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1. Objects of the Gestevisión Telecinco, S.A.

Group companies

GESTEVISIÓN TELECINCO, S.A. - PARENT

Gestevisión Telecinco, S.A. (the Company), domiciled at the Carretera de Fuencarral to Alcobendas No. 4, 28049 Madrid, was incorporated as a public limited company on 10 March 1989.

The Company is devoted to the indirect management of Servicio Público de Televisión, currently operated under four diferent channels: Telecinco, Siete, Factoria de Ficción, and Boing. The licenses to operate these channels were granted as follows:

Based on the terms of the concession granted by the government as per the General Communications Secretary’s resolution of August 28, 1989, as well as a concession contract ratifed by public deed on 3 October, 1989, as well as the transactions resulting from these arrangements.

This agreement was renewed for ten years from 3 April 2000 by virtue of a Council of Ministers’ resolution dated March 10, 2000.

A Council of Ministers’ resolution of 25 November 2005 extended this concession agreement as well as those of other national concessionaires to include three DTT (digital terrestrial television) channels.

A Council of Ministers’ resolution of 26 March 2010 renewed this concession for an additional ten years. The Company has made all the investments required to start digital transmissions pursuant to Royal Decree 2169/1998, of 9 October, which approved the Spanish National Technical Plan for Digital Terrestrial TV. Without prejudice to the above and in conformity with Transitional Provision Two of the Audiovisual Law, on 3 May 2010 the Company requested that the concession be changed to a license to ofer an audiovisual communication service. Under the Council of Ministers’ resolution of 11 June 2010 the concession became a 15-year license to ofer an audiovisual communication service. This license is automatically renewable for the same period provided the Company meets the requirements of Article 28 of the Audiovisual Law 7/2010, of 31 March.

Since the analogical blackout on 3 April 2010 (when analogical broadcasts ended), and by virtue of Additional Provision Three of Royal Decree 944/2005 on 4 May 2010, the Company has access to a multiple digital license with national coverage, which increases the channels it manages to four.

Per Article 4 of its bylaws, the Company was incorporated for an indefnite period.

Consolidated statement of fnancial position at 31 december 2010 and 2009

(Thousands of euros)

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Gestevisión Telecinco, S.A. AND SUBSIDIARIES