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Table of Contents
| INDEX | 2 |
| 1. MEDIASET ESPAÑA COMUNICACIÓN, S.A. | 4 |
| TABLE OF CONTENTS | 5 |
| BALANCE SHEETS AT 31 DECEMBER 2011 AND 2010 | 6 |
| INCOME STATEMENT FOR THE YEARS ENDED 31 DECEMBER 2011 AND 2010 | 8 |
| STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED 31 DECEMBER 2011 AND 2010 | 10 |
| CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2011 AND 2010 | 12 |
| NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2011 | 14 |
| THE SPANISH ECONOMY IN 2011 | 93 |
| 2. MEDIASET ESPAÑA COMUNICACIÓN, S.A. (FORMERLY GESTEVISIÓN TELECINCO, S.A.) AND SUBSIDIARIES | 106 |
| TABLE OF CONTENTS | 107 |
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2011 AND 2010 | 108 |
| CONSOLIDATED SEPARATE INCOME STATEMENT AT 31 DECEMBER 2011 AND 2010 | 110 |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME AT 31 DECEMBER 2011 AND 2010 | 111 |
| CONSOLIDATED STATEMENT OF CASH FLOW AT 31 DECEMBER 2011 AND 2010 | 114 |
| NOTES OF THE CONSOLIDATED FINANCIAL STATEMENT | 116 |
| MANAGEMENT REPORT FOR THE YEAR ENDED AT 31 DECEMBER 2011 | 188 |
| 3. ANNUAL CORPORATE GOVERNANCE REPORT | 202 |