2012ENERGY

ANGolABRAzIlCApE VERdEspAINGAmBIAGuINEA-BIssAuEquAtoRIAl GuINEAmoRoCComozAmBIquENAmIBIApoRtuGAlswAzIlANdtImoRuRuGuAYVENEzuElA

1E n e r g y

Exploration & ProductionRefining & DistributionGas & Power

AMORIM ENERGIA IS A REFERENCE SHAREHOLDER AND ANCHOR IN STEERING THE COURSE OF GALP.

Amorim Energia strengthened its shareholder position in Galp Energia in 2012, increasing its stake to 38.34% and taking on the chair of the Board of Directors, in the person of Américo Amorim.Galp Energia is increasingly taking on the role of major player in the sector, operating on a worldwide scale.

EnErgy

E&P6%

R&M64% E&P

60%

G&P30%

R&M25%

G&P15%

2006 2012

2 E n e r g y

COMPANy vALUE* (EUR bILLION)

EUR 7 billion EUR 14 billion+200%

The value of Galp Energia has doubled in six years, thanks to the enlightened and persistent application of its overall development strategy. This was recognized and appreciated by the market, which provided it with the greatest stock market appreciation of the last decade among the main global companies of the sector.

Galp Energia is the largest company operating in Portugal and the largest Portuguese exporter. The sale in the stock market of the 1% of share capital held by the State through the CGD bank, ensured the company became 100% privately owned.Galp Energia has changed its profile as a result of implementing a bold strategy. It has developed from a small refining and distribution company in Portugal to a large global operator with access to its own raw materials and developing operational activities throughout the product chain.

galp EnErgia, an important intErnational playEr

> A long-term strAtegic vision

> A bold investment plAn

> Activities on A worldwide scAle

> strAtegic pArtnerships for the future in vArious world mArkets

> the only iberiAn multi-energy plAyer

> one of the best stock mArket AppreciAtions of the lAst decAde

* Based on mean coverage analyses at the end of the year.

3E n e r g y

MAjOR GALP ENERGIA DEvELOPMENT PILLARS FOR THE FUTURE

Galp Energia was considered one of the 100 most sustainable corporations in the world by the Global 100 Most Sustainable Corporations in the World. The criteria that ensured this position are: productivity in resources use (energy, carbon, water, waste generation); preservation of social values; diversity of management positions; percentage of taxes paid; financial goals; innovation capacity; level of remuneration of board of directors, among others. The good sustainability practices implemented by Galp Energia also explain its inclusion on the Dow Jones Sustainability Index, one of the largest global benchmarks for sustainable practices.

GALP ENERGIA AMONG THE 100 MOST SUSTAINAbLE CORPORATIONS IN THE wORLD

Exploring new geological frontiers in the pre-salt

reservoirs

Beginning a new era in the refining

business

Applying cutting edge development techniques

Embracing the new concepts of green

energy

4 E n e r g y

Service stations

on the Iberian Peninsula:

1.486RCA* net income:EUR 360 million

Natural gas customersin Portugal and Spain:1.3 million

Total investment

in 2012:EUR 940

million

Crude processed at

refineries: 82 million

barrels

CAPEX 2012(EUR 940 million)

Exploration & Production (E&P)Refining & Distribution (R&M)Gas & Power (G&P)

EbITDA (EUR 1.016 billion)

Exploration & Production (E&P) Refining & Distribution (R&M) Gas & Power (G&P)

* RCA= Replacement cost adjusted** WI= working interest

> Leadership of the Portuguese oil products distribution market> Attaining 2nd position in the Spanish natural gas distribution market > Expansion of E&P activities to Morocco and Namibia > Completion of the reconversion process of its refining apparatus> Start of production of diesel in Portugal

galp EnErgia's pErformancE in 2012

Daily WI** Crude

Production:24.4 kbbl/day

Electricity sales

to the grid:1,298 GWhProduction

Net Entitlement:18.1 mboepd

Total sales:

EUR 18.507 billion

Workforce:7.241

Sales of natural gas:

6.253 billion m3

6 E n e r g y

Equatorial Guinea> Oil exploration and

production

brazil> Oil exploration and production> Natural gas projects> Biofuel projects

venezuela > Oil exploration and production> Natural gas projects

Angola> Oil exploration and

production> Natural gas projects > Service stations

Nigeria and Algeria> Acquisition of natural gas

USA> Export of refined

products

Uruguay> Oil exploration and production> Export of lubricants

Namibia> Oil exploration and

production

Morocco> Oil exploration and production

Iberian Peninsula> Refining operations> Refined products distribution> Natural gas distribution > Oil exploration and production

projects> Wind farms

galp EnErgia, worldwidE opErations

7E n e r g y

Europe > Export of refined products

East Timor > Oil exploration and production

Mozambique > Oil exploration and production> Biofuels project > Service stations

African countries (Cape Verde, Guinea-Bissau, Gambia; Swaziland)> Service stations

EXPLORATION AND PRODUCTION

DISTRIBUTION REFINERIES GAS AND POWER

West Africa; North Africa; Middle East; South America;

former USSR:Import of crude

8 E n e r g y

9E n e r g y

Exploration and production

Galp Energia’s Exploration and Production structure is well-defined and focused per region and activity, in partnership with the world's most experienced companies and supported on a high level of qualification of its human and technical resources. E&P activities, which have a special focus on Angola, Brazil and Mozambique, have growing weight in the company. The estimated production goal for 2020 is 300 thousand barrels/day.

