ONO fourth quarter and full year 2008 results

MADRID — Grupo Corporativo ONO, S.A. (“ONO”), the leading alternative provider of telecommunications, broadband Internet and pay television services in Spain, announced today the consolidated unaudited results for the fourth quarter ended 31 December 2008.

Television

The following table sets forth certain information with respect to ONO’s television services and the percentage change from period to period:

Television services (Data in thousand, except if otherwise stated)

                               31-Dec-08  30-Sep-08  % change  31-Dec-07  % change
                               ---------  ---------  --------  ---------  --------
Customers                          1,039      1,057    (1.7%)        960      8.2%
Proportion of total customers      56.1%      56.5%  (0.5 pp)      51.6%    4.4 pp
Penetration                        14.9%      15.2%  (0.3 pp)      14.1%    0.8 pp

Cable television customers increased by 79,000 or 8.2% in the last twelve months, reaching 1,039,000 as of 31 December 2008, mainly due to the launch of new television packages in the third quarter of 2007, including a low entry option, “TV Esencial”.

Cable television customers as a proportion of total customers increased by 4.4 pp in the last twelve months to 56.1% as of 31 December 2008 and the penetration of cable television services over homes released to marketing increased in the last twelve months by 0.8 pp to 14.9%.

During the last quarter of 2008, the decrease in cable television customers is mainly due to the discontinued offer of this product on a standalone basis and increased focus on acquiring customers with a telephony and broadband bundles, which enjoy lower churn rates.

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