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DIVIDENDS

On 10 March 2010, the Company paid a dividend against 2009 proft of EUR 48,440 thousand.

INVESTMENT IN RIGHTS AND FILM PRODUCTION

Telecinco maintained its policy of investing in audiovisual broadcasting rights in 2010, carefully selecting the type of rights and content in order to maintain audience fgures in the future and provide the most fertile ground for the advertising business. Gestevisión Telecinco, S.A. placed special emphasis once again on investment in Spanish series.

Worth highlighting were the activities undertaken by Telecinco Cinema, S.A. (formerly Estudios Picasso S.A.), a wholly owned subsidiary of Gestevisión Telecinco, S.A. charged with flm production under the legal requirement of TV concessionaires to earmark 5% of operating revenue for Spanish and European flm production.

As investment in flm production arises from a legal obligation and not a decision made freely by the network, Telecinco has opted for quality and ambitious projects based on global strategic criteria guiding its activity in this feld. Where possible, it opts for productions of a certain size and scope that are apt for international showing.

In short, the aim is to combine talent, proftability and opportunities efciently for our brightest and most promising professionals in order to maximise the return on investment, considering that the activity is not voluntary, and to produce flms that bring together quality and commercial appeal under the network’s logo.

In the frst part of 2010, the Group recognised the ticket revenues from critically acclaimed flms premiering at the end of 2009 that were also box ofce hits (e.g. Agora, “Spanish Movie”, Celda 211). In the rest of the year, the company worked on investment projects that met the criteria of scale, distribution and sale potential indicated above.

INTERNET

The Group considers Internet a strategically important current and future activity.

Telecinco.es wants to become a web with its own personality and identity, with content close to users and coordinated with the Group’s most recognisable formats.

Telecinco is one of the most viewed websites in the media industry.

Also noteworthy is the production of exclusive Internet content.

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GESTEVISION TELECINCO, S.A.