Operating Highlights		Q1 2008	Q2 2008	Q3 2008	Q4 2008
Customers
Cable		1,877,988	1,889,168	1,870,000	1,853,423
Other direct access		66,445	65,628	65,636	65,490
Residential direct access (cable)		1,944,433	1,954,796	1,935,636	1,918,913
Indirect access		90,984	82,554	65,875	63,508
SMEs		69,285	69,817	69,149	69,361
Other data – Residential Cable:
Homes released to marketing		6,850,103	6,914,630	6,951,973	6,963,015
Penetration (%)		27.4%	27.3%	26.9%	26.6%
ARPU(€)		52.0	53.3	52.4	53.2
RGUs		3,867,822	3,954,374	3,952,789	3,959,699
RGUs per customer (#)		2.06	2.09	2.11	2.14
Gross churn (%)		19.3%	19.4%	21.9%	20.9%
Net churn (%)		17.5%	17.5%	19.6%	18.7%
Residential cable RGU
Telephony		1,616,060	1,630,520	1,623,359	1,638,029
Internet		1,240,731	1,271,562	1,272,009	1,282,658
Television		1,011,031	1,052,293	1,057,422	1,039,012
Residential cable penetration (%)
Telephony		23.6%	23,6%	23.4%	23.5%
Internet		18.1%	18.4%	18.3%	18.4%
Television		14.8%	15.2%	15.2%	14.9%

Financial Highlights (Old Spanish GAAP)	Q1 2008	Q2 2008	Q3 2008
Data in € million, except if otherwise stated
Revenues	400	408	396
Gross profit	301	313	304
Gross margin (%)	75.1%	76.7%	76.9%
EBITDA	164	179	180
EBITDA margin (%)	40.9%	43.8%	45.3%
Total net debt	3,815	3,866	3,890
Total net debt / EBITDA (x)	5.82x	5.39x	5.41x
Revenue Split
Continuing businesses	361	372	364
Residential direct access	300	310	304
SMEs	18	18	18
Business services	43	44	43
Partial continuing businesses - Wholesale and other	33	31	28
Discontinuing businesses - Indirect access	6	5	4
Total Revenues	400	408	396

Financial Highlights (New Spanish GAAP)	Q3 2008	Q4 2008	2008
Data in € million, except if otherwise stated
Revenues	396	401	1,603
Gross profit	304	308	1,221
Gross margin (%)	76.7%	76.9%	76.2%
EBITDA	179	181	703
EBITDA margin (%)	45.3%	45.2%	43.9%
Total net debt	3,890	3,858	3,858
Total net debt / EBITDA (x)	5.41x	5.32x	5.32x
Revenue Split
Continuing businesses	364	370	1,468
Residential direct access	304	305	1,219
SMEs	18	18	73
Business services	43	47	176
Partial continuing businesses - Wholesale and other	28	27	116
Discontinuing businesses - Indirect access	4	3	19
Total Revenues	396	401	1,603

Cableuropa

Financial Highlights (Old Spanish GAAP)		Q1 2008	Q2 2008	Q3 2008
Data in € million, except if otherwise stated
Revenues		400	408	396
Gross profit		300	313	304
Gross margin (%)		75.0%	76.7%	76.9%
EBITDA		165	181	181
EBITDA margin (%)		41.3%	44.4%	45.8%
Total net debt		3,778	3,830	3,854
Total net debt / EBITDA (x)		5.71x	5.28x	5.30x

Financial Highlights (New Spanish GAAP)		Q3 2008	Q4 2008	2008
Data in € million, except if otherwise stated
Revenues		396	401	1,602
Gross profit		304	308	1,221
Gross margin (%)		76.7%	76.9%	76.2%
EBITDA		181	184	712
EBITDA margin (%)		45.8%	45.9%	44.4%
Total net debt		3,854	3,822	3,822
Total net debt / EBITDA (x)		5.30x	5.19x	5.19x

