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Sustainability Report 2017 1 Sustainability Report 2017 2 / Corporate reputation and recognitions in external indexes and evaluations Corporate reputation and recognitions in external indexes and evaluations / Sustainability Report 2017 Corporate reputation and recognitions in external indexes and evaluations / 3 Indexes or Rating organisations or status Dow Jones Sustainability 91 points. Selected in utilities sector. World Index 2017 Member in all editions Global 100 Iberdrola selected First utility with nuclear assets to meet standards, FTSE 4Good selected for 7 years in a row CDP Climate Change A CDP Supply-Chain A-List, the highest category Global Roundtable on Climate Change Iberdrola one of the sponsors MSCI Global Sustainability Index Series Iberdrola selected AAA Euronext Vigeo Eiris indices: World 120, Iberdrola selected Eurozone 120 & Europe 120 Sustainability Yearbook 2017 Classified as “Gold Class” in the electricity sector Newsweek Green Rankings 2017 Iberdrola fifth utility worldwide Leader among Spanish utilities: electricity, gas and water MERCO 2017 industry ET Global 800 ET Europe 300 Iberdrola selected Only Spanish utility present in the ranking. Selected 2018 World’s Most Ethical Companies ranking for the fifth consecutive year as one of the most ethical prepared by the Ethisphere Institute companies in the world Fortune Global 500 Iberdrola selected Stoxx ESG Leaders/Eurostoxx Iberdrola selected Sustainability 40 InfluenceMap Iberdrola among top 25 scoring companies Selected in 2018. Only Spanish utility in the ranking among Bloomberg Gender-Equality Index four utilities worldwide Oecom research Iberdrola classified as Prime Iberdrola classified as the first utility in the Sustainability Carbonclear Reporting Performance 2017 Report Sustainability Report 2017 / 4 / General Contents General Contents / Sustainability Report 2017 General Contents / 5 Introduction 6 Letter from the Chairman & CEO 8 Iberdrola’s contribution to the Sustainable Development Goals 12 GRI Content Index 20 Part I. General disclosures 28 General management approach 29 1. Organisational profile 32 2. Strategy 54 3. Ethics and integrity 59 4. Governance 63 5. Stakeholder engagement 80 6. Reporting practice 86 Part II. Topic-specific disclosures 96 A. Economic Dimension 98 B. Environmental Dimension 132 C. Social Dimension 174 Annexes 246 Annex 1 Content Index in Relation to the Principles of the Global Compact 247 Annex 2 Report on green financing returns 250 External Independent Assurance Report on green financing 264 Annex 3 Supplementary information 267 Annex 4 External independent assurance report on the Sustainability Report 327 Sustainability Report 2017 / 6 / Introduction Introduction / Sustainability Report 2017 Introduction / 7 Iberdrola prepared its first Sustainability Report in 2004, thus adopting the best reporting and transparency practices. Since then, the company has become a world leader in its defence of a model of sustainable and environmentally-friendly growth. Continuing with this commitment, Iberdrola once again presents its Sustainability Report, in this case for financial year 2017, which was approved by the Board of Directors at its meeting of 20 February 2018, after a report from the Corporate Social Responsibility Committee of the Board of Directors. This report has been prepared in accordance with the reporting requirements and recommendations of the Consolidated Set of GRI Sustainability Reporting Standards 2016 and the Electric Utilities Sector Supplement, both of the Global Reporting Initiative (GRI). Iberdrola publishes this report in order to give its Stakeholders a true and accurate view of its performance during financial year 2017, in compliance with the commitments assumed in its corporate policies, which include the General Corporate Social Responsibility Policy and the Stakeholder Relations Policy. Readers of this Sustainability Report 2017 can also read the Annual Corporate Governance Report 2017, the Annual Financial Report 2017 and the Integrated Report. February 2018, all of which are accessible in the “Annual Reports“ section of the corporate website, and which contain additional useful information for a better understanding of Iberdrola’s performance during the financial year and of its future prospects. Finally, continuing with our commitment to transparency, direct links are included throughout this report to both the corporate website (www.iberdrola.com) and to other pages of the group, as well as to official documents published thereon in PDF format, in order to allow the reader to directly view such information, all of which is public and accessible through the pages of this website. To open these links, click with the left button of your mouse directly on texts identified with the following format: link example. Notes: – The company Iberdrola, S.A., parent company of the Iberdrola group, is referred to as “Iberdrola” or the “company” in this report. – Iberdrola (as parent company) and the group of subsidiaries over which Iberdrola has the power of control or joint control is also referred to as the “Iber- drola group” or the “group”. – The report boundary is described in section 102-45 of this document. 