Pilar: ¡Hola, Fred! ¿ (1) ?
Fred: Hola, Pilar. (2) dos y media.
Pilar: Gracias. ¿Vas tú al partido de fútbol hoy?
Fred: Posiblemente. ¿ (3) es el partido?
Pilar: (4) cinco (5) cuarto.
Here is a translation.
Pilar: Hi, Fred. (1)?
Fred: Hi, Pilar. (2) half past two.
Pilar: Thanks. Are you going to the football match today?
Fred: Maybe. (3) is the match?
Pilar: (4) five (5) quarter.
Now look at the blanks.
Blank (2) is followed by a time, so blank (1) seems to be asking for the time.
Blank (2) is what you say when you tell the time.
Blank (3) is asking the time of the football match.
The last line has "five" and "quarter". It means "a quarter to 4."
This is the filled in text (with the answers following the numbers):
Pilar: ¡Hola, Fred! ¿ (1) Qué hora es?
Fred: Hola, Pilar. (2)Son las dos y media.
Pilar: Gracias. ¿Vas tú al partido de fútbol hoy?
Fred: Posiblemente. ¿ (3)A qué hora es el partido?
Pilar: (4)Es a las cinco (5)menos cuarto.