NOT FOR DISTRIBUTION IN OR into THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN

EDP Renováveis, S.A. ("EDP Renováveis"), a subsidiary of EDP, has announce today that it set the final subscription price for the Combined Offer of its shares launched on May 15 (which namely includes a Public Subscription Offer in Portugal and a sale to institutional investors in Portugal and abroad) at € 8.00 (eight euros) per share. The total gross amount of the Combined Offer is of 1,568 million euros (excluding greenshoe).

The demand in the Public Subscription Offer was of 87.9 times the total amount of 45,085,590 shares which were comprised in such offer. The institutional offer had a demand of 6.1 times the total amount of 180,342,362 shares which were comprised therein, considering a price of € 8.00 (eight euros) per share (including greenshoe).

Listing of the shares comprised in the Public Subscription Offer at Eurolist by Euronext Lisbon is expected to begin on June 4 2008, with the trading code "EDPR".


EDP - Energias de Portugal, S.A.


These materials are not an offer for sale of securities in the United States. Securities may not be sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended. EDP Renováveis S.A. has not registered, and does not intend to register any part of the offering in the United States or to conduct a public offering of securities in the United States.

This document is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the ?Order?) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons in (i), (ii) and (iii) above together being referred to as ?relevant persons?). The securities offered are only available to, and any invitation, offer or agreement to subscribe, purchase or
otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

Stabilization/Portuguese Law, Regulation (EC) 2273/2003, and FSA.

This document is an advertisement for the purposes of applicable measures implementing Directive 2003/71/EC (such Directive, together with any applicable implementing measures in the relevant home Member State under such Directive, the ?Prospectus Directive?). A prospectus prepared pursuant to the Prospectus Directive has been approved by the Portuguese Securities Market Commission (?CMVM?), and can be obtained from the website of EDP Renováveis at www.edprenovaveis.com or the website of the CMVM at www.cmvm.pt. Investors should not purchase or subscribe for any security referred to in this document except on the basis of information in the prospectus.

Este documento é considerado publicidade para os efeitos da legislação Portuguesa que implementou a Directiva 2003/71/EC (a Directiva, conjuntamente com a legislação Portuguesa que a implementou, adiante abreviadamente designada por ?Directiva dos Prospectos?). Um prospecto, elaborado de acordo com a Directiva dos Prospectos, foi aprovado pela Comissão do Mercado de Valores Mobiliários (adiante abreviadamente designada por ?CMVM?), podendo o mesmo ser consultado em www.edprenovaveis.com e www.cmvm.pt. Os investidores não devem adquirir ou subscrever quaisquer valores mobiliários referidos neste documento senão com base na informação contida no prospecto.

In any EEA Member State that has implemented the Prospectus Directive this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive.