidation (€34.2M). Additionally, there was a positive contribution from the sale of the LPG(1) business (€3.7M) andElectrogas (∆€0.7M). However, these gains were partially offset by the decline in asset remuneration (-∆€35.3M), following theparameters set in the current electricity regulatory period and the decrease in bond yields;

Net profit and Recurrent Net Profit decreased to €115.7M (-8.1%) and €137.2M (-11.4%), respectively, in spite of the positivecontribution of Financial Results that reached €57.8M (5.7% YoY). Financials benefited from the reduction in the average cost ofdebt (2.2% versus 2.5% in 2017) and the decrease in Net Debt (-€103.1M to €2,653.1M);

The maintenance of CESE(2) led to an effective tax rate of 42.0% for the full year;

The deceleration of demand for new gas and electricity infrastructures resulted in a reduction in Total CAPEX and Transfers toRAB. Capex amounted to €121.9M (€155.6M in 2017) and Transfers to RAB to €88.5M (€158.8M in 2017);

The Cabinet of the Energy Secretary of State approved the PDIRGN(3), in January 04, and the PDIRT-E(4), in February 19, whichinclude a total amount of CAPEX of €55M and €535.1M, respectively, for the period 2018-2027.

(1) Liquefied Petroleum Gas; (2) Extraordinary energy sector levy; (3) Natural Gas System’s Development and Investment Plan; (4) Electricity Transmission System’s Development and Investment Plan. 2

RESULTS AT A GLANCE

€M 4Q18 2018 2017 Δ% Δ Abs.

EBITDA 113.9 492.3 487.5 1.0% 4.8

Financial Result -14.3 -57.8 -61.2 5.7% 3.5

Net Profit 24.8 115.7 125.9 -8.1% -10.2

Recurrent Net Profit 24.7 137.2 154.8 -11.4% -17.6

Average RAB 3 832.0 3 832.0 3 924.7 -2.4% -92.8

CAPEX 54.7 121.9 155.6 -21.6% -33.6

Net Debt 2 653.1 2 653.1 2 756.2 -3.7% -103.1

3

PT 10Y Treasury Bond Yields

Source: Bloomberg, Bank of Portugal, REN.

6.3% 5.2%

20172018

Electricity

GasT 6.0% 5.5%

GasD 6.3% 5.8%

BASE RoR

Jan17 – Dec17:

3.07%

Average bond yield

Jan18 – Dec18:

1.84%

SOVEREIGN DEBT RISK OF PORTUGALwith a slightly decreasing trend

4

CAPEX(€M)

TRANSFERS TO RAB(€M)

CAPEX REACHED €121.9MOf which Portgás accounted for €24.9M

5

135.1

85.7

14.2

11.3

6.3

24.9

20182017

155.6

121.9

-33.6€M(-21.6%)

Portgás

Natural gas transportation

Electricity

134.2

53.8

14.6

11.0

10.0

23.7

2017 2018

158.8

88.5

-70.3€M(-44.3%)

1) RoR is equal to the specific asset remuneration, divided by the average RAB.

RoR

RAB

6.1%1 5.2%0.3% 5.5%5.9% 5.3%15.8%

(€M)

AVERAGE RAB DOWN BY 2.4% TO €3,832.0MPortgás had a positive contribution of €9.3M

6

9.3

PortgásAverage RAB 2017 Lands Electricity without premium

Electricity with premium

Natural gasTAverage RAB 2018

3,924.7

3,832.0

-12.7

-41.2 -5.3

-42.9

RAB REMUNERATIONELECTRICITY(ex. Lands)(€M)

RAB REMUNERATIONNATURAL GAST(ex. tariff smoothing effect)(€M)

-1,44M€Impact of the decrease in the asset base by €46.5M to €2,091.9M.

Impact of the change in asset mix – assets with premium weight increased to 54% in 2018 from 53% in 2017.

+€0.15M

Impact of the change in the rate of return resulting from the new framework – to 5.92% from 7.08% in assets with premium, and to 5.17% from 6.33% in assets without premium.

-€24.92M

Impact of the €42.9M decrease in the asset base, to a total of €1,032.6M.

-€2.37M

Impact of the decrease in the rate of return, to 5.52% from 6.02%.

-€5.29M

RAB REMUNERATIONPORTGÁS(1)

(€M)

-€2.27MImpact of the decrease in the rate of return, to 5.82%. from 6.32%.

Impact of the €9.3M increase in the asset base, to a total of €464.5M.

+€0.54M

1) In 2017, Portgás contributed with €7.1M (last 3 months of 2017) for REN’s RAB remuneration.

-€2.59M

RAB REMUNERATION DROPPED BY €36.7MDriven by the decrease in both RoR and asset bases (Electricity and NGT)

7

63.749.9

80.2

66.7

20182017

143.9

116.5

-27.4€M(-19.0%)

Electricity with premium

Electricity without premium

64.7

57.1

2017 2018

-7.7€M(-11.8%)

28.827.0

20182017

-1.7€M(-6.0%)

External Supplies and Services include €1.2M from Electrogas acquisition in 2017.

OPERATIONAL COSTS(€M)

OPEX WAS €131.3M, 8.0% ABOVE 2017 VALUEWithout Portgás, OPEX fell by 2.3%

8

Δ Other Operating CostsΔ External Supplies and Services

121.5

PortgásOPEX2017

Δ Personnel Costs OPEX2018

-1.5(-11.1%)

12.4(n.m.)

-1.9(-5.2%)

0.7(1.5%)

131.3

€9.7M(8.0%)

2017

2018

(1) ITC - Inter Transmission System Operator Compensation for Transits; (2) Item related to Portgás.