Kuito bbLT Tômbua-LândanaLula

MAIN PROJECTS UNDERWAy

Mamba

1 0 E n e r g y

vENEZUELA(2 projects)> Oil exploration in the

Orinoco oil belt> Natural gas liquefaction

projects

URUGUAy(2 projects)> Oil exploration in the Punta del

Este Basin> 2 offshore blocks

bRAZIL(20 projects)> Oil exploration

in offshore and onshore zones

> Natural gas exploration

> Biofuels

E&p portfolio The Exploration and Production activities of Galp Energia are undertaken in various countries of the world, with special emphasis on projects in Brazil, Angola and Mozambique, and the new operations initiated in 2012 in Morocco and Namibia.

3C

CONTINGENT RESOURCESSFlb> (Million boe)

RESERvESSFlb> (Million boe)

PRODUCTION ObjECTIvE> (Kboepd)

300+

2015 (E) 2020 target2012

2470+

172

20101C

2011 2012 2010

2,356

2011

2,672

2012

3,245

2C2010

754

2012

1,583

2011

202 206

870

128 145 154397

640399 574 709 783

3P2010

1P2011 2012

2P2010 20122011 2010 2011 2012

1 1E n e r g y

EqUATORIAL GUINEA (1 project)> Natural Gas

Liquefaction

MOZAMbIqUE (1 project)> Oil exploration > Biofuels

ANGOLA (5 projects)> Oil exploration and production> Natural gas exploration

TIMOR(2 projects)> Oil exploration

PORTUGAL(8 projects)> Oil exploration > Peniche Basin> The Alentejo Basin> Aljubarrota-3 Concession

MOROCCO(8 projects)> Oil exploration

NAMIbIA(7 projects)> Oil exploration

A portfolio with high exploration potential, which underpins the expected sustained growth of E&P operations.

STAKE IN EXPLORATION AND PRODUCTION BLOCKS

Seismic studies

Drilling exploration

Drilling assessment

Develop-ment Production

Angola

Brazil

Timor

Mozambique

Portugal

Uruguay

Morocco

Namibia

galp EnErgia in

Brazil

> Onshore exploration> Offshore exploration> Pre-salt layer

Brazil, especially the pre-salt region, is an area of special focus reflecting Galp Energia’s development strategy in the Exploration and Production field. Its activities are spread over 20 projects, some in the onshore regions and the main ones in the offshore regions of the pre-salt zone.

1 4 E n e r g y

Galp Energia is present in onshore projects in three basins. It is the operator of the two blocks it holds in the Sergipe/Alagoas Basin and in nine of the fourteen blocks in which it holds a stake in the Pontiguar Basin. These stakes in onshore projects, while not having the dimension or the potential of the offshore projects, are nevertheless excellent opportunities for acquiring experience as an operator and contributing to increasing production levels in Brazil.

onshorE Exploration in Brazil

3

2

1POT-T-225

POT-T-241

POT-T-240

POT-T-256POT-T-239POT-T-255

POT-T-556

POT-T-601POT-T-602

POT-T-606

POT-T-697POT-T-651

POT-T-696

POT-T-605

POT-T-650

POT-T-355POT-T-395

POT-T-354POT-T-394

POT-T-440POT-T-484 POT-T-447

POT-T-436POT-T-480

POT-T-479

POT-T-435

POT-T-478

POT-T-521

1

SEAL-T-412

SEAL-T-429

SEAL-T-456

SEAL-T-419

2 3

AM-T-84 AM-T-85

AM-T-62

1 5E n e r g y

Brazil

SERGIPE ALAGOAS bASIN, GALP ENERGIA'S LARGEST DISCOvERy IN ONSHORE PROjECTS

> Stake in 4 blocks> Galp Energia's largest discovery in onshore projects> Brahma structure, discovered in 2010> More than 10 million boe of light oil

AMAZON bASIN, A NEw FRONTIER REGION wITH HIGH POTENTIAL

> Stakes in 3 blocks > 2D and 3D seismic surveys (to be concluded in

2012)> Natural gas potential (based on discoveries close

to the Galp blocks)> 6 wells to be drilled by 2014

PONTIGUAR BASIN

Galp stake: 50%

PONTIGUAR bASIN, THE FIRST ONSHORE OIL PRODUCTION PROjECT OPERATED by GALP ENERGIA

> 4 appraisal wells confirmed the discovery of light oil, gas and condensates> the Andorinha field is the first oil producing field operated by Galp Energia> producing over 500 barrels of oil per day

