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1

INVESTOR PRESENTATIONApril 2020

2

REN’s Equity Story

Industry-leading energy

infrastructure operator in

Portugal with best-in-class

efficiency and service quality

Solid domestic business

benefiting from a stable regulatory framework and

strengthened through inorganic growth

Attractive shareholder

returnunderpinned by stable

dividend policy

Disciplined financial policy aiming at optimizing

cost of debt and protecting net income

Strategic priorities

focused on delivering energy in Portugal, enabling the energy

transition and investing in attractive

opportunities

3

70-year track record as a leading energy infrastructure operator in Portugal

1947 1994

2000 2006 2007

2012

2017

2014

Foundation of CNE (National Electricity Company)

Foundation of REN – Rede Eléctrica Nacional, S.A. (EDP’s business unit spin-off)

Portuguese State acquired a 70% stake

Acquisition of natural gas transmission assets to Galp

New electricity concession until 2057

2nd reprivatization phase (State Grid of China 25%;

Oman Oil 15%)

2nd reprivatization phase concluded (sale of Portuguese State’s 11% stake)

Acquisition of 42.5% of Electrogas in Chile

2018

Sale of REN Portgás GPL

2019

Acquisition of Transemel, an

electricity transmission

company located in ChileElectricity 50-year

concession granted

Natural gas 40-year concession granted

1st reprivatization phase(IPO)

€250M capital increase

Acquisition of a NG distribution company in

Portugal

4

The sole electricity and natural gas TSO1 and the holder of the second-largest natural gas distribution concession

Electricity Natural Gas

Sole TSO (concession until 2057)

Transmission of high voltage electricity and overall technical management of the system

Sole TSO (concession until 2046)

Transportation of high-pressure natural gas and overall technical management of the system

Reception, storage and regasification of LNG and underground storage of natural gas

In 2017, REN acquired the second-largest gas distribution network

Generation Transmission Distribution Supply ImportTransmission, Storage and

LNG TerminalDistribution Supply

RAB (€M, 2019)

Network (Km, 2019)

2.2922.292

9.0569.056

RAB (€M, 2019)

Network (Km, 2019)

989989

1.3751.375

(1 of 11 concessions)

473473

5.7055.705

Regulated Activities Regulated Activities

1. TSO - Transmission System Operator

5

Amongst the most efficient TSOs with superior service quality

SCAN: Scandinavia; EUR: Europe; ASP: Asia and South Pacific; NSA: North and South America1. ITOMS 2017 - International Transmission Operations & Maintenance Study2. Gas Transmission Benchmarking Initiative 2019; total company spending 3. LNG Receiving Terminals Benchmarking 2019; total terminal costs

ASP EUR SCAN NSA

NSAASP SCAN EUR LNG Terminal 3

LNG Terminal 4

LNG Terminal 1

LNG Terminal 5

LNG Terminal 2

TSO 7TSO 1 TSO 2 TSO 3 TSO 6TSO 4 TSO 5 TSO 8 TSO 9 TSO 10

Electricity Natural Gas

Pipeline costs2

Opex/complexity factor

LNG terminal costs3

LNG terminal total costs/complexity factor

Line costs1

Adjusted cost per equivalent circuit km

Line service level1Service level per 1,000 circuit km

Best-in-class efficiency and service quality in electricity overhead

lines operation

Superior efficiency in operating pipelines and REN’s LNG Terminal

6

Stable shareholder base and best-in-class corporate governance

* Updated information based on the communication received by the Company, with reference to 31st December 2018; ** Updated information based on the communication received by the Company, with reference to January 2020; *** Updated information based on the communication received by the Company, with reference to March 2020.

