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

CONSOLIDATED STATEMENT OF CASH FLOW AT 31 DECEMBER 2010 AND 2009

(Thousands of euros)

31/12/10 31/12/09 CASH FLOWS FROM OPERATING ACTIVITIES

Net proft before tax 36,500 2,849 Adjustment for:

Amortisation of audiovisual property rights (Note 8) 144,522 161,455

Depreciation and amortization charge (Note 6 and 7) 7,967 7,202

Result of companies accounted for using the equity (Note 10) 176,798 119,214

Change in provisions for contingencies and charges 10,658 (42,545)

Proceeds from disposal of non current assets (43) (1,106)

Net fnance income (Note 23.6) (3,452) (3,095)

Net exchange diferences (Note 23.7) 393 (106)

Disposals other assets 2,634 3,503

Impairment of other fnancial assets 9,245 5,025

Profts from operations before changes in working capital 385,222 252,396 Change in operating assets and liabilities net of the impact of acquisition of new investments

Inventories 4,271 653

Accounts receivable 14,032 15,006

Other current assets 4,831 (3,987)

Account payables 2,816 (6,071)

Other current liabilities 13,293 (17,899)

Change in provisions (32,735) 8,965 Cash fows from operating activities 391,730 249,063

Taxes paid at sources (25,190) (15,737)

Net cash fows from operating activities (A) 366,540 233,326

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Gestevisión Telecinco, S.A. AND SUBSIDIARIES