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.

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.

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.

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

This English translation is exclusively for information purposes and is based on the original, official document in the Spanish language, available in the Spanish version on the company´s web site.

This English translation is exclusively for information purposes and is based on the original, official document in the Spanish language, available in the Spanish version on the company´s web site.

The report on "Corporate Governance Report 2006" is in Adobe Acrobat PDF format. You can download the full report, available only in Spanish.

This Annual Corporate Governance Report for the 2007 fiscal year reflects the daily work of all of those in Red Eléctrica to incorporate corporate governance principles and practices into our daily organisational routine, both as regards the structure and functioning of governing bodies and our commitments and responsibilities to our shareholders and stakeholders.

This Annual Corporate Governance Report for the 2008 fiscal year reflects the daily work of all of those in Red Eléctrica to incorporate corporate governance principles and practices into our daily organisational routine, both as regards the structure and functioning of governing bodies and our commitments and responsibilities to our shareholders and stakeholders.