Galp stake: 50% Galp stake: 40%

SERGIPE-ALAGOAS BASIN AMAZON

1 6 E n e r g y

offshorE Exploration

SANTOS bASINThe most important of the stakes are those concentrated in the pre-salt layer of the Santos Basin. Galp Energia is present in this region with stakes of between 14% and 20% in four ultra-deep water blocks (BM-S-8; BM-S-11; BM-S-21 and BM-S-24) with areas varying between 2,075 and 5,229 Km2, in water bodies between 1,600 and 2,500 metres deep.

PONTIGUAR bASINGalp has a 20% stake in 2 consortia in this basin (BM-POT-16 and BM-POT-17), the most prolific of the equatorial margin, exploring 5 deep water blocks covering an area of 3,736 km2.

ESPíRITO SANTO bASINGalp Energia has a 20% share in one block in this region, which will continue with its exploratory appraisal until the end of 2012. This basin has pre-salt geological potential.

PERNAMbUCO bASINGalp Energia holds a 20% stake in 3 deepwater blocks in this Basin, covering an area of 1,713 Km2. The blocks have geochemical anomalies which are indicators of the presence of an active oil system.

CAMPOS bASINGalp has a 15% stake in a field of 84 km2 in this basin. A well is to be drilled in 2012 to test the main target already identified.

The exploration and production activities in Brazil were primarily responsible for the 20% increase of working interest production, particularly in the Lula field and the production testing in the Iracema Sul area. Production in Brazil reached10.2 mboepd, 16% of which refers to natural gas. The 54% increase of net entitlement production compared to the same period of 2011 is mainly due to the increased production in Brazil, which has tripled to 10.2 mboepd.

PRODUCTION INCREASE IN bRAZIL

4

5

1

3

2

1

POT-M-853

POT-M-855POT-M-760

POT-M-665POT-M-663

2

S-M-1163

S-M-1162

5

PEPB-M-783

PEPB-M-839

PEPB-M-837

2

BM-S-11

BM-S-24

BM-S-8BM-S-21

3

C-M-593

4ES-T-174ES-T-188ES-T-202ES-T-215ES-T-227

ES-M-592

1 7E n e r g y

gAlp energiA’s operAtions in brAzil Are centred on offshore explorAtion.

Brazil

Galp stake: 50%

Galp stake: 10%

SANTOS BASIN

> BM-S-8 (Galp stake: 14%)> BM-S-11 (Galp stake: 10%)> BM-S-21 (Galp stake: 20%)> BM-S-24 (Galp stake: 20%)

ESPíRITO SANTO BASIN

Galp stake: 20%

PERNAMBUCO-PARAíBA BASIN

CM-593 Galp stake: 15%

CAMPOS BASIN

Galp stake: 50%

SANTOS BASIN

PONTIGUAR BASIN

RS

SP

1 8 E n e r g y

FlorianópolisReservoir

rock of oil and natural gas of the pre-salt layer

santos BasinA wORLD CLASS OIL AND GAS AREA

São Paulo

Porto Alegre

Ocean

Post-saltlayer

Saltlayer

Pre-saltlayer

2140 metres

0 (sea level)

5500 metres

3500 metres

The oil is stored in the pores of the reservoir rock at a depth of between 5 and 7 km.

200 km290 km

MG

Rj

ES

bM-S-8Galp Energia14%

bM-S-21Galp Energia20% Caramba

bem-te-vi

Lula

Cernambi

Lara

júpiter

bM-S-24Galp Energia20%

bM-S-11Galp Energia10%

1 9E n e r g y

Rio de janeiro

Stromatolites and other carbonates are the primary reservoir rock for oil in the pre-salt layer. Due to their formation process, they have higher porosity and permeability than the other carbonate layers.

sAntos bAsin, A key component of the gAlp portfolio.> Pre-salt layer: over 110,000 Km2

> One of the few world class oil and gas basins> 50 billion boe of reserves, according to the Brazilian National Agency of Petroleum,

Natural Gas and Biofuels (ANP)> Galp Energia, among the first in operation, with the Tupi discovery in 2006> 19 wells drilled in 4 blocks with 100% success rate> A gigantic technological challenge

50

100

150

0

2011 2014 2017 2020

2 0 E n e r g y

GALP ENERGIA'S LARGEST PROjECT IN bRAZIL

OvER 100 KbOEPD OF NET DAILy PRODUCTION IN 2020 FOR GALP ENERGIA.