Shareholder structure

7.0%*

2.7%**

25.0%

5.0%0.6%

Other investors

42.4%

5.3%***

12.0%

Board composition

3Executive

Committee

3Audit

Committee(Independent)

2Independent

5Other

13 BOARD MEMBERS

Special committees and supervisory bodies

RemunerationCorporategovernance

Nomination and Appraisal

AuditCommittee

Statutory Auditor

12.0%

7

REN’s Sustainability Strategy in line with UN Sustainable Development Goals

“Heroes of all species” | Educational program on biodiversity for 3rd and 4th grade students

Reforestation program | Reforestation of right of way passages with native species

REN’s Chair in Biodiversity | Together with the Science and Technology Foundation and the University of Porto

Gender Equality | In 2019, REN had 27% of women in 1st and 2nd line management positions

Training|In 2019, REN gave to its employees a total of 29,858 hours of training which comprises around 43.46 hours per employee

REN Award | Award to the best Master and Doctoral theses in energy in Portugal

AGIR Award | Support projects which solve social problems

MEDEA Project | National high school contest in the area of electromagnetic fields

SHARE Program | REN corporate volunteer program

United Nations Global Compact | Founding member. REN adopted the 10 principles related to human rights, labour practices, environmental protection and anti-corruption

CEO Guide to Human Rights BCSD Portugal | Agreement in defense of human rights and improving people’s living conditions

REN’s Sustainability Strategy

More than 1m indigenous trees planted

since 2010

24% ofemployees

engaged in corporate

volunteering

27% of women in management

positions

Promote internal wellbeing

Promote environmental protection

Contribute to the community

Governance and ethics

CSR management system certified

8

Good performance in international ESG scores

8

MSCI ESG Rating ISS ESG Rating CDP Score

MSCI ESG Rating measures the company's resilience to long-term ESG risks, using an industry-relative AAA-CCC scale

On Corporate Governance, REN falls into the highest scoring range relative to global peers

On Biodiversity & Land Use, REN demonstrated strong efforts to mitigate adverse environmental impact of operations relative to peers

The assessment of a company’s sustainability performance is based on specific criteria for each industry using a scale rating from D- to A+

Amongst the 46 industry companies analyzed, the industry-leader has a score of B+ while REN’s B score is immediately below

The Carbon Disclosure Project scores the companies according to its environmental impact, using a scale rating from D- to A

REN’s C score is in the Awareness band. This is the same score as the Europe regional average, and the same as the Energy utility networks sector average

A B CRating: Rating: Rating:

Achievements

REN’s Annual Digital Report

Online REN´s Annual Report

REN’s AnnualDigital Report

REN Energy App

REN Energy App

REN´s Sustainability Report

REN’s Annual Digital Report

REN´s Project Heroes of All Species

9










return underpinned by stable

dividend policy






opportunities

10

Stable regulatory framework

3/4-year regulatory period for electricity/natural gas, during which the relevant parameters remain stable

Stability is a guiding principle of the regulation

No consumercredit risk

Tariff revenues are not dependent on State payments

Transmission/transportation operators do not have consumer credit risk

Allowedrevenues

Allowed revenues assure cost of capital remuneration andrecovery of costs through revenue cap (allows REN to obtain efficiency gains by being below the revenue cap set by the regulator)

Earned via tariffs charged to final consumers by suppliers

Fully regulated domestic business

Key regulatory stakeholders

Ministry of Environment and Energy Transition

Setting the energy policies and their implementation

ERSEEnergy independent regulator,

responsible for setting tariffs

DGEGDesign policies on energy and

geological resources

Regulatory framework

11

Transparent and stable return mechanism

2015 2016 2017 2018 2019

RoR indexation mechanism

Base RoR indexed to the average Portuguese government 10-Y bond yields

RoR starting point set at the beginning of the regulatory period and adjusted annually

ERSE’s new gas regulatory framework: main changes vs last period

The new regulatory period was extended to 4 years from 3 years

The WACC difference between the NGT and NGDdecreased to 20bp from 30bp

Rate

of R

etur

n (%

)

RoR indexation mechanism

0.25 11.004

9.0

8.8

4.7

4.5

Avg. 10-Y PT Gov. bond yields (%)

