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Group companies and associates 17,006 97,839

Intangible assets 136 -

Property, plant and equipment 5 45 203

Other fnancial assets 2,470 17,089

Other assets - 337 CASH FLOWS FROM INVESTING ACTIVITIES (714,196) (96,412) Cash fows from fnancing activities 493,707 (2,921)

Proceeds from and payments on equity instruments (+) 13 493,707 -

Acquisition of own equity instruments (-) - (2,921) Proceeds from and payments of fnancial liabilities (709) 16,217

Issues 8 29,511 60,603

Bank borrowings (+) 29,511 60,603

Other borrowings (+) - - Repayment and redemption of (30,220) (44,386)

Bank borrowings (-) (29,930) -

Payable to group companies and associates (-) - (44,034)

Other borrowings (-) (290) (352) Dividends paid and payments on other equity instruments (48,440) (210,273)

Dividends (-) (48,440) (210,273)

Payments on other equity instruments (-) - - CASH FLOWS FROM FINANCING ACTIVITIES 444,558 (196,977) NET FOREING EXCHANGE DIFFERENCE - - NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS 26,447 (22,969)

Cash and cash equivalents at 1 January 12 1,087 24,056

Cash and cash equivalents at 31 December 12 27,534 1,087

Read with the attached explanatory notes. Madrid, 23 February 2011.

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GESTEVISION TELECINCO, S.A.