9m11 results presentation (january – september)

1

Madrid, October 27th 2011

9M11 results presentation(January – September)

2

5.4%

9.2%

11.6%

30.3%

43.5%

7.9

10.5

16.0

16.8

22.5

26.3

9M10 9M10Pro-forma* Var % Reported

TOTAL NET REVENUES 731.6 851.3 -14.1% 622.4Total operating costs 587.3 702.6 -16.4% 453.3Recurring EBITDA adj** 144.3 148.7 -3.0% 169.1Recurring EBITDA margin 19.7% 17.5% 27.2%EBIT 120.1 145.6 -17.6% 166.9EBIT margin 16.4% 17.1% 26.8%

NET PROFIT 107.7 16.9 n.a. 32.2NET PROFIT ADJ.*** 113.7 105.9 7.3% 121.2EPS adj. 0.279 €

Net cash position -83.7 -82.5

9M11

9M11 financial highlights

* Pro-forma consolidated P&L accounts under IFRS of Telecinco’s Group and Sogecuatro’s Group**Recurring EBITDA Adj, includes TV rights consumption and exclude one-off items*** Adjusted Net profit excludes all impacts from non cash items like PPA amortization (both on Sogecuatro and Endemol)

GROUPGROUP

Recurring EBITDA margin up to 19.7% thanks to the Group’s strong cost control policy

(€million)

Others

Antena3 Group

Sexta Group

FORTA

RTVE

Antena3 Group

Sexta Group

FORTA

Others

Source: Kantar Media, InfoadexData: January 1st – September 30th 2011

4

26.4

16.8

7.7

22.4

YearYear 2011*, 2011*, total total dayday, total , total individualsindividuals, by TV , by TV groupsgroups

Mediaset España’s offer has accumulated a 26.4% audience sharein 2011. The group leads with 4.0 points more than RTVE and 9.6 withrespect to A3 (the 2nd place commercial offer).

Source: Kantar Media*Data: Average January 1st –October 24th 2011

BROADCASTINGBROADCASTING

Group MediasetEspaña

Group Antena3 Group La Sexta RTVE

5

28.7

17.7

9.6

19.7

Mediaset España has consolidated its leadership within the commercialtarget and has improved its results by 2.3 points (vs the total individualsshare) and reaches 28.7%. Amplifying the distance with A3.


Source: Kantar Media*Data: Average January 1st – October 24th 2011

YearYear 2011*, 2011*, total total dayday, , commercialcommercial targettarget, by TV , by TV groupsgroups

Group MediasetEspaña

Group Antena3 Group La Sexta RTVE

6

14.2

11.3

6.25.8

10.1

14.5

Telecinco is the leading commercial channel in 2011 with 14.2% of audienceshare, almost 3 points above A3. Cuatro is also outperforming La Sexta.



YearYear 2011*, 2011*, total total dayday, total , total individualsindividuals

Telecinco Antena 3 Cuatro La Sexta FORTA LA 1

7

14.1

11.5

7.77.2

7.7

12.6

Telecinco is the leading commercial channel with 14.1% share. Outperforming A3 by 2.6 points, and La1 by 1.5 points. Cuatro increases its advantage over La Sexta by half a point (0.5)



YearYear 2011*, 2011*, total total dayday, , commercialcommercial targettarget

Telecinco Antena 3 Cuatro La Sexta FORTA LA 1

8

Mediaset España channels have a complementary strategy in their line-up. Eachchannel targets different viewers with alternative kind of programs.

MediasetMediaset EspaEspañña Prime Time a Prime Time lineline--up, up, SeptemberSeptember’’1111

