This report has been prepared in accordance with the remuneration policy for REC directors, approved by the AGM on 2019, and in accordance with the provisions of the Articles of Association and the Regulations of the Board of Directors.

The report describes, beyond the established statutory requirements, the measures taken by the Company to achieve greater transparency and efficiency in the performance of the functions of the governing bodies and includes those aspects that are considered relevant in improving good governance of the Company.

This report on remuneration 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 report describes, beyond the established statutory requirements, the measures taken by the Company to achieve greater transparency and efficiency in the performance of the functions of the governing bodies and includes those aspects that are considered relevant in improving good governance of the Company.

Red Eléctrica continues to implement policies and procedures that ensure diversity and a reasonable balance within the Board of Directors so that it may adequately execute and perform its mission.

This report on remuneration 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 report describes, beyond the established statutory requirements, the measures taken by the Company to achieve greater transparency and efficiency in the performance of the functions of the governing bodies and includes those aspects that are considered relevant in improving good governance of the Company.

Red Eléctrica continues to implement policies and procedures that ensure diversity and a reasonable balance within the Board of Directors so that it may adequately execute and perform its mission.