> total of 160 wells in full development phase

> well average of 20 kboep

GALP ENERGIA FORECAST FOR 2020: DAILy PRODUCTION OF 100 KbOEPD

Block BM-S-11 is one of the deepwater (between 2,000 and 2,300 m) oil reserves with most potential in the world, both in quantity and in the quality of the oil and natural gas from the pre-salt layer. Galp Energia, which has been present since 2000, has a 10% share. The other partners in the block are Petrobras, with 65%, and the BG Group, with 25%.

Bm-s-11 BlocK – lula-cErnamBi fiEld

lula/cernambi production profile (kboepd)

wells

1st FPSO 2nd FPSO 3rd FPSO 4th - 9th FPSO

bM-S-11Galp Energia10%

lulALula area: 1,172 Km2

Recoverable volume: 6.44 billion boe

cernAmbiCernambi area: 348 Km2

Recoverable volume: 1.82 billion boe

P2

P1

P5

P6

I2P4

P3I1

2 1E n e r g y

The Lula-Mexilhão pipeline, 216 km long and 18 inches in diameter, connects the Lula field to the Mexilhão platform and can carry up to 10 million m3 of natural gas per day.The Lula project envisages 6 production wells and 2 injection wells, already connected in 2012, with the possibility of connecting more wells to maintain FPSO production levels in 2013.

LULA-MEXILHãO GAS PIPELINE

Oil producing / gas injection well

Gas pipeline

Oil producing well

Water injection well

Bem-te-vi

Caramba

Júpiter

2 2 E n e r g y

bM-S-8depth: 2,100 to 2,200 m

galp energia stake: 14%

The first exploration well, named Bem-te-vi, of this deepwater block was drilled in 2008. It was classified as having discovered oil with a density of between 28º and 30º.2 more exploratory wells were drilled in 2011: the Biguá well, which confirmed the presence of good quality oil, and the Carcará well. The declaration of commerciality is expected for the end of 2012.

bM-S-24depth: 2,100 to 2,200 m

galp energia stake: 20%

The first exploration well of block BM-S-24, called Júpiter, was drilled in 2008. This resulted in a very significant discovery of oil, gas and condensate. The well was assessed in 2011 to study CO2 distribution in the reservoir. High resolution 3D seismic acquisition will be undertaken in 2012 and the declaration of commerciality is expected by February 2016.

bM-S-21depth: 2,200 to 2,300 m

galp energia stake: 20%

In the deepwater BM-S-21 block, the assessment plan of the Caramba discovery, made in 2007, continues. A second well is expected to be drilled in 2013, following the seismic 3D acquisition studies in 2010 and 2011. The declaration of commercialty is expected for April 2015.

well already drilledwell already drilledwell to be drilled well already drilled

Caramba

Cernambi

Lula

Lara

JúpiterBem-te-vi

2 3E n e r g y

> The oil transport infrastructure in the Santos Basin are implemented in parallel with the development of production capacity

> By 2013: oil transport via DP shuttle tankers> Post-2013: oil transport by shallow water transfer units

(UOTE – Offshore Transport and Export Unit)> Alternatives to the UOTEs are also being studied

> The gas transport infrastructures in the Santos Basin are implemented in parallel with the development of production capacity

> Already in place: Mexilhão gas transport route, with a capacity of 10m3/d, sufficient capacity for 3 FPSO

> Post-2014: gas transport via Cabiúnas (13 m3/d capacity)> Post-2016: FLNG solution or pipeline solution (being assessed)

OIL TRANSPORT SOLUTIONS IN THE SANTOS bASIN

GAS TRANSPORT SOLUTIONS IN THE SANTOS bASIN

BrazilBrazil

Oil export by tanker

Oil export by dp shuttle

Oil export by dp shuttle

Caraguatatuba

Mexilhão

LaraCernambi

Lula

146 Km

200 Km

Rio de Janeiro

FloatingLNG

Existing gas pipelineGas pipeline to be built

Cabiúnas

Rio de JaneiroUOTE

2 4 E n e r g y

Galp has a stake in 5 offshore projects in Angola. The highlight of these is block 14, which is currently under production and has good growth prospects, and also the projects still in the development phase in block 14K–A–IMI and block 32.

galp EnErgia in angola

32

33 17

1631

Kuito

Belize

LobitoLandana

Tômbua

Gabela

BenguelaTomboco

Negage

Pimenta-1

Colorau-1

Mangericão-1Cola-1

Caril-1Gengibre-2

Gengibre-1Mostarda-1

Louro-1

Alho-1

Cominhos-1

Gindungo-1

Canela-1

Salsa-1

CaluluGindungo

Gengibre

Canela

50

02011 2014 2017 2020

2 5E n e r g y

CONGO

CONGO BASIN

AngolA

ATLANTIC OCEAN

LUANDA

Dee

pwat

er N

orth

-w

est

Dee

pwat

er K

wan

za

> Total area of blocks: 14,806 Km2

> 12 discoveries in block 14 and 14 discoveries in blocks 32 and 33

> 225 Mbbl of total 2P reserves and contingent reserves

> Production in Block 14 in 3 fields: Kuito, BBLT and Tômbua-Lândana

> Development of the Lianzi Field

bLOCK 14Galp Energia: 9%Area: 4,091 Km2

Type: Deepwater

bLOCK 14K-A-IMIGalp Energia: 4,5%Area: 700 Km2

Type: Deepwater

bLOCK 32Galp Energia: 5,0%Area: 5,090 Km2

Type: Ultra-deepwater

bLOCK 33Galp Energia: 5,0%Area: 746 Km2

Type: Ultra-deepwater

DEVELOPMENT AREAS

ATLANTIC OCEAN

bLOCK 14K-A-IMI

AngolA

Work Interest Production (kbopd)

