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EDP Energias de Portugal : Management Proposal Changes

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03/25/2020 | 10:58pm EDT

CLARIFICATIONS ABOUT COVID-19

São Paulo, March 25th, 2020 - EDP - Energias do Brasil S.A. ("EDP" or "Company") (B3: ENBR3), in accordance with the provisions of paragraph 4º of article 157 of Law 6.404/76, and CVM Instruction 358, of January 3th, 2002, as amended, hereby informs its shareholders and the Market in general that due the current pandemic scenario of COVID-19, and the uncertainties regarding its impacts on EDP's businesses, it was decided, in an extraordinary meeting of the Board of Directors, held today, to amend the management's proposal of allocation of net profit and distribution of dividends of 2019, to be resolved at the Ordinary and Extraordinary General Meeting to be held on March 31st 2020 ("AGOE"), in order to preserve the cash position and maintain the Company's financial health.

The new Management Proposal, when compared to the one initially approved for the AGOE, represents (a) the reduction of the total amount to be distributed in the form of dividends, fromR$604,806,050.00, corresponding to 47.59% of the Net Profit1 for the year of 2019, toR$ 353,491,061.74, corresponding to 27.81% of the Net Profit¹ for the year of 2019, which (i) R$236,000,000.00, corresponding to R$0.390207737 per each ordinary share as interest on shareholders' equity; and (ii) R$117,491,061.74, corresponding to R$0.194262378 per each ordinary share as dividends, and (b) the increase of the proposal of Profit Retention, fromR$ 666,153,480.96 toR$ 918,873,185.21, based on capital budget, approved by the Board of Directors, revised and approved by the Board of Directors, which provides for the reduction of the amount of investments initially set forth toR$ 1,903,419,733.01.

The Company's management further clarifies that (i) the above-mentioned amendment will not affect the right to receive the minimum mandatory dividends set forth in its Bylaws, of 25% of the Adjusted Net Profit for each fiscal year; (ii) the Management Proposal and the Profit Retention with the amendments mentioned above will be made available to the shareholders of EDP, as of the date hereof, at the headquarters of EDP, at the Investor Relations websites of EDP (https://edp.icom.br/ri), as well as at the websites of CVM (www.cvm.gov.br) and B3 (www.b3.com.br) and (iii) the votes cast by the shareholders through the Distance Voting Bulletin will be counted as in relation to the original proposal for the distribution of results, so that eventual favorable votes cast through this voting system will not be considered as favorable to the new one destination proposal.

Finally, the Company informs that the Company's AGOE is maintained for March 31st, 2020, at 11 am, to be held at the Company's headquarters, located at Rua Gomes de Carvalho, 1996, 10th floor.

Miguel Nuno Simões Nunes Ferreira Setas

Chief Executive and Investor Relations Officer

1 Net Income excluding the constitution of legal reserve

Disclaimer

EDP - Energias do Brasil SA published this content on 25 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 March 2020 03:57:06 UTC

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