Pricing Supplement dated 21 June 2005 EDP FINANCE B.V. Issue of a Series of Notes comprising 397,624,000 3.75 per cent. Notes due 2015 (the "New Notes") and 102,376,000 3.75 per cent. Notes due 2015 (the "Additional Notes" and, together with the New Notes, the "Notes") under the 5,000,000,000 Programme for Issuance of Debt Instruments This document constitutes the Pricing Supplement relating to the issue of Instruments described herein. Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Information Memorandum dated 23 December 2004. This Pricing Supplement contains the final terms of the Instrument, and must be read in conjunction with such Information Memorandum. 1. Issuer: EDP Finance B.V. 2. (i) Series Number: 8 (ii) Tranche Number: 1 3. Specified Currency or Currencies: Euro (" ") 4. Aggregate Nominal Amount: - Tranche: 500,000,000 - Series: 500,000,000 5. (i) Issue Price of Tranche: 99.346 per cent. of the Aggregate Nominal Amount (ii) Net proceeds: (a) The New Notes are issued in exchange for 144,976,000 in aggregate nominal amount of the 500,000,000 5.00 per cent. Bonds due 2008 of EDP Finance B.V. issued on 16 December 2002 and 252,648,000 in aggregate nominal amount of the 1,000,000,000 5.875 per cent. Notes due 2011 of EDP- Energias de Portugal, S.A. issued on 28 March 2001 UK/368507/06 E4393/00123

(b) The net proceeds of the Additional Notes are 101,373,738.96 6. Specified Denominations: 1,000 10,000 100,000 7. (i) Issue Date: 22 June 2005 (ii) Interest Commencement Date (if different from the Issue Date): 22 June 2005 8. Maturity Date: 22 June 2015 9. Interest Basis: 3.75 per cent. Fixed Rate 10. Redemption/Payment Basis: Redemption at par 11. Change of Interest Basis or Redemption/Payment Basis: Not Applicable 12. Put/Call Options: Not Applicable 13. Listing: London 14. Method of distribution: (a) The New Notes - Exchange (b) The Additional Notes - Syndicated PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE 15. Fixed Rate Instrument Provisions Applicable (i) Rate of Interest: 3.75 per cent. per annum payable annually in arrear (ii) Interest Payment Date(s): 22 June in each year up to and including the Maturity Date (iii) Fixed Coupon Amount(s): 37.50 per 1,000 in nominal amount, 375 per 10,000 in nominal amount and 3,750 per 100,000 in nominal amount (iv) Broken Amount(s): Not Applicable (v) Day Count Fraction: Actual/Actual (ISMA) (vi) Determination Date(s): 22 June in each year (vii) Other terms relating to the method of calculating interest for Fixed Rate Instruments: None UK/368507/06-2 - E4393/00123

16. Floating Rate Instrument Provisions Not Applicable 17. Zero Coupon Instrument Provisions Not Applicable 18. Index Linked Instrument Provisions Not Applicable 19. Dual Currency Instrument Provisions Not Applicable PROVISIONS RELATING TO REDEMPTION 20. Issuer Call: Not Applicable 21. Investor Put: Not Applicable 22. Final Redemption Amount of each Instrument: 23. Early Redemption Amount of each Instrument payable on redemption for taxation reasons or on event of default and/or the method of calculating the same (if required or if different from that set out in Condition 7.5): Par As set out in Condition 7.5 GENERAL PROVISIONS APPLICABLE TO THE INSTRUMENTS 24. Form of Instruments: Temporary Global Instrument exchangeable for a Permanent Global Instrument which is exchangeable for definitive Bearer Instruments only upon an Exchange Event 25. Additional Financial Centre(s) or other special provisions relating to Payment Dates: 26. Talons for future Coupons or Receipts to be attached to definitive Bearer Instruments (and dates on which such Talons mature): 27. Details relating to Partly Paid Instruments: amount of each payment comprising the Issue Price and date on which each payment is to be made and consequences of failure to pay, including any right of the Issuer to forfeit the Instruments and interest due on late payment: Not Applicable No Not Applicable UK/368507/06-3 - E4393/00123

28. Details relating to Instalment Instruments: (i) Instalment Amount(s): Not Applicable (ii) Instalment Date(s): Not Applicable 29. Redenomination applicable: Redenomination not applicable 30. Other terms or special conditions Not Applicable DISTRIBUTION 31. (i) If syndicated, names of Managers: (a) (b) In respect of the Additional Notes, ABN AMRO Bank N.V., BNP Paribas and Deutsche Bank AG, London Branch In respect of the New Notes, Not Applicable (ii) Stabilising Manager (if any): (a) In respect of the Additional Notes, Deutsche Bank AG, London Branch (b) In respect of the New Notes, Not Applicable 32. If non-syndicated, name of relevant Dealer: 33. Whether TEFRA D or TEFRA C rules applicable or TEFRA rules not applicable: Not Applicable TEFRA D 34. Additional selling restrictions: The offer in the Netherlands in respect of the New Notes is exclusively made in respect of New Notes which are issued as a package with an aggregate minimum value of 50,000 (by virtue of the application of the Minimum Tender Amount under the Exchange Offer (both as defined in the Exchange Offer Memorandum dated 1 June 2005)) OPERATIONAL INFORMATION 35. Any clearing system(s) other than Euroclear Bank S.A./N.V. as operator of the Euroclear System and Clearstream Banking, societe anonyme and the relevant identification number(s): Not Applicable UK/368507/06-4 - E4393/00123

36. Delivery: (a) In respect of the Additional Notes, delivery against payment (b) In respect of the New Notes, Not Applicable 37. Additional Paying Agent(s) (if any): Not Applicable 38. ISIN: XS0221295628 39. Common Code 022129562 LISTING APPLICATION This Pricing Supplement comprises the details required for the Instruments described herein to be admitted to listing on the Official List and to trading on the London Stock Exchange plc's market for listed securities pursuant to the 5,000,000,000 Programme for the Issuance of Debt Instruments of EDP - Energias de Portugal, S.A. and EDP Finance B.V. RESPONSIBILITY The Issuer accepts responsibility for the information contained in this Pricing Supplement. Signed on behalf of the Issuer: By:... Duly authorised UK/368507/06-5 - E4393/00123