GALP ENERGIA FORECAST 2012: wI PRODUCTION OF 35 KbOPD

current projects new projects

WI Production CAGR 2010-2020 of 7%

Kuito

BBLT

Lucapa

LandanaTômbua

Gabela

Lianzi

Negage

Malange

2 6 E n e r g y

BlocK 14 and 14K

> Almost the entire area of Block 14 and 14K was maintained on termination of the exploration period

> 3 fields already in production: Kuito, BBLT and Tômbua-Lândana

> 5 areas under development: Malange, Gabela, Lucapa, Negage and Lianzi

> Menongue is a possible development area

MALANGE LUCAPA LIANZIEngineering studies were conducted in 2011 to mature tieback alternatives. Project acceleration objective aiming at a first oil contract in 2016

Engineering studies in progress to select the best alternative for developmentFirst oil contract expected in 2016

First area of common interest, between Angola and the Republic of Congo. Technical features:direct electric heating, underwater sampling; multiphase underwater measurement.

Malange Production Wells

600m

500m

400m

300m

200m

100m

0m

145 m

320 m

452 m

474 m508 m

2 7E n e r g y

TôMbUA-LâNDANA

The 425 Km2 field is located in deep water and supports one of the most daring engineering projects in the history of oil exploration, using a tower with flexible pillars (CPT), 474 m high and weighing 79,000 tonnes.

IMPORTANT PROjECT DATA:

production at cruise speed: > 100,000 barrels per day.

processing capacity: > 130,000 barrels of oil per day> 210,000,000 m3 of gas per day> 310,000 barrels per day of water

injection capacity

TS-DC

Tômbua-LândanaUnderwater tieback FEED

ExportTL DPP

Taipei 101TaipeiChina

Petronas TowerKuala Lumpur

Malaysia

Eiffel TowerParis

France

Vasco da GamaTowerLisbon

Portugal

CPT ofTômbua--Lândana

bbLT> The development of this award-winning project

is based on: 1 CPT (Compliant Piled Tower); 3 underwater centres; 30 production wells and 18 water injection wells

> System designed to incorporate more tiebacks

KUITO> The development of this successful project, the

first deepwater project in Angola, is based on: 1 FPSO, 3 underwater centres; 22 production wells; 6 water injection wells and 1 gasinjection well.

> Project acceleration was achieved in stages> successful upgrades using the ship on station

Simple mooring

"C" underwater centre "B" underwater

centre "A" underwater centre

Gas injection well

Export oil tanker

“A” drilling centre

“C” drilling centre

“B” drilling centre

32

33

Pimenta-1

Colorau-1

Mangericão-1 Cola-1Caril-1Gengibre-2

Gengibre-1

Mostarda-1

Louro-1

Alho-1

Cominhos-1

Gindungo-1

Canela-1

Salsa-1

Calulu

Caril

Gengibre

Gindungo

Canela

Mostarda

Salsa

Louro

2 8 E n e r g y

BlocKs 32 and 33> Galp Energia has a 5% stake in the consortium of

Block 32 and 5.33% in Block 33> 13 discoveries and 12 development areas.> Total surface area of 1,113 km2

> Split hub concept for the development of the Kaombo area.

> 2 FPSO support 6 development areas with a combined capacity of 200 kbopd.

> First oil expected for 2016/2017.Block 33 procedure programme under assessment.

Cação

LuaEtele Tampa

Prata Sul

Corvina

Garoupa

Mutamba

CongoSul

Espadarte Norte

Maleva NorteAlabote

PercebesOeste

2 9E n e r g y

ANGOLA

block 1block 15

Other area 2 LNG yard

Other area 3

block 2

block 3

Other area 1

Open areas

Excluded areas

Potential gas pipeline

Block boundary line

Border

3 0 E n e r g y

galp EnErgia in mozamBiQuE

Galp Energia, which has been a partner since 2007 of the consortium for the exploration of Area 4 of the Rovuma Basin in offshore Mozambique waters, has seen the value of its stake in this major project enhanced with the discoveries of natural gas in the Mamba complex, in the Mamba South 2 and Coral 2 test wells.These new significant discoveries have increased the resources of Area 4 by at least 6 trillion cubic feet (tcf) of gas in the deposit, confirming a minimum volume of 68 tcf of gas in the deposit discovered so far. The resources of Area 4 are estimated to be at least 23 tcf of gas in the deposit and the full potential of discoveries in this area is estimated at 75 tcf of gas.The success of the latest discoveries strengthens the potential of Area 4. At least two new appraisal wells, Coral 3 and Mamba South 3 will be drilled in this area, with the aim of evaluating the full potential of discoveries in the complex.

