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2003 FIRST HALF RESULTS

2003 FIRST HALF RESULTS. 23rd of July. FINANCIAL HIGHLIGHTS. P&L ACCOUNT. % change. 1H 2002. 1H 2003. (€ million). Revenues. 8.3. 599. 649. Operating expenses. 540. 8.3. 584. EBITDA. 97. 11.4. 108. EBIT. 59. 8.8. 65.

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2003 FIRST HALF RESULTS

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  1. 2003 FIRST HALF RESULTS 23rd of July

  2. FINANCIAL HIGHLIGHTS P&L ACCOUNT % change 1H 2002 1H 2003 (€ million) Revenues 8.3 599 649 Operating expenses 540 8.3 584 EBITDA 97 11.4 108 EBIT 59 8.8 65 Net Profit before taxes 27.1 42 53 Net Profit 66 (49.1) 34 16.2% EBITDA Margin 16.6% 10.0% 9.9% EBIT Margin

  3. FINANCIAL HIGHLIGHTS REVENUES (€ million) PERFORMANCE REVENUE SOURCES PERFORMANCE IN 1H 2003 (YoY change) + 8.3% +5.2% -10.6% +49.2% +7% 599 649 243 146 116 144 Other 1H 2002 1H 2003 Advertising Newspaper sales Book sales

  4. BUSINESS DIVISIONS ADVERTISING PERFORMANCE Advertising Revenues 1H 2003 Prisa versus Market (like for like figures) (€ mm) +5.2% 243 231 +0.3% PRISA MARKET(*) -0.7% (*) Internal estimations

  5. FINANCIAL HIGHLIGHTS REVENUE BREAKDOWN BY GEOGRAFIC AREA 1H 2003 1H 2002 €649 million €599 million INTERNATIONAL 22% INTERNATIONAL 27% SPAIN 78% SPAIN 73% INTERNATIONAL REVENUES IN 1H 2003 Santillana: 74% International Media: 16% Printing: 10%

  6. FINANCIAL HIGHLIGHTS EBIT EBIT PERFORMANCE (MN€) EBIT BREAKDOWN BY BUSINESS DIVISION (MN€) 1H 2003 +8.8% 65 59 65 1 1 -2 5 -1 GDM -2 PRINTING -3 PRISA & OTHERS 46 9 SPANISH PRESS -3 SPANISH RADIO INTERNA- TIONAL MEDIA -3 20 € 21 mn LEISURE & ENTERTAIN- MENT 12 LOCAL TV 18 INTERNET LEISSURE & ENTERTAINMENT PUBLISHING PRISA & OTHERS INTERNATIONAL MEDIA INTERNET LOCAL TV 4 3 1 EL PAIS NEW BUSINESS DIVISIONS RADIO TOTAL EBIT GDM 1H 2002 1H 2003 PUBLISHING -2 PRINTING -4 -5 -5 -5 SPEC. & REGIONAL PRESS EL PAIS TOTAL EBIT

  7. FINANCIAL HIGHLIGHTS INVESTMENTS 1H 2003 (€ million) Total 50.71 Publishing: 20.14 Printing: 10.16 El País: 7.55 3.70 Lesure & Enterteinment 2.22 Radio Others: 6.95

  8. FINANCIAL HIGHLIGHTS DEBT STRUCTURE 1H 2003 TERMS CURRENCIES EUROS:66 % L/T DEBT: 66% DOLLARS: 34% S/T DEBT: 34% LEVERAGE RATIOS Net debt/Market cap: 28.3%

  9. FINANCIAL HIGHLIGHTS CASH FLOW 1H03 1H02 EBIT: DEPRECIATION & AMORTIZATION: WORKING CAPITAL CHANGE: INVESTMENTS FREE CASH FLOW: TAXES: FINANCIAL RESULT: EXTRAORDINARY RESULT: DIVIDENS OTHER: NET DEBT CHANGE: NET DEBT 65 59 39 34 489 436 (74) (149) 51 57 (21) (113) (19) 24 1 7 (3) (17) (19) (19) 8 4 2002 1H 2003 53 114

