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Accordingly:

31.12.10 31.12.09 Change

Net proft for the year (thousands of euros) 70,545 48,442 22,103

Number of shares outstanding 403,293,430 243,121,294 160,172,136

Basic earnings per share (euros) 0,17 0,20 (0,02)

24.2. Diluted earnings per share:

Diluted earnings per share are calculated by dividing the net proft or loss for the year attributable to ordinary shareholders adjusted for the efect attributable to the dilutive potential ordinary shares by the weighted average number of ordinary shares outstanding in the year, adjusted by the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares of the Company, For these purposes, the conversion is deemed to take place at the beginning of the year or on the date of issue of the potential ordinary shares if such shares had been issued during the reporting period.

Accordingly:

31.12.10 31.12.09 Change

Net proft for the year (thousands of euros) 70.545 48.442 22.103

Number of shares for calculating diluted earnings per share 401.104.292 242.802.131 158.302.161

Diluted earnings per share (euros) 0,18 0,20 (0,02)

25. Related party transactions

25.1. Transactions with associates and shareholders

Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this Note, Transactions between the Group and its associates are disclosed below, Transactions between the Company and its subsidiaries and associates are disclosed in the Company’s individual fnancial statements.

The Group’s accounts payable to and receivable from related parties are as follows:

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Gestevisión Telecinco, S.A. AND SUBSIDIARIES