A N N U A L R E P O R T A N D A C C O U N T S - CMVM

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Consolidated Statement of Changes in Shareholder's Capital at 31 st December 2008 and 2007 Reserves and retained earnings Capital Adjustments Adjustments Legal Free Fair Other Retained Net Minority Total investments currency reserves reserves Value reserves earnings Results interests Notes in associates conversion Reserves Balance on the 1 st of January 2008 210,000 (37,738) (38,883) 15,100 155,971 (25.628) 10,712 253,830 122,252 168,769 834,385 2007: consolidated result appropriation: Transfer to legal and free reserves - - - 3,000 41,575 - - - (44,575) - - Distributed dividends 17 - - - - - - - - (7,560) - (7,560) Transfer to carried forward results - - - - - - - 70,117 (70,117) - - Variance in the Exchange rate adjustments - - (11,589) - - - - - - - (11,589) Variance of fair value and alienation of financial assets available for sale 24 and 33 - - - - - 25,628 - - - - 25,628 Net consolidated result of the financial year 34 - - - - - - - - (347,244) (65,733) (412,977) Other 22 and 34 - (75,221) - - - - (125) (6,478) - (7,131) (88,955) Balance on 31 st December 2008 210,000 (112,959) (50,472) 18,100 197,546 - 10,587 317,469 (347,244) 95,905 338,932 Balance on 1 st January 2007 210,000 (45,826) (14,286) 12,600 120,810 44,987 - 190,014 114,248 150,259 782,806 2006: consolidated result appropriation: Transfer to legal and free reserves - - - 2,500 35,161 - - - (37,661) - - Distributed dividends 17 - - - - - - - - (7,140) - (7,140) Transfer to results carried forward - - - - - - - 69,447 (69,447) - - Variance in the Exchange rate adjustments - - (24,597) - - - - - - - (24,597) Variance of fair value and alienation of financial assets available for sale 24 and 33 - - - - - (70,615) - - - - (70,615) Net consolidated result of the financial year 34 - - - - - - - - 122,252 5,339 127,591 Other 22 and 34 - 8,088 - - - - 10,712 (5,631) - 13,171 26,340 Balance on the 31 st of December 2007 210,000 (37,738) (38,883) 15,100 155,971 (25,628) 10,712 253,830 122,252 168,769 834,385 The note is an integrant part of the consolidated statement for equity capital changes for the financial year ended on the 31 st of December 2008. 172
Consolidated Cash Flow Statement at 31 st December 2008 and 2007 Notes 2008 2007 OPERATIONAL ACTIVITIES: Payments from customers 1,503,591 1,114,870 Payments to suppliers (1,080,109) (800,927) Payments to personnel (217,502) (179,166) Flow generated by operations 205,980 134,777 Payment of / payment received from income tax (22,560) (17,554) Other payments received / payments regarding the operational activity (46,716) (52,686) Operational activities flows (1) 136,705 64,537 INVESTMENT ACTIVITIES: Payments received from: Financial investments 29 6,037 345,458 Tangible fixed assets 13,994 19,886 Interest and similar profits 25,471 29,564 Dividends 29 36,789 49,500 82,292 444,408 Payments related to: Financial investments 29 (209,218) (617,765) Tangible fixed assets (33,283) (160,599) Intangible fixed assets (8,442) (1,801) (250,943) (780,165) Cash flows from investment activities (2) (168,651) (335,757) FINANCING ACTIVITIES: Payments received from: Loans obtained 2,900,115 1,574,811 Payments regarding: Loans obtained (2,735,181) (1,196,792) Interest and similar costs (135,234) (86,295) Dividends (7,558) (7,140) (2,877,973) (1,290,227) Financing activities flows (3) 22,142 284,584 Cash and cash equivalents variation (4)=(1)+(2)+(3) (9,805) 13,364 Exchange rate differences effect 70 (3,169) Perimeter change of cash and cash equivalents 585 1,719 Cash and its equivalents at the beginning of the period 29 114,628 102,714 Cash and its equivalents at the end of the period 29 105,478 114,628 (Thousand Euros) The note is an integrant part of the cash flow statement for the financial year ended on the 31 st of December 2008. 173
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