IMPORTANT DISCOvERIES IN THE ROvUMA bASIN

tAnzAniA

mozAmbique

rovumAAreA 4Mozambique

Maputo

3 1E n e r g y

Galp Energia and Empresa Nacional de Hidrocarbonetos, EP (ENH), a state-owned company of Mozambique, have entered into a cooperation agreement in the technical, operational and financial fields, in order to deepen cooperation in the management of their respective shares in the exploration blocks of Area 1 and Area 4 in the Rovuma basin, as well as jointly analyse and evaluate other investment opportunities. This allows ENH and Galp Energia to strengthen their exposure to the Rovuma Basin, an area of potential recognised worldwide.

Galp Energia and ENH sign cooperation agreement

6

5

1

2

3 4

3 2 E n e r g y

LIqUEFIED NATURAL GAS PROjECTS

Galp has a stake in two consortia in which it holds a 15% stake in two natural gas liquefaction projects. These projects consist of the construction of gas pipelines and the liquefaction of gas from the exploration fields of the Deltana Platform (Trem-1) and Mariscal Sucre (Trem-2).The capacity of each of these facilities will be 4.7 million tonnes/year, which will allow Galp to purchase 2 billion m3 of natural gas per year.

ORINOCO OIL bELT PROjECT

Galp's stake in Venezuela, in consortium with PSVA, is focused onthe Boyacá 6 block. Following validation of the information and the production of preliminary models, the studies conducted indicate oil in place values of 70 to 80 billion barrels of oil. After obtaining a more accurate assessment of the volumes of oil in the block, static and dynamic models will be drawn up and the technology chosen. Later on, the certification of the reserves will be undertaken and the feasibility study on the development, production and improvement of the block's heavy oil will be prepared.

galp in vEnEzuElaBOyACÁ

JUNIN

National Park of Aguaro-

-GuariquitoORINOCO BELT

AyACUCHE

CARABOBO

Boyacá Norte

Mariscal Sucre

TRINIDADAND TObAGO

DeltanaPlatform

vENEZUELA

mejillone pata dragó

rio caribe

carúpano

plc

barbacoaParia Gulf

115 km 36’’

295km 36’’

132

km

36’’

gpe

3 3E n e r g y

galp in uruguayGalp Energia has a 20% stake in the consortium for areas 3 and 4 of the Punta del Este basin, together with Petrobras (40%) and yPF (40%). Petrobras is the operator in block 4 and yPF in block 3.

block 3: area of 5,500 Km2, located around 200 kilometers south of Punta del Este, with water depths between 1,000 and 2,000 metres. block 4: area of 3,000 Km2, located around 150 kilometers south of Punta del Este, with water depths between 50 and 200 metres.

Galp Energia has a 10% stake in a consortium for the exploration of 2 blocks with a total area of 8,595 Km2, situated at a depth of 2,000 metres.

galp in East timor

Galp Energia participates in a natural gas liquefaction project in Equatorial Guinea, which aims to construct the country's second liquefaction processing line, in the event of certification of natural gas volumes that make its construction feasible.

galp in EQuatorial guinEa

MONTEVIDEOPUNTA DEL ESTE

AREA 1

AREA 2

AREA 6

AREA 4

AREA 5

AREA 7

AREA 8

AREA 3

S06-02(Block B)

S06-03(Block C) Part 2

S06-04(Block E) Part 2

S06-03(Block C)

Part 1

S06-04(Block E)

Part 1

S06-05(Block H)

EAST TIMOR

Camarão

Amêijoa

Ostra

Mexilhão

Santola

Gamba

CaboS. Vicente

Sines

Lisboa

Peniche

PORTUGAL

Figueira da Foz

Aljubarrota- 3

Porto

Lavagante

3 4 E n e r g y

galp in portugalE&P operations of Galp Energia in Portugal are focused on two concession contracts with the Portuguese government to explore seven blocks, divided into two basins: the Peniche basin and the Alentejo basin. Galp Energia signed a final farm-in agreement with Porto Energy in 2012 to acquire a 50% stake in the Aljubarrota-3 concession.

