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2003 FIRST QUARTER RESULTS

2003 FIRST QUARTER RESULTS. 14th of May. FINANCIAL HIGHLIGHTS. P&L ACCOUNT. % change. 1Q 2002. 1Q 2003. (€ million). Revenues. 8.7. 279. 304. Operating expenses. 257. 10.3. 283. EBITDA. 40. 0.4. 40. EBIT. 22. (8.7). 21.

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2003 FIRST QUARTER RESULTS

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  1. 2003 FIRST QUARTER RESULTS 14th of May

  2. FINANCIAL HIGHLIGHTS P&L ACCOUNT % change 1Q 2002 1Q 2003 (€ million) Revenues 8.7 279 304 Operating expenses 257 10.3 283 EBITDA 40 0.4 40 EBIT 22 (8.7) 21 Net Profit before taxes 82.5 10 5 Net Profit 33 (82.0) 6 14.3% EBITDA Margin 13.2% 6.8% 8.1% EBIT Margin

  3. FINANCIAL HIGHLIGHTS REVENUES (€ million) PERFORMANCE REVENUE SOURCES PERFORMANCE IN 1Q 2003 (YoY change) +8.7% +4% -12% +52% +16% 279 304 105 74 60 65 Other 1Q 2002 1Q 2003 Advertising Newspaper sales Book sales

  4. FINANCIAL HIGHLIGHTS REVENUE BREAKDOWN BY BUSINESS LINE €304 million €279 million ADVERTISING BOOK & RIGHTS NEWSPAPERS & MAGAZINES OTHER 1Q 2002 1Q 2003

  5. FINANCIAL HIGHLIGHTS ADVERTISING PERFORMANCE: PRISA VERSUS SECTOR NATIONAL PRESS RADIO SPORT PRESS +21.3% +13.2% +2.4% -0.3% -1.0% PRISA PRISA SECTOR SECTOR PRISA -8.5% SECTOR FINANCIAL PRESS REGIONAL PRESS TV +62.5% +48.0% +15.4% +5.3% PRISA PRISA PRISA SECTOR SECTOR -6.8% -2.1% SECTOR

  6. FINANCIAL HIGHLIGHTS +33.8% 212,762 159,005 1Q 2002 1Q 2003 CIRCULATION PERFORMANCE EL PAIS 5 DIAS AS -2.5% +10.8% 495,104 446,943 26,390 25,733 1Q 2002 1Q 2002 1Q 2003 1Q 2003 REGIONAL PRESS CINEMANIA ROLLING STONE +145.5% +24.1% +24.8% 71,092 45,664 28,959 36,802 37,783 30,284 1Q 2003 1Q 2002 1Q 2002 1Q 2003 1Q 2002 1Q 2003

  7. FINANCIAL HIGHLIGHTS REVENUE BREAKDOWN BY GEOGRAFIC AREA 1Q 2003 1Q 2002 €304 million €279 million INTERNATIONAL 25% INTERNATIONAL 32% SPAIN 75% SPAIN 68% INTERNATIONAL REVENUES IN 1Q 2003 Santillana: 78% International Media: 14% Printing: 8%

  8. FINANCIAL HIGHLIGHTS EBIT BREAKDOWN BY BUSINESS DIVISION (€mn) 1 1 -2 5 -1 GDM -2 PRINTING -3 PRISA & OTHERS 9 SPANISH PRESS -3 SPANISH RADIO INTERNA- TIONAL MEDIA -3 € 21 mn LEISURE & ENTERTAIN- MENT LOCAL TV 18 INTERNET PUBLISHING NEW BUSINESS DIVISIONS EL PAIS TOTAL EBIT

  9. FINANCIAL HIGHLIGHTS INVESTMENTS 1Q 2003 (€ million) Total 19.3 Publishing: 10.1 El País: 3.8 Leisure & Entertainment: 1.5 Radio: 1.4 Prisa 0.9 11.1 International Media: 0.5 Printing: 0.5 0.6 Others FOCUSED ON INVESTMENTS RATIONALIZATION

  10. FINANCIAL HIGHLIGHTS DEBT STRUCTURE 1Q 2003 TERMS CURRENCIES L/T DEBT: 66% DOLLARS: 35% S/T DEBT: 34% EUROS: 65% LEVERAGE RATIOS Net debt/Equity: 70.7% Total liabilities/Equity: 1.31x

  11. FINANCIAL HIGHLIGHTS CASH FLOW 1Q 2003 EBIT: DEPRECIATION & AMORTIZATION: WORKING CAPITAL CHANGE: INVESTMENTS FREE CASH FLOW: TAXES: FINANCIAL RESULT: EXTRAORDINARY RESULT: OTHER: NET DEBT CHANGE: 20.7 NET DEBT 19.7 440 (19.6) 436 (19.3) 1.5 (4.5) (5.5) 2.7 1.7 2002 1Q 2003 4.1

