Letter fromthe Chairman

I am coming to the end of my first year at the helm of Atresmedia with the satisfaction of having beaten the targets we set ourselves at the start of the year. The year has been intense and demanding professionally and full of responsibility, but exciting on a personal level. In 2015 I took up this challenge with determination and humility, and with the confidence of having the best team and the support of the Board of Directors. One year on, we are in a position to present some extraordinary results.

José Manuel Lara Bosch, our chairman until last year, said that business success depends on finding the balance between management and innovation. This reflection, with its common sense, accurate vision and intuition, sums up the key elements of the strategic approach taken by Atresmedia in recent years and undoubtedly explains why we are the largest communication group in this country.

Indeed, the fact that our position in the market is increasingly strong is the result of our ability to adapt to the macroeconomic environment, even during the worst moments of the crisis; the creation of new business areas which anticipate change; the constant improvement in our management processes; our innovative spirit and the work of a highly qualified team with which I am very happy. Therefore, 2015 is the result of great work by all of us who are part of this fantastic Organisation and this great work has not just been seen this year, but in all previous years as well. We are who we are because over all these years we have shown ourselves to be the most capable of anticipating, innovating and, in short, preparing ourselves for change.

Our magnificent results are the consequence of a leading, sustainable and profitable model, which has managed to combine commercial demands with audience recognition and is relevant and excellently valued by both viewers and listeners and by advertisers

Our magnificent results are also the consequence of a leading, sustainable and profitable model, which has managed to combine commercial demands with audience recognition and is relevant and excellently valued by both viewers and listeners and by advertisers.

At our Group, we do many things and we do them all well. Atresmedia Televisión has established its own way of understanding the business. People can no longer doubt that audience and prestige can go hand in hand and that this is not the reserve of public television. If to these attributes we add the enormous commercial appeal of our television offer to the brands, we are looking at a successful and unique formula in the industry. In mid-2015 Atresmedia Radio started a renewal process for its main station, Onda Cero, which will serve as a lever to allow it to continue growing and to reaffirm and update a leading model of radio that is close to its listeners, balanced, participatory and diverse. Being the most profitable radio group in the market for yet another year demonstrates the strength of our approach. Atresmedia Publicidad has ended the year as the largest seller of multimedia advertising in the Spanish market, with 19.3% of the total investment in media, and is considered the best valued TV advertising seller in terms of the quality of the commercial service. Atresmedia Diversificación continues to efficiently explore new sources of income and its contribution to the Group is growing. It is worth mentioning the extraordinary expansion of our international channels, which now exceed 32 million subscribers worldwide. Moreover, Atresmedia Digital has closed 2015 as the Internet's leading audiovisual group, a huge milestone, and Atresmedia Cine has managed to capture a third of the box office takings for Spanish cinema with its six releases, adding to this success the highest public awards and recognitions.

Everyone at Atresmedia knows that our leadership, the leading position we have achieved over recent years, in all the business areas in which we operate, goes far beyond simple audience or financial figures. It also lies in our ability to set the agenda, to generate the debates that matter and the conversations in the street, and to set the pace. 7d: el debate decisivo is a clear example of what we are capable of doing as a Group and of the position of opinion leaders that we have achieved in society. On that night we set an unprecedented television milestone, we were heavily involved in a unique event with an audience share of 48.2% and 9,233,000 viewers, and we took a step forward in our position as a leading news organisation. Every day at Atresmedia we build the story that unites society, a society that is increasingly diverse and that is reflected, like nowhere else, in the commitment to diversity made by our Group.

2015 has also been a year of big celebrations. The commemoration of the 25th anniversary of Antena 3 and Onda Cero, two of the main brands of our Group, is joined by the birthdays of our longest running DTT channels, Neox and Nova, which celebrated more than a decade of success with their second best annual figures. Fundación Atresmedia also celebrated ten years committed to society, education and children.