PENICHE bASIN

> Consortium: Galp Energia (30%), Petrobras (Operator, 50%) and Partex (20%)

> Area: 12,159 km2

> Type: Ultra-deepwater

> water depth: 200 – 3,500 m

> No. of blocks: 4

ALENTEjO bASIN

> Consortium: Galp Energia (30%), Petrobras (Operator, 50%)

> Area: 19,099 km2

> Type: Ultra-deepwater

> water depth: 200 – 3,000 m

> No. blocks: 3

ALjUbARROTA-3 CONCESSION

> Consortium: Galp Energia (50%), Porto Energy (Operator, 50%)

> Area: 300,000 acres

> Type: Onshore

> No. blocks: 1

Tarfaya Offshore

TMA

Assaka

Trident

La Dam

PEL23

PEL24

PEL28

Galp Energia signed a farm-in agreement with the Australian company Tangiers Petroleum Limited (Tangiers) to acquire a 50% stake in the Tarfaya Offshore area, which comprises eight exploration licences known as Tarfaya Offshore I to VIII, located on the Atlantic offshore of Morocco. Galp Energia will replace Tangiers as the operator of this area, which lies predominantly at water depths of less than 200 metres and covers an area of 11,281 km2.

galp in moroccoGALP ENERGIA bEGINS EXPLORATION AS AN OPERATOR Galp Energia signed a farm-in agreement with

the Brazilian company HRT Participações em Petróleo S.A. to acquire a 14% stake in three oil exploration licences (PEL) located offshore of Namibia: PEL 23, in the Walvis basin, and PEL 24 and PEL 28 in the Orange basin. These basins are located in areas considered as the "new frontier" in an emerging hydrocarbon province with potential for significant discoveries of oil and natural gas. The three PEL cover an area of 37,744 square kilometers in water of depths between 180 and 2,500 metres.

galp in namiBia

Galp Energia blocks Kudu Field

rEfining and distriBution > crude processed:

81,792 mbbl

> sales of refined products: 16.4 mt

> 3rd player on the iberian peninsula

> 1,486 service stations and 586 stores

> sales to direct customers: 10.0 mt

> investment: eur 217 million

Matosinhos Refinery

Cogeneration DistributionSines Refinery

3 8 E n e r g y

sinEs rEfinEry

The Sines refinery is one of the largest in Europe, with a distillation capacity of 10.8 million tons per year, or 220 thousand barrels per day, in other words. It is an industrial plant that is very important to the country's economic activity, located 150 kilometers south of Lisbon on the world's busiest oil tanker route, in the port of Sines. It occupies an area of 320 hectares. It has a storage capacity of 3 million m3, 1.5 million m3 of which is for crude oil and the rest for intermediate and end products, such as gas, petrol, diesel, etc. The refinery has 27 process units.

Increase ofEBITDA

Energy Production Efficiency

Situation to 2011

Conversion project

EbITDA INCREASE AFTER CONvERSION PROjECT

2011

The new hydrocracker of Sines refinery has started commercial production of diesel, and therefore heralds a new era in the refining business unit of Galp Energia.The refinery conversion project, which involved a total investment of 1.4 billion euros, aimed to increase the production of diesel mainly at the expense of fuel-oil production, in line with market needs and in order to increase the competitiveness of the refining assets of Galp Energia. This investment allows Portugal to produce enough diesel to meet all the needs of the domestic market as well as to export this product that has been imported up until now. Galp Energia thus makes a significant contribution to reducing the national energy bill and the equilibrium of the trade balance.

NEw UNIT AT SINES REFINERy HAS ALREADy STARTED PRODUCING DIESEL

4 0 E n e r g y

matosinhos rEfinEry

Matosinhos refinery is located in northern Portugal. It has an area of approximately 400 hectares and is linked to the oil tanker terminal at the port of Leixões by several oil pipelines about two kilometres long. It has an annual distillation capacity of approximately 110,000 barrels per day and a storage capacity in the region of 1,780,000 m3. Around 649,000 m3 of that storage capacity is for crude oil and 1,132,000 m3 for intermediate and final products, and around 1,250 km of pipelines.

THE INDUSTRIAL COMPLEX IS COMPOSED OF:

Fuel plantLubricants plantAromatics and solvents plantBase oils plantUtilities plant

Both refineries are managed in an integrated manner in order to maximize the Company's refining margin. The characteristics of each refinery permit a balanced production mix with a predominance of middle distillates, such as diesel and petrol.

REFINING APPARATUS OF GALP: A bALANCED PRODUCTION MIX

Gases

Others

Diesel

Petrol

C&Q

Aromatics

Fuels

Jet

4 2 E n e r g y

Galp Energia is the leading distributor of oil products in Portugal and it occupies a growing position in the Spanish market, where it has focused its expansion effort.Galp currently has 1,486 service stations on the Iberian Peninsula and in Africa as well as major storage centres located at strategic points, and diesel distribution centres in all regions of Spain.