0.197 12.697

9.5

4.5

1.5

5.0

Natural gas (distribution)Natural gas (transmission)Electricity (transmission)

Base RoR evolution

Electricity Transmission

Natural Gas Transmission

Natural Gas Distribution

5.99%

7.35%

6.13%

6.77%

6.33%

6.02%

6.32%

5.17%

5.52%

5.82%

4.88%

5.40%

5.70%

12

Remuneration regime based on allowed revenuesTo

tal A

llow

ed R

even

ues

Activity remuneration

=

Regulated EBIT Margin

+

Operational expenses

Return on Capital

(Return on RAB: “RoR”)

Interest on tariff deviations

from yearN-21

Other items

Recovered depreciation

Recovered net OPEX

Remuneration on the recovery of the tariff deviations resulting from differences between the estimated and actual demand:

Tariff DeviationN-2 x [ (1 + Euribor12MN-2 + SpreadN-2) x (1 + Euribor12MN-1 + SpreadN-1) – 1 ]

Depreciation of Regulated Asset Base, net of subsidies

Rent on protection zone land

REI incentive2 €25 million in 2019

OPEX subject to efficiency: OPEXN-1 x (1+ GDPI - X) + OPEX induced by grid expansion + Accepted costs + Pass-through costs

Electricity Efficiency Factor: 1.5% Gas Efficiency Factors: Transportation and Storage: 3.0%; Distribution: 2.5%; LNG: 2.0%

Between -1.5% / 1.5% x RAB

Base RoR

X

RAB

Electricity (2018-2020) Natural Gas (2020-2023)

Tran

smis

sion

and

D

istr

ibut

ion

asse

ts

RoR x RAB

(No CAPEX efficiency mechanism given the lack of comparable projects)Tr

ansm

issi

on

asse

ts

Hydro land

CAPEX Efficiency Mechanism:Premium (75 bps)

if REN is able to achieve CAPEX costs below a reference level determined by the regulator

(assets post-2009)

1. For Gas, the regulator may decide to set a provisional tariff deviation of n-1 depending on tariffs level;2. REI: Investment Economical Rationalization.

12

13

Domestic business expanded to natural gas distribution activity in 2017

Second-largest gas distribution concession in Portugal

Provides services in the coastal region of Northern Portugal

Operates under a 40-year concession contract (ending in January 2048)

5,705 km Network

(2019)

377,769Connection points

(2019)

7,345 GWh Distributed gas

(2019)

Transmission network

Distribution network

Natural gas area of influence

Portgás

13

Capex(€M)

Average RAB(€M)

EBITDA(€M)

2225 27

455 464 473

42

43

464

2017 2018 2019

47

Operational performance

Sale of LPG business

14

International expansion started in 2017 through the acquisition of a 42.5% stake in Electrogas, a Chilean gas pipeline operator

Electrogas operates a 165.6 km natural gas and a 20.5 km diesel oil pipeline

The only gas pipeline connecting Quintero’s regasification terminal to Chile’s largest population centre (Santiago)

Established long-term take-or-pay gas transportation contracts

Key customers comprise blue-chip electricity generators, industrial companies and major local gas distribution players

42,5%

42,5%

15,0%(state-owned)

Acquisition price ($M; Feb 2017)

180

Dividends received (€M; 2019)

7.2

EBITDA(€M; 2019)

7.1

14

Electrogas

Impact on REN

Shareholder structure

15

Recent reinforcement of REN’s presence in Chile through the acquisition of 100% of Transemel

In October of 2019, REN acquired the entire share capital of Transemel, for US$168.6M. The transaction was supported by debt

Strategically located mainly in northern Chile, where energy demand is expected to grow above the country’s average

Steady and predictable cash flow generation profile, with almost 93% of its revenues coming from regulated activities

Transemel

Antofagasta

Bío-Bío

AricaIquique Calama 14

Electricity transmission lines (92 km)

5Substations(985 MVAs)

