Grupo Antena 3 & La Sexta

Grupo Antena 3 & la Sexta A WINNING COMBINATION 15· December 2011 “”

42% combined TV advertising market share Consolidation 25% combined audience share of Leadership Position in 8 TV channel offering with highly attractive target group to advertisers Spain c.20% combined total conventional advertising market share (TV, radio, internet and cinema) Market Strong potential to optimize TV advertising market share Rationalization

Attractive valuation of la Sexta: 4-channel multiplex Audience share of 7.7% Unique TV advertising share of 11.6% Opportunity in the European € Market Strong Value Creation

- 15 December 2011 2 Transaction Overview

Structure Acquisition by way of merger with 100% of la Sexta

Initial delivery of 15.8 MM(1) ’ ’ ’ Consideration €

Transaction expected to close by June 2012 upon regulatory approvals Timing (anti-trust and Ministry of Industry)

Note 1. Comprised of 13.4 M common shares of new issuance, 1.2 MM non-economic shares (convertible into common shares 24 months - 15 December 2011 after the Effective Integration Date) of new issuance and 1.2 MM of existing treasury shares 3 TransactionTable of Contents Overview

I. Strategic Rationale

II. la Sexta Overview

III. Transaction Overview, Structure and Financial Impact

IV. Conclusions

- 15 December 2011 4 I. Strategic Rationale

5 A “”

1 Market rationalization in Spanish FTA sector

2 Leading and fastest-growing audience share

3 Unique full spectrum of audience demographics for advertisers

4 Optimize la ’ ’

A transaction which creates significant value for shareholders allowing to enhance TV advertising market share, strengthen growth and improve financial profile The new Antena 3 Group will become a leading audiovisual player in Spain with full control of its assets

- Strategic Rationale 6 1 Market Rationalization in Spanish FTA sector (I)

Rationalization in Spain is a must given the market size and number of operators

27.6% n.m. Germany 22.9% 42.9% 26.1% 40.5%

France 21.3% 42.3%

30.6% 48.4%

14.3% 23.7%

Italy

41.4% 20.4% Spain(1) 35.2% 59.8% 26.3% 43.5%

24.5% 42.0%

2010 Audience share 2010 Advertising share

Source: Company Information

Note 1. 9M 2011 data - Strategic Rationale 7 1 Market Rationalization in Spanish FTA sector (II)

Antena 3 + la Sexta combination to further rationalize the market Market rationalization = significant growth, especially when market recovers

Mediaset 26% 26% España Mediaset España 43% 43% Antena 3 17% 25% Antena 3 30% la Sexta 8% 42% la Sexta 12% TVE 22%22% 22% Forta 10% 10% Forta 10%

Others 17% 17% Others 5% 5%

Pre-Transaction Post-Transaction Pre-Transaction Post-Transaction

Source: Kantar Media. Audience share 24h; Total Individuals: 4+ Source: Infoadex

- Strategic Rationale 8 1 Market Rationalization in Spanish FTA sector (III)

Spain TV advertising expenditure currently 36% below peak, resulting in high recovery potential in the medium-term (while France, Germany and UK are close to or above historical peak)

Index Index

350 0.40% 0.37%

300 0.35% 0.33% 0.33%

250 0.30%

200 0.25% (36)% 150 0.20% 0.20%

100 0.15% 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 E 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 E 9 9 9 9 9 9 9 9 9 0 0 0 0 0 0 0 0 0 0 1 1 9 9 9 9 9 9 9 9 9 0 0 0 0 0 0 0 0 0 0 1 1 9 9 9 9 9 9 9 9 9 0 0 0 0 0 0 0 0 0 0 0 1 9 9 9 9 9 9 9 9 9 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 0 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 0 2 2 TV Ad Market GDP (Nominal)

Source: Infoadex for TV Ad + BdE for GDP. In nominal terms. Source: Infoadex for TV Ad + BdE for GDP. In nominal terms. 2011e: Consensus for TV Ad + IMF for GDP 2011e: Consensus for TV Ad + IMF for GDP

- Strategic Rationale 9 1 Market Rationalization in Spanish FTA sector (IV)

TV viewing continues to show strong growth figures TV has maintained its market share vs. other media channels

