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Thousand of Euros

Notes 2010 2009 CONTINUING OPERATIONS

Revenue 18 671,411 507,456 Sale of goods 663,989 498,897 Rendering of services 7,422 8,559 Changes in inventory of fnished goods and work in progress 18 (4,226) (794) Work performed by the entity and capitalized 6,716 8,018 Cost of sales (235,297) (203,324) Consumption of goods for resale 18 (235,297) (203,324) Other operating income 20,909 28,187 Ancillary income 20,909 28,187 Grants related to income - - Employee benefts expense (52,175) (49,792) Wages, salaries et al, (43,484) (40,937) Social security costs 18 (8,691) (8,855) Other operating expenses (133,310) (117,882) External services 18 (110,791) (105,446) Taxes (21,206) (11,041) Losses on, impairment of and change in trade provisions 10 (1,313) (1,395) Depreciation and amortization 5.6 (149,140) (141,067) Overprovisions 10,149 32,676 Impairment losses and gains (losses) on disposal of non-current assets== 11,312 7,027 Impairment losses and losses 5 11,328 7,099 Gains (losses) on disposal and other gains and losses 5 (16) (72) OPERATING PROFIT 146,349 70,505 Finance Income 73,723 57,285 From equity investments 68,900 50,473 In group companies and associates 19 68,900 50,473 From marketable securities and other fnancial instruments 4,823 6,812 Of group companies and associates 19 3,593 5,582 Of third parties 1,230 1,230 Finance Cost (2,654) (3,820) Borrowing from group companies and associates 19 (715) (1,305) Third-party borrowings (1,939) (2,515) Change in fair value of fnancial instruments 8 (825) (5,850) Trading portfolio and other securities (825) (850) Gains (Losses/Impairment) on available-for-sale fnancial assets for the period - (5,000) Exchange gains (losses) (171) 113 Impairment and gains (losses) on disposal of fnancial instruments (100,760) (63,823) Impairment losses and losses (100,768) (65,476) Gains (losses) on disposal and other gains and losses 7 8 1,653 RESULT (30,687) (16,095)

PROFIT BEFORE TAX 115,662 54,410 Income tax 15 (1,728) 14,051 PROFIT FOR THE PERIOD FROM CONTINUING OPERATIONS 113,934 68,461 DISCONTINUED OPERATIONS

Proft/ (loss) after tax for the year from discontinued operations - - PROFIT FOR THE YEAR 113,934 68,461

Income statement for the years ended 31 December 2010 and 2009

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

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GESTEVISION TELECINCO, S.A.