MEDIASET 2015. FINANCIAL STATEMENTS AND MANAGEMENT REPORT

MEDIASET ESPAÑA COMUNICACIÓN, S.A.

Ernst & Young, S.L.

Torre Picasso

Plaza Pablo Ruiz Picasso, 1

28020 Madrid

España

Tel: 915 727 200

Fax: 915 727 238

Domicilio Social: Pl. Pablo Ruiz Picasso, 1. 28020 Madrid -

Inscrita en el Registro

Mercantil de Madrid al Tomo 12749, Libro 0, Folio 215, Sección 8, Hoja M-23123, Inscripción 116. C.I.F. B-78970506.

A member firm of Ernst & Young Global Limited.

Translation of a report and financial statements originally issued in Spanish. In the event of

discrepancy, the Spanish-language version prevails (See Note 22)

INDEPENDENT AUDIT REPORT ON THE FINANCIAL STATEMENTS

To the Shareholders of MEDIASET ESPAÑA COMUNICACIÓN, S.A.:

Report on the financial statements

We have audited the accompanying financial statements of MEDIASET ESPAÑA COMUNICACIÓN,

S.A., which comprise the balance sheet at December 31, 2015, the income statement, the statement of

changes in equity, the cash flow statement, and the notes thereto for the year then ended.

Directors' responsibility for the financial statements

The directors are responsible for the preparation of the accompanying financial statements so that they

give a true and fair view of the equity and financial position and the results of MEDIASET ESPAÑA

COMUNICACIÓN, S.A., in accordance with the regulatory framework for financial information

applicable to the Entity in Spain, identified in Note 2 to the accompanying financial statements, and for

such internal control as they determine is necessary to enable the preparation of financial statements

that are free from material misstatement, whether due to fraud or error.

Auditor's responsibility

Our responsibility is to express an opinion on the accompanying financial statements based on our

audit. We conducted our audit in accordance with prevailing audit regulations in Spain. Those standards

require that we comply with ethical requirements and plan and perform the audit to obtain reasonable

assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in

the financial statements. The procedures selected depend on the auditor’s judgment, including the

assessment of the risks of material misstatement of the financial statements, whether due to fraud or

error. In making those risk assessments, the auditor considers internal control relevant to the entity's

preparation of financial statements in order to design audit procedures that are appropriate in the

circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s

internal control. An audit also includes evaluating the appropriateness of accounting policies used and

the reasonableness of accounting estimates made by management, as well as evaluating the overall

presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for

our audit opinion.