In Min / Viewer €

2 4 5 15 13 .3 234

2 3 0 2 27 2 26 10 8 .2 9 .1 2 2 3 2 18 2 17 2 17 2 15 2 11 2 13 5 2.7 2 .7

2 0 0 0 2 0 02 2 0 03 2 004 2 005 2 006 2 007 200 8 200 9 2010 TV Radio M agazines Press Internet Source: Kantar Media Source: Company Information 100 %

100 8 8 75% 75 4 3 .5% 4 4.2% 4 3.6% 43.4% 43.4% 56 4 0 .1% 4 1.6 % 42.1% 4 2 .3% 50 % 50 50 3 8 37 25% 25

0 % 0 200 2 2 0 0 3 2 0 0 4 2 0 05 2 0 06 2 007 2 008 200 9 2010 TV Radio M a gazines P r ess I nt e rnet

Source: Infoadex Source: 3rd EGM survey 2010

- Strategic Rationale 10 2 Leading and Fastest-Growing Audience Share (I) Group Level

Antena 3 + la Sexta: leading position amongst FTA players Antena 3: #1 / #2 position amongst commercial FTA channels since inception Fastest-growing audience share

2011(2) – (2) – +0.8pc +2.2pc -0.9pc -0.3pc -1.8pc +0.5pc +2.0pc -0.8pc -0.6pc -1.2pc

% 32 % 32 29.0 27.6 26.3 24.7 24 22.3 24

19.1 16.6 17.1 16 16

10.1

7.3 8 8

0 0 Others(4) Others(4)

Notes Source: Kantar Media 1. Audience share 24h; Total Individuals: 4+ 2. From 1-Jan-2011 to 12-Dec-2011 3. Audience share 24h; Commercial Target:16-54 yr - Strategic Rationale 4. Others include VEO TV, NET TV, other DTT channels, Pay TV and local channels 11 2 Leading and Fastest-Growing Audience Share (II) Group Level, Prime Time

Antena 3 + la Sexta: clear leading position in Prime Time posting top notch growth

2011(2) – (2) – +2.9pc -0.9pc -0.6pc -0.2pc -1.1pc +3.6pc -1.5pc -0.6pc -0.5pc -0.9pc

% % 32 32 29.6 26.8 26.0 24.6 24 22.2 24 19.3

16.1 15.8 16 16 11.1 8.6 8 8

0 0 Others(4) Others(4)

Source: Kantar Media

Notes 1. Audience share 24h; Total Individuals: 4+ 2. From 1-Jan-2011 to 12-Dec-2011 3. Audience share 24h; Commercial Target:16-54 yr - Strategic Rationale 4. Others include VEO TV, NET TV, other DTT channels, Pay TV and local channels 12 2 Leading and Fastest-Growing Audience Share (III) Complementary Channels

Antena 3 + la Sexta to lead the complementary FTA offer Best-in-class positioning in an environment of continued fragmentation ’

2011(2) – 2011(2) – +3.2pc +2.2pc +0.2pc +3.3pc +3.0pc +0.3pc 10.0 10.0 8.7

7.5 7.5 7.5 7.1

5.9 5.2 4.8 5.0 5.0

2.5 2.5

0.0 0.0

Notes Source: Kantar Media 1. Audience share 24h; Total Individuals: 4+. Gol TV audience share not included 2. From 1-Jan-2011 to 12-Dec-2011 - Strategic Rationale 3. Audience share 24h; Commercial Target:16-54 yr. Gol TV audience share not included 13 3 Unique Full Spectrum of Audience Demographics for Advertisers

Most complete offering in Spanish FTA TV

55-64

Additional Channels

Age (documentaries and series)

(movies)

4-12

Male Female

- Strategic Rationale 14 4 ’ ’

Leading TV advertising share and best-in-class power ratio

Power Ratio 1. 65x 1. 81x 1. 51x 0. 90x

60% Combined Business 1.71x Power Ratio 42.0% Ad Share 44.7% 43.5% 45%

30.3% 30% 27.6%

15% 11.0% 11.6% 11.2% 9.2%

0% 9M 10 9M 11 9M 10 9M 11 9M 10 9M 11 9M 10 9M 11

Source: Infoadex

- Strategic Rationale 15 5 Significant Revenue and Cost Synergies Expected

€ €

(€ Cost Synergies 90 Better utilisation of content and 60 - 80 programming rights Decrease in production costs 60 30 - 40 Reduction of overheads, including personnel costs

