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c) Credit risk. The Company does not have a 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 Company's cash and its bank borrowings are exposed to

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

mitigate this risk, the Company has arranged interest rate swaps to limit the finance costs

arising from its floating-rate borrowings.

In accordance with Article 538 of the Spanish Limited Liability Companies Law, the Annual

Corporate Governance Report (IAGC) forms part of this Directors' Report. The IAGC

constitutes a relevant event and is communicated to the Spanish National Securities Market

Commission, which publishes it on its website:

www.cnmv.es

. It is also available on the

Company's corporate website,

www.atresmediacorporacion.com

.