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Dividend Policy

The distribution of dividends must be proposed by EDPR ’s Board of Directors and authorized by a resolution approved in the Company’s Shareholders Meeting. In keeping with the legal provisions in force, namely the Spanish Companies Law, the EDPR Articles of Association require that profits for a business year consider:

• The amount required to serve legal reserves
• The amount agreed by the same General Meeting to allocate to dividends of the outstanding shares
• The amount agreed by the General Meeting to constitute or increase reserve funds or free reserves
• The remaining amount shall be booked as surplus.

The expected dividend policy of EDPR, as announced in the EDPR Investor Day of May 22, 2012, is to propose dividends’ distribution each year, from 2013-15, representing 25% to 35% of EDPR’s distributable profit.

Accordingly, for 2013, EDPR’s General Shareholders Meeting approved a dividend of EUR 34,892,326.48, or €0.04 per share, which corresponds to a pay-out ratio of 28% on the consolidated results of EDPR net profit of 2012.

In 2014, EDPR’s General Shareholders Meeting, held on April 8th, approved a dividend of EUR 34,892,326.48, or €0.04 per share, which corresponds to a pay-out ratio of 26% on the consolidated results of EDPR net profit of 2013.

In 2015, EDPR’s General Shareholders Meeting, held on April 9th, approved a dividend of EUR 34,892,326.48, or €0.04 per share, which corresponds to a pay-out ratio of 28% on the consolidated results of EDPR net profit of 2014.

In 2016, EDPR’s General Shareholders Meeting, held on April 14th, approved a dividend of EUR 43,615,408.10, or €0.05 per share, which corresponds to a pay-out ratio of 26% on the consolidated results of EDPR net profit of 2015.