CORE OPEX(€M)

€13.8M

(14.1%)

With the new electricity regulatory period starting in 2018, “Forest clearing” costs are now subject to revenue cap (Core OPEX), and therefore no longer a pass-through cost. This amounted to €3.8M in extra Core OPEX.

CORE OPEX WAS €13.8M HIGHER YOYExcluding Portgás and Forest clearing it was €0.4M above the previous year

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Subsoil occupation levies(2)

Other

4.9115.6

121.5

Core OPEX

97.7-3.5

-1.0

-3.2

6.0

OPEX ITC(1) mechanism

-9.7-2.7

Costs withNG

transportation

-3.7

Forest clearing Costs with ERSE

92.8

18.4

14.5

Other

-2.0

Costs withNG

transportation

109.1

Subsoiloccupation

levies(2)

3.8

OPEX ITC(1) mechanism Costs with ERSE

-7.2

93.2

3.8

Core OPEX

131.3

-2.7 -4.0-3.8

111.6

Distribution Forest ClearingTransmission

(1) Includes -Δ€0.6M of NG tariff smoothing effect (natural gas);(2) Includes €1.2M related to the one-off costs with Electrogas (in 1Q17) and Δ€0.09M of OPEX own works.

EBITDA(€M)

EBITDA REACHED €492.3M Portgás contributed with €34.2M

10

34.24.0

3.4 0.8

EBITDA2018

EBITDA Portgás Δ OPEXcontribution

(2)

EBITDA2017

Δ OtherΔ Electrogas’Net Profit

proportion

Δ Recoveryof

amortizations

Δ Assetremuneration(1)

LPG business sale

487.5-35.6 -1.3

492.3

-0.8

€4.8M(1.0%)

DEPRECIATIONS ANDAMORTIZATIONS(€M)

FINANCIAL RESULTS(€M)

TAXES(1)

(€M)

(1) In 2018, without taking into account the special levy on the energy sector, the effective tax rate reached 29.3%, versus 25.7% in the previous year, which led to a €5.9M difference in taxes. This variation was mainly due to a higher State surcharge (∆€2.2M), to 9% in 2018 from 7% in 2017, and a higher amount of deferred taxes, due to the increase in receivables from tariff deviations (∆€2M).

BELOW EBITDAFinancials benefited from both lower stock and lower cost of debt

11

13.4

218.7221.7

222.0

3.3

2017 2018

235.1

€13.1M(5.9%)

Transmission Distribution

-61.2-57.8

2017 2018

€3.5M(5.7%)

52.558.5

25.8CESE

2017

25.3CESE

2018

78.383.7

€5.4M(6.9%)

NET DEBT(€M)

The Average cost of debt decreased by 0.31p.p. to 2.2%.

(1) Includes Δ€6.4M of positive tariff deviations.

NET DEBT DOWN BY 3.7% TO €2,653.1M

12

144.2

55.4

100.6

89.225.2

Operating Cash Flow(1)

Net DebtDec 2017

LPG sale

-509.8

Net Debt2018

OtherCESE

-4.0

Income tax (payments)

Dividends (received-paid)

Interest (net)Capex (payments)

2,756.2

-3.9

2,653.1

€-103.1M(-3.7%)

NET PROFIT(€M)

NET PROFIT DECREASED BY 8.1% TO €115.7MOn the back of higher amortizations (€13.1M) due to the Portgás acquisition

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Δ EBITDANet Profit2017

Net Profit2018

Δ Below EBITDA Δ CESE

-15.5(-4.6%)

115.7

125.9

4.8(1.0%)

0.5(2.1%)

€-10.2M(-8.1%)

In 2018, REN’s EBITDA was stable, with the contribution from Portgás almost fully compensating for the decrease in returns fromassets. Operational income also benefitted from the sale of the LPG business that belonged to Portgás;

Financials improved as a result of the reduction in the amount of Debt and its effective average cost;

Despite these positive effects, Net Income was hurt by an increased level of Amortization, higher Taxes and the payment for thefifth time of CESE. By year-end, the Company paid €25.3M, which brought the effective corporate tax rate to 42.0%. Over thelast five years, the total CESE payments made by REN amounted to €127.5M;

During this year, S&P upgraded REN's rating to ‘BBB/A‐2’ from ‘BBB‐/A‐3’ (in October) and Fitch reaffirmed REN’s Rating at ‘BBB’,with a stable outlook (in April). Consequently, REN maintained its position as the Portuguese listed Company with the best ratingfrom all three major agencies;

With reference to 2018 results, the Board of Directors will propose, at the General Shareholders’ Meeting that will take place onMay 3, the payment of a dividend of 17.1 cents per share. This decision is in line with the previous year and with REN’s dividendpolicy.

FINAL REMARKS

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This presentation and all materials, documents and information used therein or distributed to

investors in the context of this presentation do not constitute, or form part of, a public offer,

private placement or solicitation of any kind by REN, or by any of REN’s shareholders, to sell or

purchase any securities issued by REN and its purpose is merely of informative nature and this

presentation and all materials, documents and information used therein or distributed to investors

in the context of this presentation may not be used in the future in connection with any offer in

relation to securities issued by REN without REN’s prior consent.

DISCLAIMER

15

Visit our web site at www.ren.pt

or contact us:

Ana Fernandes – Head of IR

Alexandra Martins

Telma Mendes

Av. EUA, 55

1749-061 Lisboa

Phone number: +351 210 013 546

ir@ren.pt