Page 103 - eco_eng

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 Afected 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 minimise 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 informationa

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.

9.3.6. Brokerage

The Telecinco Group companies shall channel all trading in Company shares through a limited

number of market members. Prior to any trading the Company shall inform the CNMV in a confdential manner of the designated member and also of any replacement thereof. In the event that a framework agreement is executed with any market member governing treasury share dealing, a confdential copy thereof shall be furnished to the CNMV and to the stock exchange governing bodies.

9.3.7. Counterparty

The Telecinco Group companies shall refrain from buying or selling Company shares where the

counterparty is any of the following persons or entities: (i) Telecinco Group companies, (ii) the directors thereof, (iii) their signifcant shareholders, or (iv) interposed persons of any of the above. Similarly, the Telecinco Group companies may not simultaneously hold purchase and sale orders for Company shares.

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Financial Statements, Management and Corporate Governance Report. 2010