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The accompanying Notes 1 to 26 are an integral part of this consolidated fnancial statement at 31 December 2010.

CONSOLIDATED SEPARATE INCOME STATEMENT AT 31 DECEMBER 2010 AND 2009

(Thousands of euros)

31/12/10 31/12/09 INCOME

Revenue (Note 23.1) 837,801 633,555 Sales 848,070 630,113 Discount and volume rebates (40,332) (29,506) Revenue from the rendering of services 30,063 32,948 Other operating incomes 17,260 22,705 Total operating income 855,061 656,260

EXPENSES

Decrease in inventories of fnished goods and work in progress 4,226 794 Procurements 234,656 181,243 Staf costs (Note 23.2) 89,884 79,541 Amortisation of audiovisual property rights 144,522 161,455 Depreciation and amortisation charge 7,967 7,202 Change in operating provisions (Note 23.3) 662 395 Other expenses (Note 23.4) 153,703 102,849 Total operating expenses 635,620 533,479

Proft from operations 219,441 122,781 Net fnance income/expense (Note 23.6) 3,452 3,095 Exchange diferences(Nota 23.7) (393) 106 Result of companies accounted for using the equity method (Note 10) (176,798) (119,214) Impairment losses of other fnancial assets (Note 11) (9,245) (5,025) Gains (losses) on disposals of non-current assets 43 1,106 Proft before tax 36,500 2,849 Income tax (Note 19.4) (22) (24,138) Proft for the year 36,522 26,987 Attributable to:

Shareholders of the Parent 70,545 48,442 Minority interests (34,023) (21,455) Earnings per share (Note 24.1) 0.17 0.20 Diluted earnings per share (Note 24.2) 0.18 0.20

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Gestevisión Telecinco, S.A. AND SUBSIDIARIES