JANUARY-SEPTEMBER 2004 RESULTS

2

GRUPO PRISA OVERVIEW

€ Million 9M 04 9M 03 Chg. %

REVENUES 1,092 989 +10.5

EBITDA 234 184 +27.0

EBIT 159 107 +48.1

NET PROFIT 76 48 +60.0

Extraordinary 9M results

9M 04 9M 03

EBIT margin: +14.6% +10.9%

EBITDA margin: +21.4% +18.6%

Net debt 9M 04: € 620 MM

Net debt/EBITDA: 2.0x – 2.5x

Improving operating performance

Financial position

GRUPO PRISA – 9M 2004 RESULTS

3

14496

180

300372

Advertising

989899

1,092

200

300

400

500

600

700

800

900

1.000

1.100

1.200

-8.2%

+5.1%

9M 2003 9M 2004Advertising

34%

Book & Rights 27%

Add-on´s 9%

Circulation 16%

Other 14%

Performance (€ Million) Revenue performance by business line (€ Million)

+11.3%

+7.3%

REVENUES

Revenue breakdown by business line

+10.5%

Books & Rights Newspapers OtherAdvertising989Add-on’s

+117.9%

GRUPO PRISA – 9M 2004 RESULTS

4

ADVERTISING REPRESENTS AROUND 34% OF TOTAL GROUP REVENUES

9M 2004 PERFORMANCE:

123

111

130

122

100

105

110

115

120

125

130

135

MAIN DIVISIONS

+9.8%

+5.6%

9M 03 9M 04 9M 03 9M 04

€ Million

EL PAÍS RADIO

MAIN BUSINESS DRIVERS

ADVERTISING CIRCULATION PUBLISHING NEW BUSINESSES

ADVERTSING

334

372

0

2040

60

80100

120

140

160180

200

220240

260

280300

320

340

360380

400

9M 03 9M 04

€ Million

+11.3%

TOTAL GROUP

GRUPO PRISA – 9M 2004 RESULTS

5

MAIN BUSINESS DRIVERS

ADVERTISING CIRCULATION PUBLISHING NEW BUSINESSES

CIRCULATION REPRESENTS AROUND 16% OF TOTAL GROUP REVENUES

9M 2004 PERFORMANCE:

ADDS ON BECOMING AN IMPORTANT LINE OF REVENUES AND PROFITS

168

180

0102030405060708090

100110120130140150160170180190200210220

9M 03 9M 04

€ Million+7.3%

Total Group

CIRCULATION

COPIES % Chg.

EL PAÍS (DAILY) 483,863 +8.4%

EL PAÍS (SUNDAY) 838,682 +6.3%

AS 204,936 +1.0%

CINCO DÍAS 23,304 +0.8%

Main newspapers (copies sold)

GRUPO PRISA – 9M 2004 RESULTS

6

MAIN BUSINESS DRIVERS

PUBLISHING REPRESENTS AROUND 27% OF TOTAL GROUP REVENUES

9M 2004 PERFORMANCE:

EXCELLENT EDUCATIONAL CAMPAIGN IN SPAIN AND

MEXICO IN LINE WITH EXPECTATIONS

286300

0

20

40

60

80

100

120

140

160

180

200

220

240

260

280

300

320

340

360

9M 03 9M 04

€ Million

+5.1%

CIRCULATION PUBLISHING NEW BUSINESSESADVERTISING

PUBLISHING

GRUPO PRISA – 9M 2004 RESULTS

7

MAIN BUSINESS DRIVERS

NEW DEVELOPMENTS INCLUDE: MUSIC, LOCAL TV, PRISACOM

AND INTERNATIONAL MEDIA

FIRST HALF 2004 PERFORMANCE:

LOSSES REDUCED BY 5%

Q4 PROSPECTS: CONTINUE IMPROVING EFFICIENCY AND

CONTROLLING COSTS

ADVERTISING CIRCULATION PUBLISHING NEW BUSINESSES

NEW BUSINESSES

GRUPO PRISA – 9M 2004 RESULTS

8

EL PAIS

GDM

107

159

9M 2003 9M 2004

EBIT

EBIT by business linePerformance (€ Million)(€ Million)

+48.1%

91

62

25

4 2 1 0 -3 -4 -4 -10

159

GRUPO PRISA – 9M 2004 RESULTS

9

El País 9.9

INVESTMENTS (€ Million)

Operating

Publishing

Leisure & Entertainment Radio

Printing

Financial

Stake increase in Sogecable 102.8

Stake in Grupo Latino Radio 16.5

TOTAL 128.5TOTAL 86.9

Total Investments: 215.4

22.9

8.6

11.3

7.4

Other

20.7

Other 9.2

GRUPO PRISA – 9M 2004 RESULTS

International Media 6.1

10

20

70

120

170

220

270

320

370

420

470

520

2003 9M 2004

CASH FLOW STATEMENT (€ Million)

Net Debt (€ Million)

516*620

138

(19)

(25)

(7)

(6)

(130)

47

(64)

(56)

60

107

103NET DEBT CHANGE

(21)Dividends

(23)Taxes

(21)Extraordinary result

(6)Financial Result

(129)Financial Investments

72Operating cash flow

(87)CAPEX

(60)Working capital change

60Depreciation & Amortization

159EBIT

+103

2003 2004

*Includes exchangeable bond

Other 2 25

GRUPO PRISA – 9M 2004 RESULTS