Real Madrid

Real Madrid CF wishes to say the following in response to press reports regarding the oustanding debt of football club's with the Spanish Inland Revenue up to 1 January 2012:

- Real Madrid CF promptly satisfies all its fiscal obligations, meaning the club had no outstanding debt with the Spanish Inland Revenue or the Social Security by 30 June 2011 (end date of the previous fiscal year) nor by 1 January 2012.

- As an entity that must sustain its activities with its own revenue, Real Madrid CF manages its finances efficiently and with discipline, which translates into a large cash flow and a strict control of debt levels.

- At the close of the fiscal year on 30 June 2011, the Net Financial Debt of Real Madrid was of 170 million euros, equivalent to a debt to EBITDA ratio of 1.1 that positions Real Madrid as a first rate company regarding solvency and credit quality according to this metric, which is one of the most widely used in the financial world.