Red Electrica Corporacion : The Board of Directors, at its meeting held on 31 January 2017 has appointed, by co-optation Mr. Arsenio Fernández de Mesa y Díaz del Río as an independent director of Red Eléctrica Corporación, S.A.

COMISIÓN NACIONAL DEL MERCADO DE VALORES

Área de Mercados C/Edison, 4

28006 Madrid

Madrid, 31 January 2017

Dear Sirs:

In accordance with the provisions of article 82 of the Ley del Mercado de Valores [Securities Market Law], I attach hereto the following relevant fact concerning Red Eléctrica Corporación, S.A.:

The Board of Directors, at its meeting held on 31 January 2017 has appointed, by co-optation Mr. Arsenio Fernández de Mesa y Díaz del Río as an independent director of Red Eléctrica Corporación, S.A., until the next General Shareholders' meeting, in order to fill the vacancy in the Board of Directors arising from the resignation of independent director Mr. Agustín Conde Bajén, which was accepted by the Board of Directors on 29 November 2016.

Yours sincerely,

Signed: Rafael García de Diego Barber Secretary-General and Secretary of the Board of Directors