Operating Highlights		Q1 2007	Q2 2007	Q3 2007	Q4 2007
Customers
Cable		1,846,510	1,863,399	1,830,167	1,859,184
Other direct access		72,991	73,744	68,463	67,730
Residential direct access (cable)		1,919,501	1,937,143	1,898,630	1,926,914
Indirect access		164,416	129,178	115,878	104,311
SMEs		68,612	68,682	68,785	69,317
Other data – Residential Cable:
Homes released to marketing		6,220,286	6,334,498	6,670,302	6,793,309
Penetration (%)		29.7%	29.4%	27.4%	27.4%
ARPU (€)		50.8	51.4	52.6	52.2
RGUs		3,662,256	3,708,049	3,664,131	3,767,589
RGUs per customer (#)		1.98	1.99	2.00	2.03
Gross churn (%)		17.2%	18.0%	16.3%	19.9%
Net churn (%)		20.7%	18.7%	14.3%	18.2%
Residential cable RGU
Telephony		1,599,405	1,616,424	1,594,654	1,604,938
Internet		1,137,532	1,169,371	1,160,209	1,202,552
Television		925,319	922,254	909,268	960,099
Residential cable penetration (%)
Telephony		25.7%	25,5%	23.9%	23.6%
Internet		18.3%	18.5%	17.4%	17.7%
Television		14.9%	14.6%	13.6%	14.1%

Financial Highlights	Q1 2007	Q2 2007	Q3 2007	Q4 2007	2007
Data in € million, except if otherwise stated
Revenues	402	410	405	400	1,616
Gross profit	285	294	297	297	1173
Gross margin (%)	70.9%	71.9%	73.4%	74.3%	72.6%
EBITDA	148	160	172	162	641
EBITDA margin (%)	46.8%	39.1%	42.5%	40.4%	39.7%
Total net debt	3,402	3,589	3,623	3,647	3,647
Total net debt / EBITDA (x)	5.75x	5.60x	5.27x	5.64x	5.64x
Revenue Split
Residential direct access	287	295	297	298	1,176
Indirect access	10	9	8	6	34
SMEs	20	18	18	18	76
Business	39	44	43	45	171
Wholesale and operators	46	43	38	33	159
Total Revenues	402	410	405	400	1,616

Cableuropa

Financial Highlights	Q1 2007	Q2 2007	Q3 2007	Q4 2007	2007
Data in € million, except if otherwise stated
Revenues	402	410	405	400	1,616
Gross profit	285	294	297	297	1,173
Gross margin (%)	70.9%	71.9%	73.4%	74.2%	72.6%
EBITDA	150	162	174	164	650
EBITDA margin (%)	37.4%	39.5%	43.0%	41.0%	40.2%
Total net debt	3,362	3,545	3,577	3,607	3,607
Total net debt / EBITDA (x)	5.59x	5.48x	5.14x	5.50x	5.50x

Operating Highlights		Q1 2006	Q2 2006	Q3 2006	Q4 2006
Customers
Cable		1,684,382	1,720,847	1,750,881	1,801,694
Other direct access		97,379	70,243	65,892	68,480
Residential direct access (cable)		1,781,761	1,791,090	1,816,773	1,870,174
Indirect access		310,077	292,359	235,863	203,387
Business		115,112	68,733	68,412	69,083
Other data – Residential Cable:
Homes released to marketing		6,756,411	5,886,224	5,997,810	6,119,046
Penetration (%)		29.3%	29.2%	29.2%	29.4%
ARPU(€)		52.7	52.0	50.7	51.4
RGUs		3,217,987	3,335,350	3,425,083	3,554,109
RGUs per customer (#)		1.91	1.94	1.96	1.97
Gross churn (%)		18.1%	15.6%	16.2%	17.3%
Residential cable RGU
Telephony		1,461,008	1,496,969	1,525,498	1,568,367
Internet		887,522	937,029	985,947	1,061,586
Television		869,457	901,352	913,638	924,156
Residential cable penetration (%)
Telephony		25.4%	25,4%	25,4%	25.6%
Internet		15.4%	15.9%	16.4%	17.3%
Television		15.1%	15.3%	15.2%	15.1%

Financial Highlights	Q1 2006	Q2 2006	Q3 2006	Q4 2006	2006
Data in € million, except if otherwise stated
Revenues	420	407	403	404	1,633
Gross profit	281	277	276	282	1,117
Gross margin (%)	67.0%	68.1%	68.5%	69.8%	68.4%
EBITDA	131	137	139	151	558
EBITDA margin (%)	31.3%	33.6%	34.6%	37.3%	34.2%
Total net debt	2,889	3,001	3,058	3,308	3,308
Total net debt / EBITDA (x)	5.50x	5.48x	5.48x	5.48x	5.48x
Revenue Split
Residential direct access	273	273	271	283	1,101
Indirect access	28	22	14	10	75
Business	68	66	68	64	265
Wholesale and operators	51	46	49	47	192
Total Revenues	420	407	403	404	1,633