2016 data have been recalculated with respect to the data reported in the Sustainability Report 2016 as described in sections 102-48 and 102-49. – The figures included in this translation follow the customary English convention, with figures in thousands separated by a comma (,) and decimals indi- cated by a full stop (.). Sustainability Report 2017 / 8 / Letter from the Chairman & CEO Ignacio S. Galán Chairman of the Board of Directors & CEO of Iberdrola, S.A. Letter © Jordi Socías from the Chairman & CEO In 2017 we reaffirmed our commitment to sustainability, which entails a balanced optimisation of financial results, environmental protection and a commitment to society. / Sustainability Report 2017 Letter from the Chairman & CEO / 9 One year on, in financial year 2017, Iberdrola has achieved one of the main objectives that sets us apart as a leader in the energy field. And we have done it by reaffirming our commitment to sustainability, which entails a balanced optimisation of financial results, environmental protection and a firm commitment to society in the countries in which Iberdrola does business. This report presents all relevant information on the company’s performance in a detailed and transparent manner, following the Global Reporting Initiative (GRI) guidelines. It clearly shows how Iberdrola’s human team has worked to continue responding to the main energy challenges confronting us in a global, complex and constantly evolving society that never stands still and always pushes us to give the best of ourselves. During the past financial year we completed a significant corporate transaction, the result of which is a new energy giant in Brazil: Neoenergia, with 13.4 million points of supply, a presence in 13 Brazilian states and a distribution network covering 585,000 kilometres, thus providing a valuable service to 34 million people. We have also commissioned the Wikinger offshore wind farm in the German Baltic Sea, with a capacity of 350 MW, which can supply clean energy to some 350,000 homes. This is another action in line with our commitment to a clean and sustainable world, a facility that confirms our leadership in renewable energy and technological innovation, as well as our firm commitment to offshore wind energy, which we are also developing in other countries like the United Kingdom, France and the United States. In Spain, in a year marked by very low rainfall, we made significant progress in our business activities and passed the 10-million mark in smart meters installed within the framework of our STAR project, an initiative in which Iberdrola is making a radical technological transformation in the area of smart grids. This is an achievement we are very proud of because it allows us to harmonise our wager on state-of-the- art technology with improving the day-to-day life of persons. Within the same context, another milestone we achieved was completion of the Western Link undersea high-voltage direct current connection in the United Kingdom, which allows for the transmission of clean energy over approximately 900 kilometres between Scotland, England and Wales and can meet the demand of over four million households every year. Leaders in the fight against climate change At Iberdrola, we clearly saw the need to deal with global warming almost two decades ago. We therefore decided to make a pioneering wager on clean energy and on sustainability to protect the planet, which resulted in our becoming an international leader in the fight against climate change. This is another achievement of which we are very proud. This position was ratified in 2017 with our active presence at the Bonn Climate Summit, where it became clear that this is the time to move from words to action to progress in the energy transition towards a sustainable, safe and competitive model that replaces production from polluting sources with clean energy and intensifies the electrification of the world economy. It is only in this way, supporting causes that generate life rather than those that degrade it, making economic growth and environmental protection compatible, that prosperity for all will be possible. Time has shown that the vision that led us to choose this path years ago was risky but timely, ground- breaking and clearly right, and that the fight against climate change is not only a moral