MEDIASET 2015. FINANCIAL STATEMENTS AND MANAGEMENT REPORT

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FINANCIAL STATEMENTS AND MANAGEMENT REPORT 2015

EVENTS AFTER THE REPORTING PERIOD

At the date of preparation of these financial statements, no significant events have occurred.

CAPITAL STRUCTURE

The Company’s share capital before the capital increases carried out in 2010 to acquire Cuatro and 22% of Digital+

amounted to 123,320,928.00 euros, made up of 246,641,856 shares of the same class represented by book entries and with

a par value of 0.50 euros each. As a result of the capital increases, the number of shares increased to 406,861,426 of 0.50

euros par value each, taking the total to 203,430,713 euros. In 2015, a capital decrease of 40,686,142 securities took place,

leaving share capital represented by 366,175,284 shares.All the shares are of the same class and represented by book entries.

The Company’s shares are listed on the Madrid, Barcelona, Bilbao, and Valencia stock exchanges. The ISIN code is

ES0152503035.

Mediaset España Comunicación, S.A. is a member of the IBEX 35 since January 3, 2005.

BUSINESS OUTLOOK

Our business is mainly dependent on advertising, which in turn is closely and directly linked to private consumption

trends and its perspectives, as well as disposable family income and unemployment figures. However, a perspective on

how these variables interact must be based on a sufficient period of time; otherwise, results can be misleading.

It therefore seems superfluous to mention that our Company’s business in 2016 cannot be extracted from the current

macroeconomic environment in which we operate, as well as the correlated figures; we have explained that the economic

data for 2015 clearly indicate that Spain is back on track and growing, at the fastest rate in our

must

remember, however, that we started out from a worse situation than similar countries, as the impact of the crisis in Spain

was comparatively much more devastating, and that the growth is also attributable to external factors (such as the ECB’s

monetary policies, the price of oil, etc.) the duration of which are not foreseeable.

Authorized economic forecasts consider that the Spanish GDP will reflect a slightly slower growth than during 2015:

should predictions prove to be correct, it will be around 3%, and perhaps a bit higher when discussing private consumption,

which is the most relevant indicator for open-air TV.

However, at least two factors hovering over the 2016 economic scenario make it necessary to take a cautious view: the

volatility of the financial markets, and the crises underway in emerging countries, which pushed the price of raw materials

which support their economies downward towards historical minimums. In both cases, these are elements which are

quite destabilizing which, at the date of preparation of these financial statements, in terms of probabilities does not seem

capable of precipitating a new recession; indeed, they will be present for some time, foreseeably until supply and demand

are balanced, especially that of oil.

Developments in China and the determination of whether or not it will be able to make a soft landing during its

transition to an economic model based on infrastructures and exports to another based on consumption will without

a doubt be one of the axes determining world economics in 2016.

Finally, we must not forget the current political environment in Spain, and the need for a stable government to be

formed as soon as possible, with sufficient parliamentary support so as to move forward with growth during recent

years: although consolidated, it has not been sufficient to resolve the basic economic issues left behind by the 2008-2013

economic crisis.The underlying issues of Spain’s unemployment and public deficit may or may not last, especially in such

a turbulent global economic

expect and hope that these thorny issues be resolved as soon as possible, and

that we can continue on the road to growth without encountering any further bumpy patches.