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 details the measures adopted by Red Eléctrica, beyond the legally established requirements, to reach a level of improved efficiency, transparency and quality in the execution of the functions carried out through their Corporate Governance structure.

This report details the measures adopted by Red Eléctrica, beyond the legally established requirements, to reach a level of improved efficiency, transparency and quality in the execution of the functions carried out through their Corporate Governance structure.

This report details the measures adopted by Red Eléctrica, beyond the legally established requirements, to reach a level of improved efficiency, transparency and quality in the execution of the functions carried out through their Corporate Governance structure.

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.

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.

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

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.