Target

Acquiror

Dates & Values

Energias De Portugal SA - EDP (21.35% stake)

China Three Gorges Corp

Announcement Date

22nd Dec 2011

Portugal | Utility & Energy

China | Utility & Energy

Expected Closing Date

22nd Feb 2012

Public company listed in Lisbon | Target Ticker Symbol BEDPC

Government (Not Listed)

Deal Techniques

Divestment, Privatization, Auction

Vertically integrated electric utility which generates, transmits and distributes electricity.

Manager of the Three Gorges Hydroelectrical power generation project.

Value $m

3,526

Value ex-Debt $m

3,526

Value Structure $m

Advisors

Attorney

Advisors

Attorney

Caixa Geral de Depositos SA - CGD Perella Weinberg Partners LP

Credit Suisse

Skadden Arps Slate Meagher & Flom

Deal Financials

Income Statement $m

Balance Sheet $m

Premium Comparison

LTM to 30th Sep 2011

As of 30th Sep 2011

Total Assets | $52,072m

Exit Multiples

Exit Multiples

This Deal

Ind. Avg. *

This Deal

Ind. Avg. *

Cash Flow

Profitability

EV/Sales

1.9

3.4

P/B

1.6

2.0

Operations $m

4,097

Profit Margin

3%

EV/EBITDA

8.0

13.2

P/CF (This Deal)

4.0

Return on Equity

-1%

P/E

11.2

23.5

** Average Premiums based on deal Value > $1bn, globally this year

* Global Utility & Energy Target, EV > $1bn, this year

Dealogic

Date Run:

23-Dec-11