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B) Statement of changes in equity for the years ended 31 December 2010 and 2009

Read with the attached explanatory notes. Madrid, 23 February 2011.

Thousand of Euros

Issuel Capital

Share Premium

Legal Reserve

Reserves for share option plans

Reserves

Treasury shares and equity inves-tments

Proft for the year

TOTAL

ADJUSTED BALANCE AT 1 JANUARY, 2009

123,321 37,013 24,664 10,500 109,071 (57,813) 269,222 515,978

Total recognized income and expense

- - - - - - 68,461 68,461

Transactions with shareholders and owners

Proft distribution - - - - 58,949 - (269,222) (210,273)

Transactions with shares or own equity instruments (net)

- - - - - (2,921) - (2,921)

Incentive plans through share-based payments

- - - 987 - - - 987

Other changes in equity - - - - - - - - ADJUSTED BALANCE AT 31 DECEMBER 2009

123,321 37,013 24,664 11,487 168,020 (60,734) 68,461 372,232

ADJUSTED BALANCE AT 1 JANUARY 2010

123,321 37,013 24,664 11,487 168,020 (60,734) 68,461 372,232

Total recognized income and expense

- - - - - - 113,934 113,934

Transactions with shareholders and owners

Proft distribution - - - - 20,021 - (68,461) (48,440)

Capital increase 80,110 1,028,338 - - - - - 1,108,448

Transactions with shares or own equity instruments (net)

- - - - - - - -

Incentive plans though share-based payments

- - - 1,290 - - - 1,290

Others - - - - - (24,011) - (24,011)

Other changes in equity - - - - - - - - ADJUSTED BALANCE AT 31 DECEMBER 2010

203,431 1,065,351 24,664 12,777 188,041 (84,745) 113,934 1,523,453

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GESTEVISION TELECINCO, S.A.