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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

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The electric control centre (Cecoel) is responsible for the operation and coordinated real-time monitoring of the generation and transmission facilities of the Spanish electricity system.

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This report shows a complete information about the activity of the company in 2006 and is supplemented by legal documentation (Corporate Governance Report and Consolidated Financial Statements).

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This report shows a complete information about the activity of the company in 2005 and is supplemented by legal documentation (Corporate Governance Report and Consolidated Financial Statements).

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This report shows a complete information about the activity of the company in 2004 and is supplemented by legal documentation (Corporate Governance Report and Consolidated Financial Statements).

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This report shows a complete information about the activity of the company in 2003 and is supplemented by legal documentation (Corporate Governance Report and Consolidated Financial Statements).

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This report shows a complete information about the activity of the company in 2007 and is supplemented by legal documentation (Corporate Governance Report and Consolidated Financial Statements).

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This report shows a complete information about the activity of the company in 2008 and is supplemented by legal documentation (Corporate Governance Report and Consolidated Financial Statements).