ONO Q3 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 third quarter ended 30 September 2008.

Television

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

                                30-Sep-08  30-Jun-08  % change  30-Sep-07  % change
                                ---------  ---------  --------  ---------  --------
Customers (thousands)               1,057      1,052      0.5%        909     16.3%
Proportion of total customers       56.5%      55.7%    0.8 pp      49.7%    6.9 pp
Penetration                         15.2%      15.2%  (0.0 pp)      13.6%    1.6 pp

Cable television customers increased by 148,000 or 16.3% in the last twelve months, reaching 1,057,000 as of 30 September 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 5,000 net new television customers in the third quarter of 2008.

Cable television customers as a proportion of total customers increased by 6.9 pp in the last twelve months to 56.5% as of 30 September 2008 and the penetration of cable television services over homes released to marketing increased in the last twelve months by 1.6 pp to 15.2%.

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