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1— MESSAGE FROM THE CHAIRMAN

1.1 — MESSAGE FROM THE CHAIRMAN

"2016 was once again a year where we were successful in achieving those goals."

2— APPROACH TO REPORT

2.1 — Approach to Report

The aim of the report is to provide transparent information on economic, social and environmental issues which have been identified as most relevant to the company and its stakeholders.

3— REN AT A GLANCE

3.1 — REN Profile

2016 Ren achieved one of its medium and long-term aims: to acquire a relevant stake in a foreign company as part of our internationalization strategy.

3.2 — Corporate Bodies, Departments and Other Managers

3.3 — Shareholder Structure

3.4 — Milestones in 2016

Highlights of the main REN events in 2016 contributing to the success of our energy.

3.5 — Main Performance Indicators

Financial, Electricity, Natural Gas, Social and Environmental Indicators

3.6 — Regulated Assets

Electricity and Natural Gas

3.7 — Technical Infrastructures

At the end of 2016, the RNT (National Transmission System) consisted of 8,863 km in lines and 66 transformer substations and 15 step down, switching and transition substations.

3.8 — Supply Chain

In the compliance of its public service mission in the national energy sector, the REN Group is committed to the defence and promotion of the principles of sustainable development, seeking to create value on an ongoing basis for shareholders and stakeholders.

4— MANAGEMENT REPORT

4.1 — ENVIRONMENT

Economic, Setoral and Regulatory Environment

4.2 — Electricity

In 2016, energy transmitted by the National Transmission System (RNT) saw a significant increase of 8.6% over the previous year, standing at the highest ever figure of 46.7 TWh.

4.3 — Natural Gas

Operation and Investment RNTIAT

4.4 — Business Development

REN continued to follow and implement the strategic plan approved in 2015 for the three-year period of 2015-18. With regard to business development, the aim is to diversify REN’s business growth by investing in international projects.

4.5 — Other Business

Enondas, Rentelecom and REN Trading

4.6 — Financial Performance

Results in 2016; Average RAB and Investment; Financial and Debt

4.7 — Proposed Allocation of Net Profit

The consolidated net profit of REN SGPS, S.A. in the financial year of 2016 amounted to 100,183,103.19 euros (one hundred million, one hundred and eighty three thousand, one hundred and three euros and nineteen cents).

4.8 — Perspectives 2017

Our expectations for 2017 are in line with events of recent years.

5— SUSTAINABILITY AT REN

5.1 — Sustainability approach

This report was prepared in compliance with the fourth version of the Global Reporting Initiative (GRI) guidelines, based on the protocols for general indicators and on the sectoral supplement for the electricity sector.

5.2 — Main actions undertaken

Actions undertaken by REN in 2016 followed the three axes of our sustainability strategy.

5.3 — Management and performance

Social and Environmental Performance

5.4 — AWARDS

6— CONSOLIDATED AND INDIVIDUAL ACCOUNTS

6.1 — CONSOLIDATED FINANCIAL STATEMENTS

31 December 2016

6.2 — INDIVIDUAL FINANCIAL STATEMENTS

7— CORPORATE GOVERNANCE

7.1 — INFORMATION ON SHAREHOLDER, STRUCTURE, ORGANIZATION AND CORPORATE GOVERNANCE ECONOMIC ENVIRONMENT

PART I

7.2 — ASSESSMENT OF CORPORATE GOVERNANCE

PART II

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