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It is important to ofer information on the stock market scenario in 2010 in order to understand the company’s stock market performance. In this respect, 2010 was an irregular year, particularly in terms of the performance posted by diferent countries. If for the USA it was a positive year with the Dow Jones up +11%, in Europe, performance was not so clear. London and Amsterdam registered robust growth while in Milan and Madrid the annual trend was to sell. In particular, the IBEX35 recorded the worst performance of any European index, down -17% and approaching the levels seen at the end of 2008.

It is difcult to separate the performance of Telecinco’s share from that of other shares in the media sector and the performance of the Madrid stock exchange where double-digit falls were registered by all.

Within this context, it is necessary to evidence how the stock market performance of Telecinco’s shares was negatively afected by the delay in the approval of the acquisition of both Cuatro and 22% of Digital+ by the anti-trust authorities at both European and Spanish level.

The announcement of the transaction in December 2009 received a warm reception from the market until early April 2010, when there was a signifcant adjustment, coinciding with the extension of

the period for consideration by the anti-trust authorities. Also noteworthy was the fact that on 19 November that year a capital increase was arranged with preferential subscription rights for shareholders. The value of this right (calculated on the stock market value at close of business on 18 November) amounted to €0.90 which was deducted from the share value.

The capital increase amounted to €499,201,775 with the issue of 86,817,700 new shares, with a par value of €0.50, at a price of €5.75. By the end of subscription period, the issue was 9.3 times oversubscribed, bearing out its excellent reception by the market and turning the transaction into a success for the Group.

A second capital increase took place on 24 December through the exchange of shares in Sogecuatro amounting to €572,534,584.71 involving the issue of 73,401,870 new shares at a price of €7.80 with a par value of €0.50. Following the transactions the share capital of Telecinco amounts to €203,430,713, fully subscribed, and represented by 406,861,426 shares with a par value of €0.50.

As a result of the capital increases and including in the calculation all new shares issued (although trading of the shares issued on 24 December 2010 was not allowed by the CNMV until 27 January

Performance of General Stock Market Indices

INDE 21/12/2007 31/12/2008 21/12/2009 31/12/2010 % CAC 40 5,614.08 3,217.97 3,936.33 3,804.78 -3.3 DAX 8,067.32 4,810.20 5,957.43 6,914.19 16.1 FTSE 100 6,456.90 4,434.17 5,412.88 5,899.94 9.0 IBEX 35 15,182.30 9,195.80 11,940.00 9.859.10 -17.4 MIB 30 38,885.00 20,064.00 23,248.39 20,173.29 -13.2 EUROSTOXX 50 4,404.64 2,451.48 2,964.96 2,792.82 -5.8 DOW JONES 13,365.87 88,776.39 10,428.05 11,577.51 11.0 DOW JONES MEDIA 227.61 147.44 155.10 161.79 4.3

Corporate Responsibility 2010

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