Transemel acquisition is in line with REN’s strategy

Invest up to €400M until 2021 in additional inorganic growth opportunities

Transemel’s acquisition allows REN to follow disciplined growth strategy

Underlying valuation in line with comparable transaction market multiples for Chilean transmission assets

Positive impact in REN’s consolidated results from 2020 onwards

15

16

Solid financial performance and positive evolution of the asset base

Operational performance Asset base evolution

Consistent operational performance driven by the

positive effect of new businesses

New businesses allow for an overall asset base increase, despite mature

domestic transmission business

RAB and other investment assets (€B)

EBITDA(€M)

3,6 3,5 3,4 3,3 3,3

0,5 0,5 0,50,2

2015

0.2

2016

0.0

2019

0.00.20.3

2017

0.3

2018

0.33.74.1

3.74.2 4.3

CAGR+3%

Other investments and financial assets

Transemel

Transmission RAB

Distribution RAB

4746

2015

2

2016

7487490

9

472

20171

6

439

2018

7

431

20192

476492 486

1. As reported. Includes 3 months of Portgás consolidation2. As reported. Includes 3 months of Transemel consolidation

Transmission businesses

PortgásTransemel

Electrogas

17











dividend policy






opportunities

18

Debt management priorities focused on cost of debt optimization and net income protection

Protect net income

Optimize cost of debt

Allows for flexibility to grow while ensuring performance

Strong liquidity buffer

At least 2 years of funding needs fully covered on a continuous basis

Avoid funding under stressed market conditions

Cash vs Undrawn Credit Facilities

Smooth debt maturity profile

Flexible funding structure

ST Funding vs LT Funding

Adequate mix of funding sources

Banks vs Bond Market

Fixed Rate vs Floating Rate

19

Baa3Stable outlook(July 2019)

BBBStable outlook

(November 2019)

BBBStable outlook(August 2019)

REN’s credit rating

The three major rating agencies have been reaffirming

REN’s rating as investment grade after the announcement

of Transemel acquisition

Stable credit profile with investment grade credit metrics

Gross debt maturity profile Dec 2019 (€M)

2 846

964

739

199107 617

219

2022 2024Total gross debt2

2023202120203 >2024

3.59 years (Dec 2019)

3.59 years (Dec 2019)

Maturity

REN’s goal is to maintain its liquidity over two years4

Gross debt funding sources1

Dec 2019

16%

8%

60%

15%

Commercial paper Bonds

Banks EIB3

19

REN’s credit profile

Liquidity 2.5 years (Dec 2019)2.5 years (Dec 2019)

1. Fixed/variable rate debt: 58%/42%; 2. Adjusted by interest accruals and hedging on yen denominated debt; 3. The €739M maturing in 2020 are fully covered by REN´s undrawn credit facilities. Of these €739M, €268M respect to a long term bond maturing in October 2020 and this is already covered by a forward starting long term credit facility signed in April 2019. The remaining amount respects mostly to short term opportunistic funding that is fully covered by undrawn medium to long term credit facilities amounting to €725M. As of 31 December 2019 REN´s funding needs are fully covered for a period of 2.5 years.4. European Investment Bank; 5. Cash and bank deposits and undrawn committed credit facilities that are available to cover all funding needs for at least the following two years

20

Cost of debt decrease ahead of European peers

2017 20182014 2015 2016 2019

3.2

2.1

4.7

4.1

2.5

2.2

Cost of debt: REN vs European TSOs(%) As reported

TSO 1 TSO 2 TSO 3 REN

111

91

73

69

65

2015

2016

2019

2017

2018

-46(-42%)

REN’s financial costs(€M)

Debt costs optimization

Outstanding cost of debt

recovery post-financial crisis

21

Rapidly adjust the cost of debt to an improving market environment

Locking in costs at very low rates

Close alignment of debt maturities with the

regulatory cycles

Benefiting from the spread to RoR floor or from a potential

future RoR increase

Net income protection by aligning debt management with regulated revenues profile

