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Thousand of Euros

ASSETS Notes 2010 2009 NON-CURRENT ASSETS 1,596,589 572,388

Intangible assets 6 154,596 163,634 Patents, licenses and trademarks 215 245 Software 2,101 2,465 Audiovisual property rights 152,280 160,924 Property, plant and equipment 5 44,761 45,328 Land and buildings 28,569 29,869 Plant and other PP&E itemsl 12,671 14,749 Property, plant and equipment under construction and prepayments 3,521 710 Investment in group companies and associates 7 1,280,219 260,353 Equity instruments 1,164,422 83,229 Loans to companies 8 115,797 177,124 Financial investments 8 5,683 3,153 Equity instruments - 1,913 Loans to third parties 674 1,159 Derivatives 5,000 - Other fnancial assets 9 81 Deferred tax assets 15 111,330 99,920 CURRENT ASSETS 339,320 228,279 Inventories 9 2,285 6,557 Finished products 2,005 6,231 Prepayments to suppliers 280 326 Trade and other receivables 8,10 155,576 144,151 Trade receivables 7,435 11,119 Trade receivables from group companies and associates 19 147,083 127,314 Other receivables 5 5 Receivables from employees 54 53 Current income tax assets 15 999 5,660 Investments in group companies and associates 8 117,482 64,136 Loans to companies 27,408 24,147 Other fnancial assets 90,074 39,989 Financial investments 8 26,587 1,556 Loans to companies - 983 Derivatives 332 3 Other fnancial assets 26,255 570 Other current assets 11 9,856 10,792 Cash and cash equivalents 12 27,534 1,087 Cash surpluses 27,534 1,087

TOTAL ASSETS 1,935,909 800,667

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

Balance sheets at 31 December 2010 and 2009

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GESTEVISION TELECINCO, S.A.