This report on compensation policy for the Directors of Red Eléctrica Corporación, S.A. (“Red Eléctrica” or “the Company") has been prepared in accordance with the provisions of the Corporate Bylaws and the Board Regulations.

The Corporate Governance Report is published every year in order to show the efforts of Red Eléctrica to introduce the best international principles and recommendations of good corporate governance and its practical implementation, both in the structure and functioning of the governing bodies of the Company and in regard to the commitments and responsibilities undertaken with its shareholders, investors, the markets and other stakeholders.

Red Eléctrica Corporation release its 2014 annual results and Strategic Plan 2014‐2019.

Red Eléctrica collaborates on this project supporting the organisations and people involved, who work tirelessly in an attempt to see this species flying over our countryside again. We want to help change their chances of survival.