  12. BUSINESS DIVISIONS EL PAÍS MAIN FIGURES 1Q 2003 1Q 2002 % change (€ million) Revenues 7.5 75 70 Operating expenses 0.2 57 57 16 36.8 22 EBITDA EBIT 18 13 39.3 EBIT Margin 24.1% 18.6%

  13. BUSINESS DIVISIONS EL PAÍS ADVERTISING REVENUES Advertising Revenues Growth Trend El País versus national press market (€ mm) -0.3% 37 37 MARKET EL PAÍS -0.3% -8.5% Advertising revenues flat performance despite advertising market sluggishness

  14. BUSINESS DIVISIONS 495,104 446,943 1Q2002 1Q2003 EL PAÍS CIRCULATION TREND Daily Average Circulation (copies) Weekend Average Circulation (copies) +12.2% 874,242 +10.8% 779,288 1Q2002 1Q2003

  15. BUSINESS DIVISIONS RADIO MAIN FIGURES 1Q 2002 % change 1Q 2003 (€ million) Revenues 41 2.4 42 Operating Expenses 37 36 1.3 EBITDA 7 6 10.2 EBIT 5 5 10.3 EBIT Margin 11.9% 12.8% Including A3 Radio Revenues 45 44 2.2 EBIT 7 7 9.1 EBIT Margin 16.1% 15.1%

  16. BUSINESS DIVISIONS RADIO ADVERTISING REVENUES Advertising Revenues Growth Trend Prisa versus radio market (€ mm) +2.4% 42 41 +2.4% MARKET PRISA -1%

  17. BUSINESS DIVISIONS RADIO Conventional format market share ( 2003 First wave EGM) Music format market share (2003 First wave EGM) COPE 10% RNE 17% GRUPO SER 46% GRUPO SER 69% RNE 5% ONDA CERO 16% COPE 16% ONDA CERO 21%

  18. BUSINESS DIVISIONS EDUCATION & GENERAL EDITIONS MAIN FIGURES 1Q 2002 % change 1Q 2003 (€ million ) 87 87 (12.7) Revenues 76 67 72 (8.1) Operating expenses (27.3) 15 21 EBITDA 9 14 EBIT (35.7) EBIT Margin 16.6% 12.2% 16.6% Excluding depreciation impact 1Q 2003 1Q 2002 % change 87 100 +15 Revenues 19 14 +31 EBIT

  19. FINANCIAL HIGHLIGHTS SANTILLANA REVENUEBREAKDOWN BY GEOGRAFIC AREA 1Q 2003 1Q 2002 €87 million €76 million SPAIN & PORTUGAL 22% SPAIN & PORTUGAL 14% AMERICA 78% AMERICA 86%

  20. BUSINESS DIVISIONS SPECIALISED PRESS MAIN FIGURES 1Q 2002 % change 1Q 2003 (€ million ) Revenues 25.5 29 23 Operating expenses 30 26 16.2 EBITDA (2) 0 87.8 (1) EBIT (3) 64.9 EBIT Margin (3.2%) (11.5%)

  21. BUSINESS DIVISIONS DIARIO AS MAIN FIGURES Circulation figures +33.8% 1Q 2002 % change 1Q 2003 212,762 (€ million ) 159,005 33.6 Revenues 14.7 11.0 EBITDA 1.0 0.4 141.3 1Q 2002 1Q 2003 481.5 EBIT 0.1 0.8 Advertising growth EBIT Margin 5.2% 1.1% +21.3% 2.7 2.2 1Q 2002 1Q 2003

  22. BUSINESS DIVISIONS CINCO DÍAS MAIN FIGURES Circulation figures -2.5% 1Q 2002 % change 1Q 2003 (€ million ) 26,390 25,733 11.1 Revenues 4.4 3.9 EBITDA (0.4) (0.6) 31.4 1Q 2002 1Q 2003 25.5 EBIT (0.7) (0.5) Advertising growth EBIT Margin (11.8)% (17.7)% +5.3% 1.7 1.6 1Q 2002 1Q 2003

  23. BUSINESS DIVISIONS REGIONAL PRESS MAIN FIGURES Circulation figures +24.8% 1Q 2002 % change 1Q 2003 37,783 (€ million ) 30,284 48.9 Revenues 4.8 3.2 EBITDA (0.3) (1.4) 80.9 1Q 2002 1Q 2003 73.8 EBIT (1.5) (0.4) Advertising growth EBIT Margin (8.2)% (46.7)% +62.5% 2.2 1.3 1Q 2002 1Q 2003

  24. BUSINESS DIVISIONS OTHER BUSINESS DIVISIONS • PRISACOM: substantial improvement at EBIT level as a result of cost-cutting initiatives • LEISURE & ENTERTAINMENT: Significant increase of music sales despite piracy • INTERNATIONAL MEDIA: Continues its consolidation and increases revenues by 32.7% due to Caracol contribution • LOCAL TV´S: Continues to consolidate within the TV industry

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