Cableuropa

Financial Highlights	Q1 2006	Q2 2006	Q3 2006	Q4 2006	2006
Data in € million, except if otherwise stated
Revenues	418	406	401	408	1,633
Gross profit	279	275	274	289	1,116
Gross margin (%)	66.7%	67.8%	68.2%	70.7%	68.4%
EBITDA	132	138	141	155	565
EBITDA margin (%)	31.5%	34.0%	35.1%	37.9%	34.6%
Total net debt	2,888	2,991	3,042	3,261	3,261
Total net debt / EBITDA (x)	5.48x	5.42x	5.41x	5.27x	5.27x

Operating Highlights		Q1 2005	Q2 2005	Q3 2005	Q4 2005
Customers
Cable		813,645	838,347	856,105	1,660,156
Other direct access		-	-	-	110,885
Residential direct access (cable)		813,645	838,347	856,105	1,771,041
Indirect access		-	-	-	375,707
Business		22,496	24,214	24,984	121,656
Other data – Residential Cable:
Homes released to marketing		2,657,570	2,738,129	2,777,133	5,651,678
Penetration (%)		30.6%	30.6%	30.8%	29.4%
ARPU(€)		54.3	53.8	53.5	51.9
RGUs		1,517,883	1,570,143	1,608,975	3,129,395
RGUs per customer (#)		1.87	1.87	1.88	1.89
Gross churn (%)		14.4%	13.7%	16.5%	18.6%
Residential cable RGU
Telephony		718,456	737,416	750,022	1,446,013
Internet		351,070	376,901	398,364	825,751
Television		448,357	455,826	460,589	857,631
Residential cable penetration (%)
Telephony		27.0%	26.9%	27.0%	25.6%
Internet		13.2%	13.8%	14.3%	14.6%
Television		16.9%	16.6%	16.6%	15.2%

Financial Highlights	Q1 2005	Q2 2005	Q3 2005	Q4 2005	2005
Data in € million, except if otherwise stated
Revenues	144	148	147	425	1,726
Gross profit	103	108	110	280	1,106
Gross margin (%)	71.9%	73.4%	74.7%	66.0%	64.1%
EBITDA	55	61	65	116	458
EBITDA margin (%)	38.0%	41.5%	43.9%	27.3%	26.5%
Total net debt	1,394/td>	1,494	1,488	2,742	2,742
Total net debt / EBITDA (x)	6.4x	6.1x	5.7x	5.9x	5.9x
Revenue Split
Residential direct access	130	133	132	266	1,032
Indirect access	-	-	-	18	89
Business	14	15	15	86	347
Wholesale and operators	-	-	-	55	258
Total Revenues	144	148	147	425	1,726

Cableuropa

Financial Highlights	Q1 2005	Q2 2005	Q3 2005	Q4 2005	2005
Data in € million, except if otherwise stated
Revenues	144	148	147	425	1,726
Gross profit	103	109	110	280	1,106
Gross margin (%)	71.9%	73.6%	74.4%	66.0%	64.1%
EBITDA	55	62	65	116	459
EBITDA margin (%)	38.2%	42.0%	44.1%	27.3%	26.6%
Total net debt	1,392	1,462	1,459	2,721	2,721
Total net debt / EBITDA (x)	6.4x	5.9x	5.6x	5.9x	5.9x

Operating Highlights		Q1 2004	Q2 2004	Q3 2004	Q4 2004
Customers
Residential direct access (cable)		701,512	726,412	749,001	783,765
Business		17,678	19,722	20,570	21,169
Other data – Residential Cable:
Homes released to marketing		2,268,910	2,360,041	2,451,715	2,550,303
Penetration (%)		30.9%	30.8%	30.6%	30.7%
ARPU(€)		52.5	52.7	51.6	53.3
RGUs		1,308,996	1,359,259	1,402,283	1,467,840
RGUs per customer (#)		1.87	1.87	1.87	1.87
Gross churn (%)		11.9%	13.0%	13.4%	14.2%
Residential cable RGU
Telephony		630,581	654,919	673,783	697,934
Internet		262,501	277,780	293,819	324,422
Television		415,914	426,560	434,681	445,484
Residential cable penetration (%)
Telephony		27.8%	27.8%	27.5%	27.4%
Internet		11.6%	11.8%	12.0%	12.7%
Television		18.3%	18.1%	17.7%	17.5%

