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MEDIASET ESPAÑA COMUNICACIÓN, S.A.
B. Section 9 of the in-house Code of Conduct of Mediaset España Comunicación,
S.A. and its Group governing its dealings in the securities markets sets out
the rules applicable to transactions in treasury shares, specifically providing
the following:
9.1. Definition of treasury share transactions falling under the remit of the securities market
code of conduct
Transactions with treasury shares shall be deemed to be those engaged in with shares issued by Telecinco
Group companies and derivative instruments whose underlying is the aforementioned shares.
These transactions may be undertaken:
a) Directly by the Company or by other Mediaset España Group companies.
b) Indirectly, through third parties with an explicit or implicit mandate.
c) By third parties without a mandate but acting to the same end.
9.2. Policy on treasury shares
Within the scope of the authorization given at the General Meeting, the Company’s Board of Directors
shall be responsible for drawing up specific plans for the acquisition or disposal of treasury shares.
9.3. General principles guiding trading in treasury shares
Trading in treasury shares shall conform to the following principles:
9.3.1. Compliance with regulations
All Affected Persons are obliged to know and comply with the applicable internal regulations and
procedures.
9.3.2. Purpose
The overriding objective of trading in treasury shares is to provide investors with the adequate
market liquidity and depth for its securities, and to minimize any possible temporary imbalances
arising between market demand and supply. Under no circumstances shall trading be engaged in with
a view to intervening in the free formation of prices.
9.3.3.Transparency
Transparency in dealings with the stock exchange supervisory and regulatory bodies in connection
with treasury share transactions shall be monitored.
9.3.4. Insider information
Under no circumstances may persons who have had access to insider information on the related
securities and instruments trade in treasury shares.
9.3.5. Neutrality in price formation
Intervention shall be neutral and under no circumstances may a dominant position be held in the
market.