MondayCSI

Foreign fiction

UNO PARA GANAR

Game show

LA QUE SE AVECINA SÁLVAME: DELUXE CINE:EL CLIENTE MALCOM

Foreign Sitcom

TuesdayHOMICIDIOS FALLING SKIES THE CLOSER CONEXIÓN SAMANTA

ReportajesCINE:EL DÍA DE LA BODA MALCOM / VIVIENDO CON

DEREK

WednesdayTIERRA DE LOBOS GRANJERO BUSCA ESPOSA

RealityAÍDA DEBATE:AVENTURA EN EL

BOSQUEReality

CALLEJEROS:VIAJEROSDocu-show

MALCOM / VIVIENDO CON DEREK

ThursdayACORRALADOS

Reality

MENTES CRIMINALES MEDIUM CALLEJEROS:VIAJEROS

Docu-show

TU ESTILO A JUICIO

Docu Reality

MALCOM / VIVIENDO CON DEREK

FridaySÁLVAME: DELUXE

Talk show

SUPERNANNY

Docu-show

CHEERS UNO PARA GANAR SEXO EN NY CINE:HÉROE A RAYAS

SaturdayLA NORIA

Actualidad

CINE CUATRO:HELLBOY 2 C.S.I MIAMI ACORRALADOS

Reality

CONEXIÓN SAMANTA

Reportajes

DOCTOR WHO

SundayTÚ SÍ QUE VALESConcurso-reality

PEKÍN EXPRESSReality

MENTES CRIMINALES LA NORIAActualidad

ME CAMBIO DE FAMILIADocu-show

DOCTOR WHO

National Fiction Actualidad Kids programs

Reality Movies Docu-show

Foreign fiction Foreign fiction

Foreign fictionForeign fiction

Foreign fiction

Foreign fiction

Foreign fiction

Foreign fiction

Game show

Game showNational Fiction

National Fiction

National Fiction

National Fiction

National Fiction

Talk show

Talk show

Foreign Sitcom

Foreign Sitcom

Foreign Sitcom

Foreign Sitcom

Foreign Sitcom

Movies

Movies

Movies

Movies


MES multi-channel program grid strategy

9

6.66.5

7.3

6.3

5.85.5

5.14.44.3

6.9

5.9

6.7

5.2

5.4 5.65.2

5.2 5.2

5.95.6

4

5

6

7

8

Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11

Mediaset españa’s emerging channels, are leading with a clear positive trend in the last year (+69%)


The aggregate audience of Mediaset españa’s 2G channels at 6.6% share in October 2011

Average audience

2011*

5.9

5.6-0.9

+1.0

Launch of a new channel: Divinity

*

Source: Kantar MediaData: Total individuals 24h audience•Average January 1st – October 24th 2011** Average October 1st - 24th

11

0.4%

8.8%

6.2%

7.4%

47.5%

29.7%

3,4403,688

1,6351,767

The advertising market

ADVERTISINGADVERTISING

9M10 9M11

-6.7%

Total Advertising Market

Total TV Advertising Market

Advertising market

Source: INFOADEX

9M11 vs 9M10 performance by media

Internet

Radio

External

Television

Press/ Magazines

Cinema 0.5%

Internet

Radio

External

Television

Press/ Magazines

Cinema

-7.5%

9M11 market

share per media

(€million) -3.5%

-2.1%

+11.5%

-10.3%

-7.5%

8.5%

-10% -5% 0% 5% 10%

1

Internet

Radio

External

Television

Press/ Magazines

Cinema

12

43.3%

44.1%

43.5%

In 3Q11 MES increases its market share vs the first half of the year

Market share


Source: Infoadex

1H11 3Q11

+0.8pp

9M11

+0.2pp

139M11 Advertising revenues


Mediaset España multiplexes** advertising revenues

Reported Pro-forma*

Audience Seconds GRP (20”) C/GRP’s Revenues

Telecinco + NSF 19.0% + 6.4% +5.5% +1.0% - -

Cuatro 6.2% -13.0% -4.2% -18.0% - -

Boing 1.1% +100% +100% +100% - -

Group 26.3% +4.8% +7.7% -3.1% -7.7% €706.7m -11.3%

Commercial Strategy**, 9M2011

Source: Kantar Media and Publiespaña* Pro-forma consolidated P&L accounts under IFRS of Telecinco’s Group and Sogecuatro’s Group**Data: Telecinco, Cuatro, Boing and NSF (Factoria de Ficcion, La Siete, Divinity and Gran Hermano 24h)

(€million) 572.9706.7

796.2

9M10 9M10 9M11

14

-11.2

-11.0

-10.8

-9.8

-6.1

-3.2

16.3

Sector’s evolution in 9M11


FoodRetail

Telecoms

Other

Food

Health & Beauty

Other

Health & Beauty

FinanceTelecoms

Retail

Automotive

Automotive

Finance

Source: PUBLIESPAÑA

Sector Breakdown (% on total Adv sales)

Sector Growth (9M11 vs. 9M10)