4,04,7

5,7 5,54,7

4,1

3,22,5 2,2 2,1

7,4 7,6

9,6

8,1 7,8

6,0 6,1 6,3

5,2 4,9

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Electricity base RoRAvg. cost of debt

110110 124124 121121121121 138138 142142 126126 152152 141141

Net Profit1 (€M)

1. Excluding extraordinary levy

143143

Spread RoR/Avg cost of debt(%)

Net income protection

22











dividend policy






opportunities

23

Strategic guidelines for 2018-21

Operational excellence and core business consolidation

Disciplined growth

Solid financials

ENABLERSDigital path Evolution of skills and culture

24

2015-17yearly average

~190

2018-21per year

120-145

Gas transmission

~10

Gas distribution

~20-25

Electricity

~90-110

~40

~50-70

Replacement

Expansion

Domestic organic CAPEX (€M)

Falagueira-Estremoz-Divor-Pegões axis

(line and substation)

Vieira do Minho-R. Pena-Feira axis (line and

substation)

Fundão-Falagueira axis (line and substation)

Ponte de Lima-Famalicão (line)

Natural gas underground storage

(compression upgrade)

Core business remains on the top of REN’s priorities

REN’s transmission investments approved by the Government up to 2021 allow REN to fulfil its business plan

Already approved by the Government

Operational excellence and core business

consolidationDisciplined growth Solid financials

25

Ambitious European and national targets for 2030 to drive REN’s domestic growth

Portugal2

1. Clean Energy Package; 2. National Energy and Climate Plans

Europe1

25

40%reduction in

greenhouse gases emissions

45% to 55%reduction in

greenhouse gases emissions

7.8 to 9.3increase in solar installed

capacity (GW)

8.8 to 9.2increase in wind installed

capacity (GW)

15% of interconnection

capacity

15% of interconnection

capacity

32% of energy from

renewables

47% of energy from

renewables

32.5% improvement in energy efficiency

35% improvement in energy efficiency



26

4 consecutive days 100% renewable

2016

2018

Two 70-hour periods 100% renewable

Production in March exceeded consumption of mainland Portugal

Proven experience on integrating renewables

26

Share of renewables in energy consumption2018*

30.3%

Europe

18.0%

PortugalSpain

17.4%

Source: Eurostat

*2019 data is yet to be released

2019

Renewable generation supplied 51% of national electricity consumption

Portugal’s auction of solar energy broke a world record, with one of the licenses on offer selling for €14.76/MWh



27

REN as a pillar of the energy transition

Energy transition

Overall electrification of the economy

Increased renewables in theenergy mix

Decentralization driven by prosumers and small-solar PV

facilities

Increased involvement ofconsumers

European market integration through new interconnections

New wave of digitalization

Maintain the security of supply in a context of more intermittent renewables

Operational efficiency ensuring a low impact of transmission activities for consumers

Support to Government’s energy policy implementation, both in electricity and green gases projects

Development of broader solutions for System Management (eg: involvement of industrial consumers)

Development of infrastructure to integrate additional renewable capacity

27



28

Inorganic investments (€M)

1Q 2017: 42.5% stake in Electrogas

2015: underground gas storage

4Q 2017: 100% of EDP Gás (Portgás)

Clear focus on Portugal and Regulated Assets while also

considering further incremental opportunities/

investments in LatAm

2015-17

169

530

769

702018-21

Up to 400

Investment in growth opportunities fitting REN’s DNA and consolidation of recent acquisitions

Transemel consolidation

In October 2019, REN acquired the entire share capital of Transemel for US$168.6M

Followed by a minority participation of 42.5% in the Chilean Electrogas, Transemel is the first international business fully owned by REN

REN agreed a transition period of 24 months, during which the company is going to consolidate its operation in Chile and integrate Transemel’s systems and processes into REN’s Group

