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About this report

Scope

This Report, which is the sixth annual document published by Telecinco, aims to report on the Group’s Corporate Responsibility commitments and refers to the period 1 January to 31 December 2010. This is the third year the report has been submitted to an external auditor for verifcation.

The Report covers the operations of the Telecinco Group in Spain since these operations are the most signifcant and representative of the business, with the limitation explained below:

As is explained in the chapter on the Telecinco Group, Sociedad General de Televisión Cuatro, S.A.U.(hereinafter Sogecuatro), the manager of the free television channel “Cuatro” has formed part of the Telecinco Group since 28 December. The data provided throughout this 2010 Corporate Responsibility Report relate to the Telecinco Group prior to the addition of Sogecuatro, as the inclusion of fgures related to companies added at the end of the year would not be representative of the development of the business. Consolidated information on the new Group will be contained in the 2011 Report.

The 2010 Corporate Responsibility Report, as in previous editions, is made available to stakeholders in a web-enabled format at Telecinco’s website (www.telecinco.es/ inversores/es), in Spanish and English.

International Standards

This Corporate Responsibility Report has been prepared following the Sustainability Reporting Guidelines published by the Global Reporting Initiative, version 3.0, known as G3.

Telecinco considers, and has received external review on the issue, that the Report fulfls the requirements of G3· Level A+ which means that it complies with G3 level A specifcations in

Standard Disclosures

Report Application Level

G3 Profle Disclosures

Report Externally Assured

Report on: 1.1 2.1-2.10 3.1-3.8, 3.10- 3.12

Report on all criteria listed for Level C plus: 1.2 3.9-3.13 4.5-4.13, 4.16- 4.17

Same as requirement for Level B

Not Required

Management Approach Disclosures for each Indicator Category

Management Approach Disclosures for each Indicator Category

Report on a minimun of 10 Performance ­Indicators, including at least one from eacho one: Economic, Social and Environmental

* Sector supplement in fnal version

Management Approach Disclosures for each Indicator Category

Report on each core G3 and Sector Supplement* Indicator with due regard to the Materiality Principle by either: ­ a) reporting on the Indicator or b) explaining the reason for its omission.

Report Externally Assured

Report Externally Assured A+

A

B+

C+

C

B

G3 Management Approach Disclosures

G3 Performance Indicators & Sector Supplement Performance Indicators

Output Output Output

terms of Profle, Management Approaches and Performance Indicators and has been submitted for external review.

Indicator Table sets out the pages and level of coverage aforded to the requirements, management approaches and indicators. If the key performance indicators have been omitted, an explanation is provided, taking into account the principle of materiality in each case.

For 2010progress has beenmadeon the reporting process, in an attempt to cover not only the key