TV advertising market by sectors

11.2

21.4

19.5

20.4

8.9

10.1

8.4

16

9M10 9M10Pro-forma* Reported

Total net revenues 731.6 851.3 -14.1% 622.4

Total recurring costs 587.3 702.6 -16.4% 453.3 Personnel 76.6 83.7 -8.6% 58.8 TV Rights Amortisation 160.0 158.7 0.8% 101.4 Other Operating Costs 350.8 460.1 -23.8% 293.1 Recurring EBITDA adj (1) 144.3 148.7 -3.0% 169.1

Non recurring costs 12.7 -5.0 n.a. -5.0EBITDA adj (1) 131.6 153.7 -14.4% 174.2

PPA Amortisations (Provisional) 6.0 - n.a. - Amortisations & Depreciations 5.5 8.1 -31.9% 7.3 EBIT 120.1 145.6 -17.6% 166.9

Pre-Tax Profit 130.4 -20.4 n.a. 1.3

Net Profit Reported 107.7 16.9 n.a. 32.2 EPS 0.265 €Net Profit Adjusted (2) 113.7 105.9 7.3% 121.2 EPS adjusted 0.279 €

Recurring EBITDA adj/ Total net revenues 19.7% 17.5% 27.2%EBITDA adj/ Total net revenues 18.0% 18.1% 28.0%EBIT/ Total net revenues 16.4% 17.1% 26.8%NET PROFIT Reported/ Total net revenues 14.7% 2.0% 5.2%NET PROFIT Adjusted/ Total net revenues 15.5% 12.4% 19.5%

9M11 VAR %

9M11 Consolidated Financial Results

FINANCIAL RESULTSFINANCIAL RESULTS

* Pro-forma: consolidated P&L accounts, under IFRS, of Telecinco’s and Sogecuatro’s Groups(1) Post-TV rights amortization(2) Excluding the net impact of non cash items like: the PPA amortization of Sogecuatro and of Endemol

(€million)

17

710.7592.9 605.6592.9 605.6

705.6

-117.8 +5.1

-22.5

9.4

+12.7

Pro-forma*9M10 costs

One-off9M10

Recurring9M10 costs

Operatingcosts'

savings &synergies

Recurring9M11 costs

One-off9M11

Total costs9M11

Cost reduction in 9M11


The Cuatro integration continues giving benefits in the 9M11Recurrent** costs’ strong reduction by 16.6% to €592.9m

-16.6%

*Pro-forma: consolidated P&L accounts, under IFRS, of Telecinco’s and Sogecuatro’s Groups** Costs not including PPA amortization and other amortization and depreciations(€million)

18

9M10Reported

Initial Cash Position -28.0 -156.0

Free Cash Flow 56.9 185.4

Cash Flow from Operations 285.4 279.6

Net Investments -200.6 -121.0

Change in Net Working Capital -27.9 26.9

Change in Equity 0.7 1.4

Financial Investments 25.0 -65.8

Dividends received 1.9 1.0

Dividend payments -140.2 -48.4

Total Net Cash Flow -55.7 73.5

Final Cash Position -83.7 -82.5

Free Cash Flow/Total Net Revenues 7.8% 29.8%

9M11

Consolidated cash flow 9M11


(€million)

19

-83.7-85.6

1 2

144.3148.7

9M10 9M11


Recurring EBITDA adj**Recurring EBITDA adj*/Net revenues

Pro-forma*

*Pro-forma: consolidated P&L accounts, under IFRS, of Telecinco’s and Sogecuatro’s Groups** Recurring EBITDA Adj, includes TV rights consumption and exclude one-off items(€million)

17.5% 19.7%

1H11 9M11

-€1.9m

Net cash position:

First nine months 2011

20Net investments 9M11


Third parties TV rights

Tangible & intangible fixed assets

Fiction TV rights

Co-productiondistribution

Total net investments9M11 €200,6m

(€million)

9.78.4

65.8 116.8

21First nine months 2011

GROUPGROUP

Highlights:

Mediasetespaña saves €118m (-17%) in nine months

Mediasetespaña strong cost control policy, confirms the ability to be one of the most profitable companies per margins

Mediasetespaña strong balance sheet almost free on bank debts

Mediasetespaña strong audience evolution confirming the group as the leading Spanish player regarding audience (26.4% YTD share)

Mediasetespaña is the leading group in the Spanish advertising market (43.5% 9M11 TV market share)

