18. EQUITY INSTRUMENTS

As of 31 December 2014 and 2013 REN’s subscribed and paid up share capital was made up of 534,000,000 shares of 1 euro each:

NUMBER
OF SHARES

SHARE
CAPITAL

SHARE CAPITAL 534,000,000 534,000

At 31 December 2014 REN SGPS had the following own shares:

Number of shares

Proportion

Amount

Own shares 3,881,374 0.73% (10,728)

No own shares were acquired or sold in the years ended 31 December 2014 and 2013.

In accordance with the Commercial Company Code (Código das Sociedades Comerciais) REN SGPS must at all times ensure that there are sufficient Equity Reserves to cover the value of own shares, in order to limit the amount of reserves available for distribution