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Changes in the consolidation scope during the year ended 31 December 2010

On 28 December 2010, Telecinco acquired 100% of the shares of Sociedad General de TV Cuatro, S.A.U. through a non-monetary capital increase. This company is the owner of the following companies: Compañía Independiente de Noticias de Televisión, S.L., Sogecable Media, S.A.U. and Sogecable Editorial, S.A.U. (Note 9).

On the same date, the Company also acquired 22% of DTS, Distribuidora de Televisión Digital, S.A., which oversees the Prisa TV group’s pay TV business, for EUR 487,988 thousand (Note 10).

In July 2010, Telecinco capitalised 5,392 thousand US dollars (EUR 4,063 thousand) of loans to Pegaso, raising its investment in the company to 43.71% of its share capital.

In the frst quarter of 2010, the Company increased its ownership interest in Producciones Mandarina, S.L. temporarily to add a new partner. In this same period, Telecinco recovered a 30% stake in this company.

On 26 March, Advanced Media, S.A.U., a wholly owned subsidiary of Publiespaña, S.A.U., was dissolved and liquidated. This dissolution and liquidation did not have signifcant efect on the consolidated fnancial statements.

On 28 June, the investment in Publieci Televisión, S.A., also 50% owned by Publiespaña S.A.U., was sold for EUR 186 thousand. This amount was equal to the company’s equity at the date of the transaction.

Changes in the consolidation scope during the year ended 31 December 2009

The subsidiary, Bigbang Media, S.L., formerly known as Telecinco Factoría de Producción, S.L.U. (sole shareholder company) at year-end 2008 was fully consolidated as it was entirely owned by the Company. On 26 January 2009 it underwent a change of name and a capital increase was carried out, in which the Parent did not take part. Therefore the Parent’s ownership interest was reduced to 30% and since that date the company is consolidated using the equity method.

On 30 September 2009 Gestevisión Telecinco, S.A. sold its 60% ownership interest held in Cinematext Media S.A. and consequently, its ownership interest in Cinematext Media Italia S.r.L., to Subtiling Media, S.L. for EUR 2,287 thousand, which generated a capital gain recognised on the disposal or impairment of other fnancial assets in the separate income statement of EUR 1,099 thousand.

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Gestevisión Telecinco, S.A. AND SUBSIDIARIES