1. JANUARY-SEPTEMBER 2004 RESULTS

2. 2 GRUPO PRISA OVERVIEW Million9M 049M 03Chg. % REVENUES1,092989+10.5 EBITDA234184+27.0 EBIT159107+48.1 NET PROFIT7648+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. 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 +117.9% GRUPO PRISA – 9M 2004 RESULTS

4. 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. 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)483,863+8.4% EL PAÍS (SUNDAY)838,682+6.3% AS204,936+1.0% CINCO DÍAS23,304+0.8% Main newspapers (copies sold) GRUPO PRISA – 9M 2004 RESULTS

6. 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. 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. 8 EL PAIS GDM 107 159 9M 20039M 2004 EBIT EBIT by business line Performance ( Million) ( Million) +48.1% 159 GRUPO PRISA – 9M 2004 RESULTS

9. 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 128.5 TOTAL 86.9 Total Investments: 215.4 22.9 8.6 11.3 7.4 Other20.7 Other 9.2 GRUPO PRISA – 9M 2004 RESULTS International Media 6.1

10. 10 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 225 GRUPO PRISA – 9M 2004 RESULTS