LEADERSHIP IN PORTUGAL AND SIGNIFICANT MARKET PRESENCE IN SPAIN

distriBution of oil products:

1367Service stations

> Geographical distribution with balanced exposure throughout the territory of the Iberian Peninsula

> Greater integration of the businesses is a shield for volatility in refining margins

4 3E n e r g y

4 4 E n e r g y

ANGOLA MOZAMBIQUE

GUINEA-BISSAU

CAPE VERDE

SWAZILAND

GAMBIA AFRICA

Galp Energia operates in the oil products distribution market in Africa, from three development centres: West Africa, which includes Cape Verde, Gambia and Guinea-Bissau; Southern Africa - Indian Ocean, which includes Mozambique and Swaziland, and Southern Africa-Atlantic Ocean, which covers Angola.

distriBution in africa

THE wHOLESALE bUSINESS

The LPG business of Galp Energia consists of the sale of liquefied petroleum gas, propane and butane to more than one million end customers, through 20,000 outlets.

LPG bUSINESS

Galp Energia has developed new products, seeking to counter the decline of the LPG market and to create new consumption through value added products for its customers. These new LPG products are in the fields of lighting, heating and cooking, in particular the Cookspot gas BBQ and Hotspot warming solution. These products are intended to increase the comfort and leisure solutions.Galp Energia places about 15 million bottles of gas with different formats, for multiple uses, on the Portuguese market per year.

Service stations in Africa

119

4 6 E n e r g y

4 7E n e r g y

The need to protect the environment, comply with environmental specifications and extend the value chain of the energy sector led Galp Energia to invest in biofuel production.The strategy for this business is to focus on green diesel and the production of vegetable oils.Galp Energia’s two major vegetable oil production projects are located in Brazil and in Mozambique. Both are based on principles of environmental sustainability which determined the choice of location for the plantations, keeping them away from land with high agricultural capacity as well as land that would imply changing forest areas or areas rich in biodiversity, thus altering natural carbon stocks.

FOCUS ON ENvIRONMENTAL PROTECTIONBiofuEls

Galp Energia’s biofuel project has achieved significant progress with the cultivation of jatropha curcas Linn (JCL) in Mozambique and with the start of the project to produce palm oil in Belém, Brazil. So far, more than 640,000 JCL seedlings have been planted in Mozambique, corresponding to an area of close to 500 hectares. In Brazil there are already over 1.1 million palm seedlings in nurseries. Their planting in 2010 covered an area of around 6,500 hectares.

PRODUCTION OF vEGETAbLE OILS

PORTUGAL

MOZAMBIQUEBRAZIL

PALM OIL PRODUCTION

CULTIvATION OF jATROPHA CURCAS L. (jCL)

gas & powEr > installed capacity: 257 mw

> natural gas sales: 6253 mm3

> number of natural gas customers: 1,261,000

> sales of electricity to the grid: 1,298 gwh

> investment: eur 67 million

Madrid

5 0 E n e r g y

Galp Energia is one of the few companies on the Iberian Peninsula with natural gas storage capacity, which allows it to take advantage of trading opportunities. The storage capacity of Galp energy is 40 million m3. Engineering work is ongoing on 2 new caverns which will have a total capacity of 118 million m3.

natural gasGalp On is the brand of Galp Energia for the natural gas and electricity residential market. It surpassed 100,000 customers in 2012, making it the fastest growing brand in market share last year.

gAlp on, 100,000 customers

Galp signed an agreement with Eni to acquire all the shares it holds in Setgás and Lusitâniagás, utility companies for the distribution of natural gas in Southern Portugal and the central coastal region of Portugal. Galp Energia has shares in 9 distribution companies, giving it a distribution network of 11,655 km and a distribution volume of 1.5 million m3 of natural gas.

Acquisition of the shAres held by eni in setgás And lusitâniAgás.

Galp Energia has more than 900,000 customers in the natural gas market in Portugal and more than 400,000 customers in Spain. These achievements have allowed it to attain 2nd place on the Iberian Peninsula. It is the only company capable of supplying Iberian consumers with all forms of energy, both inside and outside their homes.

more thAn 1,300,000 nAturAl gAs customers on the iberiAn peninsulA

gAlp energiA's coverAge in the mAdrid region

> take advantage of its base of reserves to create value in the product chain

> platform in Spain to supply the natural gas business

> own projects to support the growing volumes of natural gas

Coverage of Galp Energia

5 1E n e r g y

COGENERATIONThe assets held by this business include four operating cogeneration plants with an installed capacity exceeding 160 MW. The new cogeneration plants of Sines and Matosinhos are the largest in Portugal, placing Galp Energia at the forefront of this technology in Portugal.

Sines: 82 MwMatosinhos: 82 Mw

ElEctricity> 4 cogeneration plants: 1,200 GWh> renewable energy: wind farm generated 11 GWh > sale of electricity: 219 GWh

2012 INDICATORS

Rua da Corticeira, nº34 · Apartado 47 · 4536 - 902 Mozelos VFR · PortugalTel.: +351 227 475 800 · Fax: +351 227 475 801

www.grupoamericoamorim.com