Revenue Synergies 30 Optimization of commercial policy across all channels of the Combined Entity 30 - 40 Full utilisation of advertising capacity Reallocation of targets to different channels 0 Fully-phased Synergies Optimization of audience targets Revenue Synergies Cost Synergies

Source: Company Information Note - Strategic Rationale 1. Excludes implementation costs 16 Transaction Enhances Strong Presence of Antena 3 across all Divisions

Clean acquisition of a pure FTA player granting full control over its assets

TV-DTT Radio Other Divisions 2 Multiplex Platforms

(1)

Advertising

Business Contribution of la Sexta

Note - Strategic Rationale 1. Leased to Imagina 17 II. la Sexta Overview

18 Overview of la Sexta

Fastest-growing pure FTA broadcaster with consistent growth of audience and advertising share since start of operations

€ (2010) x ~2 11.6% Revenues € (9M2011) x 3 Advertising 7.7% (2011(1)) Share x >2

Audience Share x 4 (2) 4 Channels # of Channels 1 Channel

2007 Today

Notes 1. 2011YTD as of 14 December 2011 2. Leased to Imagina - la Sexta Overview 19 Product Positioning Today

… …

High Quality Fiction and 8% 9% Attractive Audience Films

9% 14%

Programming Grid Potential for Stable Entertainment Content 6% 6% Audience Share Growth

Strong High Audience Share Events Non-Cyclical Content 33% 18% 15%

Differentiated Information 6% Target Audience 5% 4%

% Audience Share excluding re-runs (average 2011)

Source: Kantar Media - la Sexta Overview 20 Low Audience Share Volatility

la Sexta has proven to have a stable audience share Positive evolution of week-day audience shares Main premium sport events take place during the weekend

Audience Share (%) 9.0 8.3 7.5 7.2 7.0 6.1 6.5 6.0 6.8 7.1 6.0 5.4 6.6 6.5 6.2 4.5 6.6 6.2 5.0 3.5 4.4 3.0 2.7 3.0 3.6

2.4 2.1

0.0 May-06 Apr-07 Mar-08 Feb-09 Jan-10 Dec-10 Nov-11

Total Day Monday – –

Source: Company Information

- la Sexta Overview 21 Revenues Evolution

Attractive growth profile with continued market outperformance Combination with Antena 3 will optimize audience

€ 45 300 38% 264 10 30 225 21% 189 6 144 143 15 150 9% 5 254 4% 183 0 75 139 152 (4%) (8%) (15) (11%) 0 (8)

(23%) (30) (75) 2008 2009 2010 9M2011 2007 2008 2009 2010

TV Ad Market Growth la Sexta Advertising Revenue Growth Advertising Income Other Income (net)

Source: Infoadex, Company Information Source: Infoadex, Company Information

- la Sexta Overview 22 Cost Base Evolution

Current cost structure allows for rapid cost synergies implementation Positive operational gearing impact from combination with Antena 3 to boost profitability

(€ (€

400 80 56.7 35.9 33.5 32.8 40 300 300 288 290 267 22% 23% 23% 0 24% 200 -40

-80 78% 76% 77% 77% 100 -120

0 -160 2007 2008 2009 2010 Programming Cost / Audience Share Point (€

Source: Infoadex, Company Information Source: Company Information

- la Sexta Overview 23 ’

“”’

1 Maintain only content with positive margins - no need to continue investing to achieve brand recognition Current football contracts end in June 2012 Further renewal depending on specific contractual terms

2 ’

3 Enhance commercialisation practices, with additional benefits from combination with Antena 3

4 Reduce non-programming costs on the back of the combination with Antena 3

- la Sexta Overview 24 III. Transaction Overview, Structure and Financial Impact

25 Transaction Overview

Antena 3 to acquire 100% of la Sexta in exchange for 7% (pro forma capital increase) plus up to an additional 7% stake in the Combined Entity subject to an earn-out structure Transaction consideration: ― ’’ ― ― ― ― ’ ― € ’ ― ’’

26 Earn-Out Mechanism Overview

The transaction consideration includes an earn-’ ’ ’ ’

- Transaction Overview, Structure and Financial Impact 27 Pro Forma Shareholding Structure

