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B. Section 9 of the in-house Code of Conduct of Gestevisión Telecinco, S.A. and its Group governing its dealings in the securities markets sets out the rules applicable to transactions in treasury shares, specifcally providing the following:

9.1. Defnition of treasury share transactions falling under the remit of the securities

market code of conduct

Transactions with treasury shares shall be deemed to be those engaged in with shares issued by Telecinco Group companies and derivative instruments whose underlying is the aforementioned shares.

These transactions may be undertaken:

a) Directly by the Company or by other Telecinco Group companies

b) Indirectly, through third parties with an explicit or implicit mandate.

c) By third parties without a mandate but acting to the same end.

9.2. Policy on treasury shares

Within the scope of the authorisation given at the General Meeting, the Company’s Board of Directors shall be responsible for drawing up specifc plans for the acquisition or disposal of treasury shares.

9.3. General principles guiding trading in treasury shares

Trading in treasury shares shall conform to the following principles:

9.3.1. Compliance with regulations

All Afected Persons are obliged to know and comply with the applicable internal regulations and

procedures.

9.3.2. Purpose

The overriding objective of trading in treasury shares is to provide investors with the adequate

market liquidity and depth for its securities and to minimise any possible temporary imbalances arising between market demand and supply, Under no circumstances shall trading be engaged in with a view to intervening in the free formation of prices.

9.3.3. Transparency

Transparency in dealings with the stock exchange supervisory and regulatory bodies in connection

with treasury share transactions shall be monitored.

9.3.4. Insider information

Under no circumstances may persons who have had access to insider information on the related

securities and instruments trade in treasury shares.

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Gestevisión Telecinco, S.A. AND SUBSIDIARIES