JANUARY-SEPTEMBER 2004 RESULTS

2 GRUPO PRISA OVERVIEW Million9M 049M 03Chg. % REVENUES1, EBITDA EBIT NET PROFIT 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 -8.2% +5.1% 9M 20039M 2004 Performance ( Million) Revenue performance by business line ( Million) +11.3% +7.3% REVENUES Revenue breakdown by business line +10.5% Books & RightsNewspapersOtherAdvertising 989 Add-ons % GRUPO PRISA – 9M 2004 RESULTS

4 ADVERTISING REPRESENTS AROUND 34% OF TOTAL GROUP REVENUES 9M 2004 PERFORMANCE: 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 ADVERTSINGADVERTSING 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 9M 03 9M 04 Million +7.3% Total Group CIRCULATIONCIRCULATION COPIES% Chg. EL PAÍS (DAILY)483, % EL PAÍS (SUNDAY)838, % AS204, % CINCO DÍAS23, % 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 9M 03 9M 04 Million +5.1% CIRCULATION PUBLISHING NEW BUSINESSES ADVERTISING PUBLISHINGPUBLISHING 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 BUSINESSESNEW BUSINESSES GRUPO PRISA – 9M 2004 RESULTS

8 EL PAIS GDM M 20039M 2004 EBIT EBIT by business line Performance ( Million) ( Million) +48.1% 159 GRUPO PRISA – 9M 2004 RESULTS

9 El País 9.9 INVESTMENTS ( Million) Operating Publishing Leisure & Entertainment Radio Printing Financial Stake increase in Sogecable Stake in Grupo Latino Radio 16.5 TOTAL TOTAL 86.9 Total Investments: Other20.7 Other 9.2 GRUPO PRISA – 9M 2004 RESULTS International Media 6.1

10 CASH FLOW STATEMENT ( Million) Net Debt ( Million) 516 * (19) (25) (7) (6) (130) 47 (64) (56) NET 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 *Includes exchangeable bond Other 225 GRUPO PRISA – 9M 2004 RESULTS