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2005 share-based payments plan

2006 share-based payments plan

2007 share-based payments plan

2008 share-based payments plan

2009 share-based payments plan

No. of options 01/01/09 1,036,500 1,516,150 1,078,650 590,325 -Additions - - - - 319,163 Disposals 30,000 36,000 36,000 18,000 -No. of options 31/12/09 1,006,500 1,480,150 1,042,650 572,325 319,163 Granted to employees of the company 505,000 610,250 545,750 292,375 162,688 Granted to employees of the Group 501,500 869,900 496,900 279,950 156,475 Strike price 19.70€ 18.57€ 20.82€ 8.21€ 6.29€ Assignment date 27/07/05 26/07/06 25/07/07 30/07/08 29/07/09 Strike term: from 27/07/08 26/07/09 25/07/10 30/07/11 29/07/12 Strike term: to 26/07/10 25/07/11 24/07/12 29/07/13 28/07/14

The benefciaries of these plans are directors and executive directors of Group companies.

As a result of these plans, EUR 666 thousand were recognized in the 2010 income statement. In the 2009 income statement, as a result of these plans, EUR 656 thousand were recognized.

The increase in the value of investments in the Company due to the recognition of stock options granted to employees of the investees is as follows:

Thousands of euros

2010 2009

Publiespaña, S.A.U. 494 201 Agencia de Televisión Latinoamericana de Servicios y Noticias España, S.A.U. 73 85 Telecinco Cinema, S.A.U. 57 47

624 333

All the approved plans that remain in efect have a three-year accrual period and the given strike price, and, if applicable, are exercised through the delivery of the shares.

The most relevant assumptions used in the measurement are as follows:

2006 Plan 2007 Plan 2008 Plan 2009 Plan 20109 Plan

Strike 17.49 19.74 7.13 5.21 7.00 Yield on the share (dividend yield) 6% 6% 10% 5% 5,5% Volatility 22.5% 22.5% 27.5% 30% 50%

Pursuant to a resolution by the Company’s Board of Directors on 2 February 2011, all the strike prices of each of the share option plans were reestimated to ensure that the two capital increases carried out in 2010 had a neutral impact on the statistics of the exercise of each. This adjustment only afected the strike prices of each Plan, not the number of options originally granted.

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GESTEVISION TELECINCO, S.A.