  10. BUSINESS DIVISIONS EL PAÍS MAIN FIGURES 1H 2003 1H 2002 % change (€ million) Revenues 3.4 158 153 Operating expenses (3.9) 116 112 42 26.0 53 EBITDA EBIT 46 36 26.5 EBIT Margin 29.2% 23.8%

  11. BUSINESS DIVISIONS EL PAÍS ADVERTISING REVENUES Advertising Revenues El País versus national press market (€ mm) -3.9% 87 84 MARKET EL PAÍS -3.9% -10%

  12. BUSINESS DIVISIONS EL PAÍS CIRCULATION TREND Daily Average Circulation (copies) Weekend Average Circulation (copies) +12.7% 828,683 +5.5% 735,217 468,994 444,602 1H 2002 1H 2003 1H 2002 1H 2003

  13. BUSINESS DIVISIONS RADIO MAIN FIGURES 1H 2002 % change 1H 2003 (€ million) Revenues 96 3.8 99 Operating Expenses 79 76 4.2 EBITDA 23 22 2.9 EBIT 20 20 2.4 EBIT Margin 20.7% 20.4% Including A3 Radio Revenues 102 96 5.4 EBIT 29 27 7.1 EBIT Margin 29% 28%

  14. BUSINESS DIVISIONS RADIO Conventional format market share (2003 Second wave EGM) Music format market share (2003 Second wave EGM) COPE 11% COPE 19% GRUPO SER 57% GRUPO SER 67% OTHERS 5% ONDA CERO 17% ONDA CERO 24%

  15. BUSINESS DIVISIONS EDUCATION & GENERAL EDITIONS MAIN FIGURES 1H 2002 % change 1H 2003 (€ million ) 87 167 (10.7) Revenues 150 137 148 (7.6) Operating expenses (19.1) 28 34 EBITDA 12 19 EBIT (34.7) EBIT Margin 11.4% 8.3% 16.6% Excluding depreciation impact 1H 2003 1H 2002 % change 167 185 +10.1 Revenues 22 19 +17.7 EBIT

  16. BUSINESS DIVISIONS SANTILLANA REVENUEBREAKDOWN BY GEOGRAFIC AREA 1H 2003 1H 2002 €167 million €150 million MEXICO 25% MEXICO 24% OTHER LATAM 31% OTHER LATAM 34% BRAZIL 13% BRAZIL 19% SPAIN & PORTUGAL 31% SPAIN & PORTUGAL 23%

  17. BUSINESS DIVISIONS SPECIALISED PRESS MAIN FIGURES 1H 2002 % change 1H 2003 (€ million ) 11.1 Revenues 59 53 EBITDA 3 (0.4) - - EBIT (2) 1 EBIT Margin 2.1% (3.6)% STRONG EBIT IMPROVEMENT: As Regional Press Mm € Mm € +28% +118% 2.4 1.8 +0.5 1H 2002 1H 2002 1H 2003 1H 2003 -2.7

  18. BUSINESS DIVISIONS DIARIO AS MAIN FIGURES Circulation figures +23.7% Copies 1H 2002 % change 1H 2003 206,274 (€ million ) 166,694 17.0 Revenues 29.0 24.8 EBITDA 2.9 2.4 18.3 1H 2002 1H 2003 28.0 EBIT 1.8 2.4 Advertising growth EBIT Margin 8.1% 7.4% Mm € +0.4% 5.9 5.9 1H 2002 1H 2003

  19. BUSINESS DIVISIONS INTERNATIONAL MEDIA MAIN FIGURES 1H 2002 % change 1H 2003 (€ million ) 63.5 Revenues 23 14 EBITDA 0.4 (2.3) - - EBIT (3.9) (1.8) EBIT Margin (7.9)% (27.4)% Revenues by business line Ebit by business line Radiópolis Caracol Bolivia Radiópolis Participaciones Radio Caracol Participaciones Radio Bolivia

  20. BUSINESS DIVISIONS OTHER BUSINESS DIVISIONS • LOCAL TV: Substantial operating improvement due to the excellent performance of local advertising revenues and the remarkable increase of programming sales • PRISACOM: improvement at EBIT level as a result of a remarkable growth in revenues coming from telephony companies as well as notable cost-cutting initiatives

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