Financial Highlights	Q1 2004	Q2 2004	Q3 2004	Q4 2004	2004
Data in € million, except if otherwise stated
Revenues	115	125	125	136	502
Gross profit	81	88	90	98	357
Gross margin (%)	70.6%	70.4%	72.0%	72.0%	71.2%
EBITDA	40	47	47	50	185
EBITDA margin (%)	35.0%	37.7%	38.0%	36.8%	36.9%
Total net debt	-	-	-	-	1,321
Total net debt / EBITDA (x)	-	-	-	-	6.6x
Revenue Split
Residential direct access	104	113	114	122	454
Business	11	13	11	14	48
Total Revenues	115	125	125	136	502

Cableuropa

Financial Highlights	Q1 2004	Q2 2004	Q3 2004	Q4 2004	2004
Data in € million, except if otherwise stated
Revenues	105	109	110	119	443
Gross profit	74	77	79	86	317
Gross margin (%)	70.4%	70.8%	72.1%	72.4%	71.4%
EBITDA	38	44	45	46	172
EBITDA margin (%)	36.0%	40.1%	40.5%	38.8%	38.9%
Total net debt	1,015	1,086	1,124	1,164	1,164
Total net debt / EBITDA (x)	6.7x	6.2x	6.3x	6.3x	6.3x

Operating Highlights		Q1 2003	Q2 2003	Q3 2003	Q4 2003
Customers
Residential direct access (cable)		510,693	539,565	556,142	581,345
Business		9,881	11,187	12,054	13,133
Other data – Residential Cable:
Homes released to marketing		1,546,144	1,620,324	1,683,631	1,743,266
Penetration (%)		33.0%	33.3%	33.0%	33.3%
ARPU(€)		49.8	49.7	51.6	54.1
RGUs		950,673	1,009,476	1,038,723	1,082,715
RGUs per customer (#)		1.86	1.87	1.87	1.86
Gross churn (%)		13.6%	13.4%	14.0%	13.7%
Residential cable RGU
Telephony		478,004	506,215	521,935	544,271
Internet		159,435	174,120	183,187	199,066
Television		313,234	329,141	333,601	339,378
Residential cable penetration (%)
Telephony		30.9%	31.2%	31.0%	31.2%
Internet		10.3%	10.7%	10.9%	11.4%
Television		20.3%	20.3%	19.8%	19.5%

Financial Highlights	Q1 2003	Q2 2003	Q3 2003	Q4 2003	2003
Data in € million, except if otherwise stated
Revenues	79	86	92	101	359
Gross profit	55	60	66	72	253
Gross margin (%)	69.0%	70.3%	71.0%	71.6%	70.6%
EBITDA	16	24	28	35	103
EBITDA margin (%)	24.4%	27.8%	30.7%	34.3%	28.7%
Total net debt	-	-	-	-	973
Total net debt / EBITDA (x)	-	-	-	-	7.0x
Revenue Split
Residential direct access	74	78	85	92	329
Business	5	7	8	9	29
Total Revenues	79	86	92	101	359

Cableuropa

Financial Highlights	Q1 2003	Q2 2003	Q3 2003	Q4 2003	2003
Data in € million, except if otherwise stated
Revenues	79	86	92	101	359
Gross profit	55	59	64	70	248
Gross margin (%)	69.0%	69.0%	69.0%	69.0%	69.0%
EBITDA	17	23	28	34	102
EBITDA margin (%)	21.2%	27.0%	30.3%	33.8%	28.5%
Total net debt	893	939	965	967	967
Total net debt / EBITDA (x)	13.3x	10.2x	8.6x	7.1x	7.1x

Operating Highlights		Q4 2002
Customers
Residential direct access (cable)		480,296
Business		8,648
Other data – Residential Cable:
Homes released to marketing		1,469,061
Penetration (%)		32.7%
ARPU(€)		50.7
RGUs		887,504
RGUs per customer (#)		1.85
Gross churn (%)		12.1%
Residential cable RGU
Telephony		448,926
Internet		141,622
Television		296,956
Residential cable penetration (%)
Telephony		30.6%
Internet		9.6%
Television		20.2%

Financial Highlights	2002
Data in € million, except if otherwise stated
Revenues	253
Gross profit	165
Gross margin (%)	65.1%
EBITDA	16
EBITDA margin (%)	6.3%
Total net debt	797
Total net debt / EBITDA (x)	15.3x
Revenue Split
Residential direct access	234
Business	19
Total Revenues	253

Cableuropa

Financial Highlights	2002
Data in € million, except if otherwise stated
Revenues	253
Gross profit	168
Gross margin (%)	66.2%
EBITDA	16
EBITDA margin (%)	6.2%
Total net debt	1,303
Total net debt / EBITDA (x)	25.1x