This report represents the consolidation of the Cellnex integrated report after the first publication came out in 2015. In this report we wanted to incorporate best practices in corporate information, applying the integrated report framework as far as possible, presenting financial, management, corporate governance and strategic information to give a comprehensive overall picture of the company.

As a mark of Cellnex’s commitment to transparency, a selection of key indicators has been audited by an independent third party, representing the first verified Cellnex Group Integrated Annual Report, as presented in the Assurance Report on page 94.

Structure and content of the report

The report is structured in accordance with the guidelines of the International Integrated Reporting Council and abides by the drafting principles set out by version G4 of the Global Reporting Initiative.

Following the guidelines laid down by those two standards, the content of this report was defined on the basis of a materiality study, which was used to identify the relevant internal issues for the company, expectations and concerns of Cellnex stakeholders and relevant corporate social responsibility issues in the sector.

Reporting scope

The report covers the two main current geographical areas of the organisation, Cellnex Spain (Cellnex Telecom, S.A., Retevisión, S.A.U, On Tower Telecom Infraestructuras, S.A.U and Tradia Telecom, S.A.U.) and Cellnex Italy (Cellnex Italia, S.r.L., TowerCo, S.p.A and Galata, S.p.A.) and excludes the companies Commscon Italia, Sr.L. and Sirtel, S.r.L. and is supplemented with the information presented in the Cellnex Consolidated Annual Accounts for the financial year ended 31 December 2016, the 2016 Consolidated Management Report and the 2016 Annual Corporate Governance Report, all publicly available on the company website.

The GRI contents that Cellnex has addressed in this report are detailed in the GRI table presented in the Annex, with the scope of information reported by each of them as shown in the table, depending on whether it applies specifically to Cellnex Spain, Cellnex Italy or to the Cellnex Group.

Also appended to the end of this document is the independent limited assurance report issued by PricewaterhouseCoopers Auditores, S.L. in relation to its review of certain CSR indicators reported in this Cellnex 2016 Integrated Annual Report. This report is presented together with the specific indicators reviewed, the criteria for their preparation and the scope of each one.

This review process was conducted in accordance with ISAE 3000 (Revised), Assurance Engagements Other Than Audits or Reviews of Historical Financial Information (Limited Assurance Engagements).

Determination of the content of the report

The Materiality Study helped to identify the key issues that the company intends to address, since they entail creating value and a contribution to society by the company. After obtaining the results of the study, Cellnex carried out a transparency and accountability exercise, by publishing this Integrated Report.

The study was conducted in accordance with the AccountAbility AA1000 standard and was structured into the following phases:

• Initial phase identifying relevant issues;
• Prioritising issues on the basis of the analysis results;
• Assessment and validation of the issues identified by the main stakeholders of Cellnex Group;
• Detailed examination of the material issues identified.

Calculation methodology

In calculating CO2 emissions generated by Cellnex, we took as a reference the emission factors established by the British Department of Environment, Food & Rural Affairs (DEFRA) in the 2016 version and by the CNE (Ministry of Agriculture, Food and Environment and LCA published by the Environmental Defense Fund.

Contact information

Av. Parc logístic, 12-20. edifcio a. 08040 – Barcelona
www.cellnextelecom.com
Contact number: +34935678910
cellnex@cellnextelecom.com

GRI: G4-18, G4-19, G4-20, G4-21