In terms of our competitive environment, after years of instability and uncertainty, a direct consequence of legal and administrative decisions which seriously damaged Atresmedia Televisión (breaking the balance with our major competitor), at the close of 2015 we seem to be entering a new era of greater certainty that should lead to more security for our business. With the negative consequences of those decisions having been limited, we are looking to the future with two new channels, MEGA and Atreseries, whose success has demonstrated our ability to generate brands and, above all, to meet the demands of the viewers.

Likewise, the arrival of new operators in the market, as a result of the latest competition for free-to-air TV channels, creates a panorama that should not affect our position. However, the profound process of change in the industrial model, where the content is as important as its form of distribution, also linked to technological developments and, especially, to the constant changes in the pattern of behaviour in society, requires us to be alert to the entry and evolution of the new players in the audiovisual sector. Our clear and firm commitment to multiplatform communication, focused on the profitable management of content brands, protects us but does not mean that we can stop reinventing ourselves every day in order to remain in our current position.

The leadership of our company also lies in our ability to set the agenda, to generate the debates that matter and the conversations in the street, and to set the pace. 7d: el debate decisivo is a clear example of what we are capable of doing as a Group and of the position of opinion leaders that we have achieved in society

At Atresmedia we are aware that our privileged position in the market carries with it a responsibility to society. With our multi-platform offer we reach almost 30 million people each day, and thanks to this effort we have a great ability to raise their awareness and mobilise them. For years, Atresmedia's commitment has been to use that potential to positively transform the environment in which the business operates and to enhance peoples' well-being.

Through the campaigns that make up Compromiso Atresmedia, in 2015 we have continued to promote new initiatives to reduce the number of road accidents, promote scientific research in our country, protect intellectual property and culture, respect the environment and encourage healthy lifestyle habits among the public.

Among the achievements of our initiatives I would like to highlight the approval by the Congress of Deputies of the motion from Ponle Freno for the Government to make road education a mandatory subject in schools, as well as the creation of the State Research Agency driven by Constantes y Vitales and the gold medal awarded to Crea Cultura by Federación de la Propiedad Intelectual (Intellectual Property Federation). In 2015 we have added another concern to these commitments: fighting against gender-based violence, one of the biggest problems in our society.

We have also continued to support the work of other non-profit organisations by donating more than €200,000 to their causes and broadcasting their awareness-raising campaigns free of charge, with an equivalent value of more than €6 million.

Through the campaigns that make up Compromiso Atresmedia, in 2015 we have continued to promote new initiatives to reduce the number of road accidents, promote scientific research in our country, protect intellectual property and culture, respect the environment and encourage healthy lifestyle habits among the public

We are aware that the success of Atresmedia depends on its professionals, and to ensure their satisfaction and well-being, in 2015 we have committed to strengthening their training and extending the measures to allow them to enhance their work-life balance. I do not want to waste this opportunity to thank all of the Group's professionals who have enthusiastically taken part in the Corporate Volunteering Programme by donating more than 2,100 hours of their time in 2015 to help out at soup kitchens, accompany the elderly and engage in fun activities with the disabled.

All of these commitments have been firmly and wholeheartedly ratified in the new general corporate responsibility policy produced by the Company in response to the new recommendations in the Good Governance Code from the CNMW (National Securities Market Commission) in this matter. This new policy reflects the values that guide the corporate responsibility strategy and the cross-cutting nature and solid position that this is acquiring within the Company.

Although there is still some way to go I would like to highlight the awards we have received this year on our path to becoming a sustainable and responsible company, with Randstad naming Atresmedia as the most attractive communication company to work for, and the “Best Improver Spain” recognition from the CDP (Carbon Disclosure Project) for Atresmedia's progress in its commitment to climate change.

2015 has undoubtedly been a magnificent year, and we close it with the belief that we have done a great job. All of our business areas have shown that they are capable of dealing with the challenges we have faced and they have overcome these through hard work and talent. We face the future with the certainty that we are ready for any challenge; but also with the confidence that our Group, more than any other, is capable of taking advantage of the many opportunities that lie ahead.