23


Gross Advertising Revenues 730.4 835.8 -12.6% 601.9 - Multiplex Mediaset España 706.7 796.2 -11.3% 572.9 - Other 23.7 39.5 -40.0% 29.0Discounts -42.5 -42.0 1.2% -28.0Net Advertising revenues 687.8 793.7 -13.3% 573.9Other Revenues 43.8 57.5 -23.9% 48.5TOTAL NET REVENUES 731.6 851.3 -14.1% 622.4

Personnel 76.6 83.7 -8.6% 58.8TV Rights Amortisation 160.0 158.7 0.8% 101.4Other Operating Costs 350.8 460.1 -23.8% 293.1Total costs (1) 587.3 702.6 -16.4% 453.3EBITDA adj Ex non recurring items 144.3 148.7 -3.0% 169.1EBITDA/NET REVENUES 19.7% 17.5% 27.2%

Non recurring items (2) 12.7 -5.0 n.a. -5.0EBITDA adj** 131.6 153.7 -14.4% 174.2

9M11


•Pro-forma: consolidated P&L accounts, under IFRS, of Telecinco’s and Sogecuatro’s Groups** Post-TV rights amortization

(€million)

9M11 Consolidated profit & loss account (I)

24


EBITDA adj** 131.6 153.7 -14.4% 174.2PPA amortisation (provisional) (3) 6.0 0.0 n.a. 0.0Depreciation tangible assets & provisions (4) 5.5 8.1 -31.9% 7.3Total Costs (1+2+3+4) 611.5 705.6 -13.3% 455.5EBIT 120.1 145.6 -17.6% 166.9EBIT/NET REVENUES 16.4% 17.1% 26.8%

Equity Consolidated Results 5.9 -168.8 n.a. -168.8Financial results 4.5 2.8 63.0% 3.3EBT 130.4 -20.4 n.a. 1.3

Income Taxes -22.8 6.5 n.a. -0.1Minority Interest 0.1 30.9 n.a. 30.9

NET PROFIT 107.7 16.9 n.a. 32.2NET PROFIT ADJ.*** 113.7 105.9 7.3% 121.2EPS 0.265 €EPS Adjusted*** 0.279 €NET PROFIT/NET REVENUES 14.7% 2.0% 5.2%NET PROFIT ADJ/NET REVENUES 15.5% 12.4% 19.5%

9M11


* Pro-forma: consolidated P&L accounts, under IFRS, of Telecinco’s and Sogecuatro’s Groups** Post-TV rights amortization*** Excluding the net impact of non cash items like: the PPA amortization of Sogecuatro and of Endemol

(€million)

9M11 Consolidated profit & loss account (II)

25

Fixed assets 1,116.5 1,149.8 -Financial 1,059.7 1,094.9 -Non Financial 56.7 54.9 Audiovisual Rights and Pre-payments 297.0 264.9 -TV, Third Party Rights 220.1 190.4 -TV, Spanish Fiction Rights 30.8 32.1 -Co-production / distribution 46.2 42.4 Pre-paid taxes 152.1 154.1

TOTAL NON-CURRENT ASSETS 1,565.5 1,568.7 Current assets 218.6 295.8 Financial investments and cash 85.0 116.4 TOTAL CURRENT ASSETS 303.6 412.2

TOTAL ASSETS 1,869.1 1,980.9

Shareholders' equity 1,343.8 1,376.1 Non-current provisions 33.3 32.0 Non-current payables 4.0 0.8 Non-current financial liabilities 73.4 73.1 TOTAL NON-CURRENT LIABILITIES 110.7 105.8

Current payables 319.3 427.6 Current financial liabilities 95.3 71.3 TOTAL CURRENT LIABILITIES 414.6 498.9

TOTAL LIABILITIES 1,869.1 1,980.9

20109M11

Consolidated balance sheet 9M11

FINANCIAL RESULTSFINANCIAL RESULTS(€million)

26

3Q10 3Q10Pro-forma* Var % Reported

Gross Advertising Revenues 190.4 218.6 -12.9% 159.4 - Multiplex Mediaset España 184.1 206.8 -11.0% 149.6 - Other 6.3 11.8 -46.8% 9.7Discounts -11.1 -11.1 0.4% -7.5Net Advertising revenues 179.2 207.5 -13.6% 151.8Other Revenues 11.4 12.0 -4.3% 9.6TOTAL NET REVENUES 190.7 219.4 -13.1% 161.4