28

Regulated assets/long-term contracts

Leveraging REN’s know-how

Pace set to maintain credit rating

Attractive risk-return profile



29

Business Plan targets delivered in 2018 and 2019

In 2018 and 2019, REN achieved strong results delivering on all Business Plan targets

EBITDA(€M)

Net Profit(€M)

Capex(€M)

Net Debt(€M)

FFO/Net Debt

475-500

110-115

2.7-2.9

11-12%

120-145

13%

492

116

122

2.7

29

13%

486

119

189

2.8

2018-21BP 2018 2019



30











dividend policy






opportunities

31

Delivering compelling returns to shareholders

89%

-51%

4%

Source: REN, Bloomberg1. Total Shareholder Return = (Stock price end of period - Stock price beginning of period + Dividends) / Stock price beginning of period

Cumulative Total Shareholder Return1 since REN’s IPO, indexed from 100Overall 12y

Performance

EurostoxxUtilities

PSI20

REN dividends paid(€/per share)

0.1630.163 0.1640.164 0.1670.167 0.1680.168 0.1690.169 0.1700.170 0.1710.171 0.1710.171 0.1710.171 0.1710.171 0.1710.1710.1710.171 0.1710.171

Mar2020

32

REN has been delivering a stable and attractive remuneration to its shareholders and plans to maintain its dividend policy

Stable and attractive dividend per share

Dividend yield (Mar 2020; %)

Dividend per share(€)

0.171 0.171 0.171 0.171 0.171

2018 2019 2020E 2021EAvg.2015-17

Source: Factset, Bloomberg, Company information

7,4

4,35,7

6,4

8,8

1,9

4,9

TS0 1 TS0 2 TS0 3 EuroStoxx

Utilities

TS0 5TS0 4

32

33

REN benefits from a stable regulatory framework which contributes to a solid domestic business

REN was able to initiate a move to inorganic growth anticipating the impact from a maturing grid while tightly managing funding costs

In 2018-21, REN will keep its focus on delivering energy in Portugal with additional value coming from Chile(Electrogas + Transemel)

REN is committed to a stable and attractive dividend policy

During 2018, S&P upgraded REN’s rating to ‘BBB/A-2’ from ‘BBB/A-3’. Following the recent announcement of Transemel acquisition, all three major rating agencies have reaffirmed REN’s investment grade rating. REN will continue its commitment to keep credit metrics consistent with investment grade rating

REN’s transmission investments in Portugal taking place until 2021 were already approved by the Government

In 2018 and 2019 REN delivered on all 2018-21 business plan targets

Closing Remarks

34

486.2 492.3 -6.0 -1.2%

-52.5 -57.8 5.2 -9.1%

118.9 115.7 3.2 2.8%

144.8 137.2 7.6 5.5%

188.6 121.9 66.6 54.7%

190.6 88.5 102.2 115.5%

3,753.3 3,832.0 -78.6 -2.1%

2,826.0 2,653.1 172.9 6.5%

2.08% 2.24% -0.17 pp

EBITDAEBITDA

2019 2018 2019 / 2018

Net DebtNet Debt

Average cost of debtAverage cost of debt

Net ProfitNet Profit

CAPEX 1CAPEX 1

Transfers to RAB 2Transfers to RAB 2

Average RABAverage RAB

Recurrent Net ProfitRecurrent Net Profit

Financial ResultsFinancial Results

1. Capex includes direct acquisitions; 2. Transfers to RAB (at historic costs) includes direct acquisitions RAB related; Note: Values in millions of euros unless otherwise stated

2019 Results

35

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

Telephone: +351 210 013 546

[email protected]

REN’s IR & Media app:

Thank you

Documents

IR presentation updated 03apr2020...ñ u } v P Z u } ( ( ] ] v d^K Á ] Z µ ] } À ] µ o ] Ç ^ E W ^ v ] v À ] V hZ W µ } V ^W W ] v ^ } µ Z W ] ( ] V E^ W E } Z v ^ } µ Z u