Evolution of the Share Capital

At 31 December 2009 and December 31, 2008 the Company's share capital was represented by 246,641,856 fully subscribed and paid shares of EUR 0.5 par value each, traded by the book-entry system.
All the Parent's shares carry the same rights.

Gestevisión Telecinco approved at the Annual General Meeting held on March 29, 2004, a series of points regarding the share capital of the company. Since that date, there have not been any additional changes to the referred agreements.
The agreements adopted at the Annual General Meeting held on March 29, 2004 relative to the share capital were the following:
•  I. An increase of the share capital (then 92,520,872.88 Euros) by 31,005,590 Euros with an issue premium of 225,153,711 Euros through the issuance of 5,159,000 common shares, each of a par value of 6,01 Euros.  
The exchange value of this capital increase was a non-monetary consideration consisting of all the shares of PUBLIESPAÑA S.A., which were owned by the shareholders of TELECINCO in the same proportion as their holdings in TELECINCO's share capital. Thus, PUBLIESPAÑA, formerly a sister company of TELECINCO, became a fully-owned subsidiary of TELECINCO. This transaction aimed to integrate both companies, which in fact were already operating as a single business entity, ahead of the flotation of the resulting organization.
After this reorganization, TELECINCO's share capital was fixed at 123,526,462.88 Euros representing 20,553,488 shares, each of a par value of 6.01 Euros.
This capital increase was recorded through a public deed made on 4 May 2004 before the Madrid-based public notary Miguel Ruiz-Gallardon Garcia de la Rasilla, under the record number 3,414, and registered in the Madrid Corporate Registry on 18 May 2004.
•  II. A decrease of the share capital by 205,534.88 Euros, in order to round off the par value of each of the 20,553,488 shares of the company from 0.61 to 6.00 Euros. After this decrease (charged to voluntary reserves), the share capital was established at 123,320,928 Euros.
•  III.  A split of each share in 12 new shares through a reduction of the par value of each of these shares from 6 Euros to 0.50 Euros, maintaining the share capital unaltered. As a result, the total number of shares of the company increased from 20,553,488 shares to 246,641,856.
 
The agreements referred to in items II and III above were recorded through public deed made on 24 May 2004 before the Madrid-based public notary Miguel Ruiz-Gallardon Garcia de la Rasilla, under the record number 4,307, and registered in the Madrid Corporate Registry on 31 May 2004.