Stable core shareholding group Standalone Combined Entity – (1)

Others / Others / Free Float: Free Float: 27.1% Treasury 29.0% Shares: 5.0% 44.6% 41.7% Gala Capital: Treasury 0.5% Shares: 5.9% Televisa 2.9% GAMP 20.5% 3.6% 19.2% Combined Entity – (2)

Others / Gala Capital Free Float: 7.3% 25.1% 70.0% Gala Capital 12.0% Bainet 41.7% 1.0% 9.8% BBK 8.2% El Terrat Televisa GAMP 5.7% Televisa 52.0% 40.8% GAMP 7.3% 19.2%

Notes 1. ’ ’ - Transaction Overview, Structure and Financial Impact 28 Positive Financial Impact

Total synergies from 2013: €

(1)

>25% EPS accretion expected in 2013 (first full year of combined operations)

Additionally, the transaction enables the utilization of tax assets at the Combined Entity: total of €(2) expected to be utilised in 5-6 years

Positive impact on cash-flow and neutral on EPS

DPS Accretion supported by EPS Accretion, positive cash flow impact of tax optimisation as well as maintenance of dividend policy

Notes 1. Excludes implementation costs 2. As of 31/12/2010

- Transaction Overview, Structure and Financial Impact 29 Solid Capital Structure

(€ Strong deleveraging profile, expected to 250 achieve 1.0x ND / EBITDA by 2014 122 (3) 225-235

c.€ 200

150 ’ (2) 105-110 100

Notes 1. Most conservative scenario in terms of assumptions of debt from la Sexta 2. 2011E net debt 3. The Combined Entity will assume a maximum of €

- Transaction Overview, Structure and Financial Impact 30 Execution at Better Conditions vs. Other FTA TV Transactions in Spain

Announcement Date 14-Dec-11 21-Dec-09

Deal Value (EV (1)) € €(2)

EV / Revenues 1.1x 2.1x(3)

EV / EBITDA N.M. N.M.

EV / Audience Share Point 34.9x 66.5x

EV / Market Share Point 23.2x 55.1x

# of Channels 4 4

Audience Share 7.7% 8.7%

Market Share 11.6% 10.5%

Earn-Out Mechanism Yes No

Tax Assets Yes No New Shares + Existing Treasury Shares Consideration New Shares (if earn-out is triggered) Notes 1. Enterprise Value 2. Based on 70.5 MM of Telecinco shares at a share price of € € - Transaction Overview, Structure and Financial Impact 31 Better Conditions vs. Other FTA TV Transactions in Spain and Europe

Spain Rest of Europe

Transaction Antena3 Acquisition Telecinco Disney and UTH to Acquisition of Sale of Benelux ’ of LaSexta Acquisition of launch Free-to-Air ’ Assets (Apr-11) Dec-11 Cuatro (Dec-10) Disney Channel in Russia (Oct-11) Target Country

Deal Value (1) (2) $300 MM (Disney € MM € MM acquired 49% stake) € € £104 MM

(7) EV / (3) (4) Revenues 1.1x 2.1x c.10.0x 5.5x 3.0x 0.4x n o i t EV (7)/ a NM NM c. 30.0x NM 10.6x NM u

l EBITDA a V # of Channels 4 4 1 2 10 1

Audience (5) (6) Share 7.7% 8.7% 1.8% 2.4% / 1.1% 13.8% / 22.4% 6.3%

Strategic • • • • • • Rationale • • • • • •

Source: Company Information, press reports Notes 1. Assumes a maximum of 31.6 MM shares (including maximum earn-out) at €€ € € 32 Strong Focus on Minimizing Time to Completion

2011 2012

December January February March April May . . . June

14 December Integration Agreement signed

14 December

.Authorisation Requested Ministry of Anti-Trust . Ministry of Industry Industry Approval Authority Anti-Trust Authority Approval

Maximum of 3 Months

Estimated Maximum of 6 Months

Legal Merger

- Transaction Overview, Structure and Financial Impact 33 IV. Conclusions

34 “”

Attractive valuation of la Sexta: 4-channel multiplex Audience share of 7.7% Unique TV advertising share of 11.6% Opportunity in the European € Market Strong Value Creation

- Conclusions 35 Grupo Antena 3 & la Sexta A WINNING COMBINATION 15· December 2011