Personnel 22.4 27.6 -19.0% 19.8TV Rights Amortisation 48.6 44.1 10.3% 29.1Other Operating Costs 99.5 128.9 -22.8% 86.3Total costs (1) 170.4 200.6 -15.0% 135.2EBITDA adj Ex non recurring items 20.3 18.9 7.4% 26.2EBITDA/NET REVENUES 10.6% 8.6% 16.2%

Non recurring items (2) 0.0 3.1 0% 3.1EBITDA adj** 20.2 15.8 28.0% 23.1

3Q11


•Pro-forma: consolidated P&L accounts, under IFRS, of Telecinco’s and Sogecuatro’s Groups** Post-TV rights amortization

(€million)

3Q11 Consolidated profit & loss account (I)

27

3Q10 3Q10Pro-forma* Var % Reported

EBITDA adj** 20.2 15.8 28.0% 23.1PPA amortisation (provisional) (3) 2.0 0.0 n.a. 0.0Depreciation tangible assets & provisions (4) 0.6 2.7 n.a. 2.5Total Costs (1+2+3+4) 173.0 206.4 -16.1% 140.8EBIT 17.7 13.1 34.9% 20.6EBIT/NET REVENUES 9.3% 6.0% 12.8%

Equity Consolidated Results 7.5 -148.3 n.a. -148.3Financial results 2.0 -2.0 n.a. -1.6EBT 27.2 -137.2 n.a. -129.3

Income Taxes -4.8 30.4 n.a. 28.0Minority Interest 0.1 26.0 n.a. 26.0

NET PROFIT 22.5 -80.8 n.a. -75.2NET PROFIT ADJ.*** 24.5 1.2 n.a. 6.7EPS 0.055 €EPS Adjusted*** 0.060 €NET PROFIT/NET REVENUES 11.8% -36.8% -46.6%NET PROFIT ADJ/NET REVENUES 12.9% 0.5% 4.2%

3Q11


* Pro-forma: consolidated P&L accounts, under IFRS, of Telecinco’s and Sogecuatro’s Groups** Post-TV rights amortization*** Excluding the net impact of non cash items like: the PPA amortization of Sogecuatro and of Endemol

(€million)

3Q11 Consolidated profit & loss account (II)

283Q11 Advertising revenues


Seconds GRP (20”) C/GRP’s Revenues

Telecinco + NSF +19.8% +13.6% - -

Cuatro +8.0% -21.1% - -

Boing +100% +100% - -

Group +19.3% +5.1% -14.0% €184.1m -11.0%

Commercial Strategy*, 3Q2011

Source: Kantar Media and Publiespaña*Data: Telecinco, Cuatro, Boing and NSF (Factoria de Ficcion, La Siete, Divinity and Gran Hermano 24h)

29

Produced by

Atlas & Mediaset Esp.

