Page 202 - eco_eng

CAPITAL STRUCTURE

The Company’s share capital before the capital increases carried out to acquire Cuatro and 22% of Digital+ amounted to EUR 123,320,928,00 Euros, made up of 246,641,856 shares of the same class represented by book entries and with a par value of EUR 0,50 each, As a result of the capital increases, the number of shares increased to 406,861,426 of EUR 0,50 par value each, taking the total to EUR 203,430,713, All the shares are of the same class and represented by book entries.

The Company’s shares are listed on the Madrid, Barcelona, Bilbao and Valencia stock exchanges, The ISIN code is ES0152503035.

Gestevisión Telecinco, SA is a member of the IBEX 35 since 3 January 2005.

BUSINESS OUTLOOK

The Company’s business in 2011 will evidently be shaped by the overall macroeconomic environment, As discussed briefy in this Management Report, this year is likely to be one of transition, with no major economic rebound in the cards.

Against this backdrop and with the Cuatro acquisition complete, the advertising strategy will focus on boosting prices and raising market share, As for audience, Telecinco’s aim is to remain the leader among commercial networks and keep the highest viewer rating for its entire set of channels, In both cases, the efcient integration of Cuatro’s business into the Group’s activities is a priority for 2011.

Other main objectives include maintaining a solid fnancial and equity position, and reinforcing the Internet business strategy.

RESTRICTIONS ON VOTING RIGHTS

There are no legal or bylaw stipulated restrictions on exercising voting rights. Each share carries one vote.

SHAREHOLDER AGREEMENTS

Shareholder agreements in force are those included in “Signifcant Event” notices fled by the Company with the National Securities Exchange Commission (CNMV) on 8 February 2011, as follows:

Through this communication we inform of the clauses restricting the transfer of shares or relating to the exercise of the right to vote at the General Meetings that are included in the Integration Agreement and the Option Agreement entered into between Telecinco, TV Prisa, SAU (“Prisa TV”) and Promotora de Informaciones, SA (“Prisa”), as listed and described in Telecinco Prospectus approved and registered by the National Securities Market dated 18 November 2010 and January 25, 2011 (the “Prospectus):

202

Gestevisión Telecinco, S.A. AND SUBSIDIARIES