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73

share capital of Atresmedia Corporación. In particular, it was agreed with Gamp Audiovisual,

S.A. and Imagina Media Audiovisual, S.L. to bring forward and permanently adjust the

additional ownership interest that would correspond to them through a single immediate

delivery of treasury shares equal to 2.079% and 1.631% of share capital. This transaction

was reported through a relevant event communication on 19 February 2014.

On 5 March 2014, an accelerated placement was carried out on the market of 6,298,784

treasury shares - 2.79% of the Parent's share capital - and was reported at the time through

the issue of a relevant event communication.

As a result of both transactions, the number of treasury shares in the Parent's balance sheet

is 1,145,597, equal to 0.508% of the share capital. No acquisitions have been carried out

since then.

Use of financial instruments by the Group and main financial risks

The Group performs transactions with financial instruments to hedge the foreign currency risk

on the purchases of broadcasting rights in the year.

At 31 December 2014, the Parent had arranged instruments to hedge its foreign currency

asset and liability positions amounting to USD 230,233 thousand, at a weighted average

exchange rate of EUR 1.3279/USD 1. The net fair value of these hedging instruments gave

rise to a financial asset of EUR 16,137 thousand and a financial liability of EUR 15 thousand at

year-end.

Also, interest rate swaps were arranged in order to fix the financial cost arising from the

floating rates established in the syndicated financing agreement entered into in August 2014.

The fair value of these swaps at 31 December 2014 gave rise to a financial asset of EUR 5

thousand.

The Group has established the risk management systems required to ensure that transactions

in markets are performed in accordance with its established policies, rules and procedures and

within the limits approved for each case. The Group’s main financial risks are as follows:

a) Foreign currency risk. Foreign currency risks relate mainly to the payments to be made in

international markets to acquire broadcasting rights. In order to mitigate foreign currency

risk, the Group arranges hedging instruments, mainly currency forwards.

b) Liquidity risk. The Group’s liquidity policy is to arrange credit lines and short-term

investments that are sufficient to support its financing needs, on the basis of expected

business performance.

c) Credit risk. The Group does not have significant credit risk since the average customer

collection period is very short and guarantees are required for deferred payment sales. Cash

placements are made and derivative instruments are arranged with institutions of recognised

solvency.

d) Interest rate risk. Both the Group's cash and its bank borrowings are exposed to interest

rate risk. The Group's financing is arranged at interest rates tied to Euribor. To mitigate this