ONO Q1 2008 Earnings and Operating 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 first quarter ended 31 March 2008.

Television

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

                                     Quarter     Quarter 
Data in thousands                      ended       ended        % 
except if otherwise stated         31-Mar-08   31-Mar-07   change
                                   ---------   ---------   ------
Television                             1,011         911    11.0%
Proportion of total customers (%)      53.8%       50.2%    3.6pp
Penetration (%)                        14.8%       14.2%    0.6pp

Cable television customers increased by 100,000 or 11.0% in the last twelve months to reach 1,011,000 as of 31 March 2008, mainly due to the launch of new television packages in the third quarter of 2007, including a low entry option, “TV Esencial”. We added a total of 51,000 net new television customers in the first quarter of 2008.

Cable television customers as a proportion of total customers increased by 3.6 pp in the last twelve months to 53.8% as of 31 March 2008 and penetration of cable television services over homes released to marketing increased in the last twelve months by 0.6 pp to 14.8%, representing an inflection point in the trend experienced by this RGU in the last years.

At the end of the first quarter of 2008, 91% of our total television customer base enjoyed our digital offering.

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