Productionswith Participating

CompaniesEndemolLa fábrica de la TeleMandarina

Productions with IndependentCompanies

25.1%

41.4%

33.6%9M10: 35.8%

9M10: 28.0%

9M10: 36.2%

TELECINCO channelProgramming mix in 9M11; January 1st – September 30th

In-house production vs. library in terms of broadcasted hours


9M10

9M1138.4% 61.6%

65.4%34.6%

Live Recorded


12.1% 9.1%

87.9% 90.9%

9M10 9M11

Third party rights In House production

In-house production

30

15.5% 6.9%

84.5% 93.1%

9M10 9M11

62.6% 56.3%

37.4% 43.7%

9M10 9M11

100.0%

9M11

Programming mix in 9M11; January 1st – September 30th

In-house production vs. library in terms of broadcasted hours


42.3% 42.3%

57.7% 57.7%

9M10 9M11Third party rights In House production


35.8%64.2%

Live Recorded

4.3%

95.7%

Li R d d 100.0%

90.4%

9.6%

31

22.021.621.322.222.622.922.823.022.422.9

26.625.927.7 28.7 27.526.425.025.925.824.9

17.717.818.016.5 16.3 15.8 16.2 16.616.917.0

7.78.87.6 7.7 7.9

8.5 8.2 7.8 7.4 7.8

10.19.79.410.6 10.7 11.0 11.4 10.79.29.9

4

9

14

19

24

29


Mediaset españa: the leading group with a wide offer of commercial audience


Average audience

2011*

26.4

22.4

16.8

10.4

7.7


In 2011 Mediasetespaña has increased the gap with its main commercial competitor

*

32

10.1

14.8

13.9

15.2 15.114.8 14.7

14.9

14.6 13.613.2 13.913.7

13.414.4 14.3 13.1 14.3

14.315.715.0

12.111.9

11.3

11.6 11.310.7

11.0

10.611.1

11.3

9.710.6 10.711.0

11.4

10.79.9

9.2 9.4

9

10

11

12

13

14

15

16


TL5 the leading commercial channel


Telecinco is the leading commercial channel among the male and female audience and in the most appealing age targets.

Average audience

2011*

14.5

14.2

11.3

10.4

*


33

6.15.7

5.96.1

6.46.36.46.56.56.3

5.2

6.2

5.1

6.26.3 6.3

5.45.5

6.0

6.0

5

6

7


Cuatro clearly leads over its competitors in young audience (age: 13-34)


Cuatro one of the leading channels among the male and young adult audiences.

In September Sexta leads thanks to the broadcast of many sport events (Eurobasket, Formula1 and Liga)

Average audience

2011*

6.2

5.8

*


34

2.72.7

3.0

2.62.5

2.32.4

2.32.2

2.82.7

2.9

3.3

2.4

2.6 2.6

2.3 2.32.4

2.9

2

3


FDF has increased its audience by +21% in the last 12 months


In less than a year Factoria de Ficción has closed the gap with its main competitor and it’s the leading

prime time 2G channel (2.6% in October’11)

Average audience

2011*

2.6

2.5

*


35During the last 12 months La7 improved its audience


La7 shows a 28% increase in audience during the last 12 months

Average audience

2011*

1.5

1.5

*

1.8

1.4 1.31.4

1.5

1.61.7

1.6

1.4

1.5

1.4

1.41.5

1.61.61.61.5

1.5 1.6 1.5

1

2



36Boing, the children's channel has reduced the audience gap by 4.1x in 1Y


Since launching Boing in Oct.’10, the audience gap versus its main commercial competitor has significantly reduced

Average audience

2011*

3.3

1.6

1.1

Source: Kantar MediaData: Total individuals 24h audience•Average January 1st – October 24th 2011** Average September 1st - 24th

*

1.40.7 0.8 0.9 1.0 0.91.2

1.51.4

1.3

3.43.2

3.43.53.23.3

3.5 3.4 3.3

2.9

1.61.81.71.61.6

1.41.61.61.71.8

1

2

3

4


37

6.80

4.99

9.12

9M09 9M10 9M11

91.39

134.38150.51

9M09 9M10 9M11


INTERNETINTERNET

+65%

+83%

Page viewed

Unique users

Ranking per broadcaster

Ranking per media

Source: Nielsen Online (data obtained with Country Market Intelligence), audited by OJD*First nine months average; data in million

2011* Unique Users Page viewedMarca.com 32.50 734.85Elmundo.es 28.33 353.06

20Minutos.es 12.92 83.61ABC.es 10.91 84.09

RTVE.es 10.93 197.70Telecinco.es 9.12 150.51

2011* Unique Users Page viewedRTVE.es 10.93 197.70

Telecinco.es 9.12 150.51Antena3TV.com 8.68 176.84

Cuatro.com 2.82 20.24Lasexta.com 2.75 16.13

38

Investor Relations DepartmentPhone: +34 91 396 67 83Fax: + 34 91 396 66 92Email: [email protected]: http://www. telecinco.es/inversores/en

Statements contained in this document, particularly the ones regarding any Telecinco possible or assumed future performance, are or may be forward looking statements and in this respect they involve some risks and uncertainties. Telecinco actual results and developments may differ materially from the ones expressed or implied by the above statements depending on a variety of factors.Any reference to past performance of Telecinco shall not be taken as an indication of future performance.The content of this document is not, and shall not be considered as, an offer document or an offer or solicitation to subscribe for, buy or sell any stock.The shares of Telecinco may not be offered or sold in the United States of America except pursuant to an effective registration statement under the U.S. Securities Act of 1933, as amended, or pursuant to a valid exemption